Interim Results
0
23 September 2010
The Hotel Corporation plc
Interim Results for the Six Months ended 30 June 2010
The Hotel Corporation plc ("the Company"), an AIM listed investment company
owning 49.9%((1)) of Puma Hotels plc ("PHP"), announces its interim results for
the six months to 30 June 2010. PHP is today separately announcing interim
results for the six months to 30 June 2010.
On 29 June 2009, when the PHP 20 million convertible preference share equity
raise was completed, HCP subscribed to 11,770,000 convertible preference shares.
Therefore, if in the future all the convertible preference shares are converted
into ordinary shares, HCP will, on a fully converted basis, own 53.28% of PHP.
Highlights
* PHP paid first dividend on convertible preference shares of £700,000 with
£412,000 received by HCP
* HCP interim dividend of 2.6p (2009H1: 1.8p)
* Annual total rent increased from £30m to £31m from 4 September 2010
* Substantial planning permissions secured at Harrogate, Brighton and Combe
Grove
Barclay Douglas, Chairman of The Hotel Corporation plc, said:
"Puma Hotels has an attractive portfolio of assets, let to a progressive tenant
with a strong covenant. Cash flow will benefit from the 4 September 2010
increase in rent from £30m to £31m and looking ahead, the rent from Barceló is
RPI linked from September 2011. PHP is well placed to exploit any recovery in
investment values and pick-up in inflation."
Press enquiries
The Hotel Corporation 01624 626586
Barclay Douglas
Puma Hotels plc
Howard Shore
Peter Procopis 0207 408 4050
Shore Capital and Corporate Ltd 0207 408 4090
Andrew Raca
Notes to Editors
1. Puma Hotels plc ("PHP") acquired 13 Paramount branded hotels in July 2004.
Following further acquisitions it now owns 20 four-star hotels across Scotland,
Northern England, Central England, Southern England and Wales. See the table
below for a full list of hotels.
2. The hotels offer extensive banqueting, conference and leisure facilities
and many of them have architectural and historical significance. The Group
has 2,872 bedrooms and around 20,000 square metres of conference and meeting
space and offers extensive facilities to both corporate and leisure guests.
3. From July 2004 until 6 September 2007, PHP owned and operated each of
the 20 hotels. From 6 September 2007 PHP granted 45 year FRI leases for each
hotel to Barceló Group, a leading Spanish operator with substantial global
operations. From 1 January 2008 all 20 hotels have been rebranded and each
hotel now carries the Barceló brand.
4. PHP´s hotel locations are shown below:
No. of meeting Health & Leisure Location
CENTRAL ENGLAND Bedrooms rooms
Barceló Billesley Manor 12 Y
1 Hotel, Nr. Stratford* 72 Country
Barceló Cheltenham Park 11 Y
2 Hotel 152 Country
3 Barceló Daventry Hotel 155 8 Y Country
Barceló Hinckley Island 21 Y
4 Hotel 362 Country
5 Barceló Oxford Hotel 168 25 Y City
Barceló Buxton Palace 9 Y
6 Hotel 122 Country
Barceló Walton Hall 20 Y
Hotel & Spa,
7 Warwickshire* + 202 Country
Barceló The Lygon Arms, 8 Y
8 Cotswolds* 77 Country
NORTHERN ENGLAND
Barceló Blackpool 15 Y
9 Imperial Hotel 180 Coast
Barceló Harrogate 10 Y
10 Majestic Hotel 167 City
Barceló Redworth Hall 10 Y
11 Hotel, Co. Durham* 143 Country
12 Barceló Shrigley Hall 148 12 Y Country
Hotel, Cheshire*
SCOTLAND
Barceló Edinburgh 10 Y
13 Carlton Hotel 189 City
Barceló Troon Marine 4 Y
14 Hotel* 89 Coast
Barceló Stirling 7 Y
15 Highland Hotel 96 City
SOUTHERN ENGLAND
Barceló Combe Grove 5 Y
16 Manor, Bath* 42 Country
Barceló Basingstoke 10 Y
17 Country Hotel 100 Country
Barceló Torquay 7 Y
18 Imperial Hotel 152 Coast
Barceló Brighton Old 11 N
19 Ship Hotel 154 Coast
WALES
Barceló Cardiff Angel 7 N
20 Hotel 102 City
Total 2,872 222
* Barceló Premium Hotels
+ Operationally, Barceló split this property into a Barceló Premium Hotel,
Barceló Walton Hall and a Barceló Hotel, Barceló Walton Hotel
Chairman´s Statement
I am pleased to report on the interim results for the first six months of the
current year of The Hotel Corporation plc ("the Company") and its subsidiary
Puma Hotels plc ("PHP"), together "the Group". The Company´s principal asset
comprises its interest in PHP and this statement therefore discusses the results
of both the Company itself and also of PHP.
As I indicated previously, we are now consolidating the PHP results within our
own results due to the additional investment in PHP convertible preference
shares made in June 2009. If all the convertible preference shares held by the
Company were converted into ordinary shares in the future, the Company would, on
a fully converted basis, own 53.28% of PHP. While we have no present intention
of exercising our conversion rights, International Financial Reporting Standards
("IFRS") rules state that we must consolidate the PHP results into our accounts.
PHP continues to operate in line with expectations and I am pleased to see good
progress has been made in securing significant planning permissions referred to
in more detail in the PHP Review. We have also received our first PHP preference
share dividend. I will comment upon the Company only results and the
consolidated results separately.
For consistency with previous periods, the consolidated balance sheet of PHP
itself, as at 30 June 2010, the consolidated profit and loss account and
consolidated cash flow statement of PHP for the six months ended 30 June 2010
are also provided in this report.
Results of the Company
Revenue for the period, including bank interest, was £998,000 (2009H1: £1.0m)
and, following administrative expenses, operating profit including bank interest
was £886,000 (2009H1: £918,000). We received our first dividend of £412,000 from
the investment in PHP convertible preference shares made in July 2009,
generating a profit before tax of £1.3m (2009H1: £2.04m). The 2009 profit before
tax of £2.04m included an unrealised investment gain of £1.12m incurred as a
consequence of the Company´s investment in PHP convertible preference shares at
a discount to NAV. No tax is payable reflecting the zero corporate taxation
provisions in the Isle of Man. Results from operations and bank interest and
dividends contributed 2.61p (2009H1: 2.62p) to earnings per share ("eps"), as
there were no unrealised investment gains in the period (2009H1: 3.18p), total
eps (both basic and diluted) amounted to 2.61p (2009H1: 5.80p).
As was the case as at 31 December 2009, the Net Asset Value per share at 30 June
2010 is 131p (2009H1: 152p). The Company has valued its shareholding in PHP on
the basis of the discounted future net cash flow from PHP. PHP´s accounts,
prepared under UK Generally Accepted Accounting Principles, include a valuation
of its portfolio of 20 hotels of £463.2m (2009H1: £483.5m). This valuation
includes £3m (2009H1:£3.5m) of land and other assets, at PHP Directors´
valuation, not subject to the Barceló lease. The valuation of the assets subject
to the Barceló lease was carried out by Colliers Robert Barry & Co, independent
valuers on 5 March 2010 for the purposes of the 31 December 2009 year end
accounts.
Consolidated Results of the Company
I draw your attention to the fact that the Consolidated Statement of
Comprehensive Income therefore reflects the Group results for the current
period, but the prior year figures to 30 June 2009 relate only to the Company,
as the investment which gave rise for the need to consolidate results occurred
at the end of June 2009. Hence I don´t propose to refer to the prior year.
The Group revenue for the period, including bank interest received, was £14.9m
and, following administrative expenses and interest expense but before
unrealised gains and losses, the profit amounted to £1.68m. After a loss on
change in fair value of interest rate swaps of £10.53m the total loss before tax
was £8.85m. A deferred taxation credit of £394,000 reduces the loss after tax to
£8.46m. Basic and diluted earnings per share were (10.01p).
