TIDMIRON
RNS Number : 7349V
Ironveld PLC
05 December 2019
5 December 2019
IRONVELD PLC
("Ironveld" or the "Company")
Final results for the year ended 30 June 2019
Ironveld plc, the owner of a High Purity Iron ("HPI"), Vanadium
and Titanium project located on the Northern Limb of the Bushveld
Complex in Limpopo Province, South Africa (the "Project") is
pleased to announce its final results for the 12 months ended 30
June 2019 ("the Period").
Operational Highlights
-- Appointed finnCap to conduct a strategic review of the Company's mining assets
-- Positively engaged in discussions with several interested parties
-- Confidentiality agreements have been entered into with
various parties, who are engaged in management discussions and have
conducted site visits
-- Discussions continue with potential partners who could fund the development of the Project
-- Completed a bulk sampling and testing programme, although
commercially viable terms could not be agreed
Financial Highlights
-- Successfully completed a placing in February 2019 to raise
GBP1.1 million with proceeds used to strengthen the Company's
balance sheet and cover our overheads
-- Focused on rationalising the cost base across both South Africa and the UK
Outlook
-- Expect either to have secured a strategic financing partner
or have concluded the strategic review early in 2020
Peter Cox, CEO said:
"This year has seen us pursue multiple routes as we look to
maximise the value of our mining assets, whether that be through
the commencement of operations or through a sale. We remain engaged
in discussions with several parties and all options remain open at
this stage.
We remain confident in a successful outcome from the strategic
review and look forward to providing updates in due course. We
thank all our shareholders for their continued support in
Ironveld."
For further information, please contact:
Ironveld plc c/o Camarco
Peter Cox, Chief Executive 020 3757 4980
finnCap (Nominated Advisor)
Christopher Raggett
Hannah Boros 020 7408 4090
Camarco
Gordon Poole / Kimberley Taylor / Thayson
Pinedo 020 3757 4980
Notes to Editors:
Ironveld (IRON.LN) is the owner of Mining Rights over
approximately 28 kilometers of outcropping Bushveld magnetite with
a SAMREC compliant ore resource of some 56 million tons of ore
grading 1,12% V2O5 68,6% Fe2O3 and 14,7% TiO2,
The Definitive Feasibility Study published in April 2014
confirms the project's viability to deliver a Vanadium slag product
for which the company has an offtake agreement as well a High
Purity Iron product which commands a premium in the market place
and Titanium slag containing commercial grades of titanium ,.
Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox
as CEO, Vred von Ketelhodt as CFO and Nick Harrison as a
Non-Executive Director.
Ironveld is an AIM traded company. For further information on
Ironveld please refer to www.ironveld.com.
CHAIRMAN'S STATEMENT - STRATEGIC REPORT
During the Period, we undertook various activities focused on
realising the value of the Company's assets and maximising returns
for Ironveld's shareholders. We anticipate significant progress to
be made in the coming 3 months.
In July, we announced that finnCap had been engaged to lead a
review of the strategic alternatives for Ironveld's mining assets
(the "Strategic Review"). These assets include unfettered rights to
56.4 million tonnes of magnetite ore, which the JORC compliant
mineral resources demonstrates holds 1.4 billion pounds weight of
Vanadium - equivalent to four times annual global Vanadium demand;
27 million tons of High Purity Iron in situ; and 8.3 million tonnes
of titanium. The current resource does not include the
mineralisation on the Luge Farm prospecting right; this is near the
current JORC resource but is yet to be defined, although is
believed to have the same geology.
Post-Period end, the Company announced that as part of the
Strategic Review, it has been positively engaging with several
parties potentially interested in making an offer to purchase all
or part of Ironveld's mining assets. Confidentiality agreements
were entered into with various parties, who have held discussions
with management and have conducted site visits. The Company has
gathered expressions of interest from certain of these parties and
expects to make further progress toward firm proposals in the New
Year although it is unlikely that the Company will have been able
to sell the assets by the end of January.
Alongside the Strategic Review, the Company is in discussions
with various partners that could lead initially to a further
injection of working capital into the business and in the medium
term to the funding of the development of the Project and the
commencement of smelting operations.
During the Period, we completed a bulk sampling and testing
programme with a potential off-take partner, a specialist
subsidiary of an international steel group. However, the Board
concluded that it would not be possible to agree commercially
viable terms with this off-take partner.
The Company continues to have in place an offtake agreement for
the Project's envisaged vanadium slag product that was originally
entered into in 2016, and also remains in discussions with offtake
partners for the other products.
We would like to thank our shareholders for their ongoing
support, as we successfully completed a placing raising GBP1.1
million before expenses through a placing of 62,857,143 new
ordinary shares at a price of 1.75 pence each. The net proceeds of
the placing have been used to strengthen the Company's financial
position and cover its overheads.
We remain committed to operating responsibly, working closely
with stakeholders and local communities at grass root level to
improve the standards of living. We continue to support our Keep a
Girl in School Programme initiative working alongside our local
partners, The Imbumba Foundation and the Nelson Mandela Foundation,
to provide hygiene support to approximately 600 female students at
school in the local area.
Financial
The Group recorded a loss before tax of GBP0.6m (2018: GBP0.5m)
and had cash balances of GBP0.6m (2018: GBP0.5m) at the end of the
period. The Company does not plan to pay a dividend for the year
ended 30 June 2019.
Going concern
Following the share placing in February 2019 and the
rationalisation of the Company's cost base in both South Africa and
the UK both prior to the announcement of 30 September 2019 and
since, the Group's present financial resources and existing
facilities are considered sufficient to enable it to operate until
March 2020, by which time, the board of directors anticipates to
have either secured further financing or successfully concluded the
Strategic Review.
Outlook
Ironveld's Board is committed to delivering value to our
shareholders. The Company continues to hold discussions with a
number of parties interested in potentially making an offer to
purchase all or part of the Company's assets and expects either to
have secured a strategic financing partner or have concluded its
Strategic Review early in the New Year.
We would like to thank all of our shareholders for their
continuing support for both the Company and the Project and we look
forward to providing further updates in the near future
Giles Clarke
Chairman
4 December 2019
IRONVELD PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 30 JUNE 2019
Year Year
ended ended
2019 2018
Note GBP'000 GBP'000
Administrative expenses (629) (570)
-------- --------
Operating loss 4 (629) (570)
Investment revenues 6 6 41
Finance costs 7 (2) (7)
-------- --------
Loss before tax (625) (536)
Tax 8 - -
-------- --------
Loss for the year (625) (536)
-------- --------
Attributable to:
Owners of the Company (624) (535)
Non-controlling interests (1) (1)
-------- --------
(625) (536)
-------- --------
Loss per share - Basic and diluted 9 (0.10p) (0.10p)
-------- --------
There is no difference between the results as disclosed above
and the results on a historical cost basis. The income statement
has been prepared on the basis that all operations are continuing
operations.
IRONVELD PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEARED 30 JUNE 2019
Year ended Year ended
2019 2018
GBP'000 GBP'000
Loss for the period (625) (536)
Exchange differences on the translation
of foreign operations 211 (1,505)
----------- -----------
Total comprehensive income for
the year (414) (2,041)
----------- -----------
Attributable to:
Owners of the Company (448) (1,805)
Non-controlling interests 34 (236)
----------- -----------
(414) (2,041)
----------- -----------
IRONVELD PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2019
2019 2018
Note GBP'000 GBP'000
Non-current assets
Intangible assets 11 27,423 26,218
Property, plant and equipment 12 5 4
Investments - other 13 390 386
------------ -------------
27,818 26,608
------------ -------------
Current assets
Trade and other receivables 14 156 177
Cash and cash equivalents 566 517
------------ -------------
722 694
Total assets 28,540 27,302
------------ -------------
Current liabilities
Trade and other payables 15 (610) (413)
------------ -------------
(610) (413)
------------ -------------
Net-current liabilities
Deferred tax liabilities 16 (5,243) (5,194)
------------ -------------
Total liabilities (5,853) (5,607)
------------ -------------
Net assets 22,687 21,695
------------ -------------
Equity
Share capital 18 9,774 8,903
Share premium 19 19,691 19,161
Retained earnings 19 (10,499) (10,056)
------------ -------------
Equity attributable to owners
of the Company 18,966 18,008
Non-controlling interests 22 3,721 3,687
Total equity 22,687 21,695
------------ -------------
These financial statements were approved by the Board and
authorised for issue on, 4 December 2019
Signed on behalf of the Board
P Cox Company Registration No: 04095614
Director
IRONVELD PLC
PARENT COMPANY BALANCE SHEET
AS AT 30 JUNE 2019
2019 2018
Note GBP'000 GBP'000
Non-current assets
Investments 13 24,074 23,091
-------- --------
Current assets
Trade and other receivables 14 25 36
Cash and cash equivalents 523 464
-------- --------
548 500
-------- --------
Total assets 24,622 23,591
-------- --------
Current liabilities
Trade and other payables 15 (70) (63)
-------- --------
Total liabilities (70) (63)
-------- --------
Net assets 24,552 23,528
-------- --------
Equity
Share capital 18 9,774 8,903
Share premium 19 19,691 19,161
Retained earnings 19 (4,913) (4,536)
-------- --------
Total equity (Attributable to
owners of the Company) 24,552 23,528
-------- --------
The loss for the financial year dealt with in the financial
statements of the parent Company was GBP382,000 (2018 - loss
GBP460,000).
These financial statements were approved by the Board and
authorised for issue on 4 December 2019.
Signed on behalf of the Board
P Cox Company Registration No: 04095614
Director
Company Registration No: 04095614
IRONVELD PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 JUNE 2019
Equity attributable to the owners of the Company:
Share Share Retained Total
Capital Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2017 7,671 18,211 (8,282) 17,600
Exchange differences
on
Translation of foreign
operations - - (1,270) (1,270)
Issue of share capital 1,232 950 - 2,182
Credit for equity-settled
share based payments - - 31 31
Loss for the year - - (535) (535)
At 30 June 2018 8,903 19,161 (10,056) 18,008
-------- -------- --------- --------
Exchange differences
on
Translation of foreign
operations - - 176 176
Issue of share capital 871 530 - 1,401
Credit for equity settled
share based payments - - 5 5
Loss for the year - - (624) (624)
At 30 June 2019 9,774 19,691 (10,499) 18,966
-------- -------- --------- --------
IRONVELD PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
FOR THE YEARED 30 JUNE 2019
Owners of the Non-controlling Total equity
Total equity: Company interest
GBP'000 GBP'000 GBP'000
At 1 July 2017 17,600 3,923 21,523
Exchange differences
on
Translation of foreign
operations (1,207) (235) (1,505)
Issue of share capital 2,182 - 2,182
Credit for equity
settled share based
payments 31 - 31
Loss for the year (535) (1) (536)
At 30 June 2018 18,008 3,687 21,695
-------------- ---------------- -------------
Exchange differences
on
Translation of foreign
operations 176 35 211
Issue of share capital 1,401 - 1,401
Credit for equity
settled share based
payments 5 - 5
Loss for the year (624) (1) (625)
At 30 June 2019 18,966 3,721 22,687
-------------- ---------------- -------------
IRONVELD PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 JUNE 2019
Equity attributable to the equity holders of the Company:
Share Share Retained Total
Capital Premium Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2017 7,671 18,211 (4,107) 21,775
Credit for equity
settled share based
payments - - 31 31
Issue of share
capital 1,232 950 - 2,182
Loss for the year - - (460) (460)
-------- -------- --------- --------
At 30 June 2018 8,903 19,161 (4,536) 23,528
-------- -------- --------- --------
Credit for equity
settled share based
payments - - 5 5
Issue of share
capital 871 530 - 1,401
Loss for the year - - (382) (382)
-------- -------- --------- --------
At 30 June 2019 9,774 19,691 (4,913) 24,552
-------- -------- --------- --------
IRONVELD PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEARED 30 JUNE 2019
2019 2018
Note GBP'000 GBP'000
Net cash from operating activities 20 (420) (362)
-------- --------
Investing activities
Purchases of property, plant and
equipment (4) (1)
Purchase of investments - (386)
Purchase of exploration and evaluation
assets (1,202) (1,263)
Contributions to exploration and 268 -
evaluation assets
Interest received 6 41
-------- --------
Net cash used in investing activities (932) (1,609)
-------- --------
Financing activities
Proceeds on issue of shares (net
of costs) 1,401 2,632
Repayment of borrowings - (889)
-------- --------
Net cash generated by financing
activities 1,401 1,743
-------- --------
Net (decrease)/increase in cash
and cash equivalents 49 (228)
-------- --------
Cash and cash equivalents at the
beginning o of the year 20 517 788
Effect of foreign exchange rates - (43)
-------- --------
Cash and cash equivalents at end
of year 20 566 517
-------- --------
IRONVELD PLC
COMPANY CASH FLOW STATEMENT
FOR THE YEARED 30 JUNE 2019
2019 2018
Noted GBP'000 GBP'000
Net cash from operating
activities 20 (381) (586)
-------- --------
Investing activities
Payments to acquire investments (961) (1,842)
Net cash used in investing
activities (961) (1,842)
-------- --------
Financing activities
Proceeds on issue of shares
(net of costs) 1,401 2,632
Net cash generated by financing
activities 1,401 2,632
-------- --------
Net increase in cash and
cash equivalents 59 204
-------- --------
Cash and cash equivalents
at the beginning of the
year 20 464 260
-------- --------
Cash and cash equivalents
at end of year 20 523 464
-------- --------
IRONVELD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 30 JUNE 2019
1. General information
Ironveld Plc is a public company incorporated in the United
Kingdom under the Companies Act 2006 whose shares are listed on the
Alternative Investment Market of the London Stock Exchange. The
address of the registered office is given on page 2. The nature of
the Group's operations and its principal activities are set out in
note 3 and in the Strategic Report on pages 3 to 4.
Adoption of new and revised Standards
In the current year, the Group has applied a number of new or
amended standard for the first time which are mandatory for
accounting periods commencing on or after 1 January 2018. None of
the standards adopted had a material impact on the financial
statements. The significant new and amended standards adopted were
as follows:-
IFRS 15 - Revenue from Contracts with Customers
IFRS 9 - Financial instruments
At the date of authorisation of these financial statements, the
following accounting standards, amendments to existing standards
and interpretations are not yet effective and have not been adopted
early by the Group.
IFRS 16 - Leases
IFRS 17 - Insurance contracts
Amendments to references to the conceptual Framework in IFRS
Standards
Annual Improvements to IFRSs 2015-2017 Cycle.
The adoption of these standards, amendments and interpretations
is not expected to have a material impact on the Group and
Company's results or equity.
.
2.1 Significant accounting policies
The financial statements are based on the following policies
which have been consistently applied:
Basis of preparation
The financial statements of the Group and Parent Company have
been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union and the
Companies Act 2006.
Under section 408 of the Companies Act 2006 the Parent Company
is exempt from the requirement to present its own profit and loss
account.
The financial statements have been prepared on the historical
cost basis. The financial statements are presented in pounds
sterling because that is considered to be the currency of the
primary economic environment.
The principal accounting policies are set out below:
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and all entities controlled by the
Company (its subsidiaries) made up to the year end. Control is
achieved where the Company has power to govern the financial and
operating policies of an investee entity so as to obtain benefits
from its activities.
Subsidiaries are consolidated from the date of their
acquisition, being the date on which the Company obtains control
and ceases when the Company loses control of the subsidiary. Profit
or loss and each component of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is
attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests
having a deficit balance.
Non-controlling interests in subsidiaries are identified
separately from the Group's equity therein. Those interests of
non-controlling shareholders are initially measured at their
proportionate share of the fair value of the acquiree's
identifiable net assets. Subsequent to acquisition, the carrying
value of the non-controlling interests is the amount of initial
recognition plus the non-controlling interests' share of the
subsequent changes in equity.
Changes in the Group's interests in subsidiaries that do not
result in a loss of control are accounted for as equity
transactions. The carrying amount of the Group's interests and the
non-controlling interests are adjusted to reflect the changes in
their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received
is recognised directly in equity and attributed to the owners of
the Company.
Business combinations
Acquisitions of subsidiaries are accounted for using acquisition
accounting. The consideration for each acquisition is measured at
the fair value of assets given, liabilities incurred or assumed and
equity instruments issued by the Group in exchange for control in
the acquiree. Acquisition-related costs are recognised in the
income statement as incurred.
Exploration and evaluation
Costs incurred prior to acquiring the rights to explore are
charged directly to the income statement.
Licence acquisition costs and all other costs incurred after the
rights to explore an area have been obtained, such as the direct
costs of exploration and appraisal (including geological, drilling,
trenching, sampling, technical feasibility and commercial viability
activities) are accumulated and capitalised as intangible
exploration and evaluation ("E&E") assets, pending
determination. Amounts charged to project partners in respect of
costs previously capitalised are deducted as contributions received
in determining the accumulated cost of E&E assets.
E&E assets are not amortised prior to the conclusion of the
appraisal activities. At completion of appraisal activities, if
financial and technical feasibility is demonstrated and commercial
reserves are discovered then, following development sanctions, the
carrying value of the relevant E&E asset will be reclassified
as a development and production asset in intangible assets after
the carrying value has been assessed for impairment and, where
appropriate adjusted. If after completion of the appraisal of the
area it is not possible to determine technical and commercial
feasibility or if the legal rights have expired or if the Group
decide to not continue activities in the area, then the cost of
unsuccessful exploration and evaluation are written off to the
income statement in the relevant period.
The Group's definition of commercial reserves for such purposes
is proved and probable reserves on an entitlement basis. Proved and
probable reserves are the estimated quantities of minerals which
geological, geophysical and engineering data demonstrate with a
specified degree of certainty to be recoverable in future years
from the known reserves and which are considered to be commercially
producible.
Such reserves are considered commercially producible if
management has the intention of developing and producing them and
such intention is based upon:
- a reasonable expectation that there is a market for
substantially all of the expected production;
- a reasonable assessment of the future economics of such
production;
- evidence that the necessary production, transmission and
transportation facilities are available or can be made available;
and
- agreement of appropriate funding; and
- the making of the final investment decision.
On an annual basis a review for impairment indicators is
performed. If an indicator of impairment exists an impairment
review is performed. The recoverable amount is then considered to
be the higher of the fair value less costs of sale or its value in
use. Any identified impairment is written off to the income
statement in the period identified.
