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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Concha | LSE:CHA | London | Ordinary Share | GB00B8Y82097 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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RNS Number:0103I Hot Tuna (International) plc 23 August 2006 Press Release 23 August 2006 Hot Tuna (International) PLC ("Hot Tuna" or "the Company") Preliminary Results Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, is pleased to announce its maiden set of Preliminary Results since being admitted to AiM for the period ended 30 June 2006. Highlights * raised #1.9 million at AiM listing and a further #2.5 million in February 2006 * completed acquisitions of US and Australian subsidiary licensee companies * key operational management appointments completed to support growth * launch of Spring / Summer 2007 collection in the USA and the UK * appointment of Elle Macpherson as an Executive Director * turnover boosted by sales of Hot Tuna trial clothing in the Cocoa Beach concept store Commenting on the results, Ranjit Murugason, Chairman of Hot Tuna (International) PLC, said: "Significant progress has been made since the Company's flotation on AiM 10 months ago and strong foundations have now been laid to support Hot Tuna's future growth. We now have direct ownership over the Hot Tuna brand in all key markets including the USA, the UK and Australia, and have also appointed several highly-regarded and experienced personnel to drive the Company's design, marketing and sales. "We have just launched Hot Tuna's first clothing collection, which is for Spring / Summer 2007, and are encouraged from feedback we have received so far from potential buyers." - Ends - For further information: Hot Tuna (International) PLC Ranjit Murugason, Chairman Tel: +44 (0) 20 7372 9799 ranjit_murugason@hottunaplc.com Seymour Pierce Limited Sarah Wharry / Parimal Kumar Tel: +44 (0) 20 7107 8000 parimalkumar@seymourpierce.com www.seymourpierce.com Media enquiries: Abchurch Henry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com Chairman's Statement The Directors of Hot Tuna (International) PLC have pleasure in presenting the Company's results for the period from incorporation to 30 June 2006. As we approach 2007 with optimism, I am pleased to report upon the progress of Hot Tuna (International) PLC over the last ten months since the Company's Admission to AiM, which raised #1.9 million. Since the Company's flotation, we have made significant progress in re-establishing Hot Tuna as a leading global surf and youth lifestyle brand. Amongst Hot Tuna's many achievements during the course of 2006, the Company consolidated its previously fragmented licensed interests into a vertical operating business. The Company has also co-ordinated design, marketing and distribution competence in its largest markets: the United States, Australia and the United Kingdom. The net result has been increased control of the brand internationally as well as the introduction of economies-of-scale benefits with increased potential for profitability in the short term. Even more important to the immediate and long term success of the business was the infusion of talent into Hot Tuna's ranks. A team of inspired, experienced and young designers, marketers, salespeople and management with apparel expertise have joined us, united by a common mantra: to purvey through world-class products, events and personalities, the authenticity, creativity and good times for which the iconic Hot Tuna piranha logo stands. Consistent with the Hot Tuna's roots as a core surf lifestyle brand, the Company continues to support the sport of surfing through sponsoring athletes, events and grass roots surfing and surf schools. In January 2006, the Company sponsored its first ASP-sanctioned surf competition, the "Hot Tuna Summer Classic," held in Australia. This month, Hot Tuna is the lead sponsor for the prestigious European surf competition, the fifth leg of the BPSA UK Tour, to be held at Porthmeor Beach, St. Ives, Cornwall. In July 2006 the Company launched its women's swimwear collection at the Miami Swim Show and, during this summer, plans to launch its first comprehensive women's swim and men's and women's apparel collection from Hot Tuna for 2007 at MAGIC and ASR trade shows in Las Vegas and San Diego respectively. These are the two most important apparel and action sports trade shows in the USA. In the UK, the Spring / Summer 2007 Hot Tuna collection will be launched at the Surf Shop in September 2006, the leading surf, skate and boardriding trade show in the UK. Through significant strategic effort and alignment, Hot Tuna has ended this fiscal year with a solid global infrastructure and strong