| Wed 21 Dec 2005, 9:00 | | Halogen - Unaudited results for the year ended 30t |
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Halogen - Unaudited results for the year ended 30th September 2005
Halogen Holdings Societe Anonyme
(formerly Falcon Investment Holdings Societe Anonyme)
(Incorporated in Luxembourg. RC Number B39773)
Share code: HAL & ISIN LU0216267913
Registered Office:
6 rue Adolphe Fischer,
L-1520, Luxembourg
Preliminary announcement of unaudited results for the year ended 30th September
2005
The results for the year ended 30th September 2005 are attached. Regrettably,
there is little to add to my interim statement sent to shareholders in June.
The loss after tax for the year has declined to GBP94,000 from GBP503,000 last
year. Last years results included the final costs and taxes relating to the
disposal of our iodine interests in Chile. As a result of this loss, net assets
per share have declined from GBP1.14 to GBP1.10.
We continue to investigate potential acquisitions, but have not yet found one
that meets our investment criteria. The main investment criteria are: a well
established, profitable, cash generative UK business with a competent management
team in place.
Our gold mines in Zimbabwe continue to operate despite the cash flow problems
arising from the hyperinflation in that country. Our thanks go to all our staff
working in these very difficult circumstances. We do not expect any remittances
from Zimbabwe in the foreseeable future, and our aim is to preserve as much as
possible of the infrastructure in anticipation of an eventual improvement in the
operating environment.
At last year"s Annual General Meeting, shareholders approved a change in
reporting currency to Sterling and consequently these accounts are reported in
Sterling. Prior year comparative figures have been restated in Sterling and
include unrealised exchange gains and losses on current assets and liabilities
expressed in foreign currencies as if Sterling had been the reporting currency
throughout the prior year.
Outlook
We are continually examining new investment opportunities, but will not be
rushed into making an ill-considered investment. We will advise shareholders as
soon as there are any significant developments.
David C. Marshall
Chairman
21st December 2005
NOTICE OF MEETING
The Annual General Meeting will take place on Friday 31st March 2006 at 3.00
p.m. at the registered office of the Company, 6 rue Adolphe Fischer L-1520
Luxembourg.
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30th September 2005 2004
GBP000 GBP000
Operating costs (172) (177)
Operating loss before interest and taxation (172) (177)
Interest 92 83
Exchange losses (10) (75)
Loss before exceptional item and taxation (90) (169)
Exceptional items - (153)
Loss before taxation (90) (322)
Tax charge on ordinary activities (4) (181)
Loss on ordinary activities after tax (94) (503)
Minority interests - 115
Loss attributable to shareholders and retained (94) (388)
for the year
Reconciliation of headline earnings per share
Loss per share (GB pence) (5)p (21)p
Less exceptional item, net of tax and minority - p 12 p
interests (GB pence)
Headline loss per share (GB pence) (5)p (9)p
UNAUDITED CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES
For the year ended 30th September 2005 2004
GBP000 GBP000
Exchange differences on translation of the
financial statements and
and net losses not recognised in the income (13) (22)
statement
Prior years" unclaimed dividends forfeited 19 -
Net loss for the year (94) (388)
Total recognised losses and movement in (88) (410)
shareholders" funds
Opening shareholders" funds 2,130 2,540
Closing shareholders" funds 2,042 2,130
UNAUDITED CONSOLIDATED BALANCE SHEET
At 30th September 2005 2004
GBP000 GBP000
Assets
Non current assets
Investments 72 72
Current assets
Accounts receivable 3 388
Cash and bank balances 2,066 1,750
Current liabilities
Accounts payable (falling due within one year) (99) (80)
Net current assets 1,970 2,058
Total assets less current liabilities 2,042 2,130
Capital and reserves
Called up share capital 1,090 1,090
Legal reserves 213 213
Exchange reserve 215 206
Retained earnings 524 621
Shareholders" funds 2,042 2,130
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30th September 2005 2004
GBP000 GBP000
Cash flows from operating activities
Cash used by operations (187) (611)
Interest received 118 83
Taxation paid (4) (1,094)
Net cash outflows from operating activities (73) (1,622)
Investment activities
Liquidation of subsidiary 402 (1,063)
Arbitration settlement - (166)
Net cash outflow from investment activities 402 (1,229)
Net cash inflow/(outflow) before financing 329 (2,851)
activities
Financing activities
Dividends paid to outside shareholders - (262)
Net cash outflow from financing - (262)
Net increase/(decrease) in funds 329 (3,113)
Net funds at start of year 1,750 4,867
Effect of foreign exchange rate changes (13) (4)
Net funds at end of year 2,066 1,750
Notes
1. In accordance with the practice adopted in 2002, the earnings, assets and
liabilities of Zimbabwean subsidiary companies have not been consolidated.
Investments have been reflected in accordance with IAS 39. The results for
the year ended 30th September 2005 and the balance sheet at that date,
which are unaudited, have been prepared on the basis of accounting policies
adopted for the year ended 30th September 2004. The financial statements
comply with International Financial Reporting Standards. The results,
which have been reviewed by the Company"s auditors, AGN Horsburgh & Co.,
are unaudited.
2. The exceptional item for 2004 mainly relates to the cost of settling the
arbitrated dispute in Chile of GBP180,000.
3. The tax charge for 2004 includes GBP178,000 in respect of the exceptional
profit in 2003 on the disposal of Chilean tangible fixed assets.
4. Loss per share is based on the result for the year attributable to members
and the number of shares in issue of 1,864,026.
5. Capital expenditure during the year was equivalent to GBP Nil (2004 -
GBPNil). At 30th September 2005, there were no outstanding capital
commitments (2004 - Nil).
21 December 2005
Sponsor
Imara Corporate Finance South Africa Pty) Ltd
Date: 21/12/2005 09:00:24 AM Produced by the JSE SENS Department
