Interim Results
Stem Cell Sciences plc
30 August 2007
Press Release
Half Year Financial Results
Stem Cell Sciences plc (SCS, AIM:STEM, ASX:STC), the global biotechnology
company focused on the commercialisation of stem cells and stem cell
technologies in research and cell-based therapies, is pleased to announce
interim results for the half year ending 30 June 2007.
2007 2006
Revenue from ordinary activities £0.5m/AU$1.25m £0.5m/AU$1.25m
Operating loss for year (£1,75m/AU$4.38m) (£1,12m/AU$2.8m)
Loss per share (6.3p) (5.0p)
Rate of Exchange £1:AU$2.50
No dividends have been declared or are expected to be declared.
Half-Year Highlights
• Q1 launch of HEScGRO(TM) animal component-free medium for human embryonic
stem cell research by Millipore Corporation.
• Q1 licensing of novel mouse neural stem cell technology to Merck & Co.,
Inc. for research use.
• Q2 in-license of breakthrough technology for the production of human
stem cells.
• Q2 successful dual listing on the Australian Stock Exchange raising £4.8
million/AU$12 million.
• The cash position of £5.3m/AU$13.25m as at 30 June 2007(2006: £3.5m) is
after allowing for expenditure of £0.8m/$2.0m on R&D activities
Peter Mountford, President and CEO of Stem Cell Sciences, said:
"With our mouse NS cell platform established, and the license with Merck
progressing well, we expect to see a wider customer base emerging for an
expanding range of products offered by the SCS portfolio. All products are
progressing well through the development pipeline with the launch of our human
NS cell platform expected for Q4 this year, adipose cell and bone cell platform
to follow shortly thereafter.
Overall, SCS expects to see faster revenue growth across most sectors of the
stem cell research market with large industry seeking a mixture of licensing of
in-house development as well as more strategic alliances through collaborative
research and development with expert providers of stem cells and stem cell
technology."
- Ends -
For further information, please contact:
Stem Cell Sciences plc (United Kingdom)
Hugh Ilyine, Vice President and Chief Operating Officer +44 131 662 9829
Sue Furber, Finance Director
Weber Shandwick Financial
Louise Robson or James White +44 207 067 0700
Stem Cell Sciences (Australia) pty ltd
Peter Mountford, President and CEO +61 3 9905 0600
Talk Biotech
Fay Weston +61 4 2220 6036
Stem Cell Sciences llc (USA)
David A. Dodd, Chairman of SCS plc +1 678 641 4029
George Murphy, General Manager North America +1 415 495 7340
Notes to Editors
Stem Cell Sciences plc (SCS, AIM: STEM, ASX: STC) is a global biotechnology
company providing stem cells and cell culture media to the burgeoning stem cell
research market.
Stem Cell Sciences' long term objective is to develop safe and effective
cell-based therapies for currently incurable diseases. SCS retains all rights to
its technology for therapeutic use and is targeting cell-based therapies for
neurodegenerative disease and injury.
Revenues from Stem Cell Sciences' research business are delivered via an
integrated network of business teams and regional offices in Edinburgh and
Cambridge (UK), Melbourne (Australia) and San Francisco (USA). This global reach
provides the Company with the direct access to markets through experienced
personnel and local business networks needed to drive SCS business growth in
each region.
The key challenge for the successful application of stem cells in both research
and clinical applications is the reproducible supply of pure, fully
characterized stem cells and stem cell-derived specialised cells such as nerves
and muscle. This represents a significant technological challenge that will
require access to multiple technologies and a globally integrated stem cell
initiative.
To access cutting edge technologies on a rapid and on-going basis, Stem Cell
Sciences has built a network of interactive collaborations with academic centres
of excellence in the stem cell field. These collaborations have been the source
of our founding technologies and continue to provide an expanding pipeline of
products and intellectual property that are central to the Company's strategy
and success.
