Langbar-mal wieder ein Vedoppler!!!!REIN!!!!!! - 500 Beiträge pro Seite

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Bei Langbar ehemals Crown Corp gabs heute ein paar RNS !
Die alten Crownies wissen Bescheid und werde nun ein paar fette Gewinne machen, wer will dabei sein???
NEWS!!!:
Interim Results

RNS Number:0002S
Langbar International Limited
30 September 2005


FOR IMMEDIATE RELEASE 30 September 2005

Langbar International Limited
(formerly Crown Corporation Limited)

Interim Results for the period ended 30th June 2005

Langbar International (" Langbar" or " the Company" ), the UK listed investment
company, announces its interim results for the period ended 30th June 2005.

Highlights for the period:

*Pre-tax profit #14.77 million (Period to 30th Dec 2004 #166.81 million)

*Asset value, at period end, #356.85 million equivalent to 205p per share

*New Chief Executive appointed, new non-executive Director appointed

*Langbar Capital, a corporate finance advisory and investment company,
acquired, the consideration wholly satisfied by the issue of 2 million
common shares

*Capital reorganisation

*Arden Partners appointed Nominated Adviser and Broker

Post Balance Sheet events:

*Total of #4.1 million raised via Placings

*$294 million transferred to ABN Amro, Holland from Banco do Brazil,
Brazil

*Acquisition of Real Affinity plc, an integrated marketing services
company for a consideration of #2.6 million, wholly satisfied by the issue
of common shares

*Balance of cash held in Brazil to be transferred to EPIC, the property
subsidiary

Stuart Pearson, Chief Executive and Acting Chairman, commented:

" The performance of the share price has improved dramatically since we last
reported in June. However it is still substantially below the net asset value of
the business.

" Since my appointment we have been focused on realising the asset value by
releasing the funds from Brazil and on keeping shareholders up to date with
events. We recently announced that $294 million had been transferred to ABN
Amro, Holland.

" The strategy for the future has not been changed and it remains to produce
consistent and growing earnings for our shareholders by actively managing the
investments. These will include early stage, pre-IPO and small company
investments, of which Real Affinity represents an excellent example, as well as
larger ones where appropriate.

" The Company is carrying out due diligence on a major property investment and is
also looking at a number of smaller interesting opportunities where profit and
shareholder value can be significantly enhanced. Investments made are likely to
have a UK and European focus in the short term."

ENQUIRIES:

Langbar International Limited Tel: [phone]
Stuart Pearson, Chief Executive

Bankside Consultants Tel: [phone]
Michael Padley / Susan Scott

Chairman`s Statement

Since my appointment we have been focused on realising the asset value of the
Company by releasing the funds from Brazil and on keeping shareholders up to
date with our progress.

In addition we have continued to expand Langbar Capital which has continued with
its advisory work and has made a number of small investments in small cap UK
companies. It has also identified the first acquisition, Real Affinity plc,
details of which we have announced today.

Prior to the period end, the Promissory Note of #194 million owed to Langbar
International Limited was repaid and the deposits of #165 million held by Crown
Pharmaceuticals Limited, a former subsidiary, were acquired. The consideration
was satisfied by the issue to Crown Pharmaceuticals Limited of 71,000,000 common
shares in Langbar International Limited, such shares being subsequently
distributed to Crown Pharmaceutical shareholders.

As a result of these changes the Company had over #360 million in cash deposits.
On 31 August 2005 #165 million was transferred to ABN Amro BV in Holland and we
announced that we had the agreement of Banco do Brasil that the balance of the
funds held in Brazil could be utilised to acquire property assets in Europe,
mainly Spain and Portugal.

The gross income for the period under review amounted to #26.84 million and the
profit on ordinary activities was #14.77 million.

During the period a small number of shares were issued to give the Company
sufficient working capital to allow the business to function and to allow the
management to carry out due diligence on potential investments. A total of #4.1
million (net of costs) was raised.

Property Investment

As announced 6th September 2005 the Company is continuing to evaluate European
property opportunities in Portugal and Spain.

Acquisition of Real Affinity plc

The acquisition represents an excellent example of Langbar Capital`s activities
in identifying and acquiring an established UK business, currently undervalued
by the market, and which can be substantially enhanced by leveraging Real
Affinity`s position in its marketplace using Langbar`s greater size and
financial strength. Real Affinity has identified a number of acquisition targets
which it would not be able to pursue as quickly as it would wish without access
to greater financial resources.

Langbar has released a separate announcement today giving full details of the
acquisition.


Background to the Offer for Real Affinity plc

Real Affinity has failed to fulfil its ambitions since floating on The
Alternative Investment market in July 2003. Continuing losses have resulted in
structural change and rationalisation of the group. This process carried out by
the newly appointed Chief Executive, following the departure of the founder in
March, has sharply reduced the Company`s losses.

Following the changes made Real Affinity is now ready to resume growth and has
identified a number of acquisition targets.

The Board of Langbar believe that Real Affinity`s value is not recognised by the
market, despite its impressive client list, in part because the company is a
small player in its field and will struggle to grow in a competitive arena.
Langbar can provide the financial support to enable Real Affinity to become a
significant player in a relatively short time.

