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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ocean Res. | LSE:OCE | London | Ordinary Share | GB0033595496 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7185J
Ocean Resources Capital HoldingsPLC
29 September 2006
OCEAN RESOURCES
CAPITAL HOLDINGS PLC
Interim report for the six months to 30 June 2006
The Directors of Ocean Resources Capital Holdings Plc announce the interim
results for the six months to 30 June 2006.
Chairman's Interim statement
Against the background of continuing strong commodity markets, the Company's net
asset value has shown an improvement, from 21.92p on 31 December 2005 to 25.09p
on 30 June 2006. This is a gain of 14.6% over the six months and compares to
an increase of 23.9% in the HSBC Global Mining Index over the same period.
During the period, the investment manager's have made significant progress in
reducing the Company's overdraft, which at 30 June stood at #2.54million and
since then has been further reduced and currently stands at #0.5 million. It
is expected that the overdraft will be completely paid off before the end of the
year and that the Company will also have sufficient cash reserves to repay the
convertible unsecured loan stock which is also due at the end of the year.
We have just been advised of the decision by the Galician Xunta in Spain to deny
Picobello Andalucita SL the necessary planning and environmental permits
required to commence development of their mining project. Consequently, the
Board has made the decision to reduce the carrying value of this investment to
nil. This decision represents a write down of approximately 1.4p per share. We
are in ongoing discussions with the company concerning the most appropriate
strategy for the company's future direction.
Archipelago Resources plc remains the portfolio's largest holding and, while the
current price performance has not been spectacular, the company is making sound
progress in bringing its Toka Tindu gold project into production and, following
some development delays, this is currently scheduled for mid-2007.
With the increasing concentration of the portfolio the future prospects for
Archipelago Resources plc and Rheochem plc, the portfolio's two largest
holdings, become ever more significant. In this respect, your Board is
confident that both companies have the ability to perform well over the coming
twelve months, and any such improvement will have a direct impact on the
Company's net asset value.
Consolidated Profit and Loss Account
For the six months to 30 June 2006
Notes Unaudited Unaudited Audited
30 June 30 June 31 December
2006 2005 2005
#'000 #'000 #'000
Income from investments
Unlisted securities 26 568 1,091
26 568 1,091
(Loss)/surplus on disposal of investments
Listed securities (173) (150) (294)
Unlisted securities (280) - 789
Interest receivable and similar income 3 12 28
Fees and commission - 220 230
Administrative expenses (514) (265) (666)
Operating (loss)/profit - pre write-down of
investments (938) 385 1,178
Net write-up/(write-down) of investments 3 387 (3,390) (10,320)
Operating loss (551) (3,005) (9,142)
Interest payable (122) (194) (404)
Loss for the period before and after taxation (673) (3,199) (9,546)
Loss per share
Basic loss per share 4 (0.79p) (3.75p) (11.20p)
Diluted loss per share (0.79p) (3.75p) (11.20p)
The Group's current period results shown above are derived entirely from
continuing activities.
Balance Sheets of the Group and Company
As at 30 June 2006
Notes Unaudited Unaudited Audited
Group Company Group Company Group Company
30 June 2006 30 June 2005 31 December 2005
# '000 # '000 # '000 # '000 # '000 # '000
Fixed asset investments
Group undertakings - - - - - -
Other investments 2 24,322 24,322 30,374 30,374 23,953 23,953
24,322 24,322 30,374 30,374 23,953 23,953
Current assets
Debtors 453 453 1,335 1,335 466 466
Cash at bank and in hand 229 229 131 131 171 171
682 682 1,466 1,466 637 637
Creditors: amounts falling due (3,621) (3,621) (5,174) (5,174) (5,902) (5,902)
within one year
Net current liabilities (2,939) (2,939) (3,708) (3,708) (5,265) (5,265)
Total assets less current 21,383 21,383 26,666 26,666 18,688 18,688
liabilities
Creditors: amounts falling due
after more than one year
8% Convertible Unsecured Loan - - (1,003) (1,003) - -
Stock 2006
Net assets 21,383 21,383 25,663 25,663 18,688 18,688
Capital and reserves
Called up share capital 852 852 852 852 852 852
Share premium account 38,202 38,202 38,202 38,202 38,202 38,202
Warrant reserve 1,109 1,109 1,109 1,109 1,109 1,109
Revaluation reserve 4,760 4,760 2,967 2,967 2,171 2,171
Profit and loss account (23,540) (23,540) (17,467) (17,467) (23,646) (23,646)
Equity shareholders' funds 21,383 21,383 25,663 25,663 18,688 18,688
Net asset value per share 5 25.09p 30.11p 21.92p
Consolidated Cash Flow Statement
For the six months to 30 June 2006
Unaudited Unaudited Audited
30 June 2006 30 June 31 December
2005 2005
# '000 # '000 # '000
Net cash outflow from operating activities (458) (292) (1,047)
Interest paid on loan (176) (146) (311)
Interest paid on 8% Convertible Unsecured Loan Stock (41) (41) (81)
2006
Net cash outflow from servicing of finance (217) (187) (392)
Taxation paid - - -
Investing activities
Purchase of fixed asset investments - (1,345) (3,355)
Proceeds of disposal of fixed asset investments 3,072 2,126 5,482
Net cash inflow from capital expenditure and financial
investment 3,072 781 2,127
Net cash inflow before financing 2,397 302 688
Loan repaid - (2,200) (2,200)
Loans (granted to) / repaid from investee companies (111) (192) (352)
Net cash outflow from financing (111) (2,392) (2,552)
Increase/(decrease) in cash 2,286 (2,090) (1,864)
Reconciliation of net cash inflow/(outflow) to movement
in net debt
Increase/(decrease) in cash 2,286 (2,090) (1,864)
Net repayment of loan facility - 2,200 2,200
Debt due on 8% Convertible Unsecured Loan Stock 2006 (4) (4) (7)
Movement in net debt in period 2,282 106 329
Net debt at beginning of period (5,599) (5,928) (5,928)
Net debt at period end (3,317) (5,822) (5,599)
Major non-cash transactions
Interest and commissions received in the form of shares - 200 210
- 200 210
Notes
1. Basis of preparation
The interim accounts have been prepared in accordance with applicable accounting
standards in the United Kingdom and the Company's established accounting
policies. The interim accounts do not constitute statutory accounts within the
meaning of S.240 of the Companies Act 1985.
2. Fixed asset investments
Investments are treated as fixed assets and are shown in the balance sheet at
valuation. Increases against book cost attributable to share price changes are
taken to the revaluation reserve. Write-downs and foreign exchange movements
are taken to the profit and loss account.
Investments quoted in the United Kingdom are valued at bid prices at the close
of business at the balance sheet date. Unquoted investments are valued at market
prices at the close of business at the balance sheet date where an organised
market exists; otherwise, unquoted investments have been valued by the directors
based upon dealing prices or stockbrokers' valuations where available, net asset
values or other relevant information. Where an event occurs during the period
that requires the valuation of an unquoted investment to be revised, that
revision is reflected in the next announced net asset value. All valuations are
based upon the guidelines set out by the British Venture Capital Association.
3. Net write up of investments
30 June 30 June 31 December
2006 2005 2005
#'000 #'000 #'000
Write down of investments (1,832) (3,390) (10,320)
Adjustment to previously impaired investments 2,219 - -
387 (3,390) (10,320)
4. Earnings per share
30 June 30 June 31 December
2006 2005 2005
#'000 #'000 #'000
Loss attributable to ordinary shareholders (673) (3,199) (9,546)
Number of ordinary shares in issue during the period 85,241,078 85,241,078 85,241,078
Loss per share (pence) (0.79p) (3.75p) (11.20p)
At 30 June 2006 the warrants in issue were not dilutive.
5. Net asset value per ordinary share
30 June 30 June 31 December
2006 2005 2005
#'000 #'000 #'000
Net asset value attributable to ordinary shareholders 21,383 25,663 18,688
Number of ordinary shares in issue 85,241,078 85,241,078 85,241,078
Net asset value per share (pence) 25.09p 30.11p 21.92p
The Interim Report will be posted to shareholders shortly. Copies may be
obtained during normal business hours from the Company's registered office, The
Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
By order of the Board
Capita IRG Trustees Limited
Secretary, 30 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEVADIAFIR
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