The Directors of Platinum Mining Corporation of India Plc are pleased to
announce their interim results for
the six months ended 31 January 2007
Chairman's Statement
The financial result for the six month period to end of January 2007 was a net
loss after taxation of �833,974 compared to a loss after taxation of �232,679
for the six months to end January 2006. Income in the period was entirely due
to interest on our bank balances and amounted to �230,539 compared to �259,620.
The increased loss was accounted for by administrative costs in relation to the
takeover offer made for PMCI by SPI Partners Ltd, a subsidiary of SUN Group, and
legal fees incurred in the renegotiation of contracts with FACOR, our joint
venture partner in India.
There have been no operational developments to report upon within the period
under review. As referred to above, the extensive discussions with FACOR
relating to our mining contracts were interrupted by the takeover offer and as a
consequence, could not be concluded.
The Board
Since the successful takeover offer of PMCI by SPI Partners Ltd at the end of
last year, SUN Group have moved to further strengthen the Board by appointing
three of their senior executives as non-executive Directors. We welcomed
Sandeep Kamat, Sheldon Kirkpatrick and Vaidyanathan Sivakumar as Directors in
February and expect that their knowledge of the mining industry, with their
experience of corporate finance and of operating in India will be a great
benefit to the Company. Malcolm Groat and Umesh Sahdev will be retiring from the
Board at the conclusion of the forthcoming Annual General Meeting to be held on
3rd May 2007. I would like to acknowledge the contribution made by Malcolm
since joining the Board in March 2005 and also to Umesh since he became a
Director in February 2006.
Financial Position
The Company maintains a healthy cash balance of over �9million even after the
exceptional costs referred to above. Your board is currently considering
proposals to maximise returns on this cash. Our finances put us in a strong
position to commit to exploration and development expenditure as soon as we have
agreement to do so and would also enable us to consider other opportunities in
PGMs.
We intend to change our financial year end from 31 July to 31 December, which
will align our year end with that of the SUN Group as well as the majority of
mining companies. Accordingly, the next reporting period will be a seventeen-
month period from 01 August 2006 to 31 December 2007.
Outlook
As previously mentioned, SUN Group, on behalf of your Company is devoting
considerable human and financial resources in order to reach satisfactory
agreements between your Company and our joint venture partner, FACOR. In the
meantime, Platinum's strength is underpinned by robust fundamentals,
particularly demand from autocatalysts.
Philip Adeane
Chairman
Platinum Mining Corporation of
India PLC
Unaudited interim results
Consolidated Profit and Loss
Account
for the six months ended 31
January 2007
Six Twelve Six months
months to months to to
31 31 July 31 January
January 2006 2006
2007 Restated Restated
Unaudited audited unaudited
� � �
Administrative expenses
(1,064,513) (1,594,872) (492,299)
_______ _______ _______
Operating loss
(1,064,513) (1,594,872) (492,299)
Interest receivable and similar 230,539 474,458 259,620
income
_______ _______ _______
Loss on ordinary activities
activities before taxation (833,974) (1,120,414) (232,679)
Taxation - - -
Loss on ordinary activities
after taxation (833,974) (1,120,414) (232,679)
Minority interests - equity 1,218 6,702 (11,714)
_______ _______ _______
Loss for the period
(832,756) (1,113,712) (244,393)
======= ======= =======
Loss per ordinary share (p) (0.5) (0.6) (0.1)
Consolidated Balance Sheet
31 31 31
January July January
2007 2006 2006
Unaudited Audited Unaudited
� � �
Fixed Assets
Intangible Assets 260,364 260,364 256,068
Tangible Assets 186,933 197,409 242,569
_______ _______ _______
447,297 457,773 498,637
======= ======= =======
Current Assets
Debtors 474,982 431,327 522,208
Cash at bank and in hand 9,465,014 10,455,942 11,034,698
_______ _______ _______
9,939,996 10,887,269 11,556,898
Creditors: amounts falling due (142,552) (246,711) (118,916)
within one year
_______ _______ _______
Net current assets 9,797,444 10,640,558 11,437,982
_______ _______ _______
Total assets less current 10,244,741 11,098,331 11,936,619
liabilities
Creditors: amounts falling due (8,302) (8,288) (9,225)
after more than one year _______ _______ _______
Net assets 10,236,439 11,090,043 11,927,394
======= ======= =======
Capital and reserves
Called up share capital 79,036 79,036 79,036
Share premium account 12,153,129 12,153,129 12,150,868
Merger reserve 1,014,980 1,014,980 1,014,980
Profit and loss account (2,985,171) (2,136,737) (1,320,607)
_______ _______ _______
Shareholders' funds - Equity 10,261,974 11,110,408 11,924,277
Minority interests - equity
(25,535) (20,365) 3,117
_______ _______ _______
10,236,439 11,090,043 11,927,394
======= ======= =======
Consolidated Cash Flow Statement
Six Twelve Six months
months to months to to
31 31 July 31 January
January 2006 2006
2007 Restated Restated
Unaudited audited unaudited
� � �
Reconciliation of operating loss
to net cash flow
from operating activities
Operating loss (1,064,513) (1,594,872) (492,299)
Depreciation charges 13,673 28,382 3,039
Loss/(profit) on disposal of - 11,550 (5,500)
fixed assets
Foreign currency exchange loss 3,319 26,560 -
(Increase)/decrease in debtors (43,655) 67,095 (23,778)
Decrease) in creditors (104,145) (247,195) (373,868)
Fair value of share based payments (20,363) 107,183 53,592
Net Cash outflow from operating
activities (1,215,684) (1,601,297) (838,814)
======= ======= =======
Cash Flow Statement
Cash flow from operating
activities (1,215,684) (1,601,297) (838,814)
Returns on investments and
servicing of finance
Interest received 243,030 474,458 259,620
Capital expenditure and
financial investment
Purchases in respect of fixed assets (2,885) (211,119) (403,471)
Investment in intangible assets - (196,784) _
_______ _______ _______
Cash outflow before financing (975,539) (1,534,742) (982,665)
Financing
Share issue costs - (56,591) (58,852)
_______ _______ _______
(Decrease) in cash in the period (975,539) (1,591,333) (1,041,517)
======= ======= =======
Reconciliation of net cash flow
to Movements in net funds
Six Twelve Six months
months to months to to
31 31 July 31 January
January 2006 2006
2007 Restated Restated
Unaudited audited unaudited
� � �
(Decrease) in cash for the period (975,539) (1,591,333) (1,041,517)
Repayment of debt due after more - - -
than one year
_______ _______ _______
Change in funds resulting from (975,539) (1,591,333) (1,041,517)
cash flows
Exchange movement (15,389) (7,340) 21,600
Movement in net funds in the period (990,928) (1,598,673) (1,019,917)
Net funds at the start of the 10,445,942 12,054,615 12,054,615
period
_______ _______ _______
Net funds at the end of the period 9,465,014 10,455,942 11,034,698
======= ======= =======
Consolidated Statement of Total
Recognised Gains and Losses
Loss for the period (832,756) (1,113,712) (244,393)
Net exchange differences on the 4,685 12,104 12,506
retranslation of net investments
and related borrowings
Fair value of share based payments (20,363) 107,183 84,134
_______ _______ _______
Total recognised gains and
losses relating to the Period (848,434) (994,425) (147,753)
======= ======= =======
Reconciliation of Movements in
Shareholders' Funds
Loss for the period (832,756) (1,113,712) (244,393)
Net exchange differences on the 4,685 12,104 12,506
retranslation of net investments
and related borrowings
New share capital subscribed - (56,591) (58,852)
(net of issue costs)
Fair value of share based payments (20,363) 107,183 53,592
Net reduction in equity
shareholders' funds (848,434) (1,051,016) (237,147)
Opening equity shareholders' funds 11,110,408 12,161,424 12,161,424
_______ _______ _______
Closing equity shareholders' funds 10,261,974 11,110,408 11,924,277
======= ======= =======
Notes to the unaudited interim results
1. Basis of preparation
The interim financial information has been prepared on the same basis and
using the same accounting policies as were applied in drawing up the
company's statutory financial statements for the year ended 31 July 2006.
The report was approved by the Board of Directors on 26 April 2007.
The financial information for the 6 months ended 31 January 2007 is
unaudited. In the opinion of the Directors the financial information for
this period presents fairly the financial position and cash flows for the
period in conformity with generally accepted accounting principles. The
financial information for the 12 months ended 31 July 2006 has been derived
from the Group's audited financial statements for that period as filed with
the Registrar of Companies and does not constitute the statutory financial
statements for that period. The auditors' report on the statutory
financial statements for the year ended 31 July 2006 was unqualified.
As explained in the Chairman's Statement, the financial year end for the
Company will be changing from July to December, and the next Annual Report
will be for a 17-month period up to 31 December 2007.
In common with other AIM listed companies, the Group is not required to
adopt International Financial Reporting Standards (IFRS) until accounting
periods beginning on or after 01 January 2007, which will be the Company's
year ended 31 December 2008. The Directors are currently assessing the
impact of IFRS on the Group's financial results, particularly that of IFRS
6 "Exploration for and Evaluation of Mineral Resources".
2. Loss per share
The calculation of loss per ordinary share is based on losses of �832,756
(12 months to 31 July 2006: (�1,113,712), 6 months to 31 January 2006:
(�244,393)) and the weighted average number of ordinary shares of
175,636,364 (12 months to 31 July 2006: 175,636,364, 6 months to 31 January
2006: 175,636,364) There is no difference between the basic and diluted
earnings per share as the share options are non-dilutive.
3. FRS 20
The Company has adopted FRS 20 Share Based Payments, under which an expense
is recognised in the profit and loss account for share based payments,
calculated on their fair value at the date of grant. The adoption of FRS
20 has given rise to a write-back of �20,363 for the period ended 31
January 2007 due to the reversal of a prior charge. The charge for the 12
months ended 31 July 2006 is �107,183, for the 6 months ended January 2006
the charge is �53,592 and for the year ended 31 July 2005, the charge is
�84,134. All comparative figures have been restated accordingly.
4. Dividends
The Directors do not recommend the payment of the dividend.
Copies of the interim report
Copies of this Interim Report will be posted to shareholders and further
copies will be available from the Company's office and downloadable from
www.pmciplc.com
Enquiries:
Charles Zorab
Platinum Mining Corporation of India Plc
Telephone number: 020 7340 0970
James Joyce/David Porter
WH Ireland
Telephone number: 020 7220 1698
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