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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bisichi Plc | LSE:BISI | London | Ordinary Share | GB0001012045 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12.50 | 16.13% | 90.00 | 85.00 | 95.00 | 92.50 | 80.00 | 80.00 | 72,329 | 11:35:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 95.11M | 17.61M | 1.6496 | 0.55 | 9.61M |
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TIDMBISI
26 August 2016
BISICHI MINING PLC
Interim Results for the period ended 30 June 2016
For the six months ending 30th June 2016:
· EBITDA: GBP1.0million (2015: GBP1.232
million)
· EPS (basic): 1.7p (2015:
2.56p)
· Total production: 795,000 tonnes (2015: 838,000 tonnes)
· Planned increase in production from Black Wattle reserves by year end
· Continuing focus on control of costs and production at Black Wattle
Colliery
· Physical demand for Black Wattle coal remains strong despite low
international coal prices
· UK property portfolio performing well with voids across the portfolio at
only 2.0% (2015: 2.3 %.)
For further information, please call:
Andrew Heller/Garrett Casey Bisichi Mining PLC
020 7415 5030
Bisichi Mining PLC
Half year review - 30 June 2016
For the six month period ending on 30 June 2016, Bisichi Mining PLC achieved
earnings before interest, tax, depreciation and amortisation of GBP1.0 million
(2015: GBP1.2 million).
As part of the production plan for the first half of the year Black Wattle
Colliery, our direct coal mining asset in South Africa, continued to supplement
production from its own reserves with coal mined at Blue Nightingale under an
agreement to purchase Run of Mine coal. This resulted in total production of
795,000 metric tonnes (2015: 838,000 metric tonnes) during the period reported.
However, towards the end of this six month period the quality of the coal
bought from Blue Nightingale deteriorated as the reserve came to an end; this
has had a temporary impact on earnings. In anticipation of the Blue Nightingale
reserve coming to an end, management plans were already in place to increase
production from Black Wattle's own reserves. The development of these new
opencast areas at Black Wattle will take time to build up production but the
mine is expected to reach full production by the end of the year.
The demand for our coal has remained strong but international coal prices have
continued to remain low for most of the first half of 2016. Although we have
recently seen an improvement in the US Dollar international coal price, a
reversal in the depreciation of the South African Rand has partially offset
this increase. Overall, the decrease in group revenue compared to the same
period last year can mainly be attributed to the depreciation of the Rand
against our reporting currency in UK Sterling. Looking forward, we will
continue with our existing management strategy of keeping our cost of
production low in order to reduce the impact of any further weakness in the
international coal price.
Meanwhile, Black Wattle continues to perform well under the Quattro Programme,
which allows junior black-economic empowerment coal producers direct access to
the coal export market via Richards Bay Coal Terminal. We would like to thank
Vunani Limited, our black economic empowered shareholders at Black Wattle, for
managing and developing this opportunity.
Looking forward to the rest of this year, management will continue to focus on
improving levels of production from our existing reserves at Black Wattle and
we remain confident in our ability to achieve significant value from our South
African mining operations for many years to come.
Finally, the Company's UK retail property portfolio, which is managed by London
& Associated Properties PLC, continues to perform well with voids across the
portfolio at the low level of 2.0% (2015: 2.3%).
Your directors intend to pay an interim dividend of 1p per share which will be
paid on the 10 February 2017, to shareholders on the register at the close of
business on 6 January 2017.
On behalf of the Board we would like to thank all our staff for their hard work
during the first six months of the year.
Sir Michael Heller Andrew Heller
Chairman Managing
Director
26 August 2016
Bisichi Mining PLC
Consolidated income statement
for the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months ended Year
ended ended
30 June 30 June 31 December
2016 2015 2015
Notes GBP000 GBP000 GBP000
Group revenue 1 10,925 13,879 25,655
Operating costs (10,675) (13,450) (25,719)
Operating profit/(loss) on trading 250 429 (64)
activities
Increase in value of investment - - 225
properties
Increase/(Decrease) in value of other 11 (1) (11)
investments
Gains on held for trading investments - 4 -
Operating profit 1 261 428 150
Loss on reclassification of asset - - (138)
held for sale
Share of loss in joint ventures (1) 100 69
Profit before interest and 260 528 81
taxation
Interest receivable 128 124 245
Interest payable (226) (245) (473)
Profit/(Loss) before taxation 1 162 407 (147)
Income tax 2 (4) (87) (108)
Profit/(Loss) for the period 158 320 (255)
Attributable to:
Equity holders of the company 182 273 (259)
Non-controlling interest (24) 47 4
Profit/(Loss) for the period 158 320 (255)
Earnings/(Loss) per share - basic 3 1.70p 2.56p (2.43p)
Earnings/(Loss) per share - 3 1.70p 2.56p (2.43p)
diluted
Bisichi Mining PLC
Consolidated statement of comprehensive income
for the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Profit/(Loss) for the period 158 320 (255)
Other comprehensive income:
Exchange differences on translation of foreign 490 (217) (1,167)
operations
Gain/(Loss) on available for sale investments 60 (28) (202)
Taxation (13) 6 41
Other comprehensive income for the period, net of tax 537 (239) (1,328)
Total comprehensive income for the period 695 81 (1,583)
Attributable to:
Equity shareholders 669 58 (1,500)
Non-controlling interest 26 23 (83)
Total comprehensive income for the period 695 81 (1,583)
Bisichi Mining PLC
Consolidated Balance Sheet
as at 30 June 2016
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
Assets GBP000 GBP000 GBP000
Non-current-assets
Value of investment properties 12,800 11,620 12,800
Fair value of head leases 186 195 194
Investment property 12,986 11,815 12,994
Reserves, plant and equipment 6,319 6,159 5,374
Investments in joint ventures 1,197 2,909 1,198
Loan to joint venture 1,105 1,029 900
Other investments 25 151 14
Total non-current assets 21,632 22,063 20,480
Current assets
Inventories 2,117 1,394 1,049
Trade and other receivables 7,277 8,496 6,187
Corporation tax recoverable - 31 29
Available for sale investments 654 768 594
Cash and cash equivalents 2,757 2,789 1,608
Non-current assets held for sale - - 1,168
Total current assets 12,805 13,478 10,635
Total assets 34,437 35,541 31,115
Liabilities
Current liabilities
Borrowings (2,981) (3,115) (2,267)
Trade and other payables (6,179) (5,738) (4,234)
Current tax liabilities (136) (23) -
Total current liabilities (9,296) (8,876) (6,501)
Non-current liabilities
Borrowings (5,961) (5,957) (5,940)
Provision for rehabilitation (1,028) (919) (847)
Finance lease liabilities (186) (195) (194)
Deferred tax liabilities (2,053) (2,210) (2,002)
Total non-current liabilities (9,228) (9,281) (8,983)
Total liabilities (18,524) (18,157) (15,484)
Net assets 15,913 17,384 15,631
Equity
Share capital 1,068 1,068 1,068
Share premium 258 258 258
Translation reserve (2,317) (1,870) (2,757)
Available for sale reserves (73) 19 (120)
Other reserves 588 663 574
Retained earnings 16,042 16,819 16,287
Total equity attributable to equity 15,566 16,957 15,310
shareholders
Non-controlling interest 347 427 321
Total equity 15,913 17,384 15,631
Bisichi Mining PLC
Consolidated Cash Flow Statement
For the six months ended 30 June 2016
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Cash flows from operating activities
Operating profit 261 428 150
Depreciation 736 704 1,284
Unrealised (gain)/loss on other investments (11) 1 132
Unrealised gain on investment properties - - (225)
Share based payment expense 14 11 31
Share of profit of joint venture - 88 -
Movement in working capital (447) (865) 607
Net interest paid (60) (79) (248)
Income tax paid/(received) 27 - -
Cash flow from operating activities 520 288 1,731
Cash flows from investing activities 378 (1,202) (2,888)
Cash flows from financing activities (170) (218) (584)
Net increase/(decrease) in cash and cash 728 (1,132) (1,741)
equivalents
Cash and cash equivalents at 1 January (626) 719 719
Exchange adjustment (318) 95 396
Cash and cash equivalents at end of period (216) (318) (626)
Cash and cash equivalents
For the purposes of the cash flow statement, cash
and cash equivalents comprise the following balance
sheet amounts:
2,757 2,789 1,608
Cash and cash equivalents
Bank overdrafts (2,973) (3,107) (2,234)
Cash and cash equivalents at end of period (216) (318) (626)
Bisichi Mining PLC
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2016
Share Share Translation Available Other Retained Non- Total
for sale controlling
capital premium reserve reserves reserves earnings Total Interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 1,068 258 (1,677) 41 652 16,973 17,315 404 17,719
January 2015
Profit for the - - - - - 273 273 47 320
period
Other - - (193) (22) - - (215) (24) (239)
comprehensive
income and
expense
Total - - (193) (22) - 273 58 23 81
comprehensive
income for the
period
Dividend - - - - - (427) (427) - (427)
Equity share - - - - 11 - 11 - 11
options
Balance at 30 1,068 258 (1,870) 19 663 16,819 16,957 427 17,384
June 2015
Balance as at 1 1,068 258 (1,677) 41 652 16,973 17,315 404 17,719
January 2015
Revaluation of - - - - - 17 17 - 17
investment
properties and
impairments
Other income - - - - - (276) (276) 4 (272)
statement
movements
Loss for the - - - - - (259) (259) 4 (255)
year
Other - - (1,080) (161) - - (1,241) (87) (1,328)
comprehensive
income and
expense
Total - - (1,080) (161) - (259) (1,500) (83) (1583)
comprehensive
income for the
year
Dividend - - - - - (427) (427) - (427)
Equity share - - - - 31 - 31 - 31
options
Share options - - - - (109) - (109) - (109)
cancelled
1,068 258 (2,757) (120) 574 16,287 15,310 321 15,631
Balance at 31
December 2015
Profit for the - - - - - 182 182 (24) 158
year
Other - - 440 47 - - 487 50 537
comprehensive
income and
expense
Total - - 440 47 - 182 669 26 695
comprehensive
income for the
period
Dividend - - - - - (427) (427) - (427)
Equity share - - - - 14 - 14 - 14
options
Balance at 30 1,068 258 (2,317) (73) 588 16,042 15,566 347 15,913
June 2016
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS:
The results for the six months ended 30 June 2016 have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
principal accounting policies applied are the same as those set out in the
Financial Statements for the year ended 31 December 2015 and which will form
the basis of the 2016 Annual report.
1. Segmental analysis
For management purposes, the Group is organised into two operating Divisions,
Mining and Property. These Divisions are the primary basis on which the Group
reports its segment information. This is consistent with the way the Group is
managed and with the format of the Group's internal financial reporting.
Unaudited Unaudited Audited
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Revenue
Mining 10,739 13,378 24,608
Property 530 488 1,014
Other 16 13 33
10,925 13,879 25,655
Operating profit/(loss)
Mining (73) 286 (785)
Property 308 131 915
Other 26 11 20
261 428 150
Share of profit in joint ventures (1) 100 69
Interest receivable 128 124 245
Interest payable (226) (245) (473)
Profit/(Loss) before taxation 162 407 (147)
2. Taxation
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
Based on the results for the period:
Corporation tax at 20.50% (2015: 20.25%) 142 2 3
Prior year adjustment - UK - - (23)
142 2 (20)
Deferred taxation (138) 85 128
4 87 108
3. Earnings/ (loss) per share
Both the basic and diluted earnings per share calculations are
based on a profit of GBP182,000 (2015: GBP273,000). The basic earnings per share
has been calculated on a weighted average of 10,676,839 (2015: 10,676,839)
ordinary shares being in issue during the year. The diluted earnings per share
has been calculated on the weighted average number of shares in issue of
10,676,839 (2015: 10,676,839) plus the dilutive potential ordinary shares
arising from share options of nil (2015: nil) totalling 10,676,839 (2015:
10,676,839).
4. Investment properties
Investment properties are included at valuation as at 31 December
2015 plus additions in the period ended 30 June 2016.
5. Non-current asset held for sale
On the 11 March 2016, the company disposed of its investment in Langney
Shopping centre Unit Trust. The net proceeds from the sale were GBP1,168,000. At
31 December 2015, the share of the net assets of the trust held by the group
were GBP1,168,000 which included a loss on the reclassification of the asset to
held for sale in the amount of GBP138,000.
6. Related Parties
The related parties and the nature of costs recharged are as
disclosed in the group's annual financial statements for the year ended 31
December 2015. The group paid management fees of GBP68,750 (30 June 2015: GBP68,750
31 December 2015: GBP137,500) to London & Associated Properties PLC, an
associated company.
7. Financial information
The above financial information does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006. The
figures for the year ended 31st December 2015 are based upon the latest
statutory accounts, which have been delivered to the Registrar of Companies;
the report of the auditors on those accounts was unqualified and did not
contain a statement under Section 498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's
Financial Services Authority, the interim financial statements have been
prepared in accordance with the International Financial Reporting Standards
(IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as
adopted by the European Union and the disclosure requirements of the Listing
Rules.
The half year results have not been audited or subject to review by the
company's auditors.
The annual financial statements of Bisichi Mining PLC are prepared
in accordance with IFRS as adopted by European Union. The same accounting
policies are used for the six months ended 30 June 2016 as were used for the
year ended 31 December 2015.
The assessment of new standards, amendments and interpretations issued but not
effective, are not anticipated to have a material impact on the financial
statements. The following new or revised standards that are applicable to the
group were issued but not yet effective:
IFRS 9 - Financial Instruments
IFRS 15 - Revenue from Contracts with Customers.
The largest areas of estimation and uncertainty in the interim financial
statements are in respect of:
- The valuation of investment properties;
- Life of mine and reserves;
- Depreciation;
- Provision for rehabilitation (relating to environmental rehabilitation of
mining areas);
- Impairment and;
- Carrying values of mining joint ventures
Investment properties are not re-valued at the half year end unless there is
evidence of a material change in valuation. There have been no material changes
in fair value during the period. Please refer to page 58 of the 2015 Annual
report and Accounts for details on the valuation of investment properties as at
31 December 2015.
Other areas of estimation and uncertainly are referred to in the group's annual
financial statements. There have been no significant changes to the basis of
accounting of key estimates and judgements as disclosed in the annual report as
at 31 December 2015.
There is no material seasonal impact on the group's financial performance.
Taxes on income in the interim periods are accrued using tax rates expected to
be applicable to total annual earnings.
The interim financial statements have been prepared on the going concern basis
as the Directors are satisfied the group has adequate resources to continue in
operational existence for the foreseeable future.
8. Dividend
The interim dividend in respect of 2015, totalling GBP107,000 was
paid on the 5th of February 2016. The final dividend in respect of 2015,
totalling GBP320,000 was approved by the shareholders at the Annual General
Meeting held on the 10th June 2016 and was paid on the 29th July 2016. The
final dividend in respect of 2015 is included as a liability in these interim
financial statements.
A proposed interim dividend for the year ended 31 December 2016 totalling GBP
107,000 was approved by the Board of Directors on 26th August 2016 and has not
been included as a liability in these Interim Financial Statements.
9. Principal risks and uncertainties
The Group has an established risk management process which works
within the corporate governance framework as set out in the 2015 Annual Report
and Accounts. Risks and uncertainties identified by the Group are set out on
page 10 of the 2015 Annual Report & Accounts and are reviewed on an ongoing
basis. There have been no significant changes in the first half of 2016 to the
principle risks and uncertainties as set out in the 2015 Annual Report &
Accounts. The principal risks as stated in the accounts reflect the challenging
environment in which the business operates and are considered under the
following broad headings:
Mining:
- Coal price
- Coal washing process
- Health & safety
- Currency Risk
- Coal qualities
- Currency movements
- Regulatory requirements & permissions
- Transport
- Power supply
- Flooding
- Environment
- Labour
- Recoverability of investment in new reserves and mining joint ventures
Property:
- Property valuation
- Occupancy
9 Board approval
These interim results were approved by the Board of Bisichi Mining
on 26th August 2016.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS
AND UNCERTAINITIES
Responsibility Statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during the period; and any changes in the related
party transactions described in the last annual report that could do so.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments
and results outlined therein. Rather, future developments and results are
dependent on a number of factors; they involve various risks and uncertainties
and are based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on page 10 of the 2015 Annual
Report & Accounts. We do not assume any obligation to update the
forward-looking statements contained in this report.
Michael Heller
Andrew Heller
Chairman
Managing Director
26 August 2016
DIRECTORS AND
ADVISERS
Directors Sir Michael
A Heller MA, FCA (Chairman)
Andrew R Heller MA, ACA (Managing Director)
Robert
Grobler PR Cert Eng (Mining Director)
Garrett
Casey CA (SA) (Finance Director)
Christopher A Joll MA (Non-executive)
John A
Sibbald MA (Non-executive)
Secretary & Garrett Casey
CA(SA)
Registered office 24 Bruton
Place
London
W1J 6NE
Black Wattle Colliery - Directors Andrew Heller
(Managing Director)
Garrett
Casey (Finance Director)
Robert
Grobler (Mining Director)
Ethan
Dube (Commercial Director)
Registrars and transfer office Capita Asset
Services
The
Registry
34
Beckenham Road
Beckenham
Kent
BR3 4TU
Telephone 0871 664 0300
(Calls
cost 12p per minute + network extras)
or +44
208 639 3399 for overseas callers
Website: www.capitaassetservices.com
E-mail:
ssd@capitaregistrars.com
Company registration number 112155 (Incorporated in
England and Wales)
Web site
www.bisichi.co.uk
E-mail
admin@bisichi.co.uk
END
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