RNS Number : 6161E
Medsea Estates Group PLC
30 September 2008
Medsea Estates Group PLC
INTERIM RESULTS to 30th June 2008
Chairman's Statement
Pre-tax profits for the period were �25,000 compared to �111,000 for the same period last year.
Revenue in the period declined by 28.7% from �5,921,000 to �4, 216,000 whilst gross margins improved slightly from 25.8% to 28.8%.
Administrative overheads have been reduced by 14.5%, but the ongoing level of reduction should be higher than this because the first
half of the year included severance costs and these economies were made during the period rather than at the start.
Trading is, of course, very depressed, the result of current adverse market conditions. The reduction in staff and offices mirrors the
steps taken by our competitors - some of whom have now ceased trading. However, the group maintains its minority interests in several
developments and I anticipate that these will still bear fruit towards the end of 2009 and into 2010 - it is not until that time that we
shall recognise our profits from these activities in our accounts.
Trading since 30 June 2008 has continued at a much reduced level.
Our key objective at this time is to trade on a basis that enables us to at least break-even, so that we can capitalise on our position
in the market place when there is an up-turn in sentiment.
In the meantime I would like to thank all our staff and associates for their considerable fortitude in such difficult circumstances.
The Company announced on 8 September 2008 that it had resolved to seek shareholder approval for the cancellation of admission to trading
on AIM of the Ordinary shares in the Company (the "Delisting"). The circular to shareholders convening the general meeting to consider the
Delisting resolution is expected to be posted shortly.
Tony Gatehouse
Chairman
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
UNAUDITED CONSOLIDATED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2008
Unaudited Unaudited Audited
6 months 6 months 12
30 Jun 30 Jun months
31 Dec
2008 2007 2007
Notes �'000 � 000 �'000
Revenue 2 4,216 5,921 10,537
Cost of sales (3,004) (4,394) (8,274)
Other income 31 - -
Administrative expenses (1,201) (1,406) (3,556)
Finance income 2 4 24
Finance expense (19) (14) (28)
Profit/(loss) before taxation 25 111 (1,297)
Tax charge on profit/(loss) (19) (15) (14)
Profit/(loss) for the period 6 96 (1,311)
Attributable to: 6 96 (1,307)
Equity holders of the parent
Minority interests - - (4)
6 96 (1,311)
Earnings/(loss) pence per share 12 0.01 0.13 (1.76)
Basic and diluted
None of the group's activities was acquired or discontinued during the above periods.
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
UNAUDITED CONSOLIDATED INTERIM BALANCE SHEET
AS AT 30 JUNE 2008
Unaudited Unaudited Audited
6 months 6 months 12
months
Notes 30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
ASSETS 4 3 6 4
Non-current assets
Other intangible assets
Property, plant and equipment 5 1,056 962 1,057
Investments in associates 694 225 646
Other financial assets 6 100 92 100
_
1,853 1,285 1,807
Current assets 178 192 165
Inventories
Trade and other receivables 7 1,717 2,091 1,788
Current tax recoverable 8 - 47 15
Cash and cash equivalents 121 1,672 317
2,016 4,002 2,285
Total assets 3,869 5,287 4,092
EQUITY AND LIABILITIES 11 7,798 7,798 7,798
Shareholders' equity
Share capital
Share premium 22 22 22
Other reserve 137 117 128
Revaluation reserve 54 46 51
Merger reserve (7,058) (7,058) (7,058)
Foreign currency translation (165) - (170)
reserve
Retained earnings (472) 830 (475)
316 1,755 296
Non-current liabilities 9 202 249 209
Long-term borrowings
Deferred tax 10 - 3 -
202 252 209
Current liabilities 8 2,708 3,143 3,065
Trade and other payables
Short-term borrowings 8 634 137 522
Corporation tax 8 9 - -
3,351 3,280 3,587
Total equity and liabilities 3,869 5,287 4,092
The interim financial information was approved at a meeting of the board held on 29 September 2008 and signed on its behalf by
G Jeffs
Director
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
UNAUDITED CONSOLIDATED INTERIM BALANCE SHEET
FOR THE SIX MONTHS TO 30 JUNE 2008
Share Share Other reserves Revaulation reserve Merger Foreign Retained Minority Total
capit premi reserve currency earnings interest equity
al um translatio s
n
reserve
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Balance at 1 January 2007 7,063 22 117 46 (7,058) (109) 778 4 863
brought forward
Loss for the period - - - - - - (1,307) - (1,307)
Exchange differences arising - - 11 5 - (61) 54 - 9
on translation of foreign
operations
Minority interest - - - - - - - (4) (4)
Sales of revalued properties - - - - - - - - -
Total recognised income and - - 11 5 - (61) (1,253) (4) (1,302)
expense for the year
Issue of shares 735 - - - - - - - 735
Balance at 31 December 2007 7,798 22 128 51 (7,058) (170) (475) - 296
carried forward
Balance at 1 January 2008 7,798 22 128 51 (7,058) (170) (475) - 296
brought forward
Profit for the period - - - - - - 6 - 6
Exchange differences arising - - 9 3 - 5 (3) - 14
on translation of foreign
operations
Total recognised income and - - 9 3 - 5 3 - 20
expense for the period
Balance at 30 June 2008 7,798 22 137 54 (7,058) (165) (472) - 316
carried forward
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2008
Unaudited Unaudited Audited
6 months 6 months 12
30 Jun 30 Jun months
31 Dec
2008 2007 2007
�'000 �'000 �000
Cash flows from operating activities 25 111 (1,297)
Profit/(loss) before tax
Adjustments for: 70 61 127
Depreciation
Foreign exchange (73) (42) (63)
Finance income (2) (4) (24)
Finance expense 19 14 28
Amortisation of other intangible assets 1 - 2
(Profit)/loss on sale of tangible assets 15 - 15
(Profit) on sale of other financial assets (31) - -
(Increase)/decrease in trade and other 71 134 548
receivables
(Increase)/decrease in inventories (13) 109 136
Increase/(decrease) in trade and other payables (354) 82 47
Cash generated from operations (272) 465 (481)
Tax on profits paid 5 (135) (137)
Interest paid (19) (14) (28)
Net cash from operating activities (286) 316 (646)
Cash from investing activities 2 4 24
Interest received
Purchase of property, plant and equipment (7) (153) (256)
Proceeds from the sale of other financial assets 39 - -
Payments to acquire shares in associates - - (654)
Payments to acquire other intangible assets - - (1)
Net cash generated used in investing activities 34 (149) (887)
Cash from financing activities (16) (145) 123
Repayment of borrowings
Share issues - 735 735
Other loans - (13) (13)
Capital element of finance lease payments (15) (16) (27)
Net cash generated from financing activities (31) 561 818
Net (decrease)/increase in cash and cash (283) 728 (715)
equivalents
Cash and cash equivalents at the beginning of 229 944 944
the period
Cash and cash equivalents at the end of the (54) 1,672 229
period
Cash and cash equivalents consists of: 121 1,672 317
Cash and cash equivalents included in current
assets
Bank overdraft included in current liabilities (175) - (88)
54 1,672 229
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2008
1 Principal accounting policies
Basis of preparation
Medsea Estates Group PLC prepares its annual report and accounts on the basis of International Financial Reporting Standards (IFRS) as
adopted for use by the European Union (EU). The financial information presented herein has been prepared in accordance with the accounting
policies expected to be used in preparing the Medsea Estates Group PLC annual report and accounts for the year ended 31 December 2008, which
do not differ significantly from those used for the Medsea Estates Group PLC annual report and accounts for the year ended 31 December
2007.
The financial information shown in this half year review is unaudited and does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
The financial statements for the year ended 31 December 2007, which were prepared under IFRS, have been reported on by the company's
auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain statements under
Section 237 (2) or (3) of the Companies Act 1985.
2 Revenue
Revenue derives wholly from the principal activity of the Group which is carried out in countries adjacent to the Mediterranean. Revenue
is the total amount receivable by the group for goods supplied and services provided, excluding value added tax.
Commission income receivable in respect of property sales is recognised at the point at which a legally binding contract for sale has
been signed between the purchaser and the developer. In addition, the terms of the contracts with the developers has to have been fulfilled
in terms of commissions being invoicable to them. Commissions payable in respect of property sales are recognised at the same time as the
corresponding commission income is recognised, and are not payable until after commissions income is received.
3 Going concern
The group has advanced sums to a developer in Calabria and this has been offset in these accounts against other amounts owed by the
group to the same developer. The group has been heavily involved in the marketing and promotion of the properties being constructed by that
developer and accordingly their ability to make the commission payments as they fall due is a significant issue. The net sum due to the
group is �113,269 which is included in trade debtors.
The group is also dependent upon future commission income from introductions made to developers. This future commission income will be
significantly affected by the slow down in the European property market and the availability of credit to enable purchasers to complete
transactions that have already been entered into. After making enquiries, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern
basis in preparing the financial statements.
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2008
4 Intangible assets
Trademarks
�'000
Cost
At 1 January 2008 14
Foreign exchange difference 2
At 30 June 2008 16
Amortisation
At 1 January 2008 10
Provided during the year 1
Foreign exchange difference 2
At 30 June 2008 13
Net book values
At 30 June 2008 3
At 31 December 2007 4
5 Tangible fixed assets
Freehold Investment Office Total
land and properties Equipment and
buildings motor vehicles
�'000 �'000 �'000 �'000
Cost or valuation
At 1 January 2008 275 341 953 1,569
Additions - - 7 7
Disposals - - (70) (70)
Foreign exchange difference 20 25 70 115
At 30 June 2008 295 366 960 1,621
Depreciation
At 1 January 2008 36 - 476 512
Charge for year 3 - 67 70
Disposals - - (58) (58)
Foreign exchange difference 2 - 39 41
At 30 June 2008 41 - 524 565
Net book value
At 30 June 2008 254 366 436 1,056
At 31 December 2007 239 341 477 1,057
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2008
6 Other financial assets
Available for sale investments �'000
Fair value
At 1 January 2008 100
Disposal (8)
Foreign exchange difference 8
At 30 June 2008 100
Amounts written off
At 1 January 2008 -
At 30 June 2008 -
Net book value
At 30 June 2008 100
At 31 December 2007 100
7 Trade and other receivables
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
Trade debtors 365 461 354
Other debtors 1,350 1,604 1,209
Prepayments and accrued income 2 26 225
1,717 2,091 1,788
8 Trade and other payables
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
Bank overdraft and loan 634 137 522
Trade payables 1,957 1,324 1,072
Other taxation and social security 225 288 289
Other payables 136 1,481 1,521
Accruals and deferred income 363 20 153
Obligations under finance lease 27 30 30
3,342 3,280 3,587
Corporation tax payable 9 - -
3,351 3,280 3,587
MEDSEA ESTATES GROUP PLC AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2008
9 Long term borrowings
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
Obligations under finance lease 7 30 19
Bank loan 195 219 190
202 249 209
10 Provisions for liabilities and charges
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
Deferred tax:
At start of period (17) 91 91
Foreign exchange difference - - (9)
Charge/(credit) for the - (88) (99)
period
At end of period (17) 3 (17)
The deferred tax balance arises in respect of losses in the UK which are expected
to be available to set against future profits. The balance is included in other
debtors.
11 Share Capital
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2008 2007 2007
�'000 �'000 �'000
Authorised
Equity shares
100,000,000 Ordinary shares of 10 pence each 10,000 10,000 10,000
Allotted
Equity shares
77,979,412 Allotted, called up and fully paid ordinary
shares of 10 pence each 7,798 7,798 7,798
12 Earnings per share
The calculation of the earnings per share is based on the profit attributable to the equity holders for the period of �7,000 and on
77,979,412 shares in issue during the period.
During 2007, Medsea Estates Group PLC issued 7,350,000 ordinary shares of 10p each at 10p and issued share warrants for 1,559,588
ordinary shares of 10p each in the company. The share warrants were not included in the calculation of diluted EPS as the average
share price for the period was less than the exercise price.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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