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Share Name Share Symbol Market Type Share ISIN Share Description
Herencia Resources Plc LSE:HER London Ordinary Share GB00B069DV22 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.02 0.00 0.00 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -1.2 -0.0 - 2

Herencia Resources PLC Interim Accounts, six months ended 30 June 2019

23/08/2019 3:50pm

UK Regulatory (RNS & others)


Herencia Resources (LSE:HER)
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RNS Number : 1199K

Herencia Resources PLC

23 August 2019

Herencia Resources plc

("Herencia" or the "Company")

Interim Accounts for the six months ended 30 June 2019

Herencia Resources plc is pleased to announce its interim accounts for the six months ended 30 June 2019 as set out below. A copy of the Interims is available on the Company's website www.herenciaresources.com.

Chairman's Statement

Dear shareholders,

It is with great pleasure to share with you the interim results for the six months ended 30 June 2019.

Firstly, I would like to thank the small but professional team at Herencia Resources for their ongoing hard work for our shareholders.

Our focus is to:

   --      Use our available capital resources to fully explore the Group's copper projects in Chile; 
   --      Identify new exploration projects in South America; 
   --      Recapitalise the Company; 
   --      Review our current supplier and terms of business; 
   --      Turn around the Company's share price. 

Financial and Statutory Information

The Group had an operating loss of GBP145,000 for the six months. The Group received continued financial support from our major shareholders throughout the year. The Group is committed to reduce its debts and invest as much capital as possible into exploration activities.

Outlook

The Group is focused on the development of its exploration projects in Chile. Management has also been searching for new exploration projects in South America in Copper and Gold.

We thank shareholders for their ongoing support and welcome any questions they may have.

Jeff Williams

Non Executive Chairman

23 August 2019

For further information please contact:

   Jeff Williams, Herencia Resources plc                                      +61 418 594 324 
   Carl Dumbrell, Herencia Resources plc                               +61 402 277 282 
 
 David Little, Herencia Resources 
  plc                                    +44 207 631 4141 
  Camilla Horsfall, Blytheweigh 
   (Financial PR)                        +44 207 138 3224 
   Andrew Raca, VSA Capital (Broker)      +44 203 005 5004 
 

About Herencia Resources plc.

Herencia Resources plc. is a UK AIM quoted independent copper / gold exploration company focused on exploration in Chile. Further information is available on the company website: www.herenciaresources.com The Interims are set out below:

Herencia Resources Plc

Condensed Consolidated Statement of Comprehensive Income

For the period ended 30 June 2019

 
 
                                                     Six months       Six months 
                                                          ended            ended 
                                                        30 June          30 June 
                                                           2019             2018 
                                          Notes     (unaudited)      (unaudited) 
                                                        GBP'000          GBP'000 
 
    Revenue                                                   -                - 
  Administration expenses                                 (144)            (424) 
   Interest expense                                         (1)                - 
 
  Operating profit/(loss)                                 (145)            (424) 
  Income/(loss) before tax                                (145)            (424) 
  Income tax expense                                          -                - 
                                                  -------------  --------------- 
  Income/(loss) for the period                            (145)            (424) 
  Other comprehensive income/(loss) 
  Exchange differences on translating 
   foreign operations                                         -                2 
 
    Total comprehensive income/(loss) 
    for the period, net of tax                            (145)            (422) 
                                                  =============  =============== 
 
    Equity holders of the Company                         (145)            (422) 
                                                  =============  =============== 
  Income/(loss) per share 
   Income/(loss) per ordinary 
   share-basic and diluted                             (0.001)p         (0.040)p 
                                                  -------------  --------------- 
 
 
 
 

The results shown above relate entirely to continuing operations.

Herencia Resources Plc

Condensed Consolidated Statement of Financial Position

At 30 June 2019

 
 
                                               30 June       30 June     31 December 
                                                  2019          2018             2018 
                                    Notes    Unaudited     Unaudited          Audited 
                                               GBP'000       GBP'000          GBP'000 
  ASSETS 
 
  Non-current assets 
  Exploration and evaluation          5          5,818         5,367            5,818 
  Property, plant and equipment       6             11            17               21 
                                                 5,829         5,384            5,839 
                                           -----------  ------------  --------------- 
  Current assets 
  Cash and cash equivalents                          7           155               45 
  Trade and other receivables                      101            53               62 
  Other assets                                       -             -                - 
                                                   108           208              107 
                                           -----------  ------------  --------------- 
  Total assets                                   5,937         5,592            5,946 
                                           -----------  ------------  --------------- 
 
  LIABILITIES 
 
   Non-current liabilities 
  Loans and borrowings                9          1,639           525            1,572 
  Vendor obligations                             1,175           875            1,025 
                                           -----------  ------------  --------------- 
                                                 2,813         1,400            2,597 
                                           -----------  ------------  --------------- 
  Current liabilities 
  Trade and other payables            8            979           734            1,121 
  Provisions                          7            133            49              111 
  Loans and borrowings                9             63           397               63 
                                                 1,175         1,183            1,295 
                                           -----------  ------------  --------------- 
  Total liabilities                              3,989         2,581            3,892 
                                           -----------  ------------  --------------- 
 
  Net Assets                                     1,949         3,011            2,054 
                                           ===========  ============  =============== 
 
    EQUITY 
  Share capital                      10          4,971         5,208            4,931 
  Share premium                      10         24,486        24,271           24,486 
  Share based payments reserve                      71            29               71 
  Other reserves                                     -           117                - 
  Translation reserve                            (486)         (369)            (486) 
  Retained losses                             (27,093)      (26,246)         (26,948) 
                                           -----------  ------------  --------------- 
 
    Total equity and reserves                    1,949         3,011            2,054 
                                           ===========  ============  =============== 
 
 

Herencia Resources Plc

Condensed Consolidated Statements of Cash Flows

For the period ended 30 June 2019

 
 
                                                             Six months ended    Six months 
                                                                      30 June         ended 
                                                                                    30 June 
                                              Notes                      2019          2018 
                                                                    Unaudited     Unaudited 
                                                                      GBP'000       GBP'000 
 
    Net cash outflow from operating 
    activities                                                          (145)         (572) 
 
  Cash flows from investing activities 
  Net funds used for investing 
   in exploration                               5                         (-)         (423) 
                                                     ------------------------  ------------ 
 
    Net cash used by investing activities                                 (-)         (423) 
                                                     ------------------------  ------------ 
 
  Cash flows from financing activities 
  Proceeds from issue of shares                10                          40             - 
  Proceeds from loans                           9                          67             - 
  Proceeds from convertible notes                                           -           919 
 
   Net cash generated from financing 
   activities                                                             107           919 
                                                     ------------------------  ------------ 
 
  Net decrease in cash and cash 
   equivalents                                                           (38)          (76) 
 
    Cash and cash equivalents at 
    the beginning of the period                                            45           233 
  Exchange fluctuation                                                      -           (2) 
 
  Cash and cash equivalents at 
   the end of the period                                                    7           155 
                                                     ========================  ============ 
 
 

Herencia Resources Plc

Condensed Consolidated Statement of Changes in Equity

For the period ended 30 June 2019

 
 
                                                                Share-based 
                        Share        Share     Translation         payments         Other      Retained        Total 
                      capital      premium         reserve          reserve      reserves        losses       equity 
                      GBP'000      GBP'000         GBP'000          GBP'000       GBP'000       GBP'000      GBP'000 
 
    Balance at 1 
    January 2019        4,931       24,486           (486)               71             -      (26,948)        2,054 
  Issue of 
   shares                  40            -               -                -             -             -           40 
  Total 
   comprehensive 
   income/(loss) 
   for the 
   period                   -            -               -                -             -         (145)        (145) 
                  -----------  -----------  --------------  ---------------  ------------  ------------  ----------- 
 
  Balance at 30 
   June 2019            4,971       24,486           (486)               71             -      (27,093)        1,949 
                  ===========  ===========  ==============  ===============  ============  ============  =========== 
 
 
    Balance at 1 
    January 2018        4,801       24,271           (368)               29           117      (25,819)        3,029 
  Issue of                  -            -               -                -             -             -            - 
  shares 
  Conversion of 
   convertible 
   notes into 
   shares                 408            -               -                -             -             -          408 
  Total 
   comprehensive 
   income/(loss) 
   for the 
   period                   -            -               -                -             -         (427)        (427) 
                  -----------  -----------  --------------  ---------------  ------------  ------------  ----------- 
 
  Balance at 30 
   June 2018            5,209       24,271           (368)               29           117      (26,246)        3,011 
                  ===========  ===========  ==============  ===============  ============  ============  =========== 
 
 
 
 
 
 
 

