TIDMNBR
RNS Number : 1009U
Namibian Resources PLC
27 November 2013
27 November 2013
NAMIBIAN RESOURCES PLC
RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013
CHAIRMAN'S STATEMENT
Since my last statement the Company has concentrated on
completion of the arrangements with J&J Group which are
intended to expand our mining activities in Southern Africa.
Agreement with J&J Group
On 9 May 2013 the Company signed a management agreement with
Southern Goshawk Resources (Pty) Limited ("SG"), the natural
resources arm of the J&J Group, a South African based
investment holding and management company. Under this agreement SG
has commenced management of the Company's mining assets in Southern
Africa, initially the Sonnberg diamond mine in Namibia, and
subsequently other mining in Southern Africa, commencing with coal
mining.
Due to South African exchange control issues, the proposal that
the Company should acquire, from SG, a subsidiary of SG which holds
all the existing mining and exploration rights of SG by the issue
of 29.9% of the share capital of the Company has had to be amended.
To comply with South African rules a new subsidiary of the Company
has been set up in South Africa with the Company holding 70.1% of
its issued shares and SG holding 29.9%, thus mirroring the
originally agreed structure. A shareholders agreement has been
signed today under which SG has the right to exchange its 29.9%
holding for shares in the Company when permitted to do so by South
African legislation. The framework for the proposed expansion is
therefore in place.
Operations and Financial Results
Production at the Company's Sonnberg diamond mine during the
period remained suspended. In view of the uncertainty over the
future of the Sonnberg mine a decision has been made to fully
impair the residual value of the intangible assets in this period.
The refurbishment of the plant is now under way, and it is believed
that this will add substantially to its value. On completion of the
refurbishment a decision will be made as to future utilization,
either at Sonnberg or in a new location. In the latter case the
directors believe that plant may be valued at materially more than
the GBP364,004 which is its current carrying value.
During the period the Company reports a loss from operating
activities, before and after tax, of GBP262,119 (2012 loss:
GBP177,157), shown after the impairment charge of GBP167,129 (2012:
nil) referred to above. After adjusting for exchange differences,
the total comprehensive loss for the period, before and after tax,
was GBP376,588 (2012 loss: GBP177,157). The Directors have
continued to provide finance to the Company by way of loans.
Future Prospects
With the completion of the acquisition, together with a
strengthened board and expanded activities, I am able to look
forward to the future with confidence.
Lord Sheppard of Didgemere
(Chairman)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 AUGUST 2013
31-Aug-13 31-Aug-12 28-Feb-13
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Revenue - 25,705 57,046
Cost of
sales - - (131,772)
------------- --------------- --------------
Gross profit - 25,705 (74,726)
Administrative and exploration
expenses (93,045) (202,862) (233,711)
Impairment of non-current assets (167,129) - (1,009,722)
Loss from operating activities (260,174) (177,157) (1,318,159)
Finance income - - -
Finance
costs (1,945) - (173)
Net finance income/(costs) (1,945) - (173)
Loss before taxation (262,119) (177,157) (1,318,332)
Taxation - - -
------------- --------------- --------------
Loss for the period (262,119) (177,157) (1,318,332)
------------- --------------- --------------
Other comprehensive income
Exchange translation on foreign operations (114,469) - (197,472)
------------- --------------- --------------
Other comprehensive (loss) for the period,
net of tax (114,469) - (197,472)
------------- --------------- --------------
Total comprehensive loss for
the period (376,588) (177,157) (1,515,804)
============= =============== ==============
Loss per share - continuing operations
Basic and diluted loss per share
(pence) (0.42) (0.33) (2.13)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2013
31-Aug-13 31-Aug-12 28-Feb-13
(unaudited) (unaudited) (audited)
GBP GBP GBP
Assets
Non-current assets
Intangible assets - 864,394 200,000
Property, plant and equipment 364,004 1,008,961 437,124
364,004 1,873,355 637,124
------------- ------------- ------------
Current assets
Inventories - 8,816 2,030
Trade and other receivables 51,819 60,429 55,060
Cash and cash equivalents 8,085 23,755 4,307
------------- ------------- ------------
59,904 93,000 61,397
------------- ------------- ------------
Total assets 423,908 1,966,355 698,521
============= ============= ============
Equity
Equity attributable to owners
of the Company
Share capital 4,211,235 4,211,235 4,211,235
Share premium 1,027,317 1,027,317 1,027,317
Currency translation reserve 191,886 503,827 306,355
Retained deficit (5,618,942) (4,215,648) (5,356,823)
------------- ------------- ------------
Total equity (188,504) 1,526,731 188,084
------------- ------------- ------------
Liabilities
Current liabilities
Trade and other payables 612,412 439,624 510,437
------------- ------------- ------------
612,412 439,624 510,437
------------- ------------- ------------
Total liabilities 612,412 439,624 510,437
------------- ------------- ------------
Total equity and liabilities 423,908 1,966,355 698,521
============= ============= ============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 AUGUST 2013
31-Aug-13 31-Aug-12 28-Feb-13
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Loss for the period (262,119) (177,157) (1,318,332)
Adjustments for:
Depreciation 1,390 19,828 35,178
Amortisation of intangible assets - 35,939 53,891
Foreign exchange differences (9,868) - -
Impairment of non-current
assets 167,129 - 1,009,722
Net finance (income)/costs 1,945 - 173
(101,523) (121,390) (219,368)
Changes in:
* inventories 2,030 (4,438) 2,007
- trade and other receivables 3,241 (6,684) (7,106)
- trade and other payables 101,975 140,966 213,661
------------- ------------- ------------
Cash used in operating activities 5,723 8,454 (10,806)
------------- ------------- ------------
Cash flows from investing
activities
Interest paid (1,945) - (173)
Net cash used in investing
activities (1,945) - (173)
------------- ------------- ------------
Cash flows from financing
activities
Proceeds from issue of share - - -
capital
Loans - - -
Net cash flows from financing - - -
activities
------------- ------------- ------------
Net increase/(decrease) in cash
and cash equivalents 3,778 8,454 (10,979)
Cash and cash equivalents at beginning
of period 4,307 15,301 15,301
Effect of foreign exchange
rate changes - - (15)
------------- ------------- ------------
Cash and cash equivalents at end
of period 8,085 23,755 4,307
============= ============= ============
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2013
1 Reporting entity
Namibian Resources plc (the "Company") is a company domiciled in England
and Wales. The condensed consolidated interim financial statements
of the Company as at and for the six months ended 31 August 2013 comprise
the Company and its subsidiary (together referred to as the "Group").
The Group primarily is involved in the exploration and exploitation
of diamonds in Namibia.
2 Basis of preparation
This condensed consolidated interim financial report has been prepared
in accordance with IAS 34 Interim Financial Reporting. Selected explanatory
notes are included to explain events and transactions that are significant
to an understanding of the changes in financial performance and position
of the Group since the last annual consolidated financial statements
as at and for the year ended 28 February 2013. This condensed consolidated
interim financial report does not include all the information required
for full annual financial statements prepared in accordance with International
Financial Reporting Standards.
This condensed consolidated interim financial report was approved by
the Board of Directors on 27 November 2013.
3 Related parties
Transactions with key management personnel
During the six months ended 31 August 2013 the Company received loans
from Lord Sheppard of Didgemere of GBP63,900 (six months ended 31 August
2012: GBP88,422, twelve months ended 28 February 2013: GBP150,922)
and B M Moritz GBP27,700 (six months ended 31 August 2012: GBP45,000,
twelve months ended 28 February 2013: GBP67,500). The balances owed
to the individuals at the period end were GBP404,400 (31 August 2012:
GBP278,000, twelve months ended 28 February 2013: GBP340,500) and GBP170,200
(six months ended 31 August 2012: GBP120,000, twelve months ended 28
February 2013: GBP142,500) respectively. A C A Carlton advanced GBP5,000
during the six months ended 31 August 2013 and this amount was owed
to him at the period end. The loans are interest free and with no repayment
terms.
4 Availability of the interim results
A copy of the interim financial statement for the Company will be available
on the Company's website http://www.namibianresources.com/, along with
a copy of this announcement.
Enquiries:
Brian Moritz, Tel: 07976 994300
Director, Namibian Resources Plc
Colin Aaronson/Jen Clarke Tel: 0207 383 5100
Grant Thornton UK LLP, Nominated Adviser
This information is provided by RNS
The company news service from the London Stock Exchange
END
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