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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Reconstruction Capital Ii Limited | LSE:RC2 | London | Ordinary Share | KYG741521028 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.035 | 0.025 | 0.045 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trusts | -2.1M | -2.94M | -0.0217 | -1.38 | 4.07M |
From Apr 2019 to Apr 2024
TIDMRC2
RNS Number : 6866N
Reconstruction Capital II Ltd
10 August 2017
10 August 2017
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Financial Statements
for the six months ended 30 June 2017
Reconstruction Capital II Limited ("RC2", the "Company" or the "Group"), a closed-end investment company incorporated in the Cayman Islands admitted to trading on the AIM market of the London Stock Exchange, today announces its results for the six months ended 30 June 2017.
Copies of the company's interim financial statements will today be posted to shareholders. The interim report is also available on the Company's website http://www. reconstructioncapital2.com/.
Financial highlights
The net asset value ("NAV") as at 30 June 2017 was EUR37.5m or EUR0.2563 per share, which represents a 30.2% fall since the beginning of the year. This is due to the repayment of EUR17.0m to shareholders by means of the compulsory redemption of newly-created B Class shares. In the absence of the capital return, the NAV per share would have been EUR0.3723 per share, reflecting a EUR1.8m uplift from the sale of Top Factoring Group.
Operational highlights
Private Equity Programme
In the first half of 2017, RC2 sold its 93% shareholding in Top Factoring SRL, and Glasro Holdings Limited ("Glasro"), RC2's wholly-owned subsidiary, disposed of the whole of its non-performing loan book, for a total consideration of approximately EUR13.1m. In April, Glasro used EUR2.7m of the exit proceeds to make an investment in Telecredit S.A., a Romanian non-banking financial institution that provides consumer loans to individuals. In May, Glasro also distributed dividends of EUR3.5m to RC2.
In May, Policolor signed an agreement for the sale of its main Bucharest site (where its current Romanian production plant is located) to a Romanian real estate development company for a total consideration of EUR22m, of which EUR11.4m was received by the end of June, when Policolor delivered approximately half the site to the buyer, leaving a total of EUR0.7m as advance payments for the second half, which is due to be sold in 2019, when the balance of EUR9.9m should be cashed.
Operationally, the Policolor Group had a decent first half of the year, both in terms of sales and operating profitability, with operating revenues up 9.4% year-on-year from EUR30.0m to EUR32.9m, whilst EBITDA of EUR1.8m was better than the EUR1.0m recorded over the same period of the previous year.
The investments held under the Private Equity Programme had a fair value of EUR32.7m as at 30 June 2017, reflecting a 9.28% decrease over the semester mainly due to the sale of the holding in Top Factoring SRL.
Trading Programme
RC2 sold down part of its listed equities portfolio held under the Trading Programme during the first half of the year, generating cash proceeds of EUR0.1m. As at 30 June 2017, the portfolio was valued at EUR0.1m. The investments held under the Trading Programme are entirely in Romanian equities.
For further information, please contact:
Reconstruction Capital II Limited
Ion Florescu / Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Carolyn Sansom
Tel: +44 (0) 20 7383 5100
ADVISER'S REPORT
For the six months ended 30 June 2017
On 30 June 2017, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR37.5m or EUR0.2563 per share, which represents a 30.2% fall since the beginning of the year. This is due to the repayment of EUR17.0m to shareholders by means of the compulsory redemption of newly-created B Class shares. In the absence of the capital return, the NAV per share would have been EUR0.3723 per share, reflecting a EUR1.8m uplift from the sale of Top Factoring Group.
Over the first half of 2017, RC2 acquired 1.1m of its own shares, bringing its total shares in issue to 146.5m.
As at 30 June 2017, RC2 had cash and cash equivalents of approximately EUR3.1m. RC2 Cyprus, a wholly owned subsidiary of the Company, had cash and cash equivalents of EUR2.4m. The Company had sundry liabilities of EUR0.3m.
Private Equity Programme
In the first half of 2017, RC2 sold its 93% shareholding in Top Factoring SRL, and Glasro Holdings Limited ("Glasro"), RC2's wholly-owned subsidiary, disposed of the whole of its non-performing loan book, for a total consideration of approximately EUR13.1m. In April, Glasro used EUR2.7m of the exit proceeds to make an investment in Telecredit S.A., a Romanian non-banking financial institution that provides consumer loans to individuals. In May, Glasro also distributed dividends of EUR3.5m to RC2.
In May, Policolor signed an agreement for the sale of its main Bucharest site (where its current Romanian production plant is located) to a Romanian real estate development company for a total consideration of EUR22m, of which EUR11.4m was received by the end of June, when Policolor delivered approximately half the site to the buyer, leaving a total of EUR0.7m as advance payments for the second half, which is due to be sold in 2019, when the balance of EUR9.9m should be cashed.
Operationally, the Policolor Group had a decent first half of the year, both in terms of sales and operating profitability, with operating revenues up 9.4% year-on-year from EUR30.0m to EUR32.9m, whilst EBITDA of EUR1.8m was better than the EUR1.0m recorded over the same period of the previous year.
The investments held under the Private Equity Programme had a fair value of EUR32.7m as at 30 June 2017, reflecting a 9.28% decrease over the semester mainly due to the sale of the holding in Top Factoring SRL.
Trading Programme
RC2 sold down part of its listed equities portfolio held under the Trading Programme during the first half of the year, generating cash proceeds of EUR0.1m. As at 30 June 2017, the portfolio was valued at EUR0.1m. The investments held under the Trading Programme are entirely in Romanian equities.
New Europe Capital SRL
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2017
Hot Features
Premium
30 June 30 June 31 December
2017 2016 2016
EUR EUR EUR
Unaudited Unaudited Audited
Revenue
Movement in revaluation
of
financial assets
at fair value through
profit or loss (4,011,373) (825,499) 4,699,325
Interest income 2,146,080 2,958,759 5,854,313
Dividend income 3,500,000 2,000,000 2,000,000
Other income - 12,103 11,347
Total revenue 1,634,707 4,145,363 12,564,985
Expenses
Operating expenses (1,096,874) (561,241) (1,230,810)
Financial expenses (200) (525,757) (775,195)
Total expenses (1,097,074) (1,086,998) (2,006,005)
Profit for the period/year 537,633 3,058,365 10,558,980
Other comprehensive
income - - -
Total comprehensive
income for
the period/year 537,633 3,058,365 10,558,980
Earnings Per Share
attributable to
the owners of the
Company
Basic undiluted earnings
per share 0.0037 0.0314 0.0971
Fully diluted earnings
per share 0.0037 0.0224 0.0971
STATEMENT OF FINANCIAL POSITION
As at 30 June 2017
30 June 30 June 31 December
2017 2016 2016
EUR EUR EUR
Unaudited Unaudited Audited
ASSETS
Non-current assets
Financial assets
at fair value through
profit or loss 34,804,972 47,989,887 36,300,265
Total non-current
assets 34,804,972 47,989,887 36,300,265
Current assets
Trade and other
receivables 50,564 30,097 17,791
Cash and cash equivalents 3,028,792 352,527 18,004,241
Total current assets 3,079,356 382,624 18,022,032
TOTAL ASSETS 37,884,328 48,372,511 54,322,297
LIABILITIES
Current liabilities
Trade and other
payables 335,779 190,128 138,006
Non-current liabilities
Convertible loan
notes - 9,459,742 -
Total non-current
liabilities - 9,459,742 -
TOTAL LIABILITIES 335,779 9,649,870 138,006
NET ASSETS 37,548,549 38,722,641 54,184,291
EQUITY ATTRIBUTABLE TO
OWNERS
Share capital 1,465,223 919,378 1,476,223
Share premium 110,829,614 119,958,354 127,991,989
Equity component of convertible
loan notes - 629,445 -
Retained deficit (74,746,288) (82,784,536) (75,283,921)
TOTAL EQUITY 37,548,549 38,722,641 54,184,291
Net Asset Value
per share
Basic undiluted
net asset value
per share 0.2563 0.4212 0.3670
Fully diluted net
asset value per
share 0.2563 0.3118 0.3670
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2017
Retained Equity
component
Share (deficit)/ of
Share
capital premium earnings loan notes Total
EUR EUR EUR EUR EUR
Balance at 1 January
2016 1,000,000 121,570,802 (85,842,901) 629,445 37,357,346
Profit for the period - - 3,058,365 - 3,058,365
Other comprehensive
income - - - - -
Total comprehensive
income for the period - - 3,058,365 - 3,058,365
Repurchase and cancellation
of own shares (80,622) (1,612,448) - - (1,693,070)
Transactions with
owners (80,622) (1,612,448) - - (1,693,070)
Balance at 30 June
2016 919,378 119,958,354 (82,784,536) 629,445 38,722,641
Profit for the period - - 7,500,615 - 7,500,615
Other comprehensive
income - - - - -
Total comprehensive
income for the period - - 7,500,615 - 7,500,615
Conversion of loan
notes 626,145 9,711,114 - (629,445) 9,707,814
Repurchase and cancellation
of own shares (69,300) (1,677,479) - - (1,746,779)
Transactions with
owners 556,845 8,033,635 - (629,445) 7,961,035
Balance at 31 December
2016 1,476,223 127,991,989 (75,283,921) - 54,184,291
Profit for the period - - 537,633 - 537,633
Other comprehensive
income - - - - -
Total comprehensive
income for the period - - 537,633 - 537,633
Issue of B shares 16,997,375 (16,997,375) - - -
Redemption of B shares (16,997,375) - - - (16,997,375)
Repurchase and cancellation
of own shares (11,000) (165,000) - - (176,000)
Transactions with
owners (11,000) (17,162,375) - - (17,173,375)
Balance at 30 June
2017 1,465,223 110,829,614 (74,746,288) - 37,548,549
CASH FLOW STATEMENT
For the six months ended 30 June 2017
30 June 30 June 31 December
2017 2016 2016
EUR EUR EUR
Unaudited Unaudited Audited
Cash flows from operating
activities
Profit/(loss) before
taxation 537,633 3,058,365 10,558,980
Adjustments for:
Movement in revaluation
of financial assets
at fair value through
profit or loss 4,011,373 825,499 (4,699,325)
Interest income (2,146,080) (2,958,759) (5,854,313)
Financial expenses - 525,698 775,152
Dividend income (3,500,000) (2,000,000) (2,000,000)
Net loss on foreign
exchange 200 59 43
Net cash outflow before
changes in working capital (1,096,874) (549,138) (1,219,463)
(Increase)/decrease
in trade and other receivables (32,773) 7,365 19,671
Increase in trade and
other payables 43,377 67,067 14,945
Purchase of financial
assets (370,000) (2,710) (2,710)
Disposals and repayments
of financial assets - 300,000 20,410,000
Dividends received 3,500,000 2,000,000 2,000,000
Net cash generated by
operating activities 2,043,730 1,822,584 21,222,443
Cash flows from financing
activities
Payments to purchase
own shares (176,000) (1,693,070) (3,439,849)
Redemptions of B shares (16,842,979) - -
Loans received from
subsidiaries - - 200,000
Repayment of loans from
subsidiaries - (40,000) (240,000)
Interest paid - (6,647) (8,029)
Net cash flow generated
from financing activities (17,018,979) (1,739,717) (3,487,878)
------------ ----------- -----------
Net increase in cash
and cash equivalents
before currency adjustment (14,975,249) 82,867 17,734,565
Effects of exchange
rate differences on
cash and cash equivalents (200) (59) (43)
------------ ----------- -----------
Net increase in cash
and cash equivalents
after currency adjustment (14,975,449) 82,808 17,734,522
Cash and cash equivalents
at the beginning of
the period/year 18,004,241 269,719 269,719
------------ ----------- -----------
Cash and cash equivalents
at the end of the period/year 3,028,792 352,527 18,004,241
------------ ----------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUAARUPMGPU
(END) Dow Jones Newswires
August 10, 2017 08:58 ET (12:58 GMT)
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