RNS Number : 2593C
Black Raven Properties PLC
29 August 2008
For Immediate Release 29 August 2008
Black Raven Properties plc
('Black Raven' or 'the Company')
Unaudited Interim Results
for the Six Months Ended 31 May 2008
Black Raven Properties plc (AIM: BRP), the property company focussed on Portugal, is pleased to announce its interim results for the six
months ended 31 May 2008.
Highlights
* Further �395,000 raised (before expenses) by the issue of further share capital.
* Further property opportunities continue to be identified and evaluated.
* Active marketing of properties now expected in the second half of the year following the completion of the first phase
of construction works.
Pedro Toscano, Black Raven's Executive Chairman, said: "During the period the focus has continued to be on the Lisbon property market.
The first phase of construction is nearly complete and property sales that will follow will release funds for the exploration of new
property ventures under consideration."
For further information:
Black Raven Properties plc
Pedro Toscano tel: 003 51916 891347
Buchanan Communications
Mark Court tel: 020 7466 5000
CHAIRMAN'S STATEMENT
I have pleasure in reporting the interim results for Black Raven Properties for the six months ended 31 May 2008.
Activities
During the period under review, the Company continued to pursue its strategy of identifying and evaluating opportunities in the
Portuguese property market, particularly around the Lisbon area.
People
The Board of the Company has changed in the period. We have recruited Alexandre Pinto to bolster the Company's property experience in
the Lisbon market. Messrs M. D. Friend and I. M. Nunn resigned to make way for this change on 31 May 2008 and we thank them for their help
over the period they served.
Financials
The consolidated accounts show only a small amount of turnover but sales are now expected to pick up following the completion of the
first phase of construction works.
There was a loss for the period of �425,000 after tax for the Group. In Black Raven itself there was a loss after tax of �386,000.
As at 31 May 2008 there were net current assets of �4,452,000 which were bolstered during the period by the issue of a further �395,000
of shares, the proceeds of which were applied to reducing short term liabilities.
Outlook
We continue to believe there are significant opportunities for Black Raven in the Portuguese property market and continue to seek and
evaluate suitable opportunities.
Alexandre Pinto
For and on behalf of
The Chairman
28 August 2008
Unaudited Consolidated Income Statement
For the Six Months Ended 31 May 2008
6 months to 6 months to
31 May 2008 31 May 2007
�'000 �'000
Revenue 93 -
Cost of Sales 91 -
Gross Profit 2 -
Operating expenses 160 389
Operating loss (158) (389)
Finance income 63 8
Finance expense (317) -
Loss before income tax (412) (381)
Income tax expense 13 260
Loss for the period (425) (641)
Earnings per share (0.30) p (0.67) p
Unaudited Consolidated Statement of
Recognised Income and Expense
For the Six Months Ended 31 May 2008
6 months to 6 months to
31 May 2008 31 May 2007
�'000 �'000
Gain/(loss) on foreign currency translation 334 -
Net income recognised directly in equity 334 -
Loss for the period from operations (425) (641)
Total recognised income and expense for the (91) (641)
period
Unaudited Summarised Consolidated Balance Sheet
For the Six Months Ended 31 May 2008
31 May 2008 31 May 2007
�'000 �'000
Assets
Non current assets
Property, plant and equipment 1 1
Goodwill - 58
Investments - -
1 59
Current assets
Inventories 9,963 6,136
Trade receivables 50 -
Other current assets 132 28
Cash and cash equivalents 2,920 2,270
13,065 8,434
Total assets 13,066 8,493
Equity and liabilities
Equity attributable to equity holders of
the parent
Share capital 1,666 971
Share premium 5,138 3,876
Retained earnings (2,351) (1,018)
4,453 3,829
Non current liabilities
Long term borrowings - -
Current liabilities
Trade and other payables 911 1,643
Bank borrowings 7,702 2,761
Current tax payable - 260
8,613 4,664
Total liabilities 8,613 4,664
Total equity and liabilities 13,066 8,493
Unaudited Consolidated Statement of Cash Flows
For the Six Months Ended 31 May 2008
6 months to 6 months to
31 May 2008 31 May 2007
�'000 �'000
Cash flows from operating activities
Profit for the period (425) (641)
Adjustment for:
Finance income (63) (8)
Finance expense 317 -
Income tax expense 13 260
267 252
Operating cash flows before movement in (158) (389)
working capital
(Increase) in inventories (1,759) (2,391)
Decrease in trade and other receivables (50) -
(Increase) in prepayments (80) (7)
Increase/(decrease) in trade and other 658 913
payables
(1,231) (1,485)
Cash generated from operations (1,389) (1,874)
Income taxes paid (13) -
Interest paid (317) -
(330) -
Net cash generated from operating (1,719) (1,874)
activities
Cash flows from investing activities
Interest received 63 8
Purchase of subsidiary - (58)
Net cash used in investment activities 63 (50)
Cash flows from financing activities (1,656) (1,924)
Net cash received from share issue 395 562
Repayment of other loans (412) -
Increase in bank loans 1,790 2,761
Net cash used in financing activities 1,773 3,323
Net increase/(decrease) in cash and cash 117 1,399
equivalents
Cash and cash equivalents at 1 December 2,468 871
2007
Effect on foreign exchange rate changes 334 -
on cash and cash equivalents
Cash and cash equivalents at 31 May 2008 2,919 2,270
Notes to the Unaudited Interim Consolidated Accounts
For the Six Months Ended 31 May 2008
1. Basis of Preparation
The AIM Rules require that the next annual consolidated financial statements of the Group, for the year ending 30 November 2008, be
prepared in accordance with International Financial Reporting Standards ('IFRS') adopted for use in the EU ('Adopted IFRS').
