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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Alpha Returns | LSE:ARGP | London | Ordinary Share | GB00B7FD9168 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMARGP
28 September 2017
Alpha Returns Group Plc
("Alpha Returns" or "the Company")
Unaudited Interim Results for the Six Months Ended 30 June 2017
Alpha Returns Group Plc today announces its unaudited interim results
for the six months ended 30 June 2017.
Chairman's Statement
Review of the Six Month Period ended 30 June 2017
Alpha Returns is an investment company which operates in the Asia
Pacific (APAC) region and is based in Hong Kong. The Company aims to
create long-term shareholder value through early stage investments in
high-growth Asian economies.
Shareholders have approved an updated Investing Policy at the AGM that
allows the Company to invest in liquid securities in order to attain a
highly-invested status and avoid cash drag to enhance portfolio returns.
The Company's revised Investing Policy is set out in full at the end of
this statement in Note 5 and on the Company's website at
alpharet.com/rule26.
Financial Review
The unaudited results for the six month period ended 30 June 2017 show a
loss on continuing operations after taxation of GBP96,209 (30 June 2016:
profit GBP423,923, after including a gain on the disposal of the
Company's investment in Riche Bright Securities Ltd. ("RBSL") of
GBP665,035). The loss per share was 0.02p (30 June 2016: profit 0.02p)
from continuing operations. After a loss on translation of foreign
subsidiaries of GBP47,496 (2016: gain GBP204,219) and loss from
discontinued operations of GBPnil (2016: GBP220,633), loss after tax and
total comprehensive expense was GBP143,705 (2016: profit GBP407,509) of
which GBP191,492 (2016: profit GBP263,192) was attributable to equity
holders of the Company.
Total revenue was GBP2,190,877 (30 June 2016: GBP1,005,068).
At the end of the period under review net assets were GBP3,890,926, of
which GBP3,552,885 were attributable to equity shareholders of the
Company (31 December 2016: GBP4,047,479, attributable GBP3,757,225)
giving net assets attributable to equity shareholders of approximately
0.5p per share. Included in this amount are cash and cash equivalents of
GBP1,500,132.
Review of Operations
The Company's investment portfolio presently includes a 52.5% interest
in Singapore based Telistar, a 30% investment in PRC based Maxlife, and
a 6.67& investment in Singapore based New Trend Lifestyle Group plc
(AIM: NTLG).
Telistar has continued to perform to expectations, and the Company
extended a long term loan to Telistar to fund business expansion.
Trading at Maxlife has been difficult this year, and the Directors will
continue to work with its management and monitor their progress.
The Company has also expanded its portfolio of listed securities in the
period and the Directors plan to make additional investments this year.
Post Period Events
After the end of the period, the Company updated its Investment Policy
at the AGM.
Board Changes
During the period we were pleased to welcome Brent Fitzpatrick to the
Board as a Non-executive Director. Brent has considerable quoted company
experience and brings a wealth of valuable experience to the Board.
Corporate Governance
The Company operates Audit, AIM Compliance, Nominations and Remuneration
committees. The roles and composition of these committees are kept under
regular review.
Risk Assessment
The Directors consider that the main risk is a loss of some or all value
at one or more of its investee companies. The Executive Directors
maintain a close liaison with the management of each company to limit,
as far as possible, this exposure to risk.
Outlook
Following the update of the Company's Investing Policy, we now seek to
expand our investment portfolio and will update shareholders as
developments are made.
Quattro Chan
Interim Chairman
28 September 2017
A copy of this interim report will shortly be available on the Company's
website at alpharet.com/rule26
For further information please call:
Alpha Returns Group plc
Christopher Neo, Executive Director 020 3286 6388
ZAI Corporate Finance (NOMAD)
Tim Cofman 020 7060 2220
Peterhouse Corporate Finance (Broker)
Duncan Vasey / Lucy Williams 020 7220 9797
Statement of Comprehensive Income
For the six months ended 30 June 2017
Unaudited Unaudited Audited
6 Months
6 Months to to 30
30 June June
2017 2016 12 months to Dec 2016
Note GBP GBP GBP
Continuing operations
Revenue 2,190,877 1,005,068 2,691,071
Cost of sales (1,830,994) (666,172) (1,759,809)
Gross profit 359,883 338,896 931,262
Administration costs (494,700) (575,280) (1,307,943)
Share based payments - (6,241) (6,242)
Other income 71,649 53 88,924
Other losses - - (201,499)
Operating (loss) (63,168) (242,572) (495,498)
Gain on disposal of investments - 665,035 -
(Loss)/Profit before financing (63,168) 422,463 (495,498)
Finance cost - - (26)
Finance income 4,098 236 1,144
Investment income 352 58 58
Gain on foreign exchange 468 6,506 38,710
Impairment loss (37,500) - (193,750)
(Loss)/profit on continuing operations before taxation (95,750) 429,263 (649,362)
Taxation (459) (5,340) (11,278)
(Loss)/profit on continuing operations after taxation (96,209) 423,923 (660,640)
Discontinued operations
(Loss)/profit from operations reclassified as held
for sale - (220,633) 476,097
(Loss)/profit after taxation (96,209) 203,290 (184,543)
(Loss)/profit attributable to:
Equity holders of the company (136,208) 131,296 (420,824)
Non-controlling interest 39,999 71,994 236,281
(Loss)/profit after taxation (96,209) 203,290 (184,543)
(Loss)/Gain on translation of foreign subsidiaries (47,496) 204,219 383,468
Available for sale financial assets - - 4,573
Profit/(loss) after taxation and total comprehensive
income/(expense) (143,705) 407,509 203,498
Total comprehensive income attributable to:
Equity holders of the company (191,492) 263,192 146,595
Non- controlling interests 47,787 144,317 56,903
Basic and diluted profit/(loss) per share
- Basic and diluted - continuing operations 3 (0.02p) 0.02p (0.06p)
- Basic and diluted - operations reclassified as held
for sale - (0.03p) 0.07p
- Total basic and diluted profit/(loss) per share
(0.02p) (0.01p) 0.01p
Statement of Financial Position
As at 30 June 2017
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Assets
Non-Current Assets
Property, plant and equipment 85,938 120,119 86,793
Intangible assets 638,780 638,780 638,780
Investments 995,076 1,243,785 856,008
1,719,794 2,002,684 1,581,581
Current Assets
Trade and other receivables 1,225,930 492,743 820,201
Cash and cash equivalents 1,500,132 2,159,193 2,149,378
2,726,062 2,651,936 2,969,579
Total Assets 4,445,856 4,654,620 4,551,160
Liabilities
Trade and other payables 554,930 277,520 503,681
554,930 277,520 503,681
Total Liabilities 554,930 277,520 503,681
Net Assets 3,890,926 4,377,100 4,047,479
Equity
Share capital 1,354,839 1,354,838 1,354,839
Share premium 7,516,009 7,516,010 7,516,009
Revaluation reserve - 11,176 12,848
Share option reserve 268,000 267,999 268,000
Foreign currency translation
reserve (21,713) 343,510 33,571
Profit and loss account (5,564,250) (5,283,008) (5,428,042)
Attributable to equity shareholders
of the company 3,552,885 4,210,525 3,757,225
Non-controlling interests 338,041 166,575 290,254
Total equity 3,890,926 4,377,100 4,047,479
Statement of Changes in Equity
For the six months ended 30 June 2017
Share Foreign Non-
Share Share Revaluation option currency Profit Total controlling
capital premium reserve reserve reserve and loss account equity interest Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
Jan 2016 1,351,624 7,069,224 8,275 261,758 109,975 (5,751,366) 3,049,490 1,172,945 4,222,435
Shares issued
in year 3,214 446,786 - - - - 450,000 - 450,000
Share based
payment
charge - - - 6,241 - - 6,241 - 6,241
Revaluation of
investment - - 2,901 - - - 2,901 - 2,901
Foreign
Currency
reserve - - - - 233,535 233,535 (29,316) 204,219
Share buyback - - - - - (23,900) (23,900) (973,795) (997,695)
Profit for the
6 months to
30 June 2016 - - - - - 492,258 492,258 (3,259) 488,999
Balance at 30
June 2016 1,354,838 7,516,010 11,176 267,999 343,510 (5,283,008) 4,210,525 166,575 4,377,100
Balance at 1
Jan 2016 1,351,624 7,069,224 8,275 261,758 109,975 (5,751,366) 3,049,490 1,172,945 4,222,435
Shares issued
in year 3,215 446,785 - - - - 450,000 - 450,000
Share based
payment
charge - - - 6,242 - - 6,242 - 6,242
Revaluation of
investment - - 4,573 - - - 4,573 - 4,573
Foreign
Currency
reserve - - - - 562,846 - 562,846 (179,378) 383,468
Change in
minority
interest - - - - (639,250) 744,148 104,898 (939,594) (834,696)
Loss for the
year - - - - - (420,824) (420,824) 236,281 (184,543)
Balance at 31
Dec 2016 1,354,839 7,516,009 12,848 268,000 33,571 (5,428,042) 3,757,225 290,254 4,047,479
Balance at 1
Jan 2017 1,354,839 7,516,009 12,848 268,000 33,571 (5,428,042) 3,757,225 290,254 4,047,479
Revaluation of
investment - - (12,848) - - - (12,848) - (12,848)
Foreign
Currency
reserve - - - - (55,284) - (55,284) 7,788 (47,496)
Loss for the
period and
total
comprehensive
income - - - - - (136,208) (136,208) 39,999 (96,209)
Balance at 30
June 2017 1,354,839 7,516,009 - 268,000 (21,713) (5,564,250) 3,552,885 338,041 3,890,926
Statement of Cash Flow
For the six months ended 30 June 2017
Unaudited Unaudited Audited
6 Months 6 Months
to June to June
2017 2016 12 months to December 2016
GBP GBP GBP
Cash flows from operating activities
Loss after taxation (97,517) 423,923 (184,543)
Adjustments for:
Depreciation and amortisation 6,393 6,172 52,430
(Loss) on sale of property, plant and equipment - - (3,478)
Share based payments - 6,241 6,242
Gain on disposal of investment (29,288) (665,035) (495,170)
Impairment provision 37,500 - 193,750
Dividend income (90) - (58)
(Increase)/Decrease in trade and other receivables (205,971) 789,411 (309,841)
(Decrease)/Increase in trade and other payables 3,314 (849,031) (27,317)
Foreign exchange differences (94,414) (86,406) (76,892)
Interest received (3,386) - (111)
Taxation 459 5,340 16,646
Income tax paid (5,709) (8,867) (43,870)
Net cash used in operating activities (388,709) (378,252) (872,212)
Cash flows from investing activities
Purchase of property, plant and equipment (6,310) (4,675) (16,286)
Disposal of property, plant and equipment - - 5,738
Purchase of investments (199,892) - (550,000)
Disposal of subsidiary - 2,709,678 3,366,820
Disposal of investment 40,925 - -
Investment income 87 - 58
Interest income 3,273 - 111
Loans issued (54,324) - -
Net cash used in investing activities (216,241) 2,705,003 2,806,441
Cash flows from financing activities
Net proceeds from issue of share capital - - 450,000
Share buyback - (808,811) (858,663)
Net cash generated from financing activities - (808,811) (408,663)
Net increase/(decrease) in cash and cash equivalents (604,950) 1,517,940 1,525,566
Cash and cash equivalents at beginning of period 2,149,378 394,963 394,963
Cash and cash equivalents in disposal group - 15,950 -
Effect of foreign exchange rate changes on cash and
cash equivalents (44,296) 230,340 228,849
Cash and cash equivalents at end of period 1,500,132 2,159,193 2,149,378
Notes to the Interim Results
For the six months ended 30 June 2017
1. General information
The financial information set out in this consolidated interim report
for the six months ended 30 June 2017 and the comparative figures for
the six months ended 30 June 2016 are unaudited. The financial
information for the six months ended 30 June 2017 does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006.
The Group's statutory financial statements for the year ended 31
December 2016, prepared under International Financial Reporting
Standards (IFRS), received an unmodified audit report, did not contain
statements under sections 498(2) or section 498(3) of the Companies Act
2006 and have been filed with the Registrar of Companies.
1. Basis of Preparation
The 30 June 2017 consolidated interim financial statements of Alpha
Returns Group Plc are for the six months ended 30 June 2017. They do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated
financial statements of the Group prepared under IFRS for the year ended
31 December 2016.
The comparative figures for the six months ended 30 June 2016 have been
extracted from the accounting records of the Group and were prepared on
a consistent basis with the results presented for the year ended 31
December 2016 and have been neither reviewed nor audited by the Group's
auditors.
The accounting policies applied are consistent with those of the
financial statements for the year ended 31 December 2016, as described
in those financial statements and as expected to be adopted in the
financial statements for the year ended 31 December 2017.
1. Earnings per share
The basic (loss)/earnings per share is calculated by dividing the
(loss)/profit attributable to equity shareholders by the weighted
average number of shares in issue.
In the six months to 30 June 2017, the exercise price of the options and
warrants exceeded the average market price of ordinary shares in the
period, thus there is no dilutive effect on the weighted average number
of ordinary shares or the diluted earnings per share.
