Resultados Preliminares y Aviso de AGM
itaconix plc
("Itaconix" o la "Compañía")
Resultados preliminares del año terminado el 31 de diciembre de 2023
Aviso de AGM
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces its Preliminary Results for the year ended 31 December 2023.
Commenting on the results, John R. Shaw, CEO of Itaconix said:
"FY2023 marked another year that validated both our technology and our growth potential. We have delivered revenues in line with market expectations at $7.9m, representing 40.5% growth when compared to revenues of $5.6m in FY2022. We also continued to improve our gross margin percentage, reduce our Adjusted EBITDA losses, and make substantial operational and financial progress. In 2023, we continued to build the foundations for a large, high gross margin, specialty ingredients business.
"Our balance sheet now gives us freedom to drive revenue growth from our current ingredients, the opportunity for us to develop new ingredients, and the ability to grow revenues from our itaconate technology platform.
"Major purpose-driven and private label brands use our ingredients to both formulate new products and reformulate existing ones. These new formulations boost the performance and reduce the cost of their product while also increasing their sustainability claims. From dishwashing detergents and carpet cleaners to curl sprays and dog shampoos, these brands form a broad base of recurring revenues which should continue to grow as they secure placements in more retailers."
Aspectos destacados financieros y operativos
2023 $ '000 | 2022 $ '000 | 2021 $ '000 | 2020 $ '000 | 2019 $ '000 | |
Ingresos | 7,866 | 5,600 | 2,596 | 3,292 | 1,288 |
Beneficio bruto | 2,437 | 1,487 | 700 | 1,154 | 450 |
Margen de beneficio bruto | 31.0% | 26.6% | 27.0% | 35.1% | 34.9% |
EBITDA ajustado[ 1 ] | (925) | (1,395) | (1,640) | (993) | (2,457) |
Efectivo utilizado de actividades operativas | (1,923) | (219) | (2,023) | (1,157) | (1,831) |
Net cash and investments at year-end | 10,023 | 597 | 683 | 1,448 | 765 |
[ 1 ] Ajustado por intereses, impuestos, depreciación, amortización, cargos por pagos basados en acciones y elementos excepcionales.
· Gross profits increased by 63.9%, driven by improved volumes and margin, and higher production utilization.
· New and recurring orders increased revenues to $7.9m in 2023, from $5.6m in 2022.
· Ingresos crecimiento de 2019 to 2023 grew at a compound annual growth rate of 57.2%.
· Revenues increased by 40.5%, as all segments of our end market increased but primarily driven by success in the cleaning segment in North America and Europe.
· Substantial progress in cleaning was notably advanced by Itaconix detergent polymers in Europe. Itaconix® TSI® 322 is driving a new and exciting cohort of non-phosphate dishwashing detergents.
· In beauty, Itaconix ingredients are gaining use in hair care products based on excellent curl retention, novel soft feel for "weightless" hairstyling, and high plant-based content. These ingredients are sold through Nouryon as Amaze® SP and by Itaconix as VELASOFT® NE 100.
· In hygiene, continued production of polymers for odour neutralisation that are sold through Croda Inc. as ZINADOR® 22L and 35L and by Itaconix as VELAFRESH® ZP20 and ZP30.
· In innovation, continued work to extend the technology platform with new applications and new ingredients.
o Polymers generated increased interest for use in leather tanning as a plant-based replacement for acrylic acid polymers.
o Producción y pruebas of prototypes for plant-based artist paints.
o Advanced the performance of a plant-based superabsorbent to match current acrylic acid superabsorbent polymers more closely.
· In February 2023 gross proceeds of $12.7 millones raised through fundraise.
· In August 2023 a share consolidation 50:1 was completed in efforts to improve share trading dynamics.
· Products, resources, and customer pipeline en su lugar for continued growth.
· Paul Le Blanc fue appointed as an independent Non-Executive Director and Chair of the Audit Committee. Paul has valuable operating experience from su role as CFO and Treasurer of Bemis Associates, a global manufacturer of specialty films and adhesives for the apparel and industrial markets.
· After the period final, Jonathan Brooks was appointed as independent Non-Executive Director and Chair of the Nomination Committee. Jonathan had a distinguished career as a corporate lawyer in the City of London and brings extensive capital markets and growth company experience.
Al comentar sobre las perspectivas, John R. Shaw, director ejecutivo, añadió:
"Como ya se anunció on 2 April, we expect lower 2024 revenues due to not reaching satisfactory commercial terms with an existing North American customer. We are pursuing growth from other existing customers and from new accounts with a view to replenishing this revised expectation with higher margin revenues.
"Our balance sheet provides us with new opportunities to target higher revenue growth. There are many exciting opportunities for us to develop new ingredients and increase revenues and we are positioning ourselves to better capture the commercial value of our performance ingredients with new customer wins, new volumes in non-detergent uses, and important new product development initiatives."
-Fin-
itaconix plc John R. Shaw/Laura Denner |
|
+1 (603) 775-4400 |
Comunicaciones Belvedere John West/Llewellyn Angus |
| 44 0 20 7653 8702 |
Canaccord Genuity - Asesor nominado y único Broker Adam James/Harry Pardoe |
| +44 0 20 7523 8000 |
Acerca de Itaconix
Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in cleaning, hygiene, and beauty.
www.itaconix.com
Informe y Cuentas y Aviso de AGM
Las cuentas estatutarias de la Compañía, junto con un Aviso de Asamblea General Anual, estarán disponibles en el sitio web de la Compañía (www.itaconix.com) and posted to shareholders on 19 April 2024. Copies will also be available at the Company's registered office, Fieldfisher LLP, 9.º piso, Riverbank House, 2 Swan Lane, Londres EC4R 3TT, Reino Unido. The Annual General Meeting is due to be held at 2:00 pm BST on 20 May 2024 at Fieldfisher LLP, 9.º piso, Riverbank House, 2 Swan Lane, Londres EC4R 3TT, Reino Unido.
DECLARACIÓN DEL PRESIDENTE
For Nature With Nature
Everyday consumer products can exist in balance and harmony with nature and protect the safety and health of our environment.
We believe that new generations of consumer products will make the world a better and safer place by how they are produced, how they are transported, how they are used, and how they are disposed of. They will be less toxic to humans and the environment. They will not persist in the environment. They will contribute to rebalancing the planet's carbon cycle to maintain the continuity of all lifeforms.
We believe nature offers opportunities to make the world a better and safer place without placing costly new burdens on consumers and society.
Itaconic acid is a natural ingredient produced in the human and plant world. We believe that itaconic acid has the potential as an ingredient to displace acrylic acid or styrene across $20B of possible applications ranging from cleaning and hygiene to paints and composites.
Our innovations in the production and use of consumer product ingredients using itaconic acid as a starting material are enabling new generations of safer consumer products with improved levels of performance, affordability, and sustainability.
With sixteen (16) patent families, we have by far the broadest proprietary technology platform for harnessing the value of itaconic acid within this $20B of possible uses.
With a product line of 12 ingredients used in consumer products in households around the world, we are pursuing the largest new market opportunities for itaconic acid.
We are dedicated to further developing the unique functionality of itaconic acid as a base for plant-based solutions that that are safer and more sustainable without compromising on performance or cost.
Nuestro plan de negocios
Our goal is to build a large, profitable company with recurring attractive-margin revenues from a large and broad base of customers which purchase Itaconix products as key enabling ingredients in new generations of consumer products.
We employ our technology platform to create new itaconic acid-based ingredients that meet specific customer needs or opportunities in leading consumer product categories such as cleaning, beauty and hygiene.
Our primary focus is on selling our products directly to consumer product brands and manufacturers in North America and Europe. We work directly with customers and collaborate with category leaders on broader opportunities. Increasing usage in everyday products, particularly in the 360 million North American and European households, will form a broad growing base of recurring revenues with attractive margins from consumer brands that rely on our ingredients for safety, performance, cost, and sustainability credentials.
Nuestro Progreso
I am pleased to report another year of sustained progress for Itaconix, validating the technology platform and setting the stage for further growth.
Our polymers continue to be incorporated as key functional ingredients in cleaning, beauty, and hygiene products. From detergents and air fresheners to pet care and hair sprays, our products are found in consumer brands and major retailers across both North America and Europe.
New and recurring orders from our growing customer base increased our revenues to $7.9m in 2023 from $5.6m in 2022. We generate a loss at these levels of revenues and need to grow gross profits while continuing to manage our operating expenses in order to achieve profitability. With our successful fundraise in early 2023, we have the products, resources, and customer pipeline for continued growth towards profitability.
Gobierno Corporativo
We continued to evolve our corporate structure in 2023.
Paul LeBlanc was appointed on 5 January 2023 as an independent Non-Executive Director and Chair of the Audit Committee. Paul has valuable operating experience for the Company's next stage of growth from his role as Chief Financial Officer and Treasurer of Bemis Associates, a global manufacturer of specialty films and adhesives for the apparel and industrial markets.
Jonathan Brooks was appointed on 9 February 2024 as an independent Non-Executive Director and Chair of the Nomination Committee. Jonathan retired as Equity Capital Markets Partner at Fieldfisher LLP following a distinguished career as a corporate lawyer in the City of London. He adds extensive capital markets and growth company experience to the Company.
Resumen
With funding in place and continued growth, 2023 marked Itaconix's first year into a new stage of development and growth. We have validated our vision and business plan, developed a technology platform that generates valuable products, established a base of recurring revenues, and started expansion efforts into new applications with higher revenue potentials. As before, we will grow with leaps and bounds but we are on an exciting path to become a large profitable specialty ingredients business and make the world a better and safer place.
Pedro Nieuwenhuizen
Presidente
DECLARACIÓN DEL DIRECTOR EJECUTIVO JEFE
Safer solutions for performance, cost, and sustainability in consumer products
Introducción
FY2023 marked another year that validated both our technology and our growth potential. We have delivered revenues in line with market expectations at $7.9m, representing 40.5% growth when compared to revenues of $5.6m in FY2022. We also continued to improve our gross margin percentage, reduce our Adjusted EBITDA losses, and make substantial operational and financial progress as outlined below.
Growing revenues at higher gross margins and controlling costs will allow us to cross into profitability. That is an important goal for us to achieve. In 2023, we have built the foundations for a large, high gross margin, specialty ingredients business.
Our balance sheet now gives us freedom to drive revenue growth from our current ingredients, the opportunity for us to develop new ingredients and the ability to grow revenues and margins from our itaconate technology platform.
Major purpose-driven and private label brands use our ingredients to both formulate new products and reformulate existing ones. These new formulations boost the performance and reduce the cost of their product while also increasing their sustainability claims. From dishwashing detergents and carpet cleaners to curl sprays and dog shampoos, these brands form a broad base of recurring revenues which should continue to grow as they secure placements in more retailers.
Itaconix Technology Platform
Itaconix has created a broad technology platform around the versatility and safety of itaconic acid as a building block for ingredients that can replace acrylic acid or styrene polymers.
Itaconic acid is a natural metabolite found in the human and plant world. It is produced for commercial purposes by fermentation using plant-based feedstock and is widely available on the open market. We purchase and process it into key ingredients used in a wide range of consumer products.
Our ingredients compete primarily on performance, efficacy, and cost. Our technology demonstrates that consumer brands do not need to sacrifice performance for the sake of sustainability, and do not need to increase prices of products which deliver on those metrics either. We are the solution to creating consumer products with efficacy and which are sustainable without an increase in price. Our goal is to create products that deliver on performance, cost, and on sustainability, without the need for charging consumers higher prices.
The market potential for our technology platform is broadly defined by the $20B in current uses for acrylic acid and styrene polymers in consumer care, hygiene, water solutions, agriculture, composites, and coatings. We currently have a portfolio of 12 ingredients for formulators to use in a new generation of consumer products, and we continuously develop new ingredients. Our products are protected by 16 patent families covering proprietary processes, compositions, and applications.
Revisión de funcionamiento
Limpieza
We continued to make substantial progress in cleaning, most notably by advancing the use of our detergent polymers in Europe. The leading cleaning polymer in our platform is Itaconix® TSI® 322. Its functionality reduces total ingredient costs in a more compact dosage, by replacing two or more water conditioning materials. This polymer also increases the plant-based content to improve the sustainability of the end product. This combination is generating use across premium, value, and sustainable dishwasher detergent brands in North America and Europe. A key ingredient in these detergents, by reducing mineral deposits it manages water hardness and assures glasses, dishes, and utensils shine without spots or filming. The multifunctional value of Itaconix® TSI® 322 is driving a new and exciting cohort of non-phosphate dishwashing detergents and can now be found in consumer products across a broad range of retailers in both North America and Europe.
Beauty
Itaconix produce polímeros para peinado que se venden a través de Nouryon como Amaze® SP y por Itaconix como VELASOFT® NE 100. Estos ingredientes se están utilizando cada vez más en productos para el cuidado del cabello como alternativas a los fijadores de origen fósil basados en una excelente retención de los rizos y una novedosa sensación de suavidad para " peinado "ingrávido" y alto contenido de origen vegetal.
Higiene
Itaconix produces polymers for odour neutralisation that are sold through Croda Inc. as ZINADOR® 22L and 35L and by Itaconix as VELAFRESH® ZP20 and ZP30. These ingredients have comparable odour control performance to incumbent ingredient, zinc ricinoleate, while offering the advantages of not leaving residues, ease of formulating into products, and plant-based content.
