RNS Number:6697I
CCH International plc
08 September 2006
Press Release 8 September 2006
CCH International plc
("CCH" or "the Company" or "the Group")
Interim results for the six months ended 30 June 2006
CCH International plc (AIM: CCH), the trade finance group, today announces its
interim results for the six months ended 30 June 2006.
Highlights
* turnover increased to #7.85 million (1H 2005: #970,095)
* pre-tax profit increased to #1.6 million (1H 2005: #43,060)
* gross profit increased to #3.05 million (1H 2005: #613,358)
* earnings per share increased to 1.09 pence (1H 2005: 0.09 pence)
* maintains leading market position in Sharia-compliant trade finance
products
* undertaken first trade finance transaction in the Russian market
* agreement with Bill Express Limited (ASX: BXP) of Australia to implement an
A$80 million five-year Sharia-compliant trade finance facility
Highlights from the current trading period
* US$ 20 million Sharia compliant Morabaha facility extended to Globexbank,
Moscow
* multiple deals to the value of US $36 million with Turkish GISAD group
* commitment to increase liquidity in the Company's shares this year
Commenting on the 2006 interim results, Eren Nil, Managing Director of CCH,
said: "We are delighted with the performance in the first half of this year.
Strong demand for Sharia compliant trade finance facilities continues to drive
sales and we are also pleased that the scope of our reach has expanded to
include a wider range of markets. The second half of 2006 has started well, and
we are confident that we will be able to continue to deliver sustainable growth,
not just for the rest of this year but into 2007 and beyond. "
- ends -
For further information, please contact:
CCH International plc www.cch-international.com
Eren Nil, Managing Director Tel: +44 (0) 20 8334 0871
Richard Fossett, Director and COO
eren@cch-international.com
r.fossett@cch-international.com
Media enquiries:
Abchurch Communications www.abchurch-group.com
Charlie Jack / Hugh Barker Tel: +44 (0) 20 7398 7700
Charlie.jack@abchurch-group.com
hugh.barker @abchurch-group.com
Chairman and Chief Executive's statement
We are pleased to report that the results for the first half of 2006 have been
dominated by the growing strength of the Group's profitability. Profit before
tax was #1,604,425 compared with #43,060 during the same period last year.
Earnings per share were up 12 times to 1.09 pence. The vast majority of this
significantly improved profit emanated from the Group's Sharia compliant Islamic
trade finance activities.
During this period we have entered into a number of significant international
transactions, thus further establishing CCH International as one of the most
active players able to structure trade finance products in an Islamically
acceptable fashion. There is an almost daily increase in demand for these
products from investors wishing to invest in a Sharia compliant manner. Our
funding lines are currently running at over US$ 280 million, enabling the Group
to finance more than US$1 billion of 90-day short-term trade finance products
and we are looking to increase and diversify our funding lines to meet growing
demand.
As pointed out in our 2005 Annual Report, your Board intends to increase
liquidity in the Company's shares to facilitate greater volumes of trade and
this is to be achieved in the very near future.
With offices in England, Germany and Bahrain, together with strategic alliances
in Turkey, UAE, Australia and USA, we plan to further strengthen our position in
our markets. Our funding lines continue to grow and support our deal flow which
remains very strong.
Your Board is confident that the Group will continue to maintain its pace of
growth whilst further developing Sharia-compliant product offerings in our niche
markets, including project finance and leasing.
In the first half of this year we have secured a number of important contracts
both in terms of value and geographical reach.
In April, we announced an agreement with Bill Express Limited (ASX: BXP) of
Australia to implement an A$80 million five-year Sharia-compliant trade finance
facility. This facility is believed to represent the first Sharia-compliant
trade finance facility of this size provided to a listed Australian company,
while it was the single largest transaction for CCH with one customer.
In addition we announced an agreement between CCH and Basaran Gida Ticaret ve
Turizm Isletmeleri of Turkey to implement a one year US$30 million
Sharia-compliant hazelnut export finance facility. This transaction followed on
from a previous US$12 million financing program between CCH and Basaran that
started in 2003 and was successfully repaid in early 2006.
In June, we agreed multiple financing facilities for GISAD, a leading Turkish
export trade group. We are currently looking at several other transactions with
GISAD and hope to be able to make similar announcements about these in the near
future.
We continue to expand geographically and recently entered into our first
sharia-compliant finance transaction in the Russian market which we reported in
July.
Our achievements would not have been possible without the contribution made by
our Directors, employees and the financial institutions that support our
products, for which we are very grateful.
In conclusion, the opportunities for CCH International within a strong and
growing trade finance market for transactions structured both Islamically and
conventionally remain excellent. The Group's performance speaks for itself and
we expect CCH International to continue to deliver shareholder value. We look
forward to reporting positively on the results for the year ending 31 December
2006.
Ian Salter Erin Nil
Chairman Chief Executive
CCH INTERNATIONAL PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2006
Six months Six months
to 30 June to 30 June
2006 2005
(Unaudited) (Unaudited)
# #
Turnover 7,850,359 970,095
Cost of sales (4,804,497) (356,737)
Gross profit 3,045,862 613,358
Administrative expenses (1,492,131) (571,412)
Operating profit/(loss) 1,553,731 41,946
Finance fees receivable 51,530 1,114
Finance fees payable and similar (836) 0
charges
Profit/(loss) on ordinary activities before 1,604,425 43,060
taxation
Tax on profit on ordinary (738,270) (580)
activities
Profit on ordinary activities after taxation 866,155 42,480
Earnings per share
Basic earnings per share 1.09p 0.09p
Turnover is derived wholly from continuing activities
CCH INTERNATIONAL PLC
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2006
30 June 30 June
2006 2005
(Unaudited) (Unaudited)
# #
FIXED ASSETS
Tangible assets 64,304 178,382
Intangible assets 535,444 542,683
Investments 146,287 -
746,035 721,065
CURRENT ASSETS
Debtors 187,528,929 44,332,848
Cash at bank 6,694,230 2,173,520
194,223,159 46,506,368
CREDITORS: Amounts falling due within one year 191,779,681 45,590,256
NET CURRENT ASSETS 2,443,478 916,112
TOTAL ASSETS LESS CURRENT LIABILITIES 3,189,513 1,637,177
CAPITAL AND RESERVES
Called-up equity share capital 1,441,269 1,441,269
Share premium account 1,211,266 1,211,266
Other reserves 76,751 77,019
Profit and loss account 460,227 (1,092,377)
SHAREHOLDERS' FUNDS 3,189,513 1,637,177
CCH INTERNATIONAL PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Six months Six months
to 30 June to 30 June
2006 2005
(Unaudited) (Audited)
# #
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (64,303,149) (32,390,858)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Finance fees received 51,530 1,114
Finance fees paid (836) -
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND 50,694 1,114
SERVICING OF FINANCE
TAXATION (42,397) (580)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets (9,704) (38,495)
Purchase of intangible fixed assets - (568,610)
Purchase of listed investment (96,338) -
NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND (106,042) (607,105)
FINANCIAL INVESTMENT
FINANCING
Increase in bank finance 62,703,226 34,121,679
Proceeds from share issue - 1,190,476
Own shares - (300,000)
62,703,226 35,012,155
(DECREASE)/INCREASE IN CASH (1,697,668) 2,014,726
CCH INTERNATIONAL PLC
NOTES TO THE INTERIM REPORT
FOR SIX MONTHS ENDED 30 JUNE 2006
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
2005 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 fourteen Months to 31 December 2005, on which the report
of the auditors was unqualified, have been filed with the Registrar of
Companies.
3. Basic earnings per share is based on the profit after tax of #866,155
(2005: #42,480) and the weighted number of shares in issue and held outside
of the group of 79,682,539 (2005: 46,613,756).
4. The directors are not declaring a dividend for the period.
5. 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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