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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Energiser Investments Plc | LSE:ENGI | London | Ordinary Share | GB00B06CZD75 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.65 | 0.60 | 0.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMENGI
RNS Number : 1990L
Energiser Investments PLC
29 September 2016
Energiser Investments plc
Consolidated unaudited half-yearly financial report for the period ended 30 June 2016
Interim Chairman's Statement
I am delighted to report on the Group's Interim results for the six months to 30 June 2016.
I reported in the year end December 2015 report that we are consolidating our focus into the property sector and welcomed Dominic White to the Board as a Non-executive Director. I am pleased to say that we have made exciting progress on a number of property transactions and expect to announce our next investment in the coming months.
Given the additional work that sourcing, negotiating, closing and managing new investments brings, we are pleased to announce that Dominic has accepted an executive position at Energiser and is now the Chief Executive Officer. He will drive the growth of the company going forwards. We're excited by the pipeline of opportunities already under consideration and look forwards to a busy and successful period for the company.
Results
Energiser continues to hold the 20 residential properties at Wellingborough. The gross rental income from the portfolio was GBP77,000 (2015: GBP72,000), an increase of 5% over the previous year. The net rental income, after relevant operating costs, was GBP60,000 (2015: GBP54,000).
Energiser's administrative expenses have increased to GBP35,000 (2015: GBP25,000) for the half year.
The loss before taxation was GBP161,000 (2015 profit: GBP20,000) with a loss per share of 0.32p (2015: profit 0.04p). We have further profit to realise from the mezzanine financing for the development at Kingswood Park, Surrey but under accounting rules we cannot recognise these profits in the profit and loss account until the last unit has been sold.
Net assets have decreased to GBP340,000 (2015: GBP422,000) primarily due to higher than expected finance costs. These were incurred as the term of our borrowing facilities had to be increased as a result of delays in the repayment of the mezzanine loan by the housebuilder referred to below. This results in a net asset value per share of 0.78p (2015: 0.96p).
The Directors do not recommend the payment of a dividend.
Operations
The 20 residential properties in Wellingborough, Northants, have maintained their high historic occupational level at more than 96% average occupancy over the period. We will carefully consider whether the capital currently allocated to these assets can be better deployed into more dynamic investments in the coming six months.
Our investment in the development of 12 residential properties in Kingswood Park, Surrey by a housebuilder is almost complete. The investment is by way of mezzanine funding to the housebuilder. 11 of the 12 properties have been sold and legally completed. The senior lender on this development has been repaid in full. The Group is expecting to receive all its priority return of GBP785,000.
The Group has continued to fully provide against its investment in EiRx Therapeutics plc, which was placed in creditors' voluntary liquidation.
The company has launched an updated web site at www.energiserinvestments.co.uk as a tool for investors and potential partners to understand more about our future focus and historic transactions.
Outlook
Energiser's strategy as an Investment Company is to invest, directly or indirectly, in quoted and unquoted companies in the property sector to achieve capital growth in the mediumterm.
The Group's investment tactics are to focus on the European property sector and it currently holds investment properties, acquired by way of its principal activity: it has invested directly in residential property development by way of both equity stakes and high yield short term lending. The Company does not have a specific policy in relation to gearing its investments but recognises that the nature of its investment sector lends itself well to geared investments.
Energiser will continue to focus on direct investment in the equity and debt capital of property assets. It will also look to increase its exposure to property by investing in property operating companies such as serviced-residential, serviced-storage or serviced-leisure that combine an interest in a property portfolio with an over-riding operating business. We believe that the diversified revenue streams available from certain property operating businesses are an exciting and innovative way to drive growth and shareholder value.
With so much activity in progress at Energiser, I look forwards to our next update in 2017.
Stephen Wicks
Chairman
29 September 2016
For further information contact:
Energiser Investments plc Nishith Malde +44 (0) 1494 762450
Cairn Financial Advisers LLP Jo Turner/ Sandy Jamieson +44 (0) 20 7148 7900
Group statement of comprehensive income
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months year
to 30 to 30 to 31
June June December
2016 2015 2015
Note GBP'000 GBP'000 GBP'000
------------------------------------------- ----- ---------------- --------------- ----------
Continuing operations
Revenue arising in the course of
ordinary activities 77 72 154
Cost of sales (17) (18) (34)
Gross profit 60 54 120
Administrative expenses (35) (25) (50)
Revaluation of investment properties - 158 102
------------------------------------------- ----- ---------------- --------------- ----------
Operating profit 5 25 187 172
Finance costs (193) (173) (358)
Finance income 7 6 19
(Loss)/profit before taxation 5 (161) 20 (167)
Taxation - - -
------------------------------------------- ----- ---------------- --------------- ----------
Profit/(loss) for the period attributable
to shareholders of the Company (161) 20 (167)
Other comprehensive income - fair
value adjustment to the profit on
mezzanine funding arrangement 155 (248) (16)
Related deferred taxation (73) 52 4
------------------------------------------- ----- ---------------- --------------- ----------
Other comprehensive income for the
period, net of tax 82 (196) (12)
------------------------------------------- ----- ---------------- --------------- ----------
Total comprehensive income (79) (176) (179)
------------------------------------------- ----- ---------------- --------------- ----------
(Loss)/earnings per share
Basic and diluted (loss)/earnings
per share from total and continuing
operations 4 (0.32)p 0.04p (0.38)p
------------------------------------------- ----- ---------------- --------------- ----------
Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive.
Group statement of financial position
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2016 2015 2015
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- ---------- ---------- --------------------
ASSETS
Non-current assets
Investment property 6 2,844 2,900 2,844
Financial assets at fair value through - 1 -
profit and loss
---------------------------------------- ----- ---------- ---------- --------------------
2,844 2,901 2,844
---------------------------------------- ----- ---------- ---------- --------------------
Current assets
Trade and other receivables 21 16 38
Available-for-sale financial assets 654 3,144 3,977
Cash and cash equivalents 39 5 218
---------------------------------------- ----- ---------- ---------- --------------------
714 3,165 4,233
---------------------------------------- ----- ---------- ---------- --------------------
Total assets 3,558 6,066 7,077
---------------------------------------- ----- ---------- ---------- --------------------
LIABILITIES
Current liabilities
Trade and other payables 791 722 866
Short term borrowings 946 4,828 4,318
Deferred tax 165 92 140
---------------------------------------- ----- ---------- ---------- --------------------
1,902 5,642 5,324
---------------------------------------- ----- ---------- ---------- --------------------
Non-current liabilities
Long term borrowings 1,316 - 1.334
Financial liabilities held at fair - 2 -
value through profit or loss
---------------------------------------- ----- ---------- ---------- --------------------
1,316 2 1,334
---------------------------------------- ----- ---------- ---------- --------------------
Total liabilities 3,218 5,644 6,658
---------------------------------------- ----- ---------- ---------- --------------------
Net assets 340 422 419
---------------------------------------- ----- ---------- ---------- --------------------
EQUITY
Share capital 2,312 2,312 2,312
Share premium account 5,747 5,747 5,747
Convertible loan 88 88 88
Merger reserve 1,012 1,012 1,012
Revaluation reserve 610 344 528
Retained earnings (9,429) (9,081) (9,268)
---------------------------------------- ----- ---------- ---------- --------------------
Total equity 340 422 419
---------------------------------------- ----- ---------- ---------- --------------------
Group statement of changes in equity
Share
Share premium Convertible Merger Revaluation Retained Total
capital account loan reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- -------- ------------ -------- ------------ --------- --------
Balance at 1 January
2015 2,312 5,747 88 1,012 540 (9,101) 598
Total comprehensive
income - - - - (196) 20 (176)
Balance at 30
June 2015 2,312 5,747 88 1,012 344 (9,081) 422
Total comprehensive
income - - - - 184 (187) (3)
---------------------- -------- -------- ------------ -------- ------------ --------- --------
Balance at 31
December 2015 2,312 5,747 88 1,012 528 (9,268) 419
Total comprehensive
income - - - - 82 (161) (79)
Balance at 30
June 2016 2,312 5,747 88 1,012 610 (9,429) 340
---------------------- -------- -------- ------------ -------- ------------ --------- --------
Group statement of cash flows
Unaudited Unaudited Audited
6 months 6 months year
to 30 to 30 to 31
June June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
------------------------------------------------ --------------- --------------- ----------
Cash flows from operating activities
Profit/(loss) before and after taxation (161) 20 (167)
Adjustments for:
Interest expense 170 173 358
Interest Income - - (11)
Fair value adjustment on financial liabilities
recognised in profit or loss - (6) (8)
Fair value adjustment on investment properties - (158) (102)
Changes in working capital:
- (Increase)/decrease in trade and other
receivables 17 (6) (13)
- Increase/(decrease) in trade payables (75) 9 35
Net cash generated by operating activities (49) 32 92
------------------------------------------------ --------------- --------------- ----------
Cash flows from investing activities
Mezzanine finance facility repaid/(issued) 3.305 (49) (650)
Net cash used in investing activities 3,305 (49) (650)
------------------------------------------------ --------------- --------------- ----------
Cash flows from financing activities
Proceeds from borrowings - 54 2,064
Re-payment of borrowings (3,372) (20) (1,206)
Interest paid (63) (25) (95)
Net cash (used)/generated by financing
activities (3,435) 9 763
------------------------------------------------ --------------- --------------- ----------
Net (decrease)/increase in cash and cash
equivalents (179) (8) 205
Cash and cash equivalents at beginning
of period 218 13 13
------------------------------------------------ --------------- --------------- ----------
Cash and cash equivalents at end of period 39 5 218
------------------------------------------------ --------------- --------------- ----------
1. Nature of operations and general information
The principal activity of the Group is as an investment company investing in quoted and unquoted companies to achieve capital growth. The Group also holds a property development acquired by way of its principal activity. The properties are held for sale with rental income arising from short term lets.
Energiser Investments plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Energiser Investments plc's registered office, which is also its principal place of business, is 417 Finchley Road, London, NW3 6HJ.
Energiser Investments plc's shares are quoted on AIM, a market operated by the London Stock Exchange. The consolidated half-yearly financial report has been approved for issue by the Board of Directors on 30 September 2016.
The financial information set out in this half-yearly financial report does not constitute statutory accounts as defined in Sections 434(3) and 435(3) of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2015 have been filed with the Registrar of Companies and are available at www.energiserinvestments.co.uk. The auditor's report on those financial statements was unqualified and did not contain any statement under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Basis of preparation
This consolidated half-yearly financial report has been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting.
The consolidated half-yearly financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with IFRS as adopted by the European Union.
3. Accounting policies
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2015, as described in those financial statements other than that stated below:
Critical judgements in applying the accounting policies
Key sources of estimation uncertainty
Fair value of profit on mezzanine funding arrangement
The fair value of the mezzanine funding arrangement includes estimates as to the timing and value of future cash flows and the underlying profitability of the development. The estimates are formed based on information provided by the developer. The Group believes that the directors' knowledge and experience in the sector means they are well placed to critically assess this information and to make conclusions as appropriate.
4. Earnings/(loss) per ordinary share
The earnings/(loss) per ordinary share is based on the weighted average number of ordinary shares in issue during the period of 43,787,956 ordinary shares of 0.1p (2015: 43,787,956 ordinary shares of 0.1p) and the following figures:
Unaudited Unaudited Audited
6 months 6 months year
to 30 to 30 to 31
June June December
2016 2015 2015
Profit/(loss) attributable to equity shareholders GBP'000 (161) 20 (167)
----------------------------------------------------------- ---------- ---------- ----------
Earnings/(loss) per ordinary share (0.32)p 0.04p (0.38)p
----------------------------------------------------------- ---------- ---------- ----------
Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive.
5. Income and segmental analysis
Unaudited Unaudited Audited
6 months 6 months year to
to 30 to 30 31 December
June June 2015
2016 2015
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ---------- -------------
Segment result
Investment activities:
Change in fair value of investments - - (1)
Administrative expenses (34) (24) (48)
------------------------------------- ---------- ---------- -------------
(34) (24) (49)
------------------------------------- ---------- ---------- -------------
Rental activities:
Rental income 60 54 121
Administrative expenses (1) (1) (2)
Fair value adjustment on investment
property - 158 102
------------------------------------- ---------- ---------- -------------
59 211 221
------------------------------------- ---------- ---------- -------------
Operating profit 25 187 172
Finance Income - - 11
Finance costs (193) (173) (358)
Fair value adjustment on interest
rate swap 7 6 8
------------------------------------- ---------- ---------- -------------
Earnings/(loss) before tax (161) 20 (167)
------------------------------------- ---------- ---------- -------------
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
------------------------------------- ----------------------- -------------------- ---------------
Segment assets
Investment activities:
Non-current assets -- 1 --
Current assets 45 10 3
------------------------------------- ----------------------- -------------------- ---------------
45 11 3
------------------------------------- ----------------------- -------------------- ---------------
Rental:
Non - current assets - investment
property 2,844 2,900 2,844
Current assets - other 15 11 253
------------------------------------- ----------------------- -------------------- ---------------
2,859 2,911 3,097
------------------------------------- ----------------------- -------------------- ---------------
Mezzanine funding arrangement:
Current assets 654 3,144 3,977
654 3,144 3,977
------------------------------------- ----------------------- -------------------- ---------------
Total assets 3,558 6,066 7,077
------------------------------------- ----------------------- -------------------- ---------------
Segment liabilities
Investment activities:
Current liabilities 791 722 1,053
791 722 1,053
------------------------------------- ----------------------- -------------------- ---------------
Rental:
Current liabilities 946 - 999
Non-current liabilities 1,316 2 1,334
------------------------------------- ----------------------- -------------------- ---------------
2.262 2 2,333
------------------------------------- ----------------------- -------------------- ---------------
Other:
Current liabilities - other loan -- 4,828 3,132
Current liabilities - deferred
tax on fair value adjustment 165 92 140
------------------------------------- ----------------------- -------------------- ---------------
165 4,920 3,272
------------------------------------- ----------------------- -------------------- ---------------
Total liabilities 3,218 5,644 6,658
------------------------------------- ----------------------- -------------------- ---------------
Total assets less total liabilities 340 422 419
------------------------------------- ----------------------- -------------------- ---------------
The activity of both the investments and rentals arose wholly in the United Kingdom. No single customer accounts for more than 10% of revenue.
6. Investment property
Investment
Property
GBP'000
---------------------- ----------
Cost or fair value
At 1 July 2015 2,900
Fair value adjustment (56)
---------------------- ----------
At 31 December 2015 2,844
Fair value adjustment -
---------------------- ----------
At 30 June 2016 2,844
---------------------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VKLBLQKFZBBL
(END) Dow Jones Newswires
September 29, 2016 04:47 ET (08:47 GMT)
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