Unaudited Interim Results six months 30 Sept 2021
20/12/2021 06:59
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RNS Number : 1184W Saietta Group PLC 20 December 2021
Monday 20 December 2021
Saietta Group Plc
("Saietta", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 30 September 2021
Saietta Group Plc (AIM: SED), the UK company that has developed the
innovative, patent protected, AFT electric motor designed for high efficiency
electric vehicle drivetrains, today announces its first unaudited interim
results since its Admission to AIM, covering the six-month period ended 30
September 2021 (the "Period").
Wicher (Vic) Kist, Chief Executive of Saietta, said:
"Saietta has made considerable progress since our successful IPO in July and
we remain on track to ramp up our UK-based production capacity to the target
of 100,000 units per annum by 2024. Having demonstrated that Saietta can
reduce electric drivetrain cost without diminishing performance, which is
essential if EVs are to become more accessible for mass market consumers, we
have continued to grow our range of AFT motors. We can now address a wider
range of vehicle platforms from lightweight to commercial and have recently
launched our marine propulsion motors under the Propel brand.
Since the Period end, we have acquired e-Traction which takes us into the
heavy commercial vehicles market and doubled our headcount. We continue to
receive a large volume of sales enquiries from numerous OEMs and are confident
of entering into material contracts possibly before the end of the financial
year.
We are busier now than at any time in Saietta's history and the level of
interest from the industry since we launched the AFT140 late last year gives
us great confidence for a strong second half and in the longer-term
opportunities for the Company."
Financial Highlights
· Sales revenue increased significantly to £795k (H1 2020: £56k)
as the Company began proactively marketing its launch motor topology in Q4
2020
· Gross profit £437k (H1 2020: £37k) with a gross margin of 55% ¹
· Loss before tax £5,231k (H1 2020: £954k loss) reflects the fact
that the Group is at the early commercialisation stage and includes
significant share options and IPO-related costs
· Adjusted EBITDA² a loss of £1,064k (H1 2020 a loss of £394k)
· Net cash at the end of the period £31.4 million
Operational Highlights
· Admission to AIM on 7 July 2021, raising gross proceeds of £37.5
million
· On track to ramp up UK-based production capacity to target of
100,000 units per annum by 2024 having recently secured a location for the
pilot production plant and durability test facility at Silverstone Park
· Specialised production automation equipment is being built and
will be installed at the production facility ahead of a planned Summer 2022
opening
· Interaction with several OEMs has accelerated with the completion of
the Padmini joint venture agreement and a number of operating motorbike
models retro-fitted with Saietta motors, being shipped to India in the Perio
* Entered into an exclusive in-wheel traction motor supplier agreement with
Electric Assisted Vehicles Ltd ("EAV") for its proposed Lightweight Inner-City
Solution ("LINCS") vehicle
· Ongoing R&D continues to enhance the growing range of AFT motors,
refining the technology for mass production, and expanding the overall
intellectual property ("IP") portfolio - in particular strengthening patent
applications into Asian markets
Post-period end
· Acquisition for up to €2 million of e-Traction Europe B.V.
