TIDMFDI
RNS Number : 7592P
Firestone Diamonds PLC
31 March 2009
Firestone Diamonds plc
Unaudited interim results for the six months to 31 December 2008
LONDON: 31 March, 2009
The Board of Firestone Diamonds plc, ("Firestone" or "the Company"), the
AIM-quoted diamond mining and exploration company (ticker: AIM:FDI), announces
unaudited interim results for the six months to 31 December 2008.
HIGHLIGHTS
BK11
+--+---+---+---------------------------------------------------------------------+
| | ? | Inferred Resource of 12 million tonnes containing approximately 830,000 |
| | | carats |
+--+---+-------------------------------------------------------------------------+
| | ? | High grade and diamond values recovered |
+--+---+-------------------------------------------------------------------------+
| | | - | Potential revenue of up to $30M per annum at margins of 60-70% |
+--+---+---+---------------------------------------------------------------------+
| | ? | Evaluation and development plans |
+--+---+-------------------------------------------------------------------------+
| | | - | Mine development decision to be made in Q3 2009 after next stage of |
| | | | sampling |
+--+---+---+---------------------------------------------------------------------+
| | | - | Use of existing Bonte Koe plant would allow production to commence |
| | | | in mid 2010 |
+--+---+---+---------------------------------------------------------------------+
Jwaneng Tailings Project
+--+---+------------------------------------------------------------------------+
| | ? | Selected as preferred bidder for tailings treatment project at the |
| | | Jwaneng Mine in Botswana |
+--+---+------------------------------------------------------------------------+
| | ? | Initial production of 2 million tonnes per annum targeted to commence |
| | | in late 2010/early 2011 |
+--+---+------------------------------------------------------------------------+
| | ? | Potential for expansion to other Debswana mines |
+--+---+------------------------------------------------------------------------+
| | ? | Contract negotiations expected to be concluded by Q3 2009 |
+--+---+------------------------------------------------------------------------+
Tsabong
+--+---+---+---------------------------------------------------------------------+
| | ? | Macrodiamonds recovered from 5 of 6 kimberlites sampled |
+--+---+-------------------------------------------------------------------------+
| | ? | Good results from MK1 |
+--+---+-------------------------------------------------------------------------+
| | | - | 21 macrodiamonds recovered |
+--+---+---+---------------------------------------------------------------------+
| | | - | good indicator mineral chemistry received |
+--+---+---+---------------------------------------------------------------------+
| | ? | Joint venture discussions under way |
+--+---+---+---------------------------------------------------------------------+
Financial
+--+---+---+---------------------------------------------------------------------+
| | ? | Revenue increased 92% to GBP3.7m (H1 2008: GBP1.9m) |
+--+---+-------------------------------------------------------------------------+
| | | - | primarily due to termination payment in relation to the Bonte Koe |
| | | | Mine |
+--+---+---+---------------------------------------------------------------------+
| | ? | Raised GBP5 million from a share placement in July 2008 |
+--+---+-------------------------------------------------------------------------+
| | ? | Current cash position of GBP3.1 million |
+--+---+---+---------------------------------------------------------------------+
For further information, visit the Company's web site at
www.firestonediamonds.com, or contact:
+-------------------------------------+----------------------------------+
| Philip Kenny, Firestone Diamonds | +44 20 8834 1028/+44 7831 324 |
| | 645 |
+-------------------------------------+----------------------------------+
| Jos Simson/Gareth Tredway, Conduit | +44 20 7429 6603/+44 7899 870 |
| PR | 450 |
+-------------------------------------+----------------------------------+
| Mike Jones/Ryan Gaffney, Canaccord | +44 020 7050 6500 |
| Adams (Joint Broker) | |
+-------------------------------------+----------------------------------+
| Jerry Keen, Blue Oar (Joint Broker) | +44 20 7448 4492/+44 777 069 |
| | 7358 |
+-------------------------------------+----------------------------------+
| Alexander Dewar, Brewin Dolphin | +44 131 529 0276 |
| (Nominated Adviser) | |
+-------------------------------------+----------------------------------+
Dear Shareholder,
The period saw good progress in the growth and development of Firestone's
project portfolio. Activities were primarily focused on Botswana, which is the
world's largest and lowest cost producer of diamonds. Firestone is the largest
holder of diamond exploration rights surrounding Botswana's kimberlite fields,
with approximately 26,000 square kilometres under license, and has 95 known
kimberlites in its licence areas.
