30th Jun 2009 16:30
ECO CITY VEHICLES PLC
AUDITED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2008
Eco City Vehicles plc ("the Company" or "the Group", AIM: ECV.L) announces its final results for the 12 months ended 31 December 2008. The Company's full Annual Report and Accounts has been sent to shareholders and published on the Company's website, http://www.ecocityvehicles.com.
Operational Highlights
Revenue in the 12 month period ending December 2008 was £19.3m (15 months to December 2007: £41.9m).
Operating loss before exceptional items in the 12 month period was in line with the Company's expectations at £1.1m (15 months to December 2007: £1.0m profit).
Introduction of new Mercedes Vito taxi.
Agreements entered for the subletting of the distribution centre in Coventry.
Development of 'green' vehicles are at an advanced stage with the arrival of our first Series Hybrid Truck.
Poor performance in finance activity due to reduced rates in the market.
Reduced sales of new TX4 taxi.
Chairman's Statement
I am pleased to report the Company's results for the first full year of operation since our listing on AIM in October 2007. Trading conditions deteriorated significantly during 2008 and, in common with the vast majority of companies in the automotive industry, this had a serious impact on our profitability. However, the year was one of good progress for the Company, with the highlight being the successful introduction of the Mercedes Vito taxi in July.
The fall in turnover in 2008 reflected the general downturn in taxi sales which had a particularly serious effect on the sale of new TX4s and of second-hand cabs. TX4 sales were reduced in the first half of the year by rumours of the introduction of a new taxi and during the second half by the downturn in the economy. However, our servicing and parts business continued to trade satisfactorily and remains an important and profitable activity.
The new Mercedes Vito taxi, which is second stage manufactured to meet the requirements of the Public Carriage Office at our factory in Coventry, has been very warmly received by both drivers and passengers. As we announced earlier the Vito has gained a London market share of 25 per cent in the first seven months since its launch, a remarkable achievement for a new product from a standing start in a market long dominated by a well established leader. There are now in excess of 300 Mercedes Vito taxis available for hire on London's streets.
Drivers appreciate the greater economy and therefore lower operating costs, with some reporting fuel savings of up to a quarter compared with other cabs, as well as the increased comfort of the driving position. Passengers enjoy the superior refinement of the interior and the advantages of a sixth seat. The Vito is fast becoming the taxi of choice for many users, particularly in the corporate sector.
During the year negotiations continued for the import of a series hybrid electric delivery truck. We hope these will be concluded during 2009 and are optimistic about the prospects for this vehicle in view of increasing concern about carbon emissions from the transport sector.
The Company is also partnering Mercedes in response to an invitation to tender in a competition launched by the Mayor of London, Boris Johnson, for an electric taxi.
Transmedia Ltd experienced some growth in sales during the year but continued to incur losses. The board is reviewing the future of this business in light of these results.
The current year has started satisfactorily and prospects are encouraging although margins remain under pressure from discounting of prices by competitors. Increasing sales of the Vito reflect growing recognition of its advantages for drivers and passengers. Special efforts have also been made to reduce stocks of second hand cabs and the good progress achieved on this front together with continued sales of new TX4s have helped to conserve cash and limit the need for additional borrowing beyond that already advanced in the year just ended and renegotiation of which has just been concluded.
With a strong and growing product base, coupled with experienced and proven management, the Company is extremely well placed to take advantage of any improvement in the economy. In the long-term we remain very optimistic about the potential for growth.
I would like to thank our Chief Executive, Peter DaCosta, for his leadership during a difficult period. He and the other Executive Directors have done an excellent job for the Company and are ably supported by committed and hardworking staff who have coped with very challenging circumstances extremely well.
Tim Yeo Chairman
Chief Executive Officer's Review
Key Performance Indicators ('KPIs')
The Group monitors performance by reference to five key KPIs. The table below shows performance for the 12-month period to 31 December 2008 and the 15-month period to 31 December 2007. Further details of performance in these areas are included below and in the Directors Report.
|
|
2008 |
2007 |
|
Revenue £m |
19.3 |
41.9 |
|
Segment Revenue percentage: |
||
|
- Sales |
63% |
77% |
|
- After-sales |
37% |
23% |
|
New Vehicle Volumes |
357 |
920 |
|
Used Vehicle Volumes |
145 |
508 |
Taxi distribution business - New, Second Hand and Trade vehicles
The year for 2008 saw a decrease in new vehicles sales from 920 in the 15 months to 31 December 2007 to 357 (total new vehicle sales in the 12 month calendar years were 357 in 2008 compared to 782 in 2007). This resulted from reduced demand in the first half due to the market anticipating the arrival of the Mercedes Vito Taxi prior to its launch. Whilst sales of the Vito Taxi rose through the second half the effects of the economic downturn started to impact overall sales.
