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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clerkenwell | LSE:CRK | London | Ordinary Share | GB00B3L0Q676 | 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% | 28.00 | 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 No 0016n CARISBROOKE SHIPPING PLC 21 April 1999 Carisbrooke Shipping PLC ("Carisbrooke" or the "Company") Results for the year ended 31 December 1998 * Trading profits doubled on prior year despite very difficult market * Sterling still very strong - trading conditions poor - 1999 will be difficult * Ship values affected by poor trading climate * Inappropriate to pay final dividend following interim 1p Commenting today Peter Nicholson, Chairman, said: I opened my report to you last year by stating that 1997 had been the most challenging year Carisbrooke had yet faced. In August last year, when I wrote our interim statement and reported satisfactory profits for the first half, I said that seasonal factors normally made the second half of the year more profitable for us and that the board was confident that the year as a whole would be an improvement on 1997. In the event, Carisbrooke made a substantially better profit on its normal trading activities, of #347,000. The comparable figure for 1997 was #174,000. However, the market in which we trade did not improve in the second half of 1998. It became, if anything, more difficult and the first quarter of 1999 has also been one of the most difficult trading periods which the company has experienced for many years. The pound has strengthened against the euro and as you will have seen from the published figures, British exports of goods as opposed to services, have generally continued to fall, with the result that there have been less cargoes for us to carry and cut-throat competition among shipping companies for the lower volume of business which has been available. The fact that we have been able to achieve a reasonable level of profitability reflects considerable credit on our management team, who have worked extremely hard and intelligently to maximise the opportunities available to us. Inevitably the very poor trading conditions have had a fairly dramatic effect on ship values. It is difficult to value ships when there are virtually no buyers in the market-place as has been the case recently. In particular our older ships, most of which we own wholly, are the ones which have been most affected and whose values have fallen most. The independent year end valuation has shown a reduction in the value of our ships of #1.6m. A newly introduced accounting standard, FRS11, requires that this be put through the profit and loss account. This has resulted in the company showing a loss before tax for the year of #1.267m which, after a small tax charge, leaves us with a final loss of #1.294m, as against #1.6m last year. I should emphasise, however, that the loss this year is an unrealised book loss based on the valuation of ships we still own. We have suffered no cash loss. If the market recovers, the value of the ships will go up again, but if things do not improve, it may make sense to sell off some of our older ships at the current very low values if they cannot trade profitably. Shareholders will recall that in the hope of improving prospects and our strong balance sheet, the directors decided to pay an interim dividend of 1p. Regrettably the board do not feel able to recommend any final dividend payment while conditions and future prospects remain so uncertain. In the light of the continuing very bad market conditions, your Board's decision made in 1997, to change the strategy of the company has proved to be absolutely correct and has undoubtedly saved us from a very much worse situation. This strategy has been to steadily reduce our investment in wholly owned ships and concentrate instead on the management of generally new ships, which are owned either by others, or in partnership with others. In pursuit of this policy we had, by the end of 1998, four similar 4,600 tonners in the fleet. These were all owned by Dutch investment companies in which we held less than 20% of the equity, but for which we had management and profit-sharing contracts. In December 1998, another Dutch investment company was funded, which will own a ship which is due to be delivered in May this year. This will be managed on a similar basis. These ships are very significantly more efficient than older vessels, some of them carry as much as twice the cargo of their older sisters, but cost no more and sometimes, less, to operate. Their construction has been financed on a longer term basis with lower financing costs. They are, therefore, still able to trade at a modest profit in a market in which virtually no ships can make money. Your board is striving to find further opportunities of becoming involved in the management of ships owned by others, but to do so in such a way that these vessels can be part of our fleet and managed by us on a day to day basis, so that they benefit from the experienced and cost effective operational management we have built up over the years. At the present time we are in discussion about the possibility of adding further ships to our fleet on this basis during 1999. Nevertheless, 1999 will be a very difficult year for Carisbrooke. The management contracts now under discussion will not be in place at best until the second half of the year, and although we have set ourselves a target to improve once again on our profit on ordinary activities, we shall do well to make more than a small addition to last year's figure. It is very difficult to forecast an up-turn in our sector of the shipping industry. For us to become more profitable, European trade must grow or the number of ships competing for that trade, must reduce. It may be a long slog but, in the meantime, shareholders can at least take some comfort from the fact that Carisbrooke should be in a better position than most to survive through these difficult times. However, in the near term, your board is highly conscious