Interim Results
25 10월 2007 - 4:02PM
UK Regulatory
RNS Number:3271G
Kanyon PLC
25 October 2007
25 October 2007
KANYON PLC
Unaudited Interim Accounts for the six months ended 31 July 2007
CHAIRMAN'S STATEMENT
I am pleased to present the interim report of Kanyon Plc ("Kanyon") for the six
months ended 31 July 2007 together with comparatives for the first audited
accounting period from 13 June 2006 to 31 January 2007.
Kanyon acquired the entire issued share capital of Solar Labs Plc ("Solar Labs")
on 3 May 2007. Solar Labs is currently a start up business with the objective of
becoming a leading developer and provider of technology solutions to the solar
energy industries and may use a combination of research collaborations, organic
development and acquisitions to develop a portfolio of intellectual property
rights within solar energy.
Group profits before tax for the six months were #22,000 compared to a loss of
#2,000 for the period to 31 January 2007. Total equity shareholders funds at the
period end amounted to #7.74 million including cash balances of #3.91million,
compared with shareholders funds of #3.38 million at 31 January 2007.
The total consideration payable for Solar Labs was approximately #3.4 million
satisfied by the issue of new Ordinary Shares with a value of #3.3million and
the cash settlement of related acquisition costs amounting to #0.1million.
On completion of the acquisition, I joined the Board as Non - executive
Chairman, Alan Aubrey joined as a Non-executive Director and Matthew Sutcliffe
changed his role from Non-executive Chairman to that of Non-executive Director.
Following completion of the acquisition of Solar Labs, your Directors intend to
continue to identify opportunities they believe fulfill the Company's original
investing objectives but the focus will now be in the field of technology
solutions to the solar energy industries which are complementary to the
Company's enlarged business. As part of this process, the Company will leverage
your directors' considerable experience in the development of collaborations
with academic research intuitions to commercialise intellectual property.
I remain confident that Kanyon will make considerable further progress in its
development during the remainder of the year.
David Norwood
Non-Executive Chairman
KANYON PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 July 2007
Notes Six months to Period to
31 July 2007 31 January 2007
(Un-audited) (Audited)
#'000 #'000
Administrative expenses (52)
(68)
OPERATING LOSS (52)
(68)
Interest receivable 98 50
PROFIT/(LOSS) BERORE TAX 30 (2)
Taxation 4 (8) -
PROFIT/(LOSS) FOR THE PERIOD 22 (2)
EARNINGS PER SHARE 3 0.00p 0.00p
Basic and Diluted
The profit for the period arises from the Group's continuing operations and
includes contributions from subsidiaries acquired in the period as set out in
note 8 of the financial statements.
Comparative figures comprise the period from incorporation on 13 June 2006 to 31
January 2007.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period six months ended 31 July 2007
Share Share Revenue Reserve Total
Capital Premium #'000 Equity
#'000 #'000 #'000
At 13 June 2006 - - - -
Issue of shares 450 3,150 - 3,600
Expenses of issue of shares - (213) - (213)
Loss for the year - - (2) (2)
At 31 January 2007 450 2,937 (2) 3,385
Issue of shares 434 3,904 - 4,338
Profit for the year - - 22 22
At 31 July 2007 884 6,841 20 7,745
KANYON PLC
CONDENSED CONSOLIDATED BALANCE SHEET
At 31 July 2007
Notes 31 July 2007 31 Jan 2007
(Unaudited) (Audited)
#'000 #'000
ASSETS
Non-current assets
Goodwill 7 3,846 -
Current assets
Trade and other receivables 23 21
Cash and cash equivalents 3,908 3,381
Total current assets 3,931 3,402
TOTAL ASSETS 7,777 3,402
LIABILITIES
Current Liabilities
Trade and other payables (24) (17)
Tax liabilities (8) -
TOTAL LIABILITIES (32) (17)
NET ASSETS 7,745 3,385
EQUITY
Issued capital 5 884 450
Share premium 6 6,841 2,937
Revenue reserve 20 (2)
TOTAL EQUITY SHAREHOLDERS' FUNDS 7,745 3,385
Approved by the Board and authorised for issue on 25 October 2007.
