TIDMUVEN
RNS Number : 1625S
Uvenco UK plc
29 September 2017
Uvenco UK plc ("the Company" or "the Group")
Interim Results
Uvenco UK plc today announces its unaudited interim results for
the six months ended 30 June 2017.
Chairman's statement
I am pleased to report the unaudited results of Uvenco UK plc
for the six months ended 30 June 2017.
Financial Highlights*
- Turnover decreased by 8.5% to GBP6,861,000 (H1 2016 : GBP7,496,000)
- Operating profit before depreciation and amortisation
(Adjusted EBITDA**) increased to GBP283,000
(H1 2016: loss of GBP1,373,000)
- Net cash outflow from operating activities improved
significantly to GBP613,000 (H1 2016: outflow of GBP1,906,000)
- Net debt as at 30 June 2017 decreased by 20.6% to GBP2,022,000 (30 June 2016: GBP2,546,000)
- Loss per share decreased to 0.6p per share (H1 2016: 3.2p per share)
* comparative figures for the 6 month period to 30 June 2016,
following the change of year-end in 2016 from 30 September to 31
December
** Adjusted EBITDA is defined as profit before finance income
and charges, depreciation, exceptional items, amortisation and loss
on disposal of fixed assets and tax
Operations and Strategy
During the six months to 30 June 2017, we have continued our
progress with reshaping and turning around the business. Following
the success of the Midlands Depot change in the product delivery
chain we have now extended the initiative to the Northern Depot as
well. Our operators and merchandisers receive their weekly stock
directly to their vans allowing us to decrease the warehousing
capacity and labour costs while also reducing working capital. The
lease on the Northern Depot expires at the end of 2017, giving us
further opportunities for rationalisation.
Our 24U application is being rolled out within the NHS, with the
latest Queen Elizabeth NHS deal partly refinanced through a sub
lease facility. We have continued investing in the sales force
further increasing our headcount in London with two additional
senior professionals.
The Group has received a non-binding offer for the sale and
lease back of the Drinkmaster premises in Cornwall. Should the deal
progress according to management's expectation, we will be able to
reduce the Group's debt by GBP450,000.
The Snack in The Box division is scheduled to participate in the
national franchising exhibition in Birmingham in mid-October 2017
while trialling a scheme to attract new franchisees and
distributors in regions which have historically not been
covered.
Jeremy Hamer
Chairman
29 September 2017
Sergei Kornienko, Chief Executive Officer, commented: "Every day
hundreds of people start their day with a cup of Uvenco coffee from
Uvenco coffee machines. We dedicate all our time and efforts to
ensure that they enjoy these moments by constantly focusing on
quality and sustainability. Brexit uncertainty and the sterling
exchange rate do add some pressure on our business but this is
common to the whole British economy."
For further information:
Uvenco UK plc
Sergei Kornienko, CEO 0208 879 8300
Peter Goodman, CFO
Stockdale Securities Ltd.
Tom Griffiths 020 7601 6100
Richard Johnson
Copies of this half yearly financial report are available on the
Company's website www.uvenco.co.uk
UVENCO UK PLC
consolidated Statement of comprehensive income
period ended 30 June 2017
Note Six months 9 months Six months
to 30 Jun to 31 Dec to 30 Jun
17 16 16
(Unaudited) (Audited) (Unaudited)
Restated Restated
GBP000 GBP000 GBP000
Revenue 6,861 10,857 7,496
Cost of sales (3,023) (4,731) (3,336)
------------ ---------- ------------
Gross profit 3,838 6,126 4,160
Distribution and administration
expenses (4,072) (6,869) (6,391)
------------ ---------- ------------
Adjusted EBITDA 283 324 (1,373)
------------ ---------- ------------
Depreciation (350) (566) (176)
Amortisation (21) (51) 105
Loss on disposal of fixed
assets (40) (345) 307
Exceptional items 7 (106) (105) (1,094)
Operating Loss (234) (743) (2,231)
Exceptional profit - 1,571 -
Finance costs (235) (407) (71)
------------ ---------- ------------
Loss before tax (469) 421 (2,302)
Income tax credit/(charge) - (67) (51)
------------ ---------- ------------
Loss for the financial period (469) 354 (2,353)
============ ========== ============
Total comprehensive income for
the period (469) 354 (2,353)
Basic loss per share 5 (0.6)p 0.5p (3.2)p
Diluted loss per share 5 (0.6)p 0.5p (3.2)p
All of the activities of the Company are classed as
continuing.
