TIDMOBC
RNS Number : 7429E
Online Blockchain PLC
10 November 2020
For immediate release
10 November 2020
Online Blockchain Plc
('Online' or 'the Company')
Audited Results for the Year Ended 30 June 2020
The Board of Online today announces the preliminary results for
the year ended 30 June 2020.
CEO'S STATEMENT
The past year has been unexpected and COVID-19 has changed many
people's plans and ideas. Working from home, social distancing, and
self-isolation has become the new "normal", and this has, of
course, had a huge impact on many businesses around the world.
At Online, we have worked remotely for some time so the
disruption that many businesses experienced did not impact us in a
material way earlier this year. We have continued with our existing
projects and started new projects during 2020.
Freefaucet.io ( www.freefaucet.io ) continues to make progress,
and now has over 104,000 registered users and continues to grow
with a current average of 1,000 new registrations per week. Revenue
from the website, which is predominantly based on subscription
revenue, has grown from nothing to GBP49,000 in the financial year.
However, revenues from mining crypto-currency have now ceased as
the project has been put on hold.
The PTC Network (Paid-to-Click on https://ptc.network ) is now
in open early Beta testing. We are also focusing on developing new
projects in the decentralised finance (DeFi) area, which is the
next stage in the story of the development of the Blockchain.
Our investment in Encryptid Gaming Inc has not been increased
this year as originally intended. The development programme has
slowed as a result of technical difficulties and we hope that this
will move on in the future but for the moment the carrying value
has been reduced to GBP18,000 (2019: GBP36,000).
As always, we continue to invest in a portfolio of
infrastructure, projects and assets and this is key to our future .
Shareholders should note that the Company's own development of
Blockchain products is still at an early stage, but we look forward
to reporting further progress over the coming year.
Plus 1 coin continues to be used within the ADVFN advertising
environment and is often in the top 100 minable
Cryptocurrencies
Brazio is available via FreeFaucet.io and continues to show
promise with a developing community and interesting levels of
crypto exchange trading.
Freeloadr continues to develop but its take-up is slower than we
had hoped for. Meanwhile FreeFaucet is building up a potentially
valuable crypto audience and developments in DeFi are showing
promise.
We will continue to develop and work on these projects, any one
of which is positioned to take advantage of the many opportunities
that the burgeoning Crypto space will offer.
The Company's financial performance for the year and Key
Performance Indicators are analysed in the Strategic Report.
EVENTS AFTER THE BALANCE SHEET DATE
There were no events of significance occurring after the balance
sheet date to report.
INVESTMENT IN ADVFN plc
Online Blockchain Plc also has an interest of approximately 18%
in ADVFN Plc. The activity of ADVFN Plc is therefore of importance
to the Company and some information concerning ADVFN's performance
is set out below and has been extracted from ADVFN's audited
results for the year ended 30 June 2020 which were announced
recently:
EXTRACT FROM THE ADVFN plc CHIEF EXECUTIVE'S STATEMENT
A lot has changed since the last year end and a lot has changed
since the last interims. First, I want to draw your attention to
the improved financial performance of ADVFN at the year-end
compared to the end of the first half. Contrary to a difficult
period following the COVID-19 outbreak, we have experienced an
improved operating performance since then.
In the first half of the business year (the six months ended
December 2019) and prior to any COVID-19 impact, we experienced an
unexpected drop in advertising income as a result of which we
decided to reorganise the business ahead of the potential of this
becoming a long-term situation; staff numbers were reduced with a
move in the UK to homeworking and the lease for the office in
Throgmorton Street was not renewed. As it happened, this drop in
advertising income continued with the outbreak of the COVID-19
pandemic which has seen a global slump in advertising in line with
what we had already experienced in the tail half of 2019.
Our reorganisation meant we have created a lower-cost platform
for us to operate during the COVID-19 pandemic with no loss of
operational capability during the lockdowns in either the UK or US.
Our lower cost base and continuing subscriptions income has ensured
we have long term visibility of the way ahead.
Meanwhile, as I have mentioned on several previous occasions,
the occurrence of significant disruption economically or socially
is seen as an emergency by investors which typically buoys up our
general business so that the more drastic effects on the economy as
a whole have, to a large extent, been attenuated for ADVFN.
Subscriptions income increased slightly in the second half and
advertising has stabilised.
