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Halogen Holdings Societe Anonyme - Halogen - Unaudited Interim Results For The
Six Months Ended 31 March 2005
Halogen Holdings Societe Anonyme
(formerly Falcon Investment Holdings Socit Anonyme)
(Incorporated in Luxembourg. RC Number B39773)
Share code: HAL ISIN LU0216267913
Registered Office:
6 rue Adolphe Fischer,
L-1520, Luxembourg
24th June 2005
Dear Shareholder,
The results for the half-year ended 31st March 2005 are attached.
During the last six months, we have looked at a number of potential acquisitions
but have not yet identified one that we feel could be recommended to
shareholders. Our investment criteria call for a well established, profitable,
cash generative business with a competent management team in place.
Following shareholder approval at the AGM, the Group`s accounts have been
restated in Sterling and unrealised exchange gains and losses on current assets
and liabilities expressed in foreign currencies have been recalculated. The
loss for the period has been reduced substantially to GBP8,000 (2004: loss
GBP123,000) mainly as a result of the winding up of operations in Chile and the
elimination of exchange losses. In the balance sheet we have written back into
shareholders funds GBP17,000 of dividends declared prior to 1997 which have
remained unclaimed. Net assets, almost all of which are cash balances in
Europe, remain at GBP1.14 per share.
Zimbabwe
Prospects in Zimbabwe remain unclear and mining operations continue on a hand to
mouth basis. Our strategy is to preserve the infrastructure of both staff and
equipment to the extent that results allow so that Falgold is in a position to
take advantage of any improvement in operating conditions. We see little
prospect of profits or remittances to shareholders under current circumstances.
Prospects
Europe
We continue to seek opportunities to re-invest the Group`s cash in a well
established and profitable business in the UK.
Yours faithfully
David C. Marshall
Chairman
Consolidated group profit and loss account
Half years ended Year
ended
31 March 31 March 30
2005 2004 September
GBP000 GBP000 2004
Restated
GBP000
Revenue - - -
Operating costs (80) (122) (177)
Operating loss before
interest and taxation (80) (122) (177)
Interest received 58 44 83
Exchange gains/(losses) 16 (53) (75)
Loss before exceptional items
and taxation (6) (131) (169)
Exceptional item (note 4) - - (153)
Loss before taxation (6) (131) (322)
Taxation (2) 9 (181)
Loss after taxation (8) (122) (503)
Attributable to outside
shareholders - (1) 115
Retained loss for the period (8) (123) (388)
Reconciliation of earnings
per share
Loss per share (pence) - (0.4)p (7.0)p (21.0)p
basic
Add back exceptional items, net
of tax and minority interests - - 12.0 p
(pence)
Headline loss per share (pence) (0.4)p (7.0)p (9.0)p
Statement of changes in equity
Net loss for the period (8) (123) (388)
Exchange differences (17) (140) (22)
Prior years dividends
unclaimed, now forfeit 17 - -
(8) (263) (410)
Shareholders` funds at start
of the period 2,130 2,540 2,540
Shareholders` funds at end of
the period 2,122 2,277 2,130
Consolidated group balance sheet
Half years ended Year
ended
31 March 31 March 30
2005 2004 September
GBP000 Restated 2004
GBP000 Restated
GBP000
Non current assets
Investments 69 71 72
69 71 72
Current assets
Accounts receivable 31 14 388
Cash and bank balances 2,146 2,896 1,750
2,177 2,910 2,138
Current liabilities
Accounts payable (124) (214) (80)
Net current assets 2,053 2,696 2,058
Total assets, less current
liabilities 2,122 2,767 2,130
Capital and Reserves
Share capital 1,090 1,090 1,090
Legal resources 213 213 213
Revenue reserve 819 974 827
Shareholders` funds 2,122 2,277 2,130
Outside shareholders`
interests - 490 -
2,122 2,767 2,130
Net assets per share GBP1.14 GBP1.22 GBP1.14
Consolidated group cash flow statement
Half years ended Year ended
31 March 31 March 30
2005 2004 September
GBP000 Restated 2004
GBP000 Restated
GBP000
Operating activities
Cash absorbed by normal trading (61) (661) (611)
activities
Interest received and other 58 44 83
investment income
Taxation (3) (1,071) (1,094)
(6) (1,688) (1,622)
Investment activities
Liquidation of subsidiary 402 - (1,063)
Arbitration settlement - - (166)
Net cash inflow/(outflow) from 402 - (1,229)
investment activities
Net cash inflow/(outflow)
before financing 396 (1,688) (2,851)
Financing activities
Dividend and capital repaid to - (480) (262)
outside shareholders
Net cash outflow from financing - (480) (262)
Net increase/(decrease) in cash 396 (2,168) (3,113)
Net funds at start of period 1,750 4,867 4,867
Effect of foreign exchange rate
changes - 197 (4)
Net funds at end of period 2,146 2,896 1,750
Notes
Accounting Policy
The results for the half year ended 31st March 2005 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 2004, and comply with
International Financial Reporting Standards and Luxembourg law.
Change in currency of measurement
Following approval by shareholders at the Annual General Meeting held on 24th
March 2005, the accounting currency of the Group was changed to Sterling. The
results for the half-year are presented in Sterling and the comparative figures
have been restated from US dollars to Sterling at average rates of exchange for
the Profit & Loss and Cash flow, and at the closing rates for the relevant
period for the Balance Sheet. Unrealised exchange gains and losses have been
restated to exclude those arising on Sterling balances and to include those
arising on US dollar balances.
Loss per share
Loss per share is based on the result attributable to members and 1,864,026
shares in issue.
Exceptional items
The exceptional items in the previous year were the arbitration costs on the
liquidation of Minera Falcon de Chile SCM in Chile and costs of aborted
acquisition projects, reduced by the receipt of an option fee over the
investments in subsidiaries.
Capital Expenditure
There was no capital expenditure authorised but not contracted, and none
contracted at 31st March 2005 (2004 - nil)
Segmental analysis
No segmental analysis is required as the group has no operating subsidiaries.
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
24 June 2005
Date: 24/06/2005 09:00:14 AM
Produced by the JSE SENS Department
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