We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Douglasbay | LSE:DBAY | London | Ordinary Share | IM00B3BLTZ08 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDBAY
RNS Number : 8900M
Douglasbay Capital PLC
24 September 2012
September 24(th) , 2012
DouglasBay Capital plc
("DouglasBay", "the Group" or "the Company")
Unaudited Interim Results for the period to 30 June 2012
DouglasBay Capital plc (AIM: DBAY), a holding company for investments in quoted and unquoted small to medium sized businesses, today announces its unaudited interim results for the period to 30 June 2012 ("the Interim Financial Statements"). The full text of the Interim Financial Statements is set out below. Electronic copies of the Interim Financial Statements are available on the Company's website at www.douglasbaycap.com and will be posted to shareholders this week.*
Highlights
-- Net asset value of GBP20.8m at 30(th) June 2012 (31(st) December 2011: GBP21.9m) following the impairment by GBP1.0m of a property held for sale
-- Increased cash reserves of GBP16.4m (31(st) December 2011: GBP15.8m)
In February we announced that we had not substantially redeployed our available capital within 12 months of the sale of our main investment, logistics company TDG, and as such our shares were suspended from the AIM exchange on 29 March 2012 in line with the AIM rules for Investing Companies. In the six month period from the date of suspension, we have not redeployed our capital and have further increased our cash reserves as highlighted above. Accordingly our shares will be cancelled from the AIM exchange on 29 September 2012, at which point we will become a private company, with the Ordinary Shares no longer listed on the AIM exchange or covered by the AIM rules for companies and as such there will be no public market for the shares.
In line with what we announced in February and in our Annual Report for the 2011 financial year, in the event that we did not redeploy our capital we would engage in a dialogue with our shareholders on how to return capital in the most efficient way. Consequently we are currently consulting with major shareholders regarding a further capital repayment programme, the details of which will be circulated following the publication of our interim report and after the delisting has taken place.
*Neither the content of DouglasBay capital's website nor the contents of any website accessible from hyperlinks on that website (or any other website) is incorporated into, or forms part of, this Announcement.
For further information please visit www.douglasbaycap.com or contact:
DouglasBay Capital plc Peel Hunt LLP (Nominated Adviser & Broker) Alex Paiusco, Chief Executive Guy Wiehahn Officer Mike Haxby, Chief Financial Officer Tel: 01624 690900 Tel: 020 7418 8893
Chairman's Statement - Interim Statements period ended 30(th) June 2012
These interim financial statements for the period ended 30 June 2012 will be our final set as a listed company on the AIM exchange. Earlier this year we announced that we had not substantially redeployed our available capital within 12 months of the realisation of our first major investment, logistics company TDG, which resulted in the suspension of our shares from the AIM exchange at 29 March 2012.
Since then, during the past half year, we have not redeployed our capital and have instead increased our cash reserves from the 2011 year end position through further realisation of assets and the settlement of outstanding tax positions from the sale of TDG. As a consequence of not having substantially redeployed our available capital, with effect from 29 September 2012 our shares will be cancelled from the AIM exchange. We indicated in our 2011 annual report, that should this be the case, we would engage with our shareholders on how to return capital in the most efficient way. We are therefore currently in discussions with our major shareholders regarding a further capital repayment programme, details of which will be circulated in the immediate future following the delisting from the AIM exchange.
It remains only for me to offer my thanks to our shareholders for their continued support throughout the period from our inception in 2008 to the present time.
David Panter
Non-executive Chairman
20 September 2012
Chief Executive Officers' and Chief Financial Officers' Review - Interim Statements period ended 30th June 2012
Overview
Since the completion of the disposal of TDG in March 2011 we have not substantially redeployed our available capital resources and as such our shares will be cancelled from the AIM exchange at 29 September 2012 in line with the AIM rules for Investing Companies. At this point we will become a private company, with the Ordinary Shares no longer listed on the AIM exchange or covered by the AIM rules for companies, and as such there will be no public market for the shares.
This report provides further commentary on the period from 1 January 2012 to 30 June 2012.
Financial Review
The DouglasBay Capital plc accounts as presented are prepared in accordance with the requirements of the IAS 34 "Interim Financial Reporting" standard as adopted by the EU.
As at 30 June 2012, the Group's Net Asset Value stood at GBP20.8m (2011 Dec GBP21.9m; 2011 Jun GBP24.6m), and comprised cash resources of GBP16.4m, freehold property of GBP0.8m, and minority investments of GBP3.6m. Our minority holdings are almost entirely in listed equities.
Cash resources of GBP16.4m represent an increase of GBP0.6m from the 2011 year end position and reflect inflows from the sale of minority investments of GBP0.8m, the favourable settlement of tax positions related to the sale of the TDG investment totalling GBP0.3m, plus dividend income from our investments and interest received on our net cash position. These cash gains have effectively mitigated the group's overhead cost base. This is shown within the consolidated income statement under continuing operations.
During the period the Group has continued to market for sale its one remaining freehold property. We have chosen to prudently impair the carrying value of the property to GBP0.8m (an impairment of GBP1.0m) to reflect the challenging UK property market. This non cash adjustment is shown within discontinued operations in the consolidated income statement.
Return of capital to shareholders
We stated in our 2011 Annual Report that if the available cash resources were not redeployed within 12 months of the TDG disposal, we would engage in a dialogue with shareholders on how to return capital in the most efficient way. Consequently, DouglasBay are currently consulting with major shareholders regarding a further capital repayment programme, details of which will be circulated following the publication of this interim report and after the delisting from the AIM exchange has taken place
Alex Paiusco
Chief Executive Officer
20 September 2012
Mike Haxby
Chief Financial Officer
20 September 2012
Condensed Consolidated Income Statement
For the period ended 30 June 2012
Continuing Discontinued Continuing Discontinued operations operations(a) Total operations operations Total (a) 2012 2012 2012 2011 2011 2011 Notes GBPm GBPm GBPm GBPm GBPm GBPm Revenue - - - - 170.8 (a) 170.8 Operating expenses (0.5) (0.1) (0.6) (1.5) (167.0) (168.5) --------------- --------------- -------- -------------- --------------- ----------- Underlying operating (loss)/profit 4 (0.5) (0.1) (0.6) (1.5) 3.8 2.3 Amortisation of acquisition intangibles 5 - - - - (0.7) (0.7) Rationalisation costs 5 - - - - (0.3) (0.3) Impairment of fixed assets 5 - (1.0) (1.0) - - - Loss on sale of properties 5 - - - - (0.4) (0.4) Profit on sale of subsidiaries 5 0.3 (b) - 0.3 95.0 - 95.0 Dilapidations & onerous leases 5 - - - - (2.8) (2.8) Operating (loss)/profit (0.2) (1.1) (1.3) 93.5 (0.4) 93.1 Finance costs 7 - - - (0.1) (1.3) (1.4) Finance income 7 0.2 - 0.2 - - - (Loss)/profit before tax - (1.1) (1.1) 93.4 (1.7) 91.7 Income tax income - - - - - - (Loss)/profit for the period - (1.1) (1.1) 93.4 (1.7) 91.7 --------------- --------------- -------- -------------- --------------- ----------- Attributable to: (Loss)/profit attributable to equity holders of the parent - (1.1) (1.1) 93.4 (1.7) 91.7 Profit attributable - - - - - - to non-controlling interests - (1.1) (1.1) 93.4 (1.7) 91.7 --------------- --------------- -------- -------------- --------------- ----------- Earnings per share (pence) Basic & fully diluted (loss)/earnings per share 8 - (0.66p) (0.66p) 9.48p (0.18p) 9.30p --------------- --------------- -------- -------------- --------------- ----------- Underlying (loss)/earnings per share 8 (0.18p) ( 0.06p) (0.24p) (0.16)p 0.17p 0.01p --------------- --------------- -------- -------------- --------------- -----------
(a) TDG was sold on March 28(th) 2011. Only 3 months trading up to the date of the sale are therefore included in the 2011 consolidated income statement
(b) Additional proceeds relating to the favourable settlement of tax positions following the disposal of TDG sold in 2011.
Condensed Consolidated Statement of Comprehensive income
For the period ended 30 June 2012
2012 2011 GBPm GBPm (Loss)/profit for the period (1.1) 91.7 Other comprehensive income Currency translation adjustments - 1.1 Other movements - disposal of businesses - (1.7) Other comprehensive loss for the period, net of income tax - (0.6) ----------- ------- Total comprehensive (loss)/income for the period (1.1) 91.1 ----------- ------- Attributable to: Equity holders of the parent (1.1) 91.1 Non-controlling interest - - ----------- ------- (1.1) 91.1 ----------- -------
Condensed Consolidated Statement of Changes in Equity
For the period ended 30 June 2012
Attributable to equity holders of the parent Issued Hedging Non- and share Share translation Retained controlling Total capital premium reserve earnings Total interest Equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm Balance at 1 January 2012 8.4 - - 13.5 21.9 - 21.9 ----------- ----------- --------------- --------- ---------- ----------------- -------- Loss for the period - - - (1.1) (1.1) - (1.1) Balance at 30 June 2012 8.4 - - 12.4 20.8 - 20.8 ----------- ----------- --------------- --------- ---------- ----------------- -------- Attributable to equity holders of the parent Issued Hedging Non- and share Share Translation Retained controlling Total capital premium Reserve earnings Total interest Equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm Balance at 1 January 2011 64.5 63.5 0.2 (6.1) 122.1 0.7 122.8 ----------- ----------- --------------- --------- ---------- ---------------- ------------ Currency translation differences - - 1.5 (0.4) 1.1 - 1.1 Disposal of subsidiaries - - (1.7) - (1.7) (0.4) (2.1) Other comprehensive loss for the period - - (0.2) (0.4) (0.6) (0.4) (1.0) ----------- ----------- --------------- --------- ---------- ---------------- ------------ Profit for the period - - - 91.7 91.7 - 91.7 Issue of shares 4.3 4.3 - - 8.6 - 8.6 Purchase of own shares (60.4) (67.8) - (69.3) (197.5) - (197.5) Balance at 30 June 2011 8.4 - - 15.9 24.3 0.3 24.6 ----------- ----------- --------------- --------- ---------- ---------------- ------------
Condensed Consolidated Statement of Financial Position
For the period ended 30 June 2012
As at As at 30 June 31 December 2012 2011 Notes GBPm GBPm Assets Non current assets Investments 10 3.6 4.3 3.6 4.3 Current assets Held-for-sale assets 11 0.8 1.8 Trade and other receivables 0.3 0.3 Cash and cash equivalents 12 16.4 15.8 17.5 17.9 --------- ----------- Total assets 21.1 22.2 --------- ----------- Current liabilities Trade and other payables 0.3 0.3 Total liabilities (0.3) (0.3) Net assets 20.8 21.9 --------- ----------- Equity Issued capital and reserves Issued share capital 13 8.4 8.4 Retained earnings 12.4 13.5 --------- ----------- Equity attributable to owners of the Company 20.8 21.9 Non-controlling interests - - Total equity 20.8 21.9 --------- -----------
Condensed Consolidated Statement of Cash Flows
For the period ended 30 June 2012
6 months 6 months to 30 to 30 June June 2012 2011 Notes GBPm GBPm Cash flows from operating activities (0.7) 11.8 Cash flows used in other operating activities Interest received/(paid) 0.2 (1.5) Cash flows generated from/ (used in) other operating activities 0.2 (1.5) ----------- ------------ Cash flows from investing activities Payments to acquire property, plant and equipment - (1.6) Receipts from sale of subsidiaries (net of costs) 0.3 206.3 Receipts from sale of investments 0.8 - (net of costs) Receipts from sale of property, plant and equipment - 19.8 Payments to acquire investments - (1.1) Cash flows from investing activities 1.1 223.4 ----------- ------------ Cash flows from financing activities Payments to acquire Ordinary shares - (197.5) Repayment of secured borrowings - (41.3) Dividends paid to non-controlling interests - (0.3) Cash flows used in financing activities - (239.1) ----------- ------------ Net increase/(decrease) in cash and cash equivalents 0.6 (5.4) Cash and cash equivalents as at 1 January 15.8 20.2 Effect of exchange rate changes - 0.3 Cash and cash equivalents as at 30 June 12 16.4 15.1 ----------- ------------
Condensed Consolidated Statement of Cash Flows (continued)
For the period ended 30 June 2012
Reconciliation of net profit from operations to net cash from operating activities
6 months 6 months to 30 to 30 June June 2012 2011 Notes GBPm GBPm Cash flows from operating activities Net (loss)/profit (1.1) 91.7 Adjustments to reconcile to profit from operations Net interest (income)/expense 7 (0.2) 1.4 Adjustments to reconcile profit from operations (0.2) 1.4 --------- -------------- Non-cash adjustments Depreciation of property, plant and equipment - 2.3 Amortisation of acquisition & other intangible assets - 1.3 Impairment of property 5 1.0 - Dilapidations & onerous leases 5 - 2.8 Profit on the sale of subsidiaries 5 (0.3) (95.0) Profit on sale of investments (0.2) - Loss arising on the revaluation of investments 0.1 0.4 Unrealised losses on foreign currency exchange - (0.1) Loss on sale of properties, plant and equipment 5 - 0.3 Non-cash adjustments 0.6 (88.0) --------- -------------- Decrease in working capital Increase in trade and other receivables - (12.1) Increase in trade and other payables - 20.1 Decrease in working capital - 8.0 --------- -------------- Pension deficit funding additional employer contributions - (1.3) Cash flows (used in)/from operating activities (0.7) 11.8 --------- --------------
Notes on the condensed consolidated financial statements
1. Basis of preparation These unaudited interim consolidated financial statements do not constitute statutory accounts and have been prepared on a basis consistent with the accounting policies and presentation that were applied in the preparation of the Group's consolidated Annual Report and Accounts for the year ended 31 December 2011, which were prepared in accordance with International Financial Reporting Standards. These interim consolidated financial statements have been prepared in accordance with AIM Listing Rules and with IAS 34 "Interim Financial Reporting". They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2011. These financial statements have been prepared on a going concern basis and the Directors consider that the Group will be able to meet its liabilities as they fall due for the foreseeable future. The Directors have prepared base case and sensitised cash flow projections for the period to September 2013 which are based on certain assumptions and show the Group is capable of operating within the existing financing arrangements. These interim financial statements for the period ended 30 June 2012 will be the Company's final set as a listed company on the AIM exchange. On 29 March 2012 the Group announced that it had not substantially redeployed its available capital within 12 months of the realisation of its first major investment, logistics company TDG, which resulted in the suspension of its shares from the AIM exchange at the end of March. As the Company will not have substantially redeployed its available capital, with effect from 29 September 2012 its shares will be cancelled from the AIM exchange. As the Company indicated in its 2011 annual report, should this be the case, it would engage with its shareholders on how to return capital in the most efficient way. As such the Company is currently in discussions with its major shareholders regarding a further capital repayment programme, details of which will be announced in the near future. The Directors consider the underlying profit and underlying earnings per share provide additional meaningful information on underlying performance to shareholders. The terms "underlying profit" and "exceptional item" are not defined terms under IFRS and may not be comparable with similarly titled profit measures reported by other companies. Underlying operating profit is not intended to be a substitute for, or superior to, GAAP measurements of profit. The term "underlying" refers to the relevant measure being reported excluding exceptional items, and amortisation of acquisition intangibles. Exceptional items are items which are both material and non-recurring and are presented as exceptional items within their relevant consolidated income statement category. The separate reporting of exceptional items helps provide a better indication of the Group's underlying business performance. Events which may give rise to the classification of items as exceptional include the restructuring of the businesses, the integration of new businesses, gains or losses on the disposal of businesses and asset impairments and corporate costs. 2. Key accounting policies Currency Translation a) Functional and presentational currency Items included in the financial statements of each of the Group's entities are measured using the functional currency, which is the local currency in which the entity operates. The consolidated financial statements are presented in Sterling, which is the Company's functional and presentation currency. b) Transactions and balances Transactions in foreign currencies are translated into functional currency at the rates of exchange prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies to functional currency at rates prevailing at the end of the reporting period are recognised in profit or loss. At each end of reporting period, non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities that are carried at fair value that are denominated in foreign currencies are translated at the rates prevailing when the fair value was determined. c) Group companies On consolidation, the assets and liabilities of the Group's overseas operations are translated at exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period. Foreign exchange differences arising on retranslation are recognised in other comprehensive income and transferred to the Group's translation reserve. Such translation differences are recognised in the profit or loss in the period in which the operation is disposed of. Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges recognised in other comprehensive income are taken to the translation reserve. Such translation differences are recognised in profit or loss in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Underlying operating profit Underlying operating profit is separately disclosed on the face of the income statement. This is profit before net finance costs and tax excluding items which the Directors consider to be material or non-recurring in nature. These items were amortisation of acquisition intangibles, rationalisation costs, and impairment of current and non-current assets where the impairment is considered exceptional due to its size, profit on sale of subsidiaries, profit/loss on sale of properties, site exit costs, and dilapidation and onerous lease provisions considered to be exceptional due to the size of the expected costs or releases. These