We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Scotty Grp | LSE:SCO | London | Ordinary Share | AT0000A0V6L3 | ORD EUR1 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMSCO
RNS Number : 2128G
Scotty Group SE
27 June 2012
27 June 2012
SCOTTY Group SE
("SCOTTY", the "Company" or the "Group")
FINAL RESULTS
SCOTTY, the video telecommunications equipment and technology company with a focus on the government, defence and aviation markets, announces audited results for the year ended 31 December 2011.
SCOTTY's functional and presentational currency has changed from GBP to Euros.
Highlights:
-- Revenue of Euros 5.988 million up 4.4% (2010: Euros 5.734 million) -- Operating profit of Euros 349,000 up 79.9% (2010: Euros 194,000) -- Post-tax profit of Euros 104,000 (2010: Loss of Euros 2.681 million) -- Earnings per share of Euros 0.11 (2010: Loss per share Euros 2.77)
Dr Ernst Wustinger, Chairman of SCOTTY, commented:
"I am pleased to report these improved results. Our well-established relationships with the German military, Eurocopter and Diamond Aircraft Industries have been joined by additional revenue streams, derived from the widening range of applications and platforms for our systems.
"The year saw improvements in our profitability at gross margin level and the Group's net profitability is set to benefit from the cost reduction programme that took effect during 2011 and the early part of 2012. together with the lower cost base to be achieved through the change of domicile from the UK to Austria."
SCOTTY Group SE Kurt Kerschat, CEO 020 7653 9850 Nominated Adviser Cairn Financial Advisers LLP Tony Rawlinson / Avi Robinson 020 7148 7900 Broker Northland Capital Partners Limited Katie Shelton 020 7796 8800
CHAIRMAN'S STATEMENT
I am pleased to report improved results of SCOTTY Group SE for the year ended 31 December 2011. During the year we converted the Company from a public limited company (plc) to a Societas Europaea (SE) and restructured our share capital into shares denominated in Euros. We also obtained our shareholders' approval to change the domicile of the Company from the UK to Austria, a change that was completed in April 2012.
In view of the above changes, we have taken the decision to change our functional currency from pounds sterling to Euros, the currency in which virtually all of our revenue and the majority of our costs are denominated. Accordingly, these results are reported in Euros and the comparative figures for 2010 have been converted into Euros at appropriate exchange rates.
Results
Revenue for the year ended 31 December 2011 was Euros 5,988,000, compared with Euros 5,734,000 (GBP4,921,000) for the year ended 31 December 2010.
Operating profit for the year before exceptional costs was Euros 349,000, compared with Euros 194,000 (GBP166,000) in the previous year. As required by International Financial Reporting Standards, development costs were again capitalised this year. Had this not been the case, the Group would have made an operating loss of Euros 16,000 this year, compared with an operating loss of Euros 331,000 (GBP244,000) in 2010.
The Group has recognised one-off exceptional charges this year, totalling Euros 558,000, in respect of reorganisation changes agreed during the year. This amount consists of three elements:
-- costs connected with the change of company status and the change of domicile;
-- costs connected with the closure of the Group's US operations centre in Atlanta and its relocation to Florida;
-- the payment of a reverse premium in respect of the surrender of the Group's lease of the Motion Media Technology Centre in Bristol.
These changes are described in more detail later in this statement and in the Operating Review.
After charging these exceptional costs, the Group is reporting a pre-tax loss for the year of Euros 240,000, compared with a pre-tax loss of Euros 2,812,000 (GBP2,414,000) in 2010.
After a net income tax credit of Euros 344,000 (2010: Euros 131,000 (GBP113,000)), the result after tax for 2011 was a profit of Euros 104,000, compared with a loss of Euros 2,681,000 (GBP2,301,000) in 2010.
Cash and cash equivalent balances amounted to Euros 686,000 at 31 December 2011, compared with Euros 266,000 (GBP228,000) at 31 December 2010. Borrowings were reduced from Euros 392,000 (GBP336,000) in 2010 to Euros 280,000 this year.
The directors are not recommending payment of a dividend at this stage in the Group's development.
