TIDMYCO
RNS Number : 8883Z
YCO Group PLC
30 September 2009
YCO GROUP PLC
("YCO" or the "Group")
Unaudited Interim Financial Information for the six months ended 30 June 2009
YCO, the super yacht services company, today announces its unaudited interim
results for the six months ended 30 June 2009.
HIGHLIGHTS
The main highlights of our performance are:
* Revenue down by 20% to GBP10,894,876 (2008 GBP13,704,303)
* Gross profit up by 103% to GBP3,111,993 (2008 GBP1,530,545)
* Loss for the six months GBP(596,101) (2008 GBP51,833 Profit)
Commenting on the results, Peter Jay, Non-executive Chairman said, "We have made
good progress during the period in restructuring our internal operations, which
we believe will benefit the Group going forward. The summer months post period
end have already seen an increase in activity and we look forward to this
continuing throughout the second half of the year."
For further information contact:
+---------------------------------------------+----------------------------------+
| YCO Group Plc | |
+---------------------------------------------+----------------------------------+
| Peter Jay, Chairman | +44 (0) 7795 265 241 |
+---------------------------------------------+----------------------------------+
| | |
+---------------------------------------------+----------------------------------+
| WH Ireland Limited (Nominated Adviser) | |
+---------------------------------------------+----------------------------------+
| Adrian Kirk | +44 (0)161 832 2174 |
+---------------------------------------------+----------------------------------+
| | |
+---------------------------------------------+----------------------------------+
| Religare Hichens, Harrison Plc (Broker) | |
+---------------------------------------------+----------------------------------+
| Daniel Briggs | +44 (0)20 7382 7776 |
+---------------------------------------------+----------------------------------+
| Alan Rooke | +44 (0)20 7382 7781 |
+---------------------------------------------+----------------------------------+
CHAIRMAN'S STATEMENT
I am pleased to report the first full set of interim figures for the enlarged
YCO Group.
As mentioned in previous statements, the second half of the year is
traditionally the stronger half of the year and we are already in a position to
see this trend repeating itself this year.
The reduction of turnover can be explained by the significant reduction in the
price per tonne of fuel.
The Group continues to review its cost structure and once again the figures
reflect further rationalisation in costs. As with many other businesses, we are
currently experiencing the effects of the worldwide recession but the board is
confident that the Group is well placed to benefit once conditions improve in
the market place.
During the first six months of 2009 the Group took the decision to leverage the
reduced activity in the market to invest time and money into administrative
restructuring and IT infrastructure. This included the development of a
comprehensive CRM system for the Group and the opening of a new office for Yacht
Help Group in Antibes, which now operates as that company's headquarters.
The Group has also expanded the high revenue generating Yacht Brokerage teams,
and these two departments have seen increased activity over the summer in both
sales and charters. Yacht Management remains a strong performer within the Group
and the fuelling and provisioning divisions also reported a good summer. In
particular, post the period end this division recorded its busiest months in
July, August and September.
OUTLOOK
The summer months showed an improvement in all areas of the Group, and looking
forward to the latter half of the year we expect to see this maintained,
especially following the Monaco Yacht Show in September, which is a highlight in
the business year for the yachting industry. We anticipate that the investments
made in Group structure and systems will enable the Group not only to minimise
operational costs in the present, but to develop swiftly and profitably in the
future.
PETER JAY
Non-executive chairman
30th September 2009
YCO GROUP PLC
Consolidated Income Statement
for the six months ended 30 June 2009
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | Six months | | Six | | Year ended |
| | | | | to 30 June | | months 30 | | 31 December |
| | | | | 2009 | | June 2008 | | 2008 |
| | | | | Unaudited | | Unaudited | | Audited |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | GBP'000s | | GBP'000s | | GBP'000s |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Revenue | | | | 10,895 | | 13,704 | | 28,501 |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Cost of Sales | | | (7,783) | | (12,174) | | (23,227) |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | ------ | | ------ | | ------ |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Gross Profit | | | 3,112 | | 1,530 | | 5,274 |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Administrative expenses | | (3,681) | | (1,476) | | (5,998) |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | | | ------ | | ------ | | ------ |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Operating | | | (569) | | 54 | | (724) |
| (Loss)/Profit | | | | | | | |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Finance income | | | - | | 1 | | 54 |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Finance costs | | | (27) | | (4) | | (14) |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | ------ | | ------ | | ------ |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| (Loss)/Profit before | | | (596) | | 51 | | (684) |
| tax | | | | | | | |
+----------------------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Income tax charges | | - | | (15) | | - |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | | | ------ | | ------ | | ------ |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| (Loss)/Profit for the period from | (596) | | 36 | | (684) |
| continuing | | | | | |
| operations attributable to | | | | | |
| shareholders | | | | | |
+--------------------------------------+-------------+--+------------+--+--------------+
| | | | | ------ | | ----- | | ------ |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| (Loss)/Earnings per share | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Basic | | | | (1.24) | | 0.16 | | (1.85) |
| (pence) | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| Diluted | | | | (1.24) | | 0.16 | | (1.85) |
| (pence) | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
YCO GROUP PLC
Statement of Comprehensive Income
for the six months ended 30 June 2009
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | Six months | | Six months | | Year |
| | | | | ended | | ended | | ended |
| | | | | 30 June | | 30 June | | 31 December |
| | | | | 2009 | | 2008 | | 2008 |
| | | | | Unaudited | | Unaudited | | Audited |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | GBP'000s | | GBP'000s | | GBP'000s |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| | | | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
| (Loss)/Profit for the period | | (596) | | 36 | | (684) |
+-------------------------------+------+-------------+--+------------+--+--------------+
| Other comprehensive income | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| Currency translation | | 104 | | - | | 28 |
| differences | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | ------ | | ------- | | ------- |
+-------------------------------+------+-------------+--+------------+--+--------------+
| Total comprehensive income | | (492) | | 36 | | (656) |
| for the period | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | ------ | | ------- | | ------- |
+-------------------------------+------+-------------+--+------------+--+--------------+
| Total comprehensive income | | | | | | |
| attributable to : | | | | | | |
+-------------------------------+------+-------------+--+------------+--+--------------+
| - Owners of the company | | (492) | | 36 | | (656) |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | ------ | | ------- | | ------ |
+-------------------------------+------+-------------+--+------------+--+--------------+
| | | | | | | |
+-------------+--------+--------+------+-------------+--+------------+--+--------------+
YCO GROUP PLC
Consolidated Statement of Financial Position as at 30 June 2009
+----------------------------+-----+-------+--+-+-------------+-+-----------+-------------+
| | | | | As at | | As at | As at |
| | | | | 30 June | | 30 June | 31 December |
| | | | | 2009 | | 2008 | 2008 |
| | | | | Unaudited | | Unaudited | Audited |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| | | | | GBP'000s | | GBP'000s | GBP'000s |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| Assets | | | | | | | |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| | | | | | | | |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| Non-current assets | | | | | | |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| Property, plant and equipment | | 740 | | 668 | 827 |
+---------------------------------------------+-+-------------+-+-----------+-------------+
| Goodwill | | | | 15,333 | | 14,954 | 15,333 |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| Intangibles | | | | 310 | | 20 | 280 |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| | | | | 16,383 | | 15,642 | 16,440 |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| Current assets | | | | | | |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| Inventories | | 10 | | 156 | 204 |
