Interim Results
M. P. EVANS GROUP PLC
Interim results for the six months ended 30 June 2005
"Encouraging progress since completion of merger"
* Profit before taxation £3,332,000 (2004 £5,214,000) reflecting
lower palm-oil prices and weaker US Dollar - 2005 included
exceptional merger costs of £625,000
* Introduction of interim dividend payment - 2p per share; minimum of
a further 4p anticipated to be paid as the final dividend
* Strong balance sheet
* Implementation of Group's new strategy in line with expectations
o Sale of Sungei Reyla and Lendu Estates expected to go
unconditional before year end - total selling price
approximately £8.4 million
o Strategic sale of remaining Malaysian estates under way
o 12,000-hectare palm-oil project on Bangka Island developing as
planned with first plantings expected in 2006
o Search continues for 30,000 to 40,000 hectares of land
suitable for palm-oil development in Indonesia and further
beef-cattle investments in Australia
* Continuing strong demand for edible oil in emerging markets - China
and India
* High mineral oil prices continue to encourage use of vegetable oil
for bio-fuels
* Strong demand for beef and continuing buoyant prices since June
rainfall in Australia
Commenting on the results, Richard Robinow, chairman of M.P. Evans
Group PLC, said:
"I am delighted to be reporting on the first results since the
completion of the merger in February.
Although our results are lower than last year, palm-oil prices in
early 2004 were unusually strong. Prevailing prices so far this
year still provide a healthy return to the efficient producer. Our
strategy is on track to expand our interests in Indonesian palm oil
and Australian beef cattle."
Enquiries:
M. P. Evans Group PLC Telephone 020 7796 4133 on 26 September only.
Thereafter telephone 01892 516333
Peter Hadsley-Chaplin Joint managing director
Philip Fletcher Joint managing director
Hudson Sandler
Noémie de Andia
Elisabeth Young
An analysts' meeting will be held today at 9:30 a.m. at the offices of
Hudson Sandler, 29 Cloth Fair, London EC1A 7NN
Review of operations
The board is pleased to present the first set of results to shareholders
since the completion of the merger in February 2005.
The profit before taxation of £3,332,000 for the first half of 2005 was
lower than the £5,214,000 relating to the same period in 2004 as a
result, primarily, of lower palm oil prices and the weakness of the US
Dollar. 2005 included exceptional re-organisation costs of £625,000.
The Group generated operating cash flows of £3,901,000 (2004
£3,219,000). The board proposes, for the first time, to pay an interim
dividend of 2p per share.
In accordance with UK accounting rules, Bertam Holdings PLC ("BH") is
now included on a merger-accounting basis, with the result that the 30
June 2004 and 31 December 2004 comparative figures have been restated as
if BH had been a wholly-owned subsidiary throughout these periods.
Lendu Holdings PLC has been included on an acquisition-accounting basis
with the result that it is included in the Group accounts from the date
of the merger.
REVIEW OF THE PERIOD
The palm oil market
After a sharp rise in early 2005 when palm oil briefly reached over
US$450 per tonne, the price has gradually eased back since then towards
the US$400 level. The average for the first half was US$415 compared
with US$510 last year. World palm oil production, demand and stocks
have all been on an upward trend as has generally been the case with the
other major vegetable oils. As always, it is difficult to predict
future palm oil prices, depending as it does upon the levels of
production and demand within the complex worldwide vegetable oil market.
However, the fundamentals appear to be encouraging with the current
strength of the mineral oil price making the use of vegetable oil
(including palm oil) for bio-fuels, used as an additive to conventional
petrol and diesel, more and more attractive. Meanwhile, continuing
strong demand remains for edible oil in the emerging markets of China
and India, as well as more established markets in Europe.
The beef-cattle market
The Australian cattle market opened the year at levels similar to those
prevailing in the latter part of 2004. By April it was apparent that
the usual wet season in the northern part of Australia had failed to
materialise and prices eased lower in response to the ensuing drought as
large numbers of cattle were put up for sale. However, this decline was
tempered by the fact that demand for beef both domestically and from the
US and Japan remained strong. Demand for Australian beef was further
underpinned by the continuation of the ban on US beef imports into Japan
as a result of BSE concerns. Unusual rainfall in large areas of eastern
Australia in late June led to a substantial recovery in cattle prices
and this strength has persisted.
