Date: 26 September 2008
AIM : LCSS
Lewis Charles Sofia Property Fund
("Lewis Charles" or "the Company" or "the Fund")
Highlights
- Net asset value (NAV) of 122 pence per share (increase of 5% since 31
December 2007);
- Further institutional sales in Sofia Vitosha Simeonova development expected
during Q4 2008;
- At Govedarci a dedicated sales team and strategy is in place and the sales
programme will be implemented during Q4 2008;
- Rough construction stage completed at the Razlog/Bansko project - a sales
campaign will begin during Q4 2008;
- The project design at Plovdiv was approved in July 2008 and the design visa
should be endorsed by the end of Q4 2008;
- The planning certificate for change of use to residential designation at
Banya was issued in September;
- Bulgaria is expected to show amongst the fastest economic growth in Europe
in 2008 at 6.4%.
Lewis Charles Sofia Property Fund Limited (AIM: LCSS), the property investment
fund specialising in Bulgarian residential properties, today announces its
interim result for the period 1 January to 30 June 2008.
Commenting today, Mark Anderson, Investment Director of the Lewis Charles Sofia
Property Fund, said 'The demanding market conditions have been well documented
and the Fund continues to trade at a considerable discount to its NAV.
Nevertheless, work has continued in earnest and there have been some successes
over the first six months with the projects progressing well. We look forward
to keeping the market informed once further milestones have been achieved.'
Lewis Charles Sofia Property Fund
Loraine Pinel, Fund Manager
Mark Anderson, Fund Manager
Tel: +44 20 7456 9114
Panmure Gordon, Nominated Adviser and Broker
Dominic Morley
Stuart Gledhill
Tel: +44 20 7459 3600
Conduit PR Ltd
Ed Portman
Leesa Peters
Tel: +44 20 7429 6607
Tel: +44 7733 363 501
Chairman's Statement
The Fund remains in a good position to weather the economic storms that are
having such an effect on the world economy generally and property markets in
particular. The principal reasons for being well placed reflect:
The Fund's strategy of having a land bank distributed evenly through the
different stages of development;
A shrewd acquisition policy that allows the Fund to capture the benefits of
Bulgaria's economic growth, by careful selection of sites with maximum
potential;
The continued strength of the economy (the fastest growth in the EU this year),
which has underpinned the domestic property market.
The absence of any significant borrowing.
The quantifiable evidence for this lies in the net asset value figures shown in
these half year results. The fair value valuation in Euros at end June 2008 has
come down only slightly from end December, from Euro 1.58 per share to Euro 1.54
per share. Meanwhile, the Sterling valuation, because of the recent depreciation
of Sterling against the Euro, has increased over this period, to 122p a share,
from 116p a share at end December 2007.
We will continue to position the fund to benefit from the underlying strength of
the Bulgarian economy whilst seeking to maximise shareholders' returns.
Charles Burton
Chairman
26 September 2008
Investment Manager's Report
The Bulgarian Economy
GDP growth for 2008 is expected to average a fairly robust 6.35% before slowing
towards 5.4% for 2009. Much of next year's deceleration is expected to be driven
by slower trade with the weak Eurozone. Consumer spending is continuing to hold
up well, supported by strong income growth; average earnings were up 24% in the
second quarter of 2008 (wages are the lowest in the EU). In addition, the
unemployment rate continues to fall and at 6% is at its lowest level in 8 years.
Strong investment seen in recent years is also yielding results through improved
export performance. On the negative side, and although it may have peaked,
inflation is still a concern at 14.5% p.a. in July. Base effects, a good harvest
and lower oil prices ought, however, to help subdue inflation through the second
half of 2008 but the rate is not expected to drop to single digits until well into
2009. The large current account deficit is also a concern. (Source: Oxford Economics)
Bulgarian Property Market Update
Prices of new apartments in Sofia rose during the first half of 2008 by between
9.0% - 18.0% depending on location. The regions just outside the ring road on
the south side of Sofia (such as Simeonovo, Lozen and Bistritsa) are attracting
strong investor interest and several large residential projects are planned in
these areas. Prices of holiday properties in ski and sea resorts have not risen
during the period and the sector faces inevitable headwinds from the effects of
the international financial crisis. In Bansko there are now few development
opportunities because of the reluctance of the municipality to grant any more
construction permits, and building activity has been shifting to the nearby
townships of Razlog and Dobrinishte. Prices of high-end apartments in Razlog
bucked the trend and rose by around 10% during the first half (a block of luxury
apartments by the golf course is now being sold for EUR 1,990 per m). (Source:
Forton International)
Properties
The table below provides a summary of the investments held by the company as at
30 June 2008:
Land Area Build Area Cost Valuation
M2 M2 (Eur) (Eur)
30/06/2008 30/06/2008
Goverdartsi (Crystal Vale/
Crystal Glade)
Beli Iskar (Crystal Heights)
Razlog/Bansko
Plovdiv
Veliko
Dolna Banya
Sofia Kambanite Bistritsa 100,713
Banya 182,130
Sofia Vitosha vets
Simeonovo (Note 1 below) 12,379,443
________________________________________________________
Total 553,382 47,530,206
Note 1: Options on these properties have been exercised and full ownership will
be transferred to the Fund on satisfactory completion of projects by the
developer.
Note 2: Some build areas are estimated subject to planning approval. Because of
the provisions of IAS 2 some of these values may not be fully reflected in the
balance sheet. A full reconciliation between the accounting NAV and published
valuation NAV is contained in the notes to the Financial Statements.
1. Govedarci (Crystal Vale and Crystal Glade)
The first phase of Crystal Vale has almost reached rough construction stage, and
all utilities have been secured. A dedicated sales team and strategy is in place
and the sales programme will be implemented during the fourth quarter of 2008
and the first quarter of 2009. It is intended that sales and construction of the
first phase of Crystal Glade should be complete by early to mid 2009 at which
time sales and construction of the next phase will begin. The residential
planning process for Crystal Glade, which is currently designated as agricultural
land, has been initiated. The Crystal Glade plot has an area of 19,786 sq m.
2. Crystal Heights
This land is located in Beli Iskar within 500 metres of the proposed site of the
ski gondola to the Borovets resort (part of the Super Borovets project). The
land is still designated for agricultural use and it is intended that an
application for change of use to residential usage will be made when the plots
have been consolidated.
3. Razlog / Bansko
Phase 1 of the Panorama Villas project comprises 73 units in total (69
apartments and 4 villas) with a total sales area of some 6,267m2 including
common parts and roof terraces. It has reached the rough construction stage, and
will be the subject of a sales campaign during the fourth quarter of 2008 and
the first quarter of 2009. It is intended that sales and construction of the
first phase of Panorama Villas should be complete by early to mid 2009 at which
time sales and construction of the next phase will begin. The second project in
the area remains in the land bank.
4. Plovdiv
The general arrangement plans for the tobacco factory scheme (Roman View) were
frozen in February 2008. Following clearance by the National Institute for Historic
Monuments the project design was approved by the municipality in principle in July
2008. Formal confirmation was received recently and the design visa should be
forthcoming by the end of quarter four 2008. Once the design visa is obtained,
preliminary contracts can be negotiated with the utility suppliers. It is currently
intended that an application for a construction permit will be submitted in late
2008 / early 2009. The Fund has a second, smaller project in Plovdiv which is
located beside the national rowing club. This project remains in the land bank.
5. Veliko Tarnovo
The Fund owns a plot of land in an attractive location close to the centre of
the city and has residential planning permission. The plot remains in the land
bank for the time being.
6. Dolna Banya
The Fund owns four separate plots of land in good locations in and around the
town of Dolna Banya, a historic spa town equidistant from Sofia and Plovdiv. It
is intended that the plots will remain in the land bank for the time being as
the Managers believe that residential land prices in Dolna Banya should rise as
a consequence of recent important leisure developments in the town.
7. Sofia (Kambanite Bistritsa)
The Manager is in the process of drawing up a final project design to be used in
an eventual application for a construction permit for this site. No date has
been set for starting construction of this project, as this is dependent on the
length of time taken to finalise project design.
8. Banya
Winslow Developments, a well-known and respected Bulgarian property development
company, continues to make progress in the planning process on this large and
beautifully-situated site. The site has been consolidated into three plots of
roughly equal size, and the planning certificate for change of use to
residential designation has just been issued (September 2008) for the first of
these. It is envisaged that all permissions required prior to the submission of
an application for a construction permit for this plot should have been received
by mid 2009. Work to obtain design visas for the other two plots will continue
concurrently.
9. Sofia (BuySell - Vitosha Vets Simeonovo and Krustova Vada)
Negotiations with prospective institutional buyers were delayed by the summer
holiday period. They have now re-commenced, and the Manager is hopeful that
there will be further progress with institutional sales during the fourth
quarter of 2008.
