Interim Results

Global Coal Management PLC 16 March 2007 GLOBAL COAL MANAGEMENT PLC (Formerly Asia Energy plc) (AIM: GCM) Interim Report for the six months ended December 31 2006 It has been an exciting period for Global Coal Management plc (GCM). We have acquired some new additions to the Company's portfolio, whilst witnessing many dynamic changes in the political and investment climate in Bangladesh. In January 2007 the Company's name changed to Global Coal Management plc. The name better reflects the global strategy of the Company and the broadening of our investment portfolio. While the political situation in Bangladesh remains uncertain, there is general optimism in the business community that the current Caretaker Government will take this opportunity to address the critical issues facing the country today. This includes the key issue of power supply. GCM continues to wait for approval from the Government of Bangladesh for the Phulbari Coal Project's Scheme of Development. We remain committed to work with the Government to find an acceptable and harmonious way to implement this exciting Project for the benefit of all stakeholders. Highlights of the year have been investments in GVM Metals Ltd (GVM) and Peoples Telecommunications and Information Services Ltd (PeoplesTel) in the latter part of December 2006 and January 2007. Results The Group made a loss of £1,027,000 after tax for the six months to 31 December 2006 (December 2005: loss of £355,000). This includes a one-off charge of £834,000 due to the valuation of options issued during the six months ended 31 December 2006 to comply with the new accounting standard FRS20 Share-Based Payments. Excluding the impact of this charge, the loss for the six months ended 31 December 2006 is £193,000. Exploration expenditure for the six months amounted to £1.8 million (December 2005: £3.9 million) as the Group reduced activity while awaiting approval from the Government of Bangladesh, to proceed with the next stage of the Phulbari Coal Project. Attached below are the detailed Profit and Loss, Balance Sheet and Cash Flow. Group profit and loss account For the six months ended 31 December 2006 6 months to 6 months to Year ended 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £000 £000 £000 Share-based payments (FRS20) 834 - - Other administrative expenses 839 512 1,338 Administrative expenses 1,673 512 1,338 Group operating loss (1,673) (512) (1,338) Interest receivable 647 157 817 Group operating loss and loss on (1,026) (355) (521) ordinary activities before taxation Taxation on loss on ordinary activities (1) - 1 Loss on ordinary activities after (1,027) (355) (520) taxation Loss for the financial period (1,027) (355) (520) attributable to members of the parent company Retained loss for the period (1,027) (355) (520) Basic and diluted loss per share (2.1)p (0.8)p (1.2)p (pence) Group statement of total recognised gains and losses For the six months ended 31 December 2006 6 months to 6 months to Year ended 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £000 £000 £000 Loss for the financial period (1,027) (355) (520) attributable to members of the parent company Total recognised losses relating to the (1,027) (355) (520) period As a result of adopting FRS20, the net assets as at 30 June 2006 increased by £36,000 to £46,090,000. Group balance sheet As at 31 December 2006 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) (restated) £000 £000 £000 Fixed assets Intangible assets 19,760 14,219 17,930 Tangible assets 351 328 343 Investments 2,513 - - 22,624 14,547 18,273 Current assets Debtors 258 200 155 Deferred tax asset - - 1 Other receivables 46 - 46 Cash at bank and in hand 23,502 31,050 28,083 23,806 31,250 28,285 Creditors: amounts falling due with one (298) (775) (468) year Net current assets 23,508 30,475 27,817 Total assets less current liabilities 46,132 45,022 46,090 Net assets 46,132 45,022 46,090 Capital and reserves Called up share capital account 4,877 4,800 4,877 Share premium account 42,708 41,854 42,664 Other reserves account 537 - 346 Profit and loss account (1,990) (1,632) (1,797) Equity shareholders' funds 46,132 45,022 46,090 Group cash flow statement For the six months ended 31 December 2006 6 months to 6 months to Year ended 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £000 £000 £000 Net cash outflow used in operating (766) (473) (1,140) activities Returns on investments and servicing of finance Interest 568 156 817 Capital expenditure and financial investment Purchase of tangible fixed assets (48) - (124) Purchase of intangible fixed assets (1,822) (4,305) (7,680) Expenditure on investments (2,513) - - Payment for security deposits - - (31) Net cash outflow before management of (4,581) (4,622) (8,158) liquid resources and financing Financing Issue of ordinary share capital - 31,237 31,807 Share issue costs - (1,208) (1,209) - 30,029 30,598 Increase (decrease) in cash (4,581) 25,407 22,440 For further information: Stephen Bywater Cathy Malins or Annabel Leather Chief Executive Parkgreen Communications Ph: +44 (0)207 290 1630 Ph: +44 (0)207 851 7480 Graham Taggart Finance Director Ph: +44 (0)207 290 1630 Global Coal Management plc Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631 info@gcmplc.com; www.gcmplc.com View Interim Results in full - PDF Format: http://www.gcmplc.com/investor_relations/financial_reports.php Hard copies of the interim accounts will be posted to shareholders following this announcement. This information is provided by RNS The company news service from the London Stock Exchange

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