TIDMGON
RNS Number : 4797P
Galleon Holdings PLC
02 October 2013
02 October 2013
Galleon Holdings plc
("Galleon", "the Company" or "the Group")
Interim results for the six months ended 31 March 2013
Galleon Holdings plc (AIM: GON) is pleased to announce its
interim results for the six months ended 31 March 2013. These
interim results are being issued on the same date as the annual
report and accounts for the financial year ended 30 September 2012
which contains a chairman's statement which covers the period from
1 October 2011 to date. As a result, no separate chairman's
statement for the 6 months to 31 March 2013 has been published.
Enquiries:
Galleon Holdings plc www.galleonplc.com
Ashar Qureshi Tel: 020 7529 3737
Nominated Adviser & Broker
Cairn Financial Advisers LLP Tel: 020 7148 7900
James Caithie / Avi Robinson
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March 2013
Unaudited Unaudited Audited
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2013 2012 2012
Note GBP'000 GBP'000 GBP'000
Revenue 3 3,912 4,947 9,247
Cost of sales (3,054) (4,166) (7,840)
Gross profit 858 781 1,407
Administrative expenses (1,054) (1,676) (6,729)
Loss from operations (196) (895) (5,322)
Finance income - 1 3
Finance costs (74) (82) (187)
Loss before taxation (270) (976) (5,506)
Taxation credit 4 85 140 (29)
Loss for the financial year (185) (836) (5,535)
Non-controlling interest 31 61 322
Loss for the financial year
attributable to the equity
holders of the company (154) (775) (5,213)
============ ============ ===========
Other comprehensive income
Foreign exchange 42 (59) (100)
Total comprehensive expenditure
for the period attributable
to equity holders of the company (112) (834) (5,313)
============ ============ ===========
Loss per share
- Basic and diluted 5 (9.2p) (46p) (311p)
============ ============ ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2013
Total
attributable
Capital Foreign to owners Non-
Share Share redemption Other exchange *Retained of the controlling Total
capital Premium reserve reserves reserve earnings Company interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30
September
2011
(audited) 1,674 26,269 9,601 210 2,489 (34,945) 5,298 (119) 5,179
======== ======== ========== ========= =========== =========== ============== ============== =======
Share based
payments - - - - - 96 96 - 96
Transactions
with
owners - - - - - 96 96 - 96
Loss for the
year
and total
recognised
income and
expenditure
for the
period - - - - - (775) (775) (61) (836)
Foreign
exchange gain - - - - (59) - (59) - (59)
Total
comprehensive
(expenditure)
for
the period - - - - (59) (775) (834) (61) (895)
At 31 March
2012
(unaudited) 1,674 26,269 9,601 210 2,430 (35,624) 4,560 (180) 4,380
======== ======== ========== ========= =========== =========== ============== ============== =======
Share based
payments - - - - - (72) (72) - (72)
Transactions
with
owners - - - - - (72) (72) - (72)
Loss for the
year
and total
recognised
income and
expenditure
for the
period - - - - - (4,438) (4,438) (261) (4,699)
Foreign
exchange gain - - - - (41) - (41) - (41)
Total
comprehensive
(expenditure)
for
the period - - - - (41) (4,510) (4,551) (261) (4,812)
At 30
September
2012
(audited) 1,674 26,269 9,601 210 2,389 (40,134) 9 (441) (432)
======== ======== ========== ========= =========== =========== ============== ============== =======
Share based - - - - - - - - -
payments
Transactions - - - - - - - - -
with
owners
Loss for the
year
and total
recognised
income and
expenditure
for the
period - - - - - (154) (154) (31) (185)
Foreign
exchange gain - - - - 42 - 42 - 42
Total
comprehensive
(expenditure)
for
the period - - - - 42 (154) (112) (31) (143)
At 31 March
2013
(unaudited) 1,674 26,269 9,601 210 2,431 (40,288) (101) (472) (573)
======== ======== ========== ========= =========== =========== ============== ============== =======
*Retained earnings include a share based payment reserve of
GBP380,000 at 31 March 2013 (31 March 2012: GBP452,000, 30
September 2012: GBP380,000).
CONSOLIDATED STATEMENT OF FINancial position
At 31 March 2013
Unaudited Unaudited Audited
31 March 31 March 30 September
2013 2012 2012
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment - 311 -
Goodwill - 3,049 -
Intangible assets 17 412 17
17 3,772 17
=========== =========== ==============
Current assets
Inventories - 1,071 486
Trade and other receivables 1,864 2,576 1,500
Cash and cash equivalents 170 444 322
2,034 4,091 2,308
Total assets 2,051 7,863 2,325
=========== =========== ==============
LIABILITIES
Current liabilities
Trade and other payables 2,294 2,380 1,891
Borrowings 300 850 700
Corporation Tax 30 253 166
3,483 3,483 2,757
Total liabilities 2,624 3,483 2,757
=========== =========== ==============
EQUITY
Share capital 1,674 1,674 1,674
Reserves (1,775) 2,886 (1,665)
Equity interests attributable
to equity holders of the company (101) 4,560 9
Non-controlling interest in
equity (472) (180) (441)
Total equity (573) 4,380 (432)
Total equity and total liabilities 2,051 7,863 2,325
=========== =========== ==============
STATEMENT OF CONSOLIDATED CASH FLOWS
For the six months ended 31 March
2013
Unaudited Unaudited Audited
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2013 2012 2012
GBP'000 GBP'000 GBP'000
Operating activities
(Loss) for the period (185) (836) (5,535)
Taxation (85) (140) 29
Net finance costs 74 81 184
Loss on sale of property, plant
and equipment - - 24
Depreciation of property, plant
and equipment 15 110 159
Impairment of property, plant
and equipment - - 256
Impairment of Goodwill - - 3,017
Impairment of intangible assets - - 545
Amortisation of intangible assets 5 96 232
Decrease / (increase) in inventories 499 (293) 293
(Increase) /decrease in trade
and other receivables (227) 956 1,719
Increase / (decrease) in trade
and other payables 288 313 (156)
Share based payments - 96 24
384 383 792
Taxation received (5) 4 (14)
Net interest (paid) (74) (81) (187)
Net cash inflow from operating
activities 305 306 591
Investing activities
Purchase of property, plant
and equipment (15) (51) (80)
Purchase of intangible assets (5) (382) (676)
Purchase of investment - - 6
Net cash outflow from investing
activities (20) (433) (750)
Financing activities
Receipt from borrowings - - 700
Repayment of loan (400) (100) (950)
Net cash (outflow) / inflow
from financing activities (400) (100) 950
Decrease in cash and cash equivalents (115) (227) (409)
Cash and cash equivalents brought
forward 322 665 665
Exchange differences on cash
and cash equivalents (37) 6 66
Cash and cash equivalents carried
forward 170 444 322
=========== =========== ==========
NOTES TO THE INTERIM REPORT
1. GENERAL INFORMATION
Galleon Holdings plc, a Public Limited Company is incorporated
and domiciled in the United Kingdom.
Galleon Holdings plc during the period under review was
primarily a publisher of digital content in China across both
online and mobile platforms. It also has a Product IP Division that
provides innovative marketing devices for fast moving consumable
goods and an Entertainment Division that develops multi-platform
branded formats designed to establish a direct, interactive
relationship with the viewer.
On 30 September 2013 the Company became an investing company
focussed on the natural resources and energy sectors.
The financial information set out in the interim report does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The auditor's report on those financial
statements was unqualified and did not contain a statement under
Section 498 of the Companies Act 2006.
The interim report was approved by the Board on 1 October
2013.
The Company has gone through a restructuring following the
approval by shareholders at a general meeting on the 30 September
2013 of the Company Voluntary Arrangement ('CVA'), the disposal of
Phoenix Investment Global Limited ('the Disposal') , the share
capital reorganisation, the placing of 3,906,250 new ordinary
shares to Q Holdings Limited ('the Placing'), the adoption of a new
policy to invest principally, but not exclusively, in the resources
and energy sectors ('the Investing Policy') and a waiver under Rule
9 of the Takeover Code.
The Company has raised GBP350,000 through a subscription of
3,906,250 new ordinary shares on 30 September 2013. The proceeds of
the Placing have been used to fund a GBP180,000 payment due to
creditors pursuant to the CVA and the balance of GBP170,000 to
provide the Company with working capital to implement its new
investing policy.
The directors have prepared profit and loss, balance sheet and
cash flow projections through to 30 September 2014, incorporating
the management and other costs associated with the implementation
of the new investment strategy. The projections also take account
of the on-going management costs of the Group. In the event an
investment is made in line with the new investment strategy, it is
likely that new funding will be raised.
Taking the above into account, the Directors believe that it
remains appropriate for the interim report to be prepared on a
going concern basis. The interim report does not include any
adjustments that would result if the assumptions detailed above are
not met.
2. BASIS OF PREPARATION
The half yearly consolidated financial report should be read in
conjunction with the annual financial statements for the year ended
30 September 2012, which have been prepared in accordance with IFRS
as adopted by the European Union.
The principal accounting policies of the Group are consistent
with those detailed in the 30 September 2012 financial statements,
which are prepared in accordance with International Financial
Reporting Standards (IFRSs, as adopted by the European Union).
3. Segmental analysis
An analysis of segmental performance is as follows;
Unaudited period ended Product Entertainment Entertainment Unallocated Eliminated Total
31 March 2013 Digital Other
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
From external customers 1,643 2,267 2 - - 3,912
From other segments - - - - - -
Segment revenues 1,643 2,267 2 - - 3,912
Profit / (loss) before
taxation 245 (336) (143) (36) - (270)
=========== ================== ================== =============== ============= =======
Unaudited period ended
31 March Total
2012
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
From external customers 1,465 3,407 75 - - 4,947
From other segments - - - - - -
Segment revenues 1,465 3,407 75 - - 4,947
Profit / (loss) before
taxation (40) (503) 25 (458) - (976)
=========== ================== ================== =============== ============= =======
Year ended 30
September
2012
Revenue
From external customers 3,094 6,062 91 - - 9,247
From other segments 162 - 380 - (542) -
Segment revenues 3,256 6,062 471 - (542) 9,247
(Loss) before taxation (723) (4,497) 100 (386) - (5,506)
=========== ============= ======================= ============== ====== ===============
As at 31 March 2013
Assets 386 1,463 202 - - 2,051
Liabilities (434) (2,111) (79) - - (2,624)
Net Liabilities (42) 6 558 - - (573)
=========== ============= ======================= ============== ====== ===============
As at 31 March 2012
Assets 1,395 5,190 1,278 - - 7,863
Liabilities (1,091) (1,601) (791) - - (3,483)
Net Assets 304 3,589 487 - - 4,380
=========== ============= ======================= ============== ====== ===============
As at 30 September
2012
Assets 386 1,227 712 - - 2,325
Liabilities (771) (1,545) (441) - - (2,757)
Net Liabilities (385) (318) 271 - - (432)
=========== ============= ======================= ============== ====== ===============
31 March 2013 31 March 2012 30 September
2012
Revenues Assets Revenues Assets Revenues Assets
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
United
Kingdom 2 187 - 1,922 91 339
China 1,864 1,864 3,482 5,936 5,637 1,986
Rest of
World 2,039 - 1,465 5 3,519 -
Total 3,912 2,051 4,947 7,863 9,247 2,325
=========== =========== ============= ================== =========== =======
4. TAXATION
The tax credit for the period ended 31 March 2013 arises in the
UK and China after allowing for tax losses brought forward.
5. LOSS PER SHARE
Unaudited Unaudited Audited
31 March 31 March 30 September
2013 2012 2012
GBP'000 GBP'000 GBP'000
Loss for the period (154) (775) (5,213)
========== ========== ==============
Number Number Number
Weighted average number of shares
in 000's 1,674 1,674 1,674
Share options - - -
Dilutive average weighted number
of shares in 000's 1,674 1,674 1,674
Basic and diluted loss per share
(pence) (9.2p) (46p) (311p)
========== ========== ==============
The diluted loss per share is 9.2p (September 2012: 311p) as any
amendment to the weighted average number of shares as a result of
including the conversion of share options is anti-dilutive.
In line with accounting standards the weighted average number of
shares used in the calculation of loss per share has been adjusted
to reflect the share reorganisation on 30 September 2013.
6. share capital
Unaudited31 Unaudited Audited
March 31 March 30 September
2013 2012 2012
GBP'000 GBP'000 GBP'000
Authorised
275,000,000 (2011: 275,000,000) ordinary
shares of 1p each 2,750 2,750 2,750
=========== =========== ===============
Allotted, called up and fully paid
167,426,002 (2011: 167,426,002) ordinary
shares of 1p each 1,674 1,674 1,674
=========== =========== ===============
Since the year end the Company has undertaken a share capital
reorganisation.
The Company's ordinary shares were consolidated on the basis
that every 100 existing ordinary shares has become 1 consolidated
share. Each consolidated share has been subdivided into one new
ordinary share of GBP0.05 each and one deferred share of GBP0.95
each. The new ordinary shares carry the same rights as the existing
ordinary shares. The deferred shares will not entitle the holder
thereof to receive notice of or attend and vote at any general
meeting of the Company or to receive a dividend or other
distribution or to participate in any return on capital on a
winding up other than the nominal amount paid on such shares
following a substantial distribution to holders of ordinary shares
in the Company. The Company has the right to purchase all of the
issued deferred shares from all Shareholders for an aggregate
consideration of GBP0.01. As such, the deferred shares effectively
have negligible value and will not be admitted to trading on AIM.
Share certificates will not be issued in respect of the deferred
shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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