RNS Number:3735Q
Uranium Resources PLC
18 March 2008
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
18 March 2008
Uranium Resources plc ("Uranium Resources" or "the Company")
Interim Results
Uranium Resources plc, the AIM quoted uranium exploration and development
company operating in Southern Africa, announces its results for the six month
period ended 31 December 2007.
Overview
* Subsurface high grade uranium has now been identified over a strike
length of 4km in drilling at the Mtonya Project
* Ruvuma Project - first pass regional reconnaissance has yielded high
grade grab samples from two new uranium prospects, Foxy and Eland
* Exploration programme scheduled for 2008 to advance 13,500 sq km
Tanzanian uranium prospective landholding
* Minimum 10,000m of drilling commencing in May with programmes scheduled
for Grandfather, Foxy and Eland Prospects and the greater Mtonya trend
* Healthy cash position in excess of �1.8 million in the bank, which will
satisfy ongoing exploration commitments
Directors Report
The focus has primarily been on developing the Company's portfolio of uranium
licences in the uranium prospective Karoo Basin in Southern Tanzania, where it
currently has a land package in excess of 13,500 sq km. Uranium Resources has
identified three primary projects, Mtonya, Ruvuma and Ruhuhu. The Company is
pursuing an aggressive exploration programme with its joint venture and farm-in
partner, ASX listed Western Metals Limited ("WMT"), which has resulted in the
Mtonya project identifying subsurface uranium over a strike length of 4km with
the largest prospect, Grandfather, yet to be drilled.
Recent results, including the discovery of two new uranium prospects yielding
high grades from first pass reconnaissance, have enhanced the Company's belief
in the economic potential of the region.
Tanzanian Exploration
Regional helicopter reconnaissance has discovered two new uranium prospects at
the Ruvuma Project (URA 50:50 WMT):
* The sandstone hosted Foxy Prospect returned a grab sample assay result of
13,400ppm U3O8 (1.34%); and
* The leuco gneiss hosted Eland Prospect returned grab sample assay results
of 1,080ppm U3O8 (0.108%), 440ppm U3O8 (0.044%) and 141ppm U3O8 (0.014%).
These results represent a new style of uranium mineralisation in southern
Tanzania and were attained from a very limited reconnaissance, which covered
only a small area of a much larger anomaly. The Board believes that the
success of this brief reconnaissance warrants the re-evaluation of a number
of highly significant airborne anomalies that have previously been assigned
lower priorities due to being basement hosted.
Subsurface uranium has now been identified in drilling over a strike length of
4km at the Mtonya Project (URA 60:40 WMT). October reverse circulation drilling
delivered significant intercepts including:
* 4 metres at 737ppm U3O8 (0.074%) from 44 metres;
* 1 metre at 1140ppm U3O8 (0.114%) from 25 metres;
* 2 metres at 970ppm U3O8 (0.097%) from 20 metres; and
* 3 metres at 216ppm U3O8 (0.022%) from 61 metres.
Channel sampling results from trenches at the Company's (URA 60:40 WMT)
Grandfather Prospect confirm earlier high grade surface scintillometer readings
and anomalous surface grab samples (4.64% U3O8, 0.20% U3O8). Peak channel
sample assay results from trenching included:
* 1.2 metres at 7,723 ppm U3O8 (0.77%) including 0.4 metres at 2.13% U3O8;
* 1.2 metres at 4,773ppm U3O8 (0.477%); and
* 1.2 metres at 2,393 ppm U3O8 (1.239%).
Tanzanian Land Acquisition
In November 2007 the Company was awarded three Prospecting Licences ('PLs') at
the Mtonya Project by way of renewal of expiring Prospecting Licences with
reconnaissance period ('PLRs'). The new PLs give Uranium Resources the right to
explore for an additional three years and the option to extend them for a
further two periods of two years each.
Corporate
Previously, Uranium Resources stated that it was exploring a stock exchange
listing on the ASX. At this stage, the Company's current share capital
structure does not meet the listing requirements of ASX.
