Interim Results
29 Março 2006 - 4:02AM
UK Regulatory
RNS Number:5615A
Hot Tuna (International) plc
29 March 2006
29th March 2006
Hot Tuna (International) PLC
("Hot Tuna" or "The Company")
Interim Group Results for the period 3rd March to 31st December 2005
The Directors of Hot Tuna (International) PLC have pleasure in presenting the
Company's interim report for the period ending 31st December 2005.
Highlights
* AIM admission - September 2005 - #1.9million raised
* Acquisition of 51% of USA joint venture company, Hot Tuna
International Inc. - November 2005
* Appointment of Marcus Gracey (ex- Quicksilver) as Managing Director -
November 2005
* Acquisition of 75 per cent interest in Map Print Ltd ("Map"), a UK
street wear brand - December 2005
Post interim period events
* February 2006 #2.5 million raised
* Successfully opened the Hot Tuna Core Store within the world's largest
surf complex at Coco Beach, Florida
* January 2006 - sponsorship of first ASP sanctioned surf competition
since listing on AIM, the 'Hot Tuna Summer Classic' held in Australia
Ranjit Murugason, Chairman of Hot Tuna (International) PLC, commented: "Since
Listing the Company has been re-establishing itself as a significant
international surf lifestyle brand, focusing its sales and marketing drive in
its three core and strategic markets: the United States, Australia and the
United Kingdom. The company intends to benefit from the significant economies
of scale available to it in relation to design, marketing and production and
will focus on product quality and design to drive sales in its key markets. We
look forward to a rewarding future for all our stakeholders."
Hot Tuna International Plc Nabarro Wells Parkgreen Communications
Ranjit Murugason, Chairman Hugh Oram Justine Howarth / Victoria Thomas
+44 20 7016 5100 +44 20 7710 7400 +44 20 7493 3713
ranjit@hottuna.com.au victoria.thomas@parkgreenmedia.com
Hot Tuna (International) Plc
Interim Report for the period ending 31st December 2005
Chairman's Statement
Operational Review
Since listing on AIM in September 2005, Hot Tuna International Plc (the "Company
") has been re-establishing itself as a significant international surf lifestyle
brand. The Company has been focusing its sales and marketing drive in its three
core and strategic markets, namely, United States, Australia and the United
Kingdom.
In November 2005, the Company exercised its option to acquire a 51 per cent
controlling interest in the Company's licensee business for the USA. As part of
this transaction, the parties activated a new joint venture company, Hot Tuna
International Inc., of which the Company now owns 51%. The development of the
Company's business in the United States is a priority and taking control in this
market provides the Company with the opportunity to enjoy greater returns in the
largest surf lifestyle market in the world. In March 2006, Hot Tuna
successfully opened the Hot Tuna Core Store, a concept retail store at Coco
Beach, Florida. The Core Store is located within the world's largest surf
complex which is owned and operated by the Coco Beach Surf Company.
In December 2005, the company completed the acquisition of a 75 per cent
interest in Map Print Ltd ("Map"), a UK street wear brand. In addition to the
opportunities associated with growing the MAP brand within the UK and
internationally, Map's infrastructure, current account base and strong
positioning as a youth street wear brand has allowed Hot Tuna to fast track its
penetration in the United Kingdom market. The acquisition of Map gives the
Company access to significant design and marketing intellectual capital relevant
to both the Map and Hot Tuna businesses in the United Kingdom and Europe.
On 30 November, 2005, the Company also welcomed Marcus Gracey as Managing
Director. Marcus brings a wealth of experience to Hot Tuna having previously
been a senior executive with surf lifestyle giant Quiksilver in Australia & Asia
Pacific. Marcus's extensive international corporate and operational experience
in the surf lifestyle market has been a significant addition to the board and
the operations of the Company.
Consistent with the Company's roots as a core surf lifestyle brand, Hot Tuna is
continuing to support the sport of surfing through sponsoring athletes, events
and grass roots surfing and surf schools. The Company, in January 2006,
sponsored its first ASP sanctioned surf competition since listing on AIM, the '
Hot Tuna Summer Classic' held in Australia's Mornington Peninsula in the state
of Victoria.
