TIDMBION
RNS Number : 1253D
Bion PLC
26 October 2020
26 October 2020
BiON plc
("BiON" or the "Company" or the "Group")
Interim Results
BiON (AIM: BION), an environmental engineering, wastewater
treatment and renewable energy solutions company, announces its
interim results for the six months ended 30 June 2020.
Financial Summary
-- Revenue increased to RM27.2m (H1 2019: RM1.9m)
-- Gross profit of RM0.7m (H1 2019: RM0.1m loss)
-- Operating loss reduced to RM2.8m (H1 2019: RM3.7m loss)
-- Loss before tax reduced to RM2.7m (H1 2019: RM4.4m)
-- Cash and cash equivalents at 30 June 2020 were RM0.3m (31 December 2019: RM0.08m)
Operational Summary
-- Completed engineering, procurement, construction and
commissioning ("EPCC") contracts for wastewater treatment and
infrastructure projects despite disruption to operations caused by
COVID-19 pandemic
-- Progressed upgrading and engineering works at fully-owned
Kahang and Malpom biogas power plants
-- Post period, conditionally acquired two further biogas power
plants with a combined installed capacity of 3.0MW
Syed Nazim bin Syed Faisal, Chief Executive Officer, said: "I am
pleased that we were able to complete our EPCC projects to ensure a
significant increase in revenue over the first half of last year,
despite COVID-19 and the public lockdown. We also continued to
progress our Kahang and Malpom biogas power plants and, post
period, acquired two further plants, bringing our installed
capacity to 7.0MW. Our focus is now on commencing commercial
operations at our two new plants, which, subjec t to receiving
regulatory approval, we expect to achieve by year end . We look
forward to reporting on our progress and delivering sustainable
growth."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014).
Enquiries:
BiON plc
Syed Nazim bin Syed Faisal, Chief
Executive Officer
Fakrizzaki Ghazali, Chief Financial
Officer +603 6413 1085
Beaumont Cornish (Nominated Adviser)
Roland Cornish, Felicity Geidt +44 20 7628 3396
Optiva Securities (Broker)
Vishal Balasingham +44 20 3137 1903
Luther Pendragon (Financial PR Adviser)
Claire Norbury +44 20 7618 9100
Operational Review
The Group is one of Malaysia's leading environmental
engineering, renewable energy and green technology solutions
providers. Currently, its business focus is to construct, operate
and own biogas power generation plants in Malaysia, derived namely
from the treatment of palm oil mill effluent (POME) and other
wastes produced in the processing of palm oil at palm oil mills.
The biogas generated (i.e. methane) is converted into electricity
to be sold to the Malaysian national grid under a long-term
renewable energy power purchase agreement. Aside from this, the
Group provides similar services to third parties through EPCC
contracts.
During the first half of 2020, the Group continued to source and
procure EPCC projects. This included providing hydraulic and water
supply-related engineering and technology services at a wastewater
treatment plant in Terengganu, Malaysia. The Group also continued
with the upgrading works at its fully-owned biogas power plants at
Kahang and Malpom to enable full operations to recommence. However,
progress was hindered during the period by the onset of the
COVID-19 pandemic and associated government restrictions on the
movement of goods and people as described below.
Post period end, through its subsidiary, BiON Sdn Bhd, the Group
conditionally acquired two biogas power plants, at Nasarudin and
Seberang Perak, from Megagreen Energy Sdn Bhd ("MGE"), an associate
company of the Group. The plants, with a combined installed
capacity of 3.0MW, are under the Malaysian FiT programme with
16-year power purchase agreements with Tenaga Nasional Berhad, the
country's largest integrated electricity company. The construction
of these plants is complete. They are now pending testing by the
authorities to enable interconnection with the electricity grid
and, following verification, the receipt of regulatory approval to
commence commercial operations. The Group expects this to occur by
year end, subject to government restrictions related to the
COVID-19 pandemic.
COVID-19 Update
Following the outbreak of COVID-19, on 18 March 2020 the
Government of Malaysia implemented a Movement Control Order
("MCO"), which was the lockdown and restriction of movement for all
civilians and non-essential businesses, including a ban on
interstate travel. This required the Group to cease its
construction activities at the various project sites as supplies,
materials and equipment were not transportable or obtainable.
As of 4 May 2020, the Government of Malaysia transitioned the
MCO to a Conditional Movement Control Order ("CMCO"), which allowed
certain business sectors and companies to resume operations within
continued strict parameters regarding social distancing.
Consequently, the Group commenced resuming its operations in a
phased manner. However, interstate border control was still in
place and so, while employees were permitted to travel to the
project sites with a letter of authority from the Group, the
movement of resources, materials and equipment to sites or offices
progressed slowly. The CMCO subsequently transitioned to a Recovery
Movement Control Order ("RMCO") on 10 June 2020, under which
interstate travel was allowed and most sectors were permitted to
reopen while adhering to the government's pandemic-related Standard
Operating Procedures. Post period end, on 14 October, the Malaysian
government introduced a new CMCO for much of the country, which is
expected to last a minimum of two weeks. While permitting most
business sectors to remain open, the CMCO has instated the
requirement for employees to have a letter of authority to be able
to travel between districts or states.
The Group implemented a number of mitigating measures to support
cash flows during this period of reduced trading. This included
participating in the Social Security Organisation's Wage Subsidy
Programme, which was introduced under the Government of Malaysia's
Prihatin Rakyat Economic Stimulus package to help businesses
affected by the COVID-19 outbreak by paying towards employees'
wages. The Group is working with its creditors or suppliers to
revise and renegotiate payment terms, in a manner acceptable to all
parties, either through postponing payments, devising a staggered
payment plan or revising the existing payment plan. The Group is
also engaging with its customers to address any issues regarding
payment procedures. The Group has continued financial support from
Serba Dinamik Sdn Bhd ("Serba"), which will be called upon if
required to continue to meet its liabilities.
