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Share Name | Share Symbol | Market | Type |
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China Travel International Investment Hong Kong Ltd | TG:CTI | Tradegate | Ordinary Share |
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% | 0.12 | 0.115 | 0.127 | 0.00 | 12:10:36 |
RNS Number:2290Q Cathay International Holdings Ld 26 September 2003 26th September, 2003 CATHAY INTERNATIONAL HOLDINGS LIMITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 CHAIRMAN'S INTERIM STATEMENT The first half of 2003 saw a significant change in the composition of the Group's assets, the return of approximately USD24 million of surplus cash to shareholders, difficult trading conditions as a result of the SARS virus and new investments being made in line with the Group's strategy. In the first quarter of 2003 shareholders approved the disposal of the Stonehill Business Park ("Stonehill") for a cash consideration of USD30,869,000 and the termination of the joint venture relating to the Xiyuan Hotel and development site in Beijing ("Xiyuan"), resulting in a cash entitlement for the Group of USD50,900,000, net of taxes, including USD18,747,000 of undistributed profits. Each of these transactions resulted in a gain which has been reflected in the unaudited accounts for the six months to 30 June 2003. Following receipt of the cash proceeds from these transactions your Board concluded that approximately USD24 million would be surplus to the Group's short term requirements and that a tender offer was the most appropriate means of returning such surplus to shareholders. In February 2003 shareholders approved the proposed tender offer and the Company purchased 99,999,780 common shares at a fixed price of 15 pence per share, representing a 93.5% premium to the closing share price on the day prior to the announcement of the tender offer. In March 2003, the unexpected outbreak of the Severe Acute Respiratory Syndrome ("SARS") virus began seriously to affect the operations of the Landmark Hotel in Shenzhen, the People's Republic of China ("China"). From March to June 2003, the Landmark Hotel, in common with other leading hotels in Shenzhen, experienced unprecedented low levels of occupancy. From an average occupancy rate of 62% in the first three months of 2003, the occupancy rate dropped to an average of 19% in April. The average occupancy rate for the first six months of 2003 was approximately 41% compared to 61% for the same period last year. Turnover at food and beverage outlets at the Hotel was also adversely affected. Since June 2003, when the World Health Organisation removed Shenzhen from the affected areas list, there has been a slow, but steady, recovery of the hotel business. We expect the Landmark Hotel to return to normal levels of activity during the last quarter of 2003. The results for the six months to 30 June 2003 have therefore been significantly affected by the SARS outbreak. They also reflect the disposals of Stonehill and Xiyuan and the return of surplus cash to shareholders. Turnover for the six months to 30 June 2003 was USD5,510,000 compared with USD15,806,000 for the six months ended 30 June 2002. The operating profit for the period was USD404,000 (2002: profit of USD2,214,000) and the pre-tax loss before minority interests was USD346,000 (2002: profit of USD1,002,000). The profit after tax and minority interests was USD9,810,000 (2002: loss of USD104,000). This profit figure mainly results from the accounting treatment of deferred taxation expenses required under International Accounting Standards ("IAS"). The balance of cash at bank and in hand as at 30 June 2003 was USD24,801,000 (2002: USD40,069,000). Under EU Regulations publicly traded companies must prepare, by 2005 at the latest, consolidated accounts under IAS. The Group has adopted the International Financial Reporting Standards ("IFRS") as the basis for preparing its financial statements this year. The effects of the adoption of IFRS on the amounts reported in the financial statements of previous periods are shown in the notes to the interim financial statements. In accordance with its usual practice, the Group will conduct an annual valuation of its property at the year end. Any adjustments in asset value will, if necessary, be reported at that time. In line with the Group's core strategy your Board has been seeking new business and investment opportunities in China which are expected to provide high growth rates and generate improved shareholder returns. Your Board has identified the biotechnology and pharmaceutical market in China as having high growth potential. In June 2003 the Group announced a joint venture with a group of Chinese medical, science and management professionals with expertise in the biotechnology and pharmaceutical industry. The Group's strategy is to build a portfolio of biotechnology and pharmaceutical projects with the aim of providing a steady stream of products to be manufactured and marketed in China. The Group has invested USD2,650,000 for a 74.58% interest in Cathay International Changchun Biotechnology and Pharmaceutical Limited ("Changchun Biotechnology") with the minority interest being held by the professionals mentioned above, who have contributed the rights they own to certain technologies and specialist expertise. Changchun Biotechnology's first project is the acquisition of a 95.2% interest in Changchun Botai Medicine and Biological Technology Company Limited ("Botai"). Botai is a sino-foreign joint venture company based in Changchun, the capital city of Jilin Province in the North East of China. The other shareholder of Botai is Tongtuo High-tech Development Center of Jilin University. Jilin University is one of China's leading scientific research universities and, in particular, a major research institution for biotechnology, pharmaceutical and medical science. The Tongtuo High-tech Development Center will contribute technology to Botai and provide scientific and research equipment and professionals. In early August, the Group announced a second investment, a USD550,000 investment for a 70% interest in Tianjin Longbai Biological Engineering and Technology Company Limited ("Longbai"), an equity joint venture in Tianjin City in the North of China. Longbai researches and develops technology for new drug delivery formats, focusing on oral fast release drugs. The Group expects to make further investments in the biotechnology and pharmaceutical industry in China and will make announcements at the appropriate time. Your Board continues to believe that there are attractive opportunities for investment in China and we are actively seeking additional business opportunities in China to provide new sources of earnings and capital growth. On behalf of the Board, I would like to thank our staff for their continued dedication and commitment. James Buchanan Chairman Enquiries: Stephen Hunt (Deputy Chairman) (via Brunswick) 020 7404 5959 Patrick Sung (Director - Finance) Jon Coles, Brunswick 020 7404 5959 GROUP CONDENSED PROFIT AND LOSS ACCOUNT (Restated) (Restated) Six months Six months Year ended ended 30 June ended 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Notes USD'000 USD'000 USD'000 TURNOVER 3 5,510 15,806 32,586 COST OF SALES (5,590) (12,560) (25,491) _____________ ____________ ____________ GROSS PROFIT (LOSS) (80) 3,246 7,095 ADMINISTRATIVE EXPENSES Administrative expenses (1,355) (1,032) (3,479) Deficit on revaluation of fixed assets - - (163,566) Recognition of negative goodwill as Income - - 98,140 Profit on disposal of subsidiary 1,860 - - Profit on disposal of fixed assets 76 - 274 Tender offer expenses (97) - - 484 (1,032) (68,631) _____________ ____________ ____________ PROFIT/(LOSS) FROM OPERATIONS 404 2,214 (61,536) FINANCE COSTS - NET (750) (1,212) (2,512) _____________ ____________ ____________ (LOSS)/PROFIT BEFORE TAXATION 3 (346) 1,002 (64,048) TAXATION 4 10,129 (450) 57,807 _____________ ____________ ____________ PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 9,783 552 (6,241) MINORITY INTEREST 27 (656) 40,510 _____________ ____________ ____________ ACCUMULATED PROFIT/(LOSS ) ATTRIBUTABLE TO EQUITY SHAREHOLDERS 9,810 (104) 34,269 =========== ========== ========== PROFIT/(LOSS) PER SHARE BASIC 6 4.58 cents (0.04) cents 12.20 cents =========== ========== ========== GROUP CONDENSED BALANCE SHEET (Restated) (Restated) As at As at As at 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note USD'000 USD'000 USD'000 ASSETS NON-CURRENT ASSETS Property, plant and equipment 102,799 369,547 197,464 Intangible assets 1,101 (102,544) (4,404) _____________ ____________ ____________ 103,900 267,003 193,060 _____________ ____________ ____________ CURRENT ASSETS Inventory 377 1,104 1,116 Trade debtors and other receivables 594 2,073 1,882 Cash and cash equivalents 24,801 40,069 43,320 _____________ ____________ ____________ 25,772 43,246 46,318 _____________ ____________ ____________ TOTAL ASSETS 129,672 310,249 239,378 =========== ========== ========== EQUITY AND LIABILITIES CAPITAL AND RESERVES 7 78,766 78,250 108,042 MINORITY INTERESTS 1,077 79,095 37,985 NON-CURRENT LIABILITIES Borrowings 23,961 32,543 23,286 Deferred tax liabilities 8 13,849 90,840 30,731 _____________ ____________ ____________ 37,810 123,383 54,017 _____________ ____________ ____________ CURRENT LIABILITIES Borrowings 5,250 3,453 12,739 Trade creditors and other payables 6,769 26,068 26,595 _____________ ____________ ____________ 12,019 29,521 39,334 _____________ ____________ ____________ TOTAL EQUITY AND LIABILITIES 129,672 310,249 239,378 ========== ========= ========== GROUP CONDENSED STATEMENT OF CHANGES IN EQUITY Capital and Exchange Profit Share Revaluation Special Statutory Equalisation and Loss Capital Reserve Reserve Reserve Reserve Account Total USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 Balance at January 1, 2002 14,042 61,055 61,639 2,463 1,029 (62,859) 77,369 Exchange adjustment - (529) 146 (42) 1,410 - 985 Loss for the period - - - - - (104) (104) _______ _________ ________ _______ _________ _______ _______ Balance at June 30, 2002 14,042 60,526 61,785 2421 2,439 (62,963) 78,250 ====== ======== ======= ====== ======== ====== ====== Balance at January 1, 2003 14,042 53,834 61,639 2,550 4,687 (28,710) 108,042 Exchange adjustment - (388) - (7) 1,124 167 896 Realised exchange reserve on disposal of subsidiary - - - - (16,266) - (16,266) Purchase of shares (5,000) - (18,716) - - - (23,716) Profit for the period - - - - - 9,810 9,810 Transfer on disposal of subsidiary and fixed assets - (3,613) - (1,463) - 5,076 - _______ _________ ________ _______ _________ _______ _______ Balance at June 30, 2003 9,042 49,833 42,923 1,080 (10,455) (13,657) 78,766 ====== ======== ======= ====== ======== ====== ====== GROUP CONDENSED CASH FLOW STATEMENT (Restated) (Restated) Six months Six months Year ended ended 30 June ended 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) USD'000 USD'000 USD'000 Cash flows from operating activities (2,600) (281) 1,774 Cash flows from investing activities 31,542 (1,096) (578) Cash flows from financing activities (45,438) 475 (763) Effects of exchange rate changes 271 907 1,379 ____________ ___________ ____________ Net increase (decrease) in cash and cash equivalents (16,225) 5 1,812 Cash and cash equivalents at beginning of the period 41,026 39,214 39,214 ____________ ___________ ____________ Cash and cash equivalents at end of the period 24,801 39,219 41,026 ========== ========= ========== NOTES 1 BASIS OF PREPARATION In 2003, the Group adopted the IFRS as the basis for preparing its financial statements. The comparative financial statements have been restated to comply with the IFRS. The adoption of the IFRS has resulted in the recognition of deferred tax provisions as set out in note 10. The interim condensed financial statements have been prepared in accordance with International Accounting Standard No. 34 Interim Financial Reporting and under the historical cost convention, modified where appropriate to incorporate a professional valuation of certain fixed assets. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may differ from those estimates. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted are set out below. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities. On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess (deficiency) of the cost of acquisition over (below) the fair values of the identifiable net assets acquired is recognised as goodwill (negative goodwill). The interest of minority shareholders is stated at the minority's proportion of the fair values of the assets and liabilities recognised. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. All significant intercompany transactions and balances between group enterprises are eliminated on consolidation. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill is recognised as an asset and amortised on a straight-line basis over its estimated useful life. Goodwill arising on the acquisition of subsidiaries is presented separately in the balance sheet. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of unamortised goodwill is included in the determination of the profit or loss on disposal. Negative goodwill Negative goodwill represents the excess of the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary at the date of acquisition over the cost of acquisition. Negative goodwill is released to income based on an analysis of the circumstances from which the balance resulted. To the extent that the negative goodwill is attributable to losses or expenses anticipated at the date of acquisition, it is released to income in the period in which those losses or expenses arise. The remaining negative goodwill is recognised as income when the future economic benefits embodied in the identifiable underlying assets acquired are consumed. Negative goodwill arising on the acquisition of subsidiaries is presented separately in the balance sheet as a deduction from assets. On disposal of a subsidiary, the attributable amount of unamortised negative goodwill is included in the determination of the profit or loss on disposal. Foreign currencies Transactions in currencies other than United States Dollar are initially recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the balance sheet date. Profits and losses arising on exchange are included in net profit or loss for the period. On consolidation, the assets and liabilities of the Group's overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are classified as equity and transferred to the Group's translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the parent company and translated at the exchange rate at the date of transaction. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill (or negative goodwill) or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates enacted at the balance sheet dates and that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Hotel properties Hotel properties are stated at open market value based on annual professional valuations. Hotel valuations are inclusive of all fixtures and equipment, and thus the revaluation surplus/deficit on hotel properties is shown after deducting the net book value of separable and non-integrated fixtures and equipment. Changes in the value of hotel properties are dealt with as movements in the revaluation reserve. If the balance of this reserve is insufficient to cover a deficit, on an individual hotel basis, the excess of the deficit is charged to the profit and loss account. It is the Group's practice to maintain hotel properties and integral fixed plant in a continual state of sound repair, such that their value is not diminished by the passage of time. Accordingly, the Directors consider that the useful economic lives of these assets are sufficiently long and their residual values, based on prices prevailing at the time of valuation, are sufficiently high that their depreciation is insignificant. The cost of maintenance and repairs of the properties is charged to the consolidation profit and loss account as incurred and the cost of significant improvements is capitalised. Properties held for development Properties held for development were stated at existing use value based on professional valuation. Valuations are inclusive of all fixtures and equipment and thus the revaluation surplus/deficit on such properties is shown after deducting the net book value of separable and non-integrated fixtures and equipment. Interest incurred on borrowings to finance the development of these properties is capitalised and included in the carrying value thereof. Investment properties Investment properties are interests in land and buildings for which construction work and development have been completed and which are intended to be held on a long term basis. Such properties are stated at their fair values based on valuations by the Directors. Gains or losses arising from the disposal of investment property are determined as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised as income or expense in the income statement. Properties let to group companies Properties let to group companies are interests in properties which are let to subsidiaries of the ultimate parent company. These properties are intended to be held on a long term basis. Other tangible fixed assets Other tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided to write off the cost of fixed assets on a systematic basis over their estimated useful lives. The major categories of fixed assets are depreciated as follows: Plant and equipment, fixtures and fittings 3-15 years Motor vehicles 5-12 years Computer equipment 5 years Leasehold properties and improvements Residual lease term Inventory Inventory comprises goods purchased for re-sale and consumable stores and are valued at the lower of cost and estimated net realisable value. Cash and cash equivalents Cash and cash equivalents are carried in the balances sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are included within borrowings in current liabilities on the balance sheet. 3 Segmental Information (Restated) (Restated) Six months Six months Year ended ended 30 June ended 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) USD'000 USD'000 USD'000 Classes of Business Turnover Hotel Operations 5,421 14,370 29,806 Property investment 89 1,436 2,780 ___________ ____________ ___________ 5,510 15,806 32,586 (Loss)/Profit before taxation Hotel Operations 662 1,745 (2,912) Property Investment 165 149 900 Property Development - - (60,274) Pharmaceutical (56) - - Corporate Office (1117) (892) (1,762) ___________ ____________ ___________ 346 1,002 (64,048) Geographical segments Turnover United Kingdom - 1,248 2,404 PRC 5,510 14,558 30,182 ___________ ____________ ___________ 5,510 15,806 32,586 (Loss)/Profit before taxation United Kingdom 76 (9) 311 PRC 695 1,903 (62,597) Hong Kong (1,117) (892) (1,762) ___________ ____________ ___________ (346) 1,002 (64,048) ========== =========== ========== 4 TAXATION (Restated) (Restated) Six months Six months Year ended ended 30 June ended 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) USD'000 USD'000 USD'000 Current tax - (450) (993) Deferred tax (note 8) 10,129 - 58,800 ____________ ___________ ____________ 10,129 (450) 57,807 ========== ========== ========== No provision for current tax has been made as there was no assessable profit during the period. 5 DIVIDENDS No ordinary dividend is proposed (2002: Nil). 6 PROFIT PER SHARE Profit per share is based upon the profit after tax attributable to shareholders of USD9,810,000 for the six months ended 30 June 2003 (six months ended 30 June 2002: loss of USD104,000) and the weighted average number of A shares and common shares in issue during the period of 12,566,102 and 201,609,483 respectively (30 June 2002 - A shares: 14,042,105, common shares: 266,800,000). 7 SHARE CAPITAL Pursuant to the tender offer approved in February 2003, the Company purchased 99,999,780 common shares at a fixed price of 15 pence per share. The total consideration paid was USD 23,716,000 and has been deducted from shareholders' equity. The purchased shares have been cancelled. 8 DEFERRED TAXATION (Restated) (Restated) As at As at As at 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) USD'000 USD'000 USD'000 Deferred tax liabilities on revaluation of 15,081 92,213 31,963 properties Deferred tax assets on tax losses (1,232) (1,473) (1,232) ____________ ___________ ____________ Net position 13,849 90,840 30,731 ========== ========== ========== The movement for the period in the net deferred tax position was as follows: (Restated) (Restated) As at As at As at 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) USD'000 USD'000 USD'000 At 1 January 30,731 90,840 90,840 Charge to income - - (58,800) Charge to equity - - (1,309) Net liability disposed of on disposal of (16,882) - - subsidiary ____________ ___________ ____________ 13,849 90,840 30,731 ========== ========== ========== 9 ACQUISITION AND DISPOSAL OF SUBSIDIARIES Disposal of subsidiary On 24 February 2003, the Company's shareholders approved the termination of the joint venture relating to Xiyuan Hotel and development site in Beijing and a distribution of assets by the joint venture company, Beijing Xiyuan Landmark Limited ("Beijing Xiyuan"). The distribution was completed on 24 February 2003. The results of Beijing Xiyuan for the period from 1 January 2003 to 24 February 2003, which have been included in the Group's results for the period, were as follows: (Restated) 1 January 2003 to Six months ended 24 February 2003 30 June 2002 (Unaudited) (Unaudited) USD'000 USD'000 Turnover 2,507 9,750 Operating costs (2,544) (7,924) Interest - 265 ____________ ____________ (Loss)/Profit before taxation (37) 2,091 Taxation - (450) ____________ ____________ (Loss)/Profit after taxation (37) 1,641 Minority interests 15 (656) ____________ ____________ (Loss)/Profit for the period (22) 985 ========== ========== The net assets of Beijing Xiyuan at the date of disposal were as follows: 24 February 2003 (Unaudited) USD'000 Net assets disposed of 64,977 Reclassification from shareholders' equity - exchange equalisation reserve (16,266) Transaction expenses 329 ____________ 49,040 Profit on disposal 1,860 ____________ Total consideration 50,900 ========== The net cash inflow on disposal is determined as follows: Proceeds from disposal 50,900 Repayment of sums owing to Beijing Xiyuan (6,800) Transaction expenses (329) Cash and cash equivalents in subsidiary disposal of (41,808) ____________ Net cash inflow on disposal 1,963 ========== Beijing Xiyuan did not make any significant contribution to the cash flows of the Group during the interim period. Acquisitions In 2003, the Group acquired for a cash consideration of USD 2,650,000 a 74.58% interest in Cathay International Changchun Biotechnology and Pharmaceutical Limited, which in turn acquired a controlling interest in Changchun Botai Medicine and Biological Technology Company Limited. 10 RECONCILIATION OF EFFECTS OF ADOPTION OF IFRS Reconciliation of net assets As at As at 30 June 2002 31 December 2002 (Unaudited) (Audited) USD'000 USD'000 Net assets under UK accounting standards 138,817 132,020 Recognition of deferred taxation (90,840) (30,731) Minority interest share of deferred taxation 30,273 6,753 ____________ ____________ Net assets under IFRS 78,250 108,042 ========== ========== Reconciliation of net profit/(loss) As at As at 30 June 2002 31 December 2002 (Unaudited) (Audited) USD'000 USD'000 Net loss under UK accounting standards (104) (1,011) Recognition of deferred taxation - 58,800 Minority interest share of deferred taxation - (23,520) ____________ ____________ Net profit/(loss) under IFRS (104) 34,269 ========== ========== 11 PUBLICATION OF NON-STATUTORY ACCOUNTS The unaudited interim results do not constitute full accounts prepared in accordance with the listing rules of the UK Financial Services Authority. The figures for the year ended 31 December 2002 have been based on the full accounts of the Company which were prepared under UK GAAP and which included an unqualified audit report. The adjustments in respect of the adoption of IFRS have not been audited. The interim financial information in this report has been neither audited nor reviewed by the Company's auditors. 12 Copies of this report have been sent to shareholders and are available to the public from the Company's UK Transfer Agents, Capita IRG plc, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. This information is provided by RNS The company news service from the London Stock Exchange END IR NKAKKBBKDOCB
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