TIDMNDP
RNS Number : 6468Z
Nipson Digital Printing Systems PLC
25 September 2009
7.00am 25 September 2009
NIPSON DIGITAL PRINTING SYSTEMS PLC
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
Nipson Digital Printing Systems PLC ("Nipson" or "the Group"), the manufacturer
and distributor of digital printing systems and consumables, today announces its
unaudited results for the six months to 30 June 2009.
+----------------------------------+-----------+--------+-----------+------------+
| | 6 months | Change | 6 months | Full Year |
| | to | +/-% | to | to |
| | 30 June | | 30 June | 31 |
| | 2009 | | 2008 | December |
| | Unaudited | | Unaudited | 2008 |
| | GBP'000 | | GBP'000 | Audited |
| | | | | GBP'000 |
+----------------------------------+-----------+--------+-----------+------------+
| Revenue | 13,214 | -6.9% | 14,188 | 27,312 |
+----------------------------------+-----------+--------+-----------+------------+
| Gross profit | 2,676 | +10.4% | 2,423 | 2,869 |
+----------------------------------+-----------+--------+-----------+------------+
| Operating profit/(loss) | 11,984 | | (2,104) | (13,371) |
+----------------------------------+-----------+--------+-----------+------------+
| Profit/(Loss) on ordinary | 12,347 | | (3,021) | (15,910) |
| activities before tax | | | | |
+----------------------------------+-----------+--------+-----------+------------+
| | | | | |
+----------------------------------+-----------+--------+-----------+------------+
| Attributable to : | | | | |
+----------------------------------+-----------+--------+-----------+------------+
| Equity holders of the parent | 4,135 | | (3,021) | (15,910) |
+----------------------------------+-----------+--------+-----------+------------+
| Minority interest | 8,212 | | - | - |
+----------------------------------+-----------+--------+-----------+------------+
| | 12,347 | | (3,021) | (15,910) |
+----------------------------------+-----------+--------+-----------+------------+
| | | | | |
+----------------------------------+-----------+--------+-----------+------------+
| Operating loss excl. profit from | (226) | | - | - |
| loan waivers | | | | |
+----------------------------------+-----------+--------+-----------+------------+
* The French Courts in Belfort signed on the 7 July 2009 the approval of Nipson
SAS's, the French subsidiary, restructuring plan along the lines of the project
agreed with Creacorp NV("Creacorp"), the controlling shareholder of the Group
since 14 October 2008;
* On the 26 June 2009, of the total amount owed by Nipson SAS (the French
Subsidiary) to Creacorp of EUR 14,531,377, Creacorp capitalised EUR874,280 (approx
6%) and waived the remaining EUR13,667,097 (approx 94%). The waiver of these
loans results in an exceptional profit of EUR 13,667,097;
* For the first six months, and compared to the same period of 2008, recurrent
revenues increased by 5%; however, equipment revenues decreased by 38%.
Marc Maes, Nipson's Chairman commented: "The positive result comes essentially
from the waiver of loans by Creacorp. This result does not reflect the
underlying operational result. The turnaround process shows some positive
elements, but the Group still faces operational losses and severe cash
pressures, which along with the unpredictable sales continue to make its
continuity uncertain. In addition, the Board of Nipson is holding negotiations
with Roseman, Polar and Creacorp in order to come to long term solutions for the
outstanding loans and open issues and to avoid an insolvency situation.
Finally, the cash support from Nipson SAS to Nipson can only be limited,
since Nipson SAS is still supervised by the court administration in Belfort and
under these arrangements cash has to be retained in the subsidiary for repayment
of the debts related to the Redressement Judiciaire."
A copy of this announcement and the audited results for the six months to 30
June 2009 are also available from the Company's website, www.nipson.com.
For further information, please contact:
Nipson Digital Printing Systems PLC
Marc Maes, Chairman - Tel: +32 (0)494 500 423
Guillaume Dumarey, Managing Director - Tel: +33 (0)384 545 270
Beaumont Cornish Ltd (Nomad)
Roland Cornish / Rosalind Hill Abrahams - Tel: +44 (0)20 7628 3396
CHAIRMAN'S STATEMENT
Overview
The French Courts in Belfort signed on the 7 July 2009 the approval of Nipson
SAS's, the French subsidiary, restructuring plan along the lines of the project
agreed with Creacorp, but the operations are still loss making.
The positive result comes essentially from the waiver of loans by Creacorp.
This result does not reflect the underlying operational result.
The operating loss of almost GBP0.2m, incurred in the first half of 2009 was in
line with our expectations despite the lower equipment sales, and the
reorganisation costs.
Other announcements were made recently concerning the tight cash situation of
Nipson and the French subsidiary. The negative result impacted the Group's cash
position.
In the current market and economic circumstances, it is very difficult to
predict as to how sales will evolve.
The turnaround process shows some positive elements, but the Group still faces
operational losses and severe cash pressures which, along with unpredictable
sales, continue to make its continuity uncertain.
Despite the difficult situation, the Group is continuing to produce machines,
spare parts and consumables and continuing to provide a maintenance service to
customers either directly or via its agreed distributors.
Reference is made to the announcement of 18 September 2009. Management of Nipson
has meanwhile had meetings with Roseman, Polar and Creacorp. All parties
concerned want to avoid insolvency if at all possible and have agreed to
arrangements which allow Nipson to continue its operations in the short term.
Discussions are continuing between the parties to try to arrive at a longer term
solution. Polar, Roseman and Creacorp agreed to continue this dialogue, and
will inform the Board of Directors as to the outcome on Wednesday 30 September
2009. The Board has arranged for a further Board meeting on 1 October 2009.
Nipson is constrained by lack of cash resources which therefore has implications
for it as a going concern. Nipson has only limited access to cash from its
subsidiary Nipson SAS, as Nipson SAS is still supervised by the court
administration in Belfort. Under these arrangements cash has to be retained in
the subsidiary for repayment of the debts related to the Redressement
Judiciaire.
Nipson received a default judgement with regard to a contractual issue with the
former CEO. Nipson is preparing an application to the court.
Revenue and Operating Results
Revenue for the six months to 30 June 2009 was GBP13.2m, a decrease of 6.9% over
the same period last year. The decrease came essentially from lower sales of new
equipment.
Equipment sales, at GBP2.5m for the six months, showed a decrease of 38% over
the comparative period.
Recurrent revenues for the six months to 30 June 2009 were GBP10.8m, an increase
of 5% as compared to the same period last year. The Group's recurrent revenue
continues to grow.
Gross profit for the six months to 30 June 2009 was GBP2.7m, 10% higher than the
comparative period last year. The margin made on equipment sales and recurrent
revenues improved as a result of the decrease in production costs following the
restructuring plan, and helped by the margin made on equipment sales especially
in the Middle East area.Gross margins are still suffering from the adverse US
Dollar exchange rate, which remains weak against the Euro.
The operating result for the six months to 30 June 2009 showed a profit of
GBP11.9m against a loss of GBP2.1m for the corresponding period in 2008. This
result includes the profit from the loans waived by Creacorp of EUR13.7m in June
2009. Operating expenses at GBP4.8m (2008: GBP4.5m) were higher mainly due to
fees supported by the French Subsidiary for the administration and legal costs
of the "Redressement Judiciaire", also no R&D costs were capitalised during the
first half year of 2009.
The costs of Research & Development for the first six months of 2009 were
GBP1.8m (against GBP1.9m in the first 6 months of 2008) of which none were
capitalised (first 6 months of 2008: GBP0.8m capitalised). No R&D costs were
capitalised in the first 6 months as management considered those projects to
support existing business and would not create additional future positive cash
flow streams.
The net profit for the first six months was GBP12.3m (2008: net loss of
GBP3.0m). Other than the improvement of the gross profit and loans waived by
Creacorp, the finance costs are lower in 2009 mainly due to less interest on
loans, and less use of financing facilities (bank overdraft and factoring).
