REG - Condor Gold PLC - Interim Results <Origin Href="QuoteRef">CNDR.L</Origin> - Part 2
09/09/2015 07:00
- Part 2: For the preceding part double click ID:nRSI4604Ya
NON-CURRENT LIABILITIES
Other payables - - -
TOTAL LIABILITIES 569,557 571,117 700,113
NET CURRENT ASSETS 3,055,541 5,157,427 901,275
NET ASSETS 20,721,733 22,086,096 15,664,316
SHAREHOLDERS' EQUITY
Called up share capital 9,161,463 9,161,463 7,664,792
Share premium 27,442,728 27,442,728 22,228,265
Legal reserves 71 71 71
Exchange difference reserve 800,985 710,476 (8,828)
Share options reserve 3,236,680 3,236,680 2,551,670
Retained earnings (19,920,194) (18,465,322) (16,771,654)
20,721,733 22,086,096 15,664,316
TOTAL EQUITY ATTRIBUTABLE TO:
Non-controlling interest (72,518) (73,187) (66,701)
Owners of the parent 20,794,251 22,159,283 15,731,017
20,721,733 22,086,096 15,664,316
CONDOR GOLD PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2015
Share Capital Share premium Legal reserve Exchange difference reserve Share option reserve Retained earnings Total Non Controlling Interest Total Equity
£ £ £ £ £ £ £ £ £
At 31 December 2013 7,664,792 22,228,265 71 371,053 2,551,670 (15,130,353) 17,685,498 (68,877) 17,616,621
Comprehensive income:
Loss for the year - - - - - (3,257,812) (3,257,812) (4,351) (3,262,163)
Other comprehensive income:
Currency translation differences - - - 335,453 - - 335,453 41 335,494
Total comprehensive income 7,664,792 22,228,265 71 706,506 2,551,670 (18,388,165) 14,763,139 (73,187) 14,689,952
New shares issued 1,496,671 5,214,463 - - - - 6,711,134 - 6,711,134
Share based payment - - - - 685,010 - 685,010 - 685,010
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 - - - - - (1,454,842) (1,454,842) (30) (1,454,872)
Other comprehensive income:
Currency translation differences - - - 89,810 - - 89,810 699 90,509
9,161,463 27,442,728 71 796,316 3,236,680 (19,843,007) 20,794,251 (72,518) 20,721,733
New shares issued - - - - - - - - -
Share based payment - - - - - - - - -
At 30 June 2015 9,161,463 27,442,728 71 796,316 3,236,680 (19,843,007) 20,794,251 (72,518) 20,721,733
CONDOR GOLD PLC
CONSOLIDATED CASH FLOW STATEMENT
AS AT 30 JUNE 2015
Six monthsto 30.06.15unaudited£ Six months to 30.06.14unaudited£
Cash flows from operating activities
Loss before tax (1,454,872) (1,568,495)
Depreciation charges 1,035 5,914
Profit/(loss) on sale of tangible fixed assets - -
Impairment charge of intangible fixed assets 17,017 16,404
Finance income (3,513) (1,360)
(1,440,333) (1,547,537)
(Increase)/decrease in trade and other receivables (247,007) 132,265
Increase/(decrease) in trade and other payables (1,560) 49,896
Income tax paid - -
Net cash absorbed in operating activities (1,688,900) (1,365,376)
Cash flows from investing activities
Purchase of intangible fixed assets (1,112,030) (512,587)
Purchase of tangible fixed assets (27,720) (3,150)
Interest received 3,513 1,360
Net cash absorbed in investing activities (1,136,237) (514,377)
Cash flows from financing activities
Issue of shares - -
Net cash absorbed in financing activities - -
(Decrease)/increase in cash and cash equivalents (2,825,137) (1,879,753)
Cash and cash equivalents at beginning of period 4,761,128 2,268,470
Exchange losses on cash and bank 474,684 366,222
Cash and cash equivalents at end of period 2,410,675 754,939
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2015
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 2015 was approved by the
Directors on 08 September 2014.
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 2014.
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.condorgoldplc.com.
2. ACCOUNTING POLICIES
The interim financial information for the six months ended 30 June 2015 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 2014, which are available on the Company's website
www.condorgoldplc.com, as the company does not anticipate the addition of new
standards to the Group's results for the year ended 31 December 2015.
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 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 - - - -
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2015
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.
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)
The Group's results by reportable segment for the period ended 30 June 2014
are as follows:
UK2014£ El Salvador2014£ Nicaragua2014£ Consolidation2014£
RESULTS
Operating (loss) (666,856) (36,448) (866,551) (1,569,855)
Interest income 1,339 21 - 1,360
Income tax expense - - - -
Assets
All transactions between each reportable segment are accounted for using the
same accounting policies as the Group uses.
UK2014£ El Salvador2014£ Nicaragua2014£ Consolidation2014£
ASSETS
Total assets 775,456 4,270,797 11,318,176 16,364,429
UK2014£ El Salvador2014£ Nicaragua2014£ Consolidation2014£
LIABILITIES
Total liabilities (635,335) (500) (64,278) (700,113)
CONDOR GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2015
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 30.06.15 Six months to 30.06.14
Basic EPS
Loss for the period (1,454,872) (1,568,495)
Weighted average number of shares 40,183,746 37,339,399
Loss per share (in pence) (3.62) (4.20)
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
30.06.15£ 30.06.14£
Allotted and fully paid
Ordinary shares 45,807,316 of 20p each (30.06.14: 38,323,960 of 20p each) 9,161,463 7,664,792
7. RELATED PARTY TRANSACTIONS
During the half year the company received consultancy advice from the following related parties:
30.06.15 30.06.14
Company Related party Payments £ Outstandingbalance£ Payments £ Outstandingbalance£
Axial Associates Limited Mark Child 25,000 - 25,000 -
Burnbrae Limited Jim Mellon 12,500 - 12,500 -
Peter Flindell 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
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