Final Results
04 July 2002 - 9:23PM
UK Regulatory
RNS Number:1832Y
Deep-Sea Leisure PLC
4 July 2002
Date: Thursday 4 July 2002
Contacts: Michael Denny, Non-Executive Director, Deep-Sea Leisure 0131 260 1000
Deep-Sea Leisure PLC
Preliminary Announcement of Financial Results to 28 February 2002
Highlights
2002 2001
£000 £000
*restated
Turnover 6,029 5,056
Operating profit 1,770 1,647
Pre-tax profit 1,256 796
Earnings per ordinary share - basic 4.28p 4.54p
Earnings per ordinary share - adjusted 6.54p (8.11)p
* As explained at Note 2 to the preliminary announcement.
Directors' Statement
I am pleased to report that in the year to February 2002, Deep-Sea Leisure PLC
achieved turnover of £6.029 million and a resultant pre tax profit of £1.256
million. These figures compare with £5.056 million and £0.796 million
respectively for the previous year ended February 2001.
It should be noted, however, that the pre-tax profit for the previous year
contained both a windfall profit due to the writing off of some bank debt and
some exceptional costs relating to the restructuring of the business. If those
items are ignored, then the previous year showed an adjusted pre tax loss of
£0.719 million. The improvement both in turnover and profit is therefore
substantial and the final result is considered most satisfactory.
In the quarter ended 2 June 2002, the company improved its trading performance
with sales up by 7% over the equivalent period last year and as a result and
subject to no unforeseen matters, the board looks forward to another
satisfactory result to the year to February 2003.
Shareholders have received a mandatory cash offer from its major shareholder -
Net-Ein SA. This offer was subsequently declared unconditional in all respects
on 2 July 2002. The board urges shareholders to take no action. A more
detailed response will be issued in due course.
EMP Denny
Director
4 July 2002
Profit and loss account
for the year ended 28 February 2002
2002 2001
£000 £000
*restated
Turnover 6,029 5,056
Cost of sales (862) (976)
_______ _______
Gross profit 5,167 4,080
Administrative expenses (3,397) (4,433)
Waiver of debt - 2,000
_______ _______
Operating profit 1,770 1,647
Interest payable and similar charges (514) (851)
_______ _______
Profit on ordinary activities before 1,256 796
taxation
Taxation (435) (393)
_______ _______
Profit retained for the financial year for
equity shareholders
821 403
Earnings per ordinary share
- basic 4.28p 4.54p
- adjusted 6.54p (8.11p)
* As explained at Note 2 to the preliminary announcement.
Balance sheet
at 28 February 2002
2002 2001
*restated
£000 £000 £000 £000
Fixed assets
Tangible assets 18,251 18,926
Current assets
Stocks 365 366
Debtors 64 39
Cash at bank and in hand 62 1,297
______ ______
491 1,702
Creditors: amounts falling due within one
year (2,202) (4,871)
______ ______
Net current liabilities (1,711) (3,169)
______ ______
Total assets less current liabilities 16,540 15,757
Creditors: amounts falling due after more
than one year (4,447) (4,255)
Accruals and deferred income (1,044) (1,709)
Provision for liabilities and charges (992) (557)
______ ______
Net assets 10,057 9,236
Capital and reserves
Called up share capital 960 960
Share premium account 5,902 5,902
Capital redemption reserve 1,003 1,003
Profit and loss account 2,192 1,371
______ ______
Shareholders' funds - equity 10,057 9,236
* As explained at Note 2 to the preliminary announcement.
Cash flow statement
for the year ended 28 February 2002
Reconciliation of operating profit to net cash inflow from operating
activities
2002 2001
£000 £000
Operating profit 1,770 1,647
Waiver of debt - (2,000)
Depreciation charges 832 886
Decrease in stocks 1 259
(Increase)/decrease in debtors (25) 211
(Decrease)/increase in creditors (757) 125
Grant released (665) (671)
_____ _____
Net cash inflow from operating activities 1,156 457
Cash flow statement
Net cash inflow from operating activities 1,156 457
Returns on investments and servicing of finance (514) (998)
Capital expenditure (157) (23)
______ ______
Cash inflow/(outflow) before financing 485 (564)
Financing (1,720) 2,617
______ ______
(Decrease)/increase in cash (1,235) 2,053
Notes
1) Basis of preparation
The financial statements have been prepared in accordance with applicable
accounting standards and under the historic cost accounting rules. On 2 July
2002 the Board of Net-Ein SA, a subsidiary of the Aspro Group, a privately owned
Spanish company announced that it had acquired approximately 51.9% of the
company's share capital. The company is currently subject to a mandatory cash
offer for the balance of its share capital not already owned by Net-Ein SA.
While the directors believe the offer undervalues the shares it is likely that
the business will become a subsidiary of the Aspro Group at the conclusion of
the offer period.
The directors have no knowledge of the future plans of Aspro Group for the
company or of any potential restructuring of the business within that Group or
of its financing which may be carried out. The company's existing bank
borrowings, consisting of term loans and an overdraft facility and amounting to
£5,200,000 at the year end, all contain clauses permitting the bank to require
their repayment in the event of a change in ownership. The directors have
prepared the accounts on the going concern basis on the assumption that the
potential new owners will continue to operate the business and will put in place
sufficient funding such that the company will continue in operational existence
for the foreseeable future.
2) Prior year adjustment
The accounts comply with Financial Reporting Standard (FRS 19) "Deferred tax"
which has resulted in a change in the accounting policy for deferred tax to a
full provision basis. Previously provision for deferred tax was made to the
extent that an actual liability for timing differences between the treatment of
certain items for taxation and accounting purposes which had arisen but not
reversed at the balance sheet date would crystallise. Full provision on an
undiscounted basis is now made for all such timing differences as they arise.
The effect of this change has been to reduce profit after tax for the year to 28
February 2002 by £435,000 and the year to 28 February 2001 by £393,000. The
provision for deferred tax has been increased to £557,000 at 1 March 2001.
3) Earnings per ordinary share
2001
2001 2002 Earnings
2002 Earnings Earnings restated
Earnings restated Pence per Pence per
£000 £000 share share
Basic 821 403 4.28 4.54
Adjusted for exceptional income - (1,515) - (17.09)
Deferred tax 435 393 2.26 4.44
_____ _____ _____ ______
1,256 (719) 6.54 (8.11)p
The calculation of earnings per share is based on the number of ordinary shares
which were in issue during the year of 19,199,783 shares (2001 - 8,860,278)
calculated in accordance with Financial Reporting Standard 14. Adjusted
earnings per share are shown to provide shareholders with additional information
on continuing operations before exceptional items and prior year adjustments.
4) General
The financial information set out on the previous pages does not constitute the
Company's Statutory Accounts for the years ended 28 February 2002 or 2001 but it
is derived from these accounts. Statutory Accounts for the previous financial
year ended 28 February 2001 have been delivered to Registrar of Companies and
those for the financial year ended 28 February 2002 will be delivered following
the Company's Annual General Meeting. The Auditors have reported on those
accounts: the reports were unqualified and did not contain any statements under
section 237(2) or (3) of the Companies Act 1985.
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