Final Results
October 05 2009 - 5:11AM
UK Regulatory
TIDMAMB
RNS Number : 2185A
Amberley Group PLC
05 October 2009
Amberley Group PLC
("Amberley" or the "Group")
Results for the year ended 31 December 2008
Amberley is pleased to announce its final results for the year ended 31 December
2008.
Chairman's Statement
The Group holds a 23.9% stake in Fortress (GB) Limited ("Fortress"), a
market-leading provider of secure, multi-application smart card based solutions
for a variety of markets. The past year has shown continued growth in Fortress's
core business in stadium management and access solution. Key operational
highlights during 2008 and the early part of 2009 are detailed below.
"Smart Stadium Solution" - a leading stadium and venue management solution.
This continues to be Fortress's core business and is installed in 65 venues
worldwide including 15 Premier League and Championship football clubs in
England. The existing clients generate annual recurring income and represent the
base from which new products can be launched. Notable developments during the
period have been gaining contracts for installing systems at such prestigious
locations as Wembley Stadium, London, England; Stade de France, Paris, France
and to date 2 stadia in South Africa in preparation for the 2010 FIFA football
World Cup.
Fortress has also commenced the initial roll out covering 22 stadia in Greece.
There is the prospect, if successful, of a much wider roll out in Greece in
future years.
Results
During the period the Group made a loss on ordinary activities of GBP121,000 (12
months to 31 December 2007: loss of GBP200,000), principally comprising
Amberley's overheads for the period and Amberley's share of Fortress's losses.
The Group reports its results under International Financial Reporting Standards
(IFRS).
Fortress continues to report its own figures separately on a UK GAAP basis and I
am pleased to report that it showed a net profit in 2008 of GBP267,000 compared
to a loss of GBP276,000 in 2007.
On an IFRS basis Amberley's share of Fortress's losses has been reduced from
GBP73,000 in 2007 to GBP9,000 in 2008.
The directors do not recommend payment of a dividend.
Outlook
The Board continues to consider various options available to Amberley taking
into account the nature of the Company's business and sole asset together with
the ongoing costs of listing which are disproportionate to the current size of
the Company. These options include, but are not limited to, a possible
restructuring of the Company or the delisting of the Company.
Given the status of this review process, the interim financial statements for
the six months ended 30 June 2009 remain subject to delay, and, as a result, the
Company's shares will remain temporarily suspended from trading on AIM.
The Company will provide further updates in due course.
Guy Naggar
Chairman
Enquiries:
Barry Pincus
Amberley Group plc
Tel: 020 7034 1919
Angela Peace
Strand Partners Limited
Tel: 020 7409 3494
Amberley Group PLC
Consolidated income statement
for the year ended 31 December 2008
+------------------------------------------------+-------+---------------+-------------+
| | | 2008 | 2007 |
+------------------------------------------------+-------+---------------+-------------+
| | | GBP000 | GBP000 |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Administrative expenses | | (113) | (124) |
+------------------------------------------------+-------+---------------+-------------+
| | | _______ | _______ |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Loss from operations | | (113) | (124) |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Finance income | | 1 | - |
+------------------------------------------------+-------+---------------+-------------+
| Finance expense | | - | (3) |
+------------------------------------------------+-------+---------------+-------------+
| Share of losses of associated company | | (9) | (73) |
+------------------------------------------------+-------+---------------+-------------+
| | | ________ | ________ |
+------------------------------------------------+-------+---------------+-------------+
| Loss before taxation | | (121) | (200) |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Taxation | | - | - |
+------------------------------------------------+-------+---------------+-------------+
| | | _______ | _______ |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Loss for the year attributable to equity | | (121) | (200) |
| holders of the parent company | | | |
+------------------------------------------------+-------+---------------+-------------+
| | | _______ | _______ |
+------------------------------------------------+-------+---------------+-------------+
| | | | |
+------------------------------------------------+-------+---------------+-------------+
| Basic and diluted loss per share | | | |
+------------------------------------------------+-------+---------------+-------------+
| attributable to equity holders of the parent | | (0.2p) | (0.4p) |
| company | | | |
+------------------------------------------------+-------+---------------+-------------+
| | | _______ | _______ |
+------------------------------------------------+-------+---------------+-------------+
Amberley Group PLC
Consolidated statement of changes in equity
for the year ended 31 December 2008
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | Share | Capital | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | Share | premium | redemption | Other | Retained | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | capital | reserve | reserve | reserve | earnings | Total |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Balance 1 January | 1,152 | 1,035 | 898 | 638 | (704) | 3,019 |
| 2007 | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Loss for the year and | - | - | - | - | (200) | (200) |
| total recognised | | | | | | |
| income and expense | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Balance 31 December | 1,152 | 1,035 | 898 | 638 | (904) | 2,819 |
| 2007 | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Loss for the year and | - | - | - | - | (121) | (121) |
| total recognised | | | | | | |
| income and expense | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Issue of share | 475 | 925 | - | - | - | 1,400 |
| capital | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| Balance 31 December | 1,627 | 1,960 | 898 | 638 | (1,025) | 4,098 |
| 2008 | | | | | | |
+-----------------------+---------+------------+------------+----------+----------+----------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+-----------------------+---------+------------+------------+----------+----------+----------+
Amberley Group PLC
Consolidated Balance Sheet
at 31 December 2008
+--------------------------------------------+--------------+--------------+--------------+
| | | 2008 | 2007 |
+--------------------------------------------+--------------+--------------+--------------+
| | | GBP000 | GBP000 |
+--------------------------------------------+--------------+--------------+--------------+
| Assets | | | |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Non-current assets | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Investments in equity accounted associates | | 4,100 | 2,736 |
+--------------------------------------------+--------------+--------------+--------------+
| Investments in subsidiaries | | - | - |
+--------------------------------------------+--------------+--------------+--------------+
| | | ______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Total non-current assets | | 4,100 | 2,736 |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Current assets | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Trade and other receivables | | 5 | 6 |
+--------------------------------------------+--------------+--------------+--------------+
| Derivative financial assets | | - | 173 |
+--------------------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents | | 49 | 43 |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Total current assets | | 54 | 222 |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Total assets | | 4,154 | 2,958 |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| Liabilities | | | |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Current liabilities | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Trade and other payables | | (56) | (139) |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Total liabilities | | (56) | (139) |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| TOTAL NET ASSETS | | 4,098 | 2,819 |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Capital and reserves attributable to | | | |
+--------------------------------------------+--------------+--------------+--------------+
| equity holders of the Company | | | |
+--------------------------------------------+--------------+--------------+--------------+
| Called up share capital | | 1,627 | 1,152 |
+--------------------------------------------+--------------+--------------+--------------+
| Share premium reserve | | 1,960 | 1,035 |
+--------------------------------------------+--------------+--------------+--------------+
| Capital redemption reserve | | 898 | 898 |
+--------------------------------------------+--------------+--------------+--------------+
| Other reserve | | 638 | 638 |
+--------------------------------------------+--------------+--------------+--------------+
| Retained earnings | | (1,025) | (904) |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------------+--------------+--------------+--------------+
| TOTAL EQUITY | | 4,098 | 2,819 |
+--------------------------------------------+--------------+--------------+--------------+
| | | _______ | _______ |
+--------------------------------------------+--------------+--------------+--------------+
Amberley Group PLC
Consolidated cash flow statement
for the year ended 31 December 2008
+-------------------------------------------+-------------+-------------+-------------+
| | | Group | Group |
+-------------------------------------------+-------------+-------------+-------------+
| | | 2008 | 2007 |
+-------------------------------------------+-------------+-------------+-------------+
| | | GBP000 | GBP000 |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Operating activities | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Net loss | | (121) | (200) |
+-------------------------------------------+-------------+-------------+-------------+
| Adjustments for: | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Finance Income/Expense | | (1) | 3 |
+-------------------------------------------+-------------+-------------+-------------+
| Share of losses | | | |
+-------------------------------------------+-------------+-------------+-------------+
| of associated company | | 9 | 73 |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Operating loss before changes in | | | |
+-------------------------------------------+-------------+-------------+-------------+
| working capital and provisions | | (113) | (124) |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Decrease in trade and other receivables | | 1 | - |
+-------------------------------------------+-------------+-------------+-------------+
| (Decrease)/increase in trade | | | |
+-------------------------------------------+-------------+-------------+-------------+
| and other payables | | (83) | 86 |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Cash used in operations | | (195) | (38) |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Investing activities | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Interest paid | | - | (3) |
+-------------------------------------------+-------------+-------------+-------------+
| Interest received | | 1 | - |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Net cash from operating activities | | (194) | (41) |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Financing activities | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Issue of share capital | | 1,400 | - |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Investing activities | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Increase in investment | | | |
+-------------------------------------------+-------------+-------------+-------------+
| in equity accounted associates | | (1,200) | - |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
| Increase/(decrease) in cash | | | |
+-------------------------------------------+-------------+-------------+-------------+
| and cash equivalents | | 6 | (41) |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Cash and cash equivalents at the | | | |
| beginning | | | |
+-------------------------------------------+-------------+-------------+-------------+
| of the year | | 43 | 84 |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------------+-------------+-------------+-------------+
| Cash and cash equivalents at the end | | | |
+-------------------------------------------+-------------+-------------+-------------+
| of the year | | 49 | 43 |
+-------------------------------------------+-------------+-------------+-------------+
| | | _______ | _______ |
+-------------------------------------------+-------------+-------------+-------------+
Amberley Group PLC
Notes forming part of the financial statements
for the year ended 31 December 2008
1. General Information
Amberley Group PLC is a public limited company incorporated and domiciled in
England & Wales whose shares were publicly traded on the Alternative Investment
Market until 29 June 2009. Since that date the Company's listing has been
suspended pending publication of these financial statements and pending
publication of the 6 month interim results to 30 June 2009.
2. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs and IFRIC interpretations) issued by the
International Accounting Standards Board (IASB) as adopted by the European Union
and with those parts of the Companies Act 1985 applicable to companies preparing
their accounts under IFRS. As the income statement and statement of changes in
equity of the Group and Company are the same, they have been presented as a
single statement.
3. Operating loss
The Group's operating loss is shown after charging auditors remuneration for
audit services of GBP13,500 (2007 - GBP20,000). No other fees have been paid to
the auditors for non-audit services.
4. Loss per share
The weighted average number of shares in issue during the year was 59,919,549
(2007 - 47,067,494).
5. Investments in equity accounted associates
The Group's investment in Fortress (GB) Limited ("Fortress") meets the
definition of an associate and has been equity accounted in the consolidated
financial statements:
+-----------------------+---------------------------------+-----------+----------+
| | | | |
+-----------------------+---------------------------------+-----------+----------+
| | |Proportion of voting |
| | | rights held |
+-----------------------+---------------------------------+----------------------+
| | Country of | at 31 December |
+-----------------------+---------------------------------+----------------------+
| Name | incorporation | 2008 | 2007 |
+-----------------------+---------------------------------+-----------+----------+
| | | | |
+-----------------------+---------------------------------+-----------+----------+
| Fortress (GB) Limited | England | 23.9% | 17.6% |
+-----------------------+---------------------------------+-----------+----------+
Although in 2007 the Group's ownership interest in Fortress was less than 20%,
the Group had an option giving it the right to subscribe for additional share
capital that would bring its holding to 23.9%. The Group had a representative on
the board of Fortress and the directors of the Company therefore considered they
had the power to exercise significant influence and in the 2007 financial
statements treated the interest in Fortress as an associate.
On 1 February 2008, the Company exercised its option and entered into an
agreement to subscribe GBP1,200,000 for 480,000 ordinary shares of 1p each in
Fortress. The subscription was made in two equal tranches of GBP600,000 on 7
February 2008 and 10 April 2008. Following the subscription of GBP1,200,000, the
Company's shareholding in Fortress increased to 23.9% of the issued share
capital.
+--------------------------------------------------------+-----------+----------+
| | 2008 | 2007 |
+--------------------------------------------------------+-----------+----------+
| | GBP000 | GBP000 |
+--------------------------------------------------------+-----------+----------+
| | | |
+--------------------------------------------------------+-----------+----------+
| Total assets | 3,276 | 2,119 |
+--------------------------------------------------------+-----------+----------+
| | _______ | _______ |
+--------------------------------------------------------+-----------+----------+
| | | |
+--------------------------------------------------------+-----------+----------+
| Total liabilities | 714 | 720 |
+--------------------------------------------------------+-----------+----------+
| | _______ | _______ |
+--------------------------------------------------------+-----------+----------+
| | | |
+--------------------------------------------------------+-----------+----------+
| Revenues | 3,754 | 3,513 |
+--------------------------------------------------------+-----------+----------+
| | _______ | _______ |
+--------------------------------------------------------+-----------+----------+
| | | |
+--------------------------------------------------------+-----------+----------+
| Loss for the year | (37) | (413) |
+--------------------------------------------------------+-----------+----------+
| | _______ | _______ |
+--------------------------------------------------------+-----------+----------+
6. Cash and cash equivalents
Cash at bank earns interest at floating rates based on daily bank deposit rates.
The fair value of cash and cash equivalents is GBP49,000 (2007 - GBP43,000).
+--------------------------------------------------------+-----------+----------+
| | 2008 | 2007 |
+--------------------------------------------------------+-----------+----------+
| | GBP000 | GBP000 |
+--------------------------------------------------------+-----------+----------+
| | | |
+--------------------------------------------------------+-----------+----------+
| Cash at bank and in hand | 49 | 43 |
+--------------------------------------------------------+-----------+----------+
| | _______ | _______ |
+--------------------------------------------------------+-----------+----------+
7. Events after the balance sheet date
On 29 January 2009 the balance of the loan from Starlight together with interest
was repaid in full.
On 29 June 2009, the market in the Company's shares was suspended by the London
Stock Exchange pending publication of these financial statements.
On 1 October 2009 G Naggar's interests made an unsecured loan of GBP70,000 to
the Company for additional working capital. The terms of the facility provide
for interest to be paid at a fixed rate of 10% pa and is repayable on the
earlier of 6 months or completion of a corporate transaction, which would
include a delisting. In the event that the Company was not able to repay the
loan at the end of its term, the loan could possibly be converted into equity,
to be discussed and terms agreed at that time.
8. Annual Report
The Annual Report for the year ended 31 December 2008 will be posted to
shareholders shortly and will also be available from the Company's website
www.amberleygroup.co.uk. The Annual General Meeting of the Company will be held
at 34 New Cavendish Street, London W1G 8UB on 29 October 2009 at 11 am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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