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Share Name Share Symbol Market Type Share ISIN Share Description
Origo Partners Plc LSE:OPP London Ordinary Share IM00B1G3MS12 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% 0.075 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.9 -0.1 - 0

Origo Partners PLC Half-year Report

22/09/2021 6:59am

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RNS Number : 5070M

Origo Partners PLC

22 September 2021

Origo Partners PLC

("Origo" or the "Group" or the "Company")

Interim Unaudited Financial Statements

Origo Partners PLC today announces its interim unaudited Financial Statements for the six months ended 30 June 2021

For further information about Origo please visit www.origopartners.com or contact:

 
Origo Partners plc 
 John Chapman                    55 Athol Street 
 Chairman                        Douglas 
                                 Isle of Man IM1 2LA 
Nominated Adviser and Broker 
 Arden Partners plc 
 Richard Johnson                +44 (0)20 7614 5900 
 

Chairman's Statement

Dear Shareholders,

The net asset value of Origo Partners Plc ("Origo") as at 30 June 2021 was US$1.689 million as compared to US$2.343 million at year end 2020. The primary reasons for the decline in net asset value are a further write down of Origo's investment in Celadon Mining Limited (Celadon) and Origo's ongoing costs - offset by the previously reported realization of Origo's investment in Gobi Coal and Energy Ltd.

Celadon is a privately held company domiciled in the British Virgin Islands. It owns coal mining rights in northern China. Over a year ago, Celadon agreed to sell all of its assets for a series of payments amounting to about RMB 280 million or about US$40 million. Celadon had in turn told us that beginning around now and finishing March 2022, we would receive several payments totalling about US$3.45 million for our Celadon shares. Although Celadon has received several payments comprising a small percentage of the RMB 280 million, the bulk has not been received, and, consequently, Celadon has not distributed any cash to Origo or its other shareholders. At least part of the explanation for the buyer's default seems to be the death last month of the buyer's managing principal. Celadons's controlling shareholder, who has been maintaining Celadon's solvency with loans, nonetheless remains hopeful that the transaction will complete. We continue to monitor Celadon but given the buyer's repeated failures to complete as promised, the risks that the deal will not complete, and the uncertainty of alternative options, Origo has again decided to write this asset down by half.

About a decade ago, Origo invested in Moly World Limited (Molyworld), another BVI company, which through a Mongolian company owns rights to mine molybdenum in Mongolia. Origo paid US$10 million for twenty percent of the BVI company in 2011. Thereafter, global molybdenum prices collapsed, Molyworld had various legal problems, the driving force behind the company died, and no real operational progress was made. Molybdenum prices have now recovered to about where they were in 2011. Origo expects to put its Molyworld shares and any other remaining assets up for auction before the end of the year. We will provide additional details in due course.

Very truly yours,

John D. Chapman

Chairman

Origo Partners Plc

Interim Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2021

 
                                                 (Unaudited)   (Unaudited) 
                                                  Six months    Six months      (Audited) 
                                                       ended         ended     Year ended 
                                                     30 June       30 June    31 December 
                                                        2021          2020           2020 
                                         Notes       US$'000       US$'000        US$'000 
--------------------------------------  ------  ------------  ------------  ------------- 
 Investment income/(losses): 
 Realised gains/(losses) on 
  disposal of investments                                  -             -             22 
 Unrealised gains/(losses) on 
  investments                                          (282)             -          (565) 
                                                       (282)             -          (543) 
                                        ------  ------------  ------------  ------------- 
 
 Other income                                              -             -             20 
 Other administrative expenses             6           (370)         (436)          (725) 
 Foreign exchange gains/(losses)                         (2)           (9)            (7) 
 Net loss before Finance Costs 
  and Taxation                                         (654)         (445)        (1,255) 
 
 Finance costs                                             -           (2)            (2) 
 Loss before tax                                       (654)         (447)        (1,257) 
--------------------------------------  ------  ------------  ------------  ------------- 
 Income tax credit                         8               -             -              - 
 
 Loss after tax                                        (654)         (447)        (1,257) 
--------------------------------------  ------  ------------  ------------  ------------- 
 
 Other comprehensive income 
--------------------------------------  ------  ------------  ------------  ------------- 
 Other comprehensive income 
  to be reclassified to profit 
  or loss in subsequent periods 
 Exchange differences on translating 
  foreign operations                                       -          (39)              - 
--------------------------------------  ------  ------------  ------------  ------------- 
 Net other comprehensive income 
  to be reclassified to profit 
  or loss in subsequent periods                            -          (39)              - 
--------------------------------------  ------  ------------  ------------  ------------- 
 Tax on other comprehensive 
  income                                                   -             -              - 
--------------------------------------  ------  ------------  ------------  ------------- 
 Other comprehensive loss after 
  tax                                                      -          (39)              - 
 
 Total comprehensive loss                              (654)         (486)        (1,257) 
 
                                                      (0.04)        (0.03)         (0.07) 
 Basic loss per ordinary share             9           cents         cents          cents 
--------------------------------------  ------  ------------  ------------  ------------- 
 Basic loss per redeemable preference                 (3.49)        (2.38)         (6.71) 
  share                                    9           cents         cents          cents 
--------------------------------------  ------  ------------  ------------  ------------- 
 

The accompanying notes from an integral part of these consolidated financial statements.

Interim Consolidated Statement of Financial Position

As at 30 June 2021

 
                                        (Unaudited)       (Audited)   (Unaudited) 
                                            30 June     31 December       30 June 
                                               2021            2020          2020 
                                Notes       US$'000         US$'000       US$'000 
-----------------------------  ------  ------------  --------------  ------------ 
 Current assets 
 Investments at fair value 
  through profit or loss         11             285             842         1,407 
 Loans due within one year       12               -               -             - 
 Trade and other receivables                    182              20           175 
 Cash and cash equivalents                    1,379           1,651         1,890 
 Total assets                                 1,846           2,513         3,472 
-----------------------------  ------  ------------  --------------  ------------ 
 
 Current liabilities 
 Trade and other payables                       157             170           358 
-----------------------------  ------  ------------  --------------  ------------ 
 Total current liabilities                      157             170           358 
-----------------------------  ------  ------------  --------------  ------------ 
 
 Net assets                                   1,689           2,343         3,114 
-----------------------------  ------  ------------  --------------  ------------ 
 
 Equity attributable to equity 
  holders of the company 
 Share capital                                   56              56            56 
 Share premium                              149,994         149,994       150,027 
 Share-based payment reserve                  5,048           5,048         5,048 
 Accumulated Losses                       (200,960)       (198,200)     (200,663) 
 Translation reserve                        (1,457)         (1,457)       (1,418) 
 Other reserve                   13          49,008          46,902        50,064 
-----------------------------  ------  ------------  --------------  ------------ 
 Total equity                                 1,689           2,343         3,114 
-----------------------------  ------  ------------  --------------  ------------ 
 

The accompanying notes from an integral part of these consolidated financial statements.

Interim Consolidated statement of changes in equity

For the six months ended 30 June 2021

 
                                                     Attributable to equity holders of the parent 
                       -------------  ------------------------------------------------------------------------- 
                                                Share-based 
                          Issued        Share       payment   Accumulated   Translation      Other 
                         capital      premium       reserve        Losses       reserve    reserve        Total 
                         US$'000      US$'000       US$'000       US$'000       US$'000    US$'000      US$'000 
                       ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 At 1 January 
  2020                        56      150,027         5,048     (200,216)       (1,379)     50,064        3,600 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 Adjustment                    -         (33)             -            48          (15)          -            - 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 Loss for the 
  period                       -            -             -       (1,257)             -          -      (1,257) 
 Other comprehensive 
  income                       -            -             -             -             -          -            - 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 Total comprehensive 
  loss                         -            -             -       (1,257)             -          -      (1,257) 
 Reclassification 
  on disposal of 
  subsidiaries                 -            -             -         3,225          (63)    (3,162)            - 
 At 31 December 
  2020                        56      149,994         5,048     (198,200)       (1,457)     46,902        2,343 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 Loss for the 
  period                       -            -             -         (654)             -          -        (654) 
 Other comprehensive 
  income                       -            -             -             -             -          -            - 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 Total comprehensive 
  loss                         -            -             -         (654)             -          -        (654) 
 Other reserve 
  reclassification             -            -             -       (2,106)             -      2,106            - 
 At 30 June 2021              56      149,994         5,048     (200,960)       (1,457)     49,008        1,689 
---------------------  ---------  -----------  ------------  ------------  ------------  ---------  ----------- 
 
 
 
 Reserve               Description and purpose 
 Share premium         Amounts subscribed for share capital in excess of nominal value. 
 Share-based payment   Equity created to recognise share-based payment expense. 
  reserve 
 Accumulated losses    Cumulative net gains and losses recognised in profit or loss. 
 Translation reserve   Equity created to recognise foreign currency translation differences. 
 Other reserve         Capitalised redeemable preference shares as disclosed in Note 13. 
 

The accompanying notes from an integral part of these consolidated financial statements.

Interim Consolidated statement of cash flows

For the six months ended 30 June 2021

 
                                                 (Unaudited)       (Audited)   (Unaudited) 
                                                     30 June     31 December       30 June 
                                                        2021            2020          2020 
                                        Notes        US$'000         US$'000       US$'000 
------------------------------------  --------  ------------  --------------  ------------ 
 Loss before tax                                       (654)         (1,257)         (447) 
----------------------------------------------  ------------  --------------  ------------ 
 Adjustments for: 
 Realised gains on disposal 
  of investments                                           -            (22)             - 
 Unrealised losses on investments 
  at FVTPL*                                              282             565             - 
 Foreign exchange losses                                   2               7             - 
----------------------------------------------  ------------  --------------  ------------ 
 Operating loss before changes 
  in working capital and provisions                    (370)           (707)         (447) 
----------------------------------------------  ------------  --------------  ------------ 
 Proceeds from disposals of 
  investments at FVTPL*                                  275              24             - 
 (Increase)/ decrease in trade 
  and other receivables                                (162)              14         (140) 
 (Decrease)/ increase in trade 
  and other payables                                    (13)           (126)            22 
----------------------------------------------  ------------  --------------  ------------ 
 Net cash outflow from operations                      (270)           (795)         (565) 
----------------------------------------------  ------------  --------------  ------------ 
 Investing activities 
 Net cash removed on disposal 
  of subsidiary                                            -             (2)             - 
 Net cash flows outflow from 
  investing activities                                     -             (2)             - 
------------------------------------  --------  ------------  --------------  ------------ 
 Net decrease in cash and cash 
  equivalents                                          (270)           (797)         (565) 
----------------------------------------------  ------------  --------------  ------------ 
 Effect of exchange rate changes 
  on cash and cash equivalents                           (2)             (7)             - 
 Cash and cash equivalents 
  at beginning of period                               1,651           2,455         2,455 
----------------------------------------------  ------------  --------------  ------------ 
 Cash and cash equivalents 
  at end of period                                     1,379           1,651         1,890 
----------------------------------------------  ------------  --------------  ------------ 
 
   *              FVTPL refers to the fair value through profit and loss 

The accompanying notes from an integral part of these consolidated financial statements.

Notes to the Interim Consolidated Financial Statements

For the six months ended 30 June 2021

   1           Reporting entity 

Origo Partners Plc ("the Company") is a limited liability company incorporated and domiciled in the Isle of Man whose shares are publicly traded on the AIM market of the London Stock Exchange.

The Company and its subsidiary are collectively referred to as the Group.

The principal activities of the Group are private equity investment, focused on growth opportunities created by the urbanization and industrialization of China. The Group's Investing Policy has now changed from that of a closed-ended, permanent capital vehicle to that of a realisation company with the mandate to return the net proceeds of realisations to shareholders.

   2           Basis of accounting 

These interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". These interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2020, which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

The consolidated financial statements of the Group as at and for the year ended 31 December 2020 are available upon request from the Company's registered office at 55 Athol Street, Douglas, Isle of Man or the Company website http://origopartners.com

These interim consolidated financial statements have been approved and authorised for issue by the Company's Board of directors on 15 September 2021.

   3           Use of judgments and estimates 

In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Measurement of Fair Value

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

   -       Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. 

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

If the inputs used to measure the fair value of an asset or a liability are categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

   4           Changes in significant accounting policies 

The accounting policies applied in these interim financial statements are the same as those applied in the last annual financial statements. A number of new standards are effective from 1 January 2020 but they do not have a material effect on the Group's financial statements.

   5           Financial risk management policies 

The principal risks and uncertainties are consistent with those disclosed with the preparation of the Group's annual financial statements for the year ended 31 December 2020.

