Interim Results -14-
24 Diciembre 2009 - 1:01AM
UK Regulatory
+------------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Loss for the period | (2,766) | (456) | (2,119) |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Adjustments for: | | | |
+------------------------------------------------+------------+------------+------------+
| Depreciation on property, plant and equipment | 431 | 459 | 981 |
+------------------------------------------------+------------+------------+------------+
| Gain on disposal of plant and equipment | - | (17) | - |
+------------------------------------------------+------------+------------+------------+
| Loss on disposal of intangible assets | - | - | 3 |
+------------------------------------------------+------------+------------+------------+
| Gain on disposal of intangible assets | - | (446) | (1,341) |
+------------------------------------------------+------------+------------+------------+
| Share-based payment expense | - | - | (5) |
+------------------------------------------------+------------+------------+------------+
| Restructuring fees | - | 125 | - |
+------------------------------------------------+------------+------------+------------+
| Amortisation on intangible assets | 3 | 2 | 10 |
+------------------------------------------------+------------+------------+------------+
| Impairment of goodwill | 2,477 | - | - |
+------------------------------------------------+------------+------------+------------+
| Decrease in provisions | (551) | (166) | (271) |
+------------------------------------------------+------------+------------+------------+
| Impairment of investment property | - | - | 60 |
+------------------------------------------------+------------+------------+------------+
| Taxation (Income) | (46) | - | (197) |
+------------------------------------------------+------------+------------+------------+
| Net finance costs | 124 | 215 | 648 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Operating cash flows before movements in | (328) | (284) | (2,231) |
| working capital | | | |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| (Increase) / decrease in inventories | (258) | 403 | 1,805 |
+------------------------------------------------+------------+------------+------------+
| (Increase) / decrease in receivables | (1,862) | (154) | 523 |
+------------------------------------------------+------------+------------+------------+
| Increase in payables | 660 | 500 | 878 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Net movement in working capital | (1,460) | 749 | 3,206 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Cash (consumed) / generated by operations | (1,788) | 465 | 975 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Income tax paid | (8) | (221) | (289) |
+------------------------------------------------+------------+------------+------------+
| Interest paid | (104) | (237) | (595) |
+------------------------------------------------+------------+------------+------------+
| Interest element of finance lease rental | (12) | (3) | (16) |
| payments | | | |
+------------------------------------------------+------------+------------+------------+
| Interest received | - | 2 | 4 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------------+------------+------------+------------+
| Net cash from operating activities | (1,912) | 6 | 79 |
+------------------------------------------------+------------+------------+------------+
| | __ | __ | __ |
| | | | |
+------------------------------------------------+------------+------------+------------+
Notes to the financial statements
For the six months ended 30 September 2009
7. Goodwill
Intangible assets consist of goodwill, patents and licences acquired through
business combinations. These assets have indefinite useful lives, as they relate
to the Group's marketed brands. Licences have been granted for a minimum of 10
years with the option of renewal based on whether the Group meets performance
targets during the initial term. Because similar licences have been successfully
renewed in the past, the Group has concluded that these assets have an
indefinite useful life.
After carefully estimating the carrying value of the goodwill at the balance
sheet date, the financial assumptions used and the present value of the cash
generating unit the book value was identified as being impaired. Consequently
the book value of the goodwill was reduced by GBP2.5m to reflect the carrying
value as at the balance sheet date.
With effect from 1 April 2006, the date of transition to IFRS, goodwill was no
longer amortised but is now subject to annual impairment testing. Value in use
is calculated as the net present value of the projected risk-adjusted cash flows
of the cash generating unit to which goodwill is allocated. The cash flow
projections are based on current year business plan approved by management and
estimates for the next 14 years. The discount rate applied may vary depending on
the risk profile of the asset being valued but is 15% (2009: 11%) which is the
Group's average pre-tax discount rate derived from a capital asset pricing
model. The increase in the Group\'s discount rate resulted from the current
difficult retail economic climate.
The directors are of the view that the impairment should be based on a 15 year
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