Interim Results
Anglo-Eastern Plantations PLC
04 September 2006
4 September 2006
ANGLO-EASTERN PLANTATIONS PLC - INTERIM ANNOUNCEMENT
Anglo-Eastern Plantations, which operates over 33,000 hectares of developed
plantations, primarily oil palm in Indonesia, announces a 16% increase in pre-
tax profit for the half year to 30 June 2006 and is positive about the outlook
for the second half of 2006.
2006 2005 Change
Revenue ($'000) 32,185 29,443 + 9.3%
Operating profit before biological
asset adjustment ($'000) 8,498 7,411 + 14.7%
Pre-tax profit ($'000) 8,865 7,640 + 16.0%
Basic earnings per share before
biological asset adjustment (cents) 10.7 cts 9.9 cts + 8.1%
* Fresh fruit bunch (FFB) production from the group's estates increased 18% to
231,593mt (2005: 195,917mt), but relatively low margin bought-in crop reduced
by 12% to 126,291mt (2005: 143,807mt) as a result of competition from
stand-alone mills in Tasik and Bengkulu.
* Crude palm oil (CPO) prices averaged $433/mt (2005: $417/mt), up 4%.
* The group's 460 hectares of rubber plantation contributed a pre-tax profit of
$0.9 million (2005: $0.3 million), thanks to exceptionally high rubber
prices.
* Bina Pitri, a derelict estate acquired in 2004, turned profitable in March
2006 and can be expected to make an increasingly significant contribution
from now on.
* Operating costs in Indonesia increased significantly, mainly related to
mineral oil prices.
* Despite heavy capital expenditure of $6.8 million, which covered final
planting at Bengkulu (in southern Sumatra), the start of development at
Labuhan Bilik (in northern Sumatra), and the construction of an oil mill at
Bina Pitri (in the province of Riau), period end net cash totalled $1.6
million (31 December 2005: $5.1 million).
* The group is investigating actively the acquisition of further developed
estates and vacant land.
* The sharp improvement since 30 June 2006 in the CPO price to around $500/mt
reflects expectations of strong demand for vegetable oils for traditional and
bio-fuel uses.
Mr Chan Teik Huat, Chairman and Chief Executive, stated:
' With an increasing acreage coming to maturity, the growth in FFB production
experienced in the first half of 2006 is expected to continue in the current
half.
The level of bought-in crops continues to be affected by competition from other
mill operators. If CPO prices remain at around present levels and in the
absence of any further material increase in fuel and fertiliser costs and of
further significant strengthening of the Indonesian rupiah, the result for the
second half should, as usual, be above that of the first half. Similarly, the
full year result is expected to be higher than that of the previous year. '
Enquiries:
Anglo-Eastern Plantations Plc 020 7236 2838
Rollo Barnes (Financial Director)
Bankside Consultants Limited
Charles Ponsonby 020 7367 8851 / 07789 202312
INTERIM STATEMENT
Group operating profit at $8.5 million, before biological asset adjustment (BA
adjustment), for the first half of 2006 was 15% higher than the same period in
2005. This improvement was due to a combination of factors: crude palm oil
(CPO) prices were 4% better in US dollar terms; CPO production was 4% higher
than the same period in 2005; and our small rubber operation made a significant
contribution, thanks to exceptionally high rubber prices. Bina Pitri, the
rundown estate acquired in 2004, is now showing the expected turnaround in its
fortunes.
Against these positives, bought-in crop was 12% lower than the same period in
2005 and operating costs in Indonesia have increased significantly, mainly
related to mineral oil prices, but we are positive about the outcome for the
year.
Profit before tax was $8.9 million, an increase of 16% over the first half of
2005. This includes the effect of the BA adjustment required by current international
accounting standards but which has no bearing on underlying trading performance
or cash generation. A substantial portion of long term borrowings was repaid at
the end of 2005, so a net interest charge of $123,000 in the first half of 2005
converted to net interest income of $53,000 in the first half of 2006.
Earnings per share before BA adjustment for the first half of 2006 were 10.7cts,
compared to 9.9cts in the same period in 2005, an increase of 8%.
Gross cash declined from $10.8 million at the end of 2005 to $6.4 million at the
end of June 2006; net cash after borrowings reduced from $5.1 million to $1.6
million. This reflected the group's heavy capital expenditure of $6.8 million
in the six months which covered final planting at Bengkulu (in southern
Sumatra), the start of development at Labuhan Bilik (in northern Sumatra), and
the construction of an oil mill at Bina Pitri (in the province of Riau). In
August 2006, we agreed a new long term bank loan of $3.2 million to meet half
the cost of this mill. The 7% strengthening of the Indonesian rupiah over the
first half of 2006 also reduced the positive effect of higher dollar CPO prices
on local rupiah cash generation.
Production and Sales
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
mt mt mt
Oil palm production
FFB
- all estates 231,593 195,917 459,080
- bought-in or processed for third
parties 126,291 143,807 284,705
Saleable CPO 69,803 67,327 145,820
Saleable palm kernels 16,403 16,014 35,049
Oil palm sales
CPO 69,918 66,908 145,943
Palm kernels 16,400 16,070 35,220
FFB sold outside 36,877 24,567 65,864
Other crops production
Rubber 453 396 946
Cocoa 38 73 157
Fresh fruit bunch (FFB) production from all the group's estates increased from
last year, with the exception of our small Anak Tasik estate (down 4%). Estate
crops from North Sumatra, Bengkulu and Malaysia were up 10%, 19% and 11%,
respectively.
Particularly encouraging was Bina Pitri, where production was 12% ahead of
expectations and 120% up on the same period in 2005. As a result, Bina Pitri
turned profitable in March 2006 and can be expected to make an increasingly
significant contribution from now on.
As indicated in the last annual report, increasing competition from stand-alone
mills has caused our bought-in crop at Tasik and Bengkulu to fall - in the event
by 11% and 31% respectively on the first half of 2005. The effect on profits
was less dramatic because this is lower margin business. Fortunately so far,
our Blankahan mill has not experienced the same pressure.
PRODUCE PRICES
CPO prices per tonne continued to be remarkably stable, fluctuating in a
relatively narrow band between $410 and $450 and averaging $433 over the six
months. This compares with average CPO prices for the first and second halves
of 2005 of $417 and $426, respectively. Very wet weather in Bengkulu in the
first two months of 2006 caused processing delays and oil quality deterioration,
with consequent adverse effects on selling prices for several months.
Since the end of June there has been a sharp improvement in the CPO price to
around $500/mt. This improvement has been driven by expectations of strong
demand for all vegetable oils, both for traditional uses and for their
increasing use as bio-fuel.
Rubber prices reached an all-time high of $2,750/mt in June 2006 and averaged
$2,210/mt through the period, compared to $1,310/mt in 2005. As a result, our
small area of 460 hectares (ha) made a contribution to pre-tax profit of
$900,000 in the first half of 2006, compared to $300,000 in 2005.
DEVELOPMENT
The group's planted areas at 30 June 2006 were:
Mature Immature Total
ha ha ha
North Sumatra 9,917 322 10,239
Bengkulu 10,515 3,714 14,229
Riau 3,977 961 4,938
-------- -------- --------
Indonesia 24,409 4,997 29,406
Malaysia 3,430 285 3,715
-------- -------- --------
Total: 30 June 2006 27,839 5,282 33,121
======== ======== ========
Total: 31 December 2005 27,085 5,481 32,566
======== ======== ========
Total: 30 June 2005 27,123 3,854 30,977
======== ======== ========
New planting at Bengkulu has been proceeding at a more satisfactory rate than in
2005, with 660ha completed so far in 2006, leaving about 1,400ha to complete
through to the end of 2007.
Substantial progress has been made at Labuhan Bilik, where a nursery sufficient
for planting 3,000ha has been established and up to 1,000ha are in the course of
preparation. Following detailed surveys of the licensed area we now estimate
that, after allowing for existing villages, only 3,000ha of the area will be
plantable; this is less than the 4,200ha we were expecting. However, we are
currently negotiating to acquire more adjacent land.
We have commenced replanting 258ha of cocoa with rubber, which should be
completed in the next 12 months. However, this will not have any impact on our
results before the end of this decade.
Construction of the 40mt/hr mill at Bina Pitri is on schedule and planned for
completion about May 2007.
We are investigating actively the acquisition of further developed estates and
vacant land.
OUTLOOK
With an increasing acreage coming to maturity, the growth in FFB production
experienced in the first half of 2006 is expected to continue in the current
half.
The level of bought-in crops continues to be affected by competition from other
mill operators. If CPO prices remain at around present levels and in the
absence of any further material increase in fuel and fertiliser costs and of
further significant strengthening of the Indonesian rupiah, the result for the
second half should, as usual, be above that of the first half. Similarly, the
full year result is expected to be higher than that of the previous year.
Chan Teik Huat 1 September 2006
Chairman and Chief Executive
CONSOLIDATED INCOME STATEMENT - 6 months to 30 June 2006 (UNAUDITED)
2006
6 months to 30 June
(unaudited)
-----------------------------------
Result
before
BA Adj- BA Adj-
ustment ustment Total
Continuing operations Notes $'000 $'000 $'000
Revenue 32,185 0 32,185
Cost of sales (22,227) 0 (22,227)
-------- -------- --------
Gross profit 9,958 0 9,958
Biological asset revaluation movement
(BA adjustment) 2 0 345 345
Other income 14 0 14
Administration expenses (1,474) 0 (1,474)
-------- -------- --------
Operating profit 8,498 345 8,843
Exchange losses 3 (31) 0 (31)
Finance income 244 0 244
Finance costs 4 (191) 0 (191)
-------- -------- --------
Profit before tax 8,520 345 8,865
Tax 5 (3,528) (103) (3,631)
-------- -------- --------
Profit for the period 4,992 242 5,234
======== ======== ========
Attributable to:
- equity holders of the parent 4,217 185 4,402
- minority interests 775 57 832
-------- -------- --------
4,992 242 5,234
======== ======== ========
Earnings per share
- basic 11.2 cts
- diluted 11.2 cts
CONSOLIDATED INCOME STATEMENT - 6 months to 30 June 2005 (unaudited)
2005
6 months to 30 June
(unaudited)
-----------------------------------
Result
Before
BA Adj- BA Adj-
ustment ustment Total
Continuing operations Notes $'000 $'000 $'000
Revenue 29,443 0 29,443
Cost of sales (20,437) 0 (20,437)
-------- -------- --------
Gross profit 9,006 0 9,006
Biological asset revaluation movement
(BA adjustment) 2 0 473 473
Other income 0 0 0
Administration expenses (1,595) 0 (1,595)
-------- -------- --------
Operating profit 7,411 473 7,884
Exchange losses 3 (121) 0 (121)
Finance income 149 0 149
Finance costs 4 (272) 0 (272)
-------- -------- --------
Profit before tax 7,167 473 7,640
Tax 5 (2,742) (142) (2,884)
-------- -------- --------
Profit for the period 4,425 331 4,756
======== ======== ========
Attributable to:
- equity holders of the parent 3,903 315 4,218
- minority interests 522 16 538
-------- -------- --------
4,425 331 4,756
======== ======== ========
Earnings per share
- basic 10.7 cts
- diluted 10.6 cts
CONSOLIDATED INCOME STATEMENT - YEAR TO 31 DECEMBER 2005 (AUDITED)
2005
year to 31 December
(audited)
-----------------------------------
Result
before
BA Adj- BA Adj-
ustment ustment Total
Continuing operations Notes $'000 $'000 $'000
Revenue 64,321 0 64,321
Cost of sales (39,514) 0 (39,514)
-------- -------- --------
Gross profit 24,807 0 24,807
Biological asset revaluation movement
(BA adjustment) 2 0 (35) (35)
Other income 115 0 115
Administration expenses (2,721) 0 (2,721)
-------- -------- --------
Operating profit 22,201 (35) 22,166
Exchange losses 3 (550) 0 (550)
Finance income 302 0 302
Finance costs 4 (498) 0 (498)
-------- -------- --------
Profit before tax 21,455 (35) 21,420
Tax 5 (7,107) 10 (7,097)
-------- -------- --------
Profit for the period 14,348 (25) 14,323
======== ======== ========
Attributable to:
- equity holders of the parent 12,235 (52) 12,183
- minority interests 2,113 27 2,140
-------- -------- --------
14,348 (25) 14,323
======== ======== ========
Earnings per share
- basic 30.9 cts
- diluted 30.9 cts
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSES
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
Notes $'000 $'000 $'000
Profit for the period 5,234 4,756 14,323
Unrealised (deficit)/surplus on
revaluation of the estates 8 (5,075) 4,443 3,112
Deferred tax on revaluation 8 427 (1,205) (176)
Profit/(loss) on exchange translation 8 7,087 (4,023) (5,703)
-------- -------- --------
Total recognised income and expense
for the period 7,673 3,971 11,556
======== ======== ========
Attributable to:
- equity holders of the parent 6,450 3,845 9,736
- minority interest 1,223 126 1,820
-------- -------- --------
7,673 3,971 11,556
======== ======== ========
CONSOLIDATED BALANCE SHEET
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
Notes $'000 $'000 $'000
Non-current assets
Biological assets 2 28,542 24,485 26,975
Property, plant and equipment 108,001 106,885 102,543
Receivables 1,071 0 1,071
-------- -------- --------
137,614 131,370 130,589
