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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| GCM Resources Plc | AQSE:GCM.GB | Aquis Stock Exchange | Ordinary Share | GB00B00KV284 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.08889 | -1.27% | 6.9111 | 6.50 | 7.50 | 7.1656 | 6.6711 | 7.00 | 277,800 | 10:18:43 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGCM
RNS Number : 4895P
GCM Resources PLC
17 November 2016
17 November 2016
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Final Results for the year ended 30 June 2016
GCM Resources plc (AIM:GCM), a resource exploration and development company, is pleased to report its preliminary results for the year ended 30 June 2016.
The Annual Report and Accounts for the year ended 30 June 2016 will be posted on the Company's website today (www.gcmplc.com) and will shortly be mailed to shareholders. Copies will also be available on request from the Company.
In the Chairman's Statement Datuk Michael Tang PJN, Executive Chairman, stated:
Although the mining sector has continued to face significant challenges over the last twelve months, we remain positive on the potential of the Phulbari Coal and Power Project (the Project) and are advancing the Company towards realising its objectives.
The Government of Bangladesh (the Government) continues to execute its strategy of substantially increasing the country's power supply, and has made progress during the year towards meeting its objective of generating over 19,000MW from coal by 2030. The expansion of coal fired power plants is expected to result in a significant increase in demand for high quality thermal coal within the country. GCM is well placed to meet this need.
Once developed, the Project can supply sufficient high quality thermal coal to support over 4,000MW of power generation for Bangladesh, making a substantial contribution towards the Government's goals. It is also expected to transform the Rangpur Division in north-west Bangladesh, from one of the poorest areas in the country into an economic centre with industries based on the new power supply, the mine and co-industries. An estimated 17,000 jobs are expected to be created due to mine development and this figure increases to approximately 50,000 when taking into account the power generation and downstream industries enabled through using the Phulbari's coal and industrial mineral co-products. The Government would also benefit financially, deriving over US$7 billion revenue in the form of royalties, taxes and service charges from a producing Phulbari coal mine over its economic life and the Project would contribute an estimated 1% to GDP.
While pursuing approval from the Government of Bangladesh to proceed with development, we are negotiating with potential partners to expedite the Project. GCM has agreed a memorandum of understanding with China Gezhouba Group International Engineering Co. Ltd (CGGCINTL) to mutually investigate the feasibility of a joint venture with respect to the development of mine-mouth coal fired power plants generating up to 2,000MW in total at the Phulbari Coal and Power Project site. CGGCINTL has a wealth of experience in major infrastructure projects including developing coal-fired power plants and we are very pleased to partner with them in investigating this opportunity.
Project implementation will mean substantial investment into the locality and we are committed to ensuring that the Project is developed for the benefit of all stakeholders. During the year the Company continued to engage with the local community, maintaining its relationships and listening to their views.
The Group incurred a loss of GBP1,043,000 for the year ended 30 June 2016 which included GBP340,000 of non-cash expenditure, compared to a loss of GBP937,000 in the previous financial year. Capitalised Project related expenditure amounted to GBP655,000 for the year, compared to GBP579,000 for the comparative year.
Finally, I would like to thank the Board and staff for all their hard work over the last twelve months and to the shareholders for their commitment and support.
The Income Statement, Statement of Comprehensive Income, Statement of Changes in Equity, Balance Sheet and Cash Flow are presented on the following pages.
Consolidated Statement of Comprehensive Income
For year ended 30 June
Hot Features
Premium
2016 2015
GBP000 GBP000
Operating expenses
Exploration and evaluation
costs (40) (75)
Share based payments (271) (177)
Administrative expenses (663) (688)
Operating loss (974) (940)
Finance revenue - 4
Finance costs (69) (1)
Loss before tax (1,043) (937)
Taxation - -
Loss and total comprehensive
income for the year (1,043) (937)
------- -------
Loss per share
Basic (pence per share) (1.7p) (1.5p)
Diluted (pence per share) (1.7p) (1.5p)
Consolidated Statement of Changes in Equity
For year ended 30 June
Share Share Share Convertible Accumulated Total
capital premium based loan losses
account payments equity
not settled component
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at
1 July 2014 6,286 45,286 585 - (13,820) 38,337
Total comprehensive
loss - - - - (937) (937)
Shares issued
during the
year - - - 40 - 40
Share based
payments - - 13 - 177 190
Balance at
30 June 2015 6,286 45,286 598 40 (14,580) 37,630
Total comprehensive
loss - - - - (1,043) (1,043)
Drawdown of
convertible
loan - - - 129 - 129
Share based
payments - - 11 - 271 282
Balance at
30 June 2016 6,286 45,286 609 169 (15,352) 36,998
-------- -------- ------------ ----------- ----------- -------
Consolidated Balance Sheet
As at 30 June
2016 2015
GBP000 GBP000
Current assets
Cash and cash equivalents 194 169
Receivables 136 213
Total current assets 330 382
Non-current assets
Property, plant and equipment 29 32
Intangible assets 38,387 37,732
Receivables - 60
Total non-current assets 38,416 37,824
Total assets 38,746 38,206
-------- ---------
Current liabilities
Payables (684) (424)
Borrowings (1,064) -
Total current liabilities (1,748) (424)
Non-current liabilities
Borrowings - (152)
Total non-current liabilities - (152)
Total liabilities (1,748) (576)
-------- ---------
Net assets 36,998 37,630
-------- ---------
Equity
Share capital 6,286 6,286
Share premium account 45,286 45,286
Other reserves 778 638
Accumulated losses (15,352) (14,580)
Total equity 36,998 37,630
-------- ---------
Consolidated Cash Flow Statement
For year ended 30 June
2016 2015
GBP000 GBP000
Cash flows from/(used
in) operating activities
(Loss) before tax (1,043) (937)
Adjusted for:
Finance costs 69 1
Finance revenue - (4)
Share based payments 271 177
(703) (763)
Movements in working capital:
(Increase)/decrease in operating
receivables 91 (68)
Increase/(decrease) in operating
payables 223 15
Cash used in operations (389) (816)
Interest received - 4
Net cash used in operating
activities (389) (812)
Cash flows from/(used
in) investing activities
Payments for property, (2) -
plant and equipment
Payments for intangible
assets (603) (551)
Net cash generated from/(used
in) investing activities (605) (551)
Cash flows from/(used
in) financing activities
Proceeds from convertible
loan 1,019 200
Net cash from financing
activities 1,019 200
Total increase in cash
and cash equivalents 25 (1,163)
Cash and cash equivalents
at the start of the year 169 1,332
Cash and cash equivalents
at the end of the year 194 169
------- --------
The audited financial information for the years ended 30 June 2016 and 30 June 2015 contained in this document does not constitute statutory accounts as defined in the Companies Act 2006. The comparative financial information is based on the statutory accounts for the financial year ended 30 June 2015. Those accounts, upon which the auditors issued an unqualified opinion with emphasis of matter paragraphs, have been delivered to the Registrar of Companies. The financial information for the year ended 30 June 2016 has been extracted from the financial statements of GCM Resources plc which will be delivered to the Registrar of Companies in due course. The auditors have issued an unqualified opinion with emphasis of matter paragraphs on the Group's statutory financial statements for the year ended 30 June 2016. The emphasis of matter paragraphs are in relation to the recoverability of intangible mining assets and going concern. The preliminary announcement was approved by the Board of Directors on 17 November 2016.
For further information:
GCM Resources plc Bell Pottinger James Hobson Public Relations CFO & Company Secretary Lorna Cobbett +44 (0) 20 7290 1630 +44 (0) 20 3772 2500 ZAI Corporate Finance Ltd Nominated Adviser and Broker Peter Trevelyan-Clark, John Treacy +44 (0) 20 7060 2220 GCM Resources plc Tel: +44 (0) 20 7290 1630 info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRBJTMBJBBFF
(END) Dow Jones Newswires
November 17, 2016 08:45 ET (13:45 GMT)
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