Interim Results
Soco International PLC
02 September 2004
SOCO International plc
Interim Results for the six months ended 30 June 2004
SOCO is an international oil and gas exploration and production company,
headquartered in London. The Company has interests in Vietnam, Mongolia, Yemen,
Libya, Tunisia and Thailand, with production operations in Yemen, Tunisia and
Mongolia. SOCO today announces interim results for the half year ended 30 June
2004.
HIGHLIGHTS
• Operating profit of £4.1 million (2003: £4.2 million)
• Net profit of £2.0 million (2003: £2.5 million)
• Earnings per share of 2.9p (2003: 3.6p)
• Cash balance of £26.7 million at half year end
• Finalised the sale of an interest in ODEX creating a consortium of SOCO
(34%), Oilinvest (46%) and Gazprombank (20%) in the special purpose
entity to progress initiatives in Libya and other countries
• Continued reinterpretation of existing 3D seismic and acquisition of 650
sq km of new 3D seismic in Vietnam prior to commencement of drilling in
Q1 2005
• 3D seismic programme completed in Mongolia with two wells drilled, both
apparent discoveries, and a third well spudded
• First ever deviated Basement well drilling in East Shabwa in Yemen
Ed Story, President and Chief Executive of SOCO, said:
'Following an extended period of quiet preparation, the release of interim
results coincides with the commencement of a very active drilling programme for
SOCO, one that I believe has company transforming potential'
2 September 2004
ENQUIRIES:
SOCO International plc Tel: 020 7457 2020 (today)
Ed Story, President and Chief Executive Tel: 020 7747 2000 (thereafter)
Roger Cagle, Deputy Chief Executive
and Chief Financial Officer
College Hill Tel: 020 7457 2020
Tony Friend
Nick Elwes
Chairman's and Chief Executive's statement
SOCO made meaningful progress on several initiatives in the first half of the
year, all of which underpin important upcoming Company programmes and
objectives. Thus despite a planned yet prolonged absence in drilling activity,
except for the continuation of the ongoing Cretaceous reservoir infill programme
in Yemen, the Company's activities were focused on preparation for a very active
period through 2005.
A notable milestone was the finalisation of the sale of 20% of the ODEX
Exploration Limited (ODEX) joint venture to a subsidiary of the Russian entity,
Joint Stock Bank of the Gas Industry Gazprombank (Gazprombank). In this
transaction, the Company's subsidiary, SOCO North Africa Limited (SOCO NA) and
Oilinvest (Netherlands) B.V. (Oilinvest) sold the entire issued share capital of
OILSOC Investment Company Limited (OILSOC), whose only asset was a 20%
shareholding in ODEX. As a result, Oilinvest (46%), SOCO NA (34%) and
Gazprombank (20%) are the sole shareholders of the specific purpose upstream
joint venture formed to identify, develop, produce and market hydrocarbon
opportunities in Libya and other countries. SOCO NA received US$2.5 million for
its 45% net interest in OILSOC.
On the operations front, there was a great deal of 'behind the headlines'
progress. We carried out the preparatory work necessary to putting the second
producing well on-stream in Tunisia. A 3D seismic programme was completed as a
prelude to further exploratory and appraisal drilling in Mongolia. In Vietnam,
we continued the reprocessing and reinterpretation of existing seismic and
acquired new 3D seismic data on both Blocks 16-1 and 9-2 in preparation for the
2005 multi-well drilling programme. In addition, working with partners, we
successfully changed the drilling programme in Yemen to include the consortium's
first ever deviated wells targeting fractured Basement in the East Shabwa
Development Area.
RESULTS
Historically high crude oil prices enabled the Group to achieve an average
realised oil sales price of US$31.69 compared to US$27.49 for the same period
last year. However, lower production resulting from both planned and unplanned
operating downtime in Tunisia and lower liftings arising from rebalancing prior
period overlifts in Yemen caused turnover in the first six months of 2004 to
fall to £8.4 million versus £11.7 million for the first half of 2003.
