Half-yearly Report
31 Gennaio 2008 - 8:00AM
UK Regulatory
Embargoed Release: 0700hrs 31 January 2008
Clipper Ventures Plc
(The "Group" or the "Company" or "Clipper Ventures")
Interim Results
For the six months to 30th October 2007
Highlights
* Pre and post tax profit �313,000
* Operating cash flow for the period before dividend payment �1.08 million
* Net assets �4.2m compared to �2.1m for the corresponding date last year as
a result of strong cash flow and the elimination of long term borrowings
* Interim dividend of 0.2p per share
Enquiries, please contact:
William Ward Chief Executive Clipper Ventures plc 02392 526000
Jeremy Knight Finance Director Clipper Ventures plc 02392 526000
Adam Reynolds Hansard Group plc 020 7245 1100
Chris Roberts
William Vandyk Blue Oar Securities Plc 020 7448 4400
InterimStatement
The Board of Clipper Ventures plc is pleased to be able to report that the
company made further progress in the six months to 30 October 2007 as evidenced
by the reported profit before and after tax of �313,000 as against �89,000 for
the comparable period in 2006.
The six months under review saw the successful conclusion of the Velux 5 Oceans
race, which generated the maximum sponsorship payment relating to media
coverage, and the start of the Clipper 07 event. In respect of Clipper 07,
which was one seventh completed at the end of the period under review, 17% of
the income and expenditure attributable to the overall event is included in the
results to 30 October 2007.
We believe there has been, and may still be, a lack of understanding as to how
the statutory accounts of the Company are presented and, in particular how
income and costs are recognised. The interim accounts are now drawn up, and the
comparison restated for the prior year, under IFRS. Drawing up or restating
accounts under IFRS has had virtually no practical effect although shareholders
will see increased and lengthier disclosure, by way of notes, in the full year
accounts to April 2008. It may be helpful to anticipate such disclosure by
setting out how, for example, the Clipper 07 income and expenditure falls
within the statutory accounts for the various years.
In revenue recognition terms the Clipper 07 event actually spans three
accounting periods from 2006/7 through to 2008/9. Income and attributable
expenditure are accounted for over the duration of the race. Thus one seventh
of such income and expenditure relates to the period under review, whereas by
the end of the accounting period (30 April 2008) the race will be seven tenths
complete and will conclude in the first half of the following financial year.
Given that sponsorship and crew income is generally contracted well in advance
this means the Company has a high degree of forward visibility of the likely
results, subject to unforeseen circumstances and central overheads.
However, certain sponsorship and training income relating to the race is
contracted and paid for on terms which are not race dependent and such income
is taken into account when it becomes contractually due. Accordingly, some �1.7
million of training and sponsorship income, and the associated cost, was taken
in the accounts for the last financial year even before the Clipper 07 event
started.
A comparison showing the progress of the Clipper race, based on historical
actual and current contracted revenues to 31 December 2007, is set out below.
This does not represent the likely final outcome of the Clipper 07 event as
crew sales continue up until the last leg departs.
�'000 Clipper Clipper 2007
2005 2007
v 2005
Actual Contracted Change
Revenue
Crew Revenue 4719 5287 +12%
Sponsorship Revenue 3374 4375 +30%
Other Revenue 111 373 +236%
Total Revenue 8204 10035 +22%
Figures as at 31 December 2007
Crew sales and sponsorship negotiations, whilst at a relatively early stage,
for both Velux 2010 and Clipper 09 are encouraging and in line with the Board's
expectations.
It is difficult to foresee what effect, if any, the current uncertain state of
the world economy and markets will have on crew sales and corporate or city
sponsorship although no consequences have been seen to date. Paradoxically crew
sales have remained strong during times of previous economic uncertainty as
high achievers and earners changing jobs, for whatever reason, use the window
thus created to take a once-in-a-lifetime opportunity. Conversely it should be
recognised that crew participation is a totally discretionary purchase.
After the year end the company bought a limited number of its own shares into
treasury. The board regard the company purchasing its own shares as an
appropriate use of surplus cash resources but one to be used only when the
quantum available and pricing, in the context of financial and commercial
market sentiment, are appropriate.
The Board proposes to pay an interim dividend of 0.2p to shareholders on the
register as at 21 March 2008 payable on 2 May 2008. This compares with a maiden
dividend in respect of the whole of the last financial year of 0.25p and is in
line with the Company's stated progressive dividend policy.
Consolidated Income Statement
For the Six Months Ended 31st October 2007
6 months to 6 months to
31st Oct 31st Oct
2007 2006
�'000 �'000
Revenue from continuing operations 2,366 3,122
Cost of sales (1,128) (776)
Gross profit 1,238 2,346
Administrative expenses (910) (2,197)
Operating profit from continuing 328 149
operations
Finance expense (15) (60)
Profit before taxation 313 89
Taxation 0 0
Profit for the period attributable to 313 89
equity holders of the parent
Earnings per ordinary share (pence) 0.80 0.29
Diluted earnings per ordinary share 0.80 0.29
(pence)
Consolidated Balance Sheet
As at 31st October 2007
31st Oct 31st Oct
2007 2006
�'000 �'000
Non-current assets
Property, plant and equipment 4,302 4,564
Goodwill 321 321
Investments in associates 0 -
Deferred Tax asset 357 728
Current assets
Inventories 94 121
Trade and other receivables 4,694 4,436
Cash & cash equivalents 1,069 -
Non-current assets classified as held for 107
sale
Total assets 10,837 10,277
Non-current assets
Long-term borrowings - (1,664)
Deferred income (3,167) (4,200)
Deferred Tax liability - (2)
Current liabilities
Trade and other payables (3,477) (2,233)
Current tax payable - (104)
Total liabilities (6,644) (8,203)
Net assets 4,193 2,074
Equity
Share Capital 585 504
Share premium account 2,105 4,366
Retained earnings 1,503 (2,796)
Total equity attributable to equity 4,193 2,074
Consolidated Cash flow Statement
For the Six Months Ended 31st October
2007
6 months to 6 months to
31st Oct 31st Oct
2007 2006
�'000 �'000
Net Cash flow from Operating Activities 1,102 126
Interest Paid (15) (60)
Net cash flow from Operating Activities 1,087 66
less Interest Paid
Cash flows from Investing Activities: .
Acquisition of Property, Plant and 0 (103)
Equipment
Net Cash Inflow/(Outflow) from Investing 0 (103)
Activities
Net Cash flow from Financing Activities:
Dividends Paid to shareholders (98) 0
Equity Acquired and Held as Treasury (39) 0
Stock
Net Increase/(Decrease) in Cash and Cash 950 (37)
Equivalents
END
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