TIDMCYAN
RNS Number : 5400A
Cyan Holdings Plc
02 April 2012
2 April 2012
Embargoed for 7am
Cyan Holdings plc
("Cyan or "the Company")
Preliminary Results
for the year ended 31 December 2011
Cyan Holdings plc (AIM: CYAN.L), the integrated system design
company delivering wireless solutions for lighting control, utility
metering and industrial telemetry announces its audited full year
results for the year ended 31(st) December 2011.
Key achievements
-- Strategic partnership with China's largest street lighting manufacturer
-- Strategic agreement with major Indian supplier of IT services to power utilities
-- Substantial follow on orders from Chinese public lighting
authority for tens of thousands of units
-- Equity fund raisings during the year of GBP2.0M net to
position for substantial growth opportunities
-- Design wins for CyLec product in several major Indian electricity meter suppliers
-- Successful metering trial and demonstration of 150 plus meter
installations in Noida suburb of Delhi
-- Demonstration of live metering installation at International
Smart Energy Conference in Delhi
Financial highlights
-- Substantial increase in revenue during 2011 to GBP455,591 (2010: GBP139,047)
-- Operating loss for the year of GBP3,499,499 (2010: GBP2,954,055)
-- Cash balance at end of year GBP364,590 (2010: GBP1,484,437)
Post period end highlights
-- Equity fund raising of a further GBP1.5M net in January 2012,
with warrants attached giving potential further investment of
GBP2.4M by July 2012
-- Five Indian meter suppliers submit CyLec based meters for
TNEB project for 1.5M units, the positive outcome of which would be
transformational for Cyan
-- John Cronin appointed as non-executive director to Cyan Board
and will take over from John Read as Executive Chairman at the
Company's AGM in May
Dr John Read, Chairman of Cyan, commented:
"2011 was a strong year for relationship building and pilot
demonstrations of Cyan products. We have secured strategic
partnerships with majors in both of our key markets, China and
India, and on both sides of our product range. These agreements are
expected to result in significant orders for the company in due
course.
"We have seen follow on orders from China's main Government
authority on street lighting, now into the tens of thousands, with
the opportunity for eventual orders to total many millions of
units. This stands out amongst a number of smaller but nonetheless
important orders.
"We are extremely well positioned to exploit significant
opportunities in our target markets of metering and lighting in
both India and China respectively. Similarly we have the right
product range to be seen as the optimum choice in any bidding
situation for which we put ourselves forward. The Board is
therefore confident that 2012 will be Cyan's most successful year
to date."
www.cyantechnology.com
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234 400
John Read, Chairman
Cenkos Securities plc Tel: +44 (0)20 7397 8900
Stephen Keys / Adrian Hargrave
Tel: 044 (20) 7101 7070
XCAP Security plc
Joint broker
Jon Belliss / Adrian Kirk
Newgate Threadneedle (Financial Tel: +44 (0)20 7653 9850
PR)
Guy McDougall/ Caroline Evans-Jones
Chairman's Statement
2011 was a year that saw Cyan take significant steps towards
becoming a major supplier of complete RF mesh system solutions for
lighting control and utility metering. This was demonstrated by
tangible orders in our focus markets of China and India, for
lighting and metering respectively. At the end of 2011 the Company
had both a number of trials in progress and several opportunities
for substantial increases in orders in 2012.
Our technology and products deliver cost effective
ready-to-deploy solutions which allow established lighting and
utility metering manufacturers to easily enhance their products to
support remotely managed wireless networks of street-lights or
utility-meters. There is increasing global demand for such wireless
management networks and in recent years Cyan has made significant
investment and has gained extensive expertise in design,
manufacture and deployment. We are therefore confident that we now
have the correct products, partnerships and market strategy to
deliver increased shareholder returns.
Progress in China and India
In the second half of 2011 we announced two key lighting
developments in China. Firstly, the news that we had secured a
strategic agreement with China's largest street lighting
manufacturer, Shanghai Yaming Lighting Co ('Yaming').
Aside from the immediate benefits from Yaming's selection of
Cyan, we expect there to be a positive influence on other companies
seeking a wireless lighting control solution.
We announced two follow on orders from China Public Lighting
Control ('CPLC').The potential requirement for millions of units
over the next two years is consistent with our understanding of the
size of the lighting market in China and could be transformational
to the Company's growth. This is one of a number of active lighting
customers in China and India, which promise to deliver significant
revenue growth.
Turning to India, the Company demonstrated a live RF mesh based
system at the Smart metering Conference in Delhi. Over 150 meters
had been deployed by our partner Capital Meters in the NOIDA suburb
of Delhi in a variety of testing environments and readings from
these were shown in real time as part of the paper presented. As a
result of this demonstration interest in our metering products
increased substantially.
In December we announced another significant development for our
metering products, a strategic alliance with Wipro Technologies,
the global Information Technology, Consulting and Outsourcing
business. The agreement sees Wipro providing Consulting and IT
Services to power utility companies in India deploying wireless
meters incorporating CyLec, Cyan Technology's wireless
communication solution for electricity metering. Other such
strategic alliances are in the pipeline.
The increasing cost of energy and limitations in generating
capacity within the developing world are significant factors
restraining the potential levels of future economic growth in these
countries. Accordingly, energy efficiency continues to be a major
focus for the governments of developing nations. As a result of
this Governmental pressure we are experiencing a substantial
increase in enquiries from both China and India, which is very
pleasing.
Funding
By mid-year, Cyan was experiencing a growth in the number and
frequency of initial orders for lighting products but not yet at a
level that would sustain the cash flow requirements of the
business.
These projects have total requirements significantly larger than
the initial orders placed with Cyan. In some cases Cyan has been
able to estimate the entire size of the likely follow-on projects
and is confident that these opportunities represent major potential
revenues.
The pace of new enquiries and the number of active prospects was
also increasing and as Cyan began to expand into new geographies
these increased the requirement for both working capital and local
support. The Board was excited by the opportunities for Cyan's
lighting business, and wished to accelerate the development of new
back office management systems to address customer demand for
secure systems capable of managing networks of hundreds of
thousands of lights.
In the Indian metering market interoperability between products
from individual meter manufacturers is a critical market
requirement. Any one utility must be able to purchase meters from a
selection of suppliers. It became necessary for Cyan to work with
several meter manufacturers to show how this could be done with the
CyLec system where the meters have to be able to talk with each
other and thence to a central control unit linked via a GPRS
backhaul to servers running a meter data management system
("MDMS"). This required further development and working capital and
was a key factor in our decision to raise funds.
The Company raised GBP2.6 million net of expenses via two
placings and an issue of warrants, in July and December 2011. This
was in addition to a subscription for GBP0.9 million raised in
January 2011. This money provided the Company with incremental
resources for working capital, enabled the acceleration of
development of our lighting system, and the investment in pursuing
the strategic metering engagements.
2011 was the year when Cyan firmly established its key niches in
lighting and metering. Revenues increased over 2010 and the Board
believes the Company is strongly positioned to capitalise on its
partnerships and customer engagements within India and China. The
Boards expects 2012 to be a year of significant ramp up in order
intake, which will translate into revenue increases.
Financial information
Revenue increased significantly from GBP139,047 in 2010 to
GBP455,591 in 2011. Operating loss for the year ended 31 December
2011 was GBP3,499,499 (2010: GBP2,954,055) and net loss increased
to GBP3,151,576 (2010: GBP2,648,116). This was predominantly due to
increased costs incurred to put the Company in a place to secure
orders. Cash at year end was GBP364,590 (2010: GBP1,484,437)
however this was increased on 6 January 2011 by GBP1.5M net due to
a successful placing, mentioned elsewhere in this report.
Post period events
In February 2012 we were able to announce that five major meter
suppliers tendering for the 1.5 million unit order at the Tamil
Nadu Electricity Board ("TNEB") in India had submitted bids, and
sample meters, based on Cyan's CyLec system. Further, that, as far
as we know, this was the only solution fully conforming to the
requirements of the request for quote. We await the outcome of the
assessments and pilots for this opportunity.
In mid March we were pleased to announce that telecoms and smart
metering industry veteran John Cronin has joined the board as a
non-executive director. He will take over the role of Executive
Chairman from me following the Company's AGM in May 2012. It is my
intention to stay on the board as a non-executive director for a
period following that to provide continued support.
Finally, I would like to take the opportunity to thank Kenn
Lamb, who stepped down as CEO on 5 January 2012 for health reasons,
for all he achieved during his time in the role. I and the rest of
the Board wish him a speedy recovery.
John Read
Executive Chairman
30(th) March 2012
Operational Review
Cyan has made considerable progress in 2011, with that momentum
accelerating into the first quarter of 2012.
Our business has two principal product groups:
-- Lighting monitoring and control
-- Utility meter monitoring and control
Lighting control and monitoring (CyLux)
Cyan has developed a fully integrated wireless end-to-end system
for public lighting such as; street lights, tunnels, highways,
industrial parks and public locations, which is capable of dimming
the major different types of lamp; HPS, HID and LED. We are
confident that the combination of features in our system makes a
unique system solution, and we already have manufacturers of the
electronic drivers for these lights producing and installing
prototype versions incorporating Cyan wireless control; 'CyLux
Inside'.
CyLux allows city authorities to remotely set lighting profiles:
turning on / off and dimming at preset times for optimised lighting
intensity through evening, late night and morning to maximise power
saving. Actual power saving is measured and reported by Cyan's
system, a very popular feature with customers as many of them are
financially incentivised based on the actual energy saving
delivered. In addition to the above functionality CyLux can
accurately monitor lamp status and proactively identify maintenance
or lamp repair requirements with interactive maps showing lamp
locations and status.
Our strategic agreement with China's largest street lighting
manufacturer, Shanghai Yaming Lighting Co ('Yaming') is extremely
pleasing. We have worked hard for some time to secure this
partnership, as we believe that it positions us well for future
growth in the Chinese street lighting market. Yaming's long
history, the size of the Company and its reputation for quality
puts them in a strong position to win future large lighting
contracts across China.
In July and September 2011 we announced two follow on orders
from China Public Lighting Control ('CPLC'). The first was for
12,000 units followed by a second for 20,000, and the total number
of units ordered by CPLC now totals 56,000.We understand there are
potential requirements for millions of units over the next two
years.
Electricity and gas meter reading (CyLec&CyGas)
The primary benefits of smart metering to electricity utilities
are the reduction of losses through transmission and theft, and the
ability to control tariffs and supply from a central location.
Cyan's metering solutions branded CyLec and CyGas have been
developed over the last four years to directly address the problems
of tampering and theft. Within the developing world it has become
very difficult to accurately check usage and enforce payment.
Indeed, a recent article in the Economist suggested that the
average annual revenue loss in India to the utilities as a result
of tampering and theft, is US$11billion. This figure highlights the
extent of this major problem. The senior management of Indian
electricity suppliers also tell us that between 30% and 50% of
electricity generated is not paid for.
Current model wireless meter installations utilise handheld
units permitting meter reading without entering a property. However
CyLec enables not only full real-time updates of meter readings and
usage to a centralised MDMS system together with 'tamper alerts',
but also provides for on-line management of the meters for tariff
changes, pay-as-you-go and other key features. It is this total
package of capability and the possibilities thus enabled that
excites the utilities and system integrators.
CyLec has interoperability as a core feature and can be
integrated into existing meter designs without requiring disclosure
of proprietary information. We have demonstrated interoperability
of meters from several suppliers and this provides for robustness
of supply for the purchasing utilities.
We continue to be at the forefront of the development of
wireless mesh network solutions for electricity and gas metering.
We have seen a substantial ramp up in enquiries and new tender
requirements for these products within India and China, where
inaccurate readings and tampering are such a major issue.
A significant achievement was the signing of our agreement with
Wipro in November. Wipro is a global leader in the Energy and
Utilities sector with proven expertise in IT transformational
programs and significant domain expertise in the 'Utilities space'.
The Company has over 12,000 employees in 54 countries.
By partnering with Wipro, we can combine their service delivery
expertise with Cyan's CyLec solution to deliver much sought-after
benefits to Indian utilities. Indian utilities are suffering
staggeringly high aggregate technical and commercial losses of
nearly 30% and they are determined to adopt solutions that help to
reduce these losses.
Other strategic partnerships are in negotiation. With these key
partnerships in place, Cyan is set to be a leader in supply of
solutions to the nationwide reduction in and recapturing of
revenues for electrical utilities in India.
Conclusion
We believe Cyan is focussed on the right markets, and that we
have market leading products. Our strategic partnerships with
majors companies in both of our key markets gives us continued
confidence that we are well positioned to deliver shareholder value
as our revenues track the pace of growth of these markets. The
business is now very well positioned to grow rapidly and I thank
all of our staff, the board for their efforts and diligence, and
our shareholders for their support.
Outlook for remainder for 2012:
TNEB is one of the largest electricity distributors in India. In
November, it published a tender for the supply of 1.5 million
meters during the second half of 2012 and first half of 2013 as
part of its consumer network upgrade programme. This represents the
first phase in what is anticipated to be a total upgrade programme
of 18 million meters.
The submission phase of the tender process was completed in
early March and we are in a strong position with 5 of the 16
candidates submitting meters containing CyLec technology, including
two of the largest meter suppliers to TNEB. We expect the outcome
of the tender to be announced by 1 June 2012. We look forward to
updating shareholders as further information becomes available.
A positive outcome of this tender would be transformational to
the Company.
A further larger tender is expected to be released early in the
second quarter of this year.
In addition, with our strategic partnership in place with the
largest Chinese street lighting manufacturer, and the large orders
already received for our lighting products in China, we believe
Cyan to be in a strong position for substantial growth in this
market in 2012.
Consolidated income statement
For the year ended 31 December 2011
2011 2010
-------------------------------- ------------- -------------
GBP GBP
-------------------------------- ------------- -------------
Continuing operations
-------------------------------- ------------- -------------
Revenue 455,591 139,047
-------------------------------- ------------- -------------
Cost of sales (321,477) (96,326)
-------------------------------- ------------- -------------
Gross profit 134,114 42,721
-------------------------------- ------------- -------------
Research and development costs (1,865,982) (1,737,703)
-------------------------------- ------------- -------------
Other operating costs (1,767,631) (1,259,073)
-------------------------------- ------------- -------------
Operating loss (3,499,499) (2,954,055)
-------------------------------- ------------- -------------
Investment revenue 2,146 1,487
--------------------------------
Finance costs (7) (85)
-------------------------------- ------------- -------------
Loss before tax (3,497,360) (2,952,653)
-------------------------------- ------------- -------------
Tax 345,784 304,537
-------------------------------- ------------- -------------
Loss for the year (3,151,576) (2,648,116)
-------------------------------- ============= =============
Loss per share (pence)
--------------------------------
Basic (0.3) (0.4)
-------------------------------- ============= =============
Diluted (0.3) (0.4)
-------------------------------- ============= =============
Consolidated Statement of Comprehensive
Income
For the year ended 31 December
2011 2011 2010
------------------------------------- ------------ ------------
GBP GBP
------------------------------------- ------------ ------------
Loss for the year (3,151,576) (2,648,116)
------------------------------------- ------------ ------------
Exchange differences on translation
of foreign operations (34,104) (66,140)
------------------------------------- ------------ ------------
Total comprehensive income for
the period (3,185,680) (2,714,256)
------------------------------------- ============ ============
-------------------------------------------------------------------
Consolidated balance sheet
At 31 December 2011
2011 2010
GBP GBP
---------------------------------------- ------------- -------------
Non-current assets
----------------------------------------
Property, plant and equipment 29,843 29,114
----------------------------------------
Current assets
---------------------------------------- ------------- -------------
Inventories 973,577 872,923
---------------------------------------- ------------- -------------
Trade and other receivables 562,182 411,848
---------------------------------------- ------------- -------------
Cash and cash equivalents 364,590 1,484,437
---------------------------------------- ------------- -------------
1,900,349 2,769,208
---------------------------------------- ------------- -------------
Total assets 1,930,192 2,798,322
---------------------------------------- ============= =============
Current liabilities
---------------------------------------- ------------- -------------
Trade and other payables 349,126 283,872
---------------------------------------- ------------- -------------
349,126 283,872
---------------------------------------- ------------- -------------
Total liabilities 349,126 283,872
---------------------------------------- ------------- -------------
Net assets 1,581,066 2,514,450
---------------------------------------- ============= =============
Equity
---------------------------------------- ------------- -------------
Share capital 2,385,401 1,847,666
---------------------------------------- ------------- -------------
Share premium account 21,965,649 20,378,625
---------------------------------------- ------------- -------------
Own shares held (690,191) (690,191)
---------------------------------------- ------------- -------------
Share option reserve 604,536 476,999
---------------------------------------- ------------- -------------
Translation reserve (328,358) (294,254)
---------------------------------------- ------------- -------------
Retained earnings (22,355,971) (19,204,395)
---------------------------------------- ------------- -------------
Total equity being equity attributable
to equity holders of the parent 1,581,066 2,514,450
---------------------------------------- ============= =============
Consolidated statement of changes in equity
at 31 December 2011
Share
Share Own shares Option Translation Retained Total
Capital Share Premium held Reserve Reserve Losses Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 31
December 2009 1,309,565 19,026,290 (690,191) 379,886 (228,114) (16,556,280) 3,241,157
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Loss for the
year - - - - - (2,648,116) (2,648,116)
Other
comprehensive
income for the
year - - - - (66,140) - (66,140)
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Total
comprehensive
income for the
year - - - - (66,140) (2,648,116) (2,714,256)
Issue of share
capital 538,101 1,352,335 - - - - 1,890,436
Credit to
equity
for share
options - - - 97,113 - - 97,113
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Balance at 31
December 2010 1,847,666 20,378,625 (690,191) 476,999 (294,254) (19,204,395) 2,514,450
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Loss for the
year - - - - - (3,151,576) (3,151,576)
Other
comprehensive
income for the
year - - - - (34,104) - (34,104)
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Total
comprehensive
income for the
year (34,104) (3,151,576) (3,185,680)
Issue of share
capital 537,735 1,587,024 - - - - 2,124,759
Credit to
equity
for share
options - - - 127,537 - - 127,537
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Balance at 31
December 2011 2,385,401 21,965,649 (690,191) 604,536 (328,358) (22,355,971) 1,581,066
----------------- ------------------------------------------- -------------------------- ------------- ---------------- ------------- ------------
Consolidated cash flow statement
For the year ended 31 December 2011
2011 2010
-------------------------------------------- ------------ ------------
GBP GBP
-------------------------------------------- ------------ ------------
Net cash from operating activities (3,177,846) (2,293,931)
-------------------------------------------- ------------ ------------
Investing activities
-------------------------------------------- ------------ ------------
Interest received 2,146 1,487
-------------------------------------------- ------------ ------------
Purchases of property, plant and equipment (29,782) (15,126)
-------------------------------------------- ------------ ------------
Net cash from investing activities (27,636) (13,639)
-------------------------------------------- ------------ ------------
Financing activities
-------------------------------------------- ------------ ------------
Interest paid (7) (85)
-------------------------------------------- ------------ ------------
Proceeds on issue of shares 2,225,862 2,035,913
-------------------------------------------- ------------ ------------
Share issue costs (101,103) (145,477)
-------------------------------------------- ------------ ------------
Net cash from financing activities 2,124,752 1,890,351
-------------------------------------------- ------------ ------------
Net (decrease)/increase in cash and
cash equivalents (1,080,730) (417,219)
-------------------------------------------- ------------ ------------
Cash and cash equivalents at beginning
of year 1,484,437 1,968,072
-------------------------------------------- ------------ ------------
Effect of foreign exchange rate changes (39,117) (66,416)
-------------------------------------------- ------------ ------------
Cash and cash equivalents at end of
year 364,590 1,484,437
-------------------------------------------- ============ ============
Notes to the Financial Information
For the year ended 31 December 2011
1. General information
Cyan Holdings plc is a Company incorporated in the England and
Wales under the Companies Act 2006. The address of the registered
office is Cyan Holdings plc, Buckingway Business Park, Swavesey
CB24 4UQ.
The preliminary announcement is based on the financial
statements which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the EU.
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 December 2011
or 2010, but is derived from those accounts. Statutory accounts for
2010 have been delivered to the Registrar of Companies and those
for 2011 will be delivered following the company's annual general
meeting. The auditors have reported on those accounts: their
reports were unqualified and did not contain statements under s498
(2) or (3) Companies Act 2006 or equivalent preceding legislation
but did contain an emphasis of matter concerning the uncertainties
around the Group's ability to continue as a going concern. While
the financial information included in this preliminary announcement
has been prepared in accordance with the measurement and
recognition criteria of IFRS, this announcement itself does not
contain sufficient information to comply with IFRS. The company
expects to publish full financial statements that comply with IFRS,
as adopted by the EU, a copy of which will be posted to the
shareholders.
The financial statements were approved by the Board of Directors
on 30 March 2012 and authorised for issue. The Group's specific
IFRS accounting policies can be found in the 2010 annual
report.
Going concern
The directors have prepared a business plan and cash flow
forecast for the period to 31 December 2013 which, together,
represent the directors' best estimate of the future development of
the Group. The forecast contains certain assumptions, the most
significant of which are the level and timing of sales and the
gross margin on those sales, together with the need to secure
additional finance in order to fund working capital within the next
six months.
At the time of the preparation of these financial statements,
the sales forecast includes a potential large contract with an
Indian utility customer (TNEB). The TNEB tender has been issued for
1.5M units and the directors believe that the Group is well placed
to be awarded contracts (through Indian meter manufacturer
partners) for the majority of the tender. If successful, the
directors believe that delivery on the tender would commence in Q2
2012 and that this contract would be transformational for the Group
in terms of both customer and shareholder perception. The directors
understanding is that TNEB have plans to install/replace 18M meters
over a 5 year period and further tenders towards this goal will be
issued in the second half of 2012. The Group has other significant
sales opportunities in the pipeline that are being progressed in
parallel.
The directors have recognised that the Group is trading
principally in two emerging country markets, namely India and
China. These markets have an inherent level of uncertainty
associated with them and this may result in the predicted level of
sales not being achieved and/or the timing of orders being delayed,
as has been the case for the Group in the past. The directors have
taken reasonable steps to satisfy themselves about the robustness
of sales forecasts but acknowledge that the timing of customer
orders in the Group's target markets is inherently uncertain. This
may impact both the Group's ability to generate positive cashflow
and to raise new finance. Consequently there is a significant risk
that the level of sales achieved is materially lower than the
forecast or at materially lower margins. This constitutes a
material uncertainty.
At the Group's General Meeting held on 5 January 2012,
resolutions were passed to: (i) complete placings of GBP1.7 million
(before expenses) through the issue of 420 million new ordinary
shares; and (ii) issue 420 million warrants to the placees that
have an exercise price of 0.6p and a 6 month exercise window until
5 July 2012. If exercised in full, the warrants would provide the
Group with additional funding of GBP 2.5 million (before expenses).
Given the commercial prospects at the time of the preparation of
this report (particularly TNEB described above), the directors
consider that the Group has a good opportunity to see the share
price rise above 0.6p before 5 July 2012 and therefore benefit from
the exercise of the warrants. If the share price is at or below
0.6p on 5 July 2012, it is likely that the warrants will not be
exercised and the Group will need additional funding from another
source. There remains a significant risk that the required level of
funding will not be received in the necessary timescales or at all.
This constitutes a material uncertainty.
Notwithstanding the material uncertainties described above, the
directors have a reasonable expectation that the Group and Company
can continue to meet their liabilities as they fall due, for a
period of at least 12 months from the date of approval of this
report. Accordingly, they have prepared these financial statements
on the going concern basis.
The financial statements do not include the adjustments that
would result if the Group was unable to continue as a going
concern. In the event the Group ceased to be a going concern, the
adjustments would include writing down the carrying value of
assets, including inventories, to their recoverable amount and
providing for any further liabilities that might arise.
2. Dividends
The Directors do not recommend the payment of a dividend (2010:
GBPnil). The Group has no plans to adopt a dividend policy in the
immediate future and all funds generated by the Group will be
invested in the further development of the business, as is normal
for a company operating in this industry sector and at this stage
of its development.
3. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Earnings
2011 2010
-------------------------------------- --------- ------- -------------
GBP GBP
-------------------------------------- --------- ------- -------------
Earnings for the purposes of basic
earnings per share being net loss
attributable to equity holders of
the parent
-------------------------------------- ---------
3,151,576 2,648,116
------------------------------------------- ============ =============
Number of shares
2011 2010
------------------- -------------------- ------------
No. No.
------------------- -------------------- ------------
Weighted average number of ordinary
shares for the purposes of basic
and diluted earnings per share 1,021,124,228 751,804,821
---------------------------------------- -------------- ============== ============
4. Share capital
2011 2010
-------------------------------------------- -------------- --------------
number number
--------------------------------------------
Authorised:
--------------------------------------------
Ordinary shares of 0.2 pence each 1,500,000,000 1,500,000,000
-------------------------------------------- ============== ==============
2011 2010
--------------------------------------------
GBP GBP
--------------------------------------------
Issued and fully paid:
--------------------------------------------
1,192,700,288 (2010: 923,832,983) ordinary
shares of 0.2 pence each 2,385,401 1,847,666
-------------------------------------------- ============== ==============
5. Notes to the consolidated cash flow statement
2011 2010
----------------------------------------------- ------------ ------------
GBP GBP
--------------------------------------------------- ------------ ------------
Operating loss for the year (3,499,499) (2,954,055)
--------------------------------------------------- ------------ ------------
Adjustments for:
--------------------------------------------------- ------------ ------------
Depreciation of property, plant and equipment 28,690 26,017
--------------------------------------------------- ------------ ------------
Share-based payment expense 127,537 97,113
--------------------------------------------------- ------------
Operating cash flows before movements in
working capital (3,343,272) (2,830,925)
--------------------------------------------------- ------------ ------------
(Increase)/decrease in inventories (100,654) 20,164
--------------------------------------------------- ------------ ------------
(Increase) in receivables (116,848) (17,038)
---------------------------------------------------
Increase in payables 65,255 54,540
--------------------------------------------------- ------------ ------------
Cash reduced by operations (3,495,519) (2,773,259)
--------------------------------------------------- ------------ ------------
Income taxes received 317,673 479,328
---------------------------------------------------
Net cash outflow from operating activities (3,177,846) (2,293,931)
--------------------------------------------------- ------------ ------------
Cash and cash equivalents (which are presented as a single class
of assets on the face of the balance sheet) comprise cash at bank
and other short-term highly liquid investments with maturity of
three months or less.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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