11 September 2013
Doriemus PLC
Half-yearly results for the six month period ended 30 June 2013
Chairman's Statement
I am pleased to report the unaudited results of the Company for the six month
period ended 30 June 2013. Total revenue for the period was £113,000 (six month
period ended 30 June 2012: £521,000), of which licence fee income amounted to £
100,000 (six month period ended 30 June 2012: £500,000). The Company incurred a
loss from operations of £49,000, compared to a profit from operations of £
374,000 in the same period last year. The loss before and after taxation was £
47,000, compared to a profit before and after taxation of £377,000 in the first
six months of last year.
The market demand for traded endowment policies still remains extremely
depressed but the Company continues to work closely with market makers in
anticipation of increasing demand for policies. The directors are continuing to
maintain strong controls over the Company's cost base and are also exploring
opportunities to generate additional income.
The uncertainty surrounding the future demand and supply of traded endowment
policies resulted in the Board considering the strategic direction of the
Company. As a consequence of the strategic review by the Board, three new
Directors were appointed simultaneously with the recapitalisation of the
Company together with the adoption by the Board of the new investment policy.
The new investing policy was set out in detail in the circular issued by the
Company on 21 February 2013 whereby the Company would be able to maintain its
interest in the TEP business but also seek to maximise shareholder value by
drawing on the experience and expertise of the three new Directors in
identifying accretive opportunities.
In line with the new investing policy the Company changed its name to Doriemus
Plc on 16 July 2013.
On 21 February 2013 the Company announced that an interim dividend for the 2013
accounting period of 0.02p per share would be paid to shareholders on 12 April
2013 and the dividend was duly paid.
Don Strang
Chairman
11 September 2013
For further information please contact:
Doriemus plc
David Roxburgh 00 353 87 2431665
Sanlam Securities UK Limited
Simon Clements/Virginia Bull 020 7628 2200
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2013
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 113 521 916
Administrative expenses (162) (147) (334)
(Loss) / profit from operations (49) 374 582
Finance income 2 3 9
(Loss) / profit before income tax (47) 377 591
Income tax expense - - -
(Loss) / profit attributable to the (47) 377 591
owners of the parent and total
comprehensive (expense) / income for
the period
(Loss) / earnings per share (Note 3)
Basic (loss) / earnings per share (0.002)p 0.044p 0.070p
Diluted (loss) / earnings per share (0.002)p 0.044p 0.054p
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2013
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 4,033 (6,277) 23
Profit and total - - 377 377
comprehensive income for the
period
At 30 June 2012 2,267 4,033 (5,900) 400
Profit and total - - 214 214
comprehensive income for the
period
Capital reduction and (2,258) (4,033) 6,291 -
cancellation of share
premium
Dividends on ordinary shares - - (255) (255)
declared and paid
At 31 December 2012 9 - 350 359
Loss and total comprehensive - - (47) (47)
expense for the period
Shares issued in period 21 191 - 212
Dividends on ordinary shares - - (296) (296)
declared and paid
At 30 June 2013 30 191 7 228
Share capital is the amount subscribed for ordinary shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital
over the nominal value of the shares net of share issue expenses.
Accumulated profits represent cumulative profits of the Company and its
subsidiaries (together the "Group") attributable to equity shareholders.
Consolidated Statement of Financial Position
as at 30 June 2013
As at As at As at
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
ASSETS
Current assets
Inventories - 3 -
Trade and other receivables 43 448 427
Cash and cash equivalents 310 398 81
Total current assets 353 849 508
TOTAL ASSETS 353 849 508
LIABILITIES
Current liabilities
Borrowings - - -
Trade and other payables (125) (449) (149)
Total current liabilities (125) (449) (149)
Non-current liabilities
Borrowings - - -
Total non-current liabilities - - -
TOTAL LIABILITIES (125) (449) (149)
NET ASSETS 228 400 359
Equity attributable to equity holders of
the parent
Share capital 30 2,267 9
Share premium reserve 191 4,033 -
Accumulated profits / (losses) 7 (5,900) 350
TOTAL EQUITY 228 400 359
Consolidated Statement of Cash Flows
for the six months ended 30 June 2013
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Operating (loss) / profit (47) 377 591
Decrease in inventories - - 3
Decrease / (increase) in trade and other 384 (297) (276)
receivables
(Decrease) / increase in trade and other (24) 244 (56)
payable
Cash generated by operating activities 313 324 262
Cash flows from financing activities
Proceeds from issuance of ordinary shares 212 - -
Dividends paid to owners of the parent (296) - (255)
Net increase in cash and cash equivalents 229 324 7
Cash and cash equivalents at beginning of 81 74 74
period
Cash and cash equivalents at end of period 310 398 81
Cash and cash equivalents comprise:
Cash available on demand 310 398 81
Notes to the half-yearly results
1. Basis of preparation
As permitted IAS 34, `Interim Financial Reporting' has not been applied to
these half-yearly results. The financial information of the Group for the six
months ended 30 June 2013 have been prepared in accordance with the recognition
and measurement principles of International Financial Reporting Standards,
International Accounting Standards and Interpretations (collectively "IFRS")
issued by the International Accounting Standards Board ("IASB") as adopted by
the European Union ("adopted IFRS") and are in accordance with IFRS as issued
by the IASB. The condensed interim financial information has been prepared
using the accounting policies which will be applied in the Group's statutory
financial statements for the year ending 31 December 2013.
The financial information shown in this publication is unaudited and does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The comparative figures for the financial year ended 31 December 2012
have been derived from the statutory accounts for 2012. The statutory accounts
have been delivered to the Registrar of Companies. The auditors have reported
on those accounts; their report was unqualified and did not contain statements
under the section 498(2) or 498(3) of the Companies Act 2006.
2. Dividends
June June December
2013 2012 2012
£`000 £'000 £'000
Interim dividend (296) - (255)
3. (Loss) / earnings per share
The calculation of the basic and diluted (loss) / earnings per share is based
upon
June June December
2013 2012 2012
Basic (loss) / earnings per share (0.002)p 0.044p 0.070p
(pence)
Diluted (loss) / earnings per (0.002)p 0.044p 0.054p
share (pence)
(Loss) / profit attributable to £(47,000) £377,000 £591,000
equity shareholders
Weighted average number of shares 2,016,795,578 849,999,999 849,999,999
basic
Weighted average number of shares 2,016,795,578 849,999,999 1,100,273,972
diluted
4. Availability of the Interim Report
Copies of the report will be available from the Company's registered office and
also from the Company's website www.doriemus.co.uk