RNS Number : 8959U
Caspian Holdings plc
20 May 2008
20 May 2008 AIM:CSH
CASPIAN HOLDINGS Plc
("Caspian" or the "Company")
PRELIMINARY RESULTS FOR YEAR ENDED 31st DECEMBER 2007
Caspian Holding Plc, ("Caspian" or "the Company"), the oil and gas exploration Company, announces its preliminary results for the year
ended 31st December 2007.
Highlights
* Reduced loss after taxation of £1,570,595 (2006:£3,412,588)
* Core operations base in Zhengeldy was built on and new office in Atyrau was opened, all of which have contributed to the reduction
in losses after tax
* Revenue for the period was £0.8m (2007 Revenue £1.5m). The Company was adversely affected by a suspension in exports by the
Kazakhstan government in April 2008. However, the Company has submitted the Development Report required by the Ministry in Kazakhstan to
restart production at Zhengeldy.
Post year end Highlights
* Expansion into the USA via significant oil lease agreement with Vittorino Serri
Michael Masterman, CEO of Caspian Holdings commented: "There's no doubt that the Company has gone through a difficult year. However, we
have now streamlined our operations in Kazakhstan and have submitted the Development Report which will hopefully allows us to restart
exports. Meanwhile, we announced our move into the USA in April, through a lease agreement with Vittorino Serri. This has widened our
geographic reach and allowed us to capitalise on a highly prospective oil project, which we believe in the long term has the potential to
provide our shareholders with value. "
-Ends-
Chairman's Statement and extracts from the Financial Statements follow.
Enquiries:
Caspian Holdings Plc Grant Thornton Hoodless Brennan Parkgreen Communications
Corporate Finance
Michael Masterman Fiona Owen Luke Cairns Ana Ribeiro / Justine Howarth
T: +44 (0) 7791 288381 T: +44 (0) 20 7383 T: +44 (0) 20 7538 T: +44 (0) 20 7851 7480
5100 1166
www.caspianoil.co.uk
CHAIRMAN'S STATEMENT
2007 has proved to be a difficult year for Caspian Holdings Plc.
On the operations front our objective was to achieve stable production without drilling new wells and to achieve a significant reduction
in operating costs to put the Zhengeldy operation on a more secure financial footing. Very significant progress has been made on
streamlining costs and in reducing operating losses. A very lean core operations base built in Zhengeldy and a small office in Atyrau is now
in place. Production for the year 2007 decreased from 2006 reflecting the stabilization of production rates following the heavy new well
drilling programs in 2005 and 2006.
On the sales and marketing front the company was adversely affected by a suspension in exports in April 2007 though the Company
continued to sell its oil domestically. This contributed to the reduction in revenue from £1.5m to £0.8m in 2007. The supervision on the
Development Report required by the Ministry to restart production has now been submitted and we are working intensively to gain the
necessary approvals to restart export. To support exports a new export facility was completed at Karsak. Given the slow progress in
resolving some of the regulatory issues we deemed it prudent to suspend production from the field in early 2008.
On the new project front good progress has been made and the objective of the company is to establish operations outside Kazakhstan in
2008.
The 2007 Financials show a reduced loss after taxation of £1,570,595 compared to £3,412,588 in the previous year. This includes a
further write down of £326,998 in goodwill.
In closing I would like to thank the Directors and the management for their efforts during the year in particular Mariyam Musrepova,
Michael Garland and Dietmar Greil. Andrew Robinson retired as a director in September 2007 and we thank him for his contribution.
With record high oil prices, a sold cost base for Zhengeldy to restart production and exports and new growth opportunities we hope that
2008 will be a more rewarding year.
EVENTS SINCE THE BALANCE SHEET DATE
The Company drew down an additional £100,000 from its Credit Facility Agreement. An additional £200,000 is available for drawdown in a
third tranche approved by noteholders.
As noted above production from Zhengeldy was suspended in February 2008.
