Gogoro Releases Second Quarter 2024 Financial Results
Second Quarter 2024 Summary
-
Successfully closed two private placements:
Gold Sino Assets Limited andCastrol Holdings International Limited invested$50 million and$25 million , respectively, to purchase ordinary shares ofGogoro .
-
Revenue of
$80.9 million , down 7.2% year-over-year and down 2.4% on a constant currency basis.
-
Battery swapping service revenue of
$34.7 million , up 4.0% year-over-year and up 9.5% on a constant currency basis.
-
Pulse, our new flagship Smartscooter, and JEGO, our new entry-level Smartscooter, continue to be in high demand with more than 6,500 backlog orders in the second quarter; revenue associated with these backlog orders in the second quarter is estimated to be
$12.3 million that will not be recognized as revenue until vehicles are delivered which is expected to occur in the third quarter of 2024.
-
Sales of hardware and others revenue of
$46.3 million , down 14.1% year-over-year and down 9.8% on a constant currency basis.
-
Gross margin of 5.2%, down from 15.2% in the same quarter last year. Non-IFRS gross margin of 13.0%, down 3.0% year-over-year.
-
N
et loss of
$20.1 million as compared to a net loss of$5.6 million in the same quarter last year.
-
A
djusted EBITDA of
$11.6 million , down from$12.9 million in the same quarter last year.
"We are not satisfied with our financial performance for the first half of 2024 and are working to address our supply chain and manufacturing output to meet the increased demands for our new Pulse and JEGO Smartscooters in
"Continuing to grow the
Second Quarter 2024 Financial Overview
Operating Revenues
For the second quarter, the total revenue was
- Battery swapping service revenue for the second quarter was
$34.7 million , up 4.0% year-over-year, and up 9.5% year-over-year on a constant currency basis1. Total subscribers at the end of the second quarter exceeded 608,000, up 10.1% from 552,000 subscribers at the end of the same quarter last year.
The year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers. - Sales of hardware and other revenues for the second quarter were
$46.3 million , down 14.1% year-over-year, and down 9.8% year-over-year on a constant currency basis1. The year-over-year decrease in sales of hardware and other revenues was driven by a combination of factors: (i) a decrease of ASP due to a higher proportion of lower-priced vehicles sold, (ii) a significant increase in the level of undelivered backlog orders compared to the same quarter last year, (iii) a decrease in sales revenues associated with selling accessories and maintenance parts from original equipment manufacturers ("OEM"), and (iv) an unfavorable exchange rate when translating 95% of the sales denominated in NTD to USD.
The backlog orders for Pulse and JEGO we received in the second quarter are not reflected in the vehicle registration data published by theTaiwan government for the second quarter, nor didGogoro recognize any revenue for these vehicles, despite receiving full payment from customers or approved financing from third-party financing companies.Gogoro will account for the vehicle revenue upon deliveries to customers. - The government-reported registration volume of powered two-wheelers ("PTW") in the
Taiwan market in the second quarter was up 2.0% year-over-year. While registrations of total electric PTW were reported to be up by 17.6% compared to the same quarter last year, those ofGogoro's sales grew by 10.8%. Had we delivered the outstanding orders of Pulse and JEGO, the growth of electric PTW registrations contributed by sales ofGogoro vehicles would have been estimated to be 57.2%. -
Taiwan's two largest PTW manufacturers are publicly estimating that the total PTW market will shrink by 14% from last year's 870,000 units to around 750,000 units in 2024. We updated our market outlook to regress toward the market consensus as we have seen a temporary slowdown in consumer transition from traditional internal combustion engine vehicles to electric PTW in the first half of 2024.
Gross Margin
For the second quarter, gross margin was 5.2%, down from 15.2% in the same quarter last year while non-IFRS gross margin1 was 13.0%, down from 16.0% in the same quarter last year. The decline in gross margin was primarily driven by a combination of factors: (i) a
We continued to carry out one-time, voluntary upgrades on certain battery packs which are expected to take several quarters to complete, continuing into 2025. These upgrades provide multiple benefits — reduction of capital expenditures on replacing battery packs, increasing lifetime capacity of each battery pack (including extending its first mobility use-case useful life) and solidifying the extra lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to create economic benefits in the long run but do come at a short-term reduction in our gross margin as we carry out the upgrades. We expect our IFRS gross margin will continue to be impacted during our upgrades planned in 2024 and 2025. The upgrades will impact both our cash position and profit. We will only upgrade battery packs in instances where the value created over time exceeds the cost of the upgrade.
Net Loss
For the second quarter, net loss was
Adjusted EBITDA
For the second quarter, adjusted EBITDA1 was
Liquidity
We continued to generate operating cash inflow in the second quarter through tightening our business operations and reducing working capital. In
Updated 2024 Guidance
We are adjusting our revenue expectations for the year to a level lower than previously expected. The overall performance of the two-wheeler market in
Conference Call Information
Investors may access the webcast, supplemental financial information and investor presentation at
About
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways,
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or
Condensed Consolidated Financial Statements
The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, "IFRS") issued by the
Backlog Orders
Backlog orders are not recognized as revenue in our Condensed Consolidated Statements of Comprehensive Loss until we deliver a vehicle to the buyer. The backlog orders are recorded as contract liabilities and the portion associated with financing receivable would be net against account receivables in our Condensed Consolidated Balance Sheet. Backlog value is estimated based on manufacturer's suggested retail price net off associated sales incentives.
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain non-IFRS financial measures including foreign exchange effect on operating revenues, non-IFRS gross profit, non-IFRS gross margin, non-IFRS net loss, EBITDA and adjusted EBITDA.
Foreign exchange ("FX") effect on operating revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year.
Non-IFRS Gross Profit and Gross Margin.
Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact of share-based compensation on our operating results.
Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.
EBITDA.
Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.
Battery Upgrade Initiatives. As we perform certain voluntary upgrades to our battery packs, this charge represents the (i) derecognition expense on components removed from the battery pack, which we do not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other costs. We will only upgrade battery packs in instances where the value created exceeds the cost of the upgrade. The program will improve batteries' capacity and extend the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs are recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. We expect the derecognition expense and retrieval and other costs to recur in future periods as incurred during the implementation phase of the battery upgrade program.
Battery Swapping Service Rebate. We voluntarily offered one-time subscription fee discounts to certain subscribers of Gogoro Network who experienced unusual and infrequent service inconveniences associated with a minor voluntary vehicle recall and battery upgrade, and such battery swapping service rebates are recorded as contra-revenue. We have excluded the impacts of such rebates from our non-IFRS metrics to allow investors to better understand the underlying operation results of the business and to facilitate comparison of current financial results with historical financial results and our peer group companies' financial results.
These non-IFRS financial measures exclude share-based compensation, interest expense, income tax, depreciation and amortization, change in fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants associated with the merger of Poema, battery upgrade initiative and battery swapping service rebate. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods.
