11th Dec 2015 16:07
TRICOR PLC (the "Company")
Unaudited Interim Results for the six months ended 30 September 2015
CHAIRMAN'S STATEMENT
Introduction
Tricor Plc ("Tricor", the "Company" or "Group") is an AIM-listed company which has made investments in Tricor Environmental Pte Ltd, Tricor Minerals Pte Ltd, and Tricor Resources Trading Pte Ltd. Over the 6 months ended 30 September 2015, the Group operating loss was £365,000, compared with a loss of £1,016,000 for the comparable period in FY2014.
Tricor Environmental Pte Ltd ("TEPL")
TEPL is still negotiating to secure new sand contracts. So far, none have been concluded.
TEPL incurred a net loss of £163,250. The loss was mainly due to the expenses incurred to maintain the equipment and site while the management is trying to secure the sand contracts.
Tricor Minerals Pte Ltd ("TM")
TM, with the help of TEPL, continued to work on its applications for the necessary permits to operate a plant in Bangan, however, it is not certain that the necessary permits will be granted by the authorities.
The net profit of TM for the period was £11,666. The profit was mainly due to the unrealized foreign exchange gain.
As announced on 4 September 2015, Tricor and TM continue to discuss with KGGD to reach an amicable resolution with regard to the latter's threat to wind up TM.
Tricor Resources Trading Pte Ltd ("TRT")
TRT was set up to be a resources trading company and will only commence business after TM starts producing iron sand.
TRT made a loss of £432 for the 6 months ended 30 September 2015.
Summary of the Consolidated Results
The Group did not generate any revenue in the 6-month period ended 30 September 2015 (2014: £1,559,000) as its operational subsidiaries are still in the midst of attempts to secure new sand contracts.
During the period, the Group incurred a total of £378,000 administrative expenses (2014: £720,000). No finance cost was incurred during the period (2014: £448,000)
The Company's cash balance at the end of the period was £18,000, an increase of £15,000 from the position at 31 March 2015. This was mainly due to the drawdown of working capital facility provided by Ellwood International Limited.
The Board is continuing discussions with other potential investors to raise funds for the Company to ensure further working capital is made available in the best interests of all shareholders. In the longer term, and once the funding requirements are secured, further investments will be sought in line with our investing policy.
Update on VAT Claims
The Company has not had any further news from its lawyers since the announcement of the Company's financial results on 4 September 2015.
Michael Roberts
Chairman
11 December 2015
Enquiries:
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Tricor Plc:
Michael Roberts Chairman
Chan Fook Meng CEO Tel: +65 6236 2985
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| Nominated Adviser and Broker:
Allenby Capital Ltd
Jeremy Porter Nick Naylor James Reeve Tel: +44 (0) 20 7328 5656
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TRICOR PLC
Consolidated Statement of Comprehensive Income for the six months ended 30 September 2015
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Six months to | Six months to | Year ended |
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30 September 2015 | 30 September 2014 | 31 March 2015 |
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Unaudited | Unaudited | Audited |
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£'000s | £'000s | £'000s |
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Turnover | - | 1,559 | 1,622
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Cost of sales | - | (1,407) | (1,597)
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──────── | ──────── | ──────── |
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Gross Profit | - | 152 | 25 |
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Administrative expenses | (378) | (720) | (1,791) |
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Finance costs | - | (448) | - |
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──────── | ──────── | ──────── |
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Operating Loss | (378) | (1,016) | (1,766) |
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Other income | 13 | - | 1,800 |
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──────── | ──────── | ──────── |
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(Loss)/ Profit before Tax | (365) | (1,016) | 34 |
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Income tax charges | - | - | - |
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──────── | ──────── | ──────── |
