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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 : 8026I
Reconstruction Capital II Ltd
17 August 2021
17 August 2021
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Financial Statements
for the six months ended 30 June 2021
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 2021.
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 2021, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR21.2m or EUR0.1562 per share, which represents a 1.53% fall since the beginning of the year.
As at 30 June 2021, RC2 and its subsidiary, RC2 (Cyprus) Ltd had cash and cash equivalents of approximately EUR0.37m. Additionally, RC2 (Cyprus) Ltd had loan receivables from Telecredit and Mamaia Resort Hotels of EUR 0.45m. As at 30 June 2021, RC2 had sundry liabilities of EUR0.07m.
Operational highlights
Both the Romanian and Bulgarian economies have proven to be relatively resilient to the ongoing Covid-19 pandemic, with their first quarter GDPs growing by 2.8% and 2.5%, respectively, over the quarter, compared to an average EU of 0.1%.
The pandemic itself seems to have subsided in Romania and Bulgaria, with the number of daily new cases falling from 1,400 and 600, respectively, at the beginning of May, to 150 and 100, at the end of July. Due to the fall in cases, most Covid-19 related restrictions were lifted in both countries. However, the number of daily new cases has started to creep up again, reaching 240 and 400 in Romania and Bulgaria, respectively, at the beginning of August. Romania and Bulgaria are particularly vulnerable to a resurgence of the pandemic, due to them having the lowest vaccination rates in the EU, with only 31.5% and 19.2% of their eligible populations, respectively, having received at least one dose, compared to an EU average of 71%.
The Policolor Group had a good performance in the first 6 months of 2021 with sales at EUR 41.2m, mainly helped by better-than-expected sales results from the resins and chemicals divisions, whose combined sales were 63.8% above the budget. On the other hand, the coatings division posted first half year sales 6.7% below budget, mainly due to weaker demand as consumers re-oriented their spending away from home improvement due to the easing of covid related restrictions. Helped by higher resins and chemicals sales and improved cost controls, the Group posted recurring EBITDA of EUR 2.6m, higher than the budgeted EUR 2.1m.
Mamaia Resort Hotels achieved first semester revenues of EUR 1m, or 14% above budget, which resulted in a six-month 2021 EBITDA loss of EUR -0.1m, compared to a budgeted loss of EUR -0.2m. The over-performance was mainly due to a contract signed with an international organization covering the low season first four months of the year. The bulk of the Hotel's revenues and profits are typically generated during the high season months of July and August.
Telecredit deployed EUR 6.5m in financing products to small and medium sized enterprises over the first semester, which was 4% below budget. However, the company turned profitable at operating level in the second quarter, having generated an Operating Profit before Depreciation of EUR 143,000 over the period, compared to a first quarter loss of EUR 8,000.
http://www.rns-pdf.londonstockexchange.com/rns/8026I_1-2021-8-16.pdf
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 2021 On 30 June 2021, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR 21.2m or EUR 0.1562 per share, which represents a 1.53% fall since the beginning of the year. Both the Romanian and Bulgarian economies have proven to be relatively resilient to the ongoing Covid-19 pandemic, with their first quarter GDPs growing by 2.8% and 2.5%, respectively, over the quarter, compared to an average EU of 0.1%. The pandemic itself seems to have subsided in Romania and Bulgaria, with the number of daily new cases falling from 1,400 and 600, respectively, at the beginning of May, to 150 and 100, at the end of July. Due to the fall in cases, most Covid-19 related restrictions were lifted in both countries. However, the number of daily new cases has started to creep up again, reaching 240 and 400 in Romania and Bulgaria, respectively, at the beginning of August. Romania and Bulgaria are particularly vulnerable to a resurgence of the pandemic, due to them having the lowest vaccination rates in the EU, with only 31.5% and 19.2% of their eligible populations, respectively, having received at least one dose, compared to an EU average of 71%. The Policolor Group had a good performance in the first 6 months of 2021 with sales at EUR 41.2m, mainly helped by better-than-expected sales results from the resins and chemicals divisions, whose combined sales were 63.8% above the budget. On the other hand, the coatings division posted first half year sales 6.7% below budget, mainly due to weaker demand as consumers re-oriented their spending away from home improvement due to the easing of covid related restrictions. Helped by higher resins and chemicals sales and improved cost controls, the Group posted recurring EBITDA of EUR 2.6m, higher than the budgeted EUR 2.1m. Mamaia Resort Hotels achieved first semester revenues of EUR 1m, or 14% above budget, which resulted in a six- month 2021 EBITDA loss of EUR -0.1m, compared to a budgeted loss of EUR -0.2m. The over-performance was mainly due to a contract signed with an international organization covering the low season first four months of the year. The bulk of the Hotel's revenues and profits are typically generated during the high season months of July and August. Telecredit deployed EUR 6.5m in financing products to small and medium sized enterprises over the first semester, which was 4% below budget. However, the company turned profitable at operating level in the second quarter, having generated an Operating Profit before Depreciation of EUR 143,000 over the period, compared to a first quarter loss of EUR 8,000. At the end of June, RC2 and RC2 (Cyprus) Ltd had cash and cash equivalents of EUR 0.37m, loan receivables from Telecredit and Mamaia Resort Hotels of EUR 0.45m, and short-term liabilities of EUR 0.07m. Telecredit reimbursed a net amount of EUR 1.05m to RC2 during the first semester, leaving an outstanding balance of EUR 0.15m. The shareholder loan to RC2 from Portadrix Investments Limited was fully repaid in the second quarter, resulting in RC2 being debt-free at the end of June.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2021
