Final Results
Amino Technologies PLC
30 January 2006
FOR IMMEDIATE RELEASE 30 January 2006
AMINO TECHNOLOGIES PLC
RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2005
Amino Technologies plc ('Amino'; stock code : AMO), the Cambridge based
broadband network software and systems Group, announces its unaudited
preliminary results for the year ended 30 November 2005. Following the change of
year end in 2004, all comparatives are for the 11 month period to 30 November
2004.
Key points:
• Turnover jumped to £23.5m (2004: £13.3m).
• Shipments of AmiNET products for the period were 314,000 units (2004:
174,000).
• Licence revenue of £1.3m and associated profit of £1.2m to be recognised
in FY2006 and not in FY2005 as originally anticipated.
• Profit before tax was £0.06m (2004: profit of £0.20m).
• Basic earnings per share were 0.1p (2004: 3.0p).
• Net cash balances were £14.5m (2004: £6.4m).
On outlook, Grant Masom, Chairman stated:
'Amino's key business metrics on customer deployments are maintaining a strong
upwards momentum with a 170% increase over the past year. Our strong year-end
order backlog provides a firm foundation for a further increase in turnover in
the year to 30 November 2006 which will include material licence revenues.
'Amino has an excellent suite of products and technologies together with a staff
committed to delivering a further year of rapid growth. As the business grows
and the IPTV market develops, the Board anticipates an improving visibility for
future revenues and a successful outcome to the year.'
About Amino
Amino Technologies plc (www.aminocom.com) designs and supplies electronic
systems, software and consultancy for IPTV (telco triple-play applications),
on-demand video and in-home multimedia distribution delivered through three
operating divisions.
Amino Communications supplies the AmiNETTM series of high performance IPTV
set-top boxes and gateways for deployment in the telecommunications, broadcast
and hospitality markets. Generally, AmiNET products are supplied with the
IntActTM IPTV software stack pre-loaded. IntAct licenses hardware designs and
the IntActTM IPTV software stack for customer premises solutions to OEMs
enabling them to supply IPTV set-top boxes and gateways for larger scale
deployments and the hospitality sector. Modelo provides systems consultancy
services.
Amino is partnered with world-leading companies in systems integration,
middleware, conditional access, silicon, head-end systems and browser
technologies.
CONTACTS
Amino Technologies: 020-7367-8888 today
thereafter 01954-234100
Grant Masom, Chairman www.aminocom.com
Bob Giddy, Chief Executive
Stuart Darling, Finance Director
Bankside:
Steve Liebmann or Susan Scott 020-7367-8888
CHAIRMAN'S STATEMENT
Introduction
Amino is pleased to present its results for the year ended 30 November 2005 in
comparison with the 11 month period to 30 November 2004. A measure of the
progress made in the year is an 80% increase in unit shipments, a 77% increase
in revenue, increasing profitability as the year progressed - all in a rapidly
emerging market. This has been achieved while continuing to invest heavily in
the business for the future - rather than seeking to maximise short-term
results.
Over the past year, there has been widespread public commitment by
telecommunications operators ('telco') and broadcasters alike to the delivery of
IPTV services. This commitment has been seen across all geographies and all
sizes of telco. Further evidence of the anticipated importance of this market is
the onset of significant M&A activity within the equipment supply chain.
However, the delivered market for IPTV services is still at an early stage and
still evolving; the focus is mainly on the smaller telcos. Significant
investment by the larger, Tier 1 telcos is slow to get under way and has yet to
result in any material revenues for equipment suppliers.
The Board believes that Amino has successfully met its objectives over the past
year. We have capitalised on the near-term revenue opportunities amongst the
Tier 2 and 3 telcos, while creating the parallel business models which position
the Group to benefit from future market growth across a wide range of customers
and geographies. Amino is addressing the Tier 1 telco market through
partnerships with key systems integrators and a flexible licensing proposition.
We have already announced our first major licence deal and others are in
negotiation. Also, we have also continued to build on initial customer
engagements for the private network delivery of IPTV in environments such as
hotels and apartment complexes.
