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Multistack International Limited | Appendix 4E |
Preliminary final report | 31 December 2021 |
+Rules 4.3A
Appendix 4E
Preliminary final report
Year ending on 31 December 2021
Provided to the ASX under listing rule 4.3A
Name of entity | ABN |
Multistack International Limited | 54 007 254 346 |
1. Reporting period
Report for the financial year ended 31 December 2021.
Previous corresponding period is the financial year ended 31 December 2020.
2. Results for announcement to the market
$A | |||||
Revenues from ordinary activities | up | 7.16 % | to | 643,851 | |
Loss from ordinary activities after tax attributable to | up | 207.61% | to | (1,132,977) | |
members | |||||
Net loss for the period attributable to members | up | 207.61% | to | (1,132,977) | |
Record date for determining entitlements to the dividend | Not applicable | ||||
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For personal use only
Multistack International Limited | Appendix 4E |
Preliminary final report | 31 December 2021 |
Results for announcement to the market (cont'd)
Dividends
No dividends were paid or declared for the year ended 31 December 2021.
Trends in Performance
Total revenue in 2021 increased by 7.16% to $643,851. Revenue from Other Income has decreased to loss of $146,326, due to foreign currency loss and cessation of government grants. The net loss for the period attributable to members was $1,132,977 (2020: $368,316).
Operations
The trading entity, Multistack Australia Pty Ltd, has incurred losses before income tax for the year ending 31 December 2021 of $473,952 (2020: $457,031).
The outbreak of COVID-19 and its variations have been threatening the lives of human beings around the world as well as affecting the global economies in two consecutive years. Due to the various restrictions and health concerns in the country, sales activities have not improved much and the cost of material and transportation was geared up to an unbelievable level. With all these impacts it was hard for our agents to sell many of our air-conditioning equipment. In fact we have to thank them for their effort to try, at least to keep the ball rolling with a marginal increase in our revenue. However we were more optimistic about the launch of the ORC power generation business in the market, after our acquisition of the Verdicorp assets in June 2020, which would allow us to develop the ORC equipment in line with the carbon reduction program of the country.
There was a learning curve for the Group to pick up the ORC technology and turn it into marketing and selling these ORC products in Australia as well as to the rest of the world. As reported in the last annual report the Company has been in negotiations with various interested parties for local and overseas distribution rights in their regions. Given the current pandemic environment, these negotiations may still take longer than expected, but the Directors trust that this will be no doubt the right direction because global warming is always a big issue threatening human generations around the world. The United Nations have made further warnings and urged all country leaders to take actions to reduce carbon emission without delay. This was a positive signal for promoting our ORC units and we were glad that we received increasing amount of enquiries from customers in different areas who showed their interest in our equipment.
On 19 November 2021, Multistack International Limited (ASX:MSI) announced that the Group has completed the issue of new shares to a Hong Kong based company for $1.20 million which has given the Group a viable cash flow for the development projects of the ORC product.
The MSI Board has good faith in our ORC technology and believes that it has great future growth potential. We are currently in negotiations with talented people about the development of new ORC concepts. We shall expect to see results in the coming year for practical progress in this direction. The board will expect that these new development projects will bring more value to the Company than its current carrying value of the book records.
Tax consolidation
For the purposes of income taxation, Multistack International Ltd and its 100% owned subsidiaries have not formed a tax consolidated group and entry into a tax consolidated group is unlikely. This did not impact the consolidated results for the year. From 1 January 2004, the carried forward tax losses of each entity in the Group could only be used to offset taxable income of that individual entity.
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Multistack International Limited | Appendix 4E |
Preliminary final report | 31 December 2021 |
For personal use only
3. Consolidated Statement of Profit or Loss and other comprehensive income
FOR THE YEAR ENDED 31 DECEMBER 2021 | ||
For the year | ||
31 December 2021 | 31 December 2020 | |
$ | $ | |
Revenue | ||
Sale of goods | 643,851 | 600,819 |
Total Revenue | 643,851 | 600,819 |
Cost of sales | (529,844) | (474,929) |
Gross Profit | 114,007 | 125,890 |
Other Income | ||
Subsidies and grants | 20,000 | 249,501 |
Reversal of impairment | - | 167,975 |
Foreign currency (loss) / gain | (193,552) | 353,068 |
Interest income | 25,945 | 58,245 |
Sundry income | 1,281 | 33,944 |
Total Other (Loss) / Income | (146,326) | 862,733 |
Expenses | ||
Employee benefits expense | (416,359) | (432,781) |
Administrative and occupancy expense | (537,743) | (665,480) |
Professional fees | (113,656) | (141,546) |
Other expenses | (32,900) | (117,132) |
Total Expenses | (1,100,658) | (1,356,939) |
Loss before income tax | (1,132,977) | (368,316) |
Loss from continuing operations | (1,132,977) | (368,316) |
Other comprehensive income or loss for the year | ||
Items that may be reclassified subsequently to profit and loss | - | - |
Total comprehensive loss for the year | (1,132,977) | (368,316) |
Earnings per share for loss from continuing operations | ||
attributable to members of the parent: | ||
Basic earnings per share | $(0.0083) | $(0.0033) |
Diluted earnings per share | $(0.0083) | $(0.0033) |
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Multistack International Limited | Appendix 4E |
Preliminary final report | 31 December 2021 |
4. Consolidated Statement of Financial Position
For personal use only
31 December 2021 | 31 December 2020 | |
$ | $ | |
Current assets | ||
Cash and cash equivalents | 1,334,547 | 346,758 |
Investments | 687,967 | 666,528 |
Receivables | 98,739 | 233,842 |
Inventories | 118,470 | 299,328 |
Prepayment | - | 5,664 |
Deposit - Bond for property | 17,612 | 17,612 |
Total current assets | 2,257,335 | 1,569,732 |
Non-current assets | ||
Receivables | - | 51,935 |
Intangible assets - ORC Technology | 3,113,182 | 3,113,182 |
Lease assets - right of use | 214,995 | 35,770 |
Total non-current assets | 3,328,177 | 3,200,887 |
Total assets | 5,585,512 | 4,770,619 |
Current liabilities | ||
Payables | 1,488,802 | 1,501,145 |
Lease liability | 82,871 | 45,540 |
Loan from ACR Equipment HK Co Ltd | 696,000 | 286,000 |
Loan from Superlink Company Ltd | 2,480,706 | 2,337,055 |
Provisions | 147,742 | 117,830 |
Total current liabilities | 4,896,121 | 4,287,570 |
Non-current liabilities | ||
Lease liability | 135,656 | - |
Provisions | 7,660 | 3,997 |
Total non-current liabilities | 143,316 | 3,997 |
Total liabilities | 5,039,437 | 4,291,567 |
Net assets | 546,075 | 479,052 |
Equity | ||
Contributed equity | 156,838,695 | 155,638,695 |
Accumulated losses | (156,292,620) | (155,159,643) |
Total equity | 546,075 | 479,052 |
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For personal use only
Multistack International Limited | Appendix 4E |
Preliminary final report | 31 December 2021 |
5. Consolidated Statement of Changes in Equity
Attributable to equity holders of the | |||
parent | |||
Accumulated | |||
Contributed | Losses | ||
Equity | Total Equity | ||
CONSOLIDATED | $ | $ | $ |
At 1 January 2020 | 155,638,695 | (154,791,327) | 847,368 |
Loss for the year | - | (368,316) | (368,316) |
Total comprehensive income / (loss) for the | |||
year | - | (368,316) | (368,316) |
Transactions with owners as their capacity of | |||
owners | - | - | - |
As at 31 December 2020 | 155,638,695 | (155,159,643) | 479,052 |
Attributable to equity holders of the | |||
parent | |||
Contributed | Accumulated | ||
Equity | Losses | Total Equity | |
CONSOLIDATED | $ | $ | $ |
At 1 January 2021 | 155,638,695 | (155,159,643) | 479,052 |
Loss for the year | - | (1,132,977) | (1,132,977) |
Total comprehensive income / (loss) for the | |||
year | - | (1,132,977) | (1,132,977) |
Transactions with owners as their capacity of | |||
owners | |||
Issue of share capital | 1,200,000 | - | 1,200,000 |
As at 31 December 2021 | 156,838,695 | (156,292,620) | 546,075 |
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Multistack International Limited published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 04:11:07 UTC.