Financial Review
Revenue for the six months ended 30 June 2020 significantly
increased to RM27.2m (H1 2019: RM1.9m), which was generated by the
provision of EPCC services. Gross profit was RM0.7m compared with a
gross loss of RM0.1m for the same period of the prior year, which
reflects the higher revenue for the first half of 2020.
Operating loss for the period was reduced to RM2.8m (H1 2019:
RM3.7m loss) due to the greater revenue. The Group recognised a net
finance income of RM0.08m (H1 2019: net finance costs of RM0.8m).
As a result, loss before tax was reduced to RM2.7m (H1 2019: RM4.4m
loss). The Group was not subject to tax due to it being lossmaking
and, therefore, loss after tax was also RM2.7m (H1 2019: RM4.4m
loss).
On a consolidated level, basic loss per share for the six months
ended 30 June 2020 was RM0.006 (H1 2019: RM0.012 loss per share)
based on the weighted number of ordinary shares.
Cash and cash equivalents at 30 June 2020 were RM0.3m (31
December 2019: RM0.08m; 30 June 2019: RM0.06m).
On 24 January 2020, the Group converted a loan of approximately
RM8.40m into ordinary shares of BiON plc. The loan had been
procured during 2019, for working capital purposes, from a director
of the Company, Syed Nazim Syed Faisal.
During the period, the Group continued to maintain its repayment
arrangements that were structured with MGE and Concord Green Energy
Sdn Bhd ("CGE"). However, the amounts outstanding from both
accounts have remained long overdue. Discussions are taking place
with CGE to re-negotiate the terms of repayment and in the
meantime, Serba and one of the executive directors have guaranteed
the value of the debt. The amount due from MGE was partly recovered
from the Group's purchase of two biogas power plants from the
Company as announced on 22 September 2020. The Group's management
continue to be in talks with both parties to arrive at an amicable
settlement for the remaining amounts.
Outlook
For the second half of the year, BiON is focused on progressing
the two recently acquired biogas power plants, which it expects to
commence commercial operations by year end subject to the receipt
of the required regulatory approvals and COVID-19 disruption. The
Group has comple ted a further EPCC projec t during the second half
and anticipates delivering another contract before the end of the
year. BiON also intends to continue work on its Kahang and Malpom
plants, which, following the reinstatement of certain lockdown
restrictions, the Group expects to complete early next year.
Looking further ahead, while continuing to develop POME-based
biogas power plants, the Board intends to expand its business
activities into complementary renewable energy sectors. The Board
believes in creating waste-to-value and that there are abundant
opportunities in eco-friendly sustainable ventures such as biomass,
solar, industrial and wastewater treatment, landfill biogas,
livestock waste and more. The Group intends to target these
opportunities by leveraging its significant experience and track
record in waste-to-energy and environmental engineering as well as
by pursuing strategic partnerships, joint ventures and
acquisitions, including expanding its EPCC offer to other countries
in Southeast Asia.
As a result, and wi th the ongoing financial support from Serba,
the Board continues to look to the future with confidence and to
delivering sustainable grow th .
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
ASSETS Note RM'000 RM'000 RM'000
NON-CURRENT ASSETS
Intangible assets 9 749 804 776
Investment in associates - - -
Property, plant and equipment 10 44,742 40,713 44,781
17
Right-of-use assets (a) 4,534 - 4,760
Total non-current assets 50,025 41,517 50,317
------------------------ ----------------------- ---------------------
CURRENT ASSETS
Trade and other receivables 11 35,016 16,282 17,060
Amount owing by contract
customers 12 401 401 401
Amount owing by related
parties 13 62,544 31,660 59,654
Cash and cash equivalents 14 319 55 83
Total current assets 98,280 48,398 77,198
------------------------ ----------------------- ---------------------
Total assets 148,305 89,915 127,515
------------------------ ----------------------- ---------------------
EQUITY
Stated capital 15 69,458 61,052 61,052
Foreign translation reserve (2,463) (2,421) (2,683)
Retained loss (7,146) (7,754) (4,448)
Merger reserve (4,028) (4,028) (4,028)
Total shareholders' equity 55,821 46,849 49,893
Non-controlling interests 163 41 163
Total equity 55,984 46,890 50,056
------------------------ ----------------------- ---------------------
CURRENT LIABILITIES
Trade and other payables 16 68,160 21,036 53,922
17
Lease liabilities (b) 334 - 317
Short-term borrowings 18 5,865 11,949 15,125
Income tax liabilities 544 - 544
Total current liabilities 74,903 32,985 69,908
------------------------ ----------------------- ---------------------
NON-CURRENT LIABILITY
Government grant income 89 102 96
Amount owing to related
parties 13 - 4,199 -
17
Lease liabilities (b) 5,352 - 5,523
Long-term borrowings 18 10,512 341 295
Amount owing to directors 27 834 5,398 1,006
Deferred taxation 631 - 631
Total non-current liabilities 17,418 10,040 7,551
------------------------ ----------------------- ---------------------
Total liabilities 92,321 43,025 77,459
Total liabilities and
equity 148,305 89,915 127,515
------------------------ ----------------------- ---------------------
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
Unaudited Unaudited
30.06.2020 30.06.2019
Note RM'000 RM'000
Revenue 21 27,212 1,907
Cost of sales (26,489) (2,026)
Gross profit/(loss) 723 (119)
Other income 22 580 6
Less: operating expenses
Administrative expenses (4,076) (3,560)
Other expenses - (2)
(4,076) (3,562)
Operating loss (2,773) (3,675)
Finance income 23 928 -
Finance cost 24 (853) (729)
----------------------- ------------------------
Loss before taxation (2,698) (4,404)
Income tax expense - -
Loss for the period (2,698) (4,404)
----------------------- ------------------------
Other comprehensive income/(loss)
Exchange difference on translation
of foreign operations 220 78
