16:00 Wed 16 Sep 2020
Ormonde Mining PLC - Interim Results

16
Ormonde Mining plc
("Ormonde" or "the Company")
Business development update
and Interim Results for the six months ended
Following an extensive review of a wide range of resource projects, since the completion of the Barruecopardo disposal, the Board is pleased to advise that the Company has recently entered into an exclusivity agreement in relation to a potential acquisition of a resource project. Due diligence is ongoing, the pace of which may be impacted by COVID-19 related limitations, with there being no certainty that a transaction will be concluded. The Company will provide an update to shareholders in relation to progress as appropriate.
Spanish projects
· Gold licences: Planning and permitting in relation to a cost-effective field programme has been advanced at certain of the Company's existing Spanish gold exploration projects to follow up on high grade gold intersections from previous drilling campaigns.
· La Zarza: The Company continues to pursue the disposal of its assets relating to the La Zarza copper-gold project in the Iberian Pyrite Belt.
Financial results
· The Company reports a profit after tax for the six months ended
· As at
"Having completed the disposal of our interest in the
In this regard, I am pleased to advise that the Company has recently signed an exclusivity agreement, and commenced a due diligence process, in relation to what the Board believes to be an exceptional resource opportunity. We very much look forward to advancing diligence on this new opportunity towards completion of a transaction, the aim of which is to create substantial value for shareholders, and we look forward to updating shareholders on progress in this regard, in due course."
Enquiries to:
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
Ewan Leggat Tel: +44 (0)20 3 470 0470
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
Notes:
This announcement includes certain statements that may be deemed "forward-looking statements". Although the Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
For more information, visit www.ormondemining.com
Consolidated Statement of Comprehensive Income
Six months ended
| unaudited | unaudited | audited |
| 6 Months ended | 6 Months ended | Year ended |
| | | |
| €000s | €000s | €000s |
| | | |
| | | |
Turnover | - | - | - |
| | | |
Administration expenses | (436) | (424) | (855) |
Impairment of intangibles | - | - | (49) |
| ______ | ______ | ______ |
Loss on ordinary activities before investments, financing & tax | (436) | (424) | (904) |
| | | |
Finance costs | (4) | (2) | - |
| ______ | ______ | ______ |
Loss before tax | (440) | (426) | (904) |
| | | |
Taxation | - | - | - |
| ______ | ______ | ______ |
(Loss) for the period from continuing operations | (440) | (426) | (904) |
| | | |
Profit / (loss) from discontinued operations | 1,600 | (682) | (10,399) |
| ______ | ______ | ______ |
Profit / (loss) for the period | 1,160 | (1,108) | (11,303) |
| | | |
Other comprehensive income | | | |
Foreign exchange on translation of overseas associate | - | 104 | 332 |
| | | |
Less: reclassification of foreign currency gain on disposal of foreign operation | (1,600) | - | - |
| ______ | ______ | ______ |
Total comprehensive (loss) for the period | (440) | (1,004) | (10,971) |
| | | |
| | | |
(Loss) per share from continuing operations | | | |
Basic & diluted (loss) per share (in cent) | (0.09) | (0.09) | (0.19) |
Total earnings per share | | | |
Basic & diluted earnings/(loss) per share (in cent) | 0.25 | (0.23) | (2.39) |
Consolidated Statement of Financial Position
As at
| unaudited | unaudited | audited |
| | | |
| €000s | €000s | €000s |
Assets | | | |
| | | |
Non-current assets | | | |
Intangible assets | 295 | 334 | 285 |
Financial assets | - | 15,765 | - |
| _______ | _______ | _______ |
Total Non-Current Assets | 295 | 16,099 | 285 |
| | | |
Current assets | | | |
Trade & other receivables | 36 | 44 | 379 |
Cash & cash equivalents | 5,591 | 312 | 130 |
Asset classified as held for sale | 2,400 | 2,400 | 8,400 |
| _______ | _______ | _______ |
Total current assets | 8,027 | 2,756 | 8,909 |
| _______ | _______ | _______ |
Total assets | 8,322 | 18,855 | 9,194 |
| _______ | _______ | _______ |
Equity & liabilities | | | |
| | | |
Equity | | | |
Issued share capital | 13,485 | 13,485 | 13,485 |
Share premium account | 29,932 | 29,932 | 29,932 |
Share based payment reserve | 837 | 837 | 837 |
Capital conversion reserve fund | 29 | 29 | 29 |
Capital redemption reserve fund | 7 | 7 | 7 |
Foreign currency translation reserve | - | 1,372 | 1,600 |
