Global Invacom Group Limited

("Global Invacom", the "Company" or the "Group")

 

Final Results for the year ended 31 December 2022

 

Singapore/London, 27 February 2023 - Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment and electronics, announces its unaudited financial results for the year ended 31 December 2022 ("FY2022").

 

As previously announced, the Group continued to be impacted by well-publicised global supply chain headwinds and inflationary pressures which, along with an underperformance within our US subsidiary, has led to the Group recording a net loss after tax for the year.

 

Key financial highlights:

 

·    Revenue for FY2022 decreased 11.8% to US$72.8 million (FY2021: US$82.5 million)

·    Gross profit decreased to US$13.4 million (FY2021: US$16.6 million)

·    Goodwill impairment charge of US$5.2 million and Deferred Tax Asset write off of US$1.3 million, both relating to our US subsidiary

·    Net loss of US$13.2 million (FY2021: net profit of US$0.6 million)

 

Key operational highlights:

 

·    Well-documented macroeconomic challenges, including labour and raw material inflationary pressures, continue to impact the Group's financial performance.

·    Initiated strategic and operational review of the broader business in Q3 FY2022 aimed at strengthening the Group's operating platform, and further developing the Group's research and development capabilities

·    Launched additional Supervisory Control and Data Acquisition ("SCADA") products for hubs and remote locations in 1H FY2022, consolidating the Company's position as a market-leading developer of satellite communications ground equipment

·    Partnership with Methera Global Communications Limited ("Methera") progressing well, with the Group designing and developing Ka-band user terminals, and currently on track to launch products to market in 2024

·    Ability of Global Invacom to generate revenues impacted by legacy impact of Covid-19 on the Group's Asia operations and global supply chains, which continues to face a worldwide shortage of semiconductors

 

As a designer, manufacturer, and provider of high-tech products with an international customer and employee base, 2022 continued to be a challenging trading environment for the Group. The Group's net loss is substantially attributed to its US operations, with impacting factors including the sale of key products being postponed due to delays in customer demand. Considerable macroeconomic headwinds impacted the Company's financial and operational performance in the year ended 31 December 2022, and ongoing inflationary pressures, along with reduced transportation costs leading to increased competition from overseas suppliers, particularly into the US market, are also expected to impact the performance of the business in the current financial year. Global Invacom is focused on mitigating the effects of global supply chain issues on its core business activities and ensuring the Group is optimised as pressures subside.

 

Against a challenging economic backdrop, the team worked tirelessly throughout the year to ensure the business continued to supply market-leading products and continued to design, develop and launch state-of-the-art products, and the Board would like to express its sincere thanks to our staff, partners, suppliers, and customers for their continued support across 2022.

 

In Q3 FY2022, the Group commenced a comprehensive review of its operations, focused on bolstering its operational platform and management capabilities aimed at generating greater shareholder value. The review continues to assess the Group's assets and cost base to streamline certain core functions, whilst utilising its extensive research and development capabilities to seek and secure new markets and customers. Global Invacom remains committed to technological innovation and development, and, by working in collaboration with key customers, the Group has ensured it is well positioned to maintain its reputation of developing best-in-class solutions for the satellite industry.  The expansion of the Group's research capabilities has formed a core element of the review, and will continue during 2023.

 

The Group's North America operation has committed to streamlining its core US manufacturing functions to stabilise operations and enhance efficiencies.

 

Global Invacom expanded its product portfolio during 2022 with a range of exciting new launches within the Very Small Aperture Terminal ("VSAT") category aimed at targeting the growing market for data over satellite capabilities. The Group announced new SCADA products for hubs and remote locations in 1H FY2022, which have generated further cross-sell and upsell opportunities and expanded the Company's market reach. Concurrently, Global Invacom's subsidiary, OnePath Networks Limited, trading as Global Foxcom, introduced its innovative Mini-Global Navigation Satellite System repeater kit, diversifying its range of Satcom Repeater solutions and increasing its presence in the aviation, commercial, and military markets. The Group anticipates increased demand for its satellite dishes following the completion of a long-term satellite project, which is expected to be in operation by 2H FY2023.

 

As previously reported, delays in the completion of our XRJ product, coupled with the recent decline in global demand for satellite television products, has impacted the Group's financial performance. Global Invacom will continue to monitor market trends to ensure our expert R&D, marketing and sales teams are deployed strategically across expanding categories.

 

The Company continues to be recognised for its expertise and know-how in satellite communications equipment design and innovation, and during 2022 secured mandates with key players in the industry to develop a range of modern and affordable products for their customers. Announced in October 2021, the Group's partnership with Methera and its subcontractors is progressing as planned, and Global Invacom remains committed to helping meet the ever-expanding demand for connectivity, including from remote communities, as it targets the delivery of Ka-band user terminals to market in 2024.

 

With a blue-chip customer base and a highly experienced global team of employees, management is focused on stabilising the business to ensure it remains in a solid position to capitalise on the continued demand for dependable VSAT products from a broad range of industries including energy and defence. The Company strives to ensure its position at the forefront of technological innovation and - where necessary - will explore additional partnership opportunities in the medium to long term.

 

Now more than ever, individuals worldwide require reliable domestic connectivity to support their daily activities, from business to leisure. The Group's unique capabilities as a designer, manufacturer, and provider of equipment for both electronics and antenna solutions means Global Invacom has an integral role to play in delivering essential devices to customers across the globe as the satellite communications industry continues to evolve.

 

Board Composition

 

In December 2022, the Group announced that Tony Taylor, Executive Chairman, had stepped down as a member of the Board and executive director. Mr Taylor made a valuable contribution to the Group during his 16-year tenure, and the Board and the wider executive team wish him every success in his future endeavours.

 

Gordon Blaikie, Global Invacom's current Chief Operating Officer and an executive director, has assumed the role of Interim Chief Executive Officer whilst the Group identifies a permanent replacement. Mr Blaikie has 11 years' experience at Global Invacom, overseeing the manufacturing entities and sales functions of the Group and regularly worked closely with the Board and senior management team to improve the Group's operating performance. In addition, Wayne Porritt, an existing Independent Non-Executive Director of the Company, became Independent Non-Executive Chairman.

 

Outlook

 

Due to the prevailing economic pressures on the business, the current financial year is expected to be challenging for the Group. With supply chain and inflationary pressures forecast to ease in FY2023, the Group is focused on continuing to implement its operational restructuring and establishing the underlying foundations for long-term growth.

 

Gordon Blaikie, Interim Chief Executive Officer of Global Invacom, commented:

 

"Despite facing considerable challenges during 2022, the Group made solid progress across its sales and marketing divisions, as well as in product development.

 

"We continue to attract significant partners, with our cutting-edge VSAT products generating strong industry demand, and in Q3 FY2022 the Group experienced encouraging signs of renewed customer activity, which is pleasing.

 

"The perseverance of our team throughout the year has not gone unnoticed, and the Board and management would like to extend their profound gratitude to all staff for their hard work and dedication.

 

"We look forward to progressing our restructuring and operational review to help stabilise the business, the Group's key strategic priority, as well as exploring additional commercial opportunities to further grow the company's profile globally."

 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law.

 

For further information, please contact:

 

Global Invacom Group Limited	www.globalinvacom.com
Gordon Blaikie, Interim Chief Executive Officer	via Vigo Consulting
Strand Hanson Limited (Nominated Adviser and Broker)	www.strandhanson.co.uk
James Harris / Richard Johnson / David Asquith	Tel: +44 20 7409 3494
Vigo Consulting (UK Media & Investor Relations)	www.vigoconsulting.com
Jeremy Garcia / Fiona Hetherington / Kendall Hill	Tel: +44 20 7390 0238
ginv@vigoconsulting.com

 

 

About Global Invacom Group Limited

 

Global Invacom is a fully integrated satellite equipment provider with sites across Singapore, China, Indonesia, Philippines, Malaysia, Israel, UK and the U.S. Its customers include satellite broadcasters such as Sky Group of the UK and Dish Network of the USA and Data over Satellite providers including Hughes Network Systems, Viasat and Gilat Satellite Networks.

 

Global Invacom provides a full range of satellite ground equipment including antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches, and video distribution components, as well as manufacturing services for the defence and healthcare sectors. The Group is the world's only full‐service outdoor unit supplier.

 

Global Invacom is listed on the Mainboard of the Singapore Exchange Securities Trading Limited and its shares are admitted to trading on the AIM Market of the London Stock Exchange.

 

For more information, please refer to www.globalinvacom.com

 

 

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

For the Six Months and Full Year Ended 31 December 2022

 

 

A.      Condensed Interim Consolidated Statement of Comprehensive Income

 

	Group				Group
	2H FY2022	2H FY2021	Increase/ (Decrease)		FY2022	FY2021	Increase/ (Decrease)
	US$'000	US$'000	%		US$'000	US$'000	%
Revenue	35,349	42,102	(16.0)		72,769	82,541	(11.8)
Cost of sales	(29,303)	(34,338)	(14.7)		(59,354)	(65,991)	(10.1)
Gross profit	6,046	7,764	(22.1)		13,415	16,550	(18.9)
Other income	9	4,007	(99.8)		46	5,485	(99.2)
Distribution costs	(98)	(231)	(57.6)		(254)	(368)	(31.0)
Administrative expenses	(7,379)	(7,458)	(1.1)		(15,485)	(15,918)	(2.7)
Research and development expenses	(1,741)	(2,579)	(32.5)		(3,710)	(4,996)	(25.7)
Impairment of goodwill	(5,199)	-	N.M.		(5,199)	-	N.M.
Other operating expenses	(311)	(211)	47.4		(568)	(263)	116.0
Finance income	-	-	-		-	1	(100.0)
Finance costs	(307)	(196)	(56.6)		(478)	(519)	(7.9)
(Loss)/Profit before income tax	(8,980)	1,096	N.M.		(12,233)	(28)	N.M.
Income tax (expense)/credit	(917)	640	N.M.		(956)	586	N.M.
(Loss)/Profit for the period/year	(9,897)	1,736	N.M.		(13,189)	558	N.M.
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss
-  Exchange differences on translation of foreign subsidiaries	(658)	(445)	47.9		(677)	(120)	464.2
Other comprehensive loss for the period/year, net of tax	(658)	(445)	47.9		(677)	(120)	464.2
Total comprehensive (loss)/income for the period/year	(10,555)	1,291	N.M.		(13,866)	438	N.M.

 

(Loss)/Profit for the period/year attributable to:
Equity holders of the Company	(9,895)	1,738	N.M.		(13,184)	561	N.M.
Non-controlling interests	(2)	(2)	0.0		(5)	(3)	66.7
	(9,897)	1,736	N.M.		(13,189)	558	N.M.
Total comprehensive (loss)/income for the period/year attributable to:
Equity holders of the Company	(10,553)	1,293	N.M.		(13,861)	441	N.M.
Non-controlling interests	(2)	(2)	0.0		(5)	(3)	66.7
	(10,555)	1,291	N.M.		(13,866)	438	N.M.