items are collectively referred to as "exceptional items". The Directors believe that underlying operating profit provides an important measure of the underlying earnings performance of the Group. Underlying earnings per share Underlying earnings per share is calculated as underlying profit, less net finance charges, share of loss of associates, profit attributable to minority interests and corporation tax adjusted for corporation tax on exceptional items, divided by the weighted average number of Ordinary Shares in issue during the period. The Directors believe that "underlying earnings per share" provides an important measure of the underlying earnings performance of the Group. Investments All investments are classified as 'fair value through profit or loss'. Investments are initially recognised at cost being the fair value of consideration given. After initial recognition investments are measured at fair value, with unrealised gains and losses on investments recognised in profit or loss and allocated to capital. Realised gains and losses on investments sold are calculated as the difference between sale proceeds and cost. The entity manages and evaluates the performance of these investments on a fair value basis in accordance with its investment strategy. Unquoted investments are valued by the Directors, at fair value based on latest dealing prices, stockbroker valuations or other information, as appropriate. This valuation incorporates all factors that market participants would consider in setting a price. Quoted investments are valued at closing bid market prices or last traded price where bid prices are not regularly and readily available. Contracts for difference are synthetic equities and the unrealised gain or loss is disclosed with reference to the investments' underlying bid prices. IFRS 7 requires the Company to analyse financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: -- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. -- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). -- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Discontinued operations and held for sale assets & liabilities A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as available for sale, if earlier. Results of the discontinued operation are presented separately on the statement of comprehensive income where they are considered by the Directors to be material to the results of the Group. When an operation is classified as a discontinued operation and considered to be material to the results of the Group, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative period. Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as available for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are re-measured in accordance with the Group's accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and recoverable amount. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets and investment property, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as available for sale and subsequent gains or losses on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, short term deposits and cash in restricted accounts. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purposes of the consolidated statement of cash flows. Provisions, guarantees, warranties and indemnities A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The Group maintained insurance policies with significant excesses. Full provision is made for estimated costs of these claims arising from past events which are not covered by the insurance policies, based on advice from the Group's external insurance advisors. The provision for claims is discounted where the impact is material. Following the Group's disposal of its major investment TDG, a number of warranties and indemnities were included in the sale agreement and these will remain in place until their expiry in March 2018. At present no claims have been made or are expected to be made in respect of any of these warranties or indemnities, and therefore no amounts relating to these warranties and indemnities are recognised in these financial statements. 3. Segmental analysis The segmental analysis is presented in line with the information provided to the Chief Operating Decision Maker ("CODM") in the management accounts. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. All operating segments' operating results are reviewed regularly by the Group's CODM to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Group's primary reporting format is business segments and its secondary is geographical segments. The operating businesses are organised and managed separately according to the markets they serve. The Group's business segments are organised and managed separately according to the nature of the business and its reporting structure within the Group. -- TDG - before its disposal provided specialised B2B logistics and freight forwarding services within the UK and Europe; -- TLIT - the investments held by TLIT, including minority stakes in quoted and unquoted companies; -- DouglasBay Property Group - manages the investments of a portfolio of UK properties; -- Central management - any central costs held within the parent company, Laxey Logistics Limited, DouglasBay UK Limited and DouglasBay Media Holdings Limited. Significant reliance is not placed on major customers as the Group does not receive revenue from any single customer which amounts to 10% or more of Group revenues.
