TIDMKIW
RNS Number : 5416U
Kiwara PLC
26 June 2009
KIWARA PLC ("Kiwara" or the "Company" or the "Group")
AUDITED PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 MARCH 2009, NOTICE OF ANNUAL GENERAL MEETING AND POSTING
OF THE ANNUAL REPORT
(COMPANY NO: 1760458)
Chairman's Statement
Dear Shareholder
The year under review has been a testing year, but nonetheless an exciting and
successful one for the Group. The period commenced with exceptional results
from exploration activities followed by a consolidation of our direction and
recognition that our licence area contains a multitude of opportunities which
warranted further examination. Kiwara largely escaped the demise of the junior
mining share market with limited erosion to shareholder value. Despite
maintaining a strong market capitalisation, the opportunity for Kiwara to raise
funds, irrespective of price, was scarce. Consequently, during the latter part
of the period under review operations were confined to the completion of drill
core sampling from the 2008 exploration programme and logging of historically
drilled core to provide data for modelling to produce an initial mineral
resource estimate.
The major highlight of the year was the news release dated 23 September 2008
detailing the results of two boreholes drilled approximately 900 metres apart to
test the Kawako Nickel occurrence. The bore holes intersected long runs of
exceptionally high grade Nickel mineralisation. The discovery was very
significant in that the potential strike length of the mineralised structure is
long and the petrographic work supports the reported high grade results. The
company will shortly carry out ground geophysics and further drilling to extend
strike, dip and continuity of the Kawako mineralisation.
Kalumbila continues to impress with a high ratio of successful boreholes
drilled. Management strongly believe that eight kilometres strike length of
continuous copper mineralisation exists with potential for at least a further
three kilometres, which is supported by geo-chemistry. Kalumbila represents a
near surface open pittable target with potential world class tonnage.
Uranium and iron mineralisation have not captured our attention other than for
basic work since they have been subordinated by the exciting aforementioned
progress at Kawako and Kalumbila. We intend to progress these targets in the
coming year together with other regional copper targets with similar geology to
Kawako and Kalumbila within the licence area.
The world, as we junior mining companies know it, fell to pieces during the
course of the year and is still in the doldrums of the financial Tsunami which
decimated value throughout every aspect of business and life. The reaction has
been extreme and governments have acted unequivocally. There are now some
suggestions that "green shoots" of recovery are showing.
I am pleased to report that on 29 April 2009, we announced that the
International Finance Corporation confirmed that its board would consider an
equity investment of US$6 million in Kiwara subject to various internal
approvals. This US$6 million placement would allow the Company to meaningfully
advance its plans and achieve further shareholder value enhancement.
On 17th June 2009, the Company received the independent Ore Resource Statement
for Kalumbila which demonstrates the potential of this deposit to contain 1.38
Billion tonnes at 0.78% copper together with nickel and cobalt credits. This
excellent result endorses our conviction that Kalumbila is indeed a significant
resource. The Company will aggressively move towards closer resource definition
and test strike extensions which may potentially enlarge this resource estimate.
The board of Kiwara is optimistic for the mineral targets in our portfolio and
for gradual global recovery in demand for both Nickel and Copper. The Company
looks forward to aggressively unlocking the value of the two very prospective
orebodies.
The profit for the year after exchange gains and taxation was GBP730,080 (2008:
loss of GBP86,698) equivalent to 0.44 pence (2008 - loss of 0.08 pence) per
share. Exploration and evaluation expenses capitalised in the year amounted to
GBP1,953,545. The Company was successful in obtaining a secondary listing on the
main board of JSE Limited ("JSE") and the Company's shares were admitted for
trading in South Africa on 3 April 2008.
Finally I would like to thank my colleagues in Kiwara for their untiring efforts
in producing exceptional results in very difficult and uncertain times.
Colin Bird
Chairman
25 June 2009
Financial review
The profit for the year after taxation was GBP730,080 (2008: loss of GBP86,698)
equivalent to 0.44 pence (2008 - loss of 0.08 pence) per share. Included in the
consolidated profit for the year is an exchange gain of GBP1,826,108 which
represents the unrealised exchange gain that has arisen from the inter-company
loan between Kiwara and its wholly owned subsidiary, Kiwara Resources Zambia Ltd
("Kiwara Zambia"). A negative goodwill of GBP309,900 realised on the acquisition
of a 25% interest of Kiwara Zambia from the New Africa Mining Fund and the
acquisition of a 5% interest of Kalumbila Minerals Limited from LM Engineering
Ltd is also included in the above profit figure.
The operating loss for the year amounted to GBP1,142,013 (2008: GBP801,165) and
includes the overheads and corporate costs of the business for the year, a
one-off fee amounting to GBP336,347 attributable to the costs of the Company's
listing on the JSE on 3 April 2008 and a share-based charge of GBP142,440 (2008:
GBP200,885) in line with the requirements of IFRS2. The share-based charge
relates to share options expensed in the year and has been concurrently credited
to reserves resulting in a neutral effect to the net assets of the Group.
Exploration and evaluation expenses capitalised in the year amounted to
GBP1,953,545 (2008: GBP709,359). These costs primarily relate to the Company's
advancing exploration activities at its Kabompo dome projects based in north
western Zambia. The ongoing work programme is exploiting advanced technological
exploration tools such as ground geophysical surveys, geochem surveys and both
reverse circulation and core drilling to significantly increase the geological
understanding of the licensed area and to produce a resource estimate for the
Kalumbila deposit.
During the year, 5,000,000 ordinary shares of 1p each were issued raising
GBP1,000,000 to fund ongoing drilling and exploration expenses and a further
8,880,796 million ordinary shares of 1p each were issued to the New Africa
Mining Fund as consideration for increasing the Group's interest in the Zambian
based subsidiary, Kiwara Resources Zambia from 75% to 100%. The total number of
ordinary shares outstanding at 31 March 2009 was 174,365,806.
AUDITED CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+-------------------------------------------+--------------+------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2009 | 2008 |
| | | |
+-------------------------------------------+--------------+------------+
| | GBP | GBP |
+-------------------------------------------+--------------+------------+
| Revenue | - | - |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Other revenue | - | - |
+-------------------------------------------+--------------+------------+
| Administrative expenses | (1,142,013) | (801,165) |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Loss from operations | (1,142,013) | (801,165) |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Finance income | 34,586 | 44,463 |
+-------------------------------------------+--------------+------------+
| Finance costs | (4) | (41) |
+-------------------------------------------+--------------+------------+
| Foreign exchange gain | 1,745,740 | 88,146 |
+-------------------------------------------+--------------+------------+
| Other income | 309,900 | 522,309 |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Profit (Loss) before income tax | 948,209 | (146,288) |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Provision for income tax | - | (86) |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Profit (Loss) for the year after income | 948,209 | (146,374) |
| tax | | |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Minority interests | | |
+-------------------------------------------+--------------+------------+
| Equity | (218,129) | 59,676 |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Profit (Loss) attributable to members of | | |
| the company | 730,080 | (86,698) |
+-------------------------------------------+--------------+------------+
| | | |
+-------------------------------------------+--------------+------------+
| Basic profit (loss) per share (pence) | 0.44 | (0.08) |
+-------------------------------------------+--------------+------------+
| Diluted profit (loss) per share (pence) | 0.44 | (0.08) |
+-------------------------------------------+--------------+------------+
| Headline profit (loss) per share (pence) | 0.44 | (0.08) |
+-------------------------------------------+--------------+------------+
All of the Group's activities are classed as continuing.
CONSOLIDATED BALANCE SHEET
AT 31 MARCH 2009
+--------------------------------------------+-------------+-------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2009 | 2008 |
+--------------------------------------------+-------------+-------------+
| | GBP | GBP |
+--------------------------------------------+-------------+-------------+
| Assets | | |
+--------------------------------------------+-------------+-------------+
| Non-current assets | | |
+--------------------------------------------+-------------+-------------+
| Intangible assets | 15,554,420 | 13,069,106 |
+--------------------------------------------+-------------+-------------+
| Property, plant and equipment | 97,376 | 96,691 |
+--------------------------------------------+-------------+-------------+
| Total non-current assets | 15,651,796 | 13,165,797 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Current assets | | |
+--------------------------------------------+-------------+-------------+
| Trade and other receivables | 31,793 | 41,158 |
+--------------------------------------------+-------------+-------------+
| Cash and cash equivalents | 472,643 | 1,824,099 |
+--------------------------------------------+-------------+-------------+
| Prepaid expenses and other current assets | 35,396 | 29,189 |
+--------------------------------------------+-------------+-------------+
| Total current assets | 539,832 | 1,894,446 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Total assets | 16,191,628 | 15,060,243 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Current liabilities | | |
+--------------------------------------------+-------------+-------------+
| Trade and other payables | 75,746 | 135,760 |
+--------------------------------------------+-------------+-------------+
| Total current liabilities | 75,746 | 135,760 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Total liabilities | 75,746 | 135,760 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Net current assets | 464,086 | 1,758,686 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Net assets | 16,115,882 | 14,924,483 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Equity | | |
+--------------------------------------------+-------------+-------------+
| Called up share capital | 6,362,560 | 6,223,752 |
+--------------------------------------------+-------------+-------------+
| Share premium account | 8,738,665 | 7,815,204 |
+--------------------------------------------+-------------+-------------+
| Share based payment reserve | 343,325 | 200,885 |
+--------------------------------------------+-------------+-------------+
| Currency translation reserve | (1,358,502) | 12,744 |
+--------------------------------------------+-------------+-------------+
| Other reserves | 7,411,656 | 6,790,000 |
+--------------------------------------------+-------------+-------------+
| Retained Earnings | (5,965,848) | (6,719,952) |
+--------------------------------------------+-------------+-------------+
| Equity attributable to equity holders of | 15, 531,856 | 14,322,633 |
| the company | | |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Minority interests | 584,026 | 601,850 |
+--------------------------------------------+-------------+-------------+
| Total equity | 16,115, 882 | 14,924,483 |
+--------------------------------------------+-------------+-------------+
COMPANY BALANCE SHEET
AT 31 MARCH 2009
+--------------------------------------------+-------------+-------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2009 | 2008 |
+--------------------------------------------+-------------+-------------+
| | GBP | GBP |
+--------------------------------------------+-------------+-------------+
| Assets | | |
+--------------------------------------------+-------------+-------------+
| Non-current assets | | |
+--------------------------------------------+-------------+-------------+
| Property, plant and equipment | 360 | 1,200 |
+--------------------------------------------+-------------+-------------+
| Investments | 7,760,000 | 7,760,000 |
+--------------------------------------------+-------------+-------------+
| Total non-current assets | 7,760,360 | 7,761,200 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Current assets | | |
+--------------------------------------------+-------------+-------------+
| Trade and other receivables | 6,625,331 | 4,362,862 |
+--------------------------------------------+-------------+-------------+
| Cash and cash equivalents | 448,725 | 1,797,396 |
+--------------------------------------------+-------------+-------------+
| Prepaid expenses and other current assets | 11,903 | 29,189 |
+--------------------------------------------+-------------+-------------+
| Total current assets | 7,085,959 | 6,189,447 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Total assets | 14,846,319 | 13,950,647 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Current liabilities | | |
+--------------------------------------------+-------------+-------------+
| Trade and other payables | 47,687 | 52,807 |
+--------------------------------------------+-------------+-------------+
| Total current liabilities | 47,687 | 52,807 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Total liabilities | 47,687 | 52,807 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Net current assets | 7,038,272 | 6,136,640 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Net assets | 14,798,632 | 13,897,840 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Equity | | |
+--------------------------------------------+-------------+-------------+
| Called up share capital | 6,362,560 | 6,223,752 |
+--------------------------------------------+-------------+-------------+
| Share premium account | 8,738,665 | 7,815,204 |
+--------------------------------------------+-------------+-------------+
| Share based payment reserve | 343,325 | 200,885 |
+--------------------------------------------+-------------+-------------+
| Other reserves | 7,411,656 | 6,790,000 |
+--------------------------------------------+-------------+-------------+
| Retained Earnings | (8,057,574) | (7,132,001) |
+--------------------------------------------+-------------+-------------+
| Net equity | 14,798,632 | 13,897,840 |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
consolidated statement of changes in equity
AT 31 MARCH 2009
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| | Attributable to Equity Holders of the Company | Minority | Total |
| | | Interest | |
+---------------+-------------------------------------------------------------------------+-----------+-------------+
| | Share | Share | Share | Currency | Other | Retained | | |
| | Capital | Premium | based | translation | reserves | earnings | | |
| | | | payment | reserve | | | | |
| | | | reserve | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Balance at 31 | 4,862,000 | 1,701,741 | - | - | - | (6,561,512) | - | 2,229 |
| March 2006 | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Issue of | 86,252 | - | - | - | - | - | - | 86,252 |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Premium on | - | 608,963 | - | - | - | - | - | 608,963 |
| issue of | | | | | | | | |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Share-based | - | - | - | - | - | - | - | - |
| payment | | | | | | | | |
| charge | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Net loss for | - | - | - | - | - | (71,742) | - | (71,742) |
| the year | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Currency | - | - | - | - | - | - | - | - |
| translation | | | | | | | | |
| difference | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Balance at 31 | 4,948,252 | 2,310,704 | - | - | - | (6,633,254) | - | 625,702 |
| March 2007 | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Issue of | 1,275,500 | - | - | - | - | - | - | 1,275,500 |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Premium on | - | 5,504,500 | - | - | - | - | - | 5,504,500 |
| issue of | | | | | | | | |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Share-based | - | - | 200,885 | - | - | - | - | 200,885 |
| payment | | | | | | | | |
| charge | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Net loss for | - | - | - | - | - | (86,698) | (59,676) | (146,374) |
| the year | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Addition in | - | - | - | - | - | - | 661,526 | 661,526 |
| minority | | | | | | | | |
| interest | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Currency | - | - | - | 12,744 | - | - | - | 12,744 |
| translation | | | | | | | | |
| difference | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Other | - | - | - | - | 6,790,000 | - | - | 6,790,000 |
| reserves | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Balance at | 6,223,752 | 7,815,204 | 200,885 | 12,744 | 6,790,000 | (6,719,952) | 601,850 | 14,924,483 |
| 31 March 2008 | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Issue of | 138,808 | - | - | - | - | - | - | 138,808 |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Premium on | - | 923,461 | - | - | 621,656 | - | - | 1,545,117 |
| issue of | | | | | | | | |
| share capital | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Share-based | - | - | 142,440 | - | - | - | - | 142,440 |
| payment | | | | | | | | |
| charge | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Net profit | - | - | - | - | | 730,080 | 218,129 | 948,209 |
| (loss) for | | | | | | | | |
| the year | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Addition in | - | - | - | - | - | 24,024 | (235,953) | (211,929) |
| minority | | | | | | | | |
| interest | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Currency | - | - | - | (1,371,246) | - | - | - | (1,371,246) |
| translation | | | | | | | | |
| difference | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
| Balance at | 6,362,560 | 8,738,665 | 343,325 | (1,358,502) | 7,411,656 | (5,965,848) | 584,026 | 16,115,882 |
| 31 March 2009 | | | | | | | | |
+---------------+-----------+-----------+---------+-------------+-----------+-------------+-----------+-------------+
coNSOLIDATED cash flow statement
AT 31 MARCH 2009
+--------------------------------------------+-------------+------------+
| | Year | Year ended |
| | ended | |
| | 31 March | 31 March |
| | 2009 | 2008 |
+--------------------------------------------+-------------+------------+
| | GBP | GBP |
+--------------------------------------------+-------------+------------+
| | | |
+--------------------------------------------+-------------+------------+
| Cash flow from operations | | |
+--------------------------------------------+-------------+------------+
| Net profit/(loss) for the year before | 948,209 | (146,288) |
| income tax | | |
| and minority interests | | |
+--------------------------------------------+-------------+------------+
| Depreciation | 39,885 | 47,409 |
+--------------------------------------------+-------------+------------+
| Gain from a bargain purchase | (309,900) | (522,309) |
+--------------------------------------------+-------------+------------+
| Decrease/(increase) in trade and other | 9,366 | (41,158) |
| receivables | | |
+--------------------------------------------+-------------+------------+
| Increase in prepaid expenses and other | (6,207) | (29,189) |
| current assets | | |
+--------------------------------------------+-------------+------------+
| Decrease in trade and other payables | (60,014) | (10,468) |
+--------------------------------------------+-------------+------------+
| (Decrease)/increase in currency | (1,401,520) | 13,061 |
| translation reserves | | |
+--------------------------------------------+-------------+------------+
| Share based payments | 142,440 | 200,885 |
+--------------------------------------------+-------------+------------+
| Interest received | (34,586) | (44,463) |
+--------------------------------------------+-------------+------------+
| Net cash outflow from operating activities | (672,327) | (532,520) |
+--------------------------------------------+-------------+------------+
| | | |
+--------------------------------------------+-------------+------------+
| Cash flows utilised by investing | | |
| activities | | |
+--------------------------------------------+-------------+------------+
| Acquisition of subsidiaries, net of cash | (197,845) | (102,189) |
| acquired | | |
+--------------------------------------------+-------------+------------+
| Purchase of intangible fixed assets | (1,953,545) | (709,359) |
+--------------------------------------------+-------------+------------+
| Proceeds from sale of property, plant and | 14,898 | - |
| equipment | | |
+--------------------------------------------+-------------+------------+
| Purchase of property, plant and equipment | (25,194) | (144,416) |
+--------------------------------------------+-------------+------------+
| Interest received | 34,586 | 44,463 |
+--------------------------------------------+-------------+------------+
| Net cash outflow from investing activities | (2,127,100) | (911,501) |
+--------------------------------------------+-------------+------------+
| | | |
+--------------------------------------------+-------------+------------+
| Cash flow from financing activities | | |
+--------------------------------------------+-------------+------------+
| Issue of shares | 1,683,925 | 2,496,277 |
| Decrease in Minority Interest | (235,954) | - |
+--------------------------------------------+-------------+------------+
| Net cash inflow from financing activities | 1,447,971 | 2,496,277 |
+--------------------------------------------+-------------+------------+
| | | |
+--------------------------------------------+-------------+------------+
| Net (decrease) increase in cash and cash | (1,351,456) | 1,052,256 |
| equivalents | | |
+--------------------------------------------+-------------+------------+
| Cash and cash equivalents at the beginning | 1,824,099 | 771,843 |
| of the year | | |
+--------------------------------------------+-------------+------------+
| | | |
+--------------------------------------------+-------------+------------+
| Cash and cash equivalents at the end of | 472,643 | 1,824,099 |
| the year | | |
+--------------------------------------------+-------------+------------+
company cash flow statement
AT 31 MARCH 2009
+-----------------------------------------+-------------+------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2009 | 2008 |
+-----------------------------------------+-------------+------------+
| | GBP | GBP |
+-----------------------------------------+-------------+------------+
| | | |
+-----------------------------------------+-------------+------------+
| Cash flow from operations | | |
+-----------------------------------------+-------------+------------+
| Loss for the year | (925,573) | (498,747) |
+-----------------------------------------+-------------+------------+
| Depreciation | 107 | 600 |
+-----------------------------------------+-------------+------------+
| Increase in trade and other receivables | (2,245,183) | (462,862) |
+-----------------------------------------+-------------+------------+
| (Increase) decrease in prepaid expenses | - | (29,189) |
| and other current assets | | |
+-----------------------------------------+-------------+------------+
| Decrease | (5,120) | (93,334) |
| in trade and other payables | | |
+-----------------------------------------+-------------+------------+
| Share based payments | 142,440 | 200,885 |
+-----------------------------------------+-------------+------------+
| Interest received | (29,269) | (44,218) |
+-----------------------------------------+-------------+------------+
| Net cash outflow from operating | (3,062,598) | (926,865) |
| activities | | |
+-----------------------------------------+-------------+------------+
| | | |
+-----------------------------------------+-------------+------------+
| Cash flows utilised by investing | | |
| activities | | |
+-----------------------------------------+-------------+------------+
| Purchase of property, plant and | (467) | (1,800) |
| equipment | | |
+-----------------------------------------+-------------+------------+
| Proceeds from sale of property, plant | 1,200 | - |
| and equipment | | |
+-----------------------------------------+-------------+------------+
| Interest received | 29,269 | 44,218 |
+-----------------------------------------+-------------+------------+
| Net cash inflow from investing | 30,002 | 42,418 |
| activities | | |
+-----------------------------------------+-------------+------------+
| | | |
+-----------------------------------------+-------------+------------+
| Cash flow from financing activities | | |
+-----------------------------------------+-------------+------------+
| Issue of shares | 1,683,925 | 1,910,000 |
+-----------------------------------------+-------------+------------+
| Net cash inflow from financing | 1,683,925 | 1,910,000 |
| activities | | |
+-----------------------------------------+-------------+------------+
| | | |
+-----------------------------------------+-------------+------------+
| Net (decrease) increase in cash and | (1,348,671) | 1,025,553 |
| cash equivalents | | |
+-----------------------------------------+-------------+------------+
| Cash and cash equivalents at the | 1,797,396 | 771,843 |
| beginning of the year | | |
+-----------------------------------------+-------------+------------+
| Cash and cash equivalents at the end of | 448,725 | 1,797,396 |
| the year | | |
+-----------------------------------------+-------------+------------+
KIWARA PLC
NOTES TO THE GROUP PROVISIONAL RESULTS FOR THE YEAR ENDED
31 MARCH 2009
1. Basis of preparation and accounting policies
The financial information for the year ended 31 March 2009 has been prepared on
the historical cost basis and is in accordance with the recognition and
measurement criteria of the International Financial Reporting Standards and its
Interpretations adopted by the International Accounting Standards Board and the
disclosure requirements of IAS34 - Interim Financial Reporting. The accounting
policies have been applied consistently throughout the Group and are consistent
with those for the financial year ended 31 March 2008.
2. Balance sheet
The value of the Group's exploration and evaluation intangible assets at 31
March 2009 was
1.61 pence per share (2008: 0.63 pence per share), calculated on the weighted
average number of shares of 165,540,875 (2008: 111,815,611)
3. Income statement
The headline loss for the financial year 2009 was 0.44 pence (2008: 0.08 pence)
calculated on a
weighted average number of shares of 165,540,875 (2008: 111,815,611).
There were no dividends paid or declared.
4. Segment reporting
Business segments
The Group's only business segment is the exploration and development
of Nickel-Cobalt Copper and Uranium.
Geographical segments
An analysis of the loss on ordinary activities before taxation, net assets and
exploration expenditure by geographical area is given below.
+------------------------------------------------+----------------+------------+
| | 2009 | 2008 |
+------------------------------------------------+----------------+------------+
| | GBP | GBP |
+------------------------------------------------+----------------+------------+
| Profit (loss) on ordinary activities | | |
+------------------------------------------------+----------------+------------+
| United Kingdom | (615,672) | 23,562 |
+------------------------------------------------+----------------+------------+
| Zambia | 1,563,881 | (169,850) |
+------------------------------------------------+----------------+------------+
| | 948,209 | (146,288) |
+------------------------------------------------+----------------+------------+
| | | |
+------------------------------------------------+----------------+------------+
| | | |
+------------------------------------------------+----------------+------------+
| Total profit (loss) before minority interests | 948,209 | (146,288) |
+------------------------------------------------+----------------+------------+
| | | |
+------------------------------------------------+----------------+------------+
| Net assets by location | | |
+------------------------------------------------+----------------+------------+
| United Kingdom | 13,516,788 | 14,433,918 |
+------------------------------------------------+----------------+------------+
| Zambia | 2,599,093 | 490,565 |
+------------------------------------------------+----------------+------------+
| | 16,115,881 | 14,924,483 |
+------------------------------------------------+----------------+------------+
| | | |
+------------------------------------------------+----------------+------------+
| Exploration expenditure | | |
+------------------------------------------------+----------------+------------+
| Zambia | 1,953,545 | 709,359 |
+------------------------------------------------+----------------+------------+
| Total exploration expenditure | 1,953,545 | 709,359 |
+------------------------------------------------+----------------+------------+
5. Capital and reserves
The shares issued in the year are detailed below:
+-----------+--------+------------+---------------+
| Date | Price | Number | Aggregate |
| of | per | of | consideration |
| issue | share | shares | |
+-----------+--------+------------+---------------+
| | | | GBP |
+-----------+--------+------------+---------------+
| | | | |
+-----------+--------+------------+---------------+
| 1 | 20p | 5,000,000 | 1,000,000 |
| September | | | |
| 2008 | | | |
+-----------+--------+------------+---------------+
| 1 | 8p | 8,880,796 | 710,464 |
| January | | | |
| 2009 | | | |
+-----------+--------+------------+---------------+
| | | 13,880,796 | 1,710,464 |
+-----------+--------+------------+---------------+
Share options and warrants
The Company has granted options to subscribe for ordinary shares of 1p each as
follows:
+----------------------+--------------------------------+----------+------------+
| Date granted | Period exercisable | Exercise | Number of |
| | | price | options |
| | | per | |
| | | share | |
| | | (pence) | |
+----------------------+--------------------------------+----------+------------+
| | | | |
+----------------------+--------------------------------+----------+------------+
| 3 August 2007 | 3 August 2007 - 3 August 2014 | 10 | 1,000,000 |
+----------------------+--------------------------------+----------+------------+
| 2 October 2007 | 2 October 2009 - 2 October | 17 | 200,000 |
| | 2014 | | |
+----------------------+--------------------------------+----------+------------+
| 20 February 2008 |20 February 2008 - 20 February | 20 | 900,000 |
| | 2015 | | |
+----------------------+--------------------------------+----------+------------+
| 8 July 2008 | 8 July 2008 - 8 July 2011 | 26 | 2,500,000 |
+----------------------+--------------------------------+----------+------------+
| 23 September 2008 | 23 September 2008 - 19 | 16 | 685,000 |
| | September 2018 | | |
+----------------------+--------------------------------+----------+------------+
| 10 February 2009 | 10 February 2009 - 19 | 16 | 100,000 |
| | September 2018 | | |
+----------------------+--------------------------------+----------+------------+
The difference between the issue price of the 8,880,796 ordinary shares of 1p
each issued and the nominal value of the shares allotted to New Africa Mining
Fund on 13 January 2009 as part of a share exchange has been credited to a
merger reserve account entitled "other reserves" in accordance with the merger
relief provisions of the Companies Act 1985 and accordingly no share premium was
set up for this transactions. The amount credited to other reserves amounted to
GBP621,556 in the year and a reconciliation of other reserves is shown in the
Statement of Change in Equity.
6. Financial statements
The preliminary financial statements have been audited by Saffery Champness who
have provided an unqualified audit report which report is available for
inspection at the Company's registered office. Audited financial statements
compliant with the Companies Act and International Financial Reporting Standards
IFRS will be issued to shareholders on 27 June 2009 and will be available to
view at the Company's website www.kiwara.co.uk
7. Directorate
There have been no changes in the board of directors during the year ended
31 March 2009.
8. Notice of the annual general meeting and posting of annual report
The annual report will be posted to shareholders on 29 June 2009 and will be
available to view at the Company's website www.kiwara.co.uk
Notice is hereby given that the annual general meeting of the Company will be
held at Rembrandt Hotel, 11 Thurloe Place, Knightsbridge,London, SW7 2RS to
transact the following business on 18 September 2009 to transact the business as
stated in the annual general meeting notice forming part of the annual financial
statements.
Signed on behalf of the board
Colin Bird
Chairman
For further information please contact:
Colin Bird/ Raju Samtani
Kiwara Plc
Tel +44 (0) 20 7581 4477
Matthew Robinson/Rose Herbert
finnCap
Tel: +44 (0) 207 600 1658
Brian Christie, Corporate Finance
Sasfin, Johannesburg
Tel: +27 (0) 11 809 7511
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SELFMISUSESM
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