Announcements

Unaudited consolidated preliminary financial statements Year ended 30 June 2013

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Statement by the Board

Dear Shareholder,

We are pleased to present the unaudited preliminary financial and operating results for IMC for the twelve months to 30th June 2013.

The past year has been a very exciting time for your company.  On the operational and drilling side we achieved significant results. 

With successful drilling, the acquisition of additional licences and the development of a works programme going forward; we look forward to the year ahead with optimism and enthusiasm.

Hugh Gibney
Chairman

Unaudited Condensed Consolidated Statement of Comprehensive Income

For the Year Ended 30 June 2013

     

 

     
   

Unaudited

Audited

 

 

Year Ended

Year Ended

 

Notes

30-Jun-13

30-Jun-12

   

Euro

Euro

Continuing Operations

     

Revenue

 

                -  

                -  

Other Income/(Expense)

 

        
9,095

      
(8,817)

Administrative Expenses

 

     
(319,169)

      (365,112)

 

(Loss) before tax

 

     
(310,074)

     
(373,929)

       

Income tax expense

 

        
(4,437)

       
(10,853)

(Loss) for period from continuing operations

(314,511)

(384,782)

Other Comprehensive income

 

                -  

                -  

 

Loss for the period and total comprehensive loss for the period

 

      (314,511)

      (384,782)

       

Earnings per share (all continuing)

     

Loss per ordinary share – basic & diluted (Cent)

1

0.59

         0.84

Unaudited Condensed Consolidated Statement of Financial Position

As At 30th June 2013

     

 

     

 

 

Unaudited

Audited

 

 

As At

As At

 

 

30-Jun-13

30-Jun-12

 

Note

Euro

Euro

 

     

Non Current Assets

2

546,426

 365,478

       

Current assets

     

Debtors

 

158,960

  103,117

Cash and cash equivalents

 

52,991

679,144

   

 

 

Total assets

 

758,377

    1,147,739

       

Equity and liabilities

     
       

Equity

 

   

"A" Ordinary Share Capital

3

          38,094

          38,094

Ordinary Share Capital

3

          53,308

          53,308

Share Premium - Ordinary Shares

3

     1,308,102

      1,308,102

Retained Earnings

 

      (701,793)

     (387,282)

 

 

   

Equity attributable to the owners of the Company

   
  697,711

  
 1,012,222

       

Current Liabilities

     

Trade & Other Payables

 

          60,666

         135,517

       

Total liabilities

 

          60,666

         135,517

 

     

Total equity and liabilities

 

      758,377

    1,147,739

Unaudited Condensed Consolidated Statement of Changes in Equity

For the Year Ended 30 June 2013

   

 

 

 

 

 

 

"A" Ordinary Share Capital

Ordinary Share Capital

Share Premium  Ordinary Shares

Retained losses

 

Euro

Euro

Euro

Euro

Balance at 30 June 2011

            38,094

                     -    

                     -  

   (2,500)

Loss for the Period

                  -  

                  -  

                     -  

(384,782)

Other comprehensive loss for the period

                  -  

                  -  

                     -  

            -  

         

Total Comprehensive loss for the period

            38,094

                         -  

                     -  

 (387,282)

Issue of share capital

            -  

            53,308

           1,308,102

            -  

Balance at 30 June 2012

            38,094

            53,308

           1,308,102

 (387,282)

Loss for the Period

                  -  

                  -  

                     -  

 (314,511)

Other comprehensive loss for the period

                  -  

                  -  

                     -  

            -  

Total Comprehensive loss for the period

                  -  

                  -  

                     -  

 (314,511)

 

 

 

 

 

Issue of share capital

                  -  

                  -  

                  -  

            -  

Share issue costs

                  -  

                  -  

                  -  

              -  

 

 

 

 

 

Balance at 30 June 2013

           38,094

          53,308

        1,308,102

 (701,793)

Notes To and Forming Part of the Unaudited Condensed Consolidated Financial Statements

1. Loss per share

 

       

Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period

attributable to ordinary equity holders of the parent by the weighted average number of Ordinary

Shares outstanding during the period.

       
         

Basic  earnings per share

       

The weighted average number of ordinary shares used in the calculation of basic and diluted

earnings per share is as follows

       
     

Unaudited

Audited

     

30-Jun-13

30-Jun-12

     

Euro

Euro

Loss for the period attributable to equity holders of the parent

    314,511

    384,782

Weighted average number of ordinary shares for the purposes of basic earnings per share

   

53,308,507

45,560,380

         
         

Basic (loss) per ordinary share  (cent)                                          

      0.59

0.84

2. Non Current Assets

 

Exploration

Fixtures

Financial

 

 

Expenditure

& Fittings

Assets

Total

Cost

Euro

Euro

Euro

Euro

 

 

 

 

 

At 30 June 2011

       

Additions

357,802

         4,925

38,738

401,465

At 30th June 2012

357,802

         4,925

38,738

401,465

Additions

180,973

         1,200

                  -  

182,173

At 30 June 2013

538,775

        6,125

38,738

583,638

         

Provision for diminution in value

       

At 30 June 2011

       

Charge for period

                  -  

(985)

(35,002)

     (35,987)

At 30th June 2012

                  -  

(985)

   (35,002)

     (35,987)

Charge for period

                  -  

      (1,225)

           -  

       (1,225)

At 30 June 2013

                  -  

        (2,210)

     (35,002)

   (37,212)

 

 

 

 

 

Net book value

 

 

 

 

At 30 June 2013

538,775

3,915

3,736

546,426

 

 

 

 

 

At 30th June 2012

357,802

         3,940

3,736

365,478

Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 30 June 2013. The recoverability of the exploration and evaluation assets is dependent on the successful development or disposal of the Group’s licence areas.

3. Share capital - Group and Company

   

Unaudited

Audited

 

   

30-Jun-13

30-Jun-12

 

   

Euro

Euro

Authorised equity

       

200,000,000 Ordinary shares of Euro0.001 each

 

200,000

200,000

50,000 "A" Ordinary of  one Euro

   

50,000

        50,000

     

250,000

250,000

   

 
   

 

Issued, called up and fully paid:

 

Number of

Share

 

 

 

shares

Capital

Premium

Euro 0.001 Ordinary Shares

   

Euro

Euro

At 30 June 2011

 

7

                 -  

-

Issued in period

 

53,308,500

53,308

1,308,102

   

As at 30 June 2012

 

53,308,507

53,308

1,308,102

   

At 1 July 2012

 

53,308,507

-

1,308,102

Issued in period

 

-

-

-

   

At 30 June 2013

 

53,308,507

53,308

1,308,102

   

   

 

       

Issued, called up and partly paid:

 

Number of

Share

Share

   

shares

Capital

Premium

One Euro A Ordinary Shares

   

At 30 June 2011

 

38,094

38,094

-

Issued in period

 

-

-

-

As at 30 June 2012

 

38,094

38,094

-

Issued in period

       

At 30 June 2013

 

38,094

38,094

-

   

"A" Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate ina distribution of assets of the company.

Information Only

The Directors are cognisant of their obligations under Rule 69 and Guidance Notes 69.1 and 69.2 of the ISDX Growth Market Rules for Issuers (9 July 2013). The Directors are currently reviewing other directorships of the current Board with a view to ensuring compliance with Rule 69 in advance of 9 January 2014.

The directors of the issuer accept responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Mr. Hugh Gibney
Tel. Ireland: +353 87 671 9332

LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
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About IMC Exploration

IMC Exploration Group plc (IMC) is currently listed on the London Stock Exchange market (Ticker: IMC). IMC has a Mineral Resource that is classified as ‘inferred’ and has been reported in accordance with the JORC Code (2012). IMC holds properties in southeast Ireland that are highly prospective for gold, copper and other base metals. These include the world famous historic Avoca copper mine.

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Contact details

IMC Exploration Group plc,
70 Ballybough Road,
Ballybough,
Dublin 3, Ireland

Telephone: +353 872819215
Email: info@imcexploration.com

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