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VINYL GROUP LTD Regulatory Filings 2010
66014_rns_2010-09-15_c056f018-ea4f-421a-8659-f3f9eda21c25.pdf
Regulatory Filings
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15th September 2010
Australian Stock Exchange ASX Compliance Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000
To whom it may concern:
Re: Item 2.2.13 - Preliminary Final Report in the form of an Appendix 4E for the period ended 30 June 2010
The Company has included its Appendix 4E for the period ended 30 June 2010 with this letter.
Lindsay Lyon Chief Executive Officer Mobilarm Limited
APPENDIX 4E
Full Year Report 30 June 2010
MOBILARM LIMITED
ACN 106 513 580
Results for announcement to the market
| June 2010 | June 2009 | ||
|---|---|---|---|
| Financial Results | Movement | ||
| Revenue from ordinary activities | 669% | 530,704 | 69,039 |
| Profit/(loss) from ordinary activities after tax attributable to members |
(44%) | (6, 132, 706) | (4, 264, 851) |
| Net profit/(loss) for the period attributable to members | (44%) | (6, 132, 706) | (4, 264, 851) |
| Dividends | Amount per Ordinary Security |
Franked amount per security |
|---|---|---|
| 2010 dividend | Nil | |
| 2009 dividend | Nil |
| Record date for determining entitlements to interim dividends | N// |
|---|---|
| Net Tangible Asset/(Liability) Backing | June 2010 | June 2009 |
|---|---|---|
| Net tangible asset/(liability) backing per ordinary security | SO.01 | (\$0.03)* |
*The calculation has been adjusted to reflect the share consolidation that occurred during the period.
MOBILARM LIMITED PRELIMINARY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010
| Mobilarm Limited | ||
|---|---|---|
| 2010 | 2009 | |
| \$ | \$ | |
| Revenue | ||
| Sale of goods | 530,704 | 69,039 |
| Interest | 13,642 | 16,601 |
| Rental income | 66,556 | 63,836 |
| 610,902 | 149,476 | |
| Other income | 4,108 | 42,981 |
| Changes in inventories of finished goods and work in progress | (251, 497) | (76, 302) |
| Raw materials and consumables purchased | (8, 143) | (30, 206) |
| Employee benefits | (2, 264, 724) | (1,777,781) |
| Share based compensation expense | (1,363,888) | |
| Depreciation and amortisation | (415, 562) | (431,784) |
| Advertising | (114, 340) | (129, 605) |
| Audit and tax | (106,900) | (45,000) |
| Accountancy | (46, 498) | (95, 469) |
| Freight and cartage | (16, 768) | (20, 716) |
| External consultants and contractors | (608, 178) | (604, 438) |
| Rental | (207, 426) | (197,009) |
| Travel and accommodation | (261,001) | (230,078) |
| Allowance for doubtful debts | (10, 659) | (19, 188) |
| Payroll tax | (56, 151) | (55, 191) |
| Legal fees | (385, 010) | (72, 343) |
| Telephone and internet charges | (31, 594) | (27, 820) |
| Insurance | (67, 661) | (29, 915) |
| Printing, postage and stationery | (39, 784) | (9, 168) |
| Motor vehicles | (651) | (2,924) |
| Finance costs | (198, 550) | (192, 965) |
| Foreign exchange (loss)/gain | 69,534 | (196, 189) |
| Writedown of available-for-sale investments | (169, 945) | |
| Writedown of capitalised R&D costs | (59, 511) | |
| Variation of convertible note terms | (298, 179) | |
| Other expenses | (437, 566) | (340, 861) |
| Loss before income tax | (6, 565, 697) | (4, 562, 440) |
| Income tax benefit | 357,676 | 297,589 |
| Loss after income tax from continuing operations | (6,208,022) | (4, 264, 851) |
| Other comprehensive income | ||
| Changes in value of available-for-sale investments, net of tax | (94, 553) | |
| Total comprehensive loss for the period | (6, 208, 022) | (4,359,404) |
$\overline{\top}$
| Basic earnings per share (cents per share) | (50.05) | (50.02) |
|---|---|---|
| Diluted earnings per share (cents per share) | (50.05) | (50.02) |
$\top$
MOBILARM LIMITED PRELIMINARY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010
| 2010 | 2009 | |
|---|---|---|
| CURRENT ASSETS | \$ | \$ |
| Cash assets | 106,411 | 104,263 |
| IPO proceeds received through 30 June | 1,024,400 | |
| Trade and other receivables | 530,776 | 301,254 |
| Inventories | 34,049 | 97,014 |
| Prepayments | 52,485 | 18,563 |
| TOTAL CURRENT ASSETS | 1,748,121 | 521,094 |
| NON-CURRENT ASSETS | ||
| Plant and equipment | 81,997 | 135,691 |
| Intangible assets | 716,239 | 429,838 |
| TOTAL NON-CURRENT ASSETS | 798,236 | 565,529 |
| TOTAL ASSETS | 2,546,357 | 1,086,623 |
| CURRENT LIABILITIES | ||
| Trade and other payables | 576,287 | 490,226 |
| Other payable - shares to be issued | 1,024,400 | |
