TIDMACPM
RNS Number : 5183Z
ACP Mezzanine Ltd
23 September 2009
The Half Yearly Report for ACP Mezzanine Ltd released today at 07:00 have been
replaced.
The announcement is being re-released as the earlier announcement was
incomplete.
The full text is shown below
ACP Mezzanine Limited
Interim results for the six month period ended 30 June 2009
ACP Mezzanine Limited ("ACP Mezzanine" or the "Group"; AIM: ACPM), today
announces its interim results for the six month period ended 30 June 2009.
ACP Mezzanine's strategy continues to be to sell assets at appropriate prices
and return the proceeds to shareholders.
Financial highlights as of 30 June 2009 and the preceeding six month period:
* Proceeds of EUR7.1 million generated from the sale of the Group's interests in GCI
Automotive Holding, Iceland Foods Group and PFAFF Industrie Machinen
* Cash distributions to shareholders totalling 3.5 euro-cents per share
* Loss per share 0.11 euro-cents
* Net asset value per share as at 30 June 2009 of 28.8 euro-cents
* Consolidated cash and cash equivalents of EUR10.5 million
* Revaluation of investment portfolio resulting in a consolidated unrealised loss
of EUR6.2 million
* Subsequent to the period end Leasecom Group SAS repaid the financing provided to
it of EUR9.03 million. Leasecom retains the rights, under agreed conditions, to
draw up to EUR15 million under this facility.
For further information:
Hugh Field / Bruce Garrow of Collins Stewart Europe Limited - Tel +44 (0) 207
523 8350
Tim McCall / Barnaby Fry of Hogarth Partnership - Tel +44 (0) 207 357 9477
www.acpcapital.com
Letter from the Chairman
Dear Shareholders
The Group's NAV as of 30 June was 28.8 eurocents as compared with 32.4
euro-cents this past December. The primary driver of this change is cash
distributions of 3.5 euro-cents per share during the period. Approximately EUR6
million of ACP Mezzanine's cash position of EUR10.5 million cash position as at 30
June 2009 is required to cover ACP Mezzanine's outstanding loan commitment to
Leasecom Group SAS ("Leasecom").
Regarding our portfolio, the Group's largest investment remains the IFR Group
debt and preferred shares. The Group owns four different tranches of IFR debt.
The tranche "A" debt amortizes fully over seven years while the other tranches
are interest-only with bullet payments at maturity, commencing approximately
eight years from now. IFR has been performing adequately and has met its payment
obligations on this debt. The preferred shares are accrual instruments and for
2009 interest will accrue to ACP Mezzanine at 27.5 percent with a step up to
37.5 percent commencing in mid December 2009. IFR has rights to determine when
to repay these instruments (together with the accrued interest) while the Group
has no right under ordinary circumstances to force repayment. IFR ordinary
shares are very thinly traded with management and another shareholder now
controlling approximately 74 percent of the outstanding equity. IFR has reported
that both of its largest shareholders have been acquiring equity over the last
six months.
The Group's second largest investment is an advance to a subsidiary of Leasecom,
a privately held French computer leasing broker. Leasecom does not ordinarily
retain the leases on its own balance sheet but sells them to third parties and
as such has managed to date to largely weather the storm in the financial
markets. ACP Capital owns 45 percent of Leasecom's equity, while ACP Mezzanine
has a loan commitment facility to Leasecom of EUR15 million. Leasecom had drawn
down EUR9 million under the facility and following the period end has repaid in
full that amount, though the commitment facility remains until mid - 2012.
ACP Mezzanine's remaining investments primarily comprise investments in
structured products, which have shown a significant fall in value since December
2008. Income and gains elsewhere have largely offset this fall, such that the
net loss for the period was 0.11 euro-cents per share. Following the period end
we have seen a strengthening in structured product indicative pricing though
actual transactions remain rare.