As required by IFRS, the consolidated statement of financial position of the
Group takes account of goodwill, the fair value of interest rate swaps and
deferred tax adjustments on consolidation. The resulting consolidated NAV per
share is 126.8p.
Dividend
The Company has today declared an interim dividend of 2.6p per ordinary share
(2009H1: 1.8p). The ex-dividend date will be 29 September 2010 and the record
date 1 October 2010. Payment will be made to shareholders on 29 October 2010.
Prospects
The Company´s main investment continues to protect and grow value for
shareholders. It has an attractive portfolio of assets, let to a progressive
tenant with a strong covenant. Cash flow will gradually improve and has
benefited from the 4 September 2010 increase in rent from £30m to £31m and
looking ahead, the rent from Barceló is RPI linked from September 2011. PHP is
well placed to exploit any recovery in investment values and pick-up in
inflation.
Barclay Douglas
Chairman
23 September 2010
Puma Hotels plc Review of Operations and Financial Performance
Introduction
Since the granting of leases to Barceló Group ("Barceló") in September 2007,
Puma Hotels plc ("PHP", the "Company" or the "Group") trades as an owner of
hotel property receiving income from property rents. The Company´s hotels are
let on 45 year FRI leases to Barceló, a leading Spanish hospitality group with
substantial global hotel and other leisure related operations.
Financial Performance
Turnover for the six months ended 30 June 2010 of £14.9m represents rent
received from Barceló (2009H1: £14.9m). The operating profit of £12.93m (2009H1:
£12.97m) is in line with the prior year.
After deducting bank interest payable on its senior facility, the Group showed a
substantial increase in net profit before Shareholder Finance Costs to £2.9m
(2009H1: £0.9m). The Shareholder Finance Costs comprise £2m of payments to
bondholders of the Company´s deep discounted bonds and the first payment of
interest of £0.7m relating to the convertible preference shares issued in June
2009. After deducting the Shareholder Finance Costs, the profit on ordinary
activities for the period was £0.1m (2009H1: loss of £1.1m), a net turnaround of
£1.2m.
Net bank interest payable was 16% lower against the same period in the prior
year. Commencing on 1 January 2010 the new interest rate SWAPs executed in April
2009, are in operation and have reduced the bank interest cost for the six month
period to 30 June 2010 by £2m (2010H1:£10.1m vs 2009H1:£12.1m).
Leases and Property Revaluation
The tangible asset values on the balance sheet of PHP reflect the lease
arrangements with Barceló. These leases place full repairing and insuring
("FRI") obligations on the tenant and provide guaranteed rental growth over the
first four years; this is inflation-indexed from September 2011 and can also
increase if hotel EBITDA (as defined in the agreement with Barceló) performs
well.
In addition to the tenant´s FRI obligation, the agreement with Barceló also
provides for a £10m capital expenditure contribution to be made by PHP in the
first 10 years of the leases. This contribution is to be spent on structural and
mechanical improvements by Barceló. As at 23 September 2010, PHP has contributed
£5.1m of which Barceló have spent £4.2m.
Since inception of the leases, Barceló has also spent a significant amount of
their own funds on capital improvements and on repairs and maintenance
expenditure.
For the purpose of preparing its 30 June 2010 interim financial statements, PHP
has used the external professional valuation completed by the Company´s valuers
Colliers Robert Barry on 5 March 2010 for the purposes of the 31 December 2009
year end accounts. This valuation of each property in the portfolio, which
excludes land held for non-hotel development, is at £460.2m. The Board of PHP
considers that the current value of the land held for development amounts to a
further £3.0m (including the Combe Gatehouse - refer next page).
Puma Hotels plc Review of Operations and Financial Performance (continued)
Development Plans
In the past, PHP has successfully exploited the potential for gains in value
through developing the portfolio by adding extra rooms, conference and other
facilities. PHP continues to seek additional planning permissions as well as to
monitor and protect planning permissions already granted. As previously reported
three significant planning consents were secured in February 2010. The current
status of these planning consents is as follows:
1. Harrogate Lodge Hotel: Granted by Harrogate Borough Council ("HBC")
this planning consent allows for the development of a 107 bedroom lodge
hotel on land that is part of the development assets excluded from the
Barceló lease. On 23 July 2010, the Group signed an agreement with HBC which
provides, inter alia, for the proposed lodge hotel to be directly linked
into a new 3,400 sq m exhibition facility which is being built as part of
the first phase in the redevelopment of the Harrogate International Centre
(HIC). In addition, the Group will have the benefit of 20 car parking spaces
on a 99 year lease (initial term of 25 years) from HBC. In return, the Group
transferred to HBC a 103 square metre parcel of land to be used by HBC in
the expansion of the HIC.
We continue to progress our discussions with branded hotel companies in
relation to this development opportunity.
As part of our discussions with the HIC, their building plans also
provide improved access into the HIC from the four star 170 bedroom Barceló
Majestic Hotel, for which a planning consent already exists to extend the hotel
by a further 85 bedrooms.
2. Brighton Old Ship Hotel: Planning consent has been secured for a
3,000 sq m development at this waterfront, city centre hotel which will add
42 bedrooms (a 27% increase to existing room stock), a 248 sq m conference
facility and 124 sq m of bar and restaurant facilities.
3. Gatehouse at Combe Grove Manor: Planning and listed building consent
obtained for a 30% extension of the internal space at this attractive
residential property that is part of the development assets excluded from
the Barceló lease. On 21 May 2010, the Group exchanged contracts for the
sale of this property at a price of £275,000. Completion is scheduled for 1
October 2010.
In overall terms, PHP has the potential to add over 800 rooms (over 25 per cent
of the current estate) of which 519 rooms (2009H1: 370 rooms, therefore a 40%
increase in consented rooms) have already received the necessary planning or
listed building consent. There are also schemes for over 3,000 sq m (of which
over 70% have planning consent) of additional meeting rooms and upgrades for
several leisure clubs. The economics of adding these rooms and other facilities
can be highly attractive for both PHP and Barceló. The value of the development
potential of the portfolio is not typically fully recognised in a professional
valuation and PHP therefore believes that fulfilling the programme may add
significantly to net asset value over time.
Puma Hotels plc Review of Operations and Financial Performance (continued)
Fire at Harrogate Majestic Hotel
On 5 May 2010, the east wing of the Majestic Hotel was partially damaged by
fire. All hotel guests were safely evacuated, however a Barceló employee
tragically died as a result of the fire. The entire hotel remained closed until
5 September 2010 whilst the necessary rectification works were carried out so as
to enable a partial reopening on that date. As of 5 September, Barceló have
taken possession of 88 of the 170 bedrooms and the majority of the supporting
conference and other facilities.
Works are currently being undertaken to reinstate the remaining damaged areas of
the hotel and it is envisaged that bedroom and other facilities will be returned
to Barceló on a progressive basis. The final completion of the rectification
works is expected during the second quarter of 2011. The Company has insurance
policies in place to cover property reinstatement costs and loss of rent.
Strategy and Plans
PHP´s Board continues to focus on unlocking significant value by gaining
additional planning consents, executing the Group´s development plans and
considering selective asset disposals as the investment market recovers. The
Board considers that as the investment market recovers, the Group´s assets
should once again prove highly attractive because of the longevity of the leases
and the associated indexation.
Prospects
The Company´s financial position has benefited from the 4 September 2010
increase in rent from £30m to £31m and looking ahead, the rent from Barceló is
RPI linked from September 2011. The planning permissions secured represent
valuable additions to an already substantial development bank across the
portfolio from which the Company expects to realise value as the hotel operating
environment improves.
