REG - HeiQ PLC - Interim Results
13/09/2022 07:00
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RNS Number : 1856Z HeiQ PLC 13 September 2022
September 13, 2022
HeiQ Plc
("HeiQ" or "the Company")
Interim Results for six months to June 30, 2022
Resilient trading and bringing life enhancing technology to market
HeiQ Plc (LSE:HEIQ), an established global brand in materials and textile
innovation which operates in high-growth markets, is pleased to announce its
interim results for six months to June 30, 2022.
Financial highlights:
· Revenue increase of 17% to US$ 30.3m (H1 2021: US$ 25.8m),
showing resilience and continued demand
· Investment by HUGO BOSS (MDAX: BOSS) into HeiQ AeoniQ, the
world's first climate positive fiber to replace polyester (US$ 135bn market).
A total investment of US$ 10m, structured as technology milestones & 2.5%
equity into HeiQ's Austrian tech subsidiary at an implied valuation of US$
200m
· Sales from HeiQ's ESG-focused "Resource Efficiency" products
increased by 83% compared to H1 2021 and has now become the second largest
functionality in the Group's portfolio
· Gross margin uplift of 3% to 46.7% compared to previous half year
(H2 2021: 43.7%), reflecting stabilization of underlying product margins as
well as the favorable impact of the product mix
· Operating expenditure ("Opex") (respectively selling &
general administration costs) grew to US$ 3.3m or +31% over H1 2021 to US$
13.9m, in line with the Company's investment budget and growth strategy
· Adjusted EBITDA of US$3.5m (1HY 2021: US$4.8m) achieved in
challenging market conditions during a phase of significant investment in
technology
Operational highlights:
· Completed HeiQ AeoniQ pilot commercialization production plant in
time and on budget; Gained the LYCRA Company as exclusive distributor
· Made significant progress with blockbuster tech HeiQ GrapheneX,
demonstrated solid state battery prototype over 1300 cycles, filed a fourth
patent & ordered the world's first pilot commercialization plant
· Publication of an independent study by Charité University
Hospital Berlin and the Robert Koch-Institute, proving symbiotic cleaners -
like the HeiQ Synbio cleaners - are far more effective than disinfectants
alone, a publication that is now driving favourable change at regulators for
probiotic cleaners in healthcare
· Gained Engie, a multibillion player in facility management, as
customer for HeiQ Synbio & Sanpure with the objective to enter manifold
channels at large scale swiftly
· Launched HeiQ Mint - a durable botanical odour control for
textiles, capable to substitute textile antimicrobial technologies globally.
Post period-end highlights:
· Further strengthening of our cash position as significant amounts
of receivables have been collected after balance sheet date
· Additional EUR 2.2m paid in into equity of HeiQ AeoniQ LLC by
minority shareholder HUGO BOSS as contractual milestones have been met
· Strong H2 2022 performance expected and cautiously optimistic to
meet analyst expectations for the full year
· Strong US Dollar continues to have a positive impact on the
Company's cost structure
Carlo Centonze, co-founder and CEO, HeiQ plc, said:
"Despite the continuing challenging global market conditions and a 3-month
lockdown in our main market China in Q1 2022, we remain cautiously optimistic
and have plans in place to address those challenges and continue making fast
progress with commercialisation of our disruptive innovative technologies.
HeiQ is very well-positioned to spearhead the decarbonization of textile, the
second most polluting industry in the world. HeiQ AeoniQ, the world's first
climate positive fiber, has made significant steps towards full market launch
in 1HY 2022, and we remain confident that by the end of the year, first yarns
can be delivered to customers for capsule collections of truly climate
positive bio-degradable or circular apparel items. As such, HeiQ AeoniQ
remains one of our key focus areas for the months and years ahead. Our
ambition remains unchanged to build and operate one or more full-scale
Gigafactories at the beginning of 2025.
We are excited to continue delivering growth and bringing life enhancing
technology to market. The demand for our current and future technology
offering remains sound and we are executing our long-term growth strategy and
strengthening our innovation and differentiation capabilities as planned. We
are actively following market environment changes and will remain agile to
address them swiftly."
Analyst Briefing
Carlo Centonze, CEO, and Xaver Hangartner, CFO will host a webinar for equity
analysts at 09:30am BST today. Any equity analysts wishing to register should
contact SEC Newgate at HeiQ@secnewgate.co.uk where further details will be
provided.
This announcement contains inside information.
For further information, please contact:
HeiQ Plc +41 56 250 68 50
Carlo Centonze (CEO)
Cenkos Securities plc (Joint Broker) +44 (0) 207 397 8900
Stephen Keys / Callum Davidson
SEC Newgate (Media Enquiries) +44 (0) 20 3757 6882
Elisabeth Cowell / Axaule Shukanayeva / Molly Gretton HeiQ@s (mailto:HeiQ@secnewgate.co.uk) ecnewgate (mailto:HeiQ@secnewgate.co.uk)
.co.uk (mailto:HeiQ@secnewgate.co.uk)
About HeiQ
HeiQ is focused on improving the lives of billions of people world-wide by
innovating the materials people use every day. HeiQ has strong IP which is at
the forefront of global technology in the $10 billion antimicrobial fabrics
market, $24 billion textile chemicals market, the $50 billion probiotics
market and the $150 billion man-made fibers market. It has also moved into the
medical device, healthcare and hygiene coatings markets, to help make
hospitals and healthcare environments more hygienic. HeiQ aims to deliver
growth for its shareholders through a combination of increased sales of its
core products and by entering additional lucrative markets through disruptive
innovations and M&A.
HeiQ has created some of the most effective, durable and high-performance
technologies in the market today, which cool, warm, dry, repel, purify, and
destroy viruses. Since 2005, HeiQ has developed over 200 technologies in
partnership with 300 major brands and it has a significant R&D pipeline
containing over 50 projects. The Company has won multiple awards and gained a
strong reputation for the ESG & sustainable downstream effect of its
innovations. HeiQ is the only company to have won the Swiss Technology award
twice. It has also won the Swiss Environmental award with an innovation that
saves energy and water consumption during the textile manufacturing process.
