PPC.L Regulatory News (PPC)

26 Jun 2007 07:02

Meridian Petroleum PLC26 June 2007 26 June 2007 (AIM: MRP) MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") RESTATED INTERIM RESULTS FOLLOWING ADOPTION OF IFRS for the Six Month period ended 30 June 2006 (Unaudited) The results for the year ended December 2006 have been prepared in accordancewith the Group's accounting policies under International Financial ReportingStandards (IFRS). Meridian Petroleum has adopted IFRS for its group accountswith effect from 1 January 2005. Following the transition to IFRS, the Group haschosen to adopt the US Dollar as its presentation currency. This is to reflectthe fact that most of the Group's activities are denominated in that currency. As a result of this change Meridian has restated its Interim Results for the Six Month period ended 30 June 2006 (Unaudited). For further information contact: Meridian Petroleum Plc Ambrian Partners Parkgreen CommunicationsStephen Gutteridge Neil Maclachlan / Tim Goodman Clare Irvine / Erica Nelson+44 (0) 20 7811 0142 +44 (0) 20 7776 6400 +44 (0) 20 7851 7480 MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED INCOME STATEMENT Half year ended Year ended ------------------------- -------- 30-Jun 30-Jun 31-Dec 2006 2005 2005 (Unaudited) (Unaudited) Audited $000 $000 $000 Revenue 7 131 160Cost of sales - production costs (30) (190) (225) ----------- ----------- --------Gross loss (23) (59) (65)Administrative expenses (783) (766) (1,225)Impairment charge (390) ----------- ----------- --------Operating loss: (806) (825) (1,680)Investment Income - interest on bankdeposits 14 18 32 ----------- ----------- --------Loss on ordinary activities before andafter taxation (792) (807) (1,648) =========== =========== ======== Loss per share (cents) Note 5 (1.1) (1.4) (2.8) CONSOLIDATED STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENDITURE Half year ended Year ended ------------------------- -------- 30-Jun 2006 30-Jun 2005 31-Dec 2005 (Unaudited) (Unaudited) Audited $000 $000 $000 Loss for the financial period (792) (807) (1,648)Currency differences on foreigncurrency net investments 99 (227) (118) --------- --------- --------Total gains and losses recognisedsince last financial statements (693) (1,034) (1,766) ========= ========= ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED BALANCE SHEET Half year ended Year ended ------------------------- -------- 30-Jun 30-Jun 31-Dec 2006 2005 2005 (Unaudited) (Unaudited) Audited $000 $000 $000 Non-current assets Intangible assets: 546 1,679 424Property, plant and equipment 5,776 3,715 5,398 --------- --------- -------- 6,322 5,394 5,822 --------- --------- -------- Current Assets Trade and other receivables 224 435 141Cash and cash equivalents 1,526 253 370 --------- --------- -------- 1,750 688 511 --------- --------- -------- --------- --------- --------Total assets 8,072 6,082 6,333 --------- --------- -------- Current liabilities Trade and other payables (375) (504) (298) --------- --------- --------Total liabilities (375) (504) (298) --------- --------- -------- --------- --------- --------Net Assets 7,697 5,578 6,035 ========= ========= ======== EquityCalled up share capital 6,681 5,245 5,925Share premium 4,915 2,808 3,316Retained earnings (4,005) (2,372) (3,213)Translation reserve 106 (103) 7 --------- --------- --------Total equity attributable to the equityholders 7,697 5,578 6,035 ========= ========= ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 CONSOLIDATED CASH FLOW STATEMENT Half year ended Year ended ------------------------- -------- 30-Jun 30-Jun 31-Dec 2006 2005 2005 (Unaudited) (Unaudited) Audited $000 $000 $000 Cash flows from operating activities -Note 6 Cash consumed by operations (808) (750) (1,036)Interest received 14 18 32 --------- --------- -------- (794) (732) (1,004) --------- --------- -------- Cash flows from investing activities Expenditure on exploration andevaluation assets (122) (24) (807)Expenditure on development andproduction assets (378) (283) (382) --------- --------- -------- (500) (307) (1,189) --------- --------- -------- Cash flows from Financing activitiesProceeds from issue of shares 2,354 0 1,189 --------- --------- --------Net increase/(decrease) in cash andcash equivalents 1,060 (1,039) (1,004) Opening cash and cash equivalents atbeginning of year 370 1,430 1,430 Exchange gains/(losses) on cash andcash 96 (138) (56)equivalents --------- --------- --------Closing cash and cash equivalents 1,526 253 370 ========= ========= ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 1 - BASIS OF PREPARATION Meridian Petroleum plc prepared its consolidated financial statements under UKGenerally Accepted Accounting Practice (UK GAAP) until 31 December 2005. Interimresults for the period to 30 June 2006 were prepared under UK GAAP and releasedon 8 September 2006. Subsequently the Group elected to prepare its consolidatedfinancial statements in accordance with International Financial ReportingStandards (IFRS) as adopted for use in the EU. In order to provide comparablefigures, these restated interim results for the period to 30 June 2006 have beenprepared under IFRS. These are the first results to be reported under IFRS andthe results to 31 December 2006 will be the first full year to be reported underIFRS. The Group's date of transition to IFRS is 1 January 2005. The Group's IFRSadoption date is 1 January 2006. These results for the six months ended 30 June 