+---------------------------------------------+-+-------------+-+-----------+-------------+
| Trade and other receivables | | 5,901 | | 6,579 | 5,968 |
+---------------------------------------------+-+-------------+-+-----------+-------------+
| Cash and cash equivalents | | | 157 | | 372 | 859 |
+----------------------------------+----------+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | 6,068 | | 7,107 | 7,031 |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Current liabilities | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Trade and other payables | | | | 7,832 | | 6,963 | 8,318 |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Financial liabilities - | | | | 22 | | 13 | 24 |
| borrowings and | | | | | | | |
| Interest bearing loans | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Tax payable | | | | - | | 137 | - |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | 7,854 | | 7,113 | 8,342 |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Net Current Liabilities | | | | (1,786) | | (6) | (1,311) |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Non-Current Liabilities | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Financial liabilities - | | | | | | | |
| borrowings and | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Interest bearing loans | | | | (29) | | - | (41) |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | ----- | | ----- | ----- |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Net assets | | | | 14,568 | | 15,636 | 15,088 |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | ------ | | ----- | ----- |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Equity | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Capital and reserves | | | | | | | |
+----------------------------------+-------+--+-+-------------+-+-----------+-------------+
| Called up share capital | | 168 | | 168 | 168 |
+---------------------------------------------+-+-------------+-+-----------+-------------+
| Share premium | | | | 14,959 | | 14,914 | 14,959 |
+----------------------------+-------------+--+-+-------------+-+-----------+-------------+
| Retained (loss)/earnings | | | (858) | | 458 | (262) |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| Other reserves | | | 195 | | 96 | 195 |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| Translation reserve | | | 104 | | - | 28 |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| | | | ----- | | ----- | ----- |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| Total equity | | | 14,568 | | 15,636 | 15,088 |
+------------------------------------------+--+-+-------------+-+-----------+-------------+
| | | | ----- | | ----- | ----- |
+----------------------------+-----+-------+--+-+-------------+-+-----------+-------------+
YCO GROUP PLC
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2009
+----------------+------------+------------+----------+-----------+-------------+------------+
| | Share | Share | Retained | Other | Translation | |
| | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | Capital | Premium | Earnings | Reserves | Reserve | Total |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| As at 1 | 75 | 2,048 | 422 | 133 | - | 2,678 |
| January 2008 | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| Shares issued | 93 | 12,866 | - | - | - | 12,959 |
+----------------+------------+------------+----------+-----------+-------------+------------+
| Profit after | - | - | 36 | - | - | 36 |
| tax for the | | | | | | |
| period | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| Equity to be | - | - | - | (37) | - | (37) |
| issued | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | ------ | ------ | ------ | ------ | ------ | ------ |
+----------------+------------+------------+----------+-----------+-------------+------------+
| As at 30 June | 168 | 14,914 | 458 | 96 | - | 15,636 |
| 2008 | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | ------ | ------ | ------ | ------ | ------ | ------ |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| As at 1 | 168 | 14,959 | (262) | 195 | 28 | 15,088 |
| January 2009 | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| Loss after tax | - | - | (596) | - | - | (596) |
| for the period | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| Translation | - | - | - | - | 76 | 76 |
| reserve | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | ------ | ------ | ------ | ------ | ------ | ------ |
+----------------+------------+------------+----------+-----------+-------------+------------+
| As at 30 June | 168 | 14,959 | (858) | 195 | 104 | 14,568 |
| 2009 | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | ------ | ------ | ------ | ------ | ------ | ------ |
+----------------+------------+------------+----------+-----------+-------------+------------+
| | | | | | | |
+----------------+------------+------------+----------+-----------+-------------+------------+
YCO GROUP PLC
Consolidated Statement of Cash Flow
For the six months ended 30 June 2009
+---------------------------+------+------------+--+--------------+--+--------------+
| | | Six months | | Six months | | Year ended |
| | | to 30 June | | to 30 June | | 31 December |
| | | 2009 | | 2008 | | 2008 |
| | | Unaudited | | Unaudited | | Audited |
+---------------------------+------+------------+--+--------------+--+--------------+
| | Note | GBP'000s | | GBP'000s | | GBP'000s |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Operating activities | 3 | (445) | | (1,070) | | 238 |
