Capital Management & Investment Plc : Half-yearly report
24 10월 2011 - 3:00PM
UK Regulatory
TIDMCMIP
Capital Management and Investment PLC
Interim Results for the 6 month period ended 31 July 2011
Introduction
The slowdown in world economic growth continues to impact on the performance of
your company's investments in Algeco Scotsman and Magticom.
Results for the year
The Consolidated Income Statement shows a Loss Before Tax of GBP0.264m (2010 -
Loss of GBP0.592m). The principal reason for the reduced losses is the reduction
of administrative expenses following the renegotiation of the contract for the
provision of office, administrative, and management support services.
Income of GBP0.04m (2010 - GBPNil) relates to fees paid by Algeco Scotsman in
relation to the monitoring of our investment.
Net Asset Value ("NAV") per share is GBP1.55 and the Company had net cash balances
of GBP1.296m (2010 - GBP5.599m) as at 31 July 2011.
Investment in Algeco Scotsman Holdings ("ASH")
Trading continues to be difficult in the USA. Performance in Europe has been
stronger than expected and this means that the company expects to be broadly on
budget for the year ending 31 December 2011.
In April 2011 ASH acquired the trade and assets of Speedy Space and these have
been integrated into the existing UK business (trading as Elliott). A number of
other smaller acquisitions have also been made in the period to supplement the
core business in Europe and the USA.
In May 2011 ASH entered into an option agreement to acquire Ausco Modular
Holdings Ltd, a leading provider of modular buildings in Australia and New
Zealand. Ausco is a major supplier of modular buildings and accommodation units
to the mining, oil, and gas markets of Western Australia and Queensland. It is
likely that Algeco Scotsman will need to raise additional debt and/or equity if
it is to exercise the option and discussions are ongoing with both existing and
potential lenders.
The company is recording the carrying value of its shareholding in ASH in the
interim results for the period ended 31 July 2011 at GBP9.912m (31 January 2011 -
GBP9.668m).
Investment in Yola Investments Sarl ("Yola")
The Company holds an indirect investment of 7% in Magticom, the largest mobile
telephone operator in The Republic of Georgia via its 33% shareholding in Yola
Investments Sarl.
A new mobile phone operator has entered the Georgian market and this has had a
significant impact on selling prices. Meanwhile the business has continued to
suffer from industry taxes introduced by the government and the general weakness
of the Georgian economy. Revenues are expected to decline by up to 20% in 2011
and this will impact on the profitability of the company.
The Board continue to show the carrying value of its shareholding in Yola in the
Financial statements at GBPnil.
Strategy going forward
CMI continues to actively monitor its investments in Yola and ASH through
regular meetings with the management teams of ASH and Magticom, receipt of
monthly financial reports, and attendance at board meetings.
Your Board takes the view that the market capitalisation of CMI will move
broadly in line with the underlying investments in Algeco Scotsman and Yola and
that a significant improvement in the performance of either investment will have
a material effect on the share price. At present the current market price of CMI
shares is a significant discount to NAV. Your board believes that this reflects
the illiquidity of the shares and the lack of newsflow from the investee
companies.
Dividends
The board is not recommending payment of a dividend for the period under review.
Giles Davies
Chairman
21 October 2011
Consolidated Income Statement
for the six month period ended 31 July 2011
+------------------------------------------------------------------------------+
| Unaudited Unaudited Audited |
| |
| Six months Six months Twelve months |
| |
| Ended Ended Ended |
| |
| 31 July 2011 31 July 2010 31 January 2011 |
| |
| |
| |
| GBP'000 GBP'000 GBP'000 |
+------------------------------------------------------------------------------+
| |
| |
| |
| |
| |
| |
| |
|Other Income 40 - 64 |
| --------------- --------------- ------------------- |
| 40 - 64 |
| |
| |
| |
|Administrative expenses (305) (599) (654) |
| |
| |
| --------------- --------------- ------------------- |
|Operating loss (265) (599) (590) |
| |
| |
| |
|Finance Income 1 7 10 |
| |
| |
| --------------- --------------- ------------------- |
|Loss before tax (264) (592) (580) |
| |
| |
| |
|Taxation - - 16 |
| |
| |
| --------------- --------------- ------------------- |
|Loss for the period (264) (592) (564) |
| --------------- --------------- ------------------- |
| |
| |
| |
| |
| |
| |
|Basic and fully diluted |
|loss per share 2 (3.69)p (8.26)p (7.87)p |
| |
| |
| |
| |
| |
| |
+------------------------------------------------------------------------------+
Consolidated Statement of Comprehensive Expense
Loss for the period (264) (592) (564)
Other comprehensive expense:
Exchange differences on translation 217 (20)
43
of foreign operations
_________ __________ _________
(47) (612) (521)
_________ __________
_________
Consolidated Statement of Changes in Equity
As at 31 July 2011
+------------------------------------------------------------------------------+
| Share Share Merger Foreign Retained Total |
| Capital Premium Reserve Currency Earnings Equity |
| Account Translation |
| Reserve |
| |
| GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000|
| |
| |
| |
| |
+------------------------------------------------------------------------------+
|Balance as at 31 2,499 38,109 1,693 37,655 (75,227) 4,729|
|January 2010 |
| |
| |
| |
|Share Capital 4,667 2,334 7,001|
|Issued |
| |
| |
| |
|Share buy back (4) (2) (6) |
| |
| |
| |
|Total - - - (20) (592) |
|comprehensive |
|expense for the |
|period (612)|
| |
| |
| |
| |
+------------------------------------------------------------------------------+
|Balance as at 31 7,162 40,441 1,693 37,635 (75,819) 11,112|
|July 2010 |
| |
| |
| |
|Share Issue Cost - (136) - - - (136)|
| |
| |
| |
|Total - - - 63 70 133 |
|comprehensive |
|income for the |
|period |
| |
| |
| |
| |
+------------------------------------------------------------------------------+
|Balance as at 31 7,162 40,305 1,693 37,698 (75,749) |
|January 2011 11,109 |
| |
| |
| |
|Total |
|comprehensive - - - 217 (264) (47)|
|income/(expense) |
|for the period |
| |
| |
| |
|Share options - - - - 28 28|
|charge |
| |
| |
| |
| |
+------------------------------------------------------------------------------+
|Balance as at 31 7,162 40,305 1,693 37,915 (75,985) 11,090|
|July 2011 |
| |
| |
| |
| |
| |
| |
| |
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+------------------------------------------------------------------------------+
Consolidated Balance Sheet
As at 31 July 2011
+-----------------------------------------------------------------------------+
| Unaudited Unaudited Audited |
| |
| Six months Six Twelve months|
| months |
| |
| Ended Ended Ended |
| |
| 31 July 2011 31 July 31 January |
| 2010 2011 |
| |
| |
| |
| GBP'000 GBP'000 GBP'000 |
+-----------------------------------------------------------------------------+
| |
| |
| |
| |
|ASSETS |
| |
|Non Current assets |
| |
| Investments 9,912 6,198 9,668 |
| ------------ ----------- ---------- |
| 9,912 6,198 9,668 |
| |
|Current assets |
| |
| Trade and other receivables 98 202 336 |
| |
| Cash and cash equivalents 1,296 5,599 1,503 |
| ------------ ----------- ---------- |
|Total Current Assets 1,394 5,801 1,839 |
| |
| |
| ------------ ----------- ---------- |
|Total Assets 11,306 11,999 11,507 |
| ------------ ----------- ---------- |
| |
| |
|LIABILITIES |
| |
|Current Liabilities |
| |
| Trade and other payables (215) (375) (397) |
| |
| Corporation tax payables (1) (512) (1) |
| ------------ ----------- ---------- |
|Total Current Liabilities (216) (887) (398) |
| ------------ ----------- ---------- |
| |
| ------------ ----------- ---------- |
|TOTAL NET ASSETS 11,090 11,112 11,109 |
| ------------ ----------- ---------- |
| |
| |
|EQUITY |
| |
| Share capital 7,162 7,162 7,162 |
| |
| Share premium accounts 40,305 40,441 40,305 |
| |
| Merger reserve 1,693 1,693 1,693 |
| |
| Foreign currency translation reserve 37,915 37,635 37,698 |
| |
| Retained earnings (75,985) (75,819) (75,749) |
| |
| |
| ------------ ----------- ---------- |
|TOTAL EQUITY 11,090 11,112 11,109 |
| ------------ ----------- ---------- |
| |
+-----------------------------------------------------------------------------+
Consolidated Cash Flow Statement
For the six months ended 31 July 2011
+------------------------------------------------------------------------------+
| Unaudited Unaudited Audited |
| |
| Six months Six months Twelve months|
| |
| Ended Ended Ended |
| |
| 31 July 31 July 31 January |
| 2011 2010 2011 |
| |
| GBP'000 GBP'000 GBP'000 |
| |
|Cash flows from operating activities |
| |
| |
| |
| Profit for the (264) (592) (564) |
| period |
| |
| Adjustments for: |
| |
| Finance Income (1) (7) (10) |
| |
| Foreign Exchange Losses/(Gains) 28 (56) (4) |
| Equity settled share based payment 28 - 42 |
| expense |
| |
| Income tax expense - - (16) |
| ----------- ----------- --------- |
| (209) (655) (552) |
| |
| |
| |
|Cash flows from operating activities before changes in working |
|capital and provisions |
| |
| |
| |
|(Increase)/(decrease) in trade and (182) 91 135 |
|other receivables |
| |
|Increase/(decrease) in trade and other 238 (116) (250) |
|payables |
| ----------- ----------- --------- |
| 56 (25) (115) |
| |
| |
| |
|Cash outflow from (153) (680) (667) |
|operations |
| |
| |
| |
|Income taxes - - (533) |
|paid |
| |
| |
| ----------- ----------- --------- |
| |
| |
|Net cash flows from operating (153) (680) (1,200) |
|activities |
| |
| |
| |
|Investing |
|activities |
| |
| |
| |
| Purchase of investment - (5,331) (8,801) |
| |
| Interest received 1 7 10 |
| ----------- ----------- --------- |
|Net cash used in investing activities (152) (5,324) (8,791) |
| |
| |
| |
| |
| |
| Share capital issued net of expenses - 6,995 6,859 |
| ----------- ----------- --------- |
|Net cash from financing activities - 6,995 6,859 |
| |
| |
| |
|Net (decrease)/increase in cash and (152) 991 (3,132) |
|cash equivalents |
| |
| |
| |
|Cash and cash equivalents at beginning 1,503 4,572 4,572 |
|of the period |
| |
| |
| |
|Exchange (losses)/gains on cash and (55) 36 63 |
|cash equivalents |
| |
| |
| |
|Cash and cash equivalents at end of the 1,296 5,599 1,503 |
|period |
| |
| |
+------------------------------------------------------------------------------+
Notes
1 Basis of Preparation
These financial statements have been prepared in accordance with International
Financial Reporting Standards, International Accounting Standards and
Interpretations (collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by European Union ("adopted IFRSs"), and are
in accordance with IFRS as issued by the IASB and with those parts of the
Companies Act 2006 applicable to companies preparing its financial statements in
accordance with IFRS.
The principal accounting policies used in preparing the interim results are
those the group expects to apply in its financial statements for the year ended
31 January 2012 and are unchanged from those disclosed in the Group's Report and
Financial Statements for the year ended 31 January 2011.
The financial information for the six months ended 31 July 2011 and 31 July
2010 is unreviewed and unaudited and does not constitute the Group's statutory
financial statements for those periods. The comparative financial information
for the full year ended 31 January 2011 has however been derived from the
audited statutory financial statements for that period. A copy of those
statutory financial statements has been delivered to the Registrar of Companies.
The auditors' reports on those accounts were unqualified, did not include
reference to any matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement under section
498(2) or 498(3) of the Companies Act 2006.
2 Earnings per ordinary share
The basic and diluted loss per share of 3.69p (2010 - 8.26p per share) is
calculated by reference to the loss after taxation of GBP264,000 (2009 - GBP592,000)
and the weighted average number of ordinary shares in issue during the year of
7,162,133 (2010- 7,162,133).
Unaudited Six Unaudited Six Audited Twelve
months ended 31 months ended 31 months ended 31
July 2011 July 2010 January 2011
Basic number of 7,162,133 7,162,133 7,162,133
shares
--------------------- -------------------- -------------------
3 Interim Report
Additional copies of the interim report are available from the Company
Secretary, Capital Management and Investment PLC, 54 Baker Street, London W1U
7BU. A copy has been placed on the company's website www.cmi-plc.co.uk
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Capital Management & Investment Plc via Thomson Reuters ONE
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