-------- -------- --------
Current assets
Inventories 2,504 2,334 2,499
Investments 0 397 259
Trade and other receivables 3,802 2,639 3,109
Cash and cash equivalents 7,010 9,333 11,194
-------- -------- --------
13,316 14,703 17,061
Current liabilities
Bank loans and other financial
liabilities (2,361) (3,847) (2,103)
Trade and other payables (4,966) (4,594) (3,487)
Tax liabilities (2,118) 0 (2,594)
-------- -------- --------
(9,445) (8,441) (8,184)
-------- -------- --------
Net current assets 3,871 6,262 8,877
-------- -------- --------
Non-current liabilities
Bank loans and other financial
liabilities (3,077) (4,713) (3,940)
Deferred tax liabilities (16,730) (18,456) (16,941)
Retirement benefit net liabilties (610) (936) (602)
-------- -------- --------
Net assets 121,068 113,527 117,983
======== ======== ========
Equity
Share capital 15,484 15,481 15,481
Treasury shares (1,387) (1,387) (1,387)
Share premium reserve 8 23,869 23,868 23,868
Share capital redemption reserve 8 1,087 1,087 1,087
Revaluation and exchange reserves 8 (7,073) (7,255) (9,121)
Retained earnings 8 68,378 62,937 67,536
-------- -------- --------
Equity attributable to equity holders
of the parent 100,358 94,731 97,464
Minority interests 20,710 18,796 20,519
-------- -------- --------
Total equity 121,068 113,527 117,983
======== ======== ========
CONSOLIDATED CASH FLOW STATEMENT
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Operating profit 8,843 7,728 22,166
Adjustments for:
Biological asset adjustment (345) (473) 35
Profit on disposal of fixed and
current asset investments (25) 7 (77)
Depreciation 1,711 1,926 3,243
Share based remuneration expense 14 0 14
Retirement benefit provisions 4 0 (491)
Foreign exchange 179 (254) (994)
-------- -------- --------
Operating cash flow before changes in
working capital 10,381 8,934 23,896
(Increase) in inventories (5) (798) (964)
(Increase)/decrease in trade and
other receivables (29) 177 (258)
Increase in trade and other payables 1,469 218 542
-------- -------- --------
Cash inflow from operations 11,816 8,531 23,216
Interest paid (229) (332) (600)
Overseas tax paid (4,432) (6,587) (9,809)
-------- -------- --------
Net cash flow from operations 7,155 1,612 12,807
======== ======== ========
Investing activities
Property, plant and equipment
- purchase (6,766) (4,073) (7,596)
- sale 105 68 116
Interest received 244 149 302
-------- -------- --------
Net cash used in investing activities (6,417) (3,856) (7,178)
======== ======== ========
Financing activities
Dividends paid by parent company (3,560) 0 (3,158)
Share options exercised 4 100 100
Repayment of existing long term loans (819) (2,585) (5,531)
Finance lease drawdown/(repayment) (31) (35) 74
Dividends paid to minority shareholders (1,032) (2,028) (2,587)
Repayment by minority shareholders 0 693 693
Subscriptions to subsidiary share
capital by minority shareholders 0 453 448
Receipt from sale of portfolio
investment 271 0 227
-------- -------- --------
Net cash used in financing activities (5,167) (3,402) (9,734)
======== ======== ========
Decrease in cash and cash equivalents (4,429) (5,646) (4,105)
Cash and cash equivalents
less overdrafts
At beginning of period 10,805 14,910 14,910
-------- -------- --------
At end of period 6,376 9,264 10,805
======== ======== ========
ANALYSIS OF NET CASH/(DEBT)
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Cash at end of period 7,010 9,333 11,194
Overdraft at end of period (634) (69) (389)
-------- -------- --------
6,376 9,264 10,805
Borrowings due within one year (1,687) (3,761) (1,675)
Borrowings due after one year (3,020) (4,713) (3,852)
Finance leases (97) (18) (127)
-------- -------- --------
1,572 772 5,151
======== ======== ========
Notes to the interim statements
1. Basis of preparation of interim financial statements
The financial information in this statement does not constitute full
statutory accounts within the meaning of Section 240 of the Companies
Act 1985. Full statutory accounts for the year ended 31 December 2005
incorporating an unqualified auditors' report have been delivered to the
Registrar of Companies.
The interim statements for the six months ended 30 June 2006 and 30 June
2005 are unaudited. Those for the six months ended 30 June 2006 were
approved by the board on 1 September 2006. The statements are prepared in
accordance with International Financial Reporting Standards (IFRS and IFRIC
interpretations) issued by the International Accounting Standards Board
(IASB) as adopted by the EU, which the group expects to be applicable as at
31 December 2006, and with those parts of the Companies Act 1985 applicable
to companies preparing accounts under IFRS. IFRS are subject to amendment
and interpretation by the IASB and there is an ongoing process of review and
endorsement by the European Commission. The comparative figures for the
year ended 31 December 2005 are an extract from the audited financial
statements for the year.
2. Biological assets
Group fixed assets are valued in total on the same 'value in use' basis as
in the annual financial statements. Within this total, the value of
biological assets has been estimated separately and, as required by IAS41,
the movement in valuation surplus of biological assets has been charged or
credited (BA adjustment) to the income statement for the relevant period.
3. Foreign exchange
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
Average exchange rates
Rp : $ 9,166 9,444 9,751
$ : £ 1.80 1.87 1.81
RM : $ 3.68 3.80 3.79
Closing exchange rates
Rp : $ 9,300 9,713 9,830
$ : £ 1.85 1.79 1.72
RM : $ 3.67 3.80 3.78
4. Finance costs
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Payable 229 332 600
Capitalised (38) (60) (102)
-------- -------- --------
191 272 498
======== ======== ========
5. Tax
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Foreign corporation tax 2,783 2,559 6,509
Foreign withholding tax 509 519 539
Deferred tax adjustment 145 (194) 49
-------- -------- --------
3,437 2,884 7,097
======== ======== ========
6. Dividend
The final and only dividend in respect of 2005, amounting to 8.80cts per
share, or $3,560,000 was paid on 28 June 2006. (2004: 8.00 cts per share,
or $3,158,000 paid on 6 July 2005).
7. EARNINGS PER SHARE
2006 2005 2005
6 months to 6 months to year to
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Earnings before BA adjustment 4,217 3,903 12,235
Net BA adjustment 185 315 (52)
-------- -------- --------
Earnings 4,402 4,218 12,183
======== ======== ========
Number Number Number
'000 '000 '000
Weighted average number of shares
in issue in period
- used in basic EPS 39,467 39,359 39,411
- dilutive effect of outstanding
share options 60 45 50
-------- -------- --------
- used in diluted EPS 39,527 39,404 39,461
-------- -------- --------
Shares in issue at period end
excluding 468,000 shares held
in treasury 39,468 39,460 39,411
======== ======== ========
Basic earnings per share before
BA adjustment 10.7 cts 9.9 cts 31.0 cts
Basic earnings per share 11.2 cts 10.7 cts 30.9 cts
There is no significant difference between basic and diluted earnings per
share.
8. Reserves and minority interests
Attributable to equity holders of the parent
==================================================
Share
capital
Share Treasury Share redemption Revaluation
capital shares premium reserve reserve
$'000 $'000 $'000 $'000 $'000
Balance at
31 December 2004 15,424 (1,387) 23,825 1,087 68,919
======== ======== ======== ======== ========
Direct changes in equity
for 2005
Unrealised surplus on
revaluation of estates 0 0 0 0 2,329
Deferred tax on
revaluation 0 0 0 0 (88)
(Loss) on exchange
translation 0 0 0 0 0
-------- -------- -------- -------- --------
Net income recognised
directly in equity 0 0 0 0 2,241
Profit for year 0 0 0 0 0
-------- -------- -------- -------- --------
Total recognised
income and expense
for the year 0 0 0 0 2,241
Dividends paid 0 0 0 0 0
Share capital
subscription 57 0 43 0 0
-------- -------- -------- -------- --------
Balance at
31 December 2005 15,481 (1,387) 23,868 1,087 71,160
======== ======== ======== ======== ========
Direct changes in equity
for six months to
30 June 2006
Unrealised (deficit) on
revaluation of estates 0 0 0 0 (4,112)
Deferred tax on
revaluation 0 0 0 0 315
Profit on exchange
translation 0 0 0 0 0
-------- -------- -------- -------- --------
Net income recognised
directly in equity 0 0 0 0 (3,797)
Profit for period 0 0 0 0 0
-------- -------- -------- -------- --------
Total recognised
income and expense
for the period 0 0 0 0 (3,797)
Dividends paid 0 0 0 0 0
Share capital
subscription 3 0 1 0 0
-------- -------- -------- -------- --------
Balance at 30 June 2006 15,484 (1,387) 23,869 1,087 67,363
======== ======== ======== ======== ========
Balance at
31 December 2004 15,424 (1,387) 23,825 1,087 68,919
======== ======== ======== ======== ========
Direct changes in equity
for six months
to 30 June 2005
Unrealised surplus on
revaluation of estates 0 0 0 0 3,879
Deferred tax on
revaluation 0 0 0 0 (1,039)
(Loss)/profit on exchange
translation 0 0 0 0 0
-------- -------- -------- -------- --------
Net income recognised
directly in equity 0 0 0 0 2,840
Profit for period 0 0 0 0 0
-------- -------- -------- -------- --------
Total recognised
income and expense
for the period 0 0 0 0 2,840
Dividends paid 0 0 0 0 0
Share capital
subscription 57 0 43 0 0
-------- -------- -------- -------- --------
Balance at 30 June 2005 15,481 (1,387) 23,868 1,087 71,759
======== ======== ======== ======== ========
Attributable to equity holders of the parent
==================================================
Foreign
exchange Retained Minority Total
reserve earnings Total interests equity
$'000 $'000 $'000 $'000 $'000
Balance at
31 December 2004 (75,593) 58,511 90,786 19,276 110,062
======== ======== ======== ======== ========
Direct changes in equity
for 2005
Unrealised surplus on
revaluation of estates 0 0 2,329 783 3,112
Deferred tax on
revaluation 0 0 (88) (88) (176)
(Loss) on exchange
translation (4,688) 0 (4,688) (1,015) (5,703)
-------- -------- -------- -------- --------
Net income recognised
directly in equity (4,688) 0 (2,447) (320) (2,767)
Profit for year 0 12,183 12,183 2,140 14,323
-------- -------- -------- -------- --------
Total recognised
income and expense
for the period (4,688) 12,183 9,736 1,820 11,556
Dividends paid 0 (3,158) (3,158) (1,025) (4,183)
Share capital
subscription 0 0 100 448 548
-------- -------- -------- -------- --------
Balance at
31 December 2005 (80,281) 67,536 97,464 20,519 117,983
======== ======== ======== ======== ========
Direct changes in equity
for six months to
30 June 2006
Unrealised (deficit) on
revaluation of estates 0 0 (4,112) (963) (5,075)
Deferred tax on
revaluation 0 0 315 112 427
Profit on exchange
translation 5,845 0 5,845 1,242 7,087
-------- -------- -------- -------- --------
Net income recognised
directly in equity 5,845 0 2,048 391 2,439
Profit for period 0 4,402 4,402 832 5,234
-------- -------- -------- -------- --------
Total recognised
income and expense
for the period 5,845 4,402 6,450 1,223 7,673
Dividends paid 0 (3,560) (3,560) (1,032) (4,592)
Share capital
subscription 0 0 4 0 4
-------- -------- -------- -------- --------
Balance at 30 June 2006 (74,436) 68,378 100,358 20,710 121,068
======== ======== ======== ======== ========
Balance at
31 December 2004 (75,593) 58,511 90,786 19,276 110,062
======== ======== ======== ======== ========
Direct changes in equity
for six months
to 30 June 2005
Unrealised surplus on
revaluation of estates 0 0 3,879 564 4,443
Deferred tax on
revaluation 0 0 (1,039) (166) (1,205)
(Loss)/profit on exchange
translation (3,421) 208 (3,213) (810) (4,023)
-------- -------- -------- -------- --------
Net income recognised
directly in equity (3,421) 208 (373) (412) (785)
Profit for period 0 4,218 4,218 538 4,756
-------- -------- -------- -------- --------
Total recognised
income and expenses
for the period (3,421) 4,426 3,845 126 3,971
Dividends paid 0 0 0 (1,059) (1,059)
Share capital
subscription 0 0 100 453 553
-------- -------- -------- -------- --------
Balance at 30 June 2005 (79,014) 62,937 94,731 18,796 113,527
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This information is provided by RNS
The company news service from the London Stock Exchange R ILFLEAEILIIR
Wednesday, 18th December 2024
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