RAM.L Regulatory News (RAM)

28 Feb 2007 17:22

RAM Investment Group PLC28 February 2007 For Immediate Release 28 February 2007 RAM INVESTMENT GROUP PLC UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 NOVEMBER 2006 CHAIRMAN'S STATEMENT Results The results for the six months to 30 November 2006 for RAM Investment GroupPLC ('RAM') show a loss on ordinary activities before taxation of £68,434(2005 - Loss of £206,265). As at 30 November 2006 RAM had net liabilitiesof £263,865 (2005 - Net assets of £10,445). Due to the ongoing legal claim between RAM Media Limited and The Ministryof Culture for Greece the directors deem it prudent to reserve against anyprofitability in RAM Media until the matter is settled. Therefore the results for the Group for the six months ended 30 November2006 reflect the operating overheads of the group. RAM Media Limited Following the announcements on 2 November 2006 and 30 November 2006 RAMMedia filed a claim against the Greek Ministry of Culture on 20 December2006. The contract between the two parties is governed by English law andin the exclusive jurisdiction of the English Courts. As stated in previous announcements RAM Media's legal advisers believe thiscase has a good chance of success. On 8 February 2006 the Ministry of Culture filed a defence andcounterclaim. It is still the opinion of the Board and the Company's legal advisers thatthis defence and counterclaim are without merit. Due to the early stage of this case it is not appropriate to go intofurther detail at this time. Future Prospects Whilst the future of RAM Media Limited is dependent on the success of thecase against the Greek Ministry of Culture, RAM Investment Group continuesto consider a variety of investment opportunities and announcements willfollow when appropriate. Edward Adams Chairman RAM INVESTMENT GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006 Six months to Six months to Year to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £ £ £ Turnover 683,585 106,000 100,000 Cost of sales (682,309) (198,957) (268,957) ____________ ____________ ____________Gross profit/(loss) 1,276 (92,957) (168,957) Administrative expenses (55,960) (114,536) (246,530) ____________ ____________ ____________ Loss on ordinary activities before interest and taxation (54,684) (207,493) (415,487) Other interest receivable and similar income 2,641 1,972 2,504Interest payable and similar charges (16,391) (744) (13,719) ____________ ____________ ____________Profit/(loss) before taxation (68,434) (206,265) (426,702)Tax on profit/(loss) on ordinary activities - - - ____________ ____________ ____________Profit/(loss) on ordinary activities after taxation (68,434) (206,265) (426,702) ============ ============ ============ (1.2)p (3.6)p (7.5)p The profit and loss account has been prepared on the basis that all operationsare continuing operations. There are no recognised gains and losses other than those passing through theprofit and loss account. RAM INVESTMENT GROUP PLC CONSOLIDATED BALANCE SHEET AS AT 30 NOVEMBER 2006 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £ £ £Fixed assetsTangible assets 3,020 4,760 3,600Investments 375,000 - 375,000 ____________ ____________ __________ 378,020 4,760 378,600Current assetsDebtors 49,340 506,923 2,846Cash at bank in hand 256,405 51,092 12,660 ____________ ____________ __________ 305,745 558,015 15,506 Creditors: amounts falling due within one year (947,630) (552,330) (604,073) ____________ ____________ __________ Net current assets/ (liabilities) (641,885) 5,685 (588,567) ____________ ____________ __________ Net assets/(liabilities) (263,865) 10,445 (209,967) ============ ============ ========== Capital and reservesCalled up share capital 10,040,226 10,040,226 10,040,226Share premium account 11,372,145 11,372,145 11,372,145Profit and loss account (21,676,261) (21,401,926) (21,622,363) ____________ ____________ __________Equity shareholders' funds (263,890) 10,445 (209,992)Minority interest - equity 25 - 25 ____________ ____________ __________Equity shareholders' funds (263,865) 10,445 (209,967) ============ ============ ========== The financial statements were approved by the Board on 28 February 2007. ......................................... B E Adams Director RAM INVESTMENT GROUP PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006 Six months Six months Year to to to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £ £ £ Net cash inflow/(outflow) from operating activities 245,388 (229,700) (260,838) Returns on investments and servicingof financeInterest received 2,641 1,972 2,504Interest paid (744) (744) (1,488) __________ __________ __________Net cash inflow/(outflow) for returns on investments and servicing offinance 1,897 1,228 1,016 TaxationUK corporation tax paid - - - Capital expenditure and financialinvestmentPayments to acquire tangible assets - (4,760) (4,760)Investment in Parallel Media Group plc - - (375,000) __________ __________ __________ - (4,760) (379,760) Net cash inflow/(outflow) before financing 247,285 (233,232) (639,582)FinancingIssue of ordinary share capital - - -Other new short term loans - - 375,000Repayment of other short term loans (3,540) - (7,082) __________ __________ __________Net cash inflow/(outflow) from financing - - 367,918 __________ __________ __________(Decrease)/increase in cash in the period 243,745 (233,232) (271,664) ========== ========== ========== RAM INVESTMENT GROUP PLC NOTES TO THE FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006 1. Reconciliation of operating profit/(loss) to net cash outflow fromoperating activities Six months to Six months to Year to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £ £ £ Operating profit/(loss) (54,684) (207,493) (415,489) Depreciation of tangible assets 580 - 1,160 (Increase)/decrease in debtors (46,494) (227,332) 276,772 Increase/(decrease) in creditors 345,986 205,125 (123,281) ____________ ____________ ____________ 245,388 (229,700) (260,838) ============ ============ ============ 2. Analysis of net (debt) / funds 1 June 2006 Cash flow Other 30 November non-cash 2006 changes £ £ £ £ Net cash: Cash at bank and in hand 12,660 243,745 - 256,405 ____________ ____________ ____________ ____________ Debt: Debts falling due within one year (405,914) (12,107) - (418,021) ____________ ____________ ____________ ____________ Net funds/(debt) (393,254) 231,638 - (161,616) ============ ============ ============ ============ 3. Reconciliation of net cash flow to movement in net (debt)/funds Six months to Six months to Year to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) Increase/(decrease) in cash in the period 243,745 (233,232) (271,664) Cash (inflow)/outflow from (increase)/decrease in debt (12,107) 3,541 (380,149) ____________ ____________ ____________ Movement in net (debt)/funds in the period 231,638 (229,691) (651,813) Opening net funds/(debt) (393,254) 258,559 258,559 ____________ ____________ ____________ Closing net (debt)/funds (161,616) 28,868 (393,254) ============ ============ ============ 4. Accounting policies The interim financial statements have been prepared on the basis of theaccounting policies set out in the statutory accounts for the year ended 31May 2006. The financial information does not constitute statutory accounts as definedin Section 240 of the Companies Act 1985. These statements do not require tobe reported on by the auditors. The comparative financial information isbased upon non-statutory, unaudited accounts for the six months ended 30November 2005. 5. Profit/(Loss) per shareProfit / (Loss) per Ordinary Share is calculated by dividing the profit /(loss) attributable to shareholders by the weighted average number of shares inissue during the year. Six months Six months Year to to to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £ Profit / (Loss) attributable to shareholders (68,434) (206,265) (426,704) Weighted average number of shares 5,667,900 5,667,900 5,677,900 Profit / (Loss) per Ordinary Share - basic and diluted (1.2)p (3.6)p (7.5)p Note to the announcement: Copies of the interim statement have been posted to shareholders and areavailable free of charge from: 2nd Floor, Supreme House, 300 Regents Park Road,London, N3 2TL. This information is provided by RNS The company news service from the London Stock Exchange