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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energypathways Plc | LSE:EPP | London | Ordinary Share | GB00BM9M0884 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -2.63% | 1.85 | 1.80 | 1.90 | 1.90 | 1.85 | 1.90 | 150,000 | 14:00:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.86M | -0.0701 | -0.26 | 504.45k |
RNS Number:8162K Eurocity Properties PLC 28 September 2001 ANNOUNCEMENT Eurocity Properties PLC ("Eurocity" or "the Company") Eurocity is pleased to announce its results for the year ended 31 March 2001. Chairman's Statement Dear Shareholder, The year has seen considerable activity including a number of acquisitions which have been funded in part by issuing ordinary shares at a substantial premium to market price in part payment thereby increasing the issued equity and marketability in the company's shares. We are continuing to acquire properties let on longer term leases to strong covenants providing the company with a secure income stream. Our funding is generally matched to the underlying properties acquired and our mortgages are therefore all long term. The company has developed excellent working relationships with a number of funders and on behalf of shareholders I would like to thank them for their support. A loss has been recorded in the year to 31 March 2001 of #432,061 (2000: # 318,229). The loss arises primarily as a consequence of not having sufficient income to cover the increased operating overheads as a consequence of the increased level of corporate activity during the year. The net asset value per share at the year end is 57.7p (2000: 63.2p) and the net assets have risen to #3,013,573 (2000: #2,220,126) providing the company with a stronger base for future expansion. In view of the current position of the company the directors are not in a position to recommend the payment of a dividend. We have continued to make further acquisitions since the year end and we are looking to carry out innovative transactions in order to achieve out performance in what are undoubtedly more difficult economic conditions. Current indications are that the company will continue to make progress in the coming year. N Jeffrey LLB Chairman Operational and Financial Review It has been an active year during which we have completed acquisitions in excess of #8m of properties which has more than doubled the size of the portfolio. The company has acquired a well-let freehold property investment comprising retail and offices in Crawley town centre which was funded in part by the issue of #300,000 in new shares. Further acquisitions include two retail units in Wishaw let to Scottish Power plc and Shoefayre Limited, an office/retail investment in Greenock let to Coral Estates Limited where we issued a further #125,000 in shares, a retail unit in Coatbridge let to Next plc and a portfolio of nine flats located in Central London where we again issued #200,000 in shares towards the acquisition. All of the shares issued for property acquisitions have been at 50p per share which has throughout the period represented a substantial premium to the prevailing market price of the shares. We have taken advantage of the low interest rates that have been available and all of our loans fully cover all interest and capital reduction payments. We have secured two new tenants (HFC Bank plc and Endsleigh Insurance) on long term leases at our property in Norwich, and we are currently negotiating four outstanding rent reviews where we believe there will be rental growth. At Main Street, Barrhead, Glasgow, the vacant first floor is being refurbished to include a new access at a cost of #25,000. Planning consent has been obtained for leisure use and it is anticipated that a rent of #30,000 per annum will be achieved. Save for the Barrhead property the portfolio is virtually fully let. The company has been focusing on larger transactions and will continue to seek larger size deals. Purchasing quality investments let on long term leases to strong tenants will remain the core of our business. Our strategy remains to issue further shares as part payment for property purchases, which enables us to increase the size of our portfolio and expand our equity base with limited cash resources. Since the year end we have successfully purchased a freehold supermarket investment in High Street, Scunthorpe, for #710,000 which is let on a lease with in excess of 19.5 years left currently producing #80,000 per annum with a significantly higher ERV. We have also purchased 3 freehold retail investments, (1) Shawlands, Glasgow, which is let to Burger King for in excess of 17 years, for #530,000 in cash and 200,000 new ordinary shares issued at 50p per share, the passing rent is # 53,500, (2) Aberystwyth is let to Thorn High Street Properties Ltd trading as Radio Rentals for a further 121/2 years at a passing rent of #67,500. The purchase price was #550,000 in cash and the issue of 400,000 new ordinary shares issued at 50p per share and (3) Paisley, which is let to Stead & Simpson