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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 2022 to Jul 2024
TIDMRC2
RNS Number : 3722W
Reconstruction Capital II Ltd
17 August 2022
17 August 2022
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Financial Statements
for the six months ended 30 June 2022
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 2022.
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 2022, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR26.5m or EUR0.1955 per share, which represents a 0.83% fall since the beginning of the year.
As at 30 June 2022, RC2 and its subsidiary, RC2 (Cyprus) Ltd had cash and cash equivalents of approximately EUR0.05m and receivables of EUR0.02m. As at 30 June 2022, RC2 had liabilities of EUR0.09m.
Operational highlights
Whilst Romania and Bulgaria continued to achieve strong year-on-year GDP growth of 6.4% and 4.0%, respectively, during the first quarter of 2022, the outbreak of war in neighbouring Ukraine at the end of February generated supply chain disruptions and exacerbated food and energy price increases. Consequently, inflationary pressures intensified in both countries, eroding the purchasing power of consumers, and adding additional pressure on companies' profitability margins as the prices of raw materials and utilities experienced sharp increases. At the end of June, the annual inflation rate reached 15.1% in Romania, and 16.9% in Bulgaria.
The Policolor Group generated operating revenues of EUR45.2m over the first six months, slightly above budget and 8.8% above the EUR41.5m achieved during the same period last year. Coatings sales of EUR25.3m were 4.2% above the same period last year, but 8.0% below budget, mainly due to weak market demand due to cost-of-living pressures on consumers. Sales of anhydrides reached EUR6.0m, below the budgeted EUR6.7m, whilst resins sales of EUR16.9m were 29.2% above last year, and 20.0% above budget, driven by high market prices for resins and strong demand from customers. Driven mainly by the coatings business' gross margin underperforming the budget due to difficulties in passing on raw material price increases to customers, the Group's recurring six-month EBITDA came in at EUR 1.8m, significantly below both last year's result and the budget target of EUR3.1m
Mamaia Resort Hotels reported excellent results for the first semester of 2022, significantly overperforming both its budget and last year's performance. Operating revenues came in at EUR1.7m, 112.7% above budget and 55.3% higher year-on-year, driven by a better occupancy rate due to the Hotel securing some long-term group occupancy contracts which started in the off-season months. The six-month EBITDA of EUR0.3m compares to a budgeted EBITDA loss of EUR-0.3m, mainly due to the higher revenues.
Telecredit continued its strong growth during the second quarter, having deployed EUR 11.1m in financing products to small and medium-sized enterprises over the first semester, 16.1% above budget and 70.7% higher year-on-year. The company generated an Operating Profit before Depreciation and Interest Expense of EUR383,000 over the period, 38.3% above budget and 176.0% above the result achieved during the same period of 2021.
At the end of June, RC2 and RC2 (Cyprus) Ltd had cash and cash equivalents of EUR0.2m, receivables of EUR0.1m, and short-term liabilities of EUR0.1m.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea / Luca Nicolae
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
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ADVISER'S REPORT
For the six months ended 30 June 2022
On 30 June 2022, Reconstruction Capital II Limited ("RC2") had a total
unaudited net asset value ("NAV") of EUR26.5m or EUR0.1955 per share,
which represents a 0.83% fall since the beginning of the year.
Whilst Romania and Bulgaria continued to achieve strong year-on-year
GDP growth of 6.4% and 4.0%, respectively, during the first quarter
of 2022, the outbreak of war in neighbouring Ukraine at the end of
February generated supply chain disruptions and exacerbated food and
energy price increases. Consequently, inflationary pressures intensified
in both countries, eroding the purchasing power of consumers, and
adding additional pressure on companies' profitability margins as
the prices of raw materials and utilities experienced sharp increases.
At the end of June, the annual inflation rate reached 15.1% in Romania,
and 16.9% in Bulgaria.
The Policolor Group generated operating revenues of EUR 45.2m over
the first semester, slightly above budget and 8.8% above the EUR 41.5m
achieved during the same period last year. Coatings sales of EUR 25.3m
were 4.2% above the same period last year, but 8.0% below budget,
mainly due to weak market demand due to cost-of-living pressures on
consumers. Sales of anhydrides reached EUR 6.0m, below the budgeted
EUR 6.7m, whilst resins sales of EUR 16.9m were 29.2% above last year,
and 20.0% above budget, driven by high market prices for resins and
strong demand from customers. Driven mainly by the coatings business'
gross margin underperforming the budget due to difficulties in passing
on raw material price increases to customers, the Group's recurring
six-month EBITDA came in at EUR 1.8m, significantly below both last
year's result and the budget target of EUR 3.1m
Mamaia Resort Hotels reported excellent results for the first semester
of 2022, significantly overperforming both its budget and last year's
performance. Operating revenues came in at EUR 1.7m, 112.7% above
budget and 55.3% higher year-on-year, driven by a better occupancy
rate due to the Hotel securing some long-term group occupancy contracts
which started in the off-season months. The six-month EBITDA of EUR
0.3m compares to a budgeted EBITDA loss of EUR -0.3m, mainly due to
the higher revenues.
Telecredit continued its strong growth during the second quarter,
having deployed EUR 11.1m in financing products to small and medium-sized
enterprises over the first semester, 16.1% above budget and 70.7%
higher year-on-year. The company generated an Operating Profit before
Depreciation and Interest Expense of EUR 383,000 over the period,
38.3% above budget and 176.0% above the result achieved during the
same period of 2021.
