12th Oct 2005 08:00
Namibian Resources PLC12 October 2005 Namibian Resources Plc Interim Results 31st August 2005 Summary Over the comparable period in 2004 sales increased by £272,950 from£21,509 to £294,459. First half profit £9,016 from loss of £197,227 over the sameperiod. First half operating profit of £104,456 EBITDA. First half production averaged 546 carats per month. Average size of stone has increased from €15 carats to a peak of €66 carats. Current production in terms of size and grade fully up to expectations. Commenting on the results Chairman Lord Sheppard said: I am delighted to report a small profit for the first time in the history of thecompany and these results fully justify our faith in the resource. Whilst theseresults show only a modest profit, the work and effort put in to overcomeinitial operational difficulties have now established a sound basis for solidand steady development for the future. Enquiries: Tony Carlton - Chief Executive- Tel: 020 8726 0900Oliver Plummer - Finance Director - Tel: 020 7381 0100 NAMIBIAN RESOURCES PLCCHAIRMANS STATEMENT INTERIM RESULTS The results cover the financial half year to 31st August 2005. Operating profitbefore depreciation and amortisation amounted to £104,456 (2004 loss of£135,843) Depreciation and amortisation of mining rights was £95,440 (2004 £61,384). Net interest receivable was £4,256 (2004£10,963). The profit on ordinary activities before taxation for the period amounted to£9,016 (2004 loss £197,227). This represented a profit pershare of 0.01p (2004 loss of 0.63p per share). Finance No new funds were raised during the period and the cash surplus of £154,261 is considered adequate. Tony Carlton Chief ExecutiveReview of Operations During the period under review good progress has been made. Some delaysoccurred following delivery of a new 150 ton per hour in field mobile wetscreen. All our operations during this period have been concentrated on theWest Saltztal. This identified resource was stated to contain 4,200 carats at agrade of 24 cpht (carats per 100 tons) and an average size of stone €59 carats.This identified resource initially comprised an ephemeral stream sediment some1km long. Subsequent to the float on AIM in March 2004 our concession area onthe West Saltztal was increased to approximately 3€2 kms. During the period atotal of 5,576 stones have been recovered for a total of 3,276 carats, anaverage of €58 carats per stone. The stone size has progressively increased aswe mine southwards reaching a peak of €66 carats per stone. Four stones inexcess of 2 carats were mined, the largest being 2€6 carats. Stones have beenrecovered outside of the identified drift and indications are that ourproduction from this resource will exceed our initial expectations. Screeninghas been difficult due to a thin layer of carbonate, which was thought initiallyto be the bedrock. This clay material is difficult to breakdown. However,increased water supply and pressure has mainly resolved this problem. Theencouraging factor is that a layer of diamond rich gravel is present underneaththe carbonate mantel and is producing diamonds of good size and quality. I am visiting the mine on 17th October for three days in the field with ourconsultant geologist Dr Donald Sutherland. This is in order to reassess theWest Saltztal, identify sampling areas on the East Saltztal and develop a miningplan for 2006. Consideration will be given to proceeding with a second 10 tonper hour DMS plant and additional in field screen by the end of 2005. A furtherreport on the result of this visit will be given to shareholders on my return. NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2005 Summarised Income Statement 6 Months Ended 6 Months Ended Year Ended 31-Aug-05 31-Aug-04 28-Feb-05 (Unaudited) (Unaudited) (Audited) GBP £ GBP £ GBP £ Turnover 294,459 21,509 29,633Cost of Sales (157,301) (76,702) (296,750) Gross Profit/(Loss) 137,158 (55,193) (267,117) Administrative Expenses (132,398) (152,997) (254,409) Operating Profit/(Loss) 4,760 (208,190) (521,526) Interest Received 4,256 10,963 30,682Interest Payable - - - Net Profit/(Loss) for the 9,016 (197,227) (490,844)period Profit/(Loss) per Share 0.01 (0.63) (1.49)Total Number of Shares in 32,837,730 31,118,063 32,837,730Issue NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2005 Summarised Balance Sheet 6 Months Ended 6 Months Ended Year Ended 31 August 2005 31 August 2004 28 February 2005 (Unaudited) GBP (Unaudited) GBP (Audited) GBP £ £ £ Non - Current Assets 2,045,342 1,665,930 1,954,656 Tangible Assets 1,400,131 951,085 1,260,928Intangible Assets - Mining Rights 645,211 714,845 693,728 Current Assets -Debtors 31,918 47,627 25,364Cash in the bank & in hand 154,261 584,527 217,972 186,179 632,154 243,336 Current Liabilities -Creditors & Accruals (72,772) (47,485) (48,259) Net Current Assets 113,407 584,669 195,077 Total Assets Less Current 2,158,749 2,250,599 2,149,733Liabilities Capital & Reserve -Called up Share Capital 3,283,773 3,111,806 3,283,773Share Premium 359,384 375,904 359,384Profit & Loss Account (1,484,408) (1,237,111) (1,493,424) Shareholders Funds - Equity 2,158,749 2,250,599 2,149,733 NOTES TO THE FINANCIAL INFORMATION 1. The interim results are unaudited and do not comprise full accounts within the meaning of Section 240 of the Companies Act 1985. 2. No interim dividend is being paid or proposed. 3. Earnings per share have been calculated on ordinary shares in issue NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2005 Cash Flow Statement 6 Months Ended 6 Months Ended Year Ended 31 August 2005 31 August 2004 28 February 2005 (Unaudited) GBP (Unaudited) GBP (Audited) GBP £ £ £ Net Cash inflow/(outflow) from OperatingActivitiesOperating Profit/(Loss) 4,760 (208,190) (521,526)Depreciation of Tangible & Intangible Assets 95,440 61,384 159,234(Increase)/Decrease in Debtors (6,554) 54,392 76,655(Decrease)/Increase in Creditors 24,513 (111,560) (110,786)Net Effect of Foreign Exchange Differences - - 47,877 118,159 (203,974) (348,546)Returns on Investment & Servicing of FinanceInterest Received 4,256 10,963 30,682 Capital ExpenditurePayments to Acquire Tangible Fixed Assets (186,126) (951,085) (1,290,002)Payments to Acquire Intangible Fixed Assets - - (47,695)Payments to Acquire Investments - - (10,537) Net Cash (outflow) before managementof Liquid Resources & Financing (63,711) (1,144,096) (1,666,098) Financing -Issue of Ordinary Share Capital - (1,719,737) (1,875,184)(Decrease)/Increase in Cash during the Period (63,711) 575,641 209,086 (63,711) (1,144,096) (1,666,098) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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