TIDMNSCI
RNS Number : 8339A
NetScientific PLC
01 October 2015
NetScientific plc
('NetScientific or the 'Company' or the 'Group')
Half Year Results for the six months ended 30 June 2015
London, UK - 1 October 2015: NetScientific (AIM: NSCI), the
transatlantic biomedical and healthcare technology group today
announced its half year results for the six months ended 30 June
2015.
Highlights
-- Vortex BioSciences - VTX-1 instrument scheduled for Beta
launch by the end of 2015. Received critical grants for four of its
ten patent families.
-- Wanda has begun commercialisation activities, initially
though Triventis Health, and expects first revenues from pilots in
Q4 2015.
-- François R. Martelet, M.D. appointed to the Board as CEO on 8 June 2015.
-- Realignment of portfolio to solely focus on healthcare with a
strategic focus on three main healthcare sub-sectors - digital
health, diagnostics and therapeutics. Process of divestment begun
of non-performing assets and assets which fall outside this
area.
-- Loss after tax of GBP5.3m (H1 2014: loss GBP2.6m).
-- Available cash resources of GBP11.1m (31 December 2014: GBP16.9m).
Post period end
-- On-going Group reorganisation commenced with the appointment
of a CEO in Wanda, part of a focused effort on strengthening
portfolio company management and streamlining central costs.
-- Sale of investment in Frontier Biosciences Limited and
repayment of loans for combined consideration of GBP0.75m.
-- Announced separately today a proposed fundraising of GBP18.0
million (before expenses) to accelerate primarily development of
the Group's two lead portfolio companies, Vortex and Wanda.
Sir Richard Sykes, Chairman of NetScientific said:
"The past six months have been transformative for the Group with
the appointment of a new Group CEO, a comprehensive review of the
portfolio and overall strategy, and the resulting focus on digital
health, diagnostics and therapeutics only.
"Strong progress has been made in our portfolio companies,
particularly Vortex and Wanda, which are about to enter into their
commercialisation phases.
"We have a clear road map for the development of our portfolio
companies and with the proposed fundraising today, we will be well
positioned to deliver significant shareholder value."
- Ends -
About NetScientific
NetScientific is a transatlantic biomedical and healthcare
technology group with a differentiated investment strategy focused
solely on digital health, diagnostics and therapeutics. The Group's
objective is to source, fund and commercialise companies that
significantly improve the lives of people with chronic
diseases.
For more information, please visit the website at
www.netscientific.net.
For more information, please contact:
NetScientific Tel: +44 (0)20 3514 1800
François R. Martelet, M.D.,
CEO
Peter Thoms, CFO
Investec (NOMAD and broker) Tel: +44 (0)20 7597 4000
Gary Clarence / Daniel Adams
Instinctif Partners Tel: +44 (0)20 7457 2020
Melanie Toyne-Sewell / Rosanna Email: netscientific@instinctif.com
Forrest
CHAIRMAN'S STATEMENT
Overview
NetScientific is a transatlantic biomedical and healthcare
technology group with a differentiated investment strategy focused
solely on digital health, diagnostics and therapeutics. The Group's
objective is to source, fund and commercialise companies that
significantly improve the lives of people with chronic
diseases.
For the six month period the Group made a loss of GBP5.3 million
(H1 2014 loss: GBP2.6 million). This is a reflection of the
business model where the Portfolio Companies (Vortex Biosciences,
Inc., Wanda, Inc., ProAxsis Ltd, Glycotest, Inc. and Glucosense
Diagnostics Limited) are trading subsidiaries developing their
technologies and are therefore currently loss making.
Cash on the balance sheet as at 30 June 2015 was GBP11.1 million
(31 December 2014: GBP16.9 million).
The Group made significant progress with its Portfolio
Companies, specifically, with its lead investments, Vortex and
Wanda. Vortex, the US based cancer diagnostic company, has
scheduled its VTX-1 instrument for Beta launch which should take
place by the end of 2015. Wanda, the cloud based clinical decision
support software solution, has begun commercialisation activities,
initially through Triventis Health and is anticipating first
revenues from pilots in Q4 2015.
At the operational level, it reorganised management and carried
out a review of its investment strategy and overall portfolio.
Francois R. Martelet, M.D. was appointed as CEO and Board
Director on 8 June 2015. He brings over 20 years of biopharma
experience and a proven track record of shaping and developing
businesses to deliver returns. He has a broad experience in both
large and small pharma and technology companies, deep knowledge of
commercialisation and proven managerial capability.
