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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 : 8062K
Reconstruction Capital II Ltd
30 August 2023
30 August 2023
Reconstruction Capital II Limited (the "Company")
Interim Unaudited Financial Statements
for the six months ended 30 June 2023
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 2023.
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 2023, Reconstruction Capital II Limited ("RC2") had a total unaudited net asset value ("NAV") of EUR23.4m or EUR0.1729 per share, which represents a 1.59% fall since the beginning of the year.
As at 30 June 2023, RC2 and its subsidiary, RC2 (Cyprus) Ltd had cash and cash equivalents of approximately EUR0.017m and receivables of EUR0.017m. As at 30 June 2023, RC2 had short-term liabilities of EUR0.243m.
Operational highlights
During the first half of 2023, the macroeconomic challenges which started in 2022 due to the outbreak of war in neighbouring Ukraine continued to erode consumers' purchasing power, affecting all of the Fund's investee companies, although inflationary pressures which had been fuelled by the outbreak of war fell significantly in the second quarter.
The Policolor Group achieved revenues of EUR 37.6m during the first semester, 22.7% below budget and 15.9% lower year-on-year, as the anhydrides division struggled to source the necessary raw materials due to the less available ortho-xylene, pursuant to the EU banning imports from Russia. The coatings division's sales were slightly higher year-on-year but 9% below budget, as the cost-of-living crisis reduced consumers' discretionary spending, while the construction market weakened. Although the Group's gross margin overperformed the budget in percentage terms, the Group's six-month EBITDA of EUR 1.5m was EUR 1.3m below budget, mainly due to the reduced activity at the anhydrides division and the underperformance of the coatings division.
The Mamaia Hotel did not meet its budget over the first half of 2023, as the cost-of-living crisis and the ongoing war in Ukraine across the Black Sea significantly impacted demand for the Hotel in the second quarter, despite an unexpectedly good performance in the first quarter. In addition, unseasonal bad weather, including lots of rainfall on weekends in May and June, led to the cancellation of a number of corporate events and a significant reduction in the number of walk-in clients. As a result, the Hotel generated revenues of EUR 0.90m, 22% below budget. During the first half of the year, the Hotel posted an EBITDA loss of EUR 0.52m, EUR 0.14m higher than the budgeted loss of EUR 0.38m, mainly due to lower accommodation revenues, higher food and beverage costs, and higher salaries due to a tight labour market.
During the first half of 2023, Telecredit generated interest revenues of EUR 0.83m, 7.8% higher year-on-year but 10% below budget, and an operating profit before depreciation and interest expenses of EUR 0.25m, below both the EUR 0.34m budget target and last year's result of EUR 0.38m. The underperformance was mainly driven by lower demand in the first quarter since Telecredit outperformed its budgeted financing volumes in the second quarter. In May, Telecredit extended the maturity of its EUR 2.0m loan from a specialized institutional lender by a year to 2024, and increased the facility amount to EUR 3.0m.
At the end of June, RC2 had cash and cash equivalents of EUR 0.017m, receivables of EUR 0.017m, and short-term
liabilities of EUR 0.243m.
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
ADVISER'S REPORT For the six months ended 30 June 2023 During the first half of 2023, the macroeconomic challenges which started in 2022 due to the outbreak of war in neighbouring Ukraine continued to erode consumers' purchasing power, affecting all of the Fund's investee companies, although inflationary pressures which had been fuelled by the outbreak of war fell significantly in the second quarter. The Policolor Group achieved revenues of EUR 37.6m during the first semester, 22.7% below budget and 15.9% lower year-on-year, as the anhydrides division struggled to source the necessary raw materials due to the less available ortho-xylene, pursuant to the EU banning imports from Russia. The coatings division's sales were slightly higher year-on-year but 9% below budget, as the cost-of-living crisis reduced consumers' discretionary spending, while the construction market weakened. Although the Group's gross margin overperformed the budget in percentage terms, the Group's six-month EBITDA of EUR 1.5m was EUR 1.3m below budget, mainly due to the reduced activity at the anhydrides division and the underperformance of the coatings division. The Mamaia Hotel did not meet its budget over the first half of 2023, as the cost-of-living crisis and the ongoing war in Ukraine across the Black Sea significantly impacted demand for the Hotel in the second quarter, despite an unexpectedly good performance in the first quarter. In addition, unseasonal bad weather, including lots of rainfall on weekends in May and June, led to the cancellation of a number of corporate events and a significant reduction in the number of walk-in clients. As a result, the Hotel generated revenues of EUR 0.90m, 22% below budget. During the first half of the year, the Hotel posted an EBITDA loss of EUR 0.52m, EUR 0.14m higher than the budgeted loss of EUR 0.38m, mainly due to lower accommodation revenues, higher food and beverage costs, and higher salaries due to a tight labour market. During the first half of 2023, Telecredit generated interest revenues of EUR 0.83m, 7.8% higher year-on-year but 10% below budget, and an operating profit before depreciation and interest expenses of EUR 0.25m, below both the EUR 0.34m budget target and last year's result of EUR 0.38m. The underperformance was mainly driven by lower demand in the first quarter since Telecredit outperformed its budgeted financing volumes in the second quarter. In May, Telecredit extended the maturity of its EUR 2.0m loan from a specialized institutional lender by a year to 2024, and increased the facility amount to EUR 3.0m. At the end of June, RC2 had cash and cash equivalents of EUR 0.017m, receivables of EUR 0.017m, and short-term liabilities of EUR 0.243m.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2023
