TIDMMVC
RNS Number : 4541T
Medavinci PLC
29 September 2010
Medavinci Plc
("Medavinci" or the "Company")
Announcement of Final Results for the year ended 31 March 2010
CHAIRMAN'S STATEMENT
I am pleased to present the final audited results for the year ended 31 March
2010.
As highlighted in the circular to shareholders dated 9 August 2010, the Company
has re-focussed the investment strategy of the company to one focused on
companies involved in mineral exploration and production in Europe.
Key highlights for the year ended 31 March 2010 were as follows:
· In July 2009, the company raised GBP421,540 to repay certain creditors
and for working capital.
· Emotion Fitness Limited, a UK Incorporated company was established to
hold the company's 49% interest in its Hungarian based gymnasium business and
the board is hoping to be able to sell this investment during the coming months.
· Loss for the year was GBP662,000 (2009 - GBP5,154,000).
· Post the year end, the Company raised GBP842,042 and invested
GBP370,000 in Orogen Gold Limited, for a 49% interest in the issued share
capital.
During the year ended 31 March 2010, the Board reviewed all investments held by
the company (and made by the previous management) and as previously stated have
written down the value of the company's shareholdings and loans in Demecal and
Ergodynamics to GBPnil. The remaining investment is in Emotion Fitness, a
gymnasium business based in Hungary which, as part of the re-focus, the board is
hoping to be able to sell in the coming months.
Since the year end the company has re-focused the investment strategy of the
company to one focused on companies involved in mineral exploration and
production in Europe. As part of this re-focus the company has successfully
raised GBP842,042 and made an investment in Orogen Gold Limited in return for a
49% shareholding. The Board is also hoping to sell its shareholding in Emotion
Fitness and an appropriate impairment charge of GBP518,000 has been made to the
carrying value of this investment. The carrying value at the reporting date was
GBP300,000.
Orogen Gold Limited ("Orogen Gold")
In August 2010, the Company invested GBP370,000 in Orogen Gold Limited for a 49%
interest in the enlarged issued share capital. Orogen Gold is an Irish company
incorporated in April 2010 for the purpose of holding investments in companies
involved in mineral exploration and related activities. Its initial focus will
be on the Deli Jovan Gold Project, a 69 sq km permit area in eastern Serbia
covering two shallow underground gold mines that were last in production pre
World War II. Under an Earn-in Agreement with TSX (Toronto Stock Exchange)
listed Reservoir Capital Corporation, Orogen Gold has the right to an initial
55% interest in the Deli Jovan Gold Project, if it spends a minimum of
approximately US$1.5 million on exploration by June 2012, and a further interest
of 20% will be obtained upon an additional spend of approximately US$2 million
by December 2013, giving Orogen Gold an aggregate interest in 75% of the Deli
Jovan Gold Project.
Outlook
We now believe we have secured the future for Medavinci Plc and will focus
purely on our investment in Orogen Gold. We have an option to acquire the
remaining 51% of Orogen Gold which, subject to positive results from the Phase 1
Exploration Programme, we intend to exercise over the next twelve months. At
that stage it is the intention that the remaining directors of Orogen Gold will
be appointed to the Medavinci board and the Company will become a minerals and
exploration business, with a name change to reflect this new direction.
We are currently looking to dispose of our shareholding in the Hungarian
gymnasium business which we would like to conclude within the next six months.
As previously stated, the disposal of this investment would represent a
fundamental change of business for the Company, and, under the AIM Rules, would
be subject to the prior approval of Shareholders.
All shareholders will be kept fully informed regarding our progress with Orogen
Gold and although the past 24 months has been a difficult period for Medavinci
Plc we aim to restore as much value back to shareholders as possible.