Primary segments - business activities
Period ended 30 June 2012
Continuing operations Discontinued operations Eliminat- Eliminat- Central ions Central ions & & Property manage- adjust- Property manage- adjust- TLIT Group ment ments Total TDG Group ment ments* Total TOTAL GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm Revenue Gross sales - - - - - - - - - - - ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ Results Underlying operating Loss (0.1) - (0.4) - (0.5) - (0.1) - - (0.1) (0.6) Net exceptional income/ (expense) - - 0.3 - 0.3 - (1.0) - - (1.0) (0.7) ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ Operating loss (0.1) - (0.1) - (0.2) - (1.1) - - (1.1) (1.3) Net finance income - - 0.2 - 0.2 - - - - - 0.2 ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ (0.1) - 0.1 - - - (1.1) - - (1.1) (1.1) Income tax - - - - - - - - - - - expense (Loss)/profit for year (0.1) - 0.1 - - - (1.1) - - (1.1) (1.1) ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ Assets & liabilities Segment assets 5.5 - 13.9 - 19.4 - 1.7 - - 1.7 21.1 ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ Segment liabilities - - 0.2 - 0.2 - 0.1 - - 0.1 0.3 ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ Other Segment information Depreciation and amortisation - - - - - - - - - - - ------ --------- -------- ---------- ------ ----- --------- -------- ---------- ------ ------ 3. Segmental analysis (continued)
Primary segments - business activities
Period ended 30 June 2011
Continuing operations Discontinued operations Eliminat- Eliminat- Central ions Central ions & & Property manage- adjust- Property manage- adjust- TLIT Group ment ments* Total TDG** Group ment ments* Total TOTAL GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm Revenue Gross sales - 0.2 1.1 (1.3) - 170.6 0.3 - (0.1) 170.8 170.8 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- Results Underlying operating (loss)/profit (0.4) 0.1 (0.3) (0.9) (1.5) 3.0 0.1 - 0.7 3.8 2.3 Net exceptional income/ (expense) - - 95.0 - 95.0 (3.1) 1.3 - (2.4) (4.2) 90.8 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- Operating (loss)/profit (0.4) 0.1 94.7 (0.9) 93.5 (0.1) 1.4 - (1.7) (0.4) 93.1 Net finance income/(cost) - - 5.8 (5.9) (0.1) 0.2 (0.2) (7.1) 5.8 (1.3) (1.4) -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- (0.4) 0.1 100.5 (6.8) 93.4 0.1 1.2 (7.1) 4.1 (1.7) 91.7 Income tax - - - - - - - - - - - expense (Loss)/profit for period (0.4) 0.1 100.5 (6.8) 93.4 0.1 1.2 (7.1) 4.1 (1.7) 91.7 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- Assets & liabilities Segment assets 0.9 2.4 17.1 - 20.4 - 4.8 - - 4.8 25.2 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- Segment liabilities - - 0.6 - 0.6 - - - - - 0.6 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- -------- Other Segment information Depreciation and amortisation - - - - - 2.8 - - 0.8 3.6 3.6 -------- --------- -------- ---------- -------- ------ --------- -------- ---------- -------- --------
* Eliminations include all the adjustments arising on consolidation of the four individual segments TDG, TLIT, Property Group and Central management for statutory reporting.
