TIDMPAL
RNS Number : 9761N
Equatorial Palm Oil plc
14 May 2018
14 May 2018
EQUATORIAL PALM OIL PLC
("EPO", the "Company" or, together with its subsidiaries, the
"Group")
Interim Results for the six months ended 31 March 2018
Equatorial Palm Oil plc (AIM: PAL) , the AIM quoted palm oil
production company with operations in Liberia, West Africa,
announces its unaudited interim results for the six months ended 31
March 2018 (the "Period"). EPO is supported by its 63 per cent.
shareholder and joint venture partner Kuala Lumpur Kepong Berhad
("KLK"), a Malaysian corporation, in developing a new sustainable
palm oil operation in Liberia through investment in its estates,
training and infrastructure.
Highlights:
-- The construction of the 30 metric tonnes per hour ("mt/hr")
palm oil mill at Palm Bay estate is progressing well and due for
commissioning in Q3 2018
-- US$30m loan secured by Liberian Palm Developments ("LPD"),
the Company's 50 per cent. owned operating joint venture company,
for the further development of the Liberian operations
-- Human Rights Impact Assessment conducted and the Executive
Summary published in November 2017
-- Post Period event - earthworks for the construction of a new
bulking station and export facility have commenced at the port of
Buchanan, 24km from the Palm Bay estate, which remains on track for
commissioning in Q3 2018
Michael Frayne, Non-Executive Chairman of EPO, commented:
"The commissioning of the new palm oil mill at Palm Bay estate
in Q3 2018 will be a significant milestone for EPO. In addition to
the mill, the Group is also building a kernel crushing plant and a
bio-gas plant both of which will be a first for Liberia.
"EPO has been in Liberia for over a decade and the commencement
of production at our new mill later this year from our palms
planted from 2011 will mark a fantastic achievement for the
Company.
"The sustainable palm oil business is a long-term commitment to
the Government of Liberia and its people, and the Company maintains
its unwavering support for the agricultural industry in Liberia
through partnering with all stakeholders."
For further information, please contact:
Equatorial Palm Oil plc
Geoffrey Brown (Executive Director)
www.epoil.co.uk +44 (0) 20 7016 9885
Strand Hanson Limited (Nominated Adviser)
James Harris / James Bellman +44 (0) 20 7409 3494
Mirabaud Securities LLP (Broker)
Peter Krens +44 (0) 20 7484 3510
CHAIRMAN'S STATEMENT
The Company has been focussed on further progressing its oil
palm assets in Liberia, West Africa, and setting the foundations
for production from its large-scale development. EPO's oil palm
estates, are held through LPD, a joint venture company owned in
equal proportion by EPO and KLK.
In January 2018, the Liberian people elected Mr George Manneh
Weah as President of the Republic of Liberia. It was the country's
third peaceful election since the end of the civil war and gives
foreign investors great confidence to continue investing in a
country with so much potential.
In one of the President's first foreign visits to Paris in
February 2018 he stated that: "...large scale agriculture provides
food, security, alleviates poverty, provides employment,
contributes to GDP and strengthens trade balances."
Liberian Palm Developments Limited
Palm Oil Mill
The palm oil mill ("POM") is being constructed at the Palm Bay
estate in a modular fashion, with two lines of 30 metric tonnes per
hour mt/hr planned for construction. In anticipation of both lines
becoming operational, the ground preparation has already been
completed for the 60 mt/hr POM. The construction of the first 30
mt/hr module of the POM is progressing well and is now nearing
completion, with commissioning of this module on track for Q3 2018.
The first shipment of crude palm oil ("CPO") is expected to take
place in Q4 2018 following completion of the first module.
The state of the art POM will incorporate the latest
advancements in mill technology and will also include a kernel
crushing plant ("KCP") and a biogas plant, expected to be completed
in Q3 2018 in line with the first module of the POM - both of which
will be the first of their kind in Liberia.