Adam Reynolds
Chairman
29 September 2010
Contact Details:
Medavinci
Adam Reynolds
Paul Foulger Tel: +44 (0) 207 245 1100
Zeus Capital Limited
Ross Andrews Tel +44 (0)161 831 1512
Tom Rowley
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2010
+------------------------------------+-------+----------+----------+---------+
| | | 2010 | | 2009 |
| |Notes | GBP'000 | | GBP'000 |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| - Recurring administrative | | (144) | | (307) |
| expenses | | | | |
+------------------------------------+-------+----------+----------+---------+
| - Impairment of investments, | | | | |
| capital contribution and | | (518) | | (4,857) |
| receivables from investments | | | | |
+------------------------------------+-------+----------+----------+---------+
| Administrative expenses | | (662) | | (5,164) |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Finance income - bank interest | | - | | 10 |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Loss before taxation | | (662) | | (5,154) |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Income tax expense | | - | | - |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Loss for the year attributable to | | (662) | | (5,154) |
| owners of the company | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Other comprehensive income | | | | |
+------------------------------------+-------+----------+----------+---------+
| Exchange difference on translating | | - | | 135 |
| foreign balances | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| Total comprehensive income for the | | (662) | | (5,019) |
| year attributable to owners of | | | | |
| the company | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | Pence | | Pence |
+------------------------------------+-------+----------+----------+---------+
| Loss per share | | | | |
+------------------------------------+-------+----------+----------+---------+
| Basic and diluted | 7 | (0.2) | | (7.0) |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
| | | | | |
+------------------------------------+-------+----------+----------+---------+
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2010
+--------------------------------------+-------+---------+----------+---------+
| |Notes | 2010 | | 2009 |
| | | GBP'000 | | GBP'000 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| ASSETS | | | | |
| Non-current assets | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Investments | | 300 | | 742 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total non-current assets | | 300 | | 742 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Current assets | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Trade and other receivables | | - | | 14 |
+--------------------------------------+-------+---------+----------+---------+
| Cash at bank and in hand | | 160 | | 117 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total current assets | | 160 | | 131 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total assets | | 460 | | 873 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| EQUITY AND LIABILITIES | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Equity attributable to owners of the | | | | |
| company | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Share capital | 11 | 1,158 | | 736 |
+--------------------------------------+-------+---------+----------+---------+
| Share premium reserve | | 5,305 | | 5,305 |
+--------------------------------------+-------+---------+----------+---------+
| Retained loss | | (6,077) | | (5,415) |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total equity | | 386 | | 626 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Current liabilities | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Trade and other payables | | 74 | | 247 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total current liabilities | | 74 | | 247 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
| Total equity and liabilities | | 460 | | 873 |
+--------------------------------------+-------+---------+----------+---------+
| | | | | |
+--------------------------------------+-------+---------+----------+---------+
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2010
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | Share | | | | |
| | Share | | Share | | Warrant | | Retained | | |
| | capital | | premium | | reserve | | loss | | Total |
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| At 1 April 2008 | 736 | | 5,305 | | 278 | | (674) | | 5,645 |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Loss for the year | - | | - | | - | | (5,154) | | (5,154) |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Reserve transfer | - | | - | | (278) | | 278 | | - |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Exchange rate movement | - | | - | | - | | 135 | | 135 |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Movement in year | - | | - | | (278) | | (4,741) | | (5,019) |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| At 31 March 2009 | 736 | | 5,305 | | - | | (5,415) | | 626 |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Loss for the year | - | | - | | - | | (662) | | (662) |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Shares issued during | 422 | | - | | - | | - | | 422 |
| the year | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| Movement in year | 422 | | - | | - | | (662) | | (240) |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| At 31 March 2010 | 1,158 | | 5,305 | | - | | (6,077) | | 386 |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+-------------------------+---------+-+---------+----------+---------+----------+----------+----------+---------+
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2010
+-----------------------------------------+-----+---------+----------+---------+
| | | 2010 | | 2009 |
| | | GBP'000 | | GBP'000 |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Cash flows from operating activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Loss before taxation | | (662) | | (5,154) |
+-----------------------------------------+-----+---------+----------+---------+
| Impairment loss on investments | | 518 | | 4,857 |
+-----------------------------------------+-----+---------+----------+---------+
| Decrease/(increase) in trade and other | | 14 | | (197) |
| receivables | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| (Decrease)/increase in trade and other | | (173) | | 138 |
| payables | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Interest received | | - | | (10) |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Net cash outflow from operating | | (303) | | (366) |
| activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Cash flows from investing activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Increase in loans to investments | | (76) | | - |
+-----------------------------------------+-----+---------+----------+---------+
| Interest received | | - | | 10 |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Net cash (outflow)/inflow from | | (76) | | 10 |
| investing activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Cash flows from financing activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Proceeds from issue of equity | | 422 | | - |
| instruments | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Net cash inflow from financing | | 422 | | - |
| activities | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Net increase/(decrease) in cash and | | 43 | | (356) |
| cash equivalents | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Cash and cash equivalents at beginning | | 117 | | 473 |
| of the year | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| Cash and cash equivalents at end of the | | 160 | | 117 |
| year | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
| | | | | |
+-----------------------------------------+-----+---------+----------+---------+
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2010
1. PRINCIPAL ACCOUNTING POLICIES
MeDaVinci plc is a public limited liability company governed by UK law,
established in the UK and listed on the Alternative Investment Market (AIM). The
company's registered office is in the UK. Its office address is 14 Kinnerton
Place South, London, SW1X 8EH.
