TIDMDSN
RNS Number : 3657L
Densitron Technologies PLC
05 May 2010
DENSITRON TECHNOLOGIES PLC
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31st DECEMBER 2009
+--+-------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Densitron Technologies plc ("Densitron" or the "Company" or the "Group"), the designer and developer of electronic |
| displays is pleased to announce its preliminary unaudited results for the year ended 31st December 2009. |
+-------------------------------------------------------------------------------------------------------------------------------+
| | |
| A very difficult trading environment saw a fall in sales and orderbook, but due to careful management of | |
| administrative expenses the Group remained profitable. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| Ø Revenue decreased by 17% from GBP18.3million in 2008 to GBP15.1 million in 2009. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| Ø Profit from continuing operations decreased by GBP0.2 million to GBP0.2 million in 2009. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Ø Bank borrowings substantially reduced from GBP3.7 million in 2008 to GBP1.9 million in 2009. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Ø Orderbook at 31st December 2009 was GBP8.1 million. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Ø Pipeline of new business opportunities strengthened during the year and into 2010. | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Ø Key customers retained despite a difficult trading environment. | | | | | |
+-----------------------------------------------------------------------------+----------+-------------+----------+-------------+--+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Ø GBP1.2m received following a capital reduction in Evervision. | | | | | |
+-----------------------------------------------------------------------------+----------+-------------+----------+-------------+--+
| | |
+-------------------------------------------------------------------------------------------------------------------------------+--+
| | | | | | | 2009 | | 2008 | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| | | | | | | GBPmillions | | GBPmillions | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Revenue | | | | | | 15.1 | | 18.3 | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Profit from operations | | | | | | 0.2 | | 0.4 | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Basic earnings per share | | | | | | 0.18p | | 0.25p | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Gearing | | | | | | 4% | | 24% | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| Order Book | | | | | | 8.1 | | 10.4 | |
+----------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
| | | | | | | | | | | |
+--+-------------------------------+----------+-------+----------+------------+----------+-------------+----------+-------------+--+
Jan G Holmstrom, Chairman of Densitron, commented:
"Despite a very difficult trading environment, which saw a fall in sales and
orderbook, careful management of administrative expenses has enabled the Group
to remain profitable. With the trading environment improving I believe
Densitron is well positioned for the future."
Enquiries:
+------------------------------+------------------------------+
| Densitron | Westhouse Securities |
| Grahame Falconer / Tim | Tim Metcalfe / Martin |
| Pearson | Davison |
| Tel: 0207 648 4200 | Tel: 020 7601 6100 |
| | |
+------------------------------+------------------------------+
Chairman's Statement
Having weathered the recession and managed to retain customers, suppliers and
staff alike I believe that Densitron is in a good position to build on the
platform that had been set already in 2008. In my Chairman's Statement in the
2008 Annual Report I wrote that 2009 was expected to be a difficult year for all
businesses and so it proved. The extent of the recession was such that it was
impossible not to have been affected by it.
Densitron Displays
The displays business entered 2009 with a solid foundation having grown
significantly during the previous 12 months. We had seen a slowdown in orders in
the final quarter of 2008 in the US, but the rest of the Group had been largely
unaffected. During the first quarter of 2009 we saw a gradual reduction in
orders throughout the Group and by the middle of the year saw the consequential
reduction in sales. Due to the lead times involved in converting an order into a
sale the Group was able to identify the fall off in sales and margin early
enough to take remedial action. This, along with a modest increase in sales in
the second half, enabled the business to generate a small profit for the year as
a whole.
Evervision Electronics Co. Ltd (Evervision)
Evervision is a Taiwanese display manufacturer with factories in Taiwan and
mainland China, in which Densitron owns 24.48% of the share capital.
In my 2008 Chairman's Statement I reported that Evervision had rationalised its
business by reducing the number of factories it operated from and moving parts
of its manufacturing capability to its factory in Kunshan, China, which is fully
owned. With the worldwide recession experienced during 2009 Evervision had
placed itself to withstand much of the pressures that this inevitably put on the
company. It was again, modestly loss making during the year but generated cash
from its operations.
At the beginning of 2009 Evervision had approximately GBP13.5 million of its
assets in cash but because it had no distributable reserves it remained unable
to pay dividends to its shareholders. In June 2009, as a response to this
situation, the Board of Evervision made the decision to return some of this cash
to shareholders by way of a capital reduction. This resulted in Densitron
receiving a cash payment of GBP1.2 million from Evervision in December 2009.
Despite the capital reduction completed in December, Evervision continues to
hold a significant amount of cash and Densitron will seek a further capital
reduction by Evervision in 2010.
Land at Blackheath
Following the disposal of the playing fields at Blackheath, London, to the local
Council the Group has retained ownership of a piece of land totalling 1.25
acres. The land is an infill site in a residential area of Blackheath and it is
the intention of the Board to seek planning permission for residential
development.
The land, along with the disposed playing fields, is subject to a Metropolitan
Open Land Order which prevents development. It is the Board's intention to
contend that this designation is no longer appropriate and that sensitive
development would enhance rather than detract from the local area.
The planning application, along with the required surveys and other
documentation should be ready for submission in the next few weeks. The land is
currently held in the books of the Group at cost and should satisfactory
planning consent be obtained the Board believes that the value would be
significantly enhanced. The Board will keep shareholders informed when there are
any significant developments with the land.
Banking arrangements
The Group continues to maintain close links to its primary banker, Barclays Bank
PLC, with regular meetings held to update the bank on results and expected
future prospects. Due to changes in the banking environment during 2009 Barclays
expressed their desire to reduce the level of facilities available to the Group.
This was in line with what the executive directors were already in the process
of doing, having put in place a program to reduce the level of debt within the
group following the disposal of its loss making businesses.
The GBP1.2 million received following the capital reduction in Evervision was
used to repay a loan in Taiwan that was being guaranteed by Barclays in the UK
and to assist with working capital in our Taiwanese branch.
At the end of 2009 the level of bank borrowings within the group had fallen to
GBP1,934,000 (2008: GBP3,674,000) which represented a very significant
improvement.
Outlook and strategy
The outlook for the business remains encouraging and we have seen a significant
growth in the order book in the first quarter of 2010. There is no doubt that
the market for displays continues to grow and the Group has positioned itself to
take advantage of this, whilst maintaining a wide range of technologies and
product solutions for its customers. Our strategy of organic growth coupled
with strategic acquisitions should they arise, remains unchanged.
Finally I would like to thank the directors and staff at Densitron for their
commitment during an extremely difficult period for the Company, during which
many employees have made sacrifices. Additionally I would like to thank
shareholders for their continuing support.
Jan G Holmstrom
Chairman
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Densitron Technologies plc |
| Consolidated income statement |
| For the year ended 31 December 2009 |
| |
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2009 | | 2008 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| | | | | | | | | Restated |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| | | | | | | GBP000 | | GBP000 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Continuing operations | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Revenue | | | | | | 15,123 | | 18,287 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Cost of sales | | | | | | (10,188) | | (12,783) |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Gross profit | | | | | | 4,935 | | 5,504 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Other operating income | | | | | | 269 | | 184 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Distribution costs | | | | | | (50) | | (49) |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Administrative expenses | | | | | | (4,908) | | (5,268) |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Profit from operations | | | | | | 246 | | 371 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Financial income | | | | | | 28 | | 140 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Financial expenses | | | | | | (115) | | (194) |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Profit before tax | | | | | | 159 | | 317 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Income tax expenses | | | | | | (48) | | (123) |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Profit for the period | | | | | | 111 | | 194 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Attributable to: | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Equity holders of the parent | | | | | | 122 | | 175 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Non-controlling interests | | | | | | (11) | | 19 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| | | | | | | 111 | | 194 |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
| Basic and diluted earnings per | | | | | | 0.18p | | 0.25p |
| share | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+----------+----------+----------+
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Densitron Technologies plc |
| Consolidated statement of comprehensive income |
| For the year ended 31 December 2009 |
| |
+-----------------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2009 | | 2008 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| | | | | | | | | Restated | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| | | | | | | GBP000 | | GBP000 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Profit for the year | | | | | | 111 | | 194 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Other comprehensive income | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Available for sale investments: | | | | | | | | | |