Innovation
We are continuing our work to extend our technology platform with new applications and new ingredients. Our polymers are generating increased interest for use in leather tanning as a plant-based replacement for acrylic acid polymers. We have produced and are testing our prototypes for plant-based artist paints. Importantly, we have advanced the performance of our plant-based superabsorbent to match current acrylic acid superabsorbent polymers more closely. We believe some of these advances may offer opportunities to extend our patent portfolio even further. The extension of the Itaconix technology platform is part of our work to engage with potential customers to identify unmet needs that we can address with our plant-based solutions.
Oportunidades
In February 2023, we announced that we had successfully raised gross proceeds of $12.7m through a placing, subscription, and open offer. The placing and subscription were oversubscribed from new and existing institutional investors and in the open offer we received tremendous support from existing shareholders.
The fundraising has been put to use for general working capital purposes and supporting continued revenue growth. We have also deployed capital to accelerate the development of new products and applications. Furthermore, we are supporting continuous improvements in our processes.
With a stronger balance sheet we are better placed to improve our profit margin, as we restructure customer and vendor arrangements and build up inventory in Europe. The ability to place much larger amounts of product on the ground in Europe, ready to be delivered to locations on the continent and in the UK, will give a significant boost to our business, avoiding high spot logistics costs.
We have also made and will continue to make improvements to our production line in our US manufacturing facility to enhance production efficiencies. We continue to have sufficient capacity at our existing facility and have no current plans to invest in an additional production facility.
Outlook
We are focused on building a large, high gross margin, capital efficient, specialty ingredients business. Our technology platform, and our current products are all well-positioned to play significant roles in enabling a new generation of consumer products that offer excellent performance, safety, and sustainability.
We are focussed on structuring and building our customer base for long-term success by improving our gross profit margins and diversifying our revenues across a broader range of customers and applications. Our raw material prices are generally decreasing, which is offering better profitability but also a need to selectively reduce prices in line with industry trends.
We announced on 2 April 2024 that we expect lower 2024 revenues due to not reaching satisfactory commercial terms with an existing North American detergent merchandizing customer following extensive negotiations. We are pursuing growth from other existing detergent customers and from new accounts in new application areas with a view to replenishing this revised expectation with higher margin revenues.
Despite this, our balance sheet provides us with new opportunities to target higher revenue growth from our current ingredients. There are many exciting opportunities for us to develop new ingredients and increase revenues from our substantial itaconate technology platform. We are positioning ourselves to better capture the commercial value of our performance ingredients with new customer wins, new volumes in non-detergent uses, and important new product development initiatives.
We approach the future with more commercial progress, more resources, more potential, and more optimism than ever before.
Juan R. Shaw
Director General
Nuestra estrategia
Actividades principales
Itaconix plc is a leading innovator in plant-based ingredients for improving the safety and performance of consumer and industrial products. Its proprietary polymer technologies generate a growing range of new specialty ingredients with unique functionalities that meet consumer demands for value, efficacy and sustainability.
Las principales actividades del Grupo son el desarrollo de polímeros de origen vegetal y la producción y venta de estos materiales a nivel mundial, tanto directamente como a través de socios como ingredientes en formulaciones de productos.
Most of the Group's efforts are focused on home and personal care applications, which is where consumer interest and desires for safer and more sustainable products are particularly high.
Ingredientes patentados con funcionalidad única
As the leader in itaconate polymer technology, the Group has completed many years of exploratory research and holds an extensive patent portfolio related to the production and use of polymers made from itaconic acid. The commercial potential for these materials as ingredients in consumer products stems from the unique functionalities available through the chemical structure of itaconic acid and from the production of itaconic acid through fermentation using plant-based sugar.
The Group's technology platform has commercial momentum in cleaning, hygiene, and beauty as a result of the process of identifying a market need and then developing a product to meet that need. As these products gain broader use, Itaconix continues to work on new products to emerge from its technology platform.
Progreso en 2023
In February, the Group completed a fundraise of gross proceeds of $12.7m to strengthen the Group's balance sheet and position the Group for growth. The fundraise was oversubscribed and supported by existing and new institutional and retail investors. Funds will be used for working capital, select capital spending, and continued investment in new revenue opportunities for the Company's next chapter of growth.
The Group focused on growing revenue volumes in North America and Europe cleaning and recovery of gross profit margins. As supply constraints related to the pandemic started to ease, the Group worked with suppliers to improve reliability by increasing US warehoused raw materials and communicating projected order volumes. These actions and the increased availability of ocean freight have improved the global supply chain cost and reliability. The work done to improve the Group's supply chain has supported and stabilized the gross profit margin which is expected to improve in the coming periods.
El Grupo avanzó en sus actividades comerciales y de desarrollo en sus aplicaciones principales de limpieza, belleza e higiene, como se detalla en la Declaración del Consejero Delegado.
In August, the Company completed a 50:1 share consolidation, to support share trading through the Company's US OTC listing, with a more manageable number of issued ordinary shares and corresponding share price. The consolidation supports the liquidity and accessibility to all of the Company's shareholders.
Indicadores clave de rendimiento (KPI)
Los Directores creen que existen indicadores clave de desempeño financieros y no financieros para el Grupo. Estos KPI son críticos para el objetivo de la administración de monetizar su plataforma tecnológica a través de los ingresos generados por un número creciente de productos comerciales. Los KPI no financieros se detallan anteriormente en la Declaración del Director Ejecutivo.
Financiera:
· Ingresos
· EBITDA ajustado, las ganancias antes intereses, impuestos, depreciación, amortización, pagos basados en acciones y partidas excepcionales
· efectivo
No Financiero:
· Volumes in North America cleaning
· Volumes in Europe cleaning
· Nuevas aplicaciones
Revenues for the year increased by 40.5% when compared to 2022. Adjusted EBITDA improved from a loss of $1.4m in 2022 to a loss of $0.9m in 2023. Cash used in operations increased from $0.2m used in 2022 to $1.9m used in 2023. Cash use in operations consisted of approximately $0.5m of operating loss and an increase in working capital of $1.4m. This was supported by the Group's successful fundraise in February 2023. Below is a table showing the Group's key performance metrics and financial highlights:
2023
$ '000 | 2022
$ '000 | 2021
$ '000 | 2020
$ '000 | 2019
$ '000 | |
Ingresos | 7,866 | 5,600 | 2,596 | 3,292 | 1,288 |
Beneficio bruto | 2,437 | 1,487 | 700 | 1,154 | 450 |
Margen de beneficio bruto | 31.0% | 26.6% | 27.0% | 35.1% | 34.9% |
EBITDA ajustado[ 2 ] | (925) | (1,395) | (1,640) | (993) | (2,457) |
Efectivo utilizado de actividades operativas | (1,923) | (219) | (2,023) | (1,157) | (1,831) |
Net cash and investments at year-end | 10,023 | 597 | 683 | 1,448 | 765 |
Rendimiento Financiero
Ingresos
Total revenues for the 12-month period ended 31 December 2023 were $7.9m, representing a 40.5% increase from 2022 revenues of $5.6m. Revenues since 2019 have a compounding annual growth rate of 57.2%. Revenues grew across all end markets of cleaning, beauty, and hygiene. Cleaning increased by 42.2% from 2022, with the increase primarily due to strong volumes in North America and Europe. An increase with more brands and more uses continued strong in the second half of 2023.
