RNS Number : 0614B
Directa Plus PLC
29 September 2022
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2022

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

 


Share

Share

Foreign currency translation reserve

Retained Earnings

Total

Non-controlling

Total

In euro

Capital

premium

 

 

 

interests

Equity

Balance at 31 December 2020

190,996

31,395,612

(7,015)

(21,824,229)

9,755,364

906,885

10,662,249

Total comprehensive (loss)/income for the period

 

 

 

 

 

 

 

Loss of the Period

-

-


(1,479,086)

(1,479,086)

274,807

(1,204,279)

Total other comprehensive (expense)/income

-

-


(6,917)

(6,917)

-

(6,917)

Total comprehensive (loss)/income for the period

-

-

 

(1,486,003)

(1,486,003)

                   274,807

(1,211,196)

Capital raised

535

-


-

535

-

535

Translation reserve

-

-

(8,045)


(8,045)

-

(8,045)

Change of Setcar non-controlling interests

-

-

-

-

-

919,594

919,594

Share based payment reserve

-

-

-

61,251

61,251

-

61,251

Balance at 30 June 2021

191,531

31,395,612

(15,061)

(23,248,981)

8,323,101

2,101,286

10,424,387

Total comprehensive (loss)/income for the period

 

 

 

 

 

 

 

Loss of the Period

-

-

-

(2,173,278)

(2,173,278)

(51,916)

(2,225,194)

Total other comprehensive (loss)/income

-

-

-

461

461

-

461

Total comprehensive (loss)/income for the period

-

-

-

(2,172,817)

(2,172,817)

(51,916)

(2,224,733)

Capital raised

13,862

8,306,293

-

-

8,320,155

-

8,320,155

Expenditure related to the issuance of shares


(542,878)


-

(542,878)

-

(542,878)

Translation reserve

-

-

(8,048)


(8,048)

-

(8,048)

Change of Setcar non-controlling interests

-

-

-

-

-

(7,430)

(7,430)

Share based payment reserve

-

-

-

69,659

69,659

-

69,659

Balance at 31 December 2021

205,393

39,159,027

(23,109)

(25,352,139)

13,989,172

2,041,938

16,031,110

Total comprehensive (loss)/income for the period

 

 

 

 

 

 

 

Loss of the Period

-

-

-

(2,230,996)

(2,230,996)

12,971

(2,218,025)

Total other comprehensive (loss)/income

-

-

-

1,350

1,350

-

1,350

Total comprehensive (loss)/income for the period

-

-

-

(2,229,646)

(2,229,646)

12,971

(2,216,675)

Capital raised

77

22,762

-

-

22,838

-

22,838

Translation reserve

-

-

(21,991)


(21,991)

-

(21,991)

Change of Setcar non-controlling interests

-

-

-

-

-

(174,711)

(174,711)

Share based payment reserve

-

-

-

12,765

12,765

-

12,765

Balance at 30 June 2022

205,469

39,181,789

(45,100)

(27,569,021)

11,773,137

1,880,198

13,653,335


CONSOLIDATED STATEMENT OF CASH FLOW

For the six months ended 30 June 2022


(Unaudited)

(Unaudited)

Audited


30 Jun 2022

30 Jun 2021

31 Dec 2021

 

Loss for the year before tax

(2,211,876)

(1,087,639)

(3,384,853)

Adjusted for:

 

 

 

Depreciation

391,732

489,675

994,021

Amortisation of intangible assets

254,925

285,718

549,547

Share based payment expense

12,765

61,251

130,910

Finance income

(1,009)

(163,820)

(221,622)

Finance expense

153,812

13,970

56,524

Interest of lease liabilities

7,702

12,543

18,157

 

Operating cash flow before working capital changes

(1,391,949)

(388,302)

(1,857,316)

Decrease / (Increase) in inventories

(226,600)

(282,000)

5,072

Decrease / (Increase) in trade and other receivables, prepayments

(115,384)

241,900

(493,008)

(Decrease) / Increase in trade and other payables

(261,375)

(1,338,201)

(1,207,601)

Increase / (decrease) in provisions and employee benefits

11,360

16,765

37,457

Net cash used in operating activities

(1,983,948)

(1,749,838)

(3,515,396)

Cash flows from investing activities

 

 

 

Interest received

1,009

427

1,616

Investment in intangible assets

(291,853)

(120,445)

(299,056)

Contingent consideration

-

(442,205)

(572,268)

Acquisition of property, plant and equipment

(178,395)

(458,996)

(767,719)

Net cash used in investing activities

(469,239)

(1,021,219)

(1,637,427)

 




Cash flows from financing activities

 

 

 

Proceeds from Capital raise

22,838

535

8,320,690

Expenditure related to the issuance of shares

-


(542,878)

Interest Paid

(33,603)

(8,622)

(45,426)

New Borrowings

285,680

872,945

1,511,719

Repayment of borrowings

(930,013)

(35,214)

(81,666)

Repayment of lease liabilities

(111,840)

(102,894)

(179,646)

Net cash (used)/generated from financing activities

(766,938)

726,750

8,982,793

Net (decrease)/increase in cash and cash equivalent

(3,220,125)

(2,044,307)

3,829,970

Effect of exchange rate changes

(133,654)

155,348

220,006

Cash and cash equivalents at beginning of the period

11,130,468

7,080,492

7,080,492

Cash and cash equivalents at end of the period

7,776,689

5,191,533

11,130,468

 

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the 6 months ended 30 June 2022

 

1. Basis of preparation

(a) Statement of compliance

The financial information contained in this announcement does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006.

 

The financial information for the six months ended 30 June 2022 is unaudited.  In the opinion of the Directors, the financial information for the period fairly represents the financial position of the Group.  Results of operations and cash flows for the period are in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The accounting policies, estimates and judgements applied are consistent with those disclosed in the Group's statutory financial statements for the year ended 31 December 2021. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the full annual report for the year ended 31 December 2021.

 

All financial information is presented in Euro, unless otherwise disclosed.

 

The Directors of the Company approved the financial information included in these Interim condensed consolidated financial statements on 28 September 2022.

 

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis unless otherwise stated.

 

 

(c) Functional and presentation currency

These financial statements are presented in Euro ('€') and is considered by the Directors to be the most appropriate presentation currency to assist the users of the financial statements. The functional currency of the Company and Italian operating subsidiary is Euro ('€'). The functional currency of the Romanian subsidiary is RON.

 

(d) Going concern

 

The Group meets its working capital requirements through the receipt of revenues from the provision of its services and sale of products mainly in Europe, the management of capital and operating expenditure, from the working capital and other borrowing facilities available to it and from the issue of equity capital.

As at 30 June 2022, the Group had net assets of €13.65m (31/12/2021: €16.03m) and cash and cash equivalent of €7.78m (31/12/2021: €11.13m).

The Directors prepare annual budgets and forecasts in order to ensure that they have sufficient liquidity in place in the business. The Group is projected to have the financial capacity to support its viability, following the uncertainties and challenges created by the COVID-19 pandemic and the inflation trends due to the war in Ukraine, until at least the end of 2023.

Having regard to the above and based on their latest assessment of the budgets and forecasts for the business of the company, the Directors consider that there are sufficient funds available to the Group to enable it to meet its liabilities as they fall due for a period of not less than twelve months from the date of approval of the financial statements. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

2. Earnings Per Share

The earnings per share have been calculated using the weighted average of ordinary shares. The Company was loss making for all periods presented. Therefore, the dilutive effect of share options has not been taken account of in the calculation of diluted earnings per share, since this would decrease the loss per share for each of the period reported.

 


Change in

Total

 

Weighted

 

number of

number of

 

number of

 

ordinary

ordinary

 

ordinary

 

shares

shares

Days

shares

At 31 December 2019

12,530,156

60,998,983

365

52,973,511

At 31 December 2020

63,624

61,174,587

365

61,087,158

-At 31 December 2021

4,857,539

66,032,126

365

61,380,599

At 30 June 2022

25,523

66,057,649

181

66,049,470

 

Earnings per share





30 Jun 2022

30 Jun 2021

31 Dec 2021

Loss for the year

(2,230,996)

(1,479,086)

(3,652,364)

Weighted average number of shares:




-      Basic

66,049,470

61,351,750

61,380,599

-      Diluted

67,044,295

61,890,830

61,649,085

Loss per share




-      Basic

(0.03)

(0.02)

(0.06)

-      Diluted

(0.03)

(0.02)

(0.06)

 

 

 

 

 

-ends-

 

 

 

 

 

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