ARGO Group Limited Interim Results for the six -2-
2011年8月19日 - 7:04PM
ＲＮＳを含む英国規制内ニュース （英語）
The Argo Real Estate Opportunities Fund Limited ("AREOF"), which
had been severely affected by the downturn in Romania and Ukraine,
reported an upturn in investment property values in the six months
to 31 March 2011. The Fund's adjusted Net Asset Value was EUR37.1
million (US$53.4 million) as at end-March 2011, compared with
EUR28.9 million (US$35.4 million) a year ago and EUR27.1 million
(US$35.6 million) six months earlier. On 5 August 2011 AREOF
announced its intention to buy the ERA Shopping Park Iasi and ERA
Shopping Park Oradea from other funds advised by the Group.
Following the transaction, expected to be ratified by shareholders
at the end of August, AREOF will be the largest listed retail
property company operating in Romania consisting of five shopping
centres encompassing 400,000 square meters of gross build area. As
a result of the deal, the shareholding of the other funds in AREOF
will increase from 46% to 72% and the life of AREOF will be
extended by five years from the current termination date of 31 July
2013 to 31 July 2018.
Meanwhile, Argo Capital Partners Funds reported a negative
return of 15.3% for the six months ended 30 June 2011, compared
with -11.65% for the same period in 2010. The realisation period
for the Fund has been extended by one year and progress has been
made in disposing of an investment in a Peruvian pharmaceutical
concern, although the proceeds have yet to impact the Fund's net
asset value. The sale of one other position - equity in a Russian
bank - was deferred following difficult market conditions.
Outlook
Conditions in global financial markets are once again
characterised by uncertainty amid investor anxiety about a
potential slowdown in the US economy and the future of the
Eurozone. This uncertainty has made attracting new investors to
Argo's funds difficult. Nevertheless, the Group is carrying out a
number of initiatives to make its funds in emerging markets more
attractive to new investors when market conditions improve.
Following the lifting of the gate on AGSSF at the end of March
and the subsequent normalisation of its operations, the board is
seeking to rebuild that Fund. Although ADCF has been relatively
successful in its short life, it remains small relative to its
peers and thus investors in ADCF have been asked to redeem from
that Fund and subscribe to AGSSF. At the time of writing investors
accounting for over 90% of the capital in ADCF had agreed to the
proposal, with the result that the AUM of AGSSF will be enhanced
thus bolstering the marketability of the Fund.
AREOF's asset base has almost doubled after certain other funds
advised by the Group injected the ERA Shopping Park Iasi and ERA
Shopping Park Oradea into AREOF. As a consequence, AREOF is now the
largest listed retail property fund operating in Romania. The Board
believes the transaction will make AREOF more attractive to
investors and expects the discount to net asset value at which the
Fund's shares currently trade to narrow significantly.
Argo retains a strong balance sheet and despite the difficult
conditions faced by global financial markets at present the Board
is confident that the Group is well placed to benefit from an
eventual global recovery and in particular the emerging markets
sector.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Six months Six months
ended ended
30 June 30 June
2011 2010
Note US$'000 US$'000
Management fees 4,868 5,093
Incentive fees - 257
Other income 1,355 266
============================================= ===== =========== ===========
Revenue 6,223 5,616
============================================= ===== =========== ===========
Legal and professional expenses (159) (281)
Management and incentive fees payable - (94)
Operational expenses (831) (907)
Employee costs (3,883) (2,910)
Foreign exchange (loss)/gain (6) 77
Amortisation of intangible assets 7 (341) (323)
Depreciation 8 (21) (52)
Operating profit 982 1,126
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Interest income on cash and cash equivalents 29 30
Unrealised gain on investments 159 53
============================================= ===== =========== ===========
Profit on ordinary activities before
taxation 1,170 1,209
============================================= ===== =========== ===========
Taxation 5 (131) (146)
============================================= ===== =========== ===========
Profit for the period after taxation
attributable to members of the Company 6 1,039 1,063
Other comprehensive income
Exchange differences on translation
of foreign operations 282 (1,018)
============================================= ===== =========== ===========
Total comprehensive income for the
period 1,321 45
============================================= ===== =========== ===========
Six months Six months
Ended Ended
30 June 30 June
2011 2010
US$ US$
Earnings per share (basic) 6 0.01 0.01
============================== =========== ===========
Earnings per share (diluted) 6 0.01 0.01
============================== =========== ===========
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2011
30 June At 31 December
2011 2010
Note US$'000 US$'000
Assets
Non-current assets
Intangible assets 7 16,408 16,615
Fixtures, fittings and equipment 8 31 41
Loans and advances receivable 249 253
================================== ===== ========== ===============
Total non-current assets 16,688 16,909
================================== ===== ========== ===============
Current assets
Investments 9 15,722 15,563
Trade and other receivables 2,694 1,312
Cash and cash equivalents 10,250 11,907
Loans and advances receivable 6 5
================================== ===== ========== ===============
Total current assets 28,672 28,787
================================== ===== ========== ===============
Total assets 45,360 45,696
================================== ===== ========== ===============
Equity and liabilities
Equity
Issued share capital 10 698 737
Share premium 31,406 32,199
Revenue reserve 13,266 13,645
Foreign currency translation
reserve (1,857) (2,139)
================================== ===== ========== ===============
Total equity 43,513 44,442
================================== ===== ========== ===============
Current liabilities
Trade and other payables 1,523 1,054
Taxation payable 5 324 200
================================== ===== ========== ===============
Total current liabilities 1,847 1,254
Total equity and liabilities 45,360 45,696
================================== ===== ========== ===============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Argo (LSE:ARGO)
過去 株価チャート
から 6 2024 まで 7 2024
Argo (LSE:ARGO)
過去 株価チャート
から 7 2023 まで 7 2024