As at 30 June 2009 cash balances were GBP1.1m (GBP2.1m at 31 December 2008).The
inventory level of GBP8.2m decreased compared to GBP12.3m at 30 June 2008 but
remained stable in local currency compared to 31 December 2008. The level of
trade and other receivables decreased to GBP6.0m (GBP7.4m at 31 December 2008
and GBP8.3m at 30 June 2008). The level of trade and other payables decreased
to GBP15.1m compared to GBP17.2m at 31 December 2008. The trade and other
payables also include the debt due by the French Subsidiary to the social
security and certain amounts due to employees of the French Subsidiary as part
of the restructuring plan. This debt has to be repaid over a 3 years period.
Comments on the valuation of the Loan Notes for D Roseman Nipson Limited
Partnership ("Roseman") and for Polar Communications LTD ("Polar") are detailed
in Note 4 to the accounts. As at 30 June 2009, the total amount owing to the
Polar for loans was GBP1.9m.
The results announcement makes reference for the first time to Minority
Interests. This follows the conversion by Creacorp, as previously announced, of
part of the debt owed to it by Nipson SAS into shares of Nipson SAS. As such
Nipson now holds approximately 52.3% of Nipson SAS and Creacorp holds the
remaining 47.7%.
Marc Maes, Chairman, Nipson Digital Printing Systems PLC
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
CONSOLIDATED INCOME STATEMENT
+-----------------------------------------+-----------+-----------+------------+
| | 6 months | 6 months | Full |
| | to | to | Year to |
| | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+-----------------------------------------+-----------+-----------+------------+
| Continuing Operations | 13,214 | 14,188 | 27,312 |
| Revenue | | | |
+-----------------------------------------+-----------+-----------+------------+
| Cost of Sales | (10,538) | (11,765) | (24,443) |
+-----------------------------------------+-----------+-----------+------------+
| Gross Profit | 2,676 | 2,423 | 2,869 |
+-----------------------------------------+-----------+-----------+------------+
| Administrative Expenses | (4,791) | (4,527) | (9,100) |
+-----------------------------------------+-----------+-----------+------------+
| Other Operating Profit/(Loss) | 14,099 | - | (7,140) |
+-----------------------------------------+-----------+-----------+------------+
| Profit/(Loss) on Continuous Operations | 11,984 | (2,104) | (13,371) |
| before interest | | | |
+-----------------------------------------+-----------+-----------+------------+
| Finance Income | 729 | 154 | 470 |
+-----------------------------------------+-----------+-----------+------------+
| Finance Costs | (366) | (1,071) | (3,009) |
+-----------------------------------------+-----------+-----------+------------+
| Profit/(Loss) from Continuing | 12,347 | (3,021) | (15,910) |
| Operations before tax | | | |
+-----------------------------------------+-----------+-----------+------------+
| Taxation | - | - | - |
+-----------------------------------------+-----------+-----------+------------+
| Profit/(Loss) from Continuing | 12,347 | (3,021) | (15,910) |
| Operations after tax | | | |
+-----------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------+-----------+-----------+------------+
| Attributable to : | | | |
+-----------------------------------------+-----------+-----------+------------+
| Equity holders of the parent | 4,135 | (3,021) | (15,910) |
+-----------------------------------------+-----------+-----------+------------+
| Minority interest | 8,212 | - | - |
+-----------------------------------------+-----------+-----------+------------+
| | 12,347 | (3,021) | (15,910) |
+-----------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------+-----------+-----------+------------+
| Profit/(Loss) per Ordinary Share | 23.6p | (5.8p) | (30.4p) |
+-----------------------------------------+-----------+-----------+------------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+-----------------------------------------+-----------+-----------+------------+
| | 6 months | 6 months | Full Year |
| | to | to | to |
| | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+-----------------------------------------+-----------+-----------+------------+
| Exchange Difference on Translation of | 336 | 517 | (1,494) |
| Foreign Operations | | | |
+-----------------------------------------+-----------+-----------+------------+
