RNS Number:8636M
Centurion Electronics PLC
29 November 2006
Issued on behalf of Centurion Electronics Plc
Date: Wednesday, 29 November 2006
Embargoed: 7.00am
Centurion Electronics Plc
Developers and suppliers of automotive infotainment systems
Preliminary Results
Year Ended 30 September 2006
Company traded in-line with management expectations and underlying results are
slightly better than market expectations
* Turnover of #7.25 million (2005: #14.01 million) reflecting withdrawal
from non-automotive activities
* Pre-exceptional: Operating loss of #0.43 million (2005: #2.14 million)
Loss before tax of #0.68 million (2005: #2.76 million)
* Post-exceptional: Operating loss of #1.00 million (2005: #8.80 million)
Loss before tax of #0.26 million (2005: #9.52 million)
* Customer volumes up 9% - trend anticipated to continue
* New business contracts secured during the second half
* Significant progress made with strategic supply partners
* Far East office established to support our on-going business growth
strategy, establish closer supplier partnerships within this region and
accelerate the identification and introduction of emerging technologies
* Several new business opportunities in the pipeline - negotiations
continuing with a number of highly-regarded global automakers for the supply
of a variety of in-car infotainment systems
* Well positioned to become the leading supplier of in-car entertainment
to the automotive industry in the medium term
"Following the withdrawal from all higher risk non-automotive related activities
and with the restructuring and re-financing of the Company now completed, and
with the disruption this caused behind us, I am pleased to report that we are
already seeing the benefits of the difficult decisions taken coming through in
terms of new business and improved relationships with key customers and
suppliers.."
"The Directors believe Centurion is well placed to benefit from the changes made
over the past six months. The relationships with our customers are strong and
over the next year the Directors expect additional volumes to be generated."
Ernst Kastner, Chairman
FULL STATEMENT ATTACHED
Enquiries:
Chris Rhodes, Chief Executive Fiona Tooley
Centurion Electronics plc Citigate Dewe Rogerson
Tel: 01707 330550 Tel: 0121 455 8370
Mobile: 07785 703523 (FMT)
-2-
Centurion Electronics Plc
Developers and suppliers of automotive infotainment systems
Preliminary Results
Year Ended 30 September 2006
STATEMENT BY THE CHAIRMAN, ERNST KASTNER
Introduction
The financial year ended September 2006 has been one of development and
transition for the Company.
Following the withdrawal from all higher risk non-automotive related activities
and with the restructuring and re-financing of the Company now completed, and
with the disruption this caused behind us, I am pleased to report that we are
already seeing the benefits of the difficult decisions taken coming through in
terms of new business and improved relationships with key customers and
suppliers. Customer volumes were up 9% in the period, which is a trend the
Directors anticipate to continue.
The treatment of costs associated with the Company's restructuring activities
have been treated as a one-off exceptional charge.
Against this background, I am pleased to report that we have traded in-line with
management expectations and that the underlying results are slightly better than
market expectations.
Centurion is now exclusively focussed on the automotive market and has all the
necessary processes in place to meet the rigorous demands of the industry.
Financial Performance
The year to 30 September 2006 has been one of transition. The trading loss
reported at the half year to 31 March 2006, largely reflected the restructuring
and exit from the high street sector. The second half however, saw a recovery in
the automotive business, which moved into profitability. Overall, this produced
a break-even second half performance.
Turnover in the period was #7.25 million against #14.01 million in 2005, which
reflects our withdrawal from non-automotive activities.
Operating loss, pre-exceptionals was #0.43 million against a pre-exceptional
loss of #2.14 million in 2005.
Exceptional charges in the period includes an exceptional credit of #1.01
million (2005: #nil) and relates to the write down of debt following the
re-financing on 13 March 2006. Also included is an exceptional charge for
redundancy and other costs following restructuring of #0.57 million (2005: #0.78
million) and a further charge of #0.09 million (2005: #0.48 million) relating to
the disposal of certain fixed assets.
The comparative 2005 year reflects an exceptional charge of #5.92 million. The
majority of this (#5.77 million) related to a stock write-down for obsolescence
and valuation considerations resulting from issues previously reported in the
supply chain management and stock purchase, categorisation and net realisable
value procedures.
