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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Screen Fx | LSE:SFX | London | Ordinary Share | GB00B23Z3283 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9573L Screen FX PLC 06 May 2005 6 May 2005 ScreenFX plc Maiden results; major agreement with Westfield ScreenFX plc, which offers digital screen advertising in shopping centres across the UK, today announces its maiden results for the period to 31 December 2004. Key points: * Network of 125 plasma screens in eight of the UK's premier shopping malls, including MetroCentre, Gateshead and Lakeside, Thurrock * Two more Scottish networks expected to be installed by Summer 2005 * Westfield agreement will add a further seven malls by the end of 2005 and increase the ScreenFX audience 50% to approximately 300 million shoppers annually. * Major advertisers using the network now include Warner Bros, Carphone Warehouse, 3 Mobile, Samsung and The National lottery. * New market research has confirmed the very high impact of screens amongst key advertising targets * Turnover for the period was #342,524 with an operating loss of #2,061,565 * Cash in hand of #1.9 million at 30 April 2005 * ScreenFX is now the UK's leading digital screen advertising company Richard Nichols, Chairman of ScreenFX, said: "This was a very exciting year in terms of the Group's development since the flotation in March 2004. From a standing start we now have a fully operational network offering big screen advertising to over 200 million consumers and the Westfield agreement announced today will raise that even further. We believe our market has the potential to grow strongly this year as advertisers realise the benefits of being able to communicate interactively with consumers at the point when they are ready and able to buy. We had the vision to become a leader in our sector and are now well positioned to maintain and build our share of this fast-growing market." For further information please contact: ScreenFX plc Tel: 0161 428 5544 David Clark Citigate Dewe Rogerson Tel: 020 7638 9571 Patrick Toyne Sewell/Fiona Bradshaw Chairman's Statement This was a very exciting year in terms of the Group's development since the flotation in March 2004. From a standing start we now have a fully operational network of around 125 screens, in eight major shopping centres across the UK, including MetroCentre, Gateshead and Lakeside, Thurrock. With two more premier centres due to be installed by this summer, Braehead, Glasgow, and the St James Centre, Edinburgh's premier shopping centre, our screens will provide access to a national audience of approximately 200 million shoppers a year. The rollout, which means that we have been able to gain critical mass and a leadership position in the fast growing "out of home" digital advertising market, has been carried out in line with the promises we gave at the time of the flotation both in terms of delivery date and budget. We have today also announced a prestigious new agreement with Westfield Shoppingtowns Limited, which will add a further seven malls by the end of 2005 and increase the network by 50% to approximately 300 million shoppers annually. The flotation on the AIM market has been an excellent opportunity for us as it gave us access to the capital we required to install the network and roll out the screens, support our profile as we started to build awareness amongst potential users of the ScreenFX concept and, most importantly, has given us access to additional funding as it has been required. Another important development has been our partnership with BT Broadcast Services which will enable us to accelerate the next phase of our network development through an efficient financing structure as we look to double the size of our network during the year ahead. This partnership also has the benefit of providing valuable ongoing technical support for the network. I would like to take the opportunity to thank our staff for all their hard work over the past year, which has been one of enormous change for the Group. Their skills, experience, dedication and hard work will enable us to continue the fast growth of the business and maintain our leadership of the digital advertising market over the next year. We believe our market has the potential to grow strongly this year as advertisers realise the benefits of being able to communicate interactively with consumers at the point when they are ready and able to buy. We have had the vision to become a leader in our sector and are now well positioned to maintain and build our share of this fast-growing market. The key drivers to our development are the rollout of our network into more locations, thereby establishing critical scale, and achieving revenue adoption amongst our target customers, the major consumer brands, their advertising agencies and their media buyers. We will continue to work hard towards achieving both these critical goals during 2005. Richard Nichols Chairman Chief Executive's review Introduction This has been a tremendously important and exciting period for the Group. Since the company's successful