| Net Income Recognised Directly in | 336 | 517 | (1,494) |
| Equity | | | |
+-----------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------+-----------+-----------+------------+
| Profit/(Loss) for the Year | 12,347 | (3,021) | (15,910) |
+-----------------------------------------+-----------+-----------+------------+
| Total Recognised Income and Expense for | 12,683 | (2,504) | (17,404) |
| the Year | | | |
+-----------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------+-----------+-----------+------------+
| Attributable to : | | | |
+-----------------------------------------+-----------+-----------+------------+
| Equity holders of the parent | 4,311 | (2,504) | (17,404) |
+-----------------------------------------+-----------+-----------+------------+
| Minority interest | 8,372 | - | - |
+-----------------------------------------+-----------+-----------+------------+
| | 12,683 | (2,504) | (17,404) |
+-----------------------------------------+-----------+-----------+------------+
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+----------------------------------------+-----------+-----------+------------+
| | 6 months | 6 months | Full Year |
| | to | to | to |
| | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+----------------------------------------+-----------+-----------+------------+
| Assets | 846 | 783 | 861 |
| Non-Current Assets | | | |
| Goodwill | | | |
+----------------------------------------+-----------+-----------+------------+
| Other Intangible Assets | 3,408 | 4,235 | 4,653 |
+----------------------------------------+-----------+-----------+------------+
| Property, Plant & Equipment | 3,127 | 3,556 | 2,998 |
+----------------------------------------+-----------+-----------+------------+
| Deferred Tax Asset | 566 | 634 | 424 |
+----------------------------------------+-----------+-----------+------------+
| Other Non-Current Assets | 235 | 556 | 239 |
+----------------------------------------+-----------+-----------+------------+
| | 8,182 | 9,764 | 9,165 |
+----------------------------------------+-----------+-----------+------------+
| Current Assets | | | |
+----------------------------------------+-----------+-----------+------------+
| Inventories | 8,183 | 12,375 | 9,325 |
+----------------------------------------+-----------+-----------+------------+
| Trade and Other Receivables | 6,003 | 8,263 | 7,454 |
+----------------------------------------+-----------+-----------+------------+
| Cash and Cash Equivalents | 1,131 | 1,094 | 2,164 |
+----------------------------------------+-----------+-----------+------------+
| | 15,317 | 21,732 | 18,943 |
+----------------------------------------+-----------+-----------+------------+
| Liabilities | | | |
+----------------------------------------+-----------+-----------+------------+
| Current Liabilities | | | |
+----------------------------------------+-----------+-----------+------------+
| Trade and Other Payables | (15,127) | (8,524) | (17,233) |
+----------------------------------------+-----------+-----------+------------+
| Borrowings | (2,276) | (15,648) | (18,780) |
+----------------------------------------+-----------+-----------+------------+
| | (17,403) | (24,172) | (36,013) |
+----------------------------------------+-----------+-----------+------------+
| Net Current Assets | (2,086) | (2,440) | (17,070) |
+----------------------------------------+-----------+-----------+------------+
| | | | |
+----------------------------------------+-----------+-----------+------------+
| Non-Current Liabilities | | | |
+----------------------------------------+-----------+-----------+------------+
| Borrowings | (5,405) | (3,483) | (4,145) |
+----------------------------------------+-----------+-----------+------------+
| Deferred Tax Liabilities | (566) | (634) | (424) |
+----------------------------------------+-----------+-----------+------------+
| Retirement Benefit Liability | (605) | (1,050) | (689) |
+----------------------------------------+-----------+-----------+------------+
| | (6,576) | (5,167) | (5,258) |
+----------------------------------------+-----------+-----------+------------+
| | | | |
+----------------------------------------+-----------+-----------+------------+
| Net Assets | (480) | 2,157 | (13,163) |
+----------------------------------------+-----------+-----------+------------+
| | | | |
