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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pgi Grp | LSE:PGI | London | Ordinary Share | GB0006911696 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8254V
PGI Group PLC
30 April 2007
PGI Group Plc
30 April 2007
Preliminary Statement of the Group's Results for the year ended 31 December 2006
Chairman's statement
The Group made good progress in 2006 and finished the year with a profit before
tax from continuing operations of #1,723,000. This compares with a loss of
#550,000 in 2005. Before going any further, I need to explain what these results
refer to.
Both these figures are stated before (a) adjustments to the values of biological
assets and (b) the incorporation of hyperinflation accounting for the results of
our Zimbabwe operations. The profit before tax after taking account of these
adjustments amounts to #3,199,000 (2005: #1,880,000).
The main reason for (a) the value adjustments for biological assets is the
accounting treatment under IAS 41. This stipulates that the values have to be
assessed in the functional currencies of the subsidiaries that own the assets.
Since the values of these assets remain relatively stable in hard currency
terms, the effect is to record a "profit" each time the local currencies
devalue.
The other adjustments for (b) hyperinflation, are made under IAS 29 and reflect
the wide divergence in the rate of inflation in Zimbabwe compared with movements
in its exchange rate. These adjustments therefore produce results and values for
assets not recorded at fair value, which bear no relationship to the original
stable currency amounts in which the transactions originally occurred.
To comply with accounting standards, this report has to combine both these
adjustments into the "Total" column in the Income Statement. However, we have
inserted for the benefit of the shareholders, a column before these adjustments
in order for the shareholders to understand the group's financial performance
better.
A detailed review of the Group's operations and trading performance is in the
Review of Activities, so I will merely highlight some of the significant changes
during the year.
The Food group performed well, with operating profits up by 75%. The tea estates
were again the Group's most profitable operations. Average tea prices were 22%
higher than in 2005, and the volume of tea production rose by 23%.
In addition to tea, the Malawi estates have slowly been developing 700 hectares
of macadamia trees. During 2006 a cracking factory was built, to process the
increasing volumes of nuts from now on.
With hyperinflation in Zimbabwe, Eastern Highlands' profits depend to a large
extent on the relationship between market exchange rates and local inflation.
Last year the combination turned favourable, so the company produced reasonable
profits.
Khal Amazi, the Group's Zambian rose grower, increased production to 104 million
stems last year, as it continued to improve and integrate the greenhouses bought
in 2005. It also acquired a neighbouring estate, Sunrose Ltd, bringing the total
area of greenhouses to 50 hectares.
Turning to our Property business, in July 2006 Jensen Group announced it had
raised US$101 million for a new fund to invest in and around Saint Petersburg,
Russia. The Fund, called Jensen Group I Limited Partnership, will be managed by
Jensen Group. In 2006 the Fund made two investments. The first was Sestra River
Developments on a 13.9 hectare site in Sestroretsk, a suburb of Saint
Petersburg. This property includes the historic part of a factory founded by
Peter the Great in 1721; the Fund will turn it into a mixed use development. The
Fund later acquired a 54 hectare plot along the City's new ring road, which is
planned for completion in 2008.
Jensen's previous Funds have continued to perform well, as the Saint Petersburg
property market has been buoyant. The latest valuation of one of Jensen Group's
original funds, established in 1994 (which the Group consolidates because it has
a 50% interest), is included in the results for the year.
During the year we concluded our programme of divesting non-core businesses with
the sale of Chillington Manufacturing, the Group's wheelbarrow manufacturer. It
was sold in July 2006 for just under #1 million. About a third of the total
consideration is deferred and will be paid at the end of 2007 and 2008.
Group borrowings were much reduced when all of the #7.5m of loan stock was
converted into ordinary shares in October 2006. By the year-end the Group's net
debt was just under #1 million.
The Court scheme for the reduction of the Company's share premium account was
approved in December. Following this, a dividend of 0.25p (2005: 0.25p) per
ordinary share was declared, and paid in January 2007.
