use only
Appendix 4D
K2FLY LIMITED
ABN 69 125 345 502
Half-Year Report - 31 December 2021
RESULTS FOR ANNOUNCEMENT TO THE MARKET
(This information should be read in conjunction with the last annual report and any announcements to the market by K2fly Limited during the period)
Revenue from ordinary activities
(Loss) from ordinary activities after tax attributable to members
Net (loss) for the half year attributable to members
Half-Year | Half-Year | ||
Ended | Ended | Amount | Percentage |
31/12/21 | 31/12/20 | change | change |
$A | $A | $A | % |
4,576,634 | 3,412,994 | 1,163,640 | 34% |
(1,717,586) | (1,067,666) | (649,920) | 61% |
(1,717,586) | (1,067,666) | (649,920) | 61% |
For personal
Comment
K2fly reported revenues of $4.5m for the half year ended 31 December 2021 (H1FY22), which represented 34% growth compared to the result for the half-year ended 31 December 2020 (H1FY21) ($3.4m).
In response to recent growth, including through acquisition, and to establish a stable foundation for expected future growth, during H1FY22 the Group invested in staff to meet the contracted and expected demand for new projects, expansion of existing projects, and in its management function. As a result of these sales and investments, the K2fly reported cost of sales of $2.5m, 55% higher than the H1FY21 cost of $1.6m. Employee benefits expense H1FY22, which included $0.3m of recruitment costs, increased to $2.7m (H1FY21 - $1.5m) and consultancy expenses increased to $0.4m (H1FY21 $0.2m). These costs of labour and project resourcing, and talent sourcing, has been impacted by global labour market constraints, as well as the need to recruit and train staff in advance of project commencement.
Overall, the Group reported a loss after tax for H1FY22 of $1.7m, which included $0.3m of non-cash share- based payment expenses for options issued to staff and advisors (refer note 14), $0.5m of non-cash amortisation expenses, which included amortisation assets acquired in the prior financial year, and a $1.1m benefit from the recognition of a one-off deferred tax asset to offset a related and previously recognised deferred tax liability (both non-cash) associated with the acquisition accounting of Decipher.
Dividends (distributions)
There are no dividend or distribution reinvestment plans in operation and there have been no dividend or distribution payments during the half-year ended 31 December 2021.
For personal use only
Net tangible asset per ordinary security | 31 Dec 2021 | 31 Dec 2020 |
Net tangible assets | (3,207,702) | (2,637,152) |
Number of shares on issue at reporting date | 138,097,038 | 100,787,377 |
Net tangible asset per ordinary security | (2.32 cents) | (2.62 cents) |
Control Gained or Lost over Entities
Not Applicable
Associates and joint ventures
Not Applicable
Audit / Review Status
This Appendix 4D and the attached interim financial statements are based on accounts which have been subjected to review by the Group's auditor.
The Group recently became aware of discrepancies between its records in relation to employee tax obligations in South Africa and the records of the local taxing authority. As disclosed, the Group has appointed an external advisor to investigate the matter and that investigation is ongoing. As a result of the ongoing nature of the investigation, the auditor qualified their review opinion on the basis that they do not have sufficient audit evidence to form a view on the completeness of the Group's liabilities and as such cannot determine whether any adjustments are likely.
A contingent liability of $323,500 has been disclosed. (Refer note 17 - contingent liabilities).
Previous | ||
Current | corresponding | |
period | period | |
Basic (loss) per share in cents | (1.24) cents | (1.12) cents |
Independent Auditor's Review Report
The Independent Auditor's Review Report can be found on page 8 of the attached financial report for the Half Year ended 31 December 2021.
Jenny Cutri | Neil Canby |
Non-Executive Chair | Non-Executive Director |
28 February 2022 | 28 February 2022 |
The information required by listing rule 4.2A is contained in both this Appendix 4D and the attached half-year report. This half-yearly reporting information should be read in conjunction with the most recent annual financial report of the company.
For personal use only
K2fly Limited
ABN 69 125 345 502
Financial Report
For the Half-Year Ended
31 December 2021
CONTENTS
CORPORATE DIRECTORY | |
only | DIRECTORS' REPORT |
AUDITOR'S INDEPENDENCE DECLARATION | |
CONDENSED STATEMENT OF COMPREHENSIVE INCOME | |
CONDENSED STATEMENT OF FINANCIAL POSITION | |
use | CONDENSED STATEMENT OF CHANGES IN EQUITY |
CONDENSED STATEMENT OF CASH FLOWS | |
NOTES TO THE FINANCIAL STATEMENTS | |
DIRECTORS' DECLARATION | |
For personal | INDEPENDENT AUDITOR'S REVIEW REPORT |
K2fly Limited Half-Year Report 31 December 2021
1
2
5
6
7
8
9
10
22
23
CORPORATE DIRECTORY
For personal use only
DIRECTORS
Brian Miller(Executive Director)
Jenny Cutri (Non-Executive Chair)
Neil Canby (Non-Executive Director)
James Deacon (Non-Executive Director)
JOINT COMPANY SECRETARIES
Melissa Chapman
Catherine Grant-Edwards
REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS
Level 4
502 Hay Street Subiaco WA 6008 Telephone:(08) 6333 1833 Website: www.k2fly.com
SHARE REGISTRY
Advanced Share Registry
110 Stirling Highway
Nedlands WA 6009
Telephone: (08) 9389 8033
Facsimile: (08) 6370 4203
AUDITORS
HLB Mann Judd (WA Partnership)
Level 4
130 Stirling Street
Perth WA 6000
Telephone: (08) 9227 7500
AUSTRALIAN SECURITIES EXCHANGE
K2fly Limited's Shares (K2F) are listed on the Australian Securities Exchange
K2fly Limited Half-Year Report 31 December 2021 | 1 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
K2fly Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 08:51:05 UTC.