Basis of preparation of the financial statements
The financial statements of MeDaVinci Plc have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union, IFRIC interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS.
The financial statements have been prepared under the historical cost
convention, as modified by the measurement at fair value of available-for-sale
financial assets and financial assets and financial liabilities (including
derivative instruments) at fair value through profit or loss.
Going concern
The company has changed its investment strategy to investing in companies
involved in mineral exploration and has also successfully completed a
fundraising. The directors confirm that, after giving due consideration to the
financial position and cash flows of the company they have reasonable
expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. For this reason the company adopted the
going concern basis in preparing the financial statements.
Critical Judgements and Key Sources of Estimation Uncertainty
MeDaVinci makes estimates and assumptions regarding the future. The resultant
budgeted and accounting outcomes will rarely be the same as the actual results.
Estimates and assumptions are evaluated on an ongoing basis and are based on
experience and other factors, including expectations of future events that are
perceived
as reasonable based on the circumstances. The following estimates and
assumptions bear a significant inherent risk, which could result in material
adjustments to the carrying amount of assets and liabilities in the coming year:
(a) Impairment of Financial Assets (Non-current)
Where there are indications of impairment and at least once a year, MeDaVinci
tests financial assets for impairment. The realisable value of financial assets
is determined using generally accepted valuation techniques, including
value-in-use calculations. These calculations and valuations require the use of
estimates.
Based on these tests, possible impairment must be reported. However, where the
actual performance of the underlying activities, businesses and cash-generating
units is substantially worse, actual impairment losses could be incurred and/or
differ from the reported impairment losses. These impairment losses could have a
material impact on the carrying amount of financial assets.
(b) Carrying Value of Deferred Tax Assets and Deferred Tax Liabilities
Assumptions play a major role in the determination of deferred tax assets and
deferred tax liabilities. Many uncertain factors can affect the amount of
carry-forward tax losses. MeDaVinci values the carrying amounts of deferred tax
assets relating to carry-forward tax losses, and the carrying amount of deferred
tax liabilities relating to carry-back tax losses on the basis of its best
estimates. Where actual outcomes differ from the original estimates, the
differences will affect taxes and the income statement, as well as the deferred
tax assets and/or deferred tax liabilities in the period in which these
differences occur.
(c) Determination of Significant Influence
Where the group holds investments in associates the directors must consider
whether a significant influence is held over the ability for the investee
company to operate. This consideration determines how the investment is
accounted for in the financial statements.
(d) Determination of power to control
The investment in Emotion Fitness Mag Kft, through it subsidiary undertaking
Emotion Fitness Limited, is stated as a 49% shareholding in line with a
shareholders agreement that details this holding. Additionally MeDaVinci holds
exercisable convertible loans that, if converted, would result in an additional
14.7% shareholding of Emotion Fitness Mag Kft. However, the directors have
concluded that they do not have the power to control Emotion Fitness Mag Kft due
to the terms described in the shareholders agreement. Consequently, Emotion
Fitness Mag Kft has not been consolidated and has been treated as an investment
in the accounts.