Lewis Charles Securities Limited
Investment Manager
26 September 2008
Condensed consolidated income statement (unaudited)
for the period ended 30 June 2008 1.1.07 to
30.6.07
Notes Revenue Capital Total Total
_______ ___________________________________________________
Eur Eur Eur Eur
Income
Net change in gains on revaluation
of investment property 3 - 1,083,481 1,083,481 8,652,571
___________ ______________ ___________ ____________
Total income - 1,083,481 1,083,481 8,652,571
___________ ______________ ___________ ____________
Expenditure
Administration fees 91,568 - 91,568 59,164
Management fees 456,619 - 456,619 515,593
Performance fees - (187,866) (187,866) 1,872,662
Directors' fees and expenses 35,138 - 35,138 69,018
Foreign exchange loss 1,184 - 1,184 6,738
Inventory written down to
net realisable value 4 914,708 - 914,708 -
Other expenses 534,522 - 534,522 862,221
___________ ______________ ___________ ____________
Total expenditure 2,033,739 (187,866) 1,845,873 3,385,396
___________ ______________ ___________ ____________
Operating (loss) / profit (2,033,739) 1,271,347 (762,392) 5,267,175
Finance income 54,124 - 54,124 251,884
___________ ______________ ___________ ____________
Net (loss)/profit before taxation (1,979,615) 1,271,347 (708,268) 5,519,059
Taxation - (179,453) (179,453) -
___________ ______________ ___________ ____________
(Loss)/Profit for the period (1,979,615) 1,091,894 (887,721) 5,519,059
___________ ______________ ___________ ____________
(Deficit)/earnings per share -
basic and diluted (cents per share) 2 (1.84) 11.42
All items in the above statement derive from continuing operations.
The accompanying notes 1 to 7 form an integral part of these interim financial
statements
Condensed consolidated balance sheet (unaudited)
as at 30 June 2008
Consolidated Consolidated
Notes As at 30 June 2008 As at 31 December 2007
_______ ____________________________ ____________________________
Eur Eur Eur Eur
Non-current assets
Investment properties 3 56,583,142 55,127,208
___________ ___________
56,583,142 55,127,208
Current assets
Properties under development 4 18,411,007 15,625,171
Property options 5 5
Trade and other receivables 28,999 22,802
Non-group receivables 875,946 490,098
Cash and cash equivalents 2,634,992 7,209,621
__________ __________
21,950,949 23,347,697
___________ ___________
Total assets 78,534,091 78,474,905
___________ ___________
Current liabilities
Trade and other payables (2,068,713) (764,630)
__________ __________
(2,068,713) (764,630)
Non-current liabilities
Trade and other payables (8,280,344) (8,816,842)
Deferred taxation (2,867,208) (2,687,886)
__________ __________
(11,147,552) (11,504,728)
___________ ___________
Total liabilities (13,216,265) (12,269,358)
___________ ___________
Net assets 65,317,826 66,205,547
Represented by
Share capital - -
Special reserve 56,956,985 56,956,985
Capital reserve 19,230,854 18,138,960
Revenue reserve (10,870,013) (8,890,398)
___________ ___________
Total Equity 65,317,826 66,205,547
___________ ___________
NAV per share (Euro per share) 5 1.3511 1.3694
NAV per share at launch (Euro per
share) 1.1781 1.1781
These condensed financial statements were approved by the Board of Directors on
26 September 2008
Signed on behalf of the Board
Charles Burton Clive Simon
Director Director
The accompanying notes 1 to 7 form an integral part of these interim financial
statements
Condensed statements of changes in equity (unaudited)
for the period ended 30 June 2008
Comparative
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
Eur Eur Eur Eur Eur
As at 31 December 2006 - 56,956,985 9,367,479 (6,649,789) 59,674,675
Issue of ordinary shares - - - - -
Profit/(loss) for the period - - 6,779,909 (1,260,850) 5,519,059
_______ ___________ ____________ ___________ ____________
As at 30 June 2007 - 56,956,985 16,147,388 (7,910,639) 65,193,734
_______ ___________ ____________ ___________ ____________
Current
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
Eur Eur Eur Eur Eur
As at 31 December 2006 - 56,956,985 9,367,479 (6,649,789) 59,674,675
Issue of ordinary shares - - - - -
Profit/(loss) for the year - - 8,771,481 (2,240,609) 6,530,872
_______ ___________ ____________ ___________ ____________
Total recognised income
and expenses for the year - - 8,771,481 (2,240,609) 6,530,872
_______ ___________ ____________ ___________ ____________
As at 31 December 2007 - 56,956,985 18,138,960 (8,890,398) 66,205,547
Profit/(loss) for the period - - 1,091,894 (1,979,615) (887,721)
_______ ___________ ____________ ___________ ____________
As at 30 June 2008 - 56,956,985 19,230,854 (10,870,013) 65,317,826
_______ ___________ ____________ ___________ ____________
The accompanying notes 1 to 7 form an integral part of these interim financial
statements
Condensed consolidated cash flow statement (unaudited)
for the period ended 30 June 2008
1.1.08 to 1.1.07 to
30.6.08 30.6.07
____________ ______________
Eur Eur
(Loss)/profit for the period (887,721) 5,519,059
Adjustment for:
Bank interest receivable (11,077) (6,092)
Revaluation of investments (1,083,481) (8,652,571)
Adjustment for deferred tax 179,453 -
____________ ______________
Operating cash flows before movements
in working capital (1,802,826) (3,139,604)
Increase in receivables (392,045) (144,174)
Increase in payables 767,454 5,010,921
____________ ______________
(1,427,417) 1,727,143
Interest received 11,077 6,092
____________ ______________
Net cash (outflow) / inflow from operating activities (1,416,340) 1,733,235
____________ ______________
Investing activities
Repayment of loan to property developer - 1,502,792
Purchases of investment properties (3,158,289) (14,141,844)
____________ ______________
Net cash outflow from investing activities (3,158,289) (12,639,052)
____________ ______________
Cash and cash equivalents at start of period 7,209,621 23,046,407
____________ ______________
Cash and cash equivalents at end of period 2,634,992 12,140,590
____________ ______________
The accompanying notes 1 to 7 form an integral part of these interim financial
statements
Notes to the interim financial statements
as at 30 June 2008
1 SIGNIFICANT ACCOUNTING POLICIES
Lewis Charles Sofia Property Fund Limited (the `Company') is a closed-ended
investment company incorporated in Guernsey. The condensed financial statements
of the Company for the period ended 30 June 2008 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 2007. 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 2007. The Group's annual
financial statements refers to new Standards and Interpretations none of which
had a material impact on the financial statements.
The unaudited condensed interim financial statements were approved by the board
of directors on 26 September 2008.
2 (DEFICIT) / EARNINGS PER SHARE - BASIC AND DILUTED
The consolidated (deficit) / earnings per Ordinary Share of (1.84) cents
(2007:11.42) are based on the net income loss of Eur 1,979,615 (2007:Eur
1,260,850) and the net capital gain for the period of Eur 1,091,894 (2007:Eur
6,779,909). Both calculations are made based on 48,345,000 Ordinary Shares,
being the weighted average number of shares in issue during both periods.
3 INVESTMENT PROPERTIES
30 June 31 December
2008 2007
Eur Eur
Opening market value of investment properties 55,127,208 27,981,983
Acquisitions during the period at cost 372,453 14,758,074
Fair value adjustment for the period 1,083,481 12,387,151
__________ __________
Closing market value of investment properties 56,583,142 55,127,208
__________ __________
4 PROPERTIES UNDER DEVELOPMENT
30 June 31 December
2008 2007
Eur Eur
Opening cost 15,625,171 11,382,006
Additions 5,060,180 4,243,165
Disposals (1,359,636) -
Write down to net realisable value (914,708) -
__________ __________
Closing cost 18,411,007 15,625,171
__________ __________
At valuation 27,917,156 28,108,057
__________ __________
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.
During the period the Company has made a number of off plan apartment sales.
These have been reflected in the costs of the properties under development,
however as the buyers of these apartments do not yet have effective control
of the properties the revenue cannot yet be recognised in the financial statements.
The amounts received, and the associated costs, will be reflected in the income
statement upon control of the property passing to the buyer.
As at 30 June 2008 the net realisable value of properties under development has
been based on the independent market valuation received, which are arrived at
purely on the value of the land held and takes no account of the development
costs which have been incurred to date. As such a provision for write down from
total costs incurred to the market value of the land has been incorporated
above. It is envisaged that future independent valuations of development
properties will incorporate the market value of the land and all development
work which has been performed as at the date of valuation.
5 NAV PER SHARE
30 June 31 December
2008 2007
Eur Eur
Net Asset Value 65,317,826 66,205,547
Average number of shares in issue 48,345,000 48,345,000
Net asset value per share 1.3511 1.3694
The Net Asset Value per Ordinary Share is based on the Net Asset Value at the
Balance Sheet date and on 48,345,000 Ordinary Shares, being the average number
of shares in issue during the period.
6 RECONCILIATION OF NAV PER THE FINANCIAL STATEMENTS TO PUBLISHED NAV
Eur Per Share
Net Asset Value per financial statements 65,317,826 1.35
Add back:
Adjustment to value of properties 6 ,957,181 0.14
Adjustment to performance fee 1,131,869 0.02
Preliminary expenses 1,057,241 0.02
__________ ____
Published Net Asset Value 74,464,117 1.54
__________ ____
An adjustment is required within the financial statements to record the
value of the properties under development from fair value, as used for
the published Net Asset Value, to cost as required to ensure
compliance with International Accounting Standard 16 "Property, Plant and
Equipment".
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 CAPITAL COMMITMENTS
Under the terms of the property options entered into, where properties developed
are not sold off-plan the Company is obliged to cover the costs of completion
for any unsold property. This course of action will lead to the Company being
geared, with associated finance costs. The total balance payable on completion
of the development is Eur 30,981,553. Under the terms of the Central Sofia
Purchase Options the total balance payable on completion will be increased in
line with any increase in the Bulgarian Consumer Price Index. The Board believe
it unlikely that any significant proportion of this capital commitment will
become payable because of the nature of the property market in and around the
chosen development areas and the high level of demand for the type of properties
being developed.
Nevertheless the Board needs to ensure that it has sufficient liquidity to meet
its liabilities. As at 30 June 2008 the Fund had Eur 2.6 million of cash and
cash equivalents available.
The most significant potential liability is that under the Central Sofia
Purchase Options as described above. If that situation was to arise, and to the
extent that sales of property have not been made in the period to completion,
the Fund would have a liability. The Board is confident that, in the current
environment, the property will be sold prior to completion and to the extent
that any property may be unsold on completion that adequate and suitable funding
will be available. Accordingly the Directors are of the opinion that it is
appropriate to prepare the financial statements on a going concern basis.
Also as at 30 June 2008 the Company has committed to the rough construction,
which constitutes excavation of the site and subsequent building of the concrete
structure, at the Crystal Vale project and the Panorama Villas 1 project. The
costs of performing this work are estimated at a total of Eur 890,000.
THE FOLLOWING PAGES DO NOT FORM PART OF THE
INTERIM FINANCIAL STATEMENTS OF THE COMPANY
AND ARE PRESENTED FOR INFORMATION PURPOSES ONLY
Condensed consolidated income statement (unaudited)
for the period ended 30 June 2008
30.06.07
Revenue Capital Total Total
GBP GBP GBP GBP
_________________________________________
Income
Net change in gains on revaluation
of investment property - 842,997 842,997 5,845,340
___________ _________ _________ _________
Total income - 842,997 842,997 5,845,340
___________ _________ _________ _________
Expenditure
Administration fees 71,244 - 71,244 39,969
Management fees 355,270 - 355,270 348,315
Performance fees - (146,168) (146,168) 1,265,097
Directors' fees and expenses 27,339 - 27,339 26,974
Foreign exchange loss 921 - 921 4,553
Inventory written down to
net realisable value 711,684 - 711,684 -
Other expenses 415,882 - 415,882 601,943
___________ _________ _________ _________
Total expenditure 1,582,340 (146,168) 1,436,172 2,286,851
___________ _________ _________ _________
Operating (loss) / profit (1,582,340) 989,165 (593,175) 3,558,489
Finance income 42,111 - 42,111 170,163
___________ _________ _________ _________
Net (loss)/profit before taxation (1,540,229) 989,165 (551,064) 3,728,652
Taxation - (139,623) (139,623) 189
___________ _________ _________ _________
(Loss)/Profit for the period (1,540,229) 849,542 (690,687) 3,728,841
___________ _________ _________ _________
(Deficit) / Earnings per share - basic and
diluted (pence per share) (1.43) 7.71
All items in the above statement derive from continuing operations.
Condensed consolidated balance sheet (unaudited)
as at 30 June 2008
Consolidated Consolidated
Notes As at 30 June 2008 As at 31 December 2007
_______ ____________________________ ____________________________
GBP GBP GBP GBP
Non-current assets
Investment properties 44,723,315 40,518,498
__________ __________
44,723,315 40,518,498
Current assets
Properties under development 14,552,060 11,484,501
Property options 4 4
Trade and other receivables 22,921 16,758
Non-group receivables 692,348 360,222
Cash and cash equivalents 2,082,699 5,299,071
__________ __________
17,350,032 17,160,556
__________ __________
Total assets 62,073,347 57,679,054
__________ __________
Current liabilities
Trade and other payables (1,635,111) (562,003)
__________ __________
(1,635,111) (562,003)
Non-current liabilities
Trade and other payables (6,544,785) (6,480,379)
Deferred taxation (2,266,241) (1,975,596)
__________ __________
(8,811,026) (8,455,975)
__________ __________
Total liabilities (10,446,137) (9,017,978)
__________ __________
Net assets 51,627,210 48,661,076
__________ __________
Represented by
Share capital - -
Special reserve 45,018,801 38,676,000
Capital reserve 15,200,067 12,503,407
Revenue reserve (8,591,658) (2,518,331)
__________ __________
Total Equity 51,627,210 48,661,076
__________ __________
NAV per share (Pence per share) 106.79 100.65
NAV per share at launch (Pence per
share) 72.80 72.80
Published NAV (Pence per share) 121.72 116.13
Condensed statements of changes in equity (unaudited)
for the period ended 30 June 2008
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
As at 31 December 2006 - 38,676,000 6,442,314 (3,812,397) 41,305,917
Issue of ordinary shares - - - - -
Profit/(loss) for the period - - 4,580,243 (851,780) 3,728,463
Foreign exchange adjustment
arising on translation to Sterling - - - (1,060,943) (1,060,943)
_______ ___________ ____________ ___________ ____________
As at 30 June 2007 - 38,676,000 11,022,557 (5,725,120) 43,973,437
Share Special Capital Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
As at 31 December 2006 - 38,676,000 6,442,314 (3,812,397) 41,305,917
Issue of ordinary shares - - - - -
Profit/(loss) for the year - - 6,061,093 (1,548,262) 4,512,831
Foreign exchange adjustment
arising on translation to Sterling - - - 2,842,328 2,842,328
_______ ___________ ____________ ___________ ____________
Total recognised income
and expenses for the year - 38,676,000 12,503,407 (2,518,331) 48,661,076
_______ ___________ ____________ ___________ ____________
As at 31 December 2007 - 38,676,000 12,503,407 (2,518,331)
48,661,076
Profit/(loss) for the period - - 849,542 (1,540,229) (690,687)
Exchange difference arising
on translation to Sterling - - - 3,656,821 3,656,821
_______ ___________ ____________ ___________ ____________
As at 30 June 2008 - 38,676,000 13,352,949 (401,739) 51,627,210
_______ ___________ ____________ ___________ ____________
Condensed consolidated cash flow statement (unaudited)
for the period ended 30 June 2008
1.1.08 to 1.1.07 to
30.6.08 30.6.07
____________ ______________
GBP GBP
Profit for the year (690,687) 3,728,841
Adjustment for:
Bank interest receivable (8,618) (4,116)
Revaluation of investments (842,997) (5,845,340)
Adjustment for deferred tax 139,623 189
____________ ______________
Operating cash flows before movements
in working capital (1,402,679) (2,120,426)
Increase in receivables (305,029) 951,133
Increase in payables 597,114 3,296,727
____________ ______________
(1,110,594) 2,127,434
Interest received 8,618 4,116
____________ ______________
Net cash (outflow) / inflow from operating activities (1,101,976) 2,131,550
____________ ______________
Investing activities
Repayment of loan to property developer - 1,015,228
Advances of loan to property developer - -
Purchases of inventory - (241,122)
Purchases of investment properties (2,457,291) (9,312,556)
____________ ______________
Net cash outflow from investing activities (2,457,291) (8,538,450)
____________ ______________
Financing activities
Proceeds on issue of shares - -
____________ ______________
Net cash inflow from financing activities - -
Exchange difference arising on translation to Sterling 342,895 (1,356,596)
Cash and cash equivalents at start of period 5,299,071 15,952,378
____________ ______________
Cash and cash equivalents at end of period 2,082,699 8,188,882
____________ ______________
Lewis Charles Sofia Prop Fund (LSE:LCSS)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Lewis Charles Sofia Prop Fund (LSE:LCSS)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024