25th Oct 2006 07:01
Namibian Resources PLC25 October 2006 Namibian Resources Plc Interim Results 31st August 2006 NAMIBIAN RESOURCES PLC CHAIRMANS STATEMENT INTERIM RESULTS I am very pleased to announce the unaudited interim results for the six monthsending on the 31st August 2006. Highlights - figures comparative to first six months of financial year 2005. Turnover - increased to £396,353 from £294,459 an increase of 34% Pre-tax operating profit - increased to £107,394 from £4,760 an increase of2256% Net current assets - increased to £600,526 from £113,407 an increase of 529% Stones recovered - increased to 6,650 from 5,576 an increase of 20% Carats produced - increased to 4,391 from 3,276 an increase of 34% Average stone size - increased from €59 carats to €66 carats an increase of 12% Grade i.e. carats per 100 tons - increased from 23cpht to 28cpht an increase of22% This production has been achieved despite the worst rainstorm since recordsbegan which occurred in March. Many of our areas were severely flooded andaccess tracks washed away. Part of the East Saltztal is still flooded but thewater is gradually evaporating. We estimate that a further 3,000 carats mightremain on this particular resource but mainly under water. We intend thereforeto carry out a sampling programme on the Annatal just north of the East Saltztalwhere past records show that stones of between €25 and 1 carats were recoveredin the early 1900's. We will return to the East Saltztal when the samplingprogramme is complete. It is encouraging to note that carat production for thefirst six months of this financial year is only 533 carats less than for thewhole of the financial year ended on 28th February 2006. Costs - for the first six months have been contained overall in spite of a largeincrease in diesel price. Staff - the company have paid particular attention to staff welfare and safety.A modern kitchen and dining room is provided with food of very high quality.Satelite television is provided as well as pool and darts. All employees areprovided with bedding, overalls, hard hats, anoraks, jumpers and gloves.Weatherproof accommodation, shower and toilet facilities as well as laundryfacilities are provided. The board looks forward to further progress being made in the second half ofthis year. Lord Sheppard of Didgemere KCVO Kt Chairman Enquiries Tony Carlton - Chief Executive - Tel: 020 8726 0900 Oliver Plummer - Finance Director - Tel: 020 7381 0100 NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2006 Summarised Income Statement 6 Months Ended 6 Months Ended Year Ended 31-Aug-06 31-Aug-05 28-Feb-06 (Unaudited) (Unaudited) (Audited) GBP £ GBP £ GBP £ Turnover 396,353 294,459 484,030Cost of Sales (145,133) (157,301) (352,178) Gross Profit/(Loss) 251,220 137,158 131,852 Administrative Expenses (143,826) (132,398) (205,689) Operating Profit/(Loss) 107,394 4,760 (73,837) Interest Received 8,035 4,256 9,464Interest Payable - - - Net Profit/(Loss) for the period 115,429 9,016 (64,373) Profit/(Loss) per Share 0.03 0.01 (0.16)Total Number of Shares in Issue 37,922,460 32,837,730 37,922,460 NAMIBIAN RESOURCES P.L.C. INTERIM RESULTS FOR 6 MONTHS ENDED 31 AUGUST 2006 Summarised Balance Sheet 6 Months Ended 6 Months Ended Year Ended 31 August 2006 31 August 2005 28 February 2006 (Unaudited) GBP (Unaudited) GBP (Audited) GBP £ £ £ Non - Current Assets 2,208,886 2,045,342 2,261,377 Tangible Assets 1,553,297 1,400,131 1,506,284Intangible Assets - Mining Rights 655,589 645,211 755,093 Current Assets -Stock 27,007 - 34,644Debtors 139,094 31,918 31,375Cash in the bank & in hand 468,660 154,261 488,755 634,761 186,179 554,774Current Liabilities -Creditors & Accruals (34,235) (72,772) (74,663) Net Current Assets 600,526 113,407 480,111 Total Assets Less Current Liabilities 2,809,412 2,158,749 2,741,488 Capital & Reserve -Called up Share Capital 3,792,246 3,283,773 3,792,246Share Premium 359,384 359,384 359,384Profit & Loss Account (1,342,218) (1,484,408) (1,410,142) Shareholders Funds - Equity 2,809,412 2,158,749 2,741,488 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 2006 Cash Flow Statement 6 Months Ended 6 Months Ended Year Ended 31 August 2006 31 August 2005 28 February 2006 (Unaudited) GBP (Unaudited) GBP (Audited) GBP £ £ £ Net Cash inflow/(outflow) from Operating ActivitiesOperating Profit/(Loss) 107,394 4,760 (73,837)Depreciation of Tangible & Intangible Assets 78,353 95,440 139,543(Increase)/Decrease in Debtors (107,719) (6,554) (6,012)(Decrease)/Increase in Creditors (40,428) 24,513 (34,644)Decrease/(Increase) in stock 7,637 - 26,405Net Effect of Foreign Exchange Differences (47,505) - 18,152 (2,268) 118,159 69,607Returns on Investment & Servicing of FinanceInterest Received 8,035 4,256 9,464 Capital ExpenditurePayments to Acquire Tangible Fixed Assets (25,862) (186,126) (288,374)Payments to Acquire Intangible Fixed Assets - - (28,387)Payments to Acquire Investments - - - Net Cash (outflow) before managementof Liquid Resources & Financing (20,095) (63,711) (237,690) Financing -Issue of Ordinary Share Capital - - (508,473)(Decrease)/Increase in Cash during the Period (20,095) (63,711) 270,783 (20,095) (63,711) (237,690) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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