TIDMADE
RNS Number : 4957M
ADDleisure PLC
30 January 2009
ADDleisure Plc / Epic: ADE.L / Index: AIM / Sector: Leisure
30 January 2009
ADDleisure Plc ('ADDleisure' or 'the Company')
Interim Results for the twelve months ended 31 July 2008
ADDleisure Plc, the AIM traded company formed to develop products and services
in the health and leisure sectors, has changed its accounting reference date to
31 December and accordingly announces its unaudited results for the 12 months
ended 31 July 2008. This period covers the first 12 months of the Company's 17
month financial period to 31 December 2008, as announced on 22 January 2009.
CHAIRMAN'S STATEMENT
We are operating in an exciting arena and remain committed to becoming a leading
investor and innovator in wellness products and services, with our key
investments continuing to move forward. We continue to develop our product
ranges and services and have signed new blue-chip clients to our register,
bringing our wellbeing offerings further exposure and market presence in the
health and wellness sector.
The health and leisure market is continuing to grow and build momentum, and I am
confident that our investments are capable of catering to a wide audience due to
the diverse nature of their offerings. In particular, our Movers and Shapers
('Movers & Shapers') stores and Fitbug ('Fitbug') online personal health
services offer health and fitness training in an environment and style that many
people recognise as more convenient and comfortable than traditional gym
work-outs. In addition, many people, especially in the current 'credit crunch'
climate, would prefer a one off payment or course of work-outs rather than
paying for a conventional gym membership, as this gives more financial control
and offers increased value to consumers. With all this in mind, I believe that
ADDleisure is well positioned to capitalise on the increased public awareness
and appreciation of the importance of a fit and healthy lifestyle.
Our relationship with Bupa Finance plc ('Bupa'), the UK market leader in health
and care, has continued to flourish and we look forward to working closely with
them in the future. This partnership, which combines our management team and
unique products and services with Bupa's wealth of experience and leading market
position, represents a significant endorsement of our activities by a major UK
institution and also provides the Group with the ability to expand by utilising
Bupa's established network of contacts across the sector.
Operations Overview
Our key investments continue to move forward, giving the Group the opportunity
to reap the benefits from the investment of both time and money made over
previous years. The acquisition in October 2008 of our competitor, ClubRunner
(Europe) Limited ('ClubRunner'), through our 50.2% owned intelligent booking
software business Digital Plantation Limited ('Digital'), will improve and
expand the reach of the merged company and give access to previously
unobtainable markets. The merged business has been renamed Ez-Runner.
Movers & Shapers, the Group's high street health and wellbeing concept, has
expanded its operations as consumers increasingly recognise the benefits of the
convenient and comfortable work-out that Movers & Shapers has developed. Movers
& Shapers currently has eight high street locations with two more due to open
shortly, one of which is located within a Bupa Wellness Centre.
Our investment in Fitbug, 'the online personal health and well-being coach', has
also enjoyed successes during the 12 month reporting period. Several large
blue-chip companies and Primary Care Trusts ('PCTs') have adopted Fitbug with
extremely positive results and have subsequently received excellent feedback
from employees and patients. We are optimistic that this is a trend that will
continue and intensify with large scale employers increasingly appreciating the
importance of a fit and healthy workforce in relation to a company's success.
Furthermore, within the public sector, the Government's efforts to target
obesity are set to grow as the issues continue to become more prevalent. Indeed,
the 'Change4Life' promotion is one such high profile Government initiative aimed
at reducing obesity and increasing the activity levels, which we believe Fitbug
is well positioned to capitalise on.
Financial Performance
The Group has continued to invest in its products and services from its joint
venture operation with Bupa and increased the number of Movers & Shapers stores
to five by 31 July 2008. This continued investment in products and services
across the Group, together with writing off the initial expense, resulted in the
Group reporting a pre tax loss of GBP2,356,000 (2007: loss of GBP201,000) for
the 12 months ended 31 July 2008.
In the 12 months to 31 July 2008 the Group has reviewed the carrying value of
its intangible assets and has written off the opening value of goodwill of
GBP595,000 and development costs of GBP75,000.
The Group has complete confidence in the future performance of all its operating
divisions but the financial projections for the next twelve months continue to
show a cash requirement as we complete the various stages of the ongoing
developments. Given the delay in completing the product development and the
ongoing cash requirement over the next 12 months we have decided to expense all
current year development expenditure and write off the opening net book values
of goodwill.
The Group has changed its accounting reference date to 31 December to bring it
into line with Bupa, its joint venture partner, and will reorganise its capital
structure post publication of the 17 month accounts to 31 December 2008 in April
2009. This will enable the payment of dividends as soon as the Company has
sufficient distributable reserves.
As at 31 July 2008 the Group's cash position remains positive at GBP3.0 million
(2007: GBP4.3 million) and the net assets of the Group were GBP3.5 million
(2007: GBP5.4 million).
The Group is in a growth stage of development, and is subject to the delays and
risk factors which affect many early stage businesses. One such hindrance in the
period under review was a six month delay in the development of new Fitbug
devices and software enhancements, due to design issues which produced a
subsequent lag time to market. The Group's Key Performance Indicators are
evolving for each operating company but essentially they continue to be
monitoring of cash flows on a weekly basis, and the performance to budget of
sales and EBITDA for all operating companies on a monthly basis. Additionally,
sales for Movers & Shapers are tracked on a daily basis by store and performance
to budget reviewed on a weekly basis.
As highlighted in these interim financial statements, the Group has no exposure
to bank finance and has substantial bank deposits. However, the current economic
conditions create uncertainty particularly over the level of demand for the
Group's products.
ADD Wellness Holdings Limited, the joint venture partnership, is owned 50% by
ADDleisure and 50% by Bupa and it has been the practice of the joint venture to
finance investment in the operating subsidiaries equally. Currently ADDleisure
has advanced in excess of GBP1.6 million to the joint venture. Discussions with
Bupa are at an advanced stage for their matching of the funds advanced by
ADDleisure and the receipt of such funds has been taken into account in
calculating forward working capital requirements.
Prospects
I am confident that the momentum that we have achieved through investment and
hard work in the products and services will continue and increase in the
foreseeable future. We have a dedicated and passionate team in place and have
developed an innovative and pioneering approach to health and wellbeing through
our key investments.
The UK health and wellness industry continues to grow rapidly, and in turn
ADDleisure and our operating subsidiaries have grown and developed in order to
meet the demands of an ever increasing public audience. Despite the current
economic climate, I believe that ADDleisure has the attributes to provide value
for its shareholders as we strengthen our position as an innovative provider of
exciting products in the health and wellness arena.
I would like to take this opportunity to thank our shareholders for their
support, and the ADDleisure team for their loyalty, determination and
enthusiasm.
Allan Fisher
Chairman
29 January 2009
** E N D S **
For further information visit www.ADDleisure.com or contact:
+----------------------------+----------------------------+-------------------+
| Mike Mills | ADDleisure Plc | Tel: 020 7449 |
| | | 1000 |
+----------------------------+----------------------------+-------------------+
| Mark Percy | Seymour Pierce | Tel: 020 7107 |
| | | 8000 |
+----------------------------+----------------------------+-------------------+
| Susie Callear | St Brides Media & Finance | Tel: 020 7236 |
| | Ltd | 1177 |
+----------------------------+----------------------------+-------------------+
OPERATIONS REVIEW
Fitbug Limited ('Fitbug')
(50/50 ADDleisure/Bupa)
Fitbug, which offers online health and well-being coaching services, continues
to develop and expand its offering to an ever growing audience, mainly focusing
on the corporate wellness and health insurance sectors, with increasing effort
being placed on the public health arena. In the past year Fitbug has invested
more in enhancing its core technology and also piloting its offering with
various large multi-national corporates and progressing a number of other
initiatives, particularly in tackling obesity.
The quality of Fitbug's offering and the potential benefits of its services have
been highlighted by PruHealth, a leading private medical insurance company,
extending its existing three year contract for a further five years in June
2008. PruHealth offers a unique form of health insurance which recognises and
rewards members with lower healthcare insurance premiums for taking care of
their health, an approach which dovetails with the results Fitbug strives to
achieve. The recognition of Fitbug as such a successful complementary tool by
PruHealth, strengthens the Group's belief that the large-scale potential for
Fitbug is extremely commercially viable.