Total comprehensive loss (2,478) (4,326)
======================= ========================
Loss for the period attributable to: -
- Owners of the company (2,698) (4,404)
- Non-controlling interest - -
(2,698) (4,404)
======================= ========================
Total comprehensive loss attributable to: -
- Owners of the company (2,478) (4,326)
- Non-controlling interest - -
(2,478) (4,326)
======================= ========================
Loss per share:
Basic (RM, cents) 25 (0.006) (0.012)
Diluted (RM, cents) 25 (0.006) (0.012)
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign Attributable
translation Retained to owners Non- controlling Total
Share capital reserve Merger reserve profit of the company interest equity
Note RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Balance as at 1
January 2019 61,502 (2,499) (4,028) (3,350) 51,175 41 51,216
Effects on
adoption
of IFRS 16 - - - (911) (911) - (911)
Loss for the
year - - - (187) (187) 122 (65)
Translation of
foreign operations - (184) - - (184) - (184)
Total comprehensive
loss - (184) - (1,098) (1,282) 122 (1,160)
----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ----------------
Transactions with
owners
Issuance of placing
shares - - - - - - -
Balance at 31
December 2019 61,052 (2,683) (4,028) (4,448) 49,893 163 50,056
----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ----------------
Loss for the
period - - - (2,698) (2,698) (2,698)
Translation of
foreign operations - 220 - - 220 - 220
Total comprehensive
loss - 220 - (2,698) (2,478) - (2,478)
----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ----------------
Transactions
with owners
Issuance of
placing
shares 15 8,406 - - - 8,406 - 8,406
Balance at 30 June
2020 69,458 (2,463) (4,028) (7,146) 55,821 163 55,984
----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ----------------
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
For the six months ended
Unaudited Unaudited
30.06.2020 30.06.2019
Note RM'000 RM'000
CASH FLOW FROM OPERATING
ACTIVITIES
Loss before taxation (2,698) (4,404)
Adjustments for:
Amortisation of intangible assets 27 27
Depreciation of right-of-use assets 226 -
Depreciation of equipment 1,144 1,007
Government grant income (7) (6)
Gain on disposal of PPE (53) -
Interest expenses 280 724
Interest expenses - lease liabilities 313 -
Interest income (928) -
----------------------------
Cash flow from operating activities before
working capital changes (1,696) (2,652)
Decrease/(Increase) in trade and other
receivables (17,956) 5,493
(Decrease)/Increase in trade and other
payables 14,238 (10,103)
(Decrease)/Increase in amount owing by
related parties (3,062) 2,975
Cash flow used in operating activities (8,476) (4,287)
Interest paid (412) (7)
Interest received 928
NET CASH FLOW USED IN OPERATING ACTIVITIES (7,960) (4,294)
---------------------------- -------------------------
CASH FLOW FROM INVESTING
ACTIVITIES
Proceeds from disposal of property, plant
and equipment 130 -
Purchase of property, plant and equipment (1,182) (113)
NET CASH FLOW USED IN INVESTING ACTIVITIES (1,052) (113)
---------------------------- -------------------------
CASH FLOW FROM FINANCING
ACTIVITIES
Issuance of new ordinary shares 8,406 -
Convertible short-term loan to ordinary
shares (8,406) -
Advances from related parties - 227
Advances from directors - 1,507
Repayment of hire purchase obligations (236) (43)
Drawdown of hire purchase 462 -
Drawdown of term loans 10,000 4,800
Principal elements of lease liabilities (467) -
Repayment of term loans (731) (2,500)
NET CASH FLOW FROM FINANCING ACTIVITIES 9,028 3,991
---------------------------- -------------------------
Net increase/(decrease) in cash and cash
equivalents 16 (416)
Effects on foreign exchange translation 220 -
Cash and cash equivalents at the beginning
of the period 83 471
Cash and cash equivalents at the end
of the period 14 319 55
---------------------------- -------------------------
BiON plc (Formerly known as Green & Smart Holdings plc)
NOTES TO THE FINANCIAL STATEMENT
For the six months ended 30 June
1. GENERAL INFORMATION
BiON plc (formerly known as Green & Smart Holdings plc)
("the Company") was incorporated as a public limited company in
Jersey with registration number 119200 on 7 August 2015. The
registered office of the Company is 12 Castle Street, St. Helier,
Jersey JE2 3RT, Channel Islands.
Pursuant to a special resolution ratified at the Extraordinary
General Meeting of the Company held on 30 April 2020, the Company
has changed its name to BiON plc. Accordingly the change of name
was taken effective from 1 May 2020, upon receiving the certificate
from the Registrar of Companies in Jersey.
The Company is listed on the AIM market of the London Stock
Exchange. The Company's nature of operations is to act as the
holding company for a group of subsidiaries that are involved in
research and development, provision of professional engineering
consultancy and process design services in the areas of industrial
biotechnology, pollution control and renewable energy; and
engineering, procurement and construction of various waste
treatment plants/systems; development, commercialisation, operation
and maintenance of renewable energy plants .
The consolidated financial statements include the financial
statements of the Company and its controlled subsidiaries (the
"Group") as follows:
Place of Registered
Name incorporation address Principal activity Effective interest
30.06.2020 31.12.2019
---------------- ------------ -------------------- ----------- -----------
BiON Ventures
Sdn Bhd (fka
Green & Smart
Ventures Sdn
Bhd) Malaysia Note 1 Holding company 100% 100%
---------------- ------------ -------------------- ----------- -----------
BiON Sdn Bhd
(fka Green
& Smart Sdn IPP & EPCC
Bhd) Malaysia Note 1 contractor 100% 100%
---------------- ------------ -------------------- ----------- -----------
Our Energy
Group (M) Sdn
Bhd Malaysia Note 2 IPP 51% 51%
---------------- ------------ -------------------- ----------- -----------
Note 1 - registered address: B-1-15, Block B, 8 Avenue, Jalan
Sungai Jernih 8/1, Section 8, 46050 Petaling Jaya, Selangor.
