NRRP.L Regulatory News (NRRP)

19 Mar 2008 09:52

North River Resources Plc19 March 2008 North River Resources plc Interim results for the 6 months ended 31 December 2007 CHAIRMAN'S STATEMENT Whilst our primary objective is to earn an initial interest in the Coronet HillTenement, the Company has been reviewing other resource projects in variouscommodities over the period. During the half year to 31 December 2007 the search for other resourceinvestments widened, however due to the pricing of assets and competition theacquisition of such projects has become more difficult. The Directors together with a small group of Shareholders continue toinvestigate the sourcing of new projects and potential new finance for anacquisition in the resources area. As the Stock Market and hence resource company shares have deteriorated in thelast couple of months, the Board is seeing more attractively priced assets forpotential purchase, hence the opportunities are looking more positive. I look forward to advising the Shareholders of the new project in the nearfuture. David Christian SteinepreisNon-Executive Chairman For further information contact: David Steinepreis North River Resources Plc 07913 402727Romil Patel Blue Oar Securities Plc 020 7448 4400 UNAUDITED CONSOLIDATED INCOME STATEMENTFOR THE SIX MONTHS ENDED 31 DECEMBER 2007 Six months Period ended Six months ended ended 31 December 30 June 2007 31 December 2007 2006 (Unaudited) (Audited) (Unaudited) Note £ £ £ Administrative expenses (148,698) (259,982) (25,008) ------------- ------------- -------------Group operating loss (148,698) (259,982) (25,008) Interest payable - (34) -Interest receivable 6,461 8,062 758 ------------- ------------- -------------Loss before taxation (142,237) (251,954) (24,250) Taxation - - - ------------- ------------- ------------- Loss for the period (142,237) (251,954) (24,250) ============= ============= ============= Attributable to:Equity holders of the Company (142,237) (251,954) (24,250) ------------- ------------- ------------- (142,237) (251,954) (24,250) ============= ============= =============Loss per share (pence)Basic 2 (0.21)p (0.64)p (0.22)pDiluted 2 (0.21)p (0.64)p (0.22)p ============= ============= ============= UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE SIX MONTHS ENDED 31 DECEMBER 2007 Attributable to equity holders Share Share Option Retained Total capital premium premium losses equity £ £ £ £ £At 1 July 2006 - - - - - Issue of share capital 68,000 686,000 - - 754,000 Share issue costs - (202,871) - - (202,871) Loss for the six months - - - (24,250) (24,250)ended 31 December 2006 ------- --------- -------- --------- --------- At 31 December 2006 68,000 483,129 - (24,250) 526,879 ======= ========= ======== ======== ========= Attributable to equity holders Share Share Option Retained Total capital premium premium losses equity £ £ £ £ £At 1 July 2006 - - - - - Issue of share capital 68,000 686,000 - - 754,000 Share issue costs - (204,762) - - (204,762) Share option charge - - 154,775 - 154,775 --------- ------- --------- --------- ---------Loss for the period - - - (251,954) (251,954)ended 30 June 2007 --------- ------- --------- --------- --------- At 30 June 2007 68,000 481,238 154,775 (251,954) 452,059 ========= ======= ========= ========= ========= Attributable to equity holders Share Share Option Retained Total capital premium premium losses equity £ £ £ £ £At 1 July 2007 68,000 481,238 154,775 (251,954) 452,059 Loss for the six monthsended 31 December 2007 - - - (142,237) (142,237) ------- --------- -------- --------- --------- At 31 December 2007 68,000 481,238 154,775 (394,191) 309,822 ======= ========= ======== ========= ========= UNAUDITED CONSOLIDATED BALANCE SHEETAS AT 31 DECEMBER 2007 31 December 30 June 2007 31 December 2007 2006 (Unaudited) (Audited) (Unaudited) Notes £ £ £Assets Non-current assetsExploration costs 100,000 100,000 100,000 ------------ ------------ ------------ 100,000 100,000 100,000 ------------ ------------ ------------Current assets Receivables 1,759 - -Cash and cashequivalents 240,589 387,797 738,378 ------------ ------------ ------------ 242,348 387,797 738,378 ------------ ------------ ------------Total assets 342,348 487,797 838,378 ------------ ------------ ------------ LiabilitiesCurrent liabilitiesPayables (32,526) (35,738) (311,499) ------------ ------------ ------------ (32,526) (35,738) (311,499) ------------ ------------ ------------Total liabilities (32,526) (35,738) (311,499) ------------ ------------ ------------Net (liabilities)/assets 309,822 452,059 526,879 ============ ============ ============ Equity Capital and reservesattributable to equity holders Called up share capital 68,000 68,000 68,000Share premium account 481,238 481,238 483,129Option premium reserve 154,775 154,775 -Retained losses (394,191) (251,954) (24,250) ------------ ------------ ------------Total equity and reserves 309,822 452,059 526,879 ============ ============ ============ UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 Note Six months Period ended Six months ended ended 31 December 30 June 2007 31 December 2007 2006 (Unaudited) (Audited) (Unaudited) £ £ £Net cash (outflow)/ inflow fromoperatingactivities (153,669) (69,469) 1,076 ------------ ------------ ------------Returns on investments andservicing of financeInterest payable - (34) -Interest received 6,461 8,062 758 ------------ ------------ ------------Net cash inflowfrom returns oninvestment andservicing offinance 6,461 8,028 758 ------------ ------------ ------------Cash flows from investingCapitalised costs- Farm-in costsCoronet Hill - (100,000) - ------------ ------------ ------------Net cash outflowfrom investing - (100,000) - ------------ ------------ ------------Cash flows from financingProceeds fromissue of shares - 754,000 754,000Cost of the issueof shares - (204,762) (17,456) ------------ ------------ ------------Net cash inflowfrom financing - 549,238 736,544 ------------ ------------ ------------ (Decrease) /increase in cashand cashequivalents (147,208) 387,797 738,378Cash and cashequivalents atbeginning of theperiod 387,797 - - ------------ ------------ ------------Cash and cashequivalents at theend of the period 240,589 387,797 738,378 ============ ============ ============ NOTES TO THE UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 1. Basis of preparation This interim report, which incorporates the financial information of the Companyand its subsidiary undertakings ("the Group"), has been prepared using thehistorical cost convention and in accordance with International FinancialReporting Standards ("IFRS") including IAS 34 'Interim Financial Reporting' andIFRS 6 'Exploration for and Evaluation of Mineral Resources', as adopted by theEuropean Union ("EU"). These interim results for the six months ended 31 December 2007 are unauditedand do not constitute statutory accounts as defined in section 240 of theCompanies Act 1985. They have been prepared using accounting bases and policiesconsistent with those used in the preparation of the financial statements of theCompany and the Group for the year ended 30 June 2007 and those to be used forthe year ending 30 June 2008. The financial statements for the year ended 30June 2007 have been delivered to the Registrar of Companies and the auditors'report on those financial statements was unqualified and did not contain astatement made under Section 237(2) or Section 237(3) of the Companies Act 1985. 2. Loss per ordinary share The basic loss per ordinary share has been considered using the lossattributable to equity shareholders for the financial period of £142,237 (30June 2007: £251,954, 31 December 2006: £24,250) and the weighted average numberof ordinary shares in issue of 68,000,000 (30 June 2007: 39,375,343, 31 December2006: 10,847,828). The diluted loss per share has been considered using a weighted average numberof shares in issue and to be issued of 68,000,000 (30 June 2007: 39,375,343, 31December 2006:10,847,828). The diluted loss per share has been kept the same asthe basic loss per share as the conversion of share warrants and optionsdecreases the basic loss per share, thus being anti-dilutive. 