Interim Results
December 13 2006 - 6:41AM
UK Regulatory
RNS Number:8098N
Ashpol PLC
13 December 2006
Group income statement (unaudited)
Half year to Year ended
28 September 24 March
Note 2006 2006
#'000 #'000
Revenue 3,388 7,634
Cost of Sales (273) (466)
Gross Profit 3,115 7,168
Administrative costs 1 (66) (7,976)
Profit on disposals of investment properties - 42,453
Profit from operations 3,049 41,645
Finance income 1,543 2,791
Finance costs (4,610) (9,276)
Loss/(Profit) before tax (18) 35,160
Tax expense 2 - 974
Loss/(Profit)for the period (18) 36,134
Basic (loss)/earnings per share (0.02)p 48.97p
All amounts relate to continuing activities.
All recognised gains and losses are included in the income statement.
Changes in equity during the period are the profit for the period.
Group balance sheet (unaudited)
Half year to Year ended
28 September 24 March
Note 2006 2006
#'000 #'000
Assets
Non-current assets
Investment properties 3 126,488 93,023
Current assets
Trade and other receivables 27,609 23,457
Cash and cash equivalents 9,846 50,567
37,455 74,024
Total assets 163,943 167,047
Liabilities
Current liabilities
Trade and other payables (2,808) (6,367)
Corporation tax liability tax (293) (293)
(3,101) (6,660)
Non-current liabilities
Financial liabilities
10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000)
10% Cumulative Preference shares of #1 4 (1,062) (1,062)
5 3/4 % Convertible Preference shares of #1 4 (32,720) (32,247)
Finance lease creditor (1,702) (1,702)
Total financial liabilities (110,484) (110,011)
Total liabilities (113,585) (116,671)
Net assets 50,358 50,376
Equity
Share capital 7,378 7,378
Share premium reserve 7,069 7,069
Capital redemption reserve 42 42
Equity conversion reserve 8,187 8,187
Retained earnings 27,682 27,700
Total equity 50,358 50,376
Group cash flow statement (unaudited)
Half year to Year ended
28 September 24 March
2006 2006
#'000 #'000
Operating activities
Loss/profit before tax (18) 35,160
Profit on disposals of investment properties - (42,453)
Movement in receivables (3,529) (7,215)
Movement in payables (3,563) (7,430)
Income taxes - (668)
Finance income (1,520) (2,791)
Finance costs 4,587 9,276
Impairment of goodwill - 5,301
(4,043) (10,820)
Investment activities
Proceeds from sale of investment properties - 124,228
Acquisition of investment properties (33,465) (78,421)
Acquisition of subsidiary undertakings - (965)
Interest received 897 1,556
(32,568) 46,398
Financing activities
Interest paid (4,110) (8,245)
(4,110) (8,245)
Increase in cash and cash equivalents in the period (40,721) 27,333
Notes to the unaudited interim announcement
Basis of preparation
The unaudited interim results for the 6 months ended 28 September 2006 have been
prepared in accordance with those International Financial Reporting Standards
(IFRSs and IFRIC interpretations) issued by the International Accounting
Standards Board (IASB), and with those parts of the Companies Act 1985
applicable to companies preparing their accounts under IFRS, which are expected
to be endorsed by the EU and to apply to the March 2007 full year results. The
accounting policies used have been consistently applied to all the periods
presented and are detailed in the 24 March 2006 financial statements.
The financial information contained in this unaudited interim announcement does
not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. Full audited accounts for the year ended 24 March 2006 have
been delivered to the Registrar of Companies.
The auditors' report on the statutory accounts for the year ended 24 March 2006
was qualified as a result of non-compliance with International Accounting
Standard Number 40.
1. Administrative costs
Administrative costs include charitable donations of #2,307,000 for the year ending 24 March 2006.
2. Taxation on profit on ordinary activities Period ended Year ended
28 September 24 March
2006 2006
#'000 #'000
Current tax - current tax on profit for the period - -
Current tax - adjustment to prior year items - -
Deferred tax - origination of timing differences - 974
- 974
3. Fixed assets - investment properties Period ended Year ended
28 September 24 March
2006 2006
#'000 #'000
Balance at 25 March 2006 93,023 94,675
Additions 33,465 80,123
Disposals - (81,775)
Balance at 28 September 2006 126,488 93,023
4. Financial liabilities
The group has presented the 53/4% convertible preference shares and the 10% cumulative preference
shares in accordance with the requirements of IAS 32.
Notice has already been given for the conversion of the 5 3/4 % convertible preference shares to
ordinary shares of 10p each to take place before the end of the Ashpol group financial year end.
5. Net debt
Period ended Year ended
28 September 24 March
2006 2006
#'000 #'000
Repayable as follows:
After more than five years (110,484) (110,011)
Cash and cash equivalents 9,846 50,567
Net debt (100,638) (59,444)
6. 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
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