Preliminary Results
Gaming VC Holdings S.A.
17 April 2007
Press Release 17 April 2007
Gaming VC Holdings S.A.
('Gaming VC' or 'the Group')
Preliminary Results
Gaming VC Holdings S.A., a leading European online gaming company, today
announces its unaudited preliminary results for the year ended 31 December 2006.
Financial Highlights
• Recommended final dividend of 13p per share (gross) to be paid on 29 May 2007 (2005: 21p per share).
The total dividend for the year of 26p per share (2005: 42p per share) represents a yield of 17.7%
on last night's closing price
• Turnover of €40.6 million (2005: €40.4 million)
• Gross margin 72% (2005: 76%)
• Operating profit before exceptional items* and share option charges €13.5 million (2005: €13.9
million)
• EBITDA €15.5 million (2005: €16.2 million)
• Basic earnings per share before exceptional items* €0.41 (2005: €0.41)
* Exceptional items include €8.3 million of accelerated amortisation charges on
the Group's software licences, and a €33.3 million write down of goodwill
primarily driven by the potential impact of the continuing German Laender's
regulatory position against the online gaming industry.
Commenting on the Results, Adrian Smith, non-executive Chairman of Gaming VC,
said: '2006 has been a challenging year for Gaming VC but one in which the
Group has emerged in a much stronger position to deliver growth and increased
returns for our shareholders.'
'Gaming VC's management team has been significantly strengthened with Kenneth
Alexander installed as Chief Executive on 1 March 2007. Our core business in
Germany is cash generative and I am confident in our ability to expand Gaming
VC's operations into new markets outside of Germany.'
- Ends -
For further information:
Gaming VC Holdings S.A.
Kenneth Alexander, Chief Executive Tel: +44 (0) 207 745 6273
kalexander@gamingvc.com www.gamingvc.com
Collins Stewart
Chris Wells / Mark Connelly Tel: +44 (0) 20 7523 8000
mconnelly@collins-stewart.com http://www.cstplc.com
Media enquiries:
Abchurch
Chris Lane / Franziska Boehnke Tel: +44 (0) 20 7398 7700
franziska.boehnke@abchurch-group.com www.abchurch-group.com
Chairman's statement
On behalf of the Board of Gaming VC I am pleased to present the results for the
Group's trading for the year ended 31 December 2006. I also want to share the
important changes we implemented during 2006, and the new strategic direction we
have carefully planned to pursue in 2007 and beyond. I am confident that we are
stronger, more knowledgeable, and in a better position to generate increased
returns for our shareholders in the future.
The financial results for the year ended 31 December 2006 show an operating
profit of €13.5 million (2005: €13.9 million), before share option charges and
taking €8.3 million of accelerated amortisation charges on the Group's software
licenses, plus a €33.3 million write- down of goodwill primarily driven by the
potential impact of the continuing German Laender's regulatory position against
the online gaming industry. Since the year-end the Board has been encouraged by
the position taken by the EU Commission, and the healthy debate in Germany at
the quarterly sessions of the Laender Prime Ministers on the regulation of
online gaming.
The Board has recommended a final dividend of 13p gross (c €0.193), giving a
total distribution of 26p (c €0.386) for the year (2005: 42p (c €0.604)). The
final dividend will be paid on 29 May 2007 to all shareholders on the register
at the close of business on 27 April 2007.
We have made important changes in management and the Board during the financial
year. I accepted the position of non-executive Chairman on 1 November 2006. At
the same time, we announced that Steve Barlow was stepping down from his
position as Chief Executive, and that a search had been started for a
replacement with extensive online gaming experience. I am pleased that the
search was completed and that Kenneth Alexander was appointed Chief Executive
effective 1 March 2007. Mr. Alexander's initial views on strategy and structure
are included in the Chief Executive's review. Shareholders will be asked to
confirm Mr. Alexander's appointment to the Board, at the AGM which will be held
on 15 May 2007.
During the year, the Board accepted resignations from Dr. Robert Willis and
Scott Miller as Executive Directors, and also from their Board positions. The
Board appreciates their service to Gaming VC in the initial development of the
Group..
I am confident that we now have a stronger and more experienced management team
to take the Group to the next stage of its development. The core business in
Germany is cash generative, and the first three months of the 2007 financial
year are in line with expectations. With experienced financial and operating
management leading the business, we are able to expand with confidence into new
European markets outside of Germany.
