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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Pioneer Plc | LSE:ASP | London | Ordinary Share | IM00B8C0HK22 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.75 | 3.50 | 4.00 | 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:9620M
Aspinalls Online PLC
30 June 2003
Aspinalls Online plc
Results for the year ended 31 December 2002
Chairman's Statement
Introduction
I present the results for Aspinalls Online plc for the year ended 31 December
2002.
As referred to in my last Chairman's Statement, following the acquisition in
June 2001 of Gaming Ventures International Limited ("GVI"), a company which
operates two online gaming licences, the Group unfortunately suffered a sharp
deterioration in trading caused by the unsuccessful re-launch of the casino
operations, and the greatly increased rejection rates on attempted credit card
charges by GVI's customers.
These two factors, one specific to the Group and the other an industry-wide
phenomenon, led to a cut back of the business as its management sought to
preserve its customer base. Despite every effort to improve the software's
performance and to provide alternative means for customers to credit their
accounts, the Group continued to sustain unacceptable losses and depletion of
its cash resources.
Following a strategic review, the Company announced on 16 April 2002 that its
subsidiary, Aspinalls Online Limited, had entered into an agreement with Golden
Palace Limited ("Golden Palace") under which the management of the Group's
online casino operations would be outsourced to Golden Palace in return for a
share of net revenue. Under the revenue share agreement, Golden Palace has
agreed that it will pay Aspinalls Online Limited a commission based on the
aggregate of all monies staked by players on the existing Aspinalls Online
casino sites and any new site it establishes using the Company's URLs, less
winnings and certain costs. The day-to-day running costs of the sites are now
largely borne by Golden Palace.
Following completion of the transfer of the operational business, the overheads
of the Group have been substantially reduced.
Results
Turnover for the Group was #559,000, and the Group made a loss on ordinary
activities before interest of #1,483,000.
As at 31 December 2002 the Group had net assets of #780,000, including net cash
of #1,244,000.
Future
The Group now has minimal ongoing costs associated with the online casino
operations, and the Board has taken steps to ensure that continuing operational
costs of the Group have been reduced to the minimum necessary. The Board will
write to shareholders concerning any developments as they arise.
Damian Aspinall
Chairman
30 June 2003
Consolidated profit and loss account
for the year ended 31 December 2002
2002 2001
#'000 #'000
Turnover 559 1,253
Cost of sales (346) (840)
_____ _____
Gross profit 213 413
Administrative expenses
Excluding impairment of goodwill and reorganisation costs (1,240) (5,638)
Exceptional item - impairment of goodwill - (36,087)
Exceptional item - reorganisation of costs (456) -
Total administrative expenses (1,696) (41,725)
_______ _______
Operating loss and loss on ordinary activities before interest (1,483) (41,312)
Bank interest receivable 39 180
_______ _______
Loss on ordinary activities before taxation (1,444) (41,132)
Taxation on loss from ordinary activities - 8
_______ _______
Loss on ordinary activities after taxation, and retained loss
for the year (1,444) (41,124)
_______ _______
Loss per share (pence)
Basic and fully diluted 0.49p 23.12p
______ _______
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Consolidated balance sheet at 31 December 2002
2002 2002 2001 2001
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets - -
Tangible assets - 79
Current assets
Debtors 111 940
Cash at bank and in hand 1,259 2,448
______ _____
1,370 3,388
Creditors: amounts falling due within one year 590 1,243
_____ _____
Net current assets 780 2,145
____ _____
Total assets less current liabilities 780 2,224
_____ _____
Capital and reserves
Called up share capital 43,827 43,827
Capital redemption reserve 670 670
Other reserve (391) (391)
Profit and loss account (43,326) (41,882)
_______ ________
Shareholders' funds - equity 780 2,224
_______ ________
Consolidated cash flow statement for the year ended 31 December 2002
2002 2002 2001 2001
#'000 #'000 #'000 #'000
Net cash outflow from operating activities (1,201) (8,245)
Returns on investments and servicing of finance
Interest received 61 147
Net cash inflow from returns on investments and servicing
of finance 61 147
Taxation - UK corporation tax paid - -
Capital expenditure and financial investment
Purchase of tangible fixed assets - (51)
_____ _____
Net cash outflow from capital expenditure and financial
investment
- (51)
Acquisitions and disposals
Purchase of subsidiary undertakings - (273)
Cash acquired with subsidiaries - 908
______ ______
Net cash inflow from acquisitions and disposals - 635
Financing
Issue of share capital - 5,000
Share issue costs - (391)
______ ______
Cash inflow from financing - 4,609
______ ______
Decrease in cash in the year (1,140) (2,905)
_______ ______
NOTES
1 Basis of preparation
The consolidated financial statements incorporate the results of Aspinalls Online Plc and all
of its subsidiary undertakings as at 31 December 2002 using the acquisition method of
accounting.