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
GOGORO INC. |
|||
Condensed Consolidated Balance Sheet |
|||
(unaudited) |
|||
(in thousands of U.S. dollars) |
|||
|
|||
|
|
|
|
|
2024 |
|
2023 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 196,886 |
|
$ 173,885 |
Trade receivables |
20,542 |
|
17,135 |
Inventories2 |
54,213 |
|
53,109 |
Other assets, current |
22,243 |
|
22,009 |
Total current assets |
293,884 |
|
266,138 |
|
|
|
|
Property, plant and equipment2 |
478,924 |
|
501,876 |
Investments accounted for using equity method |
17,806 |
|
17,741 |
Right-of-use assets |
28,266 |
|
30,412 |
Other assets, non-current |
12,104 |
|
18,063 |
Total assets |
$ 830,984 |
|
$ 834,230 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Borrowings, current |
$ 84,026 |
|
$ 75,590 |
Financial liabilities at fair value through profit or loss |
11,282 |
|
30,832 |
Notes and trade payables |
35,814 |
|
38,117 |
Contract liabilities, current |
19,397 |
|
11,606 |
Lease liabilities, current |
9,978 |
|
11,296 |
Provisions, current |
2,834 |
|
4,174 |
Other liabilities, current |
37,488 |
|
42,439 |
Total current liabilities |
200,819 |
|
214,054 |
|
|
|
|
Borrowings, non-current |
307,961 |
|
334,581 |
Financial liabilities at amortized cost, non-current3 |
24,178 |
|
— |
Lease liabilities, non-current |
17,909 |
|
18,842 |
Provisions, non-current |
1,739 |
|
2,332 |
Other liabilities, non-current |
14,162 |
|
15,734 |
Total liabilities |
566,768 |
|
585,543 |
|
|
|
|
Total equity |
264,216 |
|
248,687 |
Total liabilities and equity |
$ 830,984 |
|
$ 834,230 |
|
|||
|
|
|
|
|
2024 |
|
2023 |
Inventories: |
|
|
|
Raw materials |
$ 32,383 |
|
$ 33,136 |
Semi-finished goods |
3,329 |
|
3,559 |
Merchandise |
18,501 |
|
16,414 |
Total inventories |
$ 54,213 |
|
$ 53,109 |
GOGORO INC. |
|||||||
Condensed Consolidated Statements of Comprehensive Loss |
|||||||
(unaudited) |
|||||||
(in thousands of U.S. dollars, except net loss per share) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating revenues |
$ 80,944 |
|
$ 87,247 |
|
$ 150,655 |
|
$ 166,566 |
Cost of revenues |
76,772 |
|
73,947 |
|
142,010 |
|
143,005 |
Gross profit |
4,172 |
|
13,300 |
|
8,645 |
|
23,561 |
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
11,687 |
|
11,534 |
|
22,268 |
|
23,377 |
General and administrative |
8,573 |
|
11,298 |
|
17,942 |
|
22,397 |
Research and development |
8,459 |
|
10,731 |
|
17,825 |
|
20,284 |
Other operating expenses |
54 |
|
— |
|
508 |
|
— |
Total operating expenses |
28,773 |
|
33,563 |
|
58,543 |
|
66,058 |
Loss from operations |
(24,601) |
|
(20,263) |
|
(49,898) |
|
(42,497) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
Interest expense, net |
(2,516) |
|
(2,164) |
|
(5,244) |
|
(4,061) |
Other income, net |
1,313 |
|
1,304 |
|
3,729 |
|
3,400 |
Change in fair value of financial liabilities |
6,352 |
|
15,603 |
|
19,550 |
|
(2,910) |
Share of loss of investments accounted for |
(603) |
|
(104) |
|
(1,319) |
|
(176) |
Total non-operating income (expenses) |
4,546 |
|
14,639 |
|
16,716 |
|
(3,747) |
Net loss |
(20,055) |
|
(5,624) |
|
(33,182) |
|
(46,244) |
Other comprehensive loss: |
|
|
|
|
|
|
|
Exchange differences on translation |
(2,707) |
|
(5,605) |
|
(11,026) |
|
(3,433) |
Total comprehensive loss |
$ (22,762) |
|
$ (11,229) |
|
$ (44,208) |
|
$ (49,677) |
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ (0.08) |
|
$ (0.02) |
|
$ (0.14) |
|
$ (0.20) |
Shares used in computing basic and diluted net |
246,535 |
|
231,951 |
|
241,238 |
|
232,506 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
