Interim Results
Anglo-Eastern Plantations PLC
28 August 2007
Tuesday 28 August 2007
ANGLO-EASTERN PLANTATIONS - INTERIM ANNOUNCEMENT
Anglo-Eastern Plantations Plc (AEP.L), which operates approximately 36,400
hectares (ha) of developed plantations, primarily oil palm in Indonesia,
announces a doubling of interim pre-tax profit and expectations of a further
significant improvement in profit in 2007.
FINANCIAL HIGHLIGHTS
• Revenue increased by 37% to $44.1m.
• Operating profit increased by 102% to $17.1m, before biological asset
(BA) adjustment, and by 98% to $17.5m, after BA adjustment.
• Pre-tax profit increased by 103% to $17.3m, before BA adjustment, and
by 100% to $17.7m, after BA adjustment.
• Basic and diluted EPS increased by 128% to 24.4cts, before BA
adjustment, and by 123% to 25.0cts, after BA adjustment, reflecting a reduced
tax charge.
• As was reported in the AGM Statement of 1 June 2007, revenue reflects
the sale in March 2007 of about 33% of the group's production through to
December 2007 at an average price of $604/mt. Revenue foregone in the first
half is estimated at $3.3m.
• Net cash remained largely unchanged at $9.0m compared to $9.6m at 31
December 2006 despite acquisition expenditure of $6.2m on Cahaya Pelita
Andhika and development expenditure of $8.6m on Labhuan Bilik and completion
of the oil mill at Bina Pitri (both of which estates were acquired in 2004).
• As usual, no interim dividend has been declared.
COMMERCIAL HIGHLIGHTS
• The market average crude palm oil (CPO) price for the six months to 30
June 2007 of $683/mt compared to $433/mt in the same period of 2006.
• Total group crops were 2.5% below the same period last year and 9%
below expectations, reflecting the effect of the severe drought in the second
half of 2006 on the crops in Bengkulu and Malaysia.
• In June 2007, AEP acquired for $6.2m a 90% interest in Cahaya Pelita
Andhika, an Indonesian company operating an estate of 4,470ha, of which about
1,020ha are planted and mature, bringing the group's total land area to
49,300ha.
• In the seven months to 31 July 2007, 1,860ha were planted - 1,540ha at
Labhuan Bilik and 320ha at Bengkulu.
Mr Chan Teik Huat, Chairman and Chief Executive, stated 'While total group crops
in the second half to date have continued to be uneven, and the pattern between
the estates continues, there are now signs that monthly production will return
to expectations in the last quarter of the year. If current CPO prices of around
$800/mt are maintained for the rest of the year and assuming no material changes
in Indonesian government policies towards the palm oil industry, then, barring
unforeseen events, the group can expect a further significant improvement in
profit in 2007.'
Enquiries:
Anglo-Eastern Plantations Plc
Rollo Barnes (Financial Director) 020-7236 2838
Bankside Consultants Limited
Charles Ponsonby 020- 7367 8851
CHAIRMAN'S INTERIM STATEMENT
Group operating profit for the first half of 2007 was $17.1 million, before
biological asset adjustment (BA adjustment). This was double that of the same
period in 2006 and a record for any of the group's first half results. The major
contributor to the satisfactory performance was a 40% improvement in crude palm
oil (CPO) prices between January, when they were already at a strong level, and
June. As the chairman's statement in the 2006 annual report warned, the severe
drought in Sumatra in the second half of that year has continued to have an
adverse effect on crops in 2007. In the six months to 30 June 2007 CPO
production was 12% below expectations, and 1% below production in the same
period last year.
The other principal features of the period were:
• the purchase of a neglected palm oil estate, Cahaya Pelita Andhika (CPA),
which we hope will be as successful as our purchase of Bina Pitri in 2004;
• the establishment of a loan facility of $34.5 million to fund further possible
acquisitions.
Profit before tax was $17.7 million, compared to $8.9 million in the same period
in 2006. This includes a credit of $0.4 million, broadly unchanged from the same
period in 2006, in respect of the BA adjustment required by international
accounting standards. This adjustment has no bearing on underlying trading
performance or cash generation. An improvement in the net cash position of the
group gave rise to an improvement in net interest income of $ 0.2 million. The
profit for the period also includes a one-off profit of $0.6 million on sale of
a portfolio investment, included under 'Other Income'.