Hygiene revenues improved by 8.6% from 2022, with the increase in sales attributable to more new brands in North America using Itaconix ingredients in odour neutralization products.
Beauty revenues improved by 85.4% from 2022, with sales in North America driving the growth in the year.
Revenues in all geographical regions increased. North America represented 87.4% of the Group's revenue in 2023 and increased by 35.4%. Revenue in North America largely consists of revenue generated in the cleaning segment. Europe represents 12.6% of the Group's revenue and increased by 89.3% compared to 2022. The growth in European revenue was largely due to the 2022 launch of several formulas using Itaconix® TSI™ 322 in Europe.
Utilidad bruta y EBITDA ajustado1
The gross profit margin was 31.0% in 2023 compared to 26.6% in 2022. There was an improvement due to the reduction in raw materials costs and logistics costs. Logistics costs have continued to lower as availability of shipping containers and boat space improve throughout the year.
[ 1 ] Ajustado por intereses, impuestos, depreciación, amortización, cargos por pagos basados en acciones y elementos excepcionales.
2 Ingresos no auditados por período del informe.
The increase in the Group's Formulation Solutions, which provide technical services and ingredient supplies for formulated products developed for customers based on Performance Ingredients, has impacted the gross profit margin. Formulated Solutions made up 24.3% of the Group's total revenues in 2023. Gross profit margins on Formulated Solutions are roughly 9.4%, which are lower than the Group's targeted gross profit margins of 35%. These are not products that are manufactured at Itaconix but are specified in formulation to support excellent performance in products developed for Itaconix Performance Ingredients.
Adjusted EBITDA is a non-IFRS measure but is widely recognised in financial markets and it is used within the Group as a key performance indicator. Adjusted EBITDA was a loss of $0.9m in 2023 (2022: loss $1.4m) which improved by 33.7%. The Group actively monitor administrative expenses and makes prudent spending decisions to support the Group's strategic objective.
A continuación se muestra una conciliación de la pérdida del año con el EBITDA ajustado:
2023
$ '000 | 2022
$ '000 | 2021
$ '000 | 2020
$ '000 | 2019
$ '000 | |
Pérdida después de impuestos | (1,536) | (2,463) | (455) | (1,646) | (1,358) |
Taxation | 27 | 8 | 7 | 7 | 1 |
Depreciación | 194 | 161 | 167 | 200 | 223 |
Amortización | 202 | 202 | 201 | 198 | 198 |
Pagos basados en acciones | 229 | 559 | - | - | - |
Exceptional revaluation of lease liability | 21 | - | - | - | - |
Ingresos por intereses | (141) | - | - | - | (1) |
Gastos por intereses | 79 | - | - | - | - |
Revalorización excepcional de la contraprestación contingente | - | 138 | (1,560) | 339 | (1,474) |
Reestructuración organizativa excepcional | - | - | - | (91) | - |
Movement on investment in nicotine gum entity | - | - | - | - | (46) |
EBITDA ajustado | (925) | (1,395) | (1,640) | (993) | (2,457) |
Gastos administrativos
Administrative expenses consist of sales, marketing, operations, research and development, and public company costs such as legal, finance and the Group Board. These expenses were $4.1m in 2023 up from $3.8m in 2022. The increase in administrative expenses was largely due to increased staffing to support the Group's growth plans.
Costos y Efectivo Disponible
As at 31 December 2023, the Group held cash of $2.6m and investments in term deposits of $7.5m. Net Cash outflows from operating activities of $1.9m in 2023 were used to support the Group's growth plan while managing working capital needs, compared to $0.2m in 2022. In February 2023, the Company completed an equity raise with gross proceeds of $12.7 million for working capital, select capital spending, and continued investment in new revenue opportunities for the Company's next chapter of growth.
Capital de trabajo
At year end, working capital had increased driven largely by the equity raise in February 2023. Trade and other receivables increased to $1.3m in 2023 from $0.2m in 2022. Working capital as a percentage of revenues decreased to 43.5% in 2023 from 0.3% in 2022.
Situación financiera
At 31 December 2023, the Group had equity of $11.2m as compared to ($0.8m) in 2022, primarily as result of share issuance, settlement of contingent consideration, operating losses, and share-based payment reserve.
Informes financieros
The Group and parent company financial statements have been prepared in accordance with UK adopted International Accounting Standards ("IFRS") and the provisions of the Companies Act 2006. There were no new reporting standards adopted for the year ended 31 December 2023 that have a material impact on the financial statements.
Preocupación continua
The financial statements have been prepared on a going concern basis. The Directors have reviewed the Parent Company's and the Group's going concern position, taking account of its current business activities, budgeted performance and the factors likely to affect its future development set out in the Annual Report. Also taken account of are the Group's objectives, policies and processes for managing its working capital, its financial risk management objectives and its exposure to credit and liquidity risks.
The Directors have also taken into consideration the current inflationary environment and macro-economic uncertainties on the Group's revenues and supply chain. While there has not been a significant negative impact through the report date on the Group revenues or supply chain as the pandemic moved into an endemic stage, the Directors have applied sensitivities to the timing, quantum, and growth of new customer projects in revenue models and have assessed alternate supply chains that have been developed by the Group to mitigate any issues in deliveries to our customers.
Como más detailed in the Directors' Report on page 25 and note 2 to the Annual Report, the Directors have reviewed the Group's cash flow forecasts, which take account of gross proceeds of $12.7m capital raised in February 2023. This covers a period of at least 12 months from the date of approval of the financial statements, which foresee that the Group will be able to meet its liabilities as they fall due. However, the success of the business is dependent on customers continuing to purchase our products to increase revenues and profits.
Shareholdings and Earnings per Share
Itaconix had 13,486,122 shares in issue as at 31 December 2023. Effective 22 August 2023, the Company consolidated the outstanding share capital in a 50:1 consolidation. The undiluted weighted average number of shares for the period to 31 December 2023 was 12,862,802. The difference in the two numbers is the result of an issuance of new shares in February 2023. The undiluted weighted average number of shares was used to calculate the loss per share presented in note 3.