Note 2 - registered address: 3-2, 3rd. Mile Square, No. 151,
Jalan Klang Lama, Batu 3 1/2 , 58100 Kuala Lumpur.
2. basis of preparation
The consolidated financial information for the six-month period
ended 30 June 2020 has been prepared in accordance with
International Financial Reporting Standards as adopted by the EU
("IFRS") issued by the International Accounting Standards Board
("IASB"), including related interpretations issued by the
International Financial Reporting Interpretations Committee
("IFRIC").
The consolidated financial information is unaudited and does not
constitute statutory financial statements. The interim financial
information has been prepared on a historical cost basis, and fair
value method will be used if it is relevant.
The financial information is presented in Malaysian Ringgit
("RM") unless otherwise stated and is the currency of the primary
economic environment in which the Group operates. All values are
rounded to the nearest thousand ringgit ("RM'000") except where
otherwise indicated.
A copy of the audited consolidated financial statements for the
year ended 31 December 2019 is available on the Company's
website.
The interim financial information for the six months ended 30
June 2020 was approved by the Directors on 23 October 2020.
Going Concern
The interim financial information has been prepared on the going
concern basis unless it is inappropriate to do so.
The Directors, having considered "Going Concern and Liquidity
Risk: Guidance for Directors of UK Companies" issued by The
Financial Reporting Council in 2016, consider the going concern
basis of preparation to be appropriate in preparing the interim
financial information. The key conclusions are summarised
below.
The Group made a loss for the period of RM2.7m (H1 2019: loss of
RM4.4m) and recorded a net cash outflow from operating activities
of RM7.9m (H1 2019: inflow of RM4.3m). At 30 June 2020, the Group
held cash and cash equivalents of RM0.32m (H1 2019: RM0.06m) and
had current liabilities of RM75.0m (H1 2019: RM33.0m).
As described in note 11, a trade receivable amount of RM10.51m
(H1 2019: RM10.51m) was due from Concord Green Energy Sdn Bhd
("CGE") as at 30 June 2020. Due to the repayment plan not being
upheld, subsequent discussions are taking place to re-negotiate the
terms of repayment and in the meantime, Serba Dinamik Sdn. Bhd. and
one of the executive directors, have guaranteed the value of the
debt.
As described in note 13, an amount of RM66.30m (H1 2019:
RM35.36m) was due from Megagreen Energy Sdn Bhd ("MGE") as at 30
June 2020. During the financial reporting period, the Group via its
subsidiary, BiON Sdn Bhd, entered into sale and purchase agreements
on 8 April 2020 to acquire three biogas power plant units located
in Perak for consideration of RM45,990,000.00. The completion of
the sale took place in Q3 2020, where 30% of the sales proceeds
have been offset against the amount due and the balance of 70% was
paid in cash, financed by bank borrowings. Further negotiations are
taking place to acquire an additional three biogas power plants and
is expected to be finalised upon satisfactory outcome from the due
diligence exercise.
The Directors consider the amounts owing to be recoverable in
full as a result of negotiations being undertaken.
The Group has also received a letter of support from one of its
largest shareholders, Serba Dinamik Sdn. Bhd., giving its
willingness to continue to fund the Group.
COVID-19 has been identified as having a significant impact on
the Group in the 2020 financial year due to public lockdown.
However, as restrictions have been eased and activity is
increasingly resuming, the Directors continue to believe that the
Group remains viable for the foreseeable future.
The Directors prepared financial projections and plans for a
period of at least 12 months from the date of approval of these
financial statements. On assessment of the Group's future cash
flows, the new financing arrangements that have been made available
from the SME Bank loan as well as the agreed letter of support from
Serba Dinamik Sdn. Bhd. and an assessment of their willingness to
perform under this, the Directors believe the Group has the ability
to continue as a going concern for at least 12 months from the date
of approval of these financial statements.
3 . SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the
operations of any company in the Group.
4. ITEMS OF AN UNUSUAL NATURE
There were no other unusual items affecting assets, liabilities,
equity, net income or cash flows due to their nature, size or
incidence for the financial period ended 30 June 2020.
5. MATERIAL CHANGES IN ACCOUNTING ESTIMATES
The preparation of unaudited interim financial information
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses for the
current and its corresponding financial period under review. Actual
results may differ from these estimates.
In preparing the unaudited interim financial information, the
significant judgements made by the management in applying the
Group's accounting policies and the sources of estimation
uncertainty were consistent with those applied to the 2019 Audited
Financial Statements.
There were no changes in estimates of amounts of the Group that
may have a material effect on the financial period ended 30 June
2020.
6. DIVIDS
No interim dividend was recommended by the Directors during the
financial period under review.
7. SEGMENTAL REPORTING
Operating segments are prepared in a manner consistent with the
internal reporting provided to the management as its chief
operating decision maker in order to allocate resources to segments
and to assess their performance. Currently the Group operates under
two operating segments, providing consulting and contract services
to customers in the renewable energy sector and the supply of power
to the National Grid.
Information on geographical segments is not presented as the
Group operates wholly in Malaysia where all of its assets and
liabilities are located.
The information provided to management for the reportable
segments during each six-month period/year are as follows:
Consulting Head
Business Segments & contract Power office Total
RM'000 RM'000 RM'000 RM'000
Six months ended 30
June 2020
Contract revenues 27,212 - - 27,212
Power sold - - - -
Group revenues 27,212 - - 27,212
Gross profit/(loss) 2,870 (2,147) - 723
Net loss (2,670) (28) - (2,698)
Segment assets 92,782 51,861 3,662 148,305
Segment liabilities 34,371 21,264 36,686 92,321
Capital expenditure - 1,182 - 1,182
Depreciation and amortisation - 1,276 121 1,397
Consulting Head
Business Segments & contract Power office Total
RM'000 RM'000 RM'000 RM'000
Six months ended 30
June 2019
Contract revenues - - - -
Power sold - 1,907 - 1,907
------------------- ------------- ------------- ------------
Group revenues - 1,907 - 1,907
Gross loss - (119) - (119)
Net loss - (4,404) - (4,404)
Segment assets 34,195 52,035 3,685 89,915
Segment liabilities 5,431 12,206 25,388 43,025
Capital expenditure - 113 - 113
Depreciation and amortisation - 885 149 1,034
Consulting Head
& contract Power office Total
Business Segments RM'000 RM'000 RM'000 RM'000
Year ended 31 December
2019
Contract revenues 21,602 - - 21,602
Power sold - 2,459 - 2,459
------------------- ------------- ------------- ------------
Group revenues 21,602 2,459 - 24,061
Gross profit/(loss) 4,511 (1,459) - 3,052
Net profit/(loss) 1,720 (1,785) - (65)
Segment assets 72,432 52,652 2,431 127,515
Segment liabilities 27,105 19,374 30,980 77,459
Capital expenditure - 5,434 - 5,434
Depreciation and amortisation - 2,553 243 2,796
Impairment loss on
receivables - - 868 868
8. TAXATION
The Company is regarded as resident for tax purposes in Jersey
and on the basis that the Company is neither a financial service
company nor a utility company for the purpose of the Income Tax
(Jersey) Law 1961, as amended, the Company is subject to income tax
in Jersey at a rate of zero per cent.
9. INTANGIBLE ASSETS
Trademarks Patents Total
RM'000 RM'000 RM'000
Cost
At 1 January 2019 1,319 8 1,327
Addition - - -
At 30 June 2019 1,319 8 1,327
Addition - - -
---------------------- ------------------------ ----------------------
At 31 December 2019 1,319 8 1,327
Addition - - -
At 30 June 2020 1,319 8 1,327
---------------------- ------------------------ ----------------------
Trademarks Patents Total
RM'000 RM'000 RM'000
Accumulated depreciation
At 1 January 2019 490 6 496
Charge for the period 27 - 27
At 30 June 2019 517 6 523
Charge for the period 27 1 28
---------------------- ------------------------ ----------------------
At 31 December 2019 544 7 551
Charge for the period 27 - 27
At 30 June 2020 571 7 578
---------------------- ------------------------ ----------------------
Net book value
At 30 June 2019 802 2 804
---------------------- ------------------------ ----------------------
At 31 December 2019 775 1 776
---------------------- ------------------------ ----------------------
At 30 June 2020 748 1 749
---------------------- ------------------------ ----------------------
Trademark
The trademarks "GRASS", "POME-MAS" and "GREENPAK" are registered
in Malaysia in respect of patented wastewater and bio-waste
treatment technologies. These trademarks have been granted for an
indefinite period, however, they are being amortised over 10 years
in line with management's best estimate of their expected useful
life.
The remaining amortisation period of trademarks is between one
to two years. The remaining amortisation period of patents is
between three to 10 years.
10. PROPERTY, PLANT AND EQUIPMENT
Capital
Furniture Office Work in Industrial
& Fittings Renovation Equipment Progress Building Motor Vehicle Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
At Cost
At 1 January 2020 159 344 167 7,542 40,896 807 49,915
Addition 45 - 8 515 63 551 1,182
Disposal - - - - - (577) (577)
At 30 June 2020 204 344 175 8,057 40,959 781 50,520
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Accumulated
Depreciation
At 1 January 2020 68 136 122 - 4,204 604 5,134
Charge for the
period 9 17 15 - 1,023 80 1,144
Disposal - - - - - (500) (500)
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
At 30 June 2020 77 153 137 - 5,227 184 5,778
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Carrying Amount
At 30 June 2020 127 191 38 8,057 35,732 597 44,742
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Capital
Furniture Office Work in Industrial
& Fittings Renovation Equipment Progress Building Motor Vehicle Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
At Cost
At 1 January 2019 159 344 167 21,418 21,587 807 44,482
Addition - - - 113 - - 113
Adjustment - - - (29) - - (29)
Reclassification (13,847) 13,847 - -
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
At 30 June 2019 159 344 167 7,655 35,434 807 44,566
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Accumulated
Depreciation
At 1 January 2019 53 102 90 - 2,159 442 2,846
Charge for the
period 8 17 15 - 886 81 1,007
At 30 June 2019 61 119 105 - 3,045 523 3,853
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Carrying Amount
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
At 30 June 2019 98 225 62 7,655 32,389 284 40,713
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Capital
Furniture Office Work in Industrial
& Fittings Renovation Equipment Progress Building Motor Vehicle Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
At Cost
At 1 January 2019 159 344 167 21,418 21,587 807 44,482
Addition - - - - 5,434 - 5,434
Reclassification - - - (13,876) 13,875 - (1)
At 31 December
2019 159 344 167 7,542 40,896 807 49,915
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Accumulated
Depreciation
At 1 January 2019 53 102 90 - 2,159 442 2,846
Charge for the
year 15 34 32 - 2,045 162 2,288
At 31 December
2019 68 136 122 - 4,204 604 5,134
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
Carrying Amount
At 31 December
2019 91 208 45 7,542 36,692 203 44,781
----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
a) Included in the assets of the Group at the end of the
reporting period were motor vehicles with a total net book value of
RM0.59m that were acquired under hire purchase terms.
b) Assets under construction represents biogas power plant under
construction. It is subject to depreciation only when completed and
ready for use. No interest was capitalised during the period.
c) Industrial building with carrying amounts of approximately
RM36.7m are pledged against the banking facility (note 20).
