Source - RNS
RNS Number : 2608L
President Energy PLC
30 September 2016
 

30 September 2016

 

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

 

Interim Results

 

Operation Summary

 

·      Argentina production in period increased by 39% over H1 2015 

 

·      Current group production for September 2016* approximately 670 boepd, a YOY increase of 23% with the benefit of both the current Drilling and Coiled Tubing campaign in Argentina and further Louisiana production still to come on stream

 

·      Argentina average production for September 2016* of approximately 500 bopd, a YOY increase of some 66% with realised prices currently of US$56 per barrel

 

·      Current level of Louisiana production approximately 170 boepd and projected to increase in October to over 200 boepd

 

·      First half average Group daily production increased by 13% to 494 boepd (2015: 439 boepd), with increases in Argentine output offsetting now resolved production reductions in Louisiana

 

·      Cost reduction plan sees Group administration costs 24% lower than in H1 2015 with staff costs declining by 36% over same period with further reductions projected for H2 2016

 

·      Strong and expanded Management team now in place in Argentina to support increased H2 operations

 

Financial Summary for H1 2016

 

·      Revenues of US$4.6 million modestly increased versus the same period in 2015 (H1 2015: US$4.5 million) notwithstanding lower dollar oil per barrel realisations in both the Company's producing areas and disruption due to workovers and key wells shut in

 

·      Average realised price of US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015

·      Average realised oil price of US$35 per barrel in USA (H1 2015: US$52 per barrel), currently US$42 per barrel

 

·      Gross loss of US$2.3 million (H1 2015: US$0.7 million loss) after taking into account US$1.5 million spent on workovers, the benefits of which will be recorded in H2 2016 as well as US$1.4 million of depreciation

 

·      Total assets of US$161.3 million (H1 2015: US$202.7 million) principally reflecting exchange rate losses on translating foreign operations arising from the 64% devaluation of the Argentine Peso from H1 2015 and not being indicative of any significant impairment in value

 

·      Cash balance at period end of US$1.1 million (H1 2015: US$1.8 million)

 

·      US$9.2 million of US$15 million revolving loan facility drawn at period end (H1 2015: US$8.1 million) and the maturity of both that facility and the convertible loan of US$5 million extended until 30 June 2019

 

·      H1 Results reflects significant gearing up and preparation for H2 Operational Campaign

 

·      President has now invested the level of financial commitment required under the Puesto Guardian Concession, Argentina, Pilot Plan with no further mandatory investments required until the expiry of the Concession in 2050

 

Outlook for H2 2016

 

·      Group focused on target of achieving production of 1,200 boepd by the year end

 

·      Drilling of DP1002 S/T and Coiled Tubing Campaign ongoing

 

Commenting on today's announcement, Peter Levine, Chairman said:

 

 

This announcement is inside information for the porpoises of article 7 of Regulation 596/2014

President Energy PLC

Peter Levine, Chairman

Miles Biggins, COO

 

 

+44 (0) 207 016 7950

+44 (0) 207 016 7950

 

Peel Hunt LLP (Nominated Advisor & Joint Broker)

Richard Crichton, Ross Allister

 

 

+44 (0) 207 418 8900

BMO Capital Markets (Joint Broker)

Jeremy Low, Neil Haycock and Tom Rider

 

 +44 (0) 207 236 1010

 

Vigo Communications

Chris McMahon

Patrick D'Ancona

+44 (0)20 7830 9700

 

Chairman's Statement

 

Summary

 

 

Operating Report

 

Argentina

 

·    Argentine production in period increased by 39% over H1 2015

 

·    Argentine average production for September 2016* of approximately 500 bopd, a YOY increase of some 66%

 

·    Extensive workover campaign of existing wells in H1 2016 now starting to bear fruit in H2

 

·    Coiled Tubing intervention and stimulation campaign now commenced on old shut in wells

 

·    Strong and expanded Management team now in place to support expanded H2 operations

 

·    Average realised price of US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015. Current realised price US$56

 

·    Trend of materially reducing administrative cost base and focusing on building up operational management and expertise in country

 

·    President has now invested the level of financial commitment required under the Puesto Guardian Concession, Argentina, Pilot Plan with no further mandatory investments required until the expiry of the Concession in 2050

 

Paraguay

 

·    The Group remains committed to its Paraguay exploration assets and will revisit plans in H1 2017 after the current Argentine work programme

 

·    The Group has received environmental license on the Putamayo Block, adjacent to President's Pirity Concession and has made an application for prospection, exploration and exploitation of that area

 

·    Geological and Geophysical studies continue

 

·    Taking into account market conditions and pending results of the current Argentine work programme, consideration of possible farm-outs deferred

Louisiana

 

·    Current Level of Louisiana production approximately 170 boepd and projected to increase in October to over 200 boepd, recovering from a low H1 2016 average production of 179 boepd (H1 2015: 209 boepd) due to well shut-ins and natural declines

 

·    Average realised oil price of US$35 per barrel (H1 2015: US$52 per barrel), currently above US$42 per barrel

 

Australia

 

·    PEL 82 Block is still retained by the Company and continues to remain under review with actions suspended due to the current market conditions. This Block is written down to zero value in the books of the Company.

 

Financial Highlights

 

·    Revenues of US$4.6 million slightly increased versus the same period in 2015 (H1 2015: US$4.5 million), notwithstanding lower dollar oil per barrel realisations in both producing areas and disruption due to work-overs and key wells shut in

 

·    Average realised prices US$35 per barrel in USA (H1 2015: US$52 per barrel) and US$58 per barrel in Argentina (H1 2015: US$70 per barrel) the profit effect of which was offset by the Peso devaluation of 64% compared to the value at June 2015.

 

·    Cost of Sales of US$6.9 million (H1 2015: US$5.2 million), which includes US$1.5 million (H1 2015: US$ nil) on expensed Argentine well workovers designed to increase flow rates, the benefit of which is being seen in the second half of 2016

 

·    Well operating costs, excluding workovers, of US$4.0 million (H1 2015: US$3.5 million) and DD&A of US$1.4 million (H1 2015: US$1.8 million) make up the remaining component of Cost of Sales. On a like for like basis, the well operating costs before DD&A in H1 2016 are US$43.54 per boe (H1 2015: US$43.44 per boe) but these will come down as production rises as there is a large component of fixed costs particularly in Argentina

 

·    Gross loss of US$2.3 million (H1 2015: US$0.7 million loss) after taking into account US$1.5 million spent on workovers, the benefit of which will be recorded in H2 2016, as well as US$ 1.4 million of depreciation

 

·    Administrative expenses of US$2.0 million, or US$22.41 per boe, (H1 2015: US$2.7 million, or US$33.57 per boe) reflecting effects of the Group cost reduction plan lowering staff costs to US$1.2 million (H1 2015: US$1.9 million), and non-cash share based payments of US$0.1 million (H1 2015: US$0.7 million).

 

·    Total assets of US$161.3 million (H1 2015: US$202.7 million) principally reflecting exchange rate losses on translating foreign operations arising from 64% devaluation of the Argentine Peso from H1 2015 and not being indicative of any significant impairment in value

·    Cash balance at period end of US$1.1 million (H1 2015: US$1.8 million) after cash out flow from operating activities of US$1.9 million (H1 2015: US$0.3m outflow) and investments of US$2.1 million (H1 2015: US$10.8 million)

 

·    US$15.0 million revolving loan facility extended until 30 June 2019 together with US$5 million Convertible Loan. US$9.2 million of revolving credit facility drawn at period end

 

Outlook for H2 2016

 

·    Group focused on target of achieving production of 1,200 boepd by the year end

 

·    Drilling of DP1002 S/T and Coiled Tubing Campaign ongoing

 

Glossary of Terms

 

 

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2016

 

 

 

 

 

6 months

 

6 months

 

Year to

 

 

 

 

to 30 June

 

to 30 June

 

31 Dec

 

 

 

 

2016

 

2015

 

2015

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

Note

US$000

 

US$000

 

US$000

Continuing Operations

 

 

 

 

 

 

 

 

Revenue

 

 

 

4,552

 

4,516

 

10,092

Cost of sales

 

3

 

(6,854)

 

(5,222)

 

(10,254)

Gross (loss)/profit

 

 

 

(2,302)

 

(706)

 

(162)

 

 

 

 

 

 

 

 

 

Administrative expenses

 

4

 

(2,034)

 

(2,670)

 

(6,398)

 

 

 

 

 

 

 

 

 

Operating loss before impairment charge

 

 

 

 

 

 

 

 

   and non-operating gains

 

 

 

(4,336)

 

(3,376)

 

(6,560)

 

 

 

 

 

 

 

 

 

Impairment charge

 

5

 

  -  

 

  -  

 

(11,394)

Non-operating gains

 

6

 

  -  

 

31

 

150

 

 

 

 

 

 

 

 

 

Profit/(loss) after impairment and non-operating

 

 

 

 

 

 

 

 

   gains

 

 

 

(4,336)

 

(3,345)

 

(17,804)

 

 

 

 

 

 

 

 

 

Investment income -

 

 

 

 

 

 

 

 

  Interest on bank deposits

 

 

 

  -  

 

2

 

2

 

 

 

 

 

 

 

 

 

Realised gains/(losses) on translation of foreign currencies

 

 

45

 

403

 

1,346

 

 

 

 

 

 

 

 

 

Loan fees and interest

 

 

 

(953)

 

(1,140)

 

(2,241)

 

 

 

 

 

 

 

 

 

Profit / (loss) before tax

 

 

 

(5,244)

 

(4,080)

 

(18,697)

Income tax (charge)/credit

 

 

 

540

 

228

 

155

 

 

 

 

 

 

 

 

 

Profit/(loss) for the period from continuing operations

 

 

(4,704)

 

(3,852)

 

(18,542)

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 - Items that may be reclassified subsequently

 

 

 

 

 

 

 

 

   to profit or loss

 

 

 

 

 

 

 

 

Exchange differences on translating

 

 

 

 

 

 

 

 

   foreign operations

 

 

 

(5,988)

 

(3,637)

 

(22,896)

Total comprehensive profit/(loss) for the period

 

 

 

 

 

 

 

 

   attributable to the equity holders of the Parent Company

(10,692)

 

(7,489)

 

(41,438)

 

 

 

 

 

 

 

 

 

 

 

 

 

US cents

 

US cents

 

US cents

Earnings/ (loss )per share from continuing operations

 

 

 

 

 

 

 

Basic earnings/ (loss) per share

 

7

 

(1.0)

 

(0.9)

 

(3.9)

Diluted earnings / (loss) per share

 

7

 

(1.0)

 

(0.9)

 

(3.9)

 

 

Condensed Consolidated Statement of Financial Position

As at 30 June 2016

 

 

 

 

30 June

 

30 June

 

31 Dec

 

 

 

 

2016

 

2015

 

2015

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

 

 

 

US$000

 

US$000

 

US$000

 

Note

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible exploration and evaluation assets

 

8

 

103,292

 

112,242

 

103,151

Property, plant and equipment

 

8

 

52,246

 

81,429

 

59,534

 

 

 

 

155,538

 

193,671

 

162,685

 

 

 

 

 

 

 

 

 

Deferred tax

 

 

 

334

 

726

 

260

Other non-current assets

 

 

 

320

 

320

 

319

 

 

 

 

156,192

 

194,717

 

163,264

Current assets

 

 

 

 

 

 

 

 

Trade and other receivables

 

9

 

3,972

 

6,037

 

3,554

Stock

 

 

 

58

 

105

 

86

Cash and cash equivalents

 

 

 

1,125

 

1,825

 

217

 

 

 

 

5,155

 

7,967

 

3,857

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 

161,347

 

202,684

 

167,121

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

 

4,468

 

4,441

 

3,127

Borrowings

 

10

 

  -  

 

8,100

 

8,358

 

 

 

 

4,468

 

12,541

 

11,485

Non-current liabilities

 

 

 

 

 

 

 

 

Long-term provisions

 

 

 

3,119

 

2,771

 

3,292

Borrowings

 

10

 

13,910

 

  -  

 

  -  

Deferred tax

 

 

 

11,706

 

20,351

 

14,023

 

 

 

 

28,735

 

23,122

 

17,315

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

 

33,203

 

35,663

 

28,800

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Share capital

 

 

 

16,754

 

16,048

 

16,754

Share premium

 

 

 

201,646

 

197,676

 

201,646

Translation reserve

 

 

 

(40,199)

 

(14,952)

 

(34,211)

Profit and loss account

 

 

 

(57,102)

 

(37,784)

 

(52,462)

Other reserve

 

 

 

7,045

 

6,033

 

6,594

 

 

 

 

 

 

 

 

