RNS Number:4372D
PGI Group PLC
06 September 2007
Chairman's statement
The Group profit before tax, biological asset and hyperinflation adjustments in
the half year to 30th June 2007 was #1,863,000, compared with #1,449,000 in the
half year to June 2006.
We have continued the disclosure we introduced at the year end of displaying the
biological asset and Zimbabwe hyperinflation adjustments as a separate column in
the profit and loss account. For the reasons I gave in my Chairman's statement
for 2006, shareholders are again urged to view these adjustments with caution
when assessing the Group's financial performance. Including these adjustments,
the Group profit before tax was #2,878,000 (half year to June 2006 #2,882,000).
A major reduction in Group borrowings was made last year when all of the #7.5
million of loan stock was converted into ordinary shares. This considerably
reduced the net interest cost, which was down to #246,000 in the half year to
June 2007 from #763,000 in the comparable period in 2006.
Profits for the Food group were down 6%. Tea production was stable, though a
combination of lower tea prices and cost inflation has squeezed margins.
The perishable businesses in Zambia recorded strong improvements. The rose
company, Khal Amazi, shipped 67 million stems in the first six months, a 45%
increase on the same period in 2006. The vegetable business has concentrated on
increasing pea production to satisfy the strong seasonal demand in Europe.
The Malawi macadamia cracking factory has operated for the first time, and
performance has been in line with expectation. With our maturing nut orchards,
we expect this to be an increasing contributor to profits.
Eastern Highlands, in Zimbabwe, is still facing difficult conditions. Although
it maintained its tea production, quality was adversely affected by innumerable
interruptions to the power supplies. Inflation and movements in the market
exchange rate have soared so much that it is impossible to track the true
financial performance of this business.
Following Jensen's successful raising of a new fund (Jensen Group I Limited
Partnership 'JGILP') in July 2006, I am pleased to report that it has now
effectively allocated the entire fund to investments in and around St Petersburg
. These investments have been made in four projects, three of which are detailed
in the Review of Activities for 2006. The fourth and final investment, made in
July 2007, was the acquisition of a portfolio of 12 properties in central St
Petersburg. The current leases of the properties are less than one year. The
intention is to restructure the leases and refinance the investment with medium/
long term bank loans. We are now considering the launch of a new fund.
The Food group businesses are seasonal, so predicting the Group's results for
the year before the new season begins is always difficult. Nevertheless, based
on the assumption that crops, prices and inflation/exchange rate movements
continue at current levels, we anticipate a satisfactory outcome for the full
year.
The Board will consider making a dividend payment when the full year's results
are available.
Rupert Pennant-Rea
Chairman
6 September 2007
PGI Group Plc
Interim condensed consolidated income statement
for the six months ended 30 June 2007
Six months ended 30 June
2007 2006
Result before Biological Total Result before Biological Total
biological assets and biological assets and (restated)
assets and hyperinflation assets and hyperinflation
hyperinflation adjustments hyperinflation adjustments
adjustments adjustments
--------------------- ----- -------- ------- ------- ------- ------- ------
Continuing
operations Notes #000 #000 #000 #000 #000 #000
Revenue 3 11,206 (416) 10,790 10,367 46 10,413
Cost of sales (5,077) 125 (4,952) (4,522) (24) (4,546)
--------------------- ----- -------- ------- ------- ------- ------- ------
Gross profit 6,129 (291) 5,838 5,845 22 5,867
--------------------- ----- -------- ------- ------- ------- ------- ------
Distribution costs (1,148) - (1,148) (938) (2) (940)
Administrative expenses (2,985) 64 (2,921) (2,761) (107) (2,868)
Other operating
income 102 (3) 99 67 3 70
--------------------- ----- -------- ------- ------- ------- ------- ------
(4,031) 61 (3,970) (3,632) (106) (3,738)
--------------------- ----- -------- ------- ------- ------- ------- ------
Profit/(loss) from
operations 2,098 (230) 1,868 2,213 (84) 2,129
Share of associate's
results 11 - 11 - - -
Fair value adjustment
to biological
assets - 1,197 1,197 - 1,421 1,421
--------------------- ----- -------- ------- ------- ------- ------- ------
2,109 967 3,076 2,213 1,337 3,550
--------------------- ----- -------- ------- ------- ------- ------- ------
Finance revenue 50 - 50 141 - 141
Finance costs (296) - (296) (905) 1 (904)
--------------------- ----- -------- ------- ------- ------- ------- ------
Net finance costs (246) - (246) (764) 1 (763)
--------------------- ----- -------- ------- ------- ------- ------- ------
Profit after net
finance costs 1,863 967 2,830 1,449 1,338 2,787
--------------------- ----- -------- ------- ------- ------- ------- ------
Monetary working
capital
hyperinflation
adjustments - 48 48 - 95 95
--------------------- ----- -------- ------- ------- ------- ------- ------
Profit before
taxation 1,863 1,015 2,878 1,449 1,433 2,882
Taxation 4 (490) (261) (751) (570) (331) (901)
--------------------- ----- -------- ------- ------- ------- ------- ------
Profit for period
from continuing
operations 3 1,373 754 2,127 879 1,102 1,981
--------------------- ----- -------- ------- ------- ------- ------- ------
Discontinued
operations
Loss after
taxation from
discontinued
operations 5 - - - (87) - (87)
--------------------- ----- -------- ------- ------- ------- ------- ------
Profit for the
period 1,373 754 2,127 792 1,102 1,894
--------------------- ----- -------- ------- ------- ------- ------- ------
Attributable to:
Equity holders
of the parent 1,116 739 1,855 598 1,121 1,719
Minority
interests 257 15 272 194 (19) 175
--------------------- ----- -------- ------- ------- ------- ------- ------
1,373 754 2,127 792 1,102 1,894
--------------------- ----- -------- ------- ------- ------- ------- ------
Pence Pence Pence Pence
--------------------- ----- -------- ------- ------- ------- ------- ------
Earnings per
ordinary share 6
From continuing and
discontinued
operations
- basic 0.9 1.4 0.6 1.8
- diluted 0.9 1.4 0.6 1.7
From continuing
operations
- basic and
diluted 0.9 1.4 0.7 1.8
--------------------- ----- -------- ------- ------- ------- ------- ------
Dividend per
ordinary share 7 0.25 -
--------------------- ----- -------- ------- ------- ------- ------- ------
PGI Group Plc
Interim condensed consolidated balance sheet
at 30 June 2007
Group
30 June 2007 31 December 2006
Excluding Including Excluding Including
hyperinflation hyperinflation hyperinflation hyperinflation
adjustments adjustments* adjustments adjustments*
#000 #000 #000 #000
-------------------- ----- ------- ------- ------- -------
ASSETS
Non-current assets
Goodwill 1,880 1,880 1,901 1,901
Biological assets 12,436 12,436 12,665 12,665
------- ------- ------- -------
Property, plant
and equipment 9,824 9,824 9,372 9,372
Hyperinflation
adjustment - 155 - 642
------- ------- ------- -------
9,824 9,979 9,372 10,014
Investment properties 1,281 1,281 1,313 1,313
Investments
- associate 197 197 200 200
- other 41 41 43 43
-------------------- ----- ------- ------- ------- -------
25,659 25,814 25,494 26,136
-------------------- ----- ------- ------- ------- -------
Current assets
------- ------- ------- -------
Inventories 1,709 1,709 2,061 2,061
Hyperinflation
adjustment - 42 - 42
------- ------- ------- -------
1,709 1,751 2,061 2,103
Trade and other
receivables 3,392 3,392 1,759 1,759
Cash and cash
equivalents 1,702 1,702 2,840 2,840
-------------------- ----- ------- ------- ------- -------
6,803 6,845 6,660 6,702
-------------------- ----- ------- ------- ------- -------
Total assets 32,462 32,659 32,154 32,838
-------------------- ----- ------- ------- ------- -------
EQUITY AND
LIABILITIES
Equity attributable
to equity holders of
the parent company
Share capital 32,365 32,365 32,326 32,326
Share premium
account 425 425 420 420
Capital redemption
reserve 250 250 250 250
Revaluation reserve 691 691 700 700
Retained earnings (15,843) (15,679) (17,041) (16,528)
-------------------- ----- ------- ------- ------- -------
17,888 18,052 16,655 17,168
Minority interests 2,807 2,807 2,690 2,690
-------------------- ----- ------- ------- ------- -------
Total equity 20,695 20,859 19,345 19,858
-------------------- ----- ------- ------- ------- -------
Non-current
liabilities
Interest
bearing loans
and borrowings 1,294 1,294 1,383 1,383
Other payables 184 184 275 275
------- ------- ------- -------
Provision for
deferred tax
liabilities 2,172 2,172 2,016 2,016
Hyperinflation
adjustment - 33 - 171
------- ------- ------- -------
2,172 2,205 2,016 2,187
Defined pension plan
deficit 2,439 2,439 3,764 3,764
-------------------- ----- ------- ------- ------- -------
6,089 6,122 7,438 7,609
-------------------- ----- ------- ------- ------- -------
Current liabilities
Interest bearing loans
and borrowings 2,342 2,342 2,755 2,755
Trade and
other payables 2,813 2,813 2,102 2,102
Current tax
liabilities 523 523 514 514
-------------------- ----- ------- ------- ------- -------
5,678 5,678 5,371 5,371
-------------------- ----- ------- ------- ------- -------
Total liabilities 11,767 11,800 12,809 12,980
-------------------- ----- ------- ------- ------- -------
Total equity and
liabilities 32,462 32,659 32,154 32,838
-------------------- ----- ------- ------- ------- -------
* These are the Group's balance sheets for the six months ended 30 June 2007 and
for the year ended 31 December 2006.
PGI Group Plc
Interim condensed consolidated cash flow statement
for the six months ended 30 June 2007
Six months ended 30 June
2007 2006
Including (restated)
hyperinflation Including
adjustments hyperinflation
adjustments
#000 #000
------------------------------------------ -------- ---------
Cash flow from operating activities
Profit/(loss) from operations
- Continuing operations 1,868 2,129
- Discontinued operations - (57)
------------------------------------------ -------- ---------
1,868 2,072
Adjustment for:
Depreciation of property, plant and
equipment 408 564
Disposal of property, plant and
equipment (18) (11)
Additional retirement benefit costs 49 (100)
Oversea tax paid (375) (92)
Hyperinflation indexation adjustment 221 (34)
------------------------------------------ -------- ---------
Operating profit before changes in
working capital 2,153 2,399
Decrease in inventories 483 549
Increase in trade and other
receivables (1,633) (1,527)
Increase in trade and other payables 622 669
Exchange difference on working capital (529) (247)
------------------------------------------ -------- ---------
Cash generated from operations 1,096 1,843
------------------------------------------ -------- ---------
Cash flows from investing activities
Capital expenditure (1,290) (1,448)
Disposal of property, plant and
equipment 25 11
Additions to investments (net) 9 -
------------------------------------------ -------- ---------
Net cash from investing activities (1,256) (1,437)
------------------------------------------ -------- ---------
Cash flows from financing activities
Issue of shares (net of expenses) 44 92
Payment of loans and finance lease
liabilities (200) (332)
Finance costs, net of bank interest
received (307) (709)
Dividend paid (323) -
Dividends and other payments to minority
interests (net) (53) 62
Distribution from property fund (net) (8) (12)
------------------------------------------ -------- ---------
Net cash from financing activities (847) (899)
------------------------------------------ -------- ---------
Net (decrease) in cash and cash
equivalents (1,007) (493)
Cash and cash equivalents at beginning of
period 959 3,328
Effects of exchange rate changes on
cash and cash equivalents 109 211
------------------------------------------ -------- ---------
Cash and cash equivalents at end of period 61 3,046
------------------------------------------ -------- ---------
Cash and cash equivalents comprise:
Cash 1,702 3,623
Overdrafts (1,641) (577)
------------------------------------------ -------- ---------
Cash and cash equivalents 61 3,046
------------------------------------------ -------- ---------
Interest bearing loans and borrowings
due within one year (2,342) (9,253)
Less: short term debt 701 8,676
------------------------------------------ -------- ---------
Overdrafts (1,641) (577)
------------------------------------------ -------- ---------
PGI Group Plc
Interim condensed consolidated statement of changes in equity
Attributable to equity holders of the Company
Six months ended Share Share premium & Revaluation Retained Total Minority Total equity
30 June 2007 capital capital reserve earnings interests
redemption #000 #000 #000 #000 #000
reserves
#000 #000
--------------- ------- ------- -------- ------- ------ ------ ------
Balance at 1
January 2007 32,326 670 700 (16,528) 17,168 2,690 19,858
--------------- ------- ------- -------- ------- ------ ------ ------
Changes in equity
Hyperinflation
indexation
movement - - - 343 343 - 343
Exchange
differences on
translation
of net oversea
assets:
- before
hyperinflation
indexation - - (4) (1,779) (1,783) (83) (1,866)
- hyperinflation
indexation
movement - - - (511) (511) - (511)
Actuarial gain
(net) of defined
benefits
pension plan - - - 1,313 1,313 - 1,313
Deferred tax on
property
revaluations
and fair value
adjustment:
- before
hyperinflation
indexation - - (5) (49) (54) (12) (66)
- hyperinflation
indexation
movement - - - 1 1 - 1
--------------- ------- ------- -------- ------- ------ ------ ------
Net income/
(expense)
recognised
directly in
equity - - (9) (682) (691) (95) (786)
Profit for the
six months - - - 1,855 1,855 272 2,127
--------------- ------- ------- -------- ------- ------ ------ ------
Total recognised - - -
income and
(expense) - - (9) 1,173 1,164 177 1,341
--------------- ------- ------- -------- ------- ------ ------ ------
Issue of new
ordinary shares
on
exercise of
share options 39 5 - - 44 - 44
Dividend paid - - - (323) (323) - (323)
Distribution
from property
fund (net) - - - (1) (1) (7) (8)
Repayment of
advances from
non-equity
minority - - - - - (53) (53)
--------------- ------- ------- -------- ------- ------ ------ ------
Balance at 30
June 2007 32,365 675 691 (15,679) 18,052 2,807 20,859
--------------- ------- ------- -------- ------- ------ ------ ------
PGI Group Plc
Interim condensed consolidated statement of changes in equity continued
Attributable to equity holders of the Company
Six months ended Share Share premium & Revaluation Retained Total Minority Total equity
30 June 2006 capital capital reserve earnings interests
redemption #000 #000 #000 #000 #000
reserves
#000 #000
--------------- ------- ------- -------- ------- ------ ------ ------
Balance at 1
January 2006 24,429 10,955 639 (22,550) 13,473 1,147 14,620
--------------- ------- ------- -------- ------- ------ ------ ------
Prior year
adjustment to
restate
inventories to
lower of cost or
net
realisable value,
less tax effect
of #14,000 - - - (52) (52) - (52)
Prior year
adjustment to
restate
biological assets
at fair value,
less
tax effect of
#421,000 - - - (1,771) (1,771) 1,350 (421)
Prior year
adjustment to
incorporate
hyperinflation
indexation, less
tax effect of
#244,000 - - - 803 803 - 803
Prior year
adjustment to
incorporate
additional
deferred tax on
property
revaluations - - - (217) (217) - (217)
--------------- ------- ------- -------- ------- ------ ------ --------
Restated
balance 24,429 10,955 639 (23,787) 12,236 2,497 14,733
--------------- ------- ------- -------- ------- ------ ------ --------
Changes in equity
Hyperinflation
indexation
movement - - - 501 501 - 501
Exchange
difference on
translation
of net oversea
assets:
- before
hyperinflation
indexation - - (32) (3,005) (3,037) (183) (3,220)
- hyperinflation
indexation
movement - - - (136) (136) - (136)
Actuarial gain
(net) of
defined
benefits
pension plan - - - 490 490 - 490
Deferred tax on
property
revaluations
and fair value
adjustment:
- before
hyperinflation
indexation - - - (55) (55) - (55)
- hyperinflation
indexation
movement - - - (91) (91) - (91)
Transfer - (25) - 25 - - -
--------------- ------- ------- -------- ------- ------ ------ --------
Net income/
(expense)
recognised
directly in
equity - (25) (32) (2,271) (2,328) (183) (2,511)
Profit for the
six months - - - 1,719 1,719 175 1,894
--------------- ------- ------- -------- ------- ------ ------ --------
Total
recognised
income and
(expense) - (25) (32) (552) (609) (8) (617)
--------------- ------- ------- -------- ------- ------ ------ --------
Issue of new
ordinary shares
on
exercise of
share options 74 18 - - 92 - 92
Dividends paid
to minority
interests - - - - - (7) (7)
Distributions
from property
fund (net) - - - (3) (3) (9) (12)
Advances from
non-equity
minority
Interests (net) - - - - - 57 57
--------------- ------- ------- -------- ------- ------ ------ --------
Balance at 30
June 2006 24,503 10,948 607 (24,342) 11,716 2,530 14,246
----------------- ------ ------- -------- ------- ------ ------ --------
PGI Group Plc
Notes to the interim condensed consolidated financial statements
1. Corporate information
PGI Group Plc is a public limited company incorporated and domiciled in the
United Kingdom, whose shares are publicly traded. The principal activities of
the Company and its subsidiaries ('the Group') are described in Note 3.
The interim condensed consolidated financial statements of the Group for the six
months ended 30 June 2007 were authorised for issue in accordance with a
resolution of the directors on 6 September 2007.
2. Basis of preparation and accounting policies
The interim condensed consolidated financial statements for the six months ended
30 June 2007 and 2006 are unaudited. They have been prepared in accordance with
International Accounting Standard (IAS) 34, 'Interim Financial Reporting'. The
accounting policies adopted are consistent with those followed in the
preparation of the Group's financial statements for the year ended 31 December
2006.
The interim condensed consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group's audited financial statements for
the year ended 31 December 2006. The information for the year ended 31 December
2006 does not constitute the Group's statutory accounts for 2006 as defined in
Section 240 of the Companies Act 1985. Statutory accounts for 2006 have been
delivered to the Registrar of Companies. The Auditors' report on those accounts
was unqualified and did not contain statements under Sections 237(2) or (3) of
the Companies Act 1985.
In the current financial year, the Group will adopt International Financial
Reporting Standard (IFRS) 7, 'Financial Instruments: Disclosures', for the first
time. As IFRS7 is a disclosure standard, there is no impact of a change in
accounting policy on these interim financial statements. Full details of the
change will be disclosed in the Group's financial statements for the year ending
31 December 2007.
At the end of 2006 the Group restated and changed its accounting policy within
the financial statements for the following:
Restatements
* To value agricultural produce after harvest at the lower of cost or net
realisable value, previously fair value less estimated point-of-sale costs.
* To record on the income statement a fair value adjustment to biological
assets, previously shown as an exchange difference movement in retained
earnings.
Change in accounting policy
* To incorporate the effects of the impact of hyperinflation on the Group's
subsidiaries based in Zimbabwe, previously partially accounted for by recording
the monetary working capital hyperinflation adjustment.
These restatements and change in accounting policy have been accounted for
retrospectively and recognised in the consolidated statement of changes in
equity at 1 January 2006. The comparative statements for the six months ended 30
June 2006 have been restated to reflect these changes and the effect of the
above changes on the previously reported profit after taxation for the six
months ended 30 June 2006 is as follows:
Continuing Discontinued Effect on Effect on basic
operations operations and diluted
earnings per
share 30 June
2006
#000 #000 30 June 2006 Pence
#000
---------------------- ------- -------- ------- ---------
Profit/(loss) after
taxation:
As previously reported 987 (87) 900
Restatements
Change to inventories
due to revised valuation (48) - (48) -
Biological assets fair
value adjustment 1,125 - 1,125 1.1
Change in accounting
policy
Hyperinflation
adjustment (83) - (83)
------- -------- -------
As restated 1,981 (87) 1,894
------- -------- -------
In addition to the above changes, some reclassifications were made between the
income statement categories for the six months ended 30 June 2006, which had no
effect on the Group's result for the period.
PGI Group Plc
Notes to the interim condensed consolidated financial statements
Continued
3. Segmental reporting
The Group's primary reporting segments are the following business sectors:
Food group - Tea, roses, macadamia nuts and vegetables.
Investment property management - Properties in St. Petersburg, Russia.
The manufacturing segment has been classified as a discontinued operation for
the six months ended 30 June 2006 (Note 5).
SEGMENT REVENUE
Six months ended 30 June 2007 Six months ended 30 June 2006 (Restated)
Revenue before Revenue before
hyperinflation Hyperinflation hyperinflation Hyperinflation
adjustments adjustments Total adjustments adjustments Total
#000 #000 #000 #000 #000 #000
-------- -------- -------- -------- -------- --------
Food group 10,578 (416) 10,162 10,158 46 10,204
Investment
property
management 628 - 628 209 - 209
-------- -------- -------- -------- -------- --------
11,206 (416) 10,790 10,367 46 10,413
-------- -------- -------- -------- -------- --------
SEGMENT RESULTS
Six months ended 30 June 2007 Six months ended 30 June 2006 (Restated)
Result before Result before
biological Biological biological Biological
assets and assets and assets and assets and
hyperinflation hyperinflation hyperinflation hyperinflation
adjustments adjustment Total adjustment adjustment Total
#000 #000 #000 #000 #000 #000
-------- -------- -------- -------- -------- --------
Food group 2,869 967 3,836 3,063 1,337 4,400
Investment
property
management 50 - 50 (82) - (82)
Central costs
net of sundry
income (810) - (810) (768) - (768)
-------- -------- -------- -------- -------- --------
2,109 967 3,076 2,213 1,337 3,550
Net finance
costs (246) - (246) (764) 1 (763)
Monetary
working
capital
hyperinflation
adjustment - 48 48 - 95 95
-------- -------- -------- -------- -------- --------
Profit before
tax 1,863 1,015 2,878 1,449 1,433 2,882
Taxation (490) (261) (751) (570) (331) (901)
-------- -------- -------- -------- -------- --------
Profit for the
period from
continuing
operations 1,373 754 2,127 879 1,102 1,981
-------- -------- -------- -------- -------- --------
PGI Group Plc
Notes to the interim condensed consolidated financial statements
continued
4. Taxation
Six months
ended 30 June
2007 2006
Continuing operations #000 #000
------------------------------- --------- ---------
Current taxation:
UK Corporation tax (after double taxation relief) - -
------------------------------- --------- ---------
Foreign taxation:
Current taxation on income for the period 402 534
Adjustment in respect of prior periods - 11
------------------------------ --------- ---------
402 545
------------------------------- --------- ---------
Deferred taxation:
Origination and reversal of timing differences 357 363
Adjustment in respect of prior periods (8) (7)
------------------------------ --------- ---------
349 356
------------------------------- --------- ---------
Taxation on profit from continuing operations 751 901
------------------------------ ---------- ---------
In March 2007, the UK Government announced that they would introduce legislation to
reduce the UK corporation tax rate to 28% with effect from 1 April 2008. This
legislation, which has been substantively enacted by 30 June 2007, has had no
impact upon these interim financial statements, nor is it expected to affect the
Group's effective tax rate in the foreseeable future.
5. Discontinued operations
Loss after taxation from discontinued operations
Manufacturing
Six months ended 30 June
2007 2006
#000 #000
------------------------------- --------- ---------
Revenue - 2,847
Cost of sales - (2,335)
------------------------------- --------- ---------
Operating profit - 512
Operating expenses - (569)
------------------------------- --------- ---------
Loss from operations - (57)
Finance costs - (30)
------------------------------- --------- ---------
Loss before taxation - (87)
Taxation - -
------------------------------- --------- ---------
Loss after taxation - (87)
------------------------------- --------- ---------
Chillington Manufacturing, a division of P&G Industries Plc, which manufactures
wheelbarrows in the United Kingdom was sold in July 2006. The results for
Chillington Manufacturing which formed a separate business segment of the
Group's operations, have been classified as discontinued operations for the six
months ended 30 June 2006.
The net cash flows attributable to Chillington Manufacturing were as follows:
Six months ended 30 June
2007 2006
#000 #000
------------------------------- --------- ---------
Operating cash flows - (214)
Investing cash flows - (48)
Financing cash flows - (40)
------------------------------- --------- ---------
Net cash outflow - (302)
------------------------------- --------- ---------
PGI Group Plc
Notes to the interim condensed consolidated interim financial statements
continued
6. Earnings per ordinary share
a. Basic
Basic earnings per ordinary share is calculated by dividing the result
attributable to equity holders of the company by the weighted average number of
ordinary shares in issue during the period.
