Coca-Cola HBC Regulatory News (CCH)

15 Jul 2005 08:30

CCH International plc15 July 2005 CCH INTERNATIONAL PLC UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 APRIL 2005 The unaudited results for the six months to 30 April 2005 show profit for theperiod of £45,799, a turnaround of £175,035 from the loss of £129,236 during thesame period last year. On 10 May 2005 your Company successfully completed the acquisition of CCH EuropeGmbH, a company which specialises in financing trade receivables on a fullysecured credit insured basis. On the same date your Company changed its name toCCH International Plc. The business of CCH Europe complements that of CCH International and the recentacquisition provides an excellent opportunity to substantially grow our businessthrough an expanded network using a unified approach and the additionalefficiencies this affords. The audited results of CCH Europe for the year ended 31 December 2004 show aprofit of €329,912 and our subsidiary company intends to continue to increaserevenues and profitability in 2005 by increasing the volume of business inshort-term receivables discounting, especially in Turkey and GCC. It is alsolooking to further expand its market by entering into relationships with banksin Egypt, Pakistan and Romania whereby such banks would benefit from marketingour receivables purchasing services to their clients. Our activities are likely to substantially reinforce the turnaround in theresults of your Company and I look forward with confidence to the future. Ian Salter Chairman 15 July 2005 CCH INTERNATIONAL PLC PROFIT AND LOSS ACCOUNT FOR SIX MONTHS ENDED 30 APRIL 2005 Unaudited Unaudited Audited 6 months ended 6 months ended 12 months ended 30 April 30 April 31 October 2005 2004 2004 £ £ £ Turnover 349,529 537,679 992,193 Cost of sales (94,054) (454,949) (540,698) Gross profit 255,475 82,730 451,495 Administrative expenses (209,718) (211,998) (412,698) Operating profit/(loss) 45,757 (129,268) 38,797 Interest receivable and similar income 42 32 145 Interest payable and similar charges - - (1,826) Profit/(loss) on ordinary activities before 45,799 (129,236) 37,116taxation Tax on profit/(loss) on ordinary activities - - - Profit/(loss) on ordinary activities after 45,799 (129,236) 37,116taxation Earnings per shareBasic earnings per share 0.10p (0.29)p 0.08p Turnover is derived wholly from continuing activities. CCH INTERNATIONAL PLC BALANCE SHEET FOR SIX MONTHS ENDED 30 APRIL 2005 Unaudited Unaudited Audited 30 April 30 April 31 October 2005 2005 2004 £ £ £ FIXED ASSETS Tangible assets 171,769 228,913 CURRENT ASSETS Debtors 499,531 310,346 Cash at bank 75,503 119,320 575,034 429,666 CREDITORS: Amounts falling due within one year 127,559 85,134 NET CURRENT ASSETS 447,475 344,532 TOTAL ASSETS LESS CURRENT LIABILITIES 619,244 573,445 CAPITAL AND RESERVES Called-up equity share capital 1,044,444 1,044,444 Share premium account 417,615 417,615 Profit and loss account (842,815) (888,614) SHAREHOLDERS' FUNDS 619,244 573,445 CCH INTERNATIONAL PLC CASH FLOW STATEMENT FOR SIX MONTHS ENDED 30 APRIL 2005 Unaudited Audited 6 months 12 months ended ended 30 April 31 October 2005 2004 £ £ NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (43,859) 90,259 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 42 145 Interest paid - (1,826) NET CASH INFLOW/(OUTFLOW) FROM RETURNS ON INVESTMENTS ANDSERVICING OF FINANCE 42 (1,681) CASH (OUTFLOW)/INFLOW BEFORE MANAGEMENT (43,817) 88,578OF LIQUID RESOURCES AND FINANCING (DECREASE)/INCREASE IN CASH (43,817) 88,578 Notes: 1. The financial statements have been prepared in accordance with applicable UK accounting standards and under the historical cost convention. The principal accounting policies of the Company are set out in the Company's 2004 annual report. 2. The financial information set out above does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for the twelve months to 31 October 2004, on which the report of the auditors was unqualified have been filed with the Registrar of Companies. 3. On 10 May 2005 the Company completed the acquisition of CCH Europe GmbH for a consideration of £1,190,476 which was satisfied by the issue of 39,682,539 new ordinary 1p shares at 3p per share. 4. Basic earnings per share have been calculated on the basis of the number of shares in issue of 44,444,444, which has remained unchanged during the period. 5. The directors are not declaring a dividend for the period. 6. Copies of this report are being sent to all shareholders and can be viewed on the Company's web-site "www.cch-international.com". This information is provided by RNS The company news service from the London Stock Exchange