Rakon Limited Interim Report (Half Year 2018)

Rakon Limited Interim Report
September 2017
50
1967

2017
50 YEARS OF INNOVATION

1
Table of Contents
Unaudited Consolidated Interim Statement of Comprehensive Income __________________________________ 1
Unaudited Consolidated Interim Statement of Changes in Equity _______________________________________ 2
Unaudited Consolidated Interim Balance Sheet ______________________________________________________ 3
Unaudited Consolidated Interim Statement of Cash Flows _____________________________________________ 4
Notes to the Unaudited Consolidated Interim Financial Statements _____________________________________ 6
Directory ____________________________________________________________________________________ 14

1
1
Table of Contents
Unaudited Consolidated Interim Statement of Comprehensive Income __________________________________ 1
Unaudited Consolidated Interim Statement of Changes in Equity _______________________________________ 2
Unaudited Consolidated Interim Balance Sheet ______________________________________________________ 3
Unaudited Consolidated Interim Statement of Cash Flows _____________________________________________ 4
Notes to the Unaudited Consolidated Interim Financial Statements _____________________________________ 6
Directory ____________________________________________________________________________________ 14
2
Unaudited Consolidated Interim Statement of Comprehensive Income
For the period ended 30 September 2017


The accompanying notes form an integral part of these financial statements.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Note $000s$000s$000s
Continuing operations
RevenueB3 b)48,27845,95794,738
Cost of sales(28,137)(29,282)(61,063)
Gross profit20,14116,67533,675
Other operating incomeB5 b)68814,363
Operating expensesB4(19,490)(20,672)(41,888)
Other gains/(losses) – net492(215)439
Impairment--(6,594)
Operating profit/(loss)1,831(4,211)(10,005)
Finance income-23
Finance costs(227)(689)(1,435)
Share of losses of associates and joint ventureB8 b)(543)(531)(2,054)
Profit/(loss) before income tax1,061(5,429)(13,491)
Income tax expense(153)(269)(67)
Net profit/(loss) for the period908(5,698)(13,558)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
(Decrease)/increase in fair value cash flow hedges(313)9861,018
Increase/(decrease) in fair value currency translation differences1,467(3,943)(3,567)
Income tax credit/(expense) relating to components of other
comprehensive income
88(276)40
Other comprehensive income/(losses) for the period, net of tax 1,242(3,233)(2,509)
Total comprehensive income/(losses) for the period2,150(8,931)(16,067)
Profit/(loss) attributable to equity holders of the Company908(5,698)(13,558)
Total comprehensive profit/(loss) attributable to equity holders of the
Company
2,150(8,931)(16,067)
Earnings per share for profit/(loss) attributable to the equity holders of
the Company from continuing operations
CentsCentsCents
Basic earnings/(losses) per share0.4 (3.0) (6.9)
Diluted earnings/(losses) per share0.4 (2.9) (6.8)

2
3
Unaudited Consolidated Interim Statement of Changes in Equity
For the period ended 30 September 2017


The accompanying notes form an integral part of these financial statements.
Share c apital
Retained
earningsOther reservesTotal equity
$000s$000s$000s$000s
Balance at 31 March 2016
173,881 (69,660) (20,793) 83,428
Net loss after tax for the half year ended 30 September 2016
- (5,698) - (5,698)
Currency translation differences
- - (3,943) (3,943)
Cash flow hedges, net of tax
- - 710 710
Total comprehensive income for the half year
- (5,698) (3,233) (8,931)
Employee share schemes
Value of employee services
- - 29 29
Balance at 30 September 2016
173,881 (75,358) (23,997) 74,526
Net loss after tax for the half year ended 31 March 2017
- (7,860) - (7,860)
Currency translation differences
- - 376 376
Cash flow hedges, net of tax
- - 348 348
Total comprehensive income for the half year
- (7,860) 724 (7,136)
Contribution of equity, net of transaction costs
7,154 - - 7,154
Employee share schemes
Value of employee services
- - 13 13
Balance at 31 March 2017
181,035 (83,218) (23,260) 74,557
Net profit after tax for the half year ended 30 September
2017
- 908 - 908
Contribution of equity, transaction cost
(11) - - (11)
Currency translation differences
- - 1,467 1,467
Cash flow hedges, net of tax
- - (225) (225)
Total comprehensive loss for the half year
(11) 908 1,242 2,139
Employee share schemes
Value of employee services
- - 8 8
Balance at 30 September 2017
181,024 (82,310) (22,010) 76,704
4
Unaudited Consolidated Interim Balance Sheet
As at 30 September 2017

The accompanying notes form an integral part of these financial statements.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Note$000s$000s$000s
Asse ts
Curre nt asse ts
Cash and cash equivalents3,5663,1113,305
Trade and other receivables22,82426,50628,249
Assets classified as held for saleB6 b)2,090-1,969
Derivatives – held for trading65-2
Derivatives – cash flow hedges676334179
Inventories26,28129,07824,286
Current income tax asset104796
Total current assets55,51259,07658,086
Non-current assets
Derivatives – cash flow hedges673-115
Trade and other receivables2,1661,8121,365
Property, plant and equipment11,11316,03812,745
Intangible assets10,78013,1169,467
Investment in associates B8 b)11,60213,52812,004
Interest in joint ventureB8 b)3,4516,3513,722
Deferred tax asset6,5606,4716,692
Total non-current assets46,34557,31646,110
Total asse ts101,857116,392104,196
Liabilities
Current liabilities
Bank overdraftB7 b)1,3623,7993,229
BorrowingsB7 b)2,52618,9214,530
Trade and other payables15,65215,35615,246
Derivatives – held for trading--1
Derivatives – cash flow hedges168418225
Provisions464639910
Deferred revenueB5 b)1,847-2,534
Current income tax liability-134-
Total current liabilities22,01939,26726,675
Non-current liabilities
Derivatives – cash flow hedges159--
BorrowingsB7 b)196431
Provisions2,9222,1202,909
Deferred tax liabilities3441524
Total non-current liabilities3,1342,5992,964
Total liabilities25,15341,86629,639
Ne t asse ts76,70474,52674,557
Equity
Share capital181,024173,881181,035
Other reserves(22,010)(23,997)(23,260)
Accumulated losses(82,310)(75,358)(83,218)
Total equity76,70474,52674,557

3
4
Unaudited Consolidated Interim Balance Sheet
As at 30 September 2017

The accompanying notes form an integral part of these financial statements.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Note$000s$000s$000s
Asse ts
Curre nt asse ts
Cash and cash equivalents3,5663,1113,305
Trade and other receivables22,82426,50628,249
Assets classified as held for saleB6 b)2,090-1,969
Derivatives – held for trading65-2
Derivatives – cash flow hedges676334179
Inventories26,28129,07824,286
Current income tax asset104796
Total current assets55,51259,07658,086
Non-current assets
Derivatives – cash flow hedges673-115
Trade and other receivables2,1661,8121,365
Property, plant and equipment11,11316,03812,745
Intangible assets10,78013,1169,467
Investment in associates B8 b)11,60213,52812,004
Interest in joint ventureB8 b)3,4516,3513,722
Deferred tax asset6,5606,4716,692
Total non-current assets46,34557,31646,110
Total asse ts101,857116,392104,196
Liabilities
Current liabilities
Bank overdraftB7 b)1,3623,7993,229
BorrowingsB7 b)2,52618,9214,530
Trade and other payables15,65215,35615,246
Derivatives – held for trading--1
Derivatives – cash flow hedges168418225
Provisions464639910
Deferred revenueB5 b)1,847-2,534
Current income tax liability-134-
Total current liabilities22,01939,26726,675
Non-current liabilities
Derivatives – cash flow hedges159--
BorrowingsB7 b)196431
Provisions2,9222,1202,909
Deferred tax liabilities3441524
Total non-current liabilities3,1342,5992,964
Total liabilities25,15341,86629,639
Ne t asse ts76,70474,52674,557
Equity
Share capital181,024173,881181,035
Other reserves(22,010)(23,997)(23,260)
Accumulated losses(82,310)(75,358)(83,218)
Total equity76,70474,52674,557

4
5
Unaudited Consolidated Interim Statement of Cash Flows
For the period ended 30 September 2017

The accompanying notes form an integral part of these financial statements.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Note$000s$000s$000s
Operating activities
Cash provided from
Receipts from customers52,12450,10898,179
Income tax refund-389231
R&D grants received1,405-1,327
Siward technology license agreement--6,877
Other income received-141
53,52950,498106,655
Cash was applied to
Payment to suppliers and others(29,622)(28,868)(54,112)
Payment to employees(18,668)(21,313)(41,174)
Interest paid(248)(605)(1,449)
Income tax paid(62)(324)(417)
(48,600)(51,110)(97,152)
Net cash flow from operating activities4,929(612)9,503
Investing activities
Cash was provided from
Sale of property, plant and equipment-168
-168
Cash was applied to
Purchase of property, plant and equipment(255)(838)(2,586)
Purchase of intangibles(688)(861)(1,157)
Investment in shares and associates-(4,629)(4,629)
(943)(6,328)(8,372)
Net cash flow from investing activities(943)(6,312)(8,364)
Financing activities
Cash was provided from
Issuance of share capital--7,195
Proceeds from borrowings-6,9116,911
-6,91114,106
Cash was applied to
Share issuance cost(11)-(41)
Repayment of principal on borrowings(2,016)-(14,411)
Cash was applied to financing activities(2,027)-(14,452)
(2,027)6,911(346)
Net increase/ (decrease) in cash and cash equivalents1,959(13)793
Effects of exchange rate changes on cash and cash equivalents169(114)(156)
Cash and cash equivalents at the beginning of the year76(561)(561)
Cash and cash equivalents at the end of the period2,204(688)76
Composition of cash and cash equivalents
Cash and cash equivalents3,5663,1113,305
Bank overdraftB7 b)(1,362)(3,799)(3,229)
Total cash and cash equivalents2,204(688)76

5
6
Unaudited Consolidated Interim Statement of Cash Flows
For the period ended 30 September 2017


Asset and liabilities arising from financing activities


The accompanying notes form an integral part of these financial statements.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Note$000s$000s$000s
Reconciliation of net profit/(loss) to net cash flows from operating activities
Reported net profit/(loss) after tax908(5,698)(13,558)
Depreciation expense1,3361,7303,491
Amortisation expense9711,0702,118
Impairment--6,594
Increase/(decrease) in estimated doubtful debts7-(69)
Provision for restructure-3223,043
Employee share based expense82942
Movement in foreign currency(16)(476)418
Monetised cash flow hedge, net of tax(941)9801,096
Deferred revenue ̶ Siward technology license agreement(687)-2,534
Share of profit and dividends from joint venture and associates5435312,054
Deferred tax-381294
Loss on disposal of property, plant and equipment12(5)330
Loss on disposal of intangibles---
Total items cash flow adjusted for1,2334,56221,945
Impact of changes in working capital items
Trade and other receivables5,4241,659363
Provision for restructure(420)(307)(2,402)
Inventories(1,995)7525,544
Trade and other payables(307)(1,879)(2,505)
Tax provisions86299116
Total impact of changes in working capital items2,7885241,116
Net cash flow from operating activities4,929(612)9,503
Othe r asse t
Cash/ bank
overdraft
Finance
lease due
within 1
ye ar
Finance
lease due
afte r 1 ye ar
Borrowings
due within
1 ye arTotal
$000s$000s$000s$000s$000s
Reconciliation of changes in asset and liablities arising from
financing activities
Balanc e as at 1 A pril 2 0 1 776(30)(31)(4,500)(4,485)
Ca s h fl ows1,9594122,0003,975
Foreign exchange changes169---169
Balance as at 30 September 20172,204(26)(19)(2,500)(341)
Liabilities from financing activities
Unaudited six months ended 30 September 2017

6
7
Notes to the Unaudited Consolidated Interim Financial Statements
A. General information
Rakon Limited (‘the Company’) and its subsidiaries (‘the Group’) design and manufacture frequency control solutions for a wide range of
applications. Rakon has leading market positions in the supply of crystal oscillators to the telecommunications, global positioning and space
& defence markets. The Company is a limited liability company incorporated and domiciled in New Zealand. It is registered under the
Companies Act 1993 with its registered office at 8 Sylvia Park Road, Mt Wellington, Auckland.
The financial statements of the Group have been presented in New Zealand dollars unless otherwise indicated and have been approved for
issue by Rakon’s Board of Directors (‘the Board’) on 16 November 2017.
B. Calculation of key numbers
B1. Basis of preparation
The Company is registered under the Companies Act 1993 and is a Financial Markets Conduct reporting entity under Part 7 of the Financial
Markets Conduct Act 2013. The interim financial statements of the Group have been prepared in accordance with the requirements of Part
7 of the Financial Markets Conduct Act 2013 and the NZX (Main Board) Listing Rules.
These consolidated interim financial statements for the period ended 30 September 2017 have been prepared in accordance with New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting
Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS.
The consolidated financial statements also comply with International Financial Reporting Standards (IFRS). The Group is a profit-oriented
entity for the purposes of complying with NZ GAAP. These financial statements comprise Rakon and its subsidiaries.
The financial statements have been prepared on a historical cost basis, except for the following:
 available-for-sale financial assets, financial assets and liabilities (including derivative instruments) – measured at fair value, and
 assets held for sale – measured at fair value less cost of disposal.
The preparation of financial statements in accordance with NZ IFRS requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from
these estimates. This interim financial report does not include all the notes of the type normally included in an annual financial report.
Accordingly, this report should be read in conjunction with the annual report for the year ended 31 March 2017 and any public
announcements made by the Company during the interim reporting period. The accounting policies applied are consistent with those of
the annual report for the year ended 31 March 2017. There are no new standards, amendments and interpretations adopted by the Group
as of 1 April 2017.
B2. Segment information
The chief operating decision maker assesses the performance of the operating segments based on a non-GAAP measure of ‘Underlying
EBITDA’ defined as:
“Earnings before interest, tax, depreciation, amortisation, impairment, employee share schemes, non-controlling interests, adjustments for
associates and joint ventures’ share of interest, tax & depreciation, loss on disposal of assets and other cash and non-cash items (Underlying
EBITDA)”, refer note B2 c).
Underlying EBITDA is a non-GAAP measure that has not been presented in accordance with GAAP. The Directors present Underlying EBITDA
as a useful non-GAAP measure to investors, in order to understand the underlying operating performance of the Group and each operating
segment, before the adjustment of specific cash and non-cash items and before cash impacts relating to the capital structure and tax
position. Underlying EBITDA is considered by the Directors to be the closest measure of how each operating segment within the Group is
performing. Management uses the non-GAAP measure of Underlying EBITDA internally, to assess the underlying operating performance of
the Group and each operating segment.
Underlying EBITDA as non-GAAP financial information has been extracted from the financial statements for the period. Except for Underlying
EBITDA, other information provided to the chief operating decision maker is measured in a manner consistent with GAAP. The Directors
provide a reconciliation of Underlying EBITDA to net profit or loss for the period, refer note B2 c).

B2 a) Accounting policy
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been
identified as the Managing Director, Sales and Marketing Director and Chief Financial Officer.

8
B2 b) Segment results


NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Aust ralia ̶
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s32,072-16,206----48,278
I nter -s egment s a l es90-----19109
Segment r evenue32,162-16,206---1948,387
Underlying EBITDA3,953815(1,327)1,389371(1,272)(129)3,800
Depreciation and amortisation1,297251675---842,307
I nc ome ta x (expens e)/c r edi t
-(91)14---(76)(153)
Tota l a s s ets
4
48,2753,16429,8288,7983,4515,6082,733101,857
I nves tment i n a s s oc i a tes---8,798--2,80411,602
Investment in joint venture----3,451--3,451
Additions of property, plant,
equipment and intangibles
690164198----1,052
Total liabilities
5
13,00448211,197---47025,153
NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Australia ̶
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s30,270-15,687----45,957
I nter -s egment s a l es49-----(7)42
Segment r evenue30,319-15,687---(7)45,999
Underlying EBITDA2921,039(1,574)809531(921)471647
Depreciation and amortisation1,756336792---(84)2,800
I nc ome ta x expens e-(136)----(133)(269)
Tota l a s s ets
4
58,7306,88428,9938,2686,3515,2601,906116,392
I nves tment i n a s s oc i a tes---8,268-5,260-13,528
Investment in joint venture----6,351--6,351
Additions of property, plant,
equipment and intangibles
1,208277247----1,732
Total liabilities
5
34,5986597,937---(1,328)41,866
Unaudited six months ended 30 September 2017
Unaudited six months ended 30 September 2016

7
8
B2 b) Segment results



NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Aust ralia ̶
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s32,072-16,206----48,278
I nter -s egment s a l es90-----19109
Segment r evenue32,162-16,206---1948,387
Underlying EBITDA3,953815(1,327)1,389371(1,272)(129)3,800
Depreciation and amortisation1,297251675---842,307
I nc ome ta x (expens e)/c r edi t
-(91)14---(76)(153)
Tota l a s s ets
4
48,2753,16429,8288,7983,4515,6082,733101,857
I nves tment i n a s s oc i a tes---8,798--2,80411,602
Investment in joint venture----3,451--3,451
Additions of property, plant,
equipment and intangibles
690164198----1,052
Total liabilities
5
13,00448211,197---47025,153
NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Australia ̶
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s30,270-15,687----45,957
I nter -s egment s a l es49-----(7)42
Segment r evenue30,319-15,687---(7)45,999
Underlying EBITDA2921,039(1,574)809531(921)471647
Depreciation and amortisation1,756336792---(84)2,800
I nc ome ta x expens e-(136)----(133)(269)
Tota l a s s ets
4
58,7306,88428,9938,2686,3515,2601,906116,392
I nves tment i n a s s oc i a tes---8,268-5,260-13,528
Investment in joint venture----6,351--6,351
Additions of property, plant,
equipment and intangibles
1,208277247----1,732
Total liabilities
5
34,5986597,937---(1,328)41,866
Unaudited six months ended 30 September 2017
Unaudited six months ended 30 September 2016

8
9



1
Includes Rakon Limited’s 40% share of investment in Chengdu Shen-Timemaker Crystal Technology Co. Limited, Chengdu Timemaker
Crystal Technology Co. Limited and Shenzhen Taixiang Wafer Co. Limited, refer note B8.
2
Includes Rakon Limited’s 49% share of investment in Centum Rakon India Private Limited, refer note B8.
3
Includes investments in subsidiaries, Rakon Financial Services Limited, Rakon UK Holdings Limited, Rakon Investment HK Limited, and
Rakon HK Limited.
4
The measure of assets has been disclosed for each reportable segment as it is regularly provided to the chief operating decision maker
and excludes intercompany balances eliminated on consolidation.
5
The measure of liabilities has been disclosed for each reportable segment as it is regularly provided to the chief operating decision maker
and excludes intercompany balances eliminated on consolidation.
6
Includes Rakon Limited’s 33% share of investment in in Thinxtra Pty Limited, refer to note B8 b).
The year to 31 March 2017 includes one off restructure costs in New Zealand of $817,000 and $2,242,000 in France, and income from a
technology license agreement with Siward of $4,343,000 in the New Zealand segment.
B2 c) Reconciliation of Underlying EBITDA to net profit/(loss) for the period



NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Australia -
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s61,297-33,441----94,738
I nter -s egment s a l es111-7---(23)95
Segment r evenue61,408-33,448---(23)94,833
Underlying EBITDA4,5791,952(4,149)1,101956(2,100)1,6934,032
Depreciation and amortisation3,4846381,646---(159)5,609
I mpa i rment789160635-3,164-1,8466,594
I nc ome ta x c r edi t/(expens e)313(264)28---(144)(67)
Tota l a s s ets
4
52,2926,45230,2487,9303,7224,074(522)104,196
I nves tment i n a s s oc i a tes---7,930-4,074-12,004
Investment in joint venture----3,722--3,722
Additions of property, plant,
equipment and intangibles
2,795449569----3,813
Total liabilities
5
18,9184328,241---2,04829,639
Audited year ended 31 March 2017
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Continuing operations$000s$000s$000s
Underlying EBITDA3,8006474,032
Depreciation and amortisation(2,307)(2,800)(5,609)
One off cash gains realised on derivatives closed out941(1,361)(1,096)
Employee share schemes(8)(29)(42)
Finance costs ̶ net(227)(687)(1,432)
Adjustment for associates and joint venture share of interest, tax and
depreciation
(1,032)(980)(2,079)
Impairment--(6,594)
Loss on asset sales/disposal(12)(4)(296)
Other non ̶ cash items(94)(215)(375)
Profit/(loss) before income tax1,061(5,429)(13,491)
Income tax expense(153)(269)(67)
Net profit/(loss) for the period908(5,698)(13,558)
10
B3. Revenue
B3 a) Accounting policy
Revenue comprises the fair value of amounts received and receivable by the Group for goods and services supplied in the ordinary course
of business. Revenue is stated net of goods and services tax (or value added tax) collected from customers. Revenue from the sale of goods
is recognised in the statement of comprehensive income when the significant risks and rewards of ownership have been transferred to the
buyer and the amount can be measured reliably. Revenue from services rendered is recognised in the statement of comprehensive income,
in proportion to the stage of completion of the transaction at the reporting date.
B3 b) Breakdown of revenue by goods and services
Revenue from all sources is as follows:

B3 c) Breakdown of revenue by market segment

Unaudited six
months ended
30 September
2017
$000s
Unaudited six
months ended
30 September
2016
$000s
Audited year
ended 31
March
2017
$000s
Telecommunications 21,657 21,088 42,380
Global Positioning 13,152 11,838 24,142
Space and Defence 10,335 9,596 21,776
Other 3,134 3,435 6,440
Total revenue by market segment 48,278 45,957 94,738
B4. Operating expenses



Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Sales of goods
47,86845,03193,283
Revenue from services
4109261,455
Total revenue48,27845,95794,738
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Operating expense by function
Selling and marketing costs
4,4394,7218,723
Research and development5,2925,6969,947
General and administration9,75910,25523,218
Total operating expenses19,49020,67241,888

