We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Horizonte Minerals Plc | LSE:HZM | London | Ordinary Share | GB00BMXLQJ47 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.25 | -60.00% | 1.50 | 1.25 | 1.75 | 4.25 | 1.375 | 3.75 | 14,494,776 | 16:29:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 0 | -5.32M | -0.0197 | -0.76 | 4.05M |
TIDMHZM
RNS Number : 9658G
Horizonte Minerals PLC
12 November 2018
12 November 2018
HORIZONTE MINERALS QUARTERLY FINANCIAL STATEMENTS FOR THE THREE MONTHSED 30 SEPTEMBER 2018 ____________________________________________________________________________________
Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company'), the nickel development company focused in Brazil, is pleased to announce its unaudited financial results for the three month period to 30 September 2018. These results, as well as a Management Discussion & Analysis, have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.
For further information visit www.horizonteminerals.com or contact:
Horizonte Minerals plc Jeremy Martin (CEO) +44 (0) 203 356 2901 Numis Securities Ltd (NOMAD & Broker) John Prior Paul Gillam +44 (0) 207 260 1000 Shard Capital (Joint Broker) Damon Heath Erik Woolgar +44 (0) 20 186 9952 Tavistock (Financial PR) Emily Fenton Gareth Tredway +44 (0) 207 920 3150
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.
Horizonte Minerals plc
Condensed Consolidated Interim Financial Statements for the nine months ended 30 September 2018
Condensed consolidated statement of comprehensive income
9 months ended 3 months ended 30 September 30 September 2018 2017 2018 2017 -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Unaudited Unaudited Unaudited Unaudited -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Notes GBP GBP GBP GBP -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Continuing operations Revenue - - - - Cost of sales - - - - -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Gross profit - - - - Administrative expenses (1,138,978) (959,250) (353,630) (304,702) Charge for share options granted (633,222) (101,931) (338,516) (23,121) Change in value of contingent consideration (265,378) 255,342 (70,904) 102,248 Gain/(Loss) on foreign exchange 117,313 (271,947) 24,515 (26,395) Loss from operations (1,920,265) (1,077,786) (738,535) (251,970) Finance income 31,803 9,961 9,928 2,513 Finance costs (215,283) (175,304) (74,961) (58,360) -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Loss before taxation (2,103,745) (1,243,129) (803,568) (307,817) Taxation - - - - -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Loss for the year from continuing operations (2,103,745) (1,243,129) (803,568) (307,817) ======================================================== ====== ============ ============ ============ ========== Other comprehensive income Items that may be reclassified subsequently to profit or loss Change in value of available for sale financial assets - - - - Currency translation differences on translating foreign operations (4,935,406) (1,796,142) (880,193) 400,455 -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Other comprehensive income for the period, net of tax (4,935,406) (1,796,142) (880,193) 400,455 -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Total comprehensive income for the period attributable to equity holders of the Company (7,039,151) (3,039,271) (1,683,762) 92,638 -------------------------------------------------------- ------ ------------ ------------ ------------ ---------- Earnings per share from continuing operations attributable to the equity holders of the Company Basic and diluted (pence per share) 9 (0.147) (0.106) (0.056) (0.026)
Condensed consolidated statement of financial position
30 September 31 December 2018 2017 Unaudited Audited ------------------------------ ------ ------------- ------------- Notes GBP GBP ------------------------------ ------ ------------- ------------- Assets Non-current assets Intangible assets 6 32,567,204 34,308,278 Property, plant & equipment 1,271 2,051 32,568,475 34,310,329 ------------------------------ ------ ------------- ------------- Current assets Trade and other receivables 127,948 153,105 Cash and cash equivalents 7,938,804 9,403,825 ------------------------------ ------ ------------- ------------- 8,066,752 9,556,930 ------------------------------ ------ ------------- ------------- Total assets 40,635,227 43,867,259 ============================== ====== ============= ============= Equity and liabilities Equity attributable to owners of the parent Issued capital 7 14,325,218 13,719,343 Share premium 7 41,664,018 40,422,258 Other reserves (3,947,391) 988,015 Accumulated losses (17,358,324) (15,887,801) ------------------------------ ------ ------------- ------------- Total equity 34,683,521 39,241,815 ------------------------------ ------ ------------- ------------- Liabilities Non-current liabilities Contingent consideration 5,261,237 3,635,955 Deferred tax liabilities 214,874 253,205 ------------------------------ ------ ------------- ------------- 5,476,111 3,889,160 ------------------------------ ------ ------------- ------------- Current liabilities Trade and other payables 475,595 736,284 ------------------------------ ------ ------------- ------------- Total liabilities 5,951,706 4,625,444 ------------------------------ ------ ------------- ------------- Total equity and liabilities 40,635,227 43,867,259 ============================== ====== ============= =============
Condensed statement of changes in shareholders' equity
