| Company name | Boundary Capital PLC |
| Headline | Final Results |
Boundary Capital plc audited financial results
for the year ended 31 December 2008
Boundary Capital plc ("Boundary Capital", the "Group" or the "Company"), an Irish based investment holding company, today announces its audited results for the year ended 31 December 2008.
Company Highlights
Financial Highlights
In May 2008, the Company received Stg 20p per share distribution from Club Company, equating to €812,670.
In December 2008, the Group announced it has been allotted a 60% shareholding in Synchrony, which has signed a project agreement with St James's Hospital to provide a co-located hospital facility on the grounds of St James's Hospital in Dublin.
During the year Boundary Capital increased it debt facilities to €38.6 million from Anglo Irish Bank plc ("Anglo Irish Bank") to finance current investments. The balance drawn at 31 December 2008 was €37.7 million. Boundary Capital is in discussions to rearrange and extend its debt facility with Anglo Irish Bank beyond 30 June 2009. The outcome of these discussions is uncertain and ongoing. A further announcement will be made in due course.
Audited Net Asset Value ("NAV") per share of minus €0.12 at 31 December 2008 versus €0.91 per share at 31 December 2007, a €1.03 loss in the year to 31 December 2008.
|
31 December 2007 NAV |
€0.91 per share |
|
|
|
|
Movement in the year |
|
|
Unquoted investments |
(€0.76) |
|
Quoted investments |
(€0.11) |
|
Sterling FX |
(€0.09) |
|
Administration costs |
(€0.07) |
|
|
|
|
31 December 2008 NAV |
(€0.12) per share |
Net Asset Value
The NAV per share at 31 December 2008 was minus €0.12 compared to €0.91 at 31 December 2007.
Unquoted investments revaluation as at 31 December 2008 decreased the NAV by €0.76 per share (Arnotts Group ("Arnotts"), CJ Fallon, ODC and RQB).
The mark to market ("MTM") of the quoted investments at 31 December 2008 decreased the NAV by €0.11 per share (Siteserv plc and Veris plc).
At 31 December 2008 Sterling / Euro translation of the unquoted investments (ODC and Club Company) created an unrealised loss which reduced NAV by €0.09 per share.
The Holland property investment was reviewed with no adjustment to value at the year end. The Dutch property market continues to perform reasonably well, the property has a government covenant and the investment is trading in line with expectations.
Administration costs of €0.07 (including debt interest) per share were incurred in the year ended 31 December 2008.
Chairman's Review
I report to shareholders that the past year has been a particularly challenging one for Boundary Capital, with global and local financial market and economic turmoil creating a difficult environment for the completion of transactions.
The performance of our investment portfolio has been negatively impacted by the current economic environment. The majority of our investments are trading well in their respective sectors but, like most businesses, they are also being badly affected by the economic factors currently in the market place.
Company Results
The audited financial results for the year ended to 31 December 2008 and from the period of incorporation to 31 December 2007 are summarised in the table below.
|
|
year Ended 31 Dec. 2008 €000's |
Increase / (Decrease) per Share € cent |
Period from Incorporation To 31 Dec. 2007 €000's |
Increase / (Decrease) per Share € cent |
|
Net Unrealised (loss) on Investments |
(50,682) |
(0.95) |
(1,699) |
(0.03) |
|
Net Realised gain on Investments |
271 |
0.01 |
- |
- |
|
Loss Before Tax |
(54,717) |
(1.03) |
(2,663) |
(0.05) |
|
|
|
|
|
|
|
Investments Fair Value |
31,662 |
|
82,886 |
|
|
Cash Balance at Bank |
587 |
|
1,809 |
|
|
(Debt) |
(37,724) |
|
(35,465) |
|
|
Net (Liability)/Asset Value |
(6,009) |
|
48,486 |
|
During the year ended 31 December 2008 a loss of €54.4 million was incurred compared to a loss of €2.7 million for the period from incorporation (26th April 2007) to 31 December 2007. The revaluation of investments denominated in sterling (Club Company and ODC) resulted in an unrealised loss of €5.2 million due to Sterling / Euro movements in the year while the share repurchase by Club Co resulted in a realised gain of €0.3 million.
The MTM revaluation of our quoted investments (Veris plc, Siteserv plc) as at 31 December 2008 resulted in an unrealised loss of €6.1 million. We have revalued our investments in Arnotts, CJ Fallon and ODC at year end resulting in an unrealised loss on the unquoted investments of €34.9 million. The loan to RQB Limited has been written down by €4.5 million to a nil carrying value. Administration, interest costs and interest receivable, management fee and share based payments charge amounted to €4.0 million in the year. The payment of the last 6 months of the management fee has been deferred.
