TIDMSRO
RNS Number : 6547T
Spitfire Oil Limited
22 March 2019
Spitfire Oil Limited
8(th) Floor, Royal Trust House, 54 Jermyn Street, London SW1Y
6LX, United Kingdom
Telephone: + 44 (0)20 7629 7774. Facsimile: + 44 (0)20 7629
7773. E mail:spitfire@spitfireoil.com
Level 9, BGC Centre, 28 The Esplanade, Perth, WA 6000,
Australia.
Telephone: + 61 (8)9321 0544. Facsimile: + 61 (8) 9321 7035
22(nd) March 2019
INTERIM STATEMENT FOR THE SIX MONTHSED 31(st) DECEMBER 2018
Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to
publish a copy of its condensed consolidated unaudited interim
results for the six months ended the 31(st) December 2018.
Spitfire and its subsidiaries (together "the Group") recorded a
loss before tax for the six months ended the 31(st) December 2018
of A$325,594 (2017: A$444,534). With cash balances of A$2.3m, the
Group has benefited from interest receipts of A$11,715 (2017
A$15,267) in the period. With all directors fees suspended and
other administration costs curtailed operating costs were reduced
to A$86,680 (2017 A$228,510) and provision has been made for
impairment of exploration and development costs incurred of
A$250,629 (2017 A$231,291).
Chairman's Statement
Chairman Mladen Ninkov commented, "The superficial view of the
Company's six month operating performance shows a company with no
operations and overheads cut to the bare bone, including all
directors fees suspended and administrative costs cut to the barest
minimum. But it would be a mistake to assume the Company is
dormant. Poor, uneconomic and unmineable assets are always
available. But this is the road to nowhere and leads to a waste of
shareholders fund and the eventual dilution of the Company's share
capital. That is why the Company continues to search, investigate,
evaluate and attempts to negotiate transactions which will add real
value to the Company and its shareholders. It is not easy and it
takes an incredibly long time to consummate such a transaction.
When it eventually occurs, hopefully, the wait will have been
worthwhile."
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
Roger Goodwin - Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
Spitfire Oil Limited's shares are quoted on the Alternative
Investment Market (AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web
site: www.spitfireoil.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014.
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
OR OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2018
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
Note A$ A$ A$
OTHER INCOME 11,715 15,267 63,405
EXPITURE
(228,510
Corporate and other expenses (86,680) ) (297,539)
OPERATING LOSS (74,965) ( 213,243) ( 234,14)
Imparment - exploration and
evaluation costs (250,629) ( 231,291) (1,116,767)
----------- --------------------- --------------------
LOSS BEFORE INCOME TAX (325,594) ( 444,534) ( 1,350,901)
INCOME TAX - - -
LOSS AFTER INCOME TAX (325,594) ( 444,534) (1,350,901)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - - -
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO OWNERS
OF SPITFIRE OIL LIMITED (325,594) ( 444,534) ( 1,350,901)
=========== ===================== ====================
Basic and diluted loss per share
for loss attributable to the
ordinary equity holders of the
Company (cents per share). 6 (1.3) ( 1.7) ( 5.22)
The above consolidated statement of profit or loss or other
comprehensive income should be read in conjunction with the
accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 December 2018
(expressed in Australian dollars)
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 2,250,704 2,671,088 2,560,120
Accrued revenues - 24,540 23,229
Other current assets 31,307 24,297 28,954
TOTAL CURRENT ASSETS 2,282,011 2,719,925 2,612,303
------------ ------------- -------------
NON-CURRENT ASSETS
Plant and equipment - 164 -
Capitalised exploration and
evaluation costs 450,000 1,250,000 450,000
Other non-current assets 45,000 45,000 45,000
------------ ------------- -------------
TOTAL NON-CURRENT ASSSETS 495,000 1,295,164 495,000
------------ ------------- -------------
TOTAL ASSETS 2,777,011 4,015,089 3,107,303
------------ ------------- -------------
CURRENT LIABILITIES
Trade and other payables 32,172 38,289 36,870
TOTAL CURRENT LIABILITIES 32,172 38,289 36,870
------------ ------------- -------------
TOTAL LIABILITIES 32,172 38,289 36,780
------------ ------------- -------------
NET ASSETS 2,744,839 3,976,800 3,070,433
============ ============= =============
EQUITY
Issued capital 5 19,289,284 19,289,284 19,289,284
Accumulated losses (16,544,445) ( 15,312,484) ( 16,218,851)
------------ ------------- -------------
TOTAL EQUITY 2,744,839 3,976,800 3,070,433
============ ============= =============
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2018
(expressed in Australian dollars)
Issued Accumulated
Capital Losses Total
A$ A$ A$
BALANCE AT 31 DECEMBER 2016 19,289,284 (11,483,502) 7,805,782
---------- ------------ -----------
Loss for the period - (3,384,448) (3,384,448)
---------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (3,384,448) (3,384,448)
---------- ------------ -----------
BALANCE AT 30 JUNE 2017 19,289,284 (14,867,950) 4,421,334
---------- ------------ -----------
Loss for the period - (444,534) (444,534)
---------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (444,534) (444,534)
---------- ------------ -----------
BALANCE AT 31 DECEMBER 2017 19,289,284 (15,312,484) 3,976,800
---------- ------------ -----------
Loss for the period - (906,367) (906,367)
---------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (906,367) (906,367)
---------- ------------ -----------
BALANCE AT 30 JUNE 2018 19,289,284 (16,218,851) 3,070,433
---------- ------------ -----------
Loss for the period - (325,594) (325,594)
---------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (325,594) (325,594)
---------- ------------ -----------
BALANCE AT 31 DECEMBER 2018 19,289,284 (16,544,445) 2,744,839
========== ============ ===========
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (91,204) ( 268,418) ( 342,724)
Interest received 34,944 1,239 50,688
Net cash (outflow) from operating
activities (56,260) ( 267,179) ( 292,036)
----------- ----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation
expenditure (250,629) (231,291 ) (316,767)
Net cash (outflow) from investing
activities (250,629) (231,291 ) (316,767)
----------- ----------- ----------
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (306,889) ( 498,470) ( 608,803)
Cash and cash equivalents at the
beginning of the period 2,560,120 3,170,851 3,170,851
Effects of exchange rate changes
on cash and cash equivalents (2,527) (1,293) (1,928)
----------- ----------- ----------
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD 2,250,704 2,671,088 2,560,120
=========== =========== ==========
The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements
NOTE 1: BASIS OF PREPARATION OF THE SIX MONTH FINANCIAL
REPORT
This condensed consolidated interim financial report for the six
month reporting period ended 31 December 2018 has been prepared in
accordance with Accounting Standard AASB 134 Interim Financial
Reporting.
The summary accounts set out above do not constitute statutory
accounts as defined by Section 84 of the Bermuda Companies Act 1981
or Section 435 of the UK Companies Act 2006. The condensed
consolidated statement of financial position at 30 June 2018 and
the condensed consolidated statement of profit or loss and other
comprehensive income, condensed consolidated statement of changes
in equity and the condensed consolidated statement of cash flows
for the year then ended have been extracted from the Group's 2018
statutory financial statements upon which the auditors' have opined
that they were unable to obtain sufficient appropriate audit
evidence concerning the carrying value of capitalised exploration
and evaluation costs totalling $4.340 million in relation to the
Salmon Gums Project for the year ended 30 June 2016 and qualified
their audit opinion accordingly. As a result of this matter, the
auditors were unable to obtain sufficient appropriate audit
evidence concerning the opening balance for the current year as at
1 July 2016. Since opening capitalised exploration and evaluation
costs balance affects the determination of the profit or loss for
the year and cash flows, the auditors were unable to determine
whether adjustments to the consolidated statement of profit or loss
and other comprehensive income, the consolidated statement of
changes in equity and the net cash flow from operating activities
reported in the consolidated statement of cash flows might be
necessary for the year ended 30 June 2017, and the auditors
qualified their opinion accordingly. The auditors opinion on the
financial statements to 30(th) June 2018 is also modified because
of the possible effect of this matter on the comparability of the
figures for the year to 30(th) June 2018 and the corresponding
figures.
This condensed consolidated interim financial report does not
include all the notes of the type normally included in an annual
financial report. Accordingly, this report is to be read in
conjunction with the annual report for the year ended 30 June 2018
and any public announcements made by Spitfire Oil Limited during
the interim reporting period in accordance with the continuous
disclosure requirements.
Copies of this interim report are available from the Company's
London office, 8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX.
The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting
period.
Adoption of new and revised accounting standards
In the six months ended 31 December 2018, the Group has reviewed
all of the new and revised Standards and Interpretations issued by
the AASB that are relevant to its operations and effective for
annual reporting periods beginning on or after 1 July 2018.
It has been determined by the Group that, there is no material
impact of the new and revised standards and interpretations on its
business and therefore no change is necessary to the Group's
accounting policies.
The Group has also reviewed all new Standards and
Interpretations that have been issued but are not yet effective for
the half-year ended 31 December 2018. As a result of this review
the Directors have determined that there is no impact, material or
otherwise, of the new and revised Standards and Interpretations on
its business and, therefore, no change necessary to Group
accounting policies.
No retrospective change in accounting policy or material
reclassification has occurred requiring the inclusion of a third
Statement of Financial Position as at the beginning of the
comparative financial period, as required under AASB 101.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements.
NOTE 2: SEGMENT INFORMATION
Management has determined the operating segments based on the
reports reviewed by the Board of Directors that are used to make
strategic decisions. For management purposes, the Group has
identified only one reportable segment, being the exploration and
mining for valuable resources that produce energy in Australia.
NOTE 3: DIVIDENDS
The Company has not declared any dividends in the period ended
31 December 2018.
NOTE 4: CONTINGENCIES
There has been no change in contingent liabilities or contingent
assets since the last annual reporting date.
NOTE 5: ISSUED CAPITAL
31 December 2018 31 December 2017 30 June 2018
No A$ No A$ No A$
Issued and Paid Up Capital
Fully Paid Ordinary Shares 25,884,001 19,289,284 25,884,001 19,289,284 25,884,001 19,289,284
---------- ---------- ---------- ---------- ---------- ----------
Total Issued Capital 19,289,284 19,289,284 19,289,284
========== ========== ==========
NOTE 6: LOSS PER SHARE
31 December 31 December 30 June
2018 2017 2018
Basic and diluted loss per share
(cents) (1.3) (1.7) (5.22)
a) Net loss used in the calculation
of basic and diluted loss per share
(A$) (325,594) (444,534) (1,350,901)
b) Weighted average number of ordinary
shares outstanding during the period
used in the calculation of basic
and diluted loss per share 25,884,001 25,884,001 25,884,001
NOTE 7: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2018,
which has significantly affected, or may significantly affect the
operations of the Group, the result of those operations, or the
state of affairs of the Group in subsequent financial years.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BIGDXIDDBGCB
(END) Dow Jones Newswires
March 22, 2019 03:00 ET (07:00 GMT)
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