Last checked at 30 Jul 2013 07:00
For immediate release | 30 July 2013 |
VIPERA PLC
("VIPERA" or "THE COMPANY")
Interim results for period ended 30 June 2013
Vipera, the specialist provider of mobile financial services, today announces its interim results for the six months ended 30 June 2013. A copy of these can be found on the Company's website www.vipera.com
For further information please contact:
Vipera PLC
| |
Marco Casartelli - CEO | Tel: +39 02 7214 2424 |
Martin Perrin - CFO | Tel: +44 7785 505 337 |
Beaumont Cornish Limited (NOMAD) |
Tel: +44 (0) 20 7628 3396 |
Roland Cornish | |
Felicity Geidt | |
Chairman's Statement
In the first six months of 2013, we continued the successes of the second half of 2012.
During this half year period we announced a partnership with Equens S.E., the largest pan-European payment processor, and leaders in the market for future-proof payments and card processing solutions. Pursuant to this we have earned significant revenues from providing our platform, Motif, to a German bank. As well as new customers, we continue to enjoy follow-on revenue from existing customers looking to add functionality.
The mobile financial services market continues to evolve and the strategic partnerships which we have recently entered into reflect the high value which industry professionals place on our resilient and robust infrastructure and Vipera's credentials in this arena.
We have continued to invest in our platform, in particular ensuring that our product, Motif, evolves in parallel with developments and opportunities in the mobile payments market.
In addition we reached agreement with Red Zebra Analytics to integrate their product "3D Offers" within Motif. This provided an extension of our product offering with the addition of an analytics suite adding additional value to our customers through couponing and cash back functionality.
I find myself being able to repeat a comment which I made in last year's interim statement: that we anticipate that our full year revenues will comfortably exceed that of the prior year; by just how much depends on a number of factors, including speed of delivery and our customers' own preparedness for the product roll-outs which we are delivering.
Luciano Martucci
Chairman
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2013
Note | 6 months to 30 June 2013 | 6 months to 30 June 2012 | Year to 31 December 2012 | |
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Continuing operations | ||||
Revenues | 2 | 732,752 | 249,981 | 974,359 |
Operating expenses | (742,547) | (786,580) | (1,487,597) | |
Operating loss | (9,795) | (536,599) | (513,238) | |
Finance income | 16 | 81 | 137 | |
Finance costs | (20,983) | (534) | (24,058) | |
Loss before taxation from continuing operations | (30,762) | (537,052) | (537,159) | |
Taxation | (27,191) | (16,032) | 33,775 | |
Loss for the period | (57,953) | (553,084) | (503,384) | |
Other comprehensive income | ||||
Exchange differences on translation of foreign operations | 7,675 | (1,030) | (4,710) | |
Total comprehensive income attributable to equity shareholders of the Company | (50,278) | (554,114) | (508,094) | |
Loss per ordinary share from continuing operations attributable to equity shareholders of the Company (expressed in pence per share) | ||||
Basic and diluted | 3 | (0.04) p | (0.43) p | (0.39) p |
Consolidated Statement of Financial Position
As at 30 June 2013
Company number 05383355
Note | 30 June 2013 | 30 June 2012 | 31 December 2012 | |
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Non-current Assets | ||||
Goodwill | 351,318 | 351,318 | 351,318 | |
Intangible assets | 4 | 2,051,235 | 1,636,322 | 1,839,577 |
Deferred taxation | 407,886 | 281,220 | 378,447 | |
Property, plant and equipment | 9,408 | 7,582 | 8,206 | |
Total non-current assets | 2,819,847 | 2,276,442 | 2,577,548 | |
Current Assets | ||||
Trade and other receivables | 428,436 | 292,855 | 598,827 | |
Cash and cash equivalents | 176,715 | 115,992 | 108,734 | |
Total current assets | 605,151 | 408,847 | 707,561 | |
Current liabilities | ||||
Trade and other payables | (594,726) | (345,033) | (498,466) | |
Deferred revenue | (42,869) | (29,435) | (59,303) | |
Current taxation | (11,702) | (41,892) | (8,508) | |
Total current liabilities | (649,297) | (416,360) | (566,277) | |
Net current assets/(liabilities) | (44,146) | (7,513) | 141,284 | |
| ||||
Non-current liabilities | ||||
Deferred taxation | (171,606) | (103,760) | (137,634) | |
Other payables | (753,502) | (324,210) | (691,692) | |
Total non-current liabilities | (925,108) | (427,970) | (829,326) | |
Net Assets | 1,850,593 | 1,840,959 | 1,889,506 | |
| ||||
EQUITY | ||||
Share capital | 5 | 4,494,613 | 4,494,613 | 4,494,613 |
Share premium | 2,118,488 | 2,118,488 | 2,118,488 | |
Merger and reverse acquisition reserve | (3,338,310) | (3,338,310) | (3,338,310) | |
Foreign currency translation reserve | (58,882) | (62,877) | (66,557) | |
Retained earnings | (1,365,316) | (1,370,955) | (1,318,728) | |
Shareholders' equity | 1,850,593 | 1,840,959 | 1,889,506 | |
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2013
Attributable to equity shareholders of the parent
Group | Share capital | Share premium | Reverse acquisition reserve | Foreign currency translation reserve | Retained loss | Total |
£ | £ | £ | £ | £ | £ | |
Balance at 1 January 2013 | 4,494,613 | 2,118,488 | (3,338,310) | (66,557) | (1,318,728) | 1,889,506 |
Loss for the period | - | - | - | - | (57,953) | (57,953) |
Foreign currency translation adjustments |
- |
- |
- |
7,675 |
- |
7,675 |
Total comprehensive income for the period |
- |
- |
- |
7,675 |
(57,953) |
(50,278) |
Share based payment transactions |
- |
- |
- |
- |
11,365 |
11,365 |
Shares issued | - | - | - | - | - | - |
Total contributions by and distributions to owners of the Company |
- |
- |
- |
- |
11,365 |
11,365 |
Balance at 30 June 2013 | 4,494,613 | 2,118,488 | (3,338,310) | (58,882) | (1,365,316) | 1,850,593 |
Balance at 1 January 2012 | 4,494,613 | 2,118,488 | (3,338,310) | (61,847) | (835,063) | 2,377,881 |
Loss for the period | - | - | - | - | (553,084) | (553,084) |
Foreign currency translation adjustments |
- |
- |
- |
(1,030) |
- |
(1,030) |
Total comprehensive income for the period |
- |
- |
- |
(1,030) |
(553,084) |
(554,114) |
Share based payment transactions |
- |
- |
- |
- |
17,192 |
17,192 |
Shares issued | - | - | - | - | - | - |
Total contributions by and distributions to owners of the Company |
- |
- |
- |
- |
17,192 |
17,192 |
Balance at 30 June 2012 | 4,494,613 | 2,118,488 | (3,338,310) | (62,877) | (1,370,955) | 1,840,959 |
Balance at 1 January 2012 | 4,494,613 | 2,118,488 | (3,338,310) | (61,847) | (835,063) | 2,377,881 |
Loss for the financial year | - | - | - | - | (503,384) | (503,384) |
Foreign currency translation adjustments |
- |
- |
- |
(4,710) |
- |
(4,710) |
Total comprehensive income for the year |
- |
- |
- |
(4,710) |
(503,384) |
(508,094) |
Share based payment transactions |
- |
- |
- |
- |
19,719 |
19,719 |
Shares issued | - | - | - | - | - | - |
Total contributions by and distributions to owners of the Company |
- |
- |
- |
- |
19,719 |
19,719 |
Balance at 31 December 2012 | 4,494,613 | 2,118,488 | (3,338,310) | (66,557) | (1,318,728) | 1,889,506 |
Group Cash Flow Statements
For the six months ended 30 June 2013
6 months to 30 June 2013 | 6 months to 30 June 2012 | Year to 31 December 2012 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Loss for the period before tax | (30,762) | (537,052) | (537,159) | |
Depreciation of property, plant and equipment | 2,207 | 1,546 | 3,080 | |
Expenses settled by the issue of share based payments | 11,365 | 17,192 | 19,720 | |
Finance costs (net) | 20,967 | 453 | 23,921 | |
Foreign exchange on operating activities | (7,673) | (67,746) | (83,292) | |
(Increase)/decrease in receivables | 173,547 | (52,187) | (151,155) | |
Increase/(decrease) in payables | (358,867) | 276,061 | 280,042 | |
Cash used in operations | (189,216) | (361,733) | (444,843) | |
Interest expense | (20,983) | (534) | (24,058) | |
Tax paid | (11,583) | (1,861) | (50,206) | |
Net cash used in operating activities | (221,782) | (364,128) | (519,107) | |
Purchases of property, plant and equipment | (2,973) | (2,530) | (4,629) | |
Purchases of intangible assets | (142,770) | - | (200,662) | |
Interest received | 16 | 81 | 137 | |
Net cash used in investing activities | (145,727) | (2,449) | (205,154) | |
Financing activities | ||||
Net proceeds from borrowings | 479,172 | 50,993 | 410,011 | |
Net proceeds from issue of shares | - | - | - | |
Net cash generated from financing activities | 479,172 | 50,993 | 410,011 | |
Net increase/(decrease) in cash and cash equivalents | 111,663 | (315,584) | (314,250) | |
Exchange gains/(losses) | (43,682) | 40,825 | 32,233 | |
Cash and cash equivalents at beginning of year | 108,734 | 390,751 | 390,751 | |
Cash and cash equivalents at end of year | 176,715 | 115,992 | 108,734 | |
1 Basis of preparation
The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2013 and 30 June 2012 has been neither audited nor reviewed by the auditors. The figures and financial information for the period ended 31 December 2012 are extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period. The audited financial statements for the period ended 31 December 2012 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.
The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.
The Group has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 June 2013, the comparative information for the six months ended 30 June 2012, and the financial statements for the period ended 31 December 2012.
As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these half-yearly financial statements.
2 Total revenue
Total revenue comprises:
6 months to 30 June 2013 | 6 months to 30 June 2012 | Year to 31 December 2012 | |
(Unaudited) | (Unaudited) | (Audited) | |
Revenue from external customers: | £ | £ | £ |
Licence and deployment fees | 682,019 | 219,938 | 902,750 |
Support and maintenance charges | 50,498 | 29,906 | 70,895 |
Other fees | 235 | 137 | 714 |
732,752 | 249,981 | 974,359 |
3 Loss per share
Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of shares in issue during the year. None of the share based payments were potentially dilutive at the year end and so there is no difference between the basic and diluted loss per share.
6 months to 30 June 2013 | 6 months to 30 June 2012 | Year to 31 December 2012 | |
(Unaudited) | (Unaudited) | (Audited) | |
Loss on ordinary activities after taxation | £57,953 | £553,084 | £ 503,384 |
Number of shares | 130,003,631 | 130,003,631 | 130,003,631 |
Loss per share (pence) | (0.04) p | (0.43) p | (0.39) p |
4 Intangible assets
Product platforms | |||
Group | £ | ||
Cost | |||
At 1 January 2012 | 2,134,090 | ||
Additions | - | ||
Internal development | - | ||
Exchange differences | (51,238) | ||
At 30 June 2012 | 2,082,852 | ||
Additions | 88,199 | ||
Internal development | 112,463 | ||
Exchange differences | 3,414 | ||
At 1 January 2013 | 2,286,928 | ||
Additions | 87,849 | ||
Internal development | 54,921 | ||
Exchange differences | 84,787 | ||
At 30 June 2013 | 2,514,485 | ||
Accumulated amortisation | |||
At 1 January 2012 | (457,514) | ||
Charge for the first six months of the year | - | ||
Exchange differences | 10,984 | ||
At 30 June 2012 | (446,530) | ||
Charge for the second six months of the year | - | ||
Exchange differences | (821) | ||
At 1 January 2013 | (447,351) | ||
Charge for the first six months of the year | - | ||
Exchange differences | (15,899) | ||
At 30 June 2013 | (463,250) | ||
Net book value | |||
At 30 June 2013 | 2,051,235 | ||
At 31 December 2012 | 1,839,577 | ||
At 30 June 2012 | 1,636,322 |
5 Share capital
Called up share capital
At 30 June 2013, there were 130,003,631 Ordinary shares of 1p each in the Company in issue. There were no changes in the six month period to 30 June 2012.
Warrants and options
In the six month period to 30 June 2013, warrants to subscribe to 5,000,000 ordinary shares, exercisable at 4p per share, were issued. As at 30 June 2013, there were 10,448,106 warrants in issue and options to subscribe for 4,020,000 outstanding.