RNS Number:9314C
European Goldfields Ltd
15 May 2006
For Immediate Release 15 May 2006
European Goldfields Limited
Interim Consolidated Financial Statements
(Unaudited)
First Quarter 2006
Disclosure of auditor review of interim consolidated financial statements
The interim consolidated financial statements of the Company for the three-month
periods ended 31 March 2006 and 2005 have not been reviewed by the auditors of
the Company.
European Goldfields Limited
Consolidated Balance Sheets
As at 31 March 2006 and 31 December 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
31 March 31 December
2006 2005
$ $
Assets Note Unaudited Audited
Current assets
Cash and cash equivalents 30,340 30,536
Accounts receivable, prepaid expenses and supplies 9,643 5,352
Inventory 3 912 1,865
_____________________
40,895 37,753
_____________________
Non current assets
Plant and equipment 4 19,889 19,374
Deferred exploration and development costs 5
Greek production stage mineral properties 10,174 10,129
Greek development stage mineral properties 166,501 162,738
_____________________
176,675 172,867
Romanian development stage mineral properties 28,716 27,843
_____________________
205,391 200,710
_____________________
Restricted investment 6 3,608 3,543
Future tax asset 4,598 5,238
_____________________
274,381 266,618
_____________________
Liabilities
Current liabilities
Accounts payable and accrued liabilities 6,380 3,988
Non current liabilities
Future tax liability 7 44,209 43,261
Non-controlling interest 15,038 14,239
Asset retirement obligation 8 5,437 5,307
_____________________
64,684 62,807
_____________________
Shareholders' equity
Capital stock 9 240,477 240,234
Contributed surplus 9 6,831 6,197
Cumulative translation adjustment (9,912) (12,843)
Deficit (34,079) (33,765)
_____________________
203,317 199,823
_____________________
274,381 266,618
_____________________
The accompanying notes are an integral part of these interim consolidated
financial statements.
Approved by the Board of Directors
(s) David Reading (s) Jeffrey O'Leary
David Reading, Director Jeffrey O'Leary, Director
European Goldfields Limited
Consolidated Statements of Loss and Deficit
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
_____________________________________________________________________________________
Three months ended
31 March 31 March
2006 2005
$ $
Income
Sales 9,083 -
Cost of sales (including amortisation and (4,788) -
depletion of $454 in 2006)
____________________
Gross profit 4,295 -
____________________
Other income
____________________
Interest income 300 326
____________________
Expenses
Corporate administrative and overhead expenses 535 885
Equity-based compensation expense 673 126
Foreign exchange (gain)/loss (16) 999
Hellas Gold administrative and overhead expenses 744 605
Hellas Gold water treatment expenses 493 957
(non-operating mines)
Hellas Gold old adit and equipment maintenance 902 -
(Stratoni mine)
Accretion of asset retirement obligation 26 -
Amortisation 201 259
____________________
(3,558) (3,831)
____________________
Profit/(loss) for the period before income tax 1,037 (3,505)
Income taxes
Current taxes - -
Future taxes - (reduction)/increase of deferred (876) 712
tax asset
____________________
(876) 712
____________________
Profit/(loss) for the period after income tax 161 (2,793)
Non-controlling interest (475) 141
____________________
Loss for the period (314) (2,652)
Deficit - Beginning of period (33,765) (23,355)
____________________
Deficit - End of period (34,079) (26,007)
____________________
Loss per share 0.00 (0.02)
Weighted average number of shares (in thousands) 112,658 111,862
The accompanying notes are an integral part of these interim consolidated
financial statements.
European Goldfields Limited
Consolidated Statements of Equity
As at 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________________
Capital Contributed Cumulative Deficit Total
Stock Surplus Translation
$ $ Adjustment $ $
$
______________________________________________________
Balance - 31 December 2004 238,420 5,589 8,964 (23,355) 229,618
______________________________________________________
Equity-based compensation - 126 - - 126
expense
Share options exercised 287 (117) - - 170
Milestone shares issued as 725 (725) - - -
compensation
Share issue costs (14) - - - (14)
Movement in cumulative
translation adjustment - - (750) - (750)
Loss for the period - - - (2,652) (2,652)
______________________________________________________
998 (716) (750) (2,652) (3,120)
______________________________________________________
Balance - 31 March 2005 239,418 4,873 8,214 (26,007) 226,498
______________________________________________________
Equity-based compensation - 2,139 - - 2,139
expense
Restricted share units vested 815 (815) - - -
Share issue costs 1 - - - 1
Movement in cumulative
translation adjustment - - (21,057) - (21,057)
Loss for the period - - - (7,758) (7,758)
______________________________________________________
816 1,324 (21,057) (7,758) (26,675)
______________________________________________________
Balance - 31 December 2005 240,234 6,197 (12,843) (33,765) 199,823
______________________________________________________
Equity-based compensation - 816 - - 816
expense
Restricted share units vested 143 (143) - - -
Share options exercised 100 (39) - - 61
Share issue costs - - - - -
Movement in cumulative
translation adjustment - - 2,931 - 2,931
Loss for the period - - - (314) (314)
______________________________________________________
243 634 2,931 (314) 3,494
______________________________________________________
Balance - 31 March 2006 240,477 6,831 (9,912) (34,079) 203,317
______________________________________________________
The accompanying notes are an integral part of these interim consolidated
financial statements.
European Goldfields Limited
Consolidated Statements of Cash Flows
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
_____________________________________________________________________________
Three months ended
31 March 31 March
2006 2005
$ $
Cash flows from operating activities
Loss for the period (314) (2,652)
Foreign exchange (gain)/loss (27) 999
Amortisation 418 259
Equity-based compensation expense 723 126
Accretion of asset retirement obligation 26 -
Future tax asset recognised 876 (712)
Non-controlling interest 475 (141)
Depletion of mineral properties 237 -
_____________________
2,414 (2,121)
Net changes in non-cash working capital (909) (933)
_____________________
1,505 (3,054)
_____________________
Cash flows from investing activities
Deferred exploration and development costs - (848) (860)
Romania
Plant and equipment - Greece (568) (1,582)
Deferred development costs - Greece (478) -
Purchase of equipment (41) (40)
_____________________
(1,935) (2,482)
_____________________
Cash flows from financing activities
Proceeds from exercise of share options 61 170
Share issue costs - (14)
_____________________
61 156
_____________________
Effect of foreign currency translation on cash 173 (1,749)
_____________________
Decrease in cash and cash equivalents (196) (7,129)
Cash and cash equivalents - Beginning of period 30,536 65,253
_____________________
Cash and cash equivalents - End of period 30,340 58,124
_____________________
The accompanying notes are an integral part of these interim consolidated
financial statements.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
1. Nature of operations
European Goldfields Limited (the "Company"), a company incorporated under the
Yukon Business Corporations Act, is a resource company involved in the
acquisition, exploration and development of mineral properties in Greece,
Romania and the Balkans.
The Company's common shares are listed on the AIM Market of the London Stock
Exchange and on the Toronto Stock Exchange (TSX) under the symbol "EGU".
Greece - The Company holds a 65% interest in Hellas Gold S.A. ("Hellas Gold").
Hellas Gold owns assets in northern Greece which consist of three deposits
within 70-year mining concessions covering a total area of 317 km(2). The
deposits include the polymetallic projects of Stratoni and Olympias which
contain gold, lead, zinc and silver, and the copper/gold porphyry body referred
to as Skouries.
The three deposits are located within a 10 km radius of each other. Both
Stratoni and Olympias were previously in production and have existing mining and
plant infrastructure and a ship-loading facility on the Aegean Sea.
Hellas Gold's assets also include revenue-generating stockpiles of concentrates
located on the surface.
In September 2005, Hellas Gold resumed production at Stratoni following the
award by the Greek state of all necessary environmental and mining permits.
Hellas Gold is in the process of applying for similar permits for Olympias and
Skouries, having met its first milestone by submitting business plans to the
Greek government in January 2006.
Romania - The Company holds four mineral properties located within the "Golden
Quadrilateral" area of Romania. The Company recently announced the conversion of
resources into Canadian NI 43-101 compliant reserves for its 80%-owned Certej
project, underpinning the value of the project. The Company is now completing a
final feasibility study for submission to the Romanian government by the end of
2006, in support of an application for environmental and mining permits to
develop the Certej project.
The underlying value of the deferred exploration and development costs for
mineral properties is dependent upon the existence and economic recovery of
reserves in the future, and the ability to raise long-term financing to complete
the development of the properties.
For the coming year, the Company believes it has adequate funds available to
meet its corporate and administrative obligations and its planned expenditures
on its mineral properties.
These interim consolidated financial statements have been prepared on a going
concern basis, which assumes the Company will be able to realise assets and
discharge liabilities in the normal course of business for the foreseeable
future. These interim consolidated financial statements do not include the
adjustments that would be necessary should the Company be unable to continue as
a going concern.
2. Significant accounting policies
These interim consolidated financial statements have been prepared on the going
concern basis in accordance with Canadian GAAP using the same accounting
policies as those disclosed in Note 4 to the Company's audited consolidated
financial statements for the years ended 31 December 2005 and 2004.
These interim consolidated financial statements should be read in conjunction
with the Company's audited consolidated financial statements for the years ended
31 December 2005 and 2004.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
3. Inventory
This balance comprises the following:
31 March 31 December
2006 2005
$ $
Ore mined 70 583
Metal concentrates 571 1,274
Material and supplies 271 8
___________________
912 1,865
___________________
4. Plant and equipment
Exploration Vehicles Land and Leasehold Total
/ office buildings improvements
equipment
$ $ $ $ $
Cost - 2006
At 31 December 2005 5,559 1,134 13,402 223 20,318
Additions 580 - - 31 611
Disposals - - - - -
Currency translation 103 17 266 - 386
adjustment
________________________________________________
At 31 March 2006 6,242 1,151 13,668 254 21,315
________________________________________________
Accumulated amortisation -
2006
At 31 December 2005 420 372 119 33 944
Provision for the period 236 65 156 6 463
Disposals - - - - -
Currency translation 7 6 6 - 19
adjustment
________________________________________________
At 31 March 2006 663 443 281 39 1,426
________________________________________________
Net book value at 31 March 5,579 708 13,387 215 19,889
2006
________________________________________________
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
_________________________________________________________________________________
5. Deferred exploration and development costs
Romanian mineral properties:
Baita-
Certej Craciunesti Voia Cainel Total
$ $ $ $ $
_______________________________________________________
Balance - 31 December 23,400 2,948 513 982 27,843
2005
_______________________________________________________
Drilling and assaying 203 1 3 1 208
Geosciences and tech. 197 7 18 6 228
consulting
Samplers, miners and 14 1 - - 15
surveying
Project management 156 5 1 - 162
Project overhead 201 5 21 9 236
Amortisation 20 2 - 2 24
_______________________________________________________
791 21 43 18 873
_______________________________________________________
Balance - 31 March 2006 24,191 2,969 556 1,000 28,716
_______________________________________________________
The Certej exploitation licence and the Baita-Craciunesti exploration licence
are held by the Company's 80%-owned subsidiary, Deva Gold S.A. ("Deva Gold").
Minvest S.A. (a Romanian state owned mining company), together with three
private Romanian companies, hold the remaining 20% interest in Deva Gold and the
Company holds the pre-emptive right to acquire such 20% interest. The Company is
required to fund 100% of all costs related to the exploration and development of
these properties. As a result, the Company is entitled to the refund of such
costs (plus interest) out of future cash flows generated by Deva Gold, prior to
any dividends being distributed to shareholders. The Voia and Cainel exploration
licences are held by the Company's wholly-owned subsidiary, European Goldfields
Deva SRL.
Individual property spending commitments for each of the Company's Romanian
licences have been met as at 31 March 2006.