+----------------------------------------+-----------+-----------+------------+
| Shareholder's Equity | | | |
+----------------------------------------+-----------+-----------+------------+
| Ordinary Share Capital | 523 | 523 | 523 |
+----------------------------------------+-----------+-----------+------------+
| Share Premium | 13,915 | 13,915 | 13,915 |
+----------------------------------------+-----------+-----------+------------+
| Equity Portion of Convertible Loan | 493 | 913 | 493 |
| Notes | | | |
+----------------------------------------+-----------+-----------+------------+
| Reverse Acquisition Merger Reserve | 3,057 | 3,057 | 3,057 |
+----------------------------------------+-----------+-----------+------------+
| Translation Reserve | (992) | 683 | (1,328) |
+----------------------------------------+-----------+-----------+------------+
| Retained Earnings | (19,188) | (16,934) | (29,823) |
+----------------------------------------+-----------+-----------+------------+
| | (2,192) | 2,157 | (13,163) |
+----------------------------------------+-----------+-----------+------------+
| Minority Interest | 1,712 | - | - |
+----------------------------------------+-----------+-----------+------------+
| Total Equity Attributable to Equity | (480) | 2,157 | (13,163) |
| Holders | | | |
+----------------------------------------+-----------+-----------+------------+
Approved by the Board of Directors on 24 September 2009
Guillaume DumareyRobert Cahill
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
CONSOLIDATED STATEMENT OF CASH FLOWS
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| | 6 months | 6 months | Full Year |
| | to | to | to |
| | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Net Cash (Decrease)/Increase from | (720) | (1,386) | 2,179 |
| Operating Activities | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Cash Flows from Investing Activities | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Purchase of Intangible Assets | - | (790) | (1,414) |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Purchase of Property, Plant & | (95) | (46) | (63) |
| Equipment | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Disposal of fixed assets | 189 | 169 | 98 |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Interest Received | - | - | - |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Net Cash Raised/(Used) in Investing | 94 | (667) | (1,379) |
| Activities | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Cash Flows from Financing Activities | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Interest Paid | (94) | (187) | (409) |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Capital Repayments on Finance Leases | (116) | (121) | (234) |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Borrowings Raised - from Third Party | - | 1,574 | 1,562 |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| from | 179 | 586 | 565 |
| Parent | | | |
| Undertaking | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Borrowings Repaid | (376) | (53) | (1,468) |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Net Cash (Used)/Raised in Financing | (407) | 1,799 | 16 |
| Activities | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Net (Decrease)/Increase in Cash & | (1,033) | (254) | 816 |
| Cash Equivalents | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Cash & Cash Equivalents at 1 January | 2,164 | 1,348 | 1,348 |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
| Cash & Cash Equivalents at end of | 1,131 | 1,094 | 2,164 |
| period | | | |
+---------------------------------------------------------------------------------------------------------+-----------+------------+------------+
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
CASH FLOWS FROM OPERATING ACTIVITIES
+---------------------------------------+------------+-----------+------------+
| Cash Generated from Operations | 6 months | 6 months | Full Year |
| | to | to | to |
| | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+---------------------------------------+------------+-----------+------------+
| Continuing Operations | 12,347 | (3,021) | (15,910) |
| Profit/(Loss) before Taxation | | | |
+---------------------------------------+------------+-----------+------------+
| Adjustments for: | | | |
+---------------------------------------+------------+-----------+------------+
| Depreciation and Amortisation | 991 | 1,138 | 2,330 |
