TIDMNBR
RNS Number : 3089X
Namibian Resources PLC
18 November 2014
18 November 2014
NAMIBIAN RESOURCES PLC
RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2014
CHAIRMAN'S STATEMENT
During the period under review the Company has concentrated on
refurbishing its plant with a view to realising it at the most
advantageous price, as well as seeking other projects which can be
brought into the Group.
Operations
Operations at the Group's Sonnberg diamond mine have been
discontinued, following a detailed review of its economic
viability. The refurbishment of the plant has now been completed,
which has underpinned its value, and a structured sale process is
now in place. A decision can now be made as to future utilization,
either by sale or in another project at a new location. The
agreement under which Sonnberg previously mined is open to
differing interpretations regarding rehabilitation costs. Sonnberg
has contributed a percentage of the value of diamonds mined to a
fund held by Namdeb, but the adequacy of this fund is uncertain.
The directors provided a further GBP70,000 to cover this potential
liability during the previous year, and discussions are under way
with Namdeb.
Financial
During the period the Company reports a consolidated unaudited
total comprehensive loss of GBP72,436 (2013 loss: GBP376,588). The
figure for 2013 is shown after an impairment charge of GBP167,129.
During the period the Company raised GBP146,600 by a placing of new
shares, a large part of which was subscribed by me. Expenses in
Namibia have been reduced to the minimum required to maintain
Sonnberg Diamonds in good standing. Separate financing will be
sought for new projects, which is likely to be by way of both
equity and project finance.
Future prospects
Work on bringing new projects in to the Company is now
accelerating, and I believe that the Company is now well placed to
move forward. The initial intention was to bring in coal projects,
but the market perception of coal projects in Southern Africa has
mitigated against this. The directors are evaluating a small copper
project in Northern Cape Province, South Africa, which could bring
early positive cash flow as well as providing a stepping stone to
other copper projects in that area. Also currently under
consideration are a kimberlite diamond mine in South Africa and an
onshore oil and gas project in West Africa. Either of these would
require the publication of a new admission document, and it must be
stressed that discussions remain at an early stage.
Brian Moritz (Chairman)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 AUGUST 2014
31-Aug-14 31-Aug-13 28-Feb-14
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Revenue - - -
Cost of - - -
sales
------------- --------------- -------------
Gross profit - - -
Administrative and exploration
expenses (86,633) (93,045) (289,974)
Impairment of non-current assets - (167,129) (239,778)
Loss from operating activities (86,633) (260,174) (529,752)
Finance income - - -
Finance
costs (309) (1,945) (2,006)
Net finance income/(costs) (309) (1,945) (2,006)
Loss before taxation (86,942) (262,119) (531,758)
Taxation - - -
------------- --------------- -------------
Loss for the period (86,942) (262,119) (531,758)
------------- --------------- -------------
Other comprehensive income
Exchange translation on foreign operations 14,506 (114,469) (154,150)
------------- --------------- -------------
Other comprehensive income/(loss) for
the period, net of tax 14,506 (114,469) (154,150)
------------- --------------- -------------
Total comprehensive loss for
the period (72,436) (376,588) (685,908)
============= =============== =============
Loss per share - continuing operations
Basic and diluted loss per share
(pence) (0.12) (0.42) (0.86)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2014
31-Aug-14 31-Aug-13 28-Feb-14
(unaudited) (unaudited) (audited)
GBP GBP GBP
Assets
Non-current assets
Intangible assets - - -
Property, plant and equipment 264,389 364,004 260,264
264,389 364,004 260,264
------------- ------------- ------------
Current assets
Inventories - - -
Trade and other receivables 49,951 51,819 49,048
Cash and cash equivalents 22,487 8,085 7,689
------------- ------------- ------------
72,438 59,904 56,737
------------- ------------- ------------
Total assets 336,827 423,908 317,001
============= ============= ============
Equity
Equity attributable to owners
of the Company
Share capital 4,328,355 4,211,235 4,211,235
Share premium 1,050,197 1,027,317 1,027,317
Currency translation reserve 163,278 191,886 158,491
Retained deficit (5,972,090) (5,618,942) (5,894,867)
------------- ------------- ------------
Total equity (430,260) (188,504) (497,824)
------------- ------------- ------------
Liabilities
Current liabilities
Trade and other payables 697,087 612,412 744,825
Provisions 70,000 - 70,000
------------- ------------- ------------
767,087 612,412 814,825
------------- ------------- ------------
Total liabilities 767,087 612,412 814,825
------------- ------------- ------------
Total equity and liabilities 336,827 423,908 317,001
============= ============= ============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 AUGUST 2014
31-Aug-14 31-Aug-13 28-Feb-14
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Loss for the period (72,436) (262,119) (685,908)
Adjustments for:
Depreciation - 1,390 1,301
Amortisation of intangible assets - - -
Foreign exchange differences (4,787) (9,868) 147,864
Impairment of non-current
assets - 167,129 239,778
Net finance (income)/costs 309 1,945 2,006
(76,914) (101,523) (294,959)
Changes in:
* inventories - 2,030 1,730
- trade and other receivables (185) 3,241 (8,658)
- trade and other payables (47,831) 101,975 237,344
* provisions - - 70,000
------------- ------------- -----------
Cash used in operating activities (124,930) 5,723 5,457
------------- ------------- -----------
Cash flows from investing
activities
Interest paid (309) (1,945) (2,006)
Net cash used in investing
activities (309) (1,945) (2,006)
------------- ------------- -----------
Cash flows from financing
activities
Proceeds from issue of share 140,000 - -
capital
Loans - - -
Net cash flows from financing 140,000 - -
activities
------------- ------------- -----------
Net increase/(decrease) in cash
and cash equivalents 14,761 3,778 3,451
Cash and cash equivalents at beginning
of period 7,689 4,307 4,307
Effect of foreign exchange
rate changes 37 - (69)
------------- ------------- -----------
Cash and cash equivalents at end
of period 22,487 8,085 7,689
============= ============= ===========
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2014
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 2014 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 2014. 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 17 November 2014.
3 Related parties
Transactions with key management personnel
During the six months ended 31 August 2014 the Company received loans
from Lord Sheppard of Didgemere of GBPnil (six months ended 31 August
2013: GBP63,900, twelve months ended 28 February 2014: GBP85,900) and
B M Moritz GBPnil (six months ended 31 August 2013: GBP27,700, twelve
months ended 28 February 2014: GBP65,700). The balances owed to the
individuals at the period end were GBP426,400 (31 August 2013: GBP404,400,
twelve months ended 28 February 2014: GBP426,400) and GBP208,200 (six
months ended 31 August 2013: GBP170,200, twelve months ended 28 February
2014: GBP208,200) respectively. The loans are interest free and with
no repayment terms. Mr Moritz is a director of the company and he and
Lord Sheppard are substantial shareholders.
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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