TIDMMAT
RNS Number : 8089Z
Matica Plc
29 September 2009
29 September 2009
Matica PLC
("Matica", the "Group" or the "Company")
Unaudited Interim Results for the Six Months ended 30 June 2009
Matica, the international supplier of card personalization and card mailing
systems, announces its unaudited interim results for the six months ended 30
June 2009.
HIGHLIGHTS
* Revenue for the six months to 30 June 2009 decreased by 43% to EUR4.3 million (H1
2008: EUR7.5 million)
* Pre tax loss of EUR0.9 million (H1 2008: pre tax profit of EUR0.5 million)
* Loss for the period of EUR1 million (H1 2008: profit of EUR0.3 million)
* Significant new contract wins in Middle East totaling EUR0.5 million
* Successful acquisition of 100% of Matica Americas; this investment has
provided the Company with a platform to establish closer relationships with our
end users, customers and dealers in America.
* Veraje Anjargolian appointed as an Executive Director and Chief Operating
Officer
Sandro Camilleri, CEO of Matica commented:
"Trading conditions for the first six months of 2009 have deteriorated
significantly when compared to 2008 due, in large part, to the global financial
crisis. Many banks and financial institutions have cut their expenditure on card
technologies and there has been evidence of a reduction in credit card issuance.
This has had an adverse effect on our business and has contributed to the loss
which has been made in the period.
Despite the tough trading conditions experienced by the Company in the first
half of 2009, the long term prospects for the market for using plastic cards for
ID, security, banking and loyalty programs remains encouraging. This has been
driven in particular by the continued growth in the use of ID cards associated
with concerns over security and safety worldwide, card plants and service
bureau. We believe that Matica is well positioned to grow in the future."
For further information, please contact:
Matica PLC
Sandro Camilleri, CEO
+39 0292272501
www.maticasystem.com
Hanson Westhouse
Tim Metcalfe/Christine Zhang
+44 (0)20 7601 6100
Notes to Editors:
Since 2000, Matica has grown rapidly to become an international supplier of card
personalisation and card mailing systems with sales to approximately 100
countries. The Group offers one of the most complete ranges of card
personalisation systems, used for a wide range of plastic card personalisation
including: credit and debit cards, smart cards, identification cards, security
cards, SIM cards for mobile telephones, pre-paid telephone cards, membership
cards, loyalty cards, electronic payment cards, patient cards, insurance cards
and gift cards. The Group also produces a range of metal plate embossing systems
for the personalisation of items such as vehicle identification number plates
and dog tags for military or industrial projects.
Based in Milan, Italy, Matica was admitted to trading on AIM in April 2007. More
information can be found at www.maticacsystem.com.
Chief Executive Officer's Statement
Since 2008, when our Company recorded a strong growth in both revenues and
profits, trading conditions for the first half of 2009 have deteriorated
significantly due to the global financial crisis which first impacted the Group
in late 2008.
As a result, we have seen a general slowdown in all regions of the world in
which we operate, as banks, financial institutions and retailers have reduced
the amount of equipment they are purchasing and the amount they are investing
further in new technologies. This has contributed to the Company's revenue
decreasing by 43% in comparison to the same period in 2008.
To combat the difficult trading conditions currently being experienced, we have
cut our operating costs by 12% compared with the same period last year. At the
same time, the Company has decided to continue to stock raw materials. This is
to ensure that there will be finished products ready for shipping once the
market conditions improve.
Since the end of May, we have seen signs of economic improvement around the
world and this has translated into improvements in Matica's business and the
level of incoming orders has started to pick up: this enhancement can be seen in
the significant new contract won in Middle East, that enabled the Company to
total EUR0,5 million. This, coupled with the benefit of the operational cuts, may
see an improved performance in the second half of the year.
In the first half of 2009, the Company continued to invest considerable
resources in its research and development facilities. As a result, the Company
is in the process of launching important new modules and machines which will
complete our product range and strengthen our recovery in the coming months.
On 26 March 2009, Matica announced that it had acquired the 50% equity stake in
Matica Americas LLC ("Matica Americas") which it did not previously own.
