Sirius Pet Regulatory News (SRSP)

29 Apr 2008 07:01

Global Gaming Technologies PLC29 April 2008 29 April 2008 GLOBAL GAMING TECHNOLOGIES PLC ("the Company" or "GGT") Interim Results for the six months ended 31 January 2008 Interim Statement The Board of GGT announces its results for the six month period ended 31 January2008. The Group produced a loss before taxation of £12,000, (period ended 31January 2007: loss of £433,000, year ended 31 July 2007: loss of £879,000). Ongoing Projects and outlook Further to the announcement made by the Company on 31 January 2008, your boardhas commenced the process of seeking opportunities in the natural resources andmining sector. Although these are early days, we have been involved in someencouraging discussions and we are confident that a suitable opportunity will beidentified in due course. In the meantime, we will continue to maintain a minimal overhead with tightcontrols over costs and cash flow. A copy of the interim statement has been posted on the Company's website todayat www.globalgamingtechnologies.com. Graham Porter Chairman 29 April 2008 Enquiries: Nominated advisor and broker: Andrew Chubb, Canaccord Adams Limited tel: +44 (0) 207 050 6500 John Bick, Hansard Group tel: +44(0)7917 649362 GLOBAL GAMING TECHNOLOGIES PLCCONSOLIDATED INCOME STATEMENTFOR THE PERIOD ENDED 31 JANUARY 2008 Note 6 months to 6 months to Year ended 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited £000 £000 £000 Administrative expenses (13) (434) (880) Loss from operations (13) (434) (880) Finance income 1 1 1 Loss before taxation (12) (433) (879) Taxation - - - Loss after taxation and retained loss (12) (433) (879)attributable to equity holders of the company Loss per share (pence)- basic 2 (0.01p) (0.23p) (0.46p) GLOBAL GAMING TECHNOLOGIES PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 31 JANUARY 2008 Share Retained Total Share premium earnings capital account £'000 £'000 £'000 £'000 At 1 August 2006 (Audited) 472 1,364 (1,745) 91Net loss for the year - - (879) (879)Issue of share capital 11 - - 11Share based payment - - 614 614At 31 July 2007 (Audited) 483 1,364 (2,010) (163) Net loss for the period - - (12) (12)At 31 January 2008 (Unaudited) 483 1,364 (2,022) (175) GLOBAL GAMING TECHNOLOGIES PLCCONSOLIDATED BALANCE SHEETAS AT 31 JANUARY 2008 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited Note £000 £000 £000 ASSETSNon-current assetsIntangible assets - 100 - Current assetsTrade and other receivables 3 12 11 23Cash and cash equivalents 13 56 30Total current assets 25 67 53 Total assets 25 167 53 LIABILITIESCurrent liabilitiesTrade and other payables 4 200 202 216Total current liabilities 200 202 216 EQUITYShare capital 483 472 483Share premium account 1,364 1,364 1,364Retained earnings (2,022) (1,871) (2,010)Total equity attributable to equity holders of the (175) (35) (163)companyTotal equity and liabilities 25 167 53 GLOBAL GAMING TECHNOLOGIES PLCCONSOLIDATED CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 JANUARY 2008 6 months to 6 months to Year ended 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited £000 £000 £000 Cash flows from operating activitiesLoss after taxation (12) (433) (879)Interest received (1) (1) (1)Impairment of intangible assets - - 100Share based payment charge - 307 614Decrease in trade and other receivables 11 13 1(Decrease) /increase in trade and other payables (16) 112 21Net cash outflow from operating activities (18) (2) (144) Cash flows from investing activitiesInterest received 1 1 1Net cash inflow from investing activities 1 1 1 Cash flows from financing activitiesIssue of share capital - - 10Receipts from borrowings - - 106Net cash inflow from financing - - 116 Net decrease in cash and cash equivalents (17) (1) (27)Cash and cash equivalents brought forward 30 57 57Cash and cash equivalents carried forward 13 56 30 GLOBAL GAMING TECHNOLOGIES PLCNOTES TO THE INTERIM REPORTFOR THE 6 MONTHS ENDED 31 JANUARY 2008 1 BASIS OF PREPARATION The interim financial statements have been prepared in accordance withapplicable accounting standards and under the historical cost convention. TheBoard had previously resolved that the Group would follow UK AccountingStandards and apply the Companies Act 1985 when preparing its annual financialstatements. This interim report is unaudited and does not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985. As an AIM listed company Global Gaming Technologies plc will adopt InternationalFinancial Reporting Standards (IFRS) for the first time in its financialstatements for the year ending 31 July 2008. This interim financial report hastherefore been prepared under the historical cost convention and in accordancewith International Accounting Standard 34 "Interim Financial Reporting" and therequirements of International Financial Reporting Standard 1 "First TimeAdoption of International Reporting Standards" relevant to interim reports. The Group's interim report for the six months ended 31 January 2008 and thecomparatives presented for the periods ended 31 January 2007 and 31 July 2007comply with all presentation recognition and measurement requirements of IFRSapplicable for accounting periods commencing on or after 1 August 2006. The transition to IFRS reporting has resulted in a number of changes inpresentation in the reported financial statements, notes thereto and accountingpolicies compared to the previous annual report. There are no adjustments to thereported results, cashflows or balance sheet figures for any period ontransition from UK GAAP to IFRS. The Directors have a reasonable expectation that the Group has adequateresources to continue in operational existence for the foreseeable future andfor this reason they continue to adopt the going concern basis in preparing thefinancial statements. The principal accounting policies of the Group are set out below. TAXATION Current income tax assets and/or liabilities comprise those obligations to, orclaims from, fiscal authorities relating to the current or prior reportingperiod, that are unpaid at the balance sheet date. They are calculated accordingto the tax rates and tax laws applicable to the fiscal periods to which theyrelate, based on the taxable result for the year. All changes to current taxassets or liabilities are recognised as a component of tax expense in the incomestatement. Deferred income taxes are calculated using the liability method on temporarydifferences. This involves the comparison of the carrying amounts of assets andliabilities in the consolidated financial statements with their respective taxbases. In addition, tax losses available to be carried forward as well as otherincome tax credits to the Group are assessed for recognition as deferred taxassets. Deferred tax liabilities are always provided for in full. Deferred tax assetsare recognised to the extent that it is probable that they will be able to beoffset against future taxable income. Deferred tax assets and liabilities arecalculated, without discounting, at tax rates that are expected to apply totheir respective period of realisation, provided they are enacted orsubstantively enacted at the balance sheet date. Most changes in deferred tax assets or liabilities are recognised as a componentof tax expense in the income statement. Only changes in deferred tax assets orliabilities that relate to a change in value of assets or liabilities that ischarged directly to equity are charged or credited directly to equity. FINANCIAL ASSETS The Group's financial assets include, cash at bank and trade and otherreceivables. All financial assets are initially recognised at fair value, plus transactioncosts. Non-compounding interest and other cash flows resulting from holding financialassets are recognised in profit or loss when received using the effectiveinterest rate method, regardless of how the related carrying amount of financialassets is measured. Trade and other receivables are measured subsequent to initial recognition atamortised costs using the effective interest method, less provision forimpairment. Trade and other receivables are provided against when objectiveevidence is received that the Group will not be able to collect all amounts dueto it in accordance with the original terms of the receivables. The amount ofthe write-down is determined as the difference between the asset's carryingamount and the present value of estimated future cash flows. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand, bank depositsrepayable on demand and other short-term highly liquid investments with originalmaturities of three months or less. EQUITY Share capital is determined using the nominal value of shares that have beenissued. The share premium account represents premiums received on the initial issuing ofthe share capital. Any transaction costs associated with the issuing of sharesare deducted from share premium, net of any related income tax benefits. Retained earnings include all current and prior period results as disclosed inthe income statement together with the cumulative amount which has beenrecognised in connection with share based payments which are transferred toequity. SHARE BASED PAYMENTS All share-based payment arrangements are recognised in the financial statements.The Group has issued share options to directors and employees. All services received in exchange for the grant of any share-based remunerationare measured at their fair values. These are indirectly determined by referenceto the fair value of the share options awarded. Their value is appraised at thegrant date and excludes the impact of any non-market vesting conditions (forexample, profitability and sales growth targets). Share-based payments are ultimately recognised as an expense in profit or lossor included as part of the cost of share issues with a corresponding credit tothe share based payment reserve, net of deferred tax where applicable. Ifvesting periods or other vesting conditions apply, the expense is allocated overthe vesting period, based on the best available estimate of the number of shareoptions expected to vest. Non-market vesting conditions are included inassumptions about the number of options that are expected to become exercisable.Estimates are subsequently revised, if there is any indication that the numberof share options expected to vest differs from previous estimates. No adjustmentis made to the expense or share issue cost recognised in prior periods if fewershare options ultimately are exercised than originally estimated. Upon exercise of share options, the proceeds received net of any directlyattributable transaction costs up to the nominal value of the shares issued areallocated to share capital with any excess being recorded as share premium. FINANCIAL LIABILITIES The Group's financial liabilities include trade and other payables. Financial liabilities are recognised when the Group becomes a party to thecontractual agreements of the instrument. All interest related charges arerecognised as an expense in "finance cost" in the income statement using theeffective interest rate method. Trade payables are recognised initially at their nominal value and subsequentlymeasured at amortised cost less settlement payments. Dividend distributions to shareholders are included in 'other short termfinancial liabilities' when the dividends are approved by the shareholders'meeting. OTHER PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Other provisions are recognised when present obligations will probably lead toan outflow of economic resources from the Group and they can be estimatedreliably. Timing or amount of the outflow may still be uncertain. A presentobligation arises from the presence of a legal or constructive commitment thathas resulted from past events, for example, legal disputes or onerous contracts. Provisions are measured at the estimated expenditure required to settle thepresent obligation, based on the most reliable evidence available at the balancesheet date, including the risks and uncertainties associated with the presentobligation. Any reimbursement expected to be received in the course ofsettlement of the present obligation is recognised, if virtually certain as aseparate asset, not exceeding the amount of the related provision. Where thereare a number of similar obligations, the likelihood that an outflow will berequired in settlement is determined by considering the class of obligations asa whole. In addition, long term provisions are discounted to their presentvalues, where time value of money is material. All provisions are reviewed at each balance sheet date and adjusted to reflectthe current best estimate. In those cases where the possible outflow of economic resource as a result ofpresent obligations is considered improbable or remote, or the amount to beprovided for cannot be measured reliably, no liability is recognised in thebalance sheet. Probable inflows of economic benefits to the Group that do not yet meet therecognition criteria of an asset are considered contingent assets. 2 LOSS PER SHARE The calculation of the basic loss per share is based on the loss attributable toordinary shareholders divided by the weighted average number of shares in issueduring the period. The impact of the options on the loss per share isanti-dilutive. Basic loss per share 6 months to 6 months to Year ended 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited Loss on ordinary activities after tax (£'000) (12) 433 879 Weighted average number of 0.25p ordinary shares 193,294,373 188,669,301 188,986,494 Loss per share - basic (pence) 0.01p 0.23p 0.46p 3 TRADE AND OTHER RECEIVABLES 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited £000 £000 £000 Trade receivables , gross 3 - 13Impairment of trade receivables - - -Trade receivables, net 3 - 13Deposits and prepayments 9 11 10Total 12 11 23 Trade and other receivables are usually due within 30 - 60 days and do not bearany effective interest rate. The fair value of these short term financialassets is not individually determined as the carrying amount is a reasonableapproximation of fair value. 4 TRADE AND OTHER PAYABLES 31/01/2008 31/01/2007 31/07/2007 Unaudited Unaudited Audited £000 £000 £000 Trade and other payables 200 202 216 The fair value of trade and other payables has not been disclosed as, due totheir short duration, management considers the carrying amounts recognised inthe balance sheet to be a reasonable approximation of their fair value. 5 RISK MANAGEMENT POLICIES AND OBJECTIVES The Group is exposed to a variety of financial risks which result from both itsoperating and investing activities. The Group's risk management is closelymonitored by the board of directors, and focuses on actively securing theGroup's short to medium term cash flows by minimising the exposure to financialmarkets. The Group does not actively engage in the trading of financial assets forspeculative purposes nor does it write options. The most significant financialrisks to which the Group is exposed to are described below: Credit risk Generally, the maximum credit risk exposure of financial assets is the carryingamount of the financial assets as shown on the face of the balance sheet (or inthe detailed analysis provided in the notes to the financial statements).Credit risk, therefore, is only disclosed in circumstances where the maximumpotential loss differs significantly from the financial asset's carrying amount. The Group's trade and other receivables are actively monitored to avoidsignificant concentrations of credit risk. Cash flow risk The Group seeks to manage financial risks to ensure sufficient liquidity isavailable to meet foreseeable needs and to invest cash assets safely andprofitably. Short term flexibility is achieved by the raising of equity and theuse of other borrowings. This information is provided by RNS The company news service from the London Stock Exchange