GCM Resources Regulatory News (GCM)

23 Nov 2006 07:00

Asia Energy PLC23 November 2006 ASIA ENERGY PLC (AIM: AEN) PRELIMINARY ANNOUNCEMENT OF THE RESULTS FOR THE YEAR ENDED 30 JUNE 2006 The year was undoubtedly marred by the tragic events of 26 August 2006 and thedevelopment of the Phulbari Coal Project being delayed by the Government'sfailure to approve its proposed new Coal Policy and the Scheme of Development.Despite these setbacks, solid achievements were made. The key events and milestones impacting ASIA ENERGY PLC and its' Phulbari Coalprospect for the last year and to date can be summarised as follows: • 572 million tonne high quality Coal Resource defined to JORC code with 93% Measured and Indicated• Environmental Clearance for open pit mine approved by Government of Bangladesh in September 2005 (application for renewal lodged September 2006)• Feasibility Study and Scheme of Development lodged with the Government of Bangladesh in October 2005• Power station proposal lodged with the Government of Bangladesh in October 2005• US$52 million raised in November 2005 for initial development activities• Definitive Feasibility Study completed May 2006• Protests organised by groups external to Phulbari against open pit mining and resettlement occurred on 26 August 2006 in Phulbari• Shares suspended from trading 31 August 2006 - 6 October 2006• Loss for the year ended 30 June 2006 £520,000• Cash held at 30 June 2006 was £28 million, and at 31 October 2006 was £26 million.• Scheme of Development approval remains outstanding The Annual General Meeting is scheduled to be held on 10 January, 2007. Thenotice to shareholders, Annual Report and full financial statements will beforwarded in due course. Also attached below are the Profit and Loss, Balance Sheet and Cashflow auditedby E&Y. For further information: Stephen Bywater, Chief Executive Justine Howarth, Cathy Malinssteve.bywater@asia-energy.com Parkgreen Communications Graham Taggart, Finance Director Tel: +44 (0) 20 7493 3713graham.taggart@asia-energy.com Justine.howarth@parkgreenmedia.com cathy.malins@parkgreenmedia.com Asia Energy PLCTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631info@asia-energy.com; www.asia-energy.com ASIA ENERGY PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2006 30 June 30 June 2006 2005 £000's £000's Administrative expenses 1,338 1,329 Group operating loss (1,338) (1,329) Group operating loss and loss on ordinary activities before interestand taxation (1,338) (1,329) Interest receivable 817 448Loss on ordinary activities before taxation (521) (881) Tax benefit on loss on ordinary activities 1 -Loss on ordinary activities after taxation (520) (881) Loss for the financial year attributable to members of the parentcompany (520) (881) Retained loss for the period (520) (881) Basic loss per share (pence) (1.2)p (2.3)pDiluted loss per share (pence) (1.2)p (2.3)p The above results relate solely to continuing operating activities of the Group. GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 JUNE 2006 30 June 30 June 2006 2005 £000's £000's Loss for the financial year attributable to members of the parent company (520) (881) Total recognised losses relating to the period (520) (881) ASIA ENERGY PLC GROUP BALANCE SHEET AS AT 30 JUNE 2006 30 June 30 June 2006 2005 £000's £000'sFixed assetsIntangible assets 17,894 10,287Tangible assets 343 361 18,237 10,648Current assetsDebtors 155 222Deferred tax asset 1 -Current asset investments 46 15Cash at bank and in hand 28,083 5,643 28,285 5,880 Creditors (468) (1,180) Net current assets 27,817 4,700 Total assets less current liabilities 46,054 15,348 Net assets 46,054 15,348 Capital and reservesCalled up share capital account 4,877 4,001Share premium account 42,664 12,624Other reserves account 310 -Profit and loss account (1,797) (1,277) Equity shareholders' funds 46,054 15,348 ASIA ENERGY PLC GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2006 30 June 30 June 2006 2005 £000's £000's Net cash outflow from operating activities (1,140) (1,274) Returns on investment and servicing of financeInterest received 817 493 Taxation - - Capital expenditure and financial investmentPayments to acquire intangible fixed assets (7,680) (7,269)Payments to acquire tangible fixed assets (124) (257)Payments for security deposits (31) (7) Net cash outflow before management of liquid resources andfinancing (8,158) (8,314) Management of liquid resourcesDecrease in short term deposits - 11,000 FinancingIssue of ordinary share capital 31,807 1,806Share issue costs (1,209) (15) 30,598 12,791 Increase in cash 22,440 4,477 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 30 June 30 June 2006 2005 £000's £000's Increase in funds 22,440 4,477(Decrease)/Increase in short term deposits - (11,000) Change in net funds resulting from cash flows 22,440 (6,523) Movement in net funds 22,440 (6,523) Net funds at beginning of the year 5,643 12,166 Net funds at end of the year 28,083 5,643 This information is provided by RNS The company news service from the London Stock Exchange