TIDMSEE
RNS Number : 5911Z
Seeing Machines Limited
21 September 2015
Seeing Machines Limited
Final Results for the year ended 30 June 2015
and Publication of Annual Report
21 September 2015
Seeing Machines Limited (AIM: SEE) the AIM listed technology
company with a focus on operator monitoring and intervention
sensing technologies and services, is pleased to announce its
audited financial results for the year to 30 June 2015 and the
publication of its 2015 Annual Report.
The 2015 Annual Report is available for download from the
Company's website, at www.seeingmachines.com/investors .
Key Points:
Financial
-- Revenue increased 20% to A$21.2 million (excluding foreign
exchange gains), a record for the Company (FY2014: A$17.7
million).
-- Increase of more than 70% in the number of products shipped,
to 1,828 units, another record for the Company (FY2014: 1,059
units).
-- Revenue largely from DSS mining product and services, with
some revenue from initial sales of the new Seeing Machines Fleet
product.
-- Investment in systems and infrastructure to enable growth
resulted in increased expenses for R&D, sales and marketing and
corporate activities.
-- Operational expenses increased to A$24.3 million (FY2014: A$13.2 million).
-- Net loss increased to A$10.2 million (FY2014: loss of A$2.7
million), reflecting planned increase in R&D activities and
investments in sales and marketing resources.
-- Completed a capital raising of A$10.8 million (after costs).
Cash reserves at 30 June 2015 were A$14.2 million (30 June 2014:
A$22.7 million). At 30 June 2015 the Company had trade debtors of
A$7.3 million (30 June 2014: A$5.5 million).
Operational
-- Executing our strategy to commercialise our technology in six
global industries: mining; commercial fleets; road vehicles; rail;
consumer electronics; and aviation and simulators.
-- Dramatic advances in automotive and aviation technologies.
-- Continued increase in sales from DSS products and services,
despite challenging conditions in the global mining industry. DSS
revenue includes A$6.2 million from Seeing Machines Latin America,
the Company's joint venture in Chile established in August
2014.
-- Extended our exclusive global alliance with Caterpillar,
first announced in May 2013, by signing DSS distribution agreements
with additional Caterpillar dealers. In March 2015 we signed a
marketing and licence agreement for Caterpillar Safety Solutions to
provide 24/7 monitoring and analytical services to their global
customers using Seeing Machines' DSS products.
-- Developed and launched Seeing Machines Fleet, a new product
for the commercial road transport market. Signed several
distribution agreements and received first product orders.
-- Strategic alliance agreement signed with TK Holdings Inc.,
the Americas subsidiary of Takata Corporation, an automotive
industry leader in the supply of advanced driver safety systems
(ADAS). Through Takata, the Company secured a contract to develop
driver monitoring systems for a global car maker.
-- Successful research collaboration with Boeing Research &
Technology - Australia, providing the eye tracking technology that
monitors and measures a pilot's situational awareness. A jointly
developed solution was installed in a Boeing Flight Services 737
Flight Simulator at the Brisbane International Airport.
-- Strategic agreement signed with Electro-Motive Diesel, Inc.
(EMD), a Caterpillar Company, related to in-cab operator fatigue
and distraction monitoring systems for use in locomotives and other
railway vehicles.
-- Memorandum of Understanding (MOU) with Samsung
Electro-Mechanics Corporation to facilitate joint development of
face and eye tracking technology for the consumer electronics
industry.
-- Ended the financial year with a strong balance sheet and strong pipeline.
-- Management confident in ongoing strategy and growth delivery.
Developments after the end of the Financial Year
-- In September 2015 we further extended the Caterpillar
alliance by signing a global product development, licensing and
distribution agreement, for Caterpillar to take over responsibility
for manufacturing, marketing and sales of the DSS off-road product.
Caterpillar will also have distribution rights for Seeing Machines
Fleet product, exclusive within agreed Caterpillar industries
(mining, construction, cement and quarry, paving, forestry, marine
and industrial operations) and nonexclusive outside these
industries. Caterpillar will pay Seeing Machines US$17.5 million
over four years as well as royalty fees for DSS hardware, software
licensing, monitoring and analytics services. The Company expects
that in the 2016 financial year, all of the US$17.5 million payment
will be recognised as revenue, and US$9 million of it will be
received as cash. Current DSS customer agreements will be
transitioned to Caterpillar and supported by Caterpillar
dealers.
-- As part of this transition, Caterpillar will also purchase
existing inventory of DSS units plus spare parts, for an agreed
lump sum. This inventory includes some surplus DSS units which had
been allocated to a customer in Zambia under an order announced on
20 July 2015, where the scope of the order has recently been
reduced. This has meant a reduction in hardware revenue from the
Zambian order, but a larger total revenue from the lump sum sale to
Caterpillar. This DSS inventory gives Caterpillar a solid base to
accelerate the transition of DSS sales and supply.
Commenting on the Results, Seeing Machines Chairman, Terry
Winters said:
"Seeing Machines set ambitious goals for the 2015 year. While
the significant downturn in global mining markets meant that we
didn't achieve the upper level of our growth objectives, we still
shipped a record number of products, achieved record full year
revenues and better than budgeted net income results for the year
ended 30 June 2015.
Strong demand continued for the Company's DSS products and
services for the global mining sector. Our DSS sales performance
has been aided by our strong relationship with Caterpillar and our
growing relationships with the Caterpillar Global Dealer Network
and the increased reach these Dealers bring to our distribution
capabilities.
We were also very pleased to see manufacturing commenced and the
first new lower cost road fleet products shipped into this new and
very large market segment. We are very excited about the level of
interest we are receiving from long distance fleet transport
operators and note that this market is larger than the mining
segment by orders of magnitude.
The company's clear leadership in designing and developing
driver monitoring systems (DMS) technology has led to a very
significant contract to supply our technology to one of the largest
global car manufacturers and substantial interest from other
leading global car producers.
We delivered revenue growth on our 2014 results of 20% to A$21.2
million (excluding foreign exchange gains). With our planned
increase in operational costs in order to execute our business
plans in several industry sectors, the Company made a net loss of
A$10.2 million for the 2015 financial year, compared to a net loss
of A$2.7 million for the previous year.
Your Company ended the financial year with a strong balance
sheet and a significant pipeline of opportunities that are expected
to lead to further revenue growth in the 2016 financial year."
Enquiries:
Seeing Machines Limited www.seeingmachines.com /
+61 2 6103 4700
Ken Kroeger, Managing Ken.Kroeger@seeingmachines.com
Director and CEO James.Walker@seeingmachines.com
James Walker, Finance
Director
US media inquiries: +1 732 620 0033 / Anne.Donohoe@seeingmachines.com
Anne Donohoe
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts,
Corporate Finance +44 20 7220 0500
Joanna Weaving, Corporate
Broking
Newgate, Investment Communications for Seeing Machines
Robyn McConnachie Mob: +44 7540 706 191
Robyn.mcconnachie@newgatecomms.com
Tim Thompson Tel: +44 20 7653 9858 / Mob:
+44 7710 718 649
Lois Engstrand Tim.thompson@newgatecomms.com
Tel: +44 20 7653 9844 / Mob:
+44 7540 248 478
Lois.engstrand@newgatecomms.com
About Seeing Machines
Seeing Machines, (AIM: SEE) is focused on operator monitoring
and intervention sensing technologies and services. With more than
15 years of experience, Seeing Machines uses advanced detection and
prevention safety assistance technologies to track eye and facial
movement in order to monitor fatigue, drowsiness and distraction
events, such as microsleeps, texting and cell phone use as they
occur, while providing for a real-time intervention strategy, which
improves operator, driver and environmental safety, preserves
assets, and reduces risk. Seeing Machines' technology is used
worldwide across the automotive, mining, transport and aviation
industries; as well as many of the leading academic research groups
and transportation authorities. Seeing Machines is headquartered in
Australia and has offices in Tucson, Arizona, Mountain View,
California and Santiago, Chile. The Company counts Caterpillar, BHP
Billiton, Freeport, Electro Motive Diesel, Boeing, Takata, SEMCo
and Eye Tracking Inc among its customers or partners.
