Interim Results

RNS Number : 7487S

Treatt PLC

26 May 2009

 



TREATT PLC

INTERIM RESULTS ANNOUNCEMENT 

SIX MONTHS ENDED 31 MARCH 2009

Treatt PLC, the manufacturer and supplier of conventional, organic and ethically-traded ingredients for the flavour, fragrance and cosmetic industries announces today its interim results for the six months ended 31 March 2009.

SUMMARY

·        Group revenue up by 31% to £28,309,000 (2008: £21,662,000)

·        EBITDA increased by 10% to £2,163,000 (2008: £1,963,000)

·        Group operating profit before adverse foreign exchange translation differences up by 27%

·        Profit before tax for the period up by 6% to £1,393,000 (2008: £1,317,000)

·        Group order books up more than 13% year on year

·        Treatt USA US Dollar sales unchanged

·        Interim dividend raised by 3% to 3.7p (2008: 3.6p)

·        Substantially reduced Earthoil losses

Enquiries:

Treatt plc        Tel: [phone]

Hugo Bovill     Managing Director

Richard Hope  Finance Director

CHAIRMAN'S STATEMENT

'Group revenue has increased year on year by 31% and operating profit before foreign exchange up 27%'

Given the challenging economic climate, the Group had a good result for the six months to 31 March 2009, with Group revenue growing by 31% to £28.3m (2008: £21.7m).  EBITDA increased by 10% to £2.2m (2008: £2.0m) and profit before tax rose by 6% to £1.4m (2008: £1.3m). Earnings per share have consequently advanced to 8.8 pence per share (2008 restated: 8.5 pence per share) and net assets per share at 31 March 2009 have grown by 6% to £2.19 per share.

The Board has declared an increase in the interim dividend of 2.8% to 3.7 pence per share (2008: 3.6 pence per share) which will be payable on 2 October 2009 to all shareholders on the register at close of business on 28 August 2009.

The Group's first half performance was in line with expectations despite the major downturn in world economic conditions, with both sales and margins holding up well across the Treatt Group. Prices of the Group's main commodities were unaffected in US Dollar terms in the first three months of the period (Q1) but since the start of the calendar year (Q2) there has been a significant downturn in the price of commodities in both Euros and US Dollars.  Many citrus oil prices have declined since January, with some returning to historical norms following a period of higher prices resulting from global shortages and others falling owing to a drop-off in demand. Prudent provisions have been taken across the Group to cover stock losses.  

R.C. Treatt, the Group's UK operating subsidiary, had a particularly good first six months as it benefitted from a strong US Dollar, with 75% of its order book being US Dollar-based. As expected, some major customers placed significant 'call off orders' from long term contracts with sales growing by almost 19%. R.C. Treatt's policy of hedging its currency exposure through a 'natural' overdraft hedge, meant that margins in sterling terms were increased, making up for substantial adverse foreign exchange translation differences incurred in September and October.  Following several years of continued growth, aroma chemical sales have continued to grow further with margins benefitting from the weaker Pound, although there have been fewer transactions. Sales to the Middle East, which have grown substantially over the last two years, have fallen back sharply due to economic constraints in the region.

Following strong results in the year to 30 September 2008, Treatt USA has managed to maintain sales and margins despite both the loss of some citrus oil business and as a result of a slow-down in demand generally in the USA. Treatt USA has de-stocked significantly in the last six months both in terms of volumes and values, thereby generating good cash flow, and seems to have been affected more than other parts of the Group by current economic conditions.

Earthoil has continued to show marked improvement with sales on a like-for-like basis up 82% year on year, and with much improved margins. Efforts have continued to integrate Earthoil within Treatt Group management structures and to achieve synergy cost savings where relevant. Direct sales from Kenya were a little quiet, although enquiries from major customers for vegetable oils have increased substantially. The Kenyan organic tea tree oil project has bedded down well in the foot hills of Mount Kenya, and was successfully certified by the Institute for Marketecology ('IMO') as 'Fair for Life' (see www.fairforlife.net) and tea trees have been seen as a particularly successful crop in the currently very dry conditions. Following its first year of operation, Earthoil India's organic and ethically-traded mint growing project has now also been successfully certified by IMO as 'Fair for Life' and new farmers are being brought into the project as it expands in 2009. Earthoil South Africa's organic geranium plantation is now up and running.   Overall, the UK sales and marketing operation, Earthoil Plantations, continues to generate increased sales across the UK and Europe with margins showing across the board improvement.

