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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bgenuinetec | LSE:BGTI | London | Ordinary Share | JP3420970000 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBGTI RNS Number : 8201Z BgenuineTec Inc. 29 September 2009 FOR RELEASE 8.00 AM 29 SEPTEMBER 2009 BGENUINETEC INC. ("BgenuineTec" or "the Company") (A leading biometrics company based in Tokyo, Japan specialising in fingerprint authentication) Interim Results for six months ended 30 June 2009 +------------------------------+-----------+-----------+-------------+-------------+ | | 2009 | 2008 | 2009 | 2008 | +------------------------------+-----------+-----------+-------------+-------------+ | | JPY'000 | JPY'000 | ? | ? | +------------------------------+-----------+-----------+-------------+-------------+ | Continuing operations | | | | | +------------------------------+-----------+-----------+-------------+-------------+ | Revenue | 37,053 | 14,849 | 232,247 | 93,075 | +------------------------------+-----------+-----------+-------------+-------------+ | Gross loss | (10,602) | (73,158) | (66,455) | (458,559) | +------------------------------+-----------+-----------+-------------+-------------+ | Loss from operations | (130,739) | (313,220) | (819,474) | (1,963,275) | +------------------------------+-----------+-----------+-------------+-------------+ | Loss before tax | (205,387) | (322,035) | (1,287,370) | (2,018,523) | +------------------------------+-----------+-----------+-------------+-------------+ | | | | | | +------------------------------+-----------+-----------+-------------+-------------+ | Basic loss per share | (3.22) | (7.75) | (0.020) | (0.049) | +------------------------------+-----------+-----------+-------------+-------------+ | Diluted loss per share | - | - | - | - | +------------------------------+-----------+-----------+-------------+-------------+ * Exchange rate used throughout this announcement: GBP1:JPY159.54 * Further funding required to meet the working capital needs of Company * Restructuring is now in progress based on Mobile phone and PC Network business. * Loss before tax decreased by 36.2% * Continued investment in research and development * Confident of a much improved performance in 2010 For further information, please contact: BGENUINETEC INC. Taketoshi KashiwabaraJapan +81-3-5652-0321 (Chairman) Toshiya KuritaJapan +81-3-5652-0321 (Chief Financial Controller) Charles Stanley Securities Nominated Adviser +44 (0) 20 7149 6000 Russell Cook / Freddy Crossley Cubitt Consulting Brian Coleman-Smith / James Verstringhe/ Nicola Krafft +44 (0) 20 7367 5100 Background Note on Secure Design On 14 July 2006, Secure Design was the first Japanese company to be admitted to trading on AIM. It offers fingerprint authentication products to companies and individuals that wish to establish high levels of security using biometrics. Biometrics uses a physical attribute of the body, such as a fingerprint to identify and verify the individual with the aim of making individual authentication efficient and secure. The Company offers a range of fingerprint authentication products and systems, from an integrated system to a mobile device. The Company designs and outsources the production of these products and can tailor them to individual client specific needs and applications. Biometric applications provide convenient and reliable security which reduces the cost associated with the failure of conventional authentication methods. The principal factor which distinguishes biometrics from conventional password based authentication is the enhanced security level it provides while maintaining the privacy of individual users. The worldwide demand for biometrics is estimated to increase from just over $3 billion in 2007 to over $5.6 billion by 2010.* *Biometrics Market and Industry Report 2007-2012 BGENUINETEC INC. ("BGENUINETEC INC." or "the Company") (A leading biometrics company based in Tokyo, Japan specialising in fingerprint authentication) Interim Results for six months ended 30 June 2009 Chairman's Statement Following the appointment of Dr Hiroaki Kunieda as Chief Executive in February this year, we have revised our business plan to reflect the financial situation within the Company. Demand for the security needed to identify an individual is increasing, especially in the fields of information security, financial transactions, security systems and medical treatment. There is also increasing interest in the use of fingerprint authentication on mobile phones and note PCs. However, reasonable priced and secure solutions have not been available until now. Our objective is to see that personal authentication is installed on all small portable devices that are used in every day life. Therefore, we are always