TIDMCLN
RNS Number : 5976P
Carlton Resources PLC
27 March 2009
+--------------------------------------+--------------------------------------+
| | 27 March 2009 |
+--------------------------------------+--------------------------------------+
Carlton Resources Plc
("Carlton" or the "Company")
Interim Results for the six months ended 31 December 2008
Carlton Resources Plc (AIM: CLN), formerly named KimCor Diamonds Plc, announces
its interim results for the six months ended 31 December 2008.
Key points
* Disposal of diamond and industrial operations after the period end
* Revised focus and cash preservation strategy
* Board and administrative changes
Martyn Churchouse, Carlton's CEO, said: "The dramatic decline in demand for
rough diamonds in the latter half of 2008, coupled with difficulties in gaining
access to new capital and declining equity values created by the global economic
downturn resulted in the Company disposing of its diamond and industrial
operations and seeking instead to focus on the acquisition of new projects in
other commodity sectors of interest. The Board is considering numerous
opportunities in this regard on an ongoing basis and, pending acquisition of a
suitable project or projects, has put in place a cash preservation strategy to
ensure that costs are minimised. We look forward to bringing positive news to
shareholders shortly by way of update on the new direction of the Company."
For further information:
+--------------------------------------+--------------------------------------+
| Carlton Resources Plc | Tel: +61 (0) 8 9324 2955 |
+--------------------------------------+--------------------------------------+
| Martyn Churchouse, Chief Executive | |
| Officer | |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| Strand Partners Limited | Tel: +44 (0) 20 7409 3494 |
+--------------------------------------+--------------------------------------+
| Simon Raggett | |
+--------------------------------------+--------------------------------------+
| Victoria Milne-Taylor | |
+--------------------------------------+--------------------------------------+
Carlton Resources Plc
Chairman's and Chief Executive's Statement
The six months to 31 December 2008 was a period of significant challenge for
Carlton. The advent of the global "credit crunch" and associated economic
downturn had wide-ranging consequences for publicly-listed companies of all
sizes and in all industry sectors, leading to a re-rating of entity values as
investor confidence declined dramatically and also making access to new capital
on global equity markets a far more difficult proposition. As well as these
general challenges, the Company was also affected by the severely negative
effects that the economic crisis had on the market for rough diamonds,
effectively decreasing demand for rough stones to nil. As an illustration, in
the latter part of 2008, the development of the Company's South African diamond
mining assets and increases in rough diamond output had resulted in an inventory
of approximately 30,000 carats of rough diamonds being placed on open tender
during November 2008. The tender ran for more than two weeks and during that
time the Company did not receive a single offer to purchase from a buyer.
In this depressed environment and given pessimistic forecasts for the global
diamond market in the short-to-medium term, the board of Carlton (the "Board"),
in consultation with the Company's advisers, was forced to consider all
available options to ensure the continuing survival of the Company. It was
considered that the prospect of generating funds necessary to sustain the
Company's diamond operations (whether as a result of diamond sales or new
injections of equity capital) were extremely limited and that in the absence of
a sale of those operations the Company would be unable to pay amounts due to
South African creditors of the operating subsidiaries.
Accordingly, on 3 December 2008 the Company entered into an agreement ("Sale
Agreement") to sell its South African and Tanzanian diamond and industrial
projects and operations (being all of the Company's operations) to Belmont
Mining Limited ("Belmont"), by way of a sale of all of the shares in certain
Company subsidiaries to Belmont. Of the total cash sum deliverable, a balance
of GBP24,000 remains outstanding. The Sale Agreement was conditional upon the
approval of the Company's shareholders being obtained, which occurred at the
Extraordinary General Meeting of the Company held on 8 January 2009 ("January
EGM"). Pursuant to the Sale Agreement, Belmont assumed liability for, and
control of, the diamond and industrial operations with effect from 3 December
2008.
