Interim Results

Cohen(A.) & Co PLC 06 September 2004 6 SEPTEMBER 2004 A. COHEN & CO. PLC Unaudited interim results for the six months ended 30 June 2004 Chairman's Statement The unaudited Group results of A. Cohen & Co. plc (the 'Company') for the half year ended 30 June 2004 are attached, together with the corresponding results for the six months ended 30 June 2003. Results to June 2004 The company incurred a loss for the six months period to June 2004 of £94,000 (£717,000 loss 2003) from turnover of NIL (£3,657,000). The loss included all costs and losses from the final realization of the assets from the sale of Jacob Metals in December 2003 and administrative and accounting costs of ceasing and exiting all operations. These costs accounted for approximately one third of the loss. The company now has a very clean and transparent balance sheet with several investments and cash on hand with some small provisions and accruals. Approximately two thirds of the loss was from the recurring costs of the company and the continuing rental of the premises at Swansea. The company is in the process of resolving all tax issues relating to the past and the restructuring and realization of assets held for many decades. Based on advice received and preliminary information there are no liabilities and the company expects to bring these to finality shortly. The company and its insurers also received a final release in relation to the only employee claim which had been outstanding from its metals businesses. Most inactive subsidiaries have been disposed of and all residual investments are held in the parent company. No revenue was taken to account from the investments held by the company and there has been no change in their status since the directors last reported on these to you on 29 June 2004. The Future The Company has contained overheads during the half year to June and expects to reduce these further in the second half. The directors also expect positive results from the residual investments in the second half and are continuing to review further investment opportunities and subject to capital changes expect to take advantage of some investment opportunities in the second half. The directors have been unable to proceed with any investment opportunities to date and to enable this to occur it is their intention to put before the next meeting of shareholders recommendations to approve changes in the Company's capital structure which will facilitate the use of capital for the purpose of taking advantage of some of these opportunities and/or a business acquisition. R.B. Ritchie Chairman For further information please contact: Royce Ritchie 00 61 417 500 979 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited six months ended 30 June 2004 Unaudited six Unaudited six months ended months ended 30 June 30 June 2004 2003 Continuing Discontinued Activities Activities Total £'000 £'000 £'000 £'000 Turnover - - - 3,657 Cost of sales - - - (3,393) --------- --------- --------- --------- Gross profit - - - 264 Distribution costs - - - (61) Administrative expenses (95) (17) (112) (679) Other operating income - 12 12 - --------- --------- --------- --------- Operating loss before (95) (5) (100) (476) Exceptional costs Exceptional costs - - - (218) --------- --------- --------- --------- Operating loss after (95) (5) (100) (694) Exceptional costs --------- --------- --------- --------- Interest receivable 6 - 6 7 Interest payable - - - (113) Profit/(loss) on sale of - - - 83 fixed assets --------- --------- --------- --------- Loss on ordinary activities (89) (5) (94) (717) before taxation Tax charge on loss on - - - - ordinary activities --------- --------- --------- --------- Loss for the financial (89) (5) (94) (717) period after taxation and attributable to shareholders --------- --------- --------- --------- Losses per share (pence) (0.01p) (4.7p) CONSOLIDATED BALANCE SHEET Unaudited as at 30 June 2004 30 June 30 June 2004 2003 £'000 £'000 Fixed assets Tangible assets 5 4 Investments 278 675 --------- --------- 283 679 --------- --------- Current assets Tangible assets held for resale - 46 Stocks - - Debtors 12 2258 Cash at bank and in hand 151 98 --------- --------- 163 2,402 --------- --------- Creditors: amounts falling due within one year (78) (2,318) --------- --------- Net current assets/(liabilities) 85 84 Total assets less current liabilities 368 763 --------- --------- Creditors: amounts falling due after more than one year - (276) ========= ========= 368 487 ========= ========= Capital and reserves Called up share capital 3,032 3,032 Capital redemption reserve 49 49 Share premium account 2 2 Revaluation reserve - 1,051 Other reserves 386 386 Profit and loss account (3,101) (4,023) --------- --------- Equity shareholders' funds 368 487 ========= ========= CONSOLIDATED CASH FLOW STATEMENT Six months ended 30 June 2004 Six months Six months ended ended 30 June 2004 30 June 2003 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 72 234 Returns on investments and servicing of finance Interest received 6 7 Interest paid - (11) ------ ------ Net cash outflow from returns on investments and servicing of finance 6 (4) -------- -------- Capital expenditure and financial investment Payments to acquire tangible fixed assets - - Receipts from sale of tangible fixed assets - 20 ------ ------ Net cash (outflow)/inflow from capital - 20 expenditure and financial investment -------- -------- Net cash inflow before financing 78 250 Financing Capital element of finance lease - (6) rental payments ------ ------ Net cash outflow from financing - (6) -------- -------- Increase in cash 78 244 -------- -------- NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Unaudited six months ended 30 June 2004 1. Reconciliation of operating (loss)/profit to net cash inflow from operating activities Six months Six months ended ended 30 June 30 June 2004 2003 £'000 £'000 Operating (loss)/profit (100) (694) Depreciation 3 32 Impairment of Fixed Assets - 190 Net movement in working capital Stocks - 256 Debtors 759 165 Creditors (590) 285 --------- --------- Net cash inflow/(outflow) from operating activities 72 234 --------- --------- 2. Cash flow statement: Analysis of net debt At At 1 January Cash 30 June 2004 flow 2004 £'000 £'000 £'000 Cash in hand and at bank 74 78 152 Overdrafts and bank Loans - - - --------- --------- --------- 74 78 152 Debt due within one year (427) 427 - Finance leases - - - --------- --------- --------- (353) 505 152 --------- --------- --------- 3. Cash flow statement: Reconciliation of net cash flow to movement in net debt Six months Six months Ended ended 30 June 30 June 2004 2003 £'000 £'000 £'000 £'000 Increase in cash in the period 78 244 Cash outflow/(inflow) from decrease/ 427 (109) (increase) in debt and lease financing ------- ------- Change in net debt resulting from 505 135 cash flows Translation differences - - ------- ------- Movement in net debt in the period 505 135 Net debt at start of period (353) (1,091) ------- ------- Net cash (debt) at end of period 152 (956) ------- ------- 4. Basis of Preparation The interim results for the six months ended 30 June 2004 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information has been prepared in accordance with applicable accounting standards and under the historical cost accounting convention. Accounting policies consistent with those applied in the financial statements for the year ended 31 December 2003 have been used in preparing the unaudited interim financial statements for the six months ended 30 June 2004. 5. Dividends The Directors are not declaring a dividend for the six months ended 30 June 2004. This information is provided by RNS The company news service from the London Stock Exchange

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