Led by an experienced leadership team, HeiQ researches new solutions for
partners, delivers scaled up manufacturing from its sites across the world and
helps partners market the product to end consumers - aiming for lab to
consumer in months.
Chairwoman's Statement
I am pleased to report that HeiQ continued to demonstrate resilience during
difficult market conditions and made solid progress in delivering on its
growth strategy during the six-month period ending 30 June 2022 ("H1 2022").
HeiQ's revenues for H1 2022 grew by 17% year on year, and we were pleased to
have increased our overall gross margin compared to the second half of the
2021 financial year (H2 2021). This was achieved even though global economies
have experienced new significant turmoil in early 2022, just as things started
to normalize after two years of pandemic. On top of the energy crisis,
pressure on raw material prices continued, and inflation and energy price
rises significantly impacted the markets we operate in. HeiQ's business from
commercialized innovations demonstrated robustness. While the strengthening of
the US Dollar against the Euro, Swiss Franc and Sterling negatively impacted
our sales (denominated in EUR) the positive effect on our costs outweighed the
topline impact.
As an IP innovator, the development of our innovation pipeline is a
significant growth driver for our business. In this regard, H1 2022 was very
successful as we delivered substantial progress on our four most promising
innovation platforms, particularly HeiQ AeoniQ and HeiQ Synbio.
HeiQ AeoniQ
HeiQ AeoniQ aims to replace oil-based textiles, namely Polyester which
accounts for over 60% of the textile market, with a climate positive, circular
filament yarn made of cellulosic. Having already proved the concept of the
HeiQ AeoniQ yarn in 2021, we achieved several key commercialization milestones
during the period by installing a pilot production plant, securing investment
from HUGO BOSS, and signing up The LYCRA Company as exclusive distributor.
In H2 2022, we will optimize the product and proprietary production process
for the pilot plant whilst also gearing up towards delivery of the first
large-scale production plant. This is likely to be located in Portugal and is
expected to come on-stream in 2025. Unlike polyester or other textile yarns,
HeiQ AeoniQ is designed to have a positive carbon balance and as such we are
also progressing in getting the carbon credits certified.
HeiQ Synbio
HeiQ Synbio allows detergents to become much more effective than disinfectants
used today. It significantly reduces surface pathogens and antimicrobial
resistance which is particularly important for detergents used in hospitals.
In H1 2022, we achieved significant milestones on the way to establish
symbiotic detergents as a new standard in hospital cleaning. An independent
study by the opinion leading Charité University Hospital Berlin, and the
Robert Koch-Institute proved symbiotic cleaners far more effective than
disinfectants alone. This positions the HeiQ Synbio platform well given that
we are seeing that upcoming European Union regulations are expected to favor
symbiotic cleaners. With this is mind, we have entered negotiations with major
players in the cleaning supply chain with the objective to enter various
channels at large scale swiftly.
Financial Review
Revenues
Total revenues in H1 2022 increased by 17% to US$ 30.3m compared to the prior
year period (H1 2021: US$ 25.8m). Our "Hygiene" functionality continues to be
our largest, comprising 43% of total revenues (US$ 12.9m in H1 2022), despite
the 6% year on year decline in this area mainly due to further reduced sales
in masks and lockdowns in China.
With US$10.2m in revenue in H1 2022, "Resource Efficiency" has grown an
impressive +83% compared to H1 2021 and has now become the second largest
functionality in the Group. Driven by revenues from HeiQ AeoniQ and Innovation
Services as well as existing process chemicals, it now represents 34% of total
revenues.
In line with our strategy to increase the share of revenue from services,
license, and royalties, H1 2022 saw revenues of this nature increase from
US$1.2m in H1 2021 to US$ 3.9m in H1 2022.
Gross margin
At 46.7%, gross margin for H1 2022 has improved since the previous half year
(H2 2021: 43.7%). The uplift of 3% reflects stabilization of underlying
product margins as well as the favorable impact of the product mix (including
higher share of Services & Licensing/TechFee revenues). Compared to H1
2021, the gross margin is still down 3.5% points (H1 2021: 50.2%) but we
remain optimistic that price increases delivered during the period can narrow
the gap in the coming months.
Opex
Our operating expenditure ("Opex") (respectively selling & general
administration costs) grew US$ 3.3m or 31% over H1 2021 to US$13.9m. Opex
located in acquired entities account for an increase of US$ 1.9m. The
remaining increase is driven by higher personnel expense, investments in
building up the HeiQ AeoniQ team as well as in the organizational structure
and systems in general.
Cash
Our cash position as of June 30 2022 is US$ 9.5m, down from US$ 14.5m as at
December 31, 2021. About 60% of this decrease is related to investing and
financing activities as well as exchange rate effects on cash balances.
Investments totaled US$ 4.6m including US$1.6m installment payments for prior
period acquisitions. At the same time, we raised US$ 2.3m (net) through
financing activities (mainly the sale of a minority stake in HeiQ AeoniQ LLC).
Cash generated from operations (before tax payments) was US$ -1.5m. This
decrease was primarily due to investments in working capital of US$ 4.2m.
Compared to December 31, 2021, we increased our inventories by US$ 2.4m after
strong sales towards the end of 2021 and build-up of inventories for key
items. With US$ +1.4m, receivables also show a significant increase as of June
30 2022, compared to December 31 2021. This is mainly driven by two
circumstances: At the end of H1 22, after achievement of contractual agreed
milestones, we invoiced HUGO BOSS US$ 3m, which was collected in July 2022.
Also, due to lockdowns, we faced delays of payments into H2 2022 from certain
Chinese distributors.
Results
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Comprehensive income US$'000 US$'000 US$'000
Revenue 30,280 25,795 57,874
Cost of sales (16,127) (12,840) (30,898)
Gross profit 14,153 12,955 26,976
Other operating income 2,671 3,166 6,426
Selling and general administrative expenses (13,878) (10,576) (24,465)
Other operating expenses (1,706) (2,238) (5,820)
Operating profit 1,240 3,307 3,117
Depreciation of property, plant and equipment 644 591 1,255
Amortization of intangible assets 535 205 758
Depreciation of right-of-use assets 576 279 855
Share options and rights granted to Directors and employees 486 387 498
Adjusted EBITDA 3,481 4,769 6,483
EBITDA Margin (adjusted) 11.5% 18.5% 11.2%
Outlook
Despite the continued challenging global market conditions, we remain
cautiously optimistic that market expectations will be met for the full year
2022.
