TIDMEVA
For a PDF version of the announcement please click here: https://
mma.prnewswire.com/media/1571448/Preliminary_Financial_Results_2020.pdf
THE DIRECTORS OF EVRIMA PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT
FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS
DEEMED NOW TO BE IN THE PUBLIC DOMAIN.
Evrima plc
AQSE: EVA
("Evrima" or the "Company"; formerly Sport Capital Group plc)
Preliminary Financial Results for the Year Ended 31st December 2020
Chairman's Statement
The Company presents below its preliminary results for the year from 1st
January to 31st December 2020 ("Pleliminary Results") as presaged in the
regulatory announcement issued on 5th July 2021. It is emphasised that the
financial statements appearing below are unaudited and that the audited
financial statements for the same period which the Directors anticipate
announcing later this month ("Final Results") are accordingly liable to
possible changes from the Preliminary Results presented today. Publication of
the Preliminary Results as set out in the financial statements which follow has
been approved by Evrima's statutory auditors, PKF Littlejohn LLP, whose
appointment to their role the Company announced on 23rd April 2021.
The Preliminary Results presented today have been prepared on same basis and
applying the same accounting principles and conventions as were the financial
results for the year 1st January to 31st December 2019 with which they are
compared, for earlier finacial reporting periods, the unaudited interim
financial statements for the interm period to 30th June 2020 and as will be
applied to the forthcoming Final Results
Financial Highlights
The loss for the year after taxation was £(207,745) (2019: £(63,171)) resulting
in a basic loss per share of (0.18) pence (2019: (0.053) pence) and a diluted
loss per share of (0.17) pence (2019: (0.050) pence). Cash at bank at the end
of December 2019 was £163,607 (2019: £11,845) and shareholders' funds stood at
£461,138 (2019: £206,483).
Reasons for the Delay in Publication of the Final Results
In the course of their work on the year ended 31st December 2020, the auditors
became aware of certain items in the past years' statutory accounts, the
previous accounting treatment of which could, in the auditors' view, require
minor adjustments to be made to those prior years' accounts. Readers' attebtion
is drawn to Note 9 headed "Prior Year Adjustment" of the selected notes to the
unaudited financial statements for the year ended 31 December 2020 below. The
Directors wish to state that, to the best of their knowledge and belief, any
prior year adjustements are of a character to affect neithet or the Company's
cash position as it is shown in the Preliminary Results for last year appearing
below nor its future ability to implement its investment strategy; nor lead to
any emphasis of matter, modification or qualification of the auditors' opinion
when the audit is finaised and the Final Results in respect of the year ended
31st Decmber 2020 are published.
When the Final Results are announced and the Annual Report containing the
Company's statutory accounts is posted to shareholders, these will contain the
customary report on financial 2020, a strategic review of the last financial
year, a discussion of significant post- balance sheet developments (most of
which latter will have been the subject of earlier regulatory announcements by
the Company) and the Directors' outlook for the remainder of the current
financial year.
Simon Grant-Rennick,
Executive Chairman,
11th July 2021
Unaudited Statement of Comprehensive Income
for the year ended 31 December 2020
Unaudited
2020
2019
as
restated
Notes £
£
TURNOVER
20,141
20,180
Cost of
sales
-
(348)
GROSS
PROFIT
20,141
19,832
Administrative
expenses
(256,075)
(62,120)
OPERATING LOSS
5 (235,934)
(42,288)
Gain/loss on revaluation of investments 69,769 -
(166,165)
(42,288)
Interest payable and similar 6 (5,959) (10,000)
expenses
LOSS BEFORE TAXATION (172,124) (52,288)
Tax on loss
7 (35,621)
(10,883)
LOSS FOR THE FINANCIAL YEAR (207,745) (63,171)
OTHER COMPREHENSIVE
INCOME
-
-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR (207,745) (63,171)
Earnings per share expressed
in pence per share: 8
Basic
-0.18
-0.05
Diluted
-0.17
-0.05
Unaudited Statement of Financial Position
31 December 2020
Unaudited
2020
2019
2018
as
restated
Notes £
£
£
FIXED ASSETS
Investments
10
344,976
65,250
57,410
Investment property
11
-
204,436
204,436
344,976
269,686
261,846
CURRENT ASSETS
Debtors
12
68,895
40,214
50,203
Cash at
bank
163,607
11,845
9,776
232,502
52,059
59,979
CREDITORS
Amounts falling due within 13 (116,340) (115,262) (116,171)
one year
NET CURRENT ASSETS/(LIABILITIES)
116,162
(63,203)
(56,192)
TOTAL ASSETS LESS CURRENT
LIABILITIES 461,138 206,483 205,654
NET
ASSETS
461,138
206,483
205,654
CAPITAL AND RESERVES
Called up share capital
15
229,668
119,234
97,990
Share premium
16
673,448
321,482
293,726
Other reserves
16
24,000
24,000 9,000
Retained earnings
16 (465,978)
(258,233)
(195,062)
SHAREHOLDERS'
FUNDS
461,138
206,483
205,654
The preliminary financial statements were approved by the Board of Directors
and authorised for issue on 11th July 2021 and were signed on its behalf by:
..........................................................................
