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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Saffron Eng | LSE:SRON | London | Ordinary Share | GB00BDCFP425 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.10 | 4.00 | 4.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSRON
RNS Number : 4814B
Saffron Energy PLC
04 April 2017
4 April 2017
Saffron Energy Plc
("Saffron" or the "Company")
Northsun Italia 2016 Results
Saffron Energy plc, the AIM listed natural gas producer and explorer with interest in northern Italy (AIM: SRON), announces the financial results for Northsun Italia Spa ("NSI") for the financial year to 31 December 2016. Saffron acquired 100% of NSI in January 2017 and subsequently completed an IPO of Saffron Energy on AIM on 24 February 2017.
Investors should note that a number of restructuring transactions mentioned in the document were completed in the period from December 2016 to February 2017 and these are set out in detail in the Company's AIM Admission Document.
During the period:
- In September 2016, NSI entered into a construction contract for the Bezzecca gas field
- Production from the Sillaro gas field for 2016 was 4.4m cubic meters (gross) and, in December 2016, NSI acquired the remaining 35% of the Sillaro gas field it did not already own.
Subsequent to 31 December 2016, NSI has:
- Been acquired by Saffron, which then completed a GBP2.5m capital raising on 24 February 2017 - Completed construction of the Bezzecca gas field - Extended its offtake agreement with Shell Italia to 1 October 2018
- Repaid approximately EUR470k of short term shareholders' loans used to advance construction of Bezzecca and Sant'Alberto
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "The results for NSI in 2016 reflect the now historic fully completed restructuring and associated asset value alignments that had to be undertaken in preparation for the successful IPO of Saffron Energy which was completed in February. Revenues and cash flows are expected to increase substantially with Bezzecca commencing production in April 2017 and Sant'Alberto at the end of 2017. Saffron is now in excellent shape going forward."
A full copy of the Northsun Italia Consolidated Financial Statements for the year ended 31 December 2016 is available on the Company's website at www.saffronenergy.co.uk and an extract of the Consolidated Financial Statements for the year ended 31 December 2016 is presented below.
Please click to view the Saffron Energy AIM Admission Document - https://saffronenergy.co.uk/investors/aim-rule-26/
About Saffron Energy PLC
Saffron Energy is a natural gas producer with interests in Northern Italy. Its portfolio includes one gas production (Sillaro), one near-term gas production field (Bezzecca (90%)) and an application for a near-term gas production field (Sant'Alberto), all near Milan and Bologna. Saffron Energy commenced trading on the London AIM Market under the ticker of SRON on 24 February 2017.
For more information, please visit www.saffronenergy.co.uk or contact the following:
Saffron Energy plc +44 (0) 7791288381 Michael Masterman, CEO info@saffronenergy.co.uk Grant Thornton UK LLP (Financial +44 (0) 207 383 & Nominated Adviser) 5100 Colin Aaronson Samantha Harrison Harrison J Clarke Turner Pope Investments (TPI) Ltd (Broker) +44 (0)2036214120 Ben Turner info@turnerpope.com James Pope Cassiopeia Services PR/IR +44 (0) 7949690338 Stefania Barbaglio Stefania@cassiopeia-ltd.com
NORTHSUN ITALIA S.P.A
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
Hot Features
Premium
31 December 31 December
2016 2015
Note: EUR EUR
Assets
Non-Current Assets
Inventory 732,801 732,801
Other assets 138,378 30,378
Deferred tax assets 7 1,994,913 1,488,853
Property, plant & equipment 10 2,337,111 1,925,314
Resource property costs 11 5,602,367 6,884,618
-------------- --------------
Total non-current assets 10,805,570 11,061,964
-------------- --------------
Current Assets
Cash and cash equivalents 8 107,207 2,409,801
Trade and other receivables 9 240,832 1,198,542
-------------- --------------
Total current assets 348,039 3,608,343
-------------- --------------
Total assets 11,153,609 14,670,307
============== ==============
Equity and liabilities
Equity
Issued capital 19,179,160 15,245,323
Reserves 15 11,340,407 386,916
Accumulated losses 15 (27,798,703) (21,832,754)
-------------- --------------
Total shareholders' equity 2,720,864 (6,200,515)
-------------- --------------
Non-Current Liabilities
Intercompany loans 14 1,446,072 11,610,863
Provisions 13 4,961,907 3,615,822
--------------
Total non-current liabilities 6,407,979 15,226,685
-------------- --------------
Current Liabilities
Trade and other payables 12 1,627,272 5,503,253
Short term borrowings 14 345,677 -
Provisions 13 51,817 140,884
-------------- --------------
Total current liabilities 2,024,766 5,644,137
-------------- --------------
Total Liabilities 8,432,745 20,870,822
-------------- --------------
Total shareholders' equity
and liabilities 11,153,609 14,670,307
============== ==============
NORTHSUN ITALIA S.P.A
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2016
Note: 31 December 31 December
2016 2015
EUR EUR
Revenue 6 701,339 1,704,083
Operating costs (439,544) (762,016)
Depreciation and amortisation
expense 11 (591,258) (1,024,660)
-------------- -------------
Gross loss (329,463) (82,593)
Other income 170,088 164,694
Employee benefits (722,893) (996,381)
Depreciation expense 3 (10,482) (13,819)
General and Administrative
expenses 4 (605,919) (669,362)
Impairment 5 (4,615,215) (1,345,624)
Exploration costs expensed 11 (287,286) (28,854)
Loss on sale of project 11 - (822,203)
-------------- -------------
Operating loss (6,401,170) (3,794,142)
Finance income 469 121
Finance expense (71,308) (80,924)
-------------- -------------
Net finance expense (70,839) (80,803)
-------------- -------------
Loss before income tax (3,874,945)
expense (6,472,009)
Income tax benefit / (expense) 7 506,060 (153,420)
-------------- -------------
Loss for the year (5,965,949) (4,028,365)
Other comprehensive income - -
-------------- -------------
Total comprehensive loss
for the year (5,965,949) (4,028,365)
============== =============
NORTHSUN ITALIA S.P.A
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2016
Issued Accumulated Total
capital Reserves Losses equity
EUR EUR EUR EUR
As at 1 January 2015 15,245,323 386,916 (17,804,389) (2,712,150)
Total comprehensive
loss for the period:
Loss for the period - - (4,028,365) (4,028,365)
Other comprehensive
income - - - -
------------- ----------- ------------- ------------
Total comprehensive
loss for the period - - (4,028,365) (4,028,365)
------------- ----------- ------------- ------------
Transactions with
owners recorded directly
in equity:
Contributions by owners - - - -
------------- ----------- ------------- ------------
At as 1 January 2016 15,245,323 386,916 (21,832,754) (6,200,515)
============= =========== ============= ============
Total comprehensive
loss for the period:
Loss for the period - - (5,965,949) (5,965,949)
Other comprehensive
income - - - -
------------- ----------- ------------- ------------
Total comprehensive
loss for the period - - (5,965,949) (5,965,949)
------------- ----------- ------------- ------------
Transactions with
owners recorded directly
in equity:
Contributions by owners 14,887,328 - - 14,887,328
Transfer to reserves (10,953,454) 10,953,454 - -
As at 31 December
2016 19,179,197 11,340,370 (27,798,703) 2,720,864
============= =========== ============= ============
NORTHSUN ITALIA S.P.A
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2016
31 December 31 December
2016 2015
EUR EUR
Cash flows from operating
activities
Receipts from customers 1,103,291 1,664,214
Payments to suppliers and
employees (2,610,165) (1,538,566)
Interest received 469 121
Interest paid (2,266) -
Net (cash used in) / generated
from operating activities (1,508,671) 125,769
------------ ------------
Cash flows from investing
activities
Payments for non-producing
property plant and equipment - (6,523)
Receipts for resource property
costs from joint operations
partners 521,741 64,572
Proceeds from sale of resource
property project - 1,850,000
Payments for resource property
costs, inventory and production
plant and equipment (764,721) (1,092,610)
Net cash generated from /
(used in) investing activities (242,980) 815,439
------------ ------------
Cash flows from financing
activities
Proceeds from borrowings 1,745,820 674,549
Repayment of borrowings (2,296,763) (633,499)
Net cash (used in) / generated
from financing activities (550,943) 41,050
------------ ------------
Net (decrease) / increase
in cash and cash equivalents (2,302,594) 982,258
------------ ------------
Cash and cash equivalents
at 1 January 2,409,801 1,427,543
------------ ------------
Cash and cash equivalents
at 31 December 107,207 2,409,801
============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GUGDSLBGBGRS
(END) Dow Jones Newswires
April 04, 2017 02:01 ET (06:01 GMT)
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