TIDMOPP TIDMOPPP
RNS Number : 5070M
Origo Partners PLC
22 September 2021
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 2021
For further information about Origo please visit
www.origopartners.com or contact:
Origo Partners plc
John Chapman 55 Athol Street
Chairman Douglas
Isle of Man IM1 2LA
Nominated Adviser and Broker
Arden Partners plc
Richard Johnson +44 (0)20 7614 5900
Chairman's Statement
Dear Shareholders,
The net asset value of Origo Partners Plc ("Origo") as at 30
June 2021 was US$1.689 million as compared to US$2.343 million at
year end 2020. The primary reasons for the decline in net asset
value are a further write down of Origo's investment in Celadon
Mining Limited (Celadon) and Origo's ongoing costs - offset by the
previously reported realization of Origo's investment in Gobi Coal
and Energy Ltd.
Celadon is a privately held company domiciled in the British
Virgin Islands. It owns coal mining rights in northern China. Over
a year ago, Celadon agreed to sell all of its assets for a series
of payments amounting to about RMB 280 million or about US$40
million. Celadon had in turn told us that beginning around now and
finishing March 2022, we would receive several payments totalling
about US$3.45 million for our Celadon shares. Although Celadon has
received several payments comprising a small percentage of the RMB
280 million, the bulk has not been received, and, consequently,
Celadon has not distributed any cash to Origo or its other
shareholders. At least part of the explanation for the buyer's
default seems to be the death last month of the buyer's managing
principal. Celadons's controlling shareholder, who has been
maintaining Celadon's solvency with loans, nonetheless remains
hopeful that the transaction will complete. We continue to monitor
Celadon but given the buyer's repeated failures to complete as
promised, the risks that the deal will not complete, and the
uncertainty of alternative options, Origo has again decided to
write this asset down by half.
About a decade ago, Origo invested in Moly World Limited
(Molyworld), another BVI company, which through a Mongolian company
owns rights to mine molybdenum in Mongolia. Origo paid US$10
million for twenty percent of the BVI company in 2011. Thereafter,
global molybdenum prices collapsed, Molyworld had various legal
problems, the driving force behind the company died, and no real
operational progress was made. Molybdenum prices have now recovered
to about where they were in 2011. Origo expects to put its
Molyworld shares and any other remaining assets up for auction
before the end of the year. We will provide additional details in
due course.
Very truly yours,
John D. Chapman
Chairman
Origo Partners Plc
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
Notes US$'000 US$'000 US$'000
-------------------------------------- ------ ------------ ------------ -------------
Investment income/(losses):
Realised gains/(losses) on
disposal of investments - - 22
Unrealised gains/(losses) on
investments (282) - (565)
(282) - (543)
------ ------------ ------------ -------------
Other income - - 20
Other administrative expenses 6 (370) (436) (725)
Foreign exchange gains/(losses) (2) (9) (7)
Net loss before Finance Costs
and Taxation (654) (445) (1,255)
Finance costs - (2) (2)
Loss before tax (654) (447) (1,257)
-------------------------------------- ------ ------------ ------------ -------------
Income tax credit 8 - - -
Loss after tax (654) (447) (1,257)
-------------------------------------- ------ ------------ ------------ -------------
Other comprehensive income
-------------------------------------- ------ ------------ ------------ -------------
Other comprehensive income
to be reclassified to profit
or loss in subsequent periods
Exchange differences on translating
foreign operations - (39) -
-------------------------------------- ------ ------------ ------------ -------------
Net other comprehensive income
to be reclassified to profit
or loss in subsequent periods - (39) -
-------------------------------------- ------ ------------ ------------ -------------
Tax on other comprehensive
income - - -
-------------------------------------- ------ ------------ ------------ -------------
Other comprehensive loss after
tax - (39) -
Total comprehensive loss (654) (486) (1,257)
(0.04) (0.03) (0.07)
Basic loss per ordinary share 9 cents cents cents
-------------------------------------- ------ ------------ ------------ -------------
Basic loss per redeemable preference (3.49) (2.38) (6.71)
share 9 cents cents cents
-------------------------------------- ------ ------------ ------------ -------------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated Statement of Financial Position
As at 30 June 2021
(Unaudited) (Audited) (Unaudited)
30 June 31 December 30 June
2021 2020 2020
Notes US$'000 US$'000 US$'000
----------------------------- ------ ------------ -------------- ------------
Current assets
Investments at fair value
through profit or loss 11 285 842 1,407
Loans due within one year 12 - - -
Trade and other receivables 182 20 175
Cash and cash equivalents 1,379 1,651 1,890
Total assets 1,846 2,513 3,472
----------------------------- ------ ------------ -------------- ------------
Current liabilities
Trade and other payables 157 170 358
----------------------------- ------ ------------ -------------- ------------
Total current liabilities 157 170 358
----------------------------- ------ ------------ -------------- ------------
Net assets 1,689 2,343 3,114
----------------------------- ------ ------------ -------------- ------------
Equity attributable to equity
holders of the company
Share capital 56 56 56
Share premium 149,994 149,994 150,027
Share-based payment reserve 5,048 5,048 5,048
Accumulated Losses (200,960) (198,200) (200,663)
Translation reserve (1,457) (1,457) (1,418)
Other reserve 13 49,008 46,902 50,064
----------------------------- ------ ------------ -------------- ------------
Total equity 1,689 2,343 3,114
----------------------------- ------ ------------ -------------- ------------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated statement of changes in equity
For the six months ended 30 June 2021
Attributable to equity holders of the parent
------------- -------------------------------------------------------------------------
Share-based
Issued Share payment Accumulated Translation Other
capital premium reserve Losses reserve reserve Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------- ----------- ------------ ------------ ------------ --------- -----------
At 1 January
2020 56 150,027 5,048 (200,216) (1,379) 50,064 3,600
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
Adjustment - (33) - 48 (15) - -
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
Loss for the
period - - - (1,257) - - (1,257)
Other comprehensive
income - - - - - - -
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
Total comprehensive
loss - - - (1,257) - - (1,257)
Reclassification
on disposal of
subsidiaries - - - 3,225 (63) (3,162) -
At 31 December
2020 56 149,994 5,048 (198,200) (1,457) 46,902 2,343
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
Loss for the
period - - - (654) - - (654)
Other comprehensive
income - - - - - - -
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
Total comprehensive
loss - - - (654) - - (654)
Other reserve
reclassification - - - (2,106) - 2,106 -
At 30 June 2021 56 149,994 5,048 (200,960) (1,457) 49,008 1,689
--------------------- --------- ----------- ------------ ------------ ------------ --------- -----------
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 Capitalised redeemable preference shares as disclosed in Note 13.
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 2021
(Unaudited) (Audited) (Unaudited)
30 June 31 December 30 June
2021 2020 2020
Notes US$'000 US$'000 US$'000
------------------------------------ -------- ------------ -------------- ------------
Loss before tax (654) (1,257) (447)
---------------------------------------------- ------------ -------------- ------------
Adjustments for:
Realised gains on disposal
of investments - (22) -
Unrealised losses on investments
at FVTPL* 282 565 -
Foreign exchange losses 2 7 -
---------------------------------------------- ------------ -------------- ------------
Operating loss before changes
in working capital and provisions (370) (707) (447)
---------------------------------------------- ------------ -------------- ------------
Proceeds from disposals of
investments at FVTPL* 275 24 -
(Increase)/ decrease in trade
and other receivables (162) 14 (140)
(Decrease)/ increase in trade
and other payables (13) (126) 22
---------------------------------------------- ------------ -------------- ------------
Net cash outflow from operations (270) (795) (565)
---------------------------------------------- ------------ -------------- ------------
Investing activities
Net cash removed on disposal
of subsidiary - (2) -
Net cash flows outflow from
investing activities - (2) -
------------------------------------ -------- ------------ -------------- ------------
Net decrease in cash and cash
equivalents (270) (797) (565)
---------------------------------------------- ------------ -------------- ------------
Effect of exchange rate changes
on cash and cash equivalents (2) (7) -
Cash and cash equivalents
at beginning of period 1,651 2,455 2,455
---------------------------------------------- ------------ -------------- ------------
Cash and cash equivalents
at end of period 1,379 1,651 1,890
---------------------------------------------- ------------ -------------- ------------
* 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 2021
1 Reporting entity
Origo Partners Plc ("the Company") 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 subsidiary 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 2020, which were prepared in accordance with
International Financial Reporting Standards 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 2020 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 15 September 2021.
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 are categorised in different 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 2020 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 2020.
6 Other administrative expenses
(Unaudited) (Audited) (Unaudited)
Six months Year ended Six months
ended 31 December ended
30 June 2021 2020 30 June 2020
US$'000 US$'000 US$'000
-------------------------- --------------- -------------- ---------------
Recurring expenses: (362) (777) (400)
* Directors fees (108) (210) (108)
* Audit fees (24) (35) (18)
* Other (230) (532) (274)
Non-recurring expenses* (8) 52 (36)
Total (370) (725) (436)
-------------------------- --------------- -------------- ---------------
* Non-recurring expenses include professional fees of an ad-hoc
nature.
7 Directors remuneration
(Unaudited) (Audited) (Unaudited)
Six months Year ended Six months
ended 31 December ended
30 June 2021 2020 30 June 2020
US$'000 US$'000 US$'000
---------------------- --------------- -------------- ---------------
Hiroshi Funaki 38 75 38
Philip Peter Scales 30 55 30
John Chapman 40 80 40
Total 108 210 108
---------------------- --------------- -------------- ---------------
8 Income Tax
The Company is resident for tax purposes in the Isle of Man and
subject to corporate income tax at the standard rate of 0% and as
such no provision for tax in the Isle of Man has been made.
9 Loss per share
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2021 2020 2020
USUS$'000 USUS$'000 USUS$'000
-------------------------------------------- -------------- -------------- ---------------
Loss for the year attributable
to ordinary shareholders of the
parent as used in the calculation
of basic loss per share (131) (89) (251)
Weighted average number of ordinary
shares 351,035,389 351,035,389 351,035,389
Basic loss per share of ordinary
shares (0.04) cents (0.03) cents (0.07) cents
-------------------------------------------- -------------- -------------- ---------------
Loss for the year attributable
to redeemable preference shareholders
of the parent as used in the calculation
of basic loss per share (523) (358) (1,006)
Weighted average number of redeemable
preference shares 14,991,781 14,991,781 14,991,781
Basic loss per share of redeemable
preference shares (3.49) cents (2.38) cents (6.71) cents
-------------------------------------------- -------------- -------------- ---------------
10 Investments in subsidiaries
Proportion Proportion
of ownership of ownership
interest interest
at at
Country of 30 June 30 June
Name incorporation 2021 2020
-------------------------------- ----------------- --------------- ---------------
Ascend Ventures Ltd Malaysia - 100%
Origo Resource Partners Ltd* Guernsey 100% 100%
PHI International Holding Ltd Bermuda - 100%
PHI International (Bermuda)
Holding Ltd** Bermuda - 100%
Ascend (Beijing) Consulting
Ltd*** China - 100%
-------------------------------- ----------------- --------------- ---------------
* In liquidation
** Owned by Origo Resources Partners Limited
*** Owned by Ascend Ventures Limited
11 Investments at fair value through profit and loss
As at 30 June 2021 (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 -
Staur Aqua AS Norway 9.2% 719 -
British Virgin
Celadon Mining Ltd Islands 8.9% 13,069 282
British Virgin
Six Waves Inc Islands 1.1% 240 -
Other quoted investments 593 3
--------------
Total 285
------------------------------- ----------------- --------------------- -------------- --------------
As at 31 December 2020 (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% 13,069 564
British Virgin
Six Waves Inc Islands 1.1% 240 -
Fram Exploration AS Norway 0.6% 1,223 -
Other quoted investments 593 3
-------------------------------------------------- --------------- -------------- ----------------
Total 842
-------------------------------------------------- --------------- -------------- ----------------
All investments measured at a fair value hierarchy level of 3
except, the other quoted investments which are 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.
During the period to 30 June 2021 the Group disposed of its
investment in Gobi Coal and Energy Limited at the carrying value
recognised at 31 December 2020 and hence there are no gains or
losses in respect of the disposal during the period to 30 June
2021.
12 Loan Investments
As at 30 June 2021 (Unaudited) & 31 December 2020
(Audited)
Loans due
Loan Loan within one Loans due
rates principal year after one Fair value
Borrower % US$'000 US$'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.
13 Other reserve
As at 30 June 2021 (Unaudited) and 31 December 2020 (Audited)
the other reserve included of 57,000,000 (US$49,008,000) redeemable
zero dividend preference shares at no par value capitalised in
September 2017. During the previous year, the Group's Employee
Benefit Trust was closed and the amount included within other
reserve of US$2,106,325 has been transferred to retained
earnings.
14 Related party Transactions
Identification of related parties
The Group has a related party relationship with its subsidiary
and key management personnel. The Company receives and pays certain
debtors and creditors on behalf of its subsidiary. Transactions
between the Company and its subsidiary have been eliminated on
consolidation.
Transactions with key management personnel
The Group's key management personnel are the non-executive
directors as identified in Note 7.
The following balances were included in trade and other payables
and were outstanding in respect of Directors remuneration at the
period end.
(Unaudited) (Audited)
Six months ended Year ended
30 June 2021 31 December 2020
US$'000 US$'000
--------------------------------- ------------------- -------------------
Amounts due to related parties
Key management personnel:
Hiroshi Funaki - -
Philip Peter Scales (15) (15)
John Chapman (40) (80)
15 Commitments and contingencies
There were no material contracted commitments or contingent
assets or liabilities at 30 June 2021 (31 December 2020: none).
16 Subsequent events
There were no significant subsequent events.
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END
IR FLFLEADILFIL
(END) Dow Jones Newswires
September 22, 2021 01:59 ET (05:59 GMT)
Origo Partners (LSE:OPP)
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