Interim Results to 30 June 2017

LONDON NUSANTARA PLANTATIONS PLC

(â€œLondon Nusantaraâ€ or the â€œCompanyâ€)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017

CHIEF EXECUTIVE OFFICERâ€™S STATEMENT

I am pleased to announce our fourth interim financial results since the Companyâ€™s successful flotation on the NEX Exchange Growth Market on 30 June 2014. On 29 May 2017, the company completed its disposal of its initial investment in 404 hectares of land for an annualised gross return of 8.1%.

Currently we are targeting to acquire an equity interest in oil palm estates and mills that are revenue generating. We are expanding our investment search geographically to include parts of Sumatera and Kalimantan, Indonesia where a number of opportunities have arisen. The Company intends to fund these acquisitions by raising capital through a mixture of debt and equity coupled with a collaboration or joint-venture strategy with a suitable partner.

FINANCIALS

The interim results for the six months ended 30 June 2017 show a consolidated loss of Â£53,822 mainly due to the costs associated with maintaining the listing status, which is made up of administrative fees, retainers to advisors and operational expenditure.

On the 5^th of July 2017, Mr Hussin Abdul Jalil our Non Executive Director submitted his resignation from the Board of Directors of LNP due to medical reasons. No new appointments have been made since his resignation. The CEO will take on the role as the plantation specialist given his exposure in the industry for more than 15 years.

The financial information for the six months ended 30 June 2017 has not been audited, but has been reviewed by the Companyâ€™s auditors, UHY Hacker Young LLP.

M Subramaniam

Chief Executive Officer

29 September 2017

The Directors of the Company accept responsibility for the contents of this announcement.

For further information please contact:

The Company

LONDON NUSANTARA PLANTATIONS PLC

Manichelvam Subramaniam, Chief Executive Officer +60 3 2727 1889

Simon Rothschild, Non-executive Director +44 7703 167 065

NEX Exchange Corporate Adviser +44 (0)20 7469 0930

PETERHOUSE CORPORATE FINANCE LIMITED

Mark Anwyl/Guy Miller

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2017


		6 Months ended	6 Months ended
		30-Jun	30-Jun
		2017	2016
		(Unaudited)	(Unaudited)
	Notes	Â£	Â£


Revenue		-	-

Cost of sales		-	-
		________	_________

Gross profit			-

Administration expenses		-67,137	-28,318
		________	_________

Operating loss		-67,137	-28,318

Finance income	4	1,021	2,946
Gain on disposal of investment	5	12,294	-
		________	_________

Loss before taxation		-53,822	-25,372

Taxation	6	-	-
		________	_________
Loss for the year		-53,822	-25,372

Other comprehensive income		-	-
		________	_________

Total comprehensive loss		-53,822	-25,372
		========	========

Loss attributable to:

Equity holders of the company		-53,822	-25,372
		========	========

Loss per share	7	(0.03)p	(0.01)p
		========	========

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017


		30-Jun	31-Dec
		2017	2016
		(Unaudited)	(Audited)
	Notes	Â£	Â£

Non-Current Assets
Office equipment	8	112	151
Investments	9	-	111,772
		________	________
Total non-current assets		112	111,923
		________	________

Current assets
Receivables	10	2,522	24
Cash and cash equivalents	11	129,105	82,633
		________	________
Total current assets		131,627	82,657
		_________	________

Total assets		131,739	194,580
		_________	________

Current liabilities
Accruals	12	-6,932	-15,951
		_________	_________
Total liabilities		-6,932	-15,951
		_________	________
Net assets		124,807	178,629
		========	========

Capital and reserves
Share capital	13	669,438	669,438
Retained losses		-544,631	-490,809
		_________	________
Total equity		124,807	178,629
		========	========

The unaudited financial information of London Nusantara Plantations PLC, registered number 009753V (Isle of Man), were approved by the Board of Directors and authorised for issue on 29 September 2017. They were signed on its behalf by:

M Subramaniam

Director

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017


		30-Jun	31-Dec
		2017	2016
		(Unaudited)	(Audited)
	Notes	Â£	Â£

Non-Current Assets
Office equipment	8	112	151
Investments	9	182	111,954
		_________	_________
Total non-current assets		294	112,105
		_________	_________

Current assets
Amounts receivable from related parties	10	192	862
Prepayments, advances and deposits	10	1,360	24
Receivables from third party	10	1,123	-
Cash and cash equivalents	11	128,610	81,969
		_________	_________
Total current assets		131,285	82,855
		_________	_________

Total assets		131,579	194,960
		_________	_________

Current liabilities
Accruals	12	-6,827	-15,837
Payables to related parties	12	-318	-
		_________	_________
Total liabilities		-7,145	-15,837
		_________	_________
Net assets		124,434	179,123
		========	========

