TIDMNBR
RNS Number : 2200H
Namibian Resources PLC
27 November 2015
27 November 2015
NAMIBIAN RESOURCES PLC
RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2015
Namibian Resources Plc (the "Company") announces its unaudited
interim results for the six months ended 31 August 2015.
A copy of the interim financial statements of the Company will
be available on the Company's website
http://www.namibianresources.com/, along with a copy of this
announcement.
CHAIRMAN'S STATEMENT
It is with great regret that I have to report the death of the
Company's former Chairman, Lord Sheppard of Didgemere, during the
period under review. The Directors miss his help and advice.
Operations
Production at the Group's Sonnberg diamond mine is not expected
to re-commence. The carrying value of the mobile and fixed plant
was impaired down to its estimated realisable value in previous
periods. This has been adjusted in Sterling terms for the
depreciation of the Namibian Dollar, although ownership of the
plant has been transferred from Sonnberg to the Company. Since the
end of the period, a contract has been signed for the sale of
certain mobile plant with receipts over a period, at a price
materially equal to its carrying value.
Reference has been made previously to the liability of our
subsidiary company, Sonnberg Diamonds Namibia (Pty) Limited for
rehabilitation of the area formerly mined. Although the quantum has
not been agreed, the Company intends to commence rehabilitation
work as soon as a substantial VAT refund is received from the
Namibian authorities. The estimated cost has been provided in the
accounts.
Financial
During the period the Group reports a loss for the period of
GBP52,314 (2014 interim loss: GBP86,942).
During the period under review, the Company capitalised
GBP645,600 of interest free loans advanced by directors and former
directors and their associates by the issue of 13,465,263 new
ordinary shares of 1p each at 4.75p per share. Following this, the
Company is free of material amounts of debt. Pending realisations
from plant disposals I am continuing to provide financial support
by way of unsecured, interest free loans, as set out in Note 12.
The independent directors, David Johnson and Michael Solomon
consider, having consulted with Grant Thornton UK LLP, the
Company's nominated adviser, that the terms of these loans are fair
and reasonable insofar as the Company's shareholders are
concerned.
Future prospects
The Company remains involved in evaluating and negotiating
potential acquisitions as discussed in the last Annual Report and I
hope to be in a position to give further details in the near
future.
As the current share price is materially below par, a reduction
in the par value will be required to facilitate any transaction
involving the issue of new shares, and the requisite resolutions
will be put to shareholders in due course.
Brian Moritz
(Chairman)
27 November 2015
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 AUGUST 2015
31-Aug-15 31-Aug-14 28-Feb-15
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Revenue - - -
Cost of - - -
sales
------------- --------------- -------------
Gross profit - - -
Administrative and exploration
expenses (52,254) (86,633) (120,022)
Loss from operating activities (52,254) (86,633) (120,022)
Finance income - - -
Finance
costs (60) (309) (394)
Net finance income/(costs) (60) (309) (394)
Loss before taxation (52,314) (86,942) (120,416)
Taxation - - -
------------- --------------- -------------
Loss for the period (52,314) (86,942) (120,416)
------------- --------------- -------------
Other comprehensive income
Exchange translation on foreign operations 6,385 14,506 7,233
------------- --------------- -------------
Other comprehensive income for the
period, net of tax 6,385 14,506 7,233
------------- --------------- -------------
Total comprehensive expense
for the period (45,929) (72,436) (113,183)
============= =============== =============
Loss per share - continuing operations
Basic and diluted loss per share
(pence) (0.06) (0.12) (0.17)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2015
31-Aug-15 31-Aug-14 28-Feb-15
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
Assets
Non-current assets
Intangible assets 7 - - -
Property, plant
and equipment 8 232,099 264,389 257,888
232,099 264,389 257,888
------------- ------------- ------------
Current assets
Trade and other
receivables 9 42,051 49,951 51,896
Cash and cash equivalents 13,450 22,487 9,395
------------- ------------- ------------
55,501 72,438 61,291
------------- ------------- ------------
Total assets 287,600 336,827 319,179
============= ============= ============
Equity
Equity attributable to
owners of the Company
Share capital 10 4,463,008 4,328,355 4,328,355
Share premium 10 1,555,144 1,050,197 1,050,197
Currency translation
reserve 165,141 163,278 158,756
Retained deficit (6,060,629) (5,972,090) (6,008,315)
------------- ------------- ------------
Total equity 122,664 (430,260) (471,007)
------------- ------------- ------------
Liabilities
Current liabilities
Trade and other
payables 11 106,255 697,087 720,186
Provisions 58,681 70,000 70,000
------------- ------------- ------------
164,936 767,087 790,186
------------- ------------- ------------
Total liabilities 164,936 767,087 790,186
------------- ------------- ------------
Total equity and liabilities 287,600 336,827 319,179
============= ============= ============
(MORE TO FOLLOW) Dow Jones Newswires
November 27, 2015 06:52 ET (11:52 GMT)
Namibian Resources (LSE:NBR)
Historical Stock Chart
From Apr 2024 to May 2024
Namibian Resources (LSE:NBR)
Historical Stock Chart
From May 2023 to May 2024
