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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Natasa Min | LSE:NSN | London | Ordinary Share | KYG6395A1004 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMNSN
RNS Number : 0544P
Natasa Mining Limited
27 September 2013
27 September 2013
NATASA MINING LTD
("Natasa Mining" or the "Company")
Condensed consolidated interim financial statements for the half-year ended 30 June 2013
The Directors present their report together with the consolidated financial statements for the six months ended 30 June 2013 and the auditor's review report thereon.
The financial report has been presented in United States dollars which is the Group's functional currency.
1. DIRECTORS
The names of the directors of the Company in office during or since the end of the half-year are:
Chrisilios Kyriakou, LLB, Executive Chairman
Mr. Kyriakou has extensive business interests including commercial properties, share investments and rural property. He was the Chief Executive Officer of the Company's predecessor company, Natasa Mining Ltd (inc. in Australia), since 1979 and was appointed to the Board on 21 April 2010 as Executive Chairman of the Company.
Charles de Chezelles, MBA, Non-executive Director
Mr. de Chezelles is a highly experienced financial industry expert. Past positions include: Managing Director, Banco Real S.A., London; Executive Director, Credit Suisse-First Boston (CSFB), London; Director, First Boston Europe, London; Vice President, The First Boston Corporation, New York; Corporate Account Executive, Smith Barney, New York; Investment Analyst, Stralem & Company, New York. He is currently Managing Director of Damerin Limited, London and Managing Director of Camor Gold SA DMCC, Dubai. Mr de Chezelles sits on the board of several natural resources companies based around the world and financial trusts. He was appointed to the Board on 1 May 2010.
Bill Koutsouras, BA, CA, CFA, Non-executive Director
Mr. Koutsouras is the President of Kouts Capital, a consulting company providing assistance to companies with corporate finance related transactions including providing strategic advice, introduction to capital providers and transaction structuring and implementation. Previously Mr. Koutsouras was the Executive Vice President and Chief Financial Officer of Endeavour Mining Corporation. He was primarily responsible for overseeing financial advisory mandates, investment related services and the financial operations and management of the Endeavour group of companies. Mr. Koutsouras is also a non-executive director of several natural resource companies. Mr. Koutsouras is a Chartered Accountant and Chartered Financial Analyst and is a member of the Canadian Institute of Chartered Accountants and the CFA Institute. He was appointed to the Board on 22 February 2012.
Ian H. Mann, HBA, Non-executive Director
Mr. Mann has been the President of Meridian Fund Managers Ltd since 2003, a BVI registered fund manager with two alternative investment funds primarily investing in mining and oil and gas companies. Prior to that, Mr. Mann held senior management and partner positions with several Bermuda companies since returning in 1980 with an Honours Business Administration degree from The University of Western Ontario in London, Canada. Since 1997, he has served as a non-executive Director of a number of Canadian exchange listed mining companies, three of which have now merged into other entities, and currently serves as a non-executive director of Tango Gold Mines (formerly FDG Mining Inc) a TSX-V listed gold exploration company operating in Nicaragua. He was appointed to the Board on 1 February 2011.
Jonathan R. Reynolds B.Com (Hons), CA, F Fin, Finance Director
Mr. Reynolds has been the Chief Financial Officer of the Company and its predecessor company since 2001. Prior to that he held the position of chief financial officer with a number of other listed entities and before that was a senior manager with an international firm of chartered accountants. He is a member of the Institute of Chartered Accountants in Australia, a fellow of the Financial Services Institute of Australasia and holds a Bachelor of Commerce (Honours) degree. He was appointed to the Board on 21 April 2010.
Company Secretary
Mr John B. Maguire, Company Secretary, has held this position and been involved with the Group for the past 22 years.
2. CONSOLIDATED RESULTS AND REVIEW OF OPERATIONS
The net loss after tax of the Group attributable to members for the six months ended 30 June 2013 was $2,627,172 (2012: $3,782,150).
