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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| China Gateway | LSE:CGA | London | Ordinary Share | GB00B1P70L34 | ORD 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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TIDMCGA
RNS Number : 8208R
China Gateway International PLC
31 August 2010
For immediate release
31 August 2010
CHINA GATEWAY INTERNATIONAL PLC
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MAY 2010
The Company sets out below its unaudited interim results for the six months
ended 31 May 2010. The unaudited six month interim report is being posted to
shareholders, and is available on the Company's web-site www.cgi-plc.com
Chairman's Statement
As reported in the Annual Financial Statements to 30 November 2009 the Company
has exchanged contracts for the disposal of its properties at Great Farthingloe
Farm and at Western Heights, Dover ('The Dover Properties') to Dover Gateway
Limited for a cash consideration of GBP5 million before estimated costs of
GBP30,000. Completion of the sale was due to take place on 5 June 2010 but has
now been deferred to 3 September 2010 to enable the purchaser to proceed.
Notice to complete was served on the purchasers on 20 August 2010. This notice
will expire on 6 September 2010.
The Board has considered the position in the event that the purchasers fail to
complete and are confident that the Dover Properties would soon attract
alternative purchasers should the Company wish to proceed with a sale. The
Directors have had very positive discussions with Israel Discount Bank regarding
the alternatives should the current sale not complete. The bank have confirmed
that they wish to continue working with the Company.
The Board still expect the current purchaser to honour its contractual
obligations with the Company having allowed an extended completion period in
order to assist the purchaser. Subsequently the Board have issued the Completion
Notice and formulated contingency plans as required to protect the Company's
interests. The proceeds from any disposal of the Dover Properties will be used
to reduce the Company's indebtedness to Israel Discount Bank Limited.
Further progress has been achieved with regard to "Seat Sales" at the company's
Manston site although the first sale has not yet been completed. As previously
reported all terms in relation to this contract have been agreed but completion
has been deferred pending the conclusion of the Section 106 planning agreement
for Manston and the granting of final planning permission in line with the
earlier Resolution to Grant.
The Company's sales team in China have received formal expressions of interests
from a number of other organisations and are actively continuing with the
marketing of seats at the Euro-China Cultural and Technology Industry Hub. The
Board expects that the Company will be in a position to commence the
construction of the first hub during 2011.
The Company acknowledges the continued support of local agencies including
Locate in Kent and Thanet District Council for their help and cooperation with
the Manston project. The Directors continue to believe that given its excellent
relationships with China combined with China's continued and sustained growth
and its government's commitment to globalisation, the Company is capable of
increasing the value of its investment property at Manston.
The Board acknowledges and thanks its principal lending bank (Israel Discount
Bank) for its continued support and also thanks its shareholders for their
further investments in the Company.
The Board continues to view the Company's future with significant optimism.
