TIDMVERI
RNS Number : 0169A
Veris PLC
01 October 2009
?
Veris plc
Unaudited interim results for the 6 months ended 30 June 2009
30th September 2009
Highlights
Veris plc ("Veris" or the "Group"), a leading provider of Integrated Support
Services, today announces its financial results for the 6 months ended 30 June
2009.
Financial highlights for the 6 months ended 30 June 2009 are as follows:
+--------------------------+--------------+--------------+----------------+
| | | | Change |
| 6 months ended 30 June | 2009 | 2008 | |
| | Unaudited | Unaudited | |
+--------------------------+--------------+--------------+----------------+
| | EUR'000 | EUR'000 | |
+--------------------------+--------------+--------------+----------------+
| Revenue | 31,689 | 41,782 | -24% |
+--------------------------+--------------+--------------+----------------+
| Divisional operating | 3,181 | 4,873 | -35% |
| profit* | | | |
+--------------------------+--------------+--------------+----------------+
| Operating | (9,413) | 3,153 | (399%) |
| (loss)/profit** | | | |
+--------------------------+--------------+--------------+----------------+
| (Loss)/Profit before tax | (10,248) | 1,983 | (617%) |
+--------------------------+--------------+--------------+----------------+
| Diluted earnings per | (40.6c) | 6.0c | (777%) |
| share | | | |
+--------------------------+--------------+--------------+----------------+
| Adjusted diluted | 6.6c | 9.2c | (28%) |
| earnings per share*** | | | |
+--------------------------+--------------+--------------+----------------+
* Divisional operating profit is operating profit before intangible
amortisation, goodwill impairment charge,
loss on disposal of
Moving and Storage division, share based payment charges and Head Office costs.
** The operating loss for 2009 includes EUR12.0m comprising goodwill
impairment charge on FM/PM Division and
losses associated with
the disposal of the Moving and Storage Division.
*** The adjusted diluted eps calculation is based on profit attributable to
ordinary shareholders adjusted for
amortisation of intangible
assets, goodwill impairment charge, loss on disposal of the Moving and
Storage
division and share based payment charges.
For further information please contact
+------------------------+------------------------+
| Veris plc | |
+------------------------+------------------------+
| Niall McFadden, | +353 1 294 7080 |
| Executive Chairman | |
+------------------------+------------------------+
| | |
+------------------------+------------------------+
| Davy Corporate Finance | |
+------------------------+------------------------+
| Des Carville, Director | +353 1 679 6363 |
+------------------------+------------------------+
Executive Chairman's Report
I am pleased to present the results of Veris plc to its shareholders for the
half year ended 30 June 2009.
The financial performance for the six months ended 30 June 2009 has not been as
strong as prior year with adjusted diluted EPS declining by 28%. This reflects
lower revenue and profitability within our FM and PM divisions year on year. We
have encountered a difficult trading environment in UK and Ireland where there
has been a curtailment of client spending and some contract losses have
occurred.
The loss before taxation of EUR10.2m includes:
oloss on disposal of M&S division of EUR2.9m
ogoodwill impairment charge of EUR9.1m against the FM/PM division based on
directors review at 30 June
2009
Strategic Review Update
Veris announced in March 2009 that it would embark on a strategic review of its
businesses. The purpose of the strategic review is to ensure that Veris pursues
a strategy which maximises shareholder value over the medium term. A further
announcement will be made in due course.
Organisation/Personnel
The strategic review announced in March incorporated a full review of the cost
structure of the Group and considered the necessity for certain head office
costs in an environment where the Group is focusing solely on its FM/PM business
which has a stand alone management team. A number of organisational changes have
resulted from this review. Bernard Farrell resigned as Group CEO on 31 July 2009
in order to pursue a number of private investment opportunities. Declan Cassidy
has replaced John O'Donoghue as Company Secretary. However, John will remain on
as Group CFO until 30 October 2009 after which he is leaving to pursue an
opportunity in the Venture Capital sector. Niall McFadden has assumed the role
of Executive Chairman. The Group head office in Sandyford will be closed in due
course.
Divisional Performance
Revenue and profits in the FM Division have declined year on year. This is
driven largely by contractions in capital expenditure by clients and some
contract losses. The sales pipeline is quite strong but delays in decision
making by potential clients in the current economic climate is affecting
performance. Operating profit has declined due to margin pressure. However,
strong cost management is helping to mitigate this and maintain profitability
levels.
The PM Division has also seen pressure on revenue and profits year on year. The
operating profit decline is due largely to one contract loss. However, as in the
FM Division, strong cost management is having a positive effect on profitability
levels. Our challenge going forward is to focus on client retention in an
increasingly competitive environment.
The M&S division was sold in March. Revenue from this division of EUR1.2m and an
operating loss of (EUR0.4m) are included in the Group's half year 2009 results.
The M&S result for the comparative period in the prior year was revenue of EUR5.1m
and an operating loss of (EUR0.5m). The performance of the Group has benefitted at
an earnings level as a consequence of this disposal.
Balance Sheet
Net Debt increased by EUR0.8m from 31 December 2008 to 30 June 2009 and now stands
at EUR29.9m. This increase was largely due to a negative movement in the sterling
exchange rate in the period which inflated the sterling loan by EUR1.4m. The Group
had a cash balance of EUR6.6m at the period end.
Outlook
The first half of 2009 has seen a decline in revenue and profitability. We
remain confident of maintaining the Group's market position in a tough
environment. The Group performed in line with our expectations for the first six
months of 2009.
However, we are seeing a trend of customers reducing their property management
and facilities management expenditure. This reduction in spend in conjunction
with some delays in awarding contracts is impacting revenue and profits. We are
also seeing larger customers placing increased importance on strength of balance
sheet - particularly for multi-year and multi-location tenders. We expect these
trends to continue and accelerate into the second half of 2009 and accordingly
we believe that 2009 will be a year of lower revenue and profitability than
2008. We are hopeful that these trends will over time decelerate and ultimately
reverse in due course and that the integration of the FM/PM division and
disposal of the loss making M&S division positions the company well for the
future.
Niall McFadden
Executive Chairman
Veris plc financial results
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2009
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | 6 months | 6 months | 6 months | 6 months | 6 months | 6 months |
| | | ended | ended | ended | ended | ended | ended |
| | | 30-Jun-09 | 30-Jun-09 | 30-Jun-09 | 30-Jun-08 | 30-Jun-08 | 30-Jun-08 |
| | Notes | EUR000s | Dis-continued | EUR000s | EUR000s | Dis-continued | EUR000s |
| | | Continuing | | Total | Continuing | | Total |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Revenue | | 30,489 | 1,200 | 31,689 | 36,691 | 5,091 | 41,782 |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Cost of sales | | (22,914) | (656) | (23,570) | (26,765) | (2,494) | (29,259) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Gross profit | | 7,575 | 544 | 8,119 | 9,926 | 2,597 | 12,523 |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Operating costs | | (4,313) | (944) | (5,257) | (5,452) | (3,060) | (8,512) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Operating profit before | 2 | 3,262 | (400) | 2,862 | 4,474 | (463) | 4,011 |
| intangible amortisation, | | | | | | | |
| impairment charges and | | | | | | | |
| share based payments | | | | | | | |
| expense | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Share based payments | | 74 | - | 74 | (329) | - | (329) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Goodwill impairment charge | | (9,129) | - | (9,129) | - | - | - |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Intangible amortisation | | (279) | - | (279) | (446) | (83) | (529) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Operating (loss)/profit | | | | | | | |
| before | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| loss on disposal of | | (6,072) | (400) | (6,472) | 3,699 | (546) | 3,153 |
| subsidiary | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Loss on disposal of | | - | (2,941) | (2,941) | - | - | - |
| subsidiary | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Operating (loss)/profit | | (6,072) | (3,341) | (9,413) | 3,699 | (546) | 3,153 |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Finance income | | 102 | - | 102 | 541 | - | 541 |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Finance costs | | (937) | - | (937) | (1,695) | (16) | (1,711) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| (Loss)/profit before | | (6,907) | (3,341) | (10,248) | 2,545 | (562) | 1,983 |
| taxation | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Income tax expense | | (304) | - | (304) | (454) | 60 | (394) |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| (Loss)/profit for the | | | | (10,552) | | | 1,589 |
| financial period | | (7,211) | (3,341) | | 2,091 | (502) | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| (Loss)/earnings per share - | 3 | (27.7) | (12.8) | (40.6) | 8.1 | (1.9) | 6.2 |
| basic (cent) | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Diluted (Loss)/earnings per | 3 | (27.7) | (12.8) | (40.6) | 7.9 | (1.9) | 6.0 |
| share (cent) | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Adjusted earnings per share | 3 | 8.2 | (1.5) | 6.6 | 11.1 | (1.6) | 9.5 |
| - basic (cent) | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| Adjusted diluted earnings | 3 | 8.1 | (1.5) | 6.6 | 10.8 | (1.6) | 9.2 |
| per share (cent) | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
| | | | | | | | |
+-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2009
+------------------------------------------+--+-----------+-----------+
| | | 6 months | 6 months |
| | | ended | ended |
| | | 30-Jun-09 | 30-Jun-08 |
| | | EUR000's | EUR000's |
+------------------------------------------+--+-----------+-----------+
| Items of income and expense recognised | | | |
| directly in equity | | | |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| Foreign exchange translation adjustment | | (1,235) | 931 |
+------------------------------------------+--+-----------+-----------+
| Actuarial gain on defined benefit | | 119 | - |
| pension | | | |
+------------------------------------------+--+-----------+-----------+
| Deferred tax effect of actuarial gain | | (15) | - |
+------------------------------------------+--+-----------+-----------+
| (Loss) on cashflow hedge reserve | | (17) | - |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| Net income recognised directly in equity | | (1,148) | 931 |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| (Loss)/profit for the period | | (10,552) | 1,589 |
+------------------------------------------+--+-----------+-----------+
| Total recognised income and expense for | | (11,700) | 2,520 |
| the period, all attributable to equity | | | |
| shareholders | | | |
+------------------------------------------+--+-----------+-----------+
Veris plc
+--------------------------------------------+-----------+-----------+-----------+-----------+
| CONDENSED CONSOLIDATED STATEMENT OF | Notes | 30-Jun-09 | 30-Jun-08 | 31-Dec-08 |
| FINANCIAL POSITION AS AT 30 JUNE 2009 | | EUR000's | EUR000's | EUR000's |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| ASSETS | | Unaudited | Unaudited | Audited |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Non-current assets | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Goodwill | 4 | 49,074 | 67,178 | 58,203 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Intangible assets | | 4,491 | 9,096 | 4,770 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Property, plant and equipment | | 795 | 2,580 | 844 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Deferred tax assets | | 97 | 130 | 203 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total non-current assets | | 54,457 | 78,984 | 64,020 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Current assets | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Inventories | | 297 | 398 | 163 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Trade and other receivables | | 13,112 | 16,790 | 13,257 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Other financial assets | | 23,633 | 32,356 | 25,367 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents | | 6,632 | 6,135 | 8,489 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| | | 43,674 | 55,679 | 47,276 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Assets classified as held for sale | | - | - | 4,010 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total current assets | | 43,674 | 55,679 | 51,286 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total assets | | 98,131 | 134,663 | 115,306 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| EQUITY | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Share capital | | 52 | 52 | 52 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Capital redemption reserve fund | | 1 | - | - |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Share premium | | 23,186 | 23,186 | 23,186 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Cashflow hedge reserve | | (641) | - | (624) |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Share based payment reserve | | 416 | 1,483 | 1,015 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Foreign currency translation reserve | | 1,192 | 890 | 2,427 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Retained earnings | | (7,679) | 11,353 | 2,437 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total Equity | | 16,527 | 36,964 | 28,493 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| LIABILITIES | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Non-current liabilities | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Interest-bearing liabilities | | 32,612 | 37,635 | 33,309 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Earn-out obligations | | - | 784 | - |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Deferred tax | | 1,251 | 2,035 | 1,342 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Retirement benefit obligations | | 1,177 | 261 | 1,296 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Derivative liability | | 276 | - | 292 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total non-current liabilities | | 35,316 | 40,715 | 36,239 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Current liabilities | | | | |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Interest-bearing liabilities | | 3,955 | 4,213 | 3,817 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Service obligations | | 23,633 | 32,356 | 25,367 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Trade and other payables | | 17,639 | 19,363 | 18,550 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Current tax liabilities | | 696 | 941 | 472 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Earn-out obligations | | - | 111 | - |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Derivative liability | | 365 | - | 332 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| | | 46,288 | 56,984 | 48,538 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Liabilities classified as held for sale | | - | - | 2,036 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total current liabilities | | 46,288 | 56,984 | 50,574 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total liabilities | | 81,604 | 97,699 | 86,813 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
| Total equity and liabilities | | 98,131 | 134,663 | 115,306 |
+--------------------------------------------+-----------+-----------+-----------+-----------+
Veris plc
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2009
+----------------------------------------------+---------------+----------------+
| | 6 months | 6 months |
| | ended | ended |
| | 30-Jun-09 | 30-Jun-08 |
| | EUR000's | EUR000's |
+----------------------------------------------+---------------+----------------+
| | Unaudited | Unaudited |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from operating activities | | |
+----------------------------------------------+---------------+----------------+
| (Loss)/profit for the financial period | (10,552) | 1,589 |
+----------------------------------------------+---------------+----------------+
| Adjustments for: | | |
+----------------------------------------------+---------------+----------------+
| Depreciation of property, plant & equipment | 248 | 420 |
+----------------------------------------------+---------------+----------------+
| (Profit) on disposal of property, plant and | (2) | (40) |
| equipment | | |
+----------------------------------------------+---------------+----------------+
| Loss on disposal of subsidiary | 2,941 | - |
+----------------------------------------------+---------------+----------------+
| Goodwill impairment charge | 9,129 | - |
+----------------------------------------------+---------------+----------------+
| Amortisation of intangible assets | 279 | 529 |
+----------------------------------------------+---------------+----------------+
| Finance income | (102) | (541) |
+----------------------------------------------+---------------+----------------+
| Finance expenses | 937 | 1,711 |
+----------------------------------------------+---------------+----------------+
| Income tax expense | 304 | 394 |
+----------------------------------------------+---------------+----------------+
| Pension charge | 264 | 232 |
+----------------------------------------------+---------------+----------------+
| Pension contributions made | (264) | (240) |
+----------------------------------------------+---------------+----------------+
| (Credit)/charge in respect of share awards | (74) | 329 |
+----------------------------------------------+---------------+----------------+
| Cash flows from operating activities | | |
+----------------------------------------------+---------------+----------------+
| before charges in working capital | 3,108 | 4,383 |
+----------------------------------------------+---------------+----------------+
| Movement in receivables | 255 | 1,333 |
+----------------------------------------------+---------------+----------------+
| Movement in inventories | (110) | 233 |
+----------------------------------------------+---------------+----------------+
| Movement in payables | (1,452) | 282 |
+----------------------------------------------+---------------+----------------+
| Cash generated from operations | 1,801 | 6,231 |
+----------------------------------------------+---------------+----------------+
| Income taxes (paid)/recovered | (80) | 143 |
+----------------------------------------------+---------------+----------------+
| Net cash inflow from operating activities | 1,721 | 6,374 |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from investing activities | | |
+----------------------------------------------+---------------+----------------+
| Interest received | 102 | 541 |
+----------------------------------------------+---------------+----------------+
| (Sale)/acquisition of subsidiaries, net of | (608) | 443 |
| cash acquired | | |
+----------------------------------------------+---------------+----------------+
| Purchase of property, plant and equipment | (47) | (266) |
+----------------------------------------------+---------------+----------------+
| Net cash (outflow)/inflow from investing | (553) | 718 |
| activities | | |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from financing activities | | |
+----------------------------------------------+---------------+----------------+
| Repayment of interest-bearing loans | (1,931) | (2,356) |
+----------------------------------------------+---------------+----------------+
| Interest paid | (900) | (2,386) |
+----------------------------------------------+---------------+----------------+
| Finance lease payments | (76) | (138) |
+----------------------------------------------+---------------+----------------+
| Share buyback | (118) | - |
+----------------------------------------------+---------------+----------------+
| Proceeds from exercise of share options | - | 2 |
+----------------------------------------------+---------------+----------------+
| Net cash (outflow) from financing activities | (3,025) | (4,878) |
+----------------------------------------------+---------------+----------------+
| Net (decrease)/increase in cash and cash | (1,857) | 2,214 |
| equivalents | | |
+----------------------------------------------+---------------+----------------+
| Cash & cash equivalents at beginning of | 8,489 | 3,921 |
| period | | |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash & cash equivalents at end of period | 6,632 | 6,135 |
+----------------------------------------------+---------------+----------------+
Veris plc
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2009
+-------------------------------+---------+------------+----------+-------------+----------+---------------------------------+------------+------------+----------+
| | Share | Share | Share | Foreign | Cashflow hedge reserve EUR000s | Capital | Retained | Total |
| | capital | premium | based | currency | | redemption | earnings | |
| | | | payment | translation | | reserve | | |
| | EUR000s | EUR000s | reserve | reserve | | Fund | EUR000s | EUR000s |
| | | | EUR000s | EUR000s | | EUR000s | | |
+-------------------------------+---------+------------+----------+-------------+--------------------------------------------+------------+------------+----------+
| Balance at 1 January 2009 | 52 | 23,186 | 1,015 | 2,427 | (624) | - | 2,437 | 28,493 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Shares issued | 1 | - | - | - | - | - | - | 1 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Redemption of shares | (1) | - | - | - | - | 1 | (193) | (193) |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Share based payments credit | - | - | (74) | - | - | - | - | (74) |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Transfer on exercise of share | - | - | (525) | - | - | - | 525 | - |
| options | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Actuarial gain on defined | - | - | - | - | - | - | 119 | 119 |
| benefit pension schemes | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Related deferred tax | - | - | - | - | - | - | (15) | (15) |
| (liability) | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| (Loss) for the financial | - | - | - | - | - | - | (10,552) | (10,552) |
| period | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Translation adjustments | - | - | - | (1,235) | - | - | - | (1,235) |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Loss on hedged derivatives | - | - | - | - | (17) | - | - | (17) |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Balance at 30 June 2009 | 52 | 23,186 | 416 | 1,192 | (641) | 1 | (7,679) | 16,527 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | Share | Share | Share | Foreign | Cashflow | Capital redemption reserve Fund | Retained | Total |
| | capital | premium | based | currency | hedge | EUR000s | earnings | |
| | | | payment | translation | reserve | | | |
| | EUR000s | EUR000s | reserve | reserve | EUR000s | | EUR000s | EUR000s |
| | | | EUR000s | EUR000s | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Balance at 1 January 2008 | 52 | 23,118 | 1,154 | (41) | - | - | 9,764 | 34,047 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Shares issued | - | 68 | - | - | - | - | - | 68 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Share based payments charge | - | - | 329 | - | - | - | - | 329 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Profit for the financial | - | - | - | - | - | - | 1,589 | 1,589 |
| period | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Translation adjustments | - | - | - | 931 | - | - | - | 931 |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| | | | | | | | | |
+-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+
| Balance at 30 June 2008 | 52 | 23,186 | 1,483 | 890 | - | - | 11,353 | 36,964 |
+-------------------------------+---------+------------+----------+-------------+----------+---------------------------------+------------+------------+----------+
Veris plc
Notes supporting financial information for the 6 months ended 30 June 2009
1. Basis of preparation and accounting policies
The information in this document does not include all the disclosures required
by International Financial Reporting Standards in full annual statutory accounts
and it should be read in conjunction with the Group's annual accounts for the
year ended 31 December 2008.
The interim financial information has been prepared in accordance with
recognition and measurement requirements of International Financial Reporting
Standards (IFRS) as endorsed by the European Commission. The accounting policies
and methods of computation adopted in the preparation of the financial
information are, except as noted below, consistent with those set out in the
Group's consolidated accounts for the year ended 31 December 2008 which were
prepared in accordance with International Financial Reporting Standards (IFRS)
as endorsed by the EU Commission.
The preparation of the interim financial information requires management to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts of certain assets, liabilities, revenues and expenses
together with disclosure of contingent assets and liabilities. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the
revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
The interim financial information for both the six months ended 30 June 2009 and
the comparative six months ended 30 June 2008 are unaudited. The financial
information for the year ended 31 December 2008 represents an abbreviated
version of the Group's statutory accounts for that year. Those accounts
contained an unqualified audit report and are available on the company website
www.verisplc.ie
Changes in accounting policies
A number of changes in accounting policies arise in the current period from the
adoption of new or revised International Financial Reporting Standards as
follows:
* IFRS 8, Operating segments, which became effective on 1 January 2009, sets out
the requirements for disclosure of financial and descriptive information about
an entity's operating segments, its products and services, the geographical
areas in which it operates and its major customers. The adoption of this
standard has not had a significant impact on the Group's financial reporting.
* IAS 23, Borrowing costs, has been revised with effect from 1 January 2009.
Consequently, the Group is now required to capitalise borrowing costs, to the
extent that they are directly attributable to the acquisition, production and
construction of a qualifying asset, as part of the cost of that asset. This
change in accounting policy has had no impact on the Group's financial reporting
to date as the Group currently has no qualifying borrowings.
* IAS 1, Presentation of financial statements, has been revised with effect from 1
January 2009. The standard introduces a "statement of comprehensive income" and
effectively replaces the statement of recognised income and expense. The Group
has adopted the "two separate statements" approach of presenting income and
expense within an income statement as before and components of other
comprehensive income within a statement of comprehensive income. The Group also
now presents a statement of changes in equity as a primary statement. The financial information is presented in euro, rounded to the nearest thousand.
2. Operating (loss)/profit
+-----------------------------------------+--------------+--------------+
| | 6 months | 6 months |
| | ended | ended |
| | 30-Jun 09 | 30-Jun-08 |
| | EUR000's | EUR000's |
+-----------------------------------------+--------------+--------------+
| | Unaudited | Unaudited |
+-----------------------------------------+--------------+--------------+
| Operating (loss)/profit for the period | | |
| is stated after charging : | | |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Goodwill impairment charge | 9,129 | - |
+-----------------------------------------+--------------+--------------+
| Amortisation of intangible assets | 279 | 529 |
+-----------------------------------------+--------------+--------------+
| Share based payment (credit)/charge | (74) | 329 |
+-----------------------------------------+--------------+--------------+
| Loss on disposal of subsidiary | 2,941 | - |
+-----------------------------------------+--------------+--------------+
| Depreciation | 248 | 420 |
+-----------------------------------------+--------------+--------------+
3. Earnings per Share
+--------------------------------------+--+--------------+--------------+
| | | 6 months | 6 months |
| | | ended | ended |
| | | 30-Jun-09 | 30-Jun-08 |
| | | EUR000's | EUR000's |
+--------------------------------------+--+--------------+--------------+
| | | Unaudited | Unaudited |
+--------------------------------------+--+--------------+--------------+
| (Loss)/profit attributable to | | (10,552) | 1,589 |
| ordinary shareholders | | | |
+--------------------------------------+--+--------------+--------------+
| Weighted average number of ordinary | | 26,010,081 | 25,829,258 |
| shares in issue during the period | | | |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| Dilutive effect of share options | | 180,489 | 664,543 |
+--------------------------------------+--+--------------+--------------+
| Weighted average number of ordinary | | 26,190,570 | 26,493,801 |
| shares used for calculation of | | | |
| diluted earnings per share | | | |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted earnings per share is | | | |
| calculated using the number of | | | |
| shares as set out above and using | | | |
| the following profit after tax: | | | |
+--------------------------------------+--+--------------+--------------+
| | | 6 months | 6 months |
| | | ended | ended |
| | | 30-Jun-09 | 30-Jun-08 |
| | | EUR000's | EUR000's |
+--------------------------------------+--+--------------+--------------+
| | | Unaudited | Unaudited |
+--------------------------------------+--+--------------+--------------+
| (Loss)/profit attributable to | | (10,552) | 1,589 |
| ordinary shareholders | | | |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| Goodwill impairment charge | | 9,129 | - |
+--------------------------------------+--+--------------+--------------+
| Amortisation of intangible assets | | 279 | 529 |
+--------------------------------------+--+--------------+--------------+
| Share based payment (credit)/charge | | (74) | 329 |
+--------------------------------------+--+--------------+--------------+
| Loss on disposal of subsidiary | | 2,941 | - |
+--------------------------------------+--+--------------+--------------+
| Adjusted profit after tax | | 1,723 | 2,447 |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| (Loss)/earnings per share - basic | | (40.6) | 6.2 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Diluted (loss)/earnings per share | | (40.6) | 6.0 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted earnings per share - basic | | 6.6 | 9.5 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted diluted earnings per share | | 6.6 | 9.2 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
(i) Basic (loss)/earnings per share is calculated by dividing the profit after
tax attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the period.
(ii) Diluted earnings per ordinary share is calculated by dividing the profit
after tax attributable to ordinary shareholders by the diluted weighted average
number of ordinary shares.
(iii) Adjusted basic earnings per share is calculated by dividing the adjusted
profit after tax attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the period.
(iv) Adjusted diluted earnings per ordinary share is calculated by dividing the
adjusted profit after tax attributable to ordinary shareholders by the diluted
weighted average number of ordinary shares.
4. Goodwill
Goodwill has been adjusted to reflect an impairment charge on the FM/PM division
of EUR9,129,000 taken in the period. This reduces Goodwill from EUR58,203,000 at
31st December 2008 to EUR49,074,000 at 30th June 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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