TIDMPROV
RNS Number : 7166W
Proventec PLC
03 August 2009
+------------------------------------+------------------------------------+
| Press Release | 3 August 2009 |
+------------------------------------+------------------------------------+
Proventec Plc
("Proventec" or the "Group")
Unaudited Preliminary Results
Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of specialist steam
cleaning and coatings technologies, today announces its unaudited preliminary
results for the year ended 31 March 2009.
Highlights
+------+--------------------------------------------------------------------+
| * | Turnover GBP15.4 million (2008: GBP14 million) |
+------+--------------------------------------------------------------------+
| * | Gross profit maintained at over 43% |
+------+--------------------------------------------------------------------+
| * | EBITDA (before IFRS impairment) GBP19,000 (2008: GBP2.51 million) |
+------+--------------------------------------------------------------------+
| * | Operating loss GBP27.13 million (2008: profit GBP2.34 million) |
+------+--------------------------------------------------------------------+
| * | Acquisition of 60% stakes in CryoJet BV and Frank GmbH |
+------+--------------------------------------------------------------------+
| * | Exclusive distribution agreement for Magma Firestop with Dr Wolman |
| | GmbH |
+------+--------------------------------------------------------------------+
| * | Successful launch of Proventec Healthcare |
+------+--------------------------------------------------------------------+
Post year end highlights
+------+--------------------------------------------------------------------+
| * | Successful fundraising of GBP1.5 million through Placing of shares |
+------+--------------------------------------------------------------------+
David Chestnutt, Chief Executive of Proventec, commented: "This has been a
challenging year for Proventec. The Group has made significant changes to
improve its capital position and restructure the balance sheet. In addition, a
number of cost saving measures have been put in place to protect the Group from
the effects of currency fluctuations and the drop in demand it has seen.
However, the Group continues to invest in new technologies and research and
development to ensure it is ready to meet demand when this begins to increase
again, as it is expected to do in the coming months."
For further information, please contact:
+--------------------------------------------+---------------------------+
| Proventec Plc | |
+--------------------------------------------+---------------------------+
| David Chestnutt, Chief Executive | Tel: + 44 (0) 151 706 |
| | 0626 |
+--------------------------------------------+---------------------------+
| dchestnutt@proventecplc.com | www.proventecplc.com |
+--------------------------------------------+---------------------------+
+--------------------------------------------+---------------------------+
| Seymour Pierce | |
+--------------------------------------------+---------------------------+
| Nicola Marrin / Christopher Wren | Tel: + 44 (0) 20 7107 |
| | 8000 |
+--------------------------------------------+---------------------------+
| Corporate Finance | www.seymourpierce.com |
+--------------------------------------------+---------------------------+
Media enquiries:
+--------------------------------------------+---------------------------+
| Abchurch Communications | |
+--------------------------------------------+---------------------------+
| Henry Harrison-Topham / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7718 |
+--------------------------------------------+---------------------------+
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
+--------------------------------------------+---------------------------+
Copies of this announcement are available for collection from the Group's head
office at 49 Rodney Street, Liverpool, L1 9EW and electronic copies can be
obtained from the Group's website www.proventecplc.com.
Chairman's Statement
2008 has proved to be a difficult year for Proventec, along with many other
businesses.
Fundraising
At the beginning of July 2009, the Group successfully raised GBP1.5 million
before expenses, subject to ratification at a General Meeting. At the General
Meeting held on 31 July 2009, the appropriate resolutions were passed to allow
the placing of the 3,000,000 shares at 50 pence per share.
These funds will strengthen the Company's balance sheet and support the Group's
working capital position. It will also provide capital to complete the
development of a new industrial dry steam machine that will retail at less than
half the price of existing technologies and which we aim to bring to the market
by the end of the year.
Operations
The Board had anticipated the continued expansion of Osprey's steam based
technology, specialist cleaning accessories and cleaning protocols. These
products had achieved considerable commercial success in the healthcare sector
at the end of 2007 and the first quarter of 2008.
During the second half of the financial year, uncertainty in the market and the
cash constraints placed on many businesses, including those in the public and
private healthcare sector, caused a number of companies to cancel, postpone or
delay their capital expenditure plans. This, combined with the declining value
of sterling against the Group's two major trading currencies - the euro and US
dollar - at the beginning of the year, has presented many challenges.
As a result of the downturn, Proventec's operations in Europe have likewise seen
a decline in activity.
Despite these difficulties, Proventec completed two strategic acquisitions,
which complement the Group's current offering and diversifies the services it
provides. The Group acquired a 60% stake in Frank GmbH in August 2008. Frank is
a German manufacturer of small high pressure hot water washers and steam
equipment. Proventec also acquired a 60% stake in CryoJet Industrial Services
BV, a Dutch specialist dry ice cleaning company in October. These
businesses are seen as long term strategic acquisitions and provide the Group
with a high quality engineering resource and a compatible specialist industrial
cleaning service provider. Both companies will be fundamental to the Group's
future development.
AIM and Alternext
The stock markets have been affected by the economic downturn and liquidity has
been poor for most small cap companies.
Proventec has continued to try and re-base its balance sheet and part of this
process was to complete the listing of the Group's Convertible Loan Stock on the
Alternext market which was a wish of the Group's bond holders and their
advisers.
Following discussions with Proventec's advisers and mindful of the requirements
of the International Financial Reporting Statements ("IFRS") concerning the
potential impairment of our Goodwill, the Group sought to mitigate the effect of
this on its financial statements by cancelling the Share Premium account and
crediting this to distributable reserves. At the same time the Board proposed a
reduction in the Share Capital and both of these proposals were sanctioned in
the High Court in February this year.
Employees
In February Glyn Hirsch, a Non Executive Director, stepped down from the Board
because of pressure from his other commitments. Glyn had been a director of the
company since 2001 and my immediate predecessor as Chairman. On behalf of the
Board, I would like to thank him for his hard work and commitment to the Group
and we wish him all the best for the future.
I would like to express the Board's thanks to all of the employees in the Group
for their support and hard work in these difficult times.
Outlook
In these market conditions, Proventec continues to take positive steps to expand
its offerings, ensure its financial stability and maintain momentum. The Board
is confident of the long term outlook for the Group.
Peter Teerlink
Chairman Chief Executive's Report
The year to 31 March 2009 has been challenging, beginning with the currency
fluctuations in the exchange rates from July 2008 onwards between the pound and
the US dollar and euro, followed by the decline of the UK's trading markets.
Despite these factors which were beyond the Board's control, the Group has tried
to manage the growth and development of Proventec.
Financial review
+------+--------------------------------------------------------------------+
| * | Turnover GBP15.4 million (2008: GBP14 million) |
+------+--------------------------------------------------------------------+
| * | Gross profit maintained at over 43%. |
+------+--------------------------------------------------------------------+
| * | EBITDA (before IFRS impairment) GBP19,000 (2008: GBP2.51 million) |
+------+--------------------------------------------------------------------+
In February 2009, as part of the Group's undertaking to restructure its Balance
Sheet and in anticipation of the year's trading results, the Board sought and
received permission from the High Court and shareholders, to cancel its Share
Premium Account and to reduce its Share Capital. This resulted in the transfer
of GBP32.1 million from those accounts to the Profit and Loss Account as
distributable reserves.
In accordance with IFRS, Proventec conducted an impairment review of its assets,
particularly Goodwill, the value of its investments and the recoverability of
certain debts, and has written down the value of those assets by
GBP26.7 million. The Group's distributable reserves total has increased from a
deficit of GBP855,000 to a credit of GBP3.44 million.
The Group results at the half year to 30 September 2008 reflected a loss which,
in normal trading conditions, the Board would have expected to reverse in the
second half of the year. However in November 2008, companies began to de-stock
and looked to cost savings in all areas of their business. As such, confidence
amongst many UK companies was severely dented.
Operational review
OspreyDeepClean
Proventec had embarked on an expansion in personnel in 2008, to meet what the
Group saw as a breakthrough in its sales strategy. The Group's overhead
structure was developed to meet the anticipated growth in our business but
unfortunately the Group did not see this predicted growth. There was a marked
decline in sales of the Group's specialist dry steam cleaning equipment, which
is a capital purchase to most of its customers. At the same time Proventec's
major Italian suppliers requested improved payment terms because of their own
trading difficulties, making the task of managing the business even more
difficult.
The Group has implemented cost saving measures and is reorganising its
businesses to deal with the current downturn in the market and during the last
few months there has been renewed interest from customers in Proventec's
products. While short term forecasting remains difficult, the Board is
increasingly confident that the Group's business offering will ensure success in
the longer term and the Board is looking forward to the roll out of its
strategic business plan over the next few years.
Contico Manufacturing
Contico Manufacturing has continued to source new products to enhance its range
of janitorial supplies. In July last year the company purchased a floor pad
cutter to increase its range of Contico Superpads. A new full automated screen
printing machine has just been delivered and will be operational from
mid-August.
The company's commitment to customer service will be further enhanced by the
company's new interactive website for customers, launched in July this year.
Preventative Coatings
Magma has developed a comprehensive range of fire retardant treatments for
surfaces ranging from fabrics to paint and thatch to timber. The timber range
has been registered and classified under the EN "euroclass" rating.
In May of this year, the Group announced Magma Industries B.V. ("Magma"), had
signed an exclusive distribution agreement for the European distribution of fire
retardant products for pressure treatment of timber with Dr. Wolman GmbH
("Wolman"), a leading supplier of wood preservatives and fire protection
products. Wolman is a 100% subsidiary of BASF, the world's leading chemical
company. Wolman's reputation and extensive sales network in the timber treatment
industry will expand the awareness and use of Magma's fire retardant products.
Acquisitions
In 2008 the Group also completed a 60% acquisition of an established German
engineering company, Frank GmbH, which specialises in the manufacture of high
pressure industrial quality hot water washers. Frank will become the Group's
centre of excellence carrying out research and development for other Group
companies. Frank is already working on a number of projects in conjunction with
the Osprey engineers to improve their range of equipment.
In October 2008 the Group also completed the acquisition of a 60% stake in
CryoJet Industrial Services BV. CryoJet offers a proprietary dry ice cleaning
service particularly to the oil, gas and chemical industries, where leaks and
machine failure from a build up of debris, result in an increase in down time
and are very expensive. CryoJet's dry ice cleaning service has also been used to
refurbish a production line for one of the Netherlands' biggest bakeries. This
has led to sales of the Group's industrial dry steam equipment for ongoing
cleaning and maintenance, demonstrating the synergies and opportunities for
cross selling between the businesses.
Re-structuring update
Proventec is being re-structured to accommodate these developments and to
provide a customer targeted business approach in two separate divisions. These
businesses will operate under the umbrella brands of Proventec Healthcare and
Proventec Industrial.
In April 2009, the Group launched Proventec Healthcare which offers a unique,
simplified "one-stop shop" approach to cleaning in the healthcare sector, with a
comprehensive range of clinically validated cleaning products. These provide the
customer with the necessary cleaning tools to clean in the healthcare
environment and to safely remove the pathogens that cause healthcare and
community acquired infections.
Proventec Industrial will be launched early in 2010 and will specifically target
the food manufacturing sector where hygiene is also of very high importance.
In September 2008, Guido Schoenmakers, who has been with the Group since 2005,
joined the Board as Chief Operations Director and has particular responsibility
for the roll out of Proventec Industrial. Guido is supported by Samir El-Assal,
Managing Director of Frank and Harry Leenman, Managing Director of CryoJet.
Outlook
With the fundraising that was completed in July 2009 and approved at the General
Meeting held on 31 July, the Board is well positioned financially to ensure that
the impetus it has generated is maintained.
While short and even medium term trading may present a challenge, the Group is
confident that the long term prospects of the business remain positive. The
Group has benchmarks for its development over the next three to five years and
the Board is committed to achieving its goals which should bring rewards for
shareholders and employees alike.
