1 Oct 2010 07:00
| Immediate Release | 01 October 2010
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Metminco Limited (LSE: MNC)
("the Company")
Full year Results
Metminco announces that it has released its Annual Report and accounts for the year ended 30 June 2010. Copies of these reports can be obtained from www.metminco.com.au or by contacting the Company.
The following is an extract from the Annual Report.
STATEMENTS of COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010
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| CONSOLIDATED GROUP | COMPANY | ||
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| 2010 $ | 2009 $ | 2010 $ | 2009 $ |
| Revenue |
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| Other revenue |
| 51,297 | 106,667 | 47,469 | 106,667 |
| Profit on disposal of shares |
| 362 | - | 362 | - |
| Gain on consolidation of subsidiary |
| 600,062 | - | - | - |
| Fair value loss on convertible notes |
| (2,185,129) | - | (2,185,129) | - |
| Impairment of receivables |
| (96,625) | - | (96,625) | - |
| Finance costs |
| (360,810) | - | (360,810) | - |
| Foreign exchange gain/(loss) |
| 170,942 | - | (13,436) | - |
| Administration expenses |
| (139,043) | (55,137) | (66,804) | (55,137) |
| Corporate expenses |
| (2,104,058) | (549,796) | (1,868,536) | (549,796) |
| Occupancy expense |
| (85,067) | - | (52,403) | - |
| Employee and directors' benefits expense |
| (1,180,443) | (193,906) | (902,910) | (193,906) |
| Depreciation and amortisation expense |
| (5,221) | (7,074) | (4,112) | (7,074) |
| Exploration expenditure impaired |
| (1,588,013) | (545,888) | (1,144,664) | (545,888) |
| Share of net loss of associates and joint ventures |
| (793,156) | - | - | - |
| Other expenses |
| (61,690) | - | (50,250) | - |
| Loss before income tax |
| (7,776,592) | (1,245,134) | (6,697,848) | (1,245,134) |
| Income tax expense |
| - | - | - | - |
| Loss for the year |
| (7,776,592) | (1,245,134) | (6,697,848) | (1,245,134) |
| Other comprehensive income |
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| Exchange differences on translating foreign controlled entities |
| 1,599,074 | - | - | - |
| Total Comprehensive Loss for the year |
| (6,177,518) | (1,245,134) | (6,697,848) | (1,245,134) |
| Loss attributable to: |
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| Members of the parent entity |
| (7,508,615) | (1,245,134) | (6,697,848) | (1,245,134) |
| Non controlling interests |
| (267,977) | - | - | - |
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| (7,776,592) | (1,245,134) | (6,697,848) | (1,245,134) |
| Total comprehensive loss attributable to: |
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| Members of the parent entity |
| (6,398,667) | (1,245,134) | (6,697,848) | (1,245,134) |
| Non controlling interests |
| 221,149 | - | - | - |
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| (6,177,518) | (1,245,134) | (6,697,848) | (1,245,134) |
| Loss per share: | |||||
| From continuing operations: |
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| Basic loss per share (cents) |
| (1.70) | (2.35) |
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| Diluted loss per share |
| (1.70) | (2.35) |
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| statementS of FINANCIAL POSITION AS AT 30 june 2010 | |||||
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| CONSOLIDATED GROUP | COMPANY | ||
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| 2010 $ | 2009 $ | 2010 $ | 2009 $ |
| ASSETS |
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| CURRENT ASSETS |
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| Cash and cash equivalents |
| 2,159,428 | 991,713 | 1,189,206 | 991,713 |
| Trade and other receivables |
| 2,317,751 | - | 1,999,915 | - |
| Other assets |
| 215,694 | 21,280 | 158,537 | 21,280 |
| TOTAL CURRENT ASSETS |
| 4,692,873 | 1,012,993 | 3,347,658 | 1,012,993 |
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| NON-CURRENT ASSETS |
