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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zanaga Iron Ore Company Limited | LSE:ZIOC | London | Ordinary Share | VGG9888M1023 | 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% | 7.12 | 7.02 | 7.82 | 353 | 08:15:53 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 0 | 8.1M | 0.0128 | 5.56 | 45.07M |
From Apr 2019 to Apr 2024
TIDMZIOC
RNS Number : 1440L
Zanaga Iron Ore Company Ltd
29 September 2016
29 September 2016
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2016
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is pleased to announce its unaudited interim results for the six months ended 30 June 2016.
Highlights
-- Mining Convention ratified by the Parliament of the Republic of Congo ("RoC"), promulgated by the President of the Republic as a law, and published in the Official Gazette of the RoC
-- Work programme and budget for 2016 together with the 2016 Funding Agreement agreed with Glencore
-- Additional cost reductions implemented at the Zanaga Project, as well as across ZIOC's corporate costs, to align the cost base with current market conditions
-- Cash balance of US$6.0m as at 30 June 2016 and US$5.7m at 31 August 2016
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"During the first half of 2016 the Zanaga Project achieved a major milestone in the receipt of its Mining Convention. The Mining Convention was ratified by the Parliament of the Republic of Congo, promulgated as a law, and published in the Official Gazette of the RoC on 28 June 2016; this establishes the fiscal and legal framework for the Project.
We feel encouraged by signs of improvement in the Chinese economy and greater levels of profitability in the Chinese steel industry during 2016. This has led to high levels of iron ore consumption being maintained from the industry's cornerstone customer. On the supply side, we are pleased to see a degree of restraint from the major iron ore producers in their production forecasts. This should ultimately assist in creating an improved, and more sustainable, long term iron ore price environment.
As part of the Zanaga Project team's prudent approach to its operations, further steps have been taken to reduce costs. We have been impressed with the management team's ability to deliver substantial savings while maintaining the ability to pursue the key workstreams that are required to advance the project through the next phase of development.
Finally, the Zanaga Project's significant iron ore Reserve and Resource base has been signed off, and entirely maintained, in accordance with a lower long term iron ore price forecast. This continues to demonstrate that the Project is capable of attracting development finance in the long term."
Copies of the unaudited interim results for the six months ended 30 June 2016 are available on the Company's website at www.zanagairon.com.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and Andrew Trahar Investor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser, Financial Richard Crawley Adviser and Corporate Broker and Neil Elliot
+44 20 3100 2000
Bell Pottinger
Financial PR Marianna Bowes
and Daniel Thole
+44 20 7861 3232
About us:
Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is the owner of 50% less one share in the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its joint venture partnership with Glencore. The Zanaga Iron Ore Project is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Business Review - Operations
Cost Reduction Programme, Cash Reserves and Project Funding
As part of the Zanaga Project management team's prudent approach to its operations, further steps have been taken to reduce costs within the Jumelles group, including MPD Congo. We have been impressed with the management team's ability to deliver substantial savings while maintaining the ability to pursue the key workstreams that are required to advance the project through the next phase of work.
ZIOC has also taken further steps to reduce corporate overheads. We expect to deliver these additional cost reductions in the second half of this year, and are pleased with our reduced budget expectations for 2017.
Following the reduction of the cost base at the Zanaga Project, as well as the additional cost reductions associated with the management of ZIOC, we are well positioned to support our operations going forward. As at 30 June 2016, we had cash reserves of US$6.0m and continue to take a very prudent approach to the management of the business.
Mining Convention for the Zanaga Project
With effect from 20 May 2016, the Zanaga Mining Convention has been promulgated as a law of the RoC (Law No 15-2016 of 29 April 2016), following ratification by the Parliament of the RoC and publication in the Official Gazette on 28 June 2016. The confirmation of the Mining Convention as a law further secures the stability the Project's fiscal and legal regime for the life of the mine. (For further details, and key terms of the Mining Convention please refer to ZIOC's announcement on 29 June 2016 and also to page 14 of the 2015 Annual Report which refers to the ratification of the Mining Convention)
The ratification of the Mining Convention demonstrates the Government of the RoC's firm commitment to developing the country's mining sector, is testament to the Project's strong stakeholder relations, and is a major step forward for the Project.
Permitting
The application for the Environmental Permit for the Project's first phase of development has been lodged with the RoC Ministry of Environment and the Project team believes that this is likely to be received during the second half of the 2016 fiscal year.
Reserves and Resources
During the publication of ZIOC's 2015 annual report, on 30 June 2016, the Zanaga Project's significant iron ore Reserve and Resource estimates were each signed off, and entirely maintained, in accordance with a substantially lower long term iron ore price forecast that previously used. We were pleased with this outcome as it continues to demonstrate the Project is capable of attracting development finance in the long term.
Iron Ore Market
We feel encouraged by signs of improvement in the Chinese economy and greater levels of profitability in the Chinese steel industry during 2016. This has led to high levels of iron ore consumption being maintained from the industry's cornerstone customer. On the supply side, we are pleased to see a degree of restraint from the major iron ore producers in their production forecasts. This should ultimately assist in creating an improved, and more sustainable, long term iron ore price environment.
The movements in supply and demand, and the level at which price equilibrium is ultimately reached, are difficult to predict; however there are some signs which indicate that a point of increased stability in the industry might be reached in the medium term.
In addition, the product demand spectrum is increasingly showing an appreciation in pricing of higher quality lump and pellet feed iron ore products. This is encouraging as the Zanaga Project's premium quality products would be well placed to benefit from this pricing dynamic.
Outlook and next steps
At the Zanaga Project we are determined to support steps which maintain progress and advance the Project, but at a prudent level of project expenditure. The Project's ongoing costs have been further reduced, while ensuring that the Project team is motivated to pursue a number of key value adding activities. We have also reduced ZIOC's corporate costs.
The value adding activities to be progressed will include the establishment of port and power agreements, and receipt of the Environmental Permit. ZIOC and Glencore continue to work closely with the RoC's government on the conclusion of these workstreams and are pleased to say that the Project continues to enjoy strong support.
The Project is underpinned by a globally significant, well-defined resource and an extensive Feasibility Study. The Project has also been substantially de-risked through the ratification of the Project's Mining Convention by the Parliament of the RoC.
The Zanaga Project's forecast competitive operating costs and premium quality product are important, particularly in a low iron ore price environment. The Zanaga Project is expected to be able to compete, on a benchmark 62% iron ore price equivalent basis, with some of the lowest cost mining operations in Australia and Brazil. This means that the Project is capable of attracting development finance in the long term, making it attractive when compared to many competitor projects globally.
Financial review
Results from operations
The financial statements contain the results for ZIOC for the first half of 2016. ZIOC made a loss in the half-year of US$1.6m compared to a loss of US$16.9m in the year to 31 December 2015. The loss for the 2016 half-year period comprised:
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Premium
1 January to 1 January to 1 January to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------------------------------------------------- ------------ ------------ ---------------
General expenses (776) (1,191) (2,143) Net foreign exchange profit/(loss) (655) 49 (534) Share-based payments (2) (159) (325) Share of (loss)/profit of associate (883) (2,665) (14,608) Interest income 11 15 27 (Loss)/Gain before tax (2,305) (3,951) (17,583) Tax (6) (11) (25) Currency translation (23) (16) 15 Share of other comprehensive (loss)/income of associate - foreign exchange 731 (358) 685 ------------------------------------------------------------------------- ------------ ------------ --------------- Total Comprehensive (Loss)/Gain (1,603) (4,336) (16,908) ------------------------------------------------------------------------- ------------ ------------ ---------------
General expenses of US$0.8m (2015: US$1.2m) consists of staff costs of US$0.4m (2015: US$0.5m), Directors' fees of US$0.1m (2015: US$0.3m), professional fees of US$0.1m (2015: US$0.1m) and US$0.2m (2015: US$0.3m) of other general operating expenses.
The share-based payment charges reflect the expense associated with share options granted in previous years.
The share of loss of associate of US$0.9m (2015: US$2.7m) relates to ZIOC's investment in Jumelles Limited ("Jumelles"), the joint venture company in respect of the Zanaga Project. From May 2014, as a result of the completion of the Feasibility Study and thus consideration to complete the Glencore share option, only 50% (less one share) of the Jumelles results are now included above.
During the half year period, Jumelles' project expenditure was US$0.3 including the effects of currency translation of $1.5m gain. Capitalised exploration assets however, remain at US$80.0m.
Financial position
ZIOC's net asset value ("NAV") of US$44.1m is comprised of a US$38.1m investment in Jumelles and US$6.0m of cash balances.
30 June 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$m US$m US$m
--------------------------------------- ------------ ------------ ----------------
Investment in associate 38.1 48.4 37.8
Fixed assets - - -
Cash 6.0 9.7 7.6
Other net current assets/(liabilities) - - 0.3
--------------------------------------- ------------ ------------ ----------------
Net assets 44.1 58.1 45.7
--------------------------------------- ------------ ------------ ----------------
Cost of investment
The investment in associate relates to the carrying value of the investment in Jumelles, which as at 30 June 2016 owned 50% less one share of the Project. The carrying value of this investment is unchanged in 2016 due to:
-- Company funding per the Supplemental Agreements of US$0.5m
-- The Company's US$0.1m share of the comprehensive loss US$ 0.3m made by Jumelles during the half-year.
As at 30 June 2016, Jumelles had aggregated assets of US$82.9m (June 2015: US$106.1m) and aggregated liabilities of US$1.3m (June 2015: US$3.4m). Non-current assets consisted of US$80.0m (June 2015: US$100.0m) of capitalised exploration assets and US$2.0m (June 2015: US$3.2m) of other fixed assets including property, plant and equipment. Cash balances totalled US$0.7m (June 2015: US$2.7m) and other current assets were US$0.1m (June 2015: US$0.2m).
Cash flow
Cash balances have decreased by US$1.6m since 31 December 2015. Additional investment in Jumelles required under Funding Agreements (details set out in note 1 to the financial statements) utilised US$0.2m, operating activities US$0.7m, and foreign exchange losses were US$0.7m as the value of UK Sterling weakened against the US Dollar, thus decreasing the US Dollar value of the UK Sterling denominated cash balances.
30 June 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------ ------------ ------------ ----------------
GBP Balances 4.5 6.2 5.1
USD value of GBP balances 6.0 9.7 7.3
USD value of other currencies - - -
USD balances - - 0.3
------------------------------ ------------ ------------ ----------------
Cash Total 6.0 9.7 7.6
------------------------------ ------------ ------------ ----------------
Consolidated Statement of Comprehensive Income for the six months ended 30 June 2016
1 January 1 January 1 January
to to to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Note US$000 US$000 US$000
------------------------------------------- ---- ---------- ---------- ------------
Administrative expenses (1,433) (1,301) (3,002)
Share of (loss)/profit associate (883) (2,665) (14,608)
------------------------------------------- ---- ---------- ---------- ------------
Operating loss (2,316) (3,966) (17,610)
Interest Income 11 15 27
Change in investment carrying - -
value from gain on dilution of
shares
Impairment of investment in Associate - -
------------------------------------------- ---- ---------- ---------- ------------
(Loss) before tax (2,305) (3,951) (17,583)
Taxation 5 (6) (11) (25)
------------------------------------------- ---- ---------- ---------- ------------
(Loss) for the period (2,311) (3,962) (17,608)
Foreign exchange translation -
foreign operations (23) (16) 15
Share of other comprehensive (loss)/income
of associate - foreign exchange
translation 731 (358) 685
------------------------------------------- ---- ---------- ---------- ------------
Other comprehensive (loss)/gain 708 (374) 700
------------------------------------------- ---- ---------- ---------- ------------
Total comprehensive (loss)/gain (1,603) (4,336) (16,908)
------------------------------------------- ---- ---------- ---------- ------------
(Loss)/Earnings per share (Cents)
Basic 7 (0.5) (1.4) (6.4)
Diluted 7 (0.5) (1.4) (6.4)
The loss for the period is attributable to the equity holders of the parent company. All other comprehensive income may be classified as profit and loss in the future.