The loss on ordinary activities before taxation and pre-exceptionals was #0.69
million compared to a pre-exceptional loss of #2.76 million in 2005.
Basic loss per share pre-exceptionals during the period amounted to 8.81 pence
per share, (2005: re-stated loss per share of 435.00 pence).
continued...
-3-
The statutory operating loss was #1.0 million, loss before tax was #0.26 million
and loss per share 3.32p.
Net cash inflow from operating activities amounted to #0.36 million against
#0.77 million in 2005. The cash flow implications relating to the exceptional
items during the year being reported totalled #0.38 million (2005: #4.44
million).
Following the restructuring in February 2006, net debt has been reduced from
#4.54 million at the start of the period to #0.53 million, whilst stocks have
decreased by around #1.51 million to #0.62 million and debtors have reduced from
#1.97 million to #1.74 million in the period.
Shareholders' funds amounted to #0.75 million against a deficit of #2.06 million
in 2005.
Review
During the course of the financial year, the Company has remained firmly focused
on developing and strengthening existing relationships with a number of
high-profile car manufacturers, whilst also looking at new opportunities to add
further marques to our portfolio.
Through intensive hard work and commitment at both management and operational
levels, the Company has, during the financial year, become increasingly well
placed to build-on and exploit both new and existing opportunities within the au
tomotive infotainment sector. The Company supplies a variety of in-car
entertainment products to a total of 15 different vehicles across our customer
base.
We have placed particular emphasis on maintaining high levels of service across
our customer base, which includes leading marques such as the Toyota Group and
Renault. On the whole, our customers have retained an encouragingly receptive
view of our products and work closely with us to promote the installation of our
products both commercially and geographically.
As a way of indicating our progress, it is very pleasing to report that trading
with Toyota has progressed particularly well, which is witnessed through the
significant increase in product sales during the last quarter of the financial
year. We believe that Toyota remains a progressive installer of infotainment
systems, although most European OEMs have also embarked on projects to launch a
variety of systems. In addition, research shows that there is clear evidence
that installation rates are increasing for rear seat entertainment systems
overall.
Centurion has a number of opportunities in the pipeline to increase the range of
its products being 'fitted as standard equipment', and as such, we remain
confident that we will be able to further develop existing and new business
relationships.
As part of this, we are already making satisfactory progress in the development
of our first "factory fit" product for one of our key customers. This program,
which is expected to commence during the first half of the new financial year,
will see the introduction of a specifically designed rear seat infotainment
system being installed on the assembly line directly into the vehicle.
Significant progress has also been made with our strategic supply partners. For
example, during the second half of the financial year, we successfully
introduced new Bluetooth headphone technology for automotive applications. This
product was developed for a specific customer contract and to date we are
pleased with initial customer feedback.
New Business
During the second half of the financial year, we successfully secured a number
of new business contracts.
In April 2006, we secured contracts with a UK based luxury carmaker, to develop
and supply an in-car entertainment system. We were particularly delighted as
this contract added a further highly respected car manufacturer to our existing
high profile client base.
continued...
-4-
The product, which consists of twin TFT headrest screens for rear seat
passengers, displays images from DVD, Auxiliary Input and analogue TV sources.
It has a unique wireless sound transmission system. Initially the systems are
being fitted as optional equipment, but they will be installed directly into the
vehicle at the automaker's vehicle assembly plant; this is planned for the first
half of the financial year ending 2007.
In July 2006, we secured an additional contract to supply an integrated in-car
entertainment system for one of Renault's new models being introduced in 2007.
This new vehicle to the Renault range will be offered with an optional twin 8"
TFT screen seat back mounted system with integrated DVD loader, wireless
headphones and remote control.
The system, which has been designed and developed in-house by our own skilled
engineering and technical teams, is designed to offer independent viewing
options for the rear passengers of the vehicle whilst also being compatible with
the latest media formats.
It is anticipated that the entertainment systems will be supplied directly into
Renault's supply chain and will contribute to revenues commencing during the
fourth quarter of our financial year ending September 2007.