 

N.M.:  Not Meaningful

 

 

 

B.     Condensed Interim Statements of Financial Position

 

 

		Group			Company
		31 Dec 2022	31 Dec 2021		31 Dec 2022	31 Dec 2021
		US$'000	US$'000		US$'000	US$'000
ASSETS
Non-current Assets
Property, plant and equipment		6,641	8,126		-	20
Right-of-use assets		3,095	4,396		41	39
Investments in subsidiaries		-	-		17,824	25,375
Goodwill		893	6,092		-	-
Intangible assets		1,417	1,698		-	-
Deferred tax assets		585	1,780		-	-
Other receivables and prepayments		54	54		-	11,032
		12,685	22,146		17,865	36,466
Current Assets
Due from subsidiaries		-	-		2,499	3,265
Inventories		22,869	25,764		-	-
Trade receivables		10,011	13,772		-	-
Other receivables and prepayments		1,274	5,302		13,786	2,588
Tax receivables		167	169		-	-
Cash and cash equivalents		9,244	10,771		168	155
		43,565	55,778		16,453	6,008
Total assets		56,250	77,924		34,318	42,474
EQUITY AND LIABILITIES
Equity
Share capital		60,423	60,423		74,240	74,240
Treasury shares		(1,656)	(1,656)		(1,656)	(1,656)
Reserves		(25,160)	(11,383)		(38,472)	(30,462)
Equity attributable to owners of the Company		33,607	47,384		34,112	42,122
Non-controlling interests		(24)	(19)		-	-
Total equity		33,583	47,365		34,112	42,122
Non-current Liabilities
Other payables		172	152		-	-
Lease liabilities		1,599	3,088		-	-
Deferred tax liabilities		684	646		-	-
		2,455	3,886		-	-
Current Liabilities
Due to subsidiaries		-	-		-	1
Trade payables		10,006	14,479		-	-
Other payables		3,109	4,447		168	313
Borrowings		5,488	6,120		-	-
Lease liabilities		1,607	1,627		38	38
Provision for income tax		2	-		-	-
		20,212	26,673		206	352
Total liabilities		22,667	30,559		206	352
Total equity and liabilities		56,250	77,924		34,318	42,474

 

C.     Condensed Interim Statements of Changes in Equity

 

 

Group	Share capital	Treasury shares	Merger reserves	Capital redemption reserves	Share options reserve	Capital reserve	Foreign currency translation reserve	Retained profits	Attributable to equity holders of the Company	Non-controlling interests	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance as at 1 January 2022	60,423	(1,656)	(10,150)	6	725	(5,109)	(1,084)	4,229	47,384	(19)	47,365
Loss for the period	-	-	-	-	-	-	-	(3,289)	(3,289)	(3)	(3,292)
Other comprehensive income:
Exchange differences on translating foreign operations	-	-	-	-	-	-	(19)	-	(19)	-	(19)
Total other comprehensive loss for the period	-	-	-	-	-	-	(19)	(3,289)	(3,308)	(3)	(3,311)
Balance as at 30 June 2022	60,423	(1,656)	(10,150)	6	725	(5,109)	(1,103)	940	44,076	(22)	44,054
Share-based payments	-	-	-	-	36	-	(1)	49	84	-	84
Transfer to capital reserve in accordance with statutory requirements	-	-	-	-	-	(2,727)	2,343	384	-	-	-
Loss for the period	-	-	-	-		-	-	(9,895)	(9,895)	(2)	(9,897)
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	(658)	-	(658)	-	(658)
Total other comprehensive loss for the period	-	-	-	-	-	-	(658)	(9,895)	(10,553)	(2)	(10,555)
Balance as at 31 December 2022	60,423	(1,656)	(10,150)	6	761	(7,836)	581	(8,522)	33,607	(24)	33,583
Balance as at 1 January 2021	60,423	(1,656)	(10,150)	6	725	(5,109)	(964)	3,668	46,943	(16)	46,927
Loss for the period	-	-	-	-	-	-	-	(1,177)	(1,177)	(1)	(1,178)
Other comprehensive income:
Exchange differences on translating foreign operations	-	-	-	-	-	-	325	-	325	-	325
Total other comprehensive income/(loss) for the period	-	-	-	-	-	-	325	(1,177)	(852)	(1)	(853)
Balance as at 30 June 2021	60,423	(1,656)	(10,150)	6	725	(5,109)	(639)	2,491	46,091	(17)	46,074
Profit/(Loss) for the period	-	-	-	-	-	-	-	1,738	1,738	(2)	1,736
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	(445)	-	(445)	-	(445)
Total other comprehensive (loss)/income for the period	-	-	-	-	-	-	(445)	1,738	1,293	(2)	1,291
Balance as at 31 December 2021	60,423	(1,656)	(10,150)	6	725	(5,109)	(1,084)	4,229	47,384	(19)	47,365

 

 

C.     Condensed Interim Statements of Changes in Equity (cont'd)

 

 

Company	Share capital	Treasury shares	Share options reserve	Capital reserve	Foreign currency translation reserve	Accumulated losses	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance as at 1 January 2022	74,240	(1,656)	725	(4,481)	(2,506)	(24,200)	42,122
Loss for the period	-	-	-	-	-	(244)	(244)
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	-
Total other comprehensive loss for the period	-	-	-	-	-	(244)	(244)
Balance as at 30 June 2022	74,240	(1,656)	725	(4,481)	(2,506)	(24,444)	41,878
Share-based payments	-	-	(12)	-	-	-	(12)
Loss for the period	-	-	-	-	-	(7,754)	(7,754)
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	-
Total other comprehensive loss for the period	-	-	-	-	-	(7,754)	(7,754)
Balance as at 31 December 2022	74,240	(1,656)	713	(4,481)	(2,506)	(32,198)	34,112
Balance as at 1 January 2021	74,240	(1,656)	725	(4,481)	(2,506)	(22,040)	44,282
Loss for the period	-	-	-	-	-	(139)	(139)
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	-
Total other comprehensive loss for the period	-	-	-	-	-	(139)	(139)
Balance as at 30 June 2021	74,240	(1,656)	725	(4,481)	(2,506)	(22,179)	44,143
Loss for the period	-	-	-	-	-	(2,021)	(2,021)
Other comprehensive loss:
Exchange differences on translating foreign operations	-	-	-	-	-	-	-
Total other comprehensive loss for the period	-	-	-	-	-	(2,021)	(2,021)
Balance as at 31 December 2021	74,240	(1,656)	725	(4,481)	(2,506)	(24,200)	42,122

 

 