| Interest bearing loans and borrowings | 3,501 | 2,657,323 |
| Provisions | 217,469 | 133,661 |
| TOTAL CURRENT LIABILITIES | 1,821,657 | 3,281,210 |
| NON-CURRENT LIABILITIES | ||
| Provisions | 33,741 | 14,102 |
| Interest Bearing loans and borrowings | 5,580 | 7,594 |
| Deferred tax liability | 32,991 | |
| TOTAL NON-CURRENT LIABILITIES | 39,321 | 54,687 |
| TOTAL LIABILITIES | 1,860,978 | 3,335,897 |
| NET ASSETS/(LIABILITIES) | 685,379 | (2, 249, 274) |
| EQUITY | ||
| Contributed equity | 18,488,563 | 9,192,597 |
| Accumulated Losses | (17,803,184) | (11,595,162) |
| Reserves | 153,291 | |
| TOTAL EQUITY/(SHAREHOLDER DEFICIT) | 685,379 | (2, 249, 274) |
Mobilarm Limited
Τ
$\hat{\mathcal{A}}$
MOBILARM LIMITED PRELIMINARY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2010
| Available | Convertible | ||||
|---|---|---|---|---|---|
| Issued | Accumulated | for-Sale | Note | ||
| Capital | Losses | Reserve | Reserve | Total Equity | |
| \$ | \$ | \$ | \$ | Ş | |
| At 1 July 2008 | 8,219,919 | (7,330,311) | 94,553 | 984,161 | |
| Net loss for the year | (4, 264, 851) | (4, 264, 851) | |||
| Other comprehensive income |
(94, 553) | (94, 553) | |||
| Total comprehensive loss for the period |
(4, 264, 851) | (94, 553) | (4,359,404) | ||
| Transactions with owners their capacity in. as owners |
|||||
| Issue of equity | 972,678 | 972,678 | |||
| Equity component оf convertible notes, net of tax |
153,291 | 153,291 | |||
| As at 30 June 2009 | 9,192,597 | (11,595,162) | 153,291 | (2, 249, 274) | |
| Net loss for the period | (6, 208, 022) | (6,208,022) | |||
| Other comprehensive income |
|||||
| Total comprehensive loss for the period |
(6, 208, 022) | (6,208,022) | |||
| Transactions with owners their capacity as owners |
|||||
| Issue of equity | 3,503,827 | 3,503,827 | |||
| Issuance of Shares in lieu of director fees payable |
80,657 | 80,657 | |||
| Share based payments - Ordinary Shares |
170,333 | 170,333 | |||
| Share based payments - Performance Shares |
1,205,555 | 1,205,555 | |||
| Conversion of convertible notes |
4,335,594 | (153, 291) | 4,182,303 | ||
| As at 30 June 2010 | 18,488,563 | (17,803,184) | 685,379 | ||
$\top$
MOBILARM LIMITED PRELIMINARY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2010
| 2010 | 2009 | |
|---|---|---|
| CASH FLOWS FROM | ||
| OPERATING ACTIVITIES | \$ | \$ |
| Receipts from customers | 257,100 | 134,389 |
| Export market development grant | 401,276 | |
| Payments to suppliers and employees | (4, 298, 963) | (3,922,718) |
| Interest received | 13,642 | 16,601 |
| Payment for research & development | (680, 496) | (817, 493) |
| Rental income & recoveries | 66,556 | 70,831 |
| Interest and other borrowing costs paid | (198, 550) | (192, 961) |
| R&D tax rebate | 288,098 | 288,864 |
| NET CASH FLOWS USED IN OPERATING ACTIVITIES | (4,552,613) | (4,021,211) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Payments for plant and equipment | (21,042) | (56, 355) |
| Purchase of intangible assets | (5,808) | (11, 112) |
| NET CASH FLOWS USED IN INVESTING ACTIVITIES | (26, 850) | (67, 467) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from / (Repayment of) borrowings - related parties | 266,667 | 430,000 |
| Lease and hire purchase repayments | (39, 556) | (140, 402) |
| Proceeds from return of deposit on equipment lease | 193,023 | |
| Proceeds from issue of convertible notes | 808,000 | 1,958,160 |
| Proceeds from share issue | 3,546,500 | 972,678 |
| NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 4,581,611 | 3,413,459 |
| NET INCREASE/(DECREASE) IN CASH HELD | 2,148 | (675, 219) |
| CASH AT THE BEGINNING OF THE FINANCIAL YEAR | 104,263 | 779,482 |
| CASH AT THE END OF THE FINANCIAL YEAR | 106,411 | 104,263 |
Τ
| June 2010 Number |
June 2009 Number |
||
|---|---|---|---|
| EARNINGS PER SHARE | Post | Pre | |
| Weighted average number of ordinary shares |
Consolidation* | Consolidation* | |
| outstanding during the year used in the calculation of basic earnings per share |
116,899,114 | 73,872,925 | 221,618,776 |
| Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted earnings per share |
116.899.114 | 73.872.925 | 221,618,776 |
| Basic earnings per share (cents per share) | (50.05) | (\$0.06) | (50.02) |
| Dilluted earnings per share (cents per share) | (50.05) | (\$0.06) | (50.02) |
*The Company consolidated its capital on a 1 for 3 basis in accordance with a shareholder resolution dated 28 August 2009.