Six months ended 30 June
2007 2006
Thousands Thousands
--------- -------
Weighted average number of
ordinary shares in issue 129,351 97,886
--------- -------
Six months ended 30 June
2007 2006(Restated)
Result before Result before
biological biological
assets and assets and
hyperinflation hyperinflation
adjustments Total adjustments Total
#000 #000 #000 #000
-------------------------- --------- ------- -------- ------
Profit for the year from continuing
and discontinued operations
attributable to the equity holders
of the Company 1,116 1,855 598 1,719
-------------------------- --------- ------- -------- ------
Profit for the year from continuing
operations:
Per consolidated income statement 1,373 2,127 879 1,981
Minority interest applicable to
continuing operations (257) (272) (194) (175)
-------------------------- --------- ------- -------- ------
Profit from continuing operations
attributable
to the equity holders of the
Company 1,116 1,855 685 1,806
-------------------------- --------- ------- -------- ------
(Loss) from discontinued operations
attributable
to the equity holders of the
Company - - (87) (87)
-------------------------- --------- ------- -------- ------
pence pence pence pence
-------------------------- --------- ------- -------- ------
Basic earnings per ordinary share
- continuing and discontinued
operations 0.9 1.4 0.6 1.8
- continuing operations 0.9 1.4 0.7 1.8
-------------------------- --------- ------- -------- ------
b. Diluted
Diluted earnings per ordinary share is calculated on a weighted average of
shares which assume the exercise of certain options.
Six months ended 30 June
2007 2006
Thousands Thousands
------- -------
Weighted average number of
ordinary shares in issue assuming
the exercise of certain options 130,083 98,661
------- -------
Six months ended 30 June
2007 2006(Restated)
Result before Result before
biological biological
assets and assets and
hyperinflation hyperinflation
adjustments Total adjustments Total
pence pence pence pence
-------------------------- --------- ------- -------- ------
Diluted earnings per ordinary share
- continuing and discontinued
operations 0.9 1.4 0.6 1.7
- continuing operations 0.9 1.4 0.7 1.8
-------------------------- --------- ------- -------- ------
c. Discontinued operations
pence pence pence pence
-------------------------- --------- ------- -------- ------
Basic and diluted loss per ordinary share
from discontinued operations - - (0.1) (0.1)
PGI Group Plc
Notes to the interim condensed consolidated interim financial statements
continued
7. Dividend paid and proposed
Six months ended 30 June
2007 2006
#000 #000
-------------------------------- -------- -------
Declared 2006 (not recognised as a liability in 2006)
Equity dividends on ordinary shares:
Interim dividend for 2006 0.25p per share, paid 23
January 2007 323 -
-------------------------------- -------- -------
8. Property, plant and equipment
Capital expenditure on property, plant and equipment in the six months ended 30
June 2007 amounted to #1,290,000.
9. Related party transactions
Two Russian companies owned by a director, Mr S. W. Wayne, provide services to
subsidiary companies of Jensen Partners LLC and Jensen Limited and the property
funds they manage. Jensen Partners LLC and Jensen Limited are subsidiaries of
PGI Group Plc. The Russian companies are not designed to make profits but to
reallocate expenses between the various entities. The amounts charged to the
subsidiaries of Jensen Partners LLC and Jensen Limited and the amounts
outstanding were as follows:
Six months ended 30 June
2007 2006
#000 #000
--------------------------------- --------- -------
Charges for services from related parties 188 57
Amounts owed to related parties 69 66
--------------------------------- --------- -------
10. Contingent liabilities
There has been no change to the claim made by PT Shamrock Manufacturing Corpora
('Shamrock') in the amount of approximately #14.8 million as reported in Note 29
to the audited financial statements for the year ended 31 December 2006.
Following the District Court of South Jakarta's ruling in favour of PGI Group
Plc in February 2007, Shamrock filed a formal Memorandum of Appeal against the
decision and PGI Group Plc has filed a Counter Memorandum of Appeal with the
High Court in Indonesia on 23 July, 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Pgi Group (LSE:PGI)
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From Jun 2024 to Jul 2024
Pgi Group (LSE:PGI)
Historical Stock Chart
From Jul 2023 to Jul 2024