These same factors impacted cost of sales, which dropped approximately 50% to
£3.3 million from £6.3 million in the comparable period last year. This is
primarily a consequence of the accounting methodology, employed in accordance
with industry recommended practice, whereby lifting imbalances are reflected by
an adjustment to cost of sales recorded at market sales value. Thus, the prior
period overlifts result in equivalent reductions in both turnover and operating
costs in the current period.
Operating expenses fell by £2.2 million reflecting the lower production and
rebalancing of the lifting position. On a per barrel basis, operating expenses
(excluding lifting imbalances) increased to approximately US$6.70 per barrel
from approximately US$5.60 per barrel in the first half of 2003. This primarily
arose in Yemen due to increased rental of water-handling facilities associated
with production from the Cretaceous reservoir and rental of gas-handling
equipment associated with production from the Basement wells recently placed in
production.
Reserve additions from last year's successful drilling programmes in Tunisia and
Yemen combined with lower current production resulted in total depletion and
abandonment costs falling from £2.6 million in the six months to June 2003 to
£1.7 million in the six months to June 2004. Similarly on a per barrel basis,
depletion and abandonment costs decreased to US$3.55 from US$4.40 during the
equivalent period last year.
Operating profit remained relatively flat at £4.1 million compared to £4.2
million for the same period last year. The effects of reduced investment income
resulting from lower cash balances and foreign exchange differences essentially
offset to yield a profit before tax of £4.1 million versus £4.5 million for the
equivalent period last year. In absolute terms, the tax charge stayed
relatively flat increasing slightly from £2.0 million for the same period last
year to £2.1 million this year resulting in a net profit for the period of £2.0
million versus £2.5 million for the first six months of 2003.
During the period, the Group commissioned multiple 3D and 2D seismic programmes
and began building its equipment inventories in preparation for the extensive
upcoming drilling programmes. Notwithstanding this, capital expenditure fell in
line with reduced drilling commitments to £8.5 million, net of the proceeds from
the sale of OILSOC, from £13.0 million in the first six months of 2003.
Lower operating cash flow, which resulted primarily from the timing and
rebalancing of liftings, along with the continued decline of the US dollar, the
functional currency in which balances are held, versus the GB pound, the
reporting currency, more than offset the effect of lower capital expenditures.
Group cash balances declined to £26.7 million from £32.9 million as at the end
of 2003.
OPERATIONS
Exploration/Development
Vietnam
In Vietnam, the first half of 2004 was focused on seismic-both acquisition of
new data and the reprocessing and reinterpretation of old data-as the Joint
Operating Companies (JOCs) prepare to select locations for the upcoming
appraisal and exploratory drilling programme. Approximately 650 square
kilometres of new 3D seismic was acquired over several leads and prospects,
which appear similar to recent significant discoveries in adjacent blocks in the
Cuu Long Basin, in both Block 9-2 and Block 16-1. The newly acquired data is
currently being processed and will be available for interpretation in the near
future.
Advanced seismic reprocessing of the existing data over the Ca Ngu Vang Field
(CNV) and adjacent prospects is also underway. Using the existing well data to
calibrate the reprocessing will improve the data and allow the JOCs to carefully
select future appraisal and development well locations on the CNV structure and
exploration locations on the other prospects. An appraisal well in the CNV
field will be the first drilled in the upcoming programme.
Detailed planning operations and procurement are underway based on a three firm
and three option well drilling programme scheduled to start in the first quarter
of 2005. Casing materials and wellheads have been purchased and seabed site
survey investigations are being conducted over the most likely 2005 drilling
locations.
Mongolia
Throughout the winter and early spring of 2004, SOCO Tamtsag Mongolia (SOTAMO),
SOCO's wholly owned subsidiary and operator with an 85% working interest in
three Production Sharing Contracts in the Tamtsag Basin in Mongolia, conducted a
102 square kilometre 3D seismic programme in the southern region of Contract
Area 19. The seismic programme covered leads adjacent to a new pool discovery
made in 2003 that extended the productive area to the north and encountered oil
in a previously untested zone. The 2004 drilling programme will further
evaluate the new play adjacent to current production facilities. Successful
wells can be quickly brought on production in order to capitalise on high oil
prices by maximising output from the pilot production area.
The first well in this year's drilling programme, the 19-20 well, spudded on 9
July. The well tested the Zuunbayan and Tsagaantsav formations on a structure
adjacent to the 19-17 and 19-19 discoveries. The well reached target depth (TD)
of 2,410 metres on 25 July having encountered more than 68 metres of oil shows
in a gross interval of 225 metres in the Lower Cretaceous age Tsagaantsav sands.
The well has been completed as a Tsagaantsav producer.
The second well, the 19-21 well, spudded on 1 August. This well, an appraisal
of the 19-19 structure, tested the Upper Cretaceous age Zuunbayan and
Tsagaantsav intervals. This apparent discovery is currently being analysed.
The 19-22 well, the third in the four well programme spudded 26 August.
Concurrent with the drilling of new wells, the Company is conducting workovers
on several of its previously drilled wells in order to maximise current
production. All Mongolian crude oil production is trucked to the Aershan
oilfield where it is piped to a refining complex in Hohhot and sold at
prevailing market rates.
Yemen
An extended drilling campaign in the East Shabwa Block 10 concession commenced
in the first half of 2004. The programme includes drilling appraisal and
development wells in the Cretaceous Atuf field, as well as the consortium's
first ever deviated wells specifically targeting the Basement underlying the
Kharir field.
The Atuf ANW006B well, located to the west of the ANW003 well, was drilled as a
water injection well to provide both pressure support and improve recovery
through increased sweep efficiency. The well was drilled to a TD of 1,829
metres, encountering the Cretaceous reservoir formation some 30 metres higher
than anticipated in the drilling prognosis. Unexpectedly, the reservoir was oil
bearing. The well also indicated additional potential in deeper horizons,
possibly including the Basement at this location, although safety concerns
prevented the well from being deepened to fully evaluate this potential. The
ANW006B well is currently being completed as an oil producer. Further evaluation
of the results of the well will be carried out and the well may be deepened to
the Basement at a future date. As a result of this well being added as a
producing well, the ANW004, currently a water disposal well, is being converted
to water injection to provide the additional pressure support originally
anticipated from ANW006B.
Well ANW007 at Atuf, drilled to a TD of 1,890 metres, also came in higher than
expected. The well has been completed as an oil producer and is currently being
incorporated into the production system. Based on test results, the initial
production rate expected from this well will be approximately 2,000 barrels of
oil per day (BOPD). As a result of drilling these two additional producing
wells, a re-evaluation of the Atuf area is to be performed to identify other
additional potential producing locations.
Sited towards the south-east end of the Kharir structure, the first of three
2004 wells specifically targeting the Basement began drilling 17 August.
Drilling had progressed beyond the first casing point in late August.
Tunisia
The Didon 4 well, a 2003 appraisal well in the Didon producing field in the
Zarat permit that initially tested at 3,400 BOPD, is being tied in to the
floating production storage and off-loading facility (FPSO). With this well
coming on-stream it is expected to not only reduce operating downtime in what
was a single well producing field, but also to increase average production rates
when flow rates are stabilised. As of 31 August the Didon field was averaging
approximately 7,000 BOPD.
The Company holds a 22.22% non-operated working interest in the Zarat permit
located 75 kilometres offshore eastern Tunisia in the Gulf of Gabes. Crude oil
from the Didon field is produced into the FPSO from which it is currently sold
at spot market prices under a contract to an oil major.
Libya
Following the entry of the Gazprombank subsidiary into ODEX, the board of
directors of the entity was significantly revamped to facilitate ODEX's
progression into an active operational phase. Additionally, technical and
executive committees were established as working groups to progress various
initiatives. Whilst no specific project has yet been introduced into ODEX, we
believe the recent activity is a harbinger of meaningful progress.
Production
Production, net to the Group's working interest, fell in the first half of 2004
(5,193 BOPD) both in respect to the same period last year (5,511 BOPD) and 2003
average levels (5,409 BOPD). The most significant impact resulted from
scheduled downtimes in Tunisia to recertify the FPSO. Production in Tunisia
dropped from 1,246 BOPD in the first half of 2003 to 1,049 in the comparable
period of this year.
The Yemen project continued to provide the majority of the Group's production
even though drilling delays there due to the lack of rig availability meant a
period on period drop to 3,790 BOPD compared to 3,892 BOPD last year. The pilot
production programme continues in Mongolia where production was down to an
average of 354 BOPD in the first half of 2004 from 374 BOPD in the first six
months of last year.
CORPORATE DEVELOPMENTS
As was stated in the 2003 Annual Report and Accounts, SOCO lost two valued
members of its management group earlier this year due to health issues with the
resignations of Dan Mercier, Vice President of Operations, and Roger Brittain,
an independent Non-Executive Director (NED). Both were strongly committed to
the evolution of the Company and both will be missed.
The Company has undertaken an extensive search process conducted by an
independent third party to add an independent NED to maintain the Company's
ongoing compliance with best practice. We expect the search to be finalised in
September.
The Group's technical office was previously built around Dan, thus having its
main technical group in Calgary. As part of the ongoing evolution and upgrading
of its technical capabilities, and coincident with Dan's resignation and the
expiration of the Company's head office lease in London, the decision was taken
by the Directors to reunite the production and operations staff with the head
office staff in London. In May of 2004, Antony Maris joined SOCO as Group
Operations and Production Manager. We are delighted to have Antony on board.
He has extensive experience with both major and independent industry companies
and possesses a strong technical and operational background as well as asset and
business development management experience.
PROSPECTS
The Group has already begun the build-up to a significant multi-well drilling
programme in Vietnam. In addition to adding vital technical strength to the
management team directing the programmes in Vietnam, the consortium in both JOCs
has taken the necessary time and spent the additional funds to maximise our
chances of success on the forward programme. Notwithstanding the exploratory
nature of the endeavour, we believe that the results to date both with the
Group's own experience and the experiences of others throughout the Cuu Long
Basin support our optimism.
Additionally, the experience gained in Vietnam with Basement reservoirs has been
instrumental in assessing further potential in Yemen. The second half of this
year will go a long way toward developing the forward approach in what could
well be a significant production asset for the Group.
The Company continues to seek additional opportunities that bolster its
portfolio. However, we also believe that the upside currently available in our
portfolio has company transforming potential.
Patrick Maugein Ed Story
Chairman Chief Executive
2 September 2004
Independent review report to SOCO International plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2004, which comprises the Consolidated profit and
loss account, the Consolidated statement of total recognised gains and losses,
Consolidated balance sheets, the Consolidated cash flow statement and related
notes 1 to 9. We have read the other information contained in the interim report
and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the company in accordance with Bulletin 1999/4
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 interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
polices and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
Deloitte & Touche LLP
Chartered Accountants
London
2 September 2004
Consolidated profit and loss account
(unaudited)
(unaudited) (restated) (restated)
six months ended six months ended year ended
30 June 04 30 June 03 31 Dec 03
Notes £000's £000's £000's
Turnover 2 8,430 11,744 25,490
Cost of sales (3,294) (6,345) (13,800)
Gross profit 5,136 5,399 11,690
Administrative expenses (997) (1,177) (2,667)
Operating profit 2 4,139 4,222 9,023
Investment income 137 302 815
Interest payable and similar charges (168) (19) (37)
Profit on ordinary activities before 2 4,108 4,505 9,801
taxation
Tax on profit on ordinary activities 3 (2,081) (2,033) (4,114)
Profit for the financial period 2,027 2,472 5,687
Earnings per share
Basic 1 2.9p 3.6p 8.2p
Diluted 1 2.6p 3.1p 7.2p
Consolidated statement of total recognised gains and losses
(unaudited)
(unaudited) (restated) (restated)
six months ended six months ended year ended
30 Jun 04 30 Jun 03 31 Dec 03
Note £000's £000's £000's
Profit for the financial period 2,027 2,472 5,687
Unrealised currency translation differences (1,627) (3,373) (14,354)
Total recognised gains and losses for the 400 (901) (8,667)
period
Prior year adjustment 7 (315)
Total gains and losses recognised since last
annual report and accounts 85
Consolidated balance sheet
(unaudited)
(unaudited) (restated) (restated)
30 Jun 04 30 Jun 03 31 Dec 03
Notes £000's £000's £000's
Fixed assets
Intangible assets 84,559 77,776 82,311
Tangible assets 18,757 17,889 18,973
103,316 95,665 101,284
Current assets
Stocks 98 1,336 40
Debtors 6,007 4,418 4,763
Cash at bank and in hand 26,656 43,691 32,898
32,761 49,445 37,701
Creditors: Amounts falling due within one (4,459) (7,262) (8,586)
year
Net current assets 28,302 42,183 29,115
Total assets less current liabilities 131,618 137,848 130,399
Provisions for liabilities and charges (3,581) (3,098) (3,279)
Net assets 2 128,037 134,750 127,120
Capital and reserves
Called-up equity share capital 14,455 14,299 14,396
Share premium account 41,625 40,880 41,325
Other reserves 33,524 33,772 33,366
Profit and loss account 38,433 45,799 38,033
Equity shareholders' funds 4 128,037 134,750 127,120
Consolidated cash flow statement
(unaudited) (unaudited)
six months ended six months ended year ended
30 Jun 04 30 Jun 03 31 Dec 03
Notes £000's £000's £000's
Net cash inflow from operating activities 5 2,958 7,319 16,610
Returns on investments and servicing of finance
Interest received 159 364 677
Interest paid (7) (8) (17)
152 356 660
Taxation paid (771) (1,511) (4,169)
Capital expenditure
Purchase of intangible fixed assets (7,590) (9,783) (21,651)
Purchase of tangible fixed assets (2,066) (3,193) (6,116)
Purchase of own shares by employee benefit trust - (240) (583)
Purchase of own shares into treasury - - (424)
Sale of intangible fixed asset 1,181 - -
(8,475) (13,216) (28,774)
Cash outflow before management of liquid
resources and financing (6,136) (7,052) (15,673)
Financing
Issue of ordinary share capital 359 320 862
(Decrease) increase in cash in the period 6 (5,777) (6,732) (14,811)
Notes
1. Earnings per share
The calculation of basic earnings per share is based on the profit for the
financial period and on 69,679,931 (year ended 31 December 2003 - restated
profit for the year and 69,337,797 and six months ended 30 June 2003 - restated
profit for the period and 69,217,114) ordinary shares, being the weighted
average number of ordinary shares in issue and ranking for dividend during the
period, excluding 2,475,000 (year ended 31 December 2003 - 2,227,342 and six
months ended 30 June 2003 - 2,171,022) ordinary shares of the Company held by
the Group.
The calculation of diluted earnings per share is based on the profit for the
financial period and on 78,837,729 (year ended 31 December 2003 - restated
profit for the year and 78,577,437 and six months ended 30 June 2003 - restated
profit for the period and 78,877,247) ordinary shares, being the weighted
average number of ordinary shares in issue and ranking for dividend during the
period, including ordinary shares of the Company held by the Group and 6,682,798
(year ended 31 December 2003 - 7,012,298 and six months ended 30 June 2003 -
7,489,111) outstanding share options and warrants that have a diluting effect on
earnings per share.
2. Segment information
Asia North Africa Unallocated Group
and Middle East
30 June 2004 (unaudited) £000's £000's £000's £000's
Turnover by origin 755 7,675 - 8,430
Operating profit (loss) - 5,091 (952) 4,139
Profit (loss) on ordinary activities
before taxation - 4,926 (818) 4,108
Net assets 82,146 20,830 25,061 128,037
30 June 2003 (restated) (unaudited)
Turnover by origin 813 10,931 - 11,744
Operating profit (loss) - 5,218 (996) 4,222
Profit (loss) on ordinary activities
before taxation - 5,219 (714) 4,505
Net assets 72,486 20,745 41,519 134,750
31 December 2003 (restated)
Turnover by origin 1,723 23,767 - 25,490
Operating profit (loss) - 11,372 (2,349) 9,023
Profit (loss) on ordinary activities
before taxation
- 11,586 (1,785) 9,801
Net assets 77,131 20,719 29,270 127,120
Turnover is derived from one class of business, being oil and gas production.
Turnover by destination does not materially differ from turnover by origin.
3. Tax on profit on ordinary activities
Analysis of charge
(unaudited) (unaudited)
six months ended six months ended year ended
30 Jun 04 30 Jun 03 31 Dec 03
Current tax £000's £000's £000's
UK corporation tax at 30% (2003 - 30%) - - -
Overseas taxation 1,864 2,145 4,722
1,864 2,145 4,722
Adjustments in respect of previous years:
UK corporation tax at 30% (2003 - 30%) - - -
Overseas taxation (245) 81 (201)
1,619 2,226 4,521
Deferred taxation
Origination and reversal of timing 462 (193) (407)
differences
2,081 2,033 4,114
4. Reconciliation of movements in Group equity shareholders' funds
(unaudited)
(unaudited) (restated) (restated)
six months ended six months ended year ended
30 Jun 04 30 Jun 03 31 Dec 03
£000's £000's £000's
Opening equity shareholders' funds 127,120 135,210 135,210
Profit for the financial period 2,027 2,472 5,687
Unrealised currency translation differences (1,627) (3,373) (14,354)
New shares issued 359 320 862
Treasury shares purchased - - (424)
Shares purchased for SOCO Employee
Benefit Trust - (240) (583)
Amortisation of SOCO Employee Benefit
Trust shares 158 361 722
Closing equity shareholders' funds 128,037 134,750 127,120
5. Reconciliation of operating profit to operating cash flows
(unaudited)
(unaudited) (restated) (restated)
six months ended six months ended year ended
30 Jun 04 30 Jun 03 31 Dec 03
£000's £000's £000's
Operating profit 4,139 4,222 9,023
Depreciation, depletion and amortisation 2,035 3,042 4,998
(Increase) decrease in stocks (58) (20) 268
Increase in debtors (1,866) (356) (508)
Increase (decrease) in creditors (1,292) 431 2,829
Net cash inflow from operating activities 2,958 7,319 16,610
6. Analysis and reconciliation of net funds
(unaudited)
as at exchange as at
31 Dec 03 cash flow movement 30 Jun 04
£000's £000's £000's £000's
Cash at bank and in hand 32,898 (5,777) (465) 26,656
7. Basis of preparation
The financial information presented above does not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985 (the Act). The
financial information for the year ended 31 December 2003 has been derived from
the statutory accounts for that year with the exception of the accounting policy
change noted below. Those statutory accounts, upon which the auditors issued an
unqualified opinion and which did not contain a statement under section 237(2)
or (3) of the Act, were delivered to the Registrar of Companies.
The interim accounts, which are unaudited, have been prepared on the basis of
the accounting policies set out in the Group's statutory accounts for the year
ended 31 December 2003 except that during the period the Group adopted Urgent
Issues Task Force (UITF) Abstract 38 'Accounting for ESOP trusts' and the
related amendments to UITF Abstract 17 (revised 2003) 'Employee Share Schemes'.
UITF 38 changes the presentation of own shares held by the SOCO Employee Benefit
Trust whereby consideration paid for shares is deducted in arriving at
shareholders' funds rather than being recognised as an asset. UITF 17 (revised
2003) requires the amounts recognised in the profit and loss account to be based
on fair value of shares at the date an award is made rather than book value of
own shares available for the award. A cumulative charge of £315,000 has been
recognised including a charge to the Group profit and loss account of £150,000
for the year ended 31 December 2003 and of £75,000 for the period ended 30 June
2003. The effect on the Group's balance sheet as at 31 December 2003 and June
2003 has been to reduce fixed assets and shareholders' funds by £1,486,000 and
£1,429,000 respectively.
8. Dividend
The Directors do not recommend the payment of a dividend.
9. Date of approval
The interim financial statements for the six months ended 30 June 2004 were
approved by the Directors on 2 September 2004.
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