Resultados provisionales
27 de marzo de 2024
PLC DEL GRUPO NANOCO
("Nanoco", la "Empresa" o el "Grupo")
Resultados provisionales
Fully funded business with commercial traction investing for a phase of steady growth
Grupo Nanoco plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform, announces unaudited Interim Results for the half year ended 31 January 2024 ("the Period" or "H1 FY24").
· Critical milestone of first ever commercial orders achieved
o Shipment in November 2023 of two first-generation materials for use in infra-red sensing applications in electronic devices (cameras and imagers).
· Continued progress with two global electronics supply chain customers
o Joint Development Agreement signed in January 2024 with STMicroelectronics, a global semiconductor leader, to optimise the performance of a second-generation sensing material over a two-year period.
o Joint Development Agreement signed in November 2023 with an important Asian Chemical supplier of materials to global electronics supply chains over two years to enhance another high performing sensing material.
· Second tranche of litigation proceeds received
o Return of £33m to shareholders via Tender Offer and Share Buyback now underway.
o Retained funds to be invested in operational capability, enhancing future growth prospects, and improving gross margins.
o Nanoco will be debt-free by the end of FY24 and is now fully funded through to cash breakeven, expected during CY25.
o Financial resources to defend our IP and leverage that same IP for value
· The opportunity ahead
o Successfully transitioned from a speculative R&D first mover to a financially underpinned, organic growth focused Company, surrounded by a validated and enforceable IP moat
o Core sensing and display markets are forecast to experience rapid growth over the next five years - forecast CAGR of over 40% in sensing[ 1 ] (cameras and imagers) and c. 20% in display[ 2 ]
o Adoption of QD technology in mobile phones for sensors and small screen micro-LEDs for display should lead to a step change in addressable markets for Nanoco
Resumen de resultados
Operational Summary - investing in new capabilities and supply chain resilience
· Building and fit out completed post period end for new wafer device development and testing facility ('Fab') to shorten product research cycles by up to c.33% and to support engagement with new and existing customers.
· New device team joined post period end, now commissioning newly arrived equipment.
· Continued early stage engagement with potential new display customers.
Financial Summary - Trading in line with Board expectations for FY24
· Reported revenue increased to £4.0m (H1 FY23: £1.6m) driven by recurring IP licence revenue.
o Underlying revenue (excluding Samsung licence revenue) of £1.0m, (H1 FY23: £1.6m). Decrease reflects timing of STMicroelectronics agreement being signed towards the end of the Period.
· Reported operating profit increased to a profit of £2.4m (H1 FY23: loss £2.1m) reflecting increased revenue and the FX hedge gain of £2.5m in relation to the second tranche of litigation proceeds from Samsung, partly offset by strategic investments.
o Adjusted EBITDA of £0.7m (H1 FY23: LBITDA £1.1m) excludes the one-off impact of the FX hedge gain and share-based payments.
· Investment in operations has increased gross cash cost base to c. £0.6m per month (H1 FY23: £0.5m).
· Period end reported cash of £59.3m (£2.5 million FX hedge benefit received in February 2024).
· The planned return of capital to shareholders (the "Return of Value") and repayment of outstanding debt of c. £5 million will leave a cash balance of c. £23 million to support the commercial business.
Outlook
· Expansion of our range of services to include detección device development work when Fab is fully commissioned during H2 FY24.
· FY24 performance expected to be in line with market expectations[ 3 ]
· Continued progress as a full-service production company with the goal of becoming cash breakeven during CY25, in line with previously set out timeframe.
Brian Tenner, director ejecutivo de Nanoco Group plc, dijo:
"Delivering our first ever commercial orders was a huge achievement for the whole Nanoco team. Sales volumes of first generation materials are expected to grow gradually over time to deliver a cash breakeven position during CY25. Adoption of the technology in mobile phones would lead to further significant growth.
"Our current two global customers - both leading suppliers to the electronics industry - are a testament to Nanoco's leadership in novel nanomaterials. Our key display and sensing IP was emphatically validated in the recent Samsung litigation. The new second generation materials under development will deliver significant performance improvements to open up new applications in automotive and dynamic image capture. All of our materials form part of our 'platform technology', being adaptable to a wide range of markets, applications and form factors.
"We are pleased to be returning £33.0 million of value to shareholders while retaining funds for the compelling use cases we have previously outlined. Having spent five years fighting for financial survival, we have now been able to make some cautious but important strategic investments in new capabilities and our resilience as a supply chain partner. These will accelerate our development plans and commercial progress, as well as allowing us to self-fund IP licensing efforts. The combination of a fully funded business with commercial traction is a strong foundation on which to build."
= Ends =
Webcast for sell side analysts
A conference call and webcast for sell side analysts will be held at 10:00am (UK time) this morning (27 March 2024):
For further details please contact Powerscourt at GME@dhr-rgv.com.
