Wednesday, 26 Apr 2017

Dyesol announes half-year financials ending 31 December 2016

During the half year Dyesol received AU$3.85m cash rebate from the Federal Government for its R&D activities during full-year 2016

1 Mar 2017 | Editor

Dyesol has announce half-year financial 2017 ending 31st December 2017. Revenues increased by AU$175k arising mainly from the revenue recognition of an initial mobilisation payment that was received for a contract to supply a prototype manufacturing facility, which Dyesol has fulfilled its obligations.

The result for the half-year shows an improvement with a reduction in the Company net loss after income tax from continuing operations by $678k (14.5%) compared to the same period last year.

During the half year, the Company received AU$3.85m cash rebate from the Federal Government for its R&D activities during FY 2016. An accrual of AU$2m under the FY2017 R&D Tax Incentive (refundable tax offset) has been made based on the Company’s R&D expenditures for the last six months.

Net cash usage from operating and investing activities for the 6 months, excluding R&D tax rebates (AU$3.85m) was AU$864k average per month; with R&D tax rebates recovery included, the net cash usage decreased significantly to AU$223k average per month.

The Company’s balance sheet at the end of the half-year reporting period shows total net assets of AU$4.7m, a decrease of AU$3.8m during the six months from the last annual financial year end, mainly due to lower cash reserves balances (by AU$1.5m) and the six-monthly FY2017 R&D tax rebates accrual of AU$2m compared to AU$3.8m of an annualised FY2016 R&D tax rebates amount. Lease liabilities have increased by AU$380k due to the lease financing of the Company plant operating equipment.

Cash balance as at half-year end showed AU$3.1m. Since the end of the half-year period, Dyesol has drawn down an initial AU$1.75m from its CBA advance facility further increasing cash at bank.

Dyesol reports financial results
for H1 2017(AU$)
31 Dec 2016
31 Dec 2015
Revenue from sale of goods and services 770,519 595,749
Gross profit 529,198 340,768
Loss before income tax benefit (6,073,874) (6,563,690)
Net loss for the half-year (3,988,845) (4,666,420)
Net result per share - basic($) (1.08) (1.36)


About Dyesol Ltd

Dyesol Ltd (ASX:DYE) (OTCMKTS:DYSOY) is a global leader in the development and commercialisation of Perovskite Solar Cell (PSC) technology – 3rd Generation photovoltaic technology that can be applied to glass, metal, polymers or cement. Dyesol manufactures and supplies high performance materials and is focussed on the successful commercialisation of PSC photovoltaics. It is a publicly listed company: Australian Securities Exchange ASX (DYE) and German Open Market (D5I).

Source: Dyesol Ltd

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