At the end of June, RC2 and RC2 (Cyprus) Ltd had cash and cash equivalents
of EUR 0.22m, receivables of EUR 0.05m, and short-term liabilities
of EUR 0.09m.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2022
30 June 30 June 31 December
2022 2021 2021
EUR EUR EUR
Unaudited Unaudited Audited
Investment Income
Fair value loss on financial
assets at
fair value through profit
or loss (102,597) (2,100,354) 2,774,875
Interest income 257,916 2,112,394 3,197,478
--------------- --------------- ---------------
Net investment income 155,319 12,040 5,972,353
--------------- --------------- ---------------
Expenses
Operating expenses (394,892) (341,741) (725,459)
Net financial income/(expense) (35) 3 (11,595)
--------------- --------------- ---------------
Total expenses (394,927) (341,738) (737,054)
--------------- --------------- ---------------
(Loss)/profit for the
period/year (239,608) (329,698) 5,235,299
--------------- --------------- ---------------
Other comprehensive income - - -
--------------- --------------- ---------------
Total comprehensive (loss)/profit
for the period/year attributable
to owners (239,608) (329,698) 5,235,299
--------------- --------------- ---------------
Earnings Per Share attributable
to the owners of the Company
Basic and diluted earnings
per share (0.0018) (0.0024) 0.0385
--------------- --------------- ---------------
STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
30 June 30 June 31 December
2022 2021 2021
EUR EUR EUR
Unaudited Unaudited Audited
ASSETS
Non-current assets
Financial assets at fair
value through profit or
loss 26,557,140 21,231,506 26,971,821
--------------- --------------- ---------------
Total non-current assets 26,557,140 21,231,506 26,971,821
--------------- --------------- ---------------
Current assets
Trade and other receivables 19,172 17,123 6,027
Cash and cash equivalents 46,438 37,502 11,301
--------------- --------------- ---------------
Total current assets 65,610 54,625 17,328
--------------- --------------- ---------------
TOTAL ASSETS 26,622,750 21,286,131 26,989,149
--------------- --------------- ---------------
LIABILITIES
Current liabilities
Trade and other payables 91,174 67,664 205,685
Borrowings - - -
--------------- --------------- ---------------
TOTAL LIABILITIES 91,174 67,664 205,685
--------------- --------------- ---------------
NET ASSETS 26,531,576 21,218,467 26,783,464
--------------- --------------- ---------------
EQUITY ATTRIBUTABLE TO OWNERS
Share capital 1,357,034 1,358,569 1,358,569
Share premium 109,196,034 109,206,779 109,206,779
Accumulated deficit (84,021,492) (89,346,881) (83,781,884)
--------------- --------------- ---------------
TOTAL EQUITY 26,531,576 21,218,467 26,783,464
--------------- --------------- ---------------
Net Asset Value per share
Basic and diluted net asset
value per share 0.1955 0.1562 0.1971
--------------- --------------- ---------------
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June
2022
Retained
Share (deficit)/
Share capital earnings Total EUR
premium EUR EUR EUR
Balance at 1 January 2021 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
-------------- ----------------
Profit for the period - - 5,564,997
Other comprehensive income - - - 5,564,997
-------------- ----------------
Total comprehensive
profit for the
period -
- 5,564,997 5,564,997
-------------- ----------------
Balance at 31
December 2021
1,358,569
109,206,779 (83,781,884) 26,783,464
-------------- ----------------
Loss for the period - - (239,608) (239,608)
Other comprehensive income - - - -
-------------- ----------------
Total comprehensive
loss for the period
- - (239,608) (239,608)
-------------- ----------------
Repurchase and cancellation of own shares (1,535)
(10,745) - (12,280)
Transactions with owners (1,535) (10,745) - (12,280)
-------------- ----------------
Balance at 30 June
2022 1,357,034
109,196,034 (84,021,492) 26,531,576
-------------- ----------------
CASH FLOW STATEMENT
For the six months ended 30 June 2022
30 June 30 June 31 December
2022 2021 2021
EUR EUR EUR
Unaudited Unaudited Audited
Cash flows from operating activities
(Loss)/profit before taxation (239,608) (329,698) 5,235,299
Adjustments for:
Fair value loss on financial
assets at fair value
through profit or loss 102,597 2,100,354 (2,774,875)
Interest income (257,916) (2,112,394) (3,197,478)
Financial expenses - 11,035 11,035
Net (gain)/loss on foreign exchange 35 (3) (44)
--------------- --------------- ---------------
Net cash outflow before changes
in working
capital (394,892) (330,706) (726,063)
(Increase)/Decrease in trade
and other receivables (13,145) (3,523) 7,573
(Decrease)/Increase in trade
and other payables (114,511) (24,118) 113,902
Repayments of financial assets 570,000 780,085 1,210,085
Purchase of financial assets - - (210,000)
Net cash provided by/(used
in) operating 47,452 421,738 395,497
--------------- --------------- ---------------
Cash flows from financing activities
Payments to purchase own shares (12,280)
Proceeds from borrowings - 250,000 250,000
Repayment of loans from related
party - (650,000) (650,000)
Interest paid - (17,312) (17,313)
--------------- --------------- ---------------
Net cash flow (used in)/provided
by financing (12,280) (417,312) (417,313)
--------------- --------------- ---------------
Net increase/(decrease) in
cash and cash
equivalents before currency
adjustment 35,172 4,426 (21,816)
Effects of exchange rate differences
on cash and cash
equivalents (35) 3 44
--------------- --------------- ---------------
Net increase/(decrease) in
cash and cash
equivalents after currency
adjustment 35,137 4,429 (21,772)
Cash and cash equivalents at
the beginning of the
period/year 11,301 33,073 33,073
--------------- --------------- ---------------
Cash and cash equivalents at
the end of the
period/year 46,438 37,502 11,301
--------------- --------------- ---------------
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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END
IR GPUAPRUPPGCM
(END) Dow Jones Newswires
August 17, 2022 10:28 ET (14:28 GMT)
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