RNS Number:6631C
Clipper Ventures PLC
07 September 2004
CLIPPER VENTURES PLC
PRELIMINARY ANNOUCMENT OF RESULTS
FOR THE YEAR ENDED 30 APRIL 2004
CHAIRMAN'S STATEMENT
The past year has been busy and productive for Clipper Ventures with the
successful conclusions of both the Clipper 2002 race and Around Alone, (now re-
branded The 5-Oceans) in the first part of the year. The publicity these events
attracted has lead to a number of key sponsorship opportunities that have lead
to deals for future races being signed in the second half of the year.
The Board has been re-structured and strengthened. Jeremy Knight has taken on a
broader administration role in addition to his duties as Finance Director and I
have become more active in overseeing the business, which has allowed William
Ward to concentrate on revenue generation. We have been strengthened by the
election of Bob Dench as non-executive Director. Bob brings City banking
expertise to the Companies deliberations.
Based on the lessons learned from running four Clipper Around the World yacht
races, the Clipper race for 2005 has been developed to generate greater income
through increased crew fees and higher levels of sponsorship. The new fleet of
Dubois 68 foot yachts, which will start coming into service in late 2004,
increases the total crew capacity by more than 50%, but the income, has risen by
more than 61% as it has been possible to increase prices due to increased
demand.
The increased sponsorship, which is now being achieved, demonstrates the
acceptance and strength of the Clipper product and the successful increase in
media profile that has been generated for the event. Through this strategy we
anticipate that sponsorship for the 2005/06 race will increase from #0.6 Million
in 2002 to #4.0 million in 2005. #1.9 million of this target is already
agreed.
The increase in crew fees and sponsorship is reflected in the company's strong
current cash flow from future crew and sponsorship payments. It is not possible
to attribute these earning until the year of the race so the benefit of these
improvements will be reported in the profit for the years ended April 06 and 07.
The contract for the fleet of new yachts was placed when the US dollar was at
1.50 to the # and the company has contracted forward to take advantage of the
current weakness of the dollar and reduce the overall cost of the fleet in
sterling terms.
The Company has decided that whilst there is still growth potential in our
events, which we are seeking to maximise, if it is to benefit from its growing
expertise in event management it should expand into other events with our
existing assets or by acquisitions. Such expansion should strengthen the
Company's earnings if they have annual earning streams that have no requirement
to defer income. After the year end a suitable company was identified and has
been acquired - Zapcat Racing Ltd. This is a fast emerging brand that operates
in an under-developed market and the Company intends to expand operations in the
UK and introduce it to the European market to maximise the profitability and
earnings potential.
So whilst we are reporting a loss this year, albeit one very close to the
predicted figure, the cash currently being generated by the 2005 Clipper Race, a
year before it is due to start, is banked and already exceeds that of the
previous race. Looking forward the Company is already benefiting from the
opportunities that have arisen from the increased profile of its core
activities, and the expansion of event activities that form a strategic fit. The
Company is now confidently moving forward on a strong financial foundation.
Sir Robin Knox-Johnston
OPERATING AND FINANCIAL REVIEW
Description of Business Activities.
Clipper Ventures consists of 3 business divisions:
1) The Clipper Races
The Clipper 05-06 race will break with the established format of the previous
four Clipper Races. New, faster yachts are being built, a new route has been
planned, and with each of the yachts being sponsored by a different city from
around the globe, the race has become a truly international event.
2) The 5 Oceans Race (Previously known as Around Alone and the BOC Race) The
grand prix of ocean racing. Professional crews, stopping at a handful of key
ports round the world, race their state-of-the-art yachts to the limit, and
sometimes beyond.
3) Zapcat Racing
Zapcat Racing, acquired in July 2004, began in South Africa in the early 80's
when local crews raced inflatable boats down treacherous rivers and along the
rugged coastline. Zapcat Racing introduced the purest form of this sport, strict
one design racing, to the UK in 2001 through the National Zapcat Championship.
The Zapcat Racing Championship now surpasses all other powerboat National
Championships anywhere in the world, with Zapcat Racing the world's largest
national one design powerboat racing championship in the world.
Accounting Treatments
Our accounting policies, in line with UK GAAP, account for all income and cost
streams of races over the duration of the race. As the majority of income is
invoiced prior to the races, this policy results in a significant deferral of
income, which becomes released to the profit and loss account over the period of
the race.
The Clipper 2002 race ran between September 2002 and August 2003. As such
approximately half the income and cost streams were reported in the results to
April 2003 and half in the year to April 2004. Similarly the Around Alone race
ran between August 2002 and May 2003. The results to April 2003 contained most
of the revenue and costs associated with the event, with a small residue
accounted for in the year to April 2004.
Income invoiced in the year to April 2004 associated with the Clipper 05-06 race
has been deferred and is shown on the balance sheet in creditors. Currently
#3,060,005 of income has been invoiced but not accounted for in the profit and
loss account. Similarly, #1,000,361 of costs associated with the preparation for
future races has been deferred, and is shown in debtors.
Crew recruitment for the Clipper 05-06 Race.
The next Clipper race is due to start in September 2005. Crew recruitment has
been much stronger than in previous races, reflecting the growing strength of
the Clipper brand. Currently recruitment for five of the seven legs of the race
has been completed and waiting lists of potential applicants have been
established.
Early payment discounts have proved to be an exceptionally strong incentive to
crews, and this is a key factor in the stronger than planned cash performance of
the company. The new fleet of Dubois 68's accommodate more crew than the Clipper
60's. Crew fees have also been increased, with the fees for a Round the World
berth rising from #26,500 to #28,500. These factors, combined with the larger
fleet of 10 rather than 8 yachts, will increase the crew income from the race to
#5.0mill compared to #3.1mill from the 2002 race - an increase of 61%.
Sponsorship of the Clipper 05-06 Race.
Currently 3 yacht sponsorships have been announced - Liverpool, Durban and
Western Australia. The company is also in negotiation with a number of other
cities and hopes to announce those sponsorships in the coming months. Liverpool
has additionally contracted to host the start and the finish of the race, and
has similarly contracted to sponsor the start and finish, and a yacht in Clipper
07-08. In order to promote sales of our Dubois 68's to the wider market our boat
builders, Shanghai Double Happiness, have contracted US$1mill sponsorship of the
race.
Clipper Ventures is now developing the remaining 5 yacht sponsors and recruiting
additional commercial sponsors for each yacht entry. The Board's view is that
the company will enjoy an eightfold increase in sponsorship revenue from the
race with revenue rising to #4.8mill compared to #0.6mill for the 2002 race.
Currently nearly 60% of the target sponsorship has been announced.
The New Fleet.
The build project is progressing well with the first yacht completed and
expected for delivery in September 2004. The final 2 yachts will arrive in the
summer of 2005. Designed by renowned naval architect Ed Dubois, the new yachts
will provide an exciting and fast race for the new crew. However no compromise
has been made to safety and the yachts will be certified to the highest
standards of the UK Maritime and Coastguard Agency and the European Union
Recreational Craft Directive.
The movement in the US$ exchange rate has significantly improved the cost of the
project to Clipper Ventures. Forward exchange contracts have taken out giving an
average exchange rate of $1.76/# compared to the rate prevailing at the time we
signed the build contact of $1.55/#. This has generated an exchange saving on
the project of over #0.45mill, with the per yacht purchase price now being
#341k. This compares to a recent valuation by an independent yacht survey
company, CE Proof, of #700k per yacht. The Board does not propose to recognise
this unrealised profit in future results until such time as the gain become
realised.
Zapcat Racing
In July 04 the company acquired the entire issued share capital of Zapcat
Racing. Zapcat Racing is a fast emerging brand operating racing events for 2-man
rigid inflatable boats. Zapcat Racing also is the sole vendor for the boats and
related equipment that take part in the events. Due to the sports one-design
rules, results are determined purely by the crews' abilities. The action takes
place on short courses, with repeated laps, very near to the shore, creating
close racing with over taking opportunities and spectacular views for spectators
and the media alike. This media potential is currently under-exploited, and has
a high intrinsic sponsorship value. Currently operating in the UK, the Board
also sees great expansion opportunities for the business in Europe.
