ARC International plc Announces Unaudited Preliminary Results For the Year Ended December 31, 2008

NOTES

1. Basis of presentation

The preliminary results are unaudited and do not constitute statutory accounts within the meaning of s240 of the Companies Act 1985. The statutory accounts for the year ended 2007 have been delivered to the Registrar of Companies. The auditors’ opinion on these accounts was unqualified and did not contain a statement made under s237 (2) or s237 (3) of the Companies Act 1985.

The preliminary results of ARC International plc have been prepared in accordance with the EU Endorsed International Financial Reporting Standards (IFRS), IFRIC interpretations and the Companies Act 1985 applicable to companies reporting under IFRS. These have been prepared in accordance with the Listing Rules of the Financial Services Authority. In preparing the preliminary results, management have used the principal accounting policies as set out in the Group’s annual report and accounts for the year ended December 31, 2007. The preliminary results have been prepared under the historical cost convention, except in respect of certain financial instruments.

The preliminary results incorporate the accounts of the Company and each of its subsidiaries for the period to December 31, 2008. All new acquisitions are accounted for under the purchase method from the date of acquisition.

The preparation of the preliminary results in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

2. Segment information

Primary reporting format - geographical segments organized into three main locations.
The segment results for the year ended December 31, 2008 are as follows:
         
Europe North America

Asia

Elimination Group
    £ '000  

£ '000

   

£ '000

  £ '000   £ '000
Revenue-external   3,474     9,291     4,282     -     17,047  
Revenue-internal   2,894     258     -     (3,152 )   -  
Segment result (5,655 ) (716 ) (667 ) - (7,038 )
Restructuring (1,689 ) (566 ) (18 ) - (2,273 )
Segment result after restructuring (7,344 ) (1,282 ) (685 ) - (9,311 )
Finance income 864 33 - - 897
Finance expense (10 ) (4 ) - - (14 )
Share of post tax loss of associate   -     (8 )   -     -     (8 )
Loss before tax (6,490 ) (1,261 ) (685 ) - (8,436 )
Income tax credit   942     193     -     -     1,135  
Net profit/(loss) attributable to equity shareholders   (5,548 )   (1,068 )   (685 )   -     (7,301 )
Assets 21,571 10,055 45 - 31,671
Associates   -     443     -     -     443  
Total assets   21,571     10,498     45     -     32,114  
Total liabilities   4,834     5,730     44     -     10,609  
Other segment items
Capital expenditure 1,273 837 - - 2,111
Amortization of intangible assets 1,463 804 - - 2,268
Depreciation 671 193 3 - 867
Other non-cash expenses   46     203     3     -     252  
 
The segment results for the year ended December 31, 2007 are as follows:
 
Europe North America Asia Elimination Group
    £ '000   £ '000     £ '000   £ '000   £ '000
Revenue-external   2,897     9,353     2,151     -     14,401  
Revenue-internal   3,044     193     -     (3,237 )   -  
Segment result (1,585 ) (3,066 ) (690 ) - (5,341 )
Finance income 1,410 60 - - 1,470
Share of post tax loss of associate   -     (22 )   -     -     (22 )
Loss before tax (175 ) (3,028 ) (690 ) - (3,893 )
Income tax credit   1,369     20     -     -     1,389  
Net profit/(loss) attributable to equity shareholders   1,194     (3,008 )   (690 )   -     (2,504 )
Assets 29,263 7,083 40 - 36,386
Associates   -     414     -     -     414  
Total assets   29,263     7,497     40     -     36,800  
Total liabilities   (3,154 )   (3,360 )   (13 )   -     (6,527 )
Other segment items
Capital expenditure 1,677 283 9 - 1,969
Amortization of intangible assets 1,023 188 - - 1,211
Depreciation 357 116 2 - 475
Other non-cash expenses   80     199     7     -     286  
Group only has a single business segment, and therefore, it does not have a secondary reporting format.

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