TIDMZZL
RNS Number : 5044N
Zeehan Zinc Limited
18 February 2009
?
Zeehan Zinc Limited
("Zeehan Zinc" or the "Company)
Interim Report for the six months ended 31 December 2008
Zeehan Zinc announces its consolidated results for the six month period to 31
December 2008. The Company expects to announce a separate, detailed trading
update, shortly.
+-------------------------+--------+-----+--+-----+-----+-----+-----+--+-----+--+--------+-----+
| CONSOLIDATED INCOME STATEMENT |
+----------------------------------------------------------------------------------------------+
| FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 |
+----------------------------------------------------------------------------------------------+
| | | | |
+----------------------------------+-----------------------------------------+--+--------------+
| | Half Year | | Half Year | | Year |
| | Ended | | Ended | | Ended |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | 31 Dec 2008 | | 31 Dec 2007 | | 30 June |
| | | | | | 2008 |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | $ | | $ | | $ |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Revenue | 172,118 | | 412,425 | | 843,593 |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Exploration and Evaluation | (916,543) | | (352,212) | | (103,648) |
| Costs Expensed | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Depreciation Expense | (174,659) | | (88,359) | | (302,975) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Other Expenses | (3,831,110) | | (4,620,297) | | (22,519,695) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Finance Costs | (299,415) | | (18,447) | | (184,318) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Loss before Income Tax | (5,049,609) | | (4,666,890) | | (22,267,043) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Income Tax Expense | - | | - | | - |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Net Loss Attributable to | (5,049,609) | | (4,666,890) | | (22,267,043) |
| Members of Parent Entity | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Earnings per share for the loss attributable | | | |
+-------------------------------------------------------+--------------------+--+--------------+
| to the ordinary equity holders of the company | | | |
+-------------------------------------------------------+--------------------+--+--------------+
| | Cents | | Cents | | Cents |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Basic loss per share | (2.94) | | (3.27) | | (15.48) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| Diluted loss per share | (2.94) | | (3.27) | | (15.48) |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| | | | | | |
+----------------------------------+--------------+-----------+--------------+--+--------------+
| CONSOLIDATED BALANCE SHEET |
+----------------------------------------------------------------------------------------+
| AS AT 31 DECEMBER 2008 |
+----------------------------------------------------------------------------------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | 31 Dec | | 31 Dec 2007 | | 30 June 2008 |
| | 2008 | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Assets | $ | | $ | | $ |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Current Assets | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Cash and Cash | 5,980,680 | | 1,211,599 | | 1,278,897 |
| Equivalents | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Receivables | 108,410 | | 149,678 | | 116,569 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Assets Held for Sale | 1,183,172 | | - | | 2,985,224 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Inventories | 33,162 | | - | | 96,281 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Other Current Assets | 180,823 | | 444,279 | | 336,338 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Current Assets | 7,486,247 | | 1,805,556 | | 4,813,309 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Non-Current Assets | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Receivables | - | | - | | - |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Property, Plant and | 4,400,846 | | 18,788,160 | | 4,806,307 |
| Equipment | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Intangible Assets | 3,721 | | 3,721 | | 3,721 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Other Financial Assets | - | | - | | - |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Non-Current | 4,404,567 | | 18,791,881 | | 4,810,028 |
| Assets | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Assets | 11,890,814 | | 20,597,437 | | 9,623,337 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Current Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Trade and Other | 600,622 | | 1,222,404 | | 1,210,331 |
| Payables | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Financial Liabilities | 92,006 | | 88,601 | | 96,360 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Provisions | 49,360 | | 61,264 | | 60,004 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Current | 741,988 | | 1,372,269 | | 1,366,695 |
| Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Non-Current Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Financial Liabilities | 7,237,251 | | - | | 5,958,233 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Other Liabilities | 953 | | 209,624 | | 953 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Deferred Tax | 48,000 | | 48,000 | | 48,000 |
| Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Non-Current | 7,286,204 | | 257,624 | | 6,007,186 |
| Liabilities | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Liabilities | 8,028,192 | | 1,629,893 | | 7,373,881 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Net Assets | 3,862,622 | | 18,967,544 | | 2,249,456 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Equity | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Issued Capital | 53,132,762 | | 45,650,215 | | 46,481,426 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Reserves | 290,749 | | 228,455 | | 279,309 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Accumulated Losses | (49,560,889) | | (26,911,126) | | (44,511,279) |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| Total Equity | 3,862,622 | | 18,967,544 | | 2,249,456 |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | | | | |
+-------------------------+--------------+--+-----------------------+--+-----------------+
| | | |
+-------------------------+--------+-----+--+-----+-----+-----+-----+--+-----+--+--------+-----+
+--------------------------------+-------------+--+-----+--+-----+--+----+--+----+--+--------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| CONSOLIDATED CASH FLOW STATEMENT |
+--------------------------------------------------------------------------------------------------+
| FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 |
+--------------------------------------------------------------------------------------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | Half Year Ended | | Half Year | | Year Ended |
| | | | Ended | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | 31 Dec 2008 | | 31 Dec | | 30 June 2008 |
| | | | 2007 | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | $ | | $ | | $ |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Cash Flows from Operating Activities | | | |
+----------------------------------------------------------+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Receipts from Customers | 400,672 | | 694,027 | | 1,209,019 |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Interest Received | 21,777 | | 310,659 | | 521,797 |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Payments to Suppliers and | (4,567,585) | | (7,067,835) | | (13,181,515) |
| Employees | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Borrowing Costs | (57,915) | | (18,447) | | (36,105) |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Net Cash used in Operating | (4,203,051) | | (6,081,596) | | (11,486,804) |
| Activities | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Cash Flows from Investing | | | | | |
| Activities | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Sale/(Purchase) of Property, | 1,289,547 | | (6,756,432) | | (7,276,241) |
| Plant & Equipment | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Net Cash used in Investment | 1,289,547 | | (6,756,432) | | (7,276,241) |
| Activities | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Cash Flows from Financing Activities | | | |
+----------------------------------------------------------+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Net Movement from Borrowings | 1,090,420 | | 61,564 | | 6,053,879 |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Proceeds from Issue of Shares | 6,524,867 | | 4,727,305 | | 4,727,305 |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Net Cash Provided by Financing | 7,615,287 | | 4,788,869 | | 10,781,184 |
| Activities | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Net Increase/(Decrease) in | 4,701,783 | | (8,049,159) | | (7,981,861) |
| Cash Held | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Cash at Beginning of the | 1,278,897 | | 9,260,758 | | 9,260,758 |
| Half-Year | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| Cash at the End of the | 5,980,680 | | 1,211,599 | | 1,278,897 |
| Half-Year | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| | | | | | |
+--------------------------------+----------------------+--+-------------+--+----------------------+
| STATEMENT OF CHANGES IN EQUITY |
+--------------------------------------------------------------------------------------------------+
| FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 |
+--------------------------------------------------------------------------------------------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | Issued | | Retained | | Other | | Total |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | Capital | | Earning | | Reserves | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | $ | | $ | | $ | | $ |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Consolidated | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 1 July 2007 | 41,024,975 | | (22,244,236) | | 203,924 | | 18,984,663 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Income/(Expense) for the | - | | (4,666,890) | | - | | (4,666,890) |
| Period | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Share Option Reserve | - | | - | | 24,531 | | 24,531 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Less: Capital Raising Costs | (102,065) | | - | | - | | (102,065) |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Issue of Share Capital | 4,727,305 | | - | | - | | 4,727,305 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 31 December | 45,650,215 | | (26,911,126) | | 228,455 | | 18,967,544 |
| 2007 | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 1 July 2007 | 41,024,975 | | (22,244,236) | | 203,924 | | 18,984,663 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Income/(Expense) for the | - | | (22,267,043) | | - | | (22,267,043) |
| Period | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Share Option Reserve | - | | - | | 75,385 | | 75,385 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Less: Capital Raising Costs | (102,127) | | - | | - | | (102,127) |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Issue of Share Capital | 4,727,305 | | - | | - | | 4,727,305 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Issue of Convertible Notes | 831,273 | | - | | - | | 831,273 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 30 June 2008 | 46,481,426 | | (44,511,279) | | 279,309 | | 2,249,456 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 1 July 2008 | 46,481,426 | | (44,511,279) | | 279,309 | | 2,249,456 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Income/(Expense) for the | - | | (5,049,609) | | - | | (5,049,609) |
| Period | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Share Option Reserve | - | | - | | 11,440 | | 11,440 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Less: Capital Raising Costs | (9,062) | | - | | - | | (9,062) |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Issue of Share Capital | 6,524,867 | | - | | - | | 6,524,867 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Issue of Convertible Notes | 135,531 | | - | | - | | 135,531 |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| Total Equity at 31 December | 53,132,762 | | (49,560,889) | | 290,749 | | 3,862,622 |
| 2008 | | | | | | | |
+--------------------------------+-------------+--+--------------+--+------------+--+--------------+
| | | | | | | | |
+--------------------------------+-------------+--+-----+--+-----+--+----+--+----+--+--------------+
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This general purpose financial report for the interim half year reporting period
ended 31 December 2008 has been prepared in accordance with Accounting Standard
AASB 134: Interim Financial Reporting and the Corporations Act 2001.
The interim financial report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 30 June 2008 and the
public announcements made by Zeehan Zinc Limited during the interim reporting
period in accordance with the continuous disclosure requirements of the
Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period.
Basis of Preparation - Going Concern
In the six months ended 31 December 2008 the Economic Entity continued
development activities and this resulted in negative cash outflows from
operations. The continued viability of the Economic Entity and its ability to
continue as a going concern and meet its debts as and when they fall due are
dependent upon the Company successfully implementing its business plan.
The Company will finance its operations primarily through cash and cash
equivalents on hand, future financing from the issuance of debt or equity
instruments and through the generation of revenues once commercial operations
get underway. However, the Company has yet to generate any significant revenues
and has no assurance of future revenues.
The financial report has been prepared on a going concern basis. However
uncertainties exist in terms of the ability to generate cash flows in the future
which cast doubt upon the Company's ability to continue as a going concern.
The Directors regularly monitor the Company's cash position and on an on-going
basis consider a number of strategic and operational plans and initiatives to
ensure that adequate funding continues to be available for the Company to meet
its business objectives. The directors have reviewed their short-term
requirements and are of the opinion that the Company is able to meet its
financial obligations on a going concern basis.
The financial statements do not include any adjustments relating to the
recoverability and classification of recorded assets nor to the amounts and
classification of liabilities that might be necessary should the entity not
continue as a going concern.
ZEEHAN ZINC LIMITED AND CONTROLLED ENTITIES
FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
DIRECTORS' DECLARATION
The Directors of the Company declare that:
1. The financial statements and notes are in accordance with the Corporations
Act 2001:
(a) comply with Accounting Standards and the Corporations
Regulations; and
(b) give a true and fair view of the financial position as
at 31 December 2008 and performance for the half-
year ended on that date of the Company and Economic Entity;
2. In the Directors' opinion, with reference to Note 1, there are
reasonable grounds to believe that the
Company will be able to
pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of
Directors.
For further information please visit www.zeehanzinc.com or enquire to:
Zeehan Zinc plc c/o
Bankside
Tad Ballantyne Tel: +44
(0)20 7367 8888
Libertas Capital Tel: +44
(0)20 7569 9650
Aaimr Quraishi, Anthony Rowland
Bankside Consultants Tel: +44 (0)20
7367 8888
Simon Rothschild, Oliver Winters
This information is provided by RNS
The company news service from the London Stock Exchange
END
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