Interim Results
April 29 2008 - 3:03AM
UK Regulatory
RNS Number:2981T
Global Gaming Technologies PLC
29 April 2008
29 April 2008
GLOBAL GAMING TECHNOLOGIES PLC
("the Company" or "GGT")
Interim Results for the six months ended 31 January 2008
Interim Statement
The Board of GGT announces its results for the six month period ended 31 January
2008. The Group produced a loss before taxation of #12,000, (period ended 31
January 2007: loss of #433,000, year ended 31 July 2007: loss of #879,000).
Ongoing Projects and outlook
Further to the announcement made by the Company on 31 January 2008, your board
has commenced the process of seeking opportunities in the natural resources and
mining sector. Although these are early days, we have been involved in some
encouraging discussions and we are confident that a suitable opportunity will be
identified in due course.
In the meantime, we will continue to maintain a minimal overhead with tight
controls over costs and cash flow.
A copy of the interim statement has been posted on the Company's website today
at www.globalgamingtechnologies.com.
Graham Porter
Chairman
29 April 2008
Enquiries:
Nominated advisor and broker:
Andrew Chubb, Canaccord Adams Limited tel: +44 (0) 207 050 6500
John Bick, Hansard Group tel: +44(0)7917 649362
GLOBAL GAMING TECHNOLOGIES PLC
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 31 JANUARY 2008
Note 6 months to 6 months to Year ended
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
#000 #000 #000
Administrative expenses (13) (434) (880)
Loss from operations (13) (434) (880)
Finance income 1 1 1
Loss before taxation (12) (433) (879)
Taxation - - -
Loss after taxation and retained loss (12) (433) (879)
attributable to equity holders of the company
Loss per share (pence)
- basic 2 (0.01p) (0.23p) (0.46p)
GLOBAL GAMING TECHNOLOGIES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2008
Share Retained Total
Share premium earnings
capital account
#'000 #'000 #'000 #'000
At 1 August 2006 (Audited) 472 1,364 (1,745) 91
Net loss for the year - - (879) (879)
Issue of share capital 11 - - 11
Share based payment - - 614 614
At 31 July 2007 (Audited) 483 1,364 (2,010) (163)
Net loss for the period - - (12) (12)
At 31 January 2008 (Unaudited) 483 1,364 (2,022) (175)
GLOBAL GAMING TECHNOLOGIES PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2008
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
Note #000 #000 #000
ASSETS
Non-current assets
Intangible assets - 100 -
Current assets
Trade and other receivables 3 12 11 23
Cash and cash equivalents 13 56 30
Total current assets 25 67 53
Total assets 25 167 53
LIABILITIES
Current liabilities
Trade and other payables 4 200 202 216
Total current liabilities 200 202 216
EQUITY
Share capital 483 472 483
Share premium account 1,364 1,364 1,364
Retained earnings (2,022) (1,871) (2,010)
Total equity attributable to equity holders of the (175) (35) (163)
company
Total equity and liabilities 25 167 53
GLOBAL GAMING TECHNOLOGIES PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JANUARY 2008
6 months to 6 months to Year ended
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
#000 #000 #000
Cash flows from operating activities
Loss after taxation (12) (433) (879)
Interest received (1) (1) (1)
Impairment of intangible assets - - 100
Share based payment charge - 307 614
Decrease in trade and other receivables 11 13 1
(Decrease) /increase in trade and other payables (16) 112 21
Net cash outflow from operating activities (18) (2) (144)
Cash flows from investing activities
Interest received 1 1 1
Net cash inflow from investing activities 1 1 1
Cash flows from financing activities
Issue of share capital - - 10
Receipts from borrowings - - 106
Net cash inflow from financing - - 116
Net decrease in cash and cash equivalents (17) (1) (27)
Cash and cash equivalents brought forward 30 57 57
Cash and cash equivalents carried forward 13 56 30
GLOBAL GAMING TECHNOLOGIES PLC
NOTES TO THE INTERIM REPORT
FOR THE 6 MONTHS ENDED 31 JANUARY 2008
1 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention. The
Board had previously resolved that the Group would follow UK Accounting
Standards and apply the Companies Act 1985 when preparing its annual financial
statements.
This interim report is unaudited and does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
As an AIM listed company Global Gaming Technologies plc will adopt International
Financial Reporting Standards (IFRS) for the first time in its financial
statements for the year ending 31 July 2008. This interim financial report has
therefore been prepared under the historical cost convention and in accordance
with International Accounting Standard 34 "Interim Financial Reporting" and the
requirements of International Financial Reporting Standard 1 "First Time
Adoption of International Reporting Standards" relevant to interim reports.
The Group's interim report for the six months ended 31 January 2008 and the
comparatives presented for the periods ended 31 January 2007 and 31 July 2007
comply with all presentation recognition and measurement requirements of IFRS
applicable for accounting periods commencing on or after 1 August 2006.
The transition to IFRS reporting has resulted in a number of changes in
presentation in the reported financial statements, notes thereto and accounting
policies compared to the previous annual report. There are no adjustments to the
reported results, cashflows or balance sheet figures for any period on
transition from UK GAAP to IFRS.
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future and
for this reason they continue to adopt the going concern basis in preparing the
financial statements.
The principal accounting policies of the Group are set out below.
TAXATION
Current income tax assets and/or liabilities comprise those obligations to, or
claims from, fiscal authorities relating to the current or prior reporting
period, that are unpaid at the balance sheet date. They are calculated according
to the tax rates and tax laws applicable to the fiscal periods to which they
relate, based on the taxable result for the year. All changes to current tax
assets or liabilities are recognised as a component of tax expense in the income
statement.
Deferred income taxes are calculated using the liability method on temporary
differences. This involves the comparison of the carrying amounts of assets and
liabilities in the consolidated financial statements with their respective tax
bases. In addition, tax losses available to be carried forward as well as other
income tax credits to the Group are assessed for recognition as deferred tax
assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets
are recognised to the extent that it is probable that they will be able to be
offset against future taxable income. Deferred tax assets and liabilities are
calculated, without discounting, at tax rates that are expected to apply to
their respective period of realisation, provided they are enacted or
substantively enacted at the balance sheet date.
Most changes in deferred tax assets or liabilities are recognised as a component
of tax expense in the income statement. Only changes in deferred tax assets or
liabilities that relate to a change in value of assets or liabilities that is
charged directly to equity are charged or credited directly to equity.
FINANCIAL ASSETS
The Group's financial assets include, cash at bank and trade and other
receivables.
All financial assets are initially recognised at fair value, plus transaction
costs.
Non-compounding interest and other cash flows resulting from holding financial
assets are recognised in profit or loss when received using the effective
interest rate method, regardless of how the related carrying amount of financial
assets is measured.
Trade and other receivables are measured subsequent to initial recognition at
amortised costs using the effective interest method, less provision for
impairment. Trade and other receivables are provided against when objective
evidence is received that the Group will not be able to collect all amounts due
to it in accordance with the original terms of the receivables. The amount of
the write-down is determined as the difference between the asset's carrying
amount and the present value of estimated future cash flows.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand, bank deposits
repayable on demand and other short-term highly liquid investments with original
maturities of three months or less.
EQUITY
Share capital is determined using the nominal value of shares that have been
issued.
The share premium account represents premiums received on the initial issuing of
the share capital. Any transaction costs associated with the issuing of shares
are deducted from share premium, net of any related income tax benefits.
Retained earnings include all current and prior period results as disclosed in
the income statement together with the cumulative amount which has been
recognised in connection with share based payments which are transferred to
equity.
SHARE BASED PAYMENTS
All share-based payment arrangements are recognised in the financial statements.
The Group has issued share options to directors and employees.
All services received in exchange for the grant of any share-based remuneration
are measured at their fair values. These are indirectly determined by reference
to the fair value of the share options awarded. Their value is appraised at the
grant date and excludes the impact of any non-market vesting conditions (for
example, profitability and sales growth targets).
Share-based payments are ultimately recognised as an expense in profit or loss
or included as part of the cost of share issues with a corresponding credit to
the share based payment reserve, net of deferred tax where applicable. If
vesting periods or other vesting conditions apply, the expense is allocated over
the vesting period, based on the best available estimate of the number of share
options expected to vest. Non-market vesting conditions are included in
assumptions about the number of options that are expected to become exercisable.
Estimates are subsequently revised, if there is any indication that the number
of share options expected to vest differs from previous estimates. No adjustment
is made to the expense or share issue cost recognised in prior periods if fewer
share options ultimately are exercised than originally estimated.
Upon exercise of share options, the proceeds received net of any directly
attributable transaction costs up to the nominal value of the shares issued are
allocated to share capital with any excess being recorded as share premium.
FINANCIAL LIABILITIES
The Group's financial liabilities include trade and other payables.
Financial liabilities are recognised when the Group becomes a party to the
contractual agreements of the instrument. All interest related charges are
recognised as an expense in "finance cost" in the income statement using the
effective interest rate method.
Trade payables are recognised initially at their nominal value and subsequently
measured at amortised cost less settlement payments.
Dividend distributions to shareholders are included in 'other short term
financial liabilities' when the dividends are approved by the shareholders'
meeting.
OTHER PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Other provisions are recognised when present obligations will probably lead to
an outflow of economic resources from the Group and they can be estimated
reliably. Timing or amount of the outflow may still be uncertain. A present
obligation arises from the presence of a legal or constructive commitment that
has resulted from past events, for example, legal disputes or onerous contracts.
Provisions are measured at the estimated expenditure required to settle the
present obligation, based on the most reliable evidence available at the balance
sheet date, including the risks and uncertainties associated with the present
obligation. Any reimbursement expected to be received in the course of
settlement of the present obligation is recognised, if virtually certain as a
separate asset, not exceeding the amount of the related provision. Where there
are a number of similar obligations, the likelihood that an outflow will be
required in settlement is determined by considering the class of obligations as
a whole. In addition, long term provisions are discounted to their present
values, where time value of money is material.
All provisions are reviewed at each balance sheet date and adjusted to reflect
the current best estimate.
In those cases where the possible outflow of economic resource as a result of
present obligations is considered improbable or remote, or the amount to be
provided for cannot be measured reliably, no liability is recognised in the
balance sheet.
Probable inflows of economic benefits to the Group that do not yet meet the
recognition criteria of an asset are considered contingent assets.
2 LOSS PER SHARE
The calculation of the basic loss per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period. The impact of the options on the loss per share is
anti-dilutive.
Basic loss per share
6 months to 6 months to Year ended
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
Loss on ordinary activities after tax (#'000) (12) 433 879
Weighted average number of 0.25p ordinary shares 193,294,373 188,669,301 188,986,494
Loss per share - basic (pence) 0.01p 0.23p 0.46p
3 TRADE AND OTHER RECEIVABLES
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
#000 #000 #000
Trade receivables , gross 3 - 13
Impairment of trade receivables - - -
Trade receivables, net 3 - 13
Deposits and prepayments 9 11 10
Total 12 11 23
Trade and other receivables are usually due within 30 - 60 days and do not bear
any effective interest rate. The fair value of these short term financial
assets is not individually determined as the carrying amount is a reasonable
approximation of fair value.
4 TRADE AND OTHER PAYABLES
31/01/2008 31/01/2007 31/07/2007
Unaudited Unaudited Audited
#000 #000 #000
Trade and other payables 200 202 216
The fair value of trade and other payables has not been disclosed as, due to
their short duration, management considers the carrying amounts recognised in
the balance sheet to be a reasonable approximation of their fair value.
5 RISK MANAGEMENT POLICIES AND OBJECTIVES
The Group is exposed to a variety of financial risks which result from both its
operating and investing activities. The Group's risk management is closely
monitored by the board of directors, and focuses on actively securing the
Group's short to medium term cash flows by minimising the exposure to financial
markets.
The Group does not actively engage in the trading of financial assets for
speculative purposes nor does it write options. The most significant financial
risks to which the Group is exposed to are described below:
Credit risk
Generally, the maximum credit risk exposure of financial assets is the carrying
amount of the financial assets as shown on the face of the balance sheet (or in
the detailed analysis provided in the notes to the financial statements).
Credit risk, therefore, is only disclosed in circumstances where the maximum
potential loss differs significantly from the financial asset's carrying amount.
The Group's trade and other receivables are actively monitored to avoid
significant concentrations of credit risk.
Cash flow risk
The Group seeks to manage financial risks to ensure sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably. Short term flexibility is achieved by the raising of equity and the
use of other borrowings.
This information is provided by RNS
The company news service from the London Stock Exchange
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