d) Acquisition of plant and equipment: -
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Cash paid to acquire property,
plant and equipment 1,182 113 5,434
----------- ----------- -----------
11. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Trade receivables 33,173 14,652 16,130
Less: allowance for impairment
loss (1,435) (1,575) (1,435)
----------- -----------
31,738 13,077 14,695
----------- ----------- -----------
Other receivables and deposits 4,649 3,708 3,736
Less: allowance for impairment
loss (1,371) (503) (1,371)
----------- ----------- -----------
3,278 3,205 2,365
----------- ----------- -----------
35,016 16,282 17,060
----------- -----------
Allowance for impairment losses
Opening balance - trade receivables (1,435) (1,575) (1,575)
Allowance written back - 140
Allowance for the period/year - - -
-----------
(1,435) (1,575) (1,435)
----------- ----------- -----------
Opening balance - other receivables (1,371) (503) (503)
Allowance for the period/year - - (868)
----------- ----------- -----------
(1,371) (503) (1,371)
----------- ----------- -----------
Closing balance (2,806) (2,078) (2,806)
----------- ----------- -----------
a) The Group's normal credit terms range from 90 to 120 days (H1
2019: 90 to 120 days). Other credit terms are assessed and varied
on a case-by-case basis.
b) Trade and other receivables that are individually determined
to be impaired relate to customers that have defaulted on payments
or the amount due from third parties considered irrecoverable.
c) Included in the trade receivables is an amount of RM10.51m due from CGE (H1 2019: 10.51m).
d) The amounts in trade receivables are analysed as follows:
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Not past due 11,171 1,907 2
Past due by less than 3 months 6,233 - -
Past due by less than 3 - 6 months - - 162
Past due by 6 months and above 15,769 12,745 15,966
------- -------
33,173 14,652 16,130
------- ------- -------
12. AMOUNT OWING BY CONTRACT CUSTOMERS
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Aggregate cost incurred
to date 52,669 52,669 52,669
Add: attributable profits 18,386 18,386 18,386
71,055 71,055 71,055
Less: progress billings (70,654) (70,654) (70,654)
---------------------- ---------------------- -------------
401 401 401
---------------------- ---------------------- -------------
Represented by:
Amount due from customer
contracts 401 401 401
13. AMOUNTS OWING BY/(TO) RELATED PARTIES
Party Relationship* Trade Receivables Other Receivables Other Payables Total
RM'000 RM'000 RM'000 RM'000
30.06.2020
Megagreen
Energy Related
Sdn Bhd party 51,497 14,800 - 66,297
Less: allowance for
impairment loss (3,762) - - (3,762)
----------------------- ----------------------- ----------------------- -----------------------
47,735 14,800 - 62,535
----------------------- ----------------------- ----------------------- -----------------------
K2M Ventures
Related
Sdn Bhd party - 9 - 9
----------------------- ----------------------- ----------------------- -----------------------
47,735 14,809 - 62,544
----------------------- ----------------------- ----------------------- -----------------------
30.06.2019
Megagreen
Energy Related
Sdn Bhd party 31,087 4,269 - 35,356
Less: allowance
for impairment
loss (3,762) - - (3,762)
----------------------- ----------------------- ----------------------- -----------------------
27,325 4,269 - 31,594
----------------------- ----------------------- ----------------------- -----------------------
Makmur Hidro
Sdn Related
Bhd party - 66 - 66
----------------------- ----------------------- ----------------------- -----------------------
27,325 4,335 - 31,660
----------------------- ----------------------- ----------------------- -----------------------
K2M Ventures
Related
Sdn Bhd party - - (4,199) (4,199)
27,325 4,335 (4,199) 27,461
----------------------- ----------------------- ----------------------- -----------------------
31.12.2019
Megagreen
Energy Related
Sdn Bhd party 51,497 11,853 - 63,350
Less: allowance
for impairment
loss (3,762) - - (3,762)
----------------------- ----------------------- ----------------------- -----------------------
47,735 11,853 - 59,588
----------------------- ----------------------- ----------------------- -----------------------
Makmur Hidro
Sdn Related
Bhd party - 66 - 66
----------------------- ----------------------- ----------------------- -----------------------
47,735 11,919 - 59,654
----------------------- ----------------------- ----------------------- -----------------------
* Relationship
a) The Group via its subsidiary, BiON Sdn Bhd, holds 15% shares
in Megagreen Energy Sdn Bhd and Syed Nazim Syed Faisal, being the
Executive Director of BiON plc, was appointed as Director effective
3 July 2020.
b) Mr. Saravanan, who was a director in BiON plc for the year to
31 December 2019 and during the period until his resignation on 31
January 2020 and is a significant shareholder in BiON plc, is also
one of the appointed Directors in Makmur Hydro Sdn Bhd.
c) K2M Ventures Sdn Bhd holds 26.02% of the share capital in
BiON plc at the end of reporting period.
14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents included in the cash flow statement
comprise the following amounts:
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Cash and bank balances 319 55 83
----------- ----------- -----------
15. STATED CAPITAL
No. of shares RM'000
Issued and Fully Paid-Up
1 January 2020 345,375,812 61,052
Issuance of shares 86,343,953 8,406
Less: transaction costs - -
30 June 2020 431,719,765 69,458
--------------------------- ---------------------
On 24 January 2020, the Group announced that, at the
Extraordinary General Meeting ("EGM"), the Resolution placed in
respect of the approval of the waiver under Rule 9 of the City Code
and taken by Independent Shareholders on a poll was approved in
regards to loan conversion to ordinary shares.
On 27 January 2020, upon relevant approved application, a loan
of RM8.4m from Syed Nazim Syed Faisal, Executive Director, was
converted into 86,343,953 new Ordinary Shares representing 20% of
the enlarged share capital of the Group at an effective share price
of approximately 1.85 pence.
16. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Trade payable 45,232 12,134 35,780
Other payable and accruals 22,928 8,902 18,142
68,160 21,036 53,922
----------- --------------------- --------------------
The normal credit terms granted to the Group by the suppliers
are 90 days (H1 2019: 90 days) from invoice date.
17. LEASES
Group as a lessee
The Group has lease contracts for lands. The Group's obligations
under these leases are secured by the lessor's title to the leased
assets. The Group is restricted from assigning and subleasing the
leased assets.