Overview
Results from the Phase 2 evaluation programme at BK11 have recently been
announced and confirm that BK11 has significant economic potential. Selective
mining of the high grade areas identified at BK11 could produce annual revenues
of approximately $30 million per annum at operating margins of between 60 to
70%. These results are particularly significant as they are based on current
rough diamond prices, which have fallen by approximately 50% over the past six
months. Subject to the results of the next phase of evaluation, BK11 could be
brought into production as early as mid 2010.
The Company also continued to work on new toll treatment opportunities, which
are increasingly attractive in the current economic environment as a source of
consistent and predictable revenue and cash flow. In February 2009, the Company
announced that it had been selected by Debswana to design, construct and operate
a tailings plant at the Jwaneng Mine in Botswana on a toll treatment basis.
Initial production of over two million tonnes per annum is targeted to commence
in late 2010 or early 2011, and, subject to Firestone's performance, similar
plants could be deployed by Firestone to exploit tailings resources at other
Debswana mines. Contract negotiations are expected to be concluded in Q3 2009.
The Company recently announced positive results from bulk sampling undertaken at
Tsabong during the period. While the Company considers Tsabong to be one of the
most attractive large scale diamond exploration and evaluation projects in the
market and to have the potential to contain significant economic deposits, it
has decided to focus its resources on more advanced projects that are closer to
cash flow, such as BK11 and tailings treatment projects. Following the
Company's announcement in December 2008 that it intended to seek a joint venture
partner for Tsabong, the project has attracted substantial interest and joint
venture discussions are currently under way.
BK11, Botswana
The BK11 kimberlite is situated approximately 20 kilometres south east of
Debswana's Orapa Mine and 5 kilometres north east of the AK6 kimberlite, on
which De Beers and African Diamonds plan to develop a new mine.
The Company commenced its Phase 2 evaluation programme, comprising approximately
2,300 metres of percussion, core and 36 inch large diameter drilling ("LDD"), in
June 2008. Drilling was completed during the period and results from processing
of material from the six LDD holes drilled were recently announced.
Independent modelling of grade and diamond values has been carried out and has
defined an Inferred Resource of 12 million tonnes containing approximately
830,000 carats. The modelled value of BK11 diamonds is $126/carat (at current
market prices), which is a very high value for kimberlite production.
The highlight of the results is the delineation of a high value area on the
western side of BK11 ("KW") from which high grades and high value diamonds were
recovered. The Company believes that selective mining in the KW area is likely
to produce revenue of around $20 per tonne. On the basis of these results, and
with operating costs at BK11 estimated to be $6.50 per tonne, the KW zone could
produce operating margins of between 60 to 70%. These results are particularly
significant as they are based on current rough diamond prices, which have fallen
by approximately 50% over the past six months. Any recovery in diamond prices,
which the Company believes is likely to occur by 2010, would add substantially
to the potential profitability of BK11.
The Company is very encouraged by these results and believes that it is likely
that the development of a new mining operation on BK11 will be justified on the
basis of the KW resource alone. Evaluation work will now be accelerated, with
the objective of establishing a mineable resource and making a mine development
decision in Q3 2009. Development costs are estimated to be approximately $7.5
million and production could commence in mid 2010 with an initial capacity of
approximately 1.5 million tonnes per annum. At revenues of $20 per tonne, BK11
could produce annual revenues of approximately $30 million per annum and reach
payback in less than 6 months.
Jwaneng Tailings Project, Botswana
In February 2009, the Company announced that Firestone and ADP Projects ("ADP")
had been selected by Debswana Diamond Company ("Debswana") as the preferred
bidders to design, supply, construct and operate a modular tailings dump
treatment plant at the Jwaneng Mine in Botswana on a toll treatment basis.
Debswana is a joint venture between the Government of the Republic of Botswana
and De Beers and is the world's leading diamond producer by value. Jwaneng is
the largest diamond mine in the world by value and in 2008 produced
approximately 13 million carats with an estimated value of $1.8 billion.
The objective of the Jwaneng Tailings Project is the recovery of diamonds from
the tailings resource at Jwaneng, which is estimated to be in excess of 30
million tonnes. Initial production of over two million tonnes per annum is
targeted to commence in late 2010 or early 2011. Firestone will be responsible
for financing and operating the plant while ADP will be responsible for plant
design and construction.
