REG - Soco International - PRELIMINARY RESULTS <Origin Href="QuoteRef">SIA.L</Origin> <Origin Href="QuoteRef">SRP.L</Origin> - Part 2
12/03/2015 07:02
- Part 2: For the preceding part double click ID:nRSL2481Ha
Trust held 3,294,111 (2013 - 3,666,213)
Shares, representing 0.97% (2013 - 1.08%) of the issued share capital.
In addition, as at 31 December 2014, the Company held 9,122,268 (2013 -
9,122,268) treasury Shares, representing 2.67% (2013 - 2.68%) of the issued
share capital.
Going Concern
SOCO's business activities, its financial position, cash flows and liquidity
position, together with an outlook of factors likely to affect the Group's
future development, performance and position are discussed above. The Group
has a strong financial position and based on future cash flow projections
should comfortably be able to continue in operational existence for the
foreseeable future. Consequently, the Directors believe that the Group is well
placed to manage its financial and operating risks successfully and have
prepared the accounts on a going concern basis.
CONSOLIDATED INCOME STATEMENT
for the year to 31 December 2014
2014 2013
Notes $ million $ million
Revenue 4 448.2 608.1
Cost of sales (143.8) (169.1)
Gross profit 304.4 439.0
Administrative expenses (11.8) (13.2)
Exploration costs written off 7 (79.5) (92.0)
Impairment of property, plant and equipment 8 (60.5) -
Operating profit 152.6 333.8
Investment revenue 0.7 1.0
Other gains and losses 1.6 1.3
Finance costs (2.2) (2.8)
Profit before tax 4 152.7 333.3
Tax 4, 5 (138.7) (229.2)
Profit for the year 14.0 104.1
Earnings per share (cents) 6
Basic 4.3 31.7
Diluted 4.2 31.6
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year to 31 December 2014
2014 2013
$ million $ million
Profit for the year 14.0 104.1
Items that may be subsequently reclassified to profit or loss:
Unrealised currency translation differences (1.8) 9.3
Total comprehensive income for the year 12.2 113.4
113.4
BALANCE SHEETS
as at 31 December 2014
Group Company
2014 2013 2014 2013
Notes $ million $ million $ million $ million
Non-current assets
Intangible assets 7 209.1 215.7 - -
Property, plant and equipment 8 790.0 801.3 1.0 0.9
Investments - - 689.4 884.6
Financial asset 9 45.0 43.4 - -
Other receivables 24.6 15.0 - -
1,068.7 1,075.4 690.4 885.5
Current assets
Inventories 6.1 7.3 - -
Trade and other receivables 39.6 68.9 0.6 0.8
Tax receivables 1.1 0.9 0.5 0.4
Liquid investments 40.2 80.1 - -
Cash and cash equivalents 126.2 129.9 0.2 0.3
213.2 287.1 1.3 1.5
Total assets 1,281.9 1,362.5 691.7 887.0
Current liabilities
Trade and other payables (43.9) (36.1) (2.2) (1.7)
Tax payable (11.6) (18.5) (0.2) (0.1)
(55.5) (54.6) (2.4) (1.8)
Net current assets (liabilities) 157.7 232.5 (1.1) (0.3)
Non-current liabilities
Deferred tax liabilities (200.2) (184.2) - -
Long term provisions (51.1) (42.9) - -
(251.3) (227.1) - -
Total liabilities (306.8) (281.7) (2.4) (1.8)
Net assets 975.1 1,080.8 689.3 885.2
Equity
Share capital 27.6 27.6 27.6 27.6
Share premium account - 11.1 - 11.1
Other reserves 239.5 226.5 195.0 183.1
Retained earnings 708.0 815.6 466.7 663.4
Total equity 975.1 1,080.8 689.3 885.2
885.2
STATEMENTS OF CHANGES IN EQUITY
for the year to 31 December 2014
Group
Called up share capital Share premium account Other reserves Retained earnings Total
$ million $ million $ million $ million $ million
As at 1 January 2013 27.6 73.0 105.5 970.5 1,176.6
Distributions - - - (210.9) (210.9)
Issue and redemption of B shares - (61.9) 61.9 - -
Share-based payments - - 1.4 - 1.4
Transfer relating to share-based payments - - (0.7) 0.7 -
Transfer relating to share-based payments in prior years - - 58.3 (58.3) -
Transfer relating to convertible bonds - - (0.2) 0.2 -
Unrealised currency translation differences - - 0.3 9.3 9.6
Retained profit for the year - - - 104.1 104.1
As at 1 January 2014 27.6 11.1 226.5 815.6 1,080.8
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