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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| IN Cup | LSE:ICU | London | Ordinary Share | GB00B06C2Z82 | 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% | 0.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6461E
In Cup Plus PLC
28 September 2007
IN CUP PLUS PLC ("IN CUP PLUS")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007
CHAIRMAN'S STATEMENT
The directors are pleased to present the interim report for the In Cup Plus
group (the "Group") for the 6 months to 30 June 2007.
The Group has built on its strong finish to 2006 with sales of 98 machines in
the first 6 months of 2007. This compares to sales in the first half of 2006 of
37 machines and 100 machines for the full year to 31 December 2006. These
figures are in line with the forecast and, coupled with continuing tight control
of overheads, indicate that the Group is on target to meet expectations for the
remainder of the year.
The business model is proving robust and, with a platform of almost 250 machines
installed at the half year point, is providing an increasing regular revenue
stream from ingredients and consumables. The main challenge remains that of
achieving a critical mass of machines in the market place to achieve break even
and ongoing profitability at the earliest opportunity.
As part of the fundraising process carried out during 2006, the Group entered
into an option agreement with Barry Marks in respect of new Ordinary Shares for
a total subscription price of up to #250,000 (the "BM Option Agreement") and
entered into option agreements with Pacific Continental Securities (UK) Limited
("Pacific Continental") in respect of new Ordinary Shares for a total
subscription price of up to #400,000 (the "PacCon Option Agreements").
As announced on 29 June 2007, the Directors were advised that Pacific
Continental had been placed into administration. The Company exercised the first
of the PacCon Option Agreements for #200,000 in April 2007. Subsequently, the
Company had sought to exercise the second PacCon Option Agreement, but Pacific
Continental failed to perform its obligations under that agreement. As a result
the Company has terminated both remaining PacCon Option Agreements. In
addition, due to the terms of the BM Option Agreement, the Company was unable to
enforce the exercise of this agreement. The Company has therefore not received
#450,000 of the #1.49 million it believed it had raised last year.
The Board are in the process of conducting an extensive exercise to address the
working capital issue, part of which was the appointment of IAF Securities
Limited ("IAF") as Broker on 6 September 2007. The Board continue to work with
IAF and further announcements will be made when appropriate.
Overall, it has been a challenging period in the Group's development with
positive news on contract wins and substantial period on period growth being
overshadowed by events outside its direct control.
Enquiries:
In Cup Plus
Martin Colenutt/Barry Marks 0870 7461 8888
Deloitte Corporate Finance - Nominated Adviser
Jonathan Hinton /James Lewis 020 7936 3000
IAF Securities Limited - Broker
Matthew Marchant / David Coffman 020 7747 7400
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Unaudited Unaudited Audited
Note #'000 #'000 #'000
TURNOVER 1c 489 147 481
COST OF SALES (400) (209) (348)
GROSS PROFIT 89 (62) 133
Administration expenses (588) (464) (1,200)
OPERATING LOSS (499) (526) (1,067)
Finance income 3 9 16
Interest payable (1) (2) (2)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (497) (519) (1,053)
Taxation on loss on ordinary activities - - -
LOSS FOR THE PERIOD 3 (497) (519) (1,053)
LOSS PER SHARE 3 0.35p 0.53p 0.95p
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 30 JUNE 2007
At 30 June At 30 June At 31
2007 2006 December 2006
Unaudited Unaudited Audited
#'000 #'000 #'000
ASSETS
Non-current assets
Property, plant and equipment 24 39 34
Intangible assets 829 829 829
853 868 863
Current assets
Stock 112 94 164
Trade and other receivables 275 89 271
Cash and cash equivalents 32 185 300
419 368 735
Total assets 1,272 1,236 1,598
LIABILITIES
Current liabilities
Trade and other payables 209 193 337
209 193 337
Non-current liabilities
Finance leases 6 5 4
6 5 4
Total liabilities 215 198 341
Net assets 1,057 1,038 1,257
EQUITY
Capital and reserves attributable to the Company's
Equity shareholders
Called up share capital 1,475 975 1,348
Share premium account 2,084 1,703 2,011
Retained earnings (2,502) (1,640) (2,102)
Total equity 1,057 1,038 1,257
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Retained
Capital Premium Earnings Total
#'000 #'000 #'000 #'000
Balance at 1 January 2006 975 1,703 (1,142) 1,536
Loss for the period - - (519) (519)
Employee share option charge - - 21 21
Balance at 30 June 2006 975 1,703 (1,640) 1,038
Loss for the period - - (534) (534)
Employee share option charge - - 72 72
Share issue 373 308 - 681
Balance at 31 December 2006 1,348 2,011 (2,102) 1,257
Loss for the period - - (497) (497)
Employee share option charge - - 97 97
Share issue 127 73 - 200
Balance at 30 June 2007 1,475 2,084 (2,502) 1,057
CONSOLIDATED INTERIM CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Unaudited Unaudited Audited
#'000 #'000 #'000
Cash flows from operating activities
Operating loss for the period (499) (526) (1,067)
Adjustments for:
Depreciation and amortisation 10 10 20
Share option charge 97 21 94
(Increase)/decrease in stock 52 (13) (83)
Increase in trade and other receivables (4) (6) (188)
(Decrease)/increase in trade and other payables (128) (13) 156
Cash generated from operating activities (472) (527) (1,068)
Cash flows from investing activities
Purchases of property, plant and equipment - (14) (17)
Net interest received 2 7 13
Net cash used in investing activities 2 (7) (4)
Cash flows from financing activities
Issue of shares 200 - 681
Capital element of finance leases 2 (2) -
Net cash used in financing activities 202 (2) 681
Net decrease in cash and bank overdrafts (268) (536) (391)
Cash and bank overdrafts at beginning of period 300 691 691
Cash and bank overdrafts at end of period 32 155 300
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
These interim consolidated financial statements are for the six months ended 30 June 2007. They have
been prepared in accordance with IAS 34, Interim Financial Reporting, and are covered by IFRS 1,
First-time Adoption of IFRS, because they are part of the period covered by the Group's first IFRS
financial statements for the year ending 31 December 2007. These interim financial statements have been
prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective or
issued and early adopted as at the time of preparing these statements. The IFRS standards and IFRIC
interpretations that will be applicable at 31 December 2007, including those that will be applicable on
an optional basis, are not known with certainty at the time of preparing these interim financial
statements. The policies set out below have been consistently applied to all the years presented.
In Cup Plus plc's consolidated financial statements were prepared in accordance with UK Generally
Accepted Accounting Principles (UK GAAP) until 31 December 2006. UK GAAP differs in some areas from
IFRS. In preparing the consolidated interim financial statements, management has amended certain
accounting methods applied in the UK GAAP financial statements to comply with IFRS. The comparative
figures in respect of 2006 were restated to reflect these adjustments.
Reconciliations and descriptions of the effect of the transition from UK GAAP to IFRS on the Group's
equity and its net income and cash flows are provided in Note 5.
These consolidated interim financial statements have been prepared under the historical cost
convention.
The information set out in this interim report for the six months ended 30 June 2007 does not comprise
statutory accounts within the meaning of section 240 of The Companies Act 1985. The statutory accounts
for the year ended 31 December 2006, incorporating an unqualified auditors' report, have been filed
with the Registrar of Companies.
(b) Basis of consolidation
The Company's only subsidiary, E Break Limited, has been accounted for as a subsidiary undertaking from
the effective date of acquisition.
(c) Segment reporting
The turnover, loss on ordinary activities before taxation and net assets, all of which occur in the
United Kingdom, are attributable to one activity, that of the design, manufacture and sale of the In
Cup Plus System, an automatic hot and cold drink vending machine and related ingredients.
(d) Taxation
There is no tax payable due to losses available and no deferred tax asset has been recognised in
respect of tax losses available for carry forward against future trading profits as the utilisation of
these losses cannot be foreseen with reasonable certainty.
(e) Employee share options
The Company awards employees bonuses in the form of share options, from time to time, on a
discretionary basis. The options are subject to vesting conditions, and their fair value is recognised
as an employee benefits expense with a corresponding increase in other reserve equity over the vesting
period. The proceeds received net of any directly attributable transaction costs are credited to share
capital (nominal value) and share premium when the options are exercised.
2. SHARE CAPITAL
2007 2006
#'000 #'000
Authorised
147,501,745 (2006: 134,803,333) ordinary shares of 1p each 1,475 1,348
Nos. of Allotted, called up
Shares And fully paid
This comprises ordinary shares as follows #'000
At 1 January 2007 134,803,333 1,348
Shares issued during the period 12,698,412 127
At 30 June 2007 147,501,745 1,475
In April 2007, 12,698,412 Ordinary shares of 1p each in the company were issued at 1.575p per share
pursuant to the exercise of an option agreement with Pacific Continental Securities (UK) Limited.
3. LOSS PER SHARE
The calculation of the loss per share is based on the following loss and number of shares:
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Loss for the period (#'000) 497 519 1,053
Weighted average number of shares (000s) 140,094 97,470 111,408
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Loss per share 0.35p 0.53p 0.95p
4. TRANSITION TO IFRS
The Group's financial statements for the year ending 31 December 2007 will be the first annual financial
statements that comply with IFRS. These interim financial statements have been prepared as described in
Note 1. The Group has applied IFRS 1 in preparing these consolidated interim financial statements.
In Cup Plus plc's transition date is 1 January 2006. The Group prepared its opening IFRS balance sheet at
that date. The reporting date of these interim consolidated financial statements is 30 June 2007.
5. EXPLANATION OF THE EFFECT OF THE TRANSITION TO IFRS
The following explains the material adjustments on the transition to IFRS
5(a) Intangible assets
IAS 38, Intangible Assets and IAS36, Impairment of Assets stipulates that capitalised goodwill with an
indefinite life should not be amortised but be subjected to an annual impairment review. Under UK GAAP
capitalised goodwill is amortised over its useful economic life - up to a period of 20 years - and is
subject to an annual impairment review. The effect of the change in accounting policy is to reverse the
amortisation charge on capitalised goodwill from 1 January 2006. Further analysis of the effect of the
change is included below:
Six months to Six months to 31 Year to 31
30 June 2006 December 2006 December 2006
#'000 #'000 #'000
Amortisation of goodwill 23 22 45
5(b) Adjustments to administration expenses Six months to Six months to 31 Year to 31
30 June 2006 December 2006 December 2006
#'000 #'000 #'000
Amortisation of intangible assets 23 22 45
Decrease in administration expenses 23 22 45
5(c) Adjustments to Retained Earnings
At 1 At 30 At 31
January 2006 June 2006 December 2006
#'000 #'000 #'000
Intangible assets - 23 45
- 23 45
6(a). RECONCILIATION OF EQUITY AT 1 JANUARY 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
ASSETS
Non-current assets
Property, plant and equipment 37 - 37
Intangible assets 829 - 829
866 - 866
Current assets
Stock 81 - 81
Trade and other receivables 82 - 82
Cash and cash equivalents 691 - 691
854 - 854
Total assets 1,720 - 1,720
LIABILITIES
Current liabilities
Trade and other payables 176 - 176
176 - 176
Non-current liabilities
Finance leases 8 - 8
8 8
Total liabilities 184 - 184
Net assets 1,536 - 1,536
EQUITY
Capital and reserves attributable to the
Company's equity shareholders
Called up share capital 975 - 975
Share premium account 1,703 - 1,703
Retained earnings (1,142) - (1,142)
Total equity 1,536 - 1,536
6(b). RECONCILIATION OF NET INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
TURNOVER 147 - 147
COST OF SALES (209) - (209)
GROSS PROFIT (62) - (62)
Administration expenses 5(b) (487) 23 (464)
OPERATING LOSS (549) 23 (526)
Finance income 9 - 9
Interest payable (2) - (2)
LOSS ON ORDINARY ACTIVITIES (542) 23 (519)
BEFORE TAXATION
Taxation on loss on ordinary activities - - -
LOSS FOR THE PERIOD (542) 23 (519)
6(c). RECONCILIATION OF EQUITY AT 30 JUNE 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
ASSETS
Non-current assets
Property, plant and equipment 39 - 39
Intangible assets 5(a) 806 23 829
845 23 868
Current assets
Stock 94 - 94
Trade and other receivables 89 - 89
Cash and cash equivalents 185 - 185
368 - 368
Total assets 1,213 23 1,236
LIABILITIES
Current liabilities
Trade and other payables 193 - 193
193 - 193
Non-current liabilities
Finance leases 5 - 5
5 - 5
Total liabilities 198 - 198
Net assets 1,015 23 1,038
EQUITY
Capital and reserves attributable to the
Company's equity shareholders
Called up share capital 975 - 975
Share premium account 1,703 - 1,703
Retained earnings 5(c) (1,663) 23 (1,640)
Total equity 1,015 23 1,038
6(d). RECONCILIATION OF NET INCOME FOR THE YEAR ENDED 31 DECEMBER 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
TURNOVER 481 - 481
COST OF SALES (348) - (348)
GROSS PROFIT 133 - 133
Administration expenses 5(b) (1,245) 45 (1,200)
OPERATING LOSS (1,112) 45 (1,067)
Finance income 16 - 16
Interest payable (2) - (2)
LOSS ON ORDINARY ACTIVITIES (1,098) 45 (1,053)
BEFORE TAXATION
Taxation on loss on ordinary activities - - -
LOSS FOR THE PERIOD (1,098) 45 (1,053)
6(e). RECONCILIATION OF EQUITY AT 31 DECEMBER 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
ASSETS
Non-current assets
Property, plant and equipment 34 - 34
Intangible assets 5(a) 784 45 829
818 45 863
Current assets
Stock 164 - 164
Trade and other receivables 271 - 271
Cash and cash equivalents 300 - 300
735 - 735
Total assets 1,553 45 1,598
LIABILITIES
Current liabilities
Trade and other payables 337 - 337
337 - 337
Non-current liabilities
Finance leases 4 - 4
4 - 4
Total liabilities 341 - 341
Net assets 1,212 45 1,257
EQUITY
Capital and reserves attributable to the
Company's equity shareholders
Called up share capital 1,348 - 1,348
Share premium account 2,011 - 2,011
Retained earnings 5(c) (2,147) 45 (2,102)
Total equity 1,212 45 1,257
6(f). RECONCILIATION OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
Cash flows from operating activities
Loss for the period (549) 23 (526)
Adjustments for:
Depreciation and amortisation 5(a) 33 (23) 10
Share option charge 21 - 21
Increase in stock (13) - (13)
Increase in trade and other receivables (6) - (6)
Decrease in trade and other payables (13) - (13)
Cash generated from operating activities (527) - (527)
Cash flows from investing activities
Purchase of property, plant and equipment (14) - (14)
Net interest received 7 - 7
Net cash used in investing activities (7) - (7)
Cash flows from financing activities
Issue of shares
Capital element of finance leases (2) - (2)
Net cash used in financing activities (2) - (2)
Net decrease in cash and bank overdrafts (536) - (536)
Cash and bank overdrafts at beginning of period 691 - 691
Cash and bank overdrafts at end of period 155 - 155
6(g). RECONCILIATION OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2006
Note UK GAAP Adjustments IFRS
#'000 #'000 #'000
Cash flows from operating activities
Loss for the period (1,112) 45 (1,067)
Adjustments for:
Depreciation and amortisation 5(a) 65 (45) 20
Share option charge 94 - 94
Increase in stock (83) - (83)
Increase in trade and other receivables (188) - (188)
Increase in trade and other payables 156 - 156
Cash generated from operations (1,068) - (1,068)
Cash flows from investing activities
Purchase of property, plant and equipment (17) - (17)
Net interest received 13 - 13
Net cash used in investing activities (4) - (4)
Cash flows from financing activities
Issue of shares 681 - 681
Net cash raised from financing activities 681 - 681
Net decrease in cash and bank overdrafts (391) - (391)
Cash and bank overdrafts at beginning of period 691 - 691
Cash and bank overdrafts at end of period 300 - 300
The directors of In Cup Plus accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the directors
of In Cup Plus (who have taken all reasonable care to ensure that such is the
case) the information contained in this announcement is in accordance with the
facts and does not omit anything likely to affect the import of such
information.
Copies of this interim report will be available free of charge from the
company's registered office at Unit 5, Station Close, Potters Bar,
Hertfordshire, EN6 1TL, United Kingdom. A copy of the Interim Report will also
be made available on the Group's website, www.incupplus.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LRMITMMATBLR
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