Following the completion of the acquisition, Matica Americas became Matica's
100% owned operating subsidiary for the America market. This is an important
step in our commercial strategy since the US market represents the largest
market for the card industry worldwide. We believe that this investment will
accelerate the Company's growth in the region as the US economy recovers.
Matica's ambition is to be a leader in the card personalization and card mailing
systems industry. We believe that Matica is now the second largest embossing
machine manufacturer in the world. This is an important achievement and one that
will help us continue to build our distribution network worldwide.
During the period under review, Matica has also strengthened its management team
by appointing a number of well regarded individuals in the card sector. These
people will play key roles across the Group's businesses to help the Company
grow further.
While demand for our products in the first 6 months of the year has been heavily
impacted by the financial crisis and the slowdown in the worldwide economy, the
long term prospects for the market for using plastic cards for ID, security,
banking and loyalty programs remains encouraging. The sector dynamics remain
compelling and this has been particularly driven by the continued growth in the
use of ID cards associated with concerns over security and safety worldwide.
We continue to target the financial services and EMV (Europay Mastercard Visa)
sector as there is an increasing trend for companies in the sector to
decentralize their card manufacturing requirements, enabling cards to be
produced locally and therefore more rapidly and securely. In addition, we are
focusing our products on the government sector that is growing due to concerns
over security and safety. Matica's machines provide a complete service and
enable those leading producers to issue credit and debit cards, loyalty and
membership cards as well as the packaging for delivery.
The Company provides a complete range of products, from ID Printers to High-
Speed Systems, and is one of only two suppliers worldwide who are able to do so.
The operations of Digicard (acquired in 2006) have been fully integrated with
our Italian facilities, which has broadened our product offering. We are
dedicated to continuously improving our technology through research and
development to provide our customers with the best in class machinery in order
to further strengthen our competitive edge.
Our business model is to work with dealers and distributors around the world and
we have a long established network of trusted and accredited distributors which
we will continue to grow in order to increase our worldwide commercial presence.
Financial Review
For the six months ended 30 June 2009, the Group experienced a 43% decrease in
revenues to EUR4.3 million (H12008: EUR7.5 million) and a negative EBITDA of EUR0.4
million (H1 2008: positive EBITDA of EUR1.1 million).
The Group reduced the overall cost base of the business, with group operating
costs decreasing by 12% to EUR2.4 million (2008: EUR2.8 million).
The loss before tax was EUR0.9 million compared to a profit before tax of EUR0.5
million in the same period in 2008. The loss after tax was EUR1 million (H1 2008,
profit EUR0.3 million). Both basic and diluted loss per share is EUR0.098 (H1 2008,
earning per share of EUR0.028). Cash and cash equivalents decreased by 67% from
EUR1.4 million to EUR0.5 million.
The Company, on 31st March 2009, entered into a loan facility with Banca
Intermobiliare (the "Bank") for a 5 year loan facility of EURO 1,750,000 (the
"Loan"). Under the terms of the facility agreement the Company invested EURO
1,000,000 in an AAA BEI Europe Bank bond. The Company's first repayment for the
Loan is due in September 2010 with interest payable quarterly from that date at
a rate of 2% above Euribor.
Corporate matters
We have continued to strengthen our high quality industry team as we continue to
expand globally. In January 2009 we appointed Veraje Anjargolian as an Executive
Director and in June he was appointed as our Chief Operating Officer. Veraje
brings to Matica extensive experience of the card industry and a proven track
record in developing rapidly growing businesses with Zebra Card Technology.
Outlook
We will continue to focus on markets where there is rapid growth such as
emerging markets and seek to expand our global presence through distributors and
direct selling to end-users. Market conditions, since May 2009, have been
improving and we are confident that we will benefit from the better general
economical climate and increasing concerns over security. In addition the
Company will keep its options open regarding future funding in order to grow the
Company further.
Sandro Camilleri
Chief Executive Officer
UNAUDITED CONSOLIDATED INCOME STATEMENT
+-------------------------------+----------------+----------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+-------------------------------+----------------+----------------+----------------+
| | 30 June 2009 | 30 June 2008 | 31 December |
| | | | 2008 |
+-------------------------------+----------------+----------------+----------------+
| | EUR'000 | EUR'000 | EUR'000 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Revenue | 4,258 | 7,530 | 14,610 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Raw materials and consumables | (2,142) | (3,654) | (6,923) |
| used | | | |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Gross profit | 2,116 | 3,876 | 7,687 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Other operating income | 11 | 32 | 132 |
+-------------------------------+----------------+----------------+----------------+
| Staff costs | (1,578) | (1,402) | (2,870) |
+-------------------------------+----------------+----------------+----------------+
| Other operating expenses | (929) | (1,400) | (2,645) |
+-------------------------------+----------------+----------------+----------------+
| Depreciation and amortisation | (357) | (538) | (995) |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Profit / (loss) from | (737) | 568 | 1,309 |
| operations | | | |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Loss from joint venture | (112) | - | (129) |
+-------------------------------+----------------+----------------+----------------+
| Finance costs | (65) | (70) | (123) |
+-------------------------------+----------------+----------------+----------------+
| Investment revenues | 12 | 12 | 22 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Profit / (loss) before tax | (902) | 510 | 1,079 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Income tax | (72) | (223) | (652) |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Profit /(loss) for the period | (974) | 287 | 427 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Earning / (Loss) per Share | | | |
+-------------------------------+----------------+----------------+----------------+
| Basic | (EUR0.098) | EUR0,029 | EUR0,042 |
+-------------------------------+----------------+----------------+----------------+
+-------------------------------+----------------+----------------+----------------+
| Fully Diluted | (EUR0.098) | EUR0,028 | EUR0,039 |
+-------------------------------+----------------+----------------+----------------+
UNAUDITED CONSOLIDATED BALANCE SHEET
+------------------------------+----------------+----------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+------------------------------+----------------+----------------+----------------+
| | 30 June 2009 | 30 June 2008 | 31 December |
| | | | 2008 |
+------------------------------+----------------+----------------+----------------+
| | EUR'000 | EUR'000 | EUR'000 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Non - current assets | | | |
+------------------------------+----------------+----------------+----------------+
| Goodwill | 5,530 | 5,018 | 5,018 |
+------------------------------+----------------+----------------+----------------+
| Intangible fixed assets | 4,243 | 3,876 | 4,127 |
+------------------------------+----------------+----------------+----------------+
| Property plant and equipment | 307 | 389 | 333 |
+------------------------------+----------------+----------------+----------------+
| Deferred tax receivables | 78 | 226 | 153 |
+------------------------------+----------------+----------------+----------------+
| Investments | 1,002 | 25 | 35 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Total non-current assets | 11,160 | 9,524 | 9,666 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Current assets | | | |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Inventory | 2,880 | 2,404 | 3,239 |
+------------------------------+----------------+----------------+----------------+
| Trade and other receivables | 2,733 | 3,554 | 2,233 |
+------------------------------+----------------+----------------+----------------+
| Cash and cash equivalents | 453 | 1,383 | 1,387 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Total current assets | 6,066 | 7,341 | 6,859 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Current liabilities | | | |
+------------------------------+----------------+----------------+----------------+
| Financial Liabilities - | 1,158 | 867 | 649 |
| Borrowings | | | |
+------------------------------+----------------+----------------+----------------+
| Trade and other payables | 3,664 | 4,718 | 4,448 |
+------------------------------+----------------+----------------+----------------+
| Corporation tax liabilities | 15 | 214 | - |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Total current liabilities | 4,837 | 5,799 | 5,097 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Net current | 1,229 | 1,542 | 1,762 |
| assets/(liabilities) | | | |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Non-current liabilities | | | |
+------------------------------+----------------+----------------+----------------+
| Financial liabilities - | 3,160 | 1,726 | 1,726 |
| borrowings | | | |
+------------------------------+----------------+----------------+----------------+
| Deferred tax liabilities | 512 | 238 | 501 |
+------------------------------+----------------+----------------+----------------+
