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AMED Amedeo Res

3.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Amedeo Res LSE:AMED London Ordinary Share GB00BZ0XVY42 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.50 2.00 5.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Amedeo Resources PLC Half-year Report (8541B)

25/09/2018 10:30am

UK Regulatory


Amedeo Res (LSE:AMED)
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TIDMAMED

RNS Number : 8541B

Amedeo Resources PLC

25 September 2018

25 September 2018

Amedeo Resources PLC

("Amedeo" or the "Company")

Interim Results for the six months ended 30 June 2018

Investments

During the period under review, Jiangsu Yangzijiang Offshore Engineering Co. Ltd ("YZJ Offshore") continued to market its first completed rig, a Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig and continued to seek new orders. The market, however, remained soft and the rig was not sold, nor were new orders obtained.

YZJ Offshore, however, continues to execute work related to hatches for LNG tankers. It has reduced its workforce to keep down costs. For the period under review, Amedeo's share of YZJ Offshore's losses was US$134,000.

MGR Resources Pte ("MGR") increased its activities iron ore market and these resulted in Amedeo's share of the profit amounting to US$55,000.

Amedeo continues to hold its 2.5% stake in Ganjine Kani Company. In light of the current political situation, the investment is under review.

Financial Review

Revenue is comprised of various business services, invoiced in GBP, which Amedeo provides to MGR. During the six months, revenue was US$55,000 (2017: US$54,000), with the variance being entirely due to currency fluctuations. Administrative costs decreased by 12% to US$277,000 (2017: US$315,000).

During the six months, share-based payments expenses were US$nil as all share warrants had vested in full during the year ended 31 December 2017 (2017: US$63,000).

Amedeo's share of losses in associates was US$79,000 (2017: loss of US$502,000). This was made up of a loss of US$134,000 (2017: loss of US$410,000) due to YZK Offshore and a profit of US$55,000 (2017: loss of US$92,000) due to MGR.

Foreign exchange gain amounts to US$nil (2017: US$22,000). This is a non-cash item.

Finance income decreased to US$63,000 (2017: US$87,000) due to a reduction of the interest charged, as loans were repaid to Amedeo from MGR.

Overall loss on ordinary activities before taxation significantly decreased to US$238,000 (2017: loss of US$717,000). Basic and fully diluted loss per share for the period was US$0.73c (2017: US$2.20).

Foreign exchange translation differences due to Amedeo's indirect investment in YZJ Offshore were a gain of US$26,000 (2017: loss of US$14,000). Overall total comprehensive loss for the period was US$212,000 (2017: loss of US$731,000).

At the period end, the carrying value on the balance sheet of investments in associates increased to US$15,215,000 (2017: US$13,869,000), with the increase being due to the share of profit of associates in the second half of last year.

Current assets fell to US$3,299,000 (2017: US$3,495,000). Cash at 30 June 2018 was US$2,817,000 (2017: US$1,033,000), due to the net repayment of loans from MGR: during the period, MGR repaid a loan of US$2,200,000 to Amedeo and then, during the period, borrowed US$250,000.

Trade and other payables increased to US$202,000 (2017: US$117,000) mainly due to accrued expenses not settled before this period end.

Overall, at the period end, net and total assets were US$18,812,000 (2017: US$17,747,000) and US$19,014,000 (2017: US$17,864,000), respectively.

Outlook

Despite the current difficulties in both the marine vessels market and the and commodity markets, Amedeo is well resourced and remains focused on long term strategy of building a vertically integrated business in the resource and energy and related infrastructure sectors.

**S**

Enquiries:

 
Glen Lau                       Steve Douglas / Ciaran Walsh / Ruari McGirr 
 Chief Executive Officer        Nominated Adviser & Broker 
 Amedeo Resources PLC           Arden Partner plc 
 Tel office: +44 20 7583 8304   Tel office: +44 20 7614 5900 
 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Notes

Amedeo Resources PLC is an investment company whose policy is to invest principally, but not exclusively, in the resources and resources infrastructure and asset sectors. Amedeo has a deep and broad global network and wide contact base in these sectors, including in East and South East Asia and the Middle East which it leverages to source and make investments. These sectors are strategically important. Amedeo is a proactive investor which assists its investee companies to grow by providing investment, expertise and contacts.

AMEDEO RESOURCES PLC

Consolidated unaudited statement of comprehensive income

for the six months ended 30 June 2018

 
 
                                                       Unaudited     Unaudited           Audited 
                                              Note      6 months      6 months         12 months 
                                                           ended         ended    ended 31.12.17 
                                                         30.6.18       30.6.17           US$'000 
                                                         US$'000       US$'000 
 Revenue                                                      55            54               110 
 Cost of sales                                                 -             -                 - 
                                                          ______        ______            ______ 
 Gross profit                                                 55            54               110 
 
 Administrative expenses                                   (277)         (315)             (625) 
 Share based payments                                          -          (63)               (1) 
 Share of (loss)/ profits of associates        2            (79)         (502)                41 
 Foreign exchange gain                                         -            22                54 
                                                            ____          ____              ____ 
 Loss from operations                                      (301)         (804)             (421) 
 
 Finance income                                               63            87               188 
                                                          ______        ______            ______ 
 Loss on ordinary activities before 
  taxation                                     3           (238)         (717)             (233) 
 
 Taxation                                                      -             -                 - 
                                                          ______        ______            ______ 
 Loss for the period                                       (238)         (717)             (233) 
 Other comprehensive income 
 Foreign exchange gain/(loss) translation 
  difference                                                  26          (14)               841 
                                                          ______        ______            ______ 
 Total comprehensive (loss)/profit 
  for the period                                           (212)         (731)               608 
                                                          ______        ______            ______ 
 Basic and fully diluted loss per 
  share (US$ cents)                            3         (0.73c)       (2.20c)           (0.71c) 
 

AMEDEO RESOURCES PLC

Consolidated unaudited statement of financial position

As at 30 June 2018

 
 
                                      Unaudited     Unaudited     Audited 
                                          As at         As at       As at 
                                        30.6.18       30.6.17    31.12.17 
                                        US$'000       US$'000     US$'000 
 Assets: 
 Non-current assets 
 Investment in associates                15,215        13,869      15,268 
 Financial asset                            500           500         500 
                                          _____         _____       _____ 
                                         15,715        14,369      15,768 
 Current assets 
 Loans receivable                           250         2,200       2,200 
 Other receivables                          232           262         296 
 Cash and cash equivalents                2,817         1,033         915 
                                          _____         _____       _____ 
                                          3,299         3,495       3,411 
 
                                          _____         _____       _____ 
 Total assets                            19,014        17,864      19,179 
 
 Liabilities: 
 Current liabilities 
 Trade and other payables                 (202)         (117)       (155) 
                                          _____         _____       _____ 
 Total liabilities                        (202)         (117)       (155) 
 
                                          _____         _____       _____ 
 Net assets                              18,812        17,747      19,024 
 
 
   Capital and reserves 
 Called up equity share capital           5,804         5,804       5,804 
 Share premium account                   29,103        29,103      29,103 
 Share-based payment reserve                704           766         704 
 Foreign exchange reserve                   402         (479)         376 
 Accumulated losses                    (17,201)      (17,447)    (16,963) 
                                          _____         _____       _____ 
 Total equity                            18,812        17,747      19,024 
 

AMEDEO RESOURCES PLC

Consolidated unaudited cash flow statement

for the six months ended 30 June 2018

 
 
                                                      Unaudited        Unaudited     Audited 
                                                       6 months         6 months   12 months 
                                                  ended 30.6.18    ended 30.6.17       ended 
                                                        US$'000          US$'000    31.12.17 
                                                                                     US$'000 
 Reconciliation of operating profit 
  to net cash flow from operating activities 
 Loss for the period before tax                           (238)            (717)       (233) 
 Adjustments for: 
 Share based payments                                         -               63           1 
 Share of loss of associates                                 79              502        (41) 
 Finance income                                            (63)             (87)       (188) 
                                                           ____             ____        ____ 
                                                          (222)            (239)       (461) 
 Changes in working capital: 
 Decrease/(increase) in receivables                          64             (38)        (74) 
 Increase in payables                                        47               13          52 
                                                           ____             ____        ____ 
 Net cash flows used from operating 
  activities                                              (111)            (264)       (483) 
 
 Investing activities 
 Investment in financial asset                                -            (500)       (500) 
 Loans made to associate                                  (250)          (1,800)       (800) 
 Loans repaid by associate                                2,200            1,000           - 
                                                          _____            _____       _____ 
 Net cash from/(used in) investing 
  activities                                              1,950          (1,300)     (1,300) 
 
 Financing activities 
 Finance income                                              63               87         188 
                                                          _____            _____      ______ 
   Net cash from financing activities                        63               87         188 
 
 Net increase/(decrease) in cash and 
  equivalents                                             1,902          (1,477)     (1,595) 
 Cash and equivalents at beginning 
  of period                                                 915            2,510       2,510 
 Cash and equivalents at end of period                    2,817            1,033         915 
 

NOTES TO THE INTERIM ACCOUNTS

1. Basis of preparation

The accounting policies adopted are consistent with those of the previous financial year ended 31 December 2017.

This interim consolidated financial information for the six months ended 30 June 2018 has been prepared in accordance with AIM rule 18, 'Half yearly reports and accounts'. This interim consolidated financial information is not the group's statutory financial statements within the meaning of section 434 of the Companies Act 2006 (and information as required by section 435 of the Companies Act 2006) and should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The interim consolidated financial information for the six months ended 30 June 2018 is unaudited. In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period. Comparative numbers for the six months ended 30 June 2017 are also unaudited.

This interim consolidated financial information is presented in US Dollars ($), rounded to the nearest US$'000 dollar.

2. Share of loss of associates

 
                                        6 months         6 months         12 months 
                                   ended 30.6.18    ended 30.6.17    ended 31.12.17 
                                         US$'000          US$'000           US$'000 
 
 Share of (loss)/profit of YZJ 
  JV                                       (134)            (410)               131 
 Share of profit/(loss) of MGR                55             (92)              (90) 
                                            ____             ____              ____ 
                                            (79)            (502)                41 
 

The Company holds a 47.5% stake in YZJ JV and a 49.0% stake in MGR. YZJ JV reported an unaudited loss for the 6 months to 30 June 2018 of US$283,000 (2017: loss of US$864,000) and US$134,000 (2017: loss of US$410,000) represents Amedeo's share of YZJ Offshore's loss.

MGR reported a profit of US$113,000 for the period to 30 June 2018 (2017: loss of US$187,000), of which US$55,000 (2017: loss of US$92,000) represents Amedeo's share of MGR's profit.

3. Loss per share

The basic and diluted loss per share for the period ended 30 June 2018 was 0.73c (2017: 2.20c). The calculation of loss per share is based on the loss of US$238,000 for the period ended 30 June 2018 (2017: loss of US$717,000) and the weighted average number of shares in issue during the period for calculating the basic loss per share of 32,653,843 shares (2017: 32,653,843).

4. Preparation of interim report

This report was approved by the Directors on 25 September 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR GCGDCRDDBGIU

(END) Dow Jones Newswires

September 25, 2018 05:30 ET (09:30 GMT)

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