Defenx plc Interim Results

Fecha : 30/09/2019 @ 09:48
Fuente : UK Regulatory (RNS & others)
Emisora : Defenx Plc (DFX)
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Defenx plc Interim Results

Defenx (LSE:DFX)
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Defenx plc

30 September 2019

30 September 2019

Defenx PLC

("Defenx" or the "Company" or the "Group")

Unaudited Interim Results for the six months ended 30 June 2019

Set out below are the interims results for Defenx for the six months ended 30 June 2019.

Chairman's Statement

Following our 2018 'reboot' year, there have been a number of positive developments at Defenx in 2019, which I detail below.

Sales

In April 2019, the Company entered into a software distribution agreement (the "Distribution Agreement") with BV Tech S.p.A. ("BV Tech"), the Company's majority shareholder. Pursuant to the Distribution Agreement, BV Tech has paid the Company EUR1.0 million for the sole right to sell Defenx products into certain sectors in Italy and committed to purchase Defenx's products, with a minimum value of EUR1.2 million, to be received in a number of instalments during 2019 and 2020.

The EUR1.0 million 'right-to-sell' under the Distribution Agreement has been recognised primarily in the first half of 2019, with a small percentage being carried forward to future years, in recognition of an element of future obligation to maintain the software.

As a result, the Distribution Agreement has resulted in an upturn in revenues being recognised in the first half of 2019, though the Group still reported a small loss for the period.

The Board believes that investment in next generation products is also coming to fruition with products now available for sale to corporate and private users of computers and smartphones. Marketing and sales to third parties are currently primarily being channelled through BV Tech, where several major contracts are being pursued, though these have not yet reached signature stage.

The Board is also pleased to announce that it has identified a candidate to lead the sales operations for our Swiss subsidiary (covering sales to the core markets of Switzerland and Italy) and we look forward to keeping you updated in this regard.

Cash and going concern

As set out in the 2018 Accounts, the Group continues to be reliant on the financial support of BV Tech. In addition to the EUR1.0 million received pursuant to the right-to-sell, of the eight quarterly minimum payments of EUR150k pursuant to the minimum purchase for 2019 and 2020, three have been paid on time and the Company has also received advance payment on a further three, leaving EUR300k of the of the EUR1.2 million still to be received.

This demonstration of continuing financial support enables the Board to continue to view the Group as a going concern, whilst the Group seeks to builds its sales back to and beyond cash breakeven.

Other matters

The Swiss tax authorities have opened a tax investigation for 2016 in respect to our Swiss subsidiary. It is possible that the outcome of this ongoing investigation will be a significant cash payment to the Swiss tax authorities for technical profits made in that year.

As we have previously disclosed, the sales leading to those profits and local capital values subsequently proved to be illusory and were almost all written off. Swiss tax law does not enable the carry-back of losses in subsequent years, but nevertheless, the tax demand under negotiation is exceeded by the tax provisions made in past years and still held in the Accounts.

The Company also notes that the Swiss tax authorities have indicated that they will seek to review the subsidiary's 2017 and 2018 filings.

Resignation of Nominated Adviser

Strand Hanson has given the Company notice of its resignation as Nominated Adviser to the Company, such resignation to take effect at the close of business on 4 November 2019.

The Board is in talks with a number of potential replacement Nominated Advisers and will update the market in due course.

Pursuant to Rule 1 of the AIM Rules for Companies, in the event that the Company is unable to appoint a replacement Nominated Adviser on or before 4 November 2019, trading in the Company's ordinary shares on AIM will be suspended with effect from 5 November 2019. Further, also pursuant to Rule 1 of the AIM Rules, should the Company subsequently be unable to appoint a replacement Nominated Adviser within one month of Strand Hanson ceasing to be the Company's Nominated Adviser, then the admission to trading of the Company's ordinary shares on AIM will be cancelled.

Board and senior management changes

Clive Eplett will be stepping down as the Group's interim CFO in October 2019 and will be undertaking an orderly handover to his successor, Paul Williams, who has been appointed as interim CFO in his stead.

Tony Reeves and Nic Hellyer are currently in discussions with the Board, with regard to resigning as directors of the Company, but wish to work with the Board to enact an orderly handover, both to any newly appointed Nominated Adviser and, potentially, to any new director(s) to be appointed to the Board. Further announcements will be made as required.

Outlook

The results for the first half of 2019 benefited from the one-off payment from BV Tech in respect of the 'right-to-sell' that will not recur.

Accordingly, sales in the second half of 2019 are unlikely to reach the level of the first half and a further operating loss is likely to arise for the full year.

Anthony Reeves

Executive Chairman

30 September 2019

Raffaele Boccardo, Deputy Chairman of Defenx, commented:

"I and BV Tech remain fully supportive of Defenx and I believe that the Company has made significant progress in recent months, particularly with its next generation products. I look forward to providing further updates as matters develop."

Enquiries

 
 Defenx PLC 
  Anthony Reeves - Interim Executive Chairman 
  Clive Eplett - Interim Chief Financial Officer       020 3769 0687 
 Strand Hanson Limited (Nominated and Financial 
  Advisor) 
  Stuart Faulkner / Richard Tulloch / James Bellman    020 7409 3494 
 WH Ireland (Joint-Broker) 
  Adrian Hadden / Jessica Cave                         020 7220 1666 
 IFC Advisory (Financial PR and IR) 
  Tim Metcalfe / Graham Herring / Florence Chandler    020 3934 6630 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

About Defenx

Founded in 2009, Defenx is a cyber-security software group that offers a range of Security, Backup and Protection solutions for smartphones, PCs and networks.

Website

www.defenx.com/company/investors

Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

 
                                              6 months ended           6 months ended           Year ended 
                                              30 June 2019             30 June 2018             31 December 
                                               Unaudited                Unaudited                2018 
                                                                                                 Audited 
                                       Note   EUR000                   EUR000                   EUR000 
 
 Revenue                                                       1,501                      701                    1,420 
 
 Cost of sales                         5                       (597)                    (670)                  (1,988) 
                                              ----------------------   ----------------------   ---------------------- 
 Gross profit/(loss)                                             904                       31                    (568) 
 
 Other operating income                5                          27                      101                      853 
                                             -----------------------  -----------------------  ----------------------- 
 
 Sales & marketing expenses            5                           -                    (182)                      (7) 
 Research, development & operations' 
  expenses                             5                        (99)                    (514)                    (198) 
 Administrative expenses               5                       (741)                    (947)                  (2,250) 
 Impairment of trade receivables       5                        (24)                        -                  (1,349) 
 Operating expenses before 
  transaction 
  costs                                                        (864)                  (1,643)                  (3,804) 
                                             -----------------------  -----------------------  ----------------------- 
 
 Profit/(loss) from operations                                    67                  (1,511)                  (3,519) 
 
 Finance income                                                    -                        - 
 Finance expense                                               (143)                    (138)                    (278) 
                                              ----------------------   ----------------------   ---------------------- 
 Loss before tax                                                (76)                  (1,649)                  (3,797) 
 
 Income tax (charge)/credit                                     (35)                        5                       11 
                                              ----------------------   ----------------------   ---------------------- 
 Loss for the period                                           (111)                  (1,644)                  (3,786) 
                                              ----------------------   ----------------------   ---------------------- 
 
 Attributable to: 
 Equity holders of the parent                                  (144)                  (1,598)                  (3,730) 
 Non-controlling interests                                        33                     (46)                     (56) 
                                              ----------------------   ----------------------   ---------------------- 
 Total comprehensive loss for the 
  period                                                       (111)                  (1,644)                  (3,786) 
                                                         ===========              ===========              =========== 
 Loss per share 
 Basic                                 6                  (EUR0.004)               (EUR0.069)               (EUR0.154) 
 Diluted                               6                  (EUR0.004)               (EUR0.067)               (EUR0.150) 
 
 

Unaudited Interim Condensed Consolidated Statement of Financial Position

 
                                           30 June 2019             30 June 2018             31 December 
                                            Unaudited                Unaudited                2018 
                                                                                              Audited 
                                    Note   EUR000                   EUR000                   EUR000 
 Non-current assets 
 Property, plant and equipment                                 88                      136                      104 
 Intangible assets                  7                       3,662                    4,320                    3,513 
 Government grant                                           1,096                    1,522                    1,149 
                                           ----------------------   ----------------------   ---------------------- 
                                                            4,846                    5,978                    4,766 
                                           ----------------------   ----------------------   ---------------------- 
 Current assets 
 Trade and other receivables        8                         280                    1,218                      600 
 Government grant                                             496                      168                      483 
 Cash and short-term deposits                                 252                      791                       95 
                                           ----------------------   ----------------------   ---------------------- 
                                                            1,028                    2,177                    1,178 
                                           ----------------------   ----------------------   ---------------------- 
 Total assets                                               5,874                    8,155                    5,944 
                                                      ===========              ===========              =========== 
 Current liabilities 
 Trade and other payables                                 (1,457)                  (1,146)                  (2,303) 
 Deferred revenue                                           (163)                    (392)                    (253) 
 Loans and borrowings               9                       (145)                    (379)                    (396) 
 Income taxes payable                                        (66)                    (389)                        - 
                                           ----------------------   ----------------------   ---------------------- 
                                                          (1,831)                  (2,306)                  (2,952) 
                                           ----------------------   ----------------------   ---------------------- 
 Non-current liabilities 
 Deferred revenue                                           (359)                    (744)                        - 
 Loans and borrowings               9                     (1,403)                  (1,423)                  (1,392) 
 Deferred tax liabilities                                    (22)                     (37)                     (30) 
                                           ----------------------   ----------------------   ---------------------- 
                                                          (1,784)                  (2,204)                  (1,422) 
                                           ----------------------   ----------------------   ---------------------- 
 Total liabilities                                        (3,615)                  (4,510)                  (4,374) 
                                                      ===========              ===========              =========== 
 Net assets                                                 2,259                    3,645                    1,570 
                                                      ===========              ===========              =========== 
 Capital and reserves 
 Called up share capital            10                        817                      601                      635 
 Share premium                      10                     13,064                   12,329                   12,446 
 Merger reserve                                             1,641                    1,641                    1,641 
 Convertible bond option reserve                              164                      164                      164 
 Share based payment reserve                                  153                      237                      153 
 Retained earnings                                       (13,422)                 (11,146)                 (13,278) 
                                           ----------------------   ----------------------   ---------------------- 
 Attributable to equity holders 
  of the parent                                             2,417                    3,826                    1,761 
 Non-controlling interests                                  (158)                    (181)                    (191) 
                                           ----------------------   ----------------------   ---------------------- 
 Total equity                                               2,259                    3,645                    1,570 
                                                      ===========              ===========              =========== 
 

Unaudited Interim Condensed Consolidated Statement of Changes in Equity

 
                                                                                                             Convertible 
                                                                                       Shares                 bond                  Share 
                                        Share                                          to be                  option                 based 
                 Share                   premium               Merger                  issued                 reserve                payment               Retained                                      Non-controlling 
                  capital                account                reserve                reserve                                       reserve                earnings              Total                   interests             Total 
                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000                 EUR000 
 
 As at 1 
  January 
  2019                            635                 12,446                  1,641                      -                    164                    153               (13,278)                  1,761                  (191)                  1,570 
 Loss for the 
  period                            -                      -                      -                      -                      -                                         (144)                  (144)                     33                  (111) 
 Shares issued                    182                    618                      -                      -                      -                      -                                           800                      -                    800 
 Share based                        -                      -                      -                      -                      -                      -                      -                      -                      -                      - 
 payments 
                 --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   -------------------- 
 As at 30 June 
  2019                            817                 13,064                  1,641                      -                    164                    153               (13,422)                  2,417                  (158)                  2,259 
 (unaudited)               ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========   ========== 
 
 As at 1 
  January 
  2018                            287                 11,370                  1,641                     37                    164                    210                (9,548)                  4,161                  (135)   4,026 
 Loss for the 
  period                            -                      -                      -                      -                      -                      -                (1,598)                (1,598)                   (46)   (1,644) 
 Shares issued                    314                    959                      -                   (37)                      -                      -                      -                  1,236                      -   1,236 
 Share based 
  payments                          -                      -                      -                      -                      -                     27                      -                     27                      -   27 
                 --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   ------------------- 
 As at 30 June 
  2018                            601                 12,329                  1,614                      -                    164                    237               (11,146)                  3,826                  (181)   3,645 
 (unaudited)               ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========   ========== 
 
 As at 1 
  January 
  2018                            287                 11,370                  1,641                     37                    164                    210                (9,548)                  4,161                  (135)   4,026 
 Loss for the 
  year                              -                      -                      -                      -                      -                      -                (3,730)                (3,730)                   (56)   (3,786) 
 Shares issued                    348                  1,076                      -                      -                      -                      -                      -                  1,424                      -   1,424 
 Shares to be 
  issued                            -                      -                      -                   (37)                      -                      -                      -                   (37)                      -   (37) 
 Share based 
  payments                          -                      -                      -                      -                      -                   (57)                      -                   (57)                      -   (57) 
                 --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   --------------------   ------------------- 
 As at 31 
  December2018                    635                 12,446                  1,641                      -                    164                    153               (13,278)                  1,761                  (191)   1,570 
 (audited)                 ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========             ==========   ========== 
 

Unaudited Interim Condensed Consolidated Cash Flow Statement

 
                                        6 months ended           6 months ended           Year ended 
                                         30 June 2019             30 June 2018             31 December 
                                         Unaudited                Unaudited                2018 
                                                                                           Audited 
                                        EUR000                   EUR000                   EUR000 
 Cash flows from operating activities 
 Loss for the period after taxation                      (111)                  (1,644)                  (3,786) 
 Income tax (credit)/expense                                35                      (5)                     (11) 
                                        ----------------------   ----------------------   ---------------------- 
 Loss before tax                                          (76)                  (1,649)                  (3,797) 
 
 Net interest expense                                      143                      138                      278 
 Depreciation of property, plant 
  and equipment                                             16                        -                       43 
 Amortisation of intangible assets                         521                      590                    1,881 
 Impairment of trade receivables                            24                        -                    1,349 
 Share based payments 
  expense/(credit)                                           -                       27                     (94) 
                                        ----------------------   ----------------------   ---------------------- 
 Operating cash flows before 
  movements 
  in working capital                                       628                    (894)                    (340) 
                                        ----------------------   ----------------------   ---------------------- 
 Decrease)/(increase) in trade 
  receivables                                              296                      284                    (706) 
 Increase/(decrease) in trade and 
  other payables                                         (780)                       75                    1,452 
 (Decrease)/increase in deferred 
  revenue                                                  269                    (457)                  (1,255) 
                                        ----------------------   ----------------------   ---------------------- 
                                                         (215)                     (98)                    (509) 
                                        ----------------------   ----------------------   ---------------------- 
 Interest paid                                            (71)                     (84)                    (278) 
 Tax paid                                                  (3)                      (6)                    (243) 
                                        ----------------------   ----------------------   ---------------------- 
 Net cash flow from operating 
  activities                                               339                  (1,082)                  (1,370) 
                                        ----------------------   ----------------------   ---------------------- 
 Investing activities 
 Purchase of property, plant and 
  equipment                                                  -                      (1)                     (12) 
 Development costs - internally 
  developed                                              (670)                      (6)                    (490) 
                                        ----------------------   ----------------------   ---------------------- 
 Net cash used in investing 
  activities                                             (670)                      (7)                    (502) 
                                        ----------------------   ----------------------   ---------------------- 
 Financing activities 
 Net proceeds from issue of share 
  capital                                                  800                    1,377                    1,424 
 Proceeds from borrowings                                    -                        -                       72 
 Repayment of borrowings                                 (312)                    (426)                    (458) 
                                        ----------------------   ----------------------   ---------------------- 
 Net cash from financing activities                        488                      951                    1,038 
                                        ----------------------   ----------------------   ---------------------- 
 Net increase/(decrease) in cash 
  and cash equivalents                                     157                    (138)                    (834) 
 Cash and cash equivalents at 
  beginning 
  of period                                                 95                      929                      929 
                                        ----------------------   ----------------------   ---------------------- 
 Cash and net cash equivalents 
  at end of period                                         252                      791                       95 
                                                   ===========              ===========              =========== 
 
 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

   1.      General information 

Defenx PLC is a public limited company incorporated in England and Wales, registration number 08993398, which is quoted on AIM. Its principal activity is the design and sale of software solutions for the mobile, PC and network that provide privacy and security for an online world. Management and control is exercised from the UK and its main countries of operation are Italy and Switzerland.

   2.      Basis of preparation 

The unaudited interim condensed consolidated financial statements for the six months ended 30 June 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting and do not constitute statutory financial statements. They do not include all the information and disclosures required for a complete set of IFRS financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2018. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements.

These unaudited interim financial statements were authorised for issue by Defenx's Board on 30 September 2019.

   3.      Going Concern 

As set out in the 2018 Accounts, the Group continues to be reliant on the financial support of BV Tech. In addition to the EUR1.0 million received pursuant to the right-to-sell, of the eight quarterly minimum payments of EUR150k pursuant to the minimum purchase for 2019 and 2020, three have been paid on time and the Company has also received advance payment on a further three, leaving EUR300k of the of the EUR1.2 million still to be received.

This demonstration of continuing financial support enables the Board to continue to view the Group as a going concern, whilst the Group seeks to builds its sales back to and beyond cash breakeven.

   4.      Accounting policies 

There have been no changes to the accounting policies and methods of computation in these financial statements compared with those of the previous full year.

IFRS 16, Lease accounting, has been adopted in these accounts. No material impact arises when contrasted to the previous basis of accounting for leases.

The two sales agreements signed with BV Tech in April 2019, and that comprise the majority of revenue for the period, provide products on the same operating model is sales to third parties. Accordingly, the same revenue recognition policy has been applied to those sales.

   5.      Loss from operations 
 
                                         6 months ended   6 months ended   Year ended 
                                          30 June 2019     30 June 2018     31 December 
                                          Unaudited        Unaudited        2018 
                                                                            Audited 
 The operating loss is stated 
  after charging:                        EUR000           EUR000           EUR000 
 
 Cost of sales 
 Amortisation of intangible assets                  521              590          1,881 
                                            ===========      ===========    =========== 
 
 Other operating income 
 Research & development tax credit 
  income                                           (40)            (101)          (838) 
 
 Sales, marketing and administrative 
  expenses 
 Impairment of trade receivables                     24                -          1,349 
 Depreciation of property, plant 
  and equipment                                      16                -             43 
 Staff costs                                        342              679            677 
 Share based payment expense                          -               27           (57) 
 Lease payments - land and buildings                 26               49            103 
 Lease payments - plant and machinery                 6                -             10 
 AIM-related expenses                               102              100            289 
                                            ===========      ===========    =========== 
 
 
   6.      Loss per share (EPS) 

Basic EPS amounts are calculated by dividing the profit for the period attributable to ordinary equity holders of Defenx by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS amounts are calculated by dividing the profit attributable to ordinary equity holders of Defenx by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive deferred shares, the exercise of options and crystallisation of the contingent share consideration.

The following reflects the income and share data used in the basic and diluted EPS computations:

 
                                        6 months ended           6 months ended           Year ended 
                                         30 June 2019             30 June 2018             31 December 
                                         Unaudited                Unaudited                2018 
                                                                                           Audited 
                                        EUR000                   EUR000                   EUR000 
 Loss attributable to ordinary 
  equity holders of Defenx PLC 
  for basic and adjusted EPS                             (144)                  (1,598)                  (3,730) 
                                                   ===========              ===========              =========== 
 
 Weighted average number of Ordinary 
  Shares for basic EPS (thousand)                       36,956                   22,905                   23,812 
 Effect of: 
 - dilution from convertible 
  bond                                                     625                      625                      625 
                                        ----------------------   ----------------------   ---------------------- 
 Weighted average number of Ordinary 
  Shares for                                            37,581                   23,530                   24,437 
 diluted EPS (thousands)                           ===========              ===========              =========== 
 
   7.      Intangible Assets 
 
                     Goodwill                 Development              Customer                 Total 
                                               costs                    relationships 
                     EUR000                   EUR000                   EUR000                   EUR000 
 Cost 
 At 1 January 2019                    1,139                   13,125                      354                   14,618 
 Additions - 
  internally 
  developed                               -                      670                        -                      670 
 Additions -                              -                                                 -                        - 
 purchased 
                     ----------------------   ----------------------   ----------------------   ---------------------- 
 At 30 June 2019                      1,139                   13,795                      354                   15,288 
                                ===========              ===========              ===========              =========== 
 Accumulated 
 amortisation 
 At 1 January 2019                    1,139                    9,612                      354                   11,105 
 Amortisation 
  charge                                  -                      521                        -                      521 
                      ---------------------   ----------------------   ----------------------   ---------------------- 
 At 30 June 2019 
  (unaudited)                         1,139                   10,133                      354                   11,626 
                                ===========              ===========              ===========              =========== 
 Net book value 
 At 30 June 2019 
  (unaudited)                             -                    3,662                        -                    3,662 
                                ===========              ===========              ===========              =========== 
 At 30 June 2018 
  (unaudited)                             -                    4,320                        -                    4,320 
                                ===========              ===========              ===========              =========== 
 At 31 December 
  2018 
  (audited)                               -                    3,513                        -                    3,513 
                                ===========              ===========              ===========              =========== 
 

The intangible assets booked represent qualifying expenditure on the development of software for resale less accumulated amortisation and impairment costs. The carrying value of these intangible assets is tested for impairment on a half yearly basis, or when there are indications that the value of the assets might be impaired.

The Directors have assessed development projects' individual net present value against forecasts of future sales of the related products, unit sales prices and costs over a five-year period. No sales beyond five years have been included in the calculations. The impairment tests are sensitive to changes in these forecasts and changes could result in impairment; however, the varying bases indicate a net present value in excess of the carrying value of the intangible assets at the balance sheet date.

   8.      Trade and other receivables 
 
                                   6 months ended           6 months ended           Year ended 
                                    30 June 2019             30 June 2018             31 December 
                                    Unaudited                Unaudited                2018 
                                                                                      Audited 
                                   EUR000                   EUR000                   EUR000 
 Gross trade receivables                            4,700                    4,682                    5,013 
 Offset deferred revenue                                -                    (454)                    (194) 
 Provision for impairment                         (4,590)                  (3,217)                  (4,566) 
                                   ----------------------   ----------------------   ---------------------- 
 Net trade receivables                                110                    1,011                      253 
 Other receivables                                    170                      207                      347 
                                   ----------------------   ----------------------   ---------------------- 
 Total receivables                                    280                    1,218                      600 
                                              ===========              ===========              =========== 
 Provisions for impairment 
 Opening balance                                  (4,566)                  (3,217)                  (3,217) 
 Net increase during the period                      (24)                        -                  (1,349) 
                                   ----------------------   ----------------------   ---------------------- 
 Closing balance                                  (4,590)                  (3,217)                  (4,566) 
                                              ===========              ===========              =========== 
 
 
 
 
   9.      Loans and borrowing 

The book and fair value of interest bearing loans and borrowings was:

 
                           Ultimate      6 months ended           6 months ended           Year ended 
                            maturity      30 June 2019             30 June 2018             31 December 
                                          Unaudited                Unaudited                2018 
                                                                                            Audited 
                                         EUR000                   EUR000                   EUR000 
 Current 
 Overdrafts                On demand                          -                        -                        - 
                           On demand                          -                        -                        - 
 Invoice discounting       Up to 120 
  facility                  days                              -                        -                      149 
 Supply chain facility     Up to 90                           -                        -                        - 
                            days 
 Bank loans - unsecured    30/06/2019                         -                      203                      102 
 Bank loans - unsecured    22/11/2021                       130                      123                      130 
 Vendor loans from 
  business combinations    31/07/2018                        15                       53                       15 
                                         ----------------------   ----------------------   ---------------------- 
                                                            145                      379                      396 
                                         ----------------------   ----------------------   ---------------------- 
 
 
 
   Non-current 
 Bank loans - unsecured       30/06/2019                         -                        -                        - 
 Bank loans - unsecured       22/11/2021                       177                      306                      238 
 Vendor loans from            31/07/2018                         -                        -                        - 
  business combinations 
 Convertible bonds            31/08/2020                     1,226                    1,117                    1,154 
                                            ----------------------   ----------------------   ---------------------- 
                                                             1,403                    1,423                    1,392 
                                            ----------------------   ----------------------   ---------------------- 
 Total loans and borrowing                                   1,548                    1,802                    1,788 
                                                       ===========              ===========              =========== 
 
 

Overdrafts and other short term facilities, excluding the supply chain facility, attract variable interest at between 3% and 6% per annum. The supply chain facility, denominated in Sterling, attracts a fixed rate of interest of 1.65% per month. The bank and vendor loans, both denominated in Euros, attract interest at 3% over 3-month EURIBOR and at 8% fixed per annum respectively.

The average effective interest rate for the period ended 30 June 2018 was 8.3% (30 June 2018: 7.5%).

At 30 June 2019, the Group had available EUR70,000 (30 June 2018: EUR270,000) of undrawn committed borrowing facilities.

   10.    Share capital 
 
                                   Number of                  Share capital              Share premium 
                                    shares 
                                   thousands                  EUR000                     EUR000 
 As at 1 January 2019                                29,810                        635                     12,446 
 Issue of new ordinary shares 
  - BV-Tech SpA                                       8,899                        182                        618 
                                   ------------------------   ------------------------   ------------------------ 
 As at 30 June 2019 (unaudited)                      38,709                        817                     13,064 
 
 As at 1 January 2018                                12,952                        287                     11,370 
 Issue of new ordinary shares 
  - BV-Tech SpA                                      11,777                        244                        840 
 Issue of new ordinary shares 
  - Open offer                                        3,186                         66                        227 
 Issue of new ordinary shares 
  - MBooster                                            243                          4                         51 
 Equity issue costs                                       -                          -                      (159) 
                                   ------------------------   ------------------------   ------------------------ 
 As at 30 June 2018 (unaudited)                      28,158                        601                     12,329 
                                               ============                ===========                =========== 
 
 

The ordinary shares of GBP0.018 carry the right to one vote per share at general meetings of the Company and the rights to share in any distribution of profits or returns of capital and to share in any residual assets available for distribution in the event of a winding up. The shares are denominated in Sterling.

   11.    Availability of the interims 

The Interim Report will shortly be available on the Company's website at www.investors.defenx.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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