Hidong Est. Regulatory News (HID)

28 Jul 2006 14:44

Hidong Estate PLC28 July 2006 Hidong Estate PLC Preliminary Statement of Annual Results For immediate release 28 July 2006 The board of Hidong Estate PLC is pleased to announce its preliminary resultsfor the year ended 31 March 2006. The Company agreed to sell its plantation (itsonly business) during the year, a process which involved litigation initiated bythe purchaser. Under the settlement terms, the company has delivered vacant possession of theplantation to the Purchaser and has received the full purchase consideration ofRM 9,750,000. This sale has resulted in a gain of RM 7,684,506 after provisionsof RM 200,000 for professional costs relating to the disposal and including theadjustment to eliminate the revaluation reserve of RM 5,832,048. The sale is subject shareholders' approval at an Extraordinary General Meetingto be convened as soon as practicable. The profits of the plantation after 23 January 2006 accrue to the purchaser inaccordance with the terms of the settlement of litigation initiated by thepurchaser. Accordingly the accounts for the year to 31 March 2006 only includethe results for the plantation for the period from 1 April 2005 to 23 January2006. The previous year's accounts included the results of the plantation for afull 12 month period. This has resulted in a reduction in the reported turnoverand gross profit. The receipt of interest on the cash received in relation tothe disposal and a reduction in administrative costs has resulted in an increasein pre-tax profits compared to the previous year. Profit and loss account for the year ended 31st March, 2006 2006 2005 RM RMTurnover 1,740,941 1,927,119Cost of sales - including replanting expenditureof RM22,043 (2005: RM34,938) (1,245,907) (1,379,475) -------- ---------Gross profit 495,034 547,644Distribution costs (85,199) (80,532)Administrative expenses (6,429) (138,754) -------- --------- 403,406 328,358Other income 16,571 16,786 -------- ---------Operating profit 419,977 345,144Tangible fixed assets written off (1)Profit on sale of fixed assets 19,040Interest receivable on short term deposits 75,973 25,833 -------- ---------Profit on ordinary activities before taxation 514,990 370,976Profit on sale of Plantation 7,684,506Tax on profit on ordinary activities (194,911) (81,397) --------- ---------RETAINED PROFIT FOR THE YEAR 8,004,585 289,579 ========= =========Profit per 10p share 467 sen 16.90 sen ======== ========= STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31st MARCH 2006 2006 2005 RM RM Surplus on revaluation of properties - - Deferred tax liability - - -------- --------Net gains not recognised in the profit and loss - -account Net profit for the year 8,004,585 289,579 --------- --------Total recognised gains for the year 8,004,585 289,579 ========= ======== Balance Sheet as at 31st March 2006 2006 2005 RM RMFIXED ASSETS Tangible fixed assets - 7,677,932CURRENT ASSETS -------- ---------Stocks 11,086 152,907Debtors 248,147 218,413Cash at bank and in hand 10,944,672 1,014,913Tax refundable - 204 --------- --------- 11,203,905 1,386,437 ---------- ---------CREDITORS: amounts falling due within one year (502,228) (315,543) ----------- ---------NET CURRENT ASSETS 10,701,677 1,070,894 ----------- ---------TOTAL ASSETS LESS CURRENT LIABILITIES 10,701,677 8,748,826PROVISION FOR LIABILITIES AND CHARGES (343,500) (563,186) ----------- ----------NET ASSETS 10,358,177 8,185,640 ========== =========CAPITAL AND RESERVESCalled up share capital 1,067,846 1,067,846Revaluation reserve - 5,832,048 Profit and loss account 9,290,331 1,285,746 ---------- ---------TOTAL EQUITY SHAREHOLDERS' FUNDS 10,358,177 8,185,640 ========== ========= Cash flow statement for the year ended 31st March 2006 2006 2005 RM RMNET CASH INFLOW FROM OPERATING ACTIVITIES 135,052 407,408RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest received 75,974 25,833 TAXATIONOverseas tax paid (80,775) (74,021)Overseas tax refunded - 43,140 CAPITAL EXPENDITUREPurchase of tangible fixed assets (650) (78,230) Sale of tangible fixed assets 9,800,157NET CASH INFLOW BEFOREMANAGEMENT OF LIQUID RESOURCES 9,929,758 324,130 MANAGEMENT OF LIQUID RESOURCESIncrease in short term deposits (9,673,359) (420,000) --------- --------INCREASE/(DECREASE) IN CASH 256,399 (95,870) ========= ======== The financial information set out above does not constitute statutory accountsfor the years ended 31st March 2006 or 2005 but derived from those accounts.Statutory accounts for 2005 have been delivered to the Registrar of Companies,and those for 2006 will be delivered following the Company's annual generalmeeting. The auditors have reported on those accounts, their report wereunqualified and did not contain statements under section 237(2) of (3) of theCompanies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange