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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
RNS Number:0477J PGI Group PLC 15 September 2006 PGI Group Plc Interim Report Chairman's statement I am pleased to report that the Group profit before tax from continuing activities for the half year ended 30 June 2006 amounted to #1,554,000, almost 50% higher than in the same period last year. Profits from the food group increased by 35%, boosted by higher tea prices, that have increased by an average of 19% compared to June 2005. The Malawi tea estates made the largest contribution to Group profits. Eastern Highlands, the Zimbabwean subsidiary, continued to improve, with market exchange rate movements running ahead of inflation. Khal Amazi, the group's Zambian rose grower, increased exports by 39% to 47 million stems in the first half, as it continued to improve and integrate the rose business it acquired early in 2005. We have expanded this business again, by buying the next door neighbour, Sunrose Ltd, which has 6ha or greenhouses producing roses. Jensen Group, in which PGI acquired an 80% interest in 2005, has expanded considerably with the closing (at US$101 million) on 31 July 2006 of a new property fund. The fund, which has been established in the Cayman Islands, is managed by Jensen Group and will invest in real estate opportunities in St Petersburg as well as in an identified property, Sestra River Developments. Sestra River owns a 14 hectare plot of land and buildings which it has acquired from Sestroretsk Instrument Works, the oldest factory in St Petersburg. The plan is to develop Sestra River into a mixed-use project to help revitalise Sestroretsk, one of St Petersburg's best known suburbs. Jensen will be paid an annual management fee of 2%, which will significantly increase its contribution to the Group in the second half of the year. Chillington Manufacturing, the Group's wheelbarrow manufacturer, had another disappointing result for the half year due to continuing weak demand that affected the major DIY retailers. The business, which has lost money for several years, was sold in July 2006 for a total consideration of just under #1 million. About half of this is deferred and will be paid between now and December 2008. This disposal completes the programme of selling non-core businesses. The Group is now focused on the food operations in southern Africa and (through Jensen) its property investment management and development in Russia. Following the rights issue of ordinary shares in 2005, the Group's main borrowing is the #7.8 million convertible loan stock. The regular annual date for conversion of this stock is 31 July; but after consultation with the Trustees, another conversion date of 31 October 2006 has been added. If the loan stock is not converted on that date into ordinary shares of 25p each, it will be repaid at par on 31 December 2006. Because the food business is so seasonal, it is always difficult to predict how the Group's results will turn out for the full year. However, tea prices remain firm, at roughly where they were in the first half. Exchange rates in Zimbabwe are continuing to run ahead of inflation, rose production in Zambia will benefit from the recent acquisitions, and the contribution from Jensen will be boosted by the new fund. When the interim results for last year were announced, we stated that in view of the seasonal nature of the food group businesses, the Board would consider declaring dividends only at the half-year. Subsequently, a dividend of 0.25p was paid which was the first dividend since 1996. It would have been the Directors' intention to declare a dividend in respect of the half year to June 2006. Unfortunately, the Board has recently been advised that under the current interpretation of the provisions of IAS 19 "Employee Benefits" the group retirement benefit liabilities of #3.8m at 30 June 2006 should be recognised as a liability of the parent company. In previous financial statements these liabilities were recognised only on the consolidated Group balance sheet. Including these liabilities in the company's own individual balance sheet will result in a deficit on its profit and loss account reserve. Under the provisions of the Companies Act 1985, the company is permitted to pay dividends only if it has sufficient distributable reserves. The Directors are therefore considering undertaking a process to eliminate the deficit. This would involve the cancellation of the company's share premium account, which would result in the amount currently standing to the credit of that account becoming a distributable reserve. This proposal would require shareholders' approval and sanction by the Court. If the decision is made to implement this plan, details will be circulated to shareholders in a few weeks' time. Assuming that such a process were successfully implemented, it would then be the Board's intention to consider the payment of a dividend based on the Group's current financial performance. R L Pennant-Rea Chairman 15 September 2006 PGI Group Plc Interim condensed consolidated income statement Six months ended Year ended 30 June 31 December 2006 2005 2005 Notes #'000 #'000 #'000 --------------------------- ----- -------- -------- ----------- Continuing operations Revenue 3 11,094 8,644 14,193 Cost of sales (6,032) (4,709) (8,809) --------------------------- ----- -------- -------- ----------- Gross profit 5,062 3,935 5,384 Operating expenses (2,839) (2,170) (4,598) --------------------------- ----- -------- -------- ----------- Profit from operations 2,223 1,765 786 Finance costs (764) (769) (1,463) --------------------------- ----- -------- -------- ----------- Profit/(loss) after finance costs 1,459 996 (677) Monetary working capital hyper-inflation adjustment 95 51 150 --------------------------- ----- -------- -------- ----------- Profit/(loss) before taxation 1,554 1,047 (527) Taxation 4 (567) (266) (338) --------------------------- ----- -------- -------- ----------- Profit/(loss) for period from continuing operations 3 987 781 (865) --------------------------- ----- -------- -------- ----------- Discontinued operations (Loss)/profit after taxation from discontinued operations. 5 (87) 39 (777) Net profit on disposal of Indonesian operations - - 1,283 --------------------------- ----- -------- -------- ----------- Total (loss)/profit for period from discontinued operations (87) 39 506 --------------------------- ----- -------- -------- ----------- Profit/(loss) for the period 900 820 (359) --------------------------- ----- -------- -------- ----------- Attributable to: Equity holders of the parent 715 681 (618) Minority interest 185 139 259 --------------------------- ----- -------- -------- ----------- 900 820 (359) --------------------------- ----- -------- -------- ----------- Pence Pence Pence --------------------------- ----- -------- -------- ----------- Earnings/(loss) per ordinary share 6 From continuing and discontinued operations - basic 0.73 0.98 (0.74) - diluted 0.72 0.97 (0.74) From continuing operations - basic 0.82 0.89 (1.38) - diluted 0.81 0.88 (1.38) --------------------------- ----- -------- -------- ----------- Dividend paid per ordinary share - - 0.25 --------------------------- ----- -------- -------- ----------- PGI Group Plc Interim condensed consolidated balance sheet 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 ---------------------- ------- -------- --------- Non-current assets Intangible assets 2,102 2,431 2,102 Biological assets 12,455 17,241 13,224 Tangible assets 8,384 8,138 9,375 Investment properties 864 - 931 Investments 152 46 160 ---------------------- ------- -------- --------- 23,957 27,856 25,792 ---------------------- ------- -------- --------- Current assets Inventories 2,077 2,738 2,767 Trade and other receivables 2,174 3,243 1,902 Cash 3,623 2,548 4,373 Assets of disposal group classified as held for sale 1,794 - - ---------------------- ------- -------- --------- 9,668 8,529 9,042 ---------------------- ------- -------- --------- Current liabilities Debt finance (9,253) (1,591) (9,808) Trade and other payables (2,760) (2,911) (2,964) Current tax liabilities (634) (796) (194) Liabilities directly associated with the assets classified as held for sale (899) - - ---------------------- ------- -------- --------- (13,546) (5,298) (12,966) ---------------------- ------- -------- --------- Net current (liabilities)/assets (3,878) 3,231 (3,924) ---------------------- ------- -------- --------- Total assets less current liabilities 20,079 31,087 21,868 Non-current liabilities Debt finance (994) (8,992) (1,574) Other payables (87) (348) (81) Provision for deferred tax liabilities (1,117) (863) (1,276) Retirement benefit liabilities (3,811) (4,839) (4,317) ---------------------- ------- -------- --------- Net assets 14,070 16,045 14,620 ---------------------- ------- -------- --------- Equity Share capital 24,503 24,257 24,429 Share premium account 10,698 10,749 10,705 Capital redemption reserve 250 250 250 Revaluation reserves 607 683 639 Retained earnings (23,278) (21,068) (22,550) ---------------------- ------- -------- --------- Attributable to equity holders of parent company 12,780 14,871 13,473 Minority interests 1,290 1,174 1,147 ---------------------- ------- -------- --------- Total equity 14,070 16,045 14,620 ---------------------- ------- -------- --------- PGI Group Plc Interim condensed consolidated cash flow statement Six months ended Year ended 30 June 31 December 2006 2005 2005 #'000 #'000 --------------------------- ------- -------- -------- Cash flow from operating activities Profit/(loss) from operations - Continuing operations 2,223 1,765 786 - Discontinued operations (87) 281 209 --------------------------- ------- -------- -------- 2,136 2,046 995 Adjustment for: Depreciation 495 670 1,051 Disposal of tangible fixed assets (11) (16) (48) Additional retirement benefit costs (100) (99) (195) Share options - 25 36 Oversea tax paid (92) (359) (654) --------------------------- ------- -------- -------- Operating profit before changes in working capital 2,428 2,267 1,185 Decrease/(increase) in inventories 491 76 (151) Increase in trade and other receivables (1,527) (1,250) (113) Increase/(decrease) in trade and other payables 669 (714) (475) Exchange difference on working capital (789) (346) (474) --------------------------- ------- -------- -------- Cash generated from operations 1,272 33 (28) --------------------------- ------- -------- -------- Cash flows from investing activities Capital expenditure (906) (2,478) (4,353) Disposal of tangible assets 11 798 833 Acquisition of subsidiary - (2,426) (2,440) Disposal of Indonesian subsidiaries - - 3,741 --------------------------- ------- -------- -------- Net cash from investing activities (895) (4,106) (2,219) --------------------------- ------- -------- -------- Cash flows from financing activities Issue of shares (net of expenses) 92 10,882 10,863 Payment of loans and finance lease liabilities (332) (3,696) (3,038) Finance costs (680) (763) (1,362) Dividend paid - - (244) Advances from minorities (net) less dividends paid 62 - - Distribution from property fund (net) (12) - - --------------------------- ------- -------- -------- Net cash from financing activities (870) 6,423 6,219 --------------------------- ------- -------- -------- Net (decrease)/increase in cash and cash equivalents (493) 2,350 3,972 Cash and cash equivalents at beginning of period 3,328 (622) (622) Effects of exchange rate changes on cash and cash equivalents 211 73 (22) --------------------------- ------- -------- -------- Cash and cash equivalents at end of period 3,046 1,801 3,328 --------------------------- ------- -------- -------- Analysis of net debt Cash 3,623 2,548 4,373 Overdrafts (577) (747) (1,045) --------------------------- ------- -------- -------- Cash and cash equivalents 3,046 1,801 3,328 Debt due within one year (8,676) (817) (8,744) Debt due after one year (994) (8,942) (1,534) Finance leases - (77) (59) --------------------------- ------- -------- -------- Total (6,624) (8,035) (7,009) --------------------------- ------- -------- -------- PGI Group Plc Interim condensed consolidated statement of changes in equity Attributable to equity holders of the Company ----------------- ------------------------------------------------------ Six months ended Share Share premium Revaluation Retained Total Minority Total 30 June 2006 & capital reserve earnings interests equity redemption capital reserves #'000 #'000 #'000 #'000 #'000 #'000 #'000 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 1 January 2006 24,429 10,955 639 (22,550) 13,473 1,147 14,620 Changes in equity Monetary working capital hyperinflation adjustment - - - (95) (95) - (95) Exchange differences on translation of net oversea assets - - 475 (1,860) (1,385) (83) (1,468) Unrealised deficit on revaluation of properties - - (507) - (507) (507) Actuarial gain (net) of defined benefits pension plan - - - 490 490 - 490 Transfer - (25) - 25 - - - ------------------------- ------ ------- -------- ------- ------ ------ ------ Net income/(expense) recognised directly in equity - (25) (32) (1,440) (1,497) (83) (1,580) Profit for the six months - - - 715 715 185 900 ------------------------- ------ ------- -------- ------- ------ ------ ------ Total recognised income and (expense) - (25) (32) (725) (782) 102 (680) ------------------------- ------ ------- -------- ------- ------ ------ ------ Issue of new ordinary shares on exercise of options 74 18 - - 92 - 92 Dividends paid to minority interests - - - - - (7) (7) Distribution from property fund (net) - - - (3) (3) (9) (12) Advances from non-equity minority Interests (net) - - - - - 57 57 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 30 June 2006 24,503 10,948 607 (23,278) 12,780 1,290 14,070 ------------------------- ------ ------- -------- ------- ------ ------ ------ PGI Group Plc Interim condensed consolidated statement of changes in equity continued Attributable to equity holders of the Company ----------------- ------------------------------------------------------ Six months ended Share Share premium Revaluation Retained Total Minority Total 30 June 2006 & capital reserve earnings interests equity redemption capital reserves #'000 #'000 #'000 #'000 #'000 #'000 #'000 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 1 January 2005 12,950 11,448 695 (22,526) 2,567 873 3,440 Changes in equity Monetary working capital hyperinflation adjustment - - - (51) (51) - (51) Exchange differences on translation of net oversea assets - - (1,368) 956 (412) 31 (381) Unrealised surplus on revaluation of properties - - 1,356 - 1,356 65 1,421 Actuarial loss (net) of defined benefits pension plan - - - (177) (177) - (177) Recognition of share options - - - 25 25 - 25 Transfer - (24) - 24 - - - ------------------------- ------ ------- -------- ------- ------ ------ ------ Net income/(expense) recognised directly in equity - (24) (12) 777 741 96 837 Profit for the six months - - - 681 681 139 820 ------------------------- ------ ------- -------- ------- ------ ------ ------ Total recognised income and - (24) (12) 1,458 1,422 235 1,657 (expense) - ------------------------- ------ ------- -------- ------- ------ ------ ------ Issue of new ordinary shares (net of expenses): Acquisition of Jensen Group 2,300 - - - 2,300 - 2,300 Rights issue 9,007 (425) - - 8,582 - 8,582 Minority interest in net assets acquired - - - - - 66 66 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 30 June 2005 24,257 10,999 683 (21,068) 14,871 1,174 16,045 ------------------------- ------ ------- -------- ------- ------ ------ ------ PGI Group Plc Interim condensed consolidated statement of changes in equity continued Attributable to equity holders of the Company ----------------- ------------------------------------------------------ Six months ended Share Share premium Revaluation Retained Total Minority Total 30 June 2006 & capital reserve earnings interests equity redemption capital reserves #'000 #'000 #'000 #'000 #'000 #'000 #'000 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 1 January 2005 12,950 11,448 695 (22,526) 2,567 873 3,440 Changes in equity for 2005 Monetary working capital hyperinflation adjustment - - - (150) (150) - (150) Exchange differences on translation of net oversea assets - - (1,713) 1,328 (385) 129 (256) Unrealised surplus on revaluation of properties - - 1,703 - 1,703 65 1,768 Reversal of capital reserve on disposals (net) - - - (254) (254) - (254) Actuarial loss (net) of defined benefits pension plan - - - (272) (272) - (272) Changes in potential tax on property Revaluations - - (46) 101 55 - 55 Recognition of share options - - - 36 36 - 36 Transfer - (49) - 49 - - - ------------------------- ------ ------- -------- ------- ------ ------ ------ Net expense/(income)recognised directly in equity - (49) (56) 838 733 194 927 Loss for the year - - - (618) (618) 259 (359) ------------------------- ------ ------- -------- ------- ------ ------ ------ Total recognised income and (expense) - (49) (56) 220 115 453 568 ------------------------- ------ ------- -------- ------- ------ ------ ------ Issue of new ordinary shares (net of expenses): Acquisition of Jensen Group 2,300 (4) - - 2,296 - 2,296 Rights issue 9,007 (436) - - 8,571 - 8,571 Conversion of loan stock 172 (4) - - 168 - 168 Dividend paid - - - (244) (244) - (244) Minority interest in net assets acquired - - - - - 576 576 Disposal of minority interests - - - - - (776) (776) Advances from non-equity minority interests - - - - - 21 21 ------------------------- ------ ------- -------- ------- ------ ------ ------ Balance at 31 December 2005 24,429 10,955 639 (22,550) 13,473 1,147 14,620 ------------------------- ------ ------- -------- ------- ------ ------ ------ PGI Group Plc Notes to the consolidated interim financial statements 1. Corporate information PGI Group Plc is a public limited company incorporated and domiciled in the United Kingdom, whose shares are publicly traded. The principal activities of the Company and its subsidiaries ("the Group") are described in Note 3. 2. Basis of preparation and accounting policies The interim condensed consolidated financial statements for the six months ended 30 June 2006 and 2005 are unaudited. They have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, and on accounting bases and policies consistent with those used in the Annual Report and Accounts for the year ended 31 December 2005. The comparative figures for the year ended 31 December 2005 are an extract from the full accounts for the year, on which the auditors have made a report under Section 235 of the Company Act 1985. These accounts have been filed with the Registrar of Companies. The audit report was qualified in respect of the accounting for the results of its operation in Zimbabwe which is not fully in accordance with the provisions of IAS 29 'Financial Reporting in Hyperinflationary Economies'. It did not contain a statement under Section 237(2) of the Companies Act. 3. Segmental reporting The Group's primary reporting segments are the following business sectors: Food group - Tea, , export 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 six months ended 30 June 2006 and comparative periods (see Note 5). SEGMENT SEGMENT REVENUE RESULTS Six months Year ended Six months Year ended ended 30 June 31 December ended 30 June 31 December 2006 2005 2005 2006 2005 2005 #'000 #'000 #'000 #'000 #'000 #'000 Continuing operations Food group 10,885 8,597 13,950 3,073 2,271 2,048 Investment property management 209 47 243 (82) 29 42 ------ ------ -------- 11,094 8,644 14,193 ------ ------ -------- Central costs net of sundry income (768) (535) (1,304) ------- ------ -------- 2,223 1,765 786 Finance costs (including monetary working capital hyperinflation adjustment) (669) (718) (1,313) ------- ------ -------- Profit/(loss) before taxation 1,554 1,047 (527) Taxation (567) (266) (338) ------- ------ -------- Profit/(loss) from continuing operations 987 781 (865) ------- ------ -------- PGI Group Plc Notes to the consolidated interim financial statements continued 4. Taxation Six months Year ended ended 30 June 31 December 2006 2005 2005 Continuing operations #'000 #'000 #'000 ---------------------------- --------- --------- --------- Current taxation: UK Corporation tax (after double taxation relief) - - - --------- --------- --------- Foreign taxation: Current taxation on income for the period 534 356 131 Adjustment in respect of prior periods 11 (96) (57) --------- --------- --------- 545 260 74 --------- --------- --------- Deferred taxation: Origination and reversal of timing differences 29 47 301 Adjustment in respect of prior periods (7) (41) (37) --------- --------- --------- 22 6 264 --------- --------- --------- Taxation on profit from continuing operations 567 266 338 --------- --------- --------- 5. Discontinued operations Profit/(loss) after taxation from discontinued operations Six months Six months ended 30 June 2005 Year ended 31 December 2005 ended 30 June 2006 Manufacturing Food group Manufacturing Total Food group Manufacturing Total Indonesia Indonesia #'000 #'000 #'000 #'000 #'000 #'000 #'000 ---------------- -------- ------- -------- ------ ------- -------- ------ Revenue 2,847 1,528 3,142 4,670 2,152 5,072 7,224 Cost of sales (2,335) (1,098) (2,596) (3,694) (1,413) (4,325) (5,738) -------- ------- -------- ------ ------- -------- ------ Operating profit 512 430 546 976 739 747 1,486 Operating expenses (569) (68) (627) (695) (169) (1,108) (1,277) -------- ------- -------- ------ ------- -------- ------ (Loss)/profit from operations (57) 362 (81) 281 570 (361) 209 Impairment provision to tangible assets - - - - - (670) (670) -------- ------- -------- ------ ------- -------- ------ (Loss)/profit before finance costs (57) 362 (81) 281 570 (1,031) (461) Finance costs (30) (1) (109) (110) (1) (132) (133) -------- ------- -------- ------ ------- -------- ------ (Loss)/profit before taxation (87) 361 (190) 171 569 (1,163) (594) Taxation - (132) - (132) (183) - (183) -------- ------- -------- ------ ------- -------- ------ (Loss)/profit after taxation (87) 229 (190) 39 386 (1,163) (777) -------- ------- -------- ------ ------- -------- ------ During the six months ended 30 June 2006, a decision was made by the Board to dispose of Chillington Manufacturing, a division of P&G Industries Plc. Chillington Manufacturing manufactures wheelbarrows in the United Kingdom and is a separate business segment of the Group's operations. At 30 June 2006 its assets and liabilities have been classified in the balance sheet as a disposal group held for sale. On 31 July 2006, the Group has entered into an agreement to sell Chillington Manufacturing for a total consideration of #936,000 of which #500,000 is on deferred terms. PGI Group Plc Notes to the consolidated interim financial statements continued 5. Discontinued operations continued The results for Chillington Manufacturing have been classified as discontinued operations for the six months ended 30 June 2006. In accordance with International Financial Reporting Standard 5, Non-current assets held for sale and discontinued operations, adjustments have been made to the originally reported comparative income statements to classify Chillington Manufacturing as a discontinued operation for the six months ended 30 June 2005 and the year ended 31 December 2005. The net cash flows attributable to Chillington Manufacturing are as follows: Six months ended Year ended 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 Operating cash flows (214) (388) (180) Investing cash flows (48) (116) (166) Financing cash flows (40) (133) (173) -------- ------- ---------- Net cash outflow (302) (637) (519) -------- ------- ---------- PGI Group Plc Notes to the consolidated interim financial statements continued 6. Earnings/(loss) per ordinary share a. 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 period. Six months ended Year ended 30 June 31 December 2006 2005 2005 Thousands Thousands Thousands Weighted average number of ordinary shares in issue 97,886 69,454 83,644 -------- ------- ---------- Six months ended Year ended 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 Profit/(loss) for the period from continuing and discontinued operations attributable to the equity holders of the Company 715 681 (618) -------- ------- ---------- Profit/(loss) for the period from continuing operations: Per consolidated income statement 987 781 (865) Minority interest applicable to continuing operations (185) (163) (289) -------- ------- ---------- Profit/(loss) from continuing operations attributable to the equity holders of the Company 802 618 (1,154) -------- ------- ---------- Six months ended Year ended 30 June 31 December 2006 2005 2005 Pence Pence Pence Basic earnings/(loss) per ordinary share - continuing and discontinued operations 0.73 0.98 (0.74) - continuing operations 0.82 0.89 (1.38) b. Diluted Diluted earnings/(loss) per ordinary share is calculated on a weighted average of shares which assume the exercise of certain options. Six months ended Year ended 30 June 31 December 2006 2005 2005 Thousands Thousands Thousands -------- ------- ---------- Weighted average number of ordinary shares in issue assuming the exercise of certain options 98,661 69,925 84,341 -------- ------- ---------- There is no dilution of the loss per share for the year ended 31 December 2005. The conversion of loan stock would reduce the loss per share and therefore cannot be reported. PGI Group Plc Notes to the consolidated interim financial statements Continued 6. Earnings/(loss) per ordinary share c. Discontinued operations Six months ended Year ended 30 June 31 December 2006 2005 2005 Pence Pence Pence Basic and diluted (loss)/earnings per ordinary share from discontinued operations (0.09) 0.09 0.64 -------- ------- ---------- 7. Related party transactions a. Two Russian companies owned by a director, Mr S. W. Wayne, provide services to subsidiary companies of Jensen Partners LLC, a subsidiary of PGI Group Plc, and the property funds they manage. These Russian companies are not designed to make profits but to reallocate expenses between the various entities. The amounts charged to a subsidiary of Jensen Partners LLC and the amounts outstanding were as follows: Six months ended Year ended 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 Charges for services from related parties 57 - 42 Amounts owed to related parties 66 - 22 -------- ------- ---------- b. A loan of #3 million was received in 2004 from a director, Mr. S. N. Roditi, which bore interest at 2.5% above LIBOR. The loan was repaid in June 2005 from the proceeds of a rights issue. Interest paid on the loan was as follows: Six months ended Year ended 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 Interest paid on loan from related party - 115 115 -------- ------- ---------- 8. Contingent liabilities There has been no change to the claim made by PT Shamrock Manufacturing Corpora in the amount of approximately #16.5 million as reported in Note 28 to the audited financial statements for the year ended 31 December 2005. The directors are now legally contesting this claim. 9. Events after the balance sheet date In July 2006, the group acquired 100% of the voting shares of Sunrose Limited, a company incorporated in Zambia, for a total consideration of US$1.74 million (#0.93 million). The principal activity of the company is the growing and exporting of roses. This information is provided by RNS The company news service from the London Stock Exchange END IR GUUPUBUPQGQA
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