The preliminary financial information has been prepared on a basis consistent with the audited
financial statements for the year ended 31 December 2001.
2 Financial statements
This announcement does not constitute a full financial statement of the Group's affairs for the
year ended 31 December 2002. The auditors have reported on the full financial statements for
the year ended 31 December 2002. The audit report was unqualified and did not contain any
statement under s.237 (2) or (3) of the Companies Act 1985. The financial statements have yet
to be delivered to the Register of Companies. The report and financial statements will be
posted to shareholders shortly, and the Annual General Meeting of the company will be held on 4
September 2003.
The financial information for the year ended 31 December 2001 has been extracted from the
audited financial statements for that year, which have been filed with the Registrar of
Companies. The auditors' report on those accounts was unqualified and did not contain any
statement under s 237(2) or (3) of the Companies Act 1985.
3 Turnover
Turnover comprises the net gaming win and net revenue share from outsourcing.
4 Goodwill
Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the
fair value of the consideration paid and the fair value of the assets and liabilities acquired.
It is capitalised and amortised through the profit and loss account over the directors'
estimate of its useful economic life which is 10 years. Impairment tests on the carrying value
of goodwill are undertaken:
* at the end of the first full financial year following acquisition;
* in other periods if events or changes in circumstances indicate that the carrying value
may not be recoverable.
5 Acquisition of Gaming Ventures International Limited ("GVI")
The company acquired the entire issued share capital of GVI in 2001. Following the
reorganisation of the business the directors are of the opinion that the carrying value of the
goodwill continues to be fully impaired.
As part of the consideration for the acquisition, a total of 58,333,416 shares are contingently
issuable if certain earnings related performance targets are met by the GVI group prior to 31
December 2005.
The directors are of the opinion that none of the GVI performance targets will be achieved and
have therefore not included these contingent shares in the accounts.
6 Exceptional item - reorganisation costs
The exceptional item of #456,000 in 2002 relates to the costs incurred as a direct result of
reorganising the business and principally comprises redundancy payments and other contractual
costs. The exceptional item in 2001 of #36,087,000 arose from a review of the group's carrying
value of its goodwill for impairment.
7 Loss per share
Loss per ordinary share has been calculated using the weighted average number of shares in
issue during the relevant financial periods. The weighted average number of equity shares in
issue was 292,179,775 (2001 - 177,897,000) and the losses after tax were #1,444,000 (2001 -
#41,124,000). The share options and warrants do not have a dilutive effect and, therefore, the
basic and fully diluted loss per share are calculated on the same basis.
8 Reconciliation of operating loss to net cash outflow from operating activities
2002 2001
#'000 #'000
Operating loss (1,483) (41,312)
Amortisation of goodwill - 2,081
Depreciation 79 205
Exceptional item - impairment of goodwill - 36,087
Decrease in debtors 807 148
Decrease in creditors (604) (5,454)
Net cash outflow from operating activities (1,201) (8,245)
9 The directors do not recommend the payment of a dividend.
10 Approval
The preliminary announcement was approved by the Board on 30 June 2003.
The Report and Accounts are being posted to shareholders will be available to
the public for a period of one month from today 30 June 2003 (Saturdays, Sundays
and bank holidays excepted) from the offices of Stringer Saul, 17 Hanover
Square, London W1S 1HU. PDF copies can also be obtained by emailing:
corpgov@btclick.com
Enquiries:
Dan Taylor, Non-executive director, Aspinalls Online - 020 7529 2504
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EASKEDSADEFE
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