TIDMGNE
RNS Number : 0984P
GNE Group PLC
19 March 2009
+------------------------------------+------------------------------------+
| Embargoed for 7.00am | 19 March 2009 |
+------------------------------------+------------------------------------+
GNE Group plc
("GNE" or "the Group")
Preliminary Unaudited Results
GNE Group plc (AIM:GNE) announces its unaudited Preliminary Results for the year
ended 31 December 2008.
Financial highlights
+--+------------------------------------------------------------------------+
| -| Profit before tax of GBP14,566,000 (2007: GBP1,028,000) |
+--+------------------------------------------------------------------------+
| -| Revenue GBP168,193,000 (2007: GBP166,659,000) |
+--+------------------------------------------------------------------------+
| -| Group net assets up 53% to GBP36,773,000 (2007: GBP24,031,000) |
+--+------------------------------------------------------------------------+
| -| Basic earnings per share (EPS): 95 pence (2007: 6.3 pence) |
+--+------------------------------------------------------------------------+
Operational highlights
+--+------------------------------------------------------------------------+
| -| Disposal of petrol retailing business and sites at a profit of |
| | GBP17,338,000 in October 2008 |
+--+------------------------------------------------------------------------+
| -| Cash and cash equivalents at 31 December 2008 of GBP36,677,000 |
+--+------------------------------------------------------------------------+
Since the period end
+--+------------------------------------------------------------------------+
| -| Recommended cash offer for 190 pence per ordinary share on 13 March |
| | 2009 |
+--+------------------------------------------------------------------------+
Commenting on the Results, David Port, Chairman of GNE Group plc, said:
"Throughout the period the Board has focused on delivering shareholder value,
specifically through the improvement in the quality of its petrol stations which
culminated in the sale of Petrol Express in October 2008 for over GBP50 million.
Since the period end, the Board has recommended to shareholders a cash offer
received on 13 March 2009."
For further information:
+------------------------------------------+----------------------------+
| GNE Group plc | |
+------------------------------------------+----------------------------+
| David Port, Chairman | Tel: +44 (0) 7836 693 798 |
+------------------------------------------+----------------------------+
| info@gnegroup.co.uk | www.gnegroup.co.uk |
+------------------------------------------+----------------------------+
+------------------------------------------+----------------------------+
| Seymour Pierce | |
+------------------------------------------+----------------------------+
| Richard Feigen / Sarah Jacobs | Tel: +44 (0) 20 7107 8000 |
+------------------------------------------+----------------------------+
| sarahjacobs@seymourpierce.com | www.seymourpierce.com |
+------------------------------------------+----------------------------+
Media enquiries:
+------------------------------------------+----------------------------+
| Abchurch | |
+------------------------------------------+----------------------------+
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7709 |
+------------------------------------------+----------------------------+
| henry.ht@abchurch-group.com | www.abchurch-group.com |
+------------------------------------------+----------------------------+
Chairman's Statement
2008 has seen the culmination of a strategy that evolved towards the end of
2006, when the Board decided that more shareholder value could be delivered by
divesting all of the Group's non-core assets and utilising the cash generated,
together with an issue of shares to the vendor to acquire the remaining 49.9% of
Petrol Express that GNE did not own. During 2007 GNE was refinanced, the quality
of the Group's petrol stations improved, and new sites acquired. Early in 2008,
GNE was approached by a number of companies attracted by the quality of Petrol
Express's petrol stations and who saw the market potential in the petrol
retailing sector. Negotiations continued throughout the summer until the Board
received an offer which was considered to reflect a full valuation of the
Group's portfolio.
In October 2008 the Company completed the disposal of GNE's major operating
subsidiary Petrol Express Limited for GBP51.66 million which led to an increase
in GNE's net assets of around 53% to GBP36.8 million. The Board believes this to
have been a significant achievement especially in the light of the growing
financial turmoil in global markets. It should also be noted that although still
trading at a discount to net assets GNE's share price has substantially
outperformed the FTSE 100, FTSE, and AIM 100 indices.
