TIDMHUW
RNS Number : 5492T
Hampden Underwriting Plc
30 September 2010
30 September 2010
Hampden Underwriting PLC
"Hampden Underwriting" or the "Company")
Interim results for the six months ended 30 June 2010
Hampden Underwriting, which provides investors with a limited liability direct
investment into the Lloyd's insurance market, announces its unaudited results
for the six months ended 30 June 2010.
Highlights
- Premium written during the period totalled GBP5.7m (an increase of 7% over the
same period last year).
- Net loss of GBP58,000 (compared to a profit of GBP138,000 over the same period
last year).
- Earnings per share of (0.78)p (compared to 1.86p over the same period last
year).
- Net assets remain at GBP7.7m.
For further information please contact:
+-------------------+--------------------+-----------------+
| Hampden | Jeremy Evans | 020 7863 6567 |
| Underwriting | | |
| | | |
+-------------------+--------------------+-----------------+
| Smith & | David Jones | 020 7131 4000 |
| Williamson | Barrie Newton | |
| Corporate Finance | | |
| Limited | | |
+-------------------+--------------------+-----------------+
Chairman's Statement
Our result at mid-year has been adversely affected by both the catastrophe
losses in the first six months and by the much publicised deterioration in the
operating performance of UK motor business which has impacted the 2008, 2009 and
2010 years of account reducing our result for the period by some GBP350,000. It
is important to remember however, that the full year results normally tell a
different story to the half year, as indeed was the case last year and in the
absence of an abnormal loss pattern in the remaining months of the year, we
fully expect a satisfactory outcome for 2010. On a three year account basis,
the portfolio of syndicates supported by Hampden Underwriting continues to
outperform Lloyd's on both the 2008 and 2009 accounts with Hampden Agencies (our
Lloyd's adviser) estimating profits of 6.11% on capacity for 2008 and 12.68% for
2009. They are currently targeting a profit of 5% on capacity for the 2010 year
of account although it must be borne in mind that the hurricane season usually
continues until the end of November. In this respect the current year is still
very much on risk.
Whilst current prospects are undoubtedly more challenging, we remain confident
of the resilience of the syndicates in our portfolio.
I said in my statement in 2009 that our policy of expansion through the
acquisition of Namecos remained an important part of our strategy and therefore
I am delighted to report that in August this year we were able to buy Nameco (No
321) Ltd., thereby increasing our underwriting by a further GBP800,000. It is
also gratifying that despite the mid-year result, the cash balance, held by the
Group, has increased by GBP571,000.
Sir Michael Oliver
Chairman
29 September 2010
Condensed Group Income Statement
Six months ended 30 June 2010
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | 6 | | 6 | | 12 |
| | | months | | months | | months |
| | | ended | | ended | | ended |
| | | 30 | | 30 | | 31 |
| | | June | | June | | December |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| |Note | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Gross premium written | | 5,723 | | 5,344 | | 8,610 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Reinsurance premium ceded | | (1,127) | | (1,255) | | (1,753) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Net premiums written | | 4,596 | | 4,089 | | 6,857 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Change in unearned gross premium | | (1,776) | | (1,554) | | (8) |
| provision | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Change in unearned reinsurance | | 373 | | 649 | | 116 |
| premium provision | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | (1,403) | | (905) | | 108 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Net earned premium | 2 | 3,193 | | 3,184 | | 6,965 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Net investment income | 4 | 201 | | 140 | | 375 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Other underwriting income | | 4 | | 9 | | 24 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Other income | 2 | 3 | | 173 | | 337 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | 208 | | 322 | | 736 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Revenue | | 3,401 | | 3,506 | | 7,701 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Gross claims paid | | (2,058) | | (1,184) | | (2,836) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Reinsurance share of gross claims | | 344 | | 176 | | 472 |
| paid | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Claims paid, net of reinsurance | | (1,714) | | (1,008) | | (2,364) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Change in provision for gross | | (657) | | (1,013) | | (1,457) |
| claims | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Reinsurance share of change in | | (46) | | 123 | | 170 |
| provision for gross claims | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Net change in provision for claims | | (703) | | (890) | | (1,287) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Net insurance claims and loss | 2 | (2,417) | | (1,898) | | (3,651) |
| adjustment expenses | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Expenses incurred in insurance | 2 | (812) | | (1,175) | | (2,513) |
| activities | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Other operating expenses | 2 | (252) | | (307) | | (552) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Operating expenses | | (1,064) | | (1,482) | | (3,065) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Operating (loss)/profit before tax | 2 | (80) | | 126 | | 985 |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Income tax credit/(expense) | 5 | 22 | | 12 | | (261) |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| (Loss)/profit attributable to | 9 | (58) | | 138 | | 724 |
