Interim Results
March 27 2003 - 7:22AM
UK Regulatory
RNS Number:2863J
JAB Holdings Ld
27 March 2003
JAB Holdings Limited
Unaudited Interim Results for the six months ended 31 December 2002
CHAIRMAN'S STATEMENT
The company's only investment remains its 21% interest in RM Auctions Inc. The
directors continually monitor the progress of RM Auctions Inc, which despite the
difficult economic conditions, remains profitable and continues to explore
strategic opportunities open to it.
Simon Thornton
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
HALF YEAR ENDED 31 DECEMBER 2002
Half year to Half year to Year ended
Note 31 December 2002 31 December 2001 30 June 2002
(unaudited) (unaudited) (audited)
# # #
TURNOVER from continuing operations - - -
COST OF SALES - - -
GROSS PROFIT - - -
Administrative expenses (67,419) (66,436) (205,993)
OPERATING LOSS (67,419) (66,436) (205,993)
Interest receivable 6,699 7,645 14,959
RETAINED LOSS FOR THE PERIOD/YEAR (60,720) (58,791) (191,034)
Earnings Per Ordinary 5p share 3
- basic (0.0303p) (0.0294p) (0.0732p)
- diluted (0.0303p) (0.0294p) (0.0732p)
The company has no gains or losses other than those included above.
There is no difference between the loss stated above and the historical cost equivalent.
CONSOLIDATED BALANCE SHEET
31 DECEMBER 2002
31 December 2002 31 December 2001 30 June 2002
Note (unaudited) (unaudited) (audited)
# # #
FIXED ASSETS
Investments 4 1,811,138 666,666 1,811,138
CURRENT ASSETS
Debtors 20,920 15,448 35,659
Cash at bank and in hand 327,040 306,720 394,432
347,960 322,168 430,091
CREDITORS
Amounts falling due within one year (10,511) (24,296) (31,922)
NET CURRENT ASSETS 337,449 297,872 398,169
NET ASSETS 2,148,587 964,538 2,209,307
CAPITAL AND RESERVES
Called up share capital 2,576,052 1,199,040 2,576,052
Profit and loss account (427,465) (234,502) (366,745)
EQUITY SHAREHOLDERS' FUNDS 2,148,587 964,538 2,209,307
CONSOLIDATED CASH FLOW STATEMENT
HALF YEAR ENDED 31 DECEMBER 2002
Half year ended Half year ended Year ended
31 December 2002 31 December 2001 30 June 2002
(unaudited) (unaudited) (audited)
# # #
Net cash outflow from continuing
operating activities (74,091) (100,263) (252,405)
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 6,699 7,645 14,959
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets - - (1,144,472)
NET CASH OUTFLOW BEFORE FINANCING (67,392) (92,618) (1,381,918)
FINANCING
Issue of shares - - 1,377,012
(DECREASE)/INCREASE IN CASH IN THE PERIOD (67,392) (92,618) (4,906)
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOWS
FROM CONTINUING OPERATING ACTIVITIES
Operating loss (67,419) (66,436) (205,993)
(Decrease)/increase in creditors (21,411) (18,379) (10,753)
Decrease/(increase) in debtors 14,739 (15,448) (35,659)
NET CASH OUTFLOW FROM CONTINUING OPERATING ACTIVITIES (74,091) (100,263) (252,405)
NOTES TO THE INTERIM REPORT
HALF YEAR ENDED 31 DECEMBER 2002
1. BASIS OF PREPARATION
The financial information relating to the period ended 31 December 2002 is unaudited. It has
been prepared under the historical cost convention and on a basis consistent with the accounting
policies in the full year accounts to 30 June 2002; the audit report was not qualified.
2. TAXATION
The company is a Guernsey exempt company and as such pays an exempt tax fee of #600 per
annum.
3. EARNINGS PER SHARE
Basic and diluted earnings per share are presented in accordance with FRS14 "Earnings per
share".
4. INVESTMENTS
Investments are valued at cost in accordance with FRS15 "Tangible fixed assets".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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