leadership. This includes the addition of fashion entrepreneur Elle Macpherson to the Company's Board of Directors, as well as a growing team of branded athletes, artists and musicians whose sensibilities exemplify Hot Tuna's brand. The Company is now revitalised: the foundations of a truly global lifestyle brand are in place, industry luminaries have joined the business and Hot Tuna product is finding itself shoulder-to-shoulder with the biggest names in surf fashion. Operational Review United States In November 2005, Hot Tuna (International) PLC purchased a 51 percent controlling interest in the Company's licensed business in the United States, reincorporating the new joint venture as Hot Tuna International Inc. In May 2006, the Company completed its acquisition of the remaining 49 percent of Hot Tuna's U.S. operations, further testament to our financial commitment to global infrastructure and a critical step in the evolution of the Company, laying the groundwork for direct control and greater returns in the largest surf lifestyle market in the world. In concert with the consolidation of our North American business and in line with our goals of better specialty and department store distribution, the Company successfully inaugurated the "Hot Tuna Core Store", a concept 'store within a store' within Cocoa Beach Surf Company in Florida, the world's largest surf complex. Other retail successes include a successful Hot Tuna men's wear launch with Jack's Surf Shop in Huntington Beach, California, the reigning 'Retailer of the Year' as determined by the Surf Industry Manufacturers Association. Hot Tuna concluded its fiscal period with the move of global design, marketing and sales operations to the epicentre of surfing: coastal Orange County, California. To steer the Company from its Stateside berth, a top level design and executive team has been recruited. New staff were attracted from the ranks of Quiksilver, Ocean Pacific, Perry Ellis International and Ripcurl, with Tim Bernardy, a lauded 15 year veteran of O'Neill, leading the team as Chief Operating Officer of our US operations. United Kingdom In December 2005, the Company negotiated a 75 percent interest in Map Print Ltd ("MAP"), a UK-based street wear label and retailer of several promising lifestyle apparel and accessories brands. In addition to the opportunities associated with growing the MAP brands within the UK and internationally, its existing infrastructure and associated design, manufacturing and distribution competencies have allowed Hot Tuna to fast track its operations in Europe, as well as adding to the Company's overall creative efforts in the US and Australia. Management was bolstered with the appointment of Chris Dewbury as Chief Operating Officer for UK operations. Chris is an industry veteran of many years, with an extensive knowledge of the lifestyle industry. He has worked with some major brands and, as sales manager for Quiksilver, led the exponential growth of Quiksilver sales in the UK during the last decade. Australia In furtherance of its overall strategy to absorb our licensed businesses in core markets, Hot Tuna (International) PLC entered into a contract with MCU Pty Ltd (the Hot Tuna license-holder in Australia) on 30 June 2006, to acquire our licensing rights in our heritage market. The purchase allowed us entry into Hot Tuna's birthplace and into the perennial surf destinations of New Zealand, New Guinea, Fiji, New Caledonia and Samoa. Industry veteran Dean Harrigan, who in the past has owned the license to such brands as Bad Boy and Ocean Pacific in Australia, was brought on board as Chief Operating Officer for the Australian and New Zealand operations. In Australia, there remains a strong allegiance to the brand that has not been diluted. Summer 2007 will be the focus of a comprehensive sales launch although the brand had early success with a trial range opening in several core surf accounts including City Beach and Glue in Australia, and Point Break in Indonesia. Results Summary The Company's aggressive global launch and subsequent expansion has resulted in high cash expenditures in the period to 30 June 2006. The Group loss for the period was #1.98 million, comprised mainly of employee costs #1.03 million and marketing costs #0.38 million. Additional unexpected expenditure was incurred as the Company absorbed the pre-acquisition losses of Hot Tuna International Inc. and the outside equity interest value of this current reporting period's loss #0.15 million. The high cash expenditure in the first year reflects the Group's commitment to commissioning the right management and personnel to drive the Group into the next phase of the Company's strategy. This includes building the designs, sample ranges and infrastructure required to enter our target markets with a comprehensive range of men's, women's and women's swim apparel for Spring/Summer 2007. The Company continues to seek highly visible affirmations of its commitment to the sport and spirit of surfing, and its support of Hot Tuna's retail partners and customers. Moving Forward Hot Tuna's immediate focus is, quite simply, product and sales: to take advantage of its consolidated business operations in Australia, the United Kingdom and the United States, leveraging the economies of scale benefits in design, production, distribution and marketing during what promises to be a busy trade season. As a vertical operating business, Hot Tuna will be focused on 2007, with cutting-edge design, product quality and delivery of service to a core and upscale retail distribution in key markets. The Company will continue to maximise its existing human resources and infrastructure, supporting its distribution strategy, whilst further supporting the business in our core regions through innovative online, print and event marketing. On behalf of the Board I wish to thank my fellow directors, our employees, manufacturing partners, and all those who have assisted Hot Tuna (International) PLC in its endeavours during the year. We look forward to a rewarding future for all our friends and stakeholders, and to taking the business of surf to new heights through the merits of Hot Tuna. Ranjit Murugason Chairman 23 August 2006 CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDING TO 30 JUNE 2006 NOTES Period ended 30/06/06 # Continuing Operations Revenue 367,992 Cost of sales (204,658) Gross profit 163,334 Other operating income 4,642 Selling and marketing expenses (383,196) General and Administrative expenses (1,833,161) Depreciation and amortisation (3,095) Loss from operations 1 (2,051,476) Investment income 39,474 Loss on disposal of property, plant and equipment (949) Finance costs (4,841) Loss before tax (2,017,792) Tax - Loss after tax (2,017,792) Loss for the period (2,017,792) Attributable to: Equity holders (1,975,718) Minority interest (42,074) (2,017,792) Loss per share Basic and Diluted 2 (#0.06) CONSOLIDATED AND COMPANY BALANCE SHEET as at 30 June 2006 NOTES 2006 2006 Group Company # # ASSETS Non-current assets Goodwill 237,338 - Other intangible assets 5,251,429 3,083,000 Property, plant and equipment 73,616 18,969 Investments - 1,998,226 Intercompany loan assets - 1,567,576 5,562,383 6,667,771 Current assets Inventories 171,674 - Trade and other receivables 183,624 63,663 Cash and cash equivalents 1,524,255 1,372,271 1,879,553 1,435,934 TOTAL ASSETS 7,441,936 8,103,705 LIABILITIES Current liabilities Bank loans and overdraft 110,842 - Trade and other payables 281,626 145,117 Current liabilities 392,468 145,117 Net current assets 1,487,085 1,290,817 NET ASSETS 7,049,468 7,958,588 EQUITY Share capital 488,010 488,010 Share-based payment reserve 576,855 576,855 Share premium reserve 6,092,232 6,092,232 Merger reserve 1,474,000 1,474,000 Warrant reserve 486,557 486,557 Foreign exchange reserve (4,017) - Shares to be issued 25,000 25,000 Retained loss (1,975,718) (1,184,066) Equity attributable to equity holders of the parent 7,162,919 7,958,588 Minority interest (113,451) - TOTAL EQUITY 7,049,468 7,958,588 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2006 Attributable to equity holders of the Group CONSOLIDATED Share Share Share based Other Warrant Retained Total capital premium payment reserves reserve profit/(loss) equity account reserve # # # # # # # Balance at 1 April 2005 - - - - - - - Share conversion and issue 488,010 7,390,490 - 1,474,000 - - 9,352,500 Costs of share issue and - (1,298,258) - - - - (1,298,258) conversion Warrants Subscribed - - - - 486,557 - 486,557 Shares to be issued - - - 25,000 - - 25,000 Employee share option - - 90,695 - - - 90,695 scheme Share based payments to - - 312,172 - - - 312,172 advisors Share based payment on - - 173,988 - - - 173,988 acquisition Net loss for the period - - - - - (1,975,718) (1,975,718) Currency translation - - - (4,017) - - (4,017) adjustments Balance at 30 June 2006 488,010 6,092,232 576,855 1,494,983 486,557 (1,975,718) 7,162,919 COMPANY Balance at 1 April 2005 - - - - - - - Share conversion and issue 488,010 7,390,490 - 1,474,000 - - 9,352,500 Costs of share issue and - (1,298,258) - - - - (1,298,258) conversion Warrants Subscribed - - - - 486,557 - 486,557 Shares to be issued - - - 25,000 - - 25,000 Employee share option - - 90,695 - - - 90,695 scheme Share based payments to - - 312,172 - - - 312,172 advisors Share based payment on - - 173,988 - - - 173,988 acquisition Net loss for the period - - - - - (1,184,066) (1,184,066) Currency translation - - - - - - - adjustments Balance