| equity shareholders | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Earnings per share attributable to | | | | | | |
| equity shareholders | | | | | | |
+-------------------------------------+------+---------+----------+---------+----------+----------+
| Basic and diluted | 6 | (0.78)p | | 1.86p | | 9.77p |
+-------------------------------------+------+---------+----------+---------+----------+----------+
Condensed Group Balance Sheet
At 30 June 2010
+-----------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| | | 30 | | 30 | | 31 |
| | | June | | June | | December |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| | | 2010 | | 2009 | | 2009 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| |Note | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Assets | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Intangible assets | | 1,101 | | 1,241 | | 1,216 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Financial investments | | 13,025 | | 10,578 | | 10,441 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Reinsurance share of insurance | | | | | | |
| liabilities | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| - Reinsurers' share of | | 2,383 | | 1,726 | | 1,581 |
| outstanding claims | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| - Reinsurers' share of unearned | | 935 | | 775 | | 349 |
| premiums | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Other receivables, including | | 7,982 | | 4,915 | | 4,910 |
| insurance receivables | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Prepayments and accrued income | | 1,086 | | 879 | | 873 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Deferred income tax assets | | - | | - | | 12 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Cash and cash equivalents | | 3,408 | | 2,656 | | 2,111 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Total assets | | 29,920 | | 22,770 | | 21,493 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| | | | | | | |
| Liabilities | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Insurance liabilities | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| - Claims outstanding | | 11,988 | | 8,610 | | 7,301 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| - Unearned premiums | | 5,557 | | 3,796 | | 3,402 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Other payables, including | | 3,513 | | 2,651 | | 2,215 |
| insurance payables | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Accruals and deferred income | | 603 | | 233 | | 226 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Current income tax liabilities | | 108 | | 5 | | 106 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Deferred income tax liabilities | | 469 | | 321 | | 503 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Total liabilities | | 22,238 | | 15,616 | | 13,753 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Shareholders' equity | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Share capital | 8 | 741 | | 741 | | 741 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Share premium | 8 | 6,261 | | 6,261 | | 6,261 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Retained earnings | 9 | 680 | | 152 | | 738 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Total shareholders' equity | | 7,682 | | 7,154 | | 7,740 |
+-----------------------------------+------+---------+----------+---------+----------+----------+
| Total liabilities and | | 29,920 | | 22,770 | | 21,493 |
| shareholders' equity | | | | | | |
+-----------------------------------+------+---------+----------+---------+----------+----------+
Condensed Group Cash Flow Statement
Six months ended 30 June 2010
+------------------------------------------+---------+----------+---------+----------+----------+
| | | | |
+------------------------------------------+---------+-------------------------------+----------+
| | 6 | | 6 | | 12 |
| | months | | months | | months |
| | ended | | ended | | ended |
| | 30 | | 30 | | 31 |
| | June | | June | | December |
+------------------------------------------+---------+----------+---------+----------+----------+
| Cash flow from operating activities | 2010 | | 2009 | | 2009 |
+------------------------------------------+---------+----------+---------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Results of operating activities | (80) | | 126 | | 985 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Interest received | (9) | | (21) | | (47) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Investment income | (159) | | (119) | | (179) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Dividend received | - | | - | | - |
+------------------------------------------+---------+----------+---------+----------+----------+
| Income tax paid | (1) | | (26) | | 159 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Recognition of negative goodwill | - | | (173) | | (206) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Amortisation of intangible assets | 118 | | 104 | | 217 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Profit on sale of intangible assets | - | - | - | | (133) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Change in fair value of investments | - | | 112 | | (88) |