For further information, please contact:
Ken Wills , China Gateway International PLC +44
(0) 1843 822444
Roland Cornish, Beaumont Cornish Limited +44 (0)
20 7628 3396
+--------------------+------+----------+-------+-----------------------------------------+--------------------------------------+----------------------+------------------+----------+
| | Unaudited | | Audited | |
| CHINA GATEWAY INTERNATIONAL PLC | | Unaudited | | |
| | | | | |
| STATEMENT OF FINANCIAL POSITION | | | | |
| | | | | |
| PERIOD FROM 1 DECEMBER 2009 TO 31 MAY 2010 | | | | |
| | | | | |
+----------------------------------------------+-----------------------------------------+-------------------------------------------------------------+------------------+----------+
| | 31 | 31 May 09 | 30 | |
| Note | May | | Nov | |
| | 10 | | 09 | |
+----------------------------------------------+-----------------------------------------+-------------------------------------------------------------+------------------+----------+
| ASSETS | GBP | GBP | GBP | |
+----------------------------------------------+-----------------------------------------+-------------------------------------------------------------+------------------+----------+
| Non-current assets | | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| Investment | | 4 | 55,900,000 | 55,650,000 | 55,900,000 | |
| property | | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| Investment | | 5 | 40 | - | - | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| Fixtures and | | | 1,578 | 4,728 | 3,154 | |
| fittings | | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| Deferred tax asset | | | 2,181,809 | 1,762,146 | 2,034,693 | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| | | -------------------------------------- | ------------------------------ | ------------------------------ | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| Total non-current assets | | 58,083,427 | 57,416,874 | 57,937,847 | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+-----------------------------------------+----------+
| | | | | | |
| Current assets | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Properties | | | - | 2,000,000 | 4,970,000 |
| intended for sale | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Trade and other | | | 4,553,382 | 103,948 | 83,142 |
| receivables | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Cash and cash equivalents | | 8,563 | 30,763 | 95,270 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | ------------------------------------ | ------------------------------ | ------------------------------ |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Total current assets | | 4,561,945 | 2,134,711 | 5,148,412 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | ------------------------------------ | ------------------------------ | ------------------------------ |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| TOTAL ASSETS | | 62,645,372 | 59,551,585 | 63,086,259 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | | =============================== | =============================== | =============================== |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| EQUITY AND | | | | | |
| LIABILITIES | | | | | |
| | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Equity | | | 247,131 | 210,000 | 210,000 |
| Issued share | | | | | |
| capital | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Share premium | | | 15,476,001 | 15,064,740 | 15,064,740 |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Shares to be | | | - | - | 148,392 |
| issued | | | | | |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Retained earnings | | | 7,399,350 | 5,935,000 | 8,341,304 |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | | ------------------------- | ------------------------------------ | ------------------------- |
+--------------------+-----------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Total equity | | 23,122,482 | 21,209,740 | 23,764,436 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | | | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Non-current liabilities | | | | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Interest bearing loans and | 1 | - | - | - |
| borrowings | | | | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Deferred tax provision | | 7,241,720 | 7,447,026 | 7,241,720 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | --------------------------------------- | ---------------------------------- | ------------------------------------- |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| Total non-current liabilities | | 7,241,720 | 7,447,026 | 7,241,720 |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | | | |
+--------------------------------------+-------+-----------------------------------------+--------------------------------------+----------------------------------------------------+
| | | | 15,848 | - | - |
| Current liabilities | | | | | |
| | | | | | |
| Bank overdraft | | | | | |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| Trade and other payables | | | 862,437 | 694,822 | 644,465 |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| Interest bearing loans | | 6 | 31,402,885 | 30,199,997 | 31,435,638 |
| and borrowings | | | | | |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| | | | ------------------------- | ------------------------- | ------------------------- |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| Total current liabilities | | | 32,281,170 | 30,894,819 | 32,080,103 |
| | | | | | |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| | | | | | |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| Total liabilities | | | 39,522,890 | 38,341,845 | 39,321,823 |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| | | | -------------------------- | ---------------------------- | ------------------------- |
+---------------------------+----------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| TOTAL EQUITY AND LIABILITIES | | 62,645,372 | 59,551,585 | 63,086,259 |
| | | | | |
+--------------------------------------+-------+-----------------------------------------+-------------------------------------------------------------+-----------------------------+
| | | | =========================== | ============================ | =========================== |