D.     Condensed Interim Consolidated Statement of Cash Flows

	Group			Group
	2H FY2022	2H FY2021		FY2022	FY2021
	US$'000	US$'000		US$'000	US$'000
Cash Flows from Operating Activities
(Loss)/Profit before income tax	(8,980)	1,096		(12,233)	(28)
Adjustments for:
Depreciation of property, plant and equipment	854	760		1,749	1,903
Amortisation of intangible assets	137	325		278	591
Depreciation of right-of-use assets	760	868		1,607	1,864
Loss/(Gain) on disposal of property, plant and equipment	278	-		273	(1,143)
Allowance/(Write-back) of inventory obsolescence, net	611	(736)		866	(738)
(Write-back)/Impairment loss on trade receivables	(35)	-		140	-
Impairment loss on other financial assets	-	8		-	8
Unrealised exchange (gain)/loss	(884)	60		(951)	184
Interest income	-	-		-	(1)
Interest expense	307	196		478	519
Share-based payments	36	-		36	-
Bad debts written back	-	(113)		-	(96)
(Gain)/Loss on lease modifications	(125)	144		(125)	(63)
Write-back of payables	-	(880)		-	(880)
Impairment of goodwill	5,199	-		5,199	-
Operating cash flow before working capital changes	(1,842)	1,728		(2,683)	2,120
Changes in working capital:
Inventories	1,692	686		2,029	1,790
Trade receivables	2,323	(2,978)		6,267	(5,680)
Other receivables and prepayments	1,694	(390)		1,354	3
Trade and other payables	(3,446)	3,777		(5,462)	1,382
Cash generated from/(used in) operating activities	421	2,823		1,505	(385)
Interest paid	(26)	(34)		(222)	(150)
Income tax paid	(4)	-		(126)	(2)
Net cash generated from/(used in) operating activities	391	2,789		1,157	(537)
Cash Flows from Investing Activities
Interest received	-	1		-	1
Purchase of property, plant and equipment	(219)	(384)		(470)	(1,063)
Proceeds from disposal of property, plant and equipment	3	203		8	784
Net cash used in investing activities	(216)	(180)		(462)	(278)
Cash Flows from Financing Activities
Proceeds from borrowings	18,624	17,738		35,801	34,764
Repayment of borrowings	(18,850)	(17,817)		(36,433)	(32,527)
Principal repayment of lease liabilities	(704)	(1,202)		(1,581)	(1,942)
Net cash (used in)/generated from financing activities	(930)	(1,281)		(2,213)	295
Net (decrease)/increase in cash and cash equivalents	(755)	1,328		(1,518)	(520)
Cash and cash equivalents at the beginning of the period/year	10,000	9,435		10,771	11,273
Effect of foreign exchange rate changes on the balance of cash held in foreign currencies	(1)	8		(9)	18
Cash and cash equivalents at the end of the period/year	9,244	10,771		9,244	10,771

 

E.      Notes to the Condensed Interim Consolidated Financial Statements

 

 

1.      General Information

 

Global Invacom Group Limited (the "Company") is a public limited company incorporated and domiciled in Singapore and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The Company is also listed on the AIM Market of the London Stock Exchange ("AIM") in the United Kingdom (UK). These condensed interim consolidated financial statements as at and for the six months and full year ended 31 December 2022 comprise the Company and its subsidiaries (the "Group"). The principal activity of the Company is that of an investment holding company.

 

The principal activities of the Group are design, manufacture and supply of a full range of satellite ground equipment, including antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches and video distribution components.

 

 

2.      Basis of Preparation

 

The condensed interim financial statements for the six months and full year ended 31 December 2022 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2021.

 

The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s and International Financial Reporting Standards ("IFRSs"), except for the adoption of new and amended standards as set out in Note 2.1.

 

The condensed interim financial statements are presented in United States dollar which is the Company's functional currency.

 

2.1    New and Amended Standards Adopted by the Group

 

There has been no change in the accounting policies and methods of computation adopted by the Group for the current reporting period compared with the audited financial statements for the year ended 31 December 2021, except for the adoption of new or revised SFRS(I) and interpretations of SFRS(I) ("INT SFRS(I)") that are mandatory for the financial year beginning on or after 1 January 2022. The adoption of these SFRS(I) and INT SFRS(I) has no significant impact on the Group.

 

2.2    Use of Judgements and Estimates

 

In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

 

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021.

 

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

 

Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes:

 

·      Note 9 - capitalised development costs

·      Note 11 - impairment test on property, plant and equipment

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

2.      Basis of Preparation (cont'd)

 

2.2    Use of Judgements and Estimates (cont'd)

 

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next interim period are included in the following notes:

 

·      Note 10 - impairment test of goodwill: key assumptions underlying recoverable amounts

·      Note 11 - useful lives of property, plant and equipment

 

 

3.      Seasonal Operations

 

The Group's businesses are not affected significantly by seasonal or cyclical factors during the six months and full year ended 31 December 2022.

 

 

4.      Segment and Revenue Information

 

The Group is organised into the following main business segments:

 

·             Satellite Communications ("Sat Comms"); and

·             Contract Manufacturing ("CM")

 

These operating segments are reported in a manner consistent with internal reporting provided to the executive directors who are responsible for allocating resources and assessing performance of the operating segments.