PRINCIPALES RIESGOS E INCERTIDUMBRES
The Group is exposed to several risks in its markets and business. The Directors have overall responsibility for the Group's risk management process but have delegated responsibility for its implementation, for the system of controls which reduce risk and for reviewing their effectiveness to the management team. As the uncertainties that the Group face evolve over time, the management team reviews emerging risks and updates mitigation measures. The results are reported to the Board.
Actividades de Comercialización
The commercial activity in North America and Europe continues to progress. Meeting customer demand both domestically and globally has remained a key focus of the Group. Forecasting volumes is important for managing customer demand and balancing working capital needs to the business. Ultimately the success of the business relies upon Itaconix products reaching sufficient sales volumes for the Group to generate an overall profit.
Gestión del riesgo: El Grupo ha buscado gestionar este riesgo de comercialización asociándose con líderes del mercado para la promoción mundial de nuestros productos líderes, el desarrollo continuo de fórmulas para el usuario final para brindar a los clientes soluciones empaquetadas y la revisión continua de las necesidades del mercado para Itaconix. productos.
Retention of Key Staff
El Grupo depende de su capacidad para retener personal directivo y científico altamente calificado. Hay un número limitado de candidatos con la experiencia y las habilidades para reemplazar a este personal clave. Atraer a los mejores candidatos puede resultar muy competitivo. Si bien el Grupo tiene acuerdos de empleo convencionales con personal clave destinados a asegurar sus servicios por términos mínimos, no se puede garantizar su retención.
Management of risk: The Group expanded its management team to support operations and has service contracts in place for John R. Shaw as Chief Executive Officer and Dr Yvon Durant as Chief Technology Officer. In addition, the Group seeks to retain key personnel in the US using an Equity Incentive Plan for share option grants.
Recruiting of Key Staff
Our continued growth and success is dependent on attracting key staff with the appropriate skills. The Group manages this by regular benchmarking and paying competitive salaries and benefits. It has invested in its talent acquisition to provide the best opportunity to attract the right talent and partners with specialist external search firms and agencies when necessary. It offers an attractive talent acquisition referral plan for employees.
Management of risk: The Group continues to assess the employment market to offer competitive compensation and benefits. Management added new benefits for employees to be an attractive employer to work for.
Customer Concentration and Retention
The ability to retain key customers at attractive gross profit margins is critical to maintaining revenue streams. The loss of key customers or excessive dependence on a limited number of customers could impact business results adversely.
Management of risk: We engage regularly with current and prospective customer on the estimated value of our ingredients in their end-product formulations and the pricing of our ingredients relative to competitive alternatives. We monitor that our ingredients deliver the desired value, that our pricing reflects the estimated value of our ingredients, and that our pricing achieves our target profitability for each customer. As we enter a new stage of development, we also seek to diversify our customer base so that no concentration of customers limits our ability to price our ingredients based on their competitive value.
Regulación y Legislación
Las prohibiciones regulatorias sobre el uso de fosfatos como ingredientes en detergentes han transformado los mercados de consumo de detergentes en Europa y América del Norte durante los últimos diez años. Se sabe que los fosfatos ingresan a los cursos de agua a través de efluentes de detergentes y actúan como nutriente para el crecimiento de algas que posteriormente reducen los niveles de oxígeno en el agua y dañan la vida acuática. Creemos que es probable que con el tiempo se eliminen gradualmente los fosfatos en otras jurisdicciones alrededor del mundo. Los polímeros Itaconix son sustitutos eficaces de los fosfatos en los detergentes y se utilizan en numerosos productos detergentes en América del Norte y Europa con este fin.
Gestión de riesgos: El Grupo monitorea de cerca los desarrollos regulatorios en el uso de ingredientes en productos industriales y de consumo para garantizar el cumplimiento y encontrar nuevos potenciales de ingresos para los polímeros Itaconix. Además, el Grupo evalúa periódicamente el rendimiento relativo y la rentabilidad de los polímeros Itaconix frente a los reemplazos de fosfato actuales y emergentes para identificar riesgos y oportunidades de ingresos.
Competencia y Tecnología
La producción y el uso de polímeros Itaconix están sujetos a cambios tecnológicos con el tiempo. No se puede garantizar que los desarrollos realizados por otros no hagan que las ofertas de productos y las actividades de investigación del Grupo queden obsoletas o de otro modo no competitivas.
Gestión de riesgos: El Grupo emplea químicos de polímeros experimentados y altamente capacitados para desarrollar y proteger la propiedad intelectual del Grupo. Estos esfuerzos incluyen un trabajo continuo sobre las ventajas de rendimiento y costos de los polímeros Itaconix. Además, el personal monitorea tecnologías y patentes a través de publicaciones, conferencias científicas y colaboraciones con otras organizaciones para identificar nuevos riesgos y oportunidades.
Manufacturing Risk
Itaconix has one production facility in North America, that supports the Group's revenues. Key raw materials are sourced globally can result in extended supply chain.
Management of risk: The Group holds additional finished goods and raw material inventories off site at a warehouse in North America and in Europe. Suppliers also hold additional raw materials in North America.
Riesgo de liquidez
Itaconix plc seeks to manage financial risk by ensuring adequate liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. In February 2023, the Group completed a $12.7m fundraise to support general working capital in Europe. In addition, short-term flexibility is achieved by holding significant cash balances in Itaconix's functional currencies, notably UK Sterling and US Dollars.
Management of risk: The Group monitors bank balances held in established financial institutions and maintains adequate cash balances in its functional currencies.
Riesgo crediticio
El principal riesgo crediticio de Itaconix surge de sus cuentas por cobrar comerciales. Para gestionar el riesgo crediticio, los nuevos clientes están sujetos a una revisión crediticia y todas las cuentas de los clientes se revisan periódicamente para determinar la antigüedad de la deuda y el historial de cobro. A 31 de diciembre de 2023 no existen saldos significativos de riesgo de crédito.
Management of risk: The Group's control environment requires new customers to establish credit terms through providing credit references and a credit review. Trade receivables are actively monitored for collection history.
Riesgo de inflación y moneda extranjera
Las economías mundiales han experimentado una inflación significativa durante 2023. El costo de las materias primas aumentó a medida que aumentaron los costos de envío, energía e ingredientes. Estos incrementos fueron parcialmente recuperados mediante incrementos en los precios de venta a los clientes.
Selling price to international customers in foreign currencies has increased in 2023. This is offset by the ability to increase pricing to these customers and the Group has the ability to receive various foreign currencies in Bank accounts and convert them as market conditions are favourable.
Management of risk: The Group active monitors raw material costs and works with vendors to manage these costs. Costs increases are periodically passed onto customers through pricing increases.