Mr S R Grant-Rennick - Director
Unaudited Statement of Changes in Equity
for the year ended 31 December 2020
Called up
share Retained Share Other Total
capital earnings premium reserves equity
£ £ £ £
£
Balance at 1 January 2019
97,990 (195,062) 293,726 9,000 205,654
Changes in equity
Deficit for the year
-
(54,171)
-
- (54,171)
Other comprehensive income
-
-
-
15,000 15,000
Total comprehensive income
-
(54,171)
-
15,000 (39,171)
Issue of share capital
21,244
-
27,756
-
49,000
Balance at 31 December 2019
119,234 (249,233) 321,482 24,000 215,483
Prior year adjustment
-
(9,000)
-
- (9,000)
As restated
119,234 (258,233) 321,482 24,000 206,483
Changes in equity
Deficit for the year
-
(207,745)
-
- (207,745)
Total comprehensive income
-
(207,745)
-
- (207,745)
Issue of share capital
110,434
-
351,966
- 462,400
Balance at 31 December 2020
229,668 (465,978) 673,448 24,000 461,138
Unaudited Statement of Cash Flows
for the year ended 31 December 2020
Unaudited
2020
2019
as
restated
Notes £
£
Cash flows from operating activities
Cash generated from operations
1 (294,522)
(44,091)
Interest
paid
(5,959)
(10,000)
Net cash from operating
activities
(300,481)
(54,091)
Cash flows from investing activities
Purchase of fixed asset
investments
(71,957)
(7,840)
Sale of investment
property
200,000
-
Net cash from investing
activities
128,043
(7,840)
Cash flows from financing activities
Share
issue
324,200
64,000
Net cash from financing
activities
324,200
64,000
Increase in cash and cash equivalents 151,762 2,069
Cash and cash equivalents at
beginning of year 2 11,845 9,776
Cash and cash equivalents at 2 163,607 11,845
end of year
Notes to the Unaudited Statement of Cash Flows
for the year ended 31 December 2020
1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Unaudited
2020
2019
as
restated
£
£
Loss before taxation (172,124)
(52,288)
Loss on disposal of fixed assets
4,436 -
Gain on revaluation of fixed assets (69,769)
-
Accrued (income)/expenses
91,198 (9,372)
Finance costs
5,959 10,000
(140,300)
(51,660)
Increase in trade and other debtors (64,302)
(894)
(Decrease)/increase in trade and other creditors
(89,920) 8,463
Cash generated from operations (294,522) (44,091)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash Flows in respect of cash and
cash equivalents are in respect of these Statement of Financial Position
amounts:
Year ended 31 December 2020
31/
12/
20
1/1/20
£
£
Cash and cash equivalents
163,607 11,845
Year ended 31 December 2019
31
/12/
19
1/1/19
as
restated
£
£
Cash and cash equivalents
11,845 9,776
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/20
Cash flow At 31/12/20
£
£
£
Net cash
Cash at bank 11,845
151,762 163,607
11,845
151,762
163,607
Total 11,845
151,762 163,607
9. PRIOR YEAR ADJUSTMENT
The 2019 statement of financial position has been restated due to reserve
balances being incorrectly allocated and also certain costs being omitted from
prior year accounts. A third balance sheet is presented as the error occurred
solely in the prior period and affects that year only.
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
Enquiries:
Company:
Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com
+44 7973 25 31 24
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com
+44 7403 16 31 85
Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):
Graham Atthill-Beck: +44 (0) 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk;
blackpearladvisers@gmail.com
Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
END
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July 12, 2021 02:00 ET (06:00 GMT)
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