We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Innovision Res. | LSE:INN | London | Ordinary Share | GB0030308448 | 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% | 34.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:4051J
Innovision Research&Technology PLC
07 December 2007
ANNOUNCEMENT
INNOVISION RESEARCH & TECHNOLOGY PLC
Results for six months ending 30 September 2007.
Innovision Research & Technology plc today announces its interim results for the
six months ending 30 September 2007.
Highlights:
* Revenue sustained year on year;
* Increased development revenue, #1.2m from #0.6m;
* Secured two new contracts with the leaders in NFC;
* Multi-frequency RFID chip design delivered for use in Asia-Pacific;
* Further design expected to be completed for the US market before year end;
* Announced our core GEMTM IP will be available under evaluation licence
* Proceeds from share placing starting to be invested in developing IP,
products and key geographic markets;
Commenting on the results, David Wollen, Chief Executive said:
"The Company has continued to make good progress in the NFC* and RFID markets,
securing new development contracts and delivering a significant design to the
Asia-Pacific market. NFC remains our main focus and trials such as Barclaycard's
OnePulseTM card and O2's mobile wallet indicate wider support for this market.
Although, predicting the exact timing and terms of new contracts remains
difficult, we have good order coverage for the second half which should keep the
revenues in line with the current level and allow us to meet management
expectations for the full year. We are aiming to be in a position to report the
achievement of further milestones for the company by the year end."
7 December 2007
Enquiries:
Innovision Research & Technology plc Tel: 01285 888 200
David Wollen, CEO
Brian McKenzie, Finance Director
KBC Peel Hunt (Nominated adviser and broker) Tel: 0207 4188 900
Oliver Scott / David Anderson
College Hill Tel: 020 7457 2020
Matthew Smallwood
* Near Field Communications, www.nfc-forum.org
The Chairman's and Chief Executive's Statement
The company has again made good progress over the six months securing two
significant new contracts with world leaders in the Near Field Communications
(NFC) market and raising finance through a share placement to support its growth
plans. We have delivered our first multi-frequency RFID chip design to be
marketed in the Asia-Pacific region and expect to deliver a second design to the
US market during the remainder of this financial year.
In November, we announced that our unique GemTM NFC semiconductor intellectual
property (IP) would be available under an evaluation licensing programme. This
will enable semiconductor companies to develop NFC capability, either for
stand-alone solutions or as part of System-on-Chip (SoC) integrated NFC
solutions. We see this is a significant step towards securing multiple future
licence and royalty based agreements.
Results for the six months (unaudited)
Overall revenue was similar to the comparative six months at #1.7m (2006:
#1.8m). Encouragingly the mix of revenue was heavily weighted towards
development services at #1.2m (2006: #0.6m) representing over 70% (2006: 33%) of
the total revenue. Development income represents the progress made towards
completing customers' royalty generating products and is the company's highest
ever 6-month figure. These products should come to market over the next 2-3
years and generate additional royalty streams at that stage. Revenue derived
from royalty and licence fees reduced to #0.4m (2006: #0.9m) due to the one-off
nature of licences benefiting the first half of 2006. Product sales were #0.1m
(2006: #0.3m) with no Christmas-based toy product this year.
Cost of sales has increased with the mix weighted towards development and away
from licence revenue. However the underlying margin within the development
services has improved with lower discounts and greater efficiencies in delivery
to mitigate some of the impact of the mix change.
With the increasing implementation of our previously developed IP into customer
products, we reduced our direct investment in IP to #0.7m (2006: #1.1m),
although we do expect our direct investment to increase over the coming 6 month
period as we implement our strategic plans following the share placing. Other
administrative overheads, including sales and marketing, were slightly lower at
#0.9m (2006: #1.0m) with some savings due to restructuring that took place in
the previous year flowing through.
The loss after tax for the 6 months to 30 September 2007 reduced to #0.7m (2006:
#0.8m). The net result was a financial performance in line with the previous
period, albeit with a very different mix of revenues.
Net cash inflow was #5.5m (2006: #1.1m outflow) including #6.2m net proceeds
from the share placing. At 30 September 2007, we had cash deposits of #7.4m
(2006: #2.9m) and additional net current assets of #0.9m (2006: #0.7m).
Operations Review
We continued to enhance our Integrated Circuit (IC) design capability based in
Cirencester with emphasis on near-field data communications and RFID. We have
brought in new staff and invested further in Electronic Design Automation (EDA)
tools. Our engineering team is now recognised globally as a leading centre for
NFC technology development.
