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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Asbisc | LSE:ASB | London | Ordinary Share | CY1000031710 | ORD USD0.20 (DI) |
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% | 150.00 | 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:9016C ASBISc Enterprises PLC 29 August 2007 ASBISc Enterprises PLC (the "Company" or "ASBIS") Interim Results ASBISc Enterprises Plc ('ASBIS' or the 'Group'), a leading distributor of computer components in high growth emerging markets in Central and Eastern Europe and the Former Soviet Union, announces its unaudited results for the 6 months ended 30 June 2007. Notable highlights include: * Revenue up by 26.7% to US$ 540,055,910 (H1 2006: US$ 426,368,013) * Profit from operations up by 26.3% to US$ 5,644,013 (H1 2006: US$ 4,470,010) * Net profit up by 27.4% to US$ 3,168,171 (H1 2006: 2,486,070) * EPS up by 26.9% to US$ cent 6.6 (H1 2006: US$ cent 5.2) * Strengthened balance sheet position - cash and cash equivalents at end of H1 2007 was US$ 14,937,898 Siarhei Kostevitch, Chief Executive of ASBIS, commented: "We are pleased to report these results and have further progressed our strategy of further developing our distribution business alongside our own brand (Canyon & Prestigio) products. We announced on 24 July 2007 that the Company is contemplating a fund raising and listing on the Warsaw Stock Exchange in the fourth quarter of 2007. The Company continues on this target and will make further announcements as appropriate." For further information, please contact: ASBISc Enterprises Plc 00 357 25 857 000 Siarhei Kostevitch, Chief Executive Marios Christou, Chief Financial Officer Costas Tziamalis, Investor Relations, Director Seymour Pierce Limited 020 7107 8000 David Newton/ Parimal Kumar Notes to Editors ASBIS is based in Cyprus and specialises in the distribution of IT components, Blocks and Peripherals and a growing range of own brand IT and digital equipment. Established in 1995, its operations extend to Central and Eastern Europe, the Baltic States, the former Soviet Union, the Middle East and North Africa. In addition to distributing products from IT industry manufacturers, the Group has also developed, and is selling, products via two private label brands, Prestigio, which supplies laptops, LCD TVs and monitors, digital media centres, storage devices and subsystems and Canyon which primarily targets retail chains with IT and consumer electronic peripherals and accessories such as networking products, MP3 players, speakers and other products. The Group also offers White Label products to enable its biggest local customers to create their own brand with generic and exclusive designs. The Company listed on AIM in October 2006 and its ticker is ASB.L. ASBISC ENTERPRISES PLC UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE 2007 (Expressed in United States Dollars) For the six For the six months ended months ended 30 June 2007 30 June 2006 Notes US$ US$ ---------- ---------- Revenue 540,055,910 426,368,013 Cost of Sales (516,276,970) (408,829,273) ---------- ---------- Gross profit 23,778,940 17,538,740 Selling expenses (10,047,770) (6,651,806) Administrative expenses (8,087,157) (6,416,924) ---------- ---------- Profit from operations 5,644,013 4,470,010 Financial expenses 5 (2,298,329) (1,806,009) Financial income 5 381,347 202,668 Other income 4 119,623 102,775 Goodwill written off - (39,031) ---------- ---------- Profit before taxation 6 3,846,654 2,930,413 Taxation 7 (678,483) (444,343) ---------- ---------- Profit after taxation 3,168,171 2,486,070 ---------- ---------- US$ cent US$ cent Earnings per share Basic and diluted from continuing operations 6.6 5.2 ---------- ---------- ASBISC ENTERPRISES PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 (Expressed in United States Dollars) Unaudited as Audited as at at 30 June 2007 31 December 2006 ASSETS Notes US$ US$ ------ ------------ ------------ Current assets Inventories 59,534,193 46,177,803 Trade receivables 8 134,120,840 148,790,371 Other current assets 9 4,512,237 4,726,356 Cash and cash equivalents 19 28,126,814 27,927,606 ------------ ------------ Total current assets 226,294,084 227,622,136 ------------ ------------ Non-current assets Property, plant and equipment 10 7,628,520 7,161,929 Investments 12 99,408 99,580 Intangible assets 11 1,124,779 1,268,250 ------------ ------------ Total non-current assets 8,852,707 8,529,759 ------------ ------------ Total assets 235,146,791 236,151,895 ------------ ------------ LIABILITIES AND EQUITY Liabilities Current liabilities Trade payables 117,982,449 117,453,360 Other current liabilities 13 20,741,570 22,960,319 Current taxation 7 334,286 278,181 Short term obligations under finance leases 16 97,101 144,527 Bank overdrafts and short term loans 14 32,736,805 34,377,172 ------------ ------------ Total current liabilities 171,892,211 175,213,559 ------------ ------------ Non-current liabilities Long term liabilities 15 588,972 666,058 Long term obligations under finance leases 16 117,118 74,715 Deferred tax liability 60,174 44,997 ------------ ------------ Total non-current liabilities 766,264 785,770 ------------ ------------ Total liabilities 172,658,475 175,999,329 ------------ ------------ Equity Share capital 17 9,600,000 9,600,000 Share premium 8,138,039 8,138,039 Reserves 44,750,277 42,414,527 ------------ ------------ Total equity 62,488,316 60,152,566 ------------ ------------ Total liabilities and equity 235,146,791 236,151,895 ------------ ------------ ASBISC ENTERPRISES PLC UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2007 (Expressed in United States Dollars) Share Foreign Share premium Retained exchange capital account earnings reserve Total US$ US$ US$ US$ US$ ------- -------- -------- -------- -------- Balance at 1 January 2006 9,600,000 8,138,039 32,531,547 690,051 50,959,637 Profit for the period from 1 January 2006 to 30 June 2006 - - 2,486,070 - 2,486,070 Exchange difference arising on consolidation - - - 173,954 173,954 -------- -------- --------- -------- --------- Balance at 30 June 2006 9,600,000 8,138,039 35,017,617 864,005 53,619,661 Profit for the period from 1 July 2006 to 31 December 2006 - - 6,986,930 - 6,986,930 Excess of net assets transferred to the group compared to the purchase consideration paid for the acquisition of - - 37,681 - 37,681 subsidiary companies Payment of dividend for 2005 - - (960,000) - (960,000) Exchange difference arising on consolidation - - - 468,294 468,294 -------- -------- --------- -------- --------- Balance at 31 December 2006 / 9,600,000 8,138,039 41,082,228 1,332,299 60,152,566 1 January 2007 Profit for the period from 1 January 2007 to 30 June 2007 - - 3,168,171 - 3,168,171 Payment of dividend for 2006 - - (960,000) - (960,000) Exchange difference arising on consolidation - - - 127,579 127,579 -------- -------- --------- -------- --------- Balance 30 June 2007 9,600,000 8,138,039 43,290,399 1,459,878 62,488,316 -------- -------- --------- -------- --------- 4 ASBISC ENTERPRISES PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2007 (Expressed in United States Dollars) For the six For the six months months ended ended 30 June 2007 30 June 2006 Notes US$ US$ ------ ---------- ---------- Profit for the period before tax and minority interest 3,846,654 2,930,413 Adjustments for: Exchange difference arising on consolidation 240,780 195,444 Depreciation 10 542,160 493,207 Amortisation of intangible assets 11 370,777 348,277 Goodwill written off - 39,031 Profit from the sale of property, plant and equipment and intangible assets (19,715) (3,913) ---------- ---------- Operating profit before working capital changes 4,980,656 4,002,459 Increase in inventories (13,356,390) (98,708) Decrease in trade receivables 14,669,531 6,937,228 Decrease in other current assets 214,119 57,696 Increase/(decrease) in trade payables 529,089 (21,965,010) Decrease in other current liabilities (2,218,749) (5,088,657) ---------- ---------- Cash inflows/(outflows) from operations 4,818,256 (16,154,992) Taxation paid, net 7 (622,378) (209,570) ---------- ---------- Net cash inflows/(outflows) from operating activities 4,195,878 (16,364,562) ---------- ---------- Cash flows from investing activities Purchase of property, plant and equipment 10 (1,152,420) (463,735) Purchase of intangible assets 11 (270,142) (325,905) Proceeds from sale of property, plant and equipment and intangible assets 108,368 25,197 ---------- ---------- Net cash outflows from investing activities (1,314,194) (764,443) ---------- ---------- Cash flows from financing activities Dividends paid 22 (960,000) - Repayments of long term loans and long term obligations under finance lease (34,683) (17,966) Repayments of short term loans and short term obligations under finance lease (199,544) (308,718) ---------- ---------- Net cash outflows from financing activities (1,194,227) (326,684) ---------- ---------- Net increase/(decrease) in cash and cash equivalents 1,687,457 (17,455,689) ---------- ---------- Cash and cash equivalents at beginning of the period 19 13,250,441 12,178,623 ---------- ---------- Cash and cash equivalents at end of the period 19 14,937,898 (5,277,066) ---------- ---------- ASBISC ENTERPRISES PLC NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2007 (Expressed in United States Dollars) 1. Incorporation and principal activities Asbisc Enterprises Plc was incorporated in Cyprus on 9 November 1995 with limited liability. The group's and the company's principal activity is the trading and distribution of computer hardware and software. The ultimate holding company of the group is K.S. Holding Limited, a company incorporated in Cyprus. 2. Basis of preparation These un-audited financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. Significant accounting policies The accounting policies adopted are consistent with those followed in the preparation of the group's annual financial statements for the year ended 31 December 2006. The financial statements have been prepared under historical cost convention. 3. Effects of seasonality The group's revenue and consequently its profitability is significantly lower during the first half of the year. The seasonality is driven by increased household expenditure during the Christmas period as well as the commencement of the academic period during the second half of the year resulting in a positive effect on the demand for the group's products. 4. Other income For the six For the six months ended months ended 30 June 2007 30 June 2006 US$ US$ --------- --------- Bad debts recovered 32,654 35,126 Other income 86,969 67,649 --------- --------- 119,623 102,775 --------- --------- 5. Financial income/(expenses), net For the six For the six months ended months ended 30 June 2007 30 June 2006 US$ US$ --------- --------- Interest income 152,095 98,658 Exchange gain, net 229,252 104,010 --------- --------- 381,347 202,668 --------- --------- Bank interest 1,122,526 792,283 Bank charges 421,621 305,787 Factoring interest 358,929 213,942 Factoring charges 244,357 186,798 Other financial expenses 125,806 253,277 Other interest 25,090 53,922 --------- --------- (2,298,329) (1,806,009) --------- --------- Net (1,916,982) (1,603,341) --------- --------- 6. Profit before taxation For the six For the six months months ended ended 30 June 2007 30 June 2006 US$ US$ --------- --------- Profit before taxation is stated after crediting: (a) Exchange gain 229,252 104,010 and after charging: (b) Depreciation 542,160 493,207 (c) Amortisation of intangible assets and goodwill 370,777 348,277 (d) Bank interest and charges 1,544,147 1,098,070 (e) Auditors' remuneration 361,297 274,042 (f) Directors' remuneration - executive 343,113 325,723 (g) Directors' remuneration - non executive 75,317 - --------- --------- 7. Taxation For the six For the year months ended ended 30 June 31 December 2006 2007 US$ US$ --------- --------- Credit/(debit) balance 1 January 278,181 (76,446) Provision for the period/year 678,483 1,622,736 Underprovision of prior years - 4,406 Amounts paid, net (622,378) (1,272,515) --------- --------- Credit balance 30 June/31 December 334,286 278,181 --------- --------- The taxation charge of the group comprises corporation tax charge in Cyprus on the taxable profits of the company and those of its subsidiaries which are subject to tax in Cyprus and corporation tax in other jurisdictions on the results of the foreign subsidiary companies. The consolidated tax charge for the period consists of the following: For the six For the six months months ended ended 30 June 2007 30 June 2006 US$ US$ Corporation tax for the period 673,400 442,697 Underprovision of prior years - 1,646 Deferred tax charge 5,083 - --------- --------- Provision