TIDMPERE
RNS Number : 2930R
Pembridge Resources plc
29 June 2020
29 June 2020
Financial Statements Released
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to release its annual
report and consolidated financial statements for the year ended
31(st) December 2019.
On 26 June 2020 the Board of Directors of the Company approved
the Annual Report and Consolidated Financial Statements for the
year ended 31 December 2019. During the year the Group made a loss
of US$13,087,000 (2018 - loss of US$3,829,000). The operating loss
of $11,818,000 (2018: $3,829,000) comprised exceptional expenses
from the Minto acquisition of $2,347,000 (2018: nil),
administrative costs of the Company of $3,049,000 (2018:
$3,829,000) and the loss post-acquisition from Minto of $6,422,000
(2018: nil) which reflect the costs of re-starting operations
during the period.
The financial statements are available in pdf form on the
Company's website using the link below.
https://www.pembridgeresources.com/investors/financial-reports-and-presentations
Extracts from the consolidated financial statements follow.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"The financial results for 2019 reflect the investment made and
costs incurred to acquire and restart the Minto mine. Having
achieved this successfully, I am pleased that we are in a position
to face the challenges in front of us as well as grow the business.
Although showing a loss for 2019, it is encouraging to be able to
show the Company generating revenues from operations in the
Consolidated Financial Statements. I look forward to having the
shareholders consider and approve the Annual Report and
Consolidated Financial Statements at an EGM, which is to be called
in the near future."
S
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Explorations Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
Enquiries:
Pembridge Resources plc: +44 (0) 20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
Consolidated statement of comprehensive income
Year ended Year ended
31 December 31 December
2019 2018
US$'000 US$'000
Revenue from contracts with
customers 12,398 -
Production costs (14,739) -
Royalties (204) -
Depreciation and amortisation (3,459) -
Administrative, legal and professional
expenses (3,110) (3,829)
Exceptional items - acquisition and
re-admission costs (2,347) -
Foreign exchange gain / (loss) (357) -
---------------- ----------------
Operating loss (11,818) (3,829)
Finance income - -
Finance cost (1,295) -
---------------- ----------------
Loss before income tax (13,113) (3,829)
Income tax 26 -
---------------- ----------------
Loss for the year (13,087) (3,829)
Other comprehensive income 936 -
Total comprehensive income for
the year (12,151) (3,829)
================ ================
Loss is attributable to:
Non-controlling interest (5,024) -
Shareholders of the Company (8,063) (3,829)
Loss for the year (13,087) (3,829)
================ ================
Total comprehensive income is
attributable to:
Non-controlling interest (4,400) -
Shareholders of the Company (7,751) (3,829)
Total comprehensive income for
the year ( 12,151) (3,829)
================ ================
Year ended Year ended
Earnings per share expressed 31 December 31 December
in US cents 2019 2018
Basic and diluted loss per share
attributable to the equity holders
of the Company (33.5c) (17.1c)
All amounts relate to continuing activities.
Consolidated statement of financial position
31 December 31 December
2019 2018
US$'000 US$'000
Assets
Non-current assets
Property, plant and equipment 50,207 15
Intangible assets 394 148
Long-term deposits 4,040 -
------------ ------------
Total non-current assets 54,641 163
Current assets
Inventories 5,710 -
Trade and other receivables 8,610 240
Cash and cash equivalents 964 151
------------ ------------
Total current assets 15,284 391
------------ ------------
Total assets 69,925 554
Non-Current liabilities
Borrowings (10,631) (103)
Lease liabilities (2,734) -
Reclamation and closure cost
provision (22,438) -
Deferred consideration due
to Capstone (4,305) -
Deferred tax liabilities (270) -
Total non-current liabilities (40,378) (103)
Current liabilities
Trade and other payables (8,736) (1,831)
Borrowings - (279)
Lease liabilities (2,899) -
Deferred consideration due
to Capstone (4,897) -
------------ ------------
Total current liabilities (16,532) (2,110)
------------ ------------
Total liabilities (56,910) (2,213)
Net assets/(liabilities) 13,015 (1,659)
============ ============
Equity
Share capital 825 295
Share premium 8,900 2,902
Capital redemption reserve 1,011 1,011
Translation reserve 312 -
Other reserve 369 66
Retained deficit (13,465) (5,933)
Equity attributable to shareholders
of the Company (2,048) (1,659)
Non-controlling interests 15,063 -
Total equity 13,015 (1,659)
============ ============
Consolidated statement of changes in equity
Share Share Capital Translation Retained Total Non-controlling Total
capital premium redemption / Other deficit interest Equity
reserve reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at
1 January 2018 1,306 2,902 - 165 (2,203) 2,170 - 2,170
Loss for the
year - - - - (3,829) - - (3,829)
Other - - - - - - - -
comprehensive
income for
the year
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Total
comprehensive
income for
the year - - - - (3,829) (3,829) - (3,829)
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Cancellation
of deferred
shares (1,011) - 1,011 - - - - -
Warrants expired - - - (99) 99 - - -
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Total
transactions
with owners
recognised
directly in
equity (1,011) - 1,011 (99) 99 - - -
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Balance at
31 December
2018 295 2,902 1,011 66 (5,933) (1,659) - (1,659)
========== ========= =========== ============ ========= ======== ================ =========
Balance at
1 January 2019 295 2,902 1,011 66 (5,933) (1,659) - (1,659)
Loss for the
year - - - - (8,063) (8,063) (5,024) (13,087)
Other
comprehensive
income - items
that may be
reclassified
subsequently
to profit or
loss
Exchange
difference
on translation - - - 312 - 312 624 936
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Total
comprehensive
income for
the year - - - 312 (8,063) (7,751) (4,400) (12,151)
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Proceeds from
shares issued 530 6,109 - - - 6,639 - 6,639
Direct cost
of shares
issued - (111) - - - (111) - (111)
Equity element
of convertible
loan - - - 53 - 53 - 53
Investment
by
non-controlling
interest in
Minto share
capital 531 531 1,059 1,590
Non-controlling
interest on
acquisition
of subsidiary - - 18,404 18,404
Share-based
payments - - - 250 - 250 - 250
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Total
transactions
with owners
recognised
directly in
equity 530 5,998 - 303 531 7,362 19,463 26,825
---------- --------- ----------- ------------ --------- -------- ---------------- ---------
Balance at
31 December
2019 825 8,900 1,011 681 (13,465) (2,048) 15,063 13,015
========== ========= =========== ============ ========= ======== ================ =========
The following describes the nature and purpose of each reserve
within Group and Company owners' equity:
Reserve Description and purpose
Share capital Nominal value of shares issued.
Share premium Amount subscribed for share capital in excess of
nominal value, less share issue costs.
Capital redemption Reserve created on cancellation of deferred shares.
reserve
Other reserve Cumulative fair value of warrants and share options
granted, together with the equity element of the
convertible loan.
Translation reserve Cumulative translation adjustment from retranslation
of group undertakings with functional currencies
other than USD.
Retained deficit Cumulative net gains and losses recognised in the
statement of comprehensive income.
Non-controlling Non-controlling interests represent the portion
interest of the equity of a subsidiary not attributable either
directly or indirectly to the parent company and
are presented separately in the Consolidated Statement
of comprehensive income and within equity in the
Consolidated statement of financial position, distinguished
from parent company shareholders' equity.
Consolidated cash flow statement
Year ended Year ended
31 December 31 December
2019 2018
US$'000 US$'000
Cash flows from operating activities
Loss for the year (13,087) (3,829)
Adjusted for:
Net finance costs 1,295 -
Unrealised FX on debt included in administrative
expenses (169) -
Depreciation 3,459 5
Tax charge / (credit) (26) -
Share based payments 250 -
------------ ------------
(8,278) (3,824)
Movements in working capital
Decrease / (increase) in inventories (3,248) -
Decrease / (increase) in trade and other
receivables (8,252) (344)
Increase / (decrease) in trade and other
payables 6,752 1,928
------------ ------------
Cash used by operations (13,026) (2,240)
Income taxes recovered / (paid) - -
Net cash used in operating activities (13,026) (2,240)
Cash flows from investing activities
Payments into long-term deposits (1,582) -
Purchase of property, plant and equipment (490) (18)
Purchase of mining claims (237) -
------------ ------------
Net cash used in investing activities (2,309) (18)
Cash flows from financing activities
Interest payments (497) -
Repayment of borrowings (647) -
Proceeds from borrowings 10,754 382
Lease payments (1,621) -
Proceeds from issuance of shares 8,149 -
------------ ------------
Net cash generated from financing activities 12,974 382
------------ ------------
Net increase in cash and cash equivalents 803 (1,876)
Cash and cash equivalents at beginning
of year 151 2,027
Impact of exchange rates on cash balances 10 -
------------ ------------
Cash and cash equivalents at end of year 964 151
------------ ------------
BASIS OF PREPARATION
The Group's Financial Statements are presented in United States
dollars (US$), which is also the functional currency of the
Company, and rounded to the nearest thousand.
The Financial Statements from which these extracts are taken
have been prepared in accordance with International Financial
Reporting Standards (IFRSs) and IFRIC interpretations (IFRS IC) as
adopted by the European Union, and with the Companies Act 2006
applicable to companies reporting under IFRS. The Financial
Statements have been prepared under the historical cost convention,
except as modified for assets and liabilities recognised at fair
value on a business combination and contingent consideration
measured at fair value.
Going concern
The Financial Statements from which these extracts are taken
have been prepared on a going concern basis. In assessing whether
the going concern assumption is appropriate, the Directors have
taken into account all relevant available information about the
current and future position of the Group and Company, including the
current and future level of resources. As part of their assessment,
the Directors have also taken into account the need for the Company
to raise additional funding during the going concern period.
Further funding will be required by the Company either through
equity raisings or other financial arrangements and this additional
funding is not guaranteed, however to date the Company has been
successful in securing funding when required.
The Company has no income stream of its own and is reliant,
until it is able to receive an income from its investment in Minto,
on funding from equity and loans. The company is in the process of
obtaining such funding and its management are confident that it can
meet its contracted and committed expenditure for at least the next
12 months. Minto has received commitments from its other investors,
Cedro Holdings and Copper Holdings, they will support its
operations for at least the next 12 months. The need for the
Company to raise additional funds at the required amount during the
going concern period indicates that a material uncertainty exists
which may cast significant doubt on the Company's ability to
continue as a going concern, and therefore its ability to settle
its debts and realise its assets in the normal course of
business.
At present the Group believes that there should be no
significant material disruption to its mining operations from
COVID-19, but the Board continues to monitor these risks and
Minto's business continuity plans.
Having prepared forecasts based on current resources, assessing
methods of obtaining additional finance and assessing the possible
impact of COVID-19, the Directors believe the Group and Company
have sufficient resources to meet its obligations for a period of
12 months from the date of approval of these Financial Statements.
Taking these matters into consideration, the Directors continue to
adopt the going concern basis of accounting in preparing these
Financial Statements. The Financial Statements do not include the
adjustments that would be required should the going concern basis
of preparation no longer be appropriate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR KKFBQABKDOAB
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June 29, 2020 02:00 ET (06:00 GMT)
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