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Vema N.V. (VEMD)

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Monday 21 January, 2002

Vema N.V.

Interim Results

Vema N.V.
21 January 2002

For Immediate Release: 21st January 2002



                                   VEMA N.V.

                             HALF-YEARLY REPORT

                    FOR THE SIX MONTHS ENDED 31 OCTOBER 2001



Summary



•       First Dutch company to secure AIM Flotation May 2001

•       Profit before tax for the six months ended 31 October 2001 of £351,000
        (2000: £235,000)

•       Turnover for the period up 10 per cent



Maurice Dwek, Chairman, commented,



'We stated in the prospectus that our intention was to expand the Group
organically and by acquisition, and we continue to explore possibilities in both
areas.  Turnover increased strongly in the last six months and we look forward
to the future with confidence.'




Maurice Dwek                                                   01737 788822
Chairman
Vema N.V.

Adam Reynolds/Takki Sulaiman                                   020 7735 9415
Hansard Communications                                         07778 419218
[email protected]







Chairman's Statement

The Company was admitted to trading on the Alternative Investment market ('AIM')
of the London Stock Exchange on 17 May 2001, being the first Dutch company to
secure such a listing and also the first to use Global Depository Receipts.
This innovative process involved a substantial effort from both our employees
and professional advisors.  Your Board would like to express it's thanks to all
those involved for all their efforts.



The bases of the profit and loss account for the comparative periods are set out
in note 1 to the interim accounts.  I am pleased to report an increase in
profits before interest and amortisation of goodwill for the six months of Euros
372,000 (£231,000 at an average exchange rate of 1.61) to Euros 781,000
(£485,000) from Euros 409,000 (£254,000), following a 10% increase in turnover
in the period with a general increase in levels of activity across our range of
products.  After charging amortisation of goodwill, the profit before tax for
the period was Euros 565,000 (£351,000) compared to Euros379,000 (£235,000) for
the corresponding period.



This substantial increase in profits was achieved despite Euros37,000 (£23,000)
additional costs related to the Company's position as a publicly listed company
including broker and advisor fees.  The wholly owned subsidiary, Vema Belgium,
traded profitably in the period following that company's set up in the
corresponding period last year.



Earnings per share before amortisation of goodwill were Euros0.003 (UK0.2p) per
share.



No interim dividend has been included in these figures but the Board will look
favourably upon the possibility of a final dividend at the year-end.



We stated in the prospectus that our intention was to expand the Group
organically and by acquisition, and we continue to explore possibilities in both
areas. We look forward to the future with confidence.



Maurice Dwek

Chairman

21 January 2002




VEMA N.V.



CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the six months ended 31 October 2001


                                             Notes        6 months ended         Year ended   6 months ended

                                                         31 October 2001           30 April  31 October 2000

                                                                                       2001
                                                               Unaudited          Pro forma        Pro forma
                                                               Euros 000          Euros 000        Euros 000

Turnover                                                           4,720              8,734            4,294

Cost of sales                                                    (2,616)            (5,064)          (2,596)

Gross profit                                                       2,104              3,670            1,698

Administrative expenses                                          (1,323)            (2,511)          (1,289)

Amortisation of goodwill                                           (184)                  -                -

Profit before interest and taxation                                  597              1,159              409

Interest                                                            (32)               (59)             (30)

Profit before taxation                                               565              1,100              379

Taxation                                           2               (257)              (382)            (170)

Profit after taxation                                                308                718              209


Dividend                                           3                   -              (667)                -

Retained profit for the period                     5                 308                 51              209


                                                                                                           -
                                                                   Euros              Euros            Euros
Earnings per share                                 4               0.002                  -                -
Earnings per share before amortisation of          4               0.003                  -                -
goodwill








VEMA N.V.



CONSOLIDATED BALANCE SHEET

As at 31 October 2001


                                                         31 October             30 April   31 October 2000

                                     Notes                     2001                 2001
                                                          Unaudited            Pro forma         Pro forma
                                                           Euros000             Euros000          Euros000

FIXED ASSETS

Intangible assets                                             7,188                7,372                25
Tangible fixed assets                                           555                  559               609
                                                              7,743                7,931               634
CURRENT ASSETS
Stock                                                         1,384                1,146             1,174
Debtors due within one year                                   1,911                1,391             1,790
Debtors due after one year                                    4,509                    -                 -
Cash at bank and in hand                                         80                   21               102


                                                              7,884                2,558             3,066

Creditors:amounts falling due within
one year                                                    (1,389)                (960)           (1,345)
NET CURRENT ASSETS                                            6,495                1,598             1,721


TOTAL ASSETS LESS CURRENT
LIABILITIES                                                  14,238                9,529             2,355

CREDITORS:amounts falling due after
more than one year                                          (1,054)                (369)             (363)

Provisions for liabilities and                                (113)                (113)             (113)
charges

NET ASSETS                                                   13,071                9,047             1,879

CAPITAL AND RESERVES
Share capital                                                     -                    -                45
Called up share capital 'A' shares            5               2,939                1,499                 -
Share premium 'A' shares                      5               5,286                3,010                 -
Called up share capital 'B' shares                                -                    -                 -
Share premium 'B' shares                      5               4,508                4,508                 -
Profit and loss reserves                      5                 338                   30             1,834
Shareholders' funds                                          13,071                9,047             1,879





VEMA N.V.



NOTES TO THE FINANCIAL STATEMENTS 30 APRIL 2001



1.    Basis of accounts



The business assets and liabilities of Vema B.V. were transferred to it's wholly
owned subsidiary on 4 April 2001 pursuant to a deed of contribution.  The
consolidated profit and loss account for the six months to 31 October 2001
represents the aggregation of the unaudited results of Vema N.V. and it's
subsidiaries.



The pro-forma consolidated profit and loss account for the year ended 30 April
2001 represents the aggregation of the unaudited results of Vema B.V. and it's
subsidiaries for the period from 1 November 2000 to 3 April 2001 and the
unaudited results of Vema N.V. and its subsidiaries from 4 April 2001 to 30
April 2001.  The pro forma consolidated profit and loss account for the six
months to 31 October 2000 represents the aggregation of the unaudited results of
Vema B.V. and it's subsidiaries



The balance sheets at 31 October 2001 and 30 April 2001 reflects the
consolidation of Vema N.V. and it's subsidiaries.  The pro forma comparative
numbers at 31 October 2000 are for Vema B.V. and it's subsidiaries.



The unaudited results for the six months ended 31 October 2001 and the pro forma
comparative numbers have been prepared using consistent accounting policies.



2.    Taxation



The tax charge for the period has been calculated on the basis of the tax rates
in the countries in which the Company and it's subsidiaries operate.  The tax
charge for the year is disproportionate to the profit for the period due to the
non availability of tax relief on the amortisation of goodwill.



3.    Dividends



No interim dividend is proposed.



4.    Earnings per share


                                                        6 months to 31 October    6 months to 31 October
                                                                          2001                      2001
                                                               Euros per share                  Euros000

Profit after taxation                                                    0.002                       308
Add amortisation of goodwill                                             0.001                       184
Adjusted profit                                                          0.003                       492



The earnings per share have been calculated on the weighted average number of
shares in issue during the period, which was 140,938,735









5.    Share capital and reserves
                                        Share capital   Share premium   Share premium Profit and loss
                                             A shares       account A       account B         reserve
                                                               shares          shares
                                             Euros000        Euros000        Euros000        Euros000
At 1 May 2001                                   1,499           3,010           4,508              30
Share issues in the period                      1,440           3,068               -               -
Expenses of share issues (net of tax)

                                                    -           (792)               -               -
Retained profit for the period                      -               -               -             308
At 31 October 2001                              2,939           5,286           4,508             338



Since 30 April 2001, Vema N.V. commenced trading on AIM, and a further
72,000,000 Global Depository Receipts of EUR0.02 nominal value were issued by
means of a Placing and Offer for Subscription at an issue price of 4 per share.



6.    Copy of interim report

A copy of the interim report is being sent to shareholders and is available for
inspection at the Company's registered office, Ramgatseweg 44, 4941 VS
Raamsdonksveer, The Netherlands.






                      This information is provided by RNS
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