Hi Everyone,
I have had a brief look at the Financial Report. Some things that were of interest to me I have outlined below. The report is in USD. Note the page numbers I have referenced below are the page numbers in the PDF file, and not the page numbers on the report, as they don't all follow through, due to Auditors statements included and not numbered, and title pages.
Profit & Loss:
As stated in the Director' report page 5:
"Revenues for the year (Fluence since January 1, RWL since 14 July) - 33.1 million
Net loss for the year (Fluence since January 1, RWL since 14 July) - 23.6 million"
So they spent 56.7 million.
If you look at the proforma amounts, which includes RWL from January 1, also on page 5:
"Revenues for the year on a proforma basis as if the acquisition occurred at the beginning of the year - 58 million
Net loss for the year on a proforma basis as if the acquisition occurred at the beginning of the year - 29.2 million"
So if a combined entity from January 1, it would have spent 87.2 million.
Another way to look at it is RWL on its own earned revenue till July 14 - 24.9 million and spent 30.5 million.
The audited report on Profit & Loss on page 48, reports the final Net Loss as 24.3 million. The cost of sales is naturally higher and a large cost, as in the development stage of production. The other large item of General & Admin expenses will hopefully remain at its current level even when sales increase over time, otherwise not really sustainable even at this level, for many reasons.
RWL Acquisition:
For the Net Identifiable Assets in detail, refer to page 69:
EMC issued 100,500,000 shares for 0.655 USD per share for at total of 65.828 million USD valuation based on the provisional fair value of the assets..
Net Assets acquired: 9.535 million plus Goodwill of 56.293 million, to total 65.828 million.
'Cash and cash equivalents' as shown in the net identifiable assets of 50.583 million is shown as received in the statement of cash flows on page 51, and I am assuming that the 'Trade and other payables' of 51.605 million has been reflected in most part in the statement of cash flows as well.
I note that in the Net Identifiable Assets, the 'Deferred Revenues' of 36.831 million is reflected in the Balance Sheet on page 49, as the note on the item says that that most of the balance sheet amount is from a transaction in 2015. The funds have been received, however, the job is yet to be completed and might go out to 2019, according to the notes, so not yet booked to P&L.
There is also a provision for an 'Onerous Contract' in the Balance Sheet under 'Provisions' for the same contract, of 23.656 million, to offset expenses incurred. I am assuming that these expenses have been expensed to date as a provision in the P&L, without the revenue being recognised. I may have that wrong, but I am not sure where the other side of the provision could go?
'Cash and cash equivalents' at 75.153 million 3 months ago is very healthy, considering the 'Trade & other payables" amount outstanding, and it would appear very little other liabilities, besides the question of what happens to the Deferred Revenue.
I have extracted the above, as I was interested in the figures, and it is a long report to read. As I said above, just a brief read of the report so far.
I skipped the 30 odd pages of the Remuneration Report, as that will take some time to get my head around.
Some of you maybe interested, however, I haven't made any comment, and just thought a summary of what I consider some important financial aspects when assessing a company's performance.
I am probably old fashioned, as certain financial information is key to me in assessing the reality of whether the business is performing or not.
cheers
gsmaree
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- Ann: Audited Financial Report 31 December 2017
Ann: Audited Financial Report 31 December 2017, page-4
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