TIDMBCP
RNS Number : 4641O
Boundary Capital PLC
29 June 2010
Boundary Capital plc audited financial results
for the year ended 31 December 2009
Boundary Capital plc ("Boundary Capital", the "Group" or the "Company"), an
Irish based investment holding company, today announces its audited results for
the year ended 31 December 2009.
CEO's Review
The past year has been a particularly challenging one for Boundary Capital, with
ongoing difficulty in securing long term bank funding and global and local
financial market and economic turmoil creating a difficult environment for our
investments. With the exception of the investment assets written down to nil
value, our investments are trading well in their respective sectors but, like
most businesses, they are also being affected by the economic conditions.
The Net Asset Value of the Company has fallen from negative EUR0.12 per share to
negative EUR0.54 per share as outlined in more detail below. The cost base of the
Company has been cut dramatically to reflect the new reality whereby
availability of funding is severely constrained. Management and administration
costs have been reduced from EUR1.7 million in 2008 to EUR0.8 million in 2009 and to
a run rate of EUR0.3 million in 2010.
In view of the reduced size of the company, its funding uncertainty, and the
costs associated with remaining listed on AIM and ESM, the board has taken the
view that it is no longer appropriate for Boundary Capital to continue as a
listed company and accordingly the directors will present a resolution at the
AGM to vote on the matter of de-listing the Company from both AIM and ESM.
Notice of the AGM and proxy voting forms will be posted to shareholders shortly.
The entire board of directors have indicated their willingness to continue to
serve on the board of the de-listed Company should the motion to be put before
the AGM be passed and are committed to continuing bi-annual reporting to
investors together with investor communications regarding any bank re-financing
or asset sales.
Also in accordance with the Termination deed between Boundary Management Limited
and Boundary Capital plc, whereby management services provided by Boundary
Management Limited were terminated during 2009, the directors propose that the
Company change its name from Boundary Capital plc to Panther Holdings plc. This
change of name will also be put before the AGM.
Financial Highlights
· The financial position of the Company continues to be extremely
challenging with asset valuations of less than 30% of outstanding bank debt and
a lack of certainty regarding the extension of the Company's expired bank terms.
· During the year Boundary Capital agreed an extension of its debt
facilities of EUR39.2 million from Anglo Irish Bank plc ("Anglo Irish Bank") to 31
December 2009. Boundary Capital is in discussions to further extend its debt
facility with Anglo Irish Bank. The outcome of these discussions, which are
ongoing, remain uncertain. A further announcement will be made when appropriate.
· During the year Veris plc successfully disposed of its trading assets and
since the year end has been placed in members' voluntary liquidation. During
2010 Boundary Capital has received EUR0.9 million in distributions from the
liquidator which has been used to reduce debt. A further distribution of EUR0.5
million is expected in 2010.
· Audited Net Asset Value ("NAV") per share of negative EUR0.54 at 31
December 2009 versus negative EUR0.12 per share at 31 December 2008, a EUR0.42 loss
in the year to 31 December 2009.
+----------------------------+------------------+
| 31 December 2008 NAV | (EUR0.12) per |
| | share |
+----------------------------+------------------+
| | |
+----------------------------+------------------+
| Movement in the year | |
+----------------------------+------------------+
| Unquoted investments | (EUR0.38) |
+----------------------------+------------------+
| Quoted investments | (EUR0.006) |
+----------------------------+------------------+
| Sterling FX | EUR0.002 |
+----------------------------+------------------+
| Administration costs | (EUR0.01) |
+----------------------------+------------------+
| Interest and taxation | (EUR0.03) |
+----------------------------+------------------+
| | |
+----------------------------+------------------+
| 31 December 2009 NAV | (EUR0.54) per |
| | share |
+----------------------------+------------------+
Net Asset Value
The NAV per share at 31 December 2009 was negative EUR0.54 compared to negative
EUR0.12 at 31 December 2008.
· Unquoted investments revaluation as at 31 December 2009 decreased the NAV
by EUR0.38 per share (Arnotts Group ("Arnotts"), CJ Fallon, ODC, Holland Property
Investment, Club Company and RQB) principally due to the write down of the
Company's investment in Arnotts to nil as announced on 8 February 2010. Arnotts
is close to concluding its banking negotiations, subject to final banking and
regulatory approval, resulting in ongoing investment and support from its
bankers which will have the effect of diluting Boundary Capital's interest in
Arnotts from 28% to a range of 3%-6%. Given the level of senior debt within
Arnotts it is unlikely that this investment will return any value to Boundary
Capital.
