Final Results
28 Janvier 2009 - 9:58AM
UK Regulatory
TIDMTWL
THE WEATHER LOTTERY PLC
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
28 January 2009
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEAR ENDED 31 JULY 2008
CHIEF EXECUTIVE'S STATEMENT
Operating Review
This period was a further year of consolidation for the lottery
Lottery lines played stayed level at approximately 27,000. Enquiries are still
very healthy but the translation of these to playing lines has proved elusive.
The company finances have improved from the year ending 31st July 2007 which
showed a loss of GBP162,000 to the point of a small profit in the second half of
2008 with the overall figures for the year showing a small loss of GBP21,000.
Financial review
There showed a loss of GBP21,000 for the year (noting a small profit in the second
half of 2008) against a loss of GBP162,000 in the year ended 31 July 2007.
Strategy and Outlook
The Weather Lottery's objective remains to build and expand its paper based and
online entry for Society Lotteries in the fields of Charity, Education and
Sport. Whilst considerable progress has been made in establishing these services
much has still to be done to improve, expand and enhance them.
A new secondary lottery has been launched which gives the Societies a larger
return and it is hoped that this will encourage new Societies to join.
Enquiries are very healthy, and new systems of closing are now in place.
A complete website re-launch has been finalised in October 2008 creating clarity
to the navigation and fundraising element. One of the major benefits of the new
website is that a client can now register online.
County Seminars will be developed and held on a monthly basis.
It is intended to enhance shareholder value by continued expansion of business
both organically and by strategic acquisition if available.
It is our multi-year experience that clients are maintained and we have placed
systems in order to maintain growth for all clients.
The Weather Lottery is registered and governed by the Gambling Commission,
without which we could not trade, under the new Gaming Act 2005 and we do not
anticipate any changes to the law which would affect our business.
I look forward to 2008/9 being pivotal in the development of your company as it
is poised and has in place the facilities to allow it to take opportunities to
grow to a higher level.
Proposed Dividend
The directors do not recommend the payment of a dividend (2007: GBPNil).
The Current Structure
In the year the Group operated via two trading subsidiaries:
Prize Provision Services Ltd - this holds the lottery licence with the Gambling
Commission and is the company through which monies are received from players and
payments are made in prizes and to clients;
Lottery Service Providers Ltd - this provides the administration function of the
lottery.
After the year end Lottery Service Providers Ltd was placed into a Creditors'
Voluntary Liquidation and this function for the Group is now provided through a
newly formed company, Prize Logistics Ltd. This will strengthen the groups
finances.
Keith Milhench
Chief Executive
28 January 2009
Enquiries:
The Weather Lottery PLC 01777 818036
Keith Milhench, Chief Executive
Website www.theweatherlottery.com
SVS Securities 020 7638 5600
Ian Callaway/Peter Manfield
Blomfield Corporate Finance Ltd 020 7489 4500
Nick Harriss/Peter Trevelyan-Clark
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2008
Year ended Year
31 July ended
2008 31 July
2007
GBP'000 GBP'000
Revenue 1,448 1,500
Cost of sales (387) (530)
_______________
Gross profit 1,061 970
Administrative expenses (1,087) (1,133)
Finance income 5 1
Finance costs - -
Profit before taxation (21) (162)
_______________
Income tax expense - -
_______________
Profit for the period (21) (162)
===============
EARNINGS PER SHARE
Basic and fully diluted profit per (0.03)p (0.21)p
ordinary share ===============
All of the loss for the period is attributable to equity holders of the parent
company.
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2008
2008 2007
GBP'000 GBP'000
ASSETS
Non current assets
Goodwill 158 158
Other intangible assets 25 40
______ ______
Total non current assets 183 198
______ ______
Current assets
Trade and other receivables 34 47
Cash and cash equivalents 105 121
______ ______
Total current assets 139 168
______ ______
TOTAL ASSETS 322 366
====== ======
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital 83 83
Share premium account 302 302
Retained earnings (332) (311)
______ ______
Total equity 53 74
______ ______
Current liabilities
Trade and other payables 269 292
Current tax payable - -
______ ______
Total current liabilities 269 292
______ ______
Non-current liabilities
Deferred tax provision - -
______ ______
Total liabilities 269 292
______ ______
TOTAL EQUITY AND LIABILITIES 322 366
====== ======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2008
Called up Share
share premium Retained Total
capital account Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000
Balance 31 July 2006 73 245 (149) 169
Issue of shares 10 57 - 67
(Loss) for the year - - (162) (162)
_________________________________
Balance 31 July 2007 83 302 (311) 74
(Loss) for the year - - (21) (21)
Balance 31 July 2008 83 302 (332) 53
=================================
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2008
Year Year
ended ended
31 July 31 July
2008 2007
GBP'000 GBP'000
Net cash from operating activities (21) (187)
Cashflow from investing activities
Interest received 5 1
______ ______
Net cash from investing activities 5 1
Financing
Proceeds from issue of shares - 67
______ ______
Net cash from financing activities - 67
______ ______
Net (decrease) in cash and cash (16) (119)
equivalents
Cash and cash equivalents at 1 August 121 240
______ ______
Cash and cash equivalents at 31 July 105 121
====== ======
Comprising of:
Cash and cash equivalents per the 105 121
balance sheet
Less:
Bank overdraft - -
______ ______
Cash and cash equivalents for cash flow 105 121
statement purposes
====== ======
Bank overdrafts repayable on demand fluctuate from being positive to overdrawn
and are considered an integral part of the Group's cash management for cash flow
statement purposes.
There is no material difference between the fair value and the book value of
cash and equivalents.
NOTES
1. Nature of Financial Information; Emphasis of matter - Going concern
The financial information contained in this preliminary results
announcement does not constitute statutory accounts within the meaning of
Section 434 Companies Act 2006 (the "Act"). It has been extracted from
the statutory accounts for the year ended 31 July 2008 which have not yet
been delivered to the registrar of companies and upon which the auditors
reported without qualification and with no statement under Section 498(2)
or 498(3) of the Act.
The auditors, in forming their opinion on the financial statements of both
the Group and the Parent Company, which is not qualified, considered the
adequacy of the disclosure made in note 28 to the consolidated financial
statements concerning events after the balance sheet date (reproduced as
note 7 below) and the ability to continue as a going concern. The Group
incurred another loss in the year of GBP21,000 in addition to losses made in
the previous two years. The Parent Company incurred a net loss of
GBP284,000 during the year ended 31 July 2008 and, at that date, had
liabilities of GBP7,000, as a result of providing against amounts owed to it
from a subsidiary undertaking. That subsidiary was placed into Creditors'
Voluntary Liquidation after the year end. These conditions, along with
matters explained in note 28 to the financial statements, indicate the
existence of a material uncertainty which may cast significant doubt about
the Group and Parent Company's ability to continue as going concerns. The
financial statements do not include the adjustments that would result if
the Group and Parent Company were unable to continue as going concerns.
2. Adoption of new and revised International Financial Reporting Standards
In the current year, the Group has adopted all of the new and revised
Standards and Interpretations issued by the International Accounting
Standards Board (the IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB that are relevant to its
operations and effective for accounting periods beginning on or after 1
April 2007. The adoption of the following IFRSs has not impacted the
audited financial statements.
IFRIC 10 - Interim Financial Reporting and Impairment
At the date of authorisation of these financial statements, the following
Standards and Interpretations which have not been applied in these
financial statements were in issue but not yet effective:
IFRS 8 - Operating Segments
IAS 23 - Borrowing Costs
IFRIC 11- Group and Treasury Share Transactions
IFRIC 12 - Service Concession Arrangements
These Standards and Interpretations are not expected to have any
significant impact on the Group's Financial Statements, in their periods
of initial application, except for the additional disclosures on operating
segments when the relevant standard comes into effect for periods
commencing on or after 1 January 2009.
Basis of Accounting
The Financial Statements, upon which this financial information is based,
have been prepared using accounting policies consistent with International
Financial Reporting Standards (IFRS). The disclosures required by IFRS 1
concerning the transition from UK GAAP to IFRS are given below.
3. Explanation of transition to IFRS
The Group has applied IFRS1 "First Time Adoption of International Financial
Reporting Standards" as a starting point for reporting under IFRS. The
Group's date of transition is 1 August 2006 and comparative information has
been restated to reflect the Group's adoption of IFRS except where
otherwise required or IFRS1 requires an entity to comply with each IFRS and
IAS effective at the reporting date for its first financial statements
prepared under IFRS. As a general rule IFRS1 requires such standards to be
applied retrospectively. However, the standard allows several optional
exemptions from full retrospective application.
The Group has elected to take advantage of the following exemption.
Business combinations made prior to 1 August 2006 will not be accounted for
under IFRS3 "Business Combinations" and as such the value of goodwill in
the balance sheet at that date will be the same amount under IFRS as that
recorded in the UK GAAP financial statements, subject to the completion of
an annual impairment review.
The reconciliations of equity at 1 August 2006 (date of transition to IFRS)
and at 31 July 2007 (date of last UK GAAP financial statements) and the
reconciliation of profit for 2006 and 2007, as required by IFRS1, are set
out below.
Reconciliation of Profit from UK GAAP to IFRS
31 July 31 July
2006 2007
GBP'000 GBP'000
UK GAAP (loss) for the (82) (170)
financial period
Amortisation of goodwill - 8
___________________
(Loss) from continuing (82) (162)
operations - IFRS
===================
Reconciliation of Net Assets from UK GAAP to IFRS
31 July 31 July
2006 2007
GBP'000 GBP'000
Net assets per UK GAAP 169 66
Amortisation of goodwill - 8
___________________
Net assets - IFRS 169 74
===================
International Financial Reporting Standards require goodwill to be frozen
as at the date of transition to IFRS, 1 August 2006, and to be subject to
review for impairment rather than regular amortisation. Previously
amortised amounts in the UK GAAP accounts for the year ended 31 July 2007
of GBP8,000 have been reversed in the IFRS income statement. The effect of
the transition on the balance sheet is shown above.
4. Earnings per share
The calculation is based on the earnings attributable to ordinary
shareholders divided by the weighted average number of Ordinary Shares in
issue during the period as follows:
2008 2007
Numerator: earnings attributable to (21) (162)
equity (GBP'000)
Denominator: weighted average number of 83,304,730 77,254,052
equity shares (No.) ==========================
The basic and diluted calculations are the same as there are no share
options in place that would have a dilutive effect.
5. Dividend
The Directors do not recommend the payment of a dividend (2007: GBPnil).
6. Goodwill
GBP'000
Cost
At 31 July 2006 and 31
July 2007 158
Additions -
________
At 31 July 2008 158
========
Goodwill is stated as at the date of transition to IFRS, being 1 August
2006. The Directors consider there to be no impairment to this value.
7. Events after the balance sheet date
The Group made a loss for the year of GBP21,000 . As a result, subsequent to
the year end the subsidiary Lottery Service Providers Limited was placed
into Creditors' Voluntary Liquidation. The administration function of the
Group was taken up by a new subsidiary, Prize Logistics Limited. Inter-
group loans between Lottery Service Providers Limited, its parent company
and its fellow subsidiary were waived prior to the Liquidation. This had
no impact on the Group as a whole at the year end but has been provided
for in each respective company's own financial statements. Whilst this
has resulted in the parent company, The Weather Lottery plc, having net
liabilities at the year end, the Directors consider that the Group
continues to be a going concern and they forecast that changes to the cost
structure of the Group will enable its continuance.
8. Publication of Accounts
Copies of the directors' report and accounts for the year ended 31 July
2008 are today being posted to shareholders and are available from the
company's website at
http://www.theweatherlottery.com/categories/corporate/investors.php
ENDS
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