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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pan European Terminals | LSE:PAN | London | Ordinary Share | GB00B12V3082 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPAN
RNS Number : 4088L
Pan European Terminals Plc
04 September 2012
BALTIC OIL TERMINALS PLC ("Baltic", "the Company" or "the Group"), to be renamed PAN EUROPEAN TERMINALS PLC
4 September 2012
Results for the six months to 30 June 2012
The Company announces its unaudited interim results for the 6 months ended 30 June 2012.
We are pleased to report that the improved performance, noted in the Company's results for the year to 31 December 2011, has continued and that the Group has progressed in accordance with both management's expectations and the plan set out in late 2011.
Revenue has increased for the first six months to GBP12.1m (2011: GBP6.0m) reflecting a continued performance from Petro Broker International BV ("PBI") in the Netherlands and also, perhaps more importantly, a very solid first six months of 2012 from OOO Baltic Top ("Baltic Top") in Kaliningrad. However it should be noted that the improved results from Baltic Top are not just due to increased transhipment but also to the implementation of "consignment" product handling on behalf of major suppliers, which has allowed Baltic Top to maximise its market position in the area.
We continue to exercise tight control over costs and have succeeded in reducing administration costs by nearly GBP0.4m from the comparative six months of 2011. We are on track to show this cost saving on the full year 2012.
This cost reduction was made despite the acquisition of the Dan Balt Terminal, in Denmark, and the cost of integration of the Dan Balt operation into the Group. This integration is now complete and Dan Balt is running satisfactorily.
Management intends to carry on with its program of cutting costs wherever possible and using management staff to undertake multiple functions while we establish a leaner, more responsive administration and financial control base.
Profit after tax for the period was GBP2.6m (2011: GBP2.6m). Whilst these two results appear similar, it should be noted that in 2012 the Company has been paying interest on the loan used to acquire Dan Balt which amounted to just over GBP0.6m for the six months to 30 June 2012. The Group's cash balance as at 30 June 2012 amount to GBP1.4m.
The Directors do not recommend the payment of a dividend.
Our operations in Denmark, Dan Balt, as expected, will not produce any meaningful contribution for 2012 as it was acquired with existing storage contracts in place. These contracts terminate during 2012 and the main thrust for Dan Balt during the second half of 2012 is to implement the engineering improvements, as previously announced, carry out a series of vettings by potential new clients for transhipment and commence the bidding process for 2013 contracts in October 2012. These activities are on schedule with the involvement of our marketing partners, Contango A/S.
Management have certain major priorities that are and will continue to be given the maximum attention during the next months. These comprise:-
1) The refinancing of the Dan Balt Loan on more acceptable market terms. This is essential to management's plan for 2012 and we can report that we are in discussions with several parties in this respect. Your Chief Executive and Finance Director are to give this top priority and we look forward to updating shareholders as soon as possible on this matter.
2) Pushing forward the vetting process for Dan Balt in order to establish transhipment contracts for 2013/2014, which are expected to reflect the true worth of the terminal and its location.
3) Establishing a more responsive and flexible financial reporting system for the Group and at the same time carrying out a stringent review of the present structure of companies in the Group, with the aim of reducing the number of Group companies, with particular reference to Cyprus and non-trading entities.
Following shareholder approval at the AGM in August 2012, we have now completed the process for changing the name of the Company to Pan European Terminals PLC, to better reflect our strategy of interlinked but standalone European transhipment terminals. The change of name is effective from today, and the Company's ticker on AIM will simultaneously change to 'PAN'.
Furthermore, we intend to place on our corporate website a new video presentation by the Chief Executive, similar to that given following the AGM in London recently, that will explain in more detail and with the assistance of visual aids, the business carried out the by Company at its various locations. Management is aware that due to the specialised nature of our business, it is important to explain the business of Pan European Terminals to our shareholders and others. We will endeavour to do this during the next quarter.
We continue to consolidate our remaining non 100% owned Russian associate and look forward to be able to report on this in due course.
In summary, we believe that we have been able to demonstrate that, despite the distraction in Russia, now involving just one of our assets in the region, we have the ability to consolidate the new acquisitions into the Group in a cost effective and efficient manner so that 2012 will be a year of significant growth.
