Cloudified Holdings Limited Regulatory News (CHL)

23 Mar 2007 17:04

Churchill Mining plc23 March 2007 23rd March 2007 CHURCHILL MINING PLC ("Churchill" or "the Company") Interim Results for the six month period to 31 December 2006 (Unaudited) Churchill Mining Plc (AIM: CHL) announces the Company's Unaudited InterimResults for the six month period to 31 December 2006. Highlights: Sendawar • Drilling continues on the Sendawar Coal Project in Kalimantan, Indonesia South Woodie Woodie • Versatile Time-domain Electromagnetic (VTEM) geophysics survey to define targets for drilling completed Post period highlights: • Exclusivity Agreement with PT Techno Coal Utama to conduct due diligence on a thermal coal project in East Kutai, Kalimantan • Two rigs on site conducting a 10-15 hole, 1,000 metre verification drilling programme at East Kutai • Ground resistivity surveys commenced at multiple locations at the Sendawar project to aid in prediction of seam location and thickness. • Continued drilling at Sendawar project on the AAM block • Analysis of VTEM results from South Woodie Woodie commenced Churchill's Chairman, David Quinlivan, commented: "Churchill has the necessarycash resources to conduct its exploration work at Sendawar, East Kutai and SouthWoodie Woodie. The Company remains committed to creating value for itsshareholders and looks forward to reporting further results in due course. " ENDS Enquiries: Churchill Mining Plc Corporate Synergy Parkgreen Communications Paul Mazak/James Hamilton Olly Cairns Justine Howarth/Brendan McNamara +61 (0)8 9388 0377 020 7448 4400 020 7851 7480 paul.mazak@churchillmining.com james.hamilton@churchillmining.com Churchill Mining Plc Interim Results to 31 December 2006 Chairman's Statement I am pleased to present the interim report for Churchill Mining Plc ("Churchill"or "the Company") for the period ending 31 December 2006. The past six months have seen the Company continue to cover the hard yardsnecessary to become a leading minerals explorer and future miner at a time whenglobal demand for commodities continues to be strong. In Western Australia, results of a heli-borne geophysics survey - called theVTEM programme which looks for mineral bearing structures "under cover"-conducted in December at Churchill's South Woodie Woodie ("SWW") manganeseproject are currently being analysed. Since the period end, preparation work hasalso begun for a further campaign of ground gravity to enable final drilltargeting. The Company remains positive about the prospects at SWW and looksforward to drilling at the project in calendar 2007. A year ago I reported that the Company was in advanced negotiations to purchasea large thermal coal project in Asia. As you know, the Company acquired theSendawar Coal Project in Kalimantan, Indonesia, and the past six months has seenincreasing levels of activity. The Company continues to work closely with itsconsultants, SRK, to identify the most promising areas for test drilling.Although drilling in one target area has found coal, so far it has not been ineconomic quantities. Since the end of the period under review, the Company hasbegun a series of ground resistivity surveys. Where previously used, these haveproved to be an excellent interpretive tool for helping predict seam locationand thickness and have improved drilling success rates. Since the period end, the Company has also announced that it is undertaking duediligence work on additional territory in Kalimantan, at East Kutai. Two of theCompany's drills have been relocated to conduct test drilling and we lookforward to reporting the results in due course. The loss for the period, £297,589 or 0.67 pence per Ordinary Share, is in linewith the Company's stage of development as an explorer. Churchill's overallfinancial position remains sound and the Company has the necessary cashresources, totalling £3,953,725 at the end of December 2006, to conduct itsexploration work at Sendawar, East Kutai and South Woodie Woodie. The Companyremains committed to creating value for its shareholders and thanks them fortheir past and continuing support. David Quinlivan Chairman Churchill Mining Plc 23rd March 2007 Churchill Mining Plc Interim Results to 31 December 2006 Churchill Mining plc Group Income Statement (Unaudited) Unaudited Unaudited Audited December 2006 December 2005 Year ended June 2006 Restated* Note £ £ £ Group turnover - - - Administrative & operating expenses (398,136) (249,731) (640,986)Share options expensed - - (545,033) Group operating loss (398,136) (249,731) (1,186,019) Other operating income 9,817 - 10,613 Interest receivable 90,730 12,673 67,826 Loss on ordinary activities before (297,589) (237,058) (1,107,580)taxation Taxation on profit on ordinary 2 - - -activities Loss on ordinary activities after (297,589) (237,058) (1,107,580)taxation (Loss) for the period (297,589) (237,058) (1,107,580) Loss per share (pence)Basic 4 (0.67p) (0.21p) (5.54p)Diluted (0.67p) (0.21p) (5.54p) All results relate to continuing operations. There are no recognised gains orlosses other than the loss for the period. * Restated for the effects of FRS 20 Share Based Payments. The effect of adopting this standard resulted in a prior period adjustment to expense the fair value of the options granted for the amount of £545,033 during the year ending 30th June 2006. Churchill Mining Plc Interim Results to 31 December 2006 Consolidated Balance Sheet (Unaudited) Unaudited Unaudited Audited December 2006 December 2005 June 2006 Note Restated* £ £ £ Fixed assetsIntangible fixed assets 7,172,257 3,238,792 6,504,000Tangible fixed assets 31,806 241,072 15,839Debtors non-current 8,917 3,855 Total Fixed Assets 7,212,980 3,479,864 6,523,694 Current assetsDebtors 172,878 35,276 89,052Cash at bank and in hand 3,953,725 886,942 5,229,499 Total Current Assets 4,126,603 922,218 5,318,551 Creditors due within one year (71,916) (28,364) (284,389) Net current assets 4,054,687 893,854 5,034,162 Total assets less current liabilities 11,267,667 4,373,718 11,557,956 Creditors due after one year (7,400) - - Net assets 11,260,267 4,373,718 11,557,956 Capital and reserves 6Called up share capital 445,800 135,800 445,800Share premium reserve 6,200,382 1,414,545 6,200,382Merger reserve 2,400,000 2,400,000Other reserves 3,719,583 3,160,760 3,719,583Profit and loss account (1,505,498) (337,387) (1,207,909) Equity shareholders' funds 11,260,267 4,373,718 11,557,856 * Restated for the effects of FRS 20 Share Based Payments. The effect of adopting this standard resulted in a prior period adjustment to expense the fair value of the options granted for the amount of £545,033 during the year ending 30th June 2006. Churchill Mining Plc Interim Results to 31 December 2006 Group Cash Flow Statement Unaudited Unaudited Audited year ended Note December 2006 December 2005 June 2006 £ £ £ Cash flows from operating activitiesNet outflow from operating activities (689,118) (255,005) (473,383) Returns on investments and servicing offinanceInterest received 90,730 12,673 67,826Net cash inflow from returns on investment and 90,730 12,673 67,826servicing of finance Capital expenditure and financial investmentPayments of tangible fixed assets (19,627) (2,237) (12,401)Payments for intangible mining assets and (668,258) (167,800) (647,690)developmentNet cash outflow for capital expenditure and (687,885) (170,037) (660,091)financial investment Movement in liquid resources(Increase)/Decrease in short-term deposits 1,351,931 (44,862) (4,487,490)with banksCash inflow/(outflow) before financing 65,658 (457,231) (5,553,138) FinancingIssue of share capital - 550,000 5,800,000Expenses of share issues - (1,796) (255,959)Proceeds from borrowings 10,499Net cash inflow from financing 10,499 548,204 5,544,041 Increase in cash in the period 5 76,157 90,973 (9,097) Churchill Mining Plc Interim Results to 31 December 2006 Notes to the Interim Report 1. PRESENTATION OF INTERIM RESULTS This interim report was approved by the Directors on 23rd March 2007. 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 adopted in the 2006 annual report with theaddition of the requirements of FRS 20 Share based payments. Financial ReportingStandard 20 "FRS20" requires the company to recognise as an expense in thecompany's financial statements all share based payment transactions that hadbeen granted to employees/directors and suppliers. This is effective for allshare based payments from the 1st January 2006 and for all share based paymentsafter 7 November 2002 that remained unvested on 1 January 2006. The company has engaged an independent consultant to determine the fair value ofthe share options issued using a trinomial model. As the first application ofthis standard is a change of accounting policy the results for the year ending30th June 2006 have been restated by including a charge in the expenses for thatperiod of £545,033. The financial information contained in this interim report does not constitutestatutory accounts as defined by Section 240 of the Companies Act 1985.Shareholders can receive a copy of this interim report from the Company'sregistered 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 Unaudited December Audited June December 2006 2005 2006 Restated* Restated* £ £ £ Loss attributable to ordinary shareholders (297,589) (237,058) (1,107,580) Number of Shares Number of Shares Number of SharesWeighted average number of shares used in thecalculation of basic loss per share (Refer:Consolidation note below) 44,580,000 11,259,713 19,970,959 Effect of dilutive share options 1,136,344 324,000 410,572 Weighted average number of shares used in the 45,716,344 11,583,713 20,381,531calculation of diluted loss per share Basic loss per share (0.67p) (2.10p) (5.54p) Diluted loss per share (0.67p) (0.21p) (5.54p) * Note: On 28 April 2006 shareholders resolved that all of the ordinary shares of 0.1p in the capital of the Company be consolidated into ordinary shares of 1p on the basis of 10 ordinary shares of 0.1p for each new ordinary share of 1p. The total number of shares in issue at 31st December 2006 amounted to44,580,000. The total amount of options held over the shares at 31st December2006 was 6,000,000. These options are exercisable at prices that between 20pand 35p. No diluted loss per share is presented as the effect of exercise ofoutstanding options is to decrease the loss per share. 5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Unaudited Unaudited Audited June December 2006 December 2005 2006 £ £ £ Increase in cash in the period 76,157 90,973 4,478,393Increase/ (Decrease) in liquid resources (1,351,931) 44,863 -term depositsNet funds at beginning of period 5,229,499 751,106 751,106 Net funds at end of period 3,953,725 886,942 5,229,499 ComprisingLiquid Resources - Term Deposits 3,785,095 694,399 5,137,026Cash 168,630 192,543 92,473 6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Called up Share premium Merger Other Equity Profit share reserve reserve reserves reserves and loss accountGroup capital Total £ £ £ £ £ £ £ At 30 June 2006 445,800 6,200,382 2,400,000 3,174,550 - (662,876) 11,557,856 Retrospective adjustment uponadoption of FRS 20 - - - - 545,033 (545,033) At 1 July 2006 445,800 6,200,382 2,400,000 3,174,550 545,033 (1,207,909) 11,557,856 Loss for the half-year - - - - - (297,589) (297,589) At 31st December 2006 445,800 6,200,382 2,400,000 3,174,550 545,033 (1,505,498) 11,260,267 Share premium Asset revaluation Profit Called up share reserve reserve and lossGroup capital account Total £ £ £ £ £ At 1 July 2005 110,800 816,341 - (100,329) 826,812 Issue of share capital 25,000 600,000 - - 625,000 Expenses of share issues - (1,796) - - (1,796) Revaluation of mining assets - - 3,160,760 - 3,160,760 Loss for the half-year - - - (237,058) (237,058) At 31 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