TIDMVMT
RNS Number : 6294X
Vmoto Limited
01 September 2015
VMOTO ACHIEVES ANOTHER RECORD RESULT WITH
PROFITABLE GROWTH CONTINUING
announcement 1 SEPTEMBER 2015
Vmoto Limited (ASX: VMT) is pleased to announce its results for
the six months ended 30 June 2015 (1H15) that saw the Company
deliver another record performance and generating strong growth
across all key metrics.
Commenting on the 1H15 result, Managing Director Charles Chen
said: "Vmoto has delivered on its clearly defined strategy of
targeting high margin international unit sales, while also
continuing to develop the brand's presence in the domestic Chinese
market.
"The Company's strategy to pursue high margin international
sales has enjoyed early success, with a 68% increase in
international unit sales underpinning the growth in profits.
"With sales volume over the past six months in line with
management expectations, Vmoto is well positioned to achieve its
stated NPAT guidance for 2015 of between $5 million and $7 million.
We have also received significant interest for potential
collaborations with international groups that will complement and
enhance our existing customer base, and we look forward to
reporting on these in the coming months," said Mr Chen.
Key financial highlights
-- Revenue up 57% to $24.9 million (1H14: $15.9 million)
-- EBITDA up 264% to $2.1 million (1H14: $574k)
-- Statutory NPAT up 379% to $1.0 million (1H14: $211k)
-- Underlying NPAT (after removing non-cash expenses) up 122% to
$1.6 million(1) (1H14: $705k(2) )
-- Strong balance sheet, with gross cash of $11.1 million (31 December 2014: $3.8 million)
Key operational highlights
-- Total units sold up 13% to 41,503 units (1H14: 36,705)
-- Units sold to international customers up 68% to 7,211 (1H14: 4,284)
-- Expanded retail sales network in China with over 43 outlets
comprising company owned retail stores and third party
distributor/dealer relationships
-- Continued growth in new international markets, including Denmark, Malaysia and Vietnam
-- Appointed a distributor for the UK and Irish markets
-- Progressed with the establishment of internet based retail sales platform
-- Progressed discussions with PowerEagle to extend production agreement post 2015
-- Successfully raised $8.9 million through an oversubscribed
placement to existing and new institutional and sophisticated
investors in Australia and the UK to fund growth initiatives.
Commenting on Vmoto's 1H15 performance, Mr Chen said he was
pleased with how the Company was tracking in terms of revenue and
profit, and he expects to see unit sales continue to grow in the
second half as the online sales platform becomes operational and
new international distributors receive their first shipments.
"Vmoto has developed a reputation as a prestigious, high quality
brand, both in China and internationally. Making our products more
accessible through our soon to be launched online sales platform
will drive increased sales volumes of the Vmoto brand.
"Vmoto has progressed a number of international opportunities
over the first half of 2015, commencing discussions with a
significant European supermarket group and a high-tech North
American company developing shared transportation and communication
systems for electric vehicles.
"Vmoto also appointed a new distributor for the UK and Ireland,
with delivery of that distributor's first order scheduled for this
quarter. This exclusive distribution agreement for the UK and
Ireland is an exciting step for Vmoto and will strengthen the
visibility and accessibility of Vmoto's brand and products in
international markets, which is in line with our strategy to target
higher margin international sales.
"Following our successful, oversubscribed $8.9 million raising,
Vmoto has further strengthened its balance sheet, putting the
Company in a strong position to pursue several strategic
initiatives that will underpin future growth," added Mr Chen.
Outlook
Vmoto will continue to execute its strategy of targeting high
margin international sales and growth markets. The first half of
this year has seen the Company progress significant new market
entry and distribution opportunities, including North America,
Italy, Switzerland, the UK, Ireland and New Zealand. These and
further new markets will be developed over the second half of this
year as the Company looks to deliver the growth that will drive
achievement of its earnings forecast.
The three-wheel and four-wheel electric vehicle company, in
which Vmoto holds a 20% equity interest, re-located its operations
to Vmoto's Nanjing manufacturing facility, after initially
producing units externally. This company focuses on three-wheel and
four-wheel electric vehicles that have applications across a number
of industries, including freight and goods delivery, leisure and
sightseeing and transportation for the aged and disabled
population. Any revenue generated will initially be re-invested
back into the company as it scales up.