On Friday 13 March 2009 Norcliffe Investments Limited made an offer of 190 pence
in cash for each GNE ordinary share, valuing the Company at GBP26.4 million. An
offer document will be posted to Shareholders by 10 April 2009 and they will
then have an opportunity to decide whether or not to accept this offer. For the
reasons set out in the announcement made to the market on 13 March 2009 and sent
to Shareholders, the Board has recommended GNE Shareholders accept the offer.
I would like to take this opportunity to thank all of the staff and Directors of
GNE and its subsidiaries for their hard work and dedication during the past
year.
David Port
Chairman
19 March 2009
Consolidated Income Statement
Year ended 31 December 2008
+---------------------------------------------+--------+-----------------+-----------------+
| | | Year | Year |
+---------------------------------------------+--------+-----------------+-----------------+
| | | Ended | Ended |
| | | 31.12.08 | 31.12.07 |
+---------------------------------------------+--------+-----------------+-----------------+
| | | Unaudited | Audited |
+---------------------------------------------+--------+-----------------+-----------------+
| | Note | GBP000 | GBP000 |
+---------------------------------------------+--------+-----------------+-----------------+
| Revenue | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | 8,376 | 8,757 |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | 159,817 | 157,902 |
+---------------------------------------------+--------+-----------------+-----------------+
| | | 168,193 | 166,659 |
+---------------------------------------------+--------+-----------------+-----------------+
| Cost of sales | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | (7,988) | (8,335) |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | (156,116) | (154,496) |
+---------------------------------------------+--------+-----------------+-----------------+
| | | (164,104) | (162,831) |
+---------------------------------------------+--------+-----------------+-----------------+
| Gross profit | | 4,089 | 3,828 |
+---------------------------------------------+--------+-----------------+-----------------+
| Administrative expenses | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing | 3 | (3,921) | (753) |
| operations - includes | | | |
| exceptional items of | | | |
| GBP(2,757,000)Dr | | | |
| (2007 - GBP133,000)Cr | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued | 3 | (2,098) | (1,607) |
| operations - includes | | | |
| exceptional items of | | | |
| GBPnil (2007 - | | | |
| GBP167,000)Cr | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - acquisition of TRS Developments | | (38) | - |
| Limited | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| | | (6,057) | (2,360) |
+---------------------------------------------+--------+-----------------+-----------------+
| Operating (loss)/profit | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | (3,533) | (331) |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | 1,603 | 1,799 |
+---------------------------------------------+--------+-----------------+-----------------+
| - acquisition of TRS Developments | | (38) | - |
| Limited | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| Group operating (loss)/profit | | (1,968) | 1,468 |
+---------------------------------------------+--------+-----------------+-----------------+
| Gain on sale of subsidiary | | 17,338 | - |
+---------------------------------------------+--------+-----------------+-----------------+
| Share of associated undertakings' | | (9) | 87 |
| (losses)/profits | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| Share of operating loss in joint | | (32) | (3) |
| ventures | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| Gain on sale/write down of | | 1 | 17 |
| non-current assets | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| Finance costs | | (1,079) | (642) |
+---------------------------------------------+--------+-----------------+-----------------+
| Finance income | | 315 | 101 |
+---------------------------------------------+--------+-----------------+-----------------+
| Profit/(loss) before taxation | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | (3,281) | (183) |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | 17,897 | 1,211 |
+---------------------------------------------+--------+-----------------+-----------------+
| - acquisition of TRS Developments | | (50) | - |
| Limited | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| | | 14,566 | 1,028 |
+---------------------------------------------+--------+-----------------+-----------------+
| Taxation | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | (47) | (58) |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | (1,178) | (98) |
+---------------------------------------------+--------+-----------------+-----------------+
| | | (1,225) | (156) |
+---------------------------------------------+--------+-----------------+-----------------+
| Profit/(loss) after taxation and | | | |
| for the year | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| - continuing operations | | (3,328) | (241) |
