21st Oct 2005 16:24
Cordillera Resources PLC21 October 2005 CORDILLERA RESOURCES PLC INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2005 Chairman's Statement I have pleasure in reporting the first six months figures since our AIMadmission document was published. As the Board has decided to change theCompany's year end to 30 September, we are presenting the six month figures tothe end of July. The first audited figures for the Company will be for theperiod to 30 September 2005. Since Cordillera's admission to AIM on 3rd February 2005 the board has reviewedin excess of a dozen investments in the mining and minerals sector. At presentthe company is in advanced discussions on a couple of investments either ofwhich, if completed, would in the director's opinion significantly enhanceshareholder value. The Directors still believe that, in the current market conditions, goodopportunities exist for investment in situations which are, in their opinion,undervalued or capable of showing an above average return. Independent Review Report to Cordillera Resources Plc Introduction We have been instructed by the Company to review the financial information setout on pages 3 to 5 and we have read the other information contained in theinterim report and considered whether it contains any apparent misstatements ormaterial inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for theCompany for the purpose of their interim report and for no other purpose. We donot, therefore, in producing this report, accept or assume responsibility forany other purpose or to any other person to whom this report is shown or intowhose hands it may come save where expressly agreed by our prior consent inwriting. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the Directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board as if that Bulletin applied. A reviewconsists principally of making enquiries of the Directors and applyinganalytical procedures to the financial information and underlying financial dataand based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with Auditing Standards and therefore provides a lowerlevel of assurance than an audit. Accordingly we do not express an auditopinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the period ended31st July 2005. CHAPMAN DAVIS LLPChartered Accountants2 Chapel CourtLondon SE1 1HH Profit and Loss Account (Unaudited)For the period from 26th August 2004 to 31st July 2005 Notes £'000 Administrative expenses (129) ______OPERATING LOSS (129) Bank interest received 21 ______LOSS BEFORE TAXATION (108) Taxation 2 - ______LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (108) ======Loss per share : Basic 4 (0.063)p Balance Sheet (Unaudited)At 31st July 2005 Notes £'000 CURRENT ASSETSPrepayments 3Cash at bank and in hand 1,500 ______ 1,503 ______ CREDITORS: Amounts falling due within one year (103) ______NET ASSETS 1,400 ====== CAPITAL AND RESERVESCalled up share capital 420Share premium 1,088Profit and loss account (108) ______SHAREHOLDERS' FUNDS 1,400 ====== Cash Flow Statement (Unaudited)For the period ended 31st July 2005 Notes £'000 CASH OUTFLOW FROM OPERATING ACTIVITIES (29) Returns on investments and servicing of finance 21 ______CASH OUTFLOW BEFORE FINANCING (8) Financing 1,508 ______INCREASE IN CASH IN THE PERIOD 5 1,500 ______ Notes to the Interim ReportFor the period ending 31st July 2005 1. PRESENTATION OF INTERIM RESULTS This interim report has been approved by the Directors. The interim resultshave not been audited, but were the subject of an independent review carried outby the Company's auditors, Chapman Davis LLP. Their review confirmed that thefigures were prepared using applicable accounting policies and practicesconsistent with those to be adopted in the annual report. The financialinformation contained in this interim report does not constitute statutoryaccounts as defined by Section 240 of the Companies Act 1985. All shareholderswill receive a copy of this interim report, which can also be obtained from theCompany's registered office at 55 St James's Street, London SW1A 1LA. 2. TAXATION No taxation has been provided due to losses in the period. 3. DIVIDENDS The Directors do not recommend the payment of a dividend. 4. LOSS PER SHARE Weighted Average Loss Number of Per share £'000 Shares (million) pence Basic Loss for the period (108) 172 (0.063) The total number of shares in issue at 31st July 2005 amounted to 210,000,000.The total amount of options held over the shares at 31st July 2005 were4,200,000. These options are exercisable at 1p per share for a period of 5years from AIM admission. No diluted loss per share is presented as the effectof exercise of outstanding options is to decrease the loss per share. 5. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS £'000 Increase in cash in the period 1,500Net funds at beginning of period - ______Net funds at end of period 1,500 ====== 6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Share Share Profit capital premium and loss account Total £'000 £'000 £'000 £'000 At 26th August 2004 - - - -Loss for the period - - (108) (108)Issue of shares 420 1,264 - 1,684Expenses of share issues - (176) - (176) ______ ______ ______ ______At 31st July 2005 420 1,088 (108) 1,400 ====== ====== ====== ====== DIRECTORS REGISTERD OFFICE NOMINATED ADVISOR Colin Orr-Ewing 55 St James's Street Nabarro Wells & Co. LimitedGavin Thomas London Saddlers HouseMalcolm James SW1A 1LA Gutter Lane London EC2V 6HS AUDITORS BROKER Chapman Davis LLP Ambrian Partners Limited 2 Chapel Court 13th Floor London 88 Wood Street SE1 1HH London EC2V 7RS SECRETARY SOLICITORS REGISTRARS Malcolm James Kermans & Co. LLP Capita IRG Plc 7 Savoy Court Bourne House Strand 34 Beckenham Road London WC2R 0ER Beckenham Kent BR3 4TU This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Celsius Res