cash equivalents 14,830 1,152 3,860
Cash and cash equivalents
at beginning of period 9,931 6,384 6,384
Exchange adjustments (357) 506 (313)
---------------------------------- ---- ----------- ----------- ------------
Cash and cash equivalents
at period end 8 24,404 8,042 9,931
---------------------------------- ---- ----------- ----------- ------------
Notes to the financial statements
1. General information
KBC Advanced Technologies plc (the "Company") is a company
domiciled in England. The Group's financial statements for the six
months ended 30 June 2014 comprise the Company and its subsidiaries
(together referred to as the "Group").
2. Accounting policies
Basis of preparation
The Group prepares its Group 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
2013 financial statements except as described below.
For the purposes of this document the term IFRS includes
International Accounting Standards and International Financial
Reporting Interpretations ("IFRIC").
This Half Year Report will be sent to shareholders and published
on the Investor Relations section of the corporate website at
www.kbcat.com. Further copies of this Half Year Report may be
obtained from the Company Secretary, KBC Advanced Technologies plc,
42-50 Hersham Road, Walton on Thames, Surrey, KT12 1RZ.
The financial information contained in this document does not
constitute financial statements as defined in Section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2013 are
not the Group's full financial statements for that year. A copy of
the financial statements for that year has been delivered to the
Registrar of Companies. The Auditors' report on those financial
statements was unqualified, did not include references to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement
under Sections 498(2)-(3) of the Companies Act 2006.
In addition, the International Accounting Standards Board
("IASB") has issued a number of IFRS and IFRIC amendments or
interpretations since the last Annual Report was published. It is
not expected that any of these will have a material impact on the
Group.
3. Segment information
With regard to the balance sheet, those elements of the balance
sheet where regional reporting is prepared have been disclosed.
Those elements are trade receivables and provisions, amounts
recoverable on contracts and deferred revenue.
At the balance sheet date 32% (December 2013: 7%) of total trade
receivables were concentrated with one (December 2013: one) of the
Group's customers. The balance was spread over 154 (December 2013:
172) customers, four of whom (December 2013: none) comprised more
than 5% of the total.
Six months ended Consulting Technology Unallocated Total
30 June 2014 GBP000 GBP000 GBP000 GBP000
---------------------- ---------- ---------- ----------- -------
Revenue from external
customers 26,012 8,373 - 34,385
---------------------- ---------- ---------- ----------- -------
Operating profit 1,454 1,781 - 3,235
Finance revenue - - 46 46
Finance cost - - (393) (393)
---------------------- ---------- ---------- ----------- -------
Profit/(loss) before
tax 1,454 1,781 (347) 2,888
Tax expense - - (1,128) (1,128)
---------------------- ---------- ---------- ----------- -------
Profit/(loss) for
the period 1,454 1,781 (1,475) 1,760
---------------------- ---------- ---------- ----------- -------
As at 30 June 2014 Consulting Technology Unallocated Total
GBP000 GBP000 GBP000 GBP000
-------------------- ---------- ---------- ----------- -------
Trade receivables 8,006 3,592 13 11,611
Provisions (626) (247) (13) (886)
-------------------- ---------- ---------- ----------- -------
Net carrying amount 7,380 3,345 - 10,725
Amounts recoverable
on contracts 7,843 9,492 - 17,335
-------------------- ---------- ---------- ----------- -------
Deferred revenue 519 4,880 - 5,399
-------------------- ---------- ---------- ----------- -------
Six months ended Consulting Technology Unallocated Total
30 June 2013 GBP000 GBP000 GBP000 GBP000
------------------------ ---------- ---------- ----------- -------
Revenue from external
customers 22,159 9,569 - 31,728
------------------------ ---------- ---------- ----------- -------
Operating (loss)/profit (11) 3,195 - 3,184
Finance revenue - - 58 58
Finance cost - - (293) (293)
------------------------ ---------- ---------- ----------- -------
(Loss)/profit before
tax (11) 3,195 (235) 2,949
Tax expense - - (66) (66)
------------------------ ---------- ---------- ----------- -------
(Loss)/profit for
the period (11) 3,195 (301) 2,883
------------------------ ---------- ---------- ----------- -------
As at 30 June 2013 Consulting Technology Unallocated Total
GBP000 GBP000 GBP000 GBP000
------------------------ ---------- ---------- ----------- -------
Trade receivables 5,500 5,071 125 10,696
Provisions (1,238) (822) - (2,060)
------------------------ ---------- ---------- ----------- -------
Net carrying amount 4,262 4,249 125 8,636
Amounts recoverable
on contracts 5,665 7,391 - 13,056
------------------------ ---------- ---------- ----------- -------
Deferred revenue 2,935 5,321 - 8,256
------------------------ ---------- ---------- ----------- -------
3. Segment information (continued)
Revenue from external Non-current assets
customers
6 months 6 months 6 months 6 months
ended ended ended ended
30 June 30 June 30 June 30 June
2014 2013 2014 2013
GBP000 GBP000 GBP000 GBP000
-------------------------- ----------- ----------- ---------- ---------
Ecuador 10,239 7,395 6 -
United States of America 3,972 2,909 5,340 7,728
Thailand 2,091 810 - -
Canada 1,942 2,829 17 17
Mexico 1,936 2,519 - -
United Kingdom 947 702 15,808 16,882
Japan 876 3,814 12 10
Other 12,382 10,750 254 285
-------------------------- ----------- ----------- ---------- ---------
34,385 31,728 21,437 24,922
-------------------------- ----------- ----------- ---------- ---------
Revenues above are based on the location of the customer and
non-current assets on the location of the Group's assets. The
countries listed represent those where the total revenue or assets
are greater than 5% of the Group total on an annualised basis.
The following customers account for more than 10% of the Group's
revenues:
Revenue Percentage
6 months 6 months 6 months 6 months
ended ended ended ended
30 June 30 June 30 June 30 June
2014 2013 2014 2013
GBP000 GBP000
Customer 1 10,239 7,395 30% 23%
------------ --------- --------- --------- ---------
The revenue generated from the major customers above is derived
from both Consulting and Technology.
The adjusted profit before tax (note 7) also forms part of the
internal reporting.
4. Tax
Tax is charged at 39% for the six months ended 30 June 2014 (30
June 2013: 50% and 31 December 2013: 42%) representing the best
estimate of the average annual effective tax rate expected to apply
for the full year, when applied to the pre-tax income in the six
month period.
5. Dividends
A final dividend for the year to 31 December 2013 of 1.0p per
share was paid to shareholders on 12 August 2014.
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