Enables IT Group plc
Final results for the year ended 30 September 2014
The Board of Enables IT Group plc (AIM: EIT), a leading provider of cloud
computing, managed and professional services, is pleased to announce its final
results for the year ended 30 September 2014.
HIGHLIGHTS
* Group revenues were £7.04m for FY2014 (FY:2013 £6.65m restated)
* Operating loss before exceptional items was £601,943 (FY:2013 profit £186,706)
* EBITDA breakeven in H2
* Successfully completed the acquisition of the business and assets of
US-based Know Technology LLC to enhance and complement the Group's existing
services
* Undertook a successful placing of £2.5m
POST PERIOD HIGHLIGHTS
* Completed the recruitment of a new sales team
* Launch of new website together with other marketing initiatives
Michael Walliss, Chief Executive Officer, said:
"Following what has been a year of transition, we now have a team in place, led
by our new Director of Sales, that is progressing well and growing the pipeline
of potential business once more. Decisive action was taken to deal with what
has been a challenging year and as a result of this, the business is now
stabilising. Whilst the investment in the Group will be reflected in a first
half loss for the current year, we are confident it will provide us with a
robust platform from which to drive growth in the longer term."
This announcement has been extracted from the accounts. The full Report and
Accounts can be found on the Enables website at www.enablesit.com
Enquiries
Enables IT Group plc Via Redleaf Polhill
Michael Walliss, CEO enablesit@redleafpr.com
Cairn Financial Advisers LLP
(Nominated Adviser and Broker) +44 (0)20 7148 7900
Tony Rawlinson
Carolyn Sansom
Redleaf Polhill (Financial PR) +44 (0)20 7382 4730
David Ison enablesit@redleafpr.com
Rebecca Sanders-Hewett
About EnablesIT
Enables IT Group plc is a leading provider of cloud computing, managed and
professional services in the UK and North America. From on-premise private
cloud networks, our IAAS/SAAS platform HAVEN within both our US and UK Data
centres, to backend core network and wireless solutions, Enables IT specialises
in the delivery and management of mission-critical services, enabling customers
to reduce the costs, complexity and risks associated with their IT
infrastructure.
CHAIRMAN'S STATEMENT
It has been a year of refocusing the business after a difficult time but, as
more fully explained in the Strategic Report, with a full sales and account
management team now in place we look forward to continuing to provide an
excellent service to our customers and to re-establishing Enables as a
profitable, growing provider of cloud based IT solutions.
As was highlighted around the release of the interim results the Group has
undertaken some significant board and senior personnel changes. This was of
course disruptive to our teams, and it is a credit to the resilience of our
staff and their engagement with our customers that we managed an EBITDA
break-even in the second half of the year.
Before the Year End we appointed a Director of Sales who has now completed the
recruitment of a new sales and account management team. As part of the process,
we undertook a review of and made significant improvements to our controls and
management information systems. The investment made during the period will
impact our results in the first half of the current year but will provide us
with a robust platform from which to drive growth in the longer term.
During the year we acquired the business and assets of Know Technology LLC
based in Portland, Maine, USA and appointed their principal shareholders,
Patrick Jones and Stephen Hand, to manage the combined US operation. I'm
pleased to report that the integration has been a success. Although there were
unforeseen matters that required attention, these were swiftly dealt with and
we now look forward to seeing profitable growth in the current financial year.
The losses in H1 and the investments referred to above have utilised a large
part of our cash reserves. However, over 50% of our revenue remains recurring
and renewals with our larger customers have been successfully completed.
Although the losses have led to an impairment of the goodwill created from the
reverse takeover and subsequent additions, whilst a significant charge to the
Consolidated Statement of Comprehensive Income it doesn't affect our cash
position. Whilst our current cash flow doesn't indicate a need, to be prudent
as we rebuild sales which may place a strain on working capital, two of the
directors have completed a loan facility with the company to provide up to £
125,000 if required for up to 14 months at an interest rate of 8% on any drawn
balance.
I wish to express my thanks to our staff for the contribution they have made in
helping us deal with the challenges faced and for the work now in hand with
existing and potential customers to grow the business.
Miles Johnson
Non-Executive Chairman
STRATEGY REPORT
Group activities and strategy
The Company is the parent of a trading group based in the UK and the USA
involved in the provision of IT managed services.
