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Share Name | Share Symbol | Market | Type |
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Infineon Technologies AG | TG:IFX | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.555 | 1.82% | 31.03 | 31.045 | 31.05 | 31.165 | 30.25 | 30.645 | 101,412 | 13:22:29 |
RNS Number:9430O Inflexion PLC 22 August 2003 22 August 2003 Inflexion plc Preliminary Results for the year ended 31 March 2003 Inflexion is a private equity investment company. Quoted on AIM, Inflexion invests its capital in unquoted companies that offer the potential for substantial capital gains. The particular emphasis of Inflexion is on buyouts of profitable businesses in the UK mid-market. Business and financial highlights: * Loss for the year to 31 March 2003 of #4.4 million, and loss per share of 7.18p. This is inclusive of an increase in amounts written off direct investments and investments in third-party managed funds of #2.8 million; * Cash reserves of #11.4 million; * Net asset value currently 25.4p per share, of which cash represents 18.8p per share; * First closing of Inflexion Fund 2, a UK mid-market buy-out fund, in June 2003 and acquisition of Guinness Flight VCT advisory contract in July 2003 bring private equity funds under management to in excess of #60 million; * Appointment of Andrew Shaw as Non Executive Director; * New additions to Inflexion Advisory Panel. Inflexion chairman, Michael Freeman, commented: "Since the year end, Inflexion has achieved a number of key milestones in the strategy of growing funds under management leaving it well placed to exploit a range of UK mid-market opportunities". Inflexion plc 020 7487 9888 Simon Turner/John Hartz Citigate Dewe Rogerson 020 7638 9571 Simon Rigby/Freida Davidson/Rupert Steveney Further information can be obtained from the Company's website, www.inflexion.com Joint Chief Executive Officers' Statement Strategy In the 2002-03 financial year we embarked upon a strategy of raising third party funds to contribute to the overheads required to manage private equity investments. We have recently been able to announce two significant developments to this plan, which brings our aggregate private equity funds under management to over #60 million. In June 2003 we were pleased to reach the first closing of Inflexion Private Equity Fund 2, an institutional private equity fund. Alongside Inflexion, the initial large institutional investors include Martin Currie, London Merchant Securities and Nordea Pension. The fund has the capacity to admit further investors until the year end, and we are hopeful that this will be achieved on the back of the fund's early investments. In addition, in July 2003 we acquired the advisory contract for Guinness Flight VCT plc, a #20m 'evergreen' listed private equity fund. This development also sees Gordon Power join Inflexion on a consultancy arrangement for an initial two year period to continue managing this fund. Gordon is a private equity professional with 25 years experience, latterly as Chairman of ProVen Private Equity Limited. We are delighted with this appointment, with Gordon bringing to the team a wealth of private equity experience. We are very pleased with the significant steps that have been taken to build our private equity management business. Through Inflexion plc's commitment to Inflexion Private Equity Fund 2, Inflexion's capital will be invested into institutional buy-outs of profitable companies in the smaller mid-market sector. This is a sector that has consistently delivered strong investment returns. Investment review From an investment perspective we are currently seeing an increasing number of attractive opportunities, in no small measure as a consequence of Inflexion being a more recognised brand amongst the intermediary community. Of our existing investee companies, ANT Limited secured a new #0.7 million round of funding in February 2003 and as part of this funding round, Inflexion invested a further #0.3 million. In May 2002, Inflexion acquired a controlling interest in Brainstorm in order to effect a change in Brainstorm's strategy. Overheads were reduced significantly, and the repositioned company secured good sales contracts with both AOL and Vodafone, the latter placing Brainstorm's technology at the forefront of the emerging MMS market. Despite the upturn in revenue, the business lacked the scale to reach profitability in the near term, and a decision was made to seek a trade partner. In July 2003 we merged Brainstorm with Opera Telecom in a share for share exchange. We have made substantial provisions against our remaining direct investments and our investments in third-party managed funds. Whilst each of these has made reasonable progress in achieving operational milestones, they are operating in difficult markets. Operational review Over the past year we have undertaken a thorough review of our cost base, and the costs required to run a private equity management operation with #60 million of funds under management. Following this review, we acted upon Chris Blake's wish to reduce his fulltime commitment to Inflexion, and Chris has now moved to a consultancy arrangement with us. As a result of this development, Chris resigned as a director of Inflexion plc in March 2003, although he remains part of the Inflexion team, actively working with our portfolio companies. We are delighted to announce that Andrew Shaw has agreed to join the Board as a non-executive director. Andrew is currently a Director of British Linen Advisers a corporate finance boutique. Prior to joining British Linen, Andrew was Group Finance Director of Arjo Wiggens Appleton and prior to that a Director of Corporate