REG - 1Spatial Plc - Interim Results <Origin Href="QuoteRef">SPA.L</Origin> - Part 2
31/10/2014 08:10
- Part 2: For the preceding part double click ID:nRSe7644Va
cashflows
a) Cash used in operations UnauditedAs at 31 July 2014 AuditedAs at 31 January 2014 UnauditedAs at 31 July 2013
£'000 £'000 £'000
(Loss)/Profit before tax (684) (2,254) (367)
Adjustments for:
Finance cost/(income) - net 26 29 12
Depreciation charge 135 277 127
Amortisation and impairment 452 627 239
Share based payment charge 355 601 61
Expense recognised in respect of shares issued in exchange for consulting services - - -
(Gain)/loss on disposal of property, plant and equipment - 94 (83)
Loss on disposal of goodwill - - -
(Increase)/decrease in Inventories (3) (1) 7
Decrease/(Increase) in trade and other receivables 13 (1,188) (958)
Increase/(Decrease) in trade and other payables 257 (707) (58)
Intercompany funding - - 66
Net foreign exchange movement (109) 233 30
Cash generated/(used in) continuing operations 442 (2,289) (924)
b) Reconciliation of net cash flow to movement in net funds
UnauditedAs at31 July 2014 AuditedAs at31 January 2014 UnauditedAs at31 July 2013
£'000 £'000 £'000
(Decrease)/Increase in cash in the year (1,037) 8,006 11,484
Net cash outflow from increase in bank loans 32 107 11
Net cash inflow in respect of factoring - -
Changes resulting from cash flows (1,005) 8,113 11,495
Loans acquired with subsidiary - (423) (478)
Effect of foreign exchange (8) (12) 2
Change in net funds (1,013) 7,678 11,019
Net funds at beginning of period 10,845 3,167 3,167
Net funds at end of period 9,832 10,845 14,186
Analysis of net funds/(debt)
Cash and cash equivalents classified as:
- Current assets 10,129 11,165 14,716
Other loans (297) (320) (530)
Net funds at end of period 9,832 10,845 14,186
Notes to the Interim Financial Statements
1 Principal activity
1Spatial plc is a public limited company which is listed on the AIM London
Stock Exchange and is incorporated and domiciled in the UK. The address of
the registered office is Pannell House, Park Street, Guildford, GU1 4HN. The
registered number of the Company is 5429800.
The principal activity of the Group is a management consultancy and software
business that provides companies with advice and solution in order to enhance
overall profitability.
2 Basis of preparation
The condensed consolidated interim financial information for the six months
ended 31 July 2014, has been prepared in accordance with the accounting
policies that are expected to be adopted in the Group's full financial
statements for the year ended 31 January 2015 and are not expected to be
significantly different to those set out in the Group's audited financial
statements for the year ended 31 January 2014.
The financial information for the half years ended 31 July 2014 and 31 July
2013 is neither audited nor reviewed and does not constitute statutory
financial statements within the meaning of section 434(3) of the Companies Act
2006 for 1Spatial plc or for any of the entities comprising the 1Spatial
Group.
Statutory financial statements for the preceding financial year ended 31
January 2014 were filed with the Registrar and included an unqualified
auditors' report.
After making enquiries, the directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the half-yearly condensed consolidated
financial statements.
3 Taxation
The tax expense on the profit for the six months ended 31 July 2014 is based
on the estimated tax rates in the jurisdictions in which the Group operates,
for the year ending 31 January 2015.
4 (Loss )/Earnings per share
Basic (loss)/earnings per share is calculated by dividing the profit/(loss)
attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the period.
UnauditedAs at31 July 2014 AuditedAs at31 January 2014 UnauditedAs at31 July 2013
£'000 £'000 £'000
(Loss)/Earnings attributable to equity holders (754) (2,227) (483)
Adjustments:
Amortisation of intangible assets 452 627 239
Share-based payment charge 355 601 61
Integration, strategic and other exceptional items 947 1,787 407
Adjusted earnings 1,000 788 224
Basic earnings/(loss) per share (0.12) (0.41) (0.11)
Diluted earnings/(loss) per share (0.12) (0.41) (0.11)
Adjusted basic earnings/(loss) per share 0.15 0.15 0.05
Adjusted diluted earnings/(loss) per share 0.15 0.14 0.05
Number Number Number
000's 000's 000's
Basic weighted average number of ordinary shares 650,415 541,922 431,631
Impact of options and warrants 22,970 29,128 21,029
Diluted weighted average number of ordinary shares 673,385 571,050 452,660
5 Dividends
No dividend is proposed for the six months ended 31 July 2014 (31 January
2014: nil; 31 July 2013: nil).
