Eleco PLC Half Yearly Report -4-
September 25 2012 - 2:00AM
UK Regulatory
------------------------------- ------ ------------ ------------ ------------
Notes to the Condensed Consolidated Interim Financial
Statements
1. General information
The company is a public limited company incorporated and
domiciled in the UK. The address of its registered office is 66
Clifton Street, London, EC2A 4HB.
The company is listed on the Alternative Investment Market
("AIM")
The condensed consolidated interim financial information does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The Group's consolidated financial statements
for the 18 months ended 31 December 2011 have been filed and the
audit report was not qualified and did not contain a statement
under section 498(2) or section 498(3) of the Companies Act
2006.
2. Basis of preparation
The condensed consolidated interim financial statements for the
six months to 30 June 2012 have been prepared in accordance with
the accounting policies which will be applied in the twelve months
financial statements to 31 December 2012. These accounting policies
are drawn up in accordance with International Accounting Standards
(IAS) and International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board and as
adopted for use in the European Union that are effective at 30 June
2012.
The condensed consolidated interim financial statements are
unaudited and have not been subject to review. They do not include
all the information and disclosures required in the annual
financial statements, and therefore should be read in conjunction
with the Group's published financial statements as at 31 December
2011.
In accordance with IFRS 5, the prior year comparative figures
for the six months to 30 June 2011 have been restated to reflect
discontinued operations reported in the Group's consolidated
financial statements for the 18 months ended 31 December 2011. The
comparative figures for the 18 months ended 31 December 2011 are
not the Company's statutory accounts for that period but have been
extracted from these accounts.
The Directors, having considered the Group's current financial
resources, have concluded that they are adequate for the Group's
present requirements. Thus the condensed consolidated interim
financial information has been prepared on the going concern
basis.
New accounting standards and interpretations are effective for
the first time in the current period but have had no impact on the
results or financial position of the Group. Furthermore, new
standards, new interpretations and amendments to standards and
interpretations that have been issued but are not effective for the
current period have not been adopted early.
Estimates
Application of the Group's accounting policies in preparing
condensed consolidated interim financial statements requires
management to make judgements and estimates that affect the
reported amount of assets and liabilities, revenues and expenses.
Actual results may ultimately differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the 18 months ended 31
December 2011.
Risks and uncertainties
A summary of the Group's principal risks and uncertainties was
provided on page 10 of the 2010/11 report and accounts. The Board
considers these risks and uncertainties are still relevant to the
current financial year and the impact of changes in the UK economy
is reviewed in the Chairman's statement contained in this
report.
3. Segmental information
Operating segments
For management purposes, the Group is organised into two
operating divisions based on the type of products and services
supplied by each business unit.
The principal activities of each segment are as follows:
ElecoSoft: Developer and supplier of resource management
software, building project software, design and engineering
software and 3D design software.
ElecoBuild: Manufacturer and supplier of precast and prestressed
concrete products and a range of building products including metal
roofing, cladding systems, acoustic flooring and floor joist
webs.
The structure of the reportable operating segments has changed
from those reported in the 2010/11 report and accounts. This change
is a result of the disposal of various ElecoBuild operations during
the 18 months to 31 December 2011 and consequently the prior year
comparatives have been restated on the revised basis. Unallocated
central costs that cannot reasonably be allocated to the operating
divisions are reported under Corporate.
6 months to 30
June 2012 (unaudited)
Continuing
ElecoSoft ElecoBuild Corporate Elimination operations
---------- ----------- ---------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 8,207 10,147 - - 18,354
Inter-segment revenue 37 - - (37) -
Total segment revenue 8,244 10,147 - (37) 18,354
------------------------- ---------- ----------- ---------- ------------ ------------
Adjusted operating
profit/(loss) 2,227 (354) (437) 1,436
Product development (1,118) (10) - (1,128)
Amortisation of
intangible assets (206) (54) - (260)
Operating profit/(loss)
before exceptionals 903 (418) (437) 48
Restructuring costs (1) (253) (62) (316)
Segment result 902 (671) (499) (268)
Net finance cost (50) (430) 268 (212)
Profit/(Loss) before
tax 852 (1,101) (231) (480)
Tax (127)
------------------------- ---------- ----------- ---------- ------------ ------------
Loss after tax (607)
------------------------- ---------- ----------- ---------- ------------ ------------
6 months to 30
June 2011 (restated)
Continuing
ElecoSoft ElecoBuild Corporate Elimination operations
---------- ----------- ---------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 8,330 9,925 - - 18,255
Inter-segment revenue 172 375 - (547) -
Total segment revenue 8,502 10,300 - (547) 18,255
------------------------- ---------- ----------- ---------- ------------ ------------
Adjusted operating
profit/(loss) 2,124 (592) (555) 977
Product development (952) (12) - (964)
Amortisation of
intangible assets (296) (51) - (347)
Operating profit/(loss)
before exceptionals 876 (655) (555) (334)
Restructuring costs - (105) (90) (195)
Segment result 876 (760) (645) (529)
Net finance cost (22) (240) 131 (131)
Profit/(Loss) before
tax 854 (1,000) (514) (660)
Tax (187)
------------------------- ---------- ----------- ---------- ------------ ------------
Loss after tax (847)
------------------------- ---------- ----------- ---------- ------------ ------------
18 months to 31
December 2011
Continuing
ElecoSoft ElecoBuild Corporate Elimination operations
---------- ----------- ---------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 23,047 33,775 - 56,822
Inter-segment revenue 401 1,090 (1,491) -
Total segment revenue 23,448 34,865 (1,491) 56,822
------------------------- ---------- ----------- ---------- ------------ ------------
Adjusted operating
profit/(loss) 5,993 (288) (1,606) 4,099
Product development (3,027) (25) - (3,052)
Amortisation of
intangible assets (752) (152) - (904)
Operating profit/(loss)
before exceptionals 2,214 (465) (1,606) 143
Impairment charges (11) (11) - (22)
Restructuring costs - (255) (88) (343)
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