TIDMPMEA
RNS Number : 3613M
PME African Infrastructure Opps PLC
16 September 2019
16 September 2019
PME African Infrastructure Opportunities plc
("PME" or the "Company")
(AIM: PMEA.L)
Interim Results for the six months ended 30 June 2019
PME African Infrastructure Opportunities plc announces its
unaudited interim results for the six months ended 30 June
2019.
Financial Highlights
-- Net Asset Value of US$3.6 million (31 December 2018: US$3.7 million)
-- Net Asset Value per share of US$0.15 (31 December 2018: US$0.15 per share)
-- Loss for the six months ended 30 June 2019 was US$0.081
million (H1 2018: loss of US$0.255 million)
-- Basic and diluted loss per share of US$0.0033 (H1 2018: loss per share of US$0.0104)
For further information please contact:
Cenkos Securities plc
Nominated Adviser
Azhic Basirov / Ben Jeynes +44 20 7397 8900
Stifel Nicolaus Europe Limited
Broker
Neil Winward / Tom Yeadon +44 20 7710 7600
Market Abuse Regulation disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Chairman's Statement
On behalf of the board of directors (the "Board" or "Directors")
of PME African Infrastructure Opportunities plc ("PME" or the
"Company" and together with its subsidiaries the "Group"), I am
pleased to present the unaudited interim results for the Company
for the six months ended 30 June 2019.
The remit of the Company's Directors under the Company's
investing policy is to seek to realise the remaining assets of the
Company and to return both existing cash reserves and the net
proceeds of realisation of the remaining assets to
shareholders.
Investments
The Company has one remaining unrealised asset, a building in
Dar-es-Salaam, Tanzania (the "Dar-es-Salaam Property"). The
Dar-es-Salaam Property, which is managed by a local managing agent,
is currently 81.4% let and continues to trade profitably.
In 2010 PME Properties Limited acquired the Dar-es-Salaam
Property from Dovetel (T) Limited ("Dovetel"), the Company's former
telecommunication investee company in Tanzania. Dovetel was also a
tenant of part of the Dar-es-Salaam Property but, due to
non-repayment of rent, was evicted in December 2017. On 22 February
2018 the Directors were informed that a representative from First
Seal Ltd, the company which had acquired the share capital of
Dovetel, had made a complaint to the police in relation to the
eviction. PME Properties Limited explained to the police that the
eviction was conducted through the Court Broker who was legally
authorised and, therefore, the eviction was not a criminal matter.
There is no further information on this matter.
The Dar-es-Salaam Property has three tenants. One tenant has a
lease agreement for 628 square metres of floor space, which expires
in May 2021. The second tenant rents 809 square metres of floor
space with a lease agreement which expires in October 2019. This
tenant has requested a reduction in the rent after October 2019 and
the negotiations with the tenant are ongoing. The third tenant
leases 1,206 square metres of floor space and has a lease agreement
which expires in February 2020. The managing agent is attempting to
let two vacant areas, totaling 600 square metres of floor
space.
The Directors have concluded that the fair value of the
Dar-es-Salaam Property remains at US$3.62m. This valuation is in
line with the value assessed by the local expert as at 31 December
2018 and takes into account both current vacancy levels, the
upcoming tenant lease expiry dates, and the current economic
climate in Tanzania.
There is still uncertainty about the economic position of
Tanzania and the market for high-end office accommodation has not
improved. The prospect of selling the building in the short term
for a reasonable price remains uncertain.
It was previously reported by the Company's lawyers that the
caveat on the land register had not been removed. The formal
process to remove the caveat has started with an application
submitted to the High Court in Tanzania. The court has subsequently
requested that the application to the court be signed in country. A
visit to Tanzania is planned for later this month at which time the
application will be signed for the second time and, thereafter,
resubmitted to the courts.
The Company has been working with its subsidiary's tax advisers
and the Tanzanian Revenue Authority ("TRA") in respect of the tax
years 2013 to 2015. The Government has offered a tax amnesty in
respect of this period. The negotiations have now been concluded
and the Tanzanian subsidiary has paid TRA TZS 324,509,292
(US$142,204) with respect to the back taxes. This is considerably
more than originally assumed. The difference is withholding tax
credits amounting to TZS 159,133,997 (US$69,196) which have not yet
been allowed. The TRA will allow these credits provided the
Tanzanian subsidiary can provide the appropriate evidence of
payment. These particular amounts had been deducted by the tenants
and the net amount paid to the Tanzanian subsidiary. The tenant
should then have paid the deducted amounts to the TRA. The
Tanzanian subsidiary will now work with the tenants to obtain the
proof of payment but noting many of the difficulties in proving
historic compliance, especially when key information is held by
external parties, a successful outcome cannot be assured.
PME continues to work with its local bank to have the inter
group loan between PME Properties Limited and PME TZ Property
(Mauritius) Limited registered with the Bank of Tanzania.
Additional information has been requested by the bank in support of
the Company's application for the registration of the loan. This
information is being provided. A repayment cannot be made until the
registration process is complete.
Until the registration is resolved, the Group's Tanzanian
subsidiary is not able to pass funds through to the Company. Delays
in the Group's ability to provide upstream funding to the Company
has resulted in a lack of working capital at the holding company
level. Optas GmbH ("Optas"), a company of which I am a 50%
shareholder, is assisting the Company with its cash flow
requirements. On 3 May 2019 the Company entered into a secured loan
agreement with Optas to provide a loan facility of up to EUR400,000
to assist with general working capital requirements after the
Company's independent Director, Lawrence Kearns, having consulted
with the Company's nominated adviser, confirmed that the terms of
the loan are fair and reasonable insofar as the shareholders of PME
are concerned. The loan is secured on the Company's cash
receivables, is repayable within 18 months and attracts interest at
a rate of 6% per annum on the utilised facility and 1% on the
remaining unutilised facility. As I hold 50% of Optas's issued
share capital, Optas is deemed to be a related party of the Company
and the loan is classified as a related party transaction under AIM
Rule 13. To date EUR 283,000 (US$322,590) has been drawn down under
the loan agreement.
Financial Results
The loss for the six months ended 30 June 2019 was US$0.081
million (2018: loss of US$0.255 million), representing US$0.0033
loss per Ordinary Share (2018: loss per Ordinary Share US$0.0104).
The loss for the period was made up of the net gain in the fair
value of financial assets less ongoing operating and administrative
costs.
The Directors, having considered the latest valuation of the
Dar-es-Salaam Property as at 31 December 2018, are of the opinion
that the Dar-es-Salaam Property is reflected in the balance sheet
at a realistic fair value.
As at 30 June 2019, PME's net asset value attributable to
ordinary shareholders in accordance with IFRS was US$3.6 million
(US$0.15 per Ordinary Share), compared to the US$3.7 million
(US$0.15 per Ordinary Share) that was reported as at 31 December
2018.
Return of Cash and Outlook
A review of the marketing process for the sale of the
Dar-es-Salaam Property will be carried out during the up and coming
visit. This review will consider the economic position, a review of
any ongoing police enquiries, the timescale for removing the caveat
and the registration of the inter group loan with the Bank of
Tanzania.
There is an excess of supply for office space in Dar-es-Salaam.
The rental income has already been reduced for one tenant to ensure
retention. Another tenant is currently negotiating its rental
contract and has requested a significant reduction. At the same
time the Company is facing additional legal, tax consultancy and
advisory costs. The inability of the Group's Tanzanian subsidiary
to upstream funds to the Company has resulted in the Company taking
out a short-term loan. The Directors have considered the
alternatives available to reduce costs and maintain the operation
including reviewing the costs of maintaining the Company's listing
on the AIM market. The initial result of this review is that the
Company can save around US$170,000 per annum by delisting. It is
the Directors' intention to complete this review and, if
appropriate, recommend to shareholders that the Company delists
from the AIM market in the coming months.
It is still the intention of the Directors to make one final
tender offer to shareholders once the building has been sold but it
is still not possible to give a timeline as to when this may take
place.
Paul Macdonald
Chairman
13 September 2019
Statement of Comprehensive Income
(Unaudited) (Unaudited)
Period from 1 January 2019 to 30 Period from 1 January 2018 to 30
June 2019 June 2018
Note US$'000 US$'000
------------------------------------ ----- ----------------------------------- ------------------------------------
Net gains on financial assets at
fair value through profit or loss 3 187 43
Operating and administration
expenses 10 (259) (290)
Foreign exchange loss (7) (8)
------------------------------------ ----- ----------------------------------- ------------------------------------
Operating loss (79) (255)
Finance costs 4 (2) -
------------------------------------ ----- ----------------------------------- ------------------------------------
Loss before income tax (81) (255)
Income tax 14 - -
------------------------------------ ----- ----------------------------------- ------------------------------------
Loss and total comprehensive
expense for the period (81) (255)
Basic and diluted loss per share
(cents) attributable to the equity
holders of the Company
during the period 6 (0.33) (1.04)
------------------------------------ ----- ----------------------------------- ------------------------------------
Balance Sheet
(Unaudited)
As at 30 June (Audited)
2019 As at 31 December 2018
Note US$'000 US$'000
------------------------------------------------------- ----- --------------- ------------------------
Assets
Current assets
Financial assets at fair value through profit or loss 3 3,798 3,584
Prepayments 16 26
Cash and cash equivalents 46 139
------------------------------------------------------- ----- --------------- ------------------------
Total current assets 3,860 3,749
------------------------------------------------------- ----- --------------- ------------------------
Total assets 3,860 3,749
------------------------------------------------------- ----- --------------- ------------------------
Equity and liabilities
Equity
Issued share capital 7 246 246
Capital redemption reserve 8 1,559 1,559
Retained earnings 1,771 1,852
------------------------------------------------------- ----- --------------- ------------------------
Total equity 3,576 3,657
------------------------------------------------------- ----- --------------- ------------------------
Non-current liabilities
Secured loan 4 206 -
------------------------------------------------------- ----- --------------- ------------------------
Total non-current liabilities 206 -
------------------------------------------------------- ----- --------------- ------------------------
Current liabilities
Trade and other payables 9 78 92
------------------------------------------------------- ----- --------------- ------------------------
Total current liabilities 78 92
------------------------------------------------------- ----- --------------- ------------------------
Total liabilities 284 92
------------------------------------------------------- ----- --------------- ------------------------
Total equity and liabilities 3,860 3,749
------------------------------------------------------- ----- --------------- ------------------------
Paul Macdonald Lawrence Kearns
Director Director
Statement of Changes in Equity
Share capital Capital redemption reserve Retained earnings Total
US$'000 US$'000 US$'000 US$'000
-------------------------------------------- ----------------------------- ------------------ ----------
Balance at 1 January 2018 246 1,559 3,365 5,170
--------------------------------------------- ----------- ---------------- ------------------ --------
Comprehensive expense
Loss for the period - - (255) (255)
--------------------------------------------- ----------- ---------------- ------------------ --------
Total comprehensive expense for the period - - (255) (255)
--------------------------------------------- ----------- ---------------- ------------------ --------
Balance at 30 June 2018 246 1,559 3,110 4,915
--------------------------------------------- ----------- ---------------- ------------------ --------
Balance at 1 January 2019 246 1,559 1,852 3,657
-------------------------------------------- ---- ------ ------ ------
Comprehensive expense
Loss for the period - - (81) (81)
-------------------------------------------- ---- ------ ------ ------
Total comprehensive expense for the period - - (81) (81)
-------------------------------------------- ---- ------ ------ ------
Balance at 30 June 2019 246 1,559 1,771 3,576
-------------------------------------------- ---- ------ ------ ------
Cash Flow Statement
(Unaudited) (Unaudited)
Period from 1 January 2019 to 30 Period from 1 January 2018 to 30
June 2019 June 2018
Note US$'000 US$'000
------------------------------------ ----- ----------------------------------- ------------------------------------
Cash flows from operating
activities
Purchase of financial assets -
loans to investee companies 3 (24) (26)
Operating and administration
expenses paid (270) (310)
------------------------------------ ----- ----------------------------------- ------------------------------------
Net cash used in operating
activities (294) (336)
------------------------------------ ----- ----------------------------------- ------------------------------------
Financing activities
Loan from third party 4 201 -
------------------------------------ ----- ----------------------------------- ------------------------------------
Net cash generated from financing 201 -
activities
------------------------------------ ----- ----------------------------------- ------------------------------------
Net decrease in cash and cash
equivalents (93) (336)
Cash and cash equivalents at
beginning of period 139 554
Foreign exchange gains on cash and - -
cash equivalents
------------------------------------ ----- ----------------------------------- ------------------------------------
Cash and cash equivalents at end of
period 46 218
------------------------------------ ----- ----------------------------------- ------------------------------------
Notes to the Interim Financial Statements
1 General Information
PME African Infrastructure Opportunities plc (the "Company") was
incorporated and is registered and domiciled in the Isle of Man
under the Isle of Man Companies Acts 1931 to 2004 on 19 June 2007
as a public limited company with registered number 120060C. The
investment objective of PME African Infrastructure Opportunities
plc and its subsidiaries (the "Group") was to achieve significant
total return to investors through investing in various
infrastructure projects and related opportunities across a range of
countries in sub-Saharan Africa. On 19 October 2012 the
shareholders approved the revision of the Company's investing
policy which is now to realise the remaining assets of the Company
and to return both existing cash reserves and the proceeds of
realisation of the remaining assets to shareholders.
The Company's investment activities were managed by PME
Infrastructure Managers Limited (the "Investment Manager") to 6
July 2012. No alternate has been appointed therefore the Board of
Directors has assumed responsibility for the management of the
Company's remaining assets. The Company's administration is
delegated to Mainstream Fund Services (IOM) Limited (the
"Administrator"). The registered office of the Company is
Millennium House, 46 Athol Street, Douglas, Isle of Man, IM1
1JB.
Pursuant to its AIM admission document dated 6 July 2007, there
was an original placing of up to 180,450,000 Ordinary Shares with
Warrants attached on the basis of 1 Warrant for every 5 Ordinary
Shares. Following the close of the placing on 12 July 2007,
180,450,000 Shares and 36,090,000 Warrants were issued. The
Warrants lapsed in July 2012. The Shares of the Company were
admitted to trading on AIM, a market of the London Stock Exchange,
on 12 July 2007 when dealings also commenced.
Financial Year End
The financial year end for the Company is 31 December in each
year.
Dividends
In the period to 30 June 2019 the Company declared and paid
dividends of US$nil (2018: US$nil).
Going concern
In assessing the going concern basis of preparation of the
interim financial statements for the period ended 30 June 2019, the
Directors have taken into account the status of current
negotiations on the realisation of the remaining assets and the
general working capital facility of up to EUR400,000 as explained
in note 4. The Directors consider that the Group has sufficient
funds and the ability to raise further funds for its ongoing
operations for the foreseeable future and therefore have continued
to adopt the going concern basis in preparing these interim
financial statements.
2 Summary of Significant Accounting Policies
2.1 Basis of preparation
The accounting policies applied by the Company in the
preparation of these condensed financial statements are the same as
those applied by the Company in its financial statements for the
year ended 31 December 2018, except for the adoption of new and
amended standards and interpretations as set out below.
These interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting' as adopted by
the European Union. They do not include all of the information
required for full annual financial statements and should be read in
conjunction with the financial statements of the Company as at and
for the year ended 31 December 2018, which have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union.
In accordance with IFRS 10, 'Consolidated financial statements',
the Directors have concluded that the Company meets the definition
of an investment entity and therefore it does not consolidate its
subsidiaries, instead it accounts for its subsidiaries at fair
value through profit or loss in accordance with IAS 39, 'Financial
instruments: recognition and measurement' and prepares separate
company financial statements only.
The interim financial statements for the six months ended 30
June 2019 are unaudited. The comparative interim figures for the
six months ended 30 June 2018 are also unaudited.
3 Financial Assets at Fair Value through Profit or Loss
The following subsidiaries of the Company which are classified
as financial assets at fair value through profit or loss are held
at fair value in accordance with IFRS 10:
Country of incorporation Percentage of shares held
------------------------------------- -------------------------- --------------------------
PME Locomotives (Mauritius) Limited Mauritius 100%
PME TZ Property (Mauritius) Limited Mauritius 100%
------------------------------------- -------------------------- --------------------------
The following company is an indirect investment of the Company
and is included within the fair value of the direct
investments:
Country of incorporation Percentage of shares held Parent company
----------------------- ------------------------- -------------------------- ------------------------------------
PME Properties Limited Tanzania 100% PME TZ Property (Mauritius) Limited
----------------------- ------------------------- -------------------------- ------------------------------------
The following table shows a reconciliation of the opening
balances to the closing balances for fair value measurements:
30 June 2019 31 December 2018
US$'000 US$'000
------------------------------------------------ ------------- -----------------
Start of the period/year 3,584 4,687
Increase in loans to investee companies 24 40
Subsidiary expenses to be paid by the Company* 3 (4)
Dividend** - 81
Movement in fair value of financial assets 187 (1,220)
End of the period/year 3,798 3,584
------------------------------------------------ ------------- -----------------
*The bank account for PME Locomotives (Mauritius) Limited was
closed during 2017 and all money transferred to the Company's bank
account. The Company is therefore responsible for its subsidiary's
creditors at the period end (note 9).
** PME TZ Property (Mauritius) Limited declared a dividend of
US$269,640 in August 2018 of which US$81,198 was offset against the
intercompany loan with the Company.
Assets carried at amounts based on fair value are defined as
follows:
-- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
-- Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (Level
2).
-- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (Level
3).
The fair values of all financial assets at fair value through
profit or loss are determined using valuation techniques which
include significant unobservable inputs. The principal asset
remaining in the Group is the Dar-es-Salaam property. Accordingly,
the fair values are classified as level 3. There were no transfers
between levels during the current period or prior year. The
valuation techniques and the significant unobservable inputs are
shown below.
Fair value as at Fair value as at Valuation Significant Sensitivity to
30 June 2019 31 December 2018 techniques and unobservable significant
US$'000 inputs inputs unobservable inputs
US$'000
------------------ ----------------- ----------------- ------------------ ----------------- ---------------------
Real estate 3,790 3,581 Discounted cash Discount rate
investments (PME flow property If the discount
TZ Property valuation (inputs rate were 1%
(Mauritius) including rental higher/lower the
Limited) income, operating estimated fair
costs, value would
vacancy and (decrease)/increase
discount rate) by US$18,000
plus fair value
of other net
assets
Other
(PME Locomotives
(Mauritius) Fair value of
Limited) 8 3 net assets N/A N/A
------------------ ----------------- ----------------- ------------------ ----------------- ---------------------
Total 3,798 3,584
------------------ ----------------- ----------------- ------------------ ----------------- ---------------------
4 Secured Loan
On 3 May 2019 the Company entered into a secured loan agreement
with Optas GmbH ("Optas") to provide a facility of up to EUR400,000
to assist with general working capital. The loan is secured on the
Company's cash receivables, is repayable within 18 months and
attracts interest at a rate of 6% per annum on the utilised
facility and 1% on the remaining unutilised facility. Interest
payable by the Company for the six months ended 30 June 2019
amounted to US$1,623. As at 30 June 2019 EUR 180,000 (US$204,760)
has been drawn down on this facility.
Paul Macdonald holds 50% of Optas's issued share capital,
therefore Optas is deemed to be a related party of the Company and
the loan is a related party transaction.
5 Net Asset Value per Share
As at 30 June 2019 As at 31 December
2018
---------------------------------------------------------- --------------------------------- -----------------------
Net assets attributable to equity holders of the Company
(US$'000) 3,576 3,657
Shares in issue (thousands) 24,584 24,584
---------------------------------------------------------- --------------------------------- -----------------------
NAV per share (US$) 0.15 0.15
---------------------------------------------------------- --------------------------------- -----------------------
The NAV per share is calculated by dividing the net assets
attributable to equity holders of the Company by the number of
Ordinary Shares in issue.
6 Basic and Diluted Loss per Share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of Ordinary Shares in issue during the period.
Period ended Period ended
30 June 2019 30 June 2018
----------------------------------------------------------------- -------------- --------------
Loss attributable to equity holders of the Company (US$'000) (81) (255)
Weighted average number of Ordinary Shares in issue (thousands) 24,584 24,584
----------------------------------------------------------------- -------------- --------------
Basic loss per share (cents) from loss for the period (0.33) (1.04)
----------------------------------------------------------------- -------------- --------------
There is no difference between basic and diluted Ordinary Shares
as there are no potential dilutive Ordinary Shares.
7 Share Capital
Ordinary Shares of US$0.01 each 31 December 2018 and 30 June 2019 31 December 2018 and 30 June 2019
Number US$'000
--------------------------------- ---------------------------------- ----------------------------------
Authorised 500,000,000 5,000
--------------------------------- ---------------------------------- ----------------------------------
C Shares of US$1 each 31 December 2018 and 31 December 2018 and
30 June 2019 30 June 2019
Number US$'000
----------------------- --------------------- ---------------------
Authorised 5,000,000 5,000
Issued - -
----------------------- --------------------- ---------------------
Ordinary Shares of US$0.01 each 30 June 2019 31 December 2018
US$'000 US$'000
------------------------------------------- ------------- -----------------
24,583,942 (31 December 2018: 24,583,942)
Ordinary Shares
in issue, with full voting rights 246 246
------------------------------------------- ------------- -----------------
At incorporation the authorised share capital of the Company was
US$10,000,000 divided into 500,000,000 Ordinary Shares of US$0.01
each and 5,000,000 C Shares of US$1.00 each. The holders of
Ordinary Shares are entitled to receive dividends as declared from
time to time and are entitled to one vote per share at meetings of
the Company.
The holders of C Shares would be entitled to one vote per share
at the meetings of the Company. The C Shares can be converted into
Ordinary Shares on the approval of the Directors. On conversion
each C share would be sub-divided into 100 C Shares of US$0.01 each
and will be automatically converted into New Ordinary Shares of
US$0.01 each.
Dividends and tender offers are recognised as a liability in the
period in which they are declared and approved.
8 Capital Redemption Reserve
The capital redemption reserve is created on the cancellation of
shares equal to the par value of shares cancelled. This reserve is
not distributable.
9 Trade and Other Payables
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the effective
interest method.
30 June 2019 31 December 2018
US$'000 US$'000
-------------------------------------------------------- ------------- -----------------
Administration fees payable 24 17
Audit fee payable 20 40
CREST service provider fee payable 7 6
Subsidiary expenses to be paid by the Company (note 3) 17 13
Other sundry creditors 10 16
78 92
-------------------------------------------------------- ------------- -----------------
The fair value of the above financial liabilities approximates
their carrying amounts.
10 Operating and Administration Expenses
Period ended Period ended
30 June 2019 30 June 2018
US$'000 US$'000
--------------------------------------- --------------- --------------
Administration expenses 58 59
Administrator and Registrar fees 39 30
Audit fees 20 21
Directors' fees 103 112
Professional fees 20 48
Other 19 20
--------------------------------------- --------------- --------------
Operating and administration expenses 259 290
--------------------------------------- --------------- --------------
Administrator and Registrar fees
The Administrator receives fees on a time spent basis, subject
to a minimum quarterly fee of GBP8,250, payable quarterly in
arrears.
Administration fees expensed by the Company for the period ended
30 June 2019 amounted to US$35,020 (30 June 2018: US$26,160).
The Administrator provides general secretarial services to the
Company, for which it receives a minimum annual fee of GBP5,000.
Additional fees for management information can also be charged on a
time spent basis. For attendance at meetings not held in the Isle
of Man, an attendance fee of GBP1,000 per day or part thereof is
charged. The fees payable by the Company for general secretarial
services for the period ended 30 June 2019 amounted to US$3,811 (30
June 2018: US$3,964).
Administration fees of the Mauritian subsidiaries for the period
ended 30 June 2019 amounted to US$6,458 (30 June 2018:
US$7,066).
Administration fees of PME Properties Limited for the period
ended 30 June 2019 amounted to US$26,087 (30 June 2018:
US$21,525).
Directors' Remuneration
The maximum amount of basic remuneration payable by the Company
by way of fees to the Directors permitted under the Articles of
Association is GBP200,000 per annum. The Directors are each
entitled to receive reimbursement of any expenses incurred in
relation to their appointment. The Executive Directors are
currently entitled to receive annual basic salaries of
GBP75,000.
Total fees and basic remuneration (including VAT where
applicable) and expenses payable by the Company for the period
ended 30 June 2019 amounted to US$103,278 (30 June 2018:
US$111,633) and was split as below. Directors' insurance cover
payable amounted to US$14,877 (30 June 2018: US$14,877).
Period ended Period ended
30 June 2019 30 June 2018
US$'000 US$'000
----------------------- -------------- --------------
Paul Macdonald 48 50
Lawrence Kearns 53 55
Expense reimbursement 2 7
103 112
----------------------- -------------- --------------
11 Operating Segments
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker is the person or group that
allocates resources to and assesses the performance of the
operating segments of an entity. The chief operating
decision-makers have been identified as the Board of Directors.
The Board reviews the Company's internal reporting in order to
assess performance and allocate resources. It has determined the
operating segments based on these reports. The Board considers the
business on a project by project basis by type of business. The
type of business is transport (railway) and leasehold property.
Six months ended 30 June 2019 Transport Leasehold Other* Total
Property
PME Locomotives PME TZ Property
US$'000 US$'000 US$'000 US$'000
------------------------------------------------------ ---------------- ---------------- -------- ----------
Net gains/(losses) on financial assets at fair value
through profit or loss (14) 201 - 187
Profit/(loss) for the period (14) 201 (268) (81)
------------------------------------------------------ ---------------- ---------------- -------- ----------
* Other refers to income and expenses of the Company not
specific to any specific sector such as income on un-invested funds
and corporate expenses.
Six months ended 30 June 2018 Transport Leasehold Other** Total
Property
PME Locomotives PME TZ Property
US$'000 US$'000 US$'000 US$'000
--------------------------------------------- ---------------- ---------------- -------- ---------------------
Net gains/(losses) on financial assets at
fair value through profit or loss (16) 59 - 43
Profit/(loss) for the period (16) 59 (298) (255)
--------------------------------------------- ---------------- ---------------- -------- ---------------------
** Other refers to income and expenses of the Company not
specific to any specific sector such as income on un-invested funds
and corporate expenses.
30 June 2019 Transport Leasehold Other* Total
Property
PME Locomotives PME TZ Property
US$'000 US$'000 US$'000 US$'000
--------------------- ---------------- ---------------- -------- ----------
Segment assets 8 3,790 62 3,860
Segment liabilities - - (284) (284)
--------------------- ---------------- ---------------- -------- ----------
* Other assets comprise cash and cash equivalents US$46,426 and
other assets US$16,439.
31 December 2018 Transport Leasehold Other** Total
Property
PME Locomotives PME TZ Property
US$'000 US$'000 US$'000 US$'000
--------------------- ---------------- ---------------- -------- ----------
Segment assets 3 3,581 165 3,749
Segment liabilities - - (92) (92)
--------------------- ---------------- ---------------- -------- ----------
** Other assets comprise cash and cash equivalents US$139,141
and other assets US$26,137.
12 Risk Management
The Company's activities expose it to a variety of financial
risks: market risk (including foreign currency risk and interest
rate risk), credit risk and liquidity risk. The financial risks
relate to the following financial instruments: financial assets at
fair value through profit or loss, trade and other receivables,
cash and cash equivalents, secured loan and trade and other
payables. There has been no material change in the market, credit
or liquidity risk profile since the year ended 31 December
2018.
There have been no changes in risk management policies or
responsibilities since the year end. The risk management is carried
out by the Executive Directors.
These interim financial statements do not include all financial
risk management information and disclosures required for full
annual financial statements and should be read in conjunction with
the financial statements of the Company as at and for the year
ended 31 December 2018.
13 Related Party Transactions
Parties are considered to be related if one party has the
ability to control the other party or to exercise significant
influence over the other party in making financial or operational
decisions. Key management is made up of the Board of Directors.
The Directors of the Company are considered to be related
parties by virtue of their influence over making operational
decisions. Directors' remuneration is disclosed in note 10 and the
related party loan is disclosed in note 4 and note 15.
14 Income Tax Expense
The Company is resident for taxation purposes in the Isle of Man
and is subject to income tax at a rate of zero per cent (2018: zero
per cent).
15 Post Balance Sheet Events
Since the period end the Company has drawn down a further EUR
103,000 (US$117,830) on the Optas loan facility.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SFWFLIFUSELU
(END) Dow Jones Newswires
September 16, 2019 02:00 ET (06:00 GMT)
Pme African Infrastructu... (LSE:PMEA)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Pme African Infrastructu... (LSE:PMEA)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
