| Finance income and expense |
8. Finance income and expense
Finance
expenses were $2.3 million in the six months ending December 31, 2023, comprising $2.2 million of interest on a loan with Arowana (AWN).
Other finance charges including audit fees, and interest on other loans and borrowings were more than offset by foreign currency gains
on the loan with AWN, held in the Australian dollar denominated subsidiary, Aevitas O Holdings Pty, Ltd. The finance expense for the
first half of the prior fiscal year of $2.5 million, comprised $2.9 million of interest on the parent company loan with AWN offset by
$0.4 million foreign currency gain on the refinanced parent company loan with AWN, held in the Australian dollar denominated subsidiary,
Aevitas O Holdings Pty, Ltd.
The
components of net finance expense from continuing operations are as follows:
Schedule of finance income and expense
| (US dollars in thousands) | |
2023 | | |
2022 | |
| | |
Six months ended December 31 | |
| (US dollars in thousands) | |
2023 | | |
2022 | |
| Shareholder loan | |
| 2,864 | | |
| 2,233 | |
| Convertible preference shares and loan notes | |
| 159 | | |
| 105 | |
| Debtor invoice financing | |
| 15 | | |
| 143 | |
| Interest on leases | |
| 81 | | |
| 81 | |
| Other finance costs | |
| 14 | | |
| 300 | |
| Foreign exchange | |
| -1,297 | | |
| -395 | |
| Waived dividends and interest on convertible preference shares and loan notes | |
| 462 | | |
| - | |
| Total net finance expenses | |
| 2,298 | | |
| 2,467 | |
|
10. Finance income and expense
Schedule of finance income and expense
| (US dollars in thousands) | |
2023 | | |
2022 | | |
2021 | |
| | |
Year
Ended June 30 | |
| (US dollars in thousands) | |
2023 | | |
2022 | | |
2021 | |
| Finance income | |
| | | |
| | | |
| | |
| Foreign exchange gain | |
| 1,150 | | |
| 173 | | |
| 2,176 | |
| Interest income | |
| 6 | | |
| - | | |
| - | |
| Total finance income | |
| 1,156 | | |
| 173 | | |
| 2,176 | |
| | |
Year
Ended June 30 | |
| (US dollars in thousands) | |
2023 | | |
2022 | | |
2021 | |
| Finance expense | |
| | | |
| | | |
| | |
| Related party loan interest payable | |
| 3,801 | | |
| 3,351 | | |
| 1,986 | |
| Convertible loan notes and preference shares interest payable | |
| 254 | | |
| 217 | | |
| 1,228 | |
| Waived dividends on convertible preference shares | |
| - | | |
| - | | |
| (327 | ) |
| Waived dividends on convertible loan notes | |
| - | | |
| - | | |
| (668 | ) |
| Debtor invoice finance interest payable | |
| 100 | | |
| 24 | | |
| 7 | |
| Lease liability interest payable | |
| 171 | | |
| 133 | | |
| 42 | |
| Bank interest payable | |
| 47 | | |
| 3 | | |
| - | |
| Foreign exchange losses | |
| 2,704 | | |
| 4,709 | | |
| 92 | |
| Other finance costs | |
| 289 | | |
| 167 | | |
| 90 | |
| Total finance expense | |
| 7,366 | | |
| 8,604 | | |
| 2,450 | |
|