UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
March 31, 2017
Commission File Number 001-37974
VivoPower International PLC
(Translation of registrant’s name into English)
91 Wimpole Street
London W1G
+44 20 3714 8881
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
In compliance with NASDAQ Rule 5250(c)(2), VivoPower International PLC hereby publishes its Unaudited Condensed Financial Statements, including a Condensed Consolidated Statement of Financial Position as of September 30, 2016 and its Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Changes in Equity and Condensed Consolidated Cash Flow Statement for the six months ended September 30, 2016. It should be noted that the financial information set forth in this report is unaudited and subject to adjustment in connection with the audit of the Company’s financial statements for the year ending March 31, 2017. The financial information set forth herein has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
VIVOPOWER INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of March 31, 2016 and September 30, 2016
(Unaudited)
(U.S. dollars)
March 31, |
September 30, |
|||||||
2016 |
2016 |
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ASSETS |
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Non-Current Assets |
||||||||
Property, plant and equipment |
2,899 | 63,730 | ||||||
Asset under construction |
- | 7,185,488 | ||||||
Other receivable |
7,875,938 | - | ||||||
Investments |
- | 7,586,477 | ||||||
Total non-current assets |
7,878,837 | 14,835,695 | ||||||
Current Assets |
||||||||
Cash and cash equivalents |
28,038 | 916,170 | ||||||
Accrued income |
- | 2,425,500 | ||||||
Prepaid expenses |
- | 175,765 | ||||||
Total current assets |
28,038 | 3,517,435 | ||||||
Total Assets |
7,906,875 | 18,353,130 | ||||||
LIABILITIES |
||||||||
Current Liabilities |
||||||||
Trade and other payables |
177,977 | 780,150 | ||||||
Accrued expenses and other payables |
8,336 | 28,698 | ||||||
HP finance lease payables |
- | 6,984 | ||||||
Interest payable |
- | 404,526 | ||||||
Related party loan |
7,929,098 | 17,060,729 | ||||||
Total current liabilities |
8,115,411 | 18,281,087 | ||||||
Long term liabilities |
||||||||
HP finance lease payables |
- | 22,323 | ||||||
Total liabilities |
8,115,411 | 18,303,410 | ||||||
NET ASSETS |
(208,536 | ) | 49,720 | |||||
Equity and reserves |
||||||||
Share Capital |
72,125 | 68,627 | ||||||
Other reserves |
948 | |||||||
Retained earnings |
(280,661 | ) | (19,855 | ) | ||||
TOTAL EQUITY AND RESERVES |
(208,536 | ) | 49,720 |
VIVOPOWER INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended September 30, 2016
(Unaudited)
(U.S. dollars)
Six Months |
||||
ended |
||||
September 30, |
||||
2016 |
||||
Revenue |
2,425,500 | |||
Gross profit |
2,425,500 | |||
General and administrative expenses |
(2,093,507 | ) | ||
Operating Profit |
331,993 | |||
Interest expense |
(68,970 | ) | ||
Foreign exchange losses |
(2,217 | ) | ||
Profit before taxation |
260,806 | |||
Taxation |
- | |||
Profit after taxation |
260,806 | |||
Comprehensive Income |
||||
Change in cumulative translation adjustment |
948 | |||
Total comprehensive income |
261,754 |
VIVOPOWER INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(U.S. dollars)
Ordinary Shares |
Retained |
Cumulative |
||||||||||||||||||
Number |
Amount |
Earnings |
translation reserve |
Total |
||||||||||||||||
March 31, 2016 |
5,514,375 | $ | 72,125 | $ | (280,661 | ) | $ | - | $ | (208,536 | ) | |||||||||
Subscription paid |
204,504 | 2,454 | - | $ | 2,454 | |||||||||||||||
Redenomination of share capital in USD |
$ | (5,952 | ) | $ | (5,952 | ) | ||||||||||||||
Current earnings |
260,806 | 948 | $ | 261,754 | ||||||||||||||||
September 30, 2016 |
5,718,879 | $ | 68,627 | $ | (19,855 | ) | $ | 948 | $ | 49,720 |
VIVOPOWER INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(U.S. dollars)
Six Months ended |
||||
September 30, 2016 |
||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||
Operating profit |
$ | 261,754 | ||
Increase in prepaid expenses |
(175,765 | ) | ||
Increase in accrued income |
(2,425,500 | ) | ||
Increase in trade and other payables |
602,172 | |||
Increase in accrued expenses and other payables |
20,363 | |||
Increase in interest payable |
404,526 | |||
Net cash used in operating activities |
(1,312,450 | ) | ||
CASH FLOW FROM INVESTING ACTIVITIES |
||||
Project investment |
(6,896,026 | ) | ||
Purchase of fixed assets |
(31,524 | ) | ||
Net cash used by investing activities |
(6,927,550 | ) | ||
CASH FLOW FROM FINANCING ACTIVITIES |
||||
Proceeds from related party borrowings |
9,059,505 | |||
Capital contributions |
68,627 | |||
Net cash provided by financing activities |
9,128,132 | |||
Net increase in cash |
888,132 | |||
Cash at beginning of period |
28,038 | |||
Cash at end of period |
$ | 916,170 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 31, 2017 |
VivoPower International PLC | |||
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(Registrant) | |||
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By: |
/s/ Carl Weatherley-White | ||
Name: | Carl Weatherley-White | |||
Title: | Chief Financial Officer |
[SIGNATURE PAGE TO FORM 6-K]