· The mark to market ("MTM") of the quoted investments at 31 December 2009
decreased the NAV by EUR0.006 per share (Siteserv plc and Veris plc - note Veris
plc de-listed from AIM and ESM in December 2009).
· At 31 December 2009 Sterling / Euro translation of the unquoted
investments (ODC and Club Company) created an unrealised gain which increased
NAV by EUR0.002 per share.
· Administration costs of EUR0.015 per share were incurred and fee income
earned from portfolio companies of EUR0.005 per share in the year ended 31
December 2009.
· Bank interest expense and taxation amounted to EUR0.037 per share during
the year. The charge for taxation for the year arises entirely from the write
off of a deferred tax asset.
Company Results
The audited financial results for the year ended to 31 December 2008 and 2009
are summarised in the table below.
+------------------------------------+-------------+--------------+--------------+--------------+
| | year | | year Ended | |
| | Ended | | | |
| | 31 Dec 2009 | per Share | 31 Dec 2008 | per Share |
| | | EUR cent | EUR000's | EUR cent |
| | EUR000's | | | |
+------------------------------------+-------------+--------------+--------------+--------------+
| Net Unrealised (loss) on | (20,491) | (0.38) | (50,682) | (0.95) |
| Investments | | | | |
+------------------------------------+-------------+--------------+--------------+--------------+
| Net Realised gain on Investments | - | - | 271 | 0.01 |
+------------------------------------+-------------+--------------+--------------+--------------+
| Loss Before Tax | (22,642) | (0.42) | (54,717) | (1.03) |
+------------------------------------+-------------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+-------------+--------------+--------------+--------------+
| Investments Fair Value | 11,171 | 0.21 | 31,662 | 0.59 |
+------------------------------------+-------------+--------------+--------------+--------------+
| Cash Balance at Bank | 11 | - | 587 | 0.01 |
+------------------------------------+-------------+--------------+--------------+--------------+
| (Debt) | (39,181) | (0.73) | (37,724) | (0.71) |
+------------------------------------+-------------+--------------+--------------+--------------+
| Net (Liability) Value | (29,053) | (54.4) | (6,009) | (0.12) |
+------------------------------------+-------------+--------------+--------------+--------------+
During the year ended 31 December 2009 a loss after tax of EUR22.9 million was
incurred compared to a loss of EUR54.4 million for the year to 31 December 2008.
The revaluation of investments denominated in sterling (Club Company and ODC)
resulted in an unrealised gain of EUR0.1 million due to Sterling / Euro movements
in the year.
The mark to market revaluation of our quoted investments (Veris plc, Siteserv
plc) as at 31 December 2009 resulted in an unrealised loss of EUR0.4 million.
Veris plc, included in quoted investments, de-listed in December 2009 and is now
in voluntary liquidation having successfully sold its trading assets. We have
re-valued our un-quoted investments at year end resulting in an unrealised loss
of EUR20.1 million. The investment in Arnotts Group has been written down from the
31 December 2008 valuation of EUR13.77 million to nil, reflecting the level of
debt due by Arnotts and the refinancing agreement substantially agreed with its
banks
Administration and management fees net of fee income from portfolio companies
amounted to EUR0.5 million in the year. Interest cost for the year was EUR1.7
million and there was a tax charge arising out of the write off of a deferred
tax asset of EUR0.3 million.
The net asset value of Boundary Capital was a deficit of EUR29.1 million as at 31
December 2009. The assets are represented by quoted investments of EUR1.8 million
(including Veris plc which de-listed in December 2009) and unquoted investments
of EUR9.4 million. The Company had a net debt position of EUR39.2 million at 31
December 2009.
The summary consolidated financial results for the year ended 31 December 2009
are attached to this announcement. This comprises of Boundary Capital financial
results and Panther Group Acquisitions Limited financial results for the year
ended 31 December 2009. The basis of preparation of the financial results is
outlined in note 1 of the announcement. The auditors have included an emphasis
of matter relating to going concern in their audit report as a result of the
bank facility renegotiations not being concluded as at the date of this
announcement. The auditor's opinion is not qualified in this regard. The full
text of the audit report is contained in the annual report which is being posted
to shareholders and will be available on our website (www.boundarycapital.ie).
Investments
The Group has eight investments in the portfolio as at 31 December 2009. The
value of the portfolio has decreased in the year ended 31 December 2009 due to
the unrealised downward revaluation of unquoted investments and mark to market
of the quoted investments, offset somewhat by unrealised gains arising on
translation of sterling investments in Club Company and ODC. We are of the
opinion that 2010 will be another challenging year.
