Interim Results - Replacement
29 December 2000 - 2:00AM
UK Regulatory
RNS Number:4639W
Deep-Sea Leisure PLC
28 December 2000
The previous announcement issued on 28 December 2000 at 7:00am under RNS
number 3541W has been withdrawn as there was no account taken of the costs of
refinancing, which have been treated as exceptional costs. There have also
been minor narrative amendments to the Chairman's Review.
The full corrected announcement is shown below.
Date: Thursday 28 December 2000
Contacts: Alastair Ritchie, Chairman, Deep-Sea Leisure 01383 411880
David McCorquodale, KPMG Corporate Finance 0131 222 2000
Deep-Sea Leisure PLC
Interim Results for the half year ended 31 August 2000
Chairman's Review
The Placing and Open Offer document circulated to shareholders on 6 December
2000 describes the recent financial status and trading of our business.
During the first half of the year the business suffered serious cash flow
problems, arising from a failure to meet scheduled debt repayments to its
former bankers. Under these conditions, a severe restriction on capital
expenditure on new exhibits and related promotional spend was essential.
Undoubtedly this action influenced our trading, in circumstances already
affected by the weakness of the Euro, with resultant reduced tourist numbers.
In addition, the result for the year will be reduced by the significant costs
relating to the refinancing.
The refinancing package including the Placing and Open Offer will remove cash
constraints and will allow the resumption of normal trading. To this effect,
expenditure has been authorised for new exhibits and general upgrading,
particularly at North Queensferry. Therefore, without any significant change
in our market, we expect to increase visitor numbers during 2001.
The problems affecting our business have their root cause in over gearing
arising from the project over spend at Blue Planet. Resultant cash
constraints have restricted trading during this period. These have been
resolved and we can look forward to a period of stability, which will allow
your board to concentrate on profit enhancement.
Alastair Ritchie
Chairman
28 December 2000
Unaudited profit and loss account
for the half year ended 31 August 2000
Half year Half year Full year
to to to
31 August 31 August 29 February
2000 1999 2000
#000 #000 #000
Turnover 3,168 3,454 5,477
Cost of sales (431) (474) (724)
_______ _______ _______
Gross profit 2,737 2,980 4,753
Administrative expenses (1,804) (1,640) (3,302)
_______ _______ _______
Operating profit before exceptional items 933 1,340 1,451
Exceptional items 1,658 - -
_______ _______ _______
Profit before interest 2,591 1,340 1,451
Interest payable (487) (433) (894)
_______ _______ _______
Profit on ordinary activities before taxation 2,104 907 557
Tax on profit on ordinary activities - - -
_______ _______ _______
Profit retained for the financial year for
equity shareholders 2,104 907 557
Earnings per ordinary share 33.57p 14.50p 8.89p
Earnings per ordinary share before exceptional 7.12p 14.50p 8.89p
items
Unaudited balance sheet
at 31 August 2000
Half year to Half year to Full year to
31 August 2000 31 August 1999 29 February
2000
#000 #000 #000 #000 #000 #000
Fixed assets
Tangible assets 19,481 20,091 19,789
Current assets
Stocks 679 632 625
Debtors 412 179 250
Cash at bank and in hand 19 21 14
______ ______ ______
1,110 832 889
Creditors: amounts falling due
within one year (4,327) (4,420) (12,691)
______ ______ ______
Net current liabilities (3,217) (3,588) (11,802)
______ ______ ______
Total assets less current
liabilities 16,264 16,503 7,987
Creditors: amounts falling due
after more than one year
(6,665) (7,516) (158)
Accruals and deferred income
(2,046) (3,162) (2,380)
______ ______ ______
Net assets 7,553 5,825 5,449
Capital and reserves
Called up share capital 1,316 1,316 1,316
Share premium account 3,001 3,027 3,001
Profit and loss account 3,236 1,482 1,132
______ ______ ______
Shareholders' funds 7,553 5,825 5,449
Equity 7,056 5,328 4,952
Non-equity 497 497 497
______ ______ ______
7,553 5,825 5,449
Unaudited cash flow statement
for the half year ended 31 August 2000
Half year Half year Full year
to to to
31 August 31 August 29 February
2000 1999 2000
#000 #000 #000
Operating profit 933 1,340 1,451
Depreciation charges 433 288 801
Movement in stocks (54) 51 58
Movement in debtors (162) 245 (111)
Increase in creditors 164 (493) 387
Grant released (334) (325) (671)
_____ _____ _____
Net cash inflow from operating 980 1,106 1,915
activities
Servicing of finance (487) (297) (619)
Capital expenditure (125) (624) (1,221)
______ ______ _____
Cash outflow before financing 368 185 75
Bank loans repaid (9,900) - 1,824
New bank loans 9,000 - -
Bank loans waived 2,000 - -
______ ______ ______
Increase in cash 1,468 185 1,899
Notes
1. The Board is not recommending the payment of an interim dividend.
2. The interim financial statements do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985, they
have been prepared on the basis of the accounting policies set out in the
audited report and accounts for the year ended 29 February 2000. The figures
for the year ended 29 February 2000 have been extracted from the audited
accounts for that year, which have been delivered to the Registrar of
Companies and on which the auditors gave an unqualified report.
3 Earnings per ordinary share are calculated as follows:
Half year Half year Full year
to to to
31 August 31 August 29 February
2000 1999 2000
#000 #000 #000
Profit after tax 2,104 907 557
Exceptional operating income (note 4) 2,000
Exceptional refinancing costs (342)
_____ 1,658 - -
_____ _____ _____
Earnings before exceptional items 446 907 557
Basic earnings per share 33.57p 14.50p 8.89p
Earnings per share before exceptional 7.12p 14.50p 8.89p
items
All calculations of earnings per share are based on the number of
ordinary shares in issue during the period of 6,267,063.
3. No liability to corporation tax arises on the profit for the period
by reason of the availability of capital allowances on expenditure on fixed
assets. The directors consider that provision for deferred taxation is not
required because it is unlikely that an actual liability will crystallise in
the foreseeable future in respect of timing differences arising from such
capital allowances.
4. On 23 August 2000 the company entered an agreement with the Bank of
Scotland to refinance the borrowing. The terms of this agreement were that
Allied Irish Bank (GB) and Bank of Ireland waived #2,000,000 of debt and the
balance of the amounts due to them were repaid on that date from a mixed debt
package amounting to #9,750,000 advanced to the company by Bank of Scotland.
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