Preliminary Results
28 Giugno 2006 - 2:11PM
UK Regulatory
RNS Number:2998F
Lapp Plats Plc
28 June 2006
LAPP PLATS PLC
Preliminary Statement
I am pleased to present the Annual Report of Lapp Plats plc ("Lapp Plats" or the
Company") for the year to 31 December 2005.
The Company was admitted to trading on both the AIM Market ("AIM") of the London
Stock Exchange and the Irish Enterprise Exchange ("IEX") of the Irish Stock
Exchange during the year.
Business and Strategy
Operationally, in respect of our exploration concessions in Northern Sweden we
have compiled a comprehensive technical report ("Report") on the early stage
exploration reconnaissance completed in the field during the second half of
2004. This Report has been supplied to a number of industry companies with a
view to seeking a joint venture partner to work with Lapp Plats on the Company's
concessions.
Discussions with a view to a potential joint venture are on going and subject to
continuing negotiations.
As highlighted in our Admission document we have also worked to add to our
portfolio of interests and we have had detailed negotiations with a number of
parties with a view to a corporate transaction that would create value for
shareholders. Again these discussions are on going and we believe that based on
the current short list of opportunities under investigation and negotiation we
should be in a position to bring a positive conclusion to one of these targets
in the near future.
Financial Results
The net loss for the year before tax amounted to #145,068 (2004 13 months loss
#14,175). This loss included the costs of the admissions to AIM and IEX which
took place during the year and also the administrative costs of keeping the
company in good standing on both markets. In addition some costs were incurred
in investigating new opportunities and also in maintaining the Company's
exploration concessions in Sweden.
Net interest received decreased to #5,619 compared to #6,978 in the previous
period.
Accounts
The Annual Report and Financial Statements for the year to 31 December 2005 will
be posted to shareholders on 30 June 2006, and copies can be obtained, free of
charge from the Company's offices at 22 Grafton Street, London W1S 4EX. The
Annual General Meeting will be held at the company's offices at 22 Grafton
Street, London W1S 4EX at 12 noon on Thursday, 10 August 2006.
Michael Nolan
Chairman
28 June 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2005
2005 2004
# #
Administrative Expenses (150,687) (21,153)
OPERATING LOSS:
(150,687) (21,153)
Interest receivable and similar income 5,619 6,978
LOSS FOR THE YEAR (145,068) (14,175)
Loss per share:
Basic (1.1)p (0.1)p
Diluted (1.1)p (0.1)p
There are no recognised gains or losses other than those included above. All
gains and losses arise from continuing activities.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2005
2005 2004
# #
FIXED ASSETS
Intangible fixed assets 275,859 268,893
Tangible fixed assets 1,440 14,797
277,299 283,690
CURRENT ASSETS
Debtors 7,511 25,572
Cash at bank and in hand 57,111 176,177
64,622 201,749
CREDITORS: amounts falling due within one year (9,189) (31,389)
NET CURRENT ASSETS 55,433 170,360
TOTAL ASSETS LESS CURRENT LIABILITIES 332,732 454,050
Represented by:
CAPITAL AND RESERVES
Called-up share capital 133,083 128,333
Share premium 358,892 339,892
Profit and loss account (159,243) (14,175)
SHAREHOLDERS' FUNDS - EQUITY 332,732 454,050
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
2005 2004
# #
RECONCILIATION OF OPERATING LOSS TO
NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Operating loss before interest (150,687) (21,153)
Add back good will amortisation 3,359 3,359
Loss on disposal of fixed assets 2,835
Decrease/(Increase) in debtors 18,061 (22,180)
(Decrease)/Increase in creditors (22,200) 27,997
Net cash outflow from operating activities (148,632) (11,977)
CASHFLOW STATEMENT
Net cash outflow from operating activities (148,632) (11,977)
Returns on investments and servicing of finance 5,619 6,978
Net Capital Expenditure 197 (287,049)
(142,816) (292,048)
FINANCING
Issue of ordinary share capital 23,750 468,225
(DECREASE)/INCREASE IN CASH IN THE PERIOD (119,066) 176,177
Reconciliation of net cash flow to movement in net
debt
NET FUNDS AT 1 JANUARY 176,177 -
(Decrease)/Increase in Cash in the Period (119,066) 176,177
NET FUNDS AT 31 DECEMBER 57,111 176,177
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
1. BASIS OF PREPARATION
The Group is involved in mineral exploration which include a number of
development stage projects. In respect of these projects the directors are
confident that the values ascribed to them in these financial statements are
reasonable and that additional working capital required by the Group will be
available through a combination of cash resources, sale of projects, new equity
from joint ventures and management fees from the projects. The Group's
interests in these projects are included in the consolidated balance sheet under
intangible assets.
The financial statements do not include any adjustments to reduce the value of
assets to their recoverable amounts and to provide for future liabilities that
may arise should the above projects prove to be unsuccessful.
The Company's interests in the above projects are included in the balance sheet
of the Company under investments in subsidiary company and amounts owed by Group
undertakings.
This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2005 have been approved by the
directors and have received an audit report which was unqualified.
* * E N D S * *
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
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