David Gough, Executive Director - Head of European Operations
and Investments, has today announced his retirement and departure
from the Board at the end of this year. David has been with the
Group since September 2007 and his contribution has been
significant and much appreciated. We wish him all the best in his
retirement.
Today NetScientific separately announced it proposes to raise
GBP18.0 million (before expenses) by way of a Placing of New
Ordinary Shares with existing and new institutional investors and
to raise up to a further GBP2.0 million through the additional
fundraising. This funding will be used primarily to accelerate the
development of the Group's two lead portfolio companies Vortex and
Wanda. The Placing and the additional fundraising are conditional
upon, inter alia, shareholder approval. Further information on the
Placing and the additional fundraising can be found in the
announcement released separately.
Strategy
Following a review of its portfolio, the Group has re-aligned
its portfolio to focus solely on healthcare with a strategic focus
on three main healthcare sub-sectors - digital health, diagnostics
and therapeutics. As a result the Group began the process of
divesting all of its non-performing assets and assets which fall
outside this area. The Directors believe these healthcare
sub-sectors are in attractive growth markets, where demand from
people living with chronic diseases is growing and the costs
associated with dealing with such diseases is high.
The Group is now concentrating on accelerating the development
of its actively managed Portfolio Companies, in particular Wanda
and Vortex. It also intends to manage, in a controlled manner, its
other majority-owned assets and minority investments.
The business strategy is based on advancing the Portfolio
Companies towards value inflection points and eventual exit through
a trade sale or public listing. The Group is an active investor
providing extensive management support and taking board
representation in its Portfolio Companies.
The Group's aim is to maintain, at any one time, a portfolio of
a limited number of actively managed companies and a pipeline of
smaller investments, the most successful of which will become part
of the portfolio.
As at 30 June 2015, the Group had five actively managed
Portfolio Companies: Vortex Biosciences, Inc., Wanda, Inc.,
ProAxsis Ltd, Glycotest, Inc. and Glucosense Diagnostics Limited,
and six Pipeline Investments: EpiBone Inc., G-Tech Inc., Longevity
Biotech Inc., Neumitra Inc., CytoVale Inc and PDS Biotechnology
Corporation.
NetScientific will continue actively to manage its Portfolio
Companies, seeking to maximise shareholder return in the form of
capital growth. However, there are no fixed targets for the length
of time during which an investment may be held, as this will be
dependent both on progress and availability of funding. This
appraisal means that no realisation of assets will be attempted
until optimum value has been developed through achievement of key
technical and commercial milestones usually reflected in regulatory
approvals or commercial traction. The Board will, however, actively
manage the Portfolio Companies with a view to maximising
shareholder value and generating funds for re-investment in the
pipeline.
Portfolio Companies
-- Vortex Biosciences
Vortex Biosciences is a US based cancer diagnostic company,
developing a novel liquid biopsy diagnostic instrument for
circulating tumour cell enrichment, collection and analysis. The
technology enables researchers and clinicians to non-invasively to
capture, analyse, identify, and enumerate tumour cells for use in
downstream clinical applications such as genetic analysis,
monitoring disease progression and drug treatment
effectiveness.
During the period, Vortex hired additional engineers and
scientists to complete the development of its VTX-1 instrument,
which is scheduled for shipment to Beta sites by the end of 2015.
Collaborations with key opinion leaders including UCLA, Stanford
and Harvard, in the field has resulted in demand for the new Beta
VTX-1. In addition, Vortex filed new patent applications and
received grant in four of its ten patent families.
-- Wanda
Wanda is a US based company which provides a cloud-based
clinical decision support software solution to help healthcare
providers improve the quality of outpatient care and reduce the
costs associated with managing chronic diseases.
Its software aims to reduce the economic burden of hospital
readmissions by providing tools to monitor and manage patients with
chronic diseases, initially patients with congestive heart failure.
The platform technology builds upon a patented predictive analytics
and knowledge engine that utilises information from in-home and
remote monitoring devices used by patients.
Following successful pilots with Triventis Health since May,
first revenues from pilot programmes are expected in Q4 2015.
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As part of a focused effort on strengthening portfolio company
management, Steve Curd was appointed CEO of Wanda on 14 September.
He has more than 20 years' experience in driving growth in digital
healthcare companies, commercialising products and delivering
exits.