+---------------------------+------+------------+--+--------------+--+--------------+
| Corporation tax paid | | - | | - | | (109) |
+---------------------------+------+------------+--+--------------+--+--------------+
| Finance costs | | (26) | | (4) | | (14) |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ------ | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
| Net cash (outflow)/inflow | | (471) | | (1,074) | | 115 |
| from operating activities | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Investing activities | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Interest received | | - | | 1 | | 54 |
+---------------------------+------+------------+--+--------------+--+--------------+
| Purchase of intangibles | | (137) | | (2) | | (156) |
+---------------------------+------+------------+--+--------------+--+--------------+
| Purchases of plant and | | (50) | | (34) | | (425) |
| equipment | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Proceeds from sale of | | - | | - | | 16 |
| tangible assets | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Acquisitions of | | - | | (8,007) | | (8,074) |
| subsidiaries | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| - Net cash acquired | | - | | 449 | | 449 |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ------ | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
| Net cash from investing | | (187) | | (7,593) | | (8,136) |
| activities | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Financing activities | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Loan received/(repaid) to | | (28) | | 74 | | (81) |
| related parties | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Issue of new shares | | - | | 8,200 | | 8,200 |
+---------------------------+------+------------+--+--------------+--+--------------+
| Bank loan repaid | | (16) | | (84) | | (52) |
+---------------------------+------+------------+--+--------------+--+--------------+
| Repayment of finance | | - | | | | (36) |
| lease | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ------ | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
| Net cash from financing | | (44) | | 8,190 | | 8,031 |
| activities | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ------ | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
| Net cash inflow/(outflow) | | (702) | | (477) | | 10 |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| Cash and cash equivalents | | 859 | | 849 | | 849 |
| at the beginning of the | | | | | | |
| period | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ------ | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
| Cash and cash equivalents | | 157 | | 372 | | 859 |
| at the end of the period | | | | | | |
+---------------------------+------+------------+--+--------------+--+--------------+
| | | ----- | | ------ | | ------ |
+---------------------------+------+------------+--+--------------+--+--------------+
YCO GROUP PLC
Notes to the Interim Financial Information
1. General Information
YCO Group Plc is a company incorporated in England and Wales and quoted on the
Alternative Investment Market of the London Stock Exchange.
The Company changed to its present name on 17 July 2009 as part of the
restructuring of the group organisation.
2. Basis of Preparation
These consolidated interim financial information have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as adopted
by the European Union and on the historical cost basis, using the accounting
policies which are consistent with those set out in the Company's Annual Report
and Accounts for the year ended 31 December 2008. This interim financial
information for the six months to 30 June 2009, which complies with IAS 34
'Interim Financial Reporting', was approved by the Board on 30th September 2009.
3. Significant Accounting Policies
Except as described below, the accounting policies applied are consistent with
those of the annual ?nancial statements for the year ended 31 December 2008, as
described in those annual ?nancial statements.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
The following new standards and amendments to standards are mandatory for the
?rst time for the ?nancial year beginning 1 January 2009.
* IAS 1 (revised), 'Presentation of ?nancial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
changes in equity') in the statement of changes in equity, requiring 'non-owner
changes in equity' to be presented separately from owner changes in equity. All
'non-owner changes in equity' are required to be shown in a performance
statement.
Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
The group has elected to present two statements: an income statement and a
statement of comprehensive income. The interim ?nancial statements have been
prepared under the revised disclosure requirements.
* IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It
requires a 'management approach' under which segment information is presented on
the same basis as that used for internal reporting purposes.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identi?ed as the steering committee that makes strategic
decisions.
Goodwill is allocated by management to groups of cash-generating units on a
segment level.
The change in reportable segments has not resulted in any additional goodwill
impairment. There has been no further impact on the measurement of the group's
assets and liabilities. Comparatives for 2008 have not been restated.