Fitbug has also been involved in some new and exciting corporate health
initiatives, including a pilot scheme to improve the health of the employees of
a major supermarket group. Initially trialled in one store in Glasgow over a six
month period, reductions in sickness absence were seen and significant
improvements in various health indicators were made. The client has now
indicated that, based on the success of the trial programme in its Glasgow
store, it intends to extend the pilot and roll this out to further stores.
Fitbug trials have also been successfully conducted in various other
environments including several PCTs, and the preliminary results have been
extremely encouraging. Chronically ill patients, suffering from obesity related
conditions including diabetes, used Fitbug as part of a weight management
programme over a 12 month programme. The findings from the majority of patients
taking part in the trial were extremely positive, with many individuals seeing
and feeling an improvement in their condition, and some improving so
dramatically that they were advised by doctors to reduce or even stop taking
their medication. This could create significant savings in health care costs.
The Group looks forward to updating shareholders with further developments in
due course.
Movers and Shapers Limited ('Movers & Shapers')
(50/50 ADDleisure/Bupa)
Movers & Shapers delivers a simple but comprehensive approach to health and
well-being for consumers through a growing number of convenient high street
locations.
Combining Fitbug and Power Plate, which uses advanced vibration technology to
stimulate muscular and circulatory responses, Movers & Shapers is able to
deliver an effective health and fitness programme which appeals to a wide
audience and is attractive to those who do not like the traditional gym.
Resistance training, cardio-vascular exercise and nutrition advice and tracking
are offered in an intimate environment and with constant support from a small
team of personal instructors. Clients attend two, thirty minute sessions each
week at the in-store studio and are encouraged to build activity outside of
these sessions which is tracked in-store. This personalised approach has
produced real and sustainable results for clients in terms of weight loss,
toning and general fitness and has allowed the company to offer a range of
related products to its customers. Movers & Shapers is also a specialist
retailer of Power Plate equipment.
Movers & Shapers has grown rapidly this year, with the number of stores in the
UK increasing over the period from an initial two stores in Stanmore and
Vauxhall in January, to five in July with the opening of the West Hampstead,
Marble Arch and Stratford-upon-Avon stores. The Stratford-upon-Avon store has
the added benefit of an onsite yoga and pilates studio. The Company now operates
eight high street stores, following the opening of stores in Barnes, Winchester
and Muswell Hill and a further store in Loughton, Essex, is due to open shortly.
In addition, the Company recently signed an agreement with Bupa to open a first
concession with Bupa Wellness at the new, state-of-the-art Wellness Centre in
Solihull, West Midlands. A successful launch of this unit may lead to other
concession opportunities within Bupa's property portfolio.
Whilst the Board is keen to progress the roll-out of stores to high street
locations, weak consumer confidence coupled with difficulties in raising bank
finance to fund capital expenditure has led to the Board adopting a conservative
approach to expansion in 2009. The focus is very much on improving profitability
within existing units following an aggressive roll out over the last twelve
months. Nevertheless, the Board remains alert to any interesting property
situations that may arise and is actively pursuing other opportunities, such as
installing Movers & Shapers in corporate locations. The directors believe that
studios built into an office environment would prove attractive to employers due
to the wide appeal of the programmes, innovative nature of the product and
limited capital expenditure required.
In September 2008 the Board decided that the joint venture in Hong Kong should
be terminated, preferring to concentrate its efforts on the home market. This is
anticipated to be concluded by August 2009.
Ez-Runner Limited (formerly Digital Plantation Limited) ('Ez-Runner')
(50.2% Investment)
This has been a transformational year for Ez-Runner, formerly known as Digital
Plantation Limited. The newly named Ez-Runner, continues to grow and build its
market presence in intelligent management software business. Ez-Runner has
developed end-to-end intelligent web-based resource management systems, designed
to improve efficiency and maximise yield through integrated booking, POS and
stock control, membership, communications, reporting and web modules and this
unique and innovative offering is increasingly being recognised as an essential
tool for many companies operating within the health and leisure sectors.
