TIDMORA
RNS Number : 1707D
ORA Capital Partners Ltd
25 April 2013
25 April 2013
ORA Capital Partners Limited
("ORA" or the "Company" or the "Group")
Results for the year ended 31 January 2013
ORA Capital Partners Limited (AIM: ORA), the Guernsey based
company involved in the growth and development of businesses,
announces its audited financial results for the year ended 31
January 2013.
Highlights:
-- Profit after tax for the year of GBP71.7 million (year to 31 January 2013: loss GBP22.1m)
-- Net assets of GBP149.4 million (31 January 2012: GBP92.7 million)
-- Net assets per share of 374.6p (31 January 2012: 178.1p)
-- Cash balances of GBP2.5 million (31 January 2012: GBP2.0 million)
-- Realisation of GBP17.0 million proceeds on investment portfolio disposals
-- Buy-back and cancellation of 12.1 million ordinary shares at a cost of GBP15.1 million
-- Under consideration whether to remain quoted on AIM or to delist
Commenting on the results, Richard Griffiths, Executive
Chairman, stated:
"ORA has achieved a compound annual growth rate in net assets
per share of 41.3% over the last six years from around when the
Company became fully capitalised, with net assets per share
increasing from 47.0p at the end of January 2007 to 374.6p at 31
January 2013. However, whilst ORA has been successful in growing
its net asset value, its shares have traded at a sustained discount
to net asset value. This is believed to be in part due to a lack of
liquidity in the shares of the Company and also to the difficult
capital market conditions over recent years. The Board is
therefore, considering whether it is in the best interests of the
company to remain quoted on AIM or whether to delist. An AIM
cancellation would not alter the Board's strategy for ORA which
would continue the development and growth of trading companies
within its business portfolio. After a profitable year to 31
January 2013 for ORA, we expect another positive current year
although the potential for volatility in capital markets remains,
given that further austerity measures and structural reforms will
be required to restore European public finances to a sustainable
path. We continue to be committed to delivering additional value
for our shareholders and will focus on increasing the worth of our
existing portfolio companies through our active partnership
approach. We will also retain the management disciplines and
shareholder alignment around which ORA was founded, whilst running
a low cost base."
A copy of the Annual Report for the year ended 31 January 2013
is being posted to shareholders and is available on the Company's
website at www.oracp.com.
Enquiries:
ORA Capital Partners Limited
Richard Griffiths - Executive Chairman
Michael Bretherton - Finance Director +44 (0)1481 738 724
Smith & Williamson Corporate Finance
Limited
Azhic Basirov
Siobhan Sergeant +44 (0)20 7131 4000
CHAIRMAN'S STATEMENT
Despite difficult capital market conditions, ORA Capital
Partners Limited (ORA) delivered a strong performance in the year
ended 31 January 2013, with Group profits before tax for the period
of GBP71.7 million compared to a loss of GBP22.1 million in the
previous year.
These results include the benefit of a number of significant
investment portfolio disposals which generated cash proceeds of
GBP17.0 million and realised an GBP11.7 million overall profit
comprising GBP13.1 million of previously recorded unrealised gains
generated in earlier periods, partially offset by a loss of GBP1.4
million arising in the year. The profit in the year ended 31
January 2013 also includes unrealised revaluation gains of GBP69.7
million (2012: losses of GBP24.8 million) on the carrying values of
ORA's strategic investment portfolio holdings.
As a mechanism for enhancing capital efficiency, a significant
part of the investment portfolio disposal proceeds went towards
completing the buy-back and cancellation of 12.1 million shares in
ORA at a cost of GBP15.1 million, representing an average buy-back
price of 123.3p per share.
Net assets attributable to holders of ORA at 31 January 2013
were GBP149.4 million (equivalent to 374.6p per share, excluding
treasury shares held) compared with GBP92.7 million (equivalent to
178.1p per share) at the 31 January 2012 year end. The increase in
net assets per share reflects both the profit performance in the
year and the lower share capital base as reduced by share buy-backs
and share cancellations.
ORA has achieved a compound annual growth rate in net assets per
share of 41.3% over the last six years from around when the company
became fully capitalised, with net assets per share increasing from
47.0p at the end of January 2007 to 374.6p at 31 January 2013.
