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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.70 | 1.60 | 1.80 | 1.70 | 1.65 | 1.70 | 1,741,007 | 08:06:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.86M | -0.0701 | -0.24 | 451.35k |
RNS Number:1190Y Eurocity Properties PLC 31 January 2001 www.eurocityproperties.com Interim Accounts For the six months ended30th September 2000Company Registration No. 2739940 In the six months ending 30 September, your company recorded a slightly increased loss of #96,305 compared with #69,353 in 1999. Despite this loss your directors believe that the company is making progress and continues to improve the overall quality of its portfolio.A number of acquisitions were made in the period of commercial properties let to sound covenants in good locations.Your board is aware of the difficulty in trading in the shares in a company as small as ours, and realise the need to market the shares to as wide an audience as possible. Baron Bloom will present to regional and private client brokers in an attempt to heighten the profile of the company. The company was recently featured on a Channel 4 business programme where the shares were picked as a buy. This resulted in significant trading in the shares, enabling longstanding holders to exit and giving us the benefit of new and stable holders.Since the end of the half year, the company has completed the acquisition of three property companies, in a single transaction, at a cost of #1.8m, of which #200,000 was satisfied by the issue of new shares at a price of 50p per share. The assets of the companies are residential properties in Central London. We expect to dispose of some of these properties quickly, but in the meantime they are income producing. This was an opportunistic purchase and does not represent a change in the strategic direction of the company.The company is not yet in a position to pay a dividend.Nicholas JeffreyChairman Unaudited Audited Period Period ended 30th Year ended 31st ended September 2000 March 2000 30th September 2000 # # # Income from properties 251,470 211,328 481,949 Direct property expenses (43,830) (7,644) (16,216) Operating expenses (210,887) (166,203) (322,446) Exceptional item 2 --- --- (224,400) Profit on sale of 54,630 --- --- properties Operating profit/(loss) 51,383 37,481 (81,113) Interest receivable 11,991 5,540 170 Interest payable (159,679) (112,374) (237,286) Loss on ordinary (96,305) (69,353) (318,229) activities before taxation Taxation 5 --- --- --- Loss on ordinary (96,305) (69,353) (318,229) activities after taxation Loss per share Basic 3 2.7p 3.4p 13.9p Fully diluted 3 2.6p 2.8p 11.8p Unaudited Audited Period Period ended 30th Year ended ended September 2000 31st March 30th 2000 September 2000 # # # Loss for the financial period (96,305) (69,353) (318,229) Unrealised (deficit)/surplus on --- (44,926) 85,074 revaluation of investment properties Total recognised gains and losses (96,305) (114,279) (233,155) relating to the period Unaudited Audited Notes 31st March 30th 2000 September 2000 # # Fixed assets 6 5,345,991 5,330,000 Tangible assets --- 85,074 Current assets Investments 7 124,630 --- Debtors 79,389 29,064 Cash at bank and in hand 425,938 641,101 629,957 670,165 Creditors: Amounts falling due within one year (312,995) (535,756) Net current assets 316,962 134,409 Total assets less current liabilities 5,662,953 5,464,409 Creditors: Amounts falling due after more than (3,386,630) (3,244,283) one year 2,276,323 2,220,126 Capital and reserves Called up share capital 8 1,925,170 1,757,670 Share premium account 9 663,583 678,581 Other reserve 9 53,711 53,711 Revaluation reserve 9 563,555 497,179 Profit and loss account 9 (929,696) (767,015) Shareholders' funds 2,276,323 2,220,126 Net asset value per share 4 59.1p 63.2p Unaudited Audited Period Period ended 30th Year ended ended September 1999 31st March 30th 2000 September 2000 # # Cash flow from operating (96,423) 41,446 165,729 activities Returns on investments and (147,688) (106,834) (237,116) servicing of finance Taxation --- --- --- Capital expenditure and (46,991) (937,174) (937,174) financial investment Acquisitions and disposals --- (150,000) (150,000) Cash outflow before (291,102) (1,152,562) (1,158,561) financing Financing 89,348 856,311 1,404,435 (Decrease)/increase in cash (201,754) (296,251) 245,874 in the period RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT Period Period ended 30th Year ended 31st ended September 1999 March 2000 30th September 2000 # # (Decrease)/increase in (201,754) (296,251) 245,874 cash in the year Cash inflow from increase (113,319) (1,427,829) (1,362,278) in debt Change in net debt (315,073) (1,724,080) (1,116,404) resulting from cashflows Net debt brought forward (2,723,086) (1,606,682) (1,606,682) Net debt carried forward (3,038,159) (3,330,762) (2,723,086) 1 Basis of preparation The interim financial statements have been prepared on the basis of the accounting policies as set out in the statutory financial statements for the year ended 31 March 2000. The interim financial statements, which were approved by the Directors on 26 January 2001, are unaudited. 2 Exceptional item This relates to a provision of #200,000 in respect of shares receivable under the directors' incentive scheme (note 11) together with a provision for employers national insurance of #24,400. 3 Loss per share The calculation of loss per ordinary share is based on the loss for the period of #96,305 (year to 31 March 2000 -- loss of #318,229; period to 30 September 1999 -- loss of #69,353) and on the weighted average number of shares in issue during the period of 3,573,782 shares (31 March 2000 -- 2,290,993 shares; 30 September 1999 -- 2,061,532 shares). Fully diluted loss per share includes shares held under the directors' incentive scheme (note 11) and is based on a loss for the period of #96,305 (year to 31 March 2000 -- loss of #318,229; period to 30 September 1999 -- loss of #69,353) and on a weighted average number of shares in issue during the period of 3,698,782 shares (31 March 2000 -- 2,690,993 shares; 30 September 1999 -- 2,461,532 shares). 4 Net asset value per share The calculation of net asset value per share is based on net assets of #2,276,323 (31 March 2000 -- #2,220,126) and on the number of shares in issue at the balance sheet date of 3,850,340 shares (31 March 2000 -- 3,515,340 shares). 5 Taxation There is no charge to corporation tax for the group due to the trading losses incurred. 6 Tangible assets Investment properties # Valuation 1 April 2000 5,330,000 Additions 965,991 Disposals (950,000) 30 September 2000 5,345,991 7 Investments Listed Investments # Cost Additions 124,630 30th September 2000 124,630 The listed investment represents ordinary shares in Newport Holdings Plc acquired as part consideration for the sale of investment properties. 8 Share capital Unaudited Audited 30th September 31st 2000 March 2000 # # Authorised: 60,000,000 ordinary shares of 50p each 30,000,000 30,000,000 Allotted, issued and fully paid 1,925,170 1,757,670 3,850,340 (31 March -- 3,515,340) ordinary shares of 50p each During the period the company issued 60,000 ordinary 50p shares at par as part consideration for the purchase of an investment property, and also issued 275,000 ordinary 50p shares at par representing bonus shares issued to D Bloom (note 11). 9 Reserves Re- Profit Share Other Valuation and loss Total premium reserve reserve account # # # # # 1 April 2000 678,581 53,711 497,179 (767,015) 462,456 Share issue costs (14,998) --- --- --- (14,998) Transfers of revaluation on sale of property --- --- 66,376 (66,376) --- Loss for the period --- --- --- (96,305) (96,305) 30 September 2000 663,583 53,711 563,555 (929,696) 351,153 10 Cash flows Unaudited Audited Period Period ended Year ended ended 30th September 31st March 30th 1999 2000 September 2000 # # # (a) Reconciliation of operating profit to net cash inflow from operating activities Operating profit/(loss) 32,993 37,481 (81,113) Profit on sale of investment properties (54,630) --- --- Increase in debtors (26,983) (7,485) (15,304) (Decrease)/increase in creditors (47,803) 11,450 262,146 Net cash (outflow)/inflow from (96,423) 41,446 165,729 operating activities # # # (b) Analysis of cash flows for headings netted in the cash flow Returns on investments and servicing of finance Interest received 11,991 5,540 170 Interest paid (159,679) (112,374) (237,286) (147,688) (106,834) (237,116) Capital expenditure and financial investment Purchase of tangible fixed assets (926,991) (937,174) (937,174) Sale of tangible fixed assets 880,000 --- --- (46,991) (937,174) (937,174) Acquisitions and disposals Acquisition of subsidiary --- (150,000) (150,000) Financing Issue of shares (23,998) 139,000 728,675 New building society loans 820,000 777,500 777,500 Building society loans repaid (706,654) (60,189) (101,740) Net cash outflow from financing 89,348 856,311 1,404,435 11 Directors' incentive scheme and warrants The company currently runs an incentive scheme for certain directors. The scheme provides for certain directors to be entitled to receive a specified amount, as set out below, to be satisfied by the issue of new ordinary 50p shares in the company and triggered by any of the following events: (a) The company first achieving a net asset value target of 143p per share, as shown by the audited accounts of the company for any of the financial years ending in 1999, 2000, 2001, 2002 or 2003. (b) The admission of the Company's shares to the Official List of the London Stock Exchange or to trading on the Alternative Investment Market; or (c) Control of the company being acquired by another company whose shares have been so admitted. The number of shares granted to each of the directors is as follows: No. of shares DL Bloom 275,000 BA Bloom 125,000 DSM Glasner LLB --- N Jeffery LLB --- Less: shares issued in period (note 8) (275,000) 125,000 The entitlement to these shares has been triggered by the admission of the company's shares to the Alternative Investment Market, and shares have been issued to DL Bloom in the period. Full provision has been made in these accounts for the shares due to BA Bloom.The company has created 2,250,107 warrants each giving the holder thereof the right to subscribe to one ordinary share at a price of 55p per share at any time during the period of three years from the date of admission to AIM on 31 March 2000. The warrants were issued on 31 March 2000 to the holders of ordinary shares on the basis of one warrant for every two ordinary shares.The directors have been granted warrants, exercisable on the same terms, as follows: No. of warrants N Jeffrey LLB 191,818 BA Bloom 200,000 DSM Glasner 45,454 437,272- None of these warrants have been exercised. Introduction We have been instructed by the company to review the financial information set out on pages 1 to 9 and we have 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. The Listing rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidelines contained in Bulletin 1999/4 issued by the Auditing Practices Board. 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 2000.BAKER TILLYChartered Accountants2 Bloomsbury StreetLondonWC1B 3ST
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