2. SEGMENT INFORMATION
The board of directors do not receive management reports that analyse the
performance or financial position of the company by business segment. The main
activity of the company is to invest in international health and wellness
companies and consequently the only items in the comprehensive income statement
that are attributable to these activities are the income from these investments,
the finance income receivable from cash deposits and loans advanced and the
change in fair value of the embedded derivatives separately recognised. All
other amounts are unallocated and relate to the operation of the corporate
headquarters.
From the perspective of the statement of financial position, such
segment assets would include the carrying value of the investments in
associates, loans advanced and the derivatives. All other assets and liabilities
are unallocated and relate to the corporate activities undertaken.
The company does not have any external revenues.
3. LOSS BEFORE TAXATION
+------------------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+------------------------------------------------------------+---------+----------+---------+
| The following items have been included in arriving at loss | | | |
| before taxation: | | | |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
| Staff costs | 20 | | 66 |
+------------------------------------------------------------+---------+----------+---------+
| Services provided by the company's auditors | | | |
+------------------------------------------------------------+---------+----------+---------+
| - Audit fees and expenses - statutory audit | 24 | | 15 |
+------------------------------------------------------------+---------+----------+---------+
| - Tax compliance | 2 | | 2 |
+------------------------------------------------------------+---------+----------+---------+
| Foreign exchange gains and losses | - | | 150 |
+------------------------------------------------------------+---------+----------+---------+
4. STAFF COSTS
+------------------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
| Aggregate directors' emoluments | 20 | | 66 |
+------------------------------------------------------------+---------+----------+---------+
There were no employees except for the directors during the year.
During the year GBPNil (2009: GBP5,875) was paid to HHSS LLP for the services of
a director, a company in which Mr Hough is also a director. No amount was
outstanding at the balance sheet date.
GBP20,000 (2009: GBP4,792) was paid to Wilton International Marketing Limited, a
company in which A Reynolds and P Foulger are directors, for the services of the
directors. No amount was outstanding at the balance sheet date.
G Hirsch and M Hough have not received any remuneration during the year. They
have waived their remuneration entitlement.
The directors are considered to be the key management personnel. Directors'
remuneration and fees comprises the whole of the compensation for these
individuals. The directors hold no share options.
5. RELATED PARTY TRANSACTIONS
During the year GBP39,250 (2009 : GBPNil) was paid to Wilton International
Marketing Limited, a company in which A Reynolds and P Foulger are directors,
for corporate finance and administration services. No amount was outstanding at
the year end.
A further GBP30,109 (2009: GBP3,169) was paid to Hansard Communications Limited,
a company in which A Reynolds and P Foulger are directors, for public relation
services, disbursements and related services. The amount outstanding at the
balance sheet date was GBP4,875 (2009: GBP3,169).
At the year end, GBP300,000 (2009 - GBP742,000), as detailed in note 8, relates
to the investment and capital contribution recoverable from Emotion Fitness Mag
Kft through the company's new subsidiary undertaking Emotion Fitness Limited.
6. TAXATION
There is no UK Corporation tax charge due to tax losses incurred during the
year, subject to agreement with HM Revenue & Customs. There is a potential
deferred tax asset of approximately GBP1,725,000 (2009: GBP1,458,000) relating
to the cumulative tax losses totalling approximately GBP6,159,000 (2009:
GBP5,559,000) carried forward. The deferred tax asset is not provided for as the
directors are uncertain when the company will generate sufficient profits on
capital gains for the losses to be offset against.
The charge per the Statement of Comprehensive Income for the year can be
reconciled to the tax losses as follows:
+------------------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
| Loss before taxation | (662) | | (5,154) |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
| Loss on ordinary activities multiplied by standard rate of | | | |
| corporation tax in the UK of 28% (2009: 28%) | (185) | | (1,443) |
+------------------------------------------------------------+---------+----------+---------+
| Effects of: | | | |
+------------------------------------------------------------+---------+----------+---------+
| Current tax losses not utilised | 185 | | 1,443 |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
| Total taxation | - | | - |
+------------------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------------------+---------+----------+---------+
7.LOSS PER SHARE
Basic loss per share is calculated by dividing the loss attributable to equity
shareholders by the weighted average number of ordinary shares in issue during
the year.