+---------------------------------------+------------+-----------+------------+
| Disposal of fixed assets | (152) | - | - |
+---------------------------------------+------------+-----------+------------+
| Finance Income | (729) | (154) | (470) |
+---------------------------------------+------------+-----------+------------+
| Finance Expense | 366 | 1,071 | 3,009 |
+---------------------------------------+------------+-----------+------------+
| Increase in Retirement Benefit | - | 34 | 134 |
| Obligation | | | |
+---------------------------------------+------------+-----------+------------+
| Share Based Payment Charge | - | - | - |
+---------------------------------------+------------+-----------+------------+
| Other gains and losses | (13,893) | 190 | 8,224 |
+---------------------------------------+------------+-----------+------------+
| Changes in Working Capital | | | |
+---------------------------------------+------------+-----------+------------+
| (Increase)/Decrease in Inventories | (220) | (2,696) | 518 |
+---------------------------------------+------------+-----------+------------+
| Decrease in Trade & Other Receivables | 380 | 1,224 | 4,519 |
+---------------------------------------+------------+-----------+------------+
| Increase/(Decrease) in Payables | 190 | 828 | (175) |
+---------------------------------------+------------+-----------+------------+
| Cash (Used in)/from Continuing | (720) | (1,386) | 2,179 |
| Operations | | | |
+---------------------------------------+------------+-----------+------------+
| Corporation Tax Paid | - | - | - |
+---------------------------------------+------------+-----------+------------+
| Net Cash (Decrease)/Increase from | (720) | (1,386) | 2,179 |
| Continuing Operations | | | |
+---------------------------------------+------------+-----------+------------+
NOTES
1. Basis of Preparation of Interim Report
The information for the interim accounts for the six month period ended 30 June
2009 has neither been audited or reviewed by the auditors, and does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985 (section 435 of the Companies Act 2006). The figures and financial
information for the year ended 31 December 2008 do not constitute financial
statements for that year. Those financial statements have been delivered to the
Registrar and included an audit report which was unqualified, contained no
statements under either section 237(2) or (3) of the 1985 Act (section 498(2) or
(3) of the 2006 act). The audit report in those financial statements ended
31 December 2008 did however contain the following emphasis of matter:
"In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosure made in note 23 to the
consolidated financial concerning the Group's ability to continue as a going
concern which is reliant on support of the ultimately controlling party Creacorp
N.V. This support, which includes agreements to write off certain loans and
provide further finance, is contingent on successful completion of the
Redressement Judiciaire process for Nipson SAS in France, for which a decision
is not expected until 23 June 2009. These conditions indicate a material
uncertainty which may cast significant doubt about the Group's ability to
continue as a going concern. The financial statements do not include the
adjustments that would result if the Group was unable to continue as a going
concern."
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
2. Profit/(Loss) per Share
The Profit/(Loss) per Ordinary Share is calculated on the weighted average
number of ordinary shares in issue during the period of 52,303,581 (2008:
52,303,581).In the period the basic and diluted EPS have been taken to be the
same.
3. Accounting Policies
The interim results have been prepared in accordance with IFRS accounting
rules. With the exception of the adoption here of IAS1, the Accounting Policies
used in the preparation of these results were the accounting policies used in
the preparation of the results for the year ended 31 December 2008 and detailed
in the notes to those results (see Annual Report 2008 issued 8 June 2009).
4. Equity Portion of Convertible Loan Notes
The fair value of the liability component and the value of the equity component
of the Roseman and Creacorp convertible loan notes, were determined at the same
time as the issue of the notes; calculated using a market interest rate based
upon equity venture capital loans at a rate of 20%.
