27th Sep 2007 07:10
ZincOx Resources PLC27 September 2007 ZincOx Resources Plc ("ZincOx", "the Company" or "the Group") Interim Results for the six months ended 30 June 2007 ZincOx Resources plc (AIM Ticker: ZOX), a world leader in the low cost recoveryof zinc unconventional ores and waste materials, today announces its results forthe six months ended 30 June 2007. Highlights •Advanced projects in Turkey and the USA progressing well - Environmental approval obtained at Aliaga - Construction to commence at Big River in the near future •Jabali Exploitation Licence awarded by Yemen Government •Deferred payments commence from Shaimerden •Funding of recycling projects well advanced •Capital cost and schedules revised for recycling projects •Further Electric Arc Furnace Dust (EAFD) supply option agreements signed in the Far East Commenting on the interim results, Andrew Woollett, Chairman said, "We continue to progress discussions regarding the funding of our majorrecycling projects, and remain confident that this will be finalised in the nearfuture. We look forward to the development of these projects, and to therealisation of the significant value that they hold. We have made steadyprogress on all our advanced projects over the past six months and can now seethe emergence of the next generation of recycling projects in the Far East andin the USA" ZincOx Resources On the day: 020 7429 6666Andrew Woollett, Chief Executive Otherwise: 01276 450100 Numis Securities Limited +44 20 7260 1000John Harrison / James Black Conduit PR +44 20 7429 6666Charlie Geller / Leesa Peters +44 20 7429 6604 For further information, please go to: www.zincox.com ZincOx Resources Plc ("ZincOx", "the Company" or "the Group") Chairman's Statement Introduction We have made steady progress on all our advanced projects over the past sixmonths and we can also see the emergence of the next generation of recyclingprojects. Current Projects and Operations At Aliaga, in Turkey, we concluded the purchase of the plant site inside theAliaga heavy industrial zone in January and we have recently obtained from thegovernment authorities the environmental approval that was critical to ourdevelopment schedule. We are now in a position to finalise EAFD supply optionagreements with the steel mills in Aliaga. The mills have been very supportiveof our continued effort to find a long term solution to their EAFD problem. Theground work on the site should commence before the year end. At the Big River Zinc electro-refinery in Ohio, the core management team that weretained following the acquisition of the facility last year has integratedsuccessfully with our Belgian based engineers and is working to act as an onsitedevelopment team with the local contractors. Demolition work and preparation ofthe site started in July and is progressing well and we look forward toconstruction commencing in the near future. Teck Cominco and their technical team continue to be involved in the developmentof the rotary hearth technology which will be used at Aliaga and Ohio. They havecompleted a technical due diligence exercise and we have had several technicalcommittee meetings with them during the period. In August the Exploitation Contract for the Jabali zinc mine was approved by theYemen parliament and ratified as a law. This is the first Exploitation Contractever to be granted in the country and it has required a very long and carefulnegotiation process. The Contract is a prerequisite for the project financing ofthe mine's development and its award now allows us to continue to advance thenegotiationsfor the financing we have been working on over the past nine months. Production at Shaimerden in Kazakhstan commenced in the last quarter of 2006and, in January 2007, we received US$9 million as the first of a series ofdeferred payments. Despite a temporary deterioration of mining conditions in thesecond quarter of the year, caused largely by water infiltration, production waslower than expected. The latest mining schedule, however, predicts that thetonnage of zinc mined this year will be well in excess of the 60,000 tonnesrequired for the settlement of the maximum deferred payment for 2007. The amountof the deferred payment also depends on the average zinc price for the year, andif prices were to remain at the current level (US$3,000 per tonne) for theremainder of the year, the deferred payment to ZincOx in January 2008 would beUS$35 million. Further payments are expected in 2009, 2010 and 2011. Funding We are continuing to put together the funding of the recycling projects and weremain confident that an attractive package can be concluded in the near future.In the meantime are in a strong financial position having US$35m of cash in ourtreasury. If the outstanding warrants issued as part of Teck Cominco's