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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 0.425 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:3775D Arko Holdings PLC 27 September 2004 FOR IMMEDIATE RELEASE 27 September 2004 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 2004 The Board of Arko announces the Interim Results of the Company for the six months ended 30 June 2004, 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. CHAIRMAN'S STATEMENT I am pleased to announce Arko Holdings plc's ("the Group/Arko") interim results for the six months ended 30 June 2004 and to report the progress of the Group to date. FINANCIAL SUMMARY For the six months to 30 June 2004, the turnover was US$37.6m (2003:US$42.6m), some 11.6% lower than the corresponding period last year. Of this fall 6.7% was as a result of the effect of the disposal of a trading subsidiary, and the remainder largely arose from the downturn in shipping logistics business of a Hong Kong-based subsidiary. The reported period witnessed decline in performance in both Arko Logistics Limited ("ALL") and Changzhou Power Development Company Limited ("CZPD"), the combined effect of which led to an 18.7% reduction in EBITDA. The Group's operating expenses were US$3.7m (2003:US$1.9m), which included the operating costs of US$1.6m of the overall Group's businesses and a total of US$2.1m depreciation charge on assets. The decrease in turnover, combined with a significant increase per unit in the Depreciation and Amortisation charge on assets in People's Republic of China ("PRC") from existing operations, has led to a 35.1% decrease in Operating Profit before provisions, exceptional items and goodwill amortisation, which recorded US$2.5m (2003: US$3.8m). As a result, profit before tax fell by 54.9% to US$1.6m compared to the pro forma figures for the six months ended 30 June 2003. Earnings per share, of US0.042 cents, declined drastically by 72.0% compared to pro forma figure for the first half of 2003. In the light of the operation performance described above, the Board does not propose any interim dividend. OPERATIONAL REVIEW In fact, throughout the period margins of the power plant and shipping business were under pressure due to the fluctuation in coal and fuel price. The unstable quality of coal supply not only increased the direct cost but also affected the generation capacity of the power plant. The disposal of an oil tanker was another factor causing the decline in performance of ALL. However, such disposal was necessary as most income of ALL was derived from cargo shipment and there was a rapid increase in the capacity of the vessels other than the tanker, the management saw the need to dispose of the tanker and to upgrade other means of transport. As mentioned in the last annual report, the Group's aim is to focus on logistics business, such as terminal construction, terminal operation and shipping. Thus, the management disposed the existing trading arm of the Group in order to concentrate efforts on the profit generating logistics business based in China with its present centre at the Keen Chance Terminal in Guangzhou. It is in this context that the aforesaid trading subsidiary was disposed of in the reported period. Despite the above, there was an overall improvement of the performance in Keen Chance Terminal. This reflected the direct effectiveness of the new and advanced machinery and equipment ordered last year. As some of the new machinery and equipment has not been delivered, we believe that there will be room for growth in the terminal in the second half-year result. OUTLOOK To review the performance of the Group ever since the reverse takeover in May 2002, the board has been concentrating on the problems of the past and are now building on the strength of the continuing business. In fact, our continuing business delivered reasonable results, regardless of the deterioration shown from the discontinued units. The Board realised that business planning becomes more sophisticated and demanding. We believe that the business of the Group will be in a stronger operational health by way of optimising its assets gradually. The board expects a gradual improvement in the overall performance of the Group in the second half in the light of the improving technical efficiency and business of the Keen Chance Terminal. There was an overall improvement in the operational performance of the terminal as a result of the benefits of investment in new machinery and equipment made last year. Upon full delivery of the ordered new machinery and equipment, the performance of this profit centre should be better. Additional sources of business should be captured by this terminal as recently, Keen Chance Terminal has been approved by the relevant official body as a designated port of handling import and export of waste papers. Only two ports have been approved for such handling in the region and Keen Chance Terminal is one of them. However, due to keen competition, the board is conservative about the profit outcome and does not expect that it could match last year's bench mark. At the same time, the management will seek to tackle the problem of the quality of coal supply and to continue to seek opportunities to obtain an official approval for increasing electricity tariff to increase the overall income generating potential of the power plant. Internally, following the restructuring, both management and corporate, which occurred in the first half, a radical review of business operations has been completed that will ensure the business is more focused on its shipping logistics strengths. Senior management and staff recruitment will concentrate on achieving the objective of promoting the logistic business. In addition, the management is now exploring alternative means to fund the project of the quarry mine, including but not limited to the vessels construction. STAFF The Board would like to give special thanks to all our staff, for the commitment, professionalism and loyalty that they have shown during the last six-months. We look forward to the future with confidence. Qin Shun Chao Chairman 27th September 2004 FINANCIAL HIGHLIGHTS For the six month period ended 30 June 2004 6 months 6 months ended ended 30 June 2004 30 June 2003 US$ '000 US$ '000 Turnover 37,648 42,575 -11.6% EBITDA* 4,417 5,433 -18.7% Operating Profit 1,790 3,130 -42.8% Shareholders' funds and minority interest 74,526 78,848 -5.5% *EBITDA represents Earnings before interest, tax, depreciation and amortisation. CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six month period ended 30 June 2004 6 months 6 months ended ended 30 June 2004 30 June 2003 US$ '000 US$ '000 Turnover 37,648 42,575 Cost of Sales (31,436 ) (36,828 ) Gross Profit 6,212 5,747 Net operating expenses (3,725 ) (1,913 ) Operating profit before provisions and 2,487 3,834 exceptional items Goodwill amortisation (697 ) (704 ) Operating profit 1,790 3,130 Loss on disposal of fixed assets (132 ) - Interest receivable - 333 Interest payable (98 ) (3 ) Profit on ordinary activities 1,560 3,460 before taxation Taxation on profit on ordinary (133 ) 521 activities Profit on ordinary activities 1,427 3,981 after taxation Minority Interest (588 ) (985 ) Profit for the financial period 839 2,996 Earnings per share (US cents) Basic 0.042 0.152 Diluted 0.042 0.151 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the six month period ended 30 June 2004 6 months 6 months ended ended 30 June 30 June 2004 2003 US$ '000 US$ '000 Profit for the financial period 839 2,996 Exchange adjustments - (46 ) Total gains recognized in the period 839 2,950 CONSOLIDATED BALANCE SHEET For the six month period ended 30 June 2004 As at As at 30 June 2004 30 June 2003 US$ '000 US$ '000 FIXED ASSETS Intangible assets 24,901 26,541 Tangible fixed assets 41,847 43,730 Investment in associates 1,093 - 67,841 70,271 CURRENT ASSETS Stock 1,062 1,678 Debtors 13,900 19,325 Cash at bank and in hand 360 994 15,322 21,997 CREDITORS amounts falling due within one year (7,421 ) (12,955 ) NET CURRENT ASSETS 7,901 9,042 TOTAL ASSETS LESS CURRENT LABILITIES 75,742 79,313 CREDITORS amounts falling due after (1,216 ) (465 ) more than 1 year NET ASSETS 74,526 78,848 CAPITAL AND RESERVES Called up equity share capital 18,769 13,147 Share premium account 11,417 11,349 Share to be issued - 5,603 Merger relief reserve 26,043 26,048 Profit and loss account 3,592 6,861 Other reserve 1,394 (28 ) 61,215 62,980 MINORITY INTEREST 13,311 15,868 SHAREHOLDER'S FUNDS 74,526 78,848 CONSOLIDATED CASH FLOW STATEMENT For the six month period ended 30 June 2004 6 months 6 months ended ended 30 June 2004 30 June 2003 US$ '000 US$ '000 NET CASH INFLOW FROM OPERATING ACTIVITIES 124 3,707 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received - 333 Interest paid (98 ) (3 ) (98 ) 330 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire fixed assets (155 ) (624 ) Deposits paid for fixed assets (1,807 ) Receipts from sale of assets 256 - 101 (2,431 ) NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 127 1,606 FINANCING Issued equity share capital 25 Directly incurred issue expenses on issue - - Loan repayment to fellow investor (7) (1,066 ) INCREASE/(DECREASE) IN CASH 120 565 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES Operating profit 1,560 3,461 Amortisation 697 704 Depreciation 2,062 1,599 Increase in stock (789) (1,310 ) Increase in debtors (2,435) (2,683 ) Decrease/(Increase) in creditors (1,103 ) 2,029 Loss on disposal of fixed assets 132 --- Exchange adjustments - (93 ) 124 3,707 1. FINANCIAL INFORMATION AND COMPARATIVES The interim results statement for the 6 months ended 30 June 2004 has been prepared under the same accounting policies as those used in the preparation of the audited accounts for the year ended 31 December 2003. 2. TURNOVER 30 June 2004 30 June 2003 US$'000 US$'000 Turnover comprised: Terminals and shipping logistics 4,007 4,607 Power plant 5,287 6,749 Trading and others 28,354 31,219 37,648 42,575 3. EARNINGS PER SHARE The calculation of earnings per share is based on the profit of US$839,000 (2003:US$2,950,000) divided by the weighted average number of shares in issue and to be issued during the period. The calculation of diluted earning per share is based on the profit and weighted average number of shares after adjusting for the effects of all dilutive potential shares totalling 1,979,076,092 shares (2003:1,978,925,296 shares). 30 June 2004 30 June 2003 No. of shares No. of shares ('000) ('000) Weighted 1,976,109 1,973,140 average number of shares 4. COMPARATIVE FIGURES Previous year figures have been reclassified to conform with current year presentation. 5. DIVIDENDS The directors do not recommend the payment of any dividend. 6. INTANGIBLE ASSETS Goodwill US$'000 Cost At 30th June 2003 and 30th June 2004 27,890 Accumulated amortisation: At 30th June 2003 1,349 Amortisation charged 1,640 At 30th June 2004 2,989 Carrying amount: At 30th June 2004 24,901 At 30th June 2003 26,541 7. PRINCIPAL SUBSIDIARY COMPANIES Name Equity Principal activities Place of attributable incorporation to the Group Arko Management Limited 100% Provision of management services Republic of Seychelles Arko Investments Limited 100% Investment holding Republic of Seychelles Arko Harbour Limited 100% Investment holding Republic of Seychelles Long Prosperity Industrial 100% Investment holding Republic of Limited Seychelles Arko Terminal Limited 100% Investment holding Republic of Seychelles Arko Consultants Limited 100% Investment holding British Virgin Islands Arko Energy Limited 100% Investment holding British Virgin Islands Sanko Mineral Limited 100% Investment holding British Virgin Islands Arko Satellite Limited 100% Satellite tracking system for British Virgin vessels Islands Arko Logistics Limited 100% Provision of logistics services Hong Kong Changzhou Power Development 59.20% Power Plant PRC Company Limited Keen Chance Terminal (GZ) Company 40% Container terminal operation PRC Limited Fujian Sanko Mining Limited 70% Granite stone quarry mine PRC Arko Silicon (Hubei) Limited 100% Industrial Silicon Manufacturing PRC Linko Mineral (Ningxia) Limited 60% Not yet commenced business PRC Arko Enterprises Limited, Arko International Trading Limited, Arko Silicon Limited and Jin Jian International Limited were disposed of during the period. This information is provided by RNS The company news service from the London Stock Exchange END IR QKOKKPBKDBCB
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