As a result of that transaction, the Company became an "investing company"
pursuant to Rule 15 of the AIM Rules. The Company's investing strategy, as
approved by its shareholders at the January EGM, will be to acquire minority or
controlling interests in a number of privately held or publicly-listed resource
projects in Africa. It is proposed that the projects in which the Company
invests will not be limited to any single resource.
At the January EGM the Company's shareholders also voted to change the name of
the Company from KimCor Diamonds Plc to Carlton Resources Plc. That name change
took effect in March 2009 and was announced by the Company on 20 March 2009. At
the same time, the Company's AIM ticker was changed from "KIM" to "CLN", to
reflect its new name.
In February 2009, following the disposal of its operations and in view of the
depressed global economic climate, the Board put in place a cash preservation
strategy to minimize expenditure by the Company, pending the acquisition of new
operations. At the same time, the directors of the Company, all of whom have
experience in operating and investing in resource projects in Africa, are
currently in the process of considering and evaluating various opportunities
with a view to identifying and pursuing new businesses with the potential to add
value for shareholders. I look forward to bringing you positive news in this
regard shortly and to continuing the process of rebuilding your Company into a
significant junior resources company.
Martyn Churchouse
Chief Executive Officer
27 March 2009
Carlton Resources Plc
Unaudited condensed consolidated income statement
For the six months ended 31 December 2008
+--------------------------------------+-------+-------------+-----------+-----------+
| | | Six | Nine | Year |
| | | months to | months to | ended 30 |
| | | 31 December | 31 | June |
| | | | December | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | 2008 | 2007 | 2008 |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------+-------------+-----------+-----------+
| |Notes | Unaudited | Unaudited | Audited * |
| | | | * | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Continuing operations | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Revenue | | - | - | - |
+--------------------------------------+-------+-------------+-----------+-----------+
| Cost of sales | | - | - | - |
+--------------------------------------+-------+-------------+-----------+-----------+
| Gross loss | | - | - | - |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Administrative expenses | | (401) | (594) | (1,070) |
+--------------------------------------+-------+-------------+-----------+-----------+
| Other operating income | | - | | - |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss from operations | | (401) | (594) | (1,070) |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Finance income | | 1 | 36 | 53 |
+--------------------------------------+-------+-------------+-----------+-----------+
| Finance expenses | | (1) | - | (4) |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss for the period before taxation | | (401) | (558) | (1,021) |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Taxation | | - | - | - |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss for the period from continuing | | (401) | (558) | (1,021) |
| operations | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Discontinued operations | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss for the period from | 3 | (1,589) | (2,592) | (8,348) |
| discontinued operations | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss for the period attributable to | | (1,990) | (3,150) | (9,369) |
| equity holders of the parent | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Loss per share expressed in pence | | | | |
| per share | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| From continuing operations: | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Basic and Diluted | 4 | (0.15)p | (0.30)p | (0.43)p |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| From discontinued operations: | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Basic and Diluted | 4 | (0.59)p | (1.41)p | (3.50)p |
+--------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| From all operations: | | | | |
+--------------------------------------+-------+-------------+-----------+-----------+
| Basic and Diluted | 4 | (0.74)p | (1.71)p | (3.93)p |
+--------------------------------------+-------+-------------+-----------+-----------+
* In accordance with IFRS 5, prior periods have been re-presented so that
disclosures are comparative
Carlton Resources Plc
Unaudited condensed consolidated balance sheet
As at 31 December 2008
+--------------------------------+-------+-------------+-------------+-------------+
| | | 31 December | 31 December | 30 June |
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| | | 2008 | 2007 | 2008 |
+--------------------------------+-------+-------------+-------------+-------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
| | | | and | |
| | | | restated | |
+--------------------------------+-------+-------------+-------------+-------------+
