26th Nov 2010 07:00
FOR IMMEDIATE RELEASE 26 NOVEMBER 2010
NAMIBIAN RESOURCES PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2010
Namibian Resources Plc ("the Company") is pleased to announce its interim results for the six months ending 31 August 2010.
CHAIRMAN'S STATEMENT
I am pleased to announce the unaudited interim results for the six months ended on 31 August 2010.
Production for the six months ending 31 August 2010 was 348 stones for a total of 184·;50 carats, with an average size stone of ·;53 per carat per stone.
Production for the current financial year to 6 November 2010 has totalled 1,051 stones for a total of 427·;77 carats with an average size stone of ·;41. The increase in the rate of production from 31 August 2010 to 6 November 2010 is encouraging.
The Company's efforts to raise capital continues and in the meantime the Directors are continuing to fund the company with interest free unsecured loans which currently total £810,000. A further report on the company's progress will be announced in due course.
Lord Sheppard
Chairman
Enquiries
Tony Carlton - Chief Executive Officer - Tel: 020 8680 1600
Roland Cornish - Beaumont Cornish - Tel: 020 7628 3396
Simon Frost/ Priscilla Ross - Keith Bayley Rogers & Co Limited -Tel: 0203 100 8300
NAMIBIAN RESOURCES P.L.C. | |||||||||||
INTERIM RESULTS | |||||||||||
FOR 6 MONTHS ENDED 31 AUGUST 2010 | |||||||||||
Summarised Income Statement | 6 Months Ended | 6 Months Ended | Year Ended | ||||||||
31-Aug-10 | 31-Aug-09 | 28-Feb-10 | |||||||||
(Unaudited) | (Unaudited) | (Audited) | |||||||||
GBP £ | GBP £ | GBP £ | |||||||||
Turnover | 24,756 | 0 | 0 | ||||||||
Cost of Sales | (66,905) | 0 | 0 | ||||||||
Gross (Loss) | (42,149) | 0 | 0 | ||||||||
Administrative Expenses | (181,591) | (192,700) | (289,554) | ||||||||
Operating (Loss) | (223,740) | (192,700) | (289,544) | ||||||||
Interest Received | 57 | 141 | 201 | ||||||||
Interest Payable | - | - | - | ||||||||
Net (Loss) for the period | (223,683) | (192,559) | (289,353) | ||||||||
(Loss) per Share | (0.56) | (0.48) | (0.72) | ||||||||
Total Number of Shares in Issue | 39,922,460 | 39,922,460 | 39,922,460 | ||||||||
NAMIBIAN RESOURCES P.L.C. |
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INTERIM RESULTS |
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FOR 6 MONTHS ENDED 31 AUGUST 2010 |
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Summarised Balance Sheet | 6 Months Ended | 6 Months Ended | Year Ended |
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31 August 2010 | 31 August 2009 | 28 February 2010 |
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(Unaudited) GBP | (Unaudited) GBP | (Audited) GBP |
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£ | £ | £ |
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ASSETS |
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Non - Current Assets | 2,004,356 | 1,769,302 | 2,089,061 |
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Property, Plant & Equipment | 980,704 | 856,639 | 1,065,409 |
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Intangible Assets & Exploration Costs |
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- Mining Rights | 1,023,652 | 912,663 | 1,023,652 |
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Current Assets - |
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Inventories | 44,438 | 31,967 | 37,520 |
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Trade & Other Receivables | 47,387 | 32,853 | 39,895 |
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Cash and Cash Equivalents | 10,819 | 5,189 | 6,478 |
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102,644 | 70,009 | 83,893 |
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Total Assets | 2,107,000 | 1,839,311 | 2,172,954 |
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Equity |
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Share Capital | 3,992,246 | 3,992,246 | 3,992,246 |
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Share Premium Accounts | 359,384 | 359,384 | 359,384 |
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Retained Earnings | (3,514,692) | (3,194,215) | (3,291,009) |
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Foreign Exchange Reserve | 527,180 | 176,507 | 475,080 |
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Total Equity | 1,364,118 | 1,333,922 | 1,535,701 |
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Current Liabilities |
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Trade & Other Payables | 742,882 | 505,389 | 637,253 |
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Total Liabilities | 2,107,000 | 1,839,311 | 2,172,954 |
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NOTES TO THE FINANCIAL INFORMATION |
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1. | The interim results are unaudited and do not comprise full accounts within the meaning of |
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the Companies Act 2006. |
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2. | No interim dividend is being paid or proposed. |
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3. | Earnings per share have been calculated on ordinary shares in issue. |
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NAMIBIAN RESOURCES P.L.C. |
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INTERIM RESULTS |
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FOR 6 MONTHS ENDED 31 AUGUST 2010 |
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Cash Flow Statement | 6 Months Ended | 6 Months Ended | Year Ended |
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31 August 2010 | 31 August 2009 | 29 February 2010 |
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(Unaudited) GBP | (Unaudited) GBP | (Audited) GBP |
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£ | £ | £ |
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Net Cash inflow/(outflow) from Operating Activities |
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Operating (Loss) | (223,740) | (192,700) | (289,554) |
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Depreciation of Tangible & Intangible Assets | 84,705 | 107,468 | 53,295 |
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(Increase)/Decrease in Debtors | (7,492) | 3,312 | 3,730 |
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(Decrease)/Increase in Creditors | 105,629 | 98,716 | 230,590 |
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Decrease/(Increase) in stock | (6,918) | - | (5,553) |
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Net Effect of Foreign Exchange Differences | 52,100 | - | (22,970) |
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4,284 | 16,796 | (30,462) |
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Returns on Investment & Servicing of Finance |
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Interest Received | 57 | 141 | 201 |
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Capital Expenditure |
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Payments to Acquire Tangible Fixed Assets | - | - | - |
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Payments to Acquire Intangible Fixed Assets | - | (48,487) | - |
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Net Cash (outflow) before management |
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of Liquid Resources & Financing | 4,341 | (31,550) | (30,261) |
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Financing - |
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(Decrease) in Cash& cash Equivalents |
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during the period | 4,341 | (31,550) | (30,261) |
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Related Shares:
NBR.L