28th Sep 2012 07:00
Metro Baltic Horizons plc (MET.L)
Interim results for the six months ended 30 June 2012
Metro Baltic Horizons plc (MET.L)
Interim results for the six months ended 30 June 2012
Metro Baltic Horizons plc ("MBH" or the "Company"), the property investment company focused on investments in the Baltic states and St Petersburg announces its unaudited interim results for six months ended 30 June 2012.
Highlights
·; Net asset value per share (NAV) after deferred tax liabilities decreased by 68% to €0.11 (30 June 2011: €0.34). The Company's valuations remain as those reflected in the Financial Statements to the year ended 31st December 2011.
·; Total gross property portfolio (including minority interests) valued at €8.97 million as at 30 June 2012 (30 June 2011: €18.1 million). The decrease in the gross property portfolio primarily reflects the revaluation of the St Petersburg property
·; At the period end, the Group held a total of €6.7 million of bank and other borrowings, €3.8 million of which was held at the SPV level and as such are non recourse to the Company
·; There are still some tentative signs of stabilisation in St Petersburg which may benefit remaining with this property but market recovery is unlikely to facilitate any meaningful recovery in the Pirita Tee property.
·; Strategic reviews of the St Petersburg property are underway, including longer term development options.
·; The Company intends to imminently commence legal proceedings against various parties including the former directors, professional advisers and investment management team in relation to a material proportion of the losses suffered by the Company.
Ronan Reid, Chairman of MBH, commented:
"The Company now is focused on value extraction from the St Petersburg site, litigation in regard of the BAP Loan Notes and lastly the imminent pursuit of litigation against the former directors and advisers to the Company."
For further information, please contact:
Metro Baltic Horizons plc
Ronan Reid (Chairman)
Tel: +353 1 633 3843
Fairfax I.S. PLC (Nominated Adviser and Broker)
James King/ Stuart Gledhill
Tel: +44 (0) 20 7598 5368
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2012
Note | Unaudited | Audited | Unaudited | |
30 June 2012 6 months Group €'000 | 31 Dec 2011 12 months Group €'000 | 30 June 2011 6 months Group €'000 | ||
Continuing operations | 452 | |||
Rental income | 814 | 407 | ||
Rental and related expenses | -438 | -765 | -393 | |
_______ | _______ | _______ | ||
Net rental and related income | 14 | 49 | 14 | |
Administrative expenses | -417 | -1,405 | -370 | |
Changes in value of investment property | 0 | 6,153 | 0 | |
Net foreign currency gain | 38 | 120 | 2 | |
(Loss)/gain arising on loss of control in former subsidiary entity | - |
-536 | - | |
_______ | _______ | _______ | ||
Net operating profit/ (loss) before tax and finance income and expense | -365 |
-7,925 | -354 | |
Finance expense | -48 | -548 | -606 | |
_______ | _______ | _______ | ||
Profit/(loss) before tax | -412 | -8,473 | -960 | |
Income tax (charge)/ credit | 4 | 1,078 | - | |
_______ | _______ | _______ | ||
Profit/(loss) for the year | -408 | -7,395 | -960 | |
====== | ====== | ====== | ||
Other comprehensive income | ||||
Profit/(loss) for the year | -408 | -7,395 | -960 | |
(Loss)/profit for year from discounted operations |
- |
-128 |
- | |
Other comprehensive income for the year, net of tax | - |
10 | - | |
_______ | _______ | _______ | ||
Total comprehensive profit /(loss) for the year, net of tax | -408 |
-7,513 | -960 | |
====== | ====== | ====== | ||
Attributable to: | ||||
Equity holders of the parent | -399 | -7,090 | -872 | |
Non-controlling interest | -9 | -423 | -88 | |
_______ | _______ | _______ | ||
-408 | -7,513 | -960 | ||