Operating revenues: |
2024 |
|
2023 |
|
2024 |
|
2023 |
Sales of hardware and others |
$ 46,282 |
|
$ 53,908 |
|
$ 83,540 |
|
$ 100,964 |
Battery swapping service |
34,662 |
|
33,339 |
|
67,115 |
|
65,602 |
Operating revenues |
$ 80,944 |
|
$ 87,247 |
|
$ 150,655 |
|
$ 166,566 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
Share-based compensation: |
2024 |
|
2023 |
|
2024 |
|
2023 |
Cost of revenues |
$ 320 |
|
$ 655 |
|
$ 602 |
|
$ 1,265 |
Sales and marketing |
505 |
|
1,004 |
|
954 |
|
1,846 |
General and administrative |
2,136 |
|
3,397 |
|
3,809 |
|
6,174 |
Research and development |
1,080 |
|
2,076 |
|
2,054 |
|
4,013 |
Total |
$ 4,041 |
|
$ 7,132 |
|
$ 7,419 |
|
$ 13,298 |
GOGORO INC. |
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Condensed Consolidated Statements of Cash Flows |
|||
(unaudited) |
|||
(in thousands of U.S. dollars) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Cash flows from operating activities |
|
|
|
Net loss |
$ (33,182) |
|
$ (46,244) |
Adjustments for: |
|
|
|
Depreciation and amortization |
50,050 |
|
49,479 |
Expected credit loss |
347 |
|
263 |
Share of loss of investments accounted for using equity method |
1,319 |
|
176 |
Change in fair value of financial liabilities |
(19,550) |
|
2,910 |
Interest expense, net |
5,244 |
|
4,061 |
Share-based compensation |
7,419 |
|
13,298 |
Loss on disposal of property and equipment, net |
501 |
|
2,119 |
Write-down of inventories |
1,573 |
|
1,926 |
Provisions for product warranty |
66 |
|
— |
Changes in operating assets and liabilities: |
|
|
|
Trade receivables |
(3,754) |
|
(6,332) |
Inventories |
(2,677) |
|
(19,038) |
Other current assets |
5,266 |
|
3,168 |
Notes and trade payables |
(2,303) |
|
3,885 |
Contract liabilities |
8,401 |
|
2,986 |
Other liabilities |
(6,554) |
|
(12,323) |
Provisions for product warranty |
(2,081) |
|
(1,947) |
Cash generated from (used in) operations |
10,085 |
|
(1,613) |
Interest expense and tax paid, net |
(5,331) |
|
(3,903) |
Net cash generated from (used in) operating activities |
4,754 |
|
(5,516) |
Cash flows from investing activities |
|
|
|
Payments for property, plant and equipment, net |
(45,139) |
|
(50,555) |
Increase in refundable deposits |
(442) |
|
— |
Payments for acquisitions of investments accounted for using equity |
— |
|
(16,351) |
Payments of intangible assets, net |
(62) |
|
(80) |
Increase in other financial assets |
(286) |
|
(135) |
Net cash used in investing activities |
(45,929) |
|
(67,121) |
Cash flows from financing activities |
|
|
|
Proceeds from borrowings |
33,826 |
|
35,148 |
Repayments of borrowings |
(29,778) |
|
(44,380) |
Proceed from issuance of shares3 |
75,000 |
|
22 |
Guarantee deposits refund |
(167) |
|
(27) |
Repayment of the principal portion of lease liabilities |
(6,415) |
|
(6,285) |
Net cash generated from (used in) financing activities |
72,466 |
|
(15,522) |
Effect of exchange rate changes on cash and cash equivalents |
(8,290) |
|
(3,903) |
Net increase (decrease) in cash and cash equivalents |
23,001 |
|
(92,062) |
Cash and cash equivalents at the beginning of the period |
173,885 |
|
236,100 |
Cash and cash equivalents at the end of the period |
$ 196,886 |
|
$ 144,038 |
GOGORO INC. |
|||||||||
Condensed Consolidated Statements of Changes in Equity |
|||||||||
(unaudited) |
|||||||||
(in thousands of U.S. dollars) |
|||||||||
|
|||||||||
|
Ordinary |
|
Capital |
|
Accumulated |
|
Exchange |
|
Total Equity |
Balance as of |
$ 24 |
|
$ 669,912 |
|
$ (425,978) |
|
$ 4,729 |
|
$ 248,687 |
Net loss for the six months ended |
— |
|
— |
|