+---------------------------------------------+--------+-----------------+-----------------+
| - discontinued operations | | 16,719 | 1,113 |
+---------------------------------------------+--------+-----------------+-----------------+
| - acquisition of TRS Developments | | (50) | - |
| Limited | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| | | 13,341 | 872 |
+---------------------------------------------+--------+-----------------+-----------------+
| Earnings/(loss) per share | | |
+------------------------------------------------------+-----------------+-----------------+
| Basic - continuing operations | 4 | (24)p | (1.7)p |
+---------------------------------------------+--------+-----------------+-----------------+
| - | 4 | 119p | 8.0p |
| discontinued | | | |
| operations | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| | | 95p | 6.3p |
+---------------------------------------------+--------+-----------------+-----------------+
| Diluted - continuing operations | 4 | (24)p | (1.7)p |
+---------------------------------------------+--------+-----------------+-----------------+
| - | 4 | 119p | 7.9p |
| discontinued | | | |
| operations | | | |
+---------------------------------------------+--------+-----------------+-----------------+
| | | 95p | 6.2p |
+---------------------------------------------+--------+-----------------+-----------------+
Consolidated Balance Sheet
As at 31 December 2008
+-------------------------------------+--------+-----------------+-----------------+
| | | 31.12.08 | 31.12.07 |
+-------------------------------------+--------+-----------------+-----------------+
| | | Unaudited | Audited |
+-------------------------------------+--------+-----------------+-----------------+
| | | GBP000 | GBP000 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Non-current assets | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Goodwill | | 550 | 2,012 |
+-------------------------------------+--------+-----------------+-----------------+
| Investment properties | | 1,708 | - |
+-------------------------------------+--------+-----------------+-----------------+
| Properties, plant and equipment | | - | 42,485 |
+-------------------------------------+--------+-----------------+-----------------+
| Trade investments | | 4 | 4 |
+-------------------------------------+--------+-----------------+-----------------+
| Net investment in associated | | - | 9 |
| undertakings | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Joint venture undertakings | | | |
+-------------------------------------+--------+-----------------+-----------------+
| - share of assets | | 471 | 1,241 |
+-------------------------------------+--------+-----------------+-----------------+
| - share of liabilities | | (499) | (1,267) |
+-------------------------------------+--------+-----------------+-----------------+
| Total non-current assets | | 2,234 | 44,484 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Current assets | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Inventories | | 67 | 3,896 |
+-------------------------------------+--------+-----------------+-----------------+
| Trade and other receivables | | 1,056 | 3,875 |
+-------------------------------------+--------+-----------------+-----------------+
| Cash and cash equivalents | | 36,677 | 2,605 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Total current assets | | 37,800 | 10,376 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Current liabilities | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Financial liabilities - borrowings | | (1,234) | (204) |
+-------------------------------------+--------+-----------------+-----------------+
| Trade and other payables | | (980) | (13,210) |
+-------------------------------------+--------+-----------------+-----------------+
| Current tax liabilities | | (1,047) | (200) |
+-------------------------------------+--------+-----------------+-----------------+
| Total current liabilities | | (3,261) | (13,614) |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Net current assets/(liabilities) | | 34,539 | (3,238) |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Non-current liabilities | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Financial liabilities - borrowings | | - | (13,376) |
+-------------------------------------+--------+-----------------+-----------------+
| Deferred tax liabilities | | - | (3,839) |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Total non-current liabilities | | - | (17,215) |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Net assets | | 36,773 | 24,031 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Equity | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| Share capital | | 3,523 | 3,523 |
+-------------------------------------+--------+-----------------+-----------------+
| Share premium account | | 13,382 | 13,382 |
+-------------------------------------+--------+-----------------+-----------------+
| Revaluation reserve | | - | 4,855 |
+-------------------------------------+--------+-----------------+-----------------+
| Share option reserve | | - | 401 |
+-------------------------------------+--------+-----------------+-----------------+
| Retained earnings | | 19,868 | 1,870 |
+-------------------------------------+--------+-----------------+-----------------+
| | | | |
+-------------------------------------+--------+-----------------+-----------------+
| | | 36,773 | 24,031 |
+-------------------------------------+--------+-----------------+-----------------+
Consolidated Cash Flow Statement
Year ended 31 December 2008
+------------------------------------+--+--+------+-----------------+-----------------+
| | | | Year | Year |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | ended | Ended |
| | | | 31.12.08 | 31.12.07 |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | Unaudited | Audited |
+---------------------------------------+--+------+-----------------+-----------------+
| | |Note | GBP000 | GBP000 |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Cash inflow from operating activities | | 7 | 914 | 392 |
+---------------------------------------+--+------+-----------------+-----------------+
| Income tax paid | | | (131) | (172) |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Net cash generated from operating | | | 783 | 220 |
| activities | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Investing activities | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Finance income | | | 107 | 72 |
+---------------------------------------+--+------+-----------------+-----------------+
| Proceeds on sale of associated | | | - | 997 |
| undertaking | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Associated undertaking's share buy | | | - | 1,344 |
| back | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Purchase of property, plant and | | | (869) | (2,422) |
| equipment | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Proceeds on sale of | | | 1,068 | 790 |
| property, plant and | | | | |
| equipment | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Loan repaid by associated undertaking | | | - | 132 |
+---------------------------------------+--+------+-----------------+-----------------+
| Acquisition of | | | (1,313) | (8,374) |
| subsidiary including | | | | |
| assumption of debt, net | | | | |
| of cash acquired | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Disposal of subsidiary, | | | 34,796 | - |
| including repayment of | | | | |
| debt, net of cash | | | | |
| disposed of | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Net cash | | | 33,789 | (7,461) |
| generated/(used) in | | | | |
| investing activities | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Financing activities | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Repayment of borrowings | | | (1,279) | (8,604) |
+---------------------------------------+--+------+-----------------+-----------------+
| Drawdown of borrowings | | | 2,445 | 15,590 |
+---------------------------------------+--+------+-----------------+-----------------+
| Proceeds on issue of shares | | | - | 100 |
+---------------------------------------+--+------+-----------------+-----------------+
| Finance costs | | | (895) | (556) |
+---------------------------------------+--+------+-----------------+-----------------+
| Dividend paid | | | (137) | (37) |
+---------------------------------------+--+------+-----------------+-----------------+
| Payment of debt issue costs | | | - | (107) |
+---------------------------------------+--+------+-----------------+-----------------+
| Payment for cancellation | | | (634) | - |
| of share options through | | | | |
| share option reserve | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Net cash (used)/generated in | | | (500) | 6,386 |
| financing activities | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Net increase/(decrease) in cash and | | | 34,072 | (855) |
| cash equivalents | | | | |
+---------------------------------------+--+------+-----------------+-----------------+
| Cash and cash equivalents at beginning | | 2,605 | 3,460 |
| of year | | | |
+------------------------------------------+------+-----------------+-----------------+
| | | | | |
+------------------------------------+-----+------+-----------------+-----------------+
| Cash and cash equivalents at end of year | | 36,677 | 2,605 |
+------------------------------------------+------+-----------------+-----------------+
| | | | | |
+------------------------------------+-----+------+-----------------+-----------------+
| The net cash flows | | | | |
| for operating, | | | | |
| financing and | | | | |
| investing activities | | | | |
| for discontinued | | | | |
| operations were: | | | | |
+------------------------------------+-----+------+-----------------+-----------------+
| Net operating cash flows | | | 801 | 883 |
+------------------------------------+-----+------+-----------------+-----------------+
| Net investing cash flows | | | (633) | (9,903) |
+------------------------------------+-----+------+-----------------+-----------------+
| Net financing cash flows | | | 170 | 7,786 |
+------------------------------------+-----+------+-----------------+-----------------+
| | | | 338 | (1,234) |
+------------------------------------+--+--+------+-----------------+-----------------+
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Consolidated Statement of Changes in Shareholder' Equity |
