Half Yearly Report and Accounts
Melbourne, Aug 26, 2016 AEST (ABN Newswire) - Emefcy Group Ltd (
ASX:EMC) are pleased to provide the Company's ASX Appendix 4D Half Year Report and Interim Financial Statements for the six months ended 30 June 2016.
Key achievements since 1 January 2016 included:
A. Commercialising MABR based technology
- First revenues received from commercial sales to customers.
- Early sales and establishment of reference sites for the Company's innovative wastewater treatment solutions using MABR based technology in:
-- Israel;
-- US Virgin Islands
-- Ethiopia
-- China
- Outperforming published goals for 2016
- Upgrading the Caesarea production facilities in Israel to enable second generation MABR and SUBRE modules to be manufactured
B. Developing and executing a strategy to enter the China market - following the Chinese Government's Five Year Plan to increase the number of rural communities with wastewater treatment from 10% to 70%
- Establishing goals for establishing operations and sales distribution infrastructure in China
- Appointing strategic China advisors
- Establishing a regional distribution agreement for Jiangsu Province
- Procuring a site for manufacturing Emefcy MABR based modules in China
- Engaging a leading precision equipment manufacturer to design and build the main high
volume, production line for Emefcy's China production plant.
C. Building capability
- Successfully completing a A$31.6M private placement to principally global investment funds
- Development of a detailed "Water as a Service" business model and significant progress towards its implementation
- The appointment of Robert Wale to the Board plus several key senior management appointments
Financial Statements
The accounts attached are in USD and conform to IFRS accounting standards.
With the Company now earning revenues, the following key accounting policies have been implemented:
1. Revenue recognition
In accordance with AASB 111, revenues are recognised on a percentage of cost completion basis.
2. Amortisation of Research and Development costs
In accordance with AASB 138, research and development costs are amortised over a fifteen year period. The revenue from ordinary activities for the six months ended 30 June 2016 was US$ 426,247 and the loss from ordinary activities after tax was US$ 2,654,160. The loss included non-cash items amounting to US$ 714,214.
The results are consistent with, and slightly better than, internal expectations for the six month period.
Following the successful private placement, which recently took place and the payment of the US$1M redeemable note, as at 15 August 2016, the Company had in excess of US$ 26,507,482 in cash reserves to implement growth strategies; particularly in China.
To view the full Report, please visit:
http://abnnewswire.net/lnk/8F90CS25
About Fluence Corporation Ltd
Fluence Corporation (ASX:FLC) (OTCMKTS:EMFGF) is a leader in the decentralized water, wastewater and reuse treatment markets, with its Smart Products Solutions, including Aspiral, NIROBOX, NIROFLEX and SUBRE. Fluence offers an integrated range of services across the complete water cycle, from early stage evaluation, through design and delivery to ongoing support and optimization of water related assets, as well as Build Own Operate Transfer (BOOT) and other recurring revenue solutions. With established operations in North America, South America, the Middle East, Europe and China, Fluence has experience operating in over 70 countries worldwide and enables businesses and communities worldwide to maximize their water resources.
Further information can be found at https://www.fluencecorp.com/
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