TIDMIMCP
Half Yearly Report
31 March 2014
IMC Exploration Group Plc
("IMC" or the "Company")
Unaudited Consolidated Interim Results for the six months ended 31st December 2013
Statement by the Board
Dear Shareholder,
The directors of IMC Exploration Group Plc are pleased to present the Unaudited Consolidated Interim Financial Results for ('IMC') for the six months to 31st December 2013.
IMC continued its exploration activities having identified gold and base metal drill targets in its Avoca Licences in Co. Wicklow and gold targets in its licence in Co. Wexford, Ireland as previously announced by the Company in 2013.
IMC recently concluded a convertible loan note funding arrangement, providing the Company with access to immediate working capital to enable it to continue its activities and the Company recently announced the completion of a share for share exchange agreement with Global Resource Investment Trust Plc ("GRIT"). GRIT has been established to exploit investment opportunities in the junior mining and natural resource sectors worldwide with an investment objective to generate medium and long term capital growth.
Your board anticipates that 2014 will be a significant year in the development of your company, as our independent commissioned works programmes progress. Over the coming months we will continue to build on the significant work already carried out to date.
Liam McGrattan
Chairman
/T/
Unaudited Consolidated Statement of Comprehensive Income
for the period ended 31 December 2013
Six Months Six Months Year Ended
Notes 31-Dec-13 31-Dec-12 30-Jun13
Euro Euro Euro
Continuing Operations
Revenue - - -
Other Income 1,017 5,193 11,699
---------------------------------------------
Administrative Expenses
(80,387) (170,235) (357,492)
---------------------------------------------
(Loss) before tax (79,369) (165,042) (345,793)
Income tax expense
- - (11,011)
---------------------------------------------
(Loss) for period from
continuing operations (79,369) (165,042) (356,804)
---------------------------------------------
Other Comprehensive
income - - -
---------------------------------------------
Loss for the period and
total comprehensive loss
for the period (79,369) (165,042) (356,804)
---------------------------------------------
Earnings per share (all
continuing)
Loss per ordinary share -
basic & diluted 1 (0.001) (0.003) (0.007)
---------------------------------------------
Unaudited Consolidated Statement of Financial Position
As At 31st December 2013
31-Dec-13 31-Dec-12 30-Jun-13
Note Euro Euro Euro
Non Current Assets 2 531,763 511,029 532,375
Current assets
Debtors 134,296 135,233 154,033
Cash and cash equivalents 2,033 303,414 52,991
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Total assets 668,091 949,676 739,399
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Equity and liabilities
Equity
"A" Ordinary Share
Capital 3 38,093 38,093 38,093
Ordinary Share Capital 3 53,309 53,309 53,309
Share Premium - Ord
Shares 3 1,308,102 1,308,102 1,308,102
Retained Earnings (823,455) (502,545) (744,086)
---------------------------------------------
Equity attributable to the
owners of the Company 576,049 896,959 655,418
---------------------------------------------
Current Liabilities
Trade & Other Payables 92,043 52,717 83,981
---------------------------------------------
Total liabilities 92,043 52,717 83,981
---------------------------------------------
Total equity and
liabilities 668,091 949,676 739,399
---------------------------------------------
Unaudited Consolidated Statement of Changes in Equity
for the period ended 31 December 2013
"A" Ordinary Ordinary Share
Share Share Premium Ord Retained
Capital Capital Shares losses Total
Euro Euro Euro Euro Euro
Balance at 30
June 2012 38,093 53,309 1,308,102 (387,282) 1,012,222
Loss for the
Period - - - (356,804) (356,804)
Other
comprehensive
loss for the
period - - - - -
------------------------------------------------------------
Total
Comprehensive
loss for the
period 38,093 53,309 1,308,102 (744,086) 655,418
------------------------------------------------------------
Issue of share
capital - - - - -
------------------------------------------------------------
Balance at 30
June 2013 38,093 53,309 1,308,102 (744,086) 655,418
------------------------------------------------------------
Loss for the
Period - - - (79,369) (79,369)
Other
comprehensive
loss for the
period - - - - -
------------------------------------------------------------
Total
Comprehensive
loss for the
period - - - (79,369) (79,369)
------------------------------------------------------------
Issue of share
capital - - - - -
Share Issue
costs - - - - -
------------------------------------------------------------
Balance at 31
December 2013 38,093 53,309 1,308,102 (823,455) 576,049
------------------------------------------------------------
/T/
Accounting policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis. The financial statements are presented in Euro.
(a) Statement of Compliance
The consolidated unaudited interim financial statements of IMC Exploration Group Plc and its subsidiary have not been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union ('EU'). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board ('IASB').
NOTES TO AND FORMING PART OF THE INTERIM 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:
/T/
31-Dec-13 31-Dec-12 30-Jun-13
Euro Euro Euro
Loss for the period
attributable to equity holders
of the parent 79,369 165,042 356,804
---------------------------------------------
Weighted average number of
ordinary shares for the
purposes of basic earnings per
share 53,128,507 45,560,330 53,128,507
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Basic (loss) per ordinary share (0.001) (0.003) (0.007)
---------------------------------------------
2. Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Cost Euro Euro Euro Euro
At 30 June 2012 357,802 4,925 - 362,727
Additions 166,922 1,200 38,738 206,861
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At 30th June 2013 524,724 6,125 38,738 569,588
Additions - - - -
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At 31 December 2013 524,724 6,125 38,738 569,588
(MORE TO FOLLOW) Dow Jones Newswires
March 31, 2014 02:00 ET (06:00 GMT)
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Provision for diminution
in value
At 30 June 2012 - (985) - (985)
Charge for period - (1,225) (35,002) (36,227)
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At 30th June 2013 - (2,210) (35,002) (37,212)
Charge for period - (613) - (613)
----------------------------------------------------
At 31 December 2013 - (2,823) (35,002) (37,825)
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Net book value
At 31 December 2013 524,724 3,302 3,736 531,763
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/T/
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 31 December 2013. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group's licence areas.
/T/
3. Share capital - Group and
Company 31-Dec-13 31-Dec-12 30-Jun-13
Authorised equity Euro Euro Euro
200,000,000 Ordinary shares of
Euro 0.001 each 200,000 200,000 200,000
50,000 "A" Ordinary of one euro 50,000 50,000 50,000
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250,000 250,000 250,000
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Issued, called up and fully
paid: Number of Share
shares Capital Premium
Euro 0.001 Ordinary Shares Euro Euro
At 30 June 2012 53,308,507 53,309 1,308,102
Issued in period - - -
---------------------------------------------
As at 30 June 2013 53,308,507 53,309 1,308,102
Issued in period - - -
---------------------------------------------
As at 31 December 2013 53,308,507 53,309 1,308,102
---------------------------------------------
Issued, called up and partly
paid: Number of Share Share
shares Capital Premium
One Euro A Ordinary Shares Euro Euro
At 30 June 2012 38,093 38,093 -
Issued in period - - -
---------------------------------------------
As at 30 June 2013 38,093 38,093 -
Issued in period - - -
---------------------------------------------
As at 31 December 2013 38,093 38,093 -
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/T/
"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 in a distribution of assets of the company.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
This email address is being protected from spambots. You need JavaScript enabled to view it.
IMC EXPLORATION GROUP PLC
(END) Dow Jones Newswires
