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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| China Evoline | LSE:CEVO | London | Ordinary Share | GB00B3N52J55 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMCEVO
RNS Number : 1147H
China Evoline PLC
15 February 2010
China Evoline Plc
Unaudited Results for the Six Months Ended 31 December 2009
CHAIRMANS STATEMENT
Dear shareholder
This report and unaudited financial statements covers the six months to 31
December 2009. The loss after tax for the six months to 31 December 2009 from
continuing activities amounted to GBP35,000 (2009: loss GBP396,000).
BASIS OF PREPARATION - GOING CONCERN
As I informed shareholders in my Chairman's Statement in the audited accounts as
at 30 June 2009, the majority shareholder has irrevocably committed to lend the
Company an additional GBP160,000. The first tranche of GBP80,000 has been drawn
upon and the second tranche of GBP80,000 is due to be drawn in April 2010. At
this stage the Directors have no reason to believe that this will not happen.
A critical element is the Company securing a substantial acquisition. In the
event no substantial acquisition is made by 21 April 2010, being twelve months
from the date of the 2009 AGM, in accordance with the AIM rules for companies,
trading in the Company's shares will be suspended and, if no transaction is
achieved by the Company within a further six months, the London Stock Exchange
will cancel admission of the shares on AIM.
As at the date of these interim accounts, the Directors are pursuing a number of
investment opportunities which they believe will result in a successful
acquisition being completed by October 2010. To date, these investment
opportunities have been mostly in the mining sector. We are currently conducting
feasibility studies and will update investors in due course.
If the Company successfully identifies a suitable investment opportunity, the
ability to continue as a going concern will depend on being able to raise the
necessary finance in order to fund the appropriate due diligence and purchase
price consideration and being able to successfully integrate the target into the
Group so as to generate cash in the future.
If the Company fails to secure any additional finance, the Company will be
unable to continue as a going concern as it will have insufficient funds to
trade after twelve months. The ability of the Company to continue as a going
concern is dependent on continued financial support of the majority shareholder.
Despite the above mentioned uncertainties, the Directors consider that China
Evoline Plc is a going concern, and the accounts of the parent entity have been
prepared on a going concern basis. The Directors consider this appropriate,
based on the refinancing of the Company which was approved by shareholders at 21
April 2009, the additional loan finance secured subsequent to 30 June 2009, and
on the assumption that the investment strategy will be successfully implemented
by October 2010. The above conditions represent a material uncertainty that may
cast significant doubt as to the Company's ability to continue as a going
concern. The financial statements do not include any adjustments which would
result if the Company were unable to continue as a going concern.
FRANK LEWIS
CHAIRMAN
12 FEBRUARY 2010
Unaudited Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2009
+------------------------------------+----------+----------+----------+-----------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 June |
| | | 31 | 31 | 2009 |
| Continuing operations | | December | December | GBP'000 |
| | | 2009 | 2008 | |
| | | GBP'000 | GBP'000 | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
| Administrative expenses | | (26) | (496) | (526) |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Operating loss | | (26) | (496) | (526) |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Finance income | | - | 5 | 5 |
+------------------------------------+----------+----------+----------+-----------+
| Finance costs | | (9) | (1) | (4) |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Loss before tax | | (35) | (492) | (525) |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Tax | | - | - | - |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Loss for the period from | | (35) | (492) | (525) |
| continuing activities | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Profit for the period from | | - | 96 | 11,041 |
| discontinued operations | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| (Loss)/profit for the period | | | | |
| attributable to the equity holders | | (35) | (396) | 10,516 |
| of the parent | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Other comprehensive income: | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Exchange differences on | | - | (5) | 56 |
| translation of overseas operations | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Total comprehensive (loss)/income | | (35) | (401) | 10,572 |
| for the period | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Earnings per share | | GBP | GBP | GBP |
+------------------------------------+----------+----------+----------+-----------+
| From continuing operations | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Basic and diluted loss per share | | (0.11) | (0.48) | (2.23) |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
| From continuing and discontinued | | | | |
| operations | | | | |
+------------------------------------+----------+----------+----------+-----------+
| Basic (loss)/earnings per share | | (0.11) | (0.39) | 44.67 |
+------------------------------------+----------+----------+----------+-----------+
| Diluted (loss)/earnings per share | | (0.11) | (0.39) | 7.16 |