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| Trade and other receivables |
| 4,036,253 | - | 1,767,453 | - |
| Financial assets |
| - | - | 100,561,933 | - |
| Investments accounted for using equity method |
| 5,053,371 | - | - | - |
| Property, plant and equipment |
| 820,461 | 19,333 | 2,883 | 19,333 |
| Exploration and evaluation expenditure |
| 101,608,247 | 1,035,963 | - | 1,035,963 |
| TOTAL NON-CURRENT ASSETS |
| 111,518,332 | 1,055,296 | 102,332,269 | 1,055,296 |
| TOTAL ASSETS |
| 116,211,205 | 2,068,289 | 105,679,927 | 2,068,289 |
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| LIABILITIES |
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| CURRENT LIABILITIES |
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| Trade and other payables |
| 3,350,183 | 107,827 | 2,756,220 | 107,827 |
| Short term provisions |
| 68,519 | 4,024 | 23,036 | 4,024 |
| TOTAL CURRENT LIABILITIES |
| 3,418,702 | 111,851 | 2,779,256 | 111,851 |
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| NON-CURRENT LIABILITIES |
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| Borrowings |
| 6,854,208 | - | 6,854,208 | - |
| TOTAL NON-CURRENT LIABILITIES |
| 6,854,208 | - | 6,854,208 | - |
| TOTAL LIABILITIES |
| 10,272,910 | 111,851 | 9,633,464 | 111,851 |
| NET ASSETS |
| 105,938,295 | 1,956,438 | 96,046,463 | 1,956,438 |
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| EQUITY |
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| Issued capital |
| 106,133,934 | 5,399,061 | 106,133,934 | 5,399,061 |
| Reserves |
| 1,412,576 | 249,628 | 302,628 | 249,628 |
| Accumulated losses |
| (11,200,866) | (3,692,251) | (10,390,099) | (3,692,251) |
| Parent interest |
| 96,345,644 | 1,956,438 | 96,046,463 | 1,956,438 |
| Non-controlling interest |
| 9,592,651 | - | - | - |
| TOTAL EQUITY |
| 105,938,295 | 1,956,438 | 96,046,463 | 1,956,438 |
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| statement of CHANGES IN EQUITY FOR THE YEAR ENDED 30 june 2010
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| Issued Capital | Accumulated Losses | Option Reserve | Foreign Currency Translation Reserve | Non-controlling Interests | Total |
| CONSOLIDATED GROUP | $ | $ | $ | $ | $ | $ |
| Total equity as at 1 July 2008 | 5,349,061 | (2,447,117) | 249,628 | - | - | 3,151,572 |
| Loss attributable to members of the parent entity | - | (1,245,134) | - | - | - | (1,245,134) |
| Total comprehensive loss | - | (1,245,134) | - | - | - | (1,245,134) |
| Shares issued during the period | 50,000 | - | - | - | - | 50,000 |
| Transaction costs | - | - | - | - | - | - |
| Balance as at 30 June 2009 | 5,399,061 | (3,692,251) | 249,628 | - | - | 1,956,438 |
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| Total equity as at 1 July 2009 | 5,399,061 | (3,692,251) | 249,628 | - | - | 1,956,438 |
| Loss attributable to members of the parent entity | - | (7,508,615) | - | - | - | (7,508,615) |
| Loss attributable to non-controlling interests | - | - | - | - | (267,977) | (267,977) |
| Options issued to director | - | - | 53,000 | - | - | 53,000 |
| Other comprehensive income | - | - | - | 1,109,948 | 489,126 | 1,599,074 |
| Total comprehensive loss | - | (7,508,615) | 53,000 | 1,109,948 | 221,149 | (6,125,518) |
| Recognition of non-controlling interest of Hampton | - | - | - | - | 9,371,502 | 9,371,502 |
| Shares issued during the period | 101,901,908 | - | - | - | - | 101,901,908 |
| Transaction costs | (1,167,035) | - | - | - | - | (1,167,035) |
| Balance as at 30 June 2010 | 106,133,934 | (11,200,866) | 302,628 | 1,109,948 | 9,592,651 | 105,938,295 |
| COMPANY |
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| Total equity as at 1 July 2008 | 5,349,061 | (2,447,117) | 249,628 | - | - | 3,151,572 |
| Loss attributable to members of the parent entity | - | (1,245,134) | - | - | - | (1,245,134) |
| Total comprehensive loss | - | (1,245,134) | - | - | - | (1,245,134) |
| Shares issued during the period | 50,000 | - | - | - | - | 50,000 |