Attributable to the owners of the parent ------------------------------------------------------------------- Share Share Accumulated Other capital premium losses reserves Total GBP GBP GBP GBP GBP ---------------------- ----------- ----------- ------------- ------------ ------------ As at 1 January 2017 11,719,343 35,767,344 (14,899,297) 4,467,064 37,054,454 ---------------------- ----------- ----------- ------------- ------------ ------------ Comprehensive income Loss for the period - - (1,243,129) - (1,243,129) Other comprehensive income Impairment of - - - - - available for sale assets Currency translation differences - - - (1,796,142) (1,796,142) ---------------------- ----------- ----------- ------------- ------------ ------------ Total comprehensive income - - (1,243,129) (1,796,142) (3,039,271)
---------------------- ----------- ----------- ------------- ------------ ------------ Transactions with owners ---------------------- ----------- ----------- ------------- ------------ ------------ Share based payments - (19,432) 101,931 - 82,499 Issue of shares - - - - - Share issue - - - - - costs ---------------------- ----------- ----------- ------------- ------------ ------------ Total transactions with owners - (19,432) 101,931 - 82,499 As at 30 September 2017 (unaudited) 11,719,343 35,747,912 (16,040,495) 2,670,922 34,097,682 ====================== =========== =========== ============= ============ ============ Attributable to the owners of the parent ------------------------------------------------------------------- Share Share Accumulated Other capital premium losses reserves Total GBP GBP GBP GBP GBP ---------------------- ----------- ----------- ------------- ------------ ------------ As at 1 January 2018 13,719,343 40,422,258 (15,887,801) 988,015 39,241,815 ---------------------- ----------- ----------- ------------- ------------ ------------ Comprehensive income Loss for the period - - (2,103,745) - (2,103,745) Other comprehensive income Impairment of - - - - available for sale assets Currency translation - - - (4,935,406 - differences ---------------------- ----------- ----------- ------------- ------------ ------------ Total comprehensive income - - (2,103,745) (4,935,406) (7,039,151) ---------------------- ----------- ----------- ------------- ------------ ------------ Transactions with owners ---------------------- ----------- ----------- ------------- ------------ ------------ Share based payments - - 633,222 - 633,222 Issue of shares 605,875 1,451,724 - - 2,057,599 Share issue costs - (209,964) - - (209,964) ---------------------- ----------- ----------- ------------- ------------ ------------ Total transactions with owners 605,875 1,241,760 633,222 2,480,857 As at 30 September 2018 (unaudited) 14,325,218 41,664,018 (17,358,324) (3,947,391) 34,683,521 ====================== =========== =========== ============= ============ ============
Condensed Consolidated Statement of Cash Flows
9 months ended 3 months ended 30 September 30 September ----------------------------------------------------- -------------------------- -------------------------- 2018 2017 2018 2017 ----------------------------------------------------- ------------ ------------ ------------ ------------ Unaudited Unaudited Unaudited Unaudited ----------------------------------------------------- ------------ ------------ ------------ ------------ GBP GBP GBP GBP Cash flows from operating activities Loss before taxation (2,103,745) (1,243,129) (803,568) (307,817) Interest income (31,803) (9,961) (9,928) (2,513) Finance costs 215,283 175,304 74,961 58,360 Exchange differences (117,313) 271,947 (24,515) 26,395 Employee share options charge 633,222 101,931 338,516 23,121 Change in fair value of contingent consideration 265,378 (255,342) 70,904 (102,248) Depreciation - 283 - 50 ------------------------------------------------------ ------------ ------------ ------------ ------------ Operating loss before changes in working capital (1,138,978) (958,967) (353,630) (304,652) Decrease/(increase) in trade and other receivables 7,546 (38,274) 50,345 (37,481) (Decrease)/increase in trade and other payables (298,911) (233,445) (1,841) 18,704 ------------------------------------------------------ ------------ ------------ ------------ ------------ Net cash outflow from operating activities (1,430,343) (1,230,686) (305,126) (323,429) ====================================================== ============ ============ ============ ============ Cash flows from investing activities Purchase of intangible assets (2,049,038) (3,780,932) (763,698) (1,283,008) Proceeds from sale of property, plant and equipment - - - - Interest received 31,803 9,961 9,928 2,513 ------------------------------------------------------ ------------ ------------ ------------ ------------ Net cash used in investing activities (2,017,235) (3,770,971) (753,770) (1,280,495) ------------------------------------------------------ ------------ ------------ ------------ ------------ Cash flows from financing activities Issue of shares 2,057,599 - - - Share issue costs (209,965) (19,432) - - ------------------------------------------------------ ------------ ------------ ------------ ------------ Net cash used in financing activities 1,847,634 (19,432) - - ------------------------------------------------------ ------------ ------------ ------------ ------------ Net decrease in cash and cash equivalents (1,599,944) (5,021,089) (1,058,896) (1,603,924) Cash and cash equivalents at beginning of period 9,403,825 9,317,781 8,969,672 5,655,064 Exchange gain/(loss) on cash and cash equivalents 134,923 (271,947) 28,027 (26,395) ------------------------------------------------------ ------------ ------------ ------------ ------------ Cash and cash equivalents at end of the period 7,938,804 4,024,745 7,938,804 4,024,745 ====================================================== ============ ============ ============ ============
Notes to the Financial Statements
1. General information
The principal activity of the Company and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group's operations.