Herencia Resources Plc

Notes to the Financial Information

   1.         General Information and principal activities 

Herencia Resources plc (The "Company") was incorporated in the United Kingdom with Company Number 05345029. The registered office of the company is 59-60 Russell Square, London WC1B 4HP

This financial information is for the company and its subsidiaries undertakings (together, the "Group"). The principal activities of the entities of the group are as follows:

 
  Company name                        Country of                 Principal                     Shares 
                                      registration or            Activities                     held 
                                       incorporation                                              % 
  Direct 
  Tarapaca Resources (Bermuda) 
   Limited                            Bermuda                    Holding company                100 
 
  Indirect 
  Tarapaca Holdings (BVI) Limited     British Virgin Islands     Holding company                100 
  Iquique Resources (Chile) 
   SA                                 Chile                      Mineral exploration            100 
  Paguanta Mining Services 
   Limited                            Chile                      Services & employment          100 
  Herencia Resources (Chile) 
   SA                                 Chile                      Mining exploration             100 
  Herencia Services SA                Chile                      Services and & employment      100 
 

The principal place of business of the group is in the United Kingdom. The interim consolidated financial information is presented in the nearest thousands of pounds sterling (GBP'000), which is the presentation currency of the group.

   2.             Basis of preparation 

The interim consolidated financial information for the six months ended 30 June 2019 and 30 June 2018 has been prepared in accordance with IAS 34, interim Financial reporting which are unaudited and do not constitute a set of statutory financial statements.

The principal accounting policies used in preparing the interim results are the same as those applied in the Group's Financial Statements for the year ended 31 December 2018, which have been prepared in accordance with internationals financial reporting standards as adopted by the European Union ("IFRS"). The auditor's report on those accounts was unqualified with an emphasis of matter on going concern.

A copy of the audited consolidated financial statements for the period ended 31 December 2018 is available on the company's website.

Going concern

The consolidated financial information has been prepared on a going concern basis.

In considering the appropriateness of the basis of preparation, the directors have reviewed the group's working capital forecast for a minimum of 12 months from the date of the approval of these financial statements. As at 30 June 2019, the group had GBP6,833 of available cash. The company proposes to conduct further exploration activities at its Chilean projects and accordingly, will need to raise additional funds before the end of 2019 to maintain sufficient cash resources for its working capital and particularly, continue its efforts to reduce outstanding obligations.

The Directors have a reasonable expectation that the Group has adequate access to resources to continue in operational existence for the foreseeable future and continue to meet, as and when they fall due, its planned exploration and development activities and other liabilities for at least the next twelve months from the date of approval of these financial statements. For this reason, the Directors continue to adopt the going concern basis in preparing these financial statements.

The interim report for the six months ended 30 June 2019 was approved by the directors on 23 August 2019.

   3.             Critical accounting estimated and sources of estimation uncertainty 

In applying the accounting policies, the directors may at times be required to make critical accounting judgments and estimates about the carrying amounts of assets and liabilities. These estimates and assumptions, when made, are based on historical experience and other factors that the directors consider are relevant.

The key estimated and assumptions concerning the future and other key sources of estimation uncertainty at the end of the financial year, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are reviewed are as stated below:

   4.          Earnings per share 

Basic EPS amounts are calculated by dividing the loss for the year attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS amounts are calculated by dividing the loss for the year attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

The following reflects the income and share data used in the basic and diluted EPS computations:

 
                                                30-Jun-19         30-Jun-18         31-Dec-18 
                                                  GBP'000           GBP'000           GBP'000 
  Net loss attributable to equity 
   holders of the Group                             (145)             (422)           (1,196) 
  Weighted average number of ordinary 
   shares                                  11,055,737,793    10,641,517,793    10,723,469,713 
  Basic and diluted (loss) per share              (0.001)           (0.004)           (0.011) 
 

The diluted loss per share was not applicable as there were no dilutive potential ordinary shares outstanding at the end of the reporting period.

 
  5. Intangible assets and goodwill 
                                                                                        GBP'000 
  At cost 
  As at 1 January 2019                                                                    5,818 
  Additions                                                                                   - 
  At 30 June 2019                                                                         5,818 
                                                                             ================== 
 
  Carrying amount 
   As at 30 June 2019                                                                     5,818 
  As at 31 December 2018                                                                  5,818 
 
    6. Property Plant and equipment                   30 June       30 June      31 December 
                                                         2019          2018             2018 
                                                  (unaudited)   (unaudited)        (audited) 
                                                      GBP'000       GBP'000          GBP'000 
 
  At cost                                                  60            60              600 
  Accumulated depreciation                               (49)          (43)             (49) 
  Total property plant and equipment                       11            17               11 
                                              ===============  ============  =============== 
 
  Movements in carrying amounts 
  Balance at the beginning of the period                   17            17               17 
  Additions                                                 -             -                - 
  Disposals                                                 -             -                - 
  Depreciation                                            (6)           (6)              (6) 
  Assets classified as held for disposal                    -             -                - 
  Effects of foreign currency exchange                      -             -                - 
   Differences arising during the year                      -             -                - 
  Balance at the end of the period                         11            17               11 
                                              ===============  ============  =============== 
 
 
 
  7. Provisions                                     30 June       30 June    31 December 
                                                       2019          2018           2018 
                                                (unaudited)   (unaudited)      (audited) 
                                                    GBP'000       GBP'000        GBP'000 
  Employee benefits 
  Balance at the beginning of the period                 49            54                  54 
  (Utilised)/arising during the year                     84           (5)                  57 
  Effect of foreign currency exchange                     -             -                   - 
   difference 
   Reclassification of amount due to                                                        - 
   previous Managing 
   Director of the company to creditors 
  Balance at the end of the period                      133            49                 111 
                                              =============  ============  ================== 
 
 
 
 
    Comprising 
  Current          133    49    111 
  Non-current        -     -      - 
                   133    49    111 
                 =====  ====  ===== 
 
 
 
    8. Trade and other payables         30 June       30 June      31 December 
                                           2019          2018             2018 
                                    (unaudited)   (unaudited)        (audited) 
                                        GBP'000       GBP'000          GBP'000 
 
    Trade and other payables                979           734            1,121 
 
                                            979           734            1,121 
                                  -------------  ------------  --------------- 
 
   9. Loans and borrowings 
                                        30 June       30 June      31 December 
                                           2019          2018             2018 
                                    (unaudited)   (unaudited)        (audited) 
                                        GBP'000       GBP'000          GBP'000 
  Current 
  Convertible notes                           -           397                - 
  Other loans                                63             -               63 
                                  -------------  ------------  --------------- 
                                             63           397               63 
                                  =============  ============  =============== 
 
 
  Non-current 
  Convertible notes                               -         525            - 
  Other loans                                 1,639           -        1,572 
                                       ------------  ----------  ----------- 
                                              1,639         525        1,572 
                                       ============  ==========  =========== 
 
 

Director Loans and Related Party Transactions

No other related party transactions have occurred during the period.

 
   10. Share capital                                30 June       30 June    31 December 
                                                       2019          2018           2018 
                                                (unaudited)   (unaudited)      (audited) 
                                                    GBP'000       GBP'000        GBP'000 
  Allotted, issued and fully paid: 
  11,055,737,793 ordinary shares of 
   GBP0.01p each and 4,266,609,563 deferred 
   shares of GBP0.09p each 
  (30 June 2018: 4,266,609,563 ordinary 
   shares and 
  31 December 2018: 9,611,001,360 ordinary 
   shares)                                            4,971         5,209          4,931 
                                              =============  ============  ============= 
 
 
  Movement in share capital               Number of          Number of 
   during the period comprises:            Ordinary           Deferred       Share        Share Premium 
                                             Shares             Shares     Capital 
                                                                           GBP'000              GBP'000 
  Issued and fully paid 
   As at 1 January 2019 shares       10,908,517,793      4,266,609,563       4,931               24,486 
 
   Movement: 
   16 Jan 19 Issue of shares            147,220,000                  -          40                    - 
 
  Balances as at 30 June 
   2019                              11,055,737,793      4,266,609,563       4,971               24,486 
                                  =================  =================  ==========  =================== 
 

The ordinary shares have a par value of GBP0.0001 per share and are fully paid. These shares carry no right to fixed income and have no preferences or restrictions attached to them.

 
  11. Control 
 
   No one party is identified as controlling the Company. 
 
   12. Subsequent events 
 

On 1 August 2019 the company has received financial support from its major shareholders as convertible loans for US$300,000. The conversion price into ordinary fully paid shares will be at the "Next Placement Price".

   13.   Contingent liabilities and capital commitments 

There have been no changes to the contingent liabilities capital commitments as disclosed in the most recent annual financial report.

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

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