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Nova Resources Ltd (NOVA)

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Friday 27 September, 2013

Nova Resources Ltd

Interim results for the period ended 30 June 2013

RNS Number : 0594P
Nova Resources Limited
27 September 2013
 



Nova Resources Limited

Interim results for the period ended 30 June 2013

 

 

The Board of Nova Resources Limited (AIM : NOVA.L) is pleased to announce its interim results for the six months to 30 June 2013.

 

 

Company

 

Nova Resources Limited                                     +65 6236 2985

Chan Fook Meng - Chairman/CEO

 

Nominated Adviser

 

Daniel Stewart & Company Plc                            +44 (0) 20 7 776 6550

David Hart/James Felix

 

 



Chairman's Statement

 

I have pleasure in presenting our interim report for the period to 30 June 2013.

 

We have, as expected, incurred a loss for the period of £623,000, which relates largely to ongoing developments at our investments.

 

As previously announced, the management of Nova Trans LLC has reported that the coal transportation contract entered into by it with Transgobi LLC expired on 15 April 2013.  Whilst discussions between Nova Trans LLC and Transgobi LLC took place regarding the renewal of this contract, this has not yet occurred. The management of Nova Trans LLC are looking for other transportation opportunities in Mongolia as well as continuing a dialogue with Transgobi LLC regarding a potential renewal of the contract.   They are also in discussions with potential investors for additional funding.

 

In August 2013, the Group secured new investment of £400,000, which will provide the Group with adequate funding to continue to seek opportunities in line with its investing policy.

 

 

Chan Fook Meng

Chairman

 

  



Nova Resources Limited

 

Consolidated Comprehensive Income Statement

For the period to 30 June 2013

           

 

Notes

6 Months

Year to

6 Months

 

 

30 June

2013

31 December 2012

30 June

2012

 

 

Unaudited

Audited

Unaudited

 

 

£'000s

£'000s

£'000s

 

 

 

 

 

Revenue

 

41

1,170

-

 

 

 

 

 

Cost of sales

 

(197)

(832)

-

 

 

 

 

 

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Gross (loss) / profit

 

(156)

338

-

 

 

 

 

 

Administrative expenses

 

(446)

(1,165)

(786)

Impairment of goodwill

 

-

(2,255)

-

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Operating loss            

4

(602)

(3,082)

(786)

Unrealised Gains (Losses) on financial assets designated at fair value through profit or loss account

 

 

 

27

 

 

(118)

 

 

(21)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

(575)

(3,200)

(807)

Finance income

 

5

43

15

Finance expense

 

(53)

(1)

(78)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Loss before tax

 

(623)

(3,158)

(870)

 

 

 

 

 

Income tax charges

 

-

(10)

-

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Loss for the period

 

(623)

(3,168)

(870)

 

 

 

 

 

Other comprehensive income

 

(62)

-

-

 

 

 

 

 

Minority interests

 

-

-

1

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Total comprehensive loss

for the period

 

 

(685)

 

(3,168)

 

(869)

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

- Owners of the parent

 

(685)

(3,168)

(869)

 

 

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

From continuing operations:

 

 

 

 

 

 

 

 

 

Basic and diluted

6

            (0.59p)

(3.11p)

            (0.89p)

 

 

 

 

 

 

 



 

Nova Resources Limited

Consolidated Statement of Financial Position

As at 30 June 2013

           

 

Notes

6 Months

Year to

6 Months

 

 

30 June

2013

31 December 2012

30 June

2012

 

 

Unaudited

Audited

Unaudited

 

 

£'000s

£'000s

£'000s

Assets

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

2,174

2,170

638

Goodwill

 

-

-

2,255

Financial assets designated at fair value through profit or loss account

 

 

680

 

653

 

750

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

2,854

2,823

3,643

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Current assets

 

 

 

 

Cash and cash equivalents

 

6

119

651

Trade and other receivables

7

264

923

2,202

Inventories

 

-

19

-

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

270

1,061

2,853

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Total assets

 

3,124

3,884

6,496

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

Issued capital

8

1,061

1,061

1,061

Share premium

 

4,996

4,996

4,996

Equity to be issued

 

-

-

487

Loan note equity reserve

 

13

13

13

Share based payment reserve

 

17

17

17

Foreign exchange reserve

 

(62)

-

-

Accumulated deficit

 

(5,553)

(4,930)

(2,610)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Total equity

 

472

1,157

3,964

 

 

 

 

 

Non Current liabilities

 

 

 

 

Non-interest bearing loans

9

14

21

24

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

14

21

24

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Current liabilities

 

 

 

 

Trade and other payables

 

486

2,024

168

Borrowings

 

 2,129

 666

 2,327

Convertible loan

9

23

16

13

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

2,638

2,706

2,508

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Total equity and liabilities

 

3,124

3,884

6,496

 

 

 

 

 

           

 

Nova Resources Limited

Consolidated Statement of Cash Flows

 

For the period to 30 June 2013

 

 

 

Period to

30 June 2013 Unaudited

Period to

30 June 2012 Unaudited

 

 

 

 

 

£'000s

£'000s

£'000s

 

 

 

 

Operating activities

57

884

(211)

 

 

 

 

Investing activities

 

 

 

 

 

 

 

Purchases of plant and equipment

(108)

(2,312)

(643)

Adjustment to purchases of subsidiary

 

-

 

42

 

-

 

 

 

 

Financing activities

 

 

 

Proceeds from issue of shares

-

975

975

Proceeds of issue of loan note

-

60

60

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Net cash inflow/(outflow)

(51)

(351)

181

 

 

 

 

Effects of changes in exchange rates

(62)

-

-

Cash and cash equivalents at the beginning of the period

 

119

 

470

 

470

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Bank balances and cash

6

119

651

 

 

 

 

 

 

 

 

Reconciliation of operating loss to net cash outflow from operating activities

 

 

Period to

30 June 2013 Unaudited

Period to

30 June 2012 Unaudited

 

 

 

 

 

£'000s

£'000s

£'000s

 

 

 

 

Loss for the period before interest and tax

 

(575)

 

(1,110)

 

(807)

 

 

 

 

Adjustments for:

 

 

 

Finance expense

(53)

(1)

(78)

Finance Income

5

43

15

Share based payment

-

17

17

Provision for quoted investments

(27)

118

21

Minority interests

-

(1)

(1)

Depreciation

104

97

5

(Increase)/Decrease in inventory

19

(19)

-

(Increase)/Decrease in receivables

659

(919)

(1,645)

Increase/(decrease) in payables

(75)

2,614

2,262

Loss on disposal of fixed assets

-

45

-

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Net cash outflow from operating

activities

 

57

 

884

 

(211)

 

 

 

 


Nova Resources Limited

                                   

Consolidated statement of changes in equity

 

For period to 30 June 2013

 


Foreign exchange reserve

 

Option and warrant reserve

Loan note equity reserve

Share capital

Share premium

Accumulated deficit

Total


£000's

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s









As at 1 January 2011

-

-

-

600

2,504

(1,585)

1,519









Shares issued in period

-

-

-

100

100

-

200

Loss after tax

-

-

-

-

-

(156)

(156)


¾¾¾
¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

¾¾¾
¾¾¾
¾¾¾¾¾

 

Balance as at 31 December 2011

-

-

-

700

2,604

(1,741)

1,563









Shares Issued in period

-

-

-

361

2,392

-

2,753

Loss after tax

-

-

-

-

-

(3,168)

(3,168)

Issue of convertible loan notes

-

-

13

-

-

-

13

Share based payments

-

17

-

-

-

-

17

Prior year losses in subsidiaries

-

-

-

-

-

(21)

(21)


¾¾¾¾¾

 

¾¾¾¾¾

 

¾¾¾
¾¾¾
¾¾¾¾

 

¾¾¾¾
¾¾¾¾¾

     

Balance as at 31 December 2012

-

17

13

1,061

4,996

(4,930)

1,157

Loss after tax

-

-

-

(623)

(623)

Foreign exchange reserve

(62)

-

-

-

-

-

(62)


¾¾¾¾¾
¾¾¾
¾¾¾
¾¾¾

¾¾¾
¾¾¾
¾¾¾¾¾

     

As at 30 June 2013

(62)

17

13

1,061

4,996

(5,553)

472


 ======

=====

======   

===== ===== =====

=====  










Nova Resources Limited

 

Notes to the Interim Financial Information

 

1.   General Information

 

      Nova Resources Limited is a public limited company incorporated in Bermuda with a company number 39768 and quoted on the AIM market of the London Stock Exchange Plc.

 

2.   Basis of Preparation

 

This interim report, which incorporates the financial information of the company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statement for the year ended 31 December 2012. This interim financial information for the six months ended 30 June 2013 was approved by the Board on  27 September 2013.

    

3.   Segmental Analysis

 

The group's primary reporting format is business segments and its secondary format is geographical segments. The group currently only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.