("e-Traction"), a designer, manufacturer, and supplier of complete electric
powertrain systems for heavy commercial vehicles
· Commercial launch of marine propulsion division, Propel, with two
motors: the Propel S1 electric outboard and Propel D1 electric inboard
o Immediate positive response from both OEM's and distributors, with initial
focus on the Netherlands market followed by Benelux and Germany
o Indicative orders from distributors of £0.9 million received since
mid-November product launch
· Appointed Seshu Bhagavathula as an Independent Non-Executive
Director. Seshu has over 30 years' experience in the automotive industry and
is currently a Non-Executive Director of Swedish electric truck manufacturer,
Volta Trucks AB. Earlier in his career, Seshu spent 18 years across a number
of roles at Daimler AG, including over 4 years in India where he founded
DaimlerChrysler's R&D centre in Bangalore. From 2016, Seshu spent nearly
five years at Ashok Leyland, the Indian bus and truck manufacturer, as Chief
Technology Officer and then President - New Technologies
Outlook
· Saietta remains dedicated to securing a number of long-term, high
volume OEM relationships globally and continues to receive a large volume of
sales enquiries from numerous OEMs with regards to potentially material
contracts
· With momentum from contracts secured to date and the successful
launch of Propel's marine motors directly into distribution and retail,
management is confident of achieving its targets for the year ended 31 March
2022
· Acquisition of E-Traction is expected to accelerate the performance
of the enlarged Saietta Group beyond initial expectations in future years
For any further enquiries, please contact:
Saietta Group via FTI
Wicher (Vic) Kist, Chief Executive
Steven Harrison, Finance Director
Canaccord Genuity (Nomad and Broker) 0207 523 8000
Henry Fitzgerald-O'Connor / Patrick Dolaghan
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727 1000
Ben Brewerton / Dhruv Soni saietta@fticonsulting.com
(1)Gross profit margin has decreased due to change in the company's sales mix.
In the 6 months ended 30 September 2020, the Company was involved in a greater
proportion of ad hoc consultancy work which generally generated greater gross
profit margin but lower sales volumes than the revenue streams it operated in
the period ended 30 September 2021( )
( )
(2)Adjusted EBITDA above is calculated as the Group's earnings before
interest, tax, depreciation, amortisation, impairment and exceptional items
including share-based payment charges & costs related to Saietta Group
Plc's admission to the AIM
About Saietta:
Saietta Group plc is an engineering business specialising in the design,
development and supply of complete powertrains for electric vehicles (EVs)
from scooters to buses and marine applications.
Saietta has engineered breakthrough electric motor technology including
proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which
is mated to controllers and transmissions. The design is unique and modular,
enabling the delivery of high and low voltage e-motor solutions.
Saietta's difference lies in in two areas. Firstly, its ability to conceive
powertrain solutions tailored to deliver competitive advantage; and secondly,
it provides turnkey engineering services to OEMs to take them to start of
production faster.
Services include market research and product definition, CAE and simulation,
motor-controller electrical and mechanical integration, prototype build and
rigorous testing on rigs and 20 miles of private roads. Saietta can go further
still, defining the high-volume production processes for clients to
manufacture in their local markets.
Chief Executive's Review
The rapid progress since we revealed our range of AFT motors late last year
has been maintained with commercial, product and R&D developments
continuing on all fronts.
The Admission to AIM in July, raising gross proceeds of £37.5 million, was a
major step in the Company's continuing development and supports the
acceleration of our commercial progression to mass production of the
proprietary AFT electric motor for a range of global market applications.
As anticipated the financial resources secured through the IPO have enabled
Saietta to accelerate its interaction with a number of OEMs including the
completion of a number of operating motorbike models retro-fitted with Saietta
motors which now are being shipped to India. Saietta remains dedicated to
securing a number of long-term, high volume OEM relationships globally.
We have demonstrated that Saietta can reduce axial flux electric drivetrain
cost without diminishing performance, which is essential if EVs are to become
more accessible for mass market consumers across a wider range of vehicle
platforms from lightweight to commercial.
Whilst initial capital expenditure was delayed following the adjustment to
post COVID lock down operations and several supply constraints, recent
developments in particular with regards to securing locations for the pilot
production plant and durability test facility at Silverstone Park in a unit
completed prior to fit out, mean that Saietta remains well on track to ramp up
its UK-based production capacity to its target of 100,000 units per annum
capacity by 2024. Approximately £2.0m of expenditure commitments had been
placed and headcount increased by more than ninety per cent by 30 September
2021.
The growing collaboration with EAV on the development of their LINCS platform
will help showcase how effective Saietta in-wheel motors can be for
lightweight commercial vehicles and we believe this could become a significant
revenue opportunity in its own right. EAV has already commenced sales of its
existing range of e-cargo bikes to a variety of customers including, but not
limited to, DPD, Asda and Ocado, as well as having sold a number with the
platform concept to a major global automotive OEM for evaluation, development
and testing.
Saietta has made considerable progress since the IPO in its core focus
lightweight mobility market; identifying and commencing the planned expansion
of its UK production and testing capabilities at a site at Silverstone
Park. Specialised production automation equipment is being built and will
be installed at the facility ahead of a planned Summer 2022 opening. The
facility will also house several new multi-faceted test cells. Silverstone
Park is approximately 20 miles from our headquarters at Upper Heyford and
compares very favourable to constructing new production and testing facilities
at Upper Heyford. The Company is also in initial discussions about securing
additional production capacity at facilities in the North of England.
Since the Period end, a further £3.8m of capital expenditure has been
committed on production automation equipment and, through the e-Traction
acquisition, headcount has again doubled.
The acquisition of e-Traction will allow Saietta to accelerate its business
plan by several years adding not just commercial and technical capability but
also extending our IP portfolio and acquiring an operational power electronics
production facility. Specifically, the addition of an operational inverter
production line, at a fraction of the cost to develop such organically,
considerably accelerates a number of Saietta's business goals.
We are delighted to welcome the e-Traction team to the Saietta group in order
to both accelerate the current roll out of Saietta AFT technology into high
voltage products and also to access the wider and lucrative commercial and HGV
markets.
Saietta's marine division, Propel, achieved its target of commencing in-water
testing of its first prototype e-outboard motors by Summer 2021 and has
developed an inboard variant suitable for both retrofit and new build
applications which has also successfully commenced testing. As planned, we
launched these products at the Marine Equipment Trade Show ("METS") in
Amsterdam in November 2021, and were pleased to see an immediate response from
both OEMs and distributors, with the latter already providing indicative
orders of £0.9m for production units in the current financial year.
The Company is currently focused on three distinct areas:
Firstly, the protection of Saietta's AFT technology intellectual property
which underpins the Company's ability to provide motors with high torque at
low voltage at a highly economic cost. We continue to invest in patent
protection across multiple jurisdictions and actively monitor for
infringements while carefully selecting our trading partners;
Secondly, the scale up from R&D operations to large scale production which
requires equipment, skills, processes and coordination. The Company has made
a number of hires with extensive knowledge and experience of such a scale up
specifically to steer the expansion in the most efficient and effective
manner, whilst automation is being supported by leading experts in that field;
and
Thirdly, building strong supplier relationships across the supply network to
mitigate the macro-economic effects that are impacting manufacturers across
the Globe, alongside careful inventory planning in order to support the pace
of growth. Through choice of materials and the recent E-Traction
acquisition, the Company has limited the impact of any single supplier failure
and increased its purchasing leverage.
Outlook
Having completed the IPO, Saietta is well positioned to drive forward
commercial opportunities. Having already secured some revenue in H1, more
substantial results are expected in H2, particularly following the November
launch of Propel. The Company continues to receive a large volume of sales
enquiries from numerous OEMs and management is confident of entering into
material contracts, possibly before the end of the financial year.
Management remains confident of achieving its targets for the full year.
Financial Review
(NB: comparative figures are shown for the comparable period in the previous
financial year unless otherwise stated)
Revenue and expenditure both reflect a business transitioning from an R&D
centre of excellence into a full-service engineering design company,
supporting OEMs on a journey from drivetrain design through to pilot
production, test and commercial production, ultimately under licence.
Revenues exceeded prior year by 1,400% demonstrating how quickly commercial
traction came after the IPO and indicating the step changes from contract
wins. With a broadened AFT motor range and the access to additional markets
achieved through EAV and E-Traction, the rapid revenue growth is set to
continue.
