ZOL.L Regulatory News (ZOL)

10 Aug 2006 10:47

Crosby Capital Partners Inc10 August 2006 Crosby Capital Partners Inc. Interim Results - Six months ended 30 June 2006 Another exceptionally strong financial performance in first six months of 2006 Robust balance sheet and continued growth in all areas of the business London, August 10th 2006: Crosby Capital Partners (AIM: CSB), a leadingindependent, deal-focused, Asia-oriented merchant banking and asset managementgroup, today announces its interims results for the six months ended June 30th. Financial Highlights • Total income - US$86.1 million (2005: US$55.4 million) • Profit attributable to shareholders - US$70.3 million (2005: US$47.1 million) • Shareholder equity - US$223.1 million (2005: US$97.3 million) • Earnings per share - US$28.97 cents (US$19.98 cents) • Assets under management - over US$1 billion (2005: US$650 million) Operational Highlights • Merchant Banking business continues to perform strongly with a large deal pipeline, including new offer for Australian listed Marathon Resources • Continued increase in assets under management • Further operational and financial progress at IB Daiwa • Lodore Resources sees successful exploration with commercially exploitable oil and gas reservoirs at both Kami and Big Mouth Bayou prospects • Darcy Energy significantly increases oil and gas reserves through development of existing fields and acquisition of Grand Isle, a field previously operated by BP. Commenting on the results today, Simon Fry, Chief Executive Officer said: "Following the exceptional performance in 2004 and 2005, the first half of 2006has been a successful and important period at Crosby, and has created the basisfor another strong financial performance for the full year. Much of the successof the first six months has been made possible by visible operational andfinancial progress at IB Daiwa, however, a considerable amount of less visiblework has been undertaken to bring our pipeline of deals in our core MerchantBanking division, closer to the final stages of their execution when they can bepublicly announced." Robert Owen, Chairman, commented: "The second quarter of 2006 was Crosby's eighth consecutive profitable quarter,a notable achievement given the intermittent nature of the earnings in Crosby'score merchant banking business. Crosby continues to benefit from anexceptionally talented team of executives and staff. I am confident that theirhard work and financial acumen over the last six months has reinforced Crosby'sability to meet its objective of providing shareholders with an exceptionalrisk-adjusted total return over the medium term." Contact: Simon Fry, Chief Executive Officer on +44 20 7590 2800 Steve Fletcher, Chief Operating Officer on +44 20 7590 2800 CHAIRMAN'S REPORT I am pleased to report another excellent financial performance during the firstsix months of 2006: total income of US$86.1 million, operating profit of US$66.2million and profit attributable to shareholders of US$70.3 million all showed asignificant improvement over the first half of 2005, itself an exceptionallyprofitable year. The second quarter of 2006 was Crosby's eighth consecutiveprofitable quarter-an achievement that I believe is worthy of special note,given the intermittent nature of the earnings in our core merchant bankingbusiness. The Company further strengthened its balance sheet: cash reserves increased80.9% to US$18.9 million, shareholder's equity increased 47.9% to US$223.1million, and we continue to operate with no long term debt. Since Crosby'sshares were admitted to trading on the AIM market of the London Stock Exchangein May 2004, shareholders' equity has increased by 2,223% and now stands at US$223.1 million. During first half of the year Crosby assisted IB Daiwa (the Jasdaq listedpure-play natural resource company in which Crosby owns a 24.02% stake) to buildupon the major restructuring that was undertaken during the second half of lastyear. Both of IB Daiwa's US oil and gas operating subsidiaries recordedsignificant achievements during this period: Lodore Resources drilled two wellsand found commercial reserves of gas in both, and Darcy Energy increased itsreserves estimates substantially following its acquisition of two leases atGrand Isle in the Gulf of Mexico. The Chief Executive's review contains a more detailed summary of the progress atboth Crosby and IB Daiwa. Crosby continues to benefit from an