* IFRS 2 (amendment), 'Share-based payment' (effective from 1 January 2009). The
amendment to the standard is still subject to endorsement by the EU. It deals
with vesting conditions and cancellations. It clari?es that vesting conditions
are service conditions and performance conditions only. Other features of a
share-based payment are not vesting conditions. These features would need to be
included in the grant date fair value for transactions with employees and others
providing similar services; they would not impact the number of awards expected
to vest or valuation there of subsequent to grant date. All cancellations,
whether by the entity or by other parties, should receive the same accounting
treatment. The group and company will apply IFRS 2 (amendment) from 1 January
2009, subject to endorsement by the EU. It is not expected to have a material
impact on the group or company's ?nancial statements.
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the ?nancial year beginning 1 January
2009 and have not been early adopted:
* IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS
27, 'Consolidated and separate ?nancial statements', IAS 28, 'Investments in
associates' and IAS 31, 'Interests in joint ventures', effective prospectively
to business combinations for which the acquisition date is on or after the
beginning of the ?rst annual reporting period beginning on or after 1 July 2009.
Management is assessing the impact of the new requirements regarding acquisition
accounting, consolidation and associates on the group. The group does not have
any joint ventures.
The revised standard continues to apply the acquisition method to business
combinations, with some signi?cant changes. For example, all payments to
purchase a business are to be recorded at fair value at the acquisition date,
with contingent payments classi?ed as debt subsequently re-measured through the
statement of comprehensive income. There is a choice on an
acquisition-by-acquisition basis to measure the minority interest in the
acquiree either at fair value or at the minority interest's proportionate share
of the acquiree's net assets. All acquisition-related costs should be expensed.
The group will apply IFRS 3 (revised) to all business combinations from 1
January 2010.
* IFRIC 17, 'Distributions of non-cash assets to owners', effective for annual
periods beginning on or after 1 July 2009. This is not currently applicable to
the group, as it has not made any non-cash distributions.
* IFRIC 18, 'Transfers of assets from customers', effective for transfers of
assets received on or after 1 July 2009. This is not relevant to the group, as
it has not received any assets from customers.
The following new standards, amendments to standards and interpretations are
mandatory for the ?rst time for the ?nancial year beginning 1 January 2009, but
are not currently relevant for the group
* IAS 23 (amendment), 'Borrowing costs'.
* IAS 32 (amendment), 'Financial instruments: Presentation'.
* IFRIC 13, 'Customer loyalty programmes'.
* IFRIC 15, 'Agreements for the construction o f real estate'.
* IFRIC 16, 'Hedges of a net investment in a foreign operation'.
* IAS 39 (amendment), 'Financial instruments: Recognition and measurement'.
4. SEGMENTAL ANALYSIS
The chief operating decision-maker has been identi?ed as the senior management.
They review the Group's internal reporting in order to assess performance and
allocate resources. Management has determined the operating segments based on
these reports.
The senior management considers the business from both a geographic and service
perspective. From a service perspective, management assesses the performance of
marine fuel and support services.
The senior management assesses the performance of the operating segments based
on a measure of adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA). This measurement basis excludes the effects of
non-recurring expenditure from the operating segments, such as restructuring
costs, legal expenses and impairments when the impairment is the result of an
isolated, non-recurring event. Interest income and expenditure are not included
in the result for each operating segment that is reviewed by the senior
management.
Other information provided, except as noted below, to the senior management is
measured in a manner consistent with that in the ?nancial statements.
