TIDMBKY
RNS Number : 8184H
Berkeley Energia Limited
15 March 2018
BERKELEY ENERGIA LIMITED
Interim Financial Report for the Half Year Ended
31 December 2017
Informe financiero provisional correspondiente al semestre
terminado el 31 de diciembre de 2017
abn 40 052 468 569
CORPORATE DIRECTORY | DIRECTORIO CORPORATIVO
Directors Solicitors
Mr Ian Middlemas Chairman Spain
Mr Paul Atherley Managing Herbert Smith Freehills
Director and CEO Spain LLP
Mr Nigel Jones Non-Executive Uría Menéndez
Director Abogados, S.L.P
Mr Adam Parker Non-Executive
Director Australia
Mr Deepankar Panigrahi DLA Piper Australia
Non-Executive Director
Mr Robert Behets Non-Executive Bankers
Director Spain
Santander Bank
Company Secretary
Mr Dylan Browne Australia
Australia and New Zealand
Spanish Office Banking Group Ltd
Berkeley Minera Espana,
S.A. Share Registry
Carretera SA-322, Km 30 United Kingdom
37495 Retortillo Computershare Investor
Salamanca Services PLC
Spain The Pavilions, Bridgewater
Telephone: +34 923 193 Road
903 Bristol BS99 6ZZ
Telephone: +44 370 702
Main Office 0000
Unit 1B, Princes House
38 Jermyn Street Australia
London SW1Y 6DN Computershare Investor
United Kingdom Services Pty Ltd
Telephone: +44 20 3903 Level 11, 172 St Georges
1930 Terrace
Perth WA 6000
Registered Office Telephone: +61 8 9323
Level 9, BGC Centre 2000
28 The Esplanade Facsimile: +61 8 9323
Perth WA 6000 2033
Australia
Telephone: +61 8 9322 6322 Stock Exchange Listing
Facsimile: +61 8 9322 United Kingdom
6558 London Stock Exchange
(AIM Code: BKY)
Website
www.berkeleyenergia.com Australia
Australian Securities
Email Exchange (ASX Code: BKY)
info@berkeleyenergia.com
Nominated Advisor and Broker
Auditor WH Ireland Limited
Spain Telephone: +44 207 220
Ernst & Young Espana 1666
Australia
Ernst and Young Australia
- Perth
CONTENTS | CONTENIDO
Directors' Report
Directors' Declaration
Consolidated Statement of Profit or
Loss and Other Comprehensive Income
Consolidated Statement of Financial
Position
Consolidated Statement of Changes
in Equity
Consolidated Statement of Cash Flows
The following sections are available
in the full version of the Interim
Financial Report on our website at
www.berkeleyenergia.com
Condensed Notes to the Financial Statements
Auditor's Independence Declaration
Auditor's Review Report
The Board of Directors of Berkeley Energia Limited present their
report on the consolidated entity of Berkeley Energia Limited ('the
Company' or 'Berkeley') and the entities it controlled during the
half year ended 31 December 2017 ('Consolidated Entity' or
'Group').
DIRECTORS
The names of the Directors of Berkeley in office during the half
year and until the date of this report are:
Mr Ian Middlemas Chairman
Mr Paul Atherley Managing Director and CEO
Mr Nigel Jones Non-Executive Director
Mr Adam Parker Non-Executive Director
Mr Deepankar Panigrahi Non-Executive Director (appointed 30 November 2017)
Mr Robert Behets Non-Executive Director
Unless otherwise disclosed, Directors were in office from the
beginning of the half year until the date of this report.
REVIEW OF OPERATIONS AND ACTIVITIES
Operations
Berkeley is a high impact, clean energy company focused on
bringing its wholly owned Salamanca mine into production.
This world class uranium project is being developed in an
historic mining area about three hours west of Madrid, Spain. Final
detailed project reviews are underway as the Company counts down to
the commencement of construction at the Salamanca mine.
At the same time, production cuts are being announced at some of
the world's largest uranium mines, which are likely to result in a
12% reduction in primary mine production this year.
The Salamanca mine, the only major uranium mine to be in
construction in the world this year, is scheduled to reach
production in 2019 as the market enters the long awaited
supply/demand deficit that industry experts have called both
fundamental and unavoidable.