Earnings per share Unaudited Unaudited Audited
12 months
6 Months to 6 Months to to December
June 2017 June 2016 2016
Net (loss)/profit for the period attributable to equity
owners of the parent from continuing operations (136,208) 131,296 (420,824)
Weighted average number of shares in issue 693,737,368 676,959,503 685,394,277
Basic and diluted earnings per share (0.02p) 0.02p (0.06p)
1. Investments held at fair value through profit and loss
Unaudited Unaudited Audited
6 Months to June 6 Months to June 12 months to
2017 2016 December 2016
Non-current
portion
Fair value at 1
January 2017 856,008 790,883 790,883
Acquisitions 199,892 450,000 550,000
Disposal of
investments (23,324) - (203,625)
Impairment review (37,500) 2,902 (281,250)
995,076 1,243,785 856,008
Current portion
Acquisitions - - -
Fair value at 30
June 2017 995,076 1,243,785 856,008
Categorised as:
Level 1 - quoted
investments 349,892 21,652 210,824
Level 3 - unquoted
investments 645,184 1,222,133 645,184
The table of investments sets out the fair value measurements using the
IFRS 7 fair value hierarchy. Categorisation within the hierarchy has
been determined on the basis of the lowest level of input that is
significant to the fair value measurement of the relevant asset as
follows:
Level 1 - valued using quoted prices in active markets for identical
assets.
Level 2 - valued by reference to valuation techniques using observable
inputs other than quoted prices included within Level 1.
Level 3 - valued by reference to valuation techniques using inputs that
are not based on observable market data.
1. Investing Policy
With its Asia-centric focus, Alpha Returns Group Plc will actively seek
to acquire and consolidate holdings in companies operating in
high-growth Asian economies, with the intention to create and sustain
long-term value. The Company may invest in any business sector within
its targeted geographic focus.
The Directors see Asia-Pacific as having considerable growth potential
for the foreseeable future and many of the prospects they have
identified are in this region. The Directors will consider opportunities
at all stage of development with a focus on early stage investments and
the opportunities would be generally have some or all of the following
characteristics, namely:
-- a majority of their revenue derived from the Asia-Pacific, and strongly
positioned to benefit from the region's growth;
-- operating within an emerging industry with potential for rapid growth in
sales;
-- a trading history which reflects past profitability or potential for
significant growth going forward;
-- for developing companies, potential for increased profitability through
expertise, economies of scale, savings and operation efficiencies; and
-- where all or part of the consideration could be satisfied by the issuance
of new Ordinary Shares or other securities in the Company. The Company
does not currently intend to fund any investments with debt or other
borrowings but may do so if appropriate.
It is anticipated that the main driver of success for the Company will
be its focus, during the investment screening process, on the management
involved in the potential investee companies and the potential value
creation that the team of people is capable of realising. The Company
will identify and assess potential investment targets and where it
believes further investigation is required, intends to appoint
appropriately qualified advisers to assist in the due diligence process.
The Company intends to be an active investor where appropriate having
regard to the size of the Company's investment, and the Directors will
seek representation on the board of the investee company where they feel
that an investee company would benefit from their skills and expertise.
Investments may be made in all types of assets falling within the remit
of the Investing Policy and there will be no sector-driven investment
restrictions. Investments may be made in either quoted or unquoted
companies and structured as a direct acquisition, joint venture or as a
direct interest in a project. The Company aims to structure its
investments tax efficiently though the use of intermediate holdings
vehicles in tax efficient jurisdictions.
New investments will be held for the medium to longer term, although
shorter term disposal of any investments cannot be ruled out. There will
be no limit on the number of projects into which the Company may invest
or the amount to be invested in any project and the Company may
undertake an investment which might be deemed to be reverse takeover
pursuant to Rule 14 of the AIM Rules. Where the Company builds a
portfolio of related assets it is possible that there may be
cross-holdings between such assets.
In addition, the Company may from time to time invest in liquid
securities in order to attain a highly-invested status and avoid cash
drag to enhance portfolio returns. Such securities may include:
-- Government debt and exchange-traded corporate bonds;
-- Exchange-traded equity securities;
-- Index funds and exchange-traded funds; and
-- Mutual funds and other investment funds capable of redemption.
No more than fifty per cent. of the Company's gross assets will be
invested in such liquid securities at the point of investment.
The Company intends to deliver Shareholder returns principally through
capital growth rather than capital distributions via dividends. Given
the focus on early stage investments, valuations will occur twice yearly
to coincide with the preparation by the Company of its half-yearly
report and annual accounts.
The Directors believe that their broad collective business and investing
experience as set out on the Company's website will assist in the
identification and evaluation of suitable opportunities and will enable
the Company to achieve its investing objectives.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Alpha Returns Group plc via Globenewswire
http://www.alpharet.com
(END) Dow Jones Newswires
September 28, 2017 07:52 ET (11:52 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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