Rakon Limited Annual Report 2017 50 YEARS of INNOVATION Table of Contents

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Rakon Limited Annual Report 2017 50 YEARS of INNOVATION Table of Contents 50 50 YEARS OF INNOVATION 1967 2017 Rakon Limited Annual Report 2017 50 YEARS OF INNOVATION Table of Contents Directors’ Report _______________________________________________________________________________ Sttement o omprehensive Income ______________________________________________________________ Sttement o nges in quit ___________________________________________________________________ Balnce eet _________________________________________________________________________________ Sttement o s os ________________________________________________________________________ Notes to the inncial ttements________________________________________________________________ Independent Auditor’s Report ___________________________________________________________________ 50 Shreholder Inormtion _______________________________________________________________________ 58 Corporate overnnce _________________________________________________________________________ 63 Director ____________________________________________________________________________________ 65 1 1 Directors’ Report The Directors are responsible for ensuring that the financial statements present fairly the financial position of the Group as at 31 March 2017 (FY2017) and their financial performance and cash flows for the year ended on that date. The Directors consider that the financial statements of the Company and the Group have been prepared using appropriate accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting standards have been followed. The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination of the financial position of the Company and the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013. The Directors consider they have taken adequate steps to safeguard the assets of the Company and the Group and to prevent and detect fraud and other irregularities. During the year the Company increased its investment in Thinxtra Pty Limited, an Internet of Things company, with the Company investing to initiate Thinxtra’s start-up. The Directors note that there were no other material changes in the nature of the business undertaken by the Company and the Group in the past year. The Directors present the financial statements set out in pages 3 – 49, of Rakon Limited and subsidiaries for the year ended 31 March 2017. The Board of Directors of Rakon Limited authorised these financial statements for issue on 18 May 2017. Finncial resuts Rakon Limited has reported a full year net loss after tax of $13.6 million (2016: net loss after tax of $1.7 million). Sales revenue for the year was $94.7 million, down $18.0 million or 16% on the prior year. The Group’s sales revenue reduced as a result of a decline in revenues from the telecommunications market as equipment manufacturers reduced spend. Revenues declined also in the global positioning market due to a decline in sales of consumer products for which Rakon’s products are embedded. Gross profit for the year was $33.7 million, down $14.3 million or 30% on the prior year. Gross profit declined in line with revenue and was also negatively impacted as the Company increased its obsolescence provisions. Share of losses from associates and joint venture was $2.1 million as expected losses were reported for Thinxtra in its start-up period. Operating expenses for the year of $41.9 million are down $5.9 million compared to the prior year, as the Group completed initiatives to reduce costs. Net debt as at 31 March 2017 was $4.5 million, down $8.1 million on the prior year. During the year the Company reduced net debt as cash proceeds were generated from a share placement and technology license arrangement to Taiwan company Siward Crystal Technology Co. Limited. As at 31 March 2017 Rakon’s shareholders’ equity stood at $74.6 million, funding 72% of total assets. The Board maintains a dividend policy, such that a dividend will be paid of up to 50% of the after tax profit, if considered fiscally appropriate by the Directors. The Board has determined that no dividend will be paid for FY2017. Dontions nd udit fees The Group made donations totalling $4,000 during the year. Amounts paid to PricewaterhouseCoopers for audit and other services are shown in section B2 b) of the financial statements. Oter sttutory inormtion Additional information required by the Companies Act 1993 is set out in the Shareholder Information section. On behalf of the Directors B W Mogridge B J Robinson Chairman CEO, Managing Director 2 2 tatement of omprehensive ncome For the ear ended 1 rch 2017 2017 2016 ote s s Continuin operations Revenue B2 a) 94,738 112,737 Cost of sales (61,063) (64,797) Gross profit 33,675 47,940 Other operatin income B2 ) 4,363 125 Operatin expenses B2 c) (41,888) (47,766) Other ains net D a) 439 871 Impairment B2 d) (6,594) - Operatin loss)/profit (10,005) 1,170 Finance income D c) 3 3 Finance costs D c) (1,435) (1,128) Share of loss of associates and oint venture B4 ) (2,054) (902) Loss efore incoe tax (13,491) (857) Income tax expense D d (67) (874) Net oss or the er (13,558) (1,731) Oter compreensive income Items that may e reclassified susequently to profit or loss Increase in fair value cash flow hedes 1,018 932 (Decrease)/increase in fair value currency translation differences (3,567) 4,998 Income tax relating to components of other comprehensive income 40 (261) Other compreensive losses)/income or the er, net of tax (2,509) 5,669 Total compreensive losses)/income or the er (16,067) 3,938 Loss ttriutable to euity olders of te ompan (13,558) (1,731) Total compreensive losses)/profit ttriutable to euity olders of te ompan (16,067) 3,938 Earnins per share or osses ttriutable to te euity olders of te ompan rom Cents Cents continuin operations Basic lossesearnings per share D a) (6.9) (0.9) Diluted losses/earnins per share D ) (6.8) (0.9) The accompanyin notes form an integral part of these financial statements 3 tatement of hanes in quity For the ear ended 1 rch 2017 Retained Shre cpital earnins Other reserves Total euity ote s s s s Balance t arch 73,881 67,929) 26,543) 9,409 Net profit after tax for the year ended 1 arch 016 1,731) 1,731) Currency translation differences D ,998 ,998 Cash flow hedes, net of tax D 71 71 Total compreensive losses)/income or the er 1,731) ,669 ,938 Employee share schemes Value of employee services D 1 1 Balance t arch 73,881 69,660) 20,793) 3,428 Net loss after tax for the year ended 1 arch 017 13,558) 13,558) Currency translation differences D 3,567) 3,567) Cash flow hedes, net of tax D ,058 ,058 Total compreensive osses or the er 13,558) 2,509) 16,067) Contriution of equity net of transaction costs B6 ,154 ,154 Employee share schemes Value of employee services D 2 2 Balance t arch 81,035 83,218) 23,260) 4,557 The accompanyin notes form an integral part of these financial statements 4 Balance heet As t 3 rch 2017 2017 2016 ote $000s $000s Assets Current ssets Cash and cash equivalents D a) 3,305 3,370 Trade and other receivales B3 c) 28,249 28,812 Assets classified as held for sale B5 d) 1,969 - Derivatives – held for trading D2 2 227 Derivatives – cash flow hedges D2 179 459 Inventories B5 a) 24,286 29,830 Current income tax asset 96 212 Totl current ssets 58,086 62,910 Noncurrent ssets Derivatives – cash flow hedges D2 115 1,466 Trade and other receivales B3 c) 1,365 1,165 Property, plant and equipment D a) 12,745 17,234 Intanile assets B5 ) 9,467 14,850 Investment in associate B4 ) 12,004 10,315 Interest in oint venture B4 ) 3,722 6,798 Deferred tax asset D 6,692 6,538 Total noncurrent ssets 46,110 58,366 Total ssets 104,196 121,276 Libiities Current ibiities ank overdraft B3 d) 3,229 3,931 Borrowings B3 d) 4,530 15 Trade and other payales B3 e) 15,246 17,526 Derivatives – held for trading D2 1 3 Derivatives – cash flow hedges D2 225 1,143 Provisions D3 910 414 Deferred revenue B2 ) 2,534 - Tota current ibiities 26,675 23,032 Non-current ibiities Derivatives – cash flow hedges D2 - 421 Borrowings B3 d) 31 12,000 Provisions D3 2,909 2,361 Deferred tax liabilities D 24 34 Tota non-current ibiities 2,964 14,816 Tota ibiities 29,639 37,848 Net ssets 74,557 83,428 Euity Share capital B6 181,035 173,881 Other reserves D (23,260) (20,793) Accumulated losses (83,218) (69,660) Total euity 74,557 83,428 The accompanyin notes form an integral part of these financial statements 5 tatement of Cash lows For the ear ended 1 rch 2017 2017 2016 ote $000s $000s Operating ctiities Cas provided rom Receipts from customers 98,179 119,026 Income tax refnd 231 205 Dividend received from oint ventre - 1,253 R&D grants received 1,327 3,064 Siward technology license agreeent B2 ) 6,877 - Other income received 41 147 106,655 123,695 Cas as ppied to Payment to sliers and others (54,112) (70,217) Payment to eployees (41,174) (44,478) Interest aid (1,449) (1,081) Income tax aid (417) (634) (97,152) (116,410) Net cash ow rom operating ctiities 9,503 7,285 Investing ctiities Cas as provided rom Sale of roerty, lant and eipment 8 - 8 - Cas as ppied to Prchase of roerty, lant and eipment (2,586) (3,377) Prchase of intangiles (1,157) (1,954) Investment in shares associates (4,629) (1,663) (8,372) (6,994) Net cash ow rom investing ctiities (8,364) (6,994) Financing ctiities Cas as provided rom Issance of share caital 7,195 - Proceeds from orrowings 6,911 - 14,106 - Cas as ppied to Share
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