TIDMALO
RNS Number : 7141A
Alecto Minerals PLC
30 September 2015
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
30 September 2015
Alecto Minerals plc ('Alecto' or the 'Company', and with its
subsidiaries, the 'Group')
Interim Results for the six months ended 30 June 2015
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral
exploration company focused on Africa, announces its unaudited
interim results for the six months ended 30 June 2015.
Highlights:
-- Good progress being made on identifying a suitable asset with
the potential to deliver near to mid-term gold production in
Africa
-- Working to deliver cash flow from Kossanto East -
Co-operation Agreement signed with Desert Gold, which owns a
neighbouring deposit, to evaluate jointly developing the two
projects
o Scoping Study post period end suggests that the two projects
combined could deliver an annual production rate of approximately
27,000 oz Au, generating approximately US$97.5 million in gross
revenue over an estimated life of mine of just over three years
-- Grades encountered at Kossanto West have attracted interest
from potential partners - discussions being advanced
-- Delivered value at low cost at Kerboulé - resource estimate
(non-JORC) of 6.2Mt grading at 1.16g/t Au for 230,758 oz Au, at a
cut-off grade of 0.5g/t Au identified
-- Cost cutting initiatives implemented effectively - loss
before taxation cut by approximately 40% to GBP264,320
-- Disposal of Ethiopian assets post period end in line with
strategy to focus on becoming a gold producer - reflects the
greenfield nature of the projects and the difficulty of funding
early stage exploration
Alecto's CEO, Mark Jones, commented:
"Our activities during the period have moved us decidedly closer
to reaching our target of delivering cash flow to Alecto. The
economics associated with bringing Kossanto East into production
alongside Desert Gold's neighbouring deposit, to create a potential
27,000 gold ounce per annum operation, look very attractive and
news flow over the coming months will demonstrate our commitment to
advancing this opportunity. We have also been actively evaluating
and advancing negotiations in respect to new projects which fit our
vision of transforming the Company into a producer in the near to
mid-term and this has been conducted in tandem with discussions
related to securing a partner for Kossanto West and Kerboulé, which
have excellent credentials. Therefore, I hope shareholders will
share in our excitement for the months ahead and I look forward to
providing updates at the appropriate time."
Chairman's Statement
Alecto has a clear vision: to become a gold producer in Africa
in the near to mid-term. Accordingly, we continue to pursue this
objective and seek to identify a suitable acquisition opportunity
that would transform Alecto into a pre-production company with near
to mid-term revenue potential, and I look forward to providing an
update on this as and when appropriate.
Following the disposal of our Ethiopian assets, our existing
portfolio now consists of the Kossanto East, Kossanto West and
Karan Gold Projects in Mali, the Kerboulé Gold Project ('Kerboulé')
in Burkina Faso and our IOCG exploration licences in Mauritania,
which continue to have significant value potential and we are
endeavouring to progress these in line with our strategy of
becoming a gold producer in the near to mid-term.
We have identified a potential route to achieving future
production at Kossanto East through working closely with owners of
neighbouring assets, to jointly develop such deposits and thereby
ultimately deliver production whilst benefitting from cost
efficiencies. This has led to a co-operation agreement, as
announced in March 2015, with TSX listed Desert Gold Ventures Inc.
(TSX.V: DAU) ('Desert Gold') to investigate methods of developing
its Barani East deposit alongside Kossanto East (the 'Co-operation
Agreement'). As described further below, such collaboration has
been fruitful and the recent scoping study has highlighted the
positive economic benefits of bringing both projects into
production simultaneously.
The grades encountered from initial drilling at Kossanto West
have attracted interest and negotiations are continuing with
regards to entering into a potential joint venture for the
advancement of this project. This would then enable us to retain
exposure to the project and future ounces but with minimal further
cost or operational input from Alecto, thereby enabling us to
pursue our primary strategy. We have also started preliminary
discussions on a joint venture for Kerboulé. Since acquiring it
last November, we have demonstrated the potential to develop a JORC
resource, which has led to interest from a number of potential
partners.
