TIDMGRH
RNS Number : 6712N
G.R. Holdings PLC
20 February 2009
?
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2008
Consolidated Income Statement
For the 6 months ended 31 December 2008
+-------------------------------+-----------+------------+------------+
| | Six |Six months |Year ended |
| | months | ended | |
| | ended | | |
+-------------------------------+-----------+------------+------------+
| | 31 | 31 | 30 June |
| | December | December | 2008 |
| | 2008 | 2007 | |
+-------------------------------+-----------+------------+------------+
| | GBP | GBP | GBP |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Continuing operations | | | |
+-------------------------------+-----------+------------+------------+
| Revenue | 386,907 | 413,130 | 684,989 |
+-------------------------------+-----------+------------+------------+
| Cost of sales | (182,243) | (173,787) | (371,904) |
+-------------------------------+-----------+------------+------------+
| Gross profit | 204,664 | 239,343 | 313,085 |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Distribution costs | (19,708) | (14,739) | (36,177) |
+-------------------------------+-----------+------------+------------+
| Administrative expenses | (326,067) | (328,446) | (673,149) |
+-------------------------------+-----------+------------+------------+
| Provision against property | - | - | (41,623) |
| investments | | | |
+-------------------------------+-----------+------------+------------+
| Profit on disposal of UK | - | 30,680 | 218,296 |
| investments and assets | | | |
+-------------------------------+-----------+------------+------------+
| | (345,775) | 312,505 | 532,653 |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Loss from continuing | (141,111) | (73,162) | (219,568) |
| activities | | | |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Financial income | 28,913 | 73,324 | 119,031 |
+-------------------------------+-----------+------------+------------+
| Financial costs | (368) | (84,838) | (93,255) |
+-------------------------------+-----------+------------+------------+
| | 28,545 | (11,514) | 25,776 |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Loss before taxation | (112,566) | (84,676) | (193,792) |
+-------------------------------+-----------+------------+------------+
| Income tax expense | - | - | (40,957) |
+-------------------------------+-----------+------------+------------+
| Loss on ordinary activities | (112,566) | (84,676) | (234,749) |
| after taxation | | | |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
| Earnings per share | (0.9)p | (0.6)p | (1.5)p |
+-------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------+-----------+------------+------------+
Consolidated statement of recognised income and expense
+------------------------------+------------+------------+-----------+
| |Six months |Six months | Year |
| | ended | ended | ended |
+------------------------------+------------+------------+-----------+
| | 31 | 31 | 30 June |
| | December | December | 2008 |
| | 2008 | 2007 | |
+------------------------------+------------+------------+-----------+
| | GBP | GBP | GBP |
+------------------------------+------------+------------+-----------+
| Exchange difference arising | (7,330) | 1,560 | (3,577) |
| on translation of foreign | | | |
| operations | | | |
+------------------------------+------------+------------+-----------+
| Net expenses recognised | (7,330) | 1,560 | (3,577) |
| directly to equity | | | |
+------------------------------+------------+------------+-----------+
| Loss for the period | (112,566) | (84,676) | (234,749) |
+------------------------------+------------+------------+-----------+
| Total recognised income and | (119,896) | (83,116) | (238,326) |
| expense for the period | | | |
+------------------------------+------------+------------+-----------+
| | | | |
+------------------------------+------------+------------+-----------+
G.R. (Holdings) plc
Consolidated Balance Sheet
+-----------------------------+-----------+-----------+-----------+---------------------+
| | 31 | 31 | 30 |
| | December | December | June |
| | 2008 | 2007 | 2008 |
+-----------------------------+-----------+-----------+-----------+
| | GBP | GBP | GBP |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| Assets | | | |
+-----------------------------+-----------+-----------+-----------+
| Non-current assets | | | |
+-----------------------------+-----------+-----------+-----------+
| Property, plant and | 131,468 | 542,307 | 135,874 |
| equipment | | | |
+-----------------------------+-----------+-----------+-----------+
| Investment properties | 756,794 | 810,705 | 756,794 |
+-----------------------------+-----------+-----------+-----------+
| Intangible assets | 1 | 1 | 1 |
+-----------------------------+-----------+-----------+-----------+
| | 888,263 | 1,353,013 | 892,669 |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| Current assets | | | |
+-----------------------------+-----------+-----------+-----------+
| Inventories | 77,077 | 87,708 | 96,824 |
+-----------------------------+-----------+-----------+-----------+
| Trade and other receivables | 125,565 | 141,680 | 124,532 |
+-----------------------------+-----------+-----------+-----------+
| Cash and cash equivalents | 1,581,206 | 2,978,465 | 1,665,300 |
+-----------------------------+-----------+-----------+-----------+
| | 1,783,848 | 3,207,853 | 1,886,656 |
+-----------------------------+-----------+-----------+-----------+
| Current liabilities | | | |
+-----------------------------+-----------+-----------+-----------+
| Trade and other payables | 147,163 | 1,667,541 | 134,481 |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| Total net current assets | 1,636,685 | 1,540,312 | 1,752,175 |
+-----------------------------+-----------+-----------+-----------+
| Total assets less current | 2,524,948 | 2,893,325 | 2,644,844 |
| liabilities | | | |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| Non-current liabilities | | | |
+-----------------------------+-----------+-----------+-----------+
| Obligations under hire | - | 5,686 | - |
| purchase leases | | | |
+-----------------------------+-----------+-----------+-----------+
| Deferred income tax | 69,476 | 25,380 | 69,476 |
| liabilities | | | |
+-----------------------------+-----------+-----------+-----------+
| | 69,476 | 31,066 | 69,476 |
+-----------------------------+-----------+-----------+-----------+
| | 2,455,472 | 2,862,259 | 2,575,368 |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+
| Shareholders' equity | | | |
+-----------------------------+-----------+-----------+-----------+
| Called up share capital | 658,405 | 658,405 | 658,405 |
+-----------------------------+-----------+-----------+-----------+
| Capital redemption reserve | 425,000 | 425,000 | 425,000 |
+-----------------------------+-----------+-----------+-----------+
| Share premium account | 198,396 | 198,396 | 198,396 |
+-----------------------------+-----------+-----------+-----------+
| Profit and loss account | 1,173,671 | 1,580,458 | 1,293,567 |
+-----------------------------+-----------+-----------+-----------+
| Shareholders' funds | 2,455,472 | 2,862,259 | 2,575,368 |
+-----------------------------+-----------+-----------+-----------+
| | | | |
+-----------------------------+-----------+-----------+-----------+---------------------+
G.R. (Holdings) plc
Consolidated cash flow statement for the period
+------------------------------------+-----------+-----------+-------------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | 30 |
| | 31 | 31 | June |
| | December | December | 2008 |
| | 2008 | 2007 | |
+------------------------------------+-----------+-----------+-------------+
| | GBP | GBP | GBP |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| Cash flows from operating | | | |
| activities | | | |
+------------------------------------+-----------+-----------+-------------+
| Loss for the period | (141,111) | (73,162) | (219,568) |
+------------------------------------+-----------+-----------+-------------+
| Depreciation | 4,415 | 3,466 | 9,900 |
+------------------------------------+-----------+-----------+-------------+
| Provision on investment property | - | - | 41,623 |
+------------------------------------+-----------+-----------+-------------+
| Gain on disposal of property, | - | (605) | (197,891) |
| plant and equipment | | | |
+------------------------------------+-----------+-----------+-------------+
| Gain on disposal of investment | - | (30,680) | (20,405) |
| property | | | |
+------------------------------------+-----------+-----------+-------------+
| Cash absorbed from operations | (136,696) | (100,981) | (386,341) |
| before changes in working capital | | | |
+------------------------------------+-----------+-----------+-------------+
| Decrease / (increase) in | 19,747 | (11,653) | (20,769) |
| inventories | | | |
+------------------------------------+-----------+-----------+-------------+
| (Increase) / decrease in trade and | (1,033) | 14,258 | 28,545 |
