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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sofia Prop | LSE:SPFL | London | Ordinary Share | GB00B0BV8078 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMSPFL
RNS Number : 7768O
Sofia Property Fund Limited
23 September 2011
Hot Features
Premium
AIM: SPFL
Sofia Property Fund Limited ('the Fund', 'the Company' or 'the Group')
Financial results for the six months ended 30 June 2011
Overview
-- Valuation of property portfolio at 30 June 2011 is Euro 19.2million, unchanged from 31 December
2010, as amended for sale of one apartment.
-- NAV per share of 24.1 pence (Euro cents 26.6) at 30 June 2011 compared to 23.3 pence (Euro cents
27.2) at 31 December 2010.
-- The Company has secured a loan of GBP500,000 from Pluto Partnership, as announced on 29 June 2011.
-- Despite obvious threats from the turmoil in the Eurozone, we believe the investment outlook for
Bulgaria is still positive.
-- There are clear signs of increased activity in the Bulgarian property
market.
-- We expect a gradual improvement in property prices over the next
three years.
-- Our strategy is to position the fund so that shareholders can benefit from this
improvement.
Chairman's Report
Valuation of property portfolio at 30 June 2011 is Euro 19.2m, unchanged from 31 December 2010, as
amended for sale of one apartment.
NAV per share of 24.1 pence (Euro cents 26.6) at 30 June 2011 compared to 23.3 pence (Euro cents 27.2)
at 31 December 2010, reflecting the impact of exchange rate movements.
The Company has secured a loan of GBP500,000 from Pluto Partnership, as announced on 29 June 2011.
Although there are obvious threats from the turmoil in the Eurozone, we believe the investment outlook
for Bulgaria is still positive. There are already clear signs of increased activity in the Bulgarian
property market and we expect a gradual improvement in property prices over the next three years.
Our strategy is to position the fund so that shareholders can benefit from this improvement.
Charles Burton
22 September 2011
Investment Managers' Report
BULGARIA
Management Update
As reported at the end of June 2011, The Company secured a GBP500,000 loan from the Pluto Partnership.
The Company welcomes the opportunity afforded by the loan to identify and formalise a long term strategic
solution to the benefit of all shareholders.
During the first half of 2011 activity in the Bulgarian property market clearly increased. As reported
previously the Managers believe that the residential sector of the property market reached a bottom
during the last year. Prices now appear to be stable and some sectors of the residential market are
showing early signs of lack of supply. The continued expected improvement in the market makes us more
optimistic about prospects for marketing or developing our properties over the coming years.
Bulgarian Economy
(Source Oxford Economics)
Quarterly GDP growth at 0.3% in Q2, was only slightly better than the EU average and weaker than expected.
Given the more subdued outlook for the EU, Bulgaria's main export destination, as well as the ongoing
sluggishness of consumer spending and the high level of uncertainty facing businesses, GDP growth is
now forecast to be around 2.2% this year and 2.6% in 2012. However, as the recovery picks up speed,
GDP growth in each of the years 2013, 2014 and 2015 is expected to be sharply higher at between 5%
to 6%p.a.
The moderate recovery so far has been jobless, and high inflation at the beginning of the year squeezed
household budgets further. But unless the external environment becomes really dismal, employment should
rise at the start of next year and inflation should continue to decline gradually. This could lift
household spending by over 3% in 2012 after an expected rise of just 1.5% this year.
The investment outlook is still positive and should receive a boost in 2012 from public infrastructure
spending.
Bulgaria is now even more committed to its tight fiscal stance by putting it into law. The new deficit
and debt limits, at 2% and 40% of GDP respectively, are more restrictive than the ones implemented
under the EU Stability and Growth Pact.
Bulgarian Property Market Report
Residential (Source: Colliers)
The supply in the mid-plus to high end of the market is now low and is estimated to be 3-4,000 units
in the greater Sofia area according to Colliers. No new large-scale projects were launched in 2010.
Given that a medium-size residential project takes approx 3 years from initiation to completion, supply
in this segment of the market is fast drying up with prices expected to increase accordingly.
Demand is growing for mid-plus and high-end properties. Expectations and requirements are high pushing
buyers towards new projects offering high standards of living. The typical profile of a buyer in this
segment of the market is a person in a key professional position, often self employed and less dependent
on the availability of mortgages. The majority of buyers are Bulgarian.