The project continues to receive strong support among key
stakeholders in Spain, reflecting the growing awareness of the
benefits the investment will bring to a community that is
experiencing some of the highest levels of unemployment in the
European Union.
Highlights for and subsequent to the half year include:
-- Berkeley Energia completes strategic investment of up to
US$120m with the Oman sovereign wealth fund:
o Shareholders overwhelmingly voted to approve the strategic
investment and the Company received the initial US$65 million
tranche of funding in November 2017 which funds the capital costs
for production;
o Mr Deepankar Panigrahi, Investment Manager in the Private
Equity division of the fund has joined the Board as a Non-Executive
Director.
-- Construction preparation continues:
o Following the receipt of funding, the Company is filling key
management positions and finalising capital and operating
costs;
o As part of its commitment to develop the project in
partnership with Spanish engineering excellence, Sanchez y Lago,
one of Spain's major construction companies and contract mining
firms has been selected as the preferred mining contractor.
-- Strong support from key stakeholders:
o AENOR, the Spanish Association for Standardisation and
Certification, recently re-awarded the Company certificates in
Sustainable Mining and Environmental Excellence;
o As part of its commitment to reduce unemployment in the
region, the majority of new staff required for the first phase of
construction activity will be recruited from the local villages of
Retortillo and Villavieja.
-- Uranium market:
o Cameco's recently announced suspension of operations at its
low cost McArthur River mine, along with cuts announced by Areva
and Kazatomprom, is expected to remove 17 million pounds U(3) O(8)
from the market this year (12 million pounds attributable to Cameco
alone), representing 12% of primary mine supply;
o The Company has 2.75 million pounds of U(3) O(8) under
contract for the first six years, with a further 1.25 million
pounds of optional volume, at an average price above US$42,
compared with a spot price of US$21 per pound;
o The Company will continue to progressively build its offtake
book and has granted the Oman sovereign wealth fund the right to
match any future long term offtake transactions.
-- Exploration:
o Exploration focused on identifying additional targets with
similar characteristics to Zona 7 continued during the period;
o Over 2,200 samples were collected during the first phase of
the geochemical sampling programme and twelve potential uranium
targets have been identified using a combination of Ionic Leach(TM)
analysis and other methods.
Berkeley Energia completed strategic investment of up to US$120m
with Oman sovereign wealth fund
During the half year, shareholders overwhelmingly voted to
approve the strategic investment agreement with the Oman sovereign
wealth fund ('SGRF').
All Conditions Precedent were met and the Company received the
initial US$65 million tranche of funding in November 2017.
The investment comprises an interest-free and unsecured
convertible loan note of US$65 million which can be converted into
ordinary shares at 50 pence per share upon commissioning of the
mine, as well as an options package exercisable at an average price
of 85 pence per share contributing an additional US$55 million if
exercised.
With funding in place, Berkeley takes final steps to prepare for
full construction
The Company is now focused on awarding major contracts, filling
key management positions and conducting detailed reviews focused on
ensuring that the very best capital and operating costs are
achieved.
The competitive quotes received which have driven capital and
operating costs down have in some cases been offset by the
appreciation of the Euro and higher than expected indirect
costs.
In addition to the selection of contractors, the Company is
making key appointments to the owner's team having recently
appointed Mr Sergio Arenas as Plant Manager. Mr Arenas has over a
decade of international operating experience.
Berkeley Energia awarded the Corporate Development Award at the
London Mines and Money Awards Dinner
The progress made at the Salamanca mine over the past year was
recognised when Berkeley Energia was awarded the London Mines and
Money Corporate Development Award in December 2017.
The Company was selected from a group of finalists that included
Rio Tinto, Ivanhoe Mines and Endeavour Mining.
The award recognized the Company's efforts in permitting,
financing and commencing development of the only major uranium mine
in the world today, located in the heart of the European Union, at
a time when prices are at twelve-year lows.
Employment and training
The project is located in an area that has suffered badly from
intergenerational unemployment and rural desertification.
To date, the Company has received over 7,000 job applications
just from residents of the Salamanca region, 400 of those come from
villages surrounding the project and of those, over 110 from
Villavieja alone.
The University of Salamanca has estimated that for this type of
business there will be a multiplier factor of 5.1 indirect jobs for
every direct job created, resulting in over 2,500 direct and
indirect jobs being created as a consequence of the Company's
investment in the area.
To date, over 120 locals have attended courses organised by the
Company and 25% of residents from the local area have applied for
jobs. The Company currently has a work force of nearly 70 people
and over a quarter of these have been recruited from towns in the
immediate vicinity.
Training programmes, which have been historically well attended
and oversubscribed, will continue to run throughout the year
ensuring that sufficient people from the local communities have the
specialist skills required for jobs created during the construction
and mining phases.
As part of its commitment to reduce unemployment in the region,
the majority of new staff required to carry out upcoming work
programmes will be recruited from the local villages of Retortillo
and Villavieja.
Commitment to the community
The Company has invested more than EUR70 million developing the
project over the past decade and plans to invest an additional
EUR250 million over the life of the project.
The Company has signed Cooperation Agreements with the highly
supportive local municipalities, demonstrating its commitment to
fostering positive relationships with these communities.
To date, through these agreements, the Company has provided Wifi
networks for local villages, built play areas for children,
repaired sewage water plants, upgraded sports facilities, and
sponsored various sporting events and local festivals.
Following consultations with the residents of the local
community a number of infrastructure improvements to neighbouring
villages have been identified, which the Company is looking to
progress in the coming months.
The Company has worked tirelessly over the past decade to
develop positive and mutually beneficial relationships with the
local communities and will continue to do so as construction ramps
up.
Committed to the highest environmental standards
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to the
environment remains a priority. It holds certificates in
Sustainable Mining and Environmental Excellence which were awarded
by AENOR, an independent Spanish government agency. The Company was
re-awarded both certificates in November 2017 following a week long
consultation process with the agency.
The mine has been designed according to the very latest thinking
on sustainable mining. The extraction and treatment areas will be
continuously rehabilitated as operations progress and with minimum
disturbance during operations. Once operations are complete, all
areas utilised by the Company will be fully restored to an
increased agricultural value.
As part of the Environmental Licence and the Environmental
Measures Plan over 30,000 young oak trees will be planted over an
area of 75 to 100 hectares. The first 20,000 of these will be
planted in the nearby municipality of Vitigudino over an area of
more than 500 hectares currently used by cattle farmers, despite
its deteriorating ecological value.
Offtake programme and notable increase in public tender
activity
The Company currently has 2.75 million pounds of U(3) O(8)
concentrate under long term contracts over the first six years of
production. Potential exists to increase annual contracted volumes
further as well as extend the contracts by a total of 1.25 million
pounds.
The Company has maintained its preference to combine fixed and
market related pricing across its contracts in order to secure
positive margins in the early years of production whilst ensuring
the Company remains exposed to potentially higher prices in the
future.
Across the portfolio, the average fixed price per pound of
contracted and optional volumes is above US$42 per pound. This
compares favourably with the current spot price of around US$21 per
pound.
The investment agreement signed with the Oman sovereign wealth
fund grants the fund the right to match future long term uranium
offtake transactions. This right to match is subject to an annual
cap (on a rolling 12-month basis) which cannot exceed the greater
of 1 million pounds of U(3) O(8) concentrate per annum or 20% of
annual production.
With the financing agreement signed, the Company intends to
increase its offtake activity this year once full construction of
the mine is underway, and will participate in public and private
offtake opportunities with global utilities, reporting regularly on
progress.
The Company's view is that the recent production cuts by Tier 1
producers, Cameco and KazAtomProm, could be a turning point in the
uranium market. Cameco's suspension of production, the latest in a
long line of production cuts, brings the total volume of uranium
removed from the market in 2018 to 17 million pounds, about 12% of
primary mine supply.
The Salamanca mine is scheduled to reach production as the
market enters a supply/demand deficit that industry experts have
called both fundamental and unavoidable. US utilities looking to
re-contract will be competing with Chinese and Japanese reactor
demand, which may lead to higher spot and term contract prices.
Exploration programme expanded targeting Zona 7 style
deposits
A major soil sampling programme was completed during the period
focusing on identifying additional targets with similar
characteristics to the Zona 7 and Retortillo deposits.
Over 2,200 samples were collected across 46km(2) area in both
Salamanca I and Salamanca II and analysed using Ionic Leach(TM)
which allows for very high levels of detection of uranium and other
economic minerals.
The process involved developing a fingerprint of the Zona 7
discovery (where a low radiometric anomaly existed) and the
Retortillo deposit and looking for repetitions of these unique
signatures in other areas of interest and then matching these with
co-incident radon and geochemical anomalies and finally placing
them in a geological and structural setting.
The first phase of the survey of the Salamanca I area defined
nine uranium anomalies, which have been divided into four high and
five lower priority areas that have a combination of elevated
uranium levels along with supporting multi-element signatures.
The survey of the Salamanca II area defined three anomalous
areas for uranium, divided into two high priority areas and one
lower priority area, all of which have a combination of elevated
uranium levels and supporting multi-element signatures.
These twelve uranium anomalous areas are currently being
followed up to generate high priority drill targets.
Permitting update
There is strong support for the Salamanca mine throughout all
levels of government. To date, the Company has received more than
110 favourable reports and permits for the development of the
mine.
The Urbanism Commission of Salamanca gave an Express Resolution
for the granting of the Authorisation of Exceptional Land Use.
With the Mining Licence, Environmental Licence and the
Authorization of Exceptional Land Use the next major approval is
the Construction Authorization by the Ministry of Industry, Energy
and Tourism for the treatment plant as a radioactive facility.
Approvals for the Zona 7 deposit are progressing well, the
Exploitation Plan, the Reclamation and Closure Plan, the
Environmental Impact Assessment and the Initial Authorization are
complete and have all now been submitted to the relevant
authorities. The final approval is expected during 2019 as
previously announced.
Corporate
Appointment of SGRF Nominee Director
Mr Deepankar Panigrahi, Investment Manager in the Private Equity
division of SGRF joined the Board as a Non-Executive Director on 30
November 2017.
Mr Panigrahi has extensive experience across a variety of
sectors and geographies covering all stages of the private equity
process, including post investment management. Mr Panigrahi holds
an Undergraduate and Master's degree in Economics with Distinction
and Honours from the University of Michigan followed by an MBA from
Cambridge University.
Results of Operations
The net loss of the Consolidated Entity for the half year ended
31 December 2017 was $40,714,000 (31 December 2016: $6,509,000).
Significant items contributing to the current half year loss and
the substantial differences from the previous half year include to
the following:
(i) Exploration and evaluation expenses of $7,817,000 (31
December 2016: $4,440,000), which is attributable to the Group's
accounting policy of expensing exploration and evaluation
expenditure incurred subsequent to the acquisition of the rights to
explore and up to the successful completion of definitive
feasibility studies for each separate area of interest;
(ii) Business development expenses of $1,087,000 (31 December
2016: $1,128,000), which includes the Group's investor relations
activities including but not limited to public relations costs,
marketing and digital marketing, broker fees, travel costs,
conference fees, business development consultant fees and stock
exchange admission fees;
(iii) Non-cash share based payments expense of $267,000 (31
December 2016: $513,000) was recognised in respect of incentive
securities granted to directors, employees and key consultants. The
Company's policy is to expense the incentive securities over the
vesting period (which for Performance Rights is generally the life
of the security). The decrease in this expense is a direct result
of less incentive securities on issue at 31 December 2017 compared
to 31 December 2016;
(iv) Non-cash fair value movements of $24,868,000 (31 December
2016: nil) of the convertible note and unlisted options issued to
SGRF ('SGRF Options'). These financial liabilities increase in size
as the share price of the Company increase. With the share price
increasing by over 22% since agreeing to issue the convertible note
and SGRF Options to the end of the half year, the size of the fair
value loss attributable to the financial liabilities has increased
materially. As the convertible note and SGRF Options convert into
shares, the liabilities will be reclassified to equity and will
require no cash settlement by the Company.
Commercially, the intentions of both SGRF and the Company prior
to completing the convertible note transaction was to enter into an
equity type deal. The Company has however complied with the
accounting standards and accounted for the convertible note as a
financial liability.