Results and finance
It will be recalled that Amino changed its financial year end in 2004;
accordingly, the comparative figures are for an 11 month period to 30 November
2004. At the time of the interim report, we highlighted the expectation of a
heavy bias towards the second half of the year. Total unit shipments of AmiNet
products for the year were 314,000 (11 months 2004: 174,000). Revenue for the
year was £23.5m (11 months 2004: £13.8m). The profit before tax was £0.06m (11
months 2004: £0.20m) and the basic earnings per share were 0.1p (11 months 2004:
earnings of 3.0p). As expected, during the second half year, revenue was double
that for H1, 2005 and a profit before tax of £0.94m was achieved in H2, 2005,
offsetting a loss of £0.88m in the first half.
As announced on 28 November 2005, the results for 2005 had been expected to
include a contribution to revenue and profit from the licence agreed with AS
Intercom. Subsequent to the announcement of the licence agreement and the
period-end trading update, AS Intercom identified that certain terms of the
licence must be changed, primarily in order to comply with Russian banking
regulations. These regulations required that the changes could only be reflected
in a revised licence and this was duly signed in December 2005. As a result,
approximately £1.3m of revenue and £1.2m of profit will now be recognised in the
results for the year to 30 November 2006.
New order intake grew strongly during the period, and over the past six months,
suggesting an annualised run rate in excess of £38m. This has contributed to a
healthy order backlog entering the new financial year.
Net cash balances and short term investments at the year end were £14.5m (2004:
£6.4m), reflecting the share placing in May 2005 which raised £15.3m (net of
expenses) and an increase in working capital towards the year end arising from
the increased run rate of activity.
Acquisition
On 20 January 2006, Amino acquired SJ Consulting Limited, a business which will
add significantly to the group's technology and IPR, particularly in the area of
MPEG-4 decoders and digital signal processing used with IPTV set top boxes. The
total consideration will be approximately £1.3 million in cash and shares, with
the net cash outlay being approximately £0.4 million.
Board and employees
During the year, Paul Fellows, Amino's Chief Technology Officer was appointed to
the Board.
I would like to thank all employees and the Board for their contributions in
driving Amino forward in this rapidly evolving market. The Group has matured
rapidly over the past year and successfully met many challenges associated with
fast-moving, emerging technologies and markets. This is testament to the quality
and commitment of the Amino team.
Outlook
Amino's key business metrics on customer deployments maintain a strong upwards
momentum. Our strong year-end order backlog provides a firm foundation for a
further increase in turnover in the year to 30 November 2006 which will include
material licence revenues.
Amino has an excellent suite of products and technologies together with a staff
committed to delivering a further year of rapid growth. As the business grows
and the IPTV market develops, the Board anticipates an improving visibility for
future revenues and a successful outcome to the year.
Grant Masom
Chairman
CHIEF EXECUTIVE'S STATEMENT
Overview
Amino's business has grown and the organisation has matured during our first
full year as a public company. During the year, we have successfully implemented
our strategy for having three independent yet synergistic business propositions,
namely products, licensing and system solutions. Most notably, Amino achieved
another milestone by introducing and deploying the world's first single chip
MPEG-4 (H.264) set top box ('STB'). In so doing, we have further strengthened
our leadership position.
Highlights
• Deployed the AmiNET124 and have several ongoing field trials.
• Licensed our software stack to Philips Semiconductors for their new
Nexperia chip and ported our software stack to six different semiconductor
platforms.
• Established our hardware and software technology with AS Intercom TV.
