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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Metro Baltic | LSE:MET | London | Ordinary Share | IM00B1G4ZQ34 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMET
RNS Number : 6050O
Metro Baltic Horizons PLC
23 September 2013
Metro Baltic Horizons plc
Report and Condensed Consolidated Financial Statements
for the period ending 30 June 2013
Highlights
-- Net asset value per share (NAV) after deferred tax liabilities decreased slightly to EUR0.23 since the year end (31December 2012: EUR0.25) and was up 109% on the NAV per share at the interim period end last year (30 June 2012: EUR0.11).
-- As previously announced the St. Petersburg property was sold during the period. There was no gain or loss arising from the disposal as the property was revalued at the year end.
-- The loss for the period was EUR0.579m which predominantly reflected ongoing operational costs, litigation costs and costs pertaining to the sale of the St Petersburg property.
-- At the period end, the Group held a total of EUR6.078 million of cash and equivalents.
-- The Company commenced legal proceedings in October 2012 against various parties including the former directors, professional advisers and investment management team in relation to a material proportion of the losses previously suffered by the Company.
Chairman's Statement
As outlined in the full year accounts to December 31(st) 2012, the Company's strategy is now predominantly focused on the pursuit of litigation against the Company's former Board and its advisers. These matters are continuing and are now before the Courts. Further updates will be provided as appropriate.
The Board is continuing to review the most efficient operational structure and capital management of the Company's assets including but not limited to consideration of a de-listing of the Company and a special distribution to shareholders in the most tax efficient form. The Board hopes to be able to provide an update to shareholders in the near future.
Ronan Reid
Chairman
20(th) September 2013
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2013
Unaudited Audited Unaudited 30 June 31 Dec 2012 30 June 2013 2012 6 months 12 months 6 months Group Group EUR'000 Group Note EUR'000 EUR'000 Continuing operations Rental income 0 0 452 Rental and related expenses 0 0 -438 _______ _______ _______ Net rental and related income 0 0 14 Administrative expenses -542 178 -417 Changes in value of investment property 0 0 0 Net foreign currency gain -37 9 38 Gain/(Loss) arising on loss of control in former subsidiary 746 entity - - _______ _______ _______ Net operating profit/ (loss) before tax and finance income and expense -579 933 -365 Finance expense 0 0 -48 _______ _______ _______ Profit/(loss) before tax -579 933 -412 Income tax (charge)/ credit 0 0 4 _______ _______ _______ Profit/(loss) for the year -579 933 -408 ====== ====== ====== Other comprehensive income Profit/(loss) for the year -579 933 -408 Profit/(Loss) for year from discounted operations - 2,223 - Other comprehensive income for the year, net of tax - 0 - _______ _______ _______ Total comprehensive profit /(loss) for the year, net of tax -579 3,156 -408 ====== ====== ====== Attributable to: Equity holders of the parent -579 3,248 -399 Non-controlling interest 0 -92 -9 _______ _______ _______ -579 3,156 -408 ====== ====== ====== Earnings per share for continuing operations Basic profit /(loss) for the year attributable to ordinary equity holders of the parent (cents) 3 (2.2) 12.4 (1.5)
Consolidated Statement of Financial Position
As at 30 June 2013
Unaudited Audited Unaudited 30 June 31 Dec 2012 30 June 2013 2012 6 months 12 months 6 months Note Group EUR'000 Group EUR'000 Group EUR'000 ASSETS Non current assets Investment property - - 8,978 Other Assets - - 20 ______ ______ ______ - - 8,998 CURRENT ASSETS Other current assets 175 - 110 Trade and other receivables - - 33 Cash and cash equivalents 6,078 1,152 1,683 _______ ______ _______ 6,253 1,152 1,826 Assets included in disposal group as held for sale 8,022 _______ _______ _______ TOTAL ASSETS 6,253 9,174 10,824 ====== ====== ====== EQUITY Issued capital 262 262 262 Distributed reserves 36,186 36,186 36,186 Retained earnings -30,467 -29,888 -33,536 Foreign Exchange Movements -30 -30 -30 _______ _______ _______ Total equity attributable to ordinary shareholders 5,951 6,530 2,882 Minority Interest - - -1,288 _______ _______ _______ TOTAL EQUITY 5,951 6,530 1,594 LIABILITIES Non-current liabilities Other loans - - 1,052 Deferred tax liabilities - - 1,235 _______ _______ _______ Total Non Current Liabilities - 2,287 2,287 CURRENT LIABILITIES Trade and other payables 172 172 1,184 Bank Loans - - 3,773 Other loans - - 1,902 Other liabilities 130 - 84 _______ _______ _______ Total Current Liabilities 302 172 6,943 Liabilities included in disposal group as held for sale - 2,472 - _______ _______ _______ TOTAL EQUITY AND LIABILITIES 6,253 9,174 10,824 ====== ====== ====== Net asset value per ordinary share-basic (cents) 4 23 25 11
Approved on behalf of the Board of Directors on 20(th) September 2013 and signed by
Ronan Reid Brendan Murphy Director Director Attributable to the equity holders of the parent ------------------------------------------------------------- Issued Distributable FX Gains Retained Total Non-Controlling Total Capital Reserves or Losses Earnings EUR'000 Interest EUR'000 Equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 As at 1 January 2012 262 36,186 -30 -33,136 3,282 -1,279 2,003 Loss for the period - - - -399 -399 -9 -408 _____ _______ ______ _______ ______ ______ ______ Total comprehensive income - - - -399 -399 -9 -408 ______ _________ _______ _______ ______ _______ ______ As at 30 June 2012 262 36,186 -30 -33,535 2,883 -1,288 1,595 ===== ======= ====== ====== ===== ====== ====== Issued Distributable Foreign Retained Total Non- Total Equity Capital Reserves Currency Earnings EUR'000 Controlling EUR'000 EUR'000 EUR'000 Translation EUR'000 Interest Reserve EUR'000 EUR'000 As at 1 January 2012 262 36,186 -30 -33,136 3,282 -1,279 2,003 Profit/(Loss) for year - - - 3,248 3,248 -92 3,156 ______ _________ _______ _______ _____ _______ ______ Total comprehensive income for year - - - 3,248 3,248 -92 3,156 Transactions with owners De-recognition of non -controlling interest on loss of control - - - - - 1,371 1,371 _____ _________ _______ _______ ______ _______ ______ As at 31 December 2012 262 36,186 -30 -29,888 6,530 - 6,530 ==== ======= ====== ====== ===== ====== ====== Issued Distributable FX Gains Retained Total Non-Controlling Total Capital Reserves or Losses Earnings EUR'000 Interest Equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 As at 1 January 2013 262 36,186 -30 -29,888 6,530 - 6,530 Loss for the period - - - -579 -579 - -579 _____ _______ ______ _______ ______ ______ ______ Total comprehensive income - - - -579 -579 - -579 _____ _________ _______ _______ ______ _______ ______ As at 30 June 2013 262 36,186 -30 -30,467 5,951 - 5,951 ==== ======= ====== ====== ===== ====== ======
Consolidated Statement of Cash Flows
For the six months ended 30 June 2013
Unaudited Audited Unaudited 30 June 31 Dec 30 June 2013 2012 2012 6 months 12 months 6 months Group Group EUR'000 EUR'000 Group EUR'000 Cash flows from operating activities Profit/(Loss) before tax 933 * 412 * 579 Non-cash adjustment to reconcile profit before tax to net Cash flows Finance cost - - - FX gain/(loss) - * 9 - (Gain)/Loss arising from loss of control in former subsidiary entity - * 746 - Taxes paid and other miscellaneous 28 items - - Working capital adjustments: * 10 (Decrease)/increase in creditors 5 (955) Decrease/(increase) in debtors 5,500 - 7 _______ _______ _______ Net cash flows from operating activities * 415 4,926 * 749 Net cash flows from discontinued operations 83 _______ _______ _______ Net cash flows from operating activities * 415 4,926 * 666 ====== ====== ====== Cash flows from investing activities Capital expenditure on investment properties and property, plant and equipment - - 30 Finance Income - - - _______ _______ _______ Net cash used in investing activities - - 30 Cash flows from financing activities Net cash used in investing activities from discontinued operations - * 2 - - - Net cash used in financing activities from discontinued operations - * 81 30 _______ _______ _______ Net (decrease)/increase in cash and cash equivalents 4,926 * 749 (445) Cash and cash equivalents at the beginning of the period 1,152 2,128 2,128 Cash and cash equivalents in entities -227 classified as held for sale _______ _______ _______ Cash and cash equivalents at the end of the period 6,078 1,152 1,683 ====== ====== ======
Notes to the consolidated financial statements
For the period ended 30 June 2013
1. General Information
Metro Baltic Horizon plc (The "Company") is a company incorporated and domiciled in the Isle of Man on 18 September 2006 for the purposes of investing in and developing property in the Baltic States and in the St. Petersburg area of Russia.
The interim report of the Company for the period to 30 June 2013 comprises the Company and its subsidiaries (together referred to as the "Group")
The Company's registered address is IOMA House, Hope Street, Douglas, Isle of Man.
The Company was admitted to the AIM of the London Stock Exchange and commenced operations on the 11 December 2006.
The functional currency of the consolidated financial statements is the Euro and consequently the Company is reporting in Euro.
2. Basis of preparation
The Interim Financial Statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.
The Interim Financial Statements do not include all the information and disclosures required in Annual Financial Statements, and should be read in conjunction with the Group's Annual Financial Statements for the year ended 31 December 2012.
Significant accounting policies
The same accounting policies, presentation and methods of computation are followed in these Condensed Financial Statements as those followed in the preparation of the Group's Annual Financial Statements for the year ended 31 December 2012.
3. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 June 2013 was based on the loss attributable to shareholders of EUR579k and a weighted average number of ordinary shares outstanding during the period ended 30 June 2012 of 26,200k.
Unaudited Audited Unaudited 30 June 31 Dec 30 June 2013 2012 2012 6 months 12 months 6 months Group EUR'000 Group EUR'000 Group EUR'000 Basic earnings per share Profit/(Loss) attributable to ordinary shareholders (579) 3,248 (399) Weighted average number of ordinary shares in issue during the period ('000) 26,200 26,200 26,200 Basic earnings per share (expressed as cents per share) (2.2) 12.4 (1.5)
4. Net Asset Value per share
Unaudited Audited Unaudited 30 June 30 June 2013 31 Dec 2012 2012 Group EUR'000 Group EUR'000 Group EUR'000 Net Asset Value attributable to ordinary shareholders 5,951 6,530 2,882 Deferred tax - - 1,235 ______ ______ ______ Net Asset Value excluding deferred tax 5,951 6,530 4,117 ===== ===== ===== Net Asset Value per share (cents per share) 23 25 11 Net Asset Value excluding deferred tax (cents per share) 23 25 16
This information is provided by RNS
The company news service from the London Stock Exchange
END
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