We compete by striving to offer better integrated solutions at reduced costs to
our customers. We carefully select niche markets where we can generate
significant market share to generate the economies of scale needed.
Key performance indicators
The Group uses a number of key performance indicators (KPI's) to monitor
progress against its objectives
The Key KPI's are:
2014 2013
(Restated)
Revenue per technician £180,390 £112,667
Clients per technician 4.7 1.8
Staff cost as % of revenue 40% 44%
Recurring revenue as % of total 55% 59%
revenue
Business review and results
The Board took action in respect of several senior staff changes and a detailed
review of operations during the period with a view to laying the foundations
for achieving profitable and acquisitive growth. As a result of the changes
implemented, the Group returned to an EBITDA breakeven in the second half of
the year. The performance in the period has however warranted some impairment
to the goodwill we are carrying from the reverse takeover and subsequent
acquisitions.
Pleasingly, the completion of the Support Force acquisition was achieved early
and at a discount. This provided a saving to the Company and certainty to the
vendors whilst allowing management to focus on growth.
The acquisition of Know Technology LLC in the USA and the associated placing
were also successfully completed at the end of 2013. The integration commenced
immediately and progressed well, however we have been focused on managing the
impact that this has had on its customers, and the combined operational
benefits have taken longer than expected to deliver.
It has been a testing year as reflected in the results but the Board is
confident that the issues that arose were satisfactorily addressed and that the
Group is well positioned going forwards.
Current trading and outlook
The high levels of customer renewals give us confidence that we continue to
provide an excellent service to our customers. Additional work from existing
customers is now picking up as planned after some initial timing issues. We
have just launched a new website and are actively engaged in a number of other
marketing and sales initiatives we expect will bear fruit in the second half of
this year.
A new Director of Sales was recruited last year to drive growth and I'm pleased
that we now have a settled team that is progressing well and growing the
pipeline of potential business once more. It has been a challenging year but
action was taken to deal with the issues that arose and the business is now
stabilising.
Whilst the investment in the Group will be reflected in a first half loss for
the current year, we are confident it will provide us with a robust platform
from which to drive growth in the longer term.
Michael Walliss
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2014
2014 2013
As restated
£ £
Continuing Operations
Revenue 7,035,164 6,647,326
Cost of sales (4,520,927) (4,211,491)
Gross profit 2,514,237 2,435,835
Operating expenses excluding (3,116,180) (2,249,129)
exceptional expenses
Operating (loss)/profit before (601,943) 186,706
exceptional items
Exceptional items (1,573,174) (563,014)
Operating loss (2,175,117) (376,308)
Finance costs (6,283) (34,598)
Loss before tax from continuing (2,181,400) (410,906)
operations
Taxation 69,154 107,067
Loss for the year being total (2,112,246) (303,839)
comprehensive income attributable
to owners of the parent
Loss per share
Basic and diluted (8.35)p (2.07)p
The 2013 comparatives are noted as restated for revenue and cost of sales due
to a correction of intra group sales required to the consolidation. See
Principal Accounting Policies for further details.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2014
Group Share Share Retained FX Other Share Merger Reverse Total
capital premium earnings reserves reserve options reserve acquisition
account reserve reserve
£ £ £ £ £ £ £ £ £
As at 1 January 1,633 - (9,222) - 288 - - - (7,301)
2013 (as
restated)
Loss and total - - (303,839) - - - - - (303,839)
comprehensive
income for the
period
Shares issued 2,949,629 5,128,950 - - - - - - 8,078,579
by legal parent
prior to
reverse
acquisition
Legal parent - - (114,098) 38,876 972,874 - - 897,652
reserves prior
to reverse
acquisition
Movement in the - - - 2,410 - - - - 2,410
year
Shares issued 119,097 - - - - 1,001,763 - 1,120,860
by the legal
parent on
reverse
acquisition
Shares issued 26,497 933,483 - - - - - - 959,980
Share issue - (71,649) - - - - - - (71,649)
expenses
Repayment of - - - (38,876) - - - (38,876)
convertible
loan notes
Reverse (1,633) - - (288) - - (8,977,072) (8,978,993)
acquisition
adjustment
Share based - - - - - 1,965 - - 1,965
payment charge
_________ _________ _________ _________ _________ _________ _________ _________ _________
As at 30 3,095,223 5,990,784 (313,061) (111,688) - 974,839 1,001,763 (8,977,072) 1,660,788
September 2013
Loss and total - - (2,112,246) - - - - - (2,112,246)
comprehensive
income for the
year
Movement in the - - - 127 - - - - 127
year
Shares issued 87,921 2,991,261 - - - - - - 3,079,182
Share issue (225,029) - - - - - - (225,029)
expenses
Share based - - - - - 117 - - 117
payment charge
Transfer of - - 974,956 - - (974,956) - - -
reserves
_________ _________ _________ _________ _________ _________ _________ _________ _________
As at 30 3,183,144 8,757,016 (1,450,351) (111,561) - - 1,001,763 (8,977,072) 2,402,939
September 2014
_________ _________ _________ _________ _________ _________ _________ _________ ________
Merger reserve
Merger reserve represents the premium on the shares issued to acquire Enables
IT Limited in accordance with the provisions of S612 of the Companies Act 2006.
Reverse acquisition
The reverse acquisition reserve relates to the reverse acquisition between
Enables IT Limited and Enables IT Group plc on 26 November 2013.
Share option reserve
As a result of the majority of options lapsing in the year the share option
reserve has been transferred to retained earnings.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SPETEMEBER 2014
2014 2013
£ £
ASSETS
Non-current assets
Property, plant and 813,255 713,370
equipment
Intangible assets 480,290 580,820
Goodwill 900,000 1,389,879
2,193,545 2,684,069
Current assets
Inventories 20,957 -
Trade and other 1,263,835 883,424
receivables
Cash and cash equivalents 624,209 440,519
1,909,001 1,323,943
Total assets 4,102,546 4,008,012
LIABILITIES
Current liabilities
Trade and other payables (1,475,537) (2,068,906)
Loans and other (12,337) (46,732)
borrowings
Current tax liabilities 19,983 (51,418)
Obligations under finance - (20,954)
leases
(1,467,891) (2,188,010)
Non-current liabilities
Deferred Income (158,998) (22,830)
Deferred tax liabilities (72,718) (136,384)
(231,716) (159,214)
Total liabilities (1,699,607) (2,347,224)
Total assets less 2,402,939 1,660,788
liabilities
EQUITY
Shareholders' equity
Share capital 3,183,144 3,095,223
Share premium 8,757,016 5,990,784
Merger reserve 1,001,763 1,001,763
Reverse acquisition reserve (8,977,072) (8,977,072)
Share option reserve - 974,839
Foreign exchange reserves (111,561) (111,688)
Retained earnings (1,450,351) (313,061)
Total equity attributable to the equity 2,402,939 1,660,788
holders of the parent
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2014
2014 2013
£ £
CONTINUING OPERATIONS
Cash flows from operating activities
Loss before tax (2,181,400) (410,906)
Adjustments for:
Impairment of intangible assets 1,259,438 379,188
Amortisation of intangible assets 149,885 76,413
Loss on disposal of fixed assets 785 -
Depreciation 224,851 132,061
Other non-cash items 255 5,833
Currency exchange adjustment (2,648) (1,388)
Operating cash flows before movements in (548,834) 181,201
working capital
Share option costs 117 1,965
(Increase)/decrease in inventories (20,957) 1,448
(Increase)/decrease in trade and other (380,411) 109,546
receivables
Increase/(decrease) in trade and other 55,473 (288,748)
payables
Cash generated from operations (894,612) 5,412
Tax paid (65,913) (33,226)
Net cash used in operating activities (960,525) (27,814)
Investing activities
Acquisition of subsidiaries (433,855) (280,225)
Purchase of goodwill (653,604) -
Purchase of customer lists (244,129) -
Cash acquired with acquired subsidiaries - 446,047
under reverse acquisition
Proceeds from disposal of fixed assets 2,400 -
Purchases of property, plant and (325,401) (499,670)
equipment
Net cash used in investing activities (1,654,589) (333,848)
Financing activities
Proceeds from issue of share capital 87,921 25,293
Premium on issue 2,991,261 884,703
Costs relating to share issues (225,029) (71,649)
Decrease in borrowings (34,395) (409,225)
Repayment of obligations under finance (20,954) (31,024)
lease
Net cash generated from financing 2,798,804 398,098
activities
Net cash generated from continuing 183,690 36,436
operations
Net increase in cash and cash equivalents 183,690 36,436
Cash and cash equivalents at beginning of 440,519 404,083
year
Cash and cash equivalents at end of year 624,209 440,519
NOTES
The financial year represents the year ended 30 September 2014 (prior financial
year ended 30 September 2013). The consolidated financial statements for the
year ended 30 September 2014 comprise the financial statements of the Company
and its subsidiaries (`Group'). Under section 408 (4) of the Companies Act
2006, the company is exempt from the requirement to present its own profit and
loss account.
