RNS Number:6864E
Caspian Holdings plc
28 September 2007
28 September 2007 AIM:CSH
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2007
FOR CASPIAN HOLDINGS Plc
Caspian Holding Plc, ("Caspian" or "the Company"), which focuses on developing
shallow oil fields in Kazakhstan and the onshore region around the Caspian sea,
announces its interim results for the 6 months to 30 June 2007.
Highlights
* Production from the Zhengeldy field remained steady from the previous period
at 22,000 barrels for the 6 months
* Revenue recognised increased 140% to #601,524
Production over the half year has been steady and this trend has continued into
the September quarter.Revenue was dampened by the lower proportion of domestic
sales relative to export sales, with 21,600 barrels exported and 7,200 barrels
sold domestically. Progress towards the restart of export sales is positive.
The key development report, which has held up grant of an export quota, was
approved by the key geological and regional authorities in August 2007 and is
awaiting Ministerial committee approval early in the 4th Quarter, a few months
later than previously anticipated.
Operating loss for the period was #663,268 (2006 Loss #526,253). During the half
year, a range of initiatives, including reducing office overheads, have been put
in place to streamline costs.
Chairman's Statement, Operations Review and Financial Statements follow.
Enquiries:
Caspian Holdings Plc Grant Thornton Corporate Hoodless Brennan Parkgreen Communications
Finance
Michael Masterman Fiona Owen Luke Cairns Justine Howarth
T: +44 (0) 7791 288381 T: +44 (0) 20 7383 5100 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7851 7480
www.caspianoil.co.uk
CASPIAN HOLDINGS Plc
CHAIRMANS STATEMENT TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2007
Caspian Holdings Plc has focused on achieving steady production from its
existing oil producing wells located on the Zhengeldy field during the half year
and streamlining its cost structure. Caspian's management team has also focused
on new project generation activities with the objective of increasing the
portfolio of oil fields.
Highlights for the period include:
* Production from the Zhengeldy field of 22,000 barrels of oil as compared
to 28,123 for the same period in 2006 a decline of 21.7%.
* Increased revenue recognised from both export and domestic oil sales
#601,524 (2005 #250,227) up 140% for the previous corresponding period.
* Average wellhead price achieved through export and domestics sales for the
period was $42.58 per barrel
Operations have benefited from a focus on steady state production with
maintenance of production volumes with no new drilling. Plans are being
evaluated to restart drilling in the final quarter of 2007.
The interim financial results reflect the early stage of development and oil
production of the company. For the six months to 30th June 2007 the Operating
Loss before taxation, foreign exchange gains and adjustments/provisions was
#663,268 (2006 Loss #526,253). The Loss after taxation was #433,145 (2006
profit #25,118).
Michael Masterman
Chairman
28th September, 2007
CASPIAN HOLDINGS Plc
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30TH JUNE 2007
Unaudited Unaudited
Six Months Six Months Year to 31st
to 30th June to 30th June December
Notes 2007 2006 2006
REVENUE 601,524 250,227 1,508,015
Cost of sales (653,576) (266,339) (936,578)
GROSS LOSS (52,052) (16,112) (571,437)
Administrative expenses (611,216) (510,141) (3,289,610)
OPERATING LOSS (663,268) (526,253) (2,718,173)
Exchange gains in year 249,446 723,858 (595,594)
Adjustment in fair values of fixed assets - (55,633) (52,864)
Provisions created in period (5,282) (145,634) (88,795)
Finance income 11,476 37,143 57,648
Finance costs (25,517) (8,363) (14,810)
PROFIT/(LOSS) BEFORE TAXATION (433,145) 25,118 (3,412,588)
Taxation - - -
RETAINED PROFIT/(LOSS) FOR THE
FINANCIAL PERIOD 5 #(433,145) #25,118 #(3,412,588)
Basic and diluted profit/(loss) per share 4 (0.43)p 0.02p (3.6p)
CASPIAN HOLDINGS Plc
GROUP BALANCE SHEET
30TH JUNE 2007
Unaudited Unaudited 31st
30th June 30th June December
Notes 2007 2006 2006
ASSETS
NON-CURRENT ASSETS
Goodwill 326,998 1,307,985 326,998
Intangible assets 352,333 654,908 528,327
Property, plant and equipment 3,268,433 3,321,343 3,196,870
3,947,764 5,284,236 4,052,145
CURRENT ASSETS
Inventories 148,772 570,309 296,268
Trade and other receivables 762,052 857,599 767,890
Cash and cash equivalents 596,114 1,723,819 200,652
1,506,938 3,151,727 1,264,810
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 537,660 483,267 519,797
Financial liabilities - borrowings
Interest bearing loans and borrowings - 8,108 1,753
Provisions 77,769 211,453 108,186
615,429 702,828 629,736
NET CURRENT ASSETS 891,509 2,448,899 635,074
NON CURRENT LIABILITIES
Trade and other payables 95,848 114,586 98,728
Financial liabilities - borrowings
Interest bearing loans and borrowings 700,000 6,581 -
795,848 121,167 98,728
NET ASSETS #4,043,425 #7,611,968 #4,588,541
SHAREHOLDERS EQUITY
Called up share capital 5 98,699 98,699 98,699
Share premium account 5 9,474,645 9,444,938 9,474,645
Revaluation reserve 5 24,945 30,288 24,945
Translation reserve 5 71,399 (206,545) 183,370
Profit and loss account 5 (5,626,263) (1,755,412) (5,193,118)
TOTAL SHAREHOLDERS EQUITY #4,043,425 #7,611,968 #4,588,541
CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH JUNE 2007
Unaudited Six Unaudited Six
Months to Months to Year to 31st
30th June 30th June December
Notes 2007 2006 2006
Cash flows from operating activities
Cash generated from operations 1 134,305 (952,366) (1,232,898)
Finance cost (10,835) (8,363) (14,810)
Net cash from operating activities 123,470 (960,729) (1,247,708)
Cash flows from investing activities
Proceeds from disposal of fixed assets - 1,899 1,345
Purchase of intangible fixed assets (257,434) - (312,123)
Purchase of tangible fixed assets (180,297) (1,063,683) (2,024,468)
Finance income 11,476 37,143 57,648
Net cash from investing activities (426,255) (1,024,641) (2,277,598)
Cash flows from financing activities
Share issue - 3,231,700 3,261,407
Receipt of loan 700,000 - -
Repayment of financial liabilities - borrowings
Interest bearing loans and borrowings (1,753) (258) (13,196)
Net cash from financing activities 698,247 3,231,442 3,248,211
(Decrease)/Increase in cash and cash equivalents 395,462 1,246,072 (277,095)
Cash and cash equivalents at beginning of year 2 200,652 477,747 477,747
Cash and cash equivalents at end of year 2 #596,114 #1,723,819 #200,652
CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH JUNE 2007
1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
ACTIVITIES
Unaudited Six Unaudited Six Year to 31st
Months to Months to December
30th June 30th June
2007 2006 2006
Operating loss (677,950) (526,253) (2,718,173)
Exchange gains/(losses) in period 249,446 738,388 (648,986)
Translation adjustments (111,971) (206,545) 183,370
Translation adjustments relating to fixed assets (142,280) (337,932) 215,294
Loss on disposal of tangible assets - 776 738
Depreciation charges 645,593 114,076 604,513
Amounts written off intangible assets - 76,671 -
Impairment losses 38,849 - 1,587,164
(Increase)/decrease in inventories 147,496 (553,960) (279,919)
(Increase)/decrease in trade and other receivables 5,838 (432,431) (342,722)
Increase/(decrease) in trade and other payables 14,983 149,278 169,951
Increase/(decrease) in other provisions (35,699) 25,566 (4,128)
Net cash (outflow)/inflow from operating activities #134,305 #(952,366) #(1,232,898)
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.
Six months ended 30th June 2007
30.06.07 30.06.06 30.06.05
Cash and cash equivalents #596,114 #1,723,819 #1,695,466
Year ended 31st December 2006
31.12.06 31.12.05 01.01.05
Cash and cash equivalents #200,652 #477,747 #3,100,585
CASPIAN HOLDINGS Plc
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30TH JUNE 2007
1. 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.
The interim results are unaudited but have been reviewed by the auditors. The
financial statements herein do not amount to full statutory accounts within the
meaning of Section 240 of the Companies Act 1985 (as amended).
2. TURNOVER
Turnover represents sale of oil.
3. TAXATION
There is no taxation arising on the profit on ordinary activities for the six
months ended 30th June 2007.
4. LOSS PER ORDINARY SHARE
The calculation of the loss per ordinary share is based on a Group loss of
#433,145 for the 6 months ending 30th June 2007 (#3,412,588 loss for the year
ended 31st December 2006), and the weighted average ordinary shares outstanding
of 98,698,685 (95,747,517 for the year ended 31st December 2006).
On the basis of the above calculations, the loss per ordinary share for the 6
months to 30th June 2007 is 0.43p (31st December 2006 loss 3.60p).
5. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE
PERIOD 1ST JANUARY 2007 TO 30TH JUNE 2007
Share Revaluation Translation Share Profit and Total
Group Capital Reserve Reserve Premium Loss Account Shareholders
Fund
Profit for the financial year - - - - (433,145) (433,145)
Adjustment in fair values - - - - - -
Translation Adjustment - - (111,971) - - (111,971)
Shares issued - - - - - -
Net additions to shareholders' - - (111,971) - (433,145) (545,116)
funds
Opening shareholders' funds 98,699 24,945 183,370 9,474,645 (5,193,118) 4,588,541
Closing shareholders' funds #98,699 #24,945 #71,399 #9,474,645 #(5,626,263) #4,043,425
CASPIAN HOLDINGS Plc
INDEPENDENT REVIEW REPORT
FOR THE SIX MONTHS TO 30TH JUNE 2007
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30th June 2007. We have read the other information
contained in the interim report and considered wither it contains any apparent
misstatements or material inconsistencies with the financial information.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Director's Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the company's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom by auditors
of fully listed companies. A review consists principally of making enquiries of
management and applying analytical procedures to the financial information and
underlying financial data and based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit performed in accordance with United Kingdom Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2007.
COOK AND PARTNERS
Chartered Accountants
28th September 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VDLFLDKBEBBF
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Jul 2023 to Jul 2024
