TIDMMET
RNS Number : 6050O
Metro Baltic Horizons PLC
23 September 2013
Metro Baltic Horizons plc
Report and Condensed Consolidated Financial Statements
for the period ending 30 June 2013
Highlights
-- Net asset value per share (NAV) after deferred tax
liabilities decreased slightly to EUR0.23 since the year end
(31December 2012: EUR0.25) and was up 109% on the NAV per share at
the interim period end last year (30 June 2012: EUR0.11).
-- As previously announced the St. Petersburg property was sold
during the period. There was no gain or loss arising from the
disposal as the property was revalued at the year end.
-- The loss for the period was EUR0.579m which predominantly
reflected ongoing operational costs, litigation costs and costs
pertaining to the sale of the St Petersburg property.
-- At the period end, the Group held a total of EUR6.078 million of cash and equivalents.
-- The Company commenced legal proceedings in October 2012
against various parties including the former directors,
professional advisers and investment management team in relation to
a material proportion of the losses previously suffered by the
Company.
Chairman's Statement
As outlined in the full year accounts to December 31(st) 2012,
the Company's strategy is now predominantly focused on the pursuit
of litigation against the Company's former Board and its advisers.
These matters are continuing and are now before the Courts. Further
updates will be provided as appropriate.
The Board is continuing to review the most efficient operational
structure and capital management of the Company's assets including
but not limited to consideration of a de-listing of the Company and
a special distribution to shareholders in the most tax efficient
form. The Board hopes to be able to provide an update to
shareholders in the near future.
Ronan Reid
Chairman
20(th) September 2013
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2013
Unaudited Audited Unaudited
30 June 31 Dec 2012 30 June
2013 2012
6 months 12 months 6 months
Group Group EUR'000 Group
Note EUR'000 EUR'000
Continuing operations
Rental income 0 0 452
Rental and related expenses 0 0 -438
_______ _______ _______
Net rental and related income 0 0 14
Administrative expenses -542 178 -417
Changes in value of investment
property 0 0 0
Net foreign currency gain -37 9 38
Gain/(Loss) arising on loss of
control in former subsidiary 746
entity - -
_______ _______ _______
Net operating profit/ (loss)
before tax and finance income
and expense -579 933 -365
Finance expense 0 0 -48
_______ _______ _______
Profit/(loss) before tax -579 933 -412
Income tax (charge)/ credit 0 0 4
_______ _______ _______
Profit/(loss) for the year -579 933 -408
====== ====== ======
Other comprehensive income
Profit/(loss) for the year -579 933 -408
Profit/(Loss) for year from discounted
operations - 2,223 -
Other comprehensive income for
the year, net of tax - 0 -
_______ _______ _______
Total comprehensive profit /(loss)
for the year, net of tax -579 3,156 -408
====== ====== ======
Attributable to:
Equity holders of the parent -579 3,248 -399
Non-controlling interest 0 -92 -9
_______ _______ _______
-579 3,156 -408
====== ====== ======
Earnings per share for continuing
operations
Basic profit /(loss) for the
year attributable to ordinary
equity holders of the parent
(cents) 3 (2.2) 12.4 (1.5)
Consolidated Statement of Financial Position
As at 30 June 2013
Unaudited Audited Unaudited
30 June 31 Dec 2012 30 June
2013 2012
6 months 12 months 6 months
Note Group EUR'000 Group EUR'000 Group EUR'000
ASSETS
Non current assets
Investment property - - 8,978
Other Assets - - 20
______ ______ ______
- - 8,998
CURRENT ASSETS
Other current assets 175 - 110
Trade and other receivables - - 33
Cash and cash equivalents 6,078 1,152 1,683
_______ ______ _______
6,253 1,152 1,826
Assets included in disposal
group as held for sale 8,022
_______ _______ _______
TOTAL ASSETS 6,253 9,174 10,824
====== ====== ======
EQUITY
Issued capital 262 262 262
Distributed reserves 36,186 36,186 36,186
Retained earnings -30,467 -29,888 -33,536
Foreign Exchange Movements -30 -30 -30
_______ _______ _______
Total equity attributable
to ordinary shareholders 5,951 6,530 2,882
Minority Interest - - -1,288
_______ _______ _______
TOTAL EQUITY 5,951 6,530 1,594
LIABILITIES
Non-current liabilities
Other loans - - 1,052
Deferred tax liabilities - - 1,235
_______ _______ _______
Total Non Current Liabilities - 2,287 2,287
CURRENT LIABILITIES
Trade and other payables 172 172 1,184
Bank Loans - - 3,773
Other loans - - 1,902
Other liabilities 130 - 84
_______ _______ _______
Total Current Liabilities 302 172 6,943
Liabilities included in disposal
group as held for sale - 2,472 -
_______ _______ _______
TOTAL EQUITY AND LIABILITIES 6,253 9,174 10,824
====== ====== ======
Net asset value per ordinary
share-basic (cents) 4 23 25 11
Approved on behalf of the Board of Directors on 20(th) September
2013 and signed by
Ronan Reid Brendan Murphy
Director Director
Attributable to the equity holders
of the parent
-------------------------------------------------------------
Issued Distributable FX Gains Retained Total Non-Controlling Total
Capital Reserves or Losses Earnings EUR'000 Interest EUR'000 Equity
EUR'000 EUR'000 EUR'000 EUR'000
EUR'000
As at 1 January
2012 262 36,186 -30 -33,136 3,282 -1,279 2,003
Loss for the
period - - - -399 -399 -9 -408
_____ _______ ______ _______ ______ ______ ______
Total comprehensive
income - - - -399 -399 -9 -408
______ _________ _______ _______ ______ _______ ______
As at 30 June
2012 262 36,186 -30 -33,535 2,883 -1,288 1,595
===== ======= ====== ====== ===== ====== ======
Issued Distributable Foreign Retained Total Non- Total Equity
Capital Reserves Currency Earnings EUR'000 Controlling EUR'000
EUR'000 EUR'000 Translation EUR'000 Interest
Reserve EUR'000
EUR'000
As at 1
January 2012 262 36,186 -30 -33,136 3,282 -1,279 2,003
Profit/(Loss)
for year - - - 3,248 3,248 -92 3,156
______ _________ _______ _______ _____ _______ ______
Total
comprehensive
income for
year - - - 3,248 3,248 -92 3,156
Transactions
with owners
De-recognition
of non
-controlling
interest on
loss of
control - - - - - 1,371 1,371
_____ _________ _______ _______ ______ _______ ______
As at 31
December 2012 262 36,186 -30 -29,888 6,530 - 6,530
==== ======= ====== ====== ===== ====== ======
Issued Distributable FX Gains Retained Total Non-Controlling Total
Capital Reserves or Losses Earnings EUR'000 Interest Equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
EUR'000
As at 1 January
2013 262 36,186 -30 -29,888 6,530 - 6,530
Loss for the
period - - - -579 -579 - -579
_____ _______ ______ _______ ______ ______ ______
Total comprehensive
income - - - -579 -579 - -579
_____ _________ _______ _______ ______ _______ ______
As at 30 June
2013 262 36,186 -30 -30,467 5,951 - 5,951
==== ======= ====== ====== ===== ====== ======
Consolidated Statement of Cash Flows
For the six months ended 30 June 2013
Unaudited Audited Unaudited
30 June 31 Dec 30 June
2013 2012 2012
6 months 12 months 6 months
Group Group EUR'000
EUR'000 Group EUR'000
Cash flows from operating activities
Profit/(Loss) before tax 933 * 412
* 579
Non-cash adjustment to reconcile profit
before tax to net Cash flows
Finance cost - - -
FX gain/(loss)
- * 9 -
(Gain)/Loss arising from loss of control
in former subsidiary entity - * 746 -
Taxes paid and other miscellaneous 28
items - -
Working capital adjustments:
* 10
(Decrease)/increase in creditors 5 (955)
Decrease/(increase) in debtors 5,500 - 7
_______ _______ _______
Net cash flows from operating activities * 415
4,926 * 749
Net cash flows from discontinued operations 83
_______ _______ _______
Net cash flows from operating activities * 415
4,926 * 666
====== ====== ======
Cash flows from investing activities
Capital expenditure on investment
properties and property, plant and
equipment - - 30
Finance Income - - -
_______ _______ _______
Net cash used in investing activities - - 30
Cash flows from financing activities
Net cash used in investing activities
from discontinued operations - * 2 -
- -
Net cash used in financing activities
from discontinued operations - * 81 30
_______ _______ _______
Net (decrease)/increase in cash and
cash equivalents 4,926 * 749 (445)
Cash and cash equivalents at the beginning
of the period 1,152 2,128 2,128
Cash and cash equivalents in entities -227
classified as held for sale _______ _______ _______
Cash and cash equivalents at the end
of the period 6,078 1,152 1,683
====== ====== ======
Notes to the consolidated financial statements
For the period ended 30 June 2013
1. General Information
Metro Baltic Horizon plc (The "Company") is a company
incorporated and domiciled in the Isle of Man on 18 September 2006
for the purposes of investing in and developing property in the
Baltic States and in the St. Petersburg area of Russia.
The interim report of the Company for the period to 30 June 2013
comprises the Company and its subsidiaries (together referred to as
the "Group")
The Company's registered address is IOMA House, Hope Street,
Douglas, Isle of Man.
The Company was admitted to the AIM of the London Stock Exchange
and commenced operations on the 11 December 2006.
The functional currency of the consolidated financial statements
is the Euro and consequently the Company is reporting in Euro.
2. Basis of preparation
The Interim Financial Statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards and in accordance with International Accounting
Standard (IAS) 34 Interim Financial Reporting.
The Interim Financial Statements do not include all the
information and disclosures required in Annual Financial
Statements, and should be read in conjunction with the Group's
Annual Financial Statements for the year ended 31 December
2012.
Significant accounting policies
The same accounting policies, presentation and methods of
computation are followed in these Condensed Financial Statements as
those followed in the preparation of the Group's Annual Financial
Statements for the year ended 31 December 2012.
3. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 June 2013 was
based on the loss attributable to shareholders of EUR579k and a
weighted average number of ordinary shares outstanding during the
period ended 30 June 2012 of 26,200k.
Unaudited Audited Unaudited
30 June 31 Dec 30 June
2013 2012 2012
6 months 12 months 6 months
Group EUR'000 Group EUR'000 Group EUR'000
Basic earnings per share
Profit/(Loss) attributable to ordinary
shareholders (579) 3,248 (399)
Weighted average number of ordinary
shares in issue
during the period ('000) 26,200 26,200 26,200
Basic earnings per share (expressed
as cents per share) (2.2) 12.4 (1.5)
4. Net Asset Value per share
Unaudited Audited Unaudited
30 June 30 June
2013 31 Dec 2012 2012
Group EUR'000 Group EUR'000 Group EUR'000
Net Asset Value attributable to
ordinary shareholders 5,951 6,530 2,882
Deferred tax - - 1,235
______ ______ ______
Net Asset Value excluding deferred
tax 5,951 6,530 4,117
===== ===== =====
Net Asset Value per share (cents
per share) 23 25 11
Net Asset Value excluding deferred
tax (cents per share) 23 25 16
This information is provided by RNS
The company news service from the London Stock Exchange
END
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