IMPELUS For personal use only
Appendix 4D
Half Year Report
31st December 2020
For personal use only
Impelus Limited
ABN: 24 089 805 416
Appendix 4D Half Year Report
For the period 1 July 2020 to 31 December 2020
Appendix 4D
The following information sets out the requirements of the Appendix 4D of Impelus Limited and its controlled entities.
This Appendix 4D covers the reporting period from 1 July 2020 to 31 December 2020. The previous corresponding period is 1 July 2019 to 31 December 2019.
Results for Announcement to the Market
FHY21 | FHY20 | Change | Change | |
$ | $ | $ | % | |
Revenue from ordinary activities | 3,155,670 | 5,079,889 | (1,924,219) | -37.88% |
Impairment of DCB Assets | - | (719,695) | 719,695 | 100.00% |
Impairment of Debtors | - | (460,127) | 460,127 | 100.00% |
Impairment of Intangible Assets | (216,563) | (240,919) | 24,356 | 10.11% |
Impairment of Other Assets | (131,079) | - | (131,079) | -100.00% |
Net Loss before tax including depreciation and impairment | (2,371,437) | (4,214,287) | 1,842,850 | 43.73% |
Exchange difference on translating foreign operations* | 53,338 | - | 53,338 | 100.00% |
Total comprehensive Loss for the half year | (2,160,853) | (3,926,086) | 1,765,233 | 44.96% |
Profit/loss from ordinary activities (EBITDA) | (254,278) | 72,907 | (327,185) | -448.77% |
*Exchange difference on translating foreign operations - The Company operated wholly owned subsidiaries in the UK and Singapore; on converting these entities' financial accounts to Australian dollars an unrealized exchange gain or loss occurs.
Dividends
No dividend has been proposed or declared in respect of the period ended 31 December 2020.
Capital
Total issued and paid up ordinary shares: 803,346,086.
Cashflow | ||||||
Period | 2nd Quarter FY21 | 1st Quarter FY21 | Half Year FY21 | |||
3 months | 3 months | 6 months | ||||
AUD | AUD | AUD | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net cash (used in) operating activities | (61,061) | (110,159) | (171,220) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Net cash (used in) investing activities | (32,395) | (52,877) | (85,272) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net cash (used in) financing activities | (321,662) | (60,000) | (381,662) | |||
Net (decrease) in cash held | (415,118) | (223,036) | (638,154) |
Cash at beginning of financial year period | 790,055 | 1,013,091 | 1,013,091 |
Cash at end of financial year | 374,937 | 790,055 | 374,937 |
Comments
EBITDA from ordinary activities is a financial measure which is not prescribed by Australian Accounting Standards ('AAS') and represents the profit under AAS adjusted for non-cash and non-ordinary items. The directors consider EBITDA from ordinary activities to reflect the core earnings of the consolidated group.
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Directors' Report
Your directors submit the financial report of the consolidated Group for the half year ended 31 December 2020.
Directors
The names of directors who held office during or since the end of the half year:
Brendan Birthistle | Non-executive Chairman | |
(appointed 04 December 2018) | ||
(resigned 17 November 2021) | ||
Rob Skinner | Non-executive Director | |
(appointed 7 August 2020) | ||
(resigned 22 March 2021) | ||
David Andrew Haines | Non-executive Director | |
(appointed 23 May 2001) | ||
(resigned 17 November 2021) | ||
Maureen Smith | Executive Director | |
(appointed 28 January 2020) | ||
(resigned 7 August 2020) | ||
Edward Day | Non-executive Director | |
(appointed 12 October 2021) | ||
(resigned 30 November 2021) | ||
Keith Rhee | Non-executive Director | |
(appointed 12 October 2021) | ||
(resigned 30 November 2021) | ||
Rodd Boland | Non-executive Chairman | |
(appointed 12 October 2021) | ||
Paris Magdalinos | Non-executive Director | |
(appointed 01 December 2021) | ||
Steven Hadjifotis | Non-executive Director | |
(appointed 01 December 2021) | ||
Review of Operations |
Impelus Limited posted a Normalised Profit/Loss from ordinary activities (EBITDA) of ($0.25) million and an NPAT (including provisions for impairment) of ($2.21) million for the half year end results.
Since the end of the period the group entered external administration resulting in a Deed of company arrangement. The Group has since left external administration and directors are assessing opportunities available to the group going forward.
Cash
The Company's Cash at Bank was $0.37 million as at 31 December 2020 compared to $1.21 million as at 31 December 2019.
Financial Position
Subsequent to year end the group entered voluntary administration which resulted in a Deed of Company Arrangement (DOCA). Since leaving voluntary administration the directors are reviewing operations and developing a plan for the business going forward.
COVID-19 impact
UK revenues and profits had shown resilience to COVID-19 impacts during the first quarter of FY 2021. However, The new wave of COVID-19 infections during the second quarter has hit hard on EMEA revenues and profits. The closure of offices and call centres has forced some clients to temporarily stop their marketing activities.
The recovery pace of the AU operations is slow. The monthly revenue has recovered to 75% of pre-COVID level. But the AU operations created negative net cash flow and posted pressure on the cash position.
Subsequently, the Group entered voluntary administration in March 2021 and all the operations ceased.
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After Balance Date Events
In January 2021, Commonwealth Bank of Australia (CBA) has agreed to grant a 12-month principal repayment free period for the Market Rate Loan for Impelus. This has greatly released the financial stress on the Company.
As announced to ASX on 27 January 2021, Impelus requested a voluntary suspension of stock trading to allow the Company to assess its current financial condition, which has been severely impacted by the coronavirus-related lockdown in the UK.
As announced to ASX on 2 February 2021, Impelus' registered office and principal place of business has changed to Level 12, 225 George St, Sydney NSW 2000.
As announced to ASX on 9 March 2021, Impelus appointed David Levi, Registered Liquidator, of Levi Consulting Pty Ltd as the administrator of Impelus Limited and its two Australian subsidiaries, Global One Mobile Entertainment Pty Ltd and Impelus APAC Pty Ltd.
As announced to ASX on 6 April 2021, Rob Skinner resigned as a director of the Company on 22 March 2021.
As announced to ASX on 12 April 2021, Impelus Limited sold its shareholding in Marketing Punch Limited. As a result of the sales, intangible assets relating to Marketing Punch Limited were impaired in full.
As announced to ASX on 06 May 2021, Impelus Limited has entered into a Deed of Company Arrangement. Under the DOCA, borrowings of the group totaling $6,032,016 was eliminated and resulted in a debt forgiveness being recognised in the statement of profit or loss and other comprehensive income. In addition, Impelus Limited disposed of its holding in Marketing Punch Limited. As a result of the sale, intangible assets relating to marketing punch of $1,594,899 was impaired in full.
As announced to ASX on 21 May 2021, Ms Vanessa Chidrawi has resigned as Company Secretary and Mr Brendan Birthistle has been appointed as Company Secretary.
As announced to ASX on 21 May 2021, Impelus' registered office and principal place of business has changed to Suite 104, Level 1, 84 Pitt Street, Sydney, NSW 2000.
As announced to ASX on 8 September 2021, the Company's ordinary shares and options were to be consolidated effective on 13 October 2021.
As announced to ASX on 13 October 2021, the results of the AGM show all resolutions have been passed on the meeting.
As announced to ASX on 13 October 2021, Impelus Limited has transferred the responsibility for the maintenance of the IMS Share Register to Advanced Share Registry Limited.
As announced to ASX on 17 November 2021, Mr Brendan Birthistle and Mr David Haines have resigned as directors of the Company. The Deed of Company Arrangement has been wholly effectuated as at 17 November 2021. The control of the Company reverted to the current directors of the Company.
As announced to ASX on 25 November 2021, Mr Madhukar Bhalla has been appointed as company secretary.
As announced to ASX on 1 December 2021, Mr Paris Magdalinos and Mr Steven Hadjifotis have been appointed as directors of the Company.
As announced to ASX on 16 December 2021, Mr Edward Day, Mr Keith Rhee and Mr Rodd Boland have been appointed as directors of the Company on 12 Oct 2021. Mr Edward Day and Mr Keith resigned as directors of the Company on 30 November 2021.
As announced to ASX on 27 January 2022, Impelus Limited is considering to acquire a new business that requires compliance with Chapter 1 and Chapter 2 of the ASX.
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Auditor's Independence Declaration
The lead auditor's independence declaration under s 307C of the Corporations Act 2001 is set out on page 5 for the half year ended 31 December 2020.
This report is signed in accordance with a resolution of the Board of Directors.
Rodd Boland
Non-executive Chairman
21 February 2022
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Impelus Limited published this content on 21 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2022 07:10:00 UTC.
