Date: 26 September 2008 AIM:LCSR
Lewis Charles Romania Property Fund
London, United Kingdom - Lewis Charles Romania Property Fund ('the
Company' or 'the Fund') today announces its H1 Interim Results for the
period ended 30 June, 2008
HIGHLIGHTS OF THE PERIOD TO 30 JUNE 2008 INCLUDE:
- Published NAV of 217 Eur cents(172p)per share
- Romanian economy grows 8% through the opening six months of 2008
- Development and marketing of Zenith continues (Ploiesti retail mall)
- Primary focus is on concluding the procedure of negotiating and
finalising heads of terms and leases with prospective tenants
- Building permit for Zenith received on 21 July 2008
- Current intention for construction at Zenith to commence, subject to
project funding, by the end of Q1 2009 - with project completion
expected by the end of 2010.
- Design stage of Mogosoaia residential project completed
- Building permit at Mogosoaia will be applied for in Q4 2008
- Soft marketing begins in two weeks with the major launch occurring
by the end of Q4 2008
Commenting today, Loraine Pinel, Fund Manager of Lewis Charles Romania Property
Fund said "The demanding market conditions have been well documented and the
Fund continues to trade at a significant discount to its NAV. Nevertheless, the
projects have progressed at a steady rate and the Fund has made some significant
successes through the first six months of 2008. We are particularly pleased with
the developments being made at Zenith"
About Lewis Charles Romania Property Fund
The Fund's objective is to generate capital gains by investing in both
residential and commercial property in Romania, primarily, although not
exclusively, in and around Bucharest and other large Romanian cities. It floated
on AIM in August 2007 raising GBP 27.4 million.
For more information about the Fund, please visit our website
(http://www.romaniapropertyfund.com/) or contact:
Ed Portman, Leesa Peters,
Conduit PR
+ 44 (0) 207 429 6607 / + 44 (0) 7733 363 501
Loraine Pinel, Mark Anderson,
Lewis Charles Securities Limited
+ 44 (0) 207 456 9100 / + 44 (0) 7876 560 787
Robert Finlay, L.Warren Pimm
Canaccord Adams Limited
+ 44 (0) 207 050 6500
Investment Management Report
The Romanian Economy
Growth in the economy continues to be strong. Growth in the first six months
was 8.0% but a more general economic slowdown is expected for the second half of
2008 and first half of 2009 as relatively high oil prices and double digit
interest rates start to feed through to the economy. Estimates for
GDP growth are for 6.5% for 2008 versus 5.1% in 2009 (source Oxford Economics).
Much of the growth to-date has been driven by consumer demand and this is
expected to slow gradually over the coming year. However, the underlying
background for consumers remains favourable with above inflation wage growth,
lower unemployment and credit readily available.
On the negative side, relatively high oil prices are expected to keep the
current account deficit large at nearly 14.0 % of GDP and any improvement is
expected to be gradual. Inflation, although high at over 8.0 % is expected to
start to fall on the back of the recent softening in oil prices, and a good
harvest (the weighting of food in the CPI index is the highest among the EU27 at
37.5%).
Property Market
With the many uncertainties stemming from the financial crisis that started in
the United States, the pace of growth in the residential market has been slower
than in 2007.
In the medium to long term however, the Romanian residential market is expected
to continue to experience growth as the market depends on the supply / demand
ratio, which is still extremely low. By the end of 2008 the stock of new product
is expected to be around 5,000 units and that should increase to around 15,000
by the end of 2010 (various sources). The yearly absorption of new apartments
is expected to increase from 10,000 in 2008 to around 20,000 units in the next 3-
4 years. The decision to buy new product instead of older apartments is also
affected by the life expectancy of the apartment blocks built pre - 1989, which
will be at the end of their life span within the next 15 years. Of the many
investors who purchased apartments over the past 18 months, over half are
expected to rent out their newly finished apartments.
Growing purchasing power and the ease of financing have had a major influence on
the residential demand in 2008. The market is now awaiting new rules from the
National Bank which is likely to restrict the amount that individuals can borrow
(currently 100%).
In recent months a number of Romanian buy to let funds have been launched and
these have filled the gap left by the withdrawal of the high net worth overseas
investor. Although local investors continue to be active, they have become more
cautious alongside a general tightening in the market. End-users however,
continue to be very active. They are also becoming more educated and thorough
in their searches.
