Interim Results
28 September 2005 - 7:15PM
UK Regulatory
RNS Number:8593R
Principle Capital Holdings S.A.
28 September 2005
Principle Capital Holdings S.A.
(the "Company" and together with its subsidiary companies the "Group")
INTERIM RESULTS FOR THE PERIOD 1 JANUARY 2005 TO 30 JUNE 2005
CHIEF EXECUTIVE'S STATEMENT
Since our operational businesses, Principle Capital Partners Limited and
Principle Capital Advisors Limited (together "Principle Capital") began trading
in November last year, we have been focusing on our business strategy outlined
in the AIM prospectus last year.
Our investment in Nord Anglia Education plc, through our first investment
vehicle, called Bulldog Financial Limited, progresses well. Nord Anglia is a
leading provider of education, training and childcare and which is listed on the
London Stock Exchange. We have had a number of useful interactions with the
management of Nord Anglia and are confident in our underlying assessments of the
opportunity. Following on from the successful establishment of Bulldog Financial
Limited, we hope this will also lead to similar further one-off investment
opportunities and we have a number of investments under research at the moment.
Our investment in Liberty plc, the major London retailer, has performed well in
the period, with the share price of Liberty increasing by 26% from 215p at 31
December 2004 to 270p at 30 June 2005. Recent results give us increasing
confidence in the underlying value of this investment and its future growth
prospects and we are fully supportive of the efforts by management to develop
the Liberty offering and brand.
Principle Capital continues to focus its efforts on raising investment funds.
We are pleased with our progress to date and we will update shareholders with
news at the appropriate time.
I would like to thank everybody involved with Principle Capital for all their
work to date in continuing to establish and promote our business.
Brian Myerson
Chief Executive
For further information please contact:
Brian Padgett +41 22 908 1191
These interim results have been sent to shareholders and copies of them are
available to the public, free of charge, for a period of one month from the date
of this announcement.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD FROM 1 JANUARY 2005 ENDED 30 JUNE 2005
Group
2005
#
TURNOVER
Advisory fees 11,200
11,200
OTHER INCOME
Unrealised gains on investments 621,408
Realised loss on sale of investments (438,238)
183,170
GROSS PROFIT 194,370
Administrative expenses (672,558)
OPERATING LOSS (478,188)
Interest receivable and similar income 227,589
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (250,599)
Taxation (8,120)
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (258,719)
Minority interests 160,333
RETAINED LOSS FOR THE FINANCIAL PERIOD (98,386)
The notes set out below form an integral part of these statements.
The turnover and operating loss of the Group are derived entirely from
continuing operations.
The Group made no recognised gains or losses other than those reported in the
profit and loss account.
There was no activitiy in the Group during the period 29 December 2003 (the date
of incorporation) and 30 June 2004.
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2005
Group Group
June 2005 Dec 2004
# #
FIXED ASSETS
Tangible assets 24,143 -
Shares in Group undertakings - -
Other investments 4,327,928 2,731,521
4,352,071 2,731,521
CURRENT ASSETS
Debtors 150,161 48,605
Cash at bank and in hand 8,686,278 10,698,764
8,836,439 10,747,369
CREDITORS: amounts falling due within one year (92,974) (124,635)
NET CURRENT ASSETS 8,743,465 10,622,734
NET ASSETS 13,095,536 13,354,255
CAPITAL AND RESERVES
Called up share capital 8,999,806 8,999,806
Share premium account 6,250,000 6,250,000
Profit and loss account (1,946,62) (1,848,24)
TOTAL EQUITY SHAREHOLDERS' FUNDS 13,303,178 13,401,563
Minority interests (207,642) (47,308)
13,095,536 13,354,255
The notes set out below form an integral part of these statements.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD FROM 1 JANUARY 2005 TO 30 JUNE 2005
Group
June 2005
#
Operating activities
Net cash outflow from operating activities (573,148)
Capital expenditure
Payments to acquire tangible assets (26,100)
Acquisitions and disposals
Payments to acquire investments (2,445,238)
Receipt from sale of investments 1,032,000
(Decrease) in cash in the period (2,012,486)
Reconciliation of net cash flow to movement in net debt
(Decrease) in cash in the period (2,012,486)
Movement in net funds in the period (2,012,486)
Net funds at 1 January 2005 10,698,764
Net funds at 30 June 2005 8,686,278
NOTES TO THE INTERIM STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2005 TO 30 JUNE 2005
Basis of accounting
The accounts have been prepared in accordance with applicable accounting
standards in the United Kingdom and under the historical cost convention. The
interim statements cover the period from 1 January 2005 to 30 June 2005.
Basis of consolidation
The interim statements of the Company's subsidiaries are included in the
consolidated interim statements.
Intra-group balances and transactions, and any related gains and losses arising
from intra-group transactions, are eliminated in preparing the consolidated
interim statements.
Acquisitions of subsidiaries are accounted for by application of the purchase
method of accounting.
Revenue recognition
Revenue is recognised on an accruals basis.
Set up costs
Set up costs have been written off in full in the first accounting period.
Bases of conversion for items originally expressed in foreign currency
The Company maintains its accounts in Pounds Sterling ("#") and the balance
sheet and profit and loss account are expressed in this currency.
Financial assets denominated in other currencies are translated into # at the
historical exchange rates.
Other assets and liabilities expressed in other currencies are translated into #
at the rates of exchange in effect at the balance sheet date. Realised and
unrealised exchange gains and losses are recognised in the profit and loss
account.
Income and charges denominated in foreign currencies are recorded at the rate
prevailing on the transaction date.
Tangible Fixed Assets
Fixed assets are shown at historical cost. Depreciation is provided after taking
account of any grants receivable at the following annual rate in order to write
off each asset over its estimated life by the reducing balance method.
Fixtures and Equipment 15%
Financial fixed assets
Financial assets are initially recognised at cost (which includes transaction
costs) on their trade date. They are subsequently re-measured at fair value
based on quoted mid market prices at period-end. Financial assets for which no
quoted price exists, are fair valued using a net assets value basis, which is
the method that best reflects the value that these assets could be sold in an
open market. Gains and losses resulting from the changes in fair value are
recognised in the profit and loss account as they arise.
Valuation of debtors
Debtors are stated at their nominal value. Value adjustments are recorded at the
end of the financial year if the net realisable value is lower than the book
value.
Valuation of creditors
Creditors are recorded at their nominal value.
Taxation
The charge for taxation is based on the profit for the period and takes into
account taxation deferred or accelerated because of timing differences between
the treatment of certain items for accounting and taxation purposes.
Deferred taxation (which arises from differences in the timing of the
recognition of items, principally depreciation, in the accounts and by the tax
authorities) has been calculated on the liability method.
Deferred tax is provided on timing differences, which will probably reverse at
the rates of tax likely to be in force at the time of reversal. Deferred tax is
not provided using timing differences which, in the opinion of the Directors,
will probably not reverse.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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