CAP.MAN.& INV Half-yearly Report
23 Ottobre 2013 - 11:51AM
UK Regulatory
TIDMCMIP
Capital Management and Investment PLC
("CMI" or the "Company")
Interim Results for the six month period ended 31 July 2013
Chairman's Statement
Introduction
As at 31 July 2013 the Company had 2 investments: a 2.8% (2012 - 7%)
shareholding in Algeco Scotsman Holdings ("ASH") and a 7% (2012 - 7%)
shareholding in Magticom. The fair value of the Company's investment in
ASH was increased in the final accounts for the year to 31(st) January
2013 to reflect recent performance, growth, and refinancing. The fair
value of the Company's investment in Magticom remains unchanged.
Results for the period
The Consolidated Income Statement shows a loss before tax of GBP0.191m
(2012 - Loss GBP0.108m).
Other income of GBP0.121m (2012 - GBP0.181m) comprises GBP0.058m (2012 -
GBP0.03m) fees paid by Algeco Scotsman in relation to the monitoring of
our investment and GBP0.063m (2012 - GBP0.151m) from Yola Investments
SARL in relation to monitoring fees of our investment in Magticom.
Administrative expenses of GBP0.312m (2012 - GBP0.287m) include
GBP0.125m (2012 - GBP0.125m) payable for office services and GBP0.108m
(2012 - GBP0.099m) of professional fees. Your board continues to take
steps to minimise administrative expenses where possible.
Net asset value ("NAV") per share is GBP3.51 (2012 - GBP1.40) and the
Company had net cash balances of GBP0.886m (2012 - 1.471m) at the period
end.
Investment in Algeco Scotsman Holdings ("ASH")
On 14 May 2013 ASH announced a $400m 5 year payment-in-kind loan
placement. The proceeds of the issue are intended to be used to return
funds to shareholders. CMI's share of the proceeds is approximately
GBP6.77m. CMI received this amount in the form of a loan from ASH on 10
October 2013. This is in anticipation of a proposed share capital
reduction by ASH in January 2014. Assuming the capital reduction takes
place then the cash will be classified as a return of capital.
Investment in Yola Investments Sarl ("Yola")
The Company holds an indirect investment of 7% in Magticom, the largest
mobile telephone operator in The Republic of Georgia via its 33%
shareholding in Yola Investments Sarl. Yola owns 43% of Metromedia
International Group ("MIG") which in turn owns 46% of Magticom.
Your board believes that the 46% shareholding that MIG holds in Magticom
is worth less than the value of the loan notes to third parties,
outstanding in MIG, as the value of the outstanding loan notes of
c.$210m is higher than a likely exit value based on a multiple of
EBITDA. Consequently your Board continue to show the carrying value of
its shareholding in Yola in the Financial Statements at GBPNil.
Strategy going forward
CMI continues to actively monitor its investments in Yola and ASH
through regular meetings with the management teams of ASH and Magticom,
receipt of monthly financial reports, and attendance at board meetings.
Your board takes the view that the market capitalisation of CMI should
move broadly in line with the value of the underlying investments in ASH
and Yola. The market price of CMI shares is a significant discount to
NAV at the balance sheet date. Your board believes that part of the
reason is both the illiquidity of the shares and the current illiquidity
of the investments that it holds.
Dividends
The board is not recommending payment of a dividend for the period under
review (2012 - GBPNil).
Giles Davies
Chairman
22 October 2013
Consolidated Income Statement
for the six month period ended 31 July 2013
Unaudited Unaudited Audited
Six months Six months Twelve months
Ended Ended Ended
31 July 2013 31 July 2012 31 January 2013
GBP'000 GBP'000 GBP'000
Fair value gain on investments - - 14,078
Other income 121 181 348
121 181 14,426
Administrative expenses (312) (287) (638)
Operating (loss)/profit (191) (106) 13,788
Finance income - - 1
(Loss)/profit before tax (191) (106) 13,789
Taxation - (2) (5)
(Loss)/profit for the period (191) (108) 13,784
Basic (loss)/profit per 2 GBP(0.03) GBP(0.02) GBP1.92
share
Fully diluted (loss)/profit per GBP(0.03) GBP(0.02) GBP1.89
share
Consolidated Statement of Changes in Equity
As at 31 July 2013
Foreign
Currency
Share Share Premium Merger Translation Retained Total
Capital Account Reserve Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 31 January 2012 7,162 40,305 1,693 37,415 (75,960) 10,615
Total comprehensive income/(expense) for
the period - - - (495) (108) (603)
Share options charge - - - - 28 28
Balance as at 31 July 2012 7,162 40,305 1,693 36,920 (76,040) 10,040
Total comprehensive expense for the
period - - - 816 13,892 14,708
Share options charge - - - - 28 28
Balance as at 31 January 2013 7,162 40,305 1,693 37,736 (62,120) 24,776
Total comprehensive income/(expense) for
the period - - - 512 (191) 321
Share options charge - - - - 12 12
Balance as at 31 July 2013 7,162 40,305 1,693 38,248 (62,299) 25,109
Consolidated Balance Sheet
As at 31 July 2013
Unaudited Unaudited Audited
Six
Six months months Twelve months
Ended Ended Ended
31 July 2013 31 July 2012 31 January 2013
GBP'000 GBP'000 GBP'000
ASSETS
Non Current assets
Investments 24,278 8,877 23,765
24,278 8,877 23,765
Current assets
Trade and other receivables 258 135 187
Cash and cash equivalents 886 1,471 1,111
Total Current Assets 1,144 1,606 1,298
Total Assets 25,422 10,483 25,063
LIABILITIES
Current Liabilities
Trade and other payables (275) (423) (282)
Corporation tax payables (38) (20) (5)
Total Current Liabilities (313) (443) (287)
TOTAL NET ASSETS 25,109 10,040 24,776
EQUITY
Share capital 7,162 7,162 7,162
Share premium accounts 40,305 40,305 40,305
Merger reserve 1,693 1,693 1,693
Foreign currency translation
reserve 38,248 36,920 37,736
Retained earnings (62,299) (76,040) (62,120)
TOTAL EQUITY 25,109 10,040 24,776
Consolidated Cash Flow Statement
For the six months ended 31 July 2013
Unaudited Unaudited Audited
Six Six Twelve
months months months
Ended Ended Ended
31
31 July 31 July January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss/(profit) for the period (191) (108) 13,784
Adjustments for:
Fair value gain on investment - - (14,078)
Finance Income - - (1)
Foreign Exchange (gains)/losses (15) 6 (7)
Equity settled share based payment expense 12 28 56
Income tax expense - 2 5
(194) (72) (241)
Cash flows from operating activities before changes
in working capital and provisions
(Increase)/decrease in trade and other
receivables (71) 332 24
Decrease in trade and other payables 26 165 280
(45) 497 304
Cash (outflow)/inflow from operations (239) 425 63
Income taxes paid - - (15)
Net cash flows from operating activities (239) 425 48
Investing activities
Interest received - - 1
Net cash used in investing activities - - 1
Share capital issued net of expenses - - -
Net cash from financing activities - - -
Net (decrease)/increase in cash and cash
equivalents (239) 425 49
Cash and cash equivalents at beginning of the
period 1,111 1,058 1,058
Exchange gains/(losses) on cash and cash
equivalents 14 (12) 4
Cash and cash equivalents at end of the period 886 1,471 1,111
Notes
1 Basis of Preparation
These financial statements have been prepared in accordance with
International Financial Reporting Standards, International Accounting
Standards and Interpretations (collectively IFRS) issued by the
International Accounting Standards Board (IASB) as adopted by European
Union ("adopted IFRSs"), and are in accordance with IFRS as issued by
the IASB and with those parts of the Companies Act 2006 applicable to
companies preparing its financial statements in accordance with IFRS.
The principal accounting policies used in preparing the interim results
are those the group expects to apply in its financial statements for the
year ended 31 January 2014 and are unchanged from those disclosed in the
Group's Report and Financial Statements for the year ended 31 January
2013.
The financial information for the six months ended 31 July 2013 and 31
July 2012 is unreviewed and unaudited and does not constitute the
Group's statutory financial statements for those periods. The
comparative financial information for the full year ended 31 January
2013 has however been derived from the audited statutory financial
statements for that period. A copy of those statutory financial
statements has been delivered to the Registrar of Companies. The
auditors' reports on those accounts were unqualified, did not include
reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain a statement
under section 498(2) or 498(3) of the Companies Act 2006.
2 Earnings per ordinary share
The basic and diluted loss per share of GBP0.03 (2012 - GBP0.02 per
share) is calculated by reference to the loss after taxation of
GBP191,000 (2012 - GBP108,000) and the weighted average number of
ordinary shares in issue during the year of 7,162,133 (2012 -
7,162,133).
Unaudited Six Unaudited Six
months ended months ended Audited Twelve
31 July 2013 31 July 2012 months ended 31 January 2013
Basic number of
shares 7,162,133 7,162,133 7,162,133
3 Interim Report
Copies of the interim report are available from the Company Secretary,
Capital Management and Investment PLC, 54 Baker Street, London W1U 7BU.
A copy will also shortly be placed on the company's website
www.cmi-plc.co.uk.
Contact:
Tim Woodcock, Capital Management and Investment plc 020 7725 0800
Jonny Franklin-Adams / Alex Wright, N+1 Singer 020 7496 3000
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Capital Management & Investment Plc via Thomson Reuters ONE
HUG#1737578
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