Risks and uncertainties

Group risk is regularly reviewed at Board level to ensure that risk management is being implemented and monitored effectively, details of which can be found in note .

Prospects

Following a modest improvement in cash flow during the period, the Board expects to see cash flows improve significantly in the second half of the year and was able to renew all existing bank facilities without difficulty. Margins in the second half of the year are likely to return to lower levels as the impact of the stronger US Dollar levels off. Whilst current economic conditions create uncertainty and necessitate a strong degree of caution, the Board believes that the full year results will now exceed its current expectations, although it is too early to quantify the extent to which this may be the case.  

Personnel

The Board wishes to announce that they have agreed to a request from Hugo Bovill, Managing Director, that following 33 years of service with the Group he will take a six month sabbatical from December 2009 to June 2010. Hugo will be travelling overland from Bury St. Edmunds to Cape Town. The Board has put in place appropriate management and reporting structures while Hugo is away and are confident that the existing management team will continue to take the Group forward successfully during this period.

Edward Dawnay

Chairman

22 May 2009

TREATT PLC
UNAUDITED INTERIM STATEMENT
For the six months ended 31 March 2009
GROUP INCOME STATEMENT
									Six months ended				Year ended
									31 March		31 March		30 September
									2009		2008		2008
										(Unaudited)		(Unaudited - restated)		(Audited)
							Notes		£'000		£'000		£'000
Revenue							3		28,309		21,662		49,641
Cost of sales									(21,486)		(16,153)		(37,093)
									______		______		______
Gross profit									6,823		5,509		12,548
Administrative expenses									(4,807)		(3,686)		(8,133)
Share of results of joint ventures									-		(232)		(264)
									______		______		______
Operating profit before foreign exchange loss									2,016		1,591		4,151
Foreign exchange loss									(397)		(81)		(595)
									______		______		______
Operating profit after foreign exchange loss									1,619		1,510		3,556
Finance revenue									103		159		289
Finance costs									(329)		(352)		(781)
									______		______		______
Profit before taxation									1,393		1,317		3,064
Taxation							4		(494)		(457)		(1,090)
									______		______		______
Profit for the period									899		860		1,974
									______		______		______
Attributable to:
Equity holders of the parent									897		860		1,979
Minority interest									2		-		(5)
									______		______		______
									899		860		1,974
									______		______		______
Earnings per share
				- Basic			5		8.8p		8.5p		19.4p
				- Diluted			5		8.8p		8.4p		19.4p
All amounts relate to continuing operations
The notes on pages 7 to 7 form part of this interim statement

GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
							Six months ended					Year ended
							31 March			31 March		30 September
							2009			2008		2008
								(Unaudited)			(Unaudited - restated)		(Audited)
							£'000			£'000		£'000
	Profit for the period						899			860		1,974
	Currency translation differences on foreign currency net investments						2,243			156		1,048
	Current taxation on foreign currency translation differences						(270)			-		-
	Deferred taxation on foreign currency translation differences						(21)			-		-
	Actuarial loss on defined benefit pension scheme						(526)			(413)		(1,011)
	Deferred tax on actuarial loss						147			116		283
							______			______		______
	Total recognised net income for the period						2,472			719		2,294
							______			______		______
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
							Six months ended					Year ended
							31 March			31 March		30 September
							2009			2008		2008
								(Unaudited)			(Unaudited - restated)		(Audited)
					Notes		£'000			£'000		£'000
	Total recognised net income for the period						2,472			719		2,294
	Dividends				6		(1,138)			(1,100)		(1,100)
	Share-based payments						12			16		23
	Movement in own shares in share trust						3			(59)		(17)
	Loss on release of shares in share trust						-			(1)		(4)
							______			______		______
	Increase in shareholders' equity						1,349			(425)		1,196
	Opening shareholders' equity						21,593			20,397		20,397
							______			______		______
	Closing shareholders' equity						22,942			19,972		21,593
							______			______		______
The notes on pages 7 to 7 form part of this interim statement