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| | EUR Millions | EUR Cents Per Share | |
+--------------+---------------------------------------------------------------------------+------------------------------------------------------+--------+
| | OMV | | | | OMV | Mvt. | OMV | | | | OMV | Mvt. | |
| | at 1 | | MTM | | at 31 | In | at 1 | | MTM | | at | In 12 | |
| | Jan | | FX | Reval. | Dec | 12 | Jan | | FX | Reval. | 31 | Mth. | % |
| | 09 | | | | 09 | Mth. | 09 | | | | Dec. | Period | Mvt. |
| | | | | | | Period | | | | | 09 | | |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| | | | | | | | | | | | | | |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| Quoted | 2.2 | | (0.4) | - | 1.8 | (0.4) | 4.0 | | (0.6) | - | 3.4 | (0.6) | (15%) |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| Unquoted | 29.5 | | 0.1 | (20.2) | 9.4 | (20.1) | 55.2 | | 0.2 | (37.9) | 17.5 | (37.7) | (68%) |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| | | | | | | | | | | | | | |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| Invest-ments | 31.7 | | (0.3) | (20.2) | 11.2 | (20.5) | 59.2 | | (0.4) | (37.9) | 20.9 | (38.3) | (65%) |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| | | | | | | | | | | | | | |
| Debt | (37.7) | | - | - | (39.2) | (1.5) | (70.5) | | - | - | (73.4) | (2.9) | (3.3%) |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| NWC* | - | | - | - | (1.0) | (1.0) | - | | - | - | (2.0) | (2.0) | n/a |
| | | | | | | | | | | | | | |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
| NAV | (6.0) | | (0.3) | (20.2) | (29.0) | (23.0) | (11.3) | | (0.4) | (37.9) | (54.5) | (43.2) | 361% |
+--------------+---------------------------+----------+---------+--------+--------+--------+--------+----------+-------+--------+--------+--------+--------+
*Net Working Capital (Incl. Cash)
Outlook
During 2010 we hope to finalise discussions on the debt facility with our
bankers but there remains risk and uncertainty in this regard, (see Note 1
"Accounting policies and basis of preparation" below for further information).
Declan Cassidy
CEO
29 June 2010
For further information please contact:
+-------------------------------------+--------------+----------------------------------+
| Boundary Capital plc | | |
+-------------------------------------+--------------+----------------------------------+
| | | |
+-------------------------------------+--------------+----------------------------------+
| Declan Cassidy | Tel: | + 353 1 660 9300 |
+-------------------------------------+--------------+----------------------------------+
| | | |
+-------------------------------------+--------------+----------------------------------+
+-------------------------------------+--------------+----------------------------------+
| Davy Corporate Finance | | |
+-------------------------------------+--------------+----------------------------------+
| Des Carville, Director | Tel: | + 353 1 679 6363 |
+-------------------------------------+--------------+----------------------------------+
BOUNDARY CAPITAL PLC
COMPANY INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2009
+-------------------------------------------------------------+------------------+-+----------------+-----+
| | | |
| | | |
| | Year ended | Year ended |
| | 31-Dec-09 | 31-Dec-08 |
| | EUR000's | EUR000's |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Realised gains on sale of investments | - | 271 |
+-------------------------------------------------------------+--------------------+----------------------+
| Unrealised losses on revaluation of investments | (20,491) | (50,682) |
+-------------------------------------------------------------+--------------------+----------------------+
| Management fees | 291 | - |
+-------------------------------------------------------------+--------------------+----------------------+
| | (20,200) | (50,411) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Investment managers fee | (293) | (1,432) |
+-------------------------------------------------------------+--------------------+----------------------+
| Other expenses | (504) | (242) |
+-------------------------------------------------------------+ + +
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Net portfolio return | (20,997) | (52,085) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Interest income | 9 | 60 |
+-------------------------------------------------------------+--------------------+----------------------+
| Interest expense | (1,654) | (2,692) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Loss before taxation for the year | (22,642) | (54,717) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Income tax | (312) | 280 |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Loss after taxation attributable to ordinary shareholders | (22,954) | (54,437) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | |
+-------------------------------------------------------------+--------------------+----------------------+
| Total comprehensive income for the year | (22,954) | (54,437) |
+-------------------------------------------------------------+--------------------+----------------------+
| | | | |
+-------------------------------------------------------------+------------------+------------------+-----+
| | | | | |
+-------------------------------------------------------------+------------------+-+----------------+-----+
BOUNDARY CAPITAL PLC
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2009
+------------------------------------------------------+--------------------+--------------------+
| | | |
| | As at 31 December | As at 31 December |
| | 2009 | 2008 |
| | EUR000's | EUR000's |
+------------------------------------------------------+--------------------+--------------------+
| ASSETS | | |
+------------------------------------------------------+--------------------+--------------------+
| Non-current Assets | | |
+------------------------------------------------------+--------------------+--------------------+
