Resultados semestrales e informe financiero
Seeing Machines Limited ("Máquinas de ver" o de "Compañía")
18 de marzo de 2024
Resultados semestrales e informe financiero
Double-digit underlying revenue growth, continued operational and strategic progress, with cars on the road exceeding 1.5 million
Production started on groundbreaking US$82m interior cabin monitoring program for large German auto manufacturer
Seeing Machines Limited (AIM: VER, "Ver máquinas" la "Empresa" o la "Grupo procesos"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, today published its unaudited results and financial report for the six months to 31 December 2023 ("H1 2024").
Aspectos financieros más destacados:
- Underlying Revenue growth for H1 2024 of 28% to US$25.6m excluding one-off Magna exclusivity payments (Reported Revenue growth of 5% including these one-offs)
o OEM (Automotive and Aviation) revenue was US$11.4m (H1 2023: US$14m)
§ High margin per vehicle royalty revenue, derived from Automotive production volumes increased by 35% to US$4.2m (H1 2023: US$3.1m)
o Annualised Recurring Revenues increased by 22% year on year to US$14.5m (H1 2023: US$11.9m)
o Aftermarket (Fleet and Off-Road) revenue increased by 38% to US$14.3m (H1 2023: US$10.3m)
- Gross profit of US$10.6m, reduced due to revenue mix changes compared to comparative period with lower proportion of revenue from license fees, a higher proportion of revenue from hardware sales and a lower margin on services revenue.
- Net loss of US$19.8m due to increased development expenditure compared to the comparative period, mainly driven by increased amortisation of previously capitalised expenditure. Several customer projects were completed during the period, resulting in a short-term increase in total development expense, including outsourced resources. The overall development expenditure is expected to reduce in the second half to 30 June 2024
- Net operating cashflows improved to a net outflow of $1,109,000 (H1 FY2023: $6,832,000 outflow), thanks to disciplined focus on working capital management
- Cash position at 31 December 2023 of US$22.2m with cash burn of US$13.9m for the half year. Cash position supported by receivables and inventory balance of US$31.1m with working capital unwind of $5-6m expected in H2 FY2024
Aspectos operativos destacados:
- Seeing Machines' production debut of its highest volume program to date with an initial lifetime value of US$82m, featuring interior cabin sensing (driver and occupant monitoring system technology) via a single camera system, a world-first, delivered for a large German OEM, has launched to schedule
- Total of 1,516,545 cars on the road as of 31 December 2023, representing an increase of 116% over 12 months period (H1 2023: 701,049) spanning six individual programs with five global OEMs
- Appointed to deliver two additional Automotive programs with a combined initial lifetime value of US$45m, bringing the total won business to 17 programs with 11 individual OEM customers, building the cumulative initial lifetime value of all OEM programs to US$366m, with the majority of that revenue expected by 2028
- Guardian Generation 3, the Company's innovative new Aftermarket Driver Monitoring System (DMS) for the commercial transport and logistics sector, was independently tested at IDIADA's state of the art test and development facilities and assessed to meet requirements for drowsiness detection in the European Commission's General Safety Regulation (GSR), which is set to come into effect in July 2024
- Guardian is now installed and monitoring 56,896 individual vehicles, compared to 46,018 in December 2023, representing an increase of 24% over the 12-month period
- Collins Aerospace, the world's leading avionics tier 1 supplier, exclusively working with Seeing Machines to target the aviation sector, has begun joint development of the world's first aviation fatigue detection solution, the first component of a potential multi-modal Pilot Support System
Driver and Occupant Monitoring trends in Automotive and the opportunities ahead
To date, the majority of Seeing Machines' revenue generated by passenger vehicle production royalties has been driven by optional Level 2/3 (partial driving automation) 'hands off, eyes on' driving systems (leveraging Seeing Machines' DMS on more than 30 car and truck models across Europe and the US). These systems include General Motor's Super Cruise, Ford's Blue Cruise, Daimler's Drive Pilot, BMW's Highway Assistant and others that the Company is not yet permitted to disclose.
The popularity and deployment of these systems is growing, driven by OEM investment and the need to enable vehicles with hands-free driving to extract premiums from end customers of passenger and commercial vehicles.
Prior to regulation coming into effect, initially in July 2024, DMS remains optional, and there has been some moderation in short term demand for hands-free driving systems due to the affordability of this (relatively expensive) vehicle option in a challenging global financial environment. In addition, there has been some testing of pricing models and levels by OEMs. These factors have impacted the level of automotive royalty volumes across Q2 FY2024 and the resulting total for H1 2024. Seeing Machines is confident of strong growth in royalties tied to Level 2/3 driving systems across all regions.
The Company's confidence is further underpinned by the safety and regulatory momentum that has continued to build across the globe, supporting increased long-term demand for the Company's differentiated DMS technology.
This is led in part by the European New Car Assessment Program (Euro NCAP) requirements for DMS, which started in 2023. A critical piece of EU legislation, the GSR, will come into effect in July 2024 presenting significant additional opportunities for the installation of Seeing Machines' technology across existing and new automotive opportunities and for commercial vehicles.
While OEMs have moved at different speeds in pursuit of NCAP ratings, EU GSR mandates the use of direct (camera-based) DMS or indirect (steering-wheel based) warnings for drowsiness on all new cars, vans, trucks and buses sold in the EU from July 2024. With over 17 million new vehicles sold in Europe annually and Automotive awards for Seeing Machines covering 6 OEMs selling into Europe, GSR is a highly visible structural growth driver for FY2025 and beyond.
GSR mandates will be extended to cover Driver Distraction in 2026, requiring camera-based DMS on all new vehicles sold, bringing predictable, recurring revenue growth for Seeing Machines. Mandates in the US market via the National Highway Transport Safety Administration (NHTSA), dealing with distraction and impairment (including alcohol) are also expected in the next few years.
The rise in demand for interior monitoring solutions that use a wide field of view camera system to monitor the driver and full vehicle interior is driven by a combination of Euro NCAP 2026 protocols requiring a broader view of the cabin, as well as the motivation by OEMs to offer more in terms of occupant focused comfort and convenience features at premium prices.
Seeing Machines is leading the industry in combining driver and occupant monitoring using a single camera system (optionally integrated into a rear-view mirror with partner, Magna) designed to address current Euro NCAP/GSR and the emerging Euro NCAP 2026 requirements, positioning it for ongoing success. This month, the Company became the first in the world to launch such a system with a major European OEM as it starts production on its largest Automotive award to date, supporting 2023 Euro NCAP, GSR and an array of interior cabin sensing features for improved driver and occupant comfort and convenience.
Perspectiva y comercio actual
The Group remains well-placed to deliver continued progress in the year ahead, with a typical weighting to the second half, and the Board retains its expectations that financial performance for FY2024 will be in line with consensus .
Paul McGlone, CEO de Seeing Machines, dijo: "We have continued to make good progress in the first half, operationally and strategically, with double-digit underlying sales growth and a greater contribution from our royalty revenue stream, received for every car that is manufactured and fitted with our technology.
Furthermore, we are delighted to see our first cabin sensing program, using driver and occupant monitoring technology, start production with a new OEM customer as scheduled and look forward to volume ramping up over the course of the next few quarters as production gets into full swing. With more than 1.5 million cars on the road featuring our technology today, generating high-margin royalty revenue, this milestone will play an important role in the achievement of Seeing Machines' financial goals.
As transport safety regulatory deadlines mandating the fitment of driver monitoring technology come into effect, we are focused on working with our customers as they adjust to the changes. We remain well placed to deliver on our attractive long term growth prospects, thanks to our market leading scale, balance sheet strength and proven technology supported by regulatory changes."
Llamada de ganancias
The Company will host a presentation via Investor Meet Company platform at 8am GMT Monday 18 March 2023. To register, please visit www.investormeetcompany.com.
Consultas:
Ver máquinas limitadas | +61 2 6103 4700 | |
Paul McGlone - director ejecutivo Sophie Nicoll - Comunicaciones corporativas |
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Stifel Nicolaus Europe Limited (Asesor designado y Broker) | +44 20 7710 7600 | |
Alex Price fred walsh Nick Adams Ben burnett |
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Asesores globales de Dentons (consultas de los medios) James estilos jonathan brill | +44 20 7664 5095
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Acerca de las máquinas de ver (OBJETIVO: VER), una compañía global fundada en 2000 y con sede en Australia, es líder en la industria de tecnología de monitoreo basada en visión que permite que las máquinas vean, comprendan y ayuden a las personas. Seeing Machines está revolucionando la seguridad del transporte global. Su cartera de tecnología de algoritmos de IA, procesamiento integrado y óptica, impulsan productos que necesitan brindar una comprensión confiable en tiempo real de los operadores de vehículos. La tecnología abarca la medición crítica de hacia dónde mira el conductor, hasta la clasificación de su estado cognitivo en relación con el riesgo de accidente. La medición confiable del "estado del controlador" es el objetivo final de la tecnología de los sistemas de monitoreo del controlador (DMS). Seeing Machines desarrolla la tecnología DMS para impulsar la seguridad en la industria automotriz, flota comercial, todoterreno y aviación. La empresa tiene oficinas en Australia, EE. UU., Europa y Asia, y proporciona soluciones y servicios tecnológicos a los líderes de la industria en cada mercado vertical.
www.seeingmachines.com
Revisión de operaciones
General
For the six-month period ended 31 December 2023, sales revenue increased by 6% compared to the corresponding period. Cash balances decreased by $13,924,000 to $22,215,000 (FY2023: $36,139,000) when compared to the preceding financial year.
Resultados financieros
The Company's total sales revenue for H1 FY2024 (excluding foreign exchange gains and finance income) increased by 6% to $25,734,000 (H1 FY2023: $24,383,000).
