Final Results
July 20 2007 - 6:57AM
UK Regulatory
RNS Number:6049A
Ashpol PLC
20 July 2007
Group income statement (unaudited)
Note 2007 2006
#'000 #'000
Revenue 7,915 7,634
Cost of sales (777) (466)
Gross profit 7,138 7,168
Administrative expenses 1 (455) (7,976)
(Loss)/profit on disposals of investment properties (1,038) 42,453
Profit from operations 5,645 41,645
Finance income 3,659 2,791
Finance costs (9,298) (9,276)
Profit before tax 6 35,160
Tax expense 2 (276) 974
(Loss)/profit for the year (270) 36,134
All amounts relate to continuing activities.
The profit for the year is attributable to the equity holders of the company.
All recognised income and expense in the current and prior year is included in
the income statement.
Group balance sheet (unaudited)
2007 2006
#'000 #'000
Assets
Non-current assets
Investment properties 3 123,159 93,023
Current assets
Trade and other receivables 20,059 23,457
Cash and cash equivalents 1,644 50,567
21,703 74,024
Total assets 144,862 167,047
Liabilities
Current liabilities
Trade and other payables (10,759) (6,367)
Corporation tax liability (695) (293)
(11,454) (6,660)
Non-current liabilities
Financial liabilities 4 (77,764) (110,011)
Total liabilities (89,218) (116,671)
55,644 50,376
Net assets
Equity
Share capital 10,712 7,378
Share premium reserve 33,821 7,069
Capital redemption reserve 42 42
Equity conversion reserve 11,139 8,187
Retained earnings (70) 27,700
Total equity 55,644 50,376
Group cash flow statement (unaudited)
2007 2006
#'000 #'000
Operating activities
(Loss)/profit after tax (270) 35,160
Loss/(profit) on disposal of investment properties 1,038 (42,453)
Movement in receivables (20,469) (7,215)
Movement in payables 2,727 (7,430)
Tax expense 276 (974)
Finance income (3,659) (2,791)
Finance costs 9,298 9,276
Impairment of goodwill - 5,301
Cash generated from operations (11,059) (10,152)
Income taxes received/(paid) 126 (668)
Cash flows from operating activities (10,933) (10,820)
Investing activities
Proceeds from sale of investment properties 2,690 124,228
Acquisition of investment properties (33,864) (78,421)
Acquisition of subsidiary undertakings - (965)
Interest received 1,208 1,556
(29,966) 46,398
Financing activities
Interest paid (8,024) (8,245)
(8,024) (8,245)
(Decrease)/increase in cash and cash equivalents in the (48,923) 27,333
period
Notes to the preliminary announcement
Basis of preparation
The preliminary results for the year ended 24 March 2007 have been prepared in
accordance with International Financial Reporting Standards as adopted by the
European Union (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. The accounting
policies used have been consistently applied to all the years presented.
Compliance with accounting standards
The financial statements of the group have been prepared in accordance with
applicable International Financial Reporting Standards (IFRSs) except:
* In respect of the application of the cost model of IAS 40 to measure
investment properties, the directors have not provided for depreciation on the
properties as they consider that, as the properties are held for investment
rather than consumption, systematic annual depreciation would be inappropriate.
* In respect of the requirement of IAS 40 that the fair value of
investment properties at the year end be disclosed in the financial statements,
the directors do not believe the additional information this would provide
justifies the cost of the valuations and have therefore omitted to provide this
disclosure.
The financial information contained in this preliminary 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 2007 will be
delivered to the Registrar of Companies and shareholders in due course.
The auditors' report on the statutory accounts for the year ended 24 March 2007
is expected to be qualified as a result of non-compliance with IAS 40 and
include a limitation in audit scope in connection with the presentation of a
payment of #27,500,000 as a dividend.
The financial information for the year ended 24 March 2006 is extracted from the
audited financial statements to that date which have been delivered to the
Registrar of Companies. The auditors' report on those statutory accounts was
qualified as above as a result of non-compliance with IAS 40.
1. Administrative costs
Administrative costs include impairment of goodwill of #Nil (2006 - #5,301,000) and a charitable
donation of #Nil (2006 - #2,307,000).
2. Tax expense
2007 2006
#'000 #'000
Current tax - current tax on profit for the period 276 -
Deferred tax - reversal of timing differences - 974
276 974
3. Fixed assets - investment properties
2007 2006
#'000 #'000
Balance at beginning of year 93,023 94,675
Additions 33,864 80,123
Disposals (3,728) (81,775)
Balance at end of year 123,159 93,023
4. Financial liabilities
2007 2006
#'000 #'000
10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000)
10% Cumulative Preference shares of #1 (1,062) (1,062)
5 3/4% Convertible Preference shares of #1 - (32,247)
Finance lease creditor (1,702) (1,702)
(77,764) (110,011)
The 53/4% convertible preference shares were converted at the holder's option on 30 January 2007. The
conversion rate was 83.333 ordinary shares for every 100 convertible preference shares. As a result,
33,330,415 ordinary shares of 10p each were issued, giving rise to a premium on issue of #26,752,000.
5. Dividends
2007 2006
#'000 #'000
Equity shares:
Ordinary shares - paid 27,500 -
6. Net debt
2007 2006
#'000 #'000
Repayable as follows:
After more than five years (77,764) (110,011)
Cash and cash equivalents 1,644 50,567
Net debt (76,120) (59,444)
7. 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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