Berkeley Mineral Resources PLC
28 March 2008
Berkeley Mineral Resources PLC
(formerly Tecteon PLC)
('Berkeley Resources') or ('the Company')
Interim results for the six months ended 31 December 2007
Berkeley Mineral Resources PLC (stock code: BMR), a company commencing new
activity of base metal trading and engaged in providing voice quality technology
announces its interim results for the six months ended 31 December 2007.
EXECUTIVE DIRECTOR'S REVIEW
Base metals - Zambia
Following approval by the Company's shareholders of the new proposed activities
at the General Meeting on 29 February 2008, the Company's name was changed to
Berkeley Mineral Resources Plc.
The joint venture with Elba Trading Limited for the financing and off-take of
copper, zinc and lead for sale in China has been formed, initially for copper
sourced from Kabwe, Zambia. The Company has already established an office in
Kabwe to facilitate trading. As previously announced, a £300,000 unsecured loan
was obtained to provide finance for this activity and provide additional working
capital.
The Directors are also considering opportunity to acquire a stake in the Kabwe
mine owned by Zincorous in Zambia. The participation would involve an initial
payment to acquire up to 50% of Zincorous with options to acquire an overall
majority stake.
Zambia is a dynamic country, with a thriving economy, rising GDP and inflation
since 2006 in single digits. There is also increasing inward and domestic
investment.
Voice quality technology market
The Directors continue to monitor the marketing of the Company's software for
voice quality technology. Legal action is ongoing to recover £673,799 from
Clement Clark Communications.
Results for the year
For the six months ended 31 December 2007, the unaudited loss amounted to
£566,674 compared to a loss of £539,467 for the same period in prior year. The
results include amortisation costs of intangible assets of £305,024 (2006:
£319,001).
Outlook
The Directors feel that the continuing demand for base metals from Asia combined
with the stability of the Zambian economy presents the Company with an
opportunity to enter into the market for base metal trading and processing with
possible ownership of mining rights.
M A Alikhani 27 March 2008
Executive Director
For further information please contact:
Berkeley Mineral Resources Plc
Masoud Alikhani Tel: 020 7408 1181
Seymour Pierce Limited Tel: 020 7107 8000
Jonathan Wright
Berkeley Mineral Resources PLC
(formerly Tecteon PLC)
Income statement
For period ended 31 December 2007
Six months Six months
ended ended
31 December 31 December
2007 2006
Unaudited Unaudited
£ £
Revenue - 35,756
Administrative expenses (566,448) (576,604)
----------- ----------
Operating loss (566,448) (540,848)
Investment income 65 1,640
Finance costs (291) (259)
----------- ----------
Loss before taxation (566,674) (539,467)
Taxation -
----------- ----------
Loss for the period (566,674) (539,467)
=========== ==========
Attributable to:
Equity holders of the parent (566,674) (539,467)
Minority interest - -
----------- ----------
(566,674) (539,467)
=========== ==========
Loss per share (0.26)p (0.26)p
Basic and diluted
=========== ==========
The above results:
a. relate to continuing operations; and
b. represent the total income and expense recognised during the period.
