ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

OBT Obtala

6.90
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Obtala LSE:OBT London Ordinary Share GG00B4WJSD17 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 6.90 6.80 7.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Obtala Limited Half-year Report (2678L)

30/09/2016 7:01am

UK Regulatory


Obtala Resources (LSE:OBT)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Obtala Resources Charts.

TIDMOBT

RNS Number : 2678L

Obtala Limited

30 September 2016

30 September 2016

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

Interim Results for the six months to 30 June 2016

CHAIRMAN'S STATEMENT

I am pleased to present the interim report and consolidated financial statements for Obtala Limited (the "Company" or the "Group") for the half year ended 30 June 2016.

The Company continued to make progress in its transition to becoming a highly focussed African agriculture and forestry company through the half year ended 30 June 2016. We continued to develop the asset platform with improvements to production facilities and processes in both Tanzania and Mozambique. Development of, and access to both a local and global customer base has been thoroughly reviewed and analysed with encouraging results.

The focus for the agribusiness has been on our farms in the Morogoro district of Tanzania, which over the last three years have created an aspiring horticultural farming enterprise for fresh produce to supply domestic and international markets. This is complemented with an on-site processing facility, to produce a range of high-quality dried fruits, which are packaged and branded under our own "Mama Jo's" label. Having gained Global GAP and BRC certification in late 2015, attention has turned towards development of an export model, with our competitive advantage of close proximity to Middle Eastern markets being of particular focus.

Investment in the farms in Tanzania has not to date been rewarded by any substantial increase in output, including in the first half of 2016, although it must be noted that the traditionally rainy season of February to May is not expected to be one of high output. In April 2016 we welcomed a new, highly experienced farm manager, Graham Impey, who has spent the majority of his 28 year farming career in Zimbabwe and Angola. Graham has exhibited first class planning, communication and execution skills and we are confident that under his stewardship the farms will start to deliver significant returns on previous and future investment. As noted in my statement of June 30(th) 2016, the investment required to establish the necessary infrastructure for the agri business was executed without the need to secure external investment or dilute shareholders at the holding company level.

The focus for our forestry business remains the operations in Mozambique. We continue, as in previous years, to supply timber products for national infrastructure upgrade programmes and for the domestic market. We also continue to develop export market opportunities for our timber.

We are aiming to capitalise on the market dynamic of increasing global demand for high quality timber products, whilst supply is becoming more constrained as sustainable harvesting practices cannot meet either current or predicted demand. We now have over 312,000 hectares of forestry concessions all with required management plans either agreed on or in advanced stages of being agreed upon with Mozambican government and local authorities. Our international "cut to order" pipeline continues to grow, with initial orders received from South Africa, Asia and the Middle East. These orders suggest healthy margins, and we are confident that the international market that has been opened via our Joint Venture with Basic Materials of Hong Kong will lead to a significant acceleration in the growth of our forestry business. Global appetite for high quality and high value timber products is buoyant and we are well positioned through our access to significant, environmentally sustainable supplies of desirable timber species.

Our conviction remains that the equity market has not recognised the value of the Company's assets, which is true of many companies, particularly on the AIM market. We believe that the Company's strong focus on the two synergistic business platforms of agriculture and forestry will deliver strong growth, high margins and significantly increased, long-term, shareholder value. The businesses we are building are based on long-term investment programmes which, as we move from development to execution phase, will provide a platform to deliver profitability and growth, generating revenues with a focus on strong margins. Over the reporting period to 30(th) June 2016 we have continued to make capital investment into operations within Mozambique.

Financial results

The Group generated revenues of GBP264,000 ($382,000) (June 2015: GBP2.26m/$3.6m) during the six-month period, across the Group.

The six-month period generated a loss of GBP2.63m ($3.8m) (June 2015: profit GBP3.0m/$4.7m, which included the independent valuation of forestry assets).

Group net assets increased by GBP1.62m ($2.35m) from December 2015 Year end at GBP83.2m ($120.7m) with a net cash and equivalent position of GBP547,000 ($793,000) (December 2015 GBP660,000/$1.02m) including non-controlling interests of GBP18.5m (December 2015 GBP18.9m).

With the natural tendency to earn more after the rainy season and an increase of activity in our forestry and agricultural divisions, we anticipate revenues will increase significantly for the remainder of 2016.