Ltd for a further period of 15 years at a current rental of #74,500, the purchase price was #700,000. We are currently evaluating numerous transactions including corporate acquisitions. Baron Bloom Managing Director GROUP PROFIT AND LOSS ACCOUNT For the year ended 31 March 2001 2001 2001 2000 2000 # # # # INCOME FROM PROPERTIES Continuing operations 488,469 481,949 Acquisitions 43,409 - 531,878 481,949 Direct property expenses (39,696) (16,216) Operating expenses (591,801) (322,446) Exceptional item - (224,400) OPERATING LOSS Continuing operations (92,454) (81,113) Acquisitions (7,165) - (99,619) (81,113) Amounts written off (5,188) - investments Profit on sale of investment 31,924 - properties Investment income 15,735 170 Interest payable (374,913) (237,286) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (432,061) (318,229) Taxation - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (432,061) (318,229) LOSS PER SHARE Basic 10.9p 13.9p Fully diluted 10.9p 13.9p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 31 March 2001 2001 2000 # # Loss for the financial year (432,061) (318,229) Unrealised surplus on revaluation of investment 385,508 85,074 properties Total recognised gains and losses relating to the (46,553) (233,155) year NOTE OF HISTORICAL COST PROFITS AND LOSSES for the year ended 31 March 2001 2001 2000 # # Loss on ordinary activities before taxation (432,061) (318,229) Realisation of property revaluation losses of previous (66,376) - years Historical cost loss on ordinary activities before (498,437) (318,229) taxation Historical cost loss for the year retained after taxation and dividends (498,437) (318,229) GROUP BALANCE SHEET 31 March 2001 2001 2000 # # FIXED ASSETS Tangible assets 9,194,962 5,330,000 CURRENT ASSETS Stock 1,842,418 - Debtors 36,560 29,064 Investments 119,442 - Cash at bank and in hand 115,992 641,101 2,114,412 670,165 CREDITORS: Amounts falling due within one year (2,101,746) (535,756) NET CURRENT ASSETS 12,666 134,409 TOTAL ASSETS LESS CURRENT LIABILITIES 9,207,628 5,464,409 CREDITORS: Amounts falling due after more than (6,194,055) (3,244,283) one year 3,013,573 2,220,126 CAPITAL AND RESERVES Called up share capital 2,612,670 1,757,670 Share premium account 663,581 678,581 Other reserve 53,711 53,711 Revaluation reserve 949,063 497,179 Profit and loss account (1,265,452) (767,015) SHAREHOLDERS' FUNDS 3,013,573 2,220,126 NET ASSET VALUE PER SHARE 57.7p 63.2p GROUP CASH FLOW STATEMENT For the year ended 31 March 2001 2001 2000 # # Cash flow from operating activities 41,007 165,729 Returns on investments and servicing of (359,178) (237,116) finance Taxation - - Capital expenditure and financial (110,610) (937,174) investment Acquisitions and disposals (2,060,420) (150,000) CASH OUTFLOW BEFORE FINANCING (2,489,201) (1,158,561) Financing 1,907,816 1,404,435 (DECREASE)/INCREASE IN CASH IN THE PERIOD (581,385) 245,874 2001 2000 # # Reconciliation of operating loss to net cash flow from operating activities Operating loss (99,619) (81,113) Depreciation 4,549 - Increase in debtors (720) (15,304) Increase in creditors 136,797 262,146 Net cash inflow from operating activities 41,007 165,729 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2001 2000 # # Loss for the financial period (432,061) (318,229) Recognised gains relating to the year 385,508 85,074 New share capital subscribed 855,000 885,675 Share issue expenses (15,000) - Net addition to shareholders' funds 793,447 652,520 Opening shareholders' funds 2,220,126 1,567,606 Closing shareholders' funds 3,013,573 2,220,126 NOTES TO THE ACCOUNTS 1. The financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory financial statements for the financial year ended 31 March 2001 will be delivered to the Registrar of Companies and sent to the shareholders shortly. An unqualified auditors' report has been made on such accounts. 2. The Board do not recommend the payment of a dividend. 3. The calculation of loss per ordinary share is based upon the loss after taxation of #432,061 and on 3,971,492 being the weighted number of ordinary shares in issue during the period (2000: loss #318,229 and 2,290,993 being the number of ordinary shares). Fully diluted earnings per share is based on a loss after taxation of # 432,061 (2000: #318,229) and on a weighted average of 3,971,492 (2000: 2,290,993) shares in issue. The warrants have an exercise price above the fair value of the company's shares and hence are non dilutive. 4. Copies of the Annual Report will be sent to the shareholders in due course and additional copies will be available from the company's registered office at 2 Bloomsbury Street, London, WC1B 3ST. The Annual General Meeting will be held at the offices of SJ Berwin, 222 Grays Inn Road, London WC1X 8XF on 7 November 2001. Approved by the board on 28 September 2001 N Jeffrey Chairman BA Bloom Managing Director Enquiries to: Baron Bloom, Managing Director Tel: 020 7286 4433 Robert Lo/Keith Smith Tel: 020 7710 7400 Nabarro Wells & Co. Limited - Nominated Adviser
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