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HAL
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HAL - Halogen - Unaudited Preliminary Results: Year Ended 30th September 2006
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
2006
The results for the year ended 30th September 2006 are attached.
During the year we considered investing in a number of different companies in
the UK. None of these possibilities came to fruition either because the vendors
were not prepared to accept what we considered to be a reasonable valuation, or
because the business did not meet sufficient of our investment criteria and was
therefore considered to be too risky.
We are actively investigating ways in which shareholder value can be released
from our investments in gold mines in Zimbabwe. In the meantime the mines are
operating on a hand to mouth basis as a result of the compulsory purchase of
gold production by the Government of Zimbabwe at below world market prices. We
are endeavouring to maintain the infrastructure to preserve value for the
future.
Administration costs remain under control and have been minimised as far as
possible within the constraints of a Luxembourg listing. The loss for the year
was GBP80,000 (2005: GBP94,000).
Outlook
We are constantly reviewing investment proposals and expect that in due course
we will be able to identify a suitable opportunity. In the meantime cash
balances are invested in UK money markets to maximise income.
David C. Marshall
Chairman
20th December 2006
NOTICE OF MEETING
The Annual General Meeting will take place on Friday 30th March 2007 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 2006 2005
GBP000 GBP000
Operating costs (168) (172)
Operating loss before interest and taxation (168) (172)
Interest 75 92
Exchange gains/(losses) 19 (10)
Loss before taxation (74) (90)
Tax charge on ordinary activities (6) (4)
Loss attributable to shareholders and (80) (94)
retained for the year
Loss per share (GB pence) (4)p (5)p
Headline loss per share (GB pence) (4)p (5)p
Unaudited Consolidated Statement of Recognised Gains and Losses
For the year ended 30th September 2006 2005
GBP000 GBP000
Exchange differences on translation of
financial statements and
net losses not recognised in the income 3 (13)
statement
Prior years` unclaimed dividends forfeited - 19
Net loss for the year (80) (94)
Total recognised losses and movement in (77) (88)
shareholders` funds
Opening shareholders` funds 2,042 2,130
Closing shareholders` funds 1,965 2,042
Unaudited Consolidated Balance Sheet
At 30th September 2006 2005
GBP000 GBP000
Assets
Non current assets
Investments 72 72
Current assets
Accounts receivable 17 3
Cash and bank balances 1,924 2,066
1,941 2,069
Current liabilities
Accounts payable (falling due within one (48) (99)
year)
Net current assets 1,893 1,970
Total assets less current liabilities 1,965 2,042
Capital and reserves
Called up share capital 1,090 1,090
Legal reserves 213 213
Exchange reserve 221 215
Retained earnings 441 524
Shareholders` funds 1,965 2,042
Unaudited Consolidated Cash Flow Statement
For the year ended 30th September 2006 2005
GBP000 GBP000
Cash flows from operating activities
Cash used by operations (240) (187)
Interest received 101 118
Taxation paid (6) (4)
Net cash outflows from operating activities (145) (73)
Investment activities
Liquidation of subsidiary - 402
Net cash outflow from investment activities - 402
Net cash (outflow)/inflow before financing (145) 329
activities
Financing activities
Net cash outflow from financing - -
Net (decrease)/increase in funds (145) 329
Net funds at start of year 2,066 1,750
Effect of foreign exchange rate changes 3 (13)
Net funds at end of year 1,924 2,066
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 2006 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 2005. 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. 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.
3. Capital expenditure during the year was equivalent to GBP Nil (2005 - GBP
Nil). At 30th September 2006, there were no outstanding capital
commitments (2005 - Nil).
Date: 20/12/2006 17:30:01 Produced by the JSE SENS Department.
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