The interim financial information has been prepared on the basis of the recognition and measurement requirements of Adopted IFRS that
are effective (or available for early adoption) at 30 November 2008, the Group's first annual reporting date at which it is required to use
Adopted IFRS. Based on these Adopted IFRS, the Directors have applied the accounting policies, as set out in the IFRS restatement document
attached, which they expect to apply when the first annual IFRS financial statements are prepared for the year ending 30 November 2008.
However, the Adopted IFRS that will be effective (or available for early adoption) in the financial statements for the year ending 30
November 2008 are still subject to change and to additional interpretations and therefore cannot be determined with certainty. Accordingly,
the accounting policies for that annual period will be determined finally only when the financial statements are prepared for the year
ending 30 November 2008.
The preparation of this financial information did not result in material changes to the accounting policies as compared with the most
recent annual financial statements prepared under previous Generally Accepted Accounting Practice ('GAAP').
2. Accounting Policies
The accounting policies that the Group intend to apply to the year ending 30 November 2008 are set out in the Appendix to this
document.
3. Status of Financial Information
The comparative figures for the period ended 31 May 2007 are not the Group's statutory financial statements. The financial statements
for the year ended 30 November 2007, which were prepared under UK GAAP, have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985.
The interim information for the half years ended 31 May 2008 and 31 May 2007 are unaudited. This information does not constitute
statutory accounts within the meaning of the Companies Act 1985.
4. Unaudited Consolidated Statement of Changes in Equity for the Six Month Period Ended
31 May 2008
6 months to 6 months to
31 May 2008 31 May 2007
�'000 �'000
Loss for the period (425) (641)
Gain/(loss) on foreign currency translation 334 -
Change in share capital 395 562
Net increase/(decrease) in total equity 304 (79)
Total equity at 1 December 2007 4,149 3,908
Total equity at 31 May 2008 4,453 3,829
5. Unaudited Earnings per Share
The calculation of basic earnings per share was based on the profit for the period and on the weighted average number of ordinary shares
outstanding, calculated as follows.
6 months to 6 months to
31 May 2008 31 May 2007
�'000 �'000
Loss for the period (425) (641)
Weighted average number of ordinary shares 140,314,000 97,147,444
Loss per share (0.30) p (0.67) p
6. Share Capital
31 May 2008 31 May 2007
Number � Number �
Authorised
Ordinary shares of 1p each 200,000,000 2,000,000 200,000,000 2,000,000
Issued
Ordinary shares of 1p each 166,647,444 1,666,474 97,147,444 971,474
7. Copies of Statements and Accounts
In accordance with AIM Rules for Companies, Rule 20, a copy of these interim results will be sent to shareholders and further copies of
the report and accounts for the year ended 30 November 2007 are available free of charge on request from the Company's registered office, P
O Box 1295, Station Road, Gerrards Cross, Buckinghamshire SL9 8EL.
A copy of the accounts is also being made available on the Company's website at www.blackravenproperties.com.
Black Raven Properties plc
Restatement of financial information under International Financial Reporting Standards
Introduction
Black Raven plc and its subsidiary (the "Group") have historically prepared its consolidated financial statements under UK Generally
Accepted Accounting Practice ("UK GAAP"). The AIM rules require the adoption of Adopted IFRSs as adopted by the EU ("adopted IFRS")1 for
periods commencing on or after 1 January 2007.
Adopted IFRS therefore will apply for the first time in the Group's financial statements for the year ending 30 November 2008. The
financial results for the 6 months ended 31 May 2008 have been prepared and reported under adopted IFRSs and the comparative financial
information restated accordingly. The date of transition to adopted IFRSs is 1 December 2006.
To explain how the Group's reported performance and financial position are affected by this change, information previously published
under UK GAAP is restated under adopted IFRSs in the attached appendices as follows:
* Appendix 1 - IFRS accounting policies;
The Board is of the opinion that there are no material changes to the Group's previously reported performance of financial position as a
result of adopting IFRSs and therefore has not presented a reconciliation from UK GAAP to adopted IFRSs at 1 December 2006 and at 30
November 2007.
This unaudited financial information has been prepared on the basis of adopted IFRSs expected to be applicable at 30 November 2008.
