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Amedeo Resources PLC (AMED)

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Thursday 22 September, 2016

Amedeo Resources PLC

Interim Results - six months ended 30 June 2016

RNS Number : 6039K
Amedeo Resources PLC
22 September 2016
 

22 September 2016

 

Amedeo Resources PLC

("Amedeo" or the "Company")

 

Interim Results for the six months ended 30 June 2016

 

Introduction

 

Progress at Jiangsu Yangzijiang Offshore Engineering Co. Ltd's ("YZJ Offshore") marine vessel yard on its first order, a Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig ("Explorer 1"), continues and Explorer 1 is expected to be ready for delivery by the end of 2016.

 

With iron ore prices depressed, MGR Resources PTE Ltd ("MGR") cut back activities to a bare minimum. With surplus working capital, it repaid its GBP1,200,000 loan from Amedeo.

 

Total comprehensive loss for the period was US$632,000 (2015: US$749,000). Cash at the end of the period was US$3,998,000 (2015: US$3,281,000).

 

Despite these difficulties, Amedeo continues to pursue its long term strategy of building a vertically integrated business in the resource and energy and related infrastructure sectors.

 

YZJ Offshore

 

YZJ Offshore marine vessel yard continued with the commissioning of its first order, Explorer 1. With this being the yard's first rig, the commissioning process is continuing post the period in to the second half of 2016. The yard expects Explorer 1 to be ready for delivery by the end of 2016.

 

The market for marine vessels remains depressed and no new orders have been won for rigs or other marine vessels. This state of affairs is expected to improve in the medium term, and YZJ Offshore, having completed its first rig expects to be well placed to take advantage of the situation when it improves.

 

While commissioning Explorer 1, YZJ Offshore generated revenues by employing its berthing capacity. These revenues were sufficient to have covered YZJ Offshore's costs and generate a small profit of which US$13,000 is attributable to Amedeo

 

Amedeo has an indirect 19.0% stake in YZJ Offshore which it holds through its 47.5% stake in the joint venture company, YZJ Offshore Engineering Pte Ltd ("YZJ JV")

 

MGR

 

With iron ore prices depressed, MGR cut back activities to a bare minimum, and as such made a loss of US$15,000 (2015: US$64,000). Due to the low level of activity, in February 2016, it paid back to Amedeo a loan of GBP1,200,000. MGR continues to monitor the iron ore and commodity market in order to seek profitable brokering activities.

 

Amedeo has a 49.0% stake in MGR.

 

Financial Review

 

Revenue comprises various business services, invoiced in GBP, that Amedeo provides to MGR. During  the six months, revenue decreased slightly to US$56,000 (2015: US$65,000). due to a fall in GBP against the US$.

 

Administrative costs were US$299,000 (2015: US$248,000). The increase was primarily due to the under accrual of audit fees in the prior period. Allowing for this, administrative costs were in line with the prior period.

 

Amedeo's share of losses in associates was US$2,000 (prior period: US$582,000). This was made up of a profit of US$13,000 (2015: loss of US$518,000) at YZJ JV and a loss of US$15,000 (2015: US$64,000) at MGR.

 

Foreign exchange losses amount to US$267,000 (2015: Gains US$4,000). These were predominately due to translating GBP denominated loans into US$ and translating GBP bank balances at the period end exchange rate. This is a non-cash item.

 

Finance income decreased to US$10,000 (2015: US$165,000) due to MGR repaying a loan of GBP1,200,000 to Amedeo.

 

Overall loss on ordinary activities before taxation was reduced to US$613,000 (2015: US$683,000). Basic and fully diluted loss per share for the period was US$1.83 (2015: US$2.09).  

 

Foreign exchange translation differences due to Amedeo's indirect investment in YZJ Offshore were less than US$1,000 (2015: US$66,000). Overall total comprehensive loss for the period was US$613,000 (2015: US$749,000).

 

At the period end, the carrying value on the balance sheet of investments in associates fell to US$16,210,000 (2015: US$18,557,000), primarily as a result of the share of loss in the second half of 2015 from Amedeo's stake in YZJ JV.

Current assets fell to US$4,586,000 (2015: US$5,468,000). Cash as at 30 June 2016 was US$3,998,000 (2015: US$3,281,000) primarily as a result of the repayment of the GBP loan of £1,200,000 by MGR.

Trade and other payables decreased to US$188,000 (2015: US$247,000) mainly due to accrued expenses which were settled after the end of the prior period.

Overall, at the period end, net and total assets were US$20,607,000 (2015: US$23,778,000) and US$20,796,000 (2015: US$24,025,000), respectively.

Outlook

 

Despite the current difficulties in both the marine vessels market and the iron ore and commodity markets, Amedeo is well resourced and remains focused on long term strategy of building a vertically integrated business in the resource and energy and related infrastructure sectors.

 

**ENDS**

Enquiries:

Glen Lau
Chief Executive Officer
Amedeo Resources PLC
Tel office: +44 20 7583 8304   

Zafar Karim
Executive Director
Amedeo Resources PLC
Tel office: +44 20 7583 8304   

Paul Shackleton
Nominated Adviser & Broker
WH Ireland
Tel office: +44 207 220 1666

Elliot Hance
Joint Broker
Beaufort Securities Limited
Tel office: +44 20 7382 8300

Notes

Amedeo Resources PLC is an investment company whose policy is to invest principally, but not exclusively, in the resources and resources infrastructure and asset sectors. Amedeo has a deep and broad global network and wide contact base in these sectors, including in East and South East Asia and the Middle East which it leverages to source and make investments. These sectors are strategically important. Amedeo is a proactive investor which assists its investee companies to grow by providing investment, expertise and contacts.

AMEDEO RESOURCES PLC

 

Consolidated unaudited statement of comprehensive income

for the six months ended 30 June 2016 (unaudited)


 

 

Unaudited

 

Unaudited

 

Audited


 

Note

6 months ended 30.6.16 US$'000

6 months ended 30.6.15 US$'000

12 months ended 31.12.15 US$'000

Revenue


56

65

128

Cost of Sales


-

-

-



______

______

______

Gross profit


56

65

128






Administrative expenses


(299)

(248)

(651)

Share based payments


(130)

(90)

(261)

Share of profit/(loss) of associates

2

(2)

(582)

(2,014)

Foreign exchange gains (losses)


(267)

4

(115)



____

____

____

Loss from operations


(642)

(851)

(2,913)






Profit on sale of quoted shares


-

3

3

Finance Income


10

165

300

 

 

 


______

______

______

Loss on ordinary activities before taxation

3

(632)

(683)

(2,610)






Taxation


-

-

-



______

______

______

Loss for the period


(632)

(683)

(2,610)

Other Comprehensive Income





Foreign exchange translation difference


-

(66)

(978)



______

______

______

Total Comprehensive loss for the period


(632)

(749)

(3,588)



______

______

______

Basic and fully diluted (Loss) per share (US$ cents)

3

(1.94c)

(2.09c)

(7.99c)

 

 



 

AMEDEO RESOURCES PLC

 

Consolidated unaudited statement of financial position

As at 30 June 2016 (unaudited)

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

As at 30.6.16 US$'000

As at 30.6.15 US$'000

As at 31.12.15 US$'000

Assets:





Non-current Assets





Investment in associates


16,210

18,557

16,213



_____

_____

_____



16,210

18,557

16,213

Current Assets





Loans Receivable


400

1,868

2,177

Investment in unquoted preference shares


-

33

-

Other receivables


188

286

527

Cash and cash equivalents


3,998

3,281

2,340



_____

_____

_____



4,586

5,468

5,044








_____

_____

_____

Total Assets


20,796

24,025

21,257






Liabilities:





Current Liabilities


 

 


Trade and other payables


(189)

(247)

(147)

 

 

 

 


_____

_____

_____

Total Liabilities


(189)

(247)

(147)








_____

_____

_____

Net Assets


20,607

23,778

21,110






 

Capital and Reserves





Called up equity share capital


5,804

5,804

5,804

Share premium account

 

 

