TIDMAMED
RNS Number : 6039K
Amedeo Resources PLC
22 September 2016
22 September 2016
Amedeo Resources PLC
("Amedeo" or the "Company")
Interim Results for the six months ended 30 June 2016
Introduction
Progress at Jiangsu Yangzijiang Offshore Engineering Co. Ltd's
("YZJ Offshore") marine vessel yard on its first order, a Le
Tourneau Super 116E Class design self-elevating mobile offshore
jack up drilling rig ("Explorer 1"), continues and Explorer 1 is
expected to be ready for delivery by the end of 2016.
With iron ore prices depressed, MGR Resources PTE Ltd ("MGR")
cut back activities to a bare minimum. With surplus working
capital, it repaid its GBP1,200,000 loan from Amedeo.
Total comprehensive loss for the period was US$632,000 (2015:
US$749,000). Cash at the end of the period was US$3,998,000 (2015:
US$3,281,000).
Despite these difficulties, Amedeo continues to pursue its long
term strategy of building a vertically integrated business in the
resource and energy and related infrastructure sectors.
YZJ Offshore
YZJ Offshore marine vessel yard continued with the commissioning
of its first order, Explorer 1. With this being the yard's first
rig, the commissioning process is continuing post the period in to
the second half of 2016. The yard expects Explorer 1 to be ready
for delivery by the end of 2016.
The market for marine vessels remains depressed and no new
orders have been won for rigs or other marine vessels. This state
of affairs is expected to improve in the medium term, and YZJ
Offshore, having completed its first rig expects to be well placed
to take advantage of the situation when it improves.
While commissioning Explorer 1, YZJ Offshore generated revenues
by employing its berthing capacity. These revenues were sufficient
to have covered YZJ Offshore's costs and generate a small profit of
which US$13,000 is attributable to Amedeo
Amedeo has an indirect 19.0% stake in YZJ Offshore which it
holds through its 47.5% stake in the joint venture company, YZJ
Offshore Engineering Pte Ltd ("YZJ JV")
MGR
With iron ore prices depressed, MGR cut back activities to a
bare minimum, and as such made a loss of US$15,000 (2015:
US$64,000). Due to the low level of activity, in February 2016, it
paid back to Amedeo a loan of GBP1,200,000. MGR continues to
monitor the iron ore and commodity market in order to seek
profitable brokering activities.
Amedeo has a 49.0% stake in MGR.
Financial Review
Revenue comprises various business services, invoiced in GBP,
that Amedeo provides to MGR. During the six months, revenue
decreased slightly to US$56,000 (2015: US$65,000). due to a fall in
GBP against the US$.
Administrative costs were US$299,000 (2015: US$248,000). The
increase was primarily due to the under accrual of audit fees in
the prior period. Allowing for this, administrative costs were in
line with the prior period.
Amedeo's share of losses in associates was US$2,000 (prior
period: US$582,000). This was made up of a profit of US$13,000
(2015: loss of US$518,000) at YZJ JV and a loss of US$15,000 (2015:
US$64,000) at MGR.
Foreign exchange losses amount to US$267,000 (2015: Gains
US$4,000). These were predominately due to translating GBP
denominated loans into US$ and translating GBP bank balances at the
period end exchange rate. This is a non-cash item.
Finance income decreased to US$10,000 (2015: US$165,000) due to
MGR repaying a loan of GBP1,200,000 to Amedeo.
Overall loss on ordinary activities before taxation was reduced
to US$613,000 (2015: US$683,000). Basic and fully diluted loss per
share for the period was US$1.83 (2015: US$2.09).
Foreign exchange translation differences due to Amedeo's
indirect investment in YZJ Offshore were less than US$1,000 (2015:
US$66,000). Overall total comprehensive loss for the period was
US$613,000 (2015: US$749,000).
At the period end, the carrying value on the balance sheet of
investments in associates fell to US$16,210,000 (2015:
US$18,557,000), primarily as a result of the share of loss in the
second half of 2015 from Amedeo's stake in YZJ JV.
Current assets fell to US$4,586,000 (2015: US$5,468,000). Cash
as at 30 June 2016 was US$3,998,000 (2015: US$3,281,000) primarily
as a result of the repayment of the GBP loan of GBP1,200,000 by
MGR.
Trade and other payables decreased to US$188,000 (2015:
US$247,000) mainly due to accrued expenses which were settled after
the end of the prior period.
Overall, at the period end, net and total assets were
US$20,607,000 (2015: US$23,778,000) and US$20,796,000 (2015:
US$24,025,000), respectively.
Outlook
Despite the current difficulties in both the marine vessels
market and the iron ore and commodity markets, Amedeo is well
resourced and remains focused on long term strategy of building a
vertically integrated business in the resource and energy and
related infrastructure sectors.
**S**
Enquiries:
Glen Lau Zafar Karim
Chief Executive Officer Executive Director
Amedeo Resources PLC Amedeo Resources PLC
Tel office: +44 20 7583 8304 Tel office: +44 20 7583 8304
Paul Shackleton Elliot Hance
Nominated Adviser & Broker Joint Broker
WH Ireland Beaufort Securities Limited
Tel office: +44 207 220 1666 Tel office: +44 20 7382 8300
Notes
Amedeo Resources PLC is an investment company whose policy is to
invest principally, but not exclusively, in the resources and
resources infrastructure and asset sectors. Amedeo has a deep and
broad global network and wide contact base in these sectors,
including in East and South East Asia and the Middle East which it
leverages to source and make investments. These sectors are
strategically important. Amedeo is a proactive investor which
assists its investee companies to grow by providing investment,
expertise and contacts.
AMEDEO RESOURCES PLC
Consolidated unaudited statement of comprehensive income
for the six months ended 30 June 2016 (unaudited)
Unaudited Unaudited Audited
Note 6 months 6 months 12 months
ended ended ended
30.6.16 30.6.15 31.12.15
US$'000 US$'000 US$'000
Revenue 56 65 128
Cost of Sales - - -
______ ______ ______
Gross profit 56 65 128
Administrative expenses (299) (248) (651)
Share based payments (130) (90) (261)
Share of profit/(loss)
of associates 2 (2) (582) (2,014)
Foreign exchange gains
(losses) (267) 4 (115)
____ ____ ____
Loss from operations (642) (851) (2,913)
Profit on sale of quoted
shares - 3 3
Finance Income 10 165 300
______ ______ ______
Loss on ordinary activities
before taxation 3 (632) (683) (2,610)
Taxation - - -
______ ______ ______
Loss for the period (632) (683) (2,610)
Other Comprehensive Income
Foreign exchange translation
difference - (66) (978)
______ ______ ______
Total Comprehensive loss
for the period (632) (749) (3,588)
______ ______ ______
Basic and fully diluted
(Loss) per share (US$ cents) 3 (1.94c) (2.09c) (7.99c)
AMEDEO RESOURCES PLC
Consolidated unaudited statement of financial position
As at 30 June 2016 (unaudited)
Unaudited Unaudited Audited
As at As at As at
30.6.16 30.6.15 31.12.15
US$'000 US$'000 US$'000
Assets:
Non-current Assets
Investment in associates 16,210 18,557 16,213
_____ _____ _____
16,210 18,557 16,213
Current Assets
Loans Receivable 400 1,868 2,177
Investment in unquoted - 33 -
preference shares
Other receivables 188 286 527
Cash and cash equivalents 3,998 3,281 2,340
_____ _____ _____
4,586 5,468 5,044
_____ _____ _____
Total Assets 20,796 24,025 21,257
Liabilities:
Current Liabilities
Trade and other payables (189) (247) (147)
_____ _____ _____
Total Liabilities (189) (247) (147)
_____ _____ _____
Net Assets 20,607 23,778 21,110
Capital and Reserves
Called up equity share
capital 5,804 5,804 5,804
Share premium account 29,103 29,103 29,103
Warrant reserve 695 394 565
Foreign exchange reserve 481 1,393 481
Retained earnings (15,476) (12,916) (14,843)
_____ _____ _____
Total Equity 20,607 23,778 21,110
AMEDEO RESOURCES PLC
Consolidated unaudited cash flow statement
for the six months ended 30 June 2016 (unaudited)
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30.6.16 30.6.15 31.12.15
US$'000 US$'000 US$'000
Reconciliation of operating
profit to net cash flow from
operating activities
Loss for the period before
tax (632) (683) (2,610)
Adjustments for:
Share based payments 130 90 261
Share of loss of associates 2 582 2,014
Loss on sale of quoted Shares - (3) (3)
Provision for unquoted preference
shares - - 33
Finance Income (10) (165) (300)
Unrealised FX losses - - 86
____ ____ ____
(510) (179) (519)
Changes in working capital:
Decrease in receivables 339 265 17
Increase/(decrease) in payables 42 (97) (197)
____ ____ ____
Net cash flows used from
operating activities (129) (11) (699)
Investing activities
Receipt on sale of quoted
Shares - 3 10
Loans made to associate - - (400)
Loans repaid by associate 1,777 1,945 1,950
_____ _____ _____
Net cash from/(used in) investing
activities 1,777 2,113 1,560
Financing activities
Finance income 10 165 300
_____ _____ ______
Net cash from financing activities 10 - 300
Net increase in cash and
equivalents 1,658 2,102 1,161
Cash and equivalents at beginning
of period 2,340 1,179 1,179
Cash and equivalents at end
of period 3,998 3,281 2,340
NOTES TO THE INTERIM ACCOUNTS
1. Basis of preparation
The accounting policies adopted are consistent with those of the
previous financial year ended 31 December 2015.
This interim consolidated financial information for the six
months ended 30 June 2016 has been prepared in accordance with AIM
rule 18, 'Half yearly reports and accounts'. This interim
consolidated financial information is not the group's statutory
financial statements within the meaning of section 434 of the
Companies Act 2006 (and information as required by section 435 of
the Companies Act 2006) and should be read in conjunction with the
annual financial statements for the year ended 31 December 2015,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) and have been delivered to the Registrar
of Companies. The auditors have reported on those accounts; their
report was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information for the six
months ended 30 June 2016 is unaudited. In the opinion of the
Directors, the interim consolidated financial information presents
fairly the financial position, and results from operations and cash
flows for the period. Comparative numbers for the six months ended
30 June 2015 are also unaudited.
This interim consolidated financial information is presented in
US Dollars ($), rounded to the nearest US$'000 dollar.
2. Share of loss of associates
6 months 6 months 12 months
ended ended ended 31.12.15
30.6.16 30.6.15
US$'000 US$'000 US$'000
Share of profit/(loss)
of YZJ JV 13 (518) (2,059)
Share of loss of MGR (15) (64) 45
____ ____ ____
(2) (582) (2,014)
The Company holds a 47.5% stake in YZJ JV and a 49.0% stake in
MGR. YZJ JV reported an unaudited profit for the 6 months to 30
June 2016 of US$27,000 (2015: loss of US$1,089,000) and US$13,000
(2015: loss of US$518,000) represents Amedeo's share of YZJ
Offshore's profit.
MGR reported a loss of US$31,000 for the period to 30 June 2016
(2015: US$131,000), of which US$15,000 (2015: US$64,000) represents
Amedeo's share of MGR's profit.
3. Loss per share
The basic and diluted loss per share for the period ended 30
June 2016 was 1.94c (2015: 2.09c). The calculation of loss per
share is based on the loss of US$632,000 for the period ended 30
June 2016 (2015: US$683,000) and the weighted average number of
shares in issue during the period for calculating the basic profit
per share of 32,653,843 shares (2015: 32,653,843).
4. Preparation of interim report
This report was approved by the Directors on 22 September
2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGZLDZLGVZM
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