Berkeley Mineral Resources Regulatory News (BMR)

28 Mar 2008 07:01

Berkeley Mineral Resources PLC28 March 2008 Berkeley Mineral Resources PLC (formerly Tecteon PLC) ("Berkeley Resources") or ("the Company") Interim results for the six months ended 31 December 2007 Berkeley Mineral Resources PLC (stock code: BMR), a company commencing new activity of base metal trading and engaged in providing voice quality technology announces its interim results for the six months ended 31 December 2007. EXECUTIVE DIRECTOR'S REVIEW Base metals - ZambiaFollowing approval by the Company's shareholders of the new proposed activitiesat the General Meeting on 29 February 2008, the Company's name was changed toBerkeley Mineral Resources Plc. The joint venture with Elba Trading Limited for the financing and off-take ofcopper, zinc and lead for sale in China has been formed, initially for coppersourced from Kabwe, Zambia. The Company has already established an office inKabwe to facilitate trading. As previously announced, a £300,000 unsecured loanwas obtained to provide finance for this activity and provide additional workingcapital. The Directors are also considering opportunity to acquire a stake in the Kabwemine owned by Zincorous in Zambia. The participation would involve an initialpayment to acquire up to 50% of Zincorous with options to acquire an overallmajority stake. Zambia is a dynamic country, with a thriving economy, rising GDP and inflationsince 2006 in single digits. There is also increasing inward and domesticinvestment. Voice quality technology marketThe Directors continue to monitor the marketing of the Company's software forvoice quality technology. Legal action is ongoing to recover £673,799 fromClement Clark Communications. Results for the yearFor the six months ended 31 December 2007, the unaudited loss amounted to£566,674 compared to a loss of £539,467 for the same period in prior year. Theresults include amortisation costs of intangible assets of £305,024 (2006:£319,001). OutlookThe Directors feel that the continuing demand for base metals from Asia combinedwith the stability of the Zambian economy presents the Company with anopportunity to enter into the market for base metal trading and processing withpossible ownership of mining rights. M A Alikhani 27 March 2008Executive Director For further information please contact:Berkeley Mineral Resources PlcMasoud Alikhani Tel: 020 7408 1181 Seymour Pierce Limited Tel: 020 7107 8000Jonathan Wright Berkeley Mineral Resources PLC(formerly Tecteon PLC)Income statementFor period ended 31 December 2007 Six months Six months ended ended 31 December 31 December 2007 2006 Unaudited Unaudited £ £ Revenue - 35,756Administrative expenses (566,448) (576,604) ----------- ----------Operating loss (566,448) (540,848)Investment income 65 1,640Finance costs (291) (259) ----------- ----------Loss before taxation (566,674) (539,467)Taxation - ----------- ---------- Loss for the period (566,674) (539,467) =========== ==========Attributable to:Equity holders of the parent (566,674) (539,467)Minority interest - - ----------- ---------- (566,674) (539,467) =========== ==========Loss per share (0.26)p (0.26)pBasic and diluted =========== ========== The above results:a. relate to continuing operations; andb. represent the total income and expense recognised during the period. Berkeley Mineral Resources PLC (formerly Tecteon PLC) Balance sheet At 31 December 2007 31 December 2007 31 December 2006 Unaudited UnauditedNon-current assets £ £Other intangible assets 1,587,599 2,370,034Property, plant and equipment 3,227 57,724 1,590,826 2,427,758 Current assetsTrade and other debtors 108,184 694,190Cash and cash equivalents 166 915 108,350 695,105 Total assets 1,699,176 3,122,863 Current liabilitiesTrade and other payables (1,099,781) (611,610) (1,099,781) (611,610) Net current (liabilities)/ assets (991,431) 83,495 Total liabilities (1,099,781) (611,610) Net assets 599,395 2,511,253 EquityShare capital 9,709,770 9,709,770Share premium 2,705,939 2,705,939Merger reserve 1,824,000 1,824,000Accumulated loss (13,640,314) (11,728,456) Total equity 599,395 2,511,253 Attributable to:Equity attributable to equity holders ofthe parent 403,596 2,315,454Non- equity shareholders funds 195,799 195,799 Total equity 599,395 2,511,253 Berkeley Mineral Resources PLC (formerly Tecteon PLC)Cashflow statementPeriod ended 31 December 2007 Period ended Period ended 31 December 31 December 2007 2006 Unaudited Unaudited £ £Net cash outflow from operatingactivities (299,691) (133,062) Investing activitiesInterest received 65 1,640Purchase of property, plant andequipment - (1,094)Purchase of investment - (186,365) Net cash used in investingactivities 65 (185,819) Financing activitiesLoan received 300,000 -Interest paid (291) (260) Net cash from financingactivities 299,709 (260) Net increase /(decrease) incash and cash equivalents 83 (319,141)Cash and cash equivalents atbeginning of the year 83 320,056Effect of foreign exchange ratechanges Cash and cash equivalents atend of the year 166 915 Berkeley Mineral Resources PLC (formerly Tecteon PLC)Notes to the cash flow statementPeriod ended 31 December 2007 Period ended Period ended 31 December 31 December 2007 2006 Unaudited Unaudited £ £Operating loss from continuing operations (566,448) (540,847)Adjustments for:Depreciation of property, plant and equipment 27,146 27,169Amortisation of intangible assets 305,023 319,001 Operating cash flows before movements in workingcapital (234,279) (194,677)Decrease/(increase) in receivables 9,261 (14,501)(Decrease)/increase in payables (74,673) 76,116 Net cash outflow from operating activities (299,691) (133,062) Berkeley Mineral Resources PLC (formerly Tecteon PLC)Period ended 31 December 2007 Notes to the financial information 1. General information and accounting policies Berkeley Mineral Resources PLC (formerly Tecteon PLC) is a company incorporated in the United Kingdom under the Companies Act 1985.This Announcement is for the interim results for the six month period ended 31December 2007 (unaudited). 2. Basis of accountingThe accounting policies for the interim financial information have been preparedin accordance with the International Financial Reporting Standards ("IFRS"). Thefinancial information has also been prepared in accordance with IFRS adopted foruse in the European Union and therefore complies with Article 4 of the EU IASRegulation. However, the audited financial statements for the year ended 30 June2007 were prepared in UK GAAP. The financial information has been prepared on the historical cost basis, exceptfor certain financial instruments which are carried at fair value or historicalcost and in accordance with IFRS. 3. Interim results for the six months ended 31 December 2007 (unaudited) The financial information presented for the interim period cover the period from1 July 2007 to 31 December 2007. The comparative figures cover the period from 1July 2006 to 31 December 2006. While the financial information for the period ended 31 December 2007 containedin this announcement has been computed in accordance with IFRS, thisannouncement does not itself contain sufficient information to comply with IFRS. The interim report, for the 6 months period, which was approved by the directorson 27th March 2008, does not comprise full accounts within the meaning of theCompanies Act 1985. The interim financial information is not audited. 4. The directors do not recommend the payment of a dividend. 5. The loss per share of 0.26p (2006: 0.26p) has been calculated on the basis ofthe loss of £566,674 (2006: £539,467) and on 225,882,097 (2006: 209,282,041)ordinary shares, being the weighted average number of ordinary shares in issueduring the period ended 31 December 2007. 6a). Statement ofchanges in equityfor the periodended 31 December2007 Share Share Merger Accumulated Total capital premium reserve (loss)/ profit £ £ £ £ £At 1 July 2007 9,709,770 2,705,939 1,824,000 (13,073,640) 1,166,069Net loss for theperiod - - - (566,674)) (566,674) At 31 December2007 9,709,770 2,705,939 1,824,000 (13,640,314) 599,395 6b). Statement ofchanges in equityfor the periodended 31 December2006 Share Share Merger Accumulated Total capital premium reserve (loss)/ profit £ £ £ £ £At 1 July 2006 9,709,770 2,705,939 1,824,000 (11,188,989) 3,050,720Net loss forthe period - - - (539,467) (539,467) At 31 December2006 9,709,770 2,705,939 1,824,000 (11,728,456) 2,511,253 This information is provided by RNS The company news service from the London Stock Exchange