In line with our strategy to focus on becoming a gold producer,
we have announced the sale of our Ethiopian assets to a local
company. This disposal followed the termination of our joint
venture with Centamin plc in February 2015 and reflects the early
stage nature of the projects and the vast licence areas, which
meant that any future exploration campaign would be prohibitively
expensive and high risk. The Company continues to focus on
identifying a similar exit opportunity for our Mauritanian assets,
following the renewal of the existing exploration permits in August
2014.
Kossanto East Gold Project
In 2014, we successfully increased the inferred JORC code
complaint resource estimate at Kossanto East by 131% to 6.72Mt at
an average grade of 1.14g/t Au for 247,000 oz Au with a 0.5g/t Au
cut-off. A number of similar sized deposits are located within 10km
of the project and in light of the similar nature of the
mineralisation in such deposits, we considered it a logical next
step to commence discussions with our neighbours, with a view to
collaboratively developing these assets towards production. Our
initial discussions led to the signing in March 2015 of the
Co-operation Agreement with Desert Gold, titleholder of the
Farabantourou Gold Project which contains the Barani East deposit
and which is situated adjacent to Alecto's Kossanto East Gold
Project. Since then, together with Desert Gold, we have completed
an internal scoping study which highlights the limited capital
costs, operating costs and cost savings which could be achieved in
developing the deposits together. The study is based on a plan to
jointly develop a 400,000 tonnes per annum gold heap leach
operation, which would combine the resources from Kossanto East and
Barani East.
The internal scoping study suggests that capital expenditure of
approximately US$14.3 million would provide for a production rate
of approximately 27,000 ounces of gold per annum from the two
projects, with estimated production costs of approximately US$582
per ounce over the estimated three year life of the mining
operation. At a gold price of US$1,200 per troy ounce, this equates
to approximately US$97.5 million in gross revenue with an NPV (10%
discount rate) of US$27.4 million and an IRR of 107%. There is
potential to extend the life of mine through further exploration of
the permits, which would be funded from cash flows. We are now
seeking to formalise the terms of a mining joint venture company
with Desert Gold for the joint development of the deposits and to
then proceed with an application for a mining licence covering the
two permits. We will also continue to seek out other proximal
opportunities in the area that can potentially further increase the
value of the resource base, both internally and through further
partnerships.
Kossanto West Gold Project
The 137 sq. km. Kossanto West Project is contiguous to Kossanto
East, although the mineralogy demonstrates different features on
this tenure. Having discovered multiple high grade gold targets
during 2014, and obtained significant high-grade intercepts such as
6 metres @ 4.23 g/t Au from 9 metres depth on hole TRABL01/1 and 12
metres @ 3.34 g/t Au from 6 metres depth on hole TRABL05/3 from
scout RAB drilling, we are now seeking to establish and progress
this as a separate project to Kossanto East. The consolidation of
the two existing exploration permits at Kossanto West was finalised
at the beginning of 2015 and the exploration work and licence
consolidation completed to date, has enabled us to commence our
search for a suitable joint venture partner for the advancement of
this project and discussions are continuing in that regard.
Kerboulé Gold Project
We acquired the 399.5 sq. km. Kerboulé Project in November 2014
having identified an opportunity to add value at low cost, a key
and proven strength of Alecto's management team. This provides us
with an excellent platform from which to attract an appropriate
partner.
During the period, our initial view was vindicated after we
announced an independent assessment by Wardell Armstrong
International of in situ mineralisation (non-JORC), with a resource
estimate of 6.2Mt grading at 1.16g/t Au for 230,758 oz Au, at a
cut-off grade of 0.5g/t Au. This implies an initial acquisition
cost to Alecto for Kerboulé, prior to any deferred consideration,
of approximately US$2.25 per resource ounce of gold. Importantly,
the mineralised zone starts from surface, with approximately 70% of
the mineralisation contained within the oxide and transitional
layers.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:47 ET (09:47 GMT)
These positive early results provide the basis for the next
phase of work which is to establish the continuity of
mineralisation between the modelled zones which extend over a
strike length of 3km. The Kerboulé licence is currently undergoing
a renewal application, which, once completed, will secure a further
three years validity for exploration activities. This renewal
process is one of the key requirements to being able to finalise a
potential joint venture for the advancement of the project, which
would involve funding from a third party in order to be able to
complete the planned exploration programme before a mine
development decision is made.