+------------------------------------------------------------------------------------------------------------------------------+
| Year ended 31 December 2008 | | | | |
+---------------------------------------------------------------------------+---------------+----------+------------+----------+
| | | | | Share | Share | Revaluation | Share | Retained | |
| | | | | | | | option | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | | capital | premium | reserve | reserve | Earnings | Total |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Balance at 1 January 2007 | | 3,460 | 13,345 | 4,224 | 370 | 927 | 22,326 |
+----------------------------------+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Gain on revaluing properties | - | - | 718 | - | - | 718 |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Related deferred tax | | | - | - | 54 | - | - | 54 |
+------------------------------+---+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | - | - | 772 | - | - | 772 |
+------------------------------+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Profit for the year | | | - | - | - | - | 872 | 872 |
+------------------------------+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Transfer revaluation reserve on disposal of | - | - | (141) | - | 141 | - |
| properties in the year | | | | | | |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Total recognised income and expense | - | - | 631 | - | 1,013 | 1,644 |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Share-based payments | - | - | - | 31 | - | 31 |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Payment of dividend (0.5p per ordinary share) | - | - | - | - | (70) | (70) |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Issue of ordinary shares under employee share | 63 | 37 | - | - | - | 100 |
| option scheme | | | | | | |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Balance at 1 January 2008 | | 3,523 | 13,382 | 4,855 | 401 | 1,870 | 24,031 |
+----------------------------------+---------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Deficit on revaluation of properties | - | - | (51) | - | 51 | - |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Profit for the year | | | - | - | - | - | 13,341 | 13,341 |
+------------------------------+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Transfer revaluation reserve on disposal of | - | - | (168) | - | 168 | - |
| properties in the year | | | | | | |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Disposal of subsidiary | | - | - | (4,636) | - | 4,636 | - |
+----------------------------------+---------------+-----------+------------+---------------+----------+------------+----------+
| Total recognised income and expense | - | - | (4,855) | - | 18,196 | 13,341 |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Share-based payments | - | - | - | 176 | - | 176 |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Payment of dividend (1.0p per | | - | - | - | - | (141) | (141) |
| ordinary share) | | | | | | | |
+----------------------------------+---------------+-----------+------------+---------------+----------+------------+----------+
| Cancellation of share options | - | - | - | (634) | - | (634) |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| Transfer of debit balance on share option | - | - | - | 57 | (57) | - |
| reserve to retained income | | | | | | |
+--------------------------------------------------+-----------+------------+---------------+----------+------------+----------+
| | | | | | | | | | |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
| Balance at 31 December 2008 | | 3,523 | 13,382 | - | - | 19,868 | 36,773 |
+--------------------------+---+---+---------------+-----------+------------+---------------+----------+------------+----------+
Notes to the Financial Information
Year ended 31 December 2008
1 General information
The financial information set out in this announcement does not constitute the
Company's statutory accounts as defined in Sections 240 of the Companies Act
1985 for the years ended 31 December 2008 and 2007. Whilst the financial
information included in this preliminary announcement has been prepared in
accordance with International Financial Reporting Standards (IFRS) this
announcement itself does not contain sufficient financial information to comply
with IFRS. A copy of the statutory accounts prepared under IFRS for the year
ended 31 December 2007 has been delivered to the Registrar of Companies and
those for the year ended 31 December 2008 will be issued to shareholders prior
to the Company's Annual General Meeting. The Company expects to publish its
Annual Report and full financial statements for the year ended 31 December 2008
that comply with IFRS. The announcement has been agreed with the auditors and
was approved by the Board of Directors on 18 March 2009. Whilst the auditors
have not yet reported on the financial statements for the year ended 31 December
2008, they anticipate issuing an unqualified report which will not contain
statements under section 237 (2) or (3) of the Companies Act 1985. The auditors
issued an unqualified report in respect of the financial statements for the year
ended 31 December 2007 under IFRS.
2 Basis of preparation
The Group financial information has been prepared in accordance with the
accounting policies adopted by the Group which are consistent with those adopted
in the financial statements for the year ended 31 December 2007 and with the
recognition and measurement criteria of International Financial Reporting
Standards (IFRS) as adopted for use in the European Union. The Group financial
statements consolidate the financial statements of the Company and all operating
subsidiaries.
3 Exceptional items
+---------------------------------------+-------------------+-------------------+
| | Year | Year |
+---------------------------------------+-------------------+-------------------+
| | Ended | ended |
| | 31.12.08 | 31.12.07 |
+---------------------------------------+-------------------+-------------------+
| | GBP000 | GBP000 |
+---------------------------------------+-------------------+-------------------+
| Continuing operations - impairment of | (940) | - |
| goodwill | | |
+---------------------------------------+-------------------+-------------------+
| Continuing operations | (1,817) | - |
| - impairment of | | |
| investment properties | | |
+---------------------------------------+-------------------+-------------------+
| Continuing operations - | - | 133 |
| profit on associated | | |
| undertaking's share buy | | |
| back | | |
+---------------------------------------+-------------------+-------------------+
| Discontinued operations | - | 167 |
| - surplus on revaluation | | |
| of properties | | |
+---------------------------------------+-------------------+-------------------+
| | (2,757) | 300 |
+---------------------------------------+-------------------+-------------------+
Exceptional items are material items of expense which derive from events or
transactions which are not in the normal course of business and which
individually or, if of a similar type, in aggregate, need to be disclosed by
virtue of their size or incidence in order for the user to obtain a full
understanding of the Group's financial performance.
4Basic earnings/(loss) per ordinary share and diluted earnings/(loss) per
ordinary share
The calculation of basic earnings/(loss) per share is based on continuing
operations - loss after taxation of GBP(3,378,000) (2007 - GBP(241,000)),
discontinued operations - profit after taxation of GBP16,719,000 (2007 -
GBP1,113,000) and on 14,094,266 ordinary shares (2007 - 13,928,101), being the
weighted average number of ordinary shares in issue during the year.
The calculation of diluted earnings/(loss) per share is based on continuing
operations - loss after taxation of GBP(3,378,000) (2007 - GBP(241,000)),
discontinued operations - profit after taxation of GBP16,719,000 (2007 -
GBP1,113,000) and on 14,094,266 ordinary shares (2007 - 14,006,585), being the
weighted average number of ordinary shares in issue and dilutive share options
outstanding during the year.
5Disposal of Petrol Express Limited
On 29 October 2008, the Group completed the sale of 100% of the share capital of
Petrol Express Limited and its subsidiaries Thames Rico Limited, Thames Rico
Service Stations Limited, Freeheart Limited and Bond Hamill Limited. The
disposal is analysed as follows:
+-------------------------------------------------------------------------------+------------------------+
| | GBP000 |
+-------------------------------------------------------------------------------+------------------------+
| Net assets disposed of | |
+-------------------------------------------------------------------------------+------------------------+
| Goodwill | 632 |
+-------------------------------------------------------------------------------+------------------------+
| Properties, plant and equipment | 40,391 |
+-------------------------------------------------------------------------------+------------------------+
| Inventories | 2,758 |
+-------------------------------------------------------------------------------+------------------------+
| Trade and other receivables | 1,949 |
+-------------------------------------------------------------------------------+------------------------+
| Cash and cash equivalents | 527 |
+-------------------------------------------------------------------------------+------------------------+
| Bank and other loans | (14,867) |
+-------------------------------------------------------------------------------+------------------------+
| Trade and other payables | (9,550) |
+-------------------------------------------------------------------------------+------------------------+
| Deferred tax liabilities | (3,855) |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Net assets | 17,985 |
+-------------------------------------------------------------------------------+------------------------+
| Profit on disposal | 17,338 |
+-------------------------------------------------------------------------------+------------------------+
| | 35,323 |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Satisfied by: | |
+-------------------------------------------------------------------------------+------------------------+
| Cash from purchaser | 36,748 |
+-------------------------------------------------------------------------------+------------------------+
| Costs associated with the disposal | (1,425) |
+-------------------------------------------------------------------------------+------------------------+
| | 35,323 |
+-------------------------------------------------------------------------------+------------------------+
The profit attributable to the members of the parent company includes profits of
GBP646,000 generated by Petrol Express Limited up to the date of 29 October
2008.