With plenty of capacity remaining in Vmoto's production
facility, the Company is well positioned to continue ramping up its
volume to meet growing global demand for its electric vehicles and
benefit from further economies of scale.
The second half of the year is historically stronger than the
first. With more domestic and international distributors and
customers due to visit the factory to discuss and finalise orders,
production and sales are expected to increase over the coming
months in line with expectations previously provided to the
market.
For further enquiries, please contact:
Vmoto
Charles Chen, Managing Director
Olly Cairns, Non-Executive +61 (8) 9226 3865
Director +61 (8) 9226 3865
Investors and Media
Market Eye Pty Ltd +61 400 009 774
Ronn Bechler ronn.bechler@marketeye.com.au
finnCap Ltd +44 20 7220 0500
Christopher Raggett/Simon
Hicks (corporate finance)
Tony Quirke/Mia Gardner (corporate
broking)
About Vmoto
Vmoto Limited (ASX: VMT) is a global scooter manufacturing and
distribution group. The Company specialises in high quality "green"
electric powered scooters and manufactures a range of electric
scooters, based on western technology and design, from its low cost
manufacturing facilities in Nanjing, China. Vmoto combines low cost
Chinese manufacturing capabilities with European design. The group
operates through two primary brands: Vmoto (aimed at the value
market in Asia) and E-Max (targeting Western markets with a premium
end product). As well as operating under its own brands, the
Company also sells to a number of customers on an original
equipment manufacturer ("OEM") basis.
Note 1: The following table provides a reconciliation between
the statutory NPAT and underlying NPAT figures for 1H15:
Statutory NPAT for 1H15 A$1,010,532
Add back non-cash expenses:
Share based expenses A$113,316
Tax expense adjustments A$440,233
related to carry forward
tax losses being utilised
in 1H15, which deferred
tax assets were previously
recognised in financial
year ended 31 December
2014
Underlying NPAT for 1H15 A$1,564,081
------------
Note 2: The following table provides a reconciliation between
the statutory NPAT and underlying NPAT figures for 1H14:
Statutory NPAT for 1H14 A$210,760
Add back non-cash expenses:
Share based expenses A$493,809
Underlying NPAT for 1H14 A$704,569
------------
Directors believe this information is useful to provide
investors with transparency on the underlying performance of the
Company.
directors' report
The Directors present their report together with the financial
report of Vmoto Limited ("Vmoto" or "the Company") and its
controlled entities (the "Consolidated Entity") for the six months
period ended 30 June 2015 and the auditor's review conclusion
thereon:
1. Directors
The Directors of the Company at any time during or since the end
of the half year are:
Name Period of Directorship
------------------ ---------------------------
Mr Charles Chen Appointed 5 January 2007
Managing Director
Mr Ivan Teo Appointed 29 January 2013
Finance Director
Mr Olly Cairns Appointed 1 September 2011
Non-Executive
Director
Mr Kaijian Chen Appointed 1 September 2011
Non-Executive
Director
Ms Shannon Coates Appointed 23 May 2014
Non-Executive
Director
2. Results
The net profit for the Consolidated Entity for the six month
period ended 30 June 2015 was $1,010,532 (six month period ended 30
June 2014: $210,760) after income tax of $440,233 (six month period
ended 30 June 2014: nil). This represents an overall improvement of
379% compared to the net profit after tax of $210,760 recorded for
the six month period ended 30 June 2014.
The Company notes that this net profit figure includes non-cash
expenses of A$113,316 as a result of the issue of shares to
consultants and tax expenses of $440,233, which was offset against
carry forward tax losses previously recognised as deferred tax
assets. The underlying net profit for the six month period ended 30
June 2015 adding back these non-cash expenses was $1,564,081.
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The following table provides a reconciliation between the
statutory NPAT and underlying NPAT figures for 1H15:
Statutory NPAT for 1H15 A$1,010,532
Add back non-cash expenses:
Share based expenses A$113,316
Tax expense adjustments A$440,233
related to carry forward
tax losses being utilised
in 1H15, which deferred
tax assets were previously
recognised in financial
year ended 31 December
2014
Underlying NPAT for 1H15 A$1,564,081
------------
Directors believe this information is useful to provide
investors with transparency on the underlying performance of the
Company.
3. Review of Activities
The consolidated revenue for the six month period ended 30 June
2015 was up 57% to $24,891,217 (six month period ended 30 June
2014: $15,862,018).
During the six month period ended 30 June 2015, the Company
increased its distribution footprint in China, which as at 30 June
2015 comprised a total of 43 outlets through a combination of its
own retail outlets and third party distributors across China.
During the period, the Company distributed a total of 41,503 units
(six month period ended 30 June 2014: 36,705 units) as it continued
ramping up its production across its domestic and international
sales channel. Of these sales 23,253 units were sold to PowerEagle
in addition to 11,039 of Vmoto's own units sold through Vmoto's
comprehensive distribution network and retail stores, and 7,211 own
units sold to other international distributors and customers.
The Consolidated Entity achieved a gross profit margin of 16.2%
for the six month period ended 30 June 2015 (six month period ended
30 June 2014: 15.5%). The improved margin reflected the benefits of
economies of scale as the Company continues to ramp up its
production of electric two-wheel vehicle products, especially those
to international customers. The Company is confident that the gross
profit margin will continue to increase with further economies of
scale generated as production of units at Vmoto's manufacturing
facilities in Nanjing, China (the "Nanjing Facility") increases in
anticipation of higher sales in the coming financial years.
The Company's increasing revenues and profits are a clear
demonstration of the growing traction Vmoto brands are achieving in
both the Chinese and international markets. International sales are
continuing to increase as the Company is now recognised for its
premium electric scooters and is delivering on its strategy off the
back of this reputation.
Over the six month period ended 30 June 2015, the Consolidated
Entity's net assets have increased by 43.1% to $35.5 million.
Vmoto has continued with its strategy of design, manufacture and
distribution of high quality "green" electric powered two wheel
vehicles and a range of western designed electric two wheel
vehicles from its wholly owned Nanjing Facility.
The Company's international market continued to increase during
the six month period with existing and new customers seeking to
place new orders or agreements with the Company. During the six
month period numerous international customers visited the Nanjing
Facility including distributors from North America, Ecuador, Sri
Lanka, Turkey, Switzerland and New Zealand. The Company also signed
a distribution agreement with a United Kingdom company to
distribute, stock and market the Company's Vmoto and E-max range of
electric scooters for the United Kingdom and Irish markets.
The Chinese market remained strong during the six month period,
with a sales network of 43 outlets, including third party
distributors and company owned retail stores. China continues to be
the Company's largest market.
The Company commenced discussions with PowerEagle with a view to
entering a new OEM agreement at the end of 2015. A new agreement is
anticipated to be entered into in the coming months.
The Company is in the process of establishing an online based
retail sales platform that will open up a new sales stream for its
products. This is progressing well and is expected to be
operational and generating online sales by the end of 2015.
During the six month period ended 30 June 2015, the Company
completed a 1 for 10 share consolidation and successfully raised
A$8.9 million through an oversubscribed placement to existing and
new institutional and sophisticated investors in Australia and the
United Kingdom. The Company also received $117,000 from the
exercise of ESOP options.
As at 30 June 2015, the total operating facility drawn down was
RMB25 million (approximately A$5.2 million) and the total undrawn
operating facility was RMB9 million (approximately A$1.9
million).
As at 30 June 2015, the Company had cash of A$11.1 million.
COLLABORATIONS, TENDERS AND JOINT VENTURE OPPORTUNITIES
Vmoto continues to receive significant interest for potential
collaborations from new international customers. Among these are
discussions with a significant European supermarket group that has
over 300 stores and a high-tech North American company developing
shared transport and communication systems for electric vehicles
and a New Zealand company to OEM manufacture electric two-wheel
vehicle products wholly designed by its customers.
Discussions with these and other parties for potential orders or
collaboration are ongoing and further developments will be
announced as and when they occur.
CORPORATE
During the half year, the Company issued a total of 6,725,669
shares pre the share consolidation, comprising 1,175,669 shares to
consultants of the Company in consideration for services provided,
2,000,000 shares to Directors following the vesting of performance
rights and 3,550,000 shares to employees on the exercise of ESOP
options exercisable at $0.03 each on or before 23 November
2015.