These are subject to ongoing review and endorsement by the EU or possible amendment by interpretive guidance from the IASB and are therefore
still subject to change. We will update our restated information for any such changes when they occur.
The adoption of IFRS has an impact on the presentation of the Group's accounts but does not change the underlying business performance.
There are no changes to the business model, strategy, risk management processes or cash flows.
1 References to IFRS throughout this document refer to the application of International Financial Reporting Standards as adopted by the
EU ("Adopted IFRS"), including International Financial Reporting Standards ("IFRSs") International Accounting Standards ("IASs") and
interpretations issued by the International Accounting Standard Board ("IASB") and its committees.
Appendix 1
IFRS Accounting Policies
This section provides a summary of the Group's new accounting policies under adopted IFRSs for the year ended 30 November 2008. Where
policies have changed under adopted IFRSs as compared to UK GAAP this is indicated by *.
(a) Basis of preparation
The financial information set out herein, does not constitute the company's statutory accounts for the year ended 30 November 2007.
Those accounts, which were prepared under UK GAAP, have been reported on by the company's auditors and delivered to the Registrar of
Companies. The report of the auditors was
i) unqualified;
ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis
without qualifying their report; and
iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
The financial information is presented in pounds sterling and is prepared on the historical cost basis.
This financial information has been prepared on the basis of the recognition and measurement requirements of IFRSs in issue that either
are endorsed by the EU and effective (or available for early adoption) at 30 November 2007 or available for early adoption at 30 November
2008, the Group's first annual reporting date at which it is required to use adopted IFRSs. Based on these adopted IFRSs, the directors have
made assumptions about the accounting policies expected to be applied which are as set out below when the first annual IFRS financial
statements are prepared for the year ending 30 November 2008.
In addition, the adopted IFRSs that will be effective (or available for early adoption) in the annual financial statements for the year
ending 30 November 2008 are still subject to change and to additional interpretations and therefore cannot be determined with certainty.
Accordingly, the accounting policies for that annual period will be determined finally only when the annual financial statements are
prepared for the year ending 30 November 2008.
The accounting policies set out below have been applied consistently throughout the Group to all periods presented in this financial
information.
The preparation of financial information in conformity with adopted IFRSs requires management to make judgements, estimates and
assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting policies are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision
affects both current and future periods.
(b) Basis of consolidation
Control exists where the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as
to obtain benefits from its activities. Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are
included in the consolidated financial information from the date control commences until the date that control ceases.
Intracompany balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated
when preparing the consolidated financial information.
(c) Intangible assets and goodwill
Business combinations are accounted for using the acquisition method of accounting. The acquired identifiable tangible and intangible
assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. Any excess of the cost of
acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired is
recognised as goodwill.
(d) Inventories
Inventories are stated at the lower of cost and net realisable value. Inventories comprise interests in land and property held awaiting
development. Cost includes all direct costs and fees associated with acquiring the asset for the Group.
(e) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.
Depreciation is charged to the income statement on a straight line basis over the estimated useful economic lives of each part of an
item of property, plant and equipment. The depreciation rates are as follows:
Office equipment 25% reducing balance
The residual value, and economic life, is reassessed annually.
(f) Cash and cash equivalents
'Cash and cash equivalents' comprises cash balances and all deposits with an original maturity of three months or less. Bank overdrafts
that are repayable on demand form an integral part of the Group's cash management are included as a component of cash and cash equivalents
for the purpose of the statement of cash flows.
(g) Foreign currency
On consolidation, assets and liabilities of the Group's foreign subsidiaries are translated into sterling at year end exchange rates.
The results of the Group's foreign subsidiaries are translated into sterling at average rates of exchange for the year. Foreign exchange
differences arising on retranslation are recognised directly in equity.
(h) Impairment*
The carrying amounts of the Group's assets, other than deferred tax assets are reviewed at each balance sheet date to determine whether
there is any indication of impairment. If any such indication exists, then the assets recoverable amount is estimated. For goodwill which
has an indefinite life the recoverable amount is estimated at each reporting stage.
(h) Impairment cont/d
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are
grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash
inflows of other assets or groups of assets (the "cash generating unit"). The goodwill acquired in a business combination, for the purpose
of impairment testing, is allocated to cash generating units that are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its cash generating unit exceeds its estimated recoverable
amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash generating units are
allocated first to reduce the carrying amount of any goodwill allocated to cash generating units and then to reduce the carrying amount of
other assets within the unit on a pro rata basis.
(i) Employee benefits
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as service is
provided.
(j) Income tax
Income tax on the profit or loss for the period comprises both current and deferred tax. Income tax is recognised in the income
statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the
following temporary differences; the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profits nor differences relating to investments in subsidiaries to the extent that it is
probably that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences
arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
differences when they reverse; based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets
and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable
entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and
liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable
that a related tax benefit will be realised.
(k) Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past
event, and it is probably that an outflow of economic benefits will be required to settle the obligation. If the effect is material,
provisions are determined by discounting the expected, risk adjusted, future cash flows at a pre-tax risk free rate.
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