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29 Jun 2018 07:00
For immediate release | 29 June 2018 |
VR Education Holdings plc
('VR Education', the 'Company' or the 'Group')
Final Results for the Period Ended 31 December 2017
VR Education Holdings plc (AIM: VRE; ESM: 6VR), a leading virtual reality ('VR') technology company focused on the education space, today announces, in accordance with regulatory requirements, the publication of the financial statements of the Company for the 80 day period from incorporation (13 October 2017) to 31 December 2017.
Shareholders should note that these financial statements refer to the Group's holding company, prior to both the acquisition of Immersive VR Education Limited ('IVRE') which occurred on 12 March 2018, and the admission of the Group to trading on AIM. Therefore, they do not give an indication of the current financial position or trading of VR Education Holdings plc.
The Company also announces the results of its key trading subsidiary IVRE for the year ended 31 December 2017.
Post period end highlights
· Acquisition of IVRE, a leading virtual reality ('VR') technology company focused on the education space in a common control share-for-share transaction on 12 March 2018.
· Successful Admission of VR Education Holdings plc to AIM on 12 March 2018 raising £6.0 million before expenses through an oversubscribed placing of 60,000,000 new ordinary shares at a placing price of 10 pence each.
· Part 2 of Titanic VR, one of the Group's VR showcase experiences, which places users on the world's most famous ship on the night of the sinking to allow them to experience the tragic events and also allows users to dive on the shipwreck as it looks today, will be ready in beta form by the end of June 2018. This product will be commercially available to the general public from August 2018.
· Titanic VR (Part 2) will be released on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality first with a later PlayStation VR version becoming available some weeks later. Additional versions will be announced at a later date (Titanic VR (Part 1), has already been released and is commercially available as early access software).
· The Group's work with the BBC on a project titled 1943: Berlin Blitz - (BBC's most fearless World War II report brought to life in VR) will be released in Q3 2018. This VR showcase experience is an accurate retelling of the events which happened inside a Lancaster bomber during one of the most well documented missions of World War II using original cockpit audio recorded 75 years ago. It is expected to be released on the Oculus Rift, HTC Vive, Oculus Go, Google Daydream, Samsung Gear VR and Windows Mixed Reality platforms.
· The Group has made three key strategic hires including a new Chief Technology Officer and two experienced business developers who have already started to progress a number of enquiries that the Group has received since its IPO in March 2018.
· Completed the production of a series of VR lectures on ENGAGE with Oxford University, which can be used for marketing the Group's capabilities going forward.
Commenting on the results, David Whelan, Chief Executive Officer of VR Education, said:
"The results of IVRE reflect the continuing development of the ENGAGE platform as well as the Group's other VR experiences. The Board continues to be confident in the future development of VR Education and we look forward to updating the market further when we publish our Interim Results for the Group in the week commencing 17 September 2018."
Copies of the report and accounts for each of Immersive VR Education Limited and VR Education Holdings Plc are being posted to shareholders today and will be available on the Company's website, www.vreducationholdings.com.
