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    LQS   MT0000150103

LOQUS HOLDINGS P.L.C.

(LQS)
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End-of-day quote Malta Stock Exchange  -  2022-08-08
0.4200 EUR   -6.67%
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Financial Statements

10/29/2021 | 10:31am EDT

Loqus Holdings p.l.c.

COMPANY ANNOUNCEMENT

Loqus Holdings p.l.c. (the "Company")

Financial Statements

Date of Announcement

29th October 2021

Reference

201/2021

This is a company announcement made by the Company in compliance with Chapter 5 of the Capital Markets Rules:

QUOTE

The Board of Directors has approved the financial statements for the financial year ended 30th June 2021 and resolved that they be submitted for the approval of the shareholders at the forthcoming Annual General Meeting.

The audited financial statements are attached to this announcement, and shall furthermore shortly be available for download from the Company's website http://www.loqusgroup.com/financial-statements.html

UNQUOTE

Adrian Mallia

Company Secretary

Company Registration No. C 27140

LOQUS HOLDINGS P.L.C.

Annual Report and

Financial Statements

30 June 2021

LOQUS HOLDINGS P.L.C.

Annual Financial Statements for the year ended 30 June 2021

___________________________________________________________________________

CONTENTS

Pages

Chairman's statement

i

Group chief executive officer's review

ii - v

General information

1

Directors' report

2 - 5

Statement of Directors' responsibilities

6

Directors' statement of compliance with the Code of Principles

of Good Corporate Governance

7 - 15

Remuneration report

16 - 17

Group financial statements

Statement of profit or loss and other comprehensive income

18

Statement of financial position

19 - 20

Statement of changes in equity

21

Statement of cash flows

22

Company financial statements

Statement of profit or loss and other comprehensive income

23

Statement of financial position

24

Statement of changes in equity

25

Statement of cash flows

26

Notes to the financial statements

27 - 66

Five year results

67

Independent auditor's report

Other disclosures in terms of the Listing rules

Statement by the Directors on the Financial Statements and other information included in the annual report

Shareholder register information

LOQUS HOLDINGS P.L.C.

Annual Financial Statements for the year ended 30 June 2021

___________________________________________________________________________

CHAIRMAN'S STATEMENT

Dear Shareholder,

Loqus Group has delivered a strong and resilient performance in fiscal 2020/2021 against the background of the global COVID-19 crisis and deteriorating economic conditions around the world. In the face of these challenges, I am delighted with the performance we have delivered and the way our employees responded. The Group has faced these challenges and turned defeat into success.

Our success is built on our reputation and values and above all on the quality, professionalism, and commitment of our employees. This was never more so than in fiscal 2020/2021. There is still much for us to do as we confront high levels of market volatility, but we could not have delivered these results and served our clients, in the way we have, if our employees had not risen to the challenge of these extraordinary times.

The fundamentals of the Group's strategy have remained consistent for a significant period. These are built on the development of openFleet, a market-leading product that enabled further penetration of our existing target markets and the creation of significant new opportunities. These results are a reminder of Loqus' transformation over the last few years and its huge potential which is also acknowledged by our customers and partners.

We are very conscious of the fact that there is still room for improvement. We continue to invest in the future, and we will be increasing our emphasis on fostering human resource development since these are a key driver of the Group's growth. Apart from financing the cost of this investment the Group also needs to address the long-term debt that it carries. Given recent developments, the Group now needs to focus on clearing these amounts as soon as possible to reduce risk.

The world is changing, and our technology is following and, in some cases, leading these changes. Over the next decade, delivery of products and services is projected to grow significantly. Our current last-mile fleet management products are well positioned to not only participate in that growth but help drive it by developing the key technologies that enable our customers to deliver new levels of service and functionality.

Our products are key to help our customers not only develop more cost-effective solutions but are increasingly helping them to deliver sustainable solutions. We are working with our customers to build rich data scenarios to get ready for future real-worlddata-based routing optimisation. New vehicle types in sustainable fleets like electric vans, electric cars, electric scooters, electric cargo bikes and pedestrian delivery are increasingly part of our solutions. Combining these with new depot types and customer CO2 reporting in real world proof of concepts today, means that by 2023 we will be delivering production systems that meet new green legislation and expectations.

I would like to express my deep thanks to the Chief Executive Officer (CEO), Joe Fenech Conti and all our personnel for their hard work and the sacrifices they have made to finish the year positively. I would also like to thank my fellow directors for their support and guidance.

Group Chairman

29 October 2021

i

LOQUS HOLDINGS P.L.C.

Annual Financial Statements for the year ended 30 June 2021

___________________________________________________________________________

GROUP CHIEF EXECUTIVE OFFICER'S REVIEW

Dear Shareholder,

I am very pleased to provide our financial statements for the year ended 30 June 2021. The results demonstrate the potential we have built through our investment in research and development, while maintaining financial discipline.

TEAM LOQUS

Loqus' success is built on the efforts of my colleagues. It is reliant on their competence, their engagement, and their ability to understand our objectives and our customers' needs.

At Loqus we were early adopters of "Work from Home" also known as WFH. For the last 13 years we adopted a flexible attitude that saw several of our colleagues work remotely, some with just a day a week from home and some exclusively from their remote location. COVID-19 found us very well prepared and in March 2020 each employee quickly took on our 'Loqus family' attitude to keep themselves, colleagues, and their families safe and well. These measures, including compulsory WFH for most of our operations were accepted wholeheartedly by all the "Loqus Family". This highlights their constant commitment to the Group, allowing to keep our operations running safely and ensure that not one fulltime Loqus job was lost by COVID-19.

The initial financial hit of COVID-19 was difficult with public sector income dropping dramatically, planned Fleet projects were being postponed or cancelled and an important Fleet client went into administration. None of the success of the financial year under review would be possible without the professionalism and dedication of our colleagues.

As always, our key challenge is to keep growing the team to service new customers and develop and improve our solutions. During the last financial year we added 18 new mainly technical positions. The growth in personnel numbers together with salary increments, and bonus pay-outs resulted in an increase of EUR737k. In the period July 2021 to October 2021, we increased our personnel by 7 positions, which together with additinal increments, are expected to further increase our total workforce cost.

ii

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Loqus Holdings plc published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 14:30:07 UTC.


© Publicnow 2021
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Financials
Sales 2021 8,05 M 8,20 M 8,20 M
Net income 2021 1,44 M 1,46 M 1,46 M
Net cash 2021 0,82 M 0,83 M 0,83 M
P/E ratio 2021 2,15x
Yield 2021 -
Capitalization 13,4 M 13,6 M 13,6 M
EV / Sales 2020 0,64x
EV / Sales 2021 0,28x
Nbr of Employees 116
Free-Float 26,3%
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Managers and Directors
Joseph Fenech Conti Chief Executive Officer & Executive Director
Walter Bonnici Group Chairman
Anthony Paul Demajo Independent Non-Executive Director
Lawrence Zammit Independent Non-Executive Director
Joannie Grima Independent Director
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