However, whilst ORA has been successful in growing its net asset
value, its shares have traded at a sustained discount to net asset
value. This is believed to be in part due to a lack of liquidity in
the shares of the Company and also to the difficult capital market
conditions over recent years. The Board is therefore, considering
whether it is in the best interests of the Company to remain quoted
on AIM or whether to delist. An AIM cancellation would not alter
the Board's strategy for ORA which would continue the development
and growth of trading companies within its business portfolio.
The Group continues to benefit from a strong balance sheet with
cash balances of GBP2.5m million and liquid trading investments of
GBP7.6 million at 31 January 2013 versus cash balances of GBP2.0
million and comparable liquid trading investments of GBP7.3 million
(inclusive of derivative trading assets and liabilities) at 31
January 2012.
The principal trading companies within our business portfolio
continued to make good progress in their development as more fully
described in the Business portfolio update given below. These
businesses remain well capitalised and are managed with disciplined
cost control.
Business model
ORA is a holding and management company whose principal activity
is the development and growth of trading companies within its
business portfolio, the current focus of which is on high growth
technology, resource and financial service opportunities. We
usually take minority stakes and always invest from our own balance
sheet so that we are able to work on a longer time frame of in
excess of five years to generate value realisations for our
shareholders. Our portfolio businesses tend to be headquartered in
Europe but most also have substantial revenue potential in the
wider international markets. ORA seeks to deliver capital growth by
working with portfolio company managements, often through Board
representation, to devise and implement development strategies that
deliver significant value accretion over the medium to long
term.
Investment portfolio performance
The profit before tax attributable to our Business Portfolio
Return and Advisory Fees sector was GBP67.8 million for the year
compared with a loss of GBP24.3 million for the year to 31 January
2012. This profit includes unrealised revaluation gains of GBP69.7
million (2012: loss of GBP24.8 million) on the carrying values of
ORA's quoted strategic holdings, partially offset by a GBP1.4
million loss (2012: profit of GBP1.5 million) realised in the year
on investment portfolio disposals.
Proceeds from investment portfolio disposals amounted to GBP17.0
million which realised an overall profit of GBP11.7 million,
comprising GBP13.1 million of previously recorded unrealised gains
generated in earlier periods, partially offset by a loss of GBP1.4
million arising in the year (2012: proceeds GBP12.5 million and an
overall profit of GBP11.0 million of which GBP1.5 million arose in
the year).
Additional investment in strategic portfolio businesses was
GBP5.6 million (2012: GBP4.2 million) and transfers of GBP5.4
million were made from short term investments to strategic
portfolio investments (2012: GBP9.8 million) in respect of holdings
where ORA has an aspiration to own the shares for at least the
medium term whilst the entity is developed to exploit key
commercial opportunities by a credible management team.
The above investment portfolio disposals and additions included
full exits from two portfolio businesses including Obtala Resources
Limited and the addition of three exiting new portfolio investments
in Silence Therapeutics Plc, Ceres Power Holdings Plc and Plant
Health Care Plc. As a result, at 31 January 2013, ORA had 13
portfolio businesses of which 10 are quoted on AIM and the
remaining three are unquoted. The carrying value of strategic
portfolio business holdings at 31 January 2013 was GBP138.9 million
(2012: GBP76.2 million of which GBP133.3 million was represented by
quoted holdings and GBP5.6 million by unquoted holdings (2012:
GBP76.4 million of which GBP73.4 million was represented by quoted
holdings and GBP3.0 million by unquoted holdings).