Directorate changes

I joined the Board as a Non-Executive Director in August 2015, becoming Chairman in April this year in place of Francesco Scolaro who relinquished that role but remains on the Board as a Non-Executive Director. In July 2016, Paul Dolan was appointed to the board as Chief Executive Officer and Kevin Milne who joined in August 2015 as Deputy Chairman stepped down to the role of Non-Executive Director. In June we announced our intention to appoint Warren Deats as Chief Operating Officer and Warren took up this role effective 1(st) August 2016. Emma Priestley, who was appointed to the Board in March 2015 relinquished her position in April this year due to other commitments. Simon Rollason, Philippe Cohen and Jean du Lac remain on the board in their roles as Managing Director, Finance Director and Non-Executive Director respectively.

Corporate social responsibility

The Group's approach to the continued development of its business units directly and indirectly generate a wide range of benefits to the host community and host country as a whole. In addition to the community participation benefits, development of the project areas provides a number of core benefits such as employment generation, training and skills transference, infrastructure improvement, support for localised industries and improved food security. The Group is also committed, where possible, to provide educational and vocational training facilities and programmes in the communities in which we operate.

We are proud of our listing on the Social Stock Exchange in London, to which we were accepted after a rigorous application process that included an independent assessment of our social impact activities and commitment, and an independent admissions panel hearing. This gives the Company a high profile within the social impact investment community as well as being a great endorsement of our business practices and commitment to working with local communities. As our businesses expand, we expect the reach of our social impact programmes to grow in tandem to the benefit of our employees and their communities.

Outlook

As a long term shareholder in your company, I have a keen appreciation of the deep value embedded within its asset base. I became non-executive Chairman midway through this period with an open mind regarding the correct strategy to begin to release this value. A thorough review of all operations beneath the Obtala umbrella was initiated immediately upon my appointment in April 2016, with detailed analysis conducted within every business line. H2 will see the execution of decisions made as a result of this substantial body of work. There is no question however that there will be relentless focus on delivering sustainable, profitable production from the valuable assets within our core businesses.

In the three months since I signed off my last Chairman's statement the pace of change within the company has been frenetic and I look forward to updating you with a quarterly progress report and outlook for the remainder of 2016 shortly.

It only remains for me to thank the board of directors and all of our employees for their dedication and diligence during this transitional period.

Miles Pelham

Chairman

 
Obtala Limited 
 Miles Pelham - Chairman 
 Paul Dolan - CEO 
 www.obtala.com                 +44 (0)20 7099 1940 
ZAI Corporate Finance Limited 
 (Nomad) 
 Peter Trevelyan-Clark/John 
 Treacy/Jamie Spotswood         +44 (0)20 7060 2220 
Brandon Hill Capital (Broker) 
 Jonathan Evans                 +44 (0)20 3463 5000 
 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six-month period to 30 June 2016

 
 
                                              Six months to 30 June   Six months to 30 June 
                                      Notes                    2016                    2015   Year to 31 December 2015 
                                                        (Unaudited)             (Unaudited)                  (Audited) 
  Continuing operations                                     GBP'000                 GBP'000                    GBP'000 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 Turnover                                                       264                   2,257                      3,692 
 Cost of Sales                                                (231)                 (1,585)                    (2,614) 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 Gross profit                                                    33                     672                      1,078 
 Operating costs                                              (387)                   (584)                      (675) 
 Administrative expenses                                    (1,179)                 (1,220)                    (2,905) 
 Impairment of Intangible Asset                                   -                       -                   (16,080) 
 Gain/(loss)Loss on derivative 
  financial instruments                                           -                 (1,556)                    (1,083) 
 Depreciation                                                 (205)                   (100)                      (340) 
 Operating profit/(loss)                                    (1,738)                 (2,788)                   (20,005) 
 Revaluation of Biological asset                                  -                   8,600                      8,600 
 Gain on Fair Value of Investment                                 -                       -                      1,046 
 Finance income/(costs)                                         (-)                    (44)                       (39) 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 Profit/(loss) before tax                                   (1,738)                   5,768                   (10,392) 
 Taxation                              5                      (892)                 (2,752)                    (4,504) 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 Total profit/loss for the 
  period/year                                               (2,630)                   3,016                   (14,896) 
 
 Attributable to: 
 Owners of the parent                                       (2,196)                   1,707                   (16,805) 
 Non-controlling interests                                    (434)                   1,309                      1,909 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
                                                            (2,630)                   3,016                   (14,896) 
 Other comprehensive income: 
 Exchange differences of 
  re-translation of foreign 
  operations                                                  2,787                   (513)                      3,242 
 Total comprehensive income for 
  the period:                                                   157                   2,503                   (11,654) 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 Attributable to: 
 Owners of the parent                                           591                   1,194                   (13,563) 
 Non-controlling interests                                    (434)                   1,309                      1,909 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
                                                                157                   2,503                   (11,654) 
----------------------------------  -------  ----------------------  ----------------------  ------------------------- 
 
 Earnings/(loss) per share 
 From continuing operations 
 Basic and diluted (pence)             6                     (0,83)                    0.65                     (6,38) 
 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period from 1 January 2015 to 30 June 2016

 
                                                             Share                          Non-controlling 
                                                 Foreign     based     Revenue                    interests 
                    Share     Share    Merger   exchange   payment    reserve/                                   Total 
                  capital   premium   reserve    reserve   reserve   (deficit)      Total                       equity 
                  GBP'000   GBP'000   GBP'000    GBP'000   GBP'000     GBP'000    GBP'000           GBP'000    GBP'000 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 At 1 January 
  2015              2,633    11,528    28,543      1,515     1,014      31,072     76,305            17,037     93,342 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Profit/(loss) 
  for the 
  period                -         -         -          -         -       1,707      1,707             1,309      3,016 
 Exchange 
  differences 
  on 
  retranslation 
  of foreign 
  operations            -         -         -      (544)         -           -      (544)                32      (512) 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -         -      (544)         -       1,707      1,163             1,341      2,504 
 Issue of               -         -         -          -         -           -          -                 -          - 
 shares 
 Share based            -         -         -          -         -           -          -                 -          - 
  payment 
 Purchase of            -         -         -          -         -           -          -                 -          - 
  own shares 
 Dilution of            -         -         -          -         -           -          -                 -          - 
  interest in 
  subsidiary 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 At 30 June 
  2015              2,633    11,528    28,543        971     1,014      32,779     77,468            18,378     95,846 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Profit/(loss) 
  for the 
  period                -         -         -          -         -    (18,512)   (13,153)             (560)   (13,713) 
 Exchange 
  differences 
  on 
  retranslation 
  of foreign 
  operations            -         -         -       3786         -           -        640               415    (1,055) 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -         -       3786         -    (18,512)   (12,513)             (145)   (12,658) 
 Transactions 
  with owners 
 Reserve 
  transfer              -         -         -    (2,740)         -       2,740       (77)                 -       (77) 
 At 31 December 
  2015              2,633    11,528    28,543      2,017     1,014      17,007     62,742            18,946     81,688 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Profit/(loss) 
  for the 
  period                -         -         -          -         -     (2,196)    (2,196)             (434)    (2,630) 
 Exchange 
  differences 
  on 
  retranslation 
  of foreign 
  operations            -         -         -      4,249         -           -      4,249                 -      4,249 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -         -      4,249         -     (2,196)      2,053             (434)      1,619 
 Transactions 
  with owners 
 Reserve 
  transfer              -         -         -    (2,787)         -       2,787          -                 -          - 
 At 30 June 
  2016              2,633    11,528    28,543      3,479     1,014      17,598     64,795            18,512     83,307 
---------------  --------  --------  --------  ---------  --------  ----------  ---------  ----------------  --------- 
 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2016

 
                                                    Notes   30 June 2016   30 June 2015   31 December 2015 
                                                             (Unaudited)    (Unaudited)          (Audited) 
                                                                 GBP'000        GBP'000            GBP'000 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 ASSETS 
 Non-current assets 
 Available for sale investments                                       90             53                 90 
 Intangible exploration and evaluation assets                          -         16,080                  - 
 Biological asset                                     7          121,007        112,432            118,220 
 Plant and equipment                                               1,697          2,447              1,902 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 Total non-current assets                                        122,794        131,012            122,557 
 
 Current assets 
 Trade and other receivables                                         108          1,181                275 
 Inventory                                                           378          1,169                579 
 Cash and cash equivalents                                           547          1,409                660 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 Total current assets                                              1,033          3,759              1,514 
 TOTAL ASSETS                                                    123,827        134,771            121,726 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                                        (1,818)        (2,245)            (2,228) 
 Financial investment liabilities                                      -          (700)                (-) 
 Current tax liabilities                                              20            (2)                 20 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 Total current liabilities                                       (1,798)        (2,947)            (2,208) 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 
 Non-current liabilities 
 Deferred tax                                         5         (38,722)       (35,978)           (37,830) 
 Loans                                                               (-)            (-)                  - 
 Total non-current liabilities                                  (38,722)       (35,978)           (37,830) 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 TOTAL LIABILITIES                                              (40,520)       (38,925)           (40,038) 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 
 NET ASSETS                                                       83,307         95,846             81,688 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 
 EQUITY 
 Share capital                                        8            2,633          2,633              2,633 
 Share premium                                        9           11,528         11,528             11,528 
 Merger reserve                                                   28,543         28,543             28,543 
 Foreign exchange reserve                                          3,479            971              2,017 
 Share based payment reserve                                       1,014          1,014              1,014 
 Revenue reserve/(deficit)                           10           17,598         32,779             17,007 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 Equity attributable to the owners of the parent                  64,795         77,468             62,742 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 Non-controlling interests                           11           18,512         18,378             18,946 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 TOTAL EQUITY                                                     83,307         95,846             81,688 
-------------------------------------------------  ------  -------------  -------------  ----------------- 
 

Approved by the board and authorised for issue on 30(th) September 2016

   M Pelham                                                                             P Cohen 

Chairman Finance Director

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the period from 1 January 2015 to 30 June 2016

 
                                    Notes                     Six months 
                                                                   to 30 
                                                                    June 
                                               Six months                       Year to 
                                                    to 30                   31 December 
                                                June 2016           2015           2015 
                                              (Unaudited)    (Unaudited)      (Audited) 
                                                  GBP'000        GBP'000        GBP'000 
---------------------------------  -------  -------------  -------------  ------------- 
 OPERATING ACTIVITIES 
 Operating profit/(loss)                          (1,738)          5,768       (10,392) 
 Adjustment for non-cash 
  items: 
 (Gains)/loss on fair 
  value of investments                                  -          (589)        (1,046) 
 Foreign exchange (gains)/losses                    1,462              -        (2,500) 
 Valuation of biological 
  asset                                                 -        (8,600)        (8,600) 
 Depreciation of plant 
  and equipment                                       205            100            340 
 Impairment of Intangible 
  Assets                                                -              -         16,080 
 Decrease/(increase) 
  in trade and other receivables                      167          (351)            555 
 (Decrease)/increase 
  in trade and other payables                       (410)        (2,244)          (209) 
 Decrease/(Increase) 
  in inventory                                        201            182            772 
 Finance expense/(income)                               -             44           (39) 
 Losses on investments                                  -          1,601          1,083 
------------------------------------------  -------------  -------------  ------------- 
 Cash outflow from continuing 
  operations                                        (113)        (4,089)        (3,956) 
------------------------------------------  -------------  -------------  ------------- 
 Income taxes paid                                      -              -              - 
---------------------------------  -------  -------------  -------------  ------------- 
 Net cash flow from operating 
  activities                                        (113)        (4,089)        (3,956) 
 
 INVESTING ACTIVITIES 
 Purchases of property, 
  plant and equipment                                   -            (8)           (10) 
 Net cash inflow/(outflow) 
  from investing activities                             -            (8)           (10) 
------------------------------------------  -------------  -------------  ------------- 
 
 FINANCING ACTIVITIES 
 Proceeds from sale of 
  investments                                           -          2,237          1,357 
 Finance expense                                        -              -              - 
---------------------------------  -------  -------------  -------------  ------------- 
 Net cash inflow from 
  financing activities                                  -          2,237          1,357 
------------------------------------------  -------------  -------------  ------------- 
 
 (Decrease)/Increase 
  in cash and cash equivalents                      (113)        (1,860)        (2,609) 
 Cash and cash equivalents 
  at start of period                                  660          3,269          3,269 
 Effect of foreign exchange 
  rate variation                                        -              -              - 
---------------------------------  -------  -------------  -------------  ------------- 
 Net cash and cash equivalents 
  at end of period                                    547          1,409                660 
------------------------------------------  -------------  -------------  ----------------- 
 
 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. BASIS OF PREPARATION

The interim financial statements of Obtala Limited are unaudited condensed consolidated financial statements for the six months to 30 June 2016. These include unaudited comparatives for the six-month period to 30 June 2015 together with audited comparatives for the year to 31 December 2015.

2. SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared under the historical cost convention except for the revaluation of certain financial investments, available for sale investments and financial assets and liabilities which are included at fair value.

The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the period ended 31 December 2015.

The financial information contained in this announcement does not constitute statutory accounts as defined under section 244 of the Companies (Guernsey) Law 2008. The auditors have reported on the 2015 financial statements which have been delivered to the Guernsey Registrar of Companies; their report was unqualified but did contain an emphasis of matter paragraph on the fair value of biological assets and in respect of going concern. It contained no statement under sections 263(2) or 263(3) of the Companies (Guernsey) Law 2008.

3. GAINs/(Loss) ON INVESTMENTS

 
 
                              Six months    Six months        Year to 
                              to 30 June    to 30 June    31 December 
                                    2016          2015           2015 
                                  GBP000        GBP000         GBP000 
-------------------------  -------------  ------------  ------------- 
 Gain/(loss) on disposal 
  of investments                       -       (1,601)        (1,083) 
 (Decrease)/increase                   -             -              - 
  in fair value of 
  financial investments 
-------------------------  -------------  ------------  ------------- 
 Gain/(loss) from 
  investing activities                 -       (1,601)        (1,083) 
-------------------------  -------------  ------------  ------------- 
 

4. SEGMENTAL REPORTING

The Group is currently in agriculture and forestry as well as retail. In addition, the Group undertakes investing activities, which are based in Guernsey. These are the Group's primary reporting segments.

5. TAXATION

The accrued tax charge for the six-month interim period is based on an estimated worldwide average effective tax rate of nil per cent, after allowance for utilisation of tax losses brought forward in UK based subsidiaries (six months to 31 June 2015: nil%)

The Group has recognised a deferred tax liability of GBP38,722,000 at 30 June 2016 (30 June 2015: GBP35,978,000, 31 December 2015: GBP37,830,000) which arose on the difference between the book value and the fair value of assets acquired on the acquisition of a subsidiary and the revaluation of a biological asset.

6. EARNINGS PER SHARE

Basic earnings per share is based on the loss for the six months of GBP2,196,000 attributable to equity holders of the parent divided by the number of ordinary shares in issue during the period of 263,260,664 exclusive of ordinary shares purchased by the Obtala Resources Employee Share Trust and held jointly by the Trust and certain employees. No shares were issued during the period

7. BIOLOGICAL ASSET

 
                                GBP'000 
-----------------------------  -------- 
 At 1 January 2015              103,832 
 Fair Value Adjustment            8,600 
-----------------------------  -------- 
 At 30 June 2015                112,432 
-----------------------------  -------- 
 Foreign Exchange Adjustment      5,788 
-----------------------------  -------- 
 At 31 December 2015            118,220 
-----------------------------  -------- 
 Foreign Exchange adjustment      2,787 
-----------------------------  -------- 
 At 30 June 2016                121,007 
-----------------------------  -------- 
 

With the work conducted in the 2015 year to ascertain a more accurate measure of timber specie within the concessions and to ensure operational viability to enable extraction of the timber to the local market, 2015 was the second year in which a fair value can be reliably assessed and therefore the standing timber can be fair valued. The Group's main class of biological assets comprise forestry concessions which hold a range of hardwoods. Biological asset are carried at fair value less estimated costs to sell. The biological assets were fair valued by Crispin Golding MICFor of Honour Capital Limited with additional two blocks, totalling 35,000 hectares included in June 2015 fairly valued by Edward Anderson-Bickley MRICS both of Honour Capitol Limited. They are secured on a 50 year concession basis (renewable thereafter for a further 50 years) from the Mozambique government.

8. SHARE CAPITAL

 
                                                                          Number     GBP'000 
------------------------------------------------------------------  ------------  ---------- 
 Authorised ordinary shares of GBP0.01 each: 
 At 1 January 2014, 31 December 2015 and 30 June 2016                  Unlimited   Unlimited 
------------------------------------------------------------------  ------------  ---------- 
 Allotted, issued and fully paid ordinary shares of GBP0.01 each: 
 At 1 January 2015                                                   263,260,664       2,633 
 Issued in the period                                                          -           - 
------------------------------------------------------------------  ------------  ---------- 
 At 30 June 2015                                                     263,260,664       2,633 
 Issued in the period                                                          -           - 
------------------------------------------------------------------  ------------  ---------- 
 At 31 December 2015                                                 263,260,664       2,633 
 Issued in the period                                                          -           - 
------------------------------------------------------------------  ------------  ---------- 
 At 30 June 2016                                                     263,260,664       2,633 
------------------------------------------------------------------  ------------  ---------- 
 

9. SHARE PREMIUM

 
                               GBP'000 
----------------------------  -------- 
 At 1 January 2015              11,528 
 Premium on issue of shares          - 
----------------------------  -------- 
 At 30 June 2015                11,528 
----------------------------  -------- 
 Premium on issue of shares          - 
----------------------------  -------- 
 At 31 December 2015            11,528 
----------------------------  -------- 
 Premium on issue of shares          - 
----------------------------  -------- 
 At 30 June 2016                11,528 
----------------------------  -------- 
 

10. MOVEMENT IN REVENUE RESERVE AND OWN SHARES

 
                                   Retained earnings/(deficit)   Own shares   Revenue Reserve 
                                                       GBP'000      GBP'000           GBP'000 
--------------------------------  ----------------------------  -----------  ---------------- 
 At 1 January 2015                                      33,369      (2,297)            31,072 
--------------------------------  ----------------------------  -----------  ---------------- 
 Profit for the period                                   1,707            -             1,707 
 Purchase of own shares                                      -            - 
 Part disposal of Subsidiary                                 -            -                 - 
--------------------------------  ----------------------------  -----------  ---------------- 
 At 30 June 2015                                        35,076      (2,297)            32,779 
--------------------------------  ----------------------------  -----------  ---------------- 
 Profit for the period                                (18,512)            -          (18,512) 
 Transfer from foreign exchange                          2,740            -             2,740 
 Part disposal of Subsidiary                                 -            -                 - 
--------------------------------  ----------------------------  -----------  ---------------- 
 At 31 December 2015                                    19,304      (2,297)            17,007 
--------------------------------  ----------------------------  -----------  ---------------- 
 Profit for the period                                 (2,196)            -           (2,196) 
 Purchase of own shares                                      -            - 
 Transfer from Foreign Exchange                          2,787            -             2,787 
--------------------------------  ----------------------------  -----------  ---------------- 
 At 30 June 2016                                        19,895      (2,297)            17,598 
--------------------------------  ----------------------------  -----------  ---------------- 
 

11. NON-CONTROLLING INTEREST

 
                                                                   GBP'000 
----------------------------------------------------------------  -------- 
 At 1 January 2015                                                  17,037 
----------------------------------------------------------------  -------- 
 Non-controlling interests in share of losses post acquisition       1,309 
 Non-controlling interests in foreign exchange gains                    32 
----------------------------------------------------------------  -------- 
 At 30 June 2015                                                    18,378 
----------------------------------------------------------------  -------- 
 Non-controlling interests in share of losses post acquisition       (560) 
 Non-controlling interests in foreign exchange gains                   415 
----------------------------------------------------------------  -------- 
 At 31 December 2015                                                18,946 
----------------------------------------------------------------  -------- 
 Non-controlling interests in share of profits post acquisition      (434) 
 Non-controlling interests in foreign exchange gains 
----------------------------------------------------------------  -------- 
 At 30 June 2016                                                    18,512 
----------------------------------------------------------------  -------- 
 
 

12. INTERIM FINANCIAL REPORT

A copy of this interim report will be distributed to shareholders and is also available on the Company's website at www.obtala.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR LLMRTMBJTBJF

(END) Dow Jones Newswires

September 30, 2016 02:01 ET (06:01 GMT)

1 Year Obtala Resources Chart

1 Year Obtala Resources Chart

1 Month Obtala Resources Chart

1 Month Obtala Resources Chart

Your Recent History

Delayed Upgrade Clock