INDEPENDENT REVIEW REPORT TO THE HOTEL CORPORATION PLC
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June
2010 which comprise the consolidated and company statement of comprehensive
income, consolidated and company statement of financial position, consolidated
and company statement of changes in equity, consolidated and company statement
of cash flows and related notes 1 to 13. We have read the other information
contained in the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Reviewing the Interim
Financial Information Performed by the Independent Auditor of the Entity",
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.
Directors´ responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRS. The condensed set of financial statements
included in this half-yearly financial report have been prepared in accordance
with International Accounting Standard 34, "Interim Financial Reporting."
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Independent Review Report to the Hotel Corporation plc (continued)
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 June 2010 is not prepared, in all material
respects in accordance with International Accounting Standards 34 and the AIM
Rules of the London Stock Exchange.
Deloitte & Touche
Chartered Accountants
Douglas
Isle of Man
23 September 2010
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30(th) June 2010
+---------------------------------+----+-----------+------------+--------------+
+---------------------------------+----+-----------+------------++-----------+++
+---------------------------------+----+------------------------++-----------+++
+---------------------------------+----+------------------------++-----------+++
| |Note| Six Months Ended || Year Ended|||
+---------------------------------+----+-----------++-----------++-----------+++
| | | June|| June||31 December|||
+---------------------------------+----+-----------++-----------++-----------+++
| | | 2010|| 2009|| 2009|||
+---------------------------------+----+-----------++-----------++-----------+++
| | |(Unaudited)||(Unaudited)|| (Audited)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
| | | £´000|| £´000|| £´000|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Continuing Operations | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Revenue | 3 | 14,877|| 993|| 16,116|||
+---------------------------------+----+-----------++-----------++-----------+++
|Administrative expenses | | (1,798)|| (83)|| (1,891)|||
+---------------------------------+----+-----------++-----------++-----------+++
|Loss on change in fair value of | | -|| -|| (22,474)|||
|investment property | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Profit/(Loss) from operations | | 13,079|| 910|| (8,249)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Bank interest receivable | | 28|| 8|| 32|||
+---------------------------------+----+-----------++-----------++-----------+++
|Loss on change in fair value of | | (10,530)|| -|| (1,240)|||
|interest rate swaps | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
|Investment gain-unrealised | | -|| 1,117|| 1,117|||
+---------------------------------+----+-----------++-----------++-----------+++
|Interest payable | | (11,427)|| -|| (14,840)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|(Loss)/Profit before tax | | (8,850)|| 2,035|| (23,180)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Taxation | 4 | 394|| -|| 10,803|||
+---------------------------------+----+-----------++-----------++-----------+++
|Net (Loss)/Profit after tax for | | || || |||
|the | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
|period from continuing operations| | (8,456)|| 2,035|| (12,377)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Total comprehensive (Loss)/Profit| | || || |||
|for the | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
|period | | (8,456)|| 2,035|| (12,377)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Attributable to: | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
|Owners of the Company | | (4,984)|| 2,035|| (3,833)|||
+---------------------------------+----+-----------++-----------++-----------+++
|Non-controlling interest | | (3,472)|| -|| (8,544)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
| | | (8,456)|| 2,035|| (12,377)|||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Earnings per share | | || || |||
+---------------------------------+----+-----------++-----------++-----------+++
+---------------------------------+----+-----------++-----------++-----------+++
|Basic and diluted | 6 | (10.01p)|| 5.80p|| (9.03p)|||
+---------------------------------+----+-----------++-----------++-----------+++
Condensed Consolidated Statement of Financial Position
As At 30 June 2010
+---------------------------------+----++------------+------------++----------+
+---------------------------------+----++----------+++----------++++---------++
|Assets |Note| 30 June|| 30 June||31 December||
+---------------------------------+----+-----------++-----------++-----------++
| | | 2010|| 2009|| 2009||
+---------------------------------+----+-----------++-----------++-----------++
|Non-Current Assets | |(Unaudited)||(Unaudited)|| (Audited)||
+---------------------------------+----+-----------++-----------++-----------++
| | | £´000|| £´000|| £´000||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Intangible assets- Goodwill | | 28,382|| 28,382|| 28,382||
+---------------------------------+----+-----------++-----------++-----------++
|Tangible assets | 7 | 463,276|| 486,010|| 463,170||
+---------------------------------+----+-----------++-----------++-----------++
| | | 491,658|| 514,392|| 491,552||
+---------------------------------+----+-----------++-----------++-----------++
|Current Assets | | || || ||
+---------------------------------+----+-----------++-----------++-----------++
|Trade and other receivables | | 1,491|| 16|| 1,502||
+---------------------------------+----+-----------++-----------++-----------++
|Cash and Cash Equivalents | | 11,076|| 28,721|| 10,401||
+---------------------------------+----+-----------++-----------++-----------++
| | | 12,567|| 28,737|| 11,903||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Total assets | | 504,225|| 543,129|| 503,455||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Current Liabilities | | || || ||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Trade and other payables | | 13,811|| 13,933|| 14,016||
+---------------------------------+----+-----------++-----------++-----------++
|Fair Value of Interest Rate Swaps| | 1,940|| 17,238|| 2,251||
+---------------------------------+----+-----------++-----------++-----------++
| | | 15,751|| 3131,171|| 16,267||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Net current liabilities | | (3,184)|| (2,434)|| (4,364)||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Non-Current Liabilities | | || || ||
+---------------------------------+----+-----------++-----------++-----------++
|Borrowings | 9 | 348,737|| 363,752|| 348,545||
+---------------------------------+----+-----------++-----------++-----------++
|Fair Value of Interest Rate Swaps| | 27,063|| -|| 16,222||
+---------------------------------+----+-----------++-----------++-----------++
|Deferred Tax Liabilities | | 33,324|| 44,521|| 33,718||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
| | | 409,124|| 408,273|| 398,485||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Total Liabilities | | (424,875)|| (439,444)|| (414,752)||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Net Assets | | 79,350|| 103,685|| 88,703||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Capital & Reserves | | || || ||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Share Capital | 10 | 2,491|| 2,491|| 2,491||
+---------------------------------+----+-----------++-----------++-----------++
|Share Premium Account | | 11,015|| 11,015|| 11,015||
+---------------------------------+----+-----------++-----------++-----------++
|Retained Earnings | | 49,659|| 62,305|| 55,540||
+---------------------------------+----+-----------++-----------++-----------++
|Equity attributable to equity | | || || ||
| | | 63,165|| 75,811|| 69,046||
|holders of the parent | | || || ||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Non-controlling interest | | 16,185|| 27,874|| 19,657||
+---------------------------------+----+-----------++-----------++-----------++
|Total Equity | | 79,350|| 103,685|| 88,703||
+---------------------------------+----+-----------++-----------++-----------++
+---------------------------------+----+-----------++-----------++-----------++
|Net asset value per share | | 126.8p|| 152.0p|| 138.6p||
+---------------------------------+----+-----------++-----------++-----------++
............ ............
