TIDMCICC
RNS Number : 8993R
CIC Capital Ltd
31 October 2013
Half Yearly Report
CIC CAPITAL LIMITED
("CICC" or the "COMPANY")
Half yearly report for the 6 months ended 31 July 2013
CHAIRMAN'S STATEMENT
Our focus is to earn-in equity interests in quality companies as
compensation for our services.
In the 6 months ended July 31 2013, CIC Capital Ltd ("CIC
Capital" or the "Company") earned revenues of CAD$6,862,354 (2012:
CAD$491,381) and profit before taxation of CAD$5,944,993 (2012:
CAD$115,437 before restatement to include a gain on investments at
fair value of CAD$31,019,645). Cash at end of period was
CAD$38,747. We have continued our focus not to incur any new debt.
In the half year we reduced historical debt and converted director
and officer fees to B Class special non-voting shares. The
readiness of directors to agree to this type conversion
demonstrates, in our view, our focus to use cash resources to
reduce debt and grow the Company. Operating costs are low and we
will strive to maintain efficiencies, invest in our staff resources
and expand our capabilities.
The Company is a consulting and advisory company, operating
primarily in the mining and energy infrastructure sectors. The
Company seeks to provide consulting and advisory services to
entities operating at various stages of resource development, and
the exclusive right to control the public listing process of any
client company if the client company is an unlisted company. The
Company principally seek equity interests in client companies in
return for its services.
Revenue in the period has principally been earned from services
provided to CIC Gold Limited ("CIC Gold" or "CICG") valued, in
total, at CAD$6,499,825. CIC Gold settled these transactions by
issuing CIC Capital with new shares, a total of 13.68 million new
shares being issued to us. At 31 January 2013, CIC held 58,160,000
shares (or 48.46%) in CIC Gold. These additional transactions have
raised the Company's total holding to 71,840,000 shares, being
59.87%. The Company has attributed a value of the shares of GBP0.30
a share. We continue to supply services to CIC Gold. The Company is
designated as an investment entity under IFRS 10 and the
investments in CIC Gold are accounted for under this basis.
CIC Gold is a precious metals company focused on gold mineral
assets. CICG was established by CIC Capital and its Chinese
precious metals miner shareholders to establish a specific publicly
traded Precious Metals Company. CIC Gold's focus is on mineral
property assets where medium to large gold oxide mining may be
conducted in the short term, mineral property assets that the
directors consider to be undervalued or have strong fundamentals
and attractive growth prospects, and de-risk those assets by way of
exploration or mining.
The Company holds a 48.36% interest in CIC Fuels Limited
("CICF") which is a non-publicly listed entity as at 31 July 2013.
CICF focuses on alternative heavy oil emulsion fuels technologies.
The value of the Company's interest in CICF used in our accounts is
consistent with previous transactions of these shares with third
parties.
I would like to take this opportunity to thank staff and
shareholders for their continued support and belief in the Board
strategies for the Company's direction.
Stuart J. Bromley
Chairman/Founder
CIC Capital Ltd.
CIC CAPITAL LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Six Months Ended July 31, 2013
(In Canadian Dollars CAD$)
-------------------------------------------------------------------------------------------------------
Note Six months ended Six months Year ended
ended January
31, 2013
--- --------------------------------- -------
31-July-13 31-July-12 Unaudited
--- --------------------------------- -------
Unaudited Unaudited (Restated)
(Restated)
--- --------------------------------- ------- ------------------------ -------------- ------------
Revenue
Consulting & advisory
services 3 6,862,354 491,383 15,143,814
Administrative costs 945,310 375,946 1,407,155
-------------------------------------- ------------------------ --------------
Operating profit 5,917,044 115,437 13,736,659
Gain on investments at
fair value through profit
or loss - 31,019,645 36,657,759
Gain on disposal of security 27,949
------------------------ --------------
Profit before taxation 5,944,993 31,135,082 50,394,418
Income tax 4 1,039,824 - 11,006,281
------------------------------------- ------- ------------------------ -------------- ------------
Net Profit for the period 4,905,169 31,135,082 39,388,137
Other Comprehensive Income
Changes in fair value of
available for sale investments
(net of tax) - - -
Exchange differences on
translation of foreign
operation (158,844) 1,864 (10,743)
-------------------------------------- ------- ------------------------ -------------- ------------
Other comprehensive income
for the period net of tax (158,844) 1,864 (10,743)
Total Comprehensive Income
attributable to the shareholders 4,746,325 31,136,946 39,377,394
-------------------------------------- ------- ------------------------ -------------- ------------
Basic earnings per share 7 0.0255 0.20 0.2582
Diluted earnings per share 7 0.0163 0.19 0.1626
Weighted average number
of shares outstanding 186,444,427 152,451,777 152,544,908
-------------------------------------- ------- ------------------------ -------------- ------------
CIC CAPITAL LTD.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the Six Months Ended July 31, 2013
(In Canadian Dollars CAD$)
------------------------------------------------------------------------------------------------------
Note As at July As at January
31, 2012 31, 2013
As at July
31, 2013 Unaudited Unaudited
(Unaudited) (Restated) (Restated)
ASSETS
Non-current assets
Investments 5 48,150,019 36,493,700 41,650,194
48,150,019 36,493,700 41,650,194
Current assets
Cash 38,747 2,151 91,510
Trade and other receivables 10,247,139 29,434 11,292,546
Available for sale financial
assets 5 - 2,652 4,425
Prepaid expenses and deposits 53,159 95,849 -
TOTAL ASSETS 58,489,064 36,623,786 53,038,675
----------------------------------- ----- ------------------- -------------------- --------------
LIABILITIES & SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable & accrued
liabilities 1,512,334 1,713,617 1,961,889
Income taxes payable 12,154,020 5,576,843 11,109,847
Due to related parties 109,447 1,058,821 505,087
----------------------------------- ----- ------------------- -------------------- --------------
13,775,801 8,349,281 13,576,823
Share capital 6 27,212,396 24,592,434 26,707,310
Contributed surplus 5,485,207 4,646,153 5,485,207
----------------------------------- ----- ------------------- -------------------- --------------
32,697,603 29,238,587 32,192,517
Accumulated profit/(deficit) 12,029,336 (1,116,548) (7,124,167)
Foreign currency translation
reserve (15,258) 150,884 143,586
Other reserve 1,582 1,582 1,582
12,015,660 (964,082) 7,269,335
TOTAL EQUITY & LIABILTIES 58,489,064 36,623,786 53,038,675
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