+------------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+----------+----------+----------+-----------+
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 December 2009
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | Share | Reverse | Share | Option | Merger | Translation | Capital | Retained | Total |
| | capital | acquisition | premium | premium | reserve | reserve | contribution | earnings | equity |
| | | reserve | reserve | on | | | reserve | | |
| | | | | convertible | | | | | |
| | | | | loan | | | | | |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At 1 July | 10,870 | - | 6,885 | 26 | - | - | - | (17,987) | (206) |
| 2009 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Loss for | - | - | - | - | - | - | - | (35) | (35) |
| the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Total | | | | | | | | | |
| recognised | - | - | - | - | - | - | - | (35) | (35) |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At 31 | 10,870 | - | 6,885 | 26 | - | - | - | (18,022) | (241) |
| December | | | | | | | | | |
| 2009 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At 1July | 10,868 | (14,570) | 6,864 | - | 766 | 492 | 448 | (12,738) | (7,870) |
| 2008 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Foreign | - | - | - | - | - | (5) | - | - | (5) |
| currency | | | | | | | | | |
| translation | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Net | | | | | | | | | |
| expense | - | - | - | - | - | (5) | - | - | (5) |
| recognised | | | | | | | | | |
| directly | | | | | | | | | |
| in equity | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Loss for | - | - | - | - | - | - | - | (396) | (396) |
| the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Total | | | | | | | | | |
| recognised | - | - | - | - | - | (5) | - | (396) | (401) |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At 31 | 10,868 | (14,570) | 6,864 | - | 766 | 487 | 448 | (13,134) | (8,271) |
| December | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 December 2009
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | Share | Reverse | Share | Option | Merger | Translation | Capital | Retained | Total |
| | capital | acquisition | premium | premium | reserve | reserve | contribution | earnings | equity |
| | | reserve | reserve | on | | | reserve | | |
| | | | | convertible | | | | | |
| | | | | loan | | | | | |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At | 10,868 | (14,570) | 6,864 | - | 766 | 492 | 448 | (12,738) | (7,870) |
| 1July | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Foreign | - | - | - | - | - | 56 | - | - | 56 |
| currency | | | | | | | | | |
| translation | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Net | | | | | | | | | |
| income | - | - | - | - | - | 56 | - | - | 56 |
| recognised | | | | | | | | | |
| directly | | | | | | | | | |
| in equity | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Profit | - | - | - | - | - | - | - | 10,516 | 10,516 |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Total | | | | | | | | | |
| recognised | - | - | - | - | - | 56 | - | 10,516 | 10,572 |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Issue | 2 | - | 21 | - | - | - | - | - | 23 |
| of | | | | | | | | | |
| share | | | | | | | | | |
| capital | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Arising | | | | | | | | | |
| on | - | - | - | 26 | - | - | - | - | 26 |
| issue | | | | | | | | | |
| of | | | | | | | | | |
| convertible | | | | | | | | | |
| loan note | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| Disposal | - | 14,570 | - | - | (766) | (548) | (448) | (15,765) | (2,957) |
| of | | | | | | | | | |
| subsidiary | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| At 30 | 10,870 | - | 6,885 | 26 | - | - | - | (17,987) | (206) |
| June | | | | | | | | | |
| 2009 | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
| | | | | | | | | | |
+-------------+---------+-------------+---------+-------------+---------+-------------+--------------+----------+---------+
Unaudited Condensed Consolidated Balance Sheet
As at 31 December 2009
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | |
+-------------------------+--------+----------+---------+-------------------------+
| | | 31 | | 31 | | 30 June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | GBP'000 |
| | | GBP'000 | | GBP'000 | | |
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Current assets | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Trade and other | | 10 | | 15 | | 15 |
| receivables | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Cash and cash | | 115 | | 89 | | 127 |
| equivalents | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total current assets | | 125 | | 104 | | 142 |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total assets | | 125 | | 104 | | 142 |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Current liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Trade and other | | (41) | | (3,637) | | (112) |
| payables | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Interest bearing | | (80) | | (1,743) | | - |
| liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Current tax liabilities | | - | | (2,995) | | - |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total current | | (121) | | (8,375) | | (112) |
| liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Non-current liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Interest bearing | 4 | (245) | | - | | (236) |
| liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total non-current | | (245) | | - | | (236) |
| liabilities | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total liabilities | | (366) | | (8,375) | | (348) |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Net liabilities | | (241) | | (8,271) | | (206) |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | |
+-------------------------+--------+----------+---------+-------------------------+
| Equity | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Share capital | | 10,870 | | 10,868 | | 10,870 |
+-------------------------+--------+----------+---------+----------+-+------------+
| Reverse acquisition | | - | | (14,570) | | - |
| reserve | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Share premium reserve | | 6,885 | | 6,864 | | 6,885 |
+-------------------------+--------+----------+---------+----------+-+------------+
| Option premium on | 4 | 26 | | - | | 26 |
| convertible loan | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Merger reserve | | - | | 766 | | - |
+-------------------------+--------+----------+---------+----------+-+------------+
| Translation reserve | | - | | 487 | | - |
+-------------------------+--------+----------+---------+----------+-+------------+
| Capital contribution | | - | | 448 | | - |
| reserve | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Retained earnings | | (18,022) | | (13,134) | | (17,987) |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
| Total equity | | (241) | | (8,271) | | (206) |
+-------------------------+--------+----------+---------+----------+-+------------+
| | | | | | | |
+-------------------------+--------+----------+---------+----------+-+------------+
Unaudited Condensed Consolidated Cash Flow Statement
For the six months ended 31 December 2009
+-----------------------------------+--+-----+----------+----------+---------+
| | | | Six | Six | Year |
| | | | months | months | ended |
| | | | ended | ended | 30 |
| | | | 31 | 31 | June |
| | | | December | December | 2009 |
| | | | 2009 | 2008 | GBP'000 |
| | | | GBP'000 | GBP'000 | |
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Cash outflow from operations | | | (92) | (1,919) | (2,086) |
+-----------------------------------+--+-----+----------+----------+---------+
| Interest received | | | - | 5 | 5 |
+-----------------------------------+--+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Net cash outflows from operating | | (92) | (1,914) | (2,081) |
| activities | | | | |
+--------------------------------------+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Financing activities | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Issue of share capital | | | - | | 23 |
| | | | | - | |
+-----------------------------------+--+-----+----------+----------+---------+
| Interest paid | | | - | (36) | (36) |
+-----------------------------------+--+-----+----------+----------+---------+
| New loans | | | 80 | - | 259 |
+-----------------------------------+--+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Net increase/(decrease) in cash | | | 80 | (36) | 246 |
| from financing activities | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Net decrease in cash and cash | | (12) | (1,950) | (1,835) |
| equivalents | | | | |
+--------------------------------------+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Cash and cash equivalents at | | | 127 | 1,962 | 1,962 |
| beginning of period | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Exchange gains on cash and cash | | - | 77 | - |
| equivalents | | | | |
+--------------------------------------+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| Cash and cash equivalents at end | | | 115 | 89 | 127 |
| of period | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
| | | | | | |
+-----------------------------------+--+-----+----------+----------+---------+
Notes to the Unaudited Condensed Consolidated Financial Information
For the six months ended 31 December 2009
1. PUBLICATION OF NON-STATUTORY ACCOUNTS
The interim financial information for the six months ended 31 December 2009
includes the results of China Evoline plc.
The unaudited Condensed Consolidated Statement of Comprehensive Income for the
six month period to 31 December 2009 and the unaudited Condensed Consoldiated
Balance Sheet as at 31 December 2009 do not amount to full accounts within the
meaning of Section 435 of the Companies Act 2006 and have not been delivered to
the Registrar of Companies. The Interim Report is unaudited and does not
constitute Statutory Accounts.
The Company's statutory accounts for the year ended 30 June 2009 have been filed
with the Registrar of Companies and are available on the Company's website at
www.chinaevoline.com and in printed form from the Company's Registered Office at
14 New Street, London EC2M 4HE. The auditors' report on these financial
statements was qualified on a limitation of scope and included an emphasis of
matter with regard to going concern.
The Interim Statement is available on the Company's website at
www.chinaevoline.com and in printed form from the Company's Registered Office at
14 New Street, London EC2M 4HE.
2. BASIS OF PREPARATION
This report for the 6 months ended 31 December 2009 was approved by the
directors on 12 February 2010.
These interim financial statements cover the six month period ended 31 December
2009 and are prepared in accordance with IFRS as adopted by the European Union
on the historical cost basis. They do not include all the information required
for full annual financial statements, and should be read in conjunction with the
Company's financial statements for the year ended 30 June 2009 which have been
prepared in accordance with IFRS as adopted by the European Union.
The unaudited interim financial statements have been prepared on the basis of
the accounting policies adopted in the audited accounts for the year ended 30
June 2009. The financial statements of China Evoline plc continue to be prepared
on a going concern basis due to it having sufficient access to funds in order to
continue to meet its liabilities and its expected operating costs for the
foreseeable future.
