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Global Coal Mgmnt (GCM)

  Print      Mail a friend       Annual reports

Wednesday 10 October, 2007

Global Coal Mgmnt

Preliminary Results

Global Coal Management PLC
10 October 2007

                           GLOBAL COAL MANAGEMENT PLC
                                   (AIM: GCM)

                        FOR THE YEAR ENDED 30 JUNE 2007

This year has seen GCM develop as a company. Even though it has been a period of
uncertainty regarding the Phulbari Coal Project, it has also been an exciting
period with new additions to the Company's portfolio. The development of the
Phulbari Coal Project has been delayed following the Government's failure to
date to approve the Scheme of Development.

The many dynamic changes to the national political situation have placed a
strain on the investment climate in Bangladesh.  Under the terms of the
Bangladesh Constitution the Bangladesh National Party (BNP) Government handed
over to a caretaker government in October 2006 with the expectation that there
would be an election within three months.  The main opposition party decided in
January this year to boycott the election, precipitating country-wide unrest.
This ultimately led to a state of emergency being declared and a new caretaker
government being appointed.  At this stage the election is now planned before
the end of 2008.

While the political situation remains uncertain, there is general optimism in
the business community that the policy makers will address the critical issues
facing the country today, including the key issue of energy and power supply.
Despite these setbacks and the tragic events that occurred at Phulbari in August
2006 we remain committed to working with the Government to find an acceptable
and harmonious way to implement the exciting Phulbari Coal Project for the
benefit of the people of Bangladesh and our shareholders and all other


•        Bangladesh elections were postponed and a new Caretaker Government was

•        New Coal Policy was drafted and is being reviewed by a technical
committee ahead of approval by the Government of Bangladesh.

•        6% investment in CCEC Ltd provides entry into China's exciting coal
mining and downstream activities.

•        10% investment in GVM Metals Limited gives access to mature coal
prospects in South Africa.

•        Strategic alliance with Aura Energy Ltd provides an opportunity to move
into uranium exploration in highly prospective ground with a very experienced

•        26.5% investment in Peoples Telecommunications and Information Services

•        Launch this year of which provides a comprehensive
description of the Phulbari Coal Project in Bangla.


The Group made a loss of £1,254,000 after tax for the twelve months to 30 June
2007 (June 2006: loss of £520,000). The increased loss was as a consequence of
an £833,000 charge to earnings due to a new accounting policy with the
introduction of FRS20.

Exploration expenditure relating to the Phulbari Coal Project amounted to
£3,286,000 for the twelve months (June 2006: £7,643,000). The Group completed
the feasibility study and reduced activity while awaiting approval from the
Government of Bangladesh to proceed with the next stage of the Phulbari Coal

Attached below are the detailed Profit and Loss, Balance Sheet and Cash Flow.

                           Global Coal Management plc

                         GROUP PROFIT AND LOSS ACCOUNT

                        FOR THE YEAR ENDED 30 JUNE 2007

                                                                                 30 June             30 June
                                                                                    2007                2006
                                                                                  £000's              £000's

Share-based payments                                                                 833                   -
Exploration costs                                                                     42                   -
Administrative expenses                                                            1,541               1,338

Group operating loss and loss on ordinary activities before interest and
taxation                                                                          (2,416)             (1,338)

Interest receivable                                                                1,163                 817
Loss on ordinary activities before taxation                                       (1,253)               (521)

Tax on loss on ordinary activities                                                    (1)                  1
Loss on ordinary activities after taxation                                        (1,254)               (520)

Loss for the financial year attributable to members of the parent company         (1,254)               (520)

Retained loss for the period                                                      (1,254)               (520)

Basic loss per share (pence)                                                      (2.6)p              (1.2)p
Diluted loss per share (pence)                                                    (2.6)p              (1.2)p

The above results relate solely to continuing operating activities of the Group.


                        FOR THE YEAR ENDED 30 JUNE 2007

                                                                                 30 June          30 June
                                                                                    2007             2006
                                                                                  £000's           £000's
Loss for the financial year attributable to members of the parent
company                                                                           (1,254)            (520)

Total recognised losses relating to the period                                    (1,254)            (520)

                            Global Coal Management plc

                              GROUP BALANCE SHEET

                               AS AT 30 JUNE 2007

                                                                                  30 June          30 June
                                                                                     2007             2006
                                                                                   £000's           £000's
Fixed assets
Intangible assets                                                                  21,216           17,930
Tangible assets                                                                       310              343
Investments                                                                         7,412                -

                                                                                   28,938           18,273
Current assets
Debtors                                                                               506              155
Deferred tax asset                                                                      -                1
Current asset investments                                                              45               46
Cash at bank and in hand                                                           16,932           28,083

                                                                                   17,483           28,285

Creditors: amounts falling due within one year                                      (306)            (468)

Net current assets                                                                 17,177           27,817

Total assets less current liabilities                                              46,115           46,090

Net assets                                                                         46,115           46,090

Capital and reserves
Called up share capital account                                                     4,881            4,877
Share premium account                                                              42,731           42,664
Other reserves                                                                        721              346
Profit and loss account                                                           (2,218)          (1,797)

Equity shareholders' funds                                                         46,115           46,090

For further information:

Stephen Bywater                                         Charles Vivian
Chief Executive                                         Pelham pr
Ph: +44 (0) 20 7290 1630                                +44 (0) 20 7743 6672

Graham Taggart                                          James MacFarlane
Finance Director                                        Pelham pr
Ph: +44 (0) 20 7290 1630                                +44 (0) 20 7743 6375

Global Coal Management plc
Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631
[email protected];

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

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