Unidad de negocio | 31 Dec 2023 | 31 Dec 2022 | Diferencia |
fabricante | $ '000 11,413 | $ '000 14,037 | % (19%) |
Aftermarket | 14,321 | 10,346 | 38% |
Los ingresos por ventas | 25,734 | 24,383 | 6% |
Royalty revenue, derived from installation of Seeing Machines' Driver Monitoring System (DMS) technology, increased by 35% to $4,200,000 (H1 FY2023: $3,116,000) compared to the same period last year. The growth in royalty revenues in the OEM business has resulted in the revenue mix moving to a greater proportion of higher margin revenue streams, which is expected to continue as Automotive programs become the dominant source of revenue for this business unit. In addition to production royalties, revenue of $2,249,000 (H1 FY2023: $5,354,000) from license fees was earned from exclusive collaboration agreements. The reduction in license fee revenue compared to the prior period is a result of revenue for the provision of prior services that was recognised in the comparative period at the commencement of the agreement with Magna Electronics Inc.
Aftermarket hardware and installation revenue increased by 202% to $5,954,000 (H1 FY2023: $1,971,000). Connected Guardian units increased to 56,896 units in December 2023 representing 24% annual growth from 46,018 in December 2022. As a result of this growth monitoring services revenue increased by 19% to $6,256,000 for half-year, compared to $5,249,000 for the same period last year, continuing the accumulation of recurring revenue from the Guardian connections.
The Company continued to invest in its core technology development to further strengthen its competitive moat, rapidly expand features and leverage systems approach across global OEM and Aftermarket industries. As a result, the Company incurred total research and development expenses of $20,526,000 (H1 FY2023: $17,236,000) during the six-month period ended 31 December 2023 of which $12,350,000 (H1 FY2023: $11,146,000) was capitalised.
Loss for the 6-month period ended 31 December 2023 increased to $19,802,000 (H1 FY2023: $4,619,000 loss) compared to the same period last year. Gross profit reduced due to sales mix changes compared to the comparative period with a lower proportion of revenue from license fees and services.
Interim Consolidated Statement of Financial Position - Sin auditar
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| Consolidado
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COMO EN |
Notas |
| 31 DIC 2023 Sin auditar $000
| 30 junio 2023 auditado $000
| 31 DIC 2022 Sin auditar $000 (Reafirmado) |
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BIENES |
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ACTIVOS CIRCULANTES Efectivo y equivalentes de efectivo |
5 |
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22,215 |
36,139 |
52,186 |
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Cuentas comerciales y otras cuentas por cobrar | 6 | 18,249 | 27,039 | 14,843 |
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Activos contractuales |
| 5,702 | 6,513 | 4,656 |
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Los inventarios | 7 | 6,621 | 11,191 | 5,742 |
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Otros activos financieros |
| 226 | 312 | 321 |
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Otros activos corrientes | 2,255 | 1,116 | 4,100 |
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TOTAL DE ACTIVOS CORRIENTES |
| 55,268 | 82,310 | 81,848 |
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ACTIVOS NO CORRIENTES Propiedad, planta y equipo |
8 |
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3,529 |
3,861 |
3,152 |
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Activos por derecho de uso |
| 4,259 | 1,853 | 2,114 |
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Activos intangibles | 9 | 55,332 | 45,064 | 33,581 |
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TOTAL DEL ACTIVO NO CORRIENTE | 63,120 | 50,778 | 38,847 |
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LOS ACTIVOS TOTALES |
| 118,388 | 133,088 | 120,695 |
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PASIVO |
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PASIVO CIRCULANTE Comerciales y otras cuentas a pagar |
10 |
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10,282 |
11,646 |
7,692 |
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Pasivos contractuales | 3,973 | 4,634 | 5,734 |
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Pasivos por arrendamiento | 11 | 804 | 708 | 686 |
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Provisiones | 5,246 | 4,414 | 4,012 |
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TOTAL PASIVOS CORRIENTES |
| 20,305 | 21,402 | 18,124 |
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PASIVOS NO CORRIENTES |
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Préstamos | 12 | 42,705 | 40,322 | 22,151 |
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Pasivos por arrendamiento | 11 | 4,776 | 2,195 | 2,620 |
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Pasivos por impuestos diferidos | 2,464 | 2,464 | 2,217 |
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Provisiones | 322 | 174 | 212 |
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TOTAL PASIVO NO CORRIENTE | 50,267 | 45,155 | 27,200 |
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RESPONSABILIDAD TOTAL |
| 70,572 | 66,557 | 45,324 |
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ACTIVOS NETOS |
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47,816 |
66,531 |
75,371 |
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EQUIDAD Equidad aportada | 16 | 240,948 | 240,948 | 240,948 |
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Otra equidad | 13 | 5,749 | 5,749 | 5,172 |
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Perdidas acumuladas | (205,322) | (185,520) | (174,592) |
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Otras reservas de capital | 6,441 | 5,354 | 3,843 |
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Total equity attributable to the owners of Seeing Machines | 47,816 | 66,531 | 75,371 |