| Assets | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Non-current assets | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Property, plant and equipment, | | - | 8,463 | 3,403 |
| including mining properties | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Other non-current receivables | | - | 308 | 257 |
+--------------------------------+-------+-------------+-------------+-------------+
| Total non-current assets | | - | 8,771 | 3,660 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Current assets | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Inventories | | - | 177 | 454 |
+--------------------------------+-------+-------------+-------------+-------------+
| Trade and other receivables | | 12 | 705 | 320 |
+--------------------------------+-------+-------------+-------------+-------------+
| Cash and cash equivalents | | 28 | 2,237 | 657 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | 40 | 3,119 | 1,431 |
+--------------------------------+-------+-------------+-------------+-------------+
| Assets classified as held for | 5 | 4,455 | - | - |
| sale | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Total current assets | | 4,495 | 3,119 | 1,431 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Total assets | | 4,495 | 11,890 | 5,091 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Liabilities | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Non-current liabilities | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Borrowings | | - | 1,943 | 1,602 |
+--------------------------------+-------+-------------+-------------+-------------+
| Deferred tax liability | | - | 1,093 | 23 |
+--------------------------------+-------+-------------+-------------+-------------+
| Total non-current liabilities | | - | 3,036 | 1,625 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Current liabilities | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Trade and other payables | | 178 | 728 | 1,307 |
+--------------------------------+-------+-------------+-------------+-------------+
| Accruals | | 78 | 54 | 88 |
+--------------------------------+-------+-------------+-------------+-------------+
| Provisions | | - | 468 | 333 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | 256 | 1,250 | 1,728 |
+--------------------------------+-------+-------------+-------------+-------------+
| Liabilities directly | 5 | 4,231 | - | - |
| associated with assets | | | | |
| classified as held for sale | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Total current liabilities | | 4,487 | 1,250 | 1,728 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Total liabilities | | 4,487 | 4,286 | 3,353 |
+--------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-------+-------------+-------------+-------------+
| Total net assets | | 8 | 7,604 | 1,738 |
+--------------------------------+-------+-------------+-------------+-------------+
Carlton Resources Plc
Unaudited condensed consolidated balance sheet (continued)
As at 31 December 2008
+--------------------------------+------+-------------+-------------+-------------+
| | | 31 December | 31 December | 30 June |
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| | | 2008 | 2007 | 2008 |
+--------------------------------+------+-------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
| | | | and | |
| | | | restated | |
+--------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Equity attributable to the | | | | |
| equity holders of the parent | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Share capital | | 1,341 | 1,341 | 1,341 |
+--------------------------------+------+-------------+-------------+-------------+
| Share premium reserve | | 7,585 | 7,585 | 7,585 |
+--------------------------------+------+-------------+-------------+-------------+
| Merger reserve | | 8,063 | 8,063 | 8,063 |
+--------------------------------+------+-------------+-------------+-------------+
| Foreign exchange reserve | | 725 | (923) | 496 |
+--------------------------------+------+-------------+-------------+-------------+
| Warrant reserve | | 54 | 54 | 54 |
+--------------------------------+------+-------------+-------------+-------------+
| Reverse takeover reserve | | (8,647) | (8,647) | (8,647) |
+--------------------------------+------+-------------+-------------+-------------+
| Other reserve | | 11,822 | 11,822 | 11,822 |
+--------------------------------+------+-------------+-------------+-------------+
| Accumulated losses | | (20,935) | (11,691) | (18,976) |
+--------------------------------+------+-------------+-------------+-------------+
| Total equity | | 8 | 7,604 | 1,738 |
+--------------------------------+------+-------------+-------------+-------------+
Carlton Resources Plc
Unaudited condensed consolidated statement of changes in equity
For the six months ended 31 December 2008
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | Share | Share | Merger | Foreign | Warrant | Reverse | Other | Accumulated | Total equity |
| | capital | premium | reserve | exchange | reserve | takeover | reserve | losses | attributable |
| | | | | reserve | | reserve | | | to |
| | | | | | | | | | shareholders |
| | | | | | | | | | of the parent |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Balance as at 1 July 2007 | - | - | - | (169) | - | - | - | (9,739) | (9,908) |
