Telescan
Telescan AS Interim Report as of 31 December 2013
DGAP-News: Telescan / 28.02.2014 / 14:48 --------------------------------------------------------------------- The current interim report of Telescan AS presents the results of company operations from incorporation on 30 May 2013 to 31 December 2013. The interim report is not audited. The financial statements of the company are prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and the interpretations of the International Financial Reporting Interpretations Committee as adopted by the European Union and the Estonian Accounting Act. Statement of financial position in euro 31.12.2013 30.05.2013 ----------------------------------------------------------------------- Assets Cash and cash equivalents 2 357 25 000 Receivables and prepayments 319 0 ----------------------------------------------------------------------- Current assets 2 676 25 000 ----------------------------------------------------------------------- ----------------------------------------------------------------------- Property, plant and equipment 23 047 0 Total non-current assets 23 047 0 ----------------------------------------------------------------------- Total assets 25 723 25 000 ----------------------------------------------------------------------- Liabilities Payables and prepayments 25 653 0 Total current liabilities 25 653 0 ----------------------------------------------------------------------- Total liabilities 25 653 0 ----------------------------------------------------------------------- Equity Share capital 60 000 25 000 Share premium 10 000 0 Profit for the period -69 930 0 Total equity 70 25 000 ----------------------------------------------------------------------- Total equity and liabilities 25 723 25 000 ----------------------------------------------------------------------- Statement of comprehensive income in euro 30.05.-31.12.2013 30.05.-30.05.2013 ----------------------------------------------------------------------- Continuing operations Administrative expenses -68 394 0 Depreciation -1 536 0 Results from operating activities -69 930 0 ----------------------------------------------------------------------- Profit for the period -69 930 0 ----------------------------------------------------------------------- Statement of cash flows in euro 30.05-31.12.2013 30.05-30.05.2013 ----------------------------------------------------------------------------- Cash flows from operating activities Profit for the period -69 930 0 Adjustments Depreciation 1 536 0 Changes in receivables -319 0 Changes in payables 25 653 0 Cash generated from operating activities -43 060 0 ----------------------------------------------------------------------------- Cash flows from investing activities Purchase of property, plant and equipment -24 583 25 000 Net cash from investing activities -24 583 25 000 ----------------------------------------------------------------------------- Cash flows from financing activities Proceeds from issue of share capital 45 000 25 000 Net cash from financing activities 45 000 25 000 ----------------------------------------------------------------------------- Net increase in cash and cash equivalents -22 643 25 000 Cash and cash equivalents at 30.05.2013 25 000 0 Change in cash and cash equivalents -22 643 25 000 Cash and cash equivalents at 31.12.2013 2 357 25 000 ----------------------------------------------------------------------------- Statement of changes in equity in euro Share capital Share Retained Total equity premium earnings -------------------------------------------------------------------------------- Share capital 25 000 - - 25 000 Issue of equity 35 000 10 000 - 45 000 Profit for the - - -69 930 -69 930 period Balance at 60 000 10 000 -69 930 70 31.12.2013 -------------------------------------------------------------------------------- Management comment Following the incorporation of Telescan AS on 30th May 2013 and the admittance to trading of the company's shares on the First North market place of the NASDAQ OMX Stock Exchange in the Baltics on 9th August 2013 the Company has focussed on refining its business model. Whilst the company has developed what is believed to be a unique business model, the implementation of this model has underscored the importance of forging strategic alliances with established synergistic organisations. Foremost amongst these strategic alliances has been the global agreement entered into with Philips Healthcare in Holland for the supply of scanning equipment. The company has also entered into negotiations with major genetics organisations, universities, international healthcare companies and life insurance or assurance companies for co-operation in linking its multi-year body scanning plans with dedicated health insurance plans. In the period covered by the interim report, the company had a loss of EUR 69,930. Most of this sum results from costs associated with the company's shares being admitted to trading on First North, Tallinn and the payment of professional advisory fees. Other costs reflect various operational expenditures associated with the everyday business of the company. As the loss has caused the company's net assets to fall below the level required in the Commercial Code the management of Telescan has taken steps to bring the net assets of the company up to the level required by law. Following the paying up of the initial authorised share capital of 25,000 euros the company completed two issues of additional fully paid-up shares in 2013. During January and February 2014 the company had two further share capital issues with a total size of 41,000 euros (nominal 15,500 euros and premium 25,500 euros) which have been paid up and are to be registered in the Business Registry. The company plans a new share issue in March 2014. The management will closely monitor the net asset level at all times and secure sufficient financing to avoid net assets falling below the required level. This disclosure has been reviewed by Telescan AS Certified Advisor AS Cresco Väärtpaberid. Michael Chambers Chief Operating Officer Telescan AS +44 79 6404 8080 mc@tele-scan.com News Source: NASDAQ OMX End of Corporate News --------------------------------------------------------------------- 28.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Telescan Estonia ISIN: EE3100119157 End of News DGAP News-Service --------------------------------------------------------------------- 255154 28.02.2014
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