Our strategy remains to control costs and sell assets opportunistically at fair
value. Because we are mindful of the trust you have placed in us, we have no
intention of selling any asset at anything less than what we believe it is worth
with full consideration for the risk of the investment. Consequently patience
will be required to ensure that you receive the right price for your investment.
Respectfully yours,
John D. Chapman
Chairman
21 September 2009
Portfolio review
At 30 June 2009, ACP Mezzanine's portfolio consisted of EUR57.2 million of
non-cash investments (including investments included in current assets). The
portfolio comprises:
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Asset | Value as at | | Value as at | | Value as at |
| | 30.06.09 | | 30.06.08 | | 31.12.08 |
+ +-----------------------------------------+ +-----------------+ +----------------+
| | EUR m | | % of | | EUR m | % of | EUR m | % of |
| | | | total | | | total | | total |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Investments measured at fair value through | | | | | | |
| profit or loss: | | | | | | |
+--------------------------------------------------------------------------+-------+--------+--------+-------+-------+--------+
| IFR Senior Facilities | 25.9 | 45.4% | | 34.5 | 31.3% | | 25.6 | 39.8% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| IFR Preferred equity | 15.0 | 26.2% | | 21.7 | 19.6% | | 13.4 | 20.8% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| IFR Preferred equity - accrued | 5.1 | 8.9% | | - | 0.0% | | 2.8 | 4.4% |
| interest | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | 46.0 | 80.5% | | 56.2 | 50.9% | | 41.8 | 65.0% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Available-for-sale | | | | | | | | |
| investments: | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Leasecom ABS Loan | 9.0 | 15.7% | | - | - | | 5.9 | 9.2% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Other Corporate Loans | 0.1 | 0.2% | | - | - | | 6.1 | 9.5% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| CLO's | 1.6 | 2.8% | | - | - | | 9.4 | 14.6% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| CDO's | 0.3 | 0.5% | | - | - | | 0.8 | 1.2% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| RMBS | 0.2 | 0.3% | | - | - | | 0.3 | 0.5% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | 11.2 | 19.5% | | - | - | | 22.5 | 35.0% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Investments classified as loans and | | | | | | | |
| receivables: | | | | | | | |
+-----------------------------------------------------------------+--------+-------+--------+--------+-------+-------+--------+
| CLO's | - | - | | 25.0 | 22.6% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| PFAFF | - | - | | 9.0 | 8.1% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Other Corporate Loans | - | - | | 7.7 | 7.0% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Leasecom ABS Loan | - | - | | 4.3 | 3.9% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| RMBS | - | - | | 4.1 | 3.7% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| IFR Preferred equity - accrued | - | - | | 2.6 | 2.4% | | - | - |
| interest | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| CDO's | - | - | | 1.6 | 1.4% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | - | - | | 54.3 | 49.1% | | - | - |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| | | | | | | | | |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
| Total investments | 57.2 | 100.0% | | 110.5 | 100.0% | | 64.3 | 100.0% |
+--------------------------------+--------------------------------+--------+-------+--------+--------+-------+-------+--------+
Group Statement of Comprehensive Income (Unaudited)
for the period ended 30 June 2009
+-------------------------------+-------+----------------+-----------------+-----------------+
| | | Six months ended | Year ended |
+-------------------------------+-------+----------------------------------+-----------------+
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
+-------------------------------+-------+----------------+-----------------+-----------------+
| |Notes | Unaudited | Unaudited | Audited |
+-------------------------------+-------+----------------+-----------------+-----------------+
| | | EUR | EUR | EUR |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Investment income | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Profit (losses) on | | 2,173,731 | (6,247,823) | (24,057,920) |
| investments at fair value | | | | |
| through profit or loss | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Dividend and interest income | | 6,869,826 | 8,005,087 | 14,765,307 |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Fees and other income | | 42,090 | 420,000 | 615,000 |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Total investment income | | 9,085,647 | 2,177,264 | (8,677,613) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Exchange movements | | 472,446 | (413,040) | (236,591) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Impairment of loans and | | - | (22,254,950) | (21,435,114) |
