RNS Number:9016C
ASBISc Enterprises PLC
29 August 2007
ASBISc Enterprises PLC
(the "Company" or "ASBIS")
Interim Results
ASBISc Enterprises Plc ('ASBIS' or the 'Group'), a leading distributor of
computer components in high growth emerging markets in Central and Eastern
Europe and the Former Soviet Union, announces its unaudited results for the 6
months ended 30 June 2007. Notable highlights include:
* Revenue up by 26.7% to US$ 540,055,910 (H1 2006: US$ 426,368,013)
* Profit from operations up by 26.3% to US$ 5,644,013 (H1 2006: US$
4,470,010)
* Net profit up by 27.4% to US$ 3,168,171 (H1 2006: 2,486,070)
* EPS up by 26.9% to US$ cent 6.6 (H1 2006: US$ cent 5.2)
* Strengthened balance sheet position - cash and cash equivalents at end
of H1 2007 was US$ 14,937,898
Siarhei Kostevitch, Chief Executive of ASBIS, commented:
"We are pleased to report these results and have further progressed our strategy
of further developing our distribution business alongside our own brand (Canyon
& Prestigio) products.
We announced on 24 July 2007 that the Company is contemplating a fund raising
and listing on the Warsaw Stock Exchange in the fourth quarter of 2007. The
Company continues on this target and will make further announcements as
appropriate."
For further information, please contact:
ASBISc Enterprises Plc 00 357 25 857 000
Siarhei Kostevitch, Chief Executive
Marios Christou, Chief Financial Officer
Costas Tziamalis, Investor Relations, Director
Seymour Pierce Limited 020 7107 8000
David Newton/ Parimal Kumar
Notes to Editors
ASBIS is based in Cyprus and specialises in the distribution of IT components,
Blocks and Peripherals and a growing range of own brand IT and digital
equipment. Established in 1995, its operations extend to Central and Eastern
Europe, the Baltic States, the former Soviet Union, the Middle East and North
Africa.
In addition to distributing products from IT industry manufacturers, the Group
has also developed, and is selling, products via two private label brands,
Prestigio, which supplies laptops, LCD TVs and monitors, digital media centres,
storage devices and subsystems and Canyon which primarily targets retail chains
with IT and consumer electronic peripherals and accessories such as networking
products, MP3 players, speakers and other products. The Group also offers White
Label products to enable its biggest local customers to create their own brand
with generic and exclusive designs.
The Company listed on AIM in October 2006 and its ticker is ASB.L.
ASBISC ENTERPRISES PLC
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
(Expressed in United States Dollars)
For the six For the six
months ended months ended
30 June 2007 30 June 2006
Notes US$ US$
---------- ----------
Revenue 540,055,910 426,368,013
Cost of Sales (516,276,970) (408,829,273)
---------- ----------
Gross profit 23,778,940 17,538,740
Selling expenses (10,047,770) (6,651,806)
Administrative expenses (8,087,157) (6,416,924)
---------- ----------
Profit from operations 5,644,013 4,470,010
Financial expenses 5 (2,298,329) (1,806,009)
Financial income 5 381,347 202,668
Other income 4 119,623 102,775
Goodwill written off - (39,031)
---------- ----------
Profit before taxation 6 3,846,654 2,930,413
Taxation 7 (678,483) (444,343)
---------- ----------
Profit after taxation 3,168,171 2,486,070
---------- ----------
US$ cent US$ cent
Earnings per share
Basic and diluted from continuing
operations 6.6 5.2
---------- ----------
ASBISC ENTERPRISES PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
(Expressed in United States
Dollars)
Unaudited as Audited as at
at
30 June 2007 31 December 2006
ASSETS Notes US$ US$
------ ------------ ------------
Current assets
Inventories 59,534,193 46,177,803
Trade receivables 8 134,120,840 148,790,371
Other current assets 9 4,512,237 4,726,356
Cash and cash equivalents 19 28,126,814 27,927,606
------------ ------------
Total current assets 226,294,084 227,622,136
------------ ------------
Non-current assets
Property, plant and equipment 10 7,628,520 7,161,929
Investments 12 99,408 99,580
Intangible assets 11 1,124,779 1,268,250
------------ ------------
Total non-current assets 8,852,707 8,529,759
------------ ------------
Total assets 235,146,791 236,151,895
------------ ------------
LIABILITIES AND EQUITY
Liabilities
Current liabilities
Trade payables 117,982,449 117,453,360
Other current liabilities 13 20,741,570 22,960,319
Current taxation 7 334,286 278,181
Short term obligations under
finance leases 16 97,101 144,527
Bank overdrafts and short term
loans 14 32,736,805 34,377,172
------------ ------------
Total current liabilities 171,892,211 175,213,559
------------ ------------
Non-current liabilities
Long term liabilities 15 588,972 666,058
Long term obligations under finance
leases 16 117,118 74,715
Deferred tax liability 60,174 44,997
------------ ------------
Total non-current liabilities 766,264 785,770
------------ ------------
Total liabilities 172,658,475 175,999,329
------------ ------------
Equity
Share capital 17 9,600,000 9,600,000
Share premium 8,138,039 8,138,039
Reserves 44,750,277 42,414,527
------------ ------------
Total equity 62,488,316 60,152,566
------------ ------------
Total liabilities and equity 235,146,791 236,151,895
------------ ------------
ASBISC
ENTERPRISES
PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2007
(Expressed in United States
Dollars) Share Foreign
Share premium Retained exchange
capital account earnings reserve Total
US$ US$ US$ US$ US$
------- -------- -------- -------- --------
Balance at 1
January 2006 9,600,000 8,138,039 32,531,547 690,051 50,959,637
Profit for
the period
from 1
January 2006
to
30 June 2006 - - 2,486,070 - 2,486,070
Exchange
difference
arising on
consolidation - - - 173,954 173,954
-------- -------- --------- -------- ---------
Balance at 30
June 2006 9,600,000 8,138,039 35,017,617 864,005 53,619,661
Profit for
the period
from 1 July
2006 to
31 December
2006 - - 6,986,930 - 6,986,930
Excess of net
assets
transferred
to
the group
compared to
the purchase
consideration
paid for the
acquisition
of - - 37,681 - 37,681
subsidiary
companies
Payment of
dividend for
2005 - - (960,000) - (960,000)
Exchange
difference
arising on
consolidation - - - 468,294 468,294
-------- -------- --------- -------- ---------
Balance at 31
December 2006
/ 9,600,000 8,138,039 41,082,228 1,332,299 60,152,566
1 January
2007
Profit for
the period
from 1
January 2007
to
30 June 2007 - - 3,168,171 - 3,168,171
Payment of
dividend for
2006 - - (960,000) - (960,000)
Exchange
difference
arising on
consolidation - - - 127,579 127,579
-------- -------- --------- -------- ---------
Balance 30
June 2007 9,600,000 8,138,039 43,290,399 1,459,878 62,488,316
-------- -------- --------- -------- ---------
4
ASBISC ENTERPRISES PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
(Expressed in United States Dollars)
For the six For the six
months months
ended ended
30 June 2007 30 June 2006
Notes US$ US$
------ ---------- ----------
Profit for the period before tax and minority
interest 3,846,654 2,930,413
Adjustments for:
Exchange difference arising on consolidation 240,780 195,444
Depreciation 10 542,160 493,207
Amortisation of intangible assets 11 370,777 348,277
Goodwill written off - 39,031
Profit from the sale of property, plant and
equipment and intangible assets (19,715) (3,913)
---------- ----------
Operating profit before working capital
changes 4,980,656 4,002,459
Increase in inventories (13,356,390) (98,708)
Decrease in trade receivables 14,669,531 6,937,228
Decrease in other current assets 214,119 57,696
Increase/(decrease) in trade payables 529,089 (21,965,010)
Decrease in other current liabilities (2,218,749) (5,088,657)
---------- ----------
Cash inflows/(outflows) from operations 4,818,256 (16,154,992)
Taxation paid, net 7 (622,378) (209,570)
---------- ----------
Net cash inflows/(outflows) from operating
activities 4,195,878 (16,364,562)
---------- ----------
Cash flows from investing activities
Purchase of property, plant and equipment 10 (1,152,420) (463,735)
Purchase of intangible assets 11 (270,142) (325,905)
Proceeds from sale of property, plant and
equipment and
intangible assets 108,368 25,197
---------- ----------
Net cash outflows from investing activities (1,314,194) (764,443)
---------- ----------
Cash flows from financing activities
Dividends paid 22 (960,000) -
Repayments of long term loans and long term
obligations under finance lease (34,683) (17,966)
Repayments of short term loans and short term
obligations under finance lease (199,544) (308,718)
---------- ----------
Net cash outflows from financing activities (1,194,227) (326,684)
---------- ----------
Net increase/(decrease) in cash and cash
equivalents 1,687,457 (17,455,689)
---------- ----------
Cash and cash equivalents at beginning of the
period 19 13,250,441 12,178,623
---------- ----------
Cash and cash equivalents at end of the period 19 14,937,898 (5,277,066)
---------- ----------
ASBISC ENTERPRISES PLC
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2007
(Expressed in United States Dollars)
1. Incorporation and principal activities
Asbisc Enterprises Plc was incorporated in Cyprus on 9 November 1995 with
limited liability. The group's and the company's principal activity is the
trading and distribution of computer hardware and software. The ultimate holding
company of the group is K.S. Holding Limited, a company incorporated in Cyprus.
2. Basis of preparation
These un-audited financial statements have been prepared in accordance with
International Accounting Standard (IAS) 34, Interim Financial Reporting.
Significant accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the group's annual financial statements for the year ended 31
December 2006.
The financial statements have been prepared under historical cost
convention.
3. Effects of seasonality
The group's revenue and consequently its profitability is significantly lower
during the first half of the year. The seasonality is driven by increased
household expenditure during the Christmas period as well as the commencement of
the academic period during the second half of the year resulting in a positive
effect on the demand for the group's products.
4. Other income
For the six For the six
months ended months ended
30 June 2007 30 June 2006
US$ US$
--------- ---------
Bad debts recovered 32,654 35,126
Other income 86,969 67,649
--------- ---------
119,623 102,775
--------- ---------
5. Financial income/(expenses), net
For the six For the six
months ended months ended
30 June 2007 30 June 2006
US$ US$
--------- ---------
Interest income 152,095 98,658
Exchange gain, net 229,252 104,010
--------- ---------
381,347 202,668
--------- ---------
Bank interest 1,122,526 792,283
Bank charges 421,621 305,787
Factoring interest 358,929 213,942
Factoring charges 244,357 186,798
Other financial expenses 125,806 253,277
Other interest 25,090 53,922
--------- ---------
(2,298,329) (1,806,009)
--------- ---------
Net (1,916,982) (1,603,341)
--------- ---------
6. Profit before taxation
For the six For the six
months months ended
ended
30 June 2007 30 June 2006
US$ US$
--------- ---------
Profit before taxation is stated after
crediting:
(a) Exchange gain 229,252 104,010
and after charging:
(b) Depreciation 542,160 493,207
(c) Amortisation of intangible assets and
goodwill 370,777 348,277
(d) Bank interest and charges 1,544,147 1,098,070
(e) Auditors' remuneration 361,297 274,042
(f) Directors' remuneration - executive 343,113 325,723
(g) Directors' remuneration - non executive 75,317 -
--------- ---------
7. Taxation
For the six For the year
months ended
ended
30 June 31 December 2006
2007
US$ US$
--------- ---------
Credit/(debit) balance 1 January 278,181 (76,446)
Provision for the period/year 678,483 1,622,736
Underprovision of prior years - 4,406
Amounts paid, net (622,378) (1,272,515)
--------- ---------
Credit balance 30 June/31 December 334,286 278,181
--------- ---------
The taxation charge of the group comprises corporation tax charge in Cyprus on
the taxable profits of the company and those of its subsidiaries which are
subject to tax in Cyprus and corporation tax in other jurisdictions on the
results of the foreign subsidiary companies.
The consolidated tax charge for the period consists
of the following:
For the six For the six
months months
ended ended
30 June 2007 30 June 2006
US$ US$
Corporation tax for the period 673,400 442,697
Underprovision of prior years - 1,646
Deferred tax charge 5,083 -
--------- ---------
Provision for the period 678,483 444,343
--------- ---------
8. Trade receivables
As at As at
30 June 2007 31 December
2006
US$ US$
Trade receivables 135,751,669 150,948.946
Allowance for doubtful debts (1,630,829) (2,158,575)
--------- ---------
134,120,840 148,790,371
--------- ---------
9. Other current assets
As at As at
30 June 31 December
2006 2007
US$ US$
Other debtors and prepayments 2,086,527 2,070,308
VAT and other taxes refundable 1,433,715 1,878,527
Loan due from fellow subsidiary company 110,000 118,096
Loans advanced 41,884 24,165
Advances to suppliers 565,261 114,802
Employee floats 50,857 137,511
Deposits 223,993 199,612
Amount due from ultimate holding company - 63,205
Amount due from executive directors - 120,130
--------- ---------
4,512,237 4,726,356
--------- ---------
The directors consider that the carrying amount of other current assets of the
group approximate their fair value.
10. Property, plant and equipment
Land Furniture
and Warehouse and Office Motor Computer
Buildings machinery fittings equipment vehicles hardware Total
US$ US$ US$ US$ US$ US$ US$
Cost
At 1 January
2006 4,734,874 85,619 662,465 1,034,362 1,441,501 2,754,356 10,713,177
Foreign exchange
difference on
opening
balances 349,604 13,544 49,217 89,571 154,027 194,770 850,733
Additions from
the
acquisition of
subsidiary - 44,427 1,601 1,194 61,314 4,488 113,024
Additions 63,544 - 251,445 138,828 265,711 385,147 1,104,675
Disposals - - (1,955) (33,631) (158,180) (113,950) (307,716)
-------- --------- -------- --------- -------- -------- ---------
At 1 January
2007 5,148,022 143,590 962,773 1,230,324 1,764,373 3,224,811 12,473,893
Foreign exchange
difference on
opening
balances (38,190) 3,304 29,100 (2,186) (15,589) 20,854 (2,707)
Additions 402,419 - 41,748 194,888 283,230 230,135 1,152,420
Disposals - - (14,023) (8,915) (79,018) (30,127) (132,083)
-------- --------- -------- --------- -------- -------- ---------
At 30 June
2007 5,512,251 146,894 1,019,598 1,414,111 1,952,996 3,445,673 13,491,523
-------- --------- -------- --------- -------- -------- ---------
Accumulated
depreciation
At 1 January
2006 462,487 43,837 319,135 546,338 836,038 1,841,702 4,049,537
Foreign exchange
difference on
opening
balances 34,037 6,400 23,474 64,590 83,092 147,882 359,475
Charge for the
year 142,418 31,545 85,436 131,714 243,163 498,956 1,133,232
On acquisition
of subsidiary - 14,068 114 131 19,149 1,085 34,547
Disposals - - (1,822) (31,513) (123,861) (107,631) (264,827)
-------- --------- -------- --------- -------- -------- ---------
At 1 January
2007 638,942 95,850 426,337 711,260 1,057,581 2,381,994 5,311,964
Foreign exchange
difference on
opening
balances 275 5,211 1,753 45,672 (11,134) 58,015 99,792
Charge for the
period 71,693 13,030 62,792 57,935 130,273 206,437 542,160
Disposals - - (8,712) (7,984) (68,294) (5,923) (90,913)
-------- --------- -------- --------- -------- -------- ---------
At 30 June
2007 710,910 114,091 482,170 806,883 1,108,426 2,640,523 5,863,003
-------- --------- -------- --------- -------- -------- ---------
Net book
value
30 June 2007 4,801,341 32,803 537,428 607,228 844,570 805,150 7,628,520
-------- --------- -------- --------- -------- -------- ---------
31 December
2006 4,509,080 47,740 536,436 519,064 706,792 842,817 7,161,929
-------- --------- -------- --------- -------- -------- ---------
11. Intangible assets
Computer Patents
and
software licences Total
US$ US$ US$
--------- --------- ---------
Cost
At 1 January 2006 3,594,088 220,654 3,814,742
Foreign exchange difference on
opening balances 94,014 - 94,014
Additions 415,402 110,947 526,349
Disposals (5,821) - (5,821)
--------- --------- ---------
At 1 January 2007 4,097,683 331,601 4,429,284
Foreign exchange difference on
opening balances 17,016 2,634 19,650
Additions 154,843 115,299 270,142
Disposals (58,219) (58,219)
--------- --------- ---------
At 30 June 2007 4,211,323 449,534 4,660,857
--------- --------- ---------
Accumulated depreciation
At 1 January 2006 2,315,571 55,946 2,371,517
Foreign exchange difference on
opening balances 85,253 - 85,253
Charge for the year 560,638 149,447 710,085
Disposals (5,821) - (5,821)
--------- --------- ---------
At 1 January 2007 2,955,641 205,393 3,161,034
Foreign exchange difference on
opening balances 14,691 312 15,003
Charge for the 298,884 71,893 370,777
period
Disposals (10,736) - (10,736)
--------- --------- ---------
At 30 June 2007 3,258,480 277,598 3,536,078
--------- --------- ---------
Net book value
30 June 2007 952,843 171,936 1,124,779
--------- --------- ---------
31 December 2006 1,142,042 126,208 1,268,250
--------- --------- ---------
12. Investments
As at As at
30 June 31
December
Country of Percentage of 2007 2006
incorporation participation US$ US$
---------- --------- --------- ---------
Share at cost of
acquisition
Investments held in
fellow
subsidiaries
E-Vision Limited Cyprus 18% 90,000 90,000
Other investments
Asekol s.r.o. Czech Republic 9.09% 9,408 9,580
--------- ---------
99,408 99,580
--------- ---------
13. Other current liabilities
As at As at
30 June 31
December
2007 2006
--------- ---------
US$ US$
--------- ---------
Factoring creditors (note a) 8,380,428 9,670,740
Salaries payable and related costs 675,840 605,448
VAT payable 4,705,900 4,265,374
Amount due to directors - executive 16,919 53,366
Amount due to directors - non-executive 29,315 21,000
Non-trade accounts payable 2,476,439 3,228,154
Accruals and deferred income 4,456,729 5,116,237
--------- ---------
20,741,570 22,960,319
--------- ---------
Note a: The group enjoyed as at 30 June 2007 factoring facilities of
US$28.608.385 (2006: US$25.030.728). These factoring
facilities are secured as mentioned in note 14.
14. Bank overdrafts and short term loans
As at As at
30 June 31
December
2007 2006
US$ US$
--------- ---------
Bank overdrafts 13,188,916 14,677,165
Bank short term loans 19,308,911 19,494,450
Current portion of long term loans 238,978 205,557
--------- ---------
32,736,805 34,377,172
--------- ---------
The group as at 30 June 2007 had the following financial facilities with banks
in the countries that the company and its subsidiaries are operating:
- overdraft lines of US$19,009,678 (31 December 2006: US$ 16,590,934)
- short term loans/revolving facilities US$23,385,032 (31
December 2006: US$ 19,819,699)
- bank guarantees US$ 4,337,404 (31 December 2006:
US$ 4,210,843)
The group had for the period ended 30 June 2007 cash lines (overdrafts, loans
and revolving facilities) and factoring lines.
The Weighted Average Cost of Debt (cash lines and factoring lines) for the
period was 9.1% (2006: 9.0%).
The factoring , overdraft and revolving facilities as well as the loans granted
to the company and its subsidiaries by their bankers are secured by:
- First floating charge over all assets of the company for a total
amount of US$4,000,000
- Second floating charge on the whole undertaking including the company's
uncalled capital, goodwill and book debts for US$2,000,000 plus interest
- Mortgage on 1/4 of property of Diamond Properties Ltd (Vendor of the property
for the company's head office premises acquired in Limassol) for the amount of
US$2,800,000 and assignment of the sales contract between Diamond Properties Ltd
and the company
- Mortgage on land and buildings that the group owns in the Czech Republic,
Ukraine and Belarus
- Personal guarantees of the Chairman and Chief Executive Officer for certain
facilities granted to the Cyprus company
- Charge over receivables and inventories
- Corporate guarantees and, in some cases, by also cross guarantees by all group
companies to the extent of facilities
granted
- Assignment of insurance policies
- Pledged deposits of US$3,949,951 (31 December 2006: US$ 3,885,064)
15. Long term liabilities
As at As at
30 June 31 December
2007 2006
US$ US$
--------- ---------
Bank loans 542,851 612,602
Other long term
liabilities 46,121 53,456
--------- ---------
588,972 666,058
--------- ---------
16. Finance leases
As at As at
30 June 31 December
2007 2006
US$ US$
--------- ---------
Obligation under
finance leases 214,219 219,242
Less: Amount payable
within one year (97,101) (144,527)
--------- ---------
Amount payable
within 2-5 years
inclusive 117,118 74,715
--------- ---------
17. Share capital
As at As at
30 June 31 December
2007 2006
US$ US$
--------- ---------
Authorised
63,000,0000 shares
of US$ 0.20 each 12,600,000 12,600,000
--------- ---------
Issued, called-up and fully paid
48,000,000 ordinary
shares of US$0.20
each 9,600,000 9,600,000
--------- ---------
On 4 September 2006 by a special resolution passed at an extraordinary general
meeting of the shareholders of the company it was decided:
a) to increase the authorised share capital from 48,000,000 shares of US$0.20 each
to 63,000,000 shares of US$0.20 each
b) to convert the 8,000,000 preference shares of US$0.20 each to 8,000,000 ordinary
shares of US$0.20 each.
18. Segmental reporting
The group operates in a single segment of the distribution of IT components in a
number of geographical regions
The following table produces an analysis of the group's sales by geographical
market, irrespective of the origin of the goods.
Sales revenue by geographical
market
For the six For the six
months ended months ended
30 June 2007 30 June 2006
US$ US$
----------- ----------
Former Soviet Union 252,843,644 190,454,468
Eastern Europe 173,977,705 140,906,537
Western Europe 55,751,240 45,634,608
Middle East and
Africa 42,935,066 37,556,986
Other 14,548,255 11,815,414
----------- ----------
Total revenue 540,055,910 426,368,013
----------- ----------
ASBISC ENTERPRISES PLC
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2007
(Expressed in United States Dollars)
19. Cash and cash equivalents
As at As at
30 June 31 December
2007 2006
US$ US$
Cash at bank 28,126,814 27,927,606
Bank overdrafts - note 14 (13,188,916) (14,677,165)
--------- ---------
14,937,898 13,250,441
---------- ----------
The cash at bank balances include an amount of US$3,949,951 (31 December 2006:
US$3,885,064) which represents pledged deposits.
20. Related party transactions and balances
The holding company of the group is K.S. Holdings Limited, a company incorporated
in Cyprus. Transactions between the company and its subsidiaries have been
eliminated on consolidation. In the normal course of business, the group undertook
during the period on an arm's-length basis transactions with the fellow subsidiary
company E-Vision Limited and its subsidiaries as follows:
For the six For the six
months ended months ended
30 June 2007 30 June 2006
US$ US$
Purchase of services and computer software -
E-Vision Limited 250,000 319,999
Interest income 4,428 4,125
--------- ---------
As at As at
Related party balances 30 June 31 December
2007 2006
US$ US$
Loan due from fellow subsidiary company
E-Vision Limited 110,000 118,096
--------- ---------
The loan receivable from E-Vision Limited is unsecured and bears interest of 3
months Libor + 2% per annum.
Transactions and balances of key management For the For the six
six
months months
ended ended
30 June 2007 30 June 2006
US$ US$
Directors' remuneration - executive 343,113 325,723
Directors' remuneration - non executive 75,317 -
--------- ----------
418,430 325,723
--------- ----------
As at As at
30 June 31 December
2007 2006
US$ US$
Amount due to directors
- executive 16,919 53,366
- non executive 29,315 21,000
--------- ----------
46,234 74,366
--------- ----------
Amount due from directors - 120,130
--------- ----------
21. Commitments and contingencies
As at 30 June 2007 the group was committed in respect of purchases of
inventories of a total cost value of US$ 10,152,981 (31 December 2006: US$
13,543,819) which were in transit at 30 June 2007 and delivered in July2007.
Such inventories and the corresponding liability towards the suppliers have not
been included in these financial statements since, according to the terms of the
purchase, title of the goods had not passed to the company as at the period
end.
As at 30 June 2007 the group was contingently liable in respect of bank
guarantees of US$ 4,337,404 (31 December 2006: US$4,210,843) which the group had
extended mainly to its suppliers as at 30 June 2007.
As at 30 June 2007 the group had no other legal commitments and contingencies.
22. Dividends
The Board of Directors proposed the payment of a final dividend of US$0.02 per
share for the year ended 31 December 2006 which amounted to US$960,000. The
dividend was approved on 23 April 2007 at the company's annual general meeting
and paid on 11 May 2007.
23. Events after the balance sheet date
No significant events occurred after the balance sheet date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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