Adrian J.R. Smith
Chairman
17 April 2007
Chief Executive's Statement
I am delighted to be in a position to give my first statement as Chief Executive
since my appointment on 1 March 2007. In this report I would like to give you
an insight into the challenges the Group currently faces and what our objectives
will be in the coming year in taking the business forward.
Notwithstanding more encouraging announcements by the EU Commission on the
regulatory environment surrounding online gaming in Germany, diversification
into other European markets is the key strategic objective for Gaming VC during
the next twelve months. The Group is confident that it will obtain a gaming
licence in Italy in Q2 2007 which will permit the introduction of a sportsbook.
The Group envisages a subsequent launch of bingo and tournament poker.
Opportunities are also being looked at to secure licences or to enter new
territories enabling diversification into new markets outside Germany. No
investment will be made in any new market until a comprehensive business plan
and experienced local executives are in place.
The Group's German customer base has been built by means of offline direct mail
marketing and this marketing strategy has remained the core marketing strategy
in recruiting new customers.
Ongoing, other marketing channels will be targeted which are expected to lower
the Group's customer acquisition costs. Accordingly, direct mail marketing will
be used on a smaller scale for retention purposes for our established higher
value German customers. However, new recruitment channels focussing on online
and affiliate marketing will make our marketing more efficient and is more
suited to an online business.
This change in focus to concentrate more on online marketing will require
different marketing skills from those that have been required in the past and
recruitment has commenced to effectively implement this strategy.
The change in strategy from direct mail to online marketing, with a dedicated
marketing team possessing the skills to implement the revised strategy, is
expected to improve the growth prospects of Gaming VC and materially improve
marketing efficiency.
Customer Retention Management (CRM) will also have an increased focus ongoing in
the business. The gaming industry is maturing and the levels of sophistication
employed to maintain and work the existing customer database is increasing all
the time. To improve in this area, work has also started to recruit the
necessary expertise and to invest in the most appropriate tools to implement
effective CRM. It is expected that these actions will increase lifetime values
and reduce attrition, both critical areas for online gaming operations as the
market matures and focus increases on maintaining the existing customer base.
As well as diversifying geographically during the new financial year there will
be diversification in terms of Gaming VC's product range. A strategic review is
being carried out to ensure that the Group is operating on the optimal platform
for its business requirements and we will be looking to offer an increased range
of gaming products, including fixed odds games and bingo, and explore the
possibility of launching a sportsbook in conjunction with our entry into new
markets.
Casino
2006 2005 % change
New registrations 52,774 32,840 61%
New depositing customers 22,916 18,023 27%
Daily average revenue €105,091 €109,907 (4.4%)
Total revenue €38,358,324 €40,116,120 (4.4%)
Casino revenues fell by 4% despite new depositing customers increasing by 27%
year-on-year. This reflects a disappointing third quarter and a high-staking
account in December 2006 which reduced that month's revenue by €0.3million which
was subsequently recovered in January 2007. This trend highlights the issues
with our marketing strategy over the last twelve months where direct mail
marketing and CRM efforts did not deliver growth in total volumes despite an
increase in depositing customers.
Poker
2006 2005 % change
New registrations 25,957 7,308 255%
New depositing customers 11,845 3,355 253%
Daily average revenue €6,051 €1,779 240%
Total revenue €2,208,489 €327,362 575%
Poker has demonstrated solid growth during the financial year and has
compensated for the slight fall in Casino revenues. Similarly to the Casino,
the marketing efforts on Poker will concentrate on online, measurable channels
to deliver further growth in our Poker offering.
Group Financial Performance
The total gross wagers placed were €1.6 billion (2005: €1.6 billion) and net
revenues were €40.6 million (2005: €40.4 million). The gross profit for the
financial year ended 31 December 2006 was €29.4 million (2005: €30.8 million).
The small decline in gross margin has arisen due to both the impact of the one
high stake roulette player discussed above, and the increased percentage of
lower margin poker business in the total wagers placed. The primary operating
cost element for the Group are the turnkey online casino services provided by
Boss Media SA and its subsidiaries.
In the financial year there were no significant one-off jackpot winners on the
Group's slot machine games with associated 'progressive' jackpots, although 3
players won over €0.1 million each in the year ( 2005: none). The total of the
available jackpots at the end of December 2006 was €2.2 million (2005: €1.7
million) with the largest available individual jackpot being €1.3 million (2005:
€0.8 million). Upon this jackpot becoming payable it will be a charge against
the relevant period's gross profit. The last major jackpot win was for €0.5
million in November 2004.
The Group operating profit for the financial year ended 31 December 2006 before
exceptional items and share option charge was €13.5 million (2005: €13.9
million) after the deduction of distribution and administrative expenses. The
Group incurred €41.6 million of exceptional charges in the year (2005: nil),
these consisting of €8.3 million of accelerated amortisation charges on the
Group's software licences and a €33.3 million write down of goodwill after
considering the potential impact of the continuing German Laender's regulatory
position, against the online gaming industry in the foreseeable future. This
resulted in a Group operating loss after exceptional items of €28.9 million
(2005: profit of €13.4 million).
Net operating expenses before goodwill impairment in the year of €25.1 million
(2005: €17.4 million) are analysed as distribution, administration and
amortisation costs as detailed below.
Distribution costs of €7.1 million (2005: €7.4 million) reflect the third party
marketing costs incurred by the Group to recruit active members to the Casino.
The major items within the administrative expenses (excluding amortisation)
incurred during the financial year are detailed below:
2006 2005
€'000 €'000
Employment costs 3,434 2,378
Travel 886 1,121
Legal, accounting and tax 1,682 1,941
Re-organisation costs - 545
All other costs 775 1,207
Total administrative expenses 6,777 7,192
Employment costs, which are analysed in note 2 to the financial results, include
€0.4 million for settlement of contractual obligations to Mr S Barlow and Mr S
Miller on their standing down as Executive Directors of the Group.
Of the total €44.4 million amortisation charge (2005: €2.8 million), detailed in
note 5 to the financial results, €41.6 million was an exceptional charge in
2006. €8.3 million reflects accelerated amortisation of the Group's software
licenses following a review that identified a reduced beneficial life of the
licenses due to both technical developments and price pressure on royalties in
the market place; €33.3 million reflects an ongoing concern regarding the
continued uncertainty in the German regulatory position.
Net financing income for the financial year ended 31 December 2006 of €0.1
million (2005: net financing costs €0.6 million) are analysed in note 3 to the
financial results. The majority of Group revenues are in Euros, as are both the
cost of sales and marketing. Employment costs are primarily US Dollar
denominated and most legal, tax and accounting services are incurred in
Sterling. Dividend payments are also Sterling denominated.
The Group intends to add new gaming licences within the EU in 2007 to those
already held in Curacao. The impact of this will be to strengthen the EU
business operationally but it will increase the overall group tax charge going
forward. It is expected that Gaming VC will increase its tax charge from a
current base level of 2% of operating profits to closer to 10% by 2008. The
final charge will depend on both the markets where growth is achieved and future
developments on taxation in the domiciles Gaming VC operates in.
In the reporting period the Group generated €17.9 million (2005: €17 million)
from operating activities. After payment of dividends totalling €15.6 million
during the year, the Group's closing cash balance as at 31 December 2006 was
€9.4 million (2005: €7.2 million). The Group had no significant capital
expenditure during the year and does not envisage any material capital
expenditure in 2007.
Dividends
The Board considers that the current dividend policy remains appropriate for the
Group. The core business is cash generative and not capital intensive and we
will continue to return excess capital to shareholders, as appropriate.
The Board recommends a final dividend of 13p (gross) (c €0.193) per share (2005:
21p per share), making a total distribution of 26p per share (c €0.386) for the
year. This will be paid on 29 May 2007 to shareholders on the register at the
close of business on 27 April 2007.
While the total dividend for 2006 will be greater than the earnings per share in
the year, given the financial performance of the Group in 2006 and the positive
start to 2007, the Board considers the final dividend is appropriate. As at 31
March 2007 our cash balances were more than sufficient to cover the final
dividend.
Outlook
Trading for the first three months of the 2007 financial year has been in line
with expectations. Likely benefits of the revised marketing strategy include
increased player acquisition numbers with an associated reduction in customer
acquisition costs together with an increased retention of the existing customer
base. It is expected that these initial benefits will be experienced in the
last quarter of the financial year. The impact of the associated costs of this
strategy which will be incurred before the benefit is received will be offset by
the savings made on a significant reduction in the use of direct mail as a
marketing tool.
Gaming VC has started 2007 in a much stronger and more competitive position than
last year. Management's combined experience in the online gaming industry
places Gaming VC in an excellent position to diversify its operations into new
European territories. I am confident for the future.
Kenneth Alexander
Chief Executive
17 April 2007
Consolidated Income Statement
For the year ended 31 December 2006
Total
year ended Year ended
Before goodwill 31 December 31 December
impairment 2006 2005
Goodwill
impairment
In thousands of euro Note
Revenue 1 40,573 - 40,573 40,443
Cost of Sales (11,158) - (11,158) (9,677)
Gross profit 29,415 - 29,415 30,766
Net operating expenses including (25,075) (33,274) (58,349) (17,404)
exceptional items and share option
charges
Operating profit before exceptional 13,505 - 13,505 13,853
items and share option charge
Share option charge (893) - (893) (491)
Exceptional items 5 (8,272) (33,274) (41,546)
Operating (loss)/profit before 4,340 (33,274) (28,934) 13,362
financing
EBITDA 15,536 - 15,536 16,185
Depreciation (35) - (35) (21)
Amortisation and impairment (11,161) (33,274) (44,435) (2,802)
Financial income 3 163 - 163 46
Financial expense 3 (68) - (68) (601)
Net financing income/ costs 95 - 95 (555)
(Loss)/Profit before Tax 4,435 (33,274) (28,839) 12,807
Income tax expense 4 - - - (13)
(Loss)/Profit for the year 4,435 (33,274) (28,839) 12,794
Basic earnings per share (euro) 6 (0.93) 0.41
Diluted earnings per share (euro) 6 (0.93) 0.41
Consolidated statement of recognised income and expense
For the year ended 31 December 2006
Year ended Year ended
31 December 31 December
2006 2005
In thousands of euro
(Loss)/Profit and total recognised income and expense for the
year
(28,839) 12,794
Consolidated Balance Sheet
As at 31 December 2006
31 December 31 December
2006 2005
In thousands of euro Note
Assets
Property, plant and equipment 56 46
Intangible assets 5 58,548 102,752
Total non-current assets 58,604 102,798
Trade receivables 1,892 2,151
Other receivables and prepayments 417 531
Cash and cash equivalents 9,407 7,233
Total current assets 11,716 9,915
Total assets 70,320 112,713
Equity
Issued share capital 38,608 38,608
Share premium 57,926 67,522
Retained earnings (29,853) 4,109
Total equity attributable to equity holders of the parent 66,681 110,239
Liabilities
Income tax payable 4 18 18
Trade and other payables 1,317 1,140
Accrued expenses 1,101 1,316
Withholding tax on dividends 1,203 -
Total current liabilities 3,639 2,474
Total liabilities 3,639 2,474
Total equity and liabilities 70,320 112,713
Consolidated statement of cashflows
For the year ended 31 December 2006
Year ended Year ended
31 December 31 December
2006 2005
In thousands of euro Note
Cash flows from operating activities
Cash receipts from customers 40,833 38,911
Cash paid to suppliers and employees (22,934) (21,966)
Net cash from operating activities 17,899 16,945
Cash flows from investing activities
Interest received 154 46
Acquisition of property, plant and equipment (45) (67)
Acquisition of intellectual property 5 (231) (75)
Net cash from investing activities (122) (96)
Cash flows from financing activities
Payment of transaction costs - (867)
Dividend paid (15,612) (9,559)
Net cash from financing activities (15,612) (10,426)
Net increase in cash and cash equivalents 2,165 6,423
Cash and cash equivalents at beginning of the year 7,233 1,270
Effect of exchange rate fluctuations on cash held 3 9 (460)
Cash and cash equivalents at end of the year 9,407 7,233
Notes to Preliminary Accounts
1 Segment reporting
Segment information is presented in respect of the Group's business and
geographical segments.
Business segments
Based on risks and returns the management considers that the primary reporting
format is by business segment. The directors consider that there are two
business segments being the casino operation of games of chance and skilled
based games, primarily Poker which was launched in the last quarter of 2005.
Geographical segments
Within the year the core business activity has been concentrated in the German
language countries.
Development specifically tailored for other European language countries is
ongoing. Owing to current legislation in the US the company continues to block
access to its games to potential players located there.
Segment capital expenditure is the total cost incurred during the year to
acquire segment assets that are expected to be used for more than one year.
In presenting information on the basis of geographical segments, segment revenue
is based on the geographical location of customers. Segment assets are based on
the location of the assets themselves.
Games of Chance
Germany Austria Switzerland Other Countries Consolidated
In thousands of 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
euro
Revenue 28,669 30,074 7,161 7,673 1,807 1,203 721 1,166 38,358 40,116
Segment assets - - - - - - 111,598 112,599 111,598 112,599
Capital - - - - - - 266 67 266 67
expenditure
Games of Skill
Germany Austria Switzerland Other Countries Consolidated
In thousands of 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
euro
Revenue 1,661 219 354 69 66 10 134 29 2,215 327
Segment assets - - - - - - 268 114 268 114
Capital - - - - - - 10 75 10 75
expenditure
Assets and liabilities are not specifically allocated to business segments as
the total assets and liabilities of the Group are utilised, managed and reported
centrally across all business segments. Consequently it is not possible to
provide a meaningful allocation of assets and liabilities for each business
segment as this cannot be done on a reasonable basis.
All segments are continuing operations.
2 Personnel expenses Year ended Year ended
31 December 31 December
2006 2005
In thousands of euro
Wages and salaries 2,400 1,713
Compulsory social security contributions 154 135
Contributions to defined contribution plans (13) 39
Equity-settled transactions 893 491
3,434 2,378
3 Net financing costs Year ended Year
31 December ended
2006 31 December
2005
In thousands of euro
Interest income 154 46
Net foreign exchange gain through profit 9 -
Financial income 163 46
Interest expense -
Interest expenses and bank charges (68) (141)
Net foreign exchange loss through profit - (460)
Financial expenses (68) (601)
Net financing income/costs 95 (555)
4 Income tax expense
Current tax
Current tax for the current and prior periods is classified as a current
liability to the extent that it is unpaid. Amounts paid in excess of amounts
owed are classified as a current asset. There is a current tax liability of
€18,043 at 31 December 2006 (2005: €18,043).
Year ended Year
31 December ended
2006 31 December
2005
Recognised in the income statement
In thousands of euro
Current tax expense
Current year - 13
Adjustments for prior period - -
- 13
Deferred tax expense
Origination and reversal of temporary differences - -
Reduction in tax rate - -
Benefits of tax losses recognises - -
- -
Total income tax expense in income statement - 13
Reconciliation of effective tax rate
Year ended Year
In thousands of euro 31 December ended
2006 31 December
2005
(Loss)/Profit before tax (28,839) 12,807
Income tax using the domestic corporation tax rate - 2,818
Effect of tax rates in foreign jurisdictions (Rates decreased) - (2,805)
- 13
No deferred tax asset was recognised as the Group considers that it more
probable than not that no future taxable profits will be available against which
the asset could be utilised.
5 Intangible assets Goodwill Trade-marks Software Consulting Magazine Total
licence
In thousands of euro
Cost
Balance at 1 January 2005 73,613 15,144 11,840 419 4,500 105,516
Acquisitions - - 75 - - 75
Balance at 31 December 73,613 15,144 11,915 419 4,500 105,591
2005
Balance at 1 January 2006 73,613 15,144 11,915 419 4,500 105,591
Other acquisitions - - 231 - - 231
At 31 December 2006 73,613 15,144 12,146 419 4,500 105,822
Amortisation
Balance at 1 January 2005 - - 16 1 20 37
Amortisation for the year - - 1,197 105 1,500 2,802
Balance at 31 December - - 1,213 106 1,520 2,839
2005
Balance at 1 January 2006 - - 1,213 106 1,520 2,839
Amortisation for the year - - 9,556 105 1,500 11,161
Impairment loss for the 33,274 - 33,274
year
At 31 December 2006 33,274 - 10,769 211 3,020 47,274
Carrying amounts
At 31 December 2005 73,613 15,144 10,702 313 2,980 102,752
At 31 December 2006 40,339 15,144 1,377 208 1,480 58,548
Valuation methodologies
The valuation methodology of each type of identifiable intangible asset is
detailed below.
Asset Valuation methodology
Magazine-related Cost
Consulting Income (cost saving)
Software licence Income (incremental value plus loss of
profits)
Trade-marks Relief from royalty
Goodwill Residual balance
The valuation conclusions, for the assets acquired through business
combinations, were cross-checked relative to the overall consideration paid in
the transaction over net tangible assets, to ensure that the proportion of value
attributed to (i) each identifiable tangible asset: and (ii) to all of the
identified intangible assets combined in the total purchase price appears
reasonable.
In addition, the implied weighted average return on assets was reconciled with
the cost of capital derived for the business as a whole to check for the
reasonableness of values placed on intangible assets and the discount rates/
returns used.
Amortisation and impairment charge
The amortisation for the year and the accelerated amortisation on the software
licence are recognised in the following line items in the income statement. The
accelerated amortisation of the Group's software licenses, as an exceptional
item, follows a review that identified a reduced beneficial life of the licenses
due to both technical developments and price pressure on royalties in the market
place.
Year ended Year
31 December ended
2006 31 December
2005
In thousands of euro
Net operating expenses 2,889 2,802
Exceptional items 8,272 -
Impairment tests for cash-generating units containing goodwill
An Impairment Review was carried out at the year end of the Company's goodwill
in the Casino operation. The carrying values of the assets were compared with
the recoverable amounts, these were determined with the assistance of
independent valuers. The carrying amount was determined to be higher than its
recoverable amount and an impairment loss of €33,274 thousand (2005: nil) was
recognised. The impairment loss was allocated fully to goodwill and is shown as
an exceptional item in the income statement.
In performing the Impairment Review the following information was used.
• Historical financial performance, unaudited financial results for the year ended 31
December 2006
• Market analysis of the online gaming industry specifically -:
• Market growth for the online industry
• Market forecasts from independent analysts and researchers
• Technology advances (including increases in internet penetration)
• Perceived threats to the industry.
• Net revenue forecasts for 2007
• Long-term rate of growth of 2% based on the industry average and taking into consideration
increased competitive pressures, due to large online gaming companies looking aggressively
to increase non-Us sources of Income.
• Tax rate of 1.5% based upon the Company's current corporation tax rate
• Discount rate post-tax of 30% based on the discount rate implied in the Casino-Club
acquisition, a theoretically derived cost of equity based on an adjusted CAPM model and
the nature of the intangible asset being valued.
The following units have significant carrying amounts of goodwill:
31 December 31 December
2006 2005
In thousands of euro
Casino operation: GVC Corporation II B.V. 40,339 73,613
6 Earnings per share
The calculation of basic earnings per share at 31 December 2006 was based on the
loss attributable to ordinary shareholders of €28,838,575 (2005: Profit of
€12,793,954) and a weighted average number of ordinary shares outstanding during
the year ended 31 December 2006 of 31,135,762 (2005: 31,135,762), calculated as
follows:
Profit attributable to ordinary shareholders Year ended Year
31 December ended
2006 31 December
2005
In thousands of euro
(Loss)/Profit attributable to ordinary shareholders (28,839) 12,794
Exceptional item (note 6) 41,546 -
Profit before exceptional item 12,707 12,794
Weighted average number of ordinary shares Year ended Year
31 December ended
2006 31 December
2005
Issued ordinary shares beginning of the year 31,135,762 31,135,762
Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762
Earnings per share Year ended Year
31 December ended
2006 31 December
2005
In euro
Basic earnings per share (0.926) 0.411
Basic earnings per share before exceptional items 0.408 0.411
Diluted earnings per share
The calculation of diluted earnings per share at 31 December 2006 was based on
the loss attributable to ordinary shareholders of €28,838,575 (2005:
€12,793,954) and a weighted average number of ordinary shares outstanding during
the year ended 31 December 2006 of 31,135,762 (2005: 31,135,762), calculated as
follows:
Profit attributable to ordinary shareholders (diluted) Year ended Year
31 December ended
2006 31 December
2005
In thousands of euro
Loss/Profit attributable to ordinary shareholders (diluted) (28,839) 12,794
Exceptional item (note 6) 41,546 -
Profit before exceptional item 12,707 12,794
Weighted average number of ordinary shares (diluted) Year ended Year
31 December ended
2006 31 December
2005
Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762
Effect of share options on issue - -
Weighted average number of ordinary shares (diluted) at end of year 31,135,762 31,135,762
Diluted earnings per share Year ended Year
31 December ended
2006 31 December
2005
Diluted earnings per share (0.926) 0.411
Diluted earnings per share before exceptional items 0.408 0.411
-Ends-
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