GROUP BALANCE SHEET
						As at   31 March 2009	As at  31 March 2008	As at  30 September 2008
						(Unaudited)	(Unaudited - restated)	(Audited)
						£'000	£'000	£'000
ASSETS
Non-current assets
	Goodwill					3,763	-	3,763
	Property, plant and equipment					10,312	8,606	9,461
	Intangible assets					273	376	336
	Interest in joint ventures					-	2,382	-
	Deferred tax assets					237	-	185
	Trade and other receivables					361	-	361
	Redeemable loan notes receivable					-	1,350	-
						______	______	______
						14,946	12,714	14,106
						______	______	______
Current assets
	Inventories					19,580	16,523	20,123
	Trade and other receivables					12,379	9,258	11,947
	Corporation tax receivable					24	-	52
	Cash and cash equivalents					208	41	236
						______	______	______
						32,191	25,822	32,358
						______	______	______
Total assets						47,137	38,536	46,464
						______	______	______
LIABILITIES
Current liabilities
	Bank loans and overdrafts					(13,290)	(10,570)	(14,008)
	Provisions					-	-	(436)
	Trade and other payables					(5,774)	(4,756)	(6,465)
	Corporation tax payable					(640)	(300)	(276)
						______	______	______
						(19,704)	(15,626)	(21,185)
						______	______	______
Net current assets						12,487	10,196	11,173
						______	______	______
Non-current liabilities
	Deferred tax liabilities					(346)	(413)	(279)
	Bank Loans					(2,419)	(1,683)	(2,016)
	Trade and other payables					(178)	-	(178)
	Post-employment benefits					(873)	(167)	(538)
	Redeemable loan notes payable					(675)	(675)	(675)
						______	______	______
						(4,491)	(2,938)	(3,686)
						______	______	______
Total liabilities						(24,195)	(18,564)	(24,871)
						______	______	______
Net assets						22,942	19,972	21,593
						______	______	______

GROUP BALANCE SHEET (continued)
									As at   31 March 2009	As at  31 March 2008	As at  30 September 2008
							(Unaudited)			(Unaudited - restated)	(Audited)
									£'000	£'000	£'000
SHAREHOLDERS' EQUITY
		Called up share capital							1,048	1,048	1,048
		Share premium account							2,757	2,757	2,757
		Own shares in share trust							(758)	(802)	(761)
		Employee share option reserve							43	45	31
		Foreign exchange reserve							1,790	(1,345)	(453)
		Profit and loss account							18,064	18,269	18,975
									______	______	______
Equity attributable to shareholders of the parent									22,944	19,972	21,597
		Minority interest							(2)	-	(4)
									______	______	______
Total Equity									22,942	19,972	21,593
									______	______	______
The notes on pages 7 to 7 form part of this interim statement

GROUP CASH FLOW STATEMENT
										Six months ended			Year ended
										31 March	31 March		30 September
										2009	2008		2008
									(Unaudited)		(Unaudited)			(Audited)
										£'000	£'000		£'000
Cash flow from operating activities
Profit before taxation										1,393	1,317		3,064
Adjusted for:
			Foreign exchange gain							2,154	138		969
			Depreciation of property, plant and equipment							463	365		767
			Amortisation of intangible assets							81	88		172
			Loss on disposal of property, plant and equipment							-	1		3
			Net interest payable							298	305		722
			Share-based payments							12	16		23
			Share of results of joint ventures							-	232		264
			Decrease in post-employment benefit obligation							(191)	(176)		(403)
										______	______		______
										4,210	2,286		5,581
Changes in working capital:
			Decrease /(Increase) in inventories							543	(285)		(3,012)
			Increase in trade and other receivables							(432)	(2,473)		(4,708)
			Decrease /(Increase) in trade and other payables							(1,126)	344		1,188
										______	______		______
Cash generated from operations										3,195	(128)		(951)
			Taxation paid							(231)	(87)		(730)
										______	______		______
Net cash flow from operating activities										2,964	(215)		(1,681)
										______	______		______
Cash flow from investing activities
		Acquisition of investments in subsidiaries								-	(1)		(329)
		Purchase of property, plant and equipment								(372)	(432)		(1,083)
		Purchase of intangible assets								(18)	(8)		(44)
		Interest received								31	47		59
										______	______		______
										(359)	(394)		(1,397)
										______	______		______