** TDG was sold on March 28(th) 2011 to Norbert Dentressangle
Secondary segments - geographical analysis
Prior to the sale of TDG Limited, the group's operations were located in United Kingdom, Spain, Netherlands, Ireland, Belgium and Other Europe (Germany, Hungary and Poland). Currently operations are located in the United Kingdom and the Isle of Man. The following table provides an analysis of the Group's sales by geographic market, irrespective of the origin of the goods/services.
6 months 6 months to 30 to 30 June June 2012 2011 Revenue from external customers GBPm GBPm United Kingdom - 127.4 Spain - 15.7 Netherlands - 6.1 Ireland - 11.3 Belgium - 7.9 Other Europe - 2.4 ---------- ---------- Discontinued operations - 170.8 ---------- ---------- United Kingdom - - ---------- ---------- Continuing operations - - ---------- ---------- Total revenue for the period - 170.8 ---------- ---------- 4. Underlying operating profit
Underlying operating profit is stated after charging the following:
6 months 6 months to 30 to 30 June June 2012 2011 Notes GBPm GBPm Employee benefits expense 6 0.4 50.1 ---------- --------- Depreciation of property, plant and equipment - 2.3 Amortisation of intangible assets (software) - 0.6 ---------- --------- 5. Exceptional operating (costs)/profits 6 months 6 months to 30 to 30 June 2012 June 2011 GBPm GBPm Amortisation of acquisition intangibles - (0.7) Rationalisation costs - (0.3) Impairment of properties (1.0) - Loss on sale of properties - (0.4) Profit of sale of subsidiaries 0.3 95.0 Dilapidations & onerous leases - (2.8) (0.7) 90.8 ------------ ---------
The profit on disposal of subsidiaries of GBP0.3m (2011: GBP95.0m) in the year, results from additional proceeds arising from the favourable settlement of tax positions relating to the sale of the Laxey Logistics Group on 28 March 2011.
6. Employee expenses 6 months 6 months to 30 to 30 June 2012 June 2011 GBPm GBPm Wages and salaries 0.3 43.9 Post employment expense for defined contribution plans - 1.4 Employee termination benefits - 0.1 Social security costs 0.1 4.7 0.4 50.1 ----------- --------- 7. Finance (income)/costs 6 months 6 months to 30 to 30 June 2012 June 2011 GBPm GBPm Interest receivable on short term deposits (0.1) - Overseas dividends received (0.1) - Interest payable on finance lease rental payments - 0.1 Interest expense: secured loans - 0.9 Other finance costs - 0.4 ----------- --------- (0.2) 1.4 ----------- --------- 8. Earnings per share
The calculation of basic earnings per share as at 30 June 2012 is based on the loss attributable to ordinary shareholders of GBP(1.1m) (2011: GBP91.7m profit) and a weighted average number of ordinary shares outstanding of 167,008,505 (2011: 985,681,101) reflecting the period over which earnings per share has been calculated 1 January 2012 until 30 June 2012 (2011: 1 January 2011 until 30 June 2011). An alternative underlying earnings per share number is also set out below, being before any exceptional (profits)/costs plus related tax, since the Directors consider that this is more representative of the underlying performance of the Group. There were 835,000 share options outstanding as at 30 June 2012 and they had no dilutive impact on the earnings per share as at 30 June 2012. Share options outstanding as at 30 June 2011 had no dilutive impact on earnings per share at that time.
6 months 6 months to 30 June to 30 2012 June 2011 No. of No. of shares shares Weighted average number of shares for the purposes of basic and underlying earnings per share 167,008,505 985,681,101 ------------ ------------ 2012 2011 GBPm pence GBPm Pence (Loss)/profit attributable to equity holders of the parent (Basic earnings per share) (1.1) (0.66p) 91.7 9.30p Related Related Expense/ Tax Expense/ Tax (income) @ 24% (income) @ 27% GBPm GBPm GBPm GBPm Add back exceptional items net of related tax Amortisation of - - 0.7 - acquisition intangibles Rationalisation costs - - 0.3 (0.1) Impairment of 1.0 - - - properties Loss on sale of - - 0.4 - properties Profit on sale of subsidiaries (0.3) - (95.0) - Dilapidations & onerous leases - - 2.8 (0.7) 0.7 - 0.7 0.42p (90.8) (0.8) (91.6) (9.29p) ------ ------------- ------ -------- -------- ------------- ------------ ---------- Underlying (loss)/earnings (underlying earnings pence per share) (0.4) (0.24p) 0.1 0.01p ------ -------- ------------ ---------- 9. Property, plant and equipment As at As at 30 June 31 Dec 2012 GBPm 2011 GBPm Land and buildings - 1.8 Transferred to assets available for sale - (1.8) - - -------------------------------------------------- ------- 10. Investments 2012 2011 GBPm GBPm At 1 January cost net of unrealised gains/(losses) 4.3 2.4 Additions - 5.2 Disposals (0.6) (0.8) Revaluation of investments (0.1) (2.5) At 30 June and 31 December 3.6 4.3 ------ ------ Investments consist of the quoted and unquoted investments in DouglasBay Capital plc, TLIT and DouglasBay Media Holdings. There were no additions in the period (2011: GBP5.2m). Disposals in the period, GBP0.6m (2011: GBP0.8m) relate to the sale of a quoted investment held by DouglasBay Capital plc which resulted in a GBP0.2m profit (2011: GBPNil) for the Group in the period. The impairment of GBP0.1m (2011: GBP(2.5m)) relates to the impairment to the carrying value of the quoted investments held, as a result of revaluing the investments based on the closing bid market values or last traded price where bid prices are not regularly and readily available. Fair value hierarchy IFRS 7 requires the Company to analyse financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: -- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. -- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). -- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level Level Level 1 2 3 Total GBPm GBPm GBPm GBPm At 30 June 2012 Investments 3.5 - 0.1 3.6 Level Level Level 1 2 3 Total GBPm GBPm GBPm GBPm At 31 December 2011 Investments 4.2 - 0.1 4.3 The following table shows a reconciliation from the beginning balances to the ending balances for fair values measurements in Level 3 of the fair value hierarchy: 2012 2011 GBPm GBPm Balance at 1 January 0.1 0.7 Disposal of investments - (0.6) Balance at 30 June 0.1 0.1 Although the Company believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. It is not possible, due to the valuation of Level 3 investments being based on Directors knowledge of the company, to provide an effect on profit or loss for a change in valuation methodologies or assumptions.
11. Held-for-sale assets
The assets held for sale relate to the property in LIT Carnforth Limited with a carrying value of GBP0.8m (2011: GBP1.8m).
As at As at 30 31 Dec June 2012 2011 GBPm GBPm Assets classified as held-for-sale Property, plant and equipment 0.8 1.8 Total held for sale assets 0.8 1.8
12. Cash and cash equivalents
As at As at 30 June 31 Dec 2012 2011 GBPm GBPm Cash at bank and in hand 0.1 0.1 Short-term deposits 16.1 15.7 Cash in restricted accounts 0.2 - 16.4 15.8 --------- --------
Cash in restricted accounts GBP0.2m (2011: GBPNil) represents margin calls paid in respect of various contracts for difference entered into by the Group in the period.
13. Share capital
Issued and fully paid Ordinary share capital No. GBPm At 1 January 2011 1,289,582,292 8.4 Options exercised 85,392,512 - Purchase of own shares (1,207,966,299) - At 30 June 2011, 1 January 2012 and 30 June 2012 167,008,505 8.4 The Company has only one class of ordinary shares which carry no right to fixed income. Holders are entitled to one vote per share at meetings of the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BXGDCIXDBGDB
1 Year Douglasbay Chart |
1 Month Douglasbay Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions