Last checked at 25 Sep 2014 16:12
For immediate release
25 September 2014
Polemos plc
("Polemos" or the "Company")
Unaudited interim results for the six months ended 30 June 2014
The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2014.
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 Donald Strang, Executive Chairman Hamish Harris, Executive Director
| +44 (0)20 7440 0640 |
Beaumont Cornish Limited (Nominated Adviser and Broker) Roland Cornish/Michael Cornish | +44 (0)20 7628 3396 |
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.
The Board considers this approach to be in the best interest of shareholders as it believes that expected returns will be higher than on cash held at the bank. This approach also allows flexibility to evaluate investments in other opportunities within the natural resources sector.
In June 2014, the Company raised £500,000, before expenses, by way of a placing of 500,000,000 new Ordinary Shares at a subscription price of 0.1 pence per Placing Share ("the Placing"). The Placing enables the Company to consider further and take advantage of new investment opportunities to develop shareholder value on behalf of shareholders as a whole in the Company.
Financial Results
During the period, the Company made a loss before taxation from continuing operations of £168,000 (6 months ended 30 June 2013: loss £110,000). There was a weighted loss per share from continuing operations of 0.04p (6 months ended 30 June 2013: loss per share of 0.03p).
Cash and cash equivalents at 30 June 2014 amounted to £445,000 (30 June 2013: £144,000).
Outlook
Donald Strang
Chairman
25 September 2014
Condensed Company Statement of Comprehensive Income
For the six months ended 30 June 2014
Six months ended30 June 2014 Unaudited | Six months ended30 June 2013 Unaudited | Year ended31 December 2013 Audited | ||
£'000 | £'000 | £'000 | ||
Continuing Operations | ||||
Revenue | - | - | 3 | |
Administrative expenses | (168) | (110) | (469) | |
Operating loss | (168) | (110) | (466) | |
Finance income | - | - | 2 | |
Loss before taxation | (168) | (110) | (464) | |
Taxation | - | - | - | |
(Loss) for the period attributable to equity holders of the parent | (168) | (110) | (464) | |
Other Comprehensive Income: | ||||
(Loss) for the period | (168) | (110) | (464) | |
Other comprehensive income Items that may be subsequently reclassified to profit or loss:
| ||||
Decrease in value of available for sale asset | (28) | - | (85) | |
Total comprehensive income for the period attributable to equity holders of the company | (196) | (110) | (549) | |
Loss per share | ||||
Earnings per share - basic and diluted (pence) | (0.04) | (0.03) | (0.12) | |
Condensed Company Statement of Financial Position
As at 30 June 2014
| As at30 June 2014 Unaudited £'000 | As at30 June 2013 Unaudited £'000 | As at 31 December 2013 Audited £'000 | |
Non-current assets | ||||
Available-for-sale financial assets | 226 | - | 332 | |
Total non-current assets | 226 | - | 332 | |
Current assets | ||||
Available for sale investments | - | 600 | - | |
Trade and other receivables | 13 | 27 | 16 | |
Cash and bank balances | 445 | 144 | 26 | |
Total current assets | 458 | 771 | 42 | |
Total assets | 684 | 771 | 374 | |
Current liabilities | ||||
Trade and other payables | (123) | (109) | (88) | |
Total current liabilities | (123) | (109) | (88) | |
Net current assets | 335 | 662 | 286 | |
Net assets | 561 | 662 | 286 | |
Equity | ||||
Share capital | 19,396 | 19,345 | 19,345 | |
Share premium account | 18,441 | 18,021 | 18,021 | |
Share based payment reserve | - | 21 | - | |
Available-for-sale asset reserve | (85) | - | (85) | |
Retained deficit | (37,255) | (36,725) | (36,995) | |
Equity attributable to equity holders of the parent | 561 | 662 | 286 | |
Condensed Company Statement of Cash Flows
For the six months ended 30 June 2014
Six months ended 30 June 2014 Unaudited £'000
| Six months ended 30 June 2013 Unaudited£'000
| Year ended31 December 2013 Audited £'000
| ||
Net loss from operating activities | (168) | (110) | (464) | |
Finance income | - | - | (2) | |
Adjustments for non cash items: | ||||
Share-based payment charge | - | - | 63 | |
Operating cash flows before movements in working capital | (168) | (110) | (403) | |
Decrease in trade and other receivables | 3 | 204 | 215 | |
Increase/(decrease) in trade and other payables and deferred income | 35 | (256) | (277) | |
Net cash used in operating activities | (130) | (162) | (465) | |
Investing activities | ||||
Interest received | - | - | 2 | |
Disposal of discontinued operations, net of cash disposed of and expenses | - | 10 | 10 | |
Purchase of available for sale investments | - | (600) | (601) | |
Proceeds from disposal of available-for-sale financial assets | 78 | - | 184 | |
Net cash used in investing activities | 78 | (590) | (405) | |
Financing activities | ||||
Issue of share capital | 500 | - | - | |
Issue costs | (29) | - | - | |
Net cash used in Financing activities | 471 | - | - | |
Net decrease in cash and cash equivalents | 419 | (752) | (870) | |
Cash and cash equivalents at beginning of period | 26 | 896 | 896 | |
Cash and cash equivalents at end of period | 445 | 144 | 26 |
Condensed Company Statement of Changes in Equity
Unaudited for the six months ended 30 June 2014.
Share capital | Share premium | Available for sale asset reserve | Retained earnings | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
At 31 December 2012 | 19,345 | 18,021 | - | (36,594) | 772 |
Share based payment charge | - | - | - | 63 | 63 |
Total contributions by and distributions to owners of the Company | - | - | - | 63 | 63 |
Comprehensive Income for the year | |||||
Loss for the year | - | - | (85) | (464) | (549) |
Total Comprehensive Income for the Year | - | - | (85) | (464) | (549) |
At 31 December 2013 | 19,345 | 18,021 | (85) | (36,995) | 286 |
Issue of share capital | 51 | 449 | - | - | 500 |
Share issue costs | - | (29) | - | - | (29) |
Total contributions by and distributions to owners of the Company | 51 | 420 | - | - | 471 |
Comprehensive Income for the period | |||||
Loss for the year | - | - | - | (196) | (196) |
Total Comprehensive Income for the period | - | - | - | (196) | (196) |
At 30 June 2014 | 19,396 | 18,441 | (85) | (37,191) | 561 |
Notes to the Condensed Company Financial Statements
For the six months ended 30 June 2014
1. General Information
The condensed financial information for the 6 months to 30 June 2014 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 2013 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 2013, 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 25 September 2014 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 2012 annual financial statements.
2. Loss Per Share
IAS 33 "Earnings per share" requires presentation of diluted earnings / (loss) per share when a company could be called upon to issue shares that would decrease profit or increase loss per share. For a loss making company with outstanding share options, loss per share would only be increased by the exercise of out of money options. Since it seems appropriate to assume that option holders would not exercise out of money options, no adjustment has been made to calculate the diluted loss per share on out of money share options.
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 June 2014 | 30 June 2013 | 31 December 2013 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000 | |
(Loss)/profit attributable to equity holders of the Company | (168) | (110) | (464) |
Number of Shares | 000's | 000's | 000's |
Weighted average number of ordinary shares | 425,581 | 386,907 | 386,907 |
(Loss)/profit per share - basic and diluted | (0.04p) | (0.03p) | (0.12p) |
3. Subsequent events
On 27 August 2014, David Lenigas resigned as a director of the company.