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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clearspeed Tech | LSE:CSD | London | Ordinary Share | GB00B01TNC84 | 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% | 3.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMCSD
RNS Number : 3278R
ClearSpeed Technology plc
29 April 2009
ClearSpeed Technology Plc
Preliminary Results for the Year Ended 31 December 2008
29 April 2009 - ClearSpeed Technology plc ("ClearSpeed" or the "Group" or the
"Company", AIM: CSD) today announces its unaudited financial results for the
twelve months ended 31 December 2008.
Business and financial highlights
* Next generation processor the CSX700 (previously codenamed 'Callanish') and a
new Advance(TM) e710 accelerator Board launched in June 2008 at the
International Supercomputing Conference in Dresden.
* The CSX700 processor is the world's most energy efficient high performance
processor designed specifically for intense computing applications.
* Blade server format Board e720 launched and approved by Hewlett-Packard
* A follow-on technology licence and design services agreement has been signed for
delivery in 2009 with an existing customer
* First ClearSpeed Advance Terascale System (CATS) units sold in the UK
* At the end of the financial year, the Group had cash reserves of GBP10.6m
* Operating loss reduced to GBP11.8m (2007: GBP15.5m)
* Loss per share 16.6 pence (2007: 22.8 pence)
* The directors do not recommend payment of a dividend
* Following the Group's statement made on 30 January 2009, ClearSpeed intends to
return cash to its Shareholders by way of a Tender Offer and cancel trading on
AIM, made in a separate announcement today
Richard Farleigh, Non Executive Chairman commented:
"Following our restructuring, we now have a very efficient cost base. The size
of our customers' markets and our potential margins mean that relatively few
customers are now required to take the Company to cash flow break-even and
profitability. Consequently there is the potential for a successful business
going forward."
For further enquiries:
+----------------------------------------+------------------+
| Richard Farleigh, Non-Executive | |
| Chairman | |
+----------------------------------------+------------------+
| ClearSpeed Technology plc | 01454 629 623 |
+----------------------------------------+------------------+
| | |
+----------------------------------------+------------------+
| Richard Kauffer/Joanne Breeze | |
+----------------------------------------+------------------+
| KBC Peel Hunt, Nominated Adviser and | 020 7418 8900 |
| Broker | |
+----------------------------------------+------------------+
| | |
+----------------------------------------+------------------+
| Adrian Duffield/Jon Davies | |
+----------------------------------------+------------------+
| College Hill | 020 7457 2020 |
+----------------------------------------+------------------+
About ClearSpeed:
ClearSpeed is a semiconductor company that develops massively parallel
coprocessors, accelerator boards and software for applications in financial
services, universities, national laboratories and other numerically
intensive disciplines. ClearSpeed was founded in 2001 with a focus on
alleviating the power, heat, and density challenges of HPC ("High Performance
Computing") applications.
Chairman's review
2008 proved a year in which coprocessors became more accepted, the industry
trend toward multi-core systems strengthened, and green computing came to the
forefront.
It also became evident that the key to coprocessor adoption lies in software
tools that are used to program and ultimately solve real-world problems.
ClearSpeed played a significant role in shaping and moving these trends forward.
Whilst the Board believes that the Company's technology proposition remains
sound, the predominant risk has been the timing of the market adoption of
acceleration technologies which has remained ClearSpeed's greatest challenge.
The trend towards accelerators and multi-core, parallel architectures continues,
as evidenced by the roadmaps of the major general purpose and graphics processor
vendors however, buyers remain at the early stages of exploiting parallelisation
through their applications. With this background ClearSpeed has found it
challenging to make the transition from development of the technology to a
commercially successful business.
Despite some promising contract wins and product development, ClearSpeed's lack
of commercial progress has been a source of frustration for the Board and also
for the Company's shareholders. The Group's results for the twelve months ended
31st December 2008 show a reduction in overall sales to below GBP0.5m (2007:
GBP1.2m), a cash position of GBP10.6m (2007: GBP19.6m) and a loss of GBP11.8m
(2007: GBP15.5m). Research and development expenses were lower at GBP5.7m (2007:
GBP6.4m) which was a result of postponing the next generation silicon. The Group
received GBP0.8m (2007: GBP1.0m) in interest and benefited from GBP1.4m (2007:
GBP0.7m) in corporation tax received, as a result of tax credits for research
and development.
Throughout 2008 the Group continually reviewed its progress and ability to
deliver to plan. As each milestone passed, it twice undertook further
reorganisation and rationalisation of the cost base; as a result, the operating
cost base for 2009 will be below GBP2.0m (2008: GBP11.8m).
Against this background, the Board has spent significant time evaluating
strategic alternatives for the Company. These deliberations have taken into
account the current financial position of the Company, the Company's progress
towards the commercial success of its products, the current financial climate
and the relative benefits compared to the ongoing costs of maintaining a listing
on AIM. The Board has also taken into account the views of the Company's
shareholders as a whole. In particular, certain of the Company's institutional
shareholders have explicitly expressed a desire for a return of all or a
substantial portion of the Company's available cash.
As a result the Board of ClearSpeed has also today announced that it intends,
inter alia, to return GBP6.9m of cash by way of a tender offer at 15.25 pence
per share and shareholders' approval to cancel admission of the ordinary shares
of ClearSpeed to trading on AIM. A circular containing details of the proposals
is being sent to shareholders today to seek shareholders' approval at the
forthcoming General Meeting to be held on 21 May 2009. Copies of the circular
will be shortly made available from ClearSpeed's website, www.clearspeed.com.
For details of the proposals, please refer to the circular.
Patents
The Group has invested significantly in the protection of its Intellectual
Property (IP) rights as it has developed its technology. There are 60 patents
granted and over 20 pending for important aspects of its technology.
The granted patents provide the Group with the potential to develop a third
revenue stream. This potential revenue stream requires continued investment and
the exploitation strategy including licensing IP and sale of non-core patents is
currently under review.
Board
During 2008 the make-up of the Board evolved to reflect the rapidly changing
nature of ClearSpeed's business. As part of the ongoing rationalisation
programme Shanker Trivedi and John Hart resigned as non-Executive Directors
without replacement. Andy Kroese the Chief Financial Officer left the Group.
Russell David became Chief Operating Officer and was duly appointed to the Board
on 7 November 2008.
Strategy
The management of ClearSpeed has implemented a number of significant changes in
recent months, rationalising the cost base and increasing the focus on
commercial success. Capitalising on the valuable experience since flotation, the
Company intends to continue its strategy of developing sales channel and funded
development partnerships with the aims of reducing its dependence on the HPC
acceleration market and exploiting the technology platform in high volume, power
constrained, embedded opportunities.
Your Board fully recognises and accepts it's obligation to maximise shareholder
value. In the event that the Company does not achieve its strategic goals
within a relatively short period of time following the implementation of the
Proposals, then the Board will actively pursue opportunities to provide
liquidity including, where appropriate, further returns of cash, a sale of the
business or a members' voluntary liquidation.
Current trading and prospects
During the first quarter of 2009 ClearSpeed commenced work on a technology
licence and design services deliverable worth $0.7 million for an existing
customer. Similar work packages are actively being pursued in parallel with the
aim to secure customer funding for the next generation silicon. Continual review
of the cost base and cash position will ensure headcount is realigned to
optimise the Company's ability to service its existing customers.
The move to an indirect sales model continues to develop with value added
resellers (VARs) established in Europe and Asia, with the ClearSpeed management
team developing long standing relationships with major US customers.
