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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quoram | LSE:QRM | London | Ordinary Share | GB00B5M29F66 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.10 | 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
TIDMBBE
RNS Number : 0971O
Bluebird Energy PLC
08 October 2012
BLUEBIRD ENERGY PLC
(AIM: BBE)
Final Results for the Year Ended 30 June 2012
Bluebird Energy PLC ("Bluebird" or "the Company") is pleased to announce its final results for the year ended 30 June 2012.
Contacts Bluebird Energy plc www.bluebirdenergy.net James Ede-Golightly +44 (0) 1225 428139 WH Ireland Limited www.wh-ireland.co.uk John Wakefield/Marc Davies +44 (0) 117 945 3470
Chairman's Statement
Bluebird's first year as a public company has been a difficult and disappointing one. A strategy is now underway to consolidate the remaining balance sheet value prior to either renewed investment or return of capital to shareholders.
In July 2011, Bluebird obtained admission to the AIM market of the London Stock Exchange, accompanied by an institutional placing raising GBP2 million before expenses and a further amount of approximately GBP0.2 million by means of an Open Offer.
Following admission to AIM, the Company commenced a strategic review in August. This review was triggered by Running Foxes sale of its operator interest at the Centurion project in Kansas, in which Bluebird held a net 50% working interest. Centurion was Bluebird's only producing asset.
In October the Centurion interest was sold for gross proceeds of US$3.1m and impairments on the US portfolio of over US$15m were subsequently recognised on publication of the June 2011 year end accounts. David Bramhill stepped down as executive chairman in December 2011.
In 2012, the residual value in Bluebird is predominantly represented by the Company's stake in Wessex Exploration and cash balances, which can be summarised as follows:
Hot Features
Premium
37,055,245 Wessex Shares GBP2.59m
at 7.38p (being the
closing price on 3 October
2012)*
Cash balance at 30 June GBP1.28m
2012
In the US, Solitaire is the only asset to which the Company has continued to assign any meaningful value. The Company is in the process of marketing this asset for farm-out or sale. Whilst the decline and on-going weakness in the gas price has diminished interest in Solitaire as a Niobrara biogenic shallow gas play, we are evaluating whether the acreage may have potential as a Mississippian oil play. Elsewhere in the US portfolio, the focus is on securing a complete exit from the Marcellus and Revloc Projects at minimal cost. Specifically, the operator at Revloc is currently in the process of commissioning contractors to Plug and Abandon seven wells in Cambria County, Pennsylvania.
Having received notification from the Irish government licensing agency, the Petroleum Affairs Division, that they do not propose granting any new authorisations for shale gas exploration in the near future, we do not intend to focus on this jurisdiction as an area for development.
Upon my appointment in March 2012, the Board commenced a cost reduction programme which is on-going and is intended to minimise the strain of working capital on cash balances. While operating costs fell by more than half in the six months ended 30 June 2012 compared to the prior half year, the cost reduction initiatives are on-going and the Board expects a further significant reduction in operating costs in the current financial year.
In June 2012, Bluebird distributed just under half of its holding in Wessex Exploration PLC to shareholders by way of a GBP2.15m dividend in specie. This decision reflected enthusiasm from shareholders for a return of capital as well as the Board's conclusion that Bluebird was not creating additional value for shareholders through its custody of this interest.
Board Changes
Due to other work commitments, Andy Yeo and Frederick Dekker decided to step down with effect from 28 September 2012. We would like thank Andy and Fred for their contributions to the Company and wish them well for the future.
Given the reduced level of activity in the group, I will assume executive responsibilities on an interim basis with support from Mike Thomsen, who represents Osceola's interests in the US. The need to recruit a board level executive function will be kept under review.
We announced recently the appointment of Gordon Hall as an independent non-executive director. Gordon is a non-executive director of Nanoco Group Plc and International Brand Licensing plc. After an early career in teaching, Gordon built up substantial international sales, management and development expertise with Rank Xerox and Abbott Laboratories. He became Chief Executive Officer of Shield Diagnostic Ltd (now Axis Shield plc) in 1990 and was responsible for listing the Company on the London Stock Exchange.
Outlook
The immediate priority is to complete the process of simplifying the asset base and operating structure while reducing overheads to conserve cash. Once completed, the Company will be suitably positioned either to pursue renewed investment or return capital to shareholders.
