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Share Name | Share Symbol | Market | Type |
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Panamerican Bancorp | AMEX:PNB | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:8503P Pubs 'n' Bars PLC 17 September 2003 CHAIRMAN'S STATEMENT I am pleased to report a very satisfactory start to the year. The interim results for the six months ended 30th June 2003 show a profit before tax of #518,402 (2002 #513,831) achieved on a turnover of #7,059,932 (2002 #7,169,136). Earnings were 1.70 pence per ordinary shares (2002 - 1.68p). The directors have declared an interim dividend of 0.5 pence per share (2002 - 0.5 pence) which will be paid on 31st December 2003 to shareholders on the register at the close of business on 28 November 2003. The shares will be declared 'ex' dividend on 26 November 2003. These results have been achieved despite substantially higher costs from insurance, rent reviews and interest/hedging costs, and lower turnover due in part to a reduced number of pubs, being 63 compared to 66 in the same period last year. In addition turnover is also lower as a direct result of the transfer last year of some pubs from managed to tenancy. This transfer has resulted as expected in increased operating margins which have risen to 13.07% compared to 10.52% at the end of 2002. Operating profit for the period, which benefited from higher than expected turnover, was #922,862 an increase of 6% on last year. 'Like for like' sales for the year to date are approximately 2% ahead of last year. Interest costs, which include #105,315 of hedging costs (2002 #25,786), have increased to #445,917 from #357,196. Gearing fell to 90% from 118% at 30 June 2002 and 93% at 31 December 2002. The results for the half year compared with the same period last year were achieved from 63 pubs instead of 66. In the first 6 months we acquired one leasehold pub in March and a freehold in June and have since disposed of one leasehold in September. As of today our estate compared to September 2002 is as follows: 2003 2002 2003 2002 Managed 44 46 Freehold 24 25 Tenanted 19 20 Leasehold 39 41 TOTALS 63 66 63 66 We have also agreed to buy a company with 2 tenanted long leasehold pubs which is conditional upon the outcome of an EGM on the 3rd October - the details of which were sent to shareholders on 15th September. We continue to seek further acquisitions but only those which we consider to represent fair value with an opportunity to increase profitability. We also expect to continue to dispose of properties which are not meeting management expectations and where sales proceeds are in excess of book value. Given the mixed fortunes being experienced in the sector as a whole, the Board is delighted with the first half performance and looks forward to the second half with some confidence. M. C. Mealey 17 September 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2003 6 Months ended 6 Months ended 30.06.03 30.06.02 Year to 31.12.02 Unaudited Unaudited Audited # # # Turnover 7,059,932 7,169,136 14,519,047 Cost of sales (2,320,087) (2,383,858) (4,878,234) Gross profit 4,739,845 4,785,278 9,640,813 Administrative expenses (3,816,983) (3,915,229) (8,113,474) Operating profit 922,862 870,049 1,527,339 Profit on disposal of tangible fixed assets 38,709 - 180,902 Interest receivable and similar income 2,748 978 1,324 Interest payable and similar charges (445,917) (357,196) (455,554) Profit before taxation 518,402 513,831 1,254,011 Taxation (155,000) (154,000) (291,798) Profit after taxation 363,402 359,831 962,213 Dividends (107,186) (107,186) (342,995) Retained profit 256,216 252,645 619,218 Basic earnings per share (see note 3) 1.70p 1.68p 4.49p CONSOLIDATED BALANCE SHEET as at 30 June 2003 30 June 30 June 31 December 2003 2002 2002 Unaudited Unaudited Audited # # # # # # Fixed assets Tangible assets 24,531,915 21,727,840 23,515,713 Intangible assets 1,617,697 1,638,301 1,666,483 26,149,612 23,411,141 25,182,196 Current assets Stocks 440,530 506,034 552,299 Debtors 2,005,906 1,745,937 2,609,391 Cash at bank and in hand 46,426 46,654 39,833 2,429,862 2,298,625 3,201,523 Creditors: Amounts falling due within one year (2,929,733) (2,824,771) (3,090,974) Net current assets/ (liabilities) (436,871) (526,146) 110,549 Total assets less current liabilities 25,712,741 22,884,995 25,292,745 Creditors: Amounts falling due after more than one year (11,732,929) (11,949,019) (11,569,149) Provisions for liabilities and charges (227,426) (230,411) (227,426) Net assets 13,752,386 10,705,565 13,496,170 Capital and reserves Called up share capital 4,287,442 4,287,442 4,287,442 Share premium account 4,522,209 4,522,209 4,522,209 Revaluation reserve 3,091,339 559,712 2,866,802 Profit and loss account 1,851,396 1,336,202 1,819,717 Shareholders' funds 13,752,386 10,705,565 13,496,170 CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 June 2003 6 Months 6 Months ended ended Year ended 30.6.03 30.6.02 31.12.02 Unaudited Unaudited Audited # # # Net cash inflow from operating activities 1,714,773 1,313,712 1,062,188 Returns on investments and servicing of finance Interest received 2,748 978 1,324 Interest paid (445,917) (357,196) (455,554) Net cash outflow on investments and servicing of finance (443,169) (356,218) (454,230) Taxation (199) - (229,057) Capital expenditure and financial investment Purchase of tangible fixed assets (1,142,337) (439,382) (1,090,817) Sale of tangible fixed assets 38,709 - 1,343,368 Net cash outflow for capital expenditure and financial investment (1,103,628) (4,39,382) 252,551 Acquisitions Purchase of subsidiary undertakings in prior period - - (32,788) Equity dividends paid - (214,372) (321,588) Net cash inflow/ (outflow) before financing 167,777 303,740 277,106 Financing: - Debt repaid (492,664) (10,070,821) - Debt due within a year: repayment of secured bank loans - - (10,255,816) Debt due beyond a year: new secured bank loans 1,000,000 11,500,000 11,500,000 Capital element of finance lease payments (170,730) (146,685) (341,559) Net cash (outflow)/ inflow from financing 336,606 1,282,494 1,097,625 Increase/Decrease) in cash 504,383 1,586,234 1,374,731 NOTES TO CONSOLIDATD CASH FLOW STATEMENT for the six months ended 30 June 2003 (a) Reconciliation of operating profit to net cash inflow from operating activities 6 Months ended 6 Months Year 30.6.03 ended 30.6.02 ended 31.12.02 Unaudited Unaudited Audited # # # Operating profit 922,862 870,049 1,527,339 Depreciation 126,135 124,919 250,047 Amortisation of goodwill 48,787 47,966 97,572 Decrease/(increase) in stock 111,769 117,483 71,218 (Increase)/decrease in debtors 603,485 (289,792) (1,016,778) Increase/(decrease) in creditors (98,265) 443,087 132,790 Net cash inflow from operating activities 1,714,773 1,313,712 1,062,188 (b) Reconciliation of net cash flow to movement in net debt Increase in cash in the period 504,383 1,586,234 1,374,731 Cash inflow from increase in debt (336,606) (1,282,494) (1,097,625) Change in net debt resulting from cash flows 167,777 303,740 277,106 New finance leases - (195,000) - Movement in net debt in the period 167,777 108,740 277,106 Net debt at 1st January 2003 (12,509,024) (12,786,130) (12,786,130) Net debt at 30th June 2003 (12,341,247) (12,677,390) (12,509,024) (c) Analysis of changes in net debt At 30 At 1 January June 2003 Cash flow 2003 # # # Cash at bank and in hand 39,833 6,593 46,426 Overdrafts (642,597) 497,790 (144,807) (602,764) 504,383 (98,381) Debt due after one year (11,315,005) (278,268) (11,593,273) Debt due within one year - (229,068) (229,068) Finance leases (591,255) 170,730 (420,525) Total (12,509,024) 167,777 (12,341,247) Notes 1. The financial information contained in the Interim Report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The comparative financial information for the year ended 31 December 2002 is an abridged version of the group's published financial statements for that year, which contained an unqualified audit report and which have been filed with the Registrar of Companies. 2. The interim financial statements have been prepared on the basis of the accounting policies set out in the 2002 financial statements of Pubs 'n' Bars plc. 3. The basic earnings per share calculation is based on a weighted average number of ordinary shares of 20 pence each in issue during the period of 21,437,207 (year ended 31 December 2002 - 21,437,207). 4. The reconciliation of movements in shareholders' funds is as follows: # Shareholders' funds at 1st January 2003 13,496,170 Profit for the period 256,216 Shareholders' funds at 30th June 2003 13,752,386 This information is provided by RNS The company news service from the London Stock Exchange END IR NKOKNABKKKCD
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