RNS Number:5017W
Startup Station PLC
29 December 2000
STARTUP STATION PLC
("THE COMPANY")
STARTUP STATION PLC (FORMERLY DOMINION ENERGY PLC)
PRELIMINARY STATEMENT OF AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2000
MANAGING DIRECTORS' REVIEW
Our Company has experienced significant positive change during the year under
review and the period up to the date of this report.
In April 2000, our Company acquired Startup Station, the e-business
consultancy founded by joint managing director Mr Ziv Navoth, a
well-recognised figure in the Internet Economy and raised #1.2 million from a
placing of new shares to develop the new business initiative and provide
working capital. At the time of the placing and the acquisition and to reflect
the new business of the Company, we moved from the Official List to the more
dynamic and entrepreneurial Alternative Investment Market of the London Stock
Exchange.
In May 2000, our Company invested US$ 1 million for a 10 percent stake in
BmyPC, a company based and incorporated in Delaware, USA specialising in
online collaboration environments for vertical industries. The company has its
sales and marketing operation in Palo Alto, California and its research and
development offices in Tel Aviv, Israel. Since our investment, BmyPC has
signed up 3 corporate customers and has formed 13 partnerships which include
high profile international companies. Recently, BmyPC was chosen from over 500
Israeli companies to participate in an international venture capital fair
sponsored by the Israeli Government.
In a move to increase our Company's mobile technology expertise, in June 2000
the Company was pleased to appoint Mr Mikael Edholm, a Marketing and Strategic
Business Development Director at Ericsson, as a non-executive director.
We firmly believe that the underlying fundamentals behind the Internet
revolution are sound. Several companies at the forefront of today's business
world have proved that digital-based innovation can radically increase
revenue, cut costs, reduce time to market and improve relationships with
customers and business partners.
With this understanding, we have set out devising ways to take advantage of
the dynamics of our market. Our focus is now on revenue generation through
consulting services that complement our equity investments in e-business.
In November 2000, our Company employed a team of professionals from a
well-known consultancy. The new members of our Company have prior experience
of building the global e-business strategy for a large international
electrical company and the e-business strategy for a national UK bank.
Our Company can now provide services that help businesses generate, manage,
build and deliver digital based innovations that reduce costs, improve
customer relations and generate new revenue streams. More than ever, companies
require these services to help jump-start innovations into traditional
business models. Our managers provide a range of innovative management
services including:
* Mobile commerce strategy
* Innovation generation workshops
* Market feasibility testing of new ventures
* Business and implementation planning
* Business/venture viability assessment
Combining consulting services with experience in venture creation and
investment, our Company focuses on real, deliverable digital based innovations
that provide measurable returns on investment. This will be our focus in 2001
and onward.
Dominion Oil USA
Our oil and gas operation strengthened during the year both operationally and
financially. Income stabilised, oil prices moved up and the Bank One loan was
settled through a bridging loan from the joint managing director Henk Jelsma,
which was also repaid during the year.
The freedom from financial burden enabled us to start improvements to the
producing properties and take advantage of the improving oil and gas prices.
Two oil wells have been recently restarted in the Bauman and Shumway fields,
and two gas wells isolated the sour zones successfully and re-perforated in
the sweet gas zones. These wells, Martin and Fish, have now started producing
gas. One of the two wells, temporarily shut in on the Freymiller lease, is now
undergoing repairs and optimisation, funded by cash flow from operations.
In 1999, we reported the purchase of two small gas fields in Missouri.
Remedial and test work showed very little upside. The fields were considered
non-commercial due to potential environmental liability of the fields
neglected for 10 years. We therefore released the fields in April 2000.
With the probable and possible reserves in the Kansas properties, and an oil
price remaining around $25/bbl, we expect a steady but moderate cash
contribution to the group. During 2001, the directors plan to divest these
assets from our group.
Environmental statement
Our US subsidiary operates four oil and six gas fields in Kansas. These fields
are controlled by the Kansas State environmental agency and are directly
managed by the operating group in Wichita, Kansas. Our subsidiary keeps daily
inspection on the well sites, pumps and tank batteries and complies with the
local regulations as well as with the agricultural bodies in the area. Over
the years the subsidiary has performed well in matters of preventive and spill
free operations. Our subsidiary is dedicated to operate in a clean and safe
environment.
For the year ended 30 June 2000, the directors report turnover of #167,239
compared with #154,848 for the same period in 1999. The audited loss for the
year ended 30 June 2000 amounted to #429,416 compared to a profit of #142,586
in 1999. The 2000 results include costs amounting to # 211,953 relating to our
e-business.
The 1999 group results include a write back credit of #198,003 of the prior
write down of assets, and an exceptional gain of #178,141 on the settlement of
an outstanding debt obligation.
We believe that with our new strategy we can take Startup Station from the
challenging position it is in, towards one that takes advantage of the
market's dynamics. In line with our proactive approach, we will be taking the
necessary steps to achieve the desired success for our Company.