The price rage according to Colliers, is wide at Euros 1,000 to 1,900 per square metre depending on
location and quality.
In the Manager's opinion the market in Sofia may become undersupplied over the next
18 months.
Investment Managers' Report (continued)
During the Managers' recent visits to Bulgaria we noted that there has been a marked improvement in
the road infrastructure not just in and around Sofia but across the country as a whole. This suggests
that inward EU investment is finally being deployed on the ground. We also noticed that conditions
in the ski areas, particularly Bansko have improved; specifically improvements in water supply. There
are many fewer uncompleted projects and roads around have been paved. Anecdotal evidence suggests that
rental properties in the resort have been fully booked for the last two seasons and that property prices
have now bottomed. We therefore expect a gradual improvement in property prices over the next three
years.
On the commercial side 2010 saw 4 new shopping centres, bringing the total stock in Bulgaria to 560,000
square metres according to Colliers. Two large projects for Sofia are expected to open their doors
in 2011. The first IKEA in Bulgaria located opposite the Sofia Business Park opened recently.
Shopping malls generally have low levels of vacancy - however secondary cities are experiencing some
difficulties. Various incentives have been put in place to help retailers through the downturn. On
the High Street, vacancy levels in Sofia are around 10%.
Discount retailers continue to be most active. Lidl opened 14 new stores in 2010. The 24 Bulgarian
Plus stores acquired by Lidl in 2010 will be rebranded under the Lidl name. Billa opened 15 stores
in 2010, Penny Market opened 17 and Kaufland 5.
Despite two difficult years, retailers are optimistic for 2011 with consumption expected to grow at
1.3%. Large international players are sticking to their expansion plans for 2011/2012.
PROPERTY PORTFOLIO
BuySell
As highlighted in our previous report released at the end of June 2011, The Company is still in talks
with various parties, including BuySell with a view to resolving its outstanding claims. Although progress
has been slow because of the complexities of some of the issues, The Company continues to believe that
there is a realistic possibility that the talks will be concluded successfully and hopes to be able
to make an announcement detailing progress later in 2011. This would clearly be a positive development
for the Company and its shareholders. However at this stage the Group still values the BuySell inventory
as nil.
The Company rescinded six contracts with BuySell, a Bulgarian property development company, on 17 April
2009 due to BuySell's non performance of their contractual duty to deliver completed properties in
Sofia to the Company by the due date. As a result of BuySell's non-performance the Company is entitled
to claim the repayment of its EUR9.5 million deposit plus penalties of an additional EUR9.5 million.
Investment Managers' Report (continued)
Westhill
One of the Company's Bulgarian subsidiaries is in dispute with Westhill BG 8 AD, a Bulgarian property
development company. The latter submitted an insolvency claim against the Company's subsidiary which,
in the Company's opinion, is groundless. The case is expected to come to Court in the fourth quarter
of 2011. The Company is confident that this matter will eventually be concluded successfully. Further
announcements will be made as appropriate.
Land Build Cost EUR Valuation EUR
Area M(2) Area M(2) 30/06/2011 30/06/2011
(Note 1)
Goverdartsi (Crystal Vale/
1 Crystal Glade) 36,562 41,332 5,820,084 4,820,000
2 Beli Iskar (Crystal Heights) 19,432 22,464 1,322,309 1,000,000
3 Razlog/Bansko 18,353 24,301 9,209,372 5,350,000
4 Dolna Banya 48,548 48,713 1,661,695 1,240,000
5 Plovdiv 12,141 12,712 3,890,195 2,450,000
6 Banya 117,774 141,329 3,608,063 3,950,000
Sofia Project
7 55 1,298 567 786,201 368,313
--------------------- ------------------------------- ----------------------- --------------
Sub Total 254,108 291,418 26,297,919 19,178,313
Buy Sell Rescinded Contracts
8 (Note 2) 48,218 89,967 9,529,477 -
Total 302,326 381,385 35,827,396 19,178,313
===================== =============================== ======================= ==============
Note 1: Some build areas are estimated subject to planning approval.
Note 2: The Group has terminated these contracts with BuySell and accordingly they have been valued at Nil on the balance sheet.