Under the ASX Listing Rules, the convertible note and SGRF
options are defined as equity securities.
Due to the conversion terms of the convertible note leading to
the issuance of a variable number of ordinary shares in the Company
in return for conversion of the convertible note, the Company is
required under the accounting standards to account for the
convertible note as a current financial liability at fair value
through profit and loss, despite the Company having no obligation
to extinguish the convertible note using its cash and cash
equivalents.
(v) The Group also incurred one off costs to issue the
convertible note and associated securities of $2,697,000 (31
December 2016: nil).
Financial Position
At 31 December 2017, the Group is in an extremely strong
financial position with cash reserves of $105,375,000.
The Group had net assets of $8,234,000 at 31 December 2017 (30
June 2017: $48,467,000), a decrease of 67% compared with 30 June
2017. This decrease is consistent and largely attributable to the
recognition of the non-cash financial liabilities at fair value
through profit and loss (the convertible note and SGRF
Options).
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
At the date of this report there were no significant events
occurring after balance date requiring disclosure.
ROUNDING
The amounts contained in the half-year financial report have
been rounded to the nearest $1,000 (where rounding is applicable)
where noted ($000) under the option available to the Company under
ASIC Corporations (Rounding in Financial/Directors' Reports)
Instrument 2016/191. The Company is an entity to which this
legislative instrument applies.
AUDITOR'S INDEPENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors,
Ernst & Young, to provide the Directors of Berkeley Energia
Limited with an Independence Declaration in relation to the review
of the half year financial report. This Independence Declaration is
on page 19 and forms part of this Directors' Report.
Signed in accordance with a resolution of Directors.
Paul Atherley
Managing Director and CEO
15 March 2018
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of Berkeley
Energia Limited, I state that:
In the opinion of the Directors:
(a) the financial statements and notes, as set out on pages 8 to
18, are in accordance with the Corporations Act 2001,
including:
(i) complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001; and
(ii) giving a true and fair view of the consolidated entity's
financial position as at 31 December 2017 and of its performance
for the half year ended on that date.
(b) there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they become due and
payable.
On behalf of the Board
Paul Atherley
Managing Director and CEO
15 March 2018
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE HALF YEARED 31 DECEMBER 2017
Half Year Half Year
Ended Ended
31 December 31 December
2017 2016
$000 $000
---------------------------------- ---- -------------- --------------
Revenue 140 179
Exploration and evaluation
costs (7,817) (4,440)
Corporate and administration
costs (824) (607)
Business development expenses (1,087) (1,128)
Share based payments expense (267) (513)
Cost to issue convertible (2,697) -
note
Fair value movements on non-cash (24,868) -
settled financial liabilities
Foreign exchange movements (3,294) -
---------------------------------- ---- -------------- --------------
Loss before income tax (40,714) (6,509)
Income tax expense - -
---------------------------------- ---- -------------- --------------
Loss after income tax (40,714) (6,509)
---------------------------------------- -------------- --------------
Other comprehensive income,
net of income tax:
Items that may be reclassified
subsequently to profit or
loss:
Exchange differences arising
on translation of foreign
operations 214 93
Other comprehensive income,
net of income tax 214 93
---------------------------------------- -------------- --------------
Total comprehensive loss
for the half year attributable
to Members of Berkeley Energia
Limited (40,500) (6,416)
======================================== ============== ==============
Basic and diluted loss per
share (cents per share) (16.00) (3.08)
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
31 December 30 June 2017
2017
$000 $000
------------------------------ ---- ------------ -------------
ASSETS
Current Assets
Cash and cash equivalents 105,375 34,815
Trade and other receivables 2,180 1,478
Total Current Assets 107,555 36,293
------------------------------------ ------------ -------------
Non-current Assets
Exploration expenditure 7,993 7,945
Property, plant and
equipment 10,499 9,799
Other financial assets 453 161
------------------------------------ ------------ -------------
Total Non-Current Assets 18,945 17,905
------------------------------------ ------------ -------------
