TIDMCAF
RNS Number : 9283K
China Africa Resources PLC
29 August 2012
China Africa Resources plc
("China Africa Resources" or the "Company")
Interim Results for the Period to 30 June 2012
China Africa Resources plc today announces its unaudited interim
results for the six months ended 30 June 2012.
For further information contact:
Rod Webster, Chief Executive Officer China Africa Resources plc
+44 (0)207 917 9917
Max Herbert, Company Secretary
Samantha Harrison, RFC Ambrian Limited +44 (0)203 440 6800
Nominated Advisor
Chairman's statement
I am pleased to present the report and accounts for China Africa
Resources plc results for the half year ended 30 June 2012.
Financial Results
During the period the group made a loss of US$0.3 million. The
losses during the period are principally the costs incurred in
managing the head office in the UK offset by an exchange gain on
sterling deposits. The costs of progressing the company's
feasibility study at the Berg Aukas mine were capitalised to
evaluation costs and amounted to US$1.2m in total. The major
component of the evaluation costs incurred in the first half year
was for the drilling campaign.
At 30 June 2012 the Company had $US4.3m in cash reserves.
Review of the period
In the half year we have continued to pursue our primary
objective which is to progress the feasibility study of the Berg
Aukas deposit, as well as continuing to review other business
opportunities and further developing the corporate governance
framework of the Company.
Highlights in the half year were:
-- A diamond drilling campaign to verify the historical records
and to establish a JORC compliant resource continued with over
5,090m drilled in 9 holes. Good mineralisation has been identified
and assay test work is currently underway.
-- Inspection has confirmed that the existing mine shaft at Berg Aukas is in good order.
On 15 May 2012 China Africa Resources had its inaugural Annual
General Meeting. At this meeting resolutions proposing the
re-election of John Bryant and Rod Webster were passed. Further, a
resolution proposing the re-appointment of our incumbent auditor,
BDO LLP, was also passed by shareholders.
On 28 August 2012 I indicated to the Board that I would stand
down both as a director and Chairman of the Company. Having piloted
the Company through its launch and listing the time is right to
hand over to a Chairman who will now build the company from its
base. My other commitments mean that I can no longer devote the
time necessary to drive the development of this Company. I am
pleased that Mr Xu Jinrong who is ideally suited to do this was
elected Chairman of the Company at the meeting on 28 August 2012
will be taking over at this important time. In addition, at the
same board meeting Mr Xie Xingnan, an ECE nominee, was elected to
the board of directors.
Our new director Mr Xie Xingnan brings a significant amount of
experience and technical know-how to an already very capable board
of directors, and I believe that the Company is in very good hands
with a strong board of directors committed to the development of
the Company.
Yi Shao
28 August 2012
Condensed consolidated statement of comprehensive income
for the period 1 January to 30 June 2012
6 months 6 months 17 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
Note US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Administrative expenses (399) (45) (599)
Operating loss (399) (45) (599)
Finance income 3 114 - 4
Finance cost 3 - (1) (393)
Loss for the period before
taxation (285) (46) (988)
Tax expense - - -
Loss for the period attributable
to the equity holders of the
parent (285) (46) (988)
Exchange differences on translation
of foreign operations (23) - (5)
Total comprehensive income
for the period (308) (46) (993)
Loss per share expressed in
cents
Basic and diluted attribututable
to the equity holders of the
parent 2 (0.01c) (0.92c) (0.11c)
Condensed consolidated statement of financial position
as at 30 June 2012
At At At
30 June 30 June 31 December
2012 2011 2011
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Property, plant and equipment 27 - -
Intangible assets 5,537 - 4,305
Total non-current assets 5,564 - 4,305
Current assets
Trade and other receivables 138 201 11
Cash and cash equivalents 4,297 61 5,949
4,435 262 5,960
Total assets 9,999 262 10,265
Current liabilities
Trade and other payables (198) (148) (156)
Total liabilities (198) (148) (156)
Net assets 9,801 114 10,109
Equity
Share capital 377 80 377
Share premium 6,607 80 6,607
Merger relief reserve 4,052 - 4,052
Foreign Exchange Reserve (28) - (5)
Retained deficit (1,207) (46) (922)
Equity attributable to shareholders
of the parent company 9,801 114 10,109
Condensed consolidated statement of changes in equity
for the period 1 January to 30 June 2012
Share Share Merger Foreign Retained Total
capital premium Reserve exchange deficit
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2012 377 6,607 4,052 (5) (922) 10,109
Loss for the period - - - - (285) (285)
Other comprehensive
income
Exchange differences
on translation of foreign
operations - - - (23) - (23)
Balance at 30 June 2012 377 6,607 4,052 (28) (1,207) 9,801
Balance at 20 August
2010 - - - - - -
Issue of Share capital 377 6,658 4,052 - - 11,087
Share based payments - (51) - - 66 15
Loss for the period - - - - (988) (988)
Other comprehensive
income
Exchange differences
on translation of foreign
operations - - - (5) - (5)
Balance at 31 December
2011 377 6,607 4,052 (5) (922) 10,109
Balance at 1 January
2011 - - - - - -
Issue of Share capital 80 80 - - - 160
Share based payments - - - - - -
Loss for the period - - - - (46) (46)
Balance at 30 June 2011 80 80 - - (46) 114
Condensed consolidated cash flow statement
for the period 1 January to 30 June 2012
6 months 6 months 17 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
Loss for the year (285) (46) (988)
Adjusted by:
Unrealised exchange (gains) /
losses (56) 1 371
Depreciation 3 - -
Share based payments - - 15
Interest received (12) - (4)
(350) (45) (606)
Movements in working capital
Increase in trade and other receivables (133) (201) (11)
Increase in trade and other payables 46 148 153
Net cash used in operating activities (437) (98) (464)
Cash flows generated from investing
activities
Interest received 12 - 4
Purchase of property, plant and
equipment (30) - -
Payments for evaluation of feasibility
studies (1,299) - (151)
Net cash used for investing activities (1,317) - (147)
Cash flows from financing activities
Proceeds from issue of equity
shares - 160 7,877
Associated costs of issue of equity
shares - - (946)
Net cash generated by financing
activities - 160 6,931
(Decrease) / Increase in Cash
and cash equivalents in the period (1,754) 62 6,320
Reconciliation to net cash
Cash and cash equivalents at the
beginning of the period 5,949 - -
(Decrease) / Increase in cash (1,754) 62 6,320
Foreign exchange movements 102 (1) (371)
Cash and cash equivalents at the
end of the period 4,297 61 5,949
Notes to the condensed consolidated financial statements
for the period 1 January to 30 June 2012
1. Basis of preparation
The unaudited condensed consolidated interim financial
statements have been prepared using the recognition and measurement
principles of International Accounting Standards, International
Reporting Standards and Interpretations adopted for use in the
European Union (collectively EU IFRSs). The Group has not elected
to comply with IAS 34 "Interim Financial Reporting" as permitted.
The principal accounting policies used in preparing the interim
financial statements are unchanged from those disclosed in the
Group's Annual Report for the year ended 31 December 2011 and are
expected to be consistent with those policies that will be in
effect at the year end. In the opinion of the Directors the interim
financial information for the period presents fairly the financial
position, and results from operations and cash flows for the period
in conformity with the generally accepted accounting principles
consistently applied.
The condensed financial statements for the six months ended 30
June 2012 and 30 June 2011 are un-reviewed and unaudited. The
comparative financial information does not constitute statutory
financial statements as defined by Section 435 of the Companies Act
2006. The comparative financial information for the year ended 31
December 2011 is not the company's full statutory accounts for that
period. A copy of those statutory financial statements has been
delivered to the Registrar of Companies. The auditors' report on
those accounts was unqualified, did not include references to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement
under section 498(2)-(3) of the Companies Act 2006.
2. EARNINGS per share
The calculation of the basic earnings per share is based on the
loss attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period. Diluted
earnings per share are not stated as the dilution would relate only
to share options and would not be material.
6 months 6 months 17 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Basic and diluted loss per share
(US cents) (0.01c) (0.92c) (0.11c)
Loss before tax (285) (46) (988)
Weighted average number of shares
for basic and diluted loss per
share 23,076,924 50,000 8,991,343
3. FINANCE COSTS
6 months 6 months 17 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
US$'000 US$'000 US$'000
(unaudited) (unaudited) (audited)
Finance Income
Bank deposits 12 - 4
Realised exchange gains 46 - -
Unrealised exchange gains 56 - -
Total interest revenue 114 - 4
Finance Costs
Realised exchange losses - - (22)
Unrealised exchange losses on
sterling deposits - (1) (371)
- (1) (393)
Investment revenue earned on financial
assets analysed by category of
asset is as follows:
Loans & receivables (including
cash and bank balances) 12 - 4
This information is provided by RNS
The company news service from the London Stock Exchange
END
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