2006 include comparativeinformation for the period ended 30 June 2005 and the year ended 31 December2005, together with the information and reconciliations between UK GAAP and IFRSrequired under IFRS 1 "First-time adoption of International Financial ReportingStandards". . The interim results were neither audited nor reviewed by the auditors. Thefinancial information set out in this interim statement, including the full yearfigures for 2005, does not constitute statutory accounts within the meaning ofSection 240 of the Companies Act 1985. A copy of the statutory accounts for theyear ended 31 December 2005 prepared under UK Generally Accepted AccountingPractice (UK GAAP), on which the auditors issued a modified opinion, have beendelivered to the Registrar of Companies. NOTE 2 - BASIS OF PREPARATION OF IFRS INFORMATION These interim financial statements have been prepared in accordance withInternational Accounting Standard 34 ("IAS 34") "Interim Financial Reporting".In preparing these interim financial statements, the Group has, in accordancewith IFRS1, applied the mandatory exceptions and certain of the optionalexemptions from full retrospective application of IFRS. Exemptions applied IFRS 1 allows exemptions from the application of certain IFRS to assistcompanies with the transition process. Accordingly the Group has made thefollowing first time accounting policy choices: • IFRS 2 - Share-Based Payments is applied to all share-based rewards made after 7 November 2002 that did not vest before 1 January 2005 • IFRS 3 - Business Combinations prior to 1 January 2005 have not been restated. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES a) Basis of preparation The Group financial statements have been prepared under the historical costconvention. A summary of the significant Group accounting policies adopted inthe preparation of the financial statements is set out below. b) Basis of accounting The preparation of financial statements in conformity with IFRS requiresmanagement to make judgments, estimates and assumptions that affect theapplication of policies and reported amounts of assets and liabilities, incomeand expenses. The estimates and associated assumptions are based on historicalexperience and various other factors that are believed to be reasonable underthe circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which theestimate is revised if the revision affects only that period or in the period ofthe revision and future periods if the revision affects both current and futureperiods. The accounting policies set out below have been applied to all periodspresented. c) Basis of consolidation The group financial statements include the results of the company and all of itssubsidiary undertakings. A subsidiary is an entity controlled, directly orindirectly, by the group. Control is the power to govern the financial andoperating policies of the entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the group financialstatements from the date that control commences until the date that controlceases. The results of subsidiaries are included from the date of acquisition. Intra-group balances and any unrealised gains and losses or income and expensesarising from intra-group transactions are eliminated in preparing theconsolidated financial statements. The assets and liabilities of foreign operations, including goodwill and fairvalue adjustments arising on consolidation, are translated into the US dollar atexchange rates ruling at the balance sheet date. The revenues and expenses ofthe UK and Australian operations are translated into the US Dollar at averageannual exchange rates. Foreign exchange differences arising on retranslation arerecognised directly in a separate translation reserve within equity. The Group's exploration, development and production activities are generallyconducted as co-licensee in joint operations with other companies. The financialstatements reflect the relevant proportions of production, capital expenditureand operating costs applicable to the Group's interest. Where a Group company isparty to a joint arrangement, which is not an entity, that company accountsdirectly for its part of the income and expenditure, assets, liabilities andcash flows. Such arrangements are reported in the consolidated financialstatements on the same basis. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Continued) d) Revenue recognition Revenue represents the Group's share of sales of oil and gas during the year,excluding sales tax and royalties, and is recognised when title passes to thecustomer. The Group proportionately recognises its share of revenue onco-licensed operations. Interest revenue is accrued on a time basis, byreference to the principal outstanding and at the effective interest rateapplicable. e) Oil and natural gas exploration and development expenditure The Group adopts the successful efforts method of accounting for exploration,evaluation and development costs. Exploration and Evaluation Expenditure - Intangible Assets All licence acquisition, exploration and evaluation costs are initiallycapitalised in cost centres by well, field or exploration area, as appropriate.Directly attributable expenditure is capitalised insofar as it relates tospecific exploration and evaluation activities. Pre-licence costs are expensedin the period in which they are incurred. Exploration and evaluation costs arethen written off unless commercial reserves have been established or thedetermination process has not been completed and there are no indications ofimpairment. Exploration and evaluation expenditure is not amortised. If thecriteria for recognition of an exploration and evaluation asset are met, it isclassified as either tangible or intangible assets, depending on the nature ofthe asset. Cost pools are established on the basis of specific fields. When itis determined that such costs will be recouped through successful developmentand exploitation or alternatively by sale of the interest, expenditure will betransferred to Production Assets. Development and Production Assets - Tangible Assets All field development costs and transferred exploration and evaluation arecapitalised as property, plant and equipment. Property, plant and equipmentrelated to production activities are amortised in accordance with the Group'sDepletion and Amortisation accounting policy. The directors carry out regularreviews of development and production assets and assess the need for provisionsfor impairment. Depreciation, depletion and amortisation All capitalised expenditure carried within each field is depleted from thecommencement of production on a unit of production basis, over the provedreserves. Changes in the estimates of commercial reserves or future fielddevelopment costs are dealt with prospectively. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Continued) e) Oil and natural gas exploration and development expenditure (continued) Impairment Exploration and evaluation assets are reviewed regularly for indicators ofimpairment and costs are written off where circumstances indicate that thecarrying value may not be recoverable. Any such impairment is recognised in theIncome Statement for the period. Where there has been a change in economicconditions that indicates a possible impairment in a discovery field, therecoverability of the net book value relating to that field is assessed. At each reporting date, the Group assesses whether there is any indication thatits development and production assets have been impaired. If any such indicationexists, the recoverable amount of the asset is estimated in order to determinethe extent of the impairment, if any. If it is not possible to estimate therecoverable amount of the individual asset, the recoverable amount of thecash-generating unit to which the asset belongs is determined. The recoverable amount of an asset or a cash-generating unit is the higher ofits fair value less costs to sell and its value in use. The value in use is thepresent value of the future cash flows expected to be derived from an asset orcash-generating unit. This present value is discounted using a pre-tax rate thatreflects current market assessments of the time value of money and of the risksspecific to the asset, for which future cash flow estimates have not beenadjusted. If the recoverable amount of an asset is less than its carryingamount, the carrying amount of the asset is reduced to its recoverable amount.That reduction is recognised as an impairment loss. An impairment loss relating to assets carried at cost less any accumulateddepreciation or amortisation is recognised immediately in the income statement. If an impairment loss subsequently reverses, the carrying amount of the asset isincreased to the revised estimate of its recoverable amount but limited to thecarrying amount that would have been determined had no impairment loss beenrecognised in prior years. A reversal of an impairment loss is recognised in theincome statement. f) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciationand any provision for impairment in value. The group recognises in the carryingamount of property, plant and equipment the subsequent costs of replacing partof such items when it is expected to generate future economic benefits and itscosts can be reliably determined. The carrying value of a part is derecognisedwhen it is replaced. All other costs are recognised in the income statement asan expense as they are incurred. Depreciation is provided on a straight-line basis to write off the cost, lessthe estimated residual value, of property, plant and equipment (other thandevelopment and production assets) over their estimated useful lives. Whereparts of an item of plant and equipment have separate lives, they are accountedfor and depreciated as separate items. Assets held under finance leases are depreciated over their expected usefullives on the same basis as owned assets or, where shorter, over the term of therelevant lease. The gain or loss arising on the disposal or retirement of an asset is determinedas the difference between the sales proceeds and the carrying amount of theasset and is recognised in income. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Continued) g) Foreign currencies Presentation Currency The presentation currency is the currency of the primary economic environment inwhich a group operates and is normally the currency in which the group primarilygenerates and expends cash. The Group's presentation currency is the US dollar.The Group's presentation currency is different to the functional andpresentation currency of the holding company which is UK sterling. Transactions Transactions in currencies other than the US Dollar are translated at theforeign exchange rate ruling at the date of the transaction. All exchangedifferences on transactions are recognised in profit or loss in the period inwhich they are incurred. Assets and liabilities Monetary assets and liabilities (other than group balances) that are denominatedin currencies other than the US Dollar at the balance sheet date are translatedat the exchange rate ruling at that date with any exchange differences arisingon retranslation being recognised in the income statement. Group companies The results and financial position of all the group entities (none of which hasthe currency of a hyperinflationary economy) that have a functional currencydifferent from the presentation currency are translated into the presentationcurrency as follows: - assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - income and expenses for each income statement are translated at averageexchange rates (unless this average is not a reasonable approximation of thecumulative effect of the rates prevailing on the transaction dates, in whichcase income and expenses are translated at the rate on the dates of thetransactions); and - all resulting exchange differences are recognised as a separate component ofequity. On consolidation, exchange differences arising from the translation of the netinvestment in foreign operations are taken to shareholders' equity. When aforeign operation is partially disposed of or sold, exchange differences thatwere recorded in equity are recognised in the income statement as part of thegain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreignentity are treated as assets and liabilities of the foreign entity andtranslated at the closing rate. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Continued) g) Foreign currencies (continued) Group companies (continued) Foreign exchange differences on group balances, where the loan is long term,that are denominated in currencies other than the US Dollar at the balance sheetdate are translated at the exchange rate ruling at that date with any exchangedifferences arising on retranslation being recognised directly in equity. On transition to IFRS the Group has taken advantage of the exemption offeredunder IFRS 1 and assumed zero brought forward translation differences onsubsidiary undertakings as at 1 January 2005. h) Financial instruments Trade and other receivables Trade receivables are recognised and carried at the original invoiced amountless any allowances for doubtful debts. Other debtors are recognised andmeasured at nominal value. Trade and other receivables are recognised wheninvoiced. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short term deposits with anoriginal maturity of three months or less. Trade payables and other creditors Trade payables and other creditors are non-interest bearing and are measured atcost. Equity An equity instrument is any contract that evidences a residual interest in theassets of the group after deducting all of its liabilities. Equity instrumentsissued by the Company are recorded at the proceeds received, net of direct issuecosts, allocated between share capital and share premium. i) Deferred Taxation Deferred tax is recognised on all temporary differences under the balance sheetliability method where the transactions or events that give the group anobligation to pay more tax in the future, or a right to pay less tax in thefuture, have occurred by the balance sheet date. Deferred tax assets arerecognised to the extent that it is probable that the future taxable profitswill be available against which deductible temporary differences can beutilised. Deferred tax is measured using rates of tax that are expected to applywhen the deferred tax asset is realised or liability is settled. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Continued) j) Share-based payments The Group has applied the requirements of IFRS 2 Share Based Payments. Inaccordance with the transitional provisions of that standard, only those awardsthat were granted after 7 November 2002, and had not vested at 1 January 2005,are included. All share based awards of the Group are equity settled as definedby IFRS 2. The fair value of these awards has been determined at the date ofgrant of the award allowing for the effect of any market-based performanceconditions. This fair value, adjusted annually by the Group's estimate of thenumber of awards that will eventually vest as a result of non-market conditions,is expensed uniformly over the vesting period. The fair values were calculatedusing a Black Scholes option pricing model. NOTE 4 - EXPLANATION OF THE ADJUSTMENT FROM UK GAAP TO IFRS The adoption of IFRS has not resulted in significant adjustments to thepreviously reported UK GAAP financial statements. The key change has been asfollows: IAS 21 - The Effects of Changes in Foreign Exchange Rates In terms of IAS 21, the group has selected its presentation currency to be USdollars. This decision was made as the majority group's operations are in theUnited States and oil and gas are primarily traded in US dollars. The impact of other IFRS requirements has been immaterial. MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 4 - EXPLANATION OF THE ADJUSTMENT FROM UK GAAP TO IFRS (Continued) Reconciliation of Group IFRS Balance Sheet as at 1st January 2005 (date oftransition to IFRS) UK GAAP IFRS £000 US $000Non-current assets Intangible assets 577 1,265Property, plant and equipment 2,027 3,822 -------- -------- 2,604 5,087 -------- -------- Current assets Trade and other receivables 259 623Cash and cash equivalents 742 1,430 -------- -------- 1,001 2,053 -------- -------- Total assets 3,605 7,140 Current liabilities Trade and other payables 226 527 -------- --------Total liabilities 226 527 -------- -------- -------- --------Net assets 3,379 6,613 ======== ======== EquityCalled up share capital 2,830 5,245Share premium 1,517 2,808Retained earnings (968) (1,565)Reserves - 125 -------- --------Total equity attributable to the equity holders 3,379 6,613 ======== ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 4 - EXPLANATION OF THE ADJUSTMENT FROM UK GAAP TO IFRS (Continued) Reconciliation of Group IFRS Balance Sheet as at 30th June 2005 UK GAAP IFRS £000 US $000Non-current assets Intangible assets 719 1,679Property, plant and equipment 2,147 3,715 -------- -------- 2,866 5,394 -------- -------- Current assets Trade and other receivables 252 435Cash and cash equivalents 142 253 -------- -------- 394 688 -------- -------- Total assets 3,260 6,082 Current liabilities Trade and other payables (338) (504) -------- --------Total liabilities (338) (504) -------- -------- -------- --------Net assets 2,922 5,578 ======== ======== EquityCalled up share capital 2,830 5,245Share premium 1,517 2,808Retained earnings (1,425) (2,372)Reserves 0 (103) -------- --------Total equity attributable to the equity holders 2,922 5,578 ======== ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 4 - EXPLANATION OF THE ADJUSTMENT FROM UK GAAP TO IFRS (Continued) Reconciliation of Group IFRS Balance Sheet as at 31st December 2005 UK GAAP IFRS £000 US $000Non-current assets Intangible assets 247 424Property, plant and equipment 2,940 5,398 -------- -------- 3,187 5,822 -------- -------- Current assets Trade and other receivables 80 141Cash and cash equivalents 218 370 -------- -------- 298 511 -------- -------- Total assets 3,485 6,333 Current liabilities Trade and other payables (216) (298) -------- --------Total liabilities (216) (298) -------- -------- -------- --------Net assets 3,269 6,035 ======== ======== EquityCalled up share capital 3,204 5,925Share premium 1,797 3,316Retained earnings (1,732) (3,213)Reserves 7 -------- --------Total equity attributable to the equity holders 3,269 6,035 ======== ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 4 - EXPLANATION OF THE ADJUSTMENT FROM UK GAAP TO IFRS (Continued) Reconciliation of Income Statement for the 6 months ended 30th June 2005 UK GAAP IFRS £000 US $000 Revenue 61 131 Cost of sales - production costs (89) (190) -------- --------Gross loss (28) (59) Administrative expenses (436) (766) -------- --------Operating loss: (464) (825) Investment Income - interest on bank deposits 8 18 -------- --------Loss on ordinary activities before and after taxation (456) (807) ======== ======== Reconciliation of Income Statement for the year ended 31st December 2005 UK GAAP IFRS £000 US $000 Revenue 88 160 Cost of sales - production costs (115) (439) -------- --------Gross loss (27) (279) Administrative expenses (857) (1,401) -------- --------Operating loss: (884) (1,680) Investment Income - interest on bank deposits 12 32 -------- --------Loss on ordinary activities before and after taxation (872) (1,648) ======== ======== MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 5 - SEGMENTAL REPORTING In the opinion of the Directors the operations of the Group comprise one classof business, oil and gas exploration, development and production and the sale ofhydrocarbons and related activities. The Group currently operates in onegeographical market, the USA, and has a head office and associated corporateexpenses in the UK. NOTE 6 - LOSS PER SHARE The loss per share is calculated based on: Half year ended Year ended -------------------------- -------- 30-Jun 30-Jun 31-Dec 2006 2005 2005 (Unaudited) (Unaudited) Audited Loss for the period ($'000) (792) (807) (1,648) ========= ========= ======== Weighted average number of shares inissue ('000) 69,743 56,593 59,490 ========= ========= ======== NOTE 7 - RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATINGACTIVITIES Half year ended Year ended ------------------------- --------- 30-Jun 30-Jun 31-Dec 2006 2005 2005 (Unaudited) (Unaudited) Audited $000 $000 $000 Loss from operations (806) (825) (1,680) Adjustments for: Depreciation and impairment ofproperty, - - 454plant and equipmentForeign exchange difference 9 (149) (142) --------- --------- --------- (797) (974) (1,368) (Increase)/decrease in debtors (77) 170 454(Decrease)/Increase in creditors 66 54 (122) --------- --------- ---------Net cash consumed by operatingactivities (808) (750) (1,036) --------- --------- --------- MERIDIAN PETROLEUM PLC Restated Interim Unaudited Accounts for the Six Months ended 30 June 2006 NOTE 8 - RETAINED EARNINGS AND OTHER RESERVES Share Share Retained Foreign Total capital premium earnings currency US $000 US $000 US $000 US $000 reserves US $000 Balance at 1 January 2005 5,245 2,808 (1,565) 125 6,613 Total recognised incomeand expense - - (807) (228) (1,035) -------- -------- -------- --------- --------Balance at 30 June 2005 5,245 2,808 (2,372) (103) 5,578 ======== ======== ======== ========= ======== Balance at 1 January 2006 5,925 3,316 (3,213) 7 6,035Shares issued 756 1,599 - - 2,355Total recognised incomeand expense - - (792) 99 (693) -------- -------- -------- --------- --------Balance at 30 June 2006 6,681 4,915 (4,005) 106 7,697 ======== ======== ======== ========= ======== This information is provided by RNS The company news service from the London Stock Exchange