Regulatory Announcements
REG - Artisan (UK) PLC - Interim Results - Part 2
Released: 29/03/2010
- Part 2: For the preceeding part double click [ID:nRSc2603Ja]
Restated year ended 30 June 2009 Residential Development Commercial Development Property investment Other Total
Income statement £ £ £ £ £
Revenue
External revenue 7,775,778 2,853,480 297,334 - 10,926,592
Inter-segment revenue - - 43,500 (43,500) -
7,775,778 2,853,480 340,834 (43,500) 10,926,592
Segment result
Segment result before central charges and exceptional items (1,100,229) (5,964) (490,724) (902,148) (2,499,065)
Exceptional items (4,173,360) (113,267) - (7,681) (4,294,308)
Segment result before central charges but after exceptional items (5,273,589) (119,231) (490,724) (909,829) (6,793,373)
Central charges (474,730) (398,050) (94,819) 967,599 -
Segment result after central charges and exceptional items (5,748,319) (517,281) (585,543) 57,770 (6,793,373)
Finance income 25,551 67,467 13,781 (77,520) 29,279
Finance expense (850,006) (392,257) (161,021) 102,095 (1,301,189)
Loss before taxation (6,572,774) (842,071) (732,783) 82,345 (8,065,283)
Tax 73,509 (46,084) - - 27,425
Loss after taxation (6,499,265) (888,155) (732,783) 82,345 (8,037,858)
Statement of Financial Position
Segment assets 25,908,154 13,174,424 4,919,195 (4,954,147) 39,047,626
Segment liabilities 21,027,907 12,188,730 4,405,394 (13,899,578) 23,722,453
4. EXCEPTIONAL ITEMS
Six months ended 31 December 2009 Six months ended 31 December 2008 Year ended 30 June 2009
Costs £ £ £
(Released)/Charged to cost of sales
Inventory impairment charges (20,135) 1,114,855 1,594,012
Withdrawal from land purchase contracts - 85,971 90,172
(20,135) 1,200,826 1,684,184
Charged to administrative expenses
Goodwill impairment charge - 2,454,760 2,454,760
Redundancy costs - 48,020 147,683
Costs of liquidation of group undertaking - 7,681 7,681
- 2,510,461 2,610,124
Total exceptional (release)/costs (20,135) 3,711,287 4,294,308
During the half year the Group reviewed the net realisable value of its inventories and concluded that its assessment of
carrying values at the previous year end remains largely unchanged. The net impact of the review was a release to the
income statement of £20,135 (2008: charge £1,114,855).
5. FINANCE INCOME
Six months ended 31 December 2009 Six months ended 31 December 2008 Year ended 30 June 2009
£ £ £
Change in fair value of financial derivative - 182,093 -
Other interest 10,367 7,838 29,279
10,367 189,931 29,279
6. FINANCE EXPENSE
Six months ended 31 December 2009 Six months ended 31 December 2008 Year ended 30 June 2009
£ £ £
Bank overdrafts and loans repayable 202,718 637,411 916,332
within 5 years
Convertible loan note interest based on - 67,071 116,696
amortised cost
Change in fair value of financial derivative - - 28,314
Loss on conversion of loan note - - 239,482
Other interest - - 365
202,718 704,482 1,301.189
7. TAXATION
The taxation charge for the 6 months has been calculated at an expected annual effective rate of Nil% (2008 Nil%) as the
result of the loss incurred for the period (2008: as the result of the loss incurred for the period).
8. DIVIDENDS
The Board does not propose to pay an interim dividend (2008: £Nil).
9. LOSS PER SHARE
The calculation of earnings per share is based on the loss on ordinary activities after taxation and 13,326,863 (2008:
8,198,658) ordinary shares being the weighted average number of shares in issue during the half year (excluding treasury
shares). The weighted average number of shares in issue during the year ended 30 June 2009, excluding treasury shares, was
8,268,907. There are no potentially dilutive shares in 2009 and 2008.
10. INVESTMENT PROPERTIES
Six months ended 31 December 2009 Six months ended 31 December 2008 Year ended 30 June 2009
£ £ £
Fair value
At beginning of period 3,397,438 4,147,850 4,147,850
Revaluations included in income statement 313,271 (462,108) (750,412)
At end of period 3,710,709 3,685,742 3,397,438
Historical cost of investment properties 2,779,931 2,779,931 2,779,931
The fair values of the Group's investment properties at 31 December 2009 have been arrived at on the basis of open market
value by the directors, who are suitably experienced and having regard to professional advice.
11. BORROWINGS
Six months ended 31 December 2009 Six months ended 31 December 2008 Year ended 30 June 2009
£ £ £
Amounts falling due within one year
Secured bank loans - 23,182,953 1,333,772
Amounts falling due after one year
Secured bank loans 19,820,228 - 19,441,807
Convertible loan note - debt element - 1,509,499 -
Convertible loan note - option element - 33,996 -
Total borrowings 19,820,228 24,726,448 20,775,579
The secured bank loans comprise a £25 million revolving credit loan which expires on 1 July 2011 and a £3,173,529
investment property facility which was fully drawn at 31 December 2009 and which expires on 30 June 2012. The Group was in
compliance with the loan covenants extant at 31 December 2009 and expects to remain so for the foreseeable future.
12. APPROVAL OF INTERIM STATEMENT
The interim statement was approved by the Board of Directors on 29 March 2010. Dependent on the preference they have
previously expressed, shareholders will receive either a printed copy of the interim statement or a letter or email
notification of publication of the interim statement on the company's website at www.artisan-plc.co.uk. Copies of this
statement will be available to members of the public, free of charge, from the Company's registered office, Vantage House,
Vantage Park, Washingley Road, Huntingdon, Cambridgeshire, PE29 6SR.
This information is provided by RNS
The company news service from the London Stock Exchange
