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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Billam | LSE:BLLM | London | Ordinary Share | GB00B06CZD75 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Energiser Investments plc
Consolidated unaudited half-yearly financial report for the period ended 30
June 2015
Interim Chairman's Statement
I present my first interim report to the shareholders since my appointment on
26 February 2015, which includes the results for the half year ended 30 June
2015 and the financial position as at that date.
Results
I am pleased to report that the Group has made a profit before and after
taxation of GBP20,000 (2014: loss GBP120,000) during the six months to 30 June 2015
which is predominantly due to a fair value adjustment to the investment
properties in Wellingborough. This translates into a profit per share of 0.04p
(2014: loss 0.27p). Our investment of residential properties in Wellingborough
generated GBP53,000 (2014: GBP48,000) of net rental income. Administrative
expenses were GBP25,000 (2014: GBP35,000). Interest payable on the Group's
borrowings has increased to GBP173,000 (2014: GBP141,000) due to the investment in
Kingswood Park. The Group's net assets have decreased to GBP422,000 (2014: GBP
699,000) which equates to 0.96p per share (2014: 1.60p per share). The decrease
in net assets is due to a reduction in the fair value of the mezzanine funding
provided for Kingswood Park, Surrey, due to a delay in the build programme
which, in turn, has delayed the sales programme.
The value of investment properties has increased during the period ended 30
June 2015 to GBP2,900,000 (2014: GBP2,666,000) and current assets have increased by
GBP452,000, mainly as a result of additional mezzanine funding provided for the
development at Kingswood Park, Surrey and a decrease in the fair value of this
arrangement.
The directors do not recommend the payment of a dividend.
Operations
Our residential investment portfolio of 20 properties in Wellingborough is
fully let and generated gross rental income of GBP72,000 and after associated
operating costs of GBP18,000 and overheads of GBP1,000, resulted in net rental
income of GBP53,000. The properties continue to be let on short term tenancies.
The existing loan with Barclays Bank in relation to the investment properties
at Wellingborough has been extend for a period of 3 years
Construction of the 12 unit development at Kingswood Park, Surrey is nearing
completion and 4 out of the 12 properties have been reserved with legal
completions expected shortly. The current market conditions in the housing
market are strong and we expect all the properties to be sold by early 2016.
Outlook
The Group is continuing to rebuild shareholders' funds by way of its current
activities and it is expected that this will continue for the foreseeable
future.
Stephen Wicks
Chairman
30 September 2015
For further information contact:
Energiser Investments plc Nishith Malde
+44 (0) 1494 762450
Cairn Financial Advisers LLP Jo Turner
+44 (0) 20 7148 7900
Group statement of comprehensive income
Unaudited Unaudited Audited
6 months 6 months year to
to 30 to 30 31
June 2015 June 2014 December
2014
Note GBP'000 GBP'000 GBP'000
Continuing operations
Revenue arising in the course of ordinary activities 72 70 148
Cost of sales 140 (20) 68
Gross profit 5 212 50 216
Administrative expenses 5 (25) (35) (50)
Operating profit 187 15 166
Finance costs (173) (141) (322)
Finance income 6 6 9
Profit/(loss) before taxation 20 (120) (147)
Taxation - - -
Profit/(loss) for the period attributable to shareholders 20 (120) (147)
of the Company
Other comprehensive income - fair value adjustment to the (248) 614 684
profit on mezzanine funding arrangement
Related deferred taxation 52 - (144)
Other comprehensive income for the period, net of tax (196) 614 540
Total comprehensive income (176) 494 393
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share from total 4 0.04p (0.27)p (0.34)p
and continuing operations
Diluted earnings per share is taken as equal to basic earnings per share as the
Group's average share price during the period is lower than the exercise price
and therefore the effect of including share options is anti-dilutive.
Group statement of financial position
Unaudited Unaudited Audited as
as at 30 as at 30 at 31
June 2015 June 2014 December
2014
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Investment property 6 2,900 2,666 2,742
Financial assets at fair value through profit and loss 1 1 1
2,901 2,667 2,743
Current assets
Trade and other receivables 16 16 9
Available-for-sale financial assets 3,144 2,501 3,343
Cash and cash equivalents 5 196 13
3,165 2,713 3,365
Total assets 6,066 5,380 6,108
LIABILITIES
Current liabilities
Trade and other payables 722 477 564
Short term borrowings 4,828 3,013 4,794
Deferred tax 92 - 144
5,642 3,490 5,502
Non-current liabilities
Long term borrowings - 1,180 -
Financial liabilities held at fair value through profit 2 11 8
or loss
2 1,191 8
Total liabilities 5,644 4,681 5,510
Net assets 422 699 598
EQUITY
Share capital 2,312 2,312 2,312
Share premium account 5,747 5,747 5,747
Convertible loan 88 88 88
Merger reserve 1,012 1,012 1,012
Revaluation reserve 344 614 540
Retained earnings (9,081) (9,074) (9,101)
Total equity 422 699 598
Group statement of changes in equity
Share
Share premium Convertible Merger Revaluation Retained Total
capital account loan reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2014 2,312 5,747 88 1,012 - (8,954) 205
Total comprehensive income - - - - 614 (120) 494
Balance at 30 June 2014 2,312 5,747 88 1,012 614 (9,074) 699
Total comprehensive income - - - - (74) (27) (101)
Balance at 31 December 2,312 5,747 88 1,012 540 (9,101) 598
2014
Total comprehensive income - - - - (196) 20 (176)
Balance at 30 June 2015 2,312 5,747 88 1,012 344 (9,081) 422
Group statement of cash flows
Unaudited Unaudited Audited
6 months 6 months year to
to 30 to 30 31
June 2015 June 2014 December
2014
GBP'000 GBP'000 GBP'000
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:00 ET (06:00 GMT)
Cash flows from operating activities
(Loss)/profit before and after taxation 20 (120) (147)
Adjustments for:
Interest expense 173 141 322
Fair value adjustment on financial liabilities recognised in (6) (6) (9)
profit or loss
Fair value adjustment on investment properties (158) - (76)
Changes in working capital:
- (Increase)/decrease in trade and other receivables (6) - 6
- Increase/(decrease) in trade payables 9 14 (60)
Net cash generated by operating activities 32 29 36
Cash flows from investing activities
Mezzanine finance facility issued (49) (488) (1,259)
Net cash used in investing activities (49) (488) (1,259)
Cash flows from financing activities
Proceeds from borrowings 54 707 1,323
Re-payment of borrowings (20) (25) (40)
Interest paid (25) (37) (57)
Net cash generated by financing activities 9 645 1,226
Net (decrease)/increase in cash and cash equivalents (8) 186 3
Cash and cash equivalents at beginning of period 13 10 10
Cash and cash equivalents at end of period 5 196 13
1. Nature of operations and general information
The principal activity of the Group is as an investment company investing in
quoted and unquoted companies to achieve capital growth. The Group also holds a
property development acquired by way of its principal activity. The properties
are held for sale with rental income arising from short term lets.
