OIO Group 6-K, filed Sep 23, 2024

OIO Group (OIO)

6-K 2024-09-23 For: 2024-09-23

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Added on April 05, 2026

About this 6-K

OIO Group filed this 6-K on September 23, 2024.

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Exhibit No.		Description

99.1		Press Release dated September 20, 2024.

		ESGL Holdings Limited

		By:	/s/ Ho Shian Ching
		Name:	Ho Shian Ching
		Title:	Chief Financial Officer

Dated:	September 23, 2024

●	First-Time Subsidiary Profitability: ESGL’s operating subsidiary posted its first-ever profitable half-year, a significant milestone compared to the loss recorded in first half of 2023.
●	Revenue Growth: Revenue for the first half of 2024 increased to US$3.49 million, a 2.8% improvement from the prior year, despite regulatory challenges and volatility in waste volumes.
●	Significant Reduction in Losses: Loss before taxation improved by 45.3%, reduced from US$590,000 in the first half of 2023 to US$322,000, driven by strict cost management and operational efficiencies.
●	Logistics Cost Savings: Logistics costs were reduced by US$527,000, a 66.6% decrease year-on-year, significantly improving the Company’s cost base.

●	Solid Waste Thermal Processing Solutions: Revenue grew by 8.15%, underpinned by the collection of new waste types and the expansion of the Company’s customer base.
●	Liquid Waste Synthesis Solutions: Revenue in this segment declined by 45.8% due to the regulatory impact on a key customer. However, the Company expects recovery in the second half of 2024.
●	Circular Products Sales: Sales declined by 39.1% due to lower demand for base metals, though the Company remains optimistic about improving market conditions.
●	Other Income: Foreign exchange gains contributed to a US$93,000 increase in other income, reflecting favorable currency movements.

	June 30, 2024			December 31, 2023
	US$			US$
ASSETS
Current assets
Cash and cash equivalents		256,501			366,761
Trade and other receivables		985,951			1,032,522
Prepaid forward purchase agreement		-			969
Inventories		78,682			64,184
		1,321,134			1,464,436
Non-current assets
Property, plant and equipment, net		21,043,668			21,786,365
Intangible assets, net		2,475,974			2,381,465
		23,519,642			24,167,830

Total assets		24,840,776			25,632,266

LIABILITIES
Current liabilities
Trade and other payables		5,503,478			6,560,559
Lease liabilities		149,516			192,282
Borrowings		4,672,286			5,666,160
Deferred underwriting fee payable		2,153,125			2,753,125
Tax liabilities		203,020			56,540
		12,681,425			15,228,666

Non-current liabilities
Lease liabilities (non-current)		1,852,343			1,974,524
Borrowings (non-current)		-			112,319
Deferred tax liabilities		298,000			296,000
		2,150,343			2,382,843

Total liabilities		14,831,768			17,611,509

Net assets		10,009,008			8,020,757

EQUITY
Share Capital		11,892			10,892
Accumulated losses		(100,457,352	)		(99,985,928	)
Other reserves		3,422,799			3,422,799
Share premium reserve		92,183,727			89,725,052
Exchange Reserves		(123,198	)		(123,198	)
Revaluation Surplus		14,971,140			14,971,140
Total equity		10,009,008			8,020,757

	June 30, 2024			June 30, 2023
	US$			US$
Revenue		3,487,879			3,394,313

Other income		282,213			189,335

Cost of inventory		(78,366	)		(407,291	)

Logistics costs		(264,638	)		(792,079	)

Depreciation of property, plant and equipment		(781,394	)		(758,519	)

Amortization of intangible assets		(559,340	)		(426,515	)

Employee benefits expense		(878,320	)		(639,060	)

Finance expense		(147,128	)		(158,912	)

Other operating expenses		(1,383,850	)		(991,526	)
Loss before income tax		(322,944	)		(590,254	)

Income tax expense		(148,480	)		(39,000	)

Net loss and comprehensive loss		(471,424	)		(629,254	)

Loss per share		(0.03	)		(0.10	)
Weighted average number of shares		14,000,514			6,378,267

	Share capital		Revaluation reserve		Exchange reserve			Share premium reserve		Other reserve		Accumulated losses			Total equity
	US$		US$		US$			US$		US$		US$			US$
2023
Beginning of financial year		10,000		15,157,824		(460,481	)		-		3,422,799		(5,006,590	)		13,123,552
Issuance of new shares		3		-		-			753,587		-		-			753,590
Loss for the year		-		-		-			-		-		(629,254	)		(629,254	)
Balance as of June 30, 2023		10,003		15,157,824		(460,481	)		753,587		3,422,799		(5,635,844	)		13,247,888

2024
Beginning of financial year		10,892		14,971,140		(123,198	)		89,725,052		3,422,799		(99,985,928	)		8,020,757
Issuance of new shares		1,000		-		-			2,458,675		-		-			2,459,675
Loss for the year		-		-		-			-		-		(471,424	)		(471,424	)
Balance as of June 30, 2024		11,892		14,971,140		(123,198	)		92,183,727		3,422,799		(100,457,352	)		10,009,008

	June 30, 2024			June 30, 2023
	US$			US$
Cash flows from operating activities
Loss before income tax		(322,944	)		(590,254	)

Adjustments for:
- Prepaid forward purchase agreement written-off		969			-
- Depreciation of property, plant and equipment		781,394			758,519
- Amortisation of intangible assets		559,340			426,515
- Interest income		(3	)		(12,002	)
- Interest expense		147,128			158,912
- Loss/(gain) on disposal of property, plant and equipment		-			1,795
- Foreign exchange adjustment		(191,391	)		312,051
		974,493			1,055,536
Changes in operating assets and liabilities:
- Trade and other receivables		40,746			(687,016	)
- Inventories		(14,498	)		153,252
- Trade and other payables		(1,043,521	)		167,205
Net cash (used in)/generated from operating activities		(42,780	)		688,977

Cash flows from investing activities
Purchase of property, plant and equipment		(38,697	)		(115,334	)
Proceeds from disposal of property, plant and equipment		-			1,352
Additions to intangible assets		(653,849	)		(633,912	)
Interest received		3			12,002
Net cash used in investing activities		(692,543	)		(735,892	)

Cash flows from financing activities
Proceeds from bank borrowings		747,197			2,246,518
Repayment of bank borrowings		(1,691,453	)		(1,831,341	)
Shares issuance		2,459,675			753,590
Repayment of underwriting fees		(600,000	)		-
Repayments of lease liabilities		(143,228	)		(57,718	)
Interest paid		(147,128	)		(158,912	)
Net cash provided by provided by financing activities		625,063			952,137

Net (decrease)/increase in cash and bank balances		(110,260	)		905,222

Cash and cash equivalents
Beginning of the financial year		366,761			252,399
End of the financial periods		256,501			1,157,621

1.	General information

	ESGL Holdings Limited

	ESGL Holdings Limited (“ESGL” or the “Company”) was incorporated in the Cayman Islands on November 18, 2022. Following the successful completion of a business combination on August 3, 2023 (the “Business Combination”), ESGL listed on Nasdaq and became a publicly traded company. ESGL’s stock commenced trading August 4, 2023.

	ESGL’s subsidiaries are as follows:

	Environmental Solutions Group Holdings Limited (“ESGH”)

	Environmental Solutions Group Holdings Limited is a holding company incorporated under the laws of the Cayman Islands as an exempted company with limited liability on June 14, 2022. The address of its registered office is 71 Fort Street, PO Box 500, George Town, Grand Cayman, KY1-1106, Cayman Islands. As a holding company with no material operations of its own, ESGH conducts all of its operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd.

	Environmental Solutions Asia Holdings Limited (“ESAH”)

	ESAH, a wholly-owned subsidiary of the ESGH, was incorporated on June 29, 2022 and domiciled in the British Virgin Islands with its registered office at Mandar House, 3^rd Floor, Johnson’s Ghut, Tortola, British Virgin Islands.

	Environmental Solutions (Asia) Pte. Ltd. (“ESA”)

	ESA was incorporated and domiciled in Singapore, with its registered office at 101 Tuas, South Avenue 2, Singapore 637226. ESA is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies.

	As ESGL, ESGH, ESAH and ESA (collectively the “Group”) were under common control, the Business Combination constituted a reorganization under common control and are required to be retrospectively applied to the consolidated financial statements at their historical amounts. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods. This includes a retrospective presentation for all equity related disclosures, including issued shares, which have been revised to reflect the effects of the reorganization in accordance with International Financial Reporting Standards (“IFRS”) as of June 30, 2024 and 2023.