| receivables | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Impairment of | | (8,347,116) | - | (30,813,934) |
| available-for-sale | | | | |
| investments | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Profit on disposal of | | 928,082 | - | - |
| available-for-sale | | | | |
| investments | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Investment manager's fees | | (1,317,657) | (949,812) | (2,511,379) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Other operating expenses | | (1,105,485) | (594,915) | (3,021,305) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Operating loss | | (284,083) | (22,035,453) | (66,695,936) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Finance income | | 29,399 | - | 1,745,272 |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Finance expense | | (650) | (1,199,042) | (5,784,601) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Loss before tax | | (255,334) | (23,234,495) | (70,735,265) |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Income taxes | 4 | - | - | - |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Total comprehensive loss for | | (255,334) | (23,234,495) | (70,735,265) |
| the period | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Loss per share | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
| Basic and diluted | 8 | (0.11) | (19.25) | (40.25) |
| | | cents | cents | cents |
+-------------------------------+-------+----------------+-----------------+-----------------+
| | | | | |
+-------------------------------+-------+----------------+-----------------+-----------------+
Group Statement of Financial Position (Unaudited)
as at 30 June 2009
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | | | 2008 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Assets |Notes | EUR | EUR | EUR |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Non-current assets | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Investments measured at fair | 6 | 45,065,663 | 55,550,818 | 41,022,886 |
| value through profit or loss | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Investments classified as loans | | - | 54,305,262 | - |
| and receivables | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Available-for sale investments | 7 | 11,171,447 | - | 22,488,110 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | 56,237,110 | 109,856,080 | 63,510,996 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Current assets | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Investments measured at fair | 6 | 991,633 | 679,590 | 756,474 |
| value through profit or loss | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Trade and other receivables | | 524,870 | 2,164,402 | 1,072,292 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Cash and cash equivalents | | 10,492,710 | 90,423,730 | 11,781,538 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total current assets | | 12,009,213 | 93,267,722 | 13,610,304 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total assets | | 68,246,323 | 203,123,802 | 77,121,300 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Liabilities | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Non-current liabilities | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Loans and borrowings | | - | 47,506,818 | - |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total non-current liabilities | | - | 47,506,818 | - |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Current liabilities | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Trade and other payables | | 356,145 | 2,809,787 | 724,701 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total current liabilities | | 356,145 | 2,809,787 | 724,701 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total liabilities | | 356,145 | 50,316,605 | 724,701 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Net assets | | 67,890,178 | 152,807,197 | 76,396,599 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Equity & Reserves | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Issued capital | 9 | - | - | - |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Share premium | | 140,248,882 | 173,606,847 | 148,499,969 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Retained earnings | | (72,358,704) | (20,799,650) | (72,103,370) |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Total equity and reserves | | 67,890,178 | 152,807,197 | 76,396,599 |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| Net asset value per share | | 28.8 | 64.8 | 32.4 |
| (cents) | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
| | | | | |
+----------------------------------+-------+-----------------+-----------------+-----------------+
The financial statements have been approved by the board on 21 September 2009,
and were signed on its behalf by Mr. Stephen Coe.
