Half Yearly Report -3-
September 20 2011 - 2:01AM
UK Regulatory
capital premium reserve reserve shares payments reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January
2010 1,429 8,060 55 929 (452) 1,305 1,497 16,273 29,096
Total
comprehensive
income - - - - - - 909 1,046 1,955
Share-based
payments - - - - - 150 - - 150
Exchange
translation
adjustment - - - - - 44 - - 44
Shares issued 11 4 - - - - - - 15
Shares
cancelled (58) - 58 - (277) - - (1,187) (1,464)
Utilisation of
own shares - - - - 431 - - (431) -
Dividends - - - - - - - (613) (613)
-------- -------- ----------- -------- ------- --------- --------- --------- --------
At 30 June
2010 1,382 8,064 113 929 (298) 1,499 2,406 15,088 29,183
-------- -------- ----------- -------- ------- --------- --------- --------- --------
At 1 January
2011 1,386 8,072 113 929 (245) 1,597 2,372 15,905 30,129
Total
comprehensive
income - - - - - - (142) 1,514 1,372
Share-based
payments - - - - - 102 - - 102
Exchange
translation
adjustment - - - - - (18) - - (18)
Shares issued 14 9 - - (12) - - - 11
Shares
purchased - - - - (162) - - - (162)
Utilisation of
own shares - - - - 243 - - (243) -
Dividends - - - - - - - (714) (714)
-------- -------- ----------- -------- ------- --------- --------- --------- --------
At 30 June
2011 1,400 8,081 113 929 (176) 1,681 2,230 16,462 30,720
-------- -------- ----------- -------- ------- --------- --------- --------- --------
Condensed group balance sheet
at 30 June 2011
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2011 2010 2010
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 1,222 1,485 1,299
Goodwill 7,389 7,524 7,479
Other intangible assets 1,387 1,300 1,413
Deferred tax asset 1,184 203 3,233
---------- ---------- -------------
11,182 10,512 13,424
---------- ---------- -------------
Current assets
Trade and other receivables 25,583 23,869 23,219
Current tax receivable 657 772 314
Cash and short term deposits 2,656 1,662 4,506
Other financial assets 8 93 -
---------- ---------- -------------
28,904 26,396 28,039
---------- ---------- -------------
Total assets 40,086 36,908 41,463
---------- ---------- -------------
Non-current liabilities
Deferred tax liabilities - - (1,337)
---------- ---------- -------------
- - (1,337)
---------- ---------- -------------
Current liabilities
Trade and other payables (9,366) (7,560) (8,858)
Current tax payable - - (1,132)
Provisions - (165) -
Other financial liabilities - - (7)
---------- ---------- -------------
(9,366) (7,725) (9,997)
---------- ---------- -------------
Total liabilities (9,366) (7,725) (11,334)
---------- ---------- -------------
Net assets 30,720 29,183 30,129
---------- ---------- -------------
Equity attributable to equity
holders of parent
Issued capital 1,400 1,382 1,386
Share premium 8,081 8,064 8,072
Other reserves 1,042 1,042 1,042
Own shares (176) (298) (245)
Retained earnings 20,373 18,993 19,874
---------- ---------- -------------
Total equity 30,720 29,183 30,129
---------- ---------- -------------
Total equity and liabilities 40,086 36,908 41,463
---------- ---------- -------------
Condensed group cash flow statement
for the six months ended 30 June 2011
Unaudited Unaudited
6 months 6 months
to to
30 June 30 June
2011 2010
GBP000 GBP000
Net cash flow from operating activities
Profit before tax 2,226 1,803
Finance revenue (13) (3)
Finance cost 49 28
---------- ----------
Operating profit 2,262 1,828
Depreciation and amortisation 547 554
Share based payment expense 102 150
Movement in working capital (1,881) (1,561)
---------- ----------
Cash generated from operations 1,030 971
Finance revenue received 13 3
Finance costs paid (49) (28)
Income taxes paid (1,475) (975)
---------- ----------
Net cash flow from operating activities (481) (29)
---------- ----------
Cash flow from investing activities
Purchase of tangible non-current
assets (169) (134)
Purchase of intangible non-current
assets (282) (659)
Net cash flow from investing activities (451) (793)
---------- ----------
Cash flow from financing activities
Dividends paid to equity holders
of parent (714) (613)
Purchase of own shares (162) (1,464)
Issue of shares 11 15
---------- ----------
Net cash flow used in financing
activities (865) (2,062)
---------- ----------
Net decrease in cash and cash equivalents (1,797) (2,884)
Cash and cash equivalents at 1
January 4,506 3,975
Exchange adjustments (53) 571
---------- ----------
Cash and cash equivalents at 30
June 2,656 1,662
---------- ----------
NOTES TO THE 2011 HALF YEAR RESULTS
1 BASIS OF PREPARATION
The Group prepares its condensed consolidated financial
statements in accordance with IFRS as adopted by the European
Union, and the statements have been prepared using the accounting
policies set out in the Group's 2010 statutory accounts except as
described below. For the purposes of this document the term IFRS
includes International Accounting Standards and International
Financial Reporting Interpretations (IFRIC).
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