 

4.1    Reportable Segments

	Sat Comms	CM	Group
	US$'000	US$'000	US$'000
FY2022
Revenue	72,769	-	72,769
Operating loss	(11,755)	-	(11,755)
Finance costs			(478)
Income tax expense			(956)
Loss for the year			(13,189)
Amortisation of intangible assets	278	-	278
Depreciation of property, plant and equipment	1,749	-	1,749
Depreciation of right-of-use assets	1,607	-	1,607
Addition to property, plant and equipment	470	-	470
Impairment of goodwill	5,199	-	5,199
Impairment loss on trade receivables	140	-	140
Gain on lease modifications	(125)	-	(125)
Allowance for inventory obsolescence, net	866	-	866

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

4.      Segment and Revenue Information (cont'd)

 

4.1    Reportable Segments (cont'd)

 

		Sat Comms	CM		Group
		US$'000	US$'000		US$'000
Assets and liabilities
Segment assets	55,095		-	55,095
Unallocated assets
- Other receivables				85
- Deferred tax assets				585
- Cash and cash equivalents				168
- Tax receivables				167
- Right-of-use assets				150
Total assets				56,250
Segment liabilities	16,247		-	16,247
Unallocated liabilities
- Other payables				208
- Provision for income tax				2
- Deferred tax liabilities				684
- Borrowings				5,488
- Lease liabilities				38
Total liabilities				22,667

 

FY2021
Revenue	82,541	-	82,541
Operating profit/(loss)	507	(17)	490
Finance income			1
Finance costs			(519)
Income tax credit			586
Profit for the year			558
Amortisation of intangible assets	591	-	591
Depreciation of property, plant and equipment	1,903	-	1,903
Depreciation of right-of-use assets	1,864	-	1,864
Addition to property, plant and equipment	1,063	-	1,063
Impairment loss on other financial assets	8	-	8
Bad debts written (back)/off	(113)	17	(96)
Gain on lease modifications	(63)	-	(63)
Write-back of inventory obsolescence, net	(738)	-	(738)

 

Assets and liabilities
Segment assets	74,109	1,573	75,682
Unallocated assets
- Non-current assets			20
- Other receivables			79
- Deferred tax assets			1,780
- Cash and cash equivalents			155
- Tax receivables			169
- Right-of-use assets			39
Total assets			77,924
Segment liabilities	23,393	-	23,393
Unallocated liabilities
- Other payables			362
- Deferred tax liabilities			646
- Borrowings			6,120
- Lease liabilities			38
Total liabilities			30,559

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

4.      Segment and Revenue Information (cont'd)

 

4.2    Disaggregation of Revenue

 

The Group's revenue is disaggregated by principal geographical areas, major product lines and timing of revenue recognition.

 

	Group			Group
	2H FY2022	2H FY2021		FY2022	FY2021
	US$'000	US$'000		US$'000	US$'000
Principal geographical market
America
- Sale of goods	22,861	23,295		40,256	46,460
Europe
- Sale of goods	7,949	13,364		19,437	24,361
Asia
- Sale of goods	1,155	3,483		2,374	4,692
Rest of the World
- Sale of goods	3,384	1,960		10,702	7,028
Total	35,349	42,102		72,769	82,541
Major product lines
Sale of goods	35,349	42,102		72,769	82,541

The Group recognises revenue from sale of goods at a point in time, when the Group satisfies a performance obligation and the customers obtain control of the goods.

 

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

5.      Financial Assets and Financial Liabilities

 

5.1    Significant Items

 

	Group			Group
	2H FY2022	2H FY2021		FY2022	FY2021
	US$'000	US$'000		US$'000	US$'000
Interest income	-	-		-	1
Interest expense	(307)	(196)		(478)	(519)
Write-back of payables	-	880		-	880
Impairment of goodwill	(5,199)	-		(5,199)	-
(Loss)/Gain on disposal of property, plant and equipment	(302)	-		(273)	1,143
Gain/(Loss) on lease modifications	125	(144)		125	63
(Write-back)/Impairment loss on trade receivables	(35)	-		140	-
Impairment loss on other financial assets	-	(8)		-	(8)
Gain/(Loss) on foreign exchange	177	(159)		(88)	(193)
Bad debts written back	-	113		-	96
(Allowance)/Write-back of inventory obsolescence	(611)	736		(866)	738
Depreciation of property, plant and equipment	(854)	(760)		(1,749)	(1,903)
Depreciation of right-of-use assets	(760)	(868)		(1,607)	(1,864)
Amortisation of intangible assets	(137)	(325)		(278)	(591)
Operating lease expense	(12)	(19)		(22)	(19)

5.2    Related Party Transactions

 

There are no material related party transactions apart from those disclosed elsewhere in the condensed interim financial statements.

 

 

6.      Taxation

 

The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings.

 

 

7.      (Loss)/Earnings Per Share

 

(Loss)/Earnings per ordinary share of the Group, after deducting any provision for preference dividends	Group		Group
	2H FY2022 US$	2H FY2021 US$	FY2022  US$	FY2021 US$
(a)  Based on weighted average number of ordinary shares on issue; and	(3.64) cents	0.64 cent	(4.85) cents	0.21 cent
(b)  On a fully diluted basis	(3.64) cents*	0.64 cent*	(4.85) cents*	0.21 cent*
Weighted average number of ordinary shares used in computation of basic earnings per share	271,662,227	271,662,227	271,662,227	271,662,227
Weighted average number of ordinary shares used in computation of diluted earnings per share	271,662,227	271,662,227	271,662,227	271,662,227

 

* Diluted earnings per share are the same as the basic earnings per share because the potential ordinary shares to be converted are anti-dilutive as the effect of the share conversion would be to increase the earnings per share.

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

8.      Net Asset Value

 

	Group		Company
	31 Dec 2022 US$	31 Dec 2021 US$	31 Dec 2022 US$	31 Dec 2021 US$
Net asset value per ordinary share based on issued share capital	12.37 cents	17.44 cents	12.56 cents	15.51 cents
Total number of issued shares	271,662,227	271,662,227	271,662,227	271,662,227

 

 

9.      Intangible Assets

 

	Trading name	Intellectual property rights	Capitalised development costs	Total
	US$'000	US$'000	US$'000	US$'000
Group
2022
Cost
Balance at 1 January and 31 December	16	2,674	4,834	7,524
Amortisation and impairment
Balance at 1 January	16	1,043	4,767	5,826
Amortisation charge	-	211	67	278
Currency realignment	-	3	-	3
Balance at 31 December	16	1,257	4,834	6,107
Net book value
Balance at 31 December	-	1,417	-	1,417
2021
Cost
Balance at 1 January and 31 December	16	2,674	4,834	7,524
Amortisation and impairment
Balance at 1 January	16	757	4,460	5,233
Amortisation charge	-	284	307	591
Currency realignment	-	2	-	2
Balance at 31 December	16	1,043	4,767	5,826
Net book value
Balance at 31 December	-	1,631	67	1,698

 

10.    Goodwill

		Group
		31 December 2022	31 December 2021
		US$'000	US$'000
	Cost
	Balance at the beginning and end of the year	6,092	9,352
	Allowance for impairment loss
	Balance at the beginning and end of the year	5,199	3,260
	Net carrying amount	893	6,092

 

 

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

10.    Goodwill (cont'd)

 

10.1 Allocation of Goodwill

 

Goodwill has been allocated to the Group's cash generating unit ("CGU") identified according to the business segment as follows:

 

		Group
		31 December 2022	31 December 2021
		US$'000	US$'000
	Satellite Communications
	-   OnePath Networks Limited ("OPN") - Israel	893	893
	-   Satellite Acquisition Corporation ("SAC") - United States of America	-	5,199
		893	6,092

 

11.    Property, Plant and Equipment

		Freehold	Machinery &	Motor	Furniture, fittings &
		property	equipment	vehicles	equipment	Renovations	Total
		US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
	Group
	2022
	Cost
	Balance at 1 January	2,871	17,907	40	7,813	1,438	30,069
	Currency realignment	-	96	-	(3)	8	101
	Additions	-	429	-	19	22	470
	Write-off	-	(183)	-	(2)	-	(185)
	Disposals	-	(281)	-	(1)	(11)	(293)
	Balance at 31 December	2,871	17,968	40	7,826	1,457	30,162
	Accumulated depreciation
	Balance at 1 January	960	12,523	40	7,244	1,176	21,943
	Currency realignment	(6)	15	-	8	9	26
	Depreciation charge	16	1,438	-	136	159	1,749
	Write-off	-	(183)	-	(2)	-	(185)
	Disposals	-	-	-	(1)	(11)	(12)
	Balance at 31 December	970	13,793	40	7,385	1,333	23,521
	Net book value
	Balance at 31 December	1,901	4,175	-	441	124	6,641
	2021
	Cost
	Balance at 1 January	2,883	17,639	40	7,649	1,458	29,669
	Currency realignment	-	(19)	-	12	(1)	(8)
	Additions	-	814	-	152	97	1,063
	Disposals	(12)	(527)	-	-	(116)	(655)
	Balance at 31 December	2,871	17,907	40	7,813	1,438	30,069
	Accumulated depreciation
	Balance at 1 January	928	11,187	40	6,969	1,135	20,259
	Currency realignment	44	322	-	-	70	436
	Depreciation charge	-	1,541	-	275	87	1,903
	Disposals	(12)	(527)	-	-	(116)	(655)
	Balance at 31 December	960	12,523	40	7,244	1,176	21,943
	Net book value
	Balance at 31 December	1,911	5,384	-	569	262	8,126

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

11.    Property, Plant and Equipment (cont'd)

 

		Furniture,
		fittings &
		equipment	Renovations	Total
		US$'000	US$'000	US$'000
	Company
	2022
	Cost
	Balance at 1 January and 31 December	211	80	291
	Accumulated depreciation
	Balance at 1 January	192	79	271
	Depreciation charge	19	1	20
	Balance at 31 December	211	80	291
	Net book value
	Balance at 31 December	-	-	-
	2021
	Cost
	Balance at 1 January and 31 December	211	80	291
	Accumulated depreciation
	Balance at 1 January	137	72	209
	Depreciation charge	55	7	62
	Balance at 31 December	192	79	271
	Net book value
	Balance at 31 December	19	1	20

 

12.    Investment in Subsidiaries

		Company
		31 Dec 2022	31 Dec 2021
		US$'000	US$'000
	Unquoted equity shares, at cost	40,533	40,533
	Accounting for employee share options	713	725
	Currency realignment	130	131
	Less: Allowance for impairment loss	(23,552)	(16,014)
		17,824	25,375
	Movement in the allowance for impairment loss are as follows:
	At the beginning of the year	16,014	14,287
	Impairment loss recognised during the year	7,538	1,727
	At the end of the year	23,552	16,014

 

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

12.    Investment in Subsidiaries (cont'd)

 

Allowance for impairment loss

 

(i)      Global Invacom Manufacturing Pte Ltd ("GIMPL")

 

As at 31 December 2022 and 31 December 2021, an allowance for impairment loss of US$8,648,000 was made on the cost of investment in GIMPL, as the allocated CGU, to which the investment relates to, was incurring losses from operations due to the restructuring costs incurred. The recoverable amount was based on management's estimate of the fair value less costs to sell, with reference to the fair value of the net assets of GIMPL, which was considered to be Level 3 in the fair value hierarchy.

 

(ii)     Global Invacom Holdings Limited and its subsidiaries ("GIHL Group")

 

As at 31 December 2022 and 31 December 2021, an allowance for impairment loss of US$14,904,000 and US$7,366,000, respectively, was made on the cost of investment in GIHL Group, as the allocated CGU, to which the investment relates to, was incurring losses from operations. The recoverable amount was based on management's estimate of the fair value less costs to sell, with reference to the fair value of the net assets of GIHL Group, which is considered to be Level 3 in the fair value hierarchy.

 

 

13.    Borrowings

 

Aggregate amount of group's borrowings and debt securities.

                      

Amount repayable in one year or less, or on demand

 

As at 31 Dec 2022		As at 31 Dec 2021
Secured	Unsecured	Secured	Unsecured
US$'000	US$'000	US$'000	US$'000
5,488	-	6,120	-

 

Amount repayable after one year

 

As at 31 Dec 2022		As at 31 Dec 2021
Secured	Unsecured	Secured	Unsecured
US$'000	US$'000	US$'000	US$'000
-	-	-	-

 

The revolving credit loans of US$5,488,000 were secured over the assets of the subsidiaries and corporate guarantees provided by the Company and the subsidiaries.

 

 

14.    Share Capital

       

FY2022	No. of shares	US$'000
Balance as at 1 Jan 2022 and 31 Dec 2022	271,662,227	72,584
FY2021	No. of shares	US$'000
Balance as at 1 Jan 2021 and 31 Dec 2021	271,662,227	72,584

There were 10,740,072 treasury shares held by the Company as at 31 December 2022 and 31 December 2021 and there were no subsidiary holdings.

 

 

 

 

 

 

E.      Notes to the Condensed Interim Consolidated Financial Statements (cont'd)

 

 

14.    Share Capital (cont'd)

 

 

Total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year:

 

	31 Dec 2022	31 Dec 2021
Total number of issued shares excluding treasury shares	271,662,227	271,662,227

 

Total number of treasury shares as at the end of the current financial period reported on:

 

FY2022	No. of shares	US$'000
Balance as at 1 Jan 2022 and 31 Dec 2022	10,740,072	1,656

 

 

15.    Subsequent Events

 

There are no known subsequent events which have led to adjustments to this set of interim financial statements.

 

 

 

F.      Other Information Required by Listing Rule Appendix 7.2

 

 

1.      Review

 

The condensed interim consolidated statement of financial position of Global Invacom Group Limited and its subsidiaries as at 31 December 2022 and the related condensed interim consolidated statement of comprehensive income, condensed interim consolidated statement of changes in equity and condensed interim consolidated statement of cash flows for the six-month period and full year then ended and certain explanatory notes have not been audited or reviewed by the auditors.

 

 

2.      Review of Performance of the Group

 

2.1    Review of Financial Performance

 

Revenue

 

The Group's revenue for the year ended 31 December 2022 ("FY2022") decreased by 11.8% to US$72.8 million from US$82.5 million in the prior year ("FY2021"). Revenue for the second half year ended 31 December 2022 ("2H FY2022") was US$35.3 million against US$42.1 million in the prior year ("2H FY2021"). Pressure on the Group's revenue during FY2022 has been sustained. The legacy recovery of global supply chains, combined with increased raw material prices, has impacted our ability to fulfill demand. In addition, the market requirement for our products has been impacted by the ongoing delays to the launch of satellites, delaying demand for some of our legacy products, and delays in bringing new products to market.

 

Geographically, Group revenue for FY2022 decreased in America, Europe and Asia by US$6.2 million (-13.4%), US$4.9 million (-20.2%) and US$2.3 million (-49.4%), respectively and increased in Rest of the World ("RoW") by US$3.7 million (+52.3%). Revenue for 2H FY2022 decreased in the same segments, America, Europe and Asia by US$0.4 million (-1.9%), US$5.4 million (-40.5%) and US$2.3 million (-66.8%), respectively, compensated by an increase in RoW by US$1.4 million (+72.7%), compared to the prior year.

 

Gross Profit

 

The decrease in revenue resulted in a 18.9% decrease in gross profit from US$16.6 million in FY2021 to US$13.4 million in FY2022. Gross profit margin has decreased marginally by 1.7 percentage points from 20.1% to 18.4%, where the Group, particularly our US subsidiary, has come under sustained selling price, labour shortage and material costs pressures. As demand and supply chains the Group operates within open up, the Group has experienced a net increase in pressure on our margins.

 

Similarly, gross profit decreased from US$7.8 million in 2H FY2021 to US$6.0 million in 2H FY2022. Gross profit margin has decreased by 1.3 percentage points from 18.4% to 17.1%.

 

Other Income

 

Other income in 2H FY2021 and FY2021 relates primarily to a grant from the US Government of US$2.7 million, gain on disposal of equipment of US$1.1 million, write-back of payables of US$0.9 million and subsidy support received from various government bodies across the Group due to the COVID-19 pandemic.

 

Administrative and Research and Development Expenses

 

Administrative expenses, together with research and development expenses, for FY2022 decreased 8.2% to US$19.2 million compared to US$20.9 million in FY2021, representing 26.4% and 25.3% of revenue, respectively as a result of the ongoing cost savings measures to streamline certain core functions across the Group. For 2H FY2022, administrative and research and development expenses, decreased 9.1% to US$9.1 million compared to US$10.0 million in the previous year, representing 25.8% and 23.8% of revenue, respectively.

 

Impairment of Goodwill

 

The impairment charge in 2H FY2022 and FY2022 was attributed to a goodwill impairment of US$5.2 million, which is non-cash in nature, related to the performance of the Group's US subsidiary. The requirement to recognise this charge has arisen due to the sustained loss making position of the Group's US subsidiary.

 

 

F.      Other Information Required by Listing Rule Appendix 7.2 (cont'd)

 

 

2.      Review of Performance of the Group (cont'd)

 

2.1    Review of Financial Performance (cont'd)

 

Profit Before Tax & Net Profit

 

The Group posted a loss before tax of US$12.2 million in FY2022, compared to a loss before tax of US$28,000 the prior year, representing a negative margin of 16.8% and 0.03%, respectively. For 2H FY2022, the Group recorded a loss before tax of US$9.0 million compared to a profit before tax of US$1.1 million in the prior year, representing a negative margin of 25.4% compared to a margin of 2.6%.

 

The Group received research and development tax credits from the UK Government and has written-off deferred tax assets of US$1.3 million related to the US subsidiary.

 

Overall, the Group recorded a net loss of US$13.2 million in FY2022, compared to a net profit of US$0.6 million the prior year, representing a negative margin of 18.1% compared to a margin of 0.7%, respectively. For 2H FY2022, the Group recorded a net loss of US$9.9 million compared to a net profit of US$1.7 million in the prior year, representing a negative margin of 28.0% compared to a margin of 4.1%.

 

2.2    Review of Financial Position

 

Non-current assets decreased by US$9.5 million to US$12.7 million as at 31 December 2022, due to the impairment of goodwill and deferred tax assets. 

