TIDMCGN
RNS Number : 5011P
CapRegen PLC
26 March 2009
26 March 2009
CapRegen plc
Preliminary Results for the Year Ended 31 December 2008
CapRegen plc ("CapRegen" or "the Group"), the AIM listed anti-ageing and
regenerative medicine investment company, is pleased to announce its preliminary
results for 2008.
Highlights
* Two further investments made in year; being CapRegen Nutraceuticals Inc. and
Natural Biosciences Inc.
* Year end net cash of GBP3.5 million
Douglas Emslie, Chairman of CapRegen, commented:
"Your Board's strategy of investing in cash generative anti-ageing opportunities
and extreme caution in committing funds has resulted in an excellent performance
for CapRegen for 2008.
Profits were ahead of our expectations and net assets per share were up 5% at
4.1p (4.0p per share at 31 December 2007). Net assets per share represented by
cash at 31 December 2008 were 4p (4p at 31 December 2007).
During the period, we made two new commitments increasing to three the number of
investments made since CapRegen's inception in July 2007.These new investments
are in early development and both started their activities late in 2008.
The Group continues to focus on preserving its cash and capitalising on
opportunities to maximise long term shareholder value."
FOR FURTHER INFORMATION, PLEASE CONTACT:
CapRegen plc:
Douglas Emslie, Chairman020 8846 2700
Nominated Adviser:
Blue Oar Securities Limited
William Vandyk020 7448 4400
CHAIRMAN'S STATEMENT
Introduction
Your Board's strategy of investing in cash generative anti-ageing opportunities
and extreme caution in committing funds has resulted in an excellent performance
for CapRegen for 2008.
Profits were ahead of our expectations and net assets per share were up 5% at
4.1p (4.0p per share at 31 December 2007). Net assets per share represented by
cash at 31 December 2008 were 4p (4p at 31 December 2007).
During the period, we made two new commitments increasing to three the number of
investments made since CapRegen's inception in July 2007. The first was the
formation of a new, US based company, CapRegen Nutraceuticals Inc., initially
owned 96% by CapRegen and 4% by CapRegen Nutraceutical's staff and licensees. If
agreed financial targets are achieved over the first two years of operation, the
staff and licensee's shareholdings can increase to 12%. CapRegen Nutraceuticals
sells and markets nutraceutical products acquired under license from third
parties to anti-ageing doctors. The second investment was the acquisition of 50%
of Natural Biosciences Inc., a US company, for $250,000. Natural Biosciences
markets three medicinal mushroom products that assist the body's immune system
in its fight against illness and disease. These new investments are in early
development and both started their activities late in 2008.
Results
The Group generated revenues of GBP270,018 (2007:GBPnil) and interest income of
GBP194,996 (2007: GBP75,418) and made a profit before tax of GBP105,970 (2007:
loss of GBP6,404). The profit before tax, warrant charges and amortisation
(adjusted profit) was GBP171,330 (2007: GBP23,694). Net assets at 31 December
2008 were GBP3,689,586 (2007: GBP3,527,827) of which GBP3,524,765 (GBP3,574,588)
was cash. As before, your directors do not intend to recommend the payment of a
dividend.
Investment Review
CapRegen Magnum, our first investment, generated royalties from the sales of its
Arasys Perfector and Ion Magnum medical devices of GBP249,951. Royalty receipts
slowed in the second half of the year as a result of deteriorating economies.
Our two new investments, CapRegen Nutraceuticals and Natural Biosciences,
incurred nearly GBP50,000 of net start up costs as they commenced trading
towards the end of the financial year.
Interest income on the Group's cash balances reduced during the second half of
the year as a result of declining interest rates.
Board
As set out in the interim statement on 18 September 2008, George Greenwood and
David Steel joined the Board during the year as Non-executive Director and
Finance Director respectively.
Outlook
We approach 2009 cautiously. Sales of capital equipment by CapRegen Magnum
continue to slow as a result of the economic climate. Both CapRegen
Nutraceutials and Natural Biosciences are in start-up phase and are unlikely to
contribute materially to the Group this year. The Group manages its cash tightly
but the reduction in interest rates means that the interest income in 2009 is
likely to be less than in 2008. The Group continues to focus on preserving its
cash and capitalising on opportunities to maximise long term shareholder value.
Douglas Emslie
Chairman
26 March 2009
+--------------------+--------------------+--------------------+--------------------+
| CONSOLIDATED INCOME STATEMENT |
+--------------------+--------------------+--------------------+--------------------+
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | Notes | Year to | Period to |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 31 December | 31 December |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 2008 | 2007 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | GBP | GBP |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Group Revenue | | 270,018 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Operating costs | | (341,260) | (81,822) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Group operating loss | | (71,242) | (81,822) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Share of loss from joint ventures | | (17,784) | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Interest receivable | | 194,996 | 75,418 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Profit/(loss) before taxation | | 105,970 | (6,404) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Taxation | 3 | (16,388) | (46,289) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Profit/(loss) for the financial year | | 89,582 | (52,693) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Profit /(Loss) for the period | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| attributable to equity | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| shareholders of the | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| parent company | | 70,897 | (48,971) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Profit/(Loss) for the period | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| attributable to minority | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| interests | | 18,685 | (3,722) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 89,582 | (52,693) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Earnings per share (pence) | 4 | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| - basic | | 0.1 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| -diluted | | 0.1 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
+--------------------+--------------------+--------------------+--------------------+
| CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE |
+--------------------+--------------------+--------------------+--------------------+
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | Year to | Period to |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 31 December | 31 December |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 2008 | 2007 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | GBP | GBP |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Profit/(loss) for the financial period | | 89,582 | (52,693) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Net foreign exchange gain recognised directly in | | 20,003 | - |
| equity | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Total recognised income and expense for the period | | 109,585 | (52,693) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Attributable to: | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Equity holders of the parent | | 90,900 | (48,971) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Minority interest | | 18,685 | (3,722) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Total recognised income and expense for the period | | 109,585 | (52,693) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
+--------------------------------------------------------+----------------+-------------------+--------------------+
| CONSOLIDATED BALANCE SHEET | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | Notes | As at | As at |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 31 December | 31 December |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 2008 | 2007 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | GBP | GBP |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| NON-CURRENT ASSETS | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Property, plant and equipment | | 12,171 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Intangible assets and goodwill | | 296,234 | 150,182 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Investment in joint ventures | | 153,273 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Deferred tax assets | | 16,599 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 478,277 | 150,182 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| CURRENT ASSETS | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Trade and other receivables | | 139,409 | 46,985 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Inventories | | 18,923 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Cash and cash equivalents | | 3,524,765 | 3,574,588 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | 3,683,097 | 3,621,573 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| TOTAL ASSETS | | 4,161,374 | 3,771,755 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| CURRENT LIABILITIES | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Trade and other payables | | (392,641) | (197,639) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Liabilities for current tax | | (79,147) | (19,921) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| NON CURRENT LIABILITIES | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Deferred tax liability | | - | (26,368) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| TOTAL LIABILITIES | | (471,788) | (243,928) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| NET ASSETS | | 3,689,586 | 3,527,827 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| EQUITY | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Share capital | 6 | 890,100 | 890,100 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Share premium account | 6 | 2,503,879 | 2,503,879 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Foreign Exchange reserve | 6 | 20,003 | - |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Other reserves | 6 | 225,529 | 173,355 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Retained earnings | 6 | 21,926 | (48,971) |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Equity shareholders' funds | | 3,661,437 | 3,518,363 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| Minority Interest | 6 | 28,149 | 9,464 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| TOTAL EQUITY | | 3,689,586 | 3,527,827 |
+--------------------------------------------------------+----------------+-------------------+--------------------+
| | | | |
+--------------------------------------------------------+----------------+-------------------+--------------------+
+--------------------------------------------------------+------------------+------------------+------------------+
| CASH FLOW STATEMENT | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | Year to | Period to |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | 31 December | 31 December |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | 2008 | 2007 |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | GBP | GBP |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash flows from operating activities | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Profit/(loss) before tax | | 105,970 | (6,404) |
+--------------------------------------------------------+------------------+------------------+------------------+
| Add back: | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Warrant charge | | 52,174 | 29,678 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Amortisation | | 13,186 | 420 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Share of loss of joint venture | | 17,784 | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Interest receivable | | (194,996) | (75,418) |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash flows from operations before changes in working | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| capital | | (5,882) | (51,724) |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Change in inventory | | (18,923) | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Change in trade and other receivables | | (101,586) | (46,985) |
+--------------------------------------------------------+------------------+------------------+------------------+
| Change in trade and other payables | | 205,959 | 197,246 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash generated from operations | | 79,568 | 98,537 |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Interest received | | 194,996 | 75,418 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Income taxes received | | 1,372 | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash flows from operating activities | | 275,936 | 173,955 |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash flows from investing activities | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Acquisition of subsidiaries and joint ventures | | (244,339) | (18,346) |
+--------------------------------------------------------+------------------+------------------+------------------+
| Acquisition of intangible fixed assets | | (69,249) | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Acquisition of tangible fixed assets | | (12,171) | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Net cash outflows from investing activities | | (325,759) | (18,346) |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Cash flows from financing activities | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Issue of shares: Initial subscription | | - | 500,000 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Flotation | | - | 3,200,500 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Costs of share issues | | - | (281,521) |
+--------------------------------------------------------+------------------+------------------+------------------+
| Net cash flow from financing activities | | - | 3,418,979 |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| | | | |
+--------------------------------------------------------+------------------+------------------+------------------+
| Net (decrease)/increase in cash equivalents | | (49,823) | 3,574,588 |
+--------------------------------------------------------+------------------+------------------+------------------+
| Opening cash and cash equivalents | | 3,574,588 | - |
+--------------------------------------------------------+------------------+------------------+------------------+
| Closing cash and cash equivalents | | 3,524,765 | 3,574,588 |
+--------------------------------------------------------+------------------+------------------+------------------+
1. BASIS OF PREPARATION
The financial statements for the year ended 31 December 2008, from which these
preliminary results have been extracted, have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU.
The financial information set out above does not constitute the Company's
statutory accounts, within the meaning of section 240 of the Companies Act 1985,
for the year ended 31 December 2008 but is derived from those accounts, on which
the auditors have issued an unqualified report.
2. SEGMENTAL ANALYSIS
As at 31 December 2008, the Group only operated in the area of investing in
early-concept anti-ageing technologies.
The Group's operations are located in the United Kingdom and United States of
America. The group's geographical segmental analysis is as follows:
+--------------------------------------+-------------+-----------+-----------+-----------+
| | 31 December 2008 |
+--------------------------------------+-------------------------------------------------+
| | US | UK | Central | Group |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Group revenue | 270,018 | - | - | 270,018 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Profit/(loss) from | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| operating activities | 55,953 | - | (127,195) | (71,242) |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Net financing income | - | 194,996 | - | 194,996 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Share of loss from | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| joint ventures(post tax) | (17,784) | - | - | (17,784) |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Profit before | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Taxation | 38,169 | 194,996 | (127,195) | 105,970 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Warrant charges | - | - | 52,174 | 52,174 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Amortisation of | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| intangible assets | 13,186 | - | - | 13,186 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Adjusted profit | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| before tax | 51,355 | 194,996 | (75,021) | 171,330 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Segment assets | 725,396 | 3,266,106 | - | 3,991,502 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Share of joint | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| venture assets | 153,273 | - | - | 153,273 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | 878,669 | 3,266,106 | - | 4,144,775 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Deferred tax assets | | | | 16,599 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Total assets | | | | 4,161,374 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Segment liabilities | (345,127) | (47,514) | - | (392,641) |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Liabilities for current tax | | | | (79,147) |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Total liabilities | | | | (471,788) |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Capital expenditure | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Fixed assets | 12,171 | - | - | 12,171 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Intangible assets | 69,249 | - | - | 69,249 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | 81,249 | - | - | 81,249 |
+--------------------------------------+-------------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-------------+-----------+-----------+-----------+
| Amortisation charge | (13,186) | - | - | (13,186) |
+--------------------------------------+-------------+-----------+-----------+-----------+
+--------------------------------------+------------+-----------+------------+-----------+
| | 31 December 2007 |
+--------------------------------------+-------------------------------------------------+
| | US | UK | Central | Group |
| | | | costs | |
+--------------------------------------+------------+-----------+------------+-----------+
| | GBP | GBP | GBP | GBP |
+--------------------------------------+------------+-----------+------------+-----------+
| | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Group revenue | - | - | - | - |
+--------------------------------------+------------+-----------+------------+-----------+
| Profit/(loss) from | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| operating activities | 14,835 | - | (96,657) | (81,822) |
+--------------------------------------+------------+-----------+------------+-----------+
| Net financing income | - | 75,418 | - | 75,418 |
+--------------------------------------+------------+-----------+------------+-----------+
| Profit before | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Taxation | 14,835 | 75,418 | (96,657) | (6,404) |
+--------------------------------------+------------+-----------+------------+-----------+
| Warrant charges | - | - | 29,678 | 29,678 |
+--------------------------------------+------------+-----------+------------+-----------+
| Amortisation of | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| intangible assets | 420 | - | - | 420 |
+--------------------------------------+------------+-----------+------------+-----------+
| Adjusted profit | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| before tax | 14,835 | 75,418 | (66,979) | 23,694 |
+--------------------------------------+------------+-----------+------------+-----------+
| | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Segment assets | 150,182 | 3,621,573 | - | 3,771,755 |
+--------------------------------------+------------+-----------+------------+-----------+
| | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Segment liabilities | (26,494) | (171,145) | - | (197,639) |
+--------------------------------------+------------+-----------+------------+-----------+
| Liabilities for current tax | | | | (19,921) |
+--------------------------------------+------------+-----------+------------+-----------+
| Deferred tax liabilities | | | | (26,368) |
+--------------------------------------+------------+-----------+------------+-----------+
| Total liabilities | | | | (243,928) |
+--------------------------------------+------------+-----------+------------+-----------+
| | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Capital expenditure | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Intangible assets | 131,863 | - | - | 131,863 |
+--------------------------------------+------------+-----------+------------+-----------+
| | | | | |
+--------------------------------------+------------+-----------+------------+-----------+
| Amortisation charge | (420) | - | - | (420) |
+--------------------------------------+------------+-----------+------------+-----------+
+------------------------------------------------------------------+----------------+-----------------+
| 3. INCOME TAX EXPENSE | | |
+------------------------------------------------------------------+----------------+-----------------+
| | 2008 | 2007 |
+------------------------------------------------------------------+----------------+-----------------+
| | GBP | GBP |
+------------------------------------------------------------------+----------------+-----------------+
| Corporation tax: | | |
+------------------------------------------------------------------+----------------+-----------------+
| UK tax on profit for the period | 65.408 | 3,643 |
+------------------------------------------------------------------+----------------+-----------------+
| Overseas tax on (loss)/profit for the period | (8,508) | 16,278 |
+------------------------------------------------------------------+----------------+-----------------+
| Adjustments to UK tax in respect of previous periods | (1,371) | - |
+------------------------------------------------------------------+----------------+-----------------+
| Current tax charge for the period | 55,529 | 19,921 |
+------------------------------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------------------------------+----------------+-----------------+
| Deferred tax: | | |
+------------------------------------------------------------------+----------------+-----------------+
| Origination of temporary differences | (2,336) | 26,368 |
+------------------------------------------------------------------+----------------+-----------------+
| Adjustments in respect of previous periods | (36,805) | - |
+------------------------------------------------------------------+----------------+-----------------+
| | (39,141) | 26,368 |
+------------------------------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------------------------------+----------------+-----------------+
| Tax charge for the period | 16,388 | 46,289 |
+------------------------------------------------------------------+----------------+-----------------+
+------------------------------------------------------------------+----------------+-----------------+
| 4. EARNINGS PER SHARE | | |
+------------------------------------------------------------------+----------------+-----------------+
| | 2008 | 2007 |
+------------------------------------------------------------------+----------------+-----------------+
| | pence | pence |
+------------------------------------------------------------------+----------------+-----------------+
| Basic earnings per share | 0.1 | - |
+------------------------------------------------------------------+----------------+-----------------+
| Diluted earnings per share | 0.1 | - |
+------------------------------------------------------------------+----------------+-----------------+
The 2007 comparatives are shown as above due to the actual figure rounding to
less than one decimal place.
Basic earnings per share
Basic earnings per share has been calculated on profit after tax attributable to
ordinary shareholders for the period of GBP70,897 (2007: loss of GBP48,971) and
89,010,000 ordinary shares (2007: 70,287,871) being the weighted average number
of shares in issue during the year.
Diluted earnings per share
Diluted earnings per share has been calculated on profits after tax attributable
to ordinary shareholders for the year of GBP70,897 (2007: loss of GBP48,971)
and 89,010,000 (2007: 70,287,871) ordinary shares, calculated as follows:
+------------------------------------------------------------------+----------------+-----------------+
| Weighted average number of ordinary shares (diluted): | | |
+------------------------------------------------------------------+----------------+-----------------+
| | 2008 | 2007 |
+------------------------------------------------------------------+----------------+-----------------+
| Weighted average number of ordinary shares | 89,010,000 | 70,287,871 |
+------------------------------------------------------------------+----------------+-----------------+
| Effect of share warrants | - | - |
+------------------------------------------------------------------+----------------+-----------------+
| Weighted average number of ordinary shares (diluted) | 89,010,000 | 70,287,871 |
+------------------------------------------------------------------+----------------+-----------------+
Dilutive and anti-dilutive share warrants were determined using the average
closing price for the period. The average share price used was 5.25 pence.
5. DIVIDENDS
The directors do not propose a dividend for the period to 31 December 2008.
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| 6. RECONCILIATION OF MOVEMENT IN EQUITY |
+-----------------------------------------------------------------------------------------------------------------+
| | Share | Share | Foreign | Other | Retained | Sub | Minority | Total |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | capital | premium | exchange | reserve | earnings | Total | interest | account |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | reserve | reserve | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| As at 31 December | | | | | | | | |
| 2008: | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Profit for the year | - | - | - | - | 70,897 | 70,897 | 18,685 | 89,582 |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Foreign exchange | - | - | 20,003 | - | - | 20,003 | - | 20,003 |
| movements | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Total income & | - | - | 20,003 | - | 70,897 | 90,900 | 18,685 | 109,585 |
| expenses | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Movement relating to | - | - | - | 52,174 | - | 52,174 | - | 52,174 |
| warrants | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Net change in | - | - | 20,003 | 52,174 | 70,897 | 143,074 | 18,685 | 161,759 |
| shareholders' funds | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Opening equity | 890,100 | 2,503,879 | - | 173,355 | -48,971 | 3,518,363 | 9,464 | 3,527,827 |
| shareholders' funds | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Closing equity | 890,100 | 2,503,879 | 20,003 | 225,529 | 21,926 | 3,661,437 | 28,149 | 3,689,586 |
| shareholders' funds | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | Share | Share | Foreign | Other | Retained | Sub | Minority | Total |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | capital | premium | exchange | reserve | earnings | Total | interest | account |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | reserve | reserve | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| As at 31 December | | | | | | | | |
| 2007: | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Loss for the period | - | - | - | | -48,971 | -48,971 | -3,722 | -52,693 |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Total income & | - | - | - | | -48,971 | -48,971 | -3,722 | -52,693 |
| expenses | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| New share capital | 890,100 | 2,810,400 | | - | - | 3,700,500 | - | 3,700,500 |
| subscribed | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Cost of shares issued | - | -281,521 | - | - | - | -281,521 | - | -281,521 |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Movement relating to | - | -25,000 | - | 54,678 | - | 29,678 | - | 29,678 |
| warrants | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Reserve created on | | | | | | | | |
| acquisition | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| of marketing rights | - | - | - | 118,677 | - | 118,677 | 13,186 | 131,863 |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
| Closing equity | 890,100 | 2,503,879 | - | 173,355 | -48,971 | 3,518,363 | 9,464 | 3,527,827 |
| shareholders' funds | | | | | | | | |
+------------------------+---------+-----------+----------+---------+----------+-----------+----------+-----------+
The foreign exchange reserve comprises all foreign exchange differences arising
from the translation of the financial statements of subsidiaries that do not
have Sterling as their functional currency. Foreign exchange differences arising
are classified as equity and transferred to this reserve.
The other reserve represents the reserve created on the acquisition of the
marketing rights under the agreement with Arasys Perfector plus amounts relating
to warrants.
7. EVENTS SINCE THE BALANCE SHEET DATE
There have been no significant transactions since the balance sheet date.
The Annual General Meeting will be held at 9th Floor, Metro Building, 1,
Butterwick, Hammersmith, London W6 8DL on Monday 18 May 2009 at 11.00 am.
A copy of this report will be available on the Company's website at
www.capregen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVOWRKBROUAR
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