GROUP CASH FLOW STATEMENT (continued)
										Six months ended				Year ended
										31 March		31 March		30 September
										2009		2008		2008
											(Unaudited)		(Unaudited)		(Audited)
										£'000		£'000		£'000
Cash flow from financing activities
		Repayment of bank loans								(39)		-		(157)
		Interest payable								(329)		(352)		(781)
		Dividends paid								(1,138)		(1,100)		(1,100)
		Net sale/(purchase) of own shares by share trust								3		(60)		(22)
										______		______		______
										(1,503)		(1,512)		(2,060)
										______		______		______
Net increase/(decrease) in cash and cash equivalents										1,102		(2,121)		(5,138)
Cash and cash equivalents at beginning of period										(13,522)		(8,257)		(8,257)
Effect of foreign exchange rate changes										(360)		(23)		(127)
										______		______		______
Cash and cash equivalents at end of period										(12,780)		(10,401)		(13,522)
										______		______		______

Cash and cash equivalents comprise:
Cash and cash equivalents					208	41	236
Bank overdrafts					(12,988)	(10,442)	(13,758)
					______	______	______
					(12,780)	(10,401)	(13,522)
					______	______	______
The notes on pages 7 to 7 form part of this interim statement

Responsibility statement

We confirm that to the best of our knowledge:

(a) the interim statement for the six months ended 31 March 2009 'the interim statement' has been prepared in accordance with IAS 34

(b) the interim statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)

(c) the interim statement includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).

By order of the Board

Financial Director

R.A. Hope

22 May 2009

NOTES TO THE UNAUDITED INTERIM STATEMENT
1.          Basis of preparation
	The Group is required to prepare its interim statement in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards (IFRS)). The Group has adopted the reporting requirements of IAS 34 ‘Interim Financial Reporting’.
	The consolidated interim statements are prepared on the basis of all International Accounting Standards (IAS) and IFRS published by the International Accounting Standards Board (IASB) that are currently in issue. New interpretations may be issued by the International Financial Reporting Interpretations Committee (IFRIC) on existing standards and best practice continues to evolve. It is therefore possible that the accounting policies set out below may be updated by the time the Group prepares its full set of financial statements under IFRS for the year ending 30 September 2009.
	The information relating to the six months ended 31 March 2009 and 31 March 2008 is unaudited and does not constitute statutory accounts. The statutory accounts for the year ended 30 September 2008 have been reported on by the company’s auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. These interim financial statements for the six months ended 31 March 2009 have neither been audited nor reviewed by the Group's auditors.

2.          Accounting policies
	The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 30 September 2008 annual report.

3.     Segmental information
(a) Business segments For management purposes the Group’s primary operating segments are as follows:   Segment                                                                  Major product category Manufacturing                                                       Distilled, extracted, and other manufactured essential and vegetable oils; natural                                                                                  distillates. Aromatic chemicals & other products               Aroma and speciality chemicals, standardised essential oils, concretes, absolutes,                                                                                  oleoresins & isolates.   A significant proportion of the Group’s resources, assets and liabilities are shared by both business segments and therefore, necessarily, the segment net income, assets and liabilities shown below include apportionments in relation to each segment’s contribution to Group profits. This is considered the most reasonable basis upon which to present business segmental information.

NOTES TO THE INTERIM STATEMENT (continued)

3.  Segmental information - (a) business segments (continued)

	Six months ended 31 March 2009
	Manufacturing	Aroma chemicals & other	Un-allocated	Total
	£'000	£'000	£'000	£'000
Revenue	14,538	13,771	-	28,309
Operating profit	784	835	-	1,619
Net finance costs	-	-	(226)	(226)
Taxation	-	-	(786)	(786)
Net segment income	784	835	(1,012)	607
Segment assets	29,371	17,766	-	47,137
Segment liabilities	(14,621)	(8,701)	(873)	(24,195)
Net segment assets	14,750	9,065	(873)	22,942
Segment capital expenditure	199	190	-	389
Segment depreciation and amortisation	345	199	-	544

	Six months ended 31 March 2008 (restated)
	Manufacturing	Aroma chemicals & other	Un-allocated	Total
	£'000	£'000	£'000	£'000
Revenue	9,880	11,782	-	21,662
Segment profit	905	837	-	1,742
Share of results of joint ventures			(232)	(232)
Operating profit	905	837	(232)	1,510
Net finance costs	-	-	(193)	(193)
Taxation	-	-	(457)	(457)
Net segment income	905	837	(882)	860
Segment assets	17,717	18,437	-	36,154
Segment liabilities	(12,509)	(5,888)	(167)	(18,564)
Net segment assets	5,208	12,549	(167)	17,590
Interests in joint ventures				2,382
Net assets				19,972
Segment capital expenditure	228	212	-	440
Segment depreciation and amortisation	248	205	-	453

NOTES TO THE INTERIM STATEMENT (continued)

3.  Segmental information - (a) business segments (continued)

	Year ended 30 September 2008
	Manufacturing	Aroma chemicals & other	Un-allocated	Total
	£'000	£'000	£'000	£'000
Revenue	22,510	27,131	-	49,641
Segment profit	2,185	1,635	-	3,820
Share of results of joint ventures	-	-	(264)	(264)
Operating profit	2,185	1,635	(264)	3,556
Net finance costs	-	-	(492)	(492)
Taxation	-	-	(1,090)	(1,090)
Net segment income	2,185	1,635	(1,846)	1,974
Segment assets	26,191	20,273	-	46,464
Segment liabilities	(14,155)	(10,178)	(538)	(24,871)
Net segment assets	12,036	10,095	(538)	21,593
Segment capital expenditure	605	522	-	1,127
Segment depreciation and amortisation	530	409	-	939

(b) Geographical segments

The following table provides an analysis of the Group's revenue by geographical market, irrespective of the origin of the goods or services:

				Six months ended		Year ended
				31 March	31 March	30 September
				2009	2008	2008
				(Unaudited)	(Unaudited)	(Audited)
				£'000	£'000	£'000
	United Kingdom			4,065	3,189	7,789
	Rest of Europe			8,027	6,571	14,478
	The Americas			10,019	5,884	13,711
	Rest of the World			6,198	6,018	13,663
				______	______	______
				28,309	21,662	49,641
				______	______	______

4.            Taxation
	Taxation has been provided at 35.5% (2008 restated: 34.7%) which is the effective group rate currently anticipated for the financial year ending 30 September 2009.

NOTES TO THE INTERIM STATEMENT (continued)
5.             Earnings per share
	(a) Basic earnings per share for the six months ended 31 March 2009 are based on the weighted average number of shares in issue and ranking for dividend in the period of 10,165,217 (2008: 10,165,101) and earnings of £607,000 (2008 restated: £859,000) being the profit after taxation.
	(b) Diluted earnings per share for the six months ended 31 March 2009 are based on the weighted average number of shares in issue in the period, adjusted for the effects of all dilutive potential ordinary shares of 10,165,509 (2008: 10,179,459) and the same earnings as above.

6.            Dividends
				Six months ended		Year ended
				31 March	31 March	30 September
				2009	2008	2008
				(Unaudited)	(Unaudited)	(Audited)
				£'000	£'000	£'000
	Equity dividends on ordinary shares:
	Interim dividend for year ended 30 September 2007 - 3.5p			-	358	358
	Final dividend for year ended 30 September 2007 - 7.3p			-	742	742
	Interim dividend for year ended 30 September 2008 - 3.6p			365	-	-
	Final dividend for year ended 30 September 2008 - 7.6p			773	-	-
				______	______	______
				1,138	1,100	1,100
				______	______	______
	The declared interim dividend for the year ended 30 September 2009 of 3.7p was approved by the Board on 22 May 2009 and in accordance with IFRS has not been included as a deduction from equity at 31 March 2009.  The dividend will be paid on 2 October 2009 to those shareholders on the register at 28 August 2009 and will, therefore, be accounted for in the results for the year ended 30 September 2010.