Operational and administrative expenditure exceeded prior year by £3.0m
(511%) of which £1.2m was related to the IPO process. The remaining
increase in operating costs reflects the rapid scale up which followed the IPO
itself, with the creation of a joint venture in India, collaboration with EAV
and expansion of headcount in key areas of production, testing, engineering
design and commercial delivery as contributory factors.
Excluding the impact of share option charges and IPO costs, the adjusted
EBITDA was a loss of £1,064k, 170% higher than prior year.
Interim condensed consolidated statement of comprehensive income and total
comprehensive income
Unaudited Unaudited
6 months to 30 September 2021 6 months to 30 September 2020
Notes £ £
Revenue 3 795,142 56,303
Cost of sales (358,228) (19,741)
Gross profit 436,914 36,562
Other income - 2,097
Charge for share options granted 7 (2,636,001) (420,865)
Government grant income 244,009 -
Administrative expenses (3,191,813) (561,149)
Operating loss (5,146,891) (943,355)
Finance income 316 -
Finance expense (84,598) (10,321)
Loss before taxation (5,231,173) (953,676)
Taxation 152,614 50,991
Loss for the period (5,078,559) (902,685)
Other comprehensive income, net of income tax, to be reclassified to profit
and loss in subsequent periods
Exchange differences on translation of foreign operations
(192) -
Total comprehensive loss for the period (5,078,751) (902,685)
Basic loss per share 4 (7.83) (2.01)
Interim condensed consolidated statements of financial position
Unaudited Unaudited
at 30 September 2021 at 31 March 2021
Notes £ £
Non-current assets
Intangible assets 5 4,132,998 3,364,156
Property, plant and equipment 988,279 198,479
Right-of-use assets 379,936 433,883
Total non-current assets 5,501,213 3,996,518
Current assets
Inventories 637,143 116,958
Trade and other receivables 1,671,965 659,023
Cash and cash equivalents 31,434,647 2,862,470
Total current assets 33,743,755 3,638,451
Total assets 39,244,968 7,634,969
Current liabilities
Trade and other payables 2,100,727 761,399
Borrowings - 176,111
Lease liabilities 108,721 114,555
Total current liabilities 2,209,448 1,052,065
Non-current liabilities
Borrowings - 2,340,000
Lease liabilities 286,119 330,426
Total non-current liabilities 286,119 2,670,426
Total liabilities 2,495,567 3,722,491
Equity
Share capital 6 93,550 51,921
Share premium 6 34,671,207 -
Share options reserve 7 10,449,175 7,318,820
Foreign currency translation reserve (544) (352)
Accumulated losses (8,463,987) (3,457,911)
Total equity 36,749,401 3,912,478
Total equity and liabilities 39,244,968 7,634,969
Interim condensed consolidated statements of changes in equity
Notes Share capital Share premium Share options reserve Translation reserve Accumulated losses Total
£ £ £ £ £ £
Balance at 1 April 2020 4,358 10,641,597 1,599,358 - (8,493,716) 3,751,597
Comprehensive income for the period
Loss for the period - - - - (902,685) (902,685)
Total Comprehensive expense - - - - (902,685) (902,685)
Contributions by owners
Issue of shares 6 217 274,572 - - - 274,789
Share-based payments 6, 7 - - 420,865 - - 420,865
Balance at 30 September 2020 (unaudited) 4,575 10,916,169 2,020,223 - (9,396,401) 3,544,566
Balance at 1 April 2021 51,921 - 7,318,820 (352) (3,457,911) 3,912,478
Comprehensive income for the period
Loss for the period - - - - (5,078,559) (5,078,559)
Exchange differences on translation of foreign operations - - - (192) - (192)
Total comprehensive expense - - - (192) (5,078,559) (5,078,751)
Contributions by owners
Issue of shares 6 32,245 35,145,382 - - - 35,177,627
Share issue costs offset against share premium 6 - (2,868,972) - - - (2,868,972)
Share-based payments 7 - - 3,130,355 - - 3,130,355
Shares issued on exercise of employee share options 6, 7 6,084 58,097 - - - 64,181
Settlement of the convertible loan notes 72,483 72,483
