TIDMOPP TIDMOPPP
RNS Number : 1930A
Origo Partners PLC
28 September 2020
Origo Partners PLC
("Origo" or the "Group" or the "Company")
Interim Unaudited Financial Statements
Origo Partners PLC today announces its interim unaudited
Financial Statements for the six months ended 30 June 2020
For further information about Origo please visit
www.origopartners.com or contact:
Origo Partners plc 55 Athol Street
John Chapman Douglas
Chairman Isle of Man IM1 2LA
Nominated Adviser and Broker
Arden Partners plc
Richard Johnson
Ben Cryer +44 (0)20 7614 5900
Chairman's Statement
Dear Shareholders,
As shareholders know, our plan was to wind up the Company by the
end of this year. As noted in our 7 May 2020 RNS announcement, this
has not been practicable due to the global pandemic.
Aside from assets with a nil valuation, we continue to maintain
investments in Celadon Mining Limited (Celadon) and Gobi Coal &
Energy Ltd. (Gobi Coal). Celadon, as we announced on 12 June 2020,
has entered into an agreement with a third party for the sale of
the Company's assets. If the transaction completes, the Company
would expect to receive net proceeds of approximately GBP 3.3
million as compared to a current carrying value of $1.129 million.
The controlling shareholder has been unable to complete the
transaction due to various countries' travel restrictions, which
block the closing. We are in regular contact with Celadon's
controlling shareholder and will report further in due course.
Gobi Coal has informed us that it has retained KPMG (Beijing) to
sell the company. We have reviewed the offering documents, and Gobi
Coal's management are hopeful that a sale will be consummated
before the end of the year. We are in regular contact with the
management team and will report as matters develop.
Our objectives continue to be selling the Company's remaining
assets, returning capital to shareholders and putting the Company
into liquidation. We will do our best to meet these objectives but
have been hindered by difficulties arising from the global
pandemic.
Very truly yours,
John D. Chapman
Chairman
Origo Partners Plc
25 September 2020
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
Notes $'000 $'000 $'000
------------------------------------------ ------ ------------- ------------- -------------
Investment income/(losses): 6
Realised gains/(losses) on disposal
of investments - (210) (75)
Unrealised gains/(losses) on investments - - -
- (210) (75)
------ ------------- ------------- -------------
Other income - - -
Other administrative expenses 7 (436) (716) (1,270)
Share based payment - - 103
Financial guarantee derecognition - - 435
Foreign exchange gains/(losses) (9) (5) (3)
Net loss before Finance Costs and
Taxation (445) (931) (810)
Finance costs (2) (2) (4)
Loss before tax (447) (933) (814)
------------------------------------------ ------ ------------- ------------- -------------
Income tax credit 9 - - 247
Loss after tax (447) (933) (567)
------------------------------------------ ------ ------------- ------------- -------------
Other comprehensive income
------------------------------------------ ------ ------------- ------------- -------------
Other comprehensive income to be
reclassified to profit or loss
in subsequent periods
Exchange differences on translating
foreign operations (39) (12) (41)
------------------------------------------ ------ ------------- ------------- -------------
Net other comprehensive income
to be reclassified to profit or
loss in subsequent periods (39) (12) (41)
------------------------------------------ ------ ------------- ------------- -------------
Tax on other comprehensive income - - -
------------------------------------------ ------ ------------- ------------- -------------
Other comprehensive income net
of tax (39) (12) (41)
Total comprehensive loss after
tax (486) (945) (608)
------------------------------------------ ------ ------------- ------------- -------------
Total comprehensive loss (486) (945) (608)
------------------------------------------ ------ ------------- ------------- -------------
Basic loss per share 10 (0.03) cents (0.05) cents (0.03) cents
------------------------------------------ ------ ------------- ------------- -------------
Basic loss per redeemable zero
dividend preference share 10 (2.38) cents (4.98) cents (3.24) cents
------------------------------------------ ------ ------------- ------------- -------------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated Statement of Financial Position
As at 30 June 2020
(Unaudited) (Audited) (Unaudited)
30 June 31 December 30 June
2020 2019 2019
Notes $'000 $'000 $'000
----------------------------------- ------ ------------ -------------- ------------
Non-current assets
Property, plant and equipment - - -
Investments at fair value through
profit and loss 12 - - -
Loan investments 13 - - -
- - -
----------------------------------- ------ ------------ -------------- ------------
Current assets
Investments at fair value through
profit or loss 12 1,407 1,407 1,407
Loans due within one year 13 - - -
Trade and other receivables 175 34 252
Cash and cash equivalents 1,890 2,445 4,787
3,472 3,896 6,446
----------------------------------- ------ ------------ -------------- ------------
Total assets 3,472 3,896 6,446
----------------------------------- ------ ------------ -------------- ------------
Current liabilities
Trade and other payables 358 296 331
Financial guarantee contracts - - 435
----------------------------------- ------ ------------ -------------- ------------
Total current liabilities 358 296 766
----------------------------------- ------ ------------ -------------- ------------
Non-Current Liabilities
Provision - - 103
Deferred income tax liability 9 - - 247
------
Total non-current liabilities - - 350
----------------------------------- ------ ------------ -------------- ------------
Net assets 3,132 3,600 5,330
----------------------------------- ------ ------------ -------------- ------------
Equity attributable to equity holders
of the company
Share capital 56 56 56
Share premium 150,027 150,027 150,414
Share-based payment reserve 5,048 5,048 5,048
Accumulated Losses (200,663) (200,216) (200,582)
Translation reserve (1,418) (1,379) (1,350)
Other reserve 14 50,064 50,064 51,744
----------------------------------- ------ ------------ -------------- ------------
3,114 3,600 5,330
Non-Controlling Interests - - -
----------------------------------- ------ ------------ -------------- ------------
Total equity 3,114 3,600 5,330
----------------------------------- ------ ------------ -------------- ------------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated statement of changes in equity
For the six months ended 30 June 2020
Attributable to equity holders of the parent
--------------------------------------------------------------------------------
Share-based
Issued Share payment Accumulated Other Translation Non-controlling Total
capital premium reserve Losses reserve reserve Total interests equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
-------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
At 1 January
2019 56 150,414 5,048 (199,649) 51,744 (1,338) 6,275 - 6,275
--------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
Loss for the
period - - - (567) - - (567) - (567)
Other
comprehensive
income - - - - - (41) (41) - (41)
--------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
Total
comprehensive
income/loss - - - (567) - (41) (608) - (608)
Capital
distribution - (387) - - (1,680) - (2,067) (2,067)
At 31 December
2019 56 150,027 5,048 (200,216) 50,064 (1,379) 3,600 - 3,600
--------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
Loss for the
period - - - (447) - - (447) - (447)
Other
comprehensive
income - - - - - (39) (39) - (39)
--------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
Total
comprehensive
income/loss - - - (447) - (39) (486) - (486)
Minority
interests - - - - - - - - -
At 30 June
2020 56 150,027 5,048 (200,663) 50,064 1,418 3,114 - 3,114
--------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- --------
Reserve Description and purpose
Share premium Amounts subscribed for share capital in excess of nominal value.
Share-based payment Equity created to recognise share-based payment expense.
reserve
Accumulated losses Cumulative net gains and losses recognised in profit or loss.
Translation reserve Equity created to recognise foreign currency translation differences.
Other reserve Own shares acquired, EBT (as defined in Note 19) shares and capital
redemption and capitalisation of redeemable preference shares
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated statement of cash flows
For the six months ended 30 June 2020
(Unaudited) (Audited) (Unaudited)
30 June 31 December 30 June
2020 2019 2019
Notes $'000 $'000 $'000
---------------------------------------- ------- ------------ -------------- ------------
Loss before tax (447) (814) (933)
---------------------------------------- ------- ------------ -------------- ------------
Adjustments for:
Depreciation and amortisation 7 - 5 5
Share based payment - (103) -
Provision for bad debts - - -
Realised losses/(gains) on disposal
of investments 6 - 75 210
Unrealised losses on investments
at FVTPL* 6 - - -
Foreign exchange (gains)/losses - 15 5
Other adjustment - (23) -
---------------------------------------- ------- ------------ -------------- ------------
Operating loss before changes in
working capital and provisions (447) (845) (713)
---------------------------------------- ------- ------------ -------------- ------------
Purchases of investments at FVTPL* - - -
Proceeds from disposals of investments
at FVTPL* - 2,045 1,910
Movement in loans - - -
Derecognition of financial guarantee - (435) -
Decrease/(increase) in trade and
other receivables (140) (7) (225)
(Decrease)/increase in trade and
other payables 22 (86) (52)
---------------------------------------- ------- ------------ -------------- ------------
Net cash outflow from operations (565) 5,049 920
---------------------------------------- ------- ------------ -------------- ------------
Investing activities
Net cash acquired with subsidiary - - -
Net cash flows outflow from investing
activities - - -
---------------------------------------- ------- ------------ -------------- ------------
Financing activities
Capital distribution - (2,100) -
Net cash flows inflow from financing
activities - (2,100) -
---------------------------------------- ------- ------------ -------------- ------------
Net increase/(decrease) in cash
and cash equivalents (565) 1,428 920
---------------------------------------- ------- ------------ -------------- ------------
Effect of exchange rate changes
on cash and cash equivalents - - (16)
Cash and cash equivalents at beginning
of period 2,455 3,883 3,883
---------------------------------------- ------- ------------ -------------- ------------
Cash and cash equivalents at end
of period 1,890 2,455 4,787
---------------------------------------- ------- ------------ -------------- ------------
* FVTPL refers to the fair value through profit and loss
The accompanying notes from an integral part of these
consolidated financial statements.
Notes to the Interim Consolidated Financial Statements
For the six months ended 30 June 2020
1 Reporting entity
Origo Partners Plc is a limited liability company incorporated
and domiciled in the Isle of Man whose shares are publicly traded
on the AIM market of the London Stock Exchange.
The Company and its subsidiaries are collectively referred to as
the Group.
The principal activities of the Group are private equity
investment, focused on growth opportunities created by the
urbanization and industrialization of China. The Group's Investing
Policy has now changed from that of a closed-ended, permanent
capital vehicle to that of a realisation company with the mandate
to return the net proceeds of realisations to shareholders.
2 Basis of accounting
These interim consolidated financial statements have been
prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting". These interim consolidated financial
statements do not include all the information and disclosures
required in the annual financial statements and should be read in
conjunction with the Group's annual financial statements for the
year ended 31 December 2019, which were prepared in accordance with
IFRSs as adopted by the European Union. However, selected
explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual
financial statements.
The consolidated financial statements of the Group as at and for
the year ended 31 December 2019 are available upon request from the
Company's registered office at 55 Athol Street, Douglas, Isle of
Man or the Company website http://origopartners.com
These interim consolidated financial statements have been
approved and authorised for issue by the Company's Board of
directors on 25 September 2020.
3 Use of judgments and estimates
In preparing these interim financial statements, management has
made judgements and estimates that affect the application of
accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from
these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those described in the last annual
financial statements.
Measurement of Fair Value
When measuring the fair value of an asset or a liability, the
Group uses market observable data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy
based on the inputs used in the valuation techniques as
follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1
that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3: inputs for the asset or liability that are not based
on observable market data (unobservable inputs)
If the inputs used to measure the fair value of an asset or a
liability might be categorised indifferent levels of the fair value
hierarchy, then the fair value measurement is categorised in its
entirety in the same level of the fair value hierarchy as the
lowest level input that is significant to the entire
measurement.
The Group recognises transfers between levels of the fair value
hierarchy at the end of the reporting period during which the
change has occurred.
4 Changes in significant accounting policies
The accounting policies applied in these interim financial
statements are the same as those applied in the last annual
financial statements. A number of new standards are effective from
1 January 2019 but they do not have a material effect on the
Group's financial statements.
5 Financial risk management policies
The principal risks and uncertainties are consistent with those
disclosed with the preparation of the Group's annual financial
statements for the year ended 31 December 2019.
6 Investment loss
(Unaudited) (Unaudited)
Six months
Six months ended ended
30 June 2020 30 June 2019
$'000 $'000
------------------------------------------- --------------------- ----------------
Realised (losses)/gains on disposal
of investments - (210)
- Investments at FVTPL - (210)
- Subsidiary - -
------------------------------------------- --------------------- ----------------
Unrealised (losses)/gains on investments - -
- Investments at FVTPL - -
- Loans at FVTPL - -
------------------------------------------- --------------------- ----------------
Income from Loans - -
------------------------------------------- ---------------------
Total - (210)
------------------------------------------- --------------------- ----------------
7 Other administrative expenses
(Unaudited) (Audited) (Unaudited)
Six months Six months
ended Year ended ended
31 December
30 June 2020 2019 30 June 2019
$'000 $'000 $'000
-------------------------------- ---------------- --------------- ----------------
Recurring expenses: (400) (928) (515)
* Directors fees (108) (210) (103)
* Audit fees (18) (58) (25)
* Depreciation expenses - (5) (5)
* Amortisation expenses - (1) -
* Other (274) (654) (382)
Non-recurring expenses* (36) (342) (201)
Total (436) (1,270) (716)
-------------------------------- ---------------- --------------- ----------------
* Non-recurring expenses include professional fees of an ad-hoc
nature.
8 Directors remuneration
Directors' remuneration for the six-month period ended 30 June
2020 and the number of options held were as follows:
Directors Share-based 30 June 2020
fee payment* Number of
Name US$'000 US$'000 options
--------------------- ----------- ------------- --------------
Hiroshi Funaki 38 - -
Philip Peter Scales 30 - -
John Chapman 40 - -
108 - -
--------------------- ----------- ------------- --------------
Directors' remuneration for the six-month period ended 30 June
2019 and the number of options held were as follows:
Directors Share-based 30 June 2019
fee payment* Number of
Name US$'000 US$'000 options
--------------------- ----------- ------------- --------------
Hiroshi Funaki 38 - -
Philip Peter Scales 25 - -
John Chapman 40 - -
103 - -
--------------------- ----------- ------------- --------------
* Share-based payment refers to expenses arising from the
Company's share option scheme
9 Income Tax
As the Company is not in receipt of income from Manx land,
certain related business or property and does not hold a Manx
banking licence, it is taxed at the standard rate of 0% on the Isle
of Man. The Company is resident for tax purposes in the Isle of Man
and subject to corporate income tax at the standard rate of 0% and
as such no provision for tax in the Isle of Man has been made.
(Audited)
(Unaudited) Year ended
Six months ended 31 December
30 June 2020 2019
$'000 $'000
------------------------------------------------ ------------------- --------------
Current tax
Current year - -
Deferred tax
Deferred income tax - -
------------------------------------------------ ------------------- --------------
Total income tax liability in the consolidated
statement of financial position - -
------------------------------------------------ ------------------- --------------
10 Loss per share
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2020 2019 2019
US$'000 US$'000 US$'000
----------------------------------------- -------------- -------------- ---------------
Loss for the year attributable
to ordinary shareholders of the
parent as used in the calculation
of basic loss per share (89) (187) (122)
Weighted average number of ordinary
shares 351,035,389 351,035,389 351,035,389
Basic loss per share of ordinary
shares (0.03) cents (0.05) cents (0.03) cents
----------------------------------------- -------------- -------------- ---------------
Loss for the year attributable
to redeemable preference shareholders
of the parent as used in the
calculation of basic loss per
share (358) (746) (486)
Weighted average number of redeemable
preference shares 14,991,781 14,991,781 14,991,781
Basic loss per share of redeemable
preference shares (2.38) cents (4.98) cents (3.24) cents
----------------------------------------- -------------- -------------- ---------------
11 Investments in subsidiaries
Proportion Proportion
of ownership of ownership
interest interest
at at
Country of 30 June 30 June
Name incorporation 2020 2019
-------------------------------------- ----------------- --------------- ---------------
Ascend Ventures Ltd Malaysia 100% 100%
Origo Resource Partners Ltd Guernsey 100% 100%
PHI International Holding Ltd Bermuda 100% 100%
PHI International (Bermuda) Holding
Ltd* Bermuda 100% 100%
Ascend (Beijing) Consulting Ltd** China 100% 100%
-------------------------------------- ----------------- --------------- ---------------
* Owned by Origo Resources Partners Limited
** Owned by Ascend Ventures Limited
12 Investments at fair value through profit and loss
As at 30 June 2020 (Unaudited)
Proportion
Country of of ownership Cost Fair value
Name incorporation interest US$'000 US$'000
---------------------------- ----------------- --------------- ---------- ------------
British Virgin
China Rice Ltd Islands 32.1% 13,000 -
British Virgin
Moly World Ltd Islands 20.0% 10,000 -
Unipower Battery Ltd Cayman Islands 16.5% 4,301 -
Gobi Coal & Energy British Virgin
Ltd Islands 10.8% 14,963 275
Staur Aqua AS Norway 9.2% 719 -
British Virgin
Celadon Mining Ltd Islands 8.9% 13,069 1,129
British Virgin
Six Waves Inc Islands 1.1% 240 -
Marula Mines Ltd South Africa 0.9% 250 -
Fram Exploration AS Norway 0.6% 1,223 -
Other quoted investments* 593 3
------------
1,407
---------------------------------------------- --------------- ---------- ------------
As at 31 December 2019 (Audited)
Proportion
Country of of ownership Cost Fair value
Name incorporation interest US$'000 US$'000
---------------------------- ----------------- --------------- ---------- ------------
British Virgin
China Rice Ltd Islands 32.1% 13,000 -
British Virgin
Moly World Ltd Islands 20.0% 10,000 -
Unipower Battery Ltd Cayman Islands 16.5% 4,301 -
Gobi Coal & Energy British Virgin
Ltd Islands 7.5% 14,960 275
Staur Aqua AS Norway 9.2% 719 -
British Virgin
Celadon Mining Ltd Islands 8.9% 13,069 1,129
British Virgin
Six Waves Inc Islands 1.1% 240 -
Marula Mines Ltd South Africa 0.9% 250 -
Fram Exploration AS Norway 0.6% 1,223 -
Other quoted investments* 593 3
----------------------------------------------- --------------- ---------- ------------
1,407
---------------------------------------------- --------------- ---------- ------------
All investments measured at a fair value hierarchy level of 3
except:
* Measured at a fair value hierarchy level of 1
The shares held in China Rice Ltd and Unipower Battery Ltd are
all convertible preference shares whilst the remaining investments
held in the other entities are all ordinary equity shares. The
'proportion of ownership interest' represents the percentage of the
shares held by the Group in all share classes.
13 Loan Investments
As at 30 June 2020 (Unaudited) & 31 December 2019
(Audited)
Loan Loan Loans due Loans due
rates principal within one after one Fair value
Borrower % US$'000 year US$'000 year US$'000 US$'000
Staur Aqua AS 0-15 3,848 - - -
---------------- --------------- --------------- ------------
Total - - -
---------------- -------- ------------ --------------- --------------- ------------
The convertible loan issued to Staur Aqua was fully impaired in
2018.
The loan consists of a convertible credit agreement and is
measured at fair value, in accordance with level 3 of the fair
value hierarchy.
14 Other reserve
This is mainly comprised of 57,000,000 (US$50,688,000)
redeemable zero dividend preference shares at no par value
capitalised in September 2017.
15 Related party Transactions
Identification of related parties
The Group has a related party relationship with its
subsidiaries, associates and key management personnel. The Company
receives and pays certain debtors and creditors on behalf of its
subsidiaries and the amounts are recharged to the entities.
Transactions between the Company and its subsidiaries have been
eliminated on consolidation.
Transactions with key management personnel
The Group's key management personnel are the executive and
non-executive directors as identified in Note 8.
The following balances were included in trade and other payables
and were outstanding in respect of Directors remuneration at the
period end.
(Audited)
(Unaudited) Year ended
Six months ended 31 December
30 June 2020 2019
$'000 $'000
--------------------------------- ------------------- --------------
Amounts due to related parties
Key management personnel:
Hiroshi Funaki (19) (19)
Philip Peter Scales (15) (15)
John Chapman (40) (35)
--------------------------------- ------------------- --------------
16 Commitments and contingencies
There were no material contracted commitments or contingent
assets or liabilities at 30 June 2020 (31 December 2019: none).
17 Subsequent events
There were no significant subsequent events.
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END
IR FLFFSASIEFII
(END) Dow Jones Newswires
September 28, 2020 02:00 ET (06:00 GMT)
Origo Partners (LSE:OPP)
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から 12 2023 まで 12 2024
