Secure Prop Regulatory News (SPDI)

27 Sep 2007 07:03

Aisi Realty Public Limited27 September 2007 Aisi Realty Public Limited Interim Results Aisi Realty Public Limited ("Aisi" or "the Company"), a closed-ended investmentcompany focusing on real estate development projects and related investments inand around the major population centres of Ukraine, is pleased to announce itsinterim results for the six months ended 30 June 2007. On 1st August the Company successfully completed its admission to AIM and raiseda further $33.1m to be invested in real estate projects in Ukraine. This followson from successful fundraisings of over $67m the Company previously completed. In addition to the five projects the Company held at the time of admission to AIM, the Company recently acquired an outdoor advertising business. Net Asset Value As at 30 June 2007 the Company's Adjusted Net Asset Value, following certain adjustments made by the Investment Manager, was $73,651,788. This represents an Adjusted Net Asset Value per share of $0.64. Outlook The Company's projects remain on target and continue to make good progress. The real estate market in Ukraine, particularly for development projects, remains strong and a significant number of investment opportunities are currently being reviewed. Paul Ensor, Chairman Enquiries Aisi Realty:Beso Sikharulidze 0038 044 459 3000 Corfin Communications:Neil Thapar, William Cullum 020 7977 0020 Libertas Capital:Andrew Hardy, Aamir Quraishi 020 7569 9650 Consolidated Income Statements In US Dollars Six months Six months Year ended ended ended 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) Profit from sale ofinvestment in subsidiaryundertakings 883.301 - -Increase in fair value ofinvestment 991.504 9.654.446 14.110.087propertyGeneral and administrativeexpenses (1.810.443) (662.981) (3.532.597)Other operatingincome/(expense) net (205) (63.008) (5.481) ------- ---------- --------- Profit/(loss) from operations 64.157 8.928.457 10.572.009Finance income/(expense) net (90.646) (7.111) 3.994 ---------- --------- ------- Profit/(loss) before tax (26.489) 8.921.346 10.576.003Income tax expense (252.970) (2.413.612) (4.511.103) ----------- ------------- ------------- Profit/(loss) for theperiod/year (279.459) 6.507.734 6.064.900 ======== ======== ======== Attributable to: Equity holders of the parent (268.841) 6.507.734 2.812.891Minority interests (10.618) - 3.252.009 ----------- ------------- ------------- (279.459) 6.507.734 6.064.900 ======== ======== ======== Consolidated Balance Sheets In US Dollars Six months Six months Year ended ended ended 31 December 30 June 2007 30 June 2006 2006 (unaudited) (unaudited) (audited) Non-current assetsInvestment property 29.894.205 15.098.446 25.176.948Property, plant and equipment 56.962 9.135 64.418Advances for investments 10.000.000 1.000.000 - ------------ ------------ ------------ 39.951.167 16.107.581 25.241.366 ------------ ------------ ------------ Current assetsAdvances to related parties 126.656 - 120.000Prepayments and other currentassets 931.721 283.854 222.388Cash and cash equivalents 35.739.306 2.944.678 373.473 ------------ ----------- --------- 36.797.683 3.228.532 715.861 ------------ ----------- ---------Total assets 76.748.850 19.336.113 25.957.227 ------------ ------------ ------------ Current liabilitiesAccounts payable and accruals 2.189.714 339.154 2.245.300Due to related parties 771.757 1.070.480 608.823Income tax payable 77.462 - 77.462Current portion of financelease 8.878 - 8.878 ------------ ------------ ------------ 3.047.811 1.409.634 2.940.463 ----------- ----------- ----------- Non-current liabilitiesLong-term portion of financelease 45.164 - 48.966Deferred tax liability 4.686.610 2.413.612 4.433.641 ----------- ----------- ----------- 4.731.774 2.413.612 4.482.607 ----------- ----------- -----------Total liabilities 7.779.585 3.823.246 7.423.070 ----------- ----------- ----------- Net assets 68.969.265 15.512.867 18.534.157 ======== ======== ======== EquityShare capital 64.478.521 9.711.645 13.121.395Retained earnings 2.276.656 5.801.222 2.545.497 ----------- ----------- ----------- 66.755.177 15.512.867 15.666.892Minority interests 2.214.088 - 2.867.265 ------------ ------------ ------------Equity shareholders' funds 68.969.265 15.512.867 18.534.157 ========= ========= ========= Consolidated Cash Flow Statements In US Dollars Six months Six months ended ended 30 June 2007 30 June 2006 (unaudited) (unaudited) Cash flows from operating activitiesProfit/(loss) before tax (26.489) 8.921.347Adjustments for:Depreciation 6.442 -Change in unrealized gains/losses 722.514 -Profit from sale of investments insubsidiary undertakings (883.301) -Capitalization of the property relatedexpenses (139.586) -Gain on revaluation of investmentproperty (991.504) (9.654.446) ----------- -------------Operating profit/(loss) before workingcapital changes (1.311.924) (733.099)(Increase)/decrease in advances forinvestments (10.000.000) 244.000(Increase)/decrease in prepayments andother current assets (709.333) (245.653)(Increase)/decrease in trade and otherpayables (2.198.439) 99.859(Increase)/decrease in advances/payablesto related parties 156.278 1.070.480Increase in minority shareholders'liability (1.067.941) (9.136) ----------- -------------Net cash used in operating activities (13.819.435) 1.159.550 Cash flows from investing activitiesProceeds from sale of investment insubsidiary undertakings 3.000.000 (5.444.000)Purchases of investments (6.000.000) -Purchases of property, plant andequipment (2.788) - ----------- -------------Net cash used in investing activities (3.002.788) (5.444.000) Financing activitiesProceeds from shareholders'contributions 53.499.980 7.900.000 ------------ -----------Net cash provided by financingactivities 53.499.980 7.900.000 ------------ ----------- Net increase in cash and cashequivalents 35.365.833 2.882.451Cash and cash equivalents at thebeginning of the period/year 373.473 62.227 --------- -------- Cash and cash equivalents at the end ofthe period/year 35.739.306 2.944.678 ======== ======= Consolidated Statements of Changes in Equity In US Dollars Revaluation Retained Minority Share capital reserve Earnings Interest Total Balance as atJanuary 2007 13.121.395 6.825.916 (4.280.419) 2.867.265 18.534.157Payments forshares issuedin 2006 1.499.980 - - - 1.499.980Shares issued 52.000.000 - - - 52.000.000Capitalraising costs (2.142.854) - - - (2.142.854)Minorityinterest frompurchases andsales ofsubsidiaries - - - (642.559) (642.559)Profit for theperiod - 651.504 (920.345) (10.618) (279.459) ------- --------- ----------- ---------- ----------- Balance as at30 June 2007 64.478.521 7.477.420 (5.200.764) 2.214.088 68.969.265 ======== ======== ======== ======= ======== Notes to the interim Financial Statements 1. Statement of compliance These interim consolidated financial statements for the six months ended 30 June2007 and the comparative figures for the six months ended 30 June 2006 have beenprepared on the basis of the accounting policies set out in consolidatedfinancial statements for the year ended 31 December 2006 in so far asapplicable, as to the measurement and presentation in accordance withInternational Accounting Standards ("IAS") and International Financial ReportingStandards ("IFRS") promulgated by the International Accounting Standards Board("IASB") up to the date of this announcement and applicable to the Group for thereporting period. The accounting policies are consistent with those that the Directors intend touse in the annual IFRS consolidated financial statements for the year ending 31December 2007. The interim results for the six months ended 30 June 2007 were approved by theBoard of Directors on 24 September 2007. 2. Share Capital In US 2007 2007 2007 2006 2006 2006Dollars No. Of Share Share No. Of Share Share Shares Capital Premium Shares Capital PremiumAuthorised Ordinaryshares ofCY£0.01 each 875.000.000 500.000.000 ------------- ------------- Issued andfully paidOn 1 15.024.981 332.508 13.192.493 2.100.000 42.000 2.058.000JanuaryIssues ofshares inApril 2006 - - - 7.900.000 158.000 7.742.000Paymentsreceivedfromshareholdersfor shares - - 1.499.980 - - -issued in2006Issues ofshares inMarch 2007 45.000.000 900.000 44.100.000 - - -Additionalsharesrelatedtoconversion 45.018.746 - - - - -at 7:4 inApril 2007Issues ofshares inJune 10.937.500 218.750 6.781.250 - - -2007 ----------- --------- ---------- ------ ----- ----- At 30 June 115.981.227 1.451.258 65.573.723 10.000.000 200.000 9.800.000 =========== ========= ========== ========== ======= ========= Additional 50.210.601 ordinary shares were issued in connection to $33,1 millionraised during the admission to AIM on 1st August 2007. 3. Net Asset Value per Share The per-share computations retroactively reflect the changes in number of sharesoccurred as a result of conversions in March 2006 and April 2007. Net assetvalue per share of $0,64 is calculated based on the adjusted net assets and onordinary shares of 115.981.227 outstanding at the end of the period. TheInvestment Manager believes that the adjustments made fairly reflect the netasset value as at 30 June 2007. This information is provided by RNS The company news service from the London Stock Exchange