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| Name | Symbol | Market | Type |
|---|---|---|---|
| Enterprise Products Partners LP | NYSE:EPD | NYSE | Trust |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.57 | 1.87% | 31.10 | 31.04 | 30.45 | 30.475 | 5,791,313 | 00:26:19 |
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RNS Number:1814S
European Diamonds PLC
18 November 2003
EUROPEAN DIAMONDS PLC
PRESS RELEASE
Preliminary results for the year ended 30 June 2003
18 November 2003
The Company is pleased to present its preliminary results for the year ended 30
June 2003.
The consolidated net loss after taxation of the Group in respect of the year
ended 30 June 2003 amounted to #623,000 (loss per share 3.5p) compared to the
consolidated net loss after taxation for 2002 of #609,000 (loss per share 3.7p).
The Group's only source of income during the year arose from bank deposit
interest, which amounted to #29,000 (2002: #39,000). The reduction in this
income for the year, as compared to 2002, reflects the lower level of cash
balances held by the Group throughout much of the year.
The net assets of the Group amounted to approximately #5.4 million as at the
year end (2002: #4.3 million), which include intangible assets amounting to
approximately #4.8 million (2002: #2.9 million). Intangible assets relate to
accumulated deferred exploration and evaluation costs in respect of the Group's
mineral properties in Finland. The Group has adopted an accounting policy
whereby these costs are capitalised pending determination of the feasibility of
the project to which they relate.
In March 2003, the Company completed a private placement of 2 million ordinary
shares with institutional investors, at a price of 75p per share, to which 1
million free warrants were attached. The warrants are exercisable up to March
2004 at a subscription price of 115p per share. The placement raised
approximately #1.4 million, net of expenses. The Company has recently completed
a further private placement of 1.5 million ordinary shares with institutional
and other investors, at a price of 70p per share, to which 750,000 free warrants
were attached. These warrants are exercisable up to October 2004 at a
subscription price of 80p per share. The placement raised approximately #1.05
million to finance the Company's diamond exploration activities as well as
general overheads.
As the Company does not generate any trading revenues it is reliant upon equity
finance to fund its exploration activities. In common with many exploration
companies, the Company raises finance in discrete tranches to fund its
exploration and evaluation programmes over limited periods. We currently believe
that the Company has sufficient financial resources to fund, for the next 12
months, its exploration activities in Finland and general overhead costs.
However, further funding will be required in due course for the Company's
operations and those of MineGem, save in respect of the Satellite Pipe Project
for which a credit facility has been arranged.
Outlook
The future of the Company will continue to depend on the results of our efforts
to develop our projects as well as on our ability to continue to raise finance
when needed. However, the potential in both Finland and Lesotho is, in our
opinion, exceptional.
We believe that in Finland we have some of the best geological real estate for
diamonds that remains in the world, in a diamond province in North West Europe
proven to contain world class diamond deposits. Our exploration will continue
apace and we remain confident of eventual success.
The acquisition of MineGem Inc has provided us with a significant opportunity to
create a mid-tier diamond company owning near term production potential
approaching 200,000 carats annually, with further potential, in a few years
time, to expand towards 1 million carats annually.
The coming year will, without doubt, provide us with new challenges as we move
forward. However, we believe that the expanded group provides our shareholders,
including former MineGem shareholders, with the prospect of participating in an
exciting growth story in the diamond sector.
Finally, we would like to extend our thanks to our shareholders, employees and
everyone else who has worked with us, for their continued support and efforts.
Operations up-date at Annual General Meeting
It is planned to give an up-date on the Company's operations at the Annual
General Meeting which will be held at Home House, 20 Portman Square, London W1H
6LN on Thursday, 11 December 2003 at 11.00am
European Diamonds PLC is listed on the Alternative Investment Market (AIM) in
London and its shares trade under the symbol EPD.
On behalf of the Board
R.G.S.Spencer A.J.Williams
Chief Executive Officer Chairman
For further information please contact
Alex Chapman - Investor Relations
or
Graham A Potts - Secretary
European Diamonds PLC
22 Grosvenor Square
London, W1K 6LF
Tel: +44 (0) 20 7529 7502
Fax: +44 (0) 20 7491 2244
e-mail: enquiries@europeandiamondsplc.com
website: www.europeandiamondsplc.com
PRELIMINARY STATEMENT
This preliminary statement was approved by the Board of Directors on 17 November
2003 and has been agreed by the auditors. It does not constitute statutory
accounts within the meaning of section 240 of the Companies act 1985. The
statutory accounts will be sent to shareholders shortly and will be filed
following the Company's Annual General Meeting. The Auditors have reported on
these accounts; their report is unqualified and does not contain statements
under section 237(2) or (3) of the Companies Act 1985.
CONSOLIDATED PROFIT AND LOSS ACCOUNTS
Year Year
Ended Ended
30 June 30 June
2003 2002
#'000 #'000
Turnover - -
Cost of sales - -
-------- --------
Gross profit - -
Administrative expenses 652 648
-------- --------
Operating loss (652) (648)
Interest receivable and similar income 29 39
-------- --------
Loss on ordinary activities before taxation (623) (609)
Tax on loss on ordinary activities - -
-------- --------
Loss for the year after taxation (623) (609)
-------- --------
Loss per share
- undiluted 3.5p 3.7p
-------- --------
All amounts reflected above relate to continuing operations.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
2003 2002
#'000 #'000
Loss for the year (623) (609)
Exchange gain on re-translation of net assets of
subsidiary undertaking 290 141
--------- --------
Total recognised loss for the year (333) (468)
--------- --------
BALANCE SHEETS
Group Company
As at As at As at As at
30 June 30 June 30 June 30 June
2003 2002 2003 2002
#'000 #'000 #'000 #'000
Fixed assets
Tangible assets 8 10 5 6
Intangible assets 4,779 2,935 8 38
Investments - - 4,826 3,158
------- -------- --------- --------
4,787 2,945 4,839 3,202
------- -------- --------- --------
Current assets
Debtors and prepayments 210 117 442 96
Cash at bank and short term 838 1,644 267 1,186
deposits ------- -------- --------- --------
1,048 1,761 709 1,282
Creditors
Amounts falling due within one 293 156 123 43
year ------- -------- --------- --------
Net current assets 755 1,605 586 1,239
------- -------- --------- --------
Total assets less current 5,542 4,550 5,425 4,441
liabilities
Provision for liabilities and 5 107 5 107
charges
Deferred income 117 109 - -
------- -------- --------- --------
Net assets 5,420 4,334 5,420 4,334
------- -------- --------- --------
Capital and reserves
Called up share capital 961 861 961 861
Share premium account 5,687 4,368 5,687 4,368
Merger reserve 28 28 - -
Profit and loss account (1,256) (923) (1,228) (895)
------- -------- --------- --------
Equity shareholders' funds 5,420 4,334 5,420 4,334
------- -------- --------- --------
CONSOLIDATED CASH FLOW STATEMENTS
Year Year
ended ended
30 June 30 June
2003 2002
#'000 #'000
Net cash outflow from operating activities (712) (822)
Returns on investment and servicing of finance 29 39
Capital expenditure and financial investment (1,639) (1,365)
-------- --------
Net cash outflow before management of liquid resources and
financing (2,322) (2,148)
Management of liquid resources 1,051 649
Financing 1,419 1,738
-------- --------
Increase in cash during the year 148 239
-------- --------
NATURE OF OPERATIONS AND GOING CONCERN
The Company is in an early stage of development, it has limited cash resources,
it does not generate any significant revenues and its success will depend
largely upon the outcome of its exploration and evaluation programmes.
In common with many exploration companies, the Company raises finance in
discrete tranches to fund, for limited periods only, its exploration and
evaluation activities. Additional funding is sought as and when required.
In October 2003 the Company completed a private placing of 1.5 million ordinary
shares at 70p per share to raise #1.05 million. The Directors currently believe
that the Company has sufficient finance to fund the planned exploration and
evaluation activities in Finland and its general operating overheads for the
next 12 months.
In November 2003 the Company announced that its offer for MineGem Inc
("MineGem") had been accepted by the holders of 93.2% of MineGem's common
shares. The offer was declared unconditional and the Company has exercised its
rights to acquire the balance of MineGem's common shares by way of compulsory
acquisition. The Company has entered into a Commitment Letter for a US$10
million financing facility for the development of MineGem's Satellite Pipe
project.
The Company will require, in due course, additional finance for its operations.
In the event that the Company is unable to raise further finance for its
operations the Company may not be able to continue as a going concern. The
consolidated financial statements do not include any adjustments that would
result from the Company or any of its subsidiary undertakings, ceasing to
operate as a going concern.
ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements have been prepared under the historical
cost convention and in accordance with applicable accounting standards.
Basis of consolidation and accounting for goodwill
The Group accounts consolidate the accounts of European Diamonds PLC and all its
subsidiary undertakings.
The acquisition by the Company of European Diamonds Limited in December 2000 was
accounted for in accordance with the principles of merger accounting set out in
FRS 6 on "Acquisitions and Mergers". Accordingly, the consolidated financial
statements include the results of the Company since incorporation on 15 November
2000 and are presented as if European Diamonds Limited had been controlled by
the Company throughout the period from its incorporation.
In the Company's Balance Sheet, the investment in European Diamonds Limited
includes the nominal value of the shares issued as consideration for the
acquisition of that company. As permitted by sections 131 and 133 of the
Companies Act 1985, no premium was recorded on the issue of such shares. On
consolidation, the difference between the nominal value of the shares issued and
received was debited directly to the merger reserve.
The acquisition method of accounting is adopted where relevant conditions are
fulfilled. Goodwill arising on consolidation is capitalised and shown within
fixed assets. Amortisation of goodwill arising from this acquisition is to be
deferred until production occurs, when it will be charged over the expected
production period of the project. Where a project is abandoned or is determined
to not be economically viable, the goodwill is written off.
Deferred exploration and evaluation costs
These comprise costs directly incurred in exploration and evaluation as well as
the cost of mineral licences. They are capitalised as intangible assets pending
determination of the feasibility of the project. When the existence of
economically recoverable reserves is established the related intangible assets
are transferred to tangible fixed assets and the exploration and evaluation
costs are amortised on a depletion percentage basis. Where a project is
abandoned or is determined to not be economically viable, the related costs are
written off.
The recoverability of deferred exploration and evaluation costs is dependent
upon a number of factors common to the natural resource sector. These include
the extent to which the Company can establish economically recoverable reserves
on its properties, the ability of the Company to obtain necessary financing to
complete the development of such reserves and future profitable production or
proceeds from the disposition thereof.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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