TIDMWGN
RNS Number : 7175T
Wogen PLC
11 June 2009
Wogen plc
("Wogen or "the Company")
Interim Results for the six months ended 31 March 2009
Wogen plc, the international specialty metals and minerals trader, announces its
unaudited results for the six month period ended 31 March 2009.
Summary
* Revenue of GBP66m (H1 2008: GBP113m)
* Loss before tax GBP3.0m (H1 2008: profit of GBP2.3m)
* Gross margin 1.8% (H1 2008: 7.1%)
* Loss per share 6.9p (H1 2008: earnings per share 5.3p)
* Net borrowings reduced from GBP30.6m at 30 September 2008 to GBP2.8m at 31 March
2009
* No interim dividend declared (H1 2008: 2.45p)
* Deterioration in specialty metal markets which began in H2 2008 continued
through to H1 2009
Current Trading
* Challenging market conditions with poor visibility make it difficult to predict
revenues for full year
* Volumes and trading remain low
Allan Kerr, CEO of Wogen plc stated:
"The deterioration in specialty metal markets that began in the second half of
last year continued throughout the Interim period. Looking ahead the challenging
market conditions arising from the global economic downturn are expected to
continue for a considerable time."
Enquiries:
+------------------------------------------------+-----------------------------------------------+
| Canaccord Adams | 020 7050 6500 |
| Simon Bridges | |
| | |
| Henry Fitzgerald-O'Connor | |
+------------------------------------------------+-----------------------------------------------+
| | |
+------------------------------------------------+-----------------------------------------------+
| Corfin Communications Ltd | 020 7977 0020 |
+------------------------------------------------+-----------------------------------------------+
| Harry Chathli | |
| Victoria Ward | |
+------------------------------------------------+-----------------------------------------------+
- 1 -
WOGEN PLC
CHAIRMAN'S STATEMENT
for the six months ended 31 March 2009
Financial Review
There was a loss before tax for the six months to 31 March 2009 of GBP3.0
million (six months to 31 March 2008: profit of GBP2.3 million). Revenue fell to
GBP66 million (six months to 31 March 2008: GBP113 million).
During the period the Company has been successful in reducing net borrowings
from GBP30.6 million to GBP2.8 million with inventory being significantly
reduced from GBP41.9 million to GBP20.9 million and trade receivables from
GBP17.8 million to GBP10 million.
The Board is not declaring an interim dividend (interim dividend 2008: 2.45p).
Business Review
The challenging market conditions that we highlighted in our trading update of
11 March 2009 have persisted and the Company continued to be adversely affected
by its high inventory level and poor liquidity in the specialty metals and
minerals markets. I am pleased to report that net borrowings, inventories,
receivables and fixed costs were significantly reduced during the period. The
Company continues to enjoy long term and supportive relationships with its
principal bankers.
In the first half of the financial year, the majority of the markets in which
the Company operates suffered a dramatic fall in price. This resulted from a
significant drop in demand for downstream products in the industry sectors in
which the Company operates including steel, construction, automobile and
aeronautical. This change in demand led to producers and consumers holding an
excess of inventory. Liquidity in specialty metals and minerals was greatly
affected and this had the effect of halving trading volumes and revenue.
Current Trading and Outlook
The difficult market conditions have continued into the second half of the year
with volumes and revenue remaining low. The Board is mindful that the global
economic downturn may continue for a considerable time.
Possible Offer from Management
The Company has also announced today that it has received an initial approach
regarding a possible offer from a management team comprising the Executive
Directors of the Company and Colin Williams (the "Management Team") in respect
of the issued share capital of the Company not currently owned by the Management
Team, certain other employees and connected persons and which, if made, will be
priced at 36 pence cash per Wogen ordinary share.
The Company has accordingly established a committee of the independent
directors, led by me as the Chairman (the "Independent Committee"). The
Independent Committee is in discussions with the Management Team which may or
may not lead to an offer being made for the Company.
Mike Hutchinson
Chairman
11 June 2009
- 2 -
WOGEN PLC
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2009
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | Note | 6 months ended | 6 months ended | Year ended |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | (unaudited) | (unaudited) | (audited) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Revenue | | 66,461 | 112,679 | 215,482 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Cost of sales | | (65,263) | (104,726) | (209,602) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Gross profit | | 1,198 | 7,953 | 5,880 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Other operating income | | 86 | 70 | 86 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Administrative expenses | | (3,870) | (3,957) | (6,583) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Operating (loss)/profit | | (2,586) | 4,066 | (617) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Finance income | | 18 | 15 | 94 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Finance expenses | | (450) | (933) | (1,699) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| (Loss)/profit before tax | | (3,018) | 3,148 | (2,222) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| Tax (expense)/credit | | (35) | (804) | 669 |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| (Loss)/profit for the period | | (3,053) | 2,344 | (1,553) |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| (Loss)/earnings per share - basic and diluted | 2 | (6.9)p | 5.3p | (3.5)p |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | _______ | _______ | _______ |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
| | | | | |
+------------------------------------------------+-------+---------------------+--------------------+-----------------------+
- 3 -
WOGEN PLC
CONSOLIDATED BALANCE SHEET
as at 31 March 2009
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | Note | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+-----------------------------------------------+-----------+----------------------+----------------------+----------------------+
| | | (unaudited) | (unaudited) | (audited) |
+-----------------------------------------------+-----------+----------------------+----------------------+----------------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Assets | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Non-current assets | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Property, plant and equipment | | 323 | | 301 | | 304 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Available for sale investments | | 1,060 | | 1,060 | | 1,060 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Other non-current assets | | 238 | | 426 | | 469 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Pension asset | | 240 | | 467 | | 240 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total non-current assets | | 1,861 | | 2,254 | | 2,073 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Current assets | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Inventories | 4 | 22,375 | | 44,374 | | 41,924 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Trade and other receivables | 5 | 8,566 | | 19,246 | | 17,770 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Cash and cash equivalents | | 4,626 | | 3,375 | | 3,351 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Other current assets | | 415 | | 330 | | 388 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Corporation tax receivable | | 1,068 | | - | | 1,834 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Deferred tax asset | | - | | 90 | | - | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total current assets | | 37,050 | | 67,415 | | 65,267 | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total assets | | | 38,911 | | 69,669 | | 67,340 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Liabilities | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Deferred tax liability | | (67) | | (140) | | (67) | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Non-current liabilities | | (67) | | (140) | | (67) | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Current liabilities | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Trade and other payables | 6 | (7,150) | | (7,824) | | (6,696) | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Short term loans and borrowings | | (7,462) | | (30,244) | | (33,992) | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Corporation tax payable | | - | | (105) | | - | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total current liabilities | | (14,612) | | (38,173) | | (40,688) | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | _______ | | _______ | | _______ | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total liabilities | | | (14,679) | | (38,313) | | (40,755) |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | _______ | | _______ | | _______ |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total net assets | | | 24,232 | | 31,356 | | 26,585 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | _______ | | _______ | | _______ |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Capital and reserves | | | | | | | |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Share capital | | | 2,245 | | 2,245 | | 2,245 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Share premium reserve | | | 2 | | 2 | | 2 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Capital redemption reserve | | | 400 | | 400 | | 400 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Employees Trust reserve | | | (159) | | (192) | | (159) |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Capital reserve | | | 87 | | 87 | | 87 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Foreign exchange reserve | | | 953 | | (35) | | 253 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Retained earnings | | | 20,704 | | 28,849 | | 23,757 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | _______ | | _______ | | _______ |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total equity attributable to shareholders | | | | | | | |
| of the parent | | | 24,232 | | 31,356 | | 26,585 |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | _______ | | _______ | | _______ |
+-----------------------------------------------+-----------+----------+-----------+-----------+----------+-----------+----------+
- 4 -
WOGEN PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2009
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | 6 months ended | 6 months ended | Year ended |
+------------------------------------------------+-----+-----------------------+-----------------------+-----------------------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+------------------------------------------------+-----+-----------------------+-----------------------+-----------------------+
| | | (unaudited) | (unaudited) | (audited) |
+------------------------------------------------+-----+-----------------------+-----------------------+-----------------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash flows from operating activities | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| (Loss)/profit for the period | | (3,053) | | 2,344 | | (1,553) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Adjustments for: | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Depreciation | | 67 | | 51 | | 112 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Foreign exchange gains | | (1,729) | | (4) | | (437) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Income tax expense/(credit) | | 35 | | 804 | | (669) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Finance income | | (18) | | (15) | | (94) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Finance expense | | 450 | | 933 | | 1,699 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Movement in employee benefits | | - | | 88 | | 228 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | ______ | | ______ | | ______ | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash flows from operating activities before | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| changes in working capital and provisions | | (4,248) | | 4,201 | | (714) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Decrease/(increase) in trade and other | | 9,408 | | (1,417) | | (42) | |
| receivables | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Decrease/(increase) in inventories | | 19,549 | | (573) | | 850 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Increase/(decrease) in trade and other | | 454 | | (769) | | 1,310 | |
| payables | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | ______ | | ______ | | ______ | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash generated from operations | | 25,163 | | 1,442 | | 1,404 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Income tax received/(paid) | | 731 | | (793) | | (1,242) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | ______ | | ______ | | ______ | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Net cash flows from operating activities | | | 25,894 | | 649 | | 162 |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Investing activities | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Interest received | | 18 | | 15 | | 94 | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Purchase of property, plant and equipment | | (70) | | (51) | | (109) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | _______ | | _______ | | _______ | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Net cash used in investing activities | | | (52) | | (36) | | (15) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Financing activities | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Interest paid | | (450) | | (933) | | (1,699) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Dividends paid | | - | | - | | (3,265) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Employees' Trust cost | | - | | - | | (3) | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | _______ | | _______ | | _______ | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Net cash used in financing activities | | | (450) | | (933) | | (4,967) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | _______ | | _______ | | _______ |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Net increase/(decrease) in cash | | | 25,392 | | (320) | | (4,820) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Effect of exchange rate changes on cash | | | 2,413 | | 159 | | 887 |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents at beginning of | | | (30,641) | | (26,708) | | (26,708) |
| period | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | _______ | | _______ | | _______ |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents at end of period | | | (2,836) | | (26,869) | | (30,641) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | _______ | | _______ | | _______ |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents for the purpose | | | | | | | |
| of the cash flow statement comprise: | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| of the cash flow statement comprise: | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash available on demand | | | 4,626 | | 3,375 | | 3,351 |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Overdrafts | | | (7,462) | | (30,244) | | (33,992) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | _______ | | _______ | | _______ |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents at end of period | | | (2,836) | | (26,869) | | (30,641) |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | _______ | | _______ | | _______ |
+------------------------------------------------+-----+-----------+-----------+-----------+-----------+-----------+-----------+
- 5 -
WOGEN PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2009
+----------------------+-----------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | | Share | Capital | Employees' | | Foreign | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | Share | premium | redemption | Trust | Capital | exchange | Retained | Total |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | capital | reserve | reserve | reserve | reserve | reserve | earnings | equity |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Audited equity at | 2,245 | 2 | 400 | (192) | 87 | (197) | 28,684 | 31,029 |
| 30 September 2007 | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Exchange differences arising on translation of foreign | - | - | - | - | - | 162 | - | 162 |
| operations | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Net income recognised directly in equity | - | - | - | - | - | 162 | - | 162 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Profit for the period | - | - | - | - | - | - | 2,344 | 2,344 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Total recognised income and expense for the period | - | - | - | - | - | 162 | 2,344 | 2,506 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Dividend paid | - | - | - | - | - | - | (2,200) | (2,200) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Dividend paid to Employees' Trust | - | - | - | - | - | - | 21 | 21 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Unaudited equity at | 2,245 | 2 | 400 | (192) | 87 | (35) | 28,849 | 31,356 |
| 31 March 2008 | | | | | | | | |
+----------------------+----------------------------------------------+------------+--------------+--------------+----------+------------+-----------+----------+
| Exchange differences arising on translation of foreign | - | - | - | - | - | 288 | - | 288 |
| operations | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Actuarial gain on pension scheme | - | - | - | - | - | - | (330) | (330) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Deferred tax on | - | - | - | - | - | - | 97 | 97 |
| pension asset | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Net income recognised directly in equity | - | - | - | - | - | 288 | (233) | 55 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Loss for the period | - | - | - | - | - | - | (3,897) | (3,897) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Total recognised income and expense for the period | - | - | - | - | - | 288 | (4,130) | (3,842) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Dividend paid | - | - | - | - | - | - | (1,101) | (1,101) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Dividend paid to Employees' Trust | - | - | - | - | - | - | 15 | 15 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Share option reserve movement | - | - | - | - | - | - | 21 | 21 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Pension reserve movement | - | - | - | - | - | - | 136 | 136 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Movement on Employees' Trust | - | - | - | 33 | - | - | (33) | - |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Audited equity at | 2,245 | 2 | 400 | (159) | 87 | 253 | 23,757 | 26,585 |
| 30 September 2008 | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Exchange differences arising on translation of foreign | - | - | - | - | - | 700 | - | 700 |
| operations | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Net income recognised directly in equity | - | - | - | - | - | 700 | - | 700 |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Loss for the period | - | - | - | - | - | - | (3,053) | (3,053) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Total recognised income and expense | - | - | - | - | - | 700 | (3,053) | (2,353) |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| Unaudited equity at | 2,245 | 2 | 400 | (159) | 87 | 953 | 20,704 | 24,232 |
| 31 March 2009 | | | | | | | | |
+----------------------------------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
| | ____ _ | ____ _ | ____ _ | ____ _ | ____ _ | ____ _ | ____ _ | ____ _ |
+----------------------+-----------------------------------+----------+------------+--------------+--------------+----------+------------+-----------+----------+
- 6 -
WOGEN PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
for the six months ended 31 March 2009
1Basis of preparation
The interim financial statements in this document have been prepared using the
recognition and measurement principles of International Financial Reporting
Standards ('IFRS') as endorsed for use in the European Union.
The accounting policies adopted in this interim report are consistent with those
adopted in the preparation of the Group's annual report and accounts for the
year ended 30 September 2008 and are the accounting policies that the Group
expects to be applying at 30 September 2009.
As permitted the Group has not applied IAS 34 'Interim Financial Reporting' in
the preparation of these interim financial statements.
The results for the half-year are unaudited. The financial information in this
interim announcement does not constitute statutory accounts within the meaning
of Section s434 of the Companies Act 2006.
The comparative financial
information for the year ended 30 September 2008 does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
statutory accounts of Wogen plc for the year ended 30 September 2008 have been
delivered to the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not include references to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
did not contain a statement under Section 237(2) or 272(3) of the Companies Act
1985.
2 (Loss)/earnings per share
The calculation of the basic and diluted (loss)/earnings per share is based on
the following data:
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | 6 months ended | 6 months ended | Year ended |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
| | | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | (unaudited) | (unaudited) | (audited) |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | (Loss)/earnings | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | (Loss)/earnings for basic and diluted earnings per | (3,053) | 2,344 | (1,553) |
| | share | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | _______ | _______ | _______ |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | Number of shares | Number | Number | Number |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | Weighted average number of shares used for basic | | | |
| | and | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | diluted (loss)/earnings per share | 44,342,000 | 44,467,000 | 44,467,000 |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | _________ | _________ | _________ |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | Pence | Pence | Pence |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | | | |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | Basic (loss)/earnings per share | (6.9) | 5.3 | (3.5) |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | Diluted (loss)/earnings per share | (6.9) | 5.3 | (3.5) |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
| | | _______ | _______ | _______ |
+-----+----------------------------------------------------+------------------+--------------------+-------------------+
The number of shares in issue has been used to calculate basic
(loss)/earnings per share after taking into account shares held by the Wogen
Group Limited 1992 Employees' Trust.
For the 6 months ended 31 March 2009 there is no dilutive effect of share plans
as this would decrease the loss per share. For the 6 months ended 31 March 2008
and the year ended 30 September 2008 there is no dilutive effect of share plans
due to the average market price of shares being below that of the exercise price
of share options.
- 7 -
WOGEN PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
for the six months ended 31 March 2009
3 Segmental information
The Group determines its reportable segments based on the structure of the
internal financial reports that are used by senior management for decision
making purposes. As at 31 March 2009, the Group's operations were organised into
two geographic regions, the Far East and Europe. This is the primary segment
reporting format. The trading of metals and minerals is a single integrated
business and as a consequence the Group has only one business segment and no
secondary reporting segment format disclosure has been made.
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | At 31 March 2009 | | | Central/ | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | Europe | Far East | Eliminations | Group |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Revenue | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | External sales | 58,977 | 7,484 | - | 66,461 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Inter-segment sales | 1,700 | 536 | (2,236) | - |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | _______ | _______ | _______ | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total revenue | 60,677 | 8,020 | (2,236) | 66,461 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | __ ____ | __ ____ | __ ____ | ___ ___ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating (loss)/profit | (2,243) | (242) | (101) | (2,586) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Finance income | | | | 18 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Finance costs | | | | (450) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Loss before taxation | | | | (3,018) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Tax expense | | | | (35) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Loss for the period | | | | (3,053) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | ___ ___ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Other segment information included in the income | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | statement as follows: | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Depreciation | 49 | 18 | - | 67 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Balance sheet | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Assets | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating assets | 38,459 | 9,880 | (10,496) | 37,843 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Taxation | - | - | 1,068 | 1,068 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total assets | 38,459 | 9,880 | (9,428) | 38,911 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Liabilities | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating liabilities | 15,968 | 5,770 | (7,126) | 14,612 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Taxation | - | - | 67 | 67 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total liabilities | 15,968 | 5,770 | (7,059) | 14,679 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Capital expenditure | 69 | 1 | - | 70 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
- 8 -
WOGEN PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
for the six months ended 31 March 2009
3 Segmental information (Continued)