The retail sector has continued to perform well on the back of strong economic
growth and growing purchasing power. Prime high street retail yields continue to
be stable throughout the country at between 7.5% - 8.0% (and lower in some
areas). The underlying occupier market is expected to remain strong and
increasing tenant demand is expected to push rental levels up in prime
locations. A number of international fashion retailers have recently entered the
Romanian market including Next, Peek & Cloppenburg, Reserved and Sacoor Brothers
which is also helping to push rental levels up.
The Fund made two acquisitions in 2007. Financing will be put in place for both projects
on an "as and when needed" basis.
Mogosoaia Residential Project
The first acquisition was of 50% of SC Gold Developments SPV SRL for Eur 12.9
million that owns a 55,700 m site at Mogosoaia, on the outskirts of Bucharest.
As previously announced, the Mogosoaia project is a Joint Venture (JV) with
Alchemy Development Management and is proposed to comprise over 1,000 apartments
(build area of approximately 132,250 m) and will be phased over a four year
period. Financing has already been secured through Unicredit Tiriac Bank for the
first phase of the Mogosoaia residential project.
The project is only several weeks away from commencing the soft marketing of the
first two residential blocks at Mogosoaia, with the official launch of the
scheme expected for the end of Q4 2008. The detailed design stage of Phase 1 is
now complete and the first 124 modern bright apartments will go on sale at
affordable prices so that the scheme has critical mass from the beginning. The
landscaping of the scheme keeps a modern clean feel in line with the apartments
whilst taking many influences from Mogosoaia Palace, a well known tourist
attraction on the scheme's doorstep - rustic bricks, fountains, green areas,
glass, trees and statues. Although the site is high density, there is still a
heavy focus on leisure (gym, running tracks, tennis courts and restaurants) and
supporting services to offer a lifestyle choice for young families and
professionals. A number of Romanian focus groups have been engaged to ensure the
sales price pointing, marketing campaigns and materials have maximum impact on
this target market.
The Company views price pointing as key to the success of the scheme and have
therefore designed a range of apartments and kept the floor plates flexible to
react efficiently to demand.
The construction permit application is being prepared and this will be lodged in
Q4 2008. The design stays within the parameters of the outline planning approved
so no complications with this process are expected. Several construction
companies have been invited to tender for the project and this process will be
brought to completion over the next few months.
Ploiesti Project (Zenith)
The investment management and development teams have been making steady progress
on the development and marketing of the shopping centre in Ploiesti, now called
`Zenith'. The formal commencement of the project was announced to the
international and Romanian trade press on 30th July 2008, which resulted in
extensive coverage in over 35 titles. We hope to begin construction during the
fourth quarter of 2008 or early 2009 and to complete the centre towards the end
of 2010. Our principal focus is now on completing the process of negotiating and
concluding heads of terms and leases with prospective tenants; we are pleased to
report that there is a high level of interest from high quality retailers in
taking space in Zenith. These transactions are confidential for the time being
but we will announce the initial tenant list when negotiations have been
concluded. In conjunction with the development managers, Westhill Investments,
we are also close to finalising negotiations with contractors and funding
partners.
The final Building Permit for Zenith was issued on 21 July 2008. The Company has
agreed with the Municipality to construct a new roundabout and a four lane
approach road to Zenith. The design and makeup of this roundabout was agreed
in July 2008 after detailed negotiations between the Municipality, the National
Road Authority, the Police, WSP and the development managers.
Phase I of the Zenith marketing strategy is an intensive, high impact campaign
targeted at key potential retail and leisure tenants in Romania with a view to
generating a high level of interest and a significant level of pre-lets. A brand
name and identity has been created that stand out from competitors, reflect the
distinctive character of the centre, have an international dimension and the
flexibility to work across a wide range of applications. In addition to the
current holding page at www.zenithromania.com a full website is being developed
using flash to animate visuals and a content management system for continuously
updated news. The Managers intend to make a series of further announcements to
shareholders and the wider market as and when the several sets of negotiations
in which we are currently engaged are concluded.
