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Regulatory Story
Company Altona Energy PLC
TIDM ANR
Headline Half-year Report
Released 07:00 29-Mar-2018
Number 3120J07

RNS Number : 3120J
Altona Energy PLC
29 March 2018
 

29 March 2018

 

 

Altona Energy plc

("Altona" or "the Company")

 

 

Interim Results

 

Altona (AIM: ANR) is pleased to announce its unaudited interim results for the six months ended 31 December 2017.

 

 

Highlights

 

 

For further information, please visit www.altonaenergy.com or contact:

 

Altona Energy plc

Qinfu Zhang, Executive Chairman

Nicholas Lyth, Non-Executive Director

 

 

 

+44 7769 906 686

 

Leander (Financial PR)

Christian Taylor- Wilkinson

 

 

+44 7795 168 157

Northland Capital Partners Ltd (Nomad and Broker)

Matthew Johnson / Gerry Beaney (Corporate Finance)

John Howes (Corporate Broking)

 

 

 

+44 20 3861 6625

 

About Altona Energy

 

Altona is listed on the London Stock Exchange's AIM market.  Its principal focus is on the evaluation and development of the Company's flagship Arckaringa Project to exploit the significant coal seams contained in three exploration licences in the northern portion of the Permian Arckaringa Basin in South Australia.
 

CHAIRMAN'S STATEMENT

 

The period under review saw a major change in the strategy of the Company, to focus on conventional coal mining techniques, rather than progress with an underground coal gasification (UCG) project.

 

This change in strategy was announced on 10 August 2017, with the Company appointing its Australian consulting engineers to conduct a desk-top report on the three tenements which it owns; namely, Westfield (EL 5676), Wintinna (EL 5677) and Murloocoppie (EL 5678).  Further reports were commissioned on 25 September and 30 November 2017, to extend the focus of the surveys to try and identify commercially economical less-wet/drier coal seams.  The result of these investigations was to identify the Willoughby seam in the Westfield tenement as a strong possibility, being that it is 3-6m in thickness and running at a depth of 80m or less in certain areas.

 

The Company completed a number of successful placings during the second half of the year, raising in total £1,095,000, to help prosecute its new strategy and provide a comfortable level of funding for the initial drilling programme, as announced on 20 March 2018.

 

On 3 November, Henry Kloepper was appointed as a Non-Executive Director, bringing to the board a wealth of experience in the resources sector. 

 

On 23 November, Nick Lyth was appointed as Chief Executive and Philip Sutherland as Director of Operations (Australia).  These changes reflected the change in strategy and focus of the Company.

 

 

Financial Review

 

The financial loss of the Group for the six months ended 31 December 2017 was £258,000 (H1 2016: £241,000).  Cash in bank at 31 December 2017 of £756,000.

 

 

Outlook

 

The Board is optimistic that it can successfully execute its tight and focused strategy to exploit the Willoughby seam in the Westfield tenement.  With its joint venture partners, Sino-Aus Energy Group and Wintask Group, the Company's vision for 2018 is to move the project along through the necessary test drilling phases and begin the bankable feasibility study in 2019.


Whilst the coal price in Australia remains at a nine-year high and demand for coal from Asia is at a record level, the Board is cognisant that it needs to move the project along quickly and find a suitable buyer for the Arckaringa Project, to ensure the best returns are made to shareholders.

 

 

Nick Lyth

Chief Executive Officer

28 March 2018

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2017

 

 

Notes

Unaudited

Half-year ended

31 Dec 2017

Unaudited

Half-year ended

31 Dec

2016

Audited

Year

ended

30 June

2017

 

 

£'000

£'000

£'000

Total administrative expenses and loss from operations

 

(258)

(241)

(341)

Finance income

 

-

-

-

 

 

 

 

 

Loss before taxation

 

(258)

(241)

(341)

Tax

2

-

-

-

 

 

 

 

 

Loss for the financial period

 

(258)

(241)

(341)

 

 

 

 

 

Other comprehensive income

 

 

 

 

Exchange differences on translating foreign operations maybe subsequently reclassified to profit or loss

 

(258)

(1)

537

 

 

 

 

 

Total comprehensive profit/(loss) attributable to the equity holders of the parent

 

(516)

(242)

196

 

 

 

 

 

Loss per share

 

 

 

 

- Basic and diluted

3

(0.02p)

(0.03p)

(0.04p)

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

 

 

 

Unaudited

31 Dec 2017

£'000

Unaudited

31 Dec

2016

£'000

Audited

30 June 2017

£'000

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Intangible assets

 

11,541

11,221

11,801

Other receivables

 

3

3

3

Total Non-current assets

 

11,544

11,224

11,804

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

 

23

14

14

Cash and cash equivalents

 

756

142

15

Total Current assets

 

779

156

29

 

 

 

 

 

Total assets

 

12,323

11,380

11,833

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Provisions

5

-

-

-

Trade and other payables

4

60

87

102

Total Current liabilities

 

60

87

102

 

 

 

 

 

Total liabilities

 

60

87

102

 

 

 

 

 

NET ASSETS

 

12,263

11,293

11,731

 

 

 

 

 

Capital and reserve attributable to the equity holders of the Parent

 

 

 

 

Share capital

 

1,427

892

892

Share premium

 

18,691

18,178

18,178

Merger reserve

 

2,001

2,001

2,001

Foreign exchange reserve

 

1,728

1,448

1,986

Retained losses

 

(11,584)

(11,226)

(11,326)

TOTAL EQUITY

 

12,263

11,293

11,731

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2017

 

 

Unaudited

Half-year ended

31 Dec

2017

Unaudited

Half-year ended

31 Dec

2016

Audited

Year

ended

30 June

2017

 

£'000

£'000

£'000

 

 

 

 

Operating activities

 

 

 

Loss before taxation

(258)

(241)

(341)

Finance income

-

-

-

Share based payments

-

-

-

Foreign exchange on loans to controlled entities

2

 

(43)

(Increase)/ decrease in receivables

(9)

3

3

(Decrease) / increase in payables and provisions

(42)

19

34

Cash used in operations

(307)

(219)

(347)

Income tax benefit received

-

-

-

Net cash outflow used in operating activities

(307)

(219)

(347)

 

 

 

 

Investing activities

 

 

 

Interest received

-

-

-

Net cash outflow from investing activities

-

-

-

 

 

 

 

Financing activities

 

 

 

Proceeds from issue of shares

1,048

-

-

Net cash inflow from financing activities

1,048

-

-

 

 

 

 

Increase/decrease in cash and cash equivalents in period/ year

741

(219)

(347)

Cash and cash equivalents at beginning of period / year

 15

362

362

Effect of exchange rate changes on cash and cash equivalents

-

(1)

-

Cash and cash equivalents at end of period / year

756

142

15

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2017

 

 

Share capital

Share premium

Merger reserve

Foreign exchange reserve

Retained losses

Total shareholders' equity

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

Balance at 30 June 2016

892

18,178

2,001

1,449

(10,985)

11,535

Total comprehensive loss for the period

-

-

-

(1)

(241)

(242)

Balance at 31 December 2016

892

18,178

2,001

1,448

(11,226)

11,293

Total comprehensive loss for the period

-

-

-

538

(100)

438

Balance at 30 June 2017

892

18,178

2,001

1,986

(11,326)

11,731

Total comprehensive loss for the period

-

-

-

(258)

(258)

(516)

Issue of share capital

535

513

-

-

-

1,048

Balance at 31 December 2017

1,427

18,691

2,001

1,728

(11,584)

12,263

 

 

NOTES TO THE INTERIM REPORT

FOR THE HALF YEAR ENDING 31 DECEMBER 2017

 

1.         GENERAL INFORMATION

Altona Energy Plc (the "Company") is a company registered in England and Wales.  The condensed consolidated interim financial statements of the Company for the six months ended 31 December 2017 comprise the result of the Company and its subsidiaries (together referred to as the "Group") and have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statement" in preparing these interim financial statements.

 

The consolidated interim financial information for the period 1 July 2017 to 31 December 2017 is unaudited. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied. The condensed interim financial information incorporates unaudited comparative figures for the interim period 1 July 2016 to 31 December 2016 and extracts from the audited financial statements for the year to 30 June 2017.

 

The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006.

 

The comparatives for the full year ended 30 June 2017 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those financial statements was unqualified but did include a reference to the uncertainties surrounding going concern, to which the auditors drew attention by way of emphasis of matter and did not contain a statement under s498 (2) - (3) of Companies Act 2006. The interim report has not been audited or reviewed by the Company's auditor. The key risks and uncertainties and critical accountancy estimates remain unchanged from 30 June 2017 and the accountancy policies adopted are consistent with those used in the preparation of its financial statements for the year ended 30 June 2017.

 

 

2.         TAXATION

The Group has recognised a £Nil tax credit (31 December 2016: £nil and 30 June 2017: £nil) in respect of the concession for research and development tax credits available to the Group. No current taxation has been provided due to losses in the period.

 

 

3.         LOSS PER SHARE

The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.

 

 

Unaudited

31 Dec 2017

 

Unaudited

31 Dec 2016

 

Audited

30 June 2017

 

 

 

 

 

Loss for the period (£'000)

(258)

(241)

(341)

Weighted average number of shares - expressed in millions

1,181

892

892

Basic loss per share - expressed in pence

(0.02p)

(0.03p)

(0.04p)

 

As the inclusion of the potential ordinary shares would result in a decrease in the loss per share they are considered to be anti-dilutive and, as such, the diluted loss per share calculation is the same as the basic loss per share.

 

 

4.         TRADE AND OTHER PAYABLES

 

Unaudited

31 Dec 2017

£'000

Unaudited

31 Dec 2016

£'000

Audited

30 June 2017

£'000

 

Trade payables

22

56

66

Accruals and other payables

38

31

36

 

60

87

102

 

 

5.         PROVISIONS

 

Unaudited

31 Dec 2017

£'000

Unaudited

31 Dec 2016

£'000

Audited

30 June 2017

£'000

Current provision

 

 

 

Taxes & Social Security

-

-

-

 

 

 

 

 

Following the conclusion of HMRC's enquiries in respect of potentially underpaid tax the provision was released during the previous period.

 

 

6.         POST REPORTING DATE EVENTS

There were no material post reporting date events.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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