29th Mar 2007 11:27
Tejoori Limited29 March 2007 29 March 2007 Tejoori Limited plc ("Tejoori") Tejoori Limited Interim financial results Tejoori, the Dubai based, AIM quoted company established to make Shari'acompliant investments, announces its interim financial results for the six monthperiod from 1 July to 31 December 2006 ("Period"). Investment highlights • Tejoori acquired 16.7% of BEKON, a German renewable energy corporate group for approximately EUR 6 million. BEKON specializes in designing, building and operating waste fermentation biogas plants. During 2006 BEKON sold their pilot plant to the City of Munich after a successful three-year trial operation. A subsequent order by the City of Munich to expand the site almost three times triggered high profile interest internationally and significantly increased confidence in BEKON's technology. In the following months, BEKON's ability to provide waste treatment technology with extremely high reliability caused substantial inquiries for new contracts. • Tejoori has committed EUR 1.5 million for an 85% stake in a joint venture which is in the process of developing a cold gas release mechanism to be used as a new inflation technology for automobile airbags. The project is scheduled to produce a physical prototype by mid 2007. Financial Highlights Profit before tax for the period of USD 7.40 million Basic earnings for the period of USD 0.27 per share Available cash and cash equivalents at 31 December 2006 of USD5.54 million Net asset value at 31 December 2006 USD of 44.50 million representing USD 1.61 per share Commenting, Sheikh Fawaz Bashraheel, Chairman of Tejoori Limited, said: We are pleased with this set of interim financial results and believe that theyconfirm the potential we outlined in our last financial report. After reviewing a wide range of business investment opportunities, we haveinvested in two exciting ventures: BEKON, a renewable energy innovator, and ajoint venture with a German inventor which will revolutionize automobile air bagtechnology. Europe's emerging environmental regulations provide for increasing interest inrenewable energy plants from municipalities which is expected to further driveBEKON's growth. Since the company's technology uses significantly less waterthan other more traditional methods we expect BEKON's technology to beparticularly interesting for arid countries. We firmly believe that our homeregion of the Gulf can benefit greatly from this technology in the future. With regards to our investment in the joint venture for the development of arevolutionary airbag inflation device, I would like to report that progress todeliver a working prototype is on schedule. Most importantly, due to the highlevel of passenger security, the management of the venture has held verypromising discussions with leading car manufacturers in Germany. These investments, and other concluded transactions such as Omniyat, whereTejoori acquired a 25% stake in Omniyat Properties Development Eleven, have ledus to a profitable position for the first time since our formation. The profitfor the Period is a result of unrealized gains in the fair value of ourinvestments. We are currently in the process of refining our investment strategy in order tobe aligned with newly emerging sectors and high growth markets such as the GulfCorporation Council ("GCC"). Based on this review, we will continue to focus onmarkets where future investments look promising, specifically in the field ofenvironmental technologies where we have already demonstrated aptitude. As aresult, the team will now concentrate on this goal and will seek to monetize ourcurrent investments. Our future looks promising as our initial investments mature and as our evolvingstrategic focus ensures we are well equipped to build on this set of results. Sheikh Fawaz Bashraheel, Chairman of the Board Tejoori Limited Enquiries: Financial Dynamics John Hobday, Dubai +971 (0)50 464 8706 Manash Bhuyan, Dubai +971 (0)50 841 9631 Tejoori Limited, Dubai +971 (0)4 330 0994 Condensed Interim Balance Sheet As at 31 December 2006 31 December 2006 30 June 2006 USD USDASSETSNon-current assetsTangible fixed assets 38,790 -Trade and other receivables 82,338 -Total non-current assets 121,128 - Current assetsTrade and other receivables 3,656,004 37,756Financial assets at fair value through profit or loss 35,267,223 6,811,618Financial assets held to maturity 5,073,145 5,010,924Cash and cash equivalents 9,045,005 31,024,732Total current assets 53,041,377 42,885,030 Total Assets 53,162,505 42,885,030 EQUITYCapital and reserves attributable to equityholders of the CompanyShare capital 41,563,296 41,563,296Retained earnings 2,935,709 (4,462,220)Total equity 44,499,005 37,101,076 LIABILITIESCurrent liabilitiesFinancial liabilities 8,279,757 5,291,277Trade and other payables 383,743 492,677Total current liabilities 8,663,500 5,783,954 Total Equity and Liabilities 53,162,505 42,885,030 Condensed Interim Income Statement For the period 1 July 2006 to 31 December 2006 01 July 2006 to 31 22 September 2005 December 2006 to 30 June 2006 USD USDRevenueNet gains on financial assets held to maturity 284,777 206,854Other income 244,585 67,398Other net changes in fair value on financial assets at fair value through profit or loss 8,309,843 - ExpenditureAdministrative expenses (1,431,537) (1,055,737)Other expenses - (3,680,735)Loss on disposal of tangible fixed asset (9,739) -Operating profit/(loss) 7,397,929 (4,462,220) Profit/(loss) for the period 7,397,929 (4,462,220) Attributable to:Equity holders of the Company 7,397,929 (4,462,220) Gain/(loss) per share attributable to the equityholdersof the Company during the period (expressed in US$ per share) - Basic 0.27 (0.16) Condensed Interim Statement of Changes in Equity For the period 1 July 2006 to 31 December 2006 Attributable to equity holders of the Company Share capital Share premium Retained earnings Total USD USD USD USD Balance at 22 September 2005 - - - - Net proceeds from shares 277,089 41,286,207 - 41,563,296issuedLoss for the period - - (4,462,220) (4,462,220) Balance at 30 June 2006 277,089 41,286,207 (4,462,220) 37,101,076 Profit for the period - - 7,397,929 7,397,929 Balance at 31 December 2006 277,089 41,286,207 2,935,709 44,499,005 Condensed Interim Cash Flow Statement For the period 1 July 2006 to 31 December 2006 31 December 2006 30 June 2006 USD USDCash flows utilised in operating activitiesCash utilised in operations (2,025,763) (3,794,344) Cash flows utilised in investing activitiesCash utilised to acquire investments (20,145,762) (6,811,618)Purchase tangible fixed assets (52,787) - Cash flows from financing activitiesProceeds from issuance of ordinary shares - 41,563,296 (22,224,312) 30,957,334 Exchange gains on cash and bank balances 244,585 67,398 (Decrease)/increase in cash and cash equivalents (21,979,727) 31,024,732 Cash and cash equivalents at beginning of period 31,024,732 - Cash and cash equivalents at end of period 9,045,005 31,024,732 Please be advised that the pages herewith provided from the financial statements are just an extract. Full sets are available upon request. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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