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HAL
HAL
HAL - Halogen Holdings Societe Anonyme - Results: half-year ended 31st March
2007
Halogen Holdings Societe Anonyme
(Incorporated in Luxembourg. RC Number B39773)
Share code: HAL & ISIN: LU0216267913
Registered Office:
6 rue Adolphe Fischer,
L-1520, Luxembourg
22 June 2007
Dear Shareholder,
The results for the half-year ended 31st March 2007 are attached.
As explained in more detail below, we have finally exited all of our operations
in Zimbabwe and continue to look for a profitable UK based business in which we
can invest. The funds raised from the sale of the gold mines increase
substantially the number of investment opportunities that fall within our
investment parameters.
We are seeking a suitable, well established, profitable, cash generative
business with a competent management team in place in which we can invest. We
have investigated a number of possible targets, but none are of a suitable
quality or sufficiently well progressed for us to be able to recommend them to
shareholders.
Operating costs remain under control; reduced to GBP85,000 from GBP89,000 in the
comparable period last year. Headline loss per share, which excludes
exceptional items, has improved from 4p to 2p. The disposal of the Group`s
interests in Zimbabwe realised an exceptional profit of GBP1,672,000 and the
company now has available cash resources in excess of GBP3,000,000 and, as a
result, net assets have increased from GBP1.05 at September 2006 to GBP1.93 per
share.
Zimbabwe
On 27 February 2007, it was announced that the Company had agreed to sell, in a
deal completing on 1st March 2007, its interests in two Zimbabwe gold mining
companies, Falcon Gold Zimbabwe Limited and Olympus Gold Mines Limited, to
Central African Gold PLC ("CAG") for gross sale proceeds of GBP2,321,000
(US$4,550,000), comprising GBP1,454,000 (US$2,849,000) in cash and 7,214,730
ordinary shares in CAG. Approximately 18% of the gross proceeds have been set
aside as a contribution to a provident and pension fund. None of the directors
of Halogen will benefit from this fund.
CAG shares are traded on the AIM market in London and Halogen has agreed not to
dispose of these shares received for a minimum period of 6 months. At 18 June
2007 the price of CAG shares on AIM was 53p following a one for five share
consolidation by CAG.
The Group has now disposed of all of its interests in Zimbabwe.
Prospects
Now that we have disposed of all of our past investments we are in an excellent
position to seek an established and profitable business in the United Kingdom.
Once we have found a suitable business a circular setting out the Board`s
proposals in detail will be sent to shareholders.
David Marshall
Chairman
Unaudited consolidated group profit and loss account
Half years ended Year ended
31 March 31 30 September
March
2007 2006 2006
GBP000 GBP000 GBP000
Operating costs (85) (89) (168)
Operating loss before interest and
taxation (85) (89) (168)
Interest 46 37 75
Exchange gains/(losses) 5 (15) 19
Loss before exceptional item and
taxation (34) (67) (74)
Exceptional item - profit on sale of
subsidiary 1,672 - -
Profit/(Loss) before taxation 1,638 (67) (74)
Taxation (2) (2) (6)
Profit/(Loss) after taxation and
retained for the period 1,636 (69) (80)
Reconciliation of headline earnings
per share
Earnings/(Loss) per share (pence) 88 p (4)p (4)p
Less exceptional item, net of tax and
minority interests (pence) (90)p - -
Headline loss per share (pence) (2)p (4)p (4)p
Consolidated Statement of recognised gains and losses and changes in equity
Net profit/(loss) for the period 1,636 (69) (80)
Exchange differences (6) (3) 3
1,630 (72) (77)
Shareholders` funds at start of the 1,965 2,042 2,042
period
Shareholders` funds at end of the 3,595 1,970 1,965
period
Unaudited consolidated group balance sheet
31 March 31 March 30 September
2007 2006 2006
GBP000 GBP000 GBP000
Non current assets
Investments 867 72 72
867 72 72
Current assets
Accounts receivable 18 6 17
Cash and bank balances 3,115 2,029 1,924
3,133 2,035 1,941
Current liabilities
Accounts payable (405) (137) (48)
Net current assets 2,728 1,898 1,893
Total assets, less current liabilities 3,595 1,970 1,965
Capital and Reserves
Called up share capital 1,090 1,090 1,090
Legal resources 109 213 213
Exchange reserve 217 214 221
Revenue reserve 2,179 453 441
Shareholders` funds 3,595 1,970 1,965
Net assets per share GBP1.93 GBP1.06 GBP1.05
Unaudited consolidated group cash flow statement
Half years ended Year ended
31 March 31 March 30 September
2007 2006 2006
GBP000 GBP000
Operating activities
Cash generated/(absorbed) by normal (74) (90) (240)
trading activities
Interest received and other investment 45 58 101
income
Taxation (2) (2) (6)
(31) (34) (145)
Investment activities
Gross proceeds on sale of subsidiary 2,321 - -
Less Shares acquired as portion of
sale proceeds (867) - -
Less costs of sale (226) *- -
Net cash inflow from investment
activities 1,228 - -
Net cash inflow and increase in funds 1,197 (34) (145)
Net funds at start of period 1,924 2,066 2,066
Effect of foreign exchange rate
changes (6) (3) 3
Net funds at end of period 3,115 2,029 1,924
*Note: Further costs of GBP423,000 provided in connection with the sale
remain to be paid at 31st March 2007.
Notes
Accounting Policy
The results for the half year ended 31st March 2007 and the balance sheet at
that date, which are unaudited, have been prepared on the basis of accounting
policies adopted for the year to 30th September 2006, and comply with
International Financial Reporting Standards and Luxembourg law.
Earnings/Loss) per share
Earnings/Loss) per share are based on the result and 1,864,026 shares in issue.
Headline earnings are basic earnings adjusted for exceptional items.
Capital Expenditure
There was no capital expenditure authorised but not contracted, and none
contracted at 31st March 2007 (2006 - nil).
Segmental analysis
No segmental analysis is required as the group has no operating subsidiaries
other than related to its holding company status.
22 June 2007
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 22/06/2007 12:30:01 Produced by the JSE SENS Department.
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