Last checked at 15 Sep 2015 07:00
.
For immediate release | 15 September 2015 |
VIPERA PLC
("Vipera" or the "Company")
Interim results for six months ended 30 June 2015
Vipera (AIM:VIP), the specialist provider of mobile financial services, is pleased to announce its unaudited interim results for the six months ended 30 June 2015.
Highlights:
· Revenue at €2.63 million (H1 2014: €2.90 million)
· Cash generated from operations €0.30 million (H1 2014: cash spent €0.80million)
· Cash at period end €4.39 million (H1 2014: €1.31 million)
· Mobile Card Control service launched to Deutsche Bank in partnership with Mastercard
· Successfully raised £2.69 million
Post Period Highlights:
· Contract with Government Savings Bank of Thailand post period end
Vipera CEO Marco Casartelli commented, "We are very pleased with the strong progress the Company has made over the last six months. We have secured some significant contracts for major customers including Deutsche Bank in partnership with Mastercard and the Government Savings Bank of Thailand post period end, illustrating the quality of and appetite for Vipera's technology services. With the increasingly fast rate of growth experienced by the Company at the beginning of the H2, the Board looks to the end of the year with optimism. "
For further information please contact:
Vipera PLC |
|
Marco Casartelli (CEO) | Tel: +39 02 8688 2037 |
Martin Perrin (CFO) | Tel: +44 (0) 207 193 0833 |
|
|
Sanlam Securities UK Limited (Nomad and Broker) | Tel: +44 (0) 20 7280 8700 |
Simon Clements (Nomad) |
|
Jamie Vickers (Broking) |
|
Jamie Moyes (Baden Hill Sanlam) |
|
|
|
IFC Advisory Ltd (Financial PR and IR) | Tel: +44 (0) 203 053 8671 |
Tim Metcalfe |
|
Graham Herring |
|
Heather Armstrong |
|
About Vipera:
Vipera Plc (AIM:VIP) a cutting edge Mobile Financial Services and Digital Customer Engagement Solutions provider, serves financial institutions worldwide with differentiated mobile banking, card management and customer engagement capabilities based around its proprietary bank grade multi-purpose platform, Motif. Additionally, it provides consultancy and other services to banks and financial institutions. Headquartered in London and Milan, Vipera powers over one million end user financial applications for its top tier bank customers worldwide. For further information, please visit www.vipera.com
Chairman's Statement
The first half of 2015 has been one of significant progress for the Company despite revenues in the period, at €2.63 million, being marginally lower than in the equivalent period last year (H1 2014 €2.90 million). We continue to progress quickly, however, and unaudited management accounts at the end of July 2015 show revenues of €3.7 million - which is ahead of the equivalent period last year. At the end of August 2015 billed and committed 2015 revenues were in excess of the 2014 full year revenues, with four months of the financial year still to go.
In May 2015, we announced the launch of a Mobile Card Control service to a leading German Bank; Deutsche Bank. This service, provided in partnership with MasterCard has enabled Deutsche Bank to offer its retail customers in Germany a dynamic range of card monitoring, transaction and management capabilities directly on their smartphones. This was our second launch in the German market.
In August 2015 we announced, the second largest single order we have received; with the Government Savings Bank of Thailand.
Existing customers continue to engage the Company for further developments and enhancements to their service and we have created some exciting opportunities with new customers.
As announced in May 2015, we raised £2.69 million (c. €3.5 million) in additional equity capital through an institutional fundraising. The funds raised will help ensure we have the resources to capitalise on the heightened demand for our mobile software. To do this we are investing in expanding the sales and marketing team, coupled with continued product development, whilst ensuring we retain a strong balance sheet.
We have now developed a sales presence in France, Spain and the Nordics, and strengthened our UK presence. These are new territories where we are engaged in active negotiations for various services which include projects for products and services similar to those being supplied to the leading German Bank.
In looking ahead to the rest of the year, the financial result will, as ever, be significantly dependent on the timing of transactions and in particular the speed of customer decision-making. However, our expectation is that group revenues will show an increase over the previous year for a sixth successive time.
Luciano Martucci
Chairman
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2015
| Note | Six months to 30 June 2015 | Six months to 30 June 2014 | Year to 31 December 2014 |
|
| (Unaudited) | (Unaudited) | (Audited) |
|
| € | € | € |
|
|
|
|
|
Revenues | 2 | 2,629,074 | 2,903,920 | 5,922,125 |
Operating expenses |
| (3,149,292) | (3,219,168) | (6,666,342) |
Operating loss |
| (520,218) | (315,248) | (744,217) |
Finance income |
| 140 | 333 | 661 |
Finance costs |
| (5,298) | (6,062) | (18,273) |
Loss before taxation |
| (525,376) | (320,977) | (761,829) |
Taxation |
| (34,491) | 1,378 | (40,230) |
Loss for the period |
| (559,867) | (319,599) | (802,059) |
Other comprehensive income |
|
|
|
|
Items that may be subsequently reclassified to profit or loss: |
|
|
|
|
Currency translation difference |
| 323,175 | 151,658 | 245,204 |
Total comprehensive income for the period |
| (236,692) | (167,941) | (556,855) |
|
|
|
|
|
Attributable to: |
|
|
|
|
Owners of the parent |
| (252,703) | (274,210) | (643,058) |
Non-controlling interest |
| 16,011 | 106,269 | 86,203 |
Total comprehensive income for the period |
| (236,692) | (167,941) | (556,855) |
|
|
|
|
|
Loss per ordinary share attributable to owners of the parent during the period (expressed in €cents per share) |
|
|
|
|
Basic and diluted | 3 | (0.25) | (0.22) | (0.47) |
|
|
|
|
|
Consolidated Statement of Financial Position
As at 30 June 2015
Company number 05383355
| Note | 30 June 2015 | 30 June 2014 | 31 December 2014 |
|
| (Unaudited) | (Unaudited) | (Audited) |
|
| € | € | € |
|
|
|
|
|
Non-current Assets |
|
|
|
|
Goodwill |
| 2,444,145 | 2,444,145 | 2,444,145 |
Intangible assets |
| 3,038,543 | 2,559,240 | 2,576,348 |
Deferred taxation |
| 844,110 | 627,623 | 731,288 |
Property, plant and equipment |
| 67,243 | 38,754 | 38,359 |
Total non-current assets |
| 6,394,041 | 5,669,762 | 5,790,140 |
|
|
|
|
|
Current Assets |
|
|
|
|
Trade and other receivables |
| 2,943,505 | 2,679,645 | 2,625,610 |
Cash and cash equivalents |
| 4,394,076 | 1,310,745 | 1,157,412 |
Total current assets |
| 7,337,581 | 3,990,390 | 3,783,022 |
Current liabilities |
|
|
|
|
Trade and other payables |
| (2,987,672) | (1,911,671) | (2,277,621) |
Borrowings |
| (244,917) | (157,819) | (119,019) |
Deferred revenue |
| (244,657) | (183,044) | (268,616) |
Current taxation |
| (11,727) | (199,638) | (10,673) |
Total current liabilities |
| (3,488,973) | (2,452,172) | (2,675,929) |
Net current assets |
| 3,848,608 | 1,538,218 | 1,107,093 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred taxation |
| (350,707) | (255,986) | (274,413) |
Trade and other payables |
| - | - | - |
Total non-current liabilities |
| (350,707) | (255,986) | (274,413) |
|
|
|
|
|
Net Assets |
| 9,891,942 | 6,951,994 | 6,622,820 |
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital | 4 | 7,044,337 | 6,215,381 | 6,215,381 |
Share premium |
| 9,232,891 | 6,521,613 | 6,529,476 |
Reverse acquisition reserve |
| (4,016,334) | (4,016,334) | (4,016,334) |
Shares to be issued |
| - | - | - |
Foreign currency translation reserve |
| 487,213 | 70,492 | 164,038 |
Retained loss |
| (3,107,565) | (2,103,396) | (2,548,352) |
Equity attributable to owners of the parent |
| 9,640,542 | 6,687,756 | 6,344,209 |
Non-controlling interest |
| 251,400 | 264,238 | 278,611 |
Total equity |
| 9,891,942 | 6,951,994 | 6,622,820 |
|
|
|
|
|
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2015
Attributable to equity shareholders of the parent
Group | Share capital | Share premium | Reverse acquisition reserve |
Shares to be issued | Foreign currency translation reserve | Retained loss | Total |
Non-controlling interest | Total |
| € | € | € | € | € | € | € | € | € |
As at 1 January 2015 | 6,215,381 | 6,529,476 | (4,016,334) | - | 164,038 | (2,548,352) | 6,344,209 | 278,611 | 6,622,820 |
|
|
|
|
|
|
|
|
|
|
Loss for the period | - | - | - | - | - | (575,878) | (575,878) | 16,011 | (559,867) |
Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Currency translation difference | - | - | - | - | 323,175 | - | 323,175 | - | 323,175 |
Total comprehensive income for the period | - | - | - | - | 323,175 | (575,878) | (252,703) | 16,011 | (236,692) |
|
|
|
|
|
|
|
|
|
|
Share based payment transactions | - | - | - | - | - | 16,665 | 16,665 | - | 16,665 |
Non-controlling interest arising on business combination | - | - | - | - | - | - | - | 5,693 | 5,693 |
Non-controlling interest arising on business disposal | - | - | - | - | - | - | - | (48,915) | (48,915) |
Shares issued | 828,956 | 2,703,415 | - | - | - | - | 3,532,371 | - | 3,532,371 |
Total transactions with owners, recognized directly in equity | 828,956 | 2,703,415 | - | - | - | 16,665 | 3,549,036 | (43,222) | 3,505,814 |
As at 30 June 2015 | 7,044,337 | 9,232,891 | (4,016,334) | - | 487,213 | (3,107,565) | 9,640,542 | 251,400 | 9,891,942 |
|
|
|
|
|
|
|
|
|
|
Group | Share capital | Share premium | Reverse acquisition reserve |
Shares to be issued | Foreign currency translation reserve | Retained loss | Total |
Non-controlling interest | Total |
| € | € | € | € | € | € | € | € | € |
|
|
|
|
|
|
|
|
|
|
As at 1 January 2014 | 5,909,793 | 5,000,215 | (4,016,334) | 546,472 | (81,166) | (1,691,910) | 5,667,070 | 157,969 | 5,825,039 |
|
|
|
|
|
|
|
|
|
|
Loss for the period | - | - | - | - | - | (425,868) | (425,868) | 106,269 | (319,599) |
Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Currency translation difference | - | - | - | - | 151,658 | - | 151,658 | - | 151,658 |
Total comprehensive income for the period | - | - | - | - | 151,658 | (425,868) | (274,210) | 106,269 | (167,941) |
|
|
|
|
|
|
|
|
|
|
Share based payment transactions | - | - | - | - | - | 14,382 | 14,382 | - | 14,382 |
Shares issued | 305,588 | 1,521,398 | - | (546,472) | - | - | 1,280,514 | - | 1,280,514 |
Total contributions by and distributions to owners of the Company | 305,588 | 1,521,398 | - | (546,472) | - | 14,382 | 1,294,896 | - | 1,294,896 |
As at 30 June 2014 | 6,215,381 | 6,521,613 | (4,016,334) | - | 70,492 | (2,103,396) | 6,687,756 | 264,238 | 6,951,994 |
|
|
|
|
|
|
|
|
|
|
As at 1 January 2014 | 5,909,793 | 5,000,215 | (4,016,334) | 546,472 | (81,166) | (1,691,910) | 5,667,070 | 157,969 | 5,825,039 |
|
|
|
|
|
|
|
|
|
|
Loss for the financial year | - | - | - | - | - | (888,262) | (888,262) | 86,203 | (802,059) |
Other comprehensive income for the period - items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Currency translation difference | - | - | - | - | 245,204 | - | 245,204 | - | 245,204 |
Total comprehensive income for the year | - | - | - | - | 245,204 | (888,262) | (643,058) | 86,203 | (556,855) |
|
|
|
|
|
|
|
|
|
|
Share based payment transactions | - | - | - | - | - | 31,820 | 31,820 | - | 31,820 |
Non-controlling interest arising on business combination | - | - | - | - | - | - | - | 34,439 | 34,439 |
Shares issued | 305,588 | 1,529,261 | - | (546,472) | - | - | 1,288,377 | - | 1,288,377 |
Total contributions by and distributions to owners of the Company | 305,588 | 1,529,261 | - | (546,472) | - | 31,820 | 1,320,197 | 34,439 | 1,354,636 |
As at 1 January 2015 | 6,215,381 | 6,529,476 | (4,016,334) | - | 164,038 | (2,548,352) | 6,344,209 | 278,611 | 6,622,820 |
Group Cash Flow Statements
For the six months ended 30 June 2015
|
| Six months to 30 June 2015 | Six months to 30 June 2014 | Year to 31 December 2014 |
|
| (Unaudited) | (Unaudited) | (Audited) |
|
| € | € | € |
Loss for the period before tax |
| (525,376) | (320,977) | (761,829) |
|
|
|
|
|
Depreciation of property, plant and equipment |
| 10,092 | 7,643 | 18,120 |
Impairment of intangible assets |
| 3,000 | 89,855 | 201,241 |
Loss on sale of fixed assets |
| 1,921 | - | - |
Expenses settled by the issue of shares |
| 16,665 | 14,382 | 31,820 |
Finance costs (net) |
| 5,158 | 5,729 | 17,612 |
Foreign exchange on operating activities |
| 323,174 | 151,658 | 245,204 |
(Increase)/decrease in trade and other receivables |
| (105,975) | 205,586 | (71,368) |
Increase/(decrease) in payables |
| 550,050 | (966,023) | (187,873) |
Cash generated from/(used in) operations |
| 278,709 | (812,147) | (507,073) |
Interest expense |
| (5,288) | (6,062) | (18,273) |
Tax paid |
| (69,965) | (29,740) | (345,551) |
Net cash generated from/(used in) operating activities |
| 203,456 | (847,949) | (870,897) |
|
|
|
|
|
Cash flows generated (used in) investing activities |
|
|
|
|
Purchases of intangible assets |
| (112,869) | (130,059) | (236,325) |
Purchases of property, plant and equipment |
| (20,506) | (20,494) | (30,538) |
Payments to acquire subsidiary undertaking |
| (5,925) | - | - |
Cash in subsidiary disposed of |
| (29,736) | - | - |
Cash acquired with subsidiary undertaking |
| 22,202 | - | - |
Interest received |
| 139 | 332 | 661 |
Net cash used in investing activities |
| (146,695) | (150,221) | (266,202) |
|
|
|
|
|
Financing activities |
|
|
|
|
Net proceeds from borrowings |
| - | - | - |
Net proceeds from issue of shares |
| 3,532,371 | 1,280,514 | 1,288,377 |
Net cash generated from financing activities |
| 3,532,371 | 1,280,514 | 1,288,377 |
|
|
|
|
|
Net increase in cash and cash equivalents |
| 3,589,132 | 282,344 | 151,278 |
Exchange (losses) |
| (352,468) | (22,967) | (45,234) |
Cash and cash equivalents at beginning of period |
| 1,157,412 | 1,051,368 | 1,051,368 |
Cash and cash equivalents at end of period |
| 4,394,076 | 1,310,745 | 1,157,412 |
|
|
|
|
|
1 Basis of preparation
The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2015 and 30 June 2014 has been neither audited nor reviewed by the auditors.
The figures and financial information for the period ended 31 December 2014 are extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period.
The audited financial statements for the period ended 31 December 2014 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.
The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.
The Group has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 June 2015, the comparative information for the six months ended 30 June 2014, and the financial statements for the period ended 31 December 2014.
As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these half-yearly financial statements.
2 Total revenue
Total revenue comprises:
| Six months to 30 June 2015 | Six months to 30 June 2014 | Year to 31 December 2014 |
| (Unaudited) | (Unaudited) | (Audited) |
Revenue from external customers: | € | € | € |
Licence and deployment fees | 1,173,140 | 1,208,778 | 2,744,761 |
Consultancy | 1,353,505 | 1,575,387 | 2,956,706 |
Support and maintenance charges | 102,222 | 119,583 | 219,575 |
Other fees | 207 | 172 | 1,083 |
| 2,629,074 | 2,903,920 | 5,922,125 |
3 Loss per share
Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of shares in issue during the year. None of the share based payments were potentially dilutive at the year end and so there is no difference between the basic and diluted loss per share.
| Six months to 30 June 2015 | Six months to 30 June 2014 | Year to 31 December 2014 |
| (Unaudited) | (Unaudited) | (Audited) |
|
|
|
|
Loss on ordinary activities after taxation | €575,878 | € 69,724 | €888,262 |
Number of shares | 203,605,750 | 190,849,656 | 190,849,656 |
Loss per share (Euro cents) | (0.25) | (0.22) | (0.47) |
4 Share capital
Called up share capital
On 10 June 2015 the Company raised additional capital, issuing 59,711,111 new ordinary shares to raise £2.69M before expenses at a price of 4.5p per share.
At 30 June 2015, there were 257,038,491 Ordinary shares of 1p each in the Company in issue.
Warrants and options
As at 30 June 2014, there were 8,069,932 warrants in issue and options to subscribe for 13,420,000 outstanding.
5 Availability of Interim Report
Copies of the Company's Interim Results are available on the Company's website www.vipera.com .