Exchange rates
Sterling was generally strong during the first half of 2005. The
Group's Indonesian net earnings benefited from the weakness of the
Rupiah against the US Dollar but this was more than offset by the effect
of the US Dollar's weakness against Sterling. Since the half year,
Sterling has weakened, and the Rupiah has further weakened, against the
US Dollar, both of which factors are beneficial to the Group.
Sterling also strengthened during the period against the Malaysian
Ringgit which had a negative impact on the Group's net earnings. Until
July 2005 the Malaysian Ringgit was fixed against the US Dollar at US$1
= RM3.80. Since then it has been allowed to float on a managed basis
but there has been little significant movement from this fixed level.
The exception to the general strength of Sterling has been the
Australian Dollar which gradually strengthened, benefiting the Group's
Australian earnings in Sterling terms. Details of exchange rates are
set out in note 8.
Results for the period
Trading profit
Indonesia and Malaysia
Production, crop and selling-price details were as follows:-
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
Tonnes Tonnes Tonnes
1) Crops - oil palm fresh fruit bunches ("f.f.b.")
Group estates
Indonesia 73,100 71,100 160,100
Malaysia 34,100 28,100 68,100
------ ------ ------
Associated-company estates
Indonesia 150,100 151,400 320,100
Malaysia 8,000 6,800 15,200
------ ------ ------
2) Production - Indonesia
Crude palm oil
Group estates 11,100 - -
Associated-company estates 32,300 35,300 72,200
------ ------ ------
Palm kernels
Group estates 2,500 - -
Associated-company estates 7,300 8,400 16,800
------ ------ ------
3) Selling prices
Palm oil
Rotterdam cif - average
per tonne US$415 US$510 US$475
Pangkatan sales fob -
average per kg Rp3,300 - -
------ ------ ------
The majority-owned estates reported lower earnings than for the same
period last year. Although f.f.b. crops were similar in Indonesia, they
were, as expected, markedly higher in Malaysia but the most significant
factor during the period was lower average palm oil prices.
The palm oil mill was successfully commissioned on Pangkatan Estate in
January 2005 and since then has been processing the f.f.b. from
Pangkatan, Bilah and Sennah Estates. Palm oil and kernels have been
sold by tender on a regular basis and, in order to achieve this, working
stocks are held on site ready for such sales. Since this is the first
period in which such stocks, amounting to approximately 680 tonnes of
oil and 150 of kernels, have been built up, not all of the production
was sold during the period. The period under review is therefore not
comparable with the same period last year.
Australia
The results of the Group's cattle property, Woodlands, have been brought
into the Group's results for the first time following the February 2005
merger. During the year, some 1,100 head of cattle were sold but there
was a delay in replacing them because of the extreme and prolonged
drought. However, since then, as referred to above under "The beef-
cattle market", welcome rains have been received which has not only
brought on the renovated pastures and the forage crops but also allowed
the herd to be built up again. It is currently standing at approximately
2,100 head.
Before the merger, the Australian cattle activities on Woodlands and the
cotton and cattle activities on Gubbagunyah, Oonavale and Warendi were
owned by the Lendu Holdings PLC group which was an associated company of
Rowe Evans Investments PLC (now M. P. Evans Group PLC). Accordingly, up
to the date of the merger, the results of Lendu Holdings PLC were equity
accounted and the comparative figures in this report reflect that. The
cotton farms, Gubbagunyah, Oonavale and Warendi, were sold in September
2004.
As a result of all of the above, the Group gross profit for the first
half of 2005 amounted to £2,409,000, compared with £3,229,000 for the
same period in 2004.
Other administrative expenses
Administrative expenses for the period were higher than for the same
period in 2004, as restated for the merger. This related primarily to
the legal costs associated with the continuing court case in Indonesia,
the provision for potential national insurance on unexercised share
options and the inclusion for the first time of administrative costs
from the Australian operations. However, this higher cost was offset by
the amortisation of negative goodwill which has arisen from both the
merger with Lendu Holdings PLC and the acquisition of shares in The
North Australian Pastoral Company Pty Limited. In both of these cases,
the Group's acquisition cost was exceeded by the fair value of the
net assets on the balance sheets of the companies being acquired,
thus giving rise to negative goodwill.