Earnings per share before BA adjustment were 24.4cts compared to 10.7cts in the
same period of 2006 - an increase of 128%. The more than proportionate increase
in EPS compared to pre tax profit relates to the switch to profitability of the
Malaysian estates in the first half of 2007 compared to losses in the same
period in 2006. No tax is payable on these profits because of losses brought
forward from previous years. Also withholding tax is little changed compared to
the increased profits.
Production and Sales
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
mt mt mt
Oil palm production
FFB
- all estates 227,569 231,593 513,902
- bought-in or processed for third
parties 119,096 126,291 294,647
Saleable CPO 69,263 69,803 156,285
Saleable palm kernels 16,411 16,403 36,569
Oil palm sales
CPO 66,258 69,918 157,326
Palm kernels 16,262 16,400 36,556
FFB sold outside 23,806 36,877 90,659
Other crops production
Rubber 457 453 1,088
Cocoa - 38 46
Fresh fruit bunch (FFB) production was 3.0% higher than last year on the group's
North Sumatra estates and 5% higher on Bina Pitri in Riau. Crops from Bengkulu
and Malaysia were down 7% and 19% respectively. These two more hilly areas
appear to have been severely affected by the drought referred to above; with the
result that total group crops were 2.5% below the same period last year, and 9%
below expectations.
Bought in crops were also 8% lower than the same period in the previous year,
with Tasik particularly affected at 12%. However the new mill at Bina Pitri has
been able to establish a firm position in the local crop processing market at
reasonable prices. The extraction rate from estate crop at Bina Pitri was also a
very satisfactory 23%, though the average fell to 22% with the introduction of
outside crop.
Produce prices
CPO prices per tonne, which started the year at $570, increased strongly in
April and since May have oscillated around $800, occasionally reaching $850. The
market average for the six months to June was $683 compared to $433 in the same
period in 2006. In March, believing the price was already very favourable, and
to secure our cash position for an impending acquisition (which did not
materialise) we sold forward about 33% of the group's annual production through
to December 2007 at an average price of $604. This was a departure from our
usual policy. These forward sales accounted for 40% of the group's total sales
for the six months to 30 June 2007, and the revenue forgone, compared to actual
prices, is estimated at $3.3 million.
In June 2007, in an attempt to reduce high cooking oil prices in the domestic
market, the Indonesian government increased the export tax on CPO by 5% to 6.5%.
Although we sell all our CPO locally, this tax has a direct effect on ex-factory
prices. If it remains at this level, then it will reduce group sales revenue by
about $2.2 million in the second half of 2007.
Although throughout at a very profitable level, rubber prices fell in the second
half of 2006 from their all time high of $2,750/mt in June 2006 to $1,500/mt in
November 2006, but in the first half of 2007 they have recovered to average
$2,200/mt. Our small area of rubber therefore made a useful contribution.
Development
The group's planted areas at 30 June 2007 were:-
Total Mature Immature
ha ha ha
North Sumatra 12,806 11,078 1,728
Riau 4,940 3,967 973
Bengkulu 15,004 11,819 3,185
--------- --------- ---------
Indonesia 32,750 26,864 5,886
Malaysia 3,696 3,425 271
--------- --------- ---------
Total: 30 June 2007 36,446 30,289 6,157
--------- --------- ---------
Total: 31 December 2006 33,929 27,824 6,105
--------- --------- ---------
Total: 30 June 2006 33,121 27,839 5,282
--------- --------- ---------
In June 2007, we acquired a 90% interest in PT Cahaya Pelita Andhika, an
Indonesian company operating an estate of 4,470 ha of which about 1,020 ha are
planted and mature. The balancing 10% interest will be held by one of our
existing local partners. There is a valid Hak Guna Usaha (HGU) land title which
expires in 2029 and is renewable for about another 60 years. The estate is
located on the west coast of North Sumatra near the town of Sibolga and about
180km from our nearest existing estate, Tasik. The property is very overgrown
but we believe the density of trees is reasonable and are comfortable that our
management and labour can rehabilitate the property successfully. There is no
mill and, for the next few years until we build one, it will be necessary to
transport the crop to Tasik. We do not expect this estate to make a material
impact on group results for at least two years.
Planting at Labuhan Bilik has been progressing satisfactorily - 1,540 ha in the
seven months to July 2007 making 1,890 ha in total since development began in
March 2006. Total planted area of this estate is now expected to exceed 4,000
ha.
In spite of possession of a formal title, planting of the final 1,100 ha in
Bengkulu has been slowed by compensation claims from local villagers. It is
important these are handled sensitively and fairly, which requires considerable
management time. 320 ha have been planted so far in 2007. When complete the
Bengkulu estates will total 15,850 ha.
The total area of the group remaining for planting in Indonesia is now 7,000 ha
which we expect to be complete by 2009. We continue our search, for either
existing estates or unplanted land, preferably near our existing estates but
also farther afield.
Outlook
While total group crops in the second half to date have continued to be uneven,
and the pattern between estates remains as described above, there are now signs
that monthly production will return to expectations in the last quarter of the
year.
If current CPO prices of around $800/mt are maintained for the rest of the year
and assuming no material changes in Indonesian government policies towards the
palm oil industry, then, barring unforeseen events, the group can expect a
further significant improvement in profit for 2007
Chan Teik Huat 28 August 2007
Chairman and Chief Executive
CONSOLIDATED INCOME STATEMENT
2007 2006 2006
6 months to 30 June 6 months to 30 June year to 31 December
(unaudited) (unaudited) (audited)
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Continuing Result Result BA Result
operations before BA BA before BA adjust before BA BA
adjust adjust adjust ment adjust adjust
ment mant Total mnet Total Total ment ment Total
Notes $000 $000 $000 $000 $000 $000 $000 $000 $000
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Revenue 44,071 44,071 32,185 32,185 79,094 79,094
Cost of sales (25,569) (25,569) (22,227) (22,227) (50,089) (50,089)
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Gross profit 18,502 18,502 9,958 9,958 29,005 29,005
Biological
asset
revaluation
movement (BA
adjustment) 2 402 402 345 345 2,312 2,312
Other income 697 697 14 14 13 13
Administration
expenses (2,080) (2,080) (1,474) (1,474) (2,748) (2,748)
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Operating
profit 17,119 402 17,521 8,498 345 8,843 26,270 2,312 28,582
Exchange losses 3 (84) (84) (31) (31) 368 368
Finance income 563 563 244 244 538 538
Finance costs 4 (295) (295) (191) (191) (448) (448)
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Profit before
tax 5 17,303 402 17,705 8,520 345 8,865 26,728 2,312 29,040
Tax 6 (5,762) (121) (5,883) (3,528) (103) (3,631) (8,595) (694) (9,289)
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Profit for the
period 11,541 281 11,822 4,992 242 5,234 18,133 1,618 19,751
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Attributable to:
- equity
holders of the
parent 9,638 217 9,855 4,217 185 4,402 15,153 1,321 16,474
- minority
interests 1,903 64 1,967 775 57 832 2,980 297 3,277
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
11,541 281 11,822 4,992 242 5,234 18,133 1,618 19,751
--------- ---- --------- -------- -------- --------- -------- -------- --------- -------- --------
Earnings per
share
- basic 25.0cts 11.2cts 41.7cts
- diluted 25.0cts 11.2cts 41.7cts
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSES
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
Notes $000 $000 $000
Profit for the period 11,822 5,234 19,751
Unrealised surplus/(deficit) on 10 3,936 (5,075) 6,016
revaluation of the estates
Deferred tax on revaluation 10 (774) 427 (3,327)
(Loss)/profit on exchange
translation 10 (109) 7,087 11,718
------------------------ ------ --------- --------- --------
Total recognised income and
expense 14,875 7,673 34,158
for the period
------------------------ ------ --------- --------- --------
Attributable to:
- equity holders of the parent 12,058 6,450 28,002
- minority interest 2,817 1,223 6,156
------------------------ ------ --------- --------- --------
14,875 7,673 34,158
------------------------ ------ --------- --------- --------
CONSOLIDATED BALANCE SHEET
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
Notes $000 $000 $000
Non-current assets
Biological assets 2 34,163 28,542 33,255
Property, plant and equipment 142,057 108,001 127,568
Receivables 1,363 1,071 1,071
------------------------ ------ --------- --------- --------
177,583 137,614 161,894
------------------------ ------ --------- --------- --------
Current assets
Inventories 4,301 2,504 1,785
Tax receivables 1,669 1,770 2,684
Trade and other receivables 2,167 2,032 1,918
Cash and cash equivalents 28,636 7,010 17,246
