APPENDIX 4D FULL REPORT TO THE AUSTRALIAN STOCK EXCHANGE

Transcription

1 APPENDIX 4D FULL REPORT TO THE AUSTRALIAN STOCK EXCHANGE Name of Entity Pocketmail Group Limited ABN Half year ended 31 December 2007 Previous corresponding period 31 December 2006 RESULTS FOR ANNOUNCEMENT TO THE MARKET $ Revenue from ordinary activities Loss from ordinary activities after tax attributable to members Net Loss for the period attributable to members Up 13% To 318,252 Down 123% To 391,502 Down 123% To 391,502 No interim dividend was paid and it is not proposed to pay any dividends.

2 Explanation of Revenue The Loss from ordinary activities before income tax expense includes the following revenue whose disclosure is relevant in explaining the financial performance of the entity: Half Year Ended 31 Dec 2007 $ Half Year Ended 31 Dec 2006 $ Revenues from ordinary Activities Revenue from services 268, ,440 Interest 49,264 24,657 Other revenue from ordinary activities - 98,000 Total revenue 318, ,097 Explanation of Net Loss During the year there was a loss of $391,502 attributable to the costs associated with the active exploration program of the uranium exploration projects through its wholly owned subsidiaries. The result for the half-year is in line with management and Board expectations. Current Period Previous Corresponding Period Net tangible assets per ordinary security $0.008 $0.001 Other matters There have been no entities over which control has been gained or lost during the period.

3 ABN HALF YEAR REPORT 31 DECEMBER 2007 This financial report covers the consolidated entity consisting of Pocketmail Group Limited and controlled entities. This Interim Financial Report should be read in conjunction with the company s annual report for the period ended 30 June

4 FINANCIAL REPORT for the half year ended 31 December 2007 ABN CORPORATE DIRECTORY... 3 DIRECTORS REPORT... 4 AUDITORS I DEPE DE CE DECLARATIO... 6 I COME STATEME T... 7 BALA CE SHEET... 8 CASH FLOW STATEME T... 9 STATEME T OF CHA GES I EQUITY OTES TO THE FI A CIAL STATEME TS DIRECTORS DECLARATIO I DEPE DE T REVIEW REPORT

5 CORPORATE DIRECTORY Directors Richard Poole (Chairman) Roger Steinepreis John Risinger (Managing Director) Mark Stevenson Philip Suriano Secretary David Macarthur Registered Office Level Bent Street SYDNEY NSW 2000 Telephone +(612) Facsimile +(612) Share Registry Computershare Investor Services Pty Limited Level 2, 45 St Georges Terrace PERTH WA 6000 Auditor Robert Nielson Partners Level 7, 280 George St Sydney NSW 2000 Stock Exchange Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000 ASX Code PKT (fully paid ordinary shares) 3

6 DIRECTORS REPORT The directors of Pocketmail Group Limited submit herewith the financial report for the half year ended 31 December In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Directors The names of the directors of the company during or since the end of the half year and up to the date of this report are: Mr RJ Poole (Chairman) Mr R Steinepreis Mr John Risinger (Managing Director) Mr Mark Stevenson Mr P Suriano The Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal Activity The principal activity of the Company during the financial year was the sale and marketing of Pocketmail mobile devices and the provision of the Pocketmail mobile service. There were no significant changes in the nature of the activities during the course of the half year. Dividends No dividends were paid or declared for payment during the financial year. Review of Operations The net loss from ordinary activities after income tax for the half year ended 31 December 2007 was $391,502 (December 2006: net loss $175,682 ). The loss from ordinary activities before income tax expense includes the following revenues whose disclosure is relevant in explaining the financial performance of the entity: Half Year Ended 31 Dec 2007 Half Year Ended 31 Dec 2006 Revenues from ordinary Activities Revenue from services 268, ,440 Revenue from use of Pocketmail Technology - - Interest 49,264 24,657 Other revenue from ordinary activities - 98,000 Total revenue 318, ,097 The increase in revenues reflects additional income generated through the provision of customer service support by the Pocketmail Group Limited on behalf of Pocketmail Inc. The Company currently still retains a licence to operate the Australian operations of the Pocketmail mobile service which is operated by the Company s wholly owned subsidiary, Pocketmail Operations Pty Ltd. This exclusive licence applies for a period of 10 years expiring in 2016 and also covers the territories of Singapore, Philippines, Malaysia, Indonesia and Thailand. The focus of the Company has been to consolidate the operations in Australia prior to reviewing and expanding into the other licence areas. The Company has also had discussions with other parties in respect of complementary businesses in both the internet and software industries. These discussions have to date not been successful for the Company. 4