The demand for our current and future technology offering remains sound. We
are executing our long-term growth strategy and strengthening our innovation
and differentiation capabilities as planned. Our sales are traditionally
stronger in the second half of the year. We expect several projects to start
adding sales in the remaining months as well as securing additional revenues
from milestone achievements related to HeiQ AeoniQ. Now that lockdowns in
China have ceased, we expect sales in China to gain momentum in H2 2022.
Having already executed price increases during the period to combat
inflationary pressures, we are confident that gross margins will continue to
recover.
If we look to the mid-term, HeiQ is very well positioned to spearhead the
decarbonization of the textile industry. The development of HeiQ AeoniQ is
progressing as planned and we remain confident that by the end of the year,
yarn can be delivered to customers for first capsule collections of truly
carbon negative apparel items. As such, HeiQ AeoniQ remains one of our key
focus areas for the months and years ahead. Our ambition remains unchanged to
commission, a full-scale production site at the beginning of 2025.
We are excited to continue delivering growth and bringing life enhancing IP to
market and thank our shareholders, customers, team and advisers for their
support.
Esther Dale-Kolb
Chairwoman
September 13, 2022
Condensed consolidated statement of comprehensive income
For the six months ended June 30, 2022
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Comprehensive income Note US$'000 US$'000 US$'000
Revenue 6 30,280 25,795 57,874
Cost of sales 7 (16,127) (12,840) (30,898)
Gross profit 14,153 12,955 26,976
Other operating income 6 2,671 3,166 6,426
Selling and general administrative expenses 7 (13,878) (10,576) (24,465)
Other operating expenses 7 (1,706) (2,238) (5,820)
Operating profit 1,240 3,307 3,117
Other income 77 38 199
Other costs (29) (213) (361)
Finance income 442 520 534
Finance costs 17 (537) (282) (597)
Income before taxation 1,193 3,370 2,686
Taxation 8 (287) (522) (212)
Income after taxation 906 2,848 2,474
Earnings per share (cents) - 9 0.84 2.46 2.07
basic
Earnings per share (cents) - diluted 9 0.81 2.38 2.01
Other comprehensive income
Exchange differences on translation of foreign operations (1,662)
(1,970) (1,723)
Items that may be reclassified to profit or loss in subsequent periods (1,662)
(1,970) (1,723)
Actuarial gains / (losses) from defined benefit pension plans 899
- -
Items that will not be reclassified to profit or loss in subsequent periods
- - 899
Total comprehensive income for the period/year (1,064) 1,125 1,711
Income attributable to:
Equity holders of HeiQ 1,112 3,126 2,676
Non-controlling interests (206) (278) (202)
906 2,848 2,474
Comprehensive income / (loss) attributable to:
Equity holders of the Company (858) 1,403 1,913
Non-controlling interests (206) (278) (202)
(1,064) 1,125 1,711
Condensed consolidated statement of financial position
As at June 30, 2022
As at As at
June 30, December 31,
2022 2021
Assets Note US$'000 US$'000
Intangible assets 10 33,448 32,212
Property, plant and equipment 11 6,823 6,865
Right-of-use assets 12 9,114 9,079
Deferred tax assets 8 874 701
Other non-current assets 153 333
Non-current assets 50,412 49,190
Inventories 16,184 13,770
Trade receivables 13 21,512 18,050
Other receivables and prepayments 5,143 6,275
Cash and cash equivalents 9,488 14,560
Current assets 52,327 52,655
Total assets 102,739 101,845
Equity and Liabilities
Share capital 14 53,023 51,523
Capital reserve 14 147,583 144,191
Other reserve (1,144) (1,144)
Share-based payment reserve 14 889 474
Merger reserve (126,912) (126,912)
Currency translation reserve (695) 1,275
Retained deficit (2,249) (5,823)
Equity attributable to owners of the parent 70,495 63,584
Non-controlling interests 601 1,053
Total equity 71,096 64,637
Lease liabilities 12 7,977 8,176
Long-term borrowings 17 668 670
Deferred tax liability 8 1,737 1,894
Other non-current liabilities 16 2,293 2,619
Total non-current liabilities 12,675 13,359
Trade and other payables 7,928 9,359
Accrued liabilities 4,100 4,538
Income tax liability 8 111 51
Deferred revenue 3,972 1,774
Short-term borrowings 17 1,503 1,004
Lease liabilities 12 1,262 1,054
Other current liabilities 18 92 6,069
Total current liabilities 18,968 23,849
Total liabilities 31,643 37,208
Total liabilities and equity 102,739 101,845
The Notes form an integral part of these Condensed Consolidated Financial
Statements. The Financial Statements were approved and authorized for issue by
the Board of Directors on September 12, 2022 and signed on its behalf by:
Xaver Hangartner
Chief Financial Officer
September 12, 2022
Condensed consolidated statement of changes in shareholders' equity
For the six months ended June 30, 2022
Share Capital Other Share- based payment reserve Merger Currency translation Retained deficit Non- controlling interests Total
capital reserve reserve reserve reserve equity
Note US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at January 1, 2021 49,559 134,537 (2,043) 50 (126,912) 2,937 (8,499) (20) 49,609
Income after taxation - - - - - 2,676 (202) 2,474
Other comprehensive (loss)/income - - 899 - - (1,662) - - (763)
Total comprehensive (loss)/income for the year - - 899 - - (1,662) 2,676 (202) 1,711
Issuance of shares 1,964 9,654 - - - - - - 11,618
Share-based payment charges - - - 424 - - - - 424
Amounts arising on business combinations - - - - - - - 1,275 1,275
Transactions with owners 1,964 9,654 - 424 - - - 1,275 13,317
Balance at December 31, 2021 51,523 144,191 (1,144) 474 (126,912) 1,275 (5,823) 1,053 64,637
Income after taxation - - - - - - 1,112 (206) 906
Other comprehensive (loss)/income - - - - - (1,970) - - (1,970)
Total comprehensive (loss)/income for the year - - - - - (1,970) 1,112 (206) (1,064)
Issuance of shares 14 1,500 3,392 - - - - - - 4,892
Share-based payment charges 14 - - - 415 - - - - 415
Dividends paid to minority shareholders 15 - - - - - - - (243) (243)
Transfer on disposal of non-controlling interest 4 - - - - - - 2,462 (3) 2,459
Transactions with owners 1,500 3,392 - 415 - - 2,462 (246) 7,523
Balance at June 30, 2022 53,023 147,583 (1,144) 889 (126,912) (695) (2,249) 601 71,096
Condensed consolidated statement of cash flows
For the six months ended June 30, 2022
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
US$'000 US$'000 US$'000
Cash flows from operating activities
Income before taxation 1,193 3,370 2,686
Cash flow from operations reconciliation:
Depreciation and amortization 1,755 1,075 2,868
Impairment expense - - 144
Gain on disposal of property, plant and equipment (9) - (54)
Loss on disposal of property, plant and equipment 12 - 20
Gain on earnout consideration - - (80)
Finance costs 54 160 221
Finance income (1) (5) (18)
Pension expense 117 132 156
Non-cash equity compensation 486 387 498
Gain from lease modification (68) - -
Foreign exchange differences (860) (118) (877)
Working capital adjustments:
Decrease (Increase) in inventories (2,414) 2,369 2,028
Decrease (Increase) in trade and other receivables (1,397) 455 (4,741)
Increase (decrease) in trade and other payables (342) (3,489) 3,092
, accrued liabilities and deferred revenue
Cash generated from operations (1,474) 4,336 5,943
Taxes paid (529) (1,442) (2,462)
Net cash generated from operating activities (2,003) 2,894 3,481
Cash flows from investing activities
Consideration paid for acquisitions of businesses (1,587) (8,444) (10,994)
Cash assumed on acquisitions of businesses - 2,121 2,137
Purchase of property, plant and equipment (1,060) (284) (994)
Proceeds from the disposal of property, plant and equipment 37 66 138
Development and acquisition of intangible assets (1,946) (1,329) (2,969)
Finance income 1 5 18
Net cash from / (used in) investing activities (4,555) (7,865) (12,664)
Cash flows from financing activities
Finance costs (54) (160) (221)
Repayment of leases (521) (263) (790)
Proceeds from disposals of minority interests 2,459 - -
Proceeds from borrowings 818 472 472
Repayment of borrowings (163) (113) (803)
Dividends paid to minority shareholders (243) - -
Net cash (used in) / from financing activities 2,296 (64) (1,342)
Net increase (decrease) in cash and cash equivalents (4,262) (5,035) (10,525)
Cash and cash equivalents - beginning of the year 14,560 25,695 25,695
Effects of exchange rate changes on the balance of cash held in foreign (810) (750) (610)
currencies
Cash and cash equivalents - end of the period/year 9,488 19,910 14,560
Note: Non-cash transactions: Certain shares were issued during the year for a
non-cash consideration as described in Note 14.
Notes to the Consolidated Financial Statements for the six months ended June
30, 2022
1. General information
HeiQ PLC (the "Company") and its subsidiaries (together, the "Group") is an IP
innovator and established global brand in materials and textile innovation,
adding hygiene, comfort, protection and sustainability to the products we use
every day. Active in multiple markets: textiles, carpets, antimicrobial
plastics, conductive coatings, medical devices, probiotic household cleaners,
personal care and hospital hygiene, HeiQ has created some of the most
effective, durable and high-performance technologies in these markets today.
The principal activity of the Company is that of a holding company for the
Group, as well as performing all administrative, corporate finance, strategic
and governance functions of the Group.
The Company was incorporated on May 14, 2014 as Auctus Growth Limited, in
England and Wales under the Companies Act 2006 with company number 09040064.
The Company was re-registered as a public company on July 24, 2014. On
December 4, 2020, following a reverse takeover of Swiss-based HeiQ Materials
AG, the Company's name was changed to HeiQ PLC. The Company's registered
office is 5th Floor, 15 Whitehall, London, SW1A 2DD.
After the reverse takeover, the Company's enlarged share capital was
Re-admitted to the standard segment of the Official List and initiation of
trading on the London Stock Exchange's Main Market commenced on December 7,
2020 under the ticker "HEIQ". The ISIN of the Ordinary Shares is GB00BN2CJ299
and the SEDOL Code is BN2CJ29.
2. Basis of preparation and measurement
a. Basis of preparation
The unaudited condensed consolidated interim financial statements have been
prepared in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and International Accounting Standard 34 "Interim
Financial Reporting" (IAS 34). Other than as noted below, the accounting
policies applied by the Group in the preparation of these interim financial
statements are the same as those set out in the Company's audited financial
statements for the year ended December 31, 2021. These financial statements
have been prepared under the historical cost convention except for certain
financial and equity instruments that have been measured at fair value.
These condensed financial statements do not include all of the information
required for a complete set of IFRS financial statements. However, selected
explanatory notes are included to explain events and transactions that are
significant to an understanding of the changes in the Company's financial
position and performance since the audited financial statements for the year
ended December 31, 2021.
Statutory accounts for the year ended December 31, 2021 have been filed with
the Registrar of Companies and the auditor's report was unqualified, did not
contain any statement under Section 498(2) or 498(3) of the Companies Act 2006
and did not contain any matters to which the auditors drew attention without
qualifying their report.
The condensed interim financial statements are unaudited and have not been
reviewed by the auditors and were approved by the Board of Directors on
September 9, 2022.
Unless otherwise stated, the Condensed Consolidated Financial Statements are
presented in United States Dollars ($) which is the presentational currency of
the Group, and all values are rounded to the nearest thousand dollars except
where otherwise indicated.
b. Going concern
The Interim Financial Statements have been prepared on the going concern
basis, which contemplates the continuity of normal business activity and the
realization of assets and the settlement of liabilities in the normal course
of business. The Directors have reviewed the Group's overall position and
outlook and are of the opinion that the Group is sufficiently well funded to
be able to operate as a going concern for at least the next twelve months from
the date of signing these financial statements.
c. Basis of consolidation
The Condensed Consolidated Financial Statements comprise the financial
statements of the Company and its subsidiaries.