Simon Escott
Chief Executive
Enquiries:
Baltic Oil Terminals plc Tel: +44 (0)20 3145 1909 Simon Escott, Chief Executive Westhouse Securities Limited Tel: +44 (0)20 7601 6100 Richard Johnson Antonio Bossi
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2012
Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2012 2011 2011 ------------------------------------ ---------- ---------- ---------------------- GBP'000 GBP'000 GBP'000 Revenue 12,130 6,042 15,550 Cost of sales (9,264) (3,603) (10,878) ------------------------------------ ---------- ---------- ---------------------- Gross profit 2,866 2,439 4,672 Administrative expenses (1,214) (1,597) (3,383) ------------------------------------ ---------- ---------- ---------------------- Operating profit before taxation and finance items 1,652 841 1,289 Share of profits of associates 2,144 2,018 3,944 Finance income - - 47 Finance costs (623) - (232) ------------------------------------ ---------- ---------- ---------------------- Profit before taxation 3,143 2,860 5,048 Taxation (509) (238) (323) ------------------------------------ ---------- ---------- ---------------------- Profit for the period 2,634 2,622 4,725 ------------------------------------ ---------- ---------- ---------------------- Attributable to: Equity shareholders of the Company 2,634 2,622 4,725 ------------------------------------ ---------- ---------- ---------------------- 2,634 2,622 4,725 ------------------------------------ ---------- ---------- ---------------------- Earnings per share attributable to equity shareholders of the Company: Basic and diluted 2.58p 2.82p 5.01p ------------------------------------ ---------- ---------- ----------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2012
Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2012 2011 2011 GBP'000 GBP'000 GBP'000 ------------------------------------- ---------- ---------- ------------ Profit after tax 2,634 2,622 4,725 ------------------------------------- ---------- ---------- ------------ Other comprehensive income Exchange differences on translating foreign operations (246) 370 (664) ------------------------------------- ---------- ---------- ------------ Other comprehensive income for the period, net of tax (246) 370 (664) Total comprehensive income for the period attributable to equity shareholders 2,388 2,992 4,061 ------------------------------------- ---------- ---------- ------------ Total comprehensive income for the period 2,388 2,992 4,061 ------------------------------------- ---------- ---------- ------------
CONSOLIDATED BALANCE SHEET
At 30 June 2012
Unaudited Unaudited Audited 30 June 30 June 31 December 2012 2011 2011 GBP'000 GBP'000 GBP'000 ----------------------------------- ---------- ---------- ------------ Non current assets Intangible assets - - - Property, plant and equipment 6,674 3,482 6,911 Investments in associates 21,622 17,582 19,508 Goodwill 11,598 4,483 11,598 ----------------------------------- ---------- ---------- ------------ 39,894 25,547 38,017 ----------------------------------- ---------- ---------- ------------ Current assets Inventories 514 107 198 Trade and other receivables 4,523 8,273 3,613 Prepayments and other current assets 1,234 2,537 521 Cash and cash equivalents 1,434 1,474 1,614 ----------------------------------- ---------- ---------- ------------ 7,705 12,390 5,946 ----------------------------------- ---------- ---------- ------------ TOTAL ASSETS 47,599 37,937 43,963 ----------------------------------- ---------- ---------- ------------ Share capital 1,018 945 945 Share premium 50,437 49,609 49,600 Other reserves - Equity - foreign exchange reserves (1,464) (184) (1,218) Retained losses (12,409) (17,146) (15,043) ----------------------------------- ---------- ---------- ------------ Total equity 37,582 33,224 34,284 ----------------------------------- ---------- ---------- ------------ Non current liabilities Borrowings - - 6,792 Deferred tax liability 553 60 526 ----------------------------------- ---------- ---------- ------------ 553 60 7,318 Current liabilities Trade and other payables 2,537 4,219 2,188 Borrowings 6,927 434 173 ----------------------------------- ---------- ---------- ------------ 9,464 4,653 2,361 ----------------------------------- ---------- ---------- ------------ Total liabilities 10,017 4,713 9,679 ----------------------------------- ---------- ---------- ------------ TOTAL EQUITY AND LIABILITIES 47,599 37,937 43,963 ----------------------------------- ---------- ---------- ------------
CONSOLIDATED CASH FLOW STATEMENT
Period ended 30 June 2012
Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2012 2011 2011 GBP'000 GBP'000 GBP'000 --------------------------------------- ---------- ---------- --------------------- Cash flows from operating activities Profit before taxation 3,143 2,860 5,048 Adjustments to reconcile profit before taxation to net cash ouflows from operating activities Share of profits of associates (2,114) (2,018) (3,944) Finance costs net 623 - 185 Foreign exchange gain (169) (8) (541) Depreciation of property, plant and equipment 64 50 179 Amortisation of intangible assets - 1 1 Loss of disposal of property, plant and equipment - - 18 Increase in inventories (316) (7) (98) Increase in trade and other receivables (1,623) (649) (349) Decrease in trade and other payables (140) (809) (779) --------------------------------------- ---------- ---------- --------------------- Cash outflow from operations (532) (579) (280) Income taxes paid 1 - (12) Interest paid (549) - (192) --------------------------------------- ---------- ---------- --------------------- Net cash outflow from operating activities (1,080) (579) (484) --------------------------------------- ---------- ---------- --------------------- Cash flows from investing activities Interest received - - 47 Purchase of property, plant and equipment - - (60) Purchase of subsidiary, gross of cash acquired - - (6,550) Cash acquired as part of purchase of subsidiary - - 174 --------------------------------------- ---------- ---------- --------------------- Net cash outflows from investing activities - - (6,389) --------------------------------------- ---------- ---------- --------------------- Cash flows from financing activities Proceeds from shares issued net of issue costs 910 - - Proceeds from borrowings - 97 6,792 Repayment of borrowings (10) - (204) --------------------------------------- ---------- ---------- --------------------- Net cash inflows from financing activities 900 97 6,588 --------------------------------------- ---------- ---------- --------------------- Decrease in cash and cash equivalents (180) (482) (285) Cash and cash equivalents at beginning of period 1,614 1,899 1,899 Effect of exchange rate on cash and cash equivalents - 57 - --------------------------------------- ---------- ---------- --------------------- Cash and cash equivalents at end of period 1,434 1,474 1,614 --------------------------------------- ---------- ---------- ---------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2012
Attributable to equity shareholders of the parent --------- --------------------------------------- -------- Foreign currency Share Share translation Retained capital premium adjustment losses Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- --------- --------- ----------------- --------- -------- At 1 January 2011 936 49,351 (554) (19,768) 29,965 Exchange differences on translating foreign operations - - 370 - 370 Profit for the period - - - 2,622 2,622 Total comprehensive income for the period - - 370 2,622 2,992 ------------------------- --------- --------- ----------------- --------- -------- Shares issued during the period 9 249 - - 258 ------------------------- --------- --------- ----------------- --------- -------- At 30 June 2011 and 1 July 2011 945 49,600 (184) (17,146) 33,215 ------------------------- --------- --------- ----------------- --------- -------- Exchange differences on translating foreign operations - - (1,034) - (1,034) Profit for the period - - - 2,103 2,103 ------------------------- --------- --------- ----------------- --------- -------- Total comprehensive income for the period - - (1,034) 2,103 1,069 ------------------------- --------- --------- ----------------- --------- -------- Shares issued during the period - - - - - ------------------------- --------- --------- ----------------- --------- -------- At 31 December 2011 and 1 January 2012 945 49,600 (1,218) (15,043) 34,284 ------------------------- --------- --------- ----------------- --------- -------- Exchange differences on translating foreign operations - - (246) - (246) Profit for the period - - - 2,634 2,634 ------------------------- --------- --------- ----------------- --------- -------- Total comprehensive income for the period - - (246) 2,634 2,388 ------------------------- --------- --------- ----------------- --------- -------- Shares issued during the period 73 837 - - 910 ------------------------- --------- --------- ----------------- --------- -------- At 30 June 2012 1,018 50,437 (1,464) (12,409) 37,582 ------------------------- --------- --------- ----------------- --------- --------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
Period ended 30 June 2012
Basis of preparation
The Income statement for the 2012 half year includes the results for Rosbunker as an Associate.
The condensed financial statements comprise the unaudited results for the six months to 30 June 2012 and 30 June 2011 and the audited results for the twelve months ended 31 December 2011. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006.
The Annual Report and Financial Statements for 2011 have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Financial Statements for 2011 was qualified in relation to a Disclaimer of Opinion, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. A copy of the 2011 Annual Report, the auditors' report referred to above, is available on the Company's website: www.peterminals.com.
These condensed half year financial statements have not been audited or reviewed by the independent auditors pursuant to the Auditing Practices Board guidance on the "Review of Interim Financial Information".
Accounting policies
The condensed financial statements have been prepared in a manner consistent with the accounting policies set out in the group financial statements for the twelve months ended 31 December 2011 and on the basis of the International Financial Reporting Standards (IFRS) as adopted for use in the EU as at 31 December 2011. IFRS are subject to amendment and interpretation by the International Accounting Standards Board (IASB) and there is an ongoing process of review and endorsement by the European Commission.
None of the new standard amendments or interpretations that have become effective in the period has had a material effect on the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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