+----------------------------------------------+-------------+----------+-----------+
| | 30 June 2009 |
+----------------------------------------------+------------------------------------+
| | Marine fuel | Support | Total |
| | | services | |
+----------------------------------------------+-------------+----------+-----------+
| Segment Results | | | |
+----------------------------------------------+-------------+----------+-----------+
| | GBP'000s | GBP'000s | GBP'000s |
+----------------------------------------------+-------------+----------+-----------+
| Revenue | | | |
+----------------------------------------------+-------------+----------+-----------+
| Total | 6,844 | 4,507 | 11,351 |
+----------------------------------------------+-------------+----------+-----------+
| Inter company | (415) | (41) | (456) |
+----------------------------------------------+-------------+----------+-----------+
| | | | |
+----------------------------------------------+-------------+----------+-----------+
| Revenue | 6,429 | 4,466 | 10,895 |
+----------------------------------------------+-------------+----------+-----------+
| | | | |
+----------------------------------------------+-------------+----------+-----------+
| Operating profit/(loss) before depreciation, | 207 | (562) | (355) |
| amortisation and restructuring costs | | | |
+----------------------------------------------+-------------+----------+-----------+
| Depreciation of tangibles | (2) | (115) | (117) |
+----------------------------------------------+-------------+----------+-----------+
| Amortisation of intangibles | - | (97) | (97) |
+----------------------------------------------+-------------+----------+-----------+
| Operating profit/(loss) | 205 | (774) | (569) |
+----------------------------------------------+-------------+----------+-----------+
| Net finance expense | | | (27) |
+----------------------------------------------+-------------+----------+-----------+
| Loss before taxation | | | (596) |
+----------------------------------------------+-------------+----------+-----------+
| | | | |
+----------------------------------------------+-------------+----------+-----------+
| Segment Assets | | | |
+----------------------------------------------+-------------+----------+-----------+
| Property, plant and equipment | 13 | 727 | 740 |
+----------------------------------------------+-------------+----------+-----------+
| Intangible assets | 1,794 | 13,849 | 15,643 |
+----------------------------------------------+-------------+----------+-----------+
| Other assets | 3,996 | 2,072 | 6,068 |
+----------------------------------------------+-------------+----------+-----------+
| | 5,803 | 16,648 | 22,451 |
+----------------------------------------------+-------------+----------+-----------+
+-----------------------------------------------+-----------+-----------+------------+
| | 30 June 2008 |
+-----------------------------------------------+------------------------------------+
| | Marine | Support | Total |
| | fuel | Services | |
+-----------------------------------------------+-----------+-----------+------------+
| Segment Results | | | |
+-----------------------------------------------+-----------+-----------+------------+
| | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------------+-----------+-----------+------------+
| Revenue | 9,565 | 4,139 | 13,704 |
+-----------------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------------+-----------+-----------+------------+
| Operating profit before depreciation, | 178 | 1 | 179 |
| amortisation , and restructuring costs | | | |
+-----------------------------------------------+-----------+-----------+------------+
| Depreciation of tangibles | (1) | 933) | (34) |
+-----------------------------------------------+-----------+-----------+------------+
| Amortisation of intangibles | - | (17) | (17) |
+-----------------------------------------------+-----------+-----------+------------+
| Restructuring costs | - | (74) | (74) |
+-----------------------------------------------+-----------+-----------+------------+
| Operating profit | 177 | (123) | 54 |
+-----------------------------------------------+-----------+-----------+------------+
| Net finance expense | | | (3) |
+-----------------------------------------------+-----------+-----------+------------+
| Profit before taxation | | | 51 |
+-----------------------------------------------+-----------+-----------+------------+
| | | | |
+-----------------------------------------------+-----------+-----------+------------+
| Segment Assets | | | |
+-----------------------------------------------+-----------+-----------+------------+
| Property, plant and equipment | 6 | 682 | 688 |
+-----------------------------------------------+-----------+-----------+------------+
| Intangible assets | 1,794 | 13,160 | 14,954 |
+-----------------------------------------------+-----------+-----------+------------+
| Other assets | 3,848 | 3,259 | 7,107 |
+-----------------------------------------------+-----------+-----------+------------+
| | 5,648 | 17,101 | 22,749 |
+-----------------------------------------------+-----------+-----------+------------+
+----------------------------------------------+-------------+----------+-----------++
| | 31 December 2008 |
+----------------------------------------------+-------------------------------------+
| | Marine | Support | Total |
| | fuel | Services | |
+----------------------------------------------+-------------+----------+------------+
| Segment Results | | | |
+----------------------------------------------+-------------+----------+------------+
| | GBP'000s | GBP'000s | GBP'000s |
+----------------------------------------------+-------------+----------+------------+
| Revenue | | | |
+----------------------------------------------+-------------+----------+------------+
| Total | 20,550 | 9,068 | 29,618 |
+----------------------------------------------+-------------+----------+------------+
| Inter company | (906) | (211) | (1,117) |
+----------------------------------------------+-------------+----------+------------+
| | | | |
+----------------------------------------------+-------------+----------+------------+
| Revenue | 19,644 | 8,857 | 28,501 |
+----------------------------------------------+-------------+----------+------------+
| | | | |
+----------------------------------------------+-------------+----------+------------+
| Operating profit/(loss) before depreciation, | 255 | (353) | (98) |
| amortisation , and restructuring costs | | | |
+----------------------------------------------+-------------+----------+------------+
| Depreciation of tangibles | (2) | (117) | (119) |
+----------------------------------------------+-------------+----------+-----------+
| Amortisation of intangibles | - | (110) | (110) |
+----------------------------------------------+-------------+----------+------------+
| Restructuring costs | - | (397) | (397) |
+----------------------------------------------+-------------+----------+------------+
| Operating profit/(loss) | 253 | (977) | (724) |
+----------------------------------------------+-------------+----------+------------+
| Net finance expense | | | 40 |
+----------------------------------------------+-------------+----------+------------+
| Loss before taxation | | | (684) |
+----------------------------------------------+-------------+----------+------------+
| | | | |
+----------------------------------------------+-------------+----------+------------+
| Segment Assets | | | |
+----------------------------------------------+-------------+----------+------------+
| Property, plant and equipment | 15 | 812 | 827 |
+----------------------------------------------+-------------+----------+------------+
| Intangible assets | 1,794 | 13,818 | 15,612 |
+----------------------------------------------+-------------+----------+------------+
| Other assets | 1,271 | 5,761 | 7,032 |
+----------------------------------------------+-------------+----------+------------+
| | 3,080 | 20,391 | 23,471 |
+----------------------------------------------+-------------+----------+-----------++
The geographical segment consists of Europe, Americas and the rest of the world.
+-----------------------------+-------------+------------+------------+------------+
| | Europe | Americas | Rest of | Total |
| | | | the world | |
+-----------------------------+-------------+------------+------------+------------+
| | 30/06/2009 | 30/06/2009 | 30/06/2009 | 30/06/2009 |
+-----------------------------+-------------+------------+------------+------------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------+-------------+------------+------------+------------+
| Revenue | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | 8,147 | 1,616 | 1,132 | 10,895 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Total assets | 22,451 | - | - | 22,451 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Capital Expenditure | 187 | - | - | 187 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
+-----------------------------+-------------+------------+------------+------------+
| | Europe | Americas | Rest of | Total |
| | | | the world | |
+-----------------------------+-------------+------------+------------+------------+
| | 30/06/2008 | 30/06/2008 | 30/06/2008 | 30/06/2008 |
+-----------------------------+-------------+------------+------------+------------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Revenue | 9,456 | 1,644 | 2,604 | 13,704 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Total assets | 22,749 | - | - | 22,749 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Capital Expenditure | 227 | - | - | 227 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
+-----------------------------+-------------+------------+------------+------------+
| | Europe | Americas | Rest of | Total |
| | | | the world | |
+-----------------------------+-------------+------------+------------+------------+
| | 31/12/2008 | 31/12/2008 | 31/12/2008 | 31/12/2008 |
+-----------------------------+-------------+------------+------------+------------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Revenue | 19,411 | 3,555 | 5,535 | 28,501 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Total assets | 23,471 | - | - | 23,471 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| Capital Expenditure | 667 | - | - | 667 |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
| | | | | |
+-----------------------------+-------------+------------+------------+------------+
5. Earnings/(loss) per Share
+----------------------+----------------+----------+--------------+----------+--------------+
| | Six months to | | Six months | | Year ended |
| | 30 June 2009 | | to | | 31 December |
| | | | 30 June 2008 | | 2008 |
+----------------------+----------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------+----------------+----------+--------------+----------+--------------+
| Earnings/(loss) per | | | | | |
| ordinary share | | | | | |
+----------------------+----------------+----------+--------------+----------+--------------+
| Basic | (1.24) | | 0.16 | | (1.85) |
+----------------------+----------------+----------+--------------+----------+--------------+
| Diluted | (1.24) | | 0.16 | | (1.85) |
+----------------------+----------------+----------+--------------+----------+--------------+
| | ----- | | ----- | | ----- |
+----------------------+----------------+----------+--------------+----------+--------------+
The loss per ordinary share is based on the Group's loss for the period of
GBP596,000 (30 June 2008 - GBP36,000 Profit; 31 December 2008 - GBP684,000) and
a basic and diluted weighted average number of shares in issue of 48,166,401.
6. Reconciliation of operating (loss)/profit to net cash outflow from operating
activities.
+----------------------------+--+------------+-+-------------+-+---------------+
| | | Six months | | Six months | | Year ended |
| | | to | | 30 June | | 31 December |
| | | 30 June | | 2008 | | 2008 |
| | | 2009 | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| | | GBP'000s | | GBP'000s | | GBP'000s |
+----------------------------+--+------------+-+-------------+-+---------------+
| | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Operating Profit/(Loss) | | (570) | | 54 | | (724) |
| for the period | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Adjustments for : | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Amortisation of other | | 143 | | 3 | | 110 |
| intangibles | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Depreciation of property, | | 101 | | 50 | | 119 |
| plant and equipment | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Loss on sale of tangible | | 1 | | 4 | | 24 |
| fixed assets | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Loss on unrealised foreign | | 76 | | - | | 54 |
| exchange | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| (Increase) in Inventories | | 194 | | (2) | | (49) |
+----------------------------+--+------------+-+-------------+-+---------------+
| (Increase)/decrease in | | 68 | | (3,430) | | 590 |
| receivables | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| Increase in payables | | (458) | | 2,251 | | 114 |
+----------------------------+--+------------+-+-------------+-+---------------+
| | | ----- | | ----- | | ----- |
+----------------------------+--+------------+-+-------------+-+---------------+
| Net cash from operating | | (445) | | (1,070) | | 238 |
| activities | | | | | | |
+----------------------------+--+------------+-+-------------+-+---------------+
| | | ----- | | ----- | | ----- |
+----------------------------+--+------------+-+-------------+-+---------------+
7. Called up Share Capital
The issued share capital as at 30 June 2009, per the audited accounts, was
48,166,401 Ordinary Shares of 0.35p each. (30 June 2008 - 47,932,697 ordinary
shares of 0.35p each; 31 December 2008 - 48,166,401 ordinary shares of 0.35p
each).
8.The unaudited interim financial information for period ended 30 June 2009 do
not constitute statutory accounts within the meaning of Section 435 of the
Companies Act 2006. The comparative figures for the year ended 31 December 2008
are extracted from the statutory financial statements which have been filed with
the Registrar of Companies and which contain an unqualified audit report and did
not contain statements under Section 498 to 502 of the Companies Act 2006.
9.The interim results will be dispatched to shareholders on or before 30th
September 2009. Copies of this interim financial information document are
available from the Company at its registered office at Finsgate, 5-7 Cranwood
Street, London EC1V 9EE. The interim financial information document will also be
available on the Company's website www.ycogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKOVRKRRKUAR
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