10 Jun 2011 07:00
10 June 2011
Caspian Holdings plc
Final Results
Caspian Holdings (AIM:CSH) ("Caspian" or the "Company"), the oil and gas development company with assets in the USA announces its audited results for the year ended 31 December 2010.
Michael Masterman, CEO of Caspian commented: "2010 was an intensive year for Caspian. On the corporate side the Company made a capital placement of £200,000. The Group continues to monitor different opportunities to increase its portfolio in the USA. Several new initiatives have been undertaken such as the expansion of the Company's strategy at the 2010 AGM to include basic materials (including mining). In the last six months of 2010 the Company pursued different opportunities and identified various prospects which are currently under evaluation."
Extracts from the financial statements follow and a full version is available on the Company's website www.caspianoil.co.uk.
Notice of AGM
Caspian Holdings plc announces that a notice of annual general meeting has been sent to shareholders of the Company. The annual general meeting of the Company has been called for 11am on 1 July 2011 at 18b Charles Street, Mayfair, London, W1J 5DU.
The notice and proxy of general meeting are available to download from the Company's website www.caspianoil.co.uk
Annual Report
Caspian Holdings Plc announces that the annual report of the Company for the year ended 31 December 2010 has been posted to shareholders.
The annual report is also available on the Company's website www.caspianoil.co.uk
Enquiries:
Caspian Holdings Plc | Grant Thornton Corporate Finance | Hoodless Brennan |
Michael Masterman | Fiona Owen / Robert Beenstock | |
T: +44 (0) 7791 288381 | T: +44 (0) 20 7383 5100 | T: +44 (0) 20 7538 1166 |
www.caspianoil.co.uk
CHAIRMAN'S STATEMENT
2010 was an intensive year for Caspian Holdings Plc (the "Company"). On the corporate side the Company made a capital placement of £200,000. The net proceeds from the placing were used to finance the USA oil operations (held via a 50% interest in Black Gold of Kentucky Inc.), the activities on the expansion of USA operations and the current working capital requirements of the Company. The Group continues to monitor different opportunities to increase its portfolio in the USA. Several new initiatives have been undertaken such as expansion of the Company's strategy at the 2010 AGM to include basic materials (including mining). In the last six months of 2010 the Company pursued different opportunities and identified various prospects which are currently under evaluation.
Limited oil production continues at the Barnett Lease in Southern Kentucky, USA (owned through Caspian's 50 per cent. share of Black Gold of Kentucky Inc.). Heavy snow and subsequent heavy rain limited initial production during the first half of 2010. For the rest of the year the production was marginal.
The Company continued to manage costs effective activity during 2010. For 2010 the financial statements show a loss after taxation of £195,796 compared to £74,154 in the previous year.
We would like to thank all directors and employees, in particular Mariyam Musrepova, for their support and efforts during the year.
Yours faithfully,
Michael Masterman
Executive Chairman
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
| Notes | 2010 | 2009 |
| £ | £ | |
CONTINUING OPERATIONS |
|
|
|
Revenue
|
| - | - |
Cost of sales |
| - | - |
GROSS LOSS |
| - | - |
|
|
|
|
Administrative expenses |
| (79,986) | (74,154) |
|
|
|
|
OPERATING LOSS |
| (79,986) | (74,154) |
|
|
|
|
Share of loss of Associate | 7 | (115,810) | - |
|
|
|
|
LOSS BEFORE INCOME TAX | 3 | (195,796) | (74,154) |
|
|
|
|
Income Tax | 4 | - | - |
|
|
|
|
LOSS FOR THE YEAR |
| (195,796) | (74,154) |
|
|
|
|
Loss attributable to: |
|
|
|
Owners of the parent |
| (195,796) | (74,154) |
|
|
| |
Earnings per share expressed in pence per share: | 6 |
|
|
Basic |
| (-0.05) | (-0.03) |
Diluted |
| (-0.05) | (-0.03) |
|
|
|
|
2010 | 2009 | ||
£ | £ | ||
LOSS FOR THE YEAR | (195,796) | (74,154) | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (195,796) | (74,154) | |
Total comprehensive income attributable to: | |||
Owners of the parent | (195,796) | (74,154) | |
Non-controlling interests |
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2010
2010 | 2009 | ||
Notes | £ | £ | |
ASSETS | |||
NON-CURRENT ASSETS | |||
Investment in Associate | 7 | 198,998 | 247,709 |
CURRENT ASSETS | |||
Trade and other receivables | 8 | 4,275 | 13,954 |
Cash and cash equivalents | 9 | 14,476 | 1,116 |
18,751 | 15,070 | ||
TOTAL ASSETS | 217,749 | 262,779 | |
EQUITY | |||
SHAREHOLDERS' EQUITY | |||
Called up share capital | 10 | 446,067 | 366,066 |
Share premium | 11 | 11,064,419 | 10,944,419 |
Retained earnings | 11 | (11,345,290) | (11,149,494) |
TOTAL EQUITY | 165,196 | 160,991 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Trade and other payables | 12 | 52,553 | 101,788 |
Financial liabilities - borrowings | 1 | - | - |
Interest bearing loans and borrowings | 3 | ||
52,553 | 101,788 | ||
TOTAL LIABILITIES | 52,553 | 101,788 | |
TOTAL EQUITY AND LIABILITIES | 217,749 | 262,779 | |
|
The financial statements were approved by the Board of Directors on 8 June 2011 and were signed on its behalf by:
........................................................................
M G Masterman - Director
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Called up share capital | Profit and loss account | Share premium | Total Equity | |
£ | £ | £ | £ | |
Balance at 1st January 2009 | 124,648 | (11,075,340) | 9,983,895 | (966,797) |
Changes in equity | ||||
Issue of share capital | 241,418 | 960,524 | 1,201,942 | |
Total comprehensive income | (74,154) | (74,154) | ||
Balance at 31 December 2009 | 366,066 | (11,149,494) | 10,944,419 | 160,991 |
Changes in equity
| ||||
Issue of share capital | 80,001 | 120,000 | 200,001 | |
Total comprehensive income | (195,796) | (195,796) | ||
Balance at 31 December 2010 | 446,067 | (11,345,290) | 11,064,419 | 165,196 |
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Notes | 2010 | 2009 | ||
Cash flows from operating activities | ||||
Cash absorbed by operations | 1 | (119,542) | (505,475) | |
Cash flows from investing activities | ||||
Impairment of associates and subsidiary | - | 30,533 | ||
Investment in associates and subsidiary | (67,099) | - | ||
Net cash from investing activities | (67,099) | 30,533 | ||
Cash flows from financing activities | ||||
Net loans | - | (799,969) | ||
Amount introduced by directors | - | 9,991 | ||
Share issue | 80,001 | 241,418 | ||
Share premium | 120,000 | 987,700 | ||
Net cash from financing activities | 200,001 | 439,140 | ||
Increase/(decrease) in cash and cash equivalents | 13,360 | (35,802) | ||
Cash and cash equivalents at beginning of year | 1,116 | 36,918 | ||
Cash and cash equivalents at end of year | 14,476 | 1,116 | ||
CASPIAN HOLDINGS PLC
NOTE TO THE CASH FLOW
STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010
1. | RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
| 2010 | 2009 | ||
| £ | £ | ||
Loss before income tax |
| (195,796) | (74,154) | |
Share of loss of Associates |
| 115,810 | - | |
|
|
|
| |
|
|
| (79,986) | (74,154) |
Decrease in inventories |
|
| - | - |
Decrease in trade and other receivables |
|
| 9,679 | 9,644 |
Decrease in trade and other payables |
|
| (49,235) | (440,965) |
Cash absorbed by operations |
|
| (119,542) | (505,475) |