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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.50 | 75.00 | 80.00 | 77.50 | 77.50 | 77.50 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 95.11M | 17.61M | 1.6496 | 0.47 | 8.27M |
TIDMBISI 31 August 2017 BISICHI MINING PLC Interim Results for the period ended 30 June 2017 For the six months ending 30th June 2017: * Profit before tax GBP243,000 (2016: GBP162,000) * EBITDA [1]: GBP1.4million (2016: GBP1.0million) * Adjusted EBITDA [2]: GBP1.4million (2016: GBP0.7million) * EPS (basic): 2.37p (2016: 1.7p) * Total production: 582,000 tonnes (2016: 795,000 tonnes) * Production at Black Wattle impacted by higher than expected seasonal rains and stone contamination issues * Majority of new infrastructure improvements to the coal washing plant completed * Physical demand for Black Wattle coal remains strong and international and domestic coal prices have remained stable * UK property portfolio performing well with voids across the portfolio at only 1.6% (2016: 2.0%) For further information, please call: Andrew Heller/Garrett Casey Bisichi Mining PLC 020 7415 5030 [1] Earnings before Interest, taxation, depreciation and amortisation. [2] Operating profit before depreciation, fair value adjustments and exchange movements. Bisichi Mining PLC Half year review - 30 June 2017 For the six month period ending on 30 June 2017, Bisichi Mining PLC achieved earnings before interest, tax, depreciation and amortisation of GBP1.4million (2016: GBP1.0 million). During the first six months of this year production at Black Wattle, our direct coal mining asset in South Africa, was impacted by higher than expected seasonal rains as well as ongoing stone contamination issues at our opencast areas. Overall, the mine achieved total production of 582,000 metric tonnes (2016: 795,000 metric tonnes) during the period reported evenly spread between both quarters. Although this was an improvement on the 466,000 metric tonnes achieved in the second half of last year, management has planned for further progress to be made in developing our opencast areas and increasing production in the second half of the year. We are pleased to report that the majority of the new infrastructure improvements to the coal washing plant, as reported to shareholders in our annual report earlier this year, have now been completed. The new infrastructure will assist in reducing stone contamination through the washing plant and will allow Black Wattle to mine at a higher rate of production at our opencast areas and increase yield. In terms of markets, the demand for our coal has remained strong and international and domestic coal prices have continued to remain stable for most of the first half of 2017. Overall, the increase in group revenue compared to the same period last year can mainly be attributed to the appreciation of the Rand against our reporting currency (UK Sterling) as well as improved coal prices. In turn, the increase in group operating costs compared to the same period last year can also mainly be attributed to the appreciation of the Rand against our reporting currency as well as increased mining costs at our new opencast mining areas. 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 at Black Wattle in order to benefit from the various infrastructure improvements we now have in place. At present, the Board has no new material information to report in regard to the acquisition of the Pegasus coal project, the details of which was reported to shareholders in our Annual report. 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 1.6% (2016: 2.0%). Revenue from our directly owned property portfolio increased to GBP0.56million (2016: GBP0.53million) during the period reported. Your directors intend to pay an interim dividend of 1p per share which will be paid on the 9 February 2018, to shareholders on the register at the close of business on 5 January 2018. 