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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 | 4.07M |
TIDMRC2
RNS Number : 8682W
Reconstruction Capital II Ltd
21 August 2020
21 August 2020
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Financial Statements
for the six months ended 30 June 2020
Reconstruction Capital II Limited ("RC2", the "Company" or the "Group"), a closed-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 2020.
Copies of the company's interim financial statements will today be posted to shareholders. The interim report is also available on the Company's website http://www. reconstructioncapital2.com/.
Financial highlights
On 30 June 2020, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR19.5m or EUR0.1428 per share, which represents a 1.52% fall since the beginning of the year.
As at 30 June 2020, RC2 had cash and cash equivalents of approximately EUR10,000 while its subsidiary, RC2 (Cyprus) Ltd, had cash and cash equivalents of EUR68,000. Additionally, RC2 (Cyprus) Ltd had loan receivables from Telecredit and Mamaia Resort Hotels of EUR 1.5m. As at 30 June 2020, RC2 had sundry liabilities of EUR137,000.
Operational highlights
The Romanian and Bulgarian governments took timely measures to contain the spread of COVID-19 when the numbers of cases and fatalities were still relatively low compared to Western Europe. Although these measures, which were stricter in Romania, seemed to have suppressed the pandemic, once the restrictions in both countries were gradually lifted in mid-May, the number of cases has been rising to worrying levels with Romania and Bulgaria posting two of the highest rates of new cases in South-East Europe. At the end of July, Romania and Bulgaria were reporting 100 and 70 COVID-19 active cases per 100,000 inhabitants, respectively, compared to 22 and 19 active cases at the end of May.
The Policolor Group's January-June 2020 sales results were up 3.4% year-on-year at EUR 31.2m, albeit 13.9% below budget. Sales of coatings were badly affected by the COVID-19 pandemic and related lockdown restrictions during April, but sales of both coatings and resins have since recovered, making up some of the lost ground. Over the first half of 2020, the Policolor Group generated a recurring EBITDA (excluding revenues and expenses allocated to the real estate division) of EUR 2m, in line with the budget, helped by production efficiencies and operating cost savings.
Both Mamaia and Telecredit's operations have been badly affected by the COVID-19 pandemic, and both management teams have prepared revised budgets to reflect the estimated impact of the pandemic on their respective businesses this year.
Following the finalization of the second phase of the renovation works on its public areas, and due to the Romanian authorities re-allowing open air restaurants to operate, the Mamaia hotel re-opened at the beginning of June. However, it is still not allowed to use its indoor restaurants, and is forced to restrict its food and beverage service to its outdoor terrace, where social distancing rules limit the number of customers. Management's revised 2020 budget for the Hotel envisages total revenues of EUR 2.0m instead of an originally planned EUR 3.2m, and a net loss of EUR -0.24m instead of an original estimated net profit of EUR 0.18m. In April, RC2 provided a EUR 0.3m loan to the Hotel to help finalize its planned renovation works. The loan was fully drawn by the end of May.
Telecredit deployed EUR 3.7m in financing products to small and medium sized enterprises in the first semester, generating an Operating Loss before Depreciation of EUR 0.2m due to increased provisions expenses, reflecting the difficulties small and medium-sized companies are currently facing due to the pandemic. The revised 2020 budget prepared by management anticipates a net loss of EUR 0.39m compared to an original estimated net profit of EUR 0.06m, due to lower financing volumes generating lower interest revenues (EUR 0.8m as opposed to an initial EUR 1m) and significantly higher provisions on SME lending (EUR 0.2m as opposed to an initial EUR 0.1m). The company reimbursed EUR 0.3m of the EUR 1.5m loan RC2 provided to Telecredit in the second half of 2019.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea / Anca Moraru
Tel: +40 21 316 76 80
Grant Thornton UK LLP
(Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
finnCap Limited
(Broker)
William Marle / Giles Rolls
Tel: +44 20 7220 0500