David Chestnutt
Chief Executive
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2009
+-----------------------------------------+-------+-------------+-------------+
| | | Unaudited | Audited |
+-----------------------------------------+-------+-------------+-------------+
| | | 2009 | 2008 |
| | | GBP'000 | GBP'000 |
+-----------------------------------------+-------+-------------+-------------+
| Assets | | | |
+-----------------------------------------+-------+-------------+-------------+
| Non-current assets | | | |
+-----------------------------------------+-------+-------------+-------------+
| Property, plant and equipment | | 906 | 689 |
+-----------------------------------------+-------+-------------+-------------+
| Goodwill | | 27,125 | 37,144 |
+-----------------------------------------+-------+-------------+-------------+
| Other intangible assets | | 4,949 | 3,855 |
+-----------------------------------------+-------+-------------+-------------+
| Available for sale investments | | 12 | 2,816 |
+-----------------------------------------+-------+-------------+-------------+
| Investments accounted for using the | | 8 | (19) |
| equity method | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | 33,000 | 44,485 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Current assets | | | |
+-----------------------------------------+-------+-------------+-------------+
| Inventories | | 2,848 | 2,232 |
+-----------------------------------------+-------+-------------+-------------+
| Trade and other receivables | | 4,149 | 11,448 |
+-----------------------------------------+-------+-------------+-------------+
| Cash and cash equivalents | | 1,095 | 4,042 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | 8,092 | 17,722 |
+-----------------------------------------+-------+-------------+-------------+
| Non current assets classified as held | | - | 100 |
| for sale | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | 8,092 | 17,822 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total assets | | 41,092 | 62,307 |
+-----------------------------------------+-------+-------------+-------------+
| EQUITY AND LIABILITIES | | | |
+-----------------------------------------+-------+-------------+-------------+
| Equity attributable to equity holders | | | |
| of the parent | | | |
+-----------------------------------------+-------+-------------+-------------+
| Share capital | | 1,242 | 12,170 |
+-----------------------------------------+-------+-------------+-------------+
| Other reserves | | 12,297 | 27,458 |
+-----------------------------------------+-------+-------------+-------------+
| Retained earnings | | 3,444 | (855) ) |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | 16,983 | 38,773 |
+-----------------------------------------+-------+-------------+-------------+
| Minority interest | | 252 | 32 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total equity | | 17,235 | 38,805 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Non-current liabilities | | | |
+-----------------------------------------+-------+-------------+-------------+
| Long term borrowings | | 14,260 | 16,774 |
+-----------------------------------------+-------+-------------+-------------+
| Deferred tax | | - | 517 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total non-current liabilities | | 14,260 | 17,291 |
+-----------------------------------------+-------+-------------+-------------+
| Current liabilities | | | |
+-----------------------------------------+-------+-------------+-------------+
| Trade and other payables | | 6,798 | 5,937 |
+-----------------------------------------+-------+-------------+-------------+
| Current portion of long term borrowings | | 2,799 | 59 |
+-----------------------------------------+-------+-------------+-------------+
| Current tax payable | | - | 215 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total current liabilities | | 9,597 | 6,211 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total liabilities | | 23,857 | 23,502 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Total equity and liabilities | | 41,092 | 62,307 |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+--------------------------+--+------------+---------------+----+---------------+
| | | | Unaudited | | Audited |
+--------------------------+--+------------+---------------+----+---------------+
| | | | Year ended | | Year ended |
| | | | 31 March 2009 | | 31 March 2008 |
| | | | GBP'000 | | GBP'000 |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Revenue | | | 15,390 | | 14,027 |
+--------------------------+--+------------+---------------+----+---------------+
| Cost of Sales | | | (8,773) | | (7,658) |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Gross profit | | | 6,617 | | 6,369 |
+--------------------------+--+------------+---------------+----+---------------+
| Other income | | | - | | 1,125 |
+--------------------------+--+------------+---------------+----+---------------+
| Administrative expenses | | | (7,033) | | (5,117) |
| -recurring | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Impairment of goodwill | | | (16,000) | | - |
+--------------------------+--+------------+---------------+----+---------------+
| Impairment of | | | (3,260) | | - |
| investments | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Impairment of | | | (7,458) | | - |
| receivables | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Total administrative | | | (33,751) | | (5,117) |
| expenses | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Operating (loss)/profit | | | (27,134) | | 2,377 |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Finance costs | | | (1,542) | | (1,020) |
+--------------------------+--+------------+---------------+----+---------------+
| Share of associates and | | | 28 | | (19) |
| joint ventures operating | | | | | |
| profit | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| (Loss)/profit before | | | (28,648) | | 1,338 |
| taxation | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| Tax credit/(expense) | | | 748 | | (7) |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| (Loss)/profit for the | | | (27,900) | | 1,331 |
| year | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| (Loss)/profit | | | (47) | | 13 |
| attributable to the | | | | | |
| minority interest | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| (Loss)/profit | | | (27,853) | | 1,318 |
| attributable to the | | | | | |
| equity holders of the | | | | | |
| parent undertaking | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | (27,900) | | 1,331 |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| (Loss)/earnings per | | | | | |
| share (pence) | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| basic | | | (227.4) | | 10.9 |
+--------------------------+--+------------+---------------+----+---------------+
| diluted | | | (227.4) | | 10.9 |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
| | | | | | |
+--------------------------+--+------------+---------------+----+---------------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 31 MARCH 2009
+----------------------------+-------+---------+------------+---------+--------------+
| | | | Unaudited | | Audited |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | Year ended | | Year |
| | | | 31 March | | ended |
| | | | 2009 | | 31 March |
| | | | GBP'000 | | 2008 |
| | | | | | GBP'000 |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| (Loss)/profit for the year | | | (27,900) | | 1,331 |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| Net exchange differences | | | 5,764 | | 4,663 |
| on translating foreign | | | | | |
| operations | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| Total recognised income | | | (22,136) | | 5,994 |
| and expense for the year | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| Total recognised income | | | (47) | | 13 |
| and expense attributable | | | | | |
| to the minority interest | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| Total recognised income | | | (22,089) | | 5,981 |
| and expense attributable | | | | | |
| to the equity holders of | | | | | |
| the parent undertaking | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | | | |
+----------------------------+-------+---------+------------+---------+--------------+
| | | | (22,136) | | 5,994 |
+----------------------------+-------+---------+------------+---------+--------------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+-------------------------------------------+--------+------------+-------------+
| | | Unaudited | Audited |
+-------------------------------------------+--------+------------+-------------+
| | | 2009 | 2008 |
| | | GBP'000 | GBP'000 |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash flows from operating activities | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash generated from operations | | 370 | (1,411) ) |
+-------------------------------------------+--------+------------+-------------+
| Interest received | | 121 | 352 |
+-------------------------------------------+--------+------------+-------------+
| Interest paid | | (1,442) | (1,140) ) |
+-------------------------------------------+--------+------------+-------------+
| Tax received/(paid) | | 9 | (116) |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Net cash flow from operating activities | | (942) | (2,315) ) |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash flows from investing activities | | | |
+-------------------------------------------+--------+------------+-------------+
| Acquisition of subsidiaries (net of cash | | (1,112) | (5,474) |
| acquired) | | | |
+-------------------------------------------+--------+------------+-------------+
| Acquisition of investments | | (6) | - |
+-------------------------------------------+--------+------------+-------------+
| Proceeds from sale of property, plant and | | - | 3 |
| machinery | | | |
+-------------------------------------------+--------+------------+-------------+
| Proceeds from sale of investments | | - | - |
+-------------------------------------------+--------+------------+-------------+
| Purchase of property, plant and equipment | | (294) | (285) ) |
+-------------------------------------------+--------+------------+-------------+
| Purchase of intangible assets | | (99) | (97) ) |
+-------------------------------------------+--------+------------+-------------+
| Share capital acquired by minority | | - | 20 |
| interest | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Net cash flow from investing activities | | (1,511) | (5,833) |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash flows from financing activities | | | |
+-------------------------------------------+--------+------------+-------------+
| (Repayment of)/proceeds from new loans | | (712) | 1,826 |
+-------------------------------------------+--------+------------+-------------+
| Proceeds from issue of equity instruments | | 272 | 5,096 |
+-------------------------------------------+--------+------------+-------------+
| Payments in respect of hire purchase | | (54) | (18) |
+-------------------------------------------+--------+------------+-------------+
| Costs in issuing equity instruments | | - | (156) |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Net cash flow from financing activities | | (494) | 6,748 |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Net (decrease) in cash and cash | | (2,947) | (1,400) |
| equivalents | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash and cash equivalents at beginning of | | 4,042 | 5,442 |
| the year | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| Cash and cash equivalents at end of the | | 1,095 | 4,042 |
| year | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
| | | | |
+-------------------------------------------+--------+------------+-------------+
NOTES
The financial information in this preliminary announcement is not audited and
does not constitute statutory accounts within the meaning of s240 of the
Companies Act 1985 (as amended). Group financial statements for 2009 will be
delivered to the Registrar of Companies in due course. The Board of Directors
approved this financial information on 31 July 2009. Statutory accounts for the
year ended 31 March 2008, which were prepared in accordance with the
International Accounting Standards and International Financial Reporting
Standards (collectively IFRS) and International Financial Reporting
Interpretation Committee (IFRIC) interpretations adopted by the EU, have been
filed with the Registrar of Companies. The auditors' report on those accounts
was unqualified and did not contain a statement made under s237(2) or (3) of the
Companies Act 1985.
Basis of preparation
The preliminary announcement for the year ended 31 March 2009 has been prepared
in accordance with the International Accounting Standards and International
Financial Reporting Standards (collectively IFRS) and International Financial
Reporting Interpretation Committee (IFRIC) interpretations as adopted by the EU.
IFRS issued but not yet applied
The following standards and interpretations were issued and available for early
application but have not yet been applied by the group in these financial
statements. The group intends to apply these standards and interpretations when
they become effective:
+--------+-------------------------------------------------------------------+
| * | IAS 39 Financial instruments : Recognition and measurement |
+--------+-------------------------------------------------------------------+
| * | IAS 27 (Amendment) Consolidated and separate financial statements |
+--------+-------------------------------------------------------------------+
| * | IFRS 3 Business combinations |
+--------+-------------------------------------------------------------------+
| * | IFRS 8 Operating segments |
+--------+-------------------------------------------------------------------+
| * | IAS 1 (Revised) Presentation of financial statements |
+--------+-------------------------------------------------------------------+
| * | IAS 23 (Amendment) Borrowing costs |
+--------+-------------------------------------------------------------------+
| * | IFRS 2 Share based payments |
+--------+-------------------------------------------------------------------+
| * | IAS 1 and IAS 32 (Amendment) Presentation of Financial statements |
| | and Financial instruments :Presentation |
+--------+-------------------------------------------------------------------+
| * | IAS 27 Consolidated and separate financial statements |
+--------+-------------------------------------------------------------------+
| * | IFRS 7 Financial instruments : Disclosure |
+--------+-------------------------------------------------------------------+
| * | IFRIC 13 Customer loyalty programmes |
+--------+-------------------------------------------------------------------+
| * | IFRIC 15 Agreements for the construction of real estate |
+--------+-------------------------------------------------------------------+
| * | IFRIC 16 Hedges of a net investment in a foreign operation |
+--------+-------------------------------------------------------------------+
| * | IFRIC 17 Distribution of non- cash assets to owners |
+--------+-------------------------------------------------------------------+
| * | IFRIC 18 Transfers of assets to customers. |
+--------+-------------------------------------------------------------------+
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKDKBABKDKON
Proventec (LSE:PROV)
Historical Stock Chart
From Jul 2024 to Aug 2024
Proventec (LSE:PROV)
Historical Stock Chart
From Aug 2023 to Aug 2024