(33,182) |
|
— |
|
(33,182) |
Other comprehensive loss for the six |
— |
|
|
|
|
|
(11,026) |
|
(11,026) |
Changes in percentage of ownership interest |
— |
|
1,496 |
|
— |
|
— |
|
1,496 |
Issuance of ordinary shares3 |
5 |
|
50,817 |
|
— |
|
— |
|
50,822 |
Shared-based compensation |
— |
|
7,419 |
|
— |
|
— |
|
7,419 |
Balance as of |
$ 29 |
|
$ 729,644 |
|
$ (459,160) |
|
$ (6,297) |
|
$ 264,216 |
GOGORO INC. |
|||||||||||
Reconciliation of IFRS Financial Metrics to Non-IFRS |
|||||||||||
(unaudited) |
|||||||||||
(in thousands of U.S. dollars) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
|
|
|
||||||
|
2024 |
|
2023 |
|
IFRS |
|
Revenue |
||||
Operating revenues: |
IFRS revenue |
|
FX effect |
|
Revenue |
|
IFRS revenue |
|
|
||
Sales of hardware and |
$ 46,282 |
|
$ 2,367 |
|
$ 48,649 |
|
$ 53,908 |
|
(14.1) % |
|
(9.8) % |
Battery swapping |
34,662 |
|
1,848 |
|
36,510 |
|
33,339 |
|
4.0 % |
|
9.5 % |
Total |
$ 80,944 |
|
$ 4,215 |
|
$ 85,159 |
|
$ 87,247 |
|
(7.2) % |
|
(2.4) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
||||||
|
2024 |
|
2023 |
|
IFRS |
|
Revenue |
||||
Operating revenues: |
IFRS revenue |
|
FX effect |
|
Revenue |
|
IFRS revenue |
|
|
||
Sales of hardware and |
$ 83,540 |
|
$ 3,651 |
|
$ 87,191 |
|
$ 100,964 |
|
(17.3) % |
|
(13.6) % |
Battery swapping |
67,115 |
|
2,995 |
|
70,110 |
|
65,602 |
|
2.3 % |
|
6.9 % |
Total |
$ 150,655 |
|
$ 6,646 |
|
$ 157,301 |
|
$ 166,566 |
|
(9.6) % |
|
(5.6) % |
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Gross profit and gross margin |
$ 4,172 |
5.2 % |
|
$ 13,300 |
15.2 % |
|
$ 8,645 |
5.7 % |
|
$ 23,561 |
14.1 % |
Share-based compensation |
320 |
|
|
655 |
|
|
602 |
|
|
1,265 |
|
Battery upgrade initiatives |
6,032 |
|
|
— |
|
|
8,866 |
|
|
— |
|
Battery swapping service rebate |
— |
|
|
— |
|
|
1,661 |
|
|
— |
|
Non-IFRS gross profit and gross margin |
$ 10,524 |
13.0 % |
|
$ 13,955 |
16.0 % |
|
$ 19,774 |
13.1 % |
|
$ 24,826 |
14.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net loss |
$ (20,055) |
|
$ (5,624) |
|
$ (33,182) |
|
$ (46,244) |
||||
Share-based compensation |
4,041 |
|
7,132 |
|
7,419 |
|
13,298 |
||||
Change in fair value of financial liabilities |
(6,352) |
|
(15,603) |
|
(19,550) |
|
2,910 |
||||
Battery upgrade initiatives |
6,032 |
|
— |
|
8,866 |
|
— |
||||
Battery swapping service rebate |
— |
|
— |
|
1,661 |
|
— |
||||
Non-IFRS net loss |
$ (16,334) |
|
$ (14,095) |
|
$ (34,786) |
|
$ (30,036) |
||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net loss |
$ (20,055) |
|
$ (5,624) |
|
$ (33,182) |
|
$ (46,244) |
||||
Interest expense, net |
2,516 |
|
2,164 |
|
5,244 |
|
4,061 |
||||
Depreciation and amortization |
25,370 |
|
24,804 |
|
50,050 |
|
49,479 |
||||
EBITDA |
7,831 |
|
21,344 |
|
22,112 |
|
7,296 |
||||
Share-based compensation |
4,041 |
|
7,132 |
|
7,419 |
|
13,298 |
||||
Change in fair value of financial liabilities |
(6,352) |
|
(15,603) |
|
(19,550) |
|
2,910 |
||||
Battery upgrade initiatives |
6,032 |
|
— |
|
8,866 |
|
— |
||||
Battery swapping service rebate |
— |
|
— |
|
1,661 |
|
— |
||||
Adjusted EBITDA |
$ 11,552 |
|
$ 12,873 |
|
$ 20,508 |
|
$ 23,504 |
____________________ |
||
1 |
This is a non-IFRS measure, see Use of Non-IFRS Financial Measures for a description of the non-IFRS measures and Reconciliation of IFRS Financial Metrics to Non-IFRS for a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures. |
|
2 |
On |
|
3 |
|
|
|
(i) |
Pursuant to the agreement with Gold Sino, |
|
(ii) |
Pursuant to the agreement with Castrol, |
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SOURCE