RNS Number:3928K
JAB Holdings Ld
31 March 2005
JAB Holdings Ld
31 March 2004
JAB HOLDINGS LIMITED ('JAB')
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
Set out below are JAB's unaudited results for the six months ended 31 December
2004.
Copies of the interim report will be distributed to JAB shareholders in due
course and will be available for a period of one month from JAB's registered
office:
Suites 13 & 15
Sarnia House
Le Truchot
St. Peter Port
Guernsey GY1 4NA
Enquiries:
JAB Holdings Limited
Simon Thornton 01481 727927
CHAIRMAN'S STATEMENT
I am pleased to report that RM continues to perform well. The trading results of
the RM Group for the half-year to 31 December 2004 were ahead of the previous
year's and the sales results of the auctions held to date in 2005 have exceeded
management's expectations.
Your board is concerned that the market undervalues JAB's stake in the RM Group
of companies and we are exploring ways to correct this. We are also taking steps
to increase the dividends paid by RM.
Simon Thornton
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Notes Half year to Half year to Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
TURNOVER from - - -
continuing
operations
COST OF SALES - - -
--------- --------- ---------
GROSS PROFIT - - -
Administrative
expenses (50,101) (63,440) (138,592)
--------- --------- ---------
OPERATING (LOSS) (50,101) (63,440) (138,592)
Interest from fixed
asset investments - 94,970 142,453
Interest paid on
convertible debt (11,039) - (2,033)
Interest receivable
and other income 1,768 4,108 8,063
--------- --------- ---------
RETAINED (LOSS)/
PROFIT (59,372) 35,638 9,891
FOR THE PERIOD/YEAR
========= ========= =========
Earnings Per
Ordinary 3
5p share
- basic (0.0138p) 0.0083p 0.0023p
- diluted (0.0131p) 0.0083p 0.0027p
The company has no gains or losses other than those included above.
There is no difference between the profit/(loss) stated above and the historical
cost equivalent.
CONSOLIDATED BALANCE SHEET
Note 31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
FIXED ASSETS
Investments 4 2,450,082 1,811,138 2,450,082
CURRENT ASSETS
Debtors 19,628 15,787 37,731
Cash at bank and
in hand 37,386 314,268 248,615
--------- --------- ---------
57,014 330,055 286,346
CREDITORS
Amounts falling
due within one
year (17,940) (23,114) (314,498)
--------- --------- ---------
NET CURRENT
ASSETS/(LIABILITIE
S) 39,074 306,941 (28,152)
CREDITORS
Amounts falling due
after more than one
year
Convertible debt (456,196) - (329,598)
--------- --------- ---------
NET ASSETS 2,032,960 2,118,079 2,092,332
========= ========= =========
CAPITAL AND
RESERVES
Called up share
capital 2,576,052 2,576,052 2,576,052
Profit and loss
account (543,092) (457,973) (483,720)
--------- --------- ---------
EQUITY
SHAREHOLDERS'
FUNDS 2,032,960 2,118,079 2,092,332
========= ========= =========
CONSOLIDATED CASH FLOW STATEMENT
Half year ended Half year ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
(as restated)
# # #
Net cash (outflow)/inflow
from continuing (38,510) (38,401) (134,159)
operating activities
Dividends received - 94,970 142,453
RETURNS ON INVESTMENTS
AND
SERVICING OF FINANCE
Interest received 1,768 4,108 8,063
Interest paid on
convertible debt (11,039) - (2,033)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Purchase of fixed asset
investment (290,046) - (348,898)
--------- --------- ---------
NET CASH (OUTFLOW)/INFLOW
BEFORE FINANCING (337,827) 60,677 (334,574)
FINANCING
Issue of convertible debt 126,598 - 329,598
--------- --------- ---------
(DECREASE)/INCREASE IN
CASH IN THE YEAR (211,229) 60,677 (4,976)
========= ========= =========
RECONCILIATION OF
OPERATING (LOSS) TO NET
CASH (OUTFLOWS)/INFLOWS
FROM CONTINUING OPERATING
ACTIVITIES
Operating (loss) (50,101) (63,440) (138,592)
(Decrease)/increase in
creditors (6,512) 3,782 5,120
Decrease/(increase) in
debtors 18,103 21,257 (687)
--------- --------- ---------
NET CASH (OUTFLOW)/INFLOW
FROM CONTINUING OPERATING
ACTIVITIES (38,510) (38,401) (134,159)
========= ========= =========
NOTES TO THE INTERIM REPORT
1. BASIS OF PREPARATION
The financial information relating to the period ended 31 December 2004 is
unaudited. It has been prepared under the historical cost convention and on a
basis consistent with the accounting policies in the full year accounts to 30
June 2004; the audit report was not qualified.
2. TAXATION
The company is a Guernsey exempt company and as such pays an exempt tax fee of
#600 per annum.
3. EARNINGS PER SHARE
Basic and diluted earnings per share are presented in accordance with FRS14
"Earnings per share".
4. INVESTMENTS
Fixed asset investments are stated at historical cost. An impairment provision
will be made where the market value is below the carrying amount.
5. CASHFLOW STATEMENT
The comparative figures in the cash flow statement for the year ended 30 June
2004 have been restated due to the prior inclusion of sums owing on the purchase
of fixed asset investments within creditors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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