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

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Notes to the Interim Financial Statements 12 Finance lease commitments Upon placement of P200 equipment at a customer site, the healthcare professional typically enters into a three-year lease agreement with a third-party provider of vendor finance. Optos enters into a matching finance agreement with the third-party provider of vendor finance involving the transfer of P200 equipment to the finance provider with legal title being transferred back to Optos at the end of the period. As the significant risks and rewards of ownership are retained by Optos, the proceeds received from the third-party providers of vendor finance are recorded as finance lease obligations, which are repayable by instalments and are secured over the related P200 assets. During the six months to 31 March 2009, the Group raised additional funding through vendor finance of $16,685,000 (March 2008: $23,225,000; Sept 2008: $51,286,000) and made repayments to third-party providers of vendor finance of $21,836,000 (March 2008: $20,621,000; Sept 2008: $43,422,000). Total finance lease commitments outstanding at 31 March 2009 were $80,741,000 (March 2008: $80,305,000; Sept 2008:$85,892,000). 13 Related party transactions There were no related party transactions during the six months to 31 March 2009 (March 2008: nil; September 2008: nil) Optos plc Interim results for the six month period ended 31 March 2009 18
Independent Review Report to Optos plc For the period ended 31 March 2009 Introduction We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the six months ended 31 March 2009 which comprises the Consolidated Income Statement, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and the related notes 1 to 13. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' Responsibilities The interim financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. Our Responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim financial report for the six months ended 31 March 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. Ernst & Young LLP Glasgow 20 May 2009. Optos plc Interim results for the six month period ended 31 March 2009 19
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 17: Notes to the Interim Financial Stat

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

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