Interim Results
December 23 2005 - 3:51AM
UK Regulatory
RNS Number:1602W
Ashpol PLC
23 December 2005
Group income statement (unaudited)
Half year to Period ended
28 September 24 March
Restated
Note 2005 2005
#'000 #'000
Gross property income 2,483 3,537
Property outgoings (260) (133)
Net Property income 2,223 3,404
Administrative costs (279) (299)
1,944 3,105
Profit on disposals of investment properties 32,031 4,488
Profit on disposal of subsidiary undertaking - 1,507
Other income - -
Operating Profit 33,975 9,100
Finance income 746 487
Finance costs (4,516) (2,723)
Profit before taxation 30,205 6,864
Income tax 1 - (265)
Profit for the period 30,205 6,599
Basic earnings per share 40.94p 8.94p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Changes in equity during the period are the profit for the period.
Group balance sheet (unaudited)
Half year to Period ended
28 September 24 March
Restated
2005 2005
#'000 #'000
Assets
Non-current assets
Investment properties 2 100,882 94,675
Current assets
Cash and cash equivalents 41,026 23,234
Other current assets 18,122 12,032
59,148 35,266
Total assets 160,030 129,941
Liabilities
Current liabilities
Bank loans and overdrafts - -
Other current liabilities (7,413) (7,293)
Income tax (293) (961)
(7,706) (8,254)
Non-current liabilities
10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000)
10% Cumulative Preference shares of #1 (1,062) -
5 3/4% Convertible Preference shares of #1 (31,815) -
(107,877) (75,000)
Total liabilities (115,583) (83,254)
44,447 46,687
Net assets
Equity
Share capital 15,565 48,010
Share premium 7,069 7,069
Other reserves 42 42
Retained Profit/(loss) 21,771 (8,434)
Total shareholders' funds 44,447 46,687
Group cash flow statement (unaudited)
Half year to Period ended
28 September 24 March
Restated
2005 2005
#'000 #'000
Operating activities
Operating profit 33,975 9,100
Profit on disposal of investment properties (32,031) (4,488)
Profit on disposal of subsidiary undertaking - (1,507)
Movement in receivables (5,658) 9,094
Movement in payables 728 (2,090)
Income Taxes (1,276) (640)
(4,262) 9,469
Investment activities
Proceeds from sale of property 25,854 6,569
Interest received 746 352
26,600 6,921
Financing activities
Interest paid (4,516) (722)
(4,516) (722)
Increase in cash and cash equivalents in the period 17,792 (15,668)
Notes to the interim announcement
Basis of preparation
The results for the six months ended 28th September 2005 include those for the
holding company and all of its subsidiary undertakings.
The results are prepared in accordance with those International Financial
Reporting Standards (IFRS) which are expected to be endorsed by the European
Union and to apply to the March 2006 full year results. The comparative period
results, previously reported under UK GAAP, have been restated on this basis. In
preparing these results, the exemption allowed by IFRS1, First-time Adoption of
IFRS, has been taken not to restate the comparative balance sheet for IAS39,
Financial Instruments: Recognition and Measurement.
This statement does not comprise statutory accounts as defined in Section 240 of
the Companies Act 1985. The results for the half year ended 28 September 2005
have not been audited. The audit report on the results to 24 March 2005
(covering the period from 23 November 2004 to that date), as originally
prepared under UK GAAP was qualified as a result of non-compliance with SSAP 19.
The audit report also contained a qualification relating to the presentation of
certain payments as a dividend. The statutory accounts for the period ended 24
March 2005 have been filed at the Registrar of Companies.
Comparison to UK GAAP
1. Balance sheet reconciliations of equity shareholders' funds, at 24
November 2004 and 24 March 2005, from the amounts previously reported
UK GAAP to IFRS did not identify any differences in shareholders'
funds.
2. Reconciliation of reported profit or losses after tax from UK GAAP to
IFRS for the period ended 24 March 2005 did not identify any
differences.
1. Taxation on profit on ordinary activities Half year to Period ended
28 September 24 March
Restated
2005 2005
#'000 #'000
Current tax - current tax on profit for the period - (164)
Current tax - adjustment to prior year items - (54)
Deferred tax - origination of timing differences - (47)
- (265)
2. Fixed assets - investment properties 28 September 24 March
2005 2005
#'000 #'000
Balance at 24 March 2005 94,675 115,523
Additions 74,437 2,484
Disposals (68,230) (23,332)
Balance at 28 September 2005 100,882 94,675
3. Net debt
Half year to Period ended
28 September 24 March
Restated
2005 2005
#'000 #'000
Repayable as follows:
After more than five years (75,000) (75,000)
Cash and cash equivalents 41,026 23,234
Net debt (33,974) (51,766)
4. Company Information
Directors K D McGrath
L Noe
M P Sheppard
I Smith
Secretary A M Jacobs
Registered Office 5 Wigmore Street
London
W1U 1PB
Registered Number 104394
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KXLBLELBZFBE
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