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Share Name | Share Symbol | Market | Type |
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Alto Metals Ltd (delisted) | ASX:ENU | Australian Stock Exchange | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:1403J Enneurope PLC 25 March 2003 ENNEUROPE plc ("Enneurope" or "the Group") Preliminary Results for the nine months ended 30 September 2002 Enneurope, an AIM listed aggregates group with operations in North West Poland, is pleased to announce its preliminary results for the nine months ended 30 September 2002. Highlights * First trading results in line with expectations. * Acquisition of Pol-Rek and the trade and certain assets of Rofa Beton completed on 16 April 2002. * Turnover of #229,000 and operating loss of #319,000 including certain start-up costs. * Loss per share of 0.60 pence after provision against investment. * Negotiations at advanced stage in respect of further acquisitions. Vaughan McLeod, Chairman, commented: "I am pleased to announce operating results in line with expectations for Enneurope for the nine month period ended 30 September 2002. Despite difficult winter conditions and political uncertainties, with planned acquisitions, combined with performance improvements already being implemented, we are on target to meet our objectives." 25 March 2003 Enquiries: Enneurope plc 01332 694 444 Vaughan McLeod, Chairman Enneurope plc Preliminary Results for the nine months ended 30 September 2002 Chairman's statement I am pleased to announce operating results in line with expectations for Enneurope for the nine month period ended 30 September 2002. Financial and Operating Review During this first trading period, the Group made an operating loss of #319,000, which included an element of start-up costs, on a turnover of #229,000, which is in line with our expectations. The loss before tax amounted to #583,000 and includes a provision of #267,000 for the impairment of the Group's investment in New Opportunities Investment Trust plc. We have been heavily involved in developing the business and made our first acquisition in Poland in April, when we acquired the entire share capital of Pol-Rek sp.zo.o together with the trade and certain assets of Rofa Beton sp.zo.o. This acquisition comprised a sand and gravel quarry at Moryn and two ready mixed concrete plants at Szczecin and Chojna. At the same time, the Group successfully raised #1.45 million by way of a placing. In Moryn quarry, a new deep reach excavator has been commissioned which allows us to dig more gravel rich reserves below the water table and also to restore the land to a satisfactory standard. New screening equipment and a conveyor system installed early in the period are working well and enable the mix of materials coming from the quarry face to the processing plant to be a more even balance of 55% sand and 45% gravel, which is more in line with market requirements. This new screening equipment and conveyor system will also substantially increase productivity from the quarry and, over the next 6 months, we intend to build up our annual production capacity from the current level of approximately 140,000 tonnes to around 200,000 tonnes, of which gravel production is expected to increase from around 25,000 tonnes to nearer 100,000 tonnes. As gravel revenue per tonne ex-quarry is currently six times greater than sand, completion of the plant upgrades, coupled with achieving our productivity targets, is expected to bring a significant improvement in profitability at Moryn. Changes to the aggregate handling facilities at Chojna concrete plant are being made to enable us to introduce and fully utilise three new multi-purpose trucks, soon to be delivered, which will replace three old single function lorries. These multi-purpose trucks will allow us to collect sand and gravel from Moryn quarry, for use in our concrete plants, when they are not delivering ready mixed concrete, significantly increasing truck utilisation and reducing costs. We are looking to acquire additional land adjacent to our Szczecin concrete plant to enable us to achieve productivity gains by expanding the aggregates stocking facilities at this plant in a similar manner to Chojna. Outlook The Polish authorities have taken some painful decisions over the last few years to meet the EU's convergence criteria and Poland was officially invited as one of ten countries to join the EU at the Copenhagen Summit. Having shouldered the short-term burden of rising unemployment and reduced investment, the Polish economy is believed to be making good progress towards achieving the targets needed to join the EU. We are currently looking at a number of potential, strategic acquisitions in North West Poland, of both quarries and ready mixed concrete plants, which would enhance our market position and enable us to move forward with our stated strategy. Despite difficult winter conditions and political uncertainties, with planned acquisitions, combined with performance improvements already being implemented, we are on target to meet our objectives. Vaughan McLeod Chairman 25 March 2003 Consolidated Profit and Loss Account for the nine months ended 30 September 2002 9 months ended Period ended 31 30 September December 2001 2002 Acquisitions Total Total #'000 #'000 #'000 #'000 Turnover - 229 229 - Cost of sales - (197) (197) - Gross profit - 32 32 - Net operating expenses (235) (116) (351) - Operating loss (235) (84) (319) - Provision against investment (267) - Loss on ordinary activities before (586) - interest Net interest receivable 3 - Loss on ordinary activities before (583) - taxation Tax on ordinary activities - - Loss for the financial period (583) - Loss per ordinary share - basic and (0.60p) - diluted Consolidated Statement of Total Recognised Gains and Losses for the nine months ended 30 September 2002 9 months ended Period ended 30 September 31 December 2002 2001 #'000 #'000 Loss for the financial period (583) - Exchange movements (62) - Total recognised losses for the period (645) - During the period from incorporation on 18 July 2001 to 31 December 2001, the Group did not trade and received no income and incurred no expenses. Consequently, during that period the Group made neither a profit nor a loss. All turnover and profits and losses arise from continuing operations. Consolidated Balance Sheet as at 30 September 2002 30 September 2002 31 December 2001 #'000 #'000 #'000 #'000 Fixed assets Intangible assets 569 - Tangible assets 1,041 - Investments 621 - 2,231 - Current assets Stocks 11 - Debtors 206 186 Cash 678 948 895 1,134 Creditors: amounts falling due within one year (324) (59) Net current assets 571 1,075 Total assets less current 2,802 1,075 liabilities Provisions for liabilities and (136) - charges Net assets 2,666 1,075 Capital and reserves Called up share capital 798 308 Share premium account 2,513 767 Profit and loss account (645) - Equity shareholders' funds 2,666 1,075 Consolidated Cash Flow Statement for the nine months ended 30 September 2002 9 months ended Period ended 30 September 31 December 2002 2001 #'000 #'000 Operating loss (319) - Depreciation and amortisation 56 - Working capital movements (51) (2) Net cash outflow from operating activities (314) (2) Returns on investments and servicing of finance 3 - Taxation 7 - Capital expenditure and financial investment (310) - Acquisitions and disposals (1,139) - Net cash outflow before financing (1,753) (2) Financing 1,483 950 (Decrease)/increase in cash in the period (270) 948 Reconciliation of Net Cash Flow to Movement in Net Funds for the nine months ended 30 September 2002 9 months ended Period ended 30 September 31 December 2002 2001 #'000 #'000 (Decrease)/increase in cash in the period (270) 948 Movement in net funds in the period (270) 948 Net funds at the beginning of period 948 - Net funds at the end of period 678 948 Notes to the Preliminary Results for the nine months ended 30 September 2002 1. The Group has one class of business being the quarrying, production and sale of aggregates and related activities in Central Europe. 2. Basic and diluted loss per ordinary share is calculated by dividing the loss attributable to ordinary shareholders of #583,000 by the weighted average number of ordinary shares in issue during the period of 97,764,469. 3. On 16 April 2002, the Group acquired the entire share capital of Pol-Rek sp.zo.o together with the trade and certain assets of Rofa Beton sp.zo.o. This transaction has been accounted for as an acquisition. Goodwill arising, after making appropriate provisional fair value adjustments, will be amortised over 20 years. 4. During the period, the Company allotted 39,900,000 ordinary shares of 0.5 pence each at 2.2 pence each in consideration for 877,800 new redeemable ordinary shares of 5.0 pence each and a warrant over 175,560 new redeemable ordinary shares of 5.0 pence each in New Opportunities Investment Trust plc. At 30 September 2002, the directors have made a provision amounting to #267,000 in respect of this investment to reflect their estimate of its net realisable value. 5. Subsequent to the period end, the share capital of the Company was consolidated on the basis of 1 new ordinary share of 10 pence each for every 20 existing ordinary shares of 0.5 pence each. Consequently, the issued share capital of the Company now consists of 7,980,000 ordinary shares of 10 pence each. 6. The financial information set out above does not constitute the Company's statutory accounts for the financial periods ended 31 December 2001 or 30 September 2002 but is derived from those accounts. Statutory accounts for 2001 have been delivered to the Registrar of Companies, whereas those for the period to 30 September 2002 will be delivered following the Company's annual general meeting. The auditor has reported on those accounts; the reports were unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 7. Copies of the 2002 Report and Accounts will be sent to all shareholders and copies will be made available from the Company's Registered Office, Breedon Hall, Breedon on the Hill, Derby, DE73 1AN. This information is provided by RNS The company news service from the London Stock Exchange END FR NKQKQOBKDFNB
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