Immersive VR Education Limited
STATEMENT OF COMPREHENSIVE INCOME | |||
for the Year Ended 31 December 2017 | |||
2017 | 2016 | ||
Continuing Operations | € | € | |
Revenue | 624,487 | 482,085 | |
Cost of sales | (300,143) | (227,029) | |
Gross Profit | 324,344 | 255,056 | |
Administrative expenses | (1,079,798) | (362,306) | |
Other income | 60,333 | - | |
Operating Loss | (695,121) | (107,250) | |
Fair value gain arising on derivative financial liabilities | 125,764 | - | |
Finance costs | (54,342) | (10,742) | |
Loss before Income Tax | (623,699) | (117,992) | |
Income tax credit | - | - | |
Loss for the Year from Continuing Operations | (623,699) | (117,992) | |
STATEMENT OF FINANCIAL POSITION | |||
At 31 December 2017 | |||
2017 | 2016 | ||
Non-Current Assets | € | € | |
Property, plant & equipment | 57,300 | 37,595 | |
Intangible assets | 435,791 | 65,277 | |
493,091 | 102,872 | ||
Current Assets | |||
Trade and other receivables | 219,565 | 36,605 | |
Cash and short term deposits | 97,327 | 69,372 | |
316,892 | 105,977 | ||
Total Assets | 809,983 | 208,849 | |
Equity and Liabilities | |||
Equity Attributable to Shareholders | |||
Issued share capital | 134 | 133 | |
Share premium | 136,966 | 124,967 | |
Share options reserve | 20,180 | - | |
Other reserves | - | 104,915 | |
Retained earnings | (821,844) | (198,145) | |
Total Equity | (664,564) | 31,870 | |
Non-Current Liabilities | |||
Interest bearing loans and borrowings | 907,180 | 142,856 | |
Derivative financial liabilities | 209,348 | - | |
1,116,528 | 142,856 | ||
Current Liabilities | |||
Trade and other payables | 358,019 | 34,123 | |
Total Liabilities | 1,474,547 | 176,979 | |
Total Equity and Liabilities | 809,983 | 208,849 | |
STATEMENT OF CHANGES IN EQUITY | ||||||
for the Year Ended 31 December 2017 | ||||||
Attributable to Equity Shareholders | ||||||
Share Capital | Share Premium | Share Option Reserve | Other Reserves | Retained Earnings | Total | |
€ | € | € | € | € | € | |
Balance at 1 January 2016 | 129 | 64,971 | - | - | (80,153) | (15,053) |
Loss for the year | - | - | - | - | (117,992) | (117,992) |
New shares issued | 4 | 59,996 | - | - | - | 60,000 |
Convertible debt - equity component | - | - | - | 104,915 | - | 104,915 |
Balance at 31 December 2016 | 133 | 124,967 | - | 104,915 | (198,145) | 31,870 |
Attributable to Equity Shareholders | ||||||
Share Capital | Share Premium | Share Option Reserve | Other Reserves | Retained Earnings | Total | |
€ | € | € | € | € | € | |
Balance at 1 January 2017 | 133 | 124,967 | - | 104,915 | (198,145) | 31,870 |
Loss for the year | - | - | - | - | (623,699) | (623,699) |
New shares issued | 1 | 11,999 | - | - | - | 12,000 |
Transfer to derivative liabilities | - | - | - | (104,915) | - | (104,915) |
Share option expense | - | - | 20,180 | - | - | 20,180 |
Balance at 31 December 2017 | 134 | 136,966 | 20,180 | - | (821,844) | (664,564) |
STATEMENT OF CASH FLOWS | |||
for the Year Ended 31 December 2017 | |||
2017 | 2016 | ||
Continuing Operations | € | € | |
Loss before income tax | (623,699) | (117,992) | |
Adjustments to reconcile loss before tax to net cash flows: | |||
Depreciation | 36,621 | 9,978 | |
Fair value gain arising on derivative financial liabilities | (125,764) | - | |
Finance Costs | 54,342 | 10,742 | |
Share Option Expense | 20,180 | - | |
Movement in trade & other receivables | (182,960) | (19,384) | |
Movement in trade & other payables | 326,339 | (26,740) | |
(494,941) | (143,396) | ||
Bank interest & other charges paid | (264) | (526) | |
Net Cash used in Operating Activities | (495,205) | (143,922) | |
Cash Flows from Investing Activities | |||
Purchases of property, plant & equipment | (56,326) | (41,655) | |
Payments to develop intangible assets | (370,514) | (65,277) | |
