FOR THE SIX MONTHS ENDED 30 JUNE 2011
Foreign
Issued currency
share Share Revenue translation
capital premium reserve reserve Total
2010 2010 2010 2010 2010
US$'000 US$'000 US$'000 US$'000 US$'000
As at 1 January
2010 769 32,772 12,648 (1,670) 44,519
Total comprehensive
income
Profit for the
period after
taxation - - 1,063 (1,018) 45
Transactions with
owners recorded
directly in equity
Dividends to equity
holders (Note 10) - - (1,126) - (1,126)
Purchase of own
shares (22) (387) - - (409)
As at 30 June 2010 747 32,385 12,585 (2,688) 43,029
==================== ========= ========= ========= ============= ========
Foreign
Issued currency
share Share Revenue translation
capital premium reserve reserve Total
2011 2011 2011 2011 2011
US$'000 US$'000 US$'000 US$'000 US$'000
As at 1 January
2011 737 32,199 13,645 (2,139) 44,442
Total comprehensive
income
Profit for the
period after
taxation - - 1,039 282 1,321
Transactions with
owners recorded
directly in equity
Dividends to equity
holders (Note 10) - - (1,418) - (1,418)
Purchase of own
shares (Note 10) (39) (793) - - (832)
As at 30 June 2011 698 31,406 13,266 (1,857) 43,513
==================== ========= ========= ========= ============= ========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
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
Net cash inflow from operating
activities 11 433 409
Cash flows from/(used in) investing
activities
Interest received on cash and
cash equivalents 29 30
Purchase of fixtures, fittings
and equipment 8 (10) (2)
Net cash inflow from investing
activities 19 28
========================================= ===== =========== ===========
Cash flows used in financing activities
Repurchase of own shares 10 (832) (409)
Dividends paid 10 (1,418) (1,126)
Net cash used in financing activities (2,250) (1,535)
========================================= ===== =========== ===========
Net decrease in cash and cash
equivalents (1,798) (1,098)
Cash and cash equivalents at 1
January 2011 and
1 January 2010 11,907 13,069
Foreign exchange gain/(loss) on
cash and cash equivalents 141 (588)
Cash and cash equivalents as at
30 June 2011 and 30 June 2010 10,250 11,383
========================================= ===== =========== ===========
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 June 2011
1. CORPORATE INFORMATION
The Company is domiciled in the Isle of Man under the Companies
Act 2006. Its registered office is at 33-37 Athol Street, Douglas,
Isle of Man, IM1 1LB. The condensed consolidated interim financial
statements of the Company as at and for the six months ended 30
June 2011 comprise the Company and its subsidiaries (together
referred to as the "Group").
The consolidated financial statements of the Group as at and for
the year ended 31 December 2010 are available upon request from the
Company's registered office or at www.argogrouplimited.com.
The principal activity of the Company is that of a holding
company and the principal activity of the wider Group is that of an
investment management business. The functional and presentational
currency of the Group undertakings is US dollars. The Group has 30
employees.
Wholly owned subsidiaries Country of incorporation
Argo Capital Management (Cyprus) Limited Cyprus
Argo Capital Management Limited United Kingdom
Argo Capital Management Property Limited Cayman Islands
Argo Capital Management (Asia) Pte. Ltd. Singapore
North Asset Management Srl Romania
North Asset Management Sarl Luxembourg
Argo Investor Services AG Switzerland
2. BASIS OF PREPARATION
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 Interim Financial
Reporting. They do not include all the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group as at and
for the year ended 31 December 2010.
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements as at
and for the year ended 31 December 2010.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 18 August 2011.
3. SEGMENTAL ANALYSIS
The Group operates as a single asset management business.
The operating results of the companies set out in note 1 above
are regularly reviewed by the directors of the Group for the
purposes of making decisions about resources to be allocated to
each company and to assess performance. The following summary
analyses revenues, profit or loss, assets and liabilities:
Argo Argo Six
Capital Argo Capital months
Argo Management Capital Management ended
Group (Cyprus) Management Property 30
Ltd Ltd Ltd Ltd Other June
2011 2011 2011 2011 2011 2011
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Revenues from
external
customers - 3,465 1,131 1,627 - 6,223
Intersegment
revenues 4,000 - 1,575 - 266 5,841
Reportable
segment
profit/(loss) 3,977 (2,684) (454) 144 62 1,045
Intersegment
profit/(loss) 4,000 (5,578) 1,308 - 266 (4)
Profit/(loss)
excluding
inter-
segment
transactions (23) 2,894 (1,762) 144 (204) 1,049
Reportable
segment
assets 49,141 2,524 4,378 3,679 732 60,454
Reportable
segment
liabilities 47 742 923 499 87 2,298
=============== ======== =========== =========== =========== ======== ========
Revenues, profit or loss, assets and liabilities
may be reconciled as follows: Six months
ended
30 June
2011
US$'000
Revenues
Total revenues for reportable segments 12,064
Elimination of intersegment revenues (5,841)
================================================== ===========
Group revenues 6,223
================================================== ===========
Profit or loss
Total profit for reportable segments 1,045
Elimination of intersegment losses 4
Other unallocated amounts 121
================================================== ===========
Profit on ordinary activities before taxation 1,170
================================================== ===========
Assets
Total assets for reportable segments 60,454
Elimination of intersegment receivables (441)
Elimination of Company's cost of investments (14,653)
================================================== ===========
Group assets 45,360
================================================== ===========
Liabilities
Total liabilities for reportable segments 2,298
Elimination of intersegment payables (451)
================================================== ===========
Group liabilities 1,847
================================================== ===========
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