Directors' Report
Review of Operations
Financial Results
The Company's total revenue and other income for the financial
year (excluding foreign exchange gains and finance income) was
A$21.2 million, an increase of A$3.7 million, or 20%, over the 2014
revenue of A$17.6 million. This represents the highest revenue the
Company has generated in any financial year.
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
This record revenue was based largely on sales of the Company's
DSS(TM) products and services to the mining industry, with early
sales of the Company's new Fleet product towards the end of the
financial year. In the year to 30 June 2015 the Company shipped
1,828 units, across the mining and Fleet products (FY2014: 1,059
units), another record for the Company.
The Company achieved sales revenues of A$18.9 million, of which
A$13.0 million was from the sale of goods and A$6.0M from providing
services. This represents a 13% increase over 2014. As in previous
years, sales revenue was weighted towards the second half of the
financial year, with revenue of A$13.1 million (69% of the total)
coming in the second half.
Revenue for the year for the Company's product lines, as well as
Other Income compared to the last financial year, is shown in the
following table.
Product 30 June 30 June Variance
2015 2014 %
A$ A$
----------------------- ----------- ----------- ---------
DSS 15,428,872 14,471,178 7%
----------------------- ----------- ----------- ---------
Seeing Machines 2,575,226 - N/A
Fleet(TM)
----------------------- ----------- ----------- ---------
Core technology
integration services 979,673 2,285,214 -57%
----------------------- ----------- ----------- ---------
Other income 2,217,806 887,335 150%
----------------------- ----------- ----------- ---------
Foreign exchange 3,071,793 - N/A
gains
----------------------- ----------- ----------- ---------
Finance income 297,727 118,519 151%
----------------------- ----------- ----------- ---------
Total Revenue 24,571,097 17,762,246 38%
----------------------- ----------- ----------- ---------
Other income was primarily due to the recovery of R&D tax
offsets refund from the Australian Government. Finance income was
attributable to the interest earnings due to increased cash
holdings resulting from the capital raises conducted during the
year.
Cost of Goods Sold (COGS) increased A$3.7 million (55%) to
A$10.4 million (2014: A$6.7 million) due mainly to: upfront
tooling, setup and freight costs incurred in preparation of the
commercial fleet product; change in the mix of sales to include the
Fleet product, with a lower margin than the DSS product and the
expansion of the Company's logistics facilities in Australia and
the USA.
Operational expenses increased by 85% to A$24.3 million (2014:
A$13.2 million). This increase is a result of the Company executing
its plans for entry into an extended set of industry sectors, and
reflects the Company's planned investment in research and
development as well as supporting the significant growth in revenue
through additional customer fulfilment and support infrastructure
and personnel.
The Company made a net loss of A$10.6 million for the 2015
financial year, compared to a net loss of A$2.7 million for the
previous year. Included in this result is foreign exchange gains of
A$3.0 million. The unrealised foreign exchange gain (A$2.7 million)
relates to the Company holding its cash and a portion of the trade
receivables and payables balances in AUD, USD and GBP.
This loss was a result of planned investments to implement the
Company's business strategy outlined in mid-2014. During this year
we invested significantly in our capability and resources to
commercialise our technology in our global target industries:
mining; commercial fleets; road vehicles; rail; consumer
electronics; and aviation and simulators. This investment is
reflected in increased expenses for R&D, sales and marketing
and corporate activities.
The key financial results for the year are shown in the table
below:
Mining Other Corporate Total
Business Sectors Resources
FOR THE YEAR A$ A$ A$ A$
ENDED
------------ ------------ ------------ -------------
30-Jun-15
---------------------- ------------ ------------ ------------ -------------
Business
revenue 15,428,872 3,554,899 - 18,983,771
------------ ------------ ------------ -------------
Revenue 15,428,872 3,554,899 - 18,983,771
Cost of
Sales (7,174,393) (3,286,065) - (10,460,458)
------------ ------------ ------------ -------------
Gross Profit 8,254,479 268,834 - 8,523,313
Other income 1,807,231 410,575 - 2,217,806
Net gain/Loss
on foreign exchange 267,539 61,643 2,742,611 3,071,793
Finance
income - - 297,727 297,727
- -
Research and
development (396,015) (6,175,077) - (6,571,092)
Customer support
and marketing (6,673,381) (2,377,090) (445,863) (9,496,334)
Occupancy and
facilities - - (2,198,912) (2,198,912)
Corporate
services (254,313) (36,000) (5,720,224) (6,010,537)
------------ ------------ ------------ -------------
Loss from continuing
operations 3,005,540 (7,847,115) (5,324,661) (10,166,236)
Income
tax expense - - (468,925) (468,925)
------------ ------------ ------------ -------------
Loss from continuing
operations after
tax 3,005,540 (7,847,115) (5,793,586) (10,635,161)
============ ============ ============ =============
The other sectors in the table above represents the Seeing
Machines Fleet(TM) and Core technology integration services
business.
