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V22 PLC: Final Results

28 May 2010

                                    V22 PLC                                    
                           ('V22' or 'THE COMPANY')                            

                                 (PLUS: V220)                                  

AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR TO 31 DECEMBER 2009

V22, the first publicly traded contemporary art collection, announces audited
final results for the 12 months ending 31 December 2009

HIGHLIGHTS

- Independent valuation of the art collection £715,816.

- Growth over the period of 2009 of 16.7%; growth over cost of 104.6%

- Net asset value per share 1.358p; (2008: 1.565p)

- Net asset value per share including revaluation 2.949p ; (2008: 2.845p)

- Operating loss held at £ 52,648 (2008 £91,664).

- Generated positive cash flow of £8,432.

- Year end net cash £ 28,729.

- Further expansion into studio provision

The Directors of the Issuer accept responsibility for this announcement.

                                  ---ENDS---                                   

Contact Details:

V22 plc Tel: 020 79232950
Tara Cranswick
tara@v22collection.com

Rivington Street Corporate Finance Tel: 020 7562 3373
Eran Zucker
Eran@rs-cf.com

CHAIRMAN'S REPORT

The Directors of V22 are pleased to report results for the 12 months to 31
December 2009 and the third independent valuation of the V22 art collection. In
terms of asset growth, we are delighted with the revaluation results. The
company has developed a large and diverse art collection which has increased in
value, worked steadily to a point where advisory and running costs are covered
by its subsidiary, and continues to develop a strong brand name and reputation
within the London and international art communities.

Since the collection started in September 2006, to 31 December 2009, V22 has
invested £349,788 (£216,987 cash and £132,801 equity) in the collection. The
independent valuation estimated the works to be worth £715,816, an uplift of £
366,028 - a gain of 104.6%.

For the third valuation V22 chose to work again with Webb Valuations. Webb
Valuations' founder, David Webb FRICS, undertook the valuation himself with
specialist advice from his contemporary art consultants. David has been
involved in the art world for over 30 years including working for Bonhams and
as a deputy director of Sotheby's London. He also set up and managed the UK
Valuation Department at Sotheby's new West London saleroom at Olympia.

The market still represents some excellent buying opportunities, and the
acquisition of a number of works took place at the end of 2009 with capital
saved from V22 London's ancillary revenue streams.

51 international artists are currently represented in the V22 collection, which
has grown to now include 113 works of art.

PROMOTION 2009

A series of exhibitions and events continue to grow the profile of V22 and have
contributed to our following in the art world, financial circles and with the
press.

In 2009 V22 continued to work with Workspace Group plc who previously offered
all their available space for V22 exhibitions. This resulted in a large
exhibition - V22 PRESENTS: The Sculpture Show - in a large and beautiful
warehouse just south of the Thames in Bermondsey. Works by nearly 100 artists
were exhibited, including such luminaries as Henry Moore, Naum Gabo, and
Richard Smith, YBA's The Chapman Brothers and Sarah Lucas and the English
father of conceptual art Richard Wentworth; over 3000 people attended the show;
the curators were asked to speak about it on the radio and at international
sculpture symposia; it was featured as Time Out's pick of the week; and an
artist was thereafter chosen to exhibit at the Serpentine Gallery. Altogether a
fantastic success for the V22 brand; not only did it increase our profile and
reputation, but also formed a selection of artists for the V22 collection.

In October 2009, V22 worked in partnership with Intelligence Squared, the
Barbican, the Royal Festival Hall and a host of London's museums and cinemas to
present works by acclaimed German director Werner Herzog. The film festival was
timed around Herzog's visit to London and he, rather exceptionally, gave his
permission for V22 to screen his films. The series was titled V22 PRESENTS:
Werner Herzog, and included 26 films and documentaries; it was featured in
major newspapers, magazines and London guides and was enjoyed to many sell-out
audiences.

Also in October, to coincide with London's massive Frieze Art fair, V22 London
decided to open a part of its former gallery space in Dalston. The series of
shows designed for the space are solo installations by artists who have reached
an exceptional level in their careers, and are excited by the chance to work
for extended periods of time to create exhibitions in a large space - a luxury
unafforded by the commercial galleries. The series started with Fergal
Stapleton. Our audience included many of London's stars of the art world, the
exhibition was featured in Art Forum as one of London's best shows and received
great critical acclaim.

V22 was again invited by Edelman plc - an international PR company - to provide
art for their new offices in Victoria with Director Tara Cranswick being
personally commissioned to make a large scale installation for the same
offices. The Contemporary Arts Society negotiated the loan of two V22 works for
display in a new Norman Foster development in Bath, parts of the collection
remain on loan to shareholders and a number of works have been loaned to
external exhibitions.

MANAGEMENT

V22 London Ltd

Our subsidiary in London continues to manage the collection, its loan and
exhibition, as well as increase the profile and relevance of V22 and the
development of ancillary revenues to fund the costs of the collection.

V22 London is still managing its building - V22 ASHWINSTREET. The building is
fully let and the gallery space has partly reopened for a series of high
profile solo exhibitions.

V22 London is working in partnership with Workspace Group plc to use their
empty spaces as additional studio space for artists. This has proved to be an
excellent opportunity to turn a depressed property market to our advantage and
increase our revenue in a simple and effective manner. V22 London signed a
lease with Workspace for a large 14,400 sq ft building just behind the Tate
Modern for artist studio space at a very advantageous rate. The lease was
signed at the end of April 2009, and, after an initial period of works, the
building was 75% let within 3 months and full within 5 months.

A loss of £15,131 (2008 £61,076) reflected the continuous development of V22 as
well as losses arising from the very nature of the business, representing an
indirect cost of acquiring and holding the collection. We continue to mitigate
this cost by offsetting it against new and existing sources of revenue.

The management team is heavily invested in the future success of the business
and, once again, much of the increase in the valuation of the collection is due
to the team's buying and negotiating skills. The team continues to work
tirelessly to improve and expand the asset base and to enhance shareholder
value.

THE ART MARKET

Things are still largely cautious in the market, but the last contemporary
auction results proved more optimistic: Sotheby's NY November sale sold 52 of
54 lots, or more than 96 percent, for a total of $134,438,000 with premium. The
sum was well above the $74.1 million total at Christie's New York the night
before, and a bit more than the $125 million Sotheby's did in May 2009.

Frieze Art Fair in October reported "clear evidence of renewed confidence in
the contemporary art market" at the fair, and Artprice reported in November
that their Art Market Confidence Indicator showed that medium-term confidence
had substantially improved with 60% of respondents expecting to see art prices
increasing over the following three months.

Art Basel Miami Beach in December boasted "exceptional high quality and very
solid sales" with major dealers reporting that the art market was stabilising
and gaining momentum.

The World Wealth Report, published by Capgemini and Merrill Lynch, reported
that buyers had scaled back on "investments of passion"-yachts, jets, cars,
jewellery and so on, but the proportion of all luxury spending that went on art
increased as investors looked for assets that would hold their value in the
longer term.

V22 is still in the buying, not the selling, phase of its development. The
structure of V22 involves artists in the ownership of the company, invests in
high quality art for the longer term and supports the market not only through
collecting but also through exhibition and studio space. The Directors believe
that after 3 years of trading, including 2009 which was a difficult year, the
business model has proved itself.

FUTURE STRATEGY

At the end of 2009, with the new studio building being filled, V22 London
negotiated with artist Shahin Afrassiabi to take a studio at V22 ASHWINSTREET
in lieu of payment for artwork. This means that V22 London can assist in the
development of the collection without the loss of cash which this normally
entails. This method of working is excellent for artists and V22 and may be
pursued in the future.

With our third valuation we have proved once again that our choice of art has
been solid under the most adverse conditions. Looking forward we shall continue
to expand our revenue streams, keep costs low, hold and promote our growing
collection of art and identify the wealth of opportunities we believe exist in
the current market and in our current phase of development.

We have completed our third full year of trading, are emerging from the
development phase of the business and believe that our ability to achieve and
sustain growth in the assets of the company has been supported yet again by the
revaluation of the collection.

As we did in 2009, while monitoring the market carefully, we will continue to
grow the collection with a small list of impressive artists.

As ever, in closing we would like to thank our artists, shareholders, staff,
advisors and friends for their continued support and enthusiasm for our
exciting and unique venture.

T Cranswick - Co Chairman
J Banks - Co Chairman

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMEBER 2009

                                                            2009      2008   
                                                                          
                                                               £         £    
                                                                          
TURNOVER                                                   6,612    10,492
                                                                          
Cost of Sales                                              8,630     6,551
                                                                          
                                                       --------- ---------
                                                                          
                                                         (2,018)     3,941
                                                                          
GROSS PROFIT                                                              
                                                                          
Administrative Expenses                                  212,942   166,214
                                                                          
                                                       --------- ---------
                                                                          
                                                       (214,960) (162,273)
                                                                          
Other Operating Income                                   162,559    68,665
                                                                          
                                                       --------- ---------
                                                                          
OPERATING LOSS                                          (52,401)  (93,608)
                                                                          
Interest receivable and similar income                         3     2,194
                                                                          
                                                       --------- ---------
                                                                          
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION             (52,398)  (91,414)
                                                                          
Tax on loss on ordinary activities                           250       250
                                                                          
                                                       --------- ---------
                                                                          
LOSS FOR THE FINANCIAL YEAR AFTER TAXATION              (52,648)  (91,664)
                                                                          
                                                         =======   =======
                                                                          
LOSS PER SHARE                                          (0.24) p  (0.43) p
                                                                          
                                                         =======   =======

CONTINUING OPERATIONS

None of the group's activities were acquired or discontinued during the current
year or previous period.

TOTAL RECOGNISED GAINS AND LOSSES

The group has no recognised gains or losses other than the loss for the current
year and the loss for the previous period.

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMEBER 2009

                                              2009                2008             
                                                                                
                                                 £         £         £         £    
                                                                                
FIXED ASSESTS                                                                   
                                                                                
Tangible Assets                                        8,631              15,264
                                                                                
CURRENT ASSETS                                                                  
                                                                                
Debtors                                     25,544              34,977          
                                                                                
Trade Investments                          349,788             330,998          
                                                                                
Cash at Bank in hand                        28,729              20,297          
                                                                                
                                         ---------           ---------          
                                                                                
                                           404,061             386,272          
                                                                                
CREDITORS                                                                       
                                                                                
Amounts falling due within one year        100,541              56,644          
                                                                                
                                         ---------           ---------          
                                                                                
NET CURRENT ASSETS                                   303,520             329,628
                                                                                
TOTAL ASSETS LESS CURRENT LIABILITIES                312,151             344,892
                                                                                
                                                     =======             =======
                                                                                
CAPITAL AND RESERVES                                                            
                                                                                
Called up share capital                                5,601               5,507
                                                                                
Share premium                                        512,204             492,391
                                                                                
Other reserves                                        74,479              74,479
                                                                                
Profit and loss account                            (280,133)           (227,485)
                                                                                
                                                     =======             =======
                                                                                
SHAREHOLDERS FUNDS                                   312,151             344,892
                                                                                
                                                     =======             =======

NOTES

 1. The financial information set out in this announcement does not constitute
    statutory accounts. This financial information has been extracted from the
    audited full accounts of the Group for the year ended 31 December 2009.
   
 2. The financial statements are prepared in accordance with applicable United
    Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
    Practice).
   
 3. The directors do not recommend the payment of a dividend.
   
 4. The art collection was valued at the balance sheet date by a firm of
    specialist valuers 'Webb Valuations Fine Art Ltd' at a primary market value
    of £715,816 (2008: £613,201), which shows an uplift in value over cost of £
    366,028 (2008: £282,203). On the Balance Sheet the art collection is valued
    at cost under Trade Investments.
   
NOTES TO EDITORS

About V22

V22 is the first publicly traded collective art collection. The company
collects contemporary art on the advice of international experts in the field.
V22's focus is mainly on emerging and mid career artists with the potential for
good investment growth. The pioneering model involves artists in share
ownership of the company, thereby creating a solid bank of expertise from which
to draw. The team's involvement in the art world enables the company to buy
seminal pieces at excellent prices.

www.V22collection.com


END

V22 PLC

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