at 30 June 2006 488,010 6,092,232 576,855 1,499,000 486,557 (1,184,066) 7,958,588 CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2006 Group Company Period Ending Period Ending NOTES 30/06/06 30/06/06 # # NET CASH USED IN OPERATING ACTIVITIES 3 (1,925,622) (2,550,011) INVESTING ACTIVITIES Currency revaluation reserve (4,017) - Payments for purchase of controlled entity (606,770) (153,499) Cash funding on purchase of controlled entities (178,333) (178,333) Payments for intangible assets (283,000) (283,000) Interest received 39,474 35,853 Purchases of property, plant and equipment (38,446) (19,708) NET CASH USED IN INVESTING ACTIVITIES (1,071,092) (598,687) FINANCING ACTIVITIES Proceeds from issue of share capital 4,520,969 4,520,969 Net Increase (decrease) in cash and cash equivalents 1,524,255 1,372,271 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD - - CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,524,255 1,372,271 CONSOLIDATED FINANCIAL STATEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) General Information Hot Tuna (International) PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is given on page 2. The nature of the Group's operations and its principal activities are set out in note 13 and in the Chairman's Statement. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. Foreign operations are included in accordance with the policies set out in note (f). At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 7 Financial instruments: Disclosures; and the related amendment to IAS 1 on capital disclosures IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 5 Rights to Interest Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies IFRIC 8 Scope of IFRS 2 Share-based Payment IFRIC 9 Reassessment of Embedded Derivatives The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group when the relevant standards and interpretations come into effect. (b) Basis of preparation The financial information for the period ended 30 June 2006 has not been audited and does not constitute the Company's statutory financial statements within the meaning of s240 of the Companies Act 1985. The preliminary report was approved by the Board on 22 August 2006. The statutory accounts for the year ended 30 June 2006 have not been filed with the Registrar of Companies nor reported on by the Companies auditors. (c) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (and its subsidiaries) made up to 30 June. The results of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. All intra-group transactions, balances, and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of the exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after re-assessment the Group's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess of recognised immediately in the profit or loss. The interest of minority shareholders in the acquiree is initially measured at the minority's proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. (d) Investments in subsidiaries and associates There are no associates, nor joint ventures in the Group. (e) Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group as lessee Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight line basis over the lease term. (f) Foreign currencies Transactions in currencies other than Pounds Sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the income statement for the period, except for exchange differences on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity. On consolidation, the assets and liabilities of the Group's overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for each month in the period. Exchange differences arising, if any, are classified as equity and transferred to the Group's foreign exchange reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. (g) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets or liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax us charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case deferred tax is also dealt with in equity. (h) Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses (see accounting policy j). Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Lease payments are accounted for as described in accounting policy e. Depreciation is provided on all other property, plant and equipment at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life as follows:- Freehold Buildings and Improvements 3-5 years straight line Motor Vehicles 3-5 years straight line Fixtures and fittings 3-5 years straight line Office Equipment 3-5 years straight line (i) Intangible assets and goodwill Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is tested annually for impairment (see accounting policy j). On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Negative goodwill arising on acquisition is recognised directly in the income statement. The value of the Hot Tuna brand has been derived on acquisition of the license holding subsidiaries. It has been measured as the excess of the cash consideration over the net asset position of the subsidiary. The value of the Hot Tuna brand and associated licenses have not been amortised as they are considered to have an indefinite life. (j) Impairment The carrying amounts of the Group's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. For goodwill and assets that have an indefinite useful life, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. (k) Inventories Stock is stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (l) Share based payments The Group has applied the requirements of IFRS 2 to share option schemes allowing certain employees within the Group to acquire shares of the Company. For all grants of share options, the fair value as at the date of grant is calculated using the Black and Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that are likely to vest, except where forfeiture is only due to market based conditions not achieving the threshold for vesting. The expense is recognised over the expected life of the option. (m) Provisions Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. (n) Trade and other receivables Trade and other receivables are stated at their cost less impairment losses (see note j). (o) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (p) Revenue Revenue results from a) amounts received and receivable for goods and services provided (excluding value added tax) and b) royalty income receivable on the existing license agreements Royalty income is recorded when it becomes receivable in accordance with the individual contractual agreements. Sales are recognised when goods are when goods are invoiced to the customer. (q) Financial instruments The Company's financial instruments comprise cash together with various items such as trade and other receivables and trade and other payables etc, that arise directly from its operations. The main purpose of these financial instruments is to provide working capital. Financial assets and financial liabilities are recognised on the Group's balance sheet when the Group has become a party to the contractual provisions of the instrument. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Financial liability and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Bank borrowings Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Trade payables Trade payables are not interest bearing and are stated at their nominal value. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 3 MARCH 2005 TO 30 JUNE 2006 1 LOSS FROM OPERATIONS Loss from operations has been arrived at after charging/(crediting): Period ended 30/06/06 # Depreciation - owned assets 3,095 Loss on disposal of fixed assets 949 Staff costs 1,039,085 Net foreign exchange gains/(losses) 11,501 2 LOSS PER SHARE The calculation of the basic and diluted earnings per share is based on the following data: Period ended 30/06/06 Earnings # Earnings for the purposes of basic earnings per share net loss (1,975,718) for the period attributable to equity holders of the parent) Number of shares Weighted average number of ordinary shares for the purposes 32,471,760 of basic earnings per share The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings. Due to the loss incurred in the period, there is no dilution effect resulting from the issue of share options, warrants and shares to be issued. 3 RECONCILIATION OF PROFIT FROM OPERATIONS TO NET USED IN OPERATING ACTIVITIES (NOTES TO THE CASH FLOW STATEMENT) Group Company Period Ending Period Ending 30/06/06 30/06/06 # # Loss from operations (2,051,476) (1,218,952) Adjusted for: Depreciation of property, plant & equipment 3,095 1,647 Loss on disposal of property, plant and 949 949 equipment Share based payment expense 90,695 90,695 Operating cash flows before movements in (1,956,736) (1,125,661) working capital Increase in inventories (27,109) - Increase in receivables (102,162) (1,569,450) Increase in payables 165,227 145,117 Cash used in operations 35,956 (1,424,333) Interest (Paid)/Received (4,841) (17) NET CASH FROM OPERATING ACTIVITIES (1,925,622) (2,550,011) Bank balances and cash comprise cash and short-term deposits held by the group treasury function. The carrying value of these assets approximates fair value and is broken down as follows: Group Company Period Ending Period Ending 30/06/06 30/06/06 # # Cash and cash equivalents 1,524,255 1,372,271 This information is provided by RNS The company news service from the London Stock Exchange END FR EAFPDASNKEFE
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