Shares issued on conversion of convertible loan notes 6 3,300 2,336,700 - - - 2,340,000
Balance at 30 September 2021 (unaudited) 93,550 34,671,207 10,449,175 (544) (8,463,987) 36,749,401
Interim condensed consolidated statements of cash flows
Unaudited Unaudited
6 months to 30 September 2021 6 months to 30 September 2020
Notes £ £
Operating activities
Losses after taxation (5,078,559) (902,685)
Adjustments for non-cash items
Taxation (152,614) -
Interest income (316) -
Interest expense 84,598 10,321
Share-based payments 7 2,636,001 420,865
Amortisation of intangible assets 18,874 9,449
Depreciation of property, plant and equipment 44,872 19,227
Depreciation of right-of-use assets 53,947 49,481
Currency translation differences 192
Profit on disposal of property, plant and equipment - (650)
Cash used in operating activities before changes in working capital
(2,393,005) (393,992)
Change in working capital
Decrease/ (increase) in inventories (520,185) 6,720
Decrease/ (increase) in receivables (860,328) 316,331
Increase/ (decrease) in non-interest bearing liabilities 1,276,465 141,917
Net cash flow used in operating activities (2,497,053) 70,976
Investing activities
Purchases of intangible assets 5 (355,093) (2,277)
Capitalised internally generated development costs (269,155) (240,125)
Purchase of property, plant and equipment (802,871) (13,985)
Interest received 316 -
Net cash used in investing activities (1,426,803) (256,387)
Financing activities
Repayment of borrowings (176,111) (40,834)
Share issue costs (2,507,409) -
Repayment of lease liabilities (50,141) (47,274)
Proceeds on issue of shares 7 35,241,809 274,789
Interest paid on lease liabilities (9,037) (9,267)
Interest paid (3,078) (1,054)
Net cash flow from financing activities 32,496,033 176,360
Net change in cash and cash equivalents 28,572,177 (9,051)
Cash and cash equivalents, beginning of period 2,862,470 327,498
Cash and cash equivalents
31,434,647 318,447
1. General information
Saietta Group plc is a public limited company, registered in England and
Wales. The address of its registered office
is building 210, Heyford Park, Camp Road, Upper Heyford, Oxfordshire,
OX25 5HE.
The principal activity of the company is the provision of electric drive
solutions including the manufacture of prototype and production electric
motors for vehicles.
2. Basis of preparation and significant accounting policies
The interim condensed consolidated financial statements for the six-month
period ended 30 September 2021 do not include all the information and
disclosures required in the annual consolidated financial statements, and
should be read in conjunction with the Group´s annual consolidated financial
statements as at 31 March 2021. The Group has applied the same accounting
policies and methods of computation in its interim condensed consolidated
financial statements as in its annual consolidated financial statements as at
31 March 2021. The interim condensed consolidated financial statements are not
the statutory accounts of the Group.
The financial information for the year ended 31 March 2021 has been extracted
from the prospectus.
The directors are responsible for the preparation of the financial statements
and to give a true and fair view. The interim condensed consolidated financial
statements are prepared on a going concern basis.
The interim condensed consolidated financial statements are presented in pound
sterling and all values are rounded to the pound sterling, except when
otherwise indicated.
3. Revenue Analysis
Revenue by category and by geography is as follows:
Revenue by category
Unaudited Unaudited
6 months to 30 September 2021 6 months to 30 September 2020
£ £
Engineering Design Services 536,717 19,932
Motor sales 258,425 36,371
Total 795,142 56,303
Revenue for motor sales are recognized at a point in time, whereas the
engineering design services are recognized over time.
