Interim Results
27 September 2007 - 5:57PM
UK Regulatory
RNS Number:6556E
XSN PLC
27 September 2007
XSN plc
("XSN Plc", "the Company" )
Unaudited Interim Results for the period ended 30 June 2007
Chairman's Statement
The results for the first six months of 2007 cannot be compared with the
previous year, as shareholders voted overwhelmingly during the period for a
de-merger of Sports Network Limited from Sports Network Group plc, which
subsequently changed its name to XSN plc. Since the de-merger became effective
in May, there has been no trading by XSN plc, which continues to explore the
opportunity to re-invest its remaining cash in a suitable entity, in particular
by way of a reverse transaction, or - failing that - to distribute its assets to
shareholders. The board will report to shareholders as soon as there is
definitive news to communicate.
David Elstein
Chairman
26 September 2007
For further details please contact:
XSN plc
David Elstein, Non-Executive Chairman Tel: 020 7368 9150
Grant Thornton Corporate Finance (Nominated
Adviser)
Philip J Secrett/ Colin Aaronson Tel: 020 7383 5100
Hansard Communications
Ben Simons/Adam Reynolds Tel: 020 7735 9415
mail@hansardcommunications.com
INCOME STATEMENT
For the period ended 30 June 2007
6 months ended 30 6 months ended 30 12 months ended
June 2007 June 2006 31 December 2006
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Exceptional write off of amount owed to - - (10,351)
subsidiary undertaking
Other administrative expenses (218) (104) (248)
Loss from operations (218) (104) (10,599)
Finance revenue 6 - -
Loss before taxation (212) (104) (10,599)
Income tax expense - - -
Loss for the period attributable to equity (212) (104) (10,599)
shareholders
Pence Pence Pence
Loss per share
Basic and diluted (0.17) (0.05) (5.24)
STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the period ended 30 June 2007
6 months ended 30 6 months ended 30 12 months ended
June 2007 June 2006 31 December 2006
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Loss for the period (212) (104) (10,599)
Prior year adjustment - 5,639 5,639
Reduction in share capital 6,926 - -
Total recognised income and expenditure for 6,714 5,535 (4,960)
the period all attributed to equity
shareholders
BALANCE SHEET
As at 30 June 2007
At 30 June 2007 At 30 June 2006 At 31 December
2006
(unaudited) (unaudited)
(audited)
#'000 #'000 #'000
ASSETS
Current assets
Trade and other receivables 475 11,622 1,165
Cash and cash equivalents 546 1 6
TOTAL ASSETS 1,021 11,623 1,171
EQUITY AND LIABILITIES
Equity
Called up share capital 3,183 10,109 10,109
Share premium account 2,982 2,982 2,982
Retained loss (5,282) (1,501) (11,996)
TOTAL EQUITY 883 11,590 1,095
Current liabilities
Trade and other payables 138 33 76
TOTAL LIABILITIES 138 33 76
TOTAL EQUITY AND LIABILITIES 1,021 11,623 1,171
CASHFLOW STATEMENT
For the period ended 30 June 2007
6 months ended 30 6 months ended 30 12 months ended
June 2007 June 2006 31 December 2006
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Cashflow from operating activities
Loss from operations (218) (104) (10,599)
Adjusted for:
Exceptional write off of amount owed to - - 10,351
subsidiary undertaking
Decrease in trade and other receivables 690 103 209
Increase in trade and other payables 62 5 48
Finance revenue 6 - -
Net cash from operating activities 540 4 9
Net increase in cash and cash equivalents 540 4 9
Opening cash and cash equivalents 6 (3) (3)
Closing cash and cash equivalents 546 1 6
STATEMENT OF CHANGES IN EQUITY
For the period ended 30 June 2007
Share capital Share premium Profit and loss Total
account
#'000 #'000 #'000 #'000
At 1 January 2007 10,109 2,982 (11,996) 1,095
Loss for the period - - (212) (212)
Reduction in share capital (6,926) - 6,926 -
At 30 June 2007 3,183 2,982 (5,282) 883
NOTES TO THE INTERIM RESULTS
1. Basis of preparation
The company has previously prepared its financial statements under
UK GAAP. With effect for periods commencing on or after 1 January 2007, the
company is required to prepare its financial statements in accordance with
International Financial Reporting Standards (IFRS), as endorsed for use in the
European Union.
The financial information presented in this report has been prepared using
accounting policies that will be used in the preparation of the financial
statements for the year ending 31 December 2007. These policies are in
accordance with IFRS and International Financial Reporting Interpretation
Committee's (IFRIC) interpretations that are expected to be applicable for the
year ending 31 December 2007.
The comparative figures included in this report for the six months ended 30 June
2006 and the full year ended 31 December 2006 are restated for IFRS and are
unaudited. The financial information presented in this report is about the
company as an individual undertaking and not about its group. The results of
prior period were presented as consolidated results, as the subsidiary
undertakings were active and under the control of the company. However, during
the period the subsidiary undertakings were sold, hence the comparative figures
for 2006, which were previously presented as a group, have been adjusted in
order to present them in respect of the company alone.
The conversion to IFRS has resulted in presentational changes only. Accordingly,
no disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS
are given.
The comparative figures for full year ended 31 December 2006 are based on the
latest published audited accounts, but are subject to unaudited restatement to
IFRS as endorsed for use in the European Union. Accordingly they are not the
company's full statutory accounts for that year. The statutory accounts for that
year were prepared in accordance with UK GAAP and have been delivered to the
Register of Companies. The auditors' report on those accounts was unqualified
and did not include any references to matters to which the auditors drew
attention by way of emphasis without qualifying their report; and did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985.
2. Dividends
No dividend is proposed for the period ended 30 June 2007.
3. Loss per share
The calculation of the basic loss per share is based on the loss after tax of
#212,000 and on 162,387,789 ordinary shares, being weighted average number of
ordinary shares in issue during the period. There is no dilutive effect of
options.
4. Share capital
During the year the 138,529,088 ordinary shares of 5p each were re-designated
into 'S' shares of 5p each and subsequently cancelled.
Furthermore the Company's authorised share capital of #17,000,000 divided into
138,529,088 'S' Shares of 5p each and 201,470,912 ordinary shares of 5p each was
reduced to #10,073,546 divided into 201,470,912 ordinary shares of 5p each, of
which 63,637,113 such ordinary shares were issued and are deemed fully paid and
the remainder were unissued.
5. Copies of the Interim Results will be sent to Shareholders shortly
and will be available to members of the public from the Company's registered
office, 1 Threadneedle Street, London, EC2R 8AY.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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