TIDMSC.
RNS Number : 5530U
Supercart PLC
26 June 2009
Embargoed until: 0700 hrs, 26 June 2009
Supercart PLC
("Supercart" or the "Company")
Preliminary Results
for the Year ended 31 December 2008
Supercart, the UK company involved in the design, marketing and distribution of
plastic shopping trolleys, today announces its Preliminary Results for the Year
ended 31 December 2008.
Highlights:
* Turnover of GBP4,809,000 (2007: GBP3,342,000) up 44%
* Operating expenses up 37% due to an increase in staffing costs
* Market volatility impacted raw material prices and resulted in a reduction in
gross profit margin to 18% (2007:19%)
* Acquisition of certain assets of Rehrig International Incorporated, an
established trolley manufacturer in North America
* In South Africa, unit sales up more than 30%, gross profits up 33%.
* Net cash balances of GBP1.025 million as at 31 December 2008 (2007: GBP1.75
million)
Victor Segal, Chairman of the Company, commented: "While we continue to make
progress in the major markets, albeit not at the rate for which we would wish, I
believe the transaction with the Rehrig assets announced on 20 March 2009 will
completely transform our position in North America. As a result, I believe we
can look forward to a significantly improved performance in 2009 and beyond."
+------------------------------------------+-----------------------------+
| For further information, please contact: | |
| | |
+------------------------------------------+-----------------------------+
| Supercart plc: | 01732 459 898 |
| Mike Wolfe, Chief Executive | |
| Stephen Wright, Finance Director | |
| | |
+------------------------------------------+-----------------------------+
| Charles Stanley Securities: | 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook | |
| Carl Holmes | |
| | |
+------------------------------------------+-----------------------------+
| Tavistock Communications: | 020 7920 3150 |
| Matt Ridsdale | |
| Andrew Dunn | |
| | |
+------------------------------------------+-----------------------------+
Chairman's Statement
I am pleased to present our results for 2008. Although we have continued to make
progress, especially in South Africa, sales levels achieved in our target
markets of North America and Europe have not matched our hopes and expectations.
Difficult global economic conditions have clearly impacted the rate of progress
we have been able to make.
On the other hand, I will also be reporting on important events since year-end
which will have a significant beneficial effect on our future profitability and
the rate of our penetration into North America.
In South Africa, aided by the launch of new products to the market, unit sales
increased by more than 30% in 2008 over the previous year and gross profits
showed an increase of 33%.
In North America, the launch of the new Max trolley attracted extensive retailer
attention and trials of this product in some of the larger national chains have
gone satisfactorily.
In Europe we have continued to see retailer interest slowly being translated
into sales.
Results
Our investment in the future of our products and development of markets has
resulted in a significant increase in our sales but also higher costs, leading
to a group after tax loss of GBP1.2 million.
For the year ended 31 December 2008, Supercart generated turnover of
GBP4,809,000 (2007 - GBP3,342,000) an increase of 44%. The strong increases in
world oil prices in 2008 impacted our raw material prices and resulted in a
reduction in our gross profit margin to 17.9% (2007 - 19.2%).
Operating expenses increased by 26% during the period due to the increase in
staffing costs. The reported loss after tax was GBP1,207,000 (2007: GBP929,000).
The loss per share was 2.76p (2007 loss of 2.59p).
Following the Placing of new shares in December 2008 which raised net proceeds
of GBP931,000, Supercart had net cash balances of GBP1.03 million (2007: GBP1.75
million) at the year end.
The Directors are not recommending the payment of a dividend in respect of the
year ended 31 December 2008.
South Africa
This region continued in 2008 to be the 'engine room' for our business returning
an excellent result for the year with a sales increase of in excess of 45% over
2007. We continue to receive strong support from our manufacturer and largest
shareholder Venture Holdings in all areas of product development and quality
control.
We sell to every major retailer in this market and this has helped us in the
development of new trolley and hand basket concepts. Our share of the market in
South Africa for all trolley types is now in excess of 60%. I am pleased to
report that we achieved our expected delivery date of our most recent trolley,
the 'XL200', to the retailer market there by the end of 2008. Together with the
'Nexus' trolley and our 30 litre hand basket, we can now offer our 'family' of
trolley and hand basket products with the same 'look and feel' to the South
African and European markets; it is this comprehensive product range that will
allow us to provide to retailers the complete offering that they require.
North America
We have not yet achieved the sales breakthrough that we had been expecting in
2008. Early store trials of the new 'Max200' trolley went well and additional
trolleys have been ordered but not in the quantities for which we had hoped. We
have continued with our marketing efforts and further store level trials have
been started but not yet completed.
In the last quarter of 2008 we became aware of the financial difficulties of one
of our principal competitors, Rehrig International Incorporated (Rehrig), who
had previously been the largest manufacturer of plastic/metal hybrid trolleys in
the USA. Following Rehrig's liquidation in December 2008 we were successful in
acquiring certain of the mould tools, assets and business of Rehrig at an
extremely advantageous price from the liquidators. This was announced to the
market on 20 March 2009.
We also recruited two senior sales managers and the senior production manager
from Rehrig and this has allowed us swiftly to move the moulds from the Rehrig
factory in Richmond, Virginia to our manufacturer's new facility in Detroit,
Michigan and to maintain the all important contact with the Rehrig customers.
In our announcement of 20 March 2009, we estimated that it would take us until
July before we could start manufacture from these moulds. I am pleased to report
that we have started selling product 6 weeks earlier than we estimated and we
announced this significant first order from a national retail chain on 26 May
2009.
We estimate that there may be somewhere in the region of 10 million Rehrig
trolleys currently in use. The annual renewal orders for existing trolleys can
be anywhere up to 20%. We therefore believe that the acquisition of these moulds
and the legacy sales and retail customers that come with this purchase should
take us into a significant position in this crucial retail market.
Europe
European retailers have been impacted as severely as anywhere else in the world
by the economic slowdown and this has resulted in a delay to decisions being
made through 2008 and into 2009. Nevertheless we are in discussion with every
major retailer in the UK and continental Europe and progress has continued to be
made with many of them. On 13 May 2009, we announced our first large order from
a major Western European retailer and we are hopeful we will be able to announce
further positive news later in the year.
Australia
Despite some modest sales, we have struggled to make progress in Australia. Our
strategy in this market will be kept under continuous review.
Outlook
I believe that we have, in the past, underestimated the time it takes to achieve
significant penetration of our revolutionary products into major new markets;
this has also been exacerbated by the global economic environment in which we
find ourselves. What is also clear to me, however - and this is borne out by our
excellent progress in South Africa as well as customer feedback in Europe and
North America - is that our vision for the future of our products is absolutely
correct.
While we continue to make progress in our major markets, albeit not at the rate
for which we would wish, I believe the acquisition of the Rehrig assets
announced on 20 March 2009 will completely transform our position in North
America. As a result, I believe we can look forward to a significantly improved
performance in 2009 and beyond.
Victor Segal
Chairman
26 June 2009
Consolidated Income Statement
Year ended 31st December 2008
+---------------------------------------------+--------+------------+------------+
| | Note | 2008 | 2007 |
+---------------------------------------------+--------+------------+------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------------+--------+------------+------------+
| Revenue | | 4,809 | 3,342 |
+---------------------------------------------+--------+------------+------------+
| Cost of sales | | (3,948) | (2,699) |
+---------------------------------------------+--------+------------+------------+
| Gross profit | | 861 | 643 |
+---------------------------------------------+--------+------------+------------+
| Research & development tax credits | | 166 | - |
+---------------------------------------------+--------+------------+------------+
| Administrative expenses | | (2,098) | (1,533) |
+---------------------------------------------+--------+------------+------------+
| Operating loss | | (1,071) | (890) |
+---------------------------------------------+--------+------------+------------+
| Investment revenue | | 57 | 31 |
+---------------------------------------------+--------+------------+------------+
| Finance costs | | (189) | (53) |
+---------------------------------------------+--------+------------+------------+
| Loss before taxation | | (1,203) | (912) |
+---------------------------------------------+--------+------------+------------+
| Tax | | (4) | (17) |
+---------------------------------------------+--------+------------+------------+
| Loss for the year attributable to equity | | (1,207) | (929) |
| holders of the parent | | | |
+---------------------------------------------+--------+------------+------------+
| Earnings per share | | | |
+---------------------------------------------+--------+------------+------------+
| Basic and diluted (pence per share) | 2 | (2.76) | (2.59) |
+---------------------------------------------+--------+------------+------------+
| All profits and losses arose from | | | |
| continuing activities. | | | |
+---------------------------------------------+--------+------------+------------+
Consolidated Balance Sheet
At 31st December 2008
+------------------------------------------+-------+-------------+-------------+
| |Notes | 2008 | 2007 |
+------------------------------------------+-------+-------------+-------------+
| | | GBP'000 | GBP'000 |
+------------------------------------------+-------+-------------+-------------+
| Assets | | | |
+------------------------------------------+-------+-------------+-------------+
| Non-current assets | | | |
+------------------------------------------+-------+-------------+-------------+
| Intangible assets | | - | 4 |
+------------------------------------------+-------+-------------+-------------+
| Property, plant and equipment | 3 | 3,779 | 1,821 |
+------------------------------------------+-------+-------------+-------------+
| Deferred tax asset | | 10 | 6 |
+------------------------------------------+-------+-------------+-------------+
| Total non-current assets | | 3,789 | 1,831 |
+------------------------------------------+-------+-------------+-------------+
| Current Assets | | | |
+------------------------------------------+-------+-------------+-------------+
| Inventories | | 65 | 85 |
+------------------------------------------+-------+-------------+-------------+
| Trade and other receivables | 4 | 1,500 | 1,185 |
+------------------------------------------+-------+-------------+-------------+
| Cash and cash equivalents | | 1,025 | 1,748 |
+------------------------------------------+-------+-------------+-------------+
| Total current assets | | 2,590 | 3,018 |
+------------------------------------------+-------+-------------+-------------+
| Total assets | | 6,379 | 4,849 |
+------------------------------------------+-------+-------------+-------------+
| Equity and Liabilities | | | |
+------------------------------------------+-------+-------------+-------------+
| Capital and reserves | | | |
+------------------------------------------+-------+-------------+-------------+
| Issued share capital | | 194 | 174 |
+------------------------------------------+-------+-------------+-------------+
| Share premium account | | 6,497 | 5,585 |
+------------------------------------------+-------+-------------+-------------+
| Share option reserve | | 153 | 122 |
+------------------------------------------+-------+-------------+-------------+
| Foreign currency translation reserve | | (89) | (148) |
+------------------------------------------+-------+-------------+-------------+
| Retained earnings | | (4,724) | (3,517) |
+------------------------------------------+-------+-------------+-------------+
| Total equity | | 2,031 | 2,216 |
+------------------------------------------+-------+-------------+-------------+
| Non-current liabilities | | | |
+------------------------------------------+-------+-------------+-------------+
| Finance lease obligations | 6 | 1,125 | 521 |
+------------------------------------------+-------+-------------+-------------+
| Other financial liabilities | 7 | 740 | 292 |
+------------------------------------------+-------+-------------+-------------+
| Deferred tax liability | | 32 | 24 |
+------------------------------------------+-------+-------------+-------------+
| Total non-current liabilities | | 1,897 | 837 |
+------------------------------------------+-------+-------------+-------------+
| Current liabilities | | | |
+------------------------------------------+-------+-------------+-------------+
| Trade and other payables | 5 | 1,875 | 1,621 |
+------------------------------------------+-------+-------------+-------------+
| Finance lease obligations | 6 | 291 | 96 |
+------------------------------------------+-------+-------------+-------------+
| Other financial liabilities | 7 | 285 | 79 |
+------------------------------------------+-------+-------------+-------------+
| Total current liabilities | | 2,451 | 1,796 |
+------------------------------------------+-------+-------------+-------------+
| Total liabilities | | 4,348 | 2,633 |
+------------------------------------------+-------+-------------+-------------+
| Total equity and liabilities | | 6,379 | 4,849 |
+------------------------------------------+-------+-------------+-------------+
Consolidated Statement of Changes in Equity
Year ended 31st December 2008
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | Share | Share | Share | Foreign | Retained | Total |
| | capital | premium | option | currency | earnings | |
| | | account | reserve | translation | | |
| | | | | reserve | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Balance at 1st January | 142 | 4,057 | 75 | (146) | (2,588) | 1,540 |
| 2007 | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Share based | - | - | 47 | - | - | 47 |
| remuneration | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Issue of 8 million | 32 | 1,568 | - | - | - | 1,600 |
| shares | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Share issue costs | - | (40) | - | - | - | (40) |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Exchange differences | - | - | - | (2) | - | (2) |
| arising on translation | | | | | | |
| of foreign operations | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Loss for year | - | - | - | - | (929) | (929) |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Balance at 1st January | 174 | 5,585 | 122 | (148) | (3,517) | 2,216 |
| 2008 | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Share based | - | - | 31 | - | - | 31 |
| remuneration | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Issue of 5 million | 20 | 980 | - | - | - | 1,000 |
| shares | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Share issue costs | - | (68) | - | - | - | (68) |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Exchange differences | - | - | - | 59 | - | 59 |
| arising on translation | | | | | | |
| of foreign operations | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Loss for year | - | - | - | - | (1,207) | (1,207) |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
| Balance at 31st | 194 | 6,497 | 153 | (89) | (4,724) | 2,031 |
| December 2008 | | | | | | |
+-------------------------+-----------+-----------+-----------+-------------+----------+---------+
Consolidated Cash Flow Statement
Year ended 31st December 2008
+-----+----------------------------------------+------+----------+---------+
| | | 2008 | 2007 |
+----------------------------------------------+------+----------+---------+
| | | GBP'000 | GBP'000 |
+----------------------------------------------+------+----------+---------+
| Cash flows from operating activities | | | |
+----------------------------------------------+------+----------+---------+
| Loss for the year | | (1,207) | (929) |
+----------------------------------------------+------+----------+---------+
| Income tax expense | | (162) | 17 |
+----------------------------------------------+------+----------+---------+
| Depreciation | | 50 | 37 |
+----------------------------------------------+------+----------+---------+
| Loss/(gain) on disposal of property, plant | | 12 | (4) |
| and equipment | | | |
+----------------------------------------------+------+----------+---------+
| Interest income | | (57) | (31) |
+----------------------------------------------+------+----------+---------+
| Finance costs paid | | 189 | 53 |
+----------------------------------------------+------+----------+---------+
| Share based payment charges | | 31 | 47 |
+----------------------------------------------+------+----------+---------+
| Reversal of impairment | | - | (1) |
+----------------------------------------------+------+----------+---------+
| Net foreign exchange gain | | (5) | (2) |
+----------------------------------------------+------+----------+---------+
| | | (1,149) | (813) |
+----------------------------------------------+------+----------+---------+
| Movements in working capital | | | |
+----------------------------------------------+------+----------+---------+
| | Decrease/(increase) in inventories | | 20 | (74) |
+-----+----------------------------------------+------+----------+---------+
| | Increase in trade and other | | (337) | (197) |
| | receivables | | | |
+-----+----------------------------------------+------+----------+---------+
| | Increase in payables | | 406 | 605 |
+-----+----------------------------------------+------+----------+---------+
| Cash used by operations | | (1,060) | (479) |
+----------------------------------------------+------+----------+---------+
| Finance costs paid | | (189) | (53) |
+----------------------------------------------+------+----------+---------+
| Income tax received | | 42 | 62 |
+----------------------------------------------+------+----------+---------+
| Net cash used by operating activities | | (1,207) | (470) |
+----------------------------------------------+------+----------+---------+
| Cash flows from investing activities | | | |
+----------------------------------------------+------+----------+---------+
| Purchase of property, plant and equipment | | (375) | (410) |
+----------------------------------------------+------+----------+---------+
| Proceeds from disposal of property, plant | | - | 17 |
| and equipment | | | |
+----------------------------------------------+------+----------+---------+
| Interest received | | 57 | 31 |
+----------------------------------------------+------+----------+---------+
| Net cash used in investing activities | | (318) | (362) |
+----------------------------------------------+------+----------+---------+
| Cash flows from financing activities | | | |
+----------------------------------------------+------+----------+---------+
| Proceeds from issue of share capital | | 1,000 | 1,600 |
+----------------------------------------------+------+----------+---------+
| Payments for share issue costs | | (68) | (40) |
+----------------------------------------------+------+----------+---------+
| Repayment of finance lease and instalment | | (144) | (131) |
| sale borrowings | | | |
+----------------------------------------------+------+----------+---------+
| Net cash from financing activities | | 788 | 1,429 |
+----------------------------------------------+------+----------+---------+
| Net (decrease)/increase in cash and cash | | (737) | 597 |
| equivalents | | | |
+----------------------------------------------+------+----------+---------+
| Cash and cash equivalents at the beginning | | 1,748 | 1,147 |
| of the year | | | |
+----------------------------------------------+------+----------+---------+
| Effects of exchange rate changes on the | | 14 | 4 |
| balance of cash held in foreign currencies | | | |
+----------------------------------------------+------+----------+---------+
| Cash and cash equivalents at the end of the | | 1,025 | 1,748 |
| year | | | |
+-----+----------------------------------------+------+----------+---------+
Notes to the Accounts
Year ended 31st December 2008
1. Operating segments
The following information is given regarding the group's reportable segments
+----------------------------------+-----------+-----------+-----------+------------+
| | South | USA | Other | Total for |
| | Africa | | Segments | reportable |
| | | | | segments |
+----------------------------------+-----------+-----------+-----------+------------+
| 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----------+-----------+-----------+------------+
| | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| External segment revenues | 4,253 | 180 | 376 | 4,809 |
+----------------------------------+-----------+-----------+-----------+------------+
| Internal segment revenues | - | - | - | - |
+----------------------------------+-----------+-----------+-----------+------------+
| Total segment revenues | 4,253 | 180 | 376 | 4,809 |
+----------------------------------+-----------+-----------+-----------+------------+
| Interest revenue | 40 | - | - | 40 |
+----------------------------------+-----------+-----------+-----------+------------+
| Interest expense | (180) | (5) | - | (185) |
+----------------------------------+-----------+-----------+-----------+------------+
| Depreciation and amortisation | (24) | (16) | (7) | (47) |
+----------------------------------+-----------+-----------+-----------+------------+
| | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| Profit/(loss) before tax | 234 | (566) | (207) | (539) |
+----------------------------------+-----------+-----------+-----------+------------+
| Non-current assets allocated for | 1,926 | 201 | 605 | 2,732 |
| the purposes of depreciation and | | | | |
| amortisation charges | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| | South | USA | Other | Total |
| | Africa | | segments | reportable |
| | | | | segments |
+----------------------------------+-----------+-----------+-----------+------------+
| 2007 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----------+-----------+-----------+------------+
| | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| External segment revenues | 2,860 | 423 | 59 | 3,342 |
+----------------------------------+-----------+-----------+-----------+------------+
| Internal segment revenues | - | - | - | - |
+----------------------------------+-----------+-----------+-----------+------------+
| Total segment revenues | 2,860 | 423 | 59 | 3,342 |
+----------------------------------+-----------+-----------+-----------+------------+
| Interest revenue | 9 | - | 1 | 10 |
+----------------------------------+-----------+-----------+-----------+------------+
| Interest expense | (36) | (9) | - | (45) |
+----------------------------------+-----------+-----------+-----------+------------+
| Depreciation and amortisation | (18) | (10) | - | (28) |
+----------------------------------+-----------+-----------+-----------+------------+
| | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
| Profit/(loss) before tax | 343 | (391) | (28) | (76) |
+----------------------------------+-----------+-----------+-----------+------------+
| Non-current assets allocated for | 1,099 | 159 | - | 1,258 |
| the purposes of depreciation and | | | | |
| amortisation charges | | | | |
+----------------------------------+-----------+-----------+-----------+------------+
2. Earnings per share
The calculation of loss per share is based on the loss for the financial year of
GBP1,206,682 (2007 - GBP929,112) and the weighted average number of shares in
issue of 43,691,781 (2007 - 35,806,849).