Review
Turnover in our second half-year showed an improvement of approximately 50 per cent on the first half, with the result that turnover for the financial year ended 31 December 2011 was Euros 5.9 million. During the year our Eurocopter CH-53PV system deliveries for 2011 were completed successfully as planned, generating revenue of Euros 2.9 million, and the last deliveries from the Diamond contract for the Asian government generated Euros 1.2 million. The remaining Euros 1.8 million turnover was derived from a variety of revenue streams, but negotiations on some other larger projects have been taking longer than anticipated, with the result that the year's turnover was less than we had initially expected.
During the year our research and development team continued the strategy of developing our systems for use in different aircraft types and the miniaturisation of our mobile equipment, in order to increase its versatility and make it more suitable for the Unmanned Aerial Vehicle (UAV) market. We also achieved the prestigious EN 9100 quality accreditation for aero-certified systems.
These activities are all described more fully in the Operating Review .
Board, management and staff
As I reported last year, Lord Trefgarne retired as your Chairman in April 2011 and I was appointed to succeed him. There were no other changes in the composition of the Board during 2011.
In February 2012 Dr Hans Peter Sauerzopf was reappointed to the Board as a non-executive director. Dr Sauerzopf was a director of the Company from 4 August 2004 to 31 December 2010. Against the background of the transfer of the Company's domicile from the UK to Austria, the appointment of Dr Sauerzopf has strengthened the Board's Austrian legal expertise.
Our staff numbers remained stable and our people well-motivated. The continuity of staff further cemented the experience of our research and development team.
Corporate affairs
In addition to the changes to the Board outlined above, there have been some important corporate developments during 2011 and the early months of 2012.
Shareholders will remember that at the Extraordinary General Meeting (EGM) on 5 April 2011 shareholders voted to defeat a resolution to approve, in principle, the sale of the SCOTTY business to Invest Equity GmbH. The Board then adopted the alternative strategy of converting SCOTTY Group plc to an SE and moving the corporate seat to Austria, together with the possibility of seeking a listing on the Third Market of the Vienna Stock Exchange in due course.
Formation of the SE was approved by shareholders at an EGM in September 2011, at which time a restructuring of the share capital took place, culminating in the shares being re-denominated into shares of one Euro each. The change of domicile was approved at a further EGM on 30 December 2011. Since the year-end, the change of domicile has become effective on 17 April 2012, when SCOTTY Group SE's registered office was transferred to Eisenstadt, Austria.
The change of domicile to Austria meant that SCOTTY's shares were no longer UK securities and could therefore no longer be traded on the Alternative Investment Market (AIM) in their existing form. Accordingly, trading in the Company's shares was temporarily suspended on 17 April 2012. The shares were then converted into CREST Depository Interests (CDI's), which are dematerialised depository interests representing entitlement to ordinary shares (and are also UK securities), and the CDI's were re-admitted to trading on AIM on 11 May 2012.
Outlook
In my statement last year I said that our priorities for 2011 were to consolidate our market position and improve our profitability and working capital position. I believe we have made sound progress on each of these objectives during the year under review, but there remains work to do.
Our well-established relationships with the German military, Eurocopter and Diamond Aircraft Industries have been joined by additional revenue streams, derived from the widening range of applications and platforms for our systems.
The year saw improvements in our profitability at gross margin level. The Group's net profitability is set to benefit from the cost reduction programme that took effect during 2011 and the early part of 2012, namely the closure of our UK office and relocation of our US office, together with the lower cost base to be achieved through the change of domicile.
Now that SCOTTY Group SE is domiciled in Austria, opportunities are also opening up for Austrian national and regional government funding, both for developing and marketing new video platforms and products for existing markets and for investigating new markets and applications. We are currently working on applications for funding from both levels of government.
Our working capital position in 2011 was improved through the capital injection of GBP600,000 (Euros 700,000) through a share placing in June. As foreseen in my statement last year, I subscribed GBP500,000 through my investment company Dr Wustinger GmbH, and other members of senior management subscribed GBP100,000. At our Annual General Meeting in June 2011 we obtained the approval of our shareholders for sufficient headroom to allow a further capital increase of up to 50 per cent of our currently issued share capital. The Board is currently considering potential plans for a capital increase through a share placing within this authority, in order to strengthen our working capital following the significant expenditure on the change of domicile and re-admission to AIM, also the surrender of the lease in Bristol (described below), and to fund growth.
One important priority that we addressed during 2011 related to our head-lease of the Motion Media Technology Centre in Bristol, which had a remaining term of some ten years to run, until March 2022. I am pleased to report that after lengthy negotiations we concluded an agreement with the lessor to surrender the lease for a payment of GBP150,000 (Euros 180,000). This transaction completed in February 2012, with the result that we have no further liabilities in respect of the property.
Our next objective is to determine our strategy for a broader diversification for our revenue streams, to equip us to take advantage of more market opportunities, whilst spreading our risks across a broader base of applications in an uncertain market. In this context we are currently investigating several options and will announce our conclusions in due course.
The date and location of the Annual General Meeting will be announced shortly. In the meantime I would once again like to thank our shareholders for their continued support, and our employees for their dedication and professionalism, during a challenging year.
Dr Ernst Wustinger
Chairman
27June 2012
OPERATING REVIEW
Cautionary statement
This Operating Review has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed.
The Operating Review contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
Results
Revenue for the year ended 31 December 2011 increased to Euros 5,988,000, compared with Euros 5,734,000 (GBP4,921,000) for the year ended 31 December 2010. The year was once again affected by projects taking longer than anticipated to be turned into firm orders, but the improved revenue covered a wider range of products and applications, described more fully in the review of the market, below.
Gross profit for the year improved in both volume and percentage terms, at Euros 3,508,000 and 58.6 per cent for 2011, compared to Euros 3,148,000 (GBP2,702,000) and 54.9 per cent for the previous year.
Gross administration expenses amounted to Euros 3,901,000 for the year, compared with Euros 3,602,000 (GBP3,092,000) in 2010. The increase was influenced by a smaller charge for capitalised research and development compared with the previous year, as described more fully below. Against this figure of gross administration expenses must be offset the Group's other income, which included rent and service charges received from the Group's sub-tenants of its leasehold property in Bristol. Other income totalled Euros 742,000 in 2011, compared with Euros 648,000 (GBP556,000) in the prior year.
Net administration expenses in the year were reduced by Euros 365,000 (2010: Euros 525,000 (GBP410,000)), being the net figure of development costs capitalised in the year, less the amortisation charged to the income statement in the year. The gross costs capitalised in the year were Euros 740,000 (2010: Euros 810,000 (GBP655,000)), against which amortisation of Euros 375,000 (2010: Euros 285,000 (GBP245,000)) has been charged to the income statement in the period. This work is described more fully under research and development, below.
On the back of higher turnover and improved margins, operating profit for the year, before exceptional charges, improved from Euros 194,000 (GBP166,000) in 2010 to Euros 349,000 this year. The operating loss before capitalisation of development costs and the associated amortisation was reduced, from Euros 331,000 (GBP244,000) in 2010 to Euros 16,000 this year.
The results include one-off charges of an exceptional nature this year, totalling Euros 558,000.This compares with exceptional charges of Euros 2,985,000 (GBP2,561,000) last year (the major part of which was an impairment charge of GBP2,500,000 in respect of the Group's goodwill). This year's exceptional charges relate to three major topics, as follows:
-- Legal and professional costs of Euros 307,000 incurred in the UK and Austria, associated with the change of company status to a Societas Europaea, the change of domicile from the UK to Austria and the re-admission of the Company's shares to AIM in CDI form,
-- Personnel costs and inventory write-offs totalling Euros 78,000, associated with the closure of the Group's US operations centre in Atlanta and its relocation to AirScan's facility in Florida.
-- The payment of a reverse premium of Euros 180,000 (GBP150,000) in respect of the surrender of the Group's lease of the Motion Media Technology Centre in Bristol.
As a result of these charges, we are reporting a pre-tax loss of Euros 240,000 compared with a loss of Euros 2,812,000 (GBP2,414,000) in 2010.
This year's taxation credit to the income statement again largely reflects the recognition of a deferred tax credit in respect of losses available for offset against profits arising in future years in Austria, as described more fully under Taxation below. The result after tax for the year was a profit of Euros 104,000, compared with a loss of Euros 2,681,000 (GBP2,301,000)in 2010.
Review of the market
During 2011 the Group has broadened its offerings in the government, defence and aviation markets. We are reporting revenue, improved on last year, in an increasingly diversified range of products and systems, all linked to the Group's expertise in encrypted satellite communications. However, operating conditions were once again challenging, as projects have mainly taken longer than anticipated to become firm orders.
Eurocopter
2011 saw the continuation of deliveries under the serial roll-out of the PV programme for Eurocopter, a product improvement programme for upgrading German Army CH53 helicopters. The order is worth approximately Euros 8.4 million in total, for deliveries between 2009 and 2013, and revenue from this source in 2011 was Euros 2.9 million.
The other ongoing contract with Eurocopter, awarded in 2009, is for key positioning and communication equipment for Eurocopter's Personnel Location System (PLS) for German Army helicopters. 2011 saw delivery of a further six systems worth Euros 0.2 million.
Diamond Aircraft
The renewed interest in our aero-certified systems for the Diamond DA42 fixed-wing aircraft produced revenue of some Euros 1.2 million in 2011, largely from the remaining deliveries of Beyond Line of sight ("BLOS") and Line of sight communications equipment under our contract with Diamond for the Asian government reported in 2010.
The suitability of the DA42 aircraft for surveillance operations with applications such as protection of countries' borders, pipelines and fisheries means that, as in 2010, we have other projects awaiting conversion to firm orders.
Other aero-certified business
SCOTTY was awarded a contract for the delivery of several satcom aero antenna sets through NATO procurement, for installation on CH-53 helicopters used in NATO missions, as an add-on to the existing CH-53 installations that have been operating in mission environments since 2006. This contributed revenue of Euros 0.3 million in 2011.
Following successful trials of our aero-certified systems on the Tecnam MMA aircraft in 2010, we already have one airborne surveillance project for this aircraft in the advanced stages of negotiation.
In September 2011 SCOTTY Group Austria and HeliMedia Ltd announced the signing of a cooperation agreement to jointly market beyond line-of-sight solutions for the UK Intelligence, Surveillance and Reconnaissance (ISR) market. HeliMedia are specialists in delivering ISR equipment and consultancy to help customers define operational requirements and deliver operational solutions.
During the year we started to develop a closer regime of co-operation with AirScan, a US company. Founded in 1989, AirScan provides a full range of ISR services for government and private sector customers. Since the year-end we have transferred our US centre of operations to AirScan's facility in Florida, as described more fully under Operations below, and a first demonstration AirScan aircraft has successfully completed flight trials with SCOTTY aero-certified equipment on board.
Ground-based communications products
Maintenance and upgrades to systems sold to the German Army in prior years continue to produce a steady revenue stream, generating revenue of Euros 0.8 million in the year, and tele-health and tele-engineering applications for the German Navy produced a further Euros 0.3 million.
We announced in September 2011 the conclusion of a contract with a Western European army for the development, delivery and integration of three vehicular video-satcom workstations in a new reconnaissance vehicle. The prototype unit was delivered in 2011, producing turnover of Euros 0.3 million, and the contract continues into 2012. This is the first project where the Company will provide its latest airborne technology to be integrated into an armed vehicle for the purpose of its use in a "Combat Camera Team" scenario. The system uses SCOTTY's latest integrated video and satcom technology, together with new antenna and modem technology from our strategic partner, Cobham SATCOM. The capable bandwidth performance of the SCOTTY system significantly outperforms existing available commercial off-the-shelf "Satcom on the Move" systems.
The reconnaissance vehicle mentioned above is one example of a project incorporating the recent upgrades to SCOTTY's land-based communications units, with an emphasis on reducing size and weight, including the ProMin unit which was launched in 2010 as described in last year's report.
Research and development
2011 was another year of effective and innovative research and development, exploiting the fund of steadily-increasing knowledge and experience in the Graz R&D team. The experience and continuity of the team minimises the turnaround time needed to bring ideas and concepts to fruition; it means that we can rapidly adapt the application of our technology to customers' specific requirements, as well as maintaining a high level of commonality between our systems for different platforms.
A major objective of the R&D programme has continued to be the adaptation of our BLOS technology for use on other aircraft platforms and the miniaturisation of SCOTTY's existing technology. Miniaturisation increases the versatility of the Company's mobile products and could be particularly applicable to the growing UAV market.
During the year SCOTTY's "store and forward" imagery feature became HD compatible. This means that high definition quality snapshots and recorded video can be saved and transferred over satellite. Decision makers are not only able to receive an overview of a situation through the live video transmission, they can then request detailed imagery of specific details under surveillance.
Finally, the research centre in Graz successfully achieved the prestigious EN 9100 aero certification standard in January 2011.