| Valuation gains on available | | | | | | 54 | | - | |
| for sale investments | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Exchange (losses)/gains on translation of foreign | | | | (354) | | 526 | |
| operations | | | | | | | |
+-----------------------------------------------------+----------+-------+----------+--------+----------+----------+----------+
| Total other comprehensive income | | | | | | (300) | | 526 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Total comprehensive income for | | | | | | (189) | | 720 | |
| the year | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Total comprehensive income | | | | | | | | | |
| attributable to: | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Owners of the parent | | | | | | (171) | | 684 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| Non-controlling interests | | | | | | (18) | | 36 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
| | | | | | | (189) | | 720 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+----------+----------+
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Densitron Technologies plc |
| Consolidated Balance Sheet |
| At 31 December 2009 |
| |
+---------------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2009 | | 2008 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | GBP000 | | GBP000 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Non current assets | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Property, plant and equipment | | | | | | 235 | | 246 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Goodwill | | | | | | 143 | | 143 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Financial assets | | | | | | 5,100 | | 6,393 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Deferred tax assets | | | | | | 47 | | 60 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | 5,525 | | 6,842 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Current assets | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Inventories | | | | | | 667 | | 1,432 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Trade and other receivables | | | | | | 3,681 | | 5,296 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Financial assets | | | | | | 393 | | 495 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Income tax recoverable | | | | | | 128 | | 76 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Cash and cash equivalents | | | | | | 1,626 | | 1,812 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | 6,495 | | 9,111 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Total assets | | | | | | 12,020 | | 15,953 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Current liabilities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Short term borrowings and | | | | | | 1,934 | | 3,362 | |
| overdrafts | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Trade and other payables | | | | | | 2,248 | | 4,194 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Current tax payable | | | | | | 70 | | 55 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Provisions | | | | | | 34 | | 84 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | 4,286 | | 7,695 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Non current liabilities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Borrowings | | | | | | - | | 312 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Provisions | | | | | | 178 | | 188 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Deferred tax liabilities | | | | | | - | | 5 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | 178 | | 505 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Total liabilities | | | | | | 4,464 | | 8,200 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | 7,556 | | 7,753 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Equity | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Share Capital | | | | | | 3,483 | | 3,483 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Retained earnings | | | | | | 3,752 | | 3,428 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Special reserve | | | | | | 188 | | 390 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Available for sale reserve | | | | | | 54 | | - | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Translation reserve | | | | | | 34 | | 381 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Equity attributable to | | | | | | 7,511 | | 7,682 | |
| shareholders of Densitron | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Non-controlling interests | | | | | | 45 | | 71 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
| Total equity | | | | | | 7,556 | | 7,753 | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+----------+
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Densitron Technologies plc |
| Consolidated Statement Cash Flow Statement |
| For the year ended 31 December 2009 |
| |
+-----------------------------------------------------------------------------------------------------------------------------+
| | | | | | | 2009 | | 2008 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | GBP000 | | GBP000 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Cash flows from operating | | | | | | | | | |
| activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Profit before taxation | | | | | | 160 | | 317 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Adjustments for: | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Depreciation | | | | | | 50 | | 51 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Net finance expense | | | | | | 92 | | 151 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | 302 | | 519 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in financial assets | | | | | | (446) | | (221) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in inventories | | | | | | 654 | | (600) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in trade and other | | | | | | 1,423 | | (2,153) | |
| receivables | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in trade and other | | | | | | (1,681) | | 1,858 | |
