ABN 86 090 919 476
Appendix 4DSix months ended 31 December 2015 ('current period') and 31 December 2014 ('previous corresponding period')
0BResults for announcement to the market
Details of Reporting Period
The financial information contained in this report is for the half year ended 31 December 2015. Comparative amounts (unless otherwise indicated) relate to the year ended 31 December 2014.
Results for Announcement to the Market
$A'000
Revenue from ordinary activities: Down 2.6% to 4,956
Profit from ordinary activities after tax attributable to members:
Down 42.3%to 207
Net profit for the period attributable to members: Down 42.3%to 207
Dividends
The Board of Cryosite has on the 23rd February 2016 determined and is pleased to announce the payment of an interim unfranked dividend of 0.5 cent (half cent) per ordinary share.
Key Dates:
Ex Dividend Date - 11th March 2016 Record Date - 15th March 2016
Dividend payment Date - 31st March 2016
Commentary on the results to the market:
An explanation of the result of the current period is set out in the Directors Report contained in the attached audit reviewed half-yearly Financial Report.
1B9. NTA backing
Current period
Previous corresponding
Period
Net tangible asset backing per ordinary security 6.6 cents 7.3 cents
8B
CRYOSITE LIMITEDABN 86 090 919 476
Half-Year Financial Report31 December 2015
C R YOS!T E L I M I T E D - H A L F -Y E AR F IN A NC I A L R E PO RT
Table of Contents
Directors' Report
Auditor's Independence Declaration Directors' Declaration
Interim Consolidated Statement of Comprehensive Income
Interim Consolidated Statement of Financial Position
Interim Consolidated Statement of Changes in Equity
Interim Consolidated Statement of Cash Flows Notes to the Half-year Financial Statements Independent Auditor's Review Report
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C R YOS I T E L I M I T E D - H A L F - Y E A R F I N A NC I A L R E POR T
Directors' Report
Your directors submit their report for the half-year ended 3 l December 2015.
Directors
The directors of Cryosite Limited and its controlled entities (the "Company") in office during the half year, and until the date of this Report are set out below. Directors were in office for this entire period unless otherwise stated.
Andrew Kroger Christina Boyce Stephen Roberts Graeme Allen Moore
Chairman
Non-Executive Director Non-Executive Director Executive Director
Appointed 17 November 201 l
Resigned 8 December 2015
Appointed 8 December 2015
Appointed 22 September 2008
Principal Activities
Since it was established in 2000, Cryosite has evolved into a company that has successfully developed and integrated a portfolio of specialised services including family cord blood and tissue banking, biorepository management, specialised clinical trials logistics and commercial drug distribution and contract manufacturing of biologics and therapeutics.
The services are grouped into two market segments, Biological Services and Warehousing and Distribution.
Review of Operations
Group revenue for the half-year was $4,956,231 which was a 2.6% decrease over the same period last year ($5,087,633) and a 4.2% increase over the six months to June 2015 ($4,756,222). Profit before tax for the period was $287,477, a decrease of 42.9% over the corresponding period in 2014.
While the overall reven ue figure was marginally less than the December 2014 comparatives, there have been several significant longer term positive revenue gains recorded in key services areas in both biological and warehousing and distribution segments during the current period.
The Company generated a positive $418,372 cash flow from operations during the period. Overall net cash decreased by $60,343 during the period after payment of a $234,298 final dividend for the June 2015 year and capital equipment outlays. The lower overall cash flow reflects our current longer term repayment plan offerings in responding to strong competitor activity in the Biological Services sector. While shorter term cash intake from operations is lower, the variance is recoverable over a longer period and comparable in timing difference terms. This is evidenced in the higher current period trade and other accounts receivable balance sheet comparatives.
The Company recorded an income tax expense of $80,762 though no tax is payable due to the availability of carried forward tax losses. While the Company will record a tax expense going forward it will remain a non-cash expense until such time as the remaining $360,857 recognised tax losses will be progressively utilised.