Final results for the year ended 31 December 2018

RNS Number : 2653B

UAE Oil Services PLC

05 June 2019

 

UAE Oil Services Plc

("UAE Oil" or the "Company")

Final results for the year ended 31 December 2018

UAE Oil announces its final audited results for the period ended 31 December 2018, extracts of which have been included below. The Annual Report will be sent to Shareholders today and will be available to view on the Company's website in due course at the following link http://www.uaeoilservices.com/content/investors/annual-reports.asp 

Enquiries:

UAE Oil Services Stephen Smedley Nils Trulsvik (Chairman)	www.uaeoilservices.com [e-mail]
WH Ireland (Broker) James Joyce / Jessica Cave / James Sinclair-Ford	++44 (0) 20 7220 1666
Walbrook PR (PR advisers) Paul McManus / Nick Rome	Tel: [phone] or [e-mail]

Chairman's Statement

On behalf of the Board of directors, it is my privilege to present the financial statements of UAE Oil Services Plc (the "Company" or "UAE Oil") for the period 3 January to 31 December 2018.

During the financial period, the Company reported a net loss of £779,732 (0.77.9p per share). The majority of this loss can be attributed to legal and professional fees. As at 31 December 2018, the Company had cash balance of £346,486.

The Company was incorporated on 3 January 2018 with the intention of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus on the United Arab Emirates.

During the financial period, the Company was admitted to the official list by way of standard listing to trade on the London Stock Exchange.

On 17 August 2018, the Company announced a potential acquisition of the OBN Group and as a result suspended trading in its shares. As of 31 December 2018, the acquisition had not yet taken place but it is the intention of the board to complete this as soon as possible.

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

Nils Trulsvik

Chairman

Operational and Financial Review

During the financial period, the operational activities of the Company were to source suitable opportunities and, once opportunities have been identified, to carry out due diligence on the target companies following advice from its professional advisors.

The Directors believe there is sufficient financial resources in order to complete the acquisition of OBN Group. However, other opportunities will be considered if they meet the strategic objectives of the Company.

Statement of Comprehensive Income

for period ended 31 December 2018

	Period ended 31 December 2018
	£
Directors' remuneration Administrative expenses	(52,800) (59,428)
Legal and professional fees	(667,504)
Operating loss	(779,732)
Interest payable and similar charges	-
Loss before taxation	(779,732)
Taxation	-
Loss for the period	(779,732)
Other comprehensive loss for the period	-
Total comprehensive loss for the period attributable to the equity owners	(779,732)
Loss per share
Basic and diluted (pence per share)	(1.1)

Statement of Financial Position

as at 31 December 2018

	As at 31 December 2018
Assets	£
Current assets
Cash and cash equivalents	346,486
Total current assets	346,486
Total assets	346,486
Equity and liabilities
Capital and reserves
Share capital	1,000,000
Accumulated losses	(779,732)
Total equity	220,268
Liabilities
Current liabilities
Other payables	126,218
Total liabilities	126,218
Total equity and liabilities	346,486

Statement of Changes in Equity

For the period ended 31 December 2018

	Share capital		Accumulated losses		Total
	£		£		£
Shares issued on incorporation	100		-		100
Loss for the period	-		(779,732)		(779,732)
Total comprehensive loss for the period	-		(779,732)		(779,632)
Issue of ordinary shares	999,900		-		999,900
As at 31 December 2018	1,000,000		(779,732)		220,268

Statement of Cash Flows

for the period ended 31 December 2018

	Year ended 31 December 2018
	£
Cash flow from operating activities
Operating loss	(779,732)
Changes in working capital
Increase in trade and other payables	126,218
Net cash used in operating activities	(653,514)
Cash flows from financing activities
Proceeds from issuance of shares net of issue costs	1,000,000
Net cash generated from financing activities	1,000,000
Increase in cash and cash equivalents	346,786
Cash and cash equivalents at beginning of the period	-
Cash and cash equivalents at end of the period	346,786

Financial information

This announcement does not constitute the Company's statutory accounts. The financial information for the year ended 31 December 2018 within this announcement is derived from the statutory accounts for the same year, which will be delivered to the registrar of companies.

The above information should be read together with the full report and accounts and notes to the accounts which form an integral part of the financial statements.

 

END

 

 

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