The re-branding of Digital Plantation Limited was adopted as part of the post
period end acquisition of ClubRunner (Europe) Limited ('ClubRunner'), a leading
leisure management software provider. Specialists in health club management
software, ClubRunner provides IT solutions across the leisure industry including
the hotel, health and fitness, play and golf markets, complementing the
Company's range of proprietary intelligent booking software that specialises in
the day and destination Spa markets.
Established in 1995 by Stefan Drummond, who has subsequently joined the Board of
Ez-Runner, ClubRunner is a leading leisure management software solutions
provider with existing high profile clients such as Livingwell Hilton Hotels,
Gambado, Ramada Jarvis and PlayGolf. The Board of ADDleisure saw considerable
synergies existing between the two companies and that a merger of the two
companies would significantly strengthen their capabilities of attracting major
new corporate clients in both the UK and internationally. The combination of
innovative software and an established trading record and existing international
clients that will be brought together in this merger, has already resulted in
agreements and negotiations with potential new clients such as Virgin Active and
JJB Mifit, and the Board of Ez-Runner see that other significant contract
opportunities will exist for the merged company moving forward.
The numerous benefits of Ez-Runner's offering were recognised by EZYPAY, one of
the largest billing companies in Australia and New Zealand, when it signed a
joint venture agreement in June 2008 to deliver an integrated fitness management
and direct debit solution in Australia and New Zealand. This joint venture is
designed to provide customers with the benefits of the combination of
Ez-Runner's management software and technology with EZYPAY's billing
administration system, resulting in a fully integrated business management tool.
EZYPAY has established technical support and delivery teams in Sydney and
Wellington, enabling Ez-Runner access and support to the necessary
infrastructure required for a smooth transition into operation in Australia, New
Zealand and the rest of Asia-Pacific. With the globalisation of large health
club chains, the Company sees this as a key strategic advantage for future
growth in this region.
Consolidated Income Statement
For the 12 months ended 31 July 2008
+--------------------------------------------------+-------+------------+-----------+
| | Notes | Unaudited | Unaudited |
+--------------------------------------------------+-------+------------+-----------+
| | | 2008 | 2007 |
+--------------------------------------------------+-------+------------+-----------+
| | | GBP'000 | GBP'000 |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Revenue | | 2,104 | 1,324 |
+--------------------------------------------------+-------+------------+-----------+
| Cost of sales | | (693) | (413) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Gross profit | | 1,411 | 911 |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Other income: Gain on disposal of subsidiaries | | | 1,942 |
| to joint venture | | | |
+--------------------------------------------------+-------+------------+-----------+
| Operating and administrative expenses | | (4,149) | (3,057) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Loss from operations | | (2,738) | (204) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Finance income | | 397 | 12 |
+--------------------------------------------------+-------+------------+-----------+
| Finance expense | | (15) | (9) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Loss before tax | | (2,356) | (201) |
+--------------------------------------------------+-------+------------+-----------+
| Income tax credit | | 27 | 34 |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Loss for the year | | (2,329) | (167) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Attributable to: | | | |
+--------------------------------------------------+-------+------------+-----------+
| - (Loss)/profit applicable to the parent's | | (1,973) | 285 |
| interest in the Group | | | |
+--------------------------------------------------+-------+------------+-----------+
| - Losses in the subsidiaries applicable to the | | (356) | (452) |
| minority interests in excess of the minorities' | | | |
| interests in the equity of those subsidiaries | | | |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Loss attributable to the equity holders of the | | (2,329) | (167) |
| parent | | | |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
| Basic and diluted loss per share in pence | 2 | (1.1) | (0.1) |
+--------------------------------------------------+-------+------------+-----------+
| | | | |
+--------------------------------------------------+-------+------------+-----------+
All accounts relate to continuing activities.
The notes set out on the following pages form part of these interim financial
statements.
