Results to 14 August 2001
22 Abril 2002 - 7:12AM
UK Regulatory
RNS Number:8576U
Ashpol PLC
22 April 2002
Preliminary results for the period ended 14 August 2001
Management Commentary
Between 1 July 2000 and 21 July 2000 the company transferred properties to
subsidiary companies at their book value of £95.4 million. On 11 August 2000 the
company sold the majority of its subsidiary companies for a total consideration
of £63.8 million to Arrow Property Investments Limited, the parent company at
that date.
On 14 August 2000 Arrow Property Investments Limited sold its interest in the
company to Chamarel Associates Limited, and on the same day the company resolved
to change its name to South Ocean Group plc.
Between 7 August 2001 and 14 August 2001 the company sold all its investment
properties and subsidiary companies for a total consideration of £106.3 million
to Albella Services Limited, a wholly owned subsidiary of Chamarel Associates
Limited.
On 15 August 2001 South Ocean Group plc was sold to Apreit VLP and on the same
day the company resolved to change its name to Ashpah plc which was subsequently
changed to Ashpol plc on 30 August 2001.
For further information, please contact Kevin McGrath at
5 Wigmore Street
London
W1U 1PB
Telephone 020-7499-2244
Fax 020-7499-7700
Profit and loss account for the period ended 14 August 2001
1 July 2000 to Year ended
Note 14 August 2001 30 June 2000
£'000 £'000
Rental income 5,261 10,102
Property outgoings (855) (1,616)
Net rental income 4,406 8,486
Trading profit - 866
Administrative expenses (1,246) 724
Operating profit 2 3,160 10,076
Profit on sale of subsidiary companies 18,302 -
Profit on sale of investment properties 805 991
Profit on ordinary activities before interest 22,267 11,067
Income from shares in group undertakings 15,075 -
Interest payable 4 (5,659) (12,381)
Interest receivable 1,335 9,195
Profit for the financial period before and
after taxation 33,018 7,881
Dividends (including non-equity) 6 (145,731) (1,244)
Retained (loss)/profit for the period 16 (112,713) 6,637
All amounts relate to continuing activities.
Statement of total recognised gains and losses, note of historical cost profits
and losses and reconciliation of movements in shareholders' funds for the period
ended 14 August 2001
1 July 2000 to Year ended
14 August 2001 30 June 2000
£'000 £'000
Statement of total recognised gains and losses
Profit for the financial period 33,018 7,881
Revaluation of properties - 8,062
Revaluation of subsidiaries - 2,660
Revaluation of joint ventures 33 -
Total recognised gains and losses for the period 33,051 18,603
Note of historical cost profit
Profit on ordinary activities before taxation 33,018 7,881
Realisation of revaluation gains of prior years 20,051 2,442
Historical cost profit on ordinary activities
before taxation 53,069 10,323
Historical cost retained (loss)/profit for the period (92,662) 9,079
Reconciliation of movements in shareholders' funds
Profit for the financial period 33,018 7,881
Dividends (145,731) (1,244)
(112,713) 6,637
Other recognised gains and losses 33 10,722
New share capital subscribed - 2,072
Net (decrease)/increase in shareholders' funds (112,680) 19,431
Opening shareholders' funds 167,801 148,370
Closing shareholders' funds 55,121 167,801
Balance sheet at 14 August 2001
14 August 30 June
2001 2000
£'000 £'000
Fixed assets
Investment properties - 95,426
Investments in joint ventures - 11,890
Investments in subsidiaries - 35,890
- 143,206
Current assets
Debtors - 170,386
Cash at bank and in hand 131,163 1,494
131,163 171,880
Creditors: amounts falling due within one year (1,042) (11,285)
Net current assets 130,121 160,595
Total assets less current liabilities 130,121 303,801
Creditors: amounts falling due after more than one year (75,000) (136,000)
Net assets 55,121 167,801
Capital and reserves
Called up share capital - equity 7,378 7,378
- non-equity 40,632 40,632
Share premium 7,069 7,069
Revaluation reserve - 20,018
Capital redemption reserve 42 42
Profit and loss account - 92,662
Total shareholders' funds 55,121 167,801
Cash flow statement for the period ended 14 August 2001
1 July 1 July
2000 to 2000 to Year ended Year ended
14 August 14 August 30 June 30 June
2001 2001 2000 2000
£'000 £'000 £'000 £'000
Net cash inflow from operating
activities 226,090 (63,730)
Returns on investments and
servicing of finance
Interest received 1,335 9,195
Interest paid (4,643) (12,381)
Preference dividends (163) (1,191)
Dividends received 15,075 -
Net cash outflow from returns on
investments and servicing of finance 11,604 (4,377)
Taxation
UK corporation tax refunded/(paid) - 458
Capital expenditure and financial
investment
Purchase of tangible fixed assets (106,265) (42,946)
Sale of tangible fixed assets 202,496 91,543
96,231 48,597
Acquisitions and disposals
Purchase of subsidiary undertaking - (1,340)
Purchase of interest in joint venture - (4,455)
- (5,795)
Equity dividends paid (145,621) (3,107)
Cash inflow/(outflow) before use of
liquid resources and financing 188,304 (27,954)
Financing
Issue of ordinary share capital - 2,072
Debt due after one year:
increase in secured loan - 2,500
repayment of secured loan (57,000) -
Increase/( decrease) in cash 131,304 (23,382)
Notes to the preliminary results for the period ended 14 August 2001
Basis of Preparation
These preliminary results for the period ended 14 August 2001 have been prepared
using accounting policies unchanged from those set out in the company's 30 June
2000 statutory financial statements. The financial information for the period
ended 14 August 2001 is extracted from the audited financial statements to that
date which were approved by the directors on 11 March 2002 and have been
delivered to the Registrar of Companies. The auditors' report on the accounts
for the period ended 14 August 2001 is unqualified and did not contain any
statement under Section 237 of the Companies Act 1985. The financial information
contained in this preliminary announcement does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.
Taxation
No taxation arises due to the availability of unrelieved losses.
Dividends
2001 2000
£'000 £'000
Equity shares:
Ordinary shares - interim 132,843 -
- final 12,778 -
145,621 -
Non-equity shares:
10% cumulative preference shares 110 106
5 3/4% convertible cumulative redeemable
preference shares - 1,138
110 1,244
Tangible assets
Freehold Long
property leasehold Total
£'000 £'000 £'000
At 1 July 2000 at valuation 94,426 1,000 95,426
Additions 106,265 - 106,265
Disposals (200,691) (1,000) (201,691)
At 14 August 2001 - - -
Borrowings
14 August 31 December
2001 2000
£'000 £'000
Repayable as follows:
After more than five years 75,000 75,000
Cash 131,163 14,841
Net borrowings (56,163) 60,159
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