Last checked at 28 Sep 2016 11:45
For immediate release 28 September 2016
Polemos plc
("Polemos" or the "Company")
Unaudited interim results for the six months ended 30 June 2016
The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2016.
The interim results appear below and a copy will shortly be made available on the Company's website http://www.polemos.co.uk/.
For further information, please contact:
Polemos plc Hamish Harris/Jason Berry
| +44 (0)20 7440 0640 |
Beaumont Cornish Limited (Nominated Adviser and Broker) James Biddle Michael Cornish
| +44 (0)20 7628 3396 |
Peterhouse Corporate Finance (Joint Broker) Duncan Vasey/Lucy Williams
| +44 (0)20 7469 0930 |
Chairman's statement
The Board continues to evaluate new investment opportunities as they arise. In the short term, the Company has investments in listed securities with, what the Board believes to be, high levels of liquidity within the natural resources sector.
The Company continues to review a number of potential new investment opportunities in accordance with its investing policy and further announcements will be made in due course as appropriate. 637.5 million new shares were placed during the period at 0.04p to raise £255,000 to assist the board in securing new investments.
Financial Results
During the period, the Company made a loss before taxation from continuing operations of £63,000 (6 months ended 30 June 2015: loss £38,000). There was a weighted loss per share from continuing operations of 0.005p (6 months ended 30 June 2015: loss per share of 0.01p).
Cash and cash equivalents at 30 June 2016 amounted to £295,000 (30 June 2015: £263,000).
Outlook
Your Board is continuing to review a number of other investment opportunities in accordance with its investing policy and further announcements will be made as appropriate.
Hamish Harris
Chairman
28 September 2016
Unaudited Condensed Company Statement of Comprehensive Incomefor the six months ended 30 June 2016
Six months ended30 June 2016
Unaudited | Six months ended30 June 2015
Unaudited | Year ended31 December 2015 Audited | ||
£'000 | £'000 | £'000 | ||
Revenue | - | - | - | |
Administrative expenses | (63) | (38) | (149) | |
Investment Income | - | - | - | |
Operating loss | (63) | (38) | (149) | |
Finance income | - | - | - | |
Loss before taxation | (63) | (38) | (149) | |
Taxation | - | - | - | |
(Loss) for the period attributable to equity holders of the parent | (63) | (38) | (149) | |
Other Comprehensive Income: | ||||
Other comprehensive income Items that may be subsequently reclassified to profit or loss: Transfers to income statement | - | |||
Increase/(decrease) in value of available for sale asset | 22 | (17) | (66) | |
Total other comprehensive income | 22 | (17) | (66) | |
Total comprehensive income for the period attributable to equity holders of the company | (41) | (55) | (215) | |
Loss per share | ||||
Earnings per share - basic and diluted (pence) | (0.005) | (0.01) | (0.02) | |
Unaudited Condensed Company Statement of Financial Positionas at 30 June 2016
As at30 June 2016 Unaudited £'000 | As at30 June 2015 Unaudited £'000 | As at 31 December 2015 Audited £'000 | ||
Non-current assets | ||||
Available-for-sale financial assets | 77 | 100 | 51 | |
Total non-current assets | 77 | 100 | 51 | |
Current assets | ||||
Trade and other receivables | 25 | 13 | 13 | |
Cash and bank balances | 295 | 263 | 207 | |
Total current assets | 320 | 276 | 220 | |
Total assets | 397 | 376 | 271 | |
Current liabilities | ||||
Trade and other payables | (17) | (42) | (97) | |
Total current liabilities | (17) | (42) | (97) | |
Net current assets | 303 | 234 | 123 | |
Net assets | 380 | 334 | 174 | |
Equity | ||||
Share capital | 19,459 | 19,395 | 19,395 | |
Share premium account | 18,624 | 18,441 | 18,441 | |
Share based payment reserve | 63 | 63 | 63 | |
Available-for-sale asset reserve | (233) | (206) | (255) | |
Retained deficit | (37,533) | (37,359) | (37,470) | |
Equity attributable to equity holders of the parent | 380 | 334 | 174 |
Unaudited Condensed Company Statement of Cash Flowsfor the six months ended 30 June 2016.
Six months ended 30 June 2016 Unaudited £'000
| Six months ended 30 June 2015 Unaudited £'000
| Year ended31 December 2015 Audited £'000
| |
Net (loss) from operating activities | (63) | (38) | (149) |
(Increase)/decrease in trade and other receivables | (12) | (9) | (9) |
(Decrease)/increase in trade and other payables | (80) | (32) | 23 |
Net cash (outflow) from operating activities | (155) | (79) | (135) |
Investing activities | |||
Purchase of available for sale financial assets | (4) | - | - |
Proceeds from disposal of available-for-sale financial assets | - | - | - |
Net cash inflow from investing activities | (4) | - | - |
Financing activities | |||
Issue of share capital | 256 | - | - |
Issue costs | (9) | - | - |
Net cash inflow from Financing activities | 247 | - | - |
Net (decrease)/increase in cash and cash equivalents | 88 | (79) | (135) |
Cash and cash equivalents at beginning of period | 207 | 342 | 342 |
Cash and cash equivalents at end of period | 295 | 263 | 207 |
Unaudited Condensed Company Statement of Changes in Equityfor the six months ended 30 June 2016.
Share capital | Share premium | Share based payment reserve | Available for sale asset reserve | Retained earnings | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 31 December 2014 | 19,395 | 18,441 | 63 | (189) | (37,321) | 389 |
Shares issued | - | - | - | - | - | - |
Share issue costs | - | - | - | - | - | - |
Total contributions by and distributions to owners of the Company | - | - | - | - | - | - |
Comprehensive Income for the year | - | - | - | - | - | - |
Decrease in value of available for sale assets | - | - | - | (66) | - | (66) |
Loss for the year | - | - | - | - | (149) | (149) |
Total Comprehensive Income for the Year | - | - | - | (66) | (149) | (215) |
At 31 December 2015 | 19,395 | 18,441 | 63 | (255) | (37,470) | 174 |
Shares issued | 64 | 192 | - | - | - | 256 |
Share issue costs | - | (9) | - | - | - | (9) |
Total contributions by and distributions to owners of the Company | 64 | 183 | - | - | - | 247 |
Comprehensive Income for the year | ||||||
Increase in value of available for sale assets | - | - | - | 22 | - | 22 |
Loss for the year | - | - | - | - | (62) | (62) |
Total Comprehensive Income for the Year | 22 | (62) | (40) | |||
At 30 June 2016 | 19,459 | 18,624 | 63 | (233) | (37,532) | 381 |
Notes to the Unaudited Condensed Company Financial Statementsfor the six months ended 30 June 2016
1. General Information
The condensed financial information for the 6 months to 30 June 2016 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.
The condensed financial information in respect of the year ended 31 December 2015 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2015, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.
The Report was approved by the Directors on 22 September 2016 and will be available shortly on the Company's website at www.polemos.co.uk.
Basis of preparation
The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.
Basis of accounting
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2015 annual financial statements.
2. Loss per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. In accordance with IAS 33, as the Company has reported a loss for the period, diluted earnings per share are not included. A reconciliation is set out below:
Basic and diluted loss per share is calculated on the loss of the Company attributable to equity holders of the parent.
6 months to | 6 months to | Year ended | |
30 June2015 | 30 June2015 | 31 December 2015 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000 | |
(Loss) attributable to equity holders of the Company | (63) | (38) | (149) |
Number of Shares | 000's | 000's | 000's |
Weighted average number of ordinary shares (thousands) | 1,246,385 | 886,907 | 886,907 |
(Loss) per share - basic and diluted | (0.005p) | (0.01p) | (0.02p) |
3. Events after the end of the reporting period
There are no events after the end of the reporting period to report.