REG - Pebble Beach Sys Grp - Half-year Report <Origin Href="QuoteRef">PEB.L</Origin> - Part 2
29/09/2017 07:08
- Part 2: For the preceding part double click ID:nRSc1723Sa
Management Board and the Board of Directors.
6 Months to 30 June 2017£'000 6 Months to 30 June 2017£'000 Year Ended 31 December 2016£'000
(Unaudited) (Unaudited) (Audited)
By division:
Pebble Beach Systems 9,013 16,489 16,489
Central (13,681) 5,379 5,379
Assets of disposal Group held for sale - - 15,177
Liabilities for disposal Group held for sale - - (1,032)
(4,668) 21,868 (1,032)
5. INCOME TAX EXPENSE
6 Months to 30 June 2017£'000 6 Months to 30 June 2016£'000 Year Ended 31 December 2016£'000
(Unaudited) (Unaudited) (Audited)
Current tax
UK corporation tax - - (64)
Foreign tax - current year - 59 -
Adjustments in respect of prior years 44 220 (67)
Total current tax 44 279 (131)
Deferred tax
UK corporation tax 120 333 900
Impact of change in tax rate - - (40)
Total deferred tax 120 333 860
Total taxation 164 612 729
164
612
729
From 1 April 2017 the corporation tax rate was 19 per cent and from 1 April
2020 will be 17 per cent. The 17 per cent rate was substantively enacted on 7
September 2016 and hence deferred tax assets and liabilities are calculated at
17 per cent.
Deferred tax has been provided for at the rate of 17 per cent (2016: 18 per
cent).
6. DIVIDENDS
In view of the results for the half year the directors do not recommend
payment of an interim dividend. In respect of 2016 there was no interim
dividend and no final dividend for the year ended 31 December 2016.
7. EARNINGS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year.
For diluted earnings per share the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The dilutive shares are those share options granted to employees where
the exercise price is less than the average market price of the company's
ordinary shares during the year.
Half year ended 30 June 2017 Year ended 31 December 2016
Earnings £000 Weighted average number of shares 000s Earnings per share pence Earnings £000 Weighted average number of shares 000s Earnings per share pence
Basic and diluted loss per share
Loss attributable to continuing operations (2,017) (1.6)p (2,956) (2.4)p
Profit/(loss) attributable to discontinued operations 3,710 3.0p (52,358) (42.6)p
Basic and diluted loss per share 1,693 123,977 1.4p (55,314) 122,804 (45.0)p
Half year ended 30 June 2016
Earnings £000 Weighted average number of shares 000s Earnings per share pence
Basic and diluted loss per share
Loss attributable to continuing operations (8,938) (7.4)p
Loss attributable to discontinued operations (23,836) (19.5)p
Basic and diluted loss per share (32,774) 121,977 (26.9)p
8. CASH FLOW GENERATED FROM OPERATING ACTIVITIES
Reconciliation of loss before taxation to net cash flows from operating
activities.
6 Months to 30 June 2017£'000 6 Months to 30 June 2016£'000 Year Ended 31 December 2016£'000
(Unaudited) (Unaudited) (Audited)
Profit/(loss) before tax 1,693 (32,162) (55,637)
Recycle translation reserve for discontinued operations (5,077) - -
Depreciation of property, plant and equipment 12 358 701
(Profit)/Loss on disposal of property, plant and equipment (171) - 1,009
Amortisation and impairment of development costs 265 2,344 13,772
Amortisation and impairment of acquired intangibles 704 24,509 25,609
Share-based payment expense 24 292 1,247
Finance income 510 (2) (2)
Finance costs 180 155 351
Decrease in inventories (96) 5,084 7,249
Decrease / (increase) in trade and other receivables 600 1,243 3,670
Increase / (decrease) in trade and other payables (4,984) (2,547) 376
Increase in provisions 32 (93) 420
Net cash generated from operating activities (6,308) (819) (1,235)
Independent review report to Pebble Beach Systems Group plc
Report on the interim financial statements
Our conclusion
We have reviewed Pebble Beach Systems Group plc's interim financial statements
(the "interim financial statements") in the Half Year to 30 June 2017 Results
Announcement of Pebble Beach Systems Group plc for the 6 month period ended 30
June 2017. Based on our review, nothing has come to our attention that causes
us to believe that the interim financial statements are not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the AIM
Rules for Companies.
Emphasis of matter
Without modifying our conclusion on the interim financial statements, we have
considered the adequacy of the disclosure made in the basis of preparation
note made in note 2 to the interim financial information concerning the
Group's ability to continue as a going concern, and the uncertainty regarding
the ongoing support of the Group's bankers. This condition, along with the
other matters explained in note 2 to the interim financial information,
indicate the existence of a material uncertainty which may cast significant
doubt about the Group's ability to continue as a going concern. The interim
financial information does not include the adjustments that would result if
the company was unable to continue as a going concern.
What we have reviewed
The interim financial statements comprise:
· the Consolidated Group Statement of Financial Position as at 30 June
2017;
· the Consolidated Group Income Statement and Consolidated Statement of
Comprehensive Income for the period then ended;
· the Consolidated Group Statement of Cash Flows for the period then
ended;
· the Consolidated Statement of Changes in Shareholders' Equity for the
period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the Half Year to 30 June 2017
Results Announcement have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the AIM Rules for Companies.
As disclosed in note 2 to the interim financial statements, the financial
reporting framework that has been applied in the preparation of the full
annual financial statements of the Group is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Half Year to 30 June 2017 Results Announcement, including the interim
financial statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the Half Year to 30
June 2017 Results Announcement in accordance with the AIM Rules for Companies
which require that the financial information must be presented and prepared in
a form consistent with that which will be adopted in the company's annual
financial statements.
Our responsibility is to express a conclusion on the interim financial
statements in the Half Year to 30 June 2017 Results Announcement based on our
review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of complying with the AIM Rules for Companies
and for no other purpose. We do not, in giving this conclusion, accept or
assume responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where expressly
agreed by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Half Year to 30 June 2017
Results Announcement and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the interim
financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
Bristol
29 September 2017
This information is provided by RNS
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