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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Natasa Min | LSE:NSN | London | Ordinary Share | KYG6395A1004 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMNSN
RNS Number : 0817N
Natasa Mining Limited
25 September 2012
25 September 2012
NATASA MINING LTD
("Natasa Mining" or the "Company")
Interim Results for the half year ended 30 June 2012
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Directors' Report
The Directors present their report together with the consolidated financial
statements for the six months ended 30 June 2012 and the auditor's review report
thereon.
The financial report has been presented in United States dollars which is the
Group's functional currency.
1. DIRECTORS
The names of the directors of the Company in office during or since the end
of the half-year are:
Chrisilios Kyriakou, LLB, Executive Chairman
Mr. Kyriakou has extensive business interests including commercial properties,
share investments and rural property. He was the Chief Executive Officer of
the Company's predecessor company, Natasa Mining Ltd (inc. in Australia), since
1979 and was appointed to the Board on 21 April 2010 as Executive Chairman of
the Company.
Charles de Chezelles, MBA, Non-executive Director
Mr. de Chezelles is a highly experienced financial industry expert. Past positions
include: General Manager, Banco Real S.A., London; Executive Director, Credit
Suisse-First Boston (CSFB), London; Director, First Boston Europe, London; Vice
President, The First Boston Corporation, New York; Corporate Account Executive,
Smith Barney, New York; Investment Analyst, Stralem & Company, New York. He
is currently Managing Director of Omega Trust Company Limited, London. Mr de
Chezelles sits on the board of several natural resources companies based around
the world and financial trusts. He was appointed to the Board on 1 May 2010.
Bill Koutsouras, BA, CA, CFA, Non-executive Director Mr. Koutsouras is the President
of Kouts Capital, a consulting company providing assistance to companies with
corporate finance related transactions including providing strategic advice,
introduction to capital providers and transaction structuring and implementation.
Previously Mr. Koutsouras was the Executive Vice President and Chief Financial
Officer of Endeavour Mining Corporation. He was primarily responsible for overseeing
financial advisory mandates, investment related services and the financial operations
and management of the Endeavour group of companies. Mr. Koutsouras is also a
non-executive director of several natural resource companies. Mr. Koutsouras
is a Chartered Accountant and Chartered Financial Analyst and is a member of
the Canadian Institute of Chartered Accountants and the CFA Institute. He was
appointed to the Board on 22 February 2012.
Ian H. Mann, HBA, Non-executive Director
Mr. Mann has been the President of Meridian Fund Managers Ltd since 2003, a
BVI registered fund manager with two alternative investment funds primarily
investing in mining and oil and gas companies. Prior to that, Mr. Mann held
senior management and partner positions with several Bermuda companies since
returning in 1980 with an Honours Business Administration degree from The University
of Western Ontario in London, Canada. Since 1997, he has served as a non-executive
Director of two Canadian exchange listed mining companies, both now merged into
other entities and currently serves as a non-executive Director of PetroMagdalena
Energy Corp., a TSX Venture listed oil and gas company operating in Columbia.
He was appointed to the Board on 1 February 2011.
Jonathan R. Reynolds B.Com (Hons), CA, F Fin, Finance Director
Mr. Reynolds has been the Chief Financial Officer of the Company and its predecessor
company since 2001. Prior to that he held the position of chief financial officer
with a number of other listed entities and before that was a senior manager
with an international firm of chartered accountants. He is a member of the Institute
of Chartered Accountants in Australia, a fellow of the Financial Services Institute
of Australasia and holds a Bachelor of Commerce (Honours) degree. He was appointed
to the Board on 21 April 2010.
Company Secretary
Mr John B. Maguire, Company Secretary, has held this position and been involved
with the Group for the past 21 years.
2. CONSOLIDATED RESULTS AND REVIEW OF OPERATIONS
The net loss after tax of the Group attributable to members for the six months
ended 30 June 2012 was $3,782,150 (2011: profit of $2,093,865).
During the period, the Group:
* Purchased various equity securities at a cost of $8.6
million.
* Sold various equity securities realising proceeds of
$4 million and a net profit on disposal of $0.5
million.
* Commenced planning for a 10-drill hole bulk sample
program at its Fox Creek Coal project aimed at aiding
selective mining decisions and market identification.
The third-party costs incurred on this program
amounting to $0.3 million have been capitalised to
the intangible asset.
* Advanced $5.2 million to UMC Energy plc, its
associate in which it holds a 42.6% equity interest.