flotation on the AIM market in March 2004 we have delivered all the key milestones important to the first phase of our business development in line with the promises we made in our Prospectus. We look forward to the coming period with enthusiasm as we build on our leadership position in the fast growing "out of home" digital advertising market. Westfield agreement ScreenFX today agreed a six year licence with Westfield Shoppingtowns Limited, the largest shopping centre owner in the world. The agreement will lead to the installation of ScreenFX's InfoPod system into all seven of Westfield's UK shopping malls, adding around 100 million consumers to the ScreenFX audience. The quality of the Westfield centres, which include Merry Hill, the biggest mall in the Birmingham area, and Castle Court, the lead mall in Northern Ireland, adds further prestige to the existing ScreenFX portfolio. With this agreement ScreenFX has further consolidated its dominant position for digital screen advertising amongst the UK's top shopping malls. The rollout of the Westfield InfoPods, with a total of 96 plasma advertising screens, is expected to be completed by the end of 2005, boosting the total audience for the ScreenFX network by 50% to approximately 300 million shoppers annually. Financial results The Group's trading started with the acquisition of High Profile UK Limited ("HPUK") and BigFX Limited ("BFX") by ScreenFX on 18 February 2004. This was followed on 5 March 2004 by the Group's successful placing of 50 million ordinary shares at 10 pence per share raising #4.4m (after expenses) in order to exploit and develop the Group's digital screen advertising business. The Group was admitted to AIM on 10 March 2004. On 6 January 2005, the Group placed 26,666,668 new ordinary shares at 7.5 pence per share, raising #1.92 million (after expenses). The Group is using the funds raised to roll out its network across the UK. Turnover for the period was #342,000, with the majority of revenues being generated by BigFX as there was no opportunity for revenues from the ScreenFX network until the beginning of the second half, once the build out and testing phase was completed, with no significant contracts signed until the final quarter of the year. Whilst we have delivered on our internal 2004 revenue forecasts, the rate of media adoption is expected to build slowly in 2005 with greater momentum coming in 2006-2007 as we establish a network with critical scale and digital channels become more established. The Group continues to place a strong focus on controlling costs and minimising working capital levels. The total Group operating loss for the period to 31 December 2004 was #2.06m. Capital expenditure in the period was #2.0 million, most of which was spent on our information pods, screens and computer equipment. Cash in hand at 31 December 2004 was #0.7 million and stood at approximately #1.9 million at 30 April 2005 following the aforementioned placing. As mentioned in the Prospectus, the strategy of the Directors is to generate capital growth for shareholders. The Directors will recommend the payment of dividends when it becomes commercially prudent to do so and then subject to the availability of distributable reserves and the retention of funds required to finance future growth. For these reasons the Group will not be paying a dividend in respect of 2004. Business and operating review Our initial strategy was to install 150 digital flat screen advertising displays into nine leading shopping centres nationwide, delivering major brand advertising and customer information and establish the leading screen network in the UK shopping mall environment. At the beginning of the year we secured a ten year agreement with Liberty International to be the exclusive provider of digital screen media in their leading Capital Shopping Centres. The nine malls give us a strong presence in six of the top 20 ranked UK malls, including the Metro Centre Gateshead and Lakeside Thurrock. The installation of the network for these malls was completed in July 2004, on time and on budget. The Group now has 54 Info Pods, and 125 large plasma screens, operational in these premier shopping malls. Our network provides access, at the point of purchase, to a target audience of almost 160 million shoppers a year in some of the UK's major shopping malls: Shopping centre Location Annual throughput (footfall) Lakeside Thurrock 25.6 million The Glades Bromley 19.0 million The Harlequin Watford 17.0 million The Chimes Uxbridge 10.3 million Victoria Centre Nottingham 22.9 million The Potteries Stoke-on-Trent 13.0 million MetroCentre Gateshead 28.0 million Eldon Square Newcastle 24.9 million Our first network installation in Scotland at St James, the premier mall in Edinburgh, will take place during May 2005. This will be followed shortly afterwards by the installation of our screens in the Braehead shopping centre, Glasgow. With these two malls added to the network we will be able to offer our customers a target audience of circa 200 million shoppers a year. We remain confident that the mall environment presents one of the