fundingin December 2006, are exercised before the due date at the end of this year,this would bring in a further US$13 million. Cost estimates and timetable review We have recently completed a detailed cost review of all our projects and, as iscommon across the entire metals and mining industry, costs have risen. Therevised capital cost estimates for the Ohio Recycling Plant and Aliaga RecyclingPlant are US$147 million and US$143 million, respectively. At the Big River Zincelectro-refinery we have also undertaken cost benefit analyses that resulted inequipment modifications that will reduce operating costs but which requirefurther initial capital expenditure. Consequently, the estimated conversion costfor the facility is now US$102 million. Notwithstanding the rise in capital costs, at zinc prices of US$1,900 for thefirst 5 years and US$1,700 thereafter (today's price is US$3,000), the combinedprojects have an NPV (post tax pre-finance of US$246 million (10% discount rate)and should, when fully operational, generate annual operating pre tax cashflowof US$138 million and US$96 million, respectively. The high level of development activity in the resources sector has placed highdemands on equipment manufacturers and we have revised the time required for thedelivery of several critical components. As a consequence, we now believe firstproduction will be delayed by six months to the first quarter of 2009 withforecast full capacity in the third quarter of that year. However we are indiscussions with key equipment suppliers with a view to reducing delivery times. Expansion Strategy As part of our active expansion strategy we are considering the development of anumber of additional recycling facilities. In the Thailand, we are making steadyprogress and we now have over 60,000 tonnes of EAFD per annum under supplyoption agreements. We have also investigated a number of potential plant sitesand hope to be able to enter into an option to purchase a suitable site beforethe end of the year. We envisage the Thailand facility providing a regionalrecycling capability, and negotiation on the supply of EAFD from a number ofother mills in the region are already well advanced. New electric arc based steel recycling facilities are continuing to be built inthe Southern USA. There is, therefore, a growing requirement for additional EAFDtreatment capacity and as a result we are investigating the development of asecond US plant, in Louisiana. The Louisiana Recycling Project would haveidentical specifications to that of the Ohio plant and it should, therefore, bepossible to fast-accelerate its development. The plant would be designed totreat 200,000 tonnes of EAFD per annum but due to the slightly lower zinc gradeof the EAFD originating from the southern steel mills, it would produce about40,000 tonnes of zinc contained in an oxide concentrate and 60,000 tonnes of pigiron. Summary of Results The group loss after tax for the period is £2,665,000 (2006: Loss: £625,000).The corresponding loss per share for the period was 5.47p (2006: Loss:1.67p).These interim results are the first set to be reported in accordance withInternational Financial Reporting Standards (IFRS) and the appropriaterestatements under IFRS and the reconciliations to the previously reportedfigures under UK GAAP for June 2006 and December 2006 have been included in thesupporting notes. Andrew WoollettChairman27 September 2007 Consolidated Interim Income Statement 6 months to Restated Restated Year 30 June2007 6 months to ended 31 December unaudited 30 June 2006 2006 unaudited unaudited Note £'000 £'000 £'000Revenue - - 169Cost of sales - - (525) ---------- ---------- -----------Gross Loss - - (356)AdministrativeExpenses (3,308) (915) (5,169) __________ __________ __________Operating Loss (3,308) (915) (5,525)Finance Income 609 285 748Finance Costs (18) - (3)Share of losses ofAssociate & Joint Venture 6 8 45Other gainsand losses 52 (3) 8,384 ----------- ----------- -----------(Loss)/Profit beforetax (2,659) (625) 3,649Taxation (6) - (13) ----------- ---------- ----------Net (Loss)/Profit (2,665) (625) 3,636 Attributable to:Equity holdersof the parent (2,657) (625) 3,683Minority Interest (8) - (47) __________ __________ __________ (2,665) (625) 3,636 =========== =========== =========== Basic(loss)/earningsper Ordinary Share 2 (5.47) (1.67p) 8.61pDiluted(loss)/earningsper Ordinary Share 2 (5.47) (1.67p) 8.36p Consolidated Interim Statement of Recognised Income and Expense 6 months to 30 Restated Restated Year June 2007 6 months to 30 ended 31 unaudited June 2006 December 2006 unaudited unaudited £'000 £'000 £'000Currency translationdifferences (94) 88 (107)(Loss)/Profit for thefinancial period (2,665) (625) 3,636 --------------- --------------- ---------------Total recognisedincome and