FOR THE SIX MONTHS ENDED 30 JUNE 2012
Six months Six months Year
ended ended ended
30 June 30 June 31 Dec
12 11 11
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Operating loss (319,128) (342,609) (1,216,771)
Impairment of tangible & intangible
non-current assets - - 482,964
Depreciation 2,220 2,959 5,921
Share based payments 45,437 108,421 259,028
Foreign exchange loss (5,978) - (89,245)
Increase in trade and other receivables (60,538) (19,749) (50,445)
Decrease in trade and other payables (44,492) (94,766) (35,344)
Net cash from operating activities (382,479) (345,744) (643,892)
Cash flows from investing activities
Purchase of exploration and evaluation
assets (187,137) (282,641) (1,034,890)
Purchase of fixed assets (64,587) - -
Finance income 5 - 4
Net cash used in investing activities (251,719) (282,641) (1,034,886)
Cash flows from financing activities
Proceeds on issue of shares 2,500,000 1,564,999 1,564,999
Share issue costs (94,000) - -
Net cash generated in from financing
activities 2,406,000 1,564,999 1,564,999
Net increase in cash and cash
equivalents 1,771,802 936,614 (113,779)
Cash and cash equivalents at beginning
of year 511,538 625,639 625,639
Exchange losses on cash and cash
equivalents 482 (295) (322)
Cash and cash equivalents at end
of year 2,283,822 1,561,958 511,538
EDENVILLE ENERGY PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2012
1. Financial information and basis of preparation
The interim financial statements of Edenville Energy Plc are
unaudited consolidated financial statements for the six months
ended 30 June 2012 which have been prepared in accordance with
IFRSs as adopted by the European Union. They include unaudited
comparatives for the six months ended 30 June 2011 together with
audited comparatives for the year ended 31 December 2011.
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 December 2011, as
described in those financial statements.
The interim financial statements do not constitute statutory
accounts within the meaning of section 434 of the Companies Act
2006. The statutory accounts for the year ended 31 December 2011
have been reported on by the company's auditors and have been filed
with the Registrar of Companies. The report of the auditors was
unqualified and did not contain an emphasis of matter paragraph and
did not contain any statement under section 498 of the Companies
Act 2006.
The following new standards and amendments to standards are
mandatory for the first time for the financial year beginning 1
January 2012:
-- IFRS 7 Financial Instruments Disclosure - Amendments
enhancing disclosures about transfers of financial assets
-- IAS12 Income taxes - Limited scope amendment (recovery of underlying assets)
The adoption of these standards has not had a material effect on
the financial statements of the group.
2. Loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
30 June 12 30 June 11 31 December
11
GBP GBP GBP
Loss after taxation (319,123) (342,609) (1,216,767)
The weighted average
number of shares in
the period were
Basic ordinary shares 4,281,381,240 3,421,821,619 3,578,852,211
Basic and diluted loss
per share (pence) (0.007) (0.010) (0.040)
The loss attributable to equity shareholders and weighted
average number of ordinary shares for the purposes of calculating
diluted earnings per ordinary share are identical to those used for
basic earnings per ordinary share. This is because the exercise of
share options and warrants would have the effect of reducing the
loss per ordinary share and is therefore anti-dilutive.
3. Dividends
No dividends are proposed for the six months ended 30 June 2012
(six months ended 30 June 2011 GBPnil: year ended 31 December 2011
GBPnil).
4. Intangible assets
Exploration and evaluation
assets
Javan Licences Tanzanian
Licences Goodwill Total
GBP GBP GBP GBP
Cost or valuation
As at 1 January
2012 36,536 8,144,976 1,309,631 9,491,143
Additions - 187,137 - 187,137
Fair value adjustment - - (223) (223)
Foreign exchange
differences - (86,971) (13,359) (100,330)
At 31 June 2012 36,536 8,245,142 1,296,049 9,577,727
Accumulated amortisation
and impairment
As at 1 January
2012 36,536 - - 36,536
Impairment charge - - - -
As at 30 June 2012 36,536 - - 36,536
Net book value
As at 30 June 2012 - 8,245,142 1,296,049 9,541,191
4. Intangible assets (continued)
Exploration and evaluation
assets
Javan Licences Tanzanian
Licences Goodwill Total
GBP GBP GBP GBP
Cost or valuation
As at 1 January
2011 36,536 7,061,646 1,286,890 8,385,072
Additions - 285,199 20,712 305,911
Foreign exchange
differences - (337,601) (44,179) (381,780)
At 30 June 2011 36,536 7,009,244 1,263,423 8,309,203
Exploration and evaluation
assets
Javan Licences Tanzanian
Licences Goodwill Total
GBP GBP GBP GBP
Cost or valuation
As at 1 January
2011 36,536 7,061,646 1,286,890 8,385,072
Additions - 1,073,913 21,469 1,095,382
Foreign exchange
adjustment - 9,417 1,272 10,689
At 31 December 2011 36,536 8,144,976 1,309,631 9,491,143
Accumulated amortisation and impairment
As at 1 January - - - -
2011
Impairment charge 36,536 - - 36,536
As at 31 December
2011 36,536 - - 36,536
Net book value
As at 31 December
2011 - 8,144,976 1,309,631 9,454,607
The outcome of ongoing exploration and evaluation, and therefore
whether the carrying value of exploration and evaluation assets
will ultimately be recovered, is inherently uncertain. The
directors have assessed the value of exploration and evaluation
expenditure carried as intangible assets. In their opinion there
has been no impairment loss to intangible exploration and
evaluation assets in the period.
5. Share capital
No. GBP
30 June 2012
Allotted, called up and
fully paid
Ordinary shares of 0.02p
each 4,446,216,405 889,244
Deferred shares of 0.08p
each 64,179,932 51,344
940,588
30 June 2011
Allotted, called up and
fully paid
Ordinary shares of 0.02p
each 3,446,216,405 689,244
Deferred shares of 0.08p
each 64,179,932 51,344
740,588
31 December 2010
Allotted, called up and
fully paid
Ordinary shares of 0.02p
each 3,446,216,405 689,244
Deferred shares of 0.08p
each 64,179,932 51,344
740,588
On 31 January 2012, the company issued for cash 1,000,000,000
ordinary shares of 0.02p each at 0.25p per share.
6. Distribution on interim report to shareholders
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