EVENTS AFTER BALANCE SHEET DATE
The Company entered into a \$5,000,000 equity drawdown facility that can be used by the Company to secure additional funds once the Company is listed on the ASX.
As a consequence of the signing of the equity drawdown, the Company filed a supplementary prospectus on the 14th of July, extending its IPO offer to the $14^{th}$ of August. The Company completed its offer with proceeds of \$2,383,400.
Other than the transactions listed above, the Directors are not aware of any matter or circumstance that has significantly or may significantly affect the operations of the company or the results of those operations, or the state of affairs of the company in subsequent financial years.
$\mathbf{I}$
ISSUED CAPITAL
| June 2010 | June 2009 | |||
|---|---|---|---|---|
| \$ | \$ | |||
| Ordinary shares | 17,283,008 | 9,192,597 | ||
| Performance shares | 1,205,556 | |||
| Contributed equity | 18,488,564 | 9,192,597 | ||
| Ordinary Shares | June 2010 | June 2009 | ||
| Movement in ordinary shares on issue | Number | \$ | Number | \$ |
| Balance at beginning of period | 88,141,799 | 9,192,597 | 70,391,799 | 8,219,919 |
| Issuance of equity | 17,641,568 | 3,503,827 | 17,750,000 | 972,678 |
| Issuance of Shares in lieu of director fees payable | 537,712 | 80,657 | ||
| Share based payments - Ordinary Shares | 871,666 | 170,333 | ||
| Conversion of Convertible Notes | 26,915,999 | 4,335,594 | ||
| Balance at end of the period | 134,108,744 | 17,283,008 | 88,141,799 | 9,192,597 |
| Performance Shares | June 2010 | June 2009 | ||
| Movement in performance shares class A on issue | Number | \$ | Number | \$ |
| Balance at beginning of period | ||||
| Share issue | 6,666,666 | \$888,889 | ||
| Balance at end of the period | 6,666,666 | \$888,889 | ||
| June 2010 | June 2009 | |||
| Movement in performance shares class B on issue | Number | \$ | Number | \$ |
| Balance at beginning of period | ||||
| Share issue | 3,166,666 | \$211,111 | ||
| Balance at end of the period | 3,166,666 | \$211,111 | ||
| June 2010 | June 2009 | |||
| Movement in performance shares class C on issue | Number | Ş | Number | \$ |
| Balance at beginning of period | ||||
| Share issue | 3,166,668 | \$105,556 | ||
| Balance at end of the period | 3,166,668 | \$105,556 | ||
| Total performance shares | 13,000,000 | 1,205,556 | ||
| June 2010 | June 2009 | |||
| Movement in options on issue | Number | \$ | Number | \$ |
| Balance at beginning of period | ||||
| Option issue | 3,448,000 | |||
| Balance at end of the period | 3,448,000 |
All options were issued as a free attaching option as part of the Company's capital raise in early 2010.
SEGMENT INFORMATION
Τ
The company operates in one industry, namely the marine safety industry. The Company sells its products and services worldwide out of its sole Australian operation.
CONTINGENT ASSETS & LIABILITIES
There are no contingent liabilities or contingent assets as at 30 June 2010.
ANNUAL MEETING
| The annual meeting will be held as follows: | |
|---|---|
| Place | To be advised |
| Date | To be advised |
| Time | To be advised |
| Approximate date the 'annual report will be available |
16 October 2010 |
COMPLIANCE ESTATEMENT
$\mathbf{1}$ This report has been prepared in accordance with AASB Standards, other AASB authoritative
pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note
$12$ ).
Identify other standards used
- 2 This report, and the +accounts upon which the report is based (if separate), use the same accounting policies.
- $\overline{3}$ This report does give a true and fair view of the matters disclosed
- 4 This report is based on +accounts to which one of the following applies.
(Tick one)
- $\Box$ The $^+$ accounts have been $\Box$ audited.
- $\overline{\mathscr{C}}$ The $\overline{\phantom{a}}$ accounts are in the $\Box$ process of being audited or subject to review.
The +accounts have been subject to review.
The +accounts have not yet been audited or reviewed.
The entity has formally constituted audit committee. 5
Sign here:
Date: 15 September 2010
Print name: Gabriel Chiappini Company Secretary