TIDMWPHO
RNS Number : 4731C
Windar Photonics PLC
13 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH
IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Windar Photonics plc
("Windar" or the "Company")
Final Results and Notice of AGM
Windar Photonics plc (AIM:WPHO), the technology group that has
developed a cost efficient and innovative LiDAR wind sensor for use
on electricity generating wind turbines, is pleased to announce its
final audited results for the year ended 31 December 2022
("FY22").
Notice of Annual General Meeting
The Company is pleased to confirm that its Annual General
Meetings ("AGM") will be held at the offices of WH Ireland Limited,
24 Martin Lane, London, EC4R 0DR at 1.00 p.m. on 11 July 2023.
The Company will include all valid proxy votes (whether
submitted electronically or in hard copy form) in its polls at the
AGM and the Chair of the meeting will call for a poll on each
resolution. The Company accordingly requests that shareholders
submit their proxy votes in respect of the resolutions as set out
in the Notice of the AGM, electronically or by post in advance, in
accordance with the instructions set out in the Notice of the
AGM.
Shareholders should submit their votes via proxy as early as
possible, and shareholders are requested to appoint the Chairman of
the meeting as their proxy. If a shareholder appoints someone else
as their proxy, that proxy will not be able to attend the AGM in
person or cast the shareholder's vote.
Copies of the Annual Report and Accounts for the year ended 31
December 2022 and the Notice of the Annual General Meeting are
available from the Company's website - www.windarphotonics.com
Copies of the Annual Report and Accounts for FY22 and the Notice
of the Annual General Meeting will be posted to
shareholders today and will be available from the Company's website - www.windarphotonics.com
For further information, please contact:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 2423
4930
WH Ireland Limited Chris Fielding, James Bavister (Corporate Finance)
+44 20 7220 1666
The person responsible for arranging the release of this
announcement on behalf of the Company is Jørgen Korsgaard Jensen,
Chief Executive Officer of the Company.
About Windar:
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimization systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
http://investor.windarphotonics.com
CHAIRMAN'S STATEMENT
Despite a very positive underlying business development in
respect of the Group's general product offerings, the year 2022
turned out to be a very challenging year once again, heavily
impacted by the general COVID-19 pandemic. During parts of the
first half of 2022, the Group's Shanghai based subsidiary handling
substantial parts of sourcing and logistic tasks within the Group,
was effectively locked down. This consequently had a severely
negative impact on production and deliveries from our assembly
facility in Denmark in 2022.
Despite being constrained by additional COVID-19 related
impacts, in relation to specific electronic component shortages in
the market, the Group achieved full year revenue of EUR1.9 million,
an increase of 236% compared to 2021 (EUR0.6 million). Most of this
revenue was earned in the second half. Furthermore, despite the
general challenges and continued component shortages continuing
during the second half of 2022, the Group moved towards an EBITDA
breakeven level in the second half of 2022 (loss of EUR0.04
million), based on recognized revenues of EUR1.5 million in the
period.
Gross Profit for the year amounted to EUR0.9 million, an
increase of 112% compared to 2021 (EUR0.4 million), corresponding
to a Gross Margin in 2022 of 51% compared to 81% in 2021. The 2022
Gross Margin was restored to historical levels, whereas the Gross
Margin in 2021 was impacted by exceptional items. The underlying
Gross Margin in 2022 was achieved despite the Group experiencing
substantial cost increases, related to logistical and component
costs. The change in the product mix compensated for these cost
increases. Overall Costs of Goods Sold (COGS) for 2022 increased by
approximately 5%, compared to COGS in 2021.This meant that the
substantial cost savings, related to the introduction of our One
Unite platform in 2021, were eliminated in 2022.
Despite the overall challenges in 2022, the year has also shown
some very encouraging developments in relation to the fundamentals
of the product offerings of the Group. The combined WindEye(TM) and
WindTimizer products provide a unique "Plug and Play" turbine
integration solution, focused on increasing electricity generation
from existing installed wind turbines. These have become even more
valuable, due to the generally increased price levels of energy
during the year, and further by the increased focus on the need to
move towards more renewable energy sources in general. Due to these
developments, the Group's order backlog increased by the end of
year to EUR4.3 million (2021: EUR2.6 million). The product mix
continues to be favourable compared to the order backlog entering
2022.
Overall EBITDA loss for the year was reduced to EUR0.8 million
in 2022 compared to a loss in 2021 of EUR1.1 million. The EBITDA
loss in 2022 was primarily realised during the first half of 2022,
whereas the Group progressed toward an EBITDA break-even position
during the second half of 2022.
During 2022 the Group continued its strong development effort,
both related to expanding current product offerings and new
deployment of our general Lidar technology. In the short term, one
of the most important developments was related to our WindTimizer
products, which now also cover an analogue interface for turbine
integrations. This expands the potential total market for our plug
and play integration solution within the Retro-fit market segment.
Our participation in the drone-based CO2 emissions project
Khaosguard is progressing well and initial milestones such as
preliminary in field CO2 measurements have successfully been
demonstrated.
Financial Overview
Revenue during the year increased 236% to EUR1.9 million (2021:
EUR0.6 million). Gross profit was up 112% (2021: (36%) to EUR0.9
million (2021: EUR0.4 million).
During the year, administrative expenses excluding depreciation
amortisation and warrant cost increased to EUR1.76 million compared
to EUR1.58 million in 2021, relating to development projects,
following the increased revenues.
Net loss for the year before taxes and exceptional expenses,
decreased to EUR1.2 million from EUR1.4 million in 2021, which
included depreciation, amortisation, and warranty costs of EUR0.2
million (2021: EUR0.3 million) in aggregate.
The Group held cash balances at the end of the year of EUR1.4
million (2021: EUR0.04 million) and trade receivables at the end of
the year amounted to EUR0.4 million (2021: EUR1.0 million). During
the year the Company raised EUR2.4 million before expenses through
the issue of share capital.
The Group has capitalised its continued cost of investment in
technology during the year of EUR0.3 million in 2022 (2021: EUR0.7
million) before grants of EUR0.1 million (2021: EUR0.4
million).
Outlook
Entering 2023 the Group had a strong order backlog of EUR4.3
million scheduled for delivery in 2023. In 2023 the Group has
received additional orders scheduled for delivery in 2023 and
further additional significant orders are currently being
negotiated. Based on these developments the Group expects to
realise a substantial revenue growth in 2023 compared to 2022.
In 2023 the Group expects to see a reduction of the average COGS
compared to costs in 2022 supporting an expected modest Gross
Margin increase in 2023.
Entering 2023, the production capacity of the Group was fully
booked by customer orders for deliveries in the first half of 2023.
Currently, the Group is focused on increasing capacity by at least
100% to be implemented mid-year 2023 and planning for a further
doubling of capacity when entering year 2024.
In particular, considering the very unexpected challenges the
COVID-19 pandemic brought upon us in the past two years, I would
like to take the opportunity to thank our employees, partners and
management in Denmark, China and UK for their efforts and loyalty
to the Group in 2022.
BY ORDER OF THE BOARD ON JUNE 12, 2023
Johan Blach Petersen
Chairman
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE SIX MONTHSED 30 JUNE 2021
Year Year ended
ended 31 December
31 December 2021
2022
EUR EUR
Note
Revenue from contracts with customers 5 1,853,249 551,535
Cost of goods sold (906,638) (105,322)
Gross profit 946,611 446,213
Administrative expenses (1,953,607) (1,882,094)
Other operating income 32,260 32,271
Exceptional (expenses)/income 6 (89,038) -
----------------------------------------- -----
Loss from operations 6 (1,063,774) (1,403,610)
Finance (expense)/income 9 (230,734) 25,520
Loss before taxation (1,294,508) (1,378,090)
Taxation 10 218,837 248,913
Loss for the year attributable to
the ordinary equity holders of Windar
Photonics Plc (1,075,671) (1,129,177)
Other comprehensive income
Items that will or may be reclassified
to profit or loss:
Exchange gains/(losses) arising
on translation of foreign
operations 22,817 (92,348)
----------------------------------------- -----
Total comprehensive loss for the
year attributable to the ordinary
equity holders of Windar Photonics
Plc (1,052,854) (1,221,525)
============= =============
Loss per share attributable to the
ordinary equity holders of Windar
Photonics Plc
Basic and diluted, cents per share 11 (1.9) (2.1)
========================================= ===== ============= =============
All activities relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2022
31 December 31 December
2022 2021
EUR EUR
Note
Assets
Non-current assets
Intangible assets 14 1,196,996 1,195,267
Property, plant & equipment 15 106,983 2,423
Deposits 28,994 26,398
Total non-current assets 1,332,973 1,224,088
-------------------------------- ------ ------------- -------------
Current assets
Inventory 16 699,236 694,969
Trade receivables 17 389,652 991,734
Other receivables 17 197,496 157,919
Tax credit receivables 17 218,928 265,620
Prepayments 47,860 33,954
Cash and cash equivalents 18 1,404,073 40,548
Total current assets 2,957,245 2,184,744
-------------------------------- ------ ------------- -------------
Total assets 4,290,218 3,408,832
-------------------------------- ------ ------------- -------------
Equity
Share capital 22 834,771 675,664
Share premium 23 16,479,150 14,502,837
Merger reserve 23 2,910,866 2,910,866
Foreign currency reserve 23 (65,577) (88,394)
Retained earnings 23 (19,818,092) (18,758,348)
Total equity 341,118 (757,375)
-------------------------------- ------ ------------- -------------
Non-current liabilities
Warranty provisions 25 45,774 36,150
Holiday Allowance provisions 26 134,734 131,877
Loans 21 1,690,462 1,371,076
-------------------------------- ------ ------------- -------------
Total non-current liabilities 1,870,970 1,539,103
Current liabilities
Trade payables 20 264,083 544,330
Other payables and accruals 20 451,402 758,234
Contract liabilities 20 1,205,531 951,606
Loans 20 157,114 372,934
------------- -------------
Total current liabilities 2,078,130 2,627,104
Total liabilities 3,949,100 4,166,207
-------------------------------- ------ ------------- -------------
Total equity and liabilities 4,290,218 3,408,832
-------------------------------- ------ ------------- -------------
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2022
31 December 31 December
2022 2021
EUR EUR
Note
Assets
Non-current assets
Investments in subsidiaries 13 - -
Total non-current assets - -
------------------------------- ----- ------------- -------------
Current assets
Other receivables 17 21,300 12,898
Intragroup receivables 17 183,579 88,373
Cash and cash equivalents 18 960,237 4,454
Total current assets 1,165,116 105,725
------------------------------- ----- ------------- -------------
Total assets 1,165,116 105,725
------------------------------- ----- ------------- -------------
Equity
Share capital 22 834,771 675,664
Share premium 23 16,479,150 14,502,837
Merger reserve 23 658,279 658,279
Foreign exchange reserve 23 (7,746) (7,746)
Retained earnings 23 (16,977,909) (16,088,210)
Total equity 986,545 (259,176)
------------------------------- ----- ------------- -------------
Current liabilities
Trade payables 20 108,452 186,271
Other payables and accruals 20 70,119 178,630
Total liabilities 178,571 364,901
------------------------------- ----- ------------- -------------
Total equity and liabilities 1,165,116 105,725
------------------------------- ----- ------------- -------------
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARED 31 DECEMBER
2022
Year ended Year ended
31 December 31 December
2022 2021
Notes EUR EUR
Loss for the period before taxation (1,294,508) (1,378,090)
Adjustments for:
Finance expense/(income) 9 230,734 (25,520)
Amortisation 14 174,792 254,339
Depreciation 15 2,992 25,115
Received tax credit 265,510 213,362
Foreign exchange gain/(losses) 22,817 (92,348)
Share option and warrant costs 15,927 22,773
-------------------------------------- ------ ------------- -------------
(581,736) (980,369)
Movements in working capital
Changes in inventory (4,268) (58,183)
Changes in receivables 562,504 (500,363)
Changes in prepayments (13,906) (19,760)
Changes in deposits (2,596) (1,017)
Changes in trade payables (280,247) (96,569)
Changes in contract liabilities 253,926 735,700
Changes in warranty provisions 25 9,620 (2,343)
Changes in other payables and
provisions (306,832) 528,803
Cash flow from operations (363,535) (394,101)
-------------------------------------- ------ ------------- -------------
Investing activities
Payments for intangible assets 14 (297,540) (652,264)
Payments for tangible assets 15 (107,456) -
Grants received 14 121,019 408,354
-------------------------------------- ------ ------------- -------------
Cash flow from investing activities (283,977) (243,910)
-------------------------------------- ------ ------------- -------------
Financing activities
Proceeds from issue of share
capital 2,393,686 -
Costs associated with the issue
of share capital (258,266) -
Proceeds from new long-term
loans 373,055 -
Repayment of loans (372,934) (22,180)
Interest received / (paid) (124,630) 51,006
Cash flow from financing activities 2,010,911 28,826
-------------------------------------- ------ ------------- -------------
Net increase/(decrease) in cash
and cash equivalents 1,363,399 (609,185)
Exchange differences 126 23,372
Cash and cash equivalents at
the beginning of the year 40,548 626,361
-------------------------------------- ------ ------------- -------------
Cash and cash equivalents at
the end of the year 18 1,404,073 40,548
-------------------------------------- ------ ------------- -------------
COMPANY STATEMENT OF CASH FLOWS FOR THE YEARED 31 DECEMBER
2022
Year ended Year ended
31 December 31 December
Notes 2022 2021
EUR EUR
Loss for the period before taxation (889,699) (700,557)
Adjustments for:
Finance Expenses and currency losses
/ (Income) 17,313 (20,332)
Write down of investment in subsidiary 677,376 559,137
(195,010) (161,752)
Movements in working capital
Changes in receivables (8,402) (1,603)
Changes in loans to subsidiary entity (92,069) (67,728)
Changes in trade payables (77,819) 18,320
Changes in other payables and provisions (108,512) 88,850
Cash flow from operations (481,812) (123,913)
------------------------------------------- ------ ------------- -------------
Investing activities
Additional investment in subsidiary
undertaking 13 (677,376) (416,640)
Cash flow from investing activities (677,376) (416,640)
------------------------------------------- ------ ------------- -------------
Financing activities
Proceeds from issue of share capital 2,393,686 -
Cost associated with the issue of
share capital (258,266) -
Interest expenses and currency losses
during the year / (Income) (20,449) 1,760
Cash flow from financing activities 2,114,971 1,760
------------------------------------------- ------ ------------- -------------
Net Increase/(decrease) in cash
and cash equivalents 955,783 (538,793)
Cash and cash equivalents at the
beginning of the year 4,454 543,247
Cash and cash equivalents at the
end of the year 18 960,237 4,454
------------------------------------------- ------ ------------- -------------
CONSOLIDATED AND COMPANY STATEMENTS OF CHANGES IN EQUITY FOR THE
YEARED 31 DECEMBER 2022
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
EUR EUR EUR EUR EUR EUR
------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Group
At 1 January 2021 675,664 14,502,837 2,910,866 3,954 (17,651,944) 441,377
Share option and
warrant costs - - - - 22,773 22,773
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Transaction with
owners - - - - 22,773 22,773
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Loss for the year - - - - (1,129,177) (1,129,177)
Exchange
gains/(losses)
arising on
translation
of foreign
operations - - - (92,348) - (92,348)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Total
comprehensive
loss - - - (92,348) (1,129,177) (1,221,525)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
At 31 December
2021 675,664 14,502,837 2,910,866 (88,394) (18,758,348) (757,375)
New shares issued 159,107 2,234,579 - - - 2,393,686
Costs associated
with capital
raise - (258,266) - - - (258,266)
Share option and
warrant costs - - - - 15,927 15,927
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Transaction with
owners 159,107 1,976,313 - - 15,927 2,151,347
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Loss for the year - - - - (1,075,671) (1,075,671)
Exchange
gains/(losses)
arising on
translation
of foreign
operations - - - 22,817 - 22,817
Total
comprehensive
loss - - - 22,817 (1,075,671) (1,052,854)
At 31 December
2022 834,771 16,479,150 2,910,866 (65,577) (19,818,092) 341,118
Company
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
At 1 January 2021 675,664 14,502,837 658,279 (7,746) (15,387,653) 441,381
Loss for the year - - - - (700,557) (700,557)
Total
comprehensive
loss - - - - (700,557) (700,557)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
At 31 December
2021 675,664 14,502,837 658,279 (7,746) (16,088,210) (259,176)
New shares issued 159,107 2,234,579 - - - 2,393,686
Costs associated
with capital
raise - (258,266) - - - (258,266)
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Transaction with
owners 159,107 1,976,313 - - - 2,135,420
------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ --------------------------------------------
Loss for the year - - - - (889,699) (889,699)
Total
comprehensive
loss - - - - (889,699) (889,699)
------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------
At 31 December
2021 834,771 16,479,150 658,279 (7,746) (16,977,909) 986,545
------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER
2022
1. General information
The Company is a public limited company domiciled in the United
Kingdom and incorporated under registered number 09024532 in
England and Wales. The Company's registered office is 3 More London
Riverside, London, SE1 2AQ.
The Group was formed when the Company acquired on 29 August 2014
the entire share capital of Windar Photonics A/S, a company
registered in Denmark through the issue of Ordinary Shares.
2. Adoption of new and revised International Financial Reporting
Standards
New and amended standards adopted by the Group and Company.
Several amendments and interpretations apply for the first time
in 2022.
Effective for
Standard annual
or periods beginning
Interpretation Title on or after
IFRS 16 COVID-19-Related Rent Concessions 1 April 2021
beyond 30 June 2021. (Amendment
to IFRS 16)
IAS 37 Onerous Contracts - Cost of Fulfilling 1 January 2022
a Contract. (Amendments to IAS
37)
IAS 16 Property, Plant and Equipment: 1 January 2022
Proceeds before Intended Use. (Amendments
to IAS 16)
IFRS Annual Improvements to IFRS Standards 1 January 2022
2018-2020
IFRS 3 Reference to the Conceptual Framework. 1 January 2022
(Amendments to IFRS 3)
The above new and amended standards which apply for the first
time for these 2022 financial statements have been assessed by the
Directors and to the extent that they may be applicable, the
Directors have concluded that none of these have had a material
impact to the Group's and Company's financial statements.
Standards, amendments and interpretations issued and effective
in 2022 but not relevant
There are no IFRSs or IFRIC interpretations that are effective
and not relevant to the Group and Company's.
Standards, amendments and interpretations issued but not yet
effective in 2022
There were a number of standards and interpretations which were
in issue at 31 December 2022 but not effective for periods
commencing 1 January 2022 and have not been adopted for these
financial statements. The Directors have assessed the full impact
of these accounting changes on the Company. To the extent that they
may be applicable, the Directors have concluded that none of these
pronouncements will cause material adjustments to the Group's and
Company's financial statements. They may result in consequential
changes to the accounting policies and other note disclosures. The
new standards will not be early adopted by the Group and Company
and will be incorporated in the preparation of the Group and
Company financial statements from the effective dates noted
below.
Effective for
Standard annual
or periods beginning
Interpretation Title on or after
IAS 1 Classification of Liabilities as 1 January 2023
Current or Non-current. (Amendments
to IAS 1)
IFRS 17 IFRS 17 Insurance Contracts and 1 January 2023
amendments to IFRS 17 Insurance
Contracts.
IAS 1 Disclosure of Accounting Policies. 1 January 2023
(Amendments to IAS 1 and IFRS Practice
Statement 2)
IAS 12 Deferred Tax related to Assets 1 January 2023
and Liabilities arising from a
Single Transaction. (Amendments
to IAS 12)
IAS 8 Definition of Accounting Estimates. 1 January 2023
(Amendments to IAS 8)
IFRS 16 Amendments to IFRS 16, Lease Liability 1 January 2024
in a Sale and Leaseback.
IAS 1 Amendments to IAS 1, Non-current 1 January 2024
Liabilities with Covenants.
There are no other IFRSs or IFRIC interpretations that are not
yet effective that would be expected to have a material impact on
the Group and Company.
3. Going Concern
The consolidated financial statements have been prepared
assuming the Group will continue as a going concern. Under the
going concern assumption, an entity is anticipated to continue in
business for the foreseeable future with neither the intention nor
the necessity of liquidation, ceasing trading or seeking protection
from creditors pursuant to laws or regulations.
Based on the Group's latest trading expectations and associated
cash flow forecasts, the directors have considered the cash
requirements of the Group on which basis the board is convinced the
Company has sufficient cash flows for operations for the coming 12
months period.
However, as the Company foresee and plan for substantial growth
in both 2023 and 2024 the cash flow projections rely on the precise
execution of logistical plans within the entire supply chain.
During the period, difficulty in obtaining supplies has had an
impact on the group's ability to deliver on contracts or the Group
has experienced delays in the start of assignments, which has had
an impact on cashflows and could still impact future cashflows. It
remains difficult to assess reliably whether there will be any
further material disruption in the future which could adversely
impact the group's forecast.
The risk related to the execution of the logistical plans is not
only related to COVID-19 developments as seen in 2022 but also to
the general performance of single suppliers whereby symmetry of
deliveries to the Company has led and could still lead to over
stocking and lack of deliveries to the final customers. Management
is monitoring the supply chain developments on a daily basis,
however any deviations could have a material impact, and as such
the Board considers this risk to pose a materially uncertainty in
respect of future cash flows in the Company, which may cast
significant doubt about the Group's ability to continue as a going
concern. The financial statements do not include the adjustments
that would result if the Group was unable to continue as a going
concern.
4. Accounting policies
Basis of preparation
The consolidated financial statements comprise the consolidated
financial information of the Group as at 31 December 2022 and are
prepared under the historic cost convention, except for the
following:
-- share based payments and share option and warrant costs
The principal accounting policies adopted in the preparation of
the financial information are set out below.
The financial statements have been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively "IFRSs")
issued by the International Accounting Standards Board (IASB) as
adopted by the United Kingdom ("adopted IFRSs").
5. Revenue
Revenue from contracts with customers: Year ended
Year ended 31 December
31 December 2022 2021
EUR EUR
Sale of products and installation 1,820,762 550,558
Rendering of services 32,487 977
------------------ -------------
Revenue 1,853,249 551,535
================== =============
Revenue from contracts with customers is split of products as
follows:
Year ended Year ended
31 December 31 December
2022 2021
EUR EUR
WindEye(TM) 1,250,834 256,663
WindVision(TM) 569,928 293,895
------------- -------------
Rendering of services 32,487 977
------------- -------------
Revenue 1,853,249 551,535
============= =============
Contract liabilities of EUR1,205,531 (2021: EUR951,606) relates
to performance obligation under contracts that have not yet been
completed and are expected to be met in 2023.
6. Loss from operations
Loss from operations is stated after:
Year ended Year ended
31 December 2022 31 December
EUR 2021
EUR
Staff costs (note 11) 1,253,715 1,072,454
Expensed research and development
costs 633,451 328,582
Amortisation(1) 174,792 254,339
Depreciation 2,474 25,115
Lease payments 105,066 108,589
Other Operating Income (32,260) (32,271)
Remuneration received by the
Group's auditor or associates
of the Group's auditor:
- Audit of parent company 8,760 8,340
- Additional amounts relating
to the prior year group audit
charged during the current year - 12,774
- Audit of consolidated financial
statements
- Taxation compliance services 20,678 22,638
Other auditors: 1,128 953
- Audit of overseas subsidiaries 16,233 25,071
(1) Amortisation charges on the Group's intangible assets are
recognised in the administrative expenses line item in the
consolidated statement of comprehensive income.
Above loss specification excludes exceptional expenses in 2022
of EUR89,038 relating to solicitor and auditor costs related to the
suspension of the Company in 2022.
7. Segment information
Operation segments are reported as reported to the chief
operation decision maker.
The Group has one reportable segment being the sale of LiDAR
Wind Measurement and therefore segmental results and assets are
disclosed in the consolidated income statement and consolidated
statement of financial position.
In 2022, one customer accounted for more than 25 per cent of the
revenue (2021: two customers). The total amount of revenue from
this customer amounted to EUR752,893 or 41 per cent of the total
revenue (2021: EUR302,199 or 55 per cent of the revenue)
Revenue by geographical location of customer:
Year ended Year ended
31 December 31 December
2022 2021
EUR EUR
Europe 18,737 7,519
Americas 870,817 -
China 899,573 544,016
Asia (excluding China) 64,122 -
Revenue 1,853,249 551,535
------------------------ ------------- -------------
Geographical information
The parent company is based in the United Kingdom. The
information for the geographical area of non-current assets is
presented for the most significant area where the Group has
operations being Denmark.
As at 31 December As at 31
2022 December 2021
EUR EUR
Denmark 1,327,449 1,216,037
---------- ------------------ ---------------
Non-current assets for this purpose consist of property, plant
and equipment and intangible assets.
8. Directors and employees
2022 2021
Average Year end Average Year end
Number of employees
excluding directors
Sales and Services 4 4 7 5
Research and development 12 11 11 13
Production 5 5 4 4
Administration 3 3 3 3
-------- --------- -------- ---------
24 23 25 25
======== ========= ======== =========
Group 2022 2021
EUR EUR
Staff costs
Wages and salaries 1,114,985 971,863
Social security costs 122,803 77,818
---------- ----------
1,237,788 1,049,681
Warrant and Option
costs 15,927 22,773
---------- ----------
1,253,715 1,072,454
========== ==========
Company 2022 2021
EUR EUR
Staff costs
Wages and fees 41,850 13,450
41,850 13,450
========== ==========
The Company has 4 employees (2021: 3), all being the Directors
of the Company.
Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the
activities of Group, and are considered to be directors of the
company.
The value of all elements of remuneration received by key
management in the year was as follows:
Wages Fair value Pension Total
and salaries of warrant contributions
and fees costs
EUR EUR EUR EUR
Year ended 31 December
2022
Directors 41,850 - - 41,850
============== ============ =============== =======
Year ended 31 December
2021
Directors 13,450 - - 13,450
============== ============ =============== =======
9. Finance income/(expense)
Year Year
ended ended
31 December 31 December
2022 2021
EUR EUR
Foreign exchange gains/(losses) (82,086) 143,019
Interest expense on financial
liabilities measured at amortised
cost (148,648) (117,499)
Finance income/(expense) (230,734) 25,520
-------------------------------------- -------------- --------------
10. Income tax
Year ended Year ended
31 December 31 December
2022 2021
EUR EUR
The tax credit for the year:
(a)
UK Corporation tax - -
Foreign Research and Development tax
credit (218,837) (248,913)
------------- -------------
Tax reconciliation
(b)
Loss on ordinary activities before
tax (1,294,508) (1,378,090)
============= =============
Loss on ordinary activities at the
UK standard rate of corporation tax
19% (2021: 19%) (245,956) (261,837)
Effects of:
Expenses non-deductible for tax purposes 8,838 46,061
Research and Development tax allowance (56,699) (74,679)
Adjustment to not recognized deferred
taxes in previous periods (33,979) 23,583
Unrecognised tax losses 137,165 118,873
Different tax rates applied in overseas
jurisdictions (55,918) (47,098)
Exchange rate differences 27,712 (53,816)
Research and Development Tax credit
for the year (218,837) (248,913)
------------------------------------------------- ------------- -------------
The tax credit is recognised as 22 per cent. (2021: 22 per cent)
of the company's deficit that relates to research and development
costs. Companies in Denmark, who conduct research and development
and accordingly experience deficits can apply to the Danish tax
authorities for a payment equal to 22 per cent. (2021; 22 per cent)
of deficits relating to research and development costs up to DKK 25
million.
(a ) Deferred tax - Group
In view of the tax losses carried forward and other timing
differences there is a deferred tax asset of approximately
EUR3,085,177 (2021: EUR2,948,012) which has not been recognised in
these Financial Statements, given uncertainty around timing and
availability of sufficient taxable profits in the relevant
Company.
(b) Deferred tax - Company
In view of the tax losses carried forward and other differences
there is a deferred tax asset of approximately EUR409,952 (2021:
EUR389,814) which has not been recognised in these Financial
Statements, given uncertainty around timing and availability of
future profit against which the losses will be able to be used.
All taxes recognized in the statement of Comprehensive income
are denominated in DKK.
11. Loss per share
The loss and weighted average number of ordinary shares used in
the calculation of basic loss per share are as follows:
Year ended Year ended
31 December 31 December
2022 2021
EUR EUR
Loss for the year (1,075,671) (1,129,177)
------------- -------------
Weighted average number of ordinary
shares for the purpose of basic earnings
per share 55,963,110 54,595,522
Basic loss and diluted, cents per
share (1.9) (2.1)
------------- -------------
There is no dilutive effect of the outstanding share options
(note 25) as the dilution would reduce the loss per share.
12. Dividends
No dividends were proposed by the Group during the period under
review (2021: EURNil).
13. Investment in Subsidiaries
Company EUR
At 1 January 2022 -
Capital subscriptions in the year 5,376
Capital contribution in the year 672,000
Write down investment in subsidiary (677,376)
-----------
As at 31 December 2022 -
-----------
The subsidiaries of Windar Photonics Plc are as follows:
Name Country Ownership Registered Office Nature of business
of incorporation
Windar Denmark Denmark 100% Helgeshoej Allé Holding company
ApS 16-18
DK-2630 Taastrup
Windar Photonics Denmark 100% Helgeshoej Allé Develop and commercialise
A/S indirect 16-18 wind turbine technology
DK-2630 Taastrup,
Windar Photonics China 100% Room 403-03, Building Commercialise
(Shanghai) indirect #2 No. 38 Debao wind turbine technology
Co. Ltd. Road, Pudong,
Shanghai
During the year the Company established Windar Denmark ApS and
owns 100 per cent. of the issued share capital of Windar Denmark
ApS (comprising shares of DKK 40,000 of 1 DKK each) with CVR number
43615947.
In November 2022 the Company transferred all outstanding shares
in Windar Photonics A/S (CVR number 32157688) to Windar Denmark
ApS. Following the transaction, the existing share capital in
Windar Photonics A/S of DKK 9,380,392 (comprising A Shares of DKK
5,737,800 of 1 DKK each and B Shares of DKK 3,642,592 of 1 DKK
each) were reduced to DKK 400,000 without any difference in share
classes.
Windar Photonics A/S was incorporated on 28 December 2008 in
Denmark and acquired by the Company in August 2014.
During the year the Company invested funds received from the
share placing into subsidiaries, and a total transfer of funds of
EUR769,445 was made during the year. A further capital contribution
of EUR672,000 was made to Windar Denmark ApS during the year.
Windar Photonics A/S owns 100 per cent. of the issued common
stock of Windar Photonics (Shanghai) Co.Ltd. Windar Photonics
(Shanghai) Co. Ltd. was incorporated on 18 May 2016 in China with a
registered capital of USD 200,000 of which USD 200,000 is paid in
as per 31 December 2022.
14. Intangible assets
Development
projects
Group EUR
Cost
---------------------------------- ------------
At 1 January 2021 3,774,766
------------------------------------ ------------
Additions 652,264
Grants received (408,354)
Exchange differences 1,437
At 31 December 2021 4,020,113
------------------------------------ ------------
Additions - internally developed 297,540
Grants received (121,019)
Exchange differences 74
------------------------------------ ------------
At 31 December 2022 4,196,708
Development
projects
EUR
Accumulated amortisation
At 1 January 2021 2,569,523
------------------------------------ ------------
Charge for the year 254,339
Exchange differences 984
------------------------------------ ------------
At 31 December 2021 2,824,846
------------------------------------ ------------
Charge for the year 174,792
Exchange differences 74
------------------------------------ ------------
At 31 December 2022 2,999,712
------------------------------------ ------------
Net carrying value
--------------------------------------------------
At 1 January 2021 1,205,243
------------------------------------ ------------
At 31 December 2021 1,195,267
------------------------------------ ------------
At 31 December 2022 1,196,996
------------------------------------ ------------
The Group has received public Research and Development Grants of
EUR121,019 (2021: EUR408,354) in respect of the capitalised
research and development. At the end of the year 2 development
projects are ongoing which are supported by public Research and
Development Grants and outstanding grants which can be claimed in
the coming two years amount to EUR209,754 (2021: EUR402,893) which
could be claimed in the following 2 years).
The development projects relate to the development of improved
performance and functionality of the Company's product offerings.
Measurement of the development projects are based on expected
contributions to forward looking business plans and budgets.
15. Property, plant & equipment
Plant and
equipment
Group EUR
Cost
-----------------------------------------
At 1 January 2021 226,909
---------------------------- -----------
Additions -
Disposed -
Exchange differences 1,313
At 31 December 2021 228,222
Additions 107,456
Disposed -
Exchange differences 45
---------------------------- -----------
At 31 December 2022 335,723
---------------------------- -----------
Accumulated depreciation
At 1 January 2021 199,211
---------------------------- -----------
Charge for the year 25,111
Disposed -
Exchange differences 1,477
At 31 December 2021 225,799
Charge for the year 2,992
Disposed -
Exchange differences (51)
---------------------------- -----------
At 31 December 2022 228,740
---------------------------- -----------
16. Inventory
Net carrying value
-------------------------- -----------
At 1 January 2021 27,698
---------------------------- -----------
At 1 January 2022 2,423
---------------------------- -----------
At 31 December 2022 106,983
---------------------------- -----------
Group
As at As at
31 December 31 December
2022 2021
EUR EUR
Raw material 382,027 363,216
Work in progress 294,852 46,879
Finished goods 22,357 284,874
------------------ ------------- -------------
Inventory 699,236 694,969
------------------ ------------- -------------
The cost of inventory sold and recognised as an expense during
the year was EUR897,017 (2021: EUR107,679)
17. Trade and other receivables
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
EUR EUR EUR EUR
Trade receivables 389,652 1,865,023 - -
----------------------------------- ------------- ------------- ------------- -------------
Less; provision for impairment - (873,289) - -
of trade receivables
Trade receivables - net 389,652 991,734 - -
Receivables from related
parties - - 183,579 88,373
----------------------------------- ------------- ------------- ------------- -------------
Total financial assets other
than cash and cash equivalents
classified at amortised costs 389,652 991,734 183,579 88,373
----------------------------------- ------------- ------------- ------------- -------------
Tax receivables 218,928 265,620 - -
Other receivables 197,496 157,919 21,300 12,898
Total other receivables 416,424 423,539 21,300 12,898
Total trade and other receivables 806,076 1,415,273 204,879 12,898
----------------------------------- ------------- ------------- ------------- -------------
Classified as follows:
Current Portion 806,076 1,415,273 204,879 101,271
----------------------------------- ------------- ------------- ------------- -------------
The carrying value of trade and other receivables classified at
amortised cost approximates fair valu e.
More than More than More than Total
30 days 60 days 120 days
past due past due past due
EUR EUR EUR EUR
Gross carrying amount - 800 75,749 76,549
Loss provision - - - -
----------------------- ----------- ---------- ---------- -------
Net carrying amount - 800 75,749 76,549
----------------------- ----------- ---------- ---------- -------
There is no material difference between the net book value and
the fair values of trade and other receivables due to their
short-term nature.
Other classes of financial assets included within trade and
other receivables do not contain impaired assets.
The Group is committed to underwrite any of the debts
transferred and therefore continues to recognise the debts sold
within trade receivables until the debtors repay or default. Since
the trade receivables continue to be recognised, the business model
of the Group is not affected. The proceeds from transferring the
debts of are included in other financial liabilities until the
debts are collected or the Group makes good any losses incurred by
the service provider.
18. Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash
equivalents comprise the following balances with original maturity
less than 90 days:
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
EUR EUR EUR EUR
------------- ------------- ------------- -------------
Cash at bank 1,404,073 40,548 960,237 4,454
------------- ------------- ------------- -------------
19. Notes supporting statement of cash flows
Non-current Current
loans and loans and Total
borrowings borrowings EUR
EUR EUR
As at 1 January 2021 1,719,825 22,173 1,741,998
Repayment of loans - (22,180) (22,180)
Accrued interests on non-current
loans 23,538 - 23,538
Loans and borrowings classified
as non-current in previous period
becoming current in this period (372,934) 372,934 -
Foreign exchange rate differences 647 7 654
As at 31 December 2021 1,371,076 372,934 1,744,010
Repayment of loans - (93,686) (93,686)
Loans and borrowings classified
as non-current in previous period
becoming current in this period (157,114) 157,114 -
Accrued interests on non-current
loans 103,247 - 103,247
Loans and borrowings classified - - -
as current in previous period becoming
non-current in this period
New long-term borrowings in the
period 373,055 (279,248) 93,807
Foreign exchange rate differences 198 - 198
----------------------------------------- ------------ ------------ ----------
As at 31 December 2022 1,690,462 157,114 1,847,576
----------------------------------------- ------------ ------------ ----------
The Company does not have any long- or short-term loans or
borrowings.
20. Trade and other payables
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
EUR EUR EUR EUR
Trade payables 264,083 544,330 108,452 186,271
Other payables and accruals 410,600 615,932 29,317 36,328
Payables to Directors 40,802 142,302 40,802 142,302
Current portion of Growth
Fund and Covid-19 loans 157,114 372,934 - -
Total financial liabilities,
excluding 'non-current' loans 1,675,498
and borrowings classified 872,599 178,571 364,901
as financial liabilities
measured
at amortised cost
------------------------------ ------------- ----------------------------------------- ------------- -------------
Contract liabilities 1,205,531 951,606 - -
------------------------------ ------------- ----------------------------------------- ------------- -------------
Total trade and other
payables 2,078,130 2,627,104 178,571 364,901
------------------------------ ------------- ----------------------------------------- ------------- -------------
Classified as follows:
Current Portion 2,078,130 2,627,104 178,571 364,901
------------------------------ ------------- ----------------------------------------- ------------- -------------
There is no material difference between the net book value and
the fair values of current trade and other payables due to their
short-term nature.
21. Borrowings
The carrying value and fair value of the Group's borrowings are
as follows:
Group
Carrying and Fair value
As at 31 As at 31 December
December 2021
2022 EUR
Loans EUR
Growth Fund and COVID-19 loans 1,847,576 1,744,010
Current portion of Growth Fund and
COVID-19 loans (157,114) (372,934)
Total non-current financial liabilities
measured at amortised costs 1,690,462 1,371,076
----------------------------------------- ------------ ------------------
The Growth Fund borrowing from the Danish public institution,
Vækstfonden, initially bore interest at a fixed annual rate of 12
per cent with a full bullet repayment in June 2020. As announced in
2020 terms for the borrowing was renewed during the year whereafter
the interest rate was reduced to 7 percent p.a. and the loan to be
repaid in quarterly instalments over the period from 1 January,
2022 until 1 October, 2026. The loan agreement was further amended
in 2022 whereby interests payable until September 2022 were further
accrued to the loan principal hereafter the loan principal to be
repaid in quarterly instalments over the period from 1 October 2023
until 1 July 2027. In November 2022 the loan was transferred to
Windar Denmark ApS.
A new Covid-19 loan was further obtained during 2020 from
Vækstfonden which carries an interest rate of CIBOR plus 5 percent
p.a. and to be repaid in quarterly instalments over the period from
1 October 2021 until 1 October 2026.
In 2020 relation with the changes to the existing Growth Fund
borrowing and the new offered loan, the lender now has security of
the assets of Windar Photonics A/S, subsidiary undertaking, to an
amount of DKK12.6m. In relation to the additional Covid-19 loan the
following terms and conditions are in place:
-- There is an early exit fee set at a maximum DKK600k
-- No dividends or corporate bond interest will be paid. D
ividend distributions from Windar Photonics A/S to Windar Photonics
PLC has been restricted until full repayment of the borrowing to
the Growth Fund.
-- No payment of inter-company debts from Windar Photonics A/S.
Windar Photonics PLC has entered into an agreement to resign from
repayments of any outstanding amounts owned by Windar Photonics A/S
to Windar Photonics PLC until full repayment of the borrowing to
the Growth Fund.
-- The loan is secured up to a value of DKK12.6M on certain
assets of Windar Photonics A/S, subsidiary undertaking.
Both loans are denominated in Danish Kroner.
The Company had no borrowings.
22. Share capital
Authorised EUR Authorised EUR
2022 2022 2021 2021
Shares at beginning
of reporting period 54,595,524 675,664 54,595,524 675,664
------------------------------- ------------ --------- ------------ ---------
Issue of share capital 13,765,920 159,107 - -
------------------------------- ------------ --------- ------------ ---------
Shares at end of reporting
period 68,361,444 834,771 54,595,524 675,664
------------------------------- ------------ --------- ------------ ---------
Number of Number
shares issued of shares
and fully issued and
paid EUR fully paid EUR
2022 2022 2021 2021
Shares at 1 January
2021 54,595,524 675,664 54,595,524 675,664
-------------------------- --------------- --------- ------------ ---------
Issue of shares for cash 13,765,920 159,107 - -
Shares at 31 December
2022 68,361,444 834,771 54,595,524 675,664
-------------------------- --------------- --------- ------------ ---------
At 31 December 2022 the share capital comprises 68,361,444
shares of 1 pence each.
On 25 and 29 November 2022 the company issued 13,640,920
ordinary shares of 1 pence each for a cash consideration at GBP0.15
per share. On 30 December 2022 the company issued 125,000 ordinary
shares of 1 pence each for cash contribution at GBP0.20 per
share.
Share options
Share options are granted to employees.
During the year a total of 10,833 share options lapsed, and no
new share options were granted during the year.
Share options issued in 2017, 2019 and 2021 are valued using the
Black-Scholes pricing model and no performance conditions are
included in the fair value calculations. The options were issued at
a strike price of 100p in respect of share options granted in 2017
and 2019 and a strike price of 40p for options granted in 2021. All
share options granted with a third vesting on each anniversary for
the first three years whereafter the options have a 10-year life.
The price of the share at the time of issue used equals the actual
market price of the share at issue. The risk-free rate was 1.15%.
The expected volatility is based on historical volatility of the
AIM market over the last two years and is estimated to be 40%.
The average share price during the year was 12.67 pence (2021:
21.14 pence). At the year end the Company had the following options
outstanding:
Number of options
------------------------------------------
At 31 Granted Lapsed At 31 Exercise Exercise
December December price date
2021 2022 (GBP pence)
16/11/18 to
Options 1,032,500 - (10,833) 1,021,667 72.40 01/04/35
---------- -------- --------- ----------
1,032,500 - (10,833) 1,021,667
---------- -------- --------- ----------
The number of share options exercisable at 31 December 2022 are
803,287 (2021: 589,583).
The weighted average remaining contractual life for the share
options outstanding as at 31 December 2022 is 8.92 years (2021:
10.37 years).
23. Reserves
The following describes the nature and purpose of each reserve
within equity
Reserve Description and purpose
Share premium Amount subscribed for share capital
in excess of nominal value.
Merger reserve - Group Represents the difference between
the consideration paid for the
acquisition of Windar Photonics
A/S by the Company and the net
book value of the assets and
liabilities acquired.
Merger reserve - Company Represents the difference between
the fair value and the nominal
value of the shares issued for
the acquisition of Windar Photonics
A/S.
Foreign currency reserve Gains and losses on the retranslating
the net assets from the functional
currencies to the reporting currency
of EUR.
Retained earnings All other net gains and losses
and transactions with owners
(e.g. dividends) not recognised
elsewhere.
24. Short term leases
The Company has no leasing commitments with maturity longer than
6 months.
25. Warranty provision
2022 2021
EUR EUR
Provision at the beginning
of reporting period 36,150 38,493
Provision charged to the profit
and loss account 9,620 (2,358)
Utilised in year - -
Foreign exchange rate movements 4 15
------- --------
45,774 36,150
------- --------
The Group typically provides a two-year warranty period to
customers on products sold. Warranty expenses/(income) charged to
the Statement of Comprehensive Income amounted to EUR9,620 (2021:
(EUR2,358)) corresponding to a warranty cost percentage of Nil %
(2021: Nil%) relative to the prior two years revenue. However, d ue
to the early business stage of the Group and the uncertainty
following this the Group has adopted a policy to accrue a 4%
provision based on the prior two years deliveries calculated with
the cost of goods sold at the end of the period.
26. Holiday allowance provision
2022 2021
EUR EUR
Provision at the beginning
of reporting period 131,877 129,879
Increase holiday allowance - -
provision in year
Accrued interest 2,857 1,949
Foreign exchange rate movements - 49
-------- --------
134,734 131,877
-------- --------
27. Related Party Transactions
Jørgen Korsgaard Jensen and Johan Blach Petersen are directors
and shareholders of Wavetouch Denmark A/S (Wavetouch) and OPDI
Technologies A/S (OPDI). Wavetouch has during the year rented
office space from Windar Photonics A/S, the amount payable during
the year to Windar was EUR32,261 (2021: EUR32,273). At the end of
the year receivable amounts were outstanding from Wavetouch
EUR81,628 (2021: EUR(193,173)). At the end of the year there were
amounts outstanding to Jorgen Korsgaard Jensen EUR416 (2021:
EUR77,280), Johan Blach Petersen EUR6,850 (2021: EUR 65,022) and
Søren Høffer EUR33,536 (2021: EUR33,536). During the year Jorgen
Korsgaard Jensen issued a loan to the company of EUR51,183 and
subscribed new shares in the Company for an amount of EUR115,600.
During the year Johan Blach Petersen subscribed new shares in the
Company for an amount of EUR71,672. Further Pasinika Limited a
significant shareholder in the Company, received a fee from the
Company of EUR4,000.
Intercompany transactions
At 31 December 2022 there exist an intercompany loan between
Windar Photonics PLC and its directly or indirectly held
subsidiaries Windar Denmark ApS and Windar Photonics A/S.
Windar Photonics PLC has a receivable at EUR183,579 (2021:
EUR 88,373 ) and interest added during 2022 amounts to
EUR3,136 (2021: EUR11,054) with Windar Photonics A/S and
Windar Denmark ApS.
The interest rate for 2022 is Bank of England base rate
+ 2.5% p.a. (2021: Base rate + 2.5% p.a.).
28. Controlling Parties
There is no ultimate controlling party of the Company.
29 Post balance sheet events and outstanding lawsuits
No material events have happened post balance sheet date and no
outstanding lawsuits are ongoing at the end of the year or post
balance sheet date.
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END
FR UUUARORUNAUR
(END) Dow Jones Newswires
June 13, 2023 02:00 ET (06:00 GMT)
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