Hidong Estate PLC 28 December 2005 Hidong Estate PLC (Incorporated in England) -------------------------------------------------------------------------------- Interim Report of Shareholders Half Year Ended 30th September, 2005 The estimated results for the half year ended 30th September, 2005 are given below with appropriate comparative figures:- Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RM Turnover 1,166,615 971,901 1,927,119 Cost of sales - including replanting Expenditure of RM 16,688 (2004:RM15,860) (769,850) (644,522) (1,379,475) Profit 396,765 327,379 547,644 Distribution costs (57,357) (44,405) (80,532) Administrative (119,949) (71,369) (138,754) expenses 219,459 211,605 328,358 Other income 8,557 9,154 16,786 Operating Profit 228,016 220,759 354,144 Tangible fixed assets - - (1) written off Interest receivable on - 6,575 25,833 short term deposits Profit on ordinary activities before taxation and extraordinary items 228,016 227,334 370,976 Tax on profit on - - (81,397) ordinary activities RETAINED PROFIT AFTER TAXATION BUT BEFORE EXTRAORDINARY ITEMS 228,016 227,334 289,579 Extraordinary items PROFIT ATTRIBUTABLE TO SHAREHOLDERS 228,016 227,334 289,579 Earnings per 10p share 13.31 sen 13.27 sen 16.90 sen STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES The Company has no recognised gains and losses other than the gain of RM228,016 for the six months period ended 30th September, 2005 (2004: gain RM227,334). Notes: 1. The Company reported an operating profit of RM228,016 for the half year ended 30th September, 2005. This profit, as compared to a profit RM220,759 for the corresponding period, was attributed to increase in yield of Oil Palms and rubber price. 2. The directors do not propose to pay any interim dividend (last year - nil) 3. The Estate is expected to continuous increase in production with improvement in inputs to the existing planted area and higher percentage of maturing palms. The Company is expected to improve in its performance for the second half. 4. Further to the announcement on 14th October 2005 pertaining to the proposed disposal of the Company's land, the directors announces that the approval from the Estate Land Board being one of the requisite approvals attendant to the sale has been obtained. The Company shall be calling for an Extraordinary General Meeting to seek shareholders' approval with regards to the proposed disposal as soon as practical. 5. A copy of this report will be sent to shareholders and will be available for inspection at the Company's registered office, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. CHEW SING GUAN Penang Chairman 27th December 2005 Balance Sheet as at 30th September, 2005 Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RW FIXED ASSETS Tangible assets 7,662,491 7,619,941 7,677,932 CURRENT ASSETS Stocks 121,278 220,750 152,907 Debtors 348,787 233,415 218,413 Cash at bank and in hand 1,061,871 843,360 1,014,913 Tax refundable 38,886 42,317 204 1,570,822 1,339,842 1,386,437 CURRENT LIABILITIES Creditors : Amounts falling due within one Year (262,027) (281,254) (315,543) NET CURRENT ASSETS 1,308,795 1,058,588 1,070,894 TOTAL ASSETS LESS CURRENT LIABILITIES 8,971,286 8,678,529 8,748,826 PROVISION FOR LIABILITIES AND CHARGES (557,630) (555,134) (563,186) NET ASSETS 8,413,656 8,123,395 8,185,640 CAPITAL AND RESERVES Called up share capital 1,067,846 1,067,846 1,067,846 Revaluation reserve 5,832,048 5,832,048 5,832,048 Profit and loss account 1,513,762 1,223,501 1,285,746 TOTAL EQUITY SHAREHOLDERS' FUNDS 8,413,656 8,123,395 8,185,640 These financial statements were approved by the Board of Directors on 27th December 2005. CHEW SING GUAN ) ) ) Directors ZAMBRI BIN HAJI MAHMUD ) Reconciliation of Operating (Loss) / Profit to Net Cash outflow from Operating Activities Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RM Operating profit 228,016 220,759 345,144 Depreciation charge 15,441 12,232 32,239 Provision for service gratuity benefits (5,556) - 8,052 (Increase) / Decrease in stocks 31,629 (130,111) (62,267) (increase) / Decrease in debtors (130,374) (24,329) (9,327) Increase/(Decrease) in creditors (53,516) 59,278 93,567 85,640 137,829 407,408 Cash flow statement for the Half year Ended 30th September, 2005 Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2004 RM RM RM NET CASH INFLOW/(OUTFLOW) OPERATING ACTIVITIES 85,640 137,829 407,408 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received - 6,575 25,833 TAXATION Overseas tax paid (38,682) (34,737) (74,021) Tax refund - 43,140 43,140 (38,682) 8,403 9,575 CAPITAL EXPENDITURE Sale of fixed assets - - - Purchase of tangible fixed assets - (230) (78,230) - (230) (78,230) NET CASH INFLOW/ (OUTFLOW) BEFORE MANAGEMENT OF LIQUID RESOURCES 46,958 152,577 324,130 MANAGEMENT OF LIQUID RESOURCES (Increase)/Decrease in short term deposits 50,000 (100,000) (420,000) INCREASE/(DECREASE) IN CASH 96,958 52,577 (95,870) This information is provided by RNS The company news service from the London Stock Exchange