27 September 2007
ParOS plc
("ParOS", "the Company" or "the Group")
Interim Results for the
six months ended 30 June 2007
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report the Group's results for the six months ended 30 June
2007, the highlights of which are as follows:
* European Patent Office announces grant of a patent for use of its
parametric Model Predictive Control technology.
* Joint Research and Development project to convert a diesel powered Minibus
into the first Greek hydrogen fuel cell powered minibus.
* Founder, Professor Stratos Pistikopoulos, win's this year's Royal Academy
of Engineering MacRobert Award.
* Greek subsidiary enters a Strategic Alliance agreement with Tropical SA and
receives three commercial contracts for hydrogen based electrical power
generators.
Results and dividends
The Group's loss before taxation for the six month period ended 30 June 2007
amounted to �467,536, (2006: loss �188,182) after charging �149,798 relating to
the amortisation of patents on turnover of �37,844 (2006: �9,084). Loss per
share is 0.10 pence and the directors do not recommend the payment of an
interim dividend.
Trading
The Group has two trading subsidiaries, Parametric Optimization Solutions
Limited, in the UK, and ParOS Technology EPE, in Greece. The strategy of these
subsidiaries in the short and medium term is to generate revenue by building
prototype products for use within industrial businesses, entering into
partnerships with manufacturers and securing consulting projects with companies
that supply products that are able to use the Group's intellectual property.
Outlook
The directors are satisfied by the progress made with the Group's strategy of
focusing on commercialising technology that provides cost effective control for
the energy systems of the future. In particular, the award of a European Patent
and winning the first commercial contracts are significant events during the
period.
The directors hope to be able to report further progress for the year as a
whole.
Patrick McHugh
Chairman
27 September 2007
Enquiries:
Patrick McHugh
ParOS plc 020 3008 8220
Simon Clements
John East & Partners Limited 020 7628 2200
Mike Feltham/David Bick
Holborn PR 020 7929 5599
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months Six months 12 months
ended ended
ended
30 June 30 June
2007 31 December
2006
(Unaudited) 2006
(Unaudited)
� (Audited)
�
�
Revenue 37,844 9,084 60,064
Cost of sales - - (1,213)
Gross profit 37,844 9,084 58,851
Administrative expenses (521,134) (219,608) (860,297)
Impairment of intangible assets and - - (1,170,735)
goodwill
Operating loss (483,290) (210,524) (1,972,181)
Finance income 15,754 22,342 44,454
Loss on ordinary activities before (467,536) (188,182) (1,927,727)
taxation
Income tax expense - - -
Loss on ordinary activities after taxation (467,536) (188,182) (1,927,727)
Attributable to:
Equity holders of the parent (459,947) (188,182) (1,917,808)
Minority interest (7,589) - (9,919)
(467,536) (188,182) (1,927,727)
Loss per share - basic and diluted (0.10p) (0.05p) (0.45p)
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007
As at As at As at
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
� � �
ASSETS
Non-current assets
Property, plant and equipment 9,079 5,193 8,471
Goodwill 378,845 753,845 378,845
Other intangible assets 3,348,948 4,792,428 3,498,746
3,736,872 5,551,466 3,886,062
Current assets
Trade and other receivables 44,106 82,380 56,742
Cash and cash equivalents 612,598 1,097,672 836,770
656,704 1,180,052 893,512
Total assets 4,393,576 6,731,518 4,779,574
EQUITY AND LIABILITIES
Equity attributable to equity holders of
the parent
Share capital 472,950 471,450 472,950
Share premium account 1,295,730 1,476,448 1,295,730
Other reserves 4,024,070 5,014,088 4,024,070
Translation reserve (2,093) - (1,252)
Retained earnings (1,327,898) (309,058) (867,951)
4,462,759 6,652,928 4,923,547
Share capital owned by Employee Benefit (161,250) - (261,250)
Trust
Minority interest (15,637) - (8,048)
Total equity 4,285,872 6,652,928 4,654,249
Current liabilities
Trade and other payables 107,704 78,590 125,325
Total equity and liabilities 4,393,576 6,731,518 4,779,574
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months Six months 12 months
ended ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
� � �
Restated Restated
Cash flows from operating activities
Loss before taxation (467,536) (188,182) (1,927,727)
Adjustments for:
Impairment - - 1,170,735
Depreciation and amortisation 150,720 338 239,046
Finance income received (15,754) (22,342) (44,454)
Decrease / (increase) in trade and 11,795 (42,933) (18,547)
other receivables
Decrease in trade and other payables (17,621) (109,421) (62,687)
Net cash outflow from operating (338,396) (362,540) (643,634)
activities
Cash flows from investing activities
Acquisition of subsidiary, net of - (205,673) (203,802)
cash acquired
Purchase of property, plant and (1,530) (2,570) (7,859)
equipment
Finance income received 15,754 22,342 44,454
Net cash from/(used in) investing 14,224 (185,901) (167,207)
activities
Cash flows from financing activities
Proceeds from the sale of shares held 100,000 - -
by the Employee Benefit Trust on
exercise of share options
Proceeds from issue of share capital - - 1,500
Net cash from financing activities 100,000 - 1,500
Net decrease in cash and cash (224,172) (548,441) (809,341)
equivalents
Cash and cash equivalents at the 836,770 1,646,113 1,646,111
beginning of the period
Cash and cash equivalents at the end 612,598 1,097,672 836,770
of the period
CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
Six months Six months 12 months
ended ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
� � �
Open Equity 4,654,249 1,610,570 1,610,570
Loss for the period attributable to (459,947) (188,180) (1,917,808)
the equity holders of the parent
Issue of share capital - 5,230,538 5,232,037
Exchange differences on translating (841) - (1,252)
foreign operations
Employee Benefit Trust 100,000 - (261,250)
Minority interest (7,589) - (8,048)
Total changes in equity (368,377) 5,042,358 3,043,679
Closing Equity 4,285,872 6,652,928 4,654,249
NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2007
1. The interim financial statements have not been audited and they do not
constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The comparative figures for the year ended 31 December
2006 have been extracted from the Group's full financial statements.
Statutory accounts for the year ended 31 December 2006 have been filed with
the Registrar of Companies and have been reported on by the Group's
auditors. The auditors' opinion was not qualified, but contained an
Emphasis of Matter paragraph relating to the valuation of the intangible
asset.
2. Basic and diluted loss per share has been calculated using a loss for the
financial period of �459,947 (�188,182 loss for the six months ended 30
June 2006 and �1,917,808 loss for the year ended 31 December 2006) and a
weighted average number of ordinary shares in issue during the period 1
January 2007 to 30 June 2007 of 472,950,195 (376,977,458 for the six months
ended 30 June 2006 and 425,308,920 for the year ended 31 December 2006).
Due to the loss in the period, share options in issue are non dilutive.
3. Goodwill of �753,845, arising on the acquisition of Parametric Optimization
Solutions Limited, was capitalised. Goodwill is not amortised, however, the
recoverable amount of goodwill is tested for impairment annually or when
events or changes in circumstances indicate that it might be impaired. The
impairment charge for the year ended 31 December 2006 was �375,000; this
was deducted from the carrying value.
4. Intangible Assets (Patents) owned by Parametric Optimization Solutions
Limited totalling �4,531,178 have been capitalised. Intangible Assets are
amortised over their useful life of 20 years. The amortisation charge for
the six months ended 30 June 2007 is �149,798 (�nil for the six months
ended 30 June 2006 and �236,697 for the year ending 31 December 2006). The
recoverable amount of intangible assets is tested for impairment annually
or when events or changes in circumstances indicate that it might be
impaired. The impairment charge for the year ended 31 December 2006 was �
795,735; this was deducted from the carrying value.
5. Copies of this interim report will be posted to all of the Company's
shareholders shortly. Further copies can be obtained by writing to The
Company Secretary, ParOS plc, One Hammersmith Grove, Hammersmith, London W6
0NB, England or from the Company's website at www.parostech.com
END
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