Interim Results

Cubus Lux plc 30 September 2005 CUBUS LUX PLC INTERIMS FOR THE SIX MONTHS ENDED 30 JUNE 2005 CHAIRMAN'S STATEMENT I am pleased to submit results for the six months ended 30 June 2005 and my first report as Chairman of the company. I assumed this position as of 19 July 2005. Operations The first half of 2005 saw the opening of our third casino in Rabac in Istria Peninsula. Although this opening cements our position as the leading casino operator in Istria, we need to do even more to attract gaming enthusiasts and semi-professional players (junkets) into our casinos. We are addressing this issue with an operational restructuring of the casino operation in Croatia and reinforcing our marketing resources. We hope to begin to see the impact of this by mid-2006. Financial For the six months ending 30 June 2005, the group is reporting revenues of Â£191,000 and net loss of Â£168,000. Our results are below expectations, due to an increase in our administrative expenses as a result of operating as a public company, which was not matched by an increase in revenues due to a below budget junket business. We have implemented corrective action and we expect an improvement in results in 2006 and beyond. Personnel As of 19 July 2005 I was appointed executive chairman and Michael Janssen was appointed as a non-executive director. Our plans for the future We intend to reposition the Company from a casino operator into the number one tourist company in Croatia and we want to establish operations which are complementary to gaming. These may include marinas and hotels especially golf hotels. GERHARD HUBER Executive Chairman 30 September 2005 CUBUS LUX PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2005 Six months to Six months to Year to 31 30 June 2005 30 June 2004 December 2004 Unaudited Unaudited Audited Note Â£'000 Â£'000 Â£'000 TURNOVER 1,2 191 168 484 Cost of sales (24) (22) (58) ------------- ------------- ------------- GROSS PROFIT 167 146 426 Administrative expenses (314) (221) (886) ------------- ------------- ------------- OPERATING LOSS (147) (75) (460) Interest receivable - - 14 Interest payable (21) (5) (7) -------------- -------------- ------------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (168) (80) (453) Tax on loss on ordinary activities 3 - - - ------------- ------------- ------------- RETAINED LOSS (168) (80) (453) ====== ====== ====== LOSS PER SHARE Basic and diluted 7 0.76p 0.50p 2.41p ====== ====== ====== GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Six months to Six months to Year to 31 30 June 2005 30 June 2004 December 2004 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Loss for the financial period (168) (80) (453) Exchange rate movements 17 - (8) ------------- ------------- ------------- Total recognised losses relating to the year (151) (80) (461) ====== ====== ====== GROUP BALANCE SHEET AT 30 JUNE 2005 Notes As at 30 June As at 30 June As at 31 2005 2004 December 2004 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 FIXED ASSETS Tangible assets 4 632 237 594 ------------- ------------- ------------ CURRENT ASSETS Stock 35 3 6 Debtors 218 31 54 Cash at bank 357 253 385 ------------- ------------- ------------ 610 287 445 CREDITORS: amounts falling due within one year (626) (609) (361) ------------- ------------- ------------ NET CURRENT (LIABILITIES)/ASSETS (16) (322) 84 -------------- -------------- ------------ TOTAL ASSETS LESS CURRENT LIABILITIES 616 (85) 678 CREDITORS: amounts falling due after one year (229) - (140) -------------- -------------- ------------ 387 (85) 538 ====== ====== ===== CAPITAL AND RESERVES Called up share capital 5 223 161 223 Share premium 1,101 - 1,101 Other reserve 6 - 159 - Merger reserve 6 347 347 347 Profit and loss account 6 (1,284) (752) (1,133) ------------- ------------- ------------- EQUITY SHAREHOLDERS' FUNDS 387 (85) 538 ======= ====== ====== GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2005 Six months to Six months to Year to 31 30 June 2005 30 June 2004 December 2004 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Operating loss (147) (75) (460) Loss on disposal of fixed assets - - 21 Depreciation 50 24 61 Increase in debtors (164) (28) (51) Increase in stock (29) - (3) Increase/(decrease) in creditors 354 (6) 92 -------------- -------------- --------------- CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 64 (85) (340) Return on investment and servicing of finance (21) - 7 Capital expenditure and financial investment (88) (35) (426) -------------- -------------- --------------- CASH OUTFLOW BEFORE FINANCING (45) (120) (759) FINANCING Issue of shares in Cubus Lux Plc (net of issue costs) - - 1,004 Net loans received - 285 60 --------------- --------------- -------------- (DECREASE)/INCREASE IN CASH IN THE PERIOD (45) 165 305 ======= ====== ====== RECONCILIATION OF NET CASH FLOW TO NET FUNDS/(DEBT) FOR THE SIX MONTHS ENDED 30 JUNE 2005 Six months to Six months to Year to 31 30 June 2005 30 June 2004 December 2004 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 (Decrease)/increase in cash in the period (45) 165 305 Cash inflow from movement in debt - (285) (60) Exchange differences 17 - (8) New finance leases undertaken in period - - (24) Loans converted to shares in Cubus Lux d.o.o. - - 310 ------------- ------------- ------------- Movement in net (debt)/funds in the period (28) (120) 523 Net funds/(debt) at beginning of period 232 (294) (291) ------------- ------------- ------------- Net funds/(debt) at end of period 204 (414) 232 ====== ====== ====== RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' DEFICIT FOR THE SIX MONTHS ENDED 30 JUNE 2005 Six months to Six months to Year ended 30 June 30 June 31 December 2005 2004 2004 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Loss for the financial period (168) (80) (453) --------------- --------------- --------------- (168) (80) (453) Exchange rate differences 17 - (8) New shares issued in Cubus Lux Plc (net of issue costs) - 310 1,004 New shares issued in Cubus Lux d.o.o. (net of issue - - 310 costs) --------------- --------------- --------------- Net movement in shareholders' (deficit)/funds (151) 230 853 Opening shareholders' funds/(deficit) 538 (315) (315) --------------- --------------- --------------- Closing shareholders' funds/(deficit) 387 (85) 538 ======= ======= ======= NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2005 1. ACCOUNTING POLICIES (a) Basis of Preparation The financial information is prepared on the historical cost basis in accordance with the applicable accounting standards. It comprises the consolidated financial information of Cubus Lux Plc and its subsidiary. (b) Basis of Consolidation On 20 May 2004, the company purchased 100% of the issued share capital of Cubus Lux d.o.o., a company registered in the Commercial Court in Rijeka, Croatia, by way of a share for share exchange. Under Financial Reporting Standard 6, merger accounting has been adopted as the basis of consolidation. (c) Depreciation Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset by equal monthly instalments over its expected useful life as follows:- Motor Vehicles 25% per annum Office furniture, computers and casino equipment 10-25% per annum (d) Stocks Stocks are valued at the lower of cost and net realisable value. (e) Foreign Currencies Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. The results and balance sheets of overseas operations are translated at the rate of exchange rating at the balance sheet date. The rate of exchange used at 30 June 2005 was 10.9449 HRK to Â£1 (2004: 10.839 HRK to Â£1). (f) Turnover Turnover represents the invoiced amount of goods sold and services provided in the year, net of value added tax. 2. BUSINESS SEGMENT ANALYSIS The turnover, loss on ordinary activities before taxation and net assets of the Group, all of which occur in the Republic of Croatia, are attributable to one activity, that of the operation of a casino. 3. TAXATION The Company is controlled and managed by its Board in Croatia. Accordingly, the interaction of UK domestic tax rules and the taxation agreement entered into between the U.K. and Croatia operate so as to treat the Company as solely resident for tax purposes in Croatia. The Company undertakes no business activity in the UK such as might result in a Permanent Establishment for tax purposes and accordingly has no liability to UK corporation tax. 4. LOSS PER SHARE The loss per share of 0.76p (31 December 2004: 2.41p; 30 June 2004: 0.50p) has been calculated on the weighted average number of shares in issue during the year namely 22,102,001 (31 December 2004: 18,772,476; 30 June 2004: 15,949,801) and losses of Â£167,985 (31 December 2004: Â£453,452; 30 June 2004: Â£80,464). FRS 14 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. For a loss making company with outstanding share options, net loss per share would only be increased by the exercise of out-of-the-money options. Since it is inappropriate to assume that option holders would act irrationally, no adjustment is made to diluted EPS for out-of-the-money share options. 5. DIVIDEND The Directors do not recommend the payment of a dividend. This information is provided by RNS The company news service from the London Stock Exchange

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