6 Acquisition of TRS Developments Limited
On 30 September 2008, the company acquired the other 50% of the share capital of
TRS Developments Limited, which it did not already own. The acquisition has been
accounted for by the acquisition method.
Further details are set out below:
+-------------------------------------------------------------------------------+------------------------+
| | GBP000 |
+-------------------------------------------------------------------------------+------------------------+
| Net assets stated at cost and fair values at date of acquisitions | |
+-------------------------------------------------------------------------------+------------------------+
| Investment properties | 1,673 |
+-------------------------------------------------------------------------------+------------------------+
| Other receivables | 5 |
+-------------------------------------------------------------------------------+------------------------+
| Cash and cash equivalents | 26 |
+-------------------------------------------------------------------------------+------------------------+
| Other payables | (522) |
+-------------------------------------------------------------------------------+------------------------+
| Bank loans | (1,241) |
+-------------------------------------------------------------------------------+------------------------+
| Net liabilities | (59) |
+-------------------------------------------------------------------------------+------------------------+
| Reclassification from investments - joint ventures | 30 |
+-------------------------------------------------------------------------------+------------------------+
| Goodwill arising on acquisition | 134 |
+-------------------------------------------------------------------------------+------------------------+
| | 105 |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Satisfied by: | |
+-------------------------------------------------------------------------------+------------------------+
| Cash to the vendor | 105 |
+-------------------------------------------------------------------------------+------------------------+
The summarised income statement for TRS Developments Limited for the period 1
January 2008 to 30 September 2008 is as follows:
+-------------------------------------------------------------------------------+------------------------+
| | GBP000 |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Revenue | 39 |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Operating profit | 43 |
+-------------------------------------------------------------------------------+------------------------+
| Finance costs | (51) |
+-------------------------------------------------------------------------------+------------------------+
| | |
+-------------------------------------------------------------------------------+------------------------+
| Loss before and after taxation and loss for period | (8) |
+-------------------------------------------------------------------------------+------------------------+
The loss attributable to the members of TRS Developments Limited for the year
ended 31 December 2007 was GBP52,000.
7Reconciliation of operating (loss)/profit to cash inflow from operating
activities
+--------------------------------------------+----------------+----------------+
| | Year | Year |
+--------------------------------------------+----------------+----------------+
| | ended | ended |
| | 31.12.08 | 31.12.07 |
+--------------------------------------------+----------------+----------------+
| | GBP000 | GBP000 |
+--------------------------------------------+----------------+----------------+
| | | |
+--------------------------------------------+----------------+----------------+
| Operating (loss)/profit | (1,968) | 1,468 |
+--------------------------------------------+----------------+----------------+
| Deficit/(surplus) on revaluation of | 1,817 | (167) |
| properties | | |
+--------------------------------------------+----------------+----------------+
| Profit on associated undertakings share | - | (133) |
| buy back | | |
+--------------------------------------------+----------------+----------------+
| Depreciation and impairment charges | 1,208 | 318 |
+--------------------------------------------+----------------+----------------+
| Decrease/(increase) in inventories | 1,071 | (984) |
+--------------------------------------------+----------------+----------------+
| Decrease/(increase) in trade and other | 1,084 | (597) |
| receivables | | |
+--------------------------------------------+----------------+----------------+
| (Decrease)/increase in trade and other | (2,474) | 456 |
| payables | | |
+--------------------------------------------+----------------+----------------+
| Share option compensation | 176 | 31 |
+--------------------------------------------+----------------+----------------+
| Net cash inflow from operating activities | 914 | 392 |
+--------------------------------------------+----------------+----------------+
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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