23rd Sep 2013 07:00
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 €0.23 since the year end (31December 2012: €0.25) and was up 109% on the NAV per share at the interim period end last year (30 June 2012: €0.11).
· 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 €0.579m 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 €6.078 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 31st 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
20th September 2013
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2013
Note | Unaudited | Audited | Unaudited | |
30 June 2013 6 months Group €'000 | 31 Dec 2012 12 months Group €'000 | 30 June 2012 6 months Group €'000 | ||
Continuing operations | 0 | |||
Rental income | 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 entity | - |
746 | - | |
_______ | _______ | _______ | ||
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
Note | Unaudited | Audited | Unaudited | |
30 June 2013 6 months Group €'000 | 31 Dec 2012 12 months Group €'000 | 30 June 2012 6 months Group €'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 20th September 2013 and signed by
Ronan Reid Brendan Murphy
Director Director
Attributable to the equity holders of the parent | ||||||||
Issued Capital €'000 | Distributable Reserves €'000 | FX Gains or Losses €'000 | Retained Earnings €'000 | Total €'000 | Non-Controlling Interest €'000 | Total Equity | ||
€'000 | ||||||||
As at 1 January 2012 | 262 | 36,186 | -30 | -33,136 | 3,282 | -1,279 | 2,003 | |
- | - | - | -399 | -399 | -9 | -408 | ||
Loss for the period | ||||||||
_____ | _______ | ______ | _______ | ______ | ______ | ______ | ||
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 Capital €'000 | Distributable Reserves €'000
| Foreign Currency Translation Reserve €'000 | Retained Earnings €'000 | Total €'000 | Non- Controlling Interest €'000 | Total Equity €'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 Capital €'000 | Distributable Reserves €'000 | FX Gains or Losses €'000 | Retained Earnings €'000 | Total €'000 | Non-Controlling Interest €'000 | Total Equity | |
€'000 | |||||||
As at 1 January 2013 | 262 | 36,186 | -30 | -29,888 | 6,530 | - | 6,530 |
- | - | - | -579 | -579 | - | -579 | |
Loss for the period | |||||||
_____ | _______ | ______ | _______ | ______ | ______ | ______ | |
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 2013 6 months Group €'000 | 31 Dec 2012 12 months Group €'000 | 30 June 2012 6 months Group €'000 | ||
Cash flows from operating activities | ||||
Profit/(Loss) before tax | -579 | 933 | -412 | |
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 items | - | 28 | - | |
Working capital adjustments: | ||||
(Decrease)/increase in creditors | 5 | (955) | -10 | |
Decrease/(increase) in debtors | 5,500 | - | 7 | |
_______ | _______ | _______ | ||
Net cash flows from operating activities | 4,926 | -749 | -415 | |
Net cash flows from discontinued operations | 83 | |||
_______ | _______ | _______ | ||
Net cash flows from operating activities | 4,926 | -666 | -415 | |
====== | ====== | ====== | ||
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 classified as held for sale
| _______ |
-227 _______ | _______ | |
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 €579k and a weighted average number of ordinary shares outstanding during the period ended 30 June 2012 of 26,200k.
Unaudited | Audited | Unaudited | |
30 June 2013 | 31 Dec 2012 | 30 June 2012 | |
6 months | 12 months | 6 months | |
Group €'000 | Group €'000 | Group €'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 2013 | 31 Dec 2012 | 30 June 2012 | |
Group €'000 | Group €'000 | Group €'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 |
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