8th Oct 2012 12:31
8 October 2012
COBURG GROUP PLC
("Coburg" or "the Company")
Preliminary Results Announcement for the year ended 30 April 2012
Chairman's Statement
FOR THE YEAR ENDED 30 APRIL 2012
You will recall that I wrote to you in January explaining that the Company had agreed in principle to dispose of its coffee business and for the Company to become an investing company.
I am pleased to report that completion of these matters took place on 3 February. The coffee business was sold for a total consideration of £207,882 to New Coburg Ltd., a wholly owned subsidiary of Tudeley Holdings Ltd., a company owned by Konrad Legg who is a Director of the Company. The consideration for the offer was based on the net tangible assets of the coffee businesses at that date.
The results for the year given in the Group Statement of Comprehensive Income reflect the effect of these transactions. Revenue amounted to £1,470,000 for the nine months of the year before the coffee business was sold. The Group's net loss of £322,000 was struck after a loss of £107,000 being the write off of goodwill attached to the coffee business. As at 30 April the Group's statement of financial position shows the Group had total net tangible assets of £168,000.
Konrad Legg has indicated his willingness to provide a loan to the company to meet on going expenses should that become necessary.
Since the disposal of the coffee business on 3 February the Group has had no trading activities and has operated purely as an investing company under the AIM rules for Companies. In accordance with the new investing policy approved by shareholders on the same date, the Directors of Coburg anticipate making investments in unlisted as well as listed companies in the natural resource sector with a specific geographic focus on Africa, although we will consider other jurisdictions as well. At present the Group holds a small portfolio of listed shares in natural resource companies and we are hopeful that in the near future this portfolio will undergo significant expansion.
In due course it is anticipated that the company will change its name to reflect more appropriately its new status as an investing company.
Following the forthcoming Annual General Meeting it is my intention to stand down as a director of the company in order to concentrate on my other business interests.
C Birkle
Chairman
Enquiries:
Konrad Legg Coburg Group PLC +44 (0)20 8317 0103
Colin Aaronson Grant Thornton Corporate Finance +44 (0)20 7383 5100
Nick Emerson Simple Investments +44 (0)14 8341 3500
Group Statement of Comprehensive Income
FOR THE YEAR ENDED 30 APRIL 2012
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| Continuing operations | Discontinuing operations | Total | Continuing operations | Discontinuing operations | Total |
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| Note | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 |
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| £000 | £000 | £000 | £000 | £000 | £000 |
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Revenue |
| - | 1,470 | 1,470 | 3 | 1,747 | 1,750 |
Cost of sales |
| - | (955) | (955) | - | (1,174) | (1,174) |
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Gross profit |
| - | 515 | 515 | 3 | 573 | 576 |
Distribution costs |
| - | (106) | (106) | - | (156) | (156) |
Administrative expenses |
| (118) | (502) | (620) | (34) | (512) | (546) |
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Operating loss |
| (118) | (93) | (211) | (31) | (95) | (126) |
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Loss on disposal of subsidiaries |
| - | (107) | (107) | - | - | - |
Finance costs | 3 | - | (8) | (8) | (1) | (19) | (20) |
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Loss before tax |
| (118) | (208) | (326) | (32) | (114) | (146) |
Tax | 6 | - | - | - | - | - | - |
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Loss for the year after tax attributable to owners of the parent |
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(118) |
(208) |
(326) |
(32) |
(114) |
(146) |
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Other comprehensive income |
| - | - | - | - | - | - |
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Total comprehensive income attributable to owners of the parent |
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(118) |
(208) |
(326) |
(32) |
(114) |
(146) |
Attributable to: Equity holders of the Group |
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(118) |
(208) |
(326) |
(32) |
(114) |
(146) |
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Loss per share expressed as pence per share: | 8 |
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Basic |
| (42.04) | (73.74) | (115.78) | (11.36) | (40.48) | (51.84) |
Diluted |
| (42.04) | (73.74) | (115.78) | (11.36) | (40.48) | (51.84) |
Group Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2012
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| Issued | Share |
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| share | premium | Other | Retained |
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| capital | account | Reserves* | earnings | Total |
| £000 | £000 | £000 | £000 | £000 |
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Balance as at 1 May 2010 | 1,190 | 418 | 426 | (1,648) | 386 |
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Prior year adjustment (note 29) | - | - | - | 18 | 18 |
Balance as at 1 May 2011 As restated | 1,190 | 418 | 426 | (1,630) | 404 |
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Loss for the year | - | - | - | (146) | (146) |
Shares issued in the year | 17 | 215 | - | - | 232 |
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Balance as at 1 May 2011 | 1,207 | 633 | 426 | (1,776) | 490 |
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Loss for the year | - | - | - | (326) | (326) |
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Balance as at 30 April 2012 |
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| 1,207 | 633 | 426 | (2,102) | 164 |
*At the 30 April 2012 the other reserves consists of the merger relief reserve brought forward and £9,000 in respect of the share option accounting.