+--------------------+------+----------+-------+-----------------------------------------+--------------------------------------+----------------------+------------------+----------+
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| CHINA GATEWAY | | |
| INTERNATIONAL PLC | | |
| STATEMENT OF | | |
| COMPREHENSIVE INCOME | | |
| PERIOD FROM 1 DECEMBER | | |
| 2009 TO 31 MAY 2010 | | |
+---------------------------------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | Unaudited | Unaudited | Audited |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | Note | 31 May | 31 May | 30 Nov |
| | | 10 | 09 | 09 |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | GBP | GBP | GBP |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Continuing | | | | |
| operations: | | | | |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Write | | - | - | 2,970,000 |
| back | | | | |
| of | | | | |
| properties | | | | |
| intended | | | | |
| for sale | | | | |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Administrative | (416,483) | (556,914) | (1,098,744) |
| expenses | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Other operating | 13,303 | 24,930 | 45,393 |
| income | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Fair value | (326,915) | (613,908) | (733,235) |
| losses on | | | |
| investment | | | |
| property | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | ------------------------------------------ | ------------------------------------------ | --------------------------------------------- |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| OPERATING | | (730,095) | (1,145,892) | 1,183,414 |
| (LOSS)/PROFIT | | | | |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Finance income | - | - | 597 |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Finance | | (358,975) | (484,313) | (885,764) |
| costs | | | | |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | ------------------------------------------ | ----------------------------------------- | ----------------------------------------- |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| (LOSS)/PROFIT | (1,089,070) | (1,630,205) | 298,247 |
| BEFORE TAXATION | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Corporation tax | 147,116 | 409,613 | 887,466 |
| | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | ---------------------------------------- | ------------------------------------------- | ------------------------------------------------ |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| (LOSS)/PROFIT | (941,954) | (1,220,592) | 1,185,713 |
| FOR THE PERIOD | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Other | - | - | - |
| comprehensive | | | |
| income | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | ---------------------------------------- | ------------------------------------------- | ----------------------------------------------- |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | (941,954) | (1,220,592) | 1,185,713 |
| TOTAL | | | |
| COMPREHENSIVE | | | |
| INCOME FOR THE | | | |
| PERIOD | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | ==================-===================== | ==============================-============ | =============================================== |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | | |
+------------------------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| (Loss)/profit | 7 | (4.03) | (5.81) | 5.65 |
| per ordinary | | | | |
| share (pence) | | | | |
| | | | | |
| Basic | | | | |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | ==================== | ==================== | ==================== |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| Diluted | 7 | (4.03) | (5.81) | 5.61 |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
| | | ==================== | ==================== | ==================== |
+---------------+--------+--------------------------------------------+---------------------------------------------+--------------------------------------------------+
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| CHINA GATEWAY | Share | Share | | | Unaudited |
| INTERNATIONAL PLC | capital | premium | Shares | | Total |
| | | | to be | | |
| STATEMENT OF CHANGES | | | issued | | |
| IN EQUITY | | | | | |
| | | | | | |
| PERIOD FROM 1 | | | | | |
| DECEMBER 2009 TO 31 | | | | | |
| MAY 2010 | | | | Retained | |
| | | | | Earnings | |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| | GBP | GBP | GBP | GBP | GBP |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| | 210,000 | 15,064,740 | - | | 22,430,332 |
| Balance at 1 | | | | 7,155,592 | |
| December 2008 | | | | | |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| | | | | | |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| Total comprehensive | - | - | - | | (1,220,592) |
| income for the | | | | (1,220,592) | |
| period | | | | | |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| As at 31 May 2009 | 210,000 | 15,064,740 | - | 5,935,000 | 21,209,740 |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
| | ============================================ | ============================================= | ============================================ | ============================================= | ================================================= |
+----------------------+----------------------------------------------+-----------------------------------------------+----------------------------------------------+-----------------------------------------------+---------------------------------------------------+
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | Share | Share | Shares | Retained | Unaudited |
| | capital | premium | to be | Earnings | Total |
| | | | issued | | |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | GBP | GBP | GBP | GBP | GBP |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| As at 1 December | 210,000 | 15,064,740 | 148,392 | 8,341,304 | 23,764,436 |
| 2009 | | | | | |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | | | | | |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| Issue of shares | 37,131 | 411,261 | (148,392) | - | 300,000 |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | | | | | |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| Total comprehensive | - | - | - | (941,954) | (941,954) |
| income for the | | | | | |
| period | | | | | |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| As at 31 May 2010 | 247,131 | 15,476,001 | - | 7,399,350 | 23,122,482 |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
| | ============================================ | =============================================== | ============================================ | ============================================== | ================================================= |
+----------------------+----------------------------------------------+-------------------------------------------------+----------------------------------------------+------------------------------------------------+---------------------------------------------------+
+---------------------+--------------+--------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| CHINA GATEWAY INTERNATIONAL PLC | Unaudited | | Audited |
| | | Unaudited | |
| STATEMENT OF CASH FLOWS | | | |
| PERIOD FROM 1 DECEMBER 2009 TO 31 MAY 2010 | | | |
| | | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | 31 | 31 May | 30 Nov |
| | May | 09 | 09 |
| | 10 | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | GBP | GBP | GBP |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash used in | | | | | |
| Operations | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| (Loss)/profit | | | (1,089,070) | (1,630,205) | 298,247 |
| before taxation | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Adjustments for: | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Fair value of | | | 326,915 | 613,908 | 733,235 |
| investment | | | | | |
| property | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Write back | | | - | - | (2,970,000) |
| properties for | | | | | |
| sale | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Depreciation | | | 1,576 | 1,579 | 3,153 |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Interest income | | | - | - | (597) |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Interest expense | | | 358,975 | 484,313 | 885,764 |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| (Increase)/decrease | | | (240) | 12,966 | 78,164 |
| in trade and other | | | | | |
| receivables | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Increase/(decrease) in trade payables | | 187,972 | (257,587) | (307,945) |
+-----------------------------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash used in | | | (213,872) | (775,026) | (1,279,979) |
| Operations | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Interest paid | | | (358,975) | (484,313) | (885,764) |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Corporation tax | | | - | - | - |
| paid | | | | | |
+---------------------+-------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Net Cash used in Operating Activities | (572,847) | (1,259,339) | (2,165,743) |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash Flows from Investing Activities | | | | |
+-----------------------------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Purchase of property, investments, fixtures and fittings | (326,955) | (613,908) | (983,235) |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Sale of property intended for sale | | 500,000 | | |
+-----------------------------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Interest received | | - | - | 597 |
+-----------------------------------------------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Net Cash from Investing | | | 173,045 | (613,908) | (982,638) |
| Activities | | | | | |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | | | |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash Flows from Financing Activities | | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Receipts from shares allocated but not allotted | | | - | - | 104,000 |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Net proceeds from issue of share capital | | | 330,000 | - | - |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Proceeds from short-term borrowings | | | (32,753) | 1,871,250 | 3,106,891 |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Net Cash from Financing Activities | | | 297,247 | 1,871,250 | 3,210,891 |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | | | |
+---------------------------------------------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Net (Decrease)/Increase in Cash and Cash Equivalents | (102,555) | (1,997) | 62,510 |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | | | |
+------------------------------------+----------------+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash and Cash Equivalents and bank overdrafts at Beginning | 95,270 | 32,760 | 32,760 |
| of Period | | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash and Cash Equivalents and bank overdrafts at End of | (7,285) | 30,763 | 95,270 |
| Period | | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Bank overdrafts | 15,848 | - | - |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | --------------------------------------------------- | ------------------------------------------ | --------------------------------------------- |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| Cash and Cash Equivalents at End of Period | 8,563 | 30,763 | 95,270 |
+--------------------------------------------------------------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
| | | | =============================================== | ============================================== | ============================================== |
+---------------------+--------------+--------------+-+--------+-----------------------------------------------------+------------------------------------------------+------------------------------------------------+
Major non cash transactions
During the period contracts were exchanged for the sale of the Dover Properties
for GBP5 million and a deposit of GBP500,000 was received. The balance due of
GBP4.5 million is included within trade and other receivables in the Statement
of Financial Position
CHINA GATEWAY INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 DECEMBER 2009 TO 31 MAY 2010
1 General Information
The Company is incorporated in the United Kingdom. The address of its
registered office is One America Square, Crosswall, London, EC3N 2SG.
The Company is listed on AIM.
This interim financial information was approved for issue on 26 August 2010.
This interim financial information has not been audited or reviewed.
2 Basis of Preparation
The interim financial information set out above does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. It has
been prepared on a going concern basis in accordance with the recognition and
measurement criteria of the International Financial Reporting Standards (IFRS)
as adopted by the European Union. The accounting policies applied in preparing
the financial information are consistent with those that have been adopted in
the Company's 2009 audited statutory accounts. Statutory accounts for the year
ended 30 November 2009 were approved by the Board of Directors on 21 May 2009
and delivered to the Registrar of Companies. The report of the auditors on those
accounts was unqualified.
The financial information for the 6 months ended 31 May 2010 and the 6 months
ended 31 May 2009 has not been audited. As permitted, the Company has chosen not
to adopt IAS 34 "Interim Financial Statements" in preparing this interim
financial information.
3 Accounting policies
As described below, the accounting policies applied are consistent with those of
the annual financial statements for the year ended 30 November 2009, as detailed
in those annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
There are no new standards or amendments to standards and interpretations that
have been issued but are not effective or not yet endorsed for the financial
year beginning 1 December 2009 and have not been early adopted.
Going Concern
In considering the Company's ability to continue operations for the foreseeable
future, the Directors have considered the Company's forecast operating cashflow
for the period up to the end of May 2011 and the development cashflow associated
with the Company's investment properties over periods appropriate to the
development in each case.
In the view of the Directors the Company requires continued financial support in
order to continue as a going concern. These financial statements have been
prepared on a going concern basis in view of the continued support being
received from the Company's lending bank Israel Discount Bank and from its
shareholders and in view of the likelihood of funds being received and
subsequently released from escrow once sufficient seat sales, estimated to be
50, have been achieved during the period to 31 May 2011.
The support received from Israel Discount Bank takes the form of facilities
available subject to both specific and general conditions. The current facility
was made available on 26 February 2010 in the amount of GBP31.4 million.
In March 2010 the company exchanged contracts on the disposal of its property
interest in Dover. The proceeds of this disposal will be utilised to reduce the
Company's indebtedness to Israel Discount Bank. The bank have indicated their
willingness to defer the collection of the loan interest due in August 2010
until after the Dover property sale has been completed.
The facility is repayable on demand however the bank have confirmed that,
subject to no breach of covenants, it is their present intention to continue to
make this facility available until at least 30 June 2011.
One of the covenants in Israel Discount Bank's facility letter dated 26 February
2010 was in respect of the sale of the Dover Properties for a cash consideration
of GBP5 million less costs. The covenant stated that the proceeds would be used
to reduce the Company's indebtedness to Israel Discount Bank Limited upon
completion of the sale by 31 March 2010. The sale contract was signed in March
2010, and the completion date is now 3 September 2010. This was contrary toone
of the covenants in Israel Discount Bank's facility letter dated 26 February
2010. Israel Discount Bank have confirmed that they have extended the condition
in respect of the sale of the Dover Properties to be completed by September 2010
and that all other terms and conditions have been met and all covenants are
complied with to date.
The Board has considered the position in the event that the purchasers fail to
complete and are confident that the Dover Properties would soon attract
alternative purchasers should the Company wish to proceed with a sale. The
Directors have had very positive discussions with Israel Discount Bank regarding
the alternatives should the current sale not complete. The bank have confirmed
that they wish to continue working with the Company. The Directors do however
expect the current purchasers to complete before the expiry of the notice to
complete on 6 September 2010.
The Directors have reviewed the relevant aspects of the Company's forecasts and
the potential development position of the investment property for the period to
31 May 2011 and consider there should be no breaches of the covenants concerned
other than that in respect of the sale of the Dover Properties as referred to
above. The Directors believe that the Company will meet all of the specific and
general conditions associated with the facility going forward.
During the period to 31 May 2010 the Company's shareholders invested further
funds totalling GBP300,000 by way of private placements.