GROUP PROPERTIES
1.GOVERDARCI
CRYSTAL VALE
Crystal Vale has full residential planning approval and is situated inside the Super Borovets project boundary. Super Borovets is a joint venture between the Omani State General
Reserve Fund, Equest and the Municipality of Samokov for the development of an enhanced ski resort in the area surrounding Borovets; the project plans call for the investment of up
to EUR500 million in the construction of new hotels, apartments, ski lifts and supporting infrastructure. The Crystal Vale site has a footprint of 16,776 sq m and a build area of
17,589 sq m.
The project has been designed as an exclusive retreat destination and is aimed at the international
and domestic leisure market. The 'Clubhouse' building, which will contain 22 apartments and all central
facilities for the project (including swimming pool, spa and restaurant), has been partly completed
- to the extent that the roof is in place. Construction was halted in September 2009 awaiting a recovery
in market conditions
CRYSTAL GLADE
The Crystal Glade project is located approximately one kilometre away from Crystal Vale and has a site
footprint and build area of 19,786 sq m. The site has residential planning permission and is intended
to be a complementary leisure development to Crystal Vale. It will remain in the land bank until Crystal
Vale has been substantially completed.
Investment Managers' Report (continued)
GROUP PROPERTIES (continued)
2. BELI ISKAR
CRYSTAL HEIGHTS
The Fund has purchased 19,432 sq m, currently designated as agricultural land, inside the Super Borovets
project area beside the village of Beli Iskar. Residential planning permission for the land will be
sought in due course.
3. RAZLOG / BANSKO
PANORAMA VILLAS
This project is located close to the ski resort of Bansko and Phase 1 has reached the stage of rough
construction; further work has been suspended pending improved market conditions. Until Phase 1 has
been completed the remaining 3 phases will remain in the land bank.
NIRVANA
This undeveloped plot close to the centre of Bansko has residential planning permission and will remain
in the land bank.
4. DOLNA BANYA
The Fund owns four plots in and around the town of Dolna Banya; the plots have a total surface area
of 48,548 sqm and a build area of 57,621 sq m. One of the plots has a construction permit for residential
buildings and a restaurant, while the other three are zoned for residential development. Dolna Banya
is famed for its geothermal hot springs and is 16 km from the Boroverts ski resort. The four plots
will continue to be held in the land bank.
5. PLOVDIV
The Fund owns 12,151 sq m of land in Plovdiv, split between two separate locations. Both projects have
residential planning permission. The first plot ('Plovdiv Reach') is situated two kilometres from the
city centre, beside the national rowing centre. The second site ('Roman View') is a disused tobacco
factory located in the heart of the city centre. Both plots will be held in the land bank until economic
recovery warrants their development or sale.
6. BANYA
The Fund owns 117,774 sq m of land close to the village of Banya which is five kilometres from Bulgaria's
main ski resort (Bansko). The site was bought from numerous landowners as agricultural and has since
been consolidated into three plots of similar size. Change of use from agricultural to residential
has already been obtained on one of the plots whilst the other two have been removed from agricultural.
The site will remain in the land bank while neighbouring leisure developments, not owned by the Fund,
are completed. The reason this is important is that as neighbouring developments reach completion their
ultimate sale of apartments will crystallise value for our plots whilst the importation of utilities
close to the site will also improve its attractiveness to potential purchasers.
INVESTING POLICY
-- The Fund is restricted to investments in Bulgaria and these investments must be largely (but not
exclusively) residential in nature.
-- The Fund may invest in early stage residential developments mainly, but not exclusively, in and
around Sofia and its adjacent ski resorts.
-- The Fund may buy land and seek to develop its land through partnerships with Developers.
-- It is the intention of the board subject to shareholder approval to extend the life of the Fund
beyond the 27 September 2012.
-- The Fund may borrow in order to develop its assets.
-- The Fund does not intend to pay a dividend (although the Fund is not restricted from doing so).