The Jwaneng based plant will serve as a pilot facility to demonstrate the
economics and capability of the modular plant concept and could potentially lead
to the deployment by Firestone and ADP of similar plants to exploit additional
tailings resources at other Debswana mines. Contract negotiations with Debswana
are currently under way and are expected to be concluded in Q3 2009.
Tsabong, Botswana
The Tsabong kimberlite field contains 85 kimberlites, including the 180 hectare
MK1 kimberlite, which is one of the largest diamondiferous kimberlites in the
world.
Evaluation work at Tsabong during the period was focused on completion of LDD
sampling on six of the fourteen high interest kimberlites that have been
identified to date at Tsabong. Processing of these samples was completed in Q1
2009, with encouraging results.
Macrodiamonds were recovered from five of the six kimberlites sampled, with MK1
producing 19 macrodiamonds, all clear, white gemstones, from one of the two LDD
holes drilled. When combined with the recovery of 252 microdiamonds from core
drilling, from which a macrodiamond grade estimate of 25 carats per hundred
tonnes ("cpht") was made, and analyses of indicator mineral chemistry, these
results support the Company's belief that MK1 has significant economic
potential.
The recovery of six macrodiamonds from a small sample from MK38 is
also considered very encouraging. Previous analysis of the size frequency
distribution of microdiamonds recovered from MK38 indicated a potential
macrodiamond grade of 25 to 30 cpht.
With eight more high interest kimberlites awaiting bulk sampling, a further 71
kimberlites to evaluate and the likelihood of new discoveries being made with
over 80 known geophysical drill targets, the Company continues to believe that
the Tsabong kimberlite field has significant economic potential.
In December 2008 the Company announced that it intended to focus its resources
on more advanced projects that were closer to cash flow, such as BK11, and that
it would consider the introduction of a joint venture partner to finance further
work on Tsabong. Interest in the project has been high and negotiations are
currently underway with a number of potential joint venture partners.
South Africa
The Company's operations in South Africa were primarily focused on the Company's
toll treatment joint venture with De Beers at the Bonte Koe Mine, which
continued to operate at full design capacity during the period. In February
2009, the Company announced that the toll treatment agreement had been
terminated by De Beers as a result of a decrease in diamond prices and an
increase in mining costs. De Beers made a payment of approximately GBP2.1
million to the Company as compensation for early termination.The Company is now
making plans to relocate the Bonte Koe plant and infrastructure to BK11, subject
to results from ongoing evaluation work at BK11.
Financial
Revenue for the period increased 92% to GBP3.7 million. The increase was
primarily due to the termination payment from De Beers in relation to the Bonte
Koe Mine, which was accounted for in the period under review. The Company
produced an operating profit of GBP1 million before impairment charges of GBP2.6
million related to its South African alluvial assets. In July 2008 the Company
raised GBP5 million from a share placement to finance exploration and evaluation
expenditures in Botswana. The Company's current cash position is approximately
GBP3.1 million.
Diamond market
While prices for rough diamonds have fallen by about 50% over the past six
months, these decreases have not been reflected in prices for polished diamonds,
which have only declined by about 20% over the same period. The Company
believes that much of the fall in rough prices has been caused by significant
reductions in availability of bank financing to rough diamond buyers for
inventory and receivables. The major diamond producers, such as Debswana, De
Beers and Alrosa, have made very significant cutbacks in their supply of rough
diamonds to the market, as a result of which rough diamond prices have
stabilised. We continue to believe that the long term prospects for diamonds
remain positive due to the projected significant long term shortfall in supply
and that diamond prices will increase once again when the global economy begins
to recover.
