TIDMPCGB
RNS Number : 8957E
Power Capital Global Ltd
07 June 2012
For immediate release: 7 June 2012
Power Capital Global Limited
("Power Capital Global" or the "Company")
Audited results for the year ended 31 December 2011
Power Capital Global Limited (AIM:PCGB), the Asia based natural
resources trading and logistics business, has today published its
audited results for the year ended 31 December 2011.
Operational Highlights from Period
-- Test steam coal shipments from Indonesia completed in first half of year;
-- Strategic review of operations undertaken in second half of year;
-- Decision reached to run a parallel investment programme into
partner businesses that offer potential in-market access to
commodity trading opportunities in China which might otherwise be
inaccessible to the Company;
-- US$2.0m twelve month loan facility secured from Power Capital
Forex Management Limited ("PCFM") and replaced post period by a
US$6.0m twelve month facility from PCFM bearing interest of LIBOR
plus 3%; PCFM is a company under the control of Mr. Kung-Min Lin
and deemed to be a related party transaction for the purposes of
Rule 13 of the AIM Rules for Companies*.
Post Period Highlights
-- Appointment of Tom Young as COO;
-- First investment completed - a 1.2% stake in Mongolia's
leading foreign investment conglomerate, Asia Pacific Investment
Partners Limited;
-- Due diligence currently being undertaken into second
potential investment target, TSI Holdings Limited;
-- Indonesia steam coal export trading operations being renewed;
-- Phosphate industry opportunities identified in Leibo County, Sichuan Province.
Chairman of Power Capital Global, Kung-Min Lin, commented:
"We believe that these important development activities,
specifically in the past six months following the completion of our
comprehensive strategic review, have substantially advanced the
Company in its pursuit of a plan to build Power Capital Global into
a highly regarded Asian commodity trading business.'
A full copy of the 2011 Report and Accounts is available for
download from the Company's web site:
www.powercapitalglobal.com
Note to Highlights
* On 28 May 2012, the Group secured agreement for a US$6 million
twelve month loan facility from Power Capital Forex Management
Limited, a company under the control of Mr. Lin Kung-Min, the
Company's non-executive chairman and ultimate controlling party, to
be drawn by the Company to fund its investing and operating
expenditure requirements. This loan facility bears interest at
LIBOR plus 3% per annum and replaces a US$2 million facility
agreement which was entered into directly with Power Capital Forex
Management Limited on 14 September 2011.
The loan facility is deemed to be a related party transaction
for the purposes of Rule 13 of the AIM Rules for Companies. The
directors, other than Mr. Lin Kung-Min who has taken no part in the
Board's consideration of the loan facility, consider, having
consulted with Northland Capital Partners Limited, the Company's
Nominated Adviser, that the terms of the loan facility with Power
Capital Forex Management Limited are fair and reasonable so far as
the shareholders of the Company are concerned.
In addition to the new US$6m facility the Company has a further
US$2m facility with Power Capital Forex Management Limited as
announced on 16 May 2012. This US$2m facility has been fully drawn
down and was used to fund the investment into Asia Pacific
Investment Partners Limited.
Further information
Power Capital Global Limited
Simon Dewhurst Tel: +852 9181 9938
Northland Capital Partners
Limited
Luke Cairns, Edward Hutton Tel: +44 (0)20 7796 8800
GTH Communications Limited
Toby Hall, Suzanne Johnson-Walsh Tel: +44 (0)20 3103 3900
Chairman's Statement
The year ended 31 December 2011 has been one of continued
investment into the development of an Asia based natural resources
trading and logistics platform.
As reported at the interim, the Company completed two test
trades of steam coal sourced from Indonesia during the first half
of 2011, for a total delivered volume of approximately 70,000
metric tonnes. Failure by our local Indonesian supplier to meet
stringent quality standards, together with a weakening environment
for steam coal prices into a partial economic slowdown in China,
caused disruption to the financial performance of this trading
activity and management determined to temporarily cease any further
trading of Indonesian sourced coal until market conditions improved
and a more reliable supply chain could be structured.
Following the recent appointment of a Chief Operating Officer
(Tom Young) in March of this year, the Company renewed its
development of steam coal export trading operations in Indonesia,
leveraging off Tom's twelve years experiences in various project
development and management roles for natural resource companies in
Asia.
Following a comprehensive strategic review in the second half of
2011, management determined to develop a parallel investment
program into partner companies that would offer the Company
in-market access to commodity trading opportunities which might
otherwise be inaccessible. Specifically, this strategy was evolved
to target two types of direct investment opportunity; (i)
businesses with technology based solutions targeted at top tier
mining producers in the key commodity supply markets serving China;
and (ii) companies in frontier areas with well-developed and
identifiable market advantage related to mineral mining license and
off-take opportunities.
At the time of writing this report, the Company has completed
one investment and initiated a second.
In May 2012, the Company announced that it has subscribed,
through its wholly owned subsidiary PCG Mongolia Limited, for a
1.2% equity stake in Asia Pacific Investment Partners Limited
("APIP").
The Company believes that this direct investment in Mongolia's
leading foreign invested conglomerate will provide the Company with
fast track opportunities in the burgeoning natural resources sector
in Mongolia. APIP owns the third largest cement producer in
Mongolia, with total production of 34,000 tons in 2011 and a total
plant capacity of 80,000 tons. The Company has already signed a
framework agreement for the supply of cement clinker to APIP,
sourced from the Inner Mongolia region of China. A number of other
trading and development opportunities with APIP are under
investigation.
The Company had previously announced in March 2012 that it had
signed a term sheet to subscribe for an equity stake in TSI
Holdings Limited ("TSI"). The subscription is subject to, inter
alia, due diligence which is nearly complete.
TSI is a specialist supplier of "low cost economy" manufactured
products to the international rail transport and mining industries,
with a broad client base including major companies such as
Bombardier, British Aerospace and Rio Tinto. TSI has recently
secured various opportunities to scale its business through the
design, construction and supply of specialised bulk material
containers and modular accommodation to the mining industry. It is
the intention of the Company to leverage its direct investment in
TSI into various opportunities including commodity off-take
agreements with TSI's mining clients in Australia, and rail
development opportunities in Mongolia.
In addition to these investment opportunities, the Company has
recently been engaged by the Leibo County government (Sichuan
Province, China) to advise on a possible restructuring of its
phosphate industry. The Company has recently presented its
recommendations and has identified significant business development
opportunities as a consequence of this engagement.
We believe that these important development activities,
specifically in the past six months following the completion of our
comprehensive strategic review have substantially advanced the
Company in its pursuit of a plan to build Power Capital Global into
a highly regarded Asian commodity trading business.
Lin Kung-Min
Chairman
7 June 2012
Consolidated Statement of Comprehensive Income
For The Year Ended 31 December 2011
Notes 2011 2010
GBP GBP
Revenue 2 1,566,232 -
Cost of sales (2,281,063) -
------------ -----------
Gross loss (714,831) -
Administrative expenses (1,135,068) (301,475)
------------ -----------
Operating loss (1,849,899) (301,475)
Other income 2 3 4,713
Finance costs 4 (217,985) -
------------ -----------
Loss before taxation 5 (2,067,881) (296,762)
Income tax expense 6 - -
------------ -----------
Loss for the year after
taxation (2,067,881) (296,762)
Other comprehensive income - -
------------ -----------
Total comprehensive expenses (2,067,881) (296,762)
============ ===========
Loss per share (basic) 7 (GBP0.036) (GBP0.005)
============ ===========
Loss per share (diluted) 7 N/A N/A
==== ====
The accompanying accounting policies and notes form an integral
part of these financial statements.
Consolidated Statement of Financial Position
As At 31 December 2011
Notes 2011 2010
GBP GBP
Non-current assets
Property, plant and equipment 10 68,655 -
-------------- --------------
Current assets
Trade and other receivables 11 51,770 1,275
Cash and cash equivalents 100,879 1,333,372
-------------- --------------
152,649 1,334,647
Current liabilities
Other payables and accruals 205,869 31,771
Amount due to a related
company 13 787,940 7,500
-------------- --------------
993,809 39,271
Net current
(liabilities)/assets (841,160) 1,295,376
-------------- --------------
Net (liabilities)/assets (772,505) 1,295,376
============== ==============
Equity
Paid in Capital 14 2,982,826 2,982,826
Reserves (3,755,331) (1,687,450)
-------------- --------------
(Capital deficiencies)/Total
equity (772,505) 1,295,376
============== ==============
The financial statements were approved by the Board of Directors
and signed on its behalf by:
Simon Dewhurst
Director
7 June 2012
The accompanying accounting policies and notes form an integral
part of these financial statements.
Company Statement of Financial Position
As At 31 December 2011
Notes 2011 2010
GBP GBP
Non-current assets
Investments in subsidiaries 9 3 2
------------ ------------
Current assets
Trade and other receivables 11 - 1,275
Amounts due from subsidiaries 12 388,187 454,235
Cash and cash equivalents 44,417 878,996
------------ ------------
432,604 1,334,506
Current liabilities
Other payables and accruals 49,994 25,871
Amounts due to subsidiaries 12 - 6,000
------------ ------------
49,994 31,871
Net current assets 382,610 1,302,635
------------ ------------
Net assets 382,613 1,302,637
============ ============
Equity
Paid-in Capital 14 2,982,826 2,982,826
Reserves (2,600,213) (1,680,189)
------------ ------------
Total equity 382,613 1,302,637
============ ============
The financial statements were approved by the Board of Directors
and signed on its behalf by:
Simon Dewhurst
Director
7 June 2012
The accompanying accounting policies and notes form an integral
part of these financial statements.
Consolidated Statement of Cash flows
For The Year Ended 31 December 2011
Notes 2011 2010
GBP GBP
Cash flows from operating activities
Loss before taxation (2,067,881) (296,762)
Adjustments for:
Depreciation of property, plant
and equipment 15,596 -
Interest received 2 (3) (4,713)
Finance costs 4 217,985 -
------------ ----------
Operating cash flows before movements
in working capital (1,834,303) (301,475)
Increase in trade and other receivables (50,495) (45)
Increase in other payables and accruals 154,805 17,221
Net cash used in operating activities (1,729,993) (284,299)
------------ ----------
Cash flows from investing activities
Additions of property, plant and
equipment (84,251) -
Interest received 3 4,713
------------ ----------
Net cash (used in)/generated from
investing activities (84,248) 4,713
------------ ----------
Cash flows from financing activities
Loans from a related company 831,373 -
Repayments of loans from a related
company (50,933) -
Short term loans from third parties 1,878,151 -
Repayment of short term loans from
third parties (1,878,151) -
Interest paid (198,692) -
------------ ----------
Net cash generated from financing
activities 581,748 -
Decrease in cash and cash equivalents (1,232,493) (279,586)
Cash and cash equivalents at beginning
of the year 1,333,372 1,612,958
Cash and cash equivalents at end
of the year 100,879 1,333,372
============ ==========
Cash and cash equivalents consist
of:
Cash at bank and in hand 100,879 1,333,372
============ ==========
The accompanying accounting policies and notes form an integral
part of these financial statements.
Company Statement of Cash flows
For The Year Ended 31 December 2011
2011 2010
GBP GBP
Cash flows from operating activities
Loss before taxation (920,024) (294,788)
Adjustment for:
Interest received - (4,698)
---------------- -----------
Operating cash flows before movements
in working capital (920,024) (299,486)
Decrease in trade and other receivables 1,275 11,867
Decrease in amounts due from subsidiaries 66,048 -
Increase in other payables and accruals 24,123 13,761
Decrease in amounts due to subsidiaries (6,000) -
Net cash used in operating activities (834,578) (273,858)
Cash flows from investing activities
Increase in Investments in subsidiaries (1) -
Interest received - 4,698
---------------- -----------
Net cash (used in)/generated from
investing activities (1) 4,698
---------------- -----------
Decrease in cash and cash equivalents (834,579) (269,160)
Cash and cash equivalents at beginning
of the year 878,996 1,148,156
Cash and cash equivalents at end
of the year 44,417 878,996
================ ===========
Cash and cash equivalents consist
of:
Cash at bank and in hand 44,417 878,996
================ ===========
The accompanying accounting policies and notes form an integral
part of these accounts.
