Anglo-Eastern Plantations Regulatory News (AEP)

4 Sep 2006 07:00

Anglo-Eastern Plantations PLC04 September 2006 4 September 2006 ANGLO-EASTERN PLANTATIONS PLC - INTERIM ANNOUNCEMENT Anglo-Eastern Plantations, which operates over 33,000 hectares of developedplantations, 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 outlookfor the second half of 2006. 2006 2005 Change Revenue ($'000) 32,185 29,443 + 9.3%Operating profit before biologicalasset adjustment ($'000) 8,498 7,411 + 14.7%Pre-tax profit ($'000) 8,865 7,640 + 16.0%Basic earnings per share beforebiological 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 productionexperienced in the first half of 2006 is expected to continue in the currenthalf. The level of bought-in crops continues to be affected by competition from othermill operators. If CPO prices remain at around present levels and in theabsence 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 2838Rollo Barnes (Financial Director) Bankside Consultants LimitedCharles Ponsonby 020 7367 8851 / 07789 202312 INTERIM STATEMENT Group operating profit at $8.5 million, before biological asset adjustment (BAadjustment), for the first half of 2006 was 15% higher than the same period in2005. 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 significantcontribution, thanks to exceptionally high rubber prices. Bina Pitri, therundown 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 in2005 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 of2005. This includes the effect of the BA adjustment required by current internationalaccounting standards but which has no bearing on underlying trading performanceor cash generation. A substantial portion of long term borrowings was repaid atthe end of 2005, so a net interest charge of $123,000 in the first half of 2005converted 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 theend of June 2006; net cash after borrowings reduced from $5.1 million to $1.6million. This reflected the group's heavy capital expenditure of $6.8 millionin the six months which covered final planting at Bengkulu (in southernSumatra), the start of development at Labuhan Bilik (in northern Sumatra), andthe construction of an oil mill at Bina Pitri (in the province of Riau). InAugust 2006, we agreed a new long term bank loan of $3.2 million to meet halfthe cost of this mill. The 7% strengthening of the Indonesian rupiah over thefirst half of 2006 also reduced the positive effect of higher dollar CPO priceson 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 mtOil palm productionFFB- all estates 231,593 195,917 459,080- bought-in or processed for third parties 126,291 143,807 284,705Saleable CPO 69,803 67,327 145,820Saleable palm kernels 16,403 16,014 35,049 Oil palm salesCPO 69,918 66,908 145,943Palm kernels 16,400 16,070 35,220FFB sold outside 36,877 24,567 65,864 Other crops productionRubber 453 396 946Cocoa 38 73 157 Fresh fruit bunch (FFB) production from all the group's estates increased fromlast year, with the exception of our small Anak Tasik estate (down 4%). Estatecrops from North Sumatra, Bengkulu and Malaysia were up 10%, 19% and 11%,respectively. Particularly encouraging was Bina Pitri, where production was 12% ahead ofexpectations and 120% up on the same period in 2005. As a result, Bina Pitriturned profitable in March 2006 and can be expected to make an increasinglysignificant contribution from now on. As indicated in the last annual report, increasing competition from stand-alonemills has caused our bought-in crop at Tasik and Bengkulu to fall - in the eventby 11% and 31% respectively on the first half of 2005. The effect on profitswas 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 arelatively narrow band between $410 and $450 and averaging $433 over the sixmonths. This compares with average CPO prices for the first and second halvesof 2005 of $417 and $426, respectively. Very wet weather in Bengkulu in thefirst 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 toaround $500/mt. This improvement has been driven by expectations of strongdemand for all vegetable oils, both for traditional uses and for theirincreasing 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, oursmall 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 haNorth Sumatra 9,917 322 10,239Bengkulu 10,515 3,714 14,229Riau 3,977 961 4,938 -------- -------- --------Indonesia 24,409 4,997 29,406Malaysia 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 in2005, with 660ha completed so far in 2006, leaving about 1,400ha to completethrough to the end of 2007. Substantial progress has been made at Labuhan Bilik, where a nursery sufficientfor planting 3,000ha has been established and up to 1,000ha are in the course ofpreparation. Following detailed surveys of the licensed area we now estimatethat, after allowing for existing villages, only 3,000ha of the area will beplantable; this is less than the 4,200ha we were expecting. However, we arecurrently negotiating to acquire more adjacent land. We have commenced replanting 258ha of cocoa with rubber, which should becompleted in the next 12 months. However, this will not have any impact on ourresults before the end of this decade. Construction of the 40mt/hr mill at Bina Pitri is on schedule and planned forcompletion about May 2007. We are investigating actively the acquisition of further developed estates andvacant land. OUTLOOK With an increasing acreage coming to maturity, the growth in FFB productionexperienced in the first half of 2006 is expected to continue in the currenthalf. The level of bought-in crops continues to be affected by competition from othermill operators. If CPO prices remain at around present levels and in theabsence of any further material increase in fuel and fertiliser costs and offurther significant strengthening of the Indonesian rupiah, the result for thesecond half should, as usual, be above that of the first half. Similarly, thefull year result is expected to be higher than that of the previous year. Chan Teik Huat 1 September 2006Chairman 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 TotalContinuing operations Notes $'000 $'000 $'000Revenue 32,185 0 32,185Cost of sales (22,227) 0 (22,227) -------- -------- --------Gross profit 9,958 0 9,958Biological asset revaluation movement(BA adjustment) 2 0 345 345Other income 14 0 14Administration expenses (1,474) 0 (1,474) -------- -------- --------Operating profit 8,498 345 8,843Exchange losses 3 (31) 0 (31)Finance income 244 0 244Finance costs 4 (191) 0 (191) -------- -------- --------Profit before tax 8,520 345 8,865Tax 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 TotalContinuing operations Notes $'000 $'000 $'000Revenue 29,443 0 29,443Cost of sales (20,437) 0 (20,437) -------- -------- --------Gross profit 9,006 0 9,006Biological asset revaluation movement(BA adjustment) 2 0 473 473Other income 0 0 0Administration expenses (1,595) 0 (1,595) -------- -------- --------Operating profit 7,411 473 7,884Exchange losses 3 (121) 0 (121)Finance income 149 0 149Finance costs 4 (272) 0 (272) -------- -------- --------Profit before tax 7,167 473 7,640Tax 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 TotalContinuing operations Notes $'000 $'000 $'000Revenue 64,321 0 64,321Cost of sales (39,514) 0 (39,514) -------- -------- --------Gross profit 24,807 0 24,807Biological asset revaluation movement(BA adjustment) 2 0 (35) (35)Other income 115 0 115Administration expenses (2,721) 0 (2,721) -------- -------- --------Operating profit 22,201 (35) 22,166Exchange losses 3 (550) 0 (550)Finance income 302 0 302Finance costs 4 (498) 0 (498) -------- -------- --------Profit before tax 21,455 (35) 21,420Tax 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 $'000Profit for the period 5,234 4,756 14,323Unrealised (deficit)/surplus onrevaluation of the estates 8 (5,075) 4,443 3,112Deferred tax on revaluation 8 427 (1,205) (176)Profit/(loss) on exchange translation 8 7,087 (4,023) (5,703) -------- -------- --------Total recognised income and expensefor 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 $'000Non-current assetsBiological assets 2 28,542 24,485 26,975Property, plant and equipment 108,001 106,885 102,543Receivables 1,071 0 1,071 -------- -------- -------- 137,614 131,370 130,589 -------- -------- --------Current assetsInventories 2,504 2,334 2,499Investments 0 397 259Trade and other receivables 3,802 2,639 3,109Cash and cash equivalents 7,010 9,333 11,194 -------- -------- -------- 13,316 14,703 17,061Current liabilitiesBank loans and other financialliabilities (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 liabilitiesBank loans and other financialliabilities (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 ======== ======== ========EquityShare capital 15,484 15,481 15,481Treasury shares (1,387) (1,387) (1,387)Share premium reserve 8 23,869 23,868 23,868Share capital redemption reserve 8 1,087 1,087 1,087Revaluation and exchange reserves 8 (7,073) (7,255) (9,121)Retained earnings 8 68,378 62,937 67,536 -------- -------- --------Equity attributable to equity holdersof the parent 100,358 94,731 97,464Minority 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 $'000Operating profit 8,843 7,728 22,166Adjustments for:Biological asset adjustment (345) (473) 35Profit on disposal of fixed andcurrent asset investments (25) 7 (77)Depreciation 1,711 1,926 3,243Share based remuneration expense 14 0 14Retirement benefit provisions 4 0 (491)Foreign exchange 179 (254) (994) -------- -------- --------Operating cash flow before changes inworking capital 10,381 8,934 23,896(Increase) in inventories (5) (798) (964)(Increase)/decrease in trade andother receivables (29) 177 (258)Increase in trade and other payables 1,469 218 542 -------- -------- --------Cash inflow from operations 11,816 8,531 23,216Interest 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 activitiesProperty, plant and equipment- purchase (6,766) (4,073) (7,596)- sale 105 68 116Interest received 244 149 302 -------- -------- --------Net cash used in investing activities (6,417) (3,856) (7,178) ======== ======== ======== Financing activitiesDividends paid by parent company (3,560) 0 (3,158)Share options exercised 4 100 100Repayment of existing long term loans (819) (2,585) (5,531) Finance lease drawdown/(repayment) (31) (35) 74Dividends paid to minority shareholders (1,032) (2,028) (2,587)Repayment by minority shareholders 0 693 693Subscriptions to subsidiary sharecapital by minority shareholders 0 453 448Receipt from sale of portfolioinvestment 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 equivalentsless overdraftsAt 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 $'000Cash at end of period 7,010 9,333 11,194Overdraft at end of period (634) (69) (389) -------- -------- -------- 6,376 9,264 10,805Borrowings 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 at31 December 2004 15,424 (1,387) 23,825 1,087 68,919 ======== ======== ======== ======== ========Direct changes in equityfor 2005Unrealised surplus onrevaluation of estates 0 0 0 0 2,329Deferred tax onrevaluation 0 0 0 0 (88)(Loss) on exchangetranslation 0 0 0 0 0 -------- -------- -------- -------- --------Net income recogniseddirectly in equity 0 0 0 0 2,241Profit for year 0 0 0 0 0 -------- -------- -------- -------- --------Total recognisedincome and expensefor the year 0 0 0 0 2,241Dividends paid 0 0 0 0 0Share capitalsubscription 57 0 43 0 0 -------- -------- -------- -------- --------Balance at31 December 2005 15,481 (1,387) 23,868 1,087 71,160 ======== ======== ======== ======== ========Direct changes in equityfor six months to30 June 2006Unrealised (deficit) onrevaluation of estates 0 0 0 0 (4,112)Deferred tax onrevaluation 0 0 0 0 315Profit on exchangetranslation 0 0 0 0 0 -------- -------- -------- -------- --------Net income recogniseddirectly in equity 0 0 0 0 (3,797)Profit for period 0 0 0 0 0 -------- -------- -------- -------- --------Total recognisedincome and expensefor the period 0 0 0 0 (3,797)Dividends paid 0 0 0 0 0Share capitalsubscription 3 0 1 0 0 -------- -------- -------- -------- --------Balance at 30 June 2006 15,484 (1,387) 23,869 1,087 67,363 ======== ======== ======== ======== ========Balance at31 December 2004 15,424 (1,387) 23,825 1,087 68,919 ======== ======== ======== ======== ========Direct changes in equityfor six monthsto 30 June 2005Unrealised surplus onrevaluation of estates 0 0 0 0 3,879Deferred tax onrevaluation 0 0 0 0 (1,039)(Loss)/profit on exchangetranslation 0 0 0 0 0 -------- -------- -------- -------- --------Net income recogniseddirectly in equity 0 0 0 0 2,840Profit for period 0 0 0 0 0 -------- -------- -------- -------- -------- Total recognisedincome and expensefor the period 0 0 0 0 2,840Dividends paid 0 0 0 0 0Share capitalsubscription 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 $'000Balance at31 December 2004 (75,593) 58,511 90,786 19,276 110,062 ======== ======== ======== ======== ========Direct changes in equityfor 2005Unrealised surplus onrevaluation of estates 0 0 2,329 783 3,112Deferred tax onrevaluation 0 0 (88) (88) (176)(Loss) on exchangetranslation (4,688) 0 (4,688) (1,015) (5,703) -------- -------- -------- -------- --------Net income recogniseddirectly in equity (4,688) 0 (2,447) (320) (2,767)Profit for year 0 12,183 12,183 2,140 14,323 -------- -------- -------- -------- --------Total recognisedincome and expensefor the period (4,688) 12,183 9,736 1,820 11,556Dividends paid 0 (3,158) (3,158) (1,025) (4,183)Share capitalsubscription 0 0 100 448 548 -------- -------- -------- -------- --------Balance at31 December 2005 (80,281) 67,536 97,464 20,519 117,983 ======== ======== ======== ======== ========Direct changes in equityfor six months to30 June 2006Unrealised (deficit) onrevaluation of estates 0 0 (4,112) (963) (5,075)Deferred tax onrevaluation 0 0 315 112 427Profit on exchangetranslation 5,845 0 5,845 1,242 7,087 -------- -------- -------- -------- --------Net income recogniseddirectly in equity 5,845 0 2,048 391 2,439Profit for period 0 4,402 4,402 832 5,234 -------- -------- -------- -------- --------Total recognisedincome and expensefor the period 5,845 4,402 6,450 1,223 7,673Dividends paid 0 (3,560) (3,560) (1,032) (4,592)Share capitalsubscription 0 0 4 0 4 -------- -------- -------- -------- --------Balance at 30 June 2006 (74,436) 68,378 100,358 20,710 121,068 ======== ======== ======== ======== ========Balance at31 December 2004 (75,593) 58,511 90,786 19,276 110,062 ======== ======== ======== ======== ========Direct changes in equityfor six monthsto 30 June 2005Unrealised surplus onrevaluation of estates 0 0 3,879 564 4,443Deferred tax onrevaluation 0 0 (1,039) (166) (1,205)(Loss)/profit on exchangetranslation (3,421) 208 (3,213) (810) (4,023) -------- -------- -------- -------- --------Net income recogniseddirectly in equity (3,421) 208 (373) (412) (785)Profit for period 0 4,218 4,218 538 4,756 -------- -------- -------- -------- --------Total recognisedincome and expensesfor the period (3,421) 4,426 3,845 126 3,971Dividends paid 0 0 0 (1,059) (1,059)Share capitalsubscription 0 0 100 453 553 -------- -------- -------- -------- --------Balance at 30 June 2005 (79,014) 62,937 94,731 18,796 113,527 ======== ======== ======== ======== ======== This 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