TIDMAMED
RNS Number : 8541B
Amedeo Resources PLC
25 September 2018
25 September 2018
Amedeo Resources PLC
("Amedeo" or the "Company")
Interim Results for the six months ended 30 June 2018
Investments
During the period under review, Jiangsu Yangzijiang Offshore
Engineering Co. Ltd ("YZJ Offshore") continued to market its first
completed rig, a Le Tourneau Super 116E Class design self-elevating
mobile offshore jack up drilling rig and continued to seek new
orders. The market, however, remained soft and the rig was not
sold, nor were new orders obtained.
YZJ Offshore, however, continues to execute work related to
hatches for LNG tankers. It has reduced its workforce to keep down
costs. For the period under review, Amedeo's share of YZJ
Offshore's losses was US$134,000.
MGR Resources Pte ("MGR") increased its activities iron ore
market and these resulted in Amedeo's share of the profit amounting
to US$55,000.
Amedeo continues to hold its 2.5% stake in Ganjine Kani Company.
In light of the current political situation, the investment is
under review.
Financial Review
Revenue is comprised of various business services, invoiced in
GBP, which Amedeo provides to MGR. During the six months, revenue
was US$55,000 (2017: US$54,000), with the variance being entirely
due to currency fluctuations. Administrative costs decreased by 12%
to US$277,000 (2017: US$315,000).
During the six months, share-based payments expenses were US$nil
as all share warrants had vested in full during the year ended 31
December 2017 (2017: US$63,000).
Amedeo's share of losses in associates was US$79,000 (2017: loss
of US$502,000). This was made up of a loss of US$134,000 (2017:
loss of US$410,000) due to YZK Offshore and a profit of US$55,000
(2017: loss of US$92,000) due to MGR.
Foreign exchange gain amounts to US$nil (2017: US$22,000). This
is a non-cash item.
Finance income decreased to US$63,000 (2017: US$87,000) due to a
reduction of the interest charged, as loans were repaid to Amedeo
from MGR.
Overall loss on ordinary activities before taxation
significantly decreased to US$238,000 (2017: loss of US$717,000).
Basic and fully diluted loss per share for the period was US$0.73c
(2017: US$2.20).
Foreign exchange translation differences due to Amedeo's
indirect investment in YZJ Offshore were a gain of US$26,000 (2017:
loss of US$14,000). Overall total comprehensive loss for the period
was US$212,000 (2017: loss of US$731,000).
At the period end, the carrying value on the balance sheet of
investments in associates increased to US$15,215,000 (2017:
US$13,869,000), with the increase being due to the share of profit
of associates in the second half of last year.
Current assets fell to US$3,299,000 (2017: US$3,495,000). Cash
at 30 June 2018 was US$2,817,000 (2017: US$1,033,000), due to the
net repayment of loans from MGR: during the period, MGR repaid a
loan of US$2,200,000 to Amedeo and then, during the period,
borrowed US$250,000.
Trade and other payables increased to US$202,000 (2017:
US$117,000) mainly due to accrued expenses not settled before this
period end.
Overall, at the period end, net and total assets were
US$18,812,000 (2017: US$17,747,000) and US$19,014,000 (2017:
US$17,864,000), respectively.
Outlook
Despite the current difficulties in both the marine vessels
market and the and commodity markets, Amedeo is well resourced and
remains focused on long term strategy of building a vertically
integrated business in the resource and energy and related
infrastructure sectors.
**S**
Enquiries:
Glen Lau Steve Douglas / Ciaran Walsh / Ruari McGirr
Chief Executive Officer Nominated Adviser & Broker
Amedeo Resources PLC Arden Partner plc
Tel office: +44 20 7583 8304 Tel office: +44 20 7614 5900
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Notes
Amedeo Resources PLC is an investment company whose policy is to
invest principally, but not exclusively, in the resources and
resources infrastructure and asset sectors. Amedeo has a deep and
broad global network and wide contact base in these sectors,
including in East and South East Asia and the Middle East which it
leverages to source and make investments. These sectors are
strategically important. Amedeo is a proactive investor which
assists its investee companies to grow by providing investment,
expertise and contacts.
AMEDEO RESOURCES PLC
Consolidated unaudited statement of comprehensive income
for the six months ended 30 June 2018
Unaudited Unaudited Audited
Note 6 months 6 months 12 months
ended ended ended 31.12.17
30.6.18 30.6.17 US$'000
US$'000 US$'000
Revenue 55 54 110
Cost of sales - - -
______ ______ ______
Gross profit 55 54 110
Administrative expenses (277) (315) (625)
Share based payments - (63) (1)
Share of (loss)/ profits of associates 2 (79) (502) 41
Foreign exchange gain - 22 54
____ ____ ____
Loss from operations (301) (804) (421)
Finance income 63 87 188
______ ______ ______
Loss on ordinary activities before
taxation 3 (238) (717) (233)
Taxation - - -
______ ______ ______
Loss for the period (238) (717) (233)
Other comprehensive income
Foreign exchange gain/(loss) translation
difference 26 (14) 841
______ ______ ______
Total comprehensive (loss)/profit
for the period (212) (731) 608
______ ______ ______
Basic and fully diluted loss per
share (US$ cents) 3 (0.73c) (2.20c) (0.71c)
AMEDEO RESOURCES PLC
Consolidated unaudited statement of financial position
As at 30 June 2018
Unaudited Unaudited Audited
As at As at As at
30.6.18 30.6.17 31.12.17
US$'000 US$'000 US$'000
Assets:
Non-current assets
Investment in associates 15,215 13,869 15,268
Financial asset 500 500 500
_____ _____ _____
15,715 14,369 15,768
Current assets
Loans receivable 250 2,200 2,200
Other receivables 232 262 296
Cash and cash equivalents 2,817 1,033 915
_____ _____ _____
3,299 3,495 3,411
_____ _____ _____
Total assets 19,014 17,864 19,179
Liabilities:
Current liabilities
Trade and other payables (202) (117) (155)
_____ _____ _____
Total liabilities (202) (117) (155)
_____ _____ _____
Net assets 18,812 17,747 19,024
Capital and reserves
Called up equity share capital 5,804 5,804 5,804
Share premium account 29,103 29,103 29,103
Share-based payment reserve 704 766 704
Foreign exchange reserve 402 (479) 376
Accumulated losses (17,201) (17,447) (16,963)
_____ _____ _____
Total equity 18,812 17,747 19,024
AMEDEO RESOURCES PLC
Consolidated unaudited cash flow statement
for the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 30.6.18 ended 30.6.17 ended
US$'000 US$'000 31.12.17
US$'000
Reconciliation of operating profit
to net cash flow from operating activities
Loss for the period before tax (238) (717) (233)
Adjustments for:
Share based payments - 63 1
Share of loss of associates 79 502 (41)
Finance income (63) (87) (188)
____ ____ ____
(222) (239) (461)
Changes in working capital:
Decrease/(increase) in receivables 64 (38) (74)
Increase in payables 47 13 52
____ ____ ____
Net cash flows used from operating
activities (111) (264) (483)
Investing activities
Investment in financial asset - (500) (500)
Loans made to associate (250) (1,800) (800)
Loans repaid by associate 2,200 1,000 -
_____ _____ _____
Net cash from/(used in) investing
activities 1,950 (1,300) (1,300)
Financing activities
Finance income 63 87 188
_____ _____ ______
Net cash from financing activities 63 87 188
Net increase/(decrease) in cash and
equivalents 1,902 (1,477) (1,595)
Cash and equivalents at beginning
of period 915 2,510 2,510
Cash and equivalents at end of period 2,817 1,033 915
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 2017.
This interim consolidated financial information for the six
months ended 30 June 2018 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 2017,
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 2018 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 2017 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 30.6.18 ended 30.6.17 ended 31.12.17
US$'000 US$'000 US$'000
Share of (loss)/profit of YZJ
JV (134) (410) 131
Share of profit/(loss) of MGR 55 (92) (90)
____ ____ ____
(79) (502) 41
The Company holds a 47.5% stake in YZJ JV and a 49.0% stake in
MGR. YZJ JV reported an unaudited loss for the 6 months to 30 June
2018 of US$283,000 (2017: loss of US$864,000) and US$134,000 (2017:
loss of US$410,000) represents Amedeo's share of YZJ Offshore's
loss.
MGR reported a profit of US$113,000 for the period to 30 June
2018 (2017: loss of US$187,000), of which US$55,000 (2017: loss of
US$92,000) 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 2018 was 0.73c (2017: 2.20c). The calculation of loss per
share is based on the loss of US$238,000 for the period ended 30
June 2018 (2017: loss of US$717,000) and the weighted average
number of shares in issue during the period for calculating the
basic loss per share of 32,653,843 shares (2017: 32,653,843).
4. Preparation of interim report
This report was approved by the Directors on 25 September
2018.
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END
IR GCGDCRDDBGIU
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