Greencoat Renewables Regulatory News (GRP)

18 Nov 2005 14:06

GruppeM Investments PLC18 November 2005 18 November 2005 For Immediate Release GRUPPEM INVESTMENTS PLC (LSE: GRP, 'GruppeM' or the 'Company') Final results for the period ended 31 July 2005 GruppeM Investments PLC today announces its unaudited final results for thefinancial period ended 31 July 2005. For more information please contact:GruppeM Investments PlcKenny Chen/Paul McIlwaineTel: +44 (0) 207 233 2952 Shore Capital and Corporate LimitedAlex BorrelliTel: +44 (0) 207 408 4090 Further information on GruppeM Investments Plc can be found on the Company'swebsite: www.gruppemplc.com CHAIRMAN'S STATEMENT Following the Company's successful flotation on the AIM Market in February 2005,the investment policy of the Company continues to aim to exploit growthopportunities in the property sector and motor retailing within China. Themarket for high specification commercial property is growing rapidly whilstdemand for high value European sports cars continues to outstrip supply. For the period ended 31 July 2005, the Company made a loss of £168,621, withgeneral and administrative expenses amounting to £168,777, and a small amount ofinterest income. Included within expenses were £41,942 of legal fees and£109,971 of professional fees. At the year end the Company had net assets of£31,379 and cash of £94,746. In line with the amended AIM rules, a resolution will be proposed at the AGM togain shareholder approval for the Company's investment strategy. The directorsare confident that a suitable investment opportunity, in line with the Company'sstated strategy, will be identified in the near future in order to generateincreased shareholder value. Lord Marsh PROFIT AND LOSS ACCOUNTFOR THE PERIOD ENDED 31 JULY 2005 Period ended 31 July 2005 (unaudited) £Administrative expenses- exceptional items 142,512- other 26,265 ________OPERATING LOSS (168,777) Interest received 156 ________ LOSS FOR THE PERIOD (168,621) -------- Loss per share Basic and fully diluted (0.17p) -------- All activities are classed as continuing. There are no recognised gains or losses other than the loss for the financialperiod. BALANCE SHEETAS AT 31 JULY 2005 31 July 2005 (unaudited) £Current assetsDebtors 8,185Cash at bank 94,746 ________ 102,931CreditorsAmounts falling due within one year 71,552 ________NET ASSETS 31,379 -------- EQUITY AND LIABILITIESCapital and ReservesShare Capital 200,000Profit and loss account (168,621) ________Equity shareholders' funds 31,379 -------- CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 JULY 2005 Period ended 31 July 2005 (unaudited) £ Operating loss (168,777)Increase in debtors (8,185)Increase in creditors 71,552 ________Cash outflow from operating activities (105,410) Return on investment and servicing of finance 156 FinancingProceeds on issue of shares 200,000 ________NET INCREASE IN CASH FOR THE PERIOD 94,746 -------- RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET FUNDS Increase in cash for the period 94,746 ________Net funds as at 31 July 2005 94,746 --------ANALYSIS OF NET FUNDS Cash at bank 94,746 -------- NOTES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with applicableaccounting standards. The financial statements have been prepared under the historical cost conventionand the principal accounting policies adopted are set out below. These period end statements do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. Results for the period ended 31 July 2005 have not been audited. Foreign currency translations Foreign currency transactions are translated into sterling using the exchangerates prevailing at the dates of the transactions. Foreign exchange gains andlosses resulting from the settlement of such transactions are recognised in theincome statement. Financial instruments The company's financial instruments comprise only cash at bank. Trade debtorsand trade creditors have been excluded from the following disclosure, aspermitted by Financial Reporting Standard 13. The company's policy is to obtain the highest possible rate of return on itscash balances, subject to having sufficient resources to manage the business ona day to day basis and not exposing the company to unnecessary risk of default.The company had no undrawn borrowing facilities at 31 July 2005. This information is provided by RNS The company news service from the London Stock Exchange