exploring high quality, low cost solutions for volume applications. Our technical team is headed by our Chief Technical Officer, Dr Dongju Li, who was appointed a director on 10 February this year. We plan to form a wholly owned subsidiary, based in China, with a view to developing this market in cooperation with local Chinese companies. Through these partners, we aim to provide low cost, high quality security systems, based on fingerprint authentication, to information providers, banks, mobile phone operators and door lock manufacturers. We are also looking at other opportunities to use our leading edge technology in other sectors of this important market. Results Turnover in the period was JPY 37.05 million (GBP232,247), which was 149.53% higher compared to the results achieved in first half of 2008 when the Company reported sales of JPY14.85 (GBP 93,075). The loss before tax decreased by 36.2% to JPY 205.4 million (GBP1,287,370) compared to JPY 322.04 million (GBP2,016,523). The loss per share improved by 58.4% to JPY 3.22 (0.02p) compared to JPY 7.75 (0.049p) in first half of 2008. Operating review In the first six months of the year, we have focused on building a new business model and investing in the R&D for the new algorithms required for the applications that we are developing for mobile phones, banks and door locks. Although we were not able to achieve our revenue targets for the period, our R&D results have brought us powerful algorithms for future products. We are actively looking to increase the sales of our products based on the new business model while at the same time developing a range of innovative products for international markets. Operating expenses Operating expenses in the period were JPY 129 million (GBP 808,157), which were lower by JPY 111 million compared to those for the first half of 2008 mainly due to the write off of bad debt by JPY 111.6 million (GBP525,339) posted in 2008. Cash Balance The cash balance at the end of the period was JPY 24 million (GBP153,238), reflecting a fund raising of JPY 102 million in the period. The Company is currently seeking to raise further funds during the second half of the year for working capital and the continued development of the Company. The details of which will be announced in due course. Dividend At this stage in the Company's development, the directors do not intend to declare a dividend. Accounts Receivables The accounts receivables balance at the end of the period was JPY 38.3 million (GBP503,540). Employees I would like to take this opportunity to thank all our employees for their contributions. Their hard work, dedication and commitment which is much appreciated. We depend upon them to take care of our customers, and they do so in a positive manner. The company now has 11 employees, including directors. Commercial Initiatives * Business Model The current model is based on utilising the fingerprint business with core component technology such as software algorithms, sensors, engine LSI and modules, which are the embedded systems for fingerprint authentication. Above all, sensors are an important factor in our business and we believe that sensors at low cost and high performance are needed to penetrate the world markets. We will be able to use various kinds of sensor in addition to the Mitsumi optical swipe sensor, which is used for NTT DoCoMo mobile phones. As a distributor of Fingerprint Cards (FPC) sensors in Japan, we have developed a new fingerprint module, with FPC area sensors, which has initially been well received in the Chinese market. Subject to further funding, we are planning to strengthen our R&D team to work on our core component business, especially the module business, so that we can develop new innovative components such as sensors, low cost processors and high quality embedded algorithm and compact modules. In the current difficult economic situation in Japan, we are moving ahead with the new business model by using our technical skills and working closely with our partners. Within our business model, we are focusing on the core components for fingerprint authentication, which are based on our creative designs for LSIs and embedded systems. We have started to strengthen all areas of the business so that we can balance the development of our core components and integrated modules including algorithms, chips and sensors which we can then provide to specialist distributors in overseas markets. * China Subsidiaries We are planning to establish subsidiaries in China to act as sales centres for our products which can then be distributed to related vendors throughout China. The strength of our business is our technology and we believe that by working alongside our Chinese sales partners we should be able to generate volume sales in the Chinese