RNS Number:3791K
European Business Jets plc
20 December 2007
EUROPEAN BUSINESS JETS PLC
Results for the 6 months ended
30 September 2007
CHAIRMAN'S STATEMENT
The period under review has seen the Group achieve its testing sales targets.
Frustratingly the sales increase has not been fully reflected in profits growth
for operational reasons, primarily a requirement to charter aircraft as a result
of increased sales rather than flying clients in owned aircraft. These
operational problems have been addressed in part by the delivery of new
aircraft, and in part by an overhaul of operational systems and staff. The Group
now looks forward to its sales successes bearing fruit in financial terms.
Our market place has seen continued growth in the demand for executive jet
travel; and I am pleased to report that European Business Jets has been able to
take advantage the increased demand for business jet travel, reflected in both a
rise in the number of customers joining the fractional programme; a large
increase in the number of card customers joining EBJ (many of these customers
may take fractional shares in the future) and an increase in the managed
aircraft business.
This increase in demand has led to the Company ordering further aircraft; a
further CJ1 which will be delivered in January and a longer range CJ2.
The CJ1 will enter the fractional programme to augment the capacity of our
existing programme and satisfy the flying requirements of our new customers.
In addition the Directors have identified a demand for a longer range aircraft,
which has led to the launch of the new CJ2 programme. The introduction of the
CJ2 increases the capability of the Company and allows customers to travel
further within Europe with up to seven passengers.
We mentioned in the last annual report the launch of our managed aircraft
business. We are pleased to advise that we have added a third aircraft to this
business and are now in a position to generate charter revenue from these
aircraft
In order to improve efficiency, the company has moved its operating base from
Cambridge to Stansted, where the operations and accounting teams are now based.
A new sales office has been opened in Mayfair, which is ideally placed to take
advantage of the requirement to fly on executive jets in this area.
Financials
The loss for the period is �553,715. While this is a reduction from the
comparative period in 2006 (�683,371 loss), and for the first time there is a
gross profit before overheads, this remains disappointing for the reasons set
out above. While the turnover stated is below that of the comparative period,
this is misleading in so far as it reflects the timing of the transfer of
aircraft to the owners of fractional shares rather than the underlying sale of
fractions themselves.
Outlook
We remain optimistic about the future demand for our range of products, and with
fractional sales, card sales and revenue from managed aircraft improving we look
to the future with increasing confidence.
Brian Moritz
(Chairman)
20 December 2007
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
Neither audited Neither audited Neither audited
nor reviewed nor reviewed nor reviewed
Six months ended Six months ended Year ended
30 September 2007 30 September 2006 31 March 2007
� � �
Notes
Revenue 1,786,973 3,166,897 4,282,327
Cost of sales (1,716,737) (3,247,372) (4,378,725)
Gross profit/(loss) 70,236 (80,475) (96,398)
Administrative expenses (533,570) (543,749) (978,465)
Operating loss (463,334) (624,224) (1,074,863)
Finance income - - -
Finance costs (90,381) (59,147) (91,423)
Loss before taxation (553,715) (683,371) (1,166,286)
Tax - - -
Loss for the financial period 2 (553,715) (683,371) (1,166,286)
Basic and diluted loss per ordinary share 3 (0.25p) (0.31p) (0.53p)
All results are derived from continuing operations. No gains or losses other
than those recorded in the income statements were recorded in the period.
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2007
Neither audited
nor reviewed Neither audited Neither audited
30 September nor reviewed nor reviewed
2007 30 September 31 March
2006 2007
� � �
Notes
Assets
Non-current assets
Property, plant and equipment 1,257,586 1,404,455 1,335,405
Current assets
Trade and other receivables 821,159 2,601,757 463,632
Cash and cash equivalents 79,571 186,053 60,491
Total current assets 900,730 2,787,810 524,123
Total assets 2,158,316 4,192,265 1,859,528
Liabilities
Current liabilities
Bank loans and overdrafts 665,251 193,992 94,023
Trade and other payables 1,707,973 3,088,337 1,296,093
Total current liabilities 2,373,224 3,282,329 1,390,116
Non-current liabilities
Bank loans 842,806 962,020 988,911
Total liabilities 3,216,030 4,244,349 2,379,027
Net liabilities (1,057,714) (52,084) (519,499)
Equity
Share capital 221,687 221,687 221,687
Share premium account 1,527,984 1,527,984 1,527,984
Retained earnings (2,807,385) (1,801,755) (2,269,170)
Total equity 5 (1,057,714) (52,084) (519,499)
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
Neither audited Neither audited
nor reviewed Neither audited nor reviewed
Six months ended nor reviewed Year ended
30 September Six months ended 31 March
2007 30 September 2007
2006
� � �
Notes
Net cash absorbed by operating activities 6(a) (362,858) (610,097) (310,589)
Investing activities
Purchase of property, plant and equipment (12,804) (3,382) (23,098)
Financing activities
New bank loans raised 60,000 1,456,012 1,082,934
Repayment of borrowings (46,136) (940,152) (940,152)
Interest paid on borrowings (90,381) (59,147) (91,423)
Net cash (outflow)/inflow from financing (76,517) 456,713 51,359
activities
Net (decrease)/increase in cash and cash (452,179) (156,766) (282,328)
equivalents
Cash and cash equivalents at beginning of 60,491 342,819 342,819
period
Cash and cash equivalents at end of period 6(b) (391,688) 186,053 60,491
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
1. Basis of preparation and accounting policies
This interim financial information was approved by the Board of Directors on 20
December 2007.
The AIM Rules for Companies require that the annual consolidated financial
statements of the group for the year ending 31 March 2008 be prepared in
accordance with International Financial Reporting Standards adopted for use in
the European Union ("EU") ("IFRS").
Consequently these interim financial statements has been prepared on the basis
of the recognition and measurement requirements of IFRS in issue that are either
endorsed by the EU and effective (or available for early adoption) at 31 March
2008, the group's first annual reporting date at which it is required to use
IFRS. Based on these IFRS, the directors have made assumptions about the
accounting policies expected to be applied when the first annual IFRS financial
statements are prepared for the year ending 31 March 2008.
IAS 34 "Interim financial reporting" has not been early adopted.
An explanation of how the transition to IFRS has affected the reported financial
position and financial performance of the group is included within note 7.
The preparation of the interim statement requires management to make judgements,
estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. Actual results may
differ from these estimates.
This interim statement has been prepared under the historical cost convention.
This interim statement is unaudited. The comparatives for the full year ended 31
March 2007 are not the group's statutory accounts for that year as they are
restated under IFRS. A copy of the statutory accounts for that year, which were
prepared under UK GAAP, have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, did not include references
to any matters to which the auditors drew attention by way of emphasis without
qualifying their report and did not contain a statement under Section 237(2)-(3)
of the Companies Act 1985.
2. Loss for the period
Loss for the period has been arrived at after charging:
Neither audited Neither audited Neither audited
nor reviewed nor reviewed nor reviewed
Six months ended Six months ended Year ended
30 September 30 September 31 March
2007 2006 2007
� � �
Share-based payments 15,500 94,167 109,667
3. Loss per share
Basic loss per share of 0.25p (30 September 2006: loss of 0.31p; 31 March 2007
loss of 0.53p) are based on the loss for the period of �553,715 (30 September
2006: loss of �683,371; 31 March 2007: loss of 1,166,286) and on 221,686,779
ordinary shares being the weighted average number of shares in issue for each
period.
Due to the loss incurred during the period, a diluted loss per share has not
been disclosed as this would serve to reduce the basic loss per share.
4. Dividend
No interim dividend has been declared.
5. Movement in equity
Neither audited Neither audited Neither audited
nor reviewed nor reviewed nor reviewed
30 September 30 September 31 March
2007 2006 2007
� � �
Opening equity (519,499) 537,120 537,120
Loss for the period (553,715) (683,371) (1,166,286)
Share-based payments 15,500 94,167 109,667
Closing equity (1,057,714) (52,084) (519,499)
6. Notes to the cash flow statement
(a) Net cash absorbed by operating activities
Neither audited Neither audited Neither audited
nor reviewed nor reviewed nor reviewed
Six months ended Six months ended Year ended
30 September 30 September 31 March
2007 2006 2007
� � �
Loss before taxation (553,715) (683,371) (1,166,286)
Adjustments for:
Finance costs 90,381 59,147 91,423
Depreciation of property,
plant and equipment 90,623 88,125 176,890
Share-based payments expense 15,500 94,167 109,667
Operating cash flows before movements
in working capital (357,211) (441,932) (788,306)
Increase in receivables (311,391) (2,478,185) (340,060)
Increase in payables 305,744 2,310,020 817,777
Net cash outflow from operations (362,858) (610,097) (310,589)
(b) Cash and cash equivalents
Neither audited Neither audited Neither audited
nor reviewed nor reviewed nor reviewed
30 September 30 September 31 March
2007 2006 2007
� � �
Cash at hand and in bank 79,571 186,053 60,491
Overdraft (471,259) - -
Net cash and cash equivalents (391,688) 186,053 60,491
7. Explanation of transition to IFRS
This is the first year end that the group has presented its financial statements
under IFRS. The last financial statements under UK GAAP were for the year ended
31 March 2007 and the date of transition to IFRS was therefore 1 April 2006.
The adoption of IFRS had no impact on either the equity or results of the group
for 2007. The only changes resulting from the transition to IFRS are of a
presentational nature.
Copies of this statement are available to the public for collection at the
company's Registered Office at 55 Gower Street, London, WC1E 6HQ care of AGC
Clarke. They will also be made available on the company's website:
www.europeanbusinessjets.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEIFFSSWSELE
European Business Jets (LSE:EBJ)
過去 株価チャート
から 5 2024 まで 6 2024
European Business Jets (LSE:EBJ)
過去 株価チャート
から 6 2023 まで 6 2024
