Global Brands Regulatory News (GBR)

29 Sep 2005 16:00

GLOBAL BRANDS S.A. Interim Results for the 6 month period ended 30 June 2005 29 September 2005Global Brands S.A., is pleased to announce its interim results for the sixmonth period ended 30 June 2005.Yossi Moldawsky, Executive Chairman: "Global Brands S.A. has achieved a verygood result during the first half of 2005 raising the profit from operations bymore than 7.5 times comparing to the first half of 2004.The Company is well positioned to expand rapidly and the funds raised in theIPO will enable the Company to open new stores in all the main cities inSwitzerland, Luxembourg and Lichtenstein".UNAUDITED INCOME STATEMENT AND BALANCE SHEET UnauditedINCOME STATEMENT 6 months ending 6 months ending(Expressed in Swiss francs) 30 June 2005 30 June 2004 CHF CHFSales revenue 3,666,997 3,708,481Cost of sales (716,780) (781,000)Gross profit 2,950,217 2,927,481Administrative, selling and general expenses (2,832,590) (2,912,125)Profit from operations 117,627 15,356Interest and financial charges (8,885) (15,500)Profit (loss) on ordinary activities for the year before taxes 108,742 (144)Reorganisation costs (137,790) 0Deferred tax (charge)/credit (37,225) 2,470Profit (loss) for the 6 month period (66,273) 2,326BALANCE SHEET as at(Expressed in Swiss francs) 30 June 2005 30 June 2004 CHF CHFASSETSNon-current assetsProperty, plant and equipment 1,084,044 1,364,116Intangible assets 228,660 261,320Financial assets 90,400 92,200Deferred tax asset 111,077 354,220Total non-current assets 1,514,181 2,071,856Current assetsInventories 132,300 121,200Other receivables and prepayments 143,355 53,375Cash at banks and on hand 190,100 176,975Total current assets 465,755 351,550Total assets 1,979,936 2,423,406EQUITY AND LIABILITIESCapital and reservesSubscribed and paid up capital 5,262,306 13,250Losses brought forward (4,642,862) (5,236,600)Current year profit/(loss) (66,273) 2,326Total capital & reserves 553,171 (5,221,024)Non-current liabilitiesShareholders loans 0 5,635,000Obligations under finance leases 109,852 125,150Total non-current liabilities 109,852 5,760,150Current liabilities: due within one yearTrade payables 722,199 722,500Obligations under finance leases 76,516 119,880Other payables 518,198 1,041,900Total current liabilities 1,316,913 1,884,280Total equity and liabilities 1,979,936 2,423,406CASH FLOW STATEMENT 6 months ending 6 months ending(Expressed in Swiss francs) 30 June 2005 30 June 2004 CHF CHFOPERATING ACTIVITIESNet cash inflows from (applied to)operations (201,082) 223,622INVESTING ACTIVITIESPayments to acquire fixtures, equipment, motor vehicles and software (73,526) (17,823)Deposits (made) repaid 2,001 4,557Net cash flows (outflows) for investing activities (71,525) (13,266)FINANCING ACTIVITIESPayments under finance lease obligations (61,004) (112,144)Proceeds from shareholders' loans 300,000 210,000Interest paid on bank overdrafts 0 (7,162)Cash flows from financing activities 238,996 90,694Increase (decrease) in cash & cash equivalents during year (33,611) 301,050Cash and cash equivalents:- net balance at beginning of year 223,711 (124,075)- net balance at end of year 190,100 176,975Increase (decrease) in cash & cash equivalents during year (33,611) 301,050ENDGLOBAL BRANDS S.A.