R B Farleigh
Chairman
Consolidated income statement
Year ended 31 December 2008
+----------------------------------------------------+------+-----------+----------+
| | | Unaudited | Audited |
| | | Year | Year |
+----------------------------------------------------+------+-----------+----------+
| | | ended | ended |
+----------------------------------------------------+------+-----------+----------+
| | | 2008 | 2007 |
+----------------------------------------------------+------+-----------+----------+
| |Note | GBP'000 | GBP'000 |
+----------------------------------------------------+------+-----------+----------+
| Continuing operations | | | |
+----------------------------------------------------+------+-----------+----------+
| Revenue | 1 | 491 | 1,227 |
+----------------------------------------------------+------+-----------+----------+
| Cost of sales | | (334) | (458) |
+----------------------------------------------------+------+-----------+----------+
| Gross profit | | 157 | 769 |
+----------------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------------+------+-----------+----------+
| Operating expenses | | | |
+----------------------------------------------------+------+-----------+----------+
| Research, design and development costs | | (5,696) | (6,431) |
+----------------------------------------------------+------+-----------+----------+
| Marketing and administrative expenses | | (5,804) | (9,731) |
+----------------------------------------------------+------+-----------+----------+
| Restructuring costs | 2 | (418) | (134) |
+----------------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------------+------+-----------+----------+
| Operating loss | | (11,761) | (15,527) |
+----------------------------------------------------+------+-----------+----------+
| Investment revenues | 1 | 751 | 1,025 |
+----------------------------------------------------+------+-----------+----------+
| Finance costs | | - | (9) |
+----------------------------------------------------+------+-----------+----------+
| Loss before tax | | (11,010) | (14,511) |
+----------------------------------------------------+------+-----------+----------+
| Tax | | 1,298 | 2,657 |
+----------------------------------------------------+------+-----------+----------+
| Loss for the financial year | 3 | (9,712) | (11,854) |
+----------------------------------------------------+------+-----------+----------+
+----------------------------------------------------+-----+----------+---------+
| | | Year | Year |
+----------------------------------------------------+-----+----------+---------+
| | | ended | ended |
+----------------------------------------------------+-----+----------+---------+
| | | 2008 | 2007 |
+----------------------------------------------------+-----+----------+---------+
| Loss per share | | | |
+----------------------------------------------------+-----+----------+---------+
| From continuing operations | | | |
+----------------------------------------------------+-----+----------+---------+
| Basic and diluted (Pence per share) | 4 | (16.6) | (22.8) |
+----------------------------------------------------+-----+----------+---------+
Consolidated statement of recognised income and expense
Year ended 31 December 2008
+---------------------------------------------------------+-----------+----------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+-----------+----------+
| | ended | Ended |
+---------------------------------------------------------+-----------+----------+
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+----------+
| Exchange differences on translation of foreign | 294 | (39) |
| operations | | |
+---------------------------------------------------------+-----------+----------+
| | | |
+---------------------------------------------------------+-----------+----------+
| Net (loss)/income recognised directly in equity | 294 | (39) |
+---------------------------------------------------------+-----------+----------+
| | | |
+---------------------------------------------------------+-----------+----------+
| Loss for the financial year | (9,712) | (11,854) |
+---------------------------------------------------------+-----------+----------+
| Total recognised expense for the financial year | (9,418) | (11,893) |
+---------------------------------------------------------+-----------+----------+
Consolidated balance sheet
At 31 December 2008
+----------------------------------------------------+------+-----------+----------+
| | | Unaudited | Audited |
| | | 2008 | 2007 |
+----------------------------------------------------+------+-----------+----------+
| |Note | GBP'000 | GBP'000 |
+----------------------------------------------------+------+-----------+----------+
| Non-current assets | | | |
+----------------------------------------------------+------+-----------+----------+
| Intangible assets | 5 | 233 | 316 |
+----------------------------------------------------+------+-----------+----------+
| Property, plant and equipment | 6 | 175 | 774 |
+----------------------------------------------------+------+-----------+----------+
| | | 408 | 1,090 |
+----------------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------------+------+-----------+----------+
| Current assets | | | |
+----------------------------------------------------+------+-----------+----------+
| Inventories | 7 | 258 | 245 |
+----------------------------------------------------+------+-----------+----------+
| Trade and other receivables | 8 | 1,475 | 2,228 |
+----------------------------------------------------+------+-----------+----------+
| Cash and cash equivalents | 8 | 10,668 | 19,638 |
+----------------------------------------------------+------+-----------+----------+
| Derivative financial instruments | | - | 208 |
+----------------------------------------------------+------+-----------+----------+
| | | 12,401 | 22,319 |
+----------------------------------------------------+------+-----------+----------+
| Total assets | | 12,809 | 23,409 |
+----------------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------------+------+-----------+----------+
| Current liabilities | | | |
+----------------------------------------------------+------+-----------+----------+