During the period, the Group:
-- Purchased various equity securities at a cost of $1.2 million.
-- Sold various equity securities realising proceeds of $2.5 million and a net profit on disposal of $0.8 million.
-- Advanced $0.7 million to UMC Energy plc, its associate in which it holds a 41.3% equity interest. The funds were used to renew its Madagascan uranium exploration permits and for general working capital as well as to meet costs associated with UMC Energy's Papua New Guinea petroleum assets. As the time-frame for recovery of the loan funds is not certain, the full amount of funds advanced to UMC Energy has been impaired in the half-year accounts. In addition, the Group recognised a loss of $0.7 million being its equity accounted share of the loss incurred by UMC Energy over the half-year.
-- Generated dividend income of $0.4 million.
-- Recognised a foreign exchange loss of $0.3 million following the strengthening of the US dollar, vis-a-vis, in particular, the Australian dollar.
-- Recognised an impairment adjustment of $1.1 million on available-for-sale financial assets and of $0.1 million on exploration and evaluation intangible assets.
-- Purchased 183,000 of its own shares into Treasury at a cost of $0.2 million. 3. SUBSEQUENT EVENTS
Since 1 July 2013, the Group :
-- Sold various equity securities realising proceeds of $6.8 million and a net profit on disposal of $1.7 million.
-- Advanced $0.5 million by way of a short-term, secured loan to a non-related entity.
-- Entered a loan facility arrangement with its associate, UMC Energy, whereunder the Company will make available to UMC Energy a loan facility of not less than GBP1.7 million for the period up to 31 January 2015 at a rate of interest of 15 per cent. p.a. compounded annually and a fee of 3 per cent. of amounts drawn down capitalised with the loan and repayment on 60 days notice provided that such notice cannot be given prior to 31 January 2015 or earlier on the occurrence of an event of default (which would include the Company not having two representatives on the board of UMC Energy).
Other than the matters discussed above, there has not arisen in the interval between the end of the half-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity, in subsequent financial years.
Dated this 26(th) day of September 2013 and signed in accordance with a resolution of the Directors.
C. Kyriakou
Director
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Condensed Consolidated Interim Income Statement
for the six months ended 30 June 2013
30 June 30 June
2013 2012
Unaudited Unaudited
$ $
Total revenue from services - -
Gain on sale of equity and debt
instruments 229,791 466,874
Gain on disposal of interest in 591,326 -
associate
Financial income 447,535 357,237
Personnel expenses (551,199) (732,190)
Audit fees (33,906) (32,707)
Consultancy fees recovered, net
of expenditure - 2,917,212
Depreciation and amortisation (1,621) (3,066)
Finance expenses (15,030) -
Foreign exchange (loss) / gain (270,810) 98,081
Impairment losses on other financial (1,109,917) -
assets
Impairment losses on intangibles (106,250) (185,000)
Impairment losses on receivables
from equity accounted investees (740,750) (5,164,137)
Legal fees (33,231) (365,378)
Travel expenses (70,942) (394,882)
Other administrative expenses (226,770) (333,818)
Result from operating activities (1,891,774) (3,371,774)
Share of net result of associates (735,398) (410,376)
Loss before tax (2,627,172) (3,782,150)
Income tax expense - -
Loss for the period (2,627,172) (3,782,150)
Attributable to:
Equity holders of the Company (2,627,172) (3,782,150)
Cents Cents
Basic loss per share (9.0) (12.9)
Diluted loss per share (9.0) (12.9)
The above Condensed Consolidated Interim Income Statement should
be read in conjunction with the accompanying notes.
