RNS Number : 8664C
Clipper Ventures PLC
05 September 2008
Chairman's Review
Clipper Round The World Yacht Race
The Clipper 07-08 race, which finished In July 2008, has been the single largest contributor to the profitability of the company in the
year under review. Preparations for Clipper 09-10 are well underway with crew recruitment proceeding in line with plan and 2 cities signed
for the event (Hull and Humber, and Qingdao) with ongoing negotiations with a number of other cities.
We are satisfied with the progress of the Clipper Race, the core business of the company, as it continues to perform as a profitable,
international event attracting the interest of the world's media, cities and businesses.
Velux 5 Oceans Race
We were delighted that Velux has renewed as title sponsor of the Velux 5 Oceans Race. Preparations are now under way for the next event,
which will start in 2010. Negotiations are ongoing with a number of cities that will make up the stop-over ports, the team that will run the
event has been put in place, and the first of a series of conferences for potential competitors has taken place.
Clipper Corporate Events
The Corporate events division was established to make profitable use of the Company's fleet of Clipper 68's during the year they are not
taking part in the Clipper Round The World Yacht Race. This is the first full summer season that the fleet has been available to the
division, and the division is growing into a significant and profitable part of the group.
Clipper Training
Building on our world-class training offered to our race crews for the past 12 years, the Clipper Training division was launched last
financial year in conjunction with Plymouth University and Falmouth College. This financial year has seen the division growing in strength,
offering the general public as well as our race crews the opportunity to study towards a maritime studies degree.
Financial Review
The Board is pleased to report another profitable year, the third in succession, with Group Operating Profits up 8% at �1,166k.
Financing costs have reduced by 84% reflecting the strong working capital position of the company, and the Group continues to enjoy the
benefits of tax losses from previous financial years.
The Group once again has no net debt; as at the year end the Group had outstanding Borrowing of �240k and a cash balance �1,215k. This
position will weaken as the Group approaches its half year (October 2008) before improving again in the spring in the run up to the Clipper
09 - 10 Race.
There has been much media reporting of forecast down turn in the UK and world economy. The Board believes the Group is well positioned
to weather such a recession. However the Board also believed it would be wise for the company to retain its cash reserves in such an
economic environment and as such it will not be recommending a final dividend.
International Financial Reporting Standards (IFRS)
This is the first year in which the Group have issued annual consolidated financial statements under IFRS.
The financial information has been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the
European Union . Comparative information has also been stated on an IFRS basis.
An explanation of the restatement of financial information as a result of the transition to IFRS, as well as reconciliations of profit
and equity for the Group are included on pages 40-45 of the accounts.
________________________
Sir Robin Knox Johnston
Chairman
CONSOLIDATED INCOME STATEMENT
Notes 2008 2007
� �
Revenue 4 7,913,474 6,980,615
Cost of Sales (3,545,368) (3,127,378)
Gross Profit 4,368,106 3,853,237
Administrative Expenses (3,201,918) (2,773,460)
Operating Profit 5 1,166,188 1,079,777
Finance Income - 13
Finance Expenses 6 (24,376) (148,991)
�
Profit before taxation 1,141,812 930,799
Income tax expense 7 60,914 -
Profit for the Year 1,202,726 930,799
� _ � _
Earnings per ordinary share - 9 3.1p 2.8p
basic
Earnings per ordinary share - 9 3.1p 2.8p
diluted
COnsolidated AND COMPANY BALANCE SHEETS
Notes Group2008 Group2007 Company2008 Company2007
ASSETS � � � �
Non-current assets
Property, plant and equipment 11 4,136,661 4,363,568 4,119,783 4,332,745
Goodwill 10 210,875 210,875 85,875 85,875
Investments in subsidiaries 12 125 125 150,130 150,130
Trade and other receivables 16 863,644 1,401,498 863,644 1,401,498
receivable after 1 year
Deferred income tax asset 13 60,914 - 60,914 -
5,272,219 5,976,066 5,280,346 5,970,248
Current Assets
Inventories 15 82,949 147,114 44,038 93,116
Trade and other receivables 16 3,065,586 3,713,173 3,098,487 3,689,161
receivable within 1 year
Cash and cash equivalents 1,214,620 319,120 1,220,899 319,120
4,363,155 4,179,407 4,363,424 4,101,397
Non-current assets held for 14 - 214,676 - 214,676
resale
Total Assets 9,635,374 10,370,149 9,643,770 10,286,321
LIABILITIES
Non-current liabilities
Interest bearing loans and 19 - 200,000 - 200,000
borrowings
Deferred income 1,606,108 1,269,348 1,606,108 1,269,348
Deferred income tax 13 1,783 1,783 - -
liabilities
1,607,891 1,471,131 1,606,108 1,469,348
Current liabilities
Interest bearing loans and 17 239,605 18,172 239,605 133
borrowings
Trade and other payables 18 982,221 1,372,837 951,679 1,342,833
Deferred Income 2,130,839 3,868,185 2,117,884 3,868,185
Current tax liabilities 49,165 79,311 48,496 77,911
3,401,830 5,338,505 3,357,664 5,289,062
Total Liabilities 5,009,721 6,809,636 4,963,772 6,758,410
Net Assets 4,625,653 3,560,513 4,679,998 3,527,911
� _ � _ � _ � _
EQUITY
Issued share capital 23 587,195 587,195 587,195 587,195
Share premium 2,142,728 2,142,728 2,142,728 2,142,728
Retained earnings 1,895,730 830,590 1,950,075 797,988
4,625,653 3,560,513 4,679,998 3,527,911
� _ � _ � _ � _
COnsolidated STATEMENT OF CHANGES IN EQUITY
Statement of Changes in Equity
Notes Share Capital Share Premium Retained Earnings Equity Shareholder's Total Equity
Account Funds
� � � � �
At 1 May 2006 as previously 503,862 4,365,951 (3,341,796) 1,528,017 1,528,017
stated
Prior period effect of - - (110,603) (110,603) (110,603)
adoption of IFRS
At 1 May 2006 as restated 503,862 4,365,951 (3,452,399) 1,417,414 1,417,414
Total recognised income and - - 930,799 930,799 930,799
expenses for the period
Issue of shares 83,333 1,128,967 - 1,212,300 1,212,300
Reserve transfer - (3,352,190) 3,352,190 - -
At 1 May 2007 587,195 2,142,728 830,590 3,560,513 3,560,513
Total recognised income and - - 1,202,726 1,202,726 1,202,726
expenses for the period
Dividends paid 8 - - (97,983) (97,983) (97,983)
Treasury shares purchased 23 - - (39,603) (39,603) (39,603)
At 30th April 2008 587,195 2,142,728 1,895,730 4,625,653 4,625,653
Total recognised income and expenses for the period consisted solely of profit for the period.
During the previous year the company obtained approval from the High Court to write off retained losses made in previous years against
the share premium account in order to create distributable reserves.
CONSOLIDATED CASHFLOW
Group Company
2008 2007 2008 2007
Notes � � � �
Cash flows from operating
activities
Profit before taxation 1,141,812 930,799 1,228,759 797,988
Adjustments for:
Depreciation 355,485 333,708 338,712 315,755
(Profit)/loss on disposal 20,334 (35,893) 20,334 (35,893)
Finance income - (13) - -
Finance expenses 24,376 148,991 24,376 147,997
(Increase) / decrease in 64,165 (23,057) 49,078 (38,225)
inventories
Increase / (decrease) in trade 1,185,441 (1,012,795) 1,128,528 (995,585)
and other receivables
Increase / (decrease) in trade (1,821,348) (154,199) (1,834,110) (3,832)
and other payables
____________ ____________ ____________ ____________
Net cash inflow from operating 970,265 187,541 955,677 188,205
activities
Cash flows from investing
activities
Acquisition of property, plant (21,240) (21,426) (18,412) (20,076)
and equipment
Proceeds from sale of - - - -
property, plant and equipment
Proceeds from sale of assets 87,004 250,585 87,004 250,585
held for re-sale
Interest received - 13 - -
____________ ____________ ____________ ____________
Net cash inflow from investing 65,764 229,172 68,592 230,509
activities
Cash flows from financing
activities
Issue of ordinary share - 70,000 - 70,000
capital
Share premium on issue of - 942,300 - 942,300
equity share capital
____________ ____________ ____________ ____________
Issue of shares - 1,012,300 - 1,012,300
Purchase of treasury shares (39,603) - (39,603) -
Repayment of loans (200,000) (400,000) (200,000) (400,000)
New loans 239,472 50,000 239,472 50,000
____________ ____________ ____________ ____________
(Decrease)/increase in debt 39,472 (350,000) 39,472 (350,000)
Dividends paid (97,983) - (97,983) -
Interest paid (24,376) (148,991) (24,376) (147,997)
____________ ____________ ____________ ____________
Net cash (outflow)/inflow from (122,490) 513,309 (122,490) 514,303
financing activities
____________ ____________ ____________ ____________
Increase in cash and cash 913,539 930,022 901,779 933,017
equivalents
____________ ____________ ____________ ____________
Cash and cash equivalents at 300,948 (629,074) 318,987 (614,030)
beginning of year
Cash and cash equivalents at 1,214,487 300,948 1,220,766 318,987
end of year
NOTES TO THE FINANCIAL STATEMENTS
1) Status of Financial Information
The financial information set out in this announcement does not comprise the
Group's statutory accounts for the years ended 30 April 2008 or 30 April 2007.
The financial information for the year ended 30 April 2007 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
unqualified with an emphasis of matter paragraph relating to going concern and
did not contain a statement under either Section 237 (2) or Section 237 (3) of
the Companies Act 1985.
The statutory accounts for the year ended 30 April 2008 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
2) Earnings per Ordinary Share
Basic earnings per ordinary share has been calculated on the net basis on the profit on ordinary activities after taxation of �1,202,726
(2007: �930,799) using the weighted average number of ordinary shares in issue of 39,069,991 (2007: 32,891,572).
Enquiries, please contact:
William Ward, Chief Executive, Clipper Ventures plc 02392 526000
Jeremy Knight, Finance Director, Clipper Ventures plc 02392 526000
Chris Roberts, Hansard Group 020 7245 1100
William Vandyk, Blue Oar Securities Plc 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
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