Riesgo cambiario
Itaconix plc is a publicly traded holding company on the London Stock Exchange. The Group's primary operations are in the US. These US based operations transact trades with customers in North America and internationally. Revenue and costs are exposed to variations in exchange rates and therefore reported losses. In 2019, the Group elected to convert the reporting currency from UK Sterling to US Dollars. The US Dollar transactions represent a significant portion of the functional currency transactions and therefore reduces the Group's overall exposure to translation exchange risk.
Gestión del riesgo: El Grupo gestiona el riesgo cambiario manteniendo saldos bancarios en las principales monedas funcionales para controlar el impacto en los costos de transacción de los gastos operativos. El Grupo seguirá supervisando la idoneidad de la presentación de informes en dólares estadounidenses.
Government and Geopolitical Risk
El Grupo tiene exposición potencial a actividades gubernamentales relacionadas con la guerra en Ucrania y las relaciones comerciales entre Estados Unidos y China.
En cuanto a la guerra en Ucrania, revisamos todas las actividades con la Federación de Rusia y la República de Bielorrusia. No tenemos clientes directos en estas regiones ni en Ucrania y no esperamos que la guerra tenga un impacto material directo en nuestro negocio aparte de la cadena de suministro general y los efectos económicos experimentados por los fabricantes.
La disponibilidad limitada y los plazos de entrega prolongados se han combinado para provocar aumentos importantes en los costos de ciertas materias primas y pueden continuar causando volatilidad. Estas interrupciones han creado una necesidad constante de monitorear el abastecimiento de materias primas, evaluar proveedores alternativos y ajustar los precios de los productos del Grupo.
Gestión de riesgos: El Grupo continúa monitoreando el impacto internacional de la guerra en Ucrania y la legislación que afecta las importaciones estadounidenses de productos chinos en el negocio en general.
Cyber and Information Risk
There is a growing risk of fraudulent attacks on the business, such attack could have the potential to significantly disrupt the Group's operations and result in loss to the business.
Management of risk: The Group monitor IT systems in place to ensure they are up to date and regularly updated with the latest security protection.
DECLARACIÓN DEL ARTÍCULO 172
Declaración de cumplimiento del artículo 172 de la Ley de Sociedades de 2006
Los Directores deben incluir una declaración separada en el Informe Anual que explique cómo han considerado broader stakeholder needs when performing their duty under Section 172(1) of the Companies Act 2006. This duty requires that a Director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
· las probables consecuencias de cualquier decisión a largo plazo;
· los intereses de los empleados de la empresa;
· la necesidad de fomentar las relaciones comerciales de la empresa con proveedores, clientes y otros;
· el impacto de las operaciones de la empresa en la comunidad y el medio ambiente;
· la conveniencia de que la empresa mantenga una reputación de altos estándares de conducta empresarial; y
· la necesidad de actuar de manera justa entre los miembros de la empresa.
In connection with its statement, the Board describes in general terms how key stakeholders, as well as issues relevant to key decisions are identified, and also the processes for engaging with key stakeholders including employees and suppliers, and understanding those issues. It is the Board's view that these requirements are predominantly addressed in the corporate governance disclosures we have made in the Directors' Report, which are themselves discussed more extensively on the company's website.
A more detailed description is limited to matters that are of strategic importance in order to remain meaningful and informative for shareholders. The Board believes that four decisions taken during the year fall into this category, and engaged with internal and external stakeholders on these decisions:
· Appointment of new Non-Executive Directors - The Directors continually assess the evolving needs of the Group and appoint individuals that will support the Group's strategic needs.
· 2023 Fundraise - The Directors assessed the placement by placement, direct subscription and open offer with new and existing institutional shareholders, the Directors, and existing retail shareholders, to support the Group's general working capital purposes to support revenue growth, accelerate the development of new products and applications, and for capital spending to support continuous process improvements.
· Share consolidation - The Directors consider that it is in the best interests of the Company's long-term development as a public quoted company to support share trading through the Company's US OTC listing, with a more manageable number of issued ordinary shares and corresponding share price.
· Appointment of New Nominated Advisor and Broker - The Directors continually assess the evolving needs of the Group. The Group interviewed several NOMAD and brokers to determine the best fit for the Group and made the ultimate decision to change to a new NOMAD and broker en enero 2024.
CUENTA DE RESULTADOS CONSOLIDADA
Por el año terminado el 31 de diciembre de 2023
2023
$ '000 | 2022
$ '000 | ||
Ingresos | 7,866 | 5,600 | |
El costo de ventas | (5,429) | (4,113) | |
Beneficio bruto | 2,437 | 1,487 | |
Otros ingresos operativos | - | - | |
Gastos administrativos | (4,066) | (3,804) | |
Pérdida operativa antes de partidas excepcionales | (1,629) | (2,317) | |
Loss on modification of lease | (21) | ||
Ingresos/(gastos) excepcionales por revalorización de contraprestaciones contingentes | - | (138) | |
Pérdida operativa antes de impuestos de las operaciones | (1,650) | (2,455) | |
| |||
Ingresos (gastos) financieros | 141 | - | |
Pérdida antes de impuestos | (1,509) | (2,455) | |
Taxation | (27) | (8) | |
Pérdida después de impuestos | (1,536) | (2,463) | |
Pérdida por acción básica y diluida | (0.12) | (0.50) | |
Pérdida diluida por acción | (0.12) | (0.50) |
ESTADO CONSOLIDADO DE OTROS RESULTADOS INTEGRALES
Por el año terminado el 31 de diciembre de 2023
|
| 2023
| 2022
| ||
|
| $ '000 | $ '000 | ||
Pérdida del año |
| (1,536) | (2,463) | ||
Partidas que se reclasificarán posteriormente a resultados |
|
| |||
Exchange gain in translation of foreign operations |
| 530 | 93 | ||
Pérdida integral total del año |
| (1,006) | (2,370) | ||
Atribuible a: |
|
| |||
Accionistas de la matriz |
| (1,006) | (2,370) |
HOJA DE BALANCE CONSOLIDADO
Al 31 de diciembre de 2023
|
| 31 DIC | 31 DIC | ||
|
| 2023 | 2022 | ||
|
| $ '000 | $ '000 | ||
Activos no corrientes | |||||
Activos intangibles | 24 | - | |||
Propiedad, planta y equipo. | 337 | 301 | |||
Activos por derecho de uso | 2,236 | 343 | |||
