Final Results
November 18 2005 - 9:06AM
UK Regulatory
RNS Number:3687U
GruppeM Investments PLC
18 November 2005
18 November 2005
For Immediate Release
GRUPPEM INVESTMENTS PLC
(LSE: GRP, 'GruppeM' or the 'Company')
Final results for the period ended 31 July 2005
GruppeM Investments PLC today announces its unaudited final results for the
financial period ended 31 July 2005.
For more information please contact:
GruppeM Investments Plc
Kenny Chen/Paul McIlwaine
Tel: +44 (0) 207 233 2952
Shore Capital and Corporate Limited
Alex Borrelli
Tel: +44 (0) 207 408 4090
Further information on GruppeM Investments Plc can be found on the Company's
website: www.gruppemplc.com
CHAIRMAN'S STATEMENT
Following the Company's successful flotation on the AIM Market in February 2005,
the investment policy of the Company continues to aim to exploit growth
opportunities in the property sector and motor retailing within China. The
market for high specification commercial property is growing rapidly whilst
demand for high value European sports cars continues to outstrip supply.
For the period ended 31 July 2005, the Company made a loss of #168,621, with
general and administrative expenses amounting to #168,777, and a small amount of
interest income. Included within expenses were #41,942 of legal fees and
#109,971 of professional fees. At the year end the Company had net assets of
#31,379 and cash of #94,746.
In line with the amended AIM rules, a resolution will be proposed at the AGM to
gain shareholder approval for the Company's investment strategy. The directors
are confident that a suitable investment opportunity, in line with the Company's
stated strategy, will be identified in the near future in order to generate
increased shareholder value.
Lord Marsh
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 JULY 2005
Period ended
31 July 2005
(unaudited)
#
Administrative expenses
- exceptional items 142,512
- other 26,265
________
OPERATING LOSS (168,777)
Interest received 156
________
LOSS FOR THE PERIOD (168,621)
--------
Loss per share
Basic and fully diluted (0.17p)
--------
All activities are classed as continuing.
There are no recognised gains or losses other than the loss for the financial
period.
BALANCE SHEET
AS AT 31 JULY 2005
31 July 2005
(unaudited)
#
Current assets
Debtors 8,185
Cash at bank 94,746
________
102,931
Creditors
Amounts falling due within one year 71,552
________
NET ASSETS 31,379
--------
EQUITY AND LIABILITIES
Capital and Reserves
Share Capital 200,000
Profit and loss account (168,621)
________
Equity shareholders' funds 31,379
--------
CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31 JULY 2005
Period ended
31 July 2005
(unaudited)
#
Operating loss (168,777)
Increase in debtors (8,185)
Increase in creditors 71,552
________
Cash outflow from operating activities (105,410)
Return on investment and servicing of finance 156
Financing
Proceeds on issue of shares 200,000
________
NET INCREASE IN CASH FOR THE PERIOD 94,746
--------
RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET FUNDS
Increase in cash for the period 94,746
________
Net funds as at 31 July 2005 94,746
--------
ANALYSIS OF NET FUNDS
Cash at bank 94,746
--------
NOTES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in accordance with applicable
accounting standards.
The financial statements have been prepared under the historical cost convention
and the principal accounting policies adopted are set out below.
These period end statements do not constitute statutory financial statements
within the meaning of Section 240 of the Companies Act 1985. Results for the
period ended 31 July 2005 have not been audited.
Foreign currency translations
Foreign currency transactions are translated into sterling using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions are recognised in the
income statement.
Financial instruments
The company's financial instruments comprise only cash at bank. Trade debtors
and trade creditors have been excluded from the following disclosure, as
permitted by Financial Reporting Standard 13.
The company's policy is to obtain the highest possible rate of return on its
cash balances, subject to having sufficient resources to manage the business on
a day to day basis and not exposing the company to unnecessary risk of default.
The company had no undrawn borrowing facilities at 31 July 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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