RNS Number:6776X
CCH International plc
31 January 2006
CCH INTERNATIONAL PLC
UNAUDITED SECOND INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 OCTOBER 2005
I have pleasure in reporting that the Company posted a profit before tax of
#367,912 for the twelve months to 31 October 2005, an increase of over nine
times compared with the year ended 31 October 2004. Basic earnings per share
improved over five fold to 0.47p.
Net Assets have increased more than three times to #1,863,731 during the 12
month period to 31 October 2005.
By far the most significant event over the last six months has been the
successful integration of the short term receivables discounting business of CCH
Europe GmbH, our Dusseldorf based wholly owned subsidiary.
On 17 September 2005 the Company formed a new subsidiary, CCH Holdings SPC in
the Kingdom of Bahrain and we believe this will help further develop our
strategic positioning in the Middle East.
The Company changed its accounting reference date from 31 October to 31 December
in order to synchronise the accounting reference dates of the Group.
Accordingly, we will publish audited accounts for the 14 month period to 31
December 2005.
We are confident that our strategy for growth is on track and will deliver
shareholder value.
Ian Salter
Chairman
30 January 2006
CCH INTERNATIONAL PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE TWELVE MONTHS TO 31 OCTOBER 2005
Six months Twelve months Twelve months
to 31 October to 31 October to 31 October
2005 2005 2004
(Unaudited) (Unaudited) (Audited)
# # #
Turnover 2,970,118 3,319,647 992,193
Cost of sales (1,659,226) (1,753,280) (540,698)
Gross profit 1,310,892 1,566,367 451,495
Administrative expenses (986,469) (1,195,653) (412,698)
Operating profit 324,423 370,714 38,797
Interest receivable and similar income 4,690 4,732 145
Interest payable and similar charges (7,534) (7,534) (1,826)
Profit on ordinary activities before taxation 321,579 367,912 37,116
Tax on profit on ordinary activities (74,693) (74,693) -
Profit on ordinary activities after taxation 246,886 293,219 37,116
Earnings per share
Basic earnings per share 0.31p 0.47p 0.08p
Turnover is derived wholly from continuing
activities
CCH INTERNATIONAL PLC
CONSOLIDATED BALANCE SHEET
AT 31 OCTOBER 2005
31 October 31 October
2005 2004
(Unaudited) (Audited)
# #
FIXED ASSETS
Tangible assets 137,886 228,913
Intangible assets 554,396 -
Investments 49,333 -
741,615 228,913
CURRENT ASSETS
Debtors 72,684,117 310,346
Cash at bank 2,914,533 119,320
75,598,650 429,666
CREDITORS: Amounts falling due within one year (74,476,534) (85,134)
NET CURRENT ASSETS 1,122,116 344,532
TOTAL ASSETS LESS CURRENT LIABILITIES 1,863,731 573,445
CAPITAL AND RESERVES
Called-up equity share capital 1,396,825 1,044,444
Share premium account 955,710 417,615
Other reserves 85,224 -
Profit and loss account (574,028) (888,614)
SHAREHOLDERS' FUNDS 1,863,731 573,445
CCH INTERNATIONAL PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE TWELVE MONTHS ENDED 31 OCTOBER 2005
Twelve months Twelve months
to 31 October to 31 October
2005 2004
(Unaudited) (Audited)
# #
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (23,739,047) 90,259
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 4,732 145
Interest paid (7,534) (1,826)
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND (2,802) (1,681)
SERVICING OF FINANCE
TAXATION (1,850) -
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Net inflow from tangible fixed assets 3,707 -
Purchase of listed investment (49,333) -
NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND FINANCIAL (45,626) -
INVESTMENT
ACQUISITIONS AND DISPOSALS
Costs on acquisition of subsidiary (68,960) -
Net cash on acquisition 2,096,760 -
NET CASH INFLOW FROM ACQUISITIONS AND DISPOSALS 2,027,800 -
CASH (OUTFLOW)/INFLOW BEFORE MANAGEMENT OF LIQUID (21,761,525) 88,578
RESOURCES AND FINANCING
FINANCING
Increase in debt 24,556,738 -
INCREASE IN CASH 2,795,213 88,578
CCH INTERNATIONAL PLC
CONSOLIDATED CASH FLOW STATEMENT (cont.)
FOR THE TWELVE MONTHS ENDED 31 OCTOBER 2005
Reconciliation of net cashflow to movement in net debt
# #
Increase in cash 2,795,213
Cash inflow from increase in debt (24,556,738)
Change in net debt resulting from cash flows (21,761,525)
Loans acquired with subsidiary (30,132,820)
Movement in net debt in the period (51,894,345)
Net cash at 1.11.04 119,320
Net debt at 31.10.05 (51,775,025)
Notes:
1. The financial statements have been prepared in accordance with applicable UK accounting
standards and under the historical cost convention. The principal accounting policies of the
Company are set out in the Company's 2004 annual report.
2. The financial information set out above does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. Statutory accounts for the twelve months to 31 October
2004, on which the report of the auditors was unqualified, have been filed with the Registrar of
Companies.
3. On 10 May 2005 the Company completed the acquisition of CCH Europe GmbH for a
consideration of #1,190,476 which was satisfied by the issue of 39,682,539 new ordinary 1p
shares at 3p per share. On 17 September 2005 the Company formed a new subsidiary, CCH Holdings
SPC.
4. Basic earnings per share have been calculated on the basis of the number of shares in issue held
outside of the group of 79,682,539 (2004 - 44,444,444) during the six months to 31 October 2005
and a weighted average of 62,063,491 shares during the twelve months to that date and profit after
tax during these periods of #246,886 and #293,219 respectively.
5. The directors are not declaring a dividend for the period.
6. Copies of this report are being sent to all shareholders and can be viewed on the Company's
web-site "www.cch-international.com"
This information is provided by RNS
The company news service from the London Stock Exchange
END
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