TIDMBLEY
RNS Number : 9171T
Bailey(C.H.) PLC
14 December 2011
C.H. BAILEY PLC
Chairman's statement and financial results for the six months
ended
30(th) September 2011 (unaudited)
Interim Statement and Results
Results for the six month period ended 30(th) September 2011,
show a profit of GBP7,729,350 (2010: loss GBP685,394). The profit
is primarily due to the sale of certain property in Malta. Revenues
for the period decreased by some 4.3%, however, the cost of sales
reduced by 10.2% resulting in an increase in the gross profit of
GBP 78,000, which is an improvement of 12.5% on last year.
Administrative costs increased over the period by GBP176,000,
mainly due to a single large industrial injury claim, repairs and
maintenance to plant and machinery and increases in professional
and utility costs in Tanzania. This means that for this period,
excluding the income generated from the property sale, the group
made a trading loss of GBP88,000 (2010: profit GBP10,462). The
overall result has also been affected by exchange losses as well as
the fall in the value of the Group's investments, in particular
those in the financial sector.
The sale of property in Malta has dramatically affected the
Income Statement and Balance Sheet, with the period showing an
operating profit of GBP 9,025,104 (2010: Loss GBP613,776) which is
reflected in cash or cash equivalents in the Balance Sheet of GBP
11,651,153 (2010: GBP 1,718,483).
As announced in September 2011 at the time of the Malta property
sale, it was decided that the group would use some of the sale
proceeds to reduce a large part of the Group debt. This has now
been completed and further investments have also been made. In
these difficult times we will continue to seek to reduce our costs
and debts, whilst maintaining a liquid investment portfolio.
At the same time, the Board decided that the payment of an
interim dividend was not advisable and that it was prudent to wait
and review the year end results for the Group and, in particular,
monitor the trading results. We are still not trading profitably
and seeking to remedy this must be the main corporate focus of the
next 12 months. Our current liquidity will allow us a level of
security to review structurally and strategically the Company's
future.
UK Operations
During the period it was decided to cease the day to day
ticketing operations of Bay Travel Ltd due to lower volumes and
reduced margins making it increasingly difficult to remain in
positive territory. Bailey Industrial Engineering (BIE) has managed
to increase its market share and has seen a steady increase in
revenues for the period but overall margins have been reduced.
Regardless, BIE management's initiatives and the work forces'
commitment have resulted in this division posting a break even
result for the period, for which they should be congratulated
especially as they operate in a very competitive industry.
Malta
The bringing forward and subsequent part sale of the property in
September 2011 came as a welcome surprise. Approaches had been
previously made but it was not until mid-August 2011 when the
purchaser confirmed their interest and intention by providing proof
of funds, so that a process could be initiated and the part sale
agreed and finalised.
The niche student market in Malta has not been badly affected
and the hotel has again traded well. We understand from our main
customers that the forecast for next year is encouraging and we
hope to maintain our profitability even with the reduced bed stock,
brought about by the property sale.
Tanzania
This division's results have been affected by a devaluation in
the Tanzanian Shilling, which makes the country more competitive in
the global market but unfortunately it does financially affect our
existing investments.
We are seeing better occupancy levels at the Hotel in Dar es
Salaam, which is encouraging. Your camps at Mikumi and Beho Beho
have seen a reduction in bed nights but an overall increase in
revenues and margins. The development at the hotel is progressing
well, forecasting encouraging returns following its opening in
November 2011.
Recently we have witnessed large inward investment into Tanzania
and we are confident we shall continue to see a significant
increase in foreign currency revenues in the future. We believe
that the diversity of our revenue base will allow this division to
see continued growth.
Current trading and outlook
As stated, we are in uncertain and volatile times. We continue
to initiate and maintain positive changes, which are being embraced
by everybody in the Group. We believe we can continue to increase
our sales, meet our targets, become more efficient and maintain our
level of customer service.
We do realise that to achieve all of this will be very difficult
in the current economic climate. However, due to the current
liquidity within the Group, we now have a strong platform on which
to grow. We remain committed and will endeavour to make the
difficult decisions for the benefit of the Company, its employees
and shareholders.
Charles H Bailey
14 December 2011
C.H. BAILEY PLC
Consolidated Income Statement for the six months ended
30(th) September 2011 (unaudited)
Six months Six months
ended 30th ended 30th Year ended
September September 31st March
2011 2010 2011
GBP GBP GBP
Revenue 2,277,170 2,378,905 4,298,596
Cost of sales (1,575,674) (1,755,143) (3,235,190)
--------------------- --------------------- ----------------------
Gross profit 701,496 623,762 1,063,406
Profit on the sale of property 9,630,205 - 587,859
Administrative expenses (789,200) (613,300) (1,386,761)
--------------------- --------------------- ----------------------
Trading profit (loss) 9,542,501 10,462 264,504
Investment activities and other
income (517,397) (624,238) (517,198)
--------------------- --------------------- ----------------------
Operating profit (loss) 9,025,104 (613,776) (252,694)
EBITDA* (451,078) (414,904) (477,368)
Depreciation (154,023) (198,872) (363,313)
Profit on sale of plant and equipment - - 128
Profit on sale of property 9,630,205 - 587,859
--------------------- --------------------- ----------------------
Operating profit (loss) 9,025,104 (613,776) (252,694)
--------------------------------------- --------------------- --------------------- ----------------------
Finance income 21,589 25,928 44,799
Finance costs (115,087) (119,656) (272,035)
--------------------- --------------------- ----------------------
Profit (loss) before taxation 8,931,606 (707,504) (479,930)
Taxation (1,108,129) 25,296 (106,358)
Minority interest (94,127) (3,186) (7,032)
--------------------- --------------------- ----------------------
Profit (loss) for the financial
period 7,729,350 (685,394) (593,320)
--------------------- --------------------- ----------------------
Earnings (loss) per share from
continuing operations 92.73p (8.22p) (7.12p)
Earnings (loss) per share from
total operations 92.73p (8.22p) (7.12p)
*Earnings before interest, taxation, depreciation, profit on
sale of plant and equipment and profit on sale of property.
C.H. BAILEY PLC
Consolidated Balance Sheet as at 30th September 2011
(unaudited)
30th September 30th September 31st March
2011 2010 2011
GBP GBP GBP
Non-current assets
Property, plant and equipment 7,424,633 9,900,395 10,727,180
Deferred tax asset 183,185 187,574 151,868
------------------------
7,607,818 10,087,969 10,879,048
----------------------- ---------------------- ------------------------
Current assets
Inventory 22,603 26,042 29,498
Trade and other receivables 1,541,180 892,642 1,351,953
Current asset investments 2,231,062 1,581,506 1,731,722
Cash and cash equivalents 11,651,153 1,718,483 1,364,541
15,445,998 4,218,673 4,477,714
----------------------- ---------------------- ------------------------
Current liabilities
Trade and other payables (2,133,939) (2,114,118) (1,755,831)
Bank loans and overdrafts (1,219,208) (850,887) (1,241,666)
Other loans (677,749) (671,307) (676,531)
Obligations under finance leases (5,156) (26,897) (14,491)
Provisions (225,000) (225,000) (225,000)
(4,261,052) (3,888,209) (3,913,519)
----------------------- ---------------------- ------------------------
Net current assets 11,184,946 330,464 564,195
Total assets less current liabilities 18,792,764 10,418,433 11,443,243
Non-current liabilities
Trade and other payables - (700,873) (720,431)
Bank loans (3,748,811) (1,830,461) (2,893,409)
Obligations under finance leases - (3,770) (2,859)
Deferred tax liabilities (282,394) (702,480) (732,642)
Net assets 14,761,559 7,180,849 7,093,902
----------------------- ---------------------- ------------------------
Equity
Called-up share capital 833,541 833,541 833,541
Share premium account 609,690 609,690 609,690
Capital redemption reserve 5,163,332 5,163,332 5,163,332
Translation reserve 848,185 776,241 874,630
Retained earnings 7,137,432 (280,576) (464,100)
----------------------- ---------------------- ------------------------
Surplus attributable to the parent's
shareholders 14,592,180 7,102,228 7,017,093
Minority interest 169,379 78,621 76,809
Total equity 14,761,559 7,180,849 7,093,902
----------------------- ---------------------- ------------------------
C.H. BAILEY PLC
Consolidated Cash Flow Statement for the six months ended 30(th)
September 2011 (unaudited)
Six months Six months
ended 30th ended 30th Year ended
September September 31st March
2011 2010 2010
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (813,193) 688,222 (320,553)
Interest paid (115,087) (119,656) (272,035)
Overseas tax paid (1,575,606) - (85,390)
Net cash flow from operating activities (2,503,886) 568,566 (677,978)
------------------- ------------------- ------------------
Investing activities
Sale of property, plant and equipment 13,137,253 14,192 609,163
Purchase of property, plant and equipment (682,881) (414,631) (1,327,713)
Sale of investments 1,419 93,269 97,109
Purchase of investments (708,281) (180,596) (254,997)
Purchase of minority interest - - (30,000)
Interest received 21,589 25,928 44,799
Net cash flow from investing activities 11,769,099 (461,838) (861,639)
------------------- ------------------- ------------------
Financing activities
Movement in bank loans 795,491 7,849 1,074,529
Movement in directors' loans 296,208 (85,277) (286,039)
Movement in other loans 1,218 2,293 7,517
Movement in capital element of finance
leases (12,194) (7,201) (20,518)
Net cash flow from financing activities 1,080,723 (82,336) 775,489
------------------- ------------------- ------------------
Net movement in cash and cash equivalents 10,345,936 24,392 (764,128)
Cash and cash equivalents at beginning
of the period 122,875 911,428 911,428
Exchange differences (36,866) (68,224) (24,425)
Cash and cash equivalents at end
of the period 10,431,945 867,596 122,875
------------------- ------------------- ------------------
Reconciliation of net cash flow to movement in net debt
in the period
Net movement in cash and cash equivalents 10,345,936 24,392 (764,128)
Cash flow from the movement in debt (784,515) (2,941) (1,061,528)
------------------- ------------------- ------------------
Movement in net debt during the period 9,561,421 21,451 (1,825,656)
Net debt at the beginning of the
period (3,464,415) (1,704,989) (1,704,989)
Exchange differences (96,777) 18,699 66,230
Net debt at the end of the period 6,000,229 (1,664,839) (3,464,415)
------------------- ------------------- ------------------
C.H. BAILEY PLC
Consolidated Statement of Comprehensive Total Income for the six
months ended 30(th) September 2011 (unaudited)
Six months Six months
ended 30th ended 30th Year ended
September September 31st March
2011 2010 2010
GBP GBP GBP
Profit (loss) for the financial
period 7,729,350 (685,394) (593,320)
Exchange differences (154,263) 144,560 (10,415)
Purchase of minority interest - - (22,234)
Total comprehensive income for the
period 7,575,087 (540,834) (625,969)
================== ================== =================
C.H. BAILEY PLC
Notes to the Consolidated Interim Financial Statements for the
six months ended 30(th) September 2011 (unaudited)
1. General Information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006. Therefore these
financial statements comply with the AIM rules.
The interim financial statements have been prepared using the
historical cost basis of accounting except for:
i) Properties held at the date of transition to IFRS which are stated at deemed cost;
ii) Assets held for sale which are stated at the lower of fair
value less anticipated disposal costs and carrying value.
Functional and presentational currency
The financial statements are presented in pounds sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2. Significant accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the company and entities controlled by the company
(its subsidiaries) made up to 30(th) September 2011.
Minority interests in the net assets of consolidated
subsidiaries are identified separately from the group's equity
therein. Minority interests consist of the amount of those
interests at the date of the original business combination (see
below) and the minority's share of changes in equity since the date
of the combination. Losses applicable to the minority in excess of
the minority's interest in the subsidiary's equity are allocated
against the interests of the group except to the extent that the
minority has a binding obligation and is able to make an additional
investment to cover the losses.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposals, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used
into line with those used by the group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the
acquired method. The assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 are
recognised at their fair value at their acquisition date except for
non-current assets (or disposals groups) that are classified as
held for sale in accordance with IFRS 5 which are recognised and
measured at fair value less costs to sell. Any excess of the cost
over the asset valuation as calculated above is recognised as
goodwill.
Goodwill arising on consolidation represents the excess of
consideration over the group's interest in the fair value of assets
acquired. Goodwill is recognised as an asset and is not amortised.
It is reviewed for impairment at each reporting date as detailed in
"impairment of non-financial assets" below.
In accordance with the options that are available under IFRS 1
on transition to IFRS, the group elected not to apply IFRS 3
retrospectively to past business combinations that occurred before
the date of transition to IFRS. Accordingly goodwill that had
previously been offset against reserves under UK GAAP has not been
recognised in the opening IFRS balance sheet. The interest of any
minority shareholders in the acquiree is initially measured at the
minority's proportion of the net fair value of the assets,
liabilities and contingent liabilities recognised.
Investments in associates and trade investments
The results of entities over which the group is not in a
position to be able to exercise significant influence despite
holding a significant shareholding are not accounted for as
associates and therefore are not equity accounted. The companies
are classified as trade investments and are carried at cost within
non-current assets as they are held as a long term investments.
Dividend income is recognised in the income statement on a cash
basis when received.
Property, plant and equipment
Property is carried at deemed cost at the date of transition to
IFRS based on the previous UK GAAP valuations. Plant and equipment
held at the date of transition and subsequent additions to
property, plant and equipment are stated at purchase cost including
directly attributable costs. The group does not have a revaluation
policy. Freehold land is not depreciated. Depreciation of other
property, plant and equipment is provided on a straight line basis
using rates calculated to write down the cost of each asset over
its estimated useful life as follows:
Property:
Freehold buildings and long leasehold property 1%
Short leasehold buildings Period of the lease
Plant and equipment Between 5% and 50%
Annual reviews are made of estimated useful lives and material
residual values.
Lessee accounting
Property leases are split into two elements, land and buildings
and each considered in isolation and each element is reviewed to
determine if it is operating or finance in nature. Initial rental
payments in respect of operating leases are included in current and
non-current assets as appropriate and amortised to the income
statement over the period of the lease. Ongoing rental payments are
charged as an expense in the income statement on a straight line
basis until the date of the rent review. Finance leases are
capitalised and depreciated in accordance with the accounting
policy for property, plant and equipment. As permitted by IFRS 1 at
the date of transition to IFRS, the carrying value of long
leasehold properties are based on the previous UK GAAP valuations
and this has been taken as deemed cost. Rental costs arising from
operating leases are charged as an expense in the income statement
on a straight line basis over the period of the lease.
Non-current assets held for sale
Non-current assets are reclassified as assets held for sale if
their carrying value will be recovered through a sale transaction
on which is highly probable to be completed within 12 months of the
initial classification. Assets held for sale are valued at the
lower of carrying amount at the date of initial classification and
fair value less costs to sell.
Impairment of non-financial assets
Goodwill is tested annually for impairment, or more frequently
if there are any changes in circumstances or events that indicate
that a potential impairment may exist. Goodwill impairments cannot
be reversed. Property, plant and equipment are reviewed for
indications of impairment when events or changes in circumstances
indicate that the carrying amount may not be recovered. If there
are indications then a test is performed on the asset affected to
assess its recoverable amount against carrying value. An asset
impaired is written down to the higher of value in use or its fair
value less cost to sell.
Deferred and current taxation
The change for taxation is based on the taxable profit or loss
for the period and takes into account taxation deferred because of
differences between the treatment of certain items for taxation and
for accounting purposes. Full provision is made for the tax effects
of these differences. Deferred tax is measured using tax rates that
have been enacted, or substantively enacted, by the period end
balance sheet date. Deferred tax assets and liabilities are not
discounted.
The carrying amount of the deferred tax assets is reviewed at
each reporting balance sheet date to ensure that it is probable
that sufficient taxable profits will be available to allow the
asset to be recovered. Assets and liabilities, in respect of both
deferred and current tax, are only offset when there is a legally
enforceable right to offset and the assets and liabilities relate
to taxes levied by the same taxation authority.
Deferred and current tax are charged or credited in the income
statement except when they relate to items charged directly to
equity in which case the associated tax is also dealt with in
equity.
Stocks
Stocks are valued at the lower cost of purchase and net
realisable value. Cost comprises actual purchase price and where
applicable associated direct costs incurred bringing the stock to
its present location and condition. Net realisable value is based
on estimated selling price less further costs expected to be
incurred to completion and disposal. Provision is made for
obsolete, slow moving or defective items where appropriate.
Financial instruments
Financial assets and financial liabilities are recognised on the
consolidated balance sheet when the group becomes a party to the
contractual provisions of the instrument.
Financial assets are recognised and derecognised on a trade date
where the purchase or sale of an asset is under contract whose
terms require delivery of the investment within the timeframe
established by the market concerned. Financial assets are
classified as "loans and receivables", "held to maturity"
investments, "available for sale" investments or "assets at fair
value through the profit and loss" depending upon the nature and
purpose of the financial asset. The classification is determined at
the time of the initial recognition.
Financial assets are normally classified as "loans and
receivables" and are initially measured at fair value including
transaction costs incurred. The only financial assets currently
held at "fair value through profit or loss" are the current asset
investments.
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the group after deducting all of
its liabilities. Financial liabilities are normally classified as
"other financial liabilities" and are initially measured at fair
value, normally cost, net of transaction costs.
Loans and receivables
Trade receivables, loans and other receivables are measured at
initial recognition at fair value and, except for short term
receivables where the recognitions of interest would be immaterial,
are subsequently re-measured at amortised cost using the effective
interest rate method. Allowances for irrecoverable amounts, which
are dealt with in the income statement, are calculated based on the
difference between the asset's carrying amount and the present
value of estimated future cash flows, calculated based on past
default experience, discounted at the effective interest rate
computed at initial recognition where material.
Derivative financial instruments and hedge accounting
The group's borrowing is subject to floating interest rates
based on LIBOR plus the most competitive margin available. The
group's policy is not to hedge its international assets with
respect to foreign currency balance sheet translation exposure, nor
against foreign currency transactions. The group generally does not
enter into any forward exchange contract and it does not use
financial instruments for speculative purposes. Derivative
financial instruments are initially measured at cost and are
re-measured at fair value at the balance sheet date. Changes in the
fair value of derivative financial instruments that do not qualify
for hedge accounting are recognised in the income statement as they
arise
Cash and cash equivalents
Cash and cash equivalents includes cash-in-hand, cash at bank
and short term highly liquid investments that are readily
convertible into known amounts of cash within three months from the
date of initial acquisition with an insignificant risk of a change
in value.
Impairment of fixed assets
Financial assets other than those designated as "assets at fair
value through the profit and loss" are assessed for indicators of
impairment at each balance sheet date. Financial assets are
impaired where there is objective evidence that, as a result of one
or more events that occurred after the initial recognition of the
financial assets, the estimated future cash flows of the investment
have been impacted.
Other financial liabilities
Other financial liabilities, including trade payables, are
measured on initial recognition at fair value and, except for short
term payables where the recognition of interest would be
immaterial, are subsequently re-measured at amortised cost using
the effective interest rate method.
Bank loans
Interest bearing bank loans are recorded at the proceeds
received less capital repayments made. Finance charges are
accounted for on an accruals basis in the income statement using
the effective interest rate method. They are included within
accruals to the extent that they are not settled in the period in
which they arise.