1. GOING CONCERN
The Group recorded a loss of £2,112,246 including an operating loss on existing
businesses (before restructuring costs, impairment and amortisation of
intangible assets and finance costs) of £609,143. The steps that the Directors
have taken returned the Group to EBITDA profitability in the second half of
this year. The Directors therefore believe that the Group has adequate
resources to continue in operational existence in the foreseeable future and as
such have prepared the financial statements on the going concern basis.
2. BASIS OF PREPARATION
The Group financial statements have been prepared in accordance with EU
Endorsed International Financial Reporting Standards and IFRIC interpretations
(IFRS) and the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost
convention.
Restatement of 2013
Revenue and cost of sales were both overstated by £484,000 due to intra group
sales on consolidation not being removed which has been revised in the numbers
now presented.
3. BUSINESS COMBINATIONS
On 2 December 2013, Enables IT Inc. acquired the business and assets of Know
Technology LLC (an IT Managed Services provider) for a total consideration of
$1.43 million.
Acquisitions Total
Book Fair £
Value Value
Net Assets acquired
Fixed assets - 19,471 19,471
Intangible fixed assets - 244,129 244,129
Foreign exchange adjustment - 2,315 2,315
Fair Value of net assets acquired - 265,915 265,915
Goodwill arising on acquisition 625,625
Total Assets Acquired 891,540
Satisfied by:
Cash consideration 577,568
Issue of shares 313,972
Total consideration 891,540
Cash flow
Cash consideration 577,568
Cash acquired -
Net cash outflow from acquisition 577,568
The Intangible fixed assets are in respect of customer lists. The business and
assets acquired were integrated with the existing operation from the outset
such that identifying revenue or profit and loss of such assets is not
practical due to the extent of the integration completed.
In addition to the purchase price the Group incurred costs relating to the
acquisition of £23,750 which are included in administration expenses.
4. SEGMENTAL REPORTING
The segment reporting format is determined to be the geographical segments as
the Group's risk and rates of return are affected predominately by the
location of its customers. The Group has two main geographical segments,
namely the USA and Europe.
The segment results for the year ended 30 September 2014 are as follows:
Europe USA Continuing
and Consolidated
operations
Year ended 30 September £ £ £
2014
Revenue
Segmental revenue - 4,806,472 2,228,692 7,035,164
external
Segmental revenue - - -
internal
Total segmental revenue 4,806,472 2,228,692 7,035,164
Operating loss (439,538) (162,405) (601,943)
Restructuring and (163,851)
redundancy costs
Impairment and (1,409,323)
amortisation of
intangible assets
Finance costs (6,283)
Taxation 69,154
Loss for the year (2,112,246)
Europe USA Inter-Group Continuing
trading and
consolidated
operations
Year ended 30 September £ £ £ £
2013
(as restated)
Revenue
Segmental revenue - 4,664,002 1,983,324 - 6,647,326
external
Segmental revenue - 39,400 - (39,400) -
internal
Total segmental revenue 4,703,402 1,983,324 (39,400) 6,647,326
Operating profit/(loss) 214,293 (27,587) - 186,706
Restructuring costs (43,318)
Redundancy costs (58,600)
Amortisation of (76,413)
intangible assets
Impairment of intangible (379,188)
assets
Share based payments (1,965)
Foreign currency (3,530)
translation
Finance costs (34,598)
Taxation 107,067
Loss for the year (303,839)
Revenues from one customer of the Group amounted to more than 10% of the
Group's total revenue. The total revenues from this customer is detailed
below, by segment:
2014 2013
£ £
Revenue - Europe 2,533,940 2,204,031
Revenue - USA - 803,260
2,533,940 3,007,291
Segmental Analysis of the Balance Sheet
Europe USA Inter-Group Continuing
balances and
consolidated
operations
Year ended 30 £ £ £ £
September 2014
Additions to 92,234 925,052 - 1,017,286
non-current assets
Depreciation (122,755) (102,096) - (224,851)
Impairment (1,165,061) (94,377) - (1,259,438)
Amortisation (117,233) (32,652) - (149,885)
Segment assets 2,682,528 1,420,018 4,102,546
Segment liabilities (1,528,077) (1,973,726) 1,802,196 (1,699,607)
Europe USA Inter-Group Continuing
balances and
consolidated
operations
Year ended 30 £ £ £ £
September 2013
Additions to 1,210,202 42,502 - 1,252,704
non-current assets
Depreciation (66,051) (66,010) - (132,061)
Impairment (379,188) - - (379,188)
Amortisation (76,413) - - (76,413)
Segment assets 3,600,031 407,981 4,008,012
Segment liabilities (2,168,319) (644,086) 465,181 (2,347,224)
5. FINANCE COSTS
2014 2013
£ £
Interest on finance lease 4,374 6,248
Interest on other borrowings 1,909 28,350
6,283 34,598
6. TAXATION
2014 2013
i) Current tax (credit) £ £
The tax (credit) comprises:
UK taxation
Corporation tax at 20.00% (2013: 20.00%) (5,488) (2,279)
Non-UK taxation
Current -
-
Deferred taxation
Origination and reversal of temporary (63,666) (104,788)
differences
(69,154) (107,067)
ii) Tax reconciliation
The taxation expense on the loss for the year differs from the amount
computed by applying the corporation tax rate to the loss before tax for
the following reasons:
2014 2013
£ £
Loss on ordinary activities before tax (2,181,400) (410,906)
Theoretical tax charge at 21.84% (2013: 23%) (476,418) (94,508)
Effects of:
Expenses (including goodwill) not deductible 255,540 113,798
for tax purposes
Capital allowances less than depreciation 17,540 2,135
Other timing differences 47,038 -
Deferred adjustment on impairment of goodwill (60,871) (104,788)
Unrelieved losses and other deductions 153,505 (29,186)
Marginal relief - 5,482
Prior year adjustments (5,488) -
Total tax (credit) for the year (69,154) (107,067)
Factors that may affect future tax charges
At 30 September 2014 the Group has tax losses of approximately £947,046
(2013: £453,893) to set against future profits of the same trade.
A deferred tax asset of £189,409 (2013: £89,942) arising from tax losses in
the company and subsidiary companies was not recognised on the grounds that
recovery of these losses is uncertain.
7. LOSS PER SHARE
Basic earnings per share (EPS) is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
Ordinary Shares in issue during the year.
For diluted earnings, the weighted average number of ordinary shares in issue
is adjusted to assume conversion of all dilutive potential ordinary shares.
2014 2013
Earnings Per share Earnings Per share
amount amount
£ £
Pence Pence
Basic EPS
Earnings post (2,112,246) (0.08) (303,839) (0.02)
tax
attributable
to ordinary
shareholders
Diluted EPS
Earnings (2,112,246) (0.08) (303,839) (0.02)
The dilutive effect of share options has not been disclosed within the
consolidated statement of comprehensive income for earnings per share as the
effect is anti-dilutive (i.e. decrease loss per share).
Details of the weighted average number of ordinary shares used as the
denominator in calculating the earnings per ordinary share is given below:
2014 2013
`000 `000
Basic weighted average number of 25,255,738 14,650,436
shares
Dilutive potential ordinary shares 54,016 514,691
Diluted weighted average number of 25,309,754 15,165,127
shares
8. SHARE CAPITAL
No of Share
Shares Capital
No. £
Issued and fully paid
Enables IT Group Plc
As at 1 October 2013 18,492,101 3,095,223
Shares issued 8,792,202 87,921
27,284,303 3,183,144
No. of shares £
Reconciliation - Allotted, called up and
fully paid
At 1 October 2013 18,492,101 3,095,223
Shares issued in the year: 1,158,445 11,584
Shares issued on acquisition of The Support Force
Group
Shares issued on acquisition of Know Technology 738,757 7,387
Shares issued on acquisition of Perform IT 60,000 600
Limited
Shares issued at £0.36 each 6,835,000 68,350
At 30 September 2014 27,284,303 3,183,144
Share option schemes
On 6 April 2001 the Company adopted an Enterprise Management Incentive Scheme.
As set out below during the year the Company did not grant any options (2013:
Nil options). Due to the value of these options or the tax status of the
recipients, none of these options will be treated as if they were issued under
an unapproved share option scheme. No provision is made for National Insurance
on the options, which are exercisable at the balance sheet date due to a joint
election in place between the Company and the individual under which the
individual has agreed to take on the Company's National Insurance liability.
Details of the number of share options and the weighted average exercise price
(WAEP) outstanding during the year are as follows:
2014 2013
Number WAEP Number WAEP
Pence Pence
Outstanding at the beginning of the 514,691 186p 652,376 189p
year
Granted during the year - - - -
Exercised during the year - - - -
Lapsed during the year 460,675 187p (137,685) 195p
Outstanding at the end of the year 54,016 181p 514,691 186p
Exercisable at the end of the year 54,016 181p 514,691 186p
The weighted average share price at the date of exercise for share options
exercised during the year was nil (2013: nil).
At 30 September 2014 the following options were granted but not exercised. No
options were granted to any of the directors of the Company.
i) 16,691 options at 225p per share exercisable between 1/10/05 and 17/5/15.
ii) 4,000 options at 147p per share exercisable between 31/5/06 and 31/5/15.
iii) 4,000 options at 188p per share exercisable between 16/4/07 and 15/10/16.
iv) 1,158 options at 225p per share exercisable between 16/4/07 and 15/10/16.
v) 14,000 options at 195p per share exercisable between 3/9/09 and 8/12/18.
vi) 14,167 options at 120p per share exercisable between 15/6/11 and 14/6/20.
The options outstanding at the end of the year have a range of exercise prices
from 120p to 225p. The estimate fair values of options granted since 30 July
2003 were calculated using the Black-Scholes option pricing model with the
following inputs and subsequent assumptions:
Grant date 18 May 05 31 May 05 16 Oct 16 Oct 06 09 Dec 08 15 Jun 10
06
Share price at 1.4250 1.2750 1.8750 1.8750 1.6800 0.9000
grant date
Exercise price 2.2500 1.4700 1.8750 1.8750 1.9500 1.2000
Number of 40 9 3 2 7 7
employees
Shares under 16,691 4,000 4,000 1,158 14,000 14,167
option
Vesting period 3 3 0.5 3 3 3
(years)
Expected 78% 78% 78% 79% 66% 65%
volatility
Option life 10 10 10 10 10 10
(years)
Expected life 10 10 10 10 10 10
(years)
Risk free rates 4.60% 4.60% 4.60% 4.60% 4.50% 2.60%
Expected dividends - - - - - -
Fair value per 0.8400 0.7800 1.1700 1.1700 0.9300 0.4500
option
No other conditions were included in the fair value calculations.
The expected volatility is based on historical volatility over the expected
life period. The expected life of the average expected period to exercise based
on historical experience. The risk free rate of return is the yield on
zero-coupon UK government bonds of a term consistent with the assumed option
life.
9. RESERVES
Share Retained Foreign Merger Reverse Share
premium earnings currency reserve acquisition options
account reserves reserve reserve
£ £ £ £ £ £
Group
Balance at 1 5,990,784 (313,061) (111,688) 1,001,763 (8,977,072) 974,839
October 2013
Currency exchange - - 127 - - -
Premium in respect 2,991,261 - - - - -
of shares issued in
the year
Cost of fundraising (225,029) - - - - -
Share based payment - - - - - 117
charge
Retained loss for - (2,112,246) - - - -
the year
Transfer of - 974,956 - - - (974,956)
reserves
As at 30 September 8,757,016 (1,450,351) (111,561) 1,001,763 (8,977,072) -
2014