market. Module Business Many information security applications require fingerprint modules with different kinds of area sensors. As a growing sector worldwide, we aim to focus on this growing market, particularly in China. The sensors of our partner company, Fingerprint cards AB (FPC), located in Sweden, are highly rated for their durableness against ESD (Electrostatic discharge) and physical damage. We are working closely with FPC and we believe that our innovative technology will enable us to market the new modules outside Japan. Sales promotion for this new module has started and we have had initial positive feedback from some potential customers. Door Locks are a traditional application for the module business and we have been working with the Japanese Lock Association and a major Chinese door lock company to develop the best solution for high quality door locks at a competitive price... * Mobile Phone The Mobile business is potentially our largest business opportunity. Our leading edge technology in this area is the embedded fingerprint algorithm, which is suitable for small portable devices. The technology is largely proven by its acceptance by Sharp Corporation last year and by working with other sensor suppliers we plan to make our phone technology available across international markets. The modules and the end products are particularly suitable for the Chinese market, while the mobile or note PC solution is particularly suitable for the US market. Based on alliances with world partners, we have confidence in expanding our business in this sector. * Notebook PC Business Since notebook PCs are increasingly used for e-Commerce, there is a growing need to make the notebook platform more secure. Our technology can provide the secure hardware based solution to the notebook PC customers together with low cost software and fingerprint sensors. In addition, we can provide various types of swipe or area sensors from semiconductor to optical ones. The solution can be customized to meet the demands of the vendors. The core technology used in notebook PCs can be compatible with the solution to smart phones, which will benefit both our customers and their end users. Fingerprint Authentication Chip Our fingerprint authentication chips are used in our modules which we have been providing to OA makers (Fax Machines, Telecopiers etc.), such as Canon Inc., for the last 3 years. This project was due to be expanded in the current year, but orders have been effected by the global economic downturn. Nevertheless, there has been a recovery in the orders for chips for OA equipment in the 4th quarter. Our next aim is to produce a chip to meet the increasing demand for small low cost modules to fit the reducing physical size of the printed circuit board. Outlook In order that the Company's trading performance will improve in the short to medium term, we are implementing a business model using our existing engineering and technology platform, focusing particularly on both core components and low cost modules. To achieve the commercial objectives stated above, the Company needs to secure further funding and establish a robust balance sheet in the short term. Assuming that we obtain sufficient funding, the directors expect that the Company will be able to build upon its commercial relationships and that BgenuineTec has a sustainable and profitable future. Taketoshi Kashiwabara Chairman 29 September 2009 Note: Exchange rate per Pound (GBP) for the above conversions is JPY159.54, which has been derived from the TTM rate on June/End, 2009 +--------------------------------------+------------+------------+-------------+-------------+ | Consolidated Income Statement | | | | +---------------------------------------------------+------------+-------------+-------------+ | for the period from 01 January to 30 | | | | | | June | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | | 2009 | 2008 | 2009 | 2008 | +--------------------------------------+------------+------------+-------------+-------------+ | | JPY'000 | JPY'000 | ? | ? | | | | | (Note 5) | (Note 5) | +--------------------------------------+------------+------------+-------------+-------------+ | Revenue | 37,053 | 14,849 | 232,247 | 93,075 | +--------------------------------------+------------+------------+-------------+-------------+ | Cost of sales | (47,655) | (88,007) | (298,702) | (551,634) | +--------------------------------------+------------+------------+-------------+-------------+ | Gross loss | (10,602) | (73,158) | (66,455) | (458,559) | +--------------------------------------+------------+------------+-------------+-------------+ | Other operating income | 3,794 | 347 | 23,784 | 2,173 | +--------------------------------------+------------+------------+-------------+-------------+ | Sales and marketing expenses | (9,651) | (124,124) | (60,494) | (778,014) | +--------------------------------------+------------+------------+-------------+-------------+ | General and administrative expenses | (100,163) | (78,166) | (627,824) | (489,947) | +--------------------------------------+------------+------------+-------------+-------------+ | Research and development expenses | (19,119) | (38,119) | (119,839) | (238,928) | +--------------------------------------+------------+------------+-------------+-------------+ | Loss from operations | (135,741) | (313,220) | (850,828) | (1,963,275) | +--------------------------------------+------------+------------+-------------+-------------+ | Finance income | 255 | 81 | 1,598 | 513 | +--------------------------------------+------------+------------+-------------+-------------+ | Finance costs | (215) | (1,300) | (1,344) | (8,146) | +--------------------------------------+------------+------------+-------------+-------------+ | Net finance income (costs) | 40 | (1,219) | 254 | (7,633) | +--------------------------------------+------------+------------+-------------+-------------+ | Impairment loss on equity accounted | (64,869) | - | (406,600) | - | | investee | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | Share of loss of equity accounted | (4,817) | (7,596) | (30,196) | (47,615) | | investee | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | Loss before tax | (205,387) | (322,035) | (1,287,370) | (2,018,523) | +--------------------------------------+------------+------------+-------------+-------------+ | Income tax expenses | - | - | - | - | +--------------------------------------+------------+------------+-------------+-------------+ | Loss for the period | (205,387) | (322,035) | (1,287,370) | (2,018,523) | +--------------------------------------+------------+------------+-------------+-------------+ | | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | Attributable to: | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | Equity holders of the Company | (205,387) | (322,035) | (1,287,370) | (2,018,523) | +--------------------------------------+------------+------------+-------------+-------------+ | Minority interests | - | - | - | - | +--------------------------------------+------------+------------+-------------+-------------+ | | | | | | +--------------------------------------+------------+------------+-------------+-------------+ | Basic loss per share (Note 3) | (3.22) | (7.75) | (0.020) | (0.049) | +--------------------------------------+------------+------------+-------------+-------------+ | Diluted loss per share (Note 3) | - | - | - | - | +--------------------------------------+------------+------------+-------------+-------------+ +--------------------------------------+------------+-----------+--------------+-------------+ | Consolidated statement of comprehensive income | +--------------------------------------------------------------------------------------------+ | for the period from 01 January to 30 | | | | | | June | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | | 2009 | 2008 | 2009 | 2008 | +--------------------------------------+------------+-----------+--------------+-------------+ | | JPY'000 | JPY'000 | ? | ? | | | | | (Note 5) | (Note 5) | +--------------------------------------+------------+-----------+--------------+-------------+ | Loss for the period | (205,387) | (322,035) | (1,287,370) | (2,018,523) | +--------------------------------------+------------+-----------+--------------+-------------+ | Other comprehensive income | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | Financial assets available for sale: | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | -Change in fair value | 13,462 | - | 84,377 | - | +--------------------------------------+------------+-----------+--------------+-------------+ | -Income tax expense | (5,451) | - | (34,164) | - | +--------------------------------------+------------+-----------+--------------+-------------+ | Other comprehensive income for the | 8,011 | - | 50,213 | - | | period | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | Total comprehensive loss for the | (197,376) | (322,035) | (1,237,157) | (2,018,523) | | period | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | Attributable to: | | | | | +--------------------------------------+------------+-----------+--------------+-------------+ | Equity holders of the Company | (197,376) | (322,035) | (1,237,157) | (2,018,523) | +--------------------------------------+------------+-----------+--------------+-------------+ | Minority interests | - | - | - | - | +--------------------------------------+------------+-----------+--------------+-------------+ +--------------------------------+-------------+-------------+-------------+-------------+ | Consolidated statement of financial position | +----------------------------------------------------------------------------------------+ | | As at 30 | As at 31 | As at 30 | As at 31 | | | June | December | June | December | +--------------------------------+-------------+-------------+-------------+-------------+ | | 2009 | 2008 | 2009 | 2008 | +--------------------------------+-------------+-------------+-------------+-------------+ | | JPY'000 | JPY'000 | ? | ? | | | | | (Note 5) | (Note 5) | +--------------------------------+-------------+-------------+-------------+-------------+ | Assets | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Non-current assets | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Property, plant and equipment | 3,671 | 4,214 | 23,009 | 26,410 | +--------------------------------+-------------+-------------+-------------+-------------+ | Investment securities | 44,907 | 6,446 | 281,481 | 40,403 | +--------------------------------+-------------+-------------+-------------+-------------+ | Investment in equity accounted | 1,350 | 68,036 | 8,460 | 426,452 | | investee | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Goodwill | 7,200 | 7,200 | 45,130 | 45,130 | +--------------------------------+-------------+-------------+-------------+-------------+ | Intangible assets | 1,092 | 4,858 | 6,846 | 30,450 | +--------------------------------+-------------+-------------+-------------+-------------+ | Other non-current assets | 4,575 | 4,636 | 28,674 | 29,059 | +--------------------------------+-------------+-------------+-------------+-------------+ | | 62,795 | 95,390 | 393,600 | 597,904 | +--------------------------------+-------------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Current assets | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Inventories | 18,367 | 51,727 | 115,125 | 324,226 | +--------------------------------+-------------+-------------+-------------+-------------+ | Trade and other receivables | 75,332 | 43,442 | 472,186 | 272,298 | +--------------------------------+-------------+-------------+-------------+-------------+ | Cash and cash equivalents | 24,447 | 45,237 | 153,238 | 283,546 | +--------------------------------+-------------+-------------+-------------+-------------+ | | 118,146 | 140,406 | 740,549 | 880,070 | +--------------------------------+-------------+-------------+-------------+-------------+ | Total assets | 180,942 | 235,796 | 1,134,149 | 1,477,974 | +--------------------------------+-------------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Liabilities | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Non-current assets | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Deferred tax liabilities | 5,450 | - | 34,164 | - | +--------------------------------+-------------+-------------+-------------+-------------+ | | 5,450 | - | 34,164 | - | +--------------------------------+-------------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Current liabilities | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Loans and borrowings | 18,000 | - | 112,824 | - | +--------------------------------+-------------+-------------+-------------+-------------+ | Trade and other payables | 96,494 | 81,246 | 604,827 | 509,251 | +--------------------------------+-------------+-------------+-------------+-------------+ | | 114,494 | 81,246 | 717,651 | 509,251 | +--------------------------------+-------------+-------------+-------------+-------------+ | Net current assets | 3,652 | 59,160 | 22,898 | 370,819 | +--------------------------------+-------------+-------------+-------------+-------------+ | Total liabilities | 119,944 | 81,246 | 751,815 | 509,251 | +--------------------------------+-------------+-------------+-------------+-------------+ | Net assets | 60,997 | 154,550 | 382,334 | 968,723 | +--------------------------------+-------------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Equity | | | | | +--------------------------------+-------------+-------------+-------------+-------------+ | Share capital | 918,614 | 867,614 | 5,757,892 | 5,438,223 | +--------------------------------+-------------+-------------+-------------+-------------+ | Share premium | 675,854 | 625,164 | 4,236,264 | 3,918,538 | +--------------------------------+-------------+-------------+-------------+-------------+ | Fair value reserve | 8,011 | - | 50,213 | - | +--------------------------------+-------------+-------------+-------------+-------------+ | Share option reserve | 28,101 | 25,967 | 176,139 | 162,766 | +--------------------------------+-------------+-------------+-------------+-------------+ | Deficit | (1,569,582) | (1,364,195) | (9,838,173) | (8,550,804) | +--------------------------------+-------------+-------------+-------------+-------------+ | Total equity | 60,997 | 154,550 | 382,334 | 968,723 | +--------------------------------+-------------+-------------+-------------+-------------+ +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Consolidated Statement of Changes in Equity | | | +----------------------------------------------------------------------------+-----------+-------------+ | for the period from 01 January to 30 | | | | | | | June | | | | | | +------------------------------------------+---------+---------+-------------+-----------+-------------+ | | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | | | | | | | JPY'000 | ? | | | | | | | | | (Note 5) | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | | Attributable to equity holders of the Company | +--------------------+---------------------------------------------------------------------------------+ | | Share | Share | Fair | Share | Deficit | Total | Total | | | capital | premium | value | option | | equity | equity | | | | | reserve | reserve | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Balance at 1 | 713,614 | 472,255 | (425) | 12,337 | (826,272) | 371,509 | 2,328,625 | | January 2008 | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Net loss for the | - | - | - | - | (322,035) | (322,035) | (2,018,523) | | period | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Total | - | - | - | - | (322,035) | (322,035) | (2,018,523) | | comprehensive loss | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share issued | 68,000 | 68,000 | - | - | - | 136,000 | 852,451 | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share issuance | - | (483) | - | - | - | (483) | (3,027) | | costs | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share option costs | - | - | - | (450) | - | (450) | (2,818) | | charged to income | | | | | | | | | for the period | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Balance as at 30 | 781,614 | 539,772 | (425) | 11,887 | (1,148,307) | 184,541 | 1,156,708 | | June 2008 | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Balance at 1 | 867,614 | 625,164 | - | 25,967 | (1,364,195) | 154,550 | 968,723 | | January 2009 | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Net loss for the | - | - | - | - | (205,387) | (205,387) | (1,287,370) | | period | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Fair value | - | - | 8,011 | - | - | 8,011 | 50,213 | | adjustments of | | | | | | | | | available-for | | | | | | | | | sales investments, | | | | | | | | | net of tax | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Total | - | - | 8,011 | - | (205,387) | (192,374) | (1,237,157) | | comprehensive loss | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share issued | 51,000 | 51,000 | - | - | - | 102,000 | 639,338 | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share issuance | - | (310) | - | - | - | (310) | (1,942) | | costs | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Share option costs | - | - | - | 2,134 | - | 2,134 | 13,372 | | charged to income | | | | | | | | | for the period | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ | Balance as at 30 | 918,614 | 675,854 | 8,011 | 28,101 | (1,569,582) | 60,997 | 382,334 | | June 2009 | | | | | | | | +--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ +--------------------------------+-----------+-----------+------------+------------+ | Consolidated statement of cash flows | | | +--------------------------------------------------------+------------+------------+ | for the period from 01 January to 30 June | | | | +--------------------------------------------+-----------+------------+------------+ | | 2009 | 2008 | 2009 | 2008 | +--------------------------------+-----------+-----------+------------+------------+ | | JPY'000 | JPY'000 | ? | ? | | | | | (Note 5) | (Note 5) | +--------------------------------+-----------+-----------+------------+------------+ | Operating Activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Cash used in operations | (89,855) | (86,212) | (563,212) | (540,380) | +--------------------------------+-----------+-----------+------------+------------+ | Interest received, net | 254 | 19 | 1,589 | 119 | +--------------------------------+-----------+-----------+------------+------------+ | Net cash used in operating | (89,601) | (86,193) | (561,623) | (540,261) | | activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Investing activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Purchase of intangible assets | - | (3,447) | - | (21,604) | +--------------------------------+-----------+-----------+------------+------------+ | Acquisition of associate | (3,000) | (15,000) | (18,804) | (94,020) | | company | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Acquisition of other | (25,000) | - | (156,701) | - | | investments | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Proceeds from sales of | - | 1,645 | - | 10,309 | | investment securities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Increase of short-term lending | (22,888) | (1,500) | (143,459) | (9,402) | +--------------------------------+-----------+-----------+------------+------------+ | Net cash used in investing | (50,888) | (18,302) | (318,964) | (114,717) | | activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Financing activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Proceeds from loans and | 18,000 | - | 112,824 | - | | borrowings | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Proceeds on issue of new | 101,690 | 135,517 | 637,396 | 849,424 | | shares, net of issuance cost | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Net cash from financing | 119,690 | 135,517 | 750,220 | 849,424 | | activities | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Net increase (decrease) in | (20,799) | 31,022 | (130,367) | 194,446 | | cash and cash equivalents | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Effect of exchange rate | 9 | 67 | 59 | 421 | | fluctuations on cash held | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Cash and cash equivalents at | 45,237 | 9,515 | 283,546 | 59,637 | | beginning of year | | | | | +--------------------------------+-----------+-----------+------------+------------+ | Cash and cash equivalents at | 24,447 | 40,604 | 153,238 | 254,504 | | end of period | | | | | +--------------------------------+-----------+-----------+------------+------------+ Notes to the interim consolidated financial statements 1. General Information This interim report was approved by the Directors on 24 September 2009. The results for the both of current and comparative half year have not been audited, but were the subject of an independent review carried out by independent auditors, Chiyoda International CPA Office. Their review confirmed that the figures were prepared using accounting policies and practices consistent with those adopted in the 2008 annual report. The audited results for the year ended 31 December 2008 are an abridged version of the company's financial statements which the predecessor auditor, Kainan Audit Corporation gave an unqualified report. 2. Going concern These consolidated financial statements have been prepared by management on the bases of generally accepted accounting principles applicable to a "going concern", which assumes the Company will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of operations. The Company posted a continuing net loss of JPY 205,387 thousand (GBP1,287,370) in the first half ended 30 June 2009, JPY 537,923 thousand in December 2008, and JPY 648,959 thousand in December 2007. Net loss for this period was mainly due to poor sales results of JPY 37,053 thousand (GBP232,247) and losses on impairment loss on equity accounted investee of JPY 64,869 million (GBP406,600). These consolidated financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate because management believes that in the years ended 31 December 2009 the Company will still declare loss of JPY 317 million and in 2010 will head for surplus of JPY 14 million and the Company can successfully raise sufficient funds later this year to execute the business plan. If the going concern assumption were not appropriate for the consolidated financial statements, then an adjustment would be necessary to the carrying values of the assets and liabilities, the reported revenues and expenses and the balance sheet classification used. 3. Loss per share Basic loss per share is calculated on loss for the period of JPY205,387 thousand (GBP1,287,370) divided by 63,744,261 weighted average ordinary shares in the period ended 30 June 2009 and loss for the period of JPY322,035 thousand (GBP2,018,523) divided by 41,556,393 weighted average ordinary shares in the period ended 30 June 2008. There were no factors resulting in a delution of loss per share. 4. Dividend paid No dividends were paid and approved for the period. 5. British pound sterling equivalent The British pound sterling equivalents of the figures shown in these interim consolidated financial statements are supplementary information and have been translated at JPY159.54 to STG?1. Such translation should not be construed as representation that the Japanese yen amounts represent, or have been or could be converted into British pound at that or any other rate. 6. Impairment loss on investment in equity accounted investee The Company recognised impairment loss on investment in Beyond LSI, Inc for JPY 64,869 thousand yen (?406,600) to its recoverable amount because of its poor results and net asset value declines significantly. 