exceptionally talented and well-integratedteam of executives and staff. Their hard work and financial acumen over the lastsix months has reinforced Crosby's ability to meet its objective of providingshareholders with an exceptional risk-adjusted total return over the mediumterm. Robert Owen ChairmanCHIEF EXECUTIVE OFFICER'S REVIEW & OUTLOOK The first half of 2006 was another successful period for Crosby. Significantprogress was made at IB Daiwa and a number of transactions within our pipelineof future deals advanced towards the final stages of their execution, which isalso, typically, when they become public. Progress at IB Daiwa In January, IB Daiwa announced that drilling at Kami, the first well in thedrilling programme of Lodore (a 100% owned US oil and gas subsidiary) and arelatively small prospect within Lodore's overall portfolio, had discovered acommercially exploitable gas reservoir. The well commenced production in May andLodore received its first revenue from gas sales in June. The swift transitionfrom discovery to production to cash flow confirms our belief in the attractionof an oil and gas exploration programme that is based in a mature market such asthe United States where a significant amount of work and analysis, ranging from3D seismic data, to information collated from production in the immediate regionis available on very high quality prospects. In March IB Daiwa arranged a farm-out agreement with Techpacific Capital Limited(Crosby Capital Partners' parent company, listed in Hong Kong) in whichTechpacific provided US$42.5 million to fund the drilling cost of three of themore immediate prospects within the Lodore portfolio (the prospects known as BigMouth Bayou, North West Kaplan and Endeavor). In return, Techpacific secured a35% working interest in each of the prospects whilst Lodore retained a 40%interest. In May, IB Daiwa announced that drilling at one of these prospects, Big MouthBayou, had discovered a relatively small deposit of oil-bearing sands at 7,100feet, and two far more extensive deposits of gas-bearing sands at approximately15,100 feet and 15,400 feet (the "CR sands"). Subsequent drilling alsoencountered multiple gas shows and evidence of extensive gas-bearing sandswithin the two regions that were the initial main targets of the drilling: theCamerina and Miogyp sands. In July, IB Daiwa confirmed that the gas discoveries within the CR sands wouldbe the most commercially viable reservoirs from which to produce from thecurrent well, and placed an initial conservative estimate of the reserves ofbetween 10 bcfe to an amount in excess of 100 bcfe and of an initial flow rateof 20 mmcfe per day. With production scheduled to start by the first quarter of2007 IB Daiwa looks set to quickly benefit from this substantial and stable cashflow. It was also announced that, pending a detailed analysis of the data gatheredduring the drilling of the well, a further production well or wells is likely tobe necessary. This exercise will both maximise the production from the CRdiscovery and explore the possibility that the gas-bearing Camerina and Miogypsands may exist as commercially exploitable formations and that additional bandsof CR sands exist elsewhere within the 4,500 acres of the Big Mouth Bayoucomplex. The next six months will continue to provide shareholders and the market ingeneral with a number of important events relating to Lodore Resources. Not onlydoes Lodore Resources have a high impact exploration programme planned for thesecond half of 2006, but it will also benefit from production from the firstwell at Big Mouth Bayou. It now looks likely that Lodore Resources alone willpossess production (on a net basis) of at least 10mmcfe per day of gas,excluding oil sales, from its ownership of Kami and Big Mouth Bayou, and withoutany further development or exploration. Indeed, as of the time of writing this report, drilling has commenced at thePlum Deep prospect on Padre Island. This is part of an initial four wellprogramme in this location, and Plum Deep is a well in which Lodore has a 37.5%working interest in joint venture with Golden Gate Petroleum, the operator, andPantheon Resources. Padre Island is situated in a proven hydrocarbon producing area, and theprospects lie between geologically similar discoveries offshore at Stirrup (madeby Spinnaker in 2001) and onshore at the King Ranch fields operated byExxonMobil. Historically, drilling at Padre Island has been to shallower depths,where substantial volumes of natural gas have been found. Over 20 fields havebeen developed in the immediate vicinity, and these fields producedapproximately 1.7 trillion cubic feet (approx. 