Interim Results -3-
24 Maggio 2011 - 8:01AM
UK Regulatory
Loss for the period (3,031) (2,380) (5,134)
Adjustments 1,579 324 1,750
--------------------------------------- ----------- ------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES
BEFORE MOVEMENTS IN WORKING CAPITAL (1,452) (2,056) (3,384)
Change in inventories 2 (276) (145)
Change in trade and other receivables (48) (716) 19
Change in trade and other payables (396) 369 (621)
--------------------------------------- ----------- ------------ ----------
CASH GENERATED FROM OPERATIONS (1,894) (2,679) (4,131)
Interest received - 9 -
Interest paid (89) - (14)
Tax paid (4) - -
--------------------------------------- ----------- ------------ ----------
NET CASH FROM OPERATING ACTIVITIES (1,987) (2,670) (4,145)
--------------------------------------- ----------- ------------ ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and
equipment (1,231) (707) (1,705)
Disposal of other investments - 1,630 1,630
Acquisition of intangible assets (57) - -
Disposal of assets held for sale 617 - -
--------------------------------------- ----------- ------------ ----------
NET CASH FROM INVESTING ACTIVITIES (671) 923 (75)
--------------------------------------- ----------- ------------ ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of share
capital 4,927 1,113 1,113
Proceeds from borrowings - - 963
--------------------------------------- ----------- ------------ ----------
NET CASH FROM FINANCING ACTIVITIES 4,927 1,113 2,076
--------------------------------------- ----------- ------------ ----------
Net increase/(decrease) in cash and
cash equivalents 2,269 (634) (2,144)
Cash and cash equivalents at beginning
of the period 291 2,431 2,431
Foreign exchange movements - - 4
--------------------------------------- ----------- ------------ ----------
CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD 2,560 1,797 291
--------------------------------------- ----------- ------------ ----------
Condensed consolidated interim statement of changes in
equity
Owners
of the Non-controlling
Company interests Total
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- ---------------- --------
AUDITED
Balance at 1 September 2009 32,579 895 33,474
--------------------------------------- --------- ---------------- --------
Loss for the period (4,375) (759) (5,134)
Issue of shares 1,113 - 1,113
Revaluation 2,546 - 2,546
Foreign exchange translation
differences (193) 104 (89)
BALANCE AT 31 AUGUST 2010 31,670 240 31,910
--------------------------------------- --------- ---------------- --------
UNAUDITED
Balance at 1 September 2009 32,579 895 33,474
--------------------------------------- --------- ---------------- --------
Loss for the period (2,052) (328) (2,380)
Issue of shares 1,113 - 1,113
Foreign exchange translation
differences 561 - 561
--------------------------------------- --------- ---------------- --------
BALANCE AT 28 FEBRUARY 2010 32,201 567 32,768
--------------------------------------- --------- ---------------- --------
UNAUDITED
Balance at 1 September 2010 31,670 240 31,910
--------------------------------------- --------- ---------------- --------
Loss for the period (2,760) (271) (3,031)
Issue of shares 4,927 - 4,927
Foreign exchange translation
differences (748) 623 (125)
--------------------------------------- --------- ---------------- --------
BALANCE AT 28 FEBRUARY 2011 33,089 592 33,681
--------------------------------------- --------- ---------------- --------
Note of preparation
1. The annual financial statements of the Group are prepared in
accordance with IFRS. The condensed interim financial statements
included in this half yearly report are unaudited and have been
prepared in accordance with the recognition and measurement
requirements of IFRSs.
These condensed interim financial statements have been prepared
in accordance with IAS 34, Interim Financial Reporting. They do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated
financial statements of the Group as at and for the period ended 31
August 2010, which are available upon request from the Company's
registered office at Appleby Trust (Isle of Man) Limited, 33-37
Athol Street, Douglas, Isle of Man, IM1 1LB.
2. Basic and diluted loss per share are arrived at by dividing
the loss for the period by the average number of shares in issue
during the period.
3. Given the current global financial crisis, the Directors are
carefully monitoring cash resources within the Group and have
instigated a number of initiatives to ensure funding will be
available for planned projects. If such funding cannot be secured,
the projects will be delayed or cancelled to ensure that the Group
can manage its cash resources for the foreseeable future and hence
the financial statements have been prepared on a going concern
basis. As referred to in the Chief Executive Officer's Statement,
the Company raised GBP4,987,904 gross in December 2010 through
share issues.
Corporate Information
Directors
David Lenigas Chairman
Geoffrey White Director & Chief Executive Officer
David Armstrong Finance Director
Emma Priestley Executive Director
Paul Turner Non-Executive Director
Jean Ellis Non-Executive Director
Paul Heber Non-Executive Director
Colin Orr-Ewing Non-Executive Director
Registrars Capita Registrars (Isle of Auditors
Man) Limited 3rd Floor Exchange House KPMG Audit LLC
54-62 Athol Street Douglas Isle of Man Heritage Court
IM1 1JD Tel: +44 (0) 870 162 3100 41 Athol Street
Douglas
Isle of Man
IM99 1HN
Tel: +44 (0)1624 681000
PR Advisors Registered Office and Agent
Pelham Bell Pottinger Appleby Trust (Isle of Man) Limited
5(th) Floor 33-37 Athol Street
Holborn Gate Douglas
330 High Holborn Isle of Man
London IM1 1LB
WC1V 7QD Tel: +44(0)1624 647 647
Tel: +44 (0)20 7861 3232
Fax: +44 (0)20 7861 3233
Principal Group Bankers Nominated Advisor and Broker
Barclays Bank WH Ireland Limited
Lord Street 24 Martin Lane
Liverpool London
L2 6PB EC4R 0DR
Tel: +44 (0)207 220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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