Key business metrics
Amino's key business metrics have continued to grow strongly:
+------------------------------+-----------+-----------+-----------+-----------+
|Number of customers |31 Dec 03 |30 Nov 04 |31 May 05 |30 Nov 05 |
+------------------------------+-----------+-----------+-----------+-----------+
|Large volume roll-out (over | | | | |
|10,000 units) | - | 5 | 11 | 15 |
+------------------------------+-----------+-----------+-----------+-----------+
|Small volume roll-out (over | | | | |
|1,000 units) | 12 | 19 | 35 | 43 |
+------------------------------+-----------+-----------+-----------+-----------+
|Field trials (100 - 999 units)| 19 | 44 | 98 | 140 |
+------------------------------+-----------+-----------+-----------+-----------+
|Laboratory trials (10 - 99 | | | | |
|units) | 14 | 94 | 163 | 217 |
+------------------------------+-----------+-----------+-----------+-----------+
|Total | 45 | 162 | 307 | 415 |
+------------------------------+-----------+-----------+-----------+-----------+
Group development
Our headcount during the year has grown to 99 yet we have managed to maintain
our relatively low cost base and agility. We have been very fortunate that our
growth has not been limited by the availability of good and experienced
professionals. We have recruited a number of exceptional people during the year
which, we believe, reflects our leadership position.
Our output of STB products almost doubled during FY 2005, and we have sufficient
capacity to exceed this growth during FY 2006. We have signed significant
licensing agreements and our Systems Business successfully concluded a number of
contracts for the development of special software or system implementations.
Together, these activities have provided the critical mass to establish three
independent business units, each with their own dedicated sales and marketing
organisations.
Strategy and business development
Amino's origins lay in the development of customer premises software for IPTV
applications. The move into the provision of IPTV STBs was driven by a need to
demonstrate the efficiency of Amino's software. As the IPTV market develops,
Amino is progressively moving towards a mix of product and/or licensing models.
Licensing is particularly attractive in those territories where tariff issues
require a local supply of the STB.
We recognised that the early adopters, namely Tier 2 and Tier 3 telcos in the
US, Far East and Eastern Europe, would be the first to deploy IPTV. As
recognised in several independent reports (most notably ABI Research, a leading
industry analyst), Amino has achieved a number of successes; 14 Tier 2 or Tier 3
telcos have commenced volume roll-outs of more than 10,000 Amino boxes for their
IPTV systems. According to ABI, Amino has the highest share of this early stage
market. This is most significant, given that it has only been three years since
we launched our first sample. During FY 2005, Amino shipped set top boxes to
more than 600 customers around the world.
The Tier 1 telcos in the more mature developed markets, mainly in Europe and
North America, show an increasing commitment to invest. Almost without
exception, timetables are relatively long because of the complex nature of
large-scale IPTV systems and the substantial capital expenditure required to
upgrade existing telecoms infrastructure. To date, most Tier 1 operators which
have announced plans to offer a triple play service, have delayed their
roll-outs with the most optimistic dates now projected for late 2006 or early
2007. By working with the early adopters in the Tier 2 and 3 markets, Amino has
not been unduly influenced by these larger operators delaying their plans; the
actual rate of development of the market is consistent with our previous
projections. A notable exception to these delays is Sistema, a Tier 1 telco in
the Russian Federation, where our shipments during FY2005 significantly exceeded
the 10,000 threshold.
Against this backdrop, Amino's decision to focus initially on the numerous Tier
2 and 3 customers has enabled us to develop a growing, profitable business
stream in supporting the volume deployments now being undertaken and a
reputation as a trusted centre of excellence in IPTV deployment. At the same
time, we have been working with the larger Tier 1 customers, developing our
route to market through preferred partnerships with key systems integrators and
equipment suppliers together with licensing to cater for local manufacture and
multi-sourcing of STB hardware.
Amino's software platform is, and will remain, focused on the customer premises
equipment (CPE). We enjoy the support and endorsement of our technology partners
who value Amino's contribution to their own proposition.
As recent announcements have shown, Amino's licensing business is now beginning
to develop traction. We are in advanced discussions with a number of major
consumer electronics product and systems integrator corporations. The
proposition is that they will use Amino's IntActTM software technology as the
core operating system for their own range of IPTV STBs. We are confident that we
will close a number of these opportunities in early 2006, which will validate
our licensing model and reinforce the market leadership position that Amino has
established for customer premises IPTV technologies.
In order to reflect these changes, Amino is now working in three principal
business streams in order to improve its market focus and clarity of product
offering:
• Amino Communications
o Supplies the AmiNETTM series of high performance IPTV set-top boxes and
gateways; generally, AmiNET products are supplied with the IntActTM IPTV
software stack pre-loaded.
o In addition to the AmiNET124 which was the world's first single chip
implementation of an MPEG-4 (H.264) STB, we are developing high definition (HD)
and personal video recorder (PVR) options which will be released in early 2006.
Amino Communications offers the market's widest range of MPEG-2 and MPEG-4
compliant products.
o During 2005, we successfully deployed the world's first single chip
MPEG-2 high definition STB at a North American Tier 2 telco.
o In an independent survey, Amino has been ranked top on several metrics
- cost, reliability, system compatibility and user acceptance.
• IntAct
o Licenses hardware designs and the IntActTM IPTV software stack for customer
premises solutions to OEMs for larger scale deployments and for on-demand
systems in the hospitality sector. The acquisition of the 'Soft-Codec'
technology from SJ Consulting further enhances and strengthens the business
proposition of Amino's software stack.
o Amino's software stack has been ported to six different semiconductor
platforms and, in addition to the contract signed with Philips Semiconductors,
we anticipate signing further similar contracts. These licences allow the
semiconductor vendor to offer their customers a proven reference design. This
establishes IntActTM at the heart of their customers' systems, thereby 'seeding'
the market efficiently.
o Amino's licensing proposition is being recognised by Tier 1 operators and
their system integrator partners. IntActTM offers a common software platform for
all of their STB suppliers, thus making their deployments agnostic in terms of
choice of semiconductor and STB hardware design. This reduces cost, eases field
maintenance, facilitates field upgrades and reduces churn.
• Modelo
o Provides systems consultancy services.
o During FY2005, Amino has supplied an integrated end-to-end solution for
operators in the Middle East and Far East. This gives operators a fast and
robust route to market and will be used as the model when engaging with Tier 1
system integrators. It will be an important value added service that Amino
brings to the market.
Outlook and plans
Building on our commanding share of the Tier 2 and 3 markets, we intend to
develop further this business as these early adopters lead the way into the
value added applications of high definition (HD) and personal recorded (PVR)
viewing. Our successes and growth have proven that this focus has been well
founded and positions us to play a key role in future market developments.
Our strong alliances with the traditional Tier 1 system integrators plus our
flexible, low cost and scalable business model makes Amino a very attractive
partner for these suppliers and operators which have stated their intention of
emulating the IPTV services offered by their smaller competitors. Putting all of
this with our new and exciting range of MPEG-4 (H.264) products bodes very well
for Amino's future prospects.
Bob Giddy
Chief Executive Officer
FINANCE DIRECTOR'S STATEMENT
Gross profit % reduced by 6.5% to 34.8% (2004: 41.3%), reflecting volume pricing
for successful deployments, a change in duty rating applying to the import into
Europe of IPTV set-top boxes and a change in sales mix. This reduction was most
severely felt in H1; in H2 gross profit % increased by 2% to 35.5%.
The Group's operating expenses primarily relate to staff costs (55%), product
engineering and travel expenditure. Sales, general and administration expenses
increased by 43% to £5.7m (11 months 2004: £4.0m) and research and development
expenses, which are written-off as incurred, increased by 94% to £2.8m (11
months 2004: £1.4m). The primary drivers for the increased level of operating
expenses were the development of new MPEG4 products and support of Tier 1
telecommunications customers throughout the development of their IP-TV systems.
These investments are unlikely to generate a significant financial return until
2007.
Bank interest received during the year was £0.4m (11 months 2004: £0.2m).
At the year-end total headcount was 99 (2004: 75). The average number of
employees during the year was 90 (2004: 68). Whilst the board plans to continue
to grow headcount, particularly in the areas of customer support and
engineering, significant improvements in productivity are expected as the number
of customers deploying in volume increases. Revenue per head increased by 36% to
£0.26m (11 months 2004: £0.19m)
There was no taxation charge in the year. At 30 November 2005, the Group had
approximately £10.8m of losses available to carry forward to set against future
taxable profits, subject to agreement with the Inland Revenue.