| (restated) | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Changes in equity for six | | | | | | | | | |
| months to 31 December 2007 | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Foreign exchange on | - | - | - | (754) | - | - | - | - | (754) |
| translation of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Net loss recognised | - | - | - | (754) | - | - | - | - | (754) |
| directly in equity | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Loss for the period | - | - | - | - | - | - | - | (1,970) | (1,970) |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Total recognised income | - | - | - | (754) | - | - | - | (1,970) | (2,724) |
| and expense for the period | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Recognition of share-based | - | - | - | - | - | - | - | 18 | 18 |
| payments | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Issue of share capital | 333 | 3,777 | - | - | - | - | - | - | 4,110 |
| less share issue costs | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Issue of warrants less | - | - | - | - | 54 | - | - | - | 54 |
| warrant issue costs | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Reverse takeover | 1,008 | 3,808 | 8,063 | - | - | (8,647) | 11,822 | - | 16,054 |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Balance as at 31 December | 1,341 | 7,585 | 8,063 | (923) | 54 | (8,647) | 11,822 | (11,691) | 7,604 |
| 2007 (restated) | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Changes in equity for six | | | | | | | | | |
| months to 30 June 2008 | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Foreign exchange on | - | - | - | 1,419 | - | - | - | - | 1,419 |
| translation of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Net loss recognised | - | - | - | 1,419 | - | - | - | - | 1,419 |
| directly in equity | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Loss for the period | - | - | - | - | - | - | - | (7,398) | (7,398) |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Total recognised income | - | - | - | 1,419 | - | - | - | (7,398) | (5,979) |
| and expense for the period | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Recognition of share-based | - | - | - | - | - | - | - | 113 | 113 |
| payments | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Balance as at 30 June 2008 | 1,341 | 7,585 | 8,063 | 496 | 54 | (8,647) | 11,822 | (18,976) | 1,738 |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
Carlton Resources Plc
Unaudited condensed consolidated statement of changes in equity (continued)
For the six months ended 31 December 2008
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | Share | Share | Merger | Foreign | Warrant | Reverse | Other | Accumulated | Total equity |
| | capital | premium | reserve | exchange | reserve | takeover | reserve | losses | attributable |
| | | | | reserve | | reserve | | | to |
| | | | | | | | | | shareholders |
| | | | | | | | | | of the parent |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Balance as at 30 June 2008 | 1,341 | 7,585 | 8,063 | 496 | 54 | (8,647) | 11,822 | (18,976) | 1,738 |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Changes in equity for six | | | | | | | | | |
| months to 31 December 2008 | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Foreign exchange on | - | - | - | 229 | - | - | - | - | 229 |
| translation of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Net loss recognised | - | - | - | 229 | - | - | - | - | 229 |
| directly in equity | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Loss for the period | - | - | - | - | - | - | - | (1,990) | (1,990) |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Total recognised income | - | - | - | 229 | - | - | - | (1,990) | (1,761) |
| and expense for the period | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Recognition of share-based | - | - | - | - | - | - | - | 31 | 31 |
| payments | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
| Balance as at 31 December | 1,341 | 7,585 | 8,063 | 725 | 54 | (8,647) | 11,822 | (20,935) | 8 |
| 2008 | | | | | | | | | |
+----------------------------+--------------+--------------+--------------+--------------+--------------+--------------+--------------+---------------+---------------+
Carlton Resources plc
Unaudited condensed consolidated cash flow statement
For the six months ended 31 December 2008
+----------------------------------------+------------+-------------+------------+
| | Six months | Nine months | Year ended |
| | to 31 | to 31 | 30 June |
| | December | December | |
+----------------------------------------+------------+-------------+------------+
| | 2008 | 2007 | 2008 |
+----------------------------------------+------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
| | | and | |
| | | restated | |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Cash flow from operating activities | | | |
+----------------------------------------+------------+-------------+------------+
| Loss before tax | (2,013) | (3,154) | (10,053) |
+----------------------------------------+------------+-------------+------------+
| Adjustments for: | | | |
+----------------------------------------+------------+-------------+------------+
| Finance expense | 92 | 162 | 202 |
+----------------------------------------+------------+-------------+------------+
| Finance income | (27) | (43) | (81) |
+----------------------------------------+------------+-------------+------------+
| Depreciation, amortisation and | 648 | 1,108 | 5,394 |
| impairment | | | |
+----------------------------------------+------------+-------------+------------+
| Equity settled share-based payment | 31 | 18 | 131 |
| expense | | | |
+----------------------------------------+------------+-------------+------------+
| Provision for rehabilitation | - | 11 | - |
+----------------------------------------+------------+-------------+------------+
| Foreign exchange differences | 154 | (287) | 536 |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Cash flow from operating activities | (1,115) | (2,185) | (3,871) |
| before changes in working capital | | | |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Increase / (decrease) in trade and | 175 | (821) | 126 |
| other payables | | | |
+----------------------------------------+------------+-------------+------------+
| (Increase) / decrease in trade and | 142 | 914 | (121) |
| other receivables | | | |
+----------------------------------------+------------+-------------+------------+
| (Increase) / decrease in inventories | 170 | (132) | (260) |
+----------------------------------------+------------+-------------+------------+
| Increase / (decrease) in provisions | 46 | - | 29 |
+----------------------------------------+------------+-------------+------------+
| Taxation | - | - | 684 |
+----------------------------------------+------------+-------------+------------+
| Net cash flow from operating | (582) | (2,224) | (3,413) |
| activities | | | |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Cash flow from investing activities | | | |
+----------------------------------------+------------+-------------+------------+
| Purchase of property, plant and | (391) | (360) | (675) |
| equipment | | | |
+----------------------------------------+------------+-------------+------------+
| Interest received | 27 | 43 | 81 |
+----------------------------------------+------------+-------------+------------+
| Cash held in subsidiary at date of | - | 85 | 85 |
| acquisition | | | |
+----------------------------------------+------------+-------------+------------+
| Net cash flow from investing | (364) | (232) | (509) |
| activities | | | |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Cash flow from financing activities | | | |
+----------------------------------------+------------+-------------+------------+
| Proceeds from the issue of ordinary | - | 4,111 | 4,111 |
| shares | | | |
+----------------------------------------+------------+-------------+------------+
| Proceeds from loans raised | 1,131 | 648 | 531 |
+----------------------------------------+------------+-------------+------------+
| Repayment of loans | (194) | (66) | (41) |
+----------------------------------------+------------+-------------+------------+
| Interest paid | (92) | (122) | (186) |
+----------------------------------------+------------+-------------+------------+
| Net cash flow from financing | 845 | 4,571 | 4,415 |
| activities | | | |
+----------------------------------------+------------+-------------+------------+
| | | | |
+----------------------------------------+------------+-------------+------------+
| Net increase / (decrease) in cash and | (101) | 2,115 | 493 |
| cash equivalents | | | |
+----------------------------------------+------------+-------------+------------+
| Cash and cash equivalents at the | 657 | 122 | 181 |
| beginning of the period | | | |
+----------------------------------------+------------+-------------+------------+
| Exchange gains / (losses) on cash and | 75 | - | (17) |
| cash equivalents | | | |
+----------------------------------------+------------+-------------+------------+
| Cash and cash equivalents at the end | 631 | 2,237 | 657 |
| of the period | | | |
+----------------------------------------+------------+-------------+------------+
+----------------------------------------+------------+------------+------------+
| Classified as: | | | |
+----------------------------------------+------------+------------+------------+
| Continuing operations | 28 | 1,923 | 102 |
+----------------------------------------+------------+------------+------------+
| Discontinued operations | 603 | 314 | 555 |
+----------------------------------------+------------+------------+------------+
| | 631 | 2,237 | 657 |
+----------------------------------------+------------+------------+------------+
Carlton Resources Plc
Notes to the unaudited condensed interim consolidated financial statements
For the half year ended 31 December 2008
1.Basis of preparation
The financial information set out above is based on the consolidated financial
statements of Carlton Resources Plc (formerly KimCor Diamonds Plc) and its
subsidiary companies (together referred to as the 'Group'). The accounts of the
Group for the six months ended 31 December 2008, which are unaudited, were
approved by the Board on 27 March 2009. In accordance with s240(s) of the
Companies Act 1985, such unaudited results do not constitute statutory accounts
of the Company or Group.
These accounts have been prepared in accordance with the accounting policies set
out in the Report and Financial Statements of KimCor Diamonds Plc for the year
ended 30 June 2008. The statutory accounts for the year ended 30 June 2008 have
been filed with the registrar of Companies. The auditors' report on those
accounts was unqualified with an emphasis of matter relating to the going
concern of the Group. These accounts have not been audited by the Company's
auditors.
The Group's Report and Financial Statements for the year ended 30 June 2008
reflected the acquisition of 100% of the issued share capital of Dwyka Diamonds
Holdings Limited ("DDH"). As a result of this transaction, described as a
reverse takeover, shareholders of DDH acquired control of the Company.
Accordingly, this transaction was accounted for as an acquisition of the Company
by DDH.
This unaudited consolidated interim financial information for the six months
ended 31 December 2008 therefore represents a continuation of the financial
statements of DDH, the legal subsidiary acquired. This interim financial
information reflects the results of the operations and cash flows of DDH for all
periods presented and includes that of the Company subsequent to the date of the
reverse takeover on 21 September 2007.
The consolidated balance sheet at 31 December 2007 and 30 June 2008, the
consolidated income statement, the consolidated of changes in equity and the
consolidated cash flow statement for the nine months ended 31 December 2007 and
the year ended 30 June 2008 are that of DDH.
The Company changed its year end date from 31 March to 30 June to align the
accounting reference dates of KimCor and the South African subsidiary companies
acquired from Dwyka Resources Limited in September 2007. Therefore the
comparatives were prepared for a longer accounting period of the nine months
ended 31 December 2007 and are not entirely comparable.
The Directors have restated comparatives on the consolidated balance sheet,
consolidated statement of changes in equity and consolidated cash flow statement
to show all of the reserves that existed at 31 December 2007 in line with the
presentation reported at 30 June 2008.
The Group financial statements are prepared in Great British Pounds, and all
values are rounded to the nearest thousand Pounds (GBP'000) except when
otherwise indicated.
Based upon forecasts and agreements reached with its creditors, the Directors
believe that Carlton has sufficient cash to pay existing creditors. As stated in
the announcement on 17 March 2009 and in the Chairman's and Chief Executive's
Statement above, the Company continues to look for new opportunities with the
potential to add value to shareholders. However, it is recognised that in order
to do this there is a need to raise finance in the form of equity or debt. The
Directors remain optimistic at this point in time of being able to raise the
required finance, providing a suitable opportunity can be sourced and therefore
these financial statements have been prepared on a going concern basis.
2.Changes in accounting policies
There were no changes in accounting policies during the six months ended 31
December 2008.
Carlton Resources Plc
Notes to the unaudited condensed interim consolidated financial statements
For the half year ended 31 December 2008
3. Discontinued operations
On 3 December 2008, the company entered into an agreement ("Sale Agreement") to
sell its South African and Tanzanian diamond and industrial projects and
operations (being all of the company's operations) to Belmont Mining Limited
("Belmont"), by way of a sale of all the shares in certain company subsidiaries
to Belmont. The Sale Agreement was conditional upon the approval of the
company's shareholders being obtained, which occurred at the Extraordinary
General Meeting of the Company held on 8 January 2009.
The results of the discontinued operations included in the income statement and
the cash flows from discontinued operations included in the statement of cash
flows are set out below. The comparative profit and cash flows from discontinued
operations have been restated to include those operations classified as
discontinued in the current period.
Loss from discontinued operations
+--------------------------------------+-------+------------+------------+---------+
| | | Six months | Nine | Year |
| | | to 31 | months to | ended |
| | | December | 31 | 30 June |
| | | | December | |
+--------------------------------------+-------+------------+------------+---------+
| | | 2008 | 2007 | 2008 |
+--------------------------------------+-------+------------+------------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------+------------+------------+---------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Continuing operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Revenue | | 1,363 | 2,602 | 3,386 |
+--------------------------------------+-------+------------+------------+---------+
| Cost of sales | | (1,794) | (3,420) | (4,199) |
+--------------------------------------+-------+------------+------------+---------+
| Gross loss | | (431) | (818) | (813) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Administrative expenses | | (519) | (2,236) | (8,139) |
+--------------------------------------+-------+------------+------------+---------+
| Other operating income | | 52 | 613 | 89 |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss from operations | | (898) | (2,441) | (8,863) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Finance income | | 26 | 7 | 27 |
+--------------------------------------+-------+------------+------------+---------+
| Finance expenses | | (91) | (162) | (198) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss for the period before taxation | | (963) | (2,596) | (9,034) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Taxation | | 22 | 4 | 686 |
+--------------------------------------+-------+------------+------------+---------+
| Loss on measurement to fair value of | | (648) | - | - |
| discontinued operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss for the period from | | (1,589) | (2,592) | (8,348) |
| discontinued operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
Cash flows from discontinued operations
+--------------------------------------+-------+------------+------------+---------+
| Cash flows from operating activities | | (371) | (1,505) | (2,473) |
+--------------------------------------+-------+------------+------------+---------+
| Cash flows from investing activities | | (364) | (263) | (562) |
+--------------------------------------+-------+------------+------------+---------+
| Cash flows from financing activities | | 708 | 460 | 308 |
+--------------------------------------+-------+------------+------------+---------+
| | | (27) | (1,308) | (2,727) |
+--------------------------------------+-------+------------+------------+---------+
Carlton Resources Plc
Notes to the unaudited condensed interim consolidated financial statements
For the half year ended 31 December 2008
4.Loss per share
Basic loss per share is calculated by dividing the loss attributable to the
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
For diluted loss per share, the weighted average number of shares in issue is
adjusted to assume conversion of all dilutive potential ordinary shares.
Reconciliations of the loss and weighted average number of shares used in the
calculations are set out below:
+--------------------------------------+-------+------------+------------+---------+
| | | Six months | Nine | Year |
| | | to 31 | months to | ended |
| | | December | 31 | 30 June |
| | | | December | |
+--------------------------------------+-------+------------+------------+---------+
| | | 2008 | 2007 | 2008 |
+--------------------------------------+-------+------------+------------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------+------------+------------+---------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| From continuing operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Earnings: | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss attributable to equity holders | | (401) | (558) | (1,021) |
| of the parent | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Basic Loss per Share | | (401) | (558) | (1,021) |
+--------------------------------------+-------+------------+------------+---------+
| Effect of dilutive securities | | - | - | - |
+--------------------------------------+-------+------------+------------+---------+
| Diluted Loss per share | | (401) | (558) | (1,021) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| From discontinued operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Earnings: | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss attributable to equity holders | | (1,589) | (2,592) | (8,348) |
| of the parent | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Basic Loss per Share | | (1,589) | (2,592) | (8,348) |
+--------------------------------------+-------+------------+------------+---------+
| Effect of dilutive securities | | - | - | - |
+--------------------------------------+-------+------------+------------+---------+
| Diluted Loss per share | | (1,589) | (2,592) | (8,348) |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Total operations | | | | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Earnings: | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Loss attributable to equity holders | | (1,990) | (3,150) | (9,369) |
| of the parent | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Basic Loss per Share | | (1,990) | (3,150) | (9,369) |
+--------------------------------------+-------+------------+------------+---------+
| Effect of dilutive securities | | - | - | - |
+--------------------------------------+-------+------------+------------+---------+
| Diluted Loss per share | | (1,990) | (3,150) | (9,369) |
+--------------------------------------+-------+------------+------------+---------+
Carlton Resources Plc
Notes to the unaudited condensed interim consolidated financial statements
For the half year ended 31 December 2008
4. Loss per share (continued)
+--------------------------------------+-------+-------------+-------------+-------------+
| | | Six | Nine | Year |
| | | months to | months to | ended 30 |
| | | 31 | 31 | June |
| | | December | December | |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | 2008 | 2007 | 2008 |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| Weighted average number of shares | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| Basic Loss per Share | | 268,265,577 | 184,041,717 | 238,188,109 |
+--------------------------------------+-------+-------------+-------------+-------------+
| Effect of dilutive securities | | - | - | - |
+--------------------------------------+-------+-------------+-------------+-------------+
| Diluted Loss per share | | 268,265,577 | 184,041,717 | 238,188,109 |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| Basic and diluted Loss per Share - | | | | |
| pence | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| From continuing operations | | (0.15) | (0.30) | (0.43) |
+--------------------------------------+-------+-------------+-------------+-------------+
| From discontinued operations | | (0.59) | (1.41) | (3.50) |
+--------------------------------------+-------+-------------+-------------+-------------+
| From all operations | | (0.74) | (1.71) | (3.93) |
+--------------------------------------+-------+-------------+-------------+-------------+
The following potential issues of Ordinary Shares, which may be dilutive in
future periods, have been excluded from the calculation of diluted loss per
share for the period as these potential issues are anti-dilutive:
+--------------------------------------+-------+------------+------------+---------+
| | | | No. of | |
| | | | potential | |
| | | | shares | |
+--------------------------------------+-------+------------+------------+---------+
| | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Share options granted to Westhouse | | | 634,800 | |
| Securities LLP on 27 February 2006 | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Warrants issued to Strand Partners | | | 2,682,656 | |
| Securities and Montagu Stockbrokers | | | | |
| Pty Limited on 21 September 2007 | | | | |
+--------------------------------------+-------+------------+------------+---------+
| Long term incentive options granted | | | 8,050,000 | |
| under the KimCor share option scheme | | | | |
+--------------------------------------+-------+------------+------------+---------+
Carlton Resources Plc
Notes to the unaudited condensed interim consolidated financial statements
For the half year ended 31 December 2008
5.Discontinued operations
As described in note 3, the Group disposed of its diamond and industrial
operations, following shareholder approval on 8 January 2009. The major classes
of assets and liabilities comprising the assets classified as held for sale at
the balance sheet date are:
+--------------------------------+------+-------------+-------------+-------------+
| | | 31 December | 31 December | 30 June |
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| | | 2008 | 2007 | 2008 |
+--------------------------------+------+-------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Assets classified as held for | | | | |
| sale | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Property, plant and equipment, | | 3,146 | - | - |
| including mining properties | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Receivables | | 423 | - | - |
+--------------------------------+------+-------------+-------------+-------------+
| Inventories | | 283 | - | - |
+--------------------------------+------+-------------+-------------+-------------+
| Cash and cash equivalents | | 603 | - | - |
+--------------------------------+------+-------------+-------------+-------------+
| Assets classified as held for | | 4,455 | - | - |
| sale | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Liabilities directly | | | | |
| associated with assets | | | | |
| classified as held for sale | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Borrowings | | 3,069 | - | - |
+--------------------------------+------+-------------+-------------+-------------+
| Trade and other payables | | 1,162 | - | - |
+--------------------------------+------+-------------+-------------+-------------+
| Liabilities directly | | 4,231 | - | - |
| associated with assets | | | | |
| classified as held for sale | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+------+-------------+-------------+-------------+
| Net assets classified as held | | 224 | - | - |
| for sale | | | | |
+--------------------------------+------+-------------+-------------+-------------+
In accordance with the relevant accounting standards, prior year balance sheets
have not been restated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZGGZFLNNGLZG
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