Lewis Charles Securities Limited
Investment Manager
September 2008
Condensed consolidated Income Statement (unaudited) for the period 1 January
2008 to 30 June 2008
Audited
Notes Unaudited 29 June 2007
30 June to 31 December
2008 2008
Eur Eur
Investment income 84,228 123,923
_________ _________
Net operating income 84,228 123,923
_________ _________
Expenditure
Administration fees 4 124,195 101,679
Management fees 333,299 306,283
Formation expenses - 1,655,929
Directors' fees and 75,351 44,287
expenses
Other expenses 313,289 637,004
Loss on foreign 150,525 1,678,177
currency exchange
__________ __________
Total expenditure 996,659 4,423,359
__________ __________
Net operating loss (912,431) (4,299,436)
__________ __________
Interest receivable 9,357 45,403
___________ ___________
Net finance income 9,357 45,403
___________ ___________
Loss before tax (903,074) (4,254,033)
Taxation
-
__________ ___________
Loss for the period (903,074) (4,254,033)
__________ ___________
Loss per share - basic (4.61) (21.73)
and diluted (cents per
share)
All items in the above statement derive from continuing operations
These financial statements are unaudited and are not the Company's Statutory
financial statements. The accompanying notes 1 to 13 form an integral part of
these financial statements
Condensed consolidated balance sheet (unaudited) as at 30 June 2008
Audited
Unaudited 31 December
Notes 30 June 2008 2007
Eur Eur
Assets
Inventory 7 31,296,564 28,007,787
__________ __________
Total non current 31,296,564 28,007,787
assets __________ __________
Trade and other 1,192,417 580,902
receivables
Cash and cash 2,361,638 7,257,035
equivalents
__________ __________
Total current 3,554,055 7,837,937
assets __________ ___________
Total assets 34,850,619 35,845,724
__________ ___________
Equity
Issued capital and 34,282,011 35,462,009
__________ ___________
Total equity 34,282,011 35,462,009
__________ ___________
Liabilities
Trade and other 568,605 383,712
payables
Founder shares 3 3
___________ ___________
Total current 568,608 383,715
liabilities ___________ ___________
Total liabilities 568,608 383,715
____________ ___________
Total equity and 34,850,619 35,845,724
liabilities ____________ ___________
NAV per ordinary 8 1.7512 1.8115
share (Euro per
share)
NAV per ordinary 1.9352 1.9352
share at launch
(Euro per share)
These financial statements were approved by the Board of Directors on 25
September 2008
Signed on behalf of the Board
P Duquemin C Simon
Director Director
These financial statements are unaudited and are not the Company's Statutory
financial statements. The accompanying notes 1 to 13 form an integral part of
these financial statements
Condensed consolidated statements of changes in equity (unaudited) for the
period 1 January 2008 to 30 June 2008
30 June 2008
Consolidated Share Foreign
capital exchange Share Revenue
reserve premium reserve Total
Eur Eur Eur Eur Eur
As at 1 - 198,709 39,517,333 (4,254,033) 35,462,009
January 2008
Issue of - - - - -
ordinary
shares
Commissions - - - - -
payable on
issue
of ordinary
shares
Foreign - (276,924) - - (276,924)
exchange
adjustments
arising on
consolidation
Loss for the - - - (903,074) (903,074)
period
__________ __________ __________ ___________ __________
As at 30 - (78,215) 39,517,333 (5,157,107) 34,282,011
June 2008 __________ __________ __________ ___________ __________
31 December 2007
Consolidated Share Foreign
capital exchange Share Revenue
reserve premium reserve Total
Eur Eur Eur Eur Eur
Issue of
ordinary - - 40,727,575 - 40,727,575
shares
Commissions
payable on
issue of - - (1,210,242) - (1,210,242)
ordinary
shares
Foreign
exchange
adjustments - 198,709 - - 198,709
arising on
consolidation
Loss for the - - - (4,254,033) (4,254,033)
period
__________ _________ __________ __________ ___________
As at 31 - 198,709 39,517,333 (4,254,033) 35,462,009
December 2007 __________ _________ __________ __________ ___________
These financial statements are unaudited and are not the Company's Statutory
financial statements. The accompanying notes 1 to 13 form an integral part of
these financial statements
Condensed consolidated cash flow statement (unaudited) for the period 1 January
2008 to 30 June 2008
Unaudited Audited
30 June 2008 29 June 2007 to
31 December 2007
Eur Eur
Loss for the period (903,074) (4,254,033)
Adjustment for:
Net finance income (9,357) (45,403)
__________ ___________
Operating cash flows
before movements (912,431) (4,299,436)
in working capital
(Increase) in trade and (611,515) (580,899)
other receivables
Increase in trade and 184,893 383,712
other payables
___________ ___________
Cash used in operations (1,339,053) (4,496,623)
Interest received 9,357 45,403
Net cash outflow from ___________ ___________
operating activities (1,329,696) (4,451,220)
___________ ___________
Investing activities
Investment in inventory (3,288,777) (28,007,787)
Net cash outflow from ___________ ____________
investing activities (3,288,777) (28,007,787)
___________ ____________
Financing activities
Proceeds on issue of - 40,727,575
shares
Costs incurred on issue - (1,210,242)
of shares
Net cash inflow from ___________ ___________
financing - 39,517,333
activities ___________ ___________
(Decrease)/ Increase in
cash and cash equivalents (4,618,473) 7,058,326
Opening cash and cash 7,257,035 -
equivalents
Effect of foreign (276,924) 198,709
exchange rates ___________ __________
Closing cash and cash 2,361,638 7,257,035
equivalents ___________ __________
These financial statements are unaudited and are not the Company's Statutory
financial statements. The accompanying notes 1 to 13 form an integral part of
these financial statements
Notes to the condensed financial statements
as at 30 June 2008
1 CORPORATE INFORMATION
Lewis Charles Romania Property Fund Limited (the "Company") and its subsidiaries
(together the "Group") is an investment fund with a major investment portfolio
in Romania. The aim of the Company is to generate capital gains by investing in
both residential and commercial property in Romania, primarily, although not
exclusively, around Bucharest.
