Conygar Inv Regulatory News (CIC)

29 Jun 2005 12:50

Conygar Investment Company PLC(The)29 June 2005 The Conygar Investment Company PLC Interim Results for the six months ended 31 March 2005 Chairman's Statement Our strategy remains to invest in property assets and companies with propertyassets where we can add significant value using our property management,development and transaction structuring skills. In spite of a very aggressivemarket, the prolonged election activity and general nervousness in the economy Iam pleased to report a period of progress. In December, we were pleased to announce our 50:50 joint venture, C M SheffieldLimited, which exchanged contracts to acquire 175,000 sq ft of office andwarehouse properties on Sheffield Business Park for £22.5 million. We havecompleted in respect of £15.7 million of properties and anticipate completing onthe final building shortly. At 31 March 2005, the portfolio yielded 7.73% oncost and actual occupancy levels stood at 98%. The Sheffield joint venture isexpected to make a strong positive contribution in the second half. The removal of commercial disadvantaged area relief for stamp duty land tax hadan unwelcome adverse impact on the Sheffield portfolio valuation. However thishas been more than offset by increases in valuation owing to other factors andindications are that the portfolio is currently valued substantially in excessof cost. During the period, the company recorded a small loss of £22,000. Cash balancesat 31 March 2005 amounted to £2.3 million and the joint venture financing isnon-recourse to the rest of the group. Our current asset investment is aholding in James Beattie PLC which is the subject of a takeover from House ofFraser plc. Assuming the proposed acquisition by House of Fraser proceeds atthe recommended takeover price our profit before taxation from this holding willexceed £114,000. Prospects The board is confident about the future prospects of the company despite adifficult market in which to identify value. We continue to work upon apipeline of other opportunities all of which are at various stages ofnegotiation and targeted for completion in the second half. The companycontinues to minimise administrative overhead and to utilise our in-house teamto explore and execute opportunities without recourse to external advisers. Inaddition, the joint venture will also seek further opportunities as they arise.We will continue to keep shareholders informed of the company's progress. R T E WareChairman 29 June 2005 The Conygar Investment Company PLCConsolidated Profit and Loss AccountFor the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 Notes £'000 £'000 £'000TurnoverGroup and share of joint venture's turnover 80 - -Less share of joint venture's turnover (80) - - - - - Cost of Sales - - -Gross Profit - - - Administrative expenses (127) (74) (208)Operating Loss (127) (74) (208)Share of operating profit of joint venture 72 - - (55) (74) (208) Income from current asset investments 24 - 10 Interest receivable and similar incomeGroup 71 72 161Joint Venture 5 - - Interest payable and similar chargesGroup - - -Joint Venture (67) - - Loss on Ordinary Activities before Taxation (22) (2) (37) Taxation on loss on ordinary activities - - - Loss on Ordinary Activities after Taxation (22) (2) (37) Dividends - - - Loss for the Period (22) (2) (37) Earnings per share (pence) 2Basic (0.23)p (0.03)p (0.42)pFully diluted (0.21)p (0.02)p (0.40)p Turnover and operating profit in all periods relate wholly to continuingactivities. No separate Statement of Total Recognised Gains and Losses has been presented asall such gains and losses have been dealt with in the profit and loss account. The Conygar Investment Company PLCConsolidated Balance SheetAs at 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Investments in joint ventureShare of gross assets 7186 - -Share of gross liabilities (5076) - - 2110 - - Current AssetsDebtors 90 11 55Investments 364 33 397Cash at bank 2334 4903 4452 2788 4947 4904 Current liabilitiesCreditors: amounts falling within one year 44 36 28Net Current Assets 2744 4911 4876Total assets less current liabilities 4854 4911 4876 Capital and reservesCalled-up equity share capital 486 486 486Share premium account 4427 4427 4427Profit and loss account (59) (2) (37) Shareholders' Funds 4854 4911 4876 The comparative figures for the financial period ended 30 September 2004 are anextract of the company's statutory accounts for that financial period. Thoseaccounts have been reported upon by the company's auditors and delivered to theRegistrar of Companies. The report of the auditors was unqualified and did notcontain a statement under Section 237(2) or (3) of the Companies Act 1985. The Conygar Investment Company PLCConsolidated Reconciliation of Movements in Shareholders' fundsFor the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Loss for the period attributable to shareholders (22) (2) (37)Dividends - - - (22) (2) (37)Issue of share capital (net of expenses) - 4913 4913 Net movement in shareholders' funds (22) 4911 4876Opening shareholders' funds 4876 - - Closing shareholders' funds 4854 4911 4876 The Conygar Investment Company PLCConsolidated Cash Flow StatementFor the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 Notes £'000 £'000 £'000 Net cash outflow from operating activities a (106) (82) (615) Returns on the investments and servicing offinanceDividends received 10 - -Interest received 78 72 154Net cash flow from returns on investments 88 72 154and servicing of finance Cash outflow before management of liquid (18) (10) (461)resources and financing Management of liquid resourcesDecrease/(increase) in funds placed on short 2355 (4798) (4400)term deposit Acquisitions and disposalsInvestment in joint venture (2100) - - FinancingIssue of equity share capital - 486 486Share premium on issue of equity share capital - 4427 4427Net cash inflow from financing - 4913 4913 Increase in cash b 237 105 52 The Conygar Investment Company PLCNotes to the Consolidated Cash Flow StatementFor the six months ended 31 March 2005 a) Reconciliation of operating loss to net cash outflow from operating activities Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Operating loss (127) (74) (208)Increase in debtors (28) (11) (38)Decrease in current asset investments 33 (33) (397)Increase in creditors 16 36 28 Net cash outflow from operating activities (106) (82) (615) b) Reconciliation of net cash flow to movement in net funds Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Increase in cash in the period 237 105 52Cash (inflow)/outflow from short term deposits (2355) 4798 4400Movement in net funds (2118) 4903 4452Opening net funds 4452 - -Closing net funds 2334 4903 4452 c) Analysis of changes in net funds At At 1 October 2004 Cashflows 31 March 2005 £'000 £'000 £'000 Net cash:Cash in hand and at bank 52 237 289Short term deposits* 4400 (2355) 2045Net funds 4452 (2118) 2334 * Short term deposits are included within cash at bank in the balance sheet. The Conygar Investment Company PLCNotes to the Interim ResultsFor the six months ended 31 March 2005 1. Basis of Preparation The interim results for the period ended 31 March 2005 have been prepared inaccordance with applicable United Kingdom accounting standards and areunaudited. They do not comprise full financial statements within the meaning ofthe Companies Act 1985 and have neither been reported upon by the auditors underSection 235 of the Companies Act 1985 nor reviewed in accordance with AccountingPractice Board Bulletin 1999/4. The board of directors approved the above results on 29 June 2005. Copies of the interim report may be obtained from the Company Secretary, TheConygar Investment Company PLC, First Floor, 122 Wigmore Street, London W1U 3RX. 2. Earnings per Share The calculation of earnings per ordinary share is based on the loss after tax of£22,000 and on the number of shares in issue being the weighted average numberof shares in issue during the period of 9,722,001. The weighted average numberof shares on a fully diluted basis was 10,301,376 which assumes the exercise ofoptions which were anti-dilutive throughout the period. This information is provided by RNS The company news service from the London Stock Exchange