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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European Bus | LSE:EBJ | London | Ordinary Share | GB00B06T9D69 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.975 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3791K European Business Jets plc 20 December 2007 EUROPEAN BUSINESS JETS PLC Results for the 6 months ended 30 September 2007 CHAIRMAN'S STATEMENT The period under review has seen the Group achieve its testing sales targets. Frustratingly the sales increase has not been fully reflected in profits growth for operational reasons, primarily a requirement to charter aircraft as a result of increased sales rather than flying clients in owned aircraft. These operational problems have been addressed in part by the delivery of new aircraft, and in part by an overhaul of operational systems and staff. The Group now looks forward to its sales successes bearing fruit in financial terms. Our market place has seen continued growth in the demand for executive jet travel; and I am pleased to report that European Business Jets has been able to take advantage the increased demand for business jet travel, reflected in both a rise in the number of customers joining the fractional programme; a large increase in the number of card customers joining EBJ (many of these customers may take fractional shares in the future) and an increase in the managed aircraft business. This increase in demand has led to the Company ordering further aircraft; a further CJ1 which will be delivered in January and a longer range CJ2. The CJ1 will enter the fractional programme to augment the capacity of our existing programme and satisfy the flying requirements of our new customers. In addition the Directors have identified a demand for a longer range aircraft, which has led to the launch of the new CJ2 programme. The introduction of the CJ2 increases the capability of the Company and allows customers to travel further within Europe with up to seven passengers. We mentioned in the last annual report the launch of our managed aircraft business. We are pleased to advise that we have added a third aircraft to this business and are now in a position to generate charter revenue from these aircraft In order to improve efficiency, the company has moved its operating base from Cambridge to Stansted, where the operations and accounting teams are now based. A new sales office has been opened in Mayfair, which is ideally placed to take advantage of the requirement to fly on executive jets in this area. Financials The loss for the period is £553,715. While this is a reduction from the comparative period in 2006 (£683,371 loss), and for the first time there is a gross profit before overheads, this remains disappointing for the reasons set out above. While the turnover stated is below that of the comparative period, this is misleading in so far as it reflects the timing of the transfer of aircraft to the owners of fractional shares rather than the underlying sale of fractions themselves. Outlook We remain optimistic about the future demand for our range of products, and with fractional sales, card sales and revenue from managed aircraft improving we look to the future with increasing confidence. Brian Moritz (Chairman) 20 December 2007 UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 Neither audited Neither audited Neither audited nor reviewed nor reviewed nor reviewed Six months ended Six months ended Year ended 30 September 2007 30 September 2006 31 March 2007 £ £ £ Notes Revenue 1,786,973 3,166,897 4,282,327 Cost of sales (1,716,737) (3,247,372) (4,378,725) Gross profit/(loss) 70,236 (80,475) (96,398) Administrative expenses (533,570) (543,749) (978,465) Operating loss (463,334) (624,224) (1,074,863) Finance income - - - Finance costs (90,381) (59,147) (91,423) Loss before taxation (553,715) (683,371) (1,166,286) Tax - - - Loss for the financial period 2 (553,715) (683,371) (1,166,286) Basic and diluted loss per ordinary share 3 (0.25p) (0.31p) (0.53p) All results are derived from continuing operations. No gains or losses other than those recorded in the income statements were recorded in the period. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2007 Neither audited nor reviewed Neither audited Neither audited 30 September nor reviewed nor reviewed 2007 30 September 31 March 2006 2007 £ £ £ Notes Assets Non-current assets Property, plant and equipment 1,257,586 1,404,455 1,335,405 Current assets Trade and other receivables 821,159 2,601,757 463,632 Cash and cash equivalents 79,571 186,053 60,491 Total current assets 900,730 2,787,810 524,123 Total assets 2,158,316 4,192,265 1,859,528 Liabilities Current liabilities Bank loans and overdrafts 665,251 193,992 94,023 Trade and other payables 1,707,973 3,088,337 1,296,093 Total current liabilities 2,373,224 3,282,329 1,390,116 Non-current liabilities Bank loans 842,806 962,020 988,911 Total liabilities 3,216,030 4,244,349 2,379,027 Net liabilities (1,057,714) (52,084) (519,499) Equity Share capital 221,687 221,687 221,687 Share premium account 1,527,984 1,527,984 1,527,984 Retained earnings (2,807,385) (1,801,755) (2,269,170) Total equity 5 (1,057,714) (52,084) (519,499) UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 Neither audited Neither audited nor reviewed Neither audited nor reviewed Six months ended nor reviewed Year ended 30 September Six months ended 31 March 2007 30 September 2007 2006 £ £ £ Notes Net cash absorbed by operating activities 6(a) (362,858) (610,097) (310,589) Investing activities Purchase of property, plant and equipment (12,804) (3,382) (23,098) Financing activities New bank loans raised 60,000 1,456,012 1,082,934 Repayment of borrowings (46,136) (940,152) (940,152) Interest paid on borrowings (90,381) (59,147) (91,423) Net cash (outflow)/inflow from financing (76,517) 456,713 51,359 activities Net (decrease)/increase in cash and cash (452,179) (156,766) (282,328) equivalents Cash and cash equivalents at beginning of 60,491 342,819 342,819 period Cash and cash equivalents at end of period 6(b) (391,688) 186,053 60,491 NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 1. Basis of preparation and accounting policies This interim financial information was approved by the Board of Directors on 20 December 2007. The AIM Rules for Companies require that the annual consolidated financial statements of the group for the year ending 31 March 2008 be prepared in accordance with International Financial Reporting Standards adopted for use in the European Union ("EU") ("IFRS"). Consequently these interim financial statements has been prepared on the basis of the recognition and measurement requirements of IFRS in issue that are either endorsed by the EU and effective (or available for early adoption) at 31 March 2008, the group's first annual reporting date at which it is required to use IFRS. Based on these IFRS, the directors have made assumptions about the accounting policies expected to be applied when the first annual IFRS financial statements are prepared for the year ending 31 March 2008. IAS 34 "Interim financial reporting" has not been early adopted. An explanation of how the transition to IFRS has affected the reported financial position and financial performance of the group is included within note 7. The preparation of the interim statement 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 statement has been prepared under the historical cost convention. This interim statement is unaudited. The comparatives for the full year ended 31 March 2007 are not the group's statutory accounts for that year as they are restated under IFRS. A copy of the statutory accounts for that year, which were prepared under UK GAAP, have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 237(2)-(3) of the Companies Act 1985. 2. Loss for the period Loss for the period has been arrived at after charging: Neither audited Neither audited Neither audited nor reviewed nor reviewed nor reviewed Six months ended Six months ended Year ended 30 September 30 September 31 March 2007 2006 2007 £ £ £ Share-based payments 15,500 94,167 109,667 3. Loss per share Basic loss per share of 0.25p (30 September 2006: loss of 0.31p; 31 March 2007 loss of 0.53p) are based on the loss for the period of £553,715 (30 September 2006: loss of £683,371; 31 March 2007: loss of 1,166,286) and on 221,686,779 ordinary shares being the weighted average number of shares in issue for each period. Due to the loss incurred during the period, a diluted loss per share has not been disclosed as this would serve to reduce the basic loss per share. 4. Dividend No interim dividend has been declared. 5. Movement in equity Neither audited Neither audited Neither audited nor reviewed nor reviewed nor reviewed 30 September 30 September 31 March 2007 2006 2007 £ £ £ Opening equity (519,499) 537,120 537,120 Loss for the period (553,715) (683,371) (1,166,286) Share-based payments 15,500 94,167 109,667 Closing equity (1,057,714) (52,084) (519,499) 6. Notes to the cash flow statement (a) Net cash absorbed by operating activities Neither audited Neither audited Neither audited nor reviewed nor reviewed nor reviewed Six months ended Six months ended Year ended 30 September 30 September 31 March 2007 2006 2007 £ £ £ Loss before taxation (553,715) (683,371) (1,166,286) Adjustments for: Finance costs 90,381 59,147 91,423 Depreciation of property, plant and equipment 90,623 88,125 176,890 Share-based payments expense 15,500 94,167 109,667 Operating cash flows before movements in working capital (357,211) (441,932) (788,306) Increase in receivables (311,391) (2,478,185) (340,060) Increase in payables 305,744 2,310,020 817,777 Net cash outflow from operations (362,858) (610,097) (310,589) (b) Cash and cash equivalents Neither audited Neither audited Neither audited nor reviewed nor reviewed nor reviewed 30 September 30 September 31 March 2007 2006 2007 £ £ £ Cash at hand and in bank 79,571 186,053 60,491 Overdraft (471,259) - - Net cash and cash equivalents (391,688) 186,053 60,491 7. Explanation of transition to IFRS This is the first year end that the group has presented its financial statements under IFRS. The last financial statements under UK GAAP were for the year ended 31 March 2007 and the date of transition to IFRS was therefore 1 April 2006. The adoption of IFRS had no impact on either the equity or results of the group for 2007. The only changes resulting from the transition to IFRS are of a presentational nature. Copies of this statement are available to the public for collection at the company's Registered Office at 55 Gower Street, London, WC1E 6HQ care of AGC Clarke. They will also be made available on the company's website: www.europeanbusinessjets.com This information is provided by RNS The company news service from the London Stock Exchange END IR FEIFFSSWSELE
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