RNS Number:6907E
Tersus Energy Plc
27 September 2007
TERSUS ENERGY PLC
("Tersus" or the "Company")
Interim Results
Introduction
During the six months to 30 June 2007 Tersus has continued to be capital
constrained and has made slow progress. Nevertheless, most parts of the business
have moved forward. However, it remains the case that Tersus will require
additional finance in the coming three months. Your directors continue to
explore a number of avenues to access additional capital to ensure that current
opportunities are not lost and that additional time is made available for the
introduction of a strategic partner or for disposal of one of the company's
assets.
Financial Results
*Revenue of #1.14 million consisting of: Navitas #0.84 million; Envinta
#0.28 million; advisory services #0.02 million (30 June 2006 - #1.65 million
consisting of: Navitas #1.22 million; Envinta #0.06 million; advisory
services #0.37 million; 31 December 2006 - #4.52 million consisting of:
Navitas #2.35 million; Envinta #0.35 million; advisory services #1.82
million).
*Pre tax profit of #0.04 million (30 June 2006 - loss of #0.31 million; 31
December 2006 - loss of #0.68 million).
*Net assets of #5.08 million (30 June 2006 - #5.57 million; 31 December
2006 - #5.13 million).
*Included in the pre tax profit for the period ended 30 June 2007 is a
profit of #0.50 million which is the increase in the fair value of the
investment in HT Blade (see note 5 to the condensed consolidated interim
financial statements).
Tersus Energy Controls (TEC)
*Navitas Technologies Inc ('Navitas'), our 100 per cent owned developer
and manufacturer of electronic control equipment, made progress during the
six months. Despite cash constraints a programme of product development has
been maintained and is expected to result in additional sales in the second
half of this year. At the same time, the customer base has been broadened.
The strategy of broadening the customer base has been proven during the year
to date as some of Navitas' major customers have suffered a shortfall in
their own sales volumes and thus their order levels from Navitas have
dropped. The revenue for the first half year was CAN $1.88 million compared
to CAN $2.50 million for the first six months last year and CAN $4.91
million for the year ended 31 December 2006. Earnings before interest, tax
and depreciation ('EBITDA') for the first half year was breakeven compared
to an equivalent profit of CAN $0.14 million for the first half last year
and a profit of CAN$0.29 million for the year ended 31 December 2006.
*Envinta Corporation Inc ('Envinta'), our 100 per cent owned developer of
energy and environmental information software has also made progress in
2007. New customer contracts have been signed with EDF and Siemens and
further sales are under discussion with additional blue chip prospective
customers. Revenue for the six months to June 2007 was US $0.55 million
(compared to US $0.12million for the six weeks after acquisition in 2006 and
US $ 0.65 million to the year ended 31 December 2006). The Company posted an
EBITDA profit of US $ 0.07 million for the six months from acquisition to 30
June 2006 (compared to losses of US $0.07 and US $ 0.27 for the six weeks to
30 June 2006 and the twelve months to 31 December 2007 respectively).
*Despite vigorous efforts, no firm offers were received for Navitas. Your
directors believe both Navitas and Envinta will achieve, in the medium term,
values in excess of those attributable to the business at present. Each of
these businesses requires a modest amount of additional capital in order to
make the most of the opportunities available to it. Our strategy is to
provide that additional capital either through Tersus or by the introduction
of minority shareholders into the subsidiary business.
HT Blade
*We continue to hold our interest in ZhongHong (Boading) Huiteng Wind
Power Equipment Company Ltd ('HT Blade'), through a Texan partnership Tang
Wind Energy ('TWE'). We are informed by TWE that HT Blade is trading in line
with expectations in the current year. We continue to be positive about the
value of our interest in HT Blade although we recognise that the realisation
of that value is dependent upon the strategy adopted by the majority,
Chinese state owned, shareholders.
Tersus Asian Renewables (TAR)
*Tersus' activities through its 50per cent owned Indian company, Jasfour
Power Private Ltd ('Jasfour'), have not progressed during the year and
Tersus is in dispute with its joint venture partner. However, the financial
exposure from this disagreement is limited and opportunities are still
available for Tersus to develop a wind farm portfolio in India. Project
capital will be required to exploit these opportunities and your directors
continue to seek such capital.
