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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ecora Resources Plc | LSE:ECOR | London | Ordinary Share | GB0006449366 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -1.19% | 82.80 | 82.80 | 83.10 | 85.00 | 82.50 | 85.00 | 550,270 | 16:23:32 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coal,oth Minerals,ores-whsl | 141.87M | 94.64M | 0.3670 | 2.26 | 213.5M |
translation - - - - - - (2,993) - - - (2,993) Total comprehensive loss - - - - (4,083) - (2,710) - - (47,589) (54,382) -------- -------- -------- -------- ------------ --------- ------------ -------- ----------- --------- --------- Dividends - - - - - - - - - (11,535) (11,535) Issue of ordinary shares 111 - 9,453 143 - - - - - - 9,707 Value of employee services - - - - - 520 - - - 89 609 Total transactions with owners of the company 111 - 9,453 143 - 520 - - - (11,446) (1,219) -------- -------- -------- -------- ------------ --------- ------------ -------- ----------- --------- --------- December 31, 2014 2,329 29,328 9,453 143 1,487 678 6,040 632 (2,601) 113,761 161,250 ======== ======== ======== ======== ============ ========= ============ ======== =========== ========= =========
Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED DECEMBER 31, 2014
2014 2013 GBP'000 GBP'000 Cash flows from operating activities Loss before taxation (42,399) (52,896) Adjustments for: Finance income (439) (789) Finance costs - excluding foreign exchange gains/losses 1,042 129 Other income (1,981) (2,012) (Gain)/Loss on disposal of mining and exploration interests (1,350) 6,398 Gain on disposal of coal tenures (1,409) - Impairment of mining and exploration interests 4,873 26,321 Impairment of royalty and exploration intangible assets 10,033 8,313 Impairment of royalty financial instruments 15,288 - Impairment of property, plant and equipment 1,352 - Revaluation of coal royalties (Kestrel) 11,822 13,568 Revaluation of royalty financial instruments - 8,735 Depreciation of property, plant and equipment 23 22 Amortisation of royalty intangible assets 759 854 Share-based payment 609 72 --------- --------- (1,777) 8,715 Decrease/(Increase) in trade and other receivables 2,588 (1,082) Increase/(Decrease) in trade and other payables 2,175 (1,409) --------- --------- Cash generated from operations 2,986 6,224 Income taxes paid (27) (3,817) Net cash generated from operating activities 2,959 2,407 --------- --------- Cash flows from investing activities Proceeds on disposal of mining and exploration interests 9,549 5,258 Purchases of mining and exploration interests (1,161) (3,118) Purchases of royalty and exploration intangible assets (13,213) (101) Proceeds from royalty financial instruments 826 - Other royalty related advances (3,002) (5,634) Prepaid acquisition costs (359) - Proceeds on disposal of coal tenures 302 - Purchases of property, plant and equipment (188) (14) Dividends and fixed income received from mining and exploration interests 169 708 Sundry income 475 164 Finance income 439 789 Net cash used in investing activities (6,163) (1,948) --------- --------- Cash flows from financing activities Proceeds from issue of share capital 9,980 2,501 Transaction costs of share issue (416) - Dividends paid (11,535) (11,065) Prepaid fundraising costs (320) - Finance costs - excluding foreign exchange gains/losses (1,042) (129) Net cash used in financing activities (3,333) (8,693) --------- --------- Net decrease in cash and cash equivalents (6,537) (8,234) Cash and cash equivalents at beginning of period 15,706 24,036 --------- --------- Unrealised foreign currency gain/(loss) (400) (96) Cash and cash equivalents at end of period 8,769 15,706 ========= =========
Condensed Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2014
1 Basis of preparation
The financial information for the year ended December 31, 2014, does not constitute statutory accounts as defined in section 435 (1) and (2) of the Companies Act 2006. Statutory accounts for the year ended December 31, 2013 have been delivered to the Registrar of Companies and those for 2014 will be delivered following the Company's Annual General Meeting convened for April 30, 2015. The auditors have reported on these accounts; their reports were unqualified, did not include a reference to any matter to which the auditors drew attention by way of emphasis of matter and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
Whilst the preliminary announcement (the Condensed financial statements) has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRIC) interpretations adopted for use by the European Union, with those parts of the Companies Act 2006 applicable to companies reporting under IFRS and with the requirements of the United Kingdom Listing Authority (UKLA) Listing Rules, these Condensed financial statements do not contain sufficient information to comply with IFRS. The Group has published full financial statements that comply with IFRS on March 25, 2015, and this set of Condensed financial statements should be read in conjunction with these.
Going concern
As at December 31, 2014, the Group had no borrowings and an undrawn US$15.0m unsecured revolving credit facility. As discussed in note 11, on February 27, 2015, the Group has announced the completion of a firm placing and placing and open offer raising GBP39.5m, together with securing a new US$30.0m three-year secured revolving credit facility. The combined financing package was largely used to finance the acquisition of a US$65.0m royalty along with providing additional working capital to the Group.
The Directors have considered the Group's cash flow forecasts for the period to the end of March 2016. The Board is satisfied that the Group's forecasts and projections, taking into account reasonably possible changes in trading performance and other uncertainties, the proceeds received from the new share issue and the undrawn facilities, show that the Group will be able to operate within the level of its current facilities for the foreseeable future. For this reason the Group continues to adopt the going concern basis in preparing its financial statements.
2 Critical accounting judgements and key sources of estimation uncertainty
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