PGR.L Regulatory News (PGR)

25 Sep 2007 15:07

Ragusa Capital PLC25 September 2007 RAGUSA CAPITAL PLC (the "Company") Unaudited interim results for Empresa Distribuidora de Electricidad de MendozaS.A. ("EDEMSA") for the six month period ended 30 June 2007 On 7 September 2007 Ragusa Capital plc, announced that terms had been agreed forthe acquisition of certain utility assets as well as oil and gas explorationinterests in Argentina and a change of name to Andes Energia plc, conditional on shareholder approval. Following completion of the acquisition one of the Company's principal assetswill be a 25.5 per cent. indirect economic interest in EDEMSA. Since 7 September2007, interim unaudited financial information, prepared under IFRS, for EDEMSAfor the six months to 30 June 2007 has become available and is included in thisannouncement. A supplement to the re-admission document posted on 7 September2007 and containing, amongst other things, the unaudited interim results for the six months to 30 June 2007 of EDEMSA will be posted to shareholders shortly. Lance O'NeillChairman 25 September 2007 EDEMSA Unaudited interim results for the six months ended 30 June 2007 (All amounts in Argentine pesos unless otherwise stated) Balance sheet June 30, 2007 June 30, 2006ASSETS Non-current assetsProperty, plant and equipment 501,393,986 501,472,835Intangible assets 156,705,088 156,705,088Available for sale investments 2,345,698 1,904,112Trade and other receivables - 1,017,310 660,444,772 661,099,345Current assetsInventories 13,476,245 8,247,104Trade and other receivables 78,053,017 66,043,618Cash and cash equivalents 13,047,443 36,509,166 104,576,705 110,779,888Total assets 765,021,477 771,899,233 EQUITY Capital and reservesShare capital 462,585,254 462,585,254Fair value and other reserves 1,081,178 561,889Retained earnings (30,598,772) (273,193,883)Legal reserve 3,004 3,004Total equity 433,070,664 189,956,264 LIABILITIES Non-current liabilitiesDeferred income tax liabilities 18,308,488 13,159,507Employee benefits - 3,400Borrowings 200,844,612 - 219,153,100 13,162,907Current liabilities Trade and other payables 80,792,290 77,599,917Borrowings 10,881,749 471,820,479Provisions 21,123,674 19,359,666 112,797,713 568,780,062Total liabilities 331,950,813 581,942,969Total equity and liabilities 765,021,477 771,899,233 Income statement June 30, 2007 June 30, 2006 Sales 170,196,050 139,514,055Cost of sales (144,428,280) (128,457,772)Gross profit 25,767,770 11,056,283Selling and marketing costs (13,347,393) (10,695,473)Administrative expenses (9,427,084) (7,955,367)Other operating expenses 2,144,634 1,241,446Operating profit / (loss) 5,137,927 (6,353,111)Finance costs 272,532,700 (37,915,877)Profit / (loss) before tax 277,670,627 (44,268,988)Income tax (10,694,280) 11,407,143Profit / (loss) for the year 266,976,347 (32,861,845) Statement of changes in shareholders' equity Share Fair Retained Legal Total capital value and earnings Reserve equity other reserves Balance at 1 January 462,585,254 493,722 (240,332,038) 3,004 222,749,9422006Net income recognised - 68,167 - - 68,167directly in equityLoss for the period - - (32,861,845) - (32,861,845)Balance at 30 June 2006 462,585,254 561,889 (273,193,883) 3,004 189,956,264 Balance at 1 January 462,585,254 1,115,243 (297,575,119) 3,004 166,128,3822007Net income recognised - (34,065) - - (34,065)directly in equityGain for the period - - 266,976,347 - 266,976,347Balance at 30 June 2007 462,585,254 1,081,178 (30,598,772) 3,004 433,070,664 Cash flow statement 30 June 2007 30 June 2006Net cash generated from operating activities Cash generated from operations 27,076,569 26,975,589Income tax paid (2,727,652) (2,700,000)Net cash generated from operating activities 24,348,917 24,275,589 Cash flows from investing activitiesPurchases of property, plant and equipment (6,767,169) (7,134,029)(PPE)Proceeds from available-for-sale financial 49,796 54,182assetsNet cash used from investing activities (6,717,373) (7,079,847) Cash flows from financing activitiesDebt repaid (21,717,854) -Net cash used in financing activities (21,717,854) - Net (decrease) / increase in cash and cash (4,086,310) 17,195,742equivalentsCash and cash equivalents at beginning of the 17,133,753 19,313,424periodCash and cash equivalents at end of the period 13,047,443 36,509,166 Notes 1. Basis of preparation The interim report for the six months ended 30 June 2007 is unaudited and hasbeen prepared in accordance with International Financial Reporting Standards("IFRS") on a basis consistent with the accounting policies used in thepreparation of the financial information of the parent company, SODEM S.A. forthe year ended 31 December 2006, published in the re-admission document postedto shareholders of the Company on 7 September 2007. The auditors report on thisfinancial information was unqualified. 2. Borrowings On 28 March 2007 the company's management successfully concluded the process ofrestructuring the company's financial debt which resulted in a one-off gainrecorded as part of finance costs. The debt restructuring terms and conditionswere approved by 100% of the debt holders, and the company carried out avoluntary exchange pursuant to the terms of a restructuring agreement. Thedetails of the new notes and certificates are summarised below: (i) Class A New Notes due 2018, unsecured and non-convertible, with face value of US$ 1.00, for a total amount of US$ 58,650,000 (ii) Class B New Notes due 2018, unsecured and non-convertible, with a face value of US$ 1.00, for a total amount of US$ 17,814,969 (iii) Class D New Notes due 2018, unsecured and non-convertible, with a face value of US$ 1.00, for a total amount of US$ 16,544,706 and 16,544,706 Class D Certificates due 2027. Pursuant to a cash payment option the company redeemed US$ 16,666,666 of thefinancial debt at US$ 420 per US$ 1,000 face value. The new notes have been recognized at the present value of management's bestestimate of the expenditure required under the notes, taking into account allthe requirements established under the restructuring agreement. The discountrate used to determine the present value reflects current market assessments ofthe time value of money and the increases specific to the liability. The company has discounted the probable cash flows of the new debt an annual rate of 10.2%. Enquiries: Lance O'Neill, Ragusa Capital Plc 020 7495 5326Nigel Duxbury, Ragusa Capital Plc 020 7495 5326James Steel, Arbuthnot Securities Limited 020 7012 2000Antonio Bossi, Arbuthnot Securities Limited 020 7012 2000 This information is provided by RNS The company news service from the London Stock Exchange