Condensed Consolidated Interim Statement of Comprehensive Income
for the six months ended 30 June 2013
30 June 30 June
2013 2012
Unaudited Unaudited
$ $
Loss for the period (2,627,172) (3,782,150)
Foreign exchange movement (296,100) (18,810)
Net change in fair value of available
for sale financial assets (94,340) 67,038
Net change in fair value of available
for sale financial assets reclassified
to the income statement 94,697 (506,313)
Total comprehensive loss for
the period (2,922,915) (4,240,235)
Attributable to:
Equity holders of the Company (2,922,915) (4,240,235)
The above Condensed Consolidated Interim Statement of Comprehensive
Income should be read in conjunction with the accompanying notes.
Condensed Consolidated Statement of Financial Position
as at 30 June 2013
Note 30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited $
$ $
ASSETS
Current Assets
Cash and cash - 2,479,021 -
equivalents
Trade and other
receivables 4 1,843,941 136,313 2,031,637
Total Current Assets 1,843,941 2,615,334 2,031,637
Non-Current Assets
Investments in equity
accounted
investees 6,192,832 8,675,162 7,210,284
Exploration and
evaluation
expenditure -
intangible 5 5,418,624 5,350,538 5,822,066
Other financial assets 27,514,604 25,965,424 28,729,602
Plant and equipment 7,329 3,772 7,122
Total Non-Current
Assets 39,133,389 39,994,896 41,769,074
Total Assets 40,977,330 42,610,230 43,800,711
LIABILITIES
Current Liabilities
Trade and other
payables 2,002,566 411,375 1,674,200
Total Current
Liabilities 2,002,566 411,375 1,674,200
Total Liabilities 2,002,566 411,375 1,674,200
NET ASSETS 38,974,764 42,198,855 42,126,511
EQUITY
Share capital 7 30,987,107 31,215,939 31,215,939
Reserves 3,462,164 485,975 3,757,907
Retained earnings 4,525,493 10,496,941 7,152,665
Total equity
attributable
to equity holders of
the
Company 38,974,764 42,198,855 42,126,511
The interim results were approved by the Board on 26 September 2013 and signed on its behalf by C. Kyriakou
The above Condensed Consolidated Interim Statement of Financial Position should be read in conjunction with
the accompanying notes.
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2013
2013
Share Foreign
Fair based currency
Share value payments translation Retained Total
capital reserve reserve reserve Earnings equity
$ $ $ $ $ $
------------- ------------ ---------- ------------- -------------- --------------
Balance at 1 January
2013 31,215,939 2,615,669 57,000 1,085,238 7,152,665 42,126,511
Total comprehensive
income / (loss) for
the period
Loss - - - - (2,627,172) (2,627,172)
Total other comprehensive
income / (expense) - 357 - (296,100) - (295,743)
------------- ------------ ---------- ------------- -------------- --------------
Total comprehensive
income / (loss) for
the period - 357 - (296,100) (2,627,172) (2,922,915)
------------- ------------ ---------- ------------- -------------- --------------
Transactions with owners,
recorded directly in
equity
Contributions by owners
Shares purchased into
Treasury (228,832) - - - - (228,832)
------------- ------------ ---------- ------------- -------------- --------------
Total contributions
by owners (228,832) - - - - (228,832)
------------- ------------ ---------- ------------- -------------- --------------
Total transactions with
owners (228,832) - - - - (228,832)
------------- ------------ ---------- ------------- -------------- --------------
Balance at 30 June 2013 30,987,107 2,616,026 57,000 789,138 4,525,493 38,974,764
------------- ------------ ---------- ------------- -------------- --------------
The above Condensed Consolidated Interim Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2013
2012
Share Foreign
Fair based currency
Share value payments translation Retained Total
capital reserve reserve reserve Earnings equity
$ $ $ $ $ $
------------- ------------ ---------- ------------- -------------- --------------
Balance at 1 January
2012 31,355,527 850,986 57,000 36,074 14,279,091 46,578,678
Total comprehensive
income for the period
Profit - - - - (3,782,150) (3,782,150)
Total other comprehensive
expense - (439,275) - (18,810) - (458,085)
------------- ------------ ---------- ------------- -------------- --------------
Total comprehensive
income for the period - (439,275) - (18,810) (3,782,150) (4,240,235)
------------- ------------ ---------- ------------- -------------- --------------
Transactions with owners,
recorded directly in
equity
Contributions by owners
Shares purchased into
Treasury (139,588) - - - - (139,588)
------------- ------------ ---------- ------------- -------------- --------------
Total contributions
by owners (139,588) - - - - (139,588)
------------- ------------ ---------- ------------- -------------- --------------
Total transactions with
owners (139,588) - - - - (139,588)
------------- ------------ ---------- ------------- -------------- --------------
Balance at 30 June 2012 31,215,939 411,711 57,000 17,264 10,496,941 42,198,855
------------- ------------ ---------- ------------- -------------- --------------
The above Condensed Consolidated Interim Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
Condensed Consolidated Interim Statement of Cash Flows
for the six months ended 30 June 2013
30 June 30 June
2013 2012
Unaudited Unaudited
$ $
Cash Flows (Used In) / Generated By Operating
Activities
Cash payments in the course of operations,
net of expenses recovered (964,654) 1,083,892
Cash (used in) / generated by operations (964,654) 1,083,892
Interest paid (15,030) -
Financial income received 447,535 357,237
Net cash (used in) / generated by operating
activities (532,149) 1,441,129
Cash Flows Generated By / (Used In) Investing
Activities
Loan to associates (740,750) (5,164,137)
Proceeds on sale of interest in associate 876,446 -
Loan to other entities (821,424) -
Loan to other entities recovered 806,810 -
Payments for purchases of intangibles - (498,577)
Purchase of equity instruments (1,233,233) (8,369,017)
Proceeds on sale of equity instruments 1,660,006 4,015,472
Payments for purchases of plant and equipment (1,908) (1,476)
Net cash generated by / (used in) investing
activities 545,947 (10,017,735)
Cash Flows Used In Financing Activities
Shares purchased into Treasury (228,832) (139,588)
Net cash used in financing activities (228,832) (139,588)
Net decrease in cash and cash equivalents (215,034) (8,716,194)
Cash at 1 January - 11,195,215
Bank overdrafts used for cash management (1,557,732) -
purposes at 1 January
(1,772,766) 2,479,021
Bank overdrafts used for cash management 1,772,766 -
purposes at 30 June
Cash at 30 June - 2,479,021
The above Condensed Consolidated Interim Statement of Cash Flows should be read
in conjunction with the accompanying notes.
Notes to the condensed consolidated interim financial statements
1. Reporting entity
Natasa Mining Ltd (the "Company") is a company incorporated in
the Cayman Islands. The condensed consolidated interim financial
statements of the Company as at and for the six months ended
30 June 2013 comprises the Company and its subsidiaries (together
referred to as the "Group") and the Group's interests in associates
and jointly controlled entities.
The financial report is presented in United States dollars which
is the Group's functional currency.
The consolidated annual financial report of the Group as at and
for the year ended 31 December 2012 is available at www.natasamining.com.
2. Statement of compliance
The condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
34 "Interim Financial Reporting".
The condensed consolidated interim financial statements do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated
annual financial statements of the Group as at and for the year
ended 31 December 2012.
The annual financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as adopted
by the European Union.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 26 September 2013.
3. Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated financial statements are the same as those applied
by the Group in its consolidated financial statements as at and
for the year ended 31 December 2012.
4. Trade and other receivables
30 June 30 June 31 December
2013 2012 2012
$ $ $
Current
Loan to third party 1,717,448 - 1,857,730
Other debtors 126,493 136,313 173,907
1,843,941 136,313 2,031,637
5. Exploration and evaluation expenditure - intangible
30 June 30 June 31 December
2013 2012 2012
$ $ $
Opening balance 5,822,066 5,036,961 5,036,961
Additions at fair value - 498,577 853,034
Impairment (106,250) (185,000) (185,000)
Foreign exchange variation (297,192) - 117,071
Balance at 30 June 5,418,624 5,350,538 5,822,066
Critical accounting judgements in applying the Group's accounting
policies
The Fox Creek coal project has yet to reach a stage of development
where a determination of the technical feasibility or commercial
viability can be assessed. In these circumstances, whether there
is any indication that the asset has been impaired is a matter
of judgement, as is the determination of the quantum of any
required impairment adjustment. The Directors have used their
experience to conclude that no impairment adjustment is required
in the current period.
In 2012, the Company committed to invest $500,000 in a series
of oil and gas exploration projects in California. A total of
$379,816 has been invested to date in various projects. An impairment
adjustment of $106,250 (2012 : $185,000) has been recognised
in relation to unsuccessful projects.
6. Commitments and contingent liabilities
The Group has no commitments for capital or revenue purchases
other than those entered into in the ordinary course of business.
The Group has no commitments under non-cancellable leases.
The Group has no contingent liabilities.
7. Share capital
30 June 30 June 31 December
2013 2012 2012
Issued and paid up capital $ $ $
Ordinary shares, fully paid 31,488,939 31,488,939 31,488,939
Less : shares held in Treasury (501,832) (273,000) (273,000)
30,987,107 31,215,939 31,215,939
Reconciliation of issued capital
30 June 30 June 31 December
2013 2012 2012
Number Number Number
Balance at beginning of half-year 29,241,951 29,241,951 29,241,951
Changes in the period - - -
Balance at 30 June 29,241,951 29,241,951 29,241,951
Shares held in Treasury
Balance at beginning of half-year 195,000 95,000 95,000
Shares purchased into Treasury 183,000 100,000 100,000
Balance at 30 June 378,000 195,000 195,000
8. Operating segments
The Group has one reportable segment, as described below, which
represents the Group's strategic business unit. The strategic
business unit is that of investment in mineral exploration and
development projects and companies. The Board of Directors reviews
internal management reports at least monthly. Information regarding
the results of the reportable segments is included below. Performance
is measured based on the segment profit before income tax as
included in the internal management reports that are reviewed
by the Board of Directors. There is no inter-segment pricing.
Information about reportable segments 30 June 30 June
2013 2012
$ $
External revenue - -
Gain on sale of equity instruments 229,791 466,874
Gain on disposal of interest in associate 591,326 -
Financial income 447,535 357,237
Depreciation and amortisation (1,621) (3,066)
Reportable segment loss before income tax (2,627,172) (3,782,150)
Share of loss of equity method investees (735,398) (410,376)
Reportable segment assets 40,977,330 42,610,230
Capital expenditure - -
Geographical segments The segment is managed on a worldwide basis.
Individual assets are located in various countries. In presenting
information on the basis of geographical segments, segment's
assets are based on the geographical location of the assets.
Non-current assets
30 June 30 June
2013 2012
$ $
Australia 3,462,156 6,568,936
Europe 16,617,920 13,123,195
North America 19,053,313 20,302,765
Total 39,133,389 39,994,896
The Group did not generate any revenue during the financial period ended 30 June 2013 (2012: $nil).
9. Post balance sheet events
Since 1 July 2013, the Group:
* Sold various equity securities realising proceeds of
$6.8 million and a net profit on disposal of $1.7
million.
* Advanced $0.5 million by way of a short-term, secured
loan to a non-related entity.
* Entered a loan facility arrangement with its
associate, UMC Energy, whereunder the Company will
make available to UMC Energy a loan facility of not
less than GBP1.7 million for the period up to 31
January 2015 at a rate of interest of 15 per cent.
p.a. compounded annually and a fee of 3 per cent. of
amounts drawn down capitalised with the loan and
repayment on 60 days notice provided that such notice
cannot be given prior to 31 January 2015 or earlier
on the occurrence of an event of default (which would
include the Company not having two representatives on
the board of UMC Energy).
10. Availability of accounts
Copies of this interim financial information will be made available
on the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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