D R Norwood M A Bretherton
Non - Executive Chairman Executive Director
KANYON PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 July 2007
31 July 2007 31 Jan 2007
(Unaudited) (Audited)
#'000 #'000
OPERATING ACTIVITIES
Operating loss (68) (52)
(Increase) in trade and other receivables - (7)
Increase in trade and other payables 7 17
Net cash outflow from operations (61) (42)
INVESTING ACTIVITIES
Acquisition of subsidiaries (see note 8) (95) -
Cash and bank in subsidiaries at acquisition (see note 8) 585 -
Net cash inflow from investing activities 490 -
FINANCING ACTIVITIES
Proceeds from issue of share capital - 3,600
Expenses of issue of share capital - (213)
Interest received 98 36
Net cash inflow from financing activities 98 3,423
INCREASE IN CASH AND CASH EQUIVALENTS 527 3,381
Cash and cash equivalents at the beginning of period 3,381 -
CASH AND CASH EQUIVALENTS
AT THE END OF PERIOD 3,908 3,381
Comparative figures comprise the period from incorporation on 13 June 2006 to
31 January 2007.
KANYON PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1) BASIS OF PREPARATION
The interim financial statements of Kanyon Plc are unaudited condensed
consolidated financial statements for the six months ended 31 July 2007. These
include audited comparatives for the period from incorporation on 13 June 2006
to 31 January 2007.
2) SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared under the
historic cost convention and incorporate the financials of Kanyon Plc for the
period and its subsidiary undertaking from the date of acquisition.
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the period ended 31
January 2007.
The condensed interim consolidated financial statements do not constitute
statutory accounts. The statutory accounts for the period to 31 January 2007
have been reported on by the Company's auditors and have been filed with the
Registrar of Companies. The report of the auditors was unqualified.
3) EARNINGS PER SHARE
Earnings per share is based on the profit after tax for the period of # 22,000
attributable to equity holders of the parent divided by the weighted average
number of ordinary shares in issue during the period of 614,510,424 (period to
31 January 2007: loss # 2,000 divided by weighted average of 248,491,380
shares). Fully diluted earnings per share are the same as basic earnings per
share.
4) TAXATION
The accrued tax charge for the six month interim period is based on an estimated
effective tax rate of 26.6% after allowance for partial utilisation of tax
losses brought forward.
KANYON PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
5) SHARE CAPITAL Number #'000
Authorised ordinary share of 1p:
At 13 June 2006, 31 January 2007 and 31 July 2007 1,000,000,000 1,000
Allotted, issued and fully paid ordinary shares of 1p:
At 13 June 2006 - -
Issue of ordinary shares 450,000,000 450
At 31 January 2007 450,000,000 450
Issue of ordinary shares 433,841,307 434
At 31 July 2007 883,841,307 884
On 28th March 2007 the Company allotted and issued 433,841,307 new ordinary
shares at a price of 1p in connection with the acquisition by the Company of the
entire issued share capital of Solar Labs Plc resulting in a share premium of #
3,904,572.
6) SHARE PREMIUM ACCOUNT 2007
#'000
At 13 June 2006 -
Premium on issue of shares in the period 3,150
Expenses (213)
At 31st January 2007 2,937
Premium on issue of shares in the period 3,904
At 31st July 2007 6,841
KANYON PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
7) GOODWILL 2007
#'000
At 13 June 2006 and 31 January 2007 -
Arising on acquisition of subsidiaries (see note 8) 3,846
At 31st July 2007 3,846
8) PURCHASE OF SUBSIDIARY UNDERTAKINGS
On 3 May 2007 the Company acquired 100% of the issued share capital of Solar
Labs Plc (Solar Labs) by issue of 433,841,307 new ordinary shares at 1 pence per
share for a value of # 4,338,413 together with the settlement in cash of costs
of # 95,000. This acquisition has been accounted for by the purchase method of
accounting as summarised below:
Period ended 31 July 2007 Solar Labs
#'000
Net assets acquired (100%)
Cash
585
Trade and other receivables 8
Trade and other payables
(6)
Net assets acquired 587
Goodwill on acquisition
3,846
Total Consideration
4,433
Satisfied by:
Issue of shares
4,338
Cash
95
Total
4,433
For the period between the date of acquisition 3 May 2007 and 31 July 2007,
Solar Labs did not contribute any revenues to the consolidated income statement
but the profit before tax contribution amounted to # 3,000. Solar Labs incurred
a loss before tax of # 35,000 for the period from its incorporation on 4 October
2006 to the 2 May 2007.
KANYON PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
9) RELATED PARTY TRANSACTIONS
During the period group companies entered into the following transactions with
Ora Capital Partners Plc which as at 31 July 2007 holds 42.94% of the issued
share capital of Kanyon Plc.
Period to 31 July 2007 #'000
Management consultancy fees charged 7
by Ora Capital Partners Plc in the period
Directors' Interests
Directors' interests in Ora Capital Partners Plc ("Ora"). The directors had
investments in Ora as follows as at 31 July 2007:
Director % of issued share capital of
Ora held
David Norwood 4.25%
Michael Bretherton 0.08%
Byron Lloyd 0.07%
Matthew Sutcliffe 0.14%
David Norwood and Michael Bretherton are also Directors of Ora Capital Partners
Plc.
10. INTERIM FINANCIAL REPORT
A copy of this interim report will be distributed to shareholders and is also
available electronically on the Company's website at www.kanyonplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Kanyon (LSE:KNYN)
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