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 31 August 2017 Bisichi Mining PLC Consolidated income statement for the six months ended 30 June 2017 Unaudited Unaudited Audited 6 months ended 6 months Year ended ended 30 June 30 June 31 December 2017 2016 2016 Notes GBP000 GBP000 GBP000 Group revenue 1 16,732 10,925 22,815 Operating costs (16,283) (10,675) (22,635) Operating profit/(loss) on trading 449 250 180 activities Increase in value of investment - 445 properties - Increase/(Decrease) in value of other - 11 12 investments Operating profit 1 449 261 637 Share of profit/(loss) in joint 4 ventures (1) (7) Profit before interest and 453 260 630 taxation Interest receivable 127 124 270 Interest payable (337) (226) (554) Profit/(Loss) before taxation 1 243 162 346 Income tax 2 (18) (4) 61 Profit/(Loss) for the period 225 158 407 Attributable to: Equity holders of the company 253 182 479 Non-controlling interest (28) (24) (72) Profit/(Loss) for the period 225 158 407 Earnings/(Loss) per share - basic 3 2.37p 1.70p 4.48p Earnings/(Loss) per share - 3 2.37p 1.70p 4.48p diluted Bisichi Mining PLC Consolidated statement of comprehensive income for the six months ended 30 June 2017 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP000 GBP000 GBP000 Profit/(Loss) for the period 225 158 407 Other comprehensive income: Exchange differences on translation of foreign 7 operations 490 1,106 Gain/(Loss) on available for sale investments 28 60 193 Taxation (3) (13) (13) Other comprehensive income for the period, net of tax 32 537 1,286 Total comprehensive income for the period 257 695 1,693 Attributable to: Equity shareholders 285 669 1,665 Non-controlling interest 26 28 (28) Total comprehensive income for the period 257 695 1,693 Bisichi Mining PLC Consolidated Balance Sheet as at 30 June 2017 Unaudited Unaudited Audited 30 June 30 June 31 December 2017 2016 2016 Assets GBP000 GBP000 GBP000 Non-current-assets Value of investment properties 13,265 12,800 13,245
Fair value of head leases 181 186 181 Investment property 13,446 12,986 13,426 Reserves, plant and equipment 8,819 6,319 8,520 Investments in joint ventures 1,326 1,197 1,321 Loan to joint venture 1,398 1,105 1,350 Other investments 46 25 32 Total non-current assets 25,035 21,632 24,649 Current assets Inventories 842 2,117 1,721 Trade and other receivables 6,163 7,277 7,246 Corporation tax recoverable - - 32 Available for sale investments 779 654 781 Cash and cash equivalents 2,414 2,757 2,444 Total current assets 10,198 12,805 12,224 Total assets 35,233 34,437 36,873 Liabilities Current liabilities Borrowings (806) (2,981) (3,358) Trade and other payables (7,963) (6,179) (6,950) Current tax liabilities (113) (136) (18) Total current liabilities (8,882) (9,296) (10,326) Non-current liabilities Borrowings (5,887) (5,961) (5,876) Provision for rehabilitation (1,283) (1,028) (1,236) Finance lease liabilities (181) (186) (181) Deferred tax liabilities (2,164) (2,053) (2,248) Total non-current liabilities (9,515) (9,228) (9,541) Total liabilities (18,397) (18,157) (19,867) Net assets 16,836 15,913 17,006 Equity Share capital 1,068 1,068 1,068 Share premium 258 258 258 Translation reserve (1,744) (2,317) (1,751) Available for sale reserves 85 (73) 60 Other reserves 683 588 683 Retained earnings 16,165 16,042 16,339 Total equity attributable to equity 16,515 15,566 16,657 shareholders Non-controlling interest 321 347 349 Total equity 16,836 15,913 17,006 Bisichi Mining PLC Consolidated Cash Flow Statement For the six months ended 30 June 2017 Unaudited Unaudited Audited 30 June 30 June 31 December 2017 2016 2016 GBP000 GBP000 GBP000 Cash flows from operating activities Operating profit 449 261 637 Depreciation 956 736 1,785 Unrealised (gain)/loss on other investments - (11) (12) Unrealised gain on investment properties - - (445) Share based payment expense - 14 109 Exchange adjustments 28 (264) (449) Movement in working capital 2,630 (183) 1,362 Net interest paid (162) (60) (327) Income tax paid/(received) 23 27 (46) Cash flow from operating activities 3,924 520 2,614 Cash flows from investing activities (1,258) 378 (1,691) Cash flows from financing activities (154) (170) (521) Net increase/(decrease) in cash and cash 2,512 728 402 equivalents Cash and cash equivalents at 1 January (890) (626) (626) Exchange adjustment (2) (318) (666) Cash and cash equivalents at end of period 1,620 (216) (890) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: 2,414 2,757 Cash and cash equivalents 2,444 Bank overdrafts (794) (2,973) (3,334) Cash and cash equivalents at end of period 1,620 (216) (890) Bisichi Mining PLC Consolidated statement of changes in shareholders' equity for the six months ended 30 June 2017 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 (2,757) (120) 574 16,287 15,310 321 15,631 January 2016 Profit for the - - - - - 182 182 (24) 158 period 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 Balance as at 1 1,068 258 (2,757) (120) 574 16,287 15,310 321 15,631 January 2016 Revaluation of - - - - - 331 331 - 331 investment properties and impairments Other income - - - - - 148 148 (72) 76 statement movements Profit for the - - - - - 479 479 (72) 407 year Other - - 1,006 180 - - 1,186 100 1,286 comprehensive income and expense Total - - 1,006 180 - 479 1,665 28 1,693 comprehensive income for the year Dividend - - - - - (427) (427) - (427) Equity share - - - - - - - - - options Share options - - - - 109 - 109 - 109 cancelled 1,068 258 (1,751) 60 683 16,339 16,657 349 17,006 Balance at 31 December 2016 Profit for the - - - - - 253 253 (28) 225 year Other - - 7 25 - - 32 - 32 comprehensive income and expense Total - - 7 25 - 253 285 (28) 257 comprehensive income for the period Dividend - - - - - (427) (427) - (427) Equity share - - - - - - - - - options Balance at 30 1,068 258 (1,744) 85 683 16,165 16,515 321 16,836 June 2017