best opportunities to develop a premium media product and we are on track to establishing and owning the lead network in this space. In recent months we have made good progress advancing negotiations with other leading malls and groups. Our objective is to add coverage of key UK cities whilst building a dominant position amongst the top 50 ranked malls. This will also deliver the critical mass that is required to accelerate media adoption in the latter part of 2005 and through 2006. It is imperative that we continue to drive expansion of the network and secure the premium space in our environment. Competitive activity is increasing and some of the bigger players in the outdoor media sector are recognising the massive opportunities presented by digital screen technologies. To this end, we raised an additional #1.92 million (net of expenses) of capital through a Placing in January 2005 and this is being used to fund further network expansion. The product has been well received by all the leading players in the media industry and once the network was in place we had a number of blue chip brand advertisers trialling the medium, including Mars, McDonalds, BT, Sony Music, and Disney Home Video. In the final quarter of the year we took on our first paying customers, including major brands such as Camelot for the National Lottery, 3's mobile services and Warner Bros, while many other major advertisers continued to trial the system. The potential benefits of our network to advertisers were highlighted by research undertaken by IPSOS-RSL Limited, a specialist media and audience research organisation, during the initial network build phase. The research results were highly encouraging for the Group, demonstrating to advertisers that ScreenFX delivers a very valuable audience to advertisers with high levels of awareness of the screens and their content. The key findings of the research project were as follows: * Demographics delivered by ScreenFX: o 62% ABC1 o 65% female o 51% chief income earners o 67% 16 to 44 years old * High impact of screens generating positive consumer reaction amongst shoppers o Over 50% were aware of the screens o 81% thought the screens were "a good idea" o 13% stated that the screens directly prompted a decision to purchase. These findings compare extremely favourably with the impact of traditional 6 sheet posters currently used by the outdoor advertisement industry and highlight the positive consumer reaction to the proposition and the strong impact of the screen messaging. The technology and network has proved to be flexible and robust and is able to show various advertisements as well as local news relevant to each shopping centre. The system also allows ScreenFX to change the advertising reel during a campaign, allowing advertisers to react to changing events in an efficient and cost-effective manner. In November we announced another important milestone in our business development with a three year agreement with BT Broadcast Services ("BTBS"). This will underpin the further rollout of our network whilst offering us access to evolving technologies in our rapidly changing environment. The market The general market indicators remain strong with out-of-home media spending continuing to grow its share of the total market, now accounting for almost 10% of all media spending in the UK. This reflects both the fragmentation of TV as well as changing consumer lifestyle habits. The enormous potential of out-of-home screen networks is being recognised by all the leading media agencies and they are forecasting a strong migration of spend towards these networks through 2006-2008. Inevitably there are opportunities to expand into new channels, applying our knowledge and skills in digital media network development, and we are currently exploring entry routes into several new channels. BigFX BigFX provides large banner advertising. In the first half of the year resources and personnel were directed to support the digital screen business and sales demand fell compared to the same period last year. However, a pick up in activity in the second half of the year has re-established BigFX within this niche market, and cemented our position as a provider of quality sites located in prime locations throughout the UK. The banner market is currently dominated by 2 large contractors but we have continued to create a perception within the media buying fraternity that BigFX offers a real alternative for their client's needs. We are therefore confident that revenues will build positively again in the second half of 2005. People It is also important that the right management resources are in place to support our drive towards market leadership. In this context, we are very pleased that we have developed a strong leadership team during our launch phase and attracted some high calibre, experienced professionals to the business during 2004. The quality and experience of our management team puts us in a good position to develop the business in the medium to long term. Outlook It is vital we stay ahead of our competition in terms of product development and technology. To this end we are working hard with our strategic partners and other key suppliers to test new and improved product offers. The focus of this work is to deliver value-added propositions which enhance the consumer experience: essentially providing the right content in the right format at the right time. If we get this product evolution right, the value of our offer will be enhanced to our property partners, the retail tenants in their malls and our advertising customers. We believe our market is going to grow strongly this year as advertisers realise the benefits of being able to communicate interactively with consumers at the point when they are ready and able to buy. We have had the vision to become a leader in our sector and are now well-positioned to maintain and build our share of this fast-growing market. Dave Clark Chief Executive Officer ScreenFX plc (formerly Decform plc) Consolidated profit and loss account for the period ended 31 December 2004 Notes 2004 # TURNOVER 1 342,524 Cost of sales (313,395) Gross profit 29,129 Other operating expenses (net) 2 (2,090,694) LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (2,061,565) Investment income 3 47,421 (2,014,144) Interest payable 4 (25,638) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 5 (2,039,782) Taxation 7 19,867 RETAINED LOSS FOR THE PERIOD 13 (2,019,915) Earnings per ordinary share - basic 15 (2.10)p Earnings per ordinary share - diluted 15 (2.10)p The operating loss for the period arises from the Group's continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account. ScreenFX plc (formerly Decform plc) Consolidated balance sheet 31 December 2004 Notes 2004 # FIXED ASSETS Intangible assets 9 1,178,820 Tangible assets 10 1,895,234 3,074,054 CURRENT ASSETS Debtors 418,859 Cash at bank and in hand 666,175 1,085,034 CREDITORS: Amounts falling due within one year (639,562) NET CURRENT ASSETS 445,472 TOTAL ASSETS LESS CURRENT LIABILITIES 3,519,526 CREDITORS: Amounts falling due after more than one year (433,988) 3,085,538 CAPITAL AND RESERVES Called up share capital 12 1,200,000 Share premium account 13 3,905,453 Profit and loss account 13 (2,019,915) SHAREHOLDERS' FUNDS 3,085,538 ScreenFX plc (formerly Decform plc) Company balance sheet 31 December 2004 Notes 2004 # FIXED ASSETS Investments 11 699,996 CURRENT ASSETS Debtors 56,581 Cash at bank and in hand 441,371 497,952 CREDITORS: Amounts falling due within one year (38,388) NET CURRENT ASSETS 459,564 TOTAL ASSETS LESS CURRENT LIABILITIES 1,159,560 CREDITORS: Amounts falling due after more than one year - 1,159,560 CAPITAL AND RESERVES Called up share capital 12 1,200,000 Share premium account 13 3,905,453 Profit and loss account 13 (3,945,893) SHAREHOLDERS' FUNDS 1,159,560 ScreenFX plc (formerly Decform plc) Consolidated cash flow statement for the period ended 31 December 2004 Notes 2004 # Cash flow from operating activities 14a (2,222,653) Returns on investments and servicing of finance 14b 21,783 Taxation (32,463) Capital expenditure and servicing of finance 14b (1,912,967) CASH OUTFLOW BEFORE FINANCING (4,146,300) Financing 14b 4,794,781 -- INCREASE/ (DECREASE) IN CASH IN THE PERIOD 648,481 RECONCILIATION OF NET CASH 2004 # Net cash acquired with subsidiaries 17,694 Increase/(decrease) in cash in the period 648,481 666,175 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT 2004 Increase/ (decrease) in cash in the period 648,481 Change in net debt resulting from cash flows (401,828) Bank loan repaid 12,500 MOVEMENT IN NET DEBT IN PERIOD 259,153 NET DEBT ACQUIRED (275,911) NET DEBT AT 31 DECEMBER 2004 14 (16,758) ScreenFX plc (formerly Decform plc) Accounting policies Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. Going concern The group has incurred a loss of #2m for the period, and has net current assets at the balance sheet date of #0.4m. Following a successful fundraising in January 2005, which raised #2m before expenses, the directors have prepared projections for the group for the current financial year. These demonstrate that the group can continue to meet its liabilities as they fall due for a period of at least twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. Basis of consolidation The consolidated financial statements incorporate those of ScreenFX plc and all of its subsidiary undertakings for the period. Subsidiaries acquired during the period are consolidated using the acquisition method. Their results are incorporated from the date that control passes. The fair value of the shares issued to acquire the trading subsidiaries was assessed as nominal value. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the separable net assets acquired is capitalised and written off on a straight line basis over its estimated economic life. All financial statements are made up to 31 December. Tangible fixed assets Fixed assets are stated at historical cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:- I-pods and Plasma Screens 20% on cost Computer equipment 33% on cost Fixtures, fittings and office equipment 15% on cost Motor vehicles 25% on cost Investments Fixed asset investments are stated at cost less provision for diminution in value. Goodwill Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years as in the opinion of the Directors this represents the period over which the goodwill is effective. Research and Development Research and development expenditure is written off to the profit and loss account in the period in which it is incurred. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences between the Group's taxable profits and its results as stated in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. Leased assets and obligations Where the company enters into a lease that entails taking substantially all the risks and rewards of ownerships of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included with creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a sum of digits basis, and the capital element which reduces the outstanding obligation for future instalments. Pension contributions The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the accounting date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. Turnover The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of value added tax. ScreenFX plc (formerly Decform plc) Notes to the financial statements 1 TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION The Group's turnover and profit before taxation were all derived from its principal activity, in the United Kingdom. Sales originated from the following networks: 2004 # Banners 222,637 Digital network 118,899 Other 988 342,524 Loss before tax originated from the following business units: 2004 # Banners 25,130 Digital network (1,766,528) Central costs and amortisation (298,384) (2,039,782) 2 OTHER OPERATING EXPENSES (NET) 2004 # Sales and Marketing expenses 566,681 Product and network development expenses 216,051 Administrative and other expenses 938,342 Depreciation 250,657 Amortisation of goodwill 118,963 2,090,694 3 INVESTMENT INCOME 2004 # Bank interest receivable 47,421 4 INTEREST PAYABLE 2004 # Bank loan 9,171 Hire purchase and leasing 15,880 Other interest 587 25,638 5 LOSS ON ORDINARY ACTIVITIES 2004 # Loss on ordinary activities before taxation is stated after charging: Amortisation of intangible fixed assets 118,963 Depreciation and amounts written off tangible fixed assets: Charge for the period - owned assets 197,750 - hire purchase and leased assets 52,907 Auditors' remuneration- audit fees 17,100 Auditors' remuneration- non-audit fees: - further assurance services 7,000 - tax compliance 3,900 - tax advisory 10,684 Auditor's remuneration for non-audit fees (further assurance services) charged to the share premium account totalled #35,000. 6 EMPLOYEES 2004 No. The average monthly number of persons (including executive directors) employed by the group during the period was: Sales and Marketing 9 Product and Network development 6 Other 10 25 2004 # Staff costs for above persons: Wages and salaries 839,111 Social security costs 98,514 Other pension costs 40,669 978,294 6 EMPLOYEES (continued) 2004 # DIRECTORS' REMUNERATION Emoluments 200,380 Amounts paid to money purchase pension schemes 35,461 Total emoluments 235,841 2004 No The number of directors to whom relevant benefits are accruing under money purchase pension schemes was: 2 2004 # Emoluments for qualifying services 100,190 Company pension scheme contributions to money purchase schemes 17,731 7 TAXATION 2004 # Current Tax: UK corporation tax at 30% on loss of the period Adjustments in respect of previous periods (19,867) Total current tax (19,867) Deferred tax - Tax on loss on ordinary activities (19,867) 7 TAXATION (continued) TAX RECONCILIATION Factors affecting tax charge for the period 2004 # The current tax charge varies from the standard corporation tax charge for the following reasons: Loss on ordinary activities before tax (2,039,782) Loss on ordinary activities multiplied by the standard rate of corporation (611,935) tax in the UK of 30%. Effects of: Expenses not deductible for tax purposes (primarily goodwill amortisation) 103,570 Capital allowances in excess of depreciation (161,744) Unrelieved tax losses 670,109 Adjustment in respect of previous periods (19,867) Tax charge/ (credit) for the period (19,867) 8 RETAINED PROFIT FOR THE PERIOD As permitted by s230 Companies Act 1985, the company has not presented its own profit and loss account. Of the retained loss for the period, a loss of #3,945,893 is attributable to the activities of the holding company, comprising a provision on inter-company loans of #3,986,472 and other income of #40,579 . 9 INTANGIBLE FIXED ASSETS Goodwill # GROUP Cost Additions during the period as at 31 December 2004 1,297,783 Charge in the period and as at 31 December 2004 118,963 Net book value 31 December 2004 1,178,820 On 18 February 2004 the Group was formed by the acquisition of High Profile UK Limited and BigFX Limited by ScreenFX. The consideration was settled by the issue of 69,999,600 ordinary shares of 1p each in a share for share exchange. 10 TANGIBLE FIXED ASSETS Ipods and Fixtures, plasma screens fittings & Computer equipment Motor vehicles # equipment # # Total # GROUP # Cost or valuation: Acquired with subsidiaries 24,125 63,475 69,147 184,120 340,867 Additions 1,264,427 732,367 36,282 13,076 2,046,152 Disposals - - - (184,120) (184,120) 31 December 2004 1,288,552 795,842 105,429 13,076 2,202,899 Depreciation: Acquired with subsidiaries 6,194 31,125 27,361 43,263 107,943 Charged in the period 106,671 116,315 18,637 9,034 250,657 Disposals - - - (50,935) (50,935) 31 December 2004 112,865 147,440 45,998 1,362 307,665 Net book value 31 December 2004 1,175,687 648,402 59,431 11,714 1,895,234 Hire purchase and finance lease agreements Included within the net book value of #11,714 in respect of motor vehicles is #11,714 relating to assets held under hire purchase arrangements and included in the net book value of #1,175,687 is #567,000 relating to assets held under finance leases. The depreciation charged in the period in relation to these assets is #1,362 and #51,545 respectively. 11 FIXED ASSET INVESTMENTS Shares in subsidiary undertakings Total # # COMPANY Additions during the period and as at 31 December 2004 699,996 699,996 _______ ______ 11 FIXED ASSET INVESTMENTS (continued) The company holds more than 100% of the equity of the following undertakings: Country of Class of Proportion incorporation holding Directly Nature of business held Subsidiary undertakings: High Profile UK Limited England Ordinary 100% Digital screen advertising Shares BigFX Limited England Ordinary 100% Large format banner Shares advertising OutdoorFX England Ordinary 100% Dormant Shares The dormant subsidiaries are included at no value in the accounts and are excluded from consolidation on the grounds of immateriality. The company holds 100% of the voting rights in all of the subsidiaries listed above. Fair value of assets acquired: # Tangible fixed assets 232,924 Trade and other debtors 172,406 Cash in hand and at bank 17,694 Bank loan (136,250) Hire purchase loans (157,355) Trade and other creditors (693,901) Corporation tax (33,305) Net liabilities (597,787) Goodwill 1,297,783 Consideration #699,996 12 SHARE CAPITAL 2004 # Authorised: 240,000,000 ordinary shares of 1p each 2,400,000 Allotted, issued and fully paid: 120,000,000 ordinary shares of 1p each 1,200,000 During the period ordinary shares were issued as follows: Number Nominal value Share premium # # Issued at #1 4 4 - Sub-division to 1 p shares 396 - - Issued at 1p 69,999,600 699,996 - Issued at 10p 50,000,000 500,000 4,500,000 __________ __________ __________ 120,000,000 1,200,000 4,500,000 __________ __________ __________ The company issued the following shares in the period: * on 10 December 2003 two ordinary shares of #1 each were issued on incorporation. A further two shares of #1 each were issued on 18 February 2004; * on 23 February 2004 the #1 ordinary shares were subdivided into 100 shares of 1p each; * on 10 March 2004, a total of 69,999,600 shares of 1p each were issued as consideration for the acquisition of the company's two subsidiaries; * also on 10 March 2004, 50,000,000 shares of 1p each were issued in a placing, raising #5,000,000 before costs. 13 RESERVES Share Profit & Loss premium account # # GROUP Retained loss for the period - (2,019,915) On issue of shares 4,500,000 - Issue costs (594,547) - 31 December 2004 3,905,453 (2,019,915) COMPANY Retained loss for the period - (3,945,893) On issue of shares 4,500,000 - Issue costs (594,547) - 31 December 2004 3,905,453 (3,945,893) 14 CASH FLOWS 2004 # a Reconciliation of operating loss to net cash outflow from operating activities Operating (loss) on ordinary activities (2,061,565) Depreciation and amortisation 369,620 (Increase) in debtors (227,424) (Decrease) in creditors (303,284) Net cash outflow from operating activities (2,222,653) 2004 # b Analysis of cash flows for headings netted in the cash flow Returns on investments and servicing of finance Interest received 47,421 Interest paid (25,638) Net cash outflow from returns on investments and servicing of finance 21,783 Capital expenditure and financial investment Purchase of tangible fixed assets (2,046,152) Sales of tangible fixed assets 133,185 Net cash outflow from capital expenditure and financial investment (1,912,967) Financing Issue of ordinary share capital 5,000,000 Issue costs (594,547) Hire purchase and leasing loans received 631,621 Loans, hire purchase and leases repaid (242,293) Net cash inflow from financing 4,794,781 14 CASH FLOWS (continued) Acquired with At 31 December 2004 Subsidiaries Cash flow # # # c Analysis of net debt Cash in hand and at bank 17,694 648,481 666,175 Debt due within 1 year (43,185) (205,760) (248,945) Debt due after 1 year (250,420) (183,568) (433,988) (293,605) (389,328) (682,933) Total (275,911) 259,153 (16,758) 15 EARNINGS PER SHARE Earnings and the number of shares used in the calculations of earnings per share are set out below: 2004 Basic: Loss after tax #(2,019,915) Weighted average number of shares 97,314,944 EPS (pence) (2.1)p Basic and fully diluted earnings are the same due to the loss for the period. This information is provided by RNS The company news service from the London Stock Exchange END FR BRGDURGGGGUU
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