Revenue by geography
Unaudited Unaudited
6 months to 30 September 2021 6 months to 30 September 2020
£ £
UK 570,465 50,688
Rest of World 224,677 5,615
Total 795,142 56,303
Non-current assets by geography
Unaudited Unaudited
6 months to 30 September 2021 Year ended 31 March 2021
£ £
UK 5,335,201 3,993,009
European Union 166,012 3,509
Total 5,501,213 3,996,518
4. Loss per share
The calculation of the basic loss per share is based upon the net loss after
tax attributable to ordinary shareholders and weighted average number of
shares in issue for the year.
Unaudited Unaudited
6 months to 30 September 2021 6 months to 30 September 2020
Basic Loss per share (£) (7.83) (2.01)
Loss attributable to equity shareholders (£) (5,078,751) (902,685)
Weighted average number of shares in issue 64,875,469 44,866,696
The basic loss per share set out above is based on the average number of
shares in place across the year.
The Company was loss making for all periods presented, therefore the dilutive
effect of share options has not been taken into account in the calculation of
diluted earnings per share, since this would decrease the loss per share for
each reporting period.
5. Intangible fixed assets
Patents and licences Development costs
Software Total
£ £ £ £
COST (unaudited)
At 1 April 2021 79,168 3,253,554 110,231 3,442,953
Additions 248,104 432,623 106,989 787,716
At 30 September 2021 (unaudited) 327,272 3,686,177 217,220 4,230,669
ACCUMULATED AMORTISATION (unaudited)
At 1 April 2021 24,168 - 54,629 78,797
Amortisation for period 10,079 - 8,795 18,874
At 30 September 2021 34,247 - 63,424 97,671
NET BOOK VALUE (unaudited)
Net book value at 30 September 2021 293,025 3,686,177 153,796 4,132,998
Net book value at 31 March 2021 55,000 3,253,554 55,602 3,364,156
6. Share capital and share premium
Unaudited Unaudited
Allotted, issued and fully paid: Nominal 6 months to 30 September 2021 Year ended 30 March 2021
Number: Class: value £ £
85,045,703 ORDINARY SHARES £0.001 93,550
519,205,742 ORDINARY SHARES £0.0001 51,921
Number of shares Share capital Share premium Total
£ £ £
Balance at 1 April 2020 (unaudited) 43,579,955 4,358 10,641,597 10,645,955
Issue of shares 2,178,167 217 274,572 274,789
Balance at 30 September 2020 (unaudited) 45,758,122 4,575 10,916,169 10,920,744
Issue of shares 473,447,620 47,346 1,387,226 1,434,572
Cancellation of share premium - - (12,303,395) (12,303,395)
Balance at 31 March 2021 (unaudited) 519,205,742 51,921 - 51,921
Consolidation of shares (472,005,220) - - -
Issue of shares 29,314,690 32,245 35,145,382 35,177,627
AIM listing costs offset against share premium - - (2,868,972) (2,868,972)
Shares issued on exercise of employee share options 5,530,491 6,084 58,097 64,181
Shares issued on conversion of convertible loan notes 3,000,000 3,300 2,336,700 2,340,000
Balance at 30 September 2021 (unaudited) 85,045,703 93,550 34,671,207 34,764,757
In March 2021 the Group issued 2,340 convertible loan notes to Amati Global
Investors Limited with a nominal value of £2,340,000. The loan notes had a
term until 2026 and a coupon rate of 8%. Upon admission to the AIM market on
7(th) July 2021, the convertible loan notes issued by the Company were
automatically converted into 3,000,0000 new Ordinary shares (the "Conversion
Shares") of £0.0011 each at a conversion price of £0.78 per share, pursuant
to the terms of the convertible loan notes. The nominal value of the
Conversion Shares was credited to share capital, with the proceeds raised in
excess of this being credited to share premium. The shares will rank pari
passu with the existing Ordinary shares which were admitted to trading on AIM.
On 18(th) June 2021, the Group passed a resolution to consolidate its Ordinary
share capital. Prior to the consolidation, there were 519,205,742 Ordinary
shares with a nominal value of £0.0001 per share. In exchange for these
share, existing shareholders were issued 47,200,522 Ordinary shares with a
nominal value of £0.0011.
On 7(th) July 2021, the Group raised gross proceeds of £35,177,628 through
the placing of 29,314,690 new Ordinary shares (the "Placing Shares") with new
and existing investors at a price of £1.20 per Placing Share. An amount equal
to the nominal value of the Placing Shares was credited to share capital, with
the proceeds raised in excess of this nominal value being credited to share
premium. The Placing Shares rank pari passu with the Company's existing
ordinary shares.
On 7(th) July 2021, upon admission to the AIM market, 9,919,457 share options
automatically vested pursuant to the terms of their issue. Of these shares, a
total of 5,530,491 shares ("New Ordinary Shares") were exercised immediately
by the option holders. Of these, 4,437,821 options were exercised by the
option holders at a strike price of £0.012 resulting in the issue of
4,437,821 new Ordinary shares with a nominal value of £0.011p. As a result,
£4,882 was credited to share capital and the amount received in excess of the
nominal value, £48,372, was credited to share premium.
The remaining 1,092,670 options were exercised by the option holders at a
strike price of £0.01 resulting in the issue of 1,092,670 new Ordinary shares
with a nominal value of £0.011p. As a result, £1,202 was credited to share
capital and the amount received in excess of the nominal value, £9,725, was
credited to share premium.
The New Ordinary Shares rank pari passu with the Company's existing ordinary
shares.
7. Share-based payments
Common share options
Options have been granted to shareholders, directors and employees to purchase
common shares. These options generally vest over a period of up to four
years from grant date and are exercisable in the event of a listing.
Details of the common option plans are as follows:
For the six months ended 30 September 2021
Number Weighted average exercise price
# £
Outstanding at 1 April 2020 (unaudited) 1,592,670 0.010
Granted 665,000
Forfeited -
Vested
Outstanding at 30 September 2020 (unaudited) 2,257,670 0.010
Granted 8,568,402 0.012
Outstanding at 31 March 2021 (unaudited) 10,826,072 0.012
Granted 8,577,394 0.012
Lapsed (586,370)
Vested (9,919,457) 0.012
Outstanding at 30 September 2021 (unaudited) 8,897,639 0.012
The fair value of each option granted was estimated on the grant date using
the Black-Scholes and where appropriate Monte Carlo simulation option-pricing
model with the following average assumptions:
For the six months ended 30 September 2020 For the year ended 31 March 2021 For the six months ended 30 September 2021
Exercise price at grant date £0.012 £0.012 £0.012
Expected life (in years) 2.36 1 2
Risk-free interest rate 0.55% 0.55% 0.58%
Expected volatility 86.03% 86.03% 87.05%
Weighted average share price 92.56 pence 92.56 pence 92.48 pence
The expected volatility is based on the historic volatility (based on the
share price) of a comparator company with publicly available share prices.
The risk-free interest rate is based on the average return on 2 year UK Gilts.
Unaudited Unaudited Unaudited
For the six months ended 30 September 2021 For the six months ended 30 September 2020 Year ended 31 March 2021
£ £ £
Cost of options vesting in the period 3,130,355 420,865 5,719,462
8. Subsequent events
On 11 November 2021, Saietta Traction Holdings BV, a company incorporated in
the Netherlands and in which Saietta Group Plc has a controlling shareholding,
acquired 100% of the Ordinary share capital of e-Traction Europe BV, a company
incorporated in the Netherlands, for consideration of up to €2,000,000.
Shortly after the 30 September 2021, the company entered into a contract to
purchase property, plant and equipment for £3.8 million.
On 8 December 2021, Saietta Group Plc entered into a Joint Venture Agreement
("JVA") with Padmini VNA Mechatronics Limited, a company incorporated in
India. The parties propose to establish a joint venture company in India to
undertake the business of development, marketing, manufacture, production and
distribution/sale of motors.
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