Interim Results
Global Coal Management PLC
16 March 2007
GLOBAL COAL MANAGEMENT PLC (Formerly Asia Energy plc) (AIM: GCM)
Interim Report for the six