RNS Number : 1099J
Namibian Resources PLC
28 November 2008
NAMIBIAN RESOURCES PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2008
Namibian Resources PLC (*the Company*) is pleased to announce its interim results for the six months ending 31 August 2008.
CHAIRMANS STATEMENT
I am very pleased to announce the unaudited interim results for the six months ending on the 31st August 2008.
Our progress report of 15th September 2008 fully reported the sampling and mining result to 31st August 2008. The mining results for the
period 1st September 2008 to 30th November 2008 will be reported in the next quarters report in December.
Lord Sheppard
Chairman
Enquiries
Tony Carlton * Chief Executive * Tel: 020 8726 0900
Oliver Plummer * Finance Director * Tel: 020 7381 0100
Adrian Hadden * Collins Stewart Europe Limited * Tel 020 7523 8350
NAMIBIAN RESOURCES PLC
INTERIM RESULTS
FOR THE 6 MONTHS ENDED 31 AUGUST 2008
Summarised Income Statement 6 Months Ended 6 Months Ended Year Ended
31-Aug-08 31-Aug-07 29-Feb-08
(Unaudited) (Unaudited) (Audited)
GBP £ GBP £ GBP £
Turnover 71,782 77,785 140,622
Cost of Sales (100,095) (29,976) (234,943)
Gross (Loss)/Profit (28,313) 47,809 (94,321)
Administrative Expenses (168,123) (162,463) (210,317)
Operating (Loss) (196,436) (114,654) (304,638)
Interest Received 375 6,933 6,470
Interest Payable - - -
Net (Loss) for the period (196,061) (107,721) (298,168)
(Loss) per Share (0.49) (0.30) (0.78)
Total Number of Shares in Issue 39,922,460 37,922,460 39,922,460
NAMIBIAN RESOURCES PLC
INTERIM RESULTS
FOR THE 6 MONTHS ENDED 31 AUGUST 2008
Summarised Balance Sheet 6 Months Ended31 6 Months Ended31 Year Ended29
August August February
2008(Unaudited) 2007(Unaudited) 2008(Audited)
GBP£ GBP£ GBP£
ASSETS
Non - Current Assets 1,864,648 1,963,299 1,830,605
Tangible Assets 910,325 1,136,562 970,106
Intangible Assets - Mining Rights 954,323 826,737 860,499
Current Assets -
Stock 32,673 35,948 32,673
Debtors 30,304 17,370 26,363
Cash in the bank & in hand 53,737 133,735 103,500
116,714 187,053 162,536
Current Liabilities -
Creditors & Accruals (235,402) (39,341) (51,120)
Net Current Assets/(Liabilities) (118,688) 147,712 111,416
Total Assets 1,745,960 2,111,011 1,942,021
Equity and Liabilities
Share Capital 3,992,246 3,792,246 3,992,246
Share Premium Accounts 359,384 359,384 359,384
Retained Earnings (2,705,232) (2,040,619) (2,509,171)
Foreign Exchange Reserve 99,562 - 99,562
Total Equity and Liabilities 1,745,960 2,111,011 1,942,021
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full accounts within the meaning of
Section 240 of the Companies Act 1985.
2. No interim dividend is being paid or proposed.
3. Earnings per share have been calculated on ordinary shares in issue.
4. Creditors and Accruals. This includes the sum of £205,000 deposited with the company at no interest.
This sum is to be converted into ordinary shares in the company if the capital reconstruction proposed at
the General Meeting on the 1st December 2008 is approved.
NAMIBIAN RESOURCES PLC
INTERIM RESULTS
FOR THE 6 MONTHS ENDED 31 AUGUST 2008
Cash Flow Statement 6 Months Ended31 6 Months Ended31 Year Ended29
August August February
2008(Unaudited) 2007(Unaudited) 2008(Audited)
GBP£ GBP £ GBP£
Net Cash inflow/(outflow) from Operating Activities
Operating (Loss) (196,436) (114,654) (304,638)
Depreciation of Tangible & Intangible Assets 71,808 78,989 133,590
(Increase)/Decrease in Debtors (3,941) 6,148 (2,845)
(Decrease)/Increase in Creditors 184,282 1,494 13,273
Decrease/(Increase) in stock - - 3,275
Net Effect of Foreign Exchange Differences - - 86,797
55,713 (28,023) (70,548)
Returns on Investment & Servicing of Finance
Interest Received 375 6,933 6,470
Capital Expenditure
Payments to Acquire Tangible Fixed Assets (5,757) (30,268) (4,610)
Payments to Acquire Intangible Fixed Assets (100,094) (187,095) -
Net Cash (outflow) before management
of Liquid Resources & Financing (49,763) (238,453) (68,688)
Financing -
Issue of Ordinary Share Capital - - 200,000
(Decrease) in Cash during the Period (49,763) (238,453) (268,688)
(49,763) (238,453) (68,688)
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEAFIWSASEDF
|