The 2008 Tanzanian Exploration Programme
During 2008 our aim is to advance existing projects and identify further licence
areas to expand our asset base. In line with this, we are preparing for the
Tanzanian field season (the dry season) which we anticipate will run from April
to October 2008. We hope to begin drilling in May 2008 with the aim of
completing a minimum of 10,000m. Exploration will include:
* Drilling at the Grandfather Prospect (Mtonya Project);
* Further drilling of selected targets on the Mtonya trend;
* Trenching of regional prospects, including Foxy and Eland;
* Drilling of regional prospects, including Foxy and Eland;
* Ground radiometric surveys of regional targets;
* Airborne radiometric surveys of regional targets; and
* Soil sampling.
It is expected that WMT will earn an additional 20% interest in the Farm-in
Areas including Mtonya during 2008 (see project ownership table below), by
spending A$2 million in advancing the Company's exploration ground. Once WMT has
earned its additional 20% interest, Uranium Resources will be required to
contribute 40% of the costs of exploration over the Farm-in Areas. Uranium
Resources will continue to contribute its equal share with WMT on the remaining
tenements, which include the latest Foxy and Eland discoveries, and represent by
land area the majority of ground. The Company has been advised by WMT that its
share of expenditure for 2008 will be approximately �650,000. The Company's
cash position remains healthy with in excess of �1.8 million in the bank, which
will satisfy its current exploration commitments.
Outlook
The past six months have seen many positive developments for Uranium Resources,
with a successful 2007 exploration programme returning positive results. With a
solid portfolio of projects and an established joint venture partner in the form
of WMT, I am confident that our success will continue and that the future growth
prospects of your Company are bright. I look forward to reporting further
progress on a regular basis throughout the rest of the year.
Finally, being at the exploration stage, we are not producing revenue and as
such I am reporting a pre-tax loss of �150,228 for the six months ended 31
December 2007.
Project Ownership Summary
JV Description JV Partners & Ownership Approx.
Gross
WMT URA Local Partner Land Area
(sqkm)
Farm-in Areas 40% 60% - 2,980*
42.5% JV Areas 42.5% 42.5% 15% 10,364
(Ruvumu)
45% JV Areas 45% 45% 10% 211
(Ruhuhu)
Rest of URA and WMT consider Tanzania to be an area of mutual interest so each of URA & WMT will Country
Tanzania offer the other an equal share in any future uranium opportunity in Tanzania. wide
Key:
* 2,492 sqkm is under application for renewal
+ By way of a farm-in agreement WMT has earned an initial 40% interest in the
farm-in areas by spending A$2million and has the right to earn an additional 20%
interest by spending a further A$2million.
Hugh Warner
Director
17 March 2008
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
Six months ended Six months ended Year ended
31 December 2007 31 December 2006 30 June 2007
(Unaudited) (Unaudited) (Unaudited)
� � �
Note
Administrative expenses (205,080) (169,618) (484,192)
Share-based payments charge - (234,000) (1,149,879)
Group operating loss (205,080) (403,618) (1,634,071)
Interest receivable 54,852 11,680 43,840
Loss before taxation (150,228) (391,938) (1,590,231)
Taxation - - -
Loss for the period (150,228) (391,938) (1,590,231)
Loss per share (pence)
Basic 4 (0.05p) (0.19p) (0.64p)
Diluted 4 (0.05p) (0.19p) (0.64p)
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
Share Share Own Share based Retained Total
capital premium shares payments losses equity
reserve reserve
� � � � � �
Six months ended
31 December 2007
At 1 July 2007 291,000 3,094,360 - 1,149,879 (1,976,366) 2,558,873
Loss for the period - - - - (150,228) (150,228)
At 31 December 2007 291,000 3,094,360 - 1,149,879 (2,126,594) 2,408,645
Six months ended
31 December 2006
At 1 July 2006 211,000 1,174,360 - - (386,135) 999,225
Applications for shares - - 50,245 - - 50,245
Share-based payments cost - - - 234,000 - 234,000
Loss for the period - - - - (391,938) (391,938)
At 31 December 2006 211,000 1,174,360 50,245 234,000 (778,073) 891,532