The Company is a limited company incorporated in Guernsey. The life of the
Company is fixed by the Articles for the duration of the Company and ends on the
sixth anniversary of Admission. The directors have the right to extend the
period for a period of one year until the seventh anniversary of Admission.
Thereafter the duration of the Company may be extended at an extraordinary
general meeting convened for the purpose.
On 2 August 2007 the Company listed on the Alternative Investment Market (AIM)
of the London Stock Exchange PLC.
These unaudited condensed financial statements were authorised by the Board for
publication on 25 September 2008.
2 STATEMENT OF COMPLIANCE
These unaudited condensed consolidated interim financial statements have been
prepared in accordance with International Accounting Standard 34: Interim
Financial Reporting("IAS 34") . They do not include all the information required
for full annual financial statements and should be read in conjunction with the
consolidated financial statements for the period ending 31 December 2007.
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These unaudited condensed consolidated interim financial statements have adopted
the same accounting policies as the last audited financial statements, which
were prepared in accordance with International Financial Reporting Standards,
issued by the International Accounting Standards Board, interpretations issued
by the International Financial Reporting Interpretations Committee and
applicable legal and regulatory requirements of Guernsey Company Law and reflect
the accounting policies as disclosed in the Company's last audited financial
statements, which have been adopted and applied consistently.
4 ADMINISTRATION FEES
With effect from 1 January 2008 the Administrator is entitled to receive an
annual administration fee at a rate as may be agreed in writing from time to
time between the Company and the Administrator. The present fee is 0.09% per
annum of the Net Asset Value of the Company up to GBP100 million and 0.07% of
the Net Asset Value of the Company above GBP 100 million, subject to a minimum
fee of GBP 104,900 per annum (2007:GBP 100,000) plus disbursements.
Other administration fees are paid by the underlying subsidiaries at a rate as
may be agreed in writing from time to time.
5 PERFORMANCE FEES
The Investment Manager will receive a performance fee calculated and payable in
Pounds Sterling from the Company based on 20% of the excess of the net cash
proceeds from the sale of property over the 10% property hurdle. 50% of the
performance fees calculated will be payable to the Investment Manager within 30
days of the receipt of the proceeds of the sale of a property. The balance will
be paid at the same time into a reserve account and be invested in Sterling
money market deposits, unless otherwise agreed between the Investment Manager
and the Company, and held pending the calculation of the overall returns on the
property portfolio at the end of the life of the Company. No performance fee is
shown within these financial statements as any provision is based on the uplift
shown in the fair value adjustment of the investment properties and no such
uplift is provided in these financial statements. If the properties were to be
reflected at fair market value a performance fee provision of Eur 876,665 (Dec
2007:Eur 953,990) would be provided for.
6 LOSS PER SHARE - BASIC AND DILUTED
The consolidated basic and diluted loss per Ordinary Share of 4.61 Euro cents 30
June 2008 (31 December 2007: 21.73 Euro cents) is based on the net income loss
of Eur 903,074 (31 Dec 2007: Eur 4,254,033) and on 19,576,405 (31 Dec 2007:
19,576,405) ordinary shares in issue, being the weighted average number of
shares in issue during the period from admission to the balance sheet date.
