Interim Results
April 05 2006 - 3:02AM
UK Regulatory
RNS Number:0042B
GruppeM Investments PLC
05 April 2006
Embargoed until 7.00am 5 April 2006
GRUPPEM INVESTMENTS PLC
(LSE: GRP, 'GruppeM' or the 'Company')
Interim results for the six month period ended 31 January 2006 and board change
GruppeM Investments PLC today announces its unaudited interim results for the
six month period ended 31 January 2006.
In addition, the Company announces that Marvin Tien has today resigned from his
position as Non-executive Director.
The Board would like to take this opportunity to thank Marvin for his
contribution to the Company, and to wish him well for the future.
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
Overview
This six month period has been a time of increased activity within the Company.
Unfortunately this activity has yet to result in the Company implementing its
investing strategy. However, we have identified two possible acquisitions in
line with our investing strategy and are confident of executing a significant
transaction in the near future.
Financial results
In the six months ended 31 January 2006, the Company made a loss of #427,385,
after exceptional costs of #310,299. This compares to a loss of #168,777, after
exceptional costs of #142,512, in the period ended 31 July 2005. The
exceptional costs are in relation to the legal and professional costs billed,
and accrued, in advance of the proposed transactions mentioned above.
Working capital
The proposed transactions are expected to be accompanied by a fundraising in
order to raise sufficient funds to finance the Company's ongoing working capital
requirements.
Strategy
The Board remains committed to creating value for shareholders through
high-quality, selective acquisitions that have the capacity to earn returns
above the cost of capital.
Market prospects
China, the world's fastest-growing major economy, has experienced average GDP
growth of 9.2% a year over the past decade, driving up land prices to such an
extent that property values in the major cities almost tripled in six years.
The average growth rate of the Chinese car market as a whole is estimated to be
at least 15% per year in the future and forecasts suggest that China will become
the world's second-largest automotive market by 2013. Therefore, the Board
believes that the market for motor retailing and property development will
remain extremely attractive as its economy continues to forge ahead.
I would like to take this opportunity to thank all our employees and
professional advisors for their commitment and support as we work together
towards our first significant reverse takeover transaction.
Lord Marsh
Chairman, on behalf of the Board
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTH PERIOD ENDED 31 JANUARY 2006
Notes Period
Six months ended
ended 31 July
31 January 2006 2005
(Unaudited) (Audited)
# #
Administrative expenses
- exceptional items 310,299 142,512
- other 116,603 26,265
________ ________
OPERATING LOSS (426,902) (168,777)
Interest received 23 156
Interest paid (506) -
________ ________
LOSS FOR THE PERIOD (427,385) (168,621)
-------- --------
Loss per share
Basic and fully diluted 2 (2.14p) (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 JANUARY 2006
Notes 31 January 31 July
2006 2005
(Unaudited) (Audited)
# #
Fixed assets
Tangible assets 1,566 -
Current assets
Debtors 5,091 8,185
Cash at bank 145 94,746
________ ________
5,236 102,931
Creditors
Amounts falling due within one year 402,808 71,552
________ ________
NET (LIABILITIES)/ASSETS (396,006) 31,379
-------- --------
EQUITY AND LIABILITIES
Capital and Reserves
Share capital 200,000 200,000
Profit and loss account 3 (596,006) (168,621)
________ ________
Equity shareholders' funds (396,006) 31,379
-------- --------
CASH FLOW STATEMENT
FOR THE SIX MONTH PERIOD ENDED 31 JANUARY 2006
Six months Period
ended ended
31 January 31 July
2006 2005
(Unaudited) (Audited)
# #
Operating loss (426,902) (168,777)
Depreciation on tangible fixed assets 169
Decrease/(increase) in debtors 3,094 (8,185)
Increase in creditors 331,256 71,552
________ ________
Cash outflow from operating activities (92,383) (105,410)
Return on investment and servicing of finance
Interest received 23 156
Interest paid (506) -
Capital expenditure
Payment to acquire tangible fixed asset (1,735) -
________ ________
Net cash outflow before financing (94,601) (105,254)
Financing
Proceeds on issue of shares - 200,000
________ ________
NET (DECREASE)/INCREASE IN CASH FOR THE PERIOD (94,601) 94,746
-------- --------
RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET FUNDS
(Decrease)/increase in cash for the period (94,601) 94,746
________ ________
Net funds brought forward 94,746 -
________ ________
Net funds carried forward 145 94,746
-------- --------
ANALYSIS OF NET FUNDS
Cash at bank 145 94,746
-------- --------
NOTES
1. ACCOUNTING POLICIES
BASIS OF PREPARATION
These interim statements have been prepared on a consistent basis with the
financial statements for the period ended 31 July 2005.
These interim statements do not constitute statutory financial statements within
the meaning of Section 240 of the Companies Act 1985. Results for the six month
period ended 31 January 2006 have not been audited. The results for the period
ended 31 July 2005 have been extracted from the statutory financial statements
that have been filed with the Registrar of Companies and upon which the auditors
reported without qualification.
The financial statements have been prepared under the historical cost convention
and the principal accounting policies adopted are set out below.
Tangible fixed assets
Tangible fixed assets are carried at cost and are depreciated over their useful
economic lives on a straight-line basis as follows:
Office equipment: 3 years
Going concern
The Company suffered a loss of #427,385 for the six month period ended 31
January 2006 and had net liabilities of #396,006 at that date.
The directors have identified suitable investment opportunities and will seek to
raise sufficient funds to finance the Company's working capital requirements for
the foreseeable future.
In view of this, the directors consider it appropriate to prepare the financial
statements on the going concern basis.
Exceptional Costs
Exceptional administrative costs totalling #310,299 were incurred in relation to
a proposed investment transaction which did not proceed before the period end.
Financial instruments
The Company's financial instruments comprise only cash at bank. 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 January 2006.
2. LOSS PER SHARE
The calculation of loss per share is based upon the loss of #427,835 and on
20,000,000 being the weighted average number of shares in issue during the
period.
There were no share options in issue during the period.
3. PROFIT AND LOSS ACCOUNT
31 January 2006 31 July 2005
# #
Loss brought forward (168,621) -
Loss for the period (427,385) (168,621)
Loss carried forward (596,006) (168,621)
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFLASVISIIR
Greencoat Renewables (LSE:GRP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Greencoat Renewables (LSE:GRP)
Historical Stock Chart
From Jul 2023 to Jul 2024
