Spitfire Oil Limited Half-year Report

Data : 22/03/2019 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Spitfire Oil Limited (SRO)
Quotazione : 3.25  0.0 (0.00%) @ 09:00
Quotazione Spitfire Oil Grafico

Spitfire Oil Limited Half-year Report

Grafico Azioni Spitfire Oil (LSE:SRO)
Storico

1 Anno : Da Dic 2018 a Dic 2019

Clicca qui per i Grafici di Spitfire Oil

TIDMSRO

RNS Number : 6547T

Spitfire Oil Limited

22 March 2019

Spitfire Oil Limited

8(th) Floor, Royal Trust House, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7774. Facsimile: + 44 (0)20 7629 7773. E mail:spitfire@spitfireoil.com

Level 9, BGC Centre, 28 The Esplanade, Perth, WA 6000, Australia.

Telephone: + 61 (8)9321 0544. Facsimile: + 61 (8) 9321 7035

22(nd) March 2019

INTERIM STATEMENT FOR THE SIX MONTHSED 31(st) DECEMBER 2018

Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to publish a copy of its condensed consolidated unaudited interim results for the six months ended the 31(st) December 2018.

Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended the 31(st) December 2018 of A$325,594 (2017: A$444,534). With cash balances of A$2.3m, the Group has benefited from interest receipts of A$11,715 (2017 A$15,267) in the period. With all directors fees suspended and other administration costs curtailed operating costs were reduced to A$86,680 (2017 A$228,510) and provision has been made for impairment of exploration and development costs incurred of A$250,629 (2017 A$231,291).

Chairman's Statement

Chairman Mladen Ninkov commented, "The superficial view of the Company's six month operating performance shows a company with no operations and overheads cut to the bare bone, including all directors fees suspended and administrative costs cut to the barest minimum. But it would be a mistake to assume the Company is dormant. Poor, uneconomic and unmineable assets are always available. But this is the road to nowhere and leads to a waste of shareholders fund and the eventual dilution of the Company's share capital. That is why the Company continues to search, investigate, evaluate and attempts to negotiate transactions which will add real value to the Company and its shareholders. It is not easy and it takes an incredibly long time to consummate such a transaction. When it eventually occurs, hopefully, the wait will have been worthwhile."

Further Information

Spitfire Oil Limited

Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774

Roger Goodwin - Director

Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500

Dominic Morley

Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM)

of the London Stock Exchange (symbol SRO).

The Company's news releases are available on the Company's web site: www.spitfireoil.com

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014.

 
               SPITIFIRE OIL LIMITED 
 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 
           OR OTHER COMPREHENSIVE INCOME 
     FOR THE SIX MONTHSED 31 DECEMBER 2018 
         (expressed in Australian dollars) 
 
 
                                                       Half-year                          Full-year 
                                           31 December            31 December               30 June 
                                                  2018                   2017                  2018 
                                             Unaudited              Unaudited               Audited 
                                     Note           A$                     A$                    A$ 
OTHER INCOME                                    11,715                 15,267                63,405 
 
EXPITURE 
                                                                     (228,510 
Corporate and other expenses                  (86,680)                      )             (297,539) 
OPERATING LOSS                                (74,965)             ( 213,243)             ( 234,14) 
Imparment - exploration and 
 evaluation costs                            (250,629)             ( 231,291)           (1,116,767) 
                                           -----------  ---------------------  -------------------- 
LOSS BEFORE INCOME TAX                       (325,594)             ( 444,534)          ( 1,350,901) 
INCOME TAX                                           -                      -                     - 
LOSS AFTER INCOME TAX                        (325,594)             ( 444,534)           (1,350,901) 
OTHER COMPREHENSIVE INCOME, 
 NET OF TAX                                          -                      -                     - 
TOTAL COMPREHENSIVE LOSS FOR 
 THE PERIOD ATTRIBUTABLE TO OWNERS 
 OF SPITFIRE OIL LIMITED                     (325,594)             ( 444,534)          ( 1,350,901) 
                                           ===========  =====================  ==================== 
 
Basic and diluted loss per share 
 for loss attributable to the 
 ordinary equity holders of the 
 Company (cents per share).           6          (1.3)                 ( 1.7)               ( 5.22) 
 

The above consolidated statement of profit or loss or other comprehensive income should be read in conjunction with the accompanying notes.

 
                 SPITFIRE OIL LIMITED 
 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
                 AS AT 31 December 2018 
           (expressed in Australian dollars) 
 
 
                                     31 December    31 December        30 June 
                                            2018           2017           2018 
                                       Unaudited      Unaudited        Audited 
                              Note            A$             A$             A$ 
CURRENT ASSETS 
Cash and cash equivalents              2,250,704      2,671,088      2,560,120 
Accrued revenues                               -         24,540         23,229 
Other current assets                      31,307         24,297         28,954 
TOTAL CURRENT ASSETS                   2,282,011      2,719,925      2,612,303 
                                    ------------  -------------  ------------- 
 
NON-CURRENT ASSETS 
Plant and equipment                            -            164              - 
Capitalised exploration and 
 evaluation costs                        450,000      1,250,000        450,000 
Other non-current assets                  45,000         45,000         45,000 
                                    ------------  -------------  ------------- 
TOTAL NON-CURRENT ASSSETS                495,000      1,295,164        495,000 
                                    ------------  -------------  ------------- 
TOTAL ASSETS                           2,777,011      4,015,089      3,107,303 
                                    ------------  -------------  ------------- 
 
CURRENT LIABILITIES 
Trade and other payables                  32,172         38,289         36,870 
TOTAL CURRENT LIABILITIES                 32,172         38,289         36,870 
                                    ------------  -------------  ------------- 
TOTAL LIABILITIES                         32,172         38,289         36,780 
                                    ------------  -------------  ------------- 
NET ASSETS                             2,744,839      3,976,800      3,070,433 
                                    ============  =============  ============= 
 
EQUITY 
Issued capital                 5      19,289,284     19,289,284     19,289,284 
Accumulated losses                  (16,544,445)  ( 15,312,484)  ( 16,218,851) 
                                    ------------  -------------  ------------- 
TOTAL EQUITY                           2,744,839      3,976,800      3,070,433 
                                    ============  =============  ============= 
 

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

 
                 SPITFIRE OIL LIMITED 
 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
       FOR THE SIX MONTHSED 31 DECEMBER 2018 
           (expressed in Australian dollars) 
 
 
                                  Issued    Accumulated 
                                  Capital      Losses        Total 
                                    A$           A$           A$ 
 
  BALANCE AT 31 DECEMBER 2016   19,289,284  (11,483,502)    7,805,782 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -   (3,384,448)  (3,384,448) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -   (3,384,448)  (3,384,448) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 30 JUNE 2017       19,289,284  (14,867,950)    4,421,334 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (444,534)    (444,534) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (444,534)    (444,534) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 31 DECEMBER 2017   19,289,284  (15,312,484)    3,976,800 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (906,367)    (906,367) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (906,367)    (906,367) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 30 JUNE 2018       19,289,284  (16,218,851)    3,070,433 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (325,594)    (325,594) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (325,594)    (325,594) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 31 DECEMBER 2018   19,289,284  (16,544,445)    2,744,839 
                                ==========  ============  =========== 
 

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

 
             SPITFIRE OIL LIMITED 
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
   FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 
       (expressed in Australian dollars) 
 
 
                                                     Half-year          Full-year 
                                              31 December  31 December     30 June 
                                                     2018         2017        2018 
                                                Unaudited    Unaudited     Audited 
                                                       A$           A$          A$ 
CASH FLOWS FROM OPERATING ACTIVITIES 
Payments to suppliers and employees              (91,204)   ( 268,418)  ( 342,724) 
Interest received                                  34,944        1,239      50,688 
Net cash (outflow) from operating 
 activities                                      (56,260)   ( 267,179)  ( 292,036) 
                                              -----------  -----------  ---------- 
 
CASH FLOWS FROM INVESTING ACTIVITIES 
Payments for exploration and evaluation 
 expenditure                                    (250,629)   (231,291 )   (316,767) 
Net cash (outflow) from investing 
 activities                                     (250,629)   (231,291 )   (316,767) 
                                              -----------  -----------  ---------- 
 
NET (DECREASE) IN CASH AND CASH EQUIVALENTS     (306,889)   ( 498,470)  ( 608,803) 
Cash and cash equivalents at the 
 beginning of the period                        2,560,120    3,170,851   3,170,851 
Effects of exchange rate changes 
 on cash and cash equivalents                     (2,527)      (1,293)     (1,928) 
                                              -----------  -----------  ---------- 
CASH AND CASH EQUIVALENTS AT THE 
 END OF THE PERIOD                              2,250,704    2,671,088   2,560,120 
                                              ===========  ===========  ========== 
 

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

SPITFIRE OIL LIMITED

Notes to the CONDENSED CONSOLIDATED financial statements

NOTE 1: BASIS OF PREPARATION OF THE SIX MONTH FINANCIAL REPORT

This condensed consolidated interim financial report for the six month reporting period ended 31 December 2018 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting.

The summary accounts set out above do not constitute statutory accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section 435 of the UK Companies Act 2006. The condensed consolidated statement of financial position at 30 June 2018 and the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the year then ended have been extracted from the Group's 2018 statutory financial statements upon which the auditors' have opined that they were unable to obtain sufficient appropriate audit evidence concerning the carrying value of capitalised exploration and evaluation costs totalling $4.340 million in relation to the Salmon Gums Project for the year ended 30 June 2016 and qualified their audit opinion accordingly. As a result of this matter, the auditors were unable to obtain sufficient appropriate audit evidence concerning the opening balance for the current year as at 1 July 2016. Since opening capitalised exploration and evaluation costs balance affects the determination of the profit or loss for the year and cash flows, the auditors were unable to determine whether adjustments to the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the net cash flow from operating activities reported in the consolidated statement of cash flows might be necessary for the year ended 30 June 2017, and the auditors qualified their opinion accordingly. The auditors opinion on the financial statements to 30(th) June 2018 is also modified because of the possible effect of this matter on the comparability of the figures for the year to 30(th) June 2018 and the corresponding figures.

This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2018 and any public announcements made by Spitfire Oil Limited during the interim reporting period in accordance with the continuous disclosure requirements.

Copies of this interim report are available from the Company's London office, 8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

Adoption of new and revised accounting standards

In the six months ended 31 December 2018, the Group has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2018.

It has been determined by the Group that, there is no material impact of the new and revised standards and interpretations on its business and therefore no change is necessary to the Group's accounting policies.

The Group has also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December 2018. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change necessary to Group accounting policies.

No retrospective change in accounting policy or material reclassification has occurred requiring the inclusion of a third Statement of Financial Position as at the beginning of the comparative financial period, as required under AASB 101.

SPITFIRE OIL LIMITED

Notes to the CONDENSED CONSOLIDATED financial statements.

NOTE 2: SEGMENT INFORMATION

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. For management purposes, the Group has identified only one reportable segment, being the exploration and mining for valuable resources that produce energy in Australia.

NOTE 3: DIVIDENDS

The Company has not declared any dividends in the period ended 31 December 2018.

NOTE 4: CONTINGENCIES

There has been no change in contingent liabilities or contingent assets since the last annual reporting date.

NOTE 5: ISSUED CAPITAL

 
                                31 December 2018        31 December 2017          30 June 2018 
                                 No          A$          No          A$          No          A$ 
Issued and Paid Up Capital 
Fully Paid Ordinary Shares   25,884,001  19,289,284  25,884,001  19,289,284  25,884,001  19,289,284 
                             ----------  ----------  ----------  ----------  ----------  ---------- 
Total Issued Capital                     19,289,284              19,289,284              19,289,284 
                                         ==========              ==========              ========== 
 

NOTE 6: LOSS PER SHARE

 
                                         31 December        31 December                  30 June 
                                             2018               2017                       2018 
Basic and diluted loss per share 
 (cents)                                       (1.3)                     (1.7)                      (5.22) 
 
a) Net loss used in the calculation 
 of basic and diluted loss per share 
 (A$)                                      (325,594)                 (444,534)                 (1,350,901) 
 
b) Weighted average number of ordinary 
 shares outstanding during the period 
 used in the calculation of basic 
 and diluted loss per share               25,884,001                25,884,001                  25,884,001 
 

NOTE 7: SUBSEQUENT EVENTS

No matter or circumstance has arisen since 31 December 2018, which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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