Net assets increased by £15.5m to £28.2m (2004: £12.7m) reflecting the placing
of 7.2m new ordinary shares at £2.20 each in May 2005.
Net current assets increased by £15.2m to £27.0m (2004: £11.8m) providing the
Group with a strong working capital base. The principal components of net assets
are trade debtors of £10.4m (2004: £3.6m) and cash balances of £14.5m (2004:
£6.4m). The exceptionally high level of trade debtors at the year-end was
generated by high sales in November arising from the shipment of orders
previously delayed by a shortage of a single source component.
The Group has continued to maintain credit insurance, where possible, to cover
the majority of its trade debtors.
The Group receives the significant majority of its revenue in US dollars.
Substantially all of the Group's cost of sales are paid in US dollars and the
majority of the Group's operating costs are paid in pounds sterling. To date the
Group has relied upon the natural hedge created by this combination to manage
the foreign currency exposure but will consider using financial instruments as
required.
Stuart Darling
Finance Director
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 November 2005
Notes Year 11 months
ended Ended
30 November 30 November
2005 2004
Unaudited Audited
£ £
Turnover 5 23,460,756 13,247,054
Cost of sales (15,292,251) (7,779,916)
__________ __________
Gross profit 8,168,505 5,467,138
--------- ---------
Selling, general and administrative
(non-exceptional expenses) (5,699,309) (3,739,718)
Selling, general and administrative
(exceptional 6 - (331,254)
expenses) --------- ---------
Selling, general and administrative expenses (5,699,309) (4,070,972)
Research and development expenses (2,808,771) (1,444,513)
Other operating income - 94,873
__________ __________
Group operating (loss)/profit (339,575) 46,526
Interest receivable and similar income 418,782 185,625
Interest payable and similar charges (15,293) (35,117)
__________ __________
Group profit on ordinary activities before
taxation 63,914 197,034
Tax on profit on ordinary activities - 1,130,829
__________ __________
Group profit on ordinary activities after
taxation being profit for the financial 63,914 1,327,863
period
__________ __________
Basic earnings per 1p ordinary share 7 0.1p 3.0p
Diluted earnings per 1p ordinary shares 7 0.1p 2.8p
Statement of total recognised gains and losses for the year ended 30 November
2005
Year 11 months
ended ended
30 November 30 November
2005 2004
Unaudited Audited
Profit for the financial period 63,914 1,327,863
Exchange translation difference on consolidation (22,383) (36,185)
__________ __________
Total recognised gains for the period 41,531 1,291,678
__________ __________
All amounts relate to continuing activities.
CONSOLIDATED BALANCE SHEET
As at 30 November 2005
Notes 30 November 30 November
2005 2004
Unaudited Audited
£ £
Fixed assets
Intangible assets 295,297 186,759
Tangible assets 1,023,610 833,884
_________ _________
1,318,907 1,020,643
_________ _________
Current assets
Stocks 1,460,756 1,361,339
-------------------------- ------- --------- ---------
Debtors: amounts falling due after more
than one year 190,898 161,563
Debtors: amounts falling due within one
year 8 12,846,599 6,127,561
-------------------------- ------- --------- ---------
13,037,497 6,289,124
Short-term investments 430,000 430,000
Cash at bank and in hand 14,038,271 5,999,752
_________ _________
28,966,524 14,080,215
Creditors: Amounts falling due within one
year (1,964,581) (2,305,485)
_________ _________
Net current assets 27,001,943 11,774,730
Total assets less current liabilities 28,320,850 12,795,373
Creditors: Amounts falling due after more
than one year (71,285) (117,281)
_________ _________
Net assets 28,249,565 12,678,092
_________ _________
Capital and reserves
Called-up share capital 9 582,630 510,380
Share premium account 21,807,240 6,571,027
Merger reserve 16,388,755 16,388,755
Profit and loss account (10,529,060) (10,792,070)
_________ _________
Equity shareholders' funds 10 28,249,565 12,678,092
