14th Sep 2010 07:00
EASTERN EUROPEAN PROPERTY FUND LIMITED
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2010
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HIGHLIGHTS |
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·; Property valued by DTZ Debenham Tie Leung at £28.8 million (30 June 2009: £26.4 million, 31 December 2009: £27.7 million). ·; Net asset value at 30 June 2010 of £21.3 million, 109.91p per Ordinary Shares (30 June 2010: £20.4 million, 105.42p per Ordinary Share, 31December 2009 of £21.4 million, 110.44p per Ordinary Share). ·; Profit for the six month period ended 30 June 2010 of £187,000 (30 June 2009: loss of £3.5 million, 31 December 2009, loss of £2.8 million), equal to earnings per share of 0.96p (30 June 2009: loss of 17.90p, 31 December 2009: loss of 14.49p) per Ordinary Share. ·; Gain on revaluation of investment properties (after accounting for the foreign exchange loss) of £1.0 million (30 June 2009: loss of £5.3 million, 31 December 2009: loss of £4.1 million). ·; Proposed amendment to Investing Policy including divestment from Bulgaria and Romania and further investment in Turkey.
For further information please visit www.eepfl.com or contact:
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Steve Pearce Liberum Capital Limited Tel: +44 203 100 2000 |
Bob Locker CNC Property Fund Management Limited Tel: +44 1784 424 740 |
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Keiran Gallagher / Ollie Cadogan Active Property Investments Limited Tel: +90 212 249 6920 |
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CHAIRMAN'S STATEMENT |
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The challenging market conditions that existed during 2008 and 2009 in the Eastern European property markets continued in the first six months of 2010 and, although economic indicators in Turkey are encouraging, the Bulgarian and Romanian economies have shown few signs of recovery.
Results and operations The Group reported a net profit for the six month period ended 30 June 2010 of £0.2 million (30 June 2009: loss of £3.5 million, 31 December 2009: loss of £2.8 million), representing earnings per Ordinary Share of 0.96p (30 June 2009: loss of 17.90p, 31 December 2009: loss of 14.49p). Although the Group's Bulgarian and Romanian subsidiaries each reported net losses for the period of £0.5 million, the Turkish subsidiary generated a profit for the period of £1.8 million.
The consolidated net asset value at 30 June 2010 was £21.3 million, 109.91p per Ordinary Share (30 June 2009: £20.4 million, 105.42p per Ordinary Share, 31 December 2009: £21.4 million, 110.44p per Ordinary Share).
Share price The share price of the Group remained fairly steady throughout the period, falling from 52.50p per Ordinary Share at 31 December 2009 to 51.50p at 30 June 2010. I mentioned in my last report that the Group planned to buy back shares and, on 13 July 2010, the Group bought back 200,000 Ordinary Shares for cancellation at a total cost of £104,521. The share price increased slightly following the buy-back and on 9 September 2010 the Group's share price was 54.50p.
Board Proposals Although there are signs that the global economy is starting to recover from the recent recession, Turkey is still faring significantly better than Bulgaria and Romania. In addition, the opportunities to add to the portfolio in Bulgaria and Romania have been extremely limited. This has meant that the Group has not been able to achieve the benefits in either location that a larger portfolio would have provided. Therefore, following discussions with the Group's advisors and shareholders, the Board proposes that the Group divests from Bulgaria and Romania and focuses its resources entirely on Turkey. This will remove the overhead and administrative costs arising from operating in Bulgaria, Romania, Cyprus and Malta and reduce the overall overhead costs of the Group.
In line with the move to divest from Bulgaria and Romania and the increased focus on Turkey, the Board believes that it would be in the best interests of the shareholders to amend the Investing Policy to:
"The investment objective of the Group is to provide shareholders with the potential for significant capital growth by investing in property in Istanbul, Turkey. The existing Romanian and Bulgarian property will be disposed of and the proceeds used to enhance shareholder value.
The Group invests in a range of office, retail and residential properties in Istanbul, Turkey. The Group will primarily seek to invest in properties adjacent to the current holdings that offer the potential for significant capital growth in the Turkish portfolio. The Group's primary policy will be to purchase existing properties, including properties in need of refurbishment or renovation. The Group may also invest in the construction and development, renovation or refurbishment of properties, either wholly owned by the Group or in conjunction with other investors."
