Half Yearly Report
2010年9月23日 - 8:57PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMATE
RNS Number : 1991T
Agua Terra Limited
23 September 2010
NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN
23 September 2010
AGUA TERRA LIMITED
(the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS
Agua Terra Limited (LSE: ATE), the first development company dedicated
exclusively to high quality mixed-use leisure real estate projects in Southeast
Europe to be quoted on AIM, is pleased to announce its results for the period 1
January 2010 to 30 June 2010 and provide an update on operational progress.
Operational highlights
· The Company has received planning permission on all its sites and is
evaluating commencement of construction
· Land holdings' valuation remains at EUR10m with no revaluation
· Initial villa sales have been extended
Financial highlights
· With no new sales, the income statement shows only operating and
administrative expenses, which have been tightly controlled and amount to less
than 20% of the costs incurred in the first six months of 2009.
· The balance sheet reflects the land holdings referred to above and
relatively modest liabilities. A significant proportion of the latter are
amounts due to related parties who have informally agreed to defer payment until
the proceeds of villa sales are received.
Markos Kashiouris, Chief Executive, said:
"The Company remains in a comfortable position with zero borrowings and no
immediate credit obligations. Whilst the broader Greek economy has suffered
substantially as a result of the global economic downturn, given the resilience
of its assets, the Company remains optimistic that the exit routes available
will be value accretive."
Copies of the Company's audited annual accounts for the period from 1 January
2010 to 30 June 2010 are also available on the Company's website at
www.agua-terra.com. Printed copies of the Accounts are also available, free of
charge, for one month from the date hereof from the Company's registered office,
197 Main Street, Road Town, Tortola, British Virgin Islands.
- end -
Enquiries to:
Agua Terra
Markos Kashiouris, Chief ExecutiveTel: +44 (0) 20 7581 1423
Fairfax I.S. PLC
James King / Rachel ReesTel: +44 (0) 20 7598 5368
AGUA TERRA LIMITED
UNAUDITED CONSOLIDATEDCOMPREHENSIVE INCOME
Period from 1 January 2010 to 30 June 2010
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| | | 2010 | | 2009 |
+-------------------------------------------+------+------------+----------+--------------+
| |Note | EUR | | EUR |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| Fair value gains on investment property | | -- | | 1.758.465 |
+-------------------------------------------+------+------------+----------+--------------+
| Employee benefit expense | | (150.000) | | (659.072) |
+-------------------------------------------+------+------------+----------+--------------+
| Non-executive Directors' fees | | (60.000) | | (195.000) |
+-------------------------------------------+------+------------+----------+--------------+
| Professional fees for AIM listing | | (24.380) | | (494.244) |
+-------------------------------------------+------+------------+----------+--------------+
| Other professional fees | | (50.137) | | (145.044) |
+-------------------------------------------+------+------------+----------+--------------+
| Auditors' remuneration | | - | | (26.040) |
+-------------------------------------------+------+------------+----------+--------------+
| Net foreign exchange transaction loss | | - | | (2.316) |
+-------------------------------------------+------+------------+----------+--------------+
| Transportation expenses | | (31.124) | | (80.225) |
+-------------------------------------------+------+------------+----------+--------------+
| Other expenses | | (7.600) | | (55.683) |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| Operating profit/(loss) | 1 | (323.241) | | 100.841 |
+-------------------------------------------+------+------------+----------+--------------+
| Net finance costs | 2 | (6.063) | | (6.678) |
| | | - | | |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| Profit before taxation | | (329.304) | | 94.163 |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| Income tax expense | 3 | - | | (386.862) |
+-------------------------------------------+------+------------+----------+--------------+
| | | | | |
+-------------------------------------------+------+------------+----------+--------------+
| Loss for the period and total | | (329.304) | | (292.699) |
| comprehensive expenses | | | | |
+-------------------------------------------+------+------------+----------+--------------+
The notes below form an integral part of these consolidated financial
statements.
UNAUDITED STATEMENT OF FINANCIAL POSITION
30 June 2010
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| | | 2010 | 2009 |
+-------------------------------------------+------+-------------+------------+
| |Note | EUR | EUR |
+-------------------------------------------+------+-------------+------------+
| ASSETS | | | |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Non-current assets | | | |
+-------------------------------------------+------+-------------+------------+
| Investment property | 4 | 10.023.000 | 10.023.000 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| | | 10.023.000 | 10.023.000 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Current assets | | | |
+-------------------------------------------+------+-------------+------------+
| Trade and other receivables | 5 | 36.800 | 37.730 |
+-------------------------------------------+------+-------------+------------+
| Cash at bank and in hand | 6 | 40.403 | 49.870 |
+-------------------------------------------+------+-------------+------------+
| | | 77.203 | 87.600 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Total assets | | 10.100.203 | 10.110.600 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| EQUITY AND LIABILITIES | | | |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Capital and reserves | | | |
+-------------------------------------------+------+-------------+------------+
| Share capital and share premium | 7 | 9.072.500 | 9.072.500 |
+-------------------------------------------+------+-------------+------------+
| Other reserves | 8 | 209.072 | 209.072 |
+-------------------------------------------+------+-------------+------------+
| Accumulated losses | | (622.003) | (292.699) |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Total equity | | | |
| | | 8.659.569 | 8.988.873 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Non-current liabilities | | | |
+-------------------------------------------+------+-------------+------------+
| Borrowings | 9 | 249.061 | 206.678 |
+-------------------------------------------+------+-------------+------------+
| Deferred income tax liabilities | | 386.863 | 386.862 |
+-------------------------------------------+------+-------------+------------+
| | | 635.924 | 593.540 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Current liabilities | | | |
+-------------------------------------------+------+-------------+------------+
| Trade and other payables | 10 | 804.710 | 528.187 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Total liabilities | | | |
| | | 1.440.634 | 1.121.727 |
+-------------------------------------------+------+-------------+------------+
| | | | |
+-------------------------------------------+------+-------------+------------+
| Total equity and liabilities | | 10.100.203 | 10.110.600 |
+-------------------------------------------+------+-------------+------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Period from 1 January 2010 to 30 June 2010
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| | | 2010 | 2009 |
+--------------------------------------------+------+-------------+-------------+
| |Note | EUR | EUR |
+--------------------------------------------+------+-------------+-------------+
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
+--------------------------------------------+------+-------------+-------------+
| (Loss)/Profit before tax | | (329.304) | 94.163 |
+--------------------------------------------+------+-------------+-------------+
| Adjustments for: | | | |
+--------------------------------------------+------+-------------+-------------+
| Interest expense | 2 | 6.063 | 6.678 |
+--------------------------------------------+------+-------------+-------------+
| Fair value gains on investment property | 4 | - | (1.758.465) |
+--------------------------------------------+------+-------------+-------------+
| Share based payments (Chief executive | | - | 209.072 |
| Officer) | | | |
+--------------------------------------------+------+-------------+-------------+
| Share based payment (Non-executive | | | 60.000 |
| Directors) | | | |
+--------------------------------------------+------+-------------+-------------+
| | | (323.241) | (1.388.552) |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| Changes in working capital: | | | |
+--------------------------------------------+------+-------------+-------------+
| Trade and other receivables | | 930 | (37.730) |
+--------------------------------------------+------+-------------+-------------+
| Trade and other payables | | 276.523 | 488.187 |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| | | (45.788) | (938.095) |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
+--------------------------------------------+------+-------------+-------------+
| Purchase of investment property | 4 | - | (8.264.535) |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| Net cash from investing activities | | - | (8.264.535) |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
+--------------------------------------------+------+-------------+-------------+
| Proceeds from issuance of ordinary shares | 7 | - | 9.012.500 |