Year ended 30 June 2007
At 1 July 2006 211,000 1,174,360 - - (386,135) 999,225
Issue of shares 80,000 1,920,000 - - - 2,000,000
Share-based payments cost - - - 1,149,879 - 1,149,879
Loss for the year - - - - (1,590,231) (1,590,231)
At 30 June 2007 291,000 3,094,360 - 1,149,879 (1,976,366) 2,558,873
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2007
31 December 2007 31 December 2006 30 June 2007
(Unaudited) (Unaudited) (Unaudited)
Note � � �
Assets
Non-current assets
Intangible assets 5 518,711 445,295 509,671
Current assets
Receivables 3,366 15,802 3,366
Cash and cash equivalents 1,939,257 484,448 2,071,367
1,942,623 500,250 2,074,733
Total Assets 2,461,334 945,545 2,584,404
Liabilities
Current liabilities
Payables (52,689) (54,013) (25,531)
Total Liabilities (52,689) (54,013) (25,531)
Net Assets 2,408,645 891,532 2,558,873
Equity
Called up share capital 291,000 211,000 291,000
Share premium account 3,094,360 1,174,360 3,094,360
Own shares reserve - 50,245 -
Share-based payments reserve 1,149,879 234,000 1,149,879
Retained losses (2,126,594) (778,073) (1,976,366)
Total Equity 2,408,645 891,532 2,558,873
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
Six months ended Six months ended Year ended
31 December 2007 31 December 2006 30 June 2007
(Unaudited) (Unaudited) (Unaudited)
� � �
Net cash outflow from operating
activities (177,922) (179,284) (472,334)
Investing activities
Interest received 54,852 11,680 43,840
Funds used for exploration (9,040) (16,547) (118,493)
Net cash from/(used in)
investing activities 45,812 (4,867) (74,653)
Financing activities
Proceeds from issue of shares - 50,245 2,000,000
Net cash from financing - 50,245 2,000,000
(Decrease)/increase in cash and (132,110) (133,906) 1,453,013
cash equivalents
Cash and cash equivalents at
beginning of the period 2,071,367 618,354 618,354
Cash and cash equivalents at
the end of the period 1,939,257 484,448 2,071,367
NOTES TO THE UNAUDITED FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
1. Introduction
In the year ended 30 June 2007, Uranium Resources plc ("the Company") and its
subsidiaries (together "Uranium") prepared its consolidated financial statements
under UK generally accepted accounting principles ("UK GAAP"). With effect from
1 July 2007, the Company is required by the AIM Rules to prepare its
consolidated financial statements in accordance with International Financial
Reporting Standards ("IFRS"). Uranium will therefore prepare both its
consolidated financial statements and its parent company financial statements
for the year ending 30 June 2008 in compliance with IFRS. Uranium will present
one year of comparative IFRS information for the year ended 30 June 2007, and
consequently the date of transition is 1 July 2006 ("transition date"), being
the first day of the comparative period. The first published results to be
prepared on an IFRS basis are these results for the six months ended 31 December
2007, which include comparative IFRS financial statements for the six months
ended 31 December 2006.
The comparative figures for the year ended 30 June 2007 prepared under IFRS are
not Uranium's statutory accounts for that financial year. Those accounts, which
were prepared under UK GAAP, have been reported on by Uranium's auditors and
delivered to the Registrar of Companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 237(2) or (3) of the Companies
Act 1985. The financial information for the six months ended 31 December 2007
and 31 December 2006 is unaudited and does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985.
Information required by AIM Rule 26 is available in the investor relations
section of Uranium's website at www.uraniumresources.co.uk.
The Company is listed on AIM, the Alternative Investment Market of the London
Stock Exchange.
This Interim Report, including Uranium's consolidated financial information, was
authorised for issue by the board of directors on 17 March 2008.
2 Summary of significant accounting policies
The principal accounting policies applied in the preparation of the consolidated
financial information, in accordance with IFRS, are set out below. These
policies have been consistently applied to all the periods presented.
2.1 Basis of preparation
This interim consolidated financial information of the Company and its
subsidiaries is for the six months ended 31 December 2007. This has been
prepared in accordance with IAS 34 'Interim Financial Reporting', and is covered
by IFRS 1 'First-time adoption of IFRS', because it is part of the period
covered by Uranium's first IFRS financial statements for the year ending 30 June
2008. This interim financial information has been prepared in accordance with
those IFRS standards effective as at the time of preparing this Interim Report.
The IFRS standards that will be applicable at 30 June 2008 including those that
will be applicable on an optional basis, are not known with certainty at the
time of preparing this Interim Report.
UK GAAP differs in some areas from IFRS. In preparing this consolidated interim
financial information, the directors have amended certain accounting, valuation
and consolidation methods applied in the UK GAAP financial statements to comply
with IFRS. The comparative figures have been restated to reflect these
adjustments.
Reconciliations and descriptions of the effect of the transition from UK GAAP to
IFRS on Uranium's equity, net assets, net income and cashflows are provided in
note 10.
The consolidated financial information has been prepared under the historical
cost convention, on a going concern basis and in accordance with International
Financial Reporting Standards, as adopted by the European Union, including IFRS6
'Exploration for and Evaluation of Mineral Resources' and in accordance with the
Companies Act 1985.
2.2 Basis of consolidation
The consolidated financial statements incorporate the accounts of the Company
and its subsidiaries and have been prepared by using the principles of
acquisition accounting ("the purchase method") which includes the results of the
subsidiaries from their date of acquisition. Intra-group sales, profits and
balances are eliminated fully on consolidation.
2.3 Exploration and Evaluation Expenditure
All licence acquisitions and exploration and evaluation costs incurred or
acquired on the acquisition of subsidiary undertaking are accumulated in respect
of each identifiable project area. These costs, which are classified as
intangible fixed assets are only carried forward to the extent that they are
expected to be recouped through the successful development of the areas or where
activities in the areas have not yet reached a stage which permits reasonable
assessment of the existence of economically recoverable reserves (successful
efforts). Pre-licence costs are written off immediately. Other costs are also
written off unless commercial reserves have been established or the
determination process has not been completed. Accumulated costs in relation to
an abandoned area are written off in full against profit in the year in which
the decision to abandon the area is made.
When production commences the accumulated costs for the relevant area of
interest are transferred from intangible assets to tangible assets as "Developed
Uranium Assets" and amortised over the estimated life of the commercial reserves
on a unit of production basis.
2.4 Impairment of Exploration and Evaluation Expenditure
The carrying value of unevaluated areas is assessed on at least an annual basis
or when there has been an indication that impairment in value may have occurred.
The impairment of unevaluated prospects is assessed as based on the Directors'
intention with regard to future exploration and development of individual
significant areas and the ability to obtain funds to finance such exploration
and development.
2.5 Impairment of Developed Uranium Assets
When events or changes in circumstances indicate that the carrying amount of
developed uranium assets included within tangible assets may not be recoverable
from future net revenues from uranium reserves attributable to that asset, a
comparison between the net book value of the asset and the discounted future
cash flows from the estimated recoverable uranium reserves is undertaken. To the
extent that the carrying amount exceeds the recoverable amount, the asset is
written down to its recoverable amount, with the write off charged to the profit
and loss account.
2.6 Amortisation of Developed Uranium Assets
Developed uranium assets are amortised on a unit of production basis using the
ratio of uranium production in the period to the estimated quantity of
commercial reserves at the end of the period plus production in the period.
Changes in estimates of commercial reserves or future development costs are
dealt with prospectively.
2.7 Decommissioning costs
Where a material liability for the removal of production facilities and site
restoration at the end of the field life exists, a provision for decommissioning
is recognised. The amount recognised is the present value of estimated future
expenditure determined in accordance with local conditions and requirements. An
asset of an amount equivalent to the provision is also created and depreciated
on a unit of production basis. Changes in estimates are recognised
prospectively, with corresponding adjustments to the provision and the
associated asset.
2.8 Share based payments
The Company made share-based payments to certain directors and employees by way
of share options. The fair value of these payments is calculated by the Company
using the Black Scholes option pricing model. The expense is recognised on a
straight line basis over the period from the date of award to the date of
vesting, based on the Company's best estimate of shares that will eventually
vest.
2.9 Foreign currency translation
(i) Functional and presentational currency
Items included in the Group's financial statements are measured using the
currency of the primary economic environment in which the Group operates ("the
functional currency"). The financial statements are presented in Pounds
Sterling ("�"), which is the group's functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.
Transactions in the accounts of individual Group companies are recorded at the
rate of exchange ruling on the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are translated at the rates ruling
at the balance sheet date. All differences are taken to the income statement.
(iii) Group companies
On consolidation, exchange differences arising from the translation of the net
investment in foreign operations are taken to shareholders' equity as a movement
of reserves.
2.10 Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at cost and comprise
cash in hand, cash at bank, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less. Bank
overdrafts are included within borrowings in current liabilities on the balance
sheet. For the purposes of the cash flow statement, cash and cash equivalents
also include the bank overdrafts.
2.11 Critical accounting judgements and estimates
The preparation of financial statements in conformity with International
Financial Reporting Standards requires the use of accounting estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Although these estimates are based on management's
best knowledge of current events and actions, actual results ultimately may
differ from those estimates. IFRS also require management to exercise its
judgement in the process of applying the Group's accounting policies.
The prime area involving a higher degree of judgement or complexity, where
assumptions and estimates are significant to the financial statements, is as
follows:
Impairment of intangible assets
Determining whether intangible assets are impaired requires an estimation of
whether there are any indications that its carrying value is not recoverable.
3 Segmental reporting
For the purposes of segmental information, the operations of the Group are
focused on Africa and comprise one class of business: the exploration and
evaluation for uranium.
The Company acts as a holding Company.
The Group's operating loss arose from its operations in Africa. In addition, all
the Group's assets (except for current assets which are based in Europe) are
based in Africa.
4. Loss per share
The basic loss per share has been considered using the loss attributable to
equity shareholders for the financial period of �150,228 (December 2006:
�391,938; 30 June 2007: �1,590,231) and the weighted average number of ordinary
shares in issue of 291,000,000 (31 December 2006: 211,000,000; 30 June 2007:
247,848,219).
The diluted loss per share has been considered using a weighted average number
of shares in issue and to be issued of 317,125,761 (30 June 2007: 260,552,740,
31 December 2006: 211,000,000). The diluted loss per share has been kept the
same as the basic loss per share as the conversion of share options decreases
the basic loss per share, thus being anti-dilutive.
5. Intangible assets
The Group's intangible asset consists entirely of exploration and evaluation
expenditure capitalised. The exploration and evaluation ("E&E") asset represents
costs incurred in relation to the Group's Tanzanian licences. These amounts have
not been written off to the income statement as exploration expenses, as
commercial reserves have not yet been established or the determination process
have not been completed, and there are no indicators of impairment. The outcome
of ongoing exploration and evaluation, and therefore whether the carrying value
of E&E assets will ultimately be recovered, is inherently uncertain. The
Directors have assessed the value of the uranium exploration and evaluation
expenditure carried as intangible assets and in their opinion no provision for
impairment is currently necessary.
6. Subsidiary undertakings
Name of company Proportion held Principal activity
Deep Yellow Tanzania Limited 100% Uranium exploration
URA (St Henri) Limited 100% Applied for exploration licences
7. Decommissioning expenditure
The Directors have considered the need for any necessary provision for the cost
of rectifying any environmental damage, as might be required under local
legislation and the Group's licence obligations. In their view, no provision is
necessary at 31 December 2007, for any future costs of decommissioning or any
environmental damage.
8. Exploration expenditure commitments
In order to maintain an interest in the uranium permits in which the Group is
involved, the Group is committed to meet the conditions under which the permits
were granted. The timing and amount of exploration expenditure commitments and
obligations of the Group are subject to the work programme required as per the
permit commitments and may vary significantly from the forecast based upon the
results of the work performed. Exploration results in any of the projects may
also result in variation of the forecast programmes and resultant expenditure.