Development and production assets
Development and production assets, classified within property,
plant and equipment, are accumulated generally on a field basis and
represents the cost of developing the commercial reserves
discovered and bringing them into production, together with the
E&E expenditure incurred in finding the commercial reserves
transferred from intangible assets.
Depreciation of producing assets
The net book values of producing assets are depreciated
generally on the field basis using the unit or production method by
reference to the ratio of production in the period and the related
commercial reserves of the field, taking into account the future
development expenditure necessary to bring those reserves to
production.
Research and development
Research expenditure is recognised as an expense in the period
in which it is incurred.
An internally-generated asset arising from any development is
recognised only if all of the following conditions are met:
- an asset is created that can be identified;
- it is probable that the asset created will generate future economic benefits; and
- the development cost of the asset can be measured reliably.
Non-current assets held for sale
Non-current assets (and disposal groups) classified as held for
sale are measured at the lower of carrying amount and the fair
value less costs to sell.
Non-current assets and disposal groups are classified as held
for sale if their carrying amount will be recovered through a sale
transaction rather than through continuing use. This condition is
regarded as met only when the sale is highly probable and the asset
(or disposal group) is available for immediate sale in its present
condition. Management must be committed to the sale which should be
expected to qualify for recognition as a completed sale within one
year from the date of classification.
When the Group is committed to a sale plan involving loss of
control of a subsidiary, all of the asset and liabilities of that
subsidiary are classified as held for sale when the criteria
described above are met, regardless of whether the Group will
retain a non-controlling interest in its former subsidiary after
sale.
Revenue
Revenue is measured at the fair value of the consideration
received or receivable for goods and services provided in the
normal course of business, net of discounts and value added tax.
The Group reported no revenue for the year.
Taxation
The tax expense represents the sum of the tax payable and
deferred tax.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax base used in
the calculation of the taxable profit and is accounted for using
the balance sheet liability method. Deferred tax liabilities are
generally recognised on all appropriate taxable temporary
differences and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against
which the deductible timing differences can be utilised. The
carrying amount of deferred tax assets is reviewed at each balance
sheet date.
Deferred tax is calculated at the tax rates that are expected to
be applicable in the period when the liability or asset is realised
and is based on tax laws and rates substantially enacted at the
balance sheet date. Deferred tax is charged in the income statement
except where it relates to items charged/credited in other
comprehensive income, in which case the tax is also dealt with in
other comprehensive income.
Leases
Rentals payable under operating leases are charged to the income
statement on a straight line basis over the lease term.
Property, plant and equipment
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost
less the estimated residual value of each asset over its expected
useful life, as follows:
Plant and machinery 10% - 25% straight line basis or reducing
balance basis
Foreign currencies
The individual financial statements of each group company are
presented in the currency of the primary economic environment in
which it operates (its functional currency). For the purposes of
the consolidated financial statements, the results and financial
position of each group company are expressed in pounds sterling,
which is the functional currency of the Company, and the
presentation currency for the consolidated financial
statements.
In preparing the financial statements of the individual
companies, transactions in currencies other than the entity's
functional currency are recognised at the rates of exchange
prevailing on the dates of the transactions. At each balance sheet
date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing at that
date. Non-monetary items carried at fair value that are denominated
in foreign currencies are translated at the rates prevailing at the
date the fair value was determined. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not
retranslated. Exchange differences are recognised in the income
statement in the period in which they arise.
When presenting the consolidated financial statements, the
assets and liabilities of the Group's foreign operations are
translated at the exchange rates prevailing at the balance sheet
date. Income and expense items are translated at average exchange
rates for the period, unless exchange rates have fluctuated
significantly in which case the rates at the date of the
transactions are used. Exchange differences arising are recognised
in other comprehensive income and accumulated in equity (attributed
to non-controlling interests where appropriate).
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated using the closing rate.
Financial instruments
Financial assets and financial liabilities are recognised in the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Other receivables
Other receivables are measured at initial recognition at fair
value, and are subsequently measured at amortised cost using the
effective interest rate method except for short-term receivables
when recognition of interest would be immaterial. Appropriate
allowances for the estimated irrecoverable amounts are recognised
in the income statement when there is objective evidence that the
asset is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits, and other short term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value
Financial liability and equity
Interest bearing bank loans and overdrafts are recorded at the
proceeds received, net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct
issue costs, are accounted for on an accrual basis in the income
statement using the effective interest rate method and are added to
the carrying amount of the instrument to the extent that they are
not settled in the period in which they arise.
The Group classifies financial instruments, or their component
parts, on initial recognition as a financial asset, financial
liability or an equity instrument in accordance with the substance
of the contractual arrangement. Financial instruments are initially
recognised at fair value and are subsequently amortised using the
effective interest method. Fair value is estimated from available
market data and reference to other instruments considered to be
substantially the same.
Trade and other payables
Trade payables and other financial liabilities are initially
measured at fair value, and are subsequently measured at amortised
cost, using the effective interest rate method.
The Group's activities expose it primarily to the financial
risks of changes in interest rates on borrowings.
Investments
Investments in subsidiaries are stated at cost less any
provision for the permanent diminution in value.
Share-based payments
The Group issues equity-settled share-based payments to certain
employees and other parties. Equity settled share-based payments
are measured at fair value at the date of grant. In respect of
employee related share based payments, the fair value determined at
the grant date is expensed on a straight-line basis over the
vesting period, based on the Group's estimate of shares that will
eventually vest. In respect of other share based payments, the fair
value is determined at the date of grant and recognised when the
associated goods or services are received.
Operating segments
The Group considers itself to have one operating segment in the
year and further information is provided in note 3.
Going concern
The Directors have, at the time of approving the financial
statements, a reasonable expectation that the Company and the Group
will have adequate resources to continue in operating existence for
the foreseeable future. Thus they continue to adopt the going
concern basis of accounting in preparing the financial statements.
Further details are provided in the note 2.2 and in the Strategic
Report on pages 3 to 4. The financial statements therefore do not
include the adjustments that would result if the Group and Company
were unable to continue as a going concern.
2.2 Critical accounting estimates and judgements
The Group makes estimates and assumptions regarding the future.
Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from
these estimates and assumptions. The estimates and assumptions 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.