| Other non current | 520 | - | - |
| liabilities | | | |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Total non-current | 4,192 | 1,964 | 2,227 |
| liabilities | | | |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Net assets | 8,197 | 9,112 | 9,201 |
+------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------+----------------+----------------+----------------+
| Equity | | | |
+------------------------------+----------------+----------------+----------------+
| Share capital | 744 | 744 | 744 |
+------------------------------+----------------+----------------+----------------+
| Share premium account | 3,362 | 3,362 | 3,362 |
+------------------------------+----------------+----------------+----------------+
| Merger reserve | 6,586 | 6,586 | 6,586 |
+------------------------------+----------------+----------------+----------------+
| Other reserves | 166 | 212 | 198 |
+------------------------------+----------------+----------------+----------------+
| Retained losses | (2,663) | (1,718) | (1,689) |
+------------------------------+----------------+----------------+----------------+
| Capital and reserves | | | |
| attributable to: | | | |
+------------------------------+----------------+----------------+----------------+
| Equity holders of the | 8,195 | 9,112 | 9,201 |
| Company | | | |
+------------------------------+----------------+----------------+----------------+
| Minority interest | 2 | - | - |
+------------------------------+----------------+----------------+----------------+
| | 8,197 | 9,112 | 9,201 |
+------------------------------+----------------+----------------+----------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
+-----------------------------------------+-------------+--------------+---------------+
| | 6 months to | 6 months to | 12 months to |
| | 30 June | 30 June 2008 | 31 December |
| | 2009 | EUR'000 | 2008 |
| | EUR'000 | | EUR'000 |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Income from operations | (737) | 544 | 1,309 |
+-----------------------------------------+-------------+--------------+---------------+
| Adjustments for: | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Depreciation and writedowns | 60 | 65 | 128 |
+-----------------------------------------+-------------+--------------+---------------+
| Amortisation | 296 | 473 | 867 |
+-----------------------------------------+-------------+--------------+---------------+
| Gain on disposal of property, plant and | (1) | - | (1) |
| equipment | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Share based payments | 43 | 34 | 69 |
+-----------------------------------------+-------------+--------------+---------------+
| (Increase)/Decrease in trade and other | (500) | (1,563) | (217) |
| receivables | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Decrease / (Increase) in inventory | 359 | 55 | (780) |
+-----------------------------------------+-------------+--------------+---------------+
| (Decrease) / Increase in trade and | (862) | 83 | (145) |
| other payables | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Taxes repaid /(paid) | 29 | - | (349) |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Net cash inflow / (outflow) from | (1,313) | (309) | 881 |
| operating activities | | | |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Investing activities | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Additions to tangible fixed assets | (6) | (39) | (57) |
+-----------------------------------------+-------------+--------------+---------------+
| Additions to intangible fixed assets | (408) | (276) | (908) |
+-----------------------------------------+-------------+--------------+---------------+
| Acquisition of subsidiary net of cash | (20) | - | - |
| acquired | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Investment in joint venture | - | - | (164) |
+-----------------------------------------+-------------+--------------+---------------+
| Investment in bond security for loan | (1,002) | - | - |
| finance | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Disposal of tangible fixed assets | 2 | - | 12 |
+-----------------------------------------+-------------+--------------+---------------+
| Interest received | 12 | 36 | 22 |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Net cash used in investment activities | (1,422) | (279) | (1,095) |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Financing activities | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Minority investment in subsidiary | 2 | - | - |
+-----------------------------------------+-------------+--------------+---------------+
| Increase / (Decrease) in short term | 494 | 695 | (707) |
| financings | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Increase in long term financings | 1,750 | - | 1,500 |
+-----------------------------------------+-------------+--------------+---------------+
| Repayment of long term financings | (301) | (96) | (412) |
+-----------------------------------------+-------------+--------------+---------------+
| Interest paid | (65) | (70) | (123) |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Net cash from financing | 1,880 | 529 | 258 |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Net increase in cash and cash | (855) | (59) | 44 |
| equivalents | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Effect of foreign exchange rate changes | (79) | (14) | (113) |
+-----------------------------------------+-------------+--------------+---------------+
| Cash and cash equivalents at beginning | 1,387 | 1,456 | 1,456 |
| of the year | | | |
+-----------------------------------------+-------------+--------------+---------------+
| | | | |
+-----------------------------------------+-------------+--------------+---------------+
| Cash and cash equivalents at the end of | 453 | 1,383 | (1,387) |
| the year | | | |
+-----------------------------------------+-------------+--------------+---------------+
UNAUDITED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | Share | Share | Merger | Other | Retained | Minority | Total |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | Capital | premium | reserve | reserves | earnings | Interest | equity |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Balance at | 744 | 3,362 | 6,586 | 192 | (2,079) | - | 8,805 |
| 31 December 2007 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Changes in equity | | | | | | | |
| for the period to | | | | | | | |
| 30 June 2008 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Profit for the | - | - | - | - | 287 | - | 287 |
| period | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Exchange rate | - | - | - | (14) | - | - | (14) |
| translation | | | | | | | |
| adjustment | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Total recognized | - | - | - | (14) | 287 | - | 273 |
| income and expense | | | | | | | |
| for the period | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Cost of share | - | - | - | 34 | - | - | 34 |
| based payments | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Balance at 30 June | 744 | 3,362 | 6,586 | 212 | (1,792) | - | 9,112 |
| 2008 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Balance at | 744 | 3,362 | 6,586 | 198 | (1,689) | - | 9,201 |
| 31 December 2008 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Changes in equity | | | | | | | |
| for the period to | | | | | | | |
| 30 June 2009 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Loss for the | - | - | - | - | (974) | - | (974) |
| period | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Exchange rate | - | - | - | (75) | - | - | (75) |
| translation | | | | | | | |
| adjustment | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Total recognized | - | - | - | (75) | (974) | - | (1,049) |
| income and expense | | | | | | | |
| for the period | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Cost of share | - | - | - | 43 | - | - | 43 |
| based payments | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Minority | - | - | - | - | - | 2 | 2 |
| investment in | | | | | | | |
| subsidiary | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
| Balance at 30 June | 744 | 3,362 | 6,586 | 166 | (2,663) | 2 | 8,197 |
| 2009 | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+----------+
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1General information
Except as detailed below, the financial information for the six months has been
prepared on the basis of the accounting policies set out in the full annual
accounts of the Group for the year ended 31 December 2008, accordingly, the
interim financial information in this report has been prepared using accounting
policies consistent with International Financial Reporting Standards. As is
currently permissible under the rules of the AIM market, this report does not
comply with the full requirements of IAS 34: "Interim Financial Reporting".
2 Segmental analysis
The Group currently operates in one business segment namely the design
manufacture and marketing of card personalization systems and card mailing
systems for customers around the world in a range of industries. This is the
primary reporting segment for the Group, and as a result no additional segment
information is required to be provided. The Group's secondary segment is
geographic. The segment results by geographic region are shown below:
+------------------------+----------------+----------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+------------------------+----------------+----------------+----------------+
| | 30 June 2009 | 30 June 2008 | 31 December |
| | | | 2008 |
+------------------------+----------------+----------------+----------------+
| | EUR'000 | EUR'000 | EUR'000 |
+------------------------+----------------+----------------+----------------+
| | | | |
+------------------------+----------------+----------------+----------------+
| Sales revenue by | | | |
| destination | | | |
+------------------------+----------------+----------------+----------------+
| Europe | 1,799 | 3,413 | 6,830 |
+------------------------+----------------+----------------+----------------+
| Middle East and Africa | 1,721 | 2,797 | 4,510 |
+------------------------+----------------+----------------+----------------+
| Asia Pacific | 399 | 500 | 996 |
+------------------------+----------------+----------------+----------------+
| Americas | 339 | 820 | 2,274 |
+------------------------+----------------+----------------+----------------+
| | | | |
+------------------------+----------------+----------------+----------------+
| | 4,258 | 7,530 | 14,610 |
+------------------------+----------------+----------------+----------------+
| | | | |
+------------------------+----------------+----------------+----------------+
| Operating | | | |
| (loss)/profit by | | | |
| location | | | |
+------------------------+----------------+----------------+----------------+
| Europe | (767) | 554 | 1,323 |
+------------------------+----------------+----------------+----------------+
| Asia | (1) | (10) | (14) |
+------------------------+----------------+----------------+----------------+
| Americas | (81) | - | - |
+------------------------+----------------+----------------+----------------+
| | | | |
+------------------------+----------------+----------------+----------------+
| | (849) | 544 | 1,309 |
+------------------------+----------------+----------------+----------------+
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTScontinued
3 Earnings per share
+------------------------------------+--------------+----------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+ +--------------+----------------+----------------+
| | 30 June 2009 | 30 June 2008 | 31 December |
| | | | 2008 |
+------------------------------------+------------------------------------+--------------+----------------+
| Basic earnings per share | (EUR0.098) | EUR0.029 | EUR0.042 |
+------------------------------------+--------------+----------------+----------------+
| | | | |
+------------------------------------+--------------+----------------+----------------+
| Diluted earnings per share | (EUR0.098) | EUR0.028 | EUR0.039 |
+------------------------------------+--------------+----------------+----------------+
| | | | |
+------------------------------------+--------------+----------------+----------------+
| Earnings | EUR'000 | EUR'000 | EUR'000 |
+------------------------------------+--------------+----------------+----------------+
| Earnings for the purposes of basic | (974) | 287 | 427 |
| and diluted earnings per share | | | |
| being net profit attributable to | | | |
| equity shareholders | | | |
+------------------------------------+--------------+----------------+----------------+
| Number of shares | Number | Number | Number |
+------------------------------------+--------------+----------------+----------------+
| Weighted average number of | 10,062,816 | 10,062,816 | 10,062,816 |
| ordinary shares for the purposes | | | |
| of basic earnings per share: | | | |
+------------------------------------+--------------+----------------+----------------+
| Potential dilutive effect of share | - | 54,361 | 907,856 |
| option schemes | | | |
+------------------------------------+--------------+----------------+----------------+
| Weighted average number of | 10,062,816 | 10,117,177 | 10,970,672 |
| ordinary shares for the purposes | | | |
| of fully diluted earnings per | | | |
| share: | | | |
+------------------------------------+--------------+----------------+----------------+
The calculation of diluted earnings per share assumes conversion of all
potentially dilutive ordinary shares, all of which arise from share options. A
calculation is performed to determine the number of shares that could have been
acquired at fair value, based upon the monetary value of the subscription rights
attached to outstanding share options.
As the group had negative earnings for the six months to 30 June 2009 the number
of shares used for the calculation of diluted earnings per share is the same as
that used for basic earnings per share.
4 Taxation
+-----------------------------+----------------+----------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+-----------------------------+----------------+----------------+----------------+
| | 30 June 2009 | 30 June 2008 | 31 December |
| | | | 2008 |
+-----------------------------+----------------+----------------+----------------+
| | EUR'000 | EUR'000 | EUR'000 |
+-----------------------------+----------------+----------------+----------------+
| | | | |
+-----------------------------+----------------+----------------+----------------+
| Current tax | 19 | 214 | 352 |
+-----------------------------+----------------+----------------+----------------+
| Deferred tax | 53 | 9 | 300 |
+-----------------------------+----------------+----------------+----------------+
| | | | |
+-----------------------------+----------------+----------------+----------------+
| Total tax expense for the | 72 | 223 | 652 |
| period | | | |
+-----------------------------+----------------+----------------+----------------+
The taxation charge for the six months to 30 June 2009 is at a rate which is
anticipated will be applicable for the whole year.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTScontinued
5 Matica Americas
As from 31 March 2009, Matica Plc acquired full control of Matica Americas LLC
("Matica Americas"). In consideration Matica has agreed to pay to the US
partner, who was joint owner of Matica Americas, up to US$ 800.000 over the next
10 years.
In respect of the 6 months to 30 June 2009 Matica has fully consolidated the
results of Matica Americas with effect from 31 March 2009. For the 3 months to
31 March 2009 Matica Americas has been treated as a joint venture investment and
Matica's share of the loss for the period has been shown as a separate line on
the Income Statement.
6 Results
The results for the half years ended 30 June 2009 and 30 June 2008 are neither
audited nor reviewed and do not constitute statutory accounts within the meaning
of section 240 of the Companies Acts 1985 as amended. The results for the year
ended 31 December 2008 have been extracted from the statutory accounts for that
period, which have been delivered to the Registrar of Companies and on which the
Auditors gave an unqualified report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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