| payables | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in provisions | | | | | | (60) | | 34 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | 192 | | (563) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Income tax paid | | | | | | (79) | | (187) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Net cash from operating | | | | | | 113 | | (750) | |
| activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Cash flows from investing | | | | | | | | | |
| activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Interest received | | | | | | 23 | | 43 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Proceeds from sale of property, | | | | | | | | | |
| plant and equipment | | | | | | - | | 17 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Proceeds from capital reduction | | | | | | | | | |
| of available for sale investment | | | | | | 1,139 | | - | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Disposal of discontinued | | | | | | 495 | | 568 | |
| operation | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Acquisition of property, plant | | | | | | (54) | | (68) | |
| and equipment | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Net cash generated from | | | | | | 1,603 | | 560 | |
| investing activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Cash flows from financing | | | | | | | | | |
| activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Purchase of own shares | | | | | | - | | (25) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Inception of new loans | | | | | | 16 | | 345 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Repayment of borrowings | | | | | | (1,015) | | (693) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Interest paid | | | | | | (115) | | (196) | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Payment of finance lease | | | | | | (5) | | (21) | |
| liabilities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in invoice discounting | | | | | | (251) | | 354 | |
| creditor | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Change in letters of credit | | | | | | (281) | | 131 | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Dividend paid to non-controlling | | | | | | (8) | | (17) | |
| interests | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Net cash used in financing | | | | | | (1,659) | | (122) | |
| activities | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Net decrease in cash and cash | | | | | | 57 | | (312) | |
| equivalents | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Cash and cash equivalents at 1st | | | | | | 1,202 | | 872 | |
| January | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Effect of exchange rate | | | | | | (154) | | 642 | |
| fluctuations on cash held | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| Cash and cash equivalents at | | | | | | 1,105 | | 1,202 | |
| 31st December | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
| | | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+---------+----------+---------+----------+
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Densitron Technologies plc |
| Statement of changes in equity |
| For the year ended 31 December 2009 |
| |
+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| | | Share | | Translation | | Special | | Available | | Retained | | Total | | Non-controlling | | Total |
| | | Capital | | reserve | | reserve | | for sale | | earnings | | attributable | | interest | | Equity |
| | | | | | | | | reserve | | | | to equity | | | | |
| | | | | | | | | | | | | holders of | | | | |
| | | | | | | | | | | | | parent | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Balance at | | | | | | | | | | | | | | | | |
| 1st | | 3,483 | | (128) | | 478 | | - | | 3,190 | | 7,023 | | 52 | | 7,075 |
| December | | | | | | | | | | | | | | | | |
| 2008 | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Total | | | | | | | | | | | | | | | | |
| comprehensive | | - | | 509 | | - | | - | | 175 | | 684 | | 36 | | 720 |
| income | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Purchase of | | - | | - | | - | | - | | (25) | | (25) | | - | | (25) |
| own shares | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Distribution | | | | | | | | | | | | | | | | |
| to | | - | | - | | - | | - | | - | | - | | (17) | | (17) |
| non-controlling | | | | | | | | | | | | | | | | |
| interest | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Transfer | | | | | | | | | | | | | | | | |
| from | | - | | - | | (88) | | - | | 88 | | - | | - | | - |
| special | | | | | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Balance at | | | | | | | | | | | | | | | | |
| 31st | | 3,483 | | 381 | | 390 | | - | | 3,428 | | 7,682 | | 71 | | 7,753 |
| December | | | | | | | | | | | | | | | | |
| 2008 | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Balance at | | | | | | | | | | | | | | | | |
| 1st | | 3,483 | | 381 | | 390 | | - | | 3,428 | | 7,682 | | 71 | | 7,753 |
| December | | | | | | | | | | | | | | | | |
| 2009 | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Total | | | | | | | | | | | | | | | | |
| comprehensive | | - | | (347) | | - | | 54 | | 122 | | (171) | | (18) | | (189) |
| income | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Distribution | | | | | | | | | | | | | | | | |
| to | | - | | - | | - | | - | | - | | - | | (8) | | (8) |
| non-controlling | | | | | | | | | | | | | | | | |
| interest | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Transfer | | | | | | | | | | | | | | | | |
| from | | - | | - | | (202) | | - | | 202 | | - | | - | | - |
| special | | | | | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| Balance at | | | | | | | | | | | | | | | | |
| 31st | | 3,483 | | 34 | | 188 | | 54 | | 3,752 | | 7,511 | | 45 | | 7,556 |
| December | | | | | | | | | | | | | | | | |
| 2009 | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
| | | | | | | | | | | | | | | | | |
+-----------------+----------+---------+----------+-------------+----------+---------+----------+-----------+----------+----------+----------+--------------+----------+-----------------+----------+--------+
The 2008 consolidated statement of comprehensive income and the 2008 statement
of changes in equity have been amended to show the cost of the purchase of the
Company's own shares separately and incorporate the exchange movement of
non-controlling interests within total comprehensive income.
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Densitron Technologies plc |
| Notes to the Consolidated Financial Statements |
| For the year ended 31 December 2009 |
| |
+----------------------------------------------------------------------------------------------------------------+
| 1. Basis of preparation |
| The financial statements have been prepared in accordance with International Financial Reporting Standards, |
| International Accounting Standards and Interpretations (collectively IFRSs) issued by the International |
| Accounting Standards Board (IASB) as adopted by the European Union (Adopted IFRSs) and are in accordance with |
| IFRS as issued by the IASB. |
| |
| The accounting policies applied are consistent with those set out in the financial statements of Densitron |
| Technologies plc for the year ended 31st December 2008. The financial information in the announcement is |
| unaudited and does not constitute the company's statutory accounts for the years ended 31st December 2009 or |
| 2008. The financial information for the year ended 31st December 2008 is derived from the statutory accounts |
| for that year, which were prepared under IFRSs as adopted by the EU, which have been delivered to the |
| Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not |
| include references to any matters to which the auditors drew attention by way of emphasis without qualifying |
| their reports and did not contain statements under the Companies Act 1985, s 237(2) or (3). |
| The statutory accounts for the year ended 31st December 2009, prepared in accordance with IFRSs as adopted by |
| the EU, will be finalised on the basis of the financial information presented by the directors in this |
| preliminary announcement and will be delivered to the Registrar of Companies following the company's annual |
| general meeting. |
| |
+----------------------------------------------------------------------------------------------------------------+
| 2. Other income | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | 2009 | | 2008 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | GBP000 | | GBP000 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Commissions receivable | | | | | | 5 | | 11 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Royalties receivable | | | | | | 186 | | 101 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Rent receivable | | | | | | 5 | | 6 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Deferred consideration | | | | | | 70 | | 63 |
| receivable | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Other | | | | | | 3 | | 3 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | 269 | | 184 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| 3. Financial income and expense | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | 2009 | | 2008 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | GBP000 | | GBP000 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Financial income | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Exchange gains | | | | | | 5 | | 97 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Bank deposit interest | | | | | | 2 | | 9 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Interest on deferred | | | | | | 21 | | 34 |
| consideration | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | 28 | | 140 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Financial expenses | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Bank borrowings | | | | | | 102 | | 146 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Hire purchase and finance leases | | | | | | - | | 2 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Invoice discounting charge | | | | | | 12 | | 21 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| Other loan interest payable | | | | | | 1 | | 25 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
| | | | | | | 115 | | 194 |
+----------------------------------+----------+-------+----------+-------+----------+--------+----------+--------+
+----------------------------------+----------+-------+----------+-------+----------+-------+----------+--------+
| 4. Business and geographical | | | | | | | | |
| segments | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+-------+----------+--------+
| | | | | | | | | |
+----------------------------------+----------+-------+----------+-------+----------+-------+----------+--------+
| The Chief operating decision maker in the organization is made up of an Executive Committee comprising the |
| Executive Directors and Chairman, they have determined the operating segments detailed within this report and |
| on which the business is managed. The Group is managed on a geographical basis determined by the location in |
| which subsidiaries are located and resources are allocated as required on this basis. |
| |
| The Group is managed by the geographical location of its subsidiaries: |
| Ø Europe - The European market, being so diverse, is serviced by subsidiaries based in four locations: |
| Ø UK - the UK is responsible for business conducted in the UK, management of the Group's distribution |
| network and sales into other locations where the Group does not have a physical presence. The UK business |
| contributed 23% (2008: 26%) to Group revenues. |
| Ø France - the subsidiary in France is responsible for business conducted in France and with French |
| customers whose manufacturing operations maybe located elsewhere in the world. The French business |
| contributed 14% (2008: 12%) to Group revenues. |
| Ø Nordic - Densitron Nordic is the Group's subsidiary located in Finland and servicing business locally |
| along with Sweden and customers located in the Baltic region. The Finnish business contributed 4% (2008: 7%) |
| to Group revenues. |
| Ø Germany - Densitron Deutschland is the Group's subsidiary based in Germany. It is responsible for business |
| conducted in Germany, Switzerland and Austria and through the Group's distributor based in Germany. The |
| German business contributed 15% (2008: 9%) to Group revenues. |
| In total the European region represented the largest part of the business contributing 56% (2008: 54%) to |
| Group revenues. |
| Ø US - the US segment is responsible for business conducted in the US, Canada and Central and South America. |
| It represents 34% (2008: 38%) of the Group total revenues. |
| Ø Asia - The Asian segment is made up of subsidiaries located in Japan and Taiwan. |
| Ø Japan - Densitron Japan is responsible for sales into Japan. It contributed 9% (2008: 7%) to Group |
| revenues. |
| Ø Taiwan - Densitron Asia is the Group's subsidiary located in Taiwan. It is primarily a facilitating |
| function for the rest of the Group managing suppliers located in Taiwan and China. It contributed 1% (2008: |
| 1%) to Group revenues. |
| |
| Inter-segment transfer pricing is based on the level of work carried out and the risk encountered by each |
| party in order to make a third party sale. |
+----------------------------------+----------+-------+----------+-------+----------+-------+----------+--------+
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | UK | | France | | Finland | | Germany | | US | | Japan | | Asia | | Total |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| 2009 | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Revenue | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Total | | 4,960 | | 2,084 | | 677 | | 2,245 | | 5,224 | | 1,576 | | 3,811 | | 20,577 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Intercompany | | (1,503) | | (37) | | - | | - | | (25) | | (265) | | (3,624) | | (5,454) |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Revenue | | | | | | | | | | | | | | | | |
| from | | 3,457 | | 2,047 | | 677 | | 2,245 | | 5,199 | | 1,311 | | 187 | | 15,123 |
| external | | | | | | | | | | | | | | | | |
| customers | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Profit/(loss) | | (29) | | (15) | | (57) | | 74 | | 244 | | 59 | | 15 | | 291 |
| before tax | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Balance | | | | | | | | | | | | | | | | |
| Sheet | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Assets | | 1,043 | | 703 | | 366 | | 971 | | 1,758 | | 951 | | 552 | | 6,344 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Liabilities | | (1,485) | | (345) | | (79) | | (139) | | (874) | | (199) | | (438) | | (3,559) |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Net | | (442) | | 358 | | 287 | | 832 | | 884 | | 752 | | 114 | | 2,785 |
| assets | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Other | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Interest | | 54 | | 2 | | 1 | | - | | 9 | | 1 | | 30 | | 97 |
| payable | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Capital | | | | | | | | | | | | | | | | |
| expenditure | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| - | | | | | | | | | | | | | | | | |
| Property, | | - | | 1 | | - | | - | | 52 | | - | | - | | 53 |
| plant and | | | | | | | | | | | | | | | | |
| equipment | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| - | | 2 | | 2 | | 2 | | 1 | | 32 | | - | | 3 | | 42 |
| Depreciation | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | UK | | France | | Finland | | Germany | | US | | Japan | | Asia | | Total |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| 2008 | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Revenue | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Total | | 5,704 | | 2,403 | | 1,271 | | 1,615 | | 6,927 | | 1,361 | | 4,199 | | 23,480 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Intercompany | | (1,023) | | (92) | | - | | - | | (36) | | (114) | | (3,928) | | (5,193) |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Revenue | | | | | | | | | | | | | | | | |
| from | | 4,681 | | 2,311 | | 1,271 | | 1,615 | | 6,891 | | 1,247 | | 271 | | 18,287 |
| external | | | | | | | | | | | | | | | | |
| customers | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Profit/(loss) | | 69 | | 63 | | 130 | | 53 | | 432 | | 4 | | 84 | | 835 |
| before tax | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Balance | | | | | | | | | | | | | | | | |
| Sheet | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Assets | | 2,009 | | 1,142 | | 641 | | 968 | | 2,221 | | 1,448 | | 693 | | 9,122 |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Liabilities | | (2,111) | | (376) | | (137) | | (132) | | (1,279) | | (354) | | (2,647) | | (7,036) |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Net | | (102) | | 766 | | 504 | | 836 | | 942 | | 1,094 | | (1,954) | | 2,086 |
| assets | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Other | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Interest | | 76 | | 7 | | - | | - | | 9 | | 2 | | 36 | | 130 |
| payable | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| Capital | | | | | | | | | | | | | | | | |
| expenditure | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| - | | | | | | | | | | | | | | | | |
| Property, | | 18 | | 5 | | 4 | | 2 | | 44 | | - | | - | | 73 |
| plant and | | | | | | | | | | | | | | | | |
| equipment | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| - | | 3 | | 2 | | 3 | | 1 | | 21 | | - | | 3 | | 33 |
| Depreciation | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | |
+---------------+----------+---------+----------+--------+----------+---------+----------+---------+----------+---------+----------+--------+----------+---------+----------+---------+
+---------------+----------+-------+----------+----------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Reconciliation of reportable segments, profit and loss, assets and liabilities to the Group's corresponding amounts: |
+---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | |
+---------------+----------+-------+----------+-------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | 2009 | | 2008 |
+---------------+----------+-------+----------+-------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | GBP000 | | GBP000 |
+---------------+----------+-------+----------+-------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Revenue | | | | | | | | | | | | | | |
+---------------+----------+-------+----------+-------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Total revenue for reported segments | | | | | | 20,577 | | 23,480 |
+------------------------------------------------------------------------------------------------------------+----------+------+----------+----+----------+---------+----------+--------------+
| Elimination of inter-segmental revenues | | | | | | | | (5,454) | | (5,193) |
+-----------------------------------------------------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Group's revenue per consolidated statement of comprehensive income | | | | | | | | | | |
| | | | | | | | | 15,123 | | 18,287 |
+-----------------------------------------------------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Profit after income tax expense | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Total profit for reporting | | | | | | | | | | | | 291 | | 835 |
| segments | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Costs associated with head | | | | | | | | | | | | (132) | | (518) |
| office | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Income tax expenses | | | | | | | | | | | | (48) | | (123) |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Profit after income tax expense | | | | | | | | | | | | 111 | | 194 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Assets | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Total assets for reportable | | | | | | | | | | | | 6,344 | | 9,122 |
| segments | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Assets attributable to Head | | | | | | | | | | | | 517 | | 589 |
| Office | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Land at Blackheath | | | | | | | | | | | | 49 | | 49 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Evervision investment | | | | | | | | | | | | 5,100 | | 6,185 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Other non segmental assets | | | | | | | | | | | | 10 | | 8 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Group assets | | | | | | | | | | | | 12,020 | | 15,953 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Liabilities | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Total liabilities for reportable segments | | | | | | | | 3,559 | | 7,036 |
+-----------------------------------------------------------------------------------------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Liabilities attributable to Head | | | | | | | | | | | | 905 | | 1,164 |
| Office | | | | | | | | | | | | | | |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| Group liabilities | | | | | | | | | | | | 4,464 | | 8,200 |
+----------------------------------+---------------------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
| | | | | | | | | | | | | | | | | | |
+---------------+----------+-------+----------+----------+----------+----------+----------+----------+-------+----------+------+----------+----+----------+---------+----------+--------------+
+------------------------------------------------------------------+----------+-------+----------+-------+----------+-------+----------+-------+
| The analysis of the Group's segmental information by geographical location is: |
+----------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------------------------------------------------------------------+----------+-------+----------+-------+----------+-------+----------+-------+
| External revenue by Non current assets Capital expenditure |
| location of by location of asset by location of |
| customers assets |
| 2009 2008 2009 2008 2009 2008 |
| GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 |
| Total operations |
| UK 1,968 3,085 212 430 1 18 |
| Europe 5,571 5,661 13 19 - 11 |
| USA 4,791 7,181 179 204 52 44 |
| Asia 2,333 2,153 5,121 6,189 - - |
| Rest of the world 460 207 - - - - |
| 15,123 18,287 5,525 6,842 53 73 |
| |
+------------------------------------------------------------------+----------+-------+----------+-------+----------+-------+----------+-------+
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| 5. Tax expense | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | 2009 | | 2008 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | GBP000 | | GBP000 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Current tax expense | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| UK corporation tax and income tax of overseas operations on profits for | | 8 | | 116 |
| the year | | | | |
+----------------------------------------------------------------------------+----------+--------+----------+--------+
| Adjustments for (over)/under | | | | | | 30 | | 12 |
| provision in prior periods | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | 38 | | 128 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Deferred tax expense | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Origination and reversal of | | | | | | 10 | | (5) |
| temporary differences | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Total tax charge | | | | | | 48 | | 123 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax |
| in the UK applied to profits for the year are as follows: |
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | 2009 | | 2008 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | GBP000 | | GBP000 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Profit before tax | | | | | | 159 | | 317 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Expected tax charge based on the | | | | | | | | |
| standard rate of corporation tax | | | | | | 45 | | 95 |
| in the UK of 28% (2008: 30%) | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Losses carried forward | | | | | | 96 | | 62 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Disallowed expenses | | | | | | 4 | | 16 |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Non taxable income | | | | | | (3) | | (7) |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Movement in unprovided deferred | | | | | | 3 | | 7 |
| tax assets | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Utilisation of tax losses brought | | | | | | (133) | | (51) |
| forward | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Adjustments for overseas rate | | | | | | 6 | | (11) |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
| Adjustments to prior years tax | | | | | | 30 | | 12 |
| charge | | | | | | | | |
+------------------------------------+----------+--------+----------+--------+----------+--------+----------+--------+
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| 6. Earnings per share | | | | | | | | |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| The calculation of basic earnings per share at 31 December 2008 was based on the profit attributable |
| to ordinary shareholders of GBP122,000 (2008: GBP175,000) and a weighted average number of ordinary |
| shares outstanding of 69,169,106 (2008: 69,574,585). |
+---------------------------------------------------------------------------------------------------------------+
| | | | | | | 2009 | | 2008 |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| | | | | | | GBP000 | | GBP000 |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| Weighted average number of | | | | | | | | |
| ordinary shares | | | | | | | | |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| Issued ordinary shares at 1st | | | | | | 69,669,106 | | 69,669,106 |
| January | | | | | | | | |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
| Effect of purchase of Treasury shares on 23 October 2008 | | (500,000) | | (94,521) |
+---------------------------------------------------------------------+----+------------+----------+------------+
| Weighted average number of ordinary shares at 31 December 2009 | | 69,169,106 | | 69,574,585 |
+---------------------------------------------------------------------+----+------------+----------+------------+
| | | | | | | | | |
+------------------------------------+----------+-------+----------+--+----+------------+----------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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