The Company has no recognised gains or losses other than the
results for the period as set out above.
Both the loss and the total comprehensive income for the above
periods are attributable in totality to the Equity holders of the
Company.
UVENCO UK PLC
consolidated balance sheet
At 30 June 2017
Note 30-Jun 31-Dec 30-Jun
2017 2016 2016
(Unaudited) (Audited) (Unaudited)
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and
equipment 2,410 2,914 3,311
Intangible assets 699 719 824
------------ ---------- ------------
3,109 3,633 4,135
Current assets
Inventories 1,161 897 1,036
Receivables and prepayments 1,926 1,802 1,779
Cash and cash equivalents 144 289 (352)
3,231 2,988 2,463
------------ ---------- ------------
TOTAL ASSETS 6,340 6,621 6,598
------------ ---------- ------------
LIABILITIES
Current liabilities
Trade and other payables (3,437) (3,604) (3,955)
Short term borrowings (1,187) (1,312) (1,099)
Provisions - - -
------------ ---------- ------------
(4,624) (4,916) (5,054)
Non-current liabilities
Deferred tax liability (224) (224) (239)
Long-term borrowings (979) (499) (1,095)
------------ ---------- ------------
(1,203) (723) (1,334)
Total liabilities (5,827) (5,639) (6,388)
------------ ---------- ------------
Net assets 513 982 210
============ ========== ============
EQUITY
Equity share capital 1,529 1,529 1,492
Share premium account 12,796 12,796 12,722
Share option reserve 375 375 375
Capital redemption
reserve 1,274 1,274 1,274
Warrant reserve 2,236 2,236 2,236
Retained earnings (17,697) (17,228) (17,889)
TOTAL EQUITY 513 982 210
============ ========== ============
UVENCO UK PLC
consolidated cashflow statement
period ended 30 June 2017
Six months Six months
to 30 Jun to 30 Jun
17 16
(Unaudited) (Unaudited)
GBP000 GBP000
Cash flows from operating activities
Loss before taxation (469) (2,302)
Exceptional items 106 1,094
------------ ------------
Loss before taxation and exceptional items (363) (1,208)
Depreciation 350 176
Amortisation 21 (105)
Finance costs 235 71
Loss on disposal of fixed assets 40 (307)
------------ ------------
Operating cashflow pre-exceptional costs 283 (1,373)
Exceptional Items (106) (1,094)
------------ ------------
Operating cash flow post-exceptional costs 177 (2,467)
(Increase)/Decrease in inventories (264) 91
(Increase)/Decrease in trade and other receivables (124) 142
(Increase)/Decrease in trade and other payables (167) 450
------------ ------------
Cash generated/(used) from operations (378) (1,784)
Interest paid (235) (71)
Tax paid - (51)
Net cash outflow from operating activities (613) (1,906)
------------ ------------
Cash flows from investing activities
Purchase of property, plant and equipment 114 1,309
------------ ------------
Net cash used in investing activities 114 1,309
Cash flows from financing activities
New loans/(Payments) of long-term borrowings 480 (228)
Movement in short-term borrowings (126) 151
Shares issued in period - 45
------------ ------------
Net cash received/(used) in financing activities 354 (32)
Net decrease in cash and cash equivalents (145) (629)
Cash and cash equivalents at start of period 289 277
------------ ------------
Cash and cash equivalents at end of period 144 (352)
============ ============
UVENCO UK PLC
consolidated statement of changes in equity
period ended 30 June 2017
Share Capital Share Premium Capital Share Option Warrant Retained Total Equity
Redemption Reserve Reserve Earnings
Reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------- -------------- ------------ ------------- --------- ---------- -------------
Balance at 1 April
16 1,492 12,721 1,274 375 2,236 (17,582) 516
-------------- -------------- ------------ ------------- --------- ---------- -------------
Profit for the
period - - - - - 1,095 1,095
Balance at 30
September
2016 1,492 12,721 1,274 375 2,236 (16,487) 1,611
-------------- -------------- ------------ ------------- --------- ---------- -------------
Issue of shares
(net of
proceeds) 37 75 - - - - 112
Loss for the
period - - - - - (741) (741)
Balance at 31
December
2016 1,529 12,796 1,274 375 2,236 (17,228) 982
-------------- -------------- ------------ ------------- --------- ---------- -------------
Loss for the
period - - - - - (469) (469)
Balance at 30 June
2017 1,529 12,796 1,274 375 2,236 (17,697) 513
============== ============== ============ ============= ========= ========== =============
UVENCO UK PLC
NOTES TO THE interim FINANCIAL STATEMENTS
period ended 30 June 2017
1. General Information
Uvenco UK plc is a public limited company incorporated in
England and Wales under the Companies Act 2006 (registered number
06135746). The Company is domiciled in the United Kingdom and its
registered address is 17 Rufus Business Centre, Ravensbury Terrace,
London, SW18 4RL. The Company's shares are traded on the AIM market
of the London Stock Exchange.
