5 November 2012
TEP Exchange Group PLC
("TEP" or "the Company")
Parent company's interim financial statements for the eight
months period ended
31 August 2012
The Company announces that the parent company's interim
financial statements for the eight month period ended 31 August 2012, which relate only to TEP itself
and not to the TEP Group, are being submitted today for filing with
the Registrar of Companies as required by section 838 (6) of the
Companies Act 2006. The statements have been prepared so that
dividends which are expected to become payable between now and the
publication of the TEP Group annual report in respect of the 2012
accounting period may be paid in compliance with section 836 (2)
(a) of the Companies Act 2006.
For further information please contact:
TEP Exchange Group plc
David Roxburgh 00 353 87 2431665
Merchant Securities Limited
Simon Clements/Virginia Bull 020 7628 2200
Statement of Comprehensive Income
for the eight months ended 31 August
2012
Eight months
Ended
31 August
2012
(unaudited)
Notes £
Revenue 2 2,166,766
Administrative expenses (92,289)
Profit from operations 2,074,477
Finance income 3 5,365
Profit before income tax 2,079,842
Income tax expense 4 -
Profit attributable to the owners of the 2,079,842
parent and total comprehensive income
for the period
Statement of Changes in Equity
for the eight months ended 31 August
2012
Attributable to equity holders of the
Company
Share Share Accumulated Total
Capital Premium Profit Equity
(unaudited) (unaudited) (unaudited) (unaudited)
£'000 £'000 £'000 £'000
At 1 January 2012 2,267,480 4,032,678 (7,912,654) (1,612,496)
Total comprehensive income - - 2,079,842 2,079,842
for the period
Capital reduction and (2,258,980) (4,032,678) 6,291,658 -
cancellation of premium
At 31 August 2012 8,500 - 458,846 467,346
Statement of Financial Position
as at 31 August 2012
Notes As at
31 August
2012
(unaudited)
£'000
ASSETS
Non-current assets
Investments subsidiary undertakings 100,006
100,006
Current assets
Inventories -
Trade and other receivables 7 612,616
Cash and cash equivalents 240,675
Total current assets 853,291
TOTAL ASSETS 953,297
LIABILITIES
Current liabilities
Borrowings -
Trade and other payables 8 (485,951)
Total current liabilities (485,951)
Non-current liabilities
Borrowings -
Total non-current liabilities -
TOTAL LIABILITIES (485,951)
NET ASSETS 467,346
Equity attributable to equity holders of
the parent
Share capital 8,500
Share premium reserve -
Accumulated profit 458,846
TOTAL EQUITY 467,346
Statement of Cash Flows
for the eight months ended 31 August
2012
Eight months
ended
31 August
2012
(unaudited)
£'000
Cash flows from operating activities
Operating profit 2,079,842
Increase in trade and other receivables (316,510)
Decrease in trade and other payable (1,584,959)
Cash generated by operating activities 178,373
Cash flows from financing activities
Decrease in borrowings -
Issue of ordinary share capital -
Net increase in cash and cash equivalents 178,373
Cash and cash equivalents at beginning of 62,302
period
Cash and cash equivalents at end of period 240,675
Cash and cash equivalents comprise:
Cash available on demand 240,675
Notes forming part of the interim financial statements
1. Basis of preparation
The financial statements of the Company for the eight months
ended 31 August 2012 have been
prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards,
International Accounting Standards and EU adopted IFRICs
(collectively "IFRS") issued by the International Accounting
Standards Board ("IASB") as adopted by the European Union ("adopted
IFRS"). The condensed interim financial statements have been
prepared using the accounting policies which will be applied in the
Group's statutory financial statements for the year ending
31 December 2012.
2. Revenue
The Company's revenue is generated in the United Kingdom from the licensing of
the proprietary electronic platform together with the dividends received from
subsidiary undertakings.
3. Finance income
31 August
2012
£
Interest receivable on loans 5,365
4.Income tax expense
No liability to corporation tax arises on the results for the period due to the
utilisation of losses brought forward together with dividends received not
being taxable.
31 August
2012
£
Profit on ordinary activities before income tax 2,079,842
Profit on ordinary activities before income tax 528,280
multiplied by the standard rate of U.K. corporation
tax of 25.4%
Non-taxable income (381,000)
Utilisation of tax losses (147,280)
Current period income tax charge -
5.Dividends
No dividend is proposed for the eight months ended 31 August 2012.
6.Capital reduction and cancellation of share premium
On 13 July 2012 the Company's
shareholders passed the special resolution to reduce its share
capital and cancel its share premium account. The passing of the
special resolution was subject to Court approval and this was
obtained on 8 August 2012.
The statement of changes in equity on page 3 of these interim
financial statements reflects the accounting impact of the
reduction in the Company's share capital and cancellation of the
share premium account.
7.Trade and other receivables
31 August
2012
£
Trade receivables -
Amount due from subsidiary undertakings 150,050
Loan receivable 450,000
Other receivables 4,785
Prepayments and accrues income 7,781
612,616
8.Trade and other payables
31 August
2012
£
Trade payables 48,616
Other payables 3,500
Amounts due to subsidiary undertakings 278,259
Creditors for taxation and social security 53,293
Accrued liabilities and deferred income 102,283
485,951