Henk. H Jelsma
Ziv Navoth
Joint Managing Directors
28 December 2000
Startup Station PLC (formerly Dominion Energy PLC)
GROUP PROFIT & LOSS ACCOUNT
for the year ended 30 June 2000
2000 1999
# #
TURNOVER -continuing operations 167,239 154,848
-acquisitions - -
167,239 154,848
Depreciation and Amortisation ordinary (57,017) (59,787)
exceptional - 198,003
Other costs of sales (97,745) (118,942)
GROSS PROFIT 12,477 174,122
Administrative Expenses (451,936) (191,319)
OPERATING LOSS
Continuing operations (227,506) (17,197)
Acquisitions (211,953) -
(439,459) (17,197)
Exceptional gain arising from the - 178,141
cancellation of debt
(439,459) 160,944
Interest receivable and similar income 8,895 2,695
Interest payable and similar charges 1,148 (21,053)
(LOSS)PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (429,416) 142,586
Tax on (loss)/profit on ordinary - -
activities
(LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (429,416) 142,586
(Loss)/earnings per share - basic (0.7p) 0.3p
- diluted (0.7p) 0.3p
All activities derive from continuing
operations
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 30 June 2000 2000 1999
# #
(Loss)/profit for the financial year (429,416) 142,586
Exchange differences on translation into
sterling of
net assets of subsidiary undertaking 5,678 39,938
Total gains and losses recognised in the (423,738) 182,524
financial year
Startup Station PLC (formerly Dominion Energy PLC)
GROUP BALANCE SHEET
as at 30 June 2000
2000 1999
# #
FIXED ASSETS
Intangible assets 347,991 -
Tangible assets 803,688 825,132
Investment - trade 673,949 -
1,825,628 825,132
CURRENT ASSETS
Debtors 124,610 7,279
Cash at bank and in hand 130,615 130,083
255,225 137,362
CREDITORS amounts falling due within one year (309,890) (207,779)
NET CURRENT LIABILITIES (54,665) (70,417)
TOTAL ASSETS LESS CURRENT LIABILITIES 1,770,963 754,715
CAPITAL AND RESERVES
Called up share capital 4,029,383 2,883,240
Share premium account 1,695,728 1,401,885
Merger reserve 1,824,000 1,824,000
Exchange reserve (250,516) (256,194)
Profit & Loss account (5,527,632) (5,098,216)
SHAREHOLDERS' FUNDS 1,770,963 754,715
Non-equity shareholders' funds 195,799 195,799
Equity shareholders' funds 1,575,164 558,916
1,770,963 754,715
Startup Station PLC (formerly Dominion Energy PLC)
GROUP CASH FLOW STATEMENT
for the year ended 30 June 2000
2000 1999
# #
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (280,276) (168,299)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 8,895 4,404
Interest paid 1,148 (21,053)
NET CASH INFLOW/(OUTFLOW) FOR RETURNS
ON INVESTMENTS AND SERVICING OF FINANCE 10,043 (16,649)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed asset (350,874) -
Purchase of tangible fixed assets - (3,174)
Purchase of trade investment (673,949) -
NET CASH OUTFLOW FOR CAPITAL EXPENDITURE AND (1,024,823) (3,174)
FINANCIAL INVESTMENTS
CASH OUTFLOW BEFORE FINANCING (1,295,056) (188,122)
Issue of ordinary shares 1,439,986 217,701
Repayment of loans (265,143) (51,554)
New loans 120,745 -
NET CASH INFLOW FROM FINANCING 1,295,588 166,147
INCREASE/(DECREASE) IN CASH 532 (21,975)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
INCREASE/(DECREASE) IN CASH 532 (21,975)
Cash outflow from decrease in debt financing 144,398 51,554
Changes in net funds resulting from cash flows 144,930 29,579
Debt capitalised during the year - 612,500
Debt cancelled during the year - 192,500
Translation difference - 16,601
Movement in net funds during the year 144,930 851,180
Net debt at 1 July 1999 (14,315) (865,495)
NET FUNDS/(DEBT) AT 30 JUNE 2000 130,615 (14,315)
Startup Station PLC (formerly Dominion Energy PLC)
Notes to the Preliminary Statement:
1. The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 June 2000 or 30 June 1999 but is
derived from these accounts. Statutory accounts for 1999 have been
delivered to the Registrar of Companies in England and Wales, and those
for 2000 will be delivered following the Company's annual general meeting.
The auditors have reported on the 2000 accounts; their report was
unqualified and did not contain statements under section 237 (2) or (3) of
the Companies Act 1985.
2. The figures included in this preliminary announcement have been prepared on
the basis of the accounting policies set out in the 30 June 1999 financial
statements.
3. (LOSS)/EARNINGS PER ORDINARY SHARE
The loss per share of 0.7 pence (1999: earnings 0.3 pence) has been
calculated on the basis of the loss of #429,416 (1999: profit #142,586)
and on 57,759,401 (1999: 49,491,261) ordinary shares, being the weighted
average number of ordinary shares in issue during the year ended 30 June
2000. There is no dilutive effect from the issue of share warrants.
4. Copies of the published accounts of the Company will be sent to all
shareholders and are available during normal business hours from the
offices of Seymour Pierce Limited at 29/30 Cornhill, London EC3V 3NF.
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