Greek mineral properties:
Stratoni Skouries Olympias Total
$ $ $ $
_______________________________________________
Balance - 31 December 2005 10,129 64,510 98,228 172,867
_______________________________________________
Deferred development costs - 191 378 569
Depletion of mineral (157) - - (157)
properties
Currency translation 202 1,266 1,928 3,396
adjustment
_______________________________________________
45 1,457 2,306 3,808
_______________________________________________
Balance - 31 March 2006 10,174 65,967 100,534 176,675
_______________________________________________
The Stratoni, Skouries and Olympias properties are held by the Company's
65%-owned subsidiary, Hellas Gold. In September 2005, the Stratoni property
commenced production.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
6. Restricted investment
The balance consists of an amount of $3,608 (Euro3 million) pledged by Hellas Gold
to the National Bank of Greece as collateral for a letter of guarantee issued by
the National Bank of Greece to the Greek Ministry of Development to guarantee
Hellas Gold's environmental commitments under its mining permit at Stratoni. The
letter of guarantee expires on 31 December 2010. The investment bears a rate of
interest of Euribor plus 0.8% per annum.
7. Future tax liability
The following table reflects future income tax liabilities:
31 March 31 December
2006 2005
$ $
_____________________
Mineral properties 42,022 41,213
Plant and equipment 1,257 1,276
Exploration and development expenditure 930 772
_____________________
44,209 43,261
_____________________
The tax liability arises as a result of the increase in value placed on the
mineral properties held by Hellas Gold on acquisition by the Company. This
future tax liability will reverse as the corresponding mineral properties are
amortised.
8. Asset retirement obligation
Management has estimated the total future asset retirement obligation based on
the Company's net ownership interest in the Olympias, Skouries and Stratoni
mines and facilities. This includes all estimated costs to dismantle, remove,
reclaim and abandon the facilities and the estimated time period during which
these costs will be incurred in the future. The following table reconciles the
asset retirement obligations as at 31 March 2006 and 31 December 2005:
31 March 31 December
2006 2005
$ $
_____________________
Asset retirement obligation - Beginning of period 5,307 5,811
Additional obligation - -
Currency translation adjustment 104 (771)
Accretion expense 26 267
_____________________
Asset retirement obligation - End of period 5,437 5,307
_____________________
As at 31 March 2006, the undiscounted amount of estimated cash flows required to
settle the obligation was $6,086 (31 December 2005 - $5,970). The estimated cash
flow has been discounted using a credit adjusted risk free rate of 5.04%. The
expected period until settlement is six years.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
9. Capital stock
Authorised:
- Unlimited number of common shares, without par value
- Unlimited number of preferred shares, issuable in series, without par value
Issued and outstanding (common shares - all fully paid):
Number of Amount
Shares $
____________________
Balance - 31 December 2005 112,598,708 240,234
____________________
Restricted share units vested 65,000 143
Share options exercised 25,000 100
Share issue costs - -
____________________
90,000 243
____________________
Balance - 31 March 2006 112,688,708 240,477
____________________
As at 31 March 2006, the Company had Nil common shares held in escrow or in
respect of which trading restrictions applied.
Contributed surplus:
31 March 31 December
2006 2005
$ $
Equity-based compensation expense 6,253 5,619
Broker warrants 578 578
____________________
6,831 6,197
____________________
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
10. Share options and restricted share units
Share Option Plan
The Company operates a Share Option Plan (together with its predecessor, the
"Share Option Plan") authorising the directors to grant options to acquire
common shares of the Company to the directors, officers, employees and
consultants of the Company and its subsidiaries, on terms that the Board of
Directors may determine, within the limitations of the Share Option Plan.