The KCP will have a capacity of 10 mt/day once fully
operational, which will be sufficient to crush the kernel produced
from the initial 30mt/hr module of the POM, and the resulting
products will be palm kernel oil ("PKO") and palm kernel cake
("PKC"). PKO can be sold for industrial uses in oleochemical
applications and PKC is generally used as a high protein ingredient
for animal feedstock. Until such time as the Company has sufficient
quantities of PKC for export, it will be used as fuel for the
boiler in the POM.
The biogas plant is designed to capture methane emitted from the
POM effluent to generate electricity for use in the POM and
surrounding office and residential buildings. As a result, the POM
is considered to be a highly efficient mill, in that there will be
minimal amounts of waste and residue.
Several of our Liberian employees are being sent to existing
POMs in Malaysia run by KLK in order to receive training in
preparation for the commissioning of the POM.
Bulking Station and Export Facility
Palm Bay estate is located 24km from the port of Buchanan, where
EPO has leased approximately 4.5 acres of land for a bulking
station and an export facility in close proximity to the wharf from
which vessels will load EPO's oil palm produce for onward shipment
to its customers.
The necessary Liberian government approvals for the construction
of the bulking station have been obtained and the same contractor
that is building the POM has been selected to construct the bulking
station.
Post period end, the earthworks for the bulking station has
begun and thereafter construction planned for completion in line
with the commissioning of the POM in Q3 2018, will commence.
During the production ramp up phase, until produced quantities
of CPO increase, it is anticipated that the early volumes of CPO
will be shipped to customers using flexibags. Flexibags sit inside
shipping containers, each holding approximately 20 mt of CPO, and
will be shipped out of the main port in Monrovia on conventional
cargo ships.
Sales and Marketing
Notification has been received from the Ministry of Commerce and
Industry in Liberia that Libinc Oil Palm Inc (a wholly owned
subsidiary of LPD and concession holder at Palm Bay estate) has
received the Economic Community of West African States ("ECOWAS")
Commission approval for tariff free (import and export duties)
trade for its oil palm products amongst ECOWAS countries of which
Liberia is a member state. This approval is significant, as many of
the ECOWAS member states, including Ghana and Nigeria, are net
importers of crude palm oil.
Operational Update
Work has been ongoing at both Palm Bay and Butaw estates to tend
to the already 7,900 ha planted since 2011. Field upkeep continues
to keep the plantation in a good husbandry state.
Further land development awaits the conclusion of the requisite
assessments and consents, in line with EPO's desire to adhere to
the highest CSR standards, as part of the Roundtable on Sustainable
Palm Oil ("RSPO") guidelines and the key criteria of free, prior
and informed consent ("FPIC"). As a result, it is unlikely that any
further land development and/or planting will take place before the
end of the Company's financial year (30 September 2018).
The Company is committed to compliance with the assessments and
requirements as set out in our Sustainability Policy and the new
planting procedures of the RSPO, for which the relevant criteria
include: FPIC, High Conservation Value ("HCV") assessment, High
Carbon Stock Approach ("HCSA") assessment and Green House Gases
("GHG") reduction, amongst others.
Since January 2017, LPD has been making small sales of fresh
fruit bunches ("FFB") from its newly maturing oil palms at Palm Bay
estate to a local oil palm developer who has an existing mill and
also to local farmers in the area. The sales volumes are currently
relatively small, being less than 100 mt of FFB per day. As soon as
the POM is in operation, these sales of FFB will cease and LPD will
process all of its FFB at the new mill on Palm Bay estate.
In March 2018 we commenced selling FFB from Butaw estate to a
local oil palm developer. However, this is currently loss-making.
The area planted to oil palm at Butaw is only 1,418 ha, as we have
not been able to achieve our desired planting rate given the
challenges posed by revised studies and assessments now required
for any new oil palm plantings globally, which are ultimately
likely to limit the plantable area available. As a result, your
Board is undertaking a review of the Butaw estate operations
(including streamlining costs), and will consider discussions with
the Liberian government about other areas of land that may be more
suitable for oil palm development.
Corporate Social Responsibility ("CSR") and Sustainability
The Board expects that the publication of the 2017
Sustainability Report regarding the Group's estates will take place
within Q2 2018. This report will outline the Group's community work
in Liberia, illustrate its CSR projects and detail how the Group is
addressing outstanding issues related to community relations, land
citizenship, and ensuring human rights. The report has a special
section on the recent Human Rights Impact Assessment (a summary of
which can be found in the section below).
The report will also address:
-- EPO's commitment to the RSPO, including the key principle of
FPIC from communities as essential for land development;
-- The Company's role in helping make the certified sustainable
palm oil industry the basis of stable, long term economic
development in Liberia;
-- EPO and the World Bank Smallholder Tree Crop Revitalisation Project;
-- EPO's tax and royalty regime, employment and training policy;
-- Case studies addressing EPO-run schools and clinics, and
EPO's role in local career and capacity building; and
-- Data outlining all EPO's CSR initiatives for an illustrative
time period, following on from similar releases of data in the last
two sustainability reports.
Human Rights Impact Assessment
EPO is of the firm opinion that business can only flourish in
societies in which human rights are respected, upheld and advanced.
Companies have a responsibility to respect human rights as they
conduct their business. To meet its responsibility, EPO engaged in
a human rights due diligence exercise to better understand where
the Company's risks lie, so that it can better address them. To
this end, EPO worked with business and human rights expert Anna
Triponel to conduct a Human Rights Impact Assessment ("HRIA") as an
initial step in its work implementing the UN Guiding Principles on
Business and Human Rights (the "Guiding Principles").
EPO publicly released the Executive Summary of its HRIA report,
which can be found at:
http://www.epoil.co.uk/corporate-documents.aspx
Through this process, EPO identified the salient areas on which
it should focus as a priority. The areas of high priority include
contractor wages and employment status, accidents on the
plantations, the impact of use of land on communities, employee
housing conditions, the health and wellbeing of the Group's
executives, and exercising the right to freedom of association.
These are the impact areas that the Group is dedicating the most
resources to addressing and strengthening through a range of
actions.
EPO, through its senior management in Liberia and its employees,
is working to address the action points raised in the HRIA and to
strengthen engagement with the Group's potentially impacted
stakeholders. The Company is committed to the ongoing human rights
due diligence process and to striving to adhere to best practice in
respect of the Company's operations, which will continue and
develop through the life of the Group including updates on the
progress made in this important area.
RSPO
EPO, through its JV partner KLK, is a member of the RSPO and
adheres to all international best practice standards for estate
development.
EPO has consistently adopted best practices and procedures to
ensure that the CPO produced from our new plantings will meet with
international sustainability standards, thereby enabling our CPO to
be labelled "sustainable" palm oil.
Financial Review
The loss of the Group for the six months ended 31 March 2018 of
US$ 1,989,000 (31 March 2017: US$ 1,115,000) was in line with
expectations. Cash held by the Group as at 31 March 2018 was US$
261,000 (30 September 2017: US$ 182,000).
Summary and Outlook
H2 2018 will transform EPO as it becomes cash generative with
the commissioning of the new palm oil mill and will be a huge step
towards cementing the Company as one of the leading sustainable
palm oil producers in West Africa.
The will of the local communities in support of agricultural
development has been the key element in a partnership approach with
all stakeholders regarding land use on our estates and promoting
the FPIC principles as set out by the RSPO.
I would like to take this opportunity to thank our JV partner
and major shareholder KLK, board and management team and all
stakeholders for their continued support. We look forward to
updating shareholders as we begin the next significant phase of our
Company's progression in Liberia.
Michael Frayne
Chairman
14 May 2018
INDEPENT REVIEW REPORT TO EQUATORIAL PALM OIL PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 March 2018 which comprises Group statement of
comprehensive income, the Group statement of financial position,
the Group cash flow statement, the Group statement of changes in
equity and the related explanatory notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
March 2018 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on AIM.
BDO LLP
Chartered Accountants
United Kingdom
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 MARCH 2018
Period ended Period ended Year ended
31 March 31 March 2017 30 September
2018 2017
Note (unaudited) (unaudited) (audited)
$'000 $'000 $'000
Revenue 90 81 167
Administrative expenses (380) (328) (739)
Operating loss (290) (247) (572)
-------------- ---------------- ---------------
Interest income 268 256 519
Other income 25 22 46
Share of operating loss
of associate 3 (1,992) (1,146) (2,975)
Loss for the period before
and after taxation attributable
to owners of the parent (1,989) (1,115) (2,982)
-------------- ---------------- ---------------
Other comprehensive income
Exchange gains/(losses)
arising on translation
of foreign operations 12 (16) 6
-------------- ---------------- ---------------
Total comprehensive loss
for the period attributable
to owners of the parent (1,977) (1,131) (2,976)
-------------- ---------------- ---------------
Loss per share expressed
in cents per share
Basic 2 (0.6) cents (0.3) cents (0.8) cents
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
31 March 2018 30 September
2017
(unaudited) (audited)
Note
$'000 $'000
ASSETS
Non-current assets
Property, plant and equipment 2 2
Investment in associate 3 17,455 19,447
Receivables from associate 6,644 6,736
24,101 26,185
--------------- --------------
Current assets
Trade and other receivables 39 22
Cash & cash equivalents 261 182
--------------- --------------
300 204
LIABILITIES
Current liabilities
Trade and other payables 51 62
51 62
--------------- --------------
Net current assets 249 142
--------------- --------------
NET ASSETS 24,350 26,327
=============== ==============
SHAREHOLDERS' EQUITY
Share capital 4 5,598 5,598
Share premium 46,791 46,791
Foreign exchange reserve 534 522
Retained loss (28,573) (26,584)
Total equity 24,350 26,327
=============== ==============
EQUATORIAL PALM OIL PLC
GROUP CASH FLOW STATEMENT
FOR THE PERIODED 31 MARCH 2018
Period ended Period ended Year ended
31 March 2018 31 March 2017 30 September
2017
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Cash flows from operating
activities
Loss for the year before
and after taxation (1,989) (1,115) (2,982)
Depreciation - - 1
Decrease / increase in receivables (17) (16) 114
Decrease in payables (12) (23) (18)
Interest income (268) (256) (519)
Other income (25) (22) (46)
Share of operating loss
of associate 1,992 1,146 2,975
Net cash outflow from operating
activities (319) (286) (475)
---------------- ---------------- ---------------
Cash flows from investing
activities
Funds loaned from / (to)
associate 139 (91) (100)
Interest income received 222 216 256
Other income received 24 9 32
Net cash inflow from investing
activities 385 134 188
---------------- ---------------- ---------------
Cash flows from financing
activities
Net cash inflow from financing - - -
activities
---------------- ---------------- ---------------
Net increase/(decrease)
in cash and cash equivalents 66 (152) (287)
Cash and cash equivalents
at beginning of period 182 465 465
Exchange gains/(losses)
on cash and cash equivalents 13 (17) 4
Cash and cash equivalents
at end of period 261 296 182
---------------- ---------------- ---------------
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 MARCH 2018
Called Foreign
up share Share premium exchange Retained
capital reserve reserve earnings Total equity
$'000 $'000 $'000 $'000 $'000
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2016 5,598 46,791 516 (23,602) 29,303
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (1,115) (1,115)
Other comprehensive
loss for the period - - (16) - (16)
----------- --------------- ----------- ----------- ----------------
Total comprehensive
loss for the period - - (16) (1,115) (1,131)
As at 31 March 2017 5,598 46,791 500 (24,717) 28,172
----------- --------------- ----------- ----------- ----------------
Audited
As at 1 October
2016 5,598 46,791 516 (23,602) 29,303
----------- --------------- ----------- ----------- ----------------
Loss for the year - - - (2,982) (2,982)
Other comprehensive
income for the year - - 6 - 6
Total comprehensive
profit / (loss)
for the period - - 6 (2,982) (2,976)
----------- --------------- ----------- ----------- ----------------
As at 30 September
2017 5,598 46,791 522 (26,584) 26,327
----------- --------------- ----------- ----------- ----------------
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2017 5,598 46,791 522 (26,584) 26,327
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (1,989) (1,989)
Other comprehensive
income for the period - - 12 - 12
----------- --------------- ----------- ----------- ----------------
Total comprehensive
profit / (loss)
for the period - - 12 (1,989) (1,977)
----------- --------------- ----------- ----------- ----------------
As at 31 March 2018 5,598 46,791 534 (28,573) 24,350
----------- --------------- ----------- ----------- ----------------
EQUATORIAL PALM OIL PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 31 MARCH 2018
1. Basis of preparation
These consolidated financial statements have been prepared using
policies based on International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board ("IASB") as adopted for use in the EU. They do not
include all disclosures that would otherwise be required in a
complete set of financial statements but have been prepared in
accordance with policies expected to be applied in the 2018 Annual
Report and should be read in conjunction with the 2017 Annual
Report. The financial information for the half year ended 31 March
2018 does not constitute statutory accounts within the meaning of
Section 434(3) of the Companies Act 2006 and is unaudited.
The annual financial statements of Equatorial Palm Oil plc are
prepared in accordance with IFRSs as adopted by the European Union.
The comparative financial information for the year ended 30
September 2017 included within this report does not constitute the
full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2017 have been filed with the
Registrar of Companies. The Independent Auditors' Report on that
Annual Report and Financial Statement for 2017 was unqualified and
did not contain a statement under 498(2) or 498(3) of the Companies
Act 2006.
The same accounting policies, presentation and methods of
computation are followed in these condensed consolidated financial
statements as were applied in the Group's latest annual audited
financial statements. In addition, the IASB has issued a number of
IFRS and IFRIC amendments or interpretations since the last annual
report was published. It is not expected that any of these will
have a material impact on the Group.
The financial statements have been prepared on a going concern
basis. Based upon the Company's current cash balance and
expectation of cash receipts from interest income, the Directors
consider that the Company will have sufficient cash to fund the
Company's ongoing commitments for a period of at least a year after
the approval of these financial statements. Throughout this period
KLK have confirmed via a letter of support to LPD that KLK will
provide further funding as necessary in order for LPD to continue
its normal operations. This letter was received in October 2017.
Additionally, the Board do not consider there to be any reason to
believe this shareholder support would not continue.
2. Loss per share
The basic loss per share is derived by dividing the loss for the
Period attributable to ordinary shareholders by the weighted
average number of shares in issue.
As inclusion of the potential Ordinary shares would result in a
decrease in the loss per share they are considered to be
anti-dilutive, as such, a diluted earnings per share is not
included.
Period ended Period ended Year ended
31 March 2018 31 March 2017 30 September 2017
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Loss for the period (1,989) (1,115) (2,982)
Weighted average number of Ordinary
shares of 1p in issue 356.3 million 356.3 million 356.3 million
Loss per share - basic (0.6) cents (0.3) cents (0.8) cents
3. Investment in associate
The Company, through its investment in Equatorial Biofuels
(Guernsey) Limited, owns a 50% interest in Liberian Palm
Developments Limited ("LPD").
In 2014 a new Joint Venture Agreement ("JVA") was signed
pursuant to which cash and funding commitments of up to $35.5m were
made available to be provided to LPD. The Company and KLK each
subscribed for US$7.5m of new equity in LPD and KLK committed to
providing up to US$20.5m in further funding. Under the JVA, the
Company retained a 50% economic and voting interest in LPD. Also
under the JVA, KLK has the power to appoint the Chairman to the
Board of LPD and in the case of a tied vote the Chairman has the
casting vote. For this reason, the Company accounts for its
investment in LPD as an equity investment in which it has
significant influence.
In January 2015, LPD entered into a $20.5m loan agreement ("Loan
Agreement") with KLK Agro Plantations Pte Ltd ("KLK Agro"), a
wholly owned subsidiary of KLK, for operations and funding. The
term of the Loan Agreement is 5 years and the interest rate is
3-months USD LIBOR plus 5 per cent per annum.
In April 2016, the Group announced the commissioning of a 60
metric tonne per hour ("mt/hr") palm oil mill ("POM") of which the
stage 1 will be to install a 30mt/hr POM, anticipated to be
operational in 2018, which will cost approximately US$20m and is to
be funded by debt finance which our major shareholder and venture
partner KLK is arranging on commercial arm's length terms. The
balance of funding for the stage 2 second 30mt/hr line will be
sought closer to the time of commissioning on a similar debt funded
basis.
On 2 September 2016, the Company announced that LPD had entered
into a US$30m loan agreement with KLK Agro (the "2016 Loan
Agreement") to further the operations and funding for LPD. This
loan is in addition to the 2015 Loan Agreement. The term of the
2016 Loan Agreement expires in January 2020 and the interest rate
is 3-months USD LIBOR + 5 percent per annum and was fully drawn
down during the previous financial year and no interest has been
paid to date.
On 12 October 2017, the Company announced that LPD has entered
in a $30.0m loan agreement with KLK Agro (the "2017 Loan
Agreement") for the operations and funding for LPD. The term of the
2017 Loan Agreement is 5 years and the interest rate is 3-months
USD LIBOR + 5 percent per annum. As at 31 March 2018 $12.0m of the
$30.0m loan has been drawn down.
As at 31 March 2018 the Company had US$6,644,000 (31 March 2017:
US$6,508,000) in receivables due from the associate, on which
interest of US$268,000 accrued during the period (31 March 2017:
US$256,000).
The Company's interest in LPD is as follows:
$'000
(unaudited)
Interest in associate at 1 October 2016 22,422
Share of losses of associate (1,146)
Interest in associate at 31 March 2017 21,276
(audited)
Interest in associate at 1 October 2016 22,422
Share of losses of associate (2,975)
Interest in associate at 30 September
2017 19,447
(unaudited)
Interest in associate at 1 October 2017 19,447
Share of losses of associate (1,992)
Interest in associate at 31 March 2018 17,455
The balance sheet and results of Liberian Palm Developments
Limited for the period of six months to 31 March 2018 were as
follows:
31 March 31 March 30 September
2018 2017 2017
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Non-current assets 117,737 96,744 103,687
Current assets 7,515 10,097 10,758
Non-current liabilities (86,632) (62,239) (73,228)
Current liabilities (3,710) (2,051) (2,322)
TOTAL NET ASSETS 34,910 42,551 38,895
Income 292 124 291
Expenses (4,276) (2,416) (6,241)
Loss after tax (3,984) (2,292) (5,950)
4. Called up share capital
Period ended Period ended Period ended
31 March 31 March 30 September
2018 2017 2017
(unaudited) (unaudited) (audited)
Allotted, called up and fully paid $'000 $'000 $'000
-------------------------------------- -------------- -------------- ---------------
356,277,502 (30 September 2017 -
356,277,502) Ordinary shares of
1p each 5,598 5,598 5,598
-------------------------------------- -------------- -------------- ---------------
5. Availability of financial information
Copies of this interim financial information will be available
on the Company's website.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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