19:00 Tue 14 Jun 2016
Kibo Mining Plc - Final Results
Kibo Mining Plc
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on AIM: KIBO
Share code on the AltX: KBO
ISIN: IE00B97C0C31
("
Condensed Consolidated Annual Financial Results of for the year ended
14 June 2016
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the mineral exploration and development company focused on coal, gold, nickel, and uranium projects in Tanzania is pleased to release its condensed consolidated annual financial results for the year ended 31 December 2015. The Company's Annual Report, which contains the full financial statements accompanying this announcement, is in the process of being printed and mailed to shareholders. A copy of this Annual Report will also be available from the Company's website at www.kibomining.com. Details of the date and venue for this year's AGM, which will take place towards the middle of July, will be announced shortly.
Louis Coetzee, CEO of the
"We are pleased to present positive 2015 financial results at a pivotal time in
Comments from the Chairman, Christian Schaffalitzky:
"2015 saw our Company achieve several important milestones that I believe lay the foundations for us to graduate as a mining company from our formative years in exploration. We have reached this critical stage despite another tough year for commodities and a depressed market for mining equities.
The Company's main achievements are:
· The near completion of definitive feasibility studies (DFS) on both the proposed coal mine and its dedicated power plant at our Mbeya Coal to
· The completion of a Preliminary Economic Assessment on our Imweru gold project.
In parallel, we continued with exploration at Haneti, where the prospectivity for nickel, copper and platinum group metals was enhanced; and work commenced on our Morogoro gold and Pinewood uranium projects, with our joint venture partner,
Furthermore, the increase in the carrying value of intangible assets from
Condensed Consolidated Financial Results for the year ended
Condensed Consolidated Statement of Comprehensive Income
|
Year ended |
Year ended 31 |
|
Audited |
Audited |
Continuing operations |
£ |
£ |
|
|
|
Revenue |
44,181 |
- |
Administrative expenses |
(1,791,358) |
(1,500,757) |
Reversal of impairment of intangible assets |
3,182,240 |
4,695,356 |
Exploration expenditure |
(1,454,216) |
(1,073,022) |
|
|
|
Operating (loss)/ profit |
(19,153)
|
2,121,577 |
Investment and other income |
196,315 |
3,427 |
|
|
|
Profit from ordinary activities before tax |
177,162
|
2,125,004 |
Taxation |
- |
- |
|
|
|
Profit for the period |
177,162
|
2,125,004 |
|
|
|
Other comprehensive gain: |
|
|
Exchange differences on translation of foreign operations |
16,366 |
193,550 |
|
|
|
Other Comprehensive gain for the period net of tax |
16,366 |
193,550 |
|
|
|
Total comprehensive profit for the period |
193,528 |
2,318,554 |
|
|
|
Profit for the period attributable to the owners of the parent |
177,162 |
2,125,004 |
|
|
|
Total comprehensive profit attributable to the owners of the parent |
193,528 |
2,318,554 |
|
|
|
|
|
|
Earnings/ (Loss) Per Share |
|
|
|
|
|
Basic earnings per share |
0.001 |
0.01 |
Diluted earnings per share |
0.001 |
0.01 |
Headline (loss) per share |
(0.010) |
(0.013) |
|
|
|
Condensed Consolidated Statement of Financial Position
|
|
31 December 2015 |
31 December 2014 |
|||
|
|
Audited |
Audited |
|||
|
|
£ |
£ |
|||
Assets |
|
|
|
|||
Non‑Current Assets |
|
|
||||
Property, plant and equipment |
7,182 |
3,761 |
||||
Intangible assets |
17,596,105 |
14,413,865 |
||||
|
|
|
||||
Total non-current assets |
17,603,287 |
14,417,626 |
||||
|
|
|
||||
Current Assets |
|
|
||||
Trade and other receivables |
550,692 |
11,557 |
||||
Cash and cash equivalents |
189,435 |
186,447 |
||||
|
|
|
||||
Total current assets |
740,127 |
198,004 |
||||
|
|
|
||||
Total Assets |
18,343,414 |
14,615,630 |
||||
|
|
|
||||
Equity and Liabilities |
|
|
|
|
||
Equity |
|
|
|
|
||
Called up share capital |
13,210,288 |
12,591,750 |
||||
Share premium account Treasury Shares |
25,782,519 (44,464) |
23,903,307 - |
||||
Share based payment reserve |
514,279 |
510,978 |
||||
Translation reserve |
(384,619) |
(400,985) |
||||
Retained deficit |
(21,541,386) |
(22,229,526) |
||||
Total Equity |
17,536,617 |
14,375,524 |
||||
|
|
|
||||
Liabilities |
|
|
|
|
||
Current Liabilities |
|
|
||||
Trade and other payables |
306,797 |
240,106 |
||||
Borrowings
|
500,000 |
- |
||||
Total Current Liabilities |
806,797 |
240,106 |
||||
Total Equity and Liabilities |
18,343,414 |
14,615,630 |
||||
|
|
|
||||
Condensed Consolidated Statement of Changes in Equity
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Share Capital |
Share premium |
Treasury shares |
Total share capital |
Share based payment reserve |
Foreign currency translation reserve |
|
Total reserves |
|
Retained deficit |
Total |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
All figures are stated in Sterling |
£ |
£ |
£ |
£ |
£ |
£ |
|
£ |
|
£ |
£ |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as at |
10,998,282 |
23,398,853 |
- |
34,397,135 |
977,543 |
(594,535) |
|
383,008 |
|
(24,821,095) |
9,959,048 |
|||||
Profit for the year |
- |
- |
- |
- |
- |
- |
|
- |
|
2,125,004 |
2,125,004 |
|||||
Other comprehensive income- exchange differences on translating foreign operations |
- |
- |
- |
- |
- |
193,550 |
|
193,550 |
|
- |
193,550
|
|||||
Reclassification of share based payment reserve on expired share options issued |
- |
- |
- |
- |
(466,565) |
- |
|
(466,565) |
|
466,565 |
- |
|||||
Proceeds of share issue of share capital |
1,593,468 |
504,454 |
- |
2,097,922 |
- |
- |
|
- |
|
- |
2,097,922 |
|||||
|
1,593,468 |
504,454 |
- |
2,097,922 |
(466,565) |
193,550 |
|
(273,015) |
|
(2,591,569) |
4,416,476 |
|||||
Balance as at |
12,591,750 |
23,903,307 |
- |
36,495,057 |
510,978 |
(400,985) |
|
109,993 |
|
(22,229,526) |
14,375,524 |
|||||
Profit for the year |
- |
- |
|
|
- |
- |
|
- |
|
177,162 |
177,162 |
|||||
Other comprehensive income - exchange differences on translating foreign operations |
- |
- |
- |
- |
- |
16,366 |
|
16,366
|
|
- |
16,366
|
|||||
Share options and warrants expired or cancelled during the period |
- |
- |
- |
- |
(510,978) |
- |
|
(510,978) |
|
510,978 |
- |
|||||
Share options issued during the current period |
- |
- |
- |
- |
514,279 |
- |
|
514,279 |
|
- |
514,279 |
|||||
Proceeds of share issue of share capital |
574,074 |
1,879,212
|
- |
2,453,286
|
- |
- |
|
- |
|
- |
2,453,286
|
|||||
Issue of treasury shares |
44,464 |
- |
(44,464) |
- |
- |
- |
|
- |
|
- |
- |
|||||
|
618,538 |
1,879,212 |
(44,464) |
2,453,286 |
3,301 |
16,366 |
|
19,667 |
|
688,140 |
3,161,093 |
|||||
Balance at |
13,210,288 |
25,782,519 |
(44,464) |
38,948,343 |
514,279 |
(384,619) |
|
129,660 |
|
(21,541,386) |
17,536,617 |
|||||
Condensed consolidated Statement of Cash Flow
|
year ended 31 December 2015 |
year ended 31 December 2014 |
|
Audited |
Audited |
|
£ |
£ |
|
|
|
Net cash outflows from operating activities |
(3,013,680) |
(2,358,665) |
|
|
|
Net cash proceeds from financing activities |
2,955,176 |
2,101,349 |
|
|
|
Net cash used in investing activities |
61,492 |
- |
|
|
|
Net increase in cash and cash equivalents |
2,988 |
(257,316) |
Cash and cash equivalents at beginning of period |
186,447 |
443,763 |
Cash and cash equivalents at end of the period |
189,435 |
186,447 |
Notes to the condensed consolidated financial results for the year ended
1. General information
2. Statement of Compliance and basis of preparation
The condensed consolidated annual financial results are for the year ended
These condensed consolidated annual financial results do not include all the information required for full financial statements and should be read in conjunction with the consolidated annual financial statements of the Group for the period ended
The comparative amounts included in these condensed consolidated financial results include extracts from the consolidated annual financial statements for the period ended
All monetary information is presented in the functional currency of the Company being pound Sterling.
