TIDMBOIL
RNS Number : 6618A
Baron Oil PLC
31 May 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
31 May 2019
Baron Oil Plc
("Baron Oil" or "the Company")
Final Results for the Year Ended 31 December 2018
Notice of Annual General Meeting
Baron Oil (AIM: BOIL), the oil and gas company with a strategy
of exploring near-term drilling opportunities in established
producing areas, is pleased to announce its audited financial
results for the year ended 31 December 2018.
Operations
-- Well 98/11a-6 encountered oil in the Sherwood sandstone of
the Colter South Prospect, Licence P1918 offshore Dorset.
Re-mapping and evaluation is underway to determine route to
commerciality
-- Adjacent Purbeck Prospect and other leads in onshore PEDL330
and PEDL345 upgraded by shows in the Cornbrash formation in
98/11a-6z side-track
-- Applications pending in UKCS 31(st) Licensing Round to strengthen existing licence position
-- Peru Block XXI farmout discussions continue with several
parties; new period of Force Majeure agreed by Perupetro to run
from 1 January 2019
-- Application with SundaGas for SE Asia Block remains live and new opportunities being discussed
-- Recent Board changes increase execution capacity and broaden deal access
Financial
-- Net result for the year was a loss before taxation of
GBP3,280,000 (2017: loss of GBP2,058,000)
-- Loss after taxation attributable to shareholders was GBP2,495,000 (2017: loss of GBP1,539,000)
-- End of year free cash balance of GBP1,709,000 (2017:
GBP3,873,000), reduced post year-end by Colter and Wick drilling
costs of GBP1,071,000
-- Exploration and evaluation expenditure of GBP1,526,000 written off in Income Statement
-- IFRS6 intangible asset impairment charge of GBP1,360,000 on Peru Block XXI
-- Administration expenditure for the year was GBP549,000 (2017: GBP510,000)
Commenting on the results, Malcolm Butler, Executive Chairman,
said:
"This has been an eventful time for the Company, with
participation in two wells after a long period with little
activity. It is unfortunate that the Wick Prospect was unsuccessful
but the Colter well and its sidetrack provided encouragement that
there is an oil accumulation with commercial potential in Licence
P1918 as well as upgrading the potential of our adjacent onshore
licenses. The team is working hard to get further drilling activity
in 2019 by bringing in a partner to Peru Block XXI. We continue to
look to SE Asia as an area for growth and I hope we will be able to
bring to fruition the existing application with SundaGas.
"The appointment of Andy Yeo as Managing Director and Jon Ford
as a Non-Executive Director brings additional City expertise and
widens our access to New Venture opportunities. We are actively
engaged on the evaluation of our existing portfolio and continue to
review a number of possible new ventures and initiatives."
Notice of Annual General Meeting
The Company will be holding its AGM at the offices of Kerman
& Co, 200 Strand, London WC2R 1DJ on 26 June 2019 at 11:00
a.m.
Forms of proxy must be completed, signed and returned so as to
be received by the Company's Registrars by no later than 11:00 a.m.
on 24 June 2019. Full details are set out on in the Notice of
Annual General Meeting, which will be available on the Company's
website from 11:00 a.m. on Friday 31 May 2019
(https://www.baronoilplc.com/documents-circulars/).
Competent Person's Statement
Pursuant to the requirements of the AIM Rules for Companies, the
technical information and resource reporting contained in this
announcement has been reviewed by Dr Malcolm Butler BSc, PhD, FGS,
Executive Chairman of the Company. Dr Butler has more than 45
years' experience as a petroleum geologist. He has compiled, read
and approved the technical disclosure in this regulatory
announcement. The technical disclosure in this announcement
complies with the Society of Petroleum Engineers standard.
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Lindsay Mair, Richard Hail, Richard Redmayne
CHAIRMAN'S STATEMENT & OPERATIONS REPORT
FINANCE AND FINANCIAL RESULTS
The net result for the year was a loss before taxation of
GBP3,280,000, which compares to a loss of GBP2,058,000 for the
preceding financial year, and the loss after taxation attributable
to Baron Oil shareholders was GBP2,495,000, compared to a loss of
GBP1,539,000 in the preceding year.