Non-current assets held for sale
As announced by the Company in August 2019, the company entered
into confidentiality agreements with several parties interested in
potentially making an offer to purchase all or part of the
Company's assets. At the date of these financial statements these
discussions are ongoing. As a sale of the underlying assets or
subsidiary companies did not meet the criteria of International
Financial Reporting Standard 5 at the balance sheet date, then no
re-classification as Assets held for resale is judged
appropriate
Fair value of acquisition
On acquisition of a subsidiary, the Company is required to
estimate the fair value of the assets and liabilities acquired and
the consideration paid. The estimate in respect of exploration and
evaluation assets is affected by many factors including the future
viability of commercial reserves which have been based on the
judgement of directors supported by third party technical
reports.
Going concern
In July 2019, the Company announced that it had commenced a
review of the strategic alternatives for the Company's mining
assets (the "Strategic Review"). Subsequently, in September 2019,
the company announced that it had engaged positively with several
parties interested in potentially making an offer to purchase all
or part of the Company's mining assets. The parties, with whom
Ironveld entered into confidentiality agreements, have held
discussions with management and conducted visits to the Company's
site.
Whilst the Company expects to advance these discussions,
alongside the Strategic Review the Company has been in discussions
with various partners and investors that could lead to the funding
of the development of the Project and the commencement of smelting
operations and, additionally has moved to rationalise its cost base
in both South Africa and the UK.
However, further to the announcement of 19 February 2019, the
Groups present financial resources and facilities are only
considered sufficient to enable it to operate at present levels
until March 2020, by which time, the board of Directors anticipates
to have either secured further financing or successfully concluded
the Strategic Review.
Therefore, whilst the existing resources are not sufficient to
develop the mining asset, the Directors have a reasonable
expectation that the Group will be able to obtain adequate
resources to continue in operational existence for the foreseeable
future, being twelve months from the date of the approval of the
financial statements. The Group is committed to developing its
Strategic Review and is actively engaged with interested parties.
For this reason, the Board continues to adopt the going concern
basis in the preparation of these financial statements.
Exploration and evaluation assets
The Group has adopted a policy of capitalising the costs of
exploration and evaluation and carrying the amount without
impairment assessment until impairment indicators exist (as
permitted by IFRS 6). The directors consider that the Group remains
in the exploration and evaluation phase and therefore, under IFRS
6, the directors have to make judgements as to whether any
indicators of impairment exist and the future activities of the
Group. No such indicators of impairment were identified and
therefore no impairment review has been carried out.
Deferred tax assets
The directors must judge whether the future profitability of the
Group is likely in making the decision whether or not to recognise
a deferred tax asset in respect of taxation losses. No deferred tax
assets have been recognised in the year.
Useful lives of property, plant and equipment
Property, plant and equipment are amortised or depreciated over
their useful lives. Useful lives are based on the management's
estimates of the period that the assets will generate revenue,
which are based on judgement and experience and periodically
reviewed for continued appropriateness. Changes to estimates can
result in significant variations in the carrying value and amounts
charged to the consolidated income statement in specific
periods.
3. Business and geographical segments
Information reported to the Group Directors for the purposes of
resource allocation and assessment of segment performance is
focused on the activity of each segment and its geographical
location. The directors consider that there is only one business
segment, which is the activity of prospecting, exploration and
mining based in South Africa.
4. Operating loss
Year Year
Operating loss for the year is shown after ended ended
charging:
2019 2018
GBP'000 GBP'000
Depreciation on tangible assets 3 2
Lease payments under operating
leases 53 43
-------- --------
Auditors remuneration
Fees payable to the auditors for the audit
of the Company's accounts 37 35
Fees payable to the Company's auditors and its associates
for other services:-
The audit of the Company's subsidiaries 14 13
Tax compliance services 7 13
Other assurance services 12 33
Other non-audit services 3 -
--- ---
5. Staff costs
Year Year
ended ended
2019 2018
GBP'000 GBP'000
Wages and salaries 438 423
Social security costs 15 19
Share based payments 5 31
Directors other fees 382 399
-------- --------
840 872
-------- --------
The average monthly number of employees, including 2019 2018
Directors, during the period was as follows:
Number Number
Administration and management 20 15
------- -------
Directors remuneration and other
fees 517 534
---- ----
The aggregate remuneration paid to the highest
paid Director was 251 261
---- ----
Further details of the Directors' remuneration are given in the
Directors' Remuneration Report on pages 9 and 10.
Company
Year Year
ended ended
2019 2018
GBP'000 GBP'000
Wages and salaries - directors 135 135
Social security costs 12 18
147 153
-------- --------
The average monthly number of employees, including 2019 2018
Directors, during the period was as follows:
Number Number
Directors 5 5
------- -------
6. Investment revenues
Year Year
ended ended
2019 2018
GBP'000 GBP'000
Interest on financial deposits 6 41
-------- --------
7. Finance costs
Year Year
ended ended
2019 2018
GBP'000 GBP'000
Loan interest and similar charges 2 7
-------- --------
8. Tax
Year Year
ended
ended
2019 2018
GBP'000 GBP'000
a) Tax charge for the period
Corporation tax:
Current period - -
Deferred tax (note 16) - -
-------- --------
- -
-------- --------
b) Factors affecting the tax charge for
the period
Loss on ordinary activities for the period
before taxation (625) (535)
-------- --------
Loss on ordinary activities for the period
before taxation multiplied by effective
rate of corporation tax in the UK of 19%
(2018 - 19%) (119) (102)
Non- deductible expenses - -
Unused tax losses not recognised 119 102
-------- --------
Tax expense for the period - -
-------- --------
c) Factors that may affect future tax charges - The Group has
estimated unutilised tax losses amounting to GBP4,235,000 (2018 -
GBP3,850,000) the values of which are not recognised in the balance
sheet. The losses represent a potential deferred taxation asset of
GBP831,000 (2018 - GBP760,000) which would be recoverable should
the Group make sufficient suitable taxable profits in the
future.
In addition, the Group has pooled exploration costs incurred of
GBP8,082,000 (2018 - GBP7.610,000) which are expected to be
deductible against future trading profits of the Group.
9. (Loss)/earnings per share
2019 2018
GBP'000 GBP'000
Loss attributable to the owners
of the Company (625) (535)
-------- --------
Loss per share - Basic and diluted
Continuing operations (0.10p) (0.10p)
---------- --------
The calculation of basic earnings per share is based on
602,7502,339 (2018 - 529,515,251) ordinary shares, being the
weighted average number of ordinary shares in issue during the
year. Where the Group reports a loss for the current period, then
in accordance with IAS 33, the share options are not considered
dilutive. Details of such instruments which could potentially
dilute basic earnings per share in the future are included in note
18.
10. Loss attributable to owners of the parent Company
As permitted by Section 408 of the Companies Act 2006, the
profit and loss account of the parent Company is not presented as
part of these accounts. The parent Company's loss for the financial
year amounted to GBP382,000 (2018 - GBP460,000).
11. Intangible assets
Exploration
and
evaluation
assets
GBP'000
Group
Cost:
At 1 July 2017 26,750
Additions 1,320
Exchange differences (1,852)
------------
At 30 June 2018 26,218
------------
Additions 1,225
Contributions received (268)
Exchange differences 248
------------
At 30 June 2019 27,423
------------
Amortisation:
At 1 July 2017, 30 June 2018 -
and 30 June 2019
------------
Net book value at 30 June 2019 27,423
------------
Net book value at 30 June 2018 26,218
------------
The Group's exploration and evaluation assets all relate to
South Africa.
In respect of the exploration and evaluation assets which remain
in the appraisal phase, the Group has performed a review for
impairment indicators, as required by IFRS 6 and in the absence of
such indicators no impairment review was carried out. During the
period contributions of GBP268,000 (2018 - GBPNil) were received
from the project partner in respect of the mineral ore testing.
12. Property plant and equipment
Plant
and
machinery
GBP'000
Group
Cost:
At 1 July 2018 37
Additions 4
At 30 June 2019 41
Depreciation:
At 1 July 2018 33
Charge for the period 3
At 30 June 2019 36
-----------
Net book value at 30 June 2019 5
-----------
Net book value at 30 June 2018 4
-----------
Plant
and
machinery
Cost: GBP'000
At 1 July 2018 39
Additions 1
Exchange (3)
At 30 June 2019 37
Depreciation:
At 1 July 2018 34
Charge for the period 2
Exchange differences (3)
--------------
At 30 June 2019 33
--------------
Net book value at 30 June 2019 4
--------------
Net book value at 30 June 2018 5
--------------
All non-current assets in 2019 and 2018 were located in South
Africa.
13. Investments
Group - Other investment
2019 2018
GBP'000 GBP'000
Loans to other entities 390 386
-------- --------
The investment represents the Rand 7million refundable deposit
to Siyanda Smelting and Refining Proprietary Limited which the
Group has paid in exchange for a period of exclusivity to conclude
a potential acquisition of the company. The deposit is interest
free and becomes refundable should the acquisition not proceed.
Company - Subsidiary undertakings
Loans Equity Total
GBP'000 GBP'000 GBP'000
Cost:
As at 1 July 2017 861 20,352 21,213
Transfers 54 (54) -
Additions 1,847 31 1,878
---------- -------- --------
At 30 June 2018 2,762 20,329 23,091
---------- -------- --------
Additions 978 5 983
---------- -------- --------
At 30 June 2019 3,740 20,334 24,074
---------- -------- --------
Net book value 30
June 2019 3,740 20,334 24,074
---------- -------- --------
Net book value 30
June 2018 2,762 20,329 23,091
---------- -------- --------
The loans represent loans to Ironveld Holdings (Propriety)
Limited of GBP3,645,000 which incur interest at a rate not
exceeding the base lending rate applicable in England and Wales.
Under the initial terms of the loan, GBP2,500,000 is repayable 31
December 2019 with the remainder due 31 December 2020. Also
included in loans are working capital loans to Ironveld Mauritius
Limited of GBP95,000 which are interest free.
The Company has investments in the following principal
subsidiaries. To avoid a statement of excessive length, details of
the investments which are not significant have been omitted:
Name of company Shares Proportion Nature of business
of voting
rights
held
Ironveld Mauritius Ordinary *100% Holding Company
Limited
Ironveld Holdings Ordinary 100% Holdings Company
(Pty) Limited
Ironveld Mining (Pty) Ordinary 100% Mining and exploration
Limited
Ironveld Middelburg (Pty) Ordinary 100% Ore processing and
Limited smelting
Ironveld Smelting Ordinary 74% Ore processing and
(Pty) Limited smelting
HW Iron (Pty) Limited Ordinary 68% Prospecting and mining
Lapon Mining (Pty) Ordinary 74% Prospecting and mining
Limited
Luge Prospecting and Ordinary 74% Prospecting and mining
Mining (Pty) Limited
* Held directly by Ironveld Plc all other holdings are
indirect.
All subsidiary undertakings are incorporated in South Africa,
other than Ironveld Mauritius Limited, which is incorporated in
Mauritius.
Further details of non-wholly owned subsidiaries of the Group
are provided in note 22.
14. Trade and other receivables
Group Company
2019 2018 2019 2018
GBP'000 GBP'000 GBP'000 GBP'000
Other receivables 138 158 11 21
Prepayments and accrued income 18 19 14 15
-------- ---------- -------- --------
156 177 25 36
-------- ---------- -------- --------
Credit risk
The Group's principal financial assets are bank balances, cash
balances, and other receivables. The Group's credit risk is
primarily attributable to its other receivables of which GBP109,000
(2018 - GBP104,000) is due from a third party financial institution
and further information is provided in note 17. The remaining
receivable relates to recoverable VAT. The amounts presented in the
balance sheet are net of allowances for doubtful receivables.
15. Trade and other payables
Group Company
2019 2018 2019 2018
GBP'000 GBP'000 GBP'000 GBP'000
Trade payables 8 39 8 6
Taxation and social security
costs 18 15 14 14
Other payables 10 5 5 5
Accruals and deferred
income 574 354 43 38
-------- ---------- -------- --------
610 413 70 63
Due within 12 months (610) (413) (70) (63)
-------- ---------- -------- --------
Due after more than 12 - - - -
months
-------- ---------- -------- --------
16. Deferred tax
Group
2019 2018
GBP'000 GBP'000
Balance at 1 July 5,194 5,580
Exchange differences 49 (386)
-------- -------------
Balance at 30 June 5,243 5,194
-------- -------------
The deferred tax liability is made
up as follows:
Group
2019 2018
GBP'000 GBP'000
Fair value adjustments
5,243 5,194
-------- -------------
17. Financial instruments
The Group's policies as regards derivatives and financial
instruments are set out in the accounting policies in note 2. The
Group does not trade in financial instruments.
Capital risk management
The Group manages its capital to ensure that they will be able
to continue as a going concern whilst maximising the return to
stakeholders through the optimisation of the debt and equity
balance. The Group's overall strategy remains unchanged from
2018.
The capital structure of the Group consists of debt, which
includes the borrowings disclosed in note 16, cash and cash
equivalents and equity attributable to equity holders of the parent
Company.
The Group is not subject to any externally imposed capital
requirements.
Interest rate risk profile
The Group has no significant exposure to interest rate risk as
the group has no external interest bearing borrowings and no
significant interest income. The Group's exposures to interest
rates on financial assets and financial liabilities are detailed in
the liquidity risk management section of this note.
Credit risk management
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in financial loss to the
Company. The Group has adopted a policy of only dealing with
creditworthy counterparties as a means of mitigating the risk of
financial loss from defaults. The Group's exposure and the credit
ratings of its counterparties are continuously monitored and the
aggregate value of the transactions concluded is spread where
possible.
Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with
the Board of Directors, which has established an appropriate
liquidity risk management framework for the management of the
Group's short, medium and long term funding and liquidity
management requirements. The Group manages liquidity risk by
assessing required reserves and banking facilities by continuously
monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities. Details of
additional undrawn bank facilities that the Group has at its
disposal to manage liquidity are set out below.
Financial facilities
The Group did not have any secured bank loan or overdraft
facilities during the current or comparative period.
Financial assets
The Group has no financial assets, other than short-term
receivables and cash deposits of GBP566,000 (2018 - GBP517,000).
The cash deposits attract variable rates of interest. At the year
end the effective rate was 0.7% (2018 - 0.5%). The cash deposits
held were as follows:-
2019 2018
GBP'000 GBP'000
Sterling - United Kingdom
banks 518 429
USD - United Kingdom banks 2 7
South African Rand - United Kingdom banks 5 29
South African Rand - South African banks 41 52
-------- --------
566 517
-------- --------
Financial liabilities
The Group had no interest bearing financial liabilities.
Currency exposures
The Group undertakes transactions denominated in foreign
currencies and is consequently exposed to fluctuations in exchange
rates.
The carrying amounts of the Group's foreign currency denominated
monetary assets and monetary liabilities were as follows:-
As at 30 June 2019 Assets Liabilities
GBP'000 GBP'000
British Pound Sterling (GBP) 528 70
USD ($) 2 13
South African Rand (R) 564 41
-------- --------------
1,094 610
-------- --------------
As at 30 June 2018 Assets Liabilities
GBP'000 GBP'000
British Pound Sterling (GBP) 449 63
USD ($) 7 7
South African Rand (R) 605 343
-------- --------------
1,061 413
-------- --------------
Financial commitments and guarantee
Rehabilitation guarantees of GBP1,340,000 (R 24,278,412) have
been issued to the Department of Mineral Resources for three
subsidiaries, HW Iron Proprietary Limited, Lapon Mining Proprietary
Limited and Luge Prospecting and Mining Company Proprietary Limited
in order to comply with Section 41 of the Mineral and Petroleum
Resources Development Act, 2002 (Act 28 of 2002). Under this
agreement the Group will pay deposits to a third party financial
institution to be held pending discharge of any potential claim on
this guarantee. At 30 June 2019 GBP109,000 (R 1,962,000) (2018 -
GBP104,000 (R 1,879,000)) had been deposited in respect of this
agreement and is included in other receivables. This represents a
concentration of credit risk and the Group is exposed to currency
risk on these amounts. As the project has not yet commenced then no
liability is considered to have arisen under this guarantee at the
reporting date.
18. Share capital
Group and Company
2019 2018
GBP'000 GBP'000
Allotted, called up and fully
paid
654,990,841 (2018 - 567,891,279) ordinary
shares of 1p each 6,550 5,679
322,447,158 (2018 - 322,447,158) deferred
shares of 1p each 3,224 3,224
-------- --------
9,774 8,903
-------- --------
On 3 December 2018, the Company issued 24,242,420 ordinary
shares of 1.65p each raising GBP400,000 before expenses.
On 28 February 2019, the Company issued 62,857,143 ordinary
shares of 1.75p each raising GBP1,100,000 before expenses.
Unlike ordinary shares, the deferred shares have no voting
rights, no dividend rights and on a return of capital or winding up
are entitled to a return of amounts credited as paid. The deferred
shares are not transferrable and beneficial interests in the
deferred shares can be transferred to such persons as the Directors
may determine as custodian for no consideration without sanction of
the holder. For this reason the deferred shares are excluded from
any Earnings per share calculations.
Share options
The Company has a share option scheme for certain employees and
former employees of the Group. The share options in issue during
the period were as follows:
Exercise As at 1 July Granted Exercised Lapsed As at
Price 2018 in year in year / Cancelled 30 June
Date Granted 2019
GBP'000 GBP'000 No No No
21 May 2010 10p 1,600,000 - - - 1,600,000
16 August
2012 1p 5,949,558 - - - 5,949,558
14 November
2012 1p 6,663,505 - - - 6,663,505
16 April
2013 1p 1,033,334 - - - 1,033,334
7 November
2013 1p 2,086,667 - - - 2,086,667
1 May 2014 1p 200,000 - - - 200,000
1 October
2015 1p 2,500,000 - - - 2,500,000
27 January
2016 1p 445,545 - - - 445,545
------------- ----------- -------------- ------------- ----------
The exercise period of the options
is as follows:
Date granted Expiry date Exercise period
21 May 2010 21 May 2020 To May 2020
16 August 16 August 2022 The options are exercisable 1/3 on the
2012 first anniversary of the grant, 1/3 on
the second anniversary of the grant and
the final 1/3 on third anniversary of
the grant
14 November 14 November 2022
2012
16 April 16 April 2023
2013
7 November 7 November 2023
2013
1 May 2014 1 May 2024
1 October 1 October 2025
2015
27 January 27 January 2026
2016
Of the options granted on 1 October 2015, 1,000,000 are
exercisable following first commercial production from the proposed
15 MW smelter.
The Group recognised a share based payment expense of GBP5,000
(2018 - GBP31,000) in the period. No options were granted in the
year
19. Reserves
Share premium Retained earnings
Group account
GBP'000 GBP'000
At 1 July 2018 19,161 (10,056)
Loss for the year - (624)
Exchange difference on translation
of foreign operations - 176
Issue of share capital 530 -
Credit for equity settled share based
payments - 5
------------------- -------------------
At 30 June 2019 19,691 (10,499)
---------------- ------------------
Retained earnings is made up of cumulative profits and losses to
date, share based payments, adjustments arising from changes in
non-controlling interests and exchange differences on translation
of foreign operations.
Share Retained
premium earnings
Company account
GBP'000 GBP'000
At 1 July 2018 19,161 (4,536)
Loss for the period - (382)
Issue of share capital 530 -
Credit for equity settled share based payments - 5
--------- ----------
At 30 June 2019 19,691 (4,913)
--------- ----------
The balance classified as share premium is the premium on the
issue of the Group's equity share capital, comprising 1p ordinary
shares and 1p deferred shares less any costs of issuing the
shares.
20. Cash generated from operations
Group 2019 2018
GBP'000 GBP'000
Operating loss (629) (570)
Depreciation on property
plant and equipment 3 2
-------- --------
Operating cash flows before movements
in working capital (626) (568)
Movement in receivables 22 138
Movement in payables 185 75
-------- --------
Cash used in operations (419) (355)
Interest paid (1) (7)
-------- --------
Net cash used in operations (420) (362)
-------- --------
Cash and cash equivalents 2019 2018
GBP'000 GBP'000
Cash and bank balances 566 517
-------- --------
Company 2019 2018
GBP'000 GBP'000
Operating loss (404) (467)
-------- --------
Operating cash flows before movements in working
capital (404) (467)
Movement in receivables 13 21
Movement in payables 10 (140)
Net cash used in operations (381) (586)
-------- --------
Cash and cash equivalents 2019 2018
GBP'000 GBP'000
Cash and bank balances 523 464
-------- --------
21. Related party transactions
Group
During the year the Group incurred GBP251,000 (2018 -
GBP261,000) for consultancy services to Goldline Global Consulting
(Pty) Limited, a company in which P Cox is materially interested.
At 30 June 2019, GBP365,000 remained unpaid in accruals.
During the year the Group incurred GBP131,000 (2018 -
GBP138,000) for consultancy services to Novem Consulting, a private
company in which V Von Ketelhodt is materially interested. At 30
June 2019, GBP145,000 remained unpaid in accruals.
Group and Company
The key management personnel of the Group are the directors.
Directors' remuneration is disclosed in Note 5.
During the year the Company paid GBP48,000 (2018 - GBP48,000)
for accounting services to Westleigh Investments Limited, a company
in which G Clarke and N Harrison are materially interested.
During the year the Company paid GBP20,000 (2018 - GBP20,000)
for consultancy services to Merlin Partnership LLP, a company in
which G Clarke is materially interested.
22. Non-controlling interest
2019 2018
GBP'000 GBP'000
At 1 July 3,687 3,923
Exchange adjustments 35 (235)
Share of loss for
the period (1) (1)
-------- --------
At 30 June 3,721 3,687
-------- --------
The table below shows details of non-wholly owned subsidiaries
of the Group that have material non-controlling interests:
Proportion Profit/(loss) Accumulated non-controlling
of voting allocated to interests
rights and non-controlling
shares held interests
2019 - (2018) 2019 2018 2019 2018
GBP'000 GBP'000 GBP'000 GBP'000
HW Iron (Pty) Limited 32% (32%) - - 1,184 1,173
Lapon Mining (Pty)
Limited 26% (26%) - - 2,540 2,517
Other non-controlling
interests (1) (1) (3) (3)
--------- -------- -------------- --------------
(1) (1) 3,721 3,687
--------- -------- -------------- --------------
Summarised financial information in respect of each of the
Group's subsidiaries that have material non-controlling interests
is set out below. The summarised financial information below
represents amounts before intragroup eliminations. The accounts of
the subsidiaries have been translated from their presentational
currency of South African Rand (R) using the R : GBP exchange rate
prevailing at 30 June 2019 of 17.9497 (2018 - 18.1197).
HW Iron (Proprietary) Limited
2019 2018
GBP'000 GBP'000
Non-current assets 7,261 7,007
Current liabilities (2,122) (1,916)
Non-current liabilities (1,441) (1,427)
-------- --------
3,698 3,664
Equity attributable to owners of the
Company 2,514 2,491
Non-controlling
interest 1,184 1,173
-------- --------
Revenue - -
Expenses - (1)
-------- --------
Loss for the year - (1)
-------- --------
Attributable to the owners
of the Company - (1)
Attributable to non-controlling
interests - -
-------- --------
Net cash inflow from operating
activities - 230
Net cash outflow from investing
activities (188) (265)
Net cash inflow from financing
activities 188 35
-------- --------
Net cash inflow - -
Net cash flow - Attributable to non-controlling
interests - -
-------- --------
Lapon Mining (Proprietary) Limited
2019 2018
GBP'000 GBP'000
Non-current assets 15,300 14,976
Current liabilities (1,728) (1,530)
Non-current liabilities (3,802) (3,766)
-------- --------
9,770 9,680
Equity attributable to owners of the Company 7,230 7,163
Non-controlling
interest 2,540 2,517
-------- --------
Revenue - -
Expenses (1) (1)
-------- --------
Loss for the year (1) (1)
-------- --------
Attributable to the owners
of the Company (1) (1)
Attributable to non-controlling
interests - -
-------- --------
Net cash inflow from operating
activities (1) (1)
Net cash outflow from investing
activities (183) (241)
Net cash inflow from financing
activities 184 242
-------- --------
Net cash inflow - -
Net cash flow - Attributable to the non-controlling
interests - -
-------- --------
23. Financial commitments
At the year end the Group had financial commitments under
operating leases of GBPNil.
24. Control
The Directors consider that there is no overall controlling
party.
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 DMMGZZDRGLZZ
(END) Dow Jones Newswires
December 05, 2019 02:00 ET (07:00 GMT)
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