| recognised in the income statement | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Changes in working capital: | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Increase in other receivables | (3,285) | | (2,625) | | (2,616) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Increase in other payables | 1,675 | | 2,055 | | 1,613 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net increase in technical provisions | 5,454 | | 5,605 | | 4,472 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net cash inflow from operating | 3,713 | | 5,038 | | 4,177 |
| activities | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Cash flows from investing activities | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Interest received | 9 | | 21 | | 47 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Investment income | 159 | | 119 | | 179 |
+------------------------------------------+---------+----------+---------+----------+----------+
| Dividend received | - | | - | | - |
+------------------------------------------+---------+----------+---------+----------+----------+
| Purchase of intangible assets | - | | - | | (67) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Proceeds from disposal of intangible | - | | 28 | | 135 |
| assets | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Purchase of financial investments | (2,584) | | (6,447) | | (6,310) |
+------------------------------------------+---------+----------+---------+----------+----------+
| Acquisition of subsidiary, net of cash | - | | (34) | | 19 |
| acquired | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net cash used in investing activities | (2,416) | | (6,313) | | (5,997) |
+------------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Cash flows from financing activities | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net proceeds from issue of ordinary | - | | - | | - |
| share capital | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net cash used in financing activities | - | | - | | - |
+------------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Net increase/(decrease) in cash and cash | 1,297 | | (1,275) | | (1,820) |
| equivalents | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Cash and cash equivalents at beginning | 2,111 | | 3,931 | | 3,931 |
| of period | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
| Cash, cash equivalents and bank | 3,408 | | 2,656 | | 2,111 |
| overdrafts at end of period | | | | | |
+------------------------------------------+---------+----------+---------+----------+----------+
Condensed Group Statement of Changes in Shareholders' Equity
Six months ended 30 June 2010
+----------------------------+----------+------------+---------+----------+---------+
| | Ordinary | Preference | Share | Retained | Total |
| | Share | share | Premium | Earnings | |
| | Capital | capital | | | |
+----------------------------+----------+------------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+---------+----------+---------+
| At 1 January 2009 | 741 | - | 6,261 | 14 | 7,016 |
+----------------------------+----------+------------+---------+----------+---------+
| Profit for the year | - | - | - | 724 | 724 |
| attributable to equity | | | | | |
| shareholders | | | | | |
+----------------------------+----------+------------+---------+----------+---------+
| At 31 December 2009 | 741 | - | 6,261 | 738 | 7,740 |
+----------------------------+----------+------------+---------+----------+---------+
| At 1 January 2010 | 741 | - | 6,261 | 738 | 7,740 |
+----------------------------+----------+------------+---------+----------+---------+
| Loss for the period | - | - | - | (58) | (58) |
| attributable to equity | | | | | |
| shareholders | | | | | |
+----------------------------+----------+------------+---------+----------+---------+
| At 30 June 2010 | 741 | - | 6,261 | 680 | 7,682 |
+----------------------------+----------+------------+---------+----------+---------+
Notes to the Interim Financial Statements
Six months ended 30 June 2010
1. Accounting policies
Basis of preparation
The Interim Financial Statements have been prepared using accounting policies
consistent with International Financial Reporting Standards (IFRSs) and in
accordance with International Accounting Standard (IAS) 34 Interim Financial
Reporting.
The Interim Financial Statements are prepared for the six months ended 30 June
2010.
The Interim Financial Statements incorporate the results of Hampden Underwriting
plc, Hampden Corporate Member Limited, Nameco (No. 365) Limited and Nameco (No.
605) Limited.
The Interim Financial Statements are unaudited, but have been subject to review
by the Group's auditors. The Interim Financial Statements have been prepared in
accordance with the accounting policies adopted for the period ended 31 December
2009.
The comparative figures are based upon the Group Financial Statements for the
period ended 31 December 2009, and have been reported on by the Group's auditors
and were delivered to the Registrar of Companies on 22 June 2010.
The underwriting data on which these Interim Financial Statements are based upon
has been supplied by the managing agents of those syndicates which the Group
supports. The data supplied is the 100% figures for each syndicate. The Group
has applied its share of the syndicate participations to the gross figures to
derive its share of the syndicates transactions, assets and liabilities.
Significant accounting policies
The Interim Financial Statements have been prepared under the historical cost
convention. The same accounting policies, presentation and methods of
computation are followed in these Interim Financial Statements as were applied
in the preparation of the Group Financial Statements for the period ended 31
December 2009.
2.Segmental information
Primary segment information
The Group has three primary segments which represent the primary way in which
the Group is managed:
· Syndicate participation;
· Investment management;
· Other corporate activities.
+--------------------------------+---------------+------------+------------+---------+
| 6 months ended 30 June 2010 | Syndicate | Investment | Other | Total |
| | participation | management | corporate | |
| | | | activities | |
+--------------------------------+---------------+------------+------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------------+------------+------------+---------+
| Net earned premium | 3,193 | - | - | 3,193 |
+--------------------------------+---------------+------------+------------+---------+
| Net investment income | 140 | 61 | - | 201 |
+--------------------------------+---------------+------------+------------+---------+
| Other underwriting income | 4 | - | - | 4 |
+--------------------------------+---------------+------------+------------+---------+
| Other income | - | - | 3 | 3 |
+--------------------------------+---------------+------------+------------+---------+
| Net insurance claims and loss | (2,417) | - | - | (2,417) |
| adjustment expenses | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Expenses incurred in insurance | (812) | - | - | (812) |
| activities | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Amortisation of syndicate | - | - | (76) | (76) |
| capacity | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Other operating expenses | - | - | (176) | (176) |
+--------------------------------+---------------+------------+------------+---------+
| Results of operating | 108 | 61 | (249) | (80) |
| activities | | | | |
+--------------------------------+---------------+------------+------------+---------+
+---------------------------------+---------------+------------+------------+---------+
| 6 months ended 30 June 2009 | Syndicate | Investment | Other | Total |
| | participation | management | corporate | |
| | | | activities | |
+---------------------------------+---------------+------------+------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------------+------------+------------+---------+
| Net earned premium | 3,184 | - | - | 3,184 |
+---------------------------------+---------------+------------+------------+---------+
| Net investment income | 108 | 32 | - | 140 |
+---------------------------------+---------------+------------+------------+---------+
| Other underwriting income | 9 | - | - | 9 |
+---------------------------------+---------------+------------+------------+---------+
| Other income | - | - | 173 | 173 |
+---------------------------------+---------------+------------+------------+---------+
| Net insurance claims and loss | (1,898) | - | - | (1,898) |
| adjustment expenses | | | | |
+---------------------------------+---------------+------------+------------+---------+
| Expenses incurred in insurance | (1,175) | - | - | (1,175) |
| activities | | | | |
+---------------------------------+---------------+------------+------------+---------+
| Amortisation of syndicate | - | - | (76) | (76) |
| capacity | | | | |
+---------------------------------+---------------+------------+------------+---------+
| Other operating expenses | (6) | - | (225) | (231) |
+---------------------------------+---------------+------------+------------+---------+
| Results of operating activities | 222 | 32 | (128) | 126 |
+---------------------------------+---------------+------------+------------+---------+
+--------------------------------+---------------+------------+------------+---------+
| 12 months ended 31 December | Syndicate | Investment | Other | Total |
| 2009 | participation | management | corporate | |
| | | | activities | |
+--------------------------------+---------------+------------+------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------------+------------+------------+---------+
| Net earned premium | 6,965 | - | - | 6,965 |
+--------------------------------+---------------+------------+------------+---------+
| Net investment income | 228 | 147 | - | 375 |
+--------------------------------+---------------+------------+------------+---------+
| Other underwriting income | 24 | - | - | 24 |
+--------------------------------+---------------+------------+------------+---------+
| Other income | - | - | 337 | 337 |
+--------------------------------+---------------+------------+------------+---------+
| Net insurance claims and loss | (3,651) | - | - | (3,651) |
| adjustment expenses | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Expenses incurred in insurance | (2,513) | - | - | (2,513) |
| activities | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Amortisation of syndicate | - | - | (217) | (217) |
| capacity | | | | |
+--------------------------------+---------------+------------+------------+---------+
| Other operating expenses | (57) | - | (278) | (335) |
+--------------------------------+---------------+------------+------------+---------+
| Results of operating | 996 | 147 | (158) | 985 |
| activities | | | | |
+--------------------------------+---------------+------------+------------+---------+
Secondary segment information
The Group does not have any secondary segments as it considers all of its
activities to arise from trading within the UK.