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | At 31 March 2008: | | | Central/ | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | Europe | Far East | Eliminations | Group |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Revenue | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | External sales | 102,683 | 9,996 | - | 112,679 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Inter-segment sales | 1,025 | 2,398 | (3,423) | - |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | _______ | _______ | _______ | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total revenue | 103,708 | 12,394 | (3,423) | 112,679 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | __ ____ | __ ____ | __ ____ | ___ ___ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating profit/(loss) | 3,147 | 1,089 | (170) | 4,066 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Finance income | | | | 15 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Finance costs | | | | (933) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Profit before taxation | | | | 3,148 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Tax expense | | | | (804) |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | _______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Profit for the period | | | | 2,344 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | ___ ___ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Other segment information included in the income | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | statement as follows: | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Depreciation | 45 | 6 | - | 51 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Balance sheet | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Assets | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating assets | 63,154 | 11,087 | (4,662) | 69,579 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Taxation | - | - | 90 | 90 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total assets | 63,154 | 11,087 | (4,572) | 69,669 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Liabilities | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Operating liabilities | 32,364 | 7,443 | (1,739) | 38,068 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Taxation | - | - | 245 | 245 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | | | | |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Total liabilities | 32,364 | 7,443 | (1,494) | 38,313 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | Capital expenditure | 45 | 6 | - | 51 |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
| | | ______ | ______ | ______ | ______ |
+-----+------------------------------------------------------+------------------+------------+---------------+----------+
4 Inventories
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | (unaudited) | (unaudited) | (audited) |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | | |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Metals and minerals | 35,856 | 45,894 | 55,250 |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Less: provision for impairment of inventories | (13,481) | (1,520) | (13,326) |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | _______ | _______ | _______ |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | | |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Net metals and minerals | 22,375 | 44,374 | 41,924 |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | _______ | _______ | _______ |
+-----+-----------------------------------------------------+-------------------+-----------------+--------------------+
The Company has recorded inventory at the lower of cost and net realisable
value. In arriving at the final net realisable value, the Directors have made
best estimates using the latest market information available in metal markets
that remain volatile and illiquid. Accordingly the actual prices eventually
realised for the stock may be higher or lower than those estimated above.
- 9 -
WOGEN PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
for the six months ended 31 March 2009
5 Trade and other receivables
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | 31 March 2009 | 31 March 2008 | 30 September 2008 |
| | | | 2008 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | (unaudited) | (unaudited) | (audited) |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| Trade receivables | 9,858 | 18,992 | 17,354 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| Less: provision for impairment of trade receivables | (1,439) | (20) | (7) |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | _______ | _______ | _______ |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| Trade receivables - net | 8,419 | 18,972 | 17,347 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| Other receivables | 147 | 274 | 423 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | _______ | _______ | _______ |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| Total trade and other receivables | 8,566 | 19,246 | 17,770 |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | _______ | _______ | _______ |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
| All trade and other receivables are due within one | | | |
| year. | | | |
+-----------------------------------------------------+-------------------+-----------------+--------------------+
6Trade and other payables
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | (unaudited) | (unaudited) | (audited) |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | | |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Trade payables | 2,017 | 2,895 | 2,587 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Dividend payable | - | 2,179 | - |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Accruals and other payables | 4,880 | 2,411 | 3,674 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | Other taxation and social security | 253 | 339 | 435 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | _______ | _______ | _______ |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | | | |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | 7,150 | 7,824 | 6,696 |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
| | | _______ | _______ | _______ |
+----+-----------------------------------------------------+-------------------+-----------------+--------------------+
All borrowing requirements for Wogen plc, Wogen Resources Limited, Wogen
Titanium Limited and Wogen Pacific Limited are consolidated under a single
borrowing base facility with BNP Paribas Fortis (formerly Fortis Bank SA/NV)
with risk participation from Standard Chartered Bank, ING Bank NV and DBS Bank
Ltd. This is an uncommitted credit facility (repayable on demand) of up to a
maximum of $100 million, or its equivalent in an available convertible currency
and is reviewed annually. Under the terms of the facility, BNP Paribas Fortis
holds a debenture over all the assets, including the financial assets, of the
four participating companies. Additionally, BNP Paribas Fortis holds an assets
pledge over stock held by the four companies in warehouses in Holland and USA.
On 12 May 2009 BNP Paribas purchased 75% of Fortis Bank SA/NV, which became
called BNP Paribas Fortis. The facility continues to operate as normal and the
Directors expect the facility to be available for the foreseeable future.
7Shareholder Information
Copies of this interim statement will be posted to shareholders shortly.
Additional copies can be downloaded from the Company's web-site at www.wogen.com
or are available from the Company Secretary at the Company's registered office 4
The Sanctuary, Westminster, London SW1P 3JS.
- 10 -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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