Preliminary Statement
27 Giugno 2007 - 6:12PM
UK Regulatory
RNS Number:1530Z
Lapp Plats Plc
27 June 2007
LAPP PLATS PLC ("Lapp Plats" or the "Company")
Preliminary Statement
I am pleased to present the Annual Report of Lapp Plats plc ("Lapp Plats" or the "Company") for the
year to 31st December 2006.
The period under review saw continued strength in the resource sector and we are confident that
this strength will prevail for the foreseeable future. There is a continued interest coming into
the resource sector as the market comes to understand the risks and rewards of our business and
also as the macro-economic background of the current boom gets a more widespread audience. The
booming economies of China and India in particular, allied to the growth in Brazil and Russia and
other developing countries have added unprecedented demand for all commodities.
It is also well understood that lack of investment in exploration in the 1990's and the early years
of this current century have contributed to a low rate of new project discovery across all sectors,
although the spike in commodity prices has allowed previously sub-economic projects to be
re-evaluated and developed in the current higher commodity price environment.
In Lapp Plats we are positioned to take advantage of the opportunities available in the mineral and
oil and gas sectors through being well funded and ready to take advantage of appropriate investment
opportunities that we evaluate can supply significant returns to our shareholders. This strategy
has required patience to ensure that following detailed due diligence only projects with superior
prospects are pursued and although a number of opportunities fell into this category in the year
under review we declined the opportunity to invest at the present time.
We are continuing negotiations at present on a number of specific oil and gas projects and we are
confident that we can add to our existing Swedish mining exploration opportunities in the near
future.
In Sweden we are working to rationalise our 25,000 hectare ground holdings and to prioritise our
portfolio ahead of a licence renewal programme in August 2007. Based on the work completed to date
we will prioritise the portfolio and reduce our landholdings.
Together with prospective joint venture partners we are evaluating a Winter 2007 exploration
programme over the Cabra I and Cabra II licence areas including the award of a possible contract
for ground geophysics to assist in identifying mineral anomalies and drill targets for Nickel and
Platinum Group Elements.
In addition we plan to work with these joint venture partners to assess the prospectivity for
Uranium with our licence blocks in advance of the licence renewals in August 2007. Sweden has seen
a major revival in Uranium exploration led by a number of Canadian public companies. The
exploration activity in Sweden has ratcheted up considerably in recent years with renewed interest
in all mineral areas.
Financial Results
The net loss for the year before tax amounted to #17,983 (2005 loss #145,068). This loss included
the administrative costs of keeping the company in good standing on both the AIM and IEX 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 increased to #16,560 compared to #5,619 in the previous period.
Corporate Developments
I am pleased that we were in a position, in September 2006, to complete a fund raising of
#1.26million by way of an oversubscribed placing of 8,366,667 new ordinary shares at a placing
price of Stg15p per Ordinary Share. These additional funds allow the Company the flexibility to
secure an appropriate financial position in a resource project or opportunity without immediate
recourse to shareholders.
I would like to thank my fellow Directors for their support during my period in office since
September 2006 and to especially thank Alec Banyard for his service since 2003 and to wish him well
in his retirement.
Accounts
The Annual Report and Financial Statements for the year to 31 December 2006 will be posted to
shareholders on 29th June 2007, 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 Drayton
Suite, Jury's Kensington Hotel, 109 - 113 Queensgate, London SW7 5LR at 12 noon on 1st August 2007.
Thomas P O'Gorman
Chairman
26th June 2007
LAPP PLATS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2006
2006 2005
# #
Administrative Expenses (34,543) (150,687)
________ ________
OPERATING LOSS (34,543 (150,687)
Interest receivable and similar income 16,560 5,619
________ ________
LOSS FOR THE YEAR (17,983) (145,068)
--------- ---------
Loss per share:
Basic (0.0012) (0.011)
Diluted (0.0011) (0.011)
There are no recognised gains or losses other than those included above. All
gains and losses arise from continuing activities.
LAPP PLATS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006
2006 2005
# #
FIXED ASSETS
Intangible fixed assets 275,963 275,859
Tangible fixed assets 1,047 1,440
________ ________
277,010 277,299
CURRENT ASSETS ________ ________
Debtors 20,430 7,511
Cash at bank and in hand 1,267,106 57,111
________ ________
1,287,536 64,622
CREDITORS: amounts falling due
within one year (18,266) (9,189)
________ ________
NET CURRENT ASSETS 1,269,270 55,433
________ ________
TOTAL ASSETS LESS CURRENT LIABILITIES 1,546,280 332,732
---------- ---------
Represented by:
CAPITAL AND RESERVES
Called-up share capital 222,683 133,083
Share premium 1,500,823 358,892
Profit and loss account (177,226) (159,243)
________ ________
SHAREHOLDERS' FUNDS - EQUITY 1,546,280 332,732
--------- ---------
LAPP PLATS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
RECONCILIATION OF OPERATING LOSS 2006 2005
TO NET CASH OUTFLOW FROM # #
OPERATING ACTIVITIES
Operating loss before interest (34,543) (150,687)
Add back good will amortisation 3,359 3,359
Loss on disposal of fixed assets - 2,835
Depreciation 393
Decrease/(Increase) in debtors (12,919) 18,061
(Decrease)/Increase in creditors 9,077 (22,200)
________ ________
Net cash outflow from operating activities (34,633) (148,632)
---------- -----------
CASHFLOW STATEMENT
Net cash outflow from operating activities (34,633) (148,632)
Returns on investments and servicing of finance 16,560 5,619
Net Capital Expenditure (3,463) 197
________ ________
(21,536) (142,816)
FINANCING
Issue of ordinary share capital 1,231,531 23,750
________ ________
INCREASE/(DECREASE) IN CASH IN THE PERIOD 1,209,995 (119,066)
---------- ----------
Reconciliation of net cash flow to movement in net debt
NET FUNDS AT 1 JANUARY 57,111 176,177
Increase/(Decrease) in Cash in the Period 1,209,995 (119,066)
________ ________
NET FUNDS AT 31 DECEMBER 1,267,106 57,111
------- --------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
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 2006 have been approved by the
directors and have received an audit report which was unqualified.
* * E N D S * *
For further information please call:
Tom O'Gorman, Chairman +44 7836 790639
Michael Nolan, Director +353 87 242 9221
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
END
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