Financial Review
The loss before taxation for the Group for the six month period
ended 30 June 2015 amounted to GBP264,320 (30 June 2014 restated:
GBP437,228).
In June 2015, we raised GBP300,000 (before expenses) by way of a
placing, via Beaufort Securities Limited, as agent of the Company
at a price of 0.1 pence per placing share (the 'Placing'). The
Group's cash position as at 30 June 2015 was GBP326,730 (December
2014: GBP114,258), which excluded GBP225,000 of the Placing
proceeds which were remitted in early July 2015.
The net proceeds of the Placing provided additional working
capital as we actively conduct due diligence on potential
acquisition opportunities. Cost saving initiatives have continued
and we will endeavour to maintain a tight control over costs going
forward.
Outlook
Alecto has a clear strategy and this is being pursued with a
deliberate and firm focus. We have already evaluated and continue
to assess a number of potential acquisition targets with the aim of
achieving near to mid-term production and revenues and I look
forward to providing an update in this regard as and when
appropriate. We are also seeking to preserve the optionality for
our current portfolio assets, with the earlier stage assets being
divested, as evidenced by the disposal of our Ethiopian assets, to
minimise our exploration expenditure whilst production focused
initiatives across our existing resource portfolio are being
advanced.
I am hopeful that we will be in a position to provide some
material updates to investors and our stakeholders over the second
half of the year, and would like to take this opportunity to thank
shareholders for their support in these challenging markets and our
management team for their continued hard work on shareholders'
behalf.
Toby Howell
Chairman
30 September 2015
For further information, please visit www.alectominerals.com or
contact:
Alecto Minerals plc Tel: +44 (0)20 3137 8862
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Richard Tulloch
Matthew Chandler
James Dance
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
Elliott Hance
St Brides Partners Ltd Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Felicity Winkles
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months
to 30
June
6 months 2014
to 30 Unaudited
June 2015 and
Unaudited restated
Notes GBP GBP
---------------------------------------- ------- ------------ ------------
Continuing operations
Revenue 44,663 -
Administration expenses (312,588) (418,456)
Other gains 3,602 -
Operating loss 5 (264,323) (418,456)
---------------------------------------- ------- ------------ ------------
Finance income 3 394
Other losses - (19,166)
---------------------------------------- ------- ------------ ------------
Loss before taxation (264,320) (437,228)
---------------------------------------- ------- ------------ ------------
Income tax expense - -
---------------------------------------- ------- ------------ ------------
Loss for the period from continuing
operations attributable to equity
owners of the parent (264,320) (437,228)
---------------------------------------- ------- ------------ ------------
Other comprehensive income
Items that may be reclassified
to profit or loss
Currency translation differences (586,908) (251,654)
Change in value of available-for-sale
financial assets (6,500) -
Total comprehensive income for
the period attributable to equity
owners of the parent (857,728) (688,882)
---------------------------------------- ------- ------------ ------------
Loss per share from continuing
operations attributable to the
equity owners of the parent
---------------------------------------- ------- ------------ ------------
Basic and diluted (pence per
share) 7 (0.026) (0.057)
---------------------------------------- ------- ------------ ------------
CONDENSED CONSOLIDATED BALANCE SHEET
31 December
2014
30 June Audited
2015 and
Unaudited restated
Notes GBP GBP
------------------------------------ ------- ------------- -------------
Non-Current Assets
Property, plant and equipment 141,928 198,547
Intangible assets 6 7,324,738 7,640,824
Restricted assets 18,988 21,601
Available-for-sale financial
assets 7,900 14,400
------------------------------------- ------- ------------- -------------
7,493,554 7,875,372
------------------------------------ ------- ------------- -------------
Current Assets
Trade and other receivables 496,502 329,176
Cash and cash equivalents 326,730 114,258
------------------------------------- ------- ------------- -------------
823,232 443,434
------------------------------------ ------- ------------- -------------
Total Assets 8,316,786 8,318,806
------------------------------------- ------- ------------- -------------
Current Liabilities
Trade and other payables 56,052 115,344
56,052 115,344
------------------------------------ ------- ------------- -------------
Non-Current Liabilities
Other payables 80,000 -
Deferred taxation 614,780 614,780
------------------------------------- ------- ------------- -------------