50 billion cubic metres) of gasbefore they were depleted and shut in. Plum Deep's operator, Golden Gate Petroleum, has placed a P50 gross unriskedprospective resource estimate of 293 bcfe on the prospect. If all goes accordingto plan, drilling at Plum Deep should reach its target depths by the middle ofOctober. Drilling is also scheduled for later in the year at Endeavor (a deep multistructured prospect with excellent potential for success and a mean prospectiveresource of 150 bcfe) and North West Kaplan (a smaller but low risk prospectwith mean prospective resources of 50 bcfe). Both of these lease areas lie insouth-western Louisiana, in close proximity to the Big Mouth Bayou and Kamiwells. As with Big Mouth Bayou, Lodore owns a 40% working interest in eachprospect. There were also positive developments during the period under review at IBDaiwa's other 100% owned US oil and gas subsidiary, Darcy Energy. This companyhas developed rapidly since IB Daiwa acquired the company in December 2005:investments made in the past six months have positioned the company to benefitfrom a significant increase in cash flow from production, whilst at the sametime enabling the company to acquire valuable new development acreage. As Darcycontinues to successfully expand and develop the properties within itsportfolio, we look forward to reporting on further events that will demonstratethe value of the Darcy business within IB Daiwa. More specifically at Darcy Energy, two leases were acquired in April, at GrandIsle in the Gulf of Mexico. Following a recently completed independent audit,Grand Isle has 1P reserves of 14.2 bcfe and 3P reserves of 122.7. Theindependent audit also upgraded the reserve estimates at the East Cameron andMain Pass fields. Darcy Energy, whilst continuing to provide high quality cashflow from its existing production facilities in the Gulf of Mexico, is activelybidding for a number of other leases in the immediate vicinity of its area ofexpertise and knowledge. Darcy Energy in particular, and our gas production ingeneral at IB Daiwa is benefiting from a sharp increase in gas prices in thelast week of July and the first week of August. In March Crosby exercised its remaining IB Daiwa warrants and also divested asmall number of its IB Daiwa shares to bring its total holding (through twowholly-owned subsidiaries) to 102,425,000 shares or 24.02% of the company as atJune 30. Crosby remains firmly committed to IB Daiwa and we are convinced that the hardwork and the management and operating changes of the last twelve months havecreated the potential for a further significant re-rating of the company. Asevents unfold over the coming six months I believe that the already importantpart that IB Daiwa has played for Crosby to date will become enhanced as theshare price starts to reflect the underlying value and growth of the newbusiness at IB Daiwa. The Merchant Banking Division In March Crosby allowed it's A$1.35 per share bid for Tethyan to lapse. On 23March 2006 Antofagasta, the FTSE-100 Chilean mining company, raised its offer toA$1.40 per share. This represented a premium of 189% to Tethyan's share priceimmediately prior to Crosby launching is bid for Tethyan in May 2005. In July the merchant banking team made an unsolicited A$0.64 per share offer forMarathon Resources Ltd., an ASX listed, uranium exploration company withprospects in South Australia. Although this is a relatively small deal, webelieve that the Marathon offers Crosby the potential to benefit from veryattractive returns post privatisation. I look forward to following the progressof this deal in the coming months. Crosby Asset Management As previously reported we are also very focussed on the continued development ofour asset management business and it pleasing to report that, fuelled bycontinued growth in Crosby's Wealth Management business, we have also madefurther progress in this area during the first half of 2006. As I mentioned at the start of the 'Review & Outlook', following the exceptionalperformance in 2004 and 2005, the first half of 2006 has been an importantperiod of consolidation at Crosby that has created the basis for another strongperformance for the full year. The solid financial achievement