The outlook for 2007 is encouraging. Tea prices so far have been above their
five year average, and production is similar to what was achieved in the first
few months of 2006. Jensen's results will benefit from a full year of having the
new fund, and there will be a large saving on interest costs following the
conversion of the loan stock.
We all know that the Group's performance depends heavily on the skills and hard
work of our employees. I would like to thank them for their efforts throughout
the year.
Rupert Pennant-Rea
Chairman
30 April 2007
Review of activities
PGI Food Group
This division operates the food and flower business units in Malawi, Zambia and
Zimbabwe,.
Financial Results
The division increased operating profits before biological assets and
hyperinflation adjustments by 74% to #3,774,000 on a turnover up 24% to
#16,661,000. Profits were driven by higher agricultural productivity and a good
tea price.
The turnover is split between:
Tea 53%
Cut flowers 31%
Vegetables 12%
Macadamia nuts 4%
We invested #1,567,000 in two new projects: i) the acquisition of Sunrose Ltd, a
rose farm in Zambia and ii) the building of a macadamia nut cracking plant in
Malawi.
Tea
Our tea is grown in Malawi and Zimbabwe. The total tea crop increased by 23% to
16,274 tonnes. This boost was a result of the recovery from the severe drought
we experienced in 2005 and field productivity has returned to pre-drought
levels. In Zimbabwe our investment in tea plucking machines over the last few
years has proved invaluable to countering the rapidly declining availability of
agricultural labour.
The international tea price rose strongly and our realised tea price increased
by 22%. This hike, caused by drought induced crop failure in Kenya permitted our
teas to capture new markets in Europe.
We have continued our development programme of the replanting of old tea with
new higher yielding varieties. This programme, started in 2001 in Malawi is
delivering excellent results and we are now achieving yields on these new
plantings that are threefold the regional average.
Cut flowers
Production increased by 49% on our Zambian production unit to 104 million stems.
The redevelopment of the near derelict greenhouses we acquired from the
Agriflora receiver has proceeded well and this has been the main driver for the
volume growth. During the year we acquired a neighbouring working rose farm,
Sunrose. This has increased the production area by 14%, and will deliver a
useful contribution in 2007.
Extensive work has gone into developing the European market for sweetheart roses
and we have made good progress broadening our customer base amongst the European
retailers. Our commitment to high standards, all of which are independently
audited, has greatly assisted this process.
Vegetables
We completed the first full year of trading and increased shipping volumes by
130%. The main products are peas and beans, all packaged in Zambia and delivered
to UK supermarkets.
Competition to supply the retailers is intense and we continue to refine the
business model to ensure that we only grow and ship vegetables in season which
is when we can guarantee quality.
Currently all the vegetables are air freighted into Europe at a significant
cost, and we have started trials to see whether we can seafreight our product
range successfully.
Macadamia nuts
The macadamia crop, all grown in Malawi was 12% lower than the previous year, a
direct result of the 2005 drought. Fortunately no long term damage has been done
and the young trees are on track to continue annual volume increases as they
reach maturity over the next 10 years.. During the year we built a cracking
factory in Malawi which will process the 2007 crop which is harvested in the
first quarter. This facility will allow us to develop markets with European
wholesalers and retailers.
Jensen Group
Jensen Group raised $100,835,000 of equity into the newly formed Cayman
Islands-based Jensen Group I Limited Partnership (the "Fund"). To date, the Fund
has invested in three projects. Two completed transactions include Sestra River
Developments, a 13.9 hectare mixed use project, as well as a deal to acquire 54
hectares of land along Saint Petersburg's ring road development project in a
town called Lomonosov. The Fund has entered into sales-purchase agreements for a
third investment, the Plemennoi Zavod Sosnovskoe which should be fully completed
and registered in the Fund's name during the first half of 2007.
Sestra River Developments is a property spun out of Sestroretsk Instrument
Works, founded by Peter the Great in 1721. On the 13.9 hectare site, the Fund
will build approximately 135,000 square metres of mixed-use space. The property
sits in the town of Sestroretsk, inside the Saint Petersburg administrative
region and among the most prestigious suburbs in the area. Sestroretsk is
currently the home of the Governor of Saint Petersburg, Valentina Matvienko.
For management of the Fund, Jensen Group receives a management fee on committed
capital of 2% and will receive a 20% carried interest on all distributions made
after the investors receive their investment capital back plus an 8% preferred
return.
Jensen also manages Sestroretsk Instrument Works, a 13.1 hectare territory with
three principal businesses: a real estate business, a heating plant, and a
machine tool works factory. Jensen is currently in the process of expanding and
renovating the primarily industrial and warehouse real estate while it
rationalizes the other two operational businesses.
Since 1994, Jensen has invested eight smaller funds which it continues to manage
and from which it receives management fees and carried interest as compensation.
These funds comprise residential, commercial and retail properties in the heart
of Saint Petersburg along the City's main thoroughfares and canals.
Consolidated income statement for the year ended 31 December 2006
------------------------ ------------------ -----------------
2006 2005
(Restated)
------------------------ ------------------ -----------------
Result before Result before
Biological Biological Biological Biological
Assets and Assets and Assets and Assets and
Hyperinflation Hyperinflation Hyperinflation Hyperinflation
Adjustments Adjustments Total Adjustments Adjustments Total
--------------------- ----- -------- ------- ------ ------- ------- ------
Continuing
operations Notes #000 #000 #000 #000 #000 #000
Revenue 17,430 (438) 16,992 13,724 (738) 12,986
Cost of sales (7,897) 171 (7,726) (6,629) 650 (5,979)
Gross profit 9,533 (267) 9,266 7,095 (88) 7,007
--------------------- ----- -------- ------- ------ ------- ------- ------
Distribution
costs (2,417) 6 (2,411) (2,054) 5 (2,049)
Administrative
expenses (5,349) (2) (5,351) (4,577) 147 (4,430)
Other
operating
income 636 (8) 628 449 (52) 397
--------------------- ----- -------- ------- ------ ------- ------- ------
(7,130) (4) (7,134) (6,182) 100 (6,082)
--------------------- ----- -------- ------- ------ ------- ------- ------
Profit from
operations 2,403 (271) 2,132 913 12 925
Share of
associate's
results 113 - 113 - - -
Fair value
adjustment
to: - investment
properties 497 - 497 - - -
- biological
assets - 1,537 1,537 - 2,262 2,262
--------------------- ----- -------- ------- ------ ------- ------- ------
3,013 1,266 4,279 913 2,274 3,187
--------------------- ----- -------- ------- ------ ------- ------- ------
Finance revenue 156 - 156 191 - 191
Finance costs (1,446) 38 (1,408) (1,654) 6 (1,648)
--------------------- ----- -------- ------- ------ ------- ------- ------
Net finance
costs (1,290) 38 (1,252) (1,463) 6 (1,457)
--------------------- ----- -------- ------- ------ ------- ------- ------
Profit/(loss)
after net
finance costs 1,723 1,304 3,027 (550) 2,280 1,730
--------------------- ----- -------- ------- ------ ------- ------- ------
Monetary
working
capital
hyperinflation
adjustments - 172 172 - 150 150
--------------------- ----- -------- ------- ------ ------- ------- ------
Profit/(loss)
before
taxation 3 1,723 1,476 3,199 (550) 2,430 1,880
Taxation 4 (667) (326) (993) (367) (421) (788)
--------------------- ----- -------- ------- ------ ------- ------- ------
Profit/(loss)
for period
from
continuing
operations 1,056 1,150 2,206 (917) 2,009 1,092
--------------------- ----- -------- ------- ------ ------- ------- ------
Discontinued
operations
Loss after
taxation from
discontinued
operations (126) - (126) (710) 1,141 431
Net
(loss)/profit
on disposal of
operations (88) - (88) 1,283 - 1,283
--------------------- ----- -------- ------- ------ ------- ------- ------
Total
(loss)/profit
for period
from
discontinued
operations (214) - (214) 573 1,141 1,714
--------------------- ----- -------- ------- ------ ------- ------- ------
Profit/(loss)
for the period 842 1,150 1,992 (344) 3,150 2,806
--------------------- ----- -------- ------- ------ ------- ------- ------
Attributable to:
Equity holders
of the parent 261 1,167 1,428 (632) 2,814 2,182
Minority
interests 581 (17) 564 288 336 624
--------------------- ----- -------- ------- ------ ------- ------- ------
842 1,150 1,992 (344) 3,150 2,806
--------------------- ----- -------- ------- ------ ------- ------- ------
Pence Pence Pence Pence
--------------------- ----- -------- ------- ------ ------- ------- ------
Earnings/(loss)
per ordinary
share 5
Basic 0.25 1.38 (0.76) 2.61
--------------------- ----- -------- ------- ------ ------- ------- ------
Dividend per
ordinary share 6 - 0.25
--------------------- ----- -------- ------- ------ ------- ------- ------
Consolidated balance sheet at 31 December 2006
2006 2005
(Restated)
Excluding Including Excluding Including
Hyperinflation Hyperinflation Hyperinflation Hyperinflation
Adjustments Adjustments* Adjustments Adjustments*
ASSETS #000 #000 #000 #000
-------------------- ----- ------- ------- --- ------- -------
Non-current assets
Goodwill 1,901 1,901 2,102 2,102
Biological
assets 12,665 12,665 13,678 13,678
------- ------- ------- -------
Property,
plant and
equipment 9,372 9,372 9,375 9,375
Hyperinflation
adjustment - 642 - 1,001
------- ------- ------- -------
9,372 10,014 9,375 10,376
Investment
properties 1,313 1,313 931 931
Investments -
associate 200 200 113 113
- other 43 43 47 47
-------------------- ----- ------- ------- --- ------- -------
25,494 26,136 26,246 27,247
-------------------- ----- ------- ------- --- ------- -------
Current assets
------- ------- ------- -------
Inventories 2,061 2,061 2,247 2,247
Hyperinflation
adjustment - 42 - 46
------- ------- ------- -------
2,061 2,103 2,247 2,293
Trade and
other
receivables 1,759 1,759 1,902 1,902
Cash and cash
equivalents 2,840 2,840 4,373 4,373
-------------------- ----- ------- ------- --- ------- -------
6,660 6,702 8,522 8,568
-------------------- ----- ------- ------- --- ------- -------
Total assets 32,154 32,838 34,768 35,815
-------------------- ----- ------- ------- --- ------- -------
EQUITY AND
LIABILITIES
Share capital 32,326 32,326 24,429 24,429
Share premium
account 420 420 10,705 10,705
Capital
redemption
reserve 250 250 250 250
Revaluation
reserve 700 700 639 639
Retained
earnings (17,041) (16,528) (24,590) (23,787)
-------------------- ----- ------- ------- --- ------- -------
16,655 17,168 11,433 12,236
Minority
interests 2,690 2,690 2,497 2,497
-------------------- ----- ------- ------- --- ------- -------
Total equity 19,345 19,858 13,930 14,733
-------------------- ----- ------- ------- --- ------- -------
Non-current
liabilities
Interest
bearing loans
and borrowings 1,383 1,383 1,574 1,574
Other payables 275 275 81 81
------- ------- ------- -------
Provision for
deferred tax
liabilities 2,016 2,016 1,900 1,900
Hyperinflation
adjustment - 171 - 244
------- ------- ------- -------
2,016 2,187 1,900 2,144
Defined
pension plan
deficit 3,764 3,764 4,317 4,317
-------------------- ----- ------- ------- --- ------- -------
7,438 7,609 7,872 8,116
-------------------- ----- ------- ------- --- ------- -------
Current liabilities
Interest
bearing loans
and borrowings 2,755 2,755 9,808 9,808
Trade and
other payables 2,102 2,102 2,964 2,964
Current tax
liabilities 514 514 194 194
-------------------- ----- ------- ------- --- ------- -------
5,371 5,371 12,966 12,966
-------------------- ----- ------- ------- --- ------- -------
Total
liabilities 12,809 12,980 20,838 21,082
-------------------- ----- ------- ------- --- ------- -------
Total equity
and
liabilities 32,154 32,838 34,768 35,815
-------------------- ----- ------- ------- --- ------- -------
* These are the Group's Balance Sheets for the years ended 31 December 2006 and
2005.
Consolidated cash flow statement for the year ended 31 December 2006
2006 2005
(Restated)
----------------------------- -------- -------
Including Including
Hyperinflation Hyperinflation
adjustments adjustments
#000 #000
----------------------------- -------- -------
Cash flow from operating activities
Profit/(loss)
from
operations -
Continuing
operations 2,132 925
- Discontinued
operations (82) 280
----------------------------- -------- -------
2,050 1,205
Adjustment for:
Depreciation
of tangible
assets 952 1,052
Disposal of
tangible
assets (38) (48)
Additional
retirement
benefit costs (179) (195)
Share options - 36
Oversea tax
paid (135) (654)
Hyperinflation
indexation
adjustment 113 (114)
----------------------------- -------- -------
Operating
profit/(loss)
before changes
in working
capital 2,763 1,282
Increase in
inventories 3 (176)
(Increase)/dec
rease in trade
and other
receivables (329) (113)
(Decrease)/increase
in trade
and other
payables (277) (475)
Exchange
difference on
working
capital (1,397) (374)
----------------------------- -------- -------
Cash generated
from
operations 763 144
----------------------------- -------- -------
Cash flows from investing activities
Capital
expenditure (2,146) (4,531)
Disposal of
tangible
assets 58 833
Acquisition of
subsidiaries (521) (2,440)
Disposal of
subsidiaries 528 3,741
Additions to
investments
(net) 16 -
----------------------------- -------- -------
Net cash from
investing
activities (2,065) (2,397)
----------------------------- -------- -------
Cash flows from financing activities
Issue of
shares (net of
expenses) 88 10,863
Payment of
loans and
finance lease
liabilities (259) (3,038)
Finance costs,
net of bank
interest
received (1,129) (1,356)
Dividend paid - (244)
Dividends and
other payments
to minority
interests
(net) (18) -
Distribution
from property
fund (net) (4) -
----------------------------- -------- -------
Net cash from
financing
activities (1,322) 6,225
----------------------------- -------- -------
Net
(decrease)/increase
in cash
and cash
equivalents (2,624) 3,972
Cash and cash
equivalents at
beginning of
period 3,328 (622)
Effects of
exchange rate
changes on
cash and cash
equivalents 255 (22)
----------------------------- -------- -------
Cash and cash
equivalents at
end of period 959 3,328
----------------------------- -------- -------
Analysis of net debt
Cash 2,840 4,373
Overdrafts (1,881) (1,045)
----------------------------- -------- -------
Cash and cash
equivalents 959 3,328
----------------------------- -------- -------
Interest
bearing loans
and borrowings
due within one
year (2,755) (9,808)
Less: short
term
loans/debt 874 8,763
----------------------------- -------- -------
Overdrafts (1,881) (1,045)
----------------------------- -------- -------
Consolidated statement of changes in equity
Attributable to equity holders of the Company
Share
Premium &
Capital
Share Redemption Revaluation Retained Minority Total
Capital Reserves Reserve Earnings Total Interests Equity
#000 #000 #000 #000 #000 #000 #000
--------------------- ------ -------- ------- ------- ------- ------- -------
Balance at 1
January 2006 24,429 10,955 639 (23,787) 12,236 2,497 14,733
--------------------- ------ -------- ------- ------- ------- ------- -------
Changes in equity for
2006
Hyperinflation
indexation
movement - - - 650 650 - 650
Exchange differences
on translation
of net oversea assets:
- before
hyperinflation
indexation - - (39) (4,731) (4,770) (377) (5,147)
-
hyperinflation
indexation
movement - - - (901) (901) - (901)
Revaluation of
property - - 143 - 143 36 179
Actuarial gain
(net) of
defined
benefits
pension plan - - - 541 541 - 541
Deferred tax on
property revaluations
and fair value
adjustment:
- before
hyperinflation
indexation - - (43) (45) (88) - (88)
-
hyperinflation
indexation
movement - - - 22 22 - 22
Transfer - (49) - 49 - - -
--------------------- ------ -------- ------- ------- ------- ------- -------
Net
(expense)/income
recognised
directly in
equity - (49) 61 (4,415) (4,403) (341) (4,744)
Profit for the
year - - - 1,428 1,428 564 1,992
--------------------- ------ -------- ------- ------- ------- ------- -------
Total
recognised
income and
(expense) - (49) 61 (2,987) (2,975) 223 (2,752)
--------------------- ------ -------- ------- ------- ------- ------- -------
Share premium
account
cancellation - (10,250) - 10,250 - - -
Issue of new ordinary
shares (net of
expenses):
Conversion of
loan stock 7,823 (4) - - 7,819 - 7,819
Exercise of
share options 74 18 - - 92 - 92
Dividend paid
to minority
interests - - - - - (7) (7)
Distribution
from property
fund (net) - - - (4) (4) (17) (21)
Repayment of
advances from
non-equity
minority
interests
(net) - - - - - (6) (6)
--------------------- ------ -------- ------- ------- ------- ------- -------
Balance at 31
December 2006 32,326 670 700 (16,528) 17,168 2,690 19,858
--------------------- ------ -------- ------- ------- ------- ------- -------
Notes to the Preliminary Statement
1. Basis of preparation
The financial statements, from which the information in this preliminary
statement has been derived, have been prepared in accordance with International
Financial Reporting Standards ("IFRS") adopted by the European Union and they
therefore comply with Article 4 of the EU IAS Regulation. They have been
prepared on the historical cost basis, except for biological assets, freehold
land and buildings and investment properties which have been measured at fair
value.
The consolidated financial statements are presented in sterling and all values
are rounded to the nearest thousand (#000) except where otherwise indicated.
During 2006 the Group restated and changed its accounting policy within the
financial statements for the following:
Restatements
* To value agricultural produce after harvest at the lower of cost or
net realisable value, previously fair value less estimated point-of-sale costs.
* To record on the income statement a fair value adjustment to
biological assets, previously shown as an exchange difference movement in
retained earnings.
Change in accounting policy
* To incorporate the effects of the impact of hyperinflation on the
Group's subsidiaries based in Zimbabwe, previously partially accounted for by
recording the monetary working capital hyperinflation adjustment.
These restatements and change in accounting policy have been accounted for
retrospectively and recognised in the Consolidated statement of changes in
equity at 1 January 2005. The comparative statements for 2005 have been restated
to reflect these changes and the effect of the above changes on the previously
reported loss after taxation for the year ended 31 December 2005 is as follows:
Effect on
basic and
diluted
earnings
Continuing Discontinued Effect on per share
operations operations 2005 2005
#'000 #'000 #'000 pence
(Loss)/ profit after
taxation:
As previously
reported (2,028) 1,669 (359)
Transfer
between
continuing/discontinued
operations 1,163 (1,163) -
Restatements
--------------
Change to
inventories
due to revised
valuation 38 24 62 0.1
Biological
assets fair
value
adjustment 1,901 1,184 3,085 3.3
Change in accounting policy
-----------------------------
Hyperinflation
adjustment 18 - 18 -
--------- -------- -------
As restated 1,092 1,714 2,806
--------- -------- -------
2. Status of financial information
The financial information contained in this preliminary announcement does not
constitute the company's consolidated statutory financial statements for the
years ended 31 December 2006 or 2005, but is derived from those financial
statements.
The comparative figures for the year ended 31 December 2005 are an extract from
the full accounts for that year which have been filed with the Registrar of
Companies and on which the auditors have made a report under Section 235 of the
Companies Act 1985. The audit report was qualified on a technical issue because
the company adopted a method of accounting for the results of its operations in
Zimbabwe, which was not fully in accordance with the provisions of IAS 29
"Financial Reporting in Hyperinflationary Economies", and did not contain a
statement under Section 237(2) or (3) of the Companies Act.
