Greencoat Renewables Regulatory News (GRP)

5 Apr 2006 07:01

GruppeM Investments PLC05 April 2006 Embargoed until 7.00am 5 April 2006 GRUPPEM INVESTMENTS PLC (LSE: GRP, 'GruppeM' or the 'Company') Interim results for the six month period ended 31 January 2006 and board change GruppeM Investments PLC today announces its unaudited interim results for thesix month period ended 31 January 2006. In addition, the Company announces that Marvin Tien has today resigned from hisposition as Non-executive Director. The Board would like to take this opportunity to thank Marvin for hiscontribution to the Company, and to wish him well for the future. 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 Overview This six month period has been a time of increased activity within the Company.Unfortunately this activity has yet to result in the Company implementing itsinvesting strategy. However, we have identified two possible acquisitions inline with our investing strategy and are confident of executing a significanttransaction in the near future. Financial results In the six months ended 31 January 2006, the Company made a loss of £427,385,after exceptional costs of £310,299. This compares to a loss of £168,777, afterexceptional costs of £142,512, in the period ended 31 July 2005. Theexceptional costs are in relation to the legal and professional costs billed,and accrued, in advance of the proposed transactions mentioned above. Working capital The proposed transactions are expected to be accompanied by a fundraising inorder to raise sufficient funds to finance the Company's ongoing working capitalrequirements. Strategy The Board remains committed to creating value for shareholders throughhigh-quality, selective acquisitions that have the capacity to earn returnsabove the cost of capital. Market prospects China, the world's fastest-growing major economy, has experienced average GDPgrowth of 9.2% a year over the past decade, driving up land prices to such anextent that property values in the major cities almost tripled in six years.The average growth rate of the Chinese car market as a whole is estimated to beat least 15% per year in the future and forecasts suggest that China will becomethe world's second-largest automotive market by 2013. Therefore, the Boardbelieves that the market for motor retailing and property development willremain extremely attractive as its economy continues to forge ahead. I would like to take this opportunity to thank all our employees andprofessional advisors for their commitment and support as we work togethertowards our first significant reverse takeover transaction. Lord MarshChairman, on behalf of the Board PROFIT AND LOSS ACCOUNTFOR THE SIX MONTH PERIOD ENDED 31 JANUARY 2006 Notes Period Six months ended ended 31 July 31 January 2006 2005 (Unaudited) (Audited) £ £Administrative expenses- exceptional items 310,299 142,512- other 116,603 26,265 ________ ________OPERATING LOSS (426,902) (168,777) Interest received 23 156Interest paid (506) - ________ ________ LOSS FOR THE PERIOD (427,385) (168,621) -------- -------- Loss per share Basic and fully diluted 2 (2.14p) (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 JANUARY 2006 Notes 31 January 31 July 2006 2005 (Unaudited) (Audited) £ £Fixed assetsTangible assets 1,566 - Current assetsDebtors 5,091 8,185Cash at bank 145 94,746 ________ ________ 5,236 102,931CreditorsAmounts falling due within one year 402,808 71,552 ________ ________NET (LIABILITIES)/ASSETS (396,006) 31,379 -------- -------- EQUITY AND LIABILITIESCapital and ReservesShare capital 200,000 200,000Profit and loss account 3 (596,006) (168,621) ________ ________Equity shareholders' funds (396,006) 31,379 -------- -------- CASH FLOW STATEMENTFOR THE SIX MONTH PERIOD ENDED 31 JANUARY 2006 Six months Period ended ended 31 January 31 July 2006 2005 (Unaudited) (Audited) £ £ Operating loss (426,902) (168,777)Depreciation on tangible fixed assets 169Decrease/(increase) in debtors 3,094 (8,185)Increase in creditors 331,256 71,552 ________ ________Cash outflow from operating activities (92,383) (105,410) Return on investment and servicing of financeInterest received 23 156Interest paid (506) - Capital expenditurePayment to acquire tangible fixed asset (1,735) - ________ ________Net cash outflow before financing (94,601) (105,254) FinancingProceeds on issue of shares - 200,000 ________ ________ NET (DECREASE)/INCREASE IN CASH FOR THE PERIOD (94,601) 94,746 -------- -------- RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET FUNDS (Decrease)/increase in cash for the period (94,601) 94,746 ________ ________Net funds brought forward 94,746 - ________ ________Net funds carried forward 145 94,746 -------- -------- ANALYSIS OF NET FUNDS Cash at bank 145 94,746 -------- -------- NOTES 1. ACCOUNTING POLICIES BASIS OF PREPARATION These interim statements have been prepared on a consistent basis with thefinancial statements for the period ended 31 July 2005. These interim statements do not constitute statutory financial statements withinthe meaning of Section 240 of the Companies Act 1985. Results for the six monthperiod ended 31 January 2006 have not been audited. The results for the periodended 31 July 2005 have been extracted from the statutory financial statementsthat have been filed with the Registrar of Companies and upon which the auditorsreported without qualification. The financial statements have been prepared under the historical cost conventionand the principal accounting policies adopted are set out below. Tangible fixed assets Tangible fixed assets are carried at cost and are depreciated over their usefuleconomic lives on a straight-line basis as follows: Office equipment: 3 years Going concern The Company suffered a loss of £427,385 for the six month period ended 31January 2006 and had net liabilities of £396,006 at that date. The directors have identified suitable investment opportunities and will seek toraise sufficient funds to finance the Company's working capital requirements forthe foreseeable future. In view of this, the directors consider it appropriate to prepare the financialstatements on the going concern basis. Exceptional Costs Exceptional administrative costs totalling £310,299 were incurred in relation toa proposed investment transaction which did not proceed before the period end. Financial instruments The Company's financial instruments comprise only cash at bank. Trade creditorshave been excluded from the following disclosure, as permitted by FinancialReporting 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 January 2006. 2. LOSS PER SHARE The calculation of loss per share is based upon the loss of £427,835 and on20,000,000 being the weighted average number of shares in issue during theperiod. There were no share options in issue during the period. 3. PROFIT AND LOSS ACCOUNT 31 January 2006 31 July 2005 £ £ Loss brought forward (168,621) - Loss for the period (427,385) (168,621) Loss carried forward (596,006) (168,621) END This information is provided by RNS The company news service from the London Stock Exchange