expense forthe period (2,759) (537) 3,529 =============== =============== =============== Consolidated Interim Balance Sheet 6 months to Restated Restated Year 30 June 2007 6 months to ended 31 unaudited 30 June 2006 December 2006 unaudited unaudited £'000 £'000 £'000 ASSETSNon-current assetsIntangible Assets 14,982 7,823 10,590Property, plant and equipment 9,690 9,426 8,762Investment in associate - 12 2Other financial assets 255 222 235 ________ __________ _______ 24,927 17,483 19,589Current assetsInventories 980 - 1,020Trade and other receivables 2,770 19,958 9,823Cash and cash equivalents 25,091 7,312 23,176 ------- -------- ------- 28,841 27,270 34,019 ------ -------- --------Total assets 53,768 44,753 53,608 LIABILITIESCurrent liabilitiesBank loans and overdraft (193) - -Trade and other payables (2,805) (5,674) (3,715) ---------- ------- -------- (2,998) (5,674) (3,715) ----------- -------- ----------Non-current liabilitiesOther long term liabilities (681) (760) (1,698) ----------- --------- ---------TOTAL LIABILITIES (3,679) (6,434) (5,413) ------------ --------- ---------NET ASSETS 50,089 38,319 48,195 ============ ========= =========EQUITYShare capital 12,222 11,592 12,105Share premium 37,398 32,326 37,245Retained losses (3,186) (5,687) (1,001)Foreign currency reserve (201) 88 (107) ---------- ---------- ---------Equity attributable to equityholders of the parent 46,233 38,319 48,242Minority interest 3,856 - (47) ---------- ---------- -----------TOTAL EQUITY 50,089 38,319 48,195 ========== ========== =========== Consolidated Interim Cash Flow Statement 6 months to Restated 6 Restated Year 30 June 2007 months to ended 31 unaudited 30 June 2006 December 2006 unaudited unaudited £'000 £'000 £'000(Loss)/Profitbefore taxation (2,659) (625) 3,649Adjustments for: Depreciation 431 34 433Foreign exchange(loss)/gain (94) 88 (107)Interest received (609) (285) (748)Interest expense 18 - 3Intangible assets written off - 38 952Share based payments 480 - 425Increase/(Decrease) in tradeand other payables 2,114 (1,675) (2,400)Increase in trade andother receivables (1,598) (2,276) (446)Decrease in inventories 40 - 229Other gains and losses (58) (5) (8,429) _________ _________ _________Cash generated from operations (1,935) (4,706) (6,439)Interest paid (18) - (3) -------- -------- -------- Net cash flow fromoperating activities (1,953) (4,706) (6,442) Investing activities Purchase of intangible assets (4,475) (1,714) (5,391)Purchases of property, plant andequipment (1,412) (1,842) (2,108)Acquisition of US assets andliabilities - (1,335) (1,335)Interest received 609 285 748 ________ _______ _______Net cash used in investingactivities (5,278) (4,606) (8,086) Financing activities Proceeds from disposal ofassets 8,683 218 218Net proceeds from issue ofordinary shares 270 12,471 33,551Purchase of short term deposits (1,470) (2,722) (18,957) ________ ________ ________ Net cash received fromfinancing activities 7,483 9,967 14,812 Net increase in cash andcash equivalents 252 655 284Cash inflow from liquid resources 1,470 2,722 18,957Cash and cash equivalents atstart of period 23,176 3,935 3,935 ________ _______ _______Cash and cash equivalentsat end of period 24,898 7,312 23,176 ________ _______ _______ 1. Accounting Policies & Procedures Adoption of International Financial Reporting Standards (IFRS) These interim condensed consolidated financial statements are for the six monthsended 30 June 2007. For all periods up to and including 31 December 2006 ZincOx Resources Plc hasprepared its financial statements in accordance with UK Generally AcceptedAccounting Practice (UKGAAP). AIM rules require that the annual consolidatedfinancial statements of ZincOx Resources Plc for the year ended 31 December 2007be prepared in accordance with the International Reporting Standards (IFRS) asadopted for use in the EU. Accordingly these interim financial statements which are for the six monthsended 30 June 2007 have been prepared by applying the recognition andmeasurement provisions of IFRS and the accounting policies to be adopted for theannual accounts and are covered by IFRS1, First Time Adoption of IFRS. These interim financial statements were approved by the board on 26th September2007. The financial information for the year ended 31 December 2006 set out inthis interim report does not comprise the group's statutory accounts as definedin Section 240 of the Companies Act 1985. The Group's statutory financialstatements for the year ended 31 December 2006, prepared under UK GAAP, havebeen filed with the Registrar of Companies. The auditor's report on thosefinancial statements was unqualified and did not contain a statement underSection 237(2) of the Companies Act 1985. The financial information for the six months ended 30 June 2007 and 30 June 2006is unaudited. Basis