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HAL
HAL
Halogen Holdings Societe Anonyme - Unaudited Consolidated Group Profit And
Loss Account
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
12th May 2006
Dear Shareholder,
The results for the half-year ended 31st March 2006 are attached.
We are still seeking a suitable, well established, profitable, cash
generative business with a competent management team in place in which we
can invest. We are investigating a number of possible targets, but none are
sufficiently well progressed for us to be able to recommend them to
shareholders.
Operating costs remain under control and are partially covered by interest
on our cash deposits. The loss for the period has been reduced to GBP67,000
compared to the loss in the second half of last year of GBP84,000. Net
assets, almost all of which are cash balances in Europe, have reduced from
GBP1.10 to GBP1.06 per share.
Zimbabwe
The Government of Zimbabwe has proposed an indigenisation programme under
which government and indigenous shareholders should be given a 51 per cent.
shareholding in foreign mining companies. It is unclear at the moment
whether this will affect our subsidiary Falgold, which is listed in Harare,
but if introduced, it will affect our other gold mining subsidiary, Olympus.
It is also unclear how this change in ownership structure will be achieved
and what will be paid for these controlling stakes. Prospects in Zimbabwe
remain uncertain 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
likelihood 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
UNAUDITED CONSOLIDATED GROUP PROFIT AND LOSS ACCOUNT
Half years ended Year ended
31st March 31st 30th September
March
2006 2005 2005
GBP000 GBP000 GBP000
Operating costs (89) (80) (172)
Operating loss before (89) (80) (172)
interest and taxation
Interest 37 58 92
Exchange (losses)gains (15) 16 (10)
Loss before taxation (67) (6) (90)
Taxation (2) (2) (4)
Loss after taxation and (69) (8) (94)
retained for the period
Loss per share (pence) - (3.7)p (0.4)p (5.0)p
basic and headline
Consolidated Statement of recognised gains and losses and changes in equity
Net loss for the period (69) (8) (94)
Exchange differences (3) (17) (13)
Prior years dividends - 17 19
unclaimed, now forfeit
(72) (8) (88)
Shareholders" funds at start 2,042 2,130 2,130
of the period
Shareholders" funds at end 1,970 2,122 2,042
of the period
Unaudited consolidated group balance sheet
31st March 31st March 30th
September
2006 2005 2005
GBP000 GBP000 GBP000
Non current assets
Investments 72 69 72
72 69 72
Current assets
Accounts receivable 6 31 3
Cash and bank balances 2,029 2,146 2,066
2,035 2,177 2,069
Current liabilities
Accounts payable (137) (124) (99)
Net current assets 1,898 2,053 1,970
Total assets, less current 1,970 2,122 2,042
liabilities
Capital and Reserves
Called up share capital 1,090 1,090 1,090
Legal resources 213 213 213
Exchange reserve 214 206 215
Revenue reserve 453 613 524
Shareholders" funds 1,970 2,122 2,042
Net assets per share GBP1.06 GBP1.14 GBP1.10
Unaudited consolidated group cash flow statement
Half years ended Year ended
31st 31st 30th
March March September
2006 2005 2005
GBP000 GBP000 GBP000
Operating activities
Cash absorbed by normal trading (90) (61) (187)
activities
Interest received and other investment 58 58 118
income
Taxation (2) (3) (4)
(34) (6) (73)
Investment activities
Liquidation of subsidiary - 402 402
Net cash inflow/(outflow) from - 402 402
investment activities
Net cash inflow/(outflow) and (34) 396 329
(decrease)/increase in funds
Net funds at start of period 2,066 1,750 1750
Effect of foreign exchange rate (3) - (13)
changes
Net funds at end of period 2,029 2,146 2,066
Notes
1. Accounting Policy
The results for the half year ended 31st March 2006 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 2005, and comply
with International Financial Reporting Standards and Luxembourg law.
2. Loss per share
Loss per share is based on the result and 1,864,026 shares in issue.
3. Capital Expenditure
There was no capital expenditure authorised but not contracted, and none
contracted at 31st March 2006 (2005 - nil).
4. Segmental analysis
No segmental analysis is required as the group has no operating subsidiaries
Date: 12/05/2006 10:52:21 AM Produced by the JSE SENS Department
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