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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lewis Charles (See LSE:SPFL) | LSE:LCSS | London | Ordinary Share | GB00B0BV8078 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date: 26 September 2008 AIM : LCSS Lewis Charles Sofia Property Fund ("Lewis Charles" or "the Company" or "the Fund") Highlights - Net asset value (NAV) of 122 pence per share (increase of 5% since 31 December 2007); - Further institutional sales in Sofia Vitosha Simeonova development expected during Q4 2008; - At Govedarci a dedicated sales team and strategy is in place and the sales programme will be implemented during Q4 2008; - Rough construction stage completed at the Razlog/Bansko project - a sales campaign will begin during Q4 2008; - The project design at Plovdiv was approved in July 2008 and the design visa should be endorsed by the end of Q4 2008; - The planning certificate for change of use to residential designation at Banya was issued in September; - Bulgaria is expected to show amongst the fastest economic growth in Europe in 2008 at 6.4%. Lewis Charles Sofia Property Fund Limited (AIM: LCSS), the property investment fund specialising in Bulgarian residential properties, today announces its interim result for the period 1 January to 30 June 2008. Commenting today, Mark Anderson, Investment Director of the Lewis Charles Sofia Property Fund, said 'The demanding market conditions have been well documented and the Fund continues to trade at a considerable discount to its NAV. Nevertheless, work has continued in earnest and there have been some successes over the first six months with the projects progressing well. We look forward to keeping the market informed once further milestones have been achieved.' Lewis Charles Sofia Property Fund Loraine Pinel, Fund Manager Mark Anderson, Fund Manager Tel: +44 20 7456 9114 Panmure Gordon, Nominated Adviser and Broker Dominic Morley Stuart Gledhill Tel: +44 20 7459 3600 Conduit PR Ltd Ed Portman Leesa Peters Tel: +44 20 7429 6607 Tel: +44 7733 363 501 Chairman's Statement The Fund remains in a good position to weather the economic storms that are having such an effect on the world economy generally and property markets in particular. The principal reasons for being well placed reflect: The Fund's strategy of having a land bank distributed evenly through the different stages of development; A shrewd acquisition policy that allows the Fund to capture the benefits of Bulgaria's economic growth, by careful selection of sites with maximum potential; The continued strength of the economy (the fastest growth in the EU this year), which has underpinned the domestic property market. The absence of any significant borrowing. The quantifiable evidence for this lies in the net asset value figures shown in these half year results. The fair value valuation in Euros at end June 2008 has come down only slightly from end December, from Euro 1.58 per share to Euro 1.54 per share. Meanwhile, the Sterling valuation, because of the recent depreciation of Sterling against the Euro, has increased over this period, to 122p a share, from 116p a share at end December 2007. We will continue to position the fund to benefit from the underlying strength of the Bulgarian economy whilst seeking to maximise shareholders' returns. Charles Burton Chairman 26 September 2008 Investment Manager's Report The Bulgarian Economy GDP growth for 2008 is expected to average a fairly robust 6.35% before slowing towards 5.4% for 2009. Much of next year's deceleration is expected to be driven by slower trade with the weak Eurozone. Consumer spending is continuing to hold up well, supported by strong income growth; average earnings were up 24% in the second quarter of 2008 (wages are the lowest in the EU). In addition, the unemployment rate continues to fall and at 6% is at its lowest level in 8 years. Strong investment seen in recent years is also yielding results through improved export performance. On the negative side, and although it may have peaked, inflation is still a concern at 14.5% p.a. in July. Base effects, a good harvest and lower oil prices ought, however, to help subdue inflation through the second half of 2008 but the rate is not expected to drop to single digits until well into 2009. The large current account deficit is also a concern. (Source: Oxford Economics) Bulgarian Property Market Update Prices of new apartments in Sofia rose during the first half of 2008 by between 9.0% - 18.0% depending on location. The regions just outside the ring road on the south side of Sofia (such as Simeonovo, Lozen and Bistritsa) are attracting strong investor interest and several large residential projects are planned in these areas. Prices of holiday properties in ski and sea resorts have not risen during the period and the sector faces inevitable headwinds from the effects