_________ _________
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 November 2005
Notes Year 11 months
ended ended
30 November 30 November
2005 2004
Unaudited Audited
£ £
Net cash outflow from operating activities 11 (7,154,539) (3,836,286)
Returns on investments and servicing of
finance
Interest received 418,782 185,625
Interest paid (15,293) (35,117)
__________ __________
Net cash inflow from returns on investments 403,489 150,508
__________ __________
Taxation - -
__________ __________
Capital expenditure and financial investment
Purchase of tangible fixed assets (479,085) (184,810)
Purchase of intangible fixed assets (216,689) (603,340)
__________ __________
Net cash outflow for capital expenditure and
financial investment (695,774) (788,150)
__________ __________
Net cash outflow before use of liquid
resources (7,446,824) (4,473,928)
and financing
__________ __________
Management of liquid resources
Increase in short-term deposits with banks - 3,300,000
__________ __________
Financing
Issue of ordinary share capital 15,840,250 6,999,999
Expenses of share issue (534,637) (370,639)
Cash received from exercise of share options 224,329 354,824
Decrease in other borrowings (38,455) (23,907)
Decrease in bank borrowings (6,144) (1,001,523)
__________ __________
Net cash inflow from financing 15,485,343 5,958,754
__________ __________
Increase in net cash 8,038,519 4,784,826
__________ __________
Reconciliation of net cash flow to movement in
net funds
Opening net funds 6,423,608 3,937,259
Increase in net cash 8,038,519 4,784,826
Decrease in deposits - (3,300,000)
Decrease in borrowings 6,144 1,001,523
__________ __________
Closing net funds 14,468,271 6,423,608
__________ __________
NOTES TO THE PRELIMINARY RESULTS
Year ended 30 November 2005
1 Group structure
The Group comprises the following companies:
Amino Technologies plc, a public limited company formed on 24 March 2004 to act
as the new holding company for the Amino group. Under a share-for-share
reorganisation effected in May 2004, the Company acquired the entire issued
share capital of Amino Holdings Limited.
Amino Holdings Limited, formed in 1996, and formerly the holding company of the
Group. It is now an intermediate holding company, which owns the entire issued
share capital of Amino Communications Limited and Amino Communications, L.L.C.
Amino Communications Limited, formed in 1998, and the principal trading company
of the Group.
Amino Communications, L.L.C., a US limited liability company established on 1
March 2004 to facilitate sales and customer support in the US market.
2 Accounting reference date
The Group changed its year-end to 30 November in 2004. The results now reported
are for the year ended 30 November 2005. The comparative results are for the 11
month period ended 30 November 2004.
3 Basis of preparation
The figures for the year ended 30 November 2005 have not been audited. The
figures for the period ended 30 November 2004 have been extracted from but do
not constitute the consolidated financial statements of Amino Technologies plc
for that period. Those financial statements have been delivered to the Registrar
of Companies and included an auditors' report, which was unqualified and did not
contain a statement under Section 237 Companies Act 1985. The statutory accounts
for the financial year ended 30 November 2005 have not yet been signed by the
directors or the auditors of the Company.
4 Accounting policies
These preliminary results for the year ended 30 November 2005, which have been
prepared in accordance with the accounting policies set out in the consolidated
financial statements of Amino Technologies plc for the year ended 30 November
2004, do not constitute statutory accounts for the purpose of section 240 of the
Companies Act 1985.
5 Turnover
Turnover is wholly attributable to the Group's principal activity of developing
enabling technologies and providing price competitive, flexible and rapidly
deployable designs to manufacturers and vendors of set top boxes, home gateways
and other communications devices. The analysis of turnover by destination is set
out below.
