Half-yearly Report
September 26 2008 - 10:15AM
UK Regulatory
26 September 2008
Pine Ventures plc
(the "Company")
Half-yearly results for the period ended 30 June 2008
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present your Company's unaudited interim results for the six
month period ended 30 June 2008.
Results and dividends
The loss on ordinary activities after taxation for the six month period ended
30 June 2008 amounted to �101,000 (2007 - �144,000). The loss per share for the
period was 0.01 pence (2007 - 0.05p) and no dividend is recommended.
Outlook
The Directors are currently in advanced stages of discussions regarding a
potential acquisition which, if completed, would be classified as a reverse
takeover under the AIM Rules and hope to be able to conclude a transaction
prior to 6 December 2008, the date upon which, in absence of a reverse
takeover, trading in the Company's Ordinary Shares on AIM will be cancelled.
The Directors will make a further announcement in due course.
Lord Beaverbrook
Chairman
26 September 2008
Enquiries:
Lord Beaverbrook, Chairman 020 7235 3131
Pine Ventures plc
Simon Clements/David Worlidge 020 7628 2200
John East & Partners Limited
CONSOLDIATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
Six Six
months months Year
ended ended ended
30 June 30 June 31 Dec
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
Note �000 �000 �000
Administrative expenses (103) (145) (328)
Operating loss (103) (145) (328)
Finance income 2 1 6
Loss on ordinary activities (101) (144) (322)
before and after tax and loss
for the financial period
Loss per share - basic and 2 (0.01)p (0.05)p (0.06)p
diluted
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE
2008
Six Six
months months Year
ended ended ended
30 June 30 June 31 Dec
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Total equity at beginning of 122 21 21
period
Issue of equity share capital - - 423
Loss for the financial period (101) (144) (322)
Total equity at end of period 21 (123) 122
CONSOLIDATED BALANCE SHEET AT 30 JUNE 2008
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
ASSETS
Current assets
Trade and other receivables 5 68 17
Cash and cash equivalents 66 89 140
71 157 157
Total assets 71 157 157
EQUITY AND LIABILITIES
Equity
Share capital 719 296 719
Share premium account 1,147 1,147 1,147
Retained losses (1,845) (1,566) (1,744)
Total equity 21 (123) 122
Current liabilities
Trade and other payables 50 280 35
Total equity and liabilities 71 157 157
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
Six Six
months months Year
ended ended ended
30 June 30 June 31 Dec
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Cash flows from operating activities
Loss before tax (101) (144) (322)
Adjustments for:
Investment written off - - -
Finance income (2) (1) (6)
Expenses of share issues - - 57
Decrease/(Increase) in trade and
other
receivables 12 (67) (16)
Increase/(Decrease) in trade and 15 160 (35)
other
payables
Net cash flows from operating (76) (52) (322)
activities
Cash flows from investing activities
Finance income 2 1 6
Cash flows from investing activities 2 1 6
Cash flows from financing activities
Proceeds from issue of share capital - - 423
Expenses of share issues - - (57)
Loans advanced - 50 -
Cash flows from financing activities - 50 366
Net (decrease)/increase in cash and (74) (1) 50
cash equivalents
Cash and cash equivalents at the 140 90 90
beginning of the period
Cash and cash equivalents at the end 66 89 140
of the period
NOTES TO THE INTERIM STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2008
1. BASIS OF PREPARATION
The interim financial statements have not been audited and they do not
constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The statutory accounts for the year ended 31 December 2007
have been delivered to the Registrar of Companies. The auditors' opinion on
these accounts was unqualified and did not contain a statement under s237(2) or
s237(3) of the Companies Act 1985.
The interim financial information has been prepared in accordance with
accounting policies currently in issue and anticipated to apply to the
statutory accounts for the year ending 31 December 2008, which will be prepared
in accordance with International Reporting Standards.
2. LOSS PER SHARE
Basic loss per share has been calculated using a loss for the financial period
of �101,000 (�144,000 loss for the period ended 30 June 2007 and �322,000 loss
for the year ended 31 December 2007) and a weighted average number of ordinary
shares in issue during the period 1 January 2008 to 30 June 2008 of 719,395,119
(296,349,251 for the period ended 30 June 2007 and 503,815,581 for the year
ended 31 December 2007).
Diluted loss per share is calculated by adjusting the weighted average number
of shares in issue assuming conversion of all potentially dilutive ordinary
shares. The Company's potential ordinary shares consist of share options and
warrants. Due to the loss for the current and comparative periods there are no
dilutive ordinary shares.
3. DIVIDEND
No dividend is proposed for the six month period ended 30 June 2008.
4. COPIES OF THE INTERIM REPORT
Copies of this interim report can be obtained by writing to The Company
Secretary, Pine Ventures plc, Number 14, The Embankment, Vale Road, Heaton
Mersey, Stockport, Cheshire, SK4 3GN. Copies can also be obtained from the
Company's website, www.pine-ventures.co.uk.
END
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