To facilitate research and technology transfer with its major collaborating
academic institutions, Stem Cell Sciences' business and scientific teams are
usually co-located on site or adjacent to the centre of excellence in
independent company facilities. The Company's key collaborating institutes
include the Wellcome Trust Centre for Stem Cell Research (University of
Cambridge), the Institute of Stem Cell Research (University of Edinburgh), RIKEN
Centre for Developmental Biology (Kobe) and the Australian Stem Cell Centre
(Melbourne).
Academic and commercial use of stem cells in basic research and drug discovery
provides the Company with revenue streams offsetting the costs of technology
development.
For further information on the company please visit: www.stemcellsciences.com
Chairman's and Chief Executive's Statement
The first half of 2007 has seen a number of exciting developments throughout the
Company, providing confidence in the growth and development prospects for Stem
Cell Sciences plc. In April the Company dual listed on the Australian Stock
Exchange raising £4.8 million/AU$12 million. The placement was oversubscribed
and received excellent support from the Australian investment community.
The Company expanded its US based business team and, separately, appointed
additional scientific staff to accelerate development of key product
opportunities. While revenues were slightly below those for the same period last
year, the Company believes the pharmaceutical research and development market
for SCS' products is expanding and that the Company will deliver increased
revenues this year.
The validation of our core competency in industrial scale stem cell production
is attracting new pharmaceutical company business interest. Key uses for the
technology include target identification and validation studies, as well as
small molecule library screening applications.
In February we announced an agreement with Merck & Co. for the use of our
proprietary rodent neural stem (NS) cell technology and cell culture media. The
agreement is progressing well and the upfront licence fee is recorded in
revenues reported for the first six months of 2007. Ongoing discussions with a
range of pharmaceutical companies are expected to expand licensing and revenue
opportunities related to these cells.
At the same time, the successful development of automated cell production
systems and creation of assay-ready formats provides the option of cell-based
assay supply to customers. The ability to have a consistent and high quality set
of cell lines enables expansion of in-house use, such as our participation in
collaborative European Union FP VI projects, as well as core internal research
activities. Our assay development team is developing miniaturised format, 384
well plates, to meet market demand to enable faster throughput and more data
points per day. The ability to supply stem cells for large scale compound
library screening is becoming a reality.
Reproducible, large scale production of stem cells and stem cell-derived
products is a key requirement for commercial success and a highly competitive
area within which SCS is focused on achieving market leadership. The significant
investment in 2006 made in our automated, large-scale cell production facility
in Cambridge, UK, as well as proprietary stem cell culture and differentiation
media has been successful. Human and mouse stem cell lines have now been
successfully adapted to automated growth and differentiation on the platform. At
the same time, SCS continues to build strongly on its core competency in the
neural cell field, and expects to launch its human NS cell platform in the
fourth quarter of 2007.
Robust stem cell supply is also essential to realizing the Company's longer term
objective to be a leading supplier of stem cell based therapeutics. The Company
supported two proof of concept animal studies to investigate potential value of
its propriety neural stem cells in the treatment of spinal cord injury and eye
disease. While both studies provided evidence of recovery of function in cell
transplanted animals, and none showed any evidence of unregulated cell
proliferation or tumor formation, some results were not statistically
significant and the Company will need to undertake further analysis of the
research.
In January we launched the second product bearing the Company's SC Proven(R)
trademark with our manufacturing and distribution partner Millipore Corporation.
This product, HEScGRO(TM), is the first commercially available animal
component-free medium tested successfully for human embryonic stem cell culture
and shown to maintain human embryonic stem cells in their undifferentiated
state. The strong growth of research into human stem cells now underway is
expected to generate significant growth in sales of HEScGRO(TM) in the coming
years.
During the year, through the SC Services division, the conversion of refractory
mouse embryonic stem cell lines from serum and feeder based protocols to serum
free and feeder free growth conditions took place. This improvement provides
significant benefits to the efficient production of mice with knocked out genes,
which are valuable in drug discovery. The Company also continues to develop its
specialized stem cell contract research activities, identified by the Company as
offering revenue growth prospects in this emerging field.
Large scale production of stem cells remains a significant challenge for the
biomedical industry. SCS continues to build on its capabilities in this area so
that it can successfully become a leader in the automated production of stem
cell-based products. The Company's prospects for successful scale up and
associated control of a substantial portion of the human ES cell market were
further improved this year through an exclusive in-licensing of a breakthrough
technology that is expected to greatly improve industrial scale production (ROCK
inhibitor technology, announced 19/6/07). SCS is now undertaking commercial
development of the technology.
The first half of 2007 has also seen potentially revolutionary advances in other
areas of the ES cell field with three groups confirming that they can produce
the mouse ES cells by simply adding four genes to adult skin cells. Such an
approach, if reproduced in human cells, would eliminate the need to source ES
cells from human embryos and thereby bypass the ethical concerns that some
groups currently have in this field. Two of the published research teams use SCS
proprietary technology in achieving their results and the Company continues to
support the efforts of academic researchers in the field.
IFRS Reporting
Stem Cell Sciences plc has adopted the International Financial Reporting
Standards (IFRS) in its Group reporting from the beginning of 2007. As of the 1
January 2007, Stem Cell Sciences has prepared its Interim Reports applying the
recognition and valuation principles of the IFRS standards. The comparative
figures in respect of the interim period ended 30 June 2006 and the year ended
31 December 2006 have been restated to reflect the adoption of these standards,
the transition date being 1 January 2006.
Financial Review:
For the six months ended 30 June 2007, the Company received revenues of £0.5m/
AU$1.25m (2006:£0.5m), which comprised of £0.15m SC Proven; £0.03m SC Services
and £0.3m SC Licensing. Other operating income of £0.16m (2006: £0.2m)
represented grant income. Total revenue for the comparable half year to 2006
remained stable and proved revenue streams from the business units. Loss before
tax for the six months was £1.75m (2006:£1.12m) and the loss per share was 6.3p
(2006:5.0p).
With the expansion of the US based business team and investment in strengthening
the IP portfolio through in-licensing Admin expenses for the comparative six
month period to 2006 have increased.
Similarly, with the opening of the Cambridge site Research expenses have
increased to £0.8m for the period.
Cash balances at 30 June 2007 were £5.3m/AU$13.25m (2006: £3.5m)
Post Period Events:
Since the half year end Stem Cell Sciences received notification from the US
Patent and Trade Mark Office (USPTO) that one of its key patents had been
granted in the USA with expanded claims relating to stem cell selection. Claims
granted to SCS by the USPTO cover all methods of purifying any type of mammalian
stem cell via any introduced gene and all stem cells purified by the method.
With the ever increasing importance of stem cells in the US biopharmaceutical
industry, the extension of SCS' patent position reinforces a key income stream
and productivity advantage held by the Company.
In a post period announcement, SCS reported a restructuring of its commercial
relationship with its associate company SCS KK in Kobe, Japan. The technology
buy-back and rights exchange means that, with some minor exceptions, SCS now
holds the exclusive right to commercialize all its technology on a global basis.
Rights to commercialize certain SCS KK technologies, including the right to
commercialize therapeutic products based on SCS KK's adipose-derived stem cell
technology outside of Asia, were returned to SCS KK in the exchange. SCS plc
retains all its existing rights to commercialize adipose-derived stem cells in
the basic and applied research markets.
Outlook:
The progress made over the past six months indicates that stem cell discovery is
advancing at an ever increasing pace. SCS believes that progress in basic and
applied stem cell research is providing two fundamental incentives for growing
pharmaceutical industry investment - a new source of leads for potential new
drugs, and the opportunity to screen for additional leads using stem cell based
assays produced at industrial scale.
With our mouse NS cell platform established, and the license with Merck
progressing well, we expect to see a wider customer base emerging for an
expanding range of products offered by SCS. All products are progressing well
through the development pipeline with the launch of our human NS cell platform
expected for Q4 this year, adipose cell and bone cell platform to follow shortly
thereafter.
A core competency in large scale production of high quality stem cells and stem
cell derived products is central to SCS' business. With the infrastructure and
biological processes now in place for our first cell lines, we expect to see
growing interest and a widening of our customer base.
The Company expects to continue its cautious approach to investigating the
cell-based therapy potential of its NS cell platform in collaboration with
academic centres of excellence in selected therapeutic fields; providing
primarily technological support and low level cash investment.
Overall, SCS expects faster growth across most sectors of the stem cell research
market, with large industry seeking a mixture of licensing of in-house
developments as well as more strategic alliances with expert providers of stem
cells and stem cell technologies.
CONSOLIDATED INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2007
Restated Restated
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
Notes 2007 2006 2006
£'000 £'000 £'000
Unaudited Unaudited Unaudited
REVENUE 2 460 494 742
Cost of sales - (159) (157)
-------------------------------------
GROSS PROFIT 460 335 585
Other operating income 159 235 367
Administrative expenses (1,455) (1,031) (2,505)
Research and development
costs (768) (544) (1,197)
-------------------------------------
Loss from operations (1,604) (1,005) (2,750)
Investment income 66 100 178
FINANCE COSTS (4) - -
Share of results of
associates (211) (215) (468)
-------------------------------------
LOSS BEFORE TAXATION (1,753) (1,120) (3,040)
INCOME TAX EXPENSE - - 62
-------------------------------------
LOSS FOR THE YEAR (1,753) (1,120) (2,978)
=====================================
Loss per share
Basic (6.3)p (5.0)p (13.3)p
Diluted (6.3)p (5.0)p (13.3)p
Turnover and loss on ordinary activities before taxation for the current and
previous year relate wholly to continuing activities.
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007
Restated Restated
As at As at As at
30 June 30 June 31 December
Notes 2007 2006 2006
£'000 £'000 £'000
Unaudited Unaudited Unaudited
NON-CURRENT ASSETS
Property, plant and equipment 568 410 656
Investments accounted for
using the equity method 4 67 545 284
-------------------------------------
635 955 940
-------------------------------------
Current assets
Trade and other receivables 244 448 646
Cash and cash equivalents 5,305 3,500 2,463
-------------------------------------
5,549 3,948 3,109
-------------------------------------
Total Assets 6,184 4,903 4,049
-------------------------------------
CURRENT LIABILITIES
Trade and other payables (766) (325) (1,253)
-------------------------------------
Total Liabilities (766) (325) (1,253)
-------------------------------------
Net Assets 5,418 4,578 2,796
=====================================
EQUITY
Share capital 5 335 11,151 223
Share premium account 6,537 2,297 2,297
Capital redemption reserve 10,928 - 10,928
Foreign exchange reserve (126) (106) (119)
Merger reserve (1,248) (1,248) (1,248)
Accumulated deficit (11,008) (7,516) (9,285)
-------------------------------------
Total Equity and Liabilities 5,418 4,578 2,796
=====================================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2007
Attributable to equity holders of the company
Capital Foreign
Share Share redemption exchange Merger Accumulated Total
capital premium reserve reserve reserve deficit equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2006 11,151 2,297 - - (1,248) (6,563) 5,637
Exchange differences arising
on translation of overseas
operations - - - (106) - - (106)
Retained loss for the period - - - - - (1,120) (1,120)
Unrealised gain on dilution of
investment - - - - - 135 135
Share based payments - - - - - 32 32
---------------------------------------------------------------------------------
Balance at 30 June 2006 11,151 2,297 - (106) (1,248) (7,516) 4,578
---------------------------------------------------------------------------------
Exchange differences arising
on translation of overseas
operations - - - (13) - - (13)
Retained loss for the period - - - - - (1,858) (1,858)
Unrealised (loss) on dilution
of investment - - - - - (9) (9)
Share based payments - - - - - 98 98
Capital reconstruction (10,928) - 10,928 - - - -
---------------------------------------------------------------------------------
Balance at 31 December 2006 223 2,297 10,928 (119) (1,248) (9,285) 2,796
---------------------------------------------------------------------------------
Exchange differences arising
on translation of overseas
operations - - - (7) - - (7)
Retained loss for the period - - - - - (1,753) (1,753)
Unrealised (loss) on dilution
of investment - - - - - - -
Share based payments - - - - - 30 30
Issue of share capital 112 4,240 - - - - 4,352
---------------------------------------------------------------------------------
Balance at 30 June 2007 335 6,537 10,928 (126) (1,248) (11,008) 5,418
=================================================================================
CONSOLIDATED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2007
Restated Restated
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Cash flows from operating activities
Loss before taxation (1,753) (1,120) (3,040)
Interest receivable (66) (100) (178)
Interest payable 4 - -
Share of result of associate 211 215 468
Depreciation of plant and equipment 98 34 91
Share based payments 30 32 130
Decrease/(increase) in debtors 401 (126) (633)
(Decrease)/increase in creditors (487) (412) 766
-------------------------------------
Cash expended by operations (1,562) (1,477) (2,396)
Income taxes paid - - 121
-------------------------------------
Net cash used in operating activities (1,562) (1,477) (2,275)
-------------------------------------
Cash flows from investing activities
Interest received 66 100 152
Interest paid (4) - -
Purchases of property, plant and
equipment (8) (332) (636)
-------------------------------------
Net cash used in investing activities 54 (232) (484)
-------------------------------------
Financing activities
Proceeds from issue of share capital 4,352 - -
-------------------------------------
Net cash from financing activities 4,352 - -
-------------------------------------
Net increase/(decrease) in cash and
cash equivalents 2,844 (1,709) (2,759)
Effect of foreign exchange rate
changes (2) (18) (5)
Cash and cash equivalents at
beginning of period 2,463 5,227 5,227
-------------------------------------
Cash and cash equivalents at end of
period 5,305 3,500 2,463
=====================================
1. Basis of Preparation
These interim financial statements do not constitute statutory accounts and are
unaudited.
These condensed consolidated financial statements of Stem Cell Sciences plc have
been prepared in accordance with International Accounting Standard (IAS) 34,
Interim Financial Reporting, and are covered by International Financial
Reporting Standard (IFRS) 1, First-time Adoption of IFRS, because they are part
of the period covered by the group's first IFRS financial statements for the
year ending 31 December 2007.
The policies set out below have been consistently applied to all the periods
presented and will apply for the full year.
Consolidated financial statements of Stem Cell Sciences plc until 31 December
2006 have been prepared in accordance with U.K. Generally Accepted Accounting
Principles (U.K. GAAP). UK GAAP differs in certain respects from IFRS. When
preparing the consolidated interim financial statements for 2007, management has
amended certain accounting, valuation and consolidation methods applied in the
U.K. GAAP financial statements to comply for IFRS. In the current period, the
group has adopted all of the new and revised Standards and Interpretations
issued by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC) of the IASB
that are relevant to its operations and effective for accounting periods
beginning on or after 1 July 2006.
The change in accounting policy relates to research and development expenditure.
Research and development costs include personnel charges in respect of persons
working wholly or exclusively on process or product development.
Under UK GAAP, expenditure on research and development was written off to the
income statement in the period in which it was incurred. Under IFRS, expenditure
on research is written off to the income statement in the period in which it is
incurred and development expenditure is capitalised as an intangible asset when
the Company can demonstrate all of the following criteria:
• The technical feasibility of completing the intangible asset so that it
will be available for use or sale.
• It's intention to complete the intangible asset and use or sell it.
• It's ability to use or sell the intangible asset.
• How the intangible asset will generate probable future economic
benefits.
• The availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset.
• Its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
This change in accounting policy has had no financial impact on these interim
financial statements.
There have been no other changes to accounting policies.
The comparative figures in respect of the interim period ended 30 June 2006 and
the year ended 31 December 2006 have been restated to reflect these adjustments.
Reconciliations and descriptions of the effect of the transition from UK GAAP to
IFRS on the group's equity and its net income are given in note 5 to the interim
statements.
Comparative U.K. GAAP figures for the year ended 31 December 2006 have been
extracted from the statutory accounts of the Company on which the auditors gave
an unqualified report and which have been filed with the Registrar of Companies.
2. Segment Information
Six Months Ended 30 June 2007
Revenue Segment Result
£ '000 £ '000
SC Proven 142 5
SC Services 32 (206)
SC Licensing 286 286
-------------------------------------
Consolidated 460 85
Unallocated Items (1,900)
Finance Income 66
Finance Costs (4)
-------------
Loss Before Taxation (1,753)
Taxation -
-------------
Loss for Period (1,753)
=============
Six Months Ended 30 June 2006
Revenue Segment Result
£ '000 £ '000
SC Proven 197 52
SC Services - (108)
SC Licensing 297 297
-------------------------------------
Consolidated 494 241
Unallocated Corporate Items (1,461)
Finance Income 100
Finance Costs -
-------------
Loss Before Taxation (1,120)
Taxation -
-------------
Loss for Period (1,120)
=============
Year Months Ended 31 December 2006
Revenue Segment Result
£ '000 £ '000
SC Proven 259 (65)
SC Services 19 (271)
SC Licensing 464 464
-------------------------------------
Consolidated 742 128
Unallocated Corporate Items (3,346)
Finance Income 178
Finance Costs -
-------------
Loss Before Taxation (3,040)
Taxation 62
-------------
Loss for Period (2,978)
=============
Six Months Ended Six Months Ended Year Ended
30 June 2007 30 June 2006 31 December 2006
£ '000 £ '000 £ '000
Total Assets Total Assets Total Assets
SC Proven 18 49 25
SC Services 490 264 564
SC Licensing - - -
Unallocated Corporate
Items 5,676 4,590 3,460
---------------------------------------------------
Total Assets 6,184 4,903 4,049
===================================================
3. Taxation
At 30 June 2007, the Group has significant tax losses that will be carried
forward for utilisation against future taxable profits.
4. Fixed Asset Investment
The Company holds a 24.85% interest in Stem Cell Sciences KK, a company
incorporated in Japan and involved in research and development activities. The
group's share of the results and net assets are included in the financial
statements on the equity accounting basis.
5. Share Capital
On 13 April 2007, the Company issued 11,214,954 ordinary shares of 1p each at
44p per share. This resulted in funds of £4.8m being raised. Issue costs
incurred in this transaction were £654k.
6. Explanation of Transition to IFRS
Reconciliation of income statement for year end 31 December 2006
UK Total Restated
GAAP effect of under IFRS
transition
to IFRS
£'000 £'000 £'000
Revenue 742 - 742
Cost of sales (157) - (157)
Research and development (1,197) - (1,197)
Administrative expenses (2,505) - (2,505)
Other operating income 367 - 367
-----------------------------------------
Operating loss (2,750) - (2,750)
Net finance costs 178 - 178
Share of results of associates (468) - (468)
-----------------------------------------
Loss before tax (3,040) - (3,040)
Taxation 62 - 62
-----------------------------------------
Loss for period (2,978) - (2,978)
-----------------------------------------
Reconciliation of income statement for six months ended 30 June 2006
UK Total Restated
GAAP effect of under IFRS
transition
to IFRS
£'000 £'000 £'000
Revenue 494 - 494
Cost of sales (159) - (159)
Research and development (544) - (544)
Administrative expenses (1,031) - (1,031)
Other operating income 235 - 235
-----------------------------------------
Operating profit (1,005) - (1,005)
Net finance costs 100 - 100
Share of results of associates (215) - (215)
-----------------------------------------
Loss before tax (1,120) - (1,120)
Taxation - - -
-----------------------------------------
Loss for period (1,120) - (1,120)
-----------------------------------------
The transition from UK GAAP to IFRS has had no impact on the figures contained
within the Income Statement.
Reconciliation of equity as at 31 December 2006
UK IAS 1 IRFS 1 Total Restated
GAAP effect of under IFRS
transition
to IFRS
£'000 £'000 £'000 £'000 £'000
NON-CURRENT ASSETS
Property, plant and
equipment 656 - - - 656
Investments accounted
for using the equity
method 284 - - - 284
-----------------------------------------------------
940 - - - 940
-----------------------------------------------------
Current assets
Trade and other
receivables 646 - - - 646
Cash and cash
equivalents 2,463 - - - 2,463
-----------------------------------------------------
3,109 - - - 3,109
-----------------------------------------------------
Total Assets 4,049 - - - 4,049
-----------------------------------------------------
NON-CURRENT LIABILITIES
Trade and other
payables 111 (111) - (111) -
CURRENT LIABILITIES
Trade and other
payables 1,142 111 - 111 1,253
-----------------------------------------------------
Total Liabilities 1,253 - - 1,253 1,253
-----------------------------------------------------
Net Assets 2,796 - - - 2,796
=====================================================
CAPITAL AND RESERVES
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
Share capital 223 - - - 223
Share premium account 2,297 - - - 2,297
Capital redemption
reserve 10,928 - - - 10,928
Foreign exchange
reserve (144) - 25 25 (119)
Merger reserve (1,248) - - - (1,248)
Accumulated profits (9,260) - (25) (25) (9,285)
-----------------------------------------------------
Total Equity 2,796 - - - 2,796
=====================================================
Reconciliation of equity as at 30 June 2006
UK IAS 1 IRFS 1 Total Restated
GAAP effect of under IFRS
transition
to IFRS
£'000 £'000 £'000 £'000 £'000
NON-CURRENT ASSETS
Property, plant and
equipment 410 - - - 410
Investments accounted
for using the equity
method 545 - - - 545
-----------------------------------------------------
955 - - - 955
-----------------------------------------------------
Current assets
Trade and other 448 - - - 448
receivables
Cash and cash
equivalents 3,500 - - - 3,500
-----------------------------------------------------
3,948 - - - 3,948
-----------------------------------------------------
Total Assets 4,903 - - - 4,903
-----------------------------------------------------
NON-CURRENT LIABILITIES
Trade and other
payables - - - - -
CURRENT LIABILITIES
Trade and other
payables (325) - - - (325)
-----------------------------------------------------
Total Liabilities (325) - - - (325)
-----------------------------------------------------
Net Assets 4,578 - - - 4,578
=====================================================
CAPITAL AND RESERVES
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
Share capital 11,151 - - - 11,151
Share premium account 2,297 - - - 2,297
Foreign exchange
reserve (131) - 25 25 (106)
Merger reserve (1,248) - - - (1,248)
Accumulated profits (7,491) - (25) (25) (7,516)
-----------------------------------------------------
Total Equity 4,578 - - - 4,578
=====================================================
Reconciliation of equity as at 1 January 2006
UK IAS 1 IRFS 1 Total Restated
GAAP effect of under IFRS
transition
to IFRS
£'000 £'000 £'000 £'000 £'000
NON-CURRENT ASSETS
Property, plant and
equipment 115 - - - 115
Investments accounted
for using the equity
method 710 - - - 710
-----------------------------------------------------
825 - - - 825
-----------------------------------------------------
Current assets
Trade and other
receivables 322 - - - 322
Cash and cash
equivalents 5,227 - - - 5,227
-----------------------------------------------------
5,549 - - - 5,549
-----------------------------------------------------
Total Assets 6,374 - - - 6,374
-----------------------------------------------------
NON-CURRENT LIABILITIES
Trade and other
payables - - - - -
CURRENT LIABILITIES
Trade and other
payables (737) - - - (737)
-----------------------------------------------------
Total Liabilities (737) - - - (737)
-----------------------------------------------------
Net Assets 5,637 - - - 5,637
=====================================================
CAPITAL AND RESERVES
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
Share capital 11,151 - - - 11,151
Share premium account 2,297 - - - 2,297
Foreign exchange
reserve (25) - 25 25 -
Merger reserve (1,248) - - - (1,248)
Accumulated profits (6,538) - (25) (25) (6,563)
-----------------------------------------------------
Total Equity 5,637 - - - 5,637
=====================================================
Notes to the reconciliations of equity
a) In compliance with IAS 1 - Presentation of Financial Statements, deferred
income has been classified as a current liability.
b) The Company has taken advantage of the exemption under IFRS 1 - First Time
Adoption of International Financial Reporting Standards to restate
cumulative translation differences at the date of transition to zero.
This information is provided by RNS
The company news service from the London Stock Exchange
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