RNS Number:4239E
Caspian Holdings plc
12 June 2006
12 June 2006
CASPIAN HOLDINGS PLC
("Caspian" or "The Company")
Preliminary Results for the year to 31 December 2005
Caspian Holdings Plc (AIM:CSH) the London-based AIM-quoted Company whose primary
activity is the exploration, development and operation of oil fields in the
countries around the Caspian Sea, and in particular Kazakhstan, announces its
preliminary results for the year ended 31 December 2005.
Highlights
* Workover programme delivered production from 8 out of 9 of all wells drilled
in 2004/2005
* Loss per share of 1.4pence (2004: 2.33 pence), a 60% improvement
* Total oil production from four main producing wells: 82 BBL/day
* 34,516 BBL shipped and sold for an average price of $18 /BBL
* Total revenue of $621,026 or #318,578
Post year end highlights
* 9 wells producing a total of approximately 300 barrels per day
* Exports have commenced increasing the net price received for oil sales from
$17.50 per barrel to approximately $65.00 per barrel (Urals blend)
* 7,207,000 Ordinary 0.1p shares were issued raising funds of #1,441,400
(February 2006)
* 7,000,000 Ordinary 0.1p shares were issued raising funds of #1,890,000 (March
2006)
* 100% success rate on new wells drilled and tested in 2006 (101, 103 and 105)
Commenting on the results, Michael Masterman, Executive Chairman, said: "2005
has been challenging a year for Caspian Holdings Plc from which we have emerged
in a strong position and poised for further growth in 2006. Our low operating
and capital costs will allow us to drill 10 new production wells for
approximately $3m - about a quarter of the cost spent by our deeper drilling
exploration competitors on one well alone and by shifting our focus to export
rather than domestic sales we have achieved an almost four-fold increase in
revenue per barrel. We are actively pursuing the opportunity to extend our
licence area and look forward with confidence to the coming years."
- Ends -
Chairman's Statement, Operations Review and Financial Statements follow..........
For further information, please contact:
Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Mastermann Luke Cairns Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713
CHAIRMAN'S STATEMENT
Dear Fellow Shareholder
2005 has been a challenging year for Caspian Holdings Plc from which we have
emerged in a strong and growing position in 2006.
The year started with oil discoveries and oil production in our first four wells
- 111, 112, 113 and 114 and the confirmation of high quality export oil in our
flagship Zhengeldy oilfield. Initial success was then tempered by setbacks with
a series of apparently dry wells or poorly performing wells - 115, 116, 106 and
107 and overall lower production rates per well than previously estimated
Mid year the Company management took stock of the situation and with the
assistance of Slumberger Central Asia completed a comprehensive evaluation of
the scope to increase production from the Zhengeldy field. The plan involved 6
key steps
* Refocus on the shallow 100m to 400m oil production levels where we
consistently find and produce oil have very low drilling costs and
drilling times
* Upgrade the approach to operations management with improvements in cementation,
logging and the introduction of sweet water wells and water disposal wells
* Targeted workover of the dry or poorly performing wells
* Identification of new well locations for 2006 drilling programme
* Increase the price received by switching from domestic to export oil sales
* Pursue increase in the Zhengeldy licence area from 1.5 km2 to over 30km2
Implementation of this plan began in November 2005 and while much remains to be
done, the results achieved to date are significant
* Workover programme has delivered production from 8 out of 9 of all the wells
drilled in late 2005 and 2005
* 100% successful drilling and oil test rate on new wells drilled and tested in
2006 (101, 103 and 105)
* Drilling times have been reduced from an average of 30 days to 20 days per new
well
* Discovery of multiple oil production zones in nearly every well
* Exceptionally strong open flow production rates of 230 barrels per day
achieved from well 103 - the first well drilled on the dry salt lake
* Three fold increase in oil production from the field between December 2005 and
May 2006
* Increase in oil price received from $17.50 per barrel to approximately $65.00
per barrel (Urals Blend) through exports
Implementation of the programme is still in its early phase. Workovers continue
to deliver improved results. The success of the initial 2006 wells will lead to
an expanded drilling progam. Exploration well - 104 on the extents of the
current licence area is underway and the Company continues to pursue its
objective to significantly increase the size of its licence area. Within the
current licence area the drill rig will remain running and we expect to drill,
in addition to wells 101 to 105, 7-8 new wells in the remainder of 2006 for a
total of 12-13 for the year. Our low operating and capital costs allow us to
drill 10 new production wells for approximately $3m - approximately a quarter of
the cost of a only one new well for our deeper drilling exploration competitors.