Mark Anderson and Loraine Pinel
Investment Managers
September 2011
Unaudited condensed consolidated statement of comprehensive income
for the 6 month period ended 30 June
2011
1 Jan 2010
to
30 Jun 2010
Notes Revenue Capital Total Total
------------------ --------------------- ---------------------- --------------------- -----------------
EUR EUR EUR EUR
Revenue
Property sales 45,829 - 45,829 -
Cost of sales (56,687) - (56,687) -
Other income - - - 28,731
Gross (loss) / Profit (10,858) - (10,858) 28,731
--------------------- ---------------------- --------------------- -----------------
Expenses
Administration fees 63,296 - 63,296 71,340
Directors' fees and expenses 15,114 - 15,114 31,497
Salaries and other disbursements 91,658 - 91,658 171,188
Foreign exchange gain (4,707) - (4,707) (15,396)
Loss on disposal of subsidiaries - - - 116,860
Net change in (gain)/loss on revaluation
of investment properties - - - (49,848)
Impairment of inventory 4 - - - 807,268
Legal and professional expenses 145,012 - 145,012 311,525
Other expenses 76,730 - 76,730 152,910
387,103 - 387,103 1,597,344
--------------------- ---------------------- --------------------- -----------------
Operating loss (397,961) - (397,961) (1,568,613)
Finance income 80 - 80 530
Finance cost - - (636,313)
Loss before taxation (397,881) - (397,881) (2,204,396)
Taxation - - - -
Loss for the period (397,881) - (397,881) (2,204,396)
--------------------- ---------------------- --------------------- -----------------
Other comprehensive income
Exchange differences arising
on
translation of foreign operations - - - -
Total comprehensive loss
for the period (397,881) - (397,881) (2,204,396)
===================== ====================== ===================== =================
Loss per share - basic and
diluted (cents per share) 2 (0.59) (3.29)
Unaudited condensed consolidated statement of financial position
as at 30 June 2011
Notes 30 June 2011 31 December 2010
------------------ ------------------------------------------------ -------------------------------------------
EUR EUR EUR EUR
Non-current assets
Investment properties 3 13,640,000 13,640,000
Current assets
Inventory 4 5,538,313 5,595,000
Trade and other receivables 59,471 52,757
Cash and cash equivalents 102,307 244,838
5,700,091 5,892,595
Total assets 19,340,091 19,532,595
---------------------- -----------------
Current liabilities
Trade and other payables (1,470,494) (1,265,117)
---------------------- -----------------
Total liabilities (1,470,494) (1,265,117)
Net assets 17,869,597 18,267,478
====================== =================
Equity
Share capital - -
Special reserve 57,913,640 57,913,640
Capital reserve (23,192,717) (23,192,717)
Revenue reserve (16,851,326) (16,453,445)
Total Equity 17,869,597 18,267,478
====================== =================
NAV per share (Euro per share) 5 0.266 0.272
NAV per share at launch (Euro
per share) 1.178 1.178
These condensed financial statements were approved by the Board of Directors and
authorised for issue on 22 September 2011. They were signed on its behalf by Charles
Burton and Clive Simon.
Charles Burton Clive Simon
Chairman Director
The accompanying notes 1 to 7 form an integral part of these
financial statements
Unaudited condensed consolidated statement of changes in equity
for the 6 month period ended 30 June
2011
Share Special Capital Revenue Total
Capital Reserve Reserve Reserve Equity
EUR EUR EUR EUR EUR
As at 31 December 2009 - 57,913,640 (23,910,711) (13,805,559) 20,197,370
Total comprehensive loss
for the period - - (874,280) (1,330,116) (2,204,396)
As at 30 June 2010 - 57,913,640 (24,784,991) (15,135,675) 17,992,974
================== ===================== ====================== ===================== =================
Share Special Capital Revenue Total
Capital Reserve Reserve Reserve Equity
EUR EUR EUR EUR EUR
As at 31 December 2010 - 57,913,640 (23,192,717) (16,453,445) 18,267,478
Total comprehensive loss
for the period - - - (397,881) (397,881)
As at 30 June 2011 - 57,913,640 (23,192,717) (16,851,326) 17,869,597
================== ===================== ====================== ===================== =================
The accompanying notes 1 to 7 form an integral part of these
financial statements
Unaudited condensed consolidated statement of cash flows
for the 6 month period ended 30 June
2011
30 June 2011 30 June 2010
--------------------- -----------------
EUR EUR
Loss for the period (397,881) (2,204,396)
Adjustment for:
Net finance income and expenses (80) 635,783
Revaluation (gain) on investment properties - (49,848)
Impairment of inventory - 807,268
Loss on disposal of subsidiaries - 116,860
Operating cash flows before movements
in working capital (397,961) (694,333)
(Increase) / decrease in trade and other receivables (6,714) 140,447
Increase / (decrease) in trade and other
payables 205,377 (375,475)
Decrease / (increase) in inventory 56,687 (36,289)
(142,611) (965,650)
Interest received 80 530
Interest paid - (636,313)
Net cash outflow from operating activities (142,531) (1,601,433)
--------------------- -----------------
Investing activities
Disposal to investment properties - 4,966,960
Net cash inflow /(outflow) from investing activities - 4,966,960
--------------------- -----------------
Financing activities
Proceeds from loan - (4,063,687)
Net cash (outflow) from financing
activities - (4,063,687)
--------------------- -----------------
Net decrease in cash and cash equivalents (142,531) (698,160)
Cash and cash equivalents at start
of period 244,838 1,053,703
Cash and cash equivalents at end of
period 102,307 355,543
===================== =================
The accompanying notes 1 to 7 form an integral part of these
financial statements
for the 6 month period ended 30 June
2011
1 SIGNIFICANT ACCOUNTING POLICIES
Sofia Property Fund Limited (the 'Company') is a closed-ended investment company
incorporated in Guernsey. The unaudited condensed financial statements of the
Company for the period ended 30 June 2011 comprise the Company and its subsidiaries
(together referred to as the 'Group').
The unaudited condensed interim financial statements have been prepared in accordance
with International Financial Reporting Standards ('IFRS') IAS 34 Interim Financial
Reporting. They do not include all of the information required for the full
annual financial statements, and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 31 December 2010.
The unaudited condensed interim financial statements were approved by the board
of directors on 22 September 2011.
The Directors have reviewed the current budgets and cash flow projections for
the period to 30 September 2012. These forecasts highlight the need for additional
funding for working capital. Various sources of financing have been considered
by the Directors including the possibility of loan financing together with new
equity.
As disclosed in note 3, the directors have signed a loan agreement with Pluto
Partnership (PP) for a loan of GBP500,000. In addition, the Directors have agreed
retrospectively to reduce their fees by 50% from 1 July 2010 whilst cash constraints
remain and have negotiated a 50% reduction in management cash salaries effective
1 February 2011. Currently property development and progress on the projects
is on hold until sufficient funding is available.
Although the above arrangements will provide short term working capital, there
is a need for further financing within the next 6 months. The Directors are
considering various options that could potentially include raising of additional
equity and loan financing or disposal of an asset. Accordingly the Directors
have prepared the financial statements on the going concern basis.
The financial statements have been prepared on the basis of the accounting
policies set out in the Group's annual financial statements for the year ended
31 December 2010. The Group's annual financial statements refers to new
Standards and Interpretations none of which had a material impact on the
financial statements.
2 EARNINGS PER SHARE - BASIC AND DILUTED
The consolidated loss per Ordinary Share of 0.59 cent (2010: 3.29 cents) is
based on the net revenue loss of EUR397,881 (June 2010 revenue: EUR1,330,116
capital: EUR874,280). Calculations are based on 67,074,515 (2010: 67,074,515)
Ordinary Shares, being the weighted average number of shares in issue during
the periods.
3 INVESTMENT PROPERTIES 30 June 31 December
2011 2010
EUR EUR
Fair value of investment properties at
1 January 13,640,000 20,033,972
Disposal - (5,082,712)
Cost adjustment for creditors - (3,075,519)
Subsequent expenditure - -
Fair value adjustment in the
year - 1,764,259
Fair value of investment properties at 30 June / 31
December 13,640,000 13,640,000
===================== =================
The fair value of the Group's investment properties at 31 December 2010 was
arrived at on the basis of valuations carried out at that date by King Sturge
Kft, independent valuers not connected to the Group.
The valuation basis at 31 December 2010 was market value as defined by the Royal
Institute of Chartered Surveyors (RICS). The approved RICS definition of market
value is the "estimated amount for which a property should exchange on the
date of valuation between a willing buyer and a willing seller in an arms length
transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and without compulsion."
Directors are of view that there has been no significant change in the value
of our property portfolio and hence 31 December 2010 valuations are a reasonable
approximation of values on 30 June 2011.
The cost of Group's investment properties as at 30 June 2011 was EUR35,827,396.
