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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nba Quantum | LSE:NAQ | London | Ordinary Share | GB00B4MTQK45 | ORD GBP100 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8,750.00 | 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:8680Q
NBA Quantum PLC
27 March 2008
NBA Quantum PLC (the "Group")
Interim Results for the six months to 31 December 2007
NBA Quantum PLC, the specialist Management Consultant to the construction and
engineering, petrochemical, marine and associated industries announces its
interim results for the six months ended the 31 December 2007.
Financial Highlights
The profit before tax has remained steady at £67,311 on a turnover of
£1,441,452. The earnings per share is 0.86p (2006:0.86p).
Review of Operations
In my Chairman's Statement with the Annual Accounts in 2007, I referred to the
measures introduced in the financial year 2006/07 to improve the Group's
performance. These interim results show that these changes have now been
consolidated and I am pleased to say that we are seeing a more consistent
performance as a result.
Quantum International Consulting Limited and Taylor Rumford Consulting Limited
As the integration of the Taylor Rumford acquisition continues, we are now
seeing the benefits this is bringing to the Group. Further savings have been
achieved through the closure of the Chichester office, the centralising of the
Accounts and Administration functions and we continue to seek ways of reducing
overhead costs.
Having acquired Taylor Rumford, the Board is now looking to add to the Group's
turnover and range of services offered by seeking further small scale
acquisitions. On 19 March 2008 we announced the acquisition of the goodwill of
Technisolve Limited, a management consultancy services business, specialising in
claims development and dispute resolution to the construction and engineering
sectors. I hope to be able to report further progress on these issues at the
year end.
We continue to add to the strength of the Management team and I am delighted to
be able to announce the appointment of Jon Coates as Operations Director for the
UK and Europe. Jon has a wealth of relevant experience and new contacts to bring
to our business and I am sure that Jon will make a significant contribution to
our UK Management team.
Quantum International Consulting Pty. Ltd and Lucid Edge Pty. Ltd
The performance of the Australian operation has remained steady in the first six
months of the year, particularly in the multi-media sector, and we are now
seeing improvements in the Far East market which we hope to benefit from in the
next six months.
Quantum International Consulting Qatar
The new self-management team in Qatar and Dubai has continued to develop the
business in the Middle East generally and the increase in turnover has been most
satisfactory. Opportunities in the region are exciting and I have every
confidence that we will be able to report s continued growth in the second half
of the year.
Bionic Productions Limited
The slow down in the PFI market continued to reflect in the downturn of work for
Bionic Productions Limited but the cost saving measures introduced by the Board
during the last six trading months have now been effective in eliminating any
further significant losses.
DMS International Inc.
Following the completion of the disposal of DMS International Inc., the
Management continues to review its operational options for future years in the
USA.
Summary
The first half of the year has seen a continuation of profit levels as the
benefits flow from actions taken by management. We intend to continue with
measures to improve profitability and expect work in Europe, the Middle East and
Far East to add to these successes.
We are confident that we will be able to continue making progress with the new
management structures and procedures and expect to see the full effects of these
changes in the near future.
We currently have an exciting portfolio of new work in the UK, Europe, the
Middle East and Far East and look forward with confidence to further
developments in each of these areas.