Group Statement of Changes in Equity (Unaudited)
for the period ended 30 June 2009
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | Share | | Share | | Retained | | Total |
| | | | |capital | | premium | | earnings | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | EUR | | EUR | | EUR | | EUR |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| At 31 December 2007 | - | | 95,783,580 | | 7,505,445 | | 103,289,025 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| Total comprehensive loss | - | | - | | (23,234,495) | | (23,234,495) |
| for the period | | | | | | | |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Dividends paid | - | | - | | (5,070,600) | | (5,070,600) |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Shares issued | - | | 76,823,267 | | - | | 76,823,267 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Share options exercised | - | | 1,000,000 | | - | | 1,000,000 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| At 30 June 2008 | - | | 173,606,847 | | (20,799,650) | | 152,807,197 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| Total comprehensive loss | - | | - | | (47,500,770) | | (47,500,770) |
| for the period | | | | | | | |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Dividends paid | - | | - | | (3,802,950) | | (3,802,950) |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Capital distribution | - | | (25,106,878) | | - | | (25,106,878) |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| At 31 December 2008 | - | | 148,499,969 | | (72,103,370) | | 76,396,599 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| Total comprehensive loss | - | | - | | (255,334) | | (255,334) |
| for the period | | | | | | | |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| Capital distribution | - | | (8,251,087) | | - | | (8,251,087) |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| At 30 June 2009 | - | | 140,248,882 | | (72,358,704) | | 67,890,178 |
+---------------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
| | | | | | | | | | | |
+--+--+--+------------------+---------+--+--------------+--+--------------+--+--------------+
Group Statement of Cash Flows (Unaudited)
for the period ended 30 June 2009
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | Six months ended | Year ended |
+--------------------------------------+----+----------------------------------+-----------------+
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | EUR | EUR | EUR |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Cash flow from operating activities: | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Loss for the financial period | | (255,334) | (23,234,494) | (70,735,265) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Movement in fair value of | | (2,173,731) | 6,247,823 | 24,057,920 |
| investments and loans | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Finance expense | | (650) | 1,199,042 | 5,784,601 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Finance income | | (29,399) | - | (1,745,272) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Exchange rate differences | | (472,446) | 413,040 | 236,591 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Impairment of investments classified | | - | 22,254,950 | 21,435,114 |
| as loans and receivables | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Impairment of available-for-sale | | 8,347,116 | - | 30,813,934 |
| investments | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Profit on available for sale | | (928,082) | - | - |
| investments | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Changes in working capital: | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Decrease / (increase) in trade and | | 762,942 | 6,860,493 | 7,952,603 |
| other receivables | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| (Decrease) / increase in trade and | | (368,556) | (5,514,868) | (7,130,883) |
| other payables | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| New lending/investment | | (5,539,917) | - | - |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Sale/repayment of investments | | 7,117,821 | (17,829,981) | (19,108,137) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Net cash flow from operations | | 6,459,764 | (9,603,995) | (8,438,794) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Cash flow from financing activities | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Proceeds from issues of share | | - | 80,000,000 | 80,000,000 |
| capital | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Costs of issues of share capital | | - | (3,176,733) | (3,176,733) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Share options exercised | | - | 1,000,000 | 1,000,000 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Repayment of financing | | - | - | (47,764,656) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Interest paid and other related | | 650 | (1,199,042) | (6,247,383) |
| financing costs | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Net drawdown of financing facilities | | - | 13,729,933 | 13,729,933 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Bank interest received | | 29,399 | - | 1,745,272 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Capital distribution | | (8,251,087) | - | (25,106,878) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Dividends paid | | - | (5,070,600) | (8,873,550) |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Net cash flow from financing | | (8,221,038) | 85,283,558 | 5,306,005 |
| activities | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Effects of exchange rate changes on | | 472,446 | (413,040) | (242,881) |
| cash and cash equivalents | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Net (decrease) / increase in cash | | (1,288,828) | 75,266,523 | (3,375,670) |
| and cash equivalents | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Opening cash and cash equivalents | | 11,781,538 | 15,157,207 | 15,157,208 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| Closing cash and cash equivalents | | 10,492,710 | 90,423,730 | 11,781,538 |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
| | | | | |
+--------------------------------------+----+----------------+-----------------+-----------------+
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009
1 General information
At an EGM held on 9 December 2008, ACP Mezzanine's shareholders approved a
resolution authorising the Company
to dispose of assets in an orderly basis and return the proceeds to shareholders
by way of distributions.
The financial statements for the year ended 31 December 2008 were authorised for
issue by the Board of Directors on
26 March 2009.
2Basis of preparation
The unaudited interim financial statements have been prepared on the basis of
the accounting policies set out in the note 3. The interim financial statements
comply with IAS 34 "Interim Financial reporting". The interim financial
statements and the comparative information for the periods ended 30 June 2008
and 31 December 2008 do not constitute statutory financial statements within the
meaning of the Companies (Jersey) Law 1991. The Report and Financial Statements
for the period ended 31 December 2008 have been filed appropriately and
contained an unqualified audit report and the audit report did not contain any
statement of matters that needed to be brought to the attention of the members.
The interim financial statements were authorised for issue by the Directors on
21 September 2009.
3Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 31 December 2008, as
described in those annual financial statements.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
* IAS 1 (revised), 'Presentation of financial statements'.
The revised standard prohibits the presentation of items of income and expenses
(that is 'non-owner changes in equity') in the statement of changes in equity,
requiring 'non-owner changes in equity' to be presented separately from owner
changes in equity. All 'non-owner changes in equity' are required to be shown in
a performance statement.
Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
The Group has elected to present one statement: a statement of comprehensive
income. The interim financial statements have been prepared under the revised
disclosure requirements.
ii. IFRS7 (amendment), 'Financial instruments: Disclosures'.
This amendment requires the analysis of each class of financial asset and
financial liability, into a three level fair value measurement hierarchy. It
requires additional disclosures in respect of those financial instruments
classified as Level Three (namely those that are measured using a valuation
technique which uses inputs that are not based on observable market data). It
also implements some changes to the definition of, and disclosures associated
with, liquidity risk. This standard will lead to a change in disclosures
relating primarily to the Group's investments in the 2009 financial statements.
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009 (Continued)
3Accounting policies (continued)
The following new standards, amendments to standards and interpretations are
mandatory for the first time for
the financial year beginning 1 January 2009, but are not currently relevant for
the Group.
i. IFRS 8, 'Operating segments'.
ii. IFRIC 13, 'Customer loyalty programmes'.
iii.IFRIC 15, 'Agreements for the construction of real estate'.
iv. IFRIC 16, ' Hedges of a net investment in a foreign operation'.
v. IAS 39 (amendment), 'Financial instruments: Recognition and measurement'.
vi. IAS 32 & IAS1, 'Puttable Financial Instruments and Obligations Arising on
Acquisition'.
vii. IFRS 1 & IAS 27, 'Cost of an Investment in a Subsidiary,
Jointly-Controlled Entity or Associate'.
viii. Amendment to IFRS 2, 'Share Based payments: Vesting Conditions and
Cancellations'.
The following new standards, amendments to standards and interpretations have
been issued, but are not
effective for the financial year beginning 1 January 2009 and have not been
adopted early:
I. IFRS 3 (revised), 'Business combinations' and consequential amendments to
IAS 27, 'Consolidated and separate financial statements', IAS 28, 'Investments
in associates' and IAS 31, 'Interests in joint ventures', effective
prospectively to business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after 1
July 2009. Management is assessing the impact of the new requirements regarding
acquisition accounting, consolidation and associates on the Group. The Group
does not have any joint ventures.
The revised standard continues to apply the acquisition method to business
combinations, with some significant changes. For example, all payments to
purchase a business are to be recorded at fair value at the acquisition date,
with contingent payments classified as debt subsequently re-measured through the
statement of comprehensive income. There is a choice on an
acquisition-by-acquisition basis to measure the minority interest in the
acquiree either at fair value or at the minority interest's proportionate share
of the acquiree's net assets. All acquisition-related costs should be expensed.
The Group will apply IFRS 3 (revised) to all business combinations from 1
January 2010, subject to endorsement by the EU.
II. IFRIC 17, 'Distributions of non-cash assets to owners', effective for
annual periods beginning on or after 1 July 2009.