A recording of the webcast will also be made available on Nanoco's website later today at www.nanocotechnologies.com
Investor Meet Company presentation for investors
There will be a further presentation for investors via the Investor Meet Company platform on 2 April 2024 at 10:00am. Questions can be submitted in advance via the Investor Meet Company Dashboard before 5:00pm on 28 March 2024 or on the day. Investors can sign up to the Investor Meet Company platform for free and register their interest in events hosted by Nanoco Group Plc via:
https://www.investormeetcompany.com/nanoco-group-plc/register-investor
Los inversores que ya siguen a Nanoco Group Plc en la plataforma Investor Meet Company serán invitados automáticamente.
Para más información, por favor póngase en contacto con:
Nanoco Group PLC: Brian Tenner, director ejecutivo Liam Gray, director financiero y secretario de la empresa |
+44 0 1928 761 404 |
Cavendish Capital Markets Limited (asesor financiero y empresa conjunta Broker): Ed Frisby / George Lawson (Finanzas corporativas) Tim Redfern / Charlie Combe (corretaje corporativo) Jasper Berry (Ventas)
|
+44 0 20 7220 0500 |
Turner Pope Investments (empresa conjunta Broker): Andrés Thacker papa james
|
+44 0 20 3657 0050 |
Powerscourt (Relaciones Públicas) Elly Williamson ollie simmonds
|
+44 (0) 7970 246 725
|
DECLARACIONES DE MIRADA HACIA ADELANTE
Este anuncio (incluida la información incorporada por referencia en este anuncio) y otra información publicada por Nanoco pueden contener declaraciones sobre Nanoco que son o pueden considerarse declaraciones prospectivas. Tales declaraciones son de naturaleza prospectiva. Todas las declaraciones que no sean declaraciones históricas de hechos pueden ser declaraciones prospectivas. Sin limitación, declaraciones que contengan las palabras "objetivos", "planes", "cree", "espera", "objetivos", "pretende", "voluntad", "puede", "anticipa", "estima", "proyectos" o "considera" u otras palabras similares pueden ser declaraciones prospectivas.
Las declaraciones a futuro contienen inherentemente riesgos e incertidumbres ya que se relacionan con eventos o circunstancias en el futuro. Factores importantes como los ciclos comerciales o económicos, los términos y condiciones de los arreglos financieros de Nanoco, las tasas impositivas o el aumento de la competencia pueden hacer que los resultados financieros, el desempeño o los logros reales de Nanoco difieran materialmente de cualquier declaración prospectiva. Debido a tales incertidumbres y riesgos, se advierte a los lectores que no confíen indebidamente en dichas declaraciones prospectivas, que se refieren solo a la fecha del presente. Nanoco renuncia a cualquier obligación de actualizar cualquier declaración prospectiva u otras declaraciones contenidas en este documento, excepto según lo exija la ley aplicable.
Acerca de Nanoco Group plc
Nanoco (LSE: NANO) es una empresa de producción y concesión de licencias de nanomateriales, que se especializa en la producción de sus puntos cuánticos libres de cadmio (CFQD®) patentados y otros nanomateriales patentados para su uso en las industrias electrónicas.
Fundada en 2001 y con sede en Runcorn, Reino Unido, Nanoco continúa construyendo una cartera de propiedad intelectual protegida por patentes de clase mundial junto con la ampliación de la producción para pedidos comerciales.
Los nanomateriales son materiales con dimensiones típicamente en el rango de 1 a 100 nm. Los nanomateriales tienen una variedad de propiedades útiles, incluidas las ópticas y electrónicas. Los puntos cuánticos son una subclase de nanomateriales que tienen propiedades ópticas y electrónicas que dependen del tamaño. Dentro del ámbito de los puntos cuánticos, el Grupo explota diferentes características de los puntos cuánticos para abordar diferentes criterios de rendimiento que sean atractivos para mercados específicos o aplicaciones de usuario final, como los mercados de sensores, electrónica y pantallas. Los puntos cuánticos CFQD® de Nanoco no contienen cadmio ni otros metales pesados tóxicos y pueden sintonizarse para emitir luz en diferentes longitudes de onda en todo el espectro visible e infrarrojo, lo que los hace útiles para una amplia gama de aplicaciones de visualización. ¿La ONDA DE CALOR de Nanoco? Los puntos cuánticos se pueden sintonizar para absorber luz en diferentes longitudes de onda en todo el espectro del infrarrojo cercano, lo que los hace útiles para aplicaciones que incluyen cámaras y sensores de imagen.
Nanoco cotiza en el mercado principal de la Bolsa de Valores de Londres, posee la marca de economía verde de la LSE y cotiza bajo el símbolo NANO. Para obtener más información, visite: www.nanocotechnologies.com
Revision del negocio
Overview - A fully funded business with commercial traction and exciting growth opportunities
The key highlight of the six months to 31 January 2024 and indeed the last ten years or more, was the fulfilment of the first ever commercial production orders for two of our first generation materials for use in infra-red sensing applications. In addition, both STMicroelectronics and our Asian Chemical customer signed multi-year development agreements for higher performing second generation materials, also for use in sensing applications (cameras and imagers).
Having spent five years fighting for financial survival, we have now been able to make some cautious but important strategic investments in new capabilities and our resilience as a supply chain partner, while increasing the team to around 50 staff, just over half the figure from 2018.
First commercial production order in Company's 20 year history fulfilled for sensing application
Detectar
In November, we fulfilled our first ever commercial production orders for two different products from our first generation materials. This milestone and the status of our direct customer is a clear endorsement of our technology. We expect further orders to be fulfilled during this calendar year, depending on end user adoption and demand. The wide range of potential end use applications for our materials reflects a key strength of our materials and the underpinning IP - they are a 'platform technology' that is applicable to a wide range of markets, applications and form factors.
During H1 FY24, we signed a two-year joint development agreement with STMicroelectronics. This is for the optimisation of a second generation of sensing material that has different performance characteristics which will allow its use in previously inaccessible applications such as automotive. We continue to achieve all development milestones and will be expanding our range of services to include device development work when our new facility is fully commissioned during H2 FY24.
We also signed a two-year programme with our Asian chemical customer, following on from the successful delivery of a number of smaller consecutive projects over a two-year period. This programme is also for the development of a different second generation sensing material.
During the Period, the Group completed two small but important projects that were part funded by Innovate UK, the UK's innovation agency. One of those projects was targeting a third generation sensing material with the potential for even more advanced performance. The second of these projects concerns the creation of novel nanomaterials that are potentially applicable in the field of quantum computing. Discussions are ongoing regarding further investment in these areas.
Pantalla
We continue to pursue small scale development projects with a number of customers in display markets, covering film opportunities as well as the emerging market interest in micro-LED. We are working to leverage our validated IP portfolio to deliver commercial engagement and contracts for the supply of R&D services and materials for the display market. As reported previously, we also work on a reactive basis to opportunities in adjacent markets such as horticultural and lighting applications.
Operaciones
During the period, Nanoco has invested in its infrastructure and capabilities. This includes increasing our Runcorn operational footprint by approximately 50%. This new space will be dedicated to a Fab for the testing and development of devices incorporating our nanomaterials to accelerate product development and support engagement with new and existing customers. The extensive equipment for this facility arrived from overseas locations in early March. Our new device team has been recruited and will join the business over the coming months with their initial focus on supporting the commissioning of this equipment in the new facility.
We are also investing in our quality control and analytical capabilities, which has the benefit of improving the data we can capture, but also reduces our reliance on outsourced and costly services.
Licenciamiento de IP
As previously stated, our primary goals for Nanoco are the delivery of development, scale up and commercial production of nanomaterials. Our IP portfolio is primarily used to support those objectives. However, we will also continue our efforts to agree appropriate licensing of our technology and IP where other commercial engagement may not be possible or appropriate. The fact that Samsung felt the need to agree a licence over Nanoco IP despite having access to a number of other large quantum dot IP portfolios reinforces this point.
While the opportunities for licensing in display markets is currently relatively small due to the dominance of Samsung, we expect this to grow over time as more devices and market participants adopt quantum dot technology. We are ring-fencing a significant sum from the retained funds from the Samsung litigation to support our efforts to generate value in the medium term and to continue to defend our IP as required.
Junta Directiva
In December 2023 we were pleased to announce the appointment to the Board of Dr Jalal Bagherli and Dieter May as new independent non-executive directors, both bringing significant semi-conductor markets experience. Dieter has now joined the Board and Jalal will join us in April 2024. In line with good corporate governance, our Chairman, Dr Christopher Richards, has indicated that he will stand down from the Board at the next AGM following nine years of service. A search for a new Chairman will be led by the Senior Independent Director and the process will start soon.
Perspectiva - steady growth on a firm foundation
Market forecasts for infra-red sensors[ 4 ] and quantum dot-based display[ 5 ] technologies show strong growth over the next five years. This will create a positive environment in which Nanoco's unique cadmium free quantum dots and other novel nanomaterials can leverage their strong performance characteristics into large mass produced commercial applications.
The continued investment and development of future generations of sensing materials is a necessary part of managing our product lifecycle to deliver value over an extended period of time. The environmental benefits of our cadmium free products should further add to the appeal of Nanoco materials.
We are pleased to be returning £33.0 million of value to shareholders and to have retained funds for the compelling use cases we set out in our recent circular. The retained funds will accelerate our development plans and commercial progress, as well as allowing us to self-fund IP licensing efforts. The combination of a fully funded business with commercial traction is a strong foundation on which to build.
brian tenner
Chief Executive Officer 27 March 2024
Revisión financiera
Ingresos
Reported revenue in the Period increased 153% to £4.0m (H1 FY23: £1.6m). The majority of revenue and its net increase relates to recurring licence revenue, prepaid as part of the litigation settlement.
Fuentes de ingresos | 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 |
| £ m | £ m | £ m |
Servicios | 0.6 / 13.8% | 1.1 / 70.5% | 1.7 / 30.0% |
Material sales | 0.3 / 8.6% | 0.4 / 26.2% | 0.8 / 15.4% |
Licencias | 3.1 / 77.6% | 0.1 / 3.3% | 3.1 / 54.6% |
Los ingresos totales | 4.0 /100.0% | 1.6 /100.0% | 5.6 /100.0% |
Excluding the licence revenue, services continue as the major revenue driver, generated primarily from two new development agreements signed in the period. The decrease on H1 FY23 was due to a timing difference between the completion of the previous development agreements and the negotiation and start of the new contracts. Material sales represents shipments of nanomaterials to supply chain partners in sensing and display markets, including shipments under the first commercial production orders.
