t
| Date | 17 Feb 2023 |
| Time | 07:00:04 |
| Category | Results |
| ID | 2216Q |
Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
17 February 2023
EnSilica plc
("EnSilica", the "Company" or the "Group")
Unaudited Results for the Half Year Ended 30 November 2022
- Solid operational and financial performance propelled by significant market opportunity
- Strong order book and new business pipeline underpins confidence
EnSilica (AIM: ENSI), a leading mixed signal chipmaker, announces half year results for the six months ended 30 November 2022 ("H1 FY23").
Financial Highlights
· Revenue up 23.5% to £8.6 million (H1 FY22: £7.0 million)
· Adjusted operating profit up to £0.15 million (H1 FY22: £0.17 million loss)
· Gross margin 42.5% (H1 FY22: 26.7%)
· Adjusted EBITDA up significantly to £0.66 million (H1 FY22: loss of £0.08 million)
· Cash and cash equivalents at 30 November of £1.4 million (31 May 2022: £5.7 million)
· Loans reduced by 8% to £4.6 million (31 May 2022: £5.0 million)
· Further investment in Development Costs of £1.7 million (H1 FY22: £0.56 million)
Operational Highlights
· Ongoing momentum throughout the period, including:
o Successfully bringing a mixed signal automotive ASIC to commercial production following the launch of a new flagship vehicle by a premium automotive company
o Winning a significant industrial ASIC supply project worth in excess of US$30 million over seven years
· Investment in sales and marketing activities, including appointment of Vice President of Worldwide Sales, alongside working with new sales partners in Europe and USA
Post Period-end Events
· Secured two new contracts with existing European customers, including a major automotive Tier 1 company, for a combined total of US$3.6 million. Both contracts commenced in January 2023
· Named the UK Electronics Company of the Year at the prestigious TechWorks Awards
· €5 million contract for the development of a satellite user terminal broadband chip
· Cash at bank of £2.2 million at 31st January 2023
Outlook
· EnSilica has made a solid start to the current financial year, buoyed by existing contracts that underpin FY 2023 market expectations
· Looking ahead, the Company remains well placed to continue to capitalise on the significant growth opportunity within the semiconductor industry, supported by a sizable order book and new business pipeline
Ian Lankshear, CEO of EnSilica, commented:
"Today's results are further evidence of our strong operational capabilities and sound strategic vision, which together have laid the ground for a series of sizable new business wins, including our recently announced €5 million satellite user terminal chip contract.
The EnSilica team, which remains the bedrock of our business, works tirelessly to deliver best-in-class products and services to our global customer base, and our recent success at the TechWorks Awards is a true testament to this.
Looking forwards to FY 2023 and 2024, we expect to continue the solid performance delivered so far, spurred on by further contract momentum and a healthy pipeline of new business opportunities. Whilst we remain mindful of the ongoing turbulence of the broader macro climate, the sustained demand for chips across our key growth markets underscores our confidence in our medium-term business prospects."
For further information please contact:
|
EnSilica plc Ian Lankshear, Chief Executive Officer Matthew Wethey, Chief Financial Officer
|
Via Vigo Consulting +44 (0)20 7390 0233 |
|
Allenby Capital Limited, Nominated Adviser & Broker Jeremy Porter / Vivek Bhardwaj (Corporate Finance) Joscelin Pinnington / Tony Quirke (Sales & Corporate Broking)
|
Tel: +44 (0)20 3328 5656
|
|
Vigo Consulting (Investor & Financial Public Relations) Jeremy Garcia / Kate Kilgallen ensilica@vigoconsulting.com |
+44 (0)20 7390 0233 |
About EnSilica plc
EnSilica is a leading fabless design house focused on custom ASIC design and supply for OEMs and system houses, as well as IC design services for companies with their own design teams. The company has world-class expertise in supplying custom RF, mmWave, mixed signal, and digital ASICs to its international customers in the automotive, industrial, healthcare, and communications markets.
The company also offers a broad portfolio of core IP covering cryptography, radar, and communications systems. EnSilica has a track record in delivering high quality solutions to demanding industry standards. Its impressive record of success has been achieved working with customers ranging from start-ups to blue-chip companies and EnSilica's project portfolio ranges from module design to multimillion gate System-on-Chip.
The company is headquartered near Oxford UK with design centres across the UK, in Bangalore, India and in Porto Alegre, Brazil.
Operational Review
We are pleased to report that the excellent momentum generated in the prior year has continued across H1 FY23, with customer demand for our services remaining strong.
Pleasingly, the Group generated £8.6 million (H1 FY22: £7.0 million) in revenue, an increase of 23.5% on H1 FY22, and £0.66 million in Adjusted EBITDA versus a loss of £0.1 million in H1 FY22. This solid performance is a clear demonstration of the business's significant progress since IPO.
Although chip supply chain shortages have eased over the last six months, the security of semiconductor supply remains a primary concern for all major OEMs and governments alike. As such, the Company is positioning itself as a key partner in fledgling European semiconductor alliances and supply chain initiatives.
To this end, management remains keenly focused on the core growth initiatives outlined at the time of the Company's IPO, namely:
· leveraging EnSilica's strong positions within automotive, industrial, healthcare and satellite connectivity applications for mixed signal ASICs;
· scaling the Company's successful Fabless ASIC Model to fully exploit revenue opportunities from design and supply engagements;
· attracting high-quality talent globally to further leverage our market leading position;
· developing catalogue parts, with two significant standard platforms already at the device evaluation stage; and
· expanding EnSilica's offering through consolidation and vertical integration.
The Group delivered strong design win bookings across the automotive, industrial, and satellite communication sectors in H1 FY23, including a US$30 million contract for a major European industrial OEM announced in July 2022. This contract is progressing according to schedule, with production and supply anticipated to commence in the second half of calendar year 2024.
