GCM Resources Regulatory News (GCM)

6 Mar 2008 10:36

GCM Resources PLC06 March 2008 GCM Resources plc (AIM: GCM) Interim Report for the six months ended 31 December 2007 GCM the exploration and development company with a diverse portfolio of assetsannounces its interim results for the period ending 31 December, 2007. GCM's vision is to maximise shareholder value by developing the Phulbari CoalProject and investing in other opportunities for positive returns. The Companyhas progressed this vision throughout the first half of the 2007/08 financialyear. The Phulbari Coal Project remains the priority for GCM. While awaiting approvalof the Scheme of Development (Project Feasibility Study), we continue to ensurethat upon Approval, the early project development phase will be implementedefficiently. Results The Group made a profit of £1,472,000 after tax for the six months to 31December 2007 (December 2006: loss of £721,000). The profit is due to the gainmade on disposal of GCM's interest in CCEC Ltd, when it accepted Regent PacificGroup Ltd's (RPG) share offer for 100% of CCEC Ltd shares. GCM now holds sharesin RPG. Exploration expenditure relating to the Phulbari Coal Project amounted to£940,000 for the six months (December 2006: £1,830,000) reflecting the reducedactivity while awaiting approval from the Government of Bangladesh, to proceedwith the next stage of the Phulbari Coal Project. Condensed Consolidated Income Statement 6 months ended 6 months ended Year 31 December 2007 31 December 2006 ended 30 June 2007 unaudited unaudited unaudited £000 £000 £000Operating expensesExploration costs 43 - 42Share based payments - 833 833Other operating expenses 810 839 1,541 Operating loss (853) (1,672) (2,416) Profit on disposal of investment 2,486 - -Finance revenue 438 647 1,163 Profit (loss) before tax 2,071 (1,025) (1,253) Taxation (599) 304 330 Profit (loss) for the period 1,472 (721) (923) Attributable to:Equity shareholders of the parent 1,472 (721) (923) 1,472 (721) (923) Basic (pence per share) 3.0p (1.5)p (1.9)pDiluted (pence per share) 2.8p (1.5)p (1.9)p Condensed Consolidated Statement of Changes in Equity Share Share Other Accumulated Total Capital premium reserves losses account £000 £000 £000 £000 £000Balance at 1 July 2006 4,877 42,664 346 (1,811) 46,076 Change in fair value ofavailable-for-sale financial assets - - 4,656 - 4,656Tax on items taken directly to equity - - (1,304) - (1,304)Share based payments - - 375 833 1,208Loss for the financial year - - - (923) (923)Equity share options issued 4 22 - - 26Share issue costs refundable - 45 - - 45 Balance at 30 June 2007 4,881 42,731 4,073 (1,901) 49,784 Change in fair value ofavailable-for-sale financial assets - - 9,536 - 9,536Tax on items taken directly to equity - - (1,974) - (1,974)Transfer to income statement on disposal (2,486) (2,486)Share based payments - - 61 - 61Profit for the financial period - - - 1,472 1,472 Balance at 31 December 2007 4,881 42,731 9,210 (429) 56,393 Share Share Other Accumulated Total Capital premium reserves losses account £000 £000 £000 £000 £000Balance at 1 July 2006 4,877 42,664 346 (1,811) 46,076 Change in fair value ofavailable-for-sale financial assets - - (99) - (99)Tax on items taken directly to equity - - 30 - 30Share based payments - - 191 833 1,024Loss for the financial period - - - (721) (721)Share issue costs refundable - 45 - - 45 Balance at 31 December 2006 4,877 42,709 468 (1,699) 46,355 Condensed Consolidated Balance Sheet 31 December 31 December 2006 30 June 2007 2007 unaudited unaudited unaudited £000 £000 £000Current assetsCash and cash equivalents 13,602 23,502 16,932Receivables 353 305 551 Total current assets 13,955 23,807 17,483 Non-current assetsProperty, plant and equipment 281 351 310Intangible assets 22,156 19,760 21,216Other investments 23,873 2,414 12,068Deferred tax assets - 321 - Total non-current assets 46,310 22,846 33,594 Total assets 60,265 46,653 51,077 Current liabilitiesPayables 312 298 306 Total current liabilities 312 298 306 Non-current liabilitiesDeferred tax liabilities 3,560 - 987 Total non-current liabilities 3,560 - 987 Total liabilities 3,872 298 1,293 Net assets 56,393 46,355 49,784 EquityShare capital 4,881 4,877 4,881Share premium account 42,731 42,709 42,731Other reserves 9,210 468 4,073Accumulated losses (429) (1,699) (1,901) Total equity 56,393 46,355 49,784 Condensed Consolidated Cash Flow Statement 6 months ended 6 months ended Year 31 December 31 December 2006 ended 2007 30 June 2007 unaudited unaudited unaudited £000 £000 £000Cash flows from operating activitiesProfit (loss) before tax 2,071 (1,025) (1,253) Adjusted for: Depreciation of non-current assets 7 7 14 Share based payments - 833 833 Profit on disposal of investment (2,486) - - Finance revenue (438) (647) (1,163) (846) (832) (1,569)Movements in working capital: Decrease (increase) in operating receivables (10) 20 (72) Increase (decrease) in operating payables (5) 46 105 Cash used in operations (861) (766) (1,536) Interest received 434 568 1,096 Net cash used in operating activities (427) (198) (440) Cash flows from investing activitiesPayments for property, plant and (13) (47) (47)equipmentPayments for intangible assets (832) (1,822) (3,112)Payments for investments (2,058) (2,514) (7,623) Net cash used in investing activities (2,903) (4,383) (10,782) Cash flows from financing activitiesIssue of ordinary share capital - - 26Refund of share issue costs - - 45 Net cash generated by financing - - 71activities Total decrease in cash and cash (3,330) (4,581) (11,151)equivalents Cash and cash equivalents at the startof the period 16,932 28,083 28,083 Cash and cash equivalents at the end ofthe period 13,602 23,502 16,932 For further information: Stephen BywaterChief Executive Charlie VivianPh: +44 (0)207 290 1630 Pelhams Public Relations Ph: +44 (0)207 743 6672 Email: charles.vivian@pelhampr.comGraham TaggartFinance Director Klara KaczmarekPh: +44 (0)207 290 1630 Pelhams Public Relations Ph: +44 (0)203 159 4395 Email: klara.kaczmarek@pelhampr.com GCM Resources plcTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631info@gcmplc.com; www.gcmplc.com Hard copies of the interim accounts will be posted to shareholders followingthis announcement. 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