9
9



1
Includes Rakon Limited’s 40% share of investment in Chengdu Shen-Timemaker Crystal Technology Co. Limited, Chengdu Timemaker
Crystal Technology Co. Limited and Shenzhen Taixiang Wafer Co. Limited, refer note B8.
2
Includes Rakon Limited’s 49% share of investment in Centum Rakon India Private Limited, refer note B8.
3
Includes investments in subsidiaries, Rakon Financial Services Limited, Rakon UK Holdings Limited, Rakon Investment HK Limited, and
Rakon HK Limited.
4
The measure of assets has been disclosed for each reportable segment as it is regularly provided to the chief operating decision maker
and excludes intercompany balances eliminated on consolidation.
5
The measure of liabilities has been disclosed for each reportable segment as it is regularly provided to the chief operating decision maker
and excludes intercompany balances eliminated on consolidation.
6
Includes Rakon Limited’s 33% share of investment in in Thinxtra Pty Limited, refer to note B8 b).
The year to 31 March 2017 includes one off restructure costs in New Zealand of $817,000 and $2,242,000 in France, and income from a
technology license agreement with Siward of $4,343,000 in the New Zealand segment.
B2 c) Reconciliation of Underlying EBITDA to net profit/(loss) for the period



NZUKFrance
China ̶
T'maker
1
India ̶
Centum
Rakon
2
Australia -
Thinxtra
6
Other
3
Tot al
$000s$000s$000s$000s$000s$000s$000s$000s
Sa l es to exter na l c us tomer s61,297-33,441----94,738
I nter -s egment s a l es111-7---(23)95
Segment r evenue61,408-33,448---(23)94,833
Underlying EBITDA4,5791,952(4,149)1,101956(2,100)1,6934,032
Depreciation and amortisation3,4846381,646---(159)5,609
I mpa i rment789160635-3,164-1,8466,594
I nc ome ta x c r edi t/(expens e)313(264)28---(144)(67)
Tota l a s s ets
4
52,2926,45230,2487,9303,7224,074(522)104,196
I nves tment i n a s s oc i a tes---7,930-4,074-12,004
Investment in joint venture----3,722--3,722
Additions of property, plant,
equipment and intangibles
2,795449569----3,813
Total liabilities
5
18,9184328,241---2,04829,639
Audited year ended 31 March 2017
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Continuing operations$000s$000s$000s
Underlying EBITDA3,8006474,032
Depreciation and amortisation(2,307)(2,800)(5,609)
One off cash gains realised on derivatives closed out941(1,361)(1,096)
Employee share schemes(8)(29)(42)
Finance costs ̶ net(227)(687)(1,432)
Adjustment for associates and joint venture share of interest, tax and
depreciation
(1,032)(980)(2,079)
Impairment--(6,594)
Loss on asset sales/disposal(12)(4)(296)
Other non ̶ cash items(94)(215)(375)
Profit/(loss) before income tax1,061(5,429)(13,491)
Income tax expense(153)(269)(67)
Net profit/(loss) for the period908(5,698)(13,558)
10
B3. Revenue
B3 a) Accounting policy
Revenue comprises the fair value of amounts received and receivable by the Group for goods and services supplied in the ordinary course
of business. Revenue is stated net of goods and services tax (or value added tax) collected from customers. Revenue from the sale of goods
is recognised in the statement of comprehensive income when the significant risks and rewards of ownership have been transferred to the
buyer and the amount can be measured reliably. Revenue from services rendered is recognised in the statement of comprehensive income,
in proportion to the stage of completion of the transaction at the reporting date.
B3 b) Breakdown of revenue by goods and services
Revenue from all sources is as follows:

B3 c) Breakdown of revenue by market segment

Unaudited six
months ended
30 September
2017
$000s
Unaudited six
months ended
30 September
2016
$000s
Audited year
ended 31
March
2017
$000s
Telecommunications 21,657 21,088 42,380
Global Positioning 13,152 11,838 24,142
Space and Defence 10,335 9,596 21,776
Other 3,134 3,435 6,440
Total revenue by market segment 48,278 45,957 94,738
B4. Operating expenses



Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Sales of goods
47,86845,03193,283
Revenue from services
4109261,455
Total revenue48,27845,95794,738
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Operating expense by function
Selling and marketing costs
4,4394,7218,723
Research and development5,2925,6969,947
General and administration9,75910,25523,218
Total operating expenses19,49020,67241,888

10
11
B5. Other operating income
B5 a) Breakdown of other operating income

B5 b) Investment by Siward Crystal Technology Company Limited (‘Siward’) and attribution of proceeds
Siward is a Taiwan based crystal manufacturer which is listed on the Taiwan Stock Exchange. In February 2017 Siward paid US$10m cash in
return for 38,016,681 new fully paid ordinary shares of Rakon and rights arising from a technology license agreement. Siward has taken up
one new appointment to Rakon’s board. Of the US$10m proceeds, NZ$7.2m was attributed to the new fully paid ordinary shares based on
an independent valuation report. The balance of NZ$6.9m was allocated to the technology license agreement.
The $6.9m attributed to the technology license agreement is recognised as revenue on the basis of the stage of completion of the
transaction. This involves judgement in assigning value to each of the four key technologies to be transferred and allocation of these
between technology transfer and deployment.
During the period a further $687,000 (31 March 2017: $4.34m) is recognised on the basis of further work completed with a remaining
balance at reporting date of $1,847,000 recognised as deferred revenue.
B6. Assets classified as held for sale
B6 a) Accounting policy
Current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than
through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value
less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment
property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement.
An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for
any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously
recognised. A gain or loss not previously recognised by the date of the sale of the current asset is recognised at the date of derecognition.
Current assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the
liabilities of a disposal group classified as held for sale continue to be recognised.
Current assets classified as held for sale are presented separately from the other assets in the balance sheet.
B6 b) Land and buildings at Argenteuil, France

During the year a conditional agreement for the sale of land and buildings at Argenteuil, France was entered into. In March 2017 the
Directors consider the contract was sufficiently progressed to consider the sale highly likely and the land and buildings were reclassified as
held for sale and measured at the lower of their carrying amount and fair value less costs to sell. The fair value of the land was based on the
sale price in the agreement which was higher than the carrying amount, therefore no change to the carrying amount was made. A condition
of the sale is an approved building consent for use on the site, which was not issued as at 30 September 2017.

Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
2017
20162017
$000s$000s$000s
Dividend income111
Other income--
19
Income from technology license agreement with Siward
687-4,343
Total other operating income
68814,363
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Current asset held for sale
Land & building2,090-1,969
2,090-
1,969

11
12
B7. Borrowings
B7 a) Accounting policy
Interest bearing borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest
bearing borrowings are measured at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption
amount, recognised in the statement of comprehensive income over the period of the borrowings, using the effective interest method.
Arrangement fees are amortised over the term of the loan facility.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after reporting date.
B7 b) Breakdown of borrowings

B7 c) Bank borrowings
On 8 May 2017 Rakon renewed its facilities with ASB maintaining the following lines of credit:
 $6.2m cash advance facility with ASB. The interest rate is reset every 30 – 90 days and interest is payable based on the bank bill
rate for that interest period, the term funding premium and the applicable margin. The drawn down balance at reporting date
was $2.5m and the facility expiry date is May 2018.
 $7.8m overdraft limit. Interest is payable at the ASB Corporate Indicator Rate plus applicable margin.
Facilities are secured by a general security deed over all the present and future assets and undertakings of the Group and the Group has
agreed to certain capital requirements, restrictions on dividend distributions and capital expenditure. The financial covenants include net
tangible assets to total tangible assets, net debt to EBITDA and EBITDA to interest. Interest is based on wholesale market interest rates, a
bank margin and an applicable line fee.
Bank overdrafts and borrowings are secured by first mortgage over all the undertakings of Rakon Limited and any other wholly owned
present and future subsidiaries.
The carrying amount of the Group’s cash advance facility is denominated in NZD.
B8. Interests in associates and joint venture
B8 a) Accounting policy
Associates are entities over which the Group has significant influence but not control, generally accompanying a shareholding of between
20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially
recognised at cost.
Joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and
obligations of each investor, rather than the legal structure of the joint arrangement. The Group’s joint venture is accounted for using the
equity method.
Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s
share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive
income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity-accounted investment equals or
exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless
it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its
associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have
been changed where necessary to ensure consistency with the policies adopted by the Group.
Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
$000s$000s$000s
Current
Obligations under finance lease
261030
Bank overdrafts1,362
3,7993,229
Bank borrowings
2,50018,9114,500
Current borrowings3,88822,7207,759
Non-current
Obligations under finance lease196431
Non-current borrowings196431

12
13
B8 b) Breakdown of associates and joint venture
Set out below are the associates and joint venture of the Group. The entities listed below have share capital consisting solely of ordinary
shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the
proportion of ownership interest is the same as the proportion of voting rights held.


1
The Group has a 40% interest in three related companies: Chengdu Shen-Timemaker Crystal Technology Co. Limited, Chengdu Timemaker
Crystal Technology Co. Limited and Shenzhen Taixiang Wafer Co. Limited, which provide products and services to the frequency control
products industry.
2
The Group has a 49% interest in Centum Rakon India Private Limited (‘CRI’), a joint venture which provides products and services to the
frequency control industry.
3
The Group has a 33% interest in Thinxtra Pty Limited (‘Thinxtra'), an 'Internet of Things' business, refer note B8 c).
B8 c) Investment in Thinxtra
Thinxtra Pty Limited (‘Thinxtra') is an 'Internet of Things' (or ‘IoT’) business that started in 2016. Thinxtra's focus is on establishing an IoT
network in Australia, New Zealand and Hong Kong and providing products, services and solutions enabling connectivity of devices to the
network. Thinxtra’s business model is based on subscription for access to the network, platform solutions and the sale of IoT products.
Further information is available at www.thinxtra.com.
During the period Rakon’s shareholding reduced from 42.3 % to 33% as Thinxtra continued to raise capital with new shares being issued.
The Directors have concluded that Rakon does not have control over Thinxtra and continues to be accounted for as an associate. See also
note B10.
The Group commenced equity accounting its investment in Thinxtra from December 2015.

Unaudited sixUnaudited sixAudited year
months endedmonths endedended
30 September30 September31 March
201720162017
Chengdu Shen-Timemaker Crystal
Technology Co. Ltd
1
AssociateChina - 40%40%
Chengdu Timemaker Crystal
Technology Co. Ltd
1
AssociateChina40%40%40%
Shenzhen Taixiang Wafer Co. Ltd
1
AssociateChina40%40%40%
Thinxtra Pty Limited
3
AssociateAustralia33%46%42%
Centum Rakon India Private Ltd
2
Joint
venture
India49%49%49%
Unaudited sixUnaudited sixAudited yearUnaudited sixUnaudited sixAudited year
months endedmonths endedendedmonths endedmonths endedended
30 September30 September31 March
30 September30 September31 March
201720162017201720162017
$000s$000s$000s$000s$000s$000s
Chengdu Shen-Timemaker Crystal
Technology Co. Limited
1
- 6,2195,370
Chengdu Timemaker Crystal
Technology Co. Limited
1
8,3831,6472,157
Shenzhen Taixiang Wafer Co. Limited
1
416402
403
Total Timemaker Group8,7998,2687,93076943324
Thinxtra Pty Limited
3
2,8035,2604,074
(1,271)(938)(2,123)
Total c arrying amount of assoc iate s11,60213,52812,004(502)(505)(2,099)
Centum Rakon India Private Limited
2
3,4516,3513,722(41)
(26)45
Total carrying amount of equity
accounted associates and joint venture
15,05319,87915,726(543)(531)(2,054)
Name of entity
% of ownership interest
Net investment
Equity accounted losses
Country of
incorporation
Nature of
relationship