Business portfolio update
An overview of the activities of the portfolio businesses in
which ORA has a holding of 15 per cent. or more (subject to a
minimum carrying value of GBP1.0 million) or for which the carrying
value is in excess of GBP5.0 million, is given below:
Nanoco Group Plc (Nanoco) is a leading AIM listed nanotechnology
company involved in the development and manufacture of fluorescent
semi-conducting materials called quantum dots with the ability to
emit intense light of a specific colour. Nanoco is focussing on key
markets covering LED lighting, displays and solar cells, where
quantum dots deliver significant benefits including reduced power
consumption, improved performance, lower manufacturing costs and
product miniaturization. Key highlights for the company over the
last 12 months included the signing of a worldwide licensing
agreement with The Dow Chemical Company ("Dow") for exclusive
rights to manufacture and market Nanoco quantum dots for the
display industry as well as the signing of follow-on joint
development agreements with Osram to finalise the design of an LED
using Nanoco quantum dots in general lighting and with Tokyo
Electron for the next phase of development of a nanomaterial-based
solar film. The worldwide licensing agreement with Dow is
transformational for Nanoco. It represents a major endorsement of
Nanoco's technology, scalability and market potential and addresses
the manufacture of the much larger quantities of quantum dots that
are now expected to be required by the LCD display industry. Full
commercial production under this agreement is expected to begin in
the first half of 2014. Nanoco is well capitalised and at 31
January 2013 held cash balances of GBP12.5 million. ORA held 18.0
per cent. of the issued share capital in Nanoco at 31 January
2013.
Tissue Regenix Group Plc (TRG) is an AIM listed company which
aims to commercialise the production of biocompatible regenerate
implants using human or animal tissue that is decellularised under
its proprietary platform dCELL(R) Technology process. When these
are implanted into the body, they are repopulated with the
patient's own cells without the use of anti-rejection drugs. The
potential applications of this process are diverse and address many
critical clinical needs in cardiac, vascular, orthopaedic and
dermis. TRG's dCELL(R) Technology has been validated by the
development of its dCELL(R) Vascular Patch product through to CE
regulatory approval and the company is now progressing development
programmes to leverage this innovative technology platform. These
include its meniscus knee repair project, a human donor heart valve
product and an advanced wound care human skin product, as well as a
porcine heart valve product and further applications of its
vascular patch. During the last year, yet more positive preclinical
and clinical data has shown the benefits of the dCELL(R) approach.
The two year dCELL(R) Vascular Patch data was published as well as
the dCELL(R) Meniscus preclinical data together with a case study
from the human dCELL(R) Dermis pilot clinical. In addition a number
of different products including the ligament and cardiac patch are
due to enter preclinical studies in the near future. TRG held cash
balances of GBP26.1 million at 31 July 2012 having raised GBP25m
(gross) by way of a share placing in December 2011, which provides
the funding to drive TRG's development plans in its four core areas
of Advanced Wound Care, Orthopaedics, Cardiac and Vascular. ORA's
holding in TRG at 31 January 2013 was 16.7 per cent.
Silence Therapeutics Plc (Silence) possesses one of the most
comprehensive and sophisticated RNAi (Ribo Nucleic Acid
interference) therapeutic platforms. RNAi is a natural phenomenon
which can be used to selectively turn off the genes expressed in
some diseases and thereby target the prevention of certain proteins
involved in those diseases. Silence possesses a pipeline that
includes a total of five different internal and partnered programs
in phase II or phase I clinical trials covering treatment of
pancreatic cancer, vision loss through macular degeneration, acute
kidney injury and solid tumour cancer growth. In addition, the
company has three early stage programs covering acute lung injury
and liver cancer. ATU027 is the company's leading Oncology product
and for which Silence has received formal approval from the German
authorities (BfArM) for its phase 1b/2a combination trial into
pancreatic cancer. The trial will test Silence's Atu027
anti-metastatic compound in combination with Gemcitabine, the
leading anti-tumour drug. It is expected that the 1b element of the
trial will last for three months and the 2a element is scheduled to
begin in July 2013 and ending approximately in July 2014. The
partnerships that Silence has with companies such as AstraZeneca,
Pfizer/Quark Pharma and Dainippon Sumitomo, demonstrate the
credibility of Silence's technologies. In April 2013 the company
announced a share placing to raise approximately GBP19 million
which will significantly strengthen its balance sheet and enable an
aggressive expansion of its platform, drug targets and key
personnel in order to accelerate commercial opportunities and
create shareholder value. ORA held 20.0 per cent. of the issued
share capital of Silence at 31 January 2013.
Ceres Power Holdings Plc (Ceres) is a world leading AIM-quoted
alternative energy company developing fuel cell technology for use
by original equipment manufacturers and partner organisations
committed to developing combined heat and power products and other
distributed energy generation applications. The company is
committed to providing alternative energy solutions to address the
global challenges of reducing emissions, increasing fuel efficiency
and improving energy security. Ceres' unique metal-supported solid
oxide fuel cell technology is based on ceria electrolyte which
enables the fuel cells to operate at around 600degC. This low
temperature of operation allows the use of low cost materials, such
as stainless steels, throughout the FCM (fuel cell module) which is
a key enabler to low cost products. The Group's strategy is to
exploit its proprietary core fuel cell and FCM technology platform
across a broad range of product and market applications by
partnering with multiple OEMs (original equipment manufacturers).
This strategy avoids the company needing to finance the development
of multiple complete end-user products itself, potentially enabling
the Group's core technology to be adopted more quickly and more
extensively. The company expects to be able to generate revenues
from a combination of development licences, on-going fees for
services and royalties on OEM sales of mass market products
incorporating Ceres technology in due course. Ceres expects to
expand its pipeline of potential partners over the next year and
the intention is to secure at least one commercial arrangement
within that period and to have a number of other third parties
evaluate Ceres' cells, stacks and FCMs during the same period. On 2
April 2013 the company raised cash of approximately GBP9.5 million
through a placing and open offer which together with existing cash
resources, places Ceres in a strong position to drive forward its
commercial strategy. ORA's holding in Ceres at 31 January 2013 was
29.0 per cent.
Oxford Pharmascience Group Plc (OXP) is an AIM listed company
that has a portfolio of pharmaceutic technologies which allows it
to effectively "re-develop" existing drugs. The Group has continued
to evolve its science and has established three solid technology
platforms: the soft chew technology OXPchew(TM), the taste-masking
platform OXPzero(TM) and OXPtarget(TM), controlled-release
technology. During 2012, revenues from its OXPchew(TM) technology
continued to grow with strong sales from Aché, one of Brazil's
largest pharmaceutical companies, and importantly the company
signed its first OXPchew(TM) licensing deal with a major global
pharmaceutical company, Bayer. In addition, OXP commenced
co-development work with Hermes Pharma for a range of ibuprofen
direct to mouth granules using OXPzero(TM) taste masking/zero burn
technology. This will result in clinical studies later this year to
demonstrate the bio-equivalence of its OXPzero(TM) ibuprofen salt,
a major step towards securing the first licensed medicine using the
technology. OXP also announced that it had signed an exclusive
global license from The School of Pharmacy, University of London,
with the intention to develop and commercialise a range of lower
dosage 'safer' formulations of Simvastatin and Atorvastatin which
will have the equivalent existing high dose effect . This moves the
company into an area with potential for exponential growth as
Statins are the leading drugs used to combat cardiovascular disease
but concerns remain about potential side effects of using Statins
at higher doses, a problem which OXP's technology could eradicate.
The company's challenge is now to convert the OXPzero(TM) and
OXPtarget(TM) technologies into real, exciting products that
industry wants and to repeat the commercial success of OXPchew(TM)
in the more attractive and higher value areas of NSAIDs (Non
Steroidal Anti-Inflammatory Drugs) and Statins. In December 2012
OXP raised cash of GBP2 million through a placing and in March 2013
it raised a further GBP5m of cash through another placing in order
to strengthen its financial position. This will allow the company
to accelerate work on commercialising its technology platforms and
to strengthen its IP position by developing dossiers for a range of
NSAIDs which OXP will seek to license to major pharmaceutical
companies. ORA's holding in OXP at 31 January 2013 was 28.2 per
cent.
Plant Health Care Plc (PCH) which is AIM listed, is a leading
provider of novel patent protected biological products to the
global agriculture markets. PHC's key products are based on its
proprietary Harpin technology which is used to trigger growth and
self-defence mechanisms within the plants, stimulating more robust
plant health and increased yield. These have demonstrated
commercial success around the world and have been applied to over
10 million acres (approximately 4 million hectares) of crops. PHC's
other products include Myconate, a biological plant growth
stimulant which works by stimulating the colonisation of plant
roots by beneficial micro-organisms called mycorrhizal fungi and
enabling each plant to draw more nutrients and moisture out of the
soil. PHC also has a range of other fertiliser and plant nutrient
products. PHC's long-term vision is to establish itself as a highly
profitable technology licensing business, embedded in the global
agrochemical industry, earning most of its income as royalties and
licensing fees. As such it intends to develop its capabilities to
license out its products to larger companies in the sector by
entering into exclusive joint development or licensing agreements
with industry majors who have the development and marketing
capabilities to maximise the potential of this portfolio. PHC
intends to offer a differentiated portfolio of development
peptides, which can allow it to assign meaningful exclusivity to a
number of competing industry majors. The company has already formed
partnerships with several of the leading agrochemical companies
including Monsanto, Direct Enterprises Inc. and Arysta Life
Science. PCH continues to have no debt and on 15 April 2013 it
raised GBP13.4m ($20.3m) under a placing and subscription to fund
the expansion of the R&D programme for its Harpin product
platform and for commercialisation of existing products. ORA's
holding in PCH at 31 January 2013 was 17.0 per cent.
Oxford Advanced Surfaces Group Plc (OAS) is an AIM listed
company that develops and commercialises advanced materials and
technology solutions using its patented VISARC(TM) nanoparticle and
Onto(TM) reactive chemistry surface modification technologies. The
VISARCTM anti-reflective coating (ARC) technology has several
applications including display screens, solar cells and ophthalmic
lenses for eyewear. OAS's initial focus is the displays market
which has been an early adopter of ARCs for large area TV's, PC
display monitors, tablets and phones. These are all being
introduced to the consumer and industrial display markets with
anti-reflection coatings being used as a key differentiator and
value-add. Existing market leading technologies have demonstrated a
performance of 1.0% reflection wheras similar ARC coatings using
the VISARCTM technology has shown that reflection can be reduced to
0.3% whilst maintaining other performance properties. During 2012,
OAS signed its first ARC joint development agreement which is
on-going. In addition, the company has now synthesised
nanoparticles with different functionalities to match substrate and
formulation / binder systems covering glass and polymer substrates
and which have been supplied to customers for evaluation in their
formulations and coatings. OAS has also continued to develop the
key technologies within OntoTM, which is a highly reactive
chemistry proprietary to OAS. The company is currently focussing
attention on the Onto(TM)XL cross-linking technology which delivers
both surface functionalisation and inter-layer adhesion. This has
been evaluated with a broad range of coatings (inks, polyvinyl
polymers) and substrates (PET, PE, PTFE, PC, etc.). Improved
performance has been demonstrated against industry standard tests
with data packages collected and marketed across multiple
industries. The 2013 priority for this Onto technology is around
marketing and commercialisation of the new demonstrated performance
capability proven in 2012.OAS held cash balances of GBP4.3 million
at 31 December 2012. ORA's holding in OAS at 31 January 2013 was
25.3 per cent.
GVC Holdings Plc (GVC) is an AIM listed company operating in the
online gaming and sports betting markets. The company's principal
brands are Betboo and CasinoClub. Betboo was initially focused on
the Latin American market but since January 2011 has expanded into
other emerging markets and in particular Turkish speaking markets.
CasinoClub is a leading online casino website for German-speaking
markets. Whilst 2012 was another period of increased financial
performance and returns for GVC shareholders, subsequently on 19
March 2013 it completed the most significant deal in the company's
history as part of the acquisition of Sportingbet plc made
conjunction with William Hill plc. The acquired Sportingbet
businesses will consolidate GVC's position as one of the leading
operators in a number of key markets and also provides GVC with an
existing market leading sportsbook platform and trading team. As a
result, GVC is well positioned for considerable growth in the
future, with its portfolio of brands now including Sportingbet and
serving numerous markets. ORA's holding in GVC at 31 January 2013
was 7.9 per cent.
Antisoma Group Plc (Antisoma) was founded as a biomedical
company but following the discontinuation of key clinical trials in
early 2011, all investment in the Group's clinical development
programmes was ceased and overheads reduced to a minimum in order
to preserve cash resources. The company's shareholders subsequently
approved proposals to cancel Antisoma's listing on the Official
List and to seek admission to trading of its shares on AIM. The
company was admitted to AIM in January 2012 as an Investing company
with an investing strategy under which the Board intends the
company to be an active investor and to assist in the strategic
development and growth of any significant acquisitions and/or
investments it makes. Antisoma held cash balances of GBP9.4 million
at 31 December 2012. ORA's holding in Antisoma at 31 January 2013
was 29.4 per cent.
East Balkan Properties Plc (EBP) is an AIM listed investment
company focussing on commercial, retail and industrial property in
the Balkan region. It is currently not making new investments, but
is seeking to dispose of the majority of its investments. EBP's
principal investments are a 40 per cent. equity interest in
Glorient Investment BG (Glorient) and a 100 per cent. interest in
Equest Logistics Centre SRL (Equest). Glorient is a property
company which owns and develops large retail sites across Bulgaria.
It owns 35 large stores and 13 development sites. Equest is the
owner of a logistics park located in Romania on the outskirts of
Bucharest consisting of three purpose built warehouses which
between them are divided into 40 units. EPB also has interests in a
number of other commercial, retail and industrial property
interests in Romania and to a lesser extent in Serbia and Slovakia.
The company de-listed from AIM in November 2012. At 31 January
2013, ORA held 29.9 per cent. of the issued share capital of
EBP.
Novum Securities Limited (Novum) was founded as a Financial
Services Authority authorised firm able to provide agency broking
and corporate finance advice to intermediate customers and market
counterparties. It subsequently broadened its profile to commence
trading in a principal capacity, assessing stocks and acting as a
market maker in UK domestic securities. Novum is now a profitable
independent stockbroking house focused on the UK securities market
and which specialises in providing discrete and highly professional
sales and execution to institutional and high net worth clients
alongside market making and corporate finance to quoted and private
companies. At 31 January 2013, ORA held 43.4 per cent. of the
issued share capital of Novum.
Financial Trading
Surplus cash may be committed to specific opportunities where
the management team considers there to be potential for value
creation which may include acquisition of equities and derivative
financial instruments. These activities are reported under
Financial Trading inclusive of related funding costs. The profit
before tax attributable to Financial Trading in the year ended 31
January 2013 was GBP3.9 million compared to GBP2.2 million in the
previous year.
Outlook
After a profitable year to 31 January 2013 for ORA, we expect
another positive current year although the potential for volatility
in capital markets remains, given that further austerity measures
and structural reforms will be required to restore European public
finances to a sustainable path. We continue to be committed to
delivering additional value for our shareholders and will focus on
increasing the worth of our existing portfolio companies through
our active partnership approach. We will also retain the management
disciplines and shareholder alignment around which ORA was founded,
whilst running a low cost base.
Finally, I would like to thank our employees and the managers of
our business portfolio companies for all their hard work and
commitment in the continued growth and development of the Group
during the period.
Richard Griffiths
Executive Chairman
24 April 2013
ORA CAPITAL PARTNERS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 January 2013
2013 2012
GBP000 GBP000
------------------------------------------------------------ -------- ---------
CONTINUING OPERATIONS
Gain/(loss) on portfolio and trading investments 72,477 (20,861)
Revenue from services 77 73
------------------------------------------------------------ -------- ---------
PORTFOLIO RETURN AND REVENUE 72,554 (20,788)
Administrative expenses (1,125) (1,204)
-------- ---------
OPERATING PROFIT/(LOSS) 71,429 (21,992)
Losses on foreign exchange - (63)
Finance income 323 11
Finance costs (55) (80)
------------------------------------------------------------ -------- ---------
PROFIT /(LOSS) BEFORE TAXATION 71,697 (22,124)
Taxation (22) (2)
------------------------------------------------------------ -------- ---------
PROFIT /(LOSS) AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR 71,675 (22,126)
------------------------------------------------------------ -------- ---------
ATTRIBUTABLE TO
------------------------------------------------------------ -------- ---------
Owners of the parent 71,675 (22,126)
------------------------------------------------------------ -------- ---------
EARNINGS /(LOSS) PER SHARE (pence)
Basic on profit/(loss) for year 161.10 (38.78)
Diluted on profit/(loss) for the year 156.96 (38.78)
------------------------------------------------------------ -------- ---------
ORA CAPITAL PARTNERS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 January 2013
Capital
Redemption Share Based
Share Capital Reserve Merger Reserve Payment Reserve Revenue Reserve Total Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
At 31 January
2011 707 293 65,554 216 63,182 129,952
Total
comprehensive
income for
the year - - - - (22,126) (22,126)
Transactions
with owners:
Purchase of
shares for
cancellation (116) 116 - - (14,851) (14,851)
Cancellation
of Treasury
shares (13) 13 - - - -
Purchase of
own shares - - - - (418) (418)
--------------- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Total
transactions
with owners
for the year (129) 129 - - (15,269) (15,269)
Share based
payment
expense - - - 115 - 115
--------------- ------------------ ------------------ ------------------ ------------------ ------------------
At 31 January
2012 578 422 65,554 331 25,787 92,672
--------------- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Total
comprehensive
income for
the year - - - - 71,675 71,675
Transactions
with owners:
Purchase of
shares for
cancellation (121) 121 - - (15,059) (15,059)
Cancellation
of Treasury
shares (14) 14 - - - -
--------------- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Total
transactions
with owners
for the year (135) 135 - - (15,059) (15,059)
Share based
payment
expense - - - 106 - 106
--------------- ------------------ ------------------ ------------------ ------------------ ------------------
At 31 January
2013 443 557 65,554 437 82,403 149,394
--------------- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
ORA CAPITAL PARTNERS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 January 2013
2013 2012
GBP000 GBP000
----------------------------------- -------- -------
ASSETS
Non-current assets
Investment portfolio 138,926 76,395
Property, plant and equipment 13 42
-----------------------------------
138,939 76,437
----------------------------------- -------- -------
Current assets
Trade and other receivables 445 3,215
Investments in trading securities 7,642 11,013
Derivative trading assets 30 106
Cash and cash equivalents 2,488 1,995
----------------------------------- -------- -------
10,605 16,329
----------------------------------- -------- -------
TOTAL ASSETS 149,544 92,766
----------------------------------- -------- -------
LIABILITIES
Current liabilities
Trade and other payables (128) (84)
Current tax liabilities (22) (10)
----------------------------------- -------- -------
TOTAL LIABILITIES (150) (94)
----------------------------------- -------- -------
NET ASSETS 149,394 92,672
----------------------------------- -------- -------
EQUITY
Share capital 443 578
Capital redemption reserve 557 422
Merger reserve 65,554 65,554
Share based payment reserve 437 331
Revenue reserve 82,403 25,787
----------------------------------- -------- -------
TOTAL SHAREHOLDERS EQUITY 149,394 92,672
----------------------------------- -------- -------
ORA CAPITAL PARTNERS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 January 2013
2013 2012
GBP000 GBP000
--------------------------------------------------------------- --------- ---------
Profit/(loss) before tax from continuing operations 71,697 (22,124)
Adjustment for non-cash items:
Foreign exchange - 20
Interest paid 55 80
Interest received (323) (11)
Depreciation 29 30
Share base payment 106 115
Unrealised (gain)/loss on revaluation of portfolio investment (69,709) 24,774
Realised gain/(loss) on disposal of portfolio investments 1,374 (1,456)
Realised gain on disposal of other trading investments (998) (673)
Unrealised gains on other trading investments (1,255) (523)
--------------------------------------------------------------- --------- ---------
Operating cash inflow 976 232
Sale of portfolio Investments 16,967 12,489
Purchase of portfolio investments (5,722) (4,248)
Purchase of trading securities (4,139) (18,196)
Sale of trading securities 4,398 21,130
Decrease/(increase) in trade and other receivables 2,770 (3,063)
Increase/(decrease) in trade and other payables 44 (23)
Taxation over provision in prior period - (8)
Taxation (received)/paid (10) 10
--------------------------------------------------------------- --------- ---------
Net cash generated from operations 15,284 8,323
--------------------------------------------------------------- --------- ---------
INVESTING ACTIVITIES
Interest received 323 11
Interest paid (55) (80)
Net cash generated from investing activities 268 (69)
--------------------------------------------------------------- --------- ---------
FINANCING ACTIVITIES
Purchase of own shares - (418)
Purchase of shares for cancellation (15,059) (14,851)
--------------------------------------------------------------- ---------
Net cash used in financing activities (15,059) (15,269)
--------------------------------------------------------------- --------- ---------
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 493 (7,015)
Cash and cash equivalents at start of year 1,995 9,032
Effect of foreign exchange rate changes - (22)
--------------------------------------------------------------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF YEAR 2,488 1,995
--------------------------------------------------------------- --------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEUFMLFDSELL
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