TIDMPMS
RNS Number : 3361P
Palmaris Capital PLC
24 March 2009
?
24 March 2009
Palmaris Capital Plc ("Palmaris" or the "Company")
Results for the 6 months ended 31 December 2008
The Board of Palmaris, the investment company with interests in coal mining, is
pleased to present its unaudited results for the 6 month period ended 31
December 2008.
Key points include:
* A loss on ordinary activities before tax in line with last year of GBP61,551
(2007: GBP(59,608));
* Net assets are GBP13.29m (2007: GBP13.41m).
+-------------------------------------------+------------------------------------------+
| For further information contact: | |
| | |
+-------------------------------------------+------------------------------------------+
| Greg Melgaard, Managing Director | 07799 657 553 |
+-------------------------------------------+------------------------------------------+
| John Llewellyn-Lloyd/ Sunil Sanikop, | 020 7763 2200 |
| Noble & Company Limited (Nominated | |
| Adviser) | |
+-------------------------------------------+------------------------------------------+
www.palmariscapital.com
Chairman's Statement
Results
The interim accounts for the six months to 31 December 2008 showed a loss of
GBP61,551 which is comparable with last year. Our net assets are GBP13.29
million or 8.5p per ordinary share. Our only remaining investment is in Scottish
Resources Group Ltd ("SRG"), the leading Scottish opencast coal operator and a
development land regeneration company.
Scottish Resources Group
The SRG audited accounts for the year to March 2008 were released in January
2009. They showed a profit after tax of GBP2.34 million for the year and net
assets of GBP30.02 million.
Although coal sales were lower at 2.9 million tonnes, compared to 3.1 million
tonnes in 2007, the average sales price increased during the year resulting in
coal sales increasing from GBP111 million to GBP112 million. New sales contracts
have been negotiated at improved prices and the effect of these contracts will
be felt primarily in 2009/10 resulting in substantial cash flow benefits. In
July 2008 a long term contract was signed with Scottish Power Limited to deliver
up to 10 million tonnes of coal over a 5 year period to its Scottish power
stations.
SRG appears to have performed reasonably well even although it was faced with
difficult operational problems including adverse weather, geological problems
and high fuel prices. The benefit of the higher sales prices is encouraging SRG
to open up mothballed sites and its plan is to increase production to 4 million
tonnes by 2010. Accordingly, it is investing heavily in new mining equipment and
ancillary plant. In the year to March 2008, GBP14 million was invested in asset
and plant purchases including GBP2.2 million invested in future coal sites.
The SRG Estates division had a good year with GBP8 million of sales resulting in
gains on disposal of GBP5.7 million. The Group owns some 22,000 acres of land
with numerous sites capable of being developed, subject to receiving the
relevant planning permissions. The property portfolio is carried at a historic
cost of some GBP18 million but the independent Red Book valuation at March 2008
was GBP55.6 million.
A number of renewable energy projects have been developed on its landholdings.
The biomass fuel subsidiary was sold to Infinis during the year for a gross
initial consideration of GBP5.5 million but this sale entitles SRG to further
payments subject to certain planning consents, and also to long term royalty
income. It is part of the Group strategy to develop energy projects on its land
holdings.
SRG is due to extend and renew its overdraft facility and long-term banking
loan. The SRG directors do not envisage this to be a material risk in view of
the additional cash flow they expect to be generated from the higher prices
which will start to be earned during the year to March 2010.
Conclusion
The current economic climate will certainly mean the short term will remain
volatile for SRG.
The SRG management is not expecting any improvement in the coal mining
operations for the year to March 2009 primarily due to lower production volumes
than expected. However, the result for the following year should be greatly
improved as the higher priced contracts start to apply. The longer term supply
and demand dynamics remain positive for international coal so the SRG management
is cautiously optimistic about future pricing.
When the economic picture improves SRG should be well placed to develop both its
coal and property businesses. This can only be beneficial for our prospects of
realising our asset in the future.