| Investments designated as FVTPL* | 11,171 | 31,662 |
+------------------------------------------------------+--------------------+--------------------+
| Deferred tax assets | - | 318 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| Total non-current assets | 11,171 | 31,980 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| Current assets | | |
+------------------------------------------------------+--------------------+--------------------+
| Trade and other receivables | 119 | 33 |
+------------------------------------------------------+--------------------+--------------------+
| Tax receivable | - | 46 |
+------------------------------------------------------+--------------------+--------------------+
| Cash and cash equivalents | 11 | 587 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| Total current assets | 130 | 666 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| TOTAL ASSETS | 11,301 | 32,646 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| EQUITY | | |
+------------------------------------------------------+--------------------+--------------------+
| Equity share capital | 13,347 | 13,347 |
+------------------------------------------------------+--------------------+--------------------+
| Share premium account | 37,657 | 37,657 |
+------------------------------------------------------+--------------------+--------------------+
| Share based payment reserve | - | 90 |
+------------------------------------------------------+--------------------+--------------------+
| Retained earnings | (80,057) | (57,103) |
+------------------------------------------------------+--------------------+--------------------+
| EQUITY | (29,053) | (6,009) |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| LIABILITIES | | |
+------------------------------------------------------+--------------------+--------------------+
| Current liabilities | | |
+------------------------------------------------------+--------------------+--------------------+
| Trade and other payables | 1,173 | 931 |
+------------------------------------------------------+--------------------+--------------------+
| Interest bearing loans and borrowings | 39,181 | 37,724 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| Total current liabilities | 40,354 | 38,655 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| TOTAL LIABILITIES | 40,354 | 38,655 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| TOTAL EQUITY AND LIABILITIES | 11,301 | 32,646 |
+------------------------------------------------------+--------------------+--------------------+
| | | |
+------------------------------------------------------+--------------------+--------------------+
| NET (LIABILITY) VALUE PER ORDINARY SHARE | | |
| | (54) cent | (12) cent |
+------------------------------------------------------+--------------------+--------------------+
* Fair Value Through Profit or Loss
BOUNDARY CAPITAL PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2009
+----------------------------------------------------------+-------------------+-------------------+
| | | |
| | | |
| | Year ended | Year ended |
| | 31-Dec-09 | 31-Dec-08 |
| | EUR000's | EUR000's |
+----------------------------------------------------------+-------------------+-------------------+
| Cash flows from operating activities | | |
+----------------------------------------------------------+-------------------+-------------------+
| Loss before taxation | (22,642) | (54,717) |
+----------------------------------------------------------+-------------------+-------------------+
| Realised gains on sale of investments | - | (271) |
+----------------------------------------------------------+-------------------+-------------------+
| Unrealised losses on revaluation of investments | 20,491 | 50,682 |
+----------------------------------------------------------+-------------------+-------------------+
| Share based payment (income) | (90) | (58) |
+----------------------------------------------------------+-------------------+-------------------+
| Investment income | - | - |
+----------------------------------------------------------+-------------------+-------------------+
| Interest received | (9) | (60) |
+----------------------------------------------------------+-------------------+-------------------+
| Interest expense | 1,654 | 2,692 |
+----------------------------------------------------------+-------------------+-------------------+
| Working capital movement | 157 | 497 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Cash used in operations | (439) | (1,235) |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Income taxes received/(paid) | 51 | (47) |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Net cash used in operating activities | (388) | (1,282) |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Investing activities | | |
+----------------------------------------------------------+-------------------+-------------------+
| Interest received | 8 | 71 |
+----------------------------------------------------------+-------------------+-------------------+
| Interest paid | (1,654) | (3,083) |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Net cash (used) in investment activities | (1,646) | (3,012) |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Acquisitions | | |
+----------------------------------------------------------+-------------------+-------------------+
| Sale of investments | - | 813 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Financing activities | | |
+----------------------------------------------------------+-------------------+-------------------+
| Net bank loan advance | 1,458 | 2,259 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Net cash from financing activities | 1,458 | 2,259 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Net (decrease) in cash and cash equivalents | (576) | (1,222) |
+----------------------------------------------------------+-------------------+-------------------+
