TIDMHER
RNS Number : 2571B
Herencia Resources PLC
19 September 2018
Herencia Resources plc
("Herencia" or the "Company")
HALF-YEARLY FINANCIAL REPORT
For the six months ended 30 June 2018
Herencia Resources plc is pleased to announce the unaudited
half-yearly accounts of the Company and its subsidiaries (the
"Group") for the six months ended 30 June 2018.
Directors
The names of directors who held office during or since the end
of the interim period and until the date of this report are noted
below. Directors were in office for the entire period unless
otherwise stated.
Carl Dumbrell Executive CEO (Appointed 30 May 2018)
Peter Reeve Non-Executive Chairman (Resigned 20 June 2018)
Jeffery Williams Non- Executive Director
Our focus is to
-- Use our available capital resources to fully explore the Company's copper projects in Chile;
-- Identify new exploration projects in South America;
-- Recapitalise the company;
-- Review our current supplier and terms of business;
-- Turn around the company's share price.
Working Capital Position
As announced on 11 July 2018 the funding provided at the time
under the convertible note facility gave the Company sufficient
funds to trade through to approximately the end of September 2018.
Due to prudent cash management, the Directors believe that this
cash will now provide the Company with sufficient funds through to
the end of October 2018. The Company has a number of options which
it is currently exploring, and further announcements will be made
in due course as appropriate, however the Company's working capital
position continues to be severely constrained.
We thank shareholders for their ongoing support and welcome any
questions they may have.
Carl Dumbrell
Executive CEO
19 September 2018
Please refer to the project announcements at the Company's
website (www.herenciaresources.com) for further information on the
Company operations.
For further information please contact:
Carl Dumbrell +61 402 277 282
Jeff Williams +61 418 594 324
Katy Mitchell, WH Ireland Limited +44 161 832 2174
Camilla Horsfall, Blytheweigh (PR) +44 20 7138 3204
CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue 4 - -
Cost of sales - - -
------------- ------------- --------------
Gross profit - - -
Administration expenses (424,275) (145,208) (620,570)
Interest expense (107,402)
Impairment of goodwill - - -
Foreign exchange gains/(losses) - 12,524 (85.032)
------------- ------------- --------------
Operating profit/(loss) (424,271) (132,684) (813,004)
Finance revenue (expense) - (95,913) 184,469
------------- ------------- --------------
Income/(loss) before tax (424,271) (228,597) (628,535)
Income tax expense - - -
------------- ------------- --------------
Income/(loss) for the period (424,271) (228,597) (628,535)
Discontinued operations
Loss from discontinued operations, - - -
net of tax
------------- ------------- --------------
Total loss (424,271) (228,597) (628,535)
Other comprehensive income/(loss)
Exchange differences on translating
foreign operations 2,372 (42,951) (15,168)
Other comprehensive income/(loss),
net of tax 2,372 (42,951) (15,168)
Total comprehensive income/(loss)
for the period, net of tax (421,899) (271,548) (643,703)
============= ============= ==============
Income/(loss) attributable
to:
Equity holders of the Company (421,899) (206,879) (643,703)
Non-controlling interests - (21,718) -
------------- ------------- --------------
(421,899) (228,597) (643,703)
============= ============= ==============
Total comprehensive income/(loss)
attributable to:
Equity holders of the Company (421,899) (240,864) (643,703)
Non-controlling interests - (30,684) -
------------- ------------- --------------
(421,899) (271,548) (643,703)
============= ============= ==============
Income/(loss) per share
Income/(loss) per ordinary
share-basic and diluted 2 (0.004)p (0.04)p (0.009)p
============= ============= ==============
The results shown above relate entirely to continuing
operations.
STATEMENTS OF FINANCIAL POSITION
AT 30 JUNE 2018
30 June 30 June 31 December
2018 2017 2017
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current assets
Intangible assets and goodwill 4 5,367,189 4,187,276 5,367,189
Property, plant and equipment 5 16,693 10,412 16,762
5,383,882 4,197,688 5,383,951
-------------- -------------- --------------
Current assets
Cash and cash equivalents 155,060 598,933 233,433
Trade and other receivables 52,537 186,526 149,705
Other assets - 696 721
207,597 786,155 383,859
-------------- -------------- --------------
Total assets 5,591,479 4,983,843 5,767,810
-------------- -------------- --------------
LIABILITIES
Non-current liabilities
Loans and borrowings 8 525,466 256,972 529,501
Vendor obligations 875,251 - 875,249
-------------- -------------- --------------
1,400,717 256,972 1,404,750
-------------- -------------- --------------
Current liabilities
Trade and other payables 733,988 1,158,507 985,549
Provisions 7 48,990 - 53,526
Loans and borrowings 8 397,149 496,086 294,603
1,183,127 1,654,593 1,333,678
-------------- -------------- --------------
Total liabilities 2,580,844 1,911,565 2,738,428
-------------- -------------- --------------
Net Assets 3,010,635 3,072,278 3,029,382
============== ============== ==============
EQUITY
Share capital 10 5,208,945 4,555,591 4,801,049
Share premium 10 24,270,643 24,154,645 24,270,643
Share based payments reserve 29,150 761,360 29,150
Other reserves 117,257 55,480 117,257
Translation reserve (368,894) (387,711) (368,894)
Retained losses (26,246,466) (26,159,527) (25,819,823)
-------------- -------------- --------------
Capital and reserves attributable
to equity holders 3,010,635 2,979,838 3,029,382
Minority interests in equity 9 - 92,440 -
-------------- -------------- --------------
Total equity and reserves 3,010,635 3,072,278 3,029,382
============== ============== ==============
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2018
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
Notes 2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net cash outflow from operating
activities (571,716) (267,827) (902,196)
Cash flows from investing
activities
Interest received 4 - -
Net funds used for investing
in exploration 4 (423,177) (171,195) (330,836)
---------------- ---------------- -----------------
Net cash used by investing
activities (423,177) (171,195) (330,836)
---------------- ---------------- -----------------
Cash flows from financing
activities
Proceeds from issue of shares - 954,513 954,511
Proceeds from director loans 8 - - -
Proceeds from convertible
notes 8 918,889 77,449 495,036
Net cash generated from financing
activities 918,889 1,032,962 1,449,547
---------------- ---------------- -----------------
Net decrease in cash and cash
equivalents (76,000) 592,940 216.515
Cash and cash equivalents
at the beginning of the period 233,433 16,918 16,918
Exchange fluctuation (2,372) (10,925) -
Cash and cash equivalents
at the end of the period 155,061 598,933 233,433
================ ================ =================
CONSOLIDATED STATEMENTS OF CHANGES in EQUITY
FOR THE SIX MONTHSED 30 June 2018
Share-based
Share Share Translation payments Other Retained Minority Total
capital premium reserve reserve reserves losses Total interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2018 4,801,049 24,270,643 (368,894) 29,150 117,257 (25,819,823) 3,029,382 - 3,029,382
Issue of - - - - - - - - -
shares
Conversion of
convertible
notes into
shares 407,896 - - - - - 407,896 - 407,896
Total
comprehensive
income/(loss)
for the
period - - - - - (426,643) (426,643) - (426,643)
------------- -------------- -------------- -------------- ----------- ---------------- ------------- ----------- -------------
Balance at 30
June 2018 5,208,945 24,270,643 (368,894) 29,150 117,257 (26,246,466) 3,010,635 - 3,010,635
============= ============== ============== ============== =========== ================ ============= =========== =============
Balance at 1
January 2017 4,304,675 23,412,246 (353,726) 761,360 46,141 (25,952,648) 2,218,048 123,124 2,341,172
Issue of
shares 212,114 742,399 - - - - 954,513 - 954,513
Conversion of
convertible
notes into
shares 38,802 - - - - - 38,802 - 38,802
Compound
instrument
equity
component - - - - 9,339 - 9,339 - 9,339
Total
comprehensive
income/(loss)
for the
period - - (33,985) - - (206,879) (240,864) (30,684) (271,548)
------------- -------------- -------------- -------------- ----------- ---------------- ------------- ----------- -------------
Balance at 30
June 2017 4,555,591 24,154,645 (387,711) 761,360 55,480 (26,159,527) 2,979,838 92,440 3,072,278
============= ============== ============== ============== =========== ================ ============= =========== =============
NOTES TO THE UNAUDITED HALF-YEARLY ACCOUNTS
FOR THE SIX-MONTH PERIODED 30 JUNE 2018
1. Accounting policies
The condensed half-year accounts have been prepared using
policies based on International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board as adopted for use in the EU. The condensed
half-year accounts have been prepared using the accounting policies
which have been applied in the Group's statutory financial
statements for the year ending 31 December 2017.
1.1. Basis of preparation and going concern
Herencia Resources plc ('the Company') is incorporated in
England and Wales. The half-yearly accounts for the six months
ended 30 June 2018 is unaudited and does not constitute statutory
accounts within the meaning of section 434 of the Companies Act
2006.
The half-yearly accounts include unaudited comparative figures
for the half year ended 30 June 2017. The comparatives for the year
ended 31 December 2017 are not the Company's full statutory
accounts for that period but have been extracted from the statutory
accounts for that period which have been delivered to the Registrar
of Companies.
The financial reports have been prepared using the historical
cost convention and are presented in UK pounds sterling. The
half-yearly accounts for the six months ended 30 June 2018 has been
prepared in accordance with IAS 34 'Interim financial
reporting'.
The half-yearly accounts for the six months ended 30 June 2018
has been prepared pursuant to AIM Rule 18, which states "An AIM
company must prepare a half-yearly report in respect of the
six-month period from the end of the financial period for which
financial information has been disclosed in its admission document
and at least every subsequent six months thereafter (apart from the
final period of six months preceding its accounting reference date
for its annual audited accounts)."
At 30 June 2018 the Group had cash balances of GBP155,060. The
Group proposes to conduct further exploration activities at its
Chilean projects and accordingly, will need to raise additional
funds before the end of 2018 to maintain sufficient cash resources
for its working capital and particularly, continue its efforts to
reduce outstanding obligations.
The Directors have a reasonable expectation that the Group has
adequate access to resources to continue in operational existence
for the foreseeable future and continue to meet, as and when they
fall due, its planned exploration and development activities and
other liabilities for at least the next twelve months from the date
of approval of these financial statements. For this reason, the
Directors continue to adopt the going concern basis in preparing
these financial statements.
However, there can be no guarantee that the required funds will
be raised within the necessary timeframe, consequently a material
uncertainty exists that may cast doubt on the Group's ability to
continue to operate as planned and to be able to meet its
commitments and discharge its liabilities in the normal course of
business for a period not less than twelve months from the date of
this report.
2. Income/(loss) per share
The basic and diluted income/(loss) per ordinary share of 0.004p
(30 June 2017: 0.04p and 31 December 2017: (0.009p)for the Group
has been calculated by dividing the income/(loss) for the period
attributable to equity holders of GBP421,899 (30 June 2017:
GBP228,597 and 31 December 2017: GBP628,535).
NOTES TO THE UNAUDITED HALF-YEARLY ACCOUNTS
FOR THE SIX-MONTH PERIODED 30 JUNE 2018
3. Segmental information
The activities of the Group are broken down into the operating
segments of Mineral Exploration and Central Costs. Segment
information by operating segment and by region is as follows:
Segment information by operating Mineral Exploration Central Total
segment Costs
GBP GBP GBP
6 months ended 30 June 2018 (unaudited)
Administration expenses (excluding
non-cash items) (288,725) (134,481) (424,206)
Finance revenue/(expense) - 4 4
Non-cash expenditure:
Depreciation expense (69) - (69)
Foreign exchange gain/(loss) - (2,372) (2,372)
--------------------- ------------- ---------------
Segment result (288,794) (137,849) (426,643)
===================== ============= ===============
As at 30 June 2018
Segment assets 5,367,189 226,051 5,591,479
Segment liabilities (875,251) (1,705,593) (2,580,844)
Net assets 4,491,938 (1,481,303) 3,010,635
===================== ============= ===============
Mineral Central Total
Segment information by operating Exploration Costs
segment
GBP GBP GBP
6 months ended 30 June 2017 (unaudited)
Administration expenses (excluding
non-cash items) (171,376) 37,668 (133,708)
Finance revenue/(expense) - (95,913) (95,913)
Non-cash expenditure:
Depreciation expense (11,500) - (11,500)
Foreign exchange gain/(loss) (11,621) 24,145 12,524
--------------------- ------------- -------------
Segment result 194,497 34,100 228,597
===================== ============= =============
As at 30 June 2017
Segment assets 4,423,687 560,156 4,983,843
Segment liabilities (920,289) (991,276) (1,911,565)
Net assets 3,503,398 (431,120) 3,072,278
===================== ============= =============
NOTES TO THE UNAUDITED HALF-YEARLY ACCOUNTS
FOR THE SIX-MONTH PERIODED 30 JUNE 2018
3. Segmental information (continued)
Segment information by operating Mineral Exploration Central Total
segment Costs
GBP GBP GBP
12 months ended 31 December 2017
(audited)
Administration expenses (excluding
non-cash items) (337,097) (384,960) (722,057)
Finance revenue/(expense) - 184,469 184,469
Non-cash expenditure:
Depreciation expense (5,915) - (5,915)
Impairment of exploration - - -
Loss on disposal of subsidiary - - -
Foreign exchange gain/(loss) (72,190) (12,842) (85,032)
--------------------- ------------- -------------
Segment result (415,202) (213,333) (628,535)
===================== ============= =============
As at 31 December 2017
Segment assets 5,500,188 267,622 5,767,810
Segment liabilities (1,640,972) (1,097,456) (2,738,428)
--------------------- ------------- -------------
Net assets 3,859,216 (829,834) 3,029,382
===================== ============= =============
Segment information by region
External Revenue Non-current assets
30 June 30 June 31 December 30 June 30 June 31 December
2017 2017
2018 2017 (audited) 2018 2017 (audited)
(unaudited) (unaudited) (unaudited) (unaudited)
GBP GBP GBP GBP GBP GBP
Chile - - - 5,383,882 4,062,445 5,383,951
----------------- ----------------- ---------------- ----------- --------------- ---------------
Group - - - 5,383,882 4,062,445 5,383,951
================= ================= ================ =========== =============== ===============
At the end of the financial period, the Group had not commenced
commercial production from its exploration sites and therefore had
no turnover in the period.
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX-MONTH PERIODED 30 JUNE 2018
4. Intangible assets and goodwill
GBP
At cost
As at 1 January 2018 5,367,189
Additions -
At 30 June 2018 5,367,189
===============================
Carrying amount
As at 30 June 2017 4,187,276
As at 31 December 2017 5,367,189
5. Property Plant and equipment 30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
At cost 60,053 106,010 60,053
Accumulated depreciation (43,360) (94,712) (43,291)
Total property plant and equipment 16,693 11,298 16,762
================== ============ ===============
Movements in carrying amounts
Balance at the beginning of the period 16,762 22,798 22,798
Additions - - -
Disposals - (11,500) -
Depreciation (69) (5,915)
Assets classified as held for disposal - - -
Effects of foreign currency exchange
Differences arising during the year - - (121)
Balance at the end of the period 16,693 11,298 16,762
================== ============ ===============
7. Provisions 30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Employee benefits
Balance at the beginning of the period 53,526 92,692 92,692
(Utilised)/arising during the year (4,524) (49,053) 6,388
Effect of foreign currency exchange
difference
Reclassification of amount due to (179)
previous Managing
Director of the company to creditors (12) 1,839 (45,375)
Balance at the end of the period 48,990 45,478 53,526
============= ============ =============
Comprising
Current 48,990 45,478 53,526
Non-current - - -
48,990 45,478 53,526
======== ======== ========
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2018
8. Loans and borrowings
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current
Convertible notes - - -
Other loans 397,149 496,086 294,603
------------- ------------ ---------------
397,149 496,086 294,603
============= ============ ===============
Non-current
Convertible notes 525,466 256,972 486,864
Other loans - - 42,637
------------ --------- ---------
525,466 256,972 529,501
============ ========= =========
Director Loans and Related Party Transactions
No other related party transactions have occurred during the
period.
Convertible Note
During the six months ended 30 June 2018, the Company made
further drawdowns from the funding arrangements entered with its
major shareholders, the Australian Special Opportunity Fund ("Lind
Partners") and Oriental Darius Co. Ltd ("Oriental").
On 3 January 2018, Oriental and Lind Partners converted
US$300,000 in convertible notes into share capital with the Company
issuing 1,047,516,433 fully paid shares.
On 18 January 2018, the Company drew down US$400,000 from Lind
Partners and Oriental.
On 3 April 2018, the company drew down US$300,000 from Lind
Partners and Oriental.
Full details of the terms and conditions of the Secured
Convertible Facilities including the conversion issue price and
options are contained in the respective announcements.
9. Minority interest 30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Called up share capital - 123,124 -
Accumulated losses - (21,718) -
Translation reserve - (8,966) -
------------- ------------- -------------
- 92,440 -
============= ============= =============
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2018
10. Share capital 30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Allotted, issued and fully paid:
10.658,517,793 ordinary shares of
GBP0.01p each and 4,266,609,563 deferred
shares of GBP0.09p each
(30 June 2017: 4,266,609,563 ordinary
shares and
31 December 2017: 9,611,001,360 ordinary
shares) 5,208,945 4,555,591 4,801,049
============= ============ =============
Movement in share capital Number of Number of
during the period comprises: Ordinary Deferred Share Share Premium
Shares Shares Capital
GBP GBP
Issued and fully paid
As at 1 January 2018 shares 9,611,001,360 4,266,609,563 4,801,049 24,270,643
Movement:
Convertible note conversion 1,047,516,046 - 407,896 -
Balances as at 30 June
2018 10,658,517,793 4,266,609,563 5,208,945 24,270,643
================ ================= ============ ===================
11. Control
No one party is identified as controlling the Company.
12 Subsequent events
On 11 July 2018, the company drew down US$400,000 from Oriental
Darius and Lind Partners.
On 28 August 2018, the company advised the Board granted the issue
of 150,000,000 ordinary shares ("New Ordinary Shares") in the Company
to Mr. John Madden at a price of 0.03 pence per share. The New
Ordinary Shares have been granted in lieu of payment equivalent
to GBP45,000 for accounting work completed my Mr. John Madden over
the previous 17 months.
No other matter or circumstances have arisen since the end of
the reporting date and the date of this report which significantly
affect the results of the operations of the Company.
13. Contingent liabilities and capital commitments
There have been no changes to the contingent liabilities capital
commitments as disclosed in the most recent annual financial
report.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR MMGMLLLKGRZG
(END) Dow Jones Newswires
September 19, 2018 05:20 ET (09:20 GMT)
Herencia Resources (LSE:HER)
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Herencia Resources (LSE:HER)
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