FIRST GRAPHENE LIMITED
ABN 50 007 870 760
INTERIM FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2021
First Graphene Limited ABN 50 007 870 760
ASX Half-year information - 31 December 2021
Lodged with the ASX under Listing Rule 4.2A
This information should be read in conjunction with the 30 June 2021 Annual Report
First Graphene Limited
For the half-year ended 31 December 2021
Results for announcement to the market
$ | |||
Revenue from ordinary activities | Up | 101% | 185,225 |
Loss from continuing ordinary activities after tax | Up | 18% | 2,397,668 |
attributable to members | |||
Net loss for the period attributable to members | Up | 21% | 2,482,589 |
Dividends | |||
No dividends have been paid or declared during the period | |||
31 December | 31 December | ||
2021 | 2020 | ||
Cents | Cents | ||
Net tangible asset backing per share | 1.69 | 1.89 |
Explanation of results
Included further within the Half Year Report
First Graphene Limited Consolidated Interim Financial Report - December 2021 | Page 3 |
Financial Performance Overview
Half Ended | Half Ended | |||
31 December | 31 December | |||
2021 | 2020 | Variance | Variance | |
A$m | A$m | A$m | % | |
Sales Revenue | 0.18 | 0.09 | 0.09 | +101% |
Operating Loss | 2.40 | 2.03 | - 0.37 | - 18% |
Underlying | 1.56 | 2.03 | +0.47 | +18% |
Operating Loss | ||||
The first half of the period ending 31 December 2021 saw a 101% increase in revenue, closing the best first half sales performance in the company's history. This is a significant percentage jump in revenue resulting from the very early efforts of the new commercial strategy and sales team that have been in place for little under 6 months.
The underlying operating loss for the half was an improvement of A$0.47m or 18% improvement on the previous comparable period.
The underlying performance excludes the significant impacts due to the timing of grant receipts and tax incentives that are yet to be realised in the 2022 financial year. It also excludes some cash and non-cashone-off restructuring expenditure.
The key timing impacts are the receipt of project grant income and research & development tax credits, both of which are expected to be received in March 2022. Furthermore, there are one-off restructuring costs incurred in the first half of 2022 in the amount of A$0.3m, that have set-up a more then 20% reduction in on-going personnel costs.
Overall, the first half of the financial year 2022 marks a significant improvement in sales that have more than doubled from this time last year and a continued reduction in company's cost base. Whilst the sales numbers remain modest, First Graphene has a very healthy opportunity pipeline, which provides the basis for a strong H2 performance.
First Graphene Limited Consolidated Interim Financial Report - December 2021 | Page 4 |
DIRECTOR'S REPORT
Your directors present their report on the consolidated entity (referred to hereafter as the "Group") consisting of First Graphene Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.
DIRECTORS
The following persons were Directors of First Graphene Limited during the half-year and up to the date of this report:
- Warwick Robert Grigor
• Michael Bell | (Appointed Managing Director on 1 July 2021) |
- Michael Quinert
- Dr Andy Goodwin
HIGHLIGHTS
Continued Innovation
- Development of Cavitation technology and Patent Acquisition
- PureGRAPH® Confirmed as pristine by University of Adelaide
- Product Launches: PureGRAPH® MB-EVA, PureGRAPH® Bitumen Masterbatch
- PureGRAPH® based supercapacitor materials developed and continued research into commercial applications
- Patent filing for graphene use in cement production
- PureGRAPH® enhanced conductive coating launched
- Collaboration agreements signed with Breedon group and Fosroc International to develop green cement and grinding aids
Commercial Strategy starts to deliver
- New Growth Strategy launched and completed recruitment of industry experience Commercial Managers
- Collaboration agreement signed with DSP Malaysia to develop HDPE enhancement
- Distribution agreement with GtM Action
- Distribution agreement with Gerdau
- newGen group extends contract and increases forecast orders
- Increased volume of opportunities moving to product trials across an increased number of new applications
OVERVIEW
Over the first half of FY22, the Company continued to pursue its commercial go-to-market strategy with a focus on five identified industry verticals while advancing research and development alongside a range of industry collaborations.
Those collaborations, many with formulators and material suppliers - coupled with the ongoing release of admixtures and masterbatch formulations for specific applications - clearly signals First Graphene's evolution to being an advanced materials technology company.
First Graphene Limited Consolidated Interim Financial Report - December 2021 | Page 5 |
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First Graphene Ltd. published this content on 14 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 00:53:04 UTC.