The Company's financial statements are prepared on the historical cost basis, other than intangible assets which is measured at fair value. The accounting policies have been applied consistently by Group entities and are similar to those applied in the prior period. The Group financial results have been prepared on a going concern basis.
These condensed consolidated financial results have been extracted from the audited financial statements, but are not itself audited.
3. Statement of Accounting Policies
The accounting policies have been applied consistently to all periods presented in these condensed consolidated financial results using the accounting policies applied by the Group in its
4. Responsibility Statement
The directors take full responsibility for the preparation of the report and that the financial information has been correctly extracted from the underlying financial statements. These financial results were prepared under the supervision of the Chief Financial Officer, Andreas Lianos.
5. Audit opinion
The consolidated annual financial statements were audited by the Company's auditors, Saffery Champness. The modified auditors report together with the financial statements is available for inspection at the Company's register offices. The modified auditors' report contains an emphasis of matter with regard to the realisation of certain assets, as follows:
Emphasis of Matter - Realisation of Assets
In forming our opinion on the financial statements, which is not modified, we considered the adequacy of disclosures made in Notes 11, 12 and 20 to the financial statements concerning the valuation of intangible assets, and investments in Group undertakings. The realisation of intangible assets of
6. Subsequent events
The directors are not aware of any matter or circumstance arising since the reporting date which would have a material effect on the consolidated financial results.
7. Litigation
There are currently no arbitration proceedings against the Group, or of which the Group is aware, which may have, or have had in the 12 months preceding the date of this report, a material effect on the consolidated annual financial results.
8. Dividends
There have been no dividends declared or paid during the current financial period.
9. Going Concern
The consolidated annual financial results have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. The directors constantly review the business models of the Group and its operating subsidiaries to ensure sustainability and the ability to operate profitably and generate positive cash flows. Funding facilities are also reviewed regularly to ensure that the Group has sufficient facilities in place to finance its operations.
10. Basic, Dilutive and Headline Earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:
|
Year ended 31 December 2015 (£) |
Year ended 31 December 2014 (£) |
Profit/ (Loss) for the period attributable to equity holders of the parent |
177,162 |
2,125,004 |
|
|
|
Weighted average number of ordinary shares for the purposes of basic and dilutive loss per share (revised) |
316,986,334 |
193,400,160 |
|
|
|
Basic earnings/ (loss) per share |
0.001 |
0.01 |
Dilutive earnings/ (loss) per share |
0.001 |
0.01 |
As the exercise price of the share options and warrants in issue is higher than the current market value as at reporting date, these option and warrants do not have a dilutive impact. Thus there are no dilutive share options or warrants in issue as at year end which decreased the basic loss per share as indicated above.
Headline loss per share
Reconciliation of headline loss per share: |
|
Year ended |
Year ended 2013 (£) |
Earnings for the period attributable to normal shareholders |
|
177,162 |
2,215,004 |
Loss on the disposal of subsidiaries |
|
5,762 |
- |
Reversal of Impairment of Intangible Assets |
|
(3,182,240) |
(4,695,356) |
Bargain purchase from acquisition of Subsidiaries |
|
(193,425) |
- |
Impairment of goodwill on acquisition of Subsidiaries |
|
20,057 |
- |
Headline (Loss) for the period attributable to normal shareholders |
|
(3,172,687) |
(2,570,352) |
|
|
|
|
Headline loss per ordinary share |
|
(0.010) |
(0.013) |
Dilutive headline loss per ordinary share |
|
(0.010) |
(0.013) |
11. Called up share capital and share premium
Details of authorised and issued capital are as follows:
|
2015 |
2014 |
Authorised equity |
|
|
800,000,000 Ordinary shares of (2014: 400,000,000 Ordinary shares of
3,000,000,000 Deferred shares of |
|
|
|
|
|
|
|
|
Allotted, issued and fully paid shares |
|
|
(2015: 330,928,714 Ordinary shares of |
|
- |
(2014: 274,238,757 Ordinary shares of |
- |
|
1,291,394,535 Deferred shares of |
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Share Premium |
Treasury shares (£) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
274,238,757 |
12,591,750 |
9,257,075 |
23,903,307 |
- |
|
|
|
|
|
|
Shares issued during the period |
56,689,957 |
618,538 |
- |
1,879,212 |
(44,464) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
330,928,714 |
13,210,288 |
9,257,075 |
25,782,519 |
(44,464) |
12. Condensed Consolidated Segmental Analysis
Management currently identifies two divisions as operating segments - mining and corporate. These operating segments are monitored and strategic decisions are made based upon them together with other non-financial data collated from exploration activities. Principal activities for these operating segments are as follows.