Talent acquisition remains a key long-term objective and to help meet our headcount targets, we have increasingly been focusing on graduate recruitment, both through the UK Electronics Skills Foundation ('UKESF'), and by establishing direct relationships with local universities. The new Bristol design centre has proved to be a good recruitment base with the team doubling headcount there in the last six months. Our efforts were further boosted by our recruitment of an ASIC implementation team comprising six engineers, as well as the purchase of related non-core IP assets from Blu Wireless Technologies Limited in June 2022.
Elsewhere, we have invested across our sales and marketing activities, recruiting a Vice President of Worldwide Sales, alongside working with new sales partners in Europe and the USA, relationships that have already generated high-value opportunities that are currently progressing through our sales pipeline.
Management believes the budding space economy represents significant future business opportunities for the Company. Custom chips will play an important role in this exciting new growth market, enabling microsatellites to advance highspeed satellite broadband to provide greater resilience and security. We remain extremely confident about the future growth prospects of the Space sector and believe EnSilica is well positioned to become a key supplier.
Post Period End & Outlook
The Company has made a strong start to H2 FY23, announcing design contracts totalling US$3.6 million in December 2022, and an additional US$2.9 million in wins since then. Our recently secured €5 million contract with UKSA brings our post period end bookings to c.US$10 million, further highlighting the wealth and quality of opportunities that exist for the Company.
The current sales pipeline of opportunities and potential contracts stands at c.£250 million following a review by management to focus on projects which meet our criteria and remains a strong endorsement of the quality of our business output and our growing reputation in the chip sector. This pipeline consists of several opportunities at different stages of tender, evaluation and pre-contract discussion.
We were delighted to see our industry expertise recognised in December 2022 at the TechWorks Awards, with EnSilica securing the TechNES Design award, Company of the Year award, and Young Engineer of the Year award, the latter of which went to our talented colleague Omotade Iluromi.
Irrespective of EnSilica's recent successes, management remains acutely mindful of the ongoing challenges associated with managing global supply chains, and the potential impact of current geopolitical instability on the wider silicon manufacturing industry. These broader headwinds are key strategic considerations in our future planning, which is why one of our priorities remains expanding our European footprint. Accordingly, management continues to monitor world developments closely, striving to build additional resilience into the business wherever possible.
Despite today's challenging macro environment, the Company continues to trade well and expects the results for the current financial year to be in line with market expectations.
Management believes EnSilica's sharp strategic focus and established market position in the high-growth automotive, industrial, healthcare, and satellite communications sectors, all of which demonstrate greater resilience in the face of declining consumer confidence, leave the business well positioned to continue the impressive growth trajectory seen to date.
16 February 2023
Chief Financial Officer's Review
Financial results summary:
|
|
30 Nov 2022 |
30 Nov 2021 |
31 May 2022 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Revenue |
8,592 |
6,957 |
15,293 |
|
Gross Profit |
3,655 |
1,856 |
5,047 |
|
Gross margin (%) |
42.5 |
26.7 |
33.0 |
|
Adjusted operating profit/(loss) excluding IPO costs |
149 |
(165) |
705 |
|
IPO costs |
- |
- |
(699) |
|
Adjusted profit/(loss) before tax |
(202) |
(465) |
165 |
|
Tax credit |
524 |
300 |
683 |
|
Adjusted profit/(loss) for the year |
322 |
(165) |
848 |
|
Adjusted EBITDA |
655 |
(79) |
1,036 |
|
|
|
|
|
|
Cash and Cash equivalents |
1,359 |
1,668 |
5,742 |
|
Liabilities arising from financing activities |
(4,687) |
(5,682) |
(5,159) |
|
Net Debt |
(3,328) |
(4,014) |
583 |
|
Intangible assets |
10,001 |
7,053 |
8,576 |
Revenue
EnSilica's revenue for the period was £8.6 million (H1 FY22: £7.0 million) which was 23.5% higher than in the same period last year, mainly due to increases in design and supply activities. Our non-recurring engineering (NRE) revenue from design and supply projects has increased by 39%. We have also achieved an increase of 119% in the supply of product, mainly due to the impact of our automotive chip going into production in March 2022. Revenue from our two largest customers amounted to £4.6 million with the largest, an NRE project, being £2.6 million or 30% of the revenue for the period, the other a consultancy project being £2.0 million (23%).
Gross Profit
Gross profit on EnSilica's revenues was £3.7 million (H1 FY22: £1.9 million) with a gross margin of 42.5% (H1 FY22: 26.7%). Gross margin was higher than in the prior period, driven broadly by undertaking higher margin projects and increasing utilisation of the increasing number of engineers. This impact started in the second half of the previous financial year (H2 FY21) after margins had been suppressed due to the Group undertaking lower margin work to maintain its workforce during the COVID 19 pandemic and experiencing lower utilisation rates.
Administrative expenses
Administrative expenses increased to £3.5 million (H1 FY22: £2.1 million). This change was driven mainly by additional overhead headcount costs to support the growth in the business, costs associated with being a public company and higher depreciation and amortisation charges. The amortisation charges are principally due to expenses reducing the value of the capitalised development cost now that production has commenced on the automotive chip.
Profit for the period
Operating profit at £0.149 million was £0.314 million higher than in the same period last year which was a loss of £0.165 million.
Once depreciation and amortisation of £0.5 million (H1 FY22: £0.1 million) has been added back, adjusted EBITDA at £0.655 million was £0.734 million higher than LBITDA of £0.079 million in the same period last year.
Statement of financial position
Total non-current assets have increased from £9.0 million at the end of May 2022 to £12.7 million on 30 November 2022, driven mainly by recognising additions of £2.2 million for right of use assets, due to leases for the new HQ and computer equipment, as well as development costs additions of £1.7 million, and other fixed asset additions less the current period's depreciation and amortisation charges.
Total current assets at £10.1 million have decreased by £0.7m since the year end mainly due to an increase in working capital and corporation tax recoverable offsetting a reduction in the cash balance. Inventories are £1 million higher as the Company purchased sufficient wafers to ensure it could deliver automotive chips in line with the production schedule whilst there was a shortage of such wafers. This situation is likely to partially reverse by the year end as wafer supply improves. Trade and other receivables increased by £2.1 million due to a combination of increased revenues and milestones for receipts which were not triggered until after the period end. We received the year end corporation tax recoverable balance of £1.7 million in December.
Total non-current liabilities of £6.1 million (31 May 2022: £4.4 million) increased by £1.7 million because of the £2.2 million lease liability due to the IFRS16 right of use assets. This is partially offset by repayments on borrowings.
Cash flow
The Group's cash position (including cash and cash equivalents) decreased from £5.7 million on 31 May 2022 to £1.4 million on 30 November 2022.
Cash used in operations during the period aggregated £1.4 million (H1 FY22: £0.5 million generated from operations) mainly due to an increase in working capital of £2.2 million (H1 FY22: £0.6 million decrease) being partially offset by adjusted profit of £0.8 million (H1 FY22: £0.1 million adjusted loss). £1.0 million of the working capital increase is as a result of the Company purchasing sufficient wafers to ensure it could deliver automotive chips in line with the production schedule whilst there was a shortage of such wafers. As has been previously mentioned this situation is likely to partially reverse by the year end as wafer supply improves.
The Group continues to invest in the business with £2.0 million (H1 FY22: £0.8 million) cash deployed in the period, including development costs of £1.7 million (H1 FY22: £0.6 million) in addition to purchases of property plant and equipment of £0.3 million (H1 FY22: £0.2 million).
EnSilica experienced cash outflows from financing activities in the period of £0.8 million (H1 FY22: £0.7 million) in relation to debt reduction and interest on borrowings. Long-term borrowings reduced by 11% to £3.7 million at 30 November 2022 (31 May 2022: £4.2 million).
Principal Risks and Uncertainties Report
EnSilica has considered the principal risks and uncertainties facing the Group for the first six months of the 2022/2023 financial year and does not consider them to have changed from those set out on pages 15 to 18 of the Annual Report and Consolidated Financial Statements for the year ended 31 May 2022, which is available on the Group's website.
16 February 2023
Interim Financial Statements
Condensed Interim Consolidated Statement of Comprehensive Income
Condensed Interim Consolidated Statement of Financial Position
Condensed Interim Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Notes to the Interim Condensed Consolidated Financial Statements
Interim Financial Statements
Condensed Interim Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2022
|
|
|
|
|
|
|
|||
|
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
|||
|
|
|
|
Unaudited |
Unaudited |
Audited |
|||
|
|
Note |
|
£'000 |
£'000 |
£'000 |
|||
|
Revenue |
2 |
|
8,592 |
6,957 |
15,293 |
|||
|
Cost of sales |
|
|
(4,937) |
(5,101) |
(10,246) |
|||
|
Gross profit |
|
|
3,655 |
1,856 |
5,047 |
|||
|
Other (expense)/operating income |
|
|
8 |
63 |
(14) |
|||
|
Administrative expenses excluding non-recurring items |
|
|
(3,514) |
(2,084) |
(4,328) |
|||
|
Impairment of intangible assets |
|
|
- |
- |
- |
|||
|
IPO costs |
|
|
- |
- |
(699) |
|||
|
Total administrative expenses |
|
|
(3,514) |
(2,084) |
(5,027) |
|||
|
Operating profit/(loss) |
|
|
149 |
(165) |
6 |
|||
|
|
|
|
|
|
|
|||
|
Interest income |
|
|
6 |
2 |
25 |
|||
|
Interest expense |
|
|
(357) |
(302) |
(565) |
|||
|
Loss before taxation
|
|
|
(202) |
(465) |
(534) |
|||
|
Taxation |
4 |
|
524 |
300 |
683 |
|||
|
|
|
|
|
|
|
|||
|
Profit/(loss) for the period |
|
|
322 |
(165) |
149 |
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
Other comprehensive income/(expense) for the period |
|
|
|
|
|
|||
|
Currency translation differences |
|
|
5 |
32 |
40 |
|||
|
|
|
|
|
|
|
|||
|
Total comprehensive income/(expense) for the period |
|
|
327 |
(133) |
189 |
|||
|
Profit/(loss) for the period/year attributable to: |
|
|
|
|
|
||||
|
Owners of the company |
|
|
322 |
(133) |
149 |
|
|||
|
Non-controlling interests |
|
|
- |
- |
- |
|
|||
|
|
|
|
322 |
(133) |
149 |
|
|||
|
|
|
|
|
|
|
|
|||
|
Other comprehensive income/(expense) for the period attributable to: |
|
|
|
|
|
|
|||
|
Owners of the company |
|
|
5 |
(32) |
40 |
|
|||
|
Non-controlling interests |
|
|
- |
- |
- |
|
|||
|
|
|
|
5 |
(32) |
40 |
|
|||
|
Total comprehensive income/(expense) for the period attributable to: |
|
|
|
|
|
|
|||
|
Owners of the company |
|
|
327 |
(165) |
189 |
|
|||
|
Non-controlling interests |
|
|
- |
- |
- |
|
|||
|
|
|
|
327 |
(165) |
189 |
|
|||
Interim Financial Statements
Earnings per Share Attributable to the Owners of the Parent During the Period (expressed in pence per share)
|
|
|
|
|
|
|
|
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
Note |
|
pence |
pence |
pence |
|
|
|
|
|
|
|
|
Basic earnings per share (pence) |
5 |
|
0.43 |
(0.47) |
0.20 |
|
Diluted earnings per share (pence) |
5 |
|
0.39 |
(0.47) |
0.20 |
|
|
|
|
|
|
|
|
Adjusted Basic earnings per share (pence) |
5 |
|
0.43 |
(0.47) |
1.13 |
|
Adjusted Diluted earnings per share (pence) |
5 |
|
0.39 |
(0.47) |
1.11 |
Interim Financial Statements
Condensed Interim Consolidated Statement of Financial Position
as at 30 November 2022
|
|
|
|
|
|
|
|
|
|
|
|
30 Nov 2022 Unaudited |
30 Nov 2021 Unaudited |
31 May 2022 Audited |
|
|
|
Note |
|
£'000 |
£'000 |
|
|
|
Assets |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Property, plant and equipment |
6 |
|
2,711 |
393 |
382 |
|
|
Intangible assets |
7 |
|
10,001 |
7,053 |
8,576 |
|
|
Total non-current assets |
|
|
12,712 |
7,446 |
8,958 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Inventories |
|
|
1,172 |
366 |
215 |
|
|
Trade and other receivables |
8 |
|
5,344 |
2,596 |
3,257 |
|
|
Corporation tax recoverable |
|
|
2,271 |
1,500 |
1,671 |
|
|
Cash and cash equivalents |
|
|
1,359 |
1,668 |
5,742 |
|
|
Total current assets |
|
|
10,146 |
6,130 |
10,885 |
|
|
Total assets |
|
|
22,858 |
13,576 |
19,843 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Borrowings |
9 |
|
(833) |
(803) |
(800) |
|
|
Lease liabilities |
|
|
(147) |
(101) |
(88) |
|
|
Trade and other payables |
10 |
|
(3,186) |
(3,690) |
(2,391) |
|
|
Corporation tax payable |
|
|
- |
(95) |
- |
|
|
Total current liabilities |
|
|
(4,166) |
(4,689) |
(3,279) |
|
|
|
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
|
|
Borrowings |
9 |
|
(3,726) |
(4,635) |
(4,166) |
|
|
Lease liabilities |
|
|
(2,182) |
(143) |
(105) |
|
|
Provisions |
|
|
(206) |
(91) |
(140) |
|
|
Deferred tax |
|
|
- |
(1,290) |
- |
|
|
Total non current liabilities |
|
|
(6,114) |
(6,159) |
(4,411) |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
(10,280) |
(10,848) |
(7,690) |
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
12,578 |
2,728 |
12,153 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Issued share capital |
11 |
|
134 |
2 |
134 |
|
|
Share premium account |
|
|
6,900 |
- |
6,900 |
|
|
Currency differences reserve |
|
|
6 |
(7) |
1 |
|
|
Retained earnings |
|
|
5,538 |
2,733 |
5,118 |
|
|
Equity attributable to owners of the Company |
|
|
12,578 |
2,728
|
12,153 |
|
|
Non-controlling interests |
|
|
- |
- |
- |
|
|
Total equity |
|
|
12,578 |
2,728 |
12,153 |
|
The notes are an integral part of these condensed interim financial statements.
Ian Lankshear Matthew Wethey
Chief Executive Officer Chief Financial Officer
Company registration number: 04220106
Interim Financial Statements
Condensed Interim Consolidated Statement of Changes in Equity
|
|
Share capital |
Share premium account |
Currency translation reserve |
Retained earnings |
Attributable to owners of the parent |
Non-controlling interests |
Total equity |
|||||||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|||||||||
|
At 31 May 2021 |
2 |
- |
(39) |
2,875 |
2,838 |
- |
2,838 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Comprehensive income/(expense) for the six months to 30 November 2021 |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Loss for the period |
- |
- |
- |
(165) |
(165) |
- |
(165) |
|||||||||
|
Other comprehensive income |
- |
- |
32 |
- |
32 |
- |
32 |
|||||||||
|
Total comprehensive income for the period |
- |
- |
32 |
(165) |
(133) |
- |
(133) |
|||||||||
|
Share based payment |
- |
- |
- |
23 |
23 |
- |
23 |
|||||||||
|
At 30 November 2021 |
2 |
- |
(7) |
2,733 |
2,728 |
- |
2,728 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Comprehensive expense for the six months to 31 May 2022 |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Profit for the period |
- |
- |
- |
314 |
314 |
- |
314 |
|||||||||
|
Other comprehensive expense |
- |
- |
8 |
- |
8 |
- |
8 |
|||||||||
|
Total comprehensive expense for the period |
- |
- |
8 |
314 |
322 |
- |
322 |
|||||||||
|
Share based payment |
- |
- |
- |
97 |
97 |
- |
97 |
|||||||||
|
Deferred tax in respect of share options |
- |
- |
- |
1,713 |
1,713 |
- |
1,713 |
|||||||||
|
Corporation tax in respect of share options |
- |
- |
- |
378 |
378 |
- |
378 |
|||||||||
|
Issue of share capital |
132 |
7,407 |
- |
- |
7,539 |
- |
7,539 |
|||||||||
|
Costs of share issue |
- |
(507) |
- |
- |
(507) |
- |
(507) |
|||||||||
|
Bonus share issue
|
-
|
- |
-
|
(117)
|
(117)
|
-
|
(117)
|
|||||||||
|
At 31 May 2022
|
134
|
6,900 |
1
|
5,118
|
12,153
|
-
|
12,153
|
|
Comprehensive income for the six months to 30 November 2022 |
|
|
|
|
|
|
|
||||||
|
Profit for the period |
- |
- |
- |
322 |
322 |
- |
322 |
||||||
|
Other comprehensive expense |
- |
- |
5 |
- |
5 |
- |
5 |
||||||
|
Total comprehensive income for the period |
- |
- |
5 |
322 |
327 |
- |
327 |
||||||
|
Share based payment |
- |
- |
- |
98 |
98 |
- |
98 |
||||||
|
At 30 November 2022
|
134
|
6,900 |
6
|
5,538
|
12,578
|
-
|
12,578
|
||||||
Interim Financial Statements
Interim Condensed Consolidated Statement of Cash Flows
for the six months ended 30 November 2022
|
|
|
|
|
|
|
|
|
Note |
|
Six months ended 30 Nov 2022
Unaudited |
Six months ended 30 Nov 2021
Unaudited |
Twelve months ended 31 May 2022
Audited |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Cash (used)/generated from operations |
A |
|
(1,415) |
450 |
(1,915) |
|
Tax (paid)/received |
|
|
(76) |
1,214 |
3,306 |
|
Net cash (used in)/generated from operating activities |
|
|
(1,491) |
1,664 |
1,391 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(336) |
(205)
|
(276) |
|
Additions to intangible assets |
|
|
(1,731) |
(557) |
(2,241) |
|
Interest received |
|
|
6 |
2 |
25 |
|
Net cash used in investing activities |
|
|
(2,061) |
(760) |
(2,492) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from issuance of ordinary shares |
|
|
- |
-
|
6,915 |
|
Interest paid |
|
|
(357) |
(239) |
(565) |
|
Lease liability payments |
|
|
(60) |
(52) |
(103) |
|
Receipt of bank loans |
|
|
- |
- |
- |
|
Repayment of bank loans |
|
|
(413) |
(361) |
(768) |
|
Commitment fees |
|
|
- |
- |
(80) |
|
Net cash generated from/(used in) financing activities |
|
|
(830) |
(652) |
5,399 |
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
|
(4,383) |
252 |
4,298 |
|
Cash and cash equivalents at beginning of year |
|
|
5,742 |
1,404
|
1,404 |
|
Foreign exchange gains/(losses) |
|
|
- |
12 |
40 |
|
Cash and cash equivalents at end of year |
B |
|
1,359 |
1,668 |
5,742 |
Interim Financial Statements
Notes to the Condensed Interim Consolidated Cash Flow Statement
for the six months ended 30 November 2022
A. Cash generated from operations
The reconciliation of profit/(loss) for the year to cash generated from operations is set out below:
|
|
|
|
|
|
||||
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
||||
|
|
|
£'000 |
£'000 |
£'000 |
||||
|
Profit/(loss) for the period |
|
322 |
(165) |
149 |
||||
|
Adjustments for: |
|
|
|
|
||||
|
Depreciation |
|
199 |
76 |
182 |
||||
|
Amortisation of intangible assets |
|
307 |
10 |
170 |
||||
|
Other amortisation |
|
7 |
- |
- |
||||
|
Impairment of intangible assets |
|
- |
- |
- |
||||
|
Share based payments |
|
98 |
23 |
120 |
||||
|
Grant income not cash received |
|
- |
(63) |
- |
||||
|
Net interest costs |
|
351 |
300 |
540 |
||||
|
Tax credit |
|
(524) |
(300) |
(683) |
||||
|
|
|
760 |
(119) |
478 |
||||
|
Working capital movements |
|
|
|
|
||||
|
Increase in inventories |
|
(957) |
(336) |
(185) |
||||
|
(Increase)/decrease in trade and other receivables
|
|
(2,088) |
374
|
(304) |
||||
|
Increase/(decrease) in trade and other payables |
|
804 |
589 |
(721) |
||||
|
Increase/(decrease) in provisions |
|
66 |
(58) |
(1,183) |
||||
|
Cash (used in) /generated from operations |
|
(1,415) |
450 |
(1,915) |
||||
B. Analysis of net debt
|
|
At 1 June 2021 |
Cash flow |
Non-cash changes |
At 30 Nov 2021 |
|
||||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
||||||
|
Loans |
(5,799) |
361 |
- |
(5,438) |
|
||||||
|
Lease liabilities |
(296) |
55 |
(3) |
(244) |
|
||||||
|
Liabilities arising from financing activities |
(6,095) |
416 |
(3) |
(5,682) |
|
||||||
|
Cash and cash equivalents |
1,404 |
264 |
- |
1,668 |
|
||||||
|
Net debt |
(4,691) |
680 |
(3) |
(4,014) |
|
||||||
|
|
|
|
|
|
|||||||
|
|
At 1 December 2021 |
Cash flow |
Non-cash changes |
At 31 May 2022 |
|||||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|||||||
|
Loans |
(5,438) |
407 |
65 |
(4,966) |
|||||||
|
Lease liabilities |
(244) |
(5) |
56 |
(193) |
|||||||
|
Liabilities arising from financing activities |
(5,682) |
402 |
121 |
(5,159) |
|||||||
|
Cash and cash equivalents |
1,688 |
4,034 |
40 |
5,742 |
|||||||
|
Net debt |
(4,014) |
4,436 |
161 |
583 |
|||||||
|
|
|
|
|
|
|||||||
|
|
At 1 June 2022 |
Cash flow |
Non-cash changes |
At 30 Nov 2022 |
||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
||||
|
Loans |
(4,966) |
413 |
- |
(4,553) |
||||
|
Lease liabilities |
(193) |
49 |
10 |
(134) |
||||
|
Liabilities arising from financing activities |
(5,159) |
462 |
10 |
(4,687) |
||||
|
Cash and cash equivalents |
5,742 |
4,383 |
- |
1,359 |
||||
|
Net debt |
583 |
3,921 |
10 |
(3,328) |
||||
|
|
|
|
|
|
||||
Interim Financial Statements
Notes to the Condensed Interim Consolidated Financial Statements
For the Period ended 30 November 2022
1. General information
Ensilica plc is a public limited company incorporated in the United Kingdom, quoted on the AIM Market of the London Stock Exchange. The Company is domiciled in the United Kingdom and its registered office is 100 Park Drive, Milton Park, Abingdon, OX14 4RY.
The condensed consolidated interim financial statements were approved for issue on 16 February 2023.
The condensed consolidated interim financial statements have not been audited or reviewed.
The condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 May 2022 were approved by the Board of Directors on 14 October 2022 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements comprise the Company and its subsidiaries (together referred to as the 'Group').
Basis of preparation
This condensed consolidated interim financial report for the period ended 30 November 2022 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report and Consolidated Financial Statements for the year ended 31 May 2022 and any public announcements made by EnSilica plc during the interim reporting period.
The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Reporting Standards (IAS) as issued by the International Accounting Standards Board (IASB) and the Companies Act 2006.
The financial information has been prepared under the historical cost convention unless otherwise specified within these accounting policies. The financial information and the notes to the financial information are presented in thousands of pounds sterling ('£'000'), the functional and presentation currency of the Group, except where otherwise indicated.
The principal accounting policies adopted in preparation of the financial information are set out below. The policies have been consistently applied to all periods presented, unless otherwise stated.
Judgements made by the Directors in the application of the accounting policies that have a significant effect on the financial information and estimates with significant risk of material adjustment in the next year are discussed below.
Going concern
In assessing the appropriateness of the going concern assumption, the Board has considered the availability of funding alongside the possible cash requirements of the Group and Company. After due consideration, the directors have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of this report.
Accounting policies
The accounting policies adopted are consistent with those of the previous financial year.
Use of estimates and assumptions
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual financial statements for the year ended 31 May 2022.
Financial instruments
The Group's financial instruments comprise cash and cash equivalents, receivables and payables arising directly from operations, and derivatives. The directors consider that the fair values of the Group's financial instruments do not differ significantly from their carrying values.
2. Analysis of revenue
The Board continues to define all the Group's trading as operating in the integrated circuit design market and considers all revenue to relate to the same, one operating segment. Revenue is defined as per the accounting policies.
Revenue in respect of the supply of products is recognised at a point in time. Design and related services including income for the use of IP are recognised over the period when services are provided.
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
|
|
|
£'000 |
£'000 |
£'000 |
|
Recognised at a point in time |
|
|
|
|
|
Supply of products |
|
1,235 |
563 |
1,769 |
|
Recognised over time |
|
|
|
|
|
NRE design services |
|
3,409 |
2,449 |
6,250 |
|
Consultancy design services |
|
3,700 |
3,908 |
7,073 |
|
Licensing related income |
|
248 |
37 |
201 |
|
|
|
7,357 |
6,394 |
13,524 |
|
|
|
8,592 |
6,957 |
15,293 |
|
By destination: |
|
|
|
|
|
UK |
|
970 |
1,721 |
2,808 |
|
Rest of Europe |
|
4,432 |
2,494 |
4,721 |
|
Rest of the World |
|
3,190 |
2,742 |
7,764 |
|
Total revenue |
|
8,592 |
6,957 |
15,293 |
The nature of the design services and projects is such that there will be significant customers as a proportion of revenue in any one reporting period but that these may be different customers from one period to the next. Revenue in respect of two customers amounted to £2.6m and £2.0m each representing 30% and 23% respectively of the revenue for the six months ended 30 November 2022 (30 November 2021: two different customers amounted to £4.1m being 35% and 24% of the reported revenue).
The group's non-current assets comprising investments, tangible and intangible fixed assets and the net assets by geographical location are:
|
|
|
30 Nov 2022 |
|
30 Nov 2021 |
|
31 May 2022 |
||||
|
|
|
|
Non-current assets |
Net assets |
Non-current assets |
Net assets |
Non-current assets |
Net assets |
||
|
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
||
|
|
|
|
|
|
|
|
|
|
||
|
United Kingdom |
|
|
12,570 |
11,244 |
7,320 |
1,989 |
8,804 |
11,301 |
||
|
India |
|
|
62 |
1,251 |
78 |
671 |
67 |
817 |
||
|
Brazil |
|
|
80 |
84 |
48 |
68 |
87 |
35 |
||
|
|
|
|
12,712 |
12,578 |
7,446 |
2,728 |
8,958 |
12,153 |
||
3. Alternative performance measures
These items are included in normal operating costs of the business but are significant cash and non-cash expenses that are separately disclosed because of their size, nature or incidence. It is the Group's view that excluding them from operating profit gives a better representation of the underlying performance of the business in the year.
The Group's primary results measure, which is considered by the directors of Ensilica plc to better represent the underlying and continuing performance of the Group, is Adjusted EBITDA as set out below. EBITDA is a commonly used measure in which earnings are stated before net finance income, amortisation and depreciation as a proxy for cash generated from trading.
|
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
||
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit/(loss) before interest |
|
|
149 |
(165) |
6 |
|
|
|
IPO costs |
|
|
- |
- |
699 |
|
|
|
Adjusted Operating profit/(loss) before interest |
|
|
149 |
(165) |
705 |
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of intangible fixed assets |
|
|
- |
- |
- |
|
|
|
Depreciation |
|
|
199 |
76 |
160 |
|
|
|
Amortisation of intangible assets |
|
|
307 |
10 |
171 |
|
|
|
Adjusted EBITDA |
|
|
655 |
(79) |
1,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
|
|
322 |
(165) |
149 |
|
|
|
IPO costs |
|
|
- |
- |
699 |
|
|
|
Adjusted Profit/(loss) for the period |
|
|
322 |
(165) |
848 |
|
|
|
|
|
|
|
|
|
|
|
IPO Costs
Attributable costs relating to the IPO performed during the previous year have been recognised within the consolidated statement of comprehensive income as an exceptional cost. These costs are excluded from the adjusted results of the Group since the costs are one-off in nature and will not repeat in future years.