Unaudited Consolidated Statement of Changes in Equity
For the 12 months ended 31 July 2008
+---------------------+---------+----------+---------+----------------+----------+---------+
| | Share | Share | Merger | Excess of | Retained | Total |
| | capital | Premium | reserve | minority | deficit | equity |
| | | | | interest in | | |
| | | | | losses over | | |
| | | | | their equity | | |
| | | | | interest in | | |
| | | | | subsidiaries | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| 1 August 2006 | 606 | 1,575 | 757 | (340) | (1,377) | 1,221 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Loss and total | - | - | - | (452) | 285 | (167) |
| recognised income | | | | | | |
| and expense for the | | | | | | |
| year | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Issue of shares for | 345 | 2,935 | - | - | - | 3,280 |
| cash | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Share issue costs | - | (63) | - | - | - | (63) |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Issue of shares to | 62 | - | 562 | 386 | | 1,010 |
| acquire minority | | | | | | |
| interest | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Share based payment | - | - | - | - | 87 | 87 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| 31 July 2007 | 1,013 | 4,447 | 1,319 | (406) | (1,005) | 5,368 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Loss and total | - | - | - | (356) | (1,973) | (2,329) |
| recognised income | | | | | | |
| and expense for the | | | | | | |
| period | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Issue of shares for | 30 | 255 | - | - | - | 285 |
| cash | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Exercise of | 5 | 47 | - | - | - | 52 |
| warrants | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| Share based payment | - | - | - | - | 90 | 90 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
| 31 July 2008 | 1,048 | 4,749 | 1,319 | (762) | (2,888) | 3,466 |
+---------------------+---------+----------+---------+----------------+----------+---------+
| | | | | | | |
+---------------------+---------+----------+---------+----------------+----------+---------+
Consolidated Balance Sheet
As at 31 July 2008
+--------------------------------------+-----------+-----------+
| | Unaudited | Unaudited |
+--------------------------------------+-----------+-----------+
| | 2008 | 2007 |
+--------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+
| Assets | | |
+--------------------------------------+-----------+-----------+
| Non-current assets | | |
+--------------------------------------+-----------+-----------+
| Property, plant and equipment | 355 | 97 |
+--------------------------------------+-----------+-----------+
| Intangible assets | - | 670 |
+--------------------------------------+-----------+-----------+
| Trade and other receivables | 98 | 568 |
+--------------------------------------+-----------+-----------+
| | 453 | 1,335 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Current assets | | |
+--------------------------------------+-----------+-----------+
| Inventories | 48 | 20 |
+--------------------------------------+-----------+-----------+
| Trade and other receivables | 1,193 | 756 |
+--------------------------------------+-----------+-----------+
| Cash and cash equivalents | 3,037 | 4,292 |
+--------------------------------------+-----------+-----------+
| | 4,278 | 5,068 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Total assets | 4,731 | 6,403 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Liabilities | | |
+--------------------------------------+-----------+-----------+
| Non-current liabilities | | |
+--------------------------------------+-----------+-----------+
| Interest bearing loans and | (11) | (296) |
| borrowings | | |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Current liabilities | | |
+--------------------------------------+-----------+-----------+
| Trade and other payables | (1,109) | (721) |
+--------------------------------------+-----------+-----------+
| Interest bearing loans and | (145) | (18) |
| borrowings | | |
+--------------------------------------+-----------+-----------+
| | (1,254) | (739) |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Total liabilities | (1,265) | (1,035) |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Net assets | 3,466 | 5,368 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Capital and reserves | | |
+--------------------------------------+-----------+-----------+
| Share capital | 1,048 | 1,013 |
+--------------------------------------+-----------+-----------+
| Share premium | 4,749 | 4,447 |
+--------------------------------------+-----------+-----------+
| Merger reserve | 1,319 | 1,319 |
+--------------------------------------+-----------+-----------+
| Excess of minorities interest in | (762) | (406) |
| losses over their equity interest in | | |
| subsidiaries | | |
+--------------------------------------+-----------+-----------+
| Retained deficit | (2,888) | (1,005) |
+--------------------------------------+-----------+-----------+
| Total equity | 3,466 | 5,368 |
+--------------------------------------+-----------+-----------+
Consolidated Cash Flow
For the 12 months ended 31 July 2008
+------------------------------------------------+-----------+-----------+
| | Unaudited | Unaudited |
+------------------------------------------------+-----------+-----------+
| | 31 July | 31 July |