Innovision also continues to play a strong role in the NFC standards body (see
www.nfc-forum.org) and has joined European Telecommunications Standards
Institute (ETSI) (see www.etsi.org) in order to influence related standards
within the telecoms arena.
Within the product supply area we have enhanced our test capability and have
started work to make the production process even more cost effective. We have
had some success selling complete tags and by becoming more closely integrated
with our supply chain we are making the supply of complete tags and tickets in
production volumes more readily deliverable.
Current Trading and Outlook
At the start of the year, we had three major chip development programmes in
progress. One has completed in the first half and the other two are forecast to
reach completion by the end of the financial year. This will give us three
royalty earning designs in three very different markets. The level of royalty
stream will clearly be dependent on our customers' success in marketing each
product and we expect that royalties will flow over the next few years. We have
started two further development programmes forecast to complete by the end of
the next financial year.
The business model remains for the company to generate a sustainable high level
of royalties in the medium to long term and we remain mainly focussed on the NFC
market where we believe we have unrivalled IP for system-on-chip solutions.
We are encouraged by the positive specific developments in the market for
near-field data communications and the broader RFID markets and are seeing
growing activity in the NFC business with trials being undertaken in many
countries by world class organisations such as Visa, Mastercard, major banks and
mobile phone operators. Barclaycard's launch of its OnePulse card (combined
credit, e-wallet and Oyster card) and O2/Nokia's trial lauched last month of
mobile phones embedded with the same Oyster card/e-wallet functionality, are two
recent examples.
We began 2007/08 by signing a significant framework agreement and we also
started an engagement with another world leader in this field. We are in active
discussions with a number of high quality prospects for similar scales of
business. Although, predicting the exact timing and terms of new contracts
remains difficult, we have good order coverage for the second half which should
keep the revenues at the current sustained level and allow us to meet management
expectations for the full year. We are aiming to be in a position to report the
achievement of further milestones for the company by the year end.
Malcolm Baggott and David Wollen
Chairman Chief Executive
7 December 2007
Innovision Research & Technology plc
INTERIM INCOME STATEMENT
For six months ended 30 September 2007 (unaudited)
Notes 6 months ended 6 months ended 12 months ended
30 September 30 September 31 March
2007 2006 2007
#'000 (as restated) (as restated)
#'000 #'000
Revenue 2 1,718 1,842 3,485
Cost of sales 7 (950) (657) (1,389)
-------- --------- ---------
Gross profit 768 1,185 2,096
Administrative expenses (1,606) (2,108) (3,826)
-------- --------- ---------
OPERATING LOSS (838) (923) (1,730)
Investment Income 110 83 143
-------- --------- ---------
LOSS BEFORE TAXATION (728) (840) (1,587)
Tax 3 37 42 136
-------- --------- ---------
LOSS FOR THE PERIOD (691) (798) (1,451)
======== ========= =========
LOSS PER SHARE Pence per share Pence per share Pence per share
Basic and diluted 5 (1.30) (1.69) (3.08)
The results were all derived from continuing operations.
The loss for the period is wholly attributable to the equity shareholders of
Innovision Research & Technology plc
Innovision Research & Technology plc
INTERIM BALANCE SHEET
30 September 2007 (unaudited)
Notes As at 30 As at 30 As at
September September 31 March
2007 2006 2007
#'000 (as restated) (as restated)
#'000 #'000
Non-Current Assets
Property, plant & equipment 247 314 309
Intangible assets 28 - 20
Other receivables 483 230 233
-------- --------- ----------
758 544 562
-------- --------- ----------
Current Assets
Inventories 15 4 15
Trade and other receivables 1,717 1,461 1,916
Cash and cash equivalents 7,382 2,936 1,836
-------- --------- ----------
9,114 4,401 3,767
-------- --------- ----------
TOTAL ASSETS 9,872 4,945 4,329
-------- --------- ----------
Current Liabilities
Trade and other payables 738 726 732
Provisions 35 35 35
-------- --------- ----------
773 761 767
-------- --------- ----------
Non-Current Liabilities
Other payables 12 40 27
Long-term provisions 37 72 54
-------- --------- ----------
49 112 81
-------- --------- ----------
TOTAL LIABILITIES 822 873 848
-------- --------- ----------
NET ASSETS 9,050 4,072 3,481
======== ========= ==========
Equity
Share Capital 4 615 471 471
Share Premium Account 4 21,734 15,652 15,652
Retained Earnings (13,299) (12,051) (12,642)
-------- --------- ----------
TOTAL EQUITY ATTRIBUTABLE TO
EQUITY SHAREHOLDERS OF
THE COMPANY 9,050 4,072 3,481
======== ========= ==========
Innovision Research & Technology plc
INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
30 September 2007 (unaudited)
Notes As at 30 As at 30 As at
September September 31 March
2007 2006 2007
#'000 (as restated) (as restated)
#'000 #'000
At beginning of period 3,481 4,812 4,812
Loss for the period (691) (798) (1,451)
Issue of share capital 6,504 6 6
Share issue costs (278) 6 6
Share based payments 34 46 108
-------- --------- ----------
At end of period 9,050 4,072 3,481
======== ========= ==========
The effect of the transition to IFRS on the Interim Statement of Changes
in Shareholders Equity is shown in note 7 in the Reconciliation of
Equity at 31 March 2007. There is no change at 30 September 2006.
Innovision Research & Technology plc
INTERIM CASH FLOW STATEMENT
30 September 2007 (unaudited)
6 months ended 6 months ended 12 months ended
30 September 30 September 31 March
2007 2006 2007
#'000 (as restated) (as restated)
#'000 #'000
Cash generated by operations 6 (406) (1,088) (1,773)
Tax credit received - 85 85
-------- --------- ----------
Net cash from operating
activities (406) (1,003) (1,688)
Investing activities
Interest received 63 78 145
Purchases of property,
plant & equipment (22) (116) (208)
Investment in intangible
assets (315) (110) (500)
-------- --------- ----------
Net cash used in investing
activities (274) (148) (563)
-------- --------- ----------
Financing activities
Proceeds on issue of shares 6,504 6 6
Share capital issue costs (278) 6 6
-------- --------- ----------
Net cash from financing
activities 6,226 12 12
-------- --------- ----------
Net increase /(decrease) in
cash & cash equivalents 5,546 (1,139) (2,239)
Cash & cash equivalents at
the beginning of the period 1,836 4,075 4,075
-------- --------- ----------
Cash & cash equivalents at
the end of the period 7,382 2,936 1,836
======== ========= ==========
Innovision Research & Technology plc
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2007 (unaudited)
1 BASIS OF PREPARATION
Innovision Research & Technology plc is a public limited company incorporated in
the United Kingdom under the Companies Act 1985. The Company is domiciled in the
United Kingdom and its ordinary shares are traded on the Alterative Investment
Market (AIM).
These interim financial statements do not constitute statutory accounts within
the meaning of section 240 Companies Act 1985. Statutory accounts for the year
ended 31 March 2007 were approved by the Board of Directors on 19 June 2007 and
delivered to the Registrar of Companies. The report of the auditor on those
accounts was unqualified and did not contain a statement under section 237(2) or
(3) Companies Act 1985. These interim results have been reviewed but not
audited.
This interim report is the Company's first set of financial statements prepared
in accordance with International Financial Reporting Standards (IFRS) and
International Financial Reporting Committee (IFRC) interpretations that are
expected to be applicable to the financial statements for the year ended 31
March 2008. These standards remain subject to ongoing amendment and / or
interpretation and are therefore still subject to change. Accordingly,
information contained in these interim financial statements may need to be
updated for subsequent amendments to IFRS required for first time adoption or
for new standards issued post balance sheet date.
The basis of preparation and accounting policies followed in this interim report
differ from those set out in the Annual Report and Accounts for the year ended
31 March 2007 which were prepared in accordance with United Kingdom accounting
standards (UK GAAP). A summary of the significant accounting policies used in
the preparation of this interim report under IFRS is provided below, however
this does not include accounting policies which are not currently expected to
change on transition from UK GAAP. The effect of the transition to IFRS has been
detailed in note 7.
As permitted this interim report has been prepared in accordance with UK AIM
listing rules and not in accordance with IAS 34 "Interim Financial Reporting"
therefore it is not fully in compliance with IFRS.
ACCOUNTING POLICIES
Basis of accounting
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), as adopted for use in the
European Union for the first time. The disclosures required by IFRS 1 concerning
the transition from UK GAAP to IFRS are given in note 7. IFRS 1 permits
companies adopting IFRS for the first time to take exemptions from the full
requirements of IFRS in the transition period. This financial information has
been prepared on the basis of taking the following exemptions:
* IAS 32 and IAS 39 have been adopted from 1 April 2007. There is no
effect on reported profits and no restatement of comparative information is
required.
* Fixed assets have not been revalued as at the date of transition. The
depreciated cost has been assumed as the effective carrying value for IFRS
purposes.
The financial information presented for the period ended 30 September 2006 and
for the year ended 31 March 2007 has been restated to comply with IFRS. The
financial statements have been prepared on the historical cost basis, except for
the revaluation of financial instruments.
Cost of Sales
Cost of Sales comprises direct costs of development engineering work and
products sold. The cost of engineering time spent on development projects is
also included within Cost of Sales. This represents a reclassification as the
cost of engineering time was previously included as part of administration
expenses. The comparative figures for the period ending 30 September 2006 and
the year ending 31 March 2007 have been restated accordingly. The effect of this
restatement is shown in note 7.
Foreign Currencies
The functional currency of the Company is Pounds Sterling. Transactions in
currencies other than Pounds Sterling are recorded at the rates of exchange
prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Gains and losses
arising on retranslation are included in the net profit or loss for the period.
Intangible Fixed Assets
Intangible fixed assets are stated at cost or fair value, net of amortisation
and any provision for impairment. Amortisation is provided at rates calculated
to write off the cost or fair value, less estimated residual value, of each
asset over its expected useful life, based on the revenue that that asset is
expected to generate. In general residual values are zero or negligible, due to
the technical and specialised nature of assets held.
Research and Development Expenditure
Expenditure on research activities is recognised as an expense in the period in
which it is incurred.
An intangible asset arising from the Company's internal development activities
is recognised only if all of the following conditions are met:
* An asset is created that can be identified (such as a block of IP);
* The project from which the asset arises meets the Company's criteria for
assessing technical feasibility;
* It is probable that the asset created will generate future economic
benefits; and
* The development cost of the asset can be measured reliably.
Internally generated intangible assets are amortised over their useful lives
which is determined with reference to the revenue they are anticipated to
generate. Where no internally generated intangible asset can be recognised,
development expenditure is expensed in the period in which it is incurred.
Financial Instruments
Financial assets and financial liabilities are recognised on the Company's
balance sheet when the Company becomes a party to the contractual provisions of
the instrument.
Trade receivables do not carry any interest and are stated at their fair value
as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade payables are not interest bearing and are stated at their fair value.
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the asset of the Company
after deducting all of its liabilities.
2 REVENUE
6 months ended 6 months ended 12 months ended
30 September 30 September 31 March
2007 2006 2007
#'000 #'000 #'000
By Geographical Area:
United Kingdom 478 864 1,952
Rest of Europe 404 71 147
North America 442 331 620
Asia-Pacific and China 394 576 766
-------- --------- ----------
1,718 1,842 3,485
======== ========= ==========
By Type:
Development
Engineering 1,266 601 1,240
Licence fees & Royalties 396 874 1,807
Product Sales 56 367 438
-------- --------- ----------
1,718 1,842 3,485
-------- --------- ----------
3 TAXATION
Taxation for the six months to 30 September 2007 is based on the estimated tax
credits for Research and Development.
4 CHANGES IN SHARE CAPITAL
3,549,996 new ordinary shares of 1p each were issued on 17 July 2007.
Consideration was #1,597,498 at a premium of #1,561,998.
10,900,107 new ordinary shares of 1p each were issued on 18 July 2007.
Consideration was #4,905,048 at a premium of #4,796,047.
8,750 ordinary shares of 1p each were issued on 13 August 2007 from employee
share option exercises. Consideration was #1,181 at a premium of #1,094.
5 LOSS PER SHARE
Basic loss per share has been calculated by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue during the period.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. Dilutive potential ordinary shares arise from employee share options. At
30 September 2007 the average market price of the company's ordinary shares was
more than the exercise price of the options and consequently the shares in
question are excluded from the diluted EPS calculation. There is therefore no
dilution as a result of outstanding options.
6 months ended 6 months ended 12 months ended
30 September 30 September 31 March
2007 2006 2007
(as restated) (as restated)
Loss for the period - as restated (#691,000) (#798,000) (#1,451,000)
Weighted average number of shares 53,041,183 47,079,563 47,088,391
Loss per share (basic & diluted) -
pence per share (1.30) (1.69) (3.08)
6 RECONCILIATION OF OPERATING LOSS TO CASH UTILISED BY OPERATIONS
6 months ended 6 months ended 12 months ended
30 September 30 September 31 March
2007 2006 2007
#'000 (as restated) (as restated)
#'000 #'000
Operating loss from continuing
operations (838) (923) (1,730)
Adjustments for:
Depreciation of property, plant &
equipment 84 86 182
Amortisation of intangible fixed
assets 307 110 480
Share based payments 34 46 108
Decrease in provisions (17) (83) (101)
-------- --------- ---------
Operating cash flows before
movements in working capital (430) (764) (1,061)
Decrease in inventories - 12 1
Decrease /(increase) in receivables 33 (360) (730)
(Decrease) /increase in payables (9) 24 17
-------- --------- ---------
Cash utilised by operations (406) (1,088) (1,773)
-------- --------- ---------
7 EXPLANATION OF TRANSITION TO IFRS
This is the first year that the Company has presented its financial statements
under IFRS. The following disclosures are required in the year of transition.
The last financial statements under UK GAAP were for the year ended 31 March
2007 and therefore the date of transition is 1 April 2006.
Reconciliation of Equity
At 1 April 2006 - At 30 September 2006 At 31 March 2007
date of transition to IFRS
Effect of Effect of Effect of
transition transition transition
Notes UK GAAP to IFRS IFRS UK GAAP to IFRS IFRS UK GAAP to IFRS IFRS
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Non-Current
Assets
Property, plant
& equipment 283 - 283 314 - 314 309 - 309
Intangible assets a) - - - - - - - 20 20
Other receivables b) - 254 254 - 230 230 - 233 233
------- ------- ------- -------- ------- ------- ------- -------- --------
283 254 537 314 230 544 309 253 562
Current Assets
Inventories 16 - 16 4 - 4 15 - 15
Trade and other
receivables a) 1,370 (254) 1,116 1,691 (230) 1,461 2,149 (233) 1,916
Cash and cash
equivalents 4,075 - 4,075 2,936 - 2,936 1,836 - 1,836
------- ------- ------- -------- ------- ------- ------- -------- --------
5,461 (254) 5,207 4,631 230 4,401 4,000 233 3,767
------- ------- ------- -------- ------- ------- ------- -------- --------
TOTAL ASSETS 5,744 - 5,744 4,945 - 4,945 4,309 20 4,329
------- ------- ------- -------- ------- ------- ------- -------- --------
Current
Liabilities
Trade and other
payables c) 742 - 742 766 (40) 726 759 (27) 732
Provisions d) - 101 101 - 35 35 - 35 35
------- ------- ------- -------- ------- ------- ------- -------- --------
742 101 843 766 5 761 759 8 767
------- ------- ------- -------- ------- ------- ------- -------- --------
Non-Current
Liabilities
Other Payables c) - - - - 40 40 - 27 27
Long-term
provisions d) 190 (101) 89 107 (35) 72 89 (35) 54
------- ------- ------- -------- ------- ------- ------- -------- --------
190 (101) 89 107 5 112 89 (8) 81
------- ------- ------- -------- ------- ------- ------- -------- --------
TOTAL
LIABILITIES 932 - 932 873 - 873 848 - 848
------- ------- ------- -------- ------- ------- ------- -------- --------
NET ASSETS 4,812 - 4,812 4,072 - 4,072 3,461 20 3,481
======= ======= ======= ======== ======= ======= ======= ======== ========
Equity
Share Capital 470 - 470 471 - 471 471 - 471
Share Premium
Account 15,641 - 15,641 15,652 - 15,652 15,652 - 15,652
Retained Earnings (11,299) - (11,299) (12,051) - (12,051) (12,662) 20 (12,642)
------- ------- ------- -------- ------- ------- ------- -------- --------
Total Equity 4,812 - 4,812 4,072 - 4,072 3,461 20 3,481
======= ======= ======= ======== ======= ======= ======= ======== ========
a) Intangible assets
At 31 March 2007 the adoption of IFRS resulted in the reclassification of
#20,000 of development costs as intangible assets under IAS 38.
b) Trade and other receivables
The adoption of IFRS has resulted in the reclassification of #254,000 of trade
and other receivables at 1 April 2006, #230,000 of trade and other receivables
as at 30 September 2006 and #233,000 of trade and other receivables as at 31
March 2007 as non-current assets under IAS 1 as they fall due after more than
one year.
c) Trade and other payables
The adoption of IFRS has resulted in the reclassification of #40,000 of other
payables at 30 September 2006 and #27,000 of other payables at 31 March 2007 as
non-current assets under IAS 1 as they fall due after more than one year.
d) Provisions
Under IAS 37 provisions should be split between shorter than one year and
greater than one year. This resulted in the reclassification of #101,000 at 1
April 2006, #35,000 at 30 September 2006 and #35,000 at 31 March 2007 to
provisions less than one year.
Reconciliation of Loss
Effect of
transition Other
Notes UK GAAP Reclassifications IFRS UK GAAP to IFRS reclassifications IFRS
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Revenue 1,842 - 1,842 3,485 - - 3,485
Cost of Sales a) & b) (151) (506) (657) (295) 21 (1,115) (1,389)
------- ------- ------- ------- --------- ---------- -------
Gross Profit 1,691 (506) 1,185 3,190 21 (1,115) 2,096
Administrative
Expenses a) & b) (2,614) 506 (2,108) (4,940) (1) 1,115 (3,826)
------- ------- ------- ------- --------- ---------- -------
Operating Loss (923) - (923) (1,750) 20 - (1,730)
Investment Income 83 - 83 143 - - 143
------- ------- ------- ------- --------- ---------- -------
Loss before taxation (840) - (840) (1,607) 20 - (1,587)
Taxation 42 - 42 136 - - 136
------- ------- ------- ------- --------- ---------- -------
Loss for the period (798) - (798) (1,471) 20 - (1,451)
======= ======= ======= ======= ========= ========== =======
a) At 31 March 2007 the adoption of IFRS resulted in the reclassification
of #20,000 of development costs as intangible assets under IAS 38. This figure
comprises #44,000 cost and #24,000 accumulated amortisation. #21,000 of these
costs had been previously expensed under cost of sales and the remaining #23,000
was included within administrative expenses.
b) Engineering staff costs
As a result of the change in accounting policy for cost of sales detailed in
note 1, the Company has reclassified #506,000 of engineering staff costs at 30
September 2006 and #1,115,000 of engineering staff costs at 31 March 2007 as
engineering costs of sales. This relates to the cost of engineering time spent
on funded development projects.
Reconciliation of Cash Flows
30 September 2006 31 March 2007
UK GAAP Effect of IFRS UK GAAP Effect of IFRS
transition to transition to
IFRS IFRS
#'000 #'000 #'000 #'000 #'000 #'000
Operating loss (923) - (923) (1,750) 20 (1,730)
Depreciation of property, plant &
equipment 86 - 86 182 - 182
Amortisation of intangible fixed
assets - 110 110 - 480 480
Share based payments 46 - 46 108 - 108
Decrease in provisions (83) - (83) (101) - (101)
Decrease in inventories 12 - 12 1 - 1
Increase in receivables (360) - (360) (730) - (730)
Increase in payables 24 - 24 17 - 17
------- -------- ------ ------- -------- -------
Cash generated by operations (1,198) 110 (1,088) (2,273) 500 (1,773)
Tax credit received 85 - 85 85 - 85
------- -------- ------ ------- -------- -------
Net cash from operating activities (1,113) 110 (1,003) (2,188) 500 (1,688)
Investing activities
Interest received 78 - 78 145 - 145
Purchases of property, plant &
equipment (116) - (116) (208) - (208)
Investment in intangible assets - (110) (110) - (500) (500)
------- -------- ------ ------- -------- -------
Net cash used in investing activities (38) (110) (148) (63) (500) (563)
Financing activities
Proceeds on issue of shares 6 - 6 6 - 6
Share capital issue costs 6 - 6 6 - 6
------- -------- ------ ------- -------- -------
Net cash from financing activities 12 - 12 12 - 12
Net decrease in cash & cash equivalents (1,139) - (1,139) (2,239) - (2,239)
Cash & cash equivalents at the
beginning of the period 4,075 - 4,075 4,075 - 4,075
------- -------- ------ ------- -------- -------
Cash & cash equivalents at the end of
the period 2,936 - 2,936 1,836 - 1,836
======= ======== ====== ======= ======== =======
The adjustments to the cash flow statement as a result of the transition to IFRS
arise from the capitalization of development costs as intangible assets under
IAS 38.
8 APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
The interim financial statements were approved and authorised for issue by the
directors on 7 December 2007.
9 Copies of this report will be sent to all shareholders. Further copies of this
report are available from the Company Secretary, 33 Sheep Street, Cirencester,
Gloucestershire, GL7 1RQ, United Kingdomfor a period of one month from today's
date and thereafter from the Company's website at www.innovision-group.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IFFFIFFLRIID
1 Year Innovision Research&technology Chart |
1 Month Innovision Research&technology Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
