RNS Number:0861R
Latitude Resources plc
31 March 2008
NEWS RELEASE 31-3-2008
Latitude Resources plc
Interim Results for the Six Months ending 31 December 2007
HIGHLIGHTS
* Profit before taxation of �5.39 million
* Sale of Latin American Copper Chile to Tamaya Resources Limited for
85 million shares
* Gross cash after post period disposals of approximately �16.5 million
before tax and expenses
* Appointment of Andrew Myers as a Non-Executive Director
For further information please contact:
Latitude Resources plc
Martyn Konig (Chief Executive Officer) Phone: +44 (0) 20 7087 7971
Fax: +44 (0) 20 7734 3870
Email: info@latituderesources.com
Evolution Securities Limited
Rob Collins Phone: +44 (0) 20 7071 4300
Fax: +44 (0) 20 7071 4451
Email: Robert.collins@evosecurities.com
CHIEF EXECUTIVE OFFICER'S STATEMENT
I am pleased to present my review for the period ending 31 December 2007.
Investment Activities
In the recent annual report, we announced that having concluded that the
operating environment in Chile tended to favour larger companies with existing
Chilean mining operations, the Group disposed of its Chilean assets to Tamaya
Resources Limited (ASX Code: TMR) ("Tamaya"), an Australian junior mining
company in consideration of Tamaya granting to Latitude Management Capital Inc
("LMC") 85 million shares. During the period, LMC has sold, for cash,
approximately 54 million shares in Tamaya, generating proceeds of approximately
�7.2 million.
The Company also disposed of its investment in Tanami Gold generating proceeds
of approximately �0.5 million
Financial
During the six months ended 31 December 2007, the Group made a consolidated net
profit after taxation of �5,390,000, compared to a restated profit for the
period ended 31 December 2006 of �750,000. The gain after tax in the period was
due to the profit on the sale of Latin American Copper Chile. Interest earned
during the period totaled �178,000 with �10.5 million of cash at the end of
December.
Board Changes
On behalf of the Board, I would like to express my sincere gratitude to Barry
Rayment who will be stepping down as a non-executive director. Barry has been an
integral part of Latitude since 2003 and his skills and commitment have helped
us enormously, particularly during the development and sale of our Chilean
mining assets. At the same time, I am pleased to welcome Andrew Leon Myers, aged
36,to the Board. Andrew is a chartered accountant who has worked with the
Company for the past couple of years.
Andrew is currently a director of Enable Holdings Limited, Enable Limited and
Nannytax Limited. There are no further details to disclose in respect of
paragraph G of Schedule 2 to the AIM rules.
Outlook
As announced to the market on 29 February 2008, the Company is pleased to announce
that it has now sold its remaining investments. Following the sale, the Company
had gross cash of approximately �16,500,000 before expenses and tax. Accordingly,
the Company is now in a very good position to take advantage of opportunities as
and when they arise.
The Company has continued to explore new investment opportunities in accordance
with the Investing Strategy as set out in its Circular dated 13 August 2007. The
Investing Strategy is to seek, identify, evaluate and acquire interests in
prospective projects and companies in the resource sector with a view to providing
expertise, management support and, subject to further fundraising, capital to those
projects and companies as appropriate.
In closing I should like to take this opportunity to thank our staff,
shareholders, and advisors for their excellent support during a very exciting
period for the Company.
Martyn Konig
Chief Executive Officer
31 March 2008
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 December 2007
(Unaudited) (Unaudited) (Audited)
Restated 6 Restated 12
6 months months months
ended ended ended
31 December 31 December 30 June
2007 2006 2007
�'000 �'000 �'000
Continuing operations
Revenue - 26 38
Cost of sales - - -
_____________________________________
Gross profit - 26 38
Administrative expenses (423) (400) (1,362)
_____________________________________
Operating loss (423) (374) (1,324)
Profit on sale of fixed asset 1,576 1,739 3,133
investments
Fair value impairment - (514) (509)
Interest receivable 178 55 94
_____________________________________
Profit on ordinary activities 1,331 906 1,394
before taxation
Tax on loss on ordinary (249) - (590)
activities
_____________________________________
Profit for the period from 1,082 906 804
continuing operations
Discontinued operations (note 2) 4,308 (156) (317)
_____________________________________
Profit for the period 5,390 750 487
_____________________________________
Basic gain per share (note 7) 2.0p 0.3p 0.2p
Fully diluted gain per share (note 7) 1.9p 0.2p 0.2p
CONSOLIDATED BALANCE SHEET
For the six months ended 31 December 2007
(Unaudited) (Unaudited) (Audited)
Restated 6 Restated
6 months months 12 months
ended ended ended
31 December 31 December 30 June
2007 2006 2007
�'000 �'000 �'000
Assets
Property, plant & equipment 6 42 37
Intangible assets 116 3,026 116
Available for sale investments 8,046 6,408 6,959
_____________________________________
Total non-current assets 8,168 9,476 7,112
_____________________________________
Other receivables and prepayments 162 161 167
Cash and cash equivalents 10,522 2,447 3,657
_____________________________________
Total current assets 10,684 2,608 3,824
_____________________________________
18,852 12,084 10,936
=====================================
Total assets
Equity
Issued share capital 2,695 2,695 2,695
Share premium 6,976 6,976 6,976
Other reserves 112 112 112
Fair value reserve 4,046 4,435 2,342
Retained profit /(loss) 3,012 (2,341) (2,378)
_____________________________________
Total equity 16,841 11,877 9,747
_____________________________________
Liabilities
Trade and other payables 77 207 599
Current tax payable 1,934 - 590
_____________________________________
Total current liabilities 2,011 207 1,189
_____________________________________
Total equity and liabilities 18,852 12,084 10,936
=====================================
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the six months ended 31 December 2007
Share Share Other Fair Retained Total
capital premium reserves value losses equity
reserve
�'000 �'000s �'000 �'000s �'000s �'000
As at 1 July 2006 2,695 6,976 71 5,937 (3,053) 12,626
Gain for the - - - - 752 752
period
Exchange loss on - - - - (40) (40)
foreign currency
net investments
Total income and - - - - (2,341) 13,338
expense
recognised
directly in
equity
__________________________________________________
Increase/ - - - (1,502) - (1,502)
(decrease) in
fair value
reserve
Share option - - 41 - - 41
costs recognised
in reserves
___________________________________________________________________
As at 31 December 2,695 6,976 112 4,435 (2,341) 11,877
2006
Loss for the - - - - (265) (265)
period
Exchange loss on - - - - 21 21
foreign currency
net investments
Prior year - - - - 207 207
adjustment
__________________________________________________
Total income and - - - 4,435 (2,378) 11,840
expense
recognised
directly in
equity
Increase/ - - (2,093) - (2,093)
(decrease) in
fair value
reserve
___________________________________________________________________
As at 30 June 2007 2,695 6,976 112 2,342 (2,378) 9,747
Gain for the period 1,082 1,082
Gain on available for - - - - 4,308 4,308
sale investments
__________________________________________________
Total income and - - - - 3,012 15,137
expense recognised
directly in equity
Increase/ (decrease) - - - 1,704 - 1,704
in fair value reserve
__________________________________________________
As at 31 December
2007 2,695 6,976 112 4,046 3,012 16,841
__________________________________________________
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December
2007
(Unaudited) (Unaudited) (Audited)
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2007 2006 2007
�'000 �'000 �'000
Cash flows from operating activity
Operating loss (423) (374) (1,324)
Depreciation and amortisation charge - - 14
Decrease/ (increase) in other 5 (87) (94)
receivables and prepayments
Increase/ (decrease) in trade and (524) (12) 382
other payables
Share option charge - 41 41
Discontinued operations (note 2) (75) (156) (317)
Net cash outflow from operating (1,017) (588) (1,298)
activities
____________________________________
Cash flow from investing activities
Proceeds from sale of fixed asset 7,704 2,569 4,883
investments
Purchase of fixed asset investments - (2,320) (2,320)
Purchase of property, plant and equipment - (20) (18)
Purchase of intangible assets - (1,018) (1,480)
Interest received 178 55 94
Discontinued operations (note 2) - - -
Net cash inflow from investing 7,882 (734) 1,159
activities
Net increase in cash and cash 6,865 (1,322) (139)
equivalents
Cash and cash equivalents at 3,657 3,801 3,801
beginning of period
Exchange differences - (32) (5)
____________________________________
Cash and cash equivalents at end 10,522 2,447 3,657
of period ____________________________________
Notes to the interim financial statements
For the six months ended 31 December 2007
1. Basis of preparation
IFRS
The interim financial statements have been prepared on the basis of the
recognition and measurement requirements of International Financial Reporting
Standards (IFRS) as adopted by the European Union (EU) and implemented in the
UK. Previously, Latitude Resources plc prepared financial statements in
accordance with UK Generally Accepted Accounting Principles (UK GAAP). As the
2007 interim financial statements include comparatives for 2006, the Group's
date of transition to IFRS was 1 July 2006 and the 2006 comparatives are
restated according to IFRS.
Details of the accounting policies applied in the preparation of the interim
financial statements are set out on pages 12 to 16.
The Group's first IFRS annual financial statements will be prepared for the year
ending 30 June 2008. The IFRS interim financial statements do not include all
the information required for full IFRS annual financial statements.
The financial information for contained in this report has not been audited and
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The comparative figures for the year ended 30 June 2007 were
derived from the Group's audited financial statements for that period as filed
with the Registrar of Companies as restated for IFRS. It does not constitute the
financial statements for that period. Those accounts received an unqualified
audit report which did not contain any statement under sections 237(2) or (3) of
the Companies Act 1985.
2. Discontinued operations
The Group completed the sale of Latin American Copper Chile Holdings Limited on
5 September 2007 for consideration of 85 million shares in Tamaya. A breakdown
of the results of discontinued operations is shown below.
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
31/12/2007 31/12/2007 31/12/2007 31/12/2007
�'000 �'000 �'000 �'000
Revenue - - - -
Operating loss before (75) - - (75)
exceptional items
Profit on disposal of LAC 5,478 - - 5,478
Chile Holdings
___________________________________________
Profit before taxation 5,403 - - 5,403
Taxation (1,095) - - (1,095)
___________________________________________
Net Profit 4,308 - - 4,308
___________________________________________
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
31/12/2006 31/12/2006 31/12/2006 31/12/2006
�'000 �'000 �'000 �'000
Revenue - - - -
Operating loss before (156) - - (156)
exceptional items
Profit on disposal of LAC - - - -
Chile Holdings
__________________________________________
Profit/ (loss) before (156) - - (156)
taxation
Taxation - - - -
__________________________________________
Net Profit (156) - - (156)
__________________________________________
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
30/06/2007 30/06/2007 30/06/2007 30/06/2007
�'000 �'000 �'000 �'000
Revenue - - - -
Operating loss before (317) - - (317)
exceptional items
Profit on disposal of LAC - - - -
Chile Holdings
___________________________________________
Profit/ (loss) before (317) - - (317)
taxation
Taxation - - - -
___________________________________________
Net Profit (317) - - (317)
___________________________________________
Cash flows relating to discontinued operations are as follows:
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
31/12/2007 31/12/2007 31/12/2007 31/12/2007
�'000 �'000 �'000 �'000
Cash flow from operating (75) - - (75)
activities
Cash flow from investing -
activities
__________________________________________
(75) - - (75)
__________________________________________
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
31/12/2006 31/12/2006 31/12/2006 31/12/2006
�'000 �'000 �'000 �'000
Cash flow from operating (156) - - (156)
activities
__________________________________________
Cash flow from investing
activities (156) - - (156)
__________________________________________
Latin Latitude Latitude
American Management Resources
Copper Capital plc Total
30/06/2007 30/06/2007 30/06/2007 30/06/2007
�'000 �'000 �'000 �'000
Cash flow from operating (317) - - (317)
activities
__________________________________________
Cash flow from investing
activities (317) - - (317)
__________________________________________
3. Taxation
The taxation charge, including amounts disclosed within discontinued operations,
may be analysed as follows:
6 months to 6 months to Year to
31/12/2007 31/12/2006 30/06/2007
�'000 �'000 �'000
Continuing operations
- Current year 249 - 590
__________________________________
Total corporation tax charge for 249 - 590
continuing operations
Discontinued operations
- Prior year 1,095 - -
__________________________________
Total tax charge 1,344 - 590
__________________________________
The group has accumulated losses which may be available for utilisation against
profits arising in the period. Were the company able to make use of these losses
the tax charge for the period would reduce by �288,000, however at this time the
asset has not been recognised as their use is uncertain.
The gain arising on the sale of the Chilean operations is potentially exempt
from tax under the application of the substantial shareholding exemption. The
availability or otherwise of this relief is unclear and has not, at this time,
been confirmed by HM Revenue & Customs, hence a �1,095,000 provision has been
made for the tax liability that would arise if relief were denied.
4. Intangible fixed assets
6 months to 6 months to Year to
31/12/2007 31/12/2006 30/06/2007
�'000 �'000 �'000
Deferred exploration costs
Cost and net book value
At beginning of period 3,467 2,010 2,010
Additions - 1,018 1,480
Written-off - - -
Provided - - -
Disposals (3,351) - -
Exchange difference - (3) (23)
Transfer to Assets held for - - (3,351)
sale
________________________________
At end of period 116 3,025 116
________________________________
The intangible fixed assets disposed of in the year relate to the Chilean
enterprises which were discontinued at 30 June 2007 and disposed of for shares
in Tamaya.
5. Segment reporting
Business segments
The Group had only one business segment, namely the exploration for and
development of mineral projects. This is considered to be the primary reporting
segment for the Group.
6. Capital and reserves
Share capital and share premium
At 30 June 2007 the Company's issued share capital comprised 269,525,377
Ordinary Shares of �0.01 each.
No shares have been issued in the period (30 June 2007 and 31 December 2006:
nil).
Other reserves
Other reserves comprise the following:
The share option reserve, totalling �112,000 (30 June 2007 and 31 December 2006:
�112,000), includes an expense based on the fair value of share options issued
since 7 November 2002 that had not vested by 1 January 2006. The Company did not
issue any share options during the period.
Fair value reserve
The fair value reserve, totalling �4,046,000 (30 June 2007 restated: �2,342,000;
31 December 2006 restated: �4,435,000), resulted from revaluing available for
sale financial assets at each period end. Valuation changes are recognised
immediately in the Statement of Changes in Shareholders' Equity. Previously,
such investments were carried at the lower of cost and net realisable value.
7. Earnings per share
6 months 6 months
to to Year to
31/12/2007 31/12/2006 30/06/2007
(restated) (restated)
� � �
Basic earnings/(loss) per share - 0.4 0.3 0.3
continuing operations
Basic earnings/(loss) per share - 1.6 - (0.1)
discontinued operations
___________________________
Basic earnings/(loss) per share - 2.0 0.3 0.2
total
Diluted earnings/(loss) per share - 0.4 0.2 0.3
continuing operations
Diluted earnings/(loss) per share - 1.5 - (0.1)
discontinued operations
___________________________
Diluted earnings/(loss) per share - 1.9 0.2 0.2
total
Basic earnings per share is calculated by dividing the earnings attributable to
equity shareholders of �5,390,000 (31 December 2006 and 30 June 2007: restated
gains �750,000 and �487,000 respectively) by the weighted average number of
ordinary shares in issue during the year.
The total attributable to equity shareholders is split between continuing and
discontinued activities as follows;
6 months 6 months Year to
to to
31/12/2007 31/12/2006 30/06/2007
(restated) (restated)
�'000 �'000 �'000
Continuing operations 1,082 1,420 804
Discontinued operations 4,308 (156) (317)
_____________________________
5,390 1,264 487
For diluted earnings per share, the weighted average number of ordinary shares
in issue during the year is adjusted to include the weighted average number of
ordinary shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
The reconciliation of basic and diluted weighted average number of ordinary
shares is as follows:
6 months to 6 months to Year to
31/12/2007 31/12/2006 30/06/2007
Basic weighted average shares 269,525,377 269,525,377 269,525,377
Adjustment for dilutive potential 19,000,000 32,602,387 25,664,384
ordinary shares
___________________________________
Diluted weighted average shares 288,525,377 302,127,744 295,189,761
Transition to IFRS
The Group has adopted IFRS with effect from 1 July 2006. The directors have
elected a transition date of 1 July 2007 as this is the start date for which the
Group will present full comparative information under IFRS in the 2007 Annual
Report and Accounts.
Basis of transition
The accounting policies set out on pages 12 to 16 have been applied in preparing
the restatement of the financial statements for the year ended 30 June 2007 and
in the preparation of an opening IFRS balance sheet at 1 July 2006 (the Group's
date of transition).
In preparing its opening IFRS balance sheet, the Group has adjusted amounts
reported previously in financial statements prepared in accordance with its
previous basis of accounting (UK GAAP).
IFRS 1 exemptions
The Group has elected to apply the following exemptions from full retrospective
application.
a) Fair value or revaluation as deemed cost: The Group has chosen not to restate
items of property, plant and equipment to fair value at the transition date.
b) Cumulative translation differences: The Group has elected to set the
previously accumulated translation difference to zero at the date of transition.
c) Share based payments: The Group has elected to apply IFRS 2 only to those
options that were granted after 7 November 2002 but that had not vested by 1
July 2006.
Effects of adopting IFRS on the Group's accounting policies
The adoption of IAS 39 has resulted in the Group revaluing available for sale
financial assets at each period end. Valuation changes are recognised
immediately in the Statement of Changes in Shareholders' Equity. Previously,
such investments were carried at the lower of cost and net realisable value.
3. Explanation of adjustments to the cash flow statement
The movement in liquid resources, which comprise the cash equivalents of the
Group, was classified as a cash flow under UK GAAP. Under IFRS, liquid resources
have been reclassified as cash equivalents and movements are a component of the
increase or decrease in cash and cash equivalents in the year.
There are no other differences between the cash flow statement presented under
IFRS and the cash flow statement presented under UK GAAP.
The principal accounting policies of the Group on the adoption of IFRS are set
out below.
Basis of consolidation
i) Subsidiaries
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up to
30 June each year. Control is recognised where the Company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies into line with those used by the
Group.
ii) Transactions eliminated on consolidation
Intra-group balances and any unrealised gains and losses or income and expenses
arising from intra-group transactions, are eliminated in preparing the
consolidated financial statements.
Unrealised gains arising from transactions with associates are eliminated to the
extent of the Group's interest in the entity. Unrealised losses are eliminated
in the same way as unrealised gains, but only to the extent that there is no
evidence of impairment.
Foreign currency
The Company's functional and presentational currency is Sterling rounded to the
nearest thousand and is the currency of the primary economic environment in
which the Group operates.
i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate
ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to
Sterling at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement.
ii) Financial statements of foreign operations
On consolidation, the assets and liabilities of the Group's overseas operations
that do not have a Sterling functional currency are translated at exchange rates
prevailing at the balance sheet date. Income and expense items are translated at
the average exchange rate for the period. Exchange differences arising are
classified as equity and transferred to the Group's translation reserve. Such
translation differences are recognised in the income statement in the period in
which the operation is disposed of.
iii) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in
foreign operations are taken to the translation reserve. They are released into
the income statement upon disposal of the foreign operation.
Financial instruments
i) Investments
Equity financial instruments held by the Group are classified as being
available-for-sale (and are stated at fair value, with any resultant gain or
loss recognised directly in equity, except for impairment losses.) When these
investments are sold the cumulative gain or loss previously recognised directly
in equity is recognised in the income statement.
ii) Trade and other receivables
Trade and other receivables are not interest bearing and are stated at cost.
iii) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, other short-term highly liquid investments with original maturities of
three months or less, and bank overdrafts.
iv) Trade and other payables
Trade and other payables are not interest bearing and are stated at amortised
cost.
Property, plant and equipment
i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated
depreciation (see below) and impairment losses (see accounting policy below).
ii) Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and
equipment the cost of replacing part of such an item when that cost is incurred
if it is probable that the future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured reliably. All
other costs are recognised in the income statement as an expense as incurred.
iii) Depreciation
Depreciation is charged to the income statement on a straight-line basis over
the estimated useful lives of each item of property, plant and equipment. Land
is not depreciated. The estimated useful lives of all other categories of assets
are three years.
The residual value is assessed annually. Gains and losses on disposal are
determined by comparing proceeds with carrying amount and are included in the
income statement.
Intangible assets
Deferred exploration and evaluation costs
All costs incurred prior to obtaining the legal right to undertake exploration
and evaluation activities on a project are written-off as incurred. Costs
associated with large scale early stage exploration activity to identify
specific targets for detailed exploration and evaluation work are recognised in
the income statement as incurred.
Exploration and evaluation costs arising following the acquisition of an
exploration licence are capitalised on a project-by-project basis, pending
determination of the technical feasibility and commercial viability of the
project. Costs incurred include appropriate technical and administrative
overheads. Deferred exploration costs are carried at historical cost less any
impairment losses recognised. If an exploration project is successful, the
related expenditures will be transferred to mining assets and amortised over the
estimated life of the ore reserves on a unit of production basis.
The recoverability of deferred exploration and evaluation costs is dependent
upon the discovery of economically recoverable ore reserves, the ability of the
Group to obtain the necessary financing to complete the development of ore
reserves and future profitable production or proceeds from the disposal thereof.
Impairment
Whenever events or changes in circumstance indicate that the carrying amount of
an asset may not be recoverable an asset is reviewed for impairment. An asset's
carrying value is written down to its estimated recoverable amount (being the
higher of the fair value less costs to sell and value in use) if that is less
than the asset's carrying amount.
Impairment reviews for deferred exploration and evaluation costs are carried out
on a project by project basis, with each project representing a potential single
cash generating unit. An impairment review is undertaken when indicators of
impairment arise but typically when one of the following circumstances apply:
i) unexpected geological occurrences that render the resource uneconomic;
ii) title to the asset is compromised;
iii) variations in metal prices that render the project uneconomic; and
iv) variations in the exchange rate for the currency of operation.
Share capital
The Company's ordinary shares are classified as equity.
Share based payment transactions
The Group has applied the requirements of IFRS 2 (share based payments), in
accordance with the transitional provisions, to all equity instruments granted
after 7 November 2002 which had not vested at 1 July 2006. Directors, senior
executives and consultants of the Group have been granted options to subscribe
for ordinary shares. All options are share settled.
Share based payments are measured at fair value at the date of grant which is
expensed on a straight line basis over the vesting period, based on the group's
estimate of shares that will eventually vest. Fair value is estimated using the
Black Scholes model. The estimated life of the instruments used in the model is
adjusted for management's best estimate of the effects of non-transferability,
exercise restrictions and behavioural considerations
Provisions
Provisions are recognised when the Group has a legal or constructive obligation
as a result of past events, it is more likely than not that an outflow of
resources will be required to settle the obligation and the amount can be
reliably estimated.
Expenses
Operating lease payments
Payments made under operating leases are recognised on a straight-line basis
over the term of the lease.
Taxation
The charge for taxation is based on the profit or loss for the year and takes
into account deferred tax.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit or loss, and is accounted for using the balance sheet method. Deferred
tax assets are only recognised to the extent that it is probable that future
taxable profit will be available in the foreseeable future against which the
temporary differences can be utilised.
Segment reporting
A segment is a component of the Group distinguishable by economic activity
(business segment), or by its geographical location (geographical segment),
which is subject to risks and rewards that are different from those of other
segments.
Critical accounting estimates and judgements
The preparation of financial statements under the principles of IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
Information about such judgements and estimates is contained in the accounting
policies and/or the notes to the interim statement
For further information please contact:
Martyn Konig, Director,
Latitude Resources plc
Phone +44 (0) 207 087 7971, Fax +44 (20) 7734 3870
Email: info@latituderesources.com
Note:
Latitude's shares are traded on the London Stock Exchange Alternative Investment
Market (AIM) under the symbol LTR and are quoted in Sterling. No stock exchange,
securities commission or other regulatory authority has approved or disapproved
the information contained herein. The directors of Latitude Resources plc accept
responsibility for the contents of this announcement
This information is provided by RNS
The company news service from the London Stock Exchange
END
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