We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sirius Minerals Plc | LSE:SXX | London | Ordinary Share | GB00B0DG3H29 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.49 | 5.485 | 5.49 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSXX
RNS Number : 1430W
Sirius Minerals Plc
25 April 2016
25 April 2016
Sirius Minerals Plc
Financial results for period to 31 December 2015
Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") announces the results for Sirius and its subsidiaries ("the Group") for the period ended 31 December 2015.
The results cover the nine-month period from 31 March 2015 to 31 December 2015, following the Group's change of accounting reference date, as announced on 10 March 2016.
Key highlights
-- Secured planning approvals from various local planning authorities for the key infrastructure needed to commence construction of the Company's North Yorkshire polyhalite project ("the Project").
-- Expiration of potential judicial review periods for all key planning approvals.
-- Major US-based Fortune 500 agri-business offtake partner tripling its offtake supply agreement to 1.5 million tonnes per annum and extending it from five to seven years.
-- Sales agreement with Huaken International in China to purchase POLY4 as a soil conditioner and reaching 500,000 tonnes of supply in year seven of the contract.
-- Appointment of two new non-executive directors - Noel Harwerth and Jane Lodge.
-- Appointment of J.P. Morgan Cazenove as joint broker and Liberum Capital as nominated advisor.
-- Major progress towards completion of the Project's definitive feasibility study ("DFS"). -- Raised GBP23.3 million from the exercise of warrants, issued as part of a 2014 fundraising.
Post-balance sheet events
-- In March 2016, the Company announced the material findings of its Project DFS.
Financials
-- Cash at 31 December 2015 was GBP29.1 million (for the year ended 31 March 2015: GBP26.6 million).
-- During the nine-month period ended 31 December 2015 the Group's loss after tax was GBP7.0 million (for the year ended 31 March 2015: GBP9.6 million).
Annual report and accounts
The annual report and accounts have now been published on the Company's website: www.siriusminerals.com. The annual report and accounts will also be posted to shareholders shortly.
The Company's annual general meeting will be held at 1pm on Friday 24 June 2016 at the Royal York Hotel, Station Road, York, YO24 1AA. The Notice of Meeting will be issued to shareholders shortly.
For further information, please contact:
Sirius Minerals Plc Investor Relations Email: ir@siriusminerals.com Tel: +44 845 524 0247 ------------------------- ------------------------------- --------------- Joint Brokers Liberum Capital Limited Neil Elliot, Tel: +44 20 (NOMAD) Clayton Bush, 3100 2222 Jill Li J.P. Morgan Cazenove Ben Davies, Jamie Tel: +44 20 Riddell 7742 4000 WH Ireland Adrian Hadden Tel: +44 20 7220 1666 ------------------------- ------------------------------- --------------- Media Enquiries Jos Simson, Mike Tel: +44 20 Tavistock Bartlett, 7920 3150 Emily Fenton ------------------------- ------------------------------- ---------------
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on the development of its polyhalite project in North Yorkshire, the United Kingdom. It has the world's largest and highest grade deposit of polyhalite, a multi-nutrient form of potash containing potassium, sulphur, magnesium and calcium. Incorporated in 2003, Sirius Minerals's shares are traded on the London Stock Exchange's AIM market. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at: www.siriusminerals.com.
CHAIRMAN'S STATEMENT
Dear Shareholders,
It is a relatively short period since we published our interim results in December 2015 and this has been brought about by the Group opting to change its financial year end to December rather than March. This report therefore covers the financial period from 1 April 2015 to 31 December 2015. The major reason for this change is that we will now be in line with most main market businesses. Additionally this change will provide our team with more flexibility, especially around fundraising windows, for the next financing stage of our North Yorkshire polyhalite project ("the Project").
Highlights within this period included key planning approvals, expiration of potential judicial review periods without any objections being tabled, additional sales offtake commitments, the appointment of two new non-executive directors, the strengthening of our financial adviser teams, major progress towards completion of our definitive feasibility study (DFS) and the raising of GBP23.3 million from the exercise of warrants.
We were naturally delighted to secure planning approvals for the key infrastructure needed to commence construction including approvals for the mine, mineral transport system and the materials handling facility from various local planning authorities. These positive decisions subsequently passed through their judicial review windows unchallenged and are now fully implementable. The support from so many different stakeholders throughout the planning process has been very much welcomed by everyone associated with the Company.
Another key achievement during the period has been Sirius Minerals's sales progress, with further offtake agreements secured for our POLY4 product. This includes our major US-based Fortune 500 agri-business offtake partner tripling its supply agreement with us to 1.5 million tonnes per annum and extending it from five to seven years. We also secured a sales agreement with Huaken International (Huaken) in China. This deal sees polyhalite supplied on an incremental basis, reaching 500,000 tonnes in year seven of the contract.
Interestingly, in a first for us, Huaken is purchasing our multi-nutrient polyhalite product to use as a soil conditioner. Huaken is also one of a restricted list of companies in China with the right to import potassium fertilizer. Research undertaken by the Company has shown the benefits of adding polyhalite to highly acidic soils (which is of particular relevance to large areas of China). We have made tremendous progress with sales agreements over the past few years and we expect this to both continue and intensify as we progress through construction to first production.
The market view for mining companies, commodities and both potash and fertilizer companies generally has been poor during the period. Major mining firms and potash (muriate of potash) producers alike have suffered in terms of their valuations. However, this has not had an effect on Sirius Minerals's progress towards its goals. Whilst general capital market sentiment has been bearish during this time, it is my belief that there are significant opportunities for companies with world-class development assets such as our Project.
Our intention always has been to develop our polyhalite project with a long life, low operating cost and high-quality resource base, meaning that there is protection (and still good returns) during downturns in the cycle and very strong returns to be made in the upturns. The material findings of our definitive feasibility study, published after the balance sheet period in March 2016, only serves to demonstrate this point.
On governance issues I have a number of matters to report for the period. In July 2015 we welcomed two new non-executive directors to the Board - Noel Harwerth and Jane Lodge. These appointments gave the Company a greater percentage of independent directors on the Board further strengthening corporate governance. Once again I would like to thank outgoing board members, Peter Woods and Chris Catlow, who both made valuable contributions during the early years of the Company's development.
We also made changes to our advisory team, with existing broker Liberum Capital taking on our nominated advisor (Nomad) role and the appointment of J.P. Morgan Cazenove (JPM) as joint broker.
On financing, during the period the Company was able to secure further funds totalling GBP23.3 million from the exercise of warrants which were originally issued early in 2014. These funds have been important to support our progress towards the completion of the DFS and planning approvals.
During the nine-month period ended 31 December 2015 the Group made a consolidated loss of GBP7.0 million compared to a loss of GBP9.6 million for the year ended 31 March 2015. Cash resources at the end of December 2015 were GBP29.1 million compared to GBP26.6 million at the end of March 2015.
The Group's net assets at 31 December 2015 were GBP165.2 million compared to GBP146.6 million at 31 March 2015.
The consolidated financial statements have been prepared under the going concern assumption. However, the directors recognise that a material uncertainty remains around financing for the Project.
The principal risks and uncertainties facing the Group include exploration and development, reserves and resources estimates, mineral title risk, commodity price risk, liquidity risk, currency risk, permitting, community relations and competitor risk, product risk and operational risks including the development risk assessed in the DFS.
(MORE TO FOLLOW) Dow Jones Newswires
April 25, 2016 02:00 ET (06:00 GMT)
The Company's Board, management and finance team continue to be focussed on both the efficient management of our existing funds and the ongoing (and extensive) work to secure financing for the construction of our Project. We remain focussed on a range of funding options and continue to believe that the overall funding requirement can be delivered through a number of mechanisms, with debt funding likely to make up as much of the overall requirement as possible.
Finally, another change as result of our switch to a December year-end is that our annual general meeting will now be held in June, in contrast to the traditional September date. I hope to see many of our loyal shareholders in York again this year.
Kind regards
Russell Scrimshaw
Chairman
CONSOLIDATED INCOME STATEMENT For the nine-month period ended 31 December 2015 Nine-month 31 March period ended 2015 to 31 December 2015 GBP000s GBP000s ------------------------- ------------------- Revenue - - Administrative expenses (7,422) (10,047) -------------------------- ------------------------- ------------------- Operating loss (7,422) (10,047) Finance income 99 332 Finance costs (186) (353) -------------------------- ------------------------- ------------------- Loss before taxation (7,509) (10,068) Taxation 550 503 -------------------------- ------------------------- ------------------- Loss for the financial period (6,959) (9,565) -------------------------- ------------------------- ------------------- Loss per share: Basic and diluted (0.3)p (0.5)p -------------------------- ------------------------- ------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the nine-month period ended 31 December 2015 Nine-month 31 March period 2015 ended to 31 December 2015 GBP000s GBP000s ---------- Loss for the financial period attributable to owners of the parent (6,959) (9,565) -------------------------------------- ------------- ---------- Other comprehensive income/(loss) for the period Items that may be subsequently reclassified to profit or loss Exchange differences on translating foreign operations (135) (346) Other comprehensive income/(loss) for the period (135) (346) -------------------------------------- ------------- ---------- Total comprehensive loss for the period (7,094) (9,911) -------------------------------------- ------------- ----------
Total comprehensive loss shown above is fully attributable to equity shareholders of the parent in both years.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2015 Nine-month 31 March period 2015 ended to 31 December 2015 ASSETS GBP000s GBP000s ------------------------------- ------------- ---------- Non-current assets Property, plant and equipment 1,849 1,932 Intangible assets 137,970 121,721 Total non-current assets 139,819 123,653 -------------------------------- ------------- ---------- Current assets Other receivables 1,184 1,413 Cash and cash equivalents 29,093 26,640 Total current assets 30,277 28,053 -------------------------------- ------------- ---------- TOTAL ASSETS 170,096 151,706 -------------------------------- ------------- ---------- EQUITY AND LIABILITIES Equity Share capital 5,737 5,362 Share premium account 240,874 216,586 Share-based payment reserve 7,624 13,290 Accumulated losses (95,966) (95,630) Foreign exchange reserve 6,893 7,028 Total equity 165,162 146,636 -------------------------------- ------------- ---------- Current liabilities Loan from third parties 748 1,980 Trade and other payables 4,186 3,090 Total liabilities 4,934 5,070 -------------------------------- ------------- ---------- TOTAL EQUITY AND LIABILITIES 170,096 151,706 -------------------------------- ------------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the nine-month period ended 31 December 2015
Share capital Share premium Share based Accumulated losses Foreign exchange Equity account payments reserve reserve shareholders' funds GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s At 1 April 2014 4,658 197,797 11,404 (86,360) 7,374 134,873 Loss for the year - - - (9,565) - (9,565) Foreign exchange differences on translation of foreign operations - - - - (346) (346) --------------- --- ---------------- ------------------- ------------------ ------------------- ------------------- ------------------ Total comprehensive loss for the period - - - (9,565) (346) (9,911) Convertible loan 113 3,287 - 295 - 3,695 Share issue 572 15,853 - - - 16,425 Share issue costs - (665) - - - (665) Share-based payments - - 1,886 - - 1,886 Exercised options 19 314 - - - 333 --------------- --- ---------------- ------------------- ------------------ ------------------- ------------------- ------------------ At 31 March 2015 5,362 216,586 13,290 (95,630) 7,028 146,636 Loss for the financial period - - - (6,958) - (6,958) Foreign exchange differences on translation of foreign operations - - - - (135) (135) --------------- --- ---------------- ------------------- ------------------ ------------------- ------------------- ------------------ Total comprehensive loss for the period - - - (6,958) (135) (7,093) Convertible loan 44 1,103 - 257 - 1,404 Share issue - - - - - - Share issue costs - (121) - - - (121) Share-based payments 17 - - (5,666) 6,365 - 699 Exercised options 18 331 23,306 - - - 23,637 At 31 December 2015 5,737 240,874 7,624 (95,966) 6,893 165,162
(MORE TO FOLLOW) Dow Jones Newswires
April 25, 2016 02:00 ET (06:00 GMT)
--------------- --- ---------------- ------------------- ------------------ ------------------- ------------------- ------------------ The share premium account is used to record the excess proceeds over nominal value on the issue of shares. The share-based payment reserve is used to record the share-based payments made by the Group. Foreign exchange reserve records exchange differences which arise on translation of foreign operations with a functional currency other than Sterling. CONSOLIDATED STATEMENT OF CASH FLOWS for the nine-month period ended 31 December 2015 Nine-month 31 March period 2015 ended to 31 December 2015 GBP000s GBP000s --------------- Cash outflow from operating activities (5,307) (10,240) ----------------------------------------- --------------------------- --------------- Cash flow from investing activities Purchase of intangible assets (15,533) (27,188) Purchase of plant and equipment (1) (62) Repayment of loan to third party - - Net cash used in investing activities (15,534) (27,250) ----------------------------------------- --------------------------- --------------- Cash flow from financing activities Proceeds from loan - - Proceeds from issue of shares 23,637 16,758 Share issue costs (121) (665) Finance costs (87) (21) Net cash generated from financing activities 23,429 16,072 ----------------------------------------- --------------------------- --------------- Net increase/(decrease) in cash and cash equivalents 2,588 (21,418) Cash and cash equivalents at beginning of the period 26,640 48,404 Effect of foreign exchange rate differences (135) (346) Cash and cash equivalents at end of the period 29,093 26,640 ----------------------------------------- --------------------------- --------------- NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES ---------------------------------------------------------------------------------------------------- BASIS OF PREPARATION The financial information for Sirius Minerals Plc (the Company) and its subsidiaries (the Group) has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS IC Interpretations as adopted by the European Union (EU) and the Companies Act 2006 applicable to companies reporting under IFRS. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) and there is an ongoing process of review and endorsement by the European Commission. The financial statements have been prepared on the basis of the recognition and measurement principles of IFRS that were applicable at 31 December 2015. The preparation of financial information in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The financial information has been prepared under the historical cost convention. The principal accounting policies set out below have been consistently applied to all periods presented. The Company is a public limited company which is incorporated and domiciled in the UK. The address of its registered office is 3rd Floor Greener House, 68 Haymarket, London SW1Y 4RF. GOING CONCERN During the nine-month period ended 31 December 2015 the Group made a consolidated loss of GBP6,959,000 compared to a loss of GBP9,565,000 for the year ended 31 March 2015. Cash resources at the end of December 2015 were GBP29,093,000 compared to GBP26,640,000 at the end of March 2015. The Group's net assets at 31 December 2015 were GBP165,162,000 compared to GBP146,636,000 at 31 March 2015. The Group is actively involved in efforts to secure short and long-term finance for its polyhalite project in North Yorkshire. Whilst the directors' are confident of a positive outcome to these negotiations over the coming months, they recognise that project financing remains uncertain, and this represents a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern. 2. SEGMENTAL ANALYSIS --------------------- Management has determined the operating segments by considering the business from both a geographic and activity perspective. The Group is currently organised into one business division: the UK segment which consists of its North Yorkshire polyhalite project related activities and the corporate operations. This division is the segment for which the Group reports information internally to the board of directors. The Group's operations are predominantly in the United Kingdom. 3. LOSS PER SHARE --------------------------------------------------------------------------------------------------- --------------- Nine-month 31 March 2015 period ended to 31 December 2015 GBP000s GBP000s -------------------------------------------------------------------------------- ----------------- --------------- Loss for the purposes of basic earnings per share being net loss attributable to equity shareholders of the parent (6,959) (9,565) Loss for the purpose of diluted earnings per share (6,959) (9,565) -------------------------------------------------------------------------------- ----------------- --------------- 2015 2015 Number (000's) Number (000's) -------------------------------------------------------------------------------- ----------------- --------------- Number of shares Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 2,230,602 1,901,126 -------------------------------------------------------------------------------- ----------------- --------------- 2015 2015 Number (000's) Number (000's) -------------------------------------------------------------------------------- ----------------- --------------- Number of shares Weighted average number of ordinary shares for the purposes of diluted earnings per share 2,231,795 1,960,057 -------------------------------------------------------------------------------- ----------------- --------------- Basic and diluted loss per share (0.3) (0.5) -------------------------------------------------------------------------------- ----------------- --------------- 4. INTANGIBLE ASSETS ------------------------------------------------- ---------------- ---------------------- --------- Exploration costs and rights Goodwill Software Total Group GBP000s GBP000s GBP000s GBP000s ------------------- ---------------------------- ---------------- ---------------------- --------- Cost At 1 April 2014 144,483 9,079 79 153,641 Additions 28,929 - - 28,929 ------------------- ---------------------------- --------- At 31 March 2015 173,412 9,079 79 182,570
(MORE TO FOLLOW) Dow Jones Newswires
April 25, 2016 02:00 ET (06:00 GMT)
Additions 16,254 - - 16,254 ------------------- ---------------------------- ---------------- ---------------------- --------- At 31 December 2015 189,666 9,079 79 198,824 ------------------- ---------------------------- ---------------- ---------------------- --------- Accumulated provision for permanent diminution in value At 1 April 2014 (58,339) (2,436) (52) (60,827) Amortisation - - (22) (22) ------------------- ---------------------- --------- At 31 March 2015 (58,339) (2,436) (74) (60,849) Amortisation - - (5) (5) At 31 December 2015 (58,339) (2,436) (79) (60,854) ------------------- ---------------------------- ---------------- ---------------------- --------- Net book value At 31 December 2015 131,327 6,643 - 137,970 ------------------- ---------------------------- ---------------- ---------------------- --------- At 31 March 2015 115,073 6,643 5 121,721 ------------------- ---------------------------- ---------------- ---------------------- --------- GOODWILL The goodwill acquired in January 2011 as part of the business combination relating to York Potash Ltd has been allocated to the cash generating unit (CGU) of resource evaluation and exploitation in the geographical location of the UK, which is expected to benefit from the business combination. The recoverable amount of the goodwill on the acquisition of York Potash Ltd has been assessed by reference to value in use. The valuation is based on cash flow projections that incorporate best estimates of selling prices, production rates, future capital expenditure and production costs. A growth rate of 2 per cent was incorporated into the discount rate. The cash flow projections are based on long-term plans covering the expected life of the operation. The Indicated Resource of 820 million tonnes of polyhalite determines an expected mine life of more than 50 years. The valuations are particularly sensitive to changes in assumptions about selling prices, volumes of production and operating costs. Long-term average selling prices are forecast taking account of market data in respect of potash and management's current expectations. Forecasts of volumes of production and operating costs are based on management's current expectations. Discount rates represent an estimate of the rate the market would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. A discount rate of 10 per cent, which is considered to be appropriate for a project of this nature and size, has been applied to the pre-tax cash flows. No reasonably possible change in the key assumptions on which York Potash Limited's recoverable amount is based would cause its value to fall short of its carrying amount as at 31 December 2015. IMPAIRMENT There were no impairment charges in the year. Software Company GBP000s ------------------------------------- --------- Cost At 1 April 2014 10 Additions - ------------------------------------- --------- At 31 March 2015 10 Additions - As at 31 December 2015 10 ------------------------------------- --------- Accumulated provision for permanent diminution in value At 1 April 2014 (7) Amortisation (2) ------------------------------------- --------- At 31 March 2015 (9) Amortisation (1) At 31 December 2015 (10) ------------------------------------- --------- Net book value At 31 March 2015 - ------------------------------------- --------- At 31 March 2014 1 ------------------------------------- --------- 5. CASH OUTFLOW FROM OPERATING ACTIVITIES ------------------------------------- --------------------------- --------- Nine-month 31 March period 2015 ended to 31 December 2015 Group GBP000s GBP000s ------------------------------------- --------------------------- --------- Loss before tax (7,509) (10,068) Depreciation 84 182 Assets expensed to income statement - 64 Finance (income)/expense 87 21 Amortisation 5 22 Share-based payments 699 1,886 Loan conversion into shares 172 333 Tax credit 550 503 -------------------------------------- --------------------------- --------- Operating cash flow before changes in working capital (5,912) (7,057) Decrease/(increase) in receivables 229 (367) (Decrease)/increase in payables 376 (2,816) Net cash outflow from operating activities (5,307) (10,240) -------------------------------------- --------------------------- --------- 6. SHARE CAPITAL ---------------------------------------------------------- --------- Nine-month 31 March period 2015 ended to 31 December 2015 GBP000s GBP000s ------------------------------------------- ------------- --------- Allotted and called up 2,294,695,991 (March 2015: 2,145,020,261) ordinary shares of 0.25p each 5,737 5,362 ------------------------------------------- ------------- ---------
On 8 April 2015 the Company issued 847,381 new ordinary shares under the Company's long-term incentive plan, of which 285,714 new ordinary shares of 0.25p each were issued to CN Fraser, Chief Executive Officer and Managing Director of the Company.
On 9 April 2015 the Company received notices of exercise in respect of convertible securities previously issued on 23 January 2014 at conversion prices of 7.2p and 7.3p per share, of which 9,088,662 shares were issued.
On 10 April 2015 the Company received notices of exercise in respect of convertible securities previously issued on 23 January 2014 at conversion prices of 7.3p and 7.4p per share, of which 8,135,877 shares were issued.
On 9 July 2015 the Company issued 1,250,000 new ordinary shares of 0.25p each at a price of 4.5p per share and 25,000 new ordinary shares of 0.25p per share at price of 19.5p per share, realising GBP61,125 following the exercise of share options.
On 30 September 2015, the Company was notified that EN Harwerth purchased 6,296 of the Company's 0.25p ordinary shares
On 30 October 2015, the warrants issued to investors on 14 March 2014 had lapsed. Prior to this lapse date, a total of 129,377,517 shares had been issued during the period at 18p per share realising GBP23,287,953.
7. FINANCIAL INFORMATION ------------------------
The financial information set out in this announcement does not comprise the Group's statutory accounts for the nine-month period ended 31 December 2015 or the year ended 31 March 2015.
The comparative financial information has been extracted from the statutory accounts of the Group for the year ended 31 March 2015. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 but did include references to material uncertainties surrounding the Directors application of the Going Concern assumption. The statutory accounts for the year ended 31 March 2015 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 31 December 2015 have been finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GMGZDGDFGVZZ
(END) Dow Jones Newswires
April 25, 2016 02:00 ET (06:00 GMT)
1 Year Sirius Minerals Chart |
1 Month Sirius Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions