TIDMBLEY
RNS Number : 7189T
Bailey(C.H.) PLC
18 December 2012
C.H. BAILEY PLC
Chairman's statement and financial results for the six months
ended
30th September 2012 (unaudited)
Interim Statement & Results
Our interim results for the 6 month period ended 30 September
2012 show a net profit after tax of GBP309,423 (2011: profit
GBP7,729,350). Revenue increased by 23% to GBP2.8m (2011:GBP2.3m)
and cost of sales increased by 20% to GBP1.9m (2011:GBP1.6m). This
resulted in a gross profit for the period of GBP914,017, an
increase of 30% over last year with gross margin increasing from
31% to 33%.
Administrative costs fell by 11% to GBP699,641, resulting in a
trading profit for the six months of GBP214,376. If the income from
the sale of assets in Malta is excluded, the equivalent figure for
last year was a loss of GBP87,704.
It is pleasing that our operating loss last year of (GBP605,101)
has been converted into a profit of GBP460,863 for the same period
this year.
Your company earned a net profit after tax for the period of
GBP309,423 which represents a net margin of 11% and an EPS of
4.07p.
In my interim statement last year, I said that one of the
Board's principle aims was to move the Group to trading profitably,
and I am very pleased that we have achieved this.
UK Operations
Bailey Industrial Engineering, based in Newport, South Wales, is
the Group's specialist heavy engineering operation. The progress I
reported in my last interim statement has been carried through to
this six month period: a general increase in demand for our
services has seen turnover increase 22% over last year to GBP1.04m,
with the operating profit increasing from GBP5,886 to GBP81,262.
Indications are that this performance is likely to continue into
the second half of the year.
Tanzania
After a slower start to the year than we had hoped in our
tourism operations, there are encouraging signs that the second
half of the year may yield a higher number of bed nights than in
previous years, especially at Beho Beho, our safari camp in the
Selous Game Reserve. Our safari camp in Mikumi National Park is
currently closed for refurbishment and will reopen for Easter.
Our serviced commercial offices and retail space in Dar es
Salaam remains fully let, and construction of the serviced
apartments overlooking the Indian Ocean is under way, with the
project remaining on time, within budget and with completion and
opening scheduled for Q4 in 2013.
We continue to believe that the diversity of our revenue streams
from operations is important for the Group, and I believe that we
will see continued growth in profitability.
Malta
Following the sale of part of our assets in Malta, overall
trading levels have been reduced. While St George's Bay Hotel
traded profitably for the first half of the year, the hotel's
operations reduce during the winter, and we expect it to break even
for the year.
The refurbishment of our heritage property in St Barbara's
Bastions overlooking the Grand Harbour in Valletta is well
underway. We are investigating other potential commercial
opportunities on the island.
Outlook
We expect that the Group will continue to trade profitably for
the second half of this year, particularly as a result of our UK
and Tanzanian operations. We continue to put in place measures to
control costs, especially administration costs, while being
vigilant about maintaining high levels of client service, in order
to exceed our customer expectations.
Charles Bailey
Executive Chairman
18 December 2012
Six months Six months
ended 30 September ended 30 September Year ended
2012 2011 31 March 2012
GBP GBP GBP
Revenue 2,797,695 2,277,170 4,339,390
Cost of sales (1,883,678) (1,575,674) (3,143,612)
----------------------- ----------------------- -----------------------
Gross profit 914,017 701,496 1,195,778
Profit on the sale of property - 9,630,205 9,625,213
Administrative expenses (699,641) (789,200) (1,517,395)
----------------------- ----------------------- -----------------------
Trading profit 214,376 9,542,501 9,303,596
Investment activities and other income 246,487 (517,397) (355,379)
----------------------- ----------------------- -----------------------
Operating profit 460,863 9,025,104 8,948,217
EBITDA* 684,290 (451,078) (291,586)
Depreciation (223,427) (154,023) (384,387)
(Loss) on sale of plant and equipment - - (1,023)
----------------------- ----------------------- -----------------------
Normalised operating profit (loss) 460,863 (605,101) (676,996)
Profit on sale of property - 9,630,205 9,625,312
----------------------- ----------------------- -----------------------
Operating profit 460,863 9,025,104 8,948,316
--------------------------------------- ----------------------- ----------------------- -----------------------
Finance income 35,914 21,589 154,208
Finance costs (165,316) (115,087) (195,153)
----------------------- ----------------------- -----------------------
Profit before taxation 331,461 8,931,606 8,907,272
Taxation (19,836) (1,108,129) (1,113,748)
Minority interest (2,202) (94,127) (93,939)
----------------------- ----------------------- -----------------------
Profit for the financial period 309,423 7,729,350 7,699,585
----------------------- ----------------------- -----------------------
Earnings per share from continuing
and total operations 4.07p 92.73p 93.99p
*Earnings before interest, taxation, depreciation, profit on
sale of plant and equipment and profit on sale of property.
30 September 30 September 31 March
2012 2011 2012
GBP GBP GBP
Non-current assets
Property, plant and equipment 11,469,862 7,424,633 8,821,655
Deferred tax asset 121,666 183,185 139,447
------------------------
11,591,528 7,607,818 8,961,102
----------------------- ------------------------- ------------------------
Current assets
Inventory 27,706 22,603 23,731
Trade and other receivables 1,942,562 1,541,180 1,892,898
Current asset investments 3,215,508 2,231,062 3,010,643
Cash and cash equivalents 4,572,430 11,651,153 6,795,648
9,758,206 15,445,998 11,722,920
----------------------- ------------------------- ------------------------
Current liabilities
Trade and other payables (2,459,792) (2,133,939) (2,617,354)
Bank loans and overdrafts (823,378) (1,219,208) (711,349)
Other loans (713,846) (677,749) (697,285)
Obligations under finance leases (31,452) (5,156) (23,661)
Provisions (225,000) (225,000) (225,000)
(4,253,468) (4,261,052) (4,274,649)
----------------------- ------------------------- ------------------------
Net current assets 5,504,738 11,184,946 7,448,271
Total assets less current liabilities 17,096,266 18,792,764 16,409,373
Non-current liabilities
Bank loans (3,353,106) (3,748,811) (2,619,374)
Obligations under finance leases (78,249) - (62,872)
Deferred tax liabilities (259,168) (282,394) (271,723)
Net assets 13,405,743 14,761,559 13,455,404
----------------------- ------------------------- ------------------------
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
Investment in own shares (960,509) - (960,509)
Translation reserve 581,440 848,185 695,086
Retained earnings 7,105,369 7,137,432 7,040,162
----------------------- ------------------------- ------------------------
Surplus attributable to the parent's
shareholders 13,332,863 14,592,180 13,381,302
Minority interest 72,880 169,379 74,102
Total equity 13,405,743 14,761,559 13,455,404
----------------------- ------------------------- ------------------------
Six months Six months
ended 30 September ended 30 September Year ended
2012 2011 31 March
2012
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 424,276 (813,193) (19,952)
Interest paid (165,316) (115,087) (195,153)
Overseas tax paid (2,055) (1,575,606) (1,521,006)
Net cash flow from operating activities 256,905 (2,503,886) (1,736,111)
-------------------- -------------------- ------------------
Investing activities
Sale of property, plant and equipment - 13,137,253 12,415,560
Purchase of property, plant and equipment (3,059,013) (682,881) (2,348,529)
Sale of investments 291,137 1,419 29,194
Purchase of investments (448,661) (708,281) (1,479,261)
Dividend to minority interest - - (81,479)
Interest received 35,914 21,589 154,208
Net cash flow from investing activities (3,180,623) 11,769,099 8,689,693
-------------------- -------------------- ------------------
Financing activities
Investment in own shares - - (960,509)
Movement in bank loans 751,403 795,491 (280,928)
Movement in directors' loans (31,230) 296,208 223,436
Movement in other loans 16,561 1,218 20,754
Movement in capital element of finance
leases 23,168 (12,194) 69,183
Net cash flow from financing activities 759,902 1,080,723 (928,064)
-------------------- -------------------- ------------------
Net movement in cash and cash equivalents (2,163,816) 10,345,936 6,025,518
Cash and cash equivalents at beginning
of the period 6,084,299 122,875 122,875
Exchange differences (171,431) (36,866) (64,094)
Cash and cash equivalents at end of
the period 3,749,052 10,431,945 6,084,299
-------------------- -------------------- ------------------
Reconciliation of net cash flow to movement in
net debt in the period
Net movement in cash and cash equivalents (2,163,816) 10,345,936 6,025,518
Cash flow from the movement in debt (791,132) (784,515) 190,991
-------------------- -------------------- ------------------
Movement in net debt during the period (2,954,948) 9,561,421 6,216,509
Net debt at the beginning of the period 2,681,107 (3,464,415) (3,464,415)
Exchange differences (153,760) (96,777) (70,987)
Net debt at the end of the period (427,601) 6,000,229 2,681,107
-------------------- -------------------- ------------------
Six months Six months
ended 30 ended 30 Year ended
September September 31 March
2012 2011 2012
GBP GBP GBP
Profit for the financial period 309,423 7,729,350 7,699,585
Investment in own shares - - (960,509)
Exchange differences (357,862) (154,263) (374,867)
Total comprehensive income for the period (48,439) 7,575,087 6,364,209
=================== =================== =================
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 2012.
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 in
to 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 the 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 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 25%
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
of 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 of 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 recognition 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
Revenue continuing Operating profit
operations (loss) continuing
operations Net assets
Classes of business GBP GBP GBP
Industrial:
Six months to 30 September 2012 1,039,053 81,262 527,341
Six months to 30 September 2011 850,783 5,886 388,687
Year to 31 March 2012 1,784,430 46,008 420,791
Leisure:
Six months to 30 September 2012 1,758,642 465,461 8,451,116
Six months to 30 September 2011 1,417,136 9,848,832 4,243,495
Year to 31 March 2012 2,554,960 9,848,049 6,757,502
Management:
Six months to 30 September 2012 - (85,860) 4,427,286
Six months to 30 September 2011 9,251 (829,614) 10,129,377
Year to 31 March 2012 - (945,840) 6,277,111
Total:
Six months to 30 September 2012 2,797,695 460,863 13,405,743
Six months to 30 September 2011 2,277,170 9,025,104 14,761,559
Year to 31 March 2012 4,339,390 8,948,217 13,455,404
Geographical segments
United Kingdom:
Six months to 30 September 2012 1,110,570 (76,323) 2,145,385
Six months to 30 September 2011 779,976 (305,781) (258,274)
Year to 31 March 2012 1,988,465 (396,559) 3,713,612
Malta, Tanzania and Rest
of the World:
Six months to 30 September 2012 1,687,125 537,186 11,260,358
Six months to 30 September 2011 1,497,194 9,330,885 15,019,833
Year to 31 March 2012 2,350,925 9,344,776 9,741,792
Total:
Six months to 30 September 2011 2,797,695 460,863 13,405,743
Six months to 30 September 2010 2,277,170 9,025,104 14,761,559
Year to 31 March 2011 4,339,390 8,948,217 13,455,404
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
7,607,755 (2011: 8,335,414),(2012: 8,192,267). There are no share
options, convertible equity or debt instruments in issue.
5. Called-up share capital
30 September 30 September 31 March
2012 2011 2012
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
----------------- ----------------- --------------
The company retains as treasury shares 727,658 ordinary shares
of 10 pence at a cost of GBP960,509.
6. Cash generated from operations
Operating profit continuing operations 460,863 9,025,104 8,948,217
Depreciation 223,427 154,023 384,387
(Profit) on sale of property, plant
and equipment - (9,630,205) (9,624,190)
(Profit) loss on sale of current
asset investments (216,906) 451 51
Fair value movement of investments 136,126 44,489 78,099
Provision on current asset investments 33,439 162,582 92,996
Exchange differences (32,702) (469,205) (2,421)
--------------------- ---------------------- ---------------------
Cash generated from operations before
movements in working capital 604,247 (712,761) (122,861)
(Increase) decrease in inventories (3,975) 6,895 5,767
(Increase) in trade and other receivables (49,664) (189,227) (540,945)
(Decrease) Increase in trade and
other payables (126,332) 81,900 638,087
Cash generated from operations 424,276 (813,193) (19,952)
--------------------- ---------------------- ---------------------
7. Cash and cash equivalents
Cash at bank and in hand 3,404,748 295,024 4,349,846
Deposit accounts 1,167,682 11,356,129 2,445,802
4,572,430 11,651,153 6,795,648
--------------- ---------------- ---------------
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 4,572,430 11,651,153 6,795,648
Bank loans and overdraft ( 823,378) ( 1,219,208) ( 711,349)
---------------- ------------------ -----------------
3,749,052 10,431,945 6,084,299
Bank loans - non-current ( 3,353,106) ( 3,748,811) ( 2,619,374)
Obligations under finance leases ( 109,701) ( 5,156) ( 86,533)
Other loans ( 713,846) ( 677,749) ( 697,285)
Net (debt) funds ( 427,601) 6,000,229 2,681,107
================ ================== =================
9. Contingent asset
On 9th 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 9th 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. Pursuant the variation, it was
also agreed that the purchaser has until 30th 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 Bailey, Executive Chairman
Bryan Warren, Secretary
Telephone: 01633 262961
Richard Day/Jamie Cameron
Arden Partners Plc
Telephone: 020 76145917
This information is provided by RNS
The company news service from the London Stock Exchange
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IR UBOSRUOAUAAA
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