24 May 2010 11:00
24 May 2010
CASPIAN HOLDINGS Plc
("Caspian" or the "Company")
Final Results
Caspian Holdings (AIM:CSH) (the "Company"), the oil and gas development company with assets in the USA announces its audited results for the year ended 31st December 2009.
.
Michael Masterman, CEO of Caspian Holdings commented: "2009 was a year of reorganisation for Caspian Holdings Plc. The Company completed a debt to equity swap with loan holders and major creditors, as announced on 22 May 2009. The debt to equity swap removed the major liabilities from the balance sheet and demonstrated the confidence in the Management of the Company. Following the release of these accounts, the Company intends to proceed with a small capital raising for which it has already received initial commitments".
Extracts from the financial statements follow and a full version is available on the Company's website www.caspianoil.co.uk.
Enquiries:
| Caspian Holdings Plc | Grant Thornton Corporate Finance | Hoodless Brennan |
| Michael Masterman | Gerry Beaney / 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
2009 was a year of reorganisation for Caspian Holdings Plc. The Company completed a debt to equity swap with loan holders and major creditors, as announced on 22 May 2009. The debt to equity swap removed the major liabilities from the balance sheet and demonstrated the confidence in the Management of the Company.
During 2009 the Company focused on its USA energy assets and the first revenue is expected to be received in first half of 2010. Operations are expected to expand in 2010. The Company continue to pursue the initiative to restore legal rights to the Zhengeldy oil field in Kazakhstan and in parallel the options for the sale of equipment.
The 2009 Financial Statements show a small loss after taxation of £74,154 compared to £4,397,146 in the previous year.
We thank all directors and employees, for their support and efforts during the year.
EVENTS SINCE THE BALANCE SHEET DATE
The Supervisory Board in the Civil and Administrative Cases of Kazakhstan's Supreme Court has confirmed the judgment of the Appeal Court to revoke the Zhengeldy sub-soil use contract held by Taraz LLP, a 100% subsidiary of the Company in March 2010. Caspian will seek additional routes to reinstate it's investors' rights in accordance with Kazakhstan.
The Company continues to progress its Kentucky oil field assets in the US with regard to the economics of the current energy markets and after the significant progress with the workover works and despite the difficult weather conditions started the first oil shipments in the first quarter of 2010.
GOING CONCERN
As a result of the debt and equity swap in 2009, the Company was able to remove the major liabilities from its balance sheet.
Based on the Directors expectation that shareholders will support the Company and having received initial commitments for an intended capital placement, the Directors are satisfied that the Group has sufficient resources to continue its operation and to meet its commitments in the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
In the event the Company does not complete the capital raising, the Company will not be able to meet its debt obligations when they fall due and will cease to trade.
CASPIAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2009
|
|
| 2009 | 2008 |
|
| Notes | £ | £ |
| CONTINUING OPERATIONS |
|
|
|
| Revenue |
| - | 48,870 |
| Cost of sales |
| - | (110,093) |
|
|
|
|
|
| GROSS LOSS |
| - | (61,223) |
| Administrative expenses |
| (74,154) | (4,335,923) |
|
|
|
|
|
| OPERATING LOSS |
| (74,154) | (4,397,146) |
|
|
|
|
|
| LOSS BEFORE INCOME TAX | 3 | (74,154) | (4,397,146) |
| Income tax | 4 | - | - |
|
|
|
|
|
| LOSS FOR THE YEAR |
| (74,154) | (4,397,146) |
|
|
|
|
|
| Loss attributable to: |
|
|
|
| Owners of the parent |
| (74,154) | (4,397,146) |
|
|
|
|
|
| Earnings per share expressed |
|
|
|
| in pence per share: | 6 |
|
|
| Basic |
| -0.03 | -3.96 |
| Diluted |
| -0.03 | -3.96 |
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2009
|
|
| 2009 | 2008 |
|
| Notes | £ | £ |
| ASSETS |
|
|
|
| NON-CURRENT ASSETS |
|
|
|
| Investments | 7 | 247,709 | 278,242 |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
| Trade and other receivables | 8 | 13,954 | 23,598 |
| Cash and cash equivalents | 9 | 1,116 | 36,918 |
|
|
|
|
|
|
|
| 15,070 | 60,516 |
|
|
|
|
|
| TOTAL ASSETS |
| 262,779 | 338,758 |
|
|
|
|
|
| EQUITY |
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
| Called up share capital | 10 | 366,066 | 124,648 |
| Share premium | 11 | 10,944,419 | 9,983,895 |
| Retained earnings | 11 | (11,149,494) | (11,102,516) |
|
|
|
|
|
| TOTAL EQUITY |
| 160,991 | (993,973) |
|
|
|
|
|
| LIABILITIES |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Trade and other payables | 12 | 101,788 | 532,762 |
| Financial liabilities - borrowings |
|
|
|
| Interest bearing loans and borrowings | 13 | - | 799,969 |
|
|
|
|
|
|
|
| 101,788 | 1,332,731 |
|
|
|
|
|
| TOTAL LIABILITIES |
| 101,788 | 1,332,731 |
|
|
|
|
|
| TOTAL EQUITY AND LIABILITIES |
| 262,779 | 338,758 |
CASPIAN HOLDINGS PLC
COMPANY STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2009
|
|
| 2009 | 2008 |
|
| Notes | £ | £ |
| ASSETS |
|
|
|
| CURRENT ASSETS |
|
|
|
| Trade and other receivables | 8 | 261,663 | 301,840 |
| Cash and cash equivalents | 9 | 1,116 | 36,918 |
|
|
|
|
|
|
|
| 262,779 | 338,758 |
|
|
|
|
|
| TOTAL ASSETS |
| 262,779 | 338,758 |
|
|
|
|
|
| EQUITY |
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
| Called up share capital | 10 | 366,066 | 124,648 |
| Share premium | 11 | 10,944,419 | 9,983,895 |
| Retained earnings | 11 | (11,149,494) | (11,102,516) |
|
|
|
|
|
| TOTAL EQUITY |
| 160,991 | (993,973) |
|
|
|
|
|
| LIABILITIES |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Trade and other payables | 12 | 101,788 | 532,762 |
| Financial liabilities - borrowings |
|
|
|
| Interest bearing loans and borrowings | 13 | - | 799,969 |
|
|
|
|
|
|
|
| 101,788 | 1,332,731 |
|
|
|
|
|
| TOTAL LIABILITIES |
| 101,788 | 1,332,731 |
|
|
|
|
|
| TOTAL EQUITY AND LIABILITIES |
| 262,779 | 338,758 |
CASPIAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2009
|
|
| 2009 | 2008 |
|
| Notes | £ | £ |
| Cash flows from operating activities |
|
|
|
| Cash generated from operations | 1 | (505,475) | (326,304) |
|
|
|
|
|
| Net cash from operating activities |
| (505,475) | (326,304) |
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
| - | (278,242) |
| Impairment of associates and subsidiary |
| 30,533 | - |
|
|
|
|
|
| Net cash from investing activities |
| 30,533 | (278,242) |
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
| Net loans |
| (799,969) | 23,010 |
| Amount introduced by directors |
| 9,991 | - |
| Share issue |
| 241,418 | 535,200 |
| Share premium |
| 987,700 | - |
|
|
|
|
|
| Net cash from financing activities |
| 439,140 | 558,210 |
|
|
|
|
|
| Decrease in cash and cash equivalents |
| (35,802) | (46,336) |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at beginning of year | 2 | 36,918 | 83,254 |
|
|
|
|
|
| Cash and cash equivalents at end of year |
| 1,116 | 36,918 |
CASPIAN HOLDINGS PLC
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2009
| 1 | RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS | |||
|
|
| 2009 | 2008 | |
|
|
| £ | £ | |
| Loss before income tax |
| (74,154) | (4,397,146) | |
| Impairment losses |
| - | 3,404,230 | |
| Decrease in other provisions |
| - | (61,439) | |
| Reserves and minority interest |
| - | (2,892) | |
|
|
|
|
| |
|
|
| (74,154) | (1,057,247) | |
| Decrease in inventories |
| - | 197,021 | |
| Decrease in trade and other receivables |
| 9,644 | 536,667 | |
| Decrease in trade and other payables |
| (440,965) | (2,745) | |
|
|
|
|
| |
| Cash generated from operations |
| (505,475) | (326,304) | |
|
|
|
|
| |
| 2 | CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
| |
| The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet amounts: | ||||
|
|
|
|
| |
| Year ended 31st December 2009 |
|
|
| |
|
|
| 31.12.09 | 1.1.09 | |
|
|
| £ | £ | |
| Cash and cash equivalents |
| 1,116 | 36,918 | |
|
|
|
|
| |
| Year ended 31st December 2008 |
|
|
| |
|
|
| 31.12.08 | 1.1.08 | |
|
|
| £ | £ | |
| Cash and cash equivalents |
| 36,918 | 83,254 | |