The funds were used to meet costs associated with UMC
Energy's Papua New Guinea petroleum assets, to renew
its Madagascan uranium exploration permits and for
general working capital. As the time-frame for
recovery of the loan funds is not certain, the full
amount of funds advanced to UMC Energy has been
impaired in the half-year accounts. In addition, the
Group recognised a loss of $0.4 million being its
equity accounted share of the loss incurred by UMC
Energy over the half-year.
* Recovered $3 million of consultancy fees incurred in
the 2011 financial year.
* Generated interest income of $0.1 million and
dividend income of $0.3 million.
* Incurred legal fees of $0.4 million and travel
expenses of $0.4 million, principally in relation to
investigating and pursuing investment opportunities
and investigating the flotation of the Fox Creek Coal
assets onto the London Stock Exchange.
* Recognised a foreign exchange gain of $0.1 million
following the weakening of the US dollar, vis-a-vis,
in particular, the Australian dollar and British
Pound.
* Recognised an impairment adjustment of $0.2 million
on available-for-sale financial assets.
* Recognised a decrement from the change in fair value
of its holding of available-for-sale financial assets
of $0.4 million.
* Purchased 100,000 of its own shares into Treasury at
a cost of $0.1 million.
3. SUBSEQUENT EVENTS
Since 1 July 2012, the Group :
* Purchased various equity securities at a cost of $2.8
million.
* Sold various equity securities realising proceeds of
$3.6 million and a net profit on disposal of $0.6
million.
Other than the matters discussed above, there has not arisen in the interval
between the end of the half-year and the date of this report any item, transaction
or event of a material and unusual nature likely, in the opinion of the Directors
of the Company, to affect significantly the operations of the consolidated entity,
the results of those operations or the state of affairs of the consolidated
entity, in subsequent financial years.
Dated this 25(th) day of September 2012 and signed in accordance with a resolution
of the Directors.
C. Kyriakou
Director
Condensed Consolidated Interim Income Statement
for the six months ended 30 June 2012
30 June 30 June
2012 2011
$ $
Total revenue from services - -
Gain on sale of equity and debt
instruments 466,874 2,864,262
Financial income 357,237 500,885
Personnel expenses (732,190) (656,564)
Audit fees (32,707) (37,650)
Audit fees to subsidiary and previous
auditors - (27,217)
Consultancy fees recovered, net 2,917,212 -
of expenditure
Depreciation and amortisation (3,066) (5,196)
Foreign exchange gains 98,081 521,454
Impairment losses on investments (185,000) -
Impairment losses on receivables (5,164,137) -
Legal fees (365,378) (33,523)
Morondava licence fees - (183,237)
Travel expenses (394,882) (217,295)
Other administrative expenses (333,818) (632,054)
Result from operating activities (3,371,774) 2,093,865
Share of net result of associates (410,376) -
(Loss)/profit before tax (3,782,150) 2,093,865
Income tax expense - -
(Loss)/profit for the period (3,782,150) 2,093,865
Attributable to:
Equity holders of the Company (3,782,150) 2,171,860
Minority interest - (77,995)
(Loss)/profit for the period (3,782,150) 2,093,865
Cents Cents
Basic (loss)/earnings per share (12.9) 7.4
Diluted (loss)/earnings per share (12.9) 7.4
The above Condensed Consolidated Interim Income Statement should
be read in conjunction with the accompanying notes.
Condensed Consolidated Interim Statement of Comprehensive Income
for the six months ended 30 June 2012
30 June 30 June
2012 2011
$ $
(Loss)/profit for the period (3,782,150) 2,093,865
Foreign exchange movement (18,810) (69,891)
Change in fair value of equity
securities available for sale,
net of tax (439,275) (3,067,899)
Total comprehensive loss for
the period (4,240,235) (1,043,925)
Attributable to:
Equity holders of the Company (4,240,235) (965,652)
Minority interest - (78,273)
(4,240,235) (1,043,925)
The above Condensed Consolidated Interim Statement of Comprehensive
Income should be read in conjunction with the accompanying notes.
Condensed Consolidated Statement of Financial Position
as at 30 June 2012
Note 30 June 30 June 31 December
2011
2012 2011 $
$ $
ASSETS
Current Assets
Cash and cash
equivalents 2,479,021 20,008,760 11,195,215
Trade and other
receivables 4 136,313 6,830,882 5,741
Total Current Assets 2,615,334 26,839,642 11,200,956
Non-Current Assets
Investments in equity
accounted
investees 8,675,162 - 8,912,512
Exploration and
evaluation
expenditure -
intangible 5 5,350,538 2,910,716 5,036,961
Other financial assets 25,965,424 26,215,591 21,757,306
Plant and equipment 3,772 9,720 5,361
Total Non-Current Assets 39,994,896 29,136,027 35,712,140
Total Assets 42,610,230 55,975,669 46,913,096
LIABILITIES
Current Liabilities
Trade and other
payables 411,375 248,953 334,418
Total Current
Liabilities 411,375 248,953 334,418
Total Liabilities 411,375 248,953 334,418
NET ASSETS 42,198,855 55,726,716 46,578,678
EQUITY
Share capital 7 31,215,939 41,723,622 31,355,527
Reserves 485,975 3,184,622 944,060
Retained earnings 10,496,941 10,654,063 14,279,091
Total equity
attributable
to equity holders of
the
Company 42,198,855 55,562,307 46,578,678
Minority interest - 164,409 -
TOTAL EQUITY 42,198,855 55,726,716 46,578,678
The interim results were approved by the Board on 25 September
2012 and signed on its behalf by:
C. Kyriakou
The above Condensed Consolidated Interim Statement of Financial
Position should be read in conjunction with the accompanying
notes.
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2012
2012
Share Foreign
Fair based currency
Share value payments translation Retained Minority Total
capital reserve reserve reserve Earnings Total interest equity
$ $ $ $ $ $ $ $
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Balance at 1
January
2012 31,355,527 850,986 57,000 36,074 14,279,091 46,578,678 - 46,578,678
Total
comprehensive
income for the
period
Profit - - - - (3,782,150) (3,782,150) - (3,782,150)
Total other
comprehensive
expense - (439,275) - (18,810) - (458,085) - (458,085)
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Total
comprehensive
income for
the period - (439,275) - (18,810) (3,782,150) (4,240,235) - (4,240,235)
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Transactions
with owners,
recorded
directly in
equity
Contributions
by owners
Shares
purchased
into
Treasury (139,588) - - - - (139,588) - (139,588)
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Total
contributions
by owners (139,588) - - - - (139,588) - (139,588)
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Total
transactions
with
owners (139,588) - - - - (139,588) - (139,588)
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
Balance at
30 June 2012 31,215,939 411,711 57,000 17,264 10,496,941 42,198,855 - 42,198,855
------------- ------------ --------- ------------ -------------- -------------- ---------- --------------
The above Condensed Consolidated Interim Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
Condensed Consolidated Statement of Changes in Equity
as at 30 June 2012
2011
Share Foreign
Fair based currency
Share value payments translation Retained Minority Total
capital reserve reserve reserve Earnings Total interest equity
$ $ $ $ $ $ $ $
------------- -------------- --------- ------------ ------------- -------------- ----------- --------------
Balance at 1
January
2011 41,723,622 6,302,603 57,000 (37,469) 8,482,203 56,527,959 242,682 56,770,641
Total
comprehensive
income for the
period
Profit - - - - 2,171,860 2,171,860 (77,995) 2,093,865
Total other
comprehensive
expense - (3,067,899) - (69,613) - (3,137,512) (278) (3,137,790)
------------- -------------- --------- ------------ ------------- -------------- ----------- --------------
Total
comprehensive
income for
the period - (3,067,899) - (69,613) 2,171,860 (965,652) (78,273) (1,043,925)
------------- -------------- --------- ------------ ------------- -------------- ----------- --------------
Balance at
30 June 2011 41,723,622 3,234,704 57,000 (107,082) 10,654,063 55,562,307 164,409 55,726,716
------------- -------------- --------- ------------ ------------- -------------- ----------- --------------
The above Condensed Consolidated Interim Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
Condensed Consolidated Interim Statement of Cash Flows
for the six months ended 30 June 2012
30 June 30 June
2012 2011
$ $
Cash Flows Generated By / (Used In) Operating
Activities
Cash payments in the course of operations,
net of expenses recovered 1,083,892 (1,750,064)
Cash generated by / (used in) operations 1,083,892 (1,750,064)
Financial income received 357,237 500,885
Net cash generated by / (used in) operating
activities 1,441,129 (1,249,179)
Cash Flows Used In Investing Activities
Loan to associates (5,164,137) -
Loan to other entities - (6,827,839)
Payments for purchases of intangibles (313,578) -
Purchase of equity instruments (8,554,016) (6,901,603)
Proceeds on sale of equity instruments 4,015,472 5,144,837
Payments for purchases of plant and equipment (1,476) -
Net cash used in investing activities (10,017,735) (8,584,605)
Cash Flows Used In Financing Activities
Shares purchased into Treasury (139,588) -
Net cash used in financing activities (139,588) -
Net decrease in cash and cash equivalents (8,716,194) (9,833,784)
Cash at 1 January 11,195,215 29,315,691
Exchange fluctuations - 526,853
Cash at 30 June 2,479,021 20,008,760
The above Condensed Consolidated Interim Statement of Cash Flows should be read
in conjunction with the accompanying notes.
1. Reporting entity
Natasa Mining Ltd (the "Company") is a company incorporated in
the Cayman Islands. The condensed consolidated interim financial
statements of the Company as at and for the six months ended
30 June 2012 comprises the Company and its subsidiaries (together
referred to as the "Group") and the Group's interests in associates
and jointly controlled entities.
The financial report is presented in United States dollars which
is the Group's functional currency.
The consolidated annual financial report of the Group as at and
for the year ended 31 December 2011 is available at www.natasamining.com.
2. Statement of compliance
The condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
34 "Interim Financial Reporting".
The condensed consolidated interim financial statements do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated
annual financial statements of the Group as at and for the year
ended 31 December 2011.
The annual financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as adopted
by the European Union.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 25 September 2012.
3. Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated financial statements are the same as those applied
by the Group in its consolidated financial statements as at and
for the year ended 31 December 2011.
4. Trade and other receivables
30 June 30 June 31 December
2012 2011 2011
$ $ $
Current
Loan to third party - 6,827,839 -
Other debtors 136,313 3,043 5,741
136,313 6,830,882 5,741
5. Exploration and evaluation expenditure - intangible
Critical accounting judgements in applying the Group's accounting
policies
2012 - The Fox Creek coal project has yet to reach a stage
of development where a determination of the technical feasibility
or commercial viability can be assessed. In these circumstances,
whether there is any indication that the asset has been impaired
is a matter of judgement, as is the determination of the quantum
of any required impairment adjustment. The Directors have used
their experience to conclude that no impairment adjustment
is required in the current period.
2011 - The Morondava uranium exploration project has yet to
reach a stage of development where a determination of the technical
feasibility or commercial viability can be assessed. In addition,
as Madagascar is presently experiencing a period of political
upheaval and uncertainty, the Group has resolved to take a
cautious approach to exploration and accordingly has not conducted
exploration activities during the current financial period.
In these circumstances, whether there is any indication that
the asset has been impaired is a matter of judgement, as is
the determination of the quantum of any required impairment
adjustment. The Directors have used their experience to conclude
that no impairment adjustment is required in the current period.
6. Commitments and contingent liabilities
The Group has no commitments for capital or revenue purchases
other than those entered into in the ordinary course of business.
The Group has no commitments under non-cancellable leases.
The Group has no contingent liabilities.
7. Share capital
30 June 30 June 31 December
2012 2011 2011
Issued and paid up capital $ $ $
Ordinary shares, fully paid 31,488,939 41,723,622 31,488,939
Less : shares held in Treasury (273,000) - (133,412)
31,215,939 41,723,622 31,355,527
Reconciliation of issued capital
30 June 30 June 31 December
2012 2011 2011
Number Number Number
Balance at beginning of half-year 29,241,951 29,241,951 29,241,951
Changes in the period - - -
Balance at 30 June 29,241,951 29,241,951 29,241,951
Shares held in Treasury
Balance at beginning of half-year 95,000 - -
Shares purchased into Treasury 100,000 - 95,000
Balance at 30 June 195,000 - 95,000
8. Operating segments
The Group has one reportable segment, as described below, which
represents the Group's strategic business unit. The strategic
business unit is that of investment in mineral exploration and
development projects and companies. The Board of Directors reviews
internal management reports at least monthly. Information regarding
the results of the reportable segments is included below. Performance
is measured based on the segment profit before income tax as
included in the internal management reports that are reviewed
by the Board of Directors. There is no inter-segment pricing.
Information about reportable segments 30 June 30 June
2012 2011
$ $
External revenue - -
Gain on sale of equity instruments 466,874 2,864,262
Financial income 357,237 500,885
Depreciation and amortisation (3,066) (5,196)
Reportable segment (loss) / profit before income
tax (3,782,150) 2,093,865
Share of loss of equity method investees (410,376) -
Reportable segment assets 42,610,229 55,975,669
Capital expenditure - -
Geographical segments The segment is managed on a worldwide basis.
Individual assets are located in various countries. In presenting
information on the basis of geographical segments, segment's
assets are based on the geographical location of the assets.
Non-current assets
30 June 30 June
2012 2011
$ $
Australia 6,568,936 13,275,491
Europe 13,123,195 4,136,636
Africa - 2,910,716
North America 20,302,765 8,813,184
Total 39,994,896 29,136,027
The Group did not generate any revenue during the financial period ended 30 June 2012 (2011: $nil).
9. Post balance sheet events
Since 1 July 2012, the Group:
* Purchased various equity securities at a cost of $2.8
million.
* Sold various equity securities realising proceeds of
$3.6 million and a net profit on disposal of $0.6
million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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