Such activity may lead to accelerated or decreased expenditure. It is the
Group's policy to seek joint operating partners at an early stage so as to
reduce its commitments.
31 December 2007
�
The Group's exploration commitments are:
Within one year 662,681
Between one and two years 883,291
1,545,972
9. Material events subsequent to the end of the interim period
There has been no matter or circumstance that has arisen, since the 31 December
2007 and up to the date of this report, that has significantly affected, or may
significantly affect:
a) the Group's operations in future financial years, or
b) the results of those operations in future financial years, or
c) the Group's state of affairs in future financial years.
10. Transition from UK GAAP to IFRS
Uranium's first published results, which have been prepared on an IFRS basis,
are these results for the six months ended 31 December 2007, which include
comparative IFRS financial information for the six months ended 31 December
2006 and the year ended 30 June 2007.
Set out below are extracts from Uranium's consolidated financial statements for
the year ended 30 June 2007 and the consolidated financial information for the
six months ended 31 December 2006 restated in accordance with IFRS including the
income statements and balance sheets showing in each case the equivalent
statement under UK GAAP and reconciliations between UK GAAP and IFRS. These
statements constitute preliminary comparative IFRS financial information in the
context of the financial information for the six months ended 31 December 2007.
This note also includes Uranium's balance sheet under IFRS at the transition
date (1 July 2006), together with a reconciliation to the originally published
UK GAAP balance sheet at that date. Cash flow statements have not been prepared
as there are no adjustments.
There are no changes to the parent company's financial information resulting
from the transition from UK GAAP to IFRS at the transition date of 1 July 2006
and for the six months ended 31 December 2006 and the year ended 30 June 2007,
therefore, no financial information is shown below for the company.
The changes on the transition to IFRS arise from the following principal
factors:
(i) Presentation of financial information
Presentation has been changed to be in compliance with IAS 1 "Presentation of
Financial Statements" and terminology has also been changed to reflect headings
used in IFRS.
The cash flow statements are presented in accordance with IAS 7 "Cash Flow
Statements". Cash flows have been grouped under three main headings, cash flows
from operating, investing and financing activities; these headings differ from
those presented under UK GAAP.
(ii) IFRS 3 "Business Combinations"
Under IFRS, goodwill arising on acquisition is capitalised and subject to an
annual impairment review. Under UK GAAP, goodwill was amortised over its
estimated useful life. Consequently under IFRS, this amortisation charge has
been reversed from the consolidated income statement and added back to the net
book value of goodwill.
IFRS 1 "First-time Adoption of International Financial Reporting Standards"
permits companies adopting IFRS for the first time to take certain exemptions
from the full requirements of IFRS in the transition period. The interim
financial information has been prepared on the basis of the following material
exemptions:
Net book value as deemed cost
IFRS 1 does not require a company to recreate cost information for property,
plant and equipment and goodwill. The group's net book value of goodwill at 1
July 2006 is the deemed cost under IFRS going forward.
Accounting estimates
IFRS 1 prohibits the use of hindsight to correct estimates made under previous
UK GAAP unless there is objective evidence of error. The group used the same
estimates made under UK GAAP for the opening IFRS balance sheet at 1 July 2006.
Statement of directors' responsibilities
The directors consider, in preparing the preliminary comparative IFRS financial
information, that the company and the group have used appropriate accounting
policies, consistently applied and supported by reasonable and supportable
judgements and estimates; and these accounting principles include the
assumptions the directors have made about the standards and interpretations
expected to be effective, and the policies expected to be adopted, when they
prepare the first complete set of IFRS financial statements for the year ending
30 June 2008. All accounting standards which the directors consider to be
applicable have therefore been followed including the preparation of the
preliminary comparative IFRS financial information.
Balance sheet at 1 July 2006 (date of transition)
UK GAAP Effect of IFRS
transition to IFRS
� � �
Assets
Non-current assets
Intangible assets 363,470 27,708 391,178
Current assets
Trade and other receivables 2,182 - 2,182
Cash and cash equivalents 618,354 - 618,354
620,536 - 620,536
Total assets 984,006 27,708 1,011,714
Liabilities
Current liabilities
Trade and other payables (12,489) - (12,489)
Total liabilities (12,489) - (12,499)
Net assets 971,517 27,708 999,225
Equity
Share capital 211,000 - 211,000
Share premium account 1,174,360 - 1,174,360
Retained losses (413,843) 27,708 (386,135)
Total equity and reserves 971,517 27,708 999,225
The above adjustment relates to the reversal of amortisation of goodwill.
Balance sheet at 31 December 2006 (comparative interim date)
UK GAAP Effect of IFRS
transition to IFRS
� � �
Assets
Non-current assets
Intangible assets 400,087 45,208 445,295
Current assets
Trade and other receivables 15,502 - 15,502
Cash and cash equivalents 484,448 - 484,448
500,250 - 500,250
Total assets 900,337 45,208 945,545
Liabilities
Current liabilities
Trade and other payables (54,013) - (54,013)
Non-current liabilities
Provisions for liabilities and charges (24,000) - (24,000)
Total liabilities (78,013) - (78,013)
Net assets 822,324 45,208 867,532
Equity
Share capital 211,000 - 211,000
Share premium account 1,174,360 - 1,174,360
Own shares reserve 50,245 - 50,245
Share based payments reserve 234,000 - 234,000
Retained losses (847,281) 45,208 (802,073)
Total equity and reserves 822,324 45,208 867,532
The above adjustment relates to the reversal of the amortisation of goodwill.
Balance sheet at 30 June 2007 (comparative year end date)
UK GAAP Effect of IFRS
transition to IFRS
� � �
Assets
Non-current assets
Intangible assets 509,671 - 509,671
Current assets
Trade and other receivables 3,366 - 3,366
Cash and cash equivalents 2,071,367 - 2,071,367
2,074,733 - 2,074,733
Total assets 2,584,404 - 2,584,404
Liabilities
Current liabilities
Trade and other payables (25,531) - (25,531)
Total liabilities (25,531) - (25,531)
Net assets 2,558,873 - 2,558,873
Equity
Share capital 291,000 - 291,000
Share premium account 3,094,360 - 3,094,360
Share-based payments reserve 1,149,879 - 1,149,879
Retained losses (1,976,366) - (1,976,366)
Total equity and reserves 2,558,873 - 2,558,873
Income statement for the six months ended 31 December 2006 (comparative interim
period)
UK GAAP Effect of IFRS
transition to IFRS
� � �
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (169,618) - (169,618)
Amortisation of goodwill (17,500) 17,500 -
Share-based payments charge (258,000) - (258,000)
Operating loss (445,118) 17,500 (427,618)
Interest receivable 11,680 - 11,680
Loss before tax (435,438) 17,500 (415,938)
Tax - - -
Loss for the period (433,438) 17,500 (415,938)
Income statement for the year ended 30 June 2007 (comparative annual period)
UK GAAP Effect of IFRS
transition to IFRS
� � �
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (456,484) (27,708) (484,192)
Share-based payments charge (1,149,879) - (1,149,879)
Operating loss (1,606,363) (27,708) (1,634,071)
Interest receivable 43,840 - 43,840
Loss before tax (1,562,523) - (1,590,231)
Tax - - -
Loss for the period (1,562,523) (27,708) (1,590,231)
11. Further copies of the interim report
Further copies of this interim report are available at the Uranium Resources plc
registered office at One America Square, Crosswall, London EC3N 2SG.
**ENDS**
For further information please visit www.uraniumresources.co.uk or contact:
James Pratt Uranium Resources plc Tel: 07747 832 043
Ross Warner Uranium Resources plc Tel: 07760 487 769
Hugh Warner Uranium Resources plc Tel: +33 677 797 372
Hugh Oram Nabarro Wells & Co Ltd Tel: 020 7710 7400
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKFKBNBKDDND
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