| Transaction costs | - | - | - | - | - | - |
| Balance as at 30 June 2009 | 5,399,061 | (3,692,251) | 249,628 | - | - | 1,956,438 |
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| Total equity as at 1 July 2009 | 5,399,061 | (3,692,251) | 249,628 | - | - | 1,956,438 |
| Loss attributable to members of the parent entity | - | (6,697,848) | - | - | - | (6,697,848) |
| Options issued to director | - | - | 53,000 | - | - | 53,000 |
| Total comprehensive loss | - | (6,697,848) | 53,000 | - | - | (6,644,848) |
| Shares issued during the period | 101,901,908 | - | - | - | - | 101,901,908 |
| Transaction costs | (1,167,035) | - | - | - | - | (1,167,035) |
| Balance as at 30 June 2010 | 106,133,934 | (10,390,099) | 302,628 | - | - | 96,046,463 |
statements OF CASH FLOWS FOR THE YEAR ENDED 30 june 2010
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| CONSOLIDATED GROUP | COMPANY | ||
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| 2010 $ | 2009 $ | 2010 $ | 2009 $ |
| CASH FLOWS FROM OPERATING ACTIVITIES |
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| Payments to suppliers and employees |
| (3,146,544) | (1,222,566) | (2,180,445) | (1,222,566) |
| Interest received |
| 50,554 | 106,667 | 46,727 | 106,667 |
| Finance costs paid |
| (173,304) | - | (173,304) | - |
| Net cash used in operating activities |
| (3,269,294) | (1,115,899) | (2,307,022) | (1,115,899) |
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| CASH FLOWS FROM INVESTING ACTIVITIES |
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| Purchase of property, plant and equipment |
| (1,298) | (1,782) | (1,298) | (1,782) |
| Payments for exploration expenditure |
| (1,450,772) | (407,383) | (108,701) | (407,383) |
| Proceeds from sale of assets |
| 13,998 | - | 13,998 | - |
| Payment for subsidiary net of cash acquired |
| (13,945,118) | - | (17,003,250) | - |
| Net cash used in investing activities |
| (15,383,190) | (409,165) | (17,099,251) | (409,165) |
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| CASH FLOWS FROM FINANCING ACTIVITIES |
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| Proceeds from issue of shares |
| 16,067,225 | - | 16,067,225 | - |
| Proceeds from borrowing |
| 4,407,334 | - | 4,407,334 | - |
| Payments in respect to capital raisings |
| (1,167,035) | - | (1,167,035) | - |
| Proceeds from equity swap |
| 156,251 |
| 156,251 |
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| Proceeds from issue of shares to non-controlling interest by subsidiary |
| 31,584 | - | - | - |
| Net cash provided by financing activities |
| 19,495,359 | - | 19,463,775 | - |
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| Net increase / (decrease) in cash and cash equivalents held |
| 842,875 | (1,525,064) | 57,502 | (1,525,064) |
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| Cash and cash equivalents at 1 July 2009 |
| 991,713 | 2,516,777 | 991,713 | 2,516,777 |
| Effect of exchange rates on cash holdings in foreign currencies |
| 324,840 | - | 139,991 | - |
| Cash and cash equivalents at 30 June 2010 |
| 2,159,428 | 991,713 | 1,189,206 | 991,713 |
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For further information contact:
Metminco Limited Tel: +61 (0) 407 524 235
John Fillmore
Daniel Stewart & Company plc Tel: 020 7776 6550
Oliver Rigby
Buchanan Communications Tel: 020 7466 5000
Tim Thompson / James Strong /
Katharine Sutton
Metminco background
Metminco was listed on the ASX in October 2007 as a diversified Australian focussed mineral explorer. In July 2009, Metminco acquired an initial 36.5% of the issued capital of Hampton and in May 2010 secured a controlling interest of 69.4% through acquisition of shares held by a private Chilean investor. During 2010 Metminco subscribed fully for Hampton rights offers and in July 2010 completed the acquisition of further Hampton minority shareholders' interests, thereby increasing its interest in Hampton to 72.6% by 30 September 2010. Metminco is also is listed on London's AIM market.