Interim Results
2006年2月28日 - 4:03PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:0205Z
Emerging UK Investments Plc
28 February 2006
FOR IMMEDIATE RELEASE 28 February 2006
EMERGING UK INVESTMENTS PLC (the "Company")
Interim results for the six months ended 30 November 2005
Chairman's statement
Results
I am pleased to be able to report that the Company produced a profit before tax
for the six months to 30 November 2005 of #39,000 (loss #202,000 2004). The
profit is attributed to the Company's realisation of its equity holding in Skin
Health Spa plc.
Progress
The Company is currently in the process of realising a further two equity
holdings, Aerodeon Ltd which has now been converted to a public limited company
and Drug Treatment Holding plc. We are confident that this should lead to an
increase in the cash balances of the company.
Outlook
The Company has the objective to maximise its net asset value which currently
stands at 9p per share, a discount to the current share price. We will continue
to actively seek exits for our current investment portfolio and seek value
enhancing investments.
On 30 December 2005 Andy Moore announced his resignation from the Board for
personal reasons, although he remains as a consultant to the Company; I would
like to thank him for all his help in achieving the AIM admission and driving
the company forward, and we wish him well for the future.
Renwick Haddow
Chairman
EMERGING UK INVESTMENTS PLC
Profit and loss account
for the six months ended 30 November 2005
Note Six months Six months Year
ended 30 ended 28 ended 31
November 2005 February 2005 May 2005
Unaudited Unaudited Audited
#000 #000 #000
Turnover 191 - -
Profit on disposal of
investments
Cost of sales (93) - -
-------- -------- --------
Gross profit 98 - -
Administrative
expenses (62) (90) (36)
-------- -------- --------
Operating
profit/(loss) 36 (90) (36)
Exceptional
items 3 - (112) (580)
-------- -------- --------
Profit/(loss)
on ordinary
activities
before
interest 36 (202) (616)
Interest payable and - - -
similar charges
Interest
receivable and
similar income 3 - -
-------- -------- --------
Profit/(loss)
on ordinary
activities
before
taxation 39 (202) (616)
Tax on
profit/(loss)
on ordinary
activities 4 - - -
-------- -------- --------
Retained
profit/(loss)
for the
financial
period 39 (202) (616)
======== ======== ========
Earnings/(loss)
per ordinary
share 5 0.44p (2.28)p (6.95)p
Basic and fully
diluted ======== ======== ========
Balance sheet
at 30 November 2005
Note Six months ended Six months ended Year ended
30 November 28 February 31 May
2005 2005 2005
Unaudited Unaudited Audited
#000 #000 #000
Fixed assets
Investments 6 599 1,037 497
Current assets
Debtors 126 7 15
Investments
held as
current assets 7 - - 228
Cash at bank
and in hand 106 80 60
-------- -------- --------
232 87 303
Creditors:
amounts falling
due within one
year (32) (1) (11)
-------- -------- --------
Net current
assets/(liabilities) 200 86 292
-------- -------- --------
Total assets
less current
liabilities 799 1,123 789
Creditors: amounts falling - - -
due after more than one -------- -------- --------
year
Net assets 799 1,123 789
======== ======== ========
Capital and reserves
Called up
share capital 8 95 89 89
Share premium
account 9 209 164 164
Merger reserve 9 1,072 1,072 1,072
Revaluation
reserve 9 - - 80
Profit and
loss account (577) (202) (616)
-------- -------- --------
Equity
shareholders'
funds 10 799 1,123 789
======== ======== ========
Cash flow statement
for the six months ended 30 November 2005
Note Six months Six months Year
ended 30 ended 28 ended 31
November 2005 February 2005 May 2005
Unaudited Unaudited Audited
#000 #000 #000
Net cash
(outflow) from
operating
activities 11 (245) (96) (116)
Returns on
investment and
servicing of
finance 3 - -
Capital
expenditure
and financial
investments 292 - -
Acquisitions and - - -
disposals -------- -------- --------
Cash
inflow/(outflo
w) before
financing 50 (96) (116)
Financing
Issue of
ordinary share
capital (4) 176 176
-------- -------- --------
Increase in
cash and cash
equivalents in
the period 46 80 60
Cash and cash
equivalents at
start of the
period 60 - -
-------- -------- --------
Cash and cash
equivalents at
end of the
period 106 80 60
======== ======== ========
Reconciliation of net funds
1 June Cash flow Non- cash 30 November 2005
2005 #000 Movement #000
#000 #000
Cash at bank and in hand 60 46 - 106
Current asset investments 228 - (228) -
--------- -------- --------- --------
288 46 (228) 106
========= ======== ========= ========
Notes
1 BASIS OF PREPARATION
The Directors approved the interim financial statements on 27 February 2006. The
interim financial information for the six months to 30 November 2005 is
unaudited and has been prepared based on the accounting policies set out in the
statutory accounts for the year ended 31 May 2005. These accounting policies are
also expected to be adopted in the statutory accounts for the year ended 31 May
2006. The interim financial information for the six months ended 30 November
2005 does not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985. The statutory accounts for the year ended 31 May 2005, which
received an unqualified auditors' report, have been delivered to the Registrar
of Companies.
2 COMPARATIVE FIGURES
Interim financial results were not prepared for the period to 30 November 2004
due to the company not being admitted to trading on the AIM until December 2004.
Hence the date of the company's first interim financial results, period ended 28
February 2005, has been adopted for comparative purposes.
3 EXCEPTIONAL ITEMS
Six months ended 30 Six months ended 28 Year ended 31 May
November 2005 February 2005 2005
#000 #000 #000
Provision for
permanent
diminution in
value of
fixed asset
investments - 112 504
Costs of Group's
admission to
the AIM - - 76
-------- -------- --------
- 112 580
======== ======== ========
4 TAXATION
There is no tax liability for the periods reported and no deferred tax asset has
been recognised in respect of the tax losses carried forward.
5 EARNINGS/(LOSS) PER ORDINARY SHARE
The calculation of basic earnings/(loss) per share is based on profits of
#39,000 (six months ended 28 February 2005: loss of #202,000, year ended 31 May
2005: loss of #616,000) and ordinary shares of 8,914,167 (28 February 2005 and
31 May 2005: 8,860,000) being the weighted average number of ordinary shares in
issue during the period.
6 FIXED ASSET INVESTMENTS
Six months ended 30 Six months ended 28 Year ended 31 May
November 2005 February 2005 2005
#000 #000 #000
Listed
investments 263 485 193
Unlisted
investments 336 552 304
-------- -------- --------
599 1,037 497
======== ======== ========
7 INVESTMENTS HELD AS CURRENT ASSETS
Six months ended 30 Six months ended 28 Year ended 31 May
November 2005 February 2005 2005
#000 #000 #000
Valuation at
start of period 228 - -
Additions - - 148
Disposals (228) - -
Increase in
market value - - 80
-------- -------- --------
Valuation at
end of period - - 228
======== ======== ========
8 SHARE CAPITAL
Six months ended 30 Six months ended 28 Year ended 31
November 2005 February 2005 May 2005
#000 #000 #000
Authorised:
Ordinary shares of
1p each 150 150 150
======== ======== ========
Authorised:
Ordinary shares of
1p each 95 89 89
======== ======== ========
9 RESERVES
Six months ended 30 Six months ended 28 Year ended 31
November 2005 February 2005 May 2005
#000 #000 #000
Share Premium
Account 164 - -
At start of
period
Issue of
equity shares 49 168 168
Expenses of
share issue (4) (4) (4)
-------- -------- --------
At end of
period 209 164 164
======== ======== ========
Merger 1,072 - -
Reserve
At start of
period
Issue of
equity shares
to acquire
subsidiary - (76) (76)
Share premium
in subsidiary
acquired - 1,148 1,148
-------- -------- --------
At end of
period 1,072 1,072 1,072
Revaluation
Reserve 80 - -
At start of
period
Revaluation
arising in
period on
investments - - 80
Revaluation
released on
disposal of
investments (80) - -
-------- -------- --------
At end of
period - - 80
======== ======== ========
10 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
Six months ended 30 Six months ended 28 Year ended 31
November 2005 February 2005 May 2005
#000 #000 #000
Profit/(loss)
for the
financial
period 39 (202) (616)
New share
capital
subscribed
(including
premium and
expenses) 51 253 253
Creation of
merger - 1,072 1,072
reserve
Revaluation
(released)/
ari (80) - 80
sing in
period
Opening
shareholders'
funds 789 - -
-------- -------- --------
Closing
shareholders'
funds 799 1,123 789
======== ======== ========
11 RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS
Six months ended 30 Six months ended 28 Year ended 31 May
November 2005 February 2005 2005
#000 #000 #000
Operating
profit/ 36 (90) (36)
(loss)
Exceptional
item - - (76)
(Profit) on
disposal of
investments (191) - -
(Increase)
in (111) (7) (15)
debtors
Increase in
creditors 21 1 11
-------- -------- --------
Net cash
(outflow)
from
operating (245) (96) (116)
activities ======== ======== ========
12 COPIES OF INTERIM REPORT
Copies of the interim report are available from the Company's Registered Office
at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR.
EMERGING UK INVESTMENTS PLC
Independent review report to EMERGING UK INVESTMENTS PLC
Introduction
We have been instructed by the company to review the financial information for
the period to 30 November 2005 which comprises a profit and loss account,
balance sheet, cash flow statement and associated notes numbered 1 to 12. We
have read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The AIM Rules of
the London Stock Exchange require that the accounting policies and presentation
applied to the interim figures should be consistent with those adopted in the
AIM company's annual accounts having regard to the accounting standards
applicable to such annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the period ended 30
November 2005.
Rochesters
Registered Auditors
Chartered Accountants
27 February 2006
No 3 Caroline Court
Caroline Street
Birmingham
B3 1TR
This information is provided by RNS
The company news service from the London Stock Exchange
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