| Trade and other payables | 9 | 311 | 1,686 |
+----------------------------------------------------+------+-----------+----------+
| Provisions | 10 | 584 | 253 |
+----------------------------------------------------+------+-----------+----------+
| | | 895 | 1,939 |
+----------------------------------------------------+------+-----------+----------+
| Net current assets | | 11,506 | 20,380 |
+----------------------------------------------------+------+-----------+----------+
| Total liabilities | | 895 | 1,939 |
+----------------------------------------------------+------+-----------+----------+
| Net assets | | 11,914 | 21,470 |
+----------------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------------+------+-----------+----------+
| Equity | | | |
+----------------------------------------------------+------+-----------+----------+
| Share capital | 11 | 584 | 584 |
+----------------------------------------------------+------+-----------+----------+
| Share premium account | 12 | 49,203 | 49,203 |
+----------------------------------------------------+------+-----------+----------+
| Own shares | 12 | 42 | 42 |
+----------------------------------------------------+------+-----------+----------+
| Capital redemption reserve | 12 | 6,361 | 6,361 |
+----------------------------------------------------+------+-----------+----------+
| Merger reserve | 12 | 33,153 | 33,153 |
+----------------------------------------------------+------+-----------+----------+
| Foreign exchange reserve | 12 | 527 | 233 |
+----------------------------------------------------+------+-----------+----------+
| Retained earnings | 12 | (77,956) | (68,106) |
+----------------------------------------------------+------+-----------+----------+
| Total equity | 12 | 11,914 | 21,470 |
+----------------------------------------------------+------+-----------+----------+
Consolidated cash flow statement
Year ended 31 December 2008
+----------------------------------------------------+------+---------------------------------------+----------+
| | | Unaudited | Audited |
| | | Year | Year |
+----------------------------------------------------+------+---------------------------------------+----------+
| | | ended | ended |
+----------------------------------------------------+------+---------------------------------------+----------+
| | | 2008 | 2007 |
+----------------------------------------------------+------+---------------------------------------+----------+
| |Note | GBP'000 | GBP'000 |
+----------------------------------------------------+------+---------------------------------------+----------+
| Net cash used in operating activities | 13 | (10,243) | (11,851) |
+----------------------------------------------------+------+---------------------------------------+----------+
| | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Investing activities | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Interest received | | 751 | 1,025 |
+----------------------------------------------------+------+---------------------------------------+----------+
| Purchases of property, plant and equipment | | - | (462) |
+----------------------------------------------------+------+---------------------------------------+----------+
| Purchases of intangible fixed assets | | (88) | (191) |
+----------------------------------------------------+------+---------------------------------------+----------+
| Net cash from investing activities | | 663 | 372 |
+----------------------------------------------------+------+---------------------------------------+----------+
| | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Financing activities | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Proceeds on exercise of options | | - | 16 |
+----------------------------------------------------+------+---------------------------------------+----------+
| Proceeds on issue of shares | | - | 20,056 |
+----------------------------------------------------+------+---------------------------------------+----------+
| Share issue costs | | - | (674) |
+----------------------------------------------------+------+---------------------------------------+----------+
| Net cash from financing activities | | - | 19,398 |
+----------------------------------------------------+------+---------------------------------------+----------+
| | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Net increase/(decrease) in cash and cash | | (9,580) | 7,919 |
| equivalents | | | |
+----------------------------------------------------+------+---------------------------------------+----------+
| Cash and cash equivalents at beginning of year | | 19,638 | 11,755 |
+----------------------------------------------------+------+---------------------------------------+----------+
| Effect of foreign exchange rate changes | | 610 | (36) |
+----------------------------------------------------+------+---------------------------------------+----------+
| Cash and cash equivalents at end of year | | 10,668 | 19,638 |
+----------------------------------------------------+------+---------------------------------------+----------+
1. Revenue
An analysis of the Group's revenue is as follows:
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+-----------+---------+
| | ended | ended |
+---------------------------------------------------------+-----------+---------+
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Continuing operations | | |
+---------------------------------------------------------+-----------+---------+
| Sales of goods | 491 | 1,227 |
+---------------------------------------------------------+-----------+---------+
| Investment income | 751 | 1,025 |
+---------------------------------------------------------+-----------+---------+
| Total revenue | 1,242 | 2,252 |
+---------------------------------------------------------+-----------+---------+
2. Restructuring costs
Following the announcement to rationalise the cost base during Q4 2007,
management continued to review the size and cost base of the Group throughout
2008. Two further rounds of redundancies were completed before the end of the
financial year 2008, 76 staff were made redundant in the UK and 16 in the USA.
Redundancy costs were incurred as follows:
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+-----------+---------+
| | ended | ended |
+---------------------------------------------------------+-----------+---------+
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Redundancy costs | 418 | 134 |
+---------------------------------------------------------+-----------+---------+
3. Loss for the year
Loss for the year has been arrived at after charging/(crediting):
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Net foreign exchange losses | (308) | 35 |
+---------------------------------------------------------+-----------+---------+
| Depreciation of property, plant and equipment | 399 | 374 |
+---------------------------------------------------------+-----------+---------+
| Amortisation of intangible assets included in other | 79 | 105 |
| operating expenses | | |
+---------------------------------------------------------+-----------+---------+
| Cost of inventories recognised as expense | 856 | 163 |
+---------------------------------------------------------+-----------+---------+
| Management charges to PixelFusion | - | (7) |
+---------------------------------------------------------+-----------+---------+
| Staff Costs | 5,694 | 8,686 |
+---------------------------------------------------------+-----------+---------+
4. Losses per share
From continuing and discontinued operations
The calculation of the basic and diluted earnings per share is based on the
following data:
Losses
+---------------------------------------------------------+-----------+----------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+-----------+----------+
| | ended | ended |
+---------------------------------------------------------+-----------+----------+
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+----------+
| Losses for the purposes of basic losses per share being | (9,712) | (11,854) |
| net loss attributable to equity holders of the parent | | |
+---------------------------------------------------------+-----------+----------+
Number of shares
+---------------------------------------------------------+------------+------------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+------------+------------+
| | ended | ended |
+---------------------------------------------------------+------------+------------+
| | 2008 | 2007 |
+---------------------------------------------------------+------------+------------+
| Weighted average number of ordinary shares for the | 58,471,702 | 52,066,368 |
| purposes of basic losses per share | | |
+---------------------------------------------------------+------------+------------+
From continuing operations
Loss per share
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | Year | Year |
+---------------------------------------------------------+-----------+---------+
| | ended | ended |
+---------------------------------------------------------+-----------+---------+
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | Pence | Pence |
+---------------------------------------------------------+-----------+---------+
| Net loss attributable to equity holders of the parent | (16.6) | (22.8) |
+---------------------------------------------------------+-----------+---------+
The Group has incurred losses in the year, and as such, it is not considered
that there are any dilutive events.
Share options have been granted which would have a dilutive impact if the Group
were profit making.
5. Intangible assets
+----------------------------------------+------------+--------------+---------+
| | Patents | | |
+----------------------------------------+------------+--------------+---------+
| | and | | |
+----------------------------------------+------------+--------------+---------+
| | trademarks | Software | Total |
+----------------------------------------+------------+--------------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+------------+--------------+---------+
| | | | |
| Cost | | | |
+----------------------------------------+------------+--------------+---------+
| At 1 January 2007 | 2,004 | 114 | 2,118 |
+----------------------------------------+------------+--------------+---------+
| Additions | 143 | 48 | 191 |
+----------------------------------------+------------+--------------+---------+
| At 1 January 2008 | 2,147 | 162 | 2,309 |
+----------------------------------------+------------+--------------+---------+
| Additions | 87 | 1 | 88 |
+----------------------------------------+------------+--------------+---------+
| Disposals | (73) | (137) | (210) |
+----------------------------------------+------------+--------------+---------+
| At 31 December 2008 | 2,161 | 26 | 2,187 |
+----------------------------------------+------------+--------------+---------+
| | | | |
+----------------------------------------+------------+--------------+---------+
| | | | |
| Amortisation | | | |
+----------------------------------------+------------+--------------+---------+
| At 1 January 2007 | 1,863 | 25 | 1,888 |
+----------------------------------------+------------+--------------+---------+
| Charge for the year | 62 | 43 | 105 |
+----------------------------------------+------------+--------------+---------+
| At 1 January 2008 | 1,925 | 68 | 1,993 |
+----------------------------------------+------------+--------------+---------+
| Charge for the year | 79 | 44 | 123 |
+----------------------------------------+------------+--------------+---------+
| Disposals | (54) | (108) | (162) |
+----------------------------------------+------------+--------------+---------+
| At 31 December 2008 | 1,950 | 4 | 1,954 |
+----------------------------------------+------------+--------------+---------+
| | | | |
+----------------------------------------+------------+--------------+---------+
| | | | |
| Carrying amount | | | |
+----------------------------------------+------------+--------------+---------+
| At 31 December 2008 | 211 | 22 | 233 |
+----------------------------------------+------------+--------------+---------+
| | | | |
+----------------------------------------+------------+--------------+---------+
| At 31 December 2007 | 222 | 94 | 316 |
+----------------------------------------+------------+--------------+---------+
Patents and trademarks are amortised over their estimated useful lives, which is
on average five years. The estimated average useful life for software is five
years.