Results Summary
The Company's aggressive global launch and subsequent expansion has resulted in
high cash expenditures in the period to 31 December 2005. The group loss for
the period was #541,000. Revenues for the period were #109,000. MAP sales
accounted for #16,000 of revenues and licensee revenues receivable contributed
#93,300. Employee and consultancy costs during the period were #280,000,
reflecting the company's commitment to employing the right people, and building
the infrastructure required to enter three markets in 2006 with the launch of
the Company's premiere full range for the Spring and Summer 2007 seasons.
Marketing, events and public relations costs were #81,000 as the company
continues to seek brand building opportunities, both locally and overseas.
In order to streamline the accounting periods of the consolidating entities the
company is changing its accounting reference date from 31 March 2006 to 30 June
2006.
Funding
On admission to AIM, the Company placed 3,801,000 new Ordinary shares at 50p per
share to raise #1,900,500 (gross).
Subsequent to the period end we completed the placing of 5,000,000 new Ordinary
Shares at a price of 50p per share to raise #2,500,000 (gross) of new capital
for the Company. For each two new ordinary shares issued the subscribers
received one warrant exercisable at 60p over the next 24 months. These shares
were placed with two UK institutional investors, one US institutional investor
and one EU institutional investor.
Objectives and strategy
The Company's short term focus is to integrate and consolidate its business
operations in Australia, the United Kingdom and North America so that the
company is able to benefit from the significant economies of scale available to
it in relation to design, marketing and production. The Company is also
establishing a sourcing operation in Hong Kong and China and is investing in
associated supply chain logistics systems and processes with a view to
manufacturing a majority of its product in China where significant competitive
product margins are available. In addition to progressing its licensee program
outside its key operating territories, the Company will be focused on product
quality and design and will be driving sales in its key markets through
investing in human resources, systems and infrastructure consistent with the
Company's aggressive sales growth strategy.
On behalf of the Board I also wish to record the company's appreciation of the
efforts of my fellow directors, our employees, contractors and suppliers, who
have assisted Hot Tuna (International) PLC in its endeavors during the year and
we look forward to a rewarding future for all our stakeholders in the Company.
RANJIT MURUGASON
CHAIRMAN
Hot Tuna (International) Plc
Interim Report December 2005
Independent Review Report to Hot Tuna (International) plc
Introduction
We have been instructed by the Company to review the financial information for
the period ended 31st December 2005 which comprises the Consolidated Income
Statement, Consolidated Balance Sheet, Consolidated Cash Flow Statement,
Reconciliation of Movements in Equity Shareholders' Funds and the related notes
1 to 6. We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of their interim report and for no other purpose. We do
not, therefore, in producing this report, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of the Directors and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the period ended
31st December 2005.
CHAPMAN DAVIS LLP
Chartered Accountants
2 Chapel Court
London SE1 1HH
23 March 2006
Consolidated Income Statement (Unaudited)
For the period from 3rd March 2005 to 31st December 2005
Notes #000
Revenue 109
Other Operating Income 1
Raw materials and consumables used (9)
Employee and consultancy expense (280)
Selling and Marketing expense (80)
Other operating expenses (291)
Operating Loss (552)
Investment Revenues 8
Finance Charges (1)
Loss before tax (545)
Taxation 2 -
Loss for the period (545)
Attributable to:
Equity holders of the parent (541)
Minority Interest (4)
(545)
LOSS PER SHARE 4 (2.18 pence)
Consolidated Balance Sheet (Unaudited)
At 31st December 2005
Notes #000
Assets
Non-current assets
Intangible Assets - Brands 3,233
Goodwill 212
Property, plant & equipment 8
Deferred Tax Assets 25
Loan and advances 334
3,812
Current Assets
Cash and cash equivalents 686
Trade and other receivables 190
Inventories 100
976
Total Assets 4,788
Equity and other liabilities
Capital and reserves
Share Capital 400
Share Premium 4,632
Shares to be issued 1
Retained earnings (541)
Equity Attributable to Equity Holders of Parent 4,492
Minority Interest (76)
Total Equity 4,416
Current Liabilities
Trade and other payables 200
Deferred considerations 100
Bank Loans 72
372
Total equity and liablities 4,788
Consolidated Cash Flow Statement (Unaudited)
For the period from 3rd March 2005 to 31st December 2005
Notes #000
Operating Activities
Cash absorbed by operations (831)
Interest Paid (1)
Net Cash Flow from Operating Activities 5 (832)
Investing Activities
Interest Received 8
Purchase of Tangible Fixed Assets (2)
Purchase of Intangible Fixed Assets (433)
Investment in Subsidiaries (246)
Bank overdraft acquired with subsidiary (17)
Net Cash Flow from Investing Activities (690)
Financing Activities
Proceeds on Issue of shares 2,208
Net Cash Flow from Financing Activities 2,208
Net Increase in cash and cash equivalents 686
Cash and Cash Equivalents at the beginning of the year -
Cash and Cash Equivalents at the end of the year 686
Movement in Bank & Cash 686
Notes to the unaudited Interim Report
For the period ending 31st December 2005
1. PRESENTATION OF INTERIM RESULTS
This interim report has been prepared in accordance with (International)
Financial Reporting Standards (IFRS) that are expected to be applicable to the
consolidated financial statements for the 15 months ending 30 June 2006.
This interim report was approved by the Directors on 23rd March 2006. The
interim results have not been audited, but were the subject of an independent
review carried out by the Company's auditors, Chapman Davis LLP. Their review
confirmed that the figures were prepared using applicable accounting policies
and practices consistent with those to be adopted in the annual report.
The financial information contained in this interim report does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985. All
shareholders will receive a copy of this interim report, which can also be
obtained from the Company's registered office at Level 5, 22 Arlington Street,
London SW1A 1RD.
2. TAXATION
No taxation has been provided due to losses in the period.
3. DIVIDENDS
The Directors do not recommend the payment of a dividend.
4. LOSS PER SHARE
Weighted Average Per share
Loss Number of Shares
#000 million pence
Basic Loss for the period (541) 24.85 (2.18)
No diluted loss per share is presented as the effect of exercise of outstanding
options is to decrease the loss per share.
5. RECONCILIATION OF NET OPERATING LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
#000
Cash outflow from Operating Activities
Loss before Interest & Tax (552)
(increase)/decrease in receivables (298)
increase/(decrease) in creditors 19
Interest paid (1)
Net Cash outflow from Operating Activities (832)
6. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS
Share Share Profit and Share to be Total
capital Premium loss account issued
#000 #000 #000 #000 #000
At 3rd March 2005 - - - -
-
Loss for the period (541) (541)
Issue of shares 400 4940 5340
Shares to be issued 24 1 25
Share issue expenses (332) (332)
At 31December 2005 400 4,632 (541) 1 4,492
DIRECTORS REGISTERED OFFICE NOMINATED ADVISOR
Ranjit Murugason (Chairman) 55 Gower Street Nabarro Wells and Co. Limited
Marcus Gracy (MD) London WC1E6QH Saddlers House
Anthony Oxley (CEO) Gutter Lane
Dimitrios Podaridis (ED) London, EC2V 6HS
Kiran Morzaria (Non-ED)
Anthony Samaha (Non-ED)
SECRETARY AUDITORS REGISTRARS
Stephen Ronaldson Chapman Davis LLP Share Registrars Limited
55 Gower Street 2 Chapel Court Craven House, West Street
London WC1E6QH London SE11HH Farnham, Surrey GU9 7EN
BROKER SOLICITORS
WH Ireland Ronaldsons
24 Martin Lane 55 Gower Street
London EC4R 0RD London WC1E6QH
This information is provided by RNS
The company news service from the London Stock Exchange
END
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