7 INVENTORY
Ploesti Mogosoaia Mogosoaia
30 June 2008 Eur Eur Eur
Opening Balance 15,053,592 12,954,195 28,007,787
Development costs 2,955,970 332,807 3,288,777
__________ __________ __________
Value held for resale 18,009,562 13,287,002 31,296,564
__________ __________ __________
Fair value 25,583,787 14,038,947 39,622,734
__________ __________ __________
31 December 2007
Cost of land held 7,000,000 1,975,000 8,975,000
Development costs 8,053,592 10,979,195 19,032,787
__________ __________ __________
Value held for resale 15,053,592 12,954,195 28,007,787
__________ __________ __________
Fair value 22,104,029 13,634,462 35,738,491
__________ __________ __________
The Group's main activity is the development and sale of residential and
commercial property. The process of obtaining zoning and permits may in itself
take some time. This period is then added to by the time taken to construct the
properties. In this time the costs of the land and the construction are recorded
in Inventories. The Group continually reviews the net realisable value of the
inventory against the cumulative costs that are held on its balance sheet. To
enable this review, management have appointed appropriately qualified personnel
to monitor and control the costs of construction.
The costs that have been incurred and are projected to be incurred are
benchmarked against those available in the market to ensure that best value is
achieved. A strict tendering process is adhered to when procuring construction
services and the costs are controlled locally on a monthly basis. In addition to
this, the Group retains Regatta Real Estate Company and REAG Real Estate
Advisory Group SRL to assist them to undertake an independent assessment of the
net realisable value of its developments.
The fair value of the developments as at 30 June 2008 has been arrived at on the
basis of valuations carried out at that date by Regatta Real Estate Company and
by REAG Real Estate Advisory Group SRL, independent valuers not connected to
the Group. The valuation basis has been market value as defined by the Royal
Institute of Chartered Surveyors (RICS). The approved RICS definition of market
value is the ''estimated amount for which a property should exchange on the date
of valuation between a willing buyer and a willing seller in an arms length
transaction after proper marketing wherein the parties had each acted
knowledgeably, prudently and without compulsion".
8 NAV PER SHARE
30 June 2008 31 December 2007
Consolidated Consolidated
Eur Eur
Net Asset Value 34,282,011 35,462,009
attributable to ordinary
shareholders
Number of shares in 19,576,405 19,576,405
issue
Net asset value per 1.7512 1.8115
share
The Net Asset Value per Ordinary Share is based on the Net Asset Value at the
Balance Sheet date and on the Ordinary Shares, being the number of shares in
issue at the balance sheet date.
9 RELATED PARTY DISCLOSURES
Related party transactions are as disclosed in note 4 and 5 in these financial
statements.
10 CONTROLLING PARTY
In the opinion of the Directors there is no immediate or ultimate controlling
party as no one party has the ability to direct the financial and operating
policies of the Company with a view to gaining economic benefits from their
direction.
11 RECONCILIATION OF NAV PER THE FINANCIAL STATEMENTS TO PUBLISHED NAV
Eur Per share
Net Asset Value 34,282,011 1.75
per financial statements
Add back:
Adj to value of properties 7,897,514 0.40
Adj to performance fee (876,665) (0.04)
Preliminary expenses 1,173,160 0.06
__________ _________
Published Net Asset Value 42,476,020 2.17
__________ _________
An adjustment is required within the financial statements to record the value of
the inventory / property assets from fair value, as used for the published Net
Asset Value, to the lower of cost and net realiseable value as required under
International Accounting Standard 2 "Inventories".
The Company's principal documents require the dealing valuation of the Company's
net assets to include preliminary expenses incurred in the establishment of the
Company, such expenses to be amortised over the expected life of the Company.
However, this accounting treatment is not permitted for financial reporting
purposes and has been adjusted accordingly within these financial statements.
12 CAPITAL COMMITMENTS
The Group has no outstanding commitments at 30 June 2008.
13 POST BALANCE SHEET EVENTS
There have been no significant events following the end of the accounting
period.
THE FOLLOWING PAGES ARE PRESENTED FOR INFORMATION PURPOSES ONLY
Condensed consolidated Income
Statement (unaudited) for the period
1st January 2008 to 30th June 2008
Restated into Pounds Sterling Unaudited Audited
30th June 29th June
2008 2007 to 31st
December 2007
Investment income 65,533 84,797
_________ __________
Net operating income 65,533 84,797
_________ __________
Expenditure
Administration fees 96,629 69,576
Management fees 259,322 209,582
Formation expenses - 1,133,112
Directors' fees and expenses 58,627 30,305
Other expenses 243,753 435,886
Loss on foreign currency
exchange 117,115 1,148,335
_________ __________
Total expenditure 775,446 3,026,796
_________ __________
Net operating loss (709,913) (2,941,999)
__________ ___________
Interest receivable 7,281 31,068
__________ ___________
Net finance income 7,281 31,068
___________ ___________
Loss before tax (702,632) (2,910,931)
Taxation - -
___________ ___________
Loss for the period (702,632) (2,910,931)
___________ ___________
Loss per share - basic and diluted (3.59) (14.87)
(pence per share)
Condensed consolidated balance sheet
unaudited)
as at 31 December 2007
Restated into Pounds Sterling Unaudited Audited
30th June 2008 31st December
2007
GBP GBP
Assets
Inventory 24,736,804 20,596,990
___________ __________
Total non current assets 24,736,804 20,596,990
___________ __________
Trade and other receivables 942,486 427,197
-
Cash and cash equivalents 1,866,639 5,336,840
___________ __________
Total current assets 2,809,125 5,764,037
___________ __________
___________ ___________
Total assets 27,545,929 26,361,027
___________ ___________
Equity
Issued capital and reserves 27,096,502 26,078,842
___________ __________
Total equity 27,096,502 26,078,842
___________ __________
Liabilities
Trade and other payables 449,425 282,183
-
Founder shares 2 2
____________ ___________
Total current liabilities 449,427 282,185
____________ ___________
Total liabilities 449,427 282,185
_____________ ___________
_____________ ___________
Total equity and liabilities 27,545,929 26,361,027
_____________ ___________
NAV per ordinary share (pence per 138.41 133.22
share)
NAV per ordinary share at launch 140.00 140.00
(pence per share)
Published NAV per ordinary share 171.50 157.40
(pence per share)
Condensed consolidated statements of changes in equity (unaudited) for the
period 1st January 2008 to 30th June 2008
Restated into Pounds Sterling
30 June 2008
Foreign
Share exchange Share Revenue
capital reserve premium reserve Total
Consolidated GBP GBP GBP GBP GBP
Current
As at 1st January 2008 - - 26,584,758 (505,916) 26,078,842
Issue of ordinary shares - - - - -
Commissions payable on - - - - -
issue of ordinary shares
Loss for the period - - - (702,632) (702,632)
Foreign exchange - - - 1,720,292 1,720,292
adjustments arising
on translation to Sterling ______ _______ __________ __________ __________
As at 30th June 2008 - - 26,584,758 511,744 27,096,502
______ _______ __________ __________ __________
31 December 2007
Foreign
Share exchange Share Revenue
capital reserve premium reserve Total
Consolidated GBP GBP GBP GBP GBP
Comparative
Issue of ordinary shares - - 27,406,967 - 27,406,967
Commissions payable on - - (822,209) - (822,209)
issue of ordinary shares
Loss for the period - - - (2,910,931) (2,910,931)
Foreign exchange - - - 2,405,015 2,405,015
adjustments arising
on translation to Sterling
______ _______ __________ __________ __________
Total recognised income and - - 26,584,758 (505,916) 26,078,842
expenses for the period
______ _______ __________ __________ __________
As at 31 December 2007 - - 26,584,758 (505,916) 26,078,842
______ _______ __________ __________ __________
Condensed consolidated cash flow statement (unaudited)
for the period 1 January 2008 to 30 June 2008
Restated into Pounds Sterling
Unaudited Audited
30 June 2008 29 June 2007 to
31 December 2007
GBP GBP
Loss for the period (702,632) (2,910,931)
Adjustment for:
Net finance income (7,281) (31,068)
___________ ___________
Operating cash flows before (709,913) (2,941,999)
movements inworking capital
(Increase) in trade and other receivables (515,289) (427,197)
Increase in trade and other payables 167,242 282,185
___________ ___________
Cash used in operations (1,057,960) (3,087,011)
Interest received 7,281 31,068
___________ ___________
Net cash outflow from (1,050,679) (3,055,943)
operating activities ___________ ___________
Investing activities
Investment in inventory (4,139,814) (20,596,990)
____________ ____________
Net cash outflow from (4,139,814) (20,596,990)
investing activities ____________ ____________
Financing activities
Proceeds on issue of shares - 27,406,967
Costs incurred on issue of shares - (822,209)
____________ ___________
Net cash inflow from - 26,584,758
financing activities ____________ ___________
(Decrease) / Increase in (5,190,493) 2,931,824
cash and cash equivalents
Opening cash and cash equivalents 5,336,839 -
Exchange difference arising 1,720,293 2,405,015
on translation to Sterling ____________ ____________
Closing cash and cash equivalents 1,866,639 5,336,839
____________ ____________
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