REG - Condor Gold PLC - Half-year Report <Origin Href="QuoteRef">CNDR.L</Origin> - Part 2
26/09/2016 07:06
- Part 2: For the preceding part double click ID:nRSZ7546Ka
composites have been capped where appropriate. The Concession is
wholly owned by and exploration is operated by Condor Resources plc.
CONDOR GOLD PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2016
Six months to 30.06.16unaudited£ Six months to 30.06.15unaudited£
Revenue - -
Net loss arising on foreign translations (794,039) (1,095,582)
Administrative expenses (376,260) (362,803)
Operating loss (1,170,299) (1,458,385)
Finance income 1,361 3,513
Net gain on financial assets at fair value through profit and loss account - -
Loss before income tax (1,168,938 (1,454,872)
Income tax expense - -
Loss for the period (1,168,938) (1,454,872)
Other comprehensive income/(loss):
Currency translation differences 2,021,250 90,509
Other comprehensive income/(loss) for the period 2,021,250 90,509
Total comprehensive income/(loss) for the period 852,312 (1,364,363)
Income/(loss) attributable to:
Non-controlling interest (386) (30)
Owners of the parent (1,168,552) (1,454,842)
(1,168,938) (1,454,872)
Total comprehensive income/(loss) attributable to:
Non-controlling interest (7,859) 699
Owners of the parent 860,171 (1,365,062)
852,312 (1,364,363)
Loss per share expressed in pence per share:
Basic and diluted (in pence) Note 5 (2.46) (3.62)
CONDOR GOLD PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
30.06.16unaudited£ 31.12.15 £ 30.06.15unaudited£
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment 314,659 318,513 339,212
Intangible assets 20,338,233 18,374,085 17,326,980
20,652,892 18,692,598 17,666,192
CURRENT ASSETS
Trade and other receivables 1,040,246 945,327 1,214,423
Financial assets at fair value through profit and loss - - -
Cash and cash equivalents 2,272,992 1,105,457 2,410,675
3,313,238 2,050,784 3,625,098
TOTAL ASSETS 23,966,130 20,743,382 21,291,290
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables 112,420 559,984 569,557
NON-CURRENT LIABILITIES
Other payables - - -
TOTAL LIABILITIES 112,420 559,984 569,557
NET CURRENT ASSETS 3,200,818 1,490,800 3,055,541
NET ASSETS 23,853,710 20,183,398 20,721,733
SHAREHOLDERS' EQUITY
Called up share capital 10,570,463 9,161,463 9,161,463
Share premium 28,851,728 27,442,728 27,442,728
Legal reserves 71 71 71
Exchange difference reserve 3,571,121 1,549,871 800,985
Share options reserve 3,556,198 3,556,198 3,236,680
Retained earnings (22,695,871) (21,526,933) (19,920,194)
23,853,710 20,183,398 20,721,733
TOTAL EQUITY ATTRIBUTABLE TO:
Non-controlling interest (85,258) (77,012) (72,518)
Owners of the parent 23,938,968 20,260,410 20,794,251
23,853,710 20,183,398 20,721,733
CONDOR GOLD PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2016
Share Capital Share premium Legal reserve Exchange difference reserve Share option reserve Retained earnings Total Non Controlling Interest Total Equity
£ £ £ £ £ £ £ £ £
At 31 December 2014 9,161,463 27,442,728 71 706,506 3,236,680 (18,388,165) 22,159,283 (73,187) 22,086,096
Comprehensive income:
Loss for the year - - - - - (3,061,486) (3,061,486) (125) (3,061,611)
Other comprehensive income:
Currency translation differences - - - 843,095 - - 843,095 (3,700) 839,395
Total comprehensive income 9,161,463 27,442,728 71 1,549,601 3,236,680 (21,449,651) 19,940,892 (77,012) 19,863,880
New shares issued - - - - - - - - -
Share based payment - - - - 319,518 - 319,518 - 319,518
At 31 December 2015 9,161,463 27,442,728 71 1,549,601 3,556,198 (21,449,651) 20,260,410 (77,012) 20,183,398
Comprehensive income:
Loss for the year - - - - - (1,168,552) (1,168,552) (386) (1,168,938)
Other comprehensive income:
Currency translation differences - - - 2,029,109 - - 2,029,109 (7,859) 2,021,250
New shares issued 1,409,000 1,409,000 - - - - 2,818,000 - 2,818,000
Share based payment - - - - - - - - -
At 30 June 2016 10,570,463 28,851,728 71 3,578,710 3,556,198 (22,618,203) 23,938,967 (85,257) 23,853,710
CONDOR GOLD PLC
CONSOLIDATED CASH FLOW STATEMENT
AS AT 30 JUNE 2016
Six monthsto 30.06.16unaudited£ Six months to 30.06.15unaudited£
Cash flows from operating activities
Loss before tax (1,168,938) (1,454,872)
Depreciation charges 36,530 1,035
Profit/(loss) on sale of tangible fixed assets - -
Impairment charge of intangible fixed assets 18,045 17,017
Finance income (1,361) (3,513)
(1,115,724) (1,440,333)
(Increase)/decrease in trade and other receivables (94,919) (247,007)
Increase/(decrease) in trade and other payables (447,564) (1,560)
Income tax paid - -
Net cash absorbed in operating activities (1,658,207) (1,688,900)
Cash flows from investing activities
Purchase of intangible fixed assets (869,111) (1,112,030)
Purchase of tangible fixed assets (12,528) (27,720)
Interest received 1,361 3,513
Net cash absorbed in investing activities (880,278) (1,136,237)
Cash flows from financing activities
Issue of shares 2,818,000 -
Net cash absorbed in financing activities 2,818,000 -
(Decrease)/increase in cash and cash equivalents 279,515 (2,825,137)
Cash and cash equivalents at beginning of period 1,105,457 4,761,128
Exchange losses on cash and bank 888,020 474,684
Cash and cash equivalents at end of period 2,272,992 2,410,675
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2016
1. COMPLIANCE WITH ACCOUNTING STANDARDS
Basis of preparation
This financial information has been prepared in accordance with IAS 34
"Interim financial reporting" as adopted by the European Union. The standards
have been applied consistently. The statutory accounts for the year ended 31
December 2014, which have been filed with the Registrar of Companies, were
prepared under IFRS and IFRIC interpretations as adopted by the European Union
and with those parts of the Companies Act 2006 applicable to companies
preparing their account under IFRS. The auditors reported on those accounts;
their Audit Report was unqualified and did not contain a statement under
either Section 237(2) or Section 237(3) of the Companies Act 2006.