of preparation The information presented in these interim Financial Statements has beenprepared in accordance with the AIM Rules and applying the recognition andmeasurement provisions of IFRS and the accounting policies to be adopted for theannual accounts, because they are part of the period covered by the Group'sfirst IFRS financial statements for the year ended 31 December 2007. They do notinclude all of the information required for full annual financial statements,and should be read in conjunction with the consolidated financial statements ofthe Group for the year ended 31 December 2006. These financial statements have been prepared under the historical costconvention and the consolidated financial statements incorporate the financialstatements of the Company and its wholly owned subsidiary companies These condensed consolidated interim financial statements have been prepared inaccordance with the accounting policies set out below which are based on therecognition and measurement principles of IFRS in issue as adopted by theEuropean Union (EU) and are effective at 31 December 2007 or are expected to beadopted and effective at 31 December 2007, our first annual reporting date atwhich we are required to use IFRS accounting standards adopted by the EU. The date of transition to IFRS was 1 January 2006. In preparing these interimfinancial statements the comparative figures in respect of 2006 previouslyreported under UK GAAP have been restated to reflect changes in accountingpolicies as a result of transition to IFRS. The disclosures required by IFRS 1concerning the transition from UK GAAP to IFRS are given in note 6. Except where noted in the policies below, the accounting policies and methods ofcomputation followed in the interim financial statements have not changedsignificantly under IFRS compared to the most recent financial statements underUK GAAP. The items dealt with below focus on the requirement under IFRS formanagement to exercise judgement over the critical estimates required for theongoing impairment reviews. Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and anyprovision for impairment. The gain or loss arising on a disposal of an asset isdetermined as the difference between the disposal proceeds and the carryingamount of the asset and is recognised in the income statement. Property, plantand equipment are depreciated over its useful life. The major categories ofproperty, plant and equipment are depreciated on straight-line basis as follows: Buildings - 40 years or life of leaseComputer Equipment - 4 YearsFixtures and Fittings - 4 YearsPlant and Machinery - 4 to 20 yearsMotor Vehicles - 4 Years Intangible Assets a) Computer Software As per IAS 38, purchased computer software that will generate economic benefitbeyond one year is capitalised as an intangible asset and amortised over itsexpected useful economic life of four years on a straight line basis b) Deferred Exploration The intangible deferred exploration assets continue to comprise: (i) Deferred exploration costs, including the group'scontribution to joint venture costs, of exploring for, and exploiting mineralresources. These include acquisition costs, geological and geophysical costs,costs of drilling, piloting; and (ii) Development of metallurgical processes and related overheads. Development costs incurred on specific projects are only capitalised whenrecoverability can be assessed with economic certainty. The directors revieweach project on a technical and commercial basis in line with the impairmenttesting noted below. In the event that it becomes evident that capitalised costsare unlikely to be recovered from future revenues, they are either written-offimmediately to the profit and loss account or impairment provision is made. On the commencement of production, all project costs are transferred to tangibleassets. Impairment Reviews For the purposes of assessing any impairment on tangible and intangible assetsthe assets are grouped at the lowest levels for which there are separatelyidentifiable cashflows. Following the implementation of IFRS assets are testedfor impairment whenever events or changes in circumstances indicate that thecarrying amount may not be recoverable against the identified cashflows. An impairment loss is recognised for the amount by which the assets carryingvalue exceeds its recoverable amount. All assets are subsequently reassessed forindications that an impairment loss previously recognised may no longer exist. Taxation Current tax is the tax currently payable based on taxable profit for the year. Deferred income taxes are calculated using the liability method on temporarydifferences. Deferred tax is generally provided on the differences between thecarrying amounts of assets and liabilities and their tax bases. In addition, taxlosses available to be carried forward as well as other income tax credits tothe group are assessed for recognition as deferred tax assets. Current and deferred tax assets and liabilities are calculated at tax rates thatare expected to apply to their respective period of realisation, provided theyare enacted oor substantively enacted at the balance sheet date. Deferred tax assets relating to brought forward tax losses are not yetrecognised by the company. Foreign Currency Transactions denominated in foreign currencies are translated into sterling atthe exchange rate ruling when the transaction was entered into. Foreign currencymonetary assets and liabilities are translated into sterling at the exchangerate ruling at the balance sheet date. Exchange gains and losses are included inoperating profit/loss. The assets and liabilities in the financial statements of foreign subsidiariesand associates are translated at the exchange ruling at the balance sheet date.The exchange differences arising from the retranslation of the opening netinvestment in subsidiaries and associates are taken directly to the "Foreigncurrency reserve" in equity. The consolidated interim financial statements of ZincOx Resources plc arepresented in Pounds Sterling (£), which is also the functional currency of theGroup. The treatment of foreign currency on transition to IFRS is outlined innote 6. Share based payments All share-based payment arrangements granted after 7 November 2002 arerecognised in the financial statements. The fair value of those share optionsgranted to employees and directors is recognised as an expense in the profit andloss account with a corresponding entry to the profit and loss reserve. Thetotal amount to be apportioned over the vesting period of the benefit isdetermined by reference to the fair value of the options determined at the grantdate. Fair value is measured by the use of the Black-Scholes model. Any proceedsreceived on exercises of the options are credited directly to equity. Turnover The group recognises revenue when the product is shipped and title has passed toits customers net of applicable sales taxes. Financial Assets and Liabilities Financial assets are recognised in the balance sheet at the lower of cost andnet realisable value. Provision is made for any diminution in value whereappropriate. Income and expenditure arising on financial instruments is recognised on theaccruals basis, and credited to the profit and loss account in the financialperiod to which it relates. Cash and Cash Equivalents For the purposes of the balance sheet, cash and cash equivalents comprise cashon hand, deposits held on call with banks and short term, highly liquidinvestments that are readily convertible into known amounts of cash and whichare subject to insignificant risk of changes in value. For the purposes of thecash flow statement, cash and cash equivalents are adjusted to reflect bankoverdrafts which are repayable on demand. 2 - (Loss)/Earnings per Ordinary Share 6 months to Restated Restated 30 June 2007 6 months to 30 Year ended 31 unaudited June 2006 December 2006 unaudited unaudited £'000 £'000 £'000Basic(Loss)/Earnings per share Net (Loss)/Profit (2,665) (625) 3,636Weighted average numberof shares 48,712,286 37,519,569 42,230,332Basic(Loss)/Earnings per shareamount in pence (5.47p) (1.67p) 8.61pDiluted(Loss)/Earnings per shareNet (Loss)/Profit (2,665) (625) 3,636Weighted average number ofshares 48,712,286 37,519,569 43,504,806Diluted (Loss)/Earnings pershare amount in pence (5.47p) (1.67p) 8.36p 3 - Reconciliation of Movement in Shareholders' Equity Share Share Foreign Retained Minority Total capital premium currency losses interest reserve £'000 £'000 £'000 £'000 £'000 £'000At 1 January2006 7,244 8,555 - (5,062) - 10,737Loss forthe period - - - (625) - (625) Exchange differenceson translatingforeign operations - - 88 - - 88 Issue ofshare capital 4,348 23,771 - - - 28,119 ______ _______ _______ _______ _______ _____At 30 June 2006- restated 11,592 32,326 88 (5,687) - 38,319Profit forthe period - - - 4,633 - 4,633 Issue ofshare capital 513 4,919 - - - 5,432 Exchange differenceson translating foreign operations - - (195) - - (195) Share basedpayments - - - 53 - 53Minorityinterest - - - - (47) (47) ______ ________ ______ ______ _______ _____At 31 December 2006- restated 12,105 37,245 (107) (1,001) (47) 48,195 Loss for the period - - - (2,665) - (2,665) Issue of share capital 117 153 - - - 270 Exchange differences ontranslating foreign operations - - (94) - - (94) Share basedpayments - - - 480 - 480Minorityinterest - - - - 3,903 3903 ______ _______ _______ _______ _______ _____At 30 June2007 -Unaudited 12,222 37,398 (201) (3,186) 3,856 50,089 4 - Further copies of this statement Copies of this statement are being sent to shareholders. Further copies areavailable on request from The Company Secretary, ZincOx Resources Plc, KnightwayHouse, Park Street, Bagshot, Surrey GU19 5AQ. 5 - Events after the Balance sheet date Since the balance sheet date Jabal Salab Company (Yemen) Ltd. a company in whichZincOx has a 52% stake has successfully received its licence to operate a zincoxide mine in the Yemen. 6 - Reconciliation of UK GAAP Balance Sheet to IFRS Balance Sheets As required under IFRS1, the equity reconciliations at 1 January 2006 (thetransition date for IFRS) and at 31 December 2006 (date of last UK GAAPfinancial statements) are set out below. For comparative purposes the equityreconciliation at 30 June 2006 is also included to enable a comparison of the2007 published interim figures The effect of adopting IFRS rather than UK GAAP for the year ended 31 December2006 is as set out below. The changes have no impact on the profit on ordinary activity before tax or thecashflows previously reported, but has led to a change in the format of the cashflow statement. The key presentational changes in the financial statements arising from thetransition to IFRS are: a) The reclassification of capitalised software costs to intangible assets fromproperty plant and equipment. b) Cumulative translation differences on foreign operations are deemed to be nilat 1 January 2006. c) The acquisition of Big River Zinc during 2006 has been treated as anacquisition of assets and liabilities as it does not meet the criteria of abusiness combination under IFRS. There is no impact on the underlying assets andliabilities, but the description has been changed on the face of the cashflow. As at As at As at 31 December 2006 30 June 2006 1 January 2006 As Effect As As Effect As As Effect As previously of rest- previously of rest- previously of rest- reported trans- ated reported trans- ated reported trans- ated under ition under under ition under under ition under UK GAAP IFRS UK GAAP IFRS UK GAAP IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000ASSETSNon-current assetsIntangibleAssets 10,575 15 10,590 7,812 11 7,823 6,136 7 6,143Property,plant andequipment 8,777 (15) 8,762 9,437 (11) 9,426 510 (7) 503Investment inassociates - 2 2 - 12 12 - 5 5 Other financialassets - 235 235 - 222 222 - 197 197Investments 2 (2) - 12 (12) - 226 (5) 221 _____ _____ _____ _____ ______ _____ _____ _______ _____ 19,354 235 19,589 17,261 222 17,483 6,872 197 7,069 _______ _____ _____ _____ ______ _____ _____ _______ _____Current assetsInventories 1,020 - 1,020 - - - - - -Trade and otherreceivables 9,823 - 9,823 19,958 - 19,958 171 - 171Trade and otherreceivables due afterone year 235 (235) - 222 (222) - 197 (197) -Cash and cash equivalents23,176 - 23,176 7,312 - 7,312 3,935 - 3,935 ________ ____ ______ _____ _____ _____ ______ _______ ______ 34,254 (235) 34,019 27,492 (222)27,270 4,303 (197) 4,106 ________ _____ ______ ______ ______ _____ ______ _______ ______TOTAL ASSETS 53,608 - 53,608 44,753 - 44,753 11,175 - 11,175 ________ _____ ______ ______ ______ _____ ______ _______ _______ As at As at As at 31 December 2006 30 June 2006 1 January 2006 As Effect As As Effect As As Effect As previously of rest- previously of rest- previously of rest- reported trans- ated reported trans- ated reported trans- ated under ition under under ition under under ition under UK GAAP IFRS UK GAAP IFRS UK GAAP IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000LIABILITIESCurrent liabilitiesTrade and other payables(3,715) - (3,715) (5,674) - (5,674) (438) - (438) _______ ____ ______ ______ ______ ______ ______ ______ _______ (3,715) - (3,715) (5,674) - (5,674) (438) - (438) _______ ____ ______ ______ ______ ______ ______ ______ ________Non-current liabilitiesOther long termliabil-ities (1,698) - (1,698) (760) - (760) - - - ______ _____ ______ _______ ______ _____ ______ ______ _______TOTALLIABI-LITIES (5,413) - (5,413) (6,434) - (6,434) (438) - (438) _______ _____ ______ ______ _____ _______ ______ ______ ________NETASSETS 48,195 - 48,195 38,319 - 38,319 10,737 - 10,737 EQUITYSharecapital 12,105 - 12,105 11,592 - 11,592 7,244 - 7,244 Sharepremium 37,245 - 37,245 32,326 - 32,326 8,555 - 8,555 Retainedearnings 1 (1,002)(1,001) (4,687) (1,002)(5,685) (4,060) (1,002) (5,062)Other Reserves(1,109) 1,109 - (914) 914 - (1,002) 1,002 - Foreigncurrencyreserve - (107) (107) - 88 88 - - - ______ _____ ______ _____ ____ _____ ______ ______ _____Equity attributableto equity holders of the parent 48,242 - 48,242 38,319 - 38,319 10,737 - 10,737Minorityinterest (47) - (47) - - - - - - _______ ____ _______ ______ ____ ______ ______ _____ ____TOTALEQUITY 48,195 - 48,195 38,319 - 38,319 10,737 - 10,737 _______ ____ _______ ______ ____ ______ ______ _____ ______ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Zincox Resources Plc