Consolidated Income Statement
for the year ended 30 June 2012
Notes 2012 2011
Continuing operations: US$ US$
Revenue 5,484 6,202
Gross profit 5,484 6,202
Administrative expenses (2,713,735) (2,539,014)
Exceptional administrative expenses 2 (972,283) (9,549,233)
Total administrative expenses (3,686,018) (12,088,247)
Operating loss 2 (3,680,534) (12,082,045)
Finance income 4 6,952 2,134
Profit / (loss) on disposal of available-for-sale
investments 2,568,779 (132,145)
Share of losses of associates 11 (35,527) (48,492)
Loss before taxation (1,140,330) (12,260,548)
Taxation 5 (8,074) (7,932)
Loss for the financial year from continuing
operations (1,148,404) (12,268,480)
Discontinued operations:
Loss for the financial year from discontinued
operations 6 (418,236) (5,341,605)
Loss for the financial year (1,566,640) (17,610,085)
Attributable to:
Equity shareholders of the Company (1,566,640) (17,610,085)
Loss per share from continuing and
discontinued operations
Basic and diluted loss per share (US
cents) 7 (0.32) (6.94)
Loss per share from continuing operations
Basic and diluted loss per share (US
cents) 7 (0.23) (4.83)
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2012
Notes 2012 2011
US$ US$
Loss for the financial year (1,566,640) (17,610,085)
Other comprehensive income
Available-for-sale financial assets:
Fair value gains / (losses) arising
during the year 3,806,487 (5,683)
Less / plus: reclassification adjustments
for (gains) / losses included in profit
or loss (2,568,779) 138,753
Tax on gain on available-for-sale financial
assets (263,077) (154,515)
Foreign exchange (losses) / gains on
consolidation (45,100) 289,410
Other comprehensive income for the
financial year net of tax 929,531 267,965
Total comprehensive income for the
financial year (637,109) (17,342,120)
Consolidated Balance Sheet
as at 30 June 2012
Notes 2012 2011
Assets US$ US$
Non-current assets
Property, plant and equipment 8 771,387 1,129,546
Intangible assets 9 911,932 4,620,131
Available-for-sale financial assets 13 3,989,558 2,751,673
5,672,877 8,501,350
Current assets
Trade and other receivables 14 96,576 181,328
Cash and cash equivalents 15 1,995,884 605,697
2,092,460 787,025
Total assets 7,765,337 9,288,375
Equity and liabilities
Capital and reserves attributable to the Company's
equity shareholders
Share capital 16 2,209,610 1,317,150
Share premium account 5,025,369 2,536,487
Foreign exchange translation reserve (2,572,253) (2,527,153)
Retained earnings 1,433,077 5,347,821
Share-based payment reserve 853,837 298,562
Total equity 6,949,640 6,972,867
Current liabilities
Trade and other payables 22 110,976 1,873,203
Non-current liabilities
Deferred tax 5 704,721 441,644
Provision for associate losses 11 - 661
Total liabilities 815,697 2,315,508
Total equity and liabilities 7,765,337 9,288,375
Consolidated Statement of Changes in Equity
for the year ended 30 June 2012
Foreign exchange Share-based
Share premium translation Retained payment
Share capital account reserve earnings reserve Total
US$ US$ US$ US$ US$ US$
Balance at 1
July 2011 1,317,150 2,536,487 (2,527,153) 5,347,821 298,562 6,972,867
For the year
ended 30 June
2012
Loss for the
financial year - - - (1,566,640) - (1,566,640)
Other comprehensive income:
Fair value gain
on available-for-sale
financial assets - - - 1,237,708 - 1,237,708
Tax on gain on
available-for-sale
investments - - - (263,077) - (263,077)
Foreign exchange
losses on
consolidation - - (45,100) - - (45,100)
-------------- -------------- ----------------- ------------- ------------ -------------
Total comprehensive
income - - (45,100) (592,009) - (637,109)
Share-based payments - - - - 555,275 555,275
Issue of share
capital 892,460 2,672,148 - - - 3,564,608
Issue costs - (183,266) - - - (183,266)
Specie dividend - - - (3,322,735) - (3,322,735)
Balance at 30
June 2012 2,209,610 5,025,369 (2,572,253) 1,433,077 853,837 6,949,640
============== ============== ================= ============= ============ =============
Balance at 1
July 2010 1,175,438 26,247,549 (2,816,563) (3,268,197) 174,909 21,513,136
For the year
ended 30 June
2011
Loss for the
financial year - - - (17,610,085) - (17,610,085)
Other comprehensive income:
Fair value gain
on available-for-sale
financial assets - - - 133,070 - 133,070
Tax on gain on
available-for-sale
investments - - - (154,516) - (154,516)
Foreign exchange
losses on
consolidation - - 289,410 - - 289,410
-------------- -------------- ----------------- ------------- ------------ -------------
Total comprehensive