3. Insurance liabilities and reinsurance balances
Movement in claims outstanding
+---------------+---------+--------+-------------+--------+---------+
| | |
+---------------+---------------------------------------------------+
| | Gross | | Reinsurance | | Net |
+---------------+---------+--------+-------------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+---------+--------+-------------+--------+---------+
| At 1 | 7,301 | | 1,581 | | 5,720 |
| January | | | | | |
| 2010 | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| Movement | 657 | | (46) | | 703 |
| of | | | | | |
| reserves | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| Net | 4,030 | | 848 | | 3,182 |
| exchange | | | | | |
| differences | | | | | |
| and changes | | | | | |
| in | | | | | |
| syndicate | | | | | |
| participation | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| At 30 | 11,988 | | 2,383 | | 9,605 |
| June | | | | | |
| 2010 | | | | | |
+---------------+---------+--------+-------------+--------+---------+
Movement in unearned premium
+---------------+---------+--------+-------------+--------+---------+
| | |
+---------------+---------------------------------------------------+
| | Gross | | Reinsurance | | Net |
+---------------+---------+--------+-------------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+---------+--------+-------------+--------+---------+
| At 1 | 3,402 | | 349 | | 3,053 |
| January | | | | | |
| 2010 | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| Movement | 1,776 | | 373 | | 1,403 |
| in | | | | | |
| premiums | | | | | |
| earned | | | | | |
| in the | | | | | |
| year | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| Net | 379 | | 213 | | 166 |
| exchange | | | | | |
| difference | | | | | |
| and | | | | | |
| changes in | | | | | |
| syndicate | | | | | |
| participation | | | | | |
+---------------+---------+--------+-------------+--------+---------+
| At 30 | 5,557 | | 935 | | 4,622 |
| June | | | | | |
| 2010 | | | | | |
+---------------+---------+--------+-------------+--------+---------+
4. Net investment income
+---------------------------------------+---------+----------+---------+----------+----------+
| | 6 | | 6 | | 12 |
| | months | | months | | months |
| | ended | | ended | | ended |
| | 30 | | 30 June | | 31 |
| | June | | | | December |
+---------------------------------------+---------+----------+---------+----------+----------+
| | 2010 | | 2009 | | 2009 |
+---------------------------------------+---------+----------+---------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Investment income at fair value | 159 | | 119 | | 179 |
| through income statement | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| Realised gains on financial | - | | - | | 169 |
| investments at fair value through | | | | | |
| income statement | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| Unrealised gains/(losses) on | 33 | | - | | 88 |
| financial investments at fair value | | | | | |
| through income statement | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| Investment management expenses | - | | - | | (108) |
+---------------------------------------+---------+----------+---------+----------+----------+
| Bank interest | 9 | | 21 | | 47 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Net investment income | 201 | | 140 | | 375 |
+---------------------------------------+---------+----------+---------+----------+----------+
5. Income tax expense
+---------------------------------------+---------+----------+---------+----------+----------+
| | 6 | | 6 | | 12 |
| | months | | months | | months |
| | ended | | ended | | ended |
| | 30 | | 30 June | | 31 |
| | June | | | | December |
+---------------------------------------+---------+----------+---------+----------+----------+
| | 2010 | | 2009 | | 2009 |
+---------------------------------------+---------+----------+---------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Income tax credit/(expense) | 22 | | 12 | | (261) |
+---------------------------------------+---------+----------+---------+----------+----------+
The income tax credit/(expense) is recognised based on management's best
estimate of the weighted average annual income tax rate expected for the full
financial year. The estimated average annual tax rate used is 28% (2009: 28%).
Material disallowed items have been adjusted for in the income tax calculation.
6. 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.
The Group has no dilutive potential ordinary shares.
Earnings per share have been calculated in accordance with IAS 33.
Reconciliation of the earnings and weighted average number of shares used in the
calculation is set out below.
+---------------------------------------+---------+----------+---------+----------+----------+
| | 6 | | 6 | | 12 |
| | months | | months | | months |
| | ended | | ended | | ended |
| | 30 | | 30 | | 31 |
| | June | | June | | December |
+---------------------------------------+---------+----------+---------+----------+----------+
| | 2010 | | 2009 | | 2009 |
+---------------------------------------+---------+----------+---------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---------+----------+---------+----------+----------+
| (Loss)/profit for the period | (58) | | 138 | | 724 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Weighted average number of shares in | 7,413 | | 7,413 | | 7,413 |
| issue | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| Basic and diluted earnings per share | (0.78)p | | 1.86p | | 9.77p |
| (p) | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
7. Dividends
No equity dividends were proposed, declared or paid in the period (2009 -
GBPNil).
8. Share capital and share premium
+------------------------------------------------+----------+-+----------+-------+---------+---------+
| Allotted, called up and fully paid | | Ordinary Share | Share | Total |
| | | Capital | Premium | GBP'000 |
| | | GBP'000 | GBP'000 | |
+------------------------------------------------+----------+--------------------+---------+---------+
| 7,413,376 ordinary shares of 10p each and share premium | | 741 | 6,261 | 7,002 |
| at 1 January 2010 | | | | |
+-----------------------------------------------------------+------------+-------+---------+---------+
| 7,413,376 ordinary shares of 10p each and share premium at | | 741 | 6,261 | 7,002 |
| 30 June 2010 | | | | |
+-------------------------------------------------------------+----------+-------+---------+---------+
| | | | | | | |
+------------------------------------------------+----------+-+----------+-------+---------+---------+
9 Retained earnings
+---------------------------------------+---------+----------+---------+----------+----------+
| | 30 | | 30 | | 31 |
| | June | | June | | December |
+---------------------------------------+---------+----------+---------+----------+----------+
| | 2010 | | 2009 | | 2009 |
+---------------------------------------+---------+----------+---------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Group | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| At 1 January 2010 | 738 | | 14 | | 14 |
+---------------------------------------+---------+----------+---------+----------+----------+
| (Loss)/profit attributable to equity | (58) | | 138 | | 724 |
| shareholders | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| At 30 June 2010 | 680 | | 152 | | 738 |
+---------------------------------------+---------+----------+---------+----------+----------+
10. Related party transactions
The table set out below illustrates the Parent Company inter-company balances
at the period end.
+---------------------------------------+---------+----------+---------+----------+----------+
| | 30 June | | 30 | | 31 |
| | | | June | | December |
+---------------------------------------+---------+----------+---------+----------+----------+
| | 2010 | | 2009 | | 2009 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Company | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Balances due from Group companies at | | | | | |
| the period end: | | | | | |
+---------------------------------------+---------+----------+---------+----------+----------+
| Hampden Corporate Member Limited | 3,693 | | 3,671 | | 3,682 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Nameco (No. 365) Limited | 133 | | 125 | | 133 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Nameco (No. 605) Limited | 960 | | 900 | | 957 |
+---------------------------------------+---------+----------+---------+----------+----------+
| Total | 4,786 | | 4,696 | | 4,772 |
+---------------------------------------+---------+----------+---------+----------+----------+
Hampden Underwriting plc has provided an inter-company loan to Hampden Corporate
Member Limited, a 100% subsidiary of the company. The amount outstanding as at
30 June 2010 is GBP3,693,000 (2009: GBP3,671,000). Interest is charged on the
loan at base rate plus 0.125%. The loan is repayable on three months notice
provided it does not jeopardise the ability of Hampden Corporate Member Limited
to meet its liabilities as they fall due.
Hampden Underwriting plc has provided an intercompany loan to Nameco (No.365)
Limited, a 100% subsidiary of the Company. The amount outstanding as at 30 June
2010 is GBP133,000 (2009: GBP125,000). Interest is charged on the loan at base
rate plus 0.125%. The loan is repayable on three months notice provided it does
not jeopardise the ability of Nameco (No.365) Limited to meet its liabilities as
they fall due.
Hampden Underwriting plc has provided an intercompany loan to Nameco (No.605)
Limited, a 100% subsidiary of the Company. The amount outstanding as at 30 June
2010 is GBP960,000 (2009: GBP900,000). Interest is charged on the loan at base
rate plus 0.125%. The loan is repayable on three months notice provided it does
not jeopardise the ability of Nameco (No.605) Limited to meet its liabilities as
they fall due.
Hampden Underwriting plc and Hampden Corporate Member Limited, a 100% subsidiary
of the company, have entered into a management agreement with Nomina plc. Jeremy
Richard Holt Evans, a Director of Hampden Underwriting plc and Hampden Corporate
Member Limited is also a Director of Nomina plc. Under the agreement, Nomina plc
provides management and administration, financial tax and accounting services to
the Group for an annual fee of GBP2,625 (2009: GBP10,000). No fees have been
paid by the Group in the period.
Hampden Corporate Member Limited, a 100% subsidiary of the company, has entered
into a member's agent agreement with Hampden Agencies Limited. Jeremy Richard
Holt Evans, a Director of Hampden Underwriting plc and Hampden Corporate Member
Limited, and Sir James Michael Yorrick Oliver, a Director of Hampden
Underwriting plc, are also a Directors of Hampden Capital plc which controls
Hampden Agencies Limited. Under the agreement, Hampden Corporate Member Limited
will pay Hampden Agencies Limited a fee based on a fixed amount, which will vary
depending upon the number of syndicates the company underwrites on a bespoke
basis, and a variable amount depending on the level of underwriting through the
members' agent pooling arrangements. In addition, the Company will pay profit
commission on a sliding scale from 1% of the net profit up to a maximum of 10%.
The total fee payable for 2010 will be GBP16,964 (2009: GBP16,694).
Nameco (No.365) Limited has entered into a management agreement with Nomina plc
and a members agent agreement with Hampden Agencies Limited. Under the
management agreement Nameco (No.365) Limited pays Nomina plc GBP2,625 (2009:
GBP2,625) for management, administration, financial, tax and accounting
services. Under the members agencies agreement Nameco (No.365) Limited will pay
Hampden Agencies Limited a fee based on a fixed amount, which will vary
depending upon the number of syndicates the company underwrites on a bespoke
basis, and a variable amount depending on the level of underwriting through the
members' agent pooling arrangements. In addition, the Company will pay profit
commission on a sliding scale from 1% of the net profit up to a maximum of 10%.
The total fee payable for 2010 will be GBP5,292 (2009: GBP4,802).
Nameco (No.605) Limited has entered into a management agreement with Nomina plc
and a member's agency agreement with Hampden Agencies Limited. Under the
management agreement Nameco (No.605) Limited pays Nomina plc GBP2,625 (2009:
GBP2,625) for management, administration, financial, tax and accountancy
services. Under the members' agency agreement Nameco (No.605) Limited will pay
Hampden Agencies Limited a fee based on a fixed amount, which will vary
depending upon the number of syndicates the company underwrites on a bespoke
basis, and a variable amount depending on the level of underwriting through the
members' agent pooling arrangements. In addition, the Company will pay profit
commission on a sliding scale from 1% of the net profit up to a maximum of 10%.
The total fee payable for 2010 will be GBP10,608 (2009: GBP10,006).
Hampden Underwriting plc has entered into a company secretarial agreement with
Hampden Legal plc. Under the agreement, Hampden Legal plc provides company
secretarial services to the Group for an annual fee of GBP35,000 (2009:
GBP38,000). Hampden Holdings Limited has a controlling interest in both Hampden
Legal plc and Hampden Capital plc.
The Group has entered into a reinsurance arrangement with an insurance company
owned by Hampden Capital plc. The total premium payable for 2010 will be GBP920
(2009: GBP35,239). The reinsurance arrangement was at market rates. Hampden
Capital plc is the holding company of Nomina plc.
11. Syndicate participations
The syndicates and members' agent pooling arrangements ("MAPA") in which the
Company's subsidiaries participate as corporate members of Lloyd's as are
follows:
+-----------+-------------+-------+--+----------+--+-----------+----------+-----------+----------+----------------+
| | | | | Allocated capacity |
| | | | | Year of account |
+-----------+-------------+-------+-------------+ +
| | | | | |
+-----------+-------------+-------+-------------+-----------------------------------------------------------------+
| Syndicate | Managing or Members' | | | 2008 | | 2009 | | 2010 |
| or | Agent | | | | | | | |
| MAPA | | | | | | | | |
| Number | | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| | | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 218 | Equity Syndicates | | | 42,851 | | 43,851 | | 147,138 |
| | Management Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 318 | Beaufort Underwriting | | | 22,826 | | - | | - |
| | Agency Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 510 | RJ Kiln & Co. Limited | | | 38,572 | | 38,572 | | 56,328 |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 557 | RJ Kiln & Co. Limited | | | 175,000 | | 175,000 | | 195,000 |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 609 | Atrium Underwriters | | | 41,718 | | 41,718 | | 57,431 |
| | Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 623 | Beazley Furlonge | | | 37,960 | | 37,960 | | 57,081 |
| | Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 958 | Omega Underwriting | | | 55,500 | | 55,500 | | 62,301 |
| | Agency Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 1200 | Heritage Managing | | | 21,507 | | 21,507 | | 23,125 |
| | Agency Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 2121 | Argenta Syndicate | | | 349,999 | | 404,441 | | 100,000 |
| | Management Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 2791 | Managing Agency | | | 63,953 | | 62,953 | | 245,000 |
| | Partners Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 6103 | Managing Agency | | | 110,000 | | 282,028 | | 225,000 |
| | Partners Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 6104 | Hiscox Syndicates | | | 200,000 | | 200,000 | | 225,000 |
| | Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 6106 | Amlin Underwriting | | | - | | 104,334 | | 175,000 |
| | Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 6107 | Beazley Furlonge | | | - | | - | | 15,000 |
| | Limited | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7200 | Members' Agents | | | 209,913 | | 194,532 | | 245,501 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7201 | Members' Agents | | | 1,113,142 | | 1,028,781 | | 1,278,668 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7202 | Members' Agents | | | 402,413 | | 373,051 | | 458,211 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7203 | Members' Agents | | | 38,906 | | 35,673 | | 44,288 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7208 | Members' Agents | | | 5,000,000 | | 4,416,400 | | 5,086,898 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| 7217 | Members' Agents | | | - | | 59,320 | | 70,235 |
| | Pooling Arrangement | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| | | | | | | | | |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| Total | | | |7,924,260 | | 7,575,621 | | 8,767,205 |
+-----------+------------------------+----------+--+-----------+----------+-----------+----------+----------------+
| | | | | | | | | | | |
+-----------+-------------+-------+--+----------+--+-----------+----------+-----------+----------+----------------+
12. Events after the balance sheet date
On 4 August 2010 Hampden Underwriting plc acquired 100% of the issued share
capital of GBP1 ordinary shares of Nameco (No. 321) Limited for GBP370,000.
