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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Highland Timber | LSE:HTB | London | Ordinary Share | GB0000429497 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 107.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
HIGHLAND TIMBER P.L.C. ANNOUNCEMENT OF INTERIM RESULTS The Directors announce the unaudited statement of results for the six months ended 30 June 2007 as follows: CHAIRMAN'S STATEMENT Operating Review During the first six months of 2007 we continued to work to improve the quality and value of our forests. No commercial felling was carried out and the planned restocking programme for 2007 was completed. In accordance with existing maintenance plans, we are scheduled to complete the restocking of all our forests during the first half of 2008. Forest Sale Process In March 2007, an unsolicited approach was made for all of the Company's five forests significantly in excess of the balance sheet valuation of the forests as at 31 December 2006, following which a private auction was conducted. In May 2007 we reached an agreement for the sale of the five United Kingdom forest assets (the "Forest Assets") to FIM Timber Growth Fund IV ("FIM TGF IV") for a cash consideration of £9.9 million. FIM TGF IV offered the most certainty for shareholders at that time and were the only party to complete the necessary due diligence within the timescales set by the Company. The FIM TGF IV offer was put to Shareholders in a circular, dated 4 June 2007 and convening an Extraordinary General Meeting for 26 June 2007 ("EGM") to approve the FIM TGF IV offer. Following the posting of the circular and prior to the EGM, Louis Dreyfus Energy Holdings Limited ("LDEH") made direct representations to Shareholders indicating that they had made an offer of £11.1 million for the forests and would consider making an offer for the Company should the FIM TGF IV offer be turned down. Subsequently, at the EGM, the FIM TGF IV offer was not approved by Shareholders. The work involved in holding the EGM and obtaining the legal and financial advice necessary to progress these events and to properly communicate with Shareholders has given rise to additional re-organisation costs which to date amount to £150,000 (2006: nil). Following the expiry of the FIM TGF IV exclusivity period, discussions were progressed with interested parties. Consequently, the Board is pleased to announce today that it has reached agreement for the sale of the Forest Assets to FIM TGF IV for a total consideration of £12.5 million in cash subject only to shareholder approval. Forest Valuation and Results We reported last year that we were considering adopting new IFRS accounting standards during 2007. We have now decided to defer this decision to limit any chance of confusion, particularly during the forest sale process. The difficulty in placing a precise value on the forests during the sale process is clear. However, all of the offers received during the period under review exceeded the original costs of the individual forests, less their accumulated depletion. Therefore, under existing UK GAAP accounting standards, the value of the forests has been increased by £330,463 to £6,263,414 which is the maximum value we can place on the forests under these standards. This represents a full reversal of impairment amounts written off in the past. The operating profit for the six months ended 30 June 2007 totalled £79,000 (2006 loss: £21,000). After re-organisation costs of £150,000 and net interest income of £72,000 (2006: £56,000) the Company made a profit before tax of £ 1,000 (2006: £35,000). The net loss after taxation was £12,000 (2006: profit £ 25,000) which represented a loss per share of 0.10 pence (2006: profit 0.21 pence). At the period end the Company held cash on deposit totalling £2,523,000 following a cash outflow of £200,000 in the six months ended 30 June 2007. Outlook We will continue to maintain our forests to a good standard. Our discussions with interested parties have progressed well, culminating in today's announcement by the Company of the proposed sale of the Forest Assets to FIM TGF IV for a total consideration of £12.5 million in cash. On completion of the disposal of the Forest Assets, the Company will have no trading activities and will be an investing company pursuant to Rule 15 of the AIM Rules. Ron Williams, Chairman 24 August 2007 PROFIT AND LOSS ACCOUNT Six months ended Six months ended Year ended 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover 6 259 273 6 259 273 Cost of sales - (31) (31) Gross profit 6 228 242 Operating expenses (257) (249) (393) Reversal of previous 330 - 728 impairment of forests Operating profit/(loss) 79 (21) 577 Re-organisation costs (150) - - Profit on disposal of - - 70 fixed assets Interest receivable 72 57 124 Interest payable - (1) (1) Profit before 1 35 770 taxation Taxation (13) (10) (22) (Loss)/profit for the (12) 25 748 period Pence Pence Pence (Loss)/earnings per share Basic (0.10) 0.21 6.35 Diluted (0.10) 0.20 6.05 BALANCE SHEET As at As at As at 30 June 2007 30 June 31 Dec 2006 2006 (unaudited) (audited) (unaudited) £'000 £'000 £'000 Fixed assets Tangible fixed assets 6,264 5,316 5,933 Current assets Debtors 30 48 23 Cash at bank and in hand 2,523 2,647 2,723 2,553 2,695 2,746 Current liabilities Creditors: amounts falling due (186) (119) (50) within one year Net current assets 2,367 2,576 2,696 Total assets less current 8,631 7,892 8,629 liabilities Capital and reserves Called-up share capital 5,886 5,886 5,886 Share premium account 5,373 5,373 5,373 Share option reserve 42 14 28 Profit and loss account (2,670) (3,381) (2,658) 8,631 7,892 8,629 CASH FLOW STATEMENT Six months Six months Year ended ended ended 31 Dec 2006 30 June 30 June 2007 2006 (audited) (unaudited) (unaudited) £'000 £'000 £'000 Net cash outflow from operating activities (272) (683) (807) Servicing of finance Interest received 72 57 124 Interest paid - (1) (1) Taxation - - (48) Proceeds from sale of fixed assets - - 181 Financing - - - Decrease in cash for the period (200) (627) (551) Reconciliation of operating profit/(loss) to net cash outflow from operating activities Operating profit/(loss) 79 (21) 577 Re-organisation costs (150) - - Cost of timber sold - 31 31 Increase in debtors (7) (31) (6) Increase/(decrease) in creditors 122 (676) (709) Share-based payment charge 14 14 28 Reversal of previous impairments (330) - (728) (272) (683) (807) Reconciliation of net cash movement to net cash Decrease in cash in the period (200) (627) (551) (200) (627) (551) Net cash brought forward 2,723 3,274 3,274 Net cash carried forward 2,523 2,647 2,723 Analysis of net cash Cash at bank 2,523 2,647 2,723 Net cash carried forward 2,523 2,647 2,723 NOTES TO THE ACCOUNTS At 30 June 2007 Notes 1. Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in the Company's annual financial statements for the year ended 31 December 2006. The interim financial information does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 31 December 2006 have been extracted from the statutory Financial Statements which have been delivered to the Registrar of Companies and upon which the auditors gave an unqualified report. 2. Earnings per share The calculation of earnings per share is based on the weighted average of ordinary shares in issue during the six months to 30 June 2007 of 11,772,267 (2006: 11,772,267) and the loss after taxation of £12,000 (2006: profit after taxation of £25,000). In accordance with FRS 22, no adjustment is made in the calculation of diluted earnings per share for the six months ended 30 June 2007 for the potential conversion of the 588,613 share options granted on 15 December 2005 due to the loss for the period. However, the comparative figures for diluted earnings per share assume that the options have been exercised during the relevant period, such that the fully diluted weighted average number of shares in issue is 12,360,880, due to the profit for the period. 3. Reconciliation of movements in equity shareholders' funds 30 June 30 June 31 December 2007 2006 2006 £ £ £ (Loss)/profit for the (12) 25 748 period Share-based payment 14 14 28 charge Opening shareholders' 8,629 7,853 7,853 funds Closing shareholders' 8,631 7,892 8,629 funds Enquiries: Oliver Waring 020 7937 0755 Chief Executive Officer END
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