29 October 2001
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 APRIL 2001
This is my first report since Vema N.V. was admitted to trading on AIM on 17
May 2001 and covers the unaudited six months of trading to 30 April 2001 which
primarily relates to Vema B.V. before the assets were transferred to Vema N.V.
on 4 April 2001. The results for the six months ended 31 October 2000, which
were included in the Vema N.V. prospectus, related to Vema B.V. Our first full
report for Vema N.V. will be for the period ended 30 April 2002.
The half-year to 30 April 2001 has shown an increase in turnover compared to
the previous six months of trading and the results show an increase in profit
before tax to NLG 1,587,000 (six months to 31 October 2000: NLG 836,000).
Indications for the first half of our current financial year are encouraging
with turnover ahead of the corresponding period last year. As stated in the
prospectus, the company will consider expansion through acquisitions, as well
as expanding its product range and geographical markets. Your Board looks
confidently to the future.
Pro -forma consolidated profit and loss account
For the six months ended 30 April 2001
6 months ended 6 months ended o
Notes 30 April 2001 31 October 2000
NLG 000 NLG 000
Turnover 9,784 9,463
Cost of sales (5,439) (5,721)
Gross margin 4,345 3,742
Administrative expenses (2,693) (2,841)
Profit before interest 1,652 901
Interest (65) (65)
Profit before tax 1,587 836
Taxation (466) (375)
Profit after taxation 1,121 461
Dividend 3 (1,469) -
Retained profit for period (348) 461
Pro -forma consolidated balance sheets
As at 30 April 2001
Vema N.V. Vema B.V.
30 April 31 October
NLG 000 NLG 000
Intangible assets 16,247 55
Tangible fixed assets 1,231 1,343
Stock 2,501 2,587
Debtors 3,179 3,944
Cash at bank and in hand 46 226
Creditors: amounts falling due within one year (2,196) (2,965)
NET CURRENT ASSETS 3,530 3,792
TOTAL ASSETS LESS CURRENT LIABILITIES 21,008 5,190
CREDITORS:amounts falling due after more than one (775) (800)
Provisions for liabilities and charges (248) (249)
NET ASSETS 19,985 4,141
CAPITAL AND RESERVES
Share capital - 100
Called up share capital 'A' shares 3,238 -
Share premium 'A' shares 6,698 -
Called up share capital 'B' shares - -
Share premium 'B' shares 9,936 -
Profit and loss reserves 113 4,041
Shareholders' funds 19,985 4,141
Notes to financial statements 30 April 2001
1. Basis of pro-forma accounts
The business assets and liabilities of Vema B.V. were transferred to it's
wholly owned subsidiary on 4 April 2001 pursuant to a deed of
contribution. The pro-forma consolidated profit and loss account for the 6
months to 30 April 2001 therefore represents the aggregation of the
unaudited results of Vema B.V. and it's subsidiaries for the period from 1
November 2000 to 3 April 2001 and the unaudited results of Vema N.V. and
its subsidiaries from 4 April 2001 to 30 April 2001.
The balance sheet at 30 April 2001 reflects the consolidation of Vema N.V.
and it's subsidiaries. The comparative figures at 31 October 2000 are for
Vema B.V. and it's subsidiaries.
The unaudited results for the six months ended 31 October 2000 have been
prepared on a basis with the accounting policies disclosed in Vema B.V.'s
accounts for the year ended 30 April 2000. No provision for the
amortisation of goodwill has been made in the accounts for the period as
the amount would not be material, the goodwill having been created on 4
2. Post balance sheet events
Since 30 April 2001, Vema N.V. commenced trading on the Alternative
Investment Market on the London Stock Exchange, and a further 72,000,000
Global Depository Receipts of EUR0.02 nominal value issued by means of a
Placing and Offer for Subscription at an issue price of 4p.
As stated in the prospectus at the date of the Placing and Offer for
Subscription for shares, the profits arising in Vema B.V. in the
period prior to the date of transfer under the deed of contribution
were accrued as dividends payable.