2015 Group |
Mining and Exploration |
Corporate |
|
|
Group |
Group |
Group |
Revenue |
44,181 |
- |
44,181 |
Administrative cost |
- |
(1,791,358) |
(1,791,358) |
Exploration expenditure |
(1,454,216) |
- |
(1,454,216) |
Net reversal of impairment of assets |
3,182,240 |
- |
3,182,240 |
Investment and other income |
2,890 |
193,425 |
196,315 |
Tax |
- |
- |
- |
Profit/ (Loss) after tax |
1,775,095 |
(1,597,933) |
177,162 |
2014 Group |
Mining and Exploration |
Corporate |
|
|
Group |
Group |
Group |
Administrative cost |
- |
(1,500,757) |
(1,500,757) |
Exploration expenditure |
(1,073,022) |
- |
(1,073,022) |
Net reversal of impairment of assets |
4,695,356 |
- |
4,695,356 |
Investment and other income |
3,427 |
- |
3,427 |
Tax |
- |
- |
- |
Profit/ (Loss) after tax |
3,625,761 |
(1,500,757) |
(2,125,004) |
2015 Group |
Mining |
Corporate |
|
|
Group |
Group |
Group |
Assets |
|
|
|
Segment assets |
17,816,927 |
526,487 |
18,343,414 |
|
|
|
|
Liabilities |
|
|
|
Segment liabilities |
139,905 |
666,892 |
806,797 |
|
|
|
|
Other Significant items |
|
|
|
Depreciation |
21,685 |
- |
21,685 |
2014 Group |
Mining |
Corporate |
|
|
Group |
Group |
Group |
Assets |
|
|
|
Segment assets |
14,417,626 |
198,004 |
14,615,630 |
|
|
|
|
Liabilities |
|
|
|
Segment liabilities |
- |
240,106 |
240,106 |
|
|
|
|
Other Significant items |
|
|
|
Depreciation |
2,565 |
- |
2,565 |
13. Changes to the board of Kibo Mining Plc
No changes were made to the board during the current financial year.
By order of the Board
8 June 2016
Directors: |
Christian Schaffalitzky |
Chairman (Non-Executive) |
|
Louis Coetzee |
Chief Executive Officer (Executive) |
|
Noel O'Keeffe |
Technical Director (Executive) |
|
Andrew Lianos |
Finance Director (Executive) |
|
Lukas Marthinus Maree |
Non-Executive Director |
|
Wenzel Kerremans |
Non-Executive Director |
|
Company Secretary: |
Noel O'Keeffe |
|
Auditors: |
Saffery Champness |
Kibo Mining - Notes to editors
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The Company was admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on 30 May 2011. The Company is developing the Rukwa mouth-of-mine thermal power station and controls one of Tanzania's largest mineral right portfolios, including the Haneti (nickel, PGE and gold), Morogoro (gold), Lake Victoria (gold), and Pinewood (coal & uranium) projects.
Its projects are located both in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium.
Kibo's objective is to build shareholder value sustainably. This will be achieved primarily through exploration of its own projects and leveraging the Company's experience in Tanzania to acquire exploration and development assets on competitive terms. The focus is on assets that can be moved swiftly up the value curve whilst benefitting from strategic relationships with industry leaders with special skills and competencies within their chosen fields.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Johannesburg
14 June 2016
Corporate and Designated Adviser
River Group
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