Turnover for the year was GBPnil (2017: GBPnil), there being no
sales activity since the cessation of production in July 2015 from
the Nancy-Burdine-Maxine fields ("NBM") in Colombia and the expiry
of the licence in October 2015.
Exploration and evaluation expenditure written off included in
the Income Statement amounts to GBP1,526,000. This arises from
expenditure amounting to GBP1,312,000 on unsuccessful exploration
in Licence P2235 (Wick), GBP164,000 expenditure in Peru on Block
XXI (see below), GBP39,000 in costs regarding the South East Asia
Joint Study Agreement with SundaGas, and minor expenditures
relating to the UK Offshore 31st Licensing Round. Most of the Wick
costs relate to the exploration well (11/24b-4), which was drilled
during December 2018 and January 2019 and has been written off
direct to the Income Statement as there will be no further activity
on this licence. Because the well began drilling during 2018, the
directors have taken the view that the entire cost should be
written off in these Financial Statements. Of this expenditure,
GBP1,095,000 was invoiced in 2018, with the remainder invoiced and
paid in 2019.
On the Colter exploration well (98/11a-6), although GBP376,000
was invoiced during 2018 in respect of preparations for the
drilling of the well, these costs have been treated as prepayments
in the accounts because the well did not begin drilling until
February 2019.
There was an intangible asset impairment charge in the year of
GBP1,360,000 arising on Peru Block XXI. The Group incurred
expenditure totalling GBP164,000 on its 100%-owned onshore Block
XXI, arising from both direct costs and local staff and support
costs. In accordance with our accounting policy, the Group has been
charging unsuccessful exploration costs direct to the Income
Statement; however, the results of the 2015/16 2D seismic on Block
XXI were encouraging and it was considered likely that they would
lead to the drilling of an exploration well during 2019. Because of
this, the Board believed that these costs should remain on the
Balance Sheet as capitalised exploration and evaluation
expenditure. However, the block now has less than 6 months
remaining in which to drill a well once Force Majeure is lifted and
no firm proposal has been received from a third party to drill the
well. IFRS6 (the relevant accounting standard) states that an asset
should be impaired if there is a prospect of a licence coming to an
end in the near future, which for the purposes of this Annual
Report would be the next 12 months. On this basis, the decision has
now been taken to impair the entire carrying amount.
In Colombia, Inversiones Petroleras de Colombia SAS
("Invepetrol"), in which the Company held a 50% interest, was put
into liquidation on 3 April 2018. The Company believes that there
will be no residual liabilities to the Company and as a result an
earlier provision of GBP83,000 has now been released to the Income
Statement.
Administration expenditure for the year was GBP549,000, compared
to GBP510,000 in the preceding year, excluding the effects of
exchange rate movements. Directors and employee costs amount to
GBP332,000, listing compliance and other professional fees a
further GBP135,000, and GBP82,000 in respect of other
overheads.
During the year, we saw a modest weakening in the Pound Sterling
against the US Dollar and, with the majority of the group's assets
being denominated in US dollars, this has given rise to a gain of
GBP130,000. This compares with a loss of GBP508,000 in the
preceding year, when the Pound Sterling showed some strengthening
against the US Dollar.
The Company has re-examined its tax position in Peru and as a
result, believes that provisions in previous years were excessive
with a resulting credit to Income Statement of GBP785,000.
At the end of the financial year, free cash reserves of the
Group had decreased to GBP1,709,000 from a level at the preceding
year end of GBP3,873,000.
The Group continues to pursue a conservative view of its asset
impairment policy, giving it a Balance Sheet that consists largely
of net current assets and what it considers to be a realistic value
for its remaining exploration assets. Given the limited cash
resources, the Board will take a prudent approach in entering into
new capital expenditures beyond those already committed to existing
ventures.
EXPLORATION ACTIVITY
Following the recovery of US$3.6 million from the relinquishment
of Peru Block Z-34 at the end of 2017, during 2018 Baron has
followed a new strategy concentrating on near-term drilling
opportunities in the United Kingdom, which led to participation in
the drilling of two offshore exploration wells.
UNITED KINGDOM OFFSHORE LICENCE P2235 ("WICK" PROSPECT) (BARON
15%)
Baron announced on 19 February 2018 that it had signed an option
to farm in to UK Offshore Licence P2235 (Block 11/24b), containing
the Wick Prospect. This option was exercised on 13 March 2018, when
Baron signed a definitive Farmout Agreement with Corallian Energy
Limited ("Corallian") under which the Company paid 20% of the costs
of the Wick well (11/24b-4), up to a maximum gross cost of GBP4.2
million, and 15% of other costs on the the well and licence in
order to earn a 15% working interest in P2235. The Wick well was
designed to test the Wick Prospect, forming part of the larger Wick
structural complex, and the prospect was deemed by the Operator
(Corallian) to be capable of containing unrisked recoverable Pmean
Prospective Resources of 26 million barrels of oil equivalent.
Drilling commenced on 24 December 2018, using the Ensco-72 Jack-up
rig, and reached a Total Depth of 1,000m MD. Drilling operations
were completed on 16 January 2019 and the well was plugged and
abandoned without encountering hydrocarbons. The primary target of
the well, the Beatrice Sandstone, was encountered at a depth of
933.5m but was interpreted to be water bearing. Petrophysical
analyses indicated that the Beatrice Sandstone had a gross
thickness of 22.8m with 19.8m of net sandstone of 17.2% average
porosity. Unfortunately, the presence of a thick, poorly cemented
sand body above the target reservoir created problems in running
and cementing casing, leading to cost overruns. The pre-drill final
AFE cost of the well was estimated at GBP5.7 million including back
costs (GBP1.1 million net to Baron) but the actual final cost
against items included in the AFE is estimated to have been GBP6.97
million (GBP1.258 million net to Baron). Additional costs of
GBP54,000 were incurred for items, such as insurance and operator
overhead, outside the scope of the AFE.
No further activity is currently planned on Licence P2235.
UNITED KINGDOM OFFSHORE LICENCE P1918 ("COLTER" PROSPECT) (BARON
8%)
Baron announced on 13 March 2018 that it had entered into a
Farmout Agreement with Corallian under which it would earn a 5%
working interest in UK Offshore Licence P1918, which contains the
Colter Prospect, and on 25 July 2018 the Company announced that it
had agreed to increase its working interest to 8% in this project.
Under the terms of the revised agreement with Corallian, which
operates the licence, the Company would pay 10.67% of the costs
related to this well, capped at a gross cost of GBP8.0 million.
Costs above this cap were to be funded at 8%. The final pre-drill
AFE cost of the well was estimated at GBP7.5 million including back
costs (GBP810,000 net to Baron).
The Colter Prospect area lies in Bournemouth Bay, immediately
southeast of the Wytch Farm oilfield which has been developed from
onshore facilities. Mapping of 3D seismic data by Corallian
indicated that the 98/11-3 well, which encountered oil in the
Triassic Sherwood sandstone reservoir in 1986, lay on the flank of
a structure that had the potential to hold unrisked P50 Prospective
Resources of 26.8 million barrels of oil recoverable from this
reservoir. Drilling of the Colter well (98/11a-6) commenced on 6
February 2019, using the Ensco-72 jack-up rig, and reached a Total
Depth of 1,870m MD in the Sherwood Sandstone on 24 February
2019.
The 98/11a-6 well unexpectedly remained on the southern side of
the Colter Prospect bounding fault but encountered oil and gas
shows over a 9.4m interval at the top of the Sherwood Sandstone
reservoir. A petrophysical evaluation of the logging while drilling
data has calculated a net pay of 3m. Similar indications of oil and
gas were encountered in the 98/11-1 well, drilled in 1983 by
British Gas, within the Colter South fault terrace. Provisional
analysis of the new data indicates that the two wells may a share a
common oil-water-contact, having both intersected the down-dip
margin of the Colter South Prospect.
A decision was made by the Joint Venture to drill a side-track
(98/11a-6z) to the north to evaluate the original Colter Prospect,
at an estimated AFE cost of GBP2.30 million. The well was drilled
to a Total Depth of 1,910m MD and encountered the Sherwood
Sandstone below the oil-water-contact of the 98/11-3 well. Initial
evaluation of the data from both wells indicates that the Colter
Prospect is smaller than pre-drill estimates. It has now been
determined that the majority of the Prospective Resource resides
within the Colter South portion of the play. Pre-drill, Corallian
(Operator of the licence) had an estimated Pmean recoverable
Prospective Resource volume of 15 mmbbls for the Colter South
Prospect. Work continues on the re-mapping and evaluation of the
area, which will be used to determine the forward plan to maximise
the potential value associated with the Colter and Colter South
Prospects.
The estimated final combined cost for items included within the
AFEs for 98/11a-6 and the 98/11a-6z sidetrack was some GBP10.87
million (GBP1.09 million net to Baron). Additional costs of
GBP56,000 were incurred for items, such as insurance and operator
overhead, outside the scope of the AFE.
UNITED KINGDOM ONSHORE LICENCES PEDL330 & PEDL345 (BARON
8%)
By participating in the drilling of the Colter well, the Company
also earned an 8% interest in adjacent onshore Licences PEDL330 and
PEDL345. PEDL345 includes a major part of the Purbeck Prospect, in
which the presence of oil and gas was demonstrated by the Southard
Quarry-1 well, drilled by BP in 1990.
The Colter side-track also encountered live oil and gas shows in
the Jurassic Cornbrash-Lower Oxfordian interval, the producing
reservoir zone in the onshore Kimmeridge oilfield. This upgrades
the Purbeck Prospect, in which the Cornbrash is one of the targets,
and other potential leads on trend to the west of the Colter area
within these onshore licences, which are held by the same Joint
Venture group as offshore Licence P1918.
UNITED KINGDOM OFFSHORE 31ST LICENSING ROUND
Applications for licences in the 31st Offshore Licensing Round
closed on 7 November 2018. As disclosed by the UK's Oil & Gas
Authority (OGA), the Round attracted 36 applications covering 164
blocks in frontier areas of the UK Continental Shelf (UKCS).
Baron has applied as a non-operator with two groups. The
directors understand that the OGA intends to offer awards to
successful applicants as early as possible during the first half of
2019.
PERU ONSHORE BLOCK XXI (BARON OIL 100%)
Baron continues its farm-in discussions on Block XXI with
several parties, although no firm offer has yet been received. The
Block is in the 5th and last exploration phase with about 6 months
left in which to drill when Force Majeure is lifted. The well
location and Environmental Impact Assessment have been approved. In
order to maximise the chances of finding a partner, Baron has
negotiated a 3-year extension, to be approved once the well has
been drilled. The current period of Force Majeure has been agreed
by PeruPetro to run from 1 January 2019 but the final documentation
is still to be received by the Company.
SOUTH EAST ASIA STUDY GROUP
The separate SE Asia block application made by SundaGas in 2016
remains live and we hope that the previous delays on a decision to
award the block may now be coming to an end. If the block is
awarded to SundaGas, Baron will have the right to hold a 25%
interest. In the meantime, Baron continues to discuss with SundaGas
the possibility of participation in other exploration opportunities
in SE Asia.
CONCLUSIONS
This has been an eventful time for the Company, with
participation in two wells after a long period with little
activity. It is unfortunate that drilling the Wick Prospect was
unsuccessful and that difficulties were encountered that caused a
cost overrun. However, the Colter well and its sidetrack provided
encouragement that there is an oil accumulation present in Licence
P1918 that has commercial potential. The partners in P1918 are now
looking again at both 2D and 3D seismic data to help understand the
morphology of this accumulation and determine how and when it could
be commercialised.
We continue to look to SE Asia as an area for growth and I hope
we will be able to bring to fruition the existing application with
SundaGas, which has the potential to add significant shareholder
value.
I am pleased that Andy Yeo has agreed to become an executive of
the Company, as Managing Director, and I believe he will help
increase our profile in the City as we go forward. The appointment
of Jon Ford, a highly experienced exploration manager, as
non-executive director gives us the benefit of an independent view
of proposals for new ventures as well as broader access to
opportunities. Although Geoff Barnes stepped down from the Board at
the end of March 2018, we are pleased that he has agreed to remain
as Financial Controller and Company Secretary.
Malcolm Butler
Executive Chairman
30 May 2019
CONSOLIDATED INCOME STATEMENT FOR THE YEARED 31 DECEMBER
2018
2018 2017
GBP'000 GBP'000
Revenue - -
Cost of sales - -
Gross profit - -
Exploration and evaluation expenditure (1,526) (109)
Intangible assets written off - (1,837)
Intangible asset impairment (1,360) -
Receivables and inventory impairment (54) 43
Deconsolidation of Colombian entity - 831
Administration expenses (549) (510)
Profit/(loss) on exchange 130 (508)
Other operating Income 83 21
Operating loss (3,276) (2,069)
Finance cost (10) (8)
Finance income 6 19
Loss on ordinary activities
before taxation (3,280) (2,058)
Income tax credit/(expense) 785 519
Loss on ordinary activities
after taxation (2,495) (1,539)
Dividends - -
Loss for the year (2,495) (1,539)
------------------------------------------- ---------- ---------
Loss on ordinary activities
after taxation is attributable
to:
Equity shareholders (2,495) (1,539)
Non-controlling interests - -
(2,495) (1,539)
------------------------------------------- ---------- ---------
Earnings per ordinary share -
continuing
Basic (0.181p) (0.112p)
Diluted (0.181p) (0.112p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
YEARED 31 DECEMBER 2018
2018 2017
GBP'000 GBP'000
Loss on ordinary activities after taxation
attributable to the parent (2,495) (1,539)
Other comprehensive income:
Exchange difference on translating foreign
operations (11) 35
Total comprehensive income for the year (2,506) (1,504)
-------------------------------------------- -------- --------
Total comprehensive income attributable
to
owners of the parent (2,506) (1,504)
-------------------------------------------- -------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER
2018
2018 2017
GBP'000 GBP'000
Assets
Non current assets
Property plant and equipment
--- oil and gas assets - -
--- others - -
Intangibles 66 1,260
Goodwill - -
66 1,260
--------------------------------------------- ----------- ---------
Current assets
Trade and other receivables 503 18
Cash and cash equivalents 1,838 3,992
2,341 4,010
--------------------------------------------- ----------- ---------
Total assets 2,407 5,270
--------------------------------------------- ----------- ---------
Equity and liabilities
Capital and reserves attributable to owners
of the parent
Share capital 344 344
Share premium account 30,237 30,237
Share option reserve 74 122
Foreign exchange translation reserve 1,712 1,723
Retained earnings (30,577) (28,163)
Total equity 1,790 4,263
--------------------------------------------- ----------- ---------
Current liabilities
Trade and other payables 594 195
Taxes payable 23 812
617 1,007
--------------------------------------------- ----------- ---------
Total equity and liabilities 2,407 5,270
--------------------------------------------- ----------- ---------
The financial statements were approved and authorised for
issue by the Board of Directors on 30 May 2019 and were signed
on its behalf by:
Malcolm Butler Andrew Yeo
Director Director
Company number: 5098776
COMPANY STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2018
2018 2017
GBP'000 GBP'000
Assets
Non current assets
Property plant and equipment
--- oil and gas assets - -
Intangibles 66 1,260
Investments 25 25
91 590
--------------------------------------------- ----------- ---------
Current assets
Trade and other receivables 502 14
Cash and cash equivalents 1,692 3,863
2,194 3,877
--------------------------------------------- ----------- ---------
Total assets 2,285 4,467
--------------------------------------------- ----------- ---------
Equity and liabilities
Capital and reserves attributable to owners
of the parent
Share capital 344 344
Share premium account 30,237 30,237
Share option reserve 74 122
Foreign exchange translation reserve (163) (163)
Retained earnings (30,510) (27,892)
Total equity (18) 2,648
--------------------------------------------- ----------- ---------
Current liabilities
Trade and other payables 2,295 1,812
Taxes payable 8 7
2,303 1,819
--------------------------------------------- ----------- ---------
Total equity and liabilities 2,285 4,467
--------------------------------------------- ----------- ---------
The financial statements were approved and authorised for
issue by the Board of Directors on 30 May 2019 and were signed
on its behalf by:
Malcolm Butler Andrew Yeo
Director Director
Company number: 5098776
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 DECEMBER 2018
Share Foreign
Share Share Retained option exchange Non-controlling Total
capital premium earnings reserve translation interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Group
As at 1
January 2017 344 30,237 (26,624) 81 1,688 347 6,073
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Shares issued - - - - - - -
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Transactions
with
owners - - - - - - -
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
(Loss) for the
year
attributable
to equity
shareholders - - (1,539) - - - (1,539)
Disposal of
interest - - - - - (347) (347)
Share based
payments - - - 41 - - 41
Foreign
exchange
translation
adjustments - - - - 35 - 35
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Total
comprehensive
income for
the period - - (1,539) 41 35 (347) (1,810)
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
As at 1
January 2018 344 30,237 (28,163) 122 1,723 - 4,263
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Shares issued - - - - - - -
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Transactions
with
owners - - - - - - -
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
(Loss) for the
year
attributable
to equity
shareholders - - (2,495) - - - (2,495)
Share based
payments - - 33 - - 33
Release of
option
reserve 81 (81) -
Foreign
exchange
translation
adjustments - - - - (11) - (11)
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
Total
comprehensive
income for
the period - - (2,414) (48) (11) - (2,473)
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
As at 31
December
2018 344 30,237 (30,577) 74 1,712 - 1,790
--------------- -------- --------- -------------------------- --------- ------------ ---------------- ---------
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 31 DECEMBER 2018
Share Foreign
Share Share Retained option exchange Total
capital premium earnings reserve translation equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Group
As at 1 January
2017 344 30,237 (26,550) 81 (163) 3,949
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Shares issued - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Transactions with
owners - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
(Loss) for the year
attributable to
equity
shareholders - - (1,342) - - (1,342)
Disposal of interest - - - - - (347)
Share based payments - - - 41 - 41
Foreign exchange
translation
adjustments - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Total comprehensive
income for the
period - - (1,342) 41 - (1,301)
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
As at 1 January 2018 344 30,237 (27,892) 122 (163) 2,648
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Shares issued - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Transactions with
owners - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
(Loss) for the year
attributable to
equity
shareholders - - (2,699) - - (2,699)
Share based payments - - - 33 - 33
Release of option
reserve - - 81 (81) - -
Foreign exchange
translation
adjustments - - - - - -
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
Total comprehensive
income for the
period - - (2,618) (48) - (2,473)
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
As at 31 December
2018 344 30,237 (30,510) 74 (163) (18)
--------------------- --------- --------- ---------- -------------------------- ------------- ------------------
CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
31 DECEMBER 2018
Group Company Group Company
2018 2018 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
Operating activities (2,104) (1,875) (680) (508)
Investing activities
Return from investment and servicing
of finance 6 6 19 19
Cash previously not available now
released - - 2,674 2,674
Loan to subsidiary (advanced)/repaid - (236) - (283)
Acquisition of intangible assets (66) (66) (298) (119)
(60) (296) 2,395 2,291
Financing activities
Proceeds from issue of share capital - - - -
Net cash inflow (2,164) (2,171) 1,715 1,783
Cash and cash equivalents at the
beginning of the year 3,873 3,863 2,158 2,080
Cash and cash equivalents at the
end of the year 1,709 1,692 3,873 3,863
-------------------------------------- --------- --------- --------- ---------
Reconciliation to Consolidated
Statement of Financial Position
Cash not available for use 129 - 119 -
Cash and cash equivalents as shown
in the Consolidated and Company
Statement of Financial Position 1,838 1,692 3,992 3,863
-------------------------------------- --------- --------- --------- ---------
CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
31 DECEMBER 2018
Group Company Group Company
2018 2018 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
Operating activities
Loss for the year attributable
to controlling interests (2,495) (2,699) (1,539) (1,342)
Depreciation, amortisation and
impairment charges 1,360 923 2 -
Loss on disposal of assets - - - 120
Share based payments 33 33 41 41
Non-cash movement arising on
consolidation of non-controlling
interests - - (347) -
Impairment of investment - - - 74
Finance income shown as an investing
activity (6) (6) (19) (19)
Tax (benefit)/expense (785) - (519) -
Foreign exchange translation (73) (122) 512 478
Operating cash outflows before
movements in working capital (1,966) (1,871) (1,869) (648)
-------------------------------------- --------- --------- --------- ---------
(Increase)/decrease in receivables (485) (488) 2,052 148
Tax paid (53) - (4) (4)
Increase/(decrease) in payables 400 484 (859) (4)
Net cash outflows from operating
activities (2,104) (1,875) (680) (508)
-------------------------------------- --------- --------- --------- ---------
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END
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