Inversiones | 1,273 | - | |||
Inversión en empresas filiales |
| - | - | ||
| 3,870 | 644 | |||
|
| ||||
Activos circulantes |
| ||||
Los inventarios |
| 1,096 | 1,119 | ||
Cuentas comerciales y otras cuentas por cobrar |
| 1,421 | 164 | ||
Inversiones |
| 6,183 | - | ||
Efectivo y equivalentes de efectivo |
| 2,567 | 597 | ||
| 11,267 | 1,880 | |||
|
|
| |||
los activos totales |
| 15,137 | 2,524 | ||
|
| ||||
Financiado por |
| ||||
Fondos de accionistas de capital |
| ||||
Capital social |
| 8,665 | 5,959 | ||
prima de emisión de acciones |
| 58,012 | 47,942 | ||
Reserva de acciones propias |
| (5) | (5) | ||
Reserva de fusión |
| 31,343 | 31,343 | ||
Reserva de pago basada en acciones |
| 872 | 643 | ||
Reserva de traducción extranjera |
| 429 | (101) | ||
Déficit retenido |
| (88,092) | (86,556) | ||
Equidad total |
| 11,224 | (775) | ||
|
| ||||
Pasivos no corrientes |
| ||||
Pasivos por arrendamiento |
| 1,957 | 119 | ||
|
| 1,957 | 119 | ||
|
|
| |||
Pasivo circulante |
|
| |||
Comerciales y otras cuentas a pagar |
| 1,677 | 1,866 | ||
Consideración contingente |
| - | 1,134 | ||
Pasivos por arrendamiento |
| 279 | 180 | ||
| 1,956 | 3,180 | |||
| |||||
Pasivos totales |
| 3,913 | 3,299 | ||
|
|
| |||
Total patrimonio y pasivos |
| 15,137 | 2,524 |
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
Al 31 de diciembre de 2023
| Capital social | prima de emisión de acciones | Reserva de acciones propias | Reserva de fusión | Reserva de pago basada en acciones | Reserva de traducción extranjera | Déficit retenido | Total | ||||||||||||||||||||||
$ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | |||||||||||||||||||||||
Al 1 de enero de 2022 | 5,873 | 47,641 | (5) | 31,343 | 10,386 | (194) | (94,395) | 649 |
| |||||||||||||||||||||
Pérdida del año | - | - | - | - | - | - | (2,463) | (2,463) |
| |||||||||||||||||||||
Consideración contingente | - | - | - | - | - | - | - | - |
| |||||||||||||||||||||
Share issuance proceeds | 86 | 301 | - | - | - | - | - | 387 |
| |||||||||||||||||||||
Diferencias de cambio en la conversión de operaciones en el extranjero | - | - | - | - | - | 93 | - | 93 |
| |||||||||||||||||||||
Plan termination | - | - | - | - | (10,302) | - | 10,302 | - |
| |||||||||||||||||||||
Pagos basados en acciones | - | - | - | - | 559 | - | - | 559 |
| |||||||||||||||||||||
Al 31 de diciembre de 2022 | 5,959 | 47,942 | (5) | 31,343 | 643 | (101) | (86,556) | (775) |
| |||||||||||||||||||||
Pérdida del año | - | - | - | - | - | - | (1,536) | (1,536) |
| |||||||||||||||||||||
Share issuance proceeds | 2,488 | 10,195 | - | - | - | - | - | 12,683 |
| |||||||||||||||||||||
Gastos de emisión de acciones | - | (1,014) | - | - | - | - | - | (1,014) |
| |||||||||||||||||||||
Consideración contingente | 218 | 915 | - | - | - | - | - | 1,133 |
| |||||||||||||||||||||
Consolidación de acciones | - | (26) | - | - | - | - | - | (26) |
| |||||||||||||||||||||
Diferencias de cambio en la conversión de operaciones en el extranjero | - | - | - | - | - | 530 | - | 530 |
| |||||||||||||||||||||
Pagos basados en acciones | - | - | - | - | 229 | - | - | 229 |
| |||||||||||||||||||||
Al 31 de diciembre de 2023 | 8,665 | 58,012 | (5) | 31,343 | 872 | 429 | (88,092) | 11,224 |
| |||||||||||||||||||||
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
Por el año terminado el 31 de diciembre de 2023
|
|
| 2023 | 2022 | |||||
|
|
|
| ||||||
|
|
| $ '000 | $ '000 | |||||
Salida neta de efectivo de las actividades operativas |
|
| (1,923) - ------ | (219) - ------ | |||||
Interés recibido |
|
| 141 | - | |||||
Ingresos por venta de propiedades, planta y equipo |
|
| - | - | |||||
Compra de valores |
|
| (7,456) | ||||||
Compra de propiedad, planta y equipo |
|
| (226) | (59) | |||||
Development of website |
|
| (29) | ||||||
Efectivo prestado a empresas filiales |
|
| - | - | |||||
Salida neta de efectivo de las actividades de inversión |
|
| (7,570) | (59) | |||||
Efectivo recibido por emisión de acciones |
|
| 12,683 | 387 | |||||
Costos de transacción pagados por la emisión de acciones. |
|
| (1,014) | - | |||||
Transactions costs paid on the share consolidation |
|
| (26) | - | |||||
Reembolso del pasivo por arrendamiento |
|
| (108) | (138) | |||||
Intereses pagados - arrendamientos |
|
| (72) | (57) | |||||
Entrada neta de efectivo por actividades de financiación |
|
| 11,463 | 192 | |||||
Entrada / (salida) neta de efectivo y equivalentes de efectivo |
| 1,970 | (86) | ||||||
Efectivo y equivalentes de efectivo al inicio del año |
|
| 597 | 683 | |||||
Efectivo y equivalentes de efectivo al final del año |
|
| 2,567 | 597 | |||||
NOTAS A LA INFORMACIÓN FINANCIERA
1. Políticas de contabilidad
Base de presentación
The financial information set out in this document does not constitute the Group's statutory accounts for the years ended 31 December 2022 or 2023. The Independent Auditor's Report on the Annual Report and Financial Statements for 2023 is yet to be signed but is expected to be unqualified and unmodified (2022 was unqualified and did draw attention to a matter by way of emphasis, being going concern) and neither expected to nor did contain a statement under 498(2) or 498(3) of the Companies Act 2006 for either year respectively.
Statutory accounts for the year ended 31 December 2022 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2023 will be delivered to the Registrar of Companies in due course and will be posted to shareholders on 19 April 2023, and thereafter will be available from the Group's registered office at Fieldfisher Riverbank House, 2 Swan Lane, London, United Kingdom, EC4R 3TT and from the Group's website https://itaconix.com/investor/reports-documents/
The financial information set out in these results has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations in accordance of UK adopted International Accounting Standards ('IFRS'). The accounting policies adopted in these results have been consistently applied to all the years presented and are consistent with the policies used in the preparation of the financial statements for the year ended 31 December 2022, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2023. There are deemed to be no new standards, amendments and interpretations to existing standards, which have been adopted by the Group, that have had a material impact on the financial statements.
La información financiera del Grupo ha sido presentada en dólares estadounidenses (USD).
Preocupación continua
The financial statements have been prepared on a going concern basis. The Directors have reviewed the Company's and the Group's going concern position taking account its current business activities, budgeted performance and the factors likely to affect its future development, set out in the Annual Report, and including the Group's objectives, policies and processes for managing its working capital, its financial risk management objectives and its exposure to credit and liquidity risks.
