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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:2367E Eurocity Properties PLC 26 November 2002 EMBARGOED FOR RELEASE AT 0730 ON 26 NOVEMBER 2002 ANNOUNCEMENT Eurocity Properties PLC ("Eurocity" or "the Company") Eurocity is pleased to announce its interim results for the six months ended 30 September 2002. The interim results have been incorporated into the offer document, which has today been posted to Eurocity shareholders, containing the offer announced on 8 November 2002 by John East & Partners Limited on behalf of Panther Securities P.L.C. for the whole of the issued share capital of the Company not already owned by Panther Securities P.L.C. Copies of the interim results are available from the Company's office at 38 Mount Pleasant London WC1X 0AP for one month from the date of this announcement. CHAIRMAN'S STATEMENT for the period ended 30 September 2002 Results Turnover for the period was #728,913 (2001: #1,774,279). The reduction in turnover principally reflects a reduction in the sale of trading properties. Profit before taxation was #53,745 (2001: #141,003 loss). This apparent improvement reflects the fact that Panther Securities PLC have made no management charges to the Company and also certain exceptional credits resulting from negotiated reductions of professional fees in respect of an aborted transaction charged in the audited accounts for the year ended 31 March 2002. Net asset value at the period end was #2,315,589 or 39.8p per share (31 March 2002: #2,261,844 or 38.8p per share). Shareholders should note that the Company was cash negative during the period and will require further short term financial support. The Future Shareholders will be aware of the offer for the Company by Panther Securities PLC announced on 8 November 2002 ("the Offer"). For reasons fully explained in the Offer document, having taken advice from the Company's nominated adviser, Nabarro Wells & Co. Limited, I recommend shareholders to accept the Offer. Nicholas Jeffrey LLB Chairman 25 November 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the period ended 30 September 2002 Period ended Period ended Year ended Notes 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # TURNOVER 3 728,913 1,774,279 2,891,324 Cost of trading properties sold (238,909) (1,214,692) (1,664,864) Direct property expenses (28,009) (40,782) (83,986) Administrative expenses: - Exceptional 4 64,892 - (418,518) - Other (180,823) (320,111) (818,918) OPERATING PROFIT/(LOSS) 346,064 198,694 (94,962) Profit/(loss) on sale of investment properties 1,675 - (160,177) Interest receivable 1,104 1,873 5,983 Interest payable (295,098) (341,570) (756,336) PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 53,745 (141,003) (1,005,492) Taxation 6 - - - PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 53,745 (141,003) (1,005,492) EARNINGS/(LOSS) PER SHARE Basic 5 0.9p (2.6p) (18.1p) Fully diluted 5 0.9p (2.6p) (18.1p) Turnover and operating profit/(loss) are derived from the group's continuing operations. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Period ended Period ended Year ended 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Profit/(loss) for the financial period 53,745 (141,003) (1,005,492) Unrealised deficit on revaluation of investment properties - - (46,237) Total recognised gains and losses relating to the period 53,745 (141,003) (1,051,729) CONSOLIDATED BALANCE SHEET 30 September 2002 Notes 30 September 31 March 2002 2002 (Unaudited) (Audited) # # FIXED ASSETS Investment properties and other tangible assets 10,730,815 10,732,144 CURRENT ASSETS Stock - 229,988 Debtors 162,316 320,179 Cash at bank and in hand 60,373 309,651 222,689 859,818 CREDITORS: Amounts falling due within one year (1,298,532) (1,853,446) NET CURRENT LIABILITIES (1,075,843) (993,628) TOTAL ASSETS LESS CURRENT LIABILITIES 9,654,972 9,738,516 CREDITORS: Amounts falling due after more than one year (7,339,383) (7,476,672) NET ASSETS 2,315,589 2,261,844 CAPITAL AND RESERVES Called up share capital 7 2,912,670 2,912,670 Share premium account 663,581 663,581 Other reserve 53,711 53,711 Revaluation reserve 565,306 565,306 Profit and loss account (1,879,679) (1,933,424) EQUITY SHAREHOLDERS' FUNDS 2,315,589 2,261,844 NET ASSET VALUE PER SHARE 39.8p 38.8p CONSOLIDATED CASH FLOW STATEMENT for the period ended 30 September 2002 Period ended Period ended Year ended 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Cash flow from operating activities 322,479 1,479,501 2,013,472 Returns on investments and servicing of finance (285,489) (338,062) (725,929) Taxation - - - Capital expenditure and financial investment 1,675 (3,605,920) (1,297,840) Acquisitions (300,000) - (27,110) CASH OUTFLOW BEFORE FINANCING (261,335) (2,464,481) (37,407) Financing 180,285 2,451,767 1,476,261 (DECREASE)/INCREASE IN CASH IN THE PERIOD (81,050) (12,714) 1,438,854 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Period ended Period ended Year ended 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # (Decrease)/increase in cash in the period (81,050) (12,714) 1,438,854 Cash inflow from increase in debt (180,285) (2,451,767) (1,476,261) Change in net debt resulting from cash flows (261,335) (2,464,481) (37,407) Amortisation of finance costs (8,505) (1,635) (24,424) MOVEMENT IN NET DEBT IN PERIOD (269,840) (2,466,116) (61,831) NET DEBT BROUGHT FORWARD (7,613,423) (7,551,592) (7,551,592) NET DEBT CARRIED FORWARD (7,883,263) (10,017,708) (7,613,423) NOTES TO THE INTERIM ACCOUNTS for the period ended 30 September 2002 1 BASIS OF PREPARATION The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The figures for the year ended 31 March 2002 are based upon the latest statutory accounts which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The six months figures, which have not been audited, use the same accounting policies as for the year ended 31 March 2002, except that the investment properties have not been valued at 30 September 2002 or 30 September 2001. The interim accounts were approved by the Directors on 25 November 2002. 2 GOING CONCERN At 30 September 2002, the group had net current liabilities of #1,075,843 and long-term loans of #7,339,383. Subsequent to that date, the directors have arranged financial support to enable the group to meet its short-term liabilities and are confident that they will be able to procure additional financial support if required. Consequently the directors are confident that the group will now be able to meet its liabilities as they fall due for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial information on the going concern basis. The financial information does not include any adjustments that would result if this basis was not appropriate. 3 TURNOVER Period ended Period ended Year ended 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Rental income 488,913 525,779 1,127,934 Sale of trading properties 240,000 1,248,500 1,763,390 728,913 1,774,279 2,891,324 4 EXCEPTIONAL ADMINISTRATIVE CREDIT/(EXPENSE) The exceptional administrative credit arose from negotiated reductions of professional fees in relation to one aborted transaction charged in the audited accounts for the year ended 31 March 2002. 5 EARNINGS/(LOSS) PER SHARE The calculation of earnings/(loss) per ordinary share is based on the profit after taxation of #53,745 (year to 31 March 2002: loss #1,005,492; period to 30 September 2001: loss #141,003) and on the weighted average number of ordinary shares in issue during the period of 5,825,340 shares (year to 31 March 2002: 5,553,011 shares; period to 30 September 2001: 5,383,810 shares). The 2,250,107 warrants, giving the holders thereof the right to subscribe for one ordinary share, have an exercise price above the fair value of the company's shares. Hence they are non dilutive. 6 TAXATION There is no charge to corporation tax for the group due to the availability of group taxation losses brought forward. 7 SHARE CAPITAL 30 September 31 March 2002 2002 (Unaudited) (Audited) # # Authorised: 60,000,000 ordinary shares of 50p each 30,000,000 30,000,000 Allotted, issued and fully paid: 5,825,340 ordinary shares of 50p each 2,912,670 2,912,670 8 CASH FLOWS Period ended Period ended Year ended 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Reconciliation of operating profit/(loss) to net cash flow from operating activities Operating profit/(loss) 346,064 198,694 (94,962) Depreciation 1,329 630 796 Decrease in stock 229,988 1,164,760 1,612,430 Decrease/(increase) in debtors 157,863 (22,406) (283,619) (Decrease)/increase in creditors (412,765) 137,823 778,827 Net cash flow from operating activities 322,479 1,479,501 2,013,472 INDEPENDENT REVIEW REPORT TO EUROCITY PROPERTIES PLC Introduction We have been instructed by the company to review the financial information set out above, comprising consolidated profit and loss account, statement of total recognised gains and losses, consolidated balance sheet, consolidated cash flow statement and the related notes. We have also read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. It is best practice that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board as if that Bulletin applied. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2002. BAKER TILLY Registered Auditor Chartered Accountant 2 Bloomsbury Street London WC1B 3ST 25 November 2002 Enquiries to: Nicholas Jeffrey, Chairman Tel: 01433 630938 Robert Lo/Keith Smith Tel: 020 7710 7400 Nabarro Wells & Co. Limited - Nominated Adviser This information is provided by RNS The company news service from the London Stock Exchange END IR ILFESLELEFIF
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