ARGO Group Limited Interim Results for the six -4-
2011年8月19日 - 7:04PM
ＲＮＳを含む英国規制内ニュース （英語）
Argo Argo Six
Capital Argo Capital months
Argo Management Capital Management ended
Group (Cyprus) Management Property 30
Ltd Ltd Ltd Ltd Other June
2010 2010 2010 2010 2010 2010
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Revenues from
external
customers - 4,053 - 1,562 1 5,616
Intersegment
revenues 904 - 1,640 - 228 2,772
Reportable
segment
profit/(loss) 597 591 (481) 452 50 1,209
Intersegment
profit/(loss) 904 (2,759) 1,641 - 227 13
Profit/(loss)
excluding
inter-
segment
transactions (307) 3,350 (2,122) 452 (177) 1,196
Reportable
segment
assets 44,498 4,307 5,206 4,800 492 59,303
Reportable
segment
liabilities 30 706 757 199 34 1,726
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Revenues, profit or loss, assets and liabilities
may be reconciled as follows: Six months
ended
30 June
2010
US$'000
Revenues
Total revenues for reportable segments 8,388
Elimination of intersegment revenues (2,772)
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Group revenues 5,616
================================================== ===========
Profit or loss
Total profit for reportable segments 1,209
Elimination of intersegment profits (13)
Other unallocated amounts 13
================================================== ===========
Profit on ordinary activities before taxation 1,209
================================================== ===========
Assets
Total assets for reportable segments 59,303
Elimination of intersegment receivables (318)
Elimination of Company's cost of investments (14,548)
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Group assets 44,437
================================================== ===========
Liabilities
Total liabilities for reportable segments 1,726
Elimination of intersegment payables (318)
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Group liabilities 1,408
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4. SHARE-BASED INCENTIVE PLANS
On 14 March 2011 the Group granted options over 5,900,000 shares
to directors and employees under The Argo Group Limited Employee
Stock Option Plan. All options are exercisable in four equal
tranches over a period of four years at an exercise price of 24p
per share.
The fair value of the options granted during the period was
measured at the grant date using a Black-Scholes model that takes
into account the effect of certain financial assumptions, including
the option exercise price, current share price and volatility,
dividend yield and the risk-free interest rate. The fair value of
the options granted is spread over the vesting period of the scheme
and the value is adjusted to reflect the actual number of shares
that are expected to vest.
The principal assumptions for valuing the options are:
Exercise price (pence) 24.0
Weighted average share price
at grant date (pence) 12.0
Weighted average option life
(years) 10.0
Expected volatility (% p.a.) 2.11
Dividend yield (% p.a.) 10.0
Risk-free interest rate (%
p.a.) 5.0
The fair value of options granted is recognised as an employee
expense with a corresponding increase in equity. The total charge
to employee costs in respect of this incentive plan is nil. There
were no share option programmes in place in the prior period.
The number and weighted average exercise price of the share
options during the period is as follows:
Weighted average No. of share
exercise price options
Outstanding at beginning of period N/A Nil
Granted during the period 24.0p 5,900,000
==================================== ================== =============
Outstanding at end of period 24.0p 5,900,000
==================================== ================== =============
The options outstanding at 30 June 2011 have an exercise price
of 24p and a weighted average contractual life of 10 years. They
expire after 10 years. Outstanding share options are contingent
upon the option holder remaining an employee of the Group.
The weighted average fair value of the options issued during the
period was nil.
5. TAXATION
Taxation rates applicable to the parent company and the Cypriot,
UK, Singaporean, Luxembourg, Swiss, Cayman and Romanian
subsidiaries range from 0% to 27% (2010: 0% to 28%).
Income Statement Six months Six months
ended ended
30 June 30 June
2011 2010
US$'000 US$'000
Taxation charge for the period on Group
companies 131 146
========================================= =========== ===========
The charge for the period can be reconciled to the profit per
the Condensed Consolidated Statement of Comprehensive Income as
follows:
Six months Six months
ended ended
30 June 30 June
2011 2010
US$'000 US$'000
Profit before tax 1,170 1,209
================================================ =========== ===========
Applicable Isle of Man tax rate for
Argo Group Limited of 0% - -
Other adjustments - (5)
Tax effect of different tax rates of
subsidiaries operating in other jurisdictions 131 151
================================================ =========== ===========
Tax charge 131 146
================================================ =========== ===========
Balance Sheet
30 June 31 December
2011 2010
US$'000 US$'000
Corporation tax payable 324 200
========================= ======== ============
6. EARNINGS PER SHARE
Earnings per share is calculated by dividing the net profit for
the period by the weighted average number of shares outstanding
during the period.
Six months Six months
ended ended
30 June 30 June
2011 2010
US$'000 US$'000
Net profit for the period after taxation
attributable to members 1,039 1,063
========================================== ============= =============
No. of No. of
shares shares
Weighted average number of ordinary
shares for basic earnings per share 72,253,494 76,303,599
Effect of dilution (Note 4) 5,900,000 -
========================================== ============= =============
Weighted average number of ordinary
shares for diluted earnings per share 78,153,494 76,303,599
========================================== ============= =============
Six months Six months
ended ended
30 June 30 June
2011 2010
US$ US$'000
Earnings per share (basic) 0.01 0.01
Earnings per share (diluted) 0.01 0.01
============================== =========== ===========
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