TOTAL ASSETS 126,500 54,198
------------------------------------ ------------ -------------
LIABILITIES
Current Liabilities
Trade and other payables 5,668 5,208
Other financial liabilities 535 523
Non-cash settled convertible 97,627 -
note liability
Non-cash settled option 14,436 -
liability
------------------------------ ---- ------------ -------------
Total Current Liabilities 118,266 5,731
------------------------------------ ------------ -------------
TOTAL LIABILITIES 118,266 5,731
------------------------------------ ------------ -------------
NET ASSETS 8,234 48,467
==================================== ============ =============
EQUITY
Issued capital 168,068 168,051
Reserves 571 107
Accumulated losses (160,405) (119,691)
------------------------------------ ------------ -------------
TOTAL EQUITY 8,234 48,467
==================================== ============ =============
The above Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 31 DECEMBER 2017
Share Foreign
Based Currency
Issued Payments Translation Accumulated
Capital Reserve Reserve Losses Total
$000 $000 $000 $000 $000
As at 1 July 2017 168,051 2,791 (2,684) (119,691) 48,467
Total comprehensive
loss for the period:
Net loss for the
period - - - (40,714) (40,714)
Other comprehensive
income:
Exchange differences
arising on translation
of foreign operations - - 214 - 214
---------------------------- --------- ---------- ------------- ------------ ---------
Total comprehensive
income/(loss) - - 214 (40,714) (40,500)
---------------------------- --------- ---------- ------------- ------------ ---------
Transactions with
owners, recorded
directly in equity
Issue of ordinary
shares 17 - - - 17
Share based payments - 250 - - 250
As at 31 December
2017 168,068 3,041 (2,470) (160,405) 8,234
============================ ========= ========== ============= ============ =========
As at 1 July 2016 129,515 2,769 (2,340) (103,641) 26,302
Total comprehensive
loss for the period:
Net loss for the
period - - - (6,509) (6,509)
Other comprehensive
income:
Exchange differences
arising on translation
of foreign operations - - 93 - 93
---------------------------- --------- ---------- ------------- ------------ ---------
Total comprehensive
income/(loss) - - 93 (6,509) (6,416)
---------------------------- --------- ---------- ------------- ------------ ---------
Transactions with
owners, recorded
directly in equity
Issue of ordinary
shares 39,728 - - - 39,728
Exercise of incentive
options 58 - - - 58
Share issue costs (2,203) - - - (2,203)
Adjustment for performance
rights forfeited - (179) - - (179)
Transfer from share
based payments reserve 950 (950) - - -
Share based payments - 662 - - 662
As at 31 December
2016 168,048 2,302 (2,247) (110,150) 57,952
============================ ========= ========== ============= ============ =========
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2017
Half Year Half Year
Ended Ended
31 December 31 December
2017 2016
$000 $000
------------------------------------- ------------- -------------
Cash flows from operating activities
Payments to suppliers and employees (10,148) (7,255)
Interest received 147 128
Net cash outflow from operating
activities (10,001) (7,127)
------------------------------------- ------------- -------------
Cash flows from investing activities
Proceeds from sale of royalty - 6,531
Payments for property, plant and
equipment (550) (5,099)
------------------------------------- ------------- -------------
Net cash outflow from investing
activities (550) 1,432
------------------------------------- ------------- -------------
Cash flows from financing activities
Proceeds from issue of securities - 39,698
Transaction costs from issue of
securities - (2,184)
Proceeds from issue of convertible
note and options 85,823 -
Transaction costs from issue of
convertible note and options (2,697) -
Net cash inflow from financing
activities 83,126 37,514
------------------------------------- ------------- -------------
Net increase/(decrease) in cash
and cash equivalents held 72,575 31,819
Cash and cash equivalents at the
beginning of the period 34,815 11,348
Effects of exchange rate changes
on cash and cash equivalents (2,015) 12
------------------------------------- ------------- -------------
Cash and cash equivalents at the
end of the period 105,375 43,179
===================================== ============= =============
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.
The following sections in the full version of the
Interim Financial Report, along with all figures
and illustrations, are available on our website
at www.berkeleyenergia.com
Condensed Notes to the Consolidated Financial
Statements
Auditor's Independence Declaration
Auditor's Review Report
This information is provided by RNS
The company news service from the London Stock Exchange
END
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