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EQUIDAD TOTAL |
| 47,816 | 66,531 | 75,371 |
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The above interim consolidated statement of financial position should be read in conjunction with the accompanying notes
Interim Consolidated Statement of Comprehensive Income - Unaudited
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Consolidado | |
POR EL SEIS MESES TERMINADO EL 31 DE DICIEMBRE |
Notas | 2023 Sin auditar $000
| 2022 Sin auditar $000 (Reafirmado) | |
Venta de bienes |
5,858 |
2,322 |
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Ingresos por servicios | 11,723 | 12,193 |
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Royalty and license fees | 8,153 | 9,868 |
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Ingresos | 3 | 25,734 | 24,383 |
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El costo de ventas |
(15,161) |
(8,901) |
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Beneficio bruto |
| 10,573 | 15,482 |
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Ganancias / (pérdidas) cambiarias netas | (67) | 1,942 |
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Otro gastos | - | (81) |
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Gastos de investigación y desarrollo. | (8,176) | (6,090) |
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Customer support and marketing expenses | (4,306) | (3,325) |
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Gastos de operación | (8,232) | (5,447) |
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Gastos generales y de administración | (7,180) | (6,470) |
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Gastos | 4 | (27,894) | (21,332) |
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Pérdida operativa | (17,388) | (3,989) |
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Ingresos financieros | 252 | 369 |
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Costos financieros | (2,648) | (876) |
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Costos financieros - neto | (2,396) | (507) |
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Pérdida antes del impuesto sobre la renta | (19,784) | (4,496) |
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Ingreso por gastos de impuesto |
(18) |
(123) |
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Pérdida del período |
| (19,802) | (4,619) |
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Pérdida del período atribuible a: |
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Accionistas de la matriz | (19,802) | (4,619) |
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Otro integral ingreso/(pérdida) Diferencias de cambio en la conversión de operaciones en el extranjero |
70 |
(2) |
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Otro integral ingreso/(loss) net of tax | 70 | (2) |
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Pérdida integral total | (19,732) | (4,621) |
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Pérdida integral total atribuible a: Accionistas de la matriz |
(19,732) | (4,621) |
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Pérdida integral total del período | (19,732) | (4,621) |
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Loss per share for loss attributable to the ordinary equity holders of | ||||
el padre: |
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| Centavos | Centavos | ||
Pérdida básica por acción | 15 | (0.476) | (0.111) | |
Pérdida diluida por acción | 15 | (0.476) | (0.111) |
The above interim consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Interim Consolidated Statement of Changes in Equity - Unaudited
POR EL SEIS MESES TERMINADO EL 31 DE DICIEMBRE | Patrimonio Aportado | Otra equidad | Perdidas acumuladas | Reserva de conversión de moneda extranjera | Beneficios de capital para empleados y otras reservas | Equidad total |
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| $000 | $000 | $000 | $000 | $000 | $000 |
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Al 1 de julio de 2022 |
240,948 |
- | (169,973) |
(14,128) |
16,968 |
73,815 |
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Pérdida del período (Reafirmado) | - | - | (4,619) | - | - | (4,619) |
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Otra pérdida integral | - | - | - | (2) | (2) |
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Pérdida integral total (Reafirmado) | - | - | (4,619) | (2) | (4,621) |
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Transacciones con propietarios en su calidad de propietarios: |
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Valor de los derechos de conversión sobre pagarés convertibles (Reafirmado) | - | 5,172 | - | - | - | 5,172 |
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Pagos basados en acciones | - | - | - | - | 1,005 | 1,005 |
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At 31 December 2022 - Unaudited (Reafirmado) | 240,948 | 5,172 | (174,592) | (14,130) | 17,973 | 75,371 |
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Al 1 de julio de 2023 |
240,948 |
5,749 |
(185,520) |
(13,818) |
19,172 |
66,531 |
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Pérdida del período | - | - | (19,802) | - | - | (19,802) |
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Otra ganancia integral | - | - | - | 70 | - | 70 |
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Pérdida integral total | - | - | (19,802) | 70 | - | (19,732) |
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Transacciones con propietarios en su calidad de propietarios: |
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Pagos basados en acciones | - | - | - | - | 1,017 | 1017 |
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At 31 December 2023 - Unaudited | 240,948 | 5,749 | (205,322) | (13,748) | 20,189 | 47,816 |
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El estado de cambios en el patrimonio neto consolidado anterior debe leerse junto con las notas adjuntas.