CASPIAN HOLDINGS Plc
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Notes 2007 2006
unaudited
REVENUE 2 820,798 1,508,015
Cost of sales (1,000,222) (936,578)
GROSS PROFIT/(LOSS) (179,424) 571,437
Administrative expenses (1,708,922) (3,289,610)
4
OPERATING LOSS (1,888,346) (2,718,173)
Exchange gains/(losses) in year 354,858 (595,594)
Adjustment in fair values of fixed - (52,864)
assets 5,104 (88,795)
Provisions created in period
Finance income 5 16,689 57,648
Finance costs 5 ( 58,900) (14,810)
LOSS BEFORE TAX 6 (1,570,595) (3,412,588)
Tax 7 - -
RETAINED LOSS FOR THE FINANCIAL YEAR
21 £(1,570,595) £(3,412,588)
Basic and diluted loss per share 9 1.60p 3.60p
CASPIAN HOLDINGS Plc
GROUP BALANCE SHEET
31 DECEMBER 2007
Notes 2007 2006
unaudited
ASSETS
NON-CURRENT ASSETS
Goodwill 10 - 326,998
Intangible assets 11 195,138 528,327
Property, plant and equipment 12 3,209,092 3,196,870
3,404,230 4,052,195
CURRENT ASSETS
Inventories 13 197,021 296,268
Trade and other receivables 14 560,265 767,890
Cash and cash equivalents 15 83,254 200,652
840,540 1,264,810
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Financial liabilities - 16 441,594 519,797
borrowings
Interest bearing loans and
borrowings 17 76,983 1,753
Provisions
18 61,439 108,186
580,016 629,736
NET CURRENT ASSETS 260,524 635,074
NON CURRENT LIABILITIES
Trade and other payables
Financial liabilities -
borrowings 93,913
Interest bearing loans and 16 98,728
borrowings 699,976
17 -
793,889
98,728
NET ASSETS £2,870,865 £4,588,541
SHAREHOLDERS EQUITY
Called up share capital
20 98,699 98,699
Share premium account 21 9,474,645 9,474,645
Revaluation reserve 21 26,334 24,945
Translation reserve 21 29,700 183,370
Profit and loss account 21 (6,705,371) (5,193,
118)
Minority Interest 22 (53,142) -
£2,870,865 £4,588,541
CASPIAN HOLDINGS Plc
COMPANY BALANCE SHEET
31 DECEMBER 2007
Notes 2007 2006
unaudited
ASSETS
NON CURRENT ASSETS
Investments 10 4,800 1,145,146
CURRENT ASSETS
Trade and other receivables 14 7,736,045 7,023,985
Cash and cash equivalents 15 54,834 106,964
7,790,879 7,130,949
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
16 265,287 120,336
Financial liabilities - borrowings,
interest bearing loans and borrowings 17 - -
265,287 120,336
NET CURRENT ASSETS 7,525,592 7,010,613
NET CURRENT LIABILITIES
Financial liabilities - borrowings 17 699,976 -
NET ASSETS £6,830,416 £8,155,759
SHAREHOLDERS' EQUITY
Called up share capital 20 98,699 98,699
Share premium account 21 9,474,645 9,474,645
Profit and loss account 21 (2,742,928) (1,417,585)
£6,830,416 £8,155,759
TOTAL EQUITY
CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Notes 2007 2006
unaudited
Cash flows from operating
activities
Cash generated from operations 1 (393,769) (1,232,898)
Finance cost (58,900) (14,810)
Net cash from operating (1,247,708)
activities (452,669)
Cash flows from investing
activities
Proceeds from disposal of fixed - 1,345
assets (241,451) (312,123)
Purchase of intangible fixed (220,373) (2,024,468)
assets 16,689 57,648
Purchase of tangible fixed assets
Finance income (2,277,598)
(445,135)
Net cash from investing
activities
Cash flows from financing
activities
Share issue - 3,261,407
Net Loans 776,959 -
Repayment of financial
liabilities - borrowings
Interest bearing loans and (1,753) (13,196)
borrowings 775,206 3,248,211
Net cash from financing
activities
Cash Flow from Acquisitions and
Disposals
Acquisition of Subsidiary (4,800) -
New Assets acquired with 10,000 -
Subsidiary
£5,200 £-
(Decrease)/Increase in cash and (117,398) (277,095)
cash equivalents
Cash and cash equivalents at
beginning of year 2 200,652 477,747
Cash and cash equivalents at end 2 £83,254 £200,652
of year
CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2007 2006
unaudited
Operating loss (1,888,346) (2,718,173)
Exchange gains/(losses) in period 354,858 (648,986)
Provisions in Year 5,104 -
Translation adjustments (152,281) 183,370
Translation adjustments relating to fixed (201,370) 215,294
assets
Loss on disposal of tangible assets - 738
Depreciation charges 990,161 604,513
Impairment losses 326,998 1,587,164
(Increase)/decrease in inventories 99,247 (279,919)
Increase in trade and other receivables 207,625 (342,722)
Increase/(decrease) in trade and other (83,018) 169,951
payables
(Decrease)/increase in other provisions (46,747) (4,128)
Net cash outflow
from operating activities £(393,769) £(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.
Year ended 31 December 2007
31.12.07 01.01.07
Cash and cash equivalents £83,254 £200,652
Year ended 31 December 2006
31.12.06 01.01.06
Cash and cash equivalents £200,652 £477,747
This information is provided by RNS
The company news service from the London Stock Exchange
END
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