Being overly prescriptive on the timeframe could prove detrimental to the realisation process of the Bulgarian and Romanian assets. Sensitive, however, to the need to agree to disposals on terms which create value for shareholders, the Board aims to realise such assets as soon as possible. By way of indication, the Board and the Manager believe that such assets may take in the region of six to nine months to be fully realised. Once these assets have been disposed of, the Board and the Manager will apply those proceeds in a way designed to generate the best returns to shareholders, either through share buy-backs via tender offers or through accretive additions to the Turkish property portfolio.
In addition, the Board has also identified that, in line with the proposed change, it would benefit the Group to amend the management fee and performance fee structure to one that provides more emphasis on a rebased performance fee and less on annual management fees. An Extraordinary General Meeting will be held on 29 October 2010 in order to vote on these proposals.
Property During the period, there was minimal investment in the property portfolio, with only £0.7 million being used for refurbishment.
There was an overall gain on revaluation of investment property of £1.0 million during the period ended 30 June 2010 (30 June 2009: loss of £5.3 million, 31 December 2009: loss of £4.1 million, bringing the overall gain on cost to £8.6 million (30 June 2009: £6.4 million, 31 December 2009: £7.7 million).
Dividend The Board believes that, while proposals are in place for the amendment to the Investing Policy and the restructuring of the Group, it is prudent to conserve funds and does not propose an interim dividend for the period ended 30 June 2010.
Change of Nominated Adviser On 1 September 2010, the Group appointed Liberum Capital Limited to replace Smith & Williamson Corporate Finance Limited as Nominated Adviser to the Group.
Outlook At 30 June 2010, the Group held property with a fair value of £28.8 million. £3.2 million of cash was available to use as working capital and for the refurbishment of properties and an additional £1.7 million, which has been pledged to HSBC Bank plc can be used to purchase additional property in Turkey. At 30 June 2010, gearing stood at 55% (30 June 2009: 52%, 31 December 2010 50%). With this in mind, the Board believes that the Group is in a good position to optimise the value contained in the portfolio in Turkey and hopes that shareholders will support the resolutions to restructure the Group to be voted on at the forthcoming Extraordinary General Meeting. |
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Charles Parkinson Chairman |
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10 September 2010 |
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PROPERTY MANAGER AND ADVISER'S REPORT
Since 31 December 2009, the general trend of difficult trading conditions has continued throughout Turkey, Romania and Bulgaria.
The Turkish economy has, however remained more resilient than those of Romania and Bulgaria, which have struggled as they have had to deal with a huge decline in inward investment and have limited internal resources with which to stimulate their economies.
Notwithstanding the prevailing economic conditions, overall the property portfolio has remained relatively stable. Conditions have been more challenging in Bulgaria and Romania than in Turkey. However, since losing important tenants at both locations in Sofia and Bucharest, new lettings have been achieved in part of the space that has become vacant at each location. This is despite dismal market conditions and reflects the quality of the properties and their locations.
The Group's properties in Istanbul have continued to benefit from their central location and generally we have been able to let space as and when it has become available. Currently, 65% (by floor area) of the Group's Turkish property has been let.
Property Portfolio In the first half of 2010, the Group has been required to market its first real voids in Romania and Bulgaria and to build on the progress of lettings in Istanbul, Turkey that commenced in 2009. The letting of void space in Romania has been slow, given the total space available following Transalkim's departure in February. However, against the backdrop of the severe conditions that exist in Romania and Bulgaria, any lettings have to be viewed extremely positively. Also the Group has managed to maintain its rent level per sqm on its property in Bucharest. In Sofia, Bulgaria, rent levels have come under more pressure as prospective office tenants have demanded large incentives to take space.
In Istanbul, Turkey the first signs of rental growth are returning in Beyoglu, again, reflecting the quality of the overall location of the portfolio.
The portfolio continues to be enhanced from a renovation perspective and projects at Ravuna Apartments, Markiz (Oriental) Passage and Nil Passage continue. Progress is not as fast as had been hoped because local planning and conservation issues appear to have become more entrenched and politicised. However, persistence with the various applications required and adherence to all relevant procedures does generally appear to achieve results eventually and, in this respect, the Group continues to pursue all of its objectives in respect of the relevant properties. |
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Market Value |
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30 June 2010 |
30 June 2009 |
31 December 2009 |
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£'000 |
£'000 |
£'000 |
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Bulgaria |
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24 George Washington Street, Sofia |
Leisure/Office |
3,152 |
4,118 |
3,636 |
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Romania |
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Transalkim Warehouse, Gara Progresului Street, S. Bucharest |
Industrial |
2,743 |
3,138 |
3,158 |
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Turkey |
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Kadife Palas Building, 134-139 Susam Street, Cihangir, Istanbul |
Leisure/Office/Residential |
2,810 |
2,127 |
2,474 |
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6th Floor, The Misir Building, Istiklal Street, Beyoglu, Istanbul |
Office |
2,308 |
2,017 |
2,041 |
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Ravuna Apartments, 401 Istiklal Street, Beyoglu, Istanbul |
Office/Retail |
3,469 |
2,771 |
3,207 |
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Markiz (Oriental) Passage, Istiklal Street, Beyoglu, Istanbul |
Leisure/Office/Retail |
10,037 |
8,986 |
9,276 |
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Nil Passage, Istiklal Street, Beyoglu, Istanbul |
Leisure/Office/Retail |
1,462 |
1,009 |
1,351 |
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Pera Residence, Asmalimescrit Street, Beyoglu, Istanbul |
Retail |
1,372 |
1,173 |
1,268 |
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"Yellow" Building, Asmalimescrit Street, Beyoglu, Istanbul |
Retail |
254 |
194 |
235 |
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Gonul Sokak, Asmalimescrit Street, Beyoglu, Istanbul |
Office/Retail |
549 |
498 |
507 |
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Taka Building, Asmalimescrit Street, Beyoglu, Istanbul |
Retail |
602 |
349 |
556 |
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22,863 |
19,124 |
20,915 |
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Total Investment Properties |
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28,758 |
26,380 |
27,709 |
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24 George Washington Street, Sofia
United Bulgarian Bank continues in occupation, together with the Bulgarian National Art Centre and other smaller tenants. Of the current space available (14% of the property by floor area), half is currently under offer.
Gara Progresului Street, Bucharest
Since Transalkim, the former tenant, vacated earlier in the year the property has been rebranded as a Business and Logistics Centre. The intention is to create multi-tenanted premises and, since April this year, four tenants, including Electrolux, have signed up. Total available space is still in excess of 10,000 sqm. However, further lettings are anticipated in the second half of 2010 following recent enquiries.
Kadife Palas Building, 134-139 Susam Street, Cihangir, Istanbul
There was some turnover of tenants during the first half of the year but this property is currently fully let.
6th Floor, The Misir Building, Istiklal Street, Beyoglu, Istanbul
This property remains fully let with the same tenants who took occupation following the original purchase and renovation of these premises.
Ravuna Apartments, 401 Istiklal Street, Beyoglu, Istanbul
The Ravuna Apartments are currently the subject of renovation proposals that have been held up due to local political issues relating to building construction consents. These are being pursued through the Conservation Committee for the area and it is expected that the Group will be able to proceed with the project in the second half of this year.
Markiz (Oriental) Passage, Istiklal Street, Beyoglu, Istanbul
The original tenants remain in occupation and the initial proposals for the site have been reviewed with the intention of creating an alternative medium-term project in conjunction with the Area Conservation Committee, which will not require costly consent requirements.
Nil Passage, Istiklal Street, Beyoglu, Istanbul
A refurbishment programme has been agreed and costed and the renovation of these offices will proceed this autumn in respect of the upper floors. The retail space on the ground floor remains fully let.
Pera Residence, Asmalimescrit Street, Beyoglu, Istanbul
The original tenant remains in occupation and trades successfully.
"Yellow" Building, Asmalimescrit Street, Beyoglu, Istanbul
This property is currently in the process of being refurbished for letting.
Gonul Sokak, Asmalimescrit Street, Beyoglu, Istanbul
Offers have been received for the upper floor office area but are slightly below expectations so we have therefore continued to market this space for letting. The retail/leisure tenant remains in occupation and continues to trade well.
Taka Building, Asmalimescrit Street, Beyoglu, Istanbul
The original tenant has struggled, so we have marketed the property and rental offers have been received.
Regional Overview
Romania continues to undergo a painful fiscal restructuring with the economy predicted to contract this year. The International Monetary Fund estimated that this will be in the order of minus 1.9% but stated that Romania could expect growth of 1.5% to 2.0% in 2011, if the Romanian Government continues to reduce debt by cutting budgetary spending. In August 2010, the International Monetary Fund ("IMF") completed the fifth evaluation of the standby agreement signed by the Romanian Government in May 2009. This allows further tranches of aid, although obstacles remain in areas such as public sector employment and pensions and budget reform. Although the flat tax rate of 16% has been retained, the Romanian Government has increased VAT from 19% to 24%, which is likely to contribute to an inflation rate of 7.5% to 8.0%, and has also cut public sector wages by a quarter, to maintain the deficit at 6.8% of GDP. Foreign Direct investment fell in the first six months of 2010 by 29% after falling by 50% in 2009 compared to 2008.
Bulgaria has slightly better prospects than Romania, with predictions that the economy may expand in 2010, but only at less than 1% if at all. This is likely to be led by a recovery in exports. The IMF expects inflation to be moderate at 2.2% compared with 2.5% in 2009. Bulgaria remains committed to its fixed Lev/Euro currency regime for the time being and this has added to the severity of the economic downturn.
Turkey'sGDP amounted to TRY 23.35 billion at constant prices in the first three months of the year, 11.7% higher than a year earlier, when the economy contracted by 14.5%. While there was considerable pressure on the Government during 2009 to sign a standby agreement with the IMF to consolidate a medium-term fiscal programme, the Government was able to resist this, signifying its belief in its increasing confidence to be seen to be able to manage its own economy effectively on the world stage.
Considerable tension remains between the moderate Islamic Government and an alignment of the Military and Secular opposition. This has led to various court actions being instigated by the opposition, and arrests instigated by the Government for conspiring against it that have caused both internal and external concerns about the ability of Turkey to continue its wider reform programme.
Prospects
It is unlikely that the economies in Bulgaria and Romania will improve quickly. This is likely to have a continued negative impact on values overall, although the amount of decline is probably limited. It has been encouraging that some lettings have been achieved despite extremely difficult market conditions and it is hoped that the income profile will slowly recover in the latter half of the year.
Although we hope that the income profile may slowly recover in Bulgaria and Romania, we believe that shareholder value will be best enhanced by disposing of the existing Bulgarian and Romanian property, as detailed in the circular which will be sent to shareholders in due course. We believe that the Bulgarian and Romanian property may take in the region of six to nine months to be fully realised.
The Group's position in Turkey is far more positive although the political risks remain. The first signs of rental growth are returning in Beyoglu and we believe that, together with the active management of the portfolio this will help to drive up property values over the remainder of 2010.
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Bob Locker CNC Property Fund Management Limited
Keiran Gallagher Oliver Cadogan Active Property Investments Limited
10 September 2010 |
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CONDENSED CONSOLIDATED HALF-YEARLY STATEMENT OF COMPREHENSIVE INCOME |
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for the six month period ended 30 June 2010 (unaudited) |
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1 Jan 2010 to 30 Jun 2010 |
1 Jan 2009 to 30 Jun 2009 |
1 Jan 2009 to 31 Dec 2009 |
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(unaudited) |
(unaudited) |
(audited) |
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£'000 |
£'000 |
£'000 |
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Income |
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Rent receivable |
|
714 |
857 |
1,610 |
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Bank interest receivable |
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10 |
38 |
46 |
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Other income |
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8 |
14 |
16 |
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------------ |
------------ |
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Total income |
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732 |
909 |
1,672 |
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------------ |
------------ |
------------ |
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Expenses |
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Administration fees |
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(62) |
(62) |
(125) |
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Management fees |
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(287) |
(318) |
(594) |
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Interest payable and similar charges |
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(166) |
(242) |
(398) |
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Other operating expenses |
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(363) |
(364) |
(678) |
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------------ |
------------ |
------------ |
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Total expenses |
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(878) |
(986) |
(1,795) |
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------------ |
------------ |
------------ |
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Investment gains and losses |
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Gain/(loss) on revaluation of investment properties |
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980 |
(5,348) |
(4,102) |
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------------ |
------------ |
------------ |
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Total investment gain/(loss) |
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980 |
(5,348) |
(4,102) |
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------------ |
------------ |
------------ |
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Net profit/(loss) from operating activities before gains and losses on foreign currency exchange |
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834 |
(5,425) |
(4,225) |
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(Loss)/profit on foreign currency exchange |
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(359) |
1,473 |
1,135 |
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------------ |
------------ |
------------ |
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Net profit/(loss) from operating activities |
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475 |
(3,952) |
(3,090) |
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Taxation |
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(288) |
480 |
280 |
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------------ |
------------ |
------------ |
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Profit/(loss) for the period/year |
|
187 |
(3,472) |
(2,810) |
|
|
|
|
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|
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Other comprehensive loss |
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|
|
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Exchange differences arising from translation of foreign operations |
|
(290) |
(754) |
(443) |
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------------ |
------------ |
------------ |
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Total other comprehensive loss |
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(290) |
(754) |
(443) |
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|
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------------ |
------------ |
------------ |
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Total comprehensive loss for the period/year |
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(103) |
(4,226) |
(3,253) |
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------------ |
------------ |
------------ |
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Earnings/(loss) per share - basic and diluted |
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0.96p |
(17.90)p |
(14.49)p |
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------------ |
------------ |
------------ |
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These results are unaudited and are not the Group's statutory results. |
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
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for the six month period ended 30 June 2010 (unaudited) |
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|
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Share capital |
Reserve for own shares |
Distributable reserves |
Foreign exchange translation reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
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Net assets at 31 December 2009 |
200 |
(497) |
21,237 |
475 |
21,415 |
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Total comprehensive loss for the period |
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|
|
|
|
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Profit for the six month period |
- |
- |
187 |
- |
187 |
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Other comprehensive loss |
- |
- |
- |
(290) |
(290) |
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|
---------- |
---------- |
---------- |
---------- |
---------- |
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Net assets at 30 June 2010 |
200 |
(497) |
21,424 |
185 |
21,312 |
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---------- |
---------- |
---------- |
---------- |
---------- |
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
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for the six month period ended 30 June 2009 (unaudited) |
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|
|
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|
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Share capital |
Reserve for own shares |
Distributable reserves |
Foreign exchange translation reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
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Net assets at 31 December 2008 |
200 |
(497) |
24,047 |
918 |
24,668 |
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Total comprehensive loss for the period |
|
|
|
|
|
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Loss for the six month period |
- |
- |
(3,472) |
- |
(3,472) |
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Other comprehensive loss |
- |
- |
- |
(754) |
(754) |
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|
---------- |
---------- |
---------- |
---------- |
---------- |
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Net assets at 30 June 2009 |
200 |
(497) |
20,575 |
164 |
20,442 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
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|
For the year ended 31 December 2010 (audited) |
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|
|
Share capital |
Reserve for own shares |
Distributable reserves |
Foreign exchange translation reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Net assets at 31 December 2008 |
200 |
(497) |
24,047 |
918 |
24,668 |
|
Total comprehensive loss for the year |
|
|
|
|
|
|
Loss for the year |
- |
- |
(2,810) |
- |
(2,810) |
|
Other comprehensive loss |
- |
- |
- |
(443) |
(443) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
|
Net assets at 31 December 2009 |
200 |
(497) |
21,237 |
475 |
21,415 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
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These results are unaudited and are not the Group's statutory results. |
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CONDENSED CONSOLIDATED HALF-YEARLY STATEMENT OF FINANCIAL POSITION |
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as at 30 June 2010 (unaudited) |
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|
|
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|
|
|
30 June 2010 |
30 June 2009 |
31 Dec 2009 |
|
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Non-current assets |
|
|
|
|
|
|
Freehold investment property |
|
28,758 |
26,380 |
27,709 |
|
|
Property, plant and equipment |
|
35 |
36 |
33 |
|
|
Intangible assets |
|
13 |
11 |
10 |
|
|
Deferred tax assets |
|
77 |
11 |
62 |
|
|
Cash pledged to bank |
|
1,703 |
2,430 |
2,474 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
30,586 |
28,868 |
30,288 |
|
|
Current assets |
|
|
|
|
|
|
Trade and other receivables |
|
582 |
719 |
538 |
|
|
Tax assets |
|
1 |
34 |
15 |
|
|
Cash and cash equivalents |
|
3,169 |
2,764 |
2,389 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
3,752 |
3,517 |
2,942 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Total assets |
|
34,338 |
32,385 |
33,230 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
|
(245) |
(723) |
(212) |
|
|
Overseas corporate tax |
|
(9) |
(53) |
(22) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
(254) |
(776) |
(234) |
|
|
Non-current liabilities |
|
|
|
|
|
|
Rents received in advance |
|
(262) |
(225) |
(221) |
|
|
Deferred tax liabilities |
|
(792) |
(320) |
(539) |
|
|
Bank loan |
|
(11,678) |
(10,582) |
(10,781) |
|
|
Other provisions and payables |
|
(40) |
(40) |
(40) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
(12,772) |
(11,167) |
(11,581) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Total liabilities |
|
(13,026) |
(11,943) |
(11,815) |
|
|
|
|
|
|
|
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net assets |
|
21,312 |
20,442 |
21,415 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
Called-up share capital |
|
200 |
200 |
200 |
|
|
Reserve for own shares |
|
(497) |
(497) |
(497) |
|
|
Distributable reserves |
|
21,424 |
20,575 |
21,237 |
|
|
Foreign exchange translation reserve |
|
185 |
164 |
475 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Total equity attributable to owners of the Group |
|
21,312 |
20,442 |
21,415 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net Asset Value per Ordinary Share - basic and diluted |
|
109.91p |
105.42p |
110.44p |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
||||
|
|
These results are unaudited and are not the Group's statutory results. |
||||
|
CONDENSED CONSOLIDATED HALF-YEARLY STATEMENT OF CASH FLOWS for the six month period ended 30 June 2010 (unaudited) |
|||||
|
|
|||||
|
|
|
1 Jan 2010 to 30 Jun 2010 |
1 Jan 2009 to 30 Jun 2009 |
1 Jan 2009 to 31 Dec 2009 |
|
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
Net profit/(loss) from operating activities |
|
475 |
(3,952) |
(3,090) |
|
|
Adjustments for: |
|
|
|
|
|
|
Bank interest receivable |
|
(10) |
(38) |
(46) |
|
|
(Gain)/loss on revaluation of investment properties |
|
(980) |
5,348 |
4,102 |
|
|
Loss/(profit) on foreign currency exchange |
|
359 |
(1,473) |
(1,135) |
|
|
Depreciation and amortisation |
|
4 |
12 |
8 |
|
|
Amortisation of bank loan fees |
|
10 |
- |
18 |
|
|
Interest payable |
|
150 |
242 |
370 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net cash inflow from operating activities before working capital changes |
|
8 |
139 |
227 |
|
|
(Increase)/decrease in trade and other receivables |
|
(32) |
264 |
563 |
|
|
Increase/(decrease) in other payables |
|
142 |
(40) |
(683) |
|
|
Increase/(decrease) in other non-current liabilities |
|
6 |
(96) |
33 |
|
|
Interest received in the six month period/year |
|
8 |
38 |
46 |
|
|
Interest paid in the six month period/year |
|
(150) |
(231) |
(380) |
|
|
Tax paid in the six month period/year |
|
(72) |
(95) |
(111) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net cash outflow from operating activities |
|
(90) |
(21) |
(305) |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Acquisition and development of investment property |
|
(69) |
(537) |
(496) |
|
|
Purchase of property, plant and equipment |
|
- |
- |
(96) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net cash outflow from investing activities |
|
(69) |
(537) |
(592) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
Movement in cash pledged to bank |
|
771 |
(2,430) |
(2,474) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Net cash inflow/(outflow) from financing activities |
|
771 |
(2,430) |
(2,474) |
|
|
|
|
|
|
|
|
|
|
|
---------- |
---------- |
---------- |
|
|
Increase/(decrease) in cash and cash equivalents |
|
612 |
(2,988) |
(3,371) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period/year |
|
2,389 |
6,428 |
6,428 |
|
|
Increase/(decrease) in cash and cash equivalents |
|
612 |
(2,988) |
(3,371) |
|
|
Foreign exchange movement |
|
168 |
(676) |
(668) |
|
|
|
|
---------- |
---------- |
---------- |
|
|
Cash and cash equivalents at the end of period/year |
|
3,169 |
2,764 |
2,389 |
|
|
|
|
---------- |
---------- |
---------- |
|
|
|
|||||
|
These results are unaudited and are not the Group's statutory results. |
|||||
Related Shares:
Eastern European Property