Nameco (No. 321) Limited is a corporate member at Lloyd's. It is not practicable
to disclose further details of the financial effect of this acquisition as the
financial statements of Nameco (No. 321) Limited are not yet available.
In order to support the underwriting of Nameco (No. 321) Limited, the
Group deposited Funds at Lloyd's of GBP12,568 and $157,000 on 13 September 2010.
13. Group owned net assets
The Group balance sheet includes the following assets and liabilities held by
the syndicates on which the Group participates. These assets are subject to
trust deeds for the benefit of the relevant syndicates' insurance creditors. The
table below shows the split of the Group balance sheet between Group and
syndicate assets and liabilities.
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| | 30 June 2010 | 30 June 2009 | 31 December 2009 |
+--------------------+-------------------------------+-------------------------------+-------------------------------+
| | Group | Syndicate | Total | Group | Syndicate | Total | Group | Syndicate | Total |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Assets | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Intangible assets | 1,101 | - | 1,101 | 1,241 | - | 1,241 | 1,216 | - | 1,216 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Financial | 4,130 | 8,895 | 13,025 | 3,983 | 6,595 | 10,578 | 4,087 | 6,354 | 10,441 |
| investments | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Reinsurance share | | | | | | | | | |
| of insurance | | | | | | | | | |
| liabilities | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| - Reinsurers' | - | 2,383 | 2,383 | - | 1,726 | 1,726 | - | 1,581 | 1,581 |
| share of | | | | | | | | | |
| outstanding claims | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| - Reinsurers' | - | 935 | 935 | - | 775 | 775 | - | 349 | 349 |
| share of unearned | | | | | | | | | |
| premiums | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Other receivables, | 77 | 7,905 | 7,982 | 118 | 4,797 | 4,915 | 69 | 4,841 | 4,910 |
| including | | | | | | | | | |
| insurance | | | | | | | | | |
| receivables | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Prepayments and | 40 | 1,046 | 1,086 | 46 | 833 | 879 | 34 | 839 | 873 |
| accrued income | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Deferred income | - | - | - | - | - | - | 12 | - | 12 |
| tax assets | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Cash and cash | 2,347 | 1,061 | 3,408 | 1,801 | 855 | 2,656 | 1,776 | 335 | 2,111 |
| equivalents | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Total assets | 7,695 | 22,225 | 29,920 | 7,189 | 15,581 | 22,770 | 7,194 | 14,299 | 21,493 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| | | | | | | | | | |
| Liabilities | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Insurance | | | | | | | | | |
| liabilities | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| - Claims | - | 11,988 | 11,988 | - | 8,610 | 8,610 | - | 7,301 | 7,301 |
| outstanding | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| - Unearned | - | 5,557 | 5,557 | - | 3,796 | 3,796 | - | 3,402 | 3,402 |
| premiums | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Other payables, | 118 | 3,395 | 3,513 | 117 | 2,534 | 2,651 | 120 | 2,095 | 2,215 |
| including | | | | | | | | | |
| insurance payables | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Accruals and | 507 | 96 | 603 | 191 | 42 | 233 | 233 | (7) | 226 |
| deferred income | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Current income tax | 108 | - | 108 | 5 | - | 5 | 106 | - | 106 |
| liabilities | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Deferred income | 469 | - | 469 | 321 | - | 321 | 503 | - | 503 |
| tax liabilities | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Total liabilities | 1,202 | 21,036 | 22,238 | 634 | 14,982 | 15,616 | 962 | 12,791 | 13,753 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Shareholders' | | | | | | | | | |
| equity | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Share capital | 741 | - | 741 | 741 | - | 741 | 741 | - | 741 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Share premium | 6,261 | - | 6,261 | 6,261 | - | 6,261 | 6,261 | - | 6,261 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Retained earnings | (509) | 1,189 | 680 | (447) | 599 | 152 | (770) | 1,508 | 738 |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Total | 6,493 | 1,189 | 7,682 | 6,555 | 599 | 7,154 | 6,232 | 1,508 | 7,740 |
| shareholders' | | | | | | | | | |
| equity | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
| Total liabilities | 7,695 | 22,225 | 29,920 | 7,189 | 15,581 | 22,770 | 7,194 | 14,299 | 21,493 |
| and shareholders' | | | | | | | | | |
| equity | | | | | | | | | |
+--------------------+---------+-----------+---------+---------+-----------+---------+---------+-----------+---------+
14. Announcement
A copy of this announcement will be available on the Company's website:
www.hampdenplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUUGBUPUGQB
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