Final Results

Cohen(A.) & Co PLC 30 June 2005 FOR IMMEDIATE RELEASE 30 June 2005 A COHEN & CO plc ('the Company') PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004 CHAIRMAN'S STATEMENT General Review In the year ended 31 December 2004, the Group reported a loss of £431,000 (2003: £743,000) from turnover of £Nil (2003: £6.48 million). Continuing Activities The company has no trading activities. Activities during 2004 Since the beginning of the year your company has pursued a policy of conserving resources in anticipation of finding a suitable investment. Our only outstanding liability concerns the Swansea property lease which remains unlet despite our efforts to find a suitable tenant. Current Trading and Prospects With regard to the trade investments the directors have carried out an impairment review and have decided to write down the asset to reflect more realistic realisable values. Conclusion We will continue to look for suitable investment opportunities. G B Ashley Non-Executive Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 December 2004 2004 2003 2003 2003 ------------- ----- -------- -------- -------- ------ Total Continuing Discontinued Total ------------- ----- -------- activities Activities ------ -------- -------- £'000 £'000 £'000 £'000 ------------- ----- -------- -------- -------- ------ Turnover - - 6,484 6,484 Cost of sales - - (6,099) (6,099) ------------- ----- -------- -------- -------- ------ Gross profit - - 385 385 ------------- ----- -------- -------- -------- ------ Distribution costs - - (82) (82) Administrative expenses (201) (416) (357) (773) Other operating income 30 - - - ------------- ----- -------- -------- -------- ------ Operating loss before exceptional costs (171) (416) (54) (470) ------------- ----- -------- -------- -------- ------ Exceptional administrative expenses (82) - (215) (215) ------------- ----- -------- -------- -------- ------ Operating loss after exceptional costs (253) (416) (269) (685) ------------- ----- -------- -------- -------- ------ Profit on sale of fixed assets - - 87 87 Profit on sale of business - - 31 31 Loss on termination of an operation - - (110) (110) Provision for impairment of investments (186) 46 - 46 ------------- ----- -------- -------- -------- ------ Loss on ordinary activities before interest (439) (370) (261) (631) ------------- ----- -------- -------- -------- ------ Interest receivable 8 10 Interest payable - (122) ------------- ----- -------- -------- -------- ------ Loss on ordinary activities before tax (431) (743) ------------- ----- -------- -------- -------- ------ Tax on loss on ordinary - - activities ----- -------- -------- -------- ------ ------------- Loss on ordinary activities after taxation (431) (743) ------------- ----- -------- -------- -------- ------ Loss for the financial year attributable to shareholders (431) (743) -------- -------- -------- ------ ------------- ----- Losses per share (pence) both basic and diluted (2.8) (4.9) ------------- ----- -------- -------- -------- ------ All of the results for 2004 relate to continuing activities. CONSOLIDATED BALANCE SHEET 31 December 2004 2004 2003 --------------------------- ---------- ---------- £'000 £'000 --------------------------- ---------- ---------- Fixed assets Tangible assets - 3 Investments 92 276 --------------------------- ---------- ---------- 92 279 --------------------------- ---------- ---------- Current assets Tangible assets held for resale - 7 Debtors 11 771 Cash at bank and in hand 65 74 --------------------------- ---------- ---------- 76 852 --------------------------- ---------- ---------- Creditors: amounts falling due within one year (55) (669) --------------------------- ---------- ---------- Net current assets 21 183 --------------------------- ---------- ---------- Total assets less current liabilities 113 462 --------------------------- ---------- ---------- Provisions (82) - --------------------------- ---------- ---------- Net (liabilities)/assets 31 462 --------------------------- ---------- ---------- Capital and reserves Called up share capital 3,032 3,032 Capital redemption reserve 49 49 Share premium account 2 2 Other reserves 386 386 Profit and loss account (3,438) (3,007) --------------------------- ---------- ---------- Equity shareholders' funds 31 462 --------------------------- ---------- ---------- BALANCE SHEET 31 December 2004 ----------------------------- -------- 2004 2003 ----------------------------- -------- -------- £'000 £'000 ----------------------------- -------- -------- Fixed assets Tangible assets - 3 Investments 92 428 ----------------------------- -------- -------- 92 431 ----------------------------- -------- -------- Current assets Debtors 24 97 Cash at bank and in hand 48 6 ----------------------------- -------- -------- 72 103 ----------------------------- -------- -------- Creditors: amounts falling due within one year (55) (57) ----------------------------- -------- -------- Net current assets 17 46 ----------------------------- -------- -------- Total assets less current liabilities 109 477 ----------------------------- -------- -------- Provisions (82) - ----------------------------- -------- -------- Net (liabilities)/assets 27 477 ----------------------------- -------- -------- Capital and reserves Called up share capital 3,032 3,032 Capital redemption reserve 49 49 Share premium account 2 2 Other reserves 252 252 Profit and loss account (3,308) (2,858) ----------------------------- -------- -------- Equity shareholders' funds 27 477 ----------------------------- -------- -------- CONSOLIDATED CASH FLOW STATEMENT Year ended 31 December 2004 ------- ------- 2004 2004 2003 2003 ----------------------- ------- ------- ------- ------- Total Total ----------------------- ------- ------- ------- ------- £'000 £'000 £'000 £'000 ----------------------- ------- ------- ------- ------- Net cash inflow/(outflow) from operating activities 401 (371) ----------------------- ------- ------- ------- ------- Returns on investments and servicing of finance Interest received 8 10 Interest paid - (122) ----------------------- ------- ------- ------- ------- Net cash inflow/(outflow) from returns on investments and servicing of finance 8 (112) ----------------------- ------- ------- ------- ------- Capital expenditure and financial investment Payments to acquire fixed asset investments - (12) Receipts from sale of fixed asset investments - 525 Receipts from sale of business - 31 Receipts from sale of tangible fixed assets - 796 ----------------------- ------- ------- ------- ------- Net cash inflow from capital expenditure and financial investment - 1,340 ----------------------- ------- ------- ------- ------- Acquisitions and disposals Payments on termination of an operation - (110) ----------------------- ------- ------- ------- ------- Net cash outflow from acquisitions and disposals - (110) ----------------------- ------- ------- ------- ------- Net cash inflow before financing 409 747 ----------------------- ------- ------- ------- ------- Financing Repayment of borrowings - (312) Capital element of finance lease rental payments - (6) ----------------------- ------- ------- ------- ------- Net cash outflow from financing - (318) ----------------------- ------- ------- ------- ------- Increase in cash 409 429 ----------------------- ------- ------- ------- ------- The audited financial statements, from which the figures contained in this statement have been extracted, are being delivered to the Registrar of Companies and sent to shareholders. They will be available from the Company's registered office at 35, New Bridge Street, London EC4V 6BW for a period of 30 days from the date thereof. This information is provided by RNS The company news service from the London Stock Exchange

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