The Group made a loss for the year of $1.5m, had Net Operating Assets at the period end of $11.2m and a Net Cash Outflow from Operating Activities of $1.9m. Primarily, the Group meets its day to day working capital requirements through existing cash resources and had on hand cash, cash equivalents and investments at the balance sheet date of $10.0m.
During the year, the Group successfully raised gross proceeds of $12.7m to enable the Group and Parent Company to continue to execute its growth plans and for general working capital purposes.
The Directors have reviewed the Group's cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements, which foresee that the Group will be able to meet its liabilities as they fall due. However, the success of the business is dependent on customers continuing to purchase our products in order to increase revenue and profit growth and continuing to control the Group and Parent Company's cost base.
The Directors believe that, taken as a whole, the factors described above enable the Parent Company and Group to be and continue as a going concern for the foreseeable future. The financial statements do not include the adjustments that would be required if the Parent Company and the Group were unable to continue as a going concern.
2. Ingresos
Los ingresos reconocidos en la cuenta de resultados del Grupo se analizan de la siguiente manera:
La información geográfica
Ingresos |
| Activos netos | ||||||
2023 | 2022 |
| 2023 | 2022 | ||||
$ '000 | $ '000 |
| $ '000 | $ '000 | ||||
|
|
|
|
|
|
| ||
Norteamérica | 6,898 | 5,078 |
| 1,504 | 104 | |||
Europa | 968 | 522 |
| 9,720 | (879) | |||
7,866 | 5,600 | 11,224 | (775) |
La información de ingresos se basa en la ubicación del cliente. Los activos netos del Grupo (siendo los activos totales menos los pasivos totales) son atribuibles a ubicaciones geográficas.
Información del mercado final
Los ingresos del Grupo se componen de tres segmentos principales del mercado final, como se identifica a continuación:
2023 | 2022 | ||
$ '000 | $ '000 | ||
| |||
Limpieza | 7,207 | 5,070 | |
Higiene | 351 | 324 | |
Beauty | 254 | 137 | |
Otro | 54 | 69 | |
7,866 | 5,600 |
Información de segmento
El Grupo tiene dos segmentos de negocio. Performance Ingredients desarrolla, produce y vende polímeros especiales patentados que se utilizan como ingredientes funcionales para satisfacer las necesidades de los clientes en productos de limpieza, belleza e higiene. Formulation Solutions proporciona servicios técnicos y suministros de ingredientes para productos formulados desarrollados para clientes basados en Performance Ingredients. Estos segmentos constituyen las operaciones continuas. Las operaciones principales incluyen gastos de desarrollo, gastos generales y administrativos, honorarios profesionales y costos de gobernanza para progresar y hacer crecer las operaciones del Grupo.
| Ingredientes de rendimiento | Soluciones de formulación | Operaciones principales | 2023 |
$ '000 | $ '000 | $ '000 | $ '000 | |
|
| |||
Ingresos |
|
| ||
Venta de bienes | 5,958 | 1,908 | - | 7,866 |
Resultados: |
| |||
depreciación y amortización | (294) | - | - | (294) |
El costo de ventas | (3,406) | (1,729) | - | (5,135) |
Beneficio bruto | 2,258 | 179 | - | 2,437 |
Gastos administrativos | - | - | (4,066) | (4,066) |
Ingresos excepcionales | - | - | 120 | 120 |
Cargo por impuestos | - | - | (27) | (27) |
Rendimiento del segmento | 2,258 | 179 | (3,972) | (1,536) |
Activos operativos | 4,381 | 284 | 2,992 | 7,657 |
Pasivos operativos | (2,381) | (308) | (1,224) | (3,913) |
Otra divulgación: |
| |||
Gastos de capital * | 48 | - | 178 | 226 |
| Ingredientes de rendimiento | Soluciones de formulación | Operaciones principales | 2022 |
$ '000 | $ '000 | $ '000 | $ '000 | |
| ||||
Ingresos |
| |||
Venta de bienes | 4,608 | 992 | - | 5,600 |
Resultados: | ||||
depreciación y amortización | (286) | - | - | (286) |
El costo de ventas | (2,914) | (913) | - | (3,827) |
Beneficio bruto | 1,408 | 79 | - | 1,487 |
Gastos administrativos | - | - | (3,804) | (3,804) |
Gasto excepcional | - | - | (138) | (138) |
Cargo por impuestos | - | - | (8) | (8) |
Rendimiento del segmento | 1,408 | 79 | (3,950) | (2,463) |
Activos operativos | 1,825 | - | 699 | 2,524 |
Pasivos operativos | (1,244) | (1) | (920) | (2,165) |
Otra divulgación: | ||||
Gastos de capital * | 59 | - | - | 59 |
*Los gastos de capital consisten en adiciones de propiedad, planta y equipo.
Customer concentration information
The Group has revenue concentration in two customers of 63%.
3. Pérdida por acción
La pérdida básica por acción se calcula dividiendo la pérdida atribuible a los accionistas ordinarios entre el número promedio ponderado de acciones ordinarias en circulación durante el año.
| 2023 | 2022 | |
Pérdida | $ '000 | $ '000 | |
|
| ||
Pérdida a efectos de pérdida básica y diluida por acción | (1,536) | (2,463) | |
Número medio ponderado de acciones ordinarias a efectos de pérdida básica y diluida por acción ('000) | 12,863 | 448,096 | |
Pérdida por acción básica y diluida | (11.9) ¢ | (0.5) ¢ | |
Basic and diluted loss per share (post consolidation comparison) | (11.9) ¢ | (27.5) ¢ |
La pérdida del período y el número promedio ponderado de acciones ordinarias para calcular las ganancias por acción diluidas para el período hasta el 31 de diciembre de 2023 son idénticos a los utilizados para las ganancias por acción básicas. Esto se debe a que las opciones sobre acciones en circulación tendrían el efecto de reducir la pérdida por acción ordinaria y, por lo tanto, no serían dilutivas.
4. Declaración de advertencia
Este documento contiene ciertas declaraciones prospectivas relacionadas con Itaconix plc (el "Grupo"). El Grupo considera cualquier declaración que no sea un hecho histórico como "declaraciones prospectivas". Se relacionan con eventos y tendencias que están sujetos a riesgos e incertidumbres que pueden causar que los resultados reales y el desempeño financiero de la Compañía difieran materialmente de aquellos contenidos en cualquier declaración prospectiva. Estas declaraciones son realizadas por los Directores de buena fe basándose en la información disponible para ellos y dichas declaraciones deben tratarse con precaución debido a las incertidumbres inherentes, incluidos los factores de riesgo tanto económicos como comerciales, subyacentes a dicha información prospectiva.
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.