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| Datum : | 06.05.2014 |
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DGAP-News: CASSONA SE - Financial results for 31 December 2013 |
| Meldung : | DGAP-News: CASSONA SE / Key word(s): Final Results CASSONA SE - Financial results for 31 December 2013 06.05.2014 / 17:30 --------------------------------------------------------------------- CASSONA SE - Financial results for 31 December 2013 CASSONA completes the reporting of the financial results 2013 published on 30 April 2014 with this statement. Frankfurt (6 May 2014) - CASSONA SE (COE) publishes the audited annual results for the financial year ending on 31 December 2013. Development in sales and orders In the fiscal year 2013 the company CASSONA SE on the one hand has continued to expand its core business in oil & gas and on the other hand has reviewed and negotiated various investment opportunities in other business sectors. Taking into account the current economic development of the company, the successful efforts of the crude oil production in Alberta in Canada currently has the main importance. In Saratov in Russia, together with the strategic partners there have been additional efforts in prospecting and exploration. In 2013 the additionally negotiated projects could not yet be finalized with successful closings of corporate acquisitions. Beside some turnover by intra-group loans there have been no revenues until 31 December 2013. Since the first quarter 2014 the investment in Alberta has started to generate first results. As a consequence the management of CASSONA declares the start-up phase of the company as completed. Corporate Assets The subscribed capital amounts to EUR 2'250'000 to the 31 December 2013. To the 31 December 2013 the participations of CASSONA are balanced in total in the size of EUR 68'005.22. In the fiscal year 2013 the members of the Board of Directors and the Management Board have received no salaries. Until 31 December 2013 as in the previous year accrued liabilities and accrued provisions consist of inevitable structuring costs of third parties to the structuring and maintenance of the company such as expenses for attorneys, accountants and auditors, as well as for the listing and in this respect required external specialists and service providers. Financial position Up to 31 December 2013 no external financing was taken for the parent company CASSONA SE. In extended investment projects the concept of CASSONA SE is based on structured financing, which relies on the respective target company and may use the respective strategic partners for eventually necessary guarantees. In general, the direct exposure of CASSONA SE is excluded Profit situation To the loss carried forward from the financial year 2012 of EUR 320'188.68 a further deficit of EUR 222'910.47 is added by the deadline of 31 December 2013. This results in a net loss of EUR 543'099.15. Expenses for the structuring of the company are the reason, in particular for the multiple stock quotation at the EU-regulated market in Denmark and the simultaneous listing in Frankfurt and Berlin. As no earnings have been generated yet from the investment business, the corporate results of the fiscal year 2013 are still negative. The company has no expenses for research and development. Market research, market analysis, identification and selection of investment opportunities, development and negotiation of financial structuring are part of the general business of CASSONA SE. Post balance sheet events With the beginning of the fiscal year 2014, CASSONA successfully produces crude oil. As the first participation the investments in Canada generate operative returns. The expert's opinion, which has been finalized at the beginning of 2014, states that there are proven oil reserves on the property of about 50.8 million barrel light oil and 102.6 million barrel heavy oil. The crude oil production has started on 6 January 2014 and thus the results will be shown in the fiscal year 2014. Based on the positive perspectives the management of CASSONA has decided to enhance the investments in Canada by additional acquisitions and follow-up investments. Contemporaneously there shall be a decision about the continuation of the oil activities in Saratov in Russia in 2014. CASSONA is seeking to position itself as successful investment company with focus and core business in oil & gas. In the first quarter of 2014 the company has announced the intention to increase the capital of the company by issuing of up to 225'000 new no-par value bearer shares by up to 10%. The final fixing of the specific amount of the capital increase is still pending by the date of preparation of this management report. Outlook The management of CASSONA SE maintains a positive outlook for the further performance of the company. The management intends to reinvest the expected earnings to expand the business operations. The management will continue to adapt CASSONA SE ?s corporate strategy to the developments on the markets and to the arising investment opportunities. New potential for success results from the integration of global markets, from the crisis of the financial markets and from the political ambitions of countries and groups of countries, as well as from the economic strengths and weaknesses of market participants. The company CASSONA SE knows to take advantage thereof to develop and expand its high-value portfolio. Income statement for the period from January 1, 2013 to December 31, 2013 (IFRS) 2013 2012 Euro Euro Other operating income 453.44 5456.94 Gross profit 453.44 5456.94 Cost of materials - 8734.37 - 15788.96 Other operating expenses - 218908.36 - 164689.58 Operating income - 227189.29 - 175021.60 Other interest and similar income 38279.93 24919.10 Depreciation on financial assets - 34001.11 0.00 Financial income 4278.82 24919.10 Net operating income - 222910.47 - 150102.50 Taxes on income 0.00 - 30.70 Net loss for the year - 222910.47 - 150133.20 Earnings per share - 0.10 - 0.07 Diluted earnings per share - 0.07 - 0.04 Balance sheet as of December 31, 2013 (IFRS) 2013 2012 Euro Euro Fixed assets Financial Assets Shares in affiliated companies 68005.22 102006.33 Loans to affiliated companies 1579452.49 1570679.85 Total fixed assets 1647457.71 1672686.18 Current assets Receivables and other assets Other Assets 1443.01 1802.11 Bank balances 109004.70 324634.47 Prepaid Expenses 0.00 0.00 Total assets 1757905.42 1999122.66 Shareholders' equity Subscribed capital 2250000.00 2250000.00 Loss carried forward - 320188.68 - 170055.48 Net loss - 222910.47 - 150133.20 Total equity 1706900.85 1929811.32 Accruals Other accruals 20000.00 18000.00 Accounts payable Other liabilities 31004.57 51311.34 Total equity and liabilities 1757905.42 1999122.66 CASSONA is an investment corporation for targets of the business sectors natural resources, mining and infrastructure. CASSONA is a European corporation with domicile in Frankfurt Main. The shares are listed at the regulated market of GXG Markets and they are traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN DE000A1C6T63). For further information as well about previous years and for the ability to receive the complete CASSONA Annual Report 2013 as a download, please refer to our corporate website www.cassona.se or please visit the official website of the stock exchange GXG Markets or of the Danish Financial Supervisory Authority Finanstilsynet. Dr. Guido Quadri, Chief Executive Officer Thomas Baumgartner, Chief Financial Officer CASSONA SE Schubertstraße 14 60325 Frankfurt am Main Germany ir@cassona.de www.cassona.se (c) 2014 CASSONA SE is a European corporation in the legal form societas europaea (SE) with headquarters in Frankfurt am Main, country of origin Germany and first quotation at the Danish stock exchange GXG Markets A/S in the EU regulated market segment GXG Official List. End of Corporate News --------------------------------------------------------------------- 06.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- Language: English Company: CASSONA SE Schubertstrasse 14 60325 Frankfurt Germany Phone: 030 6150 82 151 Fax: 030 6150 82 152 E-mail: info@cassona.de Internet: www.cassona.de ISIN: DE000A1C6T63 WKN: A1C6T6 Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG End of News DGAP News-Service --------------------------------------------------------------------- 266789 06.05.2014 |
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