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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Panther Metals Plc | LSE:PALM | London | Ordinary Share | IM00BKDM2T52 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.10 | 3.70 | 4.50 | 4.10 | 4.10 | 4.10 | 490,377 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -953k | -0.0103 | -3.98 | 3.81M |
From Apr 2019 to Apr 2024
LONDON NUSANTARA PLANTATIONS PLC
(“London Nusantara” or the “Company”)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017
CHIEF EXECUTIVE OFFICER’S STATEMENT
I am pleased to announce our fourth interim financial results since the Company’s successful flotation on the NEX Exchange Growth Market on 30 June 2014. On 29 May 2017, the company completed its disposal of its initial investment in 404 hectares of land for an annualised gross return of 8.1%.
Currently we are targeting to acquire an equity interest in oil palm estates and mills that are revenue generating. We are expanding our investment search geographically to include parts of Sumatera and Kalimantan, Indonesia where a number of opportunities have arisen. The Company intends to fund these acquisitions by raising capital through a mixture of debt and equity coupled with a collaboration or joint-venture strategy with a suitable partner.
FINANCIALS
The interim results for the six months ended 30 June 2017 show a consolidated loss of £53,822 mainly due to the costs associated with maintaining the listing status, which is made up of administrative fees, retainers to advisors and operational expenditure.
On the 5th of July 2017, Mr Hussin Abdul Jalil our Non Executive Director submitted his resignation from the Board of Directors of LNP due to medical reasons. No new appointments have been made since his resignation. The CEO will take on the role as the plantation specialist given his exposure in the industry for more than 15 years.
The financial information for the six months ended 30 June 2017 has not been audited, but has been reviewed by the Company’s auditors, UHY Hacker Young LLP.
M Subramaniam
Chief Executive Officer
29 September 2017
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
The Company
LONDON NUSANTARA PLANTATIONS PLC
Manichelvam Subramaniam, Chief Executive Officer +60 3 2727 1889
Simon Rothschild, Non-executive Director +44 7703 167 065
NEX Exchange Corporate Adviser +44 (0)20 7469 0930
PETERHOUSE CORPORATE FINANCE LIMITED
Mark Anwyl/Guy Miller
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2017
| 6 Months ended | 6 Months ended | ||||
| 30-Jun | 30-Jun | ||||
| 2017 | 2016 | ||||
| (Unaudited) | (Unaudited) | ||||
| Notes | £ | £ | |||
| Revenue | - | - | |||
| Cost of sales | - | - | |||
| ________ | _________ | ||||
| Gross profit | - | ||||
| Administration expenses | -67,137 | -28,318 | |||
| ________ | _________ | ||||
| Operating loss | -67,137 | -28,318 | |||
| Finance income | 4 | 1,021 | 2,946 | ||
| Gain on disposal of investment | 5 | 12,294 | - | ||
| ________ | _________ | ||||
| Loss before taxation | -53,822 | -25,372 | |||
| Taxation | 6 | - | - | ||
| ________ | _________ | ||||
| Loss for the year | -53,822 | -25,372 | |||
| Other comprehensive income | - | - | |||
| ________ | _________ | ||||
| Total comprehensive loss | -53,822 | -25,372 | |||
| ======== | ======== | ||||
| Loss attributable to: | |||||
| Equity holders of the company | -53,822 | -25,372 | |||
| ======== | ======== | ||||
| Loss per share | 7 | (0.03)p | (0.01)p | ||
| ======== | ======== |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
| 30-Jun | 31-Dec | ||||
| 2017 | 2016 | ||||
| (Unaudited) | (Audited) | ||||
| Notes | £ | £ | |||
| Non-Current Assets | |||||
| Office equipment | 8 | 112 | 151 | ||
| Investments | 9 | - | 111,772 | ||
| ________ | ________ | ||||
| Total non-current assets | 112 | 111,923 | |||
| ________ | ________ | ||||
| Current assets | |||||
| Receivables | 10 | 2,522 | 24 | ||
| Cash and cash equivalents | 11 | 129,105 | 82,633 | ||
| ________ | ________ | ||||
| Total current assets | 131,627 | 82,657 | |||
| _________ | ________ | ||||
| Total assets | 131,739 | 194,580 | |||
| _________ | ________ | ||||
| Current liabilities | |||||
| Accruals | 12 | -6,932 | -15,951 | ||
| _________ | _________ | ||||
| Total liabilities | -6,932 | -15,951 | |||
| _________ | ________ | ||||
| Net assets | 124,807 | 178,629 | |||
| ======== | ======== | ||||
| Capital and reserves | |||||
| Share capital | 13 | 669,438 | 669,438 | ||
| Retained losses | -544,631 | -490,809 | |||
| _________ | ________ | ||||
| Total equity | 124,807 | 178,629 | |||
| ======== | ======== |
The unaudited financial information of London Nusantara Plantations PLC, registered number 009753V (Isle of Man), were approved by the Board of Directors and authorised for issue on 29 September 2017. They were signed on its behalf by:
M Subramaniam
Director
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
| 30-Jun | 31-Dec | ||||
| 2017 | 2016 | ||||
| (Unaudited) | (Audited) | ||||
| Notes | £ | £ | |||
| Non-Current Assets | |||||
| Office equipment | 8 | 112 | 151 | ||
| Investments | 9 | 182 | 111,954 | ||
| _________ | _________ | ||||
| Total non-current assets | 294 | 112,105 | |||
| _________ | _________ | ||||
| Current assets | |||||
| Amounts receivable from related parties | 10 | 192 | 862 | ||
| Prepayments, advances and deposits | 10 | 1,360 | 24 | ||
| Receivables from third party | 10 | 1,123 | - | ||
| Cash and cash equivalents | 11 | 128,610 | 81,969 | ||
| _________ | _________ | ||||
| Total current assets | 131,285 | 82,855 | |||
| _________ | _________ | ||||
| Total assets | 131,579 | 194,960 | |||
| _________ | _________ | ||||
| Current liabilities | |||||
| Accruals | 12 | -6,827 | -15,837 | ||
| Payables to related parties | 12 | -318 | - | ||
| _________ | _________ | ||||
| Total liabilities | -7,145 | -15,837 | |||
| _________ | _________ | ||||
| Net assets | 124,434 | 179,123 | |||
| ======== | ======== | ||||
| Capital and reserves | |||||
| Share capital | 13 | 669,438 | 669,438 | ||
| Retained losses | -545,004 | -490,315 | |||
| _________ | _________ | ||||
| Total equity | 124,434 | 179,123 | |||
| ======== | ======== |
The unaudited financial information of London Nusantara Plantations PLC, registered number 009753V (Isle of Man), were approved by the Board of Directors and authorised for issue on 29 September 2017. They were signed on its behalf by:
M Subramaniam
Director
LONDON NUSANTARA PLANTATIONS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2017
| 6 Months ended | 6 Months ended | ||||
| 30-Jun | 30-Jun | ||||
| 2017 | 2016 | ||||
| (Unaudited) | (Unaudited) | ||||
| £ | £ | ||||
| Cash flow from operating activities | |||||
| Loss for the year | -53,822 | -25,372 | |||
| Adjusted for: | |||||
| Depreciation | 39 | 40 | |||
| Interest received | -1,021 | -2,946 | |||
| Gain on disposal of investment | -12,294 | - | |||
| Increase in receivables | -2,498 | -693 | |||
| Decrease in payables | -9,019 | -3,537 | |||
| _________ | _________ | ||||
| Net cash outflow from operating activities | -78,615 | -32,508 | |||
| _________ | _________ | ||||
| Cash flow from investing activities | |||||
| Interest received | 1,021 | 2,946 | |||
| Sale of investment | 124,066 | - | |||
| _________ | _________ | ||||
| Net cash inflow from investing activities | 125,087 | 2,946 | |||
| _________ | _________ | ||||
| Net increase/(decrease) in cash and cash equivalents | 46,472 | -29,562 | |||
| Cash and cash equivalents at the beginning of the period | 82,633 | 191,097 | |||
| _________ | _________ | ||||
| Cash and cash equivalents at the end of the period | 129,105 | 161,535 | |||
| ======== | ======== |
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2017
| 6 Months ended | 6 Months ended | ||||
| 30-Jun | 30-Jun | ||||
| (Unaudited) | (Unaudited) | ||||
| 2017 | 2016 | ||||
| £ | £ | ||||
| Cash flow from operating activities | |||||
| Loss for the period | -54,689 | -28,318 | |||
| Adjusted for: | |||||
| Depreciation | 39 | 40 | |||
| Interest received | -1,021 | - | |||
| Gain on disposal of investment | -12,294 | - | |||
| Increase in receivables | -1,789 | -693 | |||
| Decrease in payables | -8,692 | -3,537 | |||
| _________ | __________ | ||||
| Net cash outflow from operating activities | -78,446 | -32,508 | |||
| _________ | __________ | ||||
| Cash flow from investing activities | |||||
| Interest received | 1,021 | 2,946 | |||
| Sale of investment | 124,066 | - | |||
| _________ | __________ | ||||
| Net cash inflow from investing activities | 125,087 | 2,946 | |||
| _________ | ___________ | ||||
| Net increase/(decrease) in cash and cash equivalents | 46,641 | -29,562 | |||
| Cash and cash equivalents at the beginning of the period | 81,969 | 191,097 | |||
| _________ | __________ | ||||
| Cash and cash equivalents at the end of the period | 128,610 | 161,535 | |||
| ======== | ========= |
| STATEMENTS OF CHANGES IN EQUITY | |||||
| FOR THE PERIOD ENDED 30 JUNE 2017 | |||||
| Group | Share | Retained | Total | ||
| capital | losses | equity | |||
| £ | £ | £ | |||
| As at 1 January 2016 | 669,438 | -377,371 | 292,067 | ||
| Loss for the year | - | -113,438 | -113,438 | ||
| _________ | _________ | _________ | |||
| At 31 December 2016 | 669,438 | -490,809 | 178,629 | ||
| ======== | ======== | ======== | |||
| As at 1 January 2017 | 669,438 | -490,809 | 178,629 | ||
| Loss for the period | - | -53,822 | -53,822 | ||
| _________ | _________ | _________ | |||
| At 30 June 2017 | 669,438 | -544,631 | 124,807 | ||
| ======== | ======== | ======== | |||
| Company | Share | Retained | Total | ||
| capital | losses | equity | |||
| £ | £ | £ | |||
| As at 1 January 2016 | 669,438 | -377,371 | 292,067 | ||
| Loss for the year | - | -112,944 | -112,944 | ||
| _________ | _________ | _________ | |||
| At 31 December 2016 | 669,438 | -490,315 | 179,123 | ||
| ======== | ======== | ======== | |||
| As at 1 January 2017 | 669,438 | -490,315 | 179,123 | ||
| Loss for the period | - | -54,689 | -54,689 | ||
| _________ | _________ | _________ | |||
| At 30 June 2017 | 669,438 | -545,004 | 124,434 | ||
| ======== | ======== | ======== |
NOTES TO THE FINANCIAL INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2017
This interim financial information for the six months ended 30 June 2017 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006 (Isle of Man). The Board of Directors approved it on 29 September 2017.
The figures for the year ended 31 December 2016 have been extracted from the statutory accounts which have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, (“IFRS”) and which have been reported on by the company’s auditor. The auditor’s report on those financial statements was unqualified.
The half-year report and financial information has been prepared in accordance with the requirements of IAS 34 “Interim financial reporting”.
The half-year financial report does not include all notes of the type normally included in the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the group as the full financial report.
The financial information has been prepared on the historical cost basis. The accounting policies and methods of computation adopted in the company’s preparation of the half-year financial report are consistent with those adopted and disclosed in the financial statements for the year ended 31 December 2016 and those expected to be used for the year ending 31 December 2017. The principal accounting policies adopted are set out below.
Having reviewed the company’s forecasts, the directors believe that the company is well placed to manage its business risks successfully. Thus, they have adopted the going concern basis in preparing this interim financial information.
1.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
All business combinations are accounted for using the acquisition method of accounting.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
1.4 Foreign currencies
The results and financial position of the company are expressed in Pounds Sterling (£) which is the presentation currency for the company financial statements. The functional currency of the company is the Malaysian Ringgit (RM) which is the currency of the environment in which the company principally operates. At the end of the period, the exchange rate applying to these financial statements was £1 = RM5.5781
The assets and liabilities of the company’s foreign operations are translated at exchange rates prevailing on the date of the accounts. Income and expense items are translated at exchange rates ruling at the date of the transactions. Exchange differences arising, if any, are classified as income or as expenses in the period in which they arise.
1.4 Investments
Investments are stated at cost less any provision for impairment.
1.5 Trade and other receivables
Trade and other receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade and other receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the assets’ carrying amount and the recoverable amount. Provisions for impairment of receivables are included in the income statement.
1.6 Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the company prior to the financial year, which are unpaid. Current liabilities represent those amounts falling due within one year.
1.7 Taxation
Deferred tax is provided in full using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination, which at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset is realised or when the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
2. Critical accounting judgements and estimates
The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates. Management believes that there are no areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates are significant to these financial statements.
3. Segmental information
The group’s assets and activities are based in Malaysia within the palm oil investment sector. This is the only business segment in which the group operates as identified by management
4. Finance income 6 Months ended 6 Months ended
30 June 30 June
2017 2016
£ £
Bank interest received 1,021 2,946
======== ========
5. Gain on disposal of investment
This gain representing the gain derived from the disposal of the investment in Next Oasis, which was disposed of during the financial period for £124,066 (Refer Note 10).
6. Taxation 6 Months ended 6 Months ended
30 June 30 June
2017 2016
£ £
Current tax - -
Deferred tax - -
======== ========
No reconciliation of the factors affecting the tax charge has been presented as the company is incorporated in the Isle of Man which has a corporation tax rate of 0%.
7. Loss per share
The basic loss per share for the period of 0.03p (2016 - 0.01p) is calculated by dividing the loss for the period by the weighted average number of ordinary shares in issue of 180,458,336 (2016 – 180,458,336).
8. Office equipment
Group and company Office
equipment
£
Cost
At 1 January 2016 and 30 June 2017 315
_________
Depreciation
At 1 January 2016 85
Charge for the year 79
_________
At 1 January 2017 164
Charge for the period 39
_________
At 30 June 2017 203
_________
Net book value
At 31 December 2016 151
========
At 30 June 2017 112
========
9. Investments
Group Unlisted
investments
£
Cost
At 1 January 2016 and 1 January 2017 111,772
Disposal (111,772)
_________
At 30 June 2016 -
_________
Net book value
At 30 June 2016 111,772
========
At 30 June 2017 -
========
During the financial period, the company entered into a Share Sale Agreement for the disposal of the investment in Next Oasis Sdn Bhd for an amount of £124,066.
9. Investments (continued)
Company Unlisted Shares in Total
investments subsidiary
undertakings
£ £ £
Cost
At 1 January 2016 111,772 - 111,772
Additions - 182 182
_________ _________ _________
At 1 January 2017 111,772 182 111,954
Disposals (111,772) - (111,772)
_________ _________ _________
At 30 June 2016 - 182 182
_________ _________ _________
Net book value
At 30 June 2016 111,772 182 111,954
======== ======== ========
At 30 June 2017 - 182 182
======== ======== ========
10. Receivables
Group 30 June 31 December
2017 2016
(Unaudited) (Audited)
£ £
Prepayments, advances and deposits 2,522 24
_________ _________
2,522 24
======== ========
Company 30 June 31 December
2017 2016
(Unaudited) (Audited)
£ £
Amounts due from related parties 192 862
Prepayments, advances and deposits 1,360 24
Receivables from third parties 1,123 - _________ ________
2,675 886
======== ========
11. Cash and cash equivalents
Cash and cash equivalents comprise cash held at bank. The carrying amount of these assets is approximately equal to their fair value.
12. Payables
Group 30 June 31 December
2017 2016
(Unaudited) (Audited)
£ £
Accruals 6,932 15,951
_________ _________
6,932 15,951
======== ========
Company 30 June 31 December
2017 2016
(Unaudited) (Audited)
£ £
Accruals 6,827 15,837
Amounts due to related parties 318 - _________ _________
7,145 15,837
======== ========
13. Share capital Number of Number of
shares shares
30 June 31 December
2017 2016
(Unaudited) (Audited)
Authorised:
500,000,000 Ordinary Shares of £nil par value 500,000,000 500,000,000
Allotted and called up and fully paid:
Ordinary Shares 180,458,336 180,458,336
======== ========
14. Related party transactions
Amounts due from related parties at the year-end are receivable from the wholly owned subsidiary company Lonnus (M) Sdn Bhd.
Amounts due to related parties at the year-end are payable to the directors for expenses incurred on behalf of the Company.
15. Subsequent events
Save for the resignation of Mr Hussin Abdul Jalil from the Board of Directors on 5th. July 2017, no significant event has taken place since 30 June 2017 up to the date of the release of this interim report.
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