Finance at J. Henry Schroder Wagg & Co. To ensure that Inflexion continues to be at the forefront of sector developments within industries identified as being of immediate interest, we have made two further appointments to the Advisory Panel during the year. Stelio Stefanou is Chief Executive of Accord plc, a leading provider of services to the public, private and not-for-profit sectors in the UK. In addition Tony Caplin has recently joined the Panel. Tony has considerable experience of running both public and private companies, and is currently chairman of Durlacher plc, senior non-executive director of Easynet plc and deputy chairman of Barts and the London NHS Trust. Since Tony's involvement, Barts has become one of the leading and most respected health trusts in the UK, and as such it has become a model for how the NHS may look in the future. Both Stelio and Tony operate in sectors where we see increasingly attractive investment opportunities as a result of the growing collaboration between the private and public sectors. Financial summary Inflexion's cash position remains solid with a further #11.4 million available for further investments and to cover our ongoing operational costs. As outlined in previous statements, these funds are to be substantially committed to investment vehicles managed by Inflexion Managers Limited, initially Inflexion Private Equity Fund 2. Inflexion made a #7.5 million commitment to Fund 2 in June 2003, these funds will be drawn as required by the manager over the five year investment period of the fund. The Group net asset value at 31 March 2003 was #15.5million after an operating loss of #2.0 million, and portfolio write-downs of #2.8 million. Outlook The 2003-04 financial year has started encouragingly with the first closing of our institutional fund and the acquisition of the GFVCT advisory contract. Inflexion's capital is now capable of greater diversification into a wider range of mid-market opportunities. John Hartz Simon Turner 22 August 2003 Consolidated profit and loss account for the year ended 31 March 2003 Unaudited Year Audited ended Year ended 31 March 31 March 2003 2002 #'000 #'000 Turnover - - Cost of sales - - Gross profit - - Administrative expenses (2,173) (2,155) Other operating income 133 18 Operating loss (2,040) (2,137) Profit on disposal of fixed asset investments - 25 Interest receivable and similar income 463 640 Amounts written off investments (2,796) (10,711) Interest payable and similar charges (1) (1) Loss on ordinary activities before taxation (4,374) (12,184) Tax on loss on ordinary activities - - Loss for the financial year (4,374) (12,184) Dividends - - Retained loss for the financial year (4,374) (12,184) Loss per ordinary share - basic and fully diluted (7.18)p (20.00)p All of the Group's activities relate to continuing activities. The Group has no recognised gains and losses other than the losses above and therefore no separate statement of total recognised gains and losses has been presented. There is no difference between the loss on ordinary activities before taxation and the loss for the year and their historical cost equivalents. Consolidated balance sheet as at 31 March 2003 Unaudited Audited 2003 2002 #'000 #'000 Fixed assets Tangible assets 155 228 Investments - interests in own shares 3 3 Investments 3,910 5,896 4,068 6,127 Current assets Debtors 258 192 Investments 100 - Cash at bank and in hand 11,439 13,800 11,797 13,992 Creditors: amounts falling due within one year (365) (245) Net current assets 11,432 13,747 Total assets less current liabilities 15,500 19,874 Net assets 15,500 19,874 Capital and reserves Called up share capital 654 654 Share premium account 34,386 34,386 Profit and loss account - deficit (19,540) (15,166) Total equity shareholders' funds 15,500 19,874 Unaudited consolidated cash flow statement for the year ended 31 March 2003 Unaudited Audited Year Year ended ended 31 March 2002 31 March 2003 #'000 #'000 Net cash outflow from operating activities (1,908) (2,111) Returns on investment and servicing of finance Interest received 463 640 Interest paid (1) (1) Net cash inflow from returns on investment and servicing of finance 462 639 Taxation - - Capital expenditure and financial investment Purchase of tangible fixed assets (5) (38) Purchase of fixed asset investments (910) (505) Sale of fixed asset investments - 630 Net cash outflow from capital expenditure and financial investment (915) 87 Equity dividends paid - - Net cash flow before financing and management of liquid resources (2,361) (1,385) Management of liquid resources (Decrease)/increase in short term deposits with banks 20 (6) Financing Issue of ordinary share capital - - Expenses of share issue - - Net cash inflow from financing - - Decrease in net cash (2,341) (1,391) Reconciliation of operating loss to net cash outflow from operating activities Year Year ended ended 31 March 31 March 2003 2002 Continuing operations #'000 #'000 Operating loss (2,040) (2,137) Depreciation 76 70 Loss on sale of fixed assets 2 4 (Increase)/decrease in debtors (66) 63 Increase/(decrease) in creditors 120 (111) Net cash outflow from continuing operations (1,908) (2,111) Reconciliation of net cash flow to movement in net funds Year Year ended ended 31 March 31 March 2002 2003 #'000 #'000 Decrease in net cash (2,341) (1,391) Movement in deposits (20) 6 Net funds at 1 April 13,800 15,185 Net funds at 31 March 11,439 13,800 Accounting policies Accounting convention These financial statements have been prepared under the historical cost convention (as modified by the revaluation of certain fixed asset investments) in accordance with applicable accounting standards. A summary of the more important group accounting policies is set out below. The Group owns certain investments that the Companies Act 1985 requires to be treated as associated undertakings and therefore accounted for using the equity method of accounting. The directors believe that equity accounting for such investments that fall within the definition of associated undertakings would not give a true and fair view of the value generated from the investment activities of the company, since this is better measured by the inclusion of profits or losses on disposal of such investments in the profit and loss account. Accordingly all investments have been recorded at cost (less any provision for impairment in value) irrespective of whether they fall within the definition of an associated undertaking. This treatment which requires a true and fair view override of the Companies Act 1985 is permitted by paragraph 49 of FRS 9 - Associates and Joint Ventures. Basis of consolidation The group accounts consolidate the accounts of the Company and all of its subsidiary undertakings. In accordance with the requirements of FRS2 "Accounting for subsidiary undertakings" it is not appropriate to consolidate the results of Micronics Telesystems Limited (trading as Brainstorm) in the group accounts for the period on the grounds that that it was held for resale throughout the period and was disposed of in July 2003. Consequently the net assets are included on the balance sheet at the estimated net sales proceeds of #100k as a current asset investment held for disposal. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the period end exchange rate. Transactions in foreign currencies are translated into sterling at the exchange rate ruling at the day of the transaction, or a contracted rate where a forward exchange contract has been entered into by the Company. The resulting exchange differences are included in the profit and loss account. Leases Operating lease rentals are charged against profit on a straight line basis over the period of the lease. Tangible fixed assets and depreciation Depreciation is calculated on a straight line basis so as to write down the assets to their residual value over their expected useful lives: Leasehold improvements: Over the term of the lease or ten years, whichever is the shorter. Office equipment and motor vehicles: three years. Fixtures and fittings: five years. Fixed asset investments The cost of fixed asset investments represent the original purchase cost of the investments together with the associated costs of acquisition. In accordance with the guidelines issued by the British Venture Capital Association ("BVCA"), the Group's unquoted investments, limited partnership interests and listed investments that are subject to a lock-up period (or are otherwise not readily realisable), are valued by the directors at the cost of the investment subject to any impairment in value. Future revaluations will be considered by the directors where a significant arm's length transaction involving an independent third party has taken place, and when in the opinion of the directors, this revaluation is readily realisable. Current asset investments Current asset investments are valued at the lower of cost and net realisable value. Employee Benefit Trust Shares held by the Employee Benefit Trust are shown in the balance sheet as fixed assets investments in own shares. The investment is held at cost less any provision for impairment. The assets, liabilities, income and costs of the Employee Benefit Trust are incorporated into the accounts. Pensions The Company contributes to the personal pension plans of certain of its employees. Pension costs are charged to the profit and loss account in the period incurred and any outstanding contributions at the period end are included within creditors. Deferred tax Provision is made for deferred taxation, in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax assets are recognised to the extent that it is considered more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are not subject to discounting. Notes Loss per share The calculation of basic and fully diluted loss per ordinary share is based on the loss after taxation for the period and the weighted average number of ordinary shares in issue during the year. The weighted average number of ordinary shares excludes any shares held by the employee benefit trust, which do not vest unconditionally with the employees. None of the contingently issuable share options or warrants give rise to a dilution in the loss per share due to the losses made in the year. The loss and weighted average number of shares used in the calculations are set out below: Loss on ordinary Weighted average Per-share amount Basic and fully diluted loss per share activities after no. of shares pence tax #'000 Year ended 31 March 2003 (4,374) 60,933,360 (7.18) Year ended 31 March 2002 (12,184) 60,933,360 (20.00) Preliminary results The preliminary results for the year ended 31 March 2003 are unaudited. The financial information set out in the announcement does not constitute the Group's statutory accounts for the year ended 31 March 2003. The financial information for the year ended 31 March 2002 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contains a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The statutory accounts for the year to 31 March 2003 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. Further copies of this announcement are available from the Company Secretary, Inflexion plc, 40 George Street, London W1U 7DW. This information is provided by RNS The company news service from the London Stock Exchange END FR BLGDIRXDGGXB
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