The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.
2. Basis of preparation
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2017 were approved by the Board of Directors on 26 March 2018 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The condensed consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, BDO LLP.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements for the period ended 30 September 2018.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2016 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.horizonteminerals.com and on Sedar: www.sedar.com The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2017 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Significant accounting policies
The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the revaluation of certain of the subsidiaries' assets and liabilities to fair value for consolidation purposes.
The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's Financial Statements for the year ended 31 December 2017.
4 Segmental reporting
The Group operates principally in the UK and Brazil, with operations managed on a project by project basis within each geographical area. Activities in the UK are mainly administrative in nature whilst the activities in Brazil relate to exploration and evaluation work. The reports used by the chief operating decision maker are based on these geographical segments.
2018 UK Brazil Total 9 months ended 9 months ended 9 months ended 30 September 30 September 30 September 2018 2018 2018 GBP GBP GBP -------------------------------- --------------- --------------- --------------- Revenue - - - -------------------------------- --------------- --------------- --------------- Administrative expenses (855,593) (283,385) (1,138,978) Profit on foreign exchange 172,926 (55,613) 117,313 (Loss) from operations per reportable segment (682,667) (338,998) (1,021,665) Inter segment revenues - - - Depreciation charges - - - Additions and foreign exchange movements to non-current assets - (1,703,069) (1,703,069) Reportable segment assets 7,132,617 33,502,609 40,635,227 Reportable segment liabilities 5,346,237 605,469 5,951,706 2017 UK Brazil Total 9 months ended 9 months ended 9 months ended 30 September 30 September 30 September 2017 2017 2017 GBP GBP GBP -------------------------------- --------------- --------------- --------------- Revenue - - - -------------------------------- --------------- --------------- --------------- Administrative expenses (601,315) (357,935) (959,250) (Loss) on foreign exchange (249,816) (22,131) (271,947) (Loss) from operations per reportable segment (851,132) (380,066) (1,231,197) Inter segment revenues Depreciation charges (283) - (283) Additions and foreign exchange movements to non-current assets - 2,045,281 2,045,281 Reportable segment assets 4,021,401 34,124,786 38,146,187 Reportable segment liabilities 3,643,226 405,279 4,048,505 2018 UK Brazil Total 3 months 3 months 3 months ended ended ended 30 September 30 September 30 September 2018 2018 2018 GBP GBP GBP -------------------------------- -------------- -------------- -------------- Revenue - - - -------------------------------- -------------- -------------- -------------- Administrative expenses (260,493) (93,137) (353,630) Profit on foreign exchange 38,856 (14,341) 24,515 (Loss) from operations per (221,637) (107,478) (329,115) reportable segment -------------------------------- -------------- -------------- -------------- Inter segment revenues - - - Depreciation charges - - - Additions and foreign exchange movements to non-current assets - (74,209) (74,209) 2017 UK Brazil Total 3 months 3 months 3 months ended ended ended 30 September 30 September 30 September 2017 2017 2017 GBP GBP GBP ---------------------------------- -------------- -------------- -------------- Revenue - - - ---------------------------------- -------------- -------------- -------------- Administrative expenses (176,401) (128,300) (304,702) (Loss) on foreign exchange (25,176) (1,219) (26,395) (Loss) from operations per (201,577) (129,520) (331,097) reportable segment ---------------------------------- -------------- -------------- -------------- Inter segment revenues - - - Depreciation charges (50) - (50) Additions and foreign exchange movements to non-current assets - 1,526,005 1,526,005
A reconciliation of adjusted loss from operations per reportable segment to loss before tax is provided as follows:
9 months 9 months 3 months 3 months ended ended ended ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 GBP GBP GBP GBP ------------------------------ -------------- -------------- -------------- -------------- Loss from operations per reportable segment (1,021,665) (1,231,197) (329,115) (331,097) - Change in fair value of contingent consideration (265,378) 255,342 (70,904) 102,248 - Charge for share options granted (633,222) (101,931) (338,516) (23,121) - Impairment of available for sale asset - - - - - Finance income 31,803 9,961 9,928 2,513 - Finance costs (215,283) (175,304) (74,961) (58,360) Loss for the period from continuing operations (2,103,745) (1,243,129) (803,568) (307,817) ================================ ============== ============== ============== ==============
5 Change in Fair Value of Contingent Consideration
Contingent Consideration payable to Xstrata Brasil Mineração Ltda.
The contingent consideration payable to Xstrata Brasil Mineração Ltda has a carrying value of GBP3,950,609 at 30 September 2018 (2017: GBP3,423,333). It comprises two elements: US$1,000,000 due after the date of issuance of a joint feasibility study for the combined Enlarged Project areas and to be satisfied by shares or cash, together with US$5,000,000 consideration in cash as at the date of first commercial production from any of the resource areas within the Enlarged Project area. The key assumptions underlying the treatment of the contingent consideration the US$5,000,000 are as per those applied to the contingent consideration payable to the former owners of Teck Cominco Brasil S.A.
As at 30 September 2018, there was a finance expense of GBP150,967 (2017: GBP167,729) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.
The change in the fair value of contingent consideration payable to Xstrata Brasil Mineração Ltda generated a charge to profit or loss of GBP166,203 for the nine months ended 30 September 2017 (2017: GBP239,914 credit) due to changes in the functional currency in which the liability is payable.
6 Intangible assets
Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise internally generated and acquired assets.
Group Exploration and Goodwill Exploration evaluation Total licences costs GBP GBP GBP GBP --------------------------------- --------- ------------ ------------ ------------ Cost At 1 January 2018 251,063 5,165,529 28,891,686 34,308,278 Additions - 1,144,621 2,087,756 3,232,377 Exchange rate movements (38,006) (533,098) (4,402,347) (4,973,451) Net book amount at 30 September 2018 213,057 5,777,052 26,577,095 32,567,204 ================================= ========= ============ ============ ============
7 Share Capital and Share Premium
Issued and fully Ordinary paid Number of shares Share premium Total shares GBP GBP GBP ---------------------- -------------- ----------- -------------- ----------- At 1 January 2018 1,371,934,300 13,719,343 40,422,258 54,141,601 Issued during period 60,587,500 605,875 1,241,760 1,847,635 At 30 September 2018 1,432,521,800 14,325,218 41,664,018 55,989,236 ---------------------- -------------- ----------- -------------- -----------
8 Dividends
No dividend has been declared or paid by the Company during the nine months ended 30 September 2018 (2017: nil).
9 Earnings per share
The calculation of the basic loss per share of 0.147 pence for the 9 months ended 30 September 2018 (30 September 2017 loss per share: 0.106 pence) is based on the loss attributable to the equity holders of the Company of GBP (2,103,745) for the nine month period ended 30 September 2018 (30 September 2017: GBP(1,243,129)) divided by the weighted average number of shares in issue during the period of 1,430,524,410 (weighted average number of shares for the 9 months ended 30 Sept 2017: 1,171,934,300).
The calculation of the basic loss per share of 0.056 pence for the 3 months ended 30 September 2018 (30 September 2017 loss per share: 0.026 pence) is based on the loss attributable to the equity holders of the Company of GBP (803,568) for the three month period ended 30 September 2018 (3 months ended 30 September 2017: GBP 307,817) divided by the weighted average number of shares in issue during the period of 1,432,521,800 (weighted average number of shares for the 3 months ended 30 September 2017: 1,171,934,300).
The basic and diluted loss per share is the same, as the effect of the exercise of share options would be to decrease the loss per share.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2017 and in note 10 below.
10 Issue of Share Options
On 30 May 2018, the Company awarded 38,150,000 share options to Directors and senior management. All of these share options have an exercise price of 4.80 pence. One third of the options are exercisable from 30 November 2018, one third from 31 May 2018 and one third from 30 November 2019.
On 30 May 2018, the Company awarded 1,500,000 share options to a consultant to the Company under the terms of the prior year's scheme. These options are exercisable immediately.
On 31 March 2017, the Company awarded 41,000,000 share options to Directors and senior management. All of the share options have an exercise price of 3.20 pence. One third of the options are exercisable from 30 September 2017, one third from 31 March 2018 and one third from 30 September 2018.
11 Ultimate controlling party
The Directors believe there to be no ultimate controlling party.
12 Related party transactions
The nature of related party transactions of the Group has not changed from those described in the Group's Annual Report and Financial Statements for the year ended 31 December 2017.
13 Events after the reporting period
There are no events which have occurred after the reporting period which would be material to the financial statements.
Approval of interim financial statements
These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on 7 November 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
QRTLLFERLELAIIT
(END) Dow Jones Newswires
November 12, 2018 02:00 ET (07:00 GMT)
1 Year Horizonte Minerals Chart |
1 Month Horizonte Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions