Final Results -4-
March 25 2009 - 3:00AM
UK Regulatory
adopted by the European Union applied in accordance with the provisions of the
Companies Act 1985, of the state of the Group's and Company's affairs as at 31
December 2008 and of the Group's loss for the year then ended; and
* the financial statements have been properly prepared in accordance with the
Companies Act 1985 and
* the information given in the Directors' Report is consistent with the financial
statements.
+-----------------------------------------+-----------------------------------------+
| Nexia Smith & Williamson | 25 Moorgate |
+-----------------------------------------+-----------------------------------------+
| Chartered Accountants | London |
+-----------------------------------------+-----------------------------------------+
| Registered Auditors | EC2R 6AY |
+-----------------------------------------+-----------------------------------------+
24 March 2009
CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2008
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | Year ended 31 December | | Six months ended 31 |
| | | 2008 | | December 2007 |
+--------------------------+-----------+------------------------------------------------+-+-----------------------------------------------+
| | Notes | Group | | Interests | | Total | | Group | | Interests | | Total |
| | | | | in joint | | | | | | in joint | | |
| | | | | ventures | | | | | | ventures | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Revenue | | 1,139 | | 517 | | 1,656 | | 347 | | 110 | | 457 |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Personnel expenses | 9 | (558) | | (92) | | (650) | | (256) | | (28) | | (284) |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Management fees | 9 | (738) | | - | | (738) | | (400) | | - | | (400) |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Depreciation | | (1,433) | | (33) | | (1,466) | | (3) | | (1) | | (4) |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Other expenses | 3 | (1,473) | | (173) | | (1,646) | | (1,240) | | (83) | | (1,323) |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Other revenue | 4 | 841 | | - | | 841 | | - | | - | | - |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Impairment of investment | 5 | (499) | | (558) | | (1,057) | | (75) | | (819) | | (894) |
| properties | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Foreign exchange | | 2,437 | | (6) | | 2,431 | | 1,201 | | - | | 1,201 |
| gains/(losses) | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Operating loss | | (284) | | (345) | | (629) | | (426) | | (821) | | (1,247) |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Investment revenues | 12 | 729 | | 2 | | | | 727 | | - | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Finance costs | 12 | - | | (167) | | | | - | | (74) | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Loss from joint ventures | 14 | (518) | | - | | | | (903) | | - | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Loss before tax for the | | (73) | | (510) | | | | (602) | | (895) | | |
| period | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| Taxation | 7 | (284) | | (8) | | | | (380) | | (8) | | |
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+
| | | | | | | | | | | | | |
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