income - - 289,410 (17,631,531) - (17,342,121)
Share-based payments - - - - 123,653 123,653
Issue of share
capital 141,712 2,692,514 - - - 2,834,226
Issue costs - (156,027) - - - (156,027)
Capital reduction - (26,247,549) - 26,247,549 - -
Balance at 30
June 2011 1,317,150 2,536,487 (2,527,153) 5,347,821 298,562 6,972,867
============== ============== ================= ============= ============ =============
Consolidated Statement of Cash Flows
for the year ended 30 June 2012
Notes 2012 2011
US$ US$
Cash flow from operating activities 27 (3,046,904) (1,715,655)
Cash flow from investing activities
Purchase of intangible assets (741,124) (777,206)
Purchase of property, plant and equipment (510,844) (370,418)
Investments in associates - (20,000)
Purchase of available-for-sale investments (839,736) -
Proceeds from disposal of business 3,100,000 -
Proceeds from disposal of available-for-sale
investments - 112,251
Interest received 6,952 2,134
Net cash generated from / (used in)
investing activities 1,015,248 (1,053,239)
Cash flow from financing activities
Proceeds on issue of new shares 3,564,608 2,834,226
Expenses of new share issue (183,266) (156,027)
Net cash generated from financing activities 3,381,342 2,678,199
Net increase / (decrease) in cash and
cash equivalents 1,349,686 (90,695)
Cash and cash equivalents at beginning
of financial year 605,697 701,181
Effects of exchange rate changes 40,501 (4,789)
Cash and cash equivalents at end of
financial year 15 1,995,884 605,697
Notes to the Financial Statements
1 Segmental Reporting
Operating segments
The Group has only one operating segment: the production of, exploration for and investment in hydrocarbons in one geographical area, the United States of America.
The Group has one main customer, representing 100% of the sales revenue.
2 Operating Loss 2012 2011
US$ US$
Operating loss is stated after charging:
Fees payable to the Company's auditor
for the audit of the annual statements 30,969 47,839
Fees payable to the Company's auditor
and its associates for other services:
Other services relating to reporting
accountant work in respect of the admission
to AIM - 127,570
Other services relating to taxation 16,001 6,378
Other services 5,559 11,561
Research costs 17,765 27,816
Equity settled share-based payments 555,275 123,653
Exceptional administrative expenses:
Impairment of intangible assets 764,126 6,091,907
Impairment of land assets 208,157 3,240,072
Impairment of plant and machinery assets - 217,254
972,283 9,549,233
3 Directors and Employees
The aggregate payroll costs of the employees, including the
Executive Directors, were as follows:
2012 2011
US$ US$
Staff costs
Wages and salaries 544,311 549,160
Social security costs 65,596 49,976
609,907 599,136
Equity settled share-based payments 502,655 58,841
1,112,562 657,977
Average monthly number of persons employed by the Group (all
of whom are management) during the year were:
2012 2011
Number Number
UK 4 4
US 2 1
6 5
US$ US$
Compensation of key management was as
follows:
Short term benefits 526,841 549,160
Share-based payments 502,655 58,841
1,029,496 608,001
Social security costs 64,621 49,976
1,094,117 657,977
Key management consists of all the directors and M. Thomsen.
Details of each director's remuneration and their share options
are included in the Report of the Directors.
Highest paid director:
2012 2011
US$ US$
Aggregate emoluments and benefits 315,659 229,827
4 Finance Income 2012 2011
US$ US$
Bank interest 6,952 2,134
5 Taxation
There was a small current tax charge of US$8,074 paid by a US
subsidiary in the year, but no other current tax charge for
the year due to the loss incurred (2011: US$7,932).
A deferred tax charge of US$263,077 arising on fair value movements
on available-for-sale financial assets was recognised in equity
during the year (2011: US$154,515).
Reconciliation of the effective tax charge 2012 2011
US$ US$
Loss before taxation (1,558,566) (17,602,153)
Loss before tax multiplied by standard
rate of corporation tax in the UK of 25.5%
(2011: 27%) (397,434) (4,928,603)
Tax effects of:
Other expenses not deductible for tax
purposes 98,125 155,190
Tax losses not utilised within the year 307,383 4,781,345
Tax expense and effective tax rate 8,074 7,932
The amount of unutilised tax losses are
as follows:
2012 2011
US$ US$
Unutilised tax losses 3,408,660 5,705,287
The unutilised tax losses have decreased during the current
financial year due to the chargeable gain realised on the investments
disposed by way of an in specie dividend to the Company's shareholders.