On December 7, 2020, HeiQ Plc became the legal parent of HeiQ Materials AG by
way of reverse acquisition. The cost of the acquisition is deemed to have been
incurred by HeiQ Materials AG, the legal subsidiary, in the form of equity
instruments issued to the owners of the legal parent. This acquisition has
been accounted for as a reverse acquisition.
Business combinations other than reverse acquisitions are accounted for under
the acquisition method.
d. New standards, interpretations and amendments effective for the current period
The following new standards and amendments were effective for the first time
in these financial statements but did not have a material effect on the Group:
- Annual Improvements to IFRS: 2018-2020 Cycle
- Conceptual Framework for Financial Reporting (Amendments to IFRS 3)
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets
(Amendment - Onerous Contracts - Cost of Fulfilling a Contract)
- IAS 16 Property, Plant and Equipment (Amendment - Proceeds before
Intended Use)
3. Significant accounting policies
The Company has applied the same accounting policies and methods of
computation in its interim consolidated financial statements as in its 2021
financial statements.
New and amended standards and Interpretations issued by the IASB that will
apply for the first time in the next annual financial statements are not
expected to impact the Group as they are either not relevant to the Group's
activities or require accounting which is consistent with the Group's current
accounting policies.
Use of estimates and judgements
There have been no material revisions to the nature and amounts of estimates
of amounts reported in prior periods.
4. Significant events and transactions
Disposal of non-controlling interest in HeiQ AeoniQ LLC
On February 11, 2022, HeiQ Materials AG reached an agreement with Hugo Boss AG
to dispose of 2.5% of its shareholding in HeiQ AeoniQ LLC.
HeiQ AeoniQ LLC is the exclusive licensee of the AeoniQ technology under an
intragroup license agreement (the "HeiQ AeoniQ License") between HeiQ and HeiQ
AeoniQ LLC dated February 4, 2022.
The consideration for the transfer of such shares to Hugo Boss was €875
(approximately US$1,000). Additionally, Hugo Boss agreed to pay an amount of
€2,229,125 into the capital reserves of HeiQ AeoniQ LLC.
The sale and transfer of the shares in HeiQ AeoniQ LLC was agreed on February
11, 2022 and the payment into the capital reserves of HeiQ Aeonic LLC was
collected in March 2022.
Furthermore, after HeiQ fulfilled certain contractually agreed milestones,
Hugo Boss paid an additional amount of €2,200,000 (approx. US$ 2,459,000)
into the capital reserves of HeiQ AeoniQ LLC in July 2022.
The effect of the disposal on the Group's financial statements is summarized
as follows:
Condensed consolidated statement of changes in shareholders' equity US$'000
Retained deficit 2,462
Non-controlling interests (3)
Equity 2,459
Condensed consolidated statement of cash flows US$'000
Proceeds from disposals of non-controlling interests 2,459
Net cash (used in) / from financing activities 2,459
The net liabilities of HeiQ AeoniQ LLC were valued at US$136,000 as at
February 11, 2022. Therefore, the value of the 2.5% shareholding disposed was
valued at US$3,000.
5. Segmental reporting
The Directors consider that the Group has one reportable segment, that of
materials innovation which focuses on scientific research, manufacturing and
consumer ingredient branding. Accordingly, all revenues, operating results,
assets and liabilities are allocated to this activity.
The Group also analyses and measures its performance into geographic regions,
specifically Europe, North & South America and Asia.
6. Revenue and other operating income
The Group's activities are materials innovation which focuses on scientific
research, manufacturing and consumer ingredient branding. The primary source
of revenue is the production and sale of functional ingredients, materials,
and finished goods. Other sources of revenues include research and development
services as well as laboratory work.
The Group classifies the functionalities of the different type of products
into the functionalities of Comfort, Hygiene, Protection and Resource
efficiency.
Revenues were mainly generated in regions Europe, North & South America
and Asia. The following table reconciles HeiQ Group's revenue for the periods
presented:
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Revenue by type of product US$'000 US$'000 US$'000
Revenue recognized at point in time
Functional ingredients 21,156 19,890* 43,661
Functional materials 434 249 850
Functional consumer goods 4,803 4,469* 10,069
Services, royalties and others 3,179 1,187 2,692
Revenue recognized over time
Licenses 707 - 602
Total revenue 30,280 25,795 57,874
*The comparative analysis of revenue for the six months ended June 30, 2021
has been restated to more fairly reflect the revenues from each product
consistent with the analysis presented in the audited financial statements for
the year ended December 31, 2021.
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Revenue by functionality US$'000 US$'000 US$'000
Comfort 5,689 5,419 12,979
Hygiene 12,912 13,790 29,314
Protection 1,439 997 2,076
Resource efficiency 10,241 5,589 13,505
Total revenue 30,280 25,795 57,874
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Revenue by territory US$'000 US$'000 US$'000
North & South America 11,820 9,551 21,689
Asia 8,955 8,880 19,636
Europe 9,327 7,093 16,237
Others 177 271 312
Total revenue 30,280 25,795 57,874
During the period ended June 30, 2022, no customer individually totaled more
than 10% of total revenues (2021: one customer).
