Half-yearly Report
September 21 2007 - 3:00AM
UK Regulatory
21 September 2007
PINE VENTURES PLC
("Pine Ventures" or "the Company")
Interim Report for the six months ended 30 June 2007
Chairman's statement
Introduction
I am pleased to present your Company's interim results for the six month period
ended 30 June 2007.
Results and dividends
The loss on ordinary activities after taxation for the six month period
amounted to �144,000. The loss per share is 0.05 pence and no dividend is
recommended.
Events during the period
On 9 May 2007, the Company announced the liquidation of its principal trading
subsidiary which left the Company as an investing company under Rule 15 of the
AIM Rules.
At an EGM on 6 June 2007 Shareholders approved the Company's investment
strategy and the change of name from CheekyMoon Entertainment plc to Pine
Ventures Plc.
The Company's investment strategy is to acquire another company or business
operating in the software sector in the UK, Europe or Northern America.
Outlook
On 12 June 2007, the Company announced a Placing and Open Offer which was
completed on 5 July 2007 raising approximately �423,000 before expenses. The
Directors intend to use the funds raised, net of costs, to fund the due
diligence relating to potential acquisition targets and working capital
generally.
The Directors are actively pursuing potential acquisitions, none of which are
at an advanced stage.
It has been an eventful year for the Company and the Board are now
concentrating on identifying a suitable acquisition to enhance shareholder
value.
Lord Beaverbrook
Chairman
21 September 2007
Enquiries:
Lord Beaverbrook, Chairman 020 7235 3131
Pine Ventures plc
Simon Clements/David Worlidge 020 7628 2200
John East & Partners Limited
Trevor Phillips/David Bick 020 7929 5599
Square1 Consulting Limited
INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Investment written off - - (2,795)
Administrative expenses (145) (80) (311)
Operating loss (145) (80) (3,106)
Finance Income 1 16 20
Loss on ordinary activities before
and
after tax and loss for the (144) (64) (3,086)
financial period
Loss per share - basic and diluted (0.05)p (0.03)p (1.12)p
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Total equity at beginning of 21 1,217 1,217
period
Issue of equity share capital - 1,890 1,890
Loss for the financial period (144) (64) (3,086)
Total equity at end of period (123) 3,043 21
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
ASSETS
Non-current assets
Investment in subsidiary - 2,668 -
Current assets
Trade and other receivables 68 5 1
Cash and cash equivalents 89 387 90
157 392 91
Total assets 157 3,060 91
EQUITY AND LIABILITIES
Equity
Share capital 296 296 296
Share premium account 1,147 1,147 1,147
Other reserves - 1,776 -
Retained losses (1,566) (176) (1,422)
Total equity (123) 3,043 21
Current liabilities
Trade and other payables 280 17 70
Total equity and liabilities 157 3,060 91
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Cash flows from operating activities
Loss before tax (144) (64) (3,086)
Adjustments for:
Investment written off - - 2,795
Finance income (1) (16) (20)
(Increase)/decrease in trade and (67) 5 9
other receivables
Increase/(decrease) in trade and 160 (15) 38
other payables
Net cash outflow from operating (52) (90) (264)
activities
Cash flows from investing activities
Acquisition of subsidiary - (668) (795)
Finance income 1 16 20
Cash inflow/(outflow) from investing 1 (652) (775)
activities
Cash inflow/(outflow) from financing
activities
Proceeds from issue of ordinary share - 34 34
capital
Expenses of share issues - (144) (144)
Loans advanced 50 - -
Cash flows from financing activities 50 (110) (110)
Net decrease in cash and cash (1) (852) (1,149)
equivalents
Cash and cash equivalents at the 90 1,239 1,239
beginning of the period
Cash and cash equivalents at the end 89 387 90
of the period
NOTES TO THE INTERIM REPORT
1. The interim financial statements have not been audited and they do not
constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The statutory accounts for the year ended 31 December 2006
have been delivered to the Registrar of Companies. The auditors' opinion on
these accounts was unqualified and did not contain a statement under s237(2) or
s237(3) of the Companies Act 1985.
2. The interim financial information has been presented in accordance with
International Reporting Standards (IFRS) as required by European Law and
presents financial information on the Company only. The comparative figures
shown are those of the Company and are not those previously reported on as a
Group. This is necessary because the Company had no trading subsidiaries at 30
June 2007.
3. Basic loss per share has been calculated using a loss for the financial
period of �144,000 (�64,000 loss for the period ended 30 June 2006 and �
3,086,000 loss for the year ended 31 December 2006) and a weighted average
number of ordinary shares in issue during the period 1 January 2007 to 30 June
2007 of 296,349,251 (254,999,446 for the period ended 30 June 2006 and
275,844,279 for the year ended 31 December 2006).
Diluted loss per share is calculated by adjusting the weighted average number
of shares in issue assuming conversion of all potentially dilutive ordinary
shares. The Company's potential ordinary shares consist of share options and
warrants. Due to the loss for the current and comparative periods there are no
dilutive ordinary shares.
4. No dividend is proposed for the six month period ended 30 June 2007.
5. Copies of this interim report can be obtained by writing to The Company
Secretary, Pine Ventures plc, Number 14, The Embankment, Vale Road, Heaton
Mersey, Stockport, Cheshire, SK4 3GN. Copies can also be obtained from the
Company's website, www.pine-ventures.co.uk.
END
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