Barclay Douglas David Craine
Director Director
23 September 2010
Condensed Consolidated Statement of Changes in Equity
As at 30 June 2010
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | Share|| Share|| Non|| Retained| | Total|
| | Capital|| Premium|| controlling|| Earnings| | |
| | || Account|| interest|| | | |
| | || £´000|| £´000|| | | |
| | £´000|| || || £´000| | £´000|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 01 | || || || | | |
|January 2010 | 2,491|| 11,015|| 19,657|| 55,540| | 88,703|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
|Comprehensive | || || || | | |
|Loss for the | || || || | | |
|period | -|| -|| (3,472)|| (4,984)| | (8,456)|
+-----------------+---------++---------++-------------++---------+----+--------+
|Dividends | -|| -|| -|| (897)| | (897)|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 30 | || || || | | |
|June 2010 | 2,491|| 11,015|| 16,185|| 49,659| | 79,350|
+-----------------+---------++---------++-------------++---------+----+--------+
|(Unaudited) | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | Share|| Share|| Non|| Retained| | Total|
| | Capital|| Premium|| controlling|| Earnings| | |
| | || Account|| interest|| | | |
| | || £´000|| £´000|| | | |
| | £´000|| || || £´000| | £´000|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 01 | || || || | | |
|January 2009 | 1,731|| -|| -|| 61,170| | 62,901|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Acquisition of | || || || | | |
|Puma Hotels plc | || || || | | |
|on 29 June 2009 | -|| -|| 27,874|| -| | 27,874|
+-----------------+---------++---------++-------------++---------+----+--------+
|Comprehensive | || || || | | |
|income for the | || || || | | |
|period | -|| -|| -|| 2,035| | 2,035|
+-----------------+---------++---------++-------------++---------+----+--------+
|Issue of share | || || || | | |
|capital | 760|| -|| -|| -| | 760|
+-----------------+---------++---------++-------------++---------+----+--------+
|Placing costs | -|| (385)|| -|| -| | (385)|
+-----------------+---------++---------++-------------++---------+----+--------+
|Premium on shares| || || || | | |
|issued | -|| 11,400|| -|| -| | 11,400|
+-----------------+---------++---------++-------------++---------+----+--------+
|Dividend paid | -|| -|| -|| (900)| | (900)|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 30 | || || || | | |
|June 2009 | 2,491|| 11,015|| 27,874|| 62,305| | 103,685|
+-----------------+---------++---------++-------------++---------+----+--------+
|(Unaudited) | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | Share|| Share|| Non|| Retained| | Total|
| | Capital|| Premium|| controlling|| Earnings| | |
| | || Account|| interest|| | | |
| | || £´000|| £´000|| | | |
| | £´000|| || || £´000| | £´000|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 01 | || || || | | |
|January 2009 | 1,731|| -|| -|| 61,170| | 62,901|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Acquisition of | || || || | | |
|Puma Hotels plc | || || || | | |
|on 29 June 2009 | -|| -|| 27,874|| -| | 27,874|
+-----------------+---------++---------++-------------++---------+----+--------+
|Capital | || || || | | |
|contribution from| || || || | | |
|non-controlling | || || || | | |
|interest | -|| -|| 327|| -| | 327|
+-----------------+---------++---------++-------------++---------+----+--------+
|Comprehensive | || || || | | |
|loss for the | || || || | | |
|period | -|| -|| (8,544)|| (3,833)| |(12,377)|
+-----------------+---------++---------++-------------++---------+----+--------+
|Issue of share | || || || | | |
|capital | 760|| 11,400|| -|| -| | 12,160|
+-----------------+---------++---------++-------------++---------+----+--------+
|Placing costs | -|| (385)|| -|| -| | (385)|
+-----------------+---------++---------++-------------++---------+----+--------+
|Dividends | -|| -|| -|| (1,797)| | (1,797)|
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
| | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
|Balance at 31 | || || || | | |
|December 2009 | 2,491|| 11,015|| 19,657|| 55,540| | 88,703|
+-----------------+---------++---------++-------------++---------+----+--------+
|(Audited) | || || || | | |
+-----------------+---------++---------++-------------++---------+----+--------+
Condensed Consolidated Cash Flow Statement
For the six months ended 30 June 2010
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
| | | Six Months Ended || Year Ended|||
+--------------------------------+-----+-----------++-----------++-----------++|
| | | June|| June||31 December|||
+--------------------------------+-----+-----------++-----------++-----------+++
| | | 2010|| 2009|| 2009|||
+--------------------------------+-----+-----------++-----------++-----------+++
| | |(Unaudited)||(Unaudited)|| (Audited)|||
+--------------------------------+-----+-----------++-----------++-----------+++
| |Notes| £´000|| £´000|| £´000|||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Net cash Inflow/(Outflow) From | 11 | 13,077|| (76)|| 11,135|||
|Operating Activities | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Investing activities | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
| Interest receivable | | 28|| 8|| 32|||
+--------------------------------+-----+-----------++-----------++-----------+++
| Acquisition of a subsidiary | | -|| 15,224|| 15,224|||
+--------------------------------+-----+-----------++-----------++-----------+++
| Proceeds received on the | | -|| 993|| 1,986|||
|maturity of investments | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
| Interest Paid | | (11,427)|| -|| (14,605)|||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Net cash (outflow)/inflow from | | (11,399)|| 16,225|| 2,637|||
|investing activities | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Capital expenditure | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
| | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
| Purchase of tangible fixed | | (106)|| -|| (97)|||
|assets | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
| Sale of tangible fixed assets| | -|| -|| 463|||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Net cash (outflow)/inflow from | | (106)|| -|| 366|||
|capital expenditure | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Financing activities | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
| Dividends paid | 5 | (897)|| (900)|| (1,797)|||
+--------------------------------+-----+-----------++-----------++-----------+++
|Shares issued | | -|| 12,160|| 12,160|||
+--------------------------------+-----+-----------++-----------++-----------+++
| Placing costs | | -|| (385)|| (385)|||
+--------------------------------+-----+-----------++-----------++-----------+++
| Term loans repaid | | -|| -|| (15,000)|||
+--------------------------------+-----+-----------++-----------++-----------+++
| Bonds repaid | | -|| -|| (14)|||
+--------------------------------+-----+-----------++-----------++-----------+++
| New term loan issue costs | | -|| -|| (399)|||
+--------------------------------+-----+-----------++-----------++-----------+++
| | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
|Net cash (outflow)/inflow from | | (897)|| 10,875|| (5,435)|||
|financing activities | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Net increase in cash and cash | | 675|| 27,024|| 8,704|||
|equivalents | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Cash and cash equivalent at | | 10,401|| 1,697|| 1,697|||
|beginning of period | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
|Cash and cash equivalent at end | | 11,076|| 28,721|| 10,401|||
|of period | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
+--------------------------------+-----+-----------++-----------++-----------+++
|Net increase in cash and cash | | 675|| 27,024|| 8,704|||
|equivalent | | || || |||
+--------------------------------+-----+-----------++-----------++-----------+++
Company Statement of Comprehensive Income
For the six months ended 30 June 2010
+---------------------------------+------+-----------+-+-----------+-+---------+
+---------------------------------+------+-----------+-+-----------+-+---------+
| | | Six Months ended | | Year|
| | | | | ended|
+---------------------------------+------+-----------+-+-----------+-+---------+
| | | June| | June| | 31 |
| | | | | | | December|
+---------------------------------+------+-----------+-+-----------+-+---------+
| | | 2010| | 2009| | 2009|
+---------------------------------+------+-----------+-+-----------+-+---------+
| | |(Unaudited)| |(Unaudited)| |(Audited)|
+---------------------------------+-----++----+------+++----+------+++-------+-+
| |Notes|£´000| |£´000| |£´000 | |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Continuing Operations | | | | | | | |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Revenue | 3 | 993| | 993| | 1,986| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Administrative expenses | |(112)| | (83)| | (188)| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Profit from operations | | 881| | 910| | 1,798| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Bank interest receivable | | 5| | 8| | 10| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Dividends received | | 412| | -| | -| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Unrealised investment gain/(loss)| | -| |1,117| | (9,663)| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Profit/(Loss) before tax | |1,298| |2,035| | (7,855)| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Taxation | 4 | -| | -| | -| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Net Profit /(Loss) after tax for | | | | | | | |
|the | | | | | | | |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|period from continuing operations| |1,298| |2,035| | (7,855)| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Earnings per share | | | | | | | |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
|Basic and diluted | 6 |2.61p| |5.80p| |(18.50p)| |
+---------------------------------+-----+-----+-------+-----+-------+--------+-+
Company Statement of Financial Position
As At 30 June 2010
+-----------------------------+-----+------------+------------+-----------+
| | | 30 June| 30 June|31 December|
+-----------------------------+-----+------------+------------+-----------+
| | | 2010| 2009| 2009|
+-----------------------------+-----++-----------++-----------+-----------+
| | ||(Unaudited)||(Unaudited)| (Audited)|
+-----------------------------+-----++-----------++-----------++----------+
| |Notes|| £´000|| £´000|| £´000|
+-----------------------------+-----++-----------++-----------++----------+
| Non-Current Assets | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Investments | 8 || 63,328|| 74,108|| 63,328|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || 63,328|| 74,108|| 63,328|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Current Assets | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Trade and other receivables| || 5|| 15|| 8|
+-----------------------------+-----++-----------++-----------++----------+
| Cash and Cash Equivalents | || 2,122|| 1,727|| 1,712|
+-----------------------------+-----++-----------++-----------++----------+
| | || 2,127|| 1,742|| 1,720|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Total assets | || 65,455|| 75,850|| 65,048|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Current Liabilities | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Trade and other payables | || 30|| 39|| 24|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Net Assets | || 65,425|| 75,811|| 65,024|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Capital and Reserves | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Share Capital | 10 || 2,491|| 2,491|| 2,491|
+-----------------------------+-----++-----------++-----------++----------+
| Share Premium Account | || 11,015|| 11,015|| 11,015|
+-----------------------------+-----++-----------++-----------++----------+
| Retained Earnings | || 51,919|| 62,305|| 51,518|
+-----------------------------+-----++-----------++-----------++----------+
| | || 65,425|| 75,811|| 65,024|
+-----------------------------+-----++-----------++-----------++----------+
| | || || || |
+-----------------------------+-----++-----------++-----------++----------+
| Net asset value per share | || 131p|| 152p|| 131p|
+-----------------------------+-----++-----------++-----------++----------+
............. ............