As I write I would be foolhardy to make brave positive
predictions but, looking back over the last six months, I can
stress that the whole ADVFN team has put in a massive effort and
delivered a tremendous performance through challenging times. We
will be aiming to continue the progress we have made in the second
half if circumstances allow.
SUMMARY OF ADVFN'S KEY PERFORMANCE INDICATORS
2020 2020 2019 2019
Actual Target Actual Target
--------- -------- -------- --------
Turnover GBP7.07M GBP8.7M GBP8.7M GBP8.8M
-------- --------
Average head count 52 56 46 44
--------- -------- --------
ADVFN registered users 4.8M 4.75M 4.7M 4.6M
--------- -------- -------- --------
Clement Chambers
CEO
9 November 2020
The annual report and accounts will shortly be sent to
shareholders and will be available on the Company's website,
www.onlineblockchain.io
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. The person who arranged for the
release of this announcement on behalf of the Company was Clement
Chambers, Director.
Enquiries:
For further information please contact:
Online Blockchain PLC
Clement Chambers +44 20 3868 670203
Beaumont Cornish Limited (Nominated Adviser)
www.beaumontcornish.com +44 (0) 207 628 3396
Roland Cornish/Michael Cornish
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com
Stefania Barbaglio
STRATEGIC REPORT
The Directors present their Strategic Report for the year ended
30 June 2020.
The strategy for the Group is that of an incubator and developer
of businesses in internet and information-based technologies
including developers, administrators and custodians of blockchains
and cryptocurrencies.
We founded ADVFN www.advfn.com and today we still have a holding
of 17.92% in ADVFN plc.
Online Blockchain plc continues to consider new related
opportunities and particularly crypto currencies and blockchain
opportunities.
Principal risks and uncertainties
The management of the Company and the nature of the Company's
strategy are subject to a number of risks. The directors have set
out below the principal risks facing the business. The directors
have adopted a thorough risk management process which involves the
formal review of all the risks identified below. Where possible,
processes are in place to monitor and mitigate such risks.
Investment in our associate ADVFN Plc
The investment of approximately 18% in the associate ADVFN Plc
results in a significant proportion of the revenue as well as the
largest asset held by the company. The performance of this
investment is of great importance and volatility in ADVFN Plc's
markets and results may affect the income statement and balance
sheet of the company.
Blockchain and crypto currency
This is still a loosely regulated market which is unpredictable
and volatile. In addition, crypto markets can be illiquid except in
the case of the major products such as Bitcoin. Whilst the
situation has improved in the last 12 months, for the smaller
crypto-currencies, the transfer between crypto-currency and fiat
currencies can be complex. The Company's development of blockchain
products are also still at an early stage and there is no guarantee
that they will develop as planned or be commercially
sustainable.
Economic volatility
Many things around the world can affect a stock market; Brexit,
general economic condition, politics and other such conflicts. As
far as the UK is concerned, Brexit remains at the forefront of most
people's thoughts with the outcome far from clear at the time these
accounts were signed. This could well have the effect of creating
market turmoil. These are circumstances which, in the past, have
been beneficial for Online Blockchain as a result of our investment
in ADVFN, as ADVFN's customers need to know what is happening to
their investments using ADVFN as a tool for this. The success or
failure of the world's stock markets will probably affect our
business as a result given the sector within which ADVFN
operates.
US Dollar and Euro exchange rates could be further affected as
the Brexit effects the pound and until it is settled there remains
an underlying lack of confidence and the potential for volatility
which may affect our business.
High proportion of fixed overheads
A large proportion of the Company's overheads are fixed. There
is the risk that any significant changes in revenue may lead to the
inability to cover such costs. We closely monitor fixed overheads
against budget on a monthly basis and cost saving exercises are
implemented on a constant review basis.
Investment in Encryptid Gaming
Our investment in Encryptid Gaming Inc has not been increased
this year as originally intended. The development programme has
slowed as a result of technical difficulties and we hope that this
will move on in the future but for the moment the carrying value
has been reduced to GBP18,000 (2019: GBP36,000).
www.onlineblockchain.io
STRATEGIC REPORT (continued)
Performance
The performance of the Company is closely linked to ADVFN plc.
The Company supplies management services and makes advertising
recharges to ADVFN which forms the turnover of the Company. As a
result of this reliance the extract of the ADVFN accounts on page 4
will give necessary information and background on the factors
affecting the performance of the Company. For the future we will
look forward to our investments in Blockchain bearing fruit.
The following financial KPIs may prove helpful:
2020 2020 2019 2019
Actual Target Actual Target
--------- ------- --------- -------
Turnover (GBP'000) 109 90 50 90
--------- ------- --------- -------
Operating (loss)/profit
(GBP'000) (141) 12 (593) 12
--------- ------- --------- -------
Basic (loss)/earnings
per share (pence) (2.32 p) 0.16 p (7.69 p) 0.16 p
--------- ------- --------- -------
These KPI's/targets were set before the arrival of COVID-19 and
the chaos that it has brought.
The decrease in our loss in the current financial year is the
result of an increased management focus on, and continuing
investment in, the crypto-currency and Blockchain space.
The financial indicators are designed to offer a dashboard check
of the significant measures of the company's operations. The change
in focus during last year meant a short-term downturn in these Key
Performance measures for 2019 when turnover was at GBP50,000 and
the operating loss at GBP593,000, but now there is a strong
improvement across the dashboard with turnover rising to GBP109,000
and the operating loss reduced to GBP141,000. The company does not
currently monitor non-financial KPI's and will do so when they can
offer additional clarity to the financial performance measures.
Operating costs
Our costs remain reasonably fixed and predictable and we do not
see that changing in the immediate future. They are firmly under
control.
Research and development
We believe in trying to get the best from all areas that we work
in. It is very important that Online Blockchain continues to invest
in the quality and design of our products. We believe continued
investment in our research and development is fundamental to the
continuing growth of the business.
Environmental policy
This has always been important to the Company and as a whole we
continue to look for ways to develop our environmental policy. We
have a very small carbon footprint and try to reduce any waste we
create; we are a small team which makes this task easier. Most of
our communications are electronic which again cuts our use of
non-environmentally friendly products.
Future developments for the business
Last year's investment has given rise to expenditure in assets
(computer equipment) and in management time and our results this
year reflect this. However, this is a short-term effect and we are
now well placed to make the most of what the new Blockchain and
crypto-currency industries offer.
We continue to work with our investment in ADVFN and assist it
with its growth as well. The prospect of ADVFN continuing to grow
in the medium term provides the incentive to go on concentrating on
this business in the immediate future.
Should other investment opportunities present themselves the
Directors will investigate them appropriately.
STRATEGIC REPORT (continued)
Directors' statement of responsibilities under section 172
Companies Act 2006
The Directors have considered the requirements of Section 172(1)
of the Companies Act 2006 to prepare a statement explaining how the
Directors have considered the wider stakeholder needs when
performing their duties under Section 172 of the Companies Act
2006.
The Directors consider the stakeholders to be the people who
work for us, work with us, invest with us, own us, regulate us and
live in the societies we serve. The Directors recognise that
building strong relationships with our stakeholders will help
deliver the Company's strategy in line with the long-term values.
The Directors are committed to effective engagement with all of our
stakeholders and seek to understand the interests and views of the
Company's stakeholders by engaging with them directly as
appropriate.
Depending on the nature of the issue in question, the relevance
of each stakeholder group may differ and, as such, as part of
Company's engagement with stakeholders, the Directors seeks to
understand the relative interests and priorities of each group and
to have regard to these, as appropriate, in their decision making.
The Directors acknowledge, however, that not every decision it
makes will necessarily result in a positive outcome for all
stakeholders. The directors also challenge management to ensure all
stakeholder interests are considered in the day to day management
and operations of the Company.
.
As part of their deliberations and decision making process, the
Directors take into account the following:
-- the likely consequences of any decisions in the long
term;
-- interests of the company's employees;
-- need to foster the company's business relationships with
suppliers, customers and others;
-- impact of the company's operations on the community and
environment;
-- desirability of the company maintaining a reputation for high
standards of business conduct; and
-- need to act fairly as between members of the company.
As a result of these activities, the Directors believe that they
have demonstrated compliance with their legal obligations under
s.172 of the Companies Act 2006
Business
The Directors' aim for the Group be and remain a contributing
and good "Corporate Citizen".
Our business does not have a high carbon footprint and we
consider it a sustainable business. We try to ensure that our
planet's precious resources are used appropriately for the benefit
of current and future generations. The Board considers that the
business and strategic decisions which it takes now, in furtherance
of the Group's business objectives, do not damage the global
environment.
Employees
The Group has a small number of employees but those it has are
situated and are deployed on the Group's business around the World.
We ensure that we comply with all local labour laws and apply what
the Directors believe are appropriate standards and systems to
monitor and to ensure the welfare of those employees.
Stakeholder engagement
The Company is entirely owned and controlled by the shareholders
of Online Blockchain Plc and the shares of the company are traded
on AIM. The stakeholders of the Company consist predominantly of
the shareholders, employees, advisers and suppliers. The Directors
recognise the importance of these relationships and take active
steps to develop and strengthen them through dialogue and
engagement. These relationships are regularly monitored at Board
level.
Governance
Each Board meeting addresses compliance by the Company with its
corporate governance codes and reinforces the Board's requirement
that its business be conducted with integrity and with due regard
for ethical standards.
Approved and signed on behalf of the Board of Directors
Clement Chambers
CEO
9 November 2020
Consolidated income statement
30 June 30 June
2020 2019
GBP'000 GBP'000
Revenue 109 50
Cost of sales - (150)
--------- ---------
Gross profit/(loss) 109 (100)
Share based payment - (13)
Other administrative expenses (250) (480)
--------- ---------
Total administrative expenses (250) (493)
Operating loss (141) (593)
Finance expense (2) -
Impairment of investment in Encryptid (18) -
Gaming
Share of post-tax loss of equity accounted
associate (40) (73)
Loss before tax (201) (666)
Taxation - -
--------- ---------
Total loss for the period attributable
to shareholders of the parent (201) (666)
Loss per share
Basic 3 (2.32 p) (7.69 p)
Diluted 3 (2.32 p) (7.69 p)
Consolidated statement of comprehensive
income
30 June 30 June
2020 2019
GBP'000 GBP'000
Loss for the period (201) (666)
Other comprehensive income:
Items that will be reclassified subsequently
to profit or loss:
Exchange differences on translation of 1 -
foreign operations
Total other comprehensive income 1 -
Total comprehensive income for the year
attributable to shareholders of the parent (200) (666)
======== ========
There is no other comprehensive income for either the current or
prior year.
Consolidated balance sheet
30 June 30 June
2020 2019
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 30 36
Other receivables 6 6
Investment in associate 1,137 1,173
Financial asset held at fair value through
profit and loss 18 36
1,191 1,251
Current assets
Trade and other receivables 114 95
Cash and cash equivalents 17 154
-------- --------
131 249
Total assets 1,322 1,500
Equity and liabilities
Equity
Issued capital 3,292 3,292
Share premium 3,155 3,155
Share based payment reserve 64 64
Foreign exchange reserve 1 -
Retained earnings (5,269) (5,072)
-------- --------
1,243 1,439
Current liabilities
Borrowings - bank overdraft 27 -
Borrowings - lease liabilities 4 13 -
Trade and other payables 39 61
Total liabilities 79 61
Total equity and liabilities 1,322 1,500
======== ========
Consolidated statement of changes in equity
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment reserve
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2018 3,292 3,155 51 - (4,409) 2,089
Share based payment - - 13 - - 13
Transactions with shareholders - - 13 - - 13
Net asset movements of
associate - - - - 3 3
Total comprehensive income
for the year - - - - (666) (666)
--------- --------- --------- ---------- ---------- ----------
At 30 June 2019 3,292 3,155 64 - (5,072) 1,439
Net asset movements of
associate - - - - 4 4
Loss for the year after
tax - - - - (201) (201)
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - 1 - 1
--------- --------- --------- ---------- ---------- ----------
Total other comprehensive
income - - - 1 - 1
--------- --------- --------- ---------- ---------- ----------
Total comprehensive income - - - 1 (201) (200)
--------- --------- --------- ---------- ---------- ----------
At 30 June 2020 3,292 3,155 64 1 (5,269) 1,243
========= ========= ========= ========== ========== ==========
Consolidated cash flow statement
12 months 12 months
to to
30 June 30 June
2020 2019
GBP'000 GBP'000
Cash flows from operating activities
Loss for the year (201) (666)
Loss from equity accounted associate 40 73
Net finance charge in the income statement 2 -
Depreciation of property, plant & equipment 20 24
Share based payments - options - 13
Impairment of investment in Encryptid 18 -
Gaming
(Increase)/decrease in trade and other
receivables (19) 88
(Decrease)/increase in trade and other
payables (22) 1
Net cash used by continuing operations (162) (467)
Income tax receivable - -
---------- ----------
Net cash used by operating activities (162) (467)
Cash flows from financing activities
Draw down bank overdraft 27 -
Interest paid (2) -
Net cash generated by financing activities 25 -
Cash flows from investing activities
Financial asset held at fair value through
profit and loss - (36)
Payments for property plant and equipment (1) 5*
Net cash used by investing activities (1) (31)
Net decrease in cash and cash equivalents (138) (498)
Foreign exchange difference 1 -
Cash and cash equivalents at the start
of the period 154 652
---------- ----------
Cash and cash equivalents at the end of
the period 17 154
========== ==========
*reversal of entry of 9 from previous period, payment for
property, plant and equipment (4)
1. Basis of preparation
The consolidated and company financial statements are for the
year ended 30 June 2020. They have been prepared in compliance with
International Financial Reporting Standards (IFRSs) and IFRS
Interpretations Committee (IFRIC) interpretations as adopted by the
European Union as at 30 June 2020. The consolidated and company
financial statements have been prepared under the historical cost
convention and are presented in Sterling rounded to the nearest
thousand except where indicated otherwise.
Going concern
The financial statements have been prepared on the going concern
basis which assumes the Group will continue in existence for the
foreseeable future. The Directors have prepared a detailed forecast
of future trading and as the new Faucet products launched since the
year end on freefaucet.io increase both registered subscribers and
revenues, the Directors believe that trading will gradually improve
over the next 12 months. This improvement in trading and the
resulting increased income over the next 12 to 18 months is
expected to result in the current bank balance stabilising and then
increasing. In addition, to maintain liquidity, the Group has
access to an overdraft facility amounting to GBP50,000 which has
been utilised this year and, if necessary, the option is available
to raise additional funds on the market or, ultimately, to sell
shares in ADVFN Plc. Accordingly, the Directors have prepared these
financial statements on the going concern basis.
Standards and amendments to existing standards adopted in these
accounts
IFRS 16 Leases
The standard is effective for periods commencing on or after 1
January 2019 and has therefore been adopted for the period
commencing 1 July 2019. The standard replaces IAS 17 and introduces
a single lessee accounting model. Under the provisions of the new
standard most leases, including the majority of those previously
classified as operating leases, will be brought onto the financial
position statement as a right-of-use asset and as an offsetting
lease liability. Both asset and liability are based on present
values of the lease payments due over the term of the lease with
the asset being depreciated in accordance with IAS 16 'Property,
plant and equipment' and the liability increased by the addition of
interest and reduced as lease payments are made.
The result of the changes brought about by the standard means
that the lease payment, which under the old standard appeared as an
expense in the income statement, is now replaced by an interest
charge and a depreciation charge. These will now be the amount of
the expense in the income statement and will appear in the finance
charge and administrative charges respectively.
The standards and amendments adopted in these accounts had no
material effect on the financial statements.
Standards, amendments and interpretations to existing standards
that are not yet effective and have not been early adopted by the
Company in the 30 June 2020 financial statements
IAS 1 Presentation of Financial Statements and IAS 8 Accounting
policies, Changes in Accounting Estimates and Errors (Amendment -
Definition of Material)
IFRS 3 Business Combinations (Amendment - Definition of
Business)
Revised Conceptual Framework for Financial Reporting
The Directors continue to monitor developments in the relevant
accounting standards but do not believe that these changes will
significantly impact the Group.
2. Segmental analysis
The Directors identify operating segments based upon the
information which is regularly reviewed by the chief operating
decision maker. The Group considers that the chief operating
decision makers are the executive members of the Board of
Directors.
The Group has two reportable operating segments, being that of
Faucet subscription and the provision of management services. The
income derived from mining for crypto currency has fallen to close
to zero. Segment information can be analysed as follows for the
reporting period under review:
2020 Provision Faucet subscriptions Mining Total
of management crypto
services currency
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from related party 60 - - 60
Revenue from subscriptions - 49 - 49
Depreciation and amortisation (36) - - (36)
Other operating expenses (193) (7) - (200)
--------------- --------------------- ---------- --------
Segment operating loss (169) 42 - (127)
Loss after tax from equity
accounted associate (40) - - (40)
Interest income - - - -
Interest expense (2) - - (2)
=============== ===================== ========== ========
Segment assets 1,335 5 - 1,340
Segment liabilities (66) - - (65)
Purchases of non-current
assets 30 - - 30
=============== ===================== ========== ========
Mining activity has decreased significantly and is now on hold.
The assets used for this activity have been allocated to the
management services segment.
2019 Provision Mining Total
of management crypto
services currency
GBP'000 GBP'000 GBP'000
Revenue from related party 44 - 44
Revenue from mining - 6 6
Depreciation and amortisation - (24) (24)
Other operating expenses (423) (196) (619)
--------------- ---------- --------
Segment operating loss (379) (214) (593)
Interest income - - -
Interest expense - - -
=============== ========== ========
Segment assets 1,453 47 1,500
Segment liabilities (50) (11) (61)
Purchases of non-current assets - 4 4
=============== ========== ========
During both 2020 and 2019 a related party accounted for more
than 10% of the Group's total revenues.
3. Loss per share
12 months 12 months
to to
30 June 30 June
2020 2019
GBP'000 GBP'000
Loss for the year attributable to equity shareholders (201) (666)
Total loss per share - basic and diluted
Basic (2.32 p) (7.69 p)
Diluted (2.32 p) (7.69 p)
Shares Shares
Weighted average number of Ordinary shares in
issue for the year 8,662,348 8,662,348
Dilutive effect of options - -
---------- ----------
Weighted average shares for diluted earnings
per share 8,662,348 8,662,348
========== ==========
Where a loss has been recorded for the year the diluted loss per
share does not differ from the basic loss per share as the exercise
of share options would have the effect of reducing the loss per
share and is therefore not dilutive under the terms of IAS 33.
Where a profit has been recorded but the average share price for
the year remains under the exercise price the existence of options
is likewise not dilutive.
4. Leases
A subsidiary company rents office space which is subject to a
lease agreement ending in April 2021. The total amount of rent paid
for this financial year was GBP13,000 (2019: GBP17,000), the rent
is paid monthly.
The Group has applied IFRS 16 using the modified retrospective
approach. Under this approach, the Group does not restate its
comparative figures but recognises the cumulative effect of
adopting IFRS 16 as an adjustment to equity at the beginning of the
current period.
Property, plant and equipment comprises owned and leased
assets.
2020 2019
GBP'000 GBP'000
-------- --------
Property, plant and equipment - owned 17 -
Right-of-use assets except for investment -
property 13
-------- --------
Right-of-use assets
The group leases office buildings:
Balance at 1 July 2019 29 -
Depreciation charge for the year (16) -
-------- --------
Balance at 31 June 2020 13 -
Lease Liability
Maturity analysis - contractual discounted
cash flows
Within one year 13 -
Two to five years - -
Over five years - -
-------- --------
Total lease liabilities at 30 June 13 -
-------- --------
2020 2019
GBP'000 GBP'000
Lease liabilities per the statement of
financial position
As at 30 June
Current 13 -
Non-current - -
Amounts recognised in profit or loss
Interest on lease liabilities 2 -
Amounts recognized in the statement of
cashflows
Total cash outflow for leases 13 -
On transition to IFRS 16 the Group recognised an additional
GBP29,000 of right-of-use assets and GBP29,000 of lease
liabilities. When measuring lease liabilities the Group discounted
lease payments using its incremental borrowing rate at 1 July 2019.
The weighted average rate applied is 7.5%.
1 July 2019
GBP'000
Operating lease commitments at 30 June 2019
as disclosed in the Group's consolidated financial
statements 30
Discounted using the incremental borrowing
rate at 1 July 2019 29
Finance lease liabilities recognised as at -
30 June 2019
Recognition exemption for:
-
* Short term leases
------------
Lease liabilities recognised at 1 July 2019 29
============
5. Events after the balance sheet date
There were no significant events to report after the balance
sheet date.
6. Publication of Non-Statutory Accounts
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
section 435 of the Companies Act 2006.
The balance sheet at 30 June 2020 and the income statement,
statement of changes in equity, the statement of cashflows and
associated notes for the year then ended have been extracted from
the Company's 2020 statutory financial statements upon which the
auditors' opinion is unqualified and does not include any statement
under Section 498(2) or (3) of the Companies Act 2006.
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR BLBPTMTMMBLM
(END) Dow Jones Newswires
November 10, 2020 02:00 ET (07:00 GMT)
Online Blockchain (LSE:OBC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Online Blockchain (LSE:OBC)
Historical Stock Chart
From Mar 2023 to Mar 2024