Operations
During the year the Group started a programme to reduce costs. This included the closure of the Group's UK office in Bracknell, the UK directors now working from home, and rationalisation of the North American office in Atlanta. The Atlanta office has closed since the year-end, in May 2012, when the Group's US operations transferred to the AirScan C4ISR Center of Excellence on Space Coast Regional Airport, Titusville, Florida.
Mainly as a result of these measures, the Group's average total headcount fell slightly, from 34 in 2010 to 31 this year, but research and development staff numbers remained constant.
Cash flow
In June 2011 a share placing (described in more detail under Financing below) raised GBP600,000 (Euros 700,000). After capital investment and financing, cash and cash equivalent balances increased to Euros 686,000 at 31 December 2011, compared with Euros 266,000 (GBP228,000) at 31 December 2010, and bank borrowings fell from Euros 392,000 (GBP336,000) in 2010 to Euros 280,000 this year.
Capital expenditure
Total expenditure on property, plant and equipment during the year was Euros 174,000 compared with Euros 25,000 last year. In addition, gross investment in development costs during 2011, included in intangible assets, amounted to Euros 740,000 (2010: Euros 810,000) as described above. This represents internal time costs and expenses incurred in developing the SCOTTY core technology for sale in new markets and on new aircraft platforms.
Treasury
The Group's financial instruments comprise cash and liquid resources, and various items, such as trade debtors and trade creditors that arise directly from its operations.
There were no derivative transactions during the period under review. Throughout the period it has been the Group's policy that no trading in financial instruments shall be undertaken. The majority of the Group's sales and expenses are denominated in Euros, through its subsidiary in Austria, and additionally there have been some transactions in US dollars, through its subsidiary in the USA. Gains or losses arising on foreign currency transactions are recognised in the income statement. In the period under review the gain was Euros 50,000 (2010: Euros 73,000 (GBP63,000)). Foreign currency losses of Euros 129,000 (2010: Euros 206,000 (GBP177,000)) arising on presentation of the financial statements of overseas subsidiaries in Euros (2010: pounds sterling) for the purpose of the consolidated financial statements are recognised in comprehensive income.
During 2011 it has continued to be the Group's policy not to enter into hedging transactions to mitigate foreign currency fluctuations, but this policy continues to be reviewed periodically.
Taxation
The Group's unutilised tax losses at 31 December 2011 include losses of some Euros 3.3 million arising in Austria. When the Group was still domiciled in the UK, Austrian losses were available to offset up to 75 per cent of taxable profits arising in Austria in any year. Since the change of domicile to Austria the proportion of Austrian profits that can be offset by losses brought forward increases from 75 to 100 per cent, 2011 being the first year's profits that may be treated in this way.
Financing
Throughout the period under review the Group has financed its activities mainly from trading income and continued tight control of working capital, together with a credit facility with an Austrian bank, augmented by a share placing.
In June 2011 (before the capital restructuring) the Company issued 7,500,000 new ordinary shares of 5 pence each at a price of 8 pence per share, representing a premium of 78 per cent over the then mid-market price of the shares. The placing raised GBP600,000 (Euros 700,000), as described in the Chairman's Statement.
Current trading
We have a number of potential projects currently in the course of negotiation, mostly relating to our aero-certified BLOS systems for fixed wing aircraft. These negotiations have been progressing satisfactorily but are continuing to take longer than expected. As a result, trading so far in 2012 has, for the most part, not yet started to reflect the revenue from these contracts and has therefore fallen short of management's expectations, However we expect a significant improvement in the second half-year, based partly on the current status of these contracts and partly on newly-emerging business
Outlook
As demonstrated by the variety of the Group's revenue described above, SCOTTY has spread its net more widely during the year under review and has an increasingly diversified revenue base, though still linked by the common thread of satellite-based audio, video and data communication.
Revenue from the Eurocopter PV project will continue to be a major contributor to 2012 and 2013, but revenue from our offerings for fixed-wing aircraft is expected to contribute significantly. The timing of these latter contracts remains difficult to predict, but, as mentioned in previous years, the equipment can be supplied with a short turnaround time and can therefore contribute to revenue soon after the announcement of an order.
In the arena of land and maritime projects, the development of the combat camera applications for reconnaissance vehicles is an exciting new area for our expertise, while our business of maintaining and upgrading land-based communications equipment for the German military continues to represent another reliable source of revenue, which contributes towards smoothing our monthly revenue fluctuations.
The broadening of our range of products and solutions, combined with high barriers of entry for potential competitors, means that we are well-positioned to respond to governments' requirements for encrypted satellite communications systems in defence and homeland security and related markets, through a variety of airborne, land and maritime applications.
However, as outlined in the Chairman's statement, we are currently looking to further broaden the diversity of our product offerings and we are currently investigating several options in some detail.
Kurt Kerschat Hugh Edmonds FCA Chief Executive Officer Finance Director
27June 2012
Hot Features
Premium
CONSOLIDATED INCOME STATEMENT Year Year
for the year ended 31 December
2011 Note ended ended
31 December 31 December
2011 2010
Euros 000 Euros 000
Revenue 2 5,988 5,734
Cost of sales (2,480) (2,586)
Gross profit 3,508 3,148
58.6% 54.9%
Administration expenses (3,901) (3,602)
Other operating income 742 648
Operating profit 349 194
Other gains and losses (558) (2,984)
Finance income 1 1
Finance expense (32) (23)
Loss before tax (240) (2,812)
Income tax credit 344 131
Profit/(loss) for the period 104 (2,681)
============= =============
Earnings/(loss) per share (basic
and diluted) 3 EUR 0.11 -EUR 2.77
The above results all relate to continuing
operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December
2011 Year Year
ended ended
31 December 31 December
2011 2010
Euros 000 Euros 000
Profit/(loss) for the period 104 (2,681)
Exchange differences on translation
of foreign operations (129) (206)
Total comprehensive income for the
period (25) (2,887)
============= =============
CONSOLIDATED BALANCE SHEET At 31 December At 31 December
at 31 December 2011 2011 2010
Euros 000 Euros 000
Non-current assets
Goodwill 4,085 4,085
Other intangible assets 1,866 1,515
Property, plant and equipment 256 187
Investments 225 225
Deferred tax assets 358 -
6,790 6,012
--------------- ---------------
Current assets
Inventories 593 819
Trade and other receivables 930 2,495
Cash and cash equivalents 686 266
2,209 3,580
--------------- ---------------
Total assets 8,999 9,592
--------------- ---------------
Current liabilities
Trade and other payables (1,559) (2,404)
Current tax liabilities (140) (563)
Obligations under finance leases (37) (28)
Borrowings (280) (392)
(2,016) (3,387)
--------------- ---------------
Net current assets 193 193
--------------- ---------------
Non-current liabilities
Deferred tax liabilities - (17)
Long-term provisions (127) (108)
Obligations under finance leases (64) (10)
(191) (135)
--------------- ---------------
Total liabilities (2,207) (3,522)
--------------- ---------------
Net assets 6,792 6,070
=============== ===============
Capital and reserves
Called up share capital 970 11,230
Share premium account - 41,542
Capital redemption reserve - 203
Share option valuation reserve 111 111
Capital reduction special reserve 154 -
Retained earnings 5,557 (47,016)
Total shareholders' funds 6,792 6,070
=============== ===============
CONSOLIDATED CASH FLOW STATEMENT Year Year
for the year ended 31 December 2011 ended ended
31 December 31 December
2011 2010
Euros 000 Euros 000
Cash flow from operating activities
Net cash from operations (44) 157
Interest paid (31) (22)
Income tax paid (12) (6)
Net cash from operating activities (87) 129
------------- -------------
Purchase of property, plant and equipment (174) (9)
Proceeds on disposal of property, plant
and equipment - 100
Net cash used in investing activities (174) 91
------------- -------------
Proceeds of new share issue 700 -
Share capital restructuring 47 -
Other financing cash flows (net) 63 (54)
Net cash used in financing activities 810 (54)
------------- -------------
Net increase in cash and cash equivalents 549 166
Cash and cash equivalents at start of
period 266 306
Effect of foreign exchange rate changes (129) (206)
Cash and cash equivalents at end of
period 686 266
============= =============
Reconciliation of loss for the period Year Year
to net cash from operating activities ended ended
31 December 31 December
2011 2010
Euros 000 Euros 000
Loss before interest and tax (209) (2,790)
Additions to intangible assets (761) (773)
Goodwill impairment charge - 2,918
Amortisation of intangible assets 410 318
Depreciation of property, plant and
equipment 105 116
Loss on disposal of property, plant
and equipment - 7
Decrease in inventories 226 11
Decrease/(increase) in trade and other
receivables 1,565 (870)
(Decrease)/increase in trade and other
payables (1,268) 1,156
(Decrease)/increase in borrowings (112) 64
Net cash from operating activities (44) 157
============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Called Share Capital
up Share Capital option reduction
share premium redemption valuation Retained Special
capital account reserve reserve earnings Reserve Total
Euros Euros Euros Euros Euros Euros Euros
000 000 000 000 000 000 000
Group
At 1 January
2010 11,230 41,542 203 111 (44,129) - 8,957
Exchange losses - - - - (206) - (206)
Profit for the
year - - - - (2,681) - (2,681)
Total
comprehensive
income - - - - (2,887) - (2,887)
--------- ---------------- ------------------ ------------------- ------------------ -------------------- -------------
At 31 December
2010 11,230 41,542 203 111 (47,016) 6,070
Exchange losses - - - - (129) - (129)
Profit for the
year - - - - 104 - 104
--------- ---------------- ------------------ ------------------- ------------------ -------------------- -------------
Total
comprehensive
income - - - - (25) - (25)
--------- ---------------- ------------------ ------------------- ------------------ -------------------- -------------
Proceeds of
share
issue 700 - - - - - 700
Share capital
reduction
and
reorganisation (10,960) (41,542) (203) - 52,598 154 47
At 31 December
2011 970 - - 111 5,557 154 6,792
========= ================ ================== =================== ================== ==================== =============
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2011
1. Basis of Preparation
The financial information set out above does not constitute the Group's statutory financial statements for the periods ending 31 December 2011 or 31 December 2010, but is derived from those financial statements. This announcement has been prepared on the basis of the accounting policies set out in the Group's Annual Report and Accounts for the year ended 31 December 2011, which are prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union.
Statutory financial statements for 2010 have been delivered to the UK Registrar of Companies and those for 2011 will be delivered to the Austrian authorities following the Group's Annual General Meeting. The auditors' reports on both the 2011 and 2010 accounts were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of Companies Act 2006 or equivalent Austrian legislation.
2. Segment Information
All of the Group's revenue in the financial period derives from sales of video, audio and data communications equipment.
Business segments
The Group considers that all of its activities comprise one business segment, the design, development and manufacture of video, audio and data communications equipment. Information reported to the Chief Executive Officer for the purposes of resource allocation and assessment of performance is focussed on this business segment.
Geographical analysis
by origin Revenue Loss before tax Net assets
-------------------------- -------------------------- ----------------------
Year Year Year Year
ended ended ended ended
31 31 At 31 At 31
31 December December 31 December December December December
2011 2010 2011 2010 2011 2010
Euros Euros Euros Euros Euros
Euros 000 000 000 000 000 000
Europe 5,978 5,699 (7) (2,633) 6,524 5,818
North America 10 35 (233) (179) 168 252
Rest of World - - - - - -
5,988 5,734 (240) (2,812) 6,692 6,070
============= =========== ============= =========== ========== ==========
Geographical analysis of revenue
by destination Year Year
ended ended
31
31 December December
2011 2010
Euros Euros
000 000
Europe 5,932 5,551
North America 15 42
Rest of World 41 141
5,988 5,734
============= ===========
3. Earnings per share
The calculation of basic earnings/(loss) per share is based on the profit/(loss) after taxation for the period and the weighted average number of shares in issue during the period.
None of the share options give rise to a dilution in the earnings per share due to the current level of the Company's share price. As a result, the basic and diluted earnings per share are the same.
The profit/(loss) for the period and the weighted average number of shares used in the calculations are set out below:
Year Year
ended ended
31 December 31 December
2011 2010
Euros 000 Euros 000
Profit/(loss) attributable to ordinary
shareholders 104 (2,681)
No. No.
Weighted average number of shares 969,640 969,640
Earnings/(loss) per share EUR 0.11 -EUR 2.77
For comparison purposes, the number of shares and earnings per share figures for 2010 have been adjusted to reflect the share capital reorganisation in 2011.
4. Availability of Report & Accounts
Copies of the Annual Report & Accounts will be sent to all shareholders shortly and will be available from the Group's website at www.scottygroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUACQUPPPUQ
1 Year Scotty Group Chart |
1 Month Scotty Group 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