James F. Kenny
Chairman
31 March 2009
Unaudited consolidated financial statements for the six month period to 31
December 2008
+-------------------------------------+--+--+-------------+----------+--+--+--+--+------+--+--+--+
| Consolidated Income Statement | | | | |
+-------------------------------------+--+----------------+----------------+---------------------+
| | | Six months | Six months ended | Year |
| | | ended 31 | 31 December | ended 30 |
| | | December | | June |
+-------------------------------------+--+----------------+-------------------+---------------+
| | | 2008 | 2007 | 2008 |
+-------------------------------------+--+----------------+-------------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+--+----------------+-------------------+---------------+
| | | | | |
+-------------------------------------+--+----------------+-------------------+---------------+
| Revenue | | | | |
+-------------------------------------+--+----------------+-------------------+---------------+
| Trading operations | | 1,526 | 1,899 | 3,309 |
+-------------------------------------+--+----------------+----------------------+---------+
| Compensation payment received | | 2,126 | - | - |
+-------------------------------------+--+----------------+----------------------+---------+
| | | 3,652 | 1,899 | 3,309 |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| Changes in inventories | | (30) | (82) | (110) |
+-------------------------------------+--+----------------+----------------------+---------+
| Raw materials and consumables used | | (946) | (159) | (603) |
+-------------------------------------+--+----------------+----------------------+---------+
| Employee benefits expense | | (459) | (203) | (1,199) |
+-------------------------------------+--+----------------+----------------------+---------+
| Amortisation and depreciation | | (457) | (513) | (972) |
+-------------------------------------+--+----------------+----------------------+---------+
| Impairment of mineral rights | | (2,591) | - | (2,167) |
+-------------------------------------+--+----------------+----------------------+---------+
| Other operating expenses | | (297) | (889) | (1,328) |
+-------------------------------------+--+----------------+----------------------+---------+
| Gain on sale of investments | | - | 2,721 | 3,030 |
+-------------------------------------+--+----------------+----------------------+---------+
| Gain on disposal of derivative | | - | 30 | (64) |
| financial instruments | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| Operating (loss)/profit | | (1,128) | 2,804 | (104) |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| Financial income | | 49 | 165 | 134 |
+-------------------------------------+--+----------------+----------------------+---------+
| Financial expense | | (181) | (173) | (326) |
+-------------------------------------+--+----------------+----------------------+---------+
| (Loss)/ profit before tax | | (1,260) | 2,796 | (296) |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| Taxation | | 131 | (438) | 59 |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| (Loss)/profit for the period | | (1,129) | 2,358 | (237) |
| attributable to equity shareholders | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| | | | | |
+-------------------------------------+--+----------------+----------------------+---------+
| Basic (loss)/earnings per share - | | (1.8p) | 4.2p | (0.4p) |
| pence | | | | |
+-------------------------------------+--+----------------+-------------+---------------+
| | | | | |
+-------------------------------------+--+----------------+-------------+---------------+
| Diluted (loss)/earnings per share - | | (1.8p) | 3.8p | (0.4p) |
| pence | | | | |
+-------------------------------------+--+----------------+-------------+---------------+
| | | | | |
+-------------------------------------+--+----------------+-------------+---------------+
| All amounts relate to continuing | | | | |
| operations. | | | | |
+-------------------------------------+--+--+-------------+----------+--+--+--+--+------+--+--+--+
+--------------------------------------+--+----------------+------------+---------+
| Consolidated Balance Sheet | | | | |
+--------------------------------------+--+----------------+------------+---------+
| | | 31 December | 31 | 30 June |
| | | | December | |
+--------------------------------------+--+----------------+------------+---------+
| | | 2008 | 2007 | 2008 |
+--------------------------------------+--+----------------+------------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Non-current assets | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Goodwill | | 2,058 | 2,058 | 2,058 |
+--------------------------------------+--+----------------+------------+---------+
| Intangible mining assets | | 12,532 | 10,892 | 10,832 |
+--------------------------------------+--+----------------+------------+---------+
| Property, plant and equipment | | 12,572 | 13,912 | 12,008 |
+--------------------------------------+--+----------------+------------+---------+
| Deferred tax asset | | 350 | - | 247 |
+--------------------------------------+--+----------------+------------+---------+
| | | 27,512 | 26,862 | 25,145 |
+--------------------------------------+--+----------------+------------+---------+
| Current assets | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Inventories | | 281 | 291 | 311 |
+--------------------------------------+--+----------------+------------+---------+
| Trade and other receivables | | 3,634 | 2,189 | 1,345 |
+--------------------------------------+--+----------------+------------+---------+
| Cash and cash equivalents | | 1,566 | 4,774 | 382 |
+--------------------------------------+--+----------------+------------+---------+
| | | 5,481 | 7,254 | 2,038 |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Total assets | | 32,993 | 34,116 | 27,183 |
+--------------------------------------+--+----------------+------------+---------+
| Equity and liabilities | | | | |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Equity attributable to ordinary | | | | |