This is not currently applicable to the group, as it has not made any
non-cash distributions.
III. IFRIC 18, 'Transfers of assets from customers', effective for transfers of
assets received on or after 1 July 2009.
This is not relevant to the group, as it has not received any assets from
customers.
IV. IAS 27, 'Consolidated and Separate Financial Statements' (effective for
accounting periods beginning on or
i. after 1 July 2009).
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009 (Continued)
4Taxation
With effect from the 2009 year of assessment, Jersey abolished the exempt
company regime for existing companies. Profits arising in the Company for the
2009 year of assessment and future periods will be subject to tax at the rate of
0 percent. In the prior year the Company was exempt from taxation under the
provisions of Article 123A of the Income Tax (Jersey) Law 1961 as amended.
5Segment reporting
The Directors consider that there is only one business segment being specialist
integrated finance and asset management and only one geographic area being
Europe.
6Investments measured at fair value through profit or loss
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| | | | | | | Six months ended | Year ended |
+-----------+--+------+-------+--+--------+---------------------------------+-----------------+
| | | | | | | 30 June | 30 June | 31 |
| | | | | | | 2009 | 2008 | December |
| | | | | | | | | 2008 |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| | | | | | | EUR | EUR | EUR |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| Opening balance | | | | 41,779,360 | 63,557,429 | 63,557,429 |
+---------------------+-------+--+--------+----------------+----------------+-----------------+
| Interest income receivable after | 2,364,864 | - | 2,793,994 |
| more than one year | | | |
+-----------------------------------------+----------------+----------------+-----------------+
| Disposals | | | | | | (260,659) | (1,079,198) | (1,536,057) |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| Movement in fair value of | | 2,173,731 | (6,247,823) | (23,036,006) |
| investments | | | | |
+--------------------------------+--------+----------------+----------------+-----------------+
| Closing balance | | | | 46,057,296 | 56,230,408 | 41,779,360 |
+---------------------+-------+--+--------+----------------+----------------+-----------------+
| | | | | | | | | |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| Disclosed in current | | | 991,633 | 679,590 | 756,474 |
| assets | | | | | |
+-----------------------------+--+--------+----------------+----------------+-----------------+
| Disclosed in non-current | | | 45,065,663 | 55,550,818 | 41,022,886 |
| assets | | | | | |
+-----------------------------+--+--------+----------------+----------------+-----------------+
| | | | | | | 46,057,296 | 56,230,408 | 41,779,360 |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
| | | | | | | | | |
+-----------+--+------+-------+--+--------+----------------+----------------+-----------------+
7Available-for-sale investments
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
| | | | | | | Six months ended | Year ended |
+-----------+--+------+-------+--+--------+-----------------------------+-----------------+
| | | | | | | 30 June | 30 June | 31 |
| | | | | | | 2009 | 2008 | December |
| | | | | | | | | 2008 |
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
| | | | | | | EUR | EUR | EUR |
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
| Opening balance | | | | 22,488,110 | - | - |
+---------------------+-------+--+--------+----------------+------------+-----------------+
| Transfer from loans and | | | - | - | 51,868,484 |
| receivables | | | | | |
+-----------------------------+--+--------+----------------+------------+-----------------+
| Additions | | | | | | 3,175,053 | - | 1,489,294 |
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
| Disposals | | | | | | (6,144,600) | - | - |
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
| Exchange rate movements | | | - | - | (55,734) |
+-----------------------------+--+--------+----------------+------------+-----------------+
| Impairment of available-for-sale | (8,347,116) | - | (30,813,934) |
| investments | | | |
+-----------------------------------------+----------------+------------+-----------------+
| Closing balance | | | | 11,171,447 | - | 22,488,110 |
+-----------+--+------+-------+--+--------+----------------+------------+-----------------+
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009 (Continued)
8 Loss per share
The calculation of the basic earnings and diluted earnings per share
attributable to the equity shareholders of the Company is based on the following
data:
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | 6 months ended | | Year ended |
+--------------------------+--+--------------------------------------+--+-----------------+
| | | 30 June | | 30 June | | 31 December |
| | | 2009 | | 2008 | | 2008 |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | EUR | | EUR | | EUR |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Loss for the purposes of | | (255,334) | | (23,234,495) | | (70,735,265) |
| basic earnings per share | | | | | | |
| being profit | | | | | | |
| attributable to equity | | | | | | |
| shareholders of the | | | | | | |
| Company | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Number of shares | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Weighted average number | | 235,745,333 | | 120,708,500 | | 175,755,379 |
| of ordinary shares for | | | | | | |
| the purposes of basic | | | | | | |
| earnings per share | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Effect of dilutive | | | | | | |
| potential ordinary | | | | | | |
| shares | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Share options | | - | | - | | - |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| Weighted average number | | 235,745,333 | | 120,708,500 | | 175,755,379 |
| of ordinary shares for | | | | | | |
| the purposes of diluted | | | | | | |
| earnings per share | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | |
+--------------------------+--+-----------------+--+-----------------+--+-----------------+
Share options with an exercise price exceeding the weighted average quoted price
of the issued shares in the period have been excluded from the calculation of
diluted earnings per share as they are not deemed dilutive.
9 Share capital
+-------------------------------------------------------------------------------+-+
| No. EUR |
| Authorised, called up and fully paid |
| ordinary shares of no par value |
| As at 1 January 2008 101,412,000 - |
| Ordinary shares issued in a secondary 133,333,333 - |
| placing |
| Share options exercised 1,000,000 - |
| As at 30 June 2008, 31 December 2008 235,745,333 - |
| and 30 June 2009 |
| |
+---------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------+-+
+-------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------+
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009 (Continued)
10 Related parties
+--------------------------------+---------------+---------------+---------------+---------+
| Related party transactions between the Company, its parent company ACP Capital |
| Limited and fellow subsidiaries of the parent were as follows: |
+------------------------------------------------------------------------------------------+
| | 6 months ended | Year ended |
+--------------------------------+-------------------------------+---------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+--------------------------------+---------------+---------------+---------------+
| | EUR | EUR | EUR |
+--------------------------------+---------------+---------------+---------------+
| Owed to: | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Capital Limited (parent | 103,146 | 1,901,275 | 295,897 |
| company) | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Capital UK LLP (subsidiary | 987 | - | 879 |
| of parent) | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Investment Management | 234,449 | - | 192,767 |
| Limited (subsidiary of parent) | | | |
+--------------------------------+---------------+---------------+---------------+
| | 338,582 | 1,901,275 | 489,543 |
+--------------------------------+---------------+---------------+---------------+
| | | | |
+--------------------------------+---------------+---------------+---------------+
| Expense transactions with | | | |
| related entities during the | | | |
| year were as follows: | | | |
+--------------------------------+---------------+---------------+---------------+
| | | | |
+--------------------------------+---------------+---------------+---------------+
| Expense | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Capital UK LLP - recharged | 108 | - | - |
| expenses | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Investment Management | 1,317,657 | 949,812 | 2,511,379 |
| Limited - investment | | | |
| management fee | | | |
+--------------------------------+---------------+---------------+---------------+
| ACP Investment Management | - | - | 192,767 |
| Limited - performance fee | | | |
+--------------------------------+---------------+---------------+---------------+
| | 1,317,765 | 949,812 | 2,704,146 |
+--------------------------------+---------------+---------------+---------------+
| | | | |
+--------------------------------+---------------+---------------+---------------+---------+
ACP Capital Limited ("ACP Capital")
ACP Capital holds 128,179,798 ordinary shares in the Company, representing 54.37
percent of the Company at 30 June 2009.