Net Cash used in Investing Activities | (426,840) | (106,932) | |
Cash Flows from Financing Activities | |||
Proceeds from issuance of ordinary shares | 12,000 | 60,000 | |
Proceeds from issuance of preference shares | 250,000 | - | |
Proceeds from issuance of convertible loans | 688,000 | 240,000 | |
Net Cash Generated from Financing Activities | 950,000 | 300,000 | |
Net Increase in Cash and Cash Equivalents | 27,955 | 49,146 | |
Cash and cash equivalents at beginning of year | 69,372 | 20,226 | |
Cash and Cash Equivalents at End of Year | 97,327 | 69,372 | |
VR Education Holdings Plc
STATEMENT OF COMPREHENSIVE INCOME | |||
for the Period Ended 31 December 2017 | |||
2017 | |||
€ | |||
Revenue | - | ||
Administrative Expenses | - | ||
Operating Result | - | ||
Finance Income/(Expense) | - | ||
Result before Taxation | - | ||
Income Tax | - | ||
Total Comprehensive Profit/(Loss) for the Period | - | ||
Income tax credit | - | ||
Loss for the Year from Continuing Operations | - | ||
Earnings per share: Basic and diluted (€) | - | ||
STATEMENT OF FINANCIAL POSITION | |||
At 31 December 2017 | |||
2017 | |||
€ | |||
ASSETS | |||
Current Assets | |||
Trade and other receivables | 18,750 | ||
Cash and short term deposits | 6,250 | ||
Total Assets | 25,000 | ||
EQUITY AND LIABILITIES | |||
Capital and Reserves | |||
Issued share capital | - | ||
Total Equity | - | ||
Current Liabilities | |||
Redeemable shares | 25,000 | ||
Total Liabilities | 25,000 | ||
Total Equity and Liabilities | 25,000 | ||
STATEMENT OF CHANGES IN EQUITY | ||||||
for the Period Ended 31 December 2017 | ||||||
Attributable to Equity Shareholders | ||||||
Share Capital | Retained Earnings | Total | ||||
€ | € | € | ||||
At incorporation on 13 October 2017 | - | - | - | |||
Total comprehensive income for the period | - | - | - | |||
Share capital issued net of issue costs | - | - | - | |||
Balance at 31 December 2017 | - | - | - | |||
STATEMENT OF CASH FLOWS | |||
for the Period Ended 31 December 2017 | |||
2017 | |||
€ | |||
Cash Flows from Operating Activities | - | ||
Cash Flows from Investing Activities | - | ||
Cash Flows from Financing Activities | |||
Proceeds from issuance of redeemable shares | 6,250 | ||
Net increase in Cash and Cash Equivalents | 6,250 | ||
Cash and cash equivalents at the beginning of period | - | ||
Cash and Cash Equivalents at End of Period | 6,250 | ||
Full notes to this statement are contained in the Company's Annual Report and Accounts which will be published in due course. A copy of this announcement may be found on the Company's website today.
For further information, please contact:
VR Education Holdings plc David Whelan, CEO Sandra Whelan, COO
| Tel: +353 87 665 6708 contact@vreducationholdings.com |
Cairn Financial Advisers LLP (Nominated Adviser) James Caithie / Liam Murray / Richard Nash
| Tel: +44 (0) 20 7213 0880 |
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar
| Tel: +44 (0) 20 7186 9952 |
Davy (Joint Broker & ESM Adviser) Fergal Meegan / Ronan Veale / Barry Murphy
| Tel: +353 1 679 7788
|
Buchanan (UK Financial PR) Henry Harrison-Topham / Chris Lane / Tilly Abraham
| Tel: +44 (0)20 7466 5000 VRE@buchanan.uk.com
|
Wilson Hartnell (Irish Corporate PR) Peter O'Brien / Frans Van Cauwelaert
| Tel: +353 1 669 0030 peter.o'brien@ogilvy.com frans.vancauwelaert@ogilvy.com |
Notes to Editors
VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences. The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.
In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and an early access version of the Group's Titanic VR experience.
On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.
For further information, please visit www.vreducationholdings.com.
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