------------------------ ------ --------- --------- --------
36,773 13,316 23,633
------------------------ ------ --------- --------- --------
Current liabilities
Bank loans and other financial
liabilities (4,772) (2,361) (2,167)
Trade and other payables (6,705) (4,966) (5,308)
Tax liabilities (3,366) (2,118) (3,235)
------------------------ ------ --------- --------- --------
(14,843) (9,445) (10,710)
------------------------ ------ --------- --------- --------
Net current assets 21,930 3,871 12,923
------------------------ ------ --------- --------- --------
Non-current liabilities
Bank loans and other financial
liabilities (14,867) (3,077) (5,454)
Deferred tax liabilities (22,226) (16,730) (21,152)
Retirement benefit net (1,235) (610) (834)
liabilities
------------------------ ------ --------- --------- --------
Net assets 5 161,185 121,068 147,377
------------------------ ------ --------- --------- --------
Equity
Share capital 15,495 15,484 15,495
Treasury shares (1,387) (1,387) (1,387)
Share premium reserve 10 23,904 23,869 23,904
Share capital redemption reserve 10 1,087 1,087 1,087
Revaluation and exchange reserves 10 4,610 (7,073) 2,407
Retained earnings 10 90,305 68,378 80,450
------------------------ ------ --------- --------- --------
Equity attributable to equity
holders of 134,014 100,358 121,956
the parent
Minority interests 27,171 20,710 25,421
------------------------ ------ --------- --------- --------
Total equity 161,185 121,068 147,377
------------------------ ------ --------- --------- --------
CONSOLIDATED CASH FLOW STATEMENT
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Operating profit 17,540 8,843 28,582
Adjustments for:
Biological asset adjustment (402) (345) (2,312)
(Profit)/loss on disposal of fixed
and current asset investments (549) (25) 158
Depreciation 2,019 1,711 3,551
Share based remuneration expense 20 14 20
Retirement benefit provisions 401 4 232
Foreign exchange 1,619 179 715
------------------------ ------ --------- --------- --------
Operating cash flow before changes
in working capital 20,648 10,381 30,946
(Increase)/decrease in inventories (2,516) (5) 714
(Increase)/decrease in trade and
other receivables (249) (29) 85
Increase in trade and other
payables 1,021 1,469 1,007
------------------------ ------ --------- --------- --------
Cash flow from operations 18,904 11,816 32,752
Interest paid (381) (229) (541)
Overseas tax paid (4,437) (4,432) (9,321)
------------------------ ------ --------- --------- --------
Net cash flow from operations 14,086 7,155 22,890
------------------------ ------ --------- --------- --------
Investing activities
Property, plant and equipment
- purchase (8,641) (6,766) (15,370)
- sale 25 105 119
Purchase of subsidiary 9 (6,226) - -
Interest received 563 244 538
------------------------ ------ --------- --------- --------
Net cash used in investing
activities (14,279) (6,417) (14,713)
------------------------ ------ --------- --------- --------
CONSOLIDATED CASH FLOW STATEMENT (continued)
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Financing activities
Dividends paid by parent company - (3,560) (3,560)
Share options exercised - 4 50
Repayment of existing long term loans (848) (819) (1,645)
Drawdown of new long term loan 10,000 - 3,200
Finance lease drawdown/(repayment) 40 (31) (11)
Dividends paid to minority
shareholders (711) (1,032) (460)
Repayment by minority shareholders 286 - -
New loan to minority shareholders (578) - -
Purchase of portfolio investments (1,668) - -
Receipt from sale of portfolio
investments 2,236 271 267
------------------------ --------- --------- --------
Net cash used in financing activities 8,757 (5,167) (2,159)
------------------------ --------- --------- --------
Increase/(decrease) in cash and cash
equivalents 8,564 (4,429) 6,018
Cash and cash equivalents less
overdrafts
At beginning of period 16,823 10,805 10,805
------------------------ --------- --------- --------
At end of period 25,387 6,376 16,823
------------------------ --------- --------- --------
ANALYSIS OF NET CASH
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Cash at end of period 28,636 7,010 17,246
Overdraft at end of period (3,249) (634) (423)
--------- --------- --------
25,387 6,376 16,823
Borrowings due within one year (1,471) (1,687) (1,694)
Borrowings due after one year (14,762) (3,020) (5,388)
Finance leases (157) (97) (116)
------------------------ --------- --------- --------
8,997 1,572 9,625
------------------------ --------- --------- --------
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 2006 have been delivered to
the Registrar of Companies. Those accounts received an unqualified audit report
which did not contain statements under Section 273(2) or (3) of the Companies
Act 1985.