For the six month period ended 31 December 2008 the Company recorded a loss of €50.3 million. The unrealised loss was predominately due to MTM revaluation of the portfolios quoted investments €5.3 million and the negative Sterling/Euro movement €3.4 million of unquoted investments, the downward revaluation of Arnotts, CJ Fallon and ODC €34.9 million and the write down of the RQB loan of €4.5 million for the six months ended 31 December 2008. Administration, interest costs and interest receivable, management fee and share based payments charge amounted to €2.2 million in the period.
The net asset value of Boundary Capital was a deficit of €6.0 million as at 31 December 2008. The assets are represented by quoted investments of €2.2 million, unquoted investments €27.0 million, a property investment of €2.5 million and a deferred tax asset of €0.3 million. The Company had a net debt position of €37.7 million at 31 December 2008.
The summary consolidated financial results for the year ended 31 December 2008 are attached to the announcement. This comprises of Boundary Capital financial results and Panther Group Acquisitions Limited financial results for the year ended 31 December 2008. The basis of preparation of the financial results is outlined in note 1 of the announcement. The auditors have included an emphasis of matter relating to going concern in their audit report as a result of the bank facility renegotiations not being concluded as at the date of this announcement. The auditors opinion is not qualified in this regard. The full text of the audit report is contained in the annual report which is being posted to shareholders and will be available on our website (www.boundarycapital.ie).
Investments
The Group has eight investments (including Synchrony) in the portfolio as at 31 December 2008. The value of the portfolio has decreased in the year ended 31 December 2008 due to the unrealised downward revaluation of unquoted investments, unrealised losses arising on translation of sterling investments in Club Company and ODC and the MTM of the quoted investments. We are of the opinion that 2009 will be a challenging year.
|
|
€ Millions |
€ Cents Per Share |
|
||||||||||
|
|
OMV at 1 Jan 08 |
Dist. / Coup |
MTM FX |
Reval. |
OMV at 31 Dec 08 |
Mvt. In 12 Mth. Period |
OMV at 1 Jan 08 |
Dist. / Coup |
MTM FX |
Reval. |
OMV at 31 Dec. 08 |
Mvt. In 12 Mth. Period |
% Mvt. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted |
8.3 |
- |
(6.1) |
- |
2.2 |
(6.1) |
15 |
- |
(11) |
- |
4 |
(11) |
(73%) |
|
Unquoted |
74.6 |
- |
(5.0) |
(40.1) |
29.5 |
(45.1) |
140 |
- |
(9) |
(76) |
55 |
(85) |
(61%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invest-ments |
82.9 |
- |
(11.1) |
(40.1) |
31.7 |
(51.2) |
155 |
0 |
(20) |
(76) |
59 |
(96) |
(62%) |
|
Debt |
(35.5) |
(2.2) |
- |
- |
(37.7) |
(2.2) |
(66) |
(5) |
- |
- |
(71) |
(5) |
|
|
NWC* |
1.1 |
(1.1) |
- |
- |
0.0 |
(1.1) |
2 |
(2) |
- |
- |
- |
(2) |
|
|
NAV |
48.5 |
(3.3) |
(11.1) |
(40.1) |
(6.0) |
(54.5) |
91 |
(7) |
(20) |
(76) |
(12) |
(103) |
|
*Net Working Capital (Incl. Cash)
Outlook
We expect 2009 to be a year of consolidation with opportunities to make further investments being limited due to lack of funding. We hope to finalise discussions on the debt facility with our bankers but there remains risk and uncertainty in this regard, (see Note 1 "Accounting policies and basis of preparation" below for further information). The Company may try and reduce its debt position through a share placement or a disposal of an investment or investments in the portfolio.
Niall Mc Fadden
Chairman
30 June 2009
For further information please contact:
|
Boundary Capital plc |
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|
|
|
|
|
|
Declan Cassidy |
Tel: |
+ 353 1 240 0500 |
|
|
|
|
|
Q4PR |
|
|
|
Gerry O'Sullivan Q4PR |
Tel: |
+ 353 1 475 1444 |
|
Davy Corporate Finance |
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|
Des Carville, Director |
Tel: |
+ 353 1 679 6363 |
COMPANY INCOME STATEMENT
|
|
Year ended 31-Dec-08 €000's |
Period from 26-Apr-07 to 31-Dec-07 €000's |
||
|
|
|
|
||
|
Realised gains on sale of investments |
271 |
- |
||
|
Unrealised losses on revaluation of investments |
(50,682) |
(1,699) |
||
|
Investment Income |
- |
144 |
||
|
|
(50,411) |
(1,555) |
||
|
|
|
|
||
|
Investment managers fee |
(1,432) |
(370) |
||
|
Other expenses |
(242) |
(609) |
||
|
|
||||
|
Net portfolio return |
(52,085) |
(2,534) |
||
|
|
|
|
||
|
Interest income |
60 |
262 |
||
|
Interest expense |
(2,692) |
(391) |
||
|
|
|
|
||
|
Loss before taxation for the year/period |
(54,717) |
(2,663) |
||
|
|
|
|
||
|
Income tax |
280 |
(3) |
||
|
|
|
|
||
|
Loss after taxation attributable to ordinary shareholders |
(54,437) |
(2,666) |
||
|
|
|
|
||
|
Total recognised income and expense for the year/period |
(54,437) |
(2,666) |
||
|
|
|
|
||
COMPANY BALANCE SHEET
|
|
As at 31 December 2008 €000's |
As at 31 December 2007 €000's |
|
ASSETS |
|
|
|
Non-current Assets |
|
|
|
Investments designated as FVTPL* |
29,202 |
80,426 |
|
Investment property |
2,460 |
2,460 |
|
Deferred tax assets |
318 |
39 |
|
|
|
|
|
Total non-current assets |
31,980 |
82,925 |
|
|
|
|
|
Current assets |
|
|
|
Trade and other receivables |
33 |
44 |
|
Tax receivable |
46 |
- |
|
Cash and cash equivalents |
587 |
1,809 |
|
|
|
|
|
Total current assets |
666 |
1,853 |
|
|
|
|
|
TOTAL ASSETS |
32,646 |
84,778 |
|
|
|
|
|
EQUITY |
|
|
|
Equity share capital |
13,347 |
13,347 |
|
Share premium account |
37,657 |
37,657 |
|
Share based payment reserve |
90 |
148 |
|
Retained earnings |
(57,103) |
(2,666) |
|
EQUITY |
(6,009) |
48,486 |
|
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
931 |
827 |
|
Interest bearing loans and borrowings |
37,724 |
35,465 |
|
|
|
|
|
Total current liabilities |
38,655 |
36,292 |
|
|
|
|
|
TOTAL LIABILITIES |
38,655 |
36,292 |
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
32,646 |
84,778 |
|
|
|
|
|
NET (LIABILITY)/ASSET VALUE PER ORDINARY SHARE |
(12) cent |
91 cents |
* Fair Value Through Profit or Loss
COMPANY CASH FLOW STATEMENT
|
|
Year ended 31-Dec-08 €000's |
Period from 26-Apr-07 to 31-Dec-07 €000's |
|
Cash flows from operating activities |
|
|
|
Loss before taxation |
(54,717) |
(2,663) |
|
Realised gains on sale of investments |
(271) |
- |
|
Unrealised losses on revaluation of investments |
50,682 |
1,699 |
|
Share based payment (income)/expense |
(58) |
148 |
|
Investment income |
- |
(144) |
|
Interest received |
(60) |
(262) |
|
Interest expense |
2,692 |
391 |
|
Working capital movement |
497 |
815 |
|
|
|
|
|
Cash generated from operations |
(1,235) |
(16) |
|
|
|
|
|
Income taxes paid |
(47) |
(64) |
|
|
|
|
|
Net cash from operating activities |
(1,282) |
(80) |
|
|
|
|
|
Investing activities |
|
|
|
Interest received |
71 |
251 |
|
Interest paid |
(3,083) |
- |
|
|
|
|
|
Net cash (used)/earned in investment activities |
(3,012) |
251 |
|
|
|
|
|
Acquisitions |
|
|
|
Sale/(acquisitions) of investments |
813 |
(57,981) |
|
|
|
|
|
Financing activities |
|
|
|
Issue of shares |
- |
26,927 |
|
Cost of issuing shares |
- |
(2,383) |
|
Net bank loan advance |
2,259 |
35,075 |
|
|
|
|
|
Net cash from financing activities |
2,259 |
59,619 |
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(1,222) |
1,809 |
|
Cash and cash equivalents at beginning of the year/period |
1,809 |
- |
|
|
|
|
|
Cash and cash equivalents at end of the year/period |
587 |
1,809 |
|
|
|
|
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
|
|
Year ended 31-Dec-08 €000's |
Period from 26-Apr-07 to 31-Dec-07 €000's |
|
|
|
|
|
Revenue |
31,389 |
7,289 |
|
|
|
|
|
Cost of sales |
(7,376) |
(1,179) |
|
Gross Profit |
24,013 |
6,110 |
|
|
|
|
|
Operating expenses |
(25,050) |
(6,791) |
|
Operating loss |
(1,037) |
(681) |
|
|
|
|
|
Net realised gain on investments |
271 |
- |
|
Net unrealised losses on the revaluation of investments |
(44,592) |
(4,374) |
|
Investment Income |
- |
144 |
|
Portfolio return before interest |
(45,358) |
(4,911) |
|
|
|
|
|
Interest income |
181 |
326 |
|
Interest expense |
(5,916) |
(1,665) |
|
|
|
|
|
Loss before taxation |
(51,093) |
(6,250) |
|
|
|
|
|
Income tax |
325 |
58 |
|
|
|
|
|
Loss after taxation attributable to ordinary shareholders |
(50,768) |
(6,192) |
|
Attributable to: Equity holders of the company |
(49,913) |
(5,913) |
|
Minority interest |
(855) |
(279) |
|
Loss after taxation |
(50,768) |
(6,192) |
|
|
|
|
|
Earnings per share - basic (cents) |
(93) |
(12) |
|
Diluted earnings per share (cents) |
(93) |
(12) |
|
|
|
|
|
Consolidated statement of recognised income and expense |
|
|
|
|
|
|
|
Loss for the financial year/period |
(50,768) |
(6,192) |
|
Currency translation reserve movement |
(2,538) |
(932) |
|
|
|
|
|
Total recognised income and expense for the year/period |
(53,306) |
(7,124) |
|
|
|
|
|
Attributable to: |
|
|
|
Equity holders of the company |
(52,451) |
(6,845) |
|
Minority interest |
(855) |
(279) |
|
|
|
|
|
Total recognised income and expense for the year/period |
(53,306) |
(7,124) |
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
31-Dec-08 €000's |
31-Dec-07 €000's |
|
ASSETS |
|
|
|
Non-current assets |
|
|
|
Intangible assets |
51,755 |
63,337 |
|
Property, plant and equipment |
1,706 |
1,190 |
|
Investments designated as FVTPL* Quoted Equity Investments Unquoted Equity Investments Investment Property Loans and receivables |
2,140 17,772 2,460 - |
8,248 52,343 2,460 4,455 |
|
Deferred tax assets |
838 |
1,918 |
|
Total non-current assets |
76,671 |
133,951 |
|
|
|
|
|
Current Assets |
|
|
|
Inventories |
953 |
799 |
|
Trade and other receivables |
3,993 |
4,491 |
|
Current tax receivable |
870 |
22 |
|
Cash and cash equivalents |
3,367 |
8,079 |
|
Total current assets |
9,183 |
13,391 |
|
TOTAL ASSETS |
85,854 |
147,342 |
|
|
|
|
|
EQUITY |
|
|
|
Equity share capital |
13,347 |
13,347 |
|
Share premium account |
37,657 |
37,657 |
|
Share based payment reserve |
90 |
148 |
|
Foreign currency translation reserve |
(3,470) |
(932) |
|
Retained earnings |
(55,941) |
(5,913) |
|
Equity attributable to equity holders of the parent |
(8,317) |
44,307 |
|
Minority interest |
1,012 |
4,806 |
|
Total equity |
(7,305) |
49,113 |
|
|
|
|
|
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing loans and borrowings |
37,534 |
43,726 |
|
Trade and other payables |
51 |
- |
|
Deferred tax liabilities |
6,996 |
8,411 |
|
Deferred consideration |
709 |
- |
|
Other provisions and charges |
956 |
306 |
|
Total non-current liabilities |
46,246 |
52,443 |
|
|
|
|
|
Current Liabilities |
|
|
|
Interest-bearing loans and borrowings |
40,320 |
38,029 |
|
Trade and other payables |
6,068 |
7,626 |
|
Current tax liabilities |
- |
131 |
|
Deferred consideration |
525 |
- |
|
Total current liabilities |
46,913 |
45,786 |
|
TOTAL LIABILITIES |
93,159 |
98,229 |
|
TOTAL EQUITY AND LIABILITIES |
85,854 |
147,342 |
|
|
|
|
|
*Fair Value Through Profit or loss |
|
|
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
|
|
Year ended 31-Dec-08 €000's |
Period From 26-Apr-07 to 31-Dec-07 €000's |
|
Cash flows from operating activities |
|
|
|
Loss before tax |
(51,093) |
(6,250) |
|
|
|
|
|
Realised gains on investments |
(271) |
- |
|
Unrealised losses on revaluation of investments |
44,592 |
4,374 |
|
Depreciation of property, plant & equipment |
447 |
145 |
|