Provisions
Provisions are created where the group has a present obligation
(legal or constructive) as a result of a past event where it is
probable that the group will be required to settle that obligation.
Provisions are measured at the director's best estimate of the
expenditure required to settle the obligation at the balance sheet
date. Provisions are only discounted to present value where the
effect is material.
Net debt
Net debt is defined as cash and cash equivalents, bank and other
loans including finance lease obligations and derivative financial
instruments stated at current fair value.
Revenue recognition
Revenue
Revenue represents the fair value of the consideration received
and receivable for services provided and goods supplied to third
party customers. In respect of long term contracts and contracts
for on-going services, revenue is recognised as the contract
progresses on the basis of work completed. Revenue excludes value
added tax.
Investment and interest income
Dividend income is recognised in the income statement when the
shareholder's right to receive payment has been established.
Interest income from bank deposit accounts is accrued on a time
basis calculated by reference to the principal on deposit and
effective interest rate applicable.
Foreign Currencies
Transactions in foreign currencies are recorded at the rate of
exchange at the date of the transaction. Monetary assets and
liabilities in foreign currencies are translated into pounds
sterling at the financial reporting period end rates. Non monetary
items that are measured in terms of historical cost in a foreign
currency are not re-translated. The results of overseas subsidiary
undertakings, associates and trade investments are translated into
pounds sterling at average rates for the year unless exchange rates
fluctuate significantly during that period in which case exchange
rates at the date of transactions are used. The closing balance
sheets are translated at the year end rates and the exchange
differences arising are transferred to the group's translation
reserve as a separate component of equity and are reported within
the statement of recognised income and expense. All other exchange
differences are included within the income statement in the year.
In accordance with IFRS 1, the translation reserve has been set to
zero at the date of transition to IFRS.
Operating profit
Operating profit is defined as the profit for the period from
continuing operating costs and income but before income from other
participating interests, finance income, finance costs, and
taxation. Operating profit is disclosed as a separate line on the
face of the income statement.
Normalised operating profit is the same as the above but
excludes non-recurring items, for example profit on the sale of
property. Normalised operating profit is reconciled to operating
profit on the face of the income statement.
Other gains and losses
Other gains and losses are material items that arise from
unusual non-recurring events. They are disclosed separately, in
aggregate, on the face of the income statement after operating
profit where in the opinion of the directors such disclosure is
necessary in order to fairly present the results for the financial
period.
Finance costs
Finance costs are recognised in the income statement on the
accruals basis in the year in which they are incurred.
3. Segmental information
Operating
profit (loss)
Revenue continuing continuing
operations operations Net assets
Classes of business GBP GBP GBP
Industrial:
Six months to 30th September 2011 850,783 5,886 388,687
Six months to 30th September 2010 550,073 (26,472) 294,827
Year to 31st March 2011 1,384,600 15,261 423,504
Leisure:
Six months to 30th September 2011 1,417,136 9,848,832 4,243,495
Six months to 30th September 2010 1,819,583 264,543 7,016,825
Year to 31st March 2011 2,895,498 705,833 6,495,933
Management:
Six months to 30th September 2011 9,251 (829,614) 10,129,377
Six months to 30th September 2010 9,249 (851,847) (130,803)
Year to 31st March 2011 18,498 (973,788) 174,465
Total:
Six months to 30th September 2011 2,277,170 9,025,104 14,761,559
Six months to 30th September 2010 2,378,905 (613,776) 7,180,849
Year to 31st March 2011 4,298,596 (252,694) 7,093,902
Geographical segments
United Kingdom:
Six months to 30th September 2011 779,976 (305,781) (258,274)
Six months to 30th September 2010 1,006,814 (262,877) (78,968)
Year to 31st March 2011 2,253,789 (443,720) 93,830
Malta, Tanzania and Rest
of the World:
Six months to 30th September 2011 1,497,194 9,330,885 15,019,833
Six months to 30th September 2010 1,372,091 (350,899) 7,259,817
Year to 31st March 2011 2,044,807 191,026 7,000,072
Total:
Six months to 30th September 2011 2,277,170 9,025,104 14,761,559
Six months to 30th September 2010 2,378,905 (613,776) 7,180,849
Year to 31st March 2011 4,298,596 (252,694) 7,093,902
4. Earnings per share
The earnings per share has been calculated by reference to the
weighted average number of ordinary shares of 10p each in issue of
8,335,413 (2010: 8,335,413). There are no share options,
convertible equity or debt instruments in issue.
5. Called-up share capital
30th September 30th September 31st March
2011 2010 2011
Authorised: GBP GBP GBP
60,000,000 ordinary shares
of 10p each 6,000,000 6,000,000 6,000,000
------------------ ----------------- --------------
Issued and fully paid:
8,335,413 ordinary shares of
10p each 833,541 833,541 833,541
------------------ ----------------- --------------
6. Cash generated from operations
Six months Six months
ended 30th ended 30th Year ended
September September 31st March
2011 2010 2011
GBP GBP GBP
Operating profit (loss) continuing
operations 9,025,104 (613,776) (252,694)
Depreciation 154,023 198,872 363,313
(Profit) on sale of property, plant
and equipment (9,630,205) - (587,987)
Loss (profit) on sale of current
asset investments 451 (27,077) (26,333)
Fair value movement of investments 44,489 (12,584) (120,823)
Provision on current asset investments 162,582 90,335 118,175
Exchange differences (469,205) 788,028 541,664
--------------------- -------------------- -------------------
Cash generated from operations before
movements in working capital (712,761) 423,798 35,315
Decrease in inventories 6,895 5,420 1,964
(Increase) decrease in trade and
other receivables (189,227) 26,704 (432,607)
Increase in trade and other payables 81,900 232,300 74,775
Cash generated from operations (813,193) 688,222 (320,553)
--------------------- -------------------- -------------------
7. Cash and cash equivalents
30th September 30th September 31st March
2011 2010 2011
GBP GBP GBP
Cash at bank and in hand 295,024 389,857 356,077
Deposit accounts 11,356,129 1,328,626 1,008,464
11,651,153 1,718,483 1,364,541
---------------- ---------------- ----------------
Deposit accounts comprise short term bank deposits with an
original maturity of three months or less.
8. Analysis of net debt
Cash and cash equivalents 11,651,153 1,718,483 1,364,541
Bank loans and overdraft ( 1,219,208) ( 850,887) ( 1,241,666)
------------------ ----------------- -----------------
10,431,945 867,596 122,875
Bank loans - non-current ( 3,748,811) ( 1,830,461) ( 2,893,409)
Obligations under finance
leases ( 5,156) ( 30,667) ( 17,350)
Other loans ( 677,749) ( 671,307) ( 676,531)
6,000,229 ( 1,664,839) ( 3,464,415)
================== ================= =================
9. Profit on sale of property
On 9(th) October 2009, St George's Bay Hotel Limited entered in
to a conditional agreement to sell the majority of the group's
hotel complex in Malta. A deposit of 815,300 Euros (GBP750,076) was
paid by the purchaser. On completion a further 28,301,867 Euros was
to be paid giving a total consideration of 29,117,167 Euros.
On 9(th) September 2011, the agreement was varied and pursuant
to the variation, completion took place on the sale of part of the
hotel complex for 15,373,884 Euros (GBP13,484,433). Pursuant the
variation, it was also agreed that the purchaser has until 30(th)
March 2015 to complete the purchase of the remaining property. The
total consideration of 29,117,167 Euros remains unchanged.
Therefore, the consideration payable for the remaining property
will be 13,743,283 Euros.
10. Distribution of interim financial statements
A copy of these interim financial statements is available from
the company's registered office and is also available on the
company's website.
Further information:
Charles H. Bailey
Chairman, C.H.Bailey Plc
Tel: 01633 262961
Richard Day / Jamie Cameron
Arden Partners Limited
Tel: 020 76145917
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UOAKRAOAUAAA
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