of the international financial crisis. In Bansko there are now few development opportunities because of the reluctance of the municipality to grant any more construction permits, and building activity has been shifting to the nearby townships of Razlog and Dobrinishte. Prices of high-end apartments in Razlog bucked the trend and rose by around 10% during the first half (a block of luxury apartments by the golf course is now being sold for EUR 1,990 per m). (Source: Forton International) Properties The table below provides a summary of the investments held by the company as at 30 June 2008: Land Area Build Area Cost Valuation M2 M2 (Eur) (Eur) 30/06/2008 30/06/2008 Goverdartsi (Crystal Vale/ Crystal Glade) Beli Iskar (Crystal Heights) Razlog/Bansko Plovdiv Veliko Dolna Banya Sofia Kambanite Bistritsa 100,713 Banya 182,130 Sofia Vitosha vets Simeonovo (Note 1 below) 12,379,443 ________________________________________________________ Total 553,382 47,530,206 Note 1: Options on these properties have been exercised and full ownership will be transferred to the Fund on satisfactory completion of projects by the developer. Note 2: Some build areas are estimated subject to planning approval. Because of the provisions of IAS 2 some of these values may not be fully reflected in the balance sheet. A full reconciliation between the accounting NAV and published valuation NAV is contained in the notes to the Financial Statements. 1. Govedarci (Crystal Vale and Crystal Glade) The first phase of Crystal Vale has almost reached rough construction stage, and all utilities have been secured. A dedicated sales team and strategy is in place and the sales programme will be implemented during the fourth quarter of 2008 and the first quarter of 2009. It is intended that sales and construction of the first phase of Crystal Glade should be complete by early to mid 2009 at which time sales and construction of the next phase will begin. The residential planning process for Crystal Glade, which is currently designated as agricultural land, has been initiated. The Crystal Glade plot has an area of 19,786 sq m. 2. Crystal Heights This land is located in Beli Iskar within 500 metres of the proposed site of the ski gondola to the Borovets resort (part of the Super Borovets project). The land is still designated for agricultural use and it is intended that an application for change of use to residential usage will be made when the plots have been consolidated. 3. Razlog / Bansko Phase 1 of the Panorama Villas project comprises 73 units in total (69 apartments and 4 villas) with a total sales area of some 6,267m2 including common parts and roof terraces. It has reached the rough construction stage, and will be the subject of a sales campaign during the fourth quarter of 2008 and the first quarter of 2009. It is intended that sales and construction of the first phase of Panorama Villas should be complete by early to mid 2009 at which time sales and construction of the next phase will begin. The second project in the area remains in the land bank. 4. Plovdiv The general arrangement plans for the tobacco factory scheme (Roman View) were frozen in February 2008. Following clearance by the National Institute for Historic Monuments the project design was approved by the municipality in principle in July 2008. Formal confirmation was received recently and the design visa should be forthcoming by the end of quarter four 2008. Once the design visa is obtained, preliminary contracts can be negotiated with the utility suppliers. It is currently intended that an application for a construction permit will be submitted in late 2008 / early 2009. The Fund has a second, smaller project in Plovdiv which is located beside the national rowing club. This project remains in the land bank. 5. Veliko Tarnovo The Fund owns a plot of land in an attractive location close to the centre of the city and has residential planning permission. The plot remains in the land bank for the time being. 6. Dolna Banya The Fund owns four separate plots of land in good locations in and around the town of Dolna Banya, a historic spa town equidistant from Sofia and Plovdiv. It is intended that the plots will remain in the land bank for the time being as the Managers believe that residential land prices in Dolna Banya should rise as a consequence of recent important leisure developments in the town. 7. Sofia (Kambanite Bistritsa) The Manager is in the process of drawing up a final project design to be used in an eventual application for a construction permit for this site. No date has been set for starting construction of this project, as this is dependent on the length of time taken to finalise project design. 8. Banya Winslow Developments, a well-known and respected Bulgarian property development company, continues to make progress in the planning process on this large and beautifully-situated site. The site has been consolidated into three plots of roughly equal size, and the planning certificate for change of use to residential designation has just been issued (September 2008) for the first of these. It is envisaged that all permissions required prior to the submission of an application for a construction permit for this plot should have been received by mid 2009. Work to obtain design visas for the other two plots will continue concurrently. 9. Sofia (BuySell - Vitosha Vets Simeonovo and Krustova Vada) Negotiations with prospective institutional buyers were delayed by the summer holiday period. They have now re-commenced, and the Manager is hopeful that there will be further progress with institutional sales during the fourth quarter of 2008. Lewis Charles Securities Limited Investment Manager 26 September 2008 Condensed consolidated income statement (unaudited) for the period ended 30 June 2008 1.1.07 to 30.6.07 Notes Revenue Capital Total Total _______ ___________________________________________________ Eur Eur Eur Eur Income Net change in gains on revaluation of investment property 3 - 1,083,481 1,083,481 8,652,571 ___________ ______________ ___________ ____________ Total income - 1,083,481 1,083,481 8,652,571 ___________ ______________ ___________ ____________ Expenditure Administration fees 91,568 - 91,568 59,164 Management fees 456,619 - 456,619 515,593 Performance fees - (187,866) (187,866) 1,872,662 Directors' fees and expenses 35,138 - 35,138 69,018 Foreign exchange loss 1,184 - 1,184 6,738 Inventory written down to net realisable value 4 914,708 - 914,708 - Other expenses 534,522 - 534,522 862,221 ___________ ______________ ___________ ____________ Total expenditure 2,033,739 (187,866) 1,845,873 3,385,396 ___________ ______________ ___________ ____________ Operating (loss) / profit (2,033,739) 1,271,347 (762,392) 5,267,175 Finance income 54,124 - 54,124 251,884 ___________ ______________ ___________ ____________ Net (loss)/profit before taxation (1,979,615) 1,271,347 (708,268) 5,519,059 Taxation - (179,453) (179,453) - ___________ ______________ ___________ ____________ (Loss)/Profit for the period (1,979,615) 1,091,894 (887,721) 5,519,059 ___________ ______________ ___________ ____________ (Deficit)/earnings per share - basic and diluted (cents per share) 2 (1.84) 11.42 All items in the above statement derive from continuing operations. The accompanying notes 1 to 7 form an integral part of these interim financial statements Condensed consolidated balance sheet (unaudited) as at 30 June 2008 Consolidated Consolidated Notes As at 30 June 2008 As at 31 December 2007 _______ ____________________________ ____________________________ Eur Eur Eur Eur Non-current assets Investment properties 3 56,583,142 55,127,208 ___________ ___________ 56,583,142 55,127,208 Current assets Properties under development 4 18,411,007 15,625,171 Property options 5 5 Trade and other receivables 28,999 22,802 Non-group receivables 875,946 490,098 Cash and cash equivalents 2,634,992 7,209,621 __________ __________ 21,950,949 23,347,697 ___________ ___________ Total assets 78,534,091 78,474,905 ___________ ___________ Current liabilities Trade and other payables (2,068,713) (764,630) __________ __________ (2,068,713) (764,630) Non-current liabilities Trade and other payables (8,280,344) (8,816,842) Deferred taxation (2,867,208) (2,687,886) __________ __________ (11,147,552) (11,504,728) ___________ ___________ Total liabilities (13,216,265) (12,269,358) ___________ ___________ Net assets 65,317,826 66,205,547 Represented by Share capital - - Special reserve 56,956,985 56,956,985 Capital reserve 19,230,854 18,138,960 Revenue reserve (10,870,013) (8,890,398) ___________ ___________ Total Equity 65,317,826 66,205,547 ___________ ___________ NAV per share (Euro per share) 5 1.3511 1.3694 NAV per share at launch (Euro per share) 1.1781 1.1781 These condensed financial statements were approved by the Board of Directors on 26 September 2008 Signed on behalf of the Board Charles Burton Clive Simon Director Director The accompanying notes 1 to 7 form an integral part of these interim financial statements Condensed statements of changes in equity (unaudited) for the period ended 30 June 2008 Comparative Share Special Capital Revenue Capital Reserve Reserve Reserve Total Eur Eur Eur Eur Eur As at 31 December 2006 - 56,956,985 9,367,479 (6,649,789) 59,674,675 Issue of ordinary shares - - - - - Profit/(loss) for the period - - 6,779,909 (1,260,850) 5,519,059 _______ ___________ ____________ ___________ ____________ As at 30 June 2007 - 56,956,985 16,147,388 (7,910,639) 65,193,734 _______ ___________ ____________ ___________ ____________ Current Share Special Capital Revenue Capital Reserve Reserve Reserve Total Eur Eur Eur Eur Eur As at 31 December 2006 - 56,956,985 9,367,479 (6,649,789) 59,674,675 Issue of ordinary shares - - - - - Profit/(loss) for the year - - 8,771,481 (2,240,609) 6,530,872 _______ ___________ ____________ ___________ ____________ Total recognised income and expenses for the year - - 8,771,481 (2,240,609) 6,530,872 _______ ___________ ____________ ___________ ____________ As at 31 December 2007 - 56,956,985 18,138,960 (8,890,398) 66,205,547 Profit/(loss) for the period - - 1,091,894 (1,979,615) (887,721) _______ ___________ ____________ ___________ ____________ As at 30 June 2008 - 56,956,985 19,230,854 (10,870,013) 65,317,826 _______ ___________ ____________ ___________ ____________ The accompanying notes 1 to 7 form an integral part of these interim financial statements Condensed consolidated cash flow statement (unaudited) for the period ended 30 June 2008 1.1.08 to 1.1.07 to 30.6.08 30.6.07 ____________ ______________ Eur Eur (Loss)/profit for the period (887,721) 5,519,059 Adjustment for: Bank interest receivable (11,077) (6,092) Revaluation of investments (1,083,481) (8,652,571) Adjustment for deferred tax 179,453 - ____________ ______________ Operating cash flows before movements in working capital (1,802,826) (3,139,604) Increase in receivables (392,045) (144,174) Increase in payables 767,454 5,010,921 ____________ ______________ (1,427,417) 1,727,143 Interest received 11,077 6,092 ____________ ______________ Net cash (outflow) / inflow from operating activities (1,416,340) 1,733,235 ____________ ______________ Investing activities Repayment of loan to property developer - 1,502,792 Purchases of investment properties (3,158,289) (14,141,844) ____________ ______________ Net cash outflow from investing activities (3,158,289) (12,639,052) ____________ ______________ Cash and cash equivalents at start of period 7,209,621 23,046,407 ____________ ______________ Cash and cash equivalents at end of period 2,634,992 12,140,590 ____________ ______________ The accompanying notes 1 to 7 form an integral part of these interim financial statements Notes to the interim financial statements as at 30 June 2008 1 SIGNIFICANT ACCOUNTING POLICIES Lewis Charles Sofia Property Fund Limited (the `Company') is a closed-ended investment company incorporated in Guernsey. The condensed financial statements of the Company for the period ended 30 June 2008 comprise the Company and its subsidiaries (together referred to as the `Group'). The unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (`IFRS') IAS 34 Interim Financial Reporting. They do not include all of the information required for the full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2007. The financial statements have been prepared on the basis of the accounting policies set out in the Group's annual financial statements for the year ended 31 December 2007. The Group's annual financial statements refers to new Standards and Interpretations none of which had a material impact on the financial statements. The unaudited condensed interim financial statements were approved by the board of directors on 26 September 2008. 2 (DEFICIT) / EARNINGS PER SHARE - BASIC AND DILUTED The consolidated (deficit) / earnings per Ordinary Share of (1.84) cents (2007:11.42) are based on the net income loss of Eur 1,979,615 (2007:Eur 1,260,850) and the net capital gain for the period of Eur 1,091,894 (2007:Eur 6,779,909). Both calculations are made based on 48,345,000 Ordinary Shares, being the weighted average number of shares in issue during both periods. 3 INVESTMENT PROPERTIES 30 June 31 December 2008 2007 Eur Eur Opening market value of investment properties 55,127,208 27,981,983 Acquisitions during the period at cost 372,453 14,758,074 Fair value adjustment for the period 1,083,481 12,387,151 __________ __________ Closing market value of investment properties 56,583,142 55,127,208 __________ __________ 4 PROPERTIES UNDER DEVELOPMENT 30 June 31 December 2008 2007 Eur Eur Opening cost 15,625,171 11,382,006 Additions 5,060,180 4,243,165 Disposals (1,359,636) - Write down to net realisable value (914,708) - __________ __________ Closing cost 18,411,007 15,625,171 __________ __________ At valuation 27,917,156 28,108,057 __________ __________ The carrying value has been set as the lower of cost and net realisable value as set out under the requirements of IAS 2, Inventories. During the period the Company has made a number of off plan apartment sales. These have been reflected in the costs of the properties under development, however as the buyers of these apartments do not yet have effective control of the properties the revenue cannot yet be recognised in the financial statements. The amounts received, and the associated costs, will be reflected in the income statement upon control of the property passing to the buyer. As at 30 June 2008 the net realisable value of properties under development has been based on the independent market valuation received, which are arrived at purely on the value of the land held and takes no account of the development costs which have been incurred to date. As such a provision for write down from total costs incurred to the market value of the land has been incorporated above. It is envisaged that future independent valuations of development properties will incorporate the market value of the land and all development work which has been performed as at the date of valuation. 5 NAV PER SHARE 30 June 31 December 2008 2007 Eur Eur Net Asset Value 65,317,826 66,205,547 Average number of shares in issue 48,345,000 48,345,000 Net asset value per share 1.3511 1.3694 The Net Asset Value per Ordinary Share is based on the Net Asset Value at the Balance Sheet date and on 48,345,000 Ordinary Shares, being the average number of shares in issue during the period. 6 RECONCILIATION OF NAV PER THE FINANCIAL STATEMENTS TO PUBLISHED NAV Eur Per Share Net Asset Value per financial statements 65,317,826 1.35 Add back: Adjustment to value of properties 6 ,957,181 0.14 Adjustment to performance fee 1,131,869 0.02 Preliminary expenses 1,057,241 0.02 __________ ____ Published Net Asset Value 74,464,117 1.54 __________ ____ An adjustment is required within the financial statements to record the value of the properties under development from fair value, as used for the published Net Asset Value, to cost as required to ensure compliance with International Accounting Standard 16 "Property, Plant and Equipment". The Company's principal documents require the dealing valuation of the Company's net assets to include preliminary expenses incurred in the establishment of the Company, such expenses to be amortised over the expected life of the Company. However, this accounting treatment is not permitted for financial reporting purposes and has been adjusted accordingly within these financial statements. 7 CAPITAL COMMITMENTS Under the terms of the property options entered into, where properties developed are not sold off-plan the Company is obliged to cover the costs of completion for any unsold property. This course of action will lead to the Company being geared, with associated finance costs. The total balance payable on completion of the development is Eur 30,981,553. Under the terms of the Central Sofia Purchase Options the total balance payable on completion will be increased in line with any increase in the Bulgarian Consumer Price Index. The Board believe it unlikely that any significant proportion of this capital commitment will become payable because of the nature of the property market in and around the chosen development areas and the high level of demand for the type of properties being developed. Nevertheless the Board needs to ensure that it has sufficient liquidity to meet its liabilities. As at 30 June 2008 the Fund had Eur 2.6 million of cash and cash equivalents available. The most significant potential liability is that under the Central Sofia Purchase Options as described above. If that situation was to arise, and to the extent that sales of property have not been made in the period to completion, the Fund would have a liability. The Board is confident that, in the current environment, the property will be sold prior to completion and to the extent that any property may be unsold on completion that adequate and suitable funding will be available. Accordingly the Directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis. Also as at 30 June 2008 the Company has committed to the rough construction, which constitutes excavation of the site and subsequent building of the concrete structure, at the Crystal Vale project and the Panorama Villas 1 project. The costs of performing this work are estimated at a total of Eur 890,000. THE FOLLOWING PAGES DO NOT FORM PART OF THE INTERIM FINANCIAL STATEMENTS OF THE COMPANY AND ARE PRESENTED FOR INFORMATION PURPOSES ONLY Condensed consolidated income statement (unaudited) for the period ended 30 June 2008 30.06.07 Revenue Capital Total Total GBP GBP GBP GBP _________________________________________ Income Net change in gains on revaluation of investment property - 842,997 842,997 5,845,340 ___________ _________ _________ _________ Total income - 842,997 842,997 5,845,340 ___________ _________ _________ _________ Expenditure Administration fees 71,244 - 71,244 39,969 Management fees 355,270 - 355,270 348,315 Performance fees - (146,168) (146,168) 1,265,097 Directors' fees and expenses 27,339 - 27,339 26,974 Foreign exchange loss 921 - 921 4,553 Inventory written down to net realisable value 711,684 - 711,684 - Other expenses 415,882 - 415,882 601,943 ___________ _________ _________ _________ Total expenditure 1,582,340 (146,168) 1,436,172 2,286,851 ___________ _________ _________ _________ Operating (loss) / profit (1,582,340) 989,165 (593,175) 3,558,489 Finance income 42,111 - 42,111 170,163 ___________ _________ _________ _________ Net (loss)/profit before taxation (1,540,229) 989,165 (551,064) 3,728,652 Taxation - (139,623) (139,623) 189 ___________ _________ _________ _________ (Loss)/Profit for the period (1,540,229) 849,542 (690,687) 3,728,841 ___________ _________ _________ _________ (Deficit) / Earnings per share - basic and diluted (pence per share) (1.43) 7.71 All items in the above statement derive from continuing operations. Condensed consolidated balance sheet (unaudited) as at 30 June 2008 Consolidated Consolidated Notes As at 30 June 2008 As at 31 December 2007 _______ ____________________________ ____________________________ GBP GBP GBP GBP Non-current assets Investment properties 44,723,315 40,518,498 __________ __________ 44,723,315 40,518,498 Current assets Properties under development 14,552,060 11,484,501 Property options 4 4 Trade and other receivables 22,921 16,758 Non-group receivables 692,348 360,222 Cash and cash equivalents 2,082,699 5,299,071 __________ __________ 17,350,032 17,160,556 __________ __________ Total assets 62,073,347 57,679,054 __________ __________ Current liabilities Trade and other payables (1,635,111) (562,003) __________ __________ (1,635,111) (562,003) Non-current liabilities Trade and other payables (6,544,785) (6,480,379) Deferred taxation (2,266,241) (1,975,596) __________ __________ (8,811,026) (8,455,975) __________ __________ Total liabilities (10,446,137) (9,017,978) __________ __________ Net assets 51,627,210 48,661,076 __________ __________ Represented by Share capital - - Special reserve 45,018,801 38,676,000 Capital reserve 15,200,067 12,503,407 Revenue reserve (8,591,658) (2,518,331) __________ __________ Total Equity 51,627,210 48,661,076 __________ __________ NAV per share (Pence per share) 106.79 100.65 NAV per share at launch (Pence per share) 72.80 72.80 Published NAV (Pence per share) 121.72 116.13 Condensed statements of changes in equity (unaudited) for the period ended 30 June 2008 Share Special Capital Revenue Capital Reserve Reserve Reserve Total GBP GBP GBP GBP GBP As at 31 December 2006 - 38,676,000 6,442,314 (3,812,397) 41,305,917 Issue of ordinary shares - - - - - Profit/(loss) for the period - - 4,580,243 (851,780) 3,728,463 Foreign exchange adjustment arising on translation to Sterling - - - (1,060,943) (1,060,943) _______ ___________ ____________ ___________ ____________ As at 30 June 2007 - 38,676,000 11,022,557 (5,725,120) 43,973,437 Share Special Capital Revenue Capital Reserve Reserve Reserve Total GBP GBP GBP GBP GBP As at 31 December 2006 - 38,676,000 6,442,314 (3,812,397) 41,305,917 Issue of ordinary shares - - - - - Profit/(loss) for the year - - 6,061,093 (1,548,262) 4,512,831 Foreign exchange adjustment arising on translation to Sterling - - - 2,842,328 2,842,328 _______ ___________ ____________ ___________ ____________ Total recognised income and expenses for the year - 38,676,000 12,503,407 (2,518,331) 48,661,076 _______ ___________ ____________ ___________ ____________ As at 31 December 2007 - 38,676,000 12,503,407 (2,518,331) 48,661,076 Profit/(loss) for the period - - 849,542 (1,540,229) (690,687) Exchange difference arising on translation to Sterling - - - 3,656,821 3,656,821 _______ ___________ ____________ ___________ ____________ As at 30 June 2008 - 38,676,000 13,352,949 (401,739) 51,627,210 _______ ___________ ____________ ___________ ____________ Condensed consolidated cash flow statement (unaudited) for the period ended 30 June 2008 1.1.08 to 1.1.07 to 30.6.08 30.6.07 ____________ ______________ GBP GBP Profit for the year (690,687) 3,728,841 Adjustment for: Bank interest receivable (8,618) (4,116) Revaluation of investments (842,997) (5,845,340) Adjustment for deferred tax 139,623 189 ____________ ______________ Operating cash flows before movements in working capital (1,402,679) (2,120,426) Increase in receivables (305,029) 951,133 Increase in payables 597,114 3,296,727 ____________ ______________ (1,110,594) 2,127,434 Interest received 8,618 4,116 ____________ ______________ Net cash (outflow) / inflow from operating activities (1,101,976) 2,131,550 ____________ ______________ Investing activities Repayment of loan to property developer - 1,015,228 Advances of loan to property developer - - Purchases of inventory - (241,122) Purchases of investment properties (2,457,291) (9,312,556) ____________ ______________ Net cash outflow from investing activities (2,457,291) (8,538,450) ____________ ______________ Financing activities Proceeds on issue of shares - - ____________ ______________ Net cash inflow from financing activities - - Exchange difference arising on translation to Sterling 342,895 (1,356,596) Cash and cash equivalents at start of period 5,299,071 15,952,378 ____________ ______________ Cash and cash equivalents at end of period 2,082,699 8,188,882 ____________ ______________
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