 

4.   Operating loss for the period is stated after charging / (crediting)

      

           

 

Period to

30 June 2013 Unaudited

Period to

30 June 2012 Unaudited

 

 

 

 

 

£'000s

£'000s

£'000s

 

 

 

 

Depreciation

104

97

5

Share based payment

-

17

17

(Profit) / Loss on foreign currency translation

 

(152)

 

203

 

-

Auditors' remuneration

-

15

-

 

    ====

        ====

==== 

 

5.   Remuneration of key management personnel

 

 

Period to

30 June 2013 Unaudited

Year to

31 December 2012

Audited

Period to

30 June 2012 Unaudited

 

 

 

 

The fees paid in the period to 30 June 2013 were:

£'000s

£'000s

£'000s

 

 

 

 

Charles Green

-

13

13

Park Ji Wong

-

32

32

Lee Fer Ling

-

6

6

 

¾¾¾¾¾

¾¾¾¾¾
¾¾¾¾¾

  

 



 

Nova Resources Limited

 

Notes to the Interim Financial Information

 

 

6.    Loss per share

 

Period to

30 June 2013 Unaudited

Year to

31 December 2012

Audited

Period to

30 June 2012 Unaudited

 

 

 

 

 

£'000s

£'000s

£'000s

Loss per ordinary share:

 

 

 

Basic - pence

(0.59p)

(3.11p)

(0.89p)

Diluted - pence

(0.59p)

(3.11p)

(0.89p)

 

  ======

            =====

       ====

 

 

 

 

 

      The loss per ordinary share is based on the company's loss for the period of £623,000 (31 December 2012 - £3,168,000; 30 June 2012 - £870,000) and a basic and diluted weighted average number of shares in issue of 106,115,287 (31 December 2012 - 101,795,589; 30 June 2012 - 97,428,422).

 

7.  Trade and other receivables

 

      Included in trade and other receivables was £84,286 in respect of deposits paid to suppliers for development of transportation centre.

 

8.   Called up Share Capital

 

      The issued share capital as at 30 June 2013, 31 December 2012 and 30 June 2012 was 106,115,287 ordinary shares of £0.01 each.

 

On 20 June 2013, the company granted 5,500,000 warrants to subscribe for ordinary shares in the company, at the rate of £0.015 per new ordinary shares.

 

9.   Convertible Loans

 

    On 10 February 2012, £60,000 convertible loan notes were issued with a final repayment date of 31 March 2015 (the "2015 Loan Notes"). The notes are interest free and unsecured. The note holders have the right to convert any amount of the principal amount of the 2015 Loan Notes into New Ordinary Shares at the exercise price of 7.5p per share.  The ordinary shares to be issued on conversion (assuming full conversion) would amount to 800 000 ordinary shares. On 15 March 2012, £10,000 of the 2015 Loan Notes were converted into 133,333 ordinary shares.

 

 

2015 Loan Notes

£'000s

As at 1 January 2012

-

Issue of loan notes

60

Conversion of loan notes into shares

(10)

 

50

Equity component

(13)

As at 30 June 2013

37

 

 

 

 

 

Nova Resources Limited

 

Notes to the Interim Financial Information

 

   

10.  Related-party transactions

 

    Transactions between the group and its subsidiaries, which are related parties, have been eliminated on
    consolidation and are not disclosed in this note.

 

During the period, the group recognised £30,000 (31 December 2012: £55,107, 30 June 2012: £30,247) to Menora Trading Ltd, a company owned and controlled by Chan Fook Meng, for consultancy fees.

 

11.  Events subsequent to 30 June 2013

 

On 28 August 2013, the Company secured new investment of £400,000 by way of the issue of 0% unsecured convertible loan notes. The loan notes are repayable by 31 December 2017. The noteholder was also issued with 200,000,000 warrants, which are exercisable into shares in the Company at 1p per new ordinary share, at any time up to 31 December 2018.

 

On 17 September 2013, the Company sold its entire holding of shares in European Islamic Investment Bank Plc ("EIIB") at a price of 3.1p per share, for a total consideration of £663,892. The consideration was satisfied by the transfer of 9,000,000 warrants over shares in Tricor Plc, an investment company listed on AIM. The warrants are exercisable at 0.5p per new ordinary share at any time up to 31 December 2017.

 

12.  The unaudited results for the period ended 30 June 2013 do not constitute statutory accounts. The comparative figures for the period ended 31 December 2012 are extracted from the audited financial statements which contained an unqualified audit report.

 

13.  This interim financial statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the company's website at www.novaresourceslimited.com.

 

 


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