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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7557P Mincorp Plc 10 March 2008 Mincorp PLC Interim Report for the six months ended 30 November 2007 CHAIRMAN'S STATEMENT Dear shareholders, BOARD CHANGES Since the release of the annual report for 2007, there has been one change to the board, being the resignation on 14th December 2007 of Jaafar bin Ahmad, a non-executive director. The Board intends to appoint a replacement non-executive director, and expects to commence its selection prior to 31 May 2008. INVESTMENTS The board is currently considering entering into a strategic relationship with ATPK Resources Tbk which would see Mincorp becoming a joint venture partner while remaining as a shareholder. Given the growing demand throughout Asia and the current supply side constraints, the coal market is expected to continue to tighten throughout 2008. Moreover, Indonesian coal is at a significant cost / freight advantage to either Australian or South African suppliers both of which have their own particular infrastructural challenges being port congestion at Newcastle for Australian producers and a disrupted power supply for their South African counterparts. Coal remains a particularly important commodity in emerging markets being responsible for over 70% of power generation in China, the devastating impact of a disruption in coal supply to China was evidenced recently following unseasonal storms that prevented coal extraction and distribution resulting in power outages in over fifteen (15) provinces. EXPLORATION PROJECTS The company is confident of a positive ruling on the Mt Cadig case during 2008 in the Supreme Court and has undertaken a review of the board of Mincorp Asia as well as appointing specialist legal counsel in the Philippines both to assess the strength of the respective arguments and assist the company in achieving a favourable outcome. The company has been successful in securing the services of a team of highly experienced specialist consultants based in Western Australia and is currently completing the analysis and valuation of the New Waverly tenements based on the drilling program that has been completed thus far. We expect the results to be delivered during 2008 and expect demand for gold to remain strong in the short to medium term, supported by geo-political tensions that are driving the price of oil to record levels. FUTURE FUNDING The company plans to complete a fundraising during 2008 to support the further development of the company's existing assets as well as raising funds for the implementation of our obligations under the terms of any joint venture agreed to with ATPK Resources Tbk. The company is seeking opportunities with the potential of delivering positive earnings within the short to medium term such as off-take agreements or similar arrangements, rather than having exploration as its sole focus. CONCLUSION The company looks forward to the receipt of results and a comprehensive valuation of the New Waverly tenements as well as achieving a positive outcome in the Mt Cadig appeal. Moreover, we are confident of agreeing terms with ATPK Resources Tbk which would allow Mincorp PLC to enter the tightening Asian coal market. On behalf of the board, I would like to thank our shareholders for their continued support. Mohd. Noordin bin Abdullah Chairman 10 March 2008 CHIEF EXECUTIVE OFFICER'S REPORT Dear shareholders, It is my pleasure to present a report on the progress of Mincorp PLC and its subsidiaries for the period ended 30 November 2007. Mt Cadig Nickel Deposit, Philippines. The Mt Cadig nickel deposit covers approximately 9,400 hectares and is located 250 km east of Manila on the Philippine island of Luzon and was first tested in 1970 by way of a shallow pitting program consisting of 103 shallow test pits covering approximately 65% of the total concession. Conclusions subsequently drawn from this exploration inferred reserves in the vicinity of 120 million tons. The current Exploration Permit Application has been made by Bonaventure Mining Corporation (BMC), a wholly owned subsidiary of Mincorp Asia. However, title to Mt Cadig is subject to an ongoing dispute with another Philippine corporation. We remain confident of a favorable judgment on Mt Cadig during 2008 and look forward to making material progress with this asset in the coming year. Moreover, we have engaged a legal counsel with considerable tenement experience within the Philippines to provide an independent opinion on the strength of the respective arguments. Furthermore, Mincorp PLC is currently reviewing the board of its subsidiary, Mincorp Asia. New Waverly Gold Mine, Western Australia The New Waverly mine is within close proximity of Norseman, which is approximately 200 kilometres south of Kalgoorlie in Western Australia's goldfields. Mincorp PLC controls New Waverly through its wholly owned subsidiary, Procnima Exploration Pty Ltd. New Waverly is located on a similar structure to that which has produced over 1,800,000 ounces of gold, however the under-wall of the structure, which is similar location to other proven quartz reefs is yet to be tested. Mincorp PLC has appointed a team of independent specialist consultants to complete a co-ordinated analysis of the completed drilling program in order to ascertain the value and options with New Waverly at a time when the price of gold is approaching all time highs. Given the current outlook for gold prices, the board is excited about the potential of New Waverly and will be in a position to make an informed decision regarding the property's future during 2008. ATPK Resources TBK Mincorp PLC made a strategic acquisition (5.5%) of ATPK Resources TBK (hereafter ATPK) and maintains its view that ATPK is an undervalued company with approximately 78 million tons of coal reserves predominantly in East Kalimantan. The coal market has tightened considerably since the writing of the annual report due to both demand from China and disruptive supply side factors including adverse climatic conditions and infrastructure unable to cope with the increased volumes. Project Development Mincorp PLC has taken a different perspective to its investment in ATPK, and as such the Company's relationship with ATPK is likely to enter a new phase during the first quarter of 2008 with Mincorp PLC in advanced negotiations with ATPK to enter into a joint venture agreement granting Mincorp PLC the exclusive mining rights to selected tenement(s) over a period of five (5) years upon the understanding that Mincorp PLC pay an agreed price per metric tonne that reflects an attractive discount to that currently being achieved in the market. Consequently, in its plan to deliver value and earnings to shareholders, Mincorp PLC is making a strategic change in direction in no longer being a company solely focused on exploration. The potential earnings from a five (5) year agreement with ATPK will have a profound impact on the future and capabilities of Mincorp PLC. Moreover, Mincorp PLC is exploring other resource opportunities. Mincorp PLC is planning a fundraising to be completed within 2008 to further develop the potential of the Company's existing assets and provide the necessary funding to fulfil any obligations ensuing from the agreement with ATPK. Matthew Steptoe Chief Executive Officer 10 March 2008 Consolidated Income Statement For the 6 months ended 30 November 2007 Notes £ £ £ Six months ended Six months Year ended 31 30 November 2007 ended 30 May 2007 (Unaudited) November 2006 (Unaudited) (Unaudited) Exploration costs - - (46,397) Administrative expenses (90,080) (45,097) (164,722) OPERATING LOSS (90,080) (45,097) (211,119) Interest received - 370 370 Share of associate loss (46,522) - (37,430) LOSS BEFORE TAXATION (136,602) (44,727) (248,179) Taxation - - - LOSS FOR THE PERIOD AFTER TAXATION (136,602) (44,727) (248,179) Loss per share : Basic 4 (0.04)p (0.04)p (0.15)p Consolidated Statement of recognised income and expense For the 6 months ended 30 November 2007 Notes £ £ £ Six months Six months Year ended 31 ended 30 ended 30 May 2007 November 2007 November 2006 (Unaudited) (Unaudited) (Unaudited) LOSS FOR THE PERIOD (136,602) (44,727) (248,179) (Loss)/gains on revaluation of available (183,400) - 1,664,915 for sale investments taken to equity Tax on items taken directly to equity 55,020 - (499,475) NET (EXPENSE)/INCOME RECOGNISED DIRECTLY IN (128,380) - 1,165,440 EQUITY TOTAL RECONGNISED INCOME AND (EXPENSE) FOR (264,982) (44,727) 917,261 THE PERIOD Consolidated Balance Sheet At 30 November 2007 Notes £ £ £ Six months Six months Year ended ended 30 ended 30 31 May 2007 November 2007 November 2006 (Unaudited) (Unaudited) (Unaudited) NON-CURRENT ASSETS Project development costs 184,698 164,393 127,234 Property, plant and equipment 3,695 - 1,947 Available for sale investments 2,927,686 - 2,711,086 TOTAL NON-CURRENT ASSETS 3,116,079 164,393 2,840,267 CURRENT ASSETS Trade and other receivables 437,681 309,361 432,138 Cash at bank and in hand 23,774 105,293 552,337 TOTAL CURRENT ASSETS 461,455 414,654 984,475 TOTAL ASSETS 3,577,534 579,047 3,824,742 CURRENT LIABLILITES Trade and other payables (50,218) (15,666) (28,542) TOTAL CURRENT LIABLITIES (50,218) (15,666) (28,542) NET CURRENT ASSETS 411,237 398,988 955,933 NON-CURRENT LIABILITIES Deferred tax liabilities (444,455) - (499,475) Provisions (125,551) (55,725) (79,029) (570,006) (55,725) (578,504) TOTAL LIABILITIES (620,224) (71,391) (607,046) NET ASSETS 2,957,310 507,656 3,217,696 EQUITY Called up share capital 5 366,001 130,001 366,001 Share premium 2,063,664 555,279 2,063,664 Available for sale investment reserve 1,037,060 - 1,165,440 Foreign exchange reserve (617) (8,880) (5,213) Retained earnings (508,798) (168,744) (372,196) TOTAL EQUITY 2,957,310 507,656 3,217,696 Consolidated Statement of changes in equity (unaudited) For the 6 months ended 30 November 2007 Share Share premium Available for Foreign Retained Total equity capital sale exchange earnings investment reserve reserve £ £ £ £ £ £ At 1 June 2006 120,001 470,279 - (7,240) (124,017) 459,023 Loss for the period - - - - (44,727) (44,727) Issue of shares 10,000 90,000 - - - 100,000 Share issue expenses - (5,000) - - - (5,000) Currency translation - - - (1,640) - (1,640) differences At 30 November 2006 130,001 555,279 - (8,880) (168,744) 507,656 At 1 June 2006 120,001 470,279 - (7,240) (124,017) 459,023 Loss for the period - - - - (248,179) (248,179) Issue of shares 246,000 1,600,400 - - - 1,846,400 Share issue expenses - (7,015) - - - (7,015) Revaluation of available - - 1,664,915 - - 1,664,915 for sale investments Deferred tax on available - - (499,475) - - (499,475) for sale movements Currency translation - - - 2,027 - 2,027 differences At 31 May 2007 366,001 2,063,664 1,165,440 (5,213) (372,196) 3,217,696 Loss for the period - - - - (136,602) (136,602) Revaluation of available - - (183,400) - - (183,400) for sale investments Deferred tax on available - - 55,020 - - 55,020 for sale movements Currency translation - - - 4,596 - 4,596 differences At 30 November 2007 366,001 2,063,664 1,037,060 (617) (508,798) 2,957,310 Consolidated Cash Flow Statement (Unaudited) For the 6 months ended 30 November 2007 Notes £ £ £ Six months ended Six months Year ended 31 30 November 2007 ended 30 May 2007 (Unaudited) November 2006 (Unaudited) (Unaudited) CASH FROM OPERATING ACTIVITIES Operating loss (90,080) (45,097) (211,119) Depreciation charge 973 - 973 Exploration costs written-off - - 46,397 Currency gain/(loss) 4,596 (1640) (321) Decrease/(increase) in other receivables and prepayments (5,543) (53,908) (176,685) Increase/(decrease) in trade and other 21,676 (21,584) (22,834) payables NET CASH OUTFLOW FROM OPERATING ACTIVITIES (68,378) (122,229) (363,589) INVESTING ACTIVITIES Interest received - 370 370 Purchase of property, plant and equipment (2,721) (1,276) (2,920) Expenditure on project development costs (57,464) - (8,166) Purchase of available for sale investment (400,000) - (1,046,171) NET CASH OUTFLOW FROM INVESTING ACTIVITIES (460,185) (906) (1,056,887) FINANCING ACTIVITIES Proceeds on issue of ordinary shares - 100,000 1,846,400 Transaction costs on issue of ordinary - (5,000) (7,015) shares NET CASH FROM FINANCING ACTIVITIES - 95,000 1,839,385 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (528,563) (28,135) 418,909 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 552,337 133,428 133,428 CASH AND CASH EQUIVALENTS AT END OF PERIOD 23,774 105,293 552,337 Notes to the Interim Report For the 6 months ended 30 November 2007 1. Basis of preparation The consolidated financial information has been prepared in accordance with accounting policies which will be adopted in presenting the full year annual report and accounts. The full year annual report and accounts will be prepared for the first time in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The group has therefore applied IFRS for the six month period ended 30 November 2007, with comparative figures for the six month period ended 30 November 2006 also prepared under IFRS as adopted by the European Union. In preparing this consolidated financial information, the Group has elected to take advantage of provisions within IFRS 1"First-time adoption of International Financial Reporting Standards" ("IFRS 1"), which offer certain exemptions from applying IFRS to the opening IFRS balance sheet prepared at 1 June 2006. In particular: * IFRS 3, "Business Combinations", has not been applied retrospectively to business combinations that occurred prior to 1 May 2006. The carrying amount of goodwill in the opening IFRS balance sheet at 1 May 2006 is therefore its carrying amount at that date under UK GAAP; * IFRS 2, "Share-based payment", has not been applied to equity instruments that were granted after 27 May 2004 and vested prior to 1 June 2006. The interim financial information is unaudited and does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The Group's statutory consolidated financial statements for the year ended 31 May 2007 were presented under UK GAAP, and have been delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. Comparative figures for the year ended 31 May 2007 presented here are abridged and non-statutory, have been adjusted to reflect the transition to IFRS and are unaudited. 2. ACCOUNTING POLICIES The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, available for sale investments and intangible assets acquired in a business combination, which have been measured at fair value. The consolidated financial statements are presented in sterling. Statement of compliance This consolidated financial information of Mincorp plc is prepared in accordance with IFRS as adopted by the European Union with the exception of IAS 34 "Interim Financial Reporting". Basis of consolidation The consolidated financial statements comprise the financial statements of Mincorp plc and its subsidiaries as at 31 May each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions that are recognised in assets, are eliminated in full. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Going concern The financial statements have been prepared on the going concern basis, with no adjustments in respect of the following concerns of the Group's ability to continue to trade under that assumption. The Group's cash flow forecast for the 12 months ending 30 November 2008, highlights the fact that Company is expected to generate negative cash flow by that date. The board of Directors, are evaluating all the options available, including through the realization of the investment in the publicly traded shares of ATPK Resources Tbk. as well as the injection of funds into the Group during the next 12 months, and are confident that the necessary funds will be raised in order for the Group to remain cash positive for the whole period and to continue its exploration activities. Interests in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associates, less any impairment in the value of individual investments. Losses of the associates in excess of the Group's interest in those associates are not recognised unless the Group has an obligation to fund such losses. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group's interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made for impairment. Revenue The Group had no revenue during the period ended 30 November 2007. Foreign currencies The Company's functional currency is Sterling (£). Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date, the assets and liabilities of these subsidiaries are translated into the presentation currency at the rate of exchange ruling at the balance sheet date and the subsidiary income statements are translated at the average exchange rate for the year. The exchange differences arising on the translation are taken directly to a separate component of equity. All other differences are taken to the income statement with the exception of differences on foreign currency borrowings, which, to the extent that they are used to finance or provide a hedge against foreign equity investments, are taken directly to reserves to the extent of the exchange difference arising on the net investment in these enterprises. Tax charges or credits that are directly and solely attributable to such exchange differences are also taken to reserves. Goodwill and intangible assets Intangible assets are recorded at cost less eventual amortisation and provision for impairment in value. Goodwill on consolidation is capitalised and shown within fixed assets. Positive goodwill is subject to an annual impairment review, and negative goodwill is immediately written-off to the income statement when it arises. Exploration and project development costs Exploration and project development costs are carried forward in respect of areas of interest where the consolidated entity's rights to tenure are current and where these costs are expected to be recouped through successful development and exploration, or by sale. Alternatively, these costs are carried forward while active and significant operations are continuing in relation to the areas of interest and it is too early to make reasonable assessment of the existence or otherwise of economically recoverable reserves. When the area of interest is abandoned, exploration and evaluation costs previously capitalised are written off to the income statement. In accordance with the full cost method, all costs associated with mining development and investment are capitalised on a project-by-project basis pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If a mining development project is successful, the related expenditures will be written-off over the estimated life of the commercial ore reserves on a unit of production basis. Impairment reviews will be carried out regularly by the Directors of the Company. Where a project is abandoned, or is considered to be of no further commercial value to the Company, the related costs will be written off. The recoverability of deferred mining costs and mining interests is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition of recoverable reserves. Significant accounting judgments, estimates and assumptions (i) Significant accounting estimates and assumptions The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are: (ii) Impairment of goodwill and intangibles with indefinite useful lives The Group determines whether goodwill and intangibles with indefinite useful lives are impaired at least on an annual basis. This requires an estimation of the recoverable amount of the cash-generating units to which the goodwill and intangibles with indefinite useful lives are allocated. (iii) Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using a Black-Scholes model. Finance costs/revenue Borrowing costs are recognised as an expense when incurred. Finance revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Trade and other receivables Trade receivables, which generally have 30 day terms, are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An allowance for doubtful debts is made when there is objective evidence that the Group will not be able to collect the debts. Bad debts are written off when identified. Investments Investments in subsidiary undertakings are stated at cost less any provision for impairment in value, prior to their elimination on consolidation. Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract where the terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs. Investments are classified as either held for trading or available for sale, and are measured at subsequent reporting dates at fair value. Where securities are held for trading, gains and losses arising from changes in fair value are included in the income statement for the period. For available for sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the income statement for the period. Impairment losses recognised in the income statement for equity investments classified as available for sale are not subsequently reversed through the income statement. Impairment losses recognised in the income statement for debt instruments classified as available for sale are subsequently reversed if an increase in the fair value of the instrument can be objectively related to an event occurring after the recognition of the impairment loss. Financial instruments The Group's financial instruments, other than its investments, comprise cash and items arising directly from its operation such as trade debtors and trade creditors. The Group has overseas subsidiaries in Australia whose expenses are denominated in Australian Dollars. Market price risk is inherent in the Group's activities and is accepted as such. There is no material difference between the book value and fair value of the Group's cash. Deferred taxation Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the tax computations, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case it is also dealt with in equity. Property, plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Land is measured at fair value less any impairment losses recognised after the date of revaluation. Depreciation is provided on all tangible assets to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight-line basis at the following annual rates: Property, plant and equipment - between 15% and 35% All assets are subject to annual impairment reviews. Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which case the impairment loss is treated as a revaluation decrease). An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Trade and other payables Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. Earnings per share Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element. Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for: * costs of servicing equity (other than dividends) and preference share dividends; * the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and * other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element. 3. EXPLANATION OF TRANSITION TO IFRS This note presents and explains the unaudited restatement to an IFRS basis of the Group's results and shareholders' equity for the six months ended 30 November 2006 and the year ended 31 May 2007, and shareholders' equity at 1 June 2006, the date of transition to IFRS, which were previously reported under UK Generally Accepted Accounting Practice ('UK GAAP'). The restated figures for the year ended 31 May 2007 will form the comparative information for the Group's first annual IFRS financial statements for the year ending 31 May 2008. There have been no changes to the losses of the group in the transition to IFRS. Detailed reconciliations between UK GAAP and IFRS are shown below: Reconciliation of equity at 31 May 2006 Under UK GAAP Re-allocation of Under IFRS provision £ £ £ NON CURRENT ASSETS Project development costs 163,117 163,117 Property, plant and equipment - - Available for sale investments - - TOTAL FIXED ASSETS 163,117 163,117 CURRENT ASSETS Trade and other receivables 255,453 255,453 Cash at bank and in hand 133,428 133,428 TOTAL CURRENT ASSETS 388,881 388,881 TOTAL ASSETS 551,998 551,998 CURRENT LIABLILITES Trade and other payables (92,975) 41,599 (51,376) TOTAL CURRENT LIABLITIES (92,975) 41,599 (51,376) NET CURRENT ASSETS 295,906 41,599 337,505 NON-CURRENT LIABILITIES Deferred tax liabilities - - Provisions - (41,599) (41,599) - (41,599) (41,599) TOTAL LIABILITIES (92,975) (92,975) NET ASSETS 459,023 - 459,023 EQUITY Called up share capital 120,001 120,001 Share premium 470,279 470,279 Available for sale investment reserve - - Foreign exchange reserve (7,240) (7,240) Retained earnings (124,017) (124,017) TOTAL EQUITY 459,023 - 459,023 Reconciliation of equity at 30 November 2006 Under UK GAAP Re-allocation of Under IFRS provision £ £ £ NON CURRENT ASSETS Project development costs 164,393 164,393 Property, plant and equipment - - Available for sale investments - - TOTAL FIXED ASSETS 164,393 164,393 CURRENT ASSETS Trade and other receivables 309,361 309,361 Cash at bank and in hand 105,293 105,293 TOTAL CURRENT ASSETS 414,654 414,654 TOTAL ASSETS 579,047 579,047 CURRENT LIABLILITES Trade and other payables (71,391) 55,725 (15,666) TOTAL CURRENT LIABLITIES (71,391) 55,725 (15,666) NET CURRENT ASSETS 343,263 55,725 398,988 NON-CURRENT LIABILITIES Deferred tax liabilities - - Provisions - (55,725) (55,725) - (55,725) (55,725) TOTAL LIABILITIES (71,391) (71,391) NET ASSETS 507,656 - 507,656 EQUITY Called up share capital 130,001 130,001 Share premium 555,279 555,279 Available for sale investment reserve - - Foreign exchange reserve (8,880) (8,880) Retained earnings (168,744) (168,744) TOTAL EQUITY 507,656 - 507,656 Reconciliation of equity at 31 May 2007 Under UK GAAP Provision & Fair Under IFRS Value adjustments £ £ £ NON CURRENT ASSETS Project development costs 127,234 127,234 Property, plant and equipment 1,947 1,947 Available for sale investments 1,046,171 1,664,915 2,711,086 TOTAL FIXED ASSETS 1,175,352 1,664,915 2,840,267 CURRENT ASSETS Trade and other receivables 432,138 432,138 Cash at bank and in hand 552,337 552,337 TOTAL CURRENT ASSETS 984,475 984,475 TOTAL ASSETS 2,159,827 1,664,915 3,824,742 CURRENT LIABLILITES Trade and other payables (107,571) 79,029 (28,542) TOTAL CURRENT LIABLITIES (107,571) 79,029 (28,542) NET CURRENT ASSETS 876,904 79,029 955,933 NON-CURRENT LIABILITIES Deferred tax liabilities - (499,475) (499,475) Provisions - (79,029) (79,029) - (578,504) (578,504) TOTAL LIABILITIES (107,571) (499,475) (607,046) NET ASSETS 2,052,256 1,165,440 3,217,696 EQUITY Called up share capital 366,001 366,001 Share premium 2,063,664 2,063,664 Available for sale investment reserve - 1,165,440 1,165,440 Foreign exchange reserve (5,213) (5,213) Retained earnings (372,196) (372,196) TOTAL EQUITY 2,052,256 1,165,440 3,217,696 Cashflow statement As a result of the transition to IFRS, there were no material differences between the cashflow statement presented under IFRS and that presented under UK GAAP. 4. LOSS PER SHARE Six months ended Six months ended Year ended 30 November 2007 30 November 2006 31 May 2007 (Unaudited) (Unaudited) (Audited) Basic Loss for the period Loss (£s) (136,602) (44,727) (248,179) Weighted Average Number of Shares 366.00 million 125.57 million 167.87 million Loss Per Share - pence (0.04)p (0.04)p (0.15)p The basic earnings per share has been calculated on a loss on ordinary activities after taxation of £136,602 (31 May 2007: £248,179 loss) and on 366.00 million (31 May 2007: 167.87 million) ordinary shares being the average number of shares in issue and franking for dividend during the period. No diluted loss per share is presented as the effect of exercise of outstanding options is to decrease the loss per share. 5. SHARE CAPITAL The authorised share capital of the Company and the called up and fully paid amounts at 30 November 2007 were as follows:- £ £ £ Six months ended Six months ended Year ended 30 November 2007 30 November 2006 31 May 2007 (Unaudited) (Unaudited) (Audited) Authorised: 1,000,000,000 ordinary shares of 0.1p each 1,000,000 1,000,000 1,000,000 Allotted, called up and fully paid: Beginning of the period 366,001 120,001 120,001 Issued 21 August 2006 at a price of 1p per - 10,000 10,000 share Issued 31 March 2007 at a price of 0.74p - - 236,000 per share 366,001,000 ordinary shares of 0.1p each at 366,001 130,001 366,001 the end of the period 6. POST BALANCE SHEET EVENTS On 14 December 2007, Jaafar bin Ahmad resigned as a non-executive director. INDEPENDENT REVIEW REPORT TO MINCORP PLC Introduction We have been engaged by the Company to review the financial information for the six months ended 30 November 2007 which comprises the Consolidated Income Statement, Consolidated Statement of Recognised Income and Expense, Consolidated Statement of Changes in Equity, Consolidated Balance Sheet, Consolidated Cash Flow Statement, and the related notes. We have read the other information contained in the half-year report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. As disclosed in Note 1, the next annual financial statements of the Group will be prepared in accordance with those IFRSs adopted for use by the European Union. This interim report has been prepared in accordance with the requirements of IFRS1, "First Time Adoption of International Financial Reporting Standards" relevant to interim reports. The accounting policies are consistent with those that the directors intend to use in the next financial statements. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the Accounting Standards Board Statement "Half-Yearly Financial Reports." Our Responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2007 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. CHAPMAN DAVIS LLP Chartered Accountants 2 Chapel Court London SE1 1HH 10 March 2008 The maintenance and integrity of the Mincorp Plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial information since it was initially presented on the website. Mincorp PLC Company Information Directors Jocelyn Arreza Matthew Steptoe Thanggaya Munusamy Mohd. Noordin bin Abdullah Joint Secretaries Jocelyn Arreza Rajakumaran Rajadurai Registered office 1 Park Place Canary Wharf London, E14 4HJ Nominated Adviser Nabarro Wells & Co Ltd Saddlers House Gutter Lane London EC2V 6HS Broker Keith, Bayley, Rogers & Co. Ltd Sophia House 76-80 City Road London EC1Y 2EQ Auditors Chapman Davis LLP No.2 Chapel Court London SE1 1HH Registrar Share Registrars Ltd Craven House West Street Farnham Surrey GU9 7EN Registered number 05140143 Enquiries: Mincorp plc Matthew Steptoe 659 247 1999 Nabarro Wells & Co. Limited Hugh Oram +44 207 710 7400 This information is provided by RNS The company news service from the London Stock Exchange END IR GGGMFKGZGRZM
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