IMC Exploration Group Plc: Unaudited consolidat...

27 November 2013

IMC Exploration Group Plc
("IMC" or the "Company" or the "Group")

Unaudited consolidated preliminary financial statements
Year ended 30 June 2013

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 in a 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: [phone]

Mr. Hugh Gibney
Tel. Ireland: [phone]

Corporate Adviser
William Albert Securities Limited
Mr. Albene Mendy
Tel.[phone]
[e-mail]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IMC Exploration Group Plc via Globenewswire

HUG#1746032