7. Related Party Transactions Transactions between the Company and its related parties for the period from 01 January to 30 June 2009 are described as follows: +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | (Unit: | Mr. | Mr. | Mr. | Mr.Evans | Mr. | Mr. | Mr. | Fuji | Techno-imagia | I-O | ASD, | Byond | | JPY'000) | Kashiwabara | Kunieda | Li | (Director) | Kiyomoto | Cho | Takahashi | Digital | | Network | Inc. | LSI, | | | (Director) | (Director) | (Director) | | (ex-Director) | (ex-Director) | (ex-Director) | Imaging | | | | Inc. | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Sales | - | - | - | - | - | - | - | - | 1,117 | - | - | 840 | | of | | | | | | | | | | | | | | goods | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Interest | - | - | - | - | - | - | - | - | - | - | - | 126 | | income | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Purchase | - | - | - | - | - | - | - | 4,170 | - | - | - | - | | of goods | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Interest | 1 | - | - | - | - | - | - | - | - | - | - | - | | expense | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Short-term | - | - | - | - | - | - | - | - | - | - | - | 2,888 | | lending | | | | | | | | | | | | | | made in | | | | | | | | | | | | | | the period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Short-term | 18,000 | - | - | - | - | - | - | - | - | - | - | - | | borrowing | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Capital | 35,000 | - | - | - | - | - | - | - | - | - | - | - | | increase | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Amounts | - | - | - | - | - | - | - | - | 1,117 | - | - | 21,260 | | owed by | | | | | | | | | | | | | | related | | | | | | | | | | | | | | parties | | | | | | | | | | | | | | at end | | | | | | | | | | | | | | of the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ | Amounts | 26,000 | - | - | - | 14,787 | 8,800 | 6,375 | - | - | - | - | - | | owed to | | | | | | | | | | | | | | related | | | | | | | | | | | | | | parties | | | | | | | | | | | | | | at end | | | | | | | | | | | | | | of the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | (Unit: | Mr. | Mr. | Mr. | Mr.Evans | Mr. | Mr. | Mr. | Fuji | Techno-imagia | I-O | ASD, | Byond | | ?) | Kashiwabara | Kunieda | Li | (Director) | Kiyomoto | Cho | Takahashi | Digital | | Network | Inc. | LSI, | | (Note | (Director) | (Director) | (Director) | | (ex-Director) | (ex-Director) | (ex-Director) | Imaging | | | | Inc. | | 5) | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Sales | - | - | - | - | - | - | - | - | 7,000 | - | - | 5,265 | | of | | | | | | | | | | | | | | goods | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Interest | - | - | - | - | - | - | - | - | - | - | - | 794 | | income | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Purchase | - | - | - | - | - | - | - | 26,138 | - | - | - | - | | of goods | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Interest | 5 | - | - | - | - | - | - | - | - | - | - | - | | expense | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Short-term | - | - | - | - | - | - | - | - | - | - | - | 18,099 | | lending | | | | | | | | | | | | | | made in | | | | | | | | | | | | | | the period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Short-term | 112,824 | - | - | - | - | - | - | - | - | - | - | - | | borrowing | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Capital | 219,381 | - | - | - | - | - | - | - | - | - | - | - | | increase | | | | | | | | | | | | | | in the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Amounts | - | - | - | - | - | - | - | - | 7,000 | - | - | 133,261 | | owed by | | | | | | | | | | | | | | related | | | | | | | | | | | | | | parties | | | | | | | | | | | | | | at end | | | | | | | | | | | | | | of the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ | Amounts | 162,969 | - | - | - | 92,698 | 55,159 | 39,961 | - | - | - | - | - | | owed to | | | | | | | | | | | | | | related | | | | | | | | | | | | | | parties | | | | | | | | | | | | | | at end | | | | | | | | | | | | | | of the | | | | | | | | | | | | | | period | | | | | | | | | | | | | +------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ Copies of the statement are being sent to shareholders. Further copies are available on request from: Toshiya Kurita Chief Financial Controller BGENUINETEC INC. Headquarters and R&D Centre ICST Building 3F 1-9-2 Nihonbashihoridomecho, Chuo-ku Tokyo 103-0012 Japan Tel: +81.3.5652.0321 Email:t_kurita@securedesign.jp Brian Coleman-Smith Cubitt Consulting Limited 30 Coleman Street London EC2R 5AL. Tel: + 44 (0)20 7367 5100 Email:brian.coleman-smith@cubitt.consulting.com This information is provided by RNS The company news service from the London Stock Exchange END IR IIFFRAFIAFIA
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