3. (LOSS)/EARNINGS per share
The calculation of basic and diluted earnings per share is based on the
following data:
+-------------------------------------+----------+--------------+--------------+-------------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 |
| | | 31 | 31 | June |
| | | December | December | 2009 |
| | | 2009 | 2008 | GBP'000 |
| | | GBP'000 | GBP'000 | |
| | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| (Loss)/profit attributable to the | | (35) | (396) | 10,516 |
| equity holders of the company | | (35) | (492) | (525) |
| Loss from continuing operations | | | | |
| | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| Number of shares | | '000 | '000 | '000 |
+-------------------------------------+----------+--------------+--------------+-------------+
| Weighted average number of ordinary | | 310 | 102 | 235 |
| shares for the purpose of basic | | | | |
| earnings per share | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| Effect of dilutive potential | | | | |
| shares: | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| Convertible loan note | | 1,125 | - | 1,125 |
+-------------------------------------+----------+--------------+--------------+-------------+
| Other dilutive effect | | - | - | 108 |
+-------------------------------------+----------+--------------+--------------+-------------+
| | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| Weighted average number of ordinary | | 1,435 | 102 | 1,468 |
| shares for the purpose of basic | | | | |
| earnings per share | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
| | | | | |
+-------------------------------------+----------+--------------+--------------+-------------+
The denominators for the purposes of calculating both basic and diluted earnings
per share in 2008 have been adjusted for the share division that took place in
2008.
4. NOTES TO THE CONDENSED CONSOLIDATED CASH FLOW STATEMENT
+-----------------------------------------+----------+----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | 30 June |
| | 31 | 31 | 2009 |
| | December | December | GBP'000 |
| | 2009 | 2008 | |
| | GBP'000 | GBP'000 | |
| | | | |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
| Loss from continuing operations | (35) | (492) | (525) |
+-----------------------------------------+----------+----------+----------+
| Profit from discontinued operations | - | 96 | 11,041 |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
| Adjustments for: | | | |
+-----------------------------------------+----------+----------+----------+
| Finance income | - | (5) | (5) |
+-----------------------------------------+----------+----------+----------+
| Finance costs | 9 | 36 | 39 |
+-----------------------------------------+----------+----------+----------+
| Tax | - | 8 | 8 |
+-----------------------------------------+----------+----------+----------+
| Loss on disposal of property, plant and | - | - | 90 |
| equipment | | | |
+-----------------------------------------+----------+----------+----------+
| Disposal of subsidiary | - | - | (13,349) |
+-----------------------------------------+----------+----------+----------+
| Write off of interest bearing loan | - | - | (2,877) |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
| Cash outflow before changes in | (26) | (357) | (5,578) |
| working capital | | | |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
| Changes in working capital: | | | |
+-----------------------------------------+----------+----------+----------+
| Decrease in trade and other receivables | 5 | 2,904 | 2,956 |
+-----------------------------------------+----------+----------+----------+
| (Increase)/decrease in trade and other | (71) | (4,466) | 536 |
| payables | | | |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
| Net cash outflow from operations | (92) | (1,919) | (2,086) |
+-----------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------+----------+----------+----------+
5. NON-CURRENT INTEREST BEARING LIABILITIES
Convertible loan note
The principal amount of the loan note was GBP258,636. Interest is accrued at a
rate of 2.5% per annum (only payable if conversion does not take place), is
unsecured and repayable on 21 April 2011. The loan note is subject to
compulsory conversion in the event of a reverse takeover (in accordance with the
AIM rules) into 1,124,506 new ordinary shares at 23 pence per share. In
addition, the loan note holder has the right to convert any amount of the
principal into the relevant number of new ordinary shares, as set out above, at
any time within the two years from the date of issue.
The value of the liability and the equity conversion components has been
determined at the date of issue. The fair value of the liability component at
inception was calculated using discounted cash flows using a market interest
rate that would be payable on a similar debt instrument. The discount factor
was 8%. The remaining amount was credited direct to equity and is not
subsequently remeasured.
+---------------------------------------+----------+----------+
| | | 31 |
| | | December |
| | | 2009 |
| | | GBP'000 |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Principal amount of convertible loan | | 259 |
| note issued on 21 April 2009 | | |
+---------------------------------------+----------+----------+
| Less: Equity component | | (26) |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Liability component on initial | | 233 |
| recognition | | |
+---------------------------------------+----------+----------+
| Interest expense to 30 June 2009 | | 3 |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Liability component at 30 June 2009 | | 236 |
+---------------------------------------+----------+----------+
| Interest expense 6 months ended | | 9 |
| December 2009 | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Liability component at 31 December | | 245 |
| 2009 | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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