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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Yco Deuxmil | LSE:DML | London | Ordinary Share | GB00B2QY9V34 | ORD 0.35P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 5543E
YCO Deuxmil PLC
29 September 2008
YCO DEUXMIL PLC
("YCO Deuxmil" or the "Company")
Unaudited Interim accounts for the six months ended 30 June 2008
YCO Deuxmil (AIM: DML), the super yacht fuelling and services company, today announces its unaudited interim accounts for the six months
ended 30 June 2008.
Highlights
* Turnover up by 99% to £13,704,303 (2007: £6,901,643);
* Gross profit up by 191% to £1,530,545 (2007: £525,432);
* Profit before tax down by 31% to £51,833 (2007: £168,968) due to significant restructuring costs.
Peter Jay, the non-executive chairman of YCO Deuxmil, commented: "The Company now looks to continue to consolidate its position in the
market place as the leading service provider to privately owned superyachts. Our aim is to double the number of yachts we have under
management over the next 18 months and to grow substantially our sales and charter business, an area that has not been a priority in past
years."
For further information contact:
YCO Deuxmil plc Neil Miller, CEO +44 (0) 870 608 2124
Religare Hichens, Harrison Plc Daniel Briggs +44 (0)20 7382 7776
(Broker) Alan Rooke +44 (0)20 7382 7781
WH Ireland Limited (Nominated David Youngman / Adrian Kirk +44 (0)161 832 2174
Adviser)
GTH Communications Toby Hall +44 (0) 207 153 8039
Christian Pickel +44 (0) 207 153 8036
CHAIRMAN'S STATEMENT
I am pleased to report the first set of interim figures following the reverse takeover of YCO S.A.M. which led to the formation of the
enlarged YCO Deuxmil group in May 2008. However, it should be noted these figures only take into account one month of YCO's trading.
Likewise, as mentioned in previous statements, the second half of the year is traditionally the much stronger half of the year and we
are already in a position to see this trend repeating itself this year.
Contained within these figures are also substantial restructuring costs - in particular redundancy and consolidation charges relating
to the offices in Spain.
These one-off costs aside, I am pleased to inform shareholders that the enlarged YCO Deuxmil group is going very well. We have now
opened a new YCO management office in central London and Yacht Help Group Mallorca has relocated to new state of the art premises in Palma.
Likewise, the integration of the businesses continues, YCO Crew having successfully opened within the YHG offices based in Barcelona and
Palma.
YCO Deuxmil now employs 75 People in 7 European offices and the business is on track to open a further two additional offices this year
in Europe and the Caribbean.
As such, we continue to progress towards the strategic goals outlined at the time of the reverse takeover, servicing a highly select
client base whose lifestyle decisions are not affected by the global economic conditions that are impacting on some parts of the leisure
sector.
The Company continues to be debt free and have a positive cash flow.
OUTLOOK
The Company now looks to continue to consolidate its position in the market place as the leading service provider to privately owned
super yachts. Our aim is to double the number of yachts we have under management over the next 18 months and to grow substantially the sales
and charter business, an area that has not been a priority in past years.
PETER JAY
Non-executive chairman
29th September 2008
YCO DEUXMIL PLC
(formerly Deuxmil Marine Plc)
Income Statement
for the six months ended 30 June 2008
Six months to 30 Six months 30 June Year ended
June 2008 Unaudited 2007 Unaudited 31 December
2007
audited
£'000s £'000s £'000s
Revenue 13,704 6,902 16,633
Cost of Sales (12,174) (6,377) (15,122)
******** ******** ********
Gross Profit 1,530 525 1,511
Administrative expenses (1,476) (355) (1,098)
******** ******** ********
Operating Profit 54 170 413
Finance income 1 2 -
Finance costs (4) (3) (4)
******** ******** ********
Profit before tax 51 169 409
Income tax charges (15) (51) (134)
******** ******** ********
Profit for the period from continuing 36 118 275
operations attributable to
shareholders
******* ******* *******
Earnings per share
Basic (pence) 0.16 0.60 1.33
Diluted (pence) 0.16 0.60 1.33
YCO DEUXMIL PLC
(formerly Deuxmil Marine Plc)
Balance Sheet as at 30 June 2008
As at As at As at
30 June 30 June 31
2008 2007 December
Unaudit Unaudit 2007
ed ed Audited
£'000s £'000s £'000s
Assets
Non-current assets
Property, plant and equipment 668 102 202
Goodwill 14,954 2,764 2,785
Intangibles 20 - 20
******* ******* *******
15,642 2,866 3,007
******* ******* *******
Current assets
Inventories 156 23 18
Trade and other receivables 6,579 1,933 1,081
Cash and cash equivalents 372 665 849
******* ******* *******
7,107 2,621 1,948
******* ******* *******
Current liabilities
Trade and other payables 6,963 2,664 2,055
Financial liabilities - borrowings 13 224 90
Interest bearing loans and
borrowings
Tax payable 137 - 122
******* ******* *******
7,113 2,888 2,267
Net Current Liabilities (6) (267) (319)
Non-Current Liabilities - (78) (9)
******* ******* *******
Net assets 15,636 2,521 2,679
****** ****** ******
Equity
Capital and reserves
Called up share capital 168 76 76
Share premium 14,914 2,048 2,048
Retained earnings 458 264 422
Other reserves 96 133 133
******* ******* *******
Total equity 15,636 2,521 2,679
****** ****** ******
YCO DEUXMIL PLC
(formerly Deuxmil Marine Plc)
Cash Flow Statement
For the six months ended 30 June 2008
Six months to 30 Six months to 30 Year ended 31
June 2008 Unaudited June 2007 Unaudited December 2007
Audited
Note £'000 £'000 £'000
Operating activities 3 (1,070) 210 554
Corporation tax paid - - (35)
Finance costs (4) (3) (4)
******* ******* *******
Net cash (outflow)/inflow from
operating activities (1,074) 207 515
Investing activities
Interest received 1 2 0
Purchase of intangibles (2) - (6)
Purchases of plant and (34) (3) (118)
equipment
Acquisitions of subsidiaries (8,007) (444) (440)
- Net cash acquired 449 - 153
******* ******* *******
Net cash from investing (7,593) (445) (411)
activities
Financing activities
Loan received/(repaid) to 74 (144) (298)
related parties
Issue of new shares 8,200 684 684
Bank loan repaid (84) (1) (5)
******* ******* *******
Net cash from financing 8,190 539 381
activities
******* ******* *******
Net cash inflow/(outflow) (477) 301 485
Cash and cash equivalents at
the beginning of the period 849 364 364
******* ******* *******
Cash and cash equivalents at
the end of the period 372 665 849
****** ****** ******
Consolidated statement of changes in equity
As at As at As at
30 June 30 June 31
December
2008 2007 2007
£'000s £'000s £'000s
As at beginning of period 2,679 1,286 1,286
Surplus for the period 36 118 276
Shares issued 12,958 984 984
Equity to be issued/(issued) (37) 133 133
******* ******* *******
As at end of period 15,636 2,521 2,679
****** ****** ******
YCO DEUXMIL PLC
(formerly Deuxmil Marine Plc)
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost
basis, using generally recognised accounting principles and using the accounting policies which are consistent with those set out in the
Company Annual Report and Accounts for the year ended 31 December 2007. This interim report for the six months to 30 June 2008, which
complies with IAS34, was approved by the Board on 29th September 2008.
2. Segmental analysis
The Group*s primary segment is business segment and consist of marine fuel, support services and Super Yacht brokerage and charter as shown
below for the six months to 30 June 2008.
Yacht brokerage and charter
Marine Support
fuel Service
s Total
Segment Results
£000 £000 £000 £000
Revenue 9,565 1,824 2,315 13,704
Operating profit (310) (68) 432 54
Net finance expense (3)
Profit before taxation 51
3. Earnings per Share
Six months to Six months to Year ended 31
30 June 2008 30 June 2007 December 2007
Earnings per ordinary share
Basic 0.16 0.60 1.33
Diluted 0.16 0.60 1.33
***** ***** *****
The profit per ordinary share is based on the company's profit for the period of £ 36,000 (30 June 2007 - £118,000; 31 December 2007 -
£275,000) and a basic and diluted weighted average number of shares in issue of 22,350,983 and 22,978,108 respectively. (Adjusted for the
share consolidation - 30 June 2007 - 19,454,320 and 19,597,177; 31 December 2007 - 20,768,471 and 20,911,328).
4. Reconciliation of operating loss to net cash outflow from operating activities.
Six months to Six months Year ended
30 June 2008 30 June 31 December
2007 2007
£'000s £'000s £'000s
Operating Profit for the 54 170 413
period
Adjustments for :
Amortisation of other 3 - 2
intangibles
Depreciation of property, 50 6 32
plant and equipment
Profit on sale of tangible 4 - -
fixed assets
Decrease in Inventories (2) - (18)
(Increase) in receivables (3,430) (533) (332)
Increase in payables 2,251 567 457
******* ******* *******
Net cash from operating (1,070) 210 554
activities
****** ****** ******
5. Called up Share Capital
The issued share capital as at 30 June 2008, per the audited accounts, was 47,932,697 Ordinary Shares of 0.35p each. (30 June 2007 -
144,985,541 ordinary shares of 0.05p each; 31 December 2007 - 150,895,806 ordinary shares of 0.05p each).
On 27 May 2008, the issued share capital of the Company being 150,895,806 ordinary shares of 0.05p each was consolidated so that every
seven shares of 0.05p each held by a shareholder became one ordinary share of 0.35p having all the rights attaching to the ordinary shares
as set out in the articles of association, save that all residual holdings of less than seven ordinary shares held by a shareholder have not
been consolidated as aforesaid but have been reclassified as deferred shares of 0.05p each having all the rights attaching to the deferred
shares of 0.05p each as set out in the amended Articles of Association of the Company.
Also on 27 May 2008, the unissued share capital of the Company being 849,104,194 ordinary shares of 0.05p each was consolidated so that
every seven shares of 0.05p each held by a shareholder became one ordinary share of 0.35p having all the rights attaching to the ordinary
shares as set out in the articles of association, save that all residual holdings of less than seven ordinary shares held by a shareholder
have not been consolidated as aforesaid but have been reclassified as deferred shares of 0.05p each having all the rights attaching to the
deferred shares of 0.05p each as set out in the amended Articles of Association of the Company.
On 27 May 2008, the Company made share placement of 16,734,684 ordinary share of 0.35p each at 49p each.
On 27 May 2008, the Company issued 9,641,652 ordinary shares of 0.35p each at 49p, as part of the acquisition of YCO S.A.M.
6. The unaudited results for period ended 30 June 2008 do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 December 2007 are
extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified
audit report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985
7. Acquisitions
On 27 May 2008, the Company successfully completed the acquisition of YCO S.A.M. group of companies which consists of YCO SAM, YCO SARL
and WBC Marines Ltd for a total consideration of EUR15 million satisfied by the issue of 9,641,652 new ordinary shares of 0.35p each in the
Company worth EUR6 million and the remaining EUR9 million in cash.
The fair value of consideration and asset acquired for YCO S.A.M. is as follows:
£'000s
Investments
Consideration - cash 7,200
Consideration - share 4,758
Acquisition costs 807
12,765
Fair value of net assets acquired
Tangible assets 501
Receivables 2,250
Cash and cash in hand 449
Inventory 137
Payables (2,741)
Net assets 596
Goodwill 12,169
The acquired business contributed revenues of £2,718,000 and net profit of £432,000 to the group for the period from 27 May 2008 to 30
June 2008. If the acquisition had taken place on 1 January 2008, the group revenues to 30 June 2008 would have been £17,011,000 and the net
profit £240,000.
The Company acquired Yacht Help Group (Mallorca) S.L., Yacht Help Group Gibraltar Limited on 30 April 2007 and BA Yachts Assistance S.L.
on 29 May 2007. These acquired business contributed revenues of £522,000 and £1,729,000, and net profit of £73,000 and £57,000 to the group
for the period from acquisition to 30 June 2007 and 31 December 2007 respectively. If the acquisitions had taken place on 1 January 2007,
the group revenues would have been £18,264,000 and the net profit £364,000.
8. Copies of this interim statement are available from the Company at its registered office at
Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The interim statement will also be available on the company website www.ycodeuxmil.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLMMTMMITBLP
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