We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vale Int | LSE:VIG | London | Ordinary Share | VGG9330F1018 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6073I VI Group PLC 07 September 2006 RNS Release 7 September 2006 VI Group plc ("VI Group" or "the Company") Interim results for the six months to 30 June 2006 VI Group plc, leading suppliers of CAD/CAM software for the mould and die industry, announces further progress in the interim results for the six months to 30 June 2006. These results have been prepared under International Financial Reporting Standards ("IFRS") as adopted for use by the European Union ("EU") that the Group expects to be applicable to the year ending 31 December 2006. Financial highlights: * Turnover increased by 6% to #5.3 million (2005: #5.0 million), reflecting sales growth in North America, Japan and Germany * 35% increase in earnings before interest, tax, depreciation and amortisation ("EBITDA") to #0.39 million (2005: #0.29 million) * Pre-tax profits rose #152,000 to #0.2 million (2005: #0.05 million) * After tax profit of #12,000 (2005: loss of #138,000) * Strong contribution to North American revenues resulting from the 2005 acquisition of Smirtware Inc. * Previously conditional acquisition of Plastics and Computer International announced in June now completed * New product lines introduced last year now contributing positively to revenues Commenting on the interim results, Don Babbs, Chief Executive of VI Group, said: "The new product lines introduced at the end of last year are already making a positive contribution, and have helped us to continue to grow revenues and profits. We have also been pleased to successfully expand our client list which now includes corporations such as Chrysler in the USA, UMIX of Japan, and Comau and Fiat in Italy. Our latest acquisition also expands our product line and presents us with new opportunities in our largest current markets. VI Group remains optimistic for the rest of 2006 and the year ahead." Enquiries, please contact: Don Babbs Justin Lewis Chief Executive Corporate Synergy Plc VI Group plc 020 7448 4400 01453 732 900 Julie Randall Neil Boom Finance Director Gresham PR Ltd. VI Group plc 020 7404 9000 01453 732 900 Chairman's statement I am pleased to announce a further period of encouraging results for VI Group for the six months to 30 June 2006 and to update shareholders on progress to date. VI Group has enjoyed a productive six months reflected in continued sales growth, a significant increase in EBITDA and a welcome return to bottom line profits. The improvement in sales and profitability has partly been due to our aggressive broadening of the product line over the last year to include software solutions for shoe moulds, large stamping dies and the prediction of plastic flow within plastic injection moulds. Many of these sectors are entirely new to the Company and we expect it to take a little time to establish our products among the market leaders. It is pleasing to report that the SMIRTware acquisition completed in August of last year has provided growth in North America and elsewhere. As anticipated on acquisition, we have been able to use our distribution network to extend sales of SMIRTware products to other regions. Accordingly, we can report the first SMIRTware sales in the UK, Italy and Japan - all of which have been made in the last six months. While growth of sales in most parts of the world has been strong there has been a fall off in demand in Italy where the economic and political circumstances in the first half could not be entirely offset by an increase in market share. Sales to larger companies grew despite a continuing stream of bad news from the automotive sector. We believe we were able to achieve these significant sales to Ford, Chrysler, Fiat and Assa Abloy because these corporations recognised that our solutions would enhance their overall productivity. Financial results This is the first period in which the Group has reported its results in accordance with IFRS. The interim results for 2005 shown as comparatives have been restated to reflect IFRS. The notes include a reconciliation between the UK GAAP ('UK Generally Accepted Accounting Practice', the accounting convention previously used) and IFRS results as at 30 June 2005 and 31 December 2005. Group revenue for the six month period increased by 6% to #5.3 million (2005: #5.0m). Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to #0.39 million (2005: #0.29m). The profit on ordinary activities before taxation was #197,000 (2005: #45,000) after a charge of #73,000 for amortisation of intangible assets is taken into account (2005: #126,000). This produced a small profit after tax of #12,000 (2005: loss of #138,000), resulting in basic earnings per share of 0.03 pence (2005: loss per share of 0.37 pence). Cost controls have intensified in 2006. Selling costs increased by 4% over the last year but fell slightly when the effect of acquisitions is taken out. General and administrative costs were reduced by 11%, while on-going development costs rose as we increased our efforts across a broader product range. Operating cash flow for the six months was #0.98 million (2004: #0.7m). Cash balances were nearly #1.7 million at 30 June 2006 (31 December 2005: #1.0m) while net cash balances were #1.6m (31 December 2005: #0.7m). New developments As part of our focus on the emerging markets we are expanding our organisation in Shanghai to address the increasing production of moulds and dies in the region. As well as providing marketing and support services the new organisation will add sales and development divisions to its structure. In addition to China we are also paying closer attention to India as an emerging market with its consistently high manufacturing growth rate. We are pleased to report that the US re-organisation reported last year has progressed well, and that new parts of the US being addressed now include the mid-west, the west coast and the east coast. We expect our efforts to provide a much greater US presence beyond our current activities in Detroit and Toronto. The recent acquisition of Milan-based Plastics and Computer International provides the Group with a new aid to customers working with plastic injection moulds. Its software, when used in conjunction with our mould design solutions, allows customers to predict much more accurately how plastic materials will perform in moulds, producing a 'right first time' approach to difficult moulding problems. The product is already proven and is well used by multinational plastic moulding companies such as Flextronics and by car maker Fiat. Outlook VI Group has made further progress in the first six months with the new product lines that were introduced at the end of last year starting to positively impact results. The Group has continued to grow revenues and profits as the product range has expanded, despite adverse market conditions in parts of Europe. Moreover, because of our expanded product range, we have added a number of larger companies to our list of clients which in turn tends to bring further gains through their supply chains. Going forward, in time we hope to replicate the strong market presence we enjoy in our current markets in some of the emerging economies that have the best growth potential. We remain optimistic for the rest of 2006 and the year ahead. Stephen Palframan Chairman 7 September 2006 Consolidated Income Statement ------------------------------- for the 6 months ended 30 June 2006 (unaudited) 6 months to 6 months to Year to 30 June 2006 30 June 2005 31 December 2005 unaudited unaudited unaudited restated restated # 000 # 000 # 000 Revenue 5,308 5,006 10,196 Cost of Goods (480) (495) (980) -------- -------- -------- Gross Profit 4,828 4,511 9,216 Selling expenses (2,685) (2,578) (5,083) Administrative expenses (970) (1,092) (1,910) Product development (779) (560) (1,268) Net other operating income 4 6 95 -------- -------- -------- Earnings before interest, tax, depreciation and amortisation (EBITDA) 398 287 1,050 Depreciation (89) (93) (196) Amortisation (73) (126) (195) -------- -------- -------- Operating Profit 236 68 659 Interest receivable and similar income 10 17 25 Interest payable and similar charges (49) (40) (80) -------- -------- -------- Profit before tax 197 45 604 Tax (185) (183) (231) -------- -------- -------- Profit/(Loss) after tax 12 (138) 373 -------- -------- -------- Earnings /(loss) per share - pence (basic and diluted) 0.03 (0.37) 1.00 Consolidated Balance Sheet ---------------------------- As at 30 June 2006 (unaudited) As at As at As at 30 June 2006 30 June 2005 31 December 2005 unaudited unaudited unaudited restated restated # 000 # 000 # 000 ASSETS Non-current assets Property, plant and equipment 638 402 410 Intangible assets 2,542 1,346 2,279 -------- -------- -------- 3,180 1,748 2,689 -------- -------- -------- Current assets Inventories 16 36 21 Trade and other receivables 5,342 5,620 5,623 Cash and cash equivalents 1,689 1,411 1,077 -------- -------- -------- 7,047 7,067 6,721 -------- -------- -------- -------- -------- -------- Total assets 10,227 8,815 9,410 -------- -------- -------- LIABILITIES Non-current liabilities 1,145 586 1,104 Current liabilities 4,647 4,259 3,837 -------- -------- -------- Total liabilities 5,792 4,845 4,941 -------- -------- -------- EQUITY Issued Share Capital 186 186 186 Share Premium 5,860 5,860 5,860 Other Reserves (13) 45 33 Retained earnings (1,598) (2,121) (1,610) -------- -------- -------- Total Equity 4,435 3,970 4,469 -------- -------- -------- -------- -------- -------- Total liabilities and equity 10,227 8,815 9,410 -------- -------- -------- Consolidated Statement of Changes in Equity --------------------------------------------- for the 6 months ended 30 June 2006 (unaudited) Share Share Share Based Translation Other Retained Total Capital Premium Compensation Reserve Reserves Earnings Equity At 31 December 2004 as previously reported 186 5,860 0 0 10 (1,727) 4,329 IFRS adjustments (note 2) 0 0 5 0 0 (256) (251) At 31 December 2004 ------- -------- ------- --------- -------- -------- ------- (under IFRS - unaudited) 186 5,860 5 0 10 (1,983) 4,078 Profit for the period (under IFRS - note 2) 0 0 17 0 0 (138) (121) Currency translation differences 0 0 0 15 (2) 0 13 ------- -------- ------- --------- -------- -------- ------- At 30 June 2005 186 5,860 22 15 8 (2,121) 3,970 Profit for the period (under IFRS - note 2) 0 0 16 0 0 511 527 Currency translation differences 0 0 0 (28) 0 0 (28) ------- -------- ------- --------- -------- -------- ------- At 31 December 2005 186 5,860 38 (13) 8 (1,610) 4,469 Profit for the period 0 0 17 0 0 12 29 Currency translation differences 0 0 0 (66) 3 0 (63) ------- -------- ------- --------- -------- -------- ------- At 30 June 2006 186 5,860 55 (79) 11 (1,598) 4,435 ------- -------- ------- --------- -------- -------- ------- Consolidated Cash Flow Statement ---------------------------------- for the 6 months ended 30 June 2006 (unaudited) 6 months to 6 months to Year to 30 June 2006 30 June 2005 31 December 2005 unaudited unaudited unaudited restated restated # 000 # 000 # 000 Cash flows from operating activities Cash generated from operations 1,112 821 743 Interest paid (64) (40) (80) Taxes paid (72) (64) (258) -------- -------- -------- Net cash from operating activities 976 717 405 -------- -------- -------- Cash flows from investing activities Acquisition of subsidiary net of cash acquired 113 (29) (492) Purchase of plant , property and equipment (80) (55) (120) Proceeds from sale of equipment 17 6 59 Purchases of intangible assets (7) (10) (26) Interest received 11 17 25 -------- -------- -------- Net cash used in investing activities 54 (71) (554) -------- -------- -------- Cash flows from financing activities Payments of finance lease liabilities (45) (36) (99) New loan 0 0 465 Loans repaid (69) 0 0 -------- -------- -------- Net cash used in financing activities (114) (36) 366 -------- -------- -------- Net increase in cash and cash equivalents 916 610 217 Cash and cash equivalents at beginning of period 652 407 407 Exchange gains / (losses) on cash and bank overdrafts (17) 46 28 -------- -------- -------- Cash and cash equivalents at end of period 1,551 1,063 652 -------- -------- -------- Notes to the Interim Financial Statements 1. Basis of preparation The Group previously reported its financial statements in accordance with UK GAAP. From 1 January 2006 the Group is preparing its financial statements in accordance with those International Accounting Standards, International Financial Reporting Standards, and Interpretations (collectively "IFRS") that are expected to be adopted in the Group's first full IFRS financial statements for the year ended 31 December 2006, and has restated its comparative figures accordingly. However, the IFRS are subject to ongoing review and endorsement by the European Commission and therefore may be subject to change. The interim financial information is unaudited and does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The accounting policies followed by the Group in this interim report are derived from those set out in the audited financial statements for the year ended 31 December 2005. These accounting policies have been amended for changes arising from the adoption of IFRS as the basis of preparation of this interim report. Basis of consolidation The consolidated interim financial information incorporates the financial information of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. On acquisition, the assets and liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets is recognised as goodwill. All intra-group transactions, balances, income and expenditure are eliminated on consolidation. Segmental Reporting The board consider that the company operates in only one business segment, the supply of software and associated services. They do not consider it useful or meaningful to analyse the interim results by geographical segment. 2.Transition from UK GAAP to IFRS The rules for first time adoption of IFRS are set out in IFRS1 ('First-time adoption of International Financial Reporting Standards'). In preparing the transition from UK GAAP to IFRS, the Group has utilised 3 exemptions available on first time adoption of IFRS, namely: - VI Group plc has elected not to apply retrospectively the provisions of IFRS3, ('Business Combinations'), to acquisitions that occurred prior to the Group's transition date of 1 January 2005. - VI Group plc has elected not to apply retrospectively the provisions of IFRS2, ('Share Based Payments'), to share options granted on or before 7 November 2002. - VI Group plc has elected to apply the exemption which allows cumulative translation differences to be set to zero at the transition date Reconciliation of restated IFRS consolidated financial information to UK GAAP Profit 6 months to Year to 30 June 2005 31 December 2005 unaudited unaudited # 000 # 000 Profit/(loss) for the period under UK GAAP as previously reported 6 (154) Reversal of amortisation of goodwill 195 310 Goodwill impairment (70) (70) Share based payments charges (17) (33) Holiday pay accruals (19) (11) Capitalisation of development 178 333 Amortisation of intangible assets 0 (8) Revenue Recognition (411) 3 Interest on borrowings 0 3 -------- --------- Profit/(loss) for the period under IFRS (138) 373 -------- --------- Total Equity As at As at As at 30 June 2005 31 December 2005 31 December 2004 unaudited unaudited unaudited # 000 # 000 # 000 Total equity under UK GAAP as previously reported 4,346 4,159 4,329 Reversal of amortisation of goodwill 195 310 0 Goodwill impairment (70) (70) 0 Holiday pay accruals (44) (38) (27) Capitalisation of development 178 333 0 Amortisation of intangible assets 0 (8) 0 Revenue Recognition (635) (220) (224) Interest on borrowings 0 3 0 -------- --------- --------- Total equity under IFRS 3,970 4,469 4,078 -------- --------- --------- Changes in accounting policies The following notes explain the main differences between UK GAAP and IFRS which affect the Group's financial statements: Intangible assets (IFRS 3 and IAS 38) Under UK GAAP, all capitalised software is included within tangible fixed assets on the balance sheet. Under IAS 38 "Intangible Assets", only computer software that is embedded in computer-controlled equipment that cannot be operated without that specific software is an integral part of the related hardware and is treated as property, plant and equipment. All other computer software should be recorded as an intangible asset. Accordingly, a net reclassification has been made in the opening balance sheet and the balance sheet as at 31 December 2004 between property, plant and equipment and intangible assets. There is no impact on the income statement from this reclassification Goodwill (IFRS 3 and IAS 36) Under IFRS 3, goodwill has an indefinite life and is only written down when an impairment test suggests that the carrying value is overstated. Any previously reported goodwill amortisation charged under UK GAAP since the transition date of 1 January 2005 is reversed under IFRS and subject to an impairment review. Holiday Pay Accruals (IAS 19) Previously no provision was made for holiday pay. Under IAS 19 - "Employee Benefits" the expected cost of compensated short-term absences (e.g. holidays) should be recognised when employees render the service that increases their entitlement. As a result an accrual has been made for holidays earned but not taken. Share based payments (IFRS 2) Charges have been made in the IFRS income statement to spread the fair value of share options issued since November 2002 over the vesting period of those options. Share options have been valued on the basis of a Black-Scholes Model using the criteria below: - Expected volatility of 33% - Expected average life of the option of 3 years Research and development (IAS 38) Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognised in the income statement as an expense as incurred. Development costs incurred after the point at which the commercial and technical feasibility of the product has been proven, the decision to complete the development has been taken and the resources made available, are capitalised. The expenditure capitalised includes the cost of direct labour and an appropriate proportion of overheads. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure has an estimated useful life of 6 years and is written off over that period. Prior to the transition date of 1 January 2005, the Group did not have the necessary records and assessments in place in order to meet the criteria required by IAS 38 and therefore no adjustment has been made at that date. Borrowing costs (IAS 23) Borrowing costs directly attributable to the acquisition of a subsidiary have been capitalised as part of the cost of the acquisition, as allowed by the alternative treatment under IAS 23. Revenue Recognition (IAS 18 and IAS 34) Revenue represents the invoiced value of sales of software and related services to third parties, exclusive of value added tax or equivalent. Software licences are recognised on delivery of the software licence. Maintenance renewals are recognised rateably over the period of the maintenance contract. The group's accounting policy has previously been to recognise software sales revenue in full once the licence has been delivered. In accordance with IAS 18 the group now defers a portion of software sales revenue to cover the cost of servicing activities in the first year. There has also been a change in the method of calculation of certain maintenance contract revenues leading to an additional deferral of revenue in the first half of the year. The impact on the full year results arising from this change is unlikely to be material. 3. Earnings per share 6 months to 30 June 2005 Earnings EPS restated Shares restated # 000 000 pence Basic loss per share (138) 37,261 (0.37) Number of shares for which options were outstanding - 3,111 - Non dilutive options - (3,111) - ------- -------- ------- Fully diluted loss per share (138) 37,261 (0.37) ------- -------- ------- 6 months to 30 June 2006 Earnings Shares EPS # 000 000 pence Basic earnings per share 12 37,261 0.03 Number of shares for which options were outstanding - 3,111 - Non dilutive options - (3,111) - ------- -------- ------- Fully diluted earnings per share 12 37,261 0.03 ------- -------- ------- 4. Notes to Cash Flow Statement Reconciliation of operating profit to net cash inflow from operating activities: 6 months to 6 months to Year to 30 June 2006 30 June 2005 31 December 2005 unaudited unaudited unaudited restated restated # 000 # 000 # 000 Cash generated from operations -------------------------------- Operating profit for the period 236 68 659 Adjustments for: Depreciation & Amortisation 162 149 321 Goodwill impairment charge 0 70 70 Share based compensation 17 17 33 (Profit) / loss on sale of plant, property and equipment 4 (2) (17) Increase in inventories 5 10 27 Decrease in trade and other receivables 402 72 124 Increase in trade and other payables 511 615 (141) Increase in capitalised development costs (225) (178) (333) -------- -------- ---------- Cash generated from operations 1,112 821 743 -------- -------- ---------- This information is provided by RNS The company news service from the London Stock Exchange END IR KGGGLNVRGVZM
1 Year Vale Int Chart |
1 Month Vale Int 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