As at 31 March 2006, the following share options were outstanding:
Number of Exercise
Options price
C$
Expiry date
2007 50,000 2.50
2008 175,000 2.20
2009 840,000 2.80
2009 265,000 3.20
2009 250,000 4.20
2009 625,000 3.07
2009 285,000 3.15
2010 1,302,667 2.00
2010 75,000 2.11
2010 150,000 2.40
_____________________
4,017,667 2.66
_____________________
During the three-month period ended 31 March 2006, share options were granted,
exercised and cancelled as follows:
Number of Weighted
Options average
exercise
price
C$
______________________
Balance - 31 December 2005 4,684,333 2.58
______________________
Options granted - -
Options exercised (25,000) 2.80
Options cancelled (641,666) 2.45
______________________
Balance - 31 March 2006 4,017,667 2.66
______________________
Of the 4,017,667 share options outstanding as at 31 March 2006, 3,034,112 were
fully vested and had a weighted average exercise price of C$2.78 per share.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
Restricted Share Unit Plan
The Company operates a Restricted Share Unit Plan (the "RSU Plan") authorising
the directors, based on recommendations received from the Compensation
Committee, to grant Restricted Share Units ("RSUs") to designated directors,
officers, employees and consultants. The RSUs are "phantom" shares that rise and
fall in value based on the value of the Company's common shares and are redeemed
for actual common shares on the vesting dates determined by the Board of
Directors when the RSUs are granted. The RSUs would typically become 100% vested
upon a change of control of the Company. The maximum number of common shares of
the Company which may be reserved for issuance for all purposes under the RSU
Plan shall not exceed 2.5% of the common shares issued and outstanding from time
to time.
As at 31 March 2006, the following RSUs were outstanding:
Vesting date Number of Grant date
RSUs fair value
of
underlying
shares
C$
15 May 2006 100,000 3.30
31 December 2006 400,000 2.19
31 December 2007 350,000 2.19
________________________
850,000 2.32
________________________
During the three-month period ended 31 March 2006, RSUs were granted, vested and
cancelled as follows:
Weighted
average
grant date
fair value
of
underlying
Number of shares
RSUs C$
_______________________
Balance - 31 December 2005 750,000 2.19
_______________________
RSUs granted 165,000 3.01
RSUs vested (65,000) 2.56
RSUs cancelled - -
_______________________
Balance - 31 March 2006 850,000 2.32
_______________________
The weighted average grant date fair value of underlying shares of the 165,000
RSUs granted during the three-month period ended 31 March 2006 (2005 - Nil) was
C$496 (2005 - Nil). For the RSUs granted during the three-month period ended 31
March 2006, an equity-based compensation cost of $386 (2005 - Nil), of which $48
was included in cost of sales, has been recognised in the income statement and
$95 (2005 - Nil) has been capitalised to deferred exploration and development
costs.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
11. Supplementary cash flow information
31 March 31 March
2006 2005
$ $
Changes in non-cash operating accounts: ____________________
Accounts receivable, prepaid expenses and supplies (4,291) (126)
Accounts payable 2,391 (807)
Inventory 991 -
_____________________
(909) (933)
_____________________
Supplemental disclosure of non-cash transactions:
Exercise of share options - Transfer from contributed
surplus
(39) (117)
to share capital
Vesting of restricted share units (143) -
12. Commitments
As at 31 March 2006, the Company had remaining spending commitments of $1,415
(2005 - $1,500) over the remaining term of its Voia exploration licence in
Romania which expires in March 2007.
The Company has spending commitments of $187 per year (plus service charges and
value added tax) for a term of ten years under the lease for its office in
London, England, which commenced in April 2004. The rent will be reviewed on the
fifth anniversary of the commencement of the term to reflect any increase in
rents in the market.
In November 2005, Hellas Gold entered into off-take agreements pursuant to which
Hellas Gold agreed to sell the following quantities of metal concentrates
produced at the Stratoni mine during the financial years ending 31 December
2006, 2007 and 2008:
2006 2007 2008
(dry metric tonnes(dmt))
________________________
Zinc concentrates 42,700 51,000 15,000
Lead/silver concentrates 25,000 26,000 20,000
________________________
67,700 77,000 35,000
________________________
As at 31 March 2006, 5,282 dmt of zinc concentrates and 4,628 dmt of lead/silver
concentrates had been sold on account of the 2006 commitments.
13. Transactions with related parties
During the three-month period ended 31 March 2006, Hellas Gold incurred costs of
$3,267 (2005 - $1,749) for management, technical and engineering services
received from a related party, Aktor S.A.,
a 35% shareholder in Hellas Gold. As at 31 March 2006, Hellas Gold had accounts
payable of $3,597 (2005 - $883) to Aktor S.A. These expenses were contracted in
the normal course of operations and are recorded at the exchange amount agreed
by the parties.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
14. Segmented information
The Company has one operating segment: the acquisition, exploration and
development of precious and base metal mineral resources properties located in
Greece and Romania.
Geographic segmentation of plant and equipment and deferred exploration and
development costs and operating liabilities is as follows:
31 March 31 December
2006 2005
$ $
Revenue __________________
Canada - -
Greece 9,083 1,521
Romania - -
United Kingdom - -
__________________
9,083 1,521
__________________
Plant and equipment and deferred exploration and
development costs
Canada - -
Greece 195,988 191,659
Romania 28,930 28,081
United Kingdom 362 344
__________________
225,280 220,084
Operating liabilities __________________
Canada 208 214
Greece 5,622 3,144
Romania 132 310
United Kingdom 418 320
__________________
6,380 3,988
__________________
15. Reconciliation to International Accounting Standards ("IAS")
These financial statements have been prepared in accordance with Canadian GAAP.
For Canadian GAAP, the Company has accounted for its investment in Hellas Gold
from the parent entity perspective which, focuses on the parent entity
shareholders and their interests in the subsidiary. For International Financial
Reporting purposes, the Company would account for its investment in Hellas Gold
from the economic entity perspective which views both the controlling and
non-controlling shareholders as equity holders in a consolidated entity that
should be viewed as, and accounted for, as a whole.
European Goldfields Limited
Notes to Consolidated Financial Statements
For the three-month periods ended 31 March 2006 and 2005
(Unaudited - Prepared by Management)
(in thousands of US Dollars, except per share amounts)
________________________________________________________________________________
The effect of the differences between Canadian GAAP and IAS on the Company's
consolidated balance sheets and statements of equity is summarised as follows:
31 March 31 December
2006 2005
$ $
Non current assets ___________________
Greek mineral properties under Canadian GAAP 176,675 172,867
Adjustment for IAS 89,776 88,234
___________________
Greek mineral properties under IAS 266,451 261,101
___________________
Non current liabilities
Non current liabilities under Canadian GAAP 64,684 62,807
Adjustment to future tax 22,377 22,069
Adjustment for non-controlling interest (15,038) (14,239)
___________________
Non current liabilities under IAS 72,023 70,637
___________________
Shareholders' equity
Shareholders' equity under Canadian GAAP 203,317 199,823
Adjustment to cumulative translation adjustment account 3,409 (26,388)
Non-controlling interest under IAS 74,627 72,706
Additional depletion 82 41
___________________
Shareholders' equity under IAS 281,435 246,182
___________________
Other than the differences noted above, management considers that there are no
material differences between amounts reported under Canadian GAAP and those that
would result from the application of IAS.
16. Reclassification of comparative figures
Certain comparative figures have been reclassified to conform to the current
year's presentation.
17. Legal proceedings
The Company, from time to time, is involved in various claims, legal proceedings
and complaints arising in the ordinary course of business. There are no legal
proceedings to which the Company or any of its subsidiaries is a party or of
which any of their properties is the subject that would have a material adverse
effect on the consolidated financial condition or future results of the Company.
There are no such proceedings known to the Company to be contemplated.
18. Post balance sheet event
Since 31 March 2006, the Company granted 900,000 restricted share units ("RSUs")
under the Company's Restricted Share Unit Plan, and issued 100,000 common shares
pursuant to the vesting of outstanding RSUs. Since 31 March 2006, Nil
outstanding RSUs were cancelled.
Since 31 March 2006, the Company granted 200,000 share options under the
Company's Share Option Plan, and issued 1,034,168 common shares pursuant to the
exercise of outstanding share options. Since 31 March 2006, 12,500 outstanding
share options expired and were cancelled.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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