24th Oct 2007 07:00
Namibian Resources PLC24 October 2007 NAMIBIAN RESOURCES PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007 Namibian Resources PLC ("the Company") is pleased to announce its interimresults for the six months ending 31 August 2007. CHAIRMANS STATEMENT I am very pleased to announce the unaudited interim results for the six monthsending on the 31st August 2007. Our progress report of 27th September fully reported the sampling and miningresult to 31st August. I am pleased to report that mining has recommenced andproduction for the first three weeks of October has resulted in a total of 417carats. This consisted of 888 stones at an average size of .47 carats perstone. Lord Sheppard Chairman Enquiries Tony Carlton - Chief Executive - Tel: 020 8726 0900Oliver Plummer - Finance Director - Tel: 020 7381 0100 Adrian Hadden - Collins Stewart Europe Limited - Tel 020 7523 8350 FOR 6 MONTHS ENDED 31 AUGUST 2007 Consolidated income statement Note 6 months 6 months Year ended ended ended 31-Aug-07 31-Aug-06 28-Feb-07 (Unaudited) (Unaudited) (Audited) £ £ £Revenue 77,785 396,353 504,542Cost of sales (29,976) (145,133) (202,565) Gross profit 47,809 251,220 301,977Administrative expenses (162,463) (143,826) (310,463) Operating (loss)/profit (114,654) 107,394 (8,486) Interest received 6,933 8,035 34,554 (Loss)/profit for the period (107,721) 115,429 26,068 Earnings per share (pence) 3Basic (0.30) 0.30 0.07Diluted (0.26) 0.26 0.06 Consolidated balance sheet Note As at 31 As at 31 As at 28 August 2007 August 2006 February 2007 (Unaudited) (Unaudited) (Audited) GBP GBP GBP £ £ £Non - current assets Property, plant and equipment 1,136,562 1,553,297 1,172,047Intangible assets - mining rights 826,737 655,589 652,878 1,963,299 2,208,886 1,824,925Current assets Inventories 35,948 27,007 35,948 Trade and other receivables 17,370 139,094 23,518 Cash and cash equivalents 133,735 468,660 372,188 Current liabilities 187,053 634,761 431,654 Trade and other payables (39,341) (34,235) (37,847) Net current assets 147,712 600,526 393,807 Total assets less current liabilities 2,111,011 2,809,412 2,218,732 Equity 4 Called up share capital 3,792,246 3,792,246 3,792,246 Share premium 359,384 359,384 359,384Retained earnings (2,040,619) (1,342,218) (1,932,898) Total equity 2,111,011 2,809,412 2,218,732 Consolidated cash flow statement 6 Months 6 Months Year Ended Ended Ended 28 31 August 31 August February 2007 2006 2007 (Unaudited) (Unaudited) (Audited) £ £ £Cash flows from operating activities Operating (loss)/profit (114,654) 107,394 (8,486)Depreciation of plant and equipment and 78,989 78,353 119,925intangible assets (Increase)/Decrease in receivables 6, 148 (107,719) 7,857 (Decrease)/Increase in payables 1,494 (40,428) (36,816) Decrease/(Increase) in inventories - 7,637 (1,304) Net effect of foreign exchange differences - (47,505) (20,184) Net cash (outflow)/inflow from operating (28,023) (2,268) 60,992activities Cash flows from investing activitiesInterest received 6,933 8,035 34,554Payments to acquire tangible fixed assets (30,268) (25,862) (137,531)Payments to acquire intangible fixed assets (187,095) - (74,582) Net cash outflow from investing activities (210,430) (17,827) (177,559) Net decrease in cash and cash equivalents (238,453) (20,095) (116,567)Cash and cash equivalents at the beginning of the period 372,188 488,755 488,755 Cash and cash equivalents at the end of the period 133,735 468,660 372,188 Notes to the accounts 1 Basis of preparation The group has historically prepared its audited annual accounts and unauditedinterim results in accordance with UK generally accepted accounting practice (UKGAAP).Following new accounting standards the group is now required to presentits annual report and accounts in accordance with International Accounting andFinancial Reporting Standards (IFRS). The IFRS information in this report for the six months ended 31 August 2007 is arestatement of information extracted from the statutory financial statementsprepared under UK GAAP on a historical cost basis. Those statutory accountswere filed with the Registrar of Companies. The auditors report on thoseaccounts was unqualified and did not contain a statement under section 237 (2)or section 237 (3) of the Companies Act 1985.The restated IFRS informationprovided for the year ended 28 February 2007 does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. However these are anticipated to form the comparative period in the statutoryaccounts for the year ending 28 February 2008, the Group's first report to beprepared in accordance with IFRS. The unaudited interim results for the six months ended 31 August 2006 and 31August 2007 have been prepared by the Group in accordance with IFRS andaccounting policies that will be applied when the Group prepares its first IFRSfinancial statements for the year ending 28 February 2008.The financialinformation for the six months ended 31 August 2007 does not constitutestatutory accounts as defined by Section 240 of the Companies Act 1985. 2. Dividends No interim dividend is being paid or proposed. 3. Earnings per share Earnings per share have been calculated on the weighted average number of sharesas follows: Number Ordinary shares in issue 37,922,460Ordinary shares in issue diluted 41,672,460 4. Consolidated statement of changes in equity Share Share Retained Total capital premium earnings equity £ £ £ £Balance at 1 March 2007 3,792,246 359,384 (1,932,898) 2,218,732Loss for the period - - (107,721) (107,721) Balance at 31 August 2007 3,792,246 359,384 (2,040,619) 2,111,011 ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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