Balance Sheet
The issue of #1.1m of new equity in February 2004 significantly strengthened the
balance sheet. The strong performance on crew recruitment has further
contributed to its strength, leaving the company with no bank debt. Clipper
Ventures key balance sheet performance indicators that the Board uses to manage
the financial stability of the company have all moved favourably:
As At 30th April 2004 2003
Gearing Ratio 5.9% 35.7%
Current Ratio 2.28 0.56
Cash inflow/(outflow) before financing (#'000) 299 (82)
Assumptions and formula's used:
Gearing Ratio = 100% x Net Debt / Fixed + Current Assets
Current Ratio = (Current Asset - Assets held for resale)/Current Liabilities
The balance sheet now provides a firm financial footing on which the business
can develop.
Jeremy Knight
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2004
Year Year
ended ended
30 April 30 April
2004 2003
Notes # #
Turnover 2 1,510,092 2,799,486
Cost of sales (1,057,140) (1,734,480)
------- -------
Gross profit 452,952 1,065,006
Administrative expenses (1,181,437) (1,381,190)
------- -------
Operating loss 3 (728,485) (316,184)
Profit on sale of fixed asset investment 19,425 -
Other interest receivable and similar income 974 -
Interest payable and similar charges 4 (196,714) (151,707)
------- -------
Loss on ordinary activities before taxation (904,800) (467,891)
Tax on loss on ordinary activities 5 - -
------- -------
Loss on ordinary activities after taxation 17 (904,800) (467,891)
------- -------
Loss per ordinary share (pence) 6 (4.24) (3.44)
------- -------
Diluted loss per ordinary share (pence) 6 (4.24) (3.44)
------- -------
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses in either year other than those passing
through the profit and loss account.
BALANCE SHEET
AS AT 30 APRIL 2004
2004 2003
Notes # # # #
Fixed assets
Intangible assets 7 97,712 103,186
Tangible assets 8 272,062 2,340,038
Investments 9 - 29,401
------- -------
369,774 2,472,625
Current assets
Assets held for resale 10 1,550,655 -
Stocks 11 120,090 140,464
Debtors 12 2,447,528 2,041,946
Cash at bank and in hand 1,641,128 1,004
------- -------
5,759,401 2,183,414
Creditors: amounts falling due within one year 13 (1,848,806) (3,661,906)
------- -------
Net current assets/(liabilities) 3,910,595 (1,478,492)
------- -------
Total assets less current liabilities 4,280,369 994,133
Creditors: amounts falling due after more than 14 (3,560,005) (375,000)
one year (including convertible debt)
------- -------
720,364 619,133
------- -------
Capital and reserves
Called up share capital 16 450,313 367,113
Share premium account 17 3,423,246 2,500,415
Profit and loss account 17 (3,153,195) (2,248,395)
------- -------
Shareholders' funds 18 720,364 619,133
------- -------
Equity interests 525,098 423,867
Non-equity interests 195,266 195,266
------- -------
720,364 619,133
------- -------
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2004
Year Year
ended ended
30 April 30 April
2004 2003
# # # #
Net cash inflow from operating activities 152,369 124,052
Returns on investments and servicing of finance
Interest received 974 -
Interest paid (196,714) (150,846)
Interest element of finance lease rentals - (885)
------- -------
Net cash outflow for returns on investments and servicing (195,740) (151,731)
of finance
Capital expenditure and financial investment
Payments to acquire tangible assets (214,165) (54,634)
Receipts from sales of tangible assets 507,750 -
Receipts from sales of investments 48,824 -
------- -------
Net cash inflow/(outflow) for capital expenditure 342,409 (54,634)
------- -------
Net cash inflow/(outflow) before financing 299,038 (82,313)
Financing
Issue of ordinary share capital 83,200 38,462
Share premium on issue of equity share capital 956,794 461,538
Cost of share issue (33,963) (70,286)
------- -------
Issue of shares 1,006,031 429,714
------- -------
Issue of convertible loan notes 125,000 375,000
New bank loans 949,000 251,308
Capital element of hire purchase contracts (2,718) (8,200)
------- -------
Decrease in debt 1,071,282 618,108
------- -------
Net cash inflow from financing 2,077,313 1,047,822
------- -------
Increase in cash in the year 2,376,351 965,509
------- -------
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2004
1 Reconciliation of operating loss to net cash inflow from operating activities 2004 2003
# #
Operating loss (728,485) (316,184)
Depreciation of tangible assets 222,842 281,587
Amortisation of intangible assets 5,474 6,289
Loss on disposal of tangible assets 894 -
Decrease in stocks 20,374 23,074
(Increase)/Decrease in debtors (405,582) 999,968
Increase/(Decrease) in creditors within one year 1,036,852 (1,007,513)
Movement on impairment provision - 136,831
------- -------
Net cash inflow from operating activities 152,369 124,052
------- -------
2 Analysis of net debt 1 May 2003 Cash flow 30 April 2004
# # #
Net cash:
Cash at bank and in hand 1,004 1,640,124 1,641,128
Bank overdrafts (736,227) 736,227 -
------- ------- -------
(735,223) 2,376,351 1,641,128
------- ------- -------
Debt:
Finance leases (2,718) 2,718 -
Debts falling due within one year (551,000) (949,000) (1,500,000)
Debts falling due after one year (375,000) (125,000) (500,000)
------- ------- -------
(928,718) (1,071,282) (2,000,000)
------- ------- -------
Net debt (1,663,941) 1,305,069 (358,872)
------- ------- -------
3 Reconciliation of net cash flow to movement in net debt 2004 2003
# #
Increase in cash in the year 2,376,351 965,509
Net cash inflow from convertible loans (125,000) (375,000)
Net cash inflow from bank loans (949,000) (251,307)
Cash outflow in respect of hire purchase 2,718 8,200
------- -------
Movement in net debt in the year 1,305,069 347,402
Opening net debt (1,663,941) (2,011,343)
------- -------
Closing net debt (358,872) (1,663,941)
------- -------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2004
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost
convention and in accordance with applicable United Kingdom accounting
standards.
1.2 Recognition of race income and expenditure
Where the duration of a race involves more than one accounting period,
the income and expenditure relating to that race is allocated to the
accounting period on the basis of race completion. At the end of each
accounting period income received and expenditure incurred that relate
to future activities are deferred.
1.3 Turnover
Race income is included in turnover on the basis of the accounting
policies described above. Sponsorship income and expenditure is
recognised to match with the timing of the activity generating the
income. Charter and other income is the amounts invoiced in the year,
excluding Value Added Tax.
1.4 Goodwill
Acquired goodwill is written off in equal annual instalments over its
estimated useful economic life of twenty years.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less
depreciation. Depreciation is provided at rates calculated to write off
the cost less estimated residual value of each asset over its expected
useful life, as follows:
Yachts Straight line over 6 to 10 years
Fixtures, fittings & equipment Straight line over 5 years
Motor vehicles Straight line over 5 years
Race yachts Depreciation of race yachts is treated as a race cost
and charged to the profit and loss account on the
basis of race completion. The estimated useful life of
race yachts is 5 races.
1.6 Investments
Fixed asset investments are stated at cost less provision for
diminution in value.
1.7 Stock
Stock is valued at the lower of cost and net realisable value.
1.8 Pensions
The company operates a defined contribution pension scheme for
employees. The assets of the scheme are held separately from those of
the company. The annual contributions payable are charged to the Profit
and Loss Account in the period to which they relate.
1.9 Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by
timing differences between the treatment of certain items for taxation
and accounting purposes. The deferred tax balance has not been
discounted.
1.10 Going concern
The directors consider that sufficient funds are available or will be
available to the company for its operations in the foreseeable future.
The terms of the current overdraft facility are due for review in
December 2004. The directors have no reason to believe that the
facility will not be renewed on the current terms.