 

Net current assets decreased by US$5.8 million to US$23.3 million as at 31 December 2022 compared to US$29.1 million as at 31 December 2021. Inventories, trade and other receivables and trade and other payables decreased by US$2.9 million, US$7.8 million and US$5.8 million, respectively, with decrease in demand and controlled purchases. In 2H FY2022, the Group's US subsidiary has also received US$2.7 million in proceeds from the US government related a grant support which was accounted for within other receivables. Tax receivables remained at US$0.2 million as at 31 December 2022.

 

Cash and cash equivalents decreased by US$1.5 million to US$9.2 million as at 31 December 2022 from US$10.7 million at 31 December 2021, and borrowings decreased by US$0.6 million to US$5.5 million as at 31 December 2022 from US$6.1 million as at 31 December 2021. The current portion of the lease liabilities remained at US$1.6 million as at 31 December 2022.

 

With the repayment of leases, the non-current portion of the lease liabilities decreased by US$1.5 million to US$1.6 million as at 31 December 2022.

 

The Group's net asset value stood at US$33.6 million as at 31 December 2022, compared to US$47.4 million as at 31 December 2021.

 

2.3    Review of Cash Flows

 

In 2H FY2022, net cash generated from operating activities was US$0.4 million, comprising US$1.9 million cash outflow from operating activities (before working capital changes) and US$2.3 million net working capital inflow.

 

In FY2022, net cash generated from operating activities was US$1.2 million, comprising US$$2.7 million cash outflow from operating activities (before working capital changes), US$4.2 million net working capital inflow and US$0.3 million payment of interest and income tax.

 

Net cash used in investing activities in 2H FY2022 and FY2022 amounted to US$0.2 million and US$0.5 million, respectively, relating predominately to the purchase of machinery and equipment, offset against proceeds from the disposal of property, plant and equipment.

 

Net cash used in financing activities in 2H FY2022 and FY2022 was US$0.9 million and US$2.2 million, respectively, attributable to the net proceeds of borrowings and repayment of lease liabilities.

 

The Group recorded a net decrease in cash and cash equivalents amounting to US$0.7 million and US$1.5 million in 2H FY2022 and FY2022, respectively, bringing cash and cash equivalents per the consolidated statement of cash flows to US$9.2 million as at 31 December 2022.

 

 

F.      Other Information Required by Listing Rule Appendix 7.2 (cont'd)

 

 

3.      Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

 

No prospect statement was made.

 

 

4.      A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

 

As a designer, manufacturer, and provider of high-tech products with an international customer and employee base, 2022 continued to be a challenging trading environment for the Group. The Group's net loss is substantially attributed to its US operations, with impacting factors including the sale of key products being postponed due to delays in customer demand.

 

Considerable macroeconomic headwinds impacted the Company's financial and operational performance in the year ended 31 December 2022, and ongoing inflationary pressures, along with reduced transportation costs leading to increased competition from overseas suppliers, particularly into the US market, are also expected to impact the performance of the business in the current financial year. Global Invacom is focused on mitigating the effects of global supply chain issues on its core business activities and ensuring the Group is optimised as pressures subside.

 

In Q3 FY2022, the Group commenced a comprehensive review of its operations, focused on bolstering its operational platform and management capabilities aimed at generating greater shareholder value. The review continues to assess the Group's assets and cost base to streamline certain core functions, whilst utilising its extensive research and development capabilities to seek and secure new markets and customers.

 

The current financial year is expected to be challenging for the Group due to the prevailing economic pressures on the business. The supply chain and inflationary pressures experienced in 2022 are forecast to ease during FY2023.

 

In order to establish long-term growth, and as part of its operational restructuring, Global Invacom remains committed to technological innovation and development. By working in collaboration with key customers, the Group is well positioned to maintain its reputation of developing best-in-class solutions for the satellite industry.

 

               

F.      Other Information Required by Listing Rule Appendix 7.2 (cont'd)

 

 

5.      Dividend

 

(a)     Current Financial Period Reported On

 

Any dividend declared for the current financial period reported on? 

 

None.

 

(b)     Corresponding Period of the Immediately Preceding Financial Year

 

Any dividend declared for the corresponding period of the immediately preceding financial year?

 

None.

 

(c)     Date payable

 

Not applicable.

 

(d)     Books closure date

 

Not applicable.

 

 

6.      If no dividend has been declared/recommended, a statement to that effect and the reason(s) for the decision.

 

Due to the operating conditions faced by the Group, no dividend has been declared or recommended for the year ended 31 December 2022.

 

 

7.      If the Group has obtained a general mandate from shareholders for Interested Person Transactions ("IPTs"), the aggregate value of such transactions as required under Rule 920(1)(a)(ii).  If no IPTs mandate has been obtained, a statement to that effect.

 

The Company does not have a shareholders' mandate for IPTs for the year ended 31 December 2022.

 

 

8.      Confirmation Pursuant to Rule 705(5) of the Listing Manual

 

We do hereby confirm, for and on behalf of the Board of Global Invacom Group Limited (the "Company"), that to the best of our knowledge, nothing has come to the attention of the Board of the Company which may render the financial results for the year ended 31 December 2022 to be false or misleading in any material aspect.

 

 

9.      Confirmation Pursuant to Rule 720(1) of the Listing Manual

 

Global Invacom Group Limited confirms that undertakings under Rule 720(1) have been obtained from all its directors and executive officers in the format set out in Appendix 7.7.

 

 

10.    Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13) in the format below.  If there are no such persons, the issuer must make an appropriate negative statement.

 

Neither Global Invacom Group Limited nor any of its principal subsidiaries have any person occupying a managerial position who is related to a director, chief executive officer or substantial shareholder.

On behalf of the Board

 

 

 

 

Wayne Robert Porritt                                                                          Gordon Blaikie

Independent Non-Executive Chairman                                         Executive Director

 

 

BY ORDER OF THE BOARD                                                                             

Wayne Robert Porritt

Independent Non-Executive Chairman

 

 

27 February 2023