*Tersus activities in the Philippines have also made little demonstrable
progress during 2007. Tersus has been informed by its joint venture partner
that the Philippine's authorities have granted a land lease for the first
site (40mw) but your directors have not been able to obtain any evidence for
this as a result of delays within the Philippine authorities and/or the
joint venture partner. Assuming the land lease has been granted and that
this can be demonstrated, the opportunity exists to exploit the project and
the next step will be to appoint a Philippines based full time developer.
*In South Korea we have, through our 50/50 joint venture with Hahn
Renewable Energy Plc, submitted a number of proposals which we anticipate
will lead to memoranda of understanding. These proposals are for projects
representing up to 600mw of wind power and 125mw of solar power. In
addition, discussions continue elsewhere in South Korea in relation to a 10
mw solar project, for which an MOU has been signed, a further 34mw of solar
power, and up to 600mw of wind power projects. In order to verify and pursue
these opportunities some development capital will be required and, in due
course, project capital will be sought.
Tersus Bio Energy (TBE)
*Tersus continues to seek project development opportunities, primarily
through our interest in ECL Developments Ltd. This company is mainly focused
on anaerobic digestion opportunities using proprietary thermophilic
anaerobic digestion technology developed by Enviro-Control Limited ('ECL')
into which Tersus invested in May 2006. ECL Developments Ltd is 50 per cent
owned by Tersus and 50 per cent by ECL. The number and extent of the
development opportunities which have been and are being discussed is such
that we remain optimistic that a number of these will result in developable
projects, as long as we have the working capital to get them to the
development stage.
Tersus Advisory
*Tersus continues to provide advisory services in relation to the Bens Run
salt dome and prospective major investors continue to show an interest.
*Tersus is providing strategic advice to Minnesota Power on entry into
greenhouse gas investments and has received US $41k fees for these services
since the end of the half year.
Future Direction and Financing
*As noted earlier the Company will shortly be in need of additional
finance. This would, we hope, enable immediate opportunities to be retained
and discussions to continue to secure a more stable long term future for the
business.
*In the meantime your directors have terminated the employment contracts
of almost all our people, where possible continuing to have their experience
and expertise available through ad-hoc consultancy arrangements. Your
chairman and executive directors have deferred their salaries throughout
2007 and all other practicable steps have been taken in order to minimise
the running cost of the business and thus maximise the period of time in
which to achieve a satisfactory medium to long term financial platform for
the business.
Enquiries:
Tersus Energy plc
Steve Levine, Chief Executive Officer
David Wilson, Chief Operating Officer and Finance Director
Tel: 020 7408 5433
KBC Peel Hunt Ltd (Nominated Adviser and Broker)
David Anderson
Tel: 020 7418 8900
Condensed consolidated interim income statement
(Unaudited) (Unaudited) (Unaudited)
6 months to 30 6 months to 30 Year to
June 2007 June 2006 31 December
2006
Restated Restated
Note # # #
Revenue 2 1,142,757 1,655,780 4,519,350
Cost of sales (570,231) (936,116) (3,025,738)
------------- ------------- -------------
Gross profit 572,526 719,664 1,493,612
Administrative costs 3 (1,086,236) (1,238,917) (2,826,543)
Finance costs - interest receivable 62,173 90,336 164,753
interest payable (3,862) (156) (6,023)
Other - increase in fair value of
investment 5 500,000 - -
Other operating income - 117,672 492,470
------------- ------------- -------------
Profit/(loss) before tax 44,601 (311,401) (681,731)
Income tax expense (142,842) - (13,847)
------------- ------------- -------------
Loss for the period attributable
to equity holders of the parent 2 (98,241) (311,401) (695,578)
============= ============= =============
Loss per share: Basic and diluted
loss per share 4 (0.3)p (0.8)p (1.8)p
============= ============= =============
Condensed consolidated interim balance sheet
(Unaudited) (Unaudited) (Unaudited)
30 June 2007 30 June 2006 31 December
2006
Restated Restated
Note # # #
ASSETS
Non-current assets
Property, plant and equipment 91,002 107,540 93,302
Goodwill 1,034,564 1,038,348 1,019,459
Other intangible assets 896,571 622,830 776,250
Other financial assets 5 2,965,918 2,415,362 2,466,136
------------- ------------- -------------
4,988,055 4,184,080 4,355,147
------------- ------------- -------------
Current assets
Inventories 315,592 421,239 302,301
Trade and other receivables 747,524 1,135,062 859,664
Other current assets - 319,488 -
Cash and cash equivalents 351,197 491,064 565,755
------------- ------------- -------------
1,414,313 2,366,853 1,727,720
------------- ------------- -------------