Used vehicle sales decreased from 508 in the 15 months to 31 December 2007 to 145 which was in line with Group expectations, where the used market had been subject to the effects of the introduction of the new model.
After Sales Division - Servicing, Body repairs, Parts and Accessories
Our after sales service results for the period were in line with expectations. The Group saw significant growth in the sale of spare parts.
Cash balances and funding
The Group made significant progress during the course of the year in establishing a new product line in the Mercedes Vito taxi. Whilst it is often the case that new products can result in used stocks increasing the Vito Taxi introduction was achieved whilst reducing used vehicle stocks. This outcome avoided pressure on cash reserves. In addition the Board were able to negotiate funding facilities during the year through an overdraft arrangement with HBOS and a used vehicle stocking plan with Mercedes Benz. These funding arrangements along with income generated from operations were adequate for the level of trading during 2008. Production and delivery to market of new product lines will be subject to separately negotiated funding that is distinct from the current trading requirements.
Transmedia
Pitches to blue chip clients continued to be made throughout the year against the backdrop of a worsening business environment for media based advertising. While repeat business was achieved, and new business won, the overall improvements the Group were looking for were not achieved.
Whilst the Cabvision system remains the only outdoor advertising medium that provides verifiable client feedback on viewing figures, it is nevertheless suffering as a result of reduced corporate advertising budgets. The Group will consider the long term future of the business during 2009 and the Board is reviewing a number of options.
Commercial contracts
On 16 June 2008 the Group announced that its subsidiary KPM UK Taxis PLC had won an exclusive contract to distribute the new Mercedes Benz Vito Taxi within London. The new taxi for London was developed by KPM UK Taxis PLC and the Group's associated company, One80 Ltd. During the year the Vito Taxi received Europe wide whole type approval and also achieved London Public Carriage Office approval. Further approvals were also achieved with six other licensing authorities including Manchester and Coventry.
Environmentally friendly vehicles
The Group has now received its first low emission Mitsubishi Canter 3.5 ton truck in association with its partner in Italy. The truck is believed to be the first series hybrid truck in production in Europe. The vehicle runs on electric propulsion and is backed up be an onboard LPG generator
There have been many enquiries since the announcement of the truck especially from local councils. The Board expect significant levels of demand for it because of its versatility and range. With a full battery charge plus 25 litres of LPG the vehicle is capable of covering 125 miles. This gives drivers the confidence that they will get back to base, confidence which at present is lacking in most fully electric vehicles.
In view of the success of the 3.5 ton truck, and with the support of Mitsubishi, we have commenced development of a low emission 7.5 ton truck using the same series hybrid application. This project will be followed in 2010 with an eco cab using the Mercedes Vito Taxi platform.
Coventry site acquisition
The letting space in the Groups 43000sq ft facility adjacent to Coventry Airport is now fully committed. During the year negotiations reached a successful conclusion with a second tenant agreeing to a five year lease. The rental income on the facility now pays the buildings funding cost and loan repayments. The mortgage on the property is at a fixed rate considerably below the current market rate for such funding. One third of the building remains available for Group operations.
The Group acquired the premises on a 125 year lease for £2.15million in January 2008, following a valuation by third party surveyors and valuers Bache Treharne. The lease was wholly funded by a commercial mortgage.
Dividend policy
The Group's cash resources are required for investment in product development and delivery to market and therefore we do not propose to pay a dividend at this stage.
Outlook for the current year
The Group are satisfied with the progress made in 2008 during a very difficult trading period. A full year of Vito Taxi sales during 2009 and continued sales of the LTI TX4 lead the Board to anticipate a return to trading profit of subsidiary company KPM-UK Taxis PLC.
