TIDMPAN
RNS Number : 4088L
Pan European Terminals Plc
04 September 2012
BALTIC OIL TERMINALS PLC ("Baltic", "the Company" or "the
Group"), to be renamed PAN EUROPEAN TERMINALS PLC
4 September 2012
Results for the six months to 30 June 2012
The Company announces its unaudited interim results for the 6
months ended 30 June 2012.
We are pleased to report that the improved performance, noted in
the Company's results for the year to 31 December 2011, has
continued and that the Group has progressed in accordance with both
management's expectations and the plan set out in late 2011.
Revenue has increased for the first six months to GBP12.1m
(2011: GBP6.0m) reflecting a continued performance from Petro
Broker International BV ("PBI") in the Netherlands and also,
perhaps more importantly, a very solid first six months of 2012
from OOO Baltic Top ("Baltic Top") in Kaliningrad. However it
should be noted that the improved results from Baltic Top are not
just due to increased transhipment but also to the implementation
of "consignment" product handling on behalf of major suppliers,
which has allowed Baltic Top to maximise its market position in the
area.
We continue to exercise tight control over costs and have
succeeded in reducing administration costs by nearly GBP0.4m from
the comparative six months of 2011. We are on track to show this
cost saving on the full year 2012.
This cost reduction was made despite the acquisition of the Dan
Balt Terminal, in Denmark, and the cost of integration of the Dan
Balt operation into the Group. This integration is now complete and
Dan Balt is running satisfactorily.
Management intends to carry on with its program of cutting costs
wherever possible and using management staff to undertake multiple
functions while we establish a leaner, more responsive
administration and financial control base.
Profit after tax for the period was GBP2.6m (2011: GBP2.6m).
Whilst these two results appear similar, it should be noted that in
2012 the Company has been paying interest on the loan used to
acquire Dan Balt which amounted to just over GBP0.6m for the six
months to 30 June 2012. The Group's cash balance as at 30 June 2012
amount to GBP1.4m.
The Directors do not recommend the payment of a dividend.
Our operations in Denmark, Dan Balt, as expected, will not
produce any meaningful contribution for 2012 as it was acquired
with existing storage contracts in place. These contracts terminate
during 2012 and the main thrust for Dan Balt during the second half
of 2012 is to implement the engineering improvements, as previously
announced, carry out a series of vettings by potential new clients
for transhipment and commence the bidding process for 2013
contracts in October 2012. These activities are on schedule with
the involvement of our marketing partners, Contango A/S.
Management have certain major priorities that are and will
continue to be given the maximum attention during the next months.
These comprise:-
1) The refinancing of the Dan Balt Loan on more acceptable
market terms. This is essential to management's plan for 2012 and
we can report that we are in discussions with several parties in
this respect. Your Chief Executive and Finance Director are to give
this top priority and we look forward to updating shareholders as
soon as possible on this matter.
2) Pushing forward the vetting process for Dan Balt in order to
establish transhipment contracts for 2013/2014, which are expected
to reflect the true worth of the terminal and its location.
3) Establishing a more responsive and flexible financial
reporting system for the Group and at the same time carrying out a
stringent review of the present structure of companies in the
Group, with the aim of reducing the number of Group companies, with
particular reference to Cyprus and non-trading entities.
Following shareholder approval at the AGM in August 2012, we
have now completed the process for changing the name of the Company
to Pan European Terminals PLC, to better reflect our strategy of
interlinked but standalone European transhipment terminals. The
change of name is effective from today, and the Company's ticker on
AIM will simultaneously change to 'PAN'.
Furthermore, we intend to place on our corporate website a new
video presentation by the Chief Executive, similar to that given
following the AGM in London recently, that will explain in more
detail and with the assistance of visual aids, the business carried
out the by Company at its various locations. Management is aware
that due to the specialised nature of our business, it is important
to explain the business of Pan European Terminals to our
shareholders and others. We will endeavour to do this during the
next quarter.
We continue to consolidate our remaining non 100% owned Russian
associate and look forward to be able to report on this in due
course.
In summary, we believe that we have been able to demonstrate
that, despite the distraction in Russia, now involving just one of
our assets in the region, we have the ability to consolidate the
new acquisitions into the Group in a cost effective and efficient
manner so that 2012 will be a year of significant growth.
Simon Escott
Chief Executive
Enquiries:
Baltic Oil Terminals plc Tel: +44 (0)20 3145 1909
Simon Escott, Chief Executive
Westhouse Securities Limited Tel: +44 (0)20 7601 6100
Richard Johnson
Antonio Bossi
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2012
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
------------------------------------ ---------- ---------- ----------------------
GBP'000 GBP'000 GBP'000
Revenue 12,130 6,042 15,550
Cost of sales (9,264) (3,603) (10,878)
------------------------------------ ---------- ---------- ----------------------
Gross profit 2,866 2,439 4,672
Administrative expenses (1,214) (1,597) (3,383)
------------------------------------ ---------- ---------- ----------------------
Operating profit before taxation
and finance items 1,652 841 1,289
Share of profits of associates 2,144 2,018 3,944
Finance income - - 47
Finance costs (623) - (232)
------------------------------------ ---------- ---------- ----------------------
Profit before taxation 3,143 2,860 5,048
Taxation (509) (238) (323)
------------------------------------ ---------- ---------- ----------------------
Profit for the period 2,634 2,622 4,725
------------------------------------ ---------- ---------- ----------------------
Attributable to:
Equity shareholders of the Company 2,634 2,622 4,725
------------------------------------ ---------- ---------- ----------------------
2,634 2,622 4,725
------------------------------------ ---------- ---------- ----------------------
Earnings per share attributable
to equity shareholders of the
Company:
Basic and diluted 2.58p 2.82p 5.01p
------------------------------------ ---------- ---------- ----------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2012
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ---------- ------------
Profit after tax 2,634 2,622 4,725
------------------------------------- ---------- ---------- ------------
Other comprehensive income
Exchange differences on translating
foreign operations (246) 370 (664)
------------------------------------- ---------- ---------- ------------
Other comprehensive income for
the period, net of tax (246) 370 (664)
Total comprehensive income for
the period attributable to equity
shareholders 2,388 2,992 4,061
------------------------------------- ---------- ---------- ------------
Total comprehensive income for
the period 2,388 2,992 4,061
------------------------------------- ---------- ---------- ------------
CONSOLIDATED BALANCE SHEET
At 30 June 2012
Unaudited Unaudited Audited
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
----------------------------------- ---------- ---------- ------------
Non current assets
Intangible assets - - -
Property, plant and equipment 6,674 3,482 6,911
Investments in associates 21,622 17,582 19,508
Goodwill 11,598 4,483 11,598
----------------------------------- ---------- ---------- ------------
39,894 25,547 38,017
----------------------------------- ---------- ---------- ------------
Current assets
Inventories 514 107 198
Trade and other receivables 4,523 8,273 3,613
Prepayments and other current
assets 1,234 2,537 521
Cash and cash equivalents 1,434 1,474 1,614
----------------------------------- ---------- ---------- ------------
7,705 12,390 5,946
----------------------------------- ---------- ---------- ------------
TOTAL ASSETS 47,599 37,937 43,963
----------------------------------- ---------- ---------- ------------
Share capital 1,018 945 945
Share premium 50,437 49,609 49,600
Other reserves - Equity - foreign
exchange reserves (1,464) (184) (1,218)
Retained losses (12,409) (17,146) (15,043)
----------------------------------- ---------- ---------- ------------
Total equity 37,582 33,224 34,284
----------------------------------- ---------- ---------- ------------
Non current liabilities
Borrowings - - 6,792
Deferred tax liability 553 60 526
----------------------------------- ---------- ---------- ------------
553 60 7,318
Current liabilities
Trade and other payables 2,537 4,219 2,188
Borrowings 6,927 434 173
----------------------------------- ---------- ---------- ------------
9,464 4,653 2,361
----------------------------------- ---------- ---------- ------------
Total liabilities 10,017 4,713 9,679
----------------------------------- ---------- ---------- ------------
TOTAL EQUITY AND LIABILITIES 47,599 37,937 43,963
----------------------------------- ---------- ---------- ------------
CONSOLIDATED CASH FLOW STATEMENT
Period ended 30 June 2012
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------------------- ---------- ---------- ---------------------
Cash flows from operating activities
Profit before taxation 3,143 2,860 5,048
Adjustments to reconcile profit
before taxation
to net cash ouflows from operating
activities
Share of profits of associates (2,114) (2,018) (3,944)
Finance costs net 623 - 185
Foreign exchange gain (169) (8) (541)
Depreciation of property, plant
and equipment 64 50 179
Amortisation of intangible assets - 1 1
Loss of disposal of property,
plant and equipment - - 18
Increase in inventories (316) (7) (98)
Increase in trade and other
receivables (1,623) (649) (349)
Decrease in trade and other
payables (140) (809) (779)
--------------------------------------- ---------- ---------- ---------------------
Cash outflow from operations (532) (579) (280)
Income taxes paid 1 - (12)
Interest paid (549) - (192)
--------------------------------------- ---------- ---------- ---------------------
Net cash outflow from operating
activities (1,080) (579) (484)
--------------------------------------- ---------- ---------- ---------------------
Cash flows from investing activities
Interest received - - 47
Purchase of property, plant
and equipment - - (60)
Purchase of subsidiary, gross
of cash acquired - - (6,550)
Cash acquired as part of purchase
of subsidiary - - 174
--------------------------------------- ---------- ---------- ---------------------
Net cash outflows from investing
activities - - (6,389)
--------------------------------------- ---------- ---------- ---------------------
Cash flows from financing activities
Proceeds from shares issued
net of issue costs 910 - -
Proceeds from borrowings - 97 6,792
Repayment of borrowings (10) - (204)
--------------------------------------- ---------- ---------- ---------------------
Net cash inflows from financing
activities 900 97 6,588
--------------------------------------- ---------- ---------- ---------------------
Decrease in cash and cash equivalents (180) (482) (285)
Cash and cash equivalents at
beginning of period 1,614 1,899 1,899
Effect of exchange rate on cash
and cash equivalents - 57 -
--------------------------------------- ---------- ---------- ---------------------
Cash and cash equivalents at
end of period 1,434 1,474 1,614
--------------------------------------- ---------- ---------- ---------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2012
Attributable to equity
shareholders of the parent
--------- --------------------------------------- --------
Foreign currency
Share Share translation Retained
capital premium adjustment losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- --------- --------- ----------------- --------- --------
At 1 January 2011 936 49,351 (554) (19,768) 29,965
Exchange differences
on translating foreign
operations - - 370 - 370
Profit for the period - - - 2,622 2,622
Total comprehensive
income for the period - - 370 2,622 2,992
------------------------- --------- --------- ----------------- --------- --------
Shares issued during
the period 9 249 - - 258
------------------------- --------- --------- ----------------- --------- --------
At 30 June 2011 and
1 July 2011 945 49,600 (184) (17,146) 33,215
------------------------- --------- --------- ----------------- --------- --------
Exchange differences
on translating foreign
operations - - (1,034) - (1,034)
Profit for the period - - - 2,103 2,103
------------------------- --------- --------- ----------------- --------- --------
Total comprehensive
income for the period - - (1,034) 2,103 1,069
------------------------- --------- --------- ----------------- --------- --------
Shares issued during
the period - - - - -
------------------------- --------- --------- ----------------- --------- --------
At 31 December 2011
and 1 January 2012 945 49,600 (1,218) (15,043) 34,284
------------------------- --------- --------- ----------------- --------- --------
Exchange differences
on translating foreign
operations - - (246) - (246)
Profit for the period - - - 2,634 2,634
------------------------- --------- --------- ----------------- --------- --------
Total comprehensive
income for the period - - (246) 2,634 2,388
------------------------- --------- --------- ----------------- --------- --------
Shares issued during
the period 73 837 - - 910
------------------------- --------- --------- ----------------- --------- --------
At 30 June 2012 1,018 50,437 (1,464) (12,409) 37,582
------------------------- --------- --------- ----------------- --------- --------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
Period ended 30 June 2012
Basis of preparation
The Income statement for the 2012 half year includes the results
for Rosbunker as an Associate.
The condensed financial statements comprise the unaudited
results for the six months to 30 June 2012 and 30 June 2011 and the
audited results for the twelve months ended 31 December 2011. The
financial information set out in this interim report does not
constitute statutory accounts as defined in Section 435 of the
Companies Act 2006.
The Annual Report and Financial Statements for 2011 have been
filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and
Financial Statements for 2011 was qualified in relation to a
Disclaimer of Opinion, and did not contain a statement under 498(2)
or 498(3) of the Companies Act 2006. A copy of the 2011 Annual
Report, the auditors' report referred to above, is available on the
Company's website: www.peterminals.com.
These condensed half year financial statements have not been
audited or reviewed by the independent auditors pursuant to the
Auditing Practices Board guidance on the "Review of Interim
Financial Information".
Accounting policies
The condensed financial statements have been prepared in a
manner consistent with the accounting policies set out in the group
financial statements for the twelve months ended 31 December 2011
and on the basis of the International Financial Reporting Standards
(IFRS) as adopted for use in the EU as at 31 December 2011. IFRS
are subject to amendment and interpretation by the International
Accounting Standards Board (IASB) and there is an ongoing process
of review and endorsement by the European Commission.
None of the new standard amendments or interpretations that have
become effective in the period has had a material effect on the
Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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