 

TOTAL EQUITY

 

 

 

128,144

 

167,021

 

138,321

 

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

 

 

161,347

 

202,684

 

167,121

 

 

Condensed Consolidated Statement of Changes in Equity

Six months ended 30 June 2016

 

Share capital

 

Share premium

 

Translation reserve

 

Profit and loss account

 

Other reserve

 

Total

 

 

US$000

 

US$000

 

US$000

 

US$000

 

US$000

 

US$000

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2015

 

14,928

 

186,566

 

(11,315)

 

(33,932)

 

4,142

 

160,389

 

 

 

 

 

 

 

 

 

 

 

 

 

Placing of ordinary shares*

 

1,120

 

12,883

 

  -  

 

  -  

 

  -  

 

14,003

Cost of issue

 

  -  

 

(589)

 

  -  

 

  -  

 

  -  

 

(589)

Warrants issued on placing

 

  -  

 

(1,184)

 

  -  

 

  -  

 

1,184

 

  -  

Share-based payments

 

  -  

 

  -  

 

  -  

 

  -  

 

707

 

707

Transactions with owners

 

1,120

 

11,110

 

  -  

 

  -  

 

1,891

 

14,121

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

 

  -  

 

  -  

 

  -  

 

(3,852)

 

  -  

 

(3,852)

Exchange differences on

 

 

 

 

 

 

 

 

 

 

 

 

   translation

 

  -  

 

  -  

 

(3,637)

 

  -  

 

  -  

 

(3,637)

Total comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

   income/(loss)

 

  -  

 

  -  

 

(3,637)

 

(3,852)

 

  -  

 

(7,489)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2015

 

16,048

 

197,676

 

(14,952)

 

(37,784)

 

6,033

 

167,021

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

 

  -  

 

  -  

 

  -  

 

  -  

 

469

 

469

Placing of ordinary shares*

 

706

 

4,280

 

  -  

 

  -  

 

  -  

 

4,986

Cost of issue

 

  -  

 

(368)

 

  -  

 

  -  

 

  -  

 

(368)

Warrants issued on placing

 

 

 

58

 

 

 

 

 

(58)

 

  -  

Convertible loan equity

 

  -  

 

  -  

 

  -  

 

  -  

 

162

 

162

Transfer to P&L account

 

  -  

 

  -  

 

  -  

 

12

 

(12)

 

  -  

Transactions with owners

 

706

 

3,970

 

  -  

 

12

 

561

 

5,249

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

 

  -  

 

  -  

 

  -  

 

(14,690)

 

  -  

 

(14,690)

Exchange differences on

 

 

 

 

 

 

 

 

 

 

 

 

   translation

 

  -  

 

  -  

 

(19,259)

 

  -  

 

  -  

 

(19,259)

Total comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

   income/(loss)

 

  -  

 

  -  

 

(19,259)

 

(14,690)

 

  -  

 

(33,949)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2016

 

16,754

 

201,646

 

(34,211)

 

(52,462)

 

6,594

 

138,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible loan equity

 

  -  

 

  -  

 

  -  

 

  -  

 

415

 

415

Transfer to P&L account

 

  -  

 

  -  

 

  -  

 

64

 

(64)

 

  -  

Share-based payments

 

  -  

 

  -  

 

  -  

 

  -  

 

100

 

100

Transactions with owners

 

  -  

 

  -  

 

  -  

 

64

 

451

 

515

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the period

 

  -  

 

  -  

 

  -  

 

(4,704)

 

  -  

 

(4,704)

Exchange differences on

 

 

 

 

 

 

 

 

 

 

 

 

   translation

 

  -  

 

  -  

 

(5,988)

 

  -  

 

  -  

 

(5,988)

Total comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

   income/(loss)

 

  -  

 

  -  

 

(5,988)

 

(4,704)

 

  -  

 

(10,692)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2016

 

16,754

 

201,646

 

(40,199)

 

(57,102)

 

7,045

 

128,144

* Share placing was used to fund the Hernandarias seismic acquisition and Argentine workover programme

 

 

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2016

 

 

6 months

 

6 months

 

Year to

 

 

to 30 June

 

to 30 June

 

31 Dec

 

 

2016

 

2015

 

2015

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

 

US$000

 

US$000

 

US$000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities - (Note 11)

 

 

 

 

 

 