The Group has recently secured a renewal to its overdraft facility with HBOS until November 2009 and has successfully concluded negotiations with Barclay's Bank resulting in a full waiver of the covenant breaches.
The Group have appointed agents to sell the Vito Taxi in the midlands the north-west and Scotland and sales are expected to commence in the second half of 2009.
The Board anticipates, that having delivered the Mercedes Vito Taxi to market in difficult trading circumstances, with stronger nationwide sales growth anticipated in 2009, and in launching the hybrid Mitsubishi truck later this year, the Group's strategy for the business gives rise to cautious optimism.
Peter Dacosta Chief Executive Officer
30 June 2009
Directors' Report
The Directors have pleasure in submitting this report together with the financial statements of eco city vehicles plc ("the Company") and its subsidiary undertakings (together "the Group") for the period ended 31 December 2008.
Principal Activities
The principal activity of the Group is that of franchised motor main dealer for both London Taxis International and Mercedes-Benz.
Preparations of accounts
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") including International Accounting Standards ("IAS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations and with those parts of company law applicable to companies reporting under accounting standards as adopted for use in the European Union ("EU"). The consolidated financial statements have been prepared under the historic cost convention, as modified to include the fair valuation of financial assets and derivative financial instruments with borrowings recognised initially at fair value, net of transaction costs incurred, and subsequently at amortised cost as required by IFRS.
Business review and future developments
Details of the Group's performance and expected future developments are set out in the Chief Executive Officer's Review on page 6. The operating performance of the Group is covered in the Chief Executive's Review, including an analysis and commentary of Key Performance Indicators ('KPIs'), which are also below. The KPIs of the Group are Group revenue, segmental revenue and new and used vehicle volumes.
|
|
2007 |
2007 |
|
Revenue £m |
19.3 |
41.9 |
|
Segment Revenue percentage: |
||
|
- Sales |
63% |
77% |
|
- After-sales |
37% |
23% |
|
New Vehicle Volumes |
357 |
920 |
|
Used Vehicle Volumes |
145 |
508 |
Results and Dividends
The Group made a loss before tax for the twelve months to 31 December 2008 of £1.27m (2007: loss of £2.69m) with a basic loss per share of 0.41 pence (2007: 1.07 pence).
No dividends have been paid or declared during the period by eco city vehicles plc.
The balance sheet shows that the Group's financial position remains strong with total assets of £10.37m (2007: £9.18m) and net assets of £1.35m (2007: £2.58m)
Going concern
Based on the Group's plans for 2009 and after making enquiries, the Directors have a reasonable expectation that the Group has adequate resources available from funds generated from trading and from loan finance to continue operations for at least 12 months from the date of signing of these financial statements. For this reason they continue to adopt the going concern basis in preparing the financial statements.
The Board have undertaken extensive detailed forecasting of Group activity through to December 2010. Based on actual sales in 2008 and early 2009 of the new Mercedes Vito Taxi, the LTI TX4, and used taxi sales, it has been possible to project vehicle sales and after sales revenue and profitability until the end of 2010.
The performance of the business within the current economic climate has been objectively assessed and reported upon internally over a period of ten months, and the Board has a clear view of the medium term trading conditions. In addition the market acceptance of the new Vito Taxi is a now known, given unit sales, customer feedback and press opinion. These two aspects lead the Board to have confidence in their forward projections of going concern.
Cash flow projections are based on conservative assumptions and whilst they pinpoint a requirement for external funding a new agreement has been successfully negotiated with HBOS regarding renewal of the overdraft facilities to 30 November 2009 (see note 16). The renewed facilities are at levels consistent with the Group's cash flow projections in that period. Discussions have also been concluded with Barclay's Bank plc resulting in a waiver of the mortgage covenant breach (see note 17). As a result of this, the Board do not envisage a shortfall in working capital during the coming twelve months.
The Eco Truck venture due to be launched in the second half of 2009 is the subject of separate negotiations for funding and did not form part of the detailed forecasting regarding going concern, save that it is the Boards opinion that it can not be funded from current working capital generated by the Group. The new venture therefore does not pose an additional working capital drain on currently projected resources derived from the core business. The Board are encouraged that funding institutions have expressed a willingness to support the launch of the new vehicle with additional facilities.
