24th Aug 2007 10:33
Pan Pacific Aggregates PLC24 August 2007 24 August 2007 Pan Pacific Aggregates Plc - Interim results Unaudited Interim results for the 6 months ended 30 June 2007 Executive Chairman's Statement Pan Pacific Aggregates plc ('PPA or the Company'), a junior aggregatesdevelopment company operating in the Sechelt Peninsula in British Columbia,Canada, is pleased to report to its shareholders on its activities for the firsthalf of 2007. During the first quarter, the Company concluded its 2005/2006 drilling programand geological mapping of the Northern Carbonate zone and continued thebiophysical studies required for the Environmental Impact Assessment study insupport of its application for a Large Producer mining permit for the SecheltCarbonate project. On the April 10th , a new Loan Note Investment Agreement was entered intobetween the Company and RAB Special Situations (Master) Fund Limited ("RAB") bymeans of which, RAB will subscribe £4,000,000 for the New Loan Notes and theremaining principal amount of £250,000 of the New Loan Notes will be issued insatisfaction of all interest accrued under the Existing Loan Notes. The firsttranche of this agreement (£1,500,000) was disbursed on May 15th The Company'sobligations under the Existing Loan Notes and the New Loan Notes are secured bya debenture over the assets of the Company and separate debentures over theassets of the Company's wholly owned Canadian subsidiaries. Subsequent to June 30 and following consultation with representatives of theProvincial and Federal Governments of Canada, the Company has decided to deferthe submission of the application for an environmental certificate for thepresent. This deferment will allow the Company to review its operational optionswithin the Northern Carbonate area and continue its discussions with therespective government agencies. In the meanwhile the Company will continue itsdrilling and material testing programme principally in the southern zone. It isenvisaged that market samples from this programme will be sent to potentialcustomers for their evaluation. The Board and management remain committed to implementing a strategy to optimizethe growth potential of the Company. Donald NicholsonExecutive Chairmanwww.panagg.comPhone number: 001 604-214-3411 Christopher Caldwell, Nominated AdviserInsinger de BeaufortPhone number : 020 7190 7000 UNAUDITED CONSOLIDATED INCOME STATEMENTfor the six month period ended 30 June 2007 June 2007 June 2006 £'000 £'000 Revenue - 12Cost of sales - (8)Gross profit 0 4Administrative expenses (818) (500)Loss from operations (818) (496)Financial expense (174) (90)Financial income 12 -Loss on ordinary activities before taxation (980) (586)Taxation - -Loss on ordinary activities after taxation (980) (586)Attributable to:Equity holders of the parent (979) (586)Minority interest (1) -Loss for the period after taxation and deficit carried forward (980) (586)Retained loss brought forward (3,015) (1,284)Retained loss carried forward (3,995) (1,870)Loss per ordinary shareBasic and diluted (pence) ( 1.5 ) (0.9) UNAUDITED CONSOLIDATED BALANCE SHEETAs at 30 June 2007 June 2007 June 2006 £'000 (unaudited) £'000Assets:Non-current assetsIntangible assets 4,571 2,741Property, plant and equipment 167 101Total non current assets 4,738 2,842Current assetsInventories 14 38Receivables 87 144Cash and cash equivalents 1,066 648Total current assets 1,167 830Total assets 5,905 3,672 Liabilities:Current liabilitiesLoan Notes 3,750 -Trade payables 164 207Other payables 80 -Non-current liabilities - 127Other payablesTotal liabilities 3,994 334Total net assets 1,911 3,338Capital and reserves attributable to equity holders of the companyCalled up share capital 64 64Share premium account 5,144 5,144Foreign exchange reserve (327) (199)Reserve for options granted 826 -Reserve for warrants granted 198 198Retained earnings (3,995) (1,870) 1,910 3,337Minority Interest 1 1Total equity 1,911 3,338 UNAUDITED COMPANY BALANCE SHEETAs at 30 June 2007 June 2007 June 2006 £'000 (unaudited) £'000Assets:Non-current assets Investments and advances 7,143 5,274Total non current assets 7,143 5,274Current assetsReceivables 28 35Cash and cash equivalents 1,055 5Total current assets 1,083 40 8,226 5,314 Total assets Liabilities:Current liabilitiesLoan Notes 3,750 -Trade Payables 64 88Total liabilities 3,814 88Total net assets 4,412 5,226Capital and reserves attributable to equityholders of the companyCalled up share capital 64 64Share premium account 5,144 5,144Reserve for options granted 826 --Reserve for warrants granted 198 198Retained earnings (1,820) (180)Total equity 4,412 5,226 UNAUDITED GROUP AND COMPANY CASH FLOW STATEMENTfor the six month period ended 30 June 2007 Group Company June 2007 June 2007 £'000 £'000 Operating activitiesLoss from operations (839) (591)Adjustments forDepreciation 9 -Foreign exchange gainsFair value of options granted 264 264 273 264Operating loss before changes in working capital and 566 327provisionsDecrease /(Increase) in trade and other receivables (7) 9Decrease /(Increase) in inventories - -Increase/(Decrease) in trade and other payables (250) 8 (257) 17Cash (outflows)/inflows from operating activities (823) (310)Investing activitiesInterest paidInterest received 12 12Investment in group companies (835)Purchase of tangible fixed assets - -Acquisition of intangible assets (328) -Cash flows from investing activities (316) (823)Financing activitiesIssue of ordinary share capital (net of issue costs)Issue of convertible loan notes 1,500 1,500Cash flows from financing activities 1,500 1,500(Decrease)/Increase in cash 361 367Cash and equivalents at beginning of the period 705 688Cash and equivalents at end of the period 1,066 1,055 Pan Pacific Aggregates plc. Notes to the unaudited interim accounts For the six month period ended 30 June 2007 1. The results for the period are all derived from continuing activities. 2. The calculation of the basic and diluted profit per share has been based on the loss after taxation for the period (£979,458) and the weighted average number of ordinary shares of £0.001 each (64,136,765) in issue throughout the period. 3. In accordance with the full cost method, all costs associated with mineral property development and investment are capitalised on a project-by-project basis pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If a mineral property development project is successful, the related expenditures will be amortised over the estimated life of the commercial ore reserves on a unit of production basis. Where a licence is relinquished, a project is abandoned, or is considered to be of no further commercial value to the company, the related costs will be written off. Unevaluated mineral properties are assessed at each year end and where there are indications of impairment the related costs will be written off. The recoverability of unevaluated mineral property costs is dependent upon the discovery of economically recoverable reserves, the ability of the group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition of recoverable reserves. 4. The unaudited results have been prepared on the basis of the accounting policies adopted in the annual accounts for the period ended 31 December 2006 and are neither audited nor reviewed by the auditors of Pan Pacific Aggregates Plc. 5. The interim report is unaudited and does not constitute Statutory Accounts as defined in Section 240 of the Companies Act 1985. A copy of the Company's 2006 Statutory Accounts has been filed with the Registrar of Companies. The audit report issued for the period ended 31 December 2006 was unqualified. 6. The financial information for the period 1 January 2007 to 30 June 2007 is unaudited. In the opinion of the directors the financial information for this period presents fairly the financial position, results of operations and cash flows for the period in conformity with International Financial Reporting Standards consistently applied. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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