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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Reconstruction Capital Ii Limited | LSE:RC2 | London | Ordinary Share | KYG741521028 | 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% | 0.035 | 0.025 | 0.045 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trusts | -2.1M | -2.94M | -0.0217 | -1.38 | 4.75M |
TIDMRC2
RNS Number : 3415P
Reconstruction Capital II Ltd
30 September 2011
Reconstruction Capital II Limited ("RC2" or the "Company")
30 September 2011
Interim Unaudited Consolidated Financial Statements
for the six months ended 30 June 2011
Reconstruction Capital II Ltd ("RC2" or the "Company"), a closed-end investment company admitted to trading on the AIM market of the London Stock Exchange, today announces its interim results for the six months ended 30 June 2011.
Financial highlights
-- Net asset value, excluding non-controlling interest, as at 30 June 2011 was EUR 92.3m, representing EUR 0.9227 per share, a 1.29% fall since the beginning of the year;
-- As at 30 June 2011 the Company's market capitalisation was approximately EUR 74.3m, and 100m shares were in issue with a closing share price of EUR 0.7428 per share;
-- Loss before taxation for the period ended 30 June 2011 was EUR 0.2m ( profit of EUR 8.2m for the period ended 30 June 2010);
-- The Directors do not recommend the payment of a dividend.
Operational highlights
-- In April 2011, RC2 sold its shareholding in East Point Metals Ltd ("EPM") back to EPH, and in return it received non-core real estate assets from EPH which it is in the process of swapping with the founding shareholders of EPH for additional shareholding in EPH. By the end of June 2011, RC2 had increased its shareholding in EPH from 42.0% to 51.6%.
-- Under its Trading Programme, RC2 continued to reduce its exposure to listed markets in the region, and continued to refocus the Group towards its Private Equity Programme by exiting certain listed positions, thereby realising EUR 0.5m in cash proceeds
The financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted in the European Union. The financial information set out above does not constitute the Company's statutory accounts for the period ended 30 June 2011.
The interim report of the Group for the six months ended 30 June 2011 has been posted to shareholders. Extracts of the financial statements appear below and the full version is available on the Company's website - www.reconstructioncapital2.com
For further information, please contact:
Reconstruction Capital II Limited
Ion Florescu, Ivanka Ivanova
Tel: +44 (0) 20 7244 0088
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett, David Hignell
Tel: +44 (0) 20 7383 5100
LCF Edmond de Rothschild Securities (Broker)
Hiroshi Funaki
Tel: +44 (0) 20 7845 5960
INVESTMENT MANAGER AND INVESTMENT ADVISORS REPORT
Dear Shareholders,
On 30 June 2011, Reconstruction Capital II Limited ("RC2" or the "Group") had a total unaudited net asset value ("NAV") of EUR 92.3m after deducting non-controlling interest, or EUR 0.9227 per share, which represents a decrease of EUR 0.0121, or 1.29%, since the beginning of the year.
By comparison, as at 30 June 2011, the published NAV per share was EUR 1.0645, with the difference of EUR 0.1418 deriving from the effects of consolidating Mamaia Hotels SRL, Top Factoring SRL and East Point Holdings Limited ("EPH"). All three investments are booked at fair value when computing RC2's published net asset value per share.
In April 2011, RC2 sold its shareholding in East Point Metals Ltd ("EPM") back to EPH, and in return it received non-core real estate assets from EPH which it is in the process of swapping with the founding shareholders of EPH for additional shareholding in EPH. By the end of June 2011, RC2 had increased its shareholding in EPH from 42.0% to 51.6%. Consequently EPH is now consolidated in the accounts of RC2 (note 8).
Under its Trading Programme, RC2 continued to reduce its exposure to listed markets in the region, and continued to refocus the Group towards its Private Equity Programme by exiting certain listed positions, thereby realising EUR 0.5m in cash proceeds.
Yours truly,
New Europe Capital SRL
New Europe Capital DOO
New Europe Capital Limited
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Six months Six months Year ended 30-Jun-11 30-Jun-10 31-Dec-10 EUR EUR EUR Revenue 30,334,857 2,056,398 4,631,539 Cost of Sales (26,020,344) - - ------------- ----------- ----------- Gross Profit 4,314,513 2,056,398 4,631,539 Investment income (Loss) / Gain on investments at fair value through profit or loss (7,184,966) 9,719,750 11,954,421 Interest income 18,793 22,422 18,237 Dividend income 30,123 4,041 4,082 Other investment income 353,339 118,856 503,154 ------------- ----------- ----------- Total investment income (6,782,711) 9,865,069 12,479,894 Expenses Gain arising on acquisition of controlling interest in subsidiary (16,112,647) - - Administrative expenses 10,822,622 3,704,199 10,955,345 Selling expenses 1,817,780 - - ------------- ----------- ----------- Total expenses (3,472,245) 3,704,199 10,955,345 Operating profit 1,004,047 8,217,268 6,156,088 Share of profit of associates 17,732 - - Interest expense (1,233,519) - - ------------- ----------- ----------- Profit before taxation (211,740) 8,217,268 6,156,088 Income tax expense (608,000) (199,146) 491,582 ------------- ----------- ----------- Net loss / profit for the period (819,740) 8,416,414 6,647,670 Other comprehensive income Exchange differences on translating foreign operations 1,357,286 (493,300) 87,787 Total comprehensive income for the period 537,546 7,923,114 6,735,457 ============= =========== =========== Net profit for the period attributable to: - Equity holders of the parent 3,469,459 8,483,235 6,731,609 - Non-controlling interest (4,289,199) (66,821) (83,939) (819,740) 8,416,414 6,647,670 ============= =========== =========== Total comprehensive income attributable to: - Equity holders of the parent 4,826,745 7,989,935 6,819,396 - Non-controlling interest (4,289,199) (66,821) (83,939) 537,546 7,923,114 6,735,457 ============= =========== =========== Basic and diluted earnings per share 0.0347 0.0848 0.0673
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2011
30-Jun-11 30-Jun-10 31-Dec-10 EUR EUR EUR Unaudited Unaudited Audited Assets Non-current assets Property, plant and equipment 142,925,210 13,923,286 11,588,403 Financial assets at fair value through profit or loss 43,442,739 77,227,760 83,387,381 Available for sale financial assets 515,873 - - Investment properties 6,067,947 - - Other receivables 2,030,192 - - Investments in associates 721,818 - - Goodwill 1,257,153 1,257,153 1,257,153 ------------ ------------ ------------ Total non-current assets 196,960,932 92,408,199 96,232,937 Current assets Financial assets at fair value through profit or loss 3,063,735 8,850,105 3,711,882 Other financial assets 3,965,211 - - Inventories 35,766,855 244,619 181,000 Trade and other receivables 73,946,530 1,403,573 6,607,316 Cash and cash equivalents 16,337,677 3,680,088 812,543 ------------ ------------ ------------ 133,080,008 14,178,385 11,312,741 Non current assets held for sale 4,439,000 - - ------------ ------------ ------------ Total current assets 137,519,008 14,178,385 11,312,741 Total assets 334,479,940 106,586,584 107,545,678 Liabilities Current liabilities Trade and other payables 23,251,817 1,913,945 2,380,538 Loans and borrowings 110,079,842 943,165 2,924,754 Corporation tax payable 359,767 50,293 9,925 ------------ ------------ ------------ Total current liabilities 133,691,426 2,907,403 5,315,217 Non-current liabilities Deferred tax 10,987,769 967,102 621,000 Provision - employee retirement 758,926 - - Loans and borrowings 25,997,895 1,076,709 1,290,000 ------------ ------------ ------------ Total non-current liabilities 37,744,590 2,043,811 1,911,000 Total liabilities 171,436,016 4,951,214 7,226,217 Total net assets 163,043,924 101,635,370 100,319,461 ============ ============ ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2011 (continued)
Capital and reserves attributable to equity holders Share capital 1,000,000 1,000,000 1,000,000 Share premium reserve 121,900,310 121,900,310 121,900,310 Retained deficit (25,194,314) (24,796,845) (26,548,471) Foreign exchange reserve (5,439,872) (3,457,656) (2,876,569) ------------- ------------- ------------- Total equity and reserves 92,266,124 94,645,809 93,475,270 Non-controlling interest 70,777,800 6,989,561 6,844,191 Total equity 163,043,924 101,635,370 100,319,461 ============= ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS OF 30 JUNE 2011
Foreign Non- Share Share exchange Retained controlling Capital Premium reserve Deficit Sub-total interest Total EUR EUR EUR EUR EUR EUR EUR Balance at 1 January 2010 1,000,000 121,900,310 (2,964,356) (33,280,080) 86,655,874 7,103,139 93,759,013 Net profit for the period - - - 8,483,235 7,989,935 (66,821) 7,923,114 Other comprehensive income - - (493,300) - - - - ---------- ------------ ------------- ------------- ------------ ------------ ------------ Total comprehensive income - - (493,300) 8,483,235 7,989,935 (66,821) 7,923,114 Dividends paid to non -controlling interests - - - - - (46,757) (46,757) ---------- ------------ ------------- ------------- ------------ ------------ ------------ Balance at 30 June 2010 1,000,000 121,900,310 (3,457,656) (24,796,845) 94,645,809 6,989,561 101,635,370 Net profit for the period - - - (1,751,626) (1,751,626) (17,118) (1,768,744) Other comprehensive income - - 581,087 - 581,087 - 581,087 ---------- ------------ ------------- ------------- ------------ ------------ ------------ Total comprehensive income - - 581,087 (1,751,626) (1,170,539) (17,118) 1,187,657 Dividends paid to non -controlling interests - - - - - (128,252) (128,252) Balance at 31 December 2010 1,000,000 121,900,310 (2, 876,569) (26,548,471) 93,475,270 6,844,191 100,319,461 Net profit for the period - - - 3,469,459 3,469,459 (4,289,199) (819,740) Other comprehensive income - - 1,357,286 - 1,357,286 - 1,357,286 ---------- ------------ ------------- ------------- ------------ ------------ ------------ Total comprehensive income - - 1,357,286 3,469,459 4,826,745 (4,289,199) 537,546 Acquisition of additional interest in subsidiaries - - - - - 68,396,929 68,396,929 Disposal of interests in subsidiaries to non -controlling interests - - (3,920,589) (2,115,302) (6,035,891) - (6,035,891) Dividends paid to minorities - - - - - (174,121) (174,121) ---------- ------------ ------------- ------------- ------------ ------------ ------------ Balance at 30 June 2011 1,000,000 121,900,310 (5,439,872) (25,194,314) 92,266,124 70,777,800 163,043,924 ========== ============ ============= ============= ============ ============ ============
Share premium is stated net of share issue costs.
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2011
30-Jun-11 30-Jun-10 31-Dec-10 EUR EUR EUR Cash flows from operating activities Net profit before tax (211,740) 8,217,268 6,156,088 Adjustments for: Depreciation and amortisation 695,145 469,928 210,991 Impairment - - 2,738,000 Gain on financial assets at fair value through profit or loss 7,184,542 (9,612,548) (11,954,421) Profit on sale of financial asset - - 50,670 Gain on acquisition of subsidiary (16,112,647) - - (Gain)/ loss on foreign exchange 3,405,193 (212,286) 268,314 Reversal of impairment loss of fixed assets - (795,642) - Share of profit of associates (17,732) - - Interest income (372,132) (22,422) (18,237) Interest expense 1,233,519 - - Dividend income (30,123) (4,041) (4,082) ------------- ------------ ------------- Net cash outflow before changes in working capital (4,225,975) (1,959,743) (2,552,677) Increase in trade and other receivables 2,939,555 (174,633) (5,382,625) Increase/ (decrease) in trade and other payables (1,602,731) 627,302 1,140,946 (Increase)/ decrease in inventories 2,521,181 (217,619) (154,000) Decrease in provision (40,698) - - Interest received 19,038 22,763 18,957 Dividend received 4,389 48,553 52,466 Payments for purchase of financial assets - (2,886,235) (229,995) Net proceeds from sale of financial assets - 3,509,930 5,467,342 ------------- ------------ ------------- Net cash (used in)/ generated by operating activities (385,241) (1,029,682) (1,639,586) Income tax paid (58,227) - (107,439) Cash flows from investing activities Cash acquired on acquisition of subsidiary 15,307,490 - - Sale of property, plant and equipment - - 167,741 Purchase of property, plant and equipment - (82,779) (1,086,963) Purchase of financial assets (427,907) (1,559,883) (8,671,500) Sale of financial assets 1,494,644 - 3,764,880 ------------- ------------ ------------- 15,930,759 (2,672,344) (7,572,867) Cash flows from financing activities Dividends paid to minorities (174,123) (46,757) (175,009) Proceeds from loan 3,951,536 2,019,874 4,527,329 Payments of loan (4,183,038) (638,146) (984,369) ------------- ------------ ------------- Decrease in cash and cash equivalents 15,525,134 (1,337,373) (4,204,916) Cash at beginning of period/ year 812,543 5,017,461 5,017,459 Cash at end of period/ year 16,337,677 3,680,088 812,543
This information is provided by RNS
The company news service from the London Stock Exchange
END
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