29th Sep 2005 12:55
Crescent Hydropolis Resorts PLC29 September 2005 Crescent Hydropolis Resorts PLC INTERIM REPORT For the month ended 30 June 2005 INTERIM REPORT Chief Executive's Statement 29 September 2005 Crescent Hydropolis Resorts PLC (CHR), the world's leading developer of ultra-luxury underwater resort hotels and casinos under the Hydropolis design conceptfirst conceived and developed by the German architect and CHR's executivechairman, Joachim Hauser, announces its interim results for the period ended 30June 2005. The Company had euro4.125.000 in cash at the date of its admission totrading on AIM. The main items of expenditure in the interim accounts relate to the costs ofadmission and the reimbursement of certain expenses incurred prior to admission.Since then, additional funds have been raised through private placings. Theseadditional funds are being deployed to develop the architectural, design,engineering and feasibility studies for proposed Hydropolis projects. CHR is in active negotiations to launch projects in five locations spanning theglobe in both deep and shallow water Hydropolis configurations. In four of thefive proposed locations, Landstation towers are planned to accompany theunderwater Hydro-Palace structure, thereby enhancing each project's financialfeasibility through pre-sales of residential units. Among the proposed locationsfor Hydropolis properties are Dubai, UAE, as well as locations in North America,along Europe's Mediterranean coastline, in the Indian Ocean and in the Far East. The proposed project for Dubai, while not yet contractually agreed, remains anactive and high priority on CHR's roster of planned projects. The Company ispresently bringing its Dubai project proposal into compliance with the financingterms and conditions set forth by the Dubai Development and Investment Authorityand Dubailand. CHR maintains strong relations with its industrial partners, including SiemensAG, Hydropolis' engineering and technical adviser, Siemens Industrial BuildingConsultants GmbH, the project manager for each of the proposed Hydropolisproperties, Duik Combinatie Nederland BV (DCN), underwater tunnel and concreteexperts for Hydropolis' shallow water designs and Ostsee-Kontor, marine andnaval consultants on structural design for Hydropolis' deep water Hydro-Palaces.We were pleased to have Siemens Executive Vice President, Joachim Kundt, joinCHR's Board of Directors shortly after the Company's listing. As we proceed in executing the Company's business plan, CHR is positioned todevelop shareholder value through the implementation of the Hydropolis conceptwith the announcements of the Company's first actual projects in the monthsahead. Mansoor Ijaz, Chief Executive LONDON, 29 September 2005 Contact:- +44 7717 333 137 INDEPENDENT REVIEW REPORT TO CRESCENT HYDROPOLIS RESORTS PLC Introduction The Board of Directors of Crescent Hydropolis Resorts PLC (the Company) haveinstructed us to review the financial information set out on pages 3 to 7 and wehave read the other information contained in the Interim Report and consideredwhether it contains any apparent misstatements or material inconsistencies withthe financial information. This report is made solely to the Company in accordance with Bulletin 1999/4issued by the Auditing Practices Board. Our work has been undertaken so that wemight state to the Company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe Company, for our review work, for this report, or for the conclusions wehave performed. Directors' Responsibilities The Interim Report, including the financial information contained therein, isthe responsibility of, and has been approved by the Company's Directors. TheListing Rules of the London Stock Exchange require that the accounting policiesand presentation applied to the interim figures should be consistent with thoseapplied in preparing the preceding annual accounts except where any changes, andthe reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with guidance contained in Bulletin1999/4 issued by the Auditing Practices Board. A review consists principally ofmaking enquiries of group management and applying analytical procedures to thefinancial information and underlying financial data and based thereon, assessingwhether the accounting policies and presentation have been consistently appliedunless otherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance with AuditingStandards and therefore provides a lower level of assurance than an audit.Accordingly, we do not express an audit opinion on the financial information. Tothe fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the Company and the Company's members as a body, for ouraudit work, for this report, or for the opinions we have formed. Review conclusion On the basis of our review, we are not aware of any material modifications thatshould be made to the financial information as presented for the month ended 30June 2005. CHANTREY VELLACOTT DFK LLP Chartered Accountants London 28 September 2005 UNAUDITED INCOME STATEMENT FOR THE MONTH ENDED 30 JUNE 2005 Note One month ended 30 June 2005 euro'000 Administrative expenses 3 Loss from operations 3 Development costs 5 375 Loss for the period from continuing operations 378 Loss per share 2 Basic (euro0.01) Diluted (euro0.01) The Company's results shown above are derived entirely from continuing activities UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE MONTH ENDED 30 JUNE 2005 Share Capital Accumulated Capital Reserves Losses Total euro'000 euro'000 euro'000 euro'000 Balance at 1 June 2005 - - - - Loss for the period - - (378) (378) Total recognised expense for the period - - (378) (378) Issue of share capital 794 33,454 - 34,248 Costs of issue of share capital - (253) - (253) Balance at 30 June 2005 794 33,201 (378) 33,617 UNAUDITED BALANCE SHEET AS AT 30 JUNE 2005 30 June 31 May 2005 2005 Note euro'000 euro'000 ASSETS Non-current assets Intangible assets 42,045 - 42,045 - Current assets Trade and other receivables 155 - Cash and cash equivalents 4,125 - 4,280 - Total assets 46,325 - EQUITY AND LIABILITIES Equity attributable to Equity Holders of the Company Share capital 3 794 - Capital reserves 33,201 - Accumulated losses (378) - 33,617 - Current Liabilities Trade and other liabilities 1,958 - 42,045 - Non-current Liabilities Long term liabilities 4 10,750 - 10,750 - Total Equity and Liabilities 46,325 - Approved by the Board of Directors on 28 September 2005 Signed on behalf of the Board of Directors: Mansoor Ijaz Chief Executive & Director UNAUDITED CASH FLOW STATEMENT FOR THE MONTH ENDED 30 JUNE 2005 One month ended 30 June 2005 euro'000 Cash Flows from Operating Activities Loss from Operations (378) Operating Cash Flows before movement in Working Capital (378) Development costs 375 Increase in receivables (33) Increase in payables 588 Net Cash used in Operating Activities 552 Cash flows from Investing Activities Acquisition of intangible fixed assets (300) Net Cash from Investing Activities (300) Cash Flows from Financing Activities Share capital issued (net of costs) 3,873 Net Cash from Financing Activities 3,873 Net increase/(decrease) in Cash and Cash Equivalents 4,125 Cash and Cash Equivalents at beginning of period - Cash and Cash Equivalents at end of period 4,125 NOTES TO INTERIM REPORT FOR THE MONTH ENDED 30 JUNE 2005 1. Basis of Preparation The Interim Accounts have been prepared in accordance with applicableinternational accounting standards and the Company's established accountingpolicies. The Interim Accounts do not constitute statutory accounts within themeaning of S.240 of the Companies Act 1985. 2. Loss per Share One month ended 30 June 2005 euro'000 Loss for the period from continuing operations (378) Number of ordinary shares in issue during the period 79,375,298 Loss per share Basic (euro0.01) There are no dilutive instruments over the period. The loss per sharecalculation is distorted by accounting requirements to base the period's losscalculations on a weighted share average. As the majority of the Company'sshares were issued midway or later through the accounting period, the weightedshare average distorts in a material way the loss per share calculation, a factthat must be taken into consideration when reviewing the Company's financialperformance. 3. Share Capital 30 June 31 May 2005 2005 euro'000 euro'000 Authorised: 1,000,000,298 ordinary shares of euro0.01 each 10,000 - Called up, allotted and fully paid: Ordinary shares of euro0.01 each 794 - The Company was incorporated on 31 March with an authorised share capital of£2,000 comprising 2,000 ordinary shares of £1 each. On incorporation, the Company issued two ordinary shares of £1 each. On 9 June 2005, 1,998 existing authorised but unissued ordinary shares of £1each were cancelled. On the same day the authorised share capital was increased to £2 andeuro10,000,000 by the creation of 1,000,000,000 Ordinary Shares of euro0.01each. On the same day, each of the existing issued ordinary shares of £1 each wereconverted into stock and reconverted into ordinary shares. On 15 June 2005, 12,500,000 ordinary shares were issued fully paid for cash ateuro0.01 per share. On 15 June 2005, Hydropolis acquired the Hydropolis Project concept and allthe associated know how from Crescent Hydropolis Holdings LLC for aconsideration of 60,000,000 ordinary shares issued as fully paid at euro0.50 pershare (such shares being issued on 17 June 2005) and payment of euro10,750,000in cash in instalments with the final payment due in December 2009. On 23 June 2005, Hydropolis raised euro4,125,000 by way of placing,conditional on Admission, 6,875,000 ordinary shares at euro0.60 per share. Issuecosts of euro253,000 have been set against the share premium account. 4. Long-Term Liabilities On 15 June 2005, Hydropolis acquired the Hydropolis Project concept and allthe associated know how from Crescent Hydropolis Holdings LLC for aconsideration of 60,000,000 ordinary shares issued as fully paid at euro0.50 pershare (such shares being issued on 17 June 2005) and payment of euro10,750,000in cash in instalments with the final payment due in December 2009. 5. Development Costs Costs of planning, travel expenditures and other associated matters inconnection with the development of the project payable to Crescent InvestmentManagement LLC, a Delaware corporation with its registered office at 100 UnitedNations Plaza, 44th Floor, New York, NY and a company in which Mr Ijaz and MrHauser are interested. COMPANY AND INVESTOR INFORMATION Directors Mr Joachim Hauser Executive Chairman Mr Mansoor Ijaz Chief Executive Mr Joachim Kundt Non-Executive Director Mr Laurence Keenan Non-Executive Director Mr Richard Armstrong Non-Executive Director Registered Office 1 Knightsbridge 4th Floor London SW1X 7LX Nominated Adviser and Broker Nabarro Wells & Co. Limited Saddlers House Gutter Lane London EC2V 6HS Auditors Chantrey Vellacott DFK Russell Square House 10-12 Russell Square London WC1B 5LF Bankers HSBC Bank PLC 70 Pall Mall London SW1Y 5EZ Solicitors McClure Naismith Pountney Hill House 6 Laurence Pountney Hill London EC4R 0BL Registrars Neville Registrars 18 Laurel Lane Halesowen West Midlands BD6 3DA END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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