| Cash and cash equivalents at beginning of the year | 587 | 1,809 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
| Cash and cash equivalents at end of the year | 11 | 587 |
+----------------------------------------------------------+-------------------+-------------------+
| | | |
+----------------------------------------------------------+-------------------+-------------------+
BOUNDARY CAPITAL PLC
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2009
+--------------------------------------------------------+--------------------+-------------------+
| | | |
| | | |
| | Year ended | Year ended |
| | 31-Dec-09 | 31-Dec-08 |
| | EUR000's | EUR000's |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Revenue | 28,767 | 31,389 |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Cost of sales | (7,911) | (7,376) |
+--------------------------------------------------------+--------------------+-------------------+
| Gross Profit | 20,856 | 24,013 |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Operating expenses | (18,609) | (25,050) |
+--------------------------------------------------------+--------------------+-------------------+
| Operating profit/(loss) | 2,247 | (1,037) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Net realised gain on investments | - | 271 |
+--------------------------------------------------------+--------------------+-------------------+
| Net unrealised losses on the revaluation of | (19,454) | (44,592) |
| investments | | |
+--------------------------------------------------------+--------------------+-------------------+
| Portfolio return before interest | (17,207) | (45,358) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Interest income | 27 | 181 |
+--------------------------------------------------------+--------------------+-------------------+
| Interest expense | (4,376) | (5,916) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Loss before taxation | (21,556) | (51,093) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Income tax | (31) | 325 |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Loss after taxation attributable to ordinary | (21,587) | (50,768) |
| shareholders | | |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
| Attributable to: | | |
| Equity holders of the company | (21,665) | (49,913) |
+--------------------------------------------------------+--------------------+-------------------+
| Minority interest | 78 | (855) |
+--------------------------------------------------------+--------------------+-------------------+
| Loss after taxation | (21,587) | (50,768) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Earnings per share - basic and fully diluted (cents) | (41) | (93) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Loss for the financial year | (21,587) | (50,768) |
+--------------------------------------------------------+--------------------+-------------------+
| Currency translation reserve movement | (722) | (2,538) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Total comprehensive income for the year | (22,309) | (53,306) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Attributable to: | | |
+--------------------------------------------------------+--------------------+-------------------+
| Equity holders of the company | (22,387) | (52,451) |
+--------------------------------------------------------+--------------------+-------------------+
| Minority interest | 78 | (855) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
| Total comprehensive income for the year | (22,309) | (53,306) |
+--------------------------------------------------------+--------------------+-------------------+
| | | |
+--------------------------------------------------------+--------------------+-------------------+
BOUNDARY CAPITAL PLC
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2009
+----------------------------------------------------------------+---------------+----------------+
| | 31-Dec-09 | 31-Dec-08 |
| | EUR000's | EUR000's |
+----------------------------------------------------------------+---------------+----------------+
| ASSETS | | |
+----------------------------------------------------------------+---------------+----------------+
| Non-current assets | | |
+----------------------------------------------------------------+---------------+----------------+
| Intangible assets | 51,376 | 51,755 |
+----------------------------------------------------------------+---------------+----------------+
| Property, plant and equipment | 1,567 | 1,706 |
+----------------------------------------------------------------+---------------+----------------+
| Investments designated as FVTPL* | | |
| Quoted Equity Investments | 1,794 | 2,140 |
| Unquoted Equity Investments | 1,124 | 20,232 |
+----------------------------------------------------------------+---------------+----------------+
| Deferred tax assets | 566 | 838 |
+----------------------------------------------------------------+---------------+----------------+
| Total non-current assets | 56,427 | 76,671 |
+----------------------------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------------------------+---------------+----------------+
| Current Assets | | |
+----------------------------------------------------------------+---------------+----------------+
| Inventories | 1,057 | 953 |
+----------------------------------------------------------------+---------------+----------------+
| Trade and other receivables | 3,239 | 3,993 |
+----------------------------------------------------------------+---------------+----------------+
| Current tax receivable | - | 870 |
+----------------------------------------------------------------+---------------+----------------+
| Cash and cash equivalents | 4,133 | 3,367 |
+----------------------------------------------------------------+---------------+----------------+
| Total current assets | 8,429 | 9,183 |
+----------------------------------------------------------------+---------------+----------------+
| TOTAL ASSETS | 64,856 | 85,854 |
+----------------------------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------------------------+---------------+----------------+
| EQUITY | | |
+----------------------------------------------------------------+---------------+----------------+
| Equity share capital | 13,347 | 13,347 |
+----------------------------------------------------------------+---------------+----------------+
| Share premium account | 37,657 | 37,657 |
+----------------------------------------------------------------+---------------+----------------+
| Share based payment reserve | - | 90 |
+----------------------------------------------------------------+---------------+----------------+
| Foreign currency translation reserve | (4,192) | (3,470) |
+----------------------------------------------------------------+---------------+----------------+
| Retained earnings | (77,616) | (55,941) |
+----------------------------------------------------------------+---------------+----------------+
| Equity attributable to equity holders of the parent | (30,804) | (8,317) |
+----------------------------------------------------------------+---------------+----------------+
| Minority interest | 3,345 | 1,012 |
+----------------------------------------------------------------+---------------+----------------+
| Total equity | (27,459) | (7,305) |
+----------------------------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------------------------+---------------+----------------+
| LIABILITIES | | |
+----------------------------------------------------------------+---------------+----------------+
| Non-current liabilities | | |
+----------------------------------------------------------------+---------------+----------------+
| Interest-bearing loans and borrowings | 35,260 | 37,534 |
+----------------------------------------------------------------+---------------+----------------+
| Trade and other payables | 1,228 | 51 |
+----------------------------------------------------------------+---------------+----------------+
| Deferred tax liabilities | 6,395 | 6,996 |
+----------------------------------------------------------------+---------------+----------------+
| Deferred consideration | - | 709 |
+----------------------------------------------------------------+---------------+----------------+
| Other provisions and charges | 1,521 | 956 |
+----------------------------------------------------------------+---------------+----------------+
| Total non-current liabilities | 44,404 | 46,246 |
+----------------------------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------------------------+---------------+----------------+
| Current Liabilities | | |
+----------------------------------------------------------------+---------------+----------------+
| Interest-bearing loans and borrowings | 42,222 | 40,320 |
+----------------------------------------------------------------+---------------+----------------+
| Trade and other payables | 5,670 | 6,068 |
+----------------------------------------------------------------+---------------+----------------+
| Current tax liabilities | 19 | - |
+----------------------------------------------------------------+---------------+----------------+
| Deferred consideration | - | 525 |
+----------------------------------------------------------------+---------------+----------------+
| Total current liabilities | 47,911 | 46,913 |
+----------------------------------------------------------------+---------------+----------------+
| TOTAL LIABILITIES | 92,315 | 93,159 |
+----------------------------------------------------------------+---------------+----------------+
| TOTAL EQUITY AND LIABILITIES | 64,856 | 85,854 |
+----------------------------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------------------------+---------------+----------------+
| *Fair Value Through Profit or loss | | |
| | | |
+----------------------------------------------------------------+---------------+----------------+
BOUNDARY CAPITAL PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2009
+----------------------------------------------------------------+----------------+----------------+
| | | |
| | Year ended | Year ended |
| | 31-Dec-09 | 31-Dec-08 |
| | EUR000's | EUR000's |
+----------------------------------------------------------------+----------------+----------------+
| Cash flows from operating activities | | |
+----------------------------------------------------------------+----------------+----------------+
| Loss before tax | (21,556) | (51,093) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Realised gains on investments | - | (271) |
+----------------------------------------------------------------+----------------+----------------+
| Unrealised losses on revaluation of investments | 19,454 | 44,592 |
+----------------------------------------------------------------+----------------+----------------+
| Depreciation of property, plant & equipment | 478 | 447 |
+----------------------------------------------------------------+----------------+----------------+
| Amortisation of intangible assets | 2,509 | 2,615 |
+----------------------------------------------------------------+----------------+----------------+
| Share based(credit) | (90) | (58) |
+----------------------------------------------------------------+----------------+----------------+
| Interest received | (27) | (181) |
+----------------------------------------------------------------+----------------+----------------+
| Interest expense | 4,376 | 5,916 |
+----------------------------------------------------------------+----------------+----------------+
| Net movement on provisions | 565 | 720 |
+----------------------------------------------------------------+----------------+----------------+
| Working capital movement | 136 | 1,310 |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Cash generated from operations | 5,845 | 3,997 |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Income taxes received/(paid) | 561 | (972) |