of the first sixmonths has been supplemented with a great deal of progress at IB Daiwa and aconsiderable amount of work bringing our pipeline of deals under developmentcloser to the final stages of their execution when they become public. Theseefforts will underpin our performance in the second half of the year, and weremain focused on, and are confident of bringing further new and importanttransactions to the fore, and I look forward to being able to report on thesetransactions in due course. Once again I would like to thank all our shareholders for their continuingsupport. Simon Fry Chief Executive Officer INDEPENDENT REVIEW REPORT TO CROSBY CAPITAL PARTNERS INC. INTRODUCTION We have been instructed by the Company to review the financial information forthe six months ended 30 June 2006 which comprises the consolidated incomestatement, consolidated balance sheet, consolidated statement of changes inequity, consolidated cash flow statement and the related notes 1 to 12. We haveread the other information contained in the interim report which comprises onlythe Highlights, the Chairman's Report and the Chief Executive Officer's Reviewand Outlook and considered whether it contains any apparent misstatements ormaterial inconsistencies with the financial information. Our responsibilities donot extend to any other information. This report is made solely to the Company in accordance with guidance containedin APB Bulletin 1999/4 "Review of Interim Financial Information". Our reviewwork has been undertaken so that we might state to the Company those matters weare required to state to them in a review report and for no other purpose. Tothe fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the Company for our review work, for this report, or forthe conclusions we have formed. DIRECTORS' RESPONSIBILITIES The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. They areresponsible for preparing the interim report and ensuring that the accountingpolicies and presentation applied to the interim figures should be consistentwith those applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. REVIEW WORK PERFORMED We conducted our review in accordance with guidance contained in Bulletin 1999/4"Review of Interim Financial Information" issued by the Auditing Practices Boardfor use in the United Kingdom. A review consists principally of making enquiriesof management and applying analytical procedures to the financial informationand underlying financial data and, based thereon, assessing whether theaccounting policies and presentation have been consistently applied unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance withInternational Standards on Auditing (UK and Ireland) and therefore provides alower level of assurance than an audit. Accordingly, we do not express an auditopinion on the financial information. REVIEW CONSLUSION On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2006. GRANT THORNTON UK LLP CHARTERED ACCOUNTANTS BIRMINGHAM 10 August 2006 Consolidated Income Statement Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2006 2005 2005 Note US$'000 US$'000 US$'000Continuing operations Turnover 4 3,807 3,296 7,370Gain on financial assetsat fair value throughprofit or loss 9 80,483 51,772 142,650Other income 1,775 335 728 -------- --------- ---------Total income 86,065 55,403 150,748 Administrative expenses (17,669) (6,526) (19,474)Distribution expenses (42) (80) (152)Other operating expenses (2,174) (1,999) (5,917) -------- --------- ---------Profit from operations 5 66,180 46,798 125,205 Finance cost (545) - -Negative goodwill released 959 - -Share of profits of ajointly controlled entity 5 - 26Share of (losses)/profits ofassociates (129) 188 246 -------- --------- ---------Profit before taxation 66,470 46,986 125,477 Taxation expense 6 (97) - (149) -------- --------- --------- Profit for the period 66,373 46,986 125,328 -------- --------- --------- Attributable to:Equity holders of the Company 70,259 47,063 111,532Minority interests (3,886) (77) 13,796 -------- --------- --------- Profit for the period 66,373 46,986 125,328 -------- --------- --------- Earnings per share for profit attributable US cents US cents US centsto the equity holders of the Companyduring the period- Basic 7 28.97 19.98 47.07 ======== ========= =========- Diluted 7 28.06 19.00 45.10 ======== ========= ========= Consolidated Balance Sheet Unaudited Unaudited Audited 30 June 30 June 31 December 2005 2006 2005 Note US$'000 US$'000 US$'000 ASSETS AND LIABILITIES Non-current assetsProperty, plant and equipment 582 629 590Interests in associates 467 468 520Interests in a jointly controlledentity 94 - 59Available-for-sale investments 225 199 209Intangible assets 569 562 562----------------------- ------- -------- --------- --------- 1,937 1,858 1,940Current assetsAmounts due from parent and 22 179 783related companiesTrade and other receivables 8 2,517 9,371 10,337Financial assets at fair value 9 231,122 87,810 148,936through profit or lossCash and cash equivalents 18,896 7,167 10,443----------------------- ------- -------- --------- --------- 252,557 104,527 170,499----------------------- ------- -------- --------- --------- Total assets 254,494 106,385 172,439----------------------- ------- -------- --------- --------- LIABILITIES Current liabilitiesAmounts due to parent and (26) (12) -related companiesTrade and other payables 10 (10,188) (3,014) (1,595)Deferred income (12) (12) (25)Provision for taxation (96) (58) (82)Other loans 11 (5,021) - ------------------------ ------- -------- --------- --------- Total liabilities (15,343) (3,096) (1,702)----------------------- ------- -------- --------- --------- EQUITY Share capital 12 2,427 2,356 2,394 Reserves 220,713 94,914 148,451----------------------- ------- -------- --------- ---------Equity attributable to equityholders of the parent company 223,140 97,270 150,845 Minority interests 16,011 6,019 19,892----------------------- ------- -------- --------- --------- Total equity 239,151 103,289 170,737----------------------- ------- -------- --------- --------- Total equity and liabilities 254,494 106,385 172,439----------------------- ------- -------- --------- --------- Share Share Capital Employee Foreign Investment Profit and Minority Total revaluation loss interests equity capital premium reserve share-based exchange reserve account compensation reserve reserve US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 At 1 January2006 2,394 4,321 23,455 918 (193) (2) 119,952 19,892 170,737Issue of new 33 1,594 - (385) - - - - 1,242shares uponexercise ofshare options Employee - - - 681 - - - - 681share-basedcompensation Profit/(loss)for the - - - - - - 70,259 (3,886) 66,373period Effect onsharerepurchase ofa subsidiary - - - - - - - (125) (125) Capitalcontributionfrom minorityshareholders - - - - - - - 130 130 Exchangedifference onconsolidation - - - - 113 - - - 113--------- ------ ------ ------- -------- ------ ------- ------ ------ ------At 30 June 2,427 5,915 23,455 1,214 (80) (2) 190,211 16,011 239,1512006--------- ------ ------ ------- -------- ------ ------- ------ ------ ------ Equity attributable to equity holders of the Company ------------------------------------ Share Share Capital Employee Foreign Investment Profit revaluation and loss Minority Total capital premium reserve share-based exchange reserve account interests equity compensation reserve reserve US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000At 1 January2005 2,356 3,810 23,440 - (302) - 20,387 6,096 55,787 Employee - - - 431 - - - - 431share-basedcompensation Profit/(loss)for the - - - - - - 47,063 (77) 46,986period Deficit onrevaluation - - - - - (1) - - (1) Exchangedifference onconsolidation - - - - 86 - - - 86 --------- ------ ------ ------ -------- ------- ------- ------ ------ ------At 30 June 2,356 3,810 23,440 431 (216) (1) 67,450 6,019 103,2892005 ------ ------ ------ -------- ------- ------- ------ ------ ------ Consolidated Statement of Changes in Equity Equity attributable to equity holders of the Company Condensed Consolidated Cash Flow Statement Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2006 2005 2005 US$'000 US$'000 US$'000Net cash outflow from operatingactivities (5,395) (4,518) (17,591) Net cash inflow from investingactivities 13,428 6,317 33,564 Net cash inflow/(outflow) fromfinancing activities 412 - (10,913)--------------------- ----------- ---------- ----------- Net increase in cash and cashequivalents 8,445 1,799 5,060 Cash and cash equivalents as at 10,443 5,367 5,367start of period Effect of exchange rate fluctuations 8 1 16--------------------- ----------- ---------- -----------Cash and cash equivalents as at end ofperiod 18,896 7,167 10,443--------------------- ----------- ---------- ----------- Notes to the Interim report 1. Basis of preparation The Company was incorporated in the Cayman Islands, which does not prescribe theadoption of any particular accounting framework. The Board has therefore adoptedInternational Financial Reporting Standards (IFRS) adopted by the InternationalAccounting Standards Board. The interim financial statements have been preparedin accordance with IFRS and with the applicable disclosure provisions of theRules Governing the Listing of Securities on the Alternative Investment Marketof The London Stock Exchange. The interim financial statements are prepared onthe historical cost basis except for certain financial instruments. It should be noted that accounting estimates and assumptions are used inpreparation of the interim financial statements. Although these estimates arebased on management's best knowledge of current events and actions, actualresults may ultimately differ from those estimates. The interim financial information contained in this report does not constitutestatutory accounts within the meaning of Section 240 of the Companies Act 1985.The full accounts for the year ended 31 December 2005 received an unqualifiedreport from the auditors and did not contain a statement under Section 237(2) or(3) of the Companies Act 1985. The interim financial statements are unaudited but have been reviewed by theAuditors. A copy of the Auditor's review is included within this interimfinancial information. 2. Principal accounting policies The interim report has been prepared in accordance with IFRS, includingInternational Accounting Standard 34 "Interim Financial Reporting". The same principal accounting policies and methods of computation are followedas the annual report published by the Company on 16 March 2006. 3. Segment Information As defined under International Accounting Standard 14, the only materialbusiness segment the Group has is that of investment banking as asset managementcontributes less than 10% of Group total revenue. 4. Turnover Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2005 2006 2005 US$'000 US$'000 US$'000---------------------- --------- ---------- ----------- Corporate finance and other 273 1,350 1,851advisory feesFund management fee income 439 586 1,089Wealth management servicesfees 3,095 1,360 4,430---------------------- --------- ---------- ----------- 3,807 3,296 7,370---------------------- --------- ---------- ----------- 5. Profit from operations Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2005 2006 2005 US$'000 US$'000 US$'000---------------------- --------- ---------- ----------- Profit from operations isarrived at after charging:Auditors' remuneration 63 61 145Depreciation 161 140 321Operating leases charges inrespect of 282 227 442rented premisesForeign exchange losses, net 111 141 220---------------------- --------- ---------- ----------- 6. Taxation expense Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2005 2006 2005 US$'000 US$'000 US$'000---------------------- --------- ---------- ----------- Current tax - United Kingdom 97 - 143 - Overseas - - 6---------------------- --------- ---------- ----------- 97 - 149---------------------- --------- ---------- ----------- United Kingdom and overseas income tax for the period have been calculated atthe rates prevailing in the relevant jurisdictions. The Group has significant unrelieved tax losses, the utilisation of which isuncertain and consequently no deferred tax asset has been recognised. (30 June2005: US$Nil; 31 December 2005: US$Nil). 7. Earnings per share Number of sharesWeighted average number of shares for calculating basic earningsper share 242,491,298 Effect of dilutive potential ordinary shares: 7,908,456Share options Weighted average number of shares for calculating dilutedearnings per share 250,399,754 The calculation of the basic earnings per share for the six months ended 30 June2006 is based on the profit attributable to equity holders of the Company ofUS$70,259,002 (30 June 2005: US$47,063,000; 31 December 2005: US$111,532,204)and the weighted average number of ordinary shares of 242,491,298 (30 June 2005:235,600,000 ; 31 December 2005: 236,935,616). The calculation of diluted earnings per share for the six months ended 30 June2006 is based on the profit attributable to equity holders of the Company ofUS$70,259,002 (30 June 2005: US$47,063,000; 31 December 2005: US$111,532,204)and the weighted average number of ordinary shares in issue during the periodafter adjusting for the number of dilutive potential ordinary shares grantedunder the Company's share option scheme of 250,399,754 (30 June 2005:247,702,297; 31 December 2005: 247,321,258). None of the dilutive shares relateto interest or similar expense recognisable in profit and loss for the period. 8. Trade and other receivables Unaudited Unaudited Audited 30 June 30 June 31 December 2006 2005 2005 US$'000 US$'000 US$'000Trade receivables -gross 1,369 1,611 651Less: provision for impairment ofreceivables (22) (248) (22) ---------------------- ---------- ---------- ----------Trade receivables - net 1,347 1,363 629Other receivables 404 7,318 8,919Deposits and prepayments 766 690 789 ---------------------- ---------- ---------- ---------- Total 2,517 9,371 10,337 ---------------------- ---------- ---------- ---------- The fair value of trade and other receivables is considered by the directors notto be materially different from carrying amounts. The Group allows a credit period ranging from 15 to 45 days to its clients. At 30 June 2006, included in trade and other receivables are trade receivablesof approximately US$1,347,000 (30 June 2005: US$1,363,000; 31 December 2005:US$629,000) aged as follows: Unaudited Unaudited Audited 30 June 30 June 31 December 2006 2005 2005 US$'000 US$'000 US$'000 0 - 30 Days 315 1,295 22031 - 60 Days 759 - 20561 - 90 Days 35 65 204Over 90 Days 238 3 - ---------------------- ---------- ----------- ---------- 1,347 1,363 629 ---------------------- ---------- ----------- ---------- 9. Financial assets at fair value through profit or loss Unaudited Unaudited Audited 30 June 30 June 31 December 2006 2005 2005 US$'000 US$'000 US$'000Held for trading Listed securities: - Equity securities - Japan 188,543 35,450 91,861 - Equity securities - Australia 8,224 675 819 - Equity securities - UK 23,140 52 32,041 --------------------- ------------ ----------- -----------Fair value of listed securities 219,907 36,177 124,721 Unlisted securities - Equity securities - Japan - 41,238 13,273 - Equity securities - Australia 273 - - - Equity securities - Mauritius 10,842 10,295 10,842 --------------------- ------------ ----------- -----------Fair value of unlisted securities 11,115 51,533 24,115 Others - 100 - --------------------- ------------ ----------- ----------- 231,022 87,810 148,836 --------------------- ------------ ----------- ----------- Designated as fair value throughprofit or loss on initial recognitionUnlisted securities: - Equity securities - UK 100 - 100 --------------------- ------------ ----------- ----------- Total 231,122 87,810 148,936 --------------------- ------------ ----------- ----------- The movement in financial assets held at fair value through profit or loss is asfollows:- Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2006 2005 2005 US$'000 US$'000 US$'000 At 1 January 148,936 49,227 49,227Additions 42,253 31,954 16,971Disposals (40,550) (45,090) (59,912)Gain on fair value through 80,483 51,772 142,650profit or lossOther - (53) - --------------------- ------------ ----------- -----------At 30 June/ 31 December 231,122 87,810 148,936--------------------- ------------ ----------- ----------- 10. Trade and other payables Unaudited Unaudited Audited 30 June 30 June 31 December 2005 2005 2005 US$'000 US$'000 US$'000 Other payables 975 374 974Accrued charges 9,213 2,640 621 --------------------- ------------ ----------- ----------- Total 10,188 3,014 1,595 --------------------- ------------ ----------- ----------- The Group had no trade creditors throughout the periods. The fair value of trade and other payables is considered by the directors not tobe materially different from carrying amounts. 11. Other loans Other loans are interest-bearing at 6.5% per annum and are repayable in full in12 months from the drawdown date on 8 June 2007. The repayment date is extendedfor a further 12 months following the occurrence of certain events. The otherloans are secured by a guarantee given by a subsidiary. 12. Share capital Number of Value ordinary shares US$'000Authorised 5,000,000,000 50,000(par value of US$0.01 each) ----------------------------- ------------- -----------Issued and fully paid(par value of US$0.01 each)At 31 December 2005 239,350,000 2,394Issue of shares 3,325,000 33 ----------------------------- ------------- -----------At 30 June 2006 242,675,000 2,427 ----------------------------- ------------- ----------- This information is provided by RNS The company news service from the London Stock Exchange