Quality Accreditation
Our on-going commitment is to provide our customers with products that adhere to
the highest standards of quality, reliability and performance. We continue to
work with our approved accreditation body, TUV Product Services in order to
achieve ISO/9001:2000 and ISO/TS16949 accreditation.
It is anticipated that the ISO/TS16949 accreditation will be completed by July
2007.
People
On behalf of the Board and all our Shareholders, I would like to welcome all
staff who have joined the Company during the year and I would like to take this
opportunity to thank all of our people for their on-going hard work, focus and
commitment to the business.
Developing Strategy
Our on-going strategy is to further broaden our automotive business base whilst
continuing to provide high-quality service and innovative products to all our
customers. Negotiations continue to progress well with a number of
highly-regarded global automakers for the supply of a variety of in-car
infotainment systems.
Since the year end, the Company has opened an office in Hong Kong in order to
support our on-going business growth strategy. The primary objective of this new
Far East operation will be to establish closer supplier partnerships within this
increasingly important geographic region, while also accelerating the
identification and introduction of emerging technologies.
Outlook and Future Prospects
The Directors believe Centurion is well placed to benefit from the changes made
over the past six months. The relationships with our customers are strong and
over the next year the Directors expect additional volumes to be generated.
We are in discussions with a number of other leading manufacturers, which could
extend significantly the number of manufacturers to which Centurion is the lead
supplier.
It is the objective of the Directors that Centurion become the leading supplier
of in-car entertainment to the automotive industry and the board believes it is
now strongly placed to achieve this objective over the medium term.
-5-
Centurion Electronics Plc
Profit and loss account for the year ended 30 September 2006
2006 2006 2006
Pre-exceptional Exceptional* Total
# # #
Turnover 7,251,962 - 7,251,962
Cost of sales (4,265,643) - (4,265,643)
-------------------------------------
Gross profit/(loss) 2,986,319 - 2,986,319
Administrative expenses (3,416,410) (569,042) (3,985,452)
-------------------------------------
Operating (loss) (430,091) (569,042) (999,133)
Loss on disposal of fixed assets - (9,771) (9,771)
Interest payable and similar charges (256,158) 1,005,961 749,803
-------------------------------------
(Loss)/profit on ordinary activities
before taxation (686,249) 427,148 (259,101)
Taxation on (loss)/profit on ordinary
activities - - -
-------------------------------------
(Loss)/profit on ordinary activities
after taxation (686,249) 427,148 (259,101)
=====================================
Earnings/(loss) per share
Basic (8.81p) 5.49p (3.32p)
Diluted (8.81p) 5.49p (3.32p)
* Further details of exceptional items are disclosed in note 2
All recognised gains and losses for the year are included in the profit and loss
account. All turnover and profit are derived from continuing activities.
Profit and loss account for the year ended 30 September 2006 (continued)...
2005 2005 2005
Pre-exceptional Exceptional* Total
# # #
Turnover 14,006,539 - 14,006,539
Cost of sales (10,549,208) (5,919,966) (16,469,174)
---------------------------------------
Gross profit/(loss) 3,457,331 (5,919,966) (2,462,635)
Administrative expenses (5,561,386) (783,957) (6,345,343)
---------------------------------------
Operating (loss) (2,104,055) (6,703,923) (8,807,978)
Loss on disposal of fixed assets - (47,643) (47,643)
Interest payable and similar
charges (659,767) - (659,767)
---------------------------------------
(Loss)/profit on ordinary
activities before taxation (2,763,822) (6,751,566) (9,515,388)
Taxation on (loss)/profit on
ordinary activities 619,096 - 619,096
---------------------------------------
(Loss)/profit on ordinary
activities after taxation (2,144,726) (6,751,566) (8,896,292)
=======================================
Earnings/(loss) per share
Basic (435.00p) (1,369.38p) (1,804.38p)
Diluted (435.00p) (1,369.38p) (1,804.38p)
* Further details of exceptional items are disclosed in note 2
All recognised gains and losses for the year are included in the profit and loss
account. All turnover and profit are derived from continuing activities.
-6-
Centurion Electronics Plc
Balance sheet at 30 September 2006
2006 2006 2005 2005
# # # #
Fixed assets
Intangible assets 44,286 -
Tangible assets 726,120 853,264
-------- --------
770,406 853,264
Current assets
Stocks 623,186 2,135,476
Debtors 1,741,087 1,969,493
Cash at bank and in hand 728,360 682,936
-------- --------
3,092,633 4,787,905
Creditors: amounts falling
due within one year (1,996,918) (7,598,484)
--------- ---------
Net current assets/
(liabilities) 1,095,715 (2,810,579)
-------- ---------
Total assets less current
liabilities 1,866,121 (1,957,315)
Creditors: amounts falling
due after more than one year (1,116,090) (100,534)
--------- ---------
(1,116,090) (100,534)
--------- ---------
750,031 (2,057,849)
========= =========
Capital and reserves
Called up share capital 880,681 221,481
Share premium account 7,139,660 4,731,879
Capital redemption reserve 130,000 130,000
Profit and loss account (7,400,310) (7,141,209)
--------- ---------
Shareholders' funds - Equity 750,031 (2,057,849)
========= =========
The financial statements were approved by the Board on 28 November 2006.
-7-
Centurion Electronics Plc
Cash flow statement for the year ended 30 September 2006
2006 2006 2005 2005
# # # #
Net cash inflow from operating
activities 358,446 768,371
Returns on investments and
servicing of finance
Interest paid (256,158) (659,767)
--------- ---------
Net cash outflow from returns on
investments and servicing of
finance (256,158) (659,767)
Taxation
UK corporation tax - (170)
Capital expenditure and
financial investment
Purchase of intangible fixed
assets (44,286) -
Purchase of tangible fixed
assets (142,054) (297,883)
Sale of tangible fixed assets 15,709 53,141
--------- ---------
(170,632) (244,742)
Equity dividends paid - (272,959)
-------- --------
Cash outflow before financing (68,344) (409,267)
Financing
Short term import loans (paid) (2,083,403) (740,418)
Bank loans repaid (45,334) (45,333)
Loan note issued 1,000,000 -
Other loans received 150,615 -
Capital element of finance lease
rental payments (98,156) (76,105)
Share issues (net of expenses) 3,066,981 -
Share options exercised - 180,000
--------- ---------
1,990,703 (681,856)
-------- --------
Increase in cash 1,922,359 1,091,123
======== ========
-8-
Centurion Electronics Plc
Notes forming part of the financial statements for the year ended 30 September
2006
1 Going concern
The company meets its day to day working capital requirements using funds raised
from the issue of the convertible loan note, which is secured over certain
assets of the company.
The nature of the company's business is that the sales revenue is dependent upon
the OEM customers drawing down product in line with their existing forecasts for
the period, which leads to variability in the timing of cash inflows. The
directors have produced forecast cash flows for the next twelve months which
indicate that the company can continue as a going concern and meet its
liabilities as they fall due. However, the margin of available headroom is not
large, and inherently there can be no certainty in relation to these matters.
The directors believe that the forecast cash flows are achievable and therefore
believe it is appropriate to prepare the accounts on the going concern basis.
The financial statements do not include any adjustment to the balance sheet
tangible fixed assets or provision for future liabilities which would result
should the going concern basis not be appropriate.
2 Operating loss, exceptional items and auditors remuneration
This is arrived at after charging/(crediting) 2006 2005
# #
Depreciation of tangible fixed assets 243,718 246,006
Remuneration to former auditors' - audit services - 16,211
Exceptional items (see below) (569,042) 6,703,923
Operating leases - other than plant and machinery 168,593 152,388
Foreign exchange (gain)/loss (244,609) (675,083)
===========================
Exceptional Items
Included in interest payable and similar charges for the year ended 30 September
2006 is an exceptional credit of #1,005,961 (2005: #nil). This relates to a
write down of debt following the re-financing that occurred on 13 March 2006.
Also included in administrative expenses is an exceptional charge for redundancy
and other costs following restructuring in the amount of #569,042 (2004:
#783,957). A further charge of #9,771 (2005: #47,643) relates to the disposal of
certain fixed assets.
The cash flow implications relating to the exceptional items during the year
totalled #379,264, being redundancy #73,216, consulting costs #133,890 and other
administrative costs #172,158. The effect of exceptional items on the taxation
charge for 2006 is a charge of #128,144.
Included in cost of sales for the year ended 30 September 2005 is an exceptional
charge of #5,919,966. Of this #5,772,440 relates to a stock write down for
obsolescence and valuation considerations resulting from issues in the supply
chain management and stock purchase, categorisation and net realisable value
procedures. #147,526 relates to under declared duty as a result of the issues in
the supply chain management. A further #783,957 is included in administrative
expenses and relates to compensation costs paid to outgoing Directors as well as
consultants' costs and redundancy payments.
The cash flow implications relating to the exceptional items during 2005
totalled #4,443,996.
continued...
-9-
Auditors' remuneration
New requirements for the disclosure of remuneration paid by the company to its
auditors were introduced in the Companies (Audit, Investigation and Community
Enterprise) Act 2004 and regulations specifying these requirements were issues
in 2005, and are mandatory for accounting periods beginning on or after 1
October 2005.
2006 2005
# #
Audit services 36,750 38,918
Taxation services 12,000 35,200
Corporate finance services in relation to share placing 31,000 -
The corporate finance fees have been off set against the share premium arising
on the placing. Fees paid in 2005 to the former auditor have been excluded from
the above analysis.
3 Interest payable/(receivable) and similar charges
2006 2005
# #
Invoice discounting charges 18,555 211,031
Bank loan and overdraft interest 234,326 439,156
Finance lease interest 3,277 9,580
Exceptional credit - write down of debt (see note 2) (1,005,961) -
-------------------------
(749,803) 659,767
=========================
4 Taxation on profit on ordinary activities
2006 2005
# #
Current tax
UK corporation tax on profits of the year - (567,223)
Adjustment in respect of previous years - 761
---------------------------
Total current tax - (566,462)
Deferred tax
Origination and reversal of timing difference - (52,634)
Adjustment in respect of previous years - -
---------------------------
Taxation on loss on ordinary activities - (619,096)
===========================
continued...
-10-
The tax assessed for the year is different from the standard rate of corporation
tax in the UK of 30% (2005: 30%). The differences are reconciled below:
2006 2005
# #
(Loss) on ordinary activities before taxation (259,101) (9,515,388)
=========================
(Loss) on ordinary activities at the standard rate of (77,730) (2,854,616)
corporation tax in the UK of 30% (2005: 30%)
Effects of:
Expenses not allowable for tax purposes 7,561 7,536
Depreciation in excess of capital allowances 64,700 6,107
Adjustment to tax charge in respect of previous years - 761
Unrelieved losses carried forward 11,469 2,237,750
Other timing differences (6,000) 36,000
-------------------------
Current tax charge/(credit) for year - (566,462)
-------------------------
The company has estimated trading losses of #8,214,893 (2005: #7,459,166) offset
by other timing differences of #16,570 (2005: #215,597) available for offset
against future profits. The company has not recognised the deferred tax asset of
#2,459,497 (2005: #2,173,071) as it does not meet the recognition criteria for
FRS 19.
5 Earnings per share
Earnings per ordinary share have been calculated using the weighted average
number of shares in issue during the relevant financial years. These take into
account the issue of 659,200,000 ordinary shares of 0.1 pence on 13 March 2006
and the subsequent consolidation of every fifty issued and unissued ordinary
shares of 0.1 pence into one ordinary share of 5 pence each on 19 May 2006.
The weighted average number of equity shares in issue for the basic earnings per
share calculation is 7,792,639 (2005 restated: 493,036) and the earnings, being
(losses) after tax, are (#259,101) (2005: loss of #8,896,292).
The numerator for the diluted earnings per share disclosure is the same as the
basic earnings per share numerator. The options detailed in note 15 and
convertible loan note have been considered but are currently anti-dilutive.
The denominator for the diluted earnings per share disclosure is as follows:
2006 2005
Restated
Basic and diluted earnings per share denominator
ordinary shares of 5 pence 7,792,639 493,036
-------------------------
7,792,639 493,036
=========================
continued...
-11-
Earnings per share excluding exceptional items
The Directors have also disclosed, for clarity, both basic and fully diluted
earnings per share disclosures excluding exceptional items. For the purposes of
these ratios the denominators are no different to those as set out above. The
numerators for these additional ratios are (#686,249) (2005: #2,144,726) and
have been calculated as the earnings, being (losses) after tax, less exceptional
items (see note 2) for each year respectively. The effects of the exceptional
items are shown in the table below.
2006 2006 2006 2005 2005 2005
# #
Restated Restated Restated
Total Weighted Total Weighted
Earnings average Earnings average
no no
of shares Per Share of shares Per share
Basic EPS (259,101) 7,792,639 (3.32p) (8,896,292) 493,036 (1804.38p)
----------------------------------------------------------------
Diluted EPS (259,101) 7,792,639 (3.32p) (8,896,292) 493,036 (1804.38p)
----------------------------------------------------------------
Basic EPS (as
above) (259,101) 7,792,639 (3.32p) (8,896,292) 493,036 (1804.38p)
Effect of
stock write
down - - - 5,772,440 - 1170.79p
Effect of
under declared
duty - - - 147,526 - 29.92p
Effect of
compensation
to directors for
loss of office - - - 783,957 - 159.00p
Effect of
write down of
debt (1,005,961) - (12.91p) - - -
Effect of
redundancy
and other
restructuring
costs 569,042 - 7.30p - - -
Effect of loss
on disposal
of fixed
assets 9,771 - 0.12p 47,643 - 9.67p
----------------------------------------------------------------
Basic EPS
excluding
exceptional
items (686,249) 7,792,639 (8.81p) (2,144,726) 493,036 (435.00p)
================================================================
Diluted EPS
excluding
exceptional
items (686,249) 7,792,639 (8.81p) (2,144,726) 493,036 (435.00p)
================================================================
6 Debtors
2006 2005
# #
Trade debtors 1,269,645 1,384,539
Other debtors 471,442 584,954
------------------------------------------
1,741,087 1,969,493
==========================================
continued...
-12-
7 Creditors: amounts falling due within one year
2006 2005
# #
Invoice discounting facilities - 438,315
Bank and other loans and overdrafts (secured as per
note 8) 185,783 4,573,317
Trade creditors 625,182 698,202
Other taxation and social security 54,937 56,612
Obligations under finance lease and hire purchase
contracts 54,049 109,179
Other creditors 1,076,967 1,722,859
---------------------------
1,996,918 7,598,484
===========================
8 Creditors: amounts falling due after more than one year
2006 2005
# #
Bank loans (secured - see below) 6,250 41,417
Convertible loan note 1,000,000 -
Obligations under finance leases 16,090 59,117
Other creditor 93,750 -
--------------------------------
1,116,090 100,534
================================
The bank loans are secured by fixed and floating charges over the assets of the
company.
In March 2006, the company issued #1,000,000 of 7.5% convertible loan notes. Up
to #1,000,000 is redeemable on 13 March 2009 if not previously converted or
redeemed. The convertible loan notes carry interest at 7.5% p.a. payable
quarterly in arrears and are redeemable at any time by the company. The
repayment obligations are secured by a debenture over the assets of the company.
The holders of the loan notes may convert whole or part of their holding of
convertible loan notes into ordinary shares at any time at the price of 25p per
ordinary share. If the loan note was converted in full, it would result in the
issue of 4,000,000 ordinary shares.
2006 2005
# #
Bank and other loans are due:
In one year or less or on demand 185,783 5,011,632
In more than one year but not more than two years 6,250 35,167
In more than two years but not more than five years - 6,250
--------------------------
192,033 5,053,049
Less: amounts included within creditors less than
one year (185,783) (5,011,632)
--------------------------
6,250 41,417
==========================
Convertible loan notes
Obligations under convertible loan notes are due as follows:
2006 2005
# #
In more than two years but not more than five years 1,000,000 -
-------------------------
1,000,000 -
Less: amounts included within creditors less than one
year - -
-------------------------
1,000,000 -
=========================
continued...
-13-
Finance leases
Obligations under finance leases are due as follows:
2006 2005
# #
In one year or less 54,049 109,179
In more than one year but not more than two years 16,090 34,366
In more than two years but not more than five years - 24,751
-------------------------
70,139 168,296
Less: amounts included within creditors less than one
year (54,049) (109,179)
-------------------------
16,090 59,117
=========================
9 Reconciliation of movements in shareholders' funds
2006 2005
# #
Loss on ordinary activities after taxation for the
year (259,101) (8,896,292)
---------------------------
(259,101) (8,896,292)
Equity dividend paid - (266,359)
Nominal value of share capital issued 659,200 600
Premium arising on share issue (net of expenses) 2,407,781 179,400
---------------------------
Net addition to shareholders' funds 2,807,880 (8,982,651)
Opening shareholders' funds as previously reported (2,057,849) 6,658,443
Prior period effect of adoption of FRS 21 - 266,359
Opening shareholders funds as restated (2,057,849) 6,924,802
---------------------------
Closing shareholders' funds 750,031 (2,057,849)
===========================
10 Reconciliation of operating profit to net cash outflow from operating
activities
2006 2005
# #
Operating loss (999,133) (8,807,978)
Depreciation 243,719 246,006
Decrease in stocks 1,512,290 2,570,623
Decrease in debtors 228,406 6,335,359
(Decrease)/Increase in creditors (626,836) 424,361
----------------------------
Net cash inflow from operating activities 358,446 768,371
============================
continued...
-14-
11 Reconciliation of net cash inflow to movement in net debt
2006 2006 2005 2005
# # # #
Increase/(decrease) in cash
in the year 1,922,359 (1,091,123)
Cash outflow from changes in
debt and lease financing 1,076,276 861,856
-------- ---------
Change in net debt resulting
from cash flows 2,998,635 (229,267)
New finance leases - (68,802)
Other non cash movement 1,005,961 -
-------- ---------
Movement in net debt in the
year 4,004,596 (298,069)
Net debt at start of year (4,538,408) (4,240,340)
-------- ---------
Net debt at end of year (note 12) (533,812) (4,538,408)
======== =========
12 Analysis of net debt
At Cash Other At
1 October Flow non-cash 30 September
2005 # changes 2006
# # #
Cash in hand and at bank 682,936 45,424 - 728,360
Bank overdrafts (2,444,581) 1,438,620 1,005,961 -
Invoice discounting facility (438,315) 438,315 - -
-------------------------------------------------
(2,199,960) 1,922,359 1,005,961 728,360
Debt due after 1 year (41,417) (964,833) - (1,006,250)
Debt due within 1 year (2,128,736) 1,942,953 - (185,783)
Obligations under finance
leases (168,295) 98,156 - (70,139)
-------------------------------------------------
Total (4,538,408) 2,998,635 1,005,961 (533,812)
=================================================
13 Accounting Policies
The accounting policies applied are the same as in the previous financial year
except the company has adopted the presentation requirements of FRS25 -Financial
Instruments: disclosure and presentation, FRS 28 corresponding amounts and FRS
21 Events after the balance sheet date.
FRS 21 Events the balance sheet date require that dividends, which are proposed
after the balance sheet date to be disclosed and not recognised as a liability.
As a result of the adoption of the standard, retained earnings have increased by
#266,359 as at 30 September 2004. There was no effect on reported profit after
tax for 2005 or 2006.
14 Publication of non-statutory accounts
The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information set out in this announcement is extracted from
the Company financial statements for the year ended 30 September 2006, the
auditor's report on which has yet to be signed. The statutory accounts for 30
September 2006 are yet to be delivered to the registrar.
15 The Report & Accounts will be posted to shareholders. Further copies will
also be available from the Company's Office: Satellite House, City Park, Welwyn
Garden City, Herts. AL7 1LY and will be posted on the Company's web-site:
www.centurionsystems.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FEAFMASMSELF
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