Interim Results
May 13 2004 - 12:39PM
UK Regulatory
RNS Number:6701Y
Ashpol PLC
13 May 2004
ASHPOL PLC
Group Profit & Loss Account
For the Six Months Ended 14 February 2004
Group Group Group
Year to 6 Months to 6 Months to
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
9,699 Rental Income 5,675 5,293
(472) Property outgoings (171) (95)
9,227 Net rental income 5,504 5,198
(274) Administrative expenses (67) (265)
8,953 Operating profit 5,437 4,933
828 Profit on sale of investment properties 355 802
9,781 Profit on ordinary activities before
interest 5,792 5,735
(8,172) Interest payable (3,461) (3,556)
1,348 Interest receivable 384 183
6,824 Net Interest payable (3,077) (3,373)
2,957 Profit on ordinary activities before
taxation 2,715 2,362
(579) Tax on profit on ordinary activities (255) -
2,378 Profit on ordinary activities after
taxation 2,460 2,362
(104) Dividends (including non-equity) (53) (57)
2,274 Retained profit 2,407 2,305
Group Balance Sheet
At 14 February 2004
Group Group Group
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
Fixed Assets
Tangible Assets
119,484 Investment properties 119,848 110,200
119,484 119,848 110,200
Current assets
16,810 Debtors 18,976 14,960
898 Cash at bank 432 10,444
17,708 19,408 25,404
(3,909) Creditors falling due within one year (3,565) (2,561)
13,799 Net current assets 15,843 22,843
133,283 Total assets less current liabilities 135,691 132,657
(75,000) Creditors falling due after one year (75,000) (75,000)
(657) Provisions for liabilities and charges (657) (386)
57,626 Net assets 60,034 57,657
Capital and reserves
7,378 Called up share capital - equity 7,378 7,378
40,632 - non-equity 40,632 40,632
48,010 48,010 48,010
7,069 Share premium account 7,069 7,069
42 Capital redemption reserve 42 42
2,505 Profit and loss account 4,913 2,536
57,626 60,034 57,657
Group Summarised Cash Flow Statement
For the Six Months Ended 14 February 2004
Group Group Group
Year to 6 Months to 6 Months to
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
(477) Net cash inflow from activities 3,282 (2,888)
(6,824) Net interest paid (3,077) (3,373)
(104) Preference and minority dividends paid (53) (57)
- Addition to investment properties - -
16,663 Sale of investment properties (364) 15,835
(9,284) Purchase of business operations - -
- Cash acquired - -
(26) Net cash (outflow) / inflow before use 445 9,517
of liquid resources and financing
Provisions for liabilities and charges
(3) Taxation (255) -
(29) Increase / (decrease) in cash (466) 9,517
Reconciliation of Operating Profit to Net Cash Flow From Operating Activities
Group Group Group
Year to 6 Months to 6 Months to
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
Operating profit 5,437 4,933
8,953
(8,301) (Increase) / decrease in debtors (2,166) (6,451)
(1,129) (Decrease) / increase in creditors under
one year (344) (2,172)
Impairment of fixed asset investment
- property - -
Profit on sale of investment properties 355 802
- Impairment of Goodwill -
- Net cash inflow from operating
(477) activities 3,282 (2,888)
Basis of Preparation
The interim accounts, which have not been audited, have been prepared using
accounting policies unchanged from those set out in the Group's 14 August 2003
statutory accounts. The investment properties have not been revalued at 14
February 2004.
Dividends
Group Group Group
Year to 6 Months to 6 Months to
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
Non-Equity Shares
104 10% Cumulative Preference Shares 53 57
5.75% Convertible Cumulative
104 53 57
Investment Properties
#'000
Balance at 15 August 2003 119,484
Additions 364
Disposals -
Balance at 14 February 2004 119,848
The properties have not been revalued at 14 February 2004.
Borrowings
Group Group Group
Year to 6 Months to 6 Months to
14-Aug-03 14-Feb-04 14-Feb-03
#'000 #'000 #'000
Repayable as follows:
75,000 After more than five years 75,000 75,000
(898) Cash (579) (36)
74,102 Net Borrowings 74,421 74,964
Company Information
Directors
W S Benjamin
K D McGrath
M Pashley
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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