Berkeley Mineral Resources PLC (formerly Tecteon PLC)
Balance sheet
At 31 December 2007
31 December 2007 31 December 2006
Unaudited Unaudited
Non-current assets £ £
Other intangible assets 1,587,599 2,370,034
Property, plant and equipment 3,227 57,724
1,590,826 2,427,758
Current assets
Trade and other debtors 108,184 694,190
Cash and cash equivalents 166 915
108,350 695,105
Total assets 1,699,176 3,122,863
Current liabilities
Trade and other payables (1,099,781) (611,610)
(1,099,781) (611,610)
Net current (liabilities)/ assets (991,431) 83,495
Total liabilities (1,099,781) (611,610)
Net assets 599,395 2,511,253
Equity
Share capital 9,709,770 9,709,770
Share premium 2,705,939 2,705,939
Merger reserve 1,824,000 1,824,000
Accumulated loss (13,640,314) (11,728,456)
Total equity 599,395 2,511,253
Attributable to:
Equity attributable to equity holders of
the parent 403,596 2,315,454
Non- equity shareholders funds 195,799 195,799
Total equity 599,395 2,511,253
Berkeley Mineral Resources PLC (formerly Tecteon PLC)
Cashflow statement
Period ended 31 December 2007
Period ended Period ended
31 December 31 December
2007 2006
Unaudited Unaudited
£ £
Net cash outflow from operating
activities (299,691) (133,062)
Investing activities
Interest received 65 1,640
Purchase of property, plant and
equipment - (1,094)
Purchase of investment - (186,365)
Net cash used in investing
activities 65 (185,819)
Financing activities
Loan received 300,000 -
Interest paid (291) (260)
Net cash from financing
activities 299,709 (260)
Net increase /(decrease) in
cash and cash equivalents 83 (319,141)
Cash and cash equivalents at
beginning of the year 83 320,056
Effect of foreign exchange rate
changes
Cash and cash equivalents at
end of the year 166 915
Berkeley Mineral Resources PLC (formerly Tecteon PLC)
Notes to the cash flow statement
Period ended 31 December 2007
Period ended Period ended
31 December 31 December
2007 2006
Unaudited Unaudited
£ £
Operating loss from continuing operations (566,448) (540,847)
Adjustments for:
Depreciation of property, plant and equipment 27,146 27,169
Amortisation of intangible assets 305,023 319,001
Operating cash flows before movements in working
capital (234,279) (194,677)
Decrease/(increase) in receivables 9,261 (14,501)
(Decrease)/increase in payables (74,673) 76,116
Net cash outflow from operating activities (299,691) (133,062)
Berkeley Mineral Resources PLC (formerly Tecteon PLC)
Period ended 31 December 2007
Notes to the financial information
1. General information and accounting policies
Berkeley Mineral Resources PLC (formerly Tecteon PLC) is a company incorporated
in the United Kingdom under the Companies Act 1985.
This Announcement is for the interim results for the six month period ended 31
December 2007 (unaudited).
2. Basis of accounting
The accounting policies for the interim financial information have been prepared
in accordance with the International Financial Reporting Standards ('IFRS'). The
financial information has also been prepared in accordance with IFRS adopted for
use in the European Union and therefore complies with Article 4 of the EU IAS
Regulation. However, the audited financial statements for the year ended 30 June
2007 were prepared in UK GAAP.
The financial information has been prepared on the historical cost basis, except
for certain financial instruments which are carried at fair value or historical
cost and in accordance with IFRS.
3. Interim results for the six months ended 31 December 2007 (unaudited)
The financial information presented for the interim period cover the period from
1 July 2007 to 31 December 2007. The comparative figures cover the period from 1
July 2006 to 31 December 2006.
While the financial information for the period ended 31 December 2007 contained
in this announcement has been computed in accordance with IFRS, this
announcement does not itself contain sufficient information to comply with IFRS.
The interim report, for the 6 months period, which was approved by the directors
on 27th March 2008, does not comprise full accounts within the meaning of the
Companies Act 1985. The interim financial information is not audited.
4. The directors do not recommend the payment of a dividend.
5. The loss per share of 0.26p (2006: 0.26p) has been calculated on the basis of
the loss of £566,674 (2006: £539,467) and on 225,882,097 (2006: 209,282,041)
ordinary shares, being the weighted average number of ordinary shares in issue
during the period ended 31 December 2007.
6a). Statement of
changes in equity
for the period
ended 31 December
2007
Share Share Merger Accumulated Total
capital premium reserve (loss)/
profit
£ £ £ £ £
At 1 July 2007 9,709,770 2,705,939 1,824,000 (13,073,640) 1,166,069
Net loss for the
period - - - (566,674)) (566,674)
At 31 December
2007 9,709,770 2,705,939 1,824,000 (13,640,314) 599,395
6b). Statement of
changes in equity
for the period
ended 31 December
2006
Share Share Merger Accumulated Total
capital premium reserve (loss)/
profit
£ £ £ £ £
At 1 July 2006 9,709,770 2,705,939 1,824,000 (11,188,989) 3,050,720
Net loss for
the period - - - (539,467) (539,467)
At 31 December
2006 9,709,770 2,705,939 1,824,000 (11,728,456) 2,511,253
This information is provided by RNS
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