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Global Coal Mgmnt (GCM)

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Friday 16 March, 2007

Global Coal Mgmnt

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