Barclay Douglas David Craine
Director Director
23 September 2010
Company Statement of Changes in Equity
For the six months ended 30 June 2010
+-------------------------------+-------+-------------+--------+------------+
| | Share|Share premium|Retained| Total|
+-------------------------------+-------+-------------+--------+------------+
| |capital| account|earnings| |
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
| | £´000| £´000| £´000| £´000|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 01 January 2010 | 2,491| 11,015| 51,518| 65,024|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Comprehensive income for period| -| -| 1,298| 1,298|
+-------------------------------+-------+-------------+--------+------------+
|Dividend paid | -| -| (897)| (897)|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 30 June 2010 | 2,491| 11,015| 51,919| 65,425|
+-------------------------------+-------+-------------+--------+------------+
|(Unaudited) | | | | |
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 01 January 2009 | 1,731| -| 61,170| 62,901|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Comprehensive income for period| -| -| 2,035| 2,035|
+-------------------------------+-------+-------------+--------+------------+
|Dividend paid | -| -| (900)| (900)|
+-------------------------------+-------+-------------+--------+------------+
|Shares issued | 760| -| -| 760|
+-------------------------------+-------+-------------+--------+------------+
|Premium on shares issued | -| 11,400| -| 11,400|
+-------------------------------+-------+-------------+--------+------------+
|Placing costs | -| (385)| -| (385)|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 30 June 2009 | 2,491| 11,015| 62,305| 75,811|
+-------------------------------+-------+-------------+--------+------------+
|(Unaudited) | | | | |
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 01 January 2009 | 1,731| -| 61,170| 62,901|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Comprehensive loss for period | -| -| (7,855)| (7,855)|
+-------------------------------+-------+-------------+--------+------------+
|Dividend paid | -| -| (1,797)| (1,797)|
+-------------------------------+-------+-------------+--------+------------+
|Shares issued | 760| -| -| 760|
+-------------------------------+-------+-------------+--------+------------+
|Premium on shares issued | -| 11,400| -| 11,400|
+-------------------------------+-------+-------------+--------+------------+
|Placing costs | -| (385)| -| (385)|
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
|Balance at 31 December 2009 | 2,491| 11,015| 51,518| 65,024|
+-------------------------------+-------+-------------+--------+------------+
|(Audited) | | | | |
+-------------------------------+-------+-------------+--------+------------+
+-------------------------------+-------+-------------+--------+------------+
Company Cash Flow Statement
For the six months ended 30 June 2010
+----------------------+-----+-----------------+----------------+--------------+
| | | (Unaudited)| (Unaudited)| (Audited)|
| | | Period| Period| |
| | | | | Year|
+----------------------+-----+-----------------+----------------+--------------+
| | | from 1 January| from 1 January| to|
+----------------------+-----+-----------------+----------------+ |
| | | 2010 until| 2009 until| 31 December|
| | | | | 2009|
+----------------------+-----+-----------------+----------------+--------------+
| | | 30 June 2010| 30 June 2009| |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
| |Notes| £´000| £´000| £´000|
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Net cash | | | | |
|Inflow/(Outflow) From | 11 | 890| (76)| (189)|
|Operating Activities | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Investing activities | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
| Interest | | 5| 8| 10|
|receivable | | | | |
+----------------------+-----+-----------------+----------------+--------------+
| Preference | | -| (11,770)| (11,770)|
|shares in Puma | | | | |
+----------------------+-----+-----------------+----------------+--------------+
| Proceeds | | | | |
|received on the | | -| 993| 1,986|
|maturity of | | | | |
|investments | | | | |
+----------------------+-----+-----------------+----------------+--------------+
| Dividends | | 412| -| -|
|received | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Net cash from/(used | | | | |
|in) investing | | 417| (10,769)| (9,774)|
|activities | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Financing activities | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Dividends paid | 5 | (897)| (900)| (1,797)|
+----------------------+-----+-----------------+----------------+--------------+
|Shares issued | | -| 12,160| 12,160|
+----------------------+-----+-----------------+----------------+--------------+
|Placing costs | | -| (385)| (385)|
+----------------------+-----+-----------------+----------------+--------------+
| | | | | |
+----------------------+-----+-----------------+----------------+--------------+
|Net cash (used | | | | |
|in)/from financing | | (897)| 10,875| 9,978|
|activities | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Net increase in cash | | 410| 30| 15|
|and cash equivalents | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Cash and cash | | | | |
|equivalents at | | 1,712| 1,697| 1,697|
|beginning of period | | | | |
+----------------------+-----+-----------------+----------------+--------------+
|Cash and cash | | | | |
|equivalents at end of | | 2,122| 1,727| 1,712|
|period | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
|Net increase in cash | | 410| 30| 15|
|and cash equivalents | | | | |
+----------------------+-----+-----------------+----------------+--------------+
+----------------------+-----+-----------------+----------------+--------------+
Notes to the Accounts
For the six months ended 30 June 2010
1. Accounting policies
Basis of Preparation
The annual financial statements of The Hotel Corporation Plc are prepared in
accordance with International Financial Reporting Standards (IFRS). The
condensed set of financial statements included in this half yearly financial
report has been prepared in accordance with International Accounting Standard
34 "Interim Financial Reporting", as issued by the International Accounting
Standards Board.
Going Concern
The Directors are satisfied that the Group has sufficient resources to continue
in operation for the foreseeable future, a period of not less than 12 months
from the date of this report. Accordingly, they continue to adopt the going
concern basis in preparing the financial statements.
Changes in accounting policy
The same accounting policies, presentation and methods of computation are
followed in the condensed set of financial statements as applied in the Group´s
latest financial statements. There have been no changes in policy.
2. Business and geographical segments
The Group´s turnover, loss before tax and net assets are derived from its
principal activity within the UK.
3. Revenue
Property rental income is only recognisable within the Group post acquisition of
the Company´s subsidiary, Puma Hotels plc, which occurred on 29 June 2009. The
Group´s turnover, loss before taxation and net assets are derived from its
principal activity within the UK.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
3.Revenue (continued)
An analysis of the Group´s and Company´s revenue is as follows:
+-------------+-------------------------------------++--------------------+
| | Six Months Ended || Year Ended |
+-------------+-----------++-----------++-----------++---------++---------+
| | June|| June|| June|| December|| December|
+-------------+-----------++-----------++-----------++---------++---------+
| | 2010|| 2010|| 2009|| 2009|| 2009|
+-------------+-----------++-----------++-----------++---------++---------+
| | Group|| Company|| Company|| Group|| Company|
+-------------+-----------++-----------++-----------++---------++---------+
| |(Unaudited)||(Unaudited)||(Unaudited)||(Audited)||(Audited)|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
| | £´000|| £´000|| £´000|| £´000|| £´000|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
|Continuing | || || || || |
|Operations | || || || || |
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
|Property | || || || || |
|rental income| || || || || |
|from | || || || || |
|management | || || || || |
|agreements | || || || || |
|with Barceló | || || || || |
|Hotels and | || || || || |
|resorts | 14,877|| -|| -|| 15,123|| -|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
| | 14,877|| -|| -|| 15,123|| -|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
|Amortisation | || || || || |
|of discount | || || || || |
|on bonds held| || || || || |
|to maturity | -|| -|| 993|| 993|| 993|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
|Bond interest| || || || || |
|received | -|| 993|| -|| -|| 993|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
| | 14,877|| 993|| 993|| 16,116|| 1,986|
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
+-------------+-----------++-----------++-----------++---------++---------+
4. Group Tax on loss on ordinary activities
During the 6 month period there has been a decrease in the deferred tax
liability of £394,000.
Company tax on loss on ordinary activities
1. The Income Tax (Amendment) Act 2006 provides that a standard zero rate of
income tax will apply to the Company for 2008/09 and subsequent years of
assessment. Therefore no provision for liability to Manx income tax has been
included in these financial statements.
5. Dividends
On 25(th) March 2010 the Company declared a dividend of 1.8p per share. The
dividend, which amounted to £896,743 was paid on 9(th) May 2010.
The proposed interim dividend of 2.6p per ordinary share was approved by the
Board on 23(rd) September 2010 and has not been included as a liability as at
30 June 2010.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
6. Earnings per Share
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings : Company
+------------------------------+--+--------------------++----------------------+
| | | (Unaudited) || (Audited)|
+------------------------------+--+--------------------++----------------------+
| | | Six months ended ||Year ended 31 December|
+------------------------------+--+--------+--+--------++----------------------+
| | | 2010| | 2009|| 2009|
| | | | | || |
| | | £´000| | £´000|| £´000|
+------------------------------+--+--------+--+--------++----------------------+
| Earnings for the purposes | | | | || |
|of basic earnings per share | | | | || |
|being net profit/(loss) | | | | || |
|attributable to owners of the | | | | || |
|Company | | 1,298| | 2,035|| (7,855)|
+------------------------------+--+--------+--+--------++----------------------+
+----------------+--+--------------------------++------------+-----------------+
| Earnings : | | || | |
|Group | | || | |
+----------------+--+--------------------------++------------+-----------------+
| | | (Unaudited) || (Audited)| |
+----------------+--+--------------------------++------------+-----------------+
| | | || Year ended| |
| | | Six months ended || 31| |
+----------------+--+----------+--+------------++------------+-----------------+
| | | June| | June|| December| |
+----------------+--+----------+--+------------++------------+-----------------+
| | | 2010| | 2009|| 2009| |
| | | | | || | |
| | | £´000| | £´000|| £´000| |
+----------------+--+----------+--+------------++------------+-----------------+
| Earnings for| | | | || | |
|the purposes of | | | | || | |
|basic earnings | | | | || | |
|per share being | | | | || | |
|net | | | | || | |
|profit/(loss) | | | | || | |
|attributable to | | | | || | |
|owners of the | | | | || | |
|Company | | (4,984)| | 2,035|| (3,833)| |
+----------------+--+----------+--+------------++------------+-----------------+
| | | | | || | |
+----------------+--+----------+--+------------++------------+-----------------+
| | | || | |
+----------------+--+--------------------------++------------+-----------------+
| | | (Unaudited) || (Audited)| |
+----------------+--+--------------------------++------------+-----------------+
| Number of | | Six months ended || Year ended| |
|Shares | | || 31| |
+----------------+--+----------+--+------------++------------+-----------------+
| | | | | || | |
+----------------+--+----------+--+------------++------------+-----------------+
| | | | | || | |
+----------------+--+----------+--+------------++------------+-----------------+
| | | June| | June|| December| |
+----------------+--+----------+--+------------++------------+-----------------+
| | | 2010| | || | |
| | | | | 2009|| 2009| |
| | | No.| | || | |
| | | | | No.|| No.| |
| | | | | || | |
+----------------+--+----------+--+------------++------------+-----------------+
| Weighted | | | | || | |
|average number | | | | || | |
|of ordinary | | | | || | |
|shares for the | | | | || | |
|purpose of basic| | | | || | |
|and diluted | | | | || | |
|earnings per | | | | || | |
|share | |49,819,050| | 35,034,350|| 42,448,091| |
+----------------+--+----------+--+------------++------------++++-------------++
| ||||There were no||
| ||||convertible ||
| ||||instruments ||
| ||||in existence ||
| ||||as at 31 ||
| ||||December ||
|There were no convertible instruments in existence as at 30 ||||2009 and ||
|June 2010 (or in prior periods) and therefore diluted ||||therefore ||
|earnings per share do not differ from the basic earnings per||||diluted ||
|share. ||||earnings per ||
| ||||share does ||
| ||||not differ ||
| ||||from the ||
| ||||basic ||
| ||||earnings per ||
| ||||share ||
+------------------------------------------------------------++++-------------++
Notes to the Accounts (continued)
For the six months ended 30 June 2010
7. Investment property : Group only
+-----------------------------+-----------+---+-----------+---+-----------++
| | 30 June| | 30 June| |31 December||
+-----------------------------+-----------+---+-----------+---+-----------++
| | 2010| | 2009| | 2009||
+-----------------------------+-----------+---+-----------+---+-----------++
| |(Unaudited)| |(Unaudited)| | (Audited)||
+-----------------------------+-----------+---+-----------+---+-----------++
|Fair Value | £´000| | £´000| | £´000||
+-----------------------------+-----------+---+-----------+---++----------++
| | | | | || |
+-----------------------------+-----------+---+-----------+---++-----------+
|At beginning of year/period | 463,170| | 486,010| | 486,010|
+-----------------------------+-----------+---+-----------+---+------------+
|Additions | 106| | -| | 97|
+-----------------------------+-----------+---+-----------+---+------------+
|Disposals | -| | -| | (463)|
+-----------------------------+-----------+---+-----------+---+------------+
|Decrease in fair value during| -| | -| | (22,474)|
|the year | | | | | |
+-----------------------------+-----------+---+-----------+---++-----------+
| | | | | || |
+-----------------------------+-----------+---+-----------+---++----------++
| | | | | | ||
|At year/period end | | | | | ||
| | 463,276| | 486,010| | 463,170||
+-----------------------------+-----------+---+-----------+---+-----------++
8. Investments
Company Investments
+------------------------+-+-----------+---+-----------+---+-----------++
+------------------------+-+-----------+---+-----------+---+-----------++
| | |(Unaudited)| |(Unaudited)| | (Audited)||
+------------------------+-+-----------+---+-----------+---+-----------++
| | | 30 June| | 30 June| |31 December||
+------------------------+-+-----------+---+-----------+---+-----------++
| | | 2010| | 2009| | 2009||
|Classified as: | | | | | | ||
| | | £´000| | £´000| | £´000||
+------------------------+-+-----------+---+-----------+---+-----------++
| | | | | | | ||
+------------------------+-+-----------+---+-----------+---+-----------++
|Investment at Fair Value| | 46,778| | 57,558| | 46,778||
+------------------------+-+-----------+---+-----------+---+-----------++
|Bonds Held to Maturity | | 16,550| | 16,550| | 16,550||
+------------------------+-+-----------+---+-----------+---+-----------++
| | | | | | | ||
| | | 63,328| | 74,108| | 63,328||
+------------------------+-+++---------+---++----------+---+-----------++
+---------------------------++--------------+----------+---+-----------++
Investments at Fair Value
+---------------------------------+-+-----------+-+-----------++-----------+
| | |(Unaudited)| |(Unaudited)|| (Audited)|
+---------------------------------+-+-----------+-+-----------++-----------+
| | | 30 June| | 30 June||31 December|
+---------------------------------+-+-----------+-+-----------++-----------+
| | | 2010| | 2009|| 2009|
| | | | | || |
| | | £´000| | £´000|| £´000|
+---------------------------------+-+-----------+-+-----------++-----------+
| | | | | || |
+---------------------------------+-+-----------+-+-----------++-----------+
|Fair value at start of | | 46,778| | 44,671|| 44,671|
|year/period 36,122 44,671 | | | | || |
+---------------------------------+-+-----------+-+-----------++-----------+
|Investments made during | | -| | 11,770|| 11,770|
|year/period | | | | || |
+---------------------------------+-+-----------+-+-----------++-----------+
|Increase/(decrease) in fair value| | -| | 1,117|| (9,663)|
+---------------------------------+-+-----------+-+-----------++-----------+
| | | | | || |
|Fair value at end of year | | 46,778| | 57,558|| 46,778|
+---------------------------------+-+-----------+-+-----------++-----------+
The investment classified as ´Fair Value through Profit and Loss´ shown above
represents a holding of 16,550,000 ordinary shares of £1 par value in Puma
Hotels plc (PHP), which comprises 49.92% of the issued share capital of that
company.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
8.Investments (continued)
There were no convertible instruments in existence as at 30 June 2010 and
therefore diluted earnings per share does not differ from the basic earnings per
share.