+--------------------------------------------+------+-------------+-------------+
| Proceeds from borrowings from related | 9 | 42.384 | 200.000 |
| parties | | | |
+--------------------------------------------+------+-------------+-------------+
| Interest expense | | (6.063) | - |
+--------------------------------------------+------+-------------+-------------+
| Net cash from financing activities | | 36.321 | 9.212.500 |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| Net increase in cash and cash equivalents | | (9.467) | 9.870 |
+--------------------------------------------+------+-------------+-------------+
| Cash and cash equivalent at the beginning | | 9.870 | - |
| of the period | | | |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| | | | |
+--------------------------------------------+------+-------------+-------------+
| Cash and cash equivalents at end of the | | 403 | 9.870 |
| period | | | |
+--------------------------------------------+------+-------------+-------------+
1. Operating profit
+------------------------------------------------+----------+----------+
| | 2010 | 2009 |
+------------------------------------------------+----------+----------+
| | EUR | EUR |
+------------------------------------------------+----------+----------+
| Operating (loss) is stated after charging the | | |
| following items: | | |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
| Employee benefit expense | 150.000 | 659.072 |
+------------------------------------------------+----------+----------+
| Non-executive Directors' fees | 60.000 | 195.000 |
+------------------------------------------------+----------+----------+
| Auditors remuneration | - | 26.040 |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
2. Finance costs
+-------------------------------------------------+----------+----------+
| | 2010 | 2009 |
+-------------------------------------------------+----------+----------+
| | EUR | EUR |
+-------------------------------------------------+----------+----------+
| Interest expenses: | | |
+-------------------------------------------------+----------+----------+
| Bank charges | 481 | - |
+-------------------------------------------------+----------+----------+
| Loans from related parties | 5.582 | 6.678 |
+-------------------------------------------------+----------+----------+
| | 6.063 | 6.678 |
+-------------------------------------------------+----------+----------+
3. Income tax expense
+------------------------------------------------+----------+-----------+
| | 2010 | 2009 |
+------------------------------------------------+----------+-----------+
| | EUR | EUR |
+------------------------------------------------+----------+-----------+
| | | |
+------------------------------------------------+----------+-----------+
| Deferred tax charge | - | 386.862 |
+------------------------------------------------+----------+-----------+
| | - | 386.862 |
+------------------------------------------------+----------+-----------+
4. Investment property
+-------------------------------------------------+------------+------------+
| | 2010 | 2009 |
+-------------------------------------------------+------------+------------+
| | EUR | EUR |
+-------------------------------------------------+------------+------------+
| Land under development | 8.264.536 | 8.264.536 |
+-------------------------------------------------+------------+------------+
| Fair value gains on investment property | | |
| | 1.758.464 | 1.758.464 |
+-------------------------------------------------+------------+------------+
| | 10.023.000 | 10.023.000 |
+-------------------------------------------------+------------+------------+
The land for development is carried at market value.
5. Trade and other receivables
+-------------------------------------------------+----------+----------+
| | 2010 | 2009 |
+-------------------------------------------------+----------+----------+
| | EUR | EUR |
+-------------------------------------------------+----------+----------+
| Prepayments | - | 930 |
+-------------------------------------------------+----------+----------+
| Receivables from related parties | 36.800 | 36.800 |
+-------------------------------------------------+----------+----------+
| | 36.800 | 37.730 |
+-------------------------------------------------+----------+----------+
6. Cash and cash equivalents
+-------------------------------------------------+----------+----------+
| | 2010 | 2009 |
+-------------------------------------------------+----------+----------+
| | EUR | EUR |
+-------------------------------------------------+----------+----------+
| Cash at bank | 403 | 9.870 |
+-------------------------------------------------+----------+----------+
| Cash balances held with lawyers | 40.000 | 40.000 |
+-------------------------------------------------+----------+----------+
| | 40.403 | 49.870 |
+-------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------+----------+----------+
The amount of EUR40.000 represents a deposit for the sales of two villas at
Mykonos. The amount has been received and IS held by a lawyer in fiduciary
capacity on behalf of the Group.
7. Share capital
+-----------------------------------+------------+---------+-----------+-----------+
| | Number | Share | Share | |
| | of | Capital | premium | Total |
| | shares | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| | | | | |
| | | EUR | EUR | EUR |
+-----------------------------------+------------+---------+-----------+-----------+
| Issued and fully paid | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| At 31 December 2008/1 January | 4.530.800 | - | 9.061.600 | 9.061.600 |
| 2009 | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| Issue of shares in exchange of | 1.940.469 | - | - | - |
| founder | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| Issue of shares to a | 7.141 | - | 10.000 | 10.000 |
| non-executive Director for free | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| At 31 December 2009/1 January | 6.478.860 | - | 9.072.500 | 9.072.500 |
| 2010 | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
| At 30 June 2010 | 6.478.860 | - | 9.072.500 | 9.072.500 |
+-----------------------------------+------------+---------+-----------+-----------+
| | | | | |
+-----------------------------------+------------+---------+-----------+-----------+
+------------------------------------------------+---------------------+
| Authorised capital | |
+------------------------------------------------+---------------------+
| The Company has an unlimited authorised share capital comprising |
| common shares of no par value. |
+------------------------------------------------+---------------------+
+------------------------------------------------+---------------------+
| Founder Warrants | |
+------------------------------------------------+---------------------+
| The Board of Directors approved and issued the amount of 4.531.250 |
| warrants to the Founding Shareholders of the company entitling them |
| to subscribe at the price of EUR2 per share. On 23 December 2009, the |
| company cancelled all of the outstanding founder warrants, and |
| issued instead 1.940.469 new common shares in exchange for such |
| warrants. |
+------------------------------------------------+---------------------+
+--------------------------------------------------------+----------------------+
| Performance Warrants | |
+--------------------------------------------------------+----------------------+
| The Board of Directors approved the issue of performance warrants as follows: |
| |
| Company name Class Number of Price |
| shares |
| Aqua Sol Capital A 125,831 EUR2.59 |
| Holdings Ltd |
| Terra Holdings Group B 176,829 EUR2.59 |
| Ltd |
| Totalserve C 106,258 EUR2.59 |
| Investments Ltd |
| |
+--------------------------------------------------------+----------------------+
8. Other reserves
+-------------------------------------------------+-----------+----------+
| | 2010 | 2009 |
+-------------------------------------------------+-----------+----------+
| | EUR | EUR |
+-------------------------------------------------+-----------+----------+
| Value of employee share-based services: | | |
+-------------------------------------------------+-----------+----------+
| Share bonus scheme | 162.164 | 162.164 |
+-------------------------------------------------+-----------+----------+
| Performance warrants | 46.508 | 46.908 |
+-------------------------------------------------+-----------+----------+
| | 209.072 | 209.072 |
+-------------------------------------------------+-----------+----------+
9. Long Term Loan
+-------------------------------------------------+-----------+-----------+
| | 2010 | 2009 |
+-------------------------------------------------+-----------+-----------+
| | EUR | EUR |
+-------------------------------------------------+-----------+-----------+
| Aqua Sol Capital Holdings Ltd | 155.023 | 114.824 |
+-------------------------------------------------+-----------+-----------+
| Terra Holdings Group Ltd | 47.018 | 45.925 |
+-------------------------------------------------+-----------+-----------+
| Totalserve Investments Ltd | 47.020 | 45.929 |
+-------------------------------------------------+-----------+-----------+
| | 249.061 | 206.678 |
+-------------------------------------------------+-----------+-----------+
10. Trade and other payables
+-------------------------------------------------+-----------+-----------+
| | 2010 | 2009 |
+-------------------------------------------------+-----------+-----------+
| | EUR | EUR |
+-------------------------------------------------+-----------+-----------+
| Payable to related parties | 675.916 | 403.503 |
+-------------------------------------------------+-----------+-----------+
| Other payables | 88.794 | 61.384 |
+-------------------------------------------------+-----------+-----------+
| Accrued expenses | - | 23.300 |
+-------------------------------------------------+-----------+-----------+
| Deferred income | 40.000 | 40.000 |
+-------------------------------------------------+-----------+-----------+
| | 804.710 | 528.187 |
+-------------------------------------------------+-----------+-----------+
In October 2009, the Group signed contracts for the sales of the first two
villas at the Mykonos Azure Project. The sales price was EUR1.500.000 for each
villa, totaling EUR3.000.000, out of which prepayments of EUR40.000 have been
received and are held by a lawyer in fiduciary capacity on behalf of the Group.
The remaining balance is payable by 20 October 2010 and the contracts are
terminated in case of failure by the buyers to pay on that day.
The fair values of trade and other payables due within one year approximate to
their carrying amounts as presented above.
11.Related party transactions
The following transactions were carried out with related parties:
11.1. Directors' remuneration
The remuneration of Directors' and other members of key management was as
follows:
+-------------------------------------------------+----------+-----------+
| | 2010 | 2009 |
+-------------------------------------------------+----------+-----------+
| | EUR | EUR |
+-------------------------------------------------+----------+-----------+
| Non-executive Directors' remuneration | 60.000 | 195.000 |
+-------------------------------------------------+----------+-----------+
| Employee benefit expense | | |
+-------------------------------------------------+----------+-----------+
| Executive Directors' remuneration - fixed | 150.000 | 450.000 |
| salary | | |
+-------------------------------------------------+----------+-----------+
| Executive Directors' - Share based payment | - | 209.072 |
+-------------------------------------------------+----------+-----------+
| | 210.000 | 854.072 |
+-------------------------------------------------+----------+-----------+
11.2. Professional fees
+-------------------------------------------------+----------+-----------+
| Name | 2010 | 2009 |
+-------------------------------------------------+----------+-----------+
| | EUR | EUR |
+-------------------------------------------------+----------+-----------+
| Terra Sotheby's International Realty | 7.600 | 15.003 |
+-------------------------------------------------+----------+-----------+
| Totalserve Management Ltd | 5.630 | 7.803 |
+-------------------------------------------------+----------+-----------+
| Totalserve Trust Company Ltd | 36.538 | 85.075 |
+-------------------------------------------------+----------+-----------+
| | 49.768 | 107.881 |
+-------------------------------------------------+----------+-----------+
11.3. Payables to related parties
+-------------------------------------------------+-----------+-----------+
| Name | 2010 | 2009 |
+-------------------------------------------------+-----------+-----------+
| | EUR | EUR |
+-------------------------------------------------+-----------+-----------+
| Parties that can exercise significant influence | 178.416 | 116.003 |
| | | |
+-------------------------------------------------+-----------+-----------+
| Chief Executive Officer | 375.000 | 225.000 |
+-------------------------------------------------+-----------+-----------+
| Non-executive Directors | 122.500 | 62.500 |
+-------------------------------------------------+-----------+-----------+
| | 675.916 | 403.503 |
+-------------------------------------------------+-----------+-----------+
11.4 Long Term Loan
The loans shown in note 9 were granted by the company's shareholders under the
loan agreement dated 26 September 2008 and bear interest at the rate of 5% per
annum.
12. Significant agreements with management
At the end of the period, no significant agreements existed between the Company
and its management.
13. Contingent liabilities
The Company had no contingent liabilities as at 30 June 2010.
14. Commitments
The Company had no capital or other commitments as at 30 June 2010
15. Post balance sheet events
There were no material post balance sheet events, which have a bearing on the
understanding of the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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