Last checked at 3 Sep 2012 07:01
For immediate release 3 September 2012
VIPERA PLC
("VIPERA" or "THE COMPANY")
Interim results for period ended 30 June 2012
Vipera, the specialist provider of mobile financial services, today announces its interim results for the six months ended 30 June 2012. 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 and Broker) |
Tel: +44 (0) 20 7628 3396 |
Roland Cornish | |
Felicity Geidt | |
Chairman's Statement
In my statement accompanying the Annual report and Financial Statements for the year ended 31 December 2011 which have been released today, I noted that during 2011 the company was able to make meaningful progress in opening doors to the European market, but that given the long lead times, the benefits of this will not be seen until 2012.
I am pleased to report that in the first half of 2012, Vipera took its single biggest order ever for a digital payment service with an Italian customer and closed a partnership with a large well known international company for a banking business in Germany.
We anticipate that our full year revenues, to the year to December 2012, will comfortably exceed that of 2011; 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.
The current business pipeline is at its highest level and includes both banking and non-banking applications for our mobile transactions platform. Year to date, in the period up to today, 31 August, we have booked new orders amounting to £1.3M.
We are encouraged to continue our endeavours in this fast expanding marketplace.
Luciano Martucci
Chairman
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2012
Note | 6 months to 30 June 2012 | 6 months to 30 June 2011 | Year to 31 December 2011 | |
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Continuing operations | ||||
Revenues | 2 | 249,981 | 370,407 | 660,188 |
Operating expenses | (786,580) | (539,047) | (1,157,691) | |
Operating loss | (536,599) | (168,640) | (497,503) | |
Finance income | 81 | 3,203 | 4,357 | |
Finance costs | (534) | (25,862) | (51,635) | |
Loss before taxation from continuing operations | (537,052) | (191,299) | (544,781) | |
Taxation | (16,032) | (16,453) | 37,362 | |
Loss for the period | (553,084) | (207,752) | (507,419) | |
Other comprehensive income | ||||
Exchange differences on translation of foreign operations | (1,030) | 37,589 | 6,247 | |
Total comprehensive income attributable to equity shareholders of the Company | (554,114) | (170,163) | (501,172) | |
Loss per ordinary share from continuing operations attributable to equity shareholders of the Company (expressed in pence per share) | ||||
Basic and diluted | 3 | (0.43) p | (0.16) p | (0.39) p |
Consolidated Statement of Financial Position
30 June 2012
Company number 05383355
Note | 30 June 2012 | 30 June 2011 | 31 December 2011 | |
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Non-current Assets | ||||
Goodwill | 351,318 | 351,318 | 351,318 | |
Intangible assets | 4 | 1,636,322 | 1,621,084 | 1,676,576 |
Deferred taxation | 281,220 | 180,657 | 288,068 | |
Property, plant and equipment | 7,582 | 7,711 | 6,853 | |
Total non-current assets | 2,276,442 | 2,160,770 | 2,322,815 | |
Current Assets | ||||
Trade and other receivables | 292,855 | 207,668 | 253,531 | |
Cash and cash equivalents | 115,992 | 827,003 | 390,751 | |
Total current assets | 408,847 | 1,034,671 | 644,282 | |
Current liabilities | ||||
Trade and other payables | (345,033) | (323,540) | (409,329) | |
Deferred revenue | (29,435) | (20,428) | (43,941) | |
Current taxation | (41,892) | (26,197) | (35,911) | |
Total current liabilities | (416,360) | (370,165) | (489,181) | |
Net current assets/(liabilities) | (7,513) | 664,506 | 155,101 | |
| ||||
Non-current liabilities | ||||
Deferred taxation | (103,760) | (49,419) | (100,035) | |
Other payables | (324,210) | (110,294) | - | |
Total non-current liabilities | (427,970) | (159,713) | (100,035) | |
Net Assets | 1,840,959 | 2,665,563 | 2,377,881 | |
| ||||
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 | (62,877) | (30,505) | (61,847) | |
Retained earnings | (1,370,955) | (578,723) | (835,063) | |
Shareholders' equity | 1,840,959 | 2,665,563 | 2,377,881 | |
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2012
Attributable to equity shareholders of the Company
Group | Share capital | Share premium | Merger and reverse acquisition reserve | Foreign currency translation reserve | Retained earnings | Total |
£ | £ | £ | £ | £ | £ | |
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) | (62,887) | (1,370,955) | 1,840,959 |
Balance at 1 January 2011 | 4,491,848 | 2,103,252 | (3,338,310) | (68,094) | (412,335) | 2,776,361 |
Loss for the period | - | - | - | - | (207,752) | (207,752) |
Foreign currency translation adjustments |
- |
- |
- |
37,589 |
- |
37,589 |
Total comprehensive income for the period |
- |
- |
- |
37,589 |
(207,752) |
(170,163) |
Share based payment transactions |
- |
- |
- |
- |
41,364 |
41,364 |
Shares issued | 2,765 | 15,236 | - | - | - | 18,001 |
