Capital Management & Investment Plc : Final Results
28 5월 2012 - 11:50PM
UK Regulatory
TIDMCMIP
28 May 2012
Capital Management and Investment PLC
(the "Company")
Final Results for year ended 31 January 2012
The Company announces its final results for year ended 31 January 2012.
Introduction
The Company has 2 investments - a 7% shareholding in Algeco Scotsman Holdings
and a 7% shareholding in Magticom. Performance in Algeco Scotsman Holdings has
been broadly in line with the prior year. Profits at Magticom, however, have
continued to decline. Your board believes that the fair value of these
investments remains unchanged from the prior year.
Results for the year
The Consolidated Income Statement shows a loss before tax of GBP0.26m (2011 -
GBP0.58m). The reduction in losses is due to the payment of monitoring fees by
Yola in relation to the Company's investment in Magticom.
Income of GBP0.422m comprises GBP0.072m fees paid by Algeco Scotsman in relation to
the monitoring of our investment and GBP0.35m from Yola Investments SARL in
relation to monitoring fees of our investment in Magticom.
Administrative Expenses of GBP0.68m include GBP0.25m payable for office services and
GBP0.194m of Professional Fees. Your board continues to take steps to minimise
administrative expenses where possible.
Net Asset Value per share is GBP1.48 and the Company had net cash balances of
GBP1.058m at the year end.
Investment in Algeco Scotsman Holdings ("ASH")
Trading conditions in the USA during 2011 were difficult. However there have
been signs of improvement in 2012. Performance in Europe was resilient which
helped to offset the adverse performance in the USA, but the outlook for 2012 is
uncertain. EBITDA for the year to 31(st) December 2011 was EUR312m.
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. The
option lapsed in December 2011. There are, however, strong reasons to combine
the businesses and it is possible that discussions will resume. If ASH acquires
Ausco then it is likely that it will need to raise additional debt and/or
equity.
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. Yola owns 43% of Metromedia International Group ("MIG") which
in turn owns 46% of Magticom.
Trading at Magticom during 2011 was difficult in a challenging economic and
competitive environment as a result EBITDA for the year to December 2011 fell
from $115m to $86m.
Your board believes that the 46% shareholding that MIG holds in Magticom is
worth less than the value of the loan notes to third parties, outstanding in
MIG, as the value of the outstanding loan notes of c.$210m is higher than a
likely exit value based on a multiple of EBITDA. Consequently your 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 should 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
28 May 2012
Consolidated Income Statement and Consolidated Statement of Comprehensive Income
for the year ended 31 January 2012
Consolidated Income Statement
2012 2011
GBP'000 GBP'000
Other income 422 64
_______ _______
Administrative expenses (680) (654)
_______ _______
Operating loss (258) (590)
Finance income 2 10
_______ _______
Loss before tax (256) (580)
Tax (12) 16
_______ _______
Loss for the year attributable to the owners of the parent (268) (564)
_______ _______
Basic loss per share GBP(0.04) GBP(0.08)
_______ _______
Diluted loss per share GBP(0.04) GBP(0.08)
_______ _______
Consolidated Statement of Comprehensive Income
2012 2011
GBP'000 GBP'000
Loss for the year (268) (564)
Exchange differences arising on translation of foreign (283) 43
operations
_______ _______
Total comprehensive income for the year net of tax (551) (521)
_______ _______
Consolidated Statement of Changes in Equity at 31 January 2012
Foreign
currency
Share Share Merger translation Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 January 2,499 38,109 1,693 37,655 (75,227) 4,729
2010
Share capital issued 4,667 2,334 - - - 7,001
Share buy back (4) (2) (6)
Share issue cost - (136) - - - (136)
Exchange differences
arising on translation of
foreign operations - - - 43 - 43
Loss for the year - - - - (564) (564)
_______ _______ _______ _______ _______ _______
Total comprehensive
income for the year net
of tax - - - 43 (564) (521)
Share options charge - - - - 42 42
_______ _______ _______ _______ _______ _______
Balance at 31 January 7,162 40,305 1,693 37,698 (75,749) 11,109
2011
Exchange differences
arising on translation of
foreign operations - - - (283) - (283)
Loss for the year - - - - (268) (268)
_______ _______ _______ _______ _______ _______
Total comprehensive
income for the year net
of tax - - - (283) (268) (551)
Share options charge - - - - 57 57
_______ _______ _______ _______ _______ _______
Balance at 31 January 7,162 40,305 1,693 37,415 (75,960) 10,615
2012
_______ _______ _______ _______ _______ _______
Consolidated Balance Sheet at 31 January 2012
Company number 3214950 2012 2012 2011 2011
GBP'000 GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment - -
Investments 9,368 9,668
_______ _______
Total non-current assets 9,368 9,668
Current assets
Other receivables 467 336
Cash and cash equivalents 1,058 1,503
_______ _______
Total current assets 1,525 1,839
_______ _______
Total assets 10,893 11,507
Liabilities
Current liabilities
Trade and other payables (263) (397)
Corporation tax (15) (1)
_______ _______
Total current liabilities (278) (398)
_______ _______
Total net assets 10,615 11,109
_______ _______
Capital and reserves attributable to owners
of the parent
Share capital 7,162 7,162
Merger reserve 1,693 1,693
Share premium account 40,305 40,305
Foreign currency translation reserve 37,415 37,698
Retained earnings (75,960) (75,749)
_______ _______
Total equity 10,615 11,109
_______ _______
Consolidated Cash Flow Statement for the year ended 31 January 2012
2012 2011
GBP'000 GBP'000
Cash flow from operating activities
Loss for the year (268) (564)
Adjustments for:
Finance income (2) (10)
Foreign exchange gains (23) (4)
Equity settled share based payment expense 57 42
Income tax 12 (16)
_______ _______
Cash flows from operating activities
before changes in working capital (224) (552)
(Decrease)/increase in trade and other payables (134) 135
Increase in other receivables (131) (250)
_______ _______
(265) (115)
Cash outflow from operations (489) (667)
Income taxes paid - (533)
_______ _______
Net cash outflows from operating activities (489) (1,200)
Investing activities
Interest received 2 10
Purchase of investments - (8,801)
_______ _______
Net cash generated/(used) in investing activity 2 (8,791)
Net cash from financing activity
Share capital issued net of expenses - 6,859
Net decrease in cash and cash equivalents (487) (3,132)
Cash and cash equivalents at beginning of year 1,503 4,572
Exchange gain on cash and cash equivalents 42 63
Cash and cash equivalents at end of the year 1,058 1,503
Notes
1 Accounting policies
Basis of preparation
The financial information set out in these preliminary results does not
constitute the company's statutory accounts for the periods ended 31 January
2012 or 31 January 2011.
Statutory accounts for the period ended 31 January 2011 have been filed with the
Registrar of Companies and those for the period ended 31 January 2012 will be
delivered to the Registrar in due course; both have been reported on by the
Independent Auditors. The independent auditors' reports on the Report and
Financial Statements for the period ended 31 January 2012 and 31 January 2011
were unqualified, did not draw attention to any matters by way of emphasis, and
did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The financial information in these preliminary results has been prepared using
the recognition and measurement principles of International Accounting
Standards, International Financial Reporting Standards and Interpretations
adopted for use in the European Union (collectively Adopted IFRSs). The
accounting policies adopted in these preliminary results have been consistently
applied to all the years presented and are consistent with the policies used in
the preparation of the statutory accounts for the period ended 31 January 2011,
other than as indicated below.
- Improvement to IFRSs (2010):
The improvements in this amendment clarify the requirements of IFRSs and
eliminate inconsistencies within and between standards. The improvements
resulted in minor disclosure amendments in the current year financial
statements.
2 Loss per share
The basic and diluted loss per share of GBP0.04 (2011 - loss GBP0.08 per share) is
calculated by reference to the loss after taxation of GBP0.27m (2011 - loss
GBP0.56m) and the weighted average number of ordinary shares in issue during the
year of 7,162,133 (2011 - 7,162,133).
2012 2011
Number Number
Basic number of shares 7,162,133 7,162,133
__________ __________
The approved and unapproved options are not dilutive in the current or prior
year. Consequently they have been omitted from the EPS calculation.
3 Annual report
The annual report and accounts and notice of AGM will be posted to shareholders
shortly and thereafter copies of the report and accounts will be available from
the Secretary, Capital Management & Investment plc, 54 Baker Street, London W1U
7DA and also on the company's website: www.cmi-plc.co.uk.
For further information contact:
Capital Management and Investment plc +44 20 725 0800
Tim Woodcock
N+1 Brewin (Nominated Adviser & Broker) +44 20 3201 3710
Robert Beenstock
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
[HUG#1615348]
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