During the year the Company completed a capital raising
realising A$11.4 million less transaction costs of $0.6 million.
Cash reserves at 30 June 2015 were A$14.2 million compared to
A$22.8 million at 30 June 2014. The lower cash balance was due to a
significant payment for the initial order placed for the commercial
fleet product as well as the overall loss incurred. At 30 June 2015
the Company had trade debtors of A$7.4 million compared to A$5.5
million in the previous year.
Operational Highlights
During the previous financial year the Company released its
six-sector, transport focused, operator monitoring and safety
intervention strategy. The strategy targets the global sectors of
mining, commercial road transport, rail, automotive, aviation and
consumer electronics. During this financial year the Company began
executing this strategy, including the following operational
highlights.
Mining & Caterpillar Industries
The Company continued to increase sales from its DSS driver
monitoring products and services, with full year revenues from DSS
of A$15.4 million, 7% higher than last year, despite challenging
conditions in the global mining industry. This revenue comprises a
mix of product and services fees, including:
-- sales of DSS units;
-- software licensing;
-- installation services;
-- maintenance and support fees;
-- field support services; and
-- DSSi(TM) information reporting services including event classification.
This revenue figure includes A$6.2 million of revenue from
Seeing Machines Latin America, the Company's joint venture in Chile
established during this financial year. The joint venture generates
revenue by providing DSS products and services to customers in
Latin America.
DSS products are now installed across the world - in North and
South America, Europe, Middle-East and Africa, Australia and
Asia-Pacific - with some of the world's leading resource companies,
including BHP Billiton, Freeport, Teck Coal, Peabody, Newmont and
Vale.
Sales into the mining sector were driven by the Company's
exclusive global alliance with Caterpillar, first announced in May
2013. During the year the Company and Caterpillar continued to
strengthen this alliance. The Company signed DSS distribution
agreements with a number of additional Caterpillar dealers,
including the world's largest (Finning International). As at 30
June 2015 the Company had signed agreements with 18 Caterpillar
dealers to sell and service the DSS product.
As one of the agreed phases of the Caterpillar alliance, in
March 2015 the Company signed a marketing and licence agreement for
Caterpillar Safety Solutions to provide 24/7 monitoring and
analytical services to their global customers using Seeing
Machines' DSS products. Caterpillar Safety Solutions (CSS), in
tandem with global Cat dealers and Seeing Machines, offers
customers an end-to-end fatigue risk management solution. The
integrated solution combines technical consulting and change
management services with a technology suite that incorporates
Seeing Machines' DSS in-vehicle protection and 24-hour DSSi
operator monitoring service provided through Caterpillar's
Condition Monitoring Centres.
Where the first phase of the Caterpillar alliance focused on the
mining sector, this new offering is available across Caterpillar's
broader industries, including construction, aggregate and quarry
and forestry, and is accessible through Caterpillar's global
network of approximately 185 dealers.
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
After the end of the financial year, the Company has further
strengthened its alliance with Caterpillar, by signing agreements
under which Caterpillar will take over responsibility for
manufacturing, marketing and sales of Seeing Machines' existing DSS
rugged off-road product.
'ADAS' for Road Vehicles
One of the Company's six target markets is the automotive
sector. The opportunity in this market is to integrate the
Company's technology into passenger cars as part of Advanced Driver
Assistance Systems, or "ADAS". ADAS is an industry term for systems
developed to automate, adapt and enhance vehicle systems for safety
and better driving. ADAS systems include safety features designed
to avoid collisions and accidents by offering technologies that
alert the driver to potential problems, or to avoid collisions by
implementing safeguards and taking over control of the vehicle.