The Group also has certain leases of office equipment with low
value. The Group applies the 'lease of low-value assets'
recognition exemptions for these leases.
a) Right-of-use assets
Land Total
RM'000 RM'000
Cost at 1 January 2019 6,979 6,979
Additions - -
------- -------
At 31 December 2019 6,979 6,979
Additions - -
------- -------
At 30 June 2020 6,979 6,979
------- -------
Accumulated depreciation at 1
January 2019 1,766 1,766
Charge for the year 453 453
------ ------
At 31 December 2019 2,219 2,219
Charge for the period 226 226
------ ------
At 30 June 2020 2,445 2,445
------ ------
Net carrying amount at 31 December
2019 4,760 4,760
------ ------
Net carrying amount at 30 June
2020 4,534 4,534
------ ------
b) Lease liabilities
The carrying amount of lease liabilities is as follows: -
30.06.2020 31.12.2019
RM'000 RM'000
Current liabilities
- Not later than one year 334 317
Non-current liabilities:
- Later than one year and not
later than five years 1,764 1,671
- Later than five years 3,588 3,852
5,686 5,840
----------- -----------
c) Amounts recognised in profit or loss
30.06.2020 31.12.2019
RM'000 RM'000
Depreciation of right-of-use
assets 226 453
Interest expenses on lease liabilities 313 651
Lease expenses not capitalised
in lease liabilities:
- Expenses related to low value
assets 2 11
- Expenses related to short-term
lease 185 486
726 1,601
----------- -----------
d) Total cash outflow
The Group had a total cash outflow for leases of RM0.47m during
the period.
18. BORROWINGS
a) Short-term borrowings
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Mezzanine loan - 6,668 9,269
Hire purchase payables (note
19) 101 89 92
Term loans (note 20) 5,764 5,192 5,764
5,865 11,949 15,125
------------------ ---------------------- ---------------------
b) Long-term borrowings
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Hire purchase payables (note
19) 512 341 295
Term loans (note 20) 10,000 - -
------------------ ---------------------- ---------------------
10,512 341 295
------------------ ---------------------- ---------------------
19. HIRE PURCHASE PAYABLES
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Minimum hire purchase payments:
- Not later than one year 136 110 110
- Later than one year and
not later than five years 540 335 318
- Later than five years 25 41 4
---------------- ----------- ---------------------
701 486 432
Less: future finance charges (88) (56) (45)
---------------- ----------- ---------------------
613 430 387
---------------- ----------- ---------------------
Current
- Not later than one year 101 89 92
Non-current
- Later than one year and
not later than five years 488 302 291
- Later than five years 24 39 4
---------------- ----------- ---------------------
512 341 295
---------------- ----------- ---------------------
613 430 387
---------------- ----------- ---------------------
The hire purchase payables of the Group at the end of the
reporting period bare effective interest rates ranging from 5.20%
to 5.36% (H1 2019: 5.20% - 5.36%).
20. TERM LOAN
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Current (note 18)
Term loan 1 4,742 4,170 4,742
Term loan 2 1,022 1,022 1,022
Term loan 3 10,000 - -
----------- ----------- ---------------------
15,764 5,192 5,764
----------- ----------- ---------------------
Term loan 1 & 2
The term loans are secured against: -
(i) Fixed and floating charges over the present and future assets.
(ii) Assignment of all rights, interest and benefits and the
proceeds from the sales of the electricity.
(iii) Assignment of all rights, benefits interest and title under industrial building.
(iv) A guarantee by Credit Guarantee Corporation Berhad (term loan 1 only).
(v) Joint and severally guaranteed by the Directors of the Company.
Term loan 1 bears an effective interest rate of 8% (H1 2019: 8%)
per annum and term loan 2 bears effective interest rate of 5% (H1
2019: 5%) per annum.
During the financial period, due to delayed repayment and the
lender being in a position to declare the term loan outstanding as
immediately due and payable, the entire term loan was reclassified
as a current liability. Thereafter, the term loan was fully repaid
on 3 July 2020.
Term loan 3
On 6 February 2020, the Group via its subsidiary, BiON Sdn Bhd
(Borrower), entered in to a facility agreement with Serba Dinamik
Sdn Bhd (Lender), to obtain a loan of RM10m for working capital
purposes.
The Group unconditionally agreed to pay profit for this facility
at the rate of 5% per annum for a term of 54 months commencing from
6 August 2020.
21. REVENUE
All revenues are derived from Malaysia.
Unaudited Unaudited
30.06.2020 30.06.2019
RM'000 RM'000
Contract revenue 27,212 -
Sale of electricity - 1,907
27,212 1,907
----------- -----------
22. OTHER INCOME
Unaudited Unaudited
30.06.2020 30.06.2019
RM'000 RM'000
Deferred grant income 6 6
Gain on disposal of plant,
property and equipment 53 -
Insurance claim 452 -
Realised gain on foreign exchange - -
Unrealised gain on foreign
exchange - -
Rental income 7 -
Wage subsidy 62 -
580 6
----------- -----------
23. FINANCE INCOME
The finance income recognised is in relation to the interest
charged for advances given to a related party, at a rate of 18% per
annum (1.5% per month) (see note 27 for detail).
24. FINANCE COSTS
Unaudited Unaudited
30.06.2020 30.06.2019
RM'000 RM'000
Bank charges 3 4
Factoring charges 258 -
Bank interest - 1
Hire purchase interest 10 9
Short-term loan interest 54 715
Term loan interest 215 -
----------- -----------
279 725
----------- -----------
Interest on lease liabilities 313 -
----------- -----------
853 729
----------- -----------
25. E ARNINGS PER SHARE
The calculation of earnings per share is based on the following
earnings and number of shares:
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
Loss attributable to
the owners of the company
(RM'000) (2,698) (4,404) (187)
Weighted average shares
in issue for basic earnings
per share 345,375,812 345,375,812 345,375,812
Adjustment for:
Warrants instruments 7,232,013 7,232,013 7,232,013
Weighted average shares in
issue for diluted earnings
per share 352,607,825 352,607,825 352,607,825
------------------- ----------------------- ---------------------
Basic earnings per share (RM,
cents) (0.006) (0.012) (0.001)
------------------- ----------------------- ---------------------
Diluted earnings per share
(RM, cents) (0.006) (0.012) (0.001)
------------------- ----------------------- ---------------------
Earnings per share has been calculated by dividing the profit or
loss for the period attributable to equity holders of the Group by
the weighted average number of ordinary shares in issue during the
period.