Interim Consolidated Statement of Cash Flows - Unaudited
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FOR THE SIX-MONTH PERIOD ENDED 31 DE DICIEMBRE |
Notas |
2023 Sin auditar |
2022 Sin auditar |
$000 | $000
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Actividades de explotación Recibos de clientes |
36,113 |
32,398 | |
Pagos a proveedores | (37,448) | (39,476) | |
Interés recibido | 252 | 369 | |
Impuesto a las ganancias pagado | (26) | (123) | |
Flujos de efectivo netos utilizados en actividades operativas | (1,109) | (6,832) | |
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Actividades de inversión Ingresos por venta de propiedades, planta y equipo |
- |
48 | |
Compra de propiedad, planta y equipo | 8 | (272) | (524) |
Pagos por activos intangibles (patentes, licencias y marcas) | 9 | (105) | (91) |
Pagos por activos intangibles (costes de desarrollo capitalizados) | 4, 9 | (12,350) | (11,146) |
Maturity/(purchase) of term deposits | 87 | - | |
Flujos de efectivo netos utilizados en actividades de inversión | (12,640) | (11,713) | |
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Actividades de financiación | |||
Proceeds from issue of convertible note (net of arrangement fee) | - | 28,798 | |
Amortización del principal de los pasivos por arrendamiento | (439) | (481) | |
Flujos de efectivo netos de actividades de financiación | (439) | 28,317 | |
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Red incrementar en efectivo y equivalentes de efectivo | (14,188) | 9,772 | |
Red increase/(decrease) due to foreign exchange difference | 264 | 1,944 | |
Efectivo y equivalentes de efectivo al 1 de julio | 36,139 | 40,470 | |
Efectivo y equivalentes de efectivo al 31 de diciembre | 5 | 22,215 | 52,186 |
El estado de flujos de efectivo intermedio consolidado anterior debe leerse junto con las notas adjuntas.
Notas a los Estados Financieros Intermedios Consolidados - No auditados
1 Sector empresarial información
Seeing Machines Limited (the "Company" or the "Group") is a limited liability company incorporated and domiciled in Australia and listed on the AIM market of the London Stock Exchange. The address of the Company's registered office is 80 Mildura Street, Fyshwick, Australian Capital Territory, Australia.
Seeing Machines Limited y sus subsidiarias (el "Grupo") brindan servicios y tecnologías de detección de intervención y monitoreo del operador para las industrias automotriz, minera, de transporte y de aviación.
El informe financiero intermedio consolidado del Grupo (el "informe financiero intermedio") correspondiente al período de seis meses terminado el 31 de diciembre de 2023 fue autorizado para su emisión de conformidad con una resolución de los Administradores el 15 de marzo de 2024.
2 Base de preparación
(A) Base de preparación
The interim financial report for the six-month period ended 31 December 2023 has been prepared in accordance with AASB 134 Interim Financial Reporting in order to fulfil the reporting requirements of Rule 18 of the London Stock Exchange's AIM Rules for Companies issued July 2016.
The interim financial report does not include all the information and disclosures required in the annual financial report and should be read in conjunction with the Group's annual consolidated financial statements as at 30 June 2023. The interim financial report has also been prepared on a historical cost basis, except for derivative financial instruments which have been measured at fair value.
No existe ningún requisito de que el informe financiero intermedio esté sujeto a auditoría o revisión por parte del auditor externo y, en consecuencia, no se ha realizado ninguna auditoría o revisión.
(B) Políticas de contabilidad
The accounting policies applied are consistent with those of the consolidated financial statements for the year ended 30 June 2023.
Se han publicado ciertas nuevas normas contables, modificaciones de normas contables e interpretaciones que no son obligatorias para los períodos de presentación de informes del 31 de diciembre de 2023 y no han sido adoptadas anticipadamente por el Grupo. No se espera que estas normas, modificaciones o interpretaciones tengan un impacto material en el Grupo en los períodos de presentación de informes actuales o futuros y en transacciones futuras previsibles.
(C) Correction for accounting for convertible notes
For the 6-month period ending 31 December 2022 the option provided to Magna was deemed to be an embedded derivative and was accounted for as a financial liability at fair value through profit or loss. This should have been classified as other equity (see Note 12 and 13) and not subject to a revaluation at each reporting period.
The accounting has been corrected by restating each of the affected financial statement items for the prior period as follows:
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Estado de situación financiera consolidado intermedio (extraer)
COMO EN | 31 DIC 2022
$000 |
Aumentar Disminuir) $000 | 31 DIC 2022 (Reafirmado) $000 |
Préstamos | 22,955 | (804) | 22,151 |
Pasivo financiero a valor razonable con cambios en resultados | 7,389 | (7,389) | - |
Pasivos por impuestos diferidos | - | 2,217 | 2,217 |
TOTAL PASIVO NO CORRIENTE | 33,176 | (5,976) | 27,200 |
RESPONSABILIDAD TOTAL | 51,300 | (5,976) | 45,324 |
ACTIVOS NETOS | 69,395 | 5,976 | 75,371 |
Otra equidad | - | 5,172 | 5,172 |
Perdidas acumuladas | (175,396) | 804 | (174,592) |
EQUIDAD TOTAL | 69,395 | 5,976 | 75,371 |
Interim Consolidated Statement of Comprehensive Income (extract) POR EL SEIS MESES TERMINADO EL 31 DE DICIEMBRE | 2022
$000 | Profit Increase/ (decrease) $000 | 2022 (Replanteado) $000 |
Net change in fair value of financial liability (loss) | (804) | 804 | - |
Pérdida del período | (5,423). | 804 | (4,619). |
Notas a los Estados Financieros Intermedios Consolidados - No auditados
3 Información de segmento
a. Segment revenue based on operating segment
The following table presents revenue and net loss information for the Group's operating segments for the six-month periods ended 31 December 2023 and 2022, respectively:
Segment Revenue Segment Loss
FOR THE SIX-MONTH PERIOD ENDED 2023 31 DECEMBER $000 Sin auditar | 2022 $000 | 2023 $000
| 2022 $000 (Reiterado) | |
fabricante | 11,413 | 14,037 | (9,582) | (1,944) |
Aftermarket | 14,321 | 10,346 | (10,220) | (2,675) |
Total | 25,734 | 24,383 | (19,802) | (4,619) |
b. Ingresos por contratos con clientes
In the following tables, revenue segments have been disaggregated by type of goods or services which also reflects the timing of revenue recognition.