13
14
B8 d) Investment in Timemaker
In June 2017 Chengdu Shen-Timemaker Crystal Technology Co. Limited and Chengdu Timemaker Crystal Technology Co. Limited were
merged with the merged entity being Chengdu Timemaker Crystal Technology Co. Limited.
B9. Contingencies
It is not anticipated that any material liabilities will arise from the contingent liabilities.
B10. Events after reporting date
B10 a) Partial sale of investment in Thinxtra
On 12 October 2017 the conditional sale of 199,242 shares in Thinxtra was announced for A$3m. After the completion of the sale Rakon
expects to hold 785,407 shares, representing approximately 18.3% – 21.7% depending on the number of share options exercised by other
parties.
There have been no other subsequent events after 30 September 2017.

www.rakon.com
15
Directory
Registered Office
Rakon Limited
8 Sylvia Park Road
Mt Wellington
Auckland 1060
Telephone: +64 9 573 5554
Facsimile: +64 9 573 5559
Website: www.rakon.com
Mailing Address
Rakon Limited
Private Bag 99943
Newmarket
Auckland 1149
Directors
Bruce Irvine
Bryan Mogridge
Keith Oliver
Brent Robinson
Yin Tang Tseng
Lorraine Witten
Principal Lawyers
Bell Gully
PO Box 4199
Shortland Street
Auckland 1140
Auditors
PricewaterhouseCoopers
Private Bag 92162
Auckland 1142
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
Managing Your Shareholding Online:
To change your address, update your payment instructions
and to view your investment portfolio including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Bankers
ASB Bank
PO Box 35
Shortland Street
Auckland 1140
50 YEARS OF INNOVATION

---

2018 Half Year Review
Enabling
Connectivity
50
1967

2017
50 YEARS OF INNOVATION

2018 Half Year Statement of Results
HY2018 Financial Overview
For the six months to 30 September 2017 (HY2018) Rakon
has returned to profit. The company reported an unaudited
net profit after tax of $0.9 million
1
; an improvement from
the $5.7 million net loss after tax reported in the prior
period HY2017 (the six months to 30 September 2016).
Rakon also reported Underlying EBITDA
2
of $3.8 million,
an increase of $3.2 million from HY2017. Revenue of $48.3
million increased 5% (or 7% on a USD currency basis), on
the prior period.
Gross profit of $20.1 million, increased 21% on HY2017
due to revenue growth and changes in product mix. Gross
margin percentage increased to 42%, up from 36% in
HY2017. Also included in the result was a release of $0.7
million in deferred revenue from the technology license
agreement with Siward Crystal Technology Co. Limited
(‘Siward’), which was put in place at the end of FY2017.
Operating expenses decreased by $1.2 million – a
particularly satisfying result, given the work that has gone
into improving our operational structure in recent years.
Finance costs were down by $0.5 million on HY2017, the
result of lower debt levels. Overall, the company generated
positive operating cash flow of $4.9 million for the half
year, which has allowed us to further reduce net debt to
$0.3 million. The company is expecting to turn to a net
positive cash position in the coming six months.
Operational Overview
The relationship between Rakon and Siward has continued
to strengthen and develop. We have made good progress
on the technology license transfer, which covers
technology originally developed for the smartphone market
and some Global Navigation Satellite System (GNSS)
products. Siward also manufactures a wide range of clock
crystals and oscillator products, which complement the
products Rakon produces for our Tier One customers and
will generate growth opportunities and other benefits
for both Rakon and Siward. Progress also continued on a
combined Rakon and Siward contract manufacturing and
Original Design Manufacturer (ODM) offering; this is on
track for release in FY2019.
Rakon continued its focus on technology development
with the release of two world-first product platforms,
which are attracting strong interest from customers. These
TCXOs
3
and OCXOs
4
are market-leading in size, cost and
performance and are now being sampled into high speed
networks and 5G applications.
Market Update
Rakon achieved modest revenue growth across all of its key
market segments – telecommunications, global positioning
and space & defence.
Telecommunications The company has continued to
position itself for the future with strong sampling of two
new product platforms that can lead customers’ next
generation technology requirements.
Mobile base station revenue continued on from the final
quarter of FY2017 with a stronger run rate in the first quarter
of the current year; however this eased in Q2.
Data centre demand, in particular the growing requirement
for time synchronisation in data centres, contributed strongly
to an improved performance in HY2018. As applications
move into the cloud, the need for extremely accurate timing
increases. Rakon’s telecom OCXOs are accurate to within
1.5 microseconds (1 second = 1 million microseconds).
We expect demand in the US and Europe to remain flat
during the coming three months, with a small upside
forecast for the final quarter of the current year. Further
upside in the developing regions, is dependent on the timing
of when a major operator in India is expected to release new
equipment contracts.
Global Positioning Revenue from global positioning was
up 13% from HY2017. The high volume GNSS module
business remained strong with good volumes, especially
in Europe. Growth also continued in the higher margin
industrial markets such as agriculture, surveying and
avionics.
Current run rates and forecasts support the view that this
market is returning to growth after years of decline, resulting
from smartphones cannibalising the market for traditional
personal navigation devices.
Space and Defence Overall space and defence revenue
is up 8% from the prior period, largely driven by improved
sales of New Zealand-manufactured products into the US
defence market.
Delivery of open orders from France will generate higher
revenue from the defence market in the second half of the
current year.
In the space market, US demand is expected to drive
further growth – in particular, strong interest has been
expressed in a new ultra-miniature, light-weight, ultra-
stable OCXO.
Emerging and Other Markets New applications for the
Internet of Things (IoT) continue to drive considerable
activity in this market; however, volumes remain small.
As trials conclude and deployment increases, we expect
demand to grow, but this is unlikely to occur to any great
extent in the current year.
Update on Joint Ventures and Associates
Centum Rakon India
Rakon has a 49% joint venture interest in Centum
Rakon India (CRI). This company, which manufactures
our discrete OCXO products, has performed below
expectations. Focus continues on improving the profit
contribution from this company.
Thinxtra
Thinxtra completed a successful Series B capital raising
(A$20 million) at a significant premium to the price
Rakon paid for our investment. With the capital raise
oversubscribed, Rakon took the opportunity to do a partial
share sale that will generate a total consideration of A$3.0
million and a profit before costs of A$1.8 million on our
initial investment. The gain will be included in the second
half FY2018 result.
The sale of Thinxtra shares was completed at an average
price of A$15.05, an excellent return on the original
investment of A$5.86 per share. Following the completion
of the capital raise in Q3, Rakon will hold 785,407 shares in
Thinxtra. Once all options are exercised this will equate to a
shareholding of around 18%.
The Directors will consider in the second half whether
Rakon’s investment in Thinxtra will be fair value accounted
for reporting purposes.
1
All amounts in this document are in NZ $ unless otherwise specified.
2
Disclosure of Non-GA AP Financial Information. Rakon has used ‘Underlying EBITDA’ as
a measure of non-GA AP financial information in this 2018 Half Year Review document and it is
defined as: “earnings before interest, tax, depreciation, amortisation, impairment, employee
share schemes, non-controlling interests, adjustments for associates and joint ventures’ share
of interest, tax & depreciation, loss on disposal of assets and other cash and non-cash items
(Underlying EBITDA).”
Underlying EBITDA is a non-GA AP measure that has not been presented in accordance with GA AP.
The Directors present Underlying EBITDA as a useful non-GA AP measure to investors, in order
to understand the underlying operating performance of the Group and each operating segment,
before the adjustment of specific non-cash charges and before cash impacts relating to the
capital structure and tax position. Underlying EBITDA is considered by the Directors to be the
Bryan Mogridge
Chairman
Brent Robinson
CEO / Managing Director
Half Year 2018
Performance Key Points
• Net profit after tax of $0.9 million vs. net loss of
$5.7 million in HY2017.
• Revenue up 5% on HY2017; All key market
segments showing growth vs. HY2017.
• Strong positive operating cash flow of $4.9 million.
• Closing net debt of $0.3 million, reduced from $19.7
million at HY2017 and $4.5 million at FY2017.
• New world-first product platforms market-leading
in size, cost and performance; now sampled into
high speed networks and 5G applications.
closest measure of how each operating segment within the Group is performing. Management
uses the non-GA AP measure of Underlying EBITDA internally, to assess the underlying operating
performance of the Group and each operating segment.
The use of Underlying EBITDA in this document for the half year of F Y2018 has been extracted from
unaudited financial statements. The use of Underlying EBITDA in this document for F Y2017 has
been extracted from audited financial statements. This document should be read in conjunction
with the Rakon Limited Interim Report September 2017. A detailed reconciliation of Underlying
EBITDA to net profit after tax is contained at note B2 c) (Segment information) of the financial
statements.
3
TCXO Temperature Compensated Crystal Oscillator.
4
OCXO Oven Controlled Crystal Oscillator.
Timemaker
The Timemaker group of companies has had a good
turnaround in the past 18 months, which has contributed to
Rakon’s profit. Timemaker has reached scale at two times
the size of any of its competitors and now is regarded as
very competitive globally.
Timemaker opened another factory in Sichuan, China to
expand manufacturing for crystal blanks in readiness for
expected growth.
Outlook
Rakon expects improved earnings for the second half of
the current year, generated by increased revenues and the
gain from the partial sale of our shareholding in Thinxtra.
Revenue growth is expected to come from the phased
delivery of space and defence orders.
The company expects to report full year Underlying
EBITDA of between NZ$10.7 million and NZ$12.7 million.
2
RAKON 2018 HALF YEAR REVIEW
3

Summary of Revenue and Profit/(Loss)
Six months ended
30 September 2017
$000s
Six months ended
30 September 2016
$000s
Year ended
31 March 2017
$000s
Revenue48,27845,95794,738
Underlying EBITDA
1
3,8006474,032
Depreciation and amortisation(2,307)(2,800)(5,609)
One off cash gains realised on derivatives closed out9 41(1,361)(1,09 6 )
Interest(227)(687)(1,4 32)
Adjustment for associates and joint venture share of interest,
tax and depreciation
(1,032)(980)(2,079)
Impairment––(6,594)
Other non-cash items( 114 )(248)(713 )
Income tax credit/(expense)(153 )(269)(67)
Net profit/(loss) for the period908(5,698)(13,558)
1
Refer to page 2 for explanation of Underlying EBITDA.
Summary Statement of Cash Flows
Six months ended
30 September 2017
$000s
Six months ended
30 September 2016
$000s
Year ended
31 March 2017
$000s
Net cash flow:
– Operating activities4,929( 612 )9,503
– Investing activities(943)( 6,312 )(8,364)
– Financing activities(2,027)6,911(346)
Net increase/(decrease) in cash and cash equivalents1,959(13)793
Foreign currency translation adjustment169( 114 )(156 )
Cash and cash equivalents at the beginning of the period76(561)(561)
Cash and cash equivalents at the end of the period2,204(688)76
Balance Sheets
As at
30 September 2017
$000s
As at
30 September 2016
$000s
As at
31 March 2017
$000s
Current assets55,51259,07658,086
Non-current assets46,3455 7, 3164 6 ,110
Total assets101,857116, 39210 4,19 6
Current liabilities22,01939,26726,675
Non-current liabilities3 ,13 42,5992,964
Total liabilities2 5,15 341,86629,639
Net assets76,70474,52674,557
Equity76,70474,52674,557
Total equity76,70474,52674,557
2018 Half Year Financial Summary
4
RAKON 2018 HALF YEAR REVIEW