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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Densitron Tech. | LSE:DSN | London | Ordinary Share | GB0002637394 | 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% | 10.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMDSN
RNS Number : 5472R
Densitron Technologies PLC
01 May 2009
DENSITRON TECHNOLOGIES PLC
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED
31st DECEMBER 2008
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Densitron Technologies plc ("Densitron" or the "Company" or the "Group"), the designer and developer of electronic displays, |
| announces its preliminary unaudited results for the year ended 31st December 2008. |
+------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
| Highlights | | | | | | | | |
| | | | | | | | | |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| |
+------------------------------------------------------------------------------------------------------------------------------+
| · Revenue on continuing operations increased by 31% from GBP14.0m to GBP18.3m. |
+------------------------------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------------------------------+
| · Profit from continuing operations increased by 67% from GBP0.3m in 2007 to GBP0.5m in 2008. * |
+------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| · All subsidiaries now providing a return to the Group. |
+------------------------------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------------------------------+
| · Orders booked in the year increased by 16% from GBP16.3m to GBP18.9m. |
+------------------------------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------------------------------+
| · Order Book at 31st December 2008 was GBP8.0m an increase of GBP0.6m on the previous year. |
+------------------------------------------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2008 | | 2007 |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | Restated |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | GBPmillions | | GBPmillions |
| | | | | | | | | * |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Revenue | | | | | | 18.3 | | 14.0 |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Profit from operations | | | | | | 0.5 | | 0.3 |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Basic earnings per share | | | | | | 0.25p | | (0.31)p |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Gearing | | | | | | 24% | | 22% |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Order Book | | | | | | 8.0 | | 7.4 |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| * For illustrative purposes the 2007 results have been adjusted here to eliminate the profit on the disposal of part of the |
| land at Blackheath (GBP848,000), the profit for the period on discontinued operations (GBP437,000) and the impairment of |
| Evervision (GBP508,000) in order to give comparable results. The actual reported profit before tax on continuing operations |
| in the income statement for 2007 was GBP0.3m |
+------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
Jan G Holmstrom, Chairman of Densitron, commented:
"Densitron, as a group, has developed a great deal in the past few years and
2008 is the first full year of trading following several years of
reorganisation, restructuring and investment. We are pleased that the Company
has delivered good results for the year with increased revenues across all
subsidiaries of the Group.
Whilst we recognise the current difficult in trading conditions, we have entered
2009 with a strong order book and pipeline of opportunities which places us in a
good position to weather the current economic downturn. We will continue to
develop our own range of products while further expanding the existing third
party product portfolio. We shall also be looking to develop and expand the
distribution network and will look to open up offices in strategic locations,
when the time is right, to work alongside the currently appointed distributors."
- End -
Enquiries:
+------------------------------------+------------------------------------+
| Densitron | HansonWesthouse |
| Grahame Falconer / Tim Pearson | Tim Metcalfe / Martin |
| Tel: 0207 648 4200 | Davison/Christine Zhang |
| | Tel: 020 7601 6100 |
| | |
+------------------------------------+------------------------------------+
Chairman's Statement
2008 was the first full year of trading following several years of
reorganisation, restructuring and investment. I am delighted to report the
progress that has been made is in line with internal targets that were set at
the end of 2007 and I believe that we now have a firm platform to build upon
further.
Displays division
The Displays business has grown considerably during the past year. Orders booked
during 2008 were GBP18.9m compared with GBP16.3m in 2007, an increase of 16%.
Sales increased by 31% to GBP18.3m from GBP14.0m and gross profit increased by
28% to GBP5.5m from GBP4.3m. The profit from operations, excluding profit made
on the sale of the land at Blackheath in 2007 has increased by 67% to GBP0.5m
from GBP0.3m in 2007.
The Board recognises that 2009 will be a difficult year for all businesses
mainly as a result of the global economic downturn but considering the level of
the orderbook at 31st December 2008 and the pipeline of business that the Group
is currently working on, we remain cautiously optimistic that this will enable
the business to weather the difficult economic conditions this year.
Movements in exchange
During 2008 the pound has considerably depreciated in value against the US
dollar and the Euro. Clearly this has had an impact on the business. Movements
in exchange rates affect the Group in two ways:
- translation - business in the overseas subsidiaries is conducted in local
currency and then for reporting purposes converted into UK sterling. As the
value of UK sterling has depreciated in the year against the other main
currencies in which the Group operates the income and expenses of those
operations have increased in UK sterling terms. All subsidiaries have been
profitable in the year. Therefore the profit for the year has been enhanced as a
result of the depreciation in the value of UK sterling.
- transaction - purchases from suppliers in the far east are made in US Dollars.
For the UK in particular this has made them more expensive during the
year. However, a large proportion of sales carried out by the UK business are
done in US dollars, effectively hedging the risk of movements in exchange rates.
While this has not had a positive impact on the results for the year the
negative impact has been minimised.
Banking arrangements
The Group has always maintained close links with its primary bankers and
following the recent problems experienced by a number of banks throughout the
world, the Board considers that maintaining these links is now even more
important. The executive directors hold regular meetings with the Group's main
bank, Barclays Bank PLC, to keep them up to date on current trading and future
developments to ensure that the level of funding meets the requirements of the
Group.
Evervision Electronics Co. Ltd (Evervision)
Evervision is the Group's major investment in a display manufacturing company
with its Head Office in Taiwan and factories in both Taiwan and mainland China.
During the year the management of Evervision continued to rationalise the
business by moving a large part of its manufacturing capabilities to its factory
in Kunshan, China, a factory which it fully owns. Despite recording a modest
loss for the year Evervision has continued to generate a significant level of
cash and at the end of 2008 approximately GBP13.5m of Evervisions assets were
represented by cash. Together with the fact that Evervision carries no debt this
means that it is in a strong position to weather the inevitable difficulties
that manufacturers are seeing as a result of the worldwide recession.
The Board considers that the carrying value of Evervision on the Balance Sheet
at GBP6.2m is reasonable.
Land at Blackheath
Another asset fully owned by the Group is a piece of land totalling
approximately 1.25 acres in Blackheath in South East London for which the Board
is intending to obtain planning permission for residential development to enable
the Company to realise the value to its full potential.
As has previously been reported the land is subject to a Metropolitan Open Land
Order which currently prohibits development. The Board has employed an Agent to
manage the planning process and during the year outline plans have been drawn up
and a number of surveys have been completed to ensure that the application will
have the best chance of success. Planning consultants have now been appointed
and will manage the application process itself.
The Board remains hopeful that it will be able to obtain re-designation of the
land and will advise shareholders when there are any significant developments.
Outlook and strategy
The long term outlook of the business remains encouraging despite the current
worldwide economic difficulties. The market for displays continues to grow and
the Group has worked hard to ensure that it can offer an increasing range of
products and solutions to an increasing range and geographical spread of
customers. 2009 will be a difficult year for many businesses but I remain
cautiously confident that Densitron is well placed to meet with the challenges
that will inevitably arise and to capitalise on opportunities as they present
themselves. The strategy for the business continues to be organic growth and
strategic acquisitions should they arise.
The Board continues to work to provide an acceptable return on the investment in
Evervision.
We believe that a patient approach is the one most likely to succeed in the
re-designation of the remaining unsold land at Blackheath.
Finally, I would like to thank the directors and staff at Densitron for their
continuing commitment to the Company and to the Shareholders for their
continuing support.
Jan G Holmstrom
Chairman
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Densitron Technologies plc |
| Unaudited Consolidated income statement |
| For the year ended 31 December 2008 |
| |
+--------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | 2008 | | 2007 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | Restated |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | GBP000 | | GBP000 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Continuing operations | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Revenue | | | | | | 18,287 | | 14,043 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cost of sales | | | | | | (12,783) | | (9,727) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Gross profit | | | | | | 5,504 | | 4,316 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Other operating income | | | | | | 281 | | 1,024 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Distribution costs | | | | | | (49) | | (30) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Administrative expenses | | | | | | (5,268) | | (4,198) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Administrative expenses - impairment of financial asset | | | | - | | (508) |
+---+----------------------------------------------------------------------------+---+-------------+---+-------------+---+-------------+
| | Total administrative expenses | | | | | | (5,268) | | (4,706) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit from operations | | | | | | 468 | | 604 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial income | | | | | | 43 | | 96 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial expenses | | | | | | (194) | | (390) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit before tax | | | | | | 317 | | 310 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Income tax expenses | | | | | | (123) | | (161) |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit after tax for the period | | | | | | 194 | | 149 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Discontinued operations | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit for the period from discontinued operations | | | | | | - | | 437 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit for the period | | | | | | 194 | | 586 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Attributable to: | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Equity holders of the parent | | | | | | 175 | | 573 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Minority interests | | | | | | 19 | | 13 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 194 | | 586 |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Basic earnings per share | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Earnings per share from continuing and discontinued | | | | | | | | |
| | operations | | | | | | 0.25p | | 0.88p |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Earnings per share on continuing operations | | | | | | 0.25p | | 0.21p |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Diluted earnings per share | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Earnings per share from continuing and discontinued | | | | | | | | |
| | operations | | | | | | 0.25p | | 0.87p |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Earnings per share on continuing operations | | | | | | 0.25p | | 0.21p |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Densitron Technologies plc |
| Unaudited Consolidated Statement of Recognised Income and Expense |
| For the year ended 31 December 2008 |
| |
+---------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2008 | | 2007 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | Restated | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | GBP000 | | GBP000 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Foreign currency translation differences for foreign | | | | | | | | | |
| operations | | | | | | 509 | | (17) | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Income and expense directly recognised in equity | | | | | | 509 | | (17) | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Profit/(loss) for the period | | | | | | 194 | | 586 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Total recognised income and expense for the period | | | | | | | | | |
| | | | | | | 703 | | 569 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Attributable to: | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Equity holders of the Company | | | | | | 684 | | 556 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Minority interest | | | | | | 19 | | 13 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| Total recognised income and expense for the period | | | | | | | | | |
| | | | | | | 703 | | 569 | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| | | | | | | | | | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
| The prior year adjustment referred to in note 7 does not affect the net total recognised income or expense in 2007. | |
+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+---+
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Densitron Technologies plc |
| Unaudited Consolidated Balance Sheet |
| At 31 December 2008 |
| |
+---------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | 2008 | | 2007 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | Restated |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | GBP000 | | GBP000 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Non current assets | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Property, plant and equipment | | | | | | 246 | | 208 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Goodwill | | | | | | 143 | | 143 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial assets | | | | | | 6,393 | | 6,589 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Deferred tax assets | | | | | | 60 | | 44 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 6,842 | | 6,984 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Current assets | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Inventories | | | | | | 1,432 | | 641 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Trade and other receivables | | | | | | 5,296 | | 2,457 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial assets | | | | | | 495 | | 765 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Income tax recoverable | | | | | | 76 | | 56 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash and cash equivalents | | | | | | 1,812 | | 1,397 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 9,111 | | 5,316 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Total assets | | | | | | 15,953 | | 12,300 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Current liabilities | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Short term borrowings and overdrafts | | | | | | 3,362 | | 2,861 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Trade and other payables | | | | | | 4,194 | | 1,863 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Current tax payable | | | | | | 55 | | 72 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Provisions | | | | | | 84 | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 7,695 | | 4,796 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Non current liabilities | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Borrowings | | | | | | 312 | | 94 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Provisions | | | | | | 188 | | 328 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Deferred tax liabilities | | | | | | 5 | | 7 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 505 | | 429 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Total liabilities | | | | | | 8,200 | | 5,225 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 7,753 | | 7,075 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Equity | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Share Capital | | | | | | 3,483 | | 3,483 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Retained earnings | | | | | | 3,428 | | 3,190 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Special reserve | | | | | | 390 | | 478 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Translation reserve | | | | | | 381 | | (128) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Equity attributable to shareholders of Densitron | | | | | | 7,682 | | 7,023 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Minority interests | | | | | | 71 | | 52 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Total equity | | | | | | 7,753 | | 7,075 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| Densitron Technologies plc |
| Unaudited Consolidated Statement Cash Flow Statement |
| For the year ended 31 December 2008 |
| |
+---------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | 2008 | | 2007 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | Restated |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | GBP000 | | GBP000 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash flows from operating activities | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit/(loss) before taxation | | | | | | 317 | | 310 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Loss for the period of discontinued operations | | | | | | - | | (46) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Adjustments for: | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Depreciation | | | | | | 51 | | 43 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Impairment of financial asset | | | | | | - | | 508 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Profit on disposal of fixed assets | | | | | | - | | (848) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Loss on write off of investment | | | | | | - | | 12 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net finance expense | | | | | | 151 | | 294 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Effect of exchange rate fluctuations | | | | | | (119) | | (279) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 400 | | (6) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in financial assets | | | | | | (102) | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in inventories | | | | | | (600) | | 89 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in trade and other receivables | | | | | | (2,153) | | 672 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in trade and other payables | | | | | | 1,858 | | (187) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in provisions | | | | | | 34 | | (7) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | (563) | | 561 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Income tax paid | | | | | | (187) | | (17) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net cash from operating activities | | | | | | (750) | | 544 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash flows from investing activities | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Interest received | | | | | | 43 | | 66 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Proceeds from sale of property, plant and equipment | | | | | | 17 | | 1,016 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Disposal of discontinued operation | | | | | | 568 | | 933 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Acquisition of property, plant and equipment | | | | | | (68) | | (55) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net cash generated from investing activities | | | | | | 560 | | 1,960 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash flows from financing activities | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Proceeds from issue of share capital | | | | | | - | | 250 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Purchase of own shares | | | | | | (25) | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Inception of new loans | | | | | | 345 | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Repayment of borrowings | | | | | | (693) | | (1,587) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Interest paid | | | | | | (196) | | (380) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Payment of finance lease liabilities | | | | | | (21) | | (21) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in invoice discounting creditor | | | | | | 354 | | (196) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Change in letters of credit | | | | | | 131 | | 95 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Dividend paid to minorities | | | | | | (17) | | (13) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net cash used in financing activities | | | | | | (122) | | (1,852) |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net decrease in cash and cash equivalents | | | | | | (312) | | 652 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash and cash equivalents at 1st January | | | | | | 872 | | 192 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Effect of exchange rate fluctuations on cash held | | | | | | 642 | | 28 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Cash and cash equivalents at 31st December | | | | | | 1,202 | | 872 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
+---------------------------------------------------------------------------------------------+
| Densitron Technologies plc |
| Notes to the Consolidated Financial Statements |
| For the year ended 31 December 2008 |
| |
+---------------------------------------------------------------------------------------------+
| 1. Basis of preparation |
| The financial statements have been prepared in accordance with International Financial |
| Reporting Standards, International Accounting Standards and Interpretations (collectively |
| IFRSs) issued by the International Accounting Standards Board (IASB) as adopted by the |
| European Union (Adopted IFRSs) and with those parts of the Companies Act 1985 applicable to |
| companies preparing their accounts under Adopted IFRSs. |
| The accounting policies applied are consistent with those set out in the financial |
| statements of Densitron Technologies plc for the year ended 31st December 2007. The |
| financial information in the announcement is unaudited and does not constitute the |
| company's statutory accounts for the years ended 31st December 2008 or 2007. The financial |
| information for the year ended 31st December 2007 is derived from the statutory accounts |
| for that year, which were prepared under UK GAAP, which have been delivered to the |
| Registrar of Companies. The auditors reported on those accounts; their report was |
| unqualified, did not include references to any matters to which the auditors drew attention |
| by way of emphasis without qualifying their reports and did not contain statements under |
| the Companies Act 1985, s 237(2) or (3). |
| The statutory accounts for the year ended 31st December 2008, prepared in accordance with |
| IFRSs as adopted by the EU, will be finalised on the basis of the financial information |
| presented by the directors in this preliminary announcement and will be delivered to the |
| Registrar of Companies following the company's annual general meeting. |
| |
+---------------------------------------------------------------------------------------------+
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| 2. Other income | | | | | | | | |
+---------------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 2008 | | 2007 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | GBP000 | | GBP000 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Net gain on sale of property, plant and equipment | | | | | | - | | 848 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Exchange gains | | | | | | 97 | | 81 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Commissions receivable | | | | | | 11 | | 3 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Royalties receivable | | | | | | 101 | | 85 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Rent receivable | | | | | | 6 | | 7 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Deferred consideration receivable | | | | | | 63 | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Other | | | | | | 3 | | - |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 281 | | 1,024 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| 3. Financial income and expense | | | | | | | | |
+---------------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 2008 | | 2007 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | GBP000 | | GBP000 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial income | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Bank deposit interest | | | | | | 9 | | 31 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Interest on deferred consideration | | | | | | 34 | | 65 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 43 | | 96 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Financial expenses | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Bank borrowings | | | | | | 146 | | 168 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Hire purchase and finance leases | | | | | | 2 | | 2 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Invoice discounting charge | | | | | | 21 | | 28 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | Other loan interest payable | | | | | | 25 | | 192 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | 194 | | 390 |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
+---------------------------------------------------------+---+--------------+---+--------------+---+--------------+---+---+
| 4. Business and geographical segments | | | | | | | | |
+---------------------------------------------------------+---+--------------+---+--------------+---+--------------+---+---+
| | | | | | | | | |
+---------------------------------------------------------+---+--------------+---+--------------+---+--------------+---+---+
| The Group manages its business by reporting by business segment and by geographical location of the business segment. |
| The business segments that the Group has operated in are displays and gaming boards. Following the disposal of its |
| gaming board division the group manages its remaining displays business on a geographical basis. |
| |
| Inter-segment transfer pricing is based on the level of work carried out and the risk encountered by each party in order |
| to make a third party sale. |
+--------------------------------------------------------------------------------------------------------------------------+
| Business segments |
| Continuing Discontinued Eliminations Head Total |
| Displays Gaming Office |
| division Division |
| GBP000 GBP000 GBP000 GBP000 GBP000 |
| 2008 |
| Revenue |
| External 18,287 - - - 18,287 |
| Intercompany 5,193 - - - 5,193 |
| Total 23,480 - - - 23,480 |
| |
| Profit/(loss) before tax |
| Continuing operations 683 - - (366) 317 |
| Discontinued operations - - - - - |
| Total 683 - - (366) 317 |
| |
| Balance Sheet |
| Assets 5,243 - - 10,710 15,953 |
| Liabilities (5,574) - - (2,626) (8,200) |
| Net assets (331) - - 8,084 7,753 |
| |
| Other |
| Capital expenditure |
| - Property, plant and equipment 73 - - - 73 |
| Depreciation 33 - - 18 51 |
| |
| 2007 |
| Revenue |
| External 14,043 62 (62) - 14,043 |
| Intercompany 2,652 182 (182) - 2,652 |
| Total 16,695 244 (244) - 16,695 |
| |
| Profit/(loss) before tax |
| Continuing operations 14 - - 296 310 |
| Discontinued operations - 437 - - 437 |
| Total 14 437 - 296 747 |
| |
| Balance Sheet |
| Assets 2,588 - - 9,712 12,300 |
| Liabilities (3,137) - - (2,088) (5,225) |
| Net assets (549) - - 7,624 7,075 |
| |
| Other |
| Capital expenditure |
| - Property, plant and equipment 64 - - - 64 |
| Depreciation 8 - - 35 43 |
| |
+---------------------------------------------------------+---+--------------+---+--------------+---+--------------+---+---+
The Group's secondary reporting format for reporting segmental information is by
geographical location.
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| | | External revenue by | | Total assets by | | Capital expenditure by |
| | | location of customers | | location of asset | | location of assets |
+------------------------------------+---+-------------------------+---+-------------------------+---+-------------------------+
| | | 2008 | | 2007 | | 2008 | | 2007 | | 2008 | | 2007 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| | | | | | | | | | | | | |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| Total operations | | | | | | | | | | | | |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| UK | | 3,085 | | 2,813 | | 782 | | 248 | | 18 | | 3 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| Europe | | 5,661 | | 3,469 | | 640 | | 517 | | 11 | | 4 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| USA | | 7,181 | | 5,625 | | 1,347 | | 1,098 | | 44 | | 57 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| Asia | | 2,153 | | 1,970 | | 4,984 | | 5,212 | | - | | - |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| Rest of the world | | 207 | | 166 | | - | | - | | - | | - |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
| | | 18,287 | | 14,043 | | 7,753 | | 7,075 | | 73 | | 64 |
+------------------------------------+---+----------+---+----------+---+----------+---+----------+---+----------+---+----------+
+-----------------------------------------------------------+---+---+-+---+---+-+---+------+-+---+------+-+-+
| 5. Tax expense | | | | | | | | |
+---------------------------------------------------------------+---+-----+---+-----+------+-----+------+---+
| | | | | | | 2008 | | 2007 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | GBP000 | | GBP000 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Current tax expense | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| UK corporation tax and income tax of overseas operations on profits for the | | 116 | | 53 |
| year | | | | |
+-------------------------------------------------------------------------------+---+--------+---+--------+
| Unrecoverable withholding tax | | | | | | - | | 117 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Adjustments for (over)/under provision in prior periods | | | | | | 12 | | (30) |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | 128 | | 140 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Deferred tax expense | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Origination and reversal of temporary differences | | | | | | (5) | | 21 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Total tax charge | | | | | | 123 | | 161 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| The reasons for the difference between the actual tax charge for the year and the standard rate |
| of corporation tax in the UK applied to profits for the year are as follows: |
+---------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | 2008 | | 2007 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | GBP000 | | GBP000 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Profit before tax | | | | | | 317 | | 310 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | | | |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Expected tax charge based on the standard rate of | | | | | | | | |
| corporation tax in the UK of 30% (2007: 30%) | | | | | | 95 | | 93 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Losses carried forward | | | | | | 62 | | 86 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Disallowed expenses | | | | | | 16 | | 154 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Non taxable income | | | | | | (7) | | 13 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Movement in unprovided deferred tax assets | | | | | | 7 | | 12 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Utilisation of tax losses brought forward | | | | | | (51) | | (287) |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Adjustments for overseas rate | | | | | | (11) | | 3 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Adjustments to prior years tax charge | | | | | | 12 | | (30) |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| Unrecoverable withholding written off | | | | | | - | | 117 |
+-----------------------------------------------------------+---+-----+---+-----+---+--------+---+--------+
| | | | | | | 123 | | 161 |
+-----------------------------------------------------------+---+---+-+---+---+-+---+------+-+---+------+-+-+
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| 6. Earnings per share | | | | | | | | |
+--------------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | The calculation of basic earnings per share at 31 December 2008 was based on the profit attributable to ordinary shareholders |
| | of GBP175,000 (2007: GBP573,000) and a weighted average number of ordinary shares outstanding of 69,574,585 (2007: |
| | 64,819,791). |
+---+--------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | 2008 | | 2007 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | | | Restated |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | GBP000 | | GBP000 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Profit attributable to ordinary shareholders | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Continuing operations | | | | | | 175 | | 136 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Discontinued operations | | | | | | - | | 437 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Profit attributable to ordinary shareholders | | | | | | 175 | | 573 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | 2008 | | 2007 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | | | | | | | GBP000 | | GBP000 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Weighted average number of ordinary shares | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Issued ordinary shares at 1st January | | | | | | 69,669,106 | | 64,669,106 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Effect of purchase of Treasury shares on 23 October 2008 | | (94,521) | | - |
+---+-------------------------------------------------------------------------------------+--------+--------------+---+--------------+
| | Effect of shares issued on 21 December 2007 | | | | | | - | | 150,685 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Weighted average number of ordinary shares at 31 December 2008 | | 69,574,585 | | 64,819,791 |
+---+-------------------------------------------------------------------------------------+--------+--------------+---+--------------+
| | Dilutive effect of warrants | | | | | | - | | 1,375,734 |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
| | Diluted weighted average number of ordinary shares at 31 December 2008 | 69,574,585 | | 66,195,525 |
+---+----------------------------------------------------------------------------------------------+--------------+---+--------------+
| | | | | | | | | | |
+---+----------------------------------------------------------+---+-------------+---+----+--------+--------------+---+--------------+
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| 7. Prior year adjustment | | | | | | | | |
+---------------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
| | | | | | | | | | |
+---+-----------------------------------------------------------+---+-------------+---+-------------+---+-------------+---+-------------+
The results for 2007 have been restated to reflect further guidance that has
been received on the accounting treatment of changes in the fair value of the
Group's financial asset, Evervision. In the accounts for 2007 the change in
value of GBP508,000 was compared with the value of Evervision at the date of
transition to IFRS. This movement was considered to be neither significant nor
prolonged and as such the movement was recognised through the statement of
recognised income and expenses. Further clarification on this point suggests it
would be more appropriate to compare the total change in fair value against the
original cost of the asset and consequently the Directors have taken the
decision to amend the results for 2007. Any further impairments in the fair
value of Evervision will be recognised through the income statement. Any future
increases above the current value would be recognised in the available for sale
reserve.
The impact of the adjustment is to recognise a GBP508,000 impairment in the
value of Evervision through the income statement in 2007 rather than through the
statement of recognised income and expense. The balance on the available for
sale reserve at 1st January 2007 of GBP140,000 has been eliminated and the
recognition of the losses is now included as deduction from retained earnings.
The effect on basic earnings per share in 2007 is a reduction of 0.79p per share
and on diluted earnings per share a reduction of 0.78p per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FGGFDVGLGLZM
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