Post the share consolidation, which was completed on 4 June
2015, the Company issued a further 19,780,000 Shares at $0.45 per
Share to raise $8.9 million (before costs), 35,000 Shares following
the exercise of ESOP options (exercisable at $0.30 each on or
before 23 November 2015), 266,668 shares to two Directors following
the vesting of performance rights and 38,095 shares to a Director
in lieu of Director fees, as approved at the Company Annual General
Meeting held on 21 May 2015.
OUTLOOK
The six month period ended 30 June 2015 was another productive
period for Vmoto as sales increased across the domestic and
international sales channels.
The Company expects to see further growth for the second half of
the year as it is historically stronger compared to the first half.
Vmoto continues to grow in line with management expectations as
more orders are received and new domestic and international
distributors and customers continue to visit the factory to discuss
and finalise orders and agreements.
4. Auditor's Independence Declaration under Section 307C of the Corporations Act 2001
The Auditor's Declaration is set out on page 17 and forms part
of the Directors' Report for the half year ended 30 June 2015.
Dated at Perth, Western Australia, this 31(st) day of August
2015
Signed in accordance with a resolution of the Directors:
Charles Chen
Managing Director
consolidated STATEMENT OF FINANCIAL POSITION
as at 30 JUNE 2015
Note 30 June 31 December
2015 $ 2014 $
CURRENT ASSETS
Cash and cash equivalents 11,050,288 3,850,142
Trade and other receivables 5,743,696 5,090,871
Inventories 7,141,979 5,945,188
Other assets 4,078,851 3,519,032
Total Current Assets 28,014,814 18,405,233
------------- -------------
NON CURRENT ASSETS
Property, plant and
equipment 8,164,737 7,606,188
Intangible assets 5 9,471,622 8,536,781
Investments in associates 419,630 393,244
Other financial assets 6 1,049,076 -
Deferred tax assets - 299,152
------------- -------------
Total Non-Current Assets 19,105,065 16,835,365
------------- -------------
TOTAL ASSETS 47,119,879 35,240,598
------------- -------------
CURRENT LIABILITIES
Trade and other payables 4,362,179 3,858,426
Loans and borrowings 7 5,245,379 4,718,929
Deferred tax liabilities 141,081 -
Other liabilities 1,835,773 1,835,773
Total Current Liabilities 11,584,412 10,413,128
------------- -------------
TOTAL LIABILITIES 11,584,412 10,413,128
------------- -------------
NET ASSETS 35,535,467 24,827,470
============= =============
EQUITY
Issued capital 3 69,973,200 61,293,967
Reserves 877,713 (140,519)
Accumulated losses (35,315,446) (36,325,978)
------------- -------------
TOTAL EQUITY 35,535,467 24,827,470
============= =============
The consolidated statement of financial position is to be read
in conjunction with the accompanying notes.
conSOLIDATED STATEMENT OF profit or loss
and other COMPREHENSIVE INCOME
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for the half-year ended 30 JUNE 2015
Note Half-year Half-year
ended ended
30 June 30 June
2015 2014
$ $
Continuing Operations
Revenue from sale of
goods 24,891,217 15,862,018
Cost of sales (20,865,282) (13,397,780)
Gross Profit 4,025,935 2,464,238
Other income 29,397 76,660
Operational expenses (1,294,891) (708,586)
Marketing and distribution
expenses (346,637) (276,511)
Corporate and administrative
expenses (755,894) (1,096,785)
Occupancy expenses (34,889) (48,112)
Other expenses (445) (65,190)
Finance costs (171,811) (134,954)
Profit/(Loss) from continuing
operations before tax 1,450,765 210,760
Income tax (440,233) -
------------- -------------
Profit/(Loss) after
tax from continuing
operations attributable
to owners of the company 2 1,010,532 210,760
------------- -------------
Other comprehensive
income
Foreign currency translation
differences 1,092,165 (215,561)
Other comprehensive
income for the period,
net of tax 1,092,165 (215,561)
Total comprehensive
income for the period
attributable to owners
of the company 2,102,697 (4,801)
============= =============
Basic and Diluted Earnings/(Loss) 0.79 cents 0.19 cents
per Share from Continuing
Operations
The statement of profit or loss and other comprehensive
income
should be read in conjunction with the accompanying notes.
CONSOLIDATED statement of cash flows
for the half-year ended 30 JUNE 2015
Note Half-year Half-year
ended ended
30 June 30 June
2015 2014
$ $
Cash flows from operating
activities
Receipts from customers 26,397,790 16,348,969
Payments to suppliers
and employees (26,489,216) (16,066,835)
Interest received 8,831 31,482
Interest paid (171,811) (132,511)
Net cash used in operating
activities (254,406) 181,105
------------- -------------
Cash flows from investing
activities
Payments for property,
plant & equipment (358,385) (15,857)
Payments for intangible (99,807) -
assets
Loans to other entities (1,041,667) -
Net cash used in investing
activities (1,499,859) (15,857)
------------- -------------
Cash flows from financing
activities
Proceeds from issue of
equity shares 8,494,176 245,016
Payments for share issue
costs - (22,480)
Proceeds from borrowings 4,722,686 3,390,569
Repayment of borrowings (4,458,165) (5,400,251)
Net cash generated by
financing activities 8,758,697 (1,787,146)
------------- -------------
Net increase / (decrease)
in cash and cash equivalents 7,004,432 (1,621,898)
Cash and cash equivalents
at beginning of period 3,850,142 4,426,994
Effect of exchange rate
fluctuations on cash
held 195,714 (40,755)
Cash and cash equivalents
at end of period 11,050,288 2,764,341
============= =============
The statement of cash flows is to be read in conjunction with
the accompanying notes.
conSOLIDATED statement of changes in equity
for the half-year ended 30 JUNE 2015
Issued Reserves Accumulated Total
Consolidated Capital Losses
$ $ $
$
Balance as at 1 January
2014 57,725,955 (2,654,011) (37,340,542) 17,731,402
Profit for the period -- - 210,760 210,760
Other comprehensive
income - (215,561) - (215,561)
----------- ------------- -----------
Total comprehensive
income for the period - (215,561) 210,760 (4,801)
Issue of ordinary shares 269,406 - - 269,406
Share issue costs (22,480) - - (22,480)
Issue of options - 489,719 - 489,719
Balance as at 30 June
2014 57,972,881 (2,379,853) (37,129,782) 18,463,246
=========== ============ ============= ===========
Balance as at 1 January
2015 61,293,967 (140,519) (36,325,978) 24,827,470
Profit for the period -- - 1,010,532 1,010,532
Other comprehensive
income - 1,092,165 - 1,092,165
----------- ------------- -----------
Total comprehensive
income for the period - 1,092,165 1,010,532 2,102,697
Issue of ordinary shares 9,084,467 - - 9,084,467
Share issue costs (479,167) - - (479,167)
Transfer options reserve
to issued capital 73,933 (73,933) - -
Balance as at 30 June
2015 69,973,200 877,713 (35,315,446) 35,535,467
=========== ========== ============= ===========
The statement of changes in equity is to be read in conjunction
with the accompanying notes.
notes to the conSOLIDATED financial statements
1. SIGNIFICANT ACCOUNTING POLICIES
The half year financial report does not include all notes of the
type normally included within the annual financial report and
therefore cannot be expected to provide as full an understanding of
the financial performance, financial position and financing and
investing activities of the consolidated entity as the full
financial report.
The half year financial report should be read in conjunction
with the Annual Financial Report of Vmoto Limited for the year
ended 31 December 2014.
It is also recommended that the half year financial report be
considered together with any public announcements made by Vmoto
Limited and its controlled entities during the half year ended 30
June 2015 in accordance with the continuous disclosure obligations
arising under the Corporations Act 2001.
(a) Basis of Preparation
The half year financial report is a general-purpose financial
report, which has been prepared in accordance with the requirements
of the Corporations Act 2001 and Australian Accounting Standard
AASB 134 "Interim Financial Reporting".
The Directors have prepared the financial statements on a going
concern basis, which contemplates continuity of normal business
activities and the realisation of assets and settlement of
liabilities in the ordinary course of business. The Directors
believe this to be appropriate for the following reasons:
-- the Consolidated Entity has a significant working capital surplus;
-- the Consolidated Entity has long term supply agreements and
demand for its electric powered scooter products is increasing. As
the units increase, this will further reduce the cost of goods
manufactured due to achieving higher levels of economies of scale,
which will further improve the gross profit margins;
-- the Consolidated Entity achieved a profit during the period;
-- the Consolidated Entity's Stage 1 and 2 of the Nanjing
Facility have been completed and have been used as security for its
existing operating facility. As at the date of this report, RMB9
million (approximately AUD1.9 million) of the operating facility is
still available for draw down if required;
-- the Consolidated has successfully raised $8.9 million of capital to fund growth;
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-- the Directors have prepared cash flow forecasts that indicate
the Consolidated Entity will be cash flow positive for the year
ending 31 December 2015 and will enable the Consolidated Entity to
pay its debts as and when they fall due.
At the date of this report and having considered the above
factors, the Directors are confident that the Consolidated Entity
and the Company will be able to continue operations into the
foreseeable future. The financial report does not include
adjustments relating to the recoverability and classification of
the recorded assets and liabilities amounts that might be necessary
should the Consolidated Entity and the Company not continue as
going concerns.
(b) Significant changes in accounting policies
The half year consolidated financial statements have been
prepared using the same accounting policies as used in the annual
financial statements for the year ended 31 December 2014.
The Group has adopted all the new and revised Standards and
Interpretations issued by the Australian Accounting Standards Board
(AASB) that are relevant to their operations and effective for the
current half year.
The adoption of these amendments and interpretations does not
have any material impact on this half year financial report.
(c) Principles of Consolidation
The parent entity and its subsidiaries are collectively referred
to as the "Group". The parent of this Group is Vmoto Limited.
Entities over which the parent (or the Group) directly or
indirectly exercises control are called "subsidiaries". The
consolidated financial statements incorporate the assets,
liabilities and results of all subsidiaries. The Group controls an
entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity.
The assets, liabilities and results of subsidiaries are fully
consolidated into the financial statements of the Group from the
date on which control is obtained by the Group. The consolidation
of a subsidiary is discontinued from the date that control ceases.
Intercompany transactions, balances and unrealised gains or losses
on transactions between group companies are fully eliminated on
consolidation. Accounting policies of subsidiaries have been
changed and adjustments made where necessary to ensure uniformity
of the accounting policies adopted by the Group.
2. profit for the period
Profit before income tax expense includes the following revenues
and expenses whose disclosure is relevant in explaining the
performance of the entity:
30 June 30 June
2015 2014
$ $
(i) Other income
Contributions from customers 15,890 -
Government subsidies 1,306 15,860
Interest income 8,831 31,769
Net foreign exchange gain - 1,481
Rent - 14,098
Other income 3,370 13,452
29,397 76,660
(ii) Expenses
Depreciation and amortisation 467,366 227,930
Employee benefits 1,031,816 1,203,524
(iii) Other Expenses
Net foreign exchange loss 445 -
Doubtful debts expenses - 65,190
---- -------
445 65,190
3. issued capital 30 June 31 December
2015 2014
$ $
Ordinary shares
152,945,433 (December 2014:
1,321,527,860 (pre-consolidation))
ordinary shares, fully paid 69,973,200 61,293,967
=========== ============
Number of
Ordinary Issued Capital
Movements in ordinary shares Fully Paid $
on issue Shares
Balance 1 January 2015 1,321,527,860 61,293,967
Issue of Shares at 3.5 cents
each 86,114 3,014
Issue of Shares at 4.6 cents
each 1,089,555 50,120
Issue of Shares at 3.0 cents
each 1,000,000 30,000
Issue of Shares at nil consideration 2,000,000 -
Issue of Shares at 3.0 cents
each 2,550,000 76,500
10 for 1 share consolidation (1,195,427,859) -
Issue of Shares at 30 cents
each 35,000 10,500
Issue of Shares at 45 cents
each 19,780,000 8,901,000
Issue of Shares at nil consideration 266,668 -
Issue of Shares at 35 cents
each 38,095 13,333
Transfer options reserve
to issued capital - 73,933
Share issue costs - (479,167)
Balance 30 June 2015 152,945,433 69,973,200
================ =================
At the shareholders' meetings each ordinary share is entitled to
one vote when a poll is called, otherwise each shareholder has one
vote on a show of hands.
Options
The following options to subscribe for ordinary fully paid
shares are outstanding at balance date:
- 350,000 options exercisable at 30 cents each on or before 23 November 2015.
- 500,000 options exercisable at 40 cents each on or before 23 May 2018.
- 500,000 options exercisable at 80 cents each on or before 23 May 2018.
- 100,000 options exercisable at 50 cents each on or before 21 May 2019.
- 100,000 options exercisable at 75 cents each on or before 21 May 2019.
- 200,000 options exercisable at $1.00 each on or before 21 May 2019.
These options do not entitle the holder to participate in any
share issue of the Company or any other body corporate.
During the half year period, no options were issued.
Performance Rights
All performance rights convert to fully paid ordinary shares for
nil cash consideration, subject to performance based vesting
conditions.
The movements of performance rights over unissued ordinary
shares of the Company for the half-year ended 30 June 2015
were:
Performance Balance Held
rights at Granted Consolidated Vested at
series 1 Jan 30 June
2015 Forfeited 2015
Class
C 2,000,000 - (1,800,000) - - 200,000
Class
E 2,000,000 - - (2,000,000) - -
Class
F 2,000,000 - (1,800,000) - - 200,000
Class
H 2,666,666 - (2,399,998) (266,668) - -
Class
I 2,666,668 - (2,400,000) - - 266,668
Class
J 10,000,000 - (9,000,000) - - 1,000,000
Class
K 10,000,000 - (9,000,000) - - 1,000,000
(2,266,668
Total 31,333,334 - (26,399,998) ) - 2,666,668
------------- ----------- ---------- --------------- ------------ ---------- -----------
These performance rights do not entitle the holder to
participate in any share issue of the Company or any other body
corporate.
4. SEGMENT REPORTING
The continuing operations of the Consolidated Entity are
predominantly in the electric two-wheel vehicle manufacture and
distribution industry. Reported segments were based on the
geographical segments of the Consolidated Entity, being Australia
and China. The management accounts and forecasts submitted to the
chief operating decision maker for the purpose of resource
allocation and assessment of segment performance are split into
these components.
The electric two-wheel vehicles segment is managed on a
worldwide basis, but operates in two principal geographical areas:
Australia and China. In China, manufacturing facilities are
operated in Nanjing. The following table presents revenue and
profit or loss in relation to geographical segments for the six
month periods ended 30 June 2015 and 30 June 2014:
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Half year ended 30 June 2015
Continuing Operations Intersegment Total
Elimination Operations
--------------------------- ------------- -------------
Australia China
$ $ $ $
----------------------- ------------ ------------- ------------- -------------
Revenue
Sales to external
customers - 24,891,217 - 24,891,217
Other revenues 4,903 24,494 - 29,397
Total segment
revenue 4,903 24,915,711 - 24,920,614
============ ============= ============= =============
Result
Segment profit/(loss) (856,112) 1,866,644 - 1,010,532
Assets at 30
June 2015
Segment assets 8,901,851 54,596,443 (16,378,415) 47,119,879
Liabilities
at 30 June
2015
Segment liabilities (2,007,830) (25,954,997) 16,378,415 (11,584,412)
Half year ended 30 June 2014
Continuing Operations Intersegment Total
Elimination Operations
--------------------------- ------------- -------------
Australia China
$ $ $ $
----------------------- ------------ ------------- ------------- -------------
Revenue
Sales to external
customers - 15,862,018 - 15,862,018
Other revenues 19,424 57,236 - 76,660
Total segment
revenue 19,424 15,919,254 - 15,938,678
============ ============= ============= =============
Result
Segment profit/(loss) (1,019,548) 1,230,308 - 210,760
Assets at 31
December 2014
Segment assets 1,166,289 56,004,744 (21,930,435) 35,240,598
Liabilities at
31 December 2014
Segment liabilities (1,977,730) (30,365,833) 21,930,435 (10,413,128)
The total assets of the Consolidated Entity have increased $11.9
million and total liabilities of the Consolidated Entity have
increased $1.2 million as compared to that in the last annual
financial report for the year ended 31 December 2014.
5. INTANGIBLES
Licences,
trademarks
and production Development
Goodwill rights Patents costs Total
Half year ended
30 June 2015
Balance at 1 January
2015 4,207,107 2,149,406 1,310,760 869,508 8,536,781
Additions - 8,228 - - 8,228
Additions from
internal development - - - 925,614 925,614
Amortisation and
impairment - (16,982) (131,076) - (148,058)
Exchange differences - 79,158 - 69,899 149,057
------------- ---------------- ---------- ------------ ------------
Balance at 30 June
2015 4,207,107 2,219,810 1,179,684 1,865,021 9,471,622
============= ================ ========== ============ ============
At 30 June 2015
Cost 14,941,701 2,236,792 1,310,760 2,241,213 20,730,466
Accumulated amortisation
and impairment (10,734,594) (16,982) (131,076) (376,192) (11,258,844)
------------- ---------------- ---------- ------------ ------------
Net carrying amount 4,207,107 2,219,810 1,179,684 1,865,021 9,471,622
============= ================ ========== ============ ============
6. OTHER FINANCIAL ASSETS
30 June 31 December
2015 2014
$ $
Loans carried at amortised
cost
Loans to related parties 1,049,076 -
(i)
---------- ------------
1,049,076 -
---------- ------------
(i) During the half year period ended 30 June 2015, the
Consolidated Entity provided loans of RMB5 million ($1,049,076) to
Jiangsu Kaiyang New Energy Vehicle Co, Ltd ("Kaiyang"). The loans
to Kaiyang are interest free and repayable in two year. Kaiyang is
a company which the Consolidated Entity acquired a 20% equity
interest and focuses on designing, manufacturing and distributing
electric three-wheel and four-wheel vehicles.
7. LOANS AND BORROWINGS
The following loans and borrowings (current) were issued and
repaid during the half year ended 30 June 2015:
Carrying
Movements in Loans and Borrowings Amount
$
Balance at 1 January 2015 4,718,929
New Issues:
Drawn down from bank operating facility 4,722,686
Accrued interest 171,811
Effect of movement in foreign exchange
rates 261,929
Repayments:
Loans (4,458,165)
Interest paid (171,811)
Balance at 30 June 2015 5,245,379
============
8. SUBSEQUENT EVENTS
Shares Issue
On 10 July 2015, the Company issued 42,633 shares to its UK
broker as part consideration for broker services to be provided to
the Company as announced on 26 February 2015.
Apart from the above, there were no other significant events
subsequent to half-year ended 30 June 2015 and prior to the date of
this report that have not been dealt with elsewhere in this
report.
9. FAIR VALUE MEASUREMENT
In accordance with AASB13, Fair Value Measurement, the group is
required to disclose for each class of assets and liabilities
measured at fair value, the level of the fair value hierarchy
within which the fair value method is categorized. The group view
that no assets or liabilities are measured at fair value other than
cash, trade and other receivables, trade and other payables and
borrowings with carrying amounts assumed to approximate their fair
value.
directors' declaration
The Directors declare that:
(a) in the Directors' opinion, there are reasonable grounds to
believe that the Company will be able to pay its debts as and when
they become due and payable; and
(b) in the Directors' opinion, the attached financial statements
and notes thereto are in accordance with the Corporations Act 2001,
including compliance with Accounting Standard AASB 134: Interim
Financial Reporting and giving a true and fair view of the
financial position as at 30 June 2015 and of its performance for
the half year ended on that date.
Signed in accordance with a resolution of the Directors made
pursuant to s303(5) of the Corporations Act 2001.
Dated at Perth, Western Australia, this 31(st) day of August
2015
On behalf of the Directors
Charles Chen
Managing Director
Appendix 4D
Half Year Report
to the Australian Stock Exchange
Part 1
Name of Entity Vmoto Limited
------------------------ ------------------------
ABN 36 098 455 460
------------------------ ------------------------
Half Year Ended 30 June 2015
------------------------ ------------------------
Previous Corresponding Half Year Ended 30 June
Reporting Period 2014
------------------------ ------------------------
Part 2 - Results for Announcement to the Market
$'000 Percentage
increase
/(decrease)
over previous
corresponding
period
------------------------------------ ------- ---------------
Revenue from continuing operations 24,891 57%
------------------------------------ ------- ---------------
Profit from continuing activities
after tax attributable to
members 1,011 379%
------------------------------------ ------- ---------------
Net profit attributable to
members 1,011 379%
------------------------------------ ------- ---------------
Dividends (distributions) Amount per security Franked amount
per security
------------------------------- ---------------------- ---------------
Final Dividend Nil Nil
------------------------------- ---------------------- ---------------
Interim Dividend Nil Nil
------------------------------- ---------------------- ---------------
Record date for determining Not Applicable
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