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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Europasia | LSE:EPE | London | Ordinary Share | GB00B0N9QD87 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2255R Europasia Education PLC 14 September 2005 EUROPASIA EDUCATION PLC INTERIM RESULTS For The Six Months Ended 30 June 2005 Chairman's Statement Highlights. * Turnover up fourfold to #289,026 (2004: #74,219). * Gross profit #190,253 (2004: #13,554) * Operating loss before exceptional items reduced to #63,377 (2004: loss #173,005) * Purchase completed of a 12% stake in AGI, management company to SIIT, a profitable Chinese University, for #1.0m. * Record profits at AGI in year ended June 2005 of #2.4m, paving the way for an autumn admission to Ofex * Tangible pipeline of new investments progressing. There has been a significant increase in group turnover, as the effects of the acquisition of English 2000, our 100% owned UK language School, are felt. English 2000 has altered the course mix and introduced new marketing methods in order to grow the business. We will continue to seek ways to add value to this investment, including developing into new markets. The Company made an investment in February of #1 million for 12% of AGI, management company for SIIT, a profitable Chinese University in Shandong Province. AGI reported post tax profits of #2.4 million for the year ended 30 June 2005. In June SIIT completed a major expansion, adding capacity for a further 5,000 students, the profits from which will feed through into 2006 results. SIIT is planning a second phase of expansion, due to be completed in the summer of 2006, for which AGI will raise further funds via a listing on OFEX, scheduled for this autumn. Europasia is seeking to invest additional funds in AGI on its OFEX float, and is currently exploring several financing options to raise the necessary funds. Following the success of this investment, I am pleased to report that our China based team is seeking additional investment opportunities in China. Due to it's small size as part of our portfolio, the board has decided to merge Management International with other operations which will, in time, reduce overheads and increase margins in this business. The board has therefore decided to write off the goodwill relating to its investment in Management International, which results in a one-off charge to the Profit and Loss account of #173,038. The Board has also taken the decision to provide #66,040 against its hitorical investments in EnterpriseAsia plc, listed on AIM, and Value Convergence, listed in Hong Kong. These investments were made by the previous management team. As a result of the provisions against investments, totalling #239,078, the overall loss for the period is #333,581 (2004 loss #182,083). The Company has reached an important point in its development, with the potential uplift on its investment in AGI, reduced overheads and increasing contribution from E2000. I look forward to building on recent progress and pursuing the investment opportunities currently under consideration in both the UK and China. James Holmes Chairman and Chief Executive 14 September 2005 Consolidated Unaudited Unaudited Audited Profit and Loss Account 6 months to 6 months to Year to 30 Jun 05 30 Jun 04 31 Dec 04 # # # Turnover 289,026 74,219 360,188 Cost of Sales (98,773) (60,665) (164,818) ------ ------ ------ Gross Profit 190,253 13,554 195,370 Administrative expenses (253,630) (186,559) (482,513) ------ ------ ------ Operating loss before tax, interest, depreciation and amortisation (63,377) (173,005) (287,143) Amortisation of goodwill (196,804) (10,179) (40,163) Provision against investments (66,040) - - Depreciaton of tangible assets (10,285) (2,437) (11,948) ------ ------ ------ Operating loss (336,506) (185,621) (339,254) Interest received 6,530 3,538 20,095 Interest payable (3,735) - (3,220) ------ ------ ------ Loss before taxation (333,711) (182,083) (322,379) Taxation 130 - 1,359 ------ ------ ------ Loss after taxation (333,581) (182,083) (321,020) ------ ------ ------ Basic loss per share (0.161p) (0.146p) (0.220p) Consolidated Unaudited Audited Balance Sheet as at as at 30 Jun 05 31 Dec 04 # # Intangible assets 431,743 628,547 Tangible assets 26,793 36,767 Investments 993,861 66,040 ------ ------ 1,452,397 731,354 Current assets Debtors 70,054 58,486 Cash 288,894 578,806 ------ ------ 358,948 637,292 Current liabilities (288,033) (349,848) ------ ------ Net current assets 70,915 287,444 Provision for deferred taxation (3,694) (3,694) ------ ------ Total assets less current liabilities 1,519,618 1,015,104 ------ ------ Called up share capital 2,239,228 1,680,498 Share premium account 3,284,177 3,004,812 Profit and loss account (4,003,787) (3,670,206) ------ ------ Equity shareholders funds 1,519,618 1,015,104 ------ ------ Consolidated Unaudited Unaudited Audited Cash Flow statement 6 months to 6 months to Year to 30 Jun 05 30 Jun 04 31 Dec 04 # # # Net cash outflow from operating activities Operating loss (270,466) (185,621) (339,254) Depreciation of tangible assets 10,285 2,437 11,948 Shares issued in lieu of consultancy fees - - 19,028 (Increase)/decrease in debtors (11,568) (113,353) 14,150 Increase/(decrease) in creditors (61,815) 54,859 (72,402) Amortisation of goodwill 196,804 10,179 40,163 ------ ------ ------ Net cash outflow from operating activities (136,760) (231,499) (326,367) Interest received 6,530 3,538 20,095 Interest paid (3,735) (3,220) Capital expenditure and financial investment Payments to acquire tangible assets (311) - (3,895) Payments to acquire investments (155,766) - (623,828) ------ ------ ------ Net cash outflow before management of liquid resources and financing (289,912) (227,961) (937,215) Financing Issue of share capital - 539,194 539,194 Cash acquired with investments - - 475,861 ------ ------ ------ Increase / (decrease) in cash in the period (289,912) 311,233 77,840 ------ ------ ------ Reconciliation of net cash flow movement Opening net funds 578,806 500,966 500,966 Increase / (decrease) in cash in period (289,912) 311,233 77,840 ------ ------ ------ Closing net funds 288,894 812,199 578,806 ------ ------ ------ Notes to the interim results 1 Basis of preparation The information relating to the six month period ended 30 June 2005 is unaudited and has not been reviewed by the Auditors. These statements have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements of the company for the year ended 31 December 2004. The information relating to the year ended 31 December 2004 is extracted from the audited accounts of the Company, which have been filed at Companies House and on which the auditors issued an unqualified opinion. The financial information relating to the six month period ended 30 June 2005 does not constitute statutory accounts within the meaning of Section 240 Companies Act 1985. The financial information contained in this report was approved by the Board of Directors on 14 September 2005. 2 Loss per share Loss per share is based on the loss after tax of #333,711 on 207,562,230 ordinary shares being the weighted average number of ordinary shares in issue in the period ended 30 June 2005. There is no dilutive effect of options. This information is provided by RNS The company news service from the London Stock Exchange END IR PKNKQABKDCCD
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