Retained losses | (36,105) | (27,070) | (37,265) |
| _______ | _______ | _______ |
Total equity - attributable to the owners of the Company | 8,185 | 18,592 | 8,625 |
| | | |
Current liabilities | | | |
Trade & other payables | 137 | 263 | 569 |
| _______ | _______ | _______ |
Total liabilities | 137 | 263 | 569 |
| _______ | _______ | _______ |
Total equity & liabilities | 8,322 | 18,855 | 9,194 |
| _______ | _______ | _______ |
Consolidated Statement of Cashflows
Six months ended
| unaudited | unaudited | audited |
| 6 Months ended | 6 Months ended | Year ended |
| | | |
| €000s | €000s | €000s |
| | | |
Cashflows from operating activities | | | |
Net profit / (loss) for period before tax | | | |
| | | |
Continuing operations | (440) | (426) | (904) |
Discontinued operations | 1,600 | (682) | (10,399) |
| ________ | ________ | ________ |
| 1,160 | (1,108) | (11,303) |
Adjustments for: | | | |
Impairment of intangible assets | - | - | 49 |
Impairment of investment in associate | - | - | 7,787 |
Share of loss in associate | - | 1,057 | 3,263 |
Reclassification of foreign exchange gain on disposal of foreign operation | (1,600) | - | - |
| ________ | ________ | ________ |
| (440) | (51) | (204) |
Movement in | | | |
Movement in receivables | 343 | (2) | (337) |
Movement in liabilities | (432) | (24) | 282 |
| ________ | ________ | ________ |
Net Cash from/(used in) operations | (529) | (77) | (259) |
| | | |
Investing activities | | | |
Expenditure on intangible assets | (10) | (10) | (10) |
Proceeds from disposal of associate | 6,000 | - | - |
| ________ | ________ | ________ |
Net cash from/(used in) investing activities | 5,990 | (10) | (10) |
| | | |
Net increase/(decrease) in cash and cash equivalents | 5,461 | (87) | (269) |
| | | |
Cash and cash equivalents at beginning of period | 130 | 399 | 399 |
| ______ | ______ | ______ |
Cash and cash equivalents at end of period | 5,591 | 312 | 130 |
Consolidated Statement of Changes in Equity
Six months ended
| | | Share based payment reserve | | | |
| | | | |||
| | Share Premium | Other Reserves | Retained Losses | Total | |
| €000s | €000s | €000s | €000s | €000s | €000s |
| | | | | | |
At | 13,485 | 29,932 | 837 | 1,304 | (25,962) | 19,596 |
Loss for the period | - | - | - | - | (1,108) | (1,108) |
| | | | | | |
Other comprehensive income: Foreign exchange on overseas associate | - | - | - | 104 | - | 104 |
| ______ | ______ | ______ | ______ | ______ | ______ |
Total comprehensive income for the period | - | - | - | 104 | (1,108) | (1,004) |
| ______ | ______ | ______ | ______ | ______ | ______ |
At | 13,485 | 29,932 | 837 | 1,408 | (27,070) | 18,592 |
| | | | | | |
Loss for the period | - | - | - | - | (10,195) | (10,195) |
Other comprehensive income: | | | | | | |
Foreign exchange on overseas associate | - | | - | 228 | - | 228 |
| ______ | ______ | ______ | ______ | ______ | ______ |
Total comprehensive income for the period | - | - | - | 228 | (10,195) | (9,967) |
| ______ | ______ | ______ | ______ | ______ | ______ |
At | 13,485 | 29,932 | 837 | 1,636 | (37,265) | 8,625 |
| | | | | | |
Profit for the period | - | - | - | - | 1,160 | 1,160 |
| | | | | | |
Other comprehensive income: Reclassification of foreign exchange gain on disposal of foreign operation | - | - | - | (1,600) | - | (1,600) |
| ______ | ______ | ______ | ______ | ______ | ______ |
Total comprehensive income for the period | - | - | - | (1,600) | 1,160 | (440) |
| | | | | | |
| ______ | ______ | ______ | ______ | ______ | ______ |
At | 13,485 | 29,932 | 837 | 36 | (36,105) | 8,185 |
| ______ | ______ | ______ | ______ | ______ | ______ |
Notes to the Interim Consolidated Financial Statements
1. Accounting policies and basis of preparation
The comparative information provided in the Interim Consolidated Financial Statements relating to the year ended
The Interim Consolidated Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group as at and for the year ended
The interim consolidated financial information in this report has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the
The principal risks and uncertainties of the Group have not changed since the last annual consolidated financial statements for the year ended
The Board of Directors have carefully considered the impact of COVID-19, noting the widespread disruption to normal activities and the uncertainty over the duration of this disruption. The Group is currently seeking new investment opportunities and has been impacted by COVID-19, particularly in relation to management's ability to conduct technical due diligence in overseas jurisdictions.
The Group has provisional plans to undertake limited on-site exploration activity on its current Spanish licenses, which have a book value of
The Board of Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, being a period of not less than 12 months from the date of the Interim Consolidated Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the financial information.
The unaudited Interim Consolidated Financial Statements were approved by the Board of Directors on
Notes to the Interim Consolidated Financial Statements
2. Segmental analysis
An analysis by geographical segments is presented below. The Group has geographical segments in Ireland and Spain.
The segment results for the period ended
| Ireland | Spain | Total |
Total comprehensive loss for 6 months to | €000s | €000s | €000s |
| | | |
Segment profit / (loss) for period | (394) | 1,554 | 1,160 |
Less: Reclassification of foreign exchange gain on disposal of foreign operation | - | (1,600) | (1,600) |
| ______ | ______ | ______ |
| (394) | (46) | (440) |
| ______ | ______ | ______ |
Total comprehensive loss for year to | €000s | €000s | €000s |
| | | |
Segment (loss) for period | (254) | (11,049) | (11,303) |
Foreign exchange on overseas associate | - | - | 332 |
| ______ | ______ | ______ |
| (254) | (11,049) | (10,971) |
| ______ | ______ | ______ |
Total comprehensive loss for 6 months to |
€000s |
€000s |
€000s |
| | | |
Segment (loss) for period | (371) | (737) | (1,108) |
Foreign exchange on overseas associate | - | - | 104 |
| ______ | ______ | ______ |
| (371) | (737) | (1,004) |
| ______ | ______ | ______ |
Notes to the Interim Consolidated Financial Statements (continued)
3. Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Loss per share | | | |
| €000s | €000s | €000s |
| | | |
(Loss) for period on continuing activities | (440) | (426) | (904) |
Total profit (loss) for the period | 1,160 | (1,108) | (11,303) |
| | | |
Weighted average number of ordinary shares | | | |
for the purpose of basic earnings per share | 472,507,482 | 472,507,482 | 472,507,482 |
| ______ | ______ | ______ |
Basic loss per ordinary shares (in cent) on continuing activities | (0.09) | (0.09) | (0.19) |
| | | |
Total basic earnings (loss) per ordinary shares (in cent) | 0.25 | (0.23) | (2.39) |
| ______ | ______ | ______ |
Diluted earnings per share
The exercise price of all extant share options is greater than the average share price for the six month period and therefore the options are not-dilutive.
Due to the Group's results for the comparative periods, the share options are anti-dilutive and therefore diluted earnings per share is the same as the basic earnings per share.
Notes to the Interim Consolidated Financial Statements (continued)
4. Share capital
| | | |
| €000s | €000s | €000s |
| | | |
Authorised equity | | | |
650,000,000 ordinary shares of 1c each | 6,500 | 6,500 | 6,500 |
650,000,000 A deferred shares of 1.5c each | 9,750 | 9,750 | 9,750 |
100,000,000 deferred shares of 3.809214c each | 3,809 | 3,809 | 3,809 |
| ______ | ______ | ______ |
| 20,059 | 20,059 | 20,059 |
| ______ | ______ | ______ |
| | | |
Issued capital | | | |
Share capital | 13,485 | 13,485 | 13,485 |
Share premium | 29,932 | 29,932 | 29,932 |
| ______ | ______ | ______ |
| 43,417 | 43,417 | 43,417 |
| ______ | ______ | ______ |
| | | |
472,507,483 ordinary shares of 1c each | 4,725 | 4,725 | 4,725 |
472,507.483 A deferred shares of 1.5c each | 7,087 | 7,087 | 7,087 |
43,917,841 deferred shares of 3.809214c each | 1,673 | 1,673 | 1,673 |
| ______ | ______ | ______ |
| 13,485 | 13,485 | 13,485 |
| ______ | ______ | ______ |
5. Dividends
No dividends were paid or proposed in respect of the six months ended
6. Post balance sheet event
There are no post balance sheet events.
Independent Review Report to
Introduction
We have been engaged by
Directors' responsibilities
The Interim Consolidated Financial Statements are the responsibility of, and have been approved by, the Board of Directors. The directors are responsible for preparing the Interim Consolidated Financial Statements.
As disclosed in note 1, the Interim Consolidated Financial Statements of the Group are prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the
Our responsibility
Our responsibility is to express to the Company a conclusion on the Interim Consolidated Financial Statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the Interim Consolidated Financial Statements in the half-yearly report for the six months ended
Use of our report
This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report or for the conclusions we have reached.
Damien Kealy
Chartered Accountants, Statutory Audit Firm
Paramount Court
Dublin 18
ENDS
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