Company Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2012
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| Issued | Share |
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| share | premium | Other | Retained |
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| capital | account | Reserves* | earnings | Total |
| £000 | £000 | £000 | £000 | £000 |
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Balance as at 1 May 2010 | 1,190 | 418 | 426 | (1,922) | 112 |
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Loss for the year | - | - | - | (26) | (26) |
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Shares issued in the year | 17 | 215 | - | 3 | 235 |
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Balance as at 30 April 2011 | 1,207 | 633 | 426 | (1,945) | 321 |
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Balance as at 1 May 2011 | 1,207 | 633 | 426 | (1,945) | 321 |
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Loss for the year | - | - | - | (156) | (156) |
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Shares issued in the year | - | - | - | - | - |
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Balance as at 30 April 2012 | 1,207 | 633 | 426 | (2,101) | 165 |
*At the 30 April 2012 the other reserves consists of the merger relief reserve brought forward and £9,000 in respect of the share option accounting.
Group Statement of Financial Position
AS AT 30 APRIL 2012
Company Number: 2956279 |
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| Note | 2012 | 2011 | ||
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| £000 | £000 | ||
Assets |
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Non-current assets |
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Goodwill | 10 | - | 147 | ||
Intangible assets | 11 | - | - | ||
Property, plant and equipment | 12 | - |
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Investments | 13 | 19 | 19 | ||
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| 19 | 437 | ||
Current assets |
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Inventories | 14 | - | 258 | ||
Trade and other receivables | 15 | 96 | 291 | ||
Cash and cash equivalents | 16 | 86 | 54 | ||
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| 182 | 603 | ||
Liabilities |
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Current liabilities |
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Trade and other payables | 17 | 37 | 438 | ||
Financial liabilities - borrowings |
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Bank overdrafts |
| - | 42 | ||
Interest bearing loans and borrowings |
| - | 29 | ||
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20 | 37 | 509 | ||
Net current assets / (liabilities) |
| 145 | 94 | ||
Non-current liabilities |
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Trade and other payables | 17 | - | - | ||
Financial liabilities - borrowings |
| - | 40 | ||
Interest bearing loans and borrowings |
| - | 1 | ||
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20 | - | 41 | ||
Net assets |
| 164 | 490 | ||
Shareholders' equity |
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Called up share capital | 24 | 1,207 | 1,207 | ||
Share premium | 25 | 633 | 633 | ||
Other reserves | 25 | 426 | 426 | ||
Retained earnings | 25 | (2,102) | (1,776) | ||
Total equity |
| 164 | 490 |
Company Statement of Financial Position
AS AT 30 APRIL 2012
Company Number: 2956279 |
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| Note | 2012 | 2011 |
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| £000 | £000 |
Assets |
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Non-current assets |
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Goodwill | 10 | - | 21 |
Investments | 13 | 19 | 77 |
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| 19 | 98 |
Current assets |
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Trade and other receivables | 15 | 88 | 275 |
Cash and cash equivalents | 16 | 86 | 40 |
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| 174 | 315 |
Liabilities |
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Current liabilities |
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Trade and other payables | 17 | 28 | 32 |
Financial liabilities - borrowings |
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Interest bearing loans and borrowings |
| - | 20 |
| 20 | 28 | 52 |
Net current assets |
| 146 | 263 |
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Non-current liabilities |
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Interest bearing loans and borrowings | 20 | - | 40 |
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| - | 40 |
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Net assets |
| 165 | 321 |
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Shareholders' equity |
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Called up share capital | 24 | 1,207 | 1,207 |
Share premium | 25 | 633 | 633 |
Other reserves | 25 | 426 | 426 |
Retained earnings | 25 | (2,101) | (1,945) |
Total equity |
| 165 | 321 |
Group Statement of Cash Flows
FOR THE YEAR ENDED 30 APRIL 2012
| Notes to Cash Flow | 2012 | 2011 |
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| £000 | £000 |
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Cash flows from operating activities |
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Cash generated from operations | 1 | (47) | (192) |
Interest paid |
| (7) | (17) |
Interest element of hire purchase payments paid |
| (1) | (3) |
Net cash from operating activities |
| (55) | (212) |
Cash flows from investing activities |
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Purchase of tangible fixed assets |
| - | (33) |
Sale of tangible fixed assets |
| - | 6 |
Purchase of investments |
| (4) | (19) |
Net cash from investing activities |
| (4) | (46) |
Cash flows from financing activities |
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Issue of ordinary share capital |
| - | 235 |
Loans advanced in year |
3 | - | 40 |
Proceeds from sale of subsidiaries | 135 | - | |
Bank loan repayments in the year |
| - | (37) |
Hire purchase repayments in year |
| - | (12) |
Net cash from financing activities |
| 135 | 226 |
Increase/(Decrease) in cash and cash equivalents |
| 76 | (32) |
Cash and cash equivalents at beginning of year | 2 | 10 | 42 |
Cash and cash equivalents at end of year | 2 | 86 | 10 |
Company Statement of Cash Flows
FOR THE YEAR ENDED 30 APRIL 2012
| Notes to Cash Flow | 2012 | 2011 |
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| £000 | £000 |
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Cash flows from operating activities |
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Cash generated from operations | 1 | (85) | (163) |
Interest paid |
| - | (1) |
Net cash from operating activities |
| (85) | (164) |
Cash flows from investing activities |
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Purchase of investments |
| (4) | (19) |
Net cash from investing activities |
| (4) | (19) |
Cash flows from financing activities |
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Loans advanced in the year |
3 | - | 40 |
Proceeds from disposal of subsidiaries | 135 | - | |
New shares issued in the year |
| - | 235 |
Capital repayments in year |
| - | (52) |
Net cash from financing activities |
| 135 | 223 |
Increase in cash and cash equivalents |
| 46 | 40 |
Cash and cash equivalents at 1 May | 2 | 40 | - |
Cash and cash equivalents at 30 April | 2 | 86 | 40 |
Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2012
1. Segmental reportingIFRS 8 requires that operating segments be identified on the basis of internal reporting and decision-making. The operating segments represent those assessed by the board and relate to the group's two trading companies. The principal activities are:-
·; Coburg Coffee Company Ltd - The sourcing, roasting and distribution of quality coffee beans, the grinding and marketing of country originals and blended ground coffees and the sourcing, preparation and distribution of single estate and blended teas.
·; CK Coffee Ltd - Supplier of coffee, tea and other beverages to offices, cafes, hotels and restaurants.
Year Ended 30 April 2012 | |||||
Coburg Coffee Company | CK Coffee | Total | |||
£'000s | £'000s | £'000s | |||
Total Revenue | 1,238 | 540 | 1,778 | ||
Revenue - Internal | (308) | - | (308) | ||
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External Revenue | (1,470) | ||||
Depreciation and amortisation | 25 | 14 | 39 | ||
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Operating (Loss) / Profit | (281) | 188 | (93) | ||
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Group and consolidation adjustments | (118) | ||||
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Loss on disposal of subsidiaries
Finance costs | (107)
(8) | ||||
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Loss before tax | (326) | ||||
Tax | - | ||||
Profit after tax as per income statement | (326) | ||||
All turnover arose within the United Kingdom and related to external sales.
Information about the extent of the Group's reliance on its major customers is provided in note 15 of the annual report.
Year Ended 30 April 2011 | |||||
Coburg Coffee Company | CK Coffee | Total | |||
£'000s | £'000s | £'000s | |||
Total Revenue | 1,391 | 826 | 2,217 | ||
Revenue - Internal | (470) | - | (470) | ||
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External Revenue | 921 | 826 | 1,747 | ||
Depreciation and amortisation | 38 | 21 | 59 | ||
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Operating (Loss) / Profit | (92) | 23 | (69) | ||
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Group and consolidation adjustments | (57) | ||||
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Finance costs | (20) | ||||
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Loss before tax | (146) | ||||
Tax | - | ||||
Profit after tax as per income statement | (146) | ||||
Year ended 30 April 2011 | Coburg Coffee Company | CK Coffee | Total Group |
£'000s | £'000s | £'000s | |
Segment assets | 826 | 301 | 1,127 |
Unallocated assets | |||
Consolidation adjustments | (540) | ||
Goodwill | 98 | ||
Trade and other receivables | 316 | ||
Cash and cash equivalents | 40 | ||
Total assets | 1,041 | ||
Segment liabilities | 674 | 249 | 923 |
Unallocated liabilities | |||
Consolidation adjustments | (464) | ||
Trade and other payables | 33 | ||
Borrowings | 59 | ||
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Total liabilities | 551 | ||
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Net operating assets | 35 | 180 | 490 |
Due to the disposal of the two trading businesses during the year all segment assets and liabilities relate to the parent company at the year end.
Related Shares:
TSI.L