of the need, particularly in the current climate, to enhance shareholder value. Carisbrooke has, and will continue, to review the options available to it as a smaller AIM listed company. A copy of the profit & loss account, balance sheet and cash flow statement are attached. Enquiries to: Willem Wester Carisbrooke Shipping PLC 01983 284100 Managing Director Ron Robson Carisbrooke Shipping PLC 01983 284100 Finance Director Ian Dighe Singer & Friedlander Ltd 0171 623 3000 Director Copies of their announcement may be obtained for at least the next 14 days from the offices of Carisbrooke Shipping PLC at 10 Mill Hill Road, Cowes, Isle of Wight, PO31 7EA Carisbrooke Shipping PLC and its Subsidiaries CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 December 1998 Before Exceptional 1998 1997 Exceptionals Items Total Total # # # # Turnover 6,160,260 - 6,160,260 12,184,499 Cost of sales (4,661,378) (1,614,420) (6,275,798) (10,457,034) Gross profit/(loss) 1,498,882 (1,614,420) (115,538) 1,727,465 Administrative expenses (622,970) - (622,970) (434,593) Other operating charges (554,821) - (554,821) (387,709) Other operating income 292,194 - 292,194 164,092 (885,597) - (885,597) (658,210) Operating profit/(loss) 613,285 (1,614,420) (1,001,135) 1,069,255 Share of results of 76,382 - 76,382 139,082 associate Exceptional loss on - - - (1,765,921) disposal of vessels Interest receivable by 17,449 - 17,449 2,039 the group Interest payable by the (195,215) - (195,215) (869,275) group Share of financing cost (164,944) - (164,944) (167,338) of associate Profit/(loss) on ordinary 346,957 (1,614,420) (1,267,463) (1,592,158) activities before tax Tax on profit/(loss) on (26,063) (24,060) ordinary activities Profit/(loss) for the (1,293,526) (1,616,218) year after tax Equity minority interests 8,094 (36,857) (1,285,432) (1,653,075) Equity dividends (101,375) (101,375) Retained profit/(loss) (1,386,807) 1,754,450) for the year Basic earnings /(loss) (12.68)p (16.31)p per share Fully diluted (12.24)p (15.63)p earnings/(loss) per share Carisbrooke Shipping PLC and its Subsidiaries GROUP BALANCE SHEET as at 31 December 1998 1998 1998 1997 1997 # # # # Fixed assets Tangible assets 3,265,403 6,021,595 Investments 1,813,006 1,211,004 5,078,409 7,232,599 Current assets Stock 252,996 174,293 Debtors - due within one year 2,730,049 2,256,776 - due after more than 100,000 100,000 one year Cash at bank and in hand 1,290,394 1,182,088 4,373,439 3,713,157 Creditors: amounts falling due within one year (2,975,747) (2,852,766) Net current assets 1,397,692 860,391 Total assets less 6,476,101 8,092,990 current liabilities Creditors: amounts falling due after more than one year (1,344,000) (1,642,500) 5,132,101 6,450,490 Capital and reserves Called up share capital 5,068,775 5,068,775 Share premium account 1,092,322 1,092,322 Revaluation reserve 31,117 31,117 Other reserves 77,512 - Profit and loss account (1,137,625) 249,182 Equity shareholders' funds 5,132,101 6,441,396 Equity minority interests - 9,094 5,132,101 6,450,490 Carisbrooke Shipping PLC and its Subsidiaries GROUP CASH FLOW STATEMENT for the year ended 31 December 1998 1998 1998 1997 1997 # # # # Net cash inflow from 427,161 1,701,574 operating activities Returns on investments and servicing of finance Interest received 17,449 2,039 Interest paid (195,215) (869,275) (177,766) (867,236) Taxation (26,063) (87,420) Capital expenditure and financial investment Purchase of tangible (418,329) (1,288,604) fixed assets Sale of tangible fixed 1,017,169 12,867,312 assets Purchase of investments (613,052) (721,739) Decrease in loans from (14,000) other entities (14,212) 10,842,969 Equity dividends paid (101,375) (354,814) Financing New bank loans - 527,893 Repayment of bank loans (328,651) (11,086,924) Repayment of hire - (1,466) purchase loan Net proceeds of share - (15,000) issue (328,651) (10,575,497) Increase/(decrease) in (220,906) 659,576 cash 1. Earnings/(loss) per share 1998 1997 Basic earnings/(loss) per share (12.68)p (16.31)p The calculation of earnings/(loss) per share is based on the loss after taxation and minority interests for the year of #1,285,432 (1997 loss - #1,653,075) and an average of 10,137,549 (1997 - 10,137,549) ordinary shares of 50p each being the weighted average number in issue during the year ended 31 December 1998. 2. Debt and net assets per share As at 31 December 1998 1998 1997 Net debt #1,022,152 #1,129,897 Gearing (net debt/shareholders' 20% 17% funds) Net assets per share 50.6p 63.5p The calculation of net assets per share is based on the equity shareholders' funds of the group at the year end and 10,137,549 ordinary shares of 50p each being the number of ordinary shares of 50p each in issue at the years ended 31 December 1998, 1997. 3. Reconciliation of movements in equity shareholders' funds 1998 1997 # # Results for the financial year after (1,285,432) (1,653,075) tax and minority interests Equity dividends (101,375) (101,375) Net proceeds of share issue (15,000) - Exchange difference on foreign 77,512 - currency net investments Net increase/(decrease) in equity (1,309,295) (1,769,450) shareholders' funds Equity shareholders' funds at 1 6,441,396 8,210,846 January 1998 Equity shareholders' funds at 31 #5,132,101 #6,441,396 December 1998 4. Statutory Accounts The financial information set out above does not constitute the group's statutory financial statements for the years ended 31 December 1997 or 1998 but is derived from those financial statements. Statutory financial statements for 1997 have been delivered to the Registrar of Companies, whereas those for 1998 will be delivered following the Annual General Meeting. The auditors have reported on those financial statements; their reports were unqualified and did not contain a statement under sections 237(2) or (4) of the Companies Act 1985. 5. Annual General Meeting The Annual General Meeting will be held at the Royal Corinthian Yacht Club, The Parade, Cowes, Isle of Wight on Wednesday 26 May 1999 at 11.00 hours. END FR SEAFDFUUUFFL
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