Total contributions by and distributions to owners of the Company |
2,765 |
15,236 |
- |
- |
41,364 |
59,635 |
Balance at 30 June 2011 | 4,494,613 | 2,118,488 | (3,338,310) | (30,505) | (578,723) | 2,665,563 |
Balance at 1 January 2011 | 4,491,848 | 2,103,252 | (3,338,310) | (68,094) | (412,335) | 2,776,361 |
Loss for the financial year | - | - | - | - | (507,419) | (507,419) |
Foreign currency translation adjustments |
- |
- |
- |
6,247 |
- |
6,247 |
Total comprehensive income for the year |
- |
- |
- |
6,247 |
(507,419) |
(501,172) |
Share based payment transactions |
- |
- |
- |
- |
84,691 |
84,691 |
Shares issued | 2,765 | 15,236 | - | - | - | 18,001 |
Total contributions by and distributions to owners of the Company |
2,765 |
15,236 |
- |
- |
84,691 |
102,692 |
Balance at 31 December 2011 | 4,494,613 | 2,118,488 | (3,338,310) | (61,847) | (835,063) | 2,377,881 |
Group Cash Flow Statements
For the six months ended 30 June 2012
6 months to 30 June 2012 | 6 months to 30 June 2011 | Year to 31 December 2011 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
£ | £ | £ | ||
Operating loss | (536,599) | (168,640) | (497,503) | |
Depreciation of property, plant and equipment | 1,546 | 913 | 2,357 | |
Expenses settled by the issue of share based payments | 17,192 | 15,765 | 33,493 | |
Interest received | 81 | 3,203 | 4,357 | |
Foreign exchange on operating activities | (67,746) | (33,004) | 22,080 | |
Increase in receivables | (52,187) | (118,708) | (244,932) | |
Increase/(decrease) in payables | 276,061 | 50,912 | 106,539 | |
Cash used in operations | (361,652) | (249,559) | (573,609) | |
Interest expense | (534) | (263) | (437) | |
Tax paid | (1,861) | 1,094 | (281) | |
Net cash generated used in operating activities | (364,047) | (248,728) | (574,327) | |
Purchases of property, plant and equipment | (2,530) | (1,416) | (2,566) | |
Purchases of intangible assets | - | (178,834) | (376,103) | |
Net cash generated used in investing activities | (2,530) | (180,250) | (378,669) | |
Financing activities | ||||
Net proceeds from borrowings | 50,993 | - | - | |
Net proceeds from issue of shares | - | 18,001 | 18,001 | |
Net cash generated from financing activities | 50,993 | 18,001 | 18,001 | |
Net decrease in cash and cash equivalents | (315,584) | (410,977) | (934,995) | |
Foreign exchange on cash and cash equivalents | 40,825 | (69,802) | 17,964 | |
Cash and cash equivalents at beginning of year | 390,751 | 1,307,782 | 1,307,782 | |
Cash and cash equivalents at end of year | 115,992 | 827,003 | 390,751 | |
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 2012 and 30 June 2011 has been neither audited nor reviewed by the auditors. The figures and financial information for the period ended 31 December 2011 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 2011 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 2012, the comparative information for the six months ended 30 June 2011, and the financial statements for the period ended 31 December 2011.
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 2012 | 6 months to 30 June 2011 | Year to 31 December 2011 | |
(Unaudited) | (Unaudited) | (Audited) | |
Revenue from external customers: | £ | £ | £ |
Licence and deployment fees | 219,938 | 356,023 | 627,257 |
Support and maintenance charges | 29,906 | 14,146 | 32,693 |
Other fees | 137 | 238 | 238 |
249,981 | 370,407 | 660,188 |
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 2012 | 6 months to 30 June 2011 | Year to 31 December 2011 | |
(Unaudited) | (Unaudited) | (Audited) | |
Loss on ordinary activities after taxation | £553,084 | £207,752 | £ 507,419 |
Number of shares | 130,003,631 | 129,967,563 | 129,967,563 |
Loss per share (pence) | (0.43) p | (0.16) p | (0.39) p |
4 Intangible assets
Product platforms | |||
Group | £ | ||
Cost | |||
At 1 January 2011 | 1,763,585 | ||
Additions | 62,504 | ||
Internal development | 116,330 | ||
Exchange differences | 176,494 | ||
At 30 June 2011 | 2,118,913 | ||
Additions | 81,434 | ||
Internal development | 115,835 | ||
Exchange differences | (182,092) | ||
At 1 January 2012 | 2,134,090 | ||
Additions | - | ||
Internal development | - | ||
Exchange differences | (51,238) | ||
At 30 June 2012 | 2,082,852 | ||
Accumulated amortisation | |||
At 1 January 2011 | (456,236) | ||
Charge for the first six months of the year | - | ||
Exchange differences | (41,593) | ||
At 30 June 2011 | (497,829) | ||
Charge for the second six months of the year | - | ||
Exchange differences | 40,315 | ||
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) | ||
Net book value | |||
At 30 June 2012 | 1,636,322 | ||
At 31 December 2011 | 1,676,576 | ||
At 30 June 2011 | 1,621,084 |
5 Share capital
Called up share capital
At 30 June 2012, 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
As at 30 June 2012, there were 5,444,219 warrants in issue and options to subscribe for 5,220,000 outstanding. There were no changes in the six month period to 30 June 2012.