Directors
The Directors who held office since 1 January 2008 were as follows:
Timothy Yeo
Peter DaCosta
Michael Troullis
Keith Marder
Rob Smith (Resigned on 18 February 2008)
Jeremy Fenn
John Swingewood
Guy Saxton
Directors' Interests
The interests of Directors in the shares of the company were as follows:
|
On 31 December 2008 |
On 1 January 2008 |
|
|
|
Ordinary Shares of 1p each |
Ordinary Shares of 1p each |
|
Timothy Yeo |
2,400,000 |
2,400,000 |
|
Peter DaCosta |
80,001,600 |
80,001,600 |
|
Michael Troullis |
80,001,600 |
80,001,600 |
|
Keith Marder |
79,996,800 |
79,996,800 |
|
Jeremy Fenn |
6,250,000 |
6,250,000 |
|
John Swingewood |
6,250,000 |
6,250,000 |
|
Guy Saxton |
2,400,000 |
2,400,000 |
The beneficial holdings disclosed above include, where applicable, the holdings of immediate family. None of the Directors had a material interest in any significant contracts undertaken by the Group during the year. None of the Directors had any beneficial interest in the shares of any subsidiary companies.
The Directors have undertaken that until 11 October 2009 they will only dispose of their interests in the Company through Numis Securities Limited, the Company's Nominated Adviser and Nominated Broker.
The Company has entered into deeds of indemnity for the benefit of each Director of the Company and for the benefit of each person who was a Director during the period under the review, in respect of liabilities to which they may become liable in their capacity as Director of the Company and of any company in the Group. These indemnities are qualifying third party indemnity provisions within the meaning given to that term by Section 309B of the Act, and all these indemnities remain in force.
Directors Share Options
As at 31 December 2008 the Company had granted the following options to directors of the Company pursuant to the terms of the EMI Scheme and the Unapproved Scheme.
|
Option Holder |
Exercise price per Ordinary Share |
Number of Ordinary Shares under option |
Option Type |
Grant Date |
|
Guy Saxton |
5p |
750,000 |
Unapproved Scheme |
11 October 2007 |
|
Timothy Yeo |
5p |
750,000 |
Unapproved Scheme |
11 October 2007 |
The share options granted to the directors are exercisable any time between three and ten years.
Share capital
The authorised share capital of the Company is £6,000,000 divided into 600,000,000 ordinary shares of 1p each. 302,050,200 ordinary shares of 1p each are in issue fully paid. There were no changes in the share capital of the Company during the year under report.
Substantial Shareholdings
As at 11 May 2009, the following interests in 3% or more of the issued ordinary share capital had been notified to the Company.
|
Shareholder |
Number of shares |
Percentage of issued share capital |
|
Mr. P DaCosta |
80,001,600 |
26.5% |
|
Mr. M Troullis |
80,001,600 |
26.5% |
|
Mr. K Marder |
79,996,800 |
26.5% |
|
Giltspur Nominees Limited |
17,647,268 |
5.8% |
Risks and uncertainties
The Board of Directors continuously identify, monitor and manage potential risks and uncertainties relating to the Group. The risks are inherent in all business. The list below sets out certain risk factors which could have an impact on the Group's long term performance. The list is not presumed to be exhaustive, and by its nature is subject to change:
The main risks arising from Group's operations are credit risk, interest rate risk, liquidity risk, competition risk, dependence on key personnel, loss of franchise dealerships, and breakdown of internal control due to fraud or error. The Directors review and agree policies for managing each of these risks and they are summarised below:
Credit risk
The Group's credit risk is primarily attributed to trade and other receivables. The maximum credit risk exposure of the Group comprises the amounts presented in the balance sheet that are stated net of provisions, where appropriate. A provision is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of future cash flows. The Group does not consider these counterparties to be a significant credit risk.
Interest rate risk
The main risk arising from the Group's cash deposits is changes in interest rates. The Board's policy toward cash deposits is to deposit cash short term in interest bearing bank deposit accounts.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Short term flexibility is achieved through overdraft facilities with HBOS.
Competition Risk
The dominant market sector for Group revenue is the selling and servicing of London taxis produced by London Taxi International and Mercedes Benz. Group subsidiary KPM-UK Taxis PLC (KPM) has exclusive rights to distribute the Mercedes Vito Taxi within London and this limits the extent of competition risk. Nevertheless should another manufacturer produce a vehicle that meets the Conditions of Fitness of the Public Carriage Office of Transport for London then KPM would face additional competition for London taxi sales. Given that 96% of Group revenue is generated by taxi sales such competition would represent a material risk. However the Board are not aware of any new entrant to the market place at the current time.
In addition the Group are in the process of bringing new products to market that will reduce the overall reliance on Taxi sales and so reduce the impact on the Group should a new taxi be brought to market by a competitor.
Dependence on key personnel
The Group depends upon the expertise and continued service of key executives and other personnel. The Group ensures that the key personnel are retained by offering competitive pay and provide long term incentives by granting them share options.
Loss of Franchise Dealership
During the year 96% of Group revenue was generated by Group subsidiary KPM UK Taxis PLC (KPM). KPM hold franchise dealerships with London Taxi International for the TX4 and with Mercedes Benz for the Vito Taxi. If either of these dealerships were lost then KPM could not continue to operate without substantial restructuring of operations.
Internal control
The Group does not employ an internal audit team but ongoing review of systems and adherence to these systems is undertaken by the finance team and reviewed by Directors.
Creditors' payment policy
It is policy of the Group to agree appropriate terms and conditions for its transactions with suppliers (ranging from standard written terms to individual negotiated contracts) and for payment to be made in accordance with these terms, provided the supplier has complied with its obligations. The average credit period taken for trade purchases is 74 days (2007 : 50 days).
Environment
The Group acknowledges the importance of environmental matters within its role in the community. The Group has established initiatives to reduce the impact on the environment from its operations and is working with key suppliers, partners and external agencies to ensure environmental concerns are considered in conjunction with economic factors. In particular, the Group seeks to provide services to environmentally friendly taxis.
Employees
The Group has continued to give full and fair consideration to applications made by disabled persons, having regard to their respective aptitudes and abilities, and to ensure that they benefit from training and career development programmes in common with all employees.
The Group has continued its policy of employee involvement by making information available to employees through the medium of frequent staff meetings, together with personal appraisals and feedback sessions.
Disabled employees
Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the Group may continue.
It is the policy of the Group that training, career development and promotion opportunities should be available to all employees.
Share options
The Company's policy is to reward and provide long-term incentives to employees by granting them share options. Details of share options granted at the balance sheet date are provided in note 20 to the Group financial statements.
Statement on Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and Group as at the end of financial period and of the profit or loss of the Group for the financial period. The Company's shares are traded on the Alternative Investment Market ("AIM") of the London Stock Exchange, the rules of which are that the Directors are required to prepare the Group's financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The Directors have elected to prepare the parent company financial statement in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). In preparing these financial statements, the Directors are required to:
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and company, and to prevent and detect fraud and other irregularities.
The Directors are responsible for maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement to Auditors
The directors who held office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware, and each Director has taken all the steps that he ought to have taken as a Director to make him aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Grant Thornton UK LLP have expressed their willingness to continue in office. A resolution to appoint them will be proposed at the forthcoming Annual General Meeting.
Annual General Meeting Business
The resolutions to be proposed at the forthcoming Annual General Meeting are set out in the formal notice of the meeting, as set out on pages 65 to 70.
Recommendation
The Board considers that the resolutions to be proposed at the Annual General Meeting are in the best interests of the shareholders and, accordingly, recommends that the shareholders vote in favour of the resolutions, as the Directors intend to do in respect of their own beneficial shareholdings in the Company.
The Directors' report was approved by the Board on 30 June 2009 and signed on its behalf by:
Peter DaCosta
Director
eco city vehicles plc
Consolidated Income Statement
For the year ended 31 December 2008
|
Period ended |
||||
|
31 December |
||||
|
2008 |
2007 |
|||
|
£000 |
£000 |
|||
|
Revenue |
19,345 |
41,893 |
||
|
Cost of sales |
(15,593) |
(35,805) |
||
|
|
|
|||
|
Gross profit |
3,752 |
6,088 |
||
|
Administrative expenses |
(5,216) |
(10,155) |
||
|
Other operating income |
318 |
1,129 |
||
|
|
|
|||
|
Operating loss |
(1,146) |
(2,938) |
||
|
Operating (loss)/profit, analysed as: |
|
|
|
|
|
Before exceptional items |
(1,146) |
1,044 |
||
|
|
|
|||
|
Amounts receivable from Cabvision Limited written off |
- |
(2,372) |
||
|
|
|
|||
|
Deemed reverse acquisition cost |
- |
(845) |
||
|
Flotation costs and associated costs including abortive costs |
- |
(765) |
||
|
|
|
|
||
|
|
|
|||
|
Operating loss after exceptional items |
(1,146) |
(2,938) |
||
|
|
|
|
|
|
|
Finance income |
316 |
389 |
||
|
Finance costs |
(347) |
(135) |
||
|
Loss attributable to associate company |
(90) |
- |
||
|
|
|
|||
|
Loss before taxation |
(1,267) |
(2,684) |
||
|
Taxation |
20 |
(6) |
||
|
|
|
|||
|
Loss for the period after taxation |
(1,247) |
(2,690) |
||
|
|
|
|||
|
Loss per share |
Pence |
Pence |
||
|
Basic and diluted |
(0.41) |
(1.07) |
||
|
|
|
eco city vehicles plc
Consolidated Balance Sheet
As at 31 December 2008
|
2008 |
2007 |
|||
|
£000 |
£000 |
|||
|
Non current assets |
||||
|
Property, plant and equipment |
2,837 |
2,516 |
||
|
Investments |
1,110 |
955 |
||
|
|
|
|||
|
3,947 |
3,471 |
|||
|
|
|
|||
|
Current assets |
||||
|
Inventories |
4,228 |
2,527 |
||
|
Trade and other receivables |
2,148 |
1,916 |
||
|
Cash at bank and in hand |
47 |
1,262 |
||
|
|
|
|||
|
6,423 |
5,705 |
|||
|
|
|
|||
|
Total assets |
10,370 |
9,176 |
||
|
|
|
|||
|
Current liabilities |
||||
|
Borrowings |
(2,129) |
(61) |
||
|
Trade and other payables |
(6,867) |
(6,489) |
||
|
|
|
|||
|
(8,996) |
(6,550) |
|||
|
|
|
|||
|
Non current liabilities |
||||
|
Borrowings |
(9) |
(8) |
||
|
Deferred tax liability |
(14) |
(34) |
||
|
|
|
|||
|
(23) |
(42) |
|||
|
|
|
|||
|
Total liabilities |
(9,019) |
(6,592) |
||
|
|
|
|||
|
Net assets |
1,351 |
2,584 |
||
|
|
|
|||
|
Equity |
||||
|
Share capital |
3,021 |
3,021 |
||
|
Share premium |
1,922 |
1,922 |
||
|
Share based payment reserve |
17 |
3 |
||
|
Reverse acquisition reserve |
(1,709) |
(1,709) |
||
|
Retained deficit |
(1,900) |
(653) |
||
|
|
|
|||
|
Total shareholders equity |
1,351 |
2,584 |
||
|
|
|
The financial statements were approved and authorised for issue by the Board on 30 June 2009.
Timothy Yeo Peter DaCosta
Non-Executive Chairman Chief Executive Officer
eco city vehicles plc
Consolidated Statement of Changes in Equity
As at 31 December 2008
|
Share based |
Reverse |
||||||||||
|
Share |
Share |
payment reserve |
acquisition |
Retained |
|||||||
|
capital |
premium |
reserve |
deficit |
TOTAL |
|||||||
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
||||||
|
At 1 October 2006 |
50 |
- |
- |
- |
2,337 |
2,387 |
|||||
|
Loss for the period |
- |
- |
- |
- |
(2,690) |
(2,690) |
|||||
|
|
|
|
|
|
|
||||||
|
Total recognised income and expense |
- |
- |
- |
- |
(2,690) |
(2,690) |
|||||
|
Share capital and share premium as recognised on reverse acquisition |
571 |
1,922 |
- |
- |
- |
2,493 |
|||||
|
Issue of share capital |
2,400 |
- |
- |
- |
- |
2,400 |
|||||
|
Reverse acquisition arising |
- |
- |
- |
(1,709) |
- |
(1,709) |
|||||
|
Share based payment |
- |
- |
3 |
- |
- |
3 |
|||||
|
Dividends |
- |
- |
- |
- |
(300) |
(300) |
|||||
|
|
|
|
|
|
|
||||||
|
At 31 December 2007 |
3,021 |
1,922 |
3 |
(1,709) |
(653) |
2,584 |
|||||
|
|
|
|
|
|
|
||||||
|
At 1 January 2008 |
3,021 |
1,922 |
3 |
(1,709) |
(653) |
2,584 |
|||||
|
Loss for the period |
- |
- |
- |
- |
(1,247) |
(1,247) |
|||||
|
|
|
|
|
|
|
||||||
|
Total recognised income and expense |
- |
- |
- |
- |
(1,247) |
(1,247) |
|||||
|
Share based payment |
- |
- |
14 |
- |
- |
14 |
|||||
|
|
|
|
|
|
|
||||||
|
At 31 December 2008 |
3,021 |
1,922 |
17 |
(1,709) |
(1,900) |
1,351 |
|||||
|
|
|
|
|
|
|
eco city vehicles plc
Consolidated Cash Flow Statement
For the year ended 31 December 2008
|
Period ended |
||||
|
31 December |
||||
|
2008 |
2007 |
|||
|
£000 |
£000 |
|||
|
Operating activities |
||||
|
Loss before tax |
(1,267) |
(2,684) |
||
|
Loss attributable to associate company |
90 |
- |
||
|
Finance costs |
347 |
135 |
||
|
Finance Income |
(316) |
(389) |
||
|
Deemed reverse acquisition cost |
- |
845 |
||
|
Depreciation |
185 |
131 |
||
|
Share based payments |
14 |
3 |
||
|
(Increase)/decrease in trade and other receivables |
(232) |
247 |
||
|
(Decrease)/Increase in trade and other payables |
(603) |
3,895 |
||
|
Increase in inventories |
(1,701) |
(1,428) |
||
|
Profit on disposal of property, plant and equipment |
- |
(1) |
||
|
|
|
|||
|
Net cash (used in)/generated by operating activities |
(3,483) |
754 |
||
|
|
|
|||
|
Investing activities |
||||
|
Interest received |
316 |
389 |
||
|
Purchase of property, plant and equipment |
(577) |
(2,280) |
||
|
Proceeds from sale of property, plant and equipment |
71 |
63 |
||
|
Acquisition of parent through reverse acquisition, net cash generated |
- |
2,339 |
||
|
Purchase of equity investments |
(245) |
(955) |
||
|
|
|
|||
|
Net cash used in investing activities |
(435) |
(444) |
||
|
|
|
|||
|
Financing activities |
||||
|
Dividends paid |
- |
(300) |
||
|
Interest paid |
(347) |
(135) |
||
|
Repayments of mortgages |
(119) |
- |
||
|
Proceeds from mortgages |
2,150 |
- |
||
|
Repayments of finance leases |
(61) |
(116) |
||
|
Proceeds from finance leases |
99 |
- |
||
|
|
|
|||
|
Net cash used in financing activities |
1,722 |
(551) |
||
|
|
|
|||
|
Net decrease in cash and cash equivalents |
(2,196) |
(241) |
||
|
Cash and cash equivalents at beginning of period |
1,262 |
1,503 |
||
|
|
|
|||
|
Cash and cash equivalents at end of period |
(934) |
1,262 |
||
|
|
|
Basis of preparation
The financial information in this announcement does not constitute the Company's statutory financial statements for the years ended 31st December 2007 and 2008 but is derived from these accounts.
Statutory accounts for 2007 have been delivered to the Registrar of Companies and those for 2008 will be delivered following the companies annual general meeting. The auditors have reported on these accounts; their report is unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985.
While the financial information included in the preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement does not itself contain sufficient information to comply with IFRS. The company expects to publish full financial statements that comply with IFRS in June 2009. The accounting policies used in this preliminary announcement are consistent with those that the Directors have in the Groups audited financial statements for the year ended 31st December 2008.
Enquiries:
Eco City Vehicles PLC
Peter Da Costa, CEO 020 7377 2182
Numis Securities Limited (as Nominated Adviser)
Stuart Skinner 020 7260 1000
Numis Securities Limited (as Broker)
David Poutney 020 7260 1000
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