Total assets 6,402,368 6,550,933 6,082,867
============= ============= =============
Condensed consolidated interim balance sheet (continued)
(Unaudited) (Unaudited) (Unaudited)
30 June 2007 30 June 2006 31 December
2006
Restated Restated
Note # # #
LIABILITIES
Current liabilities
Trade and other payables 959,048 781,027 804,810
Short-term borrowings 73,164 60,325 4,160
Current tax payable 8,500 - 8,500
------------- ------------- -------------
Total liabilities 1,040,712 841,352 817,470
------------- ------------- -------------
Non-current liabilities
Deferred tax liabilities 280,000 140,000 140,000
------------- ------------- -------------
Total liabilities 1,320,712 981,352 957,470
------------- ------------- -------------
Net assets 5,081,656 5,569,581 5,125,397
============= ============= =============
EQUITY
Equity attributable to equity
holders of the parent
Share capital 190,231 190,231 190,231
Share premium account 6,417,112 6,417,112 6,417,112
Merger reserve 1,499,766 1,499,766 1,499,766
Share option reserve 166,992 95,933 134,210
Foreign currency translation
reserve (86,705) (11,140) (108,423)
Profit and loss account (3,105,740) (2,622,321) (3,007,499)
------------- ------------- -------------
Total equity 6 5,081,656 5,569,581 5,125,397
============= ============= =============
Condensed consolidated interim statement of recognised income and expense
(Unaudited) (Unaudited) (Unaudited)
6 months to 30 6 months to 30 Year to 31
June 2007 June 2006 December 2006
Restated Restated
# # #
Exchange differences on translation
of foreign operations 21,718 (11,140) (108,423)
------------- ------------- -------------
Net income/(expense) recognised
directly in equity 21,718 (11,140) (108,423)
Loss for the period (98,241) (311,401) (695,578)
------------- ------------- -------------
Total recognised income and
expense for the period (76,523) (322,541) (804,001)
============= ============= =============
The total recognised income and expense is attributable to the equity holders of
Tersus Energy plc.
Condensed consolidated interim cash flow statement
(Unaudited) (Unaudited) Unaudited
6 months to 30 6 months to 30 Year to 31
June 2007 June 2006 December 2006
Restated Restated
Cash flows from operating activities # # #
Loss after taxation (98,241) (311,401) (695,578)
Adjustments for:
Depreciation 8,036 8,784 14,031
Increase in fair value of investment (500,000) - -
Foreign exchange (profit)/loss (41,617) (241) 33,548
Share options 32,782 67,159 105,436
Net profit on disposal of current asset
investments - (221,659) (592,650)
Interest receivable (58,311) (90,180) (158,730)
Taxation expense recognised in profit
and loss 142,842 - 13,847
Decrease/(increase) in trade and other
receivables 182,280 (300,092) (4,084)
Decrease/(increase) in inventories 9,822 (27,638) 47,239
Increase in trade payables 163,327 71,689 31,891
------------- ------------- -------------
Cash outflow from operations (159,080) (803,579) (1,206,050)
Interest paid (3,862) (156) (6,023)
Income taxes paid (2,842) - (5,347)
------------- ------------- -------------
Net cash outflow from operating
activities (165,784) (803,735) (1,217,420)
------------- ------------- -------------
Cash flows from investing activities
Acquisition of Envinta - (883,049) (908,845))
Purchase of investments (2,065) (2,081,855) (2,142,119)
Purchase of intangible fixed assets (96,031) (45,511) (222,173)
(Purchase)/sale of current asset
investments (20,763) 235,810 1,026,232
Purchase of property, plant and
equipment (4,246) (21,671) (24,123)
Interest received 10,207 44,930 63,688
------------- ------------- -------------
Net cash used in investing activities (112,898) (2,751,346) (2,207,340))
------------- ------------- -------------
Cash flows from financing activities
Proceeds from issue of share capital - 665,000 665,000
------------- ------------- -------------
Net cash generated from financing
activities - 665,000 665,000
------------- ------------- -------------
Net decrease in cash and cash equivalents (278,682) (2,890,081) (2,759,760)
Exchange differences (4,880) (4,012) (3,477)
Cash and cash equivalents at beginning of
period 561,595 3,324,832 3,324,832
------------- ------------- -------------
Cash and cash equivalents at
end of period 278,033 430,739 561,595
============= ============= =============
Notes to the condensed consolidated interim financial statements
1 Basis of preparation
These condensed consolidated interim financial statements (financial statements)
are for the six months ended 30 June 2007. They have been prepared in accordance
with the requirements of IFRS 1 "First-time Adoption of International Financial
Reporting Standards" relevant to interim reports, because they are part of the
period covered by the Group's first IFRS financial statements for the year ended
31 December 2007. They do not include all of the information required for full
annual financial statements, have been prepared on the basis of the recognition
and measurement requirements of International Financial Reporting Standards
(IFRS), and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2006.