Bob Jervis
Chairman
27 March 2008
For further information please contact:
NBA Quantum plc
Bob Jervis, Chairman Tel: 01483 243531
Brewin Dolphin (NOMAD)
Mark Brady Tel: 0845 270 8600
NBA Quantum Plc
Unaudited Consolidated Income Statement
6 months to 31 6 months to 31
December December 2006
2007 £
£
Revenue Continuing operations 1,441,452 1,647,881
Discontinued - 513,315
operations ------------ ---------
1,441,452 2,161,196
------------ ---------
Operating expenses
Continuing operations 1,362,656 1,626,987
Discontinued - 479,099
operations ------------ ---------
1,362,656 2,106,086
------------ ---------
Results from operating
activities
Continuing operations 78,796 20,894
Discontinued - 34,216
operations ------------ ---------
78,796 55,110
Finance income 11,105 38,954
Finance expense (22,590) (16,002)
------------ ---------
Profit before
income tax 67,311 78,062
Income tax expense
Continuing operations 11,635 -
Discontinued - 50,640
operations
------------ ---------
------------
Profit for the
period 55,676 27,422
============ =========
Attributable to:
Equity holders of
the parent 58,058 57,959
Minority interest (2,382) (30,537)
------------ ---------
55,676 27,422
============ =========
Earnings per share 0.86p 0.86p
============ =========
Unaudited Consolidated Statement of Recognised Income and Expense
2007 2006
£ £
Gain/(loss) on foreign currency translation 286 (47,842)
--------- ---------
Net income recognised directly in equity 286 (47,842)
Profit for the period from operations 55,676 27,422
--------- ---------
Total recognised income and expense for the period 55,962 (20,420)
========= =========
Attributable to:
Equity holders of the parent 55,962 (20,420)
Minority interest - -
--------- ---------
55,962 (20,420)
========= =========
Unaudited Summarised Consolidated Balance Sheet
31 December 2007 31 December 2006
£ £
Assets
Non current assets
Property, plant and equipment 44,088 117,862
Goodwill 3,773,332 3,678,668
Investments 4,807 807
--------- --------
3,822,227 3,797,337
--------- --------
Current assets
Trade receivables 1,007,597 984,059
Other current assets 1,556,417 1,548,194
Cash and cash equivalents 589,613 598,695
--------- --------
3,153,627 3,130,948
--------- --------
Total assets 6,975,854 6,928,285
========= ========
Equity and liabilities
Equity attributable to equity holders of
the parent
Share capital 674,529 674,529
Share premium 5,259,375 5,259,375
Retained earnings (736,660) (709,748)
--------- --------
5,197,244 5,224,156
--------- --------
Minority interest (46,388) (35,830)
--------- --------
Non current liabilities
Long term borrowings 269,022 353,090
Deferred tax 281,385 102,036
--------- --------
550,407 455,126
--------- --------
Current liabilities
Trade and other payables 1,090,606 985,135
Current portion of long term borrowings 106,000 106,000
Current tax payable 75,625 188,556
Obligations under finance leases - due within 2,360 5,142
one year --------- --------
1,274,591 1,284,833
--------- --------
Total liabilities 1,824,998 1,739,959
--------- --------
Total equity and liabilities 6,975,854 6,928,285
========= ========
Unaudited Consolidated Statement of Cash Flows
6 months to 6 months to
31 December 31 December
2007 2006
£ £
Cash flows from operating activities
Profit for the period after tax before
minority interest 55,676 27,422
---------- -----------
Adjustment for:
Depreciation 20,003 24,732
Loss on disposal of assets - 2,826
Finance income (11,105) (38,954)
Finance expense 22,590 16,002
Income tax expense 11,635 50,640
---------- -----------
43,123 55,246
---------- -----------
Operating cash flows before
movement inworking capital 98,799 82,668
---------- -----------
Decrease in trade and other receivables 191,337 388,981
(Increase) in prepayments (63,849) (25,678)
Increase/(decrease) in trade and 107,330 (240,125)
other payables ---------- -----------
234,818 123,178
---------- -----------
Cash generated from operations 333,617 205,846
---------- -----------
---------- -----------
Income taxes paid (7,772) (2,813)
Interest paid (22,590) (16,002)
---------- -----------
(30,362) (18,815)
---------- -----------
Net cash generated from operating
activities 303,255 187,031
---------- -----------
Cash flows from investing activities
Interest received 11,105 6,563
Purchase of plant and (9,963) (2,086)
equipment
Purchase of subsidiary - additional (90,700) -
consideration
Sale of discontinued operation - 25,304
---------- -----------
Net cash used in
in investment activities (89,558) 29,781
---------- -----------
Cash flows from financing
activities 213,697 216,812
---------- -----------
Repayment of borrowings (41,317) (84,546)
Repayment of obligations under (2,641) (20,037)
finance leases
New loan granted - (51,099)
---------- -----------
---------- -----------
Net cash used in financing
activities (43,958) (155,682)
---------- -----------
Net increase/(decrease) in cash
and cash equivalents 169,739 61,130
Cash and cash equivalents at
1 July 2007 415,816 548,922
Effect of foreign exchange rate
changes on cash and cash
equivalents 4,058 (11,357)
---------- -----------
Cash and cash equivalents at
31 December 2007 589,613 598,695
========== ===========
Notes
1 Basis of preparation
The AIM Rules require that the next annual consolidated financial statements of
the Group, for the year ending 30 June 2008, be prepared in accordance with
International Financial Reporting Standards ('IFRS') adopted for use in the EU
('Adopted IFRS').
The interim financial information has been prepared on the basis of the
recognition and measurement requirements of Adopted IFRS that are effective (or
available for early adoption) at 30 June 2008, the Group's first annual
reporting date at which it is required to use Adopted IFRS. Based on these
Adopted IFRS, the Directors have applied the accounting policies, as set out in
the IFRS restatement document referred to below, which they expect to apply when
the first annual IFRS financial statements are prepared for the year ending 30
June 2008.
However, the Adopted IFRS that will be effective (or available for early
adoption) in the financial statements for the year ending 30 June 2008 are still
subject to change and to additional interpretations and therefore cannot be
determined with certainty. Accordingly, the accounting policies for that annual
period will be determined finally only when the financial statements are
prepared for the year ending 30 June 2008.
The preparation of this financial information resulted in changes to the
accounting policies as compared with the most recent annual financial statements
prepared under previous Generally Accepted Accounting Practice ('GAAP'). The
revised accounting policies have, except where otherwise stated, been applied to
all periods presented in this financial information.
A detailed review of the changes in our accounting policies and reconciliations
of our financial statements from UK GAAP to IFRS at key dates are available on
the Group's website at www.nbagroup.com.
2 Accounting policies
The accounting policies that the Group intend to apply to the year ending 30
June 2008 are set out in the IFRS restatement document referred to in note 1.
3 Status of financial information
The comparative figures for the period ended 31 December 2006 are not the
Group's statutory financial statements. The financial statements for the year
ended 30 June 2007, which were prepared under UK GAAP, have been reported on by
the Group's auditors and delivered to the Registrar of Companies. The report of
the auditors was unqualified and did not contain statements under section 237(2)
or (3) of the Companies Act 1985.
The interim information for the half years ended 31 December 2007 and 31
December 2006 are unaudited. This information does not constitute statutory
accounts within the meaning of the Companies Act 1985.
4 Unaudited earnings per share
6 months to 6 months to
31 December 31 December
2007 2006
£ £
Profit for the period 58,058 57,959
======== ========
Weighted average number of ordinary shares 6,745,281 6,745,281
=========== ===========
Earnings per share 0.86p 0.86p
======= =======
5 Unaudited consolidated statement of changes in equity for the six month period
ended 31 December 2007
6 months to 6 months to
31 December 31 December
2007 2006
£ £
Profit for the period 58,058 57,959
======== ========
Gain/(loss) on foreign currency translation 286 (47,842)
===== ==========
Change in minority interest (2,382) (30,537)
========= ==========
Net increase/(decrease) in total equity 55,962 (20,420)
======== ==========
Total equity at 1 July 2007 5,094,894 5,208,746
=========== ===========
Total equity at 31December 2007 5,150,856 5,188,326
=========== ===========
6 Copies of Statement and Accounts
A copy of this report will be sent to the shareholders and further copies of
this and of the report and accounts for the year ended 30 June 2007 are
available on request from the company's registered office 3000 Cathedral Hill,
Guildford, Surrey GU2 7YB.
NBA Quantum plc
Restatement of financial information under International Financial Reporting
Standards
Introduction
NBA Quantum plc and its subsidiaries (the "Group") have historically prepared
its consolidated financial statements under UK Generally Accepted Accounting
Practice ("UK GAAP"). The AIM rules require the adoption of Adopted IFRSs as
adopted by the EU ("adopted IFRS)1 for periods commencing on or after 1 July
2007.
Adopted IFRS therefore will apply for the first time in the Group's financial
statements for the year ending 30 June 2008. The financial results for the 6
months ended 31 December 2007 have been prepared and reported under adopted
IFRSs and the comparative financial information restated accordingly. The date
of transition to adopted IFRSs is 1 July 2006.
To explain how the Group's reported performance and financial position are
affected by this change, information previously published under UK GAAP is
restated under adopted IFRSs in the attached appendices as follows:
Appendix 1 - IFRS accounting policies;
Appendix 2 - Financial information on an adopted IFRS basis as at 1 July 2006
and for the year to 30 June 2007;
Appendix 3 - Reconciliations from UK GAAP to adopted IFRSs of the consolidated
income statement, consolidated balance sheet and consolidated cash flow
statements for the period from 1 July 2006 to 30 June 2007 with explanations of
the adjustments made.
This unaudited financial information has been prepared on the basis of adopted
IFRSs expected to be applicable at 30 June 2008. These are subject to ongoing
review and endorsement by the EU or possible amendment by interpretive guidance
from the IASB and are therefore still subject to change. We will update our
restated information for any such changes when they occur.
The adoption of IFRS has an impact on the presentation of the Group's accounts
but does not change the underlying business performance. There are no changes to
the business model, strategy, risk management processes or cash flows.
1 References to IFRS throughout this document refer to the application of
International Financial Reporting Standards as adopted by the EU ("Adopted
IFRS"), including International Financial Reporting Standards ("IFRSs")
International Accounting Standards ("IASs") and interpretations issued by the
International Accounting Standard Board ("IASB") and its committees.
Overview of Impact
For the year ended 30 June 2007 the net increase in total recognised income and
expense attributable to equity holders of the company as a result of the
conversion to adopted IFRS was £251,324. The details of these adjustments are
given in Appendix 3.
Based on the accounting policies detailed in Appendix 1, the effect on key
reported results is as follows:
Year ended 30 June 2007
IFRS UK GAAP
Operating profit/(loss) (£000) 194 (57)
(Loss) after tax (£000) (35) (286)
Net assets (£000) 5,095 4,842
Basic EPS (pence) (0.06)p (3.67)p
The results have been impacted by the adoption of IFRSs as goodwill arising from
acquisitions is no longer amortised, increasing reported profits and net assets.
Full details of the adjustments required are given in Appendix 3.
All of the other key operational areas of the Group's activities will remain
unaffected by the adoption of IFRS, in particular:
Cash flow - The adoption of IFRS will not affect the cash flows of the business.
Appendix 1
IFRS Accounting Policies
This section provides a summary of the Group's new accounting policies under
adopted IFRSs for the year ended 30 June 2008. Where policies have changed under
adopted IFRSs as compared to UK GAAP this is indicated by *.
(a) Basis of preparation
The financial information set out in the attached Appendices 2 and 3, does not
constitute the company's statutory accounts for the year ended 30 June 2007.
Those accounts, which were prepared under UK GAAP, have been reported on by the
company's auditors and delivered to the Registrar of Companies. The report of
the auditors was
i) unqualified;
ii) did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report; and
iii) did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
The financial information is presented in pounds sterling and is prepared on the
historical cost basis.
This financial information has been prepared on the basis of the recognition and
measurement requirements of IFRSs in issue that either are endorsed by the EU
and effective (or available for early adoption) at 30 June 2007 or available for
early adoption at 30 June 2008, the Group's first annual reporting date at which
it is required to use adopted IFRSs. Based on these adopted IFRSs, the directors
have made assumptions about the accounting policies expected to be applied which
are as set out below when the first annual IFRS financial statements are
prepared for the year ending 30 June 2008.
In addition, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the year ending 30 June 2008
are still subject to change and to additional interpretations and therefore
cannot be determined with certainty. Accordingly, the accounting policies for
that annual period will be determined finally only when the annual financial
statements are prepared for the year ending 30 June 2008.
The accounting policies set out below have been applied consistently throughout
the Group to all periods presented in this financial information.
The preparation of financial information in conformity with adopted IFRSs
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting policies are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of revision and future periods if the revision affects both current and future
periods.
(b) Basis of consolidation
Control exists where the Group has the power, directly or indirectly, to govern
the financial and operating policies of an entity so as to obtain benefits from
its activities. Subsidiaries are entities controlled by the Company. The
financial statements of subsidiaries are included in the consolidated financial
information from the date control commences until the date that control ceases.
Intracompany balances, and any unrealised gains and losses or income and
expenses arising from intragroup transactions, are eliminated when preparing the
consolidated financial information.
(c) Intangible assets and goodwill*
In order for a business combination to exist, the purchased group of assets must
constitute a business (an integrated set of activities and assets conducted and
managed to lower costs) and will generally consist of inputs, processes and
outputs.
Business combinations are accounted for using the acquisition method of
accounting. The acquired identifiable tangible and intangible assets,
liabilities and contingent liabilities are measured at their fair values at the
date of acquisition. Any excess of the cost of acquisition over the Group's
interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities acquired is recognised as goodwill.
(d) Investments
Non-current asset investments are shown at cost less provision for impairment.
Current asset investments are stated at the lower of cost and net realisable
value.
(e) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and impairment losses. Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate items of
property, plant and equipment.
Depreciation is charged to the income statement on a straight line basis over
the estimated useful economic lives of each part of an item of property, plant
and equipment. The depreciation rates are as follows:
Leasehold improvements - life of lease straight line
Motor vehicles - 25% diminishing balance
Equipment - 10/15/33% straight line
Furniture and fittings - 20/25% straight line
The residual value, and economic life, is reassessed annually.
(f) Cash and cash equivalents
'Cash and cash equivalents' comprises cash balances and all deposits with an
original maturity of three months or less. Bank overdrafts that are repayable on
demand form an integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose of the statement of cash
flows.
(g) Foreign currency
On consolidation, assets and liabilities of the Group's foreign subsidiaries are
translated into sterling at year end exchange rates.
The results of the Group's foreign subsidiaries are translated into sterling at
average rates of exchange for the year. Foreign exchange differences arising on
retranslation are recognised directly in equity.
(h) Impairment*
The carrying amounts of the Group's assets, other than deferred tax assets are
reviewed at each balance sheet date to determine whether there is any indication
of impairment. If any such indication exists, then the assets recoverable amount
is estimated. For goodwill which has an indefinite life the recoverable amount
is estimated at each reporting stage.
The recoverable amount of an asset or cash generating unit is the greater of its
value in use and its fair value less costs to sell. In assessing value in use,
the estimated future cash flows are discounted to their present value using a
pre-discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset. For the purpose of impairment
testing, assets are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the "cash generating unit").
The goodwill acquired in a business combination, for the purpose of impairment
testing, is allocated to cash generating units that are expected to benefit from
the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its cash
generating unit exceeds its estimated recoverable amount. Impairment losses are
recognised in the income statement. Impairment losses recognised in respect of
cash generating units are allocated first to reduce the carrying amount of any
goodwill allocated to cash generating units and then to reduce the carrying
amount of other assets within the unit on a pro rata basis.
(i) Employee benefits
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are
recognised as an expense in the income statement as service is provided.
Share based payment transactions
The share option programme allows Group employees to acquire shares of the
Company. The fair value of share options granted is recognised as an employee
expense with a corresponding increase in equity. The fair value is measured at
grant date, using an appropriate model taking into account the terms and
conditions upon which the share options were granted, and is spread over the
period during which the employees become unconditionally entitled to the
options. The amount recognised as an expense is adjusted to reflect the actual
number of share options that vest except where forfeiture is only due to market
conditions.
(j) Revenue
Turnover represents revenue earned under a wide variety of contracts to provide
professional services and advice to third parties.
Revenue earned under contract is billed monthly in accordance with the contract
terms and is recognised at that point.
It is measured at the fair value of the right to consideration, which represents
amounts chargeable to clients including recoverable expense and disbursements,
but excluding Value Added Tax and intra-group sales. Provision is made for any
anticipated losses.
Revenue in respect of contingent fee arrangements (over and above any minimum
agreed fee) is recognised when the contingent event becomes more likely than not
to occur and the recoverability of the fee is assured.
(k) Expenses
i) Operating lease payments
Payments under operating leases are recognised in the income and expenditure
account on a straight-line basis over the term of the lease. Lease incentives
received are recognised in the income statement as an integral part of the total
lease expense.
ii) Finance lease payments
Minimum lease payments are apportioned between the finance charge and the
reduction of the outstanding liability. The finance charge is allocated to each
period during the lease term so as to produce a constant periodic rate of
interest on the remaining balance of the liability.
iii) Finance income
Finance income comprises interest receivable on funds invested. Interest income
is recognised in the income statement as it accrues using the effective interest
method.
iv) Finance expenses
Finance expenses comprise interest payable on borrowings.
(l) Income tax
Income tax on the profit or loss for the period comprises both current and
deferred tax. Income tax is recognised in the income statement except to the
extent that it relates to items recognised directly in equity, in which case it
is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences; the
initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profits nor
differences relating to investments in subsidiaries to the extent that it is
probable that they will not reverse in the foreseeable future. In addition,
deferred tax is not recognised for taxable temporary differences arising on the
initial recognition of goodwill. Deferred tax is measured at the tax rates that
are expected to be applied to the temporary differences when they reverse; based
on the laws that have been enacted or substantively enacted by the reporting
date. Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets and they relate
to income taxes levied by the same tax authority on the same taxable entity, or
on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realised
simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future
taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable that a related tax benefit will be
realised.
(m) Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, and it is probably
that an outflow of economic benefits will be required to settle the obligation.
If the effect is material, provisions are determined by discounting the
expected, risk adjusted, future cash flows at a pre-tax risk free rate.
Appendix 2
NBA Quantum plc
Unaudited Consolidated Balance Sheet
1 July 2006
(date of transition)
£
Assets
Non current assets
Property, plant and equipment 154,861
Goodwill 4,288,733
Investments 806
****
4,444,400
****
Current assets
Trade receivables 1,373,040
Other current assets 855,491
Cash and cash equivalents 548,922
****
2,777,453
****
Total assets £ 7,221,853
****
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital 674,529
Share premium 5,259,375
Retained earnings (719,865)
****
Total parent shareholders' equity 5,214,039
Minority interest (5,293)
****
Total equity 5,208,746
****
Non current liabilities
Long term borrowings 393,636
Deferred tax 103,150
****
496,786
****
Current liabilities
Trade and other payables 1,203,256
Current portion of long term borrowings 150,000
Current tax payable 137,886
Obligations under finance leases - due within one year 25,179
****
1,516,321
****
Total liabilities 2,013,107
****
Total equity and liabilities £ 7,221,853
****
NBA Quantum plc
Unaudited Consolidated Balance Sheet
30 June 2007
£
Assets
Non current assets
Property, plant and equipment 54,128
Goodwill 3,682,632
Investments 4,807
****
3,741,567
****
Current assets
Trade receivables 1,217,379
Other current assets 1,517,267
Cash and cash equivalents 415,816
****
3,150,462
****
Total assets £ 6,892,029
****
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital 674,529
Share premium 5,259,375
Retained earnings (795,004)
****
Total parent shareholders' equity 5,138,900
Minority interest (44,006)
****
Total equity 5,094,894
****
Non current liabilities
Long term borrowings 310,339
Deferred tax 291,708
****
602,047
****
Current liabilities
Trade and other payables 1,020,393
Current portion of long term borrowings 106,000
Current tax payable 63,694
Obligations under finance leases - due within one year 5,001
****
1,195,088
****
Total liabilities 1,797,135
****
Total equity and liabilities £ 6,892,029
****
NBA Quantum plc
Unaudited Consolidated Statement of Changes in Equity
Year ended
30 June 2007
£
Loss for the year (34,909)
Loss on foreign currency translation (78,943)
****
Net decrease in total equity (113,852)
Total equity at 1 July 2006 5,208,746
****
Total equity at 30 June 2007 £ 5,094,894
****
NBA Quantum plc
Unaudited Consolidated Income Statement
Year ended
30 June 2007
£
Revenue
Continuing operations 3,395,272
Discontinued operations 500,427
****
3,895,699
****
Employee benefits expense 1,295,601
Depreciation expense 45,134
Other expenses 2,321,604
****
3,662,339
****
Continuing operations 141,933
Discontinued operations 91,427
****
233,360
Loss on disposal of business
Discontinued operations (38,999)
****
Total operating profit 194,361
Finance income 42,226
Finance expense (32,046)
****
Profit before tax 204,541
Income tax expense (239,450)
****
Loss for the year £ (34,909)
****
Attributable to:
Equity holders of the parent 3,804
Minority interest (38,713)
****
£ (34,909)
****
Basic earnings per share 0.06p
****
Consolidated statement of recognised income and expense
30 June 2007
£
Loss on foreign currency translation (78,943)
****
Net expense recognised directly in equity (78,943)
Profit for the year from operations 3,804
****
Total recognised income and expense for the year £ (75,139)
****
NBA Quantum plc
Unaudited Consolidated Statement of Cash Flows
Year ended
30 June 2007
£
Cash flows from operating activities
Loss for the year (34,909)
****
Adjustment for:
Depreciation 45,134
Loss on disposal of assets 18,764
Loss on disposal of business 610,065
Finance income (42,226)
Finance expense 32,046
Income tax expense 239,450
****
903,233
****
Operating cash flows before movement in working capital 868,324
****
Decrease in trade and other receivables 155,661
(Increase) in prepayments (730,827)
(Decrease) in trade and other payables (74,211)
****
(649,377)
****
Cash generated from operations 218,947
****
Income taxes paid (125,185)
Interest paid (32,046)
****
(157,231)
****
Net cash generated from operating activities 61,716
****
Cash flows from investing activities
Interest received 17,526
Purchase of plant and equipment (5,264)
Sale of plant and equipment 42,099
Purchase of fixed asset investment (4,001)
Purchase of subsidiary - additional consideration (112,616)
****
Net cash used in investment activities (62,256)
****
Cash flows from financing activities (540)
****
Repayment of borrowings (127,297)
Repayment of obligations under finance leases (20,178)
****
Net cash used in financing activities (147,475)
****
Net (decrease) in cash and cash equivalents (148,015)
Cash and cash equivalents at 1 July 2006 548,922
effect of foreign exchange rate changes on cash and cash
equivalents 14,909
****
Cash and cash equivalents at 30 June 2007 £ 415,816
****
Appendix 3
Explanation of the IFRS adjustments to the consolidated income statement
for the year ended 30 June 2007
(a) IFRS 3 - Business combinations
Under UK GAAP, the Group amortised the cost of goodwill arising on the
acquisition of subsidiaries acquired over its useful life. Under IFRS 3,
goodwill on acquisition is no longer amortised, but is held at its carrying
value at the transition date and is then subject to impairment review at each
reporting date.
The Group has restated the value of goodwill in its balance sheet to the net
book value at the date of transition to IFRS (1 July 2006) and has carried out
an impairment review as at 30 June 2007. The impact has been to increase
reported profit by £251,324 in the year to 30 June 2007, which relates to the
reversal of goodwill amortisation.
NBA Quantum plc
Unaudited Consolidated Income Statement
Reconciliation for the year ended 30 June 2007
IFRS
UK GAAP adjustment
in IFRS goodwill Adopted
format amortisation IFRS
(a)
£ £ £
Revenue
Continuing operations 3,395,272 3,395,272
Discontinued operations 500,427 500,427
**** ****
3,895,669 3,895,669
**** ****
Employee benefits expense 1,295,601 1,295,601
Depreciation expense 296,458 251,324 45,134
Other expenses 2,321,604 2,321,604
**** **** ****
3,913,663 251,324 3,662,339
**** **** ****
Continuing operations (109,391) 141,933
Discontinued operations 91,427 91,427
**** **** ****
(17,964) 251,324 233,360
Loss on disposal of business
Discontinued operations (38,999) (38,999)
**** **** ****
Total operating profit (56,963) 251,324 194,361
Finance income 42,226 42,226
Finance expense (32,046) (32,046)
**** **** ****
Profit before tax (46,783) 251,324 204,541
Income tax expense (239,450) (239,450)
**** **** ****
Loss for the year £ (286,233) £ 251,324 £ (34,909)
**** **** ****
Attributable to:
Equity holders of the parent (247,520) 3,804
Minority interest (38,713) (38,713)
**** ****
£ (286,233) £ (34,909)
**** ****
Basic (loss)/earnings per share (3.67)p 0.06p
**** ****
NBA Quantum plc
Unaudited Consolidated Balance Sheet
Reconciliation for the year ended 30 June 2007
IFRS
UK GAAP adjustment
in IFRS goodwill Adopted
format amortisation IFRS
(a)
£ £ £
Assets
Net current assets
Property, plant and equipment 54,128 54,128
Goodwill 3,431,308 251,324 3,682,632
Investments 4,807 4,807
**** **** ****
3,490,243 251,324 3,741,567
**** ****
Current assets
Trade receivables 1,217,379 1,217,379
Other current assets 1,517,267 1,517,267
Cash and cash equivalents 415,816 415,816
**** ****
3,150,462 3,150,462
**** **** ****
Total assets £ 6,640,705 £ 251,324 £ 6,892,029
**** **** ****
Equity and liabilities
Equity attributable to equity holders of
the parent
Share capital 674,529 674,529
Share premium 5,259,375 5,259,375
Retained earnings (1,046,328) 251,324 (795,004)
**** **** ****
Total parent shareholders' equity 4,887,576 251,324 5,138,900
Minority interest (44,006) (44,006)
**** ****
Total equity 4,843,570 5,094,894
**** ****
Non current liabilities
Long term borrowings 310,339 310,339
Deferred tax 291,708 291,708
Obligations under finance leases - due - -
after one year
**** ****
602,047 602,047
**** ****
Current liabilities
Trade and other payables 1,020,393 1,020,393
Current portion of long term
borrowings 106,000 106,000
Current tax payable 63,694 63,694
Obligations under finance leases - due
within one year 5,001 5,001
**** ****
1,195,088 1,195,088
**** ****
Total liabilities 1,797,135 1,797,135
**** **** ****
Total equity and liabilities £ 6,640,705 £ 251,324 £ 6,892,029
**** **** ****
Group Cash Flow Statement
For the year ended 30 June 2007
The Group prepares the cash flow statement for both UK GAAP and IFRS using the
indirect method. Consequently, adjustments made to working capital items in the
balance sheet on conversions to IFRS lead to an adjustment in the IFRS cash flow
statement. There are no significant changes between cash flows from operating
activities, investing activities, and financing activities. No adjustments have
been made to cash and cash equivalents, and no other adjustments have been made
to the cash flow statement on conversion other than reclassifications.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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