UNAUDITED FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2013 ENDED 30 JUNE 2013
The Board of Directors of OIM Plc informs the market about the Company’s results during the first half of 2013. The Directors are aware of the fact that the release of these statements should have taken place before the 31st August 2013 and that the Company by consequence has been in breach since. This is to a large extent due to the fact that these statements have now been prepared in accordance with IFRS / IAS 34. Pending the release of the June 30, 2013 figures, the trading was suspended. The Directors do regret this and have taken measures to make sure such a breach will not happen again.
In order to avoid any breach in future timing, a schedule for the release of financial information with regard to 2014 will be communicated to the market before the end of the year. In order to inform the market properly and on time, a trading update on the fourth quarter of 2013 will be released on 22 January 2014.
Unaudited statements for the first half year 2013 have been prepared in accordance with IFRS / IAS 34.
The Directors would like to summarize the following observations and comments:
- Revenues increased to € 21.3 million (€ 19.6 million first half 2012). Net profit fell to -/- € 0.27 million (€ 0,75 million first half 2012).
- The Fleischhauer Group has further increased its profit as compared to the same period in 2012. Over the period, profit before tax increased by 11%.
- Due to the costs resulting from the preparation of a prospectus for a subsequently aborted bond issue, as well as other professional costs, there has been a substantial increase in spending on a corporate level over the first half 2013. Furthermore, an incidental amount of € 250K has been spent at the expense of the Company’s result over the first half of 2013.
- The valuation of associated companies has been done in the past at fair value, the stock market value, positioning the Company as a Venture Capital Organization. We have been advised though that we should consider the Company as a Holding Company which means that the Company should consolidate the financial statements of associated companies within the Group.
- As far as Your Drinks AG (49.3% ownership) is concerned, the above mentioned change in accounting policy will be adopted in the financial statements over the year 2013 with restatements regarding the 2012 accounts. The Company will fully consolidate all of the entity and recognize non-controlling interests and goodwill as required under IFRS 3.
- In the interim statements 2013 Your Drinks AG is still valued at fair value. The fair value as per June 30 is € 3,677K, the loss in fair value during the first half of 2013 amounted to € 635K, compared to an increase of € 200K over the first half of 2012.
- Included in the annual accounts of 2012 is a fair value of Your Drinks AG of € 4,315K. Total equity of Your Drinks AG as per the same date was € 368K. Included in the consolidated statement of income of the Company over 2012 is an increase of fair value of Your Drinks AG of € 2,692K. The net loss of Your Drinks AG over 2012 was € 133K.
- The development of Your Drinks AG has been slowed down compared to the forecast that was given in the trading update in the fall of 2012.
- The Company has a strong equity position; net assets amount to € 14,052 K by the end of June 2013 as compared to € 10,753 K by the end of June 2012.
- The outcomes of the latest Annual General Meeting that were informed to the market on October 7 2013, resulted in a limitation of the board’s possibilities to attract additional equity investors. The Group now being limited in financing through issue of capital will pursue autonomous growth and acquisitions which can be financed from the Company’s own cash flow. The Board of Directors is well casted and except for the issuance of equity capital, not limited in its acting powers.
- On the 2012 and 2013 Annual General Meeting of Shareholders, the audited financial statements of the Company for the financial years ended 31 December 2011 and 31 December 2012 as approved by the Board of Directors have not been adopted.
The unaudited financial statements are available here for download. 
For additional information, please contact:
OIM plc
Jos Haag, Chairman
+31 6 51 56 17 67
info@oimplc.com