SECOND INTERIM REPORT
BLUEHONE HOLDINGS PLC
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("Bluehone" or the "Company")
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UNAUDITED RESULTS FOR THE 12 MONTHS ENDED 31 MARCH 2013
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CHAIRMAN'S STATEMENT
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I present the results for the 12 months to 31 March 2013, which is our second interim report following the
change in the Company's year end.
Over the period, the Company's principal operating subsidiary, Bluehone Investors LLP generated a small loss of
just under GBP 13,000 (2012: profit of GBP 65,000). Bluehone incurred costs of GBP 24,000 over the 12 month
period resulting in consolidated operating loss of GBP 37,000 (2012: GBP 13,000) and net deficit of GBP 96,000
(2012: GBP 508,000) after amortisation of goodwill of GBP 50,000 and further impairment in value of the
investment in Evolve Capital plc ("Evolve") of GBP 10,000 (2012: GBP 50,000 and GBP 445,000 respectively).
During the period, Evolve was taken private by its largest shareholders after the concert party concerned was
required to make a mandatory offer for the shares it did not already own and rather than remain with a holding
in an unquoted investment over which we had no control, we elected to take the cash offer. The cash was
received after the period end, but the holding has been further written down to GBP 70,000 to reflect the offer
price.
During the period the incentive agreement with Active Capital Group plc paid out its first fee of over GBP
100,000, and the cash has been received for this payment but is not included in revenue as it was recognized as
accrued income in previous periods. We anticipate that if the portfolio is realised as expected, the total
incentive should be in line with previous expectations.
The Bluehone team continues to pursue the opportunity to raise additional funds with the objective of
generating an attractive yield for investors and obtaining security on the underlying investments. Fund raising
continues in difficult markets however we are very encouraged with developments in this area. Bluehone has
recently reached agreement with a major financial institution that would like to invest in the type of
transaction contemplated by the Company. As a result of this arrangement, Bluehone will assist the institution
with sourcing, structuring and negotiating transactions and have an ongoing role in monitoring performance. We
look forward to completing the first transaction and demonstrating this new business model.
John Wheatley
Chairman
8 July 2013
BLUEHONE HOLDINGS PLC
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CONSOLIDATED BALANCE SHEET
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(Unaudited)
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As at 31 March
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2013 2012
GBP Notes GBP
Fixed Assets
Intangible fixed assets 819,059 868,359
Tangible assets 1,223 -
Investments 190,225 200,292
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1,010,537 1,068,651
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Current Assets
Debtors 328,189 357,999
Cash at Bank and in hand 168,822 290,771
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497,011 648,770
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Creditors: Amounts falling due in one
year (32,570) (146,083)
Net current assets 464,441 502,687
Total Assets less current liabilities 1,474,978 1,571,338
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Net Assets 1,474,978 1,571,338
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Capital and Reserves
Called up equity share capital 2,378,408 2,378,408
Share premium account 66,501 66,501
Profit and Loss Account (969,931) (873,571)
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Shareholders' Funds 1,474,978 1,571,338
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BLUEHONE HOLDINGS PLC
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
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For 12 months to 31 March
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2013 2012
GBP Notes GBP
Turnover 229,283 554,606
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Net Operating Expenses (315,760) (618,622)
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Provision for impairment of fixed assets (10,037) (445,151)
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Operating profit/(loss) (96,514) (509,167)
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Interest receivable and similar income 154 1,229
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Interest payable and similar charges (145)
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Loss on ordinary activities before
taxation (96,360) (508,083)
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Taxation on profit on ordinary
activities - -
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Profit/(loss) for the period (96,360) (508,083)
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Basic and diluted loss per share (pence) 0.09 2 0.43
Notes:
1) The Company's second interim accounts for the 12 months ended 31
March 2013 are un-audited and have not been reviewed by the
Company's auditors Sawin and Edwards.
2) Earnings per share are based on the 118,920,411 shares in issue
throught the period.
Enquiries:
Bluehone Holdings Plc
John Wheatley 07836 601938
Bill Brown 07730 718296
finnCap
Ed Frisby/Christopher Raggett 020 7220 0500
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Unaudited results for the 12 months ended 31 March 2013
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