Los gastos de explotación
Operating expenses comprise R&D and administrative expenses. Gross investment in R&D to support the ongoing development of our nanomaterials was £0.8m in the Period (H1 FY23: £0.5m) and administrative expenses were £3.0m (H1 FY23: £2.7m). Following the Samsung settlement in FY23, we have invested in both additional staff and facilities to position the Company for future growth.
Other operating income in the Period was £2.6m (H1 FY23: £0.1m). The significant increase reflects the recognition of an unrealised gain of £2.5m on a foreign exchange hedge that was marked-to-market value at the period-end. During the Period the group took out a one-off hedge at a rate of GBP1:USD1.22 against the second tranche of proceeds from the Samsung agreements totalling $71.75m. Although the cash was received prior to the end of the Period, the hedge did not mature until afterwards and hence is reported as unrealised at the period end.
Beneficio operativo y EBITDA ajustado
The higher revenue in the Period directly impacted adjusted operating profit in the Period, increasing to £0.2m, an improvement of £1.6m. Adjusted EBITDA in the Period improved to £0.7m.
1S del año fiscal 24 | 1S del año fiscal 23 | FY23 | |
£ m | £ m | £ m | |
Ganancia / (pérdida) operativa | 2.4 | (2.1) | 15.0 |
Costas del litigio resueltas | _ | 0.1 | 49.3 |
Beneficio por la venta de propiedad intelectual | _ | _ | (68.7) |
Asamblea general solicitada | _ | _ | 0.5 |
Fair value gain on derivative financial instrument | (2.5) | _ | _ |
Divisas | (0.2) | _ | 1.7 |
Cargo por pago basado en acciones | 0.5 | 0.5 | 1.0 |
Empleadores NI en SBP | 0.0 | 0.1 | (0.2) |
Ganancia / (pérdida) operativa ajustada | 0.2 | (1.4) | (1.4) |
Depreciación | 0.4 | 0.2 | 0.6 |
Amortización | 0.1 | 0.1 | 0.3 |
Discapacidad | 0.0 | 0.0 | 0.1 |
Adjusted EBITDA/(LBITDA) | 0.7 | (1.1) | (0.4) |
Management monitor adjusted EBITDA as an Alternative Performance Measure. The non-cash charges for share-based payments (including the associated national insurance charges), depreciation and amortisation are added back to the operating result to arrive at Adjusted EBTIDA. One off cash litigation costs, as well as the one off non-cash profit on revaluing the foreign currency hedge are also excluded from adjusted EBITDA. These items are excluded to provide users of the accounts with a clearer understanding of underlying business performance.
Taxation
The Group incurred a one-off tax charge in FY23 as the profits exceeded the restriction on the use of brought forward losses leaving a tax payable of £0.8m. A deferred tax asset for brought forward losses expected to be utilised in future years was recognised in FY23 and remains at the period end. The Korean withholding tax on the Samsung licence agreement creates a UK tax asset of £4.6m which can be offset against future tax liabilities (£0.3m of which has been charged against current period profits).
Resultado neto
The profit after tax for H1 FY24 was £1.8m (H1 FY23: loss of £2.1m).
Ganancias por acción
The basic earnings per share was 0.54 pence per share (H1 FY23: loss of 0.64 pence). As at 31 January 2024 there were 324,430,950 ordinary shares in issue (31 July 2023: 322,445,744) including treasury shares.
Posición de caja y liquidez
Following the receipt of the consideration for the Samsung agreements, the Group had a cash balance at the end of the Period of £59.3m (2023: £6.0m).
Accounting rules mean that the $US balance is not translated using the hedged rate but at period end rates. If the hedged rate had been used the period end balance would have been £61.8 million. The hedge became effective in February 2024 and the £2.5 million gain crystallised as cash during the same month.
Expenditure on fixed assets has been increased as the Group invests in new analytical and device capabilities.
Capital de trabajo
The Group is maintaining its investment in working capital. This is to ensure that the Group is seen as a robust part of the supply chain by its major customers. Our contracts with customers also include mechanisms to give Nanoco advance notice of significant changes in demand that should be adequate to ensure that Nanoco has appropriate raw materials on hand when production needs to be ramped up.
Riesgos principales
The Directors have considered the principal risks which may have a material impact on the Group's performance. The majority of applicable risks throughout the Period remained materially unchanged as disclosed on pages 34 to 35 of the 2023 Annual Report and Accounts.
Preocupación continua
Los estados financieros consolidados condensados intermedios han sido preparados sobre la base de empresa en funcionamiento. Al determinar la base adecuada para la preparación de los estados financieros, los Directores deben considerar si el Grupo puede continuar con su existencia operativa en el futuro previsible.
For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the interim condensed consolidated financial statements, the Directors have used their detailed forecasts for the period to 31 July 2027 (the "Forecast Period"). These reflect current and expected business activities as well as the matters set out in the section above on Principal risks.
A sensitivity analysis has been performed to reflect a possible downside scenario that only includes already contracted revenues for the Forecast Period.