ADVISER'S REPORT For the six months ended 30 June 2020 On 30 June 2020, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR19.5m or EUR0.1428 per share, which represents a 1.52% fall since the beginning of the year. The Romanian and Bulgarian governments took timely measures to contain the spread of COVID-19 when the numbers of cases and fatalities were still relatively low compared to Western Europe. Although these measures, which were stricter in Romania, seemed to have suppressed the pandemic, once the restrictions in both countries were gradually lifted in mid-May, the number of cases has been rising to worrying levels with Romania and Bulgaria posting two of the highest rates of new cases in South-East Europe. At the end of July, Romania and Bulgaria were reporting 100 and 70 COVID-19 active cases per 100,000 inhabitants, respectively, compared to 22 and 19 active cases at the end of May. The Policolor Group's January-June 2020 sales results were up 3.4% year-on-year at EUR 31.2m, albeit 13.9% below budget. Sales of coatings were badly affected by the COVID-19 pandemic and related lockdown restrictions during April, but sales of both coatings and resins have since recovered, making up some of the lost ground. Over the first half of 2020, the Policolor Group generated a recurring EBITDA (excluding revenues and expenses allocated to the real estate division) of EUR 2m, in line with the budget, helped by production efficiencies and operating cost savings. Both Mamaia and Telecredit's operations have been badly affected by the COVID-19 pandemic, and both management teams have prepared revised budgets to reflect the estimated impact of the pandemic on their respective businesses this year. Following the finalization of the second phase of the renovation works on its public areas, and due to the Romanian authorities re-allowing open air restaurants to operate, the Mamaia hotel re-opened at the beginning of June. However, it is still not allowed to use its indoor restaurants, and is forced to restrict its food and beverage service to its outdoor terrace, where social distancing rules limit the number of customers. Management's revised 2020 budget for the Hotel envisages total revenues of EUR 2.0m instead of an originally planned EUR 3.2m, and a net loss of EUR -0.24m instead of an original estimated net profit of EUR 0.18m. In April, RC2 provided a EUR 0.3m loan to the Hotel to help finalize its planned renovation works. The loan was fully drawn by the end of May. Telecredit deployed EUR 3.7m in financing products to small and medium sized enterprises in the first semester, generating an Operating Loss before Depreciation of EUR 0.2m due to increased provisions expenses, reflecting the difficulties small and medium-sized companies are currently facing due to the pandemic. The revised 2020 budget prepared by management anticipates a net loss of EUR 0.39m compared to an original estimated net profit of EUR 0.06m, due to lower financing volumes generating lower interest revenues (EUR 0.8m as opposed to an initial EUR 1m) and significantly higher provisions on SME lending (EUR 0.2m as opposed to an initial EUR 0.1m). The company reimbursed EUR0.3m of the EUR1.5m loan RC2 provided to Telecredit in the second half of 2019. As at 30 June 2020, RC2 had cash and cash equivalents of approximately EUR10,000 while its subsidiary, RC2 (Cyprus) Ltd, had cash and cash equivalents of EUR68,000. Additionally, RC2 (Cyprus) Ltd had loan receivables from Telecredit and Mamaia Resort Hotels of EUR 1.5m. As at 30 June 2020, RC2 had sundry liabilities of EUR137,000. New Europe Capital SRL
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2020
Investment Income 30 June 30 June 30 December 2020 2019 2019 EUR EUR EUR Unaudited Unaudited Audited Fair value loss on financial assets at fair value through profit or loss (2,113,199) (2,162,241) (14,482,512) Interest Income 2,131,097 2,151,033 4,319,475 ------------ ------------ ------------- Net Investment profit/loss 17,898 (11,208) (10,163,037) ------------ ------------ ------------- Expenses Operating expenses (315,688) (443,456) (845,572) Financial income - 255 255 ------------ ------------ ------------- Total expenses (315,688) (443,201) (845,317) ------------ ------------ ------------- Loss for the period/year (297,790) (454,409) (11,008,354) ------------ ------------ ------------- Other comprehensive income - - -
------------ ------------ ------------- Total comprehensive loss for the period/year attributable to owners (297,790) (454,409) (11,008,354) ============ ============ ============= Earnings Per Share attributable to the owners of the Company Basic and diluted earnings per share (0.0022) (0.0033) (0.0806)
STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
