LAPP PLATS PLC
LAPP PLATS PLC ("Lapp Plats" or the "Company")
Interim Results for 6 months ended 30 June 2008
Chairman's Statement
Lapp Plats announces its Interim Results for the 6 months ended 30 June 2008.
Introduction
Further to my report to shareholders in June 2008 the Company has continued to
develop and to pursue a number of resource opportunities, in line with our
stated aim of achieving superior investments returns on our equity.
The Company is currently assessing a number of potential acquisition
opportunities against the background of unprecedented global economic
uncertainty. This uncertainty has raised fears of a financial crisis and has
impacted negatively on the resource sector in that a number of dedicated sector
funds have had to resort to liquidating positions in junior resource companies
to fund losses made in speculative financial sector investments by other parts
of their organisations.
It is obvious that a good deal of junior resource companies will be faced with
uncertainties regarding their going concern and an inability to fund their
projects. We believe, more so now than at any time in the recent past, that we
have an ability to assist companies in this predicament and offer financial and
corporate solutions to their problems.
Our ability in maintaining our capital base and liquidity in the current market
will offer opportunities to the Company and it is my view that our cautious
approach will have a positive outcome.
Oil and Gas Strategy
Our consultancy agreement with Chesilton Consultants Limited ("Chesilton") led
by Peter Worthington, is continuing and Chesilton are currently involved in
detailed assessment and negotiation on a number of hydrocarbon deals, which may
be presented to the Lapp Plats Board for ratification in due course.
We continue to target attractive upstream oil and gas exploration, development
and production opportunities across Africa, the Middle East and the Indian
sub-continent. We are focusing, where available, on discovered hydrocarbon
resource opportunities, including those held by other industry participants that
require the expertise of Peter Worthington and his team to deliver their
potential value.
Swedish Mining Properties
We have scaled down our Swedish portfolio by withdrawing from the Riberget Nr 1
concession area.
We continue to hold the Tj�rro Nr 1, iron copper, gold target covering 2,241 ha.
This concession expires in August 2010. We have reported previously the details
of he Tj�rro Nr 1 block, it being located approximately 20km north east of the
mining town of Kiruna in northern Sweden. The Kiruna Mine wholly owned by LKAB
(Sw: Luossavaara-Kiirunavaara Aktiebolag), is the one of the world's largest and
most modern underground iron-ore mines. The Kiruna district has also been
explored more recently for Iron Oxide Copper Gold (IOCG) deposits and to the
south of Kiruna at Gallivare, Boliden operates the Aitik copper mine. Iron and
gold-silver-copper deposits mentioned indicate the general prospectivity of the
region for such styles of mineralization but such deposits are not necessarily
indicative of the potential for economic mineralization within the new Tj�rro Nr
1 block.
We are proposing to compile all previous work, after which a detailed base of
till sampling programme will be contemplated over a number of target areas
within the block.
Financial Results
The net loss for the period before tax amounted to �81,107 (2007 profit �7,292).
Net interest received amounted to �32,173 compared to �35,136 in the previous
period. This increased loss was as a result of some write downs on the Swedish
exploration portfolio following the ceasing of activities in Riberget 1 and also
an increased investment in business development expenditures incurred through
advancing and assessing a number of hydrocarbon opportunities with Chesilton.
We continue to hold over �1.2M in cash on our Balance Sheet.
I remain sceptical as to whether the authorities on a worldwide basis have the
ability to control the current chaos in the financial and banking sectors but I
am strongly of the view that there are valuable resource assets available to
those with cash and the ability to nurture them through the current uncertainty.
We are closely monitoring all opportunities.
Thomas P O'Gorman
Chairman
26 September 2008
LAPP PLATS PLC
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30-Jun-08 30-Jun-07 31-Dec-07
ST� ST� ST�
Administrative expenses (113,281) (27,844) (56,041)
-------------- ------------ ----------------
Group Operating loss (113,281) (27,844) (56,041)
Interest receivable 32,173 35,136 71,047
-------------- ------------ ----------------
(Loss)/profit on ordinary activities before taxation (81,107) 7,292 15,006
Tax on (Loss)/profit on ordinary
activities - - -
-------------- ------------ ----------------
Retained (Loss)/profit for period (81,107) 7,292 15,006
============== ============ ================
(Loss)/Earnings per ordinary share
Basic and diluted (0.00p) 0.00p 0.00p
LAPP PLATS PLC
GROUP BALANCE SHEET AS AT 30 JUNE 2008
Unaudited Unaudited Audited
30-Jun-08 30-Jun-07 31-Dec-07
ST� ST� ST�
Assets
Non-current assets
Intangible fixed assets - deferred development
expenditure 283,091 270,871 298,330
Property plant and equipment - 826 666
------------ ------------ --------------
283,091 271,697 298,996
------------ ------------ --------------
Current assets
Trade and other receivables 49,548 32,570 58,537
Cash at bank 1,223,719 1,271,955 1,236,930
------------ ------------ --------------
1,273,267 1,304,525 1,295,467
------------ ------------ --------------
Total Assets 1,556,358 1,576,222 1,594,463
============ ============ ==============
Equity and Liabilities
Equity
Share capital 222,683 222,683 222,683
Share premium 1,500,823 1,500,823 1,500,823
Retained loss and other reserves (222,645) (169,934) (141,475)
------------ ------------ --------------
Attributable to equity shareholders 1,500,861 1,553,572 1,582,031
------------ ------------ --------------
Current Liabilities
Trade and other payables 55,497 22,651 12,432
------------ ------------ --------------
Total Liabilities 55,497 22,651 12,432
------------ ------------ --------------
Total Equity and Liabilities 1,556,358 1,576,222 1,594,463
============ ============ ==============
LAPP PLATS PLC
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30-Jun-08 30-Jun-07 31-Dec-07
ST� ST� ST�
Cash flows from operating activities
Loss for period before taxation (113,281) (27,844) (56,041)
Adjustments for:
Foreign exchange gain - - (1,752)
Depreciation 666 221 440
Write down of development costs 15,177 5,091 10,158
Decrease / (increase) in debtors 8,989 (12,410) (38,107)
Increase / (decrease) in creditors 43,065 4,385 (5,834)
------------- ------------ ----------------
Net cash from operating activities (45,384) (30,287) (91,136)
------------- ------------ ----------------
Cash flows from investing activities
Interest received 32,173 35,136 71,047
Expenditure on exploration activities - - (10,087)
------------- ------------ ----------------
Net cash from investing activities 32,173 35,136 60,960
------------- ------------ ----------------
Net increase / (decrease) in cash and cash
equivalents (13,211) 4,849 (30,176)
Cash and cash equivalents at beginning of period 1,236,930 1,267,106 1,267,106
------------- ------------ ----------------
Cash and cash equivalents at end of period 1,223,719 1,271,955 1,236,930
============= ============ ================
Interim Statement - Notes
1 The financial information for the six months ended 30 June 2008 and 30 June 2007 is
unaudited. The interim accounts have been prepared using the same accounting policies
that were used in the Group's statutory accounts to 31 December 2007. In the opinion of
the directors the financial information for these periods represents fairly the
financial position, operations and cash flows for the period in the conformity with
International Financial Reporting Standard (IFRS). The interim statement for the six
months ended 30 June 2008 was approved by the directors on 24 September 2008.
2 The financial information for the year ended 31 December 2007 does not constitute full
accounts, it is an extraction from the Company's accounts for the year in which they
have been delivered to the Registrar of Companies and on which the auditors gave an
unqualified report.
3 The (loss)/profit per share was calculated from the loss for the period attributable to
ordinary shareholders of �81,107 (June 2007 Profit �7,292) divided by the time-weighted
average number of shares in issue during the period of 22,268,334 (June 2007:
22,268,334).
4 No dividends were paid or proposed in respect of the six months ended 30 June 2008.
5 Copies of this interim report are available to the public, free of charge, from the
Company's offices at 22 Grafton Street, London W1S 4EX, during normal office hours. A
copy will also be posted on Lapp Plats plc's website: www.lapp-plats.com.
For further information visit www.lapp-plats.com or contact:
Tom O'Gorman, Chairman + 44 7836 790 639
Michael Nolan, Director + 353 87 242 9221
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