Consolidated Statement of Changes In Equity
For The Year Ended 31 December 2011
Share Accumulated Total
capital losses
GBP GBP GBP
At 1 January 2010 2,982,826 (1,390,688) 1,592,138
Loss for the year - (296,762) (296,762)
Other comprehensive income - - -
----------- ------------- ------------
Total comprehensive expenses - (296,762) (296,762)
----------- ------------- ------------
At 31 December 2010 and
1 January 2011 2,982,826 (1,687,450) 1,295,376
Loss for the year - (2,067,881) (2,067,881)
Other comprehensive income - - -
----------- ------------- ------------
Total comprehensive expenses - (2,067,881) (2,067,881)
At 31 December 2011 2,982,826 (3,755,331) (772,505)
=========== ============= ============
The accompanying accounting policies and notes form an integral
part of these financial statements.
Company Statement of Changes In Equity
For The Year Ended 31 December 2011
Share Accumulated Total
capital losses
GBP GBP GBP
At 1 January 2010 2,982,826 (1,385,401) 1,597,425
Loss for the year - (294,788) (294,788)
Other comprehensive income - - -
----------- ------------- -----------
Total comprehensive expenses - (294,788) (294,788)
----------- ------------- -----------
At 31 December 2010 and
1 January 2011 2,982,826 (1,680,189) 1,302,637
Loss for the year - (920,024) (920,024)
Other comprehensive income - - -
----------- ------------- -----------
Total comprehensive expenses - (920,024) (920,024)
At 31 December 2011 2,982,826 (2,600,213) 382,613
=========== ============= ===========
The accompanying accounting policies and notes form an integral
part of these financial statements.
Notes To The Financial Statements
For The Year Ended 31 December 2011
1 Accounting Policies
Basis of accounting
The financial statements of Power Capital Global Limited on
pages 6 to 32 have been prepared in accordance with International
Financial Reporting Standards ("IFRSs") which collective term
includes all applicable individual International Financial
Reporting Standards, International Accounting Standards and
Interpretations issued by the International Accounting Standards
Board (the "IASB"), as adopted by the European Union.
The significant accounting policies adopted are detailed
below:
Accounting convention
The accounts have been prepared under the historical cost
convention.
Going concern basis
As at 31 December 2011, the Group had net current liabilities of
GBP841,160. Taking into consideration the financial resources
available to the Group, including internal generated funds and the
continuing financial support of its major shareholder, the
directors of the Company consider that the Group will have
sufficient financial resources to finance its working capital
requirements for the foreseeable future and accordingly, have
prepared the financial statements on a going concern basis
notwithstanding the net current liabilities position of the
Group.
On 28 May 2012, the Group secured agreement for a US$6 million
twelve month loan facility from Power Capital Forex Management
Limited, a company under the control of Mr. Lin Kung-Min, the
ultimate controlling party of the Company, to be drawn by the
Company to fund its investing and operating expenditure
requirements. This loan facility bears interest at LIBOR plus 3%
per annum and replaces an existing US$2 million facility agreement
which was entered with the same lender on 14 September 2011.
Power Capital Forex Management Limited has confirmed to the
Directors of the Company that it is committed to providing
financial support to the extent necessary, to enable the Group to
meet its liabilities as and when they fall due for at least twelve
months from the date that these financial statements are approved
by the directors.
Consolidation basis
The Group financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) prepared to 31 December each year. Control is
achieved where the Company has the power to govern the financial
and operating policies of an investee entity so as to obtain
benefits from its activities. In assessing control, the Group takes
into consideration the existence and effect of potential voting
rights that currently are exercisable or convertible.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated statement of comprehensive
income from the effective date of acquisition or up to the
effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used
into line with those used by the Group.
All intra-group transactions and balances and any unrealised
gains and losses arising from intra-group transactions are
eliminated in preparing the consolidated financial statements.
Subsidiaries
Subsidiaries are entities over which the Group has the power to
control the financial and operating policies so as to obtain
benefits from their activities. The existence and effect of
potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Group
controls another entity.
In consolidated financial statements, acquisition of
subsidiaries (other than those under common control) is accounted
for by applying the acquisition method. This involves the
estimation of fair value of all identifiable assets and
liabilities, including contingent liabilities of the subsidiary, at
the acquisition date, regardless of whether or not they were
recorded in the financial statements of the subsidiary prior to
acquisition. On initial recognition, the assets and liabilities of
the subsidiary are included in the consolidated statement of
financial position at their fair values, which are also used as the
bases for subsequent measurement in accordance with the Group's
accounting policies.
In the Company's statement of financial position, subsidiaries
are carried at cost less any impairment loss unless the subsidiary
is held for sale or included in a disposal group. The results of
subsidiaries are accounted for by the Company on the basis of
dividends received and receivable at the reporting date.
All dividends whether received out of the investee's pre or
post-acquisition profits are recognised in the Company's profit or
loss.
Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable and represents amounts receivable for goods
and services provided in the normal course of business, net of
discounts and other sales related taxes.
Sales of goods are recognised when goods are delivered and title
has passed.
Interest income, is calculated using the effective interest
method by applying the rate that discounts the estimated future
cash receipts through the expected life of the financial instrument
or a shorter period, when appropriate, to the net carrying amount
of the financial asset.
Impairment of non-financial assets
When an indication of impairment exists, or when annual
impairment testing for an asset is required (other than financial
assets), the asset's recoverable amount is estimated. An asset's
recoverable amount is calculated as the higher of the asset's or
cash-generating unit's value in use and its fair value less costs
to sell, and is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets, in which case the
recoverable amount is determined for the cash-generating unit to
which the asset belongs.
An impairment loss is recognised only if the carrying amount of
an asset exceeds its recoverable amount. In assessing value in use,
the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to
the asset. An impairment loss is charged to profit or loss in the
period in which it arises.