Cash generated/(consumed) by operations

 

(1,879)

 

(346)

 

(1,002)

Interest received

 

 -  

 

2

 

2

Taxes paid

 

 -  

 

(104)

 

 -  

Taxes refunded

 

 -  

 

4

 

4

 

 

(1,879)

 

(444)

 

(996)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Expenditure on exploration and evaluation assets

 

(411)

 

(9,491)

 

(11,206)

Expenditure on development and production assets

 

 

 

 

 

 

    (excluding increase in provision for decommissioning)

 

(1,697)

 

(1,407)

 

(3,196)

Proceeds from asset sales

 

 -  

 

128

 

199

Pirity acquisition

 

 -  

 

 -  

 

(756)

USA acquisition

 

 -  

 

 -  

 

(121)

 

 

 

 

 

 

 

 

 

(2,108)

 

(10,770)

 

(15,080)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issue of shares (net of expenses)

 

 -  

 

13,414

 

18,032

Loan converted to equity

 

 -  

 

(1,800)

 

(4,470)

Related party loan

 

5,967

 

750

 

3,895

Repayment of loan capital

 

 -  

 

(500)

 

(555)

Payment of loan interest and fees

 

(835)

 

(910)

 

(1,722)

 

 

 

 

 

 

 

 

 

5,132

 

10,954

 

15,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

 

1,145

 

(260)

 

(896)

Opening cash and cash equivalents at beginning of year

 

217

 

1,527

 

1,527

Exchange (losses)/gains on cash and cash equivalents

 

(237)

 

558

 

(414)

Closing cash and cash equivalents

 

1,125

 

1,825

 

217

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2016

 

1 Nature of operations and general information

 

2 Basis of preparation

 

 

 

 

 

6 months

 

6 months

 

Year to

 

 

 

to 30 June

 

to 30 June

 

31 Dec

 

 

 

2016

 

2015

 

2015

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

 

 

US$000

 

US$000

 

US$000

3 Cost of Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

1,394

 

1,767

 

2,742

 

Well operating costs

 

5,460

 

3,455

 

7,512

 

 

 

6,854

 

5,222

 

10,254

 

 

 

 

 

 

 

 

4 Administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors and staff cost

 

1,240

 

1,943

 

3,746

 

Share-based payments

 

100

 

707

 

1,176

 

Depreciation

 

13

 

15

 

88

 

Other

 

681

 

5

 

1,388

 

 

 

2,034

 

2,670

 

6,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5  Impairment charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demattei licence Paraguay (intangible)

 

   -  

 

   -  

 

10,876

 

Prospects East Lake Verret USA (intangible)

 

   -  

 

   -  

 

74

 

East White Lake (PP&E)

 

   -  

 

   -  

 

444

 

 

 

   -  

 

   -  

 

11,394

6  Non-operating gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arising on Argentine acquisition

 

   -  

 

   -  

 

66

 

Other gains

 

   -  

 

31

 

84

 

 

 

   -  

 

31

 

150

7 Earnings / (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit / (loss) for the period attributable

 

 

 

 

 

 

 

   to the equity holders of the

 

 

 

 

 

 

 

   Parent Company

 

(4,704)

 

(3,852)

 

(18,542)

 

 

 

 

 

 

 

 

 

 

 

Number

 

Number

 

Number

 

 

 

'000

 

'000

 

'000

 

Weighted average number

 

 

 

 

 

 

 

of shares in issue

 

471,697

 

439,696

 

471,697

 

 

 

 

 

 

 

 

 

Earnings /(loss) per share

 

US cents

 

US cents

 

US cents

 

Basic

 

(1.0)

 

(0.9)

 

(3.9)

 

Diluted

 

(1.0)

 

(0.9)

 

(3.9)

 

 

8 Non-current assets

 

 

 

 

 

 

 

 

 

 

 

Property

 

 

 

 

 

Intangible

 

Plant and

 

Total

 

 

 

 

 

Equipment

 

 

 

 

 

US$000

 

US$000

 

US$000

 

Cost

 

 

 

 

 

 

 

At 1 January 2015

 

134,003

 

103,882

 

237,885

 

Additions

 

9,491

 

1,407

 

10,898

 

Disposals

 

(86)

 

(6)

 

(92)

 

Exchange difference

 

(42)

 

(5,464)

 

(5,506)

 

At 30 June 2015

 

143,366

 

99,819

 

243,185

 

Additions

 

1,892

 

2,561

 

4,453

 

Acquisition Paraguay licence

 

903

 

  -  

 

903

 

Acquisition USA

 

  -  

 

121

 

121

 

Disposals

 

  -  

 

(245)

 

(245)

 

Exchange difference

 

(936)

 

(23,631)

 

(24,567)

 

At 1 January 2016

 

145,225

 

78,625

 

223,850

 

Additions

 

411

 

1,697

 

2,108

 

Exchange difference

 

(270)

 

(8,024)

 

(8,294)

 

At 30 June 2016

 

145,366

 

72,298

 

217,664

 

 

 

 

 

 

 

 

 

Depreciation/Impairment

 

 

 

 

 

 

 

At 1 January 2015

 

31,124

 

16,738

 

47,862

 

Disposal

 

 

 

36

 

36

 

Exchange difference

 

 

 

(166)

 

(166)

 

Charge for the period

 

  -  

 

1,782

 

1,782

 

At 30 June 2015

 

31,124

 

18,390

 

49,514

 

Exchange difference

 

  -  

 

(710)

 

(710)

 

Disposals

 

  -  

 

(80)

 

(80)

 

Impairment

 

 

 

443

 

443

 

Charge for the period

 

10,950

 

1,048

 

11,998

 

At 1 January 2016

 

42,074

 

19,091

 

61,165

 

Charge for the period

 

   -  

 

1,407

 

1,407

 

Exchange difference

 

   -  

 

(446)

 

(446)

 

At 30 June 2016

 

42,074

 

20,052

 

62,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value 30 June 2016

 

103,292

 

52,246

 

155,538

 

 

 

 

 

 

 

 

 

Net Book Value 30 June 2015

 

112,242

 

81,429

 

193,671

 

 

 

 

 

 

 

 

 

Net Book Value 31 December 2015

 

103,151

 

59,534

 

162,685

 

 

 

 

 

 

 

 

 

9 Trade and other receivables

 

 

 

 

 

 

 

 

 

30 June

 

30 June

 

31 Dec

 

 

 

2016

 

2015

 

2015

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

3,928

 

6,037

 

3,481

 

Prepayments

 

44

 

   -  

 

73

 

 

 

3,972

 

6,037

 

3,554

 

 

10 Borrowings

 

 

 

 

 

 

 

 

 

30 June

 

30 June

 

31 Dec

 

 

 

2016

 

2015

 

2015

 

 

 

 

 

 

 

 

 

IYA Loan

 

9,166

 

8,100

 

4,473

 

IYA Convertible Loan

 

4,744

 

   -  

 

3,885

 

 

 

13,910

 

8,100

 

8,358

 

 

 

 

 

 

 

 

11 Reconciliation of operating profit to net cash outflow from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

6 months

 

6 months

 

Year to

 

 

 

to 30 June

 

to 30 June

 

31 Dec

 

 

 

2016

 

2015

 

2015

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

 

 

US$000

 

US$000

 

US$000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations before taxation

 

(5,244)

 

(4,080)

 

(18,697)

 

Interest on bank deposits

 

  -  

 

(2)

 

(2)

 

Interest payable and loan fees

 

953

 

1,140

 

2,241

 

Depreciation and impairment of property,

 

 

 

 

 

 

 

   plant and equipment

 

1,407

 

1,782

 

2,830

 

Impairment charge

 

  -  

 

  -  

 

11,394

 

Gain on non-operating transaction

 

  -  

 

  -  

 

(150)

 

Share-based payments

 

100

 

707

 

1,176

 

 

 

 

 

 

 

 

 

Foreign exchange difference

 

(45)

 

(403)

 

(1,346)

 

 

 

 

 

 

 

 

Operating cash flows before movements

 

 

 

 

 

 

 

in working capital

 

(2,829)

 

(856)

 

(2,554)

 

 

 

 

 

 

 

 

 

(Increase)/decrease in receivables

 

(391)

 

7,972

 

10,376

 

(Decrease)/increase in payables

 

1,341

 

(7,462)

 

(8,824)

 

 

 

 

 

 

 

 

Net cash generated by/(used in)

 

 

 

 

 

 

   operating activities

 

(1,879)

 

(346)

 

(1,002)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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