Note 5 : STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| | Share | Share | Equity | Reverse | Translation | Retained | Total |
| | Capital | Premium | Portion | Acquisition | Reserve | Earnings | GBP'000 |
| | GBP'000 | GBP'000 | of | Reserve | GBP'000 | GBP'000 | |
| | | | Convertible | GBP'000 | | | |
| | | | Loans | | | | |
| | | | GBP'000 | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| At 1 January 2008 | 523 | 13,915 | - | 3,057 | 166 | (13,913) | 3,748 |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Loss for the | - | - | - | - | - | (3,021) | (3,021) |
| Period | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Equity Portion of | - | - | 913 | - | - | - | 913 |
| Convertible Loans | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Exchange | - | - | - | - | 517 | - | 517 |
| Differences on | | | | | | | |
| Translation of | | | | | | | |
| Foreign Operations | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| At 30 June 2008 | 523 | 13,915 | 913 | 3,057 | 683 | (16,934) | 2,157 |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| At 1 January 2009 | 523 | 13,915 | 493 | 3,057 | (1,328) | (29,823) | (13,163) |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Profit for the | - | - | - | - | - | 12,347 | 12,347 |
| Period | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Equity Portion of | - | - | - | - | - | - | - |
| Convertible Loans | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| Exchange | - | - | - | - | 336 | - | 336 |
| Differences on | | | | | | | |
| Translation of | | | | | | | |
| Foreign Operations | | | | | | | |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
| At 30 June 2009 | 523 | 13,915 | 493 | 3,057 | (992) | (17,476) | (480) |
+--------------------+---------+---------+-------------+-------------+-------------+----------+----------+
NIPSON DIGITAL PRINTING SYSTEMS PLC
Unaudited results for the six months ended 30 June 2009
NOTE 6 (A) : GEOGRAPHICAL ANALYSIS OF SALES
+-----------------------------------+--------------+--------------+--------------+
| Country / Region | 6 months to | 6 months to | Full Year to |
| | 30 June | 30 June | 31 December |
| | 2009 | 2009 | 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+--------------+--------------+--------------+
| France | 2,770 | 2,653 | 4,806 |
+-----------------------------------+--------------+--------------+--------------+
| Rest of Europe | 4,307 | 4,722 | 8,762 |
+-----------------------------------+--------------+--------------+--------------+
| USA and Canada | 2,403 | 3,098 | 6,330 |
+-----------------------------------+--------------+--------------+--------------+
| Asia | 900 | 1,567 | 2,704 |
+-----------------------------------+--------------+--------------+--------------+
| Latin America | 1,292 | 1,435 | 2,463 |
+-----------------------------------+--------------+--------------+--------------+
| Other | 1,542 | 713 | 2,247 |
+-----------------------------------+--------------+--------------+--------------+
| Total | 13,214 | 14,188 | 27,312 |
+-----------------------------------+--------------+--------------+--------------+
NOTE 6 (B) : SEGMENTAL ANALYSIS
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | France | | | Rest | | | USA | | | PLC | | | Total | |
| | | | | | of | | | | | | | | | | |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | Europe | | | | | | | | | | |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| 6m = 6 | 6m to | 6m | FY to | 6m to | 6m | FY to | 6m to | 6m | FY to | 6m to | 6m | FY to | 6m to | 6m | FY to |
| months | 30 | to | 31 | 30 | to | 31 | 30 | to | 31 | 30 | to | 31 | 30 | to | 31 |
| FY = Full | June | 30 | Dec | June | 30 | Dec | June | 30 | Dec | June | 30 | Dec | June | 30 | Dec |
| Year | 2009 | June | 2008 | 2009 | June | 2008 | 2009 | June | 2008 | 2009 | June | 2008 | 2009 | June | 2008 |
| | GBP'000s | 2008 | GBP'000s | GBP'000s | 2008 | GBP'000s | GBP'000s | 2008 | GBP'000s | GBP'000s | 2008 | GBP'000s | GBP'000s | 2008 | GBP'000s |
| | | GBP'000s | | | GBP'000s | | | GBP'000s | | | GBP'000s | | | GBP'000s | |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Revenue | 10,880 | 12,034 | 22,562 | 1,267 | 1,186 | 2,101 | 1,067 | 967 | 2,649 | - | - | - | 13,214 | 14,188 | 27,312 |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Assets | 18,764 | 16,691 | 12,997 | 1,157 | 3,151 | 3,301 | 1,854 | 2,128 | 2,247 | 1,724 | 9,527 | 9,563 | 23,499 | 31,496 | 28,108 |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Capital | 93 | 423 | 1,445 | 2 | 1 | 1 | (26) | 1 | 31 | 2 | 2 | - | 71 | 427 | 1,477 |
| Expenditure | | | | | | | | | | | | | | | |
+-------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUQUBUPBGMC
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