An assessment is made at the end of each reporting period as to
whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If
such an indication exists, the recoverable amount is estimated. A
previously recognised impairment loss of an asset is reversed only
if there has been a change in the estimates used to determine the
recoverable amount of that asset, but not to an amount higher than
the carrying amount that would have been determined (net of any
depreciation/amortisation) had no impairment loss been recognised
for the asset in prior years. A reversal of such an impairment loss
is credited to profit or loss in the period in which it arises.
Property, plant and equipment
Property, plant and equipment, other than construction in
progress, are stated at cost less accumulated depreciation and any
accumulated impairment losses. The cost of an item of property,
plant and equipment comprises its purchase price and any directly
attributable costs of bringing the asset to its working condition
and location for its intended use.
Depreciation is calculated on the straight-line basis to write
off the cost of each item of property, plant and equipment, other
than construction in progress, to its residual value over its
estimated useful life, as follows:
Furniture, fixtures and equipment 20%
Electronic equipment 331/3%
Computer equipment 331/3%
The assets' residual values, useful lives and depreciation
methods are reviewed, and adjusted if appropriate, at least at the
end of each reporting period.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss on disposal or retirement
recognised in profit or loss in the period the asset is
derecognised is the difference between the net sales proceeds and
the carrying amount of the relevant asset.
Subsequent costs are included in the asset's carrying amount or
recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured
reliably. All other costs, such as repairs and maintenance are
charged to profit or loss during the financial period in which they
are incurred.
Leases
An arrangement, comprising a transaction or a series of
transactions, is or contains a lease if the Group determines that
the arrangement conveys a right to use a specific asset or assets
for an agreed period of time in return for a payment or a series of
payments. Such a determination is made based on an evaluation of
the substance of the arrangement and is regardless of whether the
arrangement takes the legal form of a lease.
Classification of assets leased to the Group
Assets that are held by the Group under leases which transfer to
the Group substantially all the risks and rewards of ownership are
classified as being held under finance leases. Leases which do not
transfer substantially all the risks and rewards of ownership to
the Group are classified as operating leases.
Operating lease charges as the lessee
Where the Group has the right to use of assets held under
operating leases, payments made under the leases are charged to
profit or loss on a straight-line basis over the lease terms except
where an alternative basis is more representative of the time
pattern of benefits to be derived from the leased assets. Lease
incentives received are recognised in profit or loss as an integral
part of the aggregate net lease payments made.
Financial assets
The Group's financial assets are classified into loans and
receivables.
Management determines the classification of its financial assets
at initial recognition depending on the purpose for which the
financial assets were acquired and where allowed and appropriate,
re-evaluates this designation at the end of reporting period.
All financial assets are recognised when, and only when, the
Group becomes a party to the contractual provisions of the
instrument. Regular way purchases of financial assets are
recognised on trade date.
Derecognition of financial assets occurs when the rights to
receive cash flows from the instruments expire or are transferred
and substantially all of the risks and rewards of ownership have
been transferred.
At the end of each reporting period, financial assets are
reviewed to assess whether there is objective evidence of
impairment. If any such evidence exists, impairment loss is
determined and recognised based on the classification of the
financial asset.
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market. Loans and receivables are initially recognised at fair
value plus directly attributable transaction costs and subsequently
measured at amortised cost using the effective interest method,
less any impairment losses. Amortised cost is calculated taking
into account any discount or premium on acquisition and includes
fees that are an integral part of the effective interest rate and
transaction cost.
At the end of each reporting period, financial assets are
reviewed to determine whether there is any objective evidence of
impairment.
Objective evidence of impairment of individual financial assets
includes observable data that comes to the attention of the Group
about one or more of the following loss events:
- significant financial difficulty of the debtor;
- a breach of contract, such as a default or delinquency in interest or principal payments;
- it becoming probable that the debtor will enter bankruptcy or
other financial reorganisation; and
- significant changes in the technological, market, economic or
legal environment that have an adverse effect on the debtor.
Loss events in respect of a group of financial assets include
observable data indicating that there is a measurable decrease in
the estimated future cash flows from the group of financial assets.
Such observable data includes but not limited to adverse changes in
the payment status of debtors in the group and, national or local
economic conditions that correlate with defaults on the assets in
the group.
If there is objective evidence that an impairment loss on
financial assets has been incurred, the amount of the loss is
measured as the difference between the asset's carrying amount and
the present value of estimated future cash flows (excluding future
credit losses that have not been incurred) discounted at the
financial asset's original effective interest rate (i.e. the
effective interest rate computed at initial recognition). The
amount of the loss is recognised in profit or loss of the period in
which the impairment occurs.
If, in subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event
occurring after the impairment was recognised, the previously
recognised impairment loss is reversed to the extent that it does
not result in a carrying amount of the financial asset exceeding
what the amortised cost would have been had the impairment not been
recognised at the date the impairment is reversed. The amount of
the reversal is recognised in profit or loss of the period in which
the reversal occurs.
Financial liabilities
The Group's financial liabilities include other payables and
accruals and amount due to a related company.
Financial liabilities are recognised when the Group becomes a
party to the contractual provisions of the instrument. All interest
related charges are recognised as finance costs in profit or
loss.
A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires.
All the Group's financial liabilities are recognised initially
at their fair value, net of directly attributable transaction costs
incurred and subsequently measured at amortised cost, using the
effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand,
demand deposits with banks and short term highly liquid investments
with original maturities of three months or less that are readily
convertible into known amounts of cash and which are subject to an
insignificant risk of changes in value.
Accounting for income tax
Income tax comprises current tax and deferred tax.
Current income tax assets and/or liabilities comprise those
obligations to, or claims from, fiscal authorities relating to the
current or prior reporting period, that are unpaid at the end of
reporting period. They are calculated according to the tax rates
and tax laws applicable to the fiscal periods to which they relate,
based on the taxable profit for the year. All changes to current
tax assets or liabilities are recognised as a component of income
tax expense in profit or loss.
Deferred tax is calculated using the liability method on
temporary differences at the end of reporting period between the
carrying amounts of assets and liabilities in the Financial
Information and their respective tax bases. Deferred tax
liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are recognised for all deductible
temporary differences, tax losses available to be carried forward
as well as other unused tax credits, to the extent that it is
probable that taxable profit, including existing taxable temporary
difference, will be available against which the deductible
temporary differences, unused tax losses and unused tax credits can
be utilised.
Deferred tax assets and liabilities are not recognised if the
temporary difference arises from goodwill or from initial
recognition (other than in a business combination) of assets and
liabilities in a transaction that affects neither taxable nor
accounting profit or loss.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, except where
the Group is able to control the reversal of the temporary
differences and it is probable that the temporary differences will
not reverse in the foreseeable future.
Deferred tax is calculated, without discounting, at tax rates
that are expected to apply in the period the liability is settled
or the asset realised, provided they are enacted or substantively
enacted at the end of reporting period.
Changes in deferred tax assets or liabilities are recognised in
profit or loss, or in other comprehensive income or directly in
equity if they relate to items that are charged or credited to
other comprehensive income or directly to equity.
Current tax assets and current tax liabilities are presented in
net if, and only if,
(a) the Group has the legally enforceable right to set off the recognised amounts; and
(b) intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
The Group presents deferred tax assets and deferred tax
liabilities in net if, and only if,
(a) the entity has a legally enforceable right to set off
current tax assets against current tax liabilities; and
(b) the deferred tax assets and the deferred tax liabilities
relate to income taxes levied by the same taxation authority on
either:
(i) the same taxable entity; or
(ii) different taxable entities which intend either to settle
current tax liabilities and assets on a net basis, or to realise
the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.
Retirement benefits and pensions schemes
Retirement benefits to employees are provided through defined
contribution plans. The Group operates a defined contribution
retirement benefit plan under the Mandatory Provident Fund Schemes
Ordinance (the "MPF Scheme"), for all of its employees who are
eligible to participate in the MPF Scheme. Contributions are made
based on a percentage of the employees' basic salaries.
Contributions are recognised as an expense in profit or loss as
employees render services during the year. The Group's obligations
under these plans are limited to the fixed percentage contributions
payable.
Foreign currencies
The financial statements are presented in Pounds Sterling. Each
entity in the Group determines its own functional currency and
items included in the financial statements of each entity are
measured using that functional currency. The functional currency of
the Company is Pounds Sterling.
In the individual financial statements of the consolidated
entities, foreign currency transactions are translated into the
functional currency of the individual entity using the exchange
rates prevailing at the dates of the transactions. At reporting
date, monetary assets and liabilities denominated in foreign
currencies are translated at the foreign exchange rates ruling at
that date. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the reporting date
retranslation of monetary assets and liabilities are recognised in
profit or loss.
Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing on the
date when the fair value was determined and are reported as part of
the fair value gain or loss. Non-monetary items that are measured
in terms of historical cost in a foreign currency are not
retranslated.
In the consolidated financial statements, all individual
financial statements of foreign operations, originally presented in
a currency different from the Group's presentation currency, have
been converted into Pounds Sterling.
Assets and liabilities have been translated into Pounds Sterling
at the closing rates at the reporting date. Income and expenses
have been converted into Pounds Sterling at the exchange rates
ruling at the transaction dates or at the average rates over the
reporting period provided that the exchange rates do not fluctuate
significantly.
Any differences arising from this procedure have been recognised
in other comprehensive income and accumulated separately in the
exchange reserve in equity.
Segment reporting
The Group identifies operating segments and prepares segment
information based on the regular internal financial information
reported to the executive directors for their decisions about
resources allocation to the Group's business components and for
their review of the performance of those components. The business
components in the internal financial information reported to the
executive directors are determined following the Group's major
operations.
The measurement policies the Group uses for reporting segment
results under IFRS 8 are the same as those used in its financial
statements prepared under IFRSs.
Significant judgements and estimates
The preparation of the financial statements requires management
to make judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and
the disclosure of contingent liabilities. However, uncertainty
about these assumptions and estimates could result in outcomes that
could require a material adjustment to the carrying amounts of the
assets or liabilities affected in the future.
The key assumptions concerning the future and other key sources
of estimation uncertainty at the end of the reporting period, that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year, are discussed below.
Impairment of receivables
The provision policy for doubtful debts of the Group is based on
the on-going evaluation of the collectability and ageing analysis
of the outstanding receivables and on the management's judgment. A
considerable amount of judgment is required in assessing the
ultimate realisation of these receivables, including
creditworthiness and the past collection history of each customer
and the related parties. If the financial conditions of the
customers and other debtors of the Group were to deteriorate,
resulting in an impairment of their ability to make payments,
additional impairment may be required.
Estimated useful lives of property, plant and equipment
In determining the useful lives of property, plant and
equipment, the Group has to consider various factors, such as
expected usage of the asset, expected physical wear and tear, the
care and maintenance of the asset, and legal or similar limits on
the use of the asset. The estimation of the useful life of the
asset is made based on the experience of the Group with similar
assets that are used in a similar way. Depreciation charge is
revised if the estimated useful lives of items of property, plant
and equipment are different from the previous estimation. Useful
lives are reviewed, at the end of each reporting period, based on
changes in circumstances.
Issued International Financial Reporting Standards ("IFRS")
In the current year, the Group has applied for the first time
the following new standards, amendments and interpretations (the
"new IFRSs") issued by the IASB and the International Financial
Reporting Interpretations Committee of the IASB, which are relevant
to and effective for the Group's financial statements for the
annual period beginning on 1 January 2011:
- IFRSs (Amendments) Improvements to IFRSs
- IAS 24 (Revised) Related Party Disclosures
Other than as noted below, the adoption of the new IFRSs had no
material impact on how the results and financial position for the
current and prior periods have been prepared and presented.
IAS 24 (Revised) - Related Party Disclosures
IAS 24 (Revised) amends the definition of related party and
clarifies its meaning. This may result in changes to those parties
who are identified as being related parties of the reporting
entity. The Group has reassessed the identification of its related
parties in accordance with the revised definition and concluded
that the revised definition does not have any material impact on
the Group's related party disclosures in the current and previous
years.
IAS 24 (Revised) also introduces simplified disclosure
requirements applicable to related party transactions where the
Group and the counterparty are under the common control, joint
control or significant influence of a government, government agency
or similar body. These new disclosures are not relevant to the
Group because the Group is not a government related entity.
Issued International Financial Reporting Standards, amendments
and interpretations that are not yet effective and that have not
been early adopted by the Group
At the date of authorisation of these financial statements,
certain new and amended IFRSs have been published but are not yet
effective, and have not been adopted early by the Group for the
year ended 31 December 2011.
Amendments to IFRS Disclosures - Transfers of Financial
7 Asset(1)
Amendments to IAS Deferred Tax - Recovery of Underlying
12 Assets(2)
Amendments to IAS Presentation of Items of Other Comprehensive
1 (Revised) Income(3)
Amendments to IAS Presentation - Offsetting Financial
32 Assets and Financial Liabilities(5)
Amendments to IFRS Disclosures - Offsetting Financial
7 Assets and Financial Liabilities(4)
IFRS 9 Financial Instruments(6)
IFRS 10 Consolidated Financial Statements(4)
IFRS 11 Joint Arrangements(4)
IFRS 12 Disclosure of Interests in Other Entities(4)
IFRS 13 Fair Value Measurement(4)
IAS 19 (2011) Employee Benefits(4)
IAS 27 (2011) Separate Financial Statements(4)
IAS 28 (2011) Investments in Associates and Joint
Ventures(4)
IFRIC -Int 20 Stripping Costs in the Production
Phase of a Surface Mine(4)
(1) Effective for annual periods beginning on or after 1 July
2011
(2) Effective for annual periods beginning on or after 1 January
2012
(3) Effective for annual periods beginning on or after 1 July
2012
(4) Effective for annual periods beginning on or after 1 January
2013
(5) Effective for annual periods beginning on or after 1 January
2014
(6) Effective for annual periods beginning on or after 1 January
2015
The directors of the Company (the "Directors") anticipate that
all of the pronouncements will be adopted in the Group's accounting
policy for the first period beginning after the effective date of
the pronouncement. The Directors are currently assessing the impact
of other new and amended IFRSs upon initial application. So far,
the Directors have preliminarily concluded that the initial
application of these IFRSs is unlikely to have a significant impact
on the Group's results and financial position.
2 Revenue and Other Income
2011 2010
GBP GBP
Revenue
Sales of coal 1,566,232 -
Other income
Bank interest income 3 4,713
---------- ------
1,566,235 4,713
========== ======
3 Segment Information
The Group identifies operating segments and prepares segment
information based on the regular internal financial information
reported to the executive directors for their decisions about
resources allocation to the Group's business components and for
their review of the performance of those components. The business
components in the internal financial information reported to the
executive directors are determined following the Group's major
operations.
The Group's operating business are organised and managed
separately according to the nature of products, which each segment
representing a strategic business segment that offers different
natural resources products in Asia market.
However, the Group's executive directors considered that all of
the Group's revenue and operating result for both years ended 31
December 2010 and 2011 were mainly derived from its sales of steam
coal in Taiwan. Consequently, no operating segment analysis is
presented.
The Company is an investment holding company and the principle
place of the Group's operation is in Hong Kong.
For the purpose of segment information disclosures under IFRS 8,
the Group regarded Hong Kong as its country of domicile. Most of
the Group's non-current assets are principally attributable to Hong
Kong, being the single geographical region.
Included in revenue arising from the sale of coal in Taiwan,
over 99% (2010: Nil) arose from sales to the Group's largest
customer. This is the only customer of the Group that contributes
10% or more of the Group's revenues.
4 FINANCE COSTS
2011 2010
GBP GBP
Interest on advances from a related
company 19,293 -
Interest on short-term loans from
third parties 198,686 -
Interest on bank overdraft 6 -
-------- -----
217,985 -
======== =====
5 Loss Before Taxation
Loss before taxation is stated after charging/ (crediting) the
following:
2011 2010
GBP GBP
Auditors' remuneration 19,045 9,400
Depreciation of property, plant and
equipment 15,596 -
Staff costs (including directors'
emoluments)
- Salaries, wages and other benefits 504,250 184,675
- contributions to defined contribution
retirement plans 2,292 -
-------- ---------
506,542 184,675
Operating lease rent 64,401 -
Provision for bad and doubtful debts 40,555 -
Write off of bad debts 25,607 -
Exchange loss/ (gain) 16,747 (15,408)
======== =========
6 Income Tax Expense
No Hong Kong profits tax has been provided as the Group had no
estimated assessable profits arising in or derived from Hong Kong
for both years.
Pursuant to the rules and regulations of the British Virgin
Islands ("BVI"), the Group is not subject to any income tax in the
BVI.
Reconciliation between income tax expense and accounting loss at
applicable tax rates is as follows:
2011 2010
GBP GBP
Loss before taxation (2,067,881) (296,762)
Notional tax at the rates applicable
to profits in
the jurisdictions concerned (341,200) (48,966)
Tax effect of non-deductible expenses 160,304 48,966
Tax effect of temporary differences
not recognised
for deferred tax purposes (2,696) -
Tax effect of unrecognised tax losses 183,592 -
------------ ----------
Income tax expense - -
============ ==========
No deferred tax asset has been recognised in relation to tax
loss of approximately HK$13.6 million (i.e. GBP1.1 million) (2010:
Nil) due to the unpredictability of the future profit streams.
The Company is resident for corporation tax purposes in the
British Virgin Islands.
7 Loss Per Share
The basic loss per share has been calculated on the basis of the
net loss after taxation of GBP2,067,881 (2010: loss GBP296,762) and
the weighted average number of shares in issue as at 31 December
2011 of 57,056,501 (2010: 57,056,501).
Diluted loss per share for the years ended 31 December 2011 and
2010 have not been presented because no dilutive instruments have
been issued.
8 Directors' Emoluments
The following directors' emoluments were received or receivable
by the Directors holding office during the year:
Salaries,
allowances, Contribution
and other to pension
Fees benefits Plans Total
GBP GBP GBP GBP
Year ended 31 December
2011
Executive Director
Simon Dewhurst 87,320 35,352 491 123,163
-------- ------------ ------------- --------
Non-Executive Directors
Craig Lees Baxter Niven*** 42,000 - - 42,000
Graham Newall 37,158 34,964 409 72,531
Lin Kung-Min* 110,000 - - 110,000
Mladen Ninkov** 21,000 - - 21,000
-------- ------------ ------------- --------
210,158 34,964 409 245,531
-------- ------------ ------------- --------
297,478 70,316 900 368,694
======== ============ ============= ========
Year ended 31 December
2010
Executive Director
Simon Dewhurst 25,074 - - 25,074
-------- --------
Non-Executive Directors
Craig Lees Baxter Niven*** 42,000 - - 42,000
Graham Newall 25,601 - - 25,601
Lin Kung-Min* 50,000 - - 50,000
Mladen Ninkov** 42,000 - - 42,000
-------- --------
159,601 - - 159,601
-------- --------
184,675 - - 184,675
======== ========
* Long Sheng Asset Management Company, a company controlled by
Lin Kung-Min and his immediate family, received fees under a
consultancy agreement of GBP110,000 (2010: GBP50,000), for the
provision of advisory and support services to the Group.
** Keynes Capital, the registered business name of Keynes
Investments Pty Limited as trustee for the Keynes Trust, received
fees under a consultancy agreement of GBP21,000 (2010: GBP42,000),
for the provision of advisory and support services to the Group.
Mladen Ninkov is a director and employee of Keynes Investments Pty
Limited.
*** Zetachoice Limited, a company controlled by Craig Niven and
his immediate family, received fees under a consultancy agreement
of GBP42,000 (2010: GBP42,000), for the provision of advisory and
support services to the Group.
9 Investments in Subsidiaries - The Company
2011 2010
GBP GBP
At Cost
At 1 January 2 2
Additions during the year 1 -
----- -----
At 31 December 3 2
===== =====
Particulars of the principal subsidiaries at 31 December 2011
are as follows:
Proportion
Class of of shares Nature of Country of
Name Share held held business incorporation
Directly held
Investment
PCG Resources Limited Ordinary 100% holding BVI
PCG Resources (C.I.) Investment
Limited Ordinary 100% holding Alderney
Administrative
SWB (Admin) Limited Ordinary 100% support United Kingdom
Indirectly held
PCG International Investment
Limited Ordinary 100% holding BVI
Administrative
PCG Services Limited Ordinary 100% support Hong Kong
Trading of
PCG Coal Limited Ordinary 100% coal Hong Kong
10 Property, Plant And Equipment - The Group
Furniture,
Computer fixtures
and Electronic
equipment equipment equipment Total
GBP GBP GBP GBP
Cost
Additions during the year
and
at 31 December 2011 19,144 63,697 1,410 84,251
---------- ----------- ----------- -------
Accumulated depreciation
Charge for the year and
at 31 December 2011 4,642 10,645 309 15,596
---------- ----------- ----------- -------
Net book value
At 31 December 2011 14,502 53,052 1,101 68,655
========== =========== =========== =======
At 31 December 2010 - - - -
========== =========== =========== =======
11 Trade And Other Receivables
Group Group Company Company
2011 2010 2011 2010
GBP GBP GBP GBP
Trade receivables 40,555 - - -
Less: Provision for impairment (40,555) - - -
--------- ------ -------- --------
- - - -
Prepayments and sundry
debtors 51,770 1,275 - 1,275
--------- ------ -------- --------
51,770 1,275 - 1,275
========= ====== ======== ========
All of the Group's trade receivables are denominated in United
States Dollars ("US$").
The customers are obliged to settle the amounts upon
satisfaction of the sales and purchase agreements. Based on
relevant agreements, all outstanding trade receivables as at 31
December 2011 were past due and aged over 180 days.
At each reporting date, the Group reviews trade receivables for
evidence of impairment on both an individual and collective basis.
As at 31 December 2011, net amount of impairment losses amounted to
GBP40,555 has been recognised (2010: Nil). The Group did not hold
any collateral as security or other credit enhancements over the
impaired trade receivables, whether determined on an individual or
collective basis.
Impairment losses on trade receivables are recorded using an
allowance account unless the Group is satisfied that recovery of
amount is remote, in which case the impairment loss is written off
against trade receivables directly.
Movements in the allowance for bad and doubtful debts during the
year are as follows:
Group Group Company Company
2011 2010 2011 2010
GBP GBP GBP GBP
At 1 January - - - -
Impairment losses recognised 66,162 - - -
Written off (25,607) - - -
At 31 December 40,555 - - -
========= ====== ======== ========
12 Amounts Due From/ To Subsidiaries - The Company
2011 2010
GBP GBP
Amounts due from:
PCG Resources (C.I.) Limited 1,015,524 1,014,920
SWB (Admin) Limited 4,063 7,272
PCG Coal Limited 388,187 -
PCG Services Limited 48,583 -
------------ ----------
1,456,357 1,022,192
Less: Provision for impairment (1,068,170) (567,957)
------------ ----------
388,187 454,235
============ ==========
During the year, the Directors reviewed the carrying value of
the amounts due from subsidiaries with reference to the businesses
operated by these subsidiaries and their net asset values. As at
the reporting date, the Directors are of the opinion that provision
for impairment is necessary in respect of the amounts due from
subsidiaries. During the year ended 31 December 2011, an impairment
loss of approximately GBP500,213 (2010: GBP567,957) was recognised
in the Company's statement of comprehensive income.
The amounts due from/ to subsidiaries were unsecured, interest
free and repayable on demand.
13 Amount Due To A Related Company - The Group
At 31 December 2011, the amount due to a related company of
GBP787,940 (2010: GBP7,500) represents advances from Power Capital
Forex Management Limited, a company under the control of Mr. Lin
Kung-Min, the ultimate controlling party of the Company.
The amounts due were unsecured, bearing interest at LIBOR plus
3% per annum and repayable within twelve months.
14 Share Capital - The Group and Company
2011 2010
Number of GBP Number of GBP
shares shares
Authorised share capital
At 1 January and 31 December,
Par value 1,000,000,000 - 1,000,000,000 -
============== ==== ============== ====
2011 2010
Number Number
of shares GBP of shares GBP
Paid-in capital
At 1 January and 31 December 57,056,501 2,982,826 57,056,501 2,982,826
=========== ============ =========== ============
15 Contingent Liabilities
At 31 December 2011, the Group and Company had no contingent
liabilities (2010: Nil).
16 Related Party Transactions
16.1 In addition to the transactions and balances disclosed
elsewhere in the consolidated financial statements, the Group had
the following significant related party transactions during the
year:
Notes 2011 2010
GBP GBP
Sales commission paid to Kolarmy
Technology Inc. (i) 31,833 -
Interest paid to Power Capital
Forex Management Limited (ii) 19,293 -
======= =====
Note:
(i) Commission paid to Kolarmy Technology Inc., of which Mr. Lin
Kung-Min had a beneficial interest and was also a director of the
related company. The commission was made with reference to the
terms mutually agreed between both parties.
(ii) Interest paid to Power Capital Forex Management Limited, a
company under the control of Mr. Lin Kung-Min, the ultimate
controlling party of the Company. The Directors having consulted
with the Group's nominated adviser that the terms of the
transaction are fair and reasonable so far as the shareholders of
the Company are concerned.
16.2 Compensation of key management personnel of the Group
The Directors are of the opinion that the key management
personnel were the Directors of the Company, details of whose
emoluments are set out in note 8.
16.3 The Company is listed on the Alternative Investment Market.
Mr. Lin Kung-Min is the ultimate controlling party.
17 Financial Risk Management Objectives and Policies
The Group is exposed to a variety of financial risks which
result from its operating, investing and financing activities. The
Group's major financial instruments include trade and other
receivables, cash and cash equivalents, other payables and accruals
and amount due to a related company. Details of these financial
instruments are disclosed in the respective notes. The risks
associated with these financial instruments and the policies
applied by the Group to mitigate these risks are set out below. The
Directors manage and monitor these exposures to ensure appropriate
measures are implemented in a timely and effective manner.
Credit risk
Credit risk refers to the risk that the counterparty to a
financial instrument would fail to discharge its obligation under
the terms of the financial instrument and cause a financial loss to
the Group. At the reporting date, there were no significant
concentrations of credit risk. The Group's maximum exposure to
credit risk which will cause a financial loss to the Group due to
failure to discharge an obligation by the counterparties is the
carrying amount of the respective financial assets as stated in the
consolidated statement of financial position.
Majority of the Group's bank balances are deposited with banks
in Hong Kong and United Kingdom. The credit risk on liquid funds is
limited because the counterparties are banks with good
credit-rating.
Foreign currency risk
Foreign currency risk refers to the risk that the fair value or
future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. Several subsidiaries of the
Group have foreign currency sales and purchases, which expose the
Group to foreign currency risk. Certain trade and other receivables
and payables of the Group are denominated in either Hong Kong
dollars ("HK$") or US$. The Group currently does not have a foreign
currency hedging policy as the Directors considered that the
volatility of the exchange rates between HK$ and US$ is limited.
However, the Directors monitor the foreign exchange exposure and
will consider hedging significant foreign currency exposure should
the need arises.
Fair values
There is no significant difference between the carrying amounts
and the fair values of the Group and Company's financial
instruments. For current trade and other receivables/payables with
a remaining life of less than one year, the nominal amount is
deemed to reflect the fair value.
Capital risk
The capital of the Group consists of equity attributable to
equity holders of the Company, comprising share capital and
retained earnings / losses. The Group manages its capital to ensure
that entities within the Group will be able to continue as going
concerns whilst maximising the return to shareholders. The Group is
not subject to any externally imposed capital requirements.
Liquidity risk
Liquidity risk relates to the risk that the Group will not be
able to meet its obligations associated with its financial
liabilities. In the management of liquidity risk, the Directors
monitor and maintain a level of cash and cash equivalents deemed
adequate to finance the Group's operations and to meet its debt
obligations as they fall due. The Group finances its working
capital requirements mainly by the funds obtained from advances
from a related company. As at 31 December 2011, the Group had net
current liabilities and net liabilities of GBP841,160 and
GBP772,505 respectively. The adoption of going concern basis has
been detailed in note 1 above. In the opinion of Directors, the
Group's exposure to liquidity risk is significantly reduced.
18 Commitments Under Operating Leases
At 31 December 2011, the total future minimum lease payments
under non-cancellable operating leases payable by the Group are as
follows:
2011 2010
GBP GBP
Within one year 93,523 -
In the second to fifth years inclusive 22,260 -
-------- -----
115,783 -
======== =====
The Group leases certain of its office premises and photocopying
machines. The leases run for an initial period of one to five
years, with options to renew the lease and renegotiated the terms
at the expiry date or at dates as mutually agreed between the Group
and respective landlords/lessors. None of the leases include
contingent rentals.
The Company did not have any operating lease commitments as at
31 December 2011 and 2010.
19 Subsequent events
19.1 Acquisition of 30% of the shares in the capital of TSI Holdings Limited
On 12 March 2012, the Company, through its wholly owned
subsidiary PCG Engineering Limited, signed a term sheet to
subscribe for a 30% equity stake in TSI Holdings Limited ("TSI")
(the "Investment"). Total consideration for the Investment is US$2
million (approximately GBP1.26 million) and the subscription is
subject to, inter alia, due diligence. Upon signing the term sheet,
the Company has paid a refundable deposit of US$380,000 which is
off-settable against the cost of the Investment. Further details of
the Investment are set out in the Company's announcement dated 12
March 2012.
PCG Engineering Limited was an indirect wholly-owned subsidiary
of the Company which was set up after year end.
19.2 Acquisition of 1.2% of the shares in the capital of Asia
Pacific Investment Partners Limited ("APIP")
On 10 May 2012, the Company has subscribed 1.2% equity stake in
APIP through its wholly owned subsidiary, PCG Mongolia Limited (the
"Acquisition"). Total consideration for the Acquisition is US$2
million (approximately GBP1.26m). Details of the Acquisition are
set out in the Company's announcement dated 16 May 2012.
PCG Mongolia Limited was an indirect wholly-owned subsidiary of
the Company which was set up after year end.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FMGGVGNRGZZM
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