| shareholders | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Share capital | | 12,346 | 11,158 | 11,170 |
+--------------------------------------+--+----------------+------------+---------+
| Share premium | | 22,768 | 19,182 | 19,278 |
+--------------------------------------+--+----------------+------------+---------+
| Merger reserve | | (1,076) | (1,076) | (1,076) |
+--------------------------------------+--+----------------+------------+---------+
| Translation reserve | | (3,064) | 1,084 | (5,021) |
+--------------------------------------+--+----------------+------------+---------+
| Retained earnings | | (3,220) | (1,996) | (2,257) |
+--------------------------------------+--+----------------+------------+---------+
| Total equity attributable to | | 27,754 | 28,352 | 22,094 |
| ordinary shareholders | | | | |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Non-current liabilities | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Interest-bearing loans and | | 2,273 | 2,104 | 1,860 |
| borrowings | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Deferred tax | | 124 | 638 | 37 |
+--------------------------------------+--+----------------+------------+---------+
| Provisions | | 128 | 364 | 200 |
+--------------------------------------+--+----------------+------------+---------+
| | | 2,525 | 3,106 | 2,097 |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Current liabilities | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Interest-bearing loans and | | 1,112 | 571 | 775 |
| borrowings | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Trade and other payables | | 1,002 | - | 1,642 |
+--------------------------------------+--+----------------+------------+---------+
| Current tax liabilities | | 11 | - | 9 |
+--------------------------------------+--+----------------+------------+---------+
| Provisions | | 589 | 2,087 | 566 |
+--------------------------------------+--+----------------+------------+---------+
| | | 2,714 | 2,658 | 2,992 |
+--------------------------------------+--+----------------+------------+---------+
| | | | | |
+--------------------------------------+--+----------------+------------+---------+
| Total equity and liabilities | | 32,993 | 34,116 | 27,183 |
+--------------------------------------+--+----------------+------------+---------+
+-----------------------------------------+----+------------+------------+------------+
| Consolidated Cash Flow Statement | | | | |
+-----------------------------------------+----+------------+------------+------------+
| | | Six months | Six months | Year ended |
| | | ended 31 | ended 31 | 30 June |
| | | December | December | 2008 |
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| | | 2008 | 2007 | |
+-----------------------------------------+----+------------+------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+----+------------+------------+------------+
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Cash flows from operating activities | | | | |
+-----------------------------------------+----+------------+------------+------------+
| (Loss)/profit before tax | | (1,260) | 2,796 | (296) |
+-----------------------------------------+----+------------+------------+------------+
| Adjustments for: | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Depreciation, amortisation and | | 3,542 | 513 | 3,139 |
| impairment | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Effect of foreign exchange movements | | 327 | - | (284) |
+-----------------------------------------+----+------------+------------+------------+
| Interest payable | | 181 | 167 | 326 |
+-----------------------------------------+----+------------+------------+------------+
| Equity-settled share-based payment | | 166 | 67 | 293 |
+-----------------------------------------+----+------------+------------+------------+
| Loss on sale of derivative financial | | - | - | 64 |
| instruments | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Profit on sale of investment in shares | | - | (3,435) | (3,030) |
+-----------------------------------------+----+------------+------------+------------+
| Loss on sale of property, plant and | | - | - | 17 |
| equipment | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Net cash flow from operating activities | | 2,956 | 108 | 229 |
| before changes in working capital and | | | | |
| provisions | | | | |
+-----------------------------------------+----+------------+------------+------------+
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Decrease/(increase) in inventories | | 30 | (15) | (36) |
+-----------------------------------------+----+------------+------------+------------+
| (Increase)/decrease in trade and other | | (2,304) | 322 | 917 |
| receivables | | | | |
+-----------------------------------------+----+------------+------------+------------+
| (Decrease)/increase in trade and other | | (483) | 1,130 | 360 |
| payables | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Decrease in provisions | | (72) | - | (280) |
+-----------------------------------------+----+------------+------------+------------+
| Cash generated from/(absorbed) by | | 127 | 1,545 | 1,190 |
| operating activities | | | | |
+-----------------------------------------+----+------------+------------+------------+
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Cash flows from investing activities | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Payments for property, plant and | | (654) | (1,242) | (1,506) |
| equipment | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Payments for non-current intangible | | (3,097) | (1,073) | (5,039) |
| assets | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Payments to settle liability arising on | | - | - | (726) |
| derivative financial instruments | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Proceeds from sale of investment in | | - | 4,664 | 5,621 |
| shares | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Disposal of property, plant and | | - | 19 | - |
| equipment | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Net cash from investing activities | | (3,751) | 2,368 | (1,650) |
+-----------------------------------------+----+------------+------------+------------+
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Cash flows from financing activities | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Proceeds from the issue of share | | 5,000 | - | 108 |
| capital | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Share issue expenses | | (334) | - | - |
+-----------------------------------------+----+------------+------------+------------+
| Proceeds from interest-bearing | | 870 | - | 286 |
| borrowings | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Repayment of interest-bearing | | (594) | (124) | (345) |
| borrowings | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Interest paid | | (134) | (134) | (326) |
+-----------------------------------------+----+------------+------------+------------+
| Net cash from financing activities | | 4,808 | (258) | (277) |
+-----------------------------------------+----+------------+------------+------------+
| | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Net increase/(decrease) in cash and | | 1,184 | 3,655 | (737) |
| cash equivalents | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Cash and cash equivalents at the | | 382 | 1,119 | 1,119 |
| beginning of the period | | | | |
+-----------------------------------------+----+------------+------------+------------+
| Cash and cash equivalents at the end of | | 1,566 | 4,774 | 382 |
| the period | | | | |
+-----------------------------------------+----+------------+------------+------------+
Notes
+---+---------------------------------------------------------------------------------+
| 1 | Corporate information |
+---+---------------------------------------------------------------------------------+
| | Firestone Diamonds Plc ("the Company") is a company incorporated in England and |
| | Wales and quoted on the London Stock Exchange's Alternative Investment Market. |
+---+---------------------------------------------------------------------------------+
+---+---------------------------------------------------------------------------------+
| 2 | Basis of preparation |
+---+---------------------------------------------------------------------------------+
| | These consolidated interim financial statements for the six months ended 31 |
| | December 2008 have been prepared in accordance with International Financial |
| | Reporting Standards (IFRSs and IFRIC interpretations) as adopted by the |
| | European Union and also in accordance with the Companies Act 1985. |
| | The financial information set out above does not constitute statutory accounts |
| | as defined in section 240 of the Companies Act 1985. Statutory accounts for |
| | the twelve months to 30 June 2008, on which the report of the auditors was |
| | unqualified and did not contain a statement under section 237 of the Companies |
| | Act 1985, have been filed with the Registrar of Companies. |
+---+---------------------------------------------------------------------------------+
+---+--------------------------------------------------------------------------------+
| 3 | Earnings per share |
+---+--------------------------------------------------------------------------------+
| | The calculation of the basic earnings per share for the six month period to 31 |
| | December 2008 is based upon the following: |
+---+--------------------------------------------------------------------------------+
+--+---------------------------------------+----------------+----------------+--------------+
| | Basic | Six months | Six months | Year |
| | | ended 31 | ended 31 | ended 30 |
| | | December | December | June |
+--+---------------------------------------+----------------+----------------+--------------+
| | | 2008 | 2007 | 2008 |
+--+---------------------------------------+----------------+----------------+--------------+
| | | GBP | GBP | GBP |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | (Loss)/earnings per share - pence | (1.8p) | 4.2p | (0.4p) |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | (Loss)/profit attributable to equity |(GBP1,129,000) | GBP2,358,000 |(GBP237,000) |
| | shareholders | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | Weighted average number of shares in | 61,732,194 | 55,791,445 | 55,849,841 |
| | issue | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | Diluted | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | (Loss)/earnings per share - pence | (1.8p) | 3.8p | (0.4p) |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | (Loss)/profit attributable to equity |(GBP1,129,000) | GBP2,358,000 |(GBP237,000) |
| | shareholders | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | | | | |
+--+---------------------------------------+----------------+----------------+--------------+
| | Weighted average number of shares in | 61,732,194 | 62,409,144 | 55,849,841 |
| | issue | | | |
+--+---------------------------------------+----------------+----------------+--------------+
+---+----------------------------------------------------------------------------+
| 4 | Dividend |
+---+----------------------------------------------------------------------------+
| | The directors are not declaring a dividend for the period. |
+---+----------------------------------------------------------------------------+
+---+----------------------------------------------------------------------------+
| 5 | The information in this statement has been reviewed by Mr. Tim Wilkes, B |
| | Sc, Pr Sci Nat, who is a qualified person for the purposes of the AIM |
| | Guidance Note for Mining, Oil and Gas Companies. Mr. Wilkes is Chief |
| | Operating Officer of Firestone Diamonds plc and has over 25 years |
| | experience in diamond exploration, mineral resource management and mining. |
| | Mr. Wilkes is a member of the sub-committee for diamonds of the South |
| | African Mineral Resource Committee (SAMREC). |
| | |
+---+----------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDDFWSSUSEDD
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