In determining the fair value attributable to the ordinary shares and
convertible preference shares in PHP, the Directors drew upon the discounted
future net cash flows arising from PHP and utilised that net asset value for
each ordinary share.
Following a thorough review using the above method, the directors have concluded
that the change in fair value of the investment has been so minimal as to
require no recognition in these financial statements to the period 30 June 2010.
For the purpose of preparing PHP´s 30 June 2010 interim financial statements,
the directors of PHP have used the external professional valuation of its Hotel
portfolio completed by Colliers Robert Barry & Co Chartered Surveyors,
independent valuers, as at 31 December 2009 as a basis for their assessment of
the investment property carrying value.
The directors of Hotel Corporation plc have reviewed the assessment and the
supporting independent valuation to conclude on the investment property value in
these consolidated financial statements.
The convertible preference shares in PHP will rank ahead of the ordinary share
capital in a winding up of PHP and can be converted into ordinary shares in the
capital of PHP at any time at the option of the holder of these preference
shares upon 21 days notice. These preference shares don´t carry the right to
vote except on a resolution modifying the rights attaching the preference
shares.
+---------------------------------++-------------++-------------+-------------+
+---------------------------------++-------------++-------------+------------++
| Six Months ended | Year ended ||
+-----------------------------------------------++-------------++------------++
| June || June || 31 December |
+-----------------------------------------------++-------------++-------------+
| 2010 || 2009 || 2009 |
+---------------------------------+-------------++-------------++-------------+
| | (Unaudited) || (Unaudited) || (Audited) |
+---------------------------------+-------------++-------------++-------------+
+---------------------------------+-------------++-------------++-------------+
| | £´000 || £´000 || £´000 |
+---------------------------------+-------------++-------------++------------++
| Investments Held to Maturity | || || ||
+---------------------------------+-------------++-------------++------------++
| At start of period | 16,550 || 16,550 || 16,550 ||
+---------------------------------+-------------++-------------++------------++
| Redeemed in Period | - || (993) || (993) ||
+---------------------------------+-------------++-------------++------------++
| Amortisation of Discount | - || 993 || 993 ||
+---------------------------------+-------------++-------------++------------++
| | || || ||
+---------------------------------+-------------++-------------++------------++
| At end of period | 16,550 || 16,550 || 16,550 ||
+---------------------------------+-------------++-------------++------------++
The investments included above represent investments in unsecured deep discount
bonds issued by Puma Hotels (Finance) plc, a subsidiary of Puma Hotels plc,
maturing at nominal value on 31 December 2012. The bonds have a coupon rate of
12% percent and are listed on the Channel Islands Stock Exchange.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
9. Borrowings
+-------------------++-------------++-------------++-------------+
| || 30 June || 30 June || 31 December |
+-------------------++-------------++-------------++-------------+
| || 2010 || 2009 || 2009 |
+-------------------++-------------++-------------++-------------+
| || (Unaudited) || (Unaudited) || Audited |
+-------------------++-------------++-------------++-------------+
| || £´000 || £´000 || £´000 |
+-------------------++-------------++-------------++-------------+
| Secured borrowing || || || |
+-------------------++-------------++-------------++-------------+
| Bank loans || 332,137 || 347,152 || 331,945 |
+-------------------++-------------++-------------++-------------+
| Bonds || 16,600 || 16,600 || 16,600 |
+-------------------++-------------++-------------++-------------+
+-------------------++-------------++-------------++-------------+
| || 348,737 || 363,752 || 348,545 |
+-------------------++-------------++-------------++-------------+
+-------------------++-------------++-------------++-------------+
The other principal features of the Group´s borrowings are as follows:
i. The Group has bank loans within one of its subsidiaries Puma Hotels
plc with Anglo Irish Bank Limited that mature on 31 December 2012. All
loans bear interest at variable rates based on LIBOR but are subject to
the interest rate protection instruments. The total interest charge in the
current period resulted in an average interest rate of 6.13%. All the bank
loans are fully drawn down. The borrowings are secured against the
investment property.
ii. The Group has no finance lease obligations.
iii. The final redemption date for the bonds is dependent on the issuer
Puma Hotels (Finance) plc issuing a redemption notice. This redemption
notice will not be issued prior to 31 December 2012. On redemption the
bonds will return the equivalent of 6% compound return every 6 months
based on the discounted subscription price of the bonds. They are not
secured against any of the assets of the Group.
10. Share Capital
The total number of Ordinary Shares of £0.05 in issue and fully paid at 30 June
2010 was 49,819,050. During the six month period there has been no further issue
of shares.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
11. Notes to the Statement of Cash Flows
Reconciliation of Profit/(Loss) from Operations to Net Cash from Operating
Activities.
Group
+----------------------------------------+-------------------------+-----------+
| | Six months ended | Year ended|
+----------------------------------------+-----------+-+-----------+ |
| | June| | June|31 December|
+----------------------------------------+-----------+-+-----------+ |
| | 2010| | 2009| 2009|
+----------------------------------------+-----------+-+-----------+ |
| |(Unaudited)| |(Unaudited)| (Audited)|
+----------------------------------------+-----------+-+-----------+ |
| | £´000| | £´000| £´000|
+----------------------------------------+------++---+-+-+-+-------+-+---------+
+----------------------------------------+------++-------+-+---------+-+-------+
|Profit /(Loss) from Operations |13,079|| 910| | (8,249)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Decrease /(Increase) in Receivables | 11|| (4)| | (1,491)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|(Decrease)/Increase in Trade and other | || | | | |
|payables | (205)|| 11| | (606)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Amortisation of deep discounted bonds | -|| (993)| | (993)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Unamortised bank arrangement fee | 192|| -| | -| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Loss on change in fair value of | || | | | |
|investment property | -|| -| | 22,474| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Net cash flow from operating activities |13,077|| (76)| | 11,135| |
+----------------------------------------+------++-------+-+---------+-+-------+
+----------------------------------------+------++----+-++++--------+++--------+
|Company | | | | | | |
+----------------------------------------+------------+-+-+--------++-+--------+
| | Six months ended | Year ended|
+----------------------------------------+-----------+-+-----------+ |
| | June| | June|31 December|
+----------------------------------------+-----------+-+-----------+ |
| | 2010| | 2009| 2009|
+----------------------------------------+-----------+-+-----------+ |
| |(Unaudited)| |(Unaudited)| (Audited)|
+----------------------------------------+-----------+-+-----------+ |
| | £´000| | £´000| £´000|
+----------------------------------------+------++---+-+-+-+-------+-+---------+
+----------------------------------------+------++-------+-+---------+-+-------+
|Profit /(Loss) from Operations | 881|| 910| | 1,798| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Decrease /(Increase) in Receivables | 3|| (4)| | 3| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|(Decrease)/Increase in Trade and other | || | | | |
|payables | 6|| 11| | (4)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Amortisation of deep discounted bonds | -|| (993)| | (1,986)| |
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
+----------------------------------------+------++-------+-+-----------+-------+
|Net cash flow from operating activities | 890|| (76)| | (189)| |
+----------------------------------------+------++-------+-+---------+-+-------+
+----------------------------------------+------++-------+-+---------+---------+
Cash and cash equivalents (which are presented as a single class of assets on
the face of the balance sheet) comprise cash at bank and other short-term highly
liquid investments with a maturity of three months or less.
Notes to the Accounts (continued)
For the six months ended 30 June 2010
12. Post Balance Sheet Event
The Company declared an interim dividend of 2.6 pence per ordinary share on the
issued share capital on 23(rd) September 2010. The ex-div date will be 29(th)
September 2010 and a record date of 1(st) October 2010. Payment will be made to
the Shareholders on 29(th) October 2010.
13. Related Party Transactions
Immediate and Ultimate Controlling Party
In the opinion of the Directors there is no immediate and ultimate controlling
party.
Key Management Compensation
During the period Barclay Douglas acted as a non-executive director of Shore
Capital Group plc who act both as Nominated Advisers and Stockbrokers to the
Company. Barclay Douglas retired from this role on 26(th) March 2010. Shore
Capital Group own shares in PHP.
The PHP Group has been involved in transactions with companies within the Shore
Capital Group in relation to management of the property portfolio.
David Craine is a Director of Peregrine Corporate Services Limited, (PCS), the
company which provides accountancy, administration and secretarial services to
the Company.
David Craine´s directors fees are paid to Burleigh Offshore Services Limited.
Derek Short´s directors fees are paid to English and Continental Properties
Limited.
Puma Hotels plc
Consolidated Profit and Loss Account
Six Months Ended 30 June 2010
(Unaudited) Six (Unaudited) Six (Audited)
months months
Year
ended ended
ended
30 30
31
June June
December
2010 2009
2009
£´000 £´000
£´000
TURNOVER 14,877 14,877 30,000
Cost of sales - - -
GROSS PROFIT 14,877 14,877 30,000
Other administrative (1,947) (1,909) (3,873)
expenses
Administrative - - (2,102)
expenses - exceptional
(Deficit on
revaluation of
properties)
Total administrative (1,947) (1,909) (5,975)
expenses
OPERATING PROFIT 12,930 12,968 24,025
Interest receivable and 24 17 39
similar income
Bank interest payable (10,149) (12,112) (25,601)
Shareholder finance (2,683) (1,983) (4,700)
costs
PROFIT /(LOSS) ON ORDINARY 122 (1,110) (6,237)
ACTIVITIES BEFORE TAXATION
Tax on profit/(loss) - - -
on ordinary activities
RETAINED PROFIT/(LOSS)
FOR THE FINANCIAL 122 (1,110) (6,237)
PERIOD
+-------------------------------------------------+-----------+----------------+
|Puma Hotels plc | | |
+-------------------------------------+-----------+-----------+----------------+
|Consolidated Balance Sheet | | | |
+-------------------------------------+-----------+-----------+----------------+
|As at 30 June 2010 | | | |
+-------------------------------------+-----------+-----------+----------------+
| |(Unaudited)|(Unaudited)| (Audited)|
| | | | |
| | 30 June| 30 June|31 December 2009|
| | | | |
| | 2010| 2009| |
+-------------------------------------+-----------+-----------+----------------+
| | £´000| £´000| £´000|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Fixed assets | | | |
+-------------------------------------+-----------+-----------+----------------+
|Intangible assets - Goodwill | 7,700| 8,221| 7,960|
+-------------------------------------+-----------+-----------+----------------+
|Tangible assets | 463,277| 486,010| 463,170|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
| | 470,977| 494,231| 471,130|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Current Assets | | | |
+-------------------------------------+-----------+-----------+----------------+
|Debtors | 1,485| -| 1,494|
+-------------------------------------+-----------+-----------+----------------+
|Cash at Bank and in hand | 8,954| 26,994| 8,689|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
| | 10,439| 26,994| 10,183|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Creditors amounts falling due within | (13,780)| (13,898)| (13,992)|
|one year | | | |
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Net current assets / (liabilities) | (3,341)| 13,096| (3,809)|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Total assets less current liabilities| 467,636| 507,327| 467,321|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Creditors amounts falling due after | (385,287)| (400,302)| (385,095)|
|more than one year | | | |
+-------------------------------------+-----------+-----------+----------------+
|Provision for liabilities | -| -| -|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Net assets | 82,349| 107,025| 82,226|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Capital and reserves | | | |
+-------------------------------------+-----------+-----------+----------------+
|Called up share capital | 1,658| 1,658| 1,658|
+-------------------------------------+-----------+-----------+----------------+
|Share premium account | 32,137| 32,137| 32,137|
+-------------------------------------+-----------+-----------+----------------+
|Revaluation reserve | 84,732| 105,104| 84,732|
+-------------------------------------+-----------+-----------+----------------+
|Profit and loss account | (36,178)| (31,874)| (36,301)|
+-------------------------------------+-----------+-----------+----------------+
+-------------------------------------+-----------+-----------+----------------+
|Shareholders´ funds | 82,349| 107,025| 82,226|
+-------------------------------------+-----------+-----------+----------------+
Puma Hotels plc
Consolidated Cashflow statement
Six Months ended 30 June 2010
(Unaudited)
(Unaudited) Six
Six months months ended 30 (Audited) Year
June 2009
ended 30 ended 31
December
June 2010 £´000
2009
£´000 £´000
Net cash inflow from 14,492
operating activities 15,311 26,636
Returns on investments
and servicing of finance
Interest received 24 17 39
Interest paid (14,145) (13,289) (27,894)
Net cash outflow from
returns on investments and (14,121)
servicing of finance (13,272) (27,855)
Taxation
Corporation tax paid - - -
Capital expenditure
Purchase of tangible (106)
fixed assets (2,490) (2,587)
Sale of tangible fixed -
assets - 463
Net cash outflow from
capital expenditure and (2,490)
financial investment (106) (2,124)
Net cash inflow 265
(outflow) before financing (451) (3,343)
Financing
Issue of preference -
share capital 20,000 20,000
Term loans repaid - - (15,000)
Bonds repaid - (1,110) (1,124)
New term loan issue -
costs (193) (592)
Net cash inflow from -
financing 18,697 3,284
Increase/(decrease) in 265
cash 18,246 (59)
1
[HUG#1446495]
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originality of the information contained therein.
Source: The Hotel Corporation plc via Thomson Reuters ONE
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