An expansion of the licence area would allow for a greatly expanded drilling
programme and in particular the ability to target the flanks and sides of the
Zhengeldy salt dome. These target structures are in the range of 1000-2000
metres and provide the potential for significantly larger oil pays and
production rates. We suspect there are significant traps on the sides of the
salt dome and targeted seismic work later this year should assist us to identify
target traps for drilling these deeper wells. Ideally we would have seen the
licence extension granted in 2005 but there have been unanticipated delays in
regulatory clearance procedures. We will continue to patiently pursue the
licence area extension.
Financially 2005 was a development or staging post year for the Company with a
reported loss of #1.2m reflecting the initial difficulties and setbacks with
field performance. In total 30,000 barrels of oil were produced from 4 main
producing wells at an average rate of 82 barrels a day. During the year at total
of 34,516 barrels were shipped and sold for an average price of $18 per barrel
for total revenue of $621,026 or #318,578.
The combination of higher production and higher prices is expected to result in
significantly higher revenue for Caspian in 2006 and is expected to continue
going forward into 2007, The magnitude for improvement is best illustrated by
the change in performance since 2005 - the Company has gone from having 4 wells
producing approximately in total 100 barrels per day and selling the oil at
$17.50 per barrel for a daily revenue of $1,750 in December 2005 to in May 2006
having 9 wells producing an a total of approximately 300 barrels per day and
selling oil at approximately $65 per barrel for a daily revenue of $19,500.
The Company's financial position has been strengthened since year end through
two share placements which raised in total #3.34m. These funds will be used to
expand drilling operations in Zhengeldy with the objective of increasing
production rates and for general working capital. The 2006 drilling programme of
around 12-13 wells should cost approximately $4m and has demonstrated the
capacity to significantly increase production and cashflows from the field.
In closing I would like to thank the management, in particular Igor Borisov,
Yevgeniy Semikov and Dietmar Greil for their efforts through the year. Turning
around the Company's performance from the mid year setbacks has required much
focus and intense work. The non executive Directors have strongly supported the
Company through its challenging times and on behalf of the Board I would like to
thank Malcolm James who retired in May 2006 for his contribution to the Company.
I would also like to welcome Andrew Robinson who joined the board in May 2006 as
Non Executive Technical Director.
Yours faithfully
Michael Masterman
Executive Chairman
CASPIAN HOLDINGS Plc
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
Notes 2005 2004
REVENUE 2 318,578 -
Cost of sales (428,497) (17,057)
GROSS LOSS (109,919) (17,057)
Administrative expenses 4 (1,137,979) (617,112)
OPERATING LOSS
(1,247,898) (634,169)
Attributable to:
Acquisitions - (173,934)
Continuing operations (1,247,898) (460,235)
(1,247,898) (634,169)
Finance income 5 82,788 13,254
Finance costs 5 (18,766) (6,525)
LOSS BEFORE TAX 6 (1,183,876) (627,440)
Tax 7 - -
LOSS FOR THE YEAR (1,183,876) (627,440)
Minority equity interests - 29,948
RETAINED LOSS FOR THE FINANCIAL YEAR 21 #(1,183,876) #(597,492)
Basic and diluted loss per share 9 1.4p 2.33p
CASPIAN HOLDINGS Plc
GROUP BALANCE SHEET
31 DECEMBER 2005
Notes 2005 2004
ASSETS
NON-CURRENT ASSETS
Goodwill 10 1,307,985 1,307,985
Intangible assets 11 662,146 458,977
Property, plant and equipment 12 2,135,393 784,006
4,105,524 2,550,968
CURRENT ASSETS
Inventories 13 16,349 72,469
Trade and other receivables 14 425,168 302,503
Cash and cash equivalents 15 477,747 3,100,585
919,264 3,475,557
LIABILITIES 16 330,705 311,874
CURRENT LIABILITIES
Trade and other payables 17 6,423 6,732
Financial liabilities - borrowings 18 29,859
Interest bearing loans and borrowings 4,097
Provisions 366,987
322,703
NET CURRENT ASSETS 552,277 3,152,854
NON CURRENT LIABILITIES 16 117,870 113,083
Trade and other payables
Financial liabilities - borrowings 17 8,524 15,756
Interest bearing loans and borrowings
126,394 128,839
NET ASSETS #4,531,407 #5,574,983
SHAREHOLDERS EQUITY 20 84,492 83,882
Called up share capital
Share premium account 21 6,227,445 6,087,755
Profit and loss account 21 (1,780,530) (596,654)
TOTAL EQUITY #4,531,407 #5,574,983
CASPIAN HOLDINGS Plc
COMPANY BALANCE SHEET
31 DECEMBER 2005
Notes 2005 2004
ASSETS
NON CURRENT ASSETS
Investments 10 1,145,146 1,145,146
CURRENT ASSETS
Trade and other receivables 14 4,196,774 1,787,873
Cash and cash equivalents 15 453,677 3,025,695
4,650,451 4,813,568
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 16 35,382 166,321
NET CURRENT ASSETS 4,615,069 4,647,247
NET ASSETS #5,760,215 #5,792,393
SHAREHOLDERS' EQUITY
Called up share capital 20 84,492 83,882
Share premium account 21 6,227,445 6,087,755
Profit and loss account 21 (551,722) (379,244)
TOTAL EQUITY #5,760,215 #5,792,393
CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
Notes 2005 2004
Cash flows from operating activities
Cash generated from operations 1 (1,121,853) (914,619)
Finance cost (18,766) (6,525)
Net cash from operating activities (1,140,619) (921,144)
Cash flows from investing activities
Purchase of intangible fixed assets (188,430) (241,014)
Purchase of tangible fixed assets (1,571,392) (795,132)
Exchange differences (63,202) (5,476)
Adjustment to the cost of tangible fixed assets 125,258 -
Acquisition - (1,142,028)
Finance income 82,788 13,254
Net cash from investing activities (1,614,978) (2,170,396)
Cash flows from financing activities
Share issue 140,300 6,169,637
Prepayment of financial liabilities - borrowings
Interest bearing loans and borrowings (7,541) 22,488
Net cash from financing activities 132,759 6,192,125
(Decrease)/Increase in cash and cash equivalents (2,622,838) 3,100,585
Cash and cash equivalents at beginning of year 2 3,100,585 -
Cash and cash equivalents at end of year 2 #477,747 #3,100,585
CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2005 2004
Operating Loss (1,247,898) (634,169)
Depreciation charges 143,210 36,901
Decrease/(increase) in inventories 56,120 (72,339)
(Increase) in trade and other receivables (122,665) (235,899)
Increase/(decrease) in trade and other payables 23,618 (11,908)
Increase in provisions 25,762 2,795
Net cash outflow
from operating activities #(1,121,853) #(914,619)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow in respect of cash and cash equivalents
are in respect of these balance sheet amounts.
Year ended 31 December 2005
31.12.05 01.01.05
Cash and cash equivalents #477,747 #3,100,585
Year ended 31 December 2004 31.12.04 01.01.04
Cash and cash equivalents #3,100,585 # -
CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
1. ACCOUNTING POLICIES
Basis of preparation
These financial statements have been prepared in accordance with International
Financial Reporting Standards and IFRIC interpretations and with those parts of
the Companies Act 1985 applicable to companies reporting under IFRS. The
financial statements have been prepared under the historical cost convention.
Basis of consolidation
The consolidated financial statements include the accounts of subsidiaries made
up to 31 December 2005.
No income statement is presented for the Company as permitted by S230 (4) of the
Companies Act 1985.
Goodwill
Goodwill arising on consolidation, which represents the excess of the purchase
price over the fair value of net assets acquired, is shown in the balance sheet
as an asset and will be amortised evenly over its estimated useful life. In
addition to the systematic amortisation, the book value is written down to
recoverable amount when any impairment is identified.
The directors consider the estimated useful life of goodwill to be in line with
the contract between Taraz LLP and the Government of the Republic of Kazakhstan
for the exclusive right to use the subsurface on the Zhengeldy oil field which
terminates on 27 May 2024.
Intangible assets
Amortisation is calculated and provided in order to write off each asset over
its estimated useful economic life, such amortisation to commence when the asset
concerned is initially used within the business.
Royalty - 5% - 33% on cost
Software - 5% - 33% on cost
Royalty
Royalty costs represent payments to the Republic of Kazakhstan, which are paid
quarterly until 25 January 2020.
The associated liability is shown within current and non current trade and other
payables and has been discounted at the rate of 9%.
Exploration and evaluation costs
The group has adopted IFRS 6 "Exploration for and evaluation of mineral
resources".
The group follows the successful efforts method of accounting for exploration
and evaluation costs. All licence, acquisition, exploration and evaluation costs
are initially capitalised as intangible fixed assets in cost centres by field
pending determination of the commerciality of the relevant field. Directly
attributable costs not specific to any particular licence or prospect are
expensed as incurred.
An exploration and evaluation asset is assessed for impairment when facts and
circumstances suggest that the carrying amount may exceed its recoverable
amount. Such triggering events are defined in IFRS 6 and include the point at
which a determination is made as to whether commercial reserves exist.
If prospects are deemed to be impaired ("unsuccessful") on completion of
evaluation, the associated costs are charged to the income statement. If the
field is determined to be commercially viable, the attributable costs are
transferred to property, plant and equipment in single field cost centres. These
costs are then depreciated on a unit of production basis.
Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life or, if held under finance lease, over
the lease term, whichever is the shorter.
Bore holes 10% on cost
Motor vehicles 20% on cost
Plant and equipment 20% - 33% on cost
Furniture and other equipment 10% - 33% on cost
Deferred Tax
The tax charge is based on the profit for the period and takes into account
taxation deferred because of timing differences between the treatment of certain
items for taxation and accounting purposes. Deferred tax is recognised in
respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive
more, tax, in the future. In particular:
* Provision is made for tax on gains arising from the revaluation (and similar
fair value adjustments) of fixed assets, and gains on disposal of fixed
assets that have been rolled over into replacement assets, only to the extent
that, at the balance sheet date, there is a binding agreement to dispose of
the assets concerned. However, no provision is made where, on the basis of
all available evidence at the balance sheet date, it is more likely than not
that the taxable gain will be rolled over into replacement assets and charged
to tax only where the replacement assets are sold.
* Provision is made for deferred tax that would arise on remittance of the
retained earnings of overseas subsidiaries, associates and joint ventures
only to the extent that, at the balance sheet date, dividends have been
accrued as receivable.
* Deferred tax assets are recognised only to the extent that the Directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences
can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.
Inventories
Inventories are valued at the lower of cost and net realisable value, after
making due allowance for obsolete and slow moving items.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction or at the contracted rate. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange
ruling at the balance sheet date or, if appropriate, at the forward contract
rate. All differences are taken to the income statement.
Where the trade of a foreign enterprise is more dependent on the economic
environment of the parent Company then the Financial Statements of the
undertaking are consolidated using the Temporal method on the following basis:
* Fixed assets are translated into sterling at the rates ruling on the date of
acquisition.
* Monetary assets and liabilities denominated in a foreign currency are
translated into sterling at the foreign exchange rates ruling at the balance
sheet date.
* Revenue and expenses in foreign currencies are recorded in sterling at the
rates ruling at the date of the transactions.
* Any gains or losses arising on translation are reported in the income
statement.
Hire purchase and leasing commitments
Assets held under finance leases, which are leases where substantially all the
risks and rewards of ownership of the asset have passed to the Group, and hire
purchase contracts are capitalised in the balance sheet and are depreciated over
their useful lives. The capital elements of future obligations under leases and
hire purchase contracts are included as liabilities in the balance sheet. The
interest elements of the rental obligations are charged in the income statement
over the periods of the leases and hire purchase contracts and represent a
constant proportion of the balance of capital payments outstanding.
Rentals payable under operating leases are charged in the income statement on a
straight-line basis over the lease term.
2. REVENUE
Revenue represents income derived from the extraction and sale of oil by the
Company's subsidiary undertaking Taraz LLP.
3. EMPLOYEES AND DIRECTORS
2005 2004
Wages and salaries 462,652 316,996
Social security costs 48,058 34,825
#510,710 #351,821
The average monthly number of employees during the year was as follows:
Management & administration 17 17
Production, technical & operations 23 18
40 35
Of these employees, all the Production, Technical and Operations Staff are
employed in Kazakhstan.
Directors' emolument's #273,817 #163,067
Directors' emolument's are as follows: # #
D. Greil 112,909 88,265
M. Masterman 112,908 66,802
M. Garland 24,000 4,000
M.R.S. James 24,000 4,000
4. EXCEPTIONAL ITEM
Included in administrative expenses is #180,201 (USD 310,000) relating to sums
held by Kazcommerce Bank in a transit account. Caspian had requested a transfer
of these funds to its 100% owned subsidiary Taraz LLP, which held a bank account
with Nauryz Bank Kazakhstan. Prior to receipt of the funds Naruz was put into
administration and these funds were frozen in the Kazcommerce Bank transit
account. In 2005 the Company received indications from the Kazakhstan National
Bank that the funds would be returned to Caspian. Despite Company
representations the funds have not been returned and as a result, Caspian has
commenced legal action to effect recovery. The Directors have deemed it
appropriate to write off the amount of USD 310,000. All efforts will continue to
be made to recover the funds.
5. NET FINANCE INCOME
2005 2004
# #
Finance income:
Bank interest received 82,272 13,254
Other interest received 516 -
#82,788 #13,254
Finance costs:
Other interest 12,712 1,272
Hire purchase 6,054 5,245
#18,766 #6,517
Net finance income #18,770 #6,737
6. LOSS BEFORE TAX
The loss before tax is stated after charging :
Cost of inventories recognised as expense 428,497 17,057
Depreciation - owned assets 140,529 18,337
Depreciation - assets held under finance leases
and hire purchase contracts 2,682 1,565
Auditors remuneration 20,293 14,688
Auditors remuneration for non audit work 2,996 -
7. TAXATION
Analysis of the tax charge
No liability to corporation tax arose on ordinary activities for the year ended
31 December 2005 nor for the year ended 31 December 2004.
The difference between the effective provision for tax and the statutory tax
provision at the statutory tax rate is reconciled as follows:
2005 2004
# #
Loss on ordinary activities before tax 1,183,876) 627,440
Corporation Tax at 30% (355,163) (188,232)
Permanent differences: non-deductible expenditure/(income) 138,158 (11,728)
Timing differences: losses brought forward (199,960) -
tax losses carried forward 416,965 199,960
Current tax on ordinary activities - -
Deferred tax - -
#- #-
As at 31 December 2005, the Group had unrecognised tax losses arising in
Kazakhstan of #1,101,349 (2004 #372,441) and United Kingdom of #288,531(2004
#294,091) that are available indefinitely for offset against future taxable
profits of those companies in which the losses arose, subject to the conditions
of deductibility under the relevant legislation.
Deferred tax assets have not been recognised in respect of these losses. These
assets will be recognised should it become more likely than not that taxable
profits or timing differences, against which they may be deducted, arise.
8. LOSS OF THE PARENT UNDERTAKING
The parent undertaking's loss for the financial year before and after taxation
amounted to #172,478 (2004 #380,082).
9. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated using the weighed average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares.
2005
Earnings Weighted average Per share amount
# number of shares pence
Reconciliations are set out below.
Basic EPS
Earnings attributable to ordinary (1,183,876) 84,339,184 1.40p
shareholders
Effect of dilutive securities - - -
Diluted EPS
Adjusted earnings (1,183,876) 84,339,184 1.40p
2004
Earnings Weighted average Per share amount
# number of shares pence
Basic EPS
Earnings attributable to ordinary (627,440) 26,929,102 2.33p
shareholders
Effect of dilutive securities - - -
Diluted EPS
Adjusted earnings (627,440) 26,929,102 2.33p
10. FIXED ASSET INVESTMENTS
Held by parent undertaking:
The Company holds more than 10% of the equity of the following companies:
Country of Proportion
Name of Company Registration Held Nature of Business
Taraz LLP Kazakhstan 100% Oil Exploration
Subsidiary Undertakings
Company
COST
At 1 January 2005 1,145,146
At 31 December 2005 #1,145,146
Pre acquisition losses of Taraz LLP are #162,839 giving rise to goodwill of
#1,307,985. Goodwill is to be written off evenly over the period 1 January 2006
(start of year after which trading commenced) to 27th May 2024 (termination of
rights to Zhengeldy oil field).
11. INTANGIBLE FIXED ASSETS
Exploration
and
Royalty Software evaluation Total
Group Costs
COST
At 1 January 2005 334,080 314 324,482 658,876
Adjustments for IFRS (174,174) - 14,377 (159,797)
Additions - 1,736 186,694 188,430
Exchange differences 8,130 16 17,229 25,375
At 31 December 2005 168,036 2,066 542,782 712,884
DEPRECIATION
At 1 January 2005 88,010 124 - 88,134
Adjustments for IFRS (48,032) - - (48,032)
Charge for the year 8,402 195 - 8,597
Exchange differences 2,033 6 - 2,039
At 31 December 2005 50,413 325 - 50,738
NET BOOK VALUE
At 31 December 2005 #117,623 #1,741 #542,782 #662,146
At 31 December 2004 #119,928 #190 #338,859 #458,977
12. PROPERTY, PLANT AND EQUIPMENT
Furniture
Bore Motor Plant and & Other
Holes Vehicles Equipment Equipment Total
Group
COST
At 1 January 2005 626,430 29,067 104,754 51,282 811,533
Additions 1,374,686 - 193,299 3,407 1,571,392
Reduction in original cost (108,778) - (11,445) (5,035) (125,258)
Exchange differences 31,853 1,479 5,326 2,608 41,266
At 31 December 2005 1,924,191 30,546 291,934 52,262 2,298,933
DEPRECIATION
At 1 January 2005 9,594 4,023 9,367 4,543 27,527
Charge for year 107,414 3,424 17,720 6,055 134,613
Exchange differences 488 205 476 231 1,400
At 31 December 2005 117,496 7,652 27,563 10,829 163,540
NET BOOK VALUE
At 31 December 2005 #1,806,695 #22,894 #264,371 #41,433 #2,135,393
At 31 December 2004 #616,836 #25,044 #95,387 #46,739 #784,006
12. PROPERTY, PLANT AND EQUIPMENT (Cont'd)
Property, plant and equipment, included in the above, which are held under hire
purchase contracts or finance leases are as follows:
Motor Vehicles
Group
COST
At 1 January 2005 25,556
Exchange differences 1,300
At 31 December 2005 #26,856
DEPRECIATION
At 1 January 2005 1,565
Charge for the year 2,682
Exchange differences 80
At 31 December 2005 #4,327
NET BOOK VALUE
At 31 December 2005 #22,529
At 31 December 2004 #23,991
13. INVENTORIES
Group Company
2005 2004 2005 2004
Stock #16,349 #72,469 # - # -
14. TRADE AND OTHER RECEIVABLES
Group Company
2005 2004 2005 2004
Current:
Trade Debtors 130,499 128,373 - -
Amounts due from subsidiary undertakings - - 4,176,905 1,532,752
Unpaid share capital - 13,225 - 13,225
Other debtors 265,912 160,905 - 160,905
Prepayments and accrued income 28,757 - 19,869 80,991
#425,168 #302,503 #4,196,774 #1,787,873
15. CASH AND CASH EQUIVALENTS
Group Company
2005 2004 2005 2004
Cash in hand 1,143 59,700 1,000 1,000
Bank deposit account - 2,900,000 - 2,900,000
Bank accounts 476,604 140,885 452,677 124,695
#477,747 #3,100,585 #453,677 #3,025,695
16. TRADE AND OTHER PAYABLES
Group Company
2005 2004 2005 2004
Current:
Trade creditors 232,184 23,227 21,153 -
Royalty lease payments 41,651 46,698 - -
Social security and other taxes 11,724 11,915 1,416 -
Other creditors and accruals 45,146 230,034 12,81 3 166,321
#330,705 #311,874 #35,382 #166,321
Non Current:
Royalty lease payments #117,870 #113,083 # - # -
17. FINANCIAL LIABILITIES - BORROWINGS
Group Company
2005 2004 2005 2004
Current:
Finance leases #6,423 #6,732 # - # -
Non current:
Finance lease #8,524 #15,756 # - # -
Terms and debt repayment schedule 1 Year or 1-5 After 5
less Years Years
Finance lease #6,423 #8,524 # -
18. PROVISIONS
Group Company
2005 2004 2005 2004
Current consequences of liquidation 13,163 4,097 - -
Professional training 16,696 - - -
#29,859 #4,097 # - # -
19. LEASING AGREEMENTS
Minimum lease payments under finance leases fall due as follows:
Group Company
2005 2004 2005 2004
Gross obligations repayable: 9,548 14,025 - -
within one year
between one and five years 10,329 18,915 - -
#19,877 #32,940 # - # -
Finance charges repayable:
within one year 3,125 7,293 - -
between one and five years 1,805 3,159 - -
#4,930 #10,452 # - # -
Net obligations:
within one year 6,423 6,732 - -
between one and five years 8,524 15,756 - -
#14,947 #22,488 # - # -
20. SHARE CAPITAL
Authorised 2005 2004
150,000,000 Ordinary shares of 0.1p each #150,000 #150,000
Allotted, issued and fully paid
84,491,685 (2004 83,881,685) Ordinary shares of 0.1p each #84,492 #83,882
On 28 March 2005 610,000 shares were issued at 23p each as payment for the
remaining 30% interest in Taraz LLP.
Stock Options:
Stock Options Issued Option Price Exercise Period
Michael Masterman 2,000,000 0.23p 4th November 2007
Dietmar Greil 2,000,000 0.23p 4th November 2007
Malcolm James 250,000 0.23p 4th November 2007
Michael Garland 250,000 0.23p 4th November 2007
Michael Garland 250,000 0.27p 4th November 2007
Andrew Robinson 500,000 0.27p 4th November 2007
Operations Manager 500,000 0.27p 4th November 2007
Other staff and consultants 585,000 0.23p 4th November 2007
21. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Profit and Total
Group Share Share Loss Shareholders
Capital Premium Account Fund
Loss for the financial year - - (1,183,876) (1,183,876)
Shares issued 610 139,690 - 140,300
Net reduction in to 610 139,690 (1,183,876) (1,043,576)
shareholders' funds
Opening shareholders' funds 83,882 6,087,755 (596,654) 5,574,983
Closing shareholders' funds
#84,492 #6,227,445 #(1,780,530) #4,531,407
Company
Loss for the financial year - - (172,478) (172,478)
Shares issued 610 139,690 - 140,300
Net additions to shareholders' funds 610 139,690 (172,478) (32,178)
Opening shareholders' funds 83,882 6,087,755 (379,244) 5,792,393
Closing shareholders' funds #84,492 #6,227,445 #(551,722) #5,760,215
22. EVENTS SINCE THE BALANCE SHEET DATE
In February 2006 7,207,000 Ordinary 0.1p shares were issued raising funds of
#1,441,400.
In March 2006 7,000,000 Ordinary 0.1p shares were issued raising funds of
#1,890,000
23. RELATED PARTY TRANSACTIONS
During the year, #15,181 (2004 #7,700) was paid to Northsun Italia SpA, a
Company of which M. Masterman and D. Griel are directors, for the re-charge of
courier and telephone services. Re-charges were based on the cost from third
party service invoices.
24. TRANSITION TO IFRS
This is the first year that the Group and Company has presented its financial
statements under IFRS. The last financial statements under UK GAAP were for the
year ended 31 December 2004. The date of transition to IFRS was therefore 1
January 2005.
The impact of the adoption of IFRS on equity and the results for the group, and
the Company, for the year ended 31 December 2004 is as outlined on the following
pages:
RECONCILIATION OF EQUITY
1ST JANUARY 2005
(Date of Transition to IFRSs)
Group Company
Effect of Effect of
UK transition UK transition
GAAP to IFRSs IFRSs GAAP to IFRSs IFRSs
ASSETS
NON-CURRENT ASSETS
Goodwill 1,306,448 1,537 1,307,985 - - -
Intangible assets 570,742 (111,765) 458,977 - - -
Property, plant and
equipment 784,006 - 784,006 - - -
Investments - - - 1,145,146 - 1,145,146
2,661,196 (110,228) 2,550,968 1,145,146 - 1,145,146
CURRENT ASSETS
Inventories 90,112 (17,643) 72,469 - - -
Trade and other receivables 302,503 - 302,503 1,787,873 - 1,787,873
Cash and cash equivalents 3,100,585 - 3,100,585 3,025,695 - 3,025,695
3,493,200 (17,643) 3,475,557 4,813,568 - 4,813,568
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (315,587) 3,713 (311,874) (166,321) - (166,321)
Financial liabilities -
borrowings
Interest bearing loans and
borrowings (6,732) - (6,732) - - -
Provisions (4,097) - (4,097) - - -
(326,416) 3,713 (322,703) (166,321) - (166,321)
NET CURRENT ASSETS 3,166,784 (13,930) 3,152,854 4,647,247 - 4,647,247
NON CURRENT LIABILITIES
Trade and other payables (210,832) 97,749 (113,083) - - -
Financial Liabilities -
borrowings
Interest bearing loans and
borrowings (15,756) - (15,756) - - -
(226,588) 97,749 (128,839) - - -
NET ASSETS #5,601,392 #(26,409) #5,574,983 #5,792,393 - #5,792,393
SHAREHOLDERS' EQUITY
Called up share capital 83,882 - 83,882 83,882 - 83,882
Share premium 6,087,755 - 6,087,755 6,087,755 - 6,087,755
Other reserve 2,775 (2,775) - - - -
Profit and loss account (573,020) (23,634) (596,654) (379,244) - (379,244)
TOTAL EQUITY #5,601,392 #(26,409) #5,574,983 #5,792,393 - #5,792,393
CASPIAN HOLDINGS PLC
RECONCILIATION OF LOSS
FOR THE YEAR ENDED 31ST DECEMBER 2005
Group Company
Effect of Effect of
UK transition UK transition
GAAP to IFRSs IFRSs GAAP to IFRSs IFRSs
Revenue - - - - - -
Cost of sales - (17,057) (17,057) - - -
Administrative expenses (610,302) (6,810) (617,112) (370,518) - (370,518)
Finance costs (6,517) (8) (6,525) (102,971) - (102,971)
Finance income 13,254 - 13,254 93,407 - 93,407
LOSS BEFORE TAX (603,565) (23,875) (627,440) (380,082) - (380,082)
Minority interest 29,707 241 29,948 - - -
LOSS FOR THE YEAR #(573,858) #(23,634) #(597,492) #(380,082) # - # (380,082)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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