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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 |
From Jul 2019 to Jul 2024
TIDMRC2
RNS Number : 6699W
Reconstruction Capital II Ltd
20 August 2015
20 August 2015
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Consolidated Financial Statements
for the six months ended 30 June 2015
Reconstruction Capital II Ltd ("RC2", the "Company" or the "Group"), a close-end investment company incorporated in the Cayman Islands admitted to trading on the AIM market of the London Stock exchange, today announces its results for the six months ended 30 June 2015.
Copies of the company's interim financial statements will today be posted to shareholders. The annual reports is also available on the Company's website http://www. reconstructioncapital2.com/.
Financial highlights
-- The net asset value as at 30 June 2015 was EUR 0.3868 per share on an undiluted basis (EUR 0.3775 per share as at 31 December 2014). The corresponding net asset value per share on a fully diluted basis is EUR 0.2898 (EUR 0.2812 per share as at 30 December 2014).
-- The directors do not recommend the payment of a dividend.
Operational highlights
Private Equity Programme
RC2 did not make any new investments under its Private Equity Programme, save for the acquisition of a 7.7% shareholding in Glasro Holdings Limited, the sister company of Top Factoring SRL, from the minority shareholder. The Company continued to pursue a number of exits, both from its investee companies as well as from certain assets held by them. The investments held under the Private Equity Programme had a fair value of EUR 44.8m at the end of June, up 1.7% since the 2014 year-end audit report, primarily due to the effect of an increase in the Albalact SA share price.
Trading Programme
As at 30 June 2015, RC2's listed equities held under the Trading Programme had a total market value of EUR 0.35m, up 2.3% over the first half of the year, due to higher market prices of these investments on the local stock exchange, partly offset by a partial disposal of one investment. All the investments held under the Trading Programme were in Romanian equities.
For further information, please contact:
Reconstruction Capital II Limited
Ion Florescu / Anca Moraru
Tel: +40 21 316 7680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Harrison Clarke
Tel: +44 (0) 20 7383 5100
ADVISER'S REPORT
On 30 June 2015, Reconstruction Capital II Limited ("RC2" or the "Fund") had a total unaudited net asset value ("NAV") of EUR 38.7m or EUR 0.3868 per share on an undiluted basis, a 2.5% increase compared to the audited NAV at the end of December 2014. The fully diluted NAV per share increased by 3.0% from EUR 0.2812 to EUR 0.2898 in the corresponding period.
The increase in the NAV is primarily a result of an increase in the share price of Albalact SA as well as the receipt of dividends from Top Factoring Group of EUR 1.7m.
At the end of June 2015, RC2 had cash and cash equivalents of approximately EUR 1.1m, borrowings of EUR 8.5m, and another EUR 0.6m of accrued liabilities to its service providers.
Private Equity Programme
The equity investments held under the Private Equity Programme had a fair value of EUR 44.8m at 30 June 2015, an increase of 1.7% over the semester. This was due to a combination of an increase in the market value of the holding in Albalact SA (EUR 0.9m) and the valuation of Glasro Holdings Limited (EUR 0.3m) offset by a write down of the investment in Klas Doo (EUR 0.5m).
The increase in the valuation of Glasro Holdings Limited, sister company of Top Factoring SRL, resulted from the acquisition of the minority stake of 7.7% in Glasro Holdings Limited for EUR 0.54m in June 2015.
Pursuant to marketing efforts by the local management team and appointed real estate agents, the investment in Klas Doo was written down by 19.6% to EUR 2.1m following a reappraisal of the expected sale proceeds of its former main site in central Belgrade, which is expected to be sold as real estate.
Trading Programme
As at 30 June 2014, RC2's listed equities held under the Trading Programme had a total market value of EUR 0.35m, a 2.3% increase over the first half of 2015 due to higher prices on the local stock exchange offset by a partial disposal of one of its holdings held under this programme. All the investments held under the Trading Programme were in Romanian equities.
New Europe Capital SRL
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Hot Features
Premium
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Audited
Unaudited
Investment income
Gain on investments at fair
value
through profit and loss 235,864 1,950,240 4,747,123
Interest income 49,348 54,324 104,949
Dividend income 1,700,000 1,527,107 1,527,111
Other income - 35,986 140,883
------------ ------------ ------------
Total investment income 1,985,212 3,567,657 6,520,066
Expenses
Operating expenses (560,946) (603,632) (1,405,276)
------------ ------------ ------------
Total operating expenses (560,946) (603,632) (1,405,276)
Operating profit 1,424,266 2,964,025 5,114,790
------------ ------------ ------------
Financial expenses (488,132) (441,697) (889,739)
Profit before taxation 936,134 2,522,328 4,225,051
Withholding tax expense - (404) -
Income tax expense - - (14,713)
------------
Profit for the period/year 936,134 2,521,924 4,210,338
------------ ------------ ------------
Other comprehensive income
Amounts that may be reclassified
to profit or loss
Exchange differences on
translating foreign operations 28,283 13,102 19,129
------------ ------------ ------------
Total comprehensive income
for the period/year 964,417 2,535,026 4,229,467
============ ============ ============
Net income for the period/year
attributable to:
- Equity holders of the
parent 936,134 2,551,095 4,241,776
- Non-controlling interest - (29,171) (31,438)
------------ ------------ ------------
936,134 2,521,924 4,210,338
============ ============ ============
Total comprehensive income
attributable to:
- Equity holders of the
parent 938,256 2,551,018 4,243,209
- Non-controlling interest 26,161 (15,992) (13,742)
------------ ------------ ------------
Total comprehensive income
for the period/year 964,417 2,535,026 4,229,467
============ ============ ============
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015 (Continued)
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Unaudited Audited
Earnings Per Share attributable
to the equity shareholders
of the Company
Basic undiluted earnings
per share 0.0094 0.0255 0.0424
Fully diluted earnings per
share 0.0086 0.0255 0.0261
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 11,509 10,215 10,518
Financial assets at fair
value through profit or
loss 44,833,347 41,281,075 44,085,288
Loans receivable 1,459,113 - 1,409,796
------------ ------------
Total non-current assets 46,303,969 41,291,290 45,505,602
------------ ------------ ------------
Current assets
Financial assets at fair
value through profit or
loss 350,013 347,525 342,696
Trade and other receivables 299,418 414,027 276,274
Loans receivable - 1,359,834 -
Cash and cash equivalents 1,097,293 534,824 768,606
------------ ------------
Total current assets 1,746,724 2,656,210 1,387,576
------------ ------------ ------------
Total assets 48,050,693 43,947,500 46,893,178
============ ============ ============
Liabilities
Current liabilities
Trade and other payables 569,710 2,280,790 847,194
Loans and borrowings 45,331 5,870,917 44,190
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 10:58 ET (14:58 GMT)
Corporation tax payable 2,418 4,469 2,211
------------ ------------ ------------
Total current liabilities 617,459 8,156,176 893,595
------------ ------------ ------------
Non-current liabilities
Loans and borrowings - 43,031 -
Convertible loan notes 8,446,199 - 7,976,965
------------ ------------ ------------
Total non-current liabilities 8,446,199 43,031 7,976,965
------------ ------------ ------------
Total liabilities 9,063,658 8,199,207 8,870,560
============ ============ ============
Total net assets 38,987,035 35,748,293 38,022,618
============ ============ ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014 (Continued)
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Unaudited Audited
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 (84,822,361) (87,449,176) (85,758,495)
Equity component of convertible
loan notes 629,445 - 629,445
Foreign exchange reserve (24,123) (27,755) (26,245)
------------- -------------- --------------
Total equity and reserves 38,683,271 35,423,379 37,745,015
Non-controlling interests 303,764 324,914 277,603
------------- -------------- --------------
Total equity 38,987,035 35,748,293 38,022,618
============= ============== ==============
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Unaudited Audited
Net Asset Value per share
Basic undiluted net asset
value per share 0.3868 0.3542 0.3775
Fully diluted net asset
value per share 0.2898 0.3542 0.2812
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Equity
Foreign Retained Component
Share Share Exchange (Deficit)/ of Loan Non-Controlling
Capital Premium Reserve Earnings Notes Subtotal Interest Total
EUR EUR EUR EUR EUR EUR EUR EUR
Balance at 1
January 2014 1,000,000 121,900,310 (27,678) (90,000,271) - 32,872,361 388,209 33,260,570
Profit/(loss) for
the period - - - 2,551,095 - 2,551,095 (29,171) 2,521,924
Other
comprehensive
(loss)/income - - (77) - - (77) 13,179 13,102
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Total
comprehensive
(loss)/income
for the period - - (77) 2,551,095 - 2,551,018 (15,992) 2,535,026
Dividends paid to
non-controlling
interests - - - - - - (47,303) (47,303)
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Balance at 30
June 2014 1,000,000 121,900,310 (27,755) (87,449,176) - 35,423,379 324,914 35,748,293
========== ============ ========= ============= ========== =========== ================ ===========
Profit/(loss) for
the period - - - 1,690,681 - 1,690,681 (31,438) 1,659,243
Other
comprehensive
income - - 1,510 - - 1,510 4,517 6,027
Total
comprehensive
income/(loss)
for the period 1,510 1,690,681 - 1,692,191 (26,921) 1,665,270
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Issuance of
convertible
loan notes
(equity portion) - - - - 629,445 629,445 - 629,445
Dividends paid to
minorities - - - - - - (49,561) (49,561)
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Contributions by
the owners
recognised
directly in
equity - - - - 629,445 629,445 (49,561) 579,884
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Balance at 31
December
2014 1,000,000 121,900,310 (26,245) (85,758,495) 629,445 37,745,015 277,603 38,022,618
========== ============ ========= ============= ========== =========== ================ ===========
Profit for the
period - - - 936,134 - 936,134 - 936,134
Other
comprehensive
income - - 2,122 - - 2,122 26,161 28,283
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Total
comprehensive
(loss)/income
for the period - - 2,122 936,134 - 938,256 26,161 964,417
---------- ------------ --------- ------------- ---------- ----------- ---------------- -----------
Balance at 30
June 2015 1,000,000 121,900,310 (24,123) (84,822,361) 629,445 38,683,271 303,764 38,987,035
========== ============ ========= ============= ========== =========== ================ ===========
Share premium is stated net of share issue costs and is not distributable by way of dividend.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2015
30 Jun 2015 30 Jun 2014 31 Dec 2014
EUR EUR EUR
Unaudited Unaudited Audited
Cash flows from operating
activities
Net profit/(loss) before tax 936,134 2,522,328 4,225,051
Adjustments for:
Depreciation and amortisation - 1,932 2,588
Gain on financial assets at
FVTPL (235,864) (1,950,240) (4,747,123)
Interest income (49,348) (54,535) (104,949)
Interest expense 488,132 441,697 889,739
Dividend income (1,700,000) (1,527,107) (1,527,111)
------------ ------------ ------------
Net cash outflow before changes
in working capital (560,946) (565,925) (1,261,805)
------------ ------------ ------------
(Increase)/decrease in trade and
other receivables (833) (33,273) 68,870
(Decrease) in trade and other
payables (305,878) (2,463,675) (3,990,128)
Purchase of financial assets (535,000) - -
Sale of financial assets 16,204 - -
Interest income received 44 208 387
Dividends received 1,700,000 1,523,077 1,526,708
------------ ------------ ------------
Cash generated from/(used in)
operating activities 313,591 (1,539,588) (3,655,968)
------------ ------------ ------------
Income tax paid - - (14,666)
Net cash generated from/(used
in) operating activities 313,591 (1,539,588) (3,670,634)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of property, plant
and equipment - (1,440) (2,059)
Proceeds of loans granted
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 10:58 ET (14:58 GMT)
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