Consolidated Statement of changes in equity
for the six months ended 30 June 2016
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
-------------------------------------------------------- ------------- --------------- ----------- --------------
Balance at 1 January 2015 266,685 (207,094) 2,718 62,309
-------------------------------------------------------- ------------- --------------- ----------- --------------
Consideration for share-based payments - other services 159 - - 159
Share buy backs - - - -
Loss for the period - (3,962) - (3,962)
Other comprehensive (loss)/ income - - (374) (374)
-------------------------------------------------------- ------------- --------------- ----------- -------------- Total comprehensive (loss)/income - (3,962) (374) (4,336) -------------------------------------------------------- ------------- --------------- ----------- -------------- Balance at 30 June 2015 266,844 (211,056) 2,344 58,132 -------------------------------------------------------- ------------- --------------- ----------- -------------- Consideration for share-based payments - other services 166 - - 166 Share buy backs - - - - Loss for the period - (13,646) - (13,646) Other comprehensive (loss)/income - - 1,074 1,074 -------------------------------------------------------- ------------- --------------- ----------- -------------- Total comprehensive (loss)/income - (13,646) 1,074 (16,908) -------------------------------------------------------- ------------- --------------- ----------- -------------- Balance at 31 December 2015 267,010 (224,702) 3,418 45,726 -------------------------------------------------------- ------------- --------------- ----------- -------------- Consideration for share-based payments - other services 2 - - 2 Share buy backs - - - - Loss for the period - (2,311) - (2,311) Other comprehensive (loss)/income - - 708 708 -------------------------------------------------------- ------------- --------------- ----------- -------------- Total comprehensive loss - (2,311) 708 (1,603) -------------------------------------------------------- ------------- --------------- ----------- -------------- Balance at 30 June 2016 267,012 (227,013) 4,126 44,125 -------------------------------------------------------- ------------- --------------- ----------- --------------
Consolidated Balance sheet
as at 30 June 2016
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Note US$000 US$000 US$000
------------------------------------- ---- ---------- ---------- -----------
Non-current asset
Property, plant and equipment 1 5 3
Investment in associate 6 38,146 48,427 37,809
------------------------------------- ---- ---------- ---------- -----------
38,147 48,432 37,812
------------------------------------- ---- ---------- ---------- -----------
Current assets
Other receivables 95 149 458
Cash and cash equivalents 6,025 9,728 7,602
------------------------------------- ---- ---------- ---------- -----------
6,120 9,877 8,060
------------------------------------- ---- ---------- ---------- -----------
Total Assets 44,267 58,309 45,872
------------------------------------- ---- ---------- ---------- -----------
Current liabilities
Trade and other payables (142) (177) (146)
------------------------------------- ---- ---------- ---------- -----------
Net assets 44,125 58,132 45,726
------------------------------------- ---- ---------- ---------- -----------
Equity attributable to equity
holders of the parent
Share capital 267,012 266,844 267,010
Retained earnings (227,013) (211,056) (224,702)
Foreign currency translation reserve 4,126 2,344 3,418
------------------------------------- ---- ---------- ---------- -----------
Total equity 44,125 58,132 45,726
------------------------------------- ---- ---------- ---------- -----------
These financial statements set out on pages 6 to 15 were approved by the Board of Directors on 28 September 2016.
Consolidated Cash flow statement
for the six months ended 30 June 2016
1 January 1 January 1 January
to to to
30 June 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
------------------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Total comprehensive (loss)/income for the period (1,603) (4,336) (16,908)
Adjustments for:
Depreciation 1 3 6
Interest received (11) (15) (27)
Taxation expense 6 11 25
Decrease in other receivables 363 21 (288)
Decrease in trade and other payables (4) (152) (217)
Net exchange (profit)/loss 655 (49) 535
Gain on part sale of associate - - -
Share of loss/(profit) of associate 152 3,023 13,923
Impairment to share of investment in associate - - -
Share-based payments 2 159 325
Tax paid (6) (11) (36)
-------------------------------------------------- ---------- ---------- ---------
Net cash from operating activities (445) (1,346) (2,662)
Cash flows from financing activities
Repurchase of own shares - - -
Net cash from financing activities - - -
------------------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Interest received 11 15 27
Acquisition of property, plant and equipment - - (1)
Investment in associate (488) (1,450) (1,732)
Net cash from investing activities (477) (1,435) (1,706)
Net decrease in cash and cash equivalents (922) (2,781) (4,368)
Cash and cash equivalents at beginning of period 7,602 12,480 12,480
Effect of exchange rate difference (655) 29 (510)
-------------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at end of period 6,025 9,728 7,602
-------------------------------------------------- ---------- ---------- ---------
Notes to the financial statements
1. Business information and going concern basis of preparation
In common with many exploration and development companies in the mining sector, the Company raises funding in phases as its projects develop.
Following completion of the Feasibility Study in April 2014, modified to a staged development basis under the terms of the Supplemental Agreement announced on 13 September 2013, the consideration for the Call Option whereby Glencore owns 50% plus one share shareholding in the project, is now satisfied. The Mining Licence was granted in August 2014 and a Mining Convention was signed with the Government of the Republic of Congo. This has now been ratified by the Republic of Congo and adopted as law. Under the 2016 funding agreement entered into by the Company and Glencore, the Company's funding obligations for the 2016 work programme and budget are for a sum of US$0.7m, plus a percentage share of discretionary costs. Such share for the Company would be US$0.4m if all the discretionary costs were approved jointly by the Company and Glencore. On current projections, it is estimated that the cash amounts payable by the Company to Jumelles during 2016 will be between approximately US$0.4m and US$0.6m. As regards ZIOC's corporate costs for the 2016 financial year, it is estimated that such costs will be of the order of US$1.1m and US$1.3m. The directors have a reasonable expectation that the Company has adequate financial resources to continue in operational existence for the foreseeable future. For these reasons, the financial statements of the Company have been prepared on a going concern basis.
2. Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
3. Basis of preparation
The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
In accordance with the AIM Rules for Companies, the condensed set of financial statements has been prepared in applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2015. The comparative figures for the financial year ended 31 December 2015 are not the Company's statutory accounts for that financial year. The 2015 accounts have been reported on by the Company's auditors. The report of the auditors was (i) unqualified and (ii) did not include a reference to any matter to which the auditors drew attention by way of emphasis without qualifying their report.
Up until 30 April 2014, the company accounted for 100% of the Jumelles group Comprehensive Income. From May 2014, as a result of completion of the Feasibility Study (note 1 above) and thus consideration to complete the Call Option, the Company has accounted for 50% less one share shareholding portion of that Comprehensive Income.
4. Segmental reporting
The Company has one operating segment, being its investment in the Zanaga Project, held through Jumelles. Financial information regarding this segment is provided in note 6.
5. Taxation
The Company is exempt from most forms of taxation in the British Virgin Islands ("BVI"), provided the Company does not trade in the BVI and does not have any employees working in the BVI. All dividends, interest, rents, royalties and other expense amounts paid by the Company, and capital gains realised with respect to any shares, debt obligations or other securities of the Company, are exempt from taxation in the BVI.
The tax charge in the period relates to the Company's subsidiary Zanaga UK Services Limited.
30 June 2016 30 June 2015 31 December 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
--------------------------------------------------------------- ------------ ------------ ----------------
Recognised in other comprehensive income:
Current year (6) (11) (25)
Reconciliation of effective tax rate
(Loss)/Gain before tax (2,305) (3,951) (17,583)
Income tax using the BVI corporation tax rate of 0% (2015: 0%) - - -
Effect of tax rate in foreign jurisdictions (6) (11) (25)
--------------------------------------------------------------- ------------ ------------ ----------------
(6) (11) (25)
--------------------------------------------------------------- ------------ ------------ ----------------
The effective tax rate for the Group is 0.26% (December 2015: 0.17%).
6. Investment in associate
US$000
---------------------------- --------
Balance at 1 January 2015 50,000
Additions 1,450
Share of comprehensive loss (3,023)
---------------------------- --------
Balance at 30 June 2015 48,427
---------------------------- --------
Additions 282
Share of comprehensive loss (10,900)
Balance at 31 December 2015 37,809
---------------------------- --------
Additions 488
Share of comprehensive loss (152)
---------------------------- --------
Balance at 30 June 2016 38,145
---------------------------- --------
From 30 April 2014, the investment represents a 50% less one share shareholding (previously 100%) in Jumelles for 2,000,000 shares of 4,000,001 total shares in issue.
On 11 February 2011, Xstrata Projects (now renamed Glencore Projects) exercised the Xstrata Call Option and from that date owns 50% plus one share of Jumelles and Jumelles is controlled at both a shareholder and director level by Glencore Projects. However, as the shares issued on exercise of the option were not considered to vest until provision of the services relating to the Preliminary Feasibility Study and the Feasibility Study had been completed, the Group continued to account for a 100% interest in Jumelles until the Feasibility Study was completed in April 2014. From May 2014 the Group has accounted for the reduction of its interest in Jumelles. The Group's interest remains accounted for as an associate using the equity method of accounting.
The Group financial statements account for the Glencore Projects transaction as an in-substance equity-settled share-based payment for the provision of services by Glencore Projects to Jumelles in relation to the Preliminary Feasibility Study and the Feasibility Study. These services largely were provided through third party contractors and were measured at the cost of the services provided.
As at 30 June 2016, Jumelles had aggregated assets of US$82.9m (June 2015: US$106.1m) and aggregated liabilities of US$1.3m (June 2015: US$3.4m). For the 6 months ended 30 June 2016, Jumelles incurred no taxation charge (June 2015: US$nil). A summarised consolidated balance sheet of Jumelles for the 6 months ended 30 June 2016, including adjustments made for equity accounting, is included below:
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
US$000 US$000 US$000
---------------------------------------- ---------- ---------- ------------
Non-current assets
Property, plant and equipment 2,053 3,238 2,968
Exploration and other evaluation assets 80,000 100,000 100,000
Impairment of exploration asset - - (20,000)
---------------------------------------- ---------- ---------- ------------
Total non-current assets 82,053 103,238 82,968
---------------------------------------- ---------- ---------- ------------
Current assets 859 2,849 1,126
Current liabilities (1,326) (3,418) (2,954)
---------------------------------------- ---------- ---------- ------------
Net current liabilities (467) (569) (1,828)
---------------------------------------- ---------- ---------- ------------
Net assets 81,586 102,669 81,140
---------------------------------------- ---------- ---------- ------------
Share capital 336,011 334,992 335,261
Share option reserve - - -
Translation reserve (3,280) (6,827) (4,741)
Retained earnings (251,145) (225,496) (249,380)
---------------------------------------- ---------- ---------- ------------
81,586 102,669 81,140
---------------------------------------- ---------- ---------- ------------
30 June 30 June
2016 2015 31 December 2015
Unaudited Unaudited Audited
7. Earnings per share US$000 US$000 US$000
----------------------------------------------------------- ---------- ---------- ----------------
(Loss)/Gain (Basic and diluted) (US$000) (1,603) (3,962) (17,608)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 278,777 278,777 278,777
Effect of shares issued - - -
Effect of share repurchase - - -
Effect of own shares (3,842) (3,842) (3,842)
Effect of share split - - -
----------------------------------------------------------- ---------- ---------- ----------------
Weighted average number of shares at end of period - basic 274,935 274,935 274,935
----------------------------------------------------------- ---------- ---------- ----------------
(Loss)/Earnings per share (Cents)
Basic (0.5) (1.4) (6.4)
Diluted (0.5) (1.4) (6.4)
----------------------------------------------------------- ---------- ---------- ----------------
8. Related parties
The following transactions occurred with related parties during the period:
Transactions for the period Closing balance
---------- ----------------------------- ----------- -----------------------
30 June 30 June 31 December 30 June 30 June 31 December
2016 2015 2015 2016 2015 2015
Unaudited Unaudited Audited Unaudited Unaudited Audited
US$000 US$000 US$000 US$000 US$000 US$000
------------------------------ ---------- ------------- -------------- ----------- ---------- -----------
Intercompany Jumelles Limited (343) 3 5 10 41 353
Funding:
To Jumelles Limited 488 1,450 1,732 - - -
------------------------------ ---------- ------------- -------------- ----------- ---------- -----------
----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKFDQCBKDCCB
(END) Dow Jones Newswires
September 29, 2016 02:01 ET (06:01 GMT)
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