30 June 30 June 31 December 2023 2022 2022 EUR EUR EUR Unaudited Unaudited Audited Investment Income Fair value loss on financial assets at fair value through profit or loss (261,845) (102,597) (2,615,823) Interest income 255,360 257,916 518,085 --------------- --------------- --------------- Net investment income (6,485) 155,319 (2,097,738) --------------- --------------- --------------- Expenses Operating expenses (363,202) (394,892) (844,981) Net financial income/(expense) (11,925) (35) (871) --------------- --------------- --------------- Total expenses (375,127) (394,927) (845,852) --------------- --------------- --------------- (Loss)/profit for the period/year (381,612) (239,608) (2,943,590) --------------- --------------- --------------- Other comprehensive income - - - --------------- --------------- --------------- Total comprehensive (loss)/profit for the period/year attributable to owners (381,612) (239,608) (2,943,590) --------------- --------------- --------------- Earnings Per Share attributable to the owners of the Company Basic and diluted earnings per share (0.0028) (0.0018) (0.0217) --------------- --------------- ---------------
STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
30 June 30 June 31 December 2023 2022 2022 EUR EUR EUR Unaudited Unaudited Audited ASSETS Non-current assets Financial assets at fair value through profit or loss 24,027,598 26,557,140 24,104,083 --------------- --------------- --------------- Total non-current assets 24,027,598 26,557,140 24,104,083 --------------- --------------- --------------- Current assets Trade and other receivables 17,126 19,172 15,492 Cash and cash equivalents 17,221 46,438 73,337 --------------- --------------- --------------- Total current assets 34,347 65,610 88,829 --------------- --------------- --------------- TOTAL ASSETS 24,061,945 26,622,750 24,192,912 --------------- --------------- --------------- LIABILITIES Current liabilities Trade and other payables 243,207 91,174 124,485 Total current liabilities 243,207 91,174 124,485 --------------- --------------- --------------- Non-current liabilities --------------- --------------- --------------- Borrowings 382,756 - 250,833 --------------- --------------- --------------- Total non-current liabilities 382,756 - 250,833 --------------- --------------- --------------- TOTAL LIABILITIES 625,963 91,174 375,318 --------------- --------------- --------------- NET ASSETS 23,435,982 26,531,576 23,817,594 =============== =============== =============== EQUITY ATTRIBUTABLE TO OWNERS Share capital 1,355,784 1,357,034 1,355,784 Share premium 109,187,284 109,196,034 109,187,284 Accumulated deficit (87,107,086) (84,021,492) (86,725,474) --------------- --------------- --------------- TOTAL EQUITY 23,435,982 26,531,576 23,817,594 --------------- --------------- --------------- Net Asset Value per share Basic and diluted net asset value per share 0.1729 0.1955 0.1757 --------------- --------------- --------------- STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2023 Retained Share (deficit)/ Share capital premium EUR EUR earnings Total EUR EUR Balance at 1 January 2022 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 ------------- ------------- Profit for the period - - (2,703,982) (2,703,982) Other comprehensive income - - - - ------------- ------------- Total comprehensive profit for the period - - (2,703,982) (2,703,982) ------------- ------------- Repurchase and cancellation of own shares (1,250) (8,750) - (10,000) ------------- ------------- Transactions with owners (1,250) (8,750) - (10,000) ------------- ------------- Balance at 31 December 2022 1,355,784 109,187,284 (86,725,474) 23,817,594 ------------- ------------- Loss for the period - - (381,612) (381,612) Other comprehensive income - - - - ------------- ------------- Total comprehensive loss for the period - - (381,612) (381,612) ------------- ------------- Balance at 30 June 2023 1,355,784 109,187,284 (87,107,086) 23,435,982 ------------- -------------
CASH FLOW STATEMENT
For the six months ended 30 June 2023
30 June 30 June 31 December 2023 2022 2022 EUR EUR EUR Unaudited Unaudited Audited Cash flows from operating activities (Loss)/profit before taxation (381,612) (239,608) (2,943,590) Adjustments for: Fair value loss on financial assets at fair value through profit or loss 261,845 102,597 2,615,823 Interest income (255,360) (257,916) (518,085) Financial expenses 11,923 - 833 Net (gain)/loss on foreign exchange 2 35 6 --------------- --------------- --------------- Net cash outflow before changes in working capital (363,202) (394,892) (845,013) (Increase)/Decrease in trade and other receivables (1,634) (13,145) (9,465) (Decrease)/Increase in trade and other payables 118,722 (114,511) (81,200) Repayments of financial assets 70,000 570,000 770,000 Net cash provided by/(used
in) operating (176,114) 47,452 (165,678) --------------- --------------- --------------- Cash flows from financing activities Payments to purchase own shares - (12,280) (22,280) Proceeds from borrowings 120,000 - 250,000 Net cash flow (used in)/provided by financing 120,000 (12,280) 227,720 --------------- --------------- --------------- Net increase/(decrease) in cash and cash equivalents before currency adjustment (56,114) 35,172 62,042 Effects of exchange rate differences on cash and cash equivalents (2) (35) (6) Net increase/(decrease) in cash and cash equivalents after currency adjustment (56,116) 35,137 62,036 Cash and cash equivalents at the beginning of the period/year 73,337 11,301 11,301 Cash and cash equivalents at the end of the period/year 17,221 46,438 73,337 --------------- --------------- ---------------
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IR EAPPEDLDDEEA
(END) Dow Jones Newswires
August 30, 2023 04:46 ET (08:46 GMT)
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