T.P. Noble
Chairman
24 March 2009
UNAUDITED PROFIT AND LOSS ACCOUNT
for the period ended 31 December 2008
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------------+---------------+--------------+--------------+
| | 6 months to | 6 months to | 12 months to |
+-----------------------------------------+---------------+--------------+--------------+
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+-----------------------------------------+---------------+--------------+--------------+
| | GBP | GBP | GBP |
+-----------------------------------------+---------------+--------------+--------------+
| Turnover | - | - | - |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Cost of sales | - | - | - |
+-----------------------------------------+---------------+--------------+--------------+
| Gross profit | - | - | - |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Administrative expenses | (80,405) | (84,504) | (169,724) |
+-----------------------------------------+---------------+--------------+--------------+
| Operating (loss) | (80,405) | (84,504) | (169,724) |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Investment and other income | 18,854 | 24,896 | 46,403 |
+-----------------------------------------+---------------+--------------+--------------+
| (Loss) on ordinary activities before | (61,551) | (59,608) | (123,321) |
| taxation | | | |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Taxation on (loss) on ordinary | - | - | - |
| activities | | | |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| (Loss) on ordinary activities after | (61,551) | (59,608) | (123,321) |
| taxation | | | |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| (Loss) for the financial period | (61,551) | (59,608) | (123,321) |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Earnings per ordinary share | | | |
+-----------------------------------------+---------------+--------------+--------------+
| (Loss) per ordinary share | (0.04)p | (0.04)p | (0.08)p |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Diluted (loss) per ordinary share | (0.04)p | (0.04)p | (0.08)p |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Net assets per share | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Net assets per ordinary share | 8.52p | 8.60p | 8.56p |
+-----------------------------------------+---------------+--------------+--------------+
| | | | |
+-----------------------------------------+---------------+--------------+--------------+
| Diluted net assets per ordinary share | 8.52p | 8.60p | 8.56p |
+-----------------------------------------+---------------+--------------+--------------+
UNAUDITED BALANCE SHEET
As at 31 December 2008
+------------------------------+-----------+---------------+--------------+--------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+------------------------------+-----------+---------------+--------------+--------------+
| | | As at | As at | As at |
+------------------------------+-----------+---------------+--------------+--------------+
| | | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+------------------------------+-----------+---------------+--------------+--------------+
| | Notes | GBP | GBP | GBP |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Fixed assets | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Investments | 1 | 12,880,000 | 12,880,000 | 12,880,000 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | 12,880,000 | 12,880,000 | 12,880,000 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Current assets | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Trade debtors | | 2,906 | 2,937 | 2,937 |
+------------------------------+-----------+---------------+--------------+--------------+
| Other debtors | | 14,729 | 18,220 | 14,339 |
+------------------------------+-----------+---------------+--------------+--------------+
| Cash | | 422,901 | 532,375 | 472,609 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | 440,536 | 553,532 | 489,885 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Creditors | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Amounts falling due within | | | | |
| one year | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Other creditors | | (33,699) | (21,431) | (21,497) |
+------------------------------+-----------+---------------+--------------+--------------+
| | | (33,699) | (21,431) | (21,497) |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Net current assets | | 406,837 | 532,101 | 468,388 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Net assets | | 13,286,837 | 13,412,101 | 13,348,388 |
+------------------------------+-----------+---------------+--------------+--------------+
| | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Capital and reserves | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Called up equity share | | 7,796,665 | 7,796,665 | 7,796,665 |
| capital | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Unrealised appreciation | | 6,440,000 | 6,440,000 | 6,440,000 |
| reserve | | | | |
+------------------------------+-----------+---------------+--------------+--------------+
| Capital reserve | 2 | (1,217,356) | (1,217,356) | (1,217,356) |
+------------------------------+-----------+---------------+--------------+--------------+
| Share premium | | 351,500 | 351,500 | 351,500 |
+------------------------------+-----------+---------------+--------------+--------------+
| Profit and loss account | 2 | (83,972) | 41,292 | (22,421) |
+------------------------------+-----------+---------------+--------------+--------------+
| Shareholders' funds | | 13,286,837 | 13,412,101 | 13,348,388 |
+------------------------------+-----------+---------------+--------------+--------------+
CASH FLOW STATEMENT
for the period ended 31 December 2008
+---------------------------+--------------+---------------+---------------+--------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------+--------------+---------------+---------------+--------------+
| | | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+---------------------------+--------------+---------------+---------------+--------------+
| | Notes | GBP | GBP | GBP |
+---------------------------+--------------+---------------+---------------+--------------+
| | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
| Net cash (outflow) from | A | (68,562) | (96,908) | (178,181) |
| operating activities | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
| Returns on investments | B | 18,854 | 24,896 | 46,403 |
| and servicing of finance | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
| Cash (outflow) before | | (49,708) | (72,012) | (131,778) |
| financing | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
| Capital expenditure and | | - | 4,881 | 4,881 |
| financial investment | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
| (Decrease) in cash in the | | (49,708) | (67,131) | (126,897) |
| period | | | | |
+---------------------------+--------------+---------------+---------------+--------------+
NOTES TO THE CASH FLOW STATEMENT
for the period ended 31 December 2008
A. Reconciliation of operating loss to operating cash flows
+-------------------------------------+---------------+---------------+-------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------------------+---------------+---------------+-------------+
| | 31 Dec 2008 | 31 Dec 2007 | 30 June |
| | | | 2008 |
+-------------------------------------+---------------+---------------+-------------+
| | GBP | GBP | GBP |
+-------------------------------------+---------------+---------------+-------------+
| | | | |
+-------------------------------------+---------------+---------------+-------------+
| Operating (loss) | (80,405) | (84,504) | (169,724) |
+-------------------------------------+---------------+---------------+-------------+
| (Increase)/decrease in debtors | (359) | 1,258 | 5139 |
+-------------------------------------+---------------+---------------+-------------+
| Increase/(decrease) in creditors | 12,202 | (13,662) | (13,596) |
+-------------------------------------+---------------+---------------+-------------+
| Net cash (outflow) from operating | (68,562) | (96,908) | (178,181) |
| activities | | | |
+-------------------------------------+---------------+---------------+-------------+
B. Analysis of cash flows
+------------------------------------+---------------+---------------+-------------+
| Returns on investments and servicing of finance |
+----------------------------------------------------------------------------------+
| Interest received | 11,354 | 17,243 | 31,250 |
+------------------------------------+---------------+---------------+-------------+
| Fees and commissions received | 7,500 | 7,653 | 15,153 |
+------------------------------------+---------------+---------------+-------------+
| Net cash inflow | 18,854 | 24,896 | 46,403 |
+------------------------------------+---------------+---------------+-------------+
| |
+----------------------------------------------------------------------------------+
| Capital Expenditure and Financial | | | |
| Investment | | | |
+------------------------------------+---------------+---------------+-------------+
| Proceeds of sale of equity | - | 4,881 | 4,881 |
| holdings | | | |
+------------------------------------+---------------+---------------+-------------+
C. Analysis of net funds
+------------+------------------------+---------------+---------------+-------------+
| | | 1 July 2008 | Cash Flow | 31 Dec 2008 |
+------------+------------------------+---------------+---------------+-------------+
| | | GBP | GBP | GBP |
+------------+------------------------+---------------+---------------+-------------+
| Cash | | 472,609 | (49,708) | 422,901 |
+------------+------------------------+---------------+---------------+-------------+
Reconciliation of net funds
+-----------------------------------+---------------+---------------+---------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------+---------------+---------------+---------------+
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+-----------------------------------+---------------+---------------+---------------+
| | GBP | GBP | GBP |
+-----------------------------------+---------------+---------------+---------------+
| (Decrease) in cash in the period | (49,708) | (67,131) | (126,897) |
+-----------------------------------+---------------+---------------+---------------+
| Net funds at beginning of period | 472,609 | 599,506 | 599,506 |
+-----------------------------------+---------------+---------------+---------------+
| Net funds at end of period | 422,901 | 532,375 | 472,609 |
+-----------------------------------+---------------+---------------+---------------+
NOTES TO THE ACCOUNTS
for the period ended 31 December 2008
1. Details of investments are as follows
+---------------------------------+-------------+-----------------+-----------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------------+-------------+-----------------+-----------------+
| | 6 months to | 6 months to | 12 months to |
+---------------------------------+-------------+-----------------+-----------------+
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+---------------------------------+-------------+-----------------+-----------------+
| | GBP | GBP | GBP |
+---------------------------------+-------------+-----------------+-----------------+
| Shares at market value or | | | |
| Directors' valuation | | | |
+---------------------------------+-------------+-----------------+-----------------+
| Scottish Resources Group Ltd. | 12,880,000 | 12,880,000 | 12,880,000 |
+---------------------------------+-------------+-----------------+-----------------+
| | 12,880,000 | 12,880,000 | 12,880,000 |
+---------------------------------+-------------+-----------------+-----------------+
2. The Capital Reserve and Profit and Loss Account at 31 December 2007
have been adjusted to reflect the position
at 30 June 2008. This has
no effect on Shareholders' Funds.
3. The calculation of the basic (loss) per ordinary share is based on
the following:
+-------------------------------+--------------+------------------+----------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------------+--------------+------------------+----------------+
| | 6 months to | 6 months to | 12 months to |
+-------------------------------+--------------+------------------+----------------+
| | 31 Dec 2008 | 31 Dec 2007 | 30 June 2008 |
+-------------------------------+--------------+------------------+----------------+
| | GBP | GBP | GBP |
+-------------------------------+--------------+------------------+----------------+
| (Loss) | (61,551) | (59,608) | (123,321) |
+-------------------------------+--------------+------------------+----------------+
| Weighted average number of | | | |
| ordinary shares in issue | | | |
| during the period | | | |
+-------------------------------+--------------+------------------+----------------+
| | 155,933,304 | 155,933,304 | 155,933,304 |
+-------------------------------+--------------+------------------+----------------+
4. The interim financial statements are unaudited and do not constitute
statutory accounts as defined in Section 240 of
the Companies Act
1985 (as amended). These statements have been prepared on the basis of the
accounting
policies set out in the Company's 2008 Annual Report and
Accounts.
The financial statements for the year ended 30 June, 2008 are an
abridged statement; the full audited accounts for
the year to 30 June
2008, which were unqualified, have been lodged with the Registrar of Companies.
5. Copies of the Interim Results for Palmaris Capital PLC are being
posted to shareholders on 25 March, 2009 and
may be obtained free of
charge from the Company's registered office or from the Company's nominated
adviser
and broker, Noble & Company Limited, 76 George Street,
Edinburgh, EH2 3BU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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