On 29 June 2011 the Group signed a 12 month loan agreement for a GBP500,000
Loan with Pluto Partnership (PP), a private partnership. Under terms of the
loan agreement the Group has entered in to a Forward Sale Agreement under Bulgarian
law whereby PP will have the right to acquire the properties known as "Crystal
Glade" and "Dolna Banya Lake". The Group has right to buyback the properties
within 12 months. Details of this agreement were included in Group's 31 December
2010 annual financial statements.
4 INVENTORY 30 June 31 December
2011 2010
EUR EUR
Opening cost 5,595,000 7,440,000
Additions - 229,754
Disposals (56,687) (1,028,489)
Impairment - (1,046,265)
Closing cost 5,538,313 5,595,000
===================== =================
At valuation 5,538,313 5,595,000
===================== =================
All the properties were valued on an open market basis as at 31 December 2010
by King Sturge Kft, independent valuers not connected to the Group. Directors
are of view that there has been no significant change in property markets and
31 December 2010 valuations are a reasonable approximation of values on 30 June
2011.
The carrying value has been set as the lower of cost and net realisable value
as set out under the requirements of IAS 2, Inventories. The total carrying
value of all the properties impaired is EUR5,583,313.
5 NAV PER SHARE
30 June 31 December
2011 2010
Net Asset Value EUR 17,869,597 EUR 18,267,478
Number of shares in
issue 67,074,515 67,074,515
Net asset value per
share EUR 0.266 EUR 0.272
RECONCILIATION OF NAV PER THE FINANCIAL STATEMENTS TO PUBLISHED
6 NAV
30 June 2011 31 December 2010
EUR Per share EUR Per share
Net Asset Value per financial
statements 17,869,597 0.266 18,267,478 0.272
Add back:
Preliminary expenses 68,822 0.001 223,393 0.003
Published net asset
value 17,938,419 EUR 0.267 18,490,871 EUR 0.275
===================== ====================== ===================== =================
The Company's principal documents require the dealing valuation of the Company's
net assets to include preliminary expenses incurred in the establishment of
the Company, such expenses to be amortised over the expected life of the Company.
However, this accounting treatment is not permitted for financial reporting
purposes and has been adjusted accordingly within these financial statements.
7 CONTINGENT LIABILITY
a) The Group is in litigation with Westhill BG8 AD ("Westhill"), a developer
with which the Company has partnered on selected projects. As part of this litigation
Westhill has lodged a claim with the relevant court in Bulgaria petitioning
the court for insolvency proceedings to be brought against the Group's Bulgarian
subsidiary. The claim is for an aggregate of EUR7.7million in relation to the
initial acquisition and future potential income under the Development Management
Agreement. The Group's Bulgarian legal advisers are confident that this claim
is fully defensible and in the Directors' opinion there is no longer a liability
and no provision is required. The Group is vigorously defending its position
and has made a counterclaim against Westhill.
b) The Group has a potential tax liability of up to approximately EUR725,000.
Based on legal advice received, the Board are confident that any claim for the
tax could be mitigated successfully, and hence no provision has been made.
THE FOLLOWING PAGES DO NOT FORM PART OF THE
INTERIM FINANCIAL STATEMENTS OF THE COMPANY
AND ARE PRESENTED FOR INFORMATION PURPOSES ONLY
for the 6 month period ended 30 June 2011
Restated into Pounds Sterling for information purposes
only
30 Jun 2010
Revenue Capital Total Total
--------------------- ------------------- ---------------- -------------------------
GBP GBP GBP GBP
Revenue
Property sales 40,085 - 40,085 -
Cost of sales (49,582) - (49,582) -
Other income - - - 24,823
-
--------------------- ------------------- ----------------
Gross (loss) / Profit (9,427) - (9,497) 24,823
--------------------- ------------------- ---------------- -------------------------
Expenses
Administration fees 55,363 - 55,363 61,636
Directors' fees and expenses 13,220 - 13,220 27,213
Salaries and other disbursements 80,170 - 80,170 147,903
Foreign exchange gain (4,117) - (4,117) (13,302)
Loss on disposal of subsidaries - - - 100,965
Net change in (gain)/loss on
revaluation
of investment properties - - - (43,068)
Impairment of inventory - - - 697,464
Legal and professional
expenses 126,836 - 126,836 269,152
Other expenses 67,113 - 67,113 132,111
338,585 - 338,585 1,380,074
--------------------- ------------------- ---------------- -------------------------
Operating loss (348,012) - (348,082) (1,355,251)
Finance income 70 - 70 458
Finance cost - - - (549,762)
Loss before taxation (347,942) - (348,012) (1,904,555)
Taxation - - - -
Loss for the period (347,942) - (348,012) (1,904,555)
--------------------- ------------------- ---------------- -------------------------
Other comprehensive income
Exchange differences arising
on 827,429 - 827,429 (1,282,898)
translation of foreign operations
Total comprehensive loss 479,487 - 479,417 (3,187,453)
===================== =================== ================ =========================
as at 30 June 2011
Restated into Pounds Sterling for information purposes
only
30 June 2011 31 December 2010
--------------------------------------------- ------------------------------------------------
GBP GBP GBP GBP
Non-current assets
Investment properties 12,320,477 11,694,102
Current assets
Inventory 5,002,541 4,796,811
Trade and other receivables 53,718 45,231
Cash and cash equivalents 92,410 209,909
5,148,669 5,051,951
Total assets 17,469,146 16,746,053
------------------- -------------------------
Current liabilities
Trade and other payables (1,328,240) (1,084,634)
------------------- -------------------------
Total liabilities (1,328,240) (1,084,634)
Net assets 16,140,906 15,661,419
=================== =========================
Equity
Share capital - -
Special reserve 39,525,002 39,525,002
Capital reserve (22,431,952) (22,431,952)
Revenue reserve (952,144) (1,431,631)
Total Equity 16,140,906 15,661,419
=================== =========================
NAV per share (Pence per share) 24.064 23.349
NAV per share at launch
(Pence per
share) 72.800 72.800
for the 6 month period ended 30 June 2011
Restated into Pounds Sterling for information purposes
only
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
------------ --------------------- ------------------- ---------------- -------------------------
As at 31 December 2009 - 39,525,002 (23,046,357) 1,447,484 17,926,129
Loss for the period - - (755,361) (1,149,194) (1,904,555)
Foreign exchange adjustment arising
on translation to Sterling - - - (1,282,898) (1,282,898)
As at 30 June 2010 - 39,525,002 (23,801,718) (984,608) 14,738,676
============ ===================== =================== ================ =========================
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
------------ --------------------- ------------------- ---------------- -------------------------
As at 31 December 2010 - 39,525,002 (22,431,952) (1,431,631) 15,661,419
Loss for the period - - - (347,942) (347,942)
Foreign exchange adjustment arising
on translation to Sterling - - - 827,429 827,429
As at 30 June 2011 - 39,525,002 (22,431,952) (952,144) 16,140,906
============ ===================== =================== ================ =========================
-
for the 6 month period ended 30 June 2011
Restated into Pounds Sterling for information purposes
only
30 Jun 2011 30 Jun 2010
---------------- -------------------------
GBP GBP
Loss for the period (348,012) (1,904,555)
Adjustment for:
Net finance income and
expenses (70) 549,304
Revaluation (gain) on investment
properties - (43,068)
Impairment of inventory - 697,464
Loss on disposal of subsidiaries - 100,965
Operating cash flows before movements
in working capital (348,082) (599,890)
(Increase) / decrease in trade and other
receivables (8,487) 128,474
Increase / (decrease) in trade and other
payables 243,606 (612,886)
Decrease / (increase) in
inventory (205,730) 443,063
(318,693) (641,239)
Interest received 70 458
Interest paid - (549,762)
Net cash outflow from operating activities (318,623) (1,190,543)
---------------- -------------------------
Investing activities
Disposal to investment
properties - 4,291,357
Net cash inflow /(outflow) from investing
activities - 4,291,357
---------------- -------------------------
Financing activities
Proceeds from loan - (3,510,947)
Net cash (outflow) from financing activities - (3,510,947)
---------------- -------------------------
Net decrease in cash and cash
equivalents (318,623) (410,133)
Cash and cash equivalents at
start of period 209,909 935,212
Exchange difference arising on translation
to Sterling 201,124 (233,841)
Cash and cash equivalents at
end of period 92,410 291,238
================ =========================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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