+ +----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------------------------------------------------------+----------------+
| Net cash generated from operating activities | 6,406 | 3,025 |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Investing activities | | |
+----------------------------------------------------------------+----------------+----------------+
| Interest received | 27 | 174 |
+----------------------------------------------------------------+----------------+----------------+
| Interest paid | (4,209) | (6,474) |
+----------------------------------------------------------------+----------------+----------------+
| Purchase of property, plant and equipment | (250) | (497) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Net cash used in investing activities | (4,432) | (6,797) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Acquisitions | | |
+----------------------------------------------------------------+----------------+----------------+
| Acquisition of undertakings and subsidiaries | - | (1,485) |
+----------------------------------------------------------------+----------------+----------------+
| Sale of investments | - | 813 |
+----------------------------------------------------------------+----------------+----------------+
| | | |
| | - | (672) |
+----------------------------------------------------------------+ + +
| Net cash used in acquisition activities | | |
+----------------------------------------------------------------+----------------+----------------+
| | | |
| Financing activities | | |
+----------------------------------------------------------------+----------------+----------------+
| Net bank loan advance | 1,458 | 3,693 |
+----------------------------------------------------------------+----------------+----------------+
| Bank loan repayments | (2,666) | (3,961) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Net cash used in financing activities | (1,208) | (268) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Net increase/ (decrease) in cash and cash equivalents | 766 | (4,712) |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Cash & cash equivalents at beginning of year | 3,367 | 8,079 |
+----------------------------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------------------------+----------------+----------------+
| Cash & cash equivalents at end of year | 4,133 | 3,367 |
+----------------------------------------------------------------+----------------+----------------+
BOUNDARY CAPITAL PLC
Notes to the summary financial information
1. Accounting Policies and Basis of Preparation
The financial information included in this document has been prepared on a
consistent basis and using the same accounting policies as those used in the
preparation of the audited financial statements contained in the 2009 annual
report.
The financial information has been prepared in accordance with International
Financial Reporting Standards (IFRS), as adopted by the EU.
The Group's consolidated financial statements have been prepared on the going
concern basis, which assumes that the Group will continue to be able to meet its
liabilities as they fall due for the foreseeable future. However, as a result of
the current difficult credit markets, to date the Group has been unable to
extend the debt facility loaned by Anglo Irish Bank plc to Boundary Capital plc
which expired on 31 December 2009. The Group currently does not have sufficient
financial headroom available under its existing facilities in order to meet this
maturity and service its debt obligations.
The Directors have given careful and detailed consideration to this issue and
while they are hopeful of a positive outcome to the current negotiation, the
timing and materiality of the issue is such as to indicate the existence of a
material uncertainty which may cast significant doubt on the Group's and
Company's ability to continue as a going concern. If this is the case, the Group
and Company may be unable to continue to realise assets and discharge
liabilities in the normal course of business.
Consequently, having made due enquiries and considering the material uncertainty
described above and the timing of its resolution which is outside the control of
the Board, the Directors have decided to continue to adopt the going concern
basis in preparing the financial statements and these financial statements do
not include any adjustments that would result from the absence of the support of
Anglo Irish Bank plc in extending or renewing the debt facilities of the Group.
2. Earnings per Share
+------------------------------------------------+------------+------------+-------------+
| | | Year ended | Year ended |
| | | 31-Dec-09 | 31-Dec-08 |
| | | Audited | Audited |
| | | EUR000's | EUR000's |
+------------------------------------------------+------------+------------+-------------+
| | | | |
| Loss attributable to ordinary shareholders | | (21,665) | (49,913) |
+------------------------------------------------+------------+------------+-------------+
| | | | |
+------------------------------------------------+------------+------------+-------------+
| Weighted and diluted average number of | | 53,387,204 | 53,387,204 |
| ordinary shares | | | |
+------------------------------------------------+------------+------------+-------------+
| | | | |
+------------------------------------------------+------------+------------+-------------+
| Basic and diluted loss per ordinary share | | (41) | (93) |
| (cents) | | | |
+------------------------------------------------+------------+------------+-------------+
Basic earnings per share is calculated by dividing the loss attributable to
equity holders of the Company by the weighted average number of ordinary shares
in issue during the period, excluding ordinary share options.
For diluted earnings per share, the weighted average number of ordinary shares
outstanding is adjusted to assume conversion of all potential dilutive options
over ordinary shares once the adjustment does not reduce a loss per share.