7 DIRECTORS REPORT The Pocketmail product offering continues to operate with a continual decreasing subscriber base. The current subscriber base for Australia is approximately 1,682 subscribers. Revenue continues to be disappointing, and growth opportunities have not met expectations. Direct subscriber revenue has fallen over the recent period and this trend is expected to continue due to newer technologies entering the market. In addition to the Pocketmail operations, the Board of the Company has continued to invest in the uranium exploration project through its wholly owned subsidiaries Adavale Minerals Pty Ltd and Adavale Queensland Pty Ltd. The Company has engaged in an active exploration program on the prospects held including extensive fieldwork, surface sampling, a review of existing data, air photo interpretation, radio metrics and first stage drilling. The results have led the Board to decide that it is appropriate for the Company to focus its activities on uranium exploration, rather than the existing Pocketmail business and, accordingly, the approval of Shareholders is currently being sought to enable the Company to do so. The result for the half-year is in line with management and Board expectations. No matters or circumstances have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial years. Audit and non-audit services A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6. Signed in accordance with a resolution of directors. On behalf of the Directors RJ Poole Chairman Sydney, 25 th February

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9 I COME STATEME T for the half year ended 31 December 2007 ote Consolidated 31 Dec 2007 Consolidated 31 Dec 2006 Revenue from the sale of goods - - Revenue from the provision of services 268, ,440 Interest received 49,264 24,657 Expense recoupments - 98,000 Total Revenue 318, ,097 Advertising Administration fees 118,671 - Borrowing cost Cost of Goods Sold - - Depreciation and amortization expense 2,631 - Directors/related parties 204, ,500 Employment Expense 174, ,893 Insurance - - Legal 19,182 8,606 Merchant fees 1, Other expenses from ordinary activities 59,621 35,430 Premises 4,623 21,611 Share registry 65,038 38,687 Telecommunication expenses 45,864 45,213 Travel 12,461 - Adjustment to fair value - - Total expenses 709, ,779 Profit / (Loss) from ordinary activities before income tax expense (391,502) (175,682) Income tax expense relating to ordinary activities - - Profit / ( et Loss) from ordinary activities after related income tax (391,502) (175,682) Earnings Per Share: Basic (cents per share) 3 ($0.085) ($0.001) Diluted (cents per share) 3 ($0.085) ($0.001) The above Income Statement should be read in conjunction with the accompanying Notes 7

10 BALA CE SHEET as at 31 December 2007 ote Consolidated 31 Dec 2007 Consolidated 30 June 2007 CURRE T ASSETS Cash assets 3,441,256 3,000,576 Receivables 33,431 35,194 Other - 22,173 TOTAL CURRE T ASSETS 3,474,687 3,057,943 O CURRE T ASSETS Property, Plant and Equipment 16,969 12,633 Financial Assets - - Other 2 2,054,537 1,640,755 TOTAL O CURRE T ASSETS 2,071,506 1,653,388 TOTAL ASSETS 5,546,193 4,711,331 CURRE T LIABILITIES Payables 279, ,917 TOTAL CURRE T LIABILITIES 279, ,917 TOTAL LIABILITIES 279, ,917 ET ASSETS 5,266,767 4,553,414 EQUITY Contributed equity 31,091,995 29,987,140 Reserves 31,433 31,433 Accumulated losses (25,856,661) (25,465,159) TOTAL EQUITY 5,266,767 4,553,414 The above Balance Sheet should be read in conjunction with the accompanying notes 8

11 CASH FLOW STATEME T for the half year ended 31 December 2007 ote Consolidated 31 Dec 2007 Consolidated 31 Dec 2006 CASH FLOWS FROM OPERATI G ACTIVITIES Receipts from customers 294, ,440 Payments to suppliers and employees (587,176) (372,822) Interest received 49,127 24,657 Income taxes paid - - ET CASH FLOWS FROM OPERATI G ACTIVITIES (243,427) (189,725) CASH FLOWS FROM I VESTI G ACTIVITIES Purchase of property, plant and equipment (6,966) - Exploration costs paid (413,782) - ET CASH FLOWS FROM I VESTI G ACTIVITIES (420,748) - CASH FLOWS FROM FI A CI G ACTIVITIES Proceeds from issue of equity securities 1,104,855 - Payment for share issue costs - - Monies on loan - - Finance lease payments - - ET CASH FLOWS FROM FI A CI G ACTIVITIES 1,104,855 - ET I CREASE/(DECREASE) I CASH ASSETS HELD 440,680 (189,725) Cash assets at the beginning of the half year 3,000,576 1,291,489 Effects of exchange rate fluctuations on the balances of cash - Held in foreign currencies - CASH ASSETS AT THE E D OF THE HALF YEAR 3,441,256 1,101,764 This Cash Flow Statement should be read in conjunction with the accompanying notes 9

12 STATEME T OF CHA GES I EQUITY For the half year ended 31 December 2007 ote Share Capital $ Retained Profits $ Options Reserves $ Total $ Balance at 1 July ,252,737 (25,058,998) - 1,193,740 Profit/(loss) attributable to members of the entity - (175,682) - (175,682) Proceeds on issue of shares Balance at 31 December ,252,737 (25,234,679) - 1,018,058 Balance at 1 July ,987,140 (25,465,159) 31,433 4,553,414 Profit (Loss) attributable to members of the entity - (391,502) - (391,502) Proceeds on issue of shares 1,104, ,104,855 Balance at 31 December ,091,995 (25,856,661) 31,433 5,266,767 This Statement of Changes in Equity should be read in conjunction with the accompanying notes 10

13 OTES TO THE FI A CIAL STATEME TS for the half year ended 31 December BASIS OF PREPARATIO The half year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Accounting Standard AASB 134: Interim Financial Reporting, Urgent Issues Group Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2007 and any public announcements made by Pocketmail Group Limited and its controlled entities during the halfyear in accordance with continuous disclosure requirements arising under the Corporations Act The accounting policies have been consistently applied by the entities in the economic entity and are consistent with those applied in the 30 June 2007 annual report, with the exception of the additional policy outlined below in respect of inventory. The half-year report does not include full disclosures of the type normally included in an annual financial report. 2. OTHER O CURRE T ASSETS Consolidated 31 Dec 2007 Consolidated 30 June 2007 Exploration Licenses 1,499,799 1,499,799 Exploration expenditure capitalised - Exploration and evaluation phase 554, ,956 2,054,537 1,640, CO TI GE T LIABILITIES OR CO TI GE T ASSETS There are no contingent liabilities or contingent assets of the company at 31 December

14 NOTES TO THE FINANCIAL STATEMENTS for the half year ended 31 December SEGME T REPORTI G The Company operated in two business segments during the half year, being communication services and mining, both in one geographical area, being Australia. Half year ended 31 December 2007 Primary Reporting Business Segments Communication Services Mining Eliminations Consolidated External Segment Revenue 317, ,252 Segment Result (349,355) (42,147) - (391,502) Net Interest Expense - Profit from ordinary activities before (391,502) income tax Profit from ordinary activities after income tax (391,502) Half year ended 31 December 2006 Primary Reporting Business Segments Communication Services Mining Eliminations Consolidated External Segment Revenue 281, ,097 Segment Result (175,682) - - (175,682) Net Interest Expense - Profit from ordinary activities before (175,682) income tax Profit from ordinary activities after income tax (175,682) All segment assets are located in Australia. 12

15 NOTES TO THE FINANCIAL STATEMENTS for the half year ended 31 December SUBSEQUE T EVE TS No matters or circumstances have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial years. The directors note the change in name from Pocketmail Group Limited to Adavale Resources Limited at a general meeting held on 14 February

16 DIRECTORS DECLARATIO for the half year ended 31 December 2007 The directors declare that: (a) (b) the attached financial statements and notes thereto comply with AASB 134 Interim Reporting; the attached financial statements and notes thereto give a true and fair view of the financial position as at 31 December 2007 and the performance of the company for the half year ended on that date; In the directors opinion: (a) (b) the attached financial statements and the notes thereto are in accordance with the Corporations Act 2001; and there are reasonable grounds to believe that the consolidated entity will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act On behalf of the Directors RJ Poole Chairman Sydney, 25 th February

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