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS: The results for the six months ended 30 June 2017 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 2016 and which will form the basis of the 2017 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 2017 2016 2016 GBP000 GBP000 GBP000 Revenue Mining 16,160 10,739 21,703 Property 558 530 1,084 Other 14 16 28 16,732 10,925 22,815 Operating profit/(loss) Mining 68 (73) (581) Property 368 308 1,181 Other 13 26 37 449 261 637 Share of profit in joint ventures 4 (1) (7) Interest receivable 127 128 270 Interest payable (337) (226) (554) Profit/(Loss) before taxation 243 162 346 2. Taxation Unaudited Unaudited Audited 30 June 30 June 31 December 2017 2016 2016 GBP000 GBP000 GBP000 Based on the results for the period: Corporation tax at 19.50% (2016: 20.25%) 107 142 70 Prior year adjustment - UK - - - 107 142 70 Deferred taxation (89) (138) (131) 18 4 (61) 3. Earnings/ (loss) per share Both the basic and diluted earnings per share calculations are based on a profit of GBP253,000 (2016: GBP182,000). The basic earnings per share has been calculated on a weighted average of 10,676,839 (2016: 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 (2016: 10,676,839) plus the dilutive potential ordinary shares arising from share options of nil (2016: nil) totalling 10,676,839 (2016: 10,676,839). 4. Investment properties Investment properties are included at valuation as at 31 December 2016 plus additions in the period ended 30 June 2017. 5. 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 2016. The group paid management fees of GBP68,750 (30 June 2016: GBP68,750 31 December 2016: GBP137,500) to London & Associated Properties PLC, an associated company. 6. 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 2016 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 2017 as were used for the year ended 31 December 2016. 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. IFRS 16 - Leases 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 2016 Annual report and Accounts for details on the valuation of investment properties as at 31 December 2016. 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 2016. 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. 7. Dividend The interim dividend in respect of 2016, totalling GBP107,000 was paid on the 10th of February 2017. The final dividend in respect of 2016, totalling GBP 320,000 was approved by the shareholders at the Annual General Meeting held on the 7th June 2017 and was paid on the 28th July 2017. The final dividend in respect of 2016 is included as a liability in these interim financial statements. A proposed interim dividend for the year ended 31 December 2017 totalling GBP 107,000 was approved by the Board of Directors on 31 August 2017 and has not been included as a liability in these Interim Financial Statements. 8. Principal risks and uncertainties The Group has an established risk management process which works within the corporate governance framework as set out in the 2016 Annual Report and Accounts. Risks and uncertainties identified by the Group are set out on page 10 of the 2016 Annual Report & Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2017 to the principle risks and uncertainties as set out in the 2016 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 risk * Mining risk * Currency risk * New reserves and mining permissions * Power supply risk * Flooding risk * Environmental risk * Health & safety risk * Labour risk * Cashflow * Coal qualities Property: * Property valuation 9. Board approval These interim results were approved by the Board of Bisichi Mining on 31 August 2017. 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 2016 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 31 August 2017 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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