Amortisation of intangible assets |
2,615 |
745 |
|
Share based payment (income)/expense |
(58) |
148 |
|
Investment Income |
- |
(144) |
|
Interest received |
(181) |
(326) |
|
Interest expense |
5,916 |
1,665 |
|
Net movement on provisions |
720 |
(80) |
|
Working capital movement |
1,310 |
2,725 |
|
|
|
|
|
Cash generated from operations |
3,997 |
3,002 |
|
|
|
|
|
Income taxes paid |
(972) |
(411) |
|
|
|
|
|
Net cash from operating activities |
3,025 |
2,591 |
|
|
|
|
|
Investing activities |
|
|
|
Interest received |
174 |
315 |
|
Interest paid |
(6,474) |
(1,274) |
|
Purchase of property, plant and equipment |
(497) |
(117) |
|
|
|
|
|
Net cash used in investing activities |
(6,797) |
(1,076) |
|
|
|
|
|
Acquisitions |
|
|
|
Acquisition of undertakings and subsidiaries |
(1,485) |
3,393 |
|
Sale/(acquisition) of investments |
813 |
(46,761) |
|
|
(672) |
(43,368) |
|
Net cash used in acquisition activities |
||
|
Financing activities |
|
|
|
Issue of shares |
- |
24,544 |
|
Net bank loan advance |
3,693 |
35,075 |
|
Bank loan repayments |
(3,961) |
(9,597) |
|
|
|
|
|
Net cash (used in)/from financing activities |
(268) |
50,022 |
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(4,712) |
8,169 |
|
|
|
|
|
Cash & cash equivalents at beginning of year/period |
8,079 |
0 |
|
Translation adjustment |
- |
(90) |
|
|
|
|
|
Cash & cash equivalents at end of year/period |
3,367 |
8,079 |
Notes
1. Accounting Policies and Basis of Preparation
The financial information included in this document has been prepared on a consistent basis and using the same accounting policies as those used in the preparation of the audited financial statements contained in the 2008 annual report.
The financial information has been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU.
The Group's consolidated financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. However, as a result of the current difficult credit markets, to date the Group has been unable to extend the debt facility loaned by Anglo Irish Bank plc to Boundary Capital plc which is due to mature on 30 June 2009. The Group currently does not have sufficient financial headroom available under its existing facilities in order to meet this maturity and service its debt obligations.
The Directors have given careful and detailed consideration to this issue and while they are hopeful of a positive outcome to the current negotiation, the timing and materiality of the issue is such as to indicate the existence of a material uncertainty which may cast significant doubt on the Group's and Company's ability to continue as a going concern. If this is the case, the Group and Company may be unable to continue to realise assets and discharge liabilities in the normal course of business.
Consequently, having made due enquiries and considering the material uncertainty described above and the timing of its resolution which is outside the control of the Board, the Directors have decided to continue to adopt the going concern basis in preparing the financial statements and these financial statements do not include any adjustments that would result from the absence of the support of Anglo Irish Bank plc in extending or renewing the debt facilities of the Group.
2. Earnings per Share
|
|
|
Year ended 31-Dec-08 Audited €000's |
26-Apr-07 to 31-Dec-07 Audited €000's |
|
Loss attributable to ordinary shareholders |
|
(49,913) |
(5,913) |
|
|
|
|
|
|
Weighted and diluted average number of ordinary shares |
|
53,387,204 |
50,111,220 |
|
|
|
|
|
|
Basic and diluted loss per ordinary share (cents) |
|
(93) |
(12) |
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary share options.
For diluted earnings per share, the weighted average number of ordinary shares outstanding is adjusted to assume conversion of all potential dilutive options over ordinary shares once the adjustment does not reduce a loss per share.
3. Statement of changes in Equity
(a) Company
|
|
|
|
|
|
|
|
|
|
|
Equity share capital €000's |
Share Premium €000's |
Retained Earnings €000's |
Share Based Payment Reserves €000's |
Total Equity €000's |
|
At 1 January 2008 |
|
13,347 |
37,657 |
(2,666) |
148 |
48,486 |
|
Loss for the year |
|
- |
- |
(54,437) |
- |
(54,437) |
|
Total income and expense in the year |
|
13,347 |
37,657 |
(57,103) |
148 |
(5,951) |
|
Share based payments |
|
- |
- |
- |
(58) |
(58) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2008 |
|
13,347 |
37,657 |
(57,103) |
90 |
(6,009) |
|
Company |
|
|
|
|
|
|
|
|
|
Equity share capital €000's |
Share Premium €000's |
Retained Earnings €000's |
Share Based Payment Reserves €000's |
Total Equity €000's |
|
At 26 April 2007 |
|
- |
- |
- |
- |
- |
|
Loss for the period |
|
- |
- |
(2,666) |
- |
(2,666) |
|
Total income and expense in the period |
|
- |
- |
(2,666) |
- |
(2,666) |
|
Issue of share capital |
|
13,347 |
40,040 |
- |
- |
53,387 |
|
Costs associated with listing |
|
|
|
|
|
|
|
On AIM and IEX |
|
- |
(2,383) |
- |
- |
(2,383) |
|
Share based payments |
|
- |
- |
- |
148 |
148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2007 |
|
13,347 |
37,657 |
(2,666) |
148 |
48,486 |
|
|
|
|
|
|
|
|
(b) Group
|
|
Equity Share Capital €'000 |
Share Premium €'000 |
Foreign Currency Translation Reserve €'000 |
Retained Earnings €'000 |
Share Based Payment Reserve €'000 |
Equity interest of parent €'000 |
Minority interests €'000 |
Total €'000 |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
At 1 January 2008 |
13,347 |
37,657 |
(932) |
(5,913) |
148 |
44,307 |
4,806 |
49,113 |
||||||||
|
Loss for the year |
- |
- |
- |
(49,913) |
- |
(49,913) |
(855) |
(50,768) |
||||||||
|
|
______ |
______ |
______ |
______ |
______ |
______ |
______ |
______ |
||||||||
|
Total income and expense for the year |
13,347 |
37,657 |
(932) |
(55,826) |
148 |
(5,606) |
3,951 |
(1,655) |
||||||||
|
Share based payment |
- |
- |
- |
- |
(58) |
(58) |
- |
(58) |
||||||||
|
Foreign currency translation |
- |
- |
(2,538) |
(115) |
- |
(2,653) |
(1,519) |
(4,172) |
||||||||
|
Share re-organisation of Panther Group |
- |
- |
- |
- |
- |
- |
(1,420) |
(1,420) |
||||||||
|
|
______ |
______ |
______ |
______ |
______ |
______ |
______ |
______ |
||||||||
|
At 31 December 2008 |
13,347 |
37,657 |
(3,470) |
(55,941) |
90 |
(8,317) |
1,012 |
(7,305) |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
3. Statement of changes in Equity (continued)
|
Group |
Equity Share Capital €'000 |
Share Premium €'000 |
Foreign Currency Translation Reserve €'000 |
Retained Earnings €'000 |
Share Based Payment Reserve €'000 |
Equity interest of parent €'000 |
Minority interests €'000 |
Total €'000 |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
At 26 April 2007 |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||
|
Loss for the period |
- |
- |
- |
(5,913) |
- |
(5,913) |
(279) |
(6,192) |
|||||||
|
|
______ |
______ |
______ |
______ |
______ |
______ |
______ |
______ |
|||||||
|
Total income and expense for the period |
- |
- |
- |
(5,913) |
- |
(5,913) |
(279) |
(6,192) |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Issue of share capital |
13,347 |
40,040 |
- |
- |
- |
53,387 |
- |
53,387 |
|||||||
|
Costs associated with listing on AIM and IEX |
- |
(2,383) |
- |
- |
- |
(2,383) |
- |
(2,383) |
|||||||
|
Share based payments |
- |
- |
- |
- |
148 |
148 |
- |
148 |
|||||||
|
Foreign currency translation |
- |
- |
(932) |
- |
- |
(932) |
(454) |
(1,386) |
|||||||
|
Acquisition |
- |
- |
- |
- |
- |
- |
5,539 |
5,539 |
|||||||
|
|
______ |
______ |
______ |
______ |
______ |
______ |
______ |
______ |
|||||||
|
At 31 December 2007 |
13,347 |
37,657 |
(932) |
(5,913) |
148 |
44,307 |
4,806 |
49,113 |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||