3. Property, plant and equipment
+------------------+--------------+---------+-----------+------------+-----------+
| | Moulds | Moulds | Plant, | Motor | Total |
| | under | | equipment | vehicles | |
| | construction | | furniture | | |
| | | | and | | |
| | | | fittings | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Group | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------+--------------+---------+-----------+------------+-----------+
| Cost | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 1st January | 661 | 164 | 54 | 62 | 941 |
| 2007 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Additions | 377 | 576 | 9 | 16 | 978 |
+------------------+--------------+---------+-----------+------------+-----------+
| Disposals | - | - | (2) | (17) | (19) |
+------------------+--------------+---------+-----------+------------+-----------+
| Reclassification | (490) | 490 | - | - | - |
+------------------+--------------+---------+-----------+------------+-----------+
| Translation | 4 | (1) | - | (1) | 2 |
| differences | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 1st January | 552 | 1,229 | 61 | 60 | 1,902 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Additions | 38 | 1,746 | 10 | 29 | 1,823 |
+------------------+--------------+---------+-----------+------------+-----------+
| Disposals | - | - | (5) | - | (5) |
+------------------+--------------+---------+-----------+------------+-----------+
| Reclassification | (577) | 577 | - | - | - |
+------------------+--------------+---------+-----------+------------+-----------+
| Translation | 12 | 158 | 12 | 23 | 205 |
| differences | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 31st December | 25 | 3,710 | 78 | 112 | 3,925 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Depreciation | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 1st January | - | 20 | 25 | 5 | 50 |
| 2007 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Charge for the | - | 18 | 14 | 5 | 37 |
| year | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Disposals | - | - | (2) | (5) | (7) |
+------------------+--------------+---------+-----------+------------+-----------+
| Translation | - | 1 | - | - | 1 |
| differences | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 1st January | - | 39 | 37 | 5 | 81 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Charge for the | - | 23 | 11 | 16 | 50 |
| year | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Disposals | - | - | (5) | - | (5) |
+------------------+--------------+---------+-----------+------------+-----------+
| Translation | - | 5 | 9 | 6 | 20 |
| differences | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 31st December | - | 67 | 52 | 27 | 146 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| Net book value | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 31st December | 25 | 3,643 | 26 | 85 | 3,779 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
| At 31st December | 552 | 1,190 | 24 | 55 | 1,821 |
| 2007 | | | | | |
+------------------+--------------+---------+-----------+------------+-----------+
The net book value of assets held under finance leases and instalment sale
agreements, was as follows:
+--------------------------------------------+------+---------+----------+
| | | Moulds | Motor |
| | | | vehicles |
+--------------------------------------------+------+---------+----------+
| Net book value | | GBP'000 | GBP'000 |
+--------------------------------------------+------+---------+----------+
| At 31st December 2008 | | 3,577 | 59 |
+--------------------------------------------+------+---------+----------+
| At 31st December 2007 | | 1,050 | 55 |
+--------------------------------------------+------+---------+----------+
+---------------------------+--------------+---------+------------+-----------+
| | Moulds under | Moulds | Plant, | Total |
| | construction | | equipment, | |
| | | | furniture | |
| | | | and | |
| | | | fittings | |
+---------------------------+--------------+---------+------------+-----------+
| Company | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+--------------+---------+------------+-----------+
| Cost | | | | |
+---------------------------+--------------+---------+------------+-----------+
| At 1st January 2007 | 373 | - | 35 | 408 |
+---------------------------+--------------+---------+------------+-----------+
| Additions | 347 | - | 1 | 348 |
+---------------------------+--------------+---------+------------+-----------+
| Transfers to subsidiary | (168) | - | - | (168) |
| undertakings | | | | |
+---------------------------+--------------+---------+------------+-----------+
| At 1st January 2008 | 552 | - | 36 | 588 |
+---------------------------+--------------+---------+------------+-----------+
| Additions | (164) | 1,056 | 4 | 896 |
+---------------------------+--------------+---------+------------+-----------+
| Transfers to subsidiary | (363) | (33) | - | (396) |
| undertakings | | | | |
+---------------------------+--------------+---------+------------+-----------+
| At 31st December 2008 | 25 | 1,023 | 40 | 1,088 |
+---------------------------+--------------+---------+------------+-----------+
| Depreciation | | | | |
+---------------------------+--------------+---------+------------+-----------+
| At 1st January 2007 | - | - | 17 | 17 |
+---------------------------+--------------+---------+------------+-----------+
| Charge for the year | - | - | 9 | 9 |
+---------------------------+--------------+---------+------------+-----------+
| At 1st January 2008 | - | - | 26 | 26 |
+---------------------------+--------------+---------+------------+-----------+
| Charge for the year | - | - | 3 | 3 |
+---------------------------+--------------+---------+------------+-----------+
| At 31st December 2008 | - | - | 29 | 29 |
+---------------------------+--------------+---------+------------+-----------+
| Net book value | | | | |
+---------------------------+--------------+---------+------------+-----------+
| At 31st December 2008 | 25 | 1,023 | 11 | 1,059 |
+---------------------------+--------------+---------+------------+-----------+
| At 31st December 2007 | 552 | - | 10 | 562 |
+---------------------------+--------------+---------+------------+-----------+
4. Trade and other receivables
+------------------------------+---------+----------+
| | | |
+------------------------------+---------+----------+
| | 2008 | 2007 |
+------------------------------+---------+----------+
| | Group | Group |
+------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+------------------------------+---------+----------+
| Trade receivables | 1,387 | 1,061 |
+------------------------------+---------+----------+
| Other receivables | 97 | 104 |
+------------------------------+---------+----------+
| Prepayments and accrued | 16 | 20 |
| income | | |
+------------------------------+---------+----------+
| | 1,500 | 1,185 |
+------------------------------+---------+----------+
5. Trade and other payables
+------------------------------+---------+----------+
| | 2008 | 2007 |
+------------------------------+---------+----------+
| | Group | Group |
+------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+------------------------------+---------+----------+
| Trade payables | 1,486 | 1,172 |
+------------------------------+---------+----------+
| Taxation and | 15 | 17 |
| social security | | |
+------------------------------+---------+----------+
| Other payables | 8 | 20 |
+------------------------------+---------+----------+
| Research and | 75 | 221 |
| development tax | | |
| reclaims | | |
+------------------------------+---------+----------+
| Accruals and | 174 | 116 |
| deferred income | | |
+------------------------------+---------+----------+
| Employee | 117 | 75 |
| benefits | | |
+------------------------------+---------+----------+
| | 1,875 | 1,621 |
+------------------------------+---------+----------+
6. Finance lease obligations
+-----------------------------+----------+---------+
| | 2008 | 2007 |
+-----------------------------+----------+---------+
| | Group | Group |
+-----------------------------+----------+---------+
| | GBP'000 | GBP'000 |
+-----------------------------+----------+---------+
| Minimum lease payments due | | |
+-----------------------------+----------+---------+
| - within 1 year | 359 | 163 |
+-----------------------------+----------+---------+
| - later than 1 year not | 1,345 | 652 |
| later than 5 years | | |
+-----------------------------+----------+---------+
| | 1,704 | 815 |
+-----------------------------+----------+---------+
| Less: future finance | (288) | (198) |
| charges | | |
+-----------------------------+----------+---------+
| Present value of minimum | 1,416 | 617 |
| lease payments | | |
+-----------------------------+----------+---------+
| Present value of minimum | | |
| lease payments | | |
+-----------------------------+----------+---------+
| - within 1 year | 291 | 96 |
+-----------------------------+----------+---------+
| - later than 1 year not | 1,125 | 521 |
| later than 5 years | | |
+-----------------------------+----------+---------+
| | 1,416 | 617 |
+-----------------------------+----------+---------+
| Included in the financial | | |
| statements as: | | |
+-----------------------------+----------+---------+
| - Current liabilities | 291 | 96 |
+-----------------------------+----------+---------+
| - Non current liabilities | 1,125 | 521 |
+-----------------------------+----------+---------+
| | 1,416 | 617 |
+-----------------------------+----------+---------+
The group's obligations under finance leases are secured by the lessor's charge
over the leased assets.
7. Other financial obligations
+-------------------------------+---------+----------+
| | 2008 | 2007 |
+-------------------------------+---------+----------+
| | Group | Group |
+-------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+-------------------------------+---------+----------+
| Held at amortised | | |
| cost | | |
+-------------------------------+---------+----------+
| - Liability under | 1,025 | 371 |
| instalment sale | | |
| agreement | | |
+-------------------------------+---------+----------+
| Included in the | | |
| financial | | |
| statements as: | | |
+-------------------------------+---------+----------+
| - Current | 285 | 79 |
| liabilities | | |
+-------------------------------+---------+----------+
| - Non current | 740 | 292 |
| liabilities | | |
+-------------------------------+---------+----------+
| | 1,025 | 371 |
+-------------------------------+---------+----------+
8. Annual Report
The financial information above does not constitute full accounts within the
meaning of Section 240 Companies Act 1985 as amended.
Copies of the Annual Report will be sent to shareholders in due course and will
be available on the Company's website www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DDGDLISDGGCU
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