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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bisichi Plc | LSE:BISI | London | Ordinary Share | GB0001012045 | 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% | 90.00 | 85.00 | 95.00 | 90.00 | 90.00 | 90.00 | 5,489 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 95.11M | 17.61M | 1.6496 | 0.55 | 9.61M |
TIDMBISI 24 August 2018 BISICHI MINING PLC Interim Results for the period ended 30 June 2018 For the six months ending 30th June 2018: * EBITDA [1]: GBP5.2 million (2017: GBP1.4million) * Adjusted EBITDA [2]: GBP5.3million (2017: GBP1.4million) * Profit before tax GBP4.0million (2017: GBP0.2million) * EPS (basic): 22.25p (2017: 2.37p) * Total production: 670,000 tonnes (2017: 582,000 tonnes) * Results reflect the stable production and the infrastructure improvements to the coal washing plant at Black Wattle. * Physical demand for Black Wattle coal remains strong, impacting positively on prices achievable for its coal in the international and domestic market. * UK property portfolio performing well with no further news to report on West Ealing development. For further information, please call: Andrew Heller/Garrett Casey Bisichi Mining PLC 020 7415 5030 [1] Earnings before Interest, taxation, depreciation and amortisation. [2] Operating profit before depreciation, fair value adjustments and exchange movements. Bisichi Mining PLC Half year review - 30 June 2018 We are very pleased to report that for the six month period ending on 30 June 2018, Bisichi Mining PLC achieved earnings before interest, tax, depreciation and amortisation of GBP5.2million (2017: GBP1.4 million). During the first half of 2018, Black Wattle continued to benefit from the infrastructure improvements to the coal washing plant that were reported to shareholders in 2017. These improvements have enabled Black Wattle to deliver a higher rate of production from our opencast areas and achieve an increased overall yield compared to the first half of 2017. The mine's total production was 670,000 metric tonnes (2017: 582,000 metric tonnes) during the period reported. In terms of markets, a shortage of coal in the domestic market and a strong demand for coal in the international market have continued to impact positively on the prices achievable for our coal during the period. At the end of June 2018 the average weekly price of Free on Board (FOB) Coal from Richard Bay Coal Terminal (API4 price) reached levels of over US$105 per metric tonne, compared to US$95 at the end of 2017 and US$85 at the beginning of 2017. The higher coal prices, along with a stable Rand and improved production attributed to the increase in Group revenue compared to the same period last year. Looking forward to the rest of this year, management will continue to focus on increasing our life of mine at Black Wattle, through the acquisition of additional coal reserves, as well as maintaining levels of production in order to benefit from the higher prices achievable for our coal. In other news, and as reported to shareholders earlier this year, the Group has formed a joint venture to acquire the freehold of five shops and to develop flats in West Ealing, London. Bisichi and London & Associated Properties PLC, a 41.52% shareholder of Bisichi, each own 45% of the joint venture, with the remaining 10% owned by Metroprop Real Estate Ltd. The joint venture includes shops that produce a current rent of cGBP140,000 per annum and has planning consent for 20 flats at first and second floor which will be eligible for the UK Government Help to Buy Scheme. At present the Group has no further news to report on this exciting real estate transaction, however we look forward to updating shareholders as the development progresses. Finally, the Company's current UK retail property portfolio, which is managed by London & Associated Properties, continues to perform well with the group achieving revenue from our directly owned property portfolio of GBP0.55million (2017: GBP0.56million) during the period. Your directors intend to pay an interim dividend of 1p per share which will be paid on the 8 February 2019, to shareholders on the register at the close of business on 4 January 2019. On behalf of the Board we would like to thank all our staff for their hard work during the first six months of the year. Sir Michael Heller Andrew Heller Chairman Managing Director 23 August 2018 Bisichi Mining PLC Consolidated income statement For the six months ended 30 June 2018 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2018 2017 2017 Notes GBP000 GBP000 GBP000 Group revenue 1 23,407 16,732 37,459 Operating costs (19,218) (16,283) (33,686) Operating profit/(loss) on trading 4,189 449 activities 3,773 Increase in value of investment properties - - (13) (Loss)/Gain on investments held at fair (29) - 3 value Operating profit 1 4,160 449 3,763 Write off of investment in joint - - (1,827) venture Share of profit/(loss) in joint 8 ventures 4 8 Profit before interest and 4,160 453 1,944 taxation Interest receivable 80 127 205 Interest payable (283) (337) (664) Profit/(Loss) before taxation 1 3,965 243 1,485 Income tax 2 (1,201) (18) (564) Profit/(Loss) for the period 2,764 225 921 Attributable to: Equity holders of the company 2,376 253 749 Non-controlling interest 388 (28) 172 Profit/(Loss) for the period 2,764 225 921 Earnings/(Loss) per share - basic 3 22.25p 2.37p 7.02p Earnings/(Loss) per share - 3 21.73p 2.37p 7.02p diluted Bisichi Mining PLC Consolidated statement of comprehensive income For the six months ended 30 June 2018 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Profit/(Loss) for the period 2,764 225 921 Other comprehensive income: Exchange differences on translation of foreign 7 91 operations (226) Gain on available for sale investments - 28 103 Taxation - (3) (20) Other comprehensive income for the period, net of (226) 32 174 tax Total comprehensive income for the period 2,538 257 1,095 Attributable to: Equity shareholders 2,191 285 912 Non-controlling interest 347 183 (28) Total comprehensive income for the period 2,538 257 1,095 Bisichi Mining PLC Consolidated Balance Sheet as at 30 June 2018 Unaudited Unaudited Audited 30 June 30 June 31 December 2018 2017 2017 Assets GBP000 GBP000 GBP000 Non-current-assets
Value of investment properties 13,260 13,265 13,245 Fair value of head leases 152 181 152 Investment property 13,412 13,446 13,397 Reserves, plant and equipment 7,972 8,819 8,613 Investments in joint ventures 883 1,326 874 Loan to joint venture - 1,398 - Other investments available for sale - 46 51 Other investments at fair value through profit 32 - - and loss ("FVPL") Total non-current assets 22,299 25,035 22,935 Current assets Inventories 985 842 828 Trade and other receivables 7,748 6,163 6,417 Investments in listed securities held at FVPL 1,032 779 1,050 (previously classified as Available for sale investments) Cash and cash equivalents 6,600 2,414 5,327 Total current assets 16,365 10,198 13,622 Total assets 38,664 35,233 36,557 Liabilities Current liabilities Borrowings (1,783) (806) (1,288) Trade and other payables (7,667) (7,963) (7,381) Current tax liabilities (273) (113) (356) Total current liabilities (9,723) (8,882) (9,025) Non-current liabilities Borrowings (5,928) (5,887) (5,872) Provision for rehabilitation (1,276) (1,283) (1,349) Finance lease liabilities (152) (181) (152) Deferred tax liabilities (2,298) (2,164) (2,485) Total non-current liabilities (9,654) (9,515) (9,858) Total liabilities (19,377) (18,397) (18,883) Net assets 19,287 16,836 17,674 Equity Share capital 1,068 1,068 1,068 Share premium 258 258 258 Translation reserve (1,856) (1,744) (1,671) Available for sale reserves - 85 143 Other reserves 722 683 683 Retained earnings 18,646 16,165 16,661 Total equity attributable to equity 18,838 16,515 17,142 shareholders Non-controlling interest 449 321 532 Total equity 19,287 16,836 17,674 Bisichi Mining PLC Consolidated Cash Flow Statement For the six months ended 30 June 2018 Unaudited Unaudited Audited 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Cash flows from operating activities Operating profit 4,160 449 3,763 Depreciation 1,077 956 1,790 Unrealised (gain)/loss on investments 37 - (3) Unrealised gain on investment properties - - 13 Share based payment expense 39 - - Exchange adjustments 63 28 256 Movement in working capital (1,870) 2,630 1,884 Net interest paid (203) (162) (422) Income tax (paid)/received (1,328) 23 (11) Cash flow from operating activities 1,975 3,924 7,270 Cash flows from investing activities (1,143) (1,258) (1,936) Cash flows from financing activities (47) (154) (429) Net increase/(decrease) in cash and cash 785 2,512 4,905 equivalents Cash and cash equivalents at 1 January 4,065 (890) (890) Exchange adjustment (11) (2) 50 Cash and cash equivalents at end of period 4,839 1,620 4,065 Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: 6,600 2,414 5,327 Cash and cash equivalents Bank overdrafts (1,761) (794) (1,262) Cash and cash equivalents at end of period 4,839 1,620 4,065 Bisichi Mining PLC Consolidated statement of changes in shareholders' equity For the six months ended 30 June 2018 Share Share Translation Available Other Retained Non- Total for sale controlling capital premium reserve reserves reserves earnings Total Interest Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 1,068 258 (1,751) 60 683 16,339 16,657 349 17,006 January 2017 Profit for the - - - - - 253 253 (28) 225 period Other comprehensive - - 7 25 - - 32 - 32 income and expense Total - - 7 25 - 253 285 (28) 257 comprehensive income for the period Dividend - - - - - (427) (427) - (427) Equity share - - - - - - - - - options Balance at 30 June 1,068 258 (1,744) 85 683 16,165 16,515 321 16,836 2017 Balance as at 1 1,068 258 (1,751) 60 683 16,339 16,657 349 17,006 January 2017 Revaluation of - - - - - (1,808) (1,808) - (1,808) investment properties and impairments Other income - - - - - 2,557 2,557 172 2,729 statement movements Profit for the year - - - - - 749 749 172 921 Other comprehensive - - 80 83 - - 163 11 174 income and expense Total - - 80 83 - 749 912 183 1,095 comprehensive income for the year Dividend - - - - - (427) (427) - (427) Equity share - - - - - - - - - options Balance at 31 1,068 258 (1,671) 143 683 16,661 17,142 532 17,674 December 2017 IFRS 9 - - - (143) - 143 - - - Reclassification Balance at 1 1,068 258 (1,671) - 683 18,804 17,142 532 17,674 January 2018 Profit for the year - - - - - 2,376 2,376 388 2,764 Other comprehensive - - (185) - - - (185) (41) (226) income and expense Total - - (185) - - 2,376 2,191 347 2,538 comprehensive income for the period Dividend - - - - - (534) (534) (430) (964) Equity share - - - - 39 - 39 - 39 options Balance at 30 June 1,068 258 (1,856) - 722 18,646 18,838 449 19,287 2018 ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS: The results for the six months ended 30 June 2018 have been prepared in
accordance with International Financial Reporting Standards (IFRS). The principal accounting policies applied are the same as those set out in the Financial Statements for the year ended 31 December 2017 and which will form the basis of the 2018 Annual report. 1. Segmental analysis For management purposes, the Group is organised into two operating Divisions, Mining and Property. These Divisions are the primary basis on which the Group reports its segment information. This is consistent with the way the Group is managed and with the format of the Group's internal financial reporting. Unaudited Unaudited Audited 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Revenue Mining 22,835 16,160 36,300 Property 549 558 1,125 Other 23 14 34 23,407 16,732 37,459 Operating profit/(loss) Mining 3,751 68 2,848 Property 416 368 884 Other (7) 13 31 4,160 449 3,763 Write off of investment in joint - - (1,827) ventures Share of profit in joint ventures 8 4 8 Interest receivable 80 127 205 Interest payable (283) (337) (664) Profit/(Loss) before taxation 3,965 243 1,485 1. Taxation Unaudited Unaudited Audited 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Based on the results for the period: Corporation tax at 27.00% (2017: 19.5%) 1,246 107 367 Prior year adjustment - UK - - (5) 1,246 107 362 Deferred taxation (45) (89) 202 1,201 18 564 1. Earnings/ (loss) per share Both the basic and diluted earnings per share calculations are based on a profit of GBP2,376,000 (2017: GBP253,000). The basic earnings per share has been calculated on a weighted average of 10,676,839 (2017: 10,676,839) ordinary shares being in issue during the year. The diluted earnings per share has been calculated on the weighted average number of shares in issue of 10,676,839 (2017: 10,676,839) plus the dilutive potential ordinary shares arising from share options of 165,400 (2017: nil) totalling 10,842,239 (2017: 10,676,839). 1. Investment properties Investment properties are included at valuation as at 31 December 2017 plus additions in the period ended 30 June 2018. 1. Related Parties The related parties and the nature of costs recharged are as disclosed in the group's annual financial statements for the year ended 31 December 2017. The group paid management fees of GBP68,750 (30 June 2017: GBP68,750 31 December 2017: GBP137,500) to London & Associated Properties PLC, an associated company. 1. Financial information The above financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31st December 2017 are based upon the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as adopted by the European Union and the disclosure requirements of the Listing Rules. The half year results have not been audited or subject to review by the company's auditors. The annual financial statements of Bisichi Mining PLC are prepared in accordance with IFRS as adopted by European Union. The same accounting policies are used for the six months ended 30 June 2018 as were used for the year ended 31 December 2017. The assessment of new standards, amendments and interpretations issued but not effective, are not anticipated to have a material impact on the financial statements. The following new or revised standards that are applicable to the group were issued but not yet effective: IFRS 16 - Leases The largest areas of estimation and uncertainty in the interim financial statements are in respect of: * The valuation of investment properties; * Life of mine and reserves; * Depreciation; * Provision for rehabilitation (relating to environmental rehabilitation of mining areas); * Impairment and; * Carrying values of mining joint ventures The following new standards have become effective and have been adopted by the Group during the year: IFRS 15 - Revenue from Contract with Customers The Group has applied IFRS 15 retrospectively and the new standard had no material financial impact on the accounts. IFRS 9 - Financial Instruments The adoption of IFRS 9 has resulted in changes in the Group's accounting policies for the recognition, classification and measurement of financial assets and financial liabilities and impairment of financial assets. The only material impact of IFRS 9 on the Group financial statements related to the movement in fair value of the Groups held for trading (previously available for sale) investments and non-current other investments ("the investments"). Under IAS 39 the movement in the investments was measured at fair value through other comprehensive income and taken to an available for sale reserve. Under IFRS 9 the movements are measured at fair value through profit and loss and taken to retained earnings. The Group has not restated prior periods as allowed by the transition provisions of IFRS 9. In order to reclassify the impact of historic movements on the investments, an adjustment of GBP109,000 has been made to the Group statement of changes in equity at 1 January 2018 transferring the historical fair value movements of the investments from the available for sale reserve to retained earnings. Investment properties are not re-valued at the half year end unless there is evidence of a material change in valuation. There have been no material changes in fair value during the period. Please refer to page 60 of the 2017 Annual report and Accounts for details on the valuation of investment properties as at 31 December 2017. Other areas of estimation and uncertainly are referred to in the group's annual financial statements. There have been no significant changes to the basis of accounting of key estimates and judgements as disclosed in the annual report as at 31 December 2017. There is no material seasonal impact on the group's financial performance. Taxes on income in the interim periods are accrued using tax rates expected to be applicable to total annual earnings. The interim financial statements have been prepared on the going concern basis as the Directors are satisfied the group has adequate resources to continue in operational existence for the foreseeable future. 1. Dividend The interim dividend in respect of 2017, totalling GBP107,000 was paid on the 9th of February 2018. The final dividends in respect of 2017, totalling GBP427,000 was approved by the shareholders at the Annual General Meeting held on the 6th June 2018 and was paid on the 27th July 2018. The final dividend in respect of 2017 is included as a liability in these interim financial statements. A proposed interim dividend for the year ended 31 December 2018 totalling GBP 107,000 was approved by the Board of Directors on 23 August 2018 and has not been included as a liability in these Interim Financial Statements. 1. Principal risks and uncertainties The Group has an established risk management process which works within the corporate governance framework as set out in the 2017 Annual Report and Accounts. Risks and uncertainties identified by the Group are set out on page 14 of the 2017 Annual Report & Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2018 to the principle risks and uncertainties as set out in the 2017 Annual Report & Accounts. The principal risks as stated in the accounts reflect the challenging environment in which the business operates and are considered under the following broad headings: Mining: * Coal price risk * Mining risk * Currency risk * New reserves and mining permissions * Power supply risk
* Flooding risk * Environmental risk * Health & safety risk * Labour risk * Cashflow Property: * Property valuation 1. Board approval These interim results were approved by the Board of Bisichi Mining on 23 August 2018. DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS AND UNCERTAINITIES Responsibility Statement We confirm to the best of our knowledge: (a) the condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU; (b) the interim management report includes a fair review of the information required by: (1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last annual report that could do so. This report contains forward-looking statements. These statements are based on current estimates and projections of management and currently available information. Future statements are not guarantees of the future developments and results outlined therein. Rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. Risks and uncertainties identified by the Group are set out on page 14 of the 2017 Annual Report & Accounts. We do not assume any obligation to update the forward-looking statements contained in this report. Michael Heller Andrew Heller Chairman Managing Director 23 August 2018 DIRECTORS AND ADVISERS Directors Sir Michael A Heller MA, FCA (Chairman) Andrew R Heller MA, ACA (Managing Director) Robert Grobler PR Cert Eng (Mining Director) Garrett Casey CA (SA) (Finance Director) Christopher A Joll MA (Non-executive) John A Sibbald MA (Non-executive) Secretary & Registered office Garrett Casey CA (SA) 24 Bruton Place London W1J 6NE Black Wattle Colliery - Directors Andrew Heller (Managing Director) Garrett Casey (Finance Director) Ethan Dube (Commercial Director) Robert Grobler (Mining Director) Millicent Zvarayi Registrars and transfer office Link Asset Services Shareholder Services The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TU UK Telephone: 0871 664 0300 (Calls cost 12p per minute plus network access charges; lines are open Monday to Friday between 9.00am and 5.30pm) International Telephone: +44 371 664 0300 (Calls outside the United Kingdom will be charged at applicable international rate) Website: www.linkassetservices.com E-mail: shareholderenquiries@linkgroup.co.uk Company registration number 112155 (Incorporated in England and Wales) Web site www.bisichi.co.uk E-mail admin@bisichi.co.uk END
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August 24, 2018 02:50 ET (06:50 GMT)
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