30 June 30 June 31 December 2020 2019 2019 EUR EUR EUR Unaudited Unaudited Audited ASSETS Non-current assets Financial assets at fair value through profit or loss 19,509,494 30,293,424 19,651,596 -------------- -------------- -------------- Total non-current assets 19,509,494 30,293,424 19,651,596 -------------- -------------- -------------- Current assets Trade and other receivables 13,585 14,299 16,673 Cash and cash equivalents 10,200 100,964 65,887 -------------- -------------- -------------- Total current assets 23,785 115,263 82,560 -------------- -------------- -------------- TOTAL ASSETS 19,533,279 30,408,687 19,734,156 -------------- -------------- -------------- LIABILITIES Current liabilities Trade and other payables 134,275 109,949 37,362 TOTAL LIABILITIES 134,275 109,949 37,362 -------------- -------------- -------------- NET ASSETS 19,399,004 30,298,738 19,696,794 -------------- -------------- -------------- EQUITY ATTRIBUTABLE TO OWNERS Share capital 1,358,569 1,362,569 1,358,569 Share premium 109,206,779 109,250,778 109,206,779 Accumulated deficit (91,166,344) (80,314,609) (90,868,554) -------------- -------------- -------------- TOTAL EQUITY 19,399,004 30,298,738 19,696,794 -------------- -------------- -------------- Net Asset Value per share Basic and diluted net asset value per share 0.1428 0.2224 0.1450 -------------- -------------- -------------- STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2020 Retained Share (deficit)/ Share capital premium EUR earnings Total EUR EUR EUR Balance at 1 January 2019 1,403,324 109,862,098 (79,860,200) 31,405,222 Loss for the period - - (454,409) (454,409) Other comprehensive income - - - - -------------- --------------- Total comprehensive loss for the period - - (454,409) (454,409) -------------- --------------- Repurchase and cancellation of own shares (40,755) (611,320) - (652,075) -------------- --------------- Transactions with owners (40,755) (611,320) - (652,075) -------------- --------------- Balance at 30 June 2019 1,362,569 109,250,778 (80,314,609) 30,298,738 -------------- --------------- Loss for the period - - (10,553,945) (10,553,945) Other comprehensive income - - - - -------------- --------------- Total comprehensive loss for the period - - (10,553,945) (10,553,945) -------------- --------------- Repurchase and cancellation of own shares (4,000) (44,000) - (48,000) -------------- --------------- Transactions with owners (4,000) (44,000) - (48,000) -------------- --------------- Balance at 31 December 2019 1,358,569 109,206,779 (90,868,554) 19,696,794 -------------- --------------- Loss for the period - - (297,790) (297,790) Other comprehensive income - - - - -------------- --------------- Total comprehensive loss for the period - - (297,790) (297,790) -------------- --------------- - - Repurchase and cancellation of own shares - - -------------- --------------- - - Transactions with owners - - -------------- --------------- Balance at 30 June 2020 1,358,569 109,206,779 (91,166,344) 19,399,004 -------------- ---------------
CASH FLOW STATEMENT
For the six months ended 30 June 2020
30 June 30 June 31 December 2020 2019 2019 EUR EUR EUR Unaudited Unaudited Audited Cash flows from operating activities Loss before taxation (297,790) (454,409) (11,008,354) Adjustments for: Fair value loss on financial assets at fair value through profit or loss 2,113,199 2,162,241 14,482,512 Interest income (2,131,097) (2,151,033) (4,319,475) Net gain on foreign exchange - (255) (255) --------------- --------------- --------------- Net cash outflow before changes in working capital (315,688) (443,456) (845,572) Decrease in trade and other receivables 3,088 6,712 4,338 Increase/(decrease) in trade and other payables 96,913 14,348 (58,233) Purchase of financial assets - (133,602) (133,603) Disposals and repayments of financial assets 160,000 310,000 800,000 --------------- --------------- --------------- Net cash used in operating activities (55,687) (245,998) (233,070) --------------- --------------- --------------- Cash flows from financing activities Payments to purchase own shares - (1,000,657) (1,048,662) Redemptions of B shares - (132,941) (132,941) --------------- --------------- --------------- Net cash flow used in financing activities - (1,133,598) (1,181,603) --------------- --------------- --------------- Net decrease in cash and cash equivalents before currency adjustment (55,687) (1,379,596) (1,414,673) Effects of exchange rate differences on cash and cash equivalents - 255 255 --------------- --------------- --------------- Net decrease in cash and cash equivalents after currency adjustment (55,687) (1,379,341) (1,414,418) Cash and cash equivalents at the beginning of the period/year 65,887 1,480,305 1,480,305 --------------- --------------- --------------- Cash and cash equivalents at the end of the period/year 10,200 100,964 65,887 --------------- --------------- ---------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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August 21, 2020 09:00 ET (13:00 GMT)
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