Notes to the Preliminary Statement
Continued
2. Segmental analysis - Profit before taxation
The Group's primary reporting segments are the following business sectors:
Food Group - Tea, roses, macadamia nuts and vegetables.
Investment property management - Properties in St. Petersburg, Russia.
The manufacturing segment has been classified as a discontinued operation for
the year ended 31 December 2006 and the comparative period.
2006 2005 (Restated)
----------------- ------------------
By activity Result before Biological Total Result before Biological Total
Biological Assets and ------ Biological Assets and ------
Assets and Hyperinflation Assets and Hyperinflation
Hyperinflation Adjustment Hyperinflation Adjustment
Adjustments ------- Adjustment -------
-------- --------
Continuing
operations: #000 #000 #000 #000 #000 #000
Food group 3,774 1,304 5,078 2,175 2,280 4,455
Investment
property
management 663 - 663 42 - 42
Central costs
net of sundry
income (1,424) - (1,424) (1,304) - (1,304)
-------- ------- ------ -------- ------- ------
3,013 1,304 4,317 913 2,280 3,193
Net finance
costs (1,290) - (1,290) (1,463) - (1,463)
Monetary
working
capital
hyperinflation
adjustment - 172 172 - 150 150
-------- ------- ------ -------- ------- ------
Profit/(loss)
before tax 1,723 1,476 3,199 (550) 2,430 1,880
Taxation (667) (326) (993) (367) (421) (788)
-------- ------- ------ -------- ------- ------
Profit/(loss)
for the year
from
continuing
operations 1,056 1,150 2,206 (917) 2,009 1,092
-------- ------- ------ -------- ------- ------
The results of the Investment property management segment include #113,000
(2005: #Nil) results of the associated company.
4. Taxation
2006 2005
(Restated)
Continuing operations: #000 #000
------- ------
Current taxation:
UK Corporation tax 71 241
Double taxation relief (71) (241)
------- ------
- -
------- ------
Foreign tax:
Current tax on income for the period 483 131
Adjustment in respect of prior periods 37 (57)
------- ------
520 74
------- ------
Deferred taxation:
Origination and reversal of timing differences 481 751
Adjustment in respect of prior periods (8) (37)
------- ------
473 714
------- ------
Total tax expense reported in the income statement for
continuing 993 788
operations ------- ------
Notes to the Preliminary Statement
Continued
5. Earnings/(loss) per ordinary share
Basic
Basic earnings/(loss) per ordinary share is calculated by dividing the result
attributable to equity holders of the Company by the weighted average number of
ordinary shares in issue during the year.
2006 2005
(Restated)
Result before Total Result before Total
Biological Biological
Assets and Assets and
Hyperinflation Hyperinflation
Adjustments Adjustments
#'000 #'000 #'000 #'000
Profit/(loss)
for the year
attributable
to the equity
holders of the
Company 261 1,428 (632) 2,182
------- ------- ------- -------
2006 2005
Thousands Thousands
Weighted
average number
of ordinary
shares in
issue
(restated for
2005 rights
issue) 103,470 83,644
------- -------
Result before Total Result before Total
Biological Biological
Assets and Assets and
Hyperinflation Hyperinflation
Adjustments Adjustments
Pence pence pence pence
------- ------- ------- -------
Basic
earnings/(loss)
per ordinary
share 0.25 1.38 (0.76) 2.61
------- ------- ------- -------
6. Dividend paid and proposed
2006 2005
#000 #000
-------------------------------------------- ------- -------
Declared and paid during the year:
Equity dividends on ordinary shares:
Interim dividend for 2005 0.25p - 244
------- -------
Declared 2006 (not recognised as a liability at 31 December)
Equity dividends on ordinary shares:
Interim dividend for 2006 0.25p per share paid 23 January 2007 323 -
------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRGDSGSXGGRG
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