for the period 678,483 444,343 --------- --------- 8. Trade receivables As at As at 30 June 2007 31 December 2006 US$ US$ Trade receivables 135,751,669 150,948.946 Allowance for doubtful debts (1,630,829) (2,158,575) --------- --------- 134,120,840 148,790,371 --------- --------- 9. Other current assets As at As at 30 June 31 December 2006 2007 US$ US$ Other debtors and prepayments 2,086,527 2,070,308 VAT and other taxes refundable 1,433,715 1,878,527 Loan due from fellow subsidiary company 110,000 118,096 Loans advanced 41,884 24,165 Advances to suppliers 565,261 114,802 Employee floats 50,857 137,511 Deposits 223,993 199,612 Amount due from ultimate holding company - 63,205 Amount due from executive directors - 120,130 --------- --------- 4,512,237 4,726,356 --------- --------- The directors consider that the carrying amount of other current assets of the group approximate their fair value. 10. Property, plant and equipment Land Furniture and Warehouse and Office Motor Computer Buildings machinery fittings equipment vehicles hardware Total US$ US$ US$ US$ US$ US$ US$ Cost At 1 January 2006 4,734,874 85,619 662,465 1,034,362 1,441,501 2,754,356 10,713,177 Foreign exchange difference on opening balances 349,604 13,544 49,217 89,571 154,027 194,770 850,733 Additions from the acquisition of subsidiary - 44,427 1,601 1,194 61,314 4,488 113,024 Additions 63,544 - 251,445 138,828 265,711 385,147 1,104,675 Disposals - - (1,955) (33,631) (158,180) (113,950) (307,716) -------- --------- -------- --------- -------- -------- --------- At 1 January 2007 5,148,022 143,590 962,773 1,230,324 1,764,373 3,224,811 12,473,893 Foreign exchange difference on opening balances (38,190) 3,304 29,100 (2,186) (15,589) 20,854 (2,707) Additions 402,419 - 41,748 194,888 283,230 230,135 1,152,420 Disposals - - (14,023) (8,915) (79,018) (30,127) (132,083) -------- --------- -------- --------- -------- -------- --------- At 30 June 2007 5,512,251 146,894 1,019,598 1,414,111 1,952,996 3,445,673 13,491,523 -------- --------- -------- --------- -------- -------- --------- Accumulated depreciation At 1 January 2006 462,487 43,837 319,135 546,338 836,038 1,841,702 4,049,537 Foreign exchange difference on opening balances 34,037 6,400 23,474 64,590 83,092 147,882 359,475 Charge for the year 142,418 31,545 85,436 131,714 243,163 498,956 1,133,232 On acquisition of subsidiary - 14,068 114 131 19,149 1,085 34,547 Disposals - - (1,822) (31,513) (123,861) (107,631) (264,827) -------- --------- -------- --------- -------- -------- --------- At 1 January 2007 638,942 95,850 426,337 711,260 1,057,581 2,381,994 5,311,964 Foreign exchange difference on opening balances 275 5,211 1,753 45,672 (11,134) 58,015 99,792 Charge for the period 71,693 13,030 62,792 57,935 130,273 206,437 542,160 Disposals - - (8,712) (7,984) (68,294) (5,923) (90,913) -------- --------- -------- --------- -------- -------- --------- At 30 June 2007 710,910 114,091 482,170 806,883 1,108,426 2,640,523 5,863,003 -------- --------- -------- --------- -------- -------- --------- Net book value 30 June 2007 4,801,341 32,803 537,428 607,228 844,570 805,150 7,628,520 -------- --------- -------- --------- -------- -------- --------- 31 December 2006 4,509,080 47,740 536,436 519,064 706,792 842,817 7,161,929 -------- --------- -------- --------- -------- -------- --------- 11. Intangible assets Computer Patents and software licences Total US$ US$ US$ --------- --------- --------- Cost At 1 January 2006 3,594,088 220,654 3,814,742 Foreign exchange difference on opening balances 94,014 - 94,014 Additions 415,402 110,947 526,349 Disposals (5,821) - (5,821) --------- --------- --------- At 1 January 2007 4,097,683 331,601 4,429,284 Foreign exchange difference on opening balances 17,016 2,634 19,650 Additions 154,843 115,299 270,142 Disposals (58,219) (58,219) --------- --------- --------- At 30 June 2007 4,211,323 449,534 4,660,857 --------- --------- --------- Accumulated depreciation At 1 January 2006 2,315,571 55,946 2,371,517 Foreign exchange difference on opening balances 85,253 - 85,253 Charge for the year 560,638 149,447 710,085 Disposals (5,821) - (5,821) --------- --------- --------- At 1 January 2007 2,955,641 205,393 3,161,034 Foreign exchange difference on opening balances 14,691 312 15,003 Charge for the 298,884 71,893 370,777 period Disposals (10,736) - (10,736) --------- --------- --------- At 30 June 2007 3,258,480 277,598 3,536,078 --------- --------- --------- Net book value 30 June 2007 952,843 171,936 1,124,779 --------- --------- --------- 31 December 2006 1,142,042 126,208 1,268,250 --------- --------- --------- 12. Investments As at As at 30 June 31 December Country of Percentage of 2007 2006 incorporation participation US$ US$ ---------- --------- --------- --------- Share at cost of acquisition Investments held in fellow subsidiaries E-Vision Limited Cyprus 18% 90,000 90,000 Other investments Asekol s.r.o. Czech Republic 9.09% 9,408 9,580 --------- --------- 99,408 99,580 --------- --------- 13. Other current liabilities As at As at 30 June 31 December 2007 2006 --------- --------- US$ US$ --------- --------- Factoring creditors (note a) 8,380,428 9,670,740 Salaries payable and related costs 675,840 605,448 VAT payable 4,705,900 4,265,374 Amount due to directors - executive 16,919 53,366 Amount due to directors - non-executive 29,315 21,000 Non-trade accounts payable 2,476,439 3,228,154 Accruals and deferred income 4,456,729 5,116,237 --------- --------- 20,741,570 22,960,319 --------- --------- Note a: The group enjoyed as at 30 June 2007 factoring facilities of US$28.608.385 (2006: US$25.030.728). These factoring facilities are secured as mentioned in note 14. 14. Bank overdrafts and short term loans As at As at 30 June 31 December 2007 2006 US$ US$ --------- --------- Bank overdrafts 13,188,916 14,677,165 Bank short term loans 19,308,911 19,494,450 Current portion of long term loans 238,978 205,557 --------- --------- 32,736,805 34,377,172 --------- --------- The group as at 30 June 2007 had the following financial facilities with banks in the countries that the company and its subsidiaries are operating: - overdraft lines of US$19,009,678 (31 December 2006: US$ 16,590,934) - short term loans/revolving facilities US$23,385,032 (31 December 2006: US$ 19,819,699) - bank guarantees US$ 4,337,404 (31 December 2006: US$ 4,210,843) The group had for the period ended 30 June 2007 cash lines (overdrafts, loans and revolving facilities) and factoring lines. The Weighted Average Cost of Debt (cash lines and factoring lines) for the period was 9.1% (2006: 9.0%). The factoring , overdraft and revolving facilities as well as the loans granted to the company and its subsidiaries by their bankers are secured by: - First floating charge over all assets of the company for a total amount of US$4,000,000 - Second floating charge on the whole undertaking including the company's uncalled capital, goodwill and book debts for US$2,000,000 plus interest - Mortgage on 1/4 of property of Diamond Properties Ltd (Vendor of the property for the company's head office premises acquired in Limassol) for the amount of US$2,800,000 and assignment of the sales contract between Diamond Properties Ltd and the company - Mortgage on land and buildings that the group owns in the Czech Republic, Ukraine and Belarus - Personal guarantees of the Chairman and Chief Executive Officer for certain facilities granted to the Cyprus company - Charge over receivables and inventories - Corporate guarantees and, in some cases, by also cross guarantees by all group companies to the extent of facilities granted - Assignment of insurance policies - Pledged deposits of US$3,949,951 (31 December 2006: US$ 3,885,064) 15. Long term liabilities As at As at 30 June 31 December 2007 2006 US$ US$ --------- --------- Bank loans 542,851 612,602 Other long term liabilities 46,121 53,456 --------- --------- 588,972 666,058 --------- --------- 16. Finance leases As at As at 30 June 31 December 2007 2006 US$ US$ --------- --------- Obligation under finance leases 214,219 219,242 Less: Amount payable within one year (97,101) (144,527) --------- --------- Amount payable within 2-5 years inclusive 117,118 74,715 --------- --------- 17. Share capital As at As at 30 June 31 December 2007 2006 US$ US$ --------- --------- Authorised 63,000,0000 shares of US$ 0.20 each 12,600,000 12,600,000 --------- --------- Issued, called-up and fully paid 48,000,000 ordinary shares of US$0.20 each 9,600,000 9,600,000 --------- --------- On 4 September 2006 by a special resolution passed at an extraordinary general meeting of the shareholders of the company it was decided: a) to increase the authorised share capital from 48,000,000 shares of US$0.20 each to 63,000,000 shares of US$0.20 each b) to convert the 8,000,000 preference shares of US$0.20 each to 8,000,000 ordinary shares of US$0.20 each. 18. Segmental reporting The group operates in a single segment of the distribution of IT components in a number of geographical regions The following table produces an analysis of the group's sales by geographical market, irrespective of the origin of the goods. Sales revenue by geographical market For the six For the six months ended months ended 30 June 2007 30 June 2006 US$ US$ ----------- ---------- Former Soviet Union 252,843,644 190,454,468 Eastern Europe 173,977,705 140,906,537 Western Europe 55,751,240 45,634,608 Middle East and Africa 42,935,066 37,556,986 Other 14,548,255 11,815,414 ----------- ---------- Total revenue 540,055,910 426,368,013 ----------- ---------- ASBISC ENTERPRISES PLC NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2007 (Expressed in United States Dollars) 19. Cash and cash equivalents As at As at 30 June 31 December 2007 2006 US$ US$ Cash at bank 28,126,814 27,927,606 Bank overdrafts - note 14 (13,188,916) (14,677,165) --------- --------- 14,937,898 13,250,441 ---------- ---------- The cash at bank balances include an amount of US$3,949,951 (31 December 2006: US$3,885,064) which represents pledged deposits. 20. Related party transactions and balances The holding company of the group is K.S. Holdings Limited, a company incorporated in Cyprus. Transactions between the company and its subsidiaries have been eliminated on consolidation. In the normal course of business, the group undertook during the period on an arm's-length basis transactions with the fellow subsidiary company E-Vision Limited and its subsidiaries as follows: For the six For the six months ended months ended 30 June 2007 30 June 2006 US$ US$ Purchase of services and computer software - E-Vision Limited 250,000 319,999 Interest income 4,428 4,125 --------- --------- As at As at Related party balances 30 June 31 December 2007 2006 US$ US$ Loan due from fellow subsidiary company E-Vision Limited 110,000 118,096 --------- --------- The loan receivable from E-Vision Limited is unsecured and bears interest of 3 months Libor + 2% per annum. Transactions and balances of key management For the For the six six months months ended ended 30 June 2007 30 June 2006 US$ US$ Directors' remuneration - executive 343,113 325,723 Directors' remuneration - non executive 75,317 - --------- ---------- 418,430 325,723 --------- ---------- As at As at 30 June 31 December 2007 2006 US$ US$ Amount due to directors - executive 16,919 53,366 - non executive 29,315 21,000 --------- ---------- 46,234 74,366 --------- ---------- Amount due from directors - 120,130 --------- ---------- 21. Commitments and contingencies As at 30 June 2007 the group was committed in respect of purchases of inventories of a total cost value of US$ 10,152,981 (31 December 2006: US$ 13,543,819) which were in transit at 30 June 2007 and delivered in July2007. Such inventories and the corresponding liability towards the suppliers have not been included in these financial statements since, according to the terms of the purchase, title of the goods had not passed to the company as at the period end. As at 30 June 2007 the group was contingently liable in respect of bank guarantees of US$ 4,337,404 (31 December 2006: US$4,210,843) which the group had extended mainly to its suppliers as at 30 June 2007. As at 30 June 2007 the group had no other legal commitments and contingencies. 22. Dividends The Board of Directors proposed the payment of a final dividend of US$0.02 per share for the year ended 31 December 2006 which amounted to US$960,000. The dividend was approved on 23 April 2007 at the company's annual general meeting and paid on 11 May 2007. 23. Events after the balance sheet date No significant events occurred after the balance sheet date. This information is provided by RNS The company news service from the London Stock Exchange END IR SESFWASWSEIA
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