LONDON
NUSANTARA PLANTATIONS PLC
(“London Nusantara” or the
“Company”)
UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 30 JUNE 2017
CHIEF EXECUTIVE OFFICER’S
STATEMENT
I am pleased to announce our fourth interim financial results
since the Company’s successful flotation on the NEX Exchange Growth
Market on 30 June 2014. On
29 May 2017, the company completed
its disposal of its initial investment in 404 hectares of land for
an annualised gross return of 8.1%.
Currently we are targeting to acquire an equity interest in oil
palm estates and mills that are revenue generating. We are
expanding our investment search geographically to include parts of
Sumatera and Kalimantan, Indonesia
where a number of opportunities have arisen. The Company intends to
fund these acquisitions by raising capital through a mixture of
debt and equity coupled with a collaboration or joint-venture
strategy with a suitable partner.
FINANCIALS
The interim results for the six months ended 30 June 2017 show a consolidated loss of £53,822
mainly due to the costs associated with maintaining the listing
status, which is made up of administrative fees, retainers to
advisors and operational expenditure.
On the 5th of July
2017, Mr Hussin Abdul Jalil
our Non Executive Director submitted his resignation from the Board
of Directors of LNP due to medical reasons. No new appointments
have been made since his resignation. The CEO will take on the role
as the plantation specialist given his exposure in the industry for
more than 15 years.
The financial information for the six months ended 30 June 2017 has not been audited, but has been
reviewed by the Company’s auditors, UHY Hacker Young LLP.
M Subramaniam
Chief Executive Officer
29 September 2017
The Directors of the Company accept responsibility for the
contents of this announcement.
For further information please contact:
The Company
LONDON NUSANTARA PLANTATIONS
PLC
Manichelvam Subramaniam, Chief Executive Officer
+60 3 2727 1889
Simon Rothschild, Non-executive
Director +44 7703 167 065
NEX Exchange Corporate Adviser
+44 (0)20 7469 0930
PETERHOUSE CORPORATE FINANCE LIMITED
Mark Anwyl/Guy Miller
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2017
|
|
|
|
|
|
|
|
|
|
6 Months
ended |
6 Months
ended |
|
|
|
|
30-Jun |
30-Jun |
|
|
|
|
2017 |
2016 |
|
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
Notes |
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
- |
- |
|
|
|
|
|
|
Cost of sales |
|
|
|
- |
- |
|
|
|
|
________ |
_________ |
|
|
|
|
|
|
Gross
profit |
|
|
|
|
- |
|
|
|
|
|
|
Administration
expenses |
|
|
|
-67,137 |
-28,318 |
|
|
|
|
________ |
_________ |
|
|
|
|
|
|
Operating
loss |
|
|
|
-67,137 |
-28,318 |
|
|
|
|
|
|
Finance income |
|
|
4 |
1,021 |
2,946 |
Gain on disposal of
investment |
|
|
5 |
12,294 |
- |
|
|
|
|
________ |
_________ |
|
|
|
|
|
|
Loss before
taxation |
|
|
|
-53,822 |
-25,372 |
|
|
|
|
|
|
Taxation |
|
|
6 |
- |
- |
|
|
|
|
________ |
_________ |
Loss for the
year |
|
|
|
-53,822 |
-25,372 |
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
- |
- |
|
|
|
|
________ |
_________ |
|
|
|
|
|
|
Total comprehensive
loss |
|
|
|
-53,822 |
-25,372 |
|
|
|
|
======== |
======== |
|
|
|
|
|
|
Loss attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
company |
|
|
|
-53,822 |
-25,372 |
|
|
|
|
======== |
======== |
|
|
|
|
|
|
Loss per share |
|
|
7 |
(0.03)p |
(0.01)p |
|
|
|
|
======== |
======== |
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE
2017
|
|
|
|
|
|
|
|
|
|
30-Jun |
31-Dec |
|
|
|
|
2017 |
2016 |
|
|
|
|
(Unaudited) |
(Audited) |
|
|
Notes |
|
£ |
£ |
|
|
|
|
|
|
Non-Current
Assets |
|
|
|
|
|
Office equipment |
|
8 |
|
112 |
151 |
Investments |
|
9 |
|
- |
111,772 |
|
|
|
|
________ |
________ |
Total non-current
assets |
|
|
|
112 |
111,923 |
|
|
|
|
________ |
________ |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
Receivables |
|
10 |
|
2,522 |
24 |
Cash and cash
equivalents |
|
11 |
|
129,105 |
82,633 |
|
|
|
|
________ |
________ |
Total current
assets |
|
|
|
131,627 |
82,657 |
|
|
|
|
_________ |
________ |
|
|
|
|
|
|
Total
assets |
|
|
|
131,739 |
194,580 |
|
|
|
|
_________ |
________ |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accruals |
|
12 |
|
-6,932 |
-15,951 |
|
|
|
|
_________ |
_________ |
Total
liabilities |
|
|
|
-6,932 |
-15,951 |
|
|
|
|
_________ |
________ |
Net assets |
|
|
|
124,807 |
178,629 |
|
|
|
|
======== |
======== |
|
|
|
|
|
|
Capital and
reserves |
|
|
|
|
|
Share capital |
|
13 |
|
669,438 |
669,438 |
Retained losses |
|
|
|
-544,631 |
-490,809 |
|
|
|
|
_________ |
________ |
Total
equity |
|
|
|
124,807 |
178,629 |
|
|
|
|
======== |
======== |
The unaudited financial information of London Nusantara
Plantations PLC, registered number 009753V (Isle of Man), were approved by the Board of
Directors and authorised for issue on 29
September 2017. They were signed on its behalf by:
M Subramaniam
Director
COMPANY STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE
2017
|
|
|
|
|
|
|
|
|
|
30-Jun |
31-Dec |
|
|
|
|
2017 |
2016 |
|
|
|
|
(Unaudited) |
(Audited) |
|
|
Notes |
|
£ |
£ |
|
|
|
|
|
|
Non-Current
Assets |
|
|
|
|
|
Office equipment |
|
8 |
|
112 |
151 |
Investments |
|
9 |
|
182 |
111,954 |
|
|
|
|
_________ |
_________ |
Total non-current
assets |
|
|
|
294 |
112,105 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
Amounts receivable
from related parties |
|
10 |
|
192 |
862 |
Prepayments, advances
and deposits |
|
10 |
|
1,360 |
24 |
Receivables from third
party |
|
10 |
|
1,123 |
- |
Cash and cash
equivalents |
|
11 |
|
128,610 |
81,969 |
|
|
|
|
_________ |
_________ |
Total current
assets |
|
|
|
131,285 |
82,855 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Total
assets |
|
|
|
131,579 |
194,960 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accruals |
|
12 |
|
-6,827 |
-15,837 |
Payables to related
parties |
|
12 |
|
-318 |
- |
|
|
|
|
_________ |
_________ |
Total
liabilities |
|
|
|
-7,145 |
-15,837 |
|
|
|
|
_________ |
_________ |
Net assets |
|
|
|
124,434 |
179,123 |
|
|
|
|
======== |
======== |
|
|
|
|
|
|
Capital and
reserves |
|
|
|
|
|
Share capital |
|
13 |
|
669,438 |
669,438 |
Retained losses |
|
|
|
-545,004 |
-490,315 |
|
|
|
|
_________ |
_________ |
Total
equity |
|
|
|
124,434 |
179,123 |
|
|
|
|
======== |
======== |
The unaudited financial information of London Nusantara
Plantations PLC, registered number 009753V (Isle of Man), were approved by the Board of
Directors and authorised for issue on 29
September 2017. They were signed on its behalf by:
M Subramaniam
Director
LONDON NUSANTARA PLANTATIONS PLC
CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE PERIOD ENDED 30 JUNE 2017
|
|
|
|
6 Months
ended |
6 Months
ended |
|
|
|
|
30-Jun |
30-Jun |
|
|
|
|
2017 |
2016 |
|
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cash flow from
operating activities |
|
|
|
|
|
Loss for the year |
|
|
|
-53,822 |
-25,372 |
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
Depreciation |
|
|
|
39 |
40 |
Interest received |
|
|
|
-1,021 |
-2,946 |
Gain on disposal of
investment |
|
|
|
-12,294 |
- |
Increase in
receivables |
|
|
|
-2,498 |
-693 |
Decrease in
payables |
|
|
|
-9,019 |
-3,537 |
|
|
|
|
_________ |
_________ |
Net cash outflow
from operating activities |
|
|
|
-78,615 |
-32,508 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
|
Interest received |
|
|
|
1,021 |
2,946 |
Sale of
investment |
|
|
|
124,066 |
- |
|
|
|
|
_________ |
_________ |
Net cash inflow
from investing activities |
|
|
|
125,087 |
2,946 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents |
|
|
|
46,472 |
-29,562 |
Cash and cash
equivalents at the beginning of the period |
|
|
|
82,633 |
191,097 |
|
|
|
|
_________ |
_________ |
Cash and cash
equivalents at the end of the period |
|
|
|
129,105 |
161,535 |
|
|
|
|
======== |
======== |
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2017
|
|
|
|
6 Months
ended |
6 Months
ended |
|
|
|
|
30-Jun |
30-Jun |
|
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
2017 |
2016 |
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cash flow from
operating activities |
|
|
|
|
|
Loss for the
period |
|
|
|
-54,689 |
-28,318 |
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
Depreciation |
|
|
|
39 |
40 |
Interest received |
|
|
|
-1,021 |
- |
Gain on disposal of
investment |
|
|
|
-12,294 |
- |
Increase in
receivables |
|
|
|
-1,789 |
-693 |
Decrease in
payables |
|
|
|
-8,692 |
-3,537 |
|
|
|
|
_________ |
__________ |
Net cash outflow
from operating activities |
|
|
|
-78,446 |
-32,508 |
|
|
|
|
_________ |
__________ |
|
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
|
Interest received |
|
|
|
1,021 |
2,946 |
Sale of
investment |
|
|
|
124,066 |
- |
|
|
|
|
_________ |
__________ |
Net cash inflow
from investing activities |
|
|
|
125,087 |
2,946 |
|
|
|
|
_________ |
___________ |
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents |
|
|
|
46,641 |
-29,562 |
Cash and cash
equivalents at the beginning of the period |
|
|
|
81,969 |
191,097 |
|
|
|
|
_________ |
__________ |
Cash and cash
equivalents at the end of the period |
|
|
|
128,610 |
161,535 |
|
|
|
|
======== |
========= |
STATEMENTS OF
CHANGES IN EQUITY |
|
|
|
|
|
FOR THE PERIOD
ENDED 30 JUNE 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
|
Share |
Retained |
Total |
|
|
|
capital |
losses |
equity |
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
As at 1 January
2016 |
|
|
669,438 |
-377,371 |
292,067 |
Loss for the year |
|
|
- |
-113,438 |
-113,438 |
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
|
At 31 December
2016 |
|
|
669,438 |
-490,809 |
178,629 |
|
|
|
======== |
======== |
======== |
|
|
|
|
|
|
As at 1 January
2017 |
|
|
669,438 |
-490,809 |
178,629 |
Loss for the
period |
|
|
- |
-53,822 |
-53,822 |
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
|
At 30 June
2017 |
|
|
669,438 |
-544,631 |
124,807 |
|
|
|
======== |
======== |
======== |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
Share |
Retained |
Total |
|
|
|
capital |
losses |
equity |
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
As at 1 January
2016 |
|
|
669,438 |
-377,371 |
292,067 |
Loss for the year |
|
|
- |
-112,944 |
-112,944 |
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
|
At 31 December
2016 |
|
|
669,438 |
-490,315 |
179,123 |
|
|
|
======== |
======== |
======== |
|
|
|
|
|
|
As at 1 January
2017 |
|
|
669,438 |
-490,315 |
179,123 |
Loss for the
period |
|
|
- |
-54,689 |
-54,689 |
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
|
At 30 June
2017 |
|
|
669,438 |
-545,004 |
124,434 |
|
|
|
======== |
======== |
======== |
NOTES TO THE FINANCIAL INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2017
- Significant accounting policies
- Basis of preparation
This interim financial information for the six months ended
30 June 2017 is unaudited and does
not constitute statutory accounts within the meaning of the
Companies Act 2006 (Isle of
Man). The Board of Directors approved it on
29 September 2017.
The figures for the year ended 31 December
2016 have been extracted from the statutory accounts which
have been prepared in accordance with International Financial
Reporting Standards, as adopted by the European Union, (“IFRS”) and
which have been reported on by the company’s auditor. The
auditor’s report on those financial statements was unqualified.
The half-year report and financial information has been prepared in
accordance with the requirements of IAS 34 “Interim financial
reporting”.
The half-year financial report does not include all notes of the
type normally included in the annual financial report and therefore
cannot be expected to provide as full an understanding of the
financial performance, financial position and financing and
investing activities of the group as the full financial report.
The financial information has been prepared on the historical cost
basis. The accounting policies and methods of computation adopted
in the company’s preparation of the half-year financial report are
consistent with those adopted and disclosed in the financial
statements for the year ended 31 December
2016 and those expected to be used for the year ending 31
December 2017. The principal accounting policies adopted are
set out below.
- Going concern
Having reviewed the company’s forecasts, the directors believe that
the company is well placed to manage its business risks
successfully. Thus, they have adopted the going concern basis in
preparing this interim financial information.
1.3 Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the company and its subsidiary undertaking. The
results of subsidiaries acquired or disposed of during the year are
included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as
appropriate.
All business combinations are accounted for using the
acquisition method of accounting.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies into
line with those used by other members of the group. All intra-group
transactions, balances, income and expenses are eliminated in full
on consolidation.
1.4 Foreign currencies
The results and financial position of the company are expressed in
Pounds Sterling (£) which is the presentation currency for the
company financial statements. The functional currency of the
company is the Malaysian Ringgit (RM) which is the currency of the
environment in which the company principally operates. At the end
of the period, the exchange rate applying to these financial
statements was £1 = RM5.5781
The assets and liabilities of the company’s foreign operations are
translated at exchange rates prevailing on the date of the
accounts. Income and expense items are translated at exchange rates
ruling at the date of the transactions. Exchange differences
arising, if any, are classified as income or as expenses in the
period in which they arise.
1.4 Investments
Investments are stated at cost less any provision for
impairment.
1.5 Trade and other
receivables
Trade and other receivables are carried at original invoice amount
less provision made for impairment of these receivables. A
provision for impairment of trade and other receivables is
established when there is objective evidence that the company will
not be able to collect all amounts due according to the original
terms of the receivables. The amount of the provision is the
difference between the assets’ carrying amount and the recoverable
amount. Provisions for impairment of receivables are included in
the income statement.
1.6 Trade and other
payables
Trade and other payables represent liabilities for goods and
services provided to the company prior to the financial year, which
are unpaid. Current liabilities represent those amounts falling due
within one year.
1.7 Taxation
Deferred tax is provided in full using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination, which at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred tax is
determined using tax rates that are expected to apply when the
related deferred tax asset is realised or when the deferred tax
liability is settled. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised.
2. Critical
accounting judgements and estimates
The preparation of financial statements in conformity with
International Financial Reporting Standards requires the use of
accounting estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during
the reporting period. Although these estimates are based on
management’s best knowledge of current events and actions, actual
results ultimately may differ from those estimates. Management
believes that there are no areas that involve a high degree of
judgement or complexity, or areas where assumptions and estimates
are significant to these financial statements.
3. Segmental
information
The group’s assets and activities are based in Malaysia within the palm oil investment
sector. This is the only business segment in which the group
operates as identified by management
4. Finance
income
6 Months ended 6 Months
ended
30
June
30 June
2017
2016
£
£
Bank interest
received
1,021
2,946
========
========
5. Gain on disposal
of investment
This gain representing the gain derived from the disposal of the
investment in Next Oasis, which was disposed of during the
financial period for £124,066 (Refer Note 10).
6.
Taxation
6 Months ended 6 Months ended
30
June
30 June
2017
2016
£
£
Current
tax
-
-
Deferred
tax
-
-
========
========
No reconciliation of the factors affecting the tax charge has
been presented as the company is incorporated in the Isle of Man which has a corporation tax rate
of 0%.
7.
Loss per share
The basic loss per share for the period of 0.03p (2016 - 0.01p)
is calculated by dividing the loss for the period by the weighted
average number of ordinary shares in issue of 180,458,336 (2016 –
180,458,336).
8. Office
equipment
Group and
company
Office
equipment
£
Cost
At 1 January 2016 and 30 June
2017
315
_________
Depreciation
At 1 January
2016
85
Charge for the
year
79
_________
At 1 January
2017
164
Charge for the
period
39
_________
At 30 June
2017
203
_________
Net book value
At 31 December
2016
151
========
At 30 June
2017
112
========
9. Investments
Group
Unlisted
investments
£
Cost
At 1 January 2016 and 1 January
2017
111,772
Disposal
(111,772)
_________
At 30 June
2016
-
_________
Net book value
At 30 June
2016
111,772
========
At 30 June
2017
-
========
During the financial period, the company entered into a Share
Sale Agreement for the disposal of the investment in Next Oasis Sdn
Bhd for an amount of £124,066.
9. Investments
(continued)
Company
Unlisted Shares
in
Total
investments
subsidiary
undertakings
£
£
£
Cost
At 1 January 2016
111,772
- 111,772
Additions
-
182
182
_________ _________
_________
At 1 January
2017
111,772
182 111,954
Disposals
(111,772)
- (111,772)
_________ _________
_________
At 30 June
2016
-
182
182
_________ _________
_________
Net book value
At 30 June
2016
111,772
182 111,954
======== ========
========
At 30 June
2017
-
182
182
======== ========
========
10. Receivables
Group
30 June 31
December
2017
2016
(Unaudited)
(Audited)
£
£
Prepayments, advances and
deposits
2,522
24
_________
_________
2,522
24
========
========
Company
30 June 31
December
2017
2016
(Unaudited)
(Audited)
£
£
Amounts due from related
parties
192
862
Prepayments, advances and
deposits
1,360
24
Receivables from third
parties
1,123
-
_________ ________
2,675
886
========
========
11. Cash and cash
equivalents
Cash and cash equivalents comprise cash held at bank. The
carrying amount of these assets is approximately equal to their
fair value.
12. Payables
Group
30 June 31
December
2017
2016
(Unaudited)
(Audited)
£
£
Accruals
6,932
15,951
_________
_________
6,932
15,951
========
========
Company
30 June 31
December
2017
2016
(Unaudited)
(Audited)
£
£
Accruals
6,827
15,837
Amounts due to related
parties
318
-
_________ _________
7,145
15,837
========
========
13. Share
capital
Number
of
Number of
shares
shares
30 June 31
December
2017
2016
(Unaudited)
(Audited)
Authorised:
500,000,000 Ordinary Shares of £nil par
value
500,000,000
500,000,000
Allotted and called up and fully
paid:
Ordinary Shares
180,458,336
180,458,336
========
========
14. Related party
transactions
Amounts due from related parties at the year-end are receivable
from the wholly owned subsidiary company Lonnus (M) Sdn Bhd.
Amounts due to related parties at the year-end are payable to
the directors for expenses incurred on behalf of the Company.
15. Subsequent events
Save for the resignation of Mr Hussin
Abdul Jalil from the Board of Directors on 5th.
July 2017, no significant event has
taken place since 30 June 2017 up to
the date of the release of this interim report.