Cloudified Holdings Limited Regulatory News (CHL)

22 Mar 2006 16:25

Churchill Mining plc22 March 2006 Churchill Mining Plc Interims for the 6 month period 1st July 2005 to 31st December 2005 Chairman's Statement I am pleased to present the interim report for Churchill Mining Plc ("Churchill"or "the Company") for the period ending December 31, 2005. These past six months have been critical for the Company as Churchill looks toposition itself to become a leading minerals explorer and future miner at a timeof accelerating commodities demand. At Churchill's South Woodie Woodie ("SWW") manganese project in WesternAustralia preparation work has begun for a campaign of airborne and groundgeophysics to look mineral bearing structures "under cover". The Company has also secured the remaining 20% interest in E46/599 - thetenement containing the project's most advanced manganese target EnacheddongCreek. The purchase of this interest for AUD$50,000 and 3 million shares nowmeans that the project is 100% owned by the Company. As foreshadowed in the Company's annual report, due to the expanded parametersof the SWW project, Churchill has been keen to seek a joint venture partner. Tothis end the Company has entered into negotiations with a global mining houseand will make further announcements when matters are formerly concluded. Churchill has also been keenly hunting for a second wealth-creating asset. I ampleased to report that the Company is in advanced negotiations regarding thepurchase of a large thermal coal project in Asia and expects to make furtherannouncements regarding this acquisition in the near future. Churchill's financial position remains sound and the Company has cash resourcestotalling £886,942 at the end of December 2005. The Company continues to ensurethat funds are directed towards creating value for shareholders. Following arevaluation of the company's investment in the SWW project the balance sheetshows a healthy net asset position of £4,373,718. In conclusion, this upcoming asset purchase, coupled with likelihood of securinga joint venture partner for its SWW project has positioned Churchill ready foran aggressive phase of growth. David Quinlivan Chairman Churchill Mining Plc Income Statement (Unaudited) for the 6 months ending 31st December 2005 Unaudited Audited December 2005 June 2005 Note £ £ Group turnover - - Administrative & operating expenses (249,731) (113,383) Group operating loss (249,731) (113,383) Other operating income - 7,448 Interest receivable 12,673 5,606 Loss on ordinary activities before taxation (237,038) (100,329) Taxation on profit on ordinary activities 2 - - Loss on ordinary activities after taxation (237,058) (100,329) (Loss) for the period (237,058) (100,329) Loss per share (pence)Basic 4 (0.21p) (0.30p)Diluted (0.21p) (0.30p) All results relate to continuing operations. There are no recognised gains orlosses other than the loss for the period. Consolidated Balance Sheet (Unaudited) As at 31st December 2005 Unaudited Audited December 2005 June 2005 Note £ £ Fixed assetsIntangible fixed assets 3,238,792 21,788Tangible fixed assets 241,072 53,419 Total Fixed Assets 3,479,864 75,207 Current assetsDebtors 35,276 33,803Cash at bank and in hand 886,942 751,106 Total Current Assets 922,218 784,909 Creditors due within one year (28,364) (33,304) Net current assets 893,854 751,605 Total assets less current liabilities 4,373,718 826,812 Creditors due after one year - - Net assets 4,373,718 826,812 Capital and reserves 6Called up share capital 135,800 110,800Share premium reserve 1,414,545 816,341Other reserves 3,160,760Profit and loss account (337,387) (100,329) Equity shareholders' funds 4,373,718 826,812 Cash Flow Statement for the 6 months ending 31st December 2005 Unaudited Audited December 2005 June 2005 Note £ £ Cash flows from operating activitiesNet outflow from operating activities (255,005) (101,900) Returns on investments and servicing of financeInterest received 12,673 5,606Net cash inflow from returns on investment and servicing of finance 12,673 5,606 Capital expenditure and financial investmentPayments of tangible fixed assets (2,237) (5,878)Purchase of mining assets and development (167,800) (28,036)Net cash outflow for capital expenditure and financial (170,037) (33,914)investment Movement in liquid resourcesIncrease in short-term deposits with banks (44,862) (649,536)Cash outflow before financing (457,231) (779,744) FinancingIssue of share capital 550,000 1,020,000Expenses of share issues (1,796) (148,859)Net cash from acquisition of subsidiary - 10,173Net cash inflow from financing 548,204 881,314 Increase in cash in the period 5 90,973 101,570 Notes to the Interim Report 1. PRESENTATION OF INTERIM RESULTS This interim report was approved by the Directors on 28th February 2006. Theinterim results have not been audited, but were the subject of an independentreview carried out by the Company's auditors, Chapman Davis LLP. Their reviewconfirmed that the figures were prepared using applicable accounting policiesand practices consistent with those to be adopted in the 2006 annual report. Thedirectors have revised the policy in relation to Intangible Assets to reflectthe adoption of fair value in this and future reports. The financial informationcontained in this interim report does not constitute statutory accounts asdefined by Section 240 of the Companies Act 1985. No comparative figures havebeen disclosed for the period to 31st December 2004 as the Company was dormantin this period with the only transactions being the issue of subscriber sharesfor cash. Shareholders can receive a copy of this interim report from theCompany's registered office at 55 Gower St London WC1E 6HQ. 2. TAXATION No taxation has been provided due to losses in the period. 3. DIVIDENDS The Directors do not recommend the payment of a dividend. 4. LOSS PER SHARE Unaudited Audited December 2005 June 2005 £ Loss attributable to ordinary shareholders (237,058) (100,329) Number of Shares Weighted average number of shares used in the calculation of basic loss per share 112,597,126 33,426,849 Effect of dilutive share options 3,240,000 172,267 Weighted average number of shares used in the calculation of diluted loss per share 115,837,126 33,599,116 Basic loss per share (0.21p) (0.30p) Diluted loss per share (0.21p) (0.30p) The total number of shares in issue at 31st December 2005 amounted to135,800,000. The total amount of options held over the shares at 31st December2005 was 12,960,000. These options are exercisable at 2p per share for a periodof 5 years from AIM admission. No diluted loss per share is presented as theeffect of exercise of outstanding options is to decrease the loss per share. 5. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS Unaudited Audited December 2005 June 2005 £ £ Increase in cash in the period 90,973 101,570Increase in liquid resources term deposits 44,863 649,536Net funds at beginning of period 751,106 - Net funds at end of period 886,942 751,106ComprisingLiquid Resources - Term Deposits 694,399 649,536Cash 192,543 101,570 6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Called up Share Asset Profit Total share premium revaluation and loss capital reserve reserve account £ £ £ £ At 1st July 2005 110,800 816,341 - (100,329) 826,812 Issue of share capital 25,000 600,000 625,000Expenses of share issues (1,796) (1,796)Revaluation of mining assets 3,160,760 3,160,760Loss for the half-year (237,058) (237,058) At 31st December 2005 135,800 1,414,545 3,160,760 (337,387) 4,373,718 This information is provided by RNS The company news service from the London Stock Exchange