RESOURCE FINANCE PLC

Transcription

1 TIGERReport RESOURCE FINANCE PLC Interim for the six months ended 30 June 2012 Interim Financial Statements tiger resource finance plc interim report june 2013 for the six months ended 30 June

2 Operations Review Net asset value per share at 30 June p (30 June p) Total assets of 3.5 million as at 30 June 2013 (30 June million) A difficult market in the first half of the year saw the Company reporting a post tax profit of 31,989 (2012: 298,205). Unrealised losses in several stocks increased during the period following share price falls across the portfolio. The period under review has not changed from previous reports issued over the last three years. The investment world has turned its back on commodity driven small companies and small cap stocks have continued to suffer major value loss, irrespective of their underlying fundamentals. The disenchantment with small cap resource companies is to a certain extent also being shared by the majors and many large mining companies have also suffered from internal upheaval often resulting in material write down of assets and restructured boards. The bull run in larger cap stocks is still gathering momentum, although share price appreciation has more recently been challenged by the threatened tapering of monthly bond purchases by the US treasury. We do not necessarily see this as a major issue, since the fundamentals for the tapering programme suggest that recovery is well on its way. Similarly in Europe, economic fundamentals are improving but not at the speed we would all like to see. Historically, at this juncture in the cycle we would reasonably expect price earnings ratios to be driven up to the point where investors start bottom fishing for better value. This is yet to happen but we do see signs of history repeating itself. The recent change in legislation allowing the inclusion of AIM quoted stocks in ISA portfolios has been a major step in encouraging investment in smaller company stocks. Our proactive investment in Xtract Resources PLC is showing signs of appreciation; the company recently appointed Jan Nelson, the previous Chief Executive Officer of Pan African Resources PLC as its Chief Executive Officer. African Pioneer PLC is now positioned to take on new investments and the third entity incorporated as part of the pro-active strategy, Sovereign Energy PLC is currently in the embryonic stage. Whilst it is difficult to be optimistic, when surrounded by negative influences, your board maintains a positive outlook towards Tiger s business plan and we are particularly directed toward proactive investment. By Order of the Board 24 September 2013 tiger resource finance plc interim report june

3 Portfolio Holdings as at 30 June 2013 Investments Number Cost Valuation African Eagle Resources PLC 1,241, ,264 1,551 Anglo American PLC 11, , ,590 Ascent Resources PLC 9,642, ,824 79,554 Astar Minerals PLC 4,000, ,635 5,000 Aurum Mining PLC 8,333, , ,333 BP PLC 58, , ,045 ETFS Physical Platinum 2, , ,424 Jubilee Platinum PLC 1,169, ,219 68,714 New World Oil and Gas PLC 5,000, ,218 33,750 Northern Petroleum PLC 294, ,519 89,706 PanContinental Oil and Gas PLC 885,714 97,827 26,633 Papua Mining PLC 230, , ,500 Petroceltic International PLC 1,666, ,593 91,297 Praetorian Resources PLC 4000, ,218 86,000 Sovereign Mines of Africa PLC 2,000, ,000 42,500 Sunrise Resources PLC 665,000 6,650 3,491 Taipan Resources Inc. 310,000 98,262 45,555 Tertiary Minerals PLC 1,330, ,700 64,838 Trap Oil PLC 330, ,660 35,888 U3O8 Holdings PLC 4,166, ,000 - Union Med Tech PLC 625,000 37,500 9,063 Vatukoula Gold Mines PLC 150, ,500 9,368 Wentworth Resources PLC 220, , ,217 Total 3,517,504 1,799,017 Note: 1) The Company also holds an investment in Xtract Resources Plc. This investment has been classified as a Financial Asset at Fair Value through Profit or Loss and is valued at 810,344 on 30 June ) The Company incubated a subsidiary company, African Pioneer Plc in Tiger currently holds 57,000,002 shares in African Pioneer Plc which trades on ISDX and are valued at 1 pence per share on 30 June ) The Company s investments in Xtract Resources Plc and African Pioneer Plc are not included in the investment table shown above. tiger resource finance plc interim report june

4 Statement of Comprehensive Income for the six months ended 30 June 2013 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 June June Dec 12 Profit/(loss) on sale of available for sale assets - 550, ,872 Income: Investment income 10,846-8,483 Unrealised gain on financial assets at fair value through profit and loss 327, ,759 Interest receivable 3,191 8,313 13,253 Administrative expenses (197,369) (196,389) (477,027) Impairment (112,264) - (244,905) PROFIT/(LOSS) BEFORE TAXATION 31, , ,435 Taxation - (64,591) (3,700) PROFIT/(LOSS) FOR THE PERIOD 31, , ,735 Other Comprehensive Income Available-for-sale financial assets unrealised (loss) (869,238) (209,491) (666,398) Reclassification to profit or loss - (298,179) (298,179) Transfer to Impairment 112, ,905 Tax relating to components of other comprehensive income - 126,454 32,292 OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX (756,974) (381,216) (687,380) TOTAL COMPREHENSIVE PROFIT/ (LOSS) FOR THE PERIOD (724,985) (83,011) (507,645) Profit/(loss) for the period attributable to: Shareholders of the Company 49, , ,902 Non-controlling interest (17,651) - (39,167) 31, , ,735 Basic earnings per share 0.04p 0.24p 0.17p Diluted earnings per share 0.04p 0.24p 0.17p All profits are derived from continuing operations. tiger resource finance plc interim report june

5 Statement of Financial Position as at 30 June 2013 (Unaudited) (Unaudited) (Audited) Group Company Group 30 June June Dec 12 NON CURRENT ASSETS Financial assets at fair value through profit or loss 810, ,759 Available-for-sale investments 1,799,017 2,726,463 2,668,255 Deferred tax asset - 94,162-2,609,361 2,820,625 3,151,014 CURRENT ASSETS Trade and other receivables 73, ,997 53,020 Cash and cash equivalents 810,666 1,480,298 1,066, ,230 1,697,295 1,119,908 TOTAL ASSETS 3,493,591 4,517,920 4,270,922 EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO SHAREHOLDERS Share capital 1,428,319 1,428,319 1,428,319 Share premium 1,597,231 1,597,231 1,597,231 Other components of equity (131,195) 931, ,779 Retained earnings 426, , ,749 EQUITY ATRIBUTABLE TO THE OWNERS 3,320,744 4,413,545 4,028,078 Equity interest of non-controlling interest 136, ,833 TOTAL EQUITY 3,456,926 4,413,545 4,181,911 NON CURRENT LIABILITES Deferred tax liabilities CURRENT LIABILITIES Trade and other payables 32,980 39,799 85,324 Corporate tax payable 3,685 64,576 3,687 36, ,375 89,011 TOTAL LIABILITIES 36, ,375 89,011 TOTAL EQUITY AND LIABILITIES 3,493,591 4,517,920 4,270,922 tiger resource finance plc interim report june

6 Statement of Changes in Equity as at 30 June 2013 Other components of equity Share Share Capital Other Available- Share Retained Non- Total capital premium redemption reserves for-sale based earnings controlling reserve financial reserves interest assets As at 1 January ,270,719 1,557,831 1,100,000 (32,292) 115, , ,847 4,299,556 Changes in equity Available-for-sale financial assets Current period gains (losses) (209,491) (209,491) Reclassification to profit or loss (298,179) (298,179) Tax relating to components of other comprehensive income , ,454 Profit (loss) for the period , ,205 Total comprehensive income and expense for the period ,454 (507,670) - 298,205 - (83,011) Reserve movements Share options exercised 157,600 39, ,000 As at 30 June ,428,319 1,597,231 1,100,000 94,162 (392,337) 130, ,052-4,413,545 Changes in equity Available-for-sale financial assets Current period gains (losses) (456,907) (456,907) Profit (loss) for the period (94,162) - - (79,303) 39,167 (134,298) Transfer to impairment , ,905 Acquisition of subsidiary , ,666 Total comprehensive income and expense for the period (94,162) (212,002) (79,303) 153,833 (231,634) Reserve movements As at 31 Dec ,428,319 1,597,231 1,100,000 - (604,339) 130, , ,833 4,181,911 Changes in equity Available-for-sale financial assets Current period gains (losses) Transfer to impairment , ,264 Profit (loss) for the period ,640 (17,651) 31,989 Total comprehensive income and expense for the period (756,974) - 49,640 (17,651) (724,985) Reserve movements As at 30 June ,428,319 1,597,231 1,100,000 - (1,361,313) 130, , ,182 3,456,926 tiger resource finance plc interim report june

7 Cash Flow Statement for the six months ended 30 June 2013 CASH FLOW FROM OPERATIONS (Unaudited) (Unaudited) (Audited) 30 June June Dec 12 Profit/(loss) before taxation 31, , ,435 Adjustment for: Investment in subsidiary ,000 Interest received (3,191) - (13,253) Dividends received (10,846) - (8,483) Operating profit/(loss) before movement in working capital 17, , ,699 (Increase)/Decrease in receivables (20,544) (203,344) (39,367) Increase/(Decrease) in payables (52,347) (22,506) 23,021 Adjustment for (profit)/loss on sale of available for sale assets - (550,872) (550,872) Transfer to impairment 112, ,905 Increase in value of financial assets at fair value through profit or loss (327,584) - (332,759) NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES (270,259) (413,926) (300,373) TAXATION PAID - - CASH FLOW FROM INVESTING ACTIVITIES Sale of assets available for sale - 765, ,642 Purchase of assets available for sale - (1,106,953) (1,505,652) Investment in investments designated as at fair value through profit or loss - - (150,000) Interest received 3,191-13,253 Dividends received 10,846-8,483 NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES 14,037 (341,311) (868,274) CASH FLOW FROM FINANCING ACTIVITIES Purchase of shares (through exercise of share options) - 197, ,000 NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES - 197, ,000 Net increase/(decrease) in cash and cash equivalents in the period (256,222) (558,237) (971,647) Cash and cash equivalents at the beginning of the period 1,066,888 2,038, ,535 Cash and cash equivalents at the end of the period 810,666 1,480,298 1,066,888 tiger resource finance plc interim report june

8 Notes Selected notes to the consolidated financial statements For the six months ended 30 June Basis of preparation The financial statements have been prepared under the historical cost convention except for the measurement of certain non-current asset investments at fair value. The measurement bases and principal accounting policies of the Group are set out below. The financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. These interim financial statements for the period ended 30 June 2013 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December As permitted, the Group has chosen not to adopt IAS 34 Interim Financial Reporting. 2 Earnings Per Share Unaudited Unaudited Audited 6 months to 6 months to Year ended Basic 30 June June December 2012 Profit after tax for the purpose of earnings per share 49, , ,902 Weighted average number of shares 138,331, ,898, ,898,405 Basic earnings per ordinary share 0.04p 0.24p 0.17p Diluted Profit after tax 49, , ,902 Weighted average number of shares 138,331, ,898, ,898,405 Diluted effect of options Diluted weighted average number of shares 138,331, ,898, ,898,405 Diluted earnings per ordinary share 0.04p 0.24p 0.17p 3 Investments in Financial Assets at Fair Value through Profit or Loss On 10 September 2012, Tiger Resource Finance PLC acquired 14.9 % of the voting rights of Xtract Resources PLC (formally Xtract Energy PLC,) a UK based natural resources exploration company quoted on AIM (XTR). The acquisition of the 344,827,584 shares in Xtract Resources PLC was paid for in cash at pence per Ordinary share. The investment has been revalued to fair value at year end to reflect the market value of 0.14 pence per share and at 30 June 2013 to reflect the market value of 0.23 pence. tiger resource finance plc interim report june

9 Unaudited Audited 30 June December 2012 At 1 January 482,759 - Additions - 150,000 Adjustment to fair value 327, ,759 At 30 June 2013/31 December , ,759 4 Deferred Tax On 30 June 2012 deferred tax asset of 94,162 was recognised arising from unrealised losses relating to available for sale assets. As at 30 June 2013 and 31 December 2012 the deferred tax asset has been netted off with the deferred tax liability arising from the unrealised gain relating to the Xtract Resources PLC investment resulting in a net deferred tax asset. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future. 5 Called Up Share Capital The share capital of Tiger Resource Finance PLC consists only of fully paid ordinary shares with a nominal value of 1p each. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders meeting of Tiger Resource Finance PLC. Unaudited Unaudited Unaudited Unaudited Audited Audited 30 June 30 June 30 June 30 June 31 December 31 December Number Number Number Authorised: 1,000,000,000 ordinary shares 1p each 1,000,000,000 10,000,000 1,000,000,000 10,000,000 1,000,000,000 10,000,000 At 1 January 142,831,939 1,428, ,071,939 1,270, ,071,939 1,270,719 Issued/(cancelled) during the year ,760, ,600 15,760, ,600 Shares in issue at 31 December 2012 /30 June ,831,939 1,428, ,831,939 1,428, ,831,939 1,428,319 Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of 45,000 held by the Company in treasury. On 28 May 2012 the Company issued and allotted 15,760,000 new Ordinary shares of 1p each as a result of the exercise of options. Bruce Rowan and Colin Bird, both directors of the Company, exercised 10,000,000 and 5,760,000 options respectively at a strike price of 1.25 pence per ordinary share. 6 Post-reporting date No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials. tiger resource finance plc interim report june