On the basis of the information above and having made appropriate enquiries, at the time of approving the interim condensed consolidated financial statements, the Directors have a reasonable expectation that the Company has access to adequate resources to continue in operational existence for the foreseeable future, at least 12 months from the date of the issue of these interim condensed consolidated financial statements.
Accordingly, they continue to adopt the going concern basis in preparing the interim condensed consolidated financial statements. The financial statements do not reflect any adjustments that would be required to be made if they were prepared on a basis other than the going concern basis.
Liam Grey
Director Financiero
27 de marzo de 2024
Declaración de responsabilidad
The Directors of Nanoco Group plc, as listed on pages 46 and 47 of the 2023 Annual Report and Accounts, and Dieter May as notified via RNS on 21 December 2023, confirm to the best of their knowledge:
a) the interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as required by paragraph 4.2.4 of the Disclosure Guidance and Transparency Rules ("DTR");
b) the interim condensed consolidated financial statements, which have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.10;
c) the interim management report includes a fair review of the information required by DTR 4.2.7 - an indication of important events which have occurred during the first six months of the year and a description of the principal risks and uncertainties for the remaining six months of the year; and
d) the interim management report includes a fair review of the information required by DTR 4.2.8 - the disclosure of related party transactions occurring during the first six months of the year and any changes in related party transactions disclosed in the 2023 Annual Report and Accounts.
Por orden de la Junta
Liam Grey
Director Financiero
27 de marzo de 2024
Estado de resultados integrales condensado consolidado
Por los seis meses terminados el 31 de enero de 2024
1S del año fiscal 24 | 1S del año fiscal 23 | FY23 | ||
(No auditado) | (Unaudited, Restated) | (Auditado) | ||
Notas | 000 £ | 000 £ | 000 £ | |
Ingresos | 3 | 3,956 | 1,562 | 5,618 |
El costo de ventas[ 6 ] | (429) | (495) | (847) | |
Beneficio bruto | 3,527 | 1,067 | 4,771 | |
Otros ingresos operativos |
| |||
Becas del Gobierno | 131 | 78 | 230 | |
Beneficio por la venta de propiedad intelectual | - | - | 68,687 | |
Fair value gain on derivative financial instrument | 2,476 | - | - | |
Los gastos de explotación |
| |||
Gastos de investigación y desarrollo. | (755) | (520) | (1,295) | |
Gastos administrativos | (3,009) | (2,715) | (57,401) | |
Ganancia / (pérdida) operativa | 2,370 | (2,090) | 14,992 | |
- Before share-based payments and non-recurring items | 368 | (1,613) | (2,915) | |
- Pagos basados en acciones | (474) | (477) | (953) | |
- Beneficio por la venta de propiedad intelectual | - | - | 68,687 | |
- Fair value gain on derivative financial instrument | 2,476 | |||
- Costos de litigio | - | - | (49,337) | |
- EGM requisition | - | - | (490) | |
Financiamiento (gasto) neto | (279) | (244) | (5,419) | |
Beneficio / (pérdida) antes de impuestos | 2,091 | (2,334) | 9,573 | |
Taxation | (332) | 255 | 1,512 | |
Beneficio / (pérdida) después de impuestos | 1,759 | (2,079) | 11,085 | |
Otro resultado integral |
| |||
(Loss)/profit on exchange rate translations | - | - | - | |
Resultado integral total del ejercicio | 1,759 | (2,079) | 11,085 | |
Beneficio/(pérdida) por acción: |
| |||
Ganancias / (pérdidas) básicas | 4 | 0.54p | (0.64) p | 3.44p |
Ganancias / (pérdidas) diluidas | 0.51p | - | 3.32p | |
|
The profit for the current and preceding year, and the loss for H1 FY23, arise from the Group's continuing operations and is attributable to the equity holders of the Parent Company.
The basic and diluted loss per share reported in H1 FY23 are the same, as the effect of share options is anti-dilutive.