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Other operating income US$'000 US$'000 US$'000
Foreign exchange gains 2,334 2,030 5,032
Other 337 1,136 1,934
Total other operating income 2,671 3,166 6,426
7. Expenses by nature
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Cost of goods sold US$'000 US$'000 US$'000
Material expenses 12,114 10,033 24,581
Personnel expenses 1,477 1,070 2,164
Depreciation of property, plant and equipment 342 280 706
Other costs of goods 2,194 1,457 3,447
Total cost of goods sold 16,127 12,840 30,898
Selling and general administration Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
expenses US$'000 US$'000 US$'000
Personnel expenses 7,808 5,468 13,074
Depreciation of property, plant and equipment 302 311 549
Amortization of intangible assets 535 205 758
Depreciation of right-of-use assets 576 279 855
Other 4,657 4,313 9,229
Total selling and general administration expenses 13,878 10,576 24,465
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Personnel expenses US$'000 US$'000 US$'000
Wages and salaries 7,930 5,363 12,708
Social security and other payroll taxes 624 471 1,387
Pension costs 244 317 645
Share-based payments 486 387 498
Total personnel expenses 9,285 6,538 15,238
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Other operating expenses US$'000 US$'000 US$'000
Foreign exchange losses 1,620 1,583 4,671
Impairment expense - - 144
Other 86 655 1,005
Total other operating expenses 1,706 2,238 5,820
8. Taxation
The components of the provision for taxation on income included in the
"Condensed Consolidated Statement of Other Comprehensive Income" are
summarized below:
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Current income tax expense US$'000 US$'000 US$'000
Swiss corporate income taxes 30 (6) (282)
United States state and federal taxes 383 314 (33)
Taiwan corporate income taxes 78 83 200
Belgium corporate income taxes 76 176 186
Germany corporate income taxes (17) 127 301
Others 79 4 39
Total current income tax expense 629 698 411
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Deferred income tax expense US$'000 US$'000 US$'000
Switzerland (69) (78) (190)
China (128) - (146)
United States (71) - 138
Spain - (38) 108
Others (74) (60) (109)
Total deferred income tax expense (income) (342) (176) (199)
Total income tax expense 287 522 212
Six months Year ended
ended December 31,
June 30, 2021
2022
Tax liability US$'000 US$'000
Opening balance 51 1,495
Tax liability acquired in business combinations - 638
Income tax expense for the period / year 629 411
Taxes paid (529) (2,462)
Foreign currency movements (40) (31)
Closing balance 111 51
The Group had net deferred tax liabilities of US$863,000 as at June 30, 2022
(Net deferred tax liabilities of US$ 1,193,000 at December 31, 2021).
The components of the net deferred income tax assets and liabilities are as
follows:
Period ended Year ended
June 30, December 31,
2022 2021
Deferred taxes US$'000 US$'000
Deferred tax assets
Pension fund obligations 433 429
Tax losses recognized 285 178
Share-based payment expense 136 88
Others 16 6
Total deferred tax assets 874 701
Deferred tax liabilities
Capital allowances and depreciation (1,737) (1,894)
Total deferred tax liabilities (1,737) (1,894)
Net deferred tax assets (liabilities) (863) (1,193)
As at June 30, 2022, the Group had approximately US$285,000 of tax losses
available to be carried forward against future profits (December 31, 2021:
US$178,000; June 30, 2021: US$327,000).
In applying judgement in recognizing deferred tax assets, management has
critically assessed all available information, including future business
profit projections and the track record of meeting forecasts. Management
expects the deferred tax asset to be substantially recovered in 2022.
9. Earnings per share
The calculation of earnings per share is based on the following earnings and
number of shares:
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Earnings per share US$'000 US$'000 US$'000
Profit after tax attributable to owners of the Company 1,112 3,126 2,676
Basic earnings per share (cents) 0.84 2.46 2.07
Diluted earnings per share (cents) 0.81 2.38 2.01
Basic weighted average number of shares in issue 131,781,726 127,214,811 128,871,639
Diluted weighted average number of shares in issue 136,936,164 131,222,146 132,718,333
10. Intangible assets
Goodwill Internally developed assets Brands Acquired technologies Other intangible assets Total
& Customer relations
Cost US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
As at January 1, 2021 3,516 1,851 295 - 491 6,153
Reclasses - (725) - - 725 -
Additions through business combinations 18,599 3,226 2,501 580
24,906
Additions arising from internal development - 2,390 - - -
2,390
Other acquisitions - - - - 579 579
Currency translation differences - (7) - - (43) (50)
As at December 31, 2021 22,115 3,509 3,521 2,501 2,332 33,978
Additions arising from internal development
- 1,840 - - 106 1,946
Currency translation differences - (171) - - (50) (222)
As at June 30, 2022 22,115 5,177 3,521 2,501 2,388 35,702
Amortization
As at January 1, 2021 - 432 107 - 350 889
Reclasses - (19) - - 19 -
Amortization for the year - 50 367 177 164 758
Impairment expense 123 21 - - - 144
Currency translation differences - (10) - - (15) (25)
As at December 31, 2021 123 474 474 177 518 1,766
Amortization for the period - 50 259 125 101 535
Currency translation differences - (23) - - (24) (47)
As at June 30, 2022 123 501 733 302 595 2,254
Net book value
As at December 31, 2021 21,992 3,035 3,047 2,324 1,814 32,212
As at June 30, 2022 21,992 4,676 2,788 2,199 1,793 33,448
11. Property, plant and equipment
Machinery and equipment Motor vehicles Computers and software Furniture and fixtures Land and buildings Total
Cost US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
As at January 1, 2021 6,779 492 810 132 - 8,213
Additions through business combinations 191 19 24 171 1,675 2,080
Additions 596 67 104 213 14 994
Disposals (30) (37) - (15) (68) (150)
Currency translation differences (248) (5) (24) (27) (98) (402)
As at December 31, 2021 7,288 536 914 474 1,523 10,735
Additions 950 2 74 27 7 1,060
Disposals (62) (6) - - - (68)
Currency translation differences (394) (6) (45) (30) (123) (598)
As at June 30, 2022 7,782 526 943 471 1,407 11,129
Depreciation
As at January 1, 2021 2,002 242 464 38 - 2,746
Charge for the year 797 118 168 55 117 1,255
Eliminated on disposal (13) (26) - (7) - (46)
Currency translation differences (63) (4) (13) (5) (85)
As at December 31, 2021 2,723 330 619 86 112 3,870
Charge for the period 380 52 91 57 64 644
Eliminated on disposal (25) (3) - - - (28)
Currency translation differences (125) (3) (32) (7) (13) (179)
As at June 30, 2022 2,953 376 678 136 163 4,306
Net book value
As at December 31, 2021 4,565 206 295 388 1,411 6,865
As at June 30, 2022 4,829 150 265 335 1,244 6,823
12. Right-of-use assets
Land and buildings Motor vehicles Machinery and equipment Total
Cost US$'000 US$'000 US$'000 US$'000
As at January 1, 2021 3,701 76 41 3,818
Additions through business combinations 1,186 300 150 1,636
Additions 5,147 289 393 5,829
Disposals due to expiry of lease - (33) (9) (42)
Currency translation differences (120) (21) 2 (139)
As at December 31, 2021 9,914 611 577 11,102
Additions 7 102 1,572 1,681
Disposals due to expiry of lease - (36) - (36)
Modification to lease terms* (1,199) - - (1,199)
Currency translation differences (575) (49) (51) (675)
As at June 30, 2022 8,147 628 2,098 10,874
Depreciation
As at January 1, 2021 1,182 60 12 1,254
Charge for the year 655 89 111 855
Disposals due to expiry of lease - (32) (9) (41)
Currency translation differences (34) (8) (3) (45)
As at December 31, 2021 1,803 109 111 2,023
Charge for the period 442 70 64 576
Disposals due to expiry of lease - (36) - (36)
Modification to lease terms* (693) - - (693)
Currency translation differences (82) (13) (17) (111)
As at June 30, 2022 1,470 131 158 1,760
Net book value
As at December 31, 2021 8,111 502 466 9,079
As at June 30, 2022 6,677 497 1,940 9,114
*The Group agreed to shorten the agreed lease terms of two existing leases
from 2032 to 2027. These modifications have resulted in a reduction in the
total amounts payable under the leases and a reduction to both of the
right-of-use assets and lease liabilities with effect from the date of
modification as follows:
Before revaluation After revaluation Revaluation
Revaluation US$'000 US$'000
Right-of-use assets 1,385 879 (506)
Lease liabilities (1,453) (879) 574
Impact on net assets 68 - 68
The impact on net assets was recognized as non-operating income.
Future minimum lease payments associated with these leases were as follows:
Six months Year ended
ended December 31,
June 30, 2021
2022
Lease liabilities US$'000 US$'000
Not later than one year 1,373 1,115
Later than one year and not later than five years 4,796 3,689
Later than five years 3,949 5,525
Total minimum lease payments 10,118 10,329
Less: Future finance charges (879) (1,099)
Present value of minimum lease payments 9,239 9,230
Six months Year ended
ended December 31,
June 30, 2021
2022
Lease liabilities US$'000 US$'000
Current liability 1,262 1,054
Non-current liability 7,977 8,176
Present value of minimum lease payments 9,239 9,230
13. Trade receivables
The majority of trade receivables are current, and the Directors believe these
receivables are collectible. The Directors consistently assess the
collectability of these receivables. As at June 30, 2022, the Directors
considered a portion of these receivables uncollectable and recorded a
provision in the amount of US$1.3 million (June 30, 2021: US$716,000; December
31, 2021: US$1.5 million).
As at As at
June 30, December 31,
2022 2021
Trade receivables US$'000 US$'000
Trade receivables 22,784 19,523
Provision for expected credit loss (1,272) (1,473)
Total trade receivables 21,512 18,050
14. Share capital and share options
Movements in the Company's share capital were as follows:
Number of shares Share capital Capital reserve Totals
No. US$'000 US$'000 US$'000
Balance as of January 1, 2021 125,891,904 49,559 134,537 184,096
Issue of shares to acquire Chrisal NV 1,101,928 456 2,526 2,982
Issue of shares to acquire RAS AG 1,701,821 710 3,946 4,656
Issue of shares to acquire Life Materials 1,887,883 798 3,182 3,980
Balance as at December 31, 2021 130,583,536 51,523 144,191 195,714
Issue of shares to vendors of Life Materials (a) 347,552 141 471 612
Issue of shares as deferred consideration (b) 3,461,615 1,359 2,921 4,280
Balance as at June 30, 2022 134,392,703 53,023 147,583 200,606
The par value of all shares is £0.30. All shares in issue were allotted,
called up and fully paid.
During the six-month period ended June 30, 2022, the Company made the
following issues of shares:
a) On February 25, 2022, HeiQ Plc issued 347,552 new ordinary shares
of £0.30 each in the Company. These shares were allotted to the vendors of
Life Material Technologies Limited to satisfy a closing working capital
adjustment in the amount of US$ 612,000 in connection with the Company's
acquisition of Life in June 2021.
b) On May 12, 2022, HeiQ Plc issued a total of 3,461,615 ordinary shares
as part of the deferred consideration paid pursuant to the acquisitions of RAS
AG, Regensburg, Germany ("RAS AG") and Life Material Technologies Limited
("LIFE").
- In relation to the acquisition of RAS AG, the Company made a payment
of €2.6 million (approximately US$2.88 million), based on RAS AG's
performance for the year ended December 31, 2021. The deferred consideration
was settled entirely through the issue of 2,743,941 ordinary shares in the
capital of the Company.
- In relation to the acquisition of LIFE, the Company made a payment
of US$2.8 million, based on LIFE's financial performance for the year ended
December 31, 2021. The deferred consideration was settled equally in cash
(US$1.4 million) and through the issue of 717,674 ordinary shares (US$1.4
million) in the capital of the Company. The share issue satisfied earnout
payments as part of the purchase consideration of US$640,000 as well as
share-based payments made as remuneration of US$764,000 which were not part of
the purchase consideration.
Share-based payment expense
Part of the US$764,000 remuneration mentioned above had previously been
accrued for as deferred consideration in relation to the acquisition of Life
Materials AG (year ended December 31, 2021: US$74,000). An additional expense
of US$71,000 was recognized in the period ended June 30, 2022. The remainder
of approximately US$619,000 is expected to be expensed over the period from
July 1, 2023 to June 30, 2026.
Share Option Scheme
The Company has adopted the HeiQ plc Option Scheme.
Under the Option Scheme, awards may be made only to employees and executive
directors. The Board will administer the Option Scheme with all decisions
relating to awards made to executive directors taken by the Remuneration
Committee.
