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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fluormin | LSE:FLOR | London | Ordinary Share | GB00B5PC8898 | ORD 15P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFLOR
RNS Number : 6360Y
Fluormin PLC
26 February 2013
Fluormin plc
("Fluormin" or the "Company")
INTERIM REPORT AND ACCOUNTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2012
Chairman's Statement
The period to 31 December 2012 continued to be a challenging time for Fluormin Plc ("Fluormin" or the "Company").
As previously reported, the Company's Witkop mine has faced operational and cost pressures, whilst on a global level we have faced a substantial decline in the price of fluorspar. The Company was active in addressing these issues, implementing plant modifications and improved mining methods which resulted in substantial cost reductions being achieved. Despite these efforts the prevailing fluorspar price fell below current operating costs. Consequently and in light of the current economic environment it was concluded that the only defensible strategy for the Company was to place the mine on care and maintenance with effect from the close of business on 12 October 2012.
Despite the global economic pressures, the Company successfully concluded the disposal of its Buffalo Fluorspar project ("Buffalo") and its 20% interest in Kenya Fluorspar Company Limited ("KFC") for aggregate considerations of GBP0.74m and US$14m respectively. These disposals were an important step towards rationalising the Company's operations and strengthen its balance sheet.
The resulting strong cash position and cost control measures taken at Witkop provides the Board with the opportunity to explore its options at Witkop.
I would like to thank you for your patience and continued support in what has been a challenging period for your Company.
Financial
For the six months ended 31 December 2012, the Group recorded an attributable loss of GBP1.3m, compared to an attributable loss of GBP4.3m for the comparative period, the six months ended 31 December 2011. For the year ended 30 June 2012 the Group recorded a profit after tax of GBP3.5m (year ended 30 June 2011: loss of GBP2.8m).
Net assets of the Group decreased from GBP22.4m as at 30 June 2012 to GBP20.3m as at 31 December 2012. As a result of the cash received in the period from the disposals noted above and the cost control measures taken at Witkop cash reserves increased from GBP7.7m as at 30 June 2012 to GBP7.9m as at 31 December 2012.
Operational
Following the care and maintenance decision noted above, the Company has undertaken certain exploration work to identify near term higher grade plant feed.
The board continues to explore all its options as it seeks to deliver value to shareholders.
Contact Information
Fluormin plc Mark Bolton, Chief Executive +44 (0) 20 7034 7150, Officer mbolton@fluormin.com Westhouse Securities +44 (0) 20 7601 6100, Martin Davison martin.davison@westhousesecurities.com Paul Gillam paul.gillam@westhousesecurities.com
Consolidated income statement
For the six months ended 31 December 2012
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 Note GBP'000 GBP'000 GBP'000 Continuing Operations Revenue 6,023 10,588 20,802 Cost of sales (6,663) (9,364) (18,165) Gross (loss)/profit (640) 1,224 2,637 Administrative expenses (2,762) (2,917) (7,361) Impairment Charge - (8,434) (8,163) Operating loss (3,402) (10,127) (12,887) Other income 23 - 9,158 Finance costs (47) (361) (296) Finance income 27 - 184 Share in loss of joint venture - (164) (314) Loss before taxation (3,399) (10,652) (4,155) Taxation (98) - 1,536 Loss for the period from continuing operations (3,497) (10,652) (2,619) Discontinued Operations Profit for the period from discontinued operations 5 2,195 6,329 6,093 (Loss)/profit for the period (1,302) (4,323) 3,474 (Loss)/profit attributable to: Owners of Fluormin Plc (1,302) (4,323) 3,604 Non-controlling interest - - (130) ---------- ---------- ---------- (1,302) (4,323) 3,474 ========== ========== ==========
Consolidated income statement (continued)
For the six months ended 31 December 2012
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 Pence Pence Pence Earnings / (loss) per share Continuing operations Basic (6.26) (19.66) (5.25) Diluted (6.26) (19.66) (5.25) Discontinued operations Basic 3.93 11.68 12.86 Diluted 3.67 11.68 11.73 Continuing and discontinued operations Basic (2.33) (7.98) 7.61 Diluted (2.33) (7.98) 6.48
Consolidated statement of comprehensive income
For the six months ended 31 December 2012
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 (Loss)/profit for the period (1,302) (4,323) 3,474 Exchange differences on translation (768) - (1,662) Total comprehensive (loss)/income for the period (2,070) (4,323) 1,812 Total comprehensive (loss)/income attributable to: Owners of Fluormin Plc (2,070) (4,323) 2,107 Non-controlling interest - - (295) (2,070) (4,323) 1,812 ========== ========== ========== Consolidated statement of financial position
As at 31 December 2012
Un-audited Un-audited Audited 31 December 31 December 30 June 2012 2011 2012 Note GBP'000 GBP'000 GBP'000 Non-current assets Mineral rights - 711 - Property, plant and equipment 6,835 6,072 8,105 Investments 1,081 2,600 1,451 Interest in joint venture - 139 - ------------ ------------ -------- 7,916 9,522 9,556 Current assets Inventories 5,134 4,172 4,435 Trade and other receivables 1,626 1,249 6,416 Loans to affiliated companies 1,237 1,253 1,281 Cash and cash equivalents 7,923 8,197 7,666 ------------ ------------ -------- 15,920 14,871 19,798 Current liabilities Trade and other payables (625) (1,704) (2,204) Borrowings - - (162) ------------ ------------ -------- (625) (1,704) (2,366) Liabilities classified as held for sale 5 (1) - - ------------ ------------ -------- (626) (1,704) (2,366) Net current assets 15,294 13,167 17,432 ------------ ------------ -------- Non-current liabilities Provisions (2,168) (3,912) (3,841) Deferred tax liability (744) - (779) Debentures - (3,232) - ------------ ------------ -------- (2,912) (7,144) (4,620) Net assets 20,298 15,545 22,368 ============ ============ ======== Equity Share capital 8,380 8,364 8,380 Share premium account 724 780 724 Reserves 9 (2,268) 582 (1,360) Retained earnings / (loss) 13,462 5,819 14,579 ------------ ------------ -------- Capital and reserves attributable to the owners of: Fluormin Plc 20,298 15,545 22,323 Non-controlling interests - - 45 Total equity 20,298 15,545 22,368 ============ ============ ======== Consolidated statement of changes in equity For the six months ended 31 December 2012 Attributable to owners of Fluormin Plc ------------------------------------------- Share Share Retained Non-controlling Total capital premium Reserves earnings Total interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 July 2012 8,380 724 (1,360) 14,579 22,323 45 22,368 Loss for the period - - - (1,302) (1,302) - (1,302) Foreign exchange - - (768) - (768) - (768) Total comprehensive loss for the period - - (768) (1,302) (2,070) - (2,070) --------- --------- --------- ---------- -------- ---------------- -------- Options lapsed or cancelled - - (140) 140 - - - Change in non-controlling interest - - - 45 45 (45) - Balance as at 31 December 2012 8,380 724 (2,268) 13,462 20,298 - 20,298 --------- --------- --------- ---------- -------- ---------------- -------- For the six months ended 31 December 2011 Attributable to owners of Fluormin Plc ------------------------------------------- Share Share Retained Non-controlling Total capital premium Reserves earnings Total interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 July 2011 3,805 12,199 862 (10,890) 5,976 - 5,976 Loss for the period - - - (4,323) (4,323) - (4,323) Total comprehensive loss for the period - - - (15,213) (15,213) - (15,213) --------- --------- --------- ---------- --------- ---------------- --------- Issue of equity share capital 4,559 9,613 - - 14,172 - 14,172 Cancellation of share premium account - (21,032) - 21,032 - - - Options lapsed or cancelled - - (280) - (280) - (280) Balance as at 31 December 2012 8,364 780 582 5,819 15,545 - 15,545 --------- --------- --------- ---------- --------- ---------------- --------- Consolidated statement of cash flows
For the six months ended 31 December 2012
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 Operating activities Loss before tax from continuing operations (3,399) (10,652) (4,155) Profit from discontinued operations 2,195 - - Interest income (27) - (184) Profit on sale of affiliated company - - (7,101) Profit on sale of property, plant and equipment (7) - (726) Gain on acquisition of debentures - - (1,222) Fair value gain on restricted investments (16) - (29) Fair value gain on investment - - (80) Depreciation charge 591 579 1,160 Impairment charge - 8,434 8,163 Share option charge - (280) 126 Share in loss of joint venture - 164 314 Finance costs 47 - 296 Sale of subsidiary - 6,329 - Net foreign exchange movement 266 (218) (392) Operating (loss)/profit before working capital changes (350) 4,356 (3,830) Increase in inventories (682) - (92) Decrease/(increase) in receivables 627 (1,160) 405 (Increase) in loans to affiliated companies - (755) - Increase in loan taken by subsidiary - 1,539 - (Decrease)/increase in trade and other payables (1,579) 1,322 220 Decrease in provisions (1,703) - (391) Net cash generated (used in)/from operating activities before taxation (3,687) 5,302 (3,688) Taxation - - 310 ---------- ----------------- ---------- Net cash generated (used in)/from operating activities after taxation (3,687) 5,302 (3,378) Investing activities Payments to acquire subsidiary undertaking, net of cash acquired - - (3,865) Payments for property, plant and equipment (179) - (1,220) Payments for restricted investments (76) - (1,114) Loans to related parties - - (886) Proceeds from sale of subsidiary undertaking - - 6,329 Proceeds from sale of property, plant and equipment 22 - 556 Proceeds from sale of investment property 42 - 64 Proceeds from sale of investments 4,058 - 4,166 Proceeds from sale of restricted investments 343 - - Repayment of loans by related parties - - 341 Dividends received - - 577 Trade investments made - (2,992) - Interest received 27 22 184 ---------- ----------------- ---------- Net cash from/(used in) investing activities 4,237 (2,970) 5,132 Consolidated statement of cash flows(continued) For the six months ended 31 December 2012 Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 Financing activities Proceeds on issue of share capital - 4,585 4,586 Share issue costs - - (14) Repay borrowings (162) - - Interest paid (16) - (164) Net cash (used in)/from financing activities (178) 4,585 4,408 Net increase in cash and cash equivalents 372 6,917 6,162 Cash and cash equivalents at the beginning of the period 7,666 1,280 1,280 Effects of exchange rate changes on cash and cash equivalents (115) - 224 Cash and cash equivalents at the end of the period 7,923 8,197 7,666 ----- ------------------- ----- Notes to the condensed consolidated interim financial statements 1. Statement of Compliance
The condensed consolidated interim financial statements for the six months ended 31 December 2012 has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
The financial figures included in this interim report do not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.
The condensed consolidated interim financial information is un-audited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The statutory accounts for the year ended 30 June 2012, which were prepared under IFRS as adopted by the European Union, have been delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under S498(2) or S498(3) of the Companies Act 2006.
There is no material seasonality associated with the Group's activities.
2. Accounting Policies
The interim financial information has been prepared using accounting policies consistent with IFRS as adopted by the European Union, as set out in the last annual report to 30 June 2012.
The International Accounting Standards Board has issued a number of international financial reporting standards which are effective for future accounting periods of the Group. The Directors do not anticipate that the adoption of any of these would have a material impact on the financial statements.
3. Dividends
No dividends were paid or proposed in the 6 months ended 31 December 2012 (for year ended 30 June 2012: GBPNil).
4. Operating Segments
Management has determined the operating segments by considering the segment information that is reported internally to the chief operating decision maker, the Board of Directors. For management purposes, the Group is currently organised into three geographical operating divisions, being:
1. South Africa (relating to the Sallies Limited Group of companies); 2. United Kingdom (relating to the Group's investment and administrative function); and 3. Non-operating subsidiaries.
For the year ended 30 June 2012, the Group had four geographical operating divisions, which included Tunisia in addition to the above. However, as disclosed in the Annual Report for the year ended 30 June 2012, the Group disposed of its Tunisian assets as at 31 August 2011.