Capital and reserves
Share capital	13	669,438	669,438
Retained losses		-545,004	-490,315
		_________	_________
Total equity		124,434	179,123
		========	========

M Subramaniam

Director

LONDON NUSANTARA PLANTATIONS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2017

	6 Months ended	6 Months ended
	30-Jun	30-Jun
	2017	2016
	(Unaudited)	(Unaudited)
	Â£	Â£

Cash flow from operating activities
Loss for the year	-53,822	-25,372

Adjusted for:
Depreciation	39	40
Interest received	-1,021	-2,946
Gain on disposal of investment	-12,294	-
Increase in receivables	-2,498	-693
Decrease in payables	-9,019	-3,537
	_________	_________
Net cash outflow from operating activities	-78,615	-32,508
	_________	_________

Cash flow from investing activities
Interest received	1,021	2,946
Sale of investment	124,066	-
	_________	_________
Net cash inflow from investing activities	125,087	2,946
	_________	_________

Net increase/(decrease) in cash and cash equivalents	46,472	-29,562
Cash and cash equivalents at the beginning of the period	82,633	191,097
	_________	_________
Cash and cash equivalents at the end of the period	129,105	161,535
	========	========

COMPANY STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2017

	6 Months ended	6 Months ended
	30-Jun	30-Jun
	(Unaudited)	(Unaudited)
	2017	2016
	Â£	Â£

Cash flow from operating activities
Loss for the period	-54,689	-28,318

Adjusted for:
Depreciation	39	40
Interest received	-1,021	-
Gain on disposal of investment	-12,294	-
Increase in receivables	-1,789	-693
Decrease in payables	-8,692	-3,537
	_________	__________
Net cash outflow from operating activities	-78,446	-32,508
	_________	__________

Cash flow from investing activities
Interest received	1,021	2,946
Sale of investment	124,066	-
	_________	__________
Net cash inflow from investing activities	125,087	2,946
	_________	___________

Net increase/(decrease) in cash and cash equivalents	46,641	-29,562
Cash and cash equivalents at the beginning of the period	81,969	191,097
	_________	__________
Cash and cash equivalents at the end of the period	128,610	161,535
	========	=========

STATEMENTS OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2017


Group	Share	Retained	Total
	capital	losses	equity
	Â£	Â£	Â£

As at 1 January 2016	669,438	-377,371	292,067
Loss for the year	-	-113,438	-113,438
	_________	_________	_________

At 31 December 2016	669,438	-490,809	178,629
	========	========	========

As at 1 January 2017	669,438	-490,809	178,629
Loss for the period	-	-53,822	-53,822
	_________	_________	_________

At 30 June 2017	669,438	-544,631	124,807
	========	========	========



Company	Share	Retained	Total
	capital	losses	equity
	Â£	Â£	Â£

As at 1 January 2016	669,438	-377,371	292,067
Loss for the year	-	-112,944	-112,944
	_________	_________	_________

At 31 December 2016	669,438	-490,315	179,123
	========	========	========

As at 1 January 2017	669,438	-490,315	179,123
Loss for the period	-	-54,689	-54,689
	_________	_________	_________

At 30 June 2017	669,438	-545,004	124,434
	========	========	========

NOTES TO THE FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 JUNE 2017

Significant accounting policies

Basis of preparation

This interim financial information for the six months ended 30 June 2017 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006 (Isle of Man). The Board of Directors approved it on 29 September 2017.

The figures for the year ended 31 December 2016 have been extracted from the statutory accounts which have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, (â€œIFRSâ€) and which have been reported on by the companyâ€™s auditor. The auditorâ€™s report on those financial statements was unqualified.

The half-year report and financial information has been prepared in accordance with the requirements of IAS 34 â€œInterim financial reportingâ€.

The half-year financial report does not include all notes of the type normally included in the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the group as the full financial report.

The financial information has been prepared on the historical cost basis. The accounting policies and methods of computation adopted in the companyâ€™s preparation of the half-year financial report are consistent with those adopted and disclosed in the financial statements for the year ended 31 December 2016 and those expected to be used for the year ending 31 December 2017. The principal accounting policies adopted are set out below.

Going concern

Having reviewed the companyâ€™s forecasts, the directors believe that the company is well placed to manage its business risks successfully. Thus, they have adopted the going concern basis in preparing this interim financial information.

1.3 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

All business combinations are accounted for using the acquisition method of accounting.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

1.4 Foreign currencies

The results and financial position of the company are expressed in Pounds Sterling (Â£) which is the presentation currency for the company financial statements. The functional currency of the company is the Malaysian Ringgit (RM) which is the currency of the environment in which the company principally operates. At the end of the period, the exchange rate applying to these financial statements was Â£1 = RM5.5781

The assets and liabilities of the companyâ€™s foreign operations are translated at exchange rates prevailing on the date of the accounts. Income and expense items are translated at exchange rates ruling at the date of the transactions. Exchange differences arising, if any, are classified as income or as expenses in the period in which they arise.

1.4 Investments

Investments are stated at cost less any provision for impairment.

1.5 Trade and other receivables

Trade and other receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade and other receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the assetsâ€™ carrying amount and the recoverable amount. Provisions for impairment of receivables are included in the income statement.

1.6 Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the company prior to the financial year, which are unpaid. Current liabilities represent those amounts falling due within one year.

1.7 Taxation

Deferred tax is provided in full using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination, which at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset is realised or when the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

2. Critical accounting judgements and estimates

The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on managementâ€™s best knowledge of current events and actions, actual results ultimately may differ from those estimates. Management believes that there are no areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates are significant to these financial statements.

3. Segmental information

The groupâ€™s assets and activities are based in Malaysia within the palm oil investment sector. This is the only business segment in which the group operates as identified by management

4. Finance income 6 Months ended 6 Months ended

30 June 30 June

2017 2016

Â£ Â£

Bank interest received 1,021 2,946

======== ========

5. Gain on disposal of investment

This gain representing the gain derived from the disposal of the investment in Next Oasis, which was disposed of during the financial period for Â£124,066 (Refer Note 10).

6. Taxation 6 Months ended 6 Months ended

30 June 30 June

2017 2016

Â£ Â£

Current tax - -

Deferred tax - -

======== ========

No reconciliation of the factors affecting the tax charge has been presented as the company is incorporated in the Isle of Man which has a corporation tax rate of 0%.

7. Loss per share

The basic loss per share for the period of 0.03p (2016 - 0.01p) is calculated by dividing the loss for the period by the weighted average number of ordinary shares in issue of 180,458,336 (2016 â€“ 180,458,336).

8. Office equipment

Group and company Office

equipment

Â£

Cost

At 1 January 2016 and 30 June 2017 315

_________

Depreciation

At 1 January 2016 85

Charge for the year 79

_________

At 1 January 2017 164

Charge for the period 39

_________

At 30 June 2017 203

_________

Net book value

At 31 December 2016 151

========

At 30 June 2017 112

========

9. Investments

Group Unlisted

investments

Â£

Cost

At 1 January 2016 and 1 January 2017 111,772

Disposal (111,772)

_________

At 30 June 2016 -

_________

Net book value

At 30 June 2016 111,772

========

At 30 June 2017 -

========

During the financial period, the company entered into a Share Sale Agreement for the disposal of the investment in Next Oasis Sdn Bhd for an amount of Â£124,066.

9. Investments (continued)

Company Unlisted Shares in Total

investments subsidiary

undertakings

Â£ Â£ Â£

Cost

At 1 January 2016 111,772 - 111,772

Additions - 182 182

_________ _________ _________

At 1 January 2017 111,772 182 111,954

Disposals (111,772) - (111,772)

_________ _________ _________

At 30 June 2016 - 182 182

_________ _________ _________

Net book value

At 30 June 2016 111,772 182 111,954

======== ======== ========

At 30 June 2017 - 182 182

======== ======== ========

10. Receivables

Group 30 June 31 December

2017 2016

(Unaudited) (Audited)

Â£ Â£

Prepayments, advances and deposits 2,522 24

_________ _________

2,522 24

======== ========

Company 30 June 31 December

2017 2016

(Unaudited) (Audited)

Â£ Â£

Amounts due from related parties 192 862

Prepayments, advances and deposits 1,360 24

Receivables from third parties 1,123 - _________ ________

2,675 886

======== ========

11. Cash and cash equivalents

Cash and cash equivalents comprise cash held at bank. The carrying amount of these assets is approximately equal to their fair value.

12. Payables

Group 30 June 31 December

2017 2016

(Unaudited) (Audited)

Â£ Â£

Accruals 6,932 15,951

_________ _________

6,932 15,951

======== ========

Company 30 June 31 December

2017 2016

(Unaudited) (Audited)

Â£ Â£

Accruals 6,827 15,837

Amounts due to related parties 318 - _________ _________

7,145 15,837

======== ========

13. Share capital Number of Number of

shares shares

30 June 31 December

2017 2016

(Unaudited) (Audited)

Authorised:

500,000,000 Ordinary Shares of Â£nil par value 500,000,000 500,000,000

Allotted and called up and fully paid:

Ordinary Shares 180,458,336 180,458,336

======== ========

14. Related party transactions

Amounts due from related parties at the year-end are receivable from the wholly owned subsidiary company Lonnus (M) Sdn Bhd.

Amounts due to related parties at the year-end are payable to the directors for expenses incurred on behalf of the Company.

15. Subsequent events

Save for the resignation of Mr Hussin Abdul Jalil from the Board of Directors on 5^th. July 2017, no significant event has taken place since 30 June 2017 up to the date of the release of this interim report.

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