Interim results for the six month period ended 31 March 2009 - Optos

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Notes to the Interim Financial Statements 7 Taxation As at 31 March 2009, the Group is estimated to have approximately $80,000,000 of gross unused tax losses. In the 6 months ended 31 March 2009 $447,000 of tax (March 2008: $89,000; Sept 2008: $88,000) was paid in the United States in respect of certain minimum taxes levied by certain individual state tax bodies, $318,000 relating to the year ended 30 September 2008 and $129,000 relating to the year ended 30 September 2009. Of the total Group unused tax losses, a deferred tax asset was recognized in 2006 in respect of historic US tax losses and in 2008 in respect of historic Canadian tax losses as there is sufficient evidence to conclude that these losses will be recoverable in the future. The remaining deferred tax asset balances for gross unused tax losses of approximately $56,000,000 (March 2008: $42,500,000; Sept 2008: $52,000,000) arising primarily in the UK, have not been recognised on the grounds that there is insufficient evidence that these assets will be recoverable. These assets will be recovered when future tax charges are sufficient to absorb these tax benefits. The continued availability of the tax losses is subject to certain conditions being met and the level of losses not being challenged by the relevant tax authority. 8 (Loss)/Profit Per Ordinary Share Basic earnings per share amounts are calculated by dividing the (loss)/profit before taxation and the (loss)/profit after taxation for the financial period by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share amounts are calculated by dividing the (loss)/profit before taxation and the (loss)/profit after taxation for the financial period by the weighted average number of ordinary shares outstanding during the period (adjusted for the effects of dilutive options). In the case of a loss, no impact for further dilution is reflected as this would not have the effect of increasing the loss per share and is therefore not dilutive. The (loss)/profit per ordinary share is calculated as follows: Six months Six months Year ended ended 31 March ended 31 March 30 September 2009 2008 2008 (Unaudited) (Unaudited) (Audited) No. No. No. Weighted average number of ordinary shares in issue 69,183,072 68,868,484 69,183,072 Effect of dilution: share options - 955,642 876,101 Adjusted weighted average number of ordinary shares for diluted earnings per share 69,183,072 69,824,126 70,059,173 (Loss)/profit before taxation ($’000s) (4,860) 1,848 5,894 Basic (loss)/profit before taxation per share (cents) (7.0)c 2.7c 8.5c Diluted (loss)/profit before taxation per share (cents) (7.0)c 2.6c 8.4c (Loss)/profit after taxation ($’000s) (4,414) 678 4,616 Basic (loss)/profit after taxation per share (cents) (6.4)c 1.0c 6.7c Diluted (loss)/profit after taxation per share (cents) (6.4)c 1.0c 6.6c Optos plc Interim results for the six month period ended 31 March 2009 16
Notes to the Interim Financial Statements 9 Property, plant and equipment During the six months to 31 March 2009, the Group acquired assets with a cost of $8,792,000 (March 2008: $13,402,000; Sept 2008: $32,682,000) and disposed of assets with a net book value of $1,254,000 (March 2008: $914,000; Sept 2008: $1,264,000). There is no impairment to property, plant and equipment. 10 Intangible assets During the six months to 31 March 2009, the Group capitalised intangible assets of $783,000 (March 2008: $1,938,000; Sept 2008 $2,671,000) and amortised intangible assets of $759,000 (March 2008: $399,000; Sept 2008: $896,000). As at 31 March 2009, the net book value of Group intangible assets was $10,391,000 (March 2008: $12,155,000; Sept 2008: $13,226,000). Of this total at 31 March 2009, $9,232,000 (March 2008: $11,317,000; Sept 2008: $12,193,000) related to development costs, with the balance relating to software and intellectual property costs. Development costs are capitalised as intangible assets under IAS 38 to the extent the Board considers that individual projects meet the recognition criteria under the relevant standard. As at 31 March 2009, $7,755,000 (March 2008: $9,481,000; Sept 2008: $10,000,000) of these costs related to the design of a common technology platform. Costs related to the development of a common technology platform commenced amortisation in 2007 and will be amortised over the benefits anticipated to accrue in the first five years of operations (included within administrative expenses). During the period the carrying value of development costs was reviewed for impairment and $2,804,000 was written off and included within exceptional items (note 4). 11 Cash and cash equivalents Six months Six months Year ended 31 March ended 31 March ended 30 September 2009 2008 2008 (Unaudited) (Unaudited) (Audited) $’000 $’000 $’000 Cash at bank and in hand 11,541 14,134 8,568 Short-term deposits 10,000 11,024 18,898 21,541 25,158 27,466 Cash at bank earns interest at floating rates based on daily deposit rates Optos plc Interim results for the six month period ended 31 March 2009 17
Page 1 and 2: OPTOS PLC (“Optos” or the “Co
Page 3 and 4: REVIEW OF THE HALF YEAR Total reven
Page 5 and 6: PROGRESS Good progress is being mad
Page 7 and 8: Consolidated Income Statement For t
Page 9 and 10: Consolidated Statement of Changes i
Page 11 and 12: Notes to the Interim Financial Stat
Page 13 and 14: Notes to the Interim Financial Stat
Page 15: Notes to the Interim Financial Stat
Page 19: Independent Review Report to Optos

Interim results for the six month period ended 31 March 2009 - Optos

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