Notes to the financial statements - Plasmon

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Notes to the financial statements continued for the year ended 31 March 2003 1,469,500 share options were granted during the year under the 1998 Employee Share Option Scheme (the "1998 Scheme"). The 1998 Scheme allows for the granting of share options up to 15% of the issued ordinary share capital, normally within 42 days following the preliminary announcement of the final or interim results of the Company. No payment is required for the grant of the share options and subscription price per share is set at prevailing market rates. These options, as with those issued during the previous year, require the launch of UDO drives and media before the options can be exercised. The share options granted in the four years ended 31 March 2001 (at subscription prices per share of £0.465, £0.77, £1.37, £2.74 and £1.14) also have performance criteria attached to them. Exercise of these share options is conditional on earnings per share for the Group over any three consecutive years following grant having grown by an average of at least 6 percentage points above inflation. The earnings per share criteria will be adjusted to remove the impact of the UDO programme. In addition group profits for any financial year have to exceed the levels shown in the table below: Granted during Subscription price the year ended per share Measure of group profits Level of group profits 31 March 1998 £0.465 Before interest and tax £1 million 31 March 1999 £0.77 Before goodwill amortisation, interest, tax and exceptional items £2.5 million 31 March 2000 £1.37 Before goodwill amortisation, £2.5 million £2.74 interest, tax and exceptional items £4.0 million 31 March 2001 £1.14 Before goodwill amortisation, £7.0 million interest, tax and exceptional items The performance criteria attached to the share options granted during the year ended 31 March 1998 and 1999 have been met. The share options granted at £1.25 and £2.50 do not have performance conditions attached to them. 21 Reserves Share premium Profit and loss account account £’000 £’000 Group At 1 April 2002 40,172 (1,568) Premium on share placing 1,634 – Issue costs of share placing (84) – Premium on exercise of share options 347 – Currency translation differences – (1,563) Retained loss for the year – (3,406) At 31 March 2003 42,069 (6,537) Cumulative goodwill arising on consolidation which has been written off to reserves amounted to £1,301,500 at 31 March 2003 and 31 March 2002. Share Profit premium Other and loss account reserves account £’000 £’000 £’000 Company At 1 April 2002 40,172 1,116 (2,939) Premium on share placing 1,634 – – Issue costs of share placing (84) – – Premium on exercise of share options 347 – – Retained loss for the year – – (247) At 31 March 2003 42,069 1,116 (3,186) There were no distributable reserves at 31 March 2003 and 2002. Plasmon Plc Annual Report 2003 Notes to the financial statements 42
Notes to the financial statements continued for the year ended 31 March 2003 22 Reconciliation of operating loss to net cash inflow from operating activities 2003 2002 £’000 £’000 Operating loss (2,649) (5,758) Amortisation of intangible fixed assets 1,307 1,266 Depreciation of tangible fixed assets 4,700 4,577 (Profit)/loss on sale of fixed assets (24) 32 Decrease/(increase) in stocks 1,214 (4,085) Decrease/(increase) in trade debtors 575 (34) Increase in prepayments and other debtors (1,011) (2,527) (Decrease)/increase in trade creditors (2,252) 1,417 Increase/(decrease) in other taxation and social security 41 (7) Increase in accruals and deferred income 845 3,557 (Decrease)/increase in provisions for liabilities and charges (1,194) 1,223 Other non-cash items (628) (60) Net cash inflow/(outflow) from operating activities 924 (399) 23 Analysis of net debt Inception Foreign At 1 April Cash of finance exchange At 31 March 2002 flow leases gain/(loss) 2003 £’000 £’000 £’000 £’000 £’000 Cash at bank and in hand 1,668 (562) – 65 1,171 Overdrafts (4,901) 373 – 440 (4,088) (3,233) (189) – 505 (2,917) Debt due within one year (262) (1,045) – 13 (1,294) Debt due after one year (3,798) (2,360) – 152 (6,006) Finance leases due within one year (782) 494 (706) (15) (1,009) Finance leases due after one year (1,822) 877 (733) (57) (1,735) Net debt (9,897) (2,223) (1,439) 598 (12,961) 24 Financial instruments The following information, with the exception of that concerning currency exposures, excludes short term debtors and creditors. Narrative disclosures explaining the role that the financial instruments play in creating and changing the risks faced by the group in its activities together with an explanation of the directors’ approach to managing these risks, are given in paragraphs 5 to 10 on page 16 within the Finance Director’s review under the heading of Financial Instruments. No derivatives have been utilised to hedge either foreign exchange or interest rate movements and therefore there are no unrecognised gains or losses. Financial assets The interest rate and currency profiles of the Group’s financial assets, excluding short term debtors were: Floating Non-interest Floating Non-interest rate bearing Total rate bearing Total 2003 2003 2003 2002 2002 2002 £’000 £’000 £’000 £’000 £’000 £’000 Currency Sterling 283 25 308 543 41 584 US dollar 241 77 318 189 229 418 Other – 545 545 – 666 666 524 647 1,171 732 936 1,668 The financial assets shown in the table above consist solely of cash at bank and in hand. The US dollar denominated floating rate deposits earn interest based on US prime rates. Plasmon Plc Annual Report 2003 Notes to the financial statements 43
Page 1 and 2: Plasmon Plc Annual Report 2003
Page 3 and 4: Plasmon Overview Plasmon manufactur
Page 5 and 6: Plasmon Plc Annual Report 2003 Pre-
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Page 9 and 10: In the first half of 2002/3, the Gr
Page 11 and 12: from Nichia, our Japanese supplier.
Page 13 and 14: performance benefits of the technol
Page 15 and 16: Outlook 2002/3 has been a year of c
Page 17 and 18: Plasmon Plc Annual Report 2003 The
Page 19 and 20: Board of Directors & Senior Managem
Page 21 and 22: Accountability and Audit Following
Page 23 and 24: Directors’ emoluments The remuner
Page 25 and 26: Directors’ report for the year en
Page 27 and 28: Consolidated profit and loss accoun
Page 29 and 30: Consolidated balance sheet at 31 Ma
Page 31 and 32: Consolidated cash flow statement fo
Page 33 and 34: Notes to the financial statements c
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Page 51 and 52: Directors John Barrie Morgans (Chai

Notes to the financial statements - Plasmon

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