The interim statements for the six months ended 30 June 2007 and 30 June 2006
are unaudited. Those for the six months ended 30 June 2007 were approved by the
board on 28 August 2007. 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 2007, 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 2006 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
disclosed in the group's accounting policies within 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
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
Average exchange rates
Rp : $ 9,052 9,166 9,141
$ : £ 1.98 1.80 1.86
RM : $ 3.46 3.68 3.66
Closing exchange rates
Rp : $ 9,054 9,300 9,020
$ : £ 2.01 1.85 1.96
RM : $ 3.45 3.67 3.53
4. Finance costs
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Payable 381 229 541
Capitalised (86) (38) (93)
--------- --------- --------
295 191 448
--------- --------- --------
5. Segment information
Profit/(loss) before tax
----------------------
--------- --------- --------
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
North Sumatra 11,188 6,529 19,080
Bengkulu 5,758 3,148 9,130
Riau 735 391 2,084
--------- --------- --------
Total Indonesia 17,681 10,068 30,294
Malaysia 302 (353) 132
UK (278) (850) (1,386)
--------- --------- --------
Total 17,705 8,865 29,040
--------- --------- --------
Net assets
----------------------
--------- --------- --------
2007 2006 2006
30 June 30 June 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
North Sumatra 63,565 44,101 60,150
Bengkulu 52,546 49,473 51,726
Riau 15,995 7,575 13,176
--------- --------- --------
Total Indonesia 132,106 101,149 125,052
Malaysia 20,315 18,368 20,113
UK 8,764 1,551 2,212
--------- --------- --------
Total 161,185 121,068 147,377
--------- --------- --------
6. Tax
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Foreign corporation tax 5,101 2,783 7,794
Foreign withholding tax 482 509 590
Deferred tax adjustment 300 339 905
--------- --------- --------
5,883 3,631 9,289
--------- --------- --------
7. Dividend
The final and only dividend in respect of 2006, amounting to 10.80cts per share,
or $4,265,000, was paid on 9 July 2007. (2005: 8.80cts per share, or $3,560,000,
paid on 28 June 2006). In common with previous years no interim dividend has
been declared.
8. Earnings per share
2007 2006 2006
6 months 6 months Year
to 30 June to 30 June to 31 Dec
(unaudited) (unaudited) (audited)
$000 $000 $000
Earnings before BA adjustment 9,639 4,217 15,153
Net BA adjustment 217 185 1,321
--------- --------- --------
Earnings after BA adjustment 9,856 4,402 16,474
--------- --------- --------
Number Number Number
Weighted average number of
shares in issue in period
- used in basic EPS 39,490 39,467 39,478
- dilutive effect of outstanding
share 73 60 55
options --------- --------- --------
- used in diluted EPS 39,563 39,527 39,533
--------- --------- --------
Shares in issue at period end
excluding 468,000 shares held in
treasury 39,490 39,468 39,490
--------- --------- --------
Basic earnings per share before 24.4 cts 10.7 cts 38.3 cts
BA adjustment
Basic earnings per share after 25.0 cts 11.2 cts 41.7 cts
BA adjustment
There is no significant difference between basic and diluted earnings per share.
9. Acquisition
In June 2007 the group acquired a 90% interest in PT Cahaya Pelita Andhika (CPA)
for a consideration of $6,226,000, including borrowings of $1,024,000. CPA owns
a planted oil palm estate of 4,469 ha in North Sumatra. This acquisition was
accounted for by the acquisition method and the assets and liabilities of CPA
were brought into the group financial statements at a fair value equivalent to
the consideration paid. The assets and liabilities and their fair value
adjustment were assessed as follows:
Book Revaluation
value to fair value Fair value
$000 $000 $000
Fixed assets 1,255 5,549 6,804
Cash - - -
Current borrowings (1,024) - (1,024)
Other net current (liabilities) - - -
--------- --------- --------
Net assets acquired 231 5,549 5,780
--------- --------- --------
Group share - 90% 5,202
--------
10. Reserves and minority interests
Attributable to equity holders of the parent
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Share
capital
redemp Revalua Foreign
Share Treasury Share tion tion exchange Retained Minority Total
capital shares premium reserve Reserve reserve earnings Total interests equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 31
December 2005 15,481 (1,387) 23,868 1,087 71,160 (80,281) 67,536 97,464 20,519 117,983
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Direct changes in
equity for 2005
Unrealised
surplus/(defic
it) on
revaluation of
estates - - - - 5,502 (853) - 4,649 1,367 6,016
Deferred tax
on revaluation - - - - (3,014) 256 - (2,758) (569) (3,327)
Profit on
exchange
translation - - - - - 9,637 - 9,637 2,081 11,718
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Net income and
expense
recognised
directly in
equity - - - - 2,488 9,040 - 11,528 2,879 14,407
Profit for year - - - - - - 16,474 16,474 3,277 19,751
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Total
recognised
income and
expense for
the year - - - - 2,488 9,040 16,474 28,002 6,156 34,158
Dividends paid - - - - - - (3,560) (3,560) (1,254) (4,814)
Share capital
subscription 14 - 36 - - - - 50 - 50
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Balance at 31
December 2006 15,495 (1,387) 23,904 1,087 73,648 (71,241) 80,450 121,956 25,421 147,377
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Direct changes in
equity for six months
to 30 June 2007
Unrealised
surplus on
revaluation of
estates - - - - 2,912 - - 2,912 1,024 3,936
Deferred tax
on revaluation - - - - (613) - - (613) (161) (774)
(Loss)/profit
on exchange
translation - - - - - (96) - (96) (13) (109)
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Net income and
expense
recognised
directly in
equity - - - - 2,299 (96) - 2,203 850 3,053
Profit for
period - - - - - - 9,855 9,855 1,967 11,822
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Total
recognised
income and
expense for
the period - - - - 2,299 (96) 9,855 12,058 2,817 14,875
Dividends paid - - - - - - - - (1,067) (1,067)
Share capital - - - - - - - - - -
subscription
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Balance at 30
June 2007 15,495 (1,387) 23,904 1,087 75,947 (71,337) 90,305 134,014 27,171 161,185
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
10. Reserves and minority interests (continued)
Attributable to equity holders of the parent
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Share
capital
redemp Revalua Foreign
Share Treasury Share tion tion exchange Retained Minority Total
capital shares premium reserve Reserve reserve earnings Total interests equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 31
December 2005 15,481 (1,387) 23,868 1,087 71,160 (80,281) 67,536 97,464 20,519 117,983
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Direct changes in
equity for
six months to
30 June 2005
Unrealised
(deficit) on
revaluation of
estates - - (4,112) - - (4,112) (963) (5,075)
Deferred tax
on revaluation - - - - 315 - - 315 112 427
Profit on
exchange
translation - - - - - 5,845 - 5,845 1,242 7,087
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Net income and
expense
recognised
directly in
equity - - - - (3,797) 5,845 - 2,048 391 2,439
Profit for
period - - - - - - 4,402 4,402 832 5,234
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Total
recognised
income and
expense for
the period - - - - (3,797) 5,845 4,402 6,450 1,223 7,673
Dividends paid - - - - - - (3,560) (3,560) (1,032) (4,592)
Share capital
subscription 3 - 1 - - - - 4 - 4
------------------- ------- ------- ------- -------- -------- ------- ------- ------- ------- -------
Balance at 30
June 2006 15,484 (1,387) 23,869 1,087 67,363 (74,436) 68,378 100,358 20,710 121,068
--------------------- ------- ------- ------- -------- ------- ------- ------- ------- ------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
Wednesday, 18th December 2024
COMPANIES COVERED:
Latest directors dealings
- 33 minutes ago Bellway
- 38 minutes ago Anglo American
- 1 hour ago Coca-Cola HBC AG (CDI)
- 1 hour ago London Finance & Investment Group
- 1 hour ago Volex