A total of 6,260,000 awards were made under the Option Scheme pursuant to
re-admission on December 7, 2020. On October 19, 2021, a total of 2,447,658
share options were issued, with service periods covering January 2022 to
December 2024 and an exercise price of £0.903 per share option. On June 15,
2022, a total of 1,472,725 share options were issued, with service periods
covering January 2022 to December 2024 and an exercise price of £1.002 per
share option.
398,872 options were forfeited during the period ended June 30, 2022 (December
31, 2021: nil). No options were exercised or lapsed during the period ended
June 30, 2022. Accordingly, as at June 30, 2022 9,781,511 options remained in
place (December 31, 2021: 8,707,658).
The share-based payment expense arising from these share-based payment
transactions recognized in the period ended June 30, 2022 was US$415,000 (year
ended December 31, 2021: US$424,000).
15. Dividends paid by subsidiary
In June 2022, Chrisal NV declared and paid out a dividend in the amount of
€470,000 (approximately US$496,000) of which 49% or US$243,000 was paid to
minority shareholders.
16. Other non-current liabilities
As at As at
June 30, December 31,
2022 2021
Other non-current liabilities US$'000 US$'000
Defined benefit obligation IAS 19 2,293 2,281
Deferred consideration in relation Chemtex acquisition - 88
Other - 250
Total other non-current liabilities 2,293 2,619
17. Borrowings and finance costs
The principal changes in borrowings during the period ended June 30, 2022 were
as follows:
- a bank loan taken out in May 2022 which incurs interest at
1.05%. It is repayable by April 2023. As at June 30, 2021, €208,515
(US$218,000) is outstanding; and
- a bank loan taken out in April 2022 which incurs interest at
2.45%. It is repayable by March 2023. As at June 30, 2022, €408,000
(US$427,000) is outstanding.
The following table provides a reconciliation of the Group's future maturities
of its total borrowings for each period presented:
As at As at
June 30, December 31,
2022 2021
Borrowings US$'000 US$'000
Not later than one year 1,503 1,004
Later than one year but less than five years 538 457
After more than five years 130 213
Total borrowings 2,171 1,674
The following table represents the Group's finance costs for each period
presented:
Six months to Six months to Year ended
June 30, June 30, December 31,
2022 2021 2021
Finance costs US$'000 US$'000 US$'000
Amortization of deferred finance costs - acquisition costs - 71 58
Lease finance expense 95 42 145
Interest on borrowings 42 58 108
Bank fees 32 31 55
Loss on foreign currency transactions 368 80 231
Total finance costs 537 282 597
18. Other current liabilities
As at As at
June 30, December 31,
2022 2021
Other current liabilities US$'000 US$'000
Deferred consideration in relation to acquisitions 92 5,995
Deferred consideration in relation to share-based payments - 74
Total other current liabilities 92 6,069
As more fully described in Note 14, the Company settled a total of US$5.5
million of deferred consideration relating to the acquisition of RAS AG and
Life Materials by way of cash and share issues. A further US$187,000 in cash
payments related to the Chemtex acquisition in 2017.
The deferred consideration and related financing expense are summarized below:
As at As at
June 30, December 31,
2022 2021
Deferred consideration US$'000 US$'000
Balance brought forward 6,083 1,116
Additions from acquisitions - 5,884
Amortization of fair value discount - 58
Gain on earnout calculation - (80)
Consideration settled in cash (1,587) (908)
Consideration settled through share issue (4,132) -
Foreign exchange revaluation (272) 13
Deferred consideration carried forward 92 6,083
Current liability 92 5,995
Non-current liability - 88
Total 92 6,083
19. Notes to the statements of cash flows
Net debt reconciliation:
Six months ended June 30, 2022 Opening balances New agreements Modi-fications Assumed on acquisition of subsidiaries Cash movements Foreign exchange differences Closing balances
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Cash and cash equivalents 14,560 - - - (4,262) (810) 9,488
Leases (9,230) (1,681) 574 - 521 577 (9,239)
Borrowings (1,674) (818) - - 163 158 (2,171)
Totals 3,656 (2,499) 574 - (3,578) (75) (1,922)
Year ended December 31, 2021 Opening balances New agreements Modi-fications Assumed on acquisition of subsidiaries Cash movements Foreign exchange differences Closing balances
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Cash and cash equivalents 25,695 - - - (10,525) (610) 14,560
Leases (2,652) (5,829) - (1,636) 790 97 (9,230)
Borrowings (1,573) (472) - (579) 803 147 (1,674)
Totals 21,470 (6,301) (6,301) (2,215) (8,932) (366) 3,656
Reconciliation of cash movements on business combinations:
Consideration payment for acquisition of RAS AG 1,400
Consideration payment for acquisition of Chemtex 187
Consideration payment for acquisitions of businesses 1,587
20. Contingencies and provisions
The Group is, from time to time, involved in claims and legal proceedings.
As at June 30, 2022, there is a potential claim with regards to a customer
contract in the amount of up to US$ 175,000. As at June 30, 2022, no amounts
had been accrued related to that matter (31 December, 2021: $nil).
As disclosed in the annual report for the year ended 2021, the Group was
contacted by the United States Environmental Protection Agency ("EPA") in
connection with potential alleged violations of the Federal Insecticide,
Fungicide and Rodenticide Act ("FIFRA") pertaining to alleged mislabelling. As
at June 30, 2022, the Company has assessed the claim and made a provision for
US$200,000 (31 December, 2021: $nil).
21. Related party transactions
In the six months ended June 30, 2022 goods that were in stock as of December
31, 2021 have been sold to a company controlled by a minority shareholder at
cost value. However, the minority shareholder is not considered a related
party to the Group. The value of the transaction amounts to US$900,000.
22. Material subsequent events
On July 26, 2022 the Company received an additional cash amount of
€2,200,000 (approx. US$ 2,459,000) from Hugo Boss as capital contribution
referred to in Note 4.
On August 9, 2022, the Company issued 164,721 new ordinary shares for a
consideration of £173,000 (approximately US$ 208,000) to satisfy certain
share payments due to the Company's Innovation Advisory Board, as well as for
consultancy and other services provided by third parties.
23. Ultimate controlling party
As at June 30, 2022, the Company did not have any single identifiable
controlling party.
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