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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Deep-Sea Leis. | LSE:DSL | London | Ordinary Share | GB0002609781 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2282J Deep-Sea Leisure PLC 30 August 2001 Date: Thursday 30 August 2001 Contacts: Alastair Ritchie, Chairman, Deep-Sea Leisure 0131 220 3900 David McCorquodale, KPMG Corporate Finance 0131 222 2000 Deep-Sea Leisure PLC Preliminary Announcement of Financial Results to 28 February 2001 Highlights 2001 2000 #000 #000 Turnover 5,056 5,477 Operating profit before exceptional items 132 1,451 Pre-tax profit/(loss) before exceptional items (719) 557 Headline Earnings per share 8.98p 8.89p Earnings/(loss) per share before exceptional items (8.11)p 8.89p Chairman's Statement I have particular pleasure in reporting to Shareholders on a successful outcome to a traumatic year for your Company, during which a financial reconstruction was implemented, as a result of which the business is now in good health. I do not propose to repeat the narrative contained in my statement of a year ago and subsequent circulars to Shareholders. However, I think it appropriate to place on record that the Company's funding problems arose primarily from a breakdown in its relationship with the then bankers and a resultant crisis of confidence on both sides. Quite simply, the banks advanced too much debt, the repayment profile for which was overly ambitious. Despite generating operating profits in difficult market conditions and imposing spending restrictions, the resultant cash flow was insufficient for the Company to meet its obligations and covenants were breached. Although the underlying problem arose from capital overspending, we should recognise that specialist visitor attractions are frequently built with speculative budgets and the previous Board of Directors' achievement in building the Blue Planet Aquarium should be viewed in that context. The results for the year require to be interpreted carefully in order to appreciate our trading performance in an extraordinary period in the Company's history. A windfall profit arose through the former banks' agreement to write off debt, against which there were costs incurred in negotiating and implementing the financial reconstruction. Further to complicate matters, trading was affected by poor market conditions and, in addition, cash constraints arising from the funding crisis severely restricted our ability to run the business at our normal level of profitability. Turnover for the year was #5.1m against #5.5m last year. Operating profit before exceptional items was #0.1m compared with #1.5m. Operating profit after exceptional items was #1.6m, these being made up of a gain of #2.0m arising from the debt forgiveness, offset by #0.5m of costs incurred relating to the financial restructuring. A further #0.3m of related costs were offset against the share premium account. Most significantly the balance sheet has been transformed, net current liabilities being reduced by #8.6m and net assets enhanced by #4.3m with a resultant lowering of on-going interest costs and a significant reduction in gearing. Against the above background, Shareholders will understand that the Board is unable to recommend a dividend on this occasion. At the time of writing we are in the last week of the current half-year and I shall be circulating the results in due course. However, I can report that our performance has improved significantly this year, with visitor numbers up overall by 10%, incorporating a particularly encouraging recovery at Deep Sea World. On your behalf, I should like to thank all those employees, professional advisors, long-term creditors and institutions who combined in the most trying circumstances to achieve what has been a creditable reconstruction. There is no doubt that, as a consequence, we have been able to invest at both aquariums in order to upgrade our facilities and to finance appropriate marketing activities. As a result, we have now put the problems of last year behind us and we can focus once more on developing the business. Alastair Ritchie Chairman 30 August 2001 Profit and loss account for the year ended 28 February 2001 Before Exceptional exceptional items items 2001 2001 #000 2001 2000 #000 #000 #000 Turnover 5,056 - 5,056 5,477 Cost of sales (976) - (976) (724) ______ ______ _______ _______ Gross profit 4,080 - 4,080 4,753 Administrative expenses (3,948) (485) (4,433) (3,302) Waiver of debt - 2,000 2,000 - ______ ______ _______ _______ Operating profit 132 1,515 1,647 1,451 Interest payable and (851) - (851) (894) similar charges ______ ______ _______ _______ (Loss)/profit on ordinary activities (719) 1,515 796 557 before taxation Tax on (loss)/profit on - - - - ordinary activities ______ ______ _______ _______ (Loss)/profit retained for the financial year (719) 1,515 796 557 for equity shareholders Earnings per ordinary 8.98p 8.89p share (Loss)/earnings per ordinary share before exceptional items (8.11)p 8.89p Balance sheet at 28 February 2001 2001 2000 #000 #000 #000 #000 Fixed assets Tangible assets 18,926 19,789 Current assets Stocks 366 625 Debtors 39 250 Cash at bank and in hand 1,297 14 ______ ______ 1,702 889 Creditors: amounts falling due within one year (4,871) (12,691) ______ ______ Net current liabilities (3,169) (11,802) ______ ______ Total assets less current 15,757 7,987 liabilities Creditors: amounts falling due after more than one year (4,255) (158) Accruals and deferred income (1,709) (2,380) ______ ______ Net assets 9,793 5,449 Capital and reserves Called up share capital 960 1,316 Share premium account 5,902 3,001 Capital redemption reserve 1,003 - Profit and loss account 1,928 1,132 ______ ______ Shareholders' funds 9,793 5,449 Equity 9,793 4,952 Non-equity - 497 ______ ______ 9,793 5,449 Cash flow statement for the year ended 28 February 2001 Reconciliation of operating (loss)/profit to net cash 2001 2000 inflow from operating activities #000 #000 Operating profit 1,647 1,451 Waiver of debt (2,000) - Depreciation charges 886 801 Decrease in stocks 259 58 Decrease/(increase) in debtors 211 (111) Increase in creditors 125 387 Grant released (671) (671) _____ _____ Net cash inflow from operating activities 457 1,915 Cash flow statement Net cash inflow from operating activities 457 1,915 Returns on investments and servicing of finance (998) (619) Capital expenditure (23) (1,221) ______ ______ Cash (outflow)/ inflow before financing (564) 75 Financing 2,617 1,824 ______ ______ Increase in cash 2,053 1,899 Notes 1) Basis of preparation The abridged financial information has been provided using accounting policies consistent with those adopted by Deep-Sea Leisure PLC in its financial statements for the year ended 28 February 2001 and was approved by the board on 30 August 2001. 2) Earnings per ordinary share 2001 2000 #000 #000 Earnings are calculated as follows: (Loss)/profit after tax (719) 557 Exceptional income 1,515 - ______ ______ Earnings before exceptional items 796 557 Basic earnings per share 8.98p 8.89p (Loss)/earnings per share before exceptional (8.11)p 8.89p items All calculations of earnings per share are based on the weighted average number of ordinary shares in issue during the year of 8,860,278 (2000 - 6,267,063) calculated in accordance with Financial Reporting Standard 14. Headline earnings per share are calculated in accordance with the formula published by the Institute of Investment Management and Research. Adjusted earnings per share are shown to provide shareholders with additional information on continuing operations. 3) General The financial information set out above does not comprise the Company's statutory accounts. Statutory accounts for the previous financial year ended 29 February 2000 have been delivered to Companies House. Statutory accounts for the financial year ended 28 February 2001 will shortly be delivered to shareholders and Companies House. The auditor's reports on both year's accounts are unqualified and do not contain any statement under section 237(2) or (3) of the Companies Act 1985.
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