The Interim Report is unaudited and does not constitute statutory financial
statements as defined in section 434 of the Companies Act 2006.
The Interim Report for the six months ended 30 June 2016 was approved by the
Directors on 23rd September 2016.
The directors consider the going concern basis to be appropriate based on cash
flow forecasts and projections and current levels of commitments, cash and
cash equivalents.
The comparative period presented is that of the six months ended 30 June 2015.
The directors are of the opinion that due to the nature of the group's
activities and the events during that period these are the most appropriate
comparatives for the current period.
Copies of the Interim Report are available from the Company's website
www.condorgold.com
2. ACCOUNTING POLICIES
The interim financial information for the six months ended 30 June 2016 has
been prepared on the basis of the accounting policies set out in the most
recently published financial statements for the Group for the year ended 31
December 2015, which are available on the Company's website www.condorgold.com
as the company does not anticipate the addition of new standards to the
Group's results for the year ended 31 December 2016.
3. REVENUE AND SEGMENTAL REPORTING
The Group has not generated any revenue during the period.
The Group's operations are located in England, El Salvador and Nicaragua.
The following is an analysis of the carrying amount of segment assets, and
additions to plant and equipment, analysed by geographical area in which the
assets are located.
The Group's results by reportable segment for the period ended 30 June 2016
are as follows:
UK2016£ El Salvador2016£ Nicaragua2016£ Consolidation2016£
RESULTS
Operating (loss) (302,147) (3,877) (776,414) (1,170,299)
Interest income 1,347 14 - 1,361
Income tax expense - - - -
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2016
3. REVENUE AND SEGMENTAL REPORTING - continued
Assets
All transactions between each reportable segment are accounted for using the
same accounting policies as the Group uses.
UK2016£ El Salvador2016£ Nicaragua2016£ Consolidation2016£
ASSETS
Total assets 2,300,306 4,635,313 17,116,524 23,966,130
UK2016£ El Salvador2016£ Nicaragua2016£ Consolidation2016£
LIABILITIES
Total liabilities (21,720) (905) (89,795) (112,420)
The Group's results by reportable segment for the period ended 30 June 2015
are as follows:
UK2015£ El Salvador2015£ Nicaragua2015£ Consolidation2015£
RESULTS
Operating (loss) (1,167,673) (337) (290,375) (1,458,385)
Interest income 3,480 33 - 3,513
Income tax expense - - - -
Assets
All transactions between each reportable segment are accounted for using the
same accounting policies as the Group uses.
UK2015£ El Salvador2015£ Nicaragua2015£ Consolidation2015£
ASSETS
Total assets 2,733,640 4,724,391 13,833,259 21,291,290
UK2015£ El Salvador2015£ Nicaragua2015£ Consolidation2015£
LIABILITIES
Total liabilities (417,064) - (152,493) (569,557)
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2016
4. TAXATION
There is no current tax charge for the period. The accounts do not include a
deferred tax asset in respect of carry forward unused tax losses as the
Directors are unable to assess that there will be probable future taxable
profits available against which the unused tax losses can be utilised.
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
A reconciliation is set out below:
Six months to 30.06.16 Six months to 30.06.15
Basic EPS
Loss for the period (1,168,938) (1,454,872)
Weighted average number of shares 47,493,565 40,183,746
Loss per share (in pence) (2.46) (3.62)
In accordance with IAS 33, as the Group has reported a loss for the period, diluted earnings per share are not included.
6. CALLED-UP SHARE CAPITAL
30.06.16£ 30.06.15£
Allotted and fully paid
Ordinary shares 52,852,316 of 20p each (30.06.15: 45,807,316 of 20p each) 10,570,463 9,161,463
7. RELATED PARTY TRANSACTIONS
During the half year the company received consultancy advice from the following related parties:
30.06.16 30.06.15
Company Related party Payments £ Outstandingbalance£ Payments £ Outstandingbalance£
Axial Associates Limited Mark Child 21,665 - 25,000 -
Burnbrae Limited Jim Mellon 8,167 - 12,500 -
Peter Flindell 18,238 - 39,987 -
8. SEASONALITY OF THE GROUP'S BUSINESS OPERATIONS
There are no seasonal factors which affect the trade of any company in the group.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Condor Gold
See all newsREG - Condor Gold PLC - Total Voting Rights
AnnouncementREG - AIM - AIM Notice - 15/12/2023
AnnouncementREG - Condor Gold PLC - Increase Fund Raise: £1,851,999 Issue of Equity
AnnouncementREG - Condor Gold PLC - Condor Gold Provides Update on the Sale of Assets
AnnouncementREG - Condor Gold PLC - Exercise of Options
Announcement