TIDMPCGB
RNS Number : 8448S
Power Capital Global Ltd
29 September 2014
POWER CAPITAL GLOBAL LIMITED
("Power Capital" or "the Company")
Interim Results for the six months ended 30 June 2014
Power Capital Global Limited (AIM:PCGB), the Asia based natural
resources trading and logistics group, announces that it has today
published its unaudited results for the six months ended 30 June
2014.
Summary
During the period we have made only limited progress in
furthering the development of an Asia based natural resources
trading and logistics platform. We are operating in an extremely
competitive environment where margins are generally under pressure
and volume growth is modest to non existent. Against this
background the Board is now undertaking a broad ranging review of
strategy and of the opportunities available to PCGB. The Board will
report to shareholders in due course when this exercise has been
completed.
Indonesia
PCG Coal (Indonesia) Limited ("PCI"), our 51% joint venture
operating company, has continued to manage its off-take agreement
(the "Agreement") with PT Perdana Maju Utama ("PMU") for one
million metric tonnes of thermal coal. PCI provided advance
payments under the Agreement of US$2 million (the "Advance") in
2013 and these funds were used by PMU to commence commercial strip
mining activities on its concession. Under an addendum signed in
September 2013, PMU is permitted to sell its mined concession
thermal coal direct to third party customers rather than to PCI but
is required to compensate PCI at a rate of US$3.20 per metric tonne
sold, comprised of two parts: (i) US$1.50 in commission payments;
and (ii) a repayment of the Advance principal of US$1.70 (in
aggregate, the "Compensation Payment"). The minimum committed
monthly sales volume is agreed at 50,000 metric tonnes.
PCI invoiced PMU for the minimum monthly contract delivery of
50,000 metric tonnes in accordance with the Agreement, as amended,
in the six-month reporting period. The Directors expect that this
volume of coal will continue to be invoiced by PCI and subsequently
settled going forward until the off-take commitment of one million
metric tonnes of thermal coal is reached. At the date of this
report, PCI has invoiced PMU for the Compensation Payment in
respect of approximately 62% of the committed off-take volume under
the Agreement (618,000 metric tonnes) of which GBP611,000 has been
invoiced in the period under review.
The total value of commission income generated under the
Agreement in the reporting period was approximately GBP287,000 and
the balance on the Advance has been reduced under invoice by
GBP324,000 to approximately GBP533,000 (US$837,000) as at the
reporting date. A total amount of GBP401,000 was invoiced but
unpaid at the end of the reporting period. GBP163,000 of this
outstanding amount has subsequently been settled by PMU in the
period after 30 June 2014.
The Company has made no material progress in further developing
a vertically integrated tin dredging and smelting operation in
Bangka, Indonesia. The next step in the development of this
business opportunity is to commence cassiterite dredging operations
and, for this stage of works to commence, the Company will need to
secure additional funding.
Mongolia
The Company, through its wholly owned subsidiary PCG Mongolia
Limited, owns a 1.4% equity stake in Asia Pacific Investment
Partners Limited ("APIP"). APIP continues to progress well with its
plan to secure a stock exchange listing in Singapore in early
2015.
TSI
The Company has made no further progress in its efforts to hold
constructive discussions with the management and owners of TSI
Holdings Limited ("TSI"). The Company continues to take formal
steps to achieve redress over the current default on loan
repayments from TSI using all forms of recourse available to it.
The amount outstanding under the TSI facility (including accrued
interest) is GBP0.69 million (US$1.09 million) and the Company
fully provided for this sum in a prior accounting period.
Corporate Matters
Recurring operating costs have been reduced during the reporting
period. The board agreed to suspend cash settlement of fee payments
due to directors in August 2013, which took effect from 1 September
2013, with the exception of Mr Graham Newall who continued to
receive his remuneration until January 2014. The total amount
accrued but unpaid to directors at the end of the reporting period
is GBP258,000. It remains the position of the Company's directors
that the moratorium on the settlement of director fees should
remain in place until the Company's funding and / or positive
cashflow outlook is significantly improved.
Mr Newall resigned from the board of the Company in August
2014.
Summary
With continued performance under the existing PMU Indonesian
coal off-take contract and after application of the cost savings
that have recently been implemented by management, the Company is
expected to benefit from marginal positive operating cashflow
(absent unforeseen expenses) through July 2015. A successful
listing of APIP would result in the Company's investment in that
company becoming marketable, subject to any trading restrictions
that may be applied to its shareholding at the time of listing, and
any decision to liquidate this investment position is likely to
provide the Company with an increase in cash resources. The
strategic and business review currently underway is being
undertaken against this background and the difficult market
conditions in which the Company has been operating.
Simon Dewhurst
Chief Executive Officer
29(th) September 2014
Further information
Power Capital Global
Limited
Simon Dewhurst Tel: +852 3695 5150
Northland Capital Partners
Limited
Edward Hutton/Gavin Burnell Tel: +44 (0)20 7382 1100
GTH Communications Limited
Toby Hall Tel: +44 (0)20 7822 7493 /
07713 341072
These interim results together with further information of the
Company are available on the Company's web site:
www.powercapitalglobal.com
Consolidated Statement of Comprehensive Income
For The Six Months Ended 30 June 2014
(expressed in thousands GBP sterling)
Six months Six months Year ended
to 30/06/2014 to 30/06/2013 31/12/2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue - 289 533
Cost of sales - (269) (492)
--------------- --------------- --------------
Gross profit/(loss) - 20 (41)
Administrative expenses (729) (707) (2,194)
Operating loss (729) (687) (2,153)
Other income 297 16 253
Finance costs (48) (70) (120)
--------------- --------------- ------------
Loss before taxation (480) (741) (2,020)
Income tax expense - (1) (2)
--------------- --------------- ------------
Loss for the period/year after
taxation (480) (742) (2,022)
Other comprehensive income - - -
--------------- --------------- ------------
Total comprehensive expenses (480) (742) (2,022)
=============== =============== ============
Attributable to:
Owners of the parent (465) (745) (2,026)
Non-controlling interests (15) 3 4
--------------- --------------- ------------
Total comprehensive expenses (480) (742) (2,022)
=============== =============== ============
Loss per share (basic) (GBP0.006) (GBP0.012) (GBP0.030)
=============== =============== ============
Loss per share (diluted) (GBP0.006) (GBP0.012) (GBP0.030)
=============== =============== ============
Consolidated Statement of Financial Position
As At 30 June 2014
(expressed in thousands GBP sterling)
30/6/2014 30/06/2013 31/12/2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 13 28 21
Loans receivable - 637 -
Available-for-sale investments 1,274 1,273 1,274
---------- ----------- -----------
1,287 1,938 1,295
Current assets
Trade and other receivables 547 211 331
Rental and other deposits 1,040 1,643 1,327
Cash and cash equivalents 19 73 109
---------- ----------- -----------
1,606 1,927 1,767
Current liabilities
Other payables and accruals 1,059 669 800
Amount due to related companies 3,535 3,232 3,482
Provision for current tax - - 1
---------- ----------- -----------
4,594 3,901 4,283
---------- ----------- -----------
Net current liabilities (2,988) (1,974) (2,516)
---------- ----------- -----------
Net liabilities (1,701) (36) (1,221)
========== =========== ===========
Equity
Share capital 6,229 6,134 6,229
Reserves (7,963) (6,218) (7,498)
---------- ----------- -----------
Equity attributable to owners
of the parent (1,734) (84) (1,269)
Non-controlling interests 33 48 48
---------- ----------- -----------
Capital deficiencies (1,701) (36) (1,221)
========== =========== ===========
Consolidated Statement of Changes In Equity
For The Six Months Ended 30 June 2014
(expressed in thousands GBP sterling)
Paid-in Accumulated Total Non- Total
capital losses controlling
interest
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2013 3,058 (5,473) (2,415) 45 (2,370)
Issue of shares upon
conversion of convertible
loan notes 3,076 - 3,076 - 3,076
Total comprehensive
expenses for the six
months to 30 June 2013 - (745) (745) 3 (742)
At 30 June 2013 and
1 July 2013 6,134 (6,218) (84) 48 (36)
Issue of shares upon
equity- settled share-based
arrangement 95 - 95 - 95
Total comprehensive
expenses for the six
months to 31 December
2013 - (1,280) (1,280) - (1,280)
--------- ------------ --------- ------------- ---------
At 31 December 2013
and
1 January 2014 6,229 (7,498) (1,269) 48 (1,221)
Total comprehensive
expenses for the six
months to 30 June 2014 - (465) (465) (15) (480)
At 30 June 2014 6,229 (7,963) (1,734) 33 (1,701)
========= ============ ========= ============= =========
Consolidated Statement of Cash flows
For The Six Months Ended 30 June 2014
(expressed in thousands GBP sterling)
Six months Six months Year ended
to 30/06/2014 to 30/06/2013 31/12/2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flows from operating activities
Loss before taxation (480) (741) (2,020)
Adjustments for:
Depreciation of property, plant
and equipment 8 8 16
Dividend income - - (1)
Provision for bad and doubtful
debts - - 697
Equity-settled share-based payment 17 41 87
Interest income (11) (16) (32)
Finance costs 48 70 120
--------------- --------------- ------------
Operating cash flows before movements
in working capital (418) (638) (1,133)
Increase in trade and other receivables (205) (20) (168)
Decrease /(Increase) in rental
and other deposits 287 (1,615) (1,299)
Increase in other payables and
accruals 193 286 304
--------------- ------------
Cash used in operations (143) (1,987) (2,296)
Income taxes paid - (2) (2)
--------------- --------------- ------------
Net cash used in operating activities (143) (1,989) (2,298)
Cash flows from investing activities
Additions of property, plant
and equipment - - (1)
Interest received - 6 -
--------------- --------------- ------------
Net cash generated from/(used
in) investing activities - 6 (1)
--------------- --------------- ------------
Cash flows from financing activities
Loans from related companies 59 1,854 2,364
Repayments of loans from related
companies (6) - (159)
Net cash generated from financing
activities 53 1,854 2,205
--------- --------
Decrease in cash and cash equivalents (90) (129) (93)
Cash and cash equivalents at
beginning of the financial period 109 202 202
--------- --------
Cash and cash equivalents at
end of the financial period 19 73 109
========= ======== ========
Cash and cash equivalents consist
of:
Cash at bank and in hand 19 73 109
========= ======== ========
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. The interim financial information has been prepared under the
historical cost convention. The principal accounting policies
adopted in the preparation of this interim financial information
are consistent with those followed in the Group's annual financial
statements for the year ended 31 December 2013.
2. The Group has not early adopted certain new standards,
amendments to standards and interpretations that have been issued
at the time of preparing the interim financial information but are
not yet effective. The directors of the Company (the "Directors")
anticipate that all of the pronouncements will be adopted in the
Group's accounting policy for the period beginning after the
effective date of the pronouncements. The Directors are also
currently assessing the impact of these new standards, amendments
to standards and interpretation but are not yet in a position to
state whether they would have material impact on the results and
the financial position of the Group.
3. The interim financial information for the period ended 30
June 2014 does not constitute the Group's statutory accounts for
that period. The interim financial information for the six months
ended 30 June 2014 and 30 June 2013 is unaudited.
4. Loss per share attributable to shareholders has been
calculated on the basis of the net loss after taxation of
GBP465,000 (Six months ended 30 June 2013: loss GBP745,000, Year
ended 31 December 2013: loss GBP2,026,000) and the weighted average
number of shares in issue during the six months ended 30 June 2014
of 74,423,932 (Six months ended 30 June 2013: 62,661,793, Year
ended 31 December 2013: 67,950,037). Diluted loss per share has not
been presented as no dilutive instruments have been issued during
each reporting period presented in financial information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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