====== | ====== | ====== | ||
Earnings per share for continuing operations | ||||
Basic profit /(loss) for the year attributable to ordinary equity holders of the parent (cents) | 3 | (1.5) |
(28.7) | (3.3) |
Consolidated Statement of Financial Position
As at 30 June 2012
Note | Unaudited | Audited | Unaudited | |
30 June 2012 6 months Group €'000 | 31 Dec 2011 12 months Group €'000 | 30 June 2011 6 months Group €'000 | ||
ASSETS | ||||
Non current assets | ||||
Investment property | 8,978 | 8,948 | 18,074 | |
Other Assets | 20 | 16 | 15 | |
______ | ______ | ______ | ||
8,998 | 8,964 | 18,089 | ||
CURRENT ASSETS | ||||
Other current assets | 110 | 115 | 158 | |
Trade and other receivables | 33 | 39 | 99 | |
Cash and cash equivalents | 1,683 | 2,128 | 2,981 | |
Restricted cash | ||||
_______ | ______ | _______ | ||
1,826 | 2,282 | 3,238 | ||
_______ | _______ | _______ | ||
TOTAL ASSETS | 10,824 | 11,246 | 21,327 | |
====== | ====== | ====== | ||
EQUITY | ||||
Issued capital | 262 | 262 | 262 | |
Distributed reserves | 36,186 | 36,186 | 36,186 | |
Retained earnings | -33,536 | -33,136 | -27,428 | |
Foreign Exchange Movements | -30 | -30 | -176 | |
_______ | _______ | _______ | ||
Total equity attributable to ordinary shareholders | 2,882 | 3,282 | 8,844 | |
Minority Interest | -1,288 | -1,279 | -1,831 | |
_______ | _______ | _______ | ||
TOTAL EQUITY | 1,594 | 2,003 | 7,013 | |
LIABILITIES | ||||
Non-current liabilities | ||||
Bank loans | ||||
Other loans | 1,052 | 1,052 | 2,319 | |
Deferred tax liabilities | 1,235 | 1,235 | 2,313 | |
_______ | _______ | _______ | ||
Total Non Current Liabilities | 2,287 | 2,287 | 4,632 | |
CURRENT LIABILITIES | ||||
Trade and other payables | 1,184 | 1,196 | 835 | |
Bank Loans | 3,773 | 3,777 | 6,825 | |
Other loans | 1,902 | 1,902 | 1,919 | |
Other liabilities | 84 | 81 | 103 | |
_______ | _______ | _______ | ||
Total Current Liabilities | 6,943 | 6,956 | 9,682 | |
TOTAL LIABILITIES | 9,230 | 9,243 | 14,314 | |
_______ | _______ | _______ | ||
TOTAL EQUITY AND LIABILITIES | 10,824 | 11,246 | 21,327 | |
====== | ====== | ====== | ||
Net asset value per ordinary share-basic (cents) | 4 | 11 | 12 | 34 |
Approved on behalf of the Board of Directors on 28th September 2012 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 | -33,137 | 3,281 | -1,279 | 2,002 | |
- | - | - | -399 | -399 | -9 | -408 | ||
Loss for the period | ||||||||
_____ | _______ | ______ | _______ | ______ | ______ | ______ | ||
Total comprehensive income | - | - | - | -399 | -399 | -9 | -408 | |
______ | _________ | _______ | _______ | ______ | _______ | ______ | ||
As at 30 June 2012 | 262 | 36,186 | -30 | -33,536 | 2,882 | -1,288 | 1,594 | |
===== | ======= | ====== | ====== | ===== | ====== | ====== | ||
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 1January 2011 (as restated) | 262 | 36,186 | (176) | (26,046) | 10,226 | (2,253) | 7,973 |
Loss for year | - | - | - | (7,100) | (7,100) | (423) | (7,523) |
Other Comprehensive Income | - | - | (10) | 10 | - | - | - |
______ | _________ | _______ | _______ | _____ | _______ | ______ | |
Total comprehensive income for year
| - | - | (10) | (7,090) | (7,100) | (423) | (7,523) |
Transactions with owners | |||||||
De-recognition of non -controlling interest on loss of control (note 9) | - | - | 156 | - | 156 | 1,397 | 1,553 |
_____ | _________ | _______ | _______ | ______ | _______ | ______ | |
As at 31 December 2011 | 262 | 36,186 | (30) | (33,136) | 3,282 | (1,279) | 2,003 |
==== | ======= | ====== | ====== | ===== | ====== | ====== |
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 2011 | 262 | 36,186 | -176 | -26,556 | 9,716 | -1,743 | 7,973 |
- | - | - | -872 | -872 | -88 | -960 | |
Loss for the period | |||||||
_____ | _______ | ______ | _______ | ______ | ______ | ______ | |
Total comprehensive income | - | - | - | -872 | -872 | -88 | -960 |
_____ | _________ | _______ | _______ | ______ | _______ | ______ | |
As at 30 June 2011 | 262 | 36,186 | -176 | -27,428 | 8,844 | -1,813 | 7,013 |
===== | ======= | ====== | ====== | ===== | ====== | ====== |
Consolidated Statement of Cash Flows
For the six months ended 30 June 2012
Unaudited | Audited | Unaudited | ||
30 June 2012 6 months Group €'000 | 31 Dec 2011 12 months Group €'000 | 30 June 2011 6 months Group €'000 | ||
Cash flows from operating activities | ||||
Loss before tax | -412 | -8,473 | -960 | |
Non-cash adjustment to reconcile profit before tax to net Cash flows | ||||
Finance cost | - | 548 | 342 | |
FX gain/(loss) | - | -120 | 2 | |
Changes in value of investment property | - | 6,153 | - | |
Gain arising from loss of control in former subsidiary entity | - | 536 | - | |
Taxes paid and other miscellaneous items | - | -31 | - | |
Working capital adjustments: | ||||
(Decrease)/increase in creditors | -10 | 305 | -57 | |
Decrease/(increase) in debtors | 7 | -38 | 181 | |
_______ | _______ | _______ | ||
Net cash flows from operating activities | -415 | -1,120 | -492 | |
Net cash flows from discontinued operations | 53 | |||
_______ | _______ | _______ | ||
Net cash flows from operating activities | -415 | -1,067 | -492 | |
====== | ====== | ====== | ||
Cash flows from investing activities | ||||
Capital expenditure on investment properties and property, plant and equipment | 30 | -4 | - | |
Finance Income | - | 3,000 | 3,000 | |
_______ | _______ | _______ | ||
Net cash used in investing activities | 30 | 2,996 | 3,000 | |
Cash flows from financing activities | ||||
Finance Expense | - | -207 | - | |
Repayments of borrowings | - | -3 | - | |
Net cash used in financing activities from discontinued operations | - |
-64 | - | |
Net cash flows from financing activities | 30 | -274 | 3,000 | |
_______ | _______ | _______ | ||
Net (decrease)/increase in cash and cash equivalents | (445) | 1,655 | 2,508 | |
Cash and cash equivalents at the beginning of the period | 2,128 | 473 | 473 | |
_______ | _______ | _______ | ||
Cash and cash equivalents at the end of the period | 1,683 | 2,128 | 2,981 | |
====== | ====== | ====== |
Notes to the consolidated financial statements
For the period ended 30 June 2012
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 2012 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 2011.
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 2011.
3. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 June 2012 was based on the loss attributable to shareholders of €399k and a weighted average number of ordinary shares outstanding during the period ended 30 June 2012 of 26,200k.
Unaudited | Audited | Unaudited | |
30 June 2012 | 31 Dec 2011 | 30 June 2011 | |
6 months | 12 months | 6 months | |
Group €'000 | Group €'000 | Group €'000 | |
Basic earnings per share | |||
(Loss)/Profit attributable to ordinary shareholders | (399) | (7,090) | (872) |
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) | (1.5) | (28.7) | (3.3) |
4. Net Asset Value per share
Unaudited | Audited | Unaudited | |
30 June 2012 | 31 Dec 2011 | 30 June 2011 | |
Group €'000 | Group €'000 | Group €'000 | |
Net Asset Value attributable to ordinary shareholders | 2,882 | 3,282 | 8,844 |
Deferred tax | 1,235 | 1,235 | 2,313 |
______ | ______ | ______ | |
Net Asset Value excluding deferred tax | 4,117 | 4,517 | 11,157 |
===== | ===== | ===== | |
Net Asset Value per share (cents per share) | 11 | 12 | 34 |
Net Asset Value excluding deferred tax (cents per share) | 16 | 17 | 43 |
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