-- ProAxsis
ProAxsis is a UK based medical diagnostics company developing a
range of products for the capture, detection and measurement of
active protease biomarkers of disease. Smart molecules known as
ProteaseTag(TM) trap an active protease within a complex biological
sample to enable visual readout of its presence, providing a novel
tool to identify and quantify active protease biomarkers.
In August ProAxsis launched its ProteaseTag(TM) ELISA test (an
immunoassay kit) for Cystic Fibrosis (CF) and Chronic Obstructive
Pulmonary Disease (COPD) to research laboratories and received its
first two customer orders.
ProAxsis will continue to focus on building its academic and
pharma customer base and developing other products for different
indications. The development of ProAxsis's NEATstick(TM) point of
care test for monitoring patients with CF and COPD is continuing to
plan.
-- Glycotest
Glycotest is a US based molecular diagnostics company,
developing biomarkers for clinical laboratory services used in the
diagnosis of liver cancers and fibrosis-cirrhosis. Its blood-based
biomarkers take advantage of sugar-related disease signals and the
company has exclusive world-wide rights to over 50 serum proteins
with sugar structures that are altered in liver disease. The
biomarkers are being developed into tests intended for the
surveillance of patients for curable early stage serious liver
disease.
Commercialisation of Glycotest's lead product in the US, the HCC
Panel for the predominant form of primary liver cancer, is
progressing well and remains on track. Advances have been made
across the board - in biomarker assay development, clinical
validation planning, development of a potential path to coverage
and reimbursement, and broadening the patent portfolio. In
addition, the company has initiated a clinical key opinion leader
engagement programme with the aim to form the Company's Medical
Advisory Board.
-- Glucosense
Glucosense is a UK based company, developing a non-invasive
glucose monitoring device designed to provide a replacement to
finger prick testing for patients with diabetes.
In July Glucosense was awarded a critical patent covering its
core technology.
Following the demonstration of clinical proof of concept with an
early prototype device the company has commenced development of a
next generation prototype, which will be used for further clinical
testing.
Pipeline Investments
-- PDS Biotechnology
In May 2015 PDS Biotechnology, a US company developing a new
generation of cancer and infectious disease immunotherapies,
announced positive preliminary data.
Currently, pre-cervical cancer is treated by surgical removal of
lesions however PDS0101 could offer an effective non-surgical
alternative. Preliminary results show that it primes and activates
the body's defence mechanisms (T-cells) to recognize, target, and
kill precancerous and cancerous cells that display HPV viral
proteins, which are responsible for over 99% of cervical cancers.
The results represented an important milestone for the company.
Phase II trials are planned to commence in 2016.
-- Investments sourced from Breakout Labs
The majority of the Pipeline Investments have been sourced
through the strategic alliance with San Francisco-based Breakout
Labs, Peter Thiel's revolving philanthropic fund that supports
early-stage companies working on technological breakthroughs.
Under the terms of the agreement, NetScientific will follow on
Breakout Labs' initial investment in those biomedical and
healthcare technologies companies that fit NetScientific's
investment strategy of funding technologies that offer
transformative benefits to peoples' lives and society.
The Group's most recent investment through Breakout Labs was in
May 2015 with the investment in Neumitra Inc, a US digital health
company, developing wearable devices and software applications,
which quantify an individual's level of stress and provides
real-time feedback to help with the management of stress and
anxiety disorders.
Other current investments through Breakout Labs:
G-Tech: US digital health company developing disposable wearable
patches for monitoring functional gastric and intestinal
disorders.
EpiBone: US spin-out of Columbia University, focussed on producing
patient specific, living bone and osteochondral tissues
for anatomically challenging defects.
Longevity Biotech: US company developing an approach to therapeutics via
artificial protein technology.
CytoVale: US diagnostics company developing an instrument to measure
the mechanical properties of cells for use in diagnosing
and monitoring certain conditions such as sepsis.
Financial Results
Research and development expenditure, which was largely in our
subsidiary Portfolio Companies for the period was
GBP3.6 million (H1 2014: GBP1.4 million) and reflects the
increased level of investment undertaken to drive the underlying
technologies/products towards commercialisation
Other administrative costs include central costs incurred in
managing the Portfolio Companies and Pipeline Investments,
corporate costs and sales and marketing/administrative costs
incurred by the Portfolio Companies. These costs for the period
increased to GBP1.8 million (H1 2014: GBP1.0 million). The increase
was attributable to the sales and marketing costs associated with
the formation of Triventis, reorganisation of the management team
and overall increase in level of activity with Portfolio Companies
and centrally.
Share of loss in associates and joint venture of GBP346k (H1
2014: GBP12k) primarily represents share of losses in Frontier
BioSciences Limited, which has been subsequently sold, further
details of which are set out below.
The after-tax loss was GBP5.3 million (H1 2014: GBP2.6 million)
reflecting the growing expenditure in research and development,
increased share of loss from associates and joint ventures and
increase in administration costs.
Cash balance as at 30 June 2015 was GBP11.1million (30 June
2014: GBP22.5 million, 31 December 2015: GBP16.9 million) and the
cash outflow for the period was GBP5.8 million (H1 2014: GBP2.8
million).
Post Balance Sheet events
On 17 September 2015 the Group sold its 49.9% holding in
Frontier BioSciences Limited ('FrontierBio') to Zahra Holdings
Limited for GBP24,999 in cash as part of its ongoing portfolio
review. FrontierBio also agreed to repay GBP725,001 of its Loan of
GBP875,001 from the Group. The balance of the Loan of GBP150,000
was written off on 17 September 2015 as part of the transaction.
FrontierBio paid GBP420,000 on completion, with the balance of
GBP330,000 to be paid by no later than 30 November 2015.
On 6 July 2015 the Group divested control of RoboScientific
Limited to management and on 1 September 2015 sold its interest in
Morphodyne SA. Further, it has discontinued supporting Qlida
Diagnostics, Inc. and Advanced Biosensors, Inc.
These strategic decisions were made as part of the process of
NetScientific continuing to re-align its portfolio to focus on its
core areas.
Outlook
Over the six month period under review, the Portfolio Companies
made significant progress. The Group underwent a reorganisation and
management has been strengthened with the appointment of a new CEO.
The team undertook a thorough review of the investment strategy and
overall portfolio, leading to realignment of the strategy and
divestment of non-core assets.
With the funds from the proposed fundraising announced today,
the Group will be well placed to progress its Portfolio Companies
to significant value inflection points.
Sir Richard Sykes
Chairman
1 October 2015
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT
FOR SIX MONTHS ENDED 30 JUNE 2015
Notes Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June 2015 June 2014 2014
GBP GBP GBP
Other operating income 452,473 175,218 343,126
Research and development expenditure (3,550,097) (1,389,622) (3,674,939)
Other administrative expenses (1,843,947) (952,866) (2,535,028)
Share-based payments (92,758) (425,198) (717,001)
Impairment of intangible assets - - (641,767)
-------------- -------------- --------------
Total administrative expenses (5,486,802) (2,767,686) (7,568,735)
-------------- -------------- --------------
Loss from operations (5,034,329) (2,592,468) (7,225,609)
Finance income 37,549 36,316 77,465
Finance expense (28,010) (19,588) (45,671)
Share of loss of associates and joint
venture (345,823) (11,889) (119,991)
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-------------- -------------- --------------
Loss before taxation (5,370,613) (2,587,629) (7,313,806)
Income tax credit 3 53,396 3,616 187,008
-------------- -------------- --------------
Loss for the Period (5,317,217) (2,584,013) (7,126,798)
-------------- -------------- --------------
Loss attributable to:
Owners of the parent (4,633,101) (2,260,103) (6,425,011)
Non-controlling interests (684,116) (323,910) (701,787)
-------------- -------------- --------------
(5,317,217) (2,584,013) (7,126,798)
-------------- -------------- --------------
Basic and diluted loss per ordinary
share 4 (13)p (6)p (18)p
-------------- -------------- --------------
UNAUDITED CONSOLIDATED INCOME STATEMENT AND OTHER COMPREHENSIVE
INCOME
FOR SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited Audited
Six Months Six Months Year ended
ended 30 ended 30 31 December
June 2015 June 2014 2014
GBP GBP GBP
Loss for the year (5,317,217) (2,584,013) (7,126,798)
Items that may be subsequently reclassified
to profit or loss:
Exchange differences on translation of
foreign operations 30,179 (197,807) 295,989
------------ ------------ -------------
Total comprehensive loss for the year (5,287,038) (2,781,820) (6,830,809)
------------ ------------ -------------
Attributable to:
Owners of the parent (4,602,922) (2,457,910) (6,129,022)
Non-controlling interests (684,116) (323,910) (701,787)
------------ ------------ -------------
(5,287,038) (2,781,820) (6,830,809)
------------ ------------ -------------
All other comprehensive income will be reclassified to retained
earnings on the ultimate sale of any relevant subsidiary
company.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP
GBP GBP
Assets
Non-current assets
Intangible assets 235,376 628,211 10,244
Property, plant and equipment 350,086 208,711 348,245
Investments in equity accounted associates - - 228,883
Investments in equity accounted joint ventures - 76,834 -
Available for sale investments 1,806,608 149,578 1,806,608
Derivative financial assets 526,159 - 100,159
Other receivables 907,697 - 545,606
-------------- -------------- --------------
Total non-current assets 3,825,926 1,063,334 3,039,745
-------------- -------------- --------------
Current assets
Stock 78,655 - -
Trade and other receivables 664,955 452,788 853,022
Cash and cash equivalents 11,057,681 22,512,191 16,867,198
-------------- -------------- --------------
Total current assets 11,801,291 22,964,979 17,720,220
-------------- -------------- --------------
Total assets 15,627,218 24,028,313 20,759,965
-------------- -------------- --------------
Liabilities
Current liabilities
Trade and other payables (1,317,172) (796,107) (1,281,242)
Loans and borrowings (3,250) (3,250) (43,250)
-------------- -------------- --------------
Total current liabilities (1,320,422) (799,357) (1,324,492)
-------------- -------------- --------------
Non-current liabilities
Trade and other payables (52,133) (47,962) (52,537)
Loans and borrowings (712,656) (484,760) (687,369)
Provision for deferred tax - (103,176) -
-------------- -------------- --------------
Total non-current liabilities (764,789) (635,898) (739,906)
-------------- -------------- --------------
Total liabilities (2,085,211) (1,435,255) (2,064,398)
-------------- -------------- --------------
Total net assets 13,542,007 22,593,058 18,695,567
-------------- -------------- --------------
Issued capital and reserves
Attributable to the parent
Called up share capital 1,795,101 1,795,101 1,795,101
Share premium account 30,844,552 30,844,552 30,844,552
Capital reserve account 236,745 236,745 236,745
Foreign exchange reserve 476,299 (47,676) 446,120
Retained earnings (18,143,043) (9,774,684) (13,529,442)
-------------- -------------- --------------
Equity attributable to the owners of the
parent 15,209,654 23,054,038 19,793,076
Non-controlling interests (1,667,647) (460,980) (1,097,509)
-------------- -------------- --------------
Total equity 13,542,007 22,593,058 18,695,567
-------------- -------------- --------------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Share Share Capital Retained Foreign Total Non- Total
Capital Premium Reserve Earnings Exchange Attributable Controlling Equity
Reserved Reserve To equity Interest
Holders
of
Parent
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2014 1,795,101 30,844,552 236,745 (7,459,726) 150,131 25,566,803 (667,271) 24,899,532
Comprehensive
income
Loss for the
period - - - (2,260,103) - (2,260,103) (323,910) (2,584,013)
Other
comprehensive
income - - - - (197,807) (197,807) - (197,807)
Acquisition
of subsidiary - - - - - - 52,000 52,000
Increase in
subsidiary
shareholding - - - (489,893) - (489,893) 489,893 -
Dilution in
subsidiary
shareholding - - - 9,840 - 9,840 (9,840) -
Foreign exchange
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differences - - - - - - (1,852) (1,852)
Share based
payments - - - 425,198 - 425,198 - 425,198
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Total
comprehensive
income - - - (2,314,958) (197,807) (2,512,765) 206,291 (2,306,474)
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Balance at 30
June 2014 1,795,101 30,844,552 236,745 (9,774,684) (47,676) 23,054,038 (460,980) 22,593,058
================= ========== =========== ======== ============= ========== ============= ============ ============
Balance at 1
July 2014 1,795,101 30,844,552 236,745 (9,774,684) (47,676) 23,054,038 (460,980) 22,593,058
Comprehensive
income
Loss for the
period - - - (4,164,908) - (4,164,908) (377,877) (4,542,785)
Other
comprehensive
income - - - - 493,796 493,796 - 493,796
Dilution in
subsidiary
shareholdings - - - 118,347 - 118,347 (118,347) -
Acquisition
of subsidiary - - - - - - 26,580 26,580
Disposal of
subsidiaries - - - - - - 2,785 2,785
Foreign exchange
differences - - - - - - (169,670) (169,670)
Share based
payments - - - 291,803 - 291,803 - 291,803
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Total
comprehensive
income - - - (3,754,758) 493,796 (3,260,962) (636,529) (3,897,491)
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Balance at 31
December 2014 1,795,101 30,844,552 236,745 (13,529,442) 446,120 19,793,076 (1,097,509) 18,695,567
================= ========== =========== ======== ============= ========== ============= ============ ============
Balance at 1
January 2015 1,795,101 30,844,552 236,745 (13,529,442) 446,120 19,793,076 (1,097,509) 18,695,567
Comprehensive
income
Loss for the
period - - - (4,633,101) - (4,633,101) (684116) (5,317,217)
Other
comprehensive
income - - - - 30,179 30,179 - 30,179
Changes in
non-controlling
interests - - - (45,465) - (45,465) 86,185 40,720
Foreign exchange
differences - - - (27,793) - (27,793) 27,793 -
Share based
payments - - - 92,758 - 92,758 - 92,758
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Total
comprehensive
income - - - (4,613,601) 30,179 (4,583,422) (570,138) (5,153,560)
----------------- ---------- ----------- -------- ------------- ---------- ------------- ------------ ------------
Balance at 30
June 2015 1,795,101 30,844,552 236,745 (18,143,043) 476,299 15,209,654 (1,667,647) 13,542,007
================= ========== =========== ======== ============= ========== ============= ============ ============
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June 2015 June 2014 2014
GBP
GBP GBP
Cash flows from operating activities
Loss before income tax (5,370,613) (2,587,629) (7,313,806)
Adjustments for:
Depreciation of property, plant and equipment 67,288 24,376 65,981
Amortisation of intangible assets 14,538 807 1,614
Loss on disposal of property, plant and
equipment 1,663 - 768
Share of loss of associates and joint
venture 345,823 11,889 119,991
Gain on sale on associate (11,215) - -
Impairment of intangible assets - - 641,767
Share-based payments 92,758 425,198 717,001
Finance income (37,549) (36,316) (77,465)
Finance costs 28,010 19,588 45,671
------------ ------------ -------------
(4,869,297) (2,142,087) (5,798,478)
Changes in working capital:
Change in trade and other receivables (212,331) (141,883) (962,051)
Change in trade and other payables (195,816) (293,034) 129,757
Change in inventories (78,655) - -
------------ ------------ -------------
Cash used in operations (5,356,099) (2,577,004) (6,630,772)
------------ ------------ -------------
Income tax received 33,456 14,153 19,399
------------ ------------ -------------
Net cash used in operating activities (5,322,643) (2,562,851) (6,611,373)
------------ ------------ -------------
Cash flows from investing activities
Investment in joint venture (14,033) (21,413) (35,119)
Investment in associate (24,999) - (239,189)
Cash acquired on dilution / acquisition
of subsidiary 720 - 52,000
Purchase of available for sale investments - (149,576) (1,806,606)
Purchase of derivative financial assets (426,000) - (100,159)
Purchase of property, plant and equipment (73,616) (169,382) (337,469)
Proceeds from sale of property, plant
and equipment 500 - 1,054
Interest received 22,074 36,517 66,661
------------ ------------ -------------
Net cash used in investing activities (515,354) (303,854) (2,398,827)
------------ ------------ -------------
Cash flows for financing activities
Proceeds from loans - - 190,000
Cash acquired from acquisition of subsidiary - 52,000 -
------------ ------------ -------------
Net cash from financing activities - 52,000 190,000
------------ ------------ -------------
Decrease in cash and cash equivalents (5,837,997) (2,814,705) (8,820,200)
Cash and cash equivalents at the beginning
of period 16,867,198 25,546,951 25,546,951
Exchange gains / (losses) on cash and
cash equivalents 28,480 (220,055) 140,447
------------ ------------ -------------
Cash and cash equivalents at end of period 11,057,681 22,512,191 16,867,198
============ ============ =============
NOTES TO THE ACCOUNTS
1. Accounting Polices
Basis of preparation
The interim financial statements, which are unaudited, have been
prepared on the basis of the accounting policies expected to apply
for the financial year to 31 December 2015 and in accordance with
recognition and measurement principles of International Financial
Reporting Standards (IFRSs) as endorsed by the European Union. The
accounting policies applied in the preparation of these interim
financial statements are consistent with those used in the
financial statements for the year ended 31 December 2014.
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