Associated companies
Indonesia
The Group's share of its Indonesian associated companies' results for
the period, compared with the first half of 2004 and the whole of 2004,
are set out below:-
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£'000 £'000 £'000
PT Agro Muko (31.53%) 743 1,341 2,622
PT Kerasaan Indonesia (36%) 306 349 714
------ ------ ------
1,049 1,690 3,336
------ ------ ------
PT Agro Muko suffered an unexpected downturn in its f.f.b. crop in the
first half although the crop in the second half is expected to improve
significantly. As a result of this, combined with the weaker palm oil
price, referred to above, the Group's share of PT Agro Muko's profit
before tax was lower than in the first half of 2004. The rubber crop
was in line with expectations and, as a result of robust prices,
increased its contribution to profit.
PT Kerasaan Indonesia improved its f.f.b. crop over the previous year.
As a result of the palm oil price, as referred to above, the Group's
share of its profit before tax was some 12% lower than in the same
period last year.
Malaysia
The Group's share of its Malaysian associated companies' results for the
period, compared with the first half of 2004 and the whole of 2004 (both
as restated for the merger), are set out below:-
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Bertam Properties Sdn. Berhad (40%) 84 124 1,211
Kennedy Burkill & Co. Berhad (20%) 79 37 212
Asia Green Environmental Sdn.
Berhad (30%) (23) 4 25
------ ------ ------
140 165 1,448
------ ------ ------
Bertam Properties Sdn. Berhad's results reflect the continuing
relatively lacklustre nature of the Malaysian property sector as a
whole. However, the value of raw land remains strong as evidenced by
the recent sale of a 9-hectare parcel of land in the prime part of the
project area for a total price of RM7.5 million, equivalent to RM7.50
per square foot.
Kennedy, Burkill & Co. Berhad's results were lifted by a one-off
profitable disposal of investments. Asia Green Environmental Sdn.
Berhad incurred a small loss for the period but a number of sales of its
compost-processing equipment are expected to be concluded in the second
half. The board has agreed to sell the Group's 30% share of the company
as, in the light of the new strategy, this is not regarded as a core
part of the Group's future activities.
Australia
The Group's share of its Australian associated companies' results for
the period, compared with the first half of 2004 and the whole of 2004
(both as restated for the merger), are set out below:-
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
The North Australian Pastoral
Company Pty Limited ("NAPCo")
(27.92%) 843 - -
Lendu Holdings PLC (38.74%) - (40) (182)
------ ------ ------
843 (40) (182)
------ ------ ------
The inclusion of Lendu Holdings PLC after the merger was on the basis of
acquisition accounting so that its results and those of its associated
company, NAPCo, are only brought into account in the current period. In
prior periods, Lendu Holdings PLC was treated as an associated company
and equity accounted.
NAPCo
The Group's share of NAPCo's profit before taxation, amounting to
£843,000, was directly influenced by the unseasonal weather pattern
described under "The beef-cattle market" above. The drought in the
first part of the year caused an unusually high number of cattle - some
12,000 - to be sold prematurely. This naturally had a positive short-
term influence on cash-flow generation but will, correspondingly, reduce
cash flows in the second half of 2005 and in 2006. However, the Company
will benefit from the buoyant prices experienced since the welcome June
rainfall.
As a result of all of the foregoing the Group's share of operating
profits in associates before tax amounted to £2,032,000, compared with
£1,815,000 in the same period in 2004 and £4,602,000 for the whole of
2004.
STRATEGIC DEVELOPMENTS
Implementation of the Group's new strategy continues in line with
expectation. The relevant local Malaysian approvals with regard to the
sale of both Sungei Reyla and Lendu Estates for a total price of
approximately £8.4 million at the current rate of exchange are still
expected to be received by the year end. Perhentian Tinggi Estate is now
being actively marketed for sale and this has generated some significant
interest, although so far no firm offers have been received.
Encouraging progress has been achieved on the new 12,000-hectare oil
palm project on Bangka Island, Indonesia. The investment vehicle for
this project, PT Gunung Pelawan Lestari (90% owned), has now been
granted the relevant foreign-status (PMA) approval by BKPM (the
Indonesian Investment Coordinating Board). The intention remains to
plant 4,000 hectares per annum, commencing with the first planting in
2006. There are now some 540,000 established seedlings in the nursery
out of the 800,000 total required for the 2006 planting. Clearing work
has been started on the project site.
The search continues for a further 30,000 to 40,000 hectares of land
suitable for oil-palm development in Indonesia, with the most likely
area in question being Kalimantan. In addition, suitable further
investments in the Australian beef-cattle sector continue to be sought.
SENNAH ESTATE LAWSUIT
Following the successful appeal by the Group in the Medan High Court in
early 2005, DR H Rahmat Shah has lodged an appeal in the Supreme Court
in Jakarta. The Group continues to contest this appeal vigorously.
AHAMAD MOHAMAD
Shareholders will no doubt wish to join the board in paying tribute to
Ahamad Mohamad who has recently stepped down from the board following
the sale of the remaining shares owned by Kulim (Malaysia) Berhad
("Kulim"). Johor Corporation, of which Kulim is a subsidiary, has held
a significant shareholding in the M. P. Evans grouping of companies (as
the pre-merger, crossholding structure used to be known) since the late
1970's and has ever since been represented on the respective boards.
Ahamad Mohamad has represented Johor Corporation's interests as a
director since 1998. We are grateful to him for all his wise counsel in
matters pertaining not only to Malaysian plantations and property
development but also to new investment in the Indonesian plantation
sector. We wish him well in the future.
PROSPECTS AND DIVIDEND
Whilst f.f.b. crops are anticipated to be similar to, if not higher
than, last year, the contribution to profits for 2005 from the
plantation activities is expected to be lower than 2004 in view of the
lower average palm oil price now likely to be achieved for the whole
year. However, the overall Group results will also be affected by other
factors including, most importantly, the Australian beef-cattle market
and the question of whether conditions relating to the Malaysian estate
sales are satisfied before the end of the year. The board continues to
be optimistic about the prospects for palm oil and beef cattle in both
the short and longer term.
As foreshadowed in the merger documentation, it is the board's intention
at least to maintain last year's 6p per share dividend. Barring
unforeseen circumstances, it is therefore the intention to pay, in
addition to the 2p interim dividend referred to above, a final dividend
of at least 4p per share.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2005
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Turnover* 5,842 6,622 12,911
Cost of sales (3,433) (3,393) (6,602)
------ ------ ------
Gross profit 2,409 3,229 6,309
------ ------ ------
Foreign-exchange (losses)/gains (16) 214 177
Other administrative expenses (527) (593) (1,464)
------ ------ ------
Total administrative expenses (543) (379) (1,287)
------ ------ ------
Profit on sale of property - 84 202
------ ------ ------
Group operating profit * 1,866 2,934 5,224
Share of operating profit in
associates 2,032 1,815 4,602
------ ------ ------
Total operating profit 3,898 4,749 9,826
Exceptional items (note 3) (625) 248 513
------ ------ ------
Profit on ordinary
activities before interest 3,273 4,997 10,339
Interest receivable and
similar income 200 217 530
Interest payable (141) - (7)
------ ------ ------
Profit on ordinary activities
before taxation 3,332 5,214 10,862
Tax on profit on ordinary
activities (1,228) (1,638) (3,714)
------ ------ ------
Profit on ordinary activities
after taxation 2,104 3,576 7,148
Equity minority interests (208) (400) (724)
------ ------ ------
Profit on ordinary activities
attributable to the members of
M.P. Evans Group PLC 1,896 3,176 6,424
Equity dividend (4) - (3,030)
------ ------ ------
Profit retained for the
financial period 1,892 3,176 3,394
------ ------ ------
Basic earnings per 10p share 3.75p 6.67p 13.49p
------ ------ ------
Diluted earnings per 10p share 3.63p 6.44p 13.03p
------ ------ ------
* All operations are classed as continuing.
CONSOLIDATED BALANCE SHEET
At 30 June 2005
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Fixed assets
Intangible assets- negative
goodwill (8,547) - -
Tangible assets 36,604 31,164 31,565
Investments 36,582 16,509 19,646
------ ------ ------
64,639 47,673 51,211
------ ------ ------
Current assets
Stocks 1,052 509 666
Debtors 3,285 6,707 3,866
Investments 6,568 2,148 4,633
Cash at bank and in hand 1,546 5,967 6,752
------ ------ ------
12,451 15,331 15,917
------ ------ ------
Creditors - amounts falling
due within one year
Bank loans and overdrafts 2,379 - 518
Trade creditors 1,444 724 801
Amounts owed to associated
undertakings 124 75 93
Other creditors including
taxation and social security 2,379 1,041 1,127
Equity dividend proposed - - 3,030
------ ------ ------
6,326 1,840 5,569
------ ------ ------
Net current assets 6,125 13,491 10,348
------ ------ ------
Total assets less current
liabilities 70,764 61,164 61,559
Creditors - amounts falling due
after one year (833) (155) (1,183)
Provision for liabilities and
charges (727) (676) (729)
Equity minority interests (2,998) (2,867) (2,843)
------ ------ ------
66,206 57,466 56,804
------ ------ ------
Capital and reserves
Called-up share capital 5,060 4,762 4,762
Share premium account 10,920 5,851 5,851
Revaluation reserve 19,852 18,838 17,646
Capital redemption reserve 2,139 2,139 2,139
Merger reserve (4,834) (5,265) (5,265)
Share of associated companies'
reserves 2,857 4,209 5,823
Profit and loss account 30,212 26,932 25,848
------ ------ ------
Total equity shareholders' funds 66,206 57,466 56,804
------ ------ ------
CONSOLIDATED CASH-FLOW STATEMENT
For the six months ended 30 June 2005
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Net cash inflow from operating
activities 3,901 3,219 8,618
Dividends from associated
undertakings 361 704 2,268
Returns on investments and
servicing of finance (note 6) (68) 12 125
Taxation (note 6) (1,225) (1,140) (2,226)
Capital expenditure and
financial investment (note 6) (1,026) (1,008) (4,593)
Acquisitions (note 6) (4,102) - -
Equity dividend paid (3,034) (2,194) (2,168)
------ ------ ------
Net cash (outflow)/inflow before
management of liquid resources
and financing (5,193) (407) 2,024
Management of liquid resources
(Increase)/decrease in short-term
deposits (1,727) 711 1,019
Financing (note 6) (205) - 1,555
------ ------ ------
(Decrease)/increase in cash (7,125) 304 4,598
------ ------ ------
Reconciliation of total operating
profit to net cash inflow from
operating activities
Total operating profit 3,898 4,749 9,826
Exchange differences 328 (736) (205)
Depreciation and amortisation
of negative goodwill (150) 206 389
Gain on sale of tangible fixed
assets - property - (84) (202)
Share of associated undertakings'
operating profits (2,032) (1,815) (4,602)
(Increase)/decrease in stocks (139) 475 239
Decrease in debtors 883 324 2,675
Increase in creditors 1,113 100 498
------ ------ ------
Net cash inflow from operating
activities 3,901 3,219 8,618
------ ------ ------
NOTES
1. Statutory information
The financial information for the six-month periods ended 30 June 2005
and 2004 has been neither audited nor reviewed by the Group's auditors
and does not constitute accounts within the meaning of section 240 of
the Companies Act 1985. The financial information for the year ended 31
December 2004 is abridged from the statutory accounts and restated in
accordance with the requirements of merger accounting. The 31 December
2004 statutory accounts have been reported on by the Group's auditors,
Deloitte & Touche LLP, and have been filed with the Registrar of
Companies. The report of the auditors thereon was unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act
1985.
2. Accounting policies
These interim accounts have been prepared on the basis of accounting
policies as set out in the annual financial statements at 31 December
2004 other than as noted below.
Merger accounting
Merger-accounting principles have been applied to the merger of M. P.
Evans Group PLC with Bertam Holdings PLC. Under these principles, the
results and cash flows of these groups are combined from the beginning
of the comparative period. Profit and loss, balance sheet, and cash-
flow comparatives have been restated on the combined basis.
Acquisition of Lendu Holdings PLC
In accordance with FRS2, goodwill arising on the acquisition of Lendu
Holdings PLC has been calculated on a piecemeal basis. The Companies
Act 1985 requires that the calculation of goodwill is performed once, at
the date that control passes. The directors consider that, as the one-
stage process would result in reclassifying the Group's share of Lendu
Holdings PLC's profits and reserve movements to goodwill, the one-stage
process would not give a true and fair view, and that it is necessary to
adopt the FRS2 approach to give a true and fair view.
If this departure from the Act had not been made, the negative goodwill
arising on the acquisition of Lendu Holdings PLC would have been
increased by £431,000.
Intangible assets - goodwill
Goodwill arising on the acquisition of a business, representing the
excess of the fair value of the consideration given over the fair value
of the identifiable assets and liabilities acquired, is capitalised and
written off on a straight line basis over its useful economic life.
Provision is made for any impairment. Negative goodwill is similarly
included in the balance sheet and is credited to the profit and loss
account in the periods in which the acquired non-monetary assets are
recovered through usage or sale.
3. Exceptional items
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Profit on sale of tangible
fixed assets - 241 394
Re-organisation expenses (625) - -
Share of associated undertakings'
exceptional items
Gain on sale of tangible
fixed assets - 7 119
------ ------ ------
(625) 248 513
------ ------ ------
4. Equity dividends
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Final dividend paid - 6p per 10p
share - - (3,030)
2004 final dividend not declared
but paid (4) - -
------ ------ ------
(4) - (3,030)
------ ------ ------
Subsequent to 30 June 2005, the board has declared an interim dividend
of 2p per 10p share.
The dividend will be paid on or after 4 November 2005 to those
shareholders on the register at the close of business on 7 October 2005.
5. Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Profit attributable to members
of the Company 1,896 3,176 6,424
Equity dividend (4) - (3,030)
------ ------ ------
1,892 3,176 3,394
Other recognised gains and losses
relating to the period 2,143 (1,657) (2,537)
Issue of shares 5,367 - -
------ ------ ------
Net addition to equity
shareholders' funds 9,402 1,519 857
Opening equity shareholders' funds 56,804 55,947 55,947
------ ------ ------
Closing equity shareholders' funds 66,206 57,466 56,804
------ ------ ------
6. Analysis of movements in cash flow
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
Returns on investments and
servicing of finance
Other dividends received - - 72
Interest received 200 217 459
Interest paid (141) - (7)
Dividends paid to minorities (127) (205) (399)
------ ------ ------
Net cash (outflows)/inflows from
returns on investments and
servicing of finance (68) 12 125
------ ------ ------
Taxation
Corporation tax paid (1,225) (1,140) (2,226)
------ ------ ------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (1,085) (1,371) (3,091)
Sale of tangible fixed assets 59 64 591
Purchase of fixed-asset investments - (16) (2,152)
Sale of fixed-asset investments - 315 59
------ ------ ------
Net cash outflow from capital
expenditure and financial
investment (1,026) (1,008) (4,593)
------ ------ ------
Acquisitions
Re-organisation expenses (625) - -
Net overdraft acquired with
subsidiary undertaking (1,722) - -
Investment in associated
undertaking (1,755) - -
------ ------ ------
(4,102) - -
------ ------ ------
Financing
New loan - - 1,555
Repayment of loan (205) - -
------ ------ ------
(205) - 1,555
------ ------ ------
7. Reconciliation of net cash flow and movement in net funds
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
(Decrease)/increase in cash in
the period (7,125) 304 4,598
Increase/(decrease) in liquid
resources 1,727 (711) (1,019)
Movements in loans 205 - (1,555)
Exchange differences 265 (32) (749)
------ ------ ------
Movements in net funds (4,928) (439) 1,275
Net funds at 1 January 9,830 8,555 8,555
------ ------ ------
Net funds at 30 June/31 December 4,902 8,116 9,830
------ ------ ------
8. Exchange rates
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004, 2004,
as restated as restated
£'000 £'000 £'000
£1 = Indonesian Rupiah
- average 17,640 15,922 16,385
- period end 17,494 17,053 17,925
US$1 = Indonesian Rupiah
- average 9,420 8,748 8,953
- period end 9,760 9,420 9,336
£1 = US$
- average 1.87 1.82 1.83
- period end 1.79 1.81 1.92
£1 = Malaysian Ringgit
- average 7.12 6.92 6.96
- period end 6.81 6.89 7.30
£1 = Australian Dollar
- average 2.47 2.47 2.49
- period end 2.35 2.60 2.47
9. Distribution
The interim report for the six-month period ended 30 June 2005 will be
despatched to shareholders on 26 September 2005 and copies thereof will
be available from the Company, 3 Clanricarde Gardens, Tunbridge Wells,
Kent TN1 1HQ on and after 26 September 2005.
By order of the board
J F Elliott
Secretary
26 September 2005
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