WORLDWIDE FINANCIALS NEWS
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12TH MARCH '10
Blue Planet Worldwide Financials - Interim report to 31 Jan 2010 (Part 3)
Capital
reserve-
Capital investment Total
Share Share reserve- holding Revenue shareholders'
capital premium realised losses reserve funds
£ £ £ £ £ £
Shareholders' funds 7,142,859 6,021,360 11,496,847 (6,822,879) 551,279 18,389,466
at 1 August 2008
Purchase of treasury - - - - (83,948) (83,948)
shares
Dividend paid during - - - - (457,167) (457,167)
period
Return on ordinary - - (5,095,498) (4,222,505) (31,487) (9,349,490)
activities after
taxation
Shareholders' funds 7,142,859 6,021,360 6,401,349 (11,045,384) (21,323) 8,498,861
at 31 January 2009
Notes
1. The financial statements for the six months to 31 January 2010 have been
prepared on the basis of the accounting policies set out in the Company's
Annual Report and Accounts as at 31 July 2009 and in accordance with the
statement on half yearly financial reports issued by the ASB and applicable
UK law and accounting standards.
2. All expenses are charged to the revenue account with the exception of
management fees and interest charges on borrowings, one half of which less
the appropriate tax relief is charged to capital.
3. The taxation charge arises wholly from overseas withholding tax on
investment income.
4. The return per ordinary share is based upon the following figures:
31 Jan 2010 31 Jan 2009 31 Jul 2009
Revenue return (£) (172,533) (31,487) 286,524
Capital return (£) 1,775,395 (9,318,003) (6,996,479)
Weighted average number of ordinary 14,076,218 14,157,226 14,117,055
shares in issue during the period
The net asset value per ordinary share is calculated on the 14,076,218 ordinary
shares in issue at the end of the period after deducting treasury shares.
5. No interim dividend is proposed, a final dividend for 2009 of 1.20p was
paid on 18 November 2009.
6. Cash Flow Statement:
Reconciliation of net revenue return to net 31 Jan 31 Jan 31 Jul
cash inflow from operating activities 2010 2009 2009
£ £ £
Net return before interest payable and (102,498) 39,476 439,894
taxation
Administrative expenses charged to Capital (91,840) (62,275) (120,667)
Decrease in other debtors 4,882 464,432 523,537
Increase/(decrease) in other creditors 7,498 (22,456) (11,763)
Tax suffered on investment income (6,672) (613) (57,145)
Net cash (outflow)/inflow from operating (188,630) 418,564 773,856
activities
Reconciliation of net cash flow to movement 31 Jan 31 Jan 31 Jul
in net debt 2010 2009 2009
£ £ £
Increase in cash balances 1,152,610 1,102,339 1,232,294
Cash withdrawn from/(placed) on deposit 6,527,760 (1,019,629) 306,871
Repayment of loan - 4,390,156 3,266,640
Loan advanced (3,133,663) - -
Changes in net debt resulting from cash 4,546,707 4,472,866 4,805,805
flows
Exchange differences (149,043) (218,354) (513,686)
Movement in net debt in the period 4,397,664 4,254,512 4,292,119
7. Creditors include a multi currency unsecured loan which is subject to
covenants which set a maximum gearing threshold. Details of the loan
outstanding at 31 January 2010 is as follows
Loan Interest Rate Repayment Date
Sterling loan £7,500,000 3.52% 11 June 2010
There are no undrawn facilities and no early repayment penalties. The Company
was in compliance with its banking covenants at 31 January 2010.
8. The total number of shares held in treasury is 209,500. These shares have
no voting rights, do not rank for dividend and are excluded from the
calculation of net asset value and return per ordinary share. At 31 January
2010 the company had the authority to purchase further 1,932,500 of its own
shares in accordance with the authority granted at the annual general
meeting on 12 November 2009.
9. The figures and financial information for the year ended 31 July 2009 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for the period as defined in section 434 of
the Companies Act 2006. Those accounts have been delivered to the Registrar
of Companies and include the report of the auditors which was unqualified
and did not contain a statement either under section 498(2) or 498(3) of
the Companies Act 2006.
Portfolio Information
As at 31 January 2010 Valuation % of
(£) Portfolio
Equities
61,696 BP Global Financials-A Eire 2,477,733 10.2
Class
101,800 LIC Housing Finance India 1,062,300 4.3
10,655 Goldman Sachs Group Inc. United States 991,250 4.1
40,710 JP Morgan Chase & Co United States 990,883 4.1
104,435 Bank of America Corp United States 987,775 4.0
65,538 Hartford Financial United States 982,701 4.0
Services Group
63,725 Lincoln National United States 979,035 4.0
Corporation
345,160 South Indian Bank - IPC India 645,000 2.6
86,535 DNB NOR ASA Norway 617,885 2.5
553,847 Allied Irish Banks Plc Eire 615,225 2.5
22,026 Credit Suisse Switzerland 604,653 2.5
13,372 BNP Paribas France 604,245 2.5
15,715 Deutsche Bank AG Germany 603,417 2.5
1,042,154 MDM Bank Russia 430,456 1.8
8,950 Erste Group Bank AG Austria 214,204 0.9
53,769 Bank of Cyprus Ltd Cyprus 212,614 0.9
256 Aviva Plc United Kingdom 994 0.0
146 HSBC Holdings Plc United Kingdom 988 0.0
560 Unicredito Italiano SPA Italy 975 0.0
67 Standard Chartered plc United Kingdom 972 0.0
98 Credit Agricole SA France 972 0.0
168 Prudential Plc United Kingdom 970 0.0
100 Banco Santander SA Spain 884 0.0
50 Banco Bradesco SA ADR Brazil 516 0.0
Listed 13,026,647 53.4
Investments
Cash 11,353,141 46.6
Total 24,379,788 100.0