Estado de cambios en el patrimonio neto condensado consolidado
Por los seis meses terminados el 31 de enero de 2024
Marcha atrás | Basado en acciones |
Acciones | ||||||
Compartir | Compartir | adquisición | pago | Fusión | retenida | Acumulado | ||
capital | producto de más alta calidad. | reserva | reserva | reserva | by EBT | de | Total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Al 31 de julio de 2022 (auditado) | 32,244 | 121,145 | (77,868) | 4,916 | (1,242) | - | (74,715) | 4,480 |
Loss for the six months to 31 January 2023 | - | - | - | - | - | - | (2,079) | (2,079) |
Pagos basados en acciones | - | - | - | 477 | - | - | - | 477 |
Al 31 de enero de 2023 (sin auditar) | 32,244 | 121,145 | (77,868) | 5,393 | (1,242) | - | (76,794) | 2,878 |
Profit for the six months to 31 July 2023 | - | - | - | - | - | - | 13,164 | 13,164 |
Reducción de capital | - | (121,145) | - | - | - | - | 121,145 | - |
Emisión de capital a EBT en el ejercicio de la opción | 199 | - | - | (259) | - | (105) | 60 | (105) |
Pagos basados en acciones | - | - | - | 476 | - | - | - | 476 |
Al 31 de julio de 2023 (auditado) | 32,443 | - | (77,868) | 5,610 | (1,242) | (105) | 57,575 | 16,413 |
Profit for the six months to 31 January 2024 | - | - | - | - | - | - | 1,759 | 1,759 |
Issue of shares on option exercise | - | - | - | - | - | 105 | - | 105 |
Pagos basados en acciones | - | - | - | 474 | - | - | - | 474 |
Al 31 de enero de 2024 (sin auditar) | 32,443 | - | (77,868) | 6,084 | (1,242) | - | 59,334 | 18,751 |
Estado de situación financiera condensado consolidado
Al 31 de enero de 2024
31 enero | 31 enero | 31 julio | ||
2024 | 2023 | 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
Notas | 000 £ | 000 £ | 000 £ | |
Activos | ||||
Activos no corrientes | ||||
Propiedad, planta y equipo. | 1,302 | 232 | 304 | |
Activos por derecho de uso | 2,442 | 2,018 | 2,075 | |
Activos intangibles | 903 | 1,470 | 966 | |
Activos por impuestos diferidos | 2,573 | - | 2,573 | |
Impuestos retenidos en origen en el extranjero por cobrar | 4,003 | - | 1,756 | |
| 11,223 | 3,720 | 7,674 | |
Activos circulantes |
| |||
Los inventarios | 451 | 104 | 308 | |
Cuentas comerciales y otras cuentas por cobrar | 3,660 | 734 | 33,986 | |
Impuestos retenidos en origen en el extranjero por cobrar | 593 | - | 592 | |
Activo por impuesto sobre la renta | - | 254 | - | |
Efectivo y equivalentes de efectivo | 59,343 | 5,978 | 8,207 | |
|
| 64,047 | 7,070 | 43,093 |
los activos totales | 75,270 | 10,790 | 50,767 | |
|
| |||
Pasivos |
| |||
Pasivo circulante |
| |||
Comerciales y otras cuentas a pagar | (1,619) | (1,625) | (2,783) | |
Préstamos | (4,257) | - | (4,004) | |
Pasivos por arrendamiento | 6 | (675) | (429) | (456) |
Pasivo por impuesto sobre la renta | (800) | - | (770) | |
Ingresos diferidos | 5 | (5,934) | (105) | (6,123) |
| (13,285) | (2,159) | (14,136) | |
Pasivos no corrientes |
| |||
Pasivos por arrendamiento | 6 | (1,418) | (1,617) | (1,415) |
Provisiones | (659) | - | (445) | |
Ingresos diferidos | 5 | (40,582) | - | (17,801) |
Préstamos |
| (575) | (4,136) | (557) |
(43,234) | (5,753) | (20,218) | ||
Pasivos totales | (56,519) | (7,912) | (34,354) | |
|
| |||
Activos netos | 18,751 | 2,878 | 16,413 | |
|
| |||
Capital y reservas |
| |||
Capital social | 32,443 | 32,244 | 32,443 | |
Compartir premium | - | 121,145 | - | |
Reserva de adquisición inversa | (77,868) | (77,868) | (77,868) | |
Reserva de pago basada en acciones | 6,084 | 5,393 | 5,610 | |
Reserva de fusión | (1,242) | (1,242) | (1,242) | |
Acciones en poder de EBT | - | - | (105) | |
Accumulated profit/(loss) | 59,334 | (76,794) | 57,575 | |
Equidad total | 18,751 | 2,878 | 16,413 |
Approved by the Board and authorised for issue on 27 March 2024.
Brian Tenner Liam Gray
Director Ejecutivo Director Financiero
Estado de flujo de efectivo condensado consolidado
Por los seis meses terminados el 31 de enero de 2024
Seis meses para | Seis meses para | Año hasta | ||
31 enero | 31 enero | 31 julio | ||
2024 | 2023 | 2023 | ||
|
| |||
(No auditado) | (No auditado) | auditado | ||
000 £ | 000 £ | 000 £ | ||
Beneficio / (pérdida) antes de impuestos | 2,091 | (2,334) | 9,573 | |
Ajustes para: |
| |||
Gastos financieros netos | 279 | 218 | 5,419 | |
Fair value gain on derivative financial instrument | (2,476) | - | - | |
(Profit) / loss on exchange rate translations | (183) | 4 | 1,747 | |
Depreciación de activos fijos tangibles | 38 | 35 | 76 | |
Depreciación del activo por derecho de uso | 328 | 157 | 555 | |
Amortización de activos intangibles | 97 | 155 | 279 | |
Beneficio por enajenación de activos intangibles | - | - | (68,687) | |
Deterioro de activos intangibles | 20 | 15 | 92 | |
Pagos basados en acciones | 474 | 477 | 953 | |
(Beneficio) / Pérdida por enajenación de activos fijos tangibles | - | - | 8 | |
Cambios en el capital de trabajo: |
| |||
(Aumento) / disminución de inventarios | (143) | 70 | (134) | |
Disminución de cuentas por cobrar comerciales y otras | 32,802 | 930 | 282 | |
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar | (1,060) | 115 | 970 | |
(Disminución) / aumento de provisiones | - | (212) | (176) | |
Increase/(Decrease) in deferred revenue | 22,592 | (499) | 23,320 | |
Entrada / (salida) de efectivo de las actividades operativas | 54,859 | (869) | (25,723) | |
Impuesto de retención en origen extranjero pagado | (2,550) | - | (2,641) | |
Crédito fiscal por investigación y desarrollo recibido | - | 524 | 524 | |
Entradas / (salidas) netas de efectivo de las actividades operativas | 52,309 | (345) | (27,840) | |
|
| |||
Flujos de efectivo de actividades de inversión |
| |||
Compras de inmovilizado material | (1,036) | (169) | (305) | |
Compras de activos fijos intangibles | (54) | (24) | (76) | |
Producto de la venta de activos fijos tangibles | - | - | 15 | |
Ingresos por venta de activos fijos intangibles | - | - | 34,509 | |
Interés recibido | 45 | - | 38 | |
Salida neta de efectivo de las actividades de inversión | (1,045) | (193) | 34,181 | |
|
| |||
Flujos de efectivo de actividades de financiación |
| |||
Producto de la colocación del capital social ordinario | - | - | 199 | |
Pago de pasivos por arrendamiento (capital) | (259) | (216) | (463) | |
Pago de pasivos por arrendamiento (intereses) | (51) | (26) | (86) | |
Pago interesado | (2) | (1) | (4,728) | |
Salida neta de efectivo de las actividades de financiación | (312) | (243) | (5,078) | |
|
| |||
Aumento / (Disminución) en efectivo y equivalentes de efectivo | 50,952 | (781) | 1,263 | |
Efectivo y equivalentes de efectivo al inicio del período | 8,207 | 6,762 | 6,762 | |
Efectos de las variaciones del tipo de cambio | 184 | (3) | 182 | |
Efectivo y equivalentes de efectivo al final del período | 59,343 | 5,978 | 8,207 |
Notas a los estados financieros consolidados condensados intermedios
Por los seis meses terminados el 31 de enero de 2024
1. Información corporativa
Nanoco Group plc (the "Company") has a premium listing on the Main Market of the London Stock Exchange and is incorporated and domiciled in the UK. The Group Interim Report and Accounts for the six months ended 31 January 2024 was authorised for issue in accordance with a resolution by the Directors on 27 March 2024.
These interim condensed consolidated financial statements include the financial statements of Nanoco Group plc and the entities it controls (its subsidiaries).
These interim condensed consolidated financial statements are unaudited and do not constitute statutory accounts of the Group as defined in section 434 of the Companies Act 2006.
2. Políticas contables
una. Base de preparación
These interim condensed consolidated financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, UK-adopted IAS 34 Interim Financial Reporting, using the recognition and measurement principles of UK-adopted IFRS and have been prepared under the historical cost convention. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority the accounting policies adopted in these estados financieros condensados consolidados are consistent with those followed in the preparation of the Group's Annual Report and Accounts for the year to 31 July 2023.
These interim condensed consolidated financial statements include audited comparatives for the year to 31 July 2023. The 2023 Annual Report and Accounts, which was prepared in accordance with UK-adopted International Financial Reporting Standards ("IFRS"), received an unqualified audit opinion and have been filed with the Registrar of Companies. The financial statements of the Group for the year ended 31 July 2023 are available from the Company's registered office, or from the website www.nanocotechnologies.com.
b. Presentation of figures
Certain figures contained in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in some cases, the sum or percentage change of the numbers contained in this announcement may not conform exactly to the total figure given.
In order to more fairly represent the cost of sales of the group, we have reclassified certain employee costs from administrative expenses to cost of sales for the comparative period. The total impact of the reclassification is an increase in the cost of sales of £200,000 with an equal and opposite reduction in administrative expenses. There is no impact on the reported loss or net assets of this reclassification.
C. Preocupación continua
The interim condensed consolidated financial statements have been prepared on a going concern basis as set out in the Financial Review section.
d. Use of estimates and judgements
Preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions affecting the application of accounting policies and the reporting of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and key sources of estimated uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 July 2023. These are summarised below:
Estimaciones | Sentencias |
Period over which to amortise Samsung licence | Reconocimiento de ingresos |
Pagos basados en acciones liquidados mediante acciones | Deterioro de la propiedad intelectual |
Impuesto diferido | Capitalisation (or not) of research and development expenditure |
| Preocupación continua |
3. Información segmentaria
Segmentos operativos
At 31 January 2024 and 2023, the Group operated as one segment, being the research, development and manufacture of products and services based on high performance nanoparticles. This is the level at which operating results are reviewed by the chief operating decision maker (i.e. the Board) to make decisions about resources, and for which financial information is available. All revenues have been generated from continuing operations and are from external customers.
Seis meses para 31 enero 2024 | Seis meses para 31 enero 2023 | Año hasta 31 julio 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
000 £ | 000 £ | 000 £ | ||
Analysis of revenue - by type | ||||
Productos vendidos | 341 | 409 | 867 | |
Prestación de servicios | 544 | 1,101 | 1,685 | |
Licencias | 3,071 | 52 | 3,066 | |
3,956 | 1,562 | 5,618 |
There was a material customer who generated product and service revenue of £575,000 (2023: one material customer amounting to £1,215,000). £3,028,000 of the licence revenue related to the Samsung licence (2023: nil)
El Grupo opera en varios países de todo el mundo, aunque todos se gestionan en el Reino Unido. Los ingresos del Grupo por país en función de la ubicación del cliente son los siguientes:
Seis meses para 31 enero 2024 | Seis meses para 31 enero 2023 | Año hasta 31 julio 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
000 £ | 000 £ | 000 £ | ||
Analysis of revenue - by geography | ||||
Corea del Sur | 3,028 | - | 2,963 | |
Países Bajos | 307 | 954 | 1,423 | |
Japón | 292 | 286 | 447 | |
Francia | 267 | 114 | 385 | |
Taiwán | 43 | 165 | 323 | |
Estados Unidos de America | 17 | 34 | 59 | |
Bélgica | 2 | - | - | |
Canadá | - | 9 | 9 | |
Polonia | - | - | 8 | |
UK | - | - | 1 | |
3,956 | 1,562 | 5,618 |
All the Group's assets are held in the UK and all of its capital expenditure arises in the UK. The profit before taxation and attributable to the single segment was £2,091,000 (2023: £2,334,000 loss).
4. Earnings por acción
Seis meses para 31 enero 2024 | Seis meses para 31 enero 2023 | Año hasta 31 julio 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
000 £ | 000 £ | 000 £ | ||
Ganancia / (pérdida) del período atribuible a los accionistas de capital | 1,759 | (2,079) | 11,085
| |
Pagos basados en acciones | 474 | 477 | 953 | |
Profit/(loss) for the period before share-based payments |
2,233 | (1,602) | 12,038 | |
|
| |||
Número medio ponderado de acciones | No. | No. | No. | |
Acciones ordinarias en emisión | 324,430,950 | 322,445,744 | 322,472,939 | |
Opciones ejercitables en la fecha del informe | 1,134,244 | - | 195,000 | |
Opciones aún no ejercibles a la fecha del informe | 19,727,115 | - | 11,720,600 | |
Promedio ponderado diluido de acciones | 345,292,309 | - | 334,388,539 | |
Adjusted profit/(loss) per share before share-based payments (pence) | 0.69 | (0.50) | 3.73 | |
Ganancia/(pérdida) básica por acción (peniques) | 0.54 | (0.64) | 3.44 | |
Ganancia/(pérdida) ajustada diluida por acción antes de pagos basados en acciones (peniques) | 0.65 | - | 3.60 | |
Ganancia/(pérdida) diluida por acción (peniques) | 0.51 | - | 3.32 |
Diluted loss per share is not presented for the 6 months to January 2023 as the effect of share options issued is anti-dilutive. The adjusted loss is presented as the Board measures underlying business performance which excludes non-cash IFRS2 charges.
5. Deferred revenue
31 enero 2024 | 31 enero 2023 | 31 julio 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
000 £ | 000 £ | 000 £ | ||
Current |
| |||
Upfront licence fees | 5,931 | 95 | 6,123 | |
Pagos por hitos | 3 | 10 | - | |
Corriente Total | 5,934 | 105 | 6,123 | |
No corriente |
| |||
Upfront licence fees | 40,582 | - | 17,801 | |
Total no corriente | 40,582 | - | 17,801 | |
| ||||
Ingresos diferidos totales | 46,516 | 105 | 23,924 |
Deferred revenue arises under IFRS where upfront licence fees are accounted for on a straight-line basis over the initial term of the contract or where performance criteria have not been satisfied in the accounting period.
6. Pasivos por arrendamiento
Seis meses para 31 enero 2024 | Seis meses para 31 enero 2023 | Año hasta 31 julio 2023 | ||
(No auditado) | (No auditado) | (Auditado) | ||
000 £ | 000 £ | 000 £ | ||
Current |
| |||
Arrendamientos de propiedades | 662 | 429 | 448 | |
Alquiler de equipos | 13 | - | 8 | |
No corriente |
| |||
Arrendamientos de propiedades | 1,407 | 1,617 | 1,399 | |
Alquiler de equipos | 11 | - | 16 | |
Pasivos totales por arrendamiento | 2,093 | 2,046 | 1,871 |
7. Evento posterior al balance
In February 2024, Nanoco fully utilised its open forward currency hedge to retranslate the USD receipts from Samsung into GBP.
Nanoco also announced the mechanism for its return of capital, in which up to £30.0 million will be returned to shareholders through a tender offer, and this will be voted on at a general meeting of the Company on 28 March 2024. In addition, up to £3.0 million will be used for an on-market buyback.
In addition, post period end, Nanoco repaid the loan notes outstanding to the University of Manchester (£0.6m).
- Termina -
[ 1 ] yolé
[ 2 ] IBI
[ 3 ] Consensus Revenue £8.5 million, consensus Adj EBITDA £1.4 million, consensus Adj PBT £0.4 million (Cavendish and Edison).
[ 4 ] yolé
[ 5 ] IBI
[ 6 ] The comparative balances for cost of sales and research and development expenses have been restated for the six months ended 31 January 2023. Refer to note 2b of the accounting policies for more information. The restatement has no impact on the reported loss or net assets.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.