PGR.L Regulatory News (PGR)

21 Dec 2006 15:27

Ragusa Capital PLC21 December 2006 RAGUSA CAPITAL PLC (the "Company") Unaudited interim results for the six months ended 30 September 2006 CHAIRMAN'S STATEMENT Introduction The results for Ragusa Capital Plc (the "Company") reflect the six month periodended 30 September 2006. Results for the Period The Company made a profit for the period, after taxation, of £118,342 afterreceiving interest of £103,018, having paid administrative expenses of £171,817and recorded other net gains of £267,345. The basic and diluted earnings pershare were 0.5 pence. Review of Activities As stated in the AIM admission document, the board believes that potentialopportunities lie in the natural resources sector. The board continues toevaluate a number of opportunities with the emphasis on one large andsubstantial investment. The Company has a 2.6% holding and £170,000 secured convertible loan note inAurum Mining Plc, a company that has invested in gold and other mineralexploration projects in the FSU and has increased to 12.6% its holding in AlbaMineral Resources Plc, a company that was formed to develop its gold, nickel,and base metal projects and investigate, acquire and advance further explorationprojects in Scotland, the Republic of Ireland and other European countries. Lance O'Neill Chairman21 December 2006 INCOME STATEMENT Unaudited Unaudited Audited Six Six Year months months ended ended ended 30 Sep 30 Sep 31 Mar 2006 2005 2006 £ £ £ Revenue - - -Cost of sales - - - ---------- -------- ---------Gross profit - - -Administrative expenses (171,817) (121,558) (233,804) ---------- --------- ---------Operating loss (171,817) (121,558) (233,804)Investment revenues 103,018 108,954 216,625Other gains and losses 267,345 (126,886) 165,158 --------- ---------- ---------Profit/(loss) before taxation 198,546 (139,490) 147,979Tax (note 2) (80,204) - (71,199) ---------- --------- --------- Profit/(loss) for the period 118,342 (139,490) 76,780 ========= ========= ======== Earnings/(loss) per ordinary 10p share(note 3)Basic and diluted 0.5 pence (0.6) pence 0.3 pence BALANCE SHEET Unaudited Unaudited Audited 30 Sep 2006 30 Sep 2005 31 Mar 2006 £ £ £Non-current assetsProperty, plant and equipment 3,386 3,258 4,820Investments 80,647 - - --------- ---------- ----------- 84,033 3,258 4,820 --------- ---------- ----------- Current assetsTrading investments 1,492,231 562,142 1,024,186Trade and other receivables 22,814 33,089 22,640Cash and cash equivalents 4,238,327 4,716,190 4,533,522 --------- --------- --------- 5,753,372 5,311,421 5,580,348 --------- --------- --------- Total assets 5,837,405 5,314,679 5,585,168 Current and total liabilitiesTrade and other payables (94,949) (58,238) (41,258) Net current assets 5,658,423 5,253,183 5,539,090 Non-current liabilitiesDeferred tax (151,403) - (71,199) ---------- ----------- ----------- Net assets 5,591,053 5,256,441 5,472,711 ========== =========== ========== EquityShare capital 2,401,515 2,401,515 2,401,515Share premium account 3,007,463 3,007,463 3,007,463Retained earnings 182,075 (152,537) 63,733 --------- ---------- ---------- Total equity 5,591,053 5,256,441 5,472,711 ========== ========== ========== CASH FLOW STATEMENT Unaudited Unaudited Audited Six Six Year months months ended ended ended 30 Sep 30 Sep 31 Mar 2006 2005 2006 £ £ £ Net cash from operating activities (116,866) (140,043) (257,868) Investing activitiesPurchase of investments (281,347) (250,852) (420,852)Proceeds on disposal of trading investments - 133,312 133,312Interest received 103,018 108,954 216,625Purchase of property, plant and equipment - - (2,514) --------- --------- --------- (178,329) (8,586) (73,429) --------- --------- ---------Financing activitiesCosts on the issue of shares - (262) (262) --------- --------- --------- - (262) (262) --------- --------- ---------Net decrease in cash (295,195) (148,891) (331,559) Cash and cash equivalents at the 4,533,522 4,865,081 4,865,081 beginning of the period --------- --------- --------- Cash and cash equivalents at the end of the period 4,238,327 4,716,190 4,533,522 ========== ========= ========= Reconciliation of operating loss to net cash from operating activitiesOperating loss (171,817) (121,558) (233,804)Depreciation on property, plant and equipment 1,434 786 1,738 --------- --------- ----------Operating cash flows before movements in working capital (170,383) (120,772) (232,066) (Increase)/decrease in trade debtors (174) 7,060 17,509Increase/(decrease) in trade creditors 53,691 (26,331) (43,311) --------- --------- --------- Net cash from operating activities (116,866) (140,043) (257,868) ========= ========= ========= NOTES 1. Basis of preparation The interim report for the six months ended 30 September 2006 is unaudited anddoes not 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 year ended 31 March 2006. The financial information relating to the year ended 31 March 2006 has beenextracted from the statutory accounts for that period, a copy of which has beendelivered to the Registrar of Companies. The auditors report on those financialstatements was unqualified and did not contain a statement under sections 237(2) or 237(3) of the Companies Act 1985. 2. Taxation The tax expense represents the deferred tax balance on the unrealised gains onthe Company's investments, valued at their fair value. 3. Earnings per share Basic and diluted earnings per share are presented in accordance with IAS 33"Earnings per share" based on the profit for the period of £118,342 and24,015,147 ordinary shares in issue during the period. 4. Investments Investments are recognised and derecognised on a trade date where purchase orsale of an investment is under contract whose terms require delivery of theinvestment within the timeframe established by the market concerned, and areinitially measured at cost, including transaction costs. Investments classified as held-for-trading are measured at subsequent reportingdates at fair value, with gains and losses arising from changes in fair valueincluded in net profit or loss for the period. 5. Reconciliation of the loss for the six month period ended 30 September 2005 UK Effect of IFRS GAAP transition to IFRS £ £ £ Revenue - - -Cost of sales - - - --------- ---------- ---------Gross profit - - -Administrative expenses (121,558) - (121,558) ---------- ---------- ----------Operating loss (121,558) - (121,558)Investment revenues 108,954 - 108,954Other gains and losses (70,808) (56,078) (126,886) --------- -------- ---------Loss before taxation (83,412) (56,078) (139,490)Tax - - - -------- -------- --------- Loss for the period (83,412) (56,078) (139,490) ========= ======== ========= Enquiries: Lance O'Neill, Ragusa Capital Plc 020 7499 8334Nigel Duxbury, Ragusa Capital Plc 020 7499 8334Graham Swindells, Arbuthnot Securities Limited 020 7012 2000John Toll, Arbuthnot Securities Limited 020 7012 2000 This information is provided by RNS The company news service from the London Stock Exchange