6 Segmental information
As reported in the 2014 annual report, Star-Apic was re-branded as a 1Spatial
company from 1 February 2014. Given the re-branding the results of Star-Apic,
from 1 February 2014, have been reported to the board, as part of the 1Spatial
business. The directors have therefore restated the comparative segmental
disclosures to combine the Star-Apic and 1Spatial segments into the Geospatial
segment. In addition, the previously reported segments Storage Fusion and
Avisen have been merged into the Other segment.
31 July 2014 Central costs£'000 Geospatial£'000 Other£'000 Total£'000
Revenue - 9,375 764 10,139
Cost of sales - (4,417) (460) (4,877)
Gross profit - 4,958 304 5,262
Total administrative expenses (1,805) (3,798) (317) (5,920)
Adjusted EBITDA (1,110) 2,262 79 1,231
Less: depreciation (12) (118) (5) (135)
Adjusted EBITA (1,122) 2,144 74 1,096
Less: amortisation and impairment of intangible assets - (452) - (452)
Less: share-based payment charge (302) (65) 12 (355)
Less: strategic, integration and other one-off items (381) (467) (99) (947)
Total operating (loss)/profit (1,805) 1,160 (13) (658)
Finance income 16 3 - 19
Finance cost (1) (42) (2) (45)
Net finance 15 (39) (2) (26)
(Loss)/profit before tax (1,790) 1,121 (15) (684)
Tax - (70) - (70)
(Loss)/profit for the year (1,790) 1,051 (15) (754)
31 January 2014 Central costs£'000 Geospatial£'000 Other£'000 Total£'000
Revenue - 15,378 1,888 17,266
Cost of sales - (7,938) (1,125) (9,063)
Gross profit - 7,440 763 8,203
Total administrative expenses (3,530) (6,093) (805) (10,428)
Adjusted EBITDA (2,195) 2,976 286 1,067
Less: depreciation (21) (208) (48) (277)
Adjusted EBITA (2,216) 2,768 238 790
Less: amortisation and impairment of intangible assets - (627) - (627)
Less: share-based payment charge (399) (181) (21) (601)
Less: strategic, integration and other one-off items (915) (613) (259) (1,787)
Total operating (loss)/profit (3,530) 1,347 (42) (2,225)
Finance income 40 4 - 44
Finance cost (10) (58) (5) (73)
Net finance 30 (54) (5) (29)
(Loss)/profit before tax (3,500) 1,293 (47) (2,254)
Tax - 28 (18) 10
(Loss)/profit for the year (3,500) 1,321 (65) (2,244)
6 Segmental information cont'd
31 July 2013 Central costs£'000 Geospatial£'000 Other£'000 Total£'000
Revenue - 6,435 1,125 7,560
Cost of sales - (3,173) (740) (3,913)
Gross profit - 3,262 385 3,647
Other operating income 12 - - 12
Total administrative expenses (1,379) (2,386) (249) (4,014)
Adjusted EBITDA (1,135) 1,428 186 479
Less: depreciation (10) (88) (29) (127)
Adjusted EBITA (1,145) 1,340 157 352
Less: amortisation and impairment of intangible assets - (237) (2) (239)
Less: share-based payment charge (33) (24) (4) (61)
Less: strategic, integration and other one-off items (189) (203) (15) (407)
Total operating (loss)/profit (1,367) 876 136 (355)
Finance income - 2 - 2
Finance cost (2) (10) (2) (14)
Net finance (2) (8) (2) (12)
(Loss)/profit before tax (1,369) 868 134 (367)
Tax 7 (73) (42) (108)
(Loss)/profit for the period (1,362) 795 92 (475)
7 Strategic, integration and other one-off items
In accordance with the Group's policy for strategic, integration and other
exceptional items, the following charges were included in this category for
the period:
Six months ended 31 July 2014 Year ended 31 January 2014 Six months ended 31 July 2013
£'000 £'000 £'000
Costs associated with corporate transactions 93 834 250
Redundancy, relocation, rebranding and other integration costs 788 484 157
Training and other costs associated with the implementation of the new ERP system 65 251 -
Other 1 92 -
Total 947 1,787 407
8 Share capital
As at 31 July 2014 As at 31 January 2014
£'000 £'000
Allotted, called up and fully paid
650,415,354 (Jan 2014: 650,415,354) ordinary shares of 1p each 6,504 6,504
226,699,878 (Jan 2014: 226,699,878) deferred shares of 4p each 9,068 9,068
15,572 15,572
This information is provided by RNS
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