Additional finance will be required to meet the on going payments in
respect of the contract to purchase 10 new 68 foot yachts (total
contract value $6,000,000). Whilst funding is not currently in place,
the directors are confident that this funding will be made available to
the company. In addition the 60 foot yachts have been identified for
sale, the directors are confident that the sale of a number of these
will take place in the near future. Accordingly the directors consider
it appropriate to prepare the accounts on a going concern basis.
1.11 Assets held for resale
Assets held for resale comprise the fleet of 60 foot yachts. They are
held at the lower of cost and net realisable value.
2 Turnover
The total turnover of the company for the year has been derived from
its principal activity wholly undertaken in the United Kingdom.
2004 2003
# #
Crew income 1,433,809 1,852,710
Charter income 7,940 211,892
Sponsorship income 42,812 673,706
Other income 25,531 61,178
------- -------
1,510,092 2,799,486
------- -------
3 Operating loss 2004 2003
# #
Operating loss is stated after charging:
Amortisation of intangible assets 5,474 6,289
Depreciation of tangible assets 222,842 418,418
Auditors' remuneration 11,500 13,500
Non-audit services (paid to related company of the auditors) 17,321 -
------- -------
4 Interest payable 2004 2003
# #
On bank loans and overdrafts 196,714 151,707
------- -------
5 Taxation
2004 2003
# #
Factors affecting the tax charge for the year
Loss on ordinary activities before taxation (904,800) (467,891)
------- -------
Loss on ordinary activities before taxation multiplied by standard rate of UK (271,440) (93,578)
corporation tax of 30.00% (2003: 20.00%)
------- -------
Effects of:
Non deductible expenses 83,413 -
Depreciation adjustment (269) -
Capital allowances - 2,060
Chargeable disposals 5,828 -
Other tax adjustments 2,066 -
Impairment of Clipper 38ft yachts - 27,366
Losses carried forward 180,402 64,152
------- -------
271,440 93,578
------- -------
Current tax charge - -
------- -------
6 Loss per share 2004 2003
pence pence
Loss per ordinary share (4.24) (3.44)
------- -------
Loss per share has been calculated on the net basis on the loss on
ordinary activities after taxation of #904,800 (2003: #467,892) using
the average number of ordinary shares in issue of 21,344,724
(2003: 13,591,467).
There is no dilutive effect of the options and warrants on the results
for the year ended 30 April 2004.
7 Intangible fixed assets
Goodwill
#
Cost
At 1 May 2003 & at 30 April 2004 109,475
-------
Amortisation
At 1 May 2003 6,289
Charge for the year 5,474
-------
At 30 April 2004 11,763
-------
Net book value
At 30 April 2004 97,712
-------
At 30 April 2003 103,186
-------
8 Tangible fixed assets
Yachts and Assets under Fixtures, Motor Total
equipment construction fittings & vehicles
equipment
# # # # #
Cost
At 1 May 2003 3,489,822 18,175 123,998 30,300 3,662,295
Transfer to assets (2,744,552) - - - (2,744,552)
held for resale
Additions - 202,445 11,720 - 214,165
Disposals (725,367) - - - (725,367)
------- ------- ------- ------- -------
At 30 April 2004 19,903 220,620 135,718 30,300 406,541
------- ------- ------- ------- -------
Depreciation
At 1 May 2003 1,235,783 - 69,245 17,229 1,322,257
Transfer to assets (1,193,897) - - - (1,193,897)
held for resale
On disposals (216,723) - - - (216,723)
Charge for the year 193,458 - 23,324 6,060 222,842
------- ------- ------- ------- -------
At 30 April 2004 18,621 - 92,569 23,289 134,479
------- ------- ------- ------- -------
Net book value
At 30 April 2004 1,282 220,620 43,149 7,011 272,062
------- ------- ------- ------- -------
At 30 April 2003 2,254,039 18,175 54,753 13,071 2,340,038
------- ------- ------- ------- -------
Assets under construction
On 27 May 2003 the company entered into an agreement to purchase 10
replacement 68 foot yachts for US$ 6,000,000. Expenditure in respect of
the new yachts is classified under 'Assets under construction'.
9 Fixed asset investments
Listed investments
#
Cost
At 1 May 2003 29,401
Disposals (29,401)
-------
At 30 April 2004 -
-------
The company also holds 90% of the issued share capital in Clipper
Ventures Online Limited. The company is dormant with net liabilities of
#10,636. The investment has not been consolidated as it is immaterial to
the financial statements.
10 Assets held for resale 2004 2003
# #
Yachts held for resale 1,550,655 -
------- -------
It is the company's intention to sell the fleet of 60 foot yachts used
for the 'Round the World Race'.
11 Stocks 2004 2003
# #
Finished goods and goods for resale 120,090 140,464
------- -------
12 Debtors 2004 2003
# #
Trade debtors 1,436,529 90,170
Amounts owed by subsidiary undertakings 10,638 10,636
Other debtors - 9,149
Prepayments and accrued income 1,000,361 1,931,991
------- -------
2,447,528 2,041,946
------- -------
Amounts falling due after more than one year and included in the debtors above are:
2004 2003
# #
Prepayments and accrued income 535,664 178,602
------- -------
13 Creditors: amounts falling due within one year 2004 2003
# #
Bank loans and overdrafts 1,500,000 1,287,229
Net obligations under finance leases - 2,718
Trade creditors 207,853 327,290
Taxes and social security costs 93,335 44,919
Other creditors 882 50,458
Accruals and deferred income 46,736 1,949,292
------- -------
1,848,806 3,661,906
------- -------
Bank loans and overdrafts are secured by an unlimited debenture charging
all assets and undertakings of the company.
In addition there is a first legal charge over all of the Clipper 60
yachts (total of eight) along with all insurances and earnings related
thereto.
Net obligations under finance leases
Repayable within one year - 2,718
Finance charges and interest allocated to future accounting periods - -
------- -------
- 2,718
------- -------
14 Creditors: amounts falling due after more than one year 2004 2003
# #
Debenture loans 500,000 375,000
Accruals and deferred income 3,060,005 -
------- -------
3,560,005 375,000
------- -------
Analysis of loans
Wholly repayable within five years 2,000,000 375,000
------- -------
2,000,000 375,000
Included in current liabilities (1,500,000) -
------- -------
500,000 375,000
------- -------
Loan maturity analysis
In more than two years but not more than five years 500,000 375,000
------- -------
Debenture loans will be redeemed in 2008 at par value. Conversion of the
loan notes is at the option of the holder. The nominal value of the loan
notes may be converted into ordinary shares at a rate of 16p (or sale
price if lower).
There are no material differences between the fair value and the book
value of the financial instruments.
Financial instruments
The company's financial instruments comprise cash, overdrafts and bank
loans that are used to meet its working capital requirements. As permitted
by FRS 13 'Derivatives and other financial instruments', short term trade
debtors and creditors are excluded from the disclosures.
Interest rate risk
The bank overdraft and bank loan are subject to interest of 6.75% per
annum.
Liquidity risk
It is and has been throughout the year under review, the company's policy
that no speculative trading in financial instruments be undertaken.
15 Pension costs
Defined contribution
2004 2003
# #
Contributions payable by the company for the year 23,994 25,596
------- -------
16 Share capital 2004 2003
# #
Authorised
250,000,000 Ordinary shares of 1p each 2,500,000 2,500,000
19,526,627 Deferred shares of 1p each 195,266 195,266
------- -------
2,695,266 2,695,266
------- -------
Allotted, called up and fully paid
25,504,724 (2003: 17,184,724) Ordinary shares of 1p each 255,047 171,847
19,526,627 (2003: 19,526,627) Deferred shares of 1p each 195,266 195,266
------- -------
450,313 367,113
------- -------
8,320,000 ordinary 1p shares were issued on 18 February 2004 with
consideration totalling #1,040,000.
Deferred shares
The 19,526,627 1p Deferred shares do not entitle the holder to a
certificate in respect thereof or to any payment of any dividend or
other distribution or to receive notice or attend or vote at any general
meeting of the company, or on return of the capital, to the repayment of
the amount paid up until after repayment of the capital paid up on the
Ordinary Shares together with a payment of #1,000,000 on each Ordinary
Share and the Deferred Shares are not capable of transfer at any time
other than with the consent of the directors.
Share warrants
No share warrants were granted in the year.
16 Share capital
Share options
As at 30 April 2004 options over ordinary share capital have been granted as follows:
Number of Options Options Number of
options at granted in lapsed in options at Option
01.05.03 the year the year 30.04.04 price Exercisable
150,000 - 150,000 - 40.0p 24.08.02 -
22.08.09 +
175,000 - - 175,000 40.0p 31.03.00 -
31.03.05 +
164,120 - - 164,120 45.5p 14.12.03 -
14.12.13 +
13,627 - - 13,627 45.5p 14.12.03 -
14.12.07 +
329,670 - - 329,670 45.5p 14.12.01 -
14.12.06 +
125,000 - 125,000 - 50.0p 05.01.00 -
01.05.03
175,000 - - 175,000 55.0p 05.01.00 -
01.05.04
95,000 - - 95,000 60.0p 05.01.00 -
01.05.05
48,928 - - 48,928 70.0p 05.01.00 -
01.05.06
300,000 - - 300,000 32.5p 30.09.04 -
30.09.11 +
390,000 - - 390,000 32.5p 30.09.04 -
30.09.08 +
NIL 115,385 - 115,385 13.0p 18.02.04 -
12.04.06
+ The company's earnings per share must be equal to, or exceed, by 6% the growth
of RPI over the period determined by the remuneration committee, commencing no
earlier than the financial year in which the option was granted.
17 Statement of movements on reserves
Share premium account Profit and loss
account
# #
Balance at 1 May 2003 2,500,415 (2,248,395)
Retained loss for the period - (904,800)
Premium on shares issued during the period 956,794 -
Share premium - other movements (33,963) -
------- -------
Balance at 30 April 2004 3,423,246 (3,153,195)
------- -------
18 Reconciliation of movements in shareholders' funds 2004 2003
# #
Loss for the financial year (904,800) (467,891)
Proceeds from issue of shares 1,039,994 429,713
Cost of share issue written off to share premium account (33,963) -
------- -------
Net addition to/(depletion in) shareholders' funds 101,231 (38,178)
Opening shareholders' funds 619,133 657,311
------- -------
Closing shareholders' funds 720,364 619,133
------- -------
19 Directors' emoluments 2004 2003
# #
Emoluments for qualifying services 260,470 252,730
------- -------
The number of directors for whom retirement benefits are accruing under money
purchase pension schemes amounted to 3 (2003- 3).
Emoluments disclosed above include the following amounts paid to the highest paid director:
Emoluments for qualifying services 69,862 70,111
------- -------
20 Transactions with directors
The following directors acquired additional shares during the year:
Mr W Ward 800,000 shares (2003: 192,308) at #100,000 (2003: #25,000) consideration.
Sir R Knox-Johnston 400,000 shares (2003: 192,308) at #50,000 (2003: #25,000) consideration.
Mr R Dench 480,000 shares (2003: nil) at #60,000 (2003: #nil) consideration.
21 Employees
Number of employees
The average monthly number of employees (including directors) during
the year was:
2004 2003
Number Number
Management 4 4
Administrative 10 15
Yacht personnel 8 20
------- -------
22 39
------- -------
Employment costs
# #
Wages and salaries 465,529 871,247
Social security costs 63,285 83,399
Other pension costs 23,994 25,596
------- -------
552,808 980,242
------- -------
22 Post balance sheet events
In July 2004, the company acquired the entire issued share capital of
Zapcat Racing Limited for a maximum consideration of #521,676. The final
amount of consideration payable is dependent on the future performance of
the company. The consideration will be satisfied by the issue of ordinary
shares to the vendors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR QQLFBZKBEBBQ
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