RNS Number:9718V
Ashpol PLC
15 May 2002
ASHPOL PLC
Group Profit & Loss Account
For the Six Months Ended 14 February 2002
Company Group Group
Year to 6 Months to 6 Months to
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
Rental Income
5,261 Group and share of joint ventures 4,783 4,716
- Less share of joint ventures - (95)
5,261 Group rental income 4,783 4,621
(855) Property outgoings (347) (412)
4,406 Net rental income 4,435 4,209
- Trading profit -
(1,246) Administrative expenses (225) (602)
3,160 Operating profit - Group 4,211 3,607
- - Joint ventures - 83
15,075 - Associates - -
18,235 4,211 3,690
805 Profit on sale of investment properties - 1,215
18,302 Profit on sale of subsidiary companies - 22,228
19,107 - 23,443
37,342 Profit on ordinary activities before 4,211 27,133
interest
(5,659) Interest payable - Group (3,950) (5,211)
- - Joint ventures - (48)
1,335 Interest receivable - Group 385 494
(4,324) Net Interest payable (3,565) (4,765)
33,018 Profit on ordinary activities before 646 22,368
taxation
- Tax on profit on ordinary activities - (4)
33,018 Profit on ordinary activities after 646 22,364
taxation
- Minority interests - -
33,018 Profit for the half year 646 22,364
(145,731) Dividends (including non-equity) (57) (132,843)
(112,713) Retained profit 589 (110,479)
Group Balance Sheet
At 14 February 2002
Company Group Group
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
Fixed Assets
Tangible Assets
- Investment properties 126,060 114,710
- Equipment and vehicles - -
Investments
- Joint Ventures - -
- Share of gross assets - -
- Share of gross liabilities - -
- Loans to joint ventures - -
- - -
- Associates - -
- 126,060 114,710
Current assets
- Stock - -
- Debtors 7,220 6,911
131,163 Cash at bank 1,021 14,841
131,163 8,242 21,752
(1,042) Creditors falling due within one year (3,592) (4,140)
130,121 Net current assets 4,650 17,612
130,121 Total assets less current liabilities 130,710 132,322
(75,000) Creditors falling due after one year (75,000) (75,000)
55,121 Net assets 55,710 57,322
Capital and reserves
7,378 Called up share capital - equity 7,378 7,378
40,632 - non-equity 40,632 40,632
48,010 48,010 48,010
7,069 Share premium account 7,069 7,069
- Revaluation reserve - 1,520
42 Capital redemption reserve 42 42
- Profit and loss account 589 681
55,121 Total shareholders' funds 55,710 57,322
- Minority interests - -
55,121 55,710 57,322
Group Summarised Cash Flow Statement
For the Six Months Ended 14 February 2002
Company Group Group
Year to 6 Months to 6 Months to
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
226,090 Net cash inflow from activities (459) 220,603
(3,308) Net interest paid (3,565) (4,717)
(163) Preference and minority dividends paid (57) (53)
- Corporation tax paid - -
202,496 Addition to investment properties (126,060) (144,710)
(106,265) Sale of investment properties - 1,215
15,075 Dividends received -
(145,621) Equity dividends paid -
188,304 Net cash (outflow) / inflow before use of (130,141) 72,338
liquid resources and financing
- Cash placed on short term deposit - -
- Issue of share capital - -
(57,000) Net new loans borrowed / (repaid) - (83,214)
131,304 Increase / (decrease) in cash (130,141) (10,876)
Reconciliation of Operating Profit to Net Cash Flow From
Operating Activities
Company Group Group
Year to 6 Months to 6 Months to
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
3,160 Operating profit 4,211 3,605
Decrease / (increase) in stocks - 37,582
170,386 Increase / (decrease) in debtors (7,220) 11,685
52,544 Decrease / (increase) in creditors under 2,550 167,731
one year
Depreciation and other items - -
226,090 Net cash inflow from operating activities (459) 220,603
Notes to the Accounts
Basis of Preparation
The interim accounts, which have not been audited, have been prepared using
accounting policies unchanged from those set out in the Group's 14 August 2001
statutory accounts. The investment properties have not been revalued at 14
February 2002. The abridged accounts for the period ended 15 June 2001 are taken
from accounts filed with the Registrar of Companies which contain an unqualified
audit report.
On 15 August 2001 South Ocean Group plc was sold to Apreit V LP 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.
Dividends
Company Group Group
Year to 6 Months to 6 Months to
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
Equity Shares:
132,843 Ordinary Shares - Interim paid - 132,843
12,778 - Final - -
Non-Equity Shares
110 10% Cumulative Preference Shares 57 -
5.75% Convertible Cumulative
- Redeemable Preference Shares - -
145,731 57 132,843
Investment Properties
£'000
Balance at 15 August 2001 -
Additions 126,060
Disposals -
Balance at 14 February 2002 126,060
The properties have not been revalued at 14 February 2002.
Borrowings
Company Group Group
Year to 6 Months to 6 Months to
14-Aug-01 14-Feb-02 31-Dec-00
£'000 £'000 £'000
Repayable as follows:
75,000 After more than five years 75,000 75,000
(131,163) Cash (36) (14,841)
(56,163) Net Borrowings 74,964 60,159
Company Information
Directors
W S Benjamin
K D McGrath
M Pashley
I Smith
Secretary
A M Jacobs
Registered Office
5 Wigmore Street
London
W1U 1PB
Telephone - 020-7499-2244
Fax - 020-7499-7700
Registered Number
104394
This information is provided by RNS
The company news service from the London Stock Exchange
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