29,103

29,103

29,103

Warrant reserve


695

394

565

Foreign exchange reserve


481

1,393

481

Retained earnings


(15,476)

(12,916)

(14,843)



_____

_____

_____

Total Equity

 


20,607

23,778

21,110

 



 

AMEDEO RESOURCES PLC

 

Consolidated unaudited cash flow statement

for the six months ended 30 June 2016 (unaudited)

 


 

Unaudited

 

Unaudited

 

Audited

 

 

 

6 months ended 30.6.16

US$'000

6 months ended 30.6.15 US$'000

12 months ended

31.12.15

US$'000

Reconciliation of operating profit to net cash flow from operating activities

 




Loss for the period before tax

 

(632)

(683)

(2,610)

Adjustments for:

 




Share based payments

 

130

90

261

Share of loss of associates

 

2

582

2,014

Loss on sale of quoted Shares

 

-

(3)

(3)

Provision for unquoted preference shares

 

-

-

33

Finance Income

 

(10)

(165)

(300)

Unrealised FX losses

 

-

-

86

 

 

____

____

____

 

 

(510)

(179)

(519)

Changes in working capital:

 




Decrease in receivables

 

339

265

17

Increase/(decrease) in payables

 

42

(97)

(197)

 

 

____

____

____

Net cash flows used from operating activities

 

(129)

(11)

(699)


 




Investing activities

 




Receipt on sale of quoted Shares

 

-

3

10

Loans made to associate

 

-

-

(400)

Loans repaid by associate

 

1,777

1,945

1,950


 

_____

_____

_____

Net cash from/(used in) investing activities

 

1,777

2,113

1,560


 




Financing activities

 




Finance income

 

10

165

300

 

Net cash from financing activities

 

_____

10

_____

-

______

300


 




Net increase in cash and equivalents

 

1,658

2,102

1,161

Cash and equivalents at beginning of period

 

2,340

1,179

1,179

Cash and equivalents at end of period

 

3,998

3,281

2,340

 

 

 



 

NOTES TO THE INTERIM ACCOUNTS

1. Basis of preparation

The accounting policies adopted are consistent with those of the previous financial year ended 31 December 2015.

This interim consolidated financial information for the six months ended 30 June 2016 has been prepared in accordance with AIM rule 18, 'Half yearly reports and accounts'. This interim consolidated financial information is not the group's statutory financial statements within the meaning of section 434 of the Companies Act 2006 (and information as required by section 435 of the Companies Act 2006) and should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The interim consolidated financial information for the six months ended 30 June 2016 is unaudited. In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period. Comparative numbers for the six months ended 30 June 2015 are also unaudited.

This interim consolidated financial information is presented in US Dollars ($), rounded to the nearest US$'000 dollar.

2. Share of loss of associates

 


6 months ended 30.6.16

6 months ended 30.6.15

12 months ended 31.12.15


US$'000

US$'000

US$'000





Share of profit/(loss) of YZJ JV

13

(518)

(2,059)

Share of loss of MGR

(15)

(64)

45


____

____

____


(2)

(582)

(2,014)

 

The Company holds a 47.5% stake in YZJ JV and a 49.0% stake in MGR. YZJ JV reported an unaudited profit for the 6 months to 30 June 2016 of US$27,000 (2015: loss of US$1,089,000) and US$13,000 (2015: loss of US$518,000) represents Amedeo's share of YZJ Offshore's profit.

 

MGR reported a loss of US$31,000 for the period to 30 June 2016 (2015: US$131,000), of which US$15,000 (2015: US$64,000) represents Amedeo's share of MGR's profit.

 

 

 

 

3. Loss per share

 

The basic and diluted loss per share for the period ended 30 June 2016 was 1.94c (2015: 2.09c). The calculation of loss per share is based on the loss of US$632,000 for the period ended 30 June 2016 (2015: US$683,000) and the weighted average number of shares in issue during the period for calculating the basic profit per share of 32,653,843 shares (2015: 32,653,843).

 

4. Preparation of interim report

 

This report was approved by the Directors on 22 September 2016.


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