23 Sep 2008 13:00
AIM: EVE
PRESS RELEASE
23 September 2008
Everfor Resources plc
Interim Results for the Period Ended 30 June 2008
Everfor Resources plc ("Everfor", or the "Company") (AIM:EVE), announces its interim results for the period ended 30 June 2008.
All amounts are presented in UK pounds sterling.
Executive Chairman, Dr Sergey V Kurzin commented:
"With a strong and experienced Board, the Company is in an excellent position to move forward with the acquisition of new projects which can be developed into significant resource deposits. Emerging growth opportunities are constantly being reviewed in an effort to identify those with strategic significance and the potential to be accretive to shareholder value."
ENDS
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For further information please contact:
Tania Tchedaeva, Company Secretary, Everfor Resources Plc
Tel: +44 (0) 20 7514 0590
Gavin Dallas, Investor Relations, Everfor Resources Plc
Tel: +44 (0)20 7514 0590
Ryan Gaffney / Henry Fitzgerald-O'Connor, Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
www.everfor.com
Everfor Resources plc
Interim Report for the six months ended 30 June 2008
Executive Chairman's Statement
As reported in Everfor Resources plc's ("Everfor" or the "Company") 2007 annual report and subsequent press release on the 5 June 2008, the Board and I have expressed our disappointment that the Company's diamond exploration programme in the Kola Peninsula had not been successful.
Subsequent to the Company's cessation of work in Russia and the return of the exploration licences at the end of April 2008 to the Government of the Russian Federation, the Company effectively became a cash shell. During the EGM held on 30 June 2008, it was agreed to re-name the Company as Everfor Resources plc and re-structure the Company in readiness for new opportunities. Everfor's new investment strategy is to invest in the mining of natural resources of any nature whatsoever primarily in Russia, Kazakhstan and Kyrgyzstan.
As announced during July 2008, the Company also completed a consolidation of its share capital whereby every 20 of the allotted ordinary shares of 1p each were consolidated into one new ordinary share of 1p each and 19 deferred shares. Everfor's ordinary shares continue to trade on AIM and the currently issued share capital consists of 4,942,714 ordinary shares of 1p each.
With the appointment of Mr Petro Mychalkiw as Finance Director, the Company is in a strong position to move forward with the acquisition of new projects which can be developed into significant resource deposits. The Board and I are constantly reviewing emerging growth opportunities in an effort to identify those with strategic significance and the potential to be accretive to shareholder value.
The Board and management will continue to seek and appraise exploration and development opportunities. I have full confidence in the commitment and experience of the Everfor team and look forward to updating shareholders and the market on the Company's development in due course.
Dr Sergey V Kurzin
Executive Chairman
23 September 2008
The Interim Report for the period ended 30 June 2008 is available for download from the Company's website (www.everfor.com).
Everfor Resources plc
Interim Report for the six months ended 30 June 2008
Condensed consolidated interim income statement for the six months ended 30 June 2008
| Six months ended | Six months ended | ||
| 30 June | 30 June | ||
| 2008 | 2007 | ||
| (Unaudited) | (Unaudited) | ||
| £'000 | £'000 | ||
| Operating loss | (77) | (235) | |
| Operating loss | (77) | (235) | |
| Finance income | 6 | 12 | |
| Loss before taxation | (71) | (223) | |
| Net loss for the financial period | (71) | (223) | |
| Attributable to: | |||
| Equity shareholders of the parent | (71) | (203) | |
| Minority interest | - | (20) | |
| (71) | (223) | ||
| Loss per share | |||
| Basic and diluted | (1.4)p | (4.1)p | |
Everfor Resources plc
Interim Report for the six months ended 30 June 2008
Condensed consolidated interim balance sheet for the six months ended 30 June 2008
| At 30 June | At 30 June | At 31 December | |||
| 2008 | 2007 | 2007 | |||
| (Unaudited) | (Unaudited) | (Audited) | |||
| £'000 | £'000 | £'000 | |||
| ASSETS | |||||
| Non-current assets | |||||
| Property, plant and equipment | 2 | 2 | 2 | ||
| Intangible assets | - | 3,182 | - | ||
| Total non-current assets | 2 | 3,184 | 2 | ||
| Current assets | |||||
| Trade and other receivables | 9 | 187 | 26 | ||
| Cash and cash equivalents | 196 | 411 | 260 | ||
| Total current assets | 205 | 598 | 286 | ||
| Total assets | 207 | 3,782 | 288 | ||
| EQUITY AND LIABILITIES | |||||
| Current liabilities | |||||
| Trade and other payables | 156 | 61 | 98 | ||
| Total current liabilities | 156 | 61 | 98 | ||
| Total liabilities | 156 | 61 | 98 | ||
| Capital and reserves | |||||
| Called up share capital | 989 | 989 | 989 | ||
| Share premium account | 4,111 | 4,111 | 4,111 | ||
| Merger reserve | 1,950 | 1,950 | 1,950 | ||
| Foreign currency translation reserve | (97) | (4) | (29) | ||
| Retained earnings | (6,902) | (3,688) | (6,831) | ||
| Equity attributable to shareholders of the parent | 51 | 3,358 | 190 | ||
| Minority interests | - | 363 | - | ||
| Total equity and liabilities | 207 | 3,782 | 288 |
Everfor Resources plc
Interim Report for the six months ended 30 June 2008
Condensed consolidated interim cash flow statement for the six months ended 30 June 2008
| Six months ended | Six months ended | ||
| 30 June | 30 June | ||
| 2008 | 2007 | ||
| (Unaudited) | (Unaudited) | ||
| £'000 | £'000 | ||
| Cash flows from operating activities | |||
| Loss from ordinary activities | (71) | (223) | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment | - | 1 | |
| Share based payments | 6 | 13 | |
| Finance Income | (6) | (12) | |
| Foreign exchange differences | (74) | 4 | |
| Cash flow from operating activity before changes in working capital | (145) | (217) | |
| Decrease in trade and other receivables | 17 | 6 | |
| Increase in trade and other payables | 58 | (45) | |
| Cash used by operations | (70) | (256) | |
| Net cash used in operating activities | (70) | (256) | |
| Investing activities | |||
| Interest income | 6 | 12 | |
| Cash flows from investing activities | 6 | 12 | |
| Decrease in cash | (64) | (244) | |
| Cash and cash equivalents at 1 January | 260 | 656 | |
| Effect of exchange rate changes on cash and cash equivalents | - | (1) | |
| Cash and cash equivalents at end of the period | 196 | 411 |
Everfor Resources plc
Interim Report for the six months ended 30 June 2008
Condensed consolidated interim statement of recognised income and expense for the six months ended 30 June 2008
| Six months ended | Six months ended | ||
| 30 June | 30 June | ||
| 2008 | 2007 | ||
| (Unaudited) | (Unaudited) | ||
| £'000 | £'000 | ||
| Exchange translation differences on consolidation of Group entities | (68) | 2 | |
| Net loss recognized directly in equity | - | 2 | |
| Loss for the financial period | (71) | (223) | |
|
| |||
| Total recognized income and expense for the financial period | (139) | (221) | |
| Attributable to: | |||
| Equity shareholders of the parent | (139) | (200) | |
| Minority interest | - | (21) | |
| (139) | (221) |
ENDS
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