Resultados auditados del año finalizado el 30 de septiembre de 2023
28 Marzo 2024
versarien plc
("Versarien", la "Compañía" o el "Grupo")
Resultados auditados del año finalizado el 30 de septiembre de 2023
Versarien Plc (AIM: VRS), el grupo de materiales de ingeniería avanzada, anuncia its audited results for the 12 months ended 30 September 2023. The comparative figures are for the 18 month period ended 30 September 2022.
The Annual Report including the Notice of Annual General Meeting ("AGM") is now available on the Company's website at www.versarien.es and will be posted to shareholders on 30 March 2024. The AGM is being held on 30 April 2024 at 10.30 am in the offices of FieldFisher LLP at Riverbank House, 2 Swan Lane, London, EC4R 3TT.
Aspectos financieros más destacados
? | Ingresos del grupo por operaciones continuas de £5.45 millones (2022: £11.11 millones)* |
? | Ingresos de grafeno de £0.24 millones (2022: £2.15 millones) |
? | LBITDA ajustado** para operaciones continuas de £3.01 millones (2022: £2.40 millones) |
? | H2 LBITDA** losses halved to £1.00 million from £2.01 million in H1 |
? | Asset impairments of £8.58 million treated as an exceptional cost (2022: £1.33 million) |
? | Pérdida reportada antes de impuestos de operaciones continuas de £14.27 millones (2022: £8.32 millones) |
? | Pérdida reportada para el período de £14.18 millones (2022: £8.41 millones) |
? | Cash of £0.60 million at 30 September 2023 (30 September 2022: £1.35 million) |
? | £3.35 million gross raised via equity placings during the period |
? | £1.47 million gross raised via equity placings post period end |
* Excludes discontinued revenues of £nil million (2022: £0.5 million)
** Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation and excludes Exceptional items, Share-based payment charges and losses)
Partnerships/Commercial Highlights
Construcción
? | Key demonstration for the use of CementeneTM in precast concretes following trials with Banagher Precast Concrete Limited (Ireland) |
? | Delivered the first 3D concrete printed headwall to Costain and National Highways as part of the A30 Chiverton to Carland Cross upgrade in Cornwall |
? | Continued to be active as part of advisory board of National Highways' Roads Research Alliance (RRA) alongside more than 20 construction companies through involvement in the Digital Roads of the Future Partnership |
Ocio
? | Umbro have launched Spring/Summer and Autumn/Winter 2023 Pro Training Elite collections integrated with Graphene-WearTM |
? | Signed a sales agreement with GoToGym covering Colombia, Brazil and United States of America. GoToGym Brazil have launched active-wear incorporating Versarien's Graphene-WearTM la tecnología |
? | Continuing to supply graphene enhanced elastomers to US-based Flux Footwear LLC, an adaptive footwear company, with royalties in place for the use of Versarien's Graphene-WearTM marca |
Technology Licencing
? | Versarien continues to licence 14 patents to GrapheneLab (Korea) for the manufacture of chemical vapour deposition (CVD) graphene |
Commercial R&D and Grant Funding Highlights
? | Commercial R&D contracts were signed with CBMM (Brazil), IRPC Public Company (Thailand) and a UK aviation company |
? | Successful on-time delivery of Graphene Flagship Spearhead project led by Airbus Helicopters (GICE project) |
? | Gnanomat was awarded a grant from ICEX Trade and Investment for ?415,000 to enable the company to commercialise and launch a new line of conductive inks |
? | Commenced a 4-year long iCARE (Integrated Assessment and Advanced Characterisation of Neuro-Nanotoxicity) project (Horizon Europe), studying graphene in different use cases including graphene enhanced concretes and elastomers |
Aspectos destacados operativos/de fabricación
? | As part of cost cutting exercises, the R&D team has been slimmed down significantly during 2023, to concentrate on its strategic objectives |
? | The Company has now ceased USA and China sales operations in order to focus on its European operations whilst maintaining its partnerships in South Korea |
Aspectos destacados posteriores al período
? | Completed an agreement with MCK Tech (Korea) for the exclusive licence of five CVD patents. |
? | Completed a know-how and manufacturing licence agreement with Montana Quimica LTDA, a Brazilian multinational focussed on the production of paints and wood finishing products |
? | Versarien Plc sold its South Korean plant and equipment to MCK Tech (Korea) for £604,000 |
Dr Steve Hodge, CEO of Versarien, commented:
"The period was a challenging one for Versarien, but I believe the restructuring and other actions we have undertaken have resulted in a more efficient business, which maintains the skilled people and technology to enable commercial success. It is encouraging to report that our pipeline of potential income opportunities is growing , albeit development opportunities are still the largest part, but we are beginning to see signs of more commercial interest, including licensing. This, together with our reduced cost base, gives us an increasing level of confidence as we seek to ensure a bright future for Versarien."
Este anuncio contiene información privilegiada a efectos del artículo 7 de la versión del Reino Unido del Reglamento (UE) n.º 596/2014, que forma parte de la legislación del Reino Unido en virtud de la Ley de la Unión Europea (Retirada) de 2018, modificada.
Para más información, póngase en contacto con:
versarien plc |
|
Dr Stephen Hodge - Chief Executive Officer | c / o IFC |
Chris Leigh - Director financiero | |
SP Ángel Finanzas Corporativas (Asesor designado y Broker) |
|
Matthew Johnson adam capucha
| +44 0 20 3470 0470 |
Asesoramiento de IFC Limited (RR.PP. Financieras y Relaciones con Inversores) |
|
Tim Metcalfe Zach Cohen | +44 0 20 3934 6630 |
Notas para los redactores:
La estrategia de Versarien plc (AIM:VRS) es ser una empresa de materiales avanzados liderada por el desarrollo y centrada en sectores específicos que conducirán a un modelo de licencia y fabricación ligera. Para más información, consulte: http://www.versarien.com
DECLARACIÓN DEL PRESIDENTE NO EJECUTIVO
The events of the last 12 months have, to say the least, been extremely challenging for all Versarien stakeholders as we streamlined the business in order to navigate the current market traction difficulties and implement a strategy that will provide a pathway to financial viability.
Just prior to the AGM last year we employed the expertise of turnaround specialist David Stone and he has continued to work with us since then. Whilst shareholders will rightly question whether any turnaround has been achieved, the Board is confident that the Company's IP and technology is commercially attractive. This is reflected in the increasing number of opportunities the Company is seeing and the goal of profitability is looking ever more achievable.
Our current projections are suggesting that this will be in the second half of next year. In the meantime, we will still need funds to bridge us to the point that we are cash generative and we have been doing all we can to market the two mature businesses whilst completing the sale of our South Korean based plant and equipment.
We have closed down operations in the US and China, reduced employee numbers in the remaining operations and cut costs where possible and this is reflected in the reduced operating losses in the second half of the year. Nonetheless we have had no alternative but to continue to raise equity funds from the stock market.
Notwithstanding these challenges, I wish to reassure shareholders that we continue to do all we can to progress the Company and are encouraged by the opportunities our newly appointed CEO has provided through determination and hard work. These are described in the CEO report.
Me gustaría agradecer a todo nuestro personal por sus continuos esfuerzos y espero con ansias informar sobre nuevos avances.
Diane sabroso OBE
Presidente no ejecutivo
RESEÑA DEL DIRECTOR EJECUTIVO JEFE
The last 12 months have continued to be turbulent with difficult but necessary cost-cutting measures being implemented. Following this restructuring we have maintained a highly skilled and loyal workforce with increased efficiency. Whilst the Company still faces a number of macro-economic challenges, we are confident that there are strong commercial and R&D pipelines, including technology licensing opportunities that give us confidence that we can improve the Company's position and deliver a bright future.
We have a clear strategy to:
? | focus on commercial opportunities in the areas of construction and leisure |
? | licence Versarien's technology, brands and manufacturing know-how and become a manufacturing-light operation |
? | divest non-core activities to reduce the requirement for funding from external sources |
? | maintain and strengthen the Group's scientific teams supported by grant funding applications |
NEGOCIOS DE TECNOLOGÍA
operaciones del Reino Unido
Following the G-SCALE project, we switched focus to readying our manufacturing and quality control processes for commercialisation. The last 12 months have continued to be turbulent with difficult but necessary cost-cutting measures being implemented. Following this restructuring we have maintained a highly skilled and loyal workforce with increased efficiency.
We have moved 2DT to a Tier 2 membership at the Graphene Engineering Innovation Centre (GEIC). This has meant downsizing laboratory space and relocating some equipment to Longhope. This has enabled our production staff to upskill; we have set up coating stations for both Graphene-WearTM formulation screen printing for customer trials and set up graphene heater mat production with associated heater mat assembly and electrothermal testing and imaging.
Construcción
This year we have worked with several partners to continue to prove the effectiveness of graphene as a powder and as an admixture (CementeneTM). In May 2023 we announced a key demonstration for the use of CementeneTM in precast concretes following trials with Banagher Precast Concrete Limited (Ireland) that showed we could maintain compression strength whilst removing ~20% of the cement in their standard mix. In line with our global ambitions, the CementeneTM trademark is now granted in USA and South Korea, in addition to the UK and EU registrations already in place.
Versarien has supervised researchers as part of the Digital Roads of the Future project led by National Highways and Costain, housed at the University of Cambridge and is proud to be part of the Advisory Board of the Roads Research Alliance alongside the 20+ other founder members.
In 2023, we continued to deliver on a number of 3DCP projects. We delivered the first 3D concrete printed headwall to Costain and National Highways as part of the A30 Chiverton to Carland Cross upgrade in Cornwall. We are incredibly proud to have built and delivered this first-of-a kind UK highways structure that has certainly showcased our 3D print team's capabilities while building project partners' confidence in adopting innovative methods of construction.
Post period end, in October 2023, Versarien won a public tender contract with the Office for Product Safety and Standards (OPSS), part of the UK government's Department for Business and Trade (DBT) to compile a comprehensive report involving stakeholder reviews to support the UK's regulation of 3DCP within the existing Construction Products Regulation (CPR). We have appointed a Head of 3D Construction Printing to continue to be at the forefront of cutting-edge 3D Construction Printing developments. We welcome the first international standard (ISO/ASTM 52939 Additive manufacturing for construction - Qualification principles - Structural and infrastructure elements), published in December 2023 that will enable us to implement more robust practices when designing, manufacturing and delivering 3DCP products.
Textiles y calzado
Versarien continues to progress its relationships with a number of clothing brands. During 2023, Umbro launched Spring/ Summer and Autumn/Winter 2023 Pro Training Elite collections integrated with Graphene-WearTM. Post period, in January 2024, we signed a sales agreement with GoToGym covering Colombia, Brazil and United States of America. GoToGym Brazil has launched active-wear incorporating Versarien's Graphene-WearTM tecnología.
In footwear, we continue to supply graphene enhanced elastomers to US-based Flux Footwear LLC, an adaptive footwear company, with royalties in place for the use of Versarien's Graphene-WearTM marca comercial.
Following successful product launches we continue to take enquiries from global sportswear brands for Graphene-WearTM enhanced products.
Subvención
In January 2023 we commenced a 4-year long iCARE (Integrated Assessment and Advanced Characterisation of Neuro-Nanotoxicity) project (Horizon Europe) studying graphene in different use cases including graphene enhanced concretes and elastomers. The outputs of this project will be critical in supporting the use of graphene in a wide array of applications and give confidence to supply chain partners and consumers.
In September 2023 we successfully completed the Graphene Flagship SpearHead project GICE led by Airbus. Principal aircraft de-icing/anti-icing components utilising Versarien graphene heater mats were showcased to the EC reviewers in Gothenburg in December 2023. These included NACA airfoils, air-inlet scoop and helicopter rotor blade demonstrators. We continue to seek grant funding to continue these developments and in areas that align with our commercial focus areas.
OPERACIONES EN EL EXTRANJERO
As part of cost cutting exercises the Company has now ceased USA and China sales operations, in order to focus on our Spanish and South Korean operations. We will continue to operate from Spain and South Korea, but with a reduced cost base.
España
Gnanomat ha continuado probando sus productos en una amplia gama de mercados, particularmente en almacenamiento de energía con supercondensadores (pseudocondensadores), pilas de combustible y baterías de zinc/aire, así como aplicaciones afines como detección y baja observabilidad en aplicaciones militares.
Due to challenging market conditions, a decision was made to impair the carrying value of goodwill and cost of investment in Gnanomat.
The Company is continuing to work on the INNPRESSME grant project aiming to create an Open Innovation Test Bed in the area of nanotechnology and advanced materials. The funds have been used to optimise the pilot plant and gain access to business opportunities.
Gnanomat has won two significant commercial R&D contracts with CBMM (Brazil) and IRPC Public Company (Thailand) and continues to apply for grants to support its progress to commercial revenues.
Corea del Sur
During the period, we saw CVD graphene being used by customers for sensor development, electrothermal heaters and optoelectronic devices.
Post period end, in March 2024 the CVD plant and equipment was sold to MCK Tech Co. (Korea) for £604,000 with an exclusive licence agreement for the use of five patents.
Our objective is to continue to develop a number of CVD graphene-based products with Korean academic and commercial partners through commercially funded and Korean national projects.
TECHNOLOGY LICENCING
Finding strategic partners who can support our commercial progress will be essential as we transition to a manufacturing-light operation in the UK, in line with the Company's strategy to monetise intellectual property through licensing.
In addition to 14 patents we already licence to GrapheneLab Co Ltd, post period end, in March 2024, we granted an exclusive licence to MCK Tech, for an initial period of five years, to use 5 CVD graphene production patents. MCK Tech is a well-respected company that has developed graphene-based sensors for healthcare. We look forward to maintaining access to CVD graphene materials and supporting MCK Tech through collaborative efforts.
We have also entered into a manufacturing licence agreement and a know-how licence and technical assistance agreement with Montana Química LTDA, a Brazilian headquartered multinational business focused on the production and sale of paints, wood preservatives and other wood finishing products including stains and varnishes. We are very pleased to be partnering with Montana Química, a leading business in its markets in South America, and look forward to collaborating closely with them as they bring products enhanced by Versarien's technology to the market.
EMPRESAS MADURAS
We continue to market both Total Carbide Limited and AAC Cyroma Limited as they are not core to our graphene activities. I am grateful to all staff at both businesses for their continued support whilst this process is underway.
COMERCIO ACTUAL Y PERSPECTIVAS
Our pipeline of opportunities continues to strengthen which gives us increased confidence as we seek to achieve profitability from our reduced cost base. We are seeing more opportunities for our CementeneTM product in particular from which we hope to secure ongoing revenue. We look forward to reporting further progress in due course.
Dr. Stephen Hodge
Director Ejecutivo
RESEÑA DEL DIRECTOR FINANCIERO JEFE
These results are for a period of 12 months with the comparatives reflecting an 18-month period. The aluminium business based at Cheltenham closed last year and consequently these results are split between continuing and
discontinued operations and the segmental analysis between the technology and mature businesses.
Resultados de grupo
Revenues from continuing operations were £5.45 million (2022: £11.11 million). Revenue from graphene was £0.24 million (2022: £2.15 million). The loss from operations was £13.72 million (2022: £7.69 million). The comparative figure included a £1.19 million charge in respect of the valuation of the Lanstead Sharing Agreements.
The adjusted LBITDA for continuing operations was £3.01 million for 12 months compared to £2.40 million for the prior 18 months and is shown in the table below. Adjusted LBITDA (which is not a GAAP measure and is not intended as a substitute for GAAP measures and may not be the same as that used by other companies) is a measure used by management to reflect the core operating performance of the underlying businesses rather than the effects of non-core financial and non-cash expenses. The adjustments to the loss from operations as disclosed in the Group Statement of Comprehensive Income relate to depreciation and amortisation, share based payment charges, exceptional items and losses related to the fair value of the Lanstead sharing agreements.
12 meses terminados el 30 de septiembre de 2023 | 18 meses terminados el 30 de septiembre de 2022 | |||||
Operaciones continuas 000 £ | Operaciones discontinuadas 000 £ | Total 000 £ | Operaciones continuas 000 £ | Operaciones discontinuadas 000 £ | Total 000 £ | |
(Pérdida) / beneficio de operaciones | (13,716) | - | (13,716) | (7,693) | (130) | (7,823) |
depreciación y amortización | 1,410 | - | 1,410 | 2,126 | 41 | 2,167 |
Pagos basados en acciones | 530 | - | 530 | 1,510 | - | 1,510 |
Artículos excepcionales | 8,765 | - | 8,765 | 463 | 64 | 527 |
Otras pérdidas | - | - | - | 1,191 | - | 1,191 |
LBITDA ajustado | (3,011) | - | (3,011) | (2,403) | (25) | (2,428) |
Exceptional items of £8.77 million in the year (£2022: £0.46 million) relate to an impairment review of goodwill, capitalised development costs and tangible assets as a result of the delay in market traction, the Company's market capitalisation and also to align with the turnaround strategy.
The reported loss before tax for continuing operations was £14.27 million (2022: £8.32 million). Group net assets at 30 September 2023 were £1.08 million (30 September 2022: £11.6 million) with cash at the period end of £0.6 million (30 September 2022: £1.4 million).
Net cash used in operating activities was £2.74 million (2022: £3.68 million) with trade and other payables reducing by £0.82 million (2022: £1.98 million). Investment in development costs and equipment was £0.34 million (2022: £4.66 million) and net principal lease payments were £0.81 million (2022: £0.93 million) giving total cash outflows of £3.89 million (2022: £9.27 million).
These activities were financed by net funds received from the Lanstead sharing agreements £nil (2022: £3.53 million), the issue of shares £3.13 million (£1.92 million) less net loans repaid of £0.1m, (2022: £2.78 million net loans received) totaling £3.03m.
The deficit of £ 0.86 million (2022: £1.04 million) resulted in a modest increase on drawings on the invoice finance facilities of £0.10 million (2022: £0.03 million increase) thus reducing cash at the period-end by £0.76 million (2022: £1.01 million decrease).
Repayment of our GSCALE loan of £5 million is due to commence in 2025.
Negocios de Tecnología
The technology businesses have seen an decrease in revenue from £2.15 million to £0.24 million driven mainly by the recognised revenues from the DSTL contract in the prior period. Operating costs for the 12 months, excluding exceptional items, were £2.83 million compared to £4.50 million for the prior 18 month period. All development costs not related to construction, textiles and polygrene thermoplastics have been fully impaired along with £0.86 million of production plant to align with our light manufacturing strategy.
Empresas maduras
El un estudiante adulto segmento tiene visto disminuido ingresos of 13% on a PRO perder base, y devuelto a de en operaciones of £0.18 million for 12 months compared to the previous 18 months profit of £0.03 million. As referred to in the Chief Executive Officer's reporte, we continue to market these for sale.
Preocupación continua
The financial statements have been prepared on a going concern basis and are subject to the matters described in note 1.
chris leigh
Director Financiero
Estado de resultado integral del grupo
Para el año terminado el 30 de septiembre de 2023
| Note |
| meses a 12 30 septiembre 2023 000 £ | meses a 18 30 septiembre 2022 000 £ | ||
Operaciones continuas Ingresos El costo de ventas |
2 |
5,448 (4,286) |
11,106 (7,739) | |||
Beneficio bruto Otros ingresos operativos Otras pérdidas * Gastos de explotación (incluyendo partidas excepcionales) |
| 1,162 138 - (15,016) | 3,367 257 (1,191) (10,126) | |||
Pérdida por operaciones antes de partidas excepcionales Artículos excepcionales |
3 |
| (4,951) (8,765) | (7,230) (463) | ||
Pérdida de operaciones Costos financieros Ingresos financieros |
| 13,716 (565) 16 | (7,693) (644) 14 | |||
Pérdida antes del impuesto sobre la renta Impuesto sobre la renta |
4 |
| (14,265) 86 | (8,323) 59 | ||
Pérdida por operaciones continuas |
| (14,179) | (8,264) | |||
(Pérdida) / Beneficio de operaciones discontinuadas |
| - | (141) | |||
Pérdida del período |
| (14,179) | (8,405) | |||
Pérdida atribuible a: Propietarios de la empresa matriz Interes no controlado |
(13,525) (654) |
(8,069) (336) | ||||
| (14,179) | (8,405) | ||||
Pérdida por acción atribuible a los accionistas de la Sociedad: Pérdida por acción básica y diluida |
5 |
(5.49) p |
(4.16) p | |||
No existe otro resultado integral del periodo | ||||||
* The other losses in the comparative period relate to the fair value assessment of the Lanstead sharing agreements.
Estado de situación financiera del grupo
Al 30 de septiembre de 2023
30 septiembre |
30 septiembre | ||
2023 | 2022 | ||
Note | 000 £ | 000 £ | |
Activos | |||
Activos no corrientes | |||
Activos intangibles | 6 | 2,763 | 10,636 |
Propiedad, planta y equipo. | 7 | 3,443 | 5,861 |
Impuestos diferidos | - | 25 | |
Cuentas comerciales y otras cuentas por cobrar | 36 | 38 | |
6,242 | 16,560 | ||
Activos circulantes |
| ||
Inventario | 1,528 | 2,131 | |
Cuentas comerciales y otras cuentas por cobrar | 1,409 | 2,155 | |
Los activos mantenidos para la venta | 604 | - | |
Efectivo y equivalentes de efectivo | 596 | 1,351 | |
4,137 | 5,637 | ||
los activos totales | 10,379 | 22,197 | |
|
| ||
Equidad |
| ||
Llamado capital social | 8 | 3,308 | 1,941 |
Compartir cuenta premium | 8 | 36,724 | 34,961 |
Reserva de fusión | 1,256 | 1,256 | |
Reserva de pago basada en acciones | 5,289 | 4,759 | |
Perdidas acumuladas | (43,382) | (29,694) | |
Patrimonio atribuible a los propietarios de la matriz | 3,195 | 13,223 | |
Interes no controlado | (2,115) | (1,624) | |
Equidad total | 1,080 | 11,599 | |
|
| ||
Pasivos |
| ||
Pasivos no corrientes |
| ||
Comerciales y otras cuentas a pagar | 501 | 600 | |
Pasivos por impuestos diferidos | 6 | 67 | |
Préstamo Innovar | 5,000 | 5,000 | |
Préstamos a largo plazo | 995 | 1,595 | |
6,502 | 7,262 | ||
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 1,479 | 1,957 | |
Anticipos de descuento de facturas | 762 | 660 | |
Porción corriente de préstamos a largo plazo | 556 | 719 | |
2,797 | 3,336 | ||
Pasivos totales | 9,299 | 10,598 | |
Total patrimonio y pasivos | 10,379 | 22,197 |
Estado de cambios en el patrimonio neto del grupo
Para el año terminado el 30 de septiembre de 2023
Capital social | Compartir cuenta premium | Reserva de fusión | Reserva de pago basada en acciones | Perdidas acumuladas | Interes no controlado | Equidad total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Al 31 de marzo de 2021 | 1,899 | 33,003 | 1,256 | 3,249 | (21,625) | (1,228) | 16,494 |
Emisión de acciones | 42 | 1,958 | - | - | - | - | 2,000 |
Pérdida del período | - | - | - | - | (8,069) | (336) | (8,405) |
Pagos basados en acciones | - | - | - | 1,510 | - | - | 1,510 |
Al 30 de septiembre de 2022 | 1,941 | 34,961 | 1,256 | 4,759 | (29,694) | (1,624) | 11,599 |
Re-allocation of minority interest | - | - | - | - | (163) | 163 | - |
Emisión de acciones | 1,367 | 1,763 | - | - | - | - | 3,130 |
Pérdida del período | - | - | - | - | (13,525) | (654) | (14,179) |
Pagos basados en acciones | - | - | - | 530 | - | - | 530 |
Al 30 de septiembre de 2023 | 3,308 | 36,724 | 1,256 | 5,289 | (43,382) | (2,115) | 1,080 |
Estado de flujos de efectivo del Grupo
Para el año terminado el 30 de septiembre de 2023
meses a 12 30 septiembre 2023 000 £ | meses a 18 30 septiembre 2022 000 £ | ||
flujos de efectivo por actividades operacionales | |||
Efectivo utilizado en operaciones | (2,377) | (3,280) | |
Pago interesado | (364) | (402) | |
Efectivo neto utilizado en actividades operativas | (2,741) | (3,682) | |
Flujos de efectivo de actividades de inversión | |||
Compra de activos intangibles | (149) | (2,751) | |
Compra de propiedad, planta y equipo | (187) | (1,910) | |
Efectivo neto utilizado en actividades de inversión | (336) | (4,661) | |
Flujos de efectivo de actividades de financiación | |||
Emisión de acciones (neto de fondos diferidos por acuerdo de participación) |
3,351 |
1,926 | |
Costes de emisión de acciones | (221) | (10) | |
Fondos recibidos de Innovate UK | - | 2,740 | |
Fondos recibidos de acuerdos de participación | - | 3,537 | |
Paymentof CBILS | (99) | 41 | |
Pago de principal de arrendamientos bajo NIIF 16 | (811) | (928) | |
Préstamo de descuento de factura (reembolsos)/ganancias | 102 | 29 | |
Efectivo neto generado por actividades de financiamiento | 2,322 | 7,335 | |
(Disminución) / aumento de efectivo y equivalentes de efectivo | (755) | (1,008) | |
Efectivo y equivalentes de efectivo al comienzo del período | 1,351 | 2,359 | |
Efectivo y equivalentes de efectivo al final del período | 596 | 1,351 |
Nota al estado de flujos de efectivo del Grupo
Para el año terminado el 30 de septiembre de 2023
meses a 12 30 septiembre 2023 000 £ | meses a 18 30 septiembre 2022 000 £ | |
Pérdida antes de impuestos (incluyendo operaciones discontinuadas) | (14,265) | (8,464) |
Ajustes para: | ||
Pagos basados en acciones | 530 | 1,510 |
Depreciación | 1,108 | 1,677 |
Amortización | 302 | 490 |
Enajenación de activos tangibles | 181 | 292 |
Deterioro de activos tangibles | 861 | - |
Deterioro de activos intangibles | 7,720 | 1,331 |
Costo financiero/(ingreso) | 549 | 630 |
Pérdida/(ganancia) en el movimiento FV del acuerdo de reparto | - | 1,191 |
Devolución crédito fiscal I+D | 86 | 59 |
*Decrease/(increase) in trade and other receivables and investments | 771 | 301 |
(Aumento) / disminución de inventarios | 603 | (317) |
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar | (823) | (1,980) |
flujos de efectivo por actividades operacionales | (2,377) | (3,280) |
Notas a los resultados finales
Por los 12 meses terminados el 30 de septiembre de 2023
1. Base de preparación
Los estados financieros consolidados del Grupo han sido preparados de acuerdo con las Normas Internacionales de Contabilidad adoptadas por el Reino Unido de conformidad con los requisitos de la Ley de Sociedades de 2006.
The Group's financial statements have been prepared on a going concern basis under the historical cost convention
However, whilst the Company continues to develop and seek to commercialise its graphene technology it remains reliant upon the capital markets and/or asset sales to continue as a going concern up until such time as it generates sufficient revenues to cover its costs. It has therefore taken the following steps in the last twelve months:
· It has reduced its cost base by closing down operations in the US and China.
· It has reduced its employee base from 93 employees to 64 employees.
· It is seeking to sell its mature businesses which employ 42 staff which would leave 22 staff in its core technology business.
The Directors have prepared detailed projections of expected future cash flows for a period of twelve months from the date of issue of these results and have made the following assumptions in support of adopting the going concern basis in preparation of these financial statements:
· Versarien's shareholders will continue to give authority to the Directors to issue sufficient shares without pre-emption rights to enable the Company to raise cash on the capital markets. With the Company's low market capitalisation this is likely to require a staged approach until such time as the value of the Company increases. Consequently, there is no certainty as to timing or quantum, but the Company has a history of raising capital on a regular basis. The Company is expected to meet the criteria for EIS/VCT investment which potentially widens the capital pool it may access.
· The Company will be able to sell its mature businesses having already sold its Korean plant with receipts due on a staged basis.
Following the recent issue of 492 million shares at 0.125p per share, the Company has a bank balance of £0.8 million and headroom on its invoice discounting facilities of £0.1 million totalling £0.9 million. This together with the expected receipts of £0.5 million from the sale of the South Korean plant and equipment are expected to provide working capital until the fourth quarter of the calendar year. In making their going concern assessment, and the Directors have forecast that sufficient additional funding will be raised to enable the group and parent company to meet liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
The notice of Annual General Meeting contains resolutions which are anticipated to be sufficient for further working capital needs and which will be used if the Company is unable to realise cash from the sale of its mature businesses.
After due consideration, the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis subject to raising the required funds either through asset sales and/or raising sufficient equity.
However, as there is no certainty as to the completion of the matters noted above, this represents a material uncertainty that may cast significant doubt on the Group and Parent Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
El informe de los auditores sobre el informe anual y los estados financieros para el período finalizado el 30 de septiembre de 2023 no tenía salvedades, no contenía una declaración en virtud de la s498(2) o s498(3) de la Ley de Sociedades de 2006, pero llamó la atención sobre la incertidumbre material con respecto a negocio en marcha de la siguiente manera:
We draw attention to the going concern section of the accounting policies of the financial statements which indicates that the group remains reliant upon the capital markets and/or asset sales to continue as a going concern up until such time as it generates sufficient revenues to cover its costs, and that additional funding will need to be raised within 12 months from the date of approval of the financial statements. The group and parent company expect to be able to secure this additional funding to enable the group and parent company to realise their assets and discharge their liabilities in the normal course of business.
As stated in the going concern section of the accounting policies, these events and conditions, along with other matters set out in the going concern section of the accounting policies, indicate that a material uncertainty exists that may cast significant doubt on the Group and Parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Given the material uncertainty noted above and our risk assessment, we considered going concern to be a key audit matter. Our evaluation of the Directors' assessment of the Group and the Parent Company's ability to continue to adopt the going concern basis of accounting and in response to the key audit matter included:
· Obtaining an understanding of how the Directors undertook the going concern assessment process to determine if we considered it to be appropriate in the circumstances;
· Desafío de la evaluación de negocio en marcha de los Directores, incluida la razonabilidad de los supuestos y las sensibilidades del caso de estrés a la baja aplicadas, utilizando nuestro conocimiento subyacente del negocio;
· Testing of the mathematical accuracy, and consideration of the reasonableness, of the assumptions made and available headroom throughout the forecast period extending from the date of approval of the financial statements;
· Consideration of the key sensitivities applied in the cash flow model pertaining to revenue, grant income and cost base, the continued use of the finance facilities and management of the Group's and Company's cost base;
· Analizar los resultados comerciales posteriores al final del año en comparación con el pronóstico y el año actual para evaluar la precisión y la viabilidad de los pronósticos; y
· Evaluar la integridad y precisión de las revelaciones en relación con el negocio en marcha y si los juicios significativos se han revelado adecuadamente.
Al auditar los estados financieros, hemos concluido que el uso por parte de los Consejeros de la base contable de empresa en funcionamiento en la preparación de los estados financieros es apropiado.
The consolidated financial statements are presented in sterling amounts. Amounts are rounded to the nearest thousands, unless otherwise stated.
La información financiera contenida en este anuncio no constituye las cuentas legales del Grupo para el período finalizado el 30 de septiembre de 2023, sino que se deriva de aquellas cuentas que han sido auditadas y que se presentarán en el Registro de Empresas a su debido tiempo.
2. Información segmentaria
At 30 September 2023, the Group is organised into two business segments. Central costs are reported separately. Information reported to the Group's Chief Executive Officer for the purposes of resource allocation and assessment of segment performance is focussed on the two principal business segments of Technology and Mature Businesses, and, accordingly, the Group's reportable segments under IFRS 8 are based on these activities.
La ganancia/(pérdida) del segmento representa la ganancia/(pérdida) obtenida por cada segmento, incluida una parte de los costos de administración central, que se asignan sobre la base del tiempo dedicado por el personal central a los asuntos de las subsidiarias. Esta es la medida reportada al Gerente General para efectos de asignación de recursos y evaluación del desempeño del segmento.
The non-core aluminium operations of Versarien Technologies Limited were closed in the prior period and are presented below as discontinued operations.
Central | Negocios de Tecnología | Empresas maduras | Ajustes intragrupo | Operaciones continuas totales | Operaciones discontinuadas | Total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Ingresos | - | 239 | 5,209 | - | 5,448 | - | 5,448 |
Beneficio bruto | - | (560) | 1,722 | - | 1,162 | - | 1,162 |
Otros ingresos operativos | - | 133 | 5 | - | 138 | - | 138 |
Otras pérdidas | - | - | - | - | - | - | - |
Los gastos de explotación | (15,141) | (5,136) | (1,903) | 7,164 | (15,016) | - | (15,016) |
(Pérdida)/Utilidad de operaciones | (15,141) | (5,563) | (176) | 7,164 | (13,716) | - | (13,716) |
Cargo financiero | 256 | (690) | (115) | - | (549) | - | (549) |
Pérdida antes de impuestos | (14,885) | (6,253) | (291) | 7,164 | (14,265) | - | (14,265) |
los activos totales | 6,207 | 5,766 | 5,392 | (6,986) | 10,379 | - | 10,379 |
Pasivos totales | (6,557) | (25,617) | (2,554) | 25,429 | (9,299) | - | (9,299) |
Activos / (pasivos) netos | (350) | (19,851) | 2,838 | 18,443 | 1,080 | - | 1,080 |
Gastos de capital | 87 | 391 | 9 | - | 487 | - | 487 |
Depreciación/amortización y deterioro | 6,448 | 3,053 | 489 | - | 9,990 | - | 9,990 |
The segment analysis for the 18 months ended 30 September 2022 is as follows:
| |||||||
Tecnología | Maduro | Intragrupo | Total | ||||
Central | Las empresas | Las empresas | ajustes | Operaciones continuas | Operaciones discontinuadas | Total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Ingresos | - | 2,146 | 8,960 | - | 11,106 | 534 | 11,640 |
Beneficio bruto | (29) | 1,008 | 2,388 | - | 3,367 | 107 | 3,474 |
Otros ingresos operativos | - | 251 | 6 | - | 257 | 1 | 258 |
Otras pérdidas | (1,191) | - | - | - | (1,191) | - | (1,191) |
Los gastos de explotación | (14,916) | (4,740) | (2,365) | 11,895 | (10,126) | (238) | (10,364) |
(Pérdida)/Utilidad de operaciones | (16,136) | (3,481) | 29 | 11,895 | (7,693) | (130) | (7,823) |
Cargo financiero | 159 | (76) | (104) | (609) | (630) | (11) | (641) |
Pérdida antes de impuestos | (15,977) | (3,557) | (75) | 11,286 | (8,323) | (141) | (8,464) |
los activos totales | 15,824 | 9,232 | 7,319 | (10,178) | 22,197 | - | 22,197 |
Pasivos totales | (5,853) | (22,292) | (2,997) | 20,544 | (10,598) | - | (10,598) |
Activos / (pasivos) netos | 9,971 | (13,060) | 4,322 | 10,366 | 11,599 | - | 11,599 |
Gastos de capital | 403 | 5,005 | 1,054 | - | 6,462 | - | 6,462 |
Depreciación/amortización y deterioro |
566 |
1,480 |
993 |
459 |
3,498 |
- |
3,498 |
3. Artículos excepcionales
meses a 12 30 septiembre 2023 000 £ |
meses a 18 30 septiembre 2022 000 £ | |
Operaciones continuas | ||
Deterioro de buena voluntad | 3,132 | 423 |
Deterioro del costo de desarrollo Patent and trademarks impairment | 1,864 2,724 | 908 - |
Tangible asset impairment | 861 | - |
Ingresos diferidos relacionados con el deterioro del costo de desarrollo | (238) | (660) |
Costos de reestructuración | 483 | - |
(Crédito)/cargo relacionado con la expansión en Asia | - | (306) |
Costo de adquisición | - | 82 |
Otro | (61) | 16 |
8,765 | 463 | |
Operaciones discontinuadas | ||
Costes de reubicación y reestructuración | - | 64 |
4. Impuestos
The tax credit for the period of £86,000 (2022: £59,000) relates to an R&D tax credit. The charge on the results for the period is £nil (2022: £nil). At the year end the Group had £33.3 million (2022: £25.5 million) of trading losses carried forward to set-off against future trading profits.
5. Pérdida por acción
The calculation of the basic loss per share for the year ended 30 September 2023 and period ended 30 September 2022 is based on the losses attributable to the shareholders of Versarien plc divided by the weighted average number of shares in issue during the period. The calculation of diluted loss per share is based on the basic loss per share adjusted to allow for the issue of shares on the assumed conversion of all dilutive options. However, in accordance with IAS 33 "Earnings per Share", potential Ordinary shares are only considered dilutive when their conversion would decrease the profit per share or increase the loss per share.
A 30 de septiembre de 2023, había 12,914,730 2022 15,205,850 (XNUMX: XNUMX XNUMX XNUMX) acciones ordinarias potenciales, que no se han tenido en cuenta en el cálculo de la pérdida diluida por acción, ya que se consideraban no dilutivas en esa fecha.
| Atribuible a los propietarios de la matriz | Número medio ponderado de acciones | Pérdida básica por peniques de acción |
| 000 £ | '000 |
|
12 meses terminados el 30 de septiembre de 2023 | (13,525) | 246,401 | (5.49) |
18 meses terminados el 30 de septiembre de 2022 | (8,069) | 194,027 | (4.16) |
6. Activos intangibles
Desarrollo | Patentes, marcas y otros | |||
| Goodwill 000 £ | Precio 000 £ | Intangibles 000 £ | Total 000 £ |
Cost | ||||
Al 1 de abril de 2021 | 4,431 | 2,965 | 4,500 | 11,896 |
Adiciones | - | 2,584 | 167 | 2,751 |
Al 30 de septiembre de 2022 | 4,431 | 5,549 | 4,667 | 14,647 |
Adiciones | - | - | 149 | 149 |
Al 30 de septiembre de 2023 | 4,431 | 5,549 | 4,816 | 14,796 |
Amortización acumulada y deterioro | ||||
Al 1 de abril de 2021 | 876 | 491 | 823 | 2,190 |
Cargo por amortización | - | 1 | 489 | 490 |
Discapacidad | 423 | 908 | - | 1,331 |
Al 30 de septiembre de 2022 | 1,299 | 1,400 | 1,312 | 4,011 |
Cargo por amortización | - | 1 | 301 | 302 |
Discapacidad | 3,132 | 1,864 | 2,724 | 7,220 |
Al 30 de septiembre de 2023 | 4,431 | 3,265 | 4,337 | 12,033 |
Valor en libros | ||||
Al 30 de septiembre de 2023 | - | 2,284 | 479 | 2,763 |
Al 30 de septiembre de 2022 | 3,132 | 4,149 | 3,355 | 10,636 |
7. Propiedades, planta y equipo
Activo de ROU | Planta y equipo | Mejoras arrendatarias |
Total | ||
000 £ | 000 £ | 000 £ | 000 £ | ||
Cost | |||||
Al 1 de abril de 2021 | 6,537 | 6,288 | 518 | 13,343 | |
Adiciones | 1,801 | 1,776 | 134 | 3,711 | |
Disposiciones | (1,742) | (30) | (84) | (1,856) | |
Al 30 de septiembre de 2022 | 6,596 | 8,034 | 568 | 15,198 | |
Adiciones | 149 | 184 | 4 | 337 | |
Disposiciones | (883) | (192) | (35) | (1,110) | |
Transferencia de activos mantenidos para la venta | - | (1,083) | - | (1,083) | |
Al 30 de septiembre de 2023 | 5,862 | 6,943 | 537 | 13,342 | |
Depreciación acumulada | |||||
Al 1 de abril de 2021 | 4,199 | 4,890 | 135 | 9,224 | |
Cobrar por el año | 1,113 | 455 | 109 | 1,677 | |
Disposiciones | (1,505) | (27) | (32) | (1,564) | |
Al 30 de septiembre de 2022 | 3,807 | 5,318 | 212 | 9,337 | |
Cobrar por el período | 642 | 392 | 74 | 1,108 | |
Disposiciones | (702) | (191) | (35) | (928) | |
Transferencia de activos mantenidos para la venta | - | (479) | - | (479) | |
Discapacidad | - | 861 | - | 861 | |
Al 30 de septiembre de 2023 | 3,747 | 5,901 | 251 | 9,889 | |
Valor neto contable | |||||
Al 30 de septiembre de 2023 | 2,115 | 1,042 | 286 | 3,443 | |
Al 31 de marzo de 2022 | 2,789 | 2,716 | 356 | 5,861 |
8. Capital social solicitado y prima de emisión
Numero de veces compartido | Llamado capital social | Compartir premium | Total | |
'000 | 000 £ | 000 £ | 000 £ | |
Al 1 de abril de 2021 | 189,8710 | 1,899 | 33,003 | 34,902 |
Emisión de acciones | 4,280 | 42 | 1,958 | 2,000 |
Al 30 de septiembre de 2022 | 194,150 | 1,941 | 34,961 | 36,902 |
Emisión de acciones | 136,629 | 1,367 | 1,763 | 3,129 |
Al 30 de septiembre de 2023 | 330,779 | 3,308 | 36,724 | 40,031 |
The called up share capital in the table above represents the total number of authorised, issued and fully paid Ordinary shares with a nominal value of 0.01p per share.
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