TIDMSPL
RNS Number : 0282A
SKIL Ports & Logistics Limited
24 September 2015
24 September 2015
SKIL Ports & Logistics Limited
("SPL" or the "Company")
Interim results for the period ended 30 June 2015
SKIL Ports and Logistics, which is developing a modern port and
logistics facility in Mumbai, India, is pleased to announce its
interim results for the period ended 30 June 2015.
Highlights, including post period end
-- Local community issues resolved;
-- Remobilisation of contractors completed;
-- Work on site resumed;
-- 24 hour shift pattern expected post monsoon;
-- Ground reclamation, piling for the jetty and dredging works
to progress simultaneously following the conclusion of the monsoon
season, most likely in November;
-- Cash balance of GBP40.06 million at the period end is in line
with financial projections, with GBP47.03 million credit facility
and flexible debt structure in place to provide sufficient capital
to fund the project and initiate commercial operations during the
first half of 2016.
Nikhil Gandhi, Executive Chairman of SPL said, "There is
significant demand for a 'world-class' port and logistics facility
in Mumbai and we remain confident that the Group has access to
sufficient cash resources to commence commercial operations. The
unforeseen recent delays have impacted on our previously
anticipated timeline but we will be doing everything we can to make
up as much time as possible in the coming months with an intention
of starting operations during the first half of 2016".
Enquiries:
SPL Nikhil Gandhi
C/O Redleaf PR +44 (0) 20 382 4769
Cenkos Securities plc Stephen Keys/Camilla Hume
(Nomad and Broker) +44 (0) 20 7397 8926
Redleaf Communications Charlie Geller/Harriet Lynch
(Financial PR) +44 (0) 20 382 4769
SKIL@redleafpr.com
Chairman's Statement
At the beginning of the year work on site was progressing at a
rapid pace. The local community issues, announced on 22 April 2015,
unfortunately hindered this pace and caused some delays. We are
therefore pleased that we were able to announce on 29 July and 14
September respectively that the issues had been resolved and the
remobilization of the contractors had been completed. We expect
that the shift pattern will move to 24 hours as soon as the monsoon
has finished, most likely in November.
We expect ground reclamation and piling for the jetty to
progress simultaneously following the conclusion of the monsoon
season. It will take three weeks to reach peak momentum, and at
this point we expect to see roughly 1200-1400 tipper movements per
day, dumping roughly 20,000 cubic meters of fill material in the
reclamation area. Ground improvement and compaction works will
commence with a two month lag to reclamation. Once started, piling
is expected to progress at the rate of an average of eight piles
per week. Dredging will also recommence immediately after the end
of the monsoon season.
We continue to promote our facility to end-users and the initial
feedback is encouraging. While the facility was initially conceived
primarily as a container handling port, the scope of potential
end-users, based on the feedback received, now includes a variety
of break-bulk cargoes including food grains, pulses, cement and
Ro-Ro amongst others. We are monitoring the most effective cargo
utilization for the facility by talking to shipping lines and
end-users. We believe that focusing on project and break-bulk cargo
in the initial years of operation will prove to be the most
productive approach and will ensure the maximum return on
investment for our shareholders.
The rapid acceleration of work on the ground that we are
expecting over the coming months will inevitably lead to a
significant increase in our cash burn rate. As of June 30, 2015 SPL
had a cash position of GBP40.06 million, which is in line with its
financial projections, and the Company also has the benefit of
having a GBP47.03 million credit facility in place. The Board is
confident that the Company has the resources in place to complete
the project within the timeframes envisaged.
I would like to thank all shareholders of SPL for their
continued support and my fellow Board members for their invaluable
guidance in navigating the Company through the challenges we
experienced earlier this year. These challenges are now behind us
and the Company expects that works will progress from here on, to
deliver an operational facility next year.
Nikhil Gandhi
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 June 2015
Note 6 months Year to
to 30 June 6 months 31 Dec 2014
2015 to 30 June
2014
GBP000 GBP000 GBP000
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (1,272) (974) (1,936)
------------ ------------ -------------
OPERATING LOSS (1,272) (974) (1,936)
Finance income 1,173 1,408 2,665
Finance cost - - -
------------ ------------ -------------
NET FINANCING INCOME 1,173 1,408 2,665
PROFIT / (LOSS) BEFORE TAX (99) 434 729
Tax expense for the period / year (401) (456) (862)
------------ ------------ -------------
LOSS FOR THE PERIOD / YEAR (500) (22) (133)
Profit / (loss) for the period /
year attributable to:
Non-controlling interest 1 1 2
Owners of the parent (501) (23) (135)
------------ ------------ -------------
Profit / (loss) for the period /
year (500) (22) (133)
============ ============ =============
Other comprehensive income/(expense)
Exchange differences on translating
foreign operations 4 (725) (110) 1,641
------------ ------------ -------------
Other comprehensive expense for the
period / year (725) (110) 1,641
------------ ------------ -------------
Total comprehensive income /
(expense)
for the period / year (1,225) (132) 1,508
============ ============ =============
Total comprehensive income /
(expense)
for the period / year attributable
to:
Non-controlling interest 1 1 2
Owners of the parent (1,226) (133) 1,506
------------ ------------ -------------
(1,225) (132) 1,508
============ ============ =============
Loss per share (consolidated):
Basic & Diluted, for the year/period
attributable to ordinary equity
holders
(GBP) (0.011) (0.001) (0.003)
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2015
Note Period ended Period ended Year ended
30 June 2015 30 June 2014 31 Dec
2014
GBP000 GBP000 GBP000
Assets
Property, plant and equipment 7 19,718 11,248 15,508
-------------------------- ------------------------ --------------
Total non-current assets 19,718 11,248 15,508
-------------------------- ------------------------ --------------
Trade and other receivables 15,101 14,014 16,320
Cash and cash equivalents 40,061 45,502 41,041
-------------------------- ------------------------ --------------
Total current assets 55,162 59,516 57,361
Total assets 74,880 70,764 72,869
========================== ======================== ==============
Equity
Share premium 71,590 71,590 71,590
Retained earnings 4,634 5,246 5,134
Translation reserve (20,725) (21,751) (20,000)
-------------------------- ------------------------ --------------
Equity attributable to owners
of parent 55,499 55,085 56,724
-------------------------- ------------------------ --------------
Non-controlling interest 16 14 15
-------------------------- ------------------------ --------------
Total equity 55,515 55,099 56,739
-------------------------- ------------------------ --------------
Liabilities
Non-current
Borrowings 9,386 9,194 9,412
-------------------------- ------------------------ --------------
Non-current liabilities 9,386 9,194 9,412
-------------------------- ------------------------ --------------
Current
Borrowings 29 8 9
Current tax liabilities 6,082 5,154 5,724
Trade and other payables 3,868 1,309 985
-------------------------- ------------------------ --------------
Current liabilities 9,979 6,471 6,718
-------------------------- ------------------------ --------------
Total liabilities 19,365 15,665 16,130
-------------------------- ------------------------ --------------
Total equity and liabilities 74,880 70,764 72,869
========================== ======================== ==============
CONSOLIDATED STATEMENT OF CASH FLOWS
for the period ended 30 June 2015
Note 6 months 6 months Year to
to 30 June to 31 Dec 2014
2015 30 June
2014
GBP000 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) before tax (99) 434 729
Adjustments 5 (1,205) (1,218) (2,301)
------------ ------------------ ----------------------
Operating loss before working capital
changes (1,304) (784) (1,572)
Net changes in working capital 5 4,103 (5,194) (7,794)
------------ ------------------ ----------------------
Net cash generated from / (used
in) operating activities 2,799 (5,978) (9,366)
------------ ------------------ ----------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and
equipment (4,424) (4,807) (8,861)
Finance income 1,173 1,408 2,665
------------ ------------------ ----------------------
Net cash from investing activities (3,251) (3,339) (6,196)
------------ ------------------ ----------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowing (6) 9,180 9,368
Net cash from financing activities (6) 9,180 9,368
------------ ------------------ ----------------------
Net change in cash and cash equivalents (458) (197) (6,194)
Cash and cash equivalents, beginning
of the period / year 41,041 45,796 45,796
Exchange differences on cash and
cash equivalents (522) (97) 1,439
------------ ------------------ ----------------------
Cash and cash equivalents, end
of the period / year 40,061 45,502 41,041
============ ================== ======================
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
1. Reporting entity
SKIL Ports & Logistics Limited (the "Company") was
incorporated in Guernsey under the Companies (Guernsey) Law 2008 on
24 August 2010. The condensed interim consolidated financial
statements of the Company for the period ended 30 June 2015
comprise the Company and its subsidiaries (together referred to as
the "Group"). The Company has been established to develop, own and
operate port and logistics facilities.
2. General information and basis of preparation
The condensed interim consolidated financial statements are for
the period ended 30 June 2015. The condensed interim consolidated
financial statements are prepared under AIM 18 guidance. They have
been prepared on the historical cost basis. They do not include all
of the information required in annual financial statements in
accordance with IFRS. The condensed interim consolidated financial
statements are not audited.
The condensed interim consolidated financial statements are
presented in Great British Pounds Sterling (GBP), which is the
functional currency of the parent company. The preparation of the
condensed interim consolidated financial statements requires
management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates.
In preparing these condensed interim consolidated financial
statements, the significant judgments made by management applying
the Group's accounting policies and the key sources of estimation
uncertainty are the same as those applied in the annual IFRS
financial statements.
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2015 02:00 ET (06:00 GMT)
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