694,780 614,780
------------------------------------ ------- ------------- -------------
Total Liabilities 750,832 730,124
------------------------------------- ------- ------------- -------------
Net Assets 7,565,954 7,588,682
------------------------------------- ------- ------------- -------------
Capital and Reserves Attributable
to
Equity Holders of the Company
Share capital 4,236,796 4,186,796
Share premium 11,932,543 11,147,543
Share option reserve 100,365 100,365
Translation reserve (932,844) (345,936)
Available-for-sale financial
asset reserve (42,100) (35,600)
Retained losses (7,728,806) (7,464,486)
------------------------------------- ------- ------------- -------------
Total Equity 7,565,954 7,588,682
------------------------------------- ------- ------------- -------------
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:47 ET (09:47 GMT)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Attributable to Owners of the Parent
------------------------------------------------------------------------------------------
Share
Share Share Available-for-sale option Translation Retained Total
capital Premium investment reserve reserve reserve losses equity
GBP GBP GBP GBP GBP GBP GBP
-----------------
As at 1 January
2014 (as
previously
reported) 4,157,432 7,509,266 (29,000) 47,316 9,049 (6,824,423) 4,869,640
----------------- ----------- ------------ -------------------- --------- ------------- ------------- -----------
Prior period
adjustment -
Note 9 - - - - (40,281) 40,281 -
As at 1 January
2014 (as
restated) 4,157,432 7,509,266 (29,000) 47,316 (31,232) (6,784,142) 4,869,640
Loss for the
period (as
restated) - - - - - (437,228) (437,228)
Other
comprehensive
income
Currency
translation
differences
(as restated) - - - - (251,654) - (251,654)
Total
comprehensive
income for the
period - - - - (251,654) (437,228) (688,882)
----------------- ----------- ------------ -------------------- --------- ------------- ------------- -----------
Issue of
ordinary
shares 19,911 2,980,089 - - - - 3,000,000
Issue costs - (98,380) - 23,380 - - (75,000)
Share based
payments - - - 42,338 - - 42,338
Total
transactions
with owners,
recognised
directly in
equity 19,911 2,881,709 - 65,718 - - 2,967,338
----------------- ----------- ------------ -------------------- --------- ------------- ------------- -----------
As at 30 June
2014 4,177,343 10,390,975 (29,000) 113,034 (282,886) (7,221,370) 7,148,096
----------------- ----------- ------------ -------------------- --------- ------------- ------------- -----------
Attributable to Owners of the Parent
----------------------------------------------------------------------------------
Available
-for-sale Share
Share Share investment option Translation Retained Total
capital Premium reserve reserve reserve losses equity
GBP GBP GBP GBP GBP GBP GBP
--------------------- -----------
As at 1 January
2015 4,186,796 11,147,543 (35,600) 100,365 (345,936) (7,464,486) 7,588,682
Loss for the period - - - - - (264,320) (264,320)
Other comprehensive
income
Currency
translation
differences - - - - (586,908) - (586,908)
Change in value of
available-for-sale
financial assets - - (6,500) - - - (6,500)
--------------------- ----------- ------------ ------------ --------- ------------- ------------- -----------
Total comprehensive
income for the
period - - (6,500) - (586,908) (264,320) (857,728)
--------------------- ----------- ------------ ------------ --------- ------------- ------------- -----------
Issue of ordinary
shares 50,000 850,000 - - - - 900,000
Issue costs - (65,000) - - - - (65,000)
Total transactions
with owners,
recognised
directly in equity 50,000 785,000 - - - - 835,000
--------------------- ----------- ------------ ------------ --------- ------------- ------------- -----------
As at 30 June 2015 4,236,796 11,932,543 (42,100) 100,365 (932,844) (7,728,806) 7,565,954
--------------------- ----------- ------------ ------------ --------- ------------- ------------- -----------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
30 June
30 June 2014
2015 Unaudited
Unaudited and restated
GBP GBP
------------------------------------- ------------ ---------------
Cash flows from operating
activities
Loss before taxation (264,320) (437,228)
Adjustments for:
Finance income - (394)
Depreciation 37,944 52,749
Loss on settlement of derivative
financial instrument - 19,166
Loss on disposal of property,
plant & equipment - 852
Share option expense - 42,337
Foreign exchange differences (13,168) 84,169
Increase/(decrease) in trade
and other receivables 72,150 (161,369)
(Decrease)/increase in trade
and other payables (48,771) 92,425
Net cash used in operations (216,165) (307,293)
--------------------------------------- ------------ ---------------
Cash flows from investing
activities
Interest received 3 394
Proceeds from sale of property,
plant & equipment - 12,607
Purchase of intangible assets (158,973) (1,103,241)
Net cash used in investing
activities (158,970) (1,090,240)
--------------------------------------- ------------ ---------------
Cash flows from financing
activities
Proceeds received from issue
of shares 650,000 1,564,166
Cost of share issue (65,000) (75,000)
Net cash from financing activities 585,000 1,489,166
--------------------------------------- ------------ ---------------
Net (decrease)/increase in
cash and cash equivalents 209,865 91,633
Cash and cash equivalents
at beginning of period 114,258 624,155
Exchange gains/(losses) on
cash and cash equivalents 2,607 (3,235)
--------------------------------------- ------------ ---------------
Cash and cash equivalents
at end of period 326,730 712,553
--------------------------------------- ------------ ---------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Alecto Minerals plc (the 'Company')
and its subsidiaries (together the 'Group') is the exploration for,
and development of, gold and base metals. The Company's shares are
quoted on the AIM market of the London Stock Exchange plc. The
Company is incorporated and domiciled in the UK.
The address of the Company's registered office is 47 Charles
Street, London, W1J 5EL.
2. Basis of Preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The condensed interim financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2014, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. The interim financial statements have been prepared on a
going concern basis in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
(IFRS) as adopted by the European Union. Statutory financial
statements for the year ended 31 December 2014 were approved by the
Board of Directors on 11 May 2015 and subsequently delivered to the
Registrar of Companies. The independent auditor's report on those
financial statements was unqualified.
The 2015 interim financial statements of the Group have not been
audited or reviewed.
Going concern
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:47 ET (09:47 GMT)
The interim financial statements have been prepared on a going
concern basis. Although the Group's assets are not generating
revenues, an operating loss has been reported for the reporting
period and an operating loss is expected to be incurred in the 12
months subsequent to the date of these financial statements, the
Directors believe, having considered all available information
including cash flows prepared by management, that the Group has
sufficient funds to meet its expected committed and contractual
expenditure through to April 2016, and are confident that they will
be able to raise additional funding as necessary to provide working
capital to continue its current exploration programme as well as
additional works.
Based on the Board's assessment that the cash flow forecasts can
be achieved and that necessary funds will be raised when required,
the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus, they continue to adopt the going concern
basis of accounting in preparing the interim financial statements
for the period ended 30 June 2015.
Risks and uncertainties
The Board continuously assesses and monitors the key risks
facing the business. The key risks that could affect the Group's
medium term performance and the factors that mitigate those risks
have not substantially changed from those set out in the Group's
2014 Annual Report and Financial Statements, a copy of which is
available on the Group's website at: www.alectominerals.com. The
key financial risks are liquidity risk, foreign exchange risk,
credit risk, price risk and interest rate risk.
Critical accounting estimates and judgements
The preparation of condensed interim financial statements in
conformity with IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the end of the reporting period. It also requires management to
exercise its judgement in the process of applying the Group's
Accounting Policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates
are significant to the condensed interim financial statements, are
disclosed in Note 4 of the Group's 2014 Annual Report and Financial
Statements.
3. Accounting Policies
Except as described below and in note 9, the same accounting
policies, presentation and methods of computation have been
followed in these condensed interim financial statements as were
applied in the preparation of the Group's annual financial
statements for the year ended 31 December 2014, except for the
impact of the adoption of the Standards and interpretations
described below.
3.1 Changes in accounting policies and disclosures
(a) New and amended standards, and interpretations mandatory for
the first time for the financial year beginning 1 January 2015
Standard Impact on initial application Effective
date
--------------------- ----- --------------------------------- -----------
1 January
Annual Improvements 2011 - 2013 Cycle 2015
The above pronouncements have been adopted for the first time in
this period and have not resulted in any material changes in the
financial statements other than additional disclosures to the
annual financial statements.
(b) New standards, amendments and interpretations issued but not
effective for the financial year beginning 1 January 2015 and not
early adopted
Effective
Standard Impact on initial application date
---------------------- ------------------------------------ -------------
Presentation of Financial 1 January
IAS 1 (Amendments) Statements: Disclosure Initiative 2016*
Clarification of Acceptable 1 January
IAS 16 (Amendments) Methods of Depreciation 2016*
Property, plant and equipment: 1 January
IAS 16 (Amendments) Bearer Plants 2016*
Defined Benefit Plans: Employee 1 February
IAS 19 (Amendments) Contributions 2015
1 January
IAS 27 (Amendments) Separate Financial Statements 2016*
Investments in Associates 1 January
IAS 28 (Amendments) and Joint Ventures 2016*
Investment Entities: Applying 1 January
IAS 28 (Amendments) the Consolidation Exception 2016*
Clarification of Acceptable 1 January
IAS 38 (Amendments) Methods of Amortisation 2016*
1 January
IAS 41 (Amendments) Agriculture: Bearer Plants 2016*
1 January
IFRS 9 (Amendments) Financial Instruments 2018*
1 January
IFRS 10 (Amendments) Consolidated Financial Statements 2016*
Investment Entities: Applying 1 January
IFRS 10 (Amendments) the Consolidation Exception 2016*
Joint Arrangements: Accounting
for Acquisitions of Interests 1 January
IFRS 11 in Joint Operations 2016*
Investment Entities: Applying 1 January
IFRS 12 (Amendments) the Consolidation Exception 2016*
1 January
IFRS 14 Regulatory Deferral Accounts 2016*
Revenue from Contracts with 1 January
IFRS 15 Customers 2018*
1 February
Annual Improvements 2010 - 2012 Cycle 2015
Annual Improvements 2012 - 2014 Cycle 1 July 2016
(*1) Not yet endorsed by the EU
The Group is evaluating the impact of the new and amended
standards above. The Directors do not believe that these new and
amended standards will have a material impact on the Group's
results or shareholders' funds.
4. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2015 (2014: nil).
5. Segment Information
Management has determined the operating segments based on
reports reviewed by the Board of Directors that are used to make
strategic decisions. During the period the Group had interests in
five geographical segments: the United Kingdom, Burkina Faso, Mali,
Mauritania and Ethiopia. Activities in the UK are mainly
administrative in nature whilst the activities in Burkina Faso,
Mali, Mauritania and Ethiopia relate to exploration and evaluation
work.
2015 Burkina Intra-segment
Faso Ethiopia Mauritania Mali UK balances Total
GBP GBP GBP GBP GBP GBP GBP
----------------- ----------- ---------- ------------ ---------------------------- ----------- --------------- -----------
Revenue - - - - 44,663 - 44,663
Administrative
expenses (32,683) (27,934) (1,871) (35,975) (214,125) - (312,588)
Other - - - 671 2,931 - 3,602
----------------- ----------- ---------- ------------ ---------------------------- ----------- --------------- -----------
Loss from
operations per
reportable
segment (32,683) (27,934) (1,871) (35,304) (166,531) - (264,323)
Additions to
non-current
assets 92,405 (10,137) (130,350) (327,062) (6,674) - (381,818)
Reportable
segment assets 5,406,240 840,247 1,018,053 5,551,517 9,422,112 (13,921,383) 8,316,786
Reportable
segment
liabilities 4,594,553 711,989 1,689,764 3,382,535 40,195 (9,668,204) 750,832
----------------- ----------- ---------- ------------ ---------------------------- ----------- --------------- -----------
2014 - Restated Ethiopia Mauritania Mali UK Intra-segment balances Total
GBP GBP GBP GBP GBP GBP
--------------------------- ---------- ------------ ----------- ----------- ------------------------ -----------
Administrative expenses (17,722) (2,605) (147,559) (250,570) - (418,456)
--------------------------- ---------- ------------ ----------- ----------- ------------------------ -----------
Loss from operations per
reportable segment (17,722) (2,605) (147,559) (250,570) - (418,456)
Additions to non-current
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:47 ET (09:47 GMT)
Cradle Arc (LSE:CRA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cradle Arc (LSE:CRA)
Historical Stock Chart
From Apr 2023 to Apr 2024