Energiser Investments plc is the Group's ultimate parent company. It is
incorporated and domiciled in Great Britain. The address of Energiser
Investments plc's registered office, which is also its principal place of
business, is 417 Finchley Road, London, NW3 6HJ.
Energiser Investments plc's shares are quoted on AIM, a market operated by the
London Stock Exchange. The consolidated half-yearly financial report has been
approved for issue by the Board of Directors on 30 September 2015.
The financial information set out in this half-yearly financial report does not
constitute statutory accounts as defined in Sections 434(3) and 435(3) of the
Companies Act 2006. The Group's statutory financial statements for the year
ended 31 December 2014 have been filed with the Registrar of Companies and are
available at www.energiserinvestments.co.uk. The auditor's report on those
financial statements was unqualified and did not contain any statement under
Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Basis of preparation
This consolidated half-yearly financial report has been prepared in accordance
with International Accounting Standard 34 - Interim Financial Reporting.
The consolidated half-yearly financial report should be read in conjunction
with the annual financial statements for the year ended 31 December 2014, which
have been prepared in accordance with IFRS as adopted by the European Union.
3. Accounting policies
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2014, as described in those
financial statements other than that stated below:
Critical judgements in applying the accounting policies
Key sources of estimation uncertainty
Fair value of profit on mezzanine funding arrangement
The fair value of the mezzanine funding arrangement includes estimates as to
the timing and value of future cash flows and the underlying profitability of
the development. The estimates are formed based on information provided by the
developer. The Group believes that the directors' knowledge and experience in
the sector means they are well placed to critically assess this information and
to make conclusions as appropriate.
4. Earnings/(loss) per ordinary share
The earnings/(loss) per ordinary share is based on the weighted average number
of ordinary shares in issue during the period of 43,787,956 ordinary shares of
0.1p (2014: 43,787,956 ordinary shares of 0.1p) and the following figures:
Unaudited Unaudited Audited
6 months 6 months year to
to 30 to 30 31
June 2015 June 2014 December
2014
Profit/(loss) attributable to equity shareholders GBP'000 20 (120) (147)
Earnings/(loss) per ordinary share 0.04p (0.27)p (0.34)p
Diluted earnings per share is taken as equal to basic earnings per share as the
Group's average share price during the period is lower than the exercise price
and therefore the effect of including share options is anti-dilutive.
5. Income and segmental analysis
Unaudited 6 Unaudited 6 Audited year
months to months to to 31
30 June 30 June December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Segment result
Investment activities:
Administrative expenses (24) (33) (47)
(24) (33) (47)
Rental activities:
Rental income 54 50 112
Administrative expenses (1) (2) (3)
Release of cost accrual - - 28
Fair value adjustment on investment property 158 - 76
211 48 213
Operating profit 187 15 166
Finance costs (173) (141) (322)
Fair value adjustment on interest rate swap 6 6 9
Earnings/(loss) before tax 20 (120) (147)
Unaudited Unaudited Audited as
as at 30 as at 30 at 31
June 2015 June 2014 December
2014
GBP'000 GBP'000 GBP'000
Segment assets
Investment activities:
Non-current assets 1 1 1
Current assets 10 12 1
11 13 2
Rental:
Non - current assets - investment property 2,900 2,666 2,742
Current assets - other 11 5 21
2,911 2,671 2,763
Mezzanine funding arrangement:
Current assets 3,144 2,696 3,343
3,144 2,696 3,343
Total assets 6,066 5,380 6,108
Segment liabilities
Investment activities:
Current liabilities 722 959 979
722 959 979
Rental:
Current liabilities - 456 1,553
Non-current liabilities 2 1,191 8
2 1,647 1,561
Other:
Current liabilities - other loan 4,828 2,075 2,826
Current liabilities - deferred tax on fair value 92 - 144
adjustment
4,920 2,075 2,970
Total liabilities 5,644 4,681 5,510
Total assets less total liabilities 422 699 598
The activity of both the investments and rentals arose wholly in the United
Kingdom. No single customer accounts for more than 10% of revenue.
6. Investment property
Investment
Property
GBP000
Cost or fair value
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