BOUNDARY CAPITAL PLC
Notes to the summary financial information (continued)
3. Statement of changes in Equity
(a) Company
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | Equity | Share | Retained | Share | Total |
| | | share | Premium | Earnings | Based | Equity |
| | | capital | | | Payment | |
| | | | | | Reserves | |
| | | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's |
+----------------------------------+------+----------+----------+----------+----------+----------+
| At 1 January 2009 | | 13,347 | 37,657 | (57,103) | 90 | (6,009) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Loss for the year | | - | - | (22,954) | - | (22,954) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Total comprehensive income in | | 13,347 | 37,657 | (80,057) | 90 | (28,963) |
| the year | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Share based payments | | - | - | - | (90) | (90) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| At 31 December 2009 | | 13,347 | 37,657 | (80,057) | - | (29,053) |
+----------------------------------+------+----------+----------+----------+----------+----------+
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | Equity | Share | Retained | Share | Total |
| | | share | Premium | Earnings | Based | Equity |
| | | capital | | | Payment | |
| | | | | | Reserves | |
| | | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's |
+----------------------------------+------+----------+----------+----------+----------+----------+
| At 1 January 2008 | | 13,347 | 37,657 | (2,666) | 148 | 48,486 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Loss for the year | | - | - | (54,437) | - | (54,437) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Total comprehensive income in | | 13,347 | 37,657 | (57,103) | 148 | (5,951) |
| the year | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Share based payments | | - | - | - | (58) | (58) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| At 31 December 2008 | | 13,347 | 37,657 | (57,103) | 90 | (6,009) |
+----------------------------------+------+----------+----------+----------+----------+----------+
(b) Group
+-------------------+--+---------+--+---------+----+--------+------+------+-----+-------+----+--------+--+----------+-+-----------+
| | | | Foreign | | Share | | | |
| | Equity | | Currency | | Based | Equity | | |
| | Share | Share | Translation | Retained | Payment | interest | Minority | |
| | Capital | Premium | Reserve EUR'000 | Earnings | Reserve | of parent | interests | Total |
| | EUR'000 | EUR'000 | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| | | | | | | | | |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| At 1 January 2009 | 13,347 | 37,657 | (3,470) | (55,941) | 90 | (8,317) | 1,012 | (7,305) |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| Loss for the year | - | - | - | (21,665) | - | (21,665) | 78 | (21,587) |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| Total comprehensive | | | | | | | | |
| income in the year | 13,347 | 37,657 | (3,470) | (77,606) | 90 | (29,982) | 1,090 | (28,892) |
| | | | | | | | | |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| Share based payment | - | - | - | - | (90) | (90) | - | (90) |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| Foreign currency | | | | | | | | |
| translation | - | - | (722) | (10) | - | (732) | 2,255 | 1,523 |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| At 31 December 2009 | 13,347 | 37,657 | (4,192) | (77,616) | | (30,804) | 3,345 | (27,459) |
| | | | | | - | | | |
+----------------------+------------+--------------+---------------+------------+------------+-----------+------------+-----------+
| | | | | | | | | |
+-------------------+------------+------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+-------------------+------------+------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | | | | | | | | | |
+-------------------+--+---------+--+---------+----+--------+------+------+-----+-------+----+--------+--+----------+-+-----------+
BOUNDARY CAPITAL PLC
Notes to the summary financial information (continued)
3. Statement of changes in Equity (continued)
Group
+-------------------+--+--------+--+---------+---+--------+------+------+----+--------+---+--------+--+----------+-+-----------+
| | | | Foreign | | Share | | | |
| | Equity | | Currency | | Based | Equity | | |
| | Share | Share | Translation | Retained | Payment | interest | Minority | |
| | Capital | Premium | Reserve EUR'000 | Earnings | Reserve | of parent | interests | Total |
| | EUR'000 | EUR'000 | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| | | | | | | | | |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| At 1 January 2008 | 13,347 | 37,657 | (932) | (5,913) | 148 | 44,307 | 4,806 | 49,113 |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| Loss for the year | - | - | - | (49,913) | - | (49,913) | (855) | (50,768) |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| Total comprehensive | | | | | | | | |
| income in the year | 13,347 | 37,657 | (932) | (55,826) | 148 | (5,606) | 3,951 | (1,655) |
| | | | | | | | | |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| Share based payment | - | - | - | - | (58) | (58) | - | (58) |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| Foreign currency | | | | | | | | |
| translation | - | - | (2,538) | (115) | - | (2,653) | (1,519) | (4,172) |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| Share | | | | | | | | |
| re-organisation of | - | - | - | - | - | - | (1,420) | (1,420) |
| Panther Group | | | | | | | | |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| At 31 December 2008 | 13,347 | 37,657 | (3,470) | (55,941) | 90 | (8,317) | 1,012 | (7,305) |
+----------------------+-----------+-------------+---------------+-----------+------------+-----------+------------+-----------+
| | | | | | | | | |
+-------------------+-----------+------------+------------+-------------+-------------+------------+-------------+-------------+
| | | | | | | | | | | | | | | | | |
+-------------------+--+--------+--+---------+---+--------+------+------+----+--------+---+--------+--+----------+-+-----------+
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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