Info Aqualung Financial Troubles

[scubadada]

...As for PPS, what do they have that others want, an expired transmitter patent?...

I wouldn't necessarily classify PPS as nonviable. They abandoned the PZ+ as their only decompression algorithm and offer computers running Buhlmann ZH-L16C, the Aqualung i330R and the Apeks DSX. Offering this on other computers in the lineup and on new computers might help. Their transmitter is just fine, nobody else makes it. Many like the design better than the Swift.

We'll all see what unfolds

 

[Pressurehead]

Many like the design better than the Swift.

+1
The silly little screws in the swift I don't like.
OK, back on topic.

 

[iain/hsm]

What about them is attractive? Prior financial data showed Apeks wasn't boosting the bottom line,

I'm not sure how detailed we can discuss this in an open forum. I have tried to steer clear of any private confidential or sensitive information keeping it personal to the sort of level you would see on a Cv.

The only time I have removed a post on the Scubaboard forum (so far) was at the request of the previous CEO Chairman of Aqualung France who incidentally I guessed was reading the forum. It was some years back.

It was regarding a new design for Aqualungs Mil-spec non mag CO2 detector (with additional stuff) for the NATO military rebreather project I was involved with. I posted an edited specification of the design but included detailed photographs of the product. Needless to say I removed it on request immediately.

But if you really want to include Apeks here goes my take.

1. This year 2023 Apeks have had five (5) directors appointments terminated for the UK
2. Please note after this the 25 million euro loan was applied
3. Of the 5 directors gone 4 resigned in April 2023
4. One of the replacement director hired in April 23 he was gone by July
5. For 2021 a total of £ 800,000 in directors dividends were paid out
6. For 2020 it was £850,000
7. The gross profit for Apeks products is 41.73%

The big question your all asking I guess is the money so

8. Turnover 15 million Sterling £15,599,788
9. Cost of sales machine & Import 9 million sterling £9,090,788
10. Gross Profit 6 million £6,509,104
11. Distribution Cost 170 thousand £170,117
12. Admin expenses 6 Million £6.509,104

The assets of the company are
13. Stock around 3 million Chinese imports of stuff in black
14. Debtors (Dive Shops owing) £5 million

and the most reflective figure is cash in the bank

14. Cash at bank and in hand was 220 thousand £224,980

Turnover is split between the UK and overseas
15. UK Turnover 4 million £4.651,050
16. Overseas you lot 10 million £10,948,738

During this time they sold the swimming stuff off for a profit of 1.3 million £1,3000,000 that helped

But with only £224,980 in the bank at the start of January 2022
And two dive shops in the UK going bust owing them around 50 grand each I can detail if required but I think that loan will be very useful. Iain

 

[cerich]

I'm not sure how detailed we can discuss this in an open forum. I have tried to steer clear of any private confidential or sensitive information keeping it personal to the sort of level you would see on a Cv.

The only time I have removed a post on the Scubaboard forum (so far) was at the request of the previous CEO Chairman of Aqualung France who incidentally I guessed was reading the forum. It was some years back.

It was regarding a new design for Aqualungs Mil-spec non mag CO2 detector (with additional stuff) for the NATO military rebreather project I was involved with. I posted an edited specification of the design but included detailed photographs of the product. Needless to say I removed it on request immediately.

But if you really want to include Apeks here goes my take.

1. This year 2023 Apeks have had five (5) directors appointments terminated for the UK
2. Please note after this the 25 million euro loan was applied
3. Of the 5 directors gone 4 resigned in April 2023
4. One of the replacement director hired in April 23 he was gone by July
5. For 2021 a total of £ 800,000 in directors dividends were paid out
6. For 2020 it was £850,000
7. The gross profit for Apeks products is 41.73%

The big question your all asking I guess is the money so

8. Turnover 15 million Sterling £15,599,788
9. Cost of sales machine & Import 9 million sterling £9,090,788
10. Gross Profit 6 million £6,509,104
11. Distribution Cost 170 thousand £170,117
12. Admin expenses 6 Million £6.509,104

The assets of the company are
13. Stock around 3 million Chinese imports of stuff in black
14. Debtors (Dive Shops owing) £5 million

and the most reflective figure is cash in the bank

14. Cash at bank and in hand was 220 thousand £224,980

Turnover is split between the UK and overseas
15. UK Turnover 4 million £4.651,050
16. Overseas you lot 10 million £10,948,738

During this time they sold the swimming stuff off for a profit of 1.3 million £1,3000,000 that helped

But with only £224,980 in the bank at the start of January 2022
And two dive shops in the UK going bust owing them around 50 grand each I can detail if required I think that loan will be very useful. Iain

one quarters worth of stock on hand "IF" it was all sellable/decent sku inventory turn (it won't be) and not enough money to buy even another months worth on hand. Tough spot. Not fun at all.
Is the 25 million for Apeks or AL group as a whole? (your previous post was AL) Because just Apeks is gonna need ~20% of that to start, and Apeks is NOT 20% of AL revenue, so would be a bad investment in my mind. If I was AL boss, Apeks as a stand alone company would be euthanized, and the better products come into AL, made in same places as other AL same category products for those that are not currently.

 

[BoltSnap]

Apeks and PPS won't be bought as companies, but "brands" that will be marketed under another company's name that will have different catalogs for the different brands but same owning company.

 

[iain/hsm]

Apeks and PPS won't be bought as companies, but "brands" that will be marketed under another company's name that will have different catalogs for the different brands but same owning company.

Interesting as this way done previous for the American market with Apeks selling a version for Zeagle
with the Zeagle decals attached prior to Zeagle going back to Taiwan that is.
Incidentally Zeagle also went to over to Diverplast (discussed earlier ) for their fins and caused a bit of a stink.

 

[iain/hsm]

Is the 25 million for Apeks or AL group as a whole? (your previous post was AL)

I didn't see any reason to post the difference in forum but for detail I omitted that there is an agreement between Apex who were the original chargor and GLAS SAS Paris acting as security agent

fr-en

The security "assets" are as predicted by BoltSnap are indeed the Trademarks name and design Logo etc for USA
European Union
China
Philippines
Australia

 

[cerich]

Apeks and PPS won't be bought as companies, but "brands" that will be marketed under another company's name that will have different catalogs for the different brands but same owning company.

Why do you assert that? An IP only deal is less attractive, and AL can get more value by bringing the IP with value to AL from Apeks. PPS, you won't see a IP only sale in that category, won't happen.

 

[cerich]

I didn't see any reason to post the difference in forum but for detail I omitted that there is an agreement between Apex who were the original chargor and GLAS SAS Paris acting as security agent

fr-en

The security "assets" are as predicted by BoltSnap are indeed the Trademarks name and design Logo etc for USA
European Union
China
Philippines
Australia

Someone loaned 25 million euros secured only by the IP of Apeks is what you are asserting? I find that hard to believe as "maybe" AL is worth that.

But if it was just encumbering Apeks, there is a Santa Claus and someone in Barings can sell the elves air conditioning for their workshops..LOL.

 

[iain/hsm]

On Friday 31st December 2023.

The Managing Director of Apeks UK England had resigned.

Started the job 17 April 2023 finished 31 December 2023 and
9 months in the job, so long he could have had a baby in that time.

In that time some 3 weeks prior on the 7th he signed the 25 million
euro security agreement we discussed. Being only some 3 weeks prior to his resignation
was it something you lot said last Friday.

I wish him all the best with his new job selling refrigerated vans (Trucks to you lot)
and for the €25,000,000 euros borrowed he signed off on prior to departure.