Last checked at 23 Dec 2008 16:00
Immediate Release: 23rd December 2008
MeDaVinci Plc (`MeDaVinci' or the 'Company') Interim Report For the six months ended 30 September 2008
MeDaVinci (AIM:MVC), the investment Company focussed on technologies, products and services in the health and wellness markets, announces Interim Results for the period ended 30 September 2008.
Chairman's Statement
During the period under review the operating loss was ‚£117,000 compared with ‚£ 137,000 in the corresponding period last year. After interest receivable of ‚£ 64,000 (2007: ‚£36,000) the loss for the period was ‚£53,000.
Your board is currently completing a review of activities which is expected to result in the following actions being taken during 2009:
* The Company will focus its activities on further developing Demecal and Ergodynamics via licensing models. We will no longer pursue our expansion of fitness activities in Hungary and we are currently in discussions to dispose of our interest in Emotion Fitness * The Company will seek to raise further funding in the early part of 2009, this coupled with the disposal of our fitness business will substantially strengthen our balance sheet * International partnerships and collaborations are currently being negotiated with strategic parties, which if successful will greatly enhance the speed of commercialisation
It is our intention to complete the above actions quickly, resulting in a highly focused and well funded business.
Peter TeerlinkChairman23rd December 2008
For further information please contact:
Peter Teerlink, Chairman Tel: 0031 10 288 4343 Rob Westerhof, Chief Executive MeDavinci Plc Adam Reynolds Tel: 020-7245-1100 Hansard Group Hugh Field Tel: 020-7523-8000 Collins Stewart (NOMAD) CONSOLIDATED BALANCE SHEET
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
Unaudited Unaudited Audited 30 September 30 September 31 March 2008 2007 2008 ‚£'000 ‚£'000 ‚£'000 Assets Non-current assets Property, plant and equipment 7 2 8 Investments in associates 3,429 1,356 3,306 Available for sale financial 40 40 40assets Loans to associates 1,637 652 1,209 Derivative financial instruments- 509 509 509Conversion rights ___________ ___________ ___________ 5,622 2,559 5,072 ___________ ___________ ___________ Current assets Trade and other receivables 120 35 106 Cash and cash equivalents 220 232 730 ___________ ____________ ___________ 340 267 836 ___________ ____________ ___________ Total assets 5,962 2,826 5,908 ___________ ____________ ___________ EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 736 412 736 Other reserves 5,561 2,613 5,418 Retained earnings (444) (336) (391) ___________ ____________ ___________ Total equity 5,853 2,689 5,763 ___________ ____________ ___________ Current liabilities Trade and other payables 99 137 135 Current tax payable 10 - 10 ___________ ____________ ___________ Total liabilities 109 137 145 ___________ ____________ ___________ Total equity and liabilities 5,962 2,826 5,908 ___________ ____________ ___________
The financial statements were approved and authorised for issue by the board on 23 December 2008 and were signed on its behalf by:-
P TeerlinkDirectorCONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
Notes Unaudited Unaudited Audited 30 September 30 September 31 March 2008 2007 2008 ‚£'000 ‚£'000 ‚£'000 Revenue - - - Cost of sales - - - ____________ ____________ ___________ Gross profit - - - Administrative expenses (117) (132) (257) Finance income- bank interest 8 14 22 * interest on loan to 56 - 58 associates - Change in fair value of - - 161 derivatives Share of post tax loss of - - (155)associates ____________ ____________ ___________ Loss before taxation (53) (118) (171) Income tax expense - - (2) ____________ ____________ ___________ Loss for the year (53) (118) (173) ____________ ____________ ___________ Earnings per share Basic and diluted 1 (0.07) (0.3) (0.3) ____________ ____________ ___________
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
Share Share Retained Foreign Associates Total fair value capital premium earnings currency ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 reserve ‚£'000 For the period ended 30 September 2008 At 1 April 736 5,305 (391) 594 (481) 5,763 _______ _______ _______ _______ _______ ______ Loss for the period - - (53) - - (53)attributable to equity shareholders Unrealised exchange - - - 143 - 143movement Issue of Shares - - - - - - _______ _______ _______ _______ _______ ______
Movement in period - - (53) 143 - 90
_______ _______ _______ _______ _______ ______
At 30 September 2008 736 5,305 (444) 737 (481) 5,853
_______ _______ _______ _______ _______ ______ For the period ended 30 September 2007 At 1 April 412 2,570 (218) 10 - 2,774 _______ _______ _______ _______ _______ ______ Loss for the period - - (118) - - (118)attributable to equity shareholders Unrealised exchange - - - 33 - 33movement Issue of shares - - - - - - _______ _______ _______ _______ _______ ______
Movement in period - - (118) 33 - (85)
_______ _______ _______ _______ _______ ______
At 30 September 2007 412 2,570 (336) 43 - 2,689
_______ _______ _______ _______ _______ ______ Share Share Retained Foreign Share Total capital premium earnings currency warrants ‚£'000 ‚£'000 ‚£'000 ‚£'000 reserve ‚£'000 ‚£'000 For the year ended 31 March 2008 At 1 April 412 2,570 (218) 10 - 2,774 _______ ______ _______ _______ _______ _______ Profit for the year - - (173) - - 1,318attributable to equity shareholders Fair value - - - - (481) (481)adjustment on investment Unrealised exchange - - - 584 - 584movement Issue of shares 324 2,745 - - - 3,069 Transaction costs - (10) - - - (10)deducted from equity _______ _______ _______ _______ _______ _______ Movement in year 324 2,735 (173) 584 (481) 2,989 _______ _______ _______ _______ _______ _______ At 31 March 2008 736 5,305 (391) 594 (481) 5,763 _______ _______ _______ _______ _______ _______
The authorised, called up and fully paid share capital as at 30 September 2008 relates to 73,600,000 shares at a nominal value of 1 pence each.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
Notes Unaudited Unaudited Audited 30 30 September 31 March September 2007 2008 2008 ‚£'000 ‚£'000 ‚£'000 Loss for the year (53) (118) (173) Net exchange differences on 9 116 33 584translating foreign operations ___________ ___________ __________ Total recognised income and expense 63 (85) 411for the year ___________ ___________ __________ Attributable to equity holders of 63 (85) 411the parent ___________ ___________ __________
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
Notes Unaudited Unaudited Audited 30 September 30 September 31 March 2008 2007 2008 ‚£'000 ‚£'000 ‚£'000 Cash flows from operating activities Cash generated from operations 2 (110) (59) (82) Interest received 8 36 22 __________ ___________ __________ Net cash flow from operating (102) (23) (60)activities __________ ___________ __________ Cash flows from investing activities Acquisition of investments - - (106) Purchase of property, plant and - (1) (8)equipment (408) - (957)Increase in loans to associates __________ ___________ __________ Net cash flow from investing (408) (1) (1,071)activities __________ ___________ __________ Cash flows from financing activities Proceeds from issue of equity - - 969instruments Costs relating to issue of equity - - -instruments Other loans - (636) - __________ ____________ __________ Net cash flow from financing - 969activities __________ ____________ __________ Net (decrease)/increase in cash (510) (660) (162)and cash equivalents Cash and cash equivalents at 730 892 892beginning of the year __________ ____________ __________ Cash and cash equivalents at end 7 220 232 730of the year __________ ____________ __________ BASIS OF PREPARATION
As is permitted by the AIM Rules, the directors have not adopted the requirements of IAS 34 "Interim Financial Reporting" in preparing the interim financial statements. Accordingly the interim financial statements are not in full compliance with IFRS.
The financial information for the six months ended 30 September 2008 and 30 September 2007 is unaudited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The comparative figures for the year ended 31 March 2008 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 237(2) or (3) of the Companies Act 1985.
All accounting policies as set out in the annual report and accounts for the year ended 31 March 2008 have been consistently applied to this interim report.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2008
1. EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the profit attributable toequity shareholders by the weighted average number of ordinary shares in issueduring the year. Unaudited Unaudited Audited 30 September 30 September 31 March 2008 2007 2008 ‚£'000 ‚£'000 ‚£'000
Loss attributable to equity holders of (53) (118) (173) the company
_________ _________ __________ Weighted average number of ordinary 73,600 41,188 56,441shares in issue (thousands) _________ _________ __________ Basic earnings per share (pence) (0.07) (0.03) (0.3) _________ _________ __________ Diluted
The Group had no dilutive potential ordinary shares in either year, which would serve to increase the loss per ordinary share. Therefore, there is no difference between the loss per ordinary share and the diluted loss per ordinary share.
2. CASH FLOW FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited 30 September 30 September 31 March 2008 2007 2008 ‚£'000 ‚£'000 ‚£'000 Loss before taxation (53) (118) (171) Depreciation 1 - - Finance income (64) (14) (241) Share of loss in investments in - (5) 155associates _________ _________ __________
Changes in working capital (excluding (116) (137) (257) effect of acquisitions and disposals)
Decrease/(increase) in trade and other 42 73 2receivables Increase in trade and other payables (36) 5 173 __________ __________ __________ Cash outflow from operations (110) (59) (82) __________ __________ __________
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