Real Affinity gives Langbar a very good profit opportunity and also provides the
Company with accounting, IT and administration facilities. Various acquisitions
have been identified by the team at Real Affinity which will allow the business
to expand rapidly. Once the business is of sufficient size and strength it is
expected that Real Affinity will re-list as an independent company.
Strategy

The strategy for the future has not been changed and it remains to produce
consistent and growing earnings for our shareholders. EPIC will be focused on
real estate activities and Langbar Capital on active investment which will
include early stage, pre-IPO and small company investments, of which Real
Affinity, represents an excellent example.

Prospects

The Board has made significant progress in a short period of time: we have
re-organised the share capital into one class of share, we have changed the name
of the Company, invested in two small companies, identified the first
acquisition, successful remitted funds from Brazil and are carrying out due
diligence on various property opportunities.

Overall, your Board views the future with confidence, progress is being made on
a number of initiatives which should achieve the aim of narrowing the
differential between the share price and net asset value and also offer future
potential profit.

G Stuart Pearson
Acting Chairman and Chief Executive 30th September 2005

LANGBAR INTERNATIONAL LTD

PROFIT & LOSS ACCOUNT
For the period ended 30 June 2005

Period ended Period ended
30 June 2005 30 June 2004
(unaudited) (unaudited)
#`000 #`000

Turnover - 153,168

Administrative expenses (12,073) (6,832)
----------- -----------
Operating profit (12,073) 146,336

Return on investments 30,911 (126)
Interest payable and similar (1)
charges -
----------- -----------
Profit on ordinary activities 18,237 146,462
before taxation
Taxation - -
----------- -----------
Profit on ordinary activities after 18,237 146,462
taxation

Dividends - -
----------- -----------
Retained profit for the period 18,237 146,462

Retained profit brought forward 16,382 -
----------- -----------
Retained profit carried forward 34,619 146,462
=========== ===========

Profit on ordinary activities after
taxation per share - basic and 0.21p 322p
diluted

No separate statement of total recognised gains and losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.

LANGBAR INTERNATIONAL LTD

BALANCE SHEET
As at 30 June 2005

As at 30 June 2005 As at 30 June 2004
#`000 #`000 #`000 #`000
Fixed assets
Tangible assets - 5
Investments 369,877 147,292
------- -------
369,877 147,297
Debtors - 154,484
Cash at bank and in hand - 897
----------- ----------
- 155,381

Creditors: Amounts (2,657) (12,675)
falling due within
one year

Net current assets 2,657 142,706
---------- ----------

Total assets less 367,220 290,003
current
liabilities

Creditors: Amounts (6,912) -
falling due after
more than one year
---------- ----------


Net assets 360,308 290,003
========== ==========

Capital and
reserves

Called up share capital 110 43
Share premium account 330,990 143,498
Revaluation reserve (5,411) -
Profit and loss account 34,619 146,462

----------- ----------
Shareholders` funds 360, 308 290,003
=========== ==========


LANGBAR INTERNATIONAL LTD

CASH FLOW STATEMENT
For the period ended 30 June 2005

Period ended Period ended
30 June 2005 30 June 2004
(unaudited) (unaudited)
#`000 #`000
Reconciliation of operating profit to
net cash flow from operating activities
Operating profit (12,673) 146,336
Depreciation 5 -
Decrease in debtors 177,679 (154,484)
Increase in creditors 3,217 12,675
---------- ------------
Net cash inflow from operating activities 168,228 4,527
========== ============
Cash flow statement
Net cash inflow from operating activities 168,228 4,527
Returns on investments and servicing 30,910 126
of finance
Capital expenditure and financial investment(368,859) (147,297)
Acquisitions and disposals (1,016) -
---------- ------------
(170,737) (142,644)
Financing 170,423 143,541
---------- ------------
(314) 897
========== ============
Reconciliation of net cash flow to
movement in net debt

Decrease in cash in the period (314) 897
Net funds at 1 January 2005 20 -
---------- ------------
Net debt at 30 June 2005 (294) 897
========== ============


NOTES TO THE ACCOUNTS

1. General Information about the Company

The Company was incorporated in Bermuda on 4 June 2003. The Company intended to
establish itself as a diversified holding company providing management and other
services to companies in which it would hold substantial interests.

Langbar`s primary objective is to create value for its shareholders by making
investments in publicly traded companies in which it can assume an active role
and have significant influence over the management and strategic direction of
such companies.

The Company has its registered office in Bermuda and representative office in
Lugano in Switzerland.

2. Accounting policies

Accounting convention

The financial statements are prepared under the historical cost convention.

Finance costs

Finance costs of debt and non-equity shares are recognised in the profit and
loss account over the term of such instruments at a constant rate on the
carrying amount.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated
into sterling at the rate of exchange ruling at the accounting date.
Transactions in foreign currencies are recorded at the date of the transaction.
All exchange differences are taken to the profit and loss account.

Investments

Long term investments are described as participating interests and are
classified as fixed assets. Short term investments are classified as current
assets.

Participating interests are stated at cost in the company balance sheet. Other
investments listed on a recognised stock exchange are valued at the lower of
cost and mid-market value at the balance sheet date. Unlisted investments are
stated at cost. Provision is made for any impairment in the value of
investments.

Other financial instruments

The other current asset financial instruments or term debt supported by such
instruments are stated at the lower of cost and net realizable value.

Revenues

All net income arising from the disposal of assets held as investments is
treated as revenues.

Copies of the statement are available from the offices of:

Bankside Consultants Limited, 1, Frederick`s Place, London EC2R 8AE

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Vermögenswert, am Periodenende, Äquivalent #356.85 Million zu 205p pro Anteil

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