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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