The principal activities of the Group is the sale and operation
of hot drink and snack vending machines, the operation of free on
loan vending machines via a franchise division and the production
and supply of "in-cup" drinks and associated equipment.
2. Basis of accounting
These interim financial statements for the period ended 30 June
2017 have been prepared in accordance with International Financial
Reporting Standards (IFRS). The Group financial statements
consolidate the financial statements of the Company and its
subsidiary undertakings. The merger method of accounting has been
adopted, following a group reconstruction involving Uvenco UK plc
and SnackTime UK Limited. The acquisition of Snack in a Box Limited
was accounted for using acquisition accounting in accordance with
IFRS 3 "Business Combinations". The acquisition of Vendia UK
Limited was accounted for using acquisition accounting in
accordance with IFRS 3 "Business Combinations".
All companies in the Group use sterling as presentational and
functional currency.
The information presented within these interim financial
statements is in compliance with IAS 34 'Interim Financial
Reporting'. This requires the use of certain accounting estimates
and requires that management exercise judgement in the process of
applying the Company's accounting policies. The areas involving a
high degree of judgement or complexity, or areas where the
assumptions and estimates are significant to the interim financial
statements are disclosed below.
SnackTime UK Limited has elected not to apply IFRS 3, Business
Combinations retrospectively to past business combinations prior to
the date of transition.
The financial information contained in this report, which has
not been audited, does not constitute statutory accounts as defined
by Section 434 of the Companies Act 2006. The Company's statutory
financial statements for the period ended 31 December 2016,
prepared under IFRS have been filed with the Registrar of
Companies.
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. The Group makes estimates and assumptions concerning
the future. The principal areas where judgement was exercised is as
follows:
- Property, plant and equipment includes the value of the
vending machine estate. The Directors annually assess both the
residual value of these assets and the expected useful life of such
assets.
- The Directors have estimated the useful economic lives of
intangible assets. The economic lives and the amortisation rates
are reviewed annually by the directors.
- The Group receives branding fees to contribute to the
installation and refurbishment of vending machines. The Directors
are required to assess the amounts receivable at each reporting
date and whether all the conditions have been met to enable these
to be recognised.
- Sales from vending machines are recognised at the point of
sale to the customer. At each year end, the Directors are required
to make an estimate of sales where the vending machine has not been
emptied or inspected at the year-end date.
4. REVENUE
Revenue is measured by reference to the fair value of
consideration received or receivable by the group for goods and
services supplied, excluding VAT and trade discounts. Revenue for
goods sold from vending machines is recognised at the date of sale.
Revenue in respect of installation and refurbishment of branded
vending machines is recognised at the date of installation or
refurbishment. Franchising fees are recognised when the franchisee
starts trading. Managed estate sales are recognised in full once
the customer has taken over operation of the machine.
5. Loss/EARNINGS PER SHARE
Earnings per share is calculated on the basis of profit for the
period after tax, divided by the weighted average number of shares
in issue for the period ended 30 June 2017 of 76,464,119 (H1 2016 -
74,246,459).
6. segment information
The Group has three main reportable segments:
- Specialist drinks - The manufacture and sale of single portion
beverages called 'Drinkpacs' together with the sale of associated
food and drink products.
- Franchising - The marketing and franchising of operations in
the provision of snack solutions.
- Vending - Vending activities.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that offer different products and services. They are managed
separately because each business requires different technology and
marketing strategies.
Measurement of operating segment profit or loss, assets and
liabilities
The accounting policies of the operating segments are the same
as those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of profit or loss
from operations but excluding non-recurring profits/losses, such as
goodwill impairment, and the effects of share-based payments.
Inter-segment sales are priced on the same basis as sales to
external customers, with an appropriate discount being applied to
encourage use of group resources at a rate acceptable to local tax
authorities. This policy was applied consistently throughout the
period.
Segment assets exclude tax assets and assets used primarily for
corporate purposes. Segment liabilities exclude tax liabilities.
Loans and borrowings are allocated to the segments based on
relevant factors (e.g. funding requirements). Details are provided
in the reconciliation from segment assets and liabilities to the
Group position.
Specialist
Segmental Profit & Loss drinks Franchising Vending Total
Six months to 30 June 2017 2017 2017 2017 2017
GBP GBP GBP GBP
Revenue
Total revenue 1,226 557 5,312 7,095
Inter-segmental revenue - - (235) (235)
----------- ------------ -------- ------
Group's revenue per consolidated 1,226 557 5,077 6,860
----------- ------------ -------- ------
statement of comprehensive
income
Depreciation (92) (41) (218) (351)
Amortisation - (21) - (21)
Operating profit/(loss) before
exceptional items (5) 227 (109) 113
----------- ------------ -------- ------
Exceptional costs included within administration expenses
and finance expense (106)
Head office costs (241)
Finance expense (235)
Group loss before tax (469)
======
Specialist
Segmental Profit & Loss drinks Franchising Vending Total
Six months to 30 June 2016 2016 2016 2016 2016
GBP GBP GBP GBP
Revenue
Total revenue 1,795 622 5,450 7,867
Inter-segmental revenue (371) - - (371)
Group's revenue per consolidated 1,424 622 5,450 7,496
----------- ------------ -------- --------
statement of comprehensive
income
Depreciation (88) (35) (53) (176)
Amortisation - 105 - 105
Impairment -
Segmental operating loss/(profit)
before (54) 55 1,323 1,324
----------- ------------ -------- --------
exceptional items
Exceptional costs included within administration expenses
and finance expense (1,094)
Head office costs (2,461)
Finance expense (71)
Group loss before tax (2,302)
========
Specialist
Segmental Balance Sheet drinks Franchising Vending Head office Total
30 June 2017 2017 2017 2017 2017 2017
GBP GBP GBP GBP GBP
Additions to non-current
assets 42 - 237 - 279
Total Group assets 1,076 208 8,144 (3,088) 6,340
----------- ------------ -------- ------------ --------
Reportable segment liabilities (661) (180) (3,108) (774) (4,723)
----------- ------------ -------- ------------ --------
Loans and borrowings (excluding leases, loan
notes and overdrafts) (879)
Deferred tax liabilities (224)
Total Group liabilities (5,826)
========
Specialist
Segmental Balance Sheet drinks Franchising Vending Head office Total
30 June 2016 2016 2016 2016 2016 2016
GBP GBP GBP GBP GBP
Additions to non-current
assets 42 - 32 7 81
Total Group assets 1,220 (686) 4,620 1,445 6,599
----------- ------------ -------- ------------ --------
Reportable segment liabilities (568) (310) (2,549) (961) (4,388)
----------- ------------ -------- ------------ --------
Loans and borrowings (excluding leases, loan
notes and overdrafts) (1,762)
Deferred tax liabilities (239)
Total Group liabilities (6,389)
========
7. EXCEPTIONAL COSTS
6 months 6 months
ended 30 ended 30
June 2017 June 2016
GBP000 GBP000
Redundancy and reorganisation (106) (951)
Costs relating to legal and associated - (143)
Total exceptional costs (106) (1,094)
----------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKNPAAKXEFF
(END) Dow Jones Newswires
September 29, 2017 02:00 ET (06:00 GMT)
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