Carisbrooke Shipping - Interim Results
August 13 1998 - 5:36AM
UK Regulatory
RNS No 6138c
CARISBROOKE SHIPPING PLC
13th August 1998
Carisbrooke Shipping PLC
("Carisbrooke" or the "Company")
Results for the six months ended 30 June 1998
Highlights
- profit before tax #210,000 (loss before tax #218,000 30 June 1997)
- interim dividend 1p per share (1p per share 30 June 1997)
- two new ships under management
Chairman's Statement
I am delighted to report that despite the continuing strength of sterling and
a reduction in British exports, which has limited the size of our potential
market, Carisbrooke has achieved profits for the first six months that are
ahead of management's budget and must be considered very satisfactory.
Profit before tax was #210,000, which compares with a pre-exceptionals profit
of #19,000 in the first half of 1997. The board has declared an interim
dividend of 1p per share, which will be paid on 1 December 1998 to
shareholders on the register on 28 August 1998.
The board has continued to pursue its strategy, which was set out very fully
in both the interim and final chairman's statements last year, to expand the
fleet by building new vessels in partnership with other investors. This year
has seen the delivery of two new ships, the JANET C, which was delivered on 1
May, and the JOHANNA C, which was delivered on 26 June. These ships are both
4,600 tonners, similar to the MARK C and the EMILY C, the first of our new
ships, which have now been trading successfully for over a year. The JANET C
and the JOHANNA C are owned by Dutch investment companies in which we have a
significant shareholding and with which we have contracts for the ships'
management together with a profit sharing arrangement.
Discussions are well advanced with potential investment partners and shipyards
for at least two more ships for delivery next year.
The second half of the year is usually the better trading period for
Carisbrooke and although it is too early to make confident forecasts during a
period in which the British economy is showing signs of moving towards
recession, your board are confident that 1998 as a whole will be a significant
improvement on 1997, and that the group's strategy will enable us to make
further progress towards achieving a better return for shareholders over the
next few years.
Peter Nicholson
Chairman
Consolidated Profit Statement
Half year Half year Year to 31
to to December
30 June 30 June 1997
1998 1997
#'000 #'000 #'000
Turnover 3,191 5,499 12,184
----- ----- ------
Operating profit 333 486 1,069
Exceptional losses - (237) (1,766)
Other (29) (2) (28)
income/(expense) ---- ----- ------
Profit/(loss) before 304 247 (725)
interest expense
Net interest payable (94) (465) (867)
---- ----- -----
Trading profit/(loss) 210 (218) (1,592)
before taxation
Estimated taxation (10) (20) (24)
200 (238) (1,616)
Minority interest - - (37)
Dividend (101) (101) (101)
----- ----- ------
99 (339) (1,754)
----- ----- ------
Dividend per 50p
ordinary share
Interim 1.0p 1.0p 1.0p
Final N/A N/A 0.0p
1.0p 1.0p 1.0p
---- ---- ----
Earnings per 50p
ordinary share
Basic 2.0p (2.3p) (16.3p)
---- ------ -------
The calculation of earnings per share is based on the profit of #200,000 (1997
- loss of #238,000) and an average of 10,137,549 (1997 - 10,137,549) ordinary
shares in issue during the six months.
Group Balance Sheet
30 30 31
June June December
1998 1997 1997
#'000 #'000 #'000
Fixed Assets
Tangible assets 5,585 18,196 6,022
Investments 1,944 514 1,211
----- --- -----
7,529 18,710 7,233
----- ------ -----
Current Assets
Stock 285 166 174
Debtors - due within one year 1,937 1,687 2,257
- due after more
than one year 100 250 100
Cash at bank and in hand 432 6 1,182
--- --- -----
2,754 2,109 3,713
Creditors: amounts falling due 2,241 2,819 2,853
within one year ----- ----- -----
513 (710) 860
----- ----- -----
Total assets less current 8,042 18,000 8,093
liabilities
Creditors: amounts falling due 1,493 10,171 1,643
after more than one year ----- ------ -----
6,549 7,829 6,450
----- ------ -----
Capital and reserves
Called up share capital 5,069 5,069 5,069
Share premium account 1,092 1,092 1,092
Revaluation reserve 31 31 31
Profit & loss account 348 1,664 249
----- ----- -----
6,540 7,856 6,441
Minority interest 9 (27) 9
----- ----- -----
6,549 7,829 6,450
----- ----- -----
Group Cashflow Statement
Half Half Year to
year year 31
to to December
1998 1997 1997
#'000 #'000 #'000
Net cash inflow from operating 576 748 1,702
activities
Returns on investments and (95) (463) (867)
servicing of finance
Taxation paid (28) (24) (87)
Capital expenditure and (585) 1,368 10,843
financial investment
Equity dividends paid - (253) (355)
Financing cash movements (179) (1,453) (10,576)
----- ------- --------
Increase/(decrease) in cash in (311) (77) 660
the period ----- ------- --------
Notes to the Interim Statement
1. Accounting policies and figures for the year ended 31 December 1997
The interim accounts have been prepared on the basis of the accounting
policies set out in the group financial statements for the year ended 31
December 1997. They have not been audited. The group has no recognised gains
or losses other than the result for the period.
The figures for the year ended 31 December 1997, as summarised in this
statement, are an abridged extract of the published financial statements for
that year on which the auditors gave an unqualified opinion. A copy of these
has been delivered to the Registrar of Companies.
2. Reconciliation of operating profit to net cash inflow from operating
activities
Half year Half year Year to 31
to to December
30 June 30 June
1998 1997 1997
#'000 #'000 #'000
Operating profit 333 486 1,069
Depreciation 259 568 1,003
charges
(Increase)/decrease (111) (6) (14)
in stocks
(Increase)/decrease 320 419 (150)
in debtors
Increase/(decrease) (225) (719) (160)
in creditors
Exchange difference - - (46)
on loans ----- ---- -----
Net cash inflow 576 748 1,702
from operating ----- ---- -----
activities
3. Reconciliation of net cash flow to movement in net debt
Half year Half year Year to
to to 31
30 June 30 June December
1998 1997 1997
#'000 #'000 #'000
Increase/(decrease) in (311) (77) 660
cash in the period
Cash inflow from new - (225) (528)
loans
Cash outflow from loan 179 1,662 11,089
repayments ----- ----- ------
(132) 1,360 11,221
Effect of currency - - 46
exchange differences
Movement in net debt in (132) 1,360 11,267
the year
Net debt at start of (1,129) (12,396) (12,396)
period ------- -------- --------
Net debt at end of (1,261) (11,036) (1,129)
period ------- -------- --------
4. Analysis of changes in net debt
1 January Cashflow 30 June
1998 1998
#'000 #'000 #'000
Cash at bank 1,182 (750) 432
and in hand
Bank overdraft (439) 439 -
----- ----- -------
743 (311) 432
Debt (1,872) 179 (1,693)
------- ----- -------
(1,129) (132) (1,261)
------- ----- -------
5. Investment in Carisbrooke Shipping CV2 and Carisbrooke Shipping CV3
On 1 May 1998 the group took delivery of the Janet C and on 26 June the
Johanna C. Prior to delivery, the group had undertaken to sell the ships to
Dutch investment funds at a price equal to their cost. The ships were
subsequently transferred into these investment funds on 15 July 1998. Group
companies then took an equity stake of 15% in each investment fund.
The transaction was guaranteed by the bank sponsoring the investment funds
and, apart from an amount equal to the cost of the group's ultimate equity
stake in each, was also fully funded by that bank. In the balance sheet at 30
June 1998 the amount of the group's investment, being #710,000, is shown
within the Investments total of #1,944,000.
6. Year 2000 Issues
Identification and rectification of potential computer issues associated with
the "year 2000 problem" is a high priority within the group. An initial
review identified several areas where the risk was assessed as high and these
have been addressed. The balance of the work is underway and planned to
complete by the end of 1998. All costs associated with this are being
expensed as they are incurred and are not expected to be significant.
Copies of this statement will be available for at least the next 14 days from
the company's registered office at 10 Mill Hill Road, Cowes, Isle of Wight,
PO31 7EA.
For further information please contact:
Willem Wester or Ron Robson
Carisbrooke Shipping PLC
Tel: 01983 284100
END
IR KXFBFVVKBBKB
Clerkenwell Ventures (LSE:CRK)
Historical Stock Chart
From Jul 2024 to Jul 2024
Clerkenwell Ventures (LSE:CRK)
Historical Stock Chart
From Jul 2023 to Jul 2024