6. Property, plant and equipment
+--------------------------------------+-----------+-----------+-----------+---------+
| | Plant | Office | Computer | |
| | and | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| | machinery | equipment | equipment | Total |
+--------------------------------------+-----------+-----------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Cost | | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 1 January 2007 | 269 | 350 | 1,069 | 1,688 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Additions | 52 | 51 | 359 | 462 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Exchange differences | (1) | - | (1) | (2) |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 1 January 2008 | 320 | 401 | 1,427 | 2,148 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Additions | - | - | - | - |
+--------------------------------------+-----------+-----------+-----------+---------+
| Disposals | (320) | (401) | (816) | (1,537) |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 31 December 2008 | - | - | 611 | 611 |
+--------------------------------------+-----------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| Accumulated depreciation and | | | | |
| impairment | | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 1 January 2007 | 88 | 204 | 708 | 1,000 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Charge for the year | 97 | 44 | 233 | 374 |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 1 January 2008 | 185 | 248 | 941 | 1,374 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Charge for the year | 100 | 35 | 220 | 355 |
+--------------------------------------+-----------+-----------+-----------+---------+
| Disposals | (285) | (283) | (725) | (1,293) |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 31 December 2008 | - | - | 436 | 436 |
+--------------------------------------+-----------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| Carrying amount | | | | |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 31 December 2008 | - | - | 175 | 175 |
+--------------------------------------+-----------+-----------+-----------+---------+
| At 31 December 2007 | 135 | 153 | 486 | 774 |
+--------------------------------------+-----------+-----------+-----------+---------+
7. Inventories
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Raw materials | 169 | 56 |
+---------------------------------------------------------+-----------+---------+
| Finished goods | 89 | 189 |
+---------------------------------------------------------+-----------+---------+
| | 258 | 245 |
+---------------------------------------------------------+-----------+---------+
The cost of inventories recognised as an expense in the year are disclosed in
note 3.
8. Other financial assets
Trade and other receivables
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Amount receivable for the sale of goods | 49 | 42 |
+---------------------------------------------------------+-----------+---------+
| Prepayments | 120 | 818 |
+---------------------------------------------------------+-----------+---------+
| Other receivables | 1,306 | 1,368 |
+---------------------------------------------------------+-----------+---------+
| | 1,475 | 2,228 |
+---------------------------------------------------------+-----------+---------+
Trade receivables
The average credit period taken on sales of goods is 104 days. Trade receivables
between 30 days and 120 days are provided for based on estimated irrecoverable
amounts from the sale of goods, determined by reference to past default
experience.
Included in the Group's trade receivables balance are receivables with a
carrying amount of GBPnil (2007: GBP8,000) which are past due at the reporting
date for which the Group has not provided as there has not been a significant
change in credit quality and the amounts are still considered recoverable. The
Group does not hold any collateral over these balances. The average age of these
receivables is nil (2007: 112 days).
Ageing of past due but not impaired receivables:
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| 60-90 days | - | - |
+---------------------------------------------------------+-----------+---------+
| 90-120 days | - | 8 |
+---------------------------------------------------------+-----------+---------+
| Total | - | 8 |
+---------------------------------------------------------+-----------+---------+
In determining the recoverability of a trade receivable the Group considers any
change in the credit quality of the trade receivable from the date credit was
initially granted up to the reporting date. Accordingly, the Directors believe
that there is no further credit provision required in excess of the allowance
for doubtful debts.
Included in the allowance for doubtful debts are individually impaired trade
receivables with a balance of GBP161,000 (2007: GBP97,000). The impairment
recognised represents the difference between the carrying amount of these trade
receivables and the present value of the expected receipts. The Group does not
hold any collateral over these balances.
Ageing of impaired trade receivables:
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| 0-30 days | - | 5 |
+---------------------------------------------------------+-----------+---------+
| 31-60 days | - | 12 |
+---------------------------------------------------------+-----------+---------+
| 60-90 days | - | 30 |
+---------------------------------------------------------+-----------+---------+
| 90-120 days | 161 | 50 |
+---------------------------------------------------------+-----------+---------+
| Total | 161 | 97 |
+---------------------------------------------------------+-----------+---------+
The Directors consider that the carrying amount of trade and other receivables
approximates their fair value.
Cash and cash equivalents
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Cash and cash equivalents | 10,668 | 19,638 |
+---------------------------------------------------------+-----------+---------+
Cash and cash equivalents comprise cash held by the Group and short-term bank
deposits with an original maturity of three months or less. The carrying amount
of these assets approximates their fair value.
9. Other financial liabilities
Trade and other payables
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Trade payables | 29 | 744 |
+---------------------------------------------------------+-----------+---------+
| Other taxes and social security | 153 | 165 |
+---------------------------------------------------------+-----------+---------+
| Other payables | 58 | 99 |
+---------------------------------------------------------+-----------+---------+
| Accruals and deferred income | 71 | 678 |
+---------------------------------------------------------+-----------+---------+
| | 311 | 1,686 |
+---------------------------------------------------------+-----------+---------+
Trade payables principally comprise amounts outstanding for trade purchases and
ongoing costs. The average credit period taken for trade purchases is 22 days
(2007: 12 days). Group has financial risk management policies in place to ensure
that all payables are paid within the credit timeframe.
The Directors consider that the carrying amount of trade payables approximates
to their fair value.
10. Provisions
+--------------------------------------+-----------+-------------+----------+---------+
| | | Re- | Short | |
| | | | term | |
+--------------------------------------+-----------+-------------+----------+---------+
| | Warranty | structuring | employee | |
| | | | | |
+--------------------------------------+-----------+-------------+----------+---------+
| | provision | provision | benefits | Total |
+--------------------------------------+-----------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-------------+----------+---------+
| At 1 January 2007 | 61 | - | 79 | 140 |
+--------------------------------------+-----------+-------------+----------+---------+
| Additional provision in the year | - | 134 | 89 | 223 |
+--------------------------------------+-----------+-------------+----------+---------+
| Utilised in year | (31) | - | (79) | (110) |
+--------------------------------------+-----------+-------------+----------+---------+
| At 1 January 2008 | 30 | 134 | 89 | 253 |
+--------------------------------------+-----------+-------------+----------+---------+
| Additional provision in the year | - | 486 | 54 | 540 |
+--------------------------------------+-----------+-------------+----------+---------+
| Utilised in year | - | (120) | (89) | (209) |
+--------------------------------------+-----------+-------------+----------+---------+
| At 31 December 2008 | 30 | 500 | 54 | 584 |
+--------------------------------------+-----------+-------------+----------+---------+
| Included in current liabilities | 30 | 500 | 54 | 584 |
+--------------------------------------+-----------+-------------+----------+---------+
The provision for short term employee benefits relates to holiday allowances
earned but not taken as at 31 December 2008.
11. Share capital
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Authorised: | | |
+---------------------------------------------------------+-----------+---------+
| 100,000,000 ordinary shares of 1p each | 1,000 | 1,000 |
+---------------------------------------------------------+-----------+---------+
| | | |
+---------------------------------------------------------+-----------+---------+
| Issued and fully paid: | | |
+---------------------------------------------------------+-----------+---------+
| 62,634,497 (2007: 62,634,497) ordinary shares of 1p | 584 | 584 |
| each | | |
+---------------------------------------------------------+-----------+---------+
At 31 December 2008, 4,162,029 ordinary shares of 1p each (2007: 4,162,029) were
held by the ClearSpeed Technology Employee Benefit Trust and are included in the
Own Shares Reserve.
The Company has one class of ordinary shares which carry no right to fixed
income.
12. Reconciliation of movement in equity
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| | | | Capital | | | Foreign | Profit | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| | Share | Share | redemption | Merger | Own | exchange | and | |
| | | | | | | | loss | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| | capital | premium | reserve | reserve | shares | reserve | account | Total |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| At 1 January 2007 | 384 | 30,021 | 6,361 | 33,153 | 42 | 272 | (57,144) | 13,089 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Exercise of options | - | - | - | - | - | - | 16 | 16 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Issue of new shares | 200 | - | - | - | - | - | - | 200 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Share based payments | - | - | - | - | - | - | 876 | 876 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Exchange differences on | | | | | | | | |
| translation | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| of overseas operations | - | - | - | - | - | (39) | - | (39) |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Premium arising on | - | 19,856 | - | - | - | - | - | 19,856 |
| issue of equity shares | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Expenses of issue of | - | (674) | - | - | - | - | - | (674) |
| equity shares | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Retained loss for the | - | - | - | - | - | - | (11,854) | (11,854) |
| year | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| At 1 January 2008 | 584 | 49,203 | 6,361 | 33,153 | 42 | 233 | (68,106) | 21,470 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Exchange differences on | | | | | | | | |
| translation | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| of overseas operations | - | - | - | - | - | 294 | (138) | 156 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| Retained loss for the | - | - | - | - | - | - | (9,712) | (9,712) |
| year | | | | | | | | |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
| At 31 December 2008 | 584 | 49,203 | 6,361 | 33,153 | 42 | 527 | (77,956) | 11,914 |
+-------------------------+----------+----------+------------+----------+----------+----------+----------+----------+
The own shares reserve represents the cost of shares in ClearSpeed Technology
plc purchased in the market and held by the ClearSpeed Technology Employee
Benefit Trust to satisfy options under the Group's share options schemes.
13. Notes to the cash flow statement
+---------------------------------------------------------+-----------+-----------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+-----------+
| Loss for the year | (9,712) | (11,854) |
+---------------------------------------------------------+-----------+-----------+
| | | |
+---------------------------------------------------------+-----------+-----------+
| Adjustments for: | | |
+---------------------------------------------------------+-----------+-----------+
| Investment revenues | (751) | (1,025) |
+---------------------------------------------------------+-----------+-----------+
| Finance costs | - | 9 |
+---------------------------------------------------------+-----------+-----------+
| Income tax | (1,298) | (2,657) |
+---------------------------------------------------------+-----------+-----------+
| Depreciation of property, plant and equipment | 355 | 374 |
+---------------------------------------------------------+-----------+-----------+
| Amortisation of intangible assets | 123 | 105 |
+---------------------------------------------------------+-----------+-----------+
| Share-based payment expense | 55 | 876 |
+---------------------------------------------------------+-----------+-----------+
| Increase in provisions | 247 | 113 |
+---------------------------------------------------------+-----------+-----------+
| | | |
+---------------------------------------------------------+-----------+-----------+
| Operating cash flows before movements in working | (10,981) | (14,059) |
| capital | | |
+---------------------------------------------------------+-----------+-----------+
| (Increase) in inventories | (13) | (62) |
+---------------------------------------------------------+-----------+-----------+
| Decrease in receivables | 753 | 592 |
+---------------------------------------------------------+-----------+-----------+
| Increase/(decrease) in payables | (1,375) | 251 |
+---------------------------------------------------------+-----------+-----------+
| Cash used by operations | (11,616) | (13,278) |
+---------------------------------------------------------+-----------+-----------+
| Income taxes received | 1,373 | 1,427 |
+---------------------------------------------------------+-----------+-----------+
| Net cash used in operating activities | (10,243) | (11,851) |
+---------------------------------------------------------+-----------+-----------+
Cash and cash equivalents (which are presented as a single class of assets on
the face of the balance sheet) comprise cash at bank and other short-term highly
liquid investments with a maturity of three months or less.
14. Contingent liabilities
In the years from 2004 to 2006, the Company was awarded an Exceptional Research
& Development Grant by the DTI (now called the Department for Business
Enterprise and Regulatory Reform). The accounts for 2006 reflected income from
this grant amounting to GBP179,000, and the cumulative amount of grant income
received to 2006 was GBP335,000.
The terms of the grant are such that it is repayable in full in the event that
the Company fails to meet certain conditions for a period of five years
following the end of the project which is the subject of the grant. Accordingly
there is a contingent liability of GBP335,000 (2007: GBP335,000) in respect of
this amount. There was no such grant awarded in 2008.
The Directors are satisfied that the Group is meeting the conditions of the
grant.
15. Operating lease arrangements
+---------------------------------------------------------+-----------+---------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+---------+
| Minimum lease payments under operating leases | | |
+---------------------------------------------------------+-----------+---------+
| recognised as an expense in the year | 160 | 301 |
+---------------------------------------------------------+-----------+---------+
At the balance sheet date, the Group had outstanding commitments for future
minimum lease payments under non-cancellable operating leases, which fall due as
follows:
+---------------------------------------------------------+-----------+----------+
| | Unaudited | Audited |
| | 2008 | 2007 |
+---------------------------------------------------------+-----------+----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------------+-----------+----------+
| Within one year | 170 | 301 |
+---------------------------------------------------------+-----------+----------+
| In the second to fifth years inclusive | 170 | 195 |
+---------------------------------------------------------+-----------+----------+
| | 340 | 496 |
+---------------------------------------------------------+-----------+----------+
Operating lease payments represent rentals payable by the Group for one office
property. The lease runs to February 2014 with no break clause.
16. Events after the balance sheet date
Lease Assigned
On 3 April 2009 ClearSpeed plc entered into a contract with Experian Limited
assigning the remaining obligations under the leasehold agreement for 3110 Great
Western Court. Consequently the Company's registered office changed on that date
and all outstanding commitments transferred to Experian Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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