These financial statements have been prepared under the historical cost
convention, except for revaluation of certain financial assets.
These financial statements have been prepared in accordance with accounting
policies based on the recognition and measurement principles of IFRS in issue as
adopted by the European Union (EU) and are effective at 31 December 2007 or are
expected to be adopted and effective at 31 December 2007, the first annual
reporting date at which the Group is required to use IFRS accounting standards
adopted by the EU.
These financial statements were prepared in accordance with United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
until 31 December 2006. The date of transition to IFRS was 1 January 2006. The
comparative figures in respect of 2006 have been restated to reflect changes in
accounting policies as a result of adoption of IFRS. The disclosures required by
IFRS 1 concerning the transition from UK GAAP to IFRS are given in the
reconciliation schedules in note 6.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
Group's statutory financial statements for the year ended 31 December 2006,
prepared under UK GAAP, have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under Section 237(2) of the Companies Act 1985.
Going concern
The interim statements have been prepared on the going concern basis, the
directors consider it appropriate to prepare the accounts on this basis on the
assumption that additional finance will be raised. The directors' consider that
this additional finance may come from the sale of business assets or from one of
a number of financing relationships which are under discussion.
However, there can be no certainty that the discussions with potential investors
and parties interested in purchasing certain group interests currently in
progress will be successful. If the above assumption were not borne out then
the Group would not be a going concern. The interim statements do not include
any adjustments or disclosures that would be required if the company was not a
going concern.
2 Segment analysis
Segmental information on turnover by origin and losses before taxation:
Revenue Profit after tax
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
30 June 30 June 2006 31 Dec 2006 30 June 30 June 2006 31 Dec 2006
2007 2007
By geographical # # # # # #
area of origin
Canada - Navitas 839,543 1,226,998 2,349,650 (34,914) 29,064 54,542
USA - advisory 11,526 234,099 1,667,635 (93,187) 6,230 (523,576)
services
USA - Envinta 281,688 63,488 353,625 25,901 (40,789) (145,105)
UK 10,000 131,195 148,440 3,959 (305,906) (81,439)
--------- -------- -------- --------- -------- ----------
1,142,757 1,655,780 4,519,350 (98,241) (311,401) (695,578)
--------- -------- -------- --------- -------- ----------
1,142,757 1,655,780 4,519,350
========= ======== ======== ========= ======== =========
3 Administrative costs
Administrative costs of #1,086,236 include #528,311 which relates to Tersus
Energy plc and Tersus Energy Services Inc. of which #365,899 is for employment
costs. However #192,488 of these employment costs have been accrued rather than
paid as the Chairman, Executive Directors, and some senior members of staff have
deferred their salary payments.
4 Loss per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year.
(Unaudited) (Unaudited) (Unaudited)
6 months ended 6 months ended 12 months
30 June 2007 30 June 2006 ended
Restated 31 Dec 2006
Restated
# # #
Loss for the financial
period (98,241) (311,401) (695,578)
Weighted average number Number Number Number
of shares of shares of shares of shares
For basic loss per share 38,046,376 37,491,182 37,392,378
5 Other financial assets
Other financial assets are categorised as at fair value through profit or loss.
