|
|
Notes |
2008
Group
£ |
|
2007
Group
£ |
|
Revenue |
|
- |
|
- |
|
Administrative expenses |
|
(1,152,861) |
|
(1,809,334) |
|
Operating loss |
|
(1,152,861) |
|
(1,809,334) |
|
Finance income |
|
160,813 |
|
102,077 |
|
Loss before and after taxation |
|
(992,048) |
|
(1,707,257) |
|
Loss attributable to the equity holders of the parent company |
|
(992,048) |
|
(1,707,257) |
|
Loss per share - basic and diluted |
2 |
(0.48) pence |
|
(0.96) pence |
|
Group |
Share capital account |
Share premium account |
Share option reserve |
Available for sale reserve |
Retained earnings/
(losses) |
Total
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
At 28 February 2006 |
1,456,270 |
2,442,790 |
53,000 |
- |
(340,719) |
3,611,341 |
|
Available for sale investments
- valuation losses |
- |
- |
- |
(10,866) |
- |
(10,866) |
|
Net income recognised directly in equity |
- |
- |
- |
(10,866) |
- |
(10,866) |
|
Loss for the year |
- |
- |
- |
- |
(1,707,257) |
(1,707,257) |
|
Total recognised income and expense for the year |
- |
- |
- |
(10,866) |
(1,707,257) |
(1,718,123) |
|
Share options |
- |
- |
434,194 |
- |
- |
434,194 |
|
Issue of share capital
(net of issue costs of £336,831) |
443,671 |
3,991,863 |
- |
- |
- |
4,435,534 |
|
At 28 February 2007 |
1,899,941 |
6,434,653 |
487,194 |
(10,866) |
(2,047,976) |
6,762,946 |
|
Available for sale investments
- valuation gain |
- |
- |
- |
16,157 |
- |
16,157 |
|
Net income recognised directly in equity |
- |
- |
- |
16,157 |
- |
16,157 |
|
Loss for the year |
- |
- |
- |
- |
(992,048) |
(992,048) |
|
Total recognised income and expense for the year |
|
|
|
16,157 |
(992,048) |
(975,891) |
|
Share options |
- |
- |
244,458 |
- |
- |
244,458 |
|
Issue of share capital
(net of issue costs of £135,000) |
310,345 |
4,054,655 |
- |
- |
- |
4,365,000 |
|
At 29 February 2008 |
2,210,286 |
10,489,308 |
731,652 |
5,291 |
(3,040,024) |
10,396,513 |
|
|
Note |
29 February 2008
Group
£ |
28 February 2007
Group
£ |
|
Assets
Non-current assets
Intangible assets
Property, plant and equipment
Available for sale investments
Investment in subsidiaries |
3
|
5,841,604
403,419
34,655
- |
4,962,150
372,749
6,606
- |
|
|
|
6,279,678 |
5,341,505 |
|
Current assets
Inventory
Receivables
Available for sale investments
Cash and cash equivalents |
|
25,499
162,945
37,038
4,142,105 |
32,608
84,632
20,891
1,514,548 |
|
Total current assets |
|
4,367,587 |
1,652,679 |
|
Total Assets |
|
10,647,265 |
6,994,184 |
|
|
|
|
|
|
Equity and Liabilities
Capital and reserves attributable to equity holders of the company
Called-up share capital
Share premium account
Available for sale reserve
Share option reserve
Retained earnings |
4
4
|
2,210,286
10,489,308
5,291
731,652
(3,040,024) |
1,899,941
6,434,653
(10,866)
487,194
(2,047,976) |
|
Total equity |
|
10,396,513 |
6,762,946 |
|
Current liabilities
Trade and other payables |
|
250,752 |
231,238 |
|
Total current liabilities |
|
250,752 |
231,238 |
|
Total Equity and Liabilities |
|
10,647,265 |
6,994,184 |
|
|
2008
Group
£ |
2007
Group
£ | |
|
CASH FLOW FROM OPERATING ACTIVITES |
|
| |
|
Loss for the year |
(992,048) |
(1,707,257) | |
|
Adjustments for: |
|
| |
|
|
Depreciation |
116,861 |
59,910 |
|
|
Write-off of deferred expenditure/intangible assets |
31,984 |
- |
|
|
Finance income |
(160,813) |
(102,077) |
|
|
Profit on sale of available for sale investments |
2,186 |
(38,607) |
|
|
Profit on sale of property, plant and equipment |
(353) |
- |
|
|
Share option charges |
244,458 |
409,461 |
|
|
234,323 |
328,687 | |
|
Changes in working capital: |
|
| |
|
|
Increase in receivables |
(78,313) |
(30,647) |
|
|
Decrease in inventories |
7,109 |
18,167 |
|
|
Increase/(Decrease) in payables |
19,514 |
(752,207) |
|
|
(51,690) |
(764,687) | |
|
Cash generated from operations |
(809,415) |
(2,143,257) | |
|
Investing activities: |
|
| |
|
|
Payments to acquire intangible assets |
(911,438) |
(2,632,939) |
|
|
Payments to acquire property, plant and equipment |
(152,248) |
(305,279) |
|
|
Payments to acquire available for sale investments |
(59,432) |
(120,000) |
|
|
Payments to acquire investment in subsidiaries |
- |
- |
|
|
Proceeds on disposal of property, plant and equipment |
5,070 |
14,996 |
|
|
Proceeds on disposal of available for sale investments |
29,207 |
163,517 |
|
|
Interest received |
160,813 |
102,077 |
|
|
(928,028) |
(2,777,628) | |
|
Financing Activities: |
|
| |
|
|
Proceeds from the issue of ordinary shares, net of issue costs |
4,365,000 |
4,460,267 |
|
(Decrease)/Increase in cash and cash equivalents |
2,627,557 |
(460,618) | |
|
Cash and cash equivalents at beginning of year |
1,514,548 |
1,975,166 | |
|
Cash and cash equivalents at end of year |
4,142,105 |
1,514,548 | |
|
1 |
Basis of preparation |
|
|
The financial information for the year ended 29 February 2008 and for the year ended 28 February 2007 contained in this statement do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. It is, however, derived from the statutory accounts for those years. The auditors' report for both 2007 and 2008 was unqualified, but draws attention by way of emphasis without qualifying to the political and economic instability in Zimbabwe, and did not contain statements under section 235 or sections 237 (2) or (3) of the Companies Act 1985. Statutory accounts for the year ended 28 February 2007 have been approved by members in General Meeting and delivered to the Registrar of Companies. |
|
2 |
Loss per share |
2008
Group |
2007
Group |
|
|
Loss per Ordinary Share has been calculated using the weighted average number of Ordinary Shares in issue during the relevant financial period.
The weighted average number of Ordinary Shares in issue for the year is.
|
208,614,788
|
177,289,260
|
|
|
Losses for the Group for the year are (£) |
(992,048) |
(1,707,257) |
|
|
|
|
|
|
|
Loss per share basic and diluted |
(0.48p) |
(0.96p) |
|
|
The effect of all potentially dilutive share options is anti-dilutive. |
|
|
|
3 |
Intangible assets
Group |
Deferred exploration costs |
Mining options
|
Licence acquisition costs |
Total
|
|
|
|
£ |
£ |
£ |
£ |
|
|
Cost at 28 February 2007 |
2,882,595 |
47,661 |
2,031,894 |
4,962,150 |
|
|
Additions during the year |
891,041 |
- |
20,397 |
911,438 |
|
|
Disposals during the year |
(1,873) |
(30,111) |
- |
(31,984) |
|
|
Cost at 29 February 2008 |
3,771,763 |
17,550 |
2,052,291 |
5,841,604 |
|
|
Group |
|
|
|
|
|
|
Cost at 28 February 2006 |
554,689 |
14,178 |
1,760,344 |
2,329,211 |
|
|
Additions during the year |
2,327,906 |
33,483 |
271,550 |
2,632,939 |
|
|
Cost at 28 February 2007 |
2,882,595 |
47,661 |
2,031,894 |
4,962,150 |
|
4 |
Share capital |
|
Number of shares |
Nominal value |
Share premium |
|
|
|
|
|
£ |
£ |
|
|
Authorised |
|
|
|
|
|
|
Ordinary shares of £0.01 each |
|
1,000,000,000 |
10,000,000 |
- |
|
|
Issued |
|
|
|
|
|
|
Called up, allotted and fully paid |
|
|
|
|
|
|
As at 28 February 2006 |
|
145,626,980 |
1,456,270 |
2,442,790 |
|
|
Issued during the year |
|
44,367,118 |
443,671 |
3,991,863 |
|
|
As at 28 February 2007 |
|
189,994,098 |
1,899,941 |
6,434,653 |
|
|
Issued during the year |
|
31,034,482 |
310,345 |
4,054,655 |
|
|
As at 29 February 2008 |
|
221,028,580 |
2,210,286 |
10,489,308 |
|
5 |
Contingent liabilities and capital commitments |
|
|
There is a contingent liability, which in the opinion of the directors is not likely to exceed £63,650, in respect of the Giant acquisition made in the period to 28 February 2006 relating to resource ounces still in the process of being quantified. |
|
6 |
Litigation |
|
|
|
|
|
Amongst intangible assets for the Group is included £256,314 (2007 : £95,307) representing costs of title acquisition and of exploration over a diamond deposit near Marange. On 28 September 2006, the Group received notification from the Zimbabwe Minister of Mines that he intended to challenge the group's legal title with respect to Marange. The Group has initiated proceedings in the Zimbabwe High Court in order to confirm this title. Counsel has advised that in his opinion the Group's title is good and therefore no provision against loss of this asset has been made.
There is no other litigation involving any group company. | |||
|
African Consolidated Resources plc
Andrew Cranswick
Roy Tucker
|
+44 7920 189010
+44 1622 816918 / +44 7920 189012 |
|
Ambrian Partners Limited
Richard Brown
Richard Greenfield
|
+44 20 7634 4700 |