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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arko Hldgs | LSE:AKO | London | Ordinary Share | GB0003754743 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.425 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0585Q Arko Energy Holdings PLC 23 September 2003 FOR IMMEDIATE RELEASE 23 September 2003 ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE Arko Holdings plc ("the Company" or "Arko") Interim Results of the Company for the six months ended 30 June 2003 The Board of Arko announces the Interim Results of the Company for the six months ended 30 June 2003, which are set out below. These have today been published and will be despatched to Arko shareholders. Copies of these financial statements will be available from the offices of Nabarro Wells & Co. Limited, Saddlers House, Cheapside, London EC2V 6HS. FINANCIAL HIGHLIGHTS 6 months ended 6 months ended 30th June 2003 30th June 2002 USD '000 USD '000 Turnover 42,575 17,289 +146% EBITDA* 5,433 1,806 +200% Operating Profit 3,130 1,245 +151% Shareholders' funds and minority interest 78,848 66,405 +18% *EBITDA represents earnings before interest, tax, depreciation and amortisation. CHAIRMAN'S STATEMENT The Board of Arko Holdings plc ("the Company") is pleased to report that the Company and its subsidiaries ("the Group") recorded a significant growth in operating profit for the six months ended 30 June 2003 in comparison with the corresponding period of last year. This achievement reflected the inclusion of the results of the businesses acquired in the May 2002 reverse takeover. FINANCIAL REVIEW In order to reflect the planned expansion of the Group's businesses in the future, the Board has resolved to change the reporting currency from Pounds Sterling to United States Dollars with effect from this period. Despite the challenging economic environment, the first half of the year witnessed a satisfactory advance in Group turnover and profit. Turnover was 146% higher at USD42.5m (2002: USD17.3m) whilst EBITDA were up 200% at USD5.4m (2002: USD1.8m). The profit attributable to the shareholders grew by 81% to USD3.0m (2002: USD1.6m). INTERIM DIVIDEND In order to maintain the desired level of investment in the Group's high valued projects, the directors do not recommend the payment of any interim dividend. REVIEW OF OPERATION During the period under review, the Group's overall performance continued to grow at a steady rate. The power plant in particular contributed considerable profit and cash inflow to the Group during the period. The terminal also performed satisfactorily and recorded a profit of RMB 6,206,000 (equivalent to USD 747,680) in the first six months. Despite the fact that the average handling fees have been reduced to compete with local operators, the throughput reported a slight growth in comparison with last year. Taken as a whole, the new management has successfully turned around the financial performance of the terminal from the loss of last year. Whilst the performance of the trading and logistics businesses were in line with the previous year, the management is of the view that it is necessary to extend the customer network so as to overcome the existing growth constraint. PROSPECTS The Group has continued to explore opportunities to grow and to develop its current businesses. Following the change of management in the terminal business, new and advanced machinery and equipment totalling approximately RMB20 million will be installed in the terminal, as well as for the refurbishment of the terminal This is to increase the efficiency and the competitiveness of the terminal business. As part of developing the quarry mine project and the logistics business, the Group has also arranged for certain bulk carriers to be delivered by early next year. The details of the bulk carriers were announced by the Group in November 2002. The third most significant development of the Group is a recently announced investment relating to the construction of a chemical class silicon manufacturing plant. The decision was prompted both by the ability of the Group to secure long term low cost electricity supply as well as high quality and economic silica and prospective market outlook of silicon industry. Affordable high-purity silica and low electricity cost are two key criteria for a successful silicon plant. Our silicon plant is situated at an excellent location close to Changzhou Power Plant of Suizhou city of Hubei, which is able to provide both these ingredients. Firstly, there are abundant world-class silica (Si > 99.5%) reserves in the nearby cities of Hubei and Anhui. The high purity charcoal for silicon furnaces also can be sourced from Shanxi. Secondly, as electricity is the largest single production cost that accounts for approximately 50% of total production cost, the availability of low-priced electricity supplied by Changzhou Power Plant will reduce production cost and make our products more competitive in the international market. It is envisaged that, in the long term, the synergy effect created by the silicon and the power plants will firstly finance the running and operations of these plants and secondly enhance the overall cash flow position of the Group. In order to address changes in global business and trading patterns, the Chinese government has been implementing a series of reforms in the legal and monetary system. Whilst foreign investors remain very cautious about investing in China, the Group has taken an initiative to bring the western concepts of corporate governance, transparent management practices and systems to its enterprises in China. The Group-seeks to act as a pioneer to overcome the commercial and cultural gaps between the West and Mainland China. All in all, the Group will continue to make progress and will be well placed, by using its surplus cash generated from the operations, to take advantages of any opportunities for potential profits should they arise. Whilst a degree of caution is appropriate, in view of prevailing global economic uncertainties, the Group anticipates that its business revenues in the remainder of 2003 will be maintained at a level similar to that recorded in the first half of this year. The Board is confident of achieving a set of satisfactory full year results in the forthcoming few months. I have no doubt that our excellent team, coupled with our financial strength, will stand the Group in good stead. CHIN Kam Chiu Chairman 23 September 2003 Consolidated Profit and Loss Account Audited 9 6 months 6 months months ended ended ended 31 December 30 June 30 June 2002 2003 2002 # '000 USD '000 USD '000 37,811 Turnover 42,575 17,289 (32,698 ) Cost of Sales (36,828 ) (14,966 ) 5,113 Gross Profit 5,747 2,323 (1,168 ) Net operating expenses excluding (1,913 ) (924 ) goodwill 3,945 Operating profit before goodwill 3,834 1,399 amortisation (609 ) Goodwill amortisation (704 ) (154 ) 3,336 Operating profit 3,130 1,245 (70 ) Exceptional item - (93 ) 461 Interest receivable 333 709 (133 ) Interest payable (3 ) (204 ) 3,594 Profit on ordinary activities 3,460 1,657 before taxation (548 ) Taxation on profit on ordinary 521 (33 ) activities 3,046 Profit on ordinary activities 3,981 1,624 after taxation (452 ) Minority Interest (985 ) (33 ) 2,594 Profit for the financial period 2,996 1,591 0.15 pence Earnings per share (US cents) 0.152 0.262 Statement of Total Recognised Gains and Losses Audited 6 months 6 months 9 months ended ended ended 31 December 30 June 30 June 2002 2003 2002 # '000 USD '000 USD '000 2,594 Profit for the financial period 2,996 1,591 (1,866 ) Exchange adjustments (46 ) 6 728 Total gains recognized in the period 2,950 1,649 Consolidated Balance Sheet Audited as at As at As at 31 December 30 June 30 June 2002 2003 2002 # '000 USD '000 USD '000 Fixed assets 18,311 Intangible assets 26,541 22,394 27,935 Tangible fixed assets 43,730 41,082 46,246 70,271 63,476 Current assets 230 Stock 1,678 316 9,853 Debtors 19,325 15,784 268 Cash at bank and in hand 994 1,443 10,351 21,997 17,543 Creditors: amounts falling due (7,503 ) within one year (12,955 ) (13,083 ) 2,848 Net current assets 9,042 4,460 49,094 Total assets less current liabilities 79,313 67,936 (994 ) Creditors: amounts falling due after (465 ) (1,531 ) more than 1 year 48,100 Net assets 78,848 66,405 Capital and reserves 8,910 Called up equity share capital 13,147 13,133 7,687 Share premium account 11,349 11,334 3,800 Share to be issued 5,603 - 17,667 Merger relief reserve 26,048 26,048 763 Profit and loss account 6,861 1,649 - Capital reserve (28 ) - 38,827 62,980 52,164 9,273 Minority interest 15,868 14,241 48,100 Shareholders' funds 78,848 66,405 Consolidated Cash Flow Statement 9 months ended 6 months ended 31 December 30 June 2002 2003 # '000 USD '000 4,177 Net cash inflow from operating activities 3,707 Returns on investments and servicing of finance 18 Interest received 333 (132 ) Interest paid (3 ) (114 ) 330 Capital expenditure and financial investment (4,068 ) Payments to acquire fixed assets (624 ) (2,153 ) Deposits paid for fixed assets (1,807 ) 1,090 Receipts from sale of assets - 1,390 Receipts from sale of current investment - (3,741 ) (2,431 ) Acquisition and disposal 221 Net cash balances acquired with subsidiaries - 543 Net cash inflow/(outflow) before financing 1,606 Financing 10 Issued equity share capital 25 (304 ) Directly incurred issue expenses on issue - - Loan repayment to fellow investor (1,066 ) 249 Increase/(decrease) in cash 565 Reconciliation of operating profit to net cash inflow/(outflow) from operating activities 3,336 Operating profit 3,461 609 Amortisation 704 1,320 Depreciation 1,599 112 (Decrease)/Increase in stock (1,310 ) 3,024 (Decrease)/Increase in debtors (2,683 ) (3,691 ) Increase/(decrease) in creditors 2,029 (481 ) Negative goodwill written back - (52 ) Exchange adjustments (93 ) 4,177 3,707 The comparative figures of corresponding period of last year have not been included in this statement on the basis that the comparatives do not reflect the position of the Group for that particular period. The comparatives, if included in this statement, might distort the current period figures Notes to the Interim Financial Information 1. CHANGE OF REPORTING CURRENCY During the period ended 30 June 2003, the directors resolved that the financial statements of the Group should be stated in United States dollars instead of Pounds Sterling as used in previous years' financial statement so as to reflect the planned expansion of Group's businesses. 2. FINANCIAL INFORMATION AND COMPARATIVES The interim results for the 6 months ended 30 June 2003 has been prepared under the same accounting policies as those used in the preparation of the audited accounts for the period ended 31 December 2002. The audited figures for the period ended 31 December 2002 have been extracted from the statutory accounts which have been filed with the Registrar of Companies and on which the auditors gave an unqualified report under Section 235 of the Companies Act 1985. 3. TURNOVER 31 December 2002 30 June 2003 30 June 2002 #'000 USD'000 USD'000 Turnover comprised: 3,915 Terminals and shipping logistics 4,607 2,712 4,167 Power plant 6,749 1,111 29,729 Trading and others 31,219 13,466 ------ ------ ------ 37,811 42,575 17,289 ====== ====== ====== 4. EARNINGS PER SHARE The calculation of earnings per share is based on the profit of USD 2,996,000 divided by the weighted average number of shares in issue and to be issued during the period. 30 June 2003 30 June 2002 No. of shares ('000) No. of shares ('000) Weighted average number of shares 1,973,140 606,935 ========= ======= 5. DIVIDENDS The directors do not recommend the payment of dividend. 6. INTANGIBLE ASSETS Goodwill USD'000 Year ended 31st December 2002 At 1st January 2001, as previously reported 27,245 Amortisation charge (704) ------ At 30th June 2003 26,541 ====== 7. PRINCIPAL SUBSIDIARY COMPANIES Name Equity attributable to the Principal activities Place of incorporation Group Arko Management Limited 100% Provision of management Republic of Seychelles services Arko Enterprise Limited 100% Investment in industries Republic of Seychelles Arko Harbour Limited 100% Investment in harbour Republic of Seychelles Long Prosperity Industrial 100% Investment in electricity Republic of Seychelles Limited Arko Terminal Limited 100% Investment in terminal Republic of Seychelles Arko Energy Limited 100% Energy resources exploitation British Virgin Islands Sanko Mineral Limited 100% Investment holding British Virgin Islands Arko Satellite Limited 100% Satellite tracking system British Virgin Islands for vessels Arko International Trading 100% International trading and Hong Kong Limited investment Arko Logistics Limited 100% Provision of logistics Hong Kong services Changzhou Power Development 59.2% Power Plant PRC Company Limited Keen Chance Terminal (GZ) 40% Container terminal operation PRC Company Limited Fujian Sanko Mining Limited 70% Granite stone quarry mine PRC Arko Silicon (Hubei) Limited 100% Industrial Silicon PRC Manufacturing 8. SUPPLEMENTARY BALANCE SHEET- COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDS The information in this Note is included to help international investors to understand the financial performance of the Group. As at As at 30 June 30 June 2002 2003 USD '000 USD '000 Fixed assets Intangible assets 255,457 251,310 Tangible fixed assets 43,730 41,082 299,187 292,392 Current assets Stock 1,678 316 Debtors 19,325 15,784 Cash at bank and in hand 994 1,443 21,997 17,543 Creditors: amounts falling due within one year (12,955 ) (13,083 ) Net current assets 9,042 4,460 Total assets less current liabilities 308,229 296,852 Creditors: amounts falling due after (465 ) (1,531 ) more than 1 year Net assets 307,764 295,321 Capital and reserves Called up equity share capital 13,147 13,133 Share premium account 11,349 11,334 Share to be issued 5,603 - Merger relief reserve 26,048 26,048 Profit and loss account 6,861 1,649 Capital reserve (28 ) - 62,980 52,164 Deferred income 160,241 162,241 Minority interest 84,543 82,916 Shareholders' funds 307,764 295,321 The Supplementary balance sheet included in this Note has been prepared in accordance with International Accounting Standards ("IAS") issued by the International Accounting Standards Committee which differ from the interim financial statements prepared in accordance with UK accounting standards. The principal adjustments to the balance sheet made to conform to IAS include the following: i. Adjustment of intangible assets, which includes the fair value of mining exploitation right based on a professional valuation using discounted cash flow basis; ii. To record the initial fair value of mining exploitation right as deferred income; and iii. Adjustment of minority interest to reflect the share of interest in the mining exploitation right. This information is provided by RNS The company news service from the London Stock Exchange END IR FXLFLXKBLBBX
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