ACP Capital holds 9,141,200 options to acquire ordinary shares in the Company at
an exercise price of EUR1.00 per share.
ACP Investment Management Limited ("ACPIM")
In 2006, the Group entered into an Investment Management Agreement with ACPIM, a
wholly owned subsidiary of ACP Capital. Under the Agreement, ACPIM was appointed
investment manager for an initial period of 3 years and given discretion to deal
with the Group's assets subject to certain guidelines. The period of appointment
was extended to 7 years starting in December 2007. The annual management fee
chargeable by ACPIM is currently based on 1.75 percent of gross shareholders'
equity as reduced by returns of capital to shareholders. Additionally, ACPIM is
entitled to a performance fee equivalent to 25 percent above a benchmark return.
Notes to the Unaudited Interim Financial Statements
for the period ended 30 June 2009 (Continued)
11Dividends and capital distributions
+-------+--+------+-------+--+--------+---------------+----------------+------------+
| | | | | | | Dividend | Capital | Per share |
| | | | | | | | distribution |equivalent |
+-------+--+------+-------+--+--------+---------------+----------------+------------+
| | | | | | | EUR | EUR | pence |
+-------+--+------+-------+--+--------+---------------+----------------+------------+
| | | | | | | | | |
+-------+--+------+-------+--+--------+---------------+----------------+------------+
| Year ended 31 December 2007 - paid | 5,070,600 | - | 5.00 |
| March 2008 | | | |
+-------------------------------------+---------------+----------------+------------+
| Year ended 31 December 2008 - paid | 3,802,950 | - | 3.75 |
| July 2008 | | | |
+-------------------------------------+---------------+----------------+------------+
| Paid December | | | | - | 25,106,878 | 10.65 |
| 2008 | | | | | | |
+-----------------+-------+--+--------+---------------+----------------+------------+
| Paid March 2009 | | | | - | 3,536,180 | 1.50 |
+-----------------+-------+--+--------+---------------+----------------+------------+
| Paid May 2009 | | | | - | 4,714,907 | 2.00 |
+-------+--+------+-------+--+--------+---------------+----------------+------------+
12Commitments
On 11 June 2008, ACP Mezzanine made a commitment to a subsidiary of Leasecom
Group SAS to provide financing of up to EUR15 million until mid 2012. As at 30
June 2009, ACP Mezzanine had advanced EUR9.03 million under this commitment.
Directors and Advisors
Directors:
Mr. George Baird
Mr. John Chapman
Mr. Stephen Coe
Mr. Rupert Walker
Registered Office:
22-24 Seale Street
St Helier, Jersey, JE2 3QG
Channel Islands
Secretary:
SJ Secretaries Limited
22-24 Seale Street
St Helier, Jersey, JE2 3QG
Channel Islands
Registrars:
Computershare Investor Services (Channel Islands) Limited
Ordnance House
31 Pier Road
St Helier, Jersey, JE4 8PW
Channel Islands
Investment Manager:
ACP Investment Management Limited
22-24 Seale Street
St Helier, Jersey, JE2 3QG
Channel Islands
Bankers:
Deutsche Bank International Limited
PO Box 727
St Paul's Gate
New Street
St Helier, Jersey, JE4 8ZB
Channel Islands
Royal Bank of Scotland International
Royal Bank House
71 Bath Street
St Helier, Jersey, JE4 8PJ
Channel Islands
Nominated Adviser and Broker:
Collins Stewart Europe Limited
9th Floor
88 Wood Street
London, EC2V
7QR
Auditor:
BDO Stoy Hayward LLP
55 Baker Street
London, W1U 7EU
Legal Advisers:
Travers Smith LLP
10 Snow Hill
London, EC1A 2AL
Ozannes
PO Box 733
29 Esplanade
St Helier, Jersey, JE4 0ZS
Channel Islands
This information is provided by RNS
The company news service from the London Stock Exchange
END
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