| other receivables | | | |
+------------------------------------+-----------+-----------+-------------+
| Increase / (decrease) in trade and | 12,673 | (7,909) | 3,952 |
| other payables | | | |
+------------------------------------+-----------+-----------+-------------+
| Cash absorbed from operations | (105,309) | (106,285) | (374,613) |
| before tax payments | | | |
+------------------------------------+-----------+-----------+-------------+
| Income taxes paid | - | - | 5,466 |
+------------------------------------+-----------+-----------+-------------+
| Cash flows from operating | (105,309) | (106,285) | (369,147) |
| activities | | | |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| Investing activities | | | |
+------------------------------------+-----------+-----------+-------------+
| Payments for property, plant and | - | (17,879) | (8,280) |
| equipment | | | |
+------------------------------------+-----------+-----------+-------------+
| Proceeds on sale of property, | - | 605 | 597,891 |
| plant and equipment | | | |
+------------------------------------+-----------+-----------+-------------+
| Proceeds on sale of property | - | 55,120 | 44,448 |
| investments | | | |
+------------------------------------+-----------+-----------+-------------+
| Interest received | 28,913 | 73,324 | 119,031 |
+------------------------------------+-----------+-----------+-------------+
| Cash flows from investing | 28,913 | 111,170 | 753,090 |
| activities | | | |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| Financing activities | | | |
+------------------------------------+-----------+-----------+-------------+
| Buy-back of preference shares | - | - | (1,550,108) |
+------------------------------------+-----------+-----------+-------------+
| Interest paid | (368) | (3,457) | (1,172) |
+------------------------------------+-----------+-----------+-------------+
| Preference dividend paid | - | (81,381) | (92,083) |
+------------------------------------+-----------+-----------+-------------+
| Equity dividend paid | - | - | (131,681) |
+------------------------------------+-----------+-----------+-------------+
| Cash flows from financing | (368) | (84,838) | (1,775,044) |
| activities | | | |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| | | | |
+------------------------------------+-----------+-----------+-------------+
| Net decrease in cash for the | (76,764) | (79,953) | (1,391,101) |
| period | | | |
+------------------------------------+-----------+-----------+-------------+
| Exchange movements | (7,330) | (1,560) | (3,577) |
+------------------------------------+-----------+-----------+-------------+
| Movement in net funds for the | (84,094) | (81,513) | (1,394,678) |
| period | | | |
+------------------------------------+-----------+-----------+-------------+
| Cash and cash equivalents at | 1,665,300 | 3,059,978 | 3,059,978 |
| beginning of the period | | | |
+------------------------------------+-----------+-----------+-------------+
| Cash and cash equivalents at end | 1,581,206 | 2,978,465 | 1,665,300 |
| of the period | | | |
+------------------------------------+-----------+-----------+-------------+
G.R (Holdings) plc
Notes:
1. General information
This interim report was neither audited nor reviewed by the auditors.
It was authorised for issue by the board on 20 February 2009.
These interim financial statements do not constitute the statutory accounts as
defined by section 240 of the Companies Act 1985. Full accounts of the company
for the year ending 30 June 2008 on which the auditors gave an unqualified
report, have been delivered to the Registrar of Companies.
The board is advised that as at 31 December 2008 the company was a close company
within the meaning of the Income and Corporation Taxes Act 1988.
2. Availability of interim report
This statement will be sent to shareholders in due course. Further copies are
available from the Company's registered office at 7 Queripel House, 1 Duke of
York Square, London SW3 4LY or via the company's website www.grholdingsplc.co.uk
3. Basis of preparation
This condensed half-yearly financial information for the six months ended 31
December 2008 has been prepared in accordance with IAS 34 "Interim Financial
Reporting" as adopted by the European Union. The half-yearly financial report
should be read in conjunction with the annual financial statements for the year
ended 30 June 2008, which have been prepared in accordance with IFRSs as adopted
by the European Union.
4. Significant accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2008.
5. Principal risks and uncertainties for the remaining six
months of the financial year
The most significant risks to the Group's business relate to the ongoing world
economic crisis.
The Group has no gearing with surplus cash available, so being in a position to
take advantage of situations arising out of the current economic environment.
G.R (Holdings) plc
6. Segmental analysis
a. Segmental
revenues and results
The following is an analysis of the group's revenue and results by reportable
segment:
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| | Revenue | | Pre-tax profit / |
| | | | (loss) |
+------------------------------+------------------------+--+--------------------------+
| | Six | | Six | | Six | | Six |
| | months | | months | | months | | months |
| |ended 31 | |ended 31 | | ended 31 | | ended 31 |
| |December | |December | | December | | December |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| | 2008 | | 2007 | | 2008 | | 2007 |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| | GBP | | GBP | | GBP | | GBP |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| Manufacture and sale of | 373,780 | | 404,004 | | 47,887 | | 80,483 |
| Morlands sheepskin car rugs, | | | | | | | |
| footwear and other related | | | | | | | |
| products | | | | | | | |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| Gain on disposal of property | - | | - | | - | | 30,680 |
| investment | | | | | | | |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| Property investment | 13,127 | | 9,126 | | (20,488) | | (1,133) |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| Central costs | - | | - | | (168,510) | | (183,192) |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| Net interest | - | | - | | 28, 545 | | (11,514) |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
| | 386,907 | | 413,130 | | (112,566) | | (84,676) |
+------------------------------+----------+--+----------+--+-----------+--+-----------+
Revenue reported above represents revenue generated form external customers.
There were no inter-segment sales during the period, (2007: nil).
b. Geographical segments
The group operates in two principal geographical areas - United Kingdom and
United States of America. The group's revenue from external customers and
information about its segment assets by geographical location are detailed
below:
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
| | Six months ended 31 December 2008 | | Six months ended 31 December |
| | | | 2007 |
+--------------+---------------------------------------+--+--------------------------------------+
| | Source | | Pre-tax | | Net | | Source | | Pre-tax | | Net |
| | of | | Profit / | | Assets | | of | | Profit | | Assets |
| |revenue | | (loss) | | | |revenue | | / | | |
| | | | | | | | | | (loss) | | |
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
| | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
| United | 386,907 | | (100,938) | | 2,141,747 | | 413,130 | | (81,707) | | 2,506,869 |
| Kingdom | | | | | | | | | | | |
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
| United | - | | (11,628) | | 313,725 | | - | | (2,969) | | 355,390 |
| States of | | | | | | | | | | | |
| America | | | | | | | | | | | |
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
| | 386,907 | | (112,566) | | 2,455,472 | | 413,130 | | (84,676) | | 2,862,259 |
+--------------+---------+--+-----------+--+-----------+--+---------+--+----------+--+-----------+
c. Revenue
Analysis of revenue by geographical market is given below:
+-----------------------------------------------+----------+------+----------+
| | 2008 | | 2007 |
+-----------------------------------------------+----------+------+----------+
| | GBP | | GBP |
+-----------------------------------------------+----------+------+----------+
| United Kingdom | 287,176 | | 322,211 |
+-----------------------------------------------+----------+------+----------+
| Rest of European Union | 32,665 | | 10,375 |
+-----------------------------------------------+----------+------+----------+
| Rest of the world | 67,066 | | 80,544 |
+-----------------------------------------------+----------+------+----------+
| | 386,907 | | 413,130 |
+-----------------------------------------------+----------+------+----------+
All the revenue for the above periods relate to continuing activities.
7. Earnings per share
The calculation of earnings per share is based on a loss of GBP112,566 (2007:
GBP84,676 loss) being the loss after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2007: 13,168,100).
G.R (Holdings) plc
8. Reconciliation between IFRS and UK GAAP
The table below set out the reconciliation between the IFRS accounting standards
adopted on 30 June 2008 and the UK GAAP accounting standards previously used in
the preparation of the Group's accounts.
Reconciliation of net income for the 6 months ended 31 December 2007
+----------------------------------+------------+------------+--------------+
| | UK GAAP | Effect of | Restated |
| | |transition | under IFRS |
| | | to IFRS | |
+----------------------------------+------------+------------+--------------+
| | GBP | GBP | GBP |
+----------------------------------+------------+------------+--------------+
| Continuing operations | | | |
+----------------------------------+------------+------------+--------------+
| Revenue | 404,004 | 9,126 | 413,130 |
+----------------------------------+------------+------------+--------------+
| Cost of sales | (173,787) | - | (173,787) |
+----------------------------------+------------+------------+--------------+
| Gross profit | 230,217 | 9,126 | 239,343 |
+----------------------------------+------------+------------+--------------+
| | | | |
+----------------------------------+------------+------------+--------------+
| Distribution costs | (14,739) | - | (14,739) |
+----------------------------------+------------+------------+--------------+
| Administrative expenses | (318,335) | (10,111) | (328,446) |
+----------------------------------+------------+------------+--------------+
| Profit on disposal of UK | 38,854 | (8,174) | 30,680 |
| investments and assets | | | |
+----------------------------------+------------+------------+--------------+
| | (294,220) | (18,285) | (312,505) |
+----------------------------------+------------+------------+--------------+
| | | | |
+----------------------------------+------------+------------+--------------+
| Loss from continuing activities | (64,003) | (9,159) | (73,162) |
+----------------------------------+------------+------------+--------------+
| | | | |
+----------------------------------+------------+------------+--------------+
| Financial income | 72,339 | 985 | 73,324 |
+----------------------------------+------------+------------+--------------+
| Financial costs | (84,838) | - | (84,838) |
+----------------------------------+------------+------------+--------------+
| | (12,499) | 985 | (11,514) |
+----------------------------------+------------+------------+--------------+
| | | | |
+----------------------------------+------------+------------+--------------+
| Loss on ordinary activities | (76,502) | (8,174) | (84,676) |
| after taxation | | | |
+----------------------------------+------------+------------+--------------+
9. Related part transactions
There were no related party transactions in the period.
10.Directors' Statement of Responsibilities
The directors confirm to the best of their knowledge:
* The condensed set of financial statements have been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU;
* The interim management report includes a fair review of the information required
by DT 4.2.7R being an indication of important events that have occurred during
the first 26 weeks of the financial year and their impact on the condensed set
of financial statements and a description of the principal risks and
uncertainties for the remaining 26 weeks of the year; and
* The interim management report includes a fair review of the information required
by DT 4.2.8R being disclosure of related party transactions and changes therein
since the last annual report.
The Directors of G.R. (Holdings) plc are listed in the G.R. (Holdings) plc
Annual Report for 30 June 2008 and a list of current Directors is maintained on
the G.R. (Holdings) plc website www.grholdingsplc.co.uk
By order of the Board:
Anthony Stalbow, Chairman John Lewis, Non-executive director
20 February 2009
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2008
Chairman's Statement
The pre-tax loss of the group for the period was GBP112,566
(2007 loss: GBP84,676).
During the period, the group was engaged in (a) the manufacture and sale of
Morlands footwear, sheepskin car rugs, and other products, (b) transactions
involving property and (c) investments.
At 31 December 2008, we were still involved as a limited partner, in four
partnerships in land, in the USA. There were no disposals during the six months
to 31 December 2008.
I did announce on 6 February 2009, that the position has deteriorated further,
since the end of the financial year, which will result in the operational losses
being adversely affected. The losses will be exacerbated by the fall in interest
rates on our cash balances.
The board has decided not to declare an interim dividend (2007 - nil).
AD Stalbow
Chairman
7 Queripel House
1 Duke of York Square
London SW3 4LY
020 7730 8799
20 February 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZBLFLKLBZBBB
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