A deferred tax asset in respect of trading losses has not been
recognised due to the uncertainty over timing of future profits.
The trading losses are recoverable against suitable future trading
profits.
Deferred tax liabilities arising as a result of the gains on
available-for-sale financial assets are recognised in the balance
sheet as follows:
Deferred tax liabilities 2012 2011
US$ US$
At 1 January 441,644 287,129
Deferred tax charge recognised in equity
during the period 263,077 154,515
At 31 December 704,721 441,644
6 Discontinued operations
On 7 October 2011 Bluebird completed the disposal of its interest
in the Centurion project, receiving in consideration US$3,100,000.
Analysis of profit for the period from
discontinued operations 2012 2011
US$ US$
Sales 28,992 290,113
Impairment of project costs - (5,631,718)
Profit before tax 28,992 (5,341,605)
Loss on disposal of Centurion project (447,228) -
Loss for the period from discontinued
operations (418,236) (5,341,605)
Cash flows from discontinued operations 2012 2011
US$ US$
Net cash (outflows) / inflows from operating
activities (418,236) 290,113
Net cash inflows / (outflows) from investing
activities 1,866,596 (852,268)
Net cash inflows/(outflows) 1,448,360 (562,155)
7 Loss Per Share
Basic loss per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
Given the Group's reported loss for the year share options are
not taken into account when determining the weighted average
number of ordinary shares in issue during the year and therefore
the basic and diluted earnings per share are the same.
Basic loss per share 2012 2011
US Cents US Cents
Loss per share from continuing operations (0.23) (4.83)
Loss per share from discontinued operations (0.09) (2.11)
------------ -------------
Total basic loss per share (0.32) (6.94)
The losses and weighted average number of ordinary shares used
in the calculation of basic loss per share are as follows:
2012 2011
US$ US$
Loss used in the calculation of total
basic and diluted earnings per share (1,566,640) (17,610,085)
Loss for the year from discontinued operations
used in the calculation of basic and diluted
loss per share from discontinued operations (418,236) (5,341,605)
------------ -------------
Loss used in the calculation of basic
earnings per share from
continuing operations (1,148,404) (12,268,480)
2012 2011
Number Number
Number of shares
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 493,844,518 253,650,286
If the Company's share options were taken into consideration
in respect of the Company's weighted average number of ordinary
shares for the purposes of diluted earnings per share, it would
be as follows:
Number of shares
Potential dilutive effect of share options
and warrants 15,207,650 13,630,548
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 509,052,168 267,280,834
8 Property, Plant and Equipment
Leasehold Plant and
land equipment Total
US$ US$ US$
Cost
At 1 July 2010 6,323,352 1,123,093 7,446,445
Additions 229,636 651,363 880,999
At 30 June 2011 6,552,988 1,774,456 8,327,444
At 30 June 2012 6,552,988 1,774,456 8,327,444
Accumulated depreciation and impairment
At 1 July 2010 1,152,337 115,101 1,267,438
Charge 646,328 57,148 703,476
Impairment 3,624,877 1,602,107 5,226,984
At 30 June 2011 5,423,542 1,774,356 7,197,898
Charge 150,002 - 150,002
Impairment 208,157 - 208,157
At 30 June 2012 5,781,701 1,774,356 7,556,057
Net book value
At 30 June 2012 771,287 100 771,387
At 30 June 2011 1,129,446 100 1,129,546
At 30 June 2010 5,171,015 1,007,992 6,179,008
During the year a decision was taken to discontinue all projects
with the exception of the Solitaire project. As a result all
other project assets remaining on the balance sheet have been
fully impaired.
9 Intangible Assets
Exploration Royalty
costs interests Total
US$ US$ US$
Cost
At 1 July 2010 13,283,706 100,000 13,383,706
Additions 2,169,184 - 2,169,184
At 30 June 2011 15,452,890 100,000 15,552,890
Additions 155,927 - 155,927
Disposals (6,962,060) - (6,962,060)
At 30 June 2012 8,646,757 100,000 8,746,757
Amortisation and impairment
At 1 July 2010 978,792 - 978,792
Charge - - -
Impairment 9,953,967 - 9,953,967
At 30 June 2011 10,932,759 - 10,932,759
Impairment 764,126 - 764,126
Disposals (3,862,060) - (3,862,060)
At 30 June 2012 7,834,825 - 7,834,825
Net book value
At 30 June 2012 811,932 100,000 911,932
At 30 June 2011 4,520,131 100,000 4,620,131
At 30 June 2010 12,304,914 100,000 12,404,914
During the year a decision was taken to discontinue all projects
with the exception of the Solitaire project. As a result all
other project assets remaining on the balance sheet have been
fully impaired.