4. Taxation on profit/(loss)
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
||
|
|
|
£'000 |
£'000 |
£'000 |
||
|
Current taxation |
|
|
|
|
||
|
UK corporation tax credit |
|
600 |
451 |
1,293 |
||
|
Foreign tax charge |
|
(76) |
(35) |
(71) |
||
|
|
|
524 |
416 |
1,222 |
||
|
Deferred taxation |
|
|
|
|
|
|
|
Origination and reversal of timing differences |
|
- |
(116)
|
(539) |
|
|
|
|
|
- |
(258) |
(539) |
|
|
|
Tax credit on profit/(loss) |
|
524 |
300 |
683 |
|
|
Factors affecting the tax credit for the year
The tax credit on the profit/(loss) for the year differs from applying the standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are reconciled below:
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
||
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
Loss before taxation |
|
(202) |
(465) |
(534) |
|
|
|
|
|
|
|
|
|
|
|
Corporation tax at standard rate |
|
(38) |
(88) |
(102) |
|
|
|
Factors affecting charge for the year: |
|
|
|
|
|
|
|
Disallowable expenses |
|
127 |
19 |
135 |
|
|
|
Research and development allowances |
|
(807) |
(382) |
(1,205) |
|
|
|
Reduced rate on surrender of R&D losses for tax credit |
|
115 |
140 |
360 |
|
|
|
Restricted tax losses |
|
79 |
- |
- |
|
|
|
Other timing differences |
|
- |
(24) |
- |
|
|
|
Differing tax rates |
|
- |
35 |
- |
|
|
|
Charge due to change in tax rate |
|
- |
- |
129 |
|
|
|
Tax credit on loss |
|
(524) |
(300) |
(683) |
|
|
The UK government announced on 23 September 2022 the intention to cancel the proposed increase in the corporation tax rate from 19% to 25% from April 2023, this intention was subsequently reversed. At 30 November 2022 the main rate of 25% remained enacted; the Company does not revalue deferred tax balances at the half year.
5. Earnings per share
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
|
Profit/(loss) used in calculating EPS (£'000) |
|
322 |
(165) |
149 |
|
Number of shares for basic EPS ('000s) |
|
75,232 |
35,286 |
75,232 |
|
Basic earnings per share (pence) |
|
0.43 |
(0.47) |
0.20 |
|
Number of shares for diluted EPS ('000s) |
|
82,767 |
35,286 |
76,106 |
|
Diluted earnings per share (pence) |
|
0.39 |
(0.47) |
0.20 |
Adjusted Earnings per share
|
|
|
Six months ended 30 Nov 2022 |
Six months ended 30 Nov 2021 |
Twelve months ended 31 May 2022 |
|
Adjusted Profit/(loss) used in calculating EPS (£'000) |
|
322 |
(165) |
848 |
|
Number of shares for basic EPS ('000s) |
|
75,232 |
35,286 |
75,232 |
|
Adjusted basic earnings per share (pence) |
|
0.43 |
(0.47) |
1.13 |
|
Number of shares for diluted EPS ('000s) |
|
82,767 |
35,286 |
76,106 |
|
Adjusted diluted earnings per share (pence) |
|
0.39 |
(0.47) |
1.11 |
There are 424,440 of exercisable share options over ordinary shares respectively which are potentially dilutive to profit.
As part of the Company's 2022 long term incentive plan, share options over 6,661,500 ordinary shares and warrants over 450,000 ordinary shares are potentially dilutive to profit.
The figures for 2021 have been restated to better reflect the conversion of ordinary shares that took place as part of the IPO process in 2022 and shows results as though the share conversion on IPO had taken place in 2021.
6. Property, plant and equipment
|
|
Right-of-use property |
Leasehold improvements |
Office equipment |
Right-of-use equipment |
Computer equipment |
Total |
|
|||||||||||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cost |
|
|
|
|
|
|
||||||||||||
|
At 1 June 2022 |
213 |
- |
198 |
174 |
455 |
|
1,040 |
|
||||||||||
|
Additions |
1,825 |
235 |
41 |
370 |
61 |
|
2,532 |
|
||||||||||
|
Cessation of lease/disposals |
- |
- |
- |
- |
- |
|
- |
|
||||||||||
|
Exchange adjustments |
- |
- |
(2) |
- |
(2) |
|
(4) |
|
||||||||||
|
At 30 November 2022 |
2,038 |
235 |
237 |
544 |
514 |
|
3,568 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Depreciation |
|
|
|
|
|
|
|
|
||||||||||
|
At 1 June 2022 |
(156) |
- |
(69) |
(125) |
(308) |
|
(658) |
|
||||||||||
|
Charge for the year |
(91) |
(9) |
(21) |
(29) |
(49) |
|
(199) |
|
||||||||||
|
Cessation of lease/disposals |
- |
- |
- |
- |
- |
|
- |
|
||||||||||
|
Exchange adjustments |
- |
- |
- |
- |
- |
|
- |
|
||||||||||
|
At 30 November 2022 |
(247) |
(9) |
(90) |
(154) |
(357) |
|
(857) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net book value |
|
|
|
|
|
|
|
|
||||||||||
|
At 30 November 2022 |
1,791 |
226 |
147 |
390 |
157 |
|
2,711 |
|
||||||||||
|
At 31 May 2022 |
57 |
- |
129 |
49 |
147 |
|
382 |
|
||||||||||
|
At 30 November 2021 |
5 |
- |
120 |
85 |
183 |
|
393 |
|
||||||||||
7. Intangible assets
|
|
|
|
|
Intellectual property
|
|
|||||
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|||||
|
Cost |
|
|
|
|
|
|||||
|
At 1 June 2022 |
|
11,384 |
123 |
- |
11,507 |
|||||
|
Additions |
|
1,692 |
- |
40 |
1,732 |
|||||
|
At 30 November 2022 |
|
13,076 |
123 |
40 |
13,239 |
|||||
|
|
|
|
|
|
|
|||||
|
Amortisation and impairment |
|
|
|
|
|
|||||
|
At 1 June 2022 |
|
(2,904) |
(27) |
- |
(2,931) |
|||||
|
Charge for the period |
|
(295) |
(12) |
- |
(307) |
|||||
|
Impairment in the period |
|
- |
- |
- |
- |
|||||
|
At 30 November 2022 |
|
(3,199) |
(39) |
- |
(3,238) |
|||||
|
|
|
|
|
|
|
|||||
|
Net book value |
|
|
|
|
|
|||||
|
At 30 November 2022 |
|
9,877 |
84 |
40 |
10,001 |
|||||
|
At 31 May 2022 |
|
8,480 |
96 |
- |
8,576 |
|||||
|
At 30 November 2021 |
|
6,944 |
109 |
- |
7,053 |
|||||
Capitalised development expenditure relates to developed intellectual property in respect of circuit and chip design.
The recoverable amount of a cash generating unit (CGU) is assessed using a value in use model across each individual project that forms the intellectual property that has been capitalised. The value in use for each portion is dependent on the envisaged life cycle of the CGU using a discount factor of 10% (2021:10%), being the cost of capital for the CGU.
8. Trade and other receivables
|
|
|
30 Nov 2022 |
30 Nov 2021 |
31 May 2022 |
|
Current |
|
£'000 |
£'000 |
£'000 |
|
Trade receivables |
|
1,661 |
1,608 |
1,541 |
|
Other receivables |
|
952 |
353 |
458 |
|
Prepayments |
|
562 |
189 |
248 |
|
Accrued income |
|
2,169 |
446 |
1,010 |
|
Total |
|
5,344 |
2,596 |
3,257 |
9. Borrowings
|
|
|
30 Nov 2022 |
30 Nov 2021 |
31 May 2022 |
|
Current |
|
£'000 |
£'000 |
£'000 |
|
Bank loans |
|
833 |
803 |
800 |
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
Bank loans |
|
3,726 |
4,635 |
4,166 |
|
|
|
|
|
|
|
Total |
|
4,559 |
5,438 |
4,966 |
A bank loan of £1,867,000 (2021: £2,258,000) is secured by fixed and floating charges over the assets of the group and bears interest at rates of 8% over SONIA or 10% if higher. It is repayable in monthly instalments over the period to August 2026.
A loan of £2,875,000 (2021: £3,301,000) is unsecured and bears interest at a fixed rate of 13%. It is being repaid by quarterly instalments over the period to October 2027.
The loan liabilities are stated net of unamortised loan issue costs as at 30 November 2022 of £189,000 (2021: £132,000) which are being amortised over the period to the loan repayment dates.
10. Trade and other payables
|
|
|
30 Nov 2022 |
30 Nov 2021 |
31 May 2022 |
|
Current |
|
£'000 |
£'000 |
£'000 |
|
Trade payables |
|
1,475 |
1,469 |
919 |
|
Taxation and social security |
|
519 |
238 |
227 |
|
Other payables |
|
120 |
12 |
75 |
|
Accruals |
|
939 |
913 |
1,156 |
|
Contract liabilities |
|
133 |
1,058 |
14 |
|
Total |
|
3,186 |
3,690 |
2,391 |
11. Share capital
|
|
|
|
|
|
|
Allotted, called up and fully paid |
|
30 Nov 2022 |
30 Nov 2021 |
31 May 2022 |
|
|
|
£'000 |
£'000 |
£'000 |
|
1,700,000 A ordinary shares of £0.001 each |
|
- |
2 |
- |
|
273,000 B ordinary shares of £0.001 each |
|
- |
- |
- |
|
75,231,809 ordinary shares of £0.001 each |
|
75 |
- |
75 |
|
59,190 (2021:Nil) Deferred shares of £1.00 each |
|
59 |
- |
59 |
|
|
|
134 |
2 |
134 |
|
|
12. Share based payment
The company does not report share based payment detailed analysis as part of its half year reporting.
An estimated provision totalling £98,000 (30 November 2021 £23,000) has been made for the period under review.
13. Post balance sheet events
Subsequent to the end of the period under review there have been no events that the company feels should be brought to the shareholders' attention.
14. Related party transactions
During the period under review, the company undertook transactions with the following related parties:
|
|
|
Six months to 30 Nov 2022 |
|
Six months to 30 Nov 2021 |
|
Twelve months to 31 May 2022 |
|
|
|
|
Name |
Services |
Transactions during the period |
Balance Owing/ (owed) at 30 Nov 2022 |
Transactions during the period |
Balance Owing/ (owed) at 30 Nov 2021 |
Transactions during the year |
Balance Owing/ (owed) at 31 May 2022 £'000 |
|
|
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Ensilica India Private Limited |
Semiconductor design services |
724 |
770 |
546 |
198 |
1,428 |
Nil |
|
|
|
EnSilica Do Brasil Sociedade Unipessoal Limitada |
Semiconductor design services |
535 |
Nil |
228 |
Nil |
614 |
Nil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Executive Directors services prior to Company appointment: |
|
|
|
|
|
|
|
|
|
|
Hexameter Services Limited |
Consultancy services - D Tilston |
Nil |
Nil |
Nil |
Nil |
14 |
Nil |
|
|
|
Janet Collyer |
Consultancy services |
Nil |
Nil |
Nil |
Nil |
14 |
Nil |
|
Statement of Directors' responsibilities
The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required, namely:
· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report. The directors of EnSilica plc are listed on pages 24 to 27 of the annual report.
The directors are responsible for the maintenance and integrity of the Group's website www.ensilica.com. Legislation in the UK governing the preparation and dissemination of interim financial statements may differ from legislation in other jurisdictions.
On behalf of the Board
Ian Lankshear Matthew Wethey
Chief Executive Officer, Chief Financial Officer
EnSilica plc EnSilica plc
16 February 2023