Coca-Cola HBC Regulatory News (CCH)

8 Sep 2006 07:01

CCH International plc08 September 2006 Press Release 8 September 2006 CCH International plc ("CCH" or "the Company" or "the Group") Interim results for the six months ended 30 June 2006 CCH International plc (AIM: CCH), the trade finance group, today announces itsinterim results for the six months ended 30 June 2006. Highlights • turnover increased to £7.85 million (1H 2005: £970,095)• pre-tax profit increased to £1.6 million (1H 2005: £43,060)• gross profit increased to £3.05 million (1H 2005: £613,358)• earnings per share increased to 1.09 pence (1H 2005: 0.09 pence)• maintains leading market position in Sharia-compliant trade finance products• undertaken first trade finance transaction in the Russian market• agreement with Bill Express Limited (ASX: BXP) of Australia to implement an A$80 million five-year Sharia-compliant trade finance facility Highlights from the current trading period • US$ 20 million Sharia compliant Morabaha facility extended to Globexbank, Moscow• multiple deals to the value of US $36 million with Turkish GISAD group• commitment to increase liquidity in the Company's shares this year Commenting on the 2006 interim results, Eren Nil, Managing Director of CCH,said: "We are delighted with the performance in the first half of this year.Strong demand for Sharia compliant trade finance facilities continues to drivesales and we are also pleased that the scope of our reach has expanded toinclude a wider range of markets. The second half of 2006 has started well, andwe are confident that we will be able to continue to deliver sustainable growth,not just for the rest of this year but into 2007 and beyond. " - ends - For further information, please contact: CCH International plc www.cch-international.com Eren Nil, Managing Director Tel: +44 (0) 20 8334 0871 Richard Fossett, Director and COO eren@cch-international.com r.fossett@cch-international.com Media enquiries: Abchurch Communications www.abchurch-group.com Charlie Jack / Hugh Barker Tel: +44 (0) 20 7398 7700 Charlie.jack@abchurch-group.com hugh.barker @abchurch-group.com Chairman and Chief Executive's statement We are pleased to report that the results for the first half of 2006 have beendominated by the growing strength of the Group's profitability. Profit beforetax was £1,604,425 compared with £43,060 during the same period last year.Earnings per share were up 12 times to 1.09 pence. The vast majority of thissignificantly improved profit emanated from the Group's Sharia compliant Islamictrade finance activities. During this period we have entered into a number of significant internationaltransactions, thus further establishing CCH International as one of the mostactive players able to structure trade finance products in an Islamicallyacceptable fashion. There is an almost daily increase in demand for theseproducts from investors wishing to invest in a Sharia compliant manner. Ourfunding lines are currently running at over US$ 280 million, enabling the Groupto finance more than US$1 billion of 90-day short-term trade finance productsand we are looking to increase and diversify our funding lines to meet growingdemand. As pointed out in our 2005 Annual Report, your Board intends to increaseliquidity in the Company's shares to facilitate greater volumes of trade andthis is to be achieved in the very near future. With offices in England, Germany and Bahrain, together with strategic alliancesin Turkey, UAE, Australia and USA, we plan to further strengthen our position inour markets. Our funding lines continue to grow and support our deal flow whichremains very strong. Your Board is confident that the Group will continue to maintain its pace ofgrowth whilst further developing Sharia-compliant product offerings in our nichemarkets, including project finance and leasing. In the first half of this year we have secured a number of important contractsboth in terms of value and geographical reach. In April, we announced an agreement with Bill Express Limited (ASX: BXP) ofAustralia to implement an A$80 million five-year Sharia-compliant trade financefacility. This facility is believed to represent the first Sharia-complianttrade finance facility of this size provided to a listed Australian company,while it was the single largest transaction for CCH with one customer. In addition we announced an agreement between CCH and Basaran Gida Ticaret veTurizm Isletmeleri of Turkey to implement a one year US$30 millionSharia-compliant hazelnut export finance facility. This transaction followed onfrom a previous US$12 million financing program between CCH and Basaran thatstarted in 2003 and was successfully repaid in early 2006. In June, we agreed multiple financing facilities for GISAD, a leading Turkishexport trade group. We are currently looking at several other transactions withGISAD and hope to be able to make similar announcements about these in the nearfuture. We continue to expand geographically and recently entered into our firstsharia-compliant finance transaction in the Russian market which we reported inJuly. Our achievements would not have been possible without the contribution made byour Directors, employees and the financial institutions that support ourproducts, for which we are very grateful. In conclusion, the opportunities for CCH International within a strong andgrowing trade finance market for transactions structured both Islamically andconventionally remain excellent. The Group's performance speaks for itself andwe expect CCH International to continue to deliver shareholder value. We lookforward to reporting positively on the results for the year ending 31 December2006. Ian Salter Erin NilChairman Chief Executive CCH INTERNATIONAL PLCCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE SIX MONTHS TO 30 JUNE 2006 Six months Six months to 30 June to 30 June 2006 2005 (Unaudited) (Unaudited) £ £ Turnover 7,850,359 970,095 Cost of sales (4,804,497) (356,737) Gross profit 3,045,862 613,358 Administrative expenses (1,492,131) (571,412) Operating profit/(loss) 1,553,731 41,946 Finance fees receivable 51,530 1,114Finance fees payable and similar (836) 0charges Profit/(loss) on ordinary activities before 1,604,425 43,060taxation Tax on profit on ordinary (738,270) (580)activities Profit on ordinary activities after taxation 866,155 42,480 Earnings per shareBasic earnings per share 1.09p 0.09p Turnover is derived wholly from continuing activities CCH INTERNATIONAL PLCCONSOLIDATED BALANCE SHEETAT 30 JUNE 2006 30 June 30 June 2006 2005 (Unaudited) (Unaudited) £ £FIXED ASSETS Tangible assets 64,304 178,382Intangible assets 535,444 542,683Investments 146,287 - 746,035 721,065 CURRENT ASSETS Debtors 187,528,929 44,332,848Cash at bank 6,694,230 2,173,520 194,223,159 46,506,368 CREDITORS: Amounts falling due within one year 191,779,681 45,590,256 NET CURRENT ASSETS 2,443,478 916,112 TOTAL ASSETS LESS CURRENT LIABILITIES 3,189,513 1,637,177 CAPITAL AND RESERVES Called-up equity share capital 1,441,269 1,441,269Share premium account 1,211,266 1,211,266Other reserves 76,751 77,019Profit and loss account 460,227 (1,092,377) SHAREHOLDERS' FUNDS 3,189,513 1,637,177 CCH INTERNATIONAL PLCCONSOLIDATED CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 30 JUNE 2006 Six months Six months to 30 June to 30 June 2006 2005 (Unaudited) (Audited) £ £ NET CASH OUTFLOW FROM OPERATING ACTIVITIES (64,303,149) (32,390,858) RETURNS ON INVESTMENTS AND SERVICING OF FINANCEFinance fees received 51,530 1,114Finance fees paid (836) - NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND 50,694 1,114SERVICING OF FINANCE TAXATION (42,397) (580) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTPurchase of tangible fixed assets (9,704) (38,495)Purchase of intangible fixed assets - (568,610)Purchase of listed investment (96,338) - NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND (106,042) (607,105)FINANCIAL INVESTMENT FINANCINGIncrease in bank finance 62,703,226 34,121,679Proceeds from share issue - 1,190,476Own shares - (300,000) 62,703,226 35,012,155 (DECREASE)/INCREASE IN CASH (1,697,668) 2,014,726 CCH INTERNATIONAL PLCNOTES TO THE INTERIM REPORTFOR SIX MONTHS ENDED 30 JUNE 2006 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 2005 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 fourteen Months to 31 December 2005, on which the report of the auditors was unqualified, have been filed with the Registrar of Companies. 3. Basic earnings per share is based on the profit after tax of £866,155 (2005: £42,480) and the weighted number of shares in issue and held outside of the group of 79,682,539 (2005: 46,613,756). 4. The directors are not declaring a dividend for the period. 5. 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