PGR.L Regulatory News (PGR)

25 Sep 2007 14:38

Ragusa Capital PLC25 September 2007 RAGUSA CAPITAL PLC (the "Company") Unaudited interim results for the six months ended 30 June 2007 CHAIRMAN'S STATEMENT Introduction The results for Ragusa Capital Plc (the "Company") reflect the six month periodended 30 June 2007. Results for the Period The Company made a loss for the period, after taxation, of £314,311 afterreceiving interest of £96,926, having paid administrative expenses of £264,134and recorded other net losses of £147,103. The basic and diluted loss per sharewas 1.3 pence. Review of Activities On 7 September 2007 the Company, announced that terms had been agreed for theacquisition of certain utility assets as well as oil and gas explorationinterests in Argentina and a change of name to Andes Energia plc, conditional onshareholder approval. The Board believes that the proposed acquisition represents an attractiveopportunity for the Company and its shareholders. In addition to these assets,the Company will be acquiring local expertise and management, which theDirectors believe will provide a strong platform on which to build a significantenergy company within South America. Details of the transaction are contained in the re-admission document, a copy ofwhich is available on Ragusa's website at www.ragusacapital.co.uk. Financial results for the six months to 30 June 2007 of Empresa Distribuidora deElectricidad de Mendoza S.A., in which following completion of the proposedacquisition, the Company will hold a 25.5 per cent. indirect economic interest,will also be announced shortly through a separate press release. A supplement to the re-admission document posted on 7 September containing theCompany's unaudited interim results, the unaudited interim results for the sixmonths to 30 June 2007 of Empresa Distribuidora de Electricidad de Mendoza S.A.and a pro forma net assets statement at 31 December 2006 for the Company and theinterests being acquired by the Company will be posted to shareholders shortly. Lance O'NeillChairman 25 September 2007 INCOME STATEMENT Unaudited Unaudited Audited Six months Six months Nine months ended ended ended 30 Jun 2007 30 Sep 2006 31 Dec 2006 £ £ £Revenue - - -Cost of sales - - -Gross profit - - -Administrative expenses (264,134) (171,817) (257,567)Other gains and losses (147,103) 267,345 32,649Operating (loss)/profit (411,237) 95,528 (224,918)Investment revenues 96,926 103,018 151,765(Loss)/profit before taxation (314,311) 198,546 (73,153)Tax (note 2) - (80,204) 41,205 (Loss)/profit for the period (314,311) 118,342 (31,948) (Loss)/earnings per ordinary 10p share (note 3)Basic and diluted (1.3) pence 0.5 pence (0.1) pence BALANCE SHEET Unaudited Unaudited Audited 30 Jun 2007 30 Sep 2006 31 Dec 2006 £ £ £Non-current assetsProperty, plant and equipment 1,653 3,386 2,859Available for sale investments - 80,647 - 1,653 84,033 2,859Current assetsTrading investments 1,137,530 1,492,231 1,623,661Other financial assets 180,984 22,814 94,428Cash and cash equivalents 3,976,061 4,238,327 3,904,927 5,294,575 5,753,372 5,623,016 Total assets 5,296,228 5,837,405 5,625,875 Current and total liabilitiesTrade and other payables (139,782) (94,949) (155,118) Net current assets 5,154,793 5,658,423 5,467,898 Non-current liabilitiesDeferred tax (29,994) (151,403) (29,994) Net assets 5,126,452 5,591,053 5,440,763 EquityShare capital 2,401,515 2,401,515 2,401,515Share premium account 3,007,463 3,007,463 3,007,463Retained earnings (282,526) 182,075 31,785 Total equity 5,126,452 5,591,053 5,440,763 CASH FLOW STATEMENT Unaudited Unaudited Audited Six months Six months Nine months ended ended ended 30 Jun 2007 30 Sep 2006 31 Dec 2006 £ £ £Net cash used in operating activities (364,820) (116,866) (213,534) Investing activitiesPurchase of available for sale assets - (80,647) -Loans granted (472,059) - (366,126)Proceeds on disposal of investments 811,087 - -Purchase of trade investments - (200,700) (200,700)Interest received 96,926 103,018 151,765 435,954 (178,329) (415,061) Net increase/(decrease) in cash 71,134 (295,195) (628,595) Cash and cash equivalents at the beginning of the period 3,904,927 4,533,522 4,533,522 Cash and cash equivalents at the end of the period 3,976,061 4,238,327 3,904,927 Reconciliation of operating loss to net cash used in operating activities(Loss)/profit for the period (314,311) 118,342 (31,948)Tax - 80,204 (41,205)Other gains and losses 147,103 (267,345) (32,649)Investment revenues (96,926) (103,018) (151,765)Depreciation on property, plant and equipment 1,206 1,434 1,961 (262,928) (170,383) (255,606) Increase in trade debtors (86,556) (174) (71,788)(Decrease)/increase in trade creditors (15,336) 53,691 113,860 Net cash used in operating activities (364,820) (116,866) (213,534) NOTES 1. Basis of preparation The interim report for the six months ended 30 June 2007 is unaudited and doesnot constitute statutory accounts within the meaning of section 240 of theCompanies Act 1985. It has been prepared in accordance with InternationalFinancial Reporting Standards ("IFRS") on a basis consistent with the accountingpolicies for the nine month period ended 31 December 2006. The financial information relating to the nine month period ended 31 December2006 has been extracted from the statutory accounts for that period, a copy ofwhich has been delivered to the Registrar of Companies. The auditors report onthose financial statements was unqualified and did not contain a statement undersections 237 (2) or 237(3) of the Companies Act 1985. 2. Taxation The deferred tax liability represents the deferred tax balance on the unrealised gains on the Company's investments, valued at their fair value. 3. Loss per share Basic and diluted loss per share are presented in accordance with IAS 33"Earnings per share" based on the loss for the period of £314,311 and 24,015,147 ordinary shares in issue during the period. 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