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(Loss)/ Profit for the period | (365) | (1,016) | 34 |
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──────── | ──────── | ──────── |
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Other comprehensive income |
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Items that may be reclassified subsequently
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to profit or loss: |
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Foreign currency translation differences | 21 | - | (251) |
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──────── | ──────── | ──────── |
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Other comprehensive income, net of tax | 21 | - | (251) |
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──────── | ──────── | ──────── |
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Total comprehensive income for the period period | (344) | (1,016) | (217) |
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═══════ | ═══════ | ═══════ |
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(Loss)/Profit attributable to: |
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Owners of the parent | (368) | (987) | 301 |
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Non-controlling interest | 3 | (29) | (267) |
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──────── | ──────── | ──────── |
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(Loss)/ Profit for the period | (365) | (1,016) | 34 |
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──────── | ──────── | ──────── |
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Total comprehensive income attributable to: |
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Owners of the parent | (330) | (987) | 71 |
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Non-controlling interest | (14) | (29) | (288) |
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──────── | ──────── | ──────── |
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(344) | (1,016) | (217) |
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═══════ | ═══════ | ═══════ |
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(Loss)/Profit per share
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From continuing operations:
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- Basic earnings per share | (0.24p) | (0.77p) | 2.3p |
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- Diluted earnings per share | (0.24p) | (0.77p) | 0.7p |
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═══════ | ═══════ | ═══════ |
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TRICOR PLC
Consolidated Statement of Financial Position as at 30 September 2015
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30 September 2015 | 30 September 2014 | 31 March 2015 | |
Unaudited | Unaudited | Audited | |
£'000s | £'000s | £'000s | |
(Restated)* | |||
Assets | |||
Non-current assets | |||
Intangible assets | - | 108 | - |
Property, Plant & Equipment | 609 | 1,457 | 724 |
Non-current other receivables | - | 14 | - |
──────── | ──────── | ──────── | |
609 | 1,579 | 724 | |
──────── | ──────── | ──────── | |
Current assets | |||
Trade and other receivables | 1,012 | 4,988 | 1,012 |
Cash and cash equivalents | 18 | 2 | 3 |
──────── | ──────── | ──────── | |
1,030 | 4,990 | 1,015 | |
Current liabilities | |||
Trade and other payables | (2,177) | (7,690) | (2,109) |
Non-interest bearing loans | (81) | (102) | (102) |
──────── | ──────── | ──────── | |
Net current liabilities | (1,228) | (2,802) | (1,196) |
──────── | ──────── | ──────── | |
Non current liabilities | |||
Interest bearing loans | (1,320) | (1,385) | (1,334) |
──────── | ──────── | ──────── | |
NET LIABILITIES | (1,939) | (2,608) | (1,806) |
═══════ | ═══════ | ═══════ | |
Capital and reserves | |||
Share capital | 3,930 | 3,719 | 3,719 |
Share premium | 55,443 | 55,443 | 55,443 |
Share based payment reserve | 140 | 288 | 140 |
Other reserves | 221 | 182 | 183 |
Retained earnings | (61,534) | (62,454) | (61,166) |
──────── | ──────── | ──────── | |
Equity attributable to owners of the parent |
(1,800) |
(2,822) |
(1,681) |
Non-controlling interest | (139) | 214 | (125) |
──────── | ──────── | ──────── | |
TOTAL DEFICIT | (1,939) | (2,608) | (1,806) |
═══════ | ═══════ | ═══════ | |
*: See note 7
TRICOR PLC
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Consolidated Statement of Cash Flows for the six months ended 30 September 2015
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| Six months to | Six months to | Year ended | |
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| 30 September 2015 | 30 September 2014 | 31 March 2015 | |
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| Unaudited | Unaudited | Audited | |
| Note | £'000 | £'000 | £'000 | |
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| (Restated) |
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Cash flows from operating activities | |||||
Net cash generated from/ (utilised in) operations | 4 | (122) | (4) | 4 | |
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| ──────── | ──────── | ──────── | |
Cash flows from financing activities |
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Loan repayment |
| (20) | - | - | |
Proceeds on issue of shares | 154 | - | - | ||
| ──────── | ──────── | ──────── | ||
Net cash from financing activities |
| 134 | - | - | |
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| ──────── | ──────── | ──────── | |
Net cash inflow/(outflow) |
| 12 | (4) | 4 | |
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Effects of currency translation on cash and cash equivalents |
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3 |
- |
(7) | |
Cash and cash equivalents at start of period |
| 3 | 6 | 6 | |
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| ──────── | ──────── | ──────── | |
Cash and cash equivalents at end of period | 18 | 2 | 3 | ||
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| ═══════ | ═══════ | ═══════ | |
TRICOR PLC
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Consolidated Statement of Changes in Equity for the six months ended 30 September 2015
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| Six months to | Six months to | Year ended |
| 30 September 2015 | 30 September 2014 | 31 March 2015 |
| Unaudited | Unaudited | Audited |
£'000s | £'000s | £'000s | |
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| (Restated) |
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Attributable to owners of the parent:
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At beginning of period | (1,681) | (1,752) | (1,752) |
Issue of share capital | 154 | - | - |
Share based payment charge | 57 | 42 | - |
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(Loss)/ Profit for the period | (368) | (987) | 301 |
Foreign exchange differences | 38 | (125) | (230) |
| ──────── | ──────── | ──────── |
At end of period | (1,800) | (2,822) | (1,681) |
──────── | ──────── | ──────── | |
Non-controlling interests:
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At beginning of period | (125) | 163 | 163 |
(Loss)/ Profit for the period | 3 | (29) | (267) |
Foreign exchange differences | (17) | 80 | (21) |
| ──────── | ──────── | ──────── |
At end of period | (139) | 214 | (125) |
| ──────── | ──────── | ──────── |
Total | (1,939) | (2,608) | (1,806) |
═══════ | ═══════ | ═══════ | |
TRICOR PLC
Notes to the Interim Report
1. Significant Accounting Policies
These accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles, and consistent with those used in the annual report and accounts for the year ended 31 March 2015.
This interim report for the six months to 30 September 2015 was approved by the Board on 11 December 2015.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2015, as described in those annual financial statements.
There are no IFRS, IFRIC interpretations or amendments that have been issued and effective
for the first time in this financial period that have had a material impact on the Group.
There are no IFRS or IFRIC interpretations and amendments that are not yet effective that
would be expected to have a material impact on the Group.
TRICOR PLC
Notes to the Interim Report (continued...)
2. Segmental Analysis
For the six months to 30 September 2015 | UK | SE Asia | Total |
£'000s | £'000s | £'000s | |
Segment revenue and results | |||
Reportable revenue | - | - | - |
──────── | ──────── | ──────── | |
Revenue from external customers | - | - | - |
──────── | ──────── | ──────── | |
Reportable segment results | |||
Listing expenses | (23) | - | (23) |
Unallocated corporate income and expenses | (44) | (298) | (342) |
──────── | |||
Loss before taxation | (365) | ||
═══════ | |||
Segment assets and liabilities | |||
Segment assets | |||
Reportable segment assets | 930 | 709 | 1,639 |
──────── | |||
Consolidated total assets | 1,639 | ||
═══════ | |||
Segment liabilities | |||
Reportable segment liabilities | 518 | 1,740 | 2,258 |
Issued loan notes | - | 1,320 | 1,320 |
═══════ | |||
Consolidated total liabilities | 3,578 | ||
═══════ | |||
Other segment information | |||
Depreciation of property, plant and equipment | - | 105 | 105 |
═══════ | ═══════ | ═══════ | |
Non-current assets The non-current assets as disclosed in the consolidated statement of financial position were all located in South East Asia. | |||
TRICOR PLC
Notes to the Interim Report (continued...)
2. Segmental Analysis (continued...)
For the six months to 30 September 2014 | UK | SE Asia | Total |
£'000s | £'000s | £'000s | |
Segment revenue and results | |||
Reportable revenue | - | 1,559 | 1,559 |
──────── | ──────── | ──────── | |
Revenue from external customers | - | 1,559 | 1,559 |
──────── | ──────── | ──────── | |
Reportable segment results | |||
Listing expenses | (44) | - | (44) |
Share-based payment expenses | (42) | - | (42) |
Finance costs | - | (448) | (448) |
Unallocated corporate income and expenses | (101) | (1,940) | (2,041) |
──────── | |||
Loss before taxation | (1,016) | ||
═══════ | |||
Segment assets and liabilities | |||
Segment assets | |||
Reportable segment assets | 910 | 5,659 | 6,569 |
──────── | |||
Consolidated total assets | 6,569 | ||
═══════ | |||
Segment liabilities | |||
Reportable segment liabilities | 295 | 7,497 | 7,792 |
Issued loan notes | - | 1,385 | 1,385 |
═══════ | |||
Consolidated total liabilities | 9,177 | ||
═══════ | |||
Other segment information | |||
Depreciation of property, plant and equipment | - | 115 | 115 |
═══════ | ═══════ | ═══════ | |
Information about customers For the six months to 30 September 2014, all sales from the South East Asia segment were made to one external customer.
Non-current assets The non-current assets as disclosed in the consolidated statement of financial position were all located in South East Asia. | |||
TRICOR PLC
Notes to the Interim Report (continued...)
2. Segmental Analysis (continued)
For the year ended 31 March 2015 | |||
UK | SE Asia | Total | |
£'000s | £'000s | £'000s | |
Segment revenue and results | |||
Reportable revenue | - | 1,622 | 1,622 |
──────── | ──────── | ──────── | |
Revenue from external customers | - | 1,622 | 1,622 |
──────── | ──────── | ──────── | |
Reportable segment results | |||
Listing expenses | (84) | - | (84) |
Unallocated corporate income and expenses | (146) | (1,358) | (1,504) |
──────── | |||
Profit before taxation | 34 | ||
═══════ | |||
Segment assets and liabilities | |||
Segment assets | |||
Reportable segment assets | 909 | 830 | 1,739 |
──────── | |||
Consolidated total assets | 1,739 | ||
═══════ | |||
Segment liabilities | |||
Reportable segment liabilities | 566 | 1,645 | 2,211 |
Issued loan notes | - | 1,334 | 1,334 |
──────── | |||
Consolidated total liabilities | 3,545 | ||
═══════ | |||
Other segment information | |||
Depreciation of property, plant and equipment | - | 202 | 202 |
Written off of assets | - | 793 | 793 |
═══════ | ═══════ | ═══════ | |
Information about customers For the year ended 31 March 2015, all sales from the South East Asia segment were made to one external customer.
Non-current assets The non-current assets as disclosed in the consolidated statement of financial position were all located in South East Asia. | |||
TRICOR PLC
Notes to the Interim Report (continued...)
3. Basic and diluted profit/(loss) per share
The basic profit/ loss per share is calculated by dividing the loss of £368,000 (30 September 2014 -loss of £987,000; 31 March 2015 - profit of £301,000) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, which is 150,953,721 (30 September 2014 - 128,970,152; 31 March 2015 - 128,970,152).
The calculation of diluted earnings per share at was based on profit attributable to ordinary shareholders as mentioned above and a weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares calculated as follows:
Year ended 31 March 2015 | |||
'000 | |||
Weighted-average number of ordinary share (basic) | 128,970 | ||
Effect of warrants granted | 294,162 | ||
Weighted-average number of ordinary shares(diluted) during the period | 423,132 | ||
The average market value of the Company's shares for purposes of calculating the dilutive effect of share price options was based on quoted market prices for the period during which the options were outstanding.
For the six months to 30 September 2014 and 30 September 2015, the options and warrants on the ordinary shares were considered to be non-dilutive due to the losses incurred.
4. Reconciliation of operating loss to net cash outflow from operating activities.
| Six months to | Six months to | Year ended |
| 30 September 2015 | 30 September 2014 | 31 March 2015 |
| Unaudited | Unaudited | Audited |
| £'000 | £'000 | £'000 |
|
|
|
|
(Loss)/ Profit for the period | (365) | (1,016) | 34 |
Adjustments for : | |||
Depreciation charges | 105 | 115 | 202 |
Written off assets | - | - | 793 |
Waiver of loans payable | - | - | (155) |
Share based payments | 57 | 42 | - |
─────── | ─────── | ─────── | |
Operating cash flow before movement in working capital | (203) | (859) | 874 |
(Increase)/decrease in receivables | (5) | (1,683) | 2,409 |
Increase/(decrease) in payables | 86 | 2,538 | (3,279) |
─────── | ─────── | ─────── | |
Cash generated from/ (consumed in) operations | (122) | (4) | 4 |
| ═════ | ═════ | ═════ |
TRICOR PLC
Notes to the Interim Report (continued...)
5. Called up Share Capital
The issued share capital as at 31 March 2015, per the audited accounts was 128,970,152 Ordinary Shares of 0.001p each. Shares issued during the period were as follows:
Ordinary shares of 0.01p each | No'000 |
At 31 March 2015 Issue of shares for cash | 128,97040,516 |
Issue of shares by way of share-based payments | 8,508 |
At 30 September 2015 | 177,994 |
7,443,751 Ordinary Shares were issued to Ellwood at an average of 0.67p per share as consideration for its consultancy fees. 1,064,516 Ordinary Shares were issued to General and Financial Management Limited, a company owned by Michael Roberts at an average of 0.62p per share as consideration for his director's fees.
6. Business combinations and investments
As at 30 September 2015, the Company held the following subsidiaries:
Name of company | Place of incorporation and operation |
Issued share capital | Attributable equity interest |
Principal Activities | |||||
Tricor Environmental Private Limited | Singapore | SG$ 600,000 | 100% | Mining and quarrying sand | |||||
Tricor Minerals Private Limited | Singapore | SG$ 372,820 | 72% | Extraction of iron sand | |||||
Tricor Resources Trading Private Limited
| Philippines | SG$ 124,820 | 72% | Trading of iron sand | |||||
Subsidiary held by Tricor Environmental Private Limited | |||||||||
Sea Wind Group Limited | British Virgin Islands | US$550 | 100% | Dormant | |||||
The class of shares held for the above consists of ordinary share capital. The Company directly holds the interest in the subsidiaries.
TRICOR PLC
Notes to the Interim Report (continued...)
7. Prior year adjustments
Effect on consolidated statement of financial position | Property, plant and equipment | Trade and Other receivables | Trade and other payables | Retained losses | |
£'000 | £'000 | £'000 | £'000 | ||
Balance at 30 September 2014, as previously reported | 1,657 | 4,956 | (7,447) | (62,043) | |
Prior year adjustments:
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- Expense wrongly capitalised | (a) | (180) | - | (180) | |
- Depreciation for expenses wrongly capitalised | (a) | 12 | - | 12 | |
- Understatement of finance cost | (b)
| - | (243) | (243) | |
- Reclassification from land to deposit | (c)
| (32) | 32 | - | - |
Balance at 30 September 2014, as restated | 1,457 | 4,988 | (7,690) | (62,454) |
Note (a):
These adjustments arose from the capitalisation of the repair and maintenance expenses amounting to £180,000 as cost of jetty included in property, plant and equipment and the corresponding depreciation charge of £12,000 provided on the capitalised cost of jetty.
Note (b):
This adjustment is made to correct the understatement of the interest accrued for a loan.
Note (c):
This adjustment is made to reclassify the deposits paid for the acquisition of land previously included within Property, plant and equipment.
8. The unaudited results for period ended 30 September 2015 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year 31 March 2015 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report with an emphasis of matter paragraph on the going concern basis of accounting and did not contain statements under Section 498 to 502 of the Companies Act 2006.
9. Copies of this interim statement are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. The interim statement will also be available on the company website www.tricor-plc.co.uk.
Related Shares:
Tricor