ADAS technology can be based upon vision/camera systems and sensor
technologies that monitor the driver and the external
environment.
In August 2014 the Company signed a strategic alliance with TK
Holdings Inc., the Americas subsidiary of Takata Corporation, a
Tier 1 supplier of automotive safety systems to major global
automotive manufacturers. The alliance is mutually exclusive in
passenger and commercial vehicle OEM applications including cars,
trucks and buses but excludes aftermarket solutions. Revenues to
Seeing Machines will be a combination of minimum licence fees and
royalties.
Through Takata, the Company secured a contract to develop driver
monitoring systems for a global car maker. During the 2015
financial year the Company generated revenue of A$0.55 million from
the core technology services provided to Takata in the development
of this product for this first automotive customer. This work was a
major focus of the Company during this financial year, and
successfully delivering this project will be a high priority for
the Company during the 2016 financial year.
While the Takata airbag recall is restricting short-term
opportunities with some automotive OEMs, in parallel with our
continuing work with Takata, the Company is progressing
relationships with a number of global automotive OEMs, including by
supplying a PC-based variant of our automotive technology that
allows the automotive manufacturer to easily map Driver Monitoring
capability to their ADAS and autonomous vehicle technology road
maps and to input into their technology packaging strategy for new
vehicles, model range interiors and dashboards.
The Company believes the automotive sector presents many
opportunities to successfully commercialise the Company's
technology. During the 2016 financial year the Board and Management
will continue to develop and pursue strategic alternatives and
commercial models to maximise these opportunities.
Commercial Fleets
During the 2015 financial year the Company leveraged its
existing rugged off-road DSS product, to develop and build a new
lower cost on-road product for commercial fleets. This new product,
Seeing Machines' Fleet(TM) , was launched in late April 2015 at the
annual conference of the U.S. National Private Truck Council.
Seeing Machines' Fleet is a driver monitoring system designed
specifically for trucks, buses and other commercial fleet vehicles.
It provides drivers and supervisors with real-time notification
when drivers are fatigued or distracted. Other similar products in
this market only allow for fatigue risk mitigation as a post event
intervention.
In June 2015 the Company received its first order for 750 units
of the Fleet product, from its distributor Insurance Underwriting
Managers (IUM) in South Africa. IUM is a leading South African
insurance underwriter that focuses on the commercial fleet market.
IUM is offering the Fleet product to its customers with an
expectation that driver behaviour will improve, reducing accidents
and associated insurance costs.
The Fleet product is being manufactured by Seeing Machines'
outsourced manufacturing partner in China. While the Company is
selling the Fleet product directly to end user companies through
our international sales team, the Company has also appointed a
number of distributors in various regions, including IUM in Africa,
FleetSafe in New Zealand, Convoy Technologies in the USA, and
Caterpillar at a global level for their key fields of operation.
The Seeing Machines Fleet product will also be distributed in Chile
by Seeing Machines' Latin American joint venture. We are also in
the process of establishing Fleet sales partnerships in other large
markets. This activity will continue during the 2016 financial
year.
Aviation, Simulators & Consoles
The Company believes there are significant opportunities for its
technology to be deployed in the aviation sector. During the year
we evaluated the industry and discussed these opportunities with a
range of leading aviation companies, regulators and other
stakeholders.
During the year the Company engaged in a successful research
collaboration with Boeing Research & Technology - Australia,
providing the eye tracking technology that monitors and measures a
pilot's situational awareness. The jointly developed solution was
installed in a Boeing Flight Services 737 Flight Simulator at the
Brisbane International Airport. Using Seeing Machines' commercial
gaze-tracking technology, combined with Boeing's data handling and
analytics software, the system provides real-time evaluation of a
pilot's instrument scan and flight deck interaction. This analysis
enables the automatic detection of performance breakdowns regarding
the pilot's interaction with the flight deck, which can be relayed
to the instructor in real time using a wireless tablet PC.
Preliminary results obtained from a study conducted with
operational pilots and check captains from an Australian national
airline has proven to be very successful.
After the end of the financial year the Company signed
agreements with Boeing to deliver three more gaze tracking units
for use at various Boeing facilities in Australia and overseas.