The shareholders have indicated that future requests for additional investment
to fund ongoing working capital for interest and overhead costs pending the
receipt of funds from seat sales will be considered favourably subject to
continuing bank support, the completion of the Dover sale and satisfactory
progress on seat sales.
After making enquiries and considering the matters described above, the
Directors have a reasonable expectation that the company has adequate resources
to continue in operational existence for the foreseeable future. For these
reasons they continue to adopt the going concern basis in the preparation of the
condensed financial statements.
4 INVESTMENT PROPERTY
The Manston site was last revalued at 30 November 2009.
5 INVESTMENT
The amount shown as investment represents the Company's 40% shareholding in
Dover Gateway Limited that resulted from the disposal of the Company's Dover
properties as detailed in the annual financial statements to 30 November 2009.
6 BANK BORROWINGS
The bank facility at 31 May 2010 was GBP31.4 million. The facility is repayable
on demand however, the bank has confirmed that it is their present intention to
continue to make this facility available until 30 June 2011, subject to no
breach of covenants.
7 (LOSS)/PROFIT PER SHARE
Basic
Basic (loss)/profit per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | 6 | 6 | Period |
| | months | months | to |
| | to | to | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | 31 May | 31 May | 30 Nov |
| | 10 | 09 | 09 |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | GBP | GBP | GBP |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| (Loss)/profit attributable to | (941,954) | (1,220,592) | 1,185,713 |
| equity holders of the Company | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | ---------------------------------------- | ------------------------------------------ | --------------------------------------- |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| Weighted average number of | 23,381,255 | 21,000,000 | 21,000,000 |
| ordinary shares in issue | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | ===================== | ====================== | ===================== |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| Basic (loss)/profit per share | (4.03)p | (5.81)p | 5.65p |
| (pence per share) | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
| | ===================== | ===================== | ===================== |
+-----------------------------------+------------------------------------------+--------------------------------------------+-----------------------------------------+
Diluted
Diluted (loss)/profit per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares.
Persuant to a signed subscription agreement, dated 30 October 2009, the
Company allotted 1,570,283 shares on 22 December 2009. The signed subscription
agreement created an obligation before the year ended 30 November 2009 and the
number of dilutive potential ordinary shares is calculated assuming the shares
were allotted.
+--------+---------------+------------+-------------+------------+
| | | 6 | 6 | Period |
| | | months | months | to |
| | | to | to | |
+--------+---------------+------------+-------------+------------+
| | | 31 May | 31 May | 30 Nov |
| | | 10 | 09 | 09 |
+--------+---------------+------------+-------------+------------+
| | | GBP | GBP | GBP |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | (Loss)/profit | (941,954) | (1,220,592) | 1,185,713 |
| | attributable | | | |
| | to equity | | | |
| | holders of | | | |
| | the Company | | | |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | Adjustments | - | - | - |
+--------+---------------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | (Loss)/profit | (941,954) | (1,220,592) | 1,185,713 |
| | used to | | | |
| | determine | | | |
| | diluted | | | |
| | earnings per | | | |
| | share | | | |
+--------+---------------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | Weighted | 23,381,255 | 21,000,000 | 21,000,000 |
| | average | | | |
| | number | | | |
| | of | | | |
| | ordinary | | | |
| | shares | | | |
| | in issue | | | |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | Adjustments: | - | - | 130,857 |
| | allotment of | | | |
| | shares | | | |
+--------+---------------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | Weighted | 23,381,255 | 21,000,000 | 21,130,857 |
| | average | | | |
| | number | | | |
| | of | | | |
| | ordinary | | | |
| | shares | | | |
| | for | | | |
| | diluted | | | |
| | earnings | | | |
| | per | | | |
| | share | | | |
+--------+---------------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
| | Diluted | (4.03)p | (5.81)p | 5.61p |
| | (loss)/profit | | | |
| | per share | | | |
| | (pence per | | | |
| | share) | | | |
+--------+---------------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+--------+---------------+------------+-------------+------------+
| | | | | |
+--------+---------------+------------+-------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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