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ComOps Releases Appendix 4C Cash Flow Report

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ComOps releases Appendix 4C Cash Flow Report for the Period Ended 31 December 2016 (Q4 2016)

 

Sydney, 16 January 2017 ‐ ComOps Limited (“ComOps”) is pleased to release its Appendix 4C Quarterly Cash Flow Report for Q4 of the 2016 Financial Year as required by LR 4.7B.

Highlights

-          Positive operating cashflows for Q4 of $0.7 million

-          Strong cash balances at over $1.2 million

-          Continued accelerated investment in operating capability

-          Significant technical and business milestones achieved, including:

o    Stage 1 go-live of the new WFM-Ports Beta product at a major Middle East Port

o    First major go-live achieved for the Rostima Aviation product (since acquisition of the Rostima business in Sept 15) at a major European Tourist Group, with an additional 6 airports planned for 2017

o   ComOps WFM - Ports Product development continues to make good progress

o   Mobility is being enhanced with development of a single App covering the range of WFM products

-          Forecasting to continue operating cashflow positive in Q1 and Q2 2017

The quarter saw positive operating cashflows of $0.7M after adjusting for investment costs ($117k in Q4) and receipt of the R&D rebate ($668k in Q4). However negative operating cashflows of $472k were recorded for the full year as a result of the continued investment in development of ComOps’ new WFM product, and after adjusting for investment costs ($839k YTD). Importantly 6 of the last 8 quarters have been cash flow positive and the business is expected to continue to be cash flow positive.

Following the early implementation success of its new WFM Ports product, looking forward, ComOps is poised to take advantage of its growing international maritime pipeline and is forecasting to be operationally cash positive with growing revenues in 2017. The planned continued investment in operating capability and boosting of the Senior Management team together with ongoing growth in sales will further drive momentum in the business and continue to strengthen the overall capability of the Company.

ComOps is well placed to deliver the ongoing benefits of a stable, operationally positive and growing business to its customers and staff, which in turn provides the base to deliver positive returns to all stakeholders and shareholders.

The Appendix 4C quarterly report follows.

 

About ComOps

ComOps, under the brand names ComOps WFM - Microster, e-Tivity, Rostima and Salvus, provides effective Workforce Management Solutions including Rostering & Scheduling, Award Interpretation, Labour Cost Management, Fatigue Risk Management, Leave Management, Time & Attendance, Employee Self-Service Portals, Risk Management & Safety Compliance and Workforce Analytics.

ComOps delivers substantial financial and operation advantage by aligning people, productivity and performance, making workforces more productive, reducing fixed & variable overheads, and increasing profitability.

ComOps Workforce Management has clients in global Ports, Aviation, Security, Transportation, Health, Mining, Government, Retail and Hospitality.

ComOps is a Microsoft Gold Partner and has ISO 9001 Accreditation.

 

Enquiries/Additional Information:

ComOps Limited

Niall Cairns, Chairman

Gerry Williams, Chief Executive Officer

Christopher Brooke, Company Secretary

Telephone: +61 9923 8000

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Appendix 4C

Quarterly report for entities subject to Listing Rule 4.7B

Introduced 31/03/00  Amended 30/09/01, 24/10/05, 17/12/10, 01/09/16

 

Name of entity

COMOPS LIMITED

ABN

 

Quarter ended (“current quarter”)

79 000 648 082

 

31 December 2016

 

Consolidated statement of cash flows

Current quarter      $A’000

 

Year to date

(12 months)
$A’000

1.

Cash flows from operating activities

2,647

9,618

1.1

Receipts from customers

1.2

Payments for

(395)

(1,721)

 

(a)   research and development

 

(b)   product manufacturing and operating costs

(858)

(3,806)

 

(c)   advertising and marketing

(5)

(32)

 

(d)   leased assets

-

-

 

(e)   staff costs

(1,357)

(5,104)

 

(f)    administration and corporate costs

(8)

(84)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

-

11

1.5

Interest and other costs of finance paid

(7)

(36)

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

668

682

1.8

Other (provide details if material)

-

-

1.9

Net cash from / (used in) operating activities

685

(472)

 

2.

Cash flows from investing activities

(4)

(44)

2.1

Payments to acquire:

 

(a)   property, plant and equipment

 

(b)   businesses (see item 10)

-

-

 

(c)   investments

-

-

 

(d)   intellectual property

-

-

 

(e)   other non-current assets

(113)

(795)

2.2

Proceeds from disposal of:

-

-

 

(a)   property, plant and equipment

 

(b)   businesses (see item 10)

-

-

 

(c)   investments

-

-

 

(d)   intellectual property

-

-

 

(e)   other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other (provide details if material)

-

-

2.6

Net cash from / (used in) investing activities

(117)

(839)

 




3.

Cash flows from financing activities

-

210

3.1

Proceeds from issues of shares

3.2

Proceeds from issue of convertible notes

-

-

3.3

Proceeds from exercise of share options

-

-

3.4

Transaction costs related to issues of shares, convertible notes or options

-

(122)

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

-

-

3.7

Transaction costs related to loans and borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing activities

-

88

 

4.

Net increase / (decrease) in cash and cash equivalents for the period

626

2,436

4.1

Cash and cash equivalents at beginning of quarter/year to date

4.2

Net cash from / (used in) operating activities (item 1.9 above)

685

(472)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(117)

(839)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

-

88

4.5

Effect of movement in exchange rates on cash held

2

(16)

4.6

Cash and cash equivalents at end of quarter

1,196

1,196

         

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A’000

Previous quarter
$A’000

5.1

Bank balances

1,196

626

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

1,196

626

 

6.

Payments to directors of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to these parties included in item 1.2

126

6.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

N/A

6.3

Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

                                                     $A’000

Directors remuneration                     96

Directors Interest payment                0

 

 

7.

Payments to related entities of the entity and their associates

Current quarter
$A'000

7.1

Aggregate amount of payments to these parties included in item 1.2

 

7.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

 

7.3

Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

 

 

 

 

8.

Financing facilities available
Add notes as necessary for an understanding of the position

Total facility amount at quarter end
$A’000

Amount drawn at quarter end
$A’000

8.1

Loan facilities

1,500

110

8.2

Credit standby arrangements

 

 

8.3

Other (please specify)

 

 

8.4

Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

 

 

 

 

9.

Estimated cash outflows for next quarter

$A’000

9.1

Research and development

(400)

9.2

Product manufacturing and operating costs

(945)

9.3

Advertising and marketing

(10)

9.4

Leased assets

-

9.5

Staff costs

(1,300)

9.6

Administration and corporate costs

(40)

9.7

Other (provide details if material)

-

9.8

Total estimated cash outflows

(2,695)

 

10.

Acquisitions and disposals of business entities
(items 2.1(b) and 2.2(b) above)

Acquisitions

Disposals

10.1

Name of entity

 

 

10.2

Place of incorporation or registration

 

 

10.3

Consideration for acquisition or disposal

 

 

10.4

Total net assets

 

 

10.5

Nature of business

 

 

 

 

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

 

Sign here:               Date: 16 January 2017

Company secretary

 

Print name:       Christopher Brooke

 

Notes

1.       The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.       If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3.       Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.