7.      Related party transactions Treatt Plc, the parent undertaking, entered into the following material transactions with related parties:
					31 March	31 March	30 September
					2009	2008	2008
					(Unaudited)	(Unaudited)	(Audited)
Interest received on loan notes from:
Earthoil Plantations Limited					12	31	59
Earthoil Kenya PTY EPZ Limited					5	13	25
Redeemable loan notes receivable:
Earthoil Plantations Limited					950	950	950
Earthoil Kenya PTY EPZ Limited					400	400	400
Amounts owed to parent undertaking:
Earthoil Plantations Limited					1,349	-	1,387
Earthoil Kenya PTY EPZ Limited					793	-	483
Earthoil South Africa Pty Limited					373	-	257
Amounts owed to/(by) parent undertaking:
R.C.Treatt & Co Limited					930	657	(398)

7.      Related party transactions (continued)
The redeemable loan notes are redeemable in full on 31 December 2015 or from 31 March 2009 on request from the issuer. Interest is receivable at 1% above UK base rate. Amounts owed to the parent undertaking are unsecured and will be settled in cash. Interest is receivable on amounts owed by the Earthoil companies at 1% over base. During the ordinary course of business, purchases of goods take place from Earthoil India Private Limited, which is 80% owned by the Treatt plc Group, by Earthoil Plantations Limited. The value of goods purchased by Earthoil Plantations Limited from Earthoil India Private Limited and amounts outstanding were as follows:
				31 March	31 March	30 September
				2009	2008	2008
				(Unaudited)	(Unaudited)	(Audited)
Purchases by Earthoil Plantations from Earthoil India				377	-	221
Amount owed by Earthoil India to Earthoil Plantations				417	-	495
No other material related party transactions took place during the financial year.
8.    Risks and uncertainties

The operation of a public company involves a series of risks and uncertainties across a range of strategic, commercial, operational and financial areas. The principal risks and uncertainties that could have a material impact on the Group's performance over the remaining six months of this financial year (for example, causing actual results to differ materially from expected results or from those experienced previously) are detailed below:

• foreign exchange risk, particularly with regard to the US Dollar, as the Group trades with approximately one hundred countries around the globe. This is controlled through the implementation of a foreign exchange hedging policy;

• credit risk in ensuring payments from customers are received in full and on a timely basis. Appropriate payment terms are agreed with customers including, where necessary, payment in advance or by securing payment through bank letters of credit;

• legislative and regulatory risk as new requirements are being imposed on business and the industries with which the Group is involved, for example the new European REACH (Registration, Evaluation and Authorisation of Chemicals) legislation. The Group takes a pro-active and leading role in ensuring that its systems and procedures are adapted to ensure compliance with new or changing legislative or regulatory requirements;

• movements in commodity and essential oil prices often caused by unpredictable weather patterns or other sudden changes in supply or demand, for example the impact of the 2004 Florida hurricanes on grapefruit oil prices, and particularly the impact of the current global recession. This is managed by ensuring that Group purchases of raw materials are based upon a well researched understanding of the risks involved and ensuring that appropriate inventory balances are held in order to meet future demand, whilst not holding excessive levels which may expose the Group to unnecessary risk.

9.       Restatement of prior period comparatives The interim results for the six month period ending 31 March 2008 did not include a provision for taxation of £93,000 in respect of the Group's US subsidiary, Treatt USA. The comparative figures have therefore been restated as follows:
GROUP INCOME STATEMENT:
					As previously stated -  March 2008	Restatement	Restated March 2008
Profit before taxation					1,317	-	1,317
Taxation					(364)	(93)	(457)
					______	______	______
Profit for the period					953	(93)	860
					______	______	______
Earnings per share
			- Basic		9.4p	(0.9p)	8.5p
			- Diluted		9.4p	(1.0p)	8.4p

GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE:

							As previously stated -  March 2008	Restatement	Restated March 2008
	Profit for the period						953	(93)	860
	Currency translation differences on foreign currency net investments						157	(2)	155
	Actuarial loss on defined benefit pension scheme						(413)	-	(413)
	Deferred tax on actuarial loss						116	-	116
							______	______	______
	Total recognised net income for the period						813	(95)	718
							______	______	______

GROUP BALANCE SHEET:

					As previously stated -  March 2008	Restatement	Restated March 2008
Current assets:    Corporation tax receivable					53	(53)	-
					______	______	______

Current liabilities:    Corporation tax payable				(258)	(42)	(300)
				______	______	______
NET ASSETS				20,067	(95)	19,972
				______	______	______

 

END

 

 

IR ELLFLKEBLBBQ