Segment operating profit/(loss) and profit/(loss) for the period by geography are reconciled to entity operating profit/(loss) and entity profit/(loss) for the period as follows:
Segment operating loss from continuing operations:
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 South Africa (2,628) (576) (16,941) United Kingdom (1,672) (9,647) 2,239 Tunisia (4) (24) (2) Non-operating subsidiaries 384 - 7,868 Consolidation adjustments 518 120 (6,051) (3,402) (10,127) (12,887) ---------- ---------- ----------
Segment total assets:
Un-audited Un-audited Audited 6 months 6 months 12 months ended 31 ended 31 ended December December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 South Africa 12,985 14,758 14,072 United Kingdom 22,980 11,612 20,286 Tunisia 29 25 29 Non-operating subsidiaries 29,014 - 26,267 Consolidation adjustments (41,172) (2,002) (31,300) 23,836 24,393 29,354 ---------- ---------- ---------- 5. Discontinued operations
In September 2012 Sallies Limited ("Sallies") and Buffalo Fluorspar (Pty) Ltd ("Buffalo") entered into a settlement and rental agreement for R10 million whereupon the property and plant located at the Buffelsfontein farm in South Africa were transferred and released by Sallies and Buffalo to a third-party transferee. This agreement also settles all matters between Sallies, Buffalo and the transferee. In November 2012 Sallies further entered into a sale agreement for the transfer of the entire issued share capital of Buffalo to the same third-party transferee for nominal consideration, this transfer is expected to complete before mid-2013.
The assets and liabilities of Buffalo have been classified as held for sale in the consolidated statement of financial position.
Un-audited 6 months ended 31 December 2012 GBP'000 Profit from discontinued operations: Rental income 741 Reversal of environmental rehabilitation provision 1,508 Administrative expenses (20) Loss on disposal of stock (43) Other 9 2,195 ---------- Liabilities classified as held for sale Trade and other payables 1 1 ----------
The Company has determined that it no longer has a present obligation for the rehabilitation of the Buffalo mining area at the reporting date and as a consequence has reversed the provision accordingly.
6. Taxation
No liability in respect of income tax has arisen during the period. The deferred tax asset in respect to brought forward losses has not been recognised in the accounts as there is not sufficient evidence that there will be taxable profits in the near future against which the deductible temporary differences can be utilised within the meaning of IAS 12.
7. Earnings per ordinary share (basic and diluted)
The calculation of the basic loss per share attributable to the ordinary equity holders of the parent has been calculated on the net loss after tax of GBP1,302k for continuing and discontinued operations (2011: GBP4,323k), with a loss of GBP3,497k being attributed to continuing operations and a profit of GBP2,195k being attributed to discontinued operations. The weighted average number of ordinary shares used was 55,865,722 (2011: 54,170,013). All share options in issue decrease the loss per share for the period, and as such are deemed anti-dilutive for continuing operations.
8. Ordinary Share Capital
No shares have been issued by the Company during the six month period ended 31 December 2012.
As at 31 December 2012 the Company had 55,865,722 ordinary shares of GBP0.15 each with a nominal value of GBP8,380k. The Company has one class of ordinary share, which carry no right to fixed income.
9. Reserves (i) Share option reserve Un-audited Un-audited Audited 6 months 6 months 12 months Ended Ended ended 31 December 31 December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 Balance as at 1 July 2012 / 2011 580 862 862 Share based payment expense - - 126 Reduction in provision required for options cancelled or lapsed (140) (280) (408) ------------- ------------- ----------- Balance as at 31 December 2012/2011 and 30 June 2012 440 582 580 ------------- ------------- -----------
This reserve relates to the fair value of the options granted which has been charged to the income statement over the vesting period of the options and related taxation recognised in equity.
(ii) Foreign currency translation reserve Un-audited Un-audited Audited 6 months 6 months 12 months Ended Ended ended 31 December 31 December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 Balance as at 1 July 2012 / 2011 (1,497) - - Currency translation differences arising during the period (768) - (1,497) ------------- ------------- ----------- Balance as at 31 December 2012/2011 and 30 June 2012 (2,265) - (1,497) ------------- ------------- -----------
Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
(iii) Merger reserve Un-audited Un-audited Audited 6 months 6 months 12 months Ended Ended ended 31 December 31 December 30 June 2012 2011 2012 GBP'000 GBP'000 GBP'000 Balance as at 1 July 2012 / 2011 (443) - - Added on acquisition of subsidiary - - (443) ------------- ------------- ----------- Balance as at 31 December 2012/2011 and 30 June 2012 (443) - (443) ------------- ------------- ----------- Total reserves (2,268) 582 (1,360) ======== ==== ========
10. Availability of report
Copies of this report are available from the Company's business address at 83 Baker Street, London, W1U 6AG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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