10 Investment in Jointly Controlled Operations
The Group has entered into the following unincorporated Jointly
Controlled Operations, which are proportionally consolidated
within the Group's financial statements:
Name of project Principal activities Group interest
Revloc Oil and gas development 50%
At the balance sheet dates there were no contingent liabilities
or contingent assets in respect of any of the Jointly Controlled
Operations.
At the balance sheet dates there were no capital commitments
in respect of any of the Jointly Controlled Operations.
11 Investment in Associates
The Group previously held a 46.64% investment in start-up wind
energy company, Altawind Inc which is incorporated in the USA.
This has been included within the Group's financial statements
using equity accounting.
On 14 February 2012, this investment was disposed with no further
liabilities retained by the Group.
12 Disposal of business
On 7 October 2011 Bluebird completed the disposal of its interest
in the Centurion project, receiving in consideration US$3,100,000.
Details of assets disposed US$
Non-current assets:
Intangible assets 3,100,000
Net assets disposed 3,100,000
Project costs expensed in the period (447,288)
Consideration received (3,100,000)
Loss on disposal (447,288)
Consideration on disposal US$
Cash consideration 3,100,000
13 Available-for-Sale Financial Assets 2012 2011
US$ US$
Available-for-sale financial assets 3,989,558 2,751,673
The available-for-sale financial assets consist of listed investments
and the fair value is based on bid quoted market prices at
the balance sheet date.
On 6 June 2012, the Company issued a dividend in specie of
part of its holding in Wessex Exploration PLC, consisting of
27,688,689 shares. This represents 1 Wessex share, valued at
7.75p, for every 18 shares held in the Company.
This is accounted for as a disposal of these available-for-sale
financial assets.
The following table shows the aggregate movement in the Group's
financial assets during the year:
2012 2011
US$ US$
At beginning of the year 2,751,673 2,565,480
Additions 839,736 -
Disposals (3,322,735) (53,373)
Impairment (45,618) -
Foreign exchange differences (39,985) 106,496
Revaluation through equity 3,806,487 133,070
At end of the year 3,989,558 2,751,673
14 Trade and Other Receivables 2012 2011
US$ US$
Trade receivables - 73,614
Other receivables 62,161 54,374
Amounts due from associate undertaking - 32,590
Prepayments and accrued income 34,415 20,750
96,576 181,328
The directors consider the carrying value of trade and other
receivables are approximate to their fair value.
All of the Group's receivables have been reviewed for indications
of impairment.
None of the receivables were found to be impaired as at 30
June 2012 (2011: US$nil).
No unimpaired receivables are past due as at the reporting
date (2011: US$nil).
15 Cash and Cash Equivalents 2012 2011
US$ US$
Cash at bank (GBP) 258,566 418,509
Cash at bank (USD) 1,737,318 187,188
1,995,884 605,697
16 a) Share Capital 2012 2011
GBP GBP
Authorised
500,000,000 shares of 0.25 pence 1,250,000 1,250,000
US$ US$
Allotted, issued and fully paid
498,196,408 shares (2011: 275,596,724
shares) of 0.25 pence 2,209,610 1,317,150
Allotments during the year
During the year ended 30 June 2012 the Company issued a total
222,599,684 ordinary shares (2011: 35,110,000) for a premium
net of issue costs of US$2,488,882 (2011: US$2,536,487).
Date Price per Number of shares Total consideration
share (Sterling) issued received (US$)
6 July 2011 1p 200,000,000 3,200,080
27 July 2011 1p 22,599,684 364,528
16 b) Share-Based Payments - Options and Warrants
The Company has a share option scheme for all directors and
senior management. Options are exercisable at a price equal
to the average market price of the Company's shares on the
date of grant. The vesting period is one, two and three years
- one third of the options vesting in each period. The options
are settled in equity once exercised.
The Company has also issued share warrants in the prior year
which were exercisable immediately.
If the options remain unexercised after a period of 10 years
from the date of grant, the options expire. Options are forfeited
if the employee leaves the Company before the options vest.
If the warrants remain unexercised after a period of 2 years
from the date of grant, the warrants expire.
The issue of warrants constituted a transaction with parties
other than employees for which the fair value of services received
cannot be reliably estimated, as they were granted on a 1 for
8 basis to shareholders as part of an open offer and placing
that took place in February 2011, and therefore the services
received have been measured by reference to the fair value
of the warrants granted, measured at the date of the placing.
Details of the number of share options and warrants and the
weighted average exercise price (WAEP) outstanding during the
year are as follows:
2012
Number of WAEP Number WAEP
options GBP of GBP
warrants
Outstanding at the beginning
& end of the year 25,000,000 0.04 3,750,000 0.12
Number exercisable at 30
June 2012 8,700,000 0.03 3,750,000 0.12
2011
Number of WAEP Number WAEP
options GBP of GBP
warrants
Outstanding at the beginning
of the year 8,700,000 0.03 - -
Issued 16,300,000 0.05 3,750,000 0.12
Outstanding at the year
end 25,000,000 0.04 3,750,000 0.12
Number exercisable at 30
June 2011 3,200,000 0.01 3,750,000 0.12
The fair values of share options issued in previous financial
years were calculated using the binomial pricing model. The
inputs into the model are as follows:
20 February
Date of grant 5 May 2007 2008
Number granted 3,200,000 7,000,000
Share price at date
of grant 0.25p 4p
Exercise price 1p 4p
Expected volatility 51% 51%
Expected life 3 years 3 years
Risk free rate 5.00% 4.70%
Expected dividend
yield 0% 0%
Fair value of options
granted at date of
grant 0.08p 2.20p
Exit rate 0% 0%
Earliest vesting 5 May 2010 20 February
date 2011
Expiry date 5 May 2017 20 February
2018
Expected volatility was determined based on the historic volatility
of four comparator companies as suggested by management. The
expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability,
exercise restrictions and behavioural considerations.
The fair values of share options and warrants issued in the
prior financial year were calculated using the Black Scholes
model. The inputs into the model are as follows:
4 February 19 May 19 May
Date of grant 2011 2011 2011
Number granted 3,750,000 11,500,000 4,800,000
Share price at date of grant 5.0p 5.0p 5.0p
Exercise price 12p 5.0p 5.0p
Expected volatility 85% 85% 85%
Expected life 1 year 5.5, 6 and 5.5, 6 and
6.5 years 6.5 years
Risk free rate 2.80% 2.34% 2.34%
Expected dividend yield 0% 0% 0%
Fair value at date of grant 0.51p 3.61p 3.61p
Earliest vesting date 4 February 19 May 2012 19 May 2012
2011
Expiry date 4 February 19 May 2021 19 May 2021
2013
For May 2011 options, these vest 33.3% after 1 year, 33.3%
after 2 years and 33.3% after 3 years.
Expected volatility was determined based on the historic volatility
of comparable companies. The expected life used in the model
has been adjusted, based on the management's best estimate,
for the effects of non-transferability, exercise restrictions
and behavioural considerations.
The Group recognised total expenses of US$555,275 (2011: US$123,653)
related to equity-settled share-based payment transactions
during the year.
17 Financial Instruments
Classification of financial instruments
The tables below set out the Group's accounting classification
of each class of its financial assets and liabilities.
Financial assets
Loans and Total carrying
At 30 June 2012 Available-for-sale other receivables value
US$ US$ US$
Available-for-sale financial
assets 3,989,558 - 3,989,558
Trade receivables - - -
Other receivables - 62,161 62,161
Cash and cash equivalents - 1,995,884 1,995,884
3,989,558 2,058,045 6,047,603
Loans and Total carrying
At 30 June 2011 Available-for-sale other receivables value
US$ US$ US$
Available-for-sale financial
assets 2,751,673 - 2,751,673
Trade receivables - 73,613 73,613
Other receivables - 54,374 54,374
Cash and cash equivalents - 605,697 605,697
2,751,673 733,684 3,485,357
All of the above financial assets' carrying values approximate
to their fair values, as at 30 June 2012 and 2011, given their
nature and short times to maturity.
Under IFRS 7 Financial Instruments: Disclosures, the available-for-sale
assets are classified under the fair value hierarchy as level
1.
Financial liabilities
Measured
at amortised Total carrying
At 30 June 2012 cost value
US$ US$
Trade payables 80,546 80,546
Accruals 30,430 30,430
110,976 110,976
Financial liabilities
Measured
at amortised Total carrying
At 30 June 2011 cost value
US$ US$
Trade payables 1,537,278 1,537,278
Accruals 335,925 335,925
1,873,203 1,873,203
All of the above financial liabilities' carrying values approximate
to their fair values, as at 30 June 2012 and 2011, given their
nature and short times to maturity.
18 Financial Instrument Risk Exposure and Management
The principal financial risks to which the Group is exposed
are: foreign currency exchange rate risk; interest rate risk;
liquidity risk, equity price risk and credit risk. This note
describes the Group's objectives, policies and processes for
managing those risks and the methods used to measure them.
Further quantitative information in respect of these risks
is presented in notes 14, 15, 17 and 22.
There have been no substantive changes to the Group's exposure
to financial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure
them from the previous year.
Liquidity risk
Liquidity risk is dealt with in note 19 of these financial
statements.
Credit risk
The Group's credit risk is primarily attributable to its cash
balances and available-for-sale financial assets.
The credit risk on liquid funds is limited because the third
parties are large international banks.
The Group's total credit risk amounts to the total of the sum
of the receivables, available-for-sale financial assets and
cash and cash equivalents. At the year end this amounts to
US$6,047,603 (2011: US$3,485,357).
Interest rate risk and sensitivity analysis
The Group's only exposure to interest rate risk is the interest
received on the cash held on deposit. The Group does not have
any interest bearing borrowings.
The following table indicates the impact of a change in interest
rate on the interest received during the year, and with all
other variables being held constant, on the Group's loss before
tax.
Change Change
in interest 2012 in interest 2011
rate US$ rate US$
Sterling +0.5% 1,693 +0.5% 2,229
+1.0% 3,385 +1.0% 4,458
+1.5% 5,078 +1.5% 6,687
-0.5% (1,693) -0.5% (2,229)
-1.0% (3,385) -1.0% (4,458)
-1.5% (5,078) -1.5% (6,687)
Dollars +0.5% 4,811 +0.5% 1,038
+1.0% 9,623 +1.0% 2,076
+1.5% 14,434 +1.5% 3,114
-0.5% (4,811) -0.5% (1,038)
-1.0% (9,623) -1.0% (2,076)
-1.5% (14,434) -1.5% (3,114)
Market risk and sensitivity analysis
Market risk arises when the fair value or cash flows of a financial
instrument fluctuates from the level where a long or short
position was established. These financial instruments are subject
to equity price risk.
Equity price risk
The Group's available-for-sale financial assets are subject
to equity price risk.
For financial instruments held, the Group uses a sensitivity
analysis technique that measures the changes in fair value
of the Group's financial instruments to hypothetical changes
in market price.
A 5% increase in the market value of positions held at 30 June
2012 would increase the value of the financial assets by US$199,478
(2011: US$137,584) and equity by US$183,388 (2011: US$115,501).
A 5% decrease in the value of positions held on at 30 June
2012 would decrease the value of the financial assets US$199,478
(2011: US$137,584) and equity by US$183,388 (2011: US$115,501).
Foreign exchange risk
The Group's principal exposure to foreign exchange risk is
in relation to the United States Dollar and Sterling exchange
rates, due to the concentration of cash and cash equivalents
that are held in Sterling.
The following table indicates the impact of a change in foreign
exchange rate on the value of cash and cash equivalents at
the balance sheet date, and with all other variables being
held constant, on the Group's loss before tax and on equity.
Change Change
in US$/GBP in US$/GBP
exchange 2012 exchange 2011
rate US$ rate US$
Sterling +5.0% 215,910 +5.0% 163,338
-5.0% (215,910) -5.0% (163,338)
19 Liquidity Risk
In managing liquidity risk, the main objective of the Group is
to ensure that it has the ability to pay all of its liabilities
as they fall due. The Group monitors its levels of working capital
to ensure that it can meet its debt repayments as they fall due.
The table below shows the undiscounted cash flows on the Group's
financial liabilities as at 30 June 2012 on the basis of their
earliest possible contractual maturity.
Greater
Within Within 6 - 12 than 12
Total 2 months 2 -6 months months months
US$ US$ US$ US$ US$
At 30 June
2012
Trade payables 80,546 80,546 - - -
Accruals 30,430 - 30,430 - -
110,976 80,546 30,430 - -
At 30 June
2011
Trade payables 1,537,278 1,537,278 - - -
Accruals 335,925 - 335,925 - -
1,873,203 1,537,278 335,925 - -
20 Capital Management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern, to provide
returns for shareholders and to maintain an optimal capital structure
to reduce the cost of capital. The Group defines capital as being
share capital plus reserves as disclosed in the consolidated
balance sheet.
The Board of Directors monitors the level of capital as compared
to the Group's commitments and adjusts the level of capital as
is determined to be necessary, by issuing new shares.
The Group is not subject to any externally imposed capital requirements.
21 Financial Commitments
The Group had no capital commitments at 30 June 2012 (2011: US$nil).
22 Trade and Other Payables 2012 2011
US$ US$
Trade payables 80,546 1,537,278
Accruals 30,430 335,925
110,976 1,873,203
23 Related Party Transactions
The only related party transactions during the year were with
the directors, key management and Mrs J Bramhill, the wife
of Mr D Bramhill.
Short-term benefits
2012 2011
US$ US$
Directors' remuneration:
Mr A Yeo 168,346 180,158
Mr J Ede-Golightly 13,234 -
Mr D Bramhill 239,384 200,175
Mrs J Bramhill 19,135 17,470
Mr M Thomsen 269,475 115,450
Mr F Dekker 52,938 10,676
Mr B Marshall 52,938 10,676
Mr J. Michaels - 32,025
815,450 566,630
Social security costs 64,621 49,976
880,071 616,606
In addition to the remuneration shown above, the Group incurred
share-based payment charges of US$502,655 (2011: US$58,841)
in respect of the above named directors and key management.
Mr B Marshall is additionally a director of 2 companies which
received payments from the Group during the year - Brian Marshall
Accounting Services Ltd which received US$39,704 for accounting
services (2011: US$15,946), and Berkeley Hall Marshall Ltd which
received US$4,236 for office facilities (2011: US$3,189).
24 Investment in Subsidiaries
The Group's Parent Company holds the issued share capital of
the following subsidiary undertakings, which are incorporated
in the USA and have been included in these consolidated financial
statements.
Company Principal activities Class Percentage holding
Osceola Royalties
LLC Oil and gas development Ordinary 100%
Osceola Production Oil and gas development Ordinary (indirectly)
LLC 100%
25 Contingent Liabilities
The directors are not aware of any contingent liabilities within
the Group or the Company at
30 June 2012.
26 Ultimate Controlling Party
As at 30 June 2012, Bluebird Energy plc had no ultimate controlling
party.
27 Cash Flow from Operating Activities 2012 2011
US$ US$
Loss for the financial year (1,566,640) (17,610,085)
Finance income (6,952) (2,134)
Loss from associates 35,527 48,493
Share-based payment 555,275 123,653
(Gain)/Loss on disposal of investments (2,568,779) 132,145
Loss on disposal of business 439,964 -
Expenses paid for discontinued operations (418,236) -
Revenue received from discontinued operations (21,728) -
Impairment of intangible assets 764,126 9,953,967
Impairment of land assets 208,157 3,624,877
Impairment of plant and machinery assets - 1,602,107
Net foreign exchange gain - (3,321)
(2,579,286) (2,130,298)
Changes in working capital
Decrease / (increase) in trade and other
receivables 48,562 (129,614)
(Decrease) / increase in trade and other
payables (516,180) 544,257
Net cash outflow from operating activities (3,046,904) (1,715,655)
28 Events After the Balance Sheet
Date
There were no significant events after the balance sheet date.
29 Basis of Preparation
This announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") but in itself does not contain sufficient information to comply with IFRS. Details of the accounting policies are set out in the annual report for the year ended 30 June 2012. These accounting policies have been amended from the prior year due to the transition to IFRS. Other than presentation there were no significant adjustments in respect of the transition to IFRS.
30 Publication of Non-Statutory Accounts
The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 30 June 2012 or 30 June 2011.
The financial information has been extracted from the statutory accounts of the Company for the years ended 30 June 2012 and 30 June 2011. The auditors' opinion on those accounts was unmodified and did not contain a statement under section 498 (2) or section 498 (3) Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.
The statutory accounts for the year ended 30 June 2011 have been delivered to the Registrar of Companies, whereas those for the year ended 30 June 2012 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
31 Annual Report and Annual General Meeting
The Annual Report will be made available from the Company's website www.bluebirdenergy.net and will be posted to shareholders shortly. The Annual Report contains notice of the Annual General Meeting of the Company which will be held at 11 a.m. on 11 December 2012 at the offices of W H Ireland, 24 Martins Lane, London, EC4R 0DR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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