Year 11 months
ended ended
30 November 30 November
2005 2004
Unaudited Audited
£ £
United Kingdom and Europe 9,903,108 5,001,383
North America 10,988,350 6,467,504
Asia Pacific and Africa 2,569,298 1,778,167
_________ _________
23,460,756 13,247,054
_________ _________
6 Exceptional expenses
Exceptional expenses incurred of £331,254 in the period ended 30 November 2004
were in respect of selling, general and administrative expenses. These
exceptional expenses primarily related to legal and professional fees incurred
as a result of the admission of Amino Technologies plc to the Alternative
Investment Market on 9 June 2004. A further £370,639 of exceptional expenses
relating to the admission were charged against the share premium account (see
note 9).
7 Earnings per share
Year 11 months
ended ended
30 November 30 November
2005 2004
Unaudited Audited
£ £
Earnings attributable to shareholders 63,914 1,327,863
_________ _________
Weighted average number of shares (Basic) 52,126,170 43,662,984
_________ _________
Weighted average number of shares (Diluted) 54,482,187 48,774,055
_________ _________
The calculation of basic earnings per share is based on profit after taxation
and the weighted average of ordinary shares of 1p each in issue during the
period.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The group has only one category of dilutive potential ordinary share
options: those share options where the exercise price is less than the average
market price of the company's ordinary shares during the period.
8 Debtors
30 November 30 November
2005 2004
Unaudited Audited
£ £
Trade debtors 10,356,334 3,602,001
VAT recoverable 36,871 56,232
Deferred tax 1,719,000 1,719,000
Other debtors 6,958 23,196
Prepayments and accrued income 727,436 727,132
_________ _________
12,846,599 6,127,561
_________ _________
9 Called-up share capital
Ordinary shares of 1p each 30 November 30 November
2005 2004
Unaudited Audited
Authorised
Nominal value £1,000,000 £1,000,000
_________ _________
Number 100,000,000 100,000,000
_________ _________
Allotted, called-up and fully-paid
Nominal value £582,630 £510,380
_________ _________
Number 58,263,052 51,038,052
_________ _________
Share issues
On 17 May 2005 Amino Technologies plc allotted 7,200,000 ordinary shares of 1p
each at 220p per share for cash consideration of £15,840,000 in order to
increase the working capital base of the Group and enable it to take advantage
of the increased opportunities for growth. The net proceeds of the private
placement amounted to £15,305,363 after costs of £534,637.
Share options
The Company operates share options schemes for employees and certain former
employees of group companies. The majority of options granted under these
schemes will be satisfied out of ordinary shares of 1p each issued to an
Employee Benefit Trust set up in February 2003.
30 November 30 November
2005 2004
Unaudited Audited
No. No.
Shares held by the Employee Benefit Trust 2,502,265 3,455,961
_________ _________
Subsisting Options
Current and former employees and non-executive
directors 3,886,307 4,434,503
Other options granted 118,812 238,812
_________ _________
4,005,119 4,673,315
_________ _________
10 Reconciliation of movements in shareholders' funds
30 November 30 November
2005 2004
Unaudited Audited
£ £
Opening shareholders' funds 12,678,092 4,402,230
Profit for the period 63,914 1,327,863
Other recognised losses relating to the period (22,383) (36,185)
Issue of ordinary share capital - capital 72,250 67,708
Issue of ordinary share capital - share premium 15,768,000 6,941,666
Issue of ordinary share capital to Employee Benefit
Trust - (300,000)
Expenses of share issue (534,637) (370,639)
Exercise of employee share options 224,329 354,824
Movement on merger reserve - 290,625
_________ _________
28,249,565 12,678,092
_________ _________
11 Reconciliation of operating (loss)/profit to net cash outflow from operating
activities
30 November 30 November
2005 2004
Unaudited Unaudited
£ £
Operating (loss)/profit (339,575) 46,526
Depreciation and amortisation charge (including
loss on disposals) 397,510 154,834
Increase in stocks (99,417) (1,129,292)
Increase in debtors (6,748,373) (3,085,128)
(Increase)/decrease in creditors (342,301) 212,959
Foreign exchange movement (22,383) (36,185)
_________ _________
Net cash outflow from continuing operating
activities (7,154,539) (3,836,286)
_________ _________
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