2000 Interim Results
nanoUniverse PLC
27 September 2000
NANO UNIVERSE PLC
2000 INTERIM RESULTS
OPERATIONS ESTABLISHED AND CASH RESERVES REMAIN HEALTHY
nanoUniverse today announced its Interim Results for the period from 7
October 1999 to 30 June 2000.
nanoUniverse plc is a holding company that invests in, develops and operates
companies that are well positioned to capitalise on the Internet's transition
to broadband. The company was admitted to the Alternative Investment Market
on 2 March 2000, raising £25.7 million, net of expenses.
HIGHLIGHTS:
- Established operations in London and Los Angeles
- Cash reserves of £25.5 million (78 pence per share outstanding)
- Monthly recurring operating costs of approximately £0.1 million
- An investment strategy focused on broadband content
Alan Buggy, Executive Chairman, commented:
'In the period covered by this first set of public results, nanoUniverse has
established operations in both London and Los Angeles.
We are currently evaluating a number of exciting opportunities within the
broadband space. The demand for new, rich, cutting-edge content for digital,
as well as conventional distribution, continues to exceed supply.
nanoUniverse remains focused on this sector and has a strong and well-
balanced management team, a solid financial position and the extensive
expertise needed to capitalize on these opportunities.
I believe the prospects for nanoUniverse are excellent, and look forward to
relaying the company's continued progress at the end of the year.'
27 September 2000
Enquiries:
nanoUniverse plc Tel: +44 (020) 7920-7120
Alan Buggy, Executive Chairman E-mail: abuggy@nanouniverse.co.uk
College Hill Tel: +44 (020) 7457-2020
Nicola Weiner E-mail: nicola.weiner@collegehill.com
Chelsea Allen E-Mail: chelsea.allen@collegehill.com
NANO UNIVERSE PLC
EXECUTIVE CHAIRMAN'S STATEMENT
I am very pleased to present nanoUniverse's first results as a public
company.
The financial figures show that nanoUniverse remains in a strong position to
take advantage of investment and development opportunities going forward.
The Company has a secure cash position, a firm control of overhead costs and
a focused investment strategy.
Financial and Operational Summary
The Company's net asset value at 30 June 2000 was £25.2million, against
£(0.2) million at 31 December 1999. nanoUniverse has a strong cash position
relative to many of its peers, and is well placed to take advantage of
investment opportunities offering strong growth potential. The Company's
cash balance was £25.5 million or 78 pence per outstanding share as at 30
June 2000.
The Company's overheads have been well controlled throughout the
establishment of offices in Los Angeles and London, and currently amount to
approximately £0.1 million per month. They are not anticipated to increase
materially in the foreseeable future. Total overhead costs for this
reporting period were £0.9 million or approximately £0.1 million per month.
Almost all startup expenses had been incurred as of 30 June 2000.
Investment Intentions & Opportunities
nanoUniverse remains committed to investing in the broadband space,
particularly where the convergence of new and traditional media provides
substantial revenue opportunities. nanoUniverse is also focused on business
models that will directly benefit from the structural changes in both
traditional media and the Internet, such as interactive television and video
on demand, that will drive increasing demand for quality content.
nanoUniverse is considering a range of opportunities within these areas.
The Company continues to seek investments that have the potential to generate
positive cash flow in the short to medium term. nanoUniverse's management
team is also developing business concepts internally and intends to work with
proven media and technology executives to build these business concepts into
viable business opportunities.
Outlook
nanoUniverse is ideally placed to benefit from the Internet's transition to
broadband and the convergence of the Internet and media industries. It has
deep sector expertise in media and 'rich' interactive-enabled content, a
strong management team, comfortable cash reserves, and a coherent and focused
investment strategy.
The focus will now be to build on this solid foundation: creating,
identifying and evaluating quality investments that are best placed to
benefit both from the current industry developments and from nanoUniverse's
expertise in the media and technology. As technological developments
continue to increase the demand for content, the outlook for nanoUniverse
looks both promising and exciting.
Alan Buggy
Executive Chairman
25 September 2000
Consolidated Profit and Loss Account
for the Period from 07 October 1999 to 30 June 2000
Period Ended
30 June 2000
(Unaudited)
£
Turnover 0
Administrative Expenses (931,755)
Operating Loss (931,755)
Other Interest Receivable and Similar Income 467,235
Loss on Ordinary Activities Before and After (464,520)
Taxation
Basic and Diluted Loss per Ordinary Share (2.77p)
Consolidated Balance Sheet
as at 30 June 2000
£ £
Fixed Assets
Tangible Assets 163,860
Investments 3,869
167,729
Current Assets
Debtors 138,830
Cash at Bank and in hand 25,459,860
25,598,690
Creditors: Amounts Falling
Due
within One Year (565,942)
Net Current Assets 25,032,748
Total Assets Less Current 25,200,477
Liabilities
Capital and Reserves
Called Up Share Capital 327,500
Share Premium Account 25,337,497
Profit and Loss (464,520)
Shareholders' Funds - 25,200,477
Equity Interest
Consolidated Cashflow for the Period
from 07 October 1999 to 30 June 2000
£ £
Net cash outflow from operating (500,450)
activities
Returns on investments and
servicing of finance
Interest received 467,235
Net cash inflow for returns on
investments and
servicing of finance 467,235
Capital expenditure and
financial investment
Payments to acquire tangible (168,053)
assets
Payments to acquire (3,869)
investments
Net cash outflow for capital (171,922)
expenditure
Net cash outflow before
management of liquid
resources and financing (205,137)
Management of liquid resources
Increase in short-term (25,413,629)
Deposits
Financing
Issue of ordinary share 27,044,562
capital
Share issue costs (1,379,565)
Net cash inflow from 25,664,997
financing
Increase in cash in the period 46,231
Notes to the Consolidated Cashflow for the
Period from 07 October 1999 to 30 June 2000
1. Reconciliation of operating loss to net cash outflow from operating
activities
£
Operating loss (931,755)
Depreciation 4,193
Increase in debtors (138,830)
Increase in creditors within 565,942
one year
Net cash outflow from (500,450)
operating activities
2. Analysis of net funds
7 October Other non-
1999 Cash flow cash charges 30 June
2000
Net cash:
Cash at bank - 46,231 - 46,231
Short-term - 25,413,629 - 25,413,629
deposits
Net funds - 25,459,860 - 25,459,860
3. Reconciliation of net cash flow to movement in net funds
£
Increase in cash in the period 46,231
Cash outflow from increase in short- 25,413,629
term deposits
Movement in net funds in the year 25,459,860
Opening net debt -
Closing net funds 25,459,860
Notes to Consolidated Accounts for the
Period from 07 October 1999 to 30 June 2000
1) Accounting policies
(a) Basis of accounting
The financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost accounting
rules.
(b) Basis of Consolidation
The group financial statements consolidate the accounts for the company
and its subsidiary undertakings. Profits and losses of companies
entering the group are included from the date of acquisition. The net
assets of the subsidiaries acquired are included on the basis of their
fair value.
(c) Interim report
These interim results do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985. No statutory accounts
have been filed with the Registrar of Companies to date, as this is the
first accounting period of the Company and the Group.
Copies of this statement will be sent to all shareholders. The
statement will also be published on our website at
www.nanouniverse.co.uk and will also be available on written application
to the Company Secretary, nanoUniverse plc, 3rd floor, Brook House, No.
12 Chapel Place, Rivington Street, London EC2A3DQ.
No interim dividend is proposed.
2) Subsidiary Undertaking
The company established botBeat inc. in which it has an 80% interest.
botBeat, inc. is incorporated in the United States of America. The
company has in addition provided £95,000 to botBeat, inc, in order to
provide working capital and development funds.
3) Loss per Share
In accordance with FRS 14 the Basic and Diluted loss per share has been
calculated on a loss for the financial period of £464,520 and a weighted
average of 16,775,187 Ordinary shares of 1p being in issue during the
period.
4) Aquarius Warrants
As disclosed in the AIM Admission Document dated 24 February 2000
Aquarius Commercial Enterprises Limited was granted a warrant
conditioned upon monies raised in an overseas placing. The company
issued a subscription warrant entitling Aquarius Commercial Enterprises
Ltd to subscribe up to 2 million Ordinary shares at an exercise price of
10p and 1,057,256 at 125p.
5) Dividends
No interim dividend is proposed.