The diluted number of shares includes those reserved under
warrants (note 28).
26. CONTINGENCIES
No provisions are recognised on the following matters as it is
not probable that a future sacrifice of economic benefits will be
required or the amount is not capable of reliable measurement:
-
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Corporate guarantee given
to licensed banks for
credit facilities granted
to a related party 10,080 32,883 32,489
----------- ----------- -----------
The Group has provided MGE with a corporate guarantee in support
of a loan facility. As the Group has only a 15% interest in MGE, it
has no effective control over whether any claim may be made under
this guarantee. Credit Guarantee Corporation Malaysia Berhad has
confirmed that repayment of the 60% of the amount borrowed by
Megagreen under the facility is guaranteed by Credit Guarantee
Corporation Malaysia Berhad up to June 2025 pursuant to the Green
Technology Financing Scheme - established by the Malaysian
government. On that basis, the Directors expect the exposure of the
Group under the guarantee to be limited to approximately
RM4.0m.
27. RELATED PARTY TRANSACTIONS
In addition to the information detailed in note 13, the Group
also carried out the following significant transactions with
related parties during the period:
Unaudited Unaudited Audited
30.06.2020 30.06.2019 31.12.2019
RM'000 RM'000 RM'000
Megagreen Energy Sdn. Bhd.
- Contract revenue - - 20,539
- Interest income 928 - 2,265
- Amounts owing from 62,535 31,594 59,588
K2M Ventures Sdn Bhd
- Other income (waive of debts) - - 1,633
- Amount owing from/(to) 9 (4,199) -
Makmur Hidro Sdn Bhd
- Amount owing from - 66 66
Saravanan Rasaratnam
- Director fees due - (393) -
- Director advance - (2,691) -
- Director fees - 32 63
- Other income (waive of debts) - - 3,595
Navindran Balakrishnan
- Director fees due - (393) -
- Director advance - (976) -
- Director fees - 32 63
- Other income (waive of debts) - - 1,101
Serba Dinamik group of companies
- Term loan (10,000) - -
- Amount owing to (15,253) - (10,078)
- Services rendered (nett) (429) (460) (8,397)
Syed Nazim Syed Faisal
- Mezzanine loan - (4,800) (8,406)
- Director advance (1,152) - (1,305)
- Director fees due (110) (47) (81)
- Director fees 32 32 64
Datuk Dr. Hj. Radzali Hassan
- Director fees due (418) (354) (242)
- Director fees 32 32 64
Aditya Chathli
- Director fees due (268) (204) (242)
- Director fees 32 32 63
Sivadas Kumar
- Director fees due (17) (333) (228)
Related parties: -
i) The Group via its subsidiary, BiON Sdn Bhd, hold 15% shares in Megagreen Energy Sdn Bhd.
ii) K2M Ventures Sdn Bhd holds 26.02% shares in BiON plc.
iii) Mr. Saravanan was a Director and shareholder in BiON plc
for the year ended 31 December 2019 and during the period until 31
January 2020, and is also one of the appointed Directors in Makmur
Hydro Sdn Bhd.
iv) Mr. Navindran was a Director and shareholder in BiON plc for
the year ended 31 December 2019 and during the period until 31
January 2020.
v) Serba Dinamik group of companies is one of the significant
shareholders in BiON plc for the period ended 30 June 2020.
vi) Syed Nazim Syed Faisal is an Executive Director in BiON plc
for the period ended 30 June 2020.
vii) Aditya Chathli is a Non-Executive Director in BiON plc for
the period ended 30 June 2020.
viii) Datuk Dr. Hj. Radzali Hassan is a Non-Executive Director
in BiON plc for the period ended 30 June 2020.
ix) Sivadas Kumar was an Executive Director in BiON plc
(formerly as Green & Smart Holdings plc) until 25 October
2018.
28. WARRANT INSTRUMENTS
Average exercise Number
price per warrants of warrants
At 1 January 0.092p 7,232,013
Granted during the
period - -
Exercised during
the period - -
Forfeited during
the period - -
As at 30 June 0.092p 7,232,013
-------------------- -------------
On 6 May 2016, the Company granted 1,383,333 warrants to S.P.
Angel Corporate Finance LLP, the Company's previous nominated
adviser, at the exercise price of 9 pence each, which were
exercisable immediately upon grant, with an expiring date of 5 May
2021.
On 19 June and 28 June 2017, the Company issued 5,848,680
warrants, at the exercise price of an average closing bid price at
three trading days prior to the day of notice to exercise, to
subscribers to a private placing arranged by Charles Street
Securities Europe LLP ("CSS"), and to CSS as part of the fee
arrangements for arranging the placement. Of the total warrants
issued, 2,777,778 were issued to CSS as fees payable in connection
with that placement. The warrants issued to subscribers are outside
the scope of IFRS 2. In accordance with IFRS 2, the fair value of
the warrants issued as fees for the placement services provided has
been estimated as RM220,000. This has been recognised within the
stated capital component of equity as the costs were directly
incurred in raising the related equity funds.
There was no movement during the period ended 30 June 2020.
29. SUBSEQUENT EVENTS
Management is not aware of any significant events that occurred
subsequent to the consolidated balance sheet date but prior to the
filing of this report that would have a material impact on the
consolidated financial statements.
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END
IR FLFITIILEFII
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