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2023 Sin auditar | OEM $000 | Aftermarket $000 | Total $000 |
Tipos de ingresos Sales at a point in time | |||
Hardware and Installations | 426 | 5,954 | 6,380 |
Regalías | - | 1,704 | 1,704 |
Sales over time | |||
Monitoreo del conductor | - | 6,256 | 6,256 |
Non-recurring Engineering | 4,538 | 407 | 4,945 |
Regalías | 4,200 | - | 4,200 |
Licencias | 2,249 | - | 2,249 |
Los ingresos totales | 11,413 | 14,321 | 25,734 |
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2022 Sin auditar | OEM $000
| Aftermarket $000
| Total $ 000
|
Tipos de ingresos Sales at a point in time | |||
Hardware and Installations | 436 | 1,971 | 2,407 |
Regalías | - | 1,012 | 1,012 |
Sales over time | |||
Monitoreo del conductor | - | 5,249 | 5,249 |
Non-recurring Engineering | 4,745 | 2,114 | 6,859 |
Regalías | 3,116 | - | 3,116 |
Licencias | 5,740 | - | 5,740 |
Los ingresos totales | 14,037 | 10,346 | 24,383 |
C. Información geográfica
FOR THE SIX-MONTH PERIOD ENDED 2023 31 DECEMBER $000 Sin auditar | 2022 $000
| |
Ingresos de clientes externos Australia | 7,341 | 4,153 |
Norteamérica | 12,606 | 15,117 |
Asia-Pacífico (excepto Australia) | 1,567 | 1,763 |
Europa | 2,714 | 2,198 |
Otro | 1,506 | 1,152 |
Ingresos totales de clientes externos | 25,734 | 24,383 |
The revenue information above is based on the locations of the customers. |
Notas a los Estados Financieros Intermedios Consolidados - No auditados
4 Expenses
31 DIC 2023 Sin auditar | 31 DIC 2022 Sin auditar | |
$000 | $000 | |
a. Research and development expenses |
|
|
Gastos de investigación y desarrollo. | 20,526 | 17,235 |
Capitalised development costs during the period | (12,350) | (11,146) |
Gastos totales de investigación y desarrollo | 8,176 | 6,089 |
|
|
|
b. Depreciation and amortisation expense | ||
Depreciation expense - owned assets | 605 | 417 |
Depreciation expense - leased assets | 344 | 261 |
Amortisation expense - development costs | 2,160 | 1,246 |
Amortisation expense - others | 26 | 20 |
Gasto total de depreciación y amortización | 3,135 | 1,944 |
c. Employee benefits expense | ||
Wages and salaries and on-costs (excluding superannuation) | 24,680 | 20,057 |
Superannuation expense | 2,030 | 1,516 |
Gastos de pago basados en acciones | 1,017 | 1,004 |
Wages and salaries reported as cost of sales | (7,877) | (5,831) |
Wages and salaries capitalised to development costs | (9,776) | (9,628) |
Gasto total por beneficios a los empleados | 10,074 | 7,118 |
d. Other operating expenses | ||
Non-recoverable foreign withholding taxes | 99 | 124 |
Total otros gastos operativos | 99 | 124 |
|
|
|
5 Efectivo y equivalentes de efectivo
For the purpose of the interim consolidated statement of cash flows, cash and cash equivalents are comprised of the following:
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | |
$000 | $000
| |
Efectivo en el banco | 8,283 | 36,139 |
Term deposits maturing in less than 3 months | 13,932 | - |
Efectivo total y equivalentes de efectivo | 22,215 | 36,139 |
Notas a los Estados Financieros Intermedios Consolidados - No auditados
6 Clientes y otras cuentas por cobrar
|
| |
Current | 31 DIC 2023 Sin auditar $000 | 30 junio 2023 auditado $000
|
Cuentas comerciales por cobrar (netas de provisiones) | 17,849 | 25,793 |
Deferred finance income | (14) | (101) |
17,835 | 25,692 | |
Otros ingresos | 414 | 1,347 |
Total trade and other receivables - current | 18,249 | 27,039 |
7 Inventarios
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | |
$000 | $000
| |
Finished goods (at lower of cost and net realisable value) | 6,768 | 11,206 |
Provisión por obsolescencia | (147) | (15) |
Inventarios totales | 6,621 | 11,191 |
8 Propiedades, planta y equipo
During the six-month period ended 31 December 2023, the Group acquired assets with a cost of $272,000 (H1 FY2023: $524,000).
No assets relating to plant and equipment were disposed by the Group during the six-month period ended 31 December 2023 (H1 FY2023: $17,000).
9 Activos intangibles
During the six-month period ended 31 December 2023, the Group incurred expenditure of $12,455,000 (H1 FY2023: $11,237,000) related to intangibles. $105,000 (H1 FY2023: $91,000) of this expenditure related to patent and trademark applications and licenses. $12,350,000 (H1 FY2023: $11,146,000) related to capitalised development costs.
No intangible assets were disposed by the Group during the six-month period ended 31 December 2023 (H1 FY2023: nil).
10 Trade payables
At 31 December 2023, the balance of the trade payables was $4,244,000 (FY2023: $3,450,000), of which an amount of $3,431,000 (FY2023: $3,383,000) was aged less than or equal to 60 days; and an amount of $813,000 (FY2023: $67,000) was aged over 60 days.
Notas a los Estados Financieros Intermedios Consolidados - No auditados
11 Lease liabilities
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | |
$000 | $000
| |
Current | ||
Pasivos por arrendamiento | 804 | 708 |
No corriente | ||
Pasivos por arrendamiento | 4,776 | 2,195 |
Total pasivos por arrendamiento | 5,580 | 2,903 |
The table below summarises the maturity profile of the Group's liabilities based on contractual undiscounted payments:
A 31 DIC 2023 | <= 6 months $000 | 6 - 12 months $000 | >1 year $000 |
Total $ 000 |
Carrying Value $000 |
Pasivos por arrendamiento | 464 | 708 | 5,773 | 6,945 | 5,580 |
A 30 JUN 2023 | <= 6 months $000 | 6 - 12 months $000 | >1 year $000 |
Total $ 000 |
Carrying Value $000 |
Pasivos por arrendamiento | 445 | 452 | 2,451 | 3,348 | 2,903 |
12 Préstamos
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | |
No corriente | $000 | $000
|
Notas convertibles | 42,705 | 40,322 |
The convertible notes are presented in the balance sheet as follows:
Valor nominal de los pagarés emitidos | 47,500 | 47,500 |
Other equity securities - value of conversion rights (see Note 13) | (8,213) | (8,213) |
Transaction costs on borrowings | (1,202) | (1,202) |
Other costs on borrowings | (187) | (74) |
37,898 | 38,011 | |
Gastos por intereses | 4,807 | 2,311 |
Pasivo no corriente | 42,705 | 40,322 |
On 4 October 2022, Seeing Machines received funding of $47,500,000 from Magna International ("Magna") in the form of a non-transferable 4-year convertible note maturing in October 2026 (the "Convertible Note"). The Convertible Note can be drawn down in two tranches across the 4-year term. The Convertible Note has an all-in yield of 8%, inclusive of fees. The Convertible Note contains standard covenants, and anti-dilution provisions. The interest due at the end of the facility can be paid in cash or converted into equity at Seeing Machines' election.
The first tranche of $30,000,000, was drawn on 5 October 2022 and the second tranche of $17,500,000 was drawn down on 27 June 2023. The liability portion of tranches 1 and 2 are valued at amortised cost in accordance with AASB 9 Financial Instruments ("AASB 9") and have effective interest rates of 13.03% and 10.03% respectively.
Magna may elect to convert the principal and at Seeing Machines' election, interest outstanding under the Convertible Note at any time during its term, up to a maximum of 349,650,350 shares which, when added to Magna's existing shareholding in the Company, will represent approximately 9.9% of the fully diluted share capital of the Company. The conversion will be at a price of 11 British pence per share. The option provided to Magna is deemed to be an embedded derivative and is classified as other equity (see Note 13).
Notas a los Estados Financieros Intermedios Consolidados - No auditados
13 Other equity
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | |
$000 | $000 | |
Value of conversion rights - convertible notes | 8,213 | 8,213 |
Deferred tax liability component | (2,464) | (2,464) |
Total other equity | 5,749 | 5,749 |
(i) Conversion right of convertible notes
The amount shown for other equity securities is the value of the conversion rights relating to the convertible note, details of which are shown in Note 12.
14 dividendos pagados
No interim dividends or distributions have been made to members during the six-month period ended 31 December 2023 (H1 FY2023: nil) and no interim dividends or distributions have been recommended or declared by the directors in respect of the six-month period ended 31 December 2023 (H1 FY2023: nil).
15 Beneficios por acción
La siguiente tabla refleja los datos de ingresos y acciones utilizados en los cálculos de ganancias por acción básicas y diluidas:
Earnings used in calculating earnings per share
Consolidado
POR EL SEIS MESES TERMINADO EL 31 DE DICIEMBRE | 2023 $000 | 2022 $000 (Reafirmado) |
For basic and diluted earnings per share: Pérdida neta |
(19,802) |
(4,619) |
Net loss attributable to ordinary equity holders of the Company | (19,802) | (4,619) |
Número medio ponderado de acciones | ||
AL 31 DE DICIEMBRE | 2023 Miles | 2022 Miles |
Número promedio ponderado de acciones ordinarias para la utilidad básica por acción | 4,156,019 | 4,156,019 |
Weighted average number of ordinary shares adjusted for the effect of dilución |
4,156,019 4,156,019
16 Contributed equity
| Consolidado | ||
| 31 DIC 2023 Sin auditar $000 | 30 junio 2023 auditado $000 | |
Acciones ordinarias |
240,948 |
240,948 | |
Patrimonio total aportado |
| 240,948 | 240,948 |
Consolidado | |||
31 DIC 2023 Sin auditar | 30 junio 2023 auditado | ||
Número de acciones ordinarias | Miles | Miles | |
Emitido y pagado en su totalidad | 4,156,019 | 4,156,019 | |
Fully paid shares carry one vote per share and carry the right to dividends. The Company has no set authorised share capital and shares have no par value. |
Notas a los Estados Financieros Intermedios Consolidados - No auditados
17 Pagos basados en acciones
Long Term Incentive - 2020 Performance rights or share options offers - Executive and key staff
From 1 July 2015, senior staff and other key staff are offered long term incentive (LTI) performance rights or share options. Under this structure, the staff are only able to exercise the rights, and have new ordinary shares issued to them, if any performance, market and vesting conditions are met. These conditions typically include a performance condition requiring the staff member to achieve a minimum "meets expectations" rating and some rights have included a market condition in the form of a minimum Target Share Price (TSP). The vesting period ranges from 9 months to 5 years from the end of the relevant financial year or grant date. Performance rights or options are often offered as part of the annual remuneration review and may be offered at other times. Any offer of performance rights or options requires Board approval and, when granted, is announced to the market.
In March 2023 the Company awarded a total of 12,420,232 performance rights in respect of ordinary shares to Executive and key staff to be issued at nil cost.
8,004,838 de los derechos de desempeño bajo el LTI han sido otorgados en reconocimiento al logro pasado de los objetivos de la Compañía en el año fiscal 2022. Los derechos se valoraron al tipo de cambio al contado de las acciones en la fecha de concesión, y el valor se amortiza durante el período de consolidación. Los derechos se otorgan anualmente durante 3 años en tramos iguales, siendo la primera fecha de otorgamiento el 1 de julio de 2022 y requieren que el empleado permanezca empleado continuamente por la Compañía hasta cada fecha de otorgamiento correspondiente. Si un empleado se va antes de que se concedan los derechos y, por lo tanto, no se cumple la condición de servicio, los derechos caducan.
The remaining 4,415,394 performance rights have been granted under a Key Person Agreement in respect of one nominated person. This person has been identified as having a key role directly related to the Company's long-term success and the allocation of accelerated performance rights has been implemented by the Board to successfully retain this employee and affirm successful delivery on a range of projects and customer commitments. These awards have an accelerated grant with delayed vesting taking place on 1 July 2024 and require the employee to remain continuously employed by the Company until the vesting date. If the employee leaves before the rights vest and the service condition is therefore not met, the rights lapse.
In some cases, for 'good leavers', determined on a discretionary basis by management, options are prorated for service in the current period and that portion is vested on termination, the remaining rights are cancelled.
Aún así, is no cash settlement of the rights. The Group accounts for the Executive Share Plan as an equity-settled plan.
18 Revelaciones de partes relacionadas
The following table provides the total amount of transactions that have been entered into with related parties during the six-month period ended 31 December 2023 and 2022:
| ||||||||
Balance 1-Jul | Adquirido or sold for cash | Other changes during the period | Balance 31-Dec | |||||
Miles | Miles | Miles | Miles | |||||
Director shares: Directors' securities |
2023 |
8,002 |
850 |
7,500 |
16,352 | |||
Directors' securities | 2022 | 6,552 | - | - | 6,552 | |||
19 compromisos
As at 31 December 2023, the group had commitments of $5,881,000 (H1 FY2023: $15,289,000) relating to the manufacturing contract for the Group's Guardian 2.1 product for the period January 2024 to June 2024.
20 Acontecimientos posteriores al período del informe
There have been no matters that have occurred subsequent to the reporting date, which have significantly affected, or may significantly affect, the Group's operations, results or state of affairs in future periods.
[ 1 ] Consensus expectations for FY2024 are for revenue of US$66.3m, Cash EBITDA of US$(28.4m) and Cash position of US$26.1m.
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