30 June 30 June 31 December 2021 2020 2020 EUR EUR EUR Unaudited Unaudited Audited Investment Income Fair value loss on financial assets at fair value through profit or loss (2,100,354) (2,113,199) (1,752,486) Interest income 2,112,394 2,131,097 4,280,442 --------------- --------------- --------------- Net investment income 12,040 17,898 2,527,956 --------------- --------------- --------------- Expenses Operating expenses (341,741) (315,688) (660,299) Net financial income/(expense) 3 - (16,286) --------------- --------------- --------------- Total expenses (341,738) (315,688) (676,585) --------------- --------------- --------------- (Loss)/profit for the period/year (329,698) (297,790) 1,851,371 --------------- --------------- --------------- Other comprehensive - - - income --------------- --------------- --------------- Total comprehensive (loss)/profit for the period/year attributable to owners (329,698) (297,790) 1,851,371 --------------- --------------- --------------- Earnings Per Share attributable to the owners of the Company Basic and diluted earnings per share (0.0024) (0.0022) 0.0136 --------------- --------------- ---------------
STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
30 June 30 June 31 December 2021 2020 2020 EUR EUR EUR Unaudited Unaudited Audited ASSETS Non-current assets Financial assets at fair value through profit or loss 21,231,506 19,509,494 21,999,552 --------------- --------------- --------------- Total non-current assets 21,231,506 19,509,494 21,999,552 --------------- --------------- --------------- Current assets Trade and other receivables 17,123 13,585 13,600 Cash and cash equivalents 37,502 10,200 33,073 --------------- --------------- --------------- Total current assets 54,625 23,785 46,673 --------------- --------------- --------------- TOTAL ASSETS 21,286,131 19,533,279 22,046,225 --------------- --------------- --------------- LIABILITIES Current liabilities Trade and other payables 67,664 134,275 91,782 Borrowings - - 406,278 --------------- --------------- --------------- TOTAL LIABILITIES 67,664 134,275 498,060 --------------- --------------- --------------- NET ASSETS 21,218,467 19,399,004 21,548,165 --------------- --------------- --------------- EQUITY ATTRIBUTABLE TO OWNERS Share capital 1,358,569 1,358,569 1,358,569 Share premium 109,206,779 109,206,779 109,206,779 Accumulated deficit (89,346,881) (91,166,344) (89,017,183) --------------- --------------- --------------- TOTAL EQUITY 21,218,467 19,399,004 21,548,165 --------------- --------------- --------------- Net Asset Value per share Basic and diluted net asset value per share 0.1562 0.1428 0.1586 --------------- --------------- --------------- STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2021 Share Retained (deficit)/ Share capital premium earnings Total EUR EUR EUR EUR Balance at 1 January 2020 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) -------------- ---------------- Balance at 30 June 2020 1,358,569 109,206,779 (91,166,344) 19,399,004 -------------- ---------------- Profit for the period - - 2,149,161 2,149,161 Other comprehensive income - - - - -------------- ---------------- Total comprehensive profit for the period - - 2,149,161 2,149,161 -------------- ---------------- Balance at 31 December 2020 1,358,569 109,206,779 (89,017,183) 21,548,165 -------------- ---------------- Loss for the period - - (329,698) (329,698) Other comprehensive income - - - - -------------- ---------------- Total comprehensive loss for the period - - (329,698) (329,698) -------------- ---------------- Balance at 30 June 2021 1,358,569 109,206,779 (89,346,881) 21,218,467 -------------- ----------------
CASH FLOW STATEMENT
For the six months ended 30 June 2021
30 June 30 June 31 December 2021 2020 2020 EUR EUR EUR Unaudited Unaudited Audited Cash flows from operating activities (Loss)/profit before taxation (329,698) (297,790) 1,851,371 Adjustments for: Fair value loss on financial assets at fair value through profit or loss 2,100,354 2,113,199 1,752,486 Interest income (2,112,394) (2,131,097) (4,280,442) Financial expenses 11,035 - 6,278 Net (gain)/loss on foreign exchange (3) - 8 --------------- --------------- --------------- Net cash outflow before changes in working capital (330,706) (315,688) (670,299) (Increase)/Decrease in trade and other receivables (3,523) 3,088 3,073 (Decrease)/Increase in trade and other payables (24,118) 96,913 54,420 Disposals and repayments of financial assets 780,085 160,000 180,000 --------------- --------------- --------------- Net cash provided by/(used in) operating 421,738 (55,687) (432,806) --------------- --------------- --------------- Cash flows from financing activities Proceeds from borrowings 250,000 - 400,000 Repayment of loans from related party (650,000) - - Interest paid (17,312) - - --------------- --------------- --------------- Net cash flow (used in)/provided by financing (417,312) - 400,000 --------------- --------------- --------------- Net increase/(decrease) in cash and cash equivalents before currency adjustment 4,426 (55,687) (32,806) Effects of exchange rate differences on cash and cash equivalents 3 - (8) --------------- --------------- --------------- Net increase/(decrease) in cash and cash
equivalents after currency adjustment 4,429 (55,687) (32,814) Cash and cash equivalents at the beginning of the period/year 33,073 65,887 65,887 --------------- --------------- --------------- Cash and cash equivalents at the end of the period/year 37,502 10,200 33,073 --------------- --------------- ---------------
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August 17, 2021 02:00 ET (06:00 GMT)
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