Interim Results
18 12월 2008 - 4:30PM
UK Regulatory
RNS Number : 3497K
Atelis PLC
18 December 2008
FOR IMMEDIATE RELEASE 7.30am 18 December 2008
ATELIS PLC
("Atelis" or the "Company")
(AIM: ATEL)
Unaudited Interim Results for period ended 30 June 2008
Chairman's Statement
As reported in the financial statements for the year ended 31 December 2007, the company tried moving towards a distribution phase to
actively market the IP Switching products. Despite sales efforts in several countries as a result of poor cashflow the company did not
succeed. In the 6 months ended 30 June 2008 the Company has gradually wound down its activities.
Since November 2008, efforts were made to find a suitable buyer for the company however to date no purchaser has materialised. As a
result the company has closed its Israeli subsidiary and discontinued all R&D. On 5 December 2008, notification was given to the relevant
Israeli government bodies of the closure of Atelis Israel Ltd which is now under the control of its accountants who will undertake the
necessary administrative procedures to finalise the closure process.
Andrew Mitchell and Gabi Kazabo resigned from the board of directors on the 9th of July 2008 and 15 December 2008 respectively. The
company thanks them for theirs efforts. A Burdon-Cooper was appointed to the Board on 15 December 2008.
It is the intention of the Board to turn the company into a cash shell and seek a suitable reverse candidate. To this end, the company
has entered into an unapproved arrangement with its creditors, and with the support of Wills & Co, who have entered into an agreement with
the company to provide limited financial support, the company is able to continue as a going concern whilst a suitable reverse candidate if
found.
R. Cohen
Chairman
Date:16 December 2008
INCOME STATEMENT FOR PERIOD Entity Consolidated
ENDED 30 JUNE 2008 Period ended Period ended
30June 30June
Note 2008 2007
� �
Income 23,802 248,196
Cost of Sales (19,201) (130,647)
4,601 117,549
Gross profit
(13,393) (253,220)
Administrative expenses
Operating loss (8,792) (135,671)
Interest payable and similar (1) (961)
charges
Loss on ordinary activities (8,793) (136,632)
before taxation
Tax on loss on ordinary - 18,324
activities
Loss for the period (8,791) (118,308)
Loss per share (pence)
- Basic & diluted 2 (0.03)p (0.005)p
The Income Statement has been prepared on the basis that all operations are continuing operations.
STATEMENT OF CHANGES IN EQUITY Share Capital Share Premium Retained earnings Total
FOR THE PERIOD ENDED
30 JUNE 2008
� � � �
At 1 January 2007 62,562 712,968 (959,313) (183,783)
Loss for the period - - (8,793) (8,793)
As at 30 June 2008 62,562 712,968 (968,106) (192,576)
BALANCE SHEET AS AT 30 JUNE 2008 Entity Consolidated
As at As at
30 June 30 June
2008 2007
� �
Note
ASSETS
Non-current assets
Tangible assets - 203,702
Investments 12 -
12 203,702
Current assets
Inventories - 12,500
Trade and other receivables 230,680
Cash and cash equivalents - 2,832
- 246,018
LIABILITIES
Current liabilities
Trade and other payables 3 (192,588) (361,185)
Net Current Liabilities (192,588) (115,167)
NET (LIABILITIES)/ASSETS (192,576) 88,535
SHAREHOLDERS' EQUITY
Called up share capital 62,562 62,562
Share premium account 712,968 712,968
Retained earnings (968,106) (686,995)
TOTAL EQUITY (192,576) 88,535
CASH FLOW STATEMENT Notes Entity Consolidated
FOR THE PERIOD ENDED 30 JUNE Year ended Year ended
2008 30 June 30 June
2008 2007
Cash flows from operating
activities
Cash expended from operations 4 (1,492) (119,112)
Net cash from operating (1,492) (119,112)
activities
Cash flows from investing
activities - (76,744)
Purchase of fixed assets (1) -
Interest paid
Net cash from investing (1) (76,744)
activities
Cash flows from financing
activities
Proceeds from share issue - 188,339
Costs paid re share issue - -
Net cash from financing - 188,339
activities
Decrease in cash and cash (1,493) (7,517)
equivalents
Reconciliation of net cash flow
to movement in net funds
(Decrease)/Increase in cash and (1,493) (7,517)
cash equivalents
Change in net funds (1,493) (7,517)
Net funds at start of period 1,326 10,349
Net funds at end of period (167) 2,832
NOTES TO THE FINANCIAL STATEMENTS
1. Comparatives
The comparatives for the 6 month period to 30 June 2007 are consolidated results as reported in September 2007. The results for the
period to 30 June 2008 relate to Atelis Plc only. As disclosed in the Financial Statements to 31 December 2007, the company has taken
advantage of the exemption under the Companies Act 1985, s229 (b) from the requirement to produce consolidated accounts. Under s229(b) a
company can be excluded from consolidation if the information necessary for the preparation of group accounts cannot be obtained without
disproportionate delay. Additionally, the directors have considered FRS 2, s 24 which states that "neither disproportionate expenses nor
undue delay in obtaining information necessary for the preparation of consolidated financial statements can justify excluding from
consolidation subsidiary undertakings that are individually or collectively material in the context of the group" and are of the opinion
that the results of its subsidiary, Atelis Israel Ltd are not material to the financial statements.
Atelis Israel Limited ceased trading in the year and on 5 December 2008, notification was given to the relevant Israeli government
bodies of the closure of that company. Atelis Israel is now under the control of its accountants who will undertake the necessary
administrative procedures to finalise the closure process. All intercompany balances with Atelis Israel Ltd. have been written off in the
financial statements.
2. Loss per share
Basic loss per ordinary share has been calculated using the weighted average number of shares in issue during the financial year. The
weighted average number of equity shares in issue is 25,025,000 (2007: 25,025,000) and the loss after tax is �8,793 (2007: �118,308)
3. TRADE & OTHER PAYABLES
2008
�
Trade payables 113,063
Taxation and social security -
Accruals and deferred income 54,545
Other creditors 24,980
192,588
4. Reconciliation of operating loss to net cash outflow from operating activities
2008
�
Operating loss (8,793)
Depreciation/Impairment -
Decrease/(increase) in debtors -
Increase in creditors within one year 7,300
Net cash outflow from operating activities (1,493)
5. related party transactions
Included in Other creditors is a loan of �24,480 (2007: �24,480) from S. Tucker who under IAS 24 is considered to be a related party by
virtue of her relationship with I. Farrell, a shareholder of the Company. The loan subject to interest of �595 per month from 25 May 2006 to
31 December 2008 and a fee of �10,000 (2007: �nil). Accrued interest as at 30 June 2008 was �18,445 (2007: �5,014). Both amounts are
included within accrued costs.
6. POST BALANCE SHEET EVENTS
On 12 December 2008, the company entered into an overdraft facility agreement with Wills & Co Financial Group Plc under which Will & Co.
agreed to provide the company with unsecured overdraft facility not exceeding �250,000 at a rate of interest of 1 per cent per annum above
the base rate of Barclays Bank Plc as varied time to time, subject to a minimum of 10 per cent per annum. Will & Co. will review the
facility on or after 31 December 2009.
On 5 December 2008, notification was given to the relevant Israeli government bodies of the closure of Atelis Israel which is now under
the control of its accountants who will undertake the necessary administrative procedures to finalise the closure process.
Note:
The financial information for the six months ended 30 June 2008 set out in this interim report does not comprise the Group's statutory
accounts as defined in section 240 of the Companies Act 1985.
The statutory accounts for the year ended 31 December 2007, which were prepared under International Financial Reporting Standards
("IFRS"), have not been delivered to the Registrar of Companies. The auditors reported on those accounts; their report did not contain a
statement under either Section 237 (2) or Section 237 (3) of the Companies Act 1985. The auditors' report did include an emphasis of matter
paragraph in relation to going concern but their opinion was not qualified in this respect.
The financial information for the six months ended 30 June 2008 and 30 June 2007 is unaudited.
A copy of this announcement along with the Interim Accounts for the six months ended 30 June 2008 are available from the Company's
website, www.atelis.net.
ENDS
Contact: Rony Cohen
01635 881 649
Roland Cornish, Beaumont Cornish Limited,
0207 628 3396
Kealan Doyle, Lewis Charles Securities
0207 456 9100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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