Interim Results
27 Ottobre 2005 - 9:00AM
UK Regulatory
RNS Number:2197T
Creon Corporation PLC
27 October 2005
27 October 2005
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Creon Corporation Plc ("Creon" or "the Company"), the AIM-traded company, is
pleased to announce its unaudited results for the period ended 31 July 2005.
Highlights:
* #1.493 million of gross funds raised
* Admission to trading on AIM achieved
* Mezzanine financings completed in line with stated strategy
Jonathan Freeman, a Director of Creon, commented:
"Our overall aim with Creon is to identify and support small and medium sized
residential property developers. We believe that we are now doing this
successfully and that we have established the profile and expertise to build on
this platform. The projects that we currently have and others that we are
evaluating should provide Creon with attractive levels of return within an
acceptably low level of risk. We look forward to progress in the coming months
as we seek to continue to find and fund further residential developments."
For further information:
Jonathan Freeman, +44 (0) 1600 750 432
Director, Creon Corporation plc
Alasdair Robinson +44 (0) 131 225 9677
Noble & Company Limited
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Directors Review
Introduction
We are delighted to present these first interim results to shareholders which
show the financial performance of the Company for the period ended 31 July 2005.
It should be noted, however, that although Creon was incorporated on 27 August
2004 it did not raise its first material funds or seek to begin its investment
activities until after its admission to trading on AIM on 25 November 2004.
Creon provides mezzanine finance to small and medium sized UK residential
property developers. This style of financing typically takes some months to
negotiate with the developers. In addition the finance provided is usually for
a fixed 12 month period. Accordingly these interim results cover too short a
period for there to be material revenue changes to the Company's financial
position.
Financing
We announced on 29 June 2005 that we had successfully completed our first
financing, which was the provision of #400,000 to support a #2.7 million
development of ten new houses in the Midlands. On 20 July 2005 we announced the
completion of a further financing, providing #390,000 to support a #2.2 million
development of 5 new houses in South West England. We will receive an agreed
finance fee on repayment of the facility in twelve months time.
We continue to negotiate with developers on a range of other developments and
expect to continue to provide funds to property developers on an increasingly
regular basis.
Funding
Our only material fund raisings occurred in November 2004 when a total of #1.493
million (gross) was raised. Against this we have incurred considerable one off
costs in the creation of the Company, the raising of the funds, gaining
admission to trading on AIM and the setting up the internal infrastructure,
procedures and processes for the assessment and negotiation of potential
financing projects. We believe that this process has now been completed though
we will, of course, continue to supervise and monitor the Company's processes
and controls with a view to improving and updating them as necessary.
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Funding (continued)
We also have an option agreement with Forestdale Trading Limited, information on
which was disclosed at the time of Creon's admission to trading on AIM. This
option agreement entitles Creon to exercise an option requiring Forestdale
Trading Limited to procure the subscription by third party investors of #1.6
million for new ordinary shares during the one month period following eight
months after admission to trading on AIM, failing which it is to subscribe for
such shares itself. Creon is completing the arrangements for this and will
announce the details as soon as it is completed.
We had anticipated, when we were planning the funding requirements of Creon at
the end of 2004, that the funds raised at the time of Admission together with
the option agreement with Forestdale Trading Limited, would provide sufficient
cash resources for Creon as financings would begin to be recycled by the time
this equity funding had been utilised. However, we have found that the demand
for the financing offered by Creon is much greater than expected. We are
therefore seeking additional sources of funding in order to accelerate the
development of the Company.
Outlook
The Directors believe that the financings already provided are proceeding as
anticipated and that the pipeline of potential new business under review is very
strong. We therefore look forward to the future as we begin to use the profile
and platform we have created. We believe that the projects that we are now
accessing should provide Creon with attractive levels of return within an
acceptably low level of risk.
Jonathan Freeman
James Barder
* October 2005
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Unaudited profit and loss account
11 Nov 2004 - 27 Aug 2004 -
31 Jul 2005 10 Nov 2004
Note #'000 #'000
Turnover 1 33 -
Cost of sales (4) -
Gross profit 29 -
Administrative expenses (110) -
Loss on ordinary activities before interest (81) -
Interest received 28 -
Interest paid - -
Loss on ordinary activities before tax (53) -
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation (53) -
Loss per share 2 89p -
There were no recognised gains or losses other than the loss for the period.
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Unaudited balance sheet
As at As at
31 Jul 10 Nov
2005 2004
Note #'000 #'000
Current Assets
Debtors 3 719 -
Cash at bank 476 493
1,195 493
Creditors: amounts falling due within one
year (23)
Net current assets 1,172 -
Net Assets 1,172 493
Capital and Reserves
Called up equity share capital 61 41
Share premium 1,164 452
Profit and loss account (53) -
Total Equity Shareholders' Funds 4 1,172 493
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Unaudited Cash Flow Statement
11 Nov 2004 - 27 Aug 2004 -
31 Jul 2005 10 Nov 2004
Note #'000 #'000
Net cash outflow from operating activities 5 (777) -
Returns on investment and servicing of finance
Interest received 28 -
Interest paid - -
(749) -
Taxation - -
Capital expenditure
Purchase of tangible fixed assets - -
Net cash outflow before financing (749) -
Financing
Issue of equity shares 732 493
(Decrease) / Increase in cash in the period (17) 493
Reconciliation of net cash to movement in net funds
11 Nov 2004 - 27 Aug 2004 -
31 Jul 2005 10 Nov 2004
#'000 #'000
(Decrease)/Increase in cash in the period (17) 476
Movement in net funds resulting from cash flows (17) 476
Movement in net funds in period (17) 476
Net funds at start of period 493 -
Net funds at end of period 476 476
Analysis of movement in net funds
As at Cash flow As at
10 Nov 04 #'000 31 July 05
#'000 #'000
Cash at bank and in hand 493 (17) 476
CREON CORPORATION PLC
UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 JULY 2005
Notes to the interim results
1) Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards and the Companies Act
1985.
Turnover
Turnover represents fees receivable on an accruals basis exclusive of Value
Added Tax.
2) Earnings per Share
The calculation of loss per ordinary share is based on the loss per accounts for
the period from 11 November 2004 to 31 July 2005 of #53,000 and the 6,125,000
shares in issue on admission to trading on AIM and at 31 July 2005. Prior to
admission the Company had not started trading.
3) Debtors
As at
31 July 05
#'000
Loans to developers 680
Accrued income 33
Prepayments 6
719
All debtors are due within one year.
4) Shareholders funds
As at
31 July 05
#'000
Shareholders funds at 10 November 2004 493
Loss for the period (53)
Issue of shares - share capital 20
Issue of shares - share premium 712
Shareholders funds at 31 July 2005 1,172
5) Cash flow
Reconciliation of operating loss to net cash outflow from operating activities
11 Nov 2004 - 27 Aug 2004 -
31 Jul 2005 10 Nov 2004
#'000 #'000
Operating loss (81) -
(Increase) in debtors (719) -
Increase in creditors 23 -
(777) -
6) The results for the period ended 31 July 2005 are unaudited and do not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.
7) The company was granted a dispensation allowing the first unaudited
statement of interim results to cover the trading period from 10 November
2004 to 31 July 2005. Following this initial submission of results, future
interim and annual audited results will be for 6 month and 12 month periods
respectively. The next Annual Report will therefore be for the period to
31 January 2006.
8) The unaudited comparative figures for the period from 27 August 2004 to
10 November 2004 represent the financial information disclosed in the
admission document.
9) The interim report is being sent to shareholders. In addition copies are
available from the Company's registered office, 120 Old Broad Street,
London, EC2N 1AR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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