Other Markets - Rail and Consumer Electronics
In September 2014 the Company signed a strategic agreement with
Electro-Motive Diesel, Inc. (EMD), a Caterpillar Company, related
to in-cab operator fatigue and distraction monitoring systems for
use in locomotives and other railway vehicles. This exclusive
agreement, with an initial term of three years, allows Seeing
Machines and EMD to develop and adapt Seeing Machines' technology
for the rail industry. The Company has been working with EMD to
agree the specific product development and marketing program for
the rail sector, and to conduct trials with early customers.
Also in September 2014, the Company signed a Memorandum of
Understanding (MOU) with Samsung Electro-Mechanics Corporation
(SEMCo) to facilitate joint development of face and eye tracking
technology for the consumer electronics industry. Under this
program, SEMCo and Seeing Machines will each appoint dedicated
engineering teams to a collaborative R&D program, and assign
business development resources tasked with supporting key markets.
At this stage the Company's investment of resources in this market
is modest, but it remains an attractive target market given the
large size of the consumer electronics market and the potential for
consumer devices to reach into other markets over time.
Other Highlights
-- In August 2014 the Company entered into a collaboration with
a long time distributor, Chilean company GTD Ingenieria de
Sistemas, to form Seeing Machines Latin America. This will enable
the highest levels of service to mining customers and local
Caterpillar dealers. Seeing Machines owns a majority 55 percent of
the new company, which is based in Chile and employs 25 staff.
-- In October 2014 the Company also formed another new company,
NuCoria Pty. Ltd., with The Australian National University to
commercialise TrueField Analyzer (TFA) Intellectual Property.
Leveraging Seeing Machines' patented IP, technical expertise, and
ANU's technology transfer & commercialisation successes,
NuCoria will be dedicated to bringing revolutionary medical devices
to market. Seeing Machines owns 18 percent of the equity in NuCoria
and has the right to receive future royalties.
-- During the financial year the Company established FOVIO(TM)
as its technology platform for research based interest and
opportunities (replacing the FaceLAB & FaceAPI product lines)
and in August 2014, appointed Eye Tracking, Inc, as the Company's
distributor for the eye-tracking research market.
Outlook for Financial Year 2015-2016
2015 has been another significant year in the Company's history
with another record revenue result. This healthy revenue growth, in
challenging market conditions, is driven by our leadership in the
mining industry though our own efforts and in partnership with
Caterpillar Global Mining.
During the year we broadened our business base by transitioning
from a mining focus to other transport specific industries. The
launch of our commercial fleet product allows the Company to enter
a very large market (much larger than the mining market) with a
solution to address a significant problem within that sector.
We have started the process of moving to a broader range of
revenue streams from both direct and indirect sales, from hardware
sales to a wider range of products and services, including
recurring license and service fees.
We continue to accelerate the commercialization of our
technology across a focused range of industry sectors. A foundation
has been set with the expansion of our business development teams,
customer support services and infrastructure required to scale
quickly.
This focus and approach has seen Seeing Machines execute on its
strategic alliance with the world's leading manufacturer of mining
equipment, Caterpillar, and gives the Board confidence in another
year of revenue growth from the mining sector.
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
We continue to work with our automotive partner, TK Holdings to
deploy driver monitoring technology for a major global automotive
manufacturer. Our first product in this market will be delivered
during the 2016 financial year, and with ongoing discussions with
major automotive customers we are confident that this sector will
become a significant contributor to our business.
The successful execution of these two major alliances, combined
with our existing sales pipeline, provides the Board with
confidence of continued strong revenue growth in 2016.
The Company's key activities during the 2016 financial year will
include:
-- Revenue: continuing to drive strong revenue growth, from a
broader range of markets, particularly the commercial fleet
market;
-- DSS: complete the transition to Caterpillar of existing DSS
mining customers and future sales and services; support Caterpillar
to drive increased sales through its global dealer network, into
the broader Caterpillar industries (not just mining);
-- Automotive: work with Takata to deliver our driver monitoring
product to the first automotive customer; engage with other
automotive OEMs; develop and pursue strategic alternatives and
commercial models to maximise automotive opportunities;
-- Commercial Fleets: drive sales of the Seeing Machines Fleet
product, through direct and indirect sales channels; continue to
reduce product cost and enhance features and performance;
-- Aviation: further collaborations with Boeing stakeholders,
international airlines and flight training schools; implement
several operational solutions and prototypes;
-- Rail: work with Progress Rail and EMD to trial our technology
with rail customers and begin to develop a rail specific operator
monitoring solution;
-- Operations: extract cost while improve the customer
experience with our supply chain; leverage the capabilities of our
business information systems to support commercial decisions;
complete accreditation of our Quality Management System.
The Board and Management look forward to reporting to
shareholders on these activities during the coming year.
Terry Winters Ken Kroeger
Chairman Managing Director & CEO
18 September 2015 18 September 2015
(The financial statements from the Annual Report are extracted
below. Please refer to the full Annual Report, available at
www.seeingmachines.com, for the Notes to the accounts.)
Statement of Financial Position
Consolidated
2015 2014
AS AT 30 JUNE 2015 Note A$ A$
-------------------------------------------------- ----- ------------------------------------ -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 14 14,221,615 22,764,774
Trade and other receivables 15 7,188,835 5,502,755
Inventories 16 10,182,633 2,821,783
Current financial assets 20 238,462 -
Other current assets 17 224,910 132,551
------------------------------------ -------------
TOTAL CURRENT ASSETS 32,056,455 31,221,863
------------------------------------ -------------
NON-CURRENT ASSETS
Property, plant and equipment 18 863,214 456,309
Intangible assets 19 3,011,560 1,288,656
Non-current financial assets 20 140,191 -
Trade and other receivables 15 166,489 -
------------------------------------ -------------
TOTAL NON-CURRENT ASSETS 4,181,454 1,744,965
TOTAL ASSETS 36,237,909 32,966,828
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 22 4,075,472 1,982,819
Provisions 23 1,409,955 919,469
Deferred revenue 231,187 601,847
Income tax payable 366,620
Interest bearing loans and borrowings 21 - 7,430
TOTAL CURRENT LIABILITIES 6,083,234 3,511,565
------------------------------------ -------------
NON-CURRENT LIABILITIES
Provisions 24 20,389 5,178
Interest bearing loans and borrowings 21 - 43,421
------------------------------------ -------------
TOTAL NON-CURRENT LIABILITIES 20,389 48,599
------------------------------------ -------------
TOTAL LIABILITIES 6,103,623 3,560,164
------------------------------------ -------------
NET ASSETS 30,134,286 29,406,664
==================================== =============
EQUITY
Contributed equity 26 57,490,870 45,776,174
Treasury shares (1,301,823) (707,110)
Accumulated losses (27,997,987) (16,716,289)
Other reserves 767,710 1,053,889
------------------------------------ -------------
Equity attributable to the owners of the parent 28,958,770 29,406,664
Non-controlling interest 1,175,516 -
------------------------------------ -------------
TOTAL EQUITY 30,134,286 29,406,664
==================================== =============
Statement of Comprehensive Income
Consolidated
2015 2014
FOR THE YEAR ENDED 30 JUNE 2015 Note A$ A$
------------------------------------------------ ----- ---------------------- ------------
Continuing operations
Sale of goods and licence fees 13,016,726 13,638,322
Rendering of services 5,967,045 3,118,070
Revenue 18,983,771 16,756,392
---------------------- ------------
Cost of Sales (10,460,458) (6,743,498)
Gross Profit 8,523,313 10,012,894
---------------------- ------------
Other income 8 2,217,806 887,335
Net gain/(loss) on foreign exchange 3,071,793 (558,559)
Finance income 297,727 118,519
Research and development expenses (6,571,092) (2,552,542)
Customer support and marketing
expenses (9,496,334) (4,382,036)
Occupancy and facilities expenses (2,198,912) (867,163)
Corporate services expenses (6,010,537) (5,361,620)
---------------------- ------------
Loss from continuing operations
before income tax (10,166,236) (2,703,172)
---------------------- ------------
Income tax expense 10 (468,925) -
---------------------- ------------
Loss from continuing operations
after income tax (10,635,161) (2,703,172)
====================== ============
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