| | 2008 | 2007 |
+------------------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+------------------------------------------------+-----------+-----------+
| Cash flows from operating activities | | |
+------------------------------------------------+-----------+-----------+
| Loss before taxation | (2,356) | (201) |
+------------------------------------------------+-----------+-----------+
| Adjustments for: | | |
+------------------------------------------------+-----------+-----------+
| Depreciation and amortisation | 71 | 175 |
+------------------------------------------------+-----------+-----------+
| Impairment charge | 670 | 396 |
+------------------------------------------------+-----------+-----------+
| Share based payments | 90 | 87 |
+------------------------------------------------+-----------+-----------+
| Finance income | (397) | (12) |
+------------------------------------------------+-----------+-----------+
| Finance expense | 15 | 9 |
+------------------------------------------------+-----------+-----------+
| Goodwill disposal | - | 595 |
+------------------------------------------------+-----------+-----------+
| Gain on disposal of subsidiaries | - | (1,942) |
+------------------------------------------------+-----------+-----------+
| Cash flows from operating activities before | (1,907) | (893) |
| changes in working capital and provisions | | |
+------------------------------------------------+-----------+-----------+
| (Increase)/decrease in inventories | (28) | 48 |
+------------------------------------------------+-----------+-----------+
| Decrease/(increase) in trade and other | 60 | (784) |
| receivables | | |
+------------------------------------------------+-----------+-----------+
| Increase in trade and other payables | 388 | 363 |
+------------------------------------------------+-----------+-----------+
| Corporation tax credit received | - | 34 |
+------------------------------------------------+-----------+-----------+
| Net cash used in operations | (1,487) | (1,232) |
+------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------+-----------+-----------+
| Cash flow from investing activities | | |
+------------------------------------------------+-----------+-----------+
| Purchase of property, plant and equipment | (329) | (110) |
+------------------------------------------------+-----------+-----------+
| Development costs | - | (28) |
+------------------------------------------------+-----------+-----------+
| Finance income | 397 | 12 |
+------------------------------------------------+-----------+-----------+
| Net cash generated/(used) in investing | 68 | (126) |
| activities | | |
+------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------+-----------+-----------+
| Cash flow from financing activities | | |
+------------------------------------------------+-----------+-----------+
| Issue of ordinary shares for cash | 337 | 3,280 |
+------------------------------------------------+-----------+-----------+
| Share issue costs | - | (63) |
+------------------------------------------------+-----------+-----------+
| Cash acquired through joint venture issuing | - | 1,835 |
| shares for cash | | |
+------------------------------------------------+-----------+-----------+
| Loan proceeds | - | 125 |
+------------------------------------------------+-----------+-----------+
| Loan repayment | (131) | (200) |
+------------------------------------------------+-----------+-----------+
| Capital repayments of finance lease | (27) | (26) |
| obligations | | |
+------------------------------------------------+-----------+-----------+
| Finance expense | (15) | (6) |
+------------------------------------------------+-----------+-----------+
| Net cash generated from financing activities | 164 | 4,945 |
+------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------+-----------+-----------+
| Net (decrease)/increase in cash and cash | (1,255) | 3,587 |
| equivalents | | |
+------------------------------------------------+-----------+-----------+
| Cash and cash equivalents at the beginning of | 4,292 | 705 |
| the year | | |
+------------------------------------------------+-----------+-----------+
| Cash and cash equivalents at the end of the | 3,037 | 4,292 |
| year | | |
+------------------------------------------------+-----------+-----------+
Notes
1. Basis of preparation and significant accounting policies
These interim results of the Company and its subsidiaries ('the Group') for the
12 months ended 31 July 2008 have been prepared on a basis consistent with
International Financial Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) interpretations as adopted by the
European Union and also in accordance with the Companies Act 1985. The
comparative periods for the 12 months ended 31 July 2007 have been restated to
reflect the adoption of IFRS by the Group. As permitted, the Company has chosen
not to adopt IAS34 'Interim Financial Reporting'.
The unaudited information included within this document has been prepared on the
basis of the recognition and measurement requirements of applicable IFRS and
IFRIC interpretations in issue that either are endorsed by the European
Commission and effective (or available for early adoption) at 31 July 2008 or
are expected to be endorsed and effective (or available for early adoption) at
31 December 2008, the Group's first statutory reporting date in accordance with
IFRS.
The financial statements for the twelve months ended 31 July 2007 as previously
stated (under UK GAAP) have been reported on by the Company's auditors and
delivered to the Registrar of Companies. The report of the auditors on such
accounts was unqualified, and did not include references to any matters to which
the auditors drew attention without qualifying their report, and did not contain
any statement under Sections 237(2) or 237 (3) of the Companies Act 1985. The
restated adopted IFRS financial information for the year ended 31 July 2007 does
not constitute statutory accounts as defined in section 240 of the Companies Act
1985, however it is anticipated to be consistent with the comparative period for
the statutory accounts for the period ended 31 December 2008, the Group's first
statutory financial statements to be prepared under IFRS.
The restated accounting policies as set out in these results have been
consistently applied to all the periods presented. The adopted IFRS that will be
effective (or available for early adoption) in the annual financial statements
for the period ending 31 December 2008 are still subject to the possibility of
change as a result of decisions taken by the European Commission on endorsement.
As a result of such changes, the accounting policies cannot be determined with
certainty and therefore may require updating when the annual financial
statements are prepared for the period ending 31 December 2008.
The comparative figures in respect of the year ended 31 July 2007 have been
restated to reflect these adjustments. Reconciliations and descriptions of the
effect of the transition from United Kingdom Generally Accepted Accounting
Principles to IFRS are provided in note 3 of the interim results for the six
months ended 31 January 2008.
Basis of consolidation
The accounting policies applied by the Group in these Interim Results are
consistent with those applied by the Group in its Interim Results for the six
months ended 31 January 2008.
2. Loss per share
Basic loss per share
The calculation of the basic loss per share is based on the loss attributable to
ordinary shareholders of the parent divided by the weighted average number of
shares in issue during the period. For diluted loss per share, the weighted
average number of ordinary shares in issue would be adjusted to reflect the
impact of conversion of dilutive potential ordinary shares. At 31 July 2008
there were 27,461,359 warrants and 11,251,414 share options which could be
potentially dilutive in the future, but as they are currently anti-dilutive,
they have been excluded from the following calculations.
Adjusted (loss)/earnings per share
The loss attributable to the equity holder of the parent has been increased by
the losses attributable to the shares owned by the minority interest that have
been re-allocated to the parent in accordance with IAS27. An alternative EPS has
been calculated that shows the loss attributable to the parent's percentage
interest in the equity of the Group.
+-----------------+-------------+-------------+
| | 12 | Year |
| | months | to |
| | to | 31 |
| | 31 | July |
| | July | 2007 |
| | 2008 | |
+-----------------+-------------+-------------+
| | GBP'000s | GBP'000s |
+-----------------+-------------+-------------+
| Loss | (2,329) | (167) |
| for | | |
| the | | |
| period | | |
| attributable | | |
| to the | | |
| equity | | |
| holders of | | |
| the parent | | |
+-----------------+-------------+-------------+
| Add | 356 | 452 |
| back | | |
| the | | |
| minority's | | |
| share of | | |
| losses in | | |
| subsidiaries | | |
| that have | | |
| been | | |
| re-allocated | | |
| to the | | |
| equity | | |
| holders of | | |
| the parent | | |
+-----------------+-------------+-------------+
| | _____ | _____ |
+-----------------+-------------+-------------+
| Adjusted | (1,973) | 285 |
| (loss)/earnings | | |
| for the period | | |
| attributable to | | |
| the equity | | |
| holders of the | | |
| parent | | |
+-----------------+-------------+-------------+
| | | |
+-----------------+-------------+-------------+
| Weighted | 208,636,047 | 124,444,247 |
| number | | |
| of | | |
| equity | | |
| shares | | |
+-----------------+-------------+-------------+
| Basic | (1.1) | (0.1) |
| and | | |
| fully | | |
| diluted | | |
| loss | | |
| per | | |
| share | | |
| in | | |
| pence | | |
+-----------------+-------------+-------------+
| Adjusted | (0.9) | 0.2 |
| basic | | |
| and | | |
| fully | | |
| diluted | | |
| (loss)/earnings | | |
| per share in | | |
| pence | | |
+-----------------+-------------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXFNAFLNEFE
Addleisure (LSE:ADE)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Addleisure (LSE:ADE)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