+-----------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+-----------------------------------------------+---------+----------+---------+
| | | | |
+-----------------------------------------------+---------+----------+---------+
| Loss attributable to equity holders of the | (662) | | (5,154) |
| company | | | |
+-----------------------------------------------+---------+----------+---------+
| | | | |
+-----------------------------------------------+---------+----------+---------+
| Weighted average number of ordinary shares in | 389,755 | | 73,600 |
| issue (thousands) | | | |
+-----------------------------------------------+---------+----------+---------+
| | | | |
+-----------------------------------------------+---------+----------+---------+
| Basic loss per share (pence) | (0.2) | | (7.0) |
+-----------------------------------------------+---------+----------+---------+
The company had no dilutive potential ordinary shares in either year, which
would serve to increase the loss per ordinary share. Therefore, there is no
difference between the loss per ordinary share and the diluted loss per ordinary
share.
8. INVESTMENTS
+-+------------------------------------------+-+-------+----------+----------+--------+-+
| | Investments in subsidiaries and associates | 2010 | | 2009 |
| | | GBP'000 | | GBP'000 |
+-+--------------------------------------------+------------------+----------+----------+
| Cost | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| At 1 April | 4,288 | | 4,288 | |
+--------------------------------------------+---------+----------+-------------------+-+
| Capital contribution made | 76 | | - | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| At 31 March | 4,364 | | 4,288 | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| Impairment | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| At 1 April | 3,546 | | - | |
+--------------------------------------------+---------+----------+-------------------+-+
| Impairment during the year | 518 | | 3,546 | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| At 31 March | 4,064 | | 3,546 | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | |
+--------------------------------------------+---------+----------+-------------------+-+
| Net book value at 31 March | 300 | | 742 | |
+--------------------------------------------+---------+----------+-------------------+-+
| | | | | | | | |
+-+------------------------------------------+-+-------+----------+----------+--------+-+
Details of these investments held are as follows:-
+------------+-----------+--+----------+------+-----+----+--+----------+------+--+-----+-------------+---+--+
| | No. of ordinary | % | Carrying Value | Nature of Business |
| | shares | Held | GBP'000 | |
+---------------------------+-----------------------+-------+--------------------+--------------------------+
| | | | | |
+---------------------------+-----------------------+-------+--------------------+--------------------------+
| MeDaVinci Health Care | 18,000 | 100% | - | Holding company for | |
| Services BV | | | | investments in | |
| | | | | innovative technologies | |
| | | | | for the healthcare | |
| | | | | sector | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| | | | | | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| Emotion Fitness | 100 | 100% | - | Investment holding | |
| Limited | | | | company | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| | | | | | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| MeDaVinci Development | 25 | 5% | - | Development of | |
| BV* | | | | innovative products in | |
| | | | | the medical industry | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| | | | | | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| ErgoDynamics | 89 | 49% | | Holding company for | |
| Participations BV* | | | | investment in | |
| | | | | Ergodynamics | |
| | | | | Applications BV | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| | | | | | |
| Emotion Fitness Mag | 2,700 | 47% | 300 | Fitness centres | |
| Kft** | | | | | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| | | | | | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| Demecal Europe BV* | 5,400 | 30% | - | Development and Selling | |
| | | | | of blood tests | |
+------------------------+--------------------+----------+--------------------+--------------------------+--+
| Key | | | | | |
+------------+-------------------------+-------------------------------+---------------+-------------+------+
| | | | | | | | | | | | | | | |
+------------+-----------+--+----------+------+-----+----+--+----------+------+--+-----+-------------+---+--+
* - indirectly held through MedaVinci Health Care Services BV
** - indirectly held through Emotion Fitness Limited
The above companies are incorporated in the following jurisdiction:
Country of incorporation:
+-------------------------------+---------------------------------+
| MeDaVinci Health Care | Netherlands |
| Services BV | |
+-------------------------------+---------------------------------+
| Emotion Fitness Limited | England & Wales |
+-------------------------------+---------------------------------+
| MeDaVinci Development BV* | Netherlands |
+-------------------------------+---------------------------------+
| ErgoDynamics Participations | Netherlands |
| BV* | |
+-------------------------------+---------------------------------+
| Emotion Fitness Mag Kft** | Hungary |
+-------------------------------+---------------------------------+
| Demecal Europe BV* | Netherlands |
+-------------------------------+---------------------------------+
The company's subsidiary undertakings, MeDaVinci Health Care Services BV and
Emotion Fitness Limited have been dormant throughout the year.
The investments in MeDaVinci Health Care Services BV, MeDaVinci Development BV,
ErgoDynamics Participations BV and Demecal Europe BV have been fully impaired.
Demecal Europe BV was declared backcrupt in Dutch Courts on 26 May 2009.
In October 2009 the company incorporated Emotion Fitness Limited and transferred
its investment and capital contribution in Emotion Fitness Mag Kft from
MeDaVinci Health Care Services BV for EUR1,165,000 including an advance of
EUR625,000. Subsequently a debt instrument was created and transferred by
MeDavinci Health Care Services BV to the company. Since the year end the company
has decided to change its investment strategy and consequently the investment in
Emotion Fitness has been impaired to the carrying value of GBP300,000 and the
directors are hoping to sell this investment during the coming months.
The company has also provided a loan to Emotion Fitness Mag Kft through its
former parent undertaking, MeDaVinci Heath Care Services BV and has been fully
impaired. The loan can be converted into ordinary shares at any time of whole or
part thereof provided that total conversion will lead to 68.88% of the
outstanding share capital post conversion or pro rata percentage thereof post
conversion as a result of partial conversion.
Further, MeDaVinci has warrant instruments on shares in Ergo Dynamics
Participations BV. In determining the fair value of the instruments the
directors have considered that there is no active market for these instruments
and therefore the value of these instruments have been assessed using the Black
& Scholes pricing model. Following impairment review the fair value of the
warrant instrument on shares in ErgoDynamics Participations BV is as a
consequence GBPnil.
The company's associated undertakings, Ergo Dynamics Participations BV, Emotion
Fitness Mag Kft and Demecal Europe BV prepared their financial statements as of
31 December each year. Ergo Dynamics Participations BV and Demecal Europe BV
financials are unavailable and hence the figures cannot be disclosed in these
financial statements. The company's remaining associate undertaking's financial
information is as follows:
+--------------------------------------------+----------+----------+----------+
| | 31 | | 31 |
| | December | | December |
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+--------------------------------------------+----------+----------+----------+
| | | | |
+--------------------------------------------+----------+----------+----------+
| Revenue | 111 | | 180 |
+--------------------------------------------+----------+----------+----------+
| Result for the year | 68 | | (211) |
+--------------------------------------------+----------+----------+----------+
| | | | |
+--------------------------------------------+----------+----------+----------+
| Total assets | 1,260 | | 1,366 |
+--------------------------------------------+----------+----------+----------+
| Total liabilities and obligations | (971) | | (1,145) |
+--------------------------------------------+----------+----------+----------+
| Total equity | 289 | | 221 |
+--------------------------------------------+----------+----------+----------+
| | | | |
+--------------------------------------------+----------+----------+----------+
9. TRADE AND OTHER RECEIVABLES
+------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+------------------------------------------------+---------+----------+---------+
| | | | |
+------------------------------------------------+---------+----------+---------+
| Prepayments and accrued income | - | | 14 |
+------------------------------------------------+---------+----------+---------+
The directors consider that the carrying amount of trade and other receivables
approximates their fair value.
10. CASH AND CASH EQUIVALENTS
+-------------------------------------------------+---------+----------+---------+
| | 2010 | | 2009 |
| | GBP'000 | | GBP'000 |
+-------------------------------------------------+---------+----------+---------+
| | | | |
+-------------------------------------------------+---------+----------+---------+
| Cash at bank and in hand | 160 | | 117 |
+-------------------------------------------------+---------+----------+---------+
| | | | |
+-------------------------------------------------+---------+----------+---------+
11. CALLED UP SHARE CAPITAL
+-+------------------------------------------------+---------+----------+----------+------+----------+
| | | 2010 | | 2009 | |
| | | GBP'000 | | GBP'000 | |
+-+------------------------------------------------+---------+----------+-----------------+----------+
| Authorised | | | |
+--------------------------------------------------+--------------------+----------+-----------------+
| 5,000,000,000 Ordinary shares of 0.1 pence each | 5,000 | | 5,000 |
| (2009 - 500,000,000 of 1p each) | | | |
+--------------------------------------------------+--------------------+----------+-----------------+
| 73,599,817 Deferred shares of 0.9 pence each | 662 | | - |
+--------------------------------------------------+--------------------+----------+-----------------+
| | | | |
+--------------------------------------------------+--------------------+----------+-----------------+
| | 5,662 | | 5,000 |
+--------------------------------------------------+--------------------+----------+-----------------+
| Alloted, called up and fully paid | | | |
+--------------------------------------------------+--------------------+----------+-----------------+
| 495,139,817 (2009 - 73,599,817) Ordinary shares | 496 | | 736 |
| of 0.1 pence each | | | |
+--------------------------------------------------+--------------------+----------+-----------------+
| 73,599,817 Deferred shares of 0.9 pence each | 662 | | - |
+--------------------------------------------------+--------------------+----------+-----------------+
| | 1,158 | | 736 |
+--------------------------------------------------+--------------------+----------+-----------------+
| | | | | | | |
+-+------------------------------------------------+---------+----------+----------+------+----------+
On 26 May 2009 the nominal share value was reduced from 1 pence to 0.1 pence
each. Following this restructuring the company's share capital consisted of
73,599,817 ordinary shares of 0.1 pence each and 73,599,817 deferred ordinary
shares of 0.9 pence each. Since then the following ordinary shares have been
issued:
· On 8 July 2009 the company issued 421,540,000 shares of 0.1 pence each
at par value. The total cash consideration received amounted to GBP421,540.
· On 1 September 2010 the company issued 421,021,000 shares of 0.1 pence
each at 0.2 pence per share. The total cash consideration received amounted to
GBP842,042.
· On 1 September 2010 the company issued 62,500,000 shares of 0.1 pence
each at 0.2 pence per share. The company issued these shares as part of the
consideration to satisfy the purchase price of GBP370,000 to acquire 49% of
Orogen Gold Limited.
12. TRADE AND OTHER PAYABLES
+----------+---------------------------------------------------+----+----+----------+----------+-----+-+
| | | 2010 | | 2009 | |
| | | GBP'000 | | GBP'000 | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | | | | | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | Trade payables | 22 | | 113 | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | Other payables | - | | 22 | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | Accruals and deferred income | 52 | | 112 | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | | | | | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | | 74 | | 247 | |
+----------+---------------------------------------------------+---------+----------+----------------+-+
| | | | |
+-------------------------------------------------------------------+---------------+----------+-------+
| | | | | | | | |
+----------+---------------------------------------------------+----+----+----------+----------+-----+-+
Trade and other payables principally comprise amounts outstanding for on-going
overhead costs. The directors consider that the carrying amount of trade
payables approximately their fair value.
13. EVENTS AFTER THE REPORTING PERIOD
On 1 September 2010 the company issued 421,021,000 shares of 0.1 pence each at
0.2 pence per share. The total cash consideration received amounted to
GBP842,042.
On 1 September 2010 the company also completed a 49% acquisition of Orogen Gold
Limited for a total consideration of GBP370,000, with an option to acquire the
remaining 51% over the next 12 months. The consideration of GBP370,000 was
satisfied by the issue of 62,500,000 ordinary shares of 0.1 pence each at 0.2
pence per share and subscribing to 12,000,000 shares in Orogen Gold Limited.
On 1 September 2010 the company granted warrants over 5,000,000 Ordinary Shares
of 0.1 pence each to Zeus Capital Limited in respect of corporate finance
advice. The subscription price is 0.2 pence per Ordinary Share and the exercise
period is five years from the date of grant.
14. ANNUAL REPORT AND ANNUAL GENERAL MEETING
In accordance with Rules 20 and 26 of the AIM Rules for Companies, the Annual
Report for the year ended 31 March 2010 and notice of annual general meeting
have been sent to shareholders today and will be available for download from the
Company's website. The Company's annual general meeting will be held at The
Pantechnicon, 2nd Floor, 10 Motcomb Street, London, SW1X 8LA on 16 November at
11:00 a.m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BSGDCBUDBGGI
Medavinci (LSE:MVC)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Medavinci (LSE:MVC)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