   6           Other administrative expenses 
 
                                (Unaudited)       (Audited)      (Unaudited) 
                                 Six months      Year ended       Six months 
                                      ended     31 December            ended 
                               30 June 2021            2020     30 June 2020 
                                    US$'000         US$'000          US$'000 
--------------------------  ---------------  --------------  --------------- 
  Recurring expenses:                 (362)           (777)            (400) 
 
     *    Directors fees              (108)           (210)            (108) 
 
     *    Audit fees                   (24)            (35)             (18) 
 
     *    Other                       (230)           (532)            (274) 
  Non-recurring expenses*               (8)              52             (36) 
  Total                               (370)           (725)            (436) 
--------------------------  ---------------  --------------  --------------- 
 

* Non-recurring expenses include professional fees of an ad-hoc nature.

   7           Directors remuneration 
 
                            (Unaudited)       (Audited)      (Unaudited) 
                             Six months      Year ended       Six months 
                                  ended     31 December            ended 
                           30 June 2021            2020     30 June 2020 
                                US$'000         US$'000          US$'000 
----------------------  ---------------  --------------  --------------- 
  Hiroshi Funaki                     38              75               38 
  Philip Peter Scales                30              55               30 
  John Chapman                       40              80               40 
  Total                             108             210              108 
----------------------  ---------------  --------------  --------------- 
 
   8           Income Tax 

The Company is resident for tax purposes in the Isle of Man and subject to corporate income tax at the standard rate of 0% and as such no provision for tax in the Isle of Man has been made.

   9           Loss per share 
 
                                                 (Unaudited)     (Unaudited)        (Audited) 
                                                     30 June         30 June      31 December 
                                                        2021            2020             2020 
                                                   USUS$'000       USUS$'000        USUS$'000 
--------------------------------------------  --------------  --------------  --------------- 
  Loss for the year attributable 
   to ordinary shareholders of the 
   parent as used in the calculation 
   of basic loss per share                             (131)            (89)            (251) 
  Weighted average number of ordinary 
   shares                                        351,035,389     351,035,389      351,035,389 
  Basic loss per share of ordinary 
   shares                                       (0.04) cents    (0.03) cents     (0.07) cents 
--------------------------------------------  --------------  --------------  --------------- 
 
  Loss for the year attributable 
   to redeemable preference shareholders 
   of the parent as used in the calculation 
   of basic loss per share                             (523)           (358)          (1,006) 
  Weighted average number of redeemable 
   preference shares                              14,991,781      14,991,781       14,991,781 
  Basic loss per share of redeemable 
   preference shares                            (3.49) cents    (2.38) cents     (6.71) cents 
--------------------------------------------  --------------  --------------  --------------- 
 
   10         Investments in subsidiaries 
 
                                                          Proportion       Proportion 
                                                        of ownership     of ownership 
                                                            interest         interest 
                                                                  at               at 
                                    Country of               30 June          30 June 
  Name                               incorporation              2021             2020 
--------------------------------  -----------------  ---------------  --------------- 
  Ascend Ventures Ltd               Malaysia                       -             100% 
  Origo Resource Partners Ltd*      Guernsey                    100%             100% 
  PHI International Holding Ltd     Bermuda                        -             100% 
  PHI International (Bermuda) 
   Holding Ltd**                    Bermuda                        -             100% 
  Ascend (Beijing) Consulting 
   Ltd***                           China                          -             100% 
--------------------------------  -----------------  ---------------  --------------- 
 
   *           In liquidation 
   **         Owned by Origo Resources Partners Limited 
   ***       Owned by Ascend Ventures Limited 
   11         Investments at fair value through profit and loss 
 
  As at 30 June 2021 (Unaudited) 
 
                                                               Proportion 
                                   Country of                of ownership            Cost      Fair value 
  Name                              incorporation                interest         US$'000         US$'000 
-------------------------------  -----------------  ---------------------  --------------  -------------- 
                                   British Virgin 
  China Rice Ltd                    Islands                         32.1%          13,000               - 
                                   British Virgin 
  Moly World Ltd                    Islands                         20.0%          10,000               - 
  Unipower Battery Ltd             Cayman Islands                   16.5%           4,301               - 
  Staur Aqua AS                    Norway                            9.2%             719               - 
                                   British Virgin 
  Celadon Mining Ltd                Islands                          8.9%          13,069             282 
                                   British Virgin 
  Six Waves Inc                     Islands                          1.1%             240               - 
  Other quoted investments                                                            593               3 
                                                                                           -------------- 
   Total                                                                                              285 
-------------------------------  -----------------  ---------------------  --------------  -------------- 
  As at 31 December 2020 (Audited) 
 
                                                         Proportion 
                               Country of              of ownership            Cost        Fair value 
  Name                          incorporation              interest         US$'000           US$'000 
---------------------------  ---------------------  ---------------  --------------  ---------------- 
                               British Virgin 
  China Rice Ltd                Islands                       32.1%          13,000                 - 
                               British Virgin 
  Moly World Ltd                Islands                       20.0%          10,000                 - 
  Unipower Battery Ltd         Cayman Islands                 16.5%           4,301                 - 
  Gobi Coal & Energy           British Virgin 
   Ltd                          Islands                        7.5%          14,960               275 
  Staur Aqua AS                Norway                          9.2%             719                 - 
                               British Virgin 
  Celadon Mining Ltd            Islands                        8.9%          13,069               564 
                               British Virgin 
  Six Waves Inc                 Islands                        1.1%             240                 - 
  Fram Exploration AS          Norway                          0.6%           1,223                 - 
  Other quoted investments                                                      593                 3 
--------------------------------------------------  ---------------  --------------  ---------------- 
   Total                                                                                          842 
--------------------------------------------------  ---------------  --------------  ---------------- 
 
 

All investments measured at a fair value hierarchy level of 3 except, the other quoted investments which are measured at a fair value hierarchy level of 1.

The shares held in China Rice Ltd and Unipower Battery Ltd are all convertible preference shares whilst the remaining investments held in the other entities are all ordinary equity shares. The 'proportion of ownership interest' represents the percentage of the shares held by the Group in all share classes.

During the period to 30 June 2021 the Group disposed of its investment in Gobi Coal and Energy Limited at the carrying value recognised at 31 December 2020 and hence there are no gains or losses in respect of the disposal during the period to 30 June 2021.

   12         Loan Investments 

As at 30 June 2021 (Unaudited) & 31 December 2020 (Audited)

 
                                              Loans due 
                      Loan          Loan     within one        Loans due 
                     rates     principal           year        after one    Fair value 
  Borrower               %       US$'000        US$'000     year US$'000       US$'000 
  Staur Aqua AS       0-15         3,848              -                -             - 
----------------                          -------------  ---------------  ------------ 
  Total                                               -                -             - 
----------------  --------  ------------  -------------  ---------------  ------------ 
 

The convertible loan issued to Staur Aqua was fully impaired in 2018.

The loan consists of a convertible credit agreement and is measured at fair value, in accordance with level 3 of the fair value hierarchy.

   13         Other reserve 

As at 30 June 2021 (Unaudited) and 31 December 2020 (Audited) the other reserve included of 57,000,000 (US$49,008,000) redeemable zero dividend preference shares at no par value capitalised in September 2017. During the previous year, the Group's Employee Benefit Trust was closed and the amount included within other reserve of US$2,106,325 has been transferred to retained earnings.

   14         Related party Transactions 

Identification of related parties

The Group has a related party relationship with its subsidiary and key management personnel. The Company receives and pays certain debtors and creditors on behalf of its subsidiary. Transactions between the Company and its subsidiary have been eliminated on consolidation.

Transactions with key management personnel

The Group's key management personnel are the non-executive directors as identified in Note 7.

The following balances were included in trade and other payables and were outstanding in respect of Directors remuneration at the period end.

 
                                           (Unaudited)            (Audited) 
                                      Six months ended           Year ended 
                                          30 June 2021     31 December 2020 
                                               US$'000              US$'000 
---------------------------------  -------------------  ------------------- 
  Amounts due to related parties 
  Key management personnel: 
  Hiroshi Funaki                                     -                    - 
  Philip Peter Scales                             (15)                 (15) 
  John Chapman                                    (40)                 (80) 
 
   15         Commitments and contingencies 

There were no material contracted commitments or contingent assets or liabilities at 30 June 2021 (31 December 2020: none).

   16         Subsequent events 

There were no significant subsequent events.

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END

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