Where the fair value can be reliably measured the fair value of the asset is
reflected in the balance sheet and any changes are reported in profit or loss.
Assets whose fair value can not be reliably measured are held at cost less any
impairment.
The investment in ZhongHong (Boading) Huiteng Wind Power Equipment Company Ltd
(HT Blade) was revalued at 30 June 2007. The investment is held through a
partnership into which a new partner was accepted introducing new capital
providing evidence of an increase in the fair value of the investment held by
the other partners. As a result of this adjustment, investments have been
increased by #500,000 and a profit of #500,000 has been recognised. The related
deferred tax has been provided.
6 Explanation of transition to IFRS
As stated in the Basis of Preparation, these are the Group's first condensed
consolidated interim financial statements for part of the period covered by the
first IFRS annual consolidated financial statements and are prepared in
accordance with the recognition and measurement rules of IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial position, financial performance and cash flows is set out
below.
IFRS 1 permits companies adopting IFRS for the first time to take certain
exemptions from the full requirements of IFRS in the transition period. These
interim financial statements have been prepared on the basis of taking the
following exemptions:
(S) business combinations prior to 1 January 2006, the Group's date of
transition to IFRS, have not been restated to comply with IFRS 3 "Business
Combinations". Goodwill arising from these business combinations of #282,841 has
not been restated other than as set out in note b below.
The reconciliations set out on the following pages show the movement from
previously reported results prepared under UK GAAP to the restated results used
in these financial statements prepared under IFRS.
Reconciliation of equity at 1 January 2006
UK GAAP a b IFRS
# # # # #
Non-current assets
Property, plant and
equipment 35,802 - - - 35,802
Goodwill 349,013 - - - 349,013
Other intangible assets 80,450 - - - 80,450
Investments 337,625 - - - 337,625
Current assets
Inventories 397,380 - - - 397,380
Trade and other receivables 1,333,893 - - - 1,333,893
Other current assets 319,181 - - - 319,181
Cash and cash equivalents 3,387,575 - - - 3,387,575
Current liabilities
Trade and other payables (604,931) - - - (604,931)
Short-term borrowings (62,743) - - - (62,743)
Short-term provisions (93,716) - - - (93,716)
------------- ------------- ------------- ------------- -------------
Net assets/liabilities 5,479,529 - - - 5,479,529
============= ============= ============= ============= =============
Equity
Share capital 186,307 - - - 186,307
Share premium account 6,075,603 - - - 6,075,603
Merger reserve 1,499,766 - - - 1,499,766
Share option reserve 28,774 - - - 28,774
Profit and loss account (2,310,921) - - - (2,310,921)
------------- ------------- ------------- ------------- -------------
Total equity 5,479,529 - - - 5,479,529
============= ============= ============= ============= =============
Reconciliation of equity at 30 June 2006
UK GAAP a b IFRS
# # # # #
Non-current assets
Property, plant and equipment 107,540 - - 107,540
Goodwill 1,398,348 (360,000) - - 1,038,348
Other intangible assets 122,830 500,000 - - 622,830
Investments 2,415,362 - - - 2,415,362
Current assets
Inventories 421,239 - - - 421,239
Trade and other receivables 1,135,062 - - - 1,135,062
Other current assets 319,488 - - - 319,488
Cash and cash equivalents 491,064 - - - 491,064
Current liabilities
Trade and other payables (527,315) - - - (527,315)
Short-term borrowings (60,325) - - - (60,325)
Current tax payable - - - - -
Short-term provisions (253,712) - - - (253,712)
Non-current liabilities
Deferred tax liability - (140,000) - - (140,000)
------------- ------------- ------------- ------------- -------------
Net assets 5,569,581 - - - 5,569,581
============= ============= ============= ============= =============
Equity
Share capital 190,231 - - - 190,231
Share premium account 6,417,112 - - - 6,417,112
Merger reserve 1,499,766 - - - 1,499,766
Share option reserve 95,933 95,933
Profit and loss account (2,633,461) - - - (2,633,461)
------------- ------------- ------------- ------------- -------------
Total equity 5,569,581 - - - 5,569,581
============= ============= ============= ============= =============
Reconciliation of equity at 1 January 2007
UK GAAP a b IFRS
# # # # #
Non-current assets
Property, plant and equipment 93,302 - - - 93,302
Goodwill 1,341,061 (360,000) 38,398 - 1,019,459
Other intangible assets 276,250 500,000 - - 776,250
Investments 2,466,136 - - - 2,466,136
Current assets
Inventories 302,301 - - - 302,301
Trade and other receivables 859,664 - - - 859,664
Cash and cash equivalents 565,755 - - - 565,755
Current liabilities
Trade and other payables (558,813) - - - (558,813)
Short-term borrowings (4,160) - - - (4,160)
Current tax payable (8,500) - - - (8,500)
Short-term provisions (245,997) - - - (245,997)
Non-current liabilities
Deferred tax liability - (140,000) - - (140,000)
------------- ------------- ------------- ------------- -------------
Net assets 5,086,999 - 38,398 - 5,125,397
============= ============= ============= ============= =============
Equity
Share capital 190,231 - - - 190,231
Share premium account 6,417,112 - - - 6,417,112
Merger reserve 1,499,766 - - - 1,499,766
Share option reserve 134,210 134,210
Profit and loss account (3,154,320) - 38,398 - (3,115,922)
------------- ------------- ------------- ------------- -------------
Total equity 5,086,999 - 38,398 - 5,125,397
============= ============= ============= ============= =============
Reconciliation of profit for the 6 months ended 30 June 2006
UK GAAP a b IFRS
# # # # #
Continuing operations
Revenue 1,655,780 - - - 1,655,780
Cost of sales (936,116) - - - (936,116)
------------- ------------- ------------- ------------- -------------
Gross profit 719,664 - - - 719,664
Administrative costs (1,238,917) - - - (1,238,917)
Finance costs
- interest receivable 90,336 - - - 90,336
Interest payable (156) - - - (156)
Other operating income 117,672 - - - 117,672
------------- ------------- ------------- ------------- -------------
Loss before tax (311,401) - - - (311,401)
Income tax expense - - - - -
------------- ------------- ------------- ------------- -------------
Loss for the period (311,401) - - - (311,401)
============= ============= ============= ============= =============
Reconciliation of profit for the year to 31 December 2006
UK GAAP a b IFRS
# # # # #
Continuing operations
Revenue 4,519,350 - - - 4,519,350
Cost of sales (3,025,738) - - - (3,025,738)
------------- ------------- ------------- ------------- -------------
Gross profit 1,493,612 - - - 1,493,612
Administrative costs (2,865,941) - 38,398 - (2,826,543)
Finance cost
- interest receivable 164,753 - - - 164,753
Interest payable (6,023) - - - (6,023)
Other operating income 492,470 - - - 492,470
------------- ------------- ------------- ------------- -------------
Loss before tax (721,129) - 38,398 - (681,731)
Income tax expense (13,847) - - - (13,847)
------------- ------------- ------------- ------------- -------------
Loss for the period (734,976) - 38,398 - (695,578)
============= ============= ============= ============= =============
Notes to the reconciliations
a) The Group acquired Envinta Corporation Inc (Envinta) on 8 May 2006.
Application of IFRS 3 to this business combination resulted in
identification of a number of intangible assets, including an internet
domain name, a customer list, customer contracts and other databases. Under
IFRS these have been recognised separately in the balance sheet at their
fair value at the date of the combination. Under UK GAAP these intangible
assets were subsumed within goodwill. The result of this adjustment is to
decrease goodwill and increase intangible assets by #500,000 at the date of
the combination. At both 30 June 2006 and 31 December 2006 the value of
intangible assets was increased by #500,000. The value of goodwill at both
30 June 2006 and 31 December 2006 was reduced by #500,000. Deferred tax has
been provided on the increase and the goodwill adjusted accordingly.
b) Goodwill recognised by the Group on acquisition of Navitas Technologies Inc
(Navitas) and Envinta under UK GAAP was being amortised over a period of 20
years. Under IFRS goodwill is not amortised, but tested annually for
impairment. The goodwill amortisation charge recognised in accordance with
UK GAAP in 2006 has been written back. The result of this adjustment is to
reduce the amortisation charge in the income statement by #38,398 for the
year ending 31 December 2006 and increase the carrying value of those
intangible assets by the same amount. #10,398 of this amount relates to
Navitas and #28,000 to Envinta.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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