3. Foreign currency transactions Items included in the Group's financial information are measured using thecurrency of the primary economic environment in which the Group operates ("thefunctional currency"). The financial information is presented in PoundsSterling ("£"), which is the functional and presentation currency of the Companyand the presentation currency of the Group. Transactions in foreign currencies are recorded using the rate of exchangeruling at the date of the transaction. Monetary assets and liabilitiesdenominated in foreign currencies are translated using the rate of exchangeruling at the balance sheet date and the gains or losses on translation areincluded in the profit and loss account. The assets, liabilities and the results of the foreign subsidiary undertakingsare translated into sterling at the rates of exchange ruling at the year end.Exchange differences resulting from the retranslation of net investments insubsidiary undertakings are treated as movements on reserves. 4. Expenditure commitments Under the terms and conditions of the farm-in agreement, the Company has acommitment to contribute to the cost of exploration expenditure to earn itsinterest in the project. The Company can however withdraw from the farm-inagreement at any time by giving notice in writing to the farm in partner of itsintention to withdraw and upon withdrawal the farm-in agreement shall terminate. Commitments contracted for at reporting date but not recognised as liabilitiesand falling within one year of the date of this report are £300,000. 5. Subsidiary undertakings Name of company Country Holding Proportion Nature of business held North River Resources Pty Ltd Australia Ordinary 100% Mineral exploration Shares 6. Segment reporting A business segment is a distinguishable component of the entity that is engagedin providing products or services that are subject to risks and returns that aredifferent from those of other business segments. A geographical segment is adistinguishable component of the entity that is engaged in providing products orservices within a particular economic environment and is subject to risks andreturns that are different from those of segments operating in other economicenvironments. The Company operates in one business segment, that being, mineral explorationand evaluation and currently operates within the United Kingdom and Australia. Geographical Segment - Group United Kingdom Australia Total31 December 2007 £ £ £ Administration expenses (148,698) - (148,698)Interest receivable 6,461 - 6,461 ------------ ----------- -----------Loss before taxation (142,237) - (142,237) ============ =========== =========== Farm-In costs Coronet Hill - 100,000 100,000Cash and cash equivalents 240,589 - 240,589Receivables 1,759 - 1,759Accrued expenditure and provisions (32,526) - (32,526) ------------ ----------- -----------Net Assets 209,822 100,000 309,822 ============ =========== =========== At the end of the period on 31 December 2007, the Group had not commencedcommercial production from its exploration sites and therefore had no turnoverin the period. Geographical Segment - Group United Kingdom Australia Total30 June 2007 £ £ £ Administration expenses (259,982) - (259,982)Interest payable (34) - (34)Interest receivable 8,062 - 8,062 ------------ ----------- -----------Loss before taxation (251,954) - (251,954) ============ =========== =========== Farm-In costs Coronet Hill - 100,000 100,000Cash and cash equivalents 387,797 - 387,797Accrued expenditure and provisions (35,738) - (35,738) ------------ ----------- -----------Net Assets 352,059 100,000 452,059 ============ =========== =========== Geographical Segment - Group United Kingdom Australia Total31 December 2006 £ £ £ Administration expenses (25,008) - (25,008)Interest receivable 758 - 758 ------------ ----------- -----------Loss before taxation (24,250) - (24,250) ============ =========== =========== Farm-In costs Coronet Hill - 100,000 100,000Cash and cash equivalents 738,378 - 738,378Accrued expenditure and provisions (311,499) - (311,499) ------------ ----------- -----------Net Assets 426,879 100,000 526,879 ============ =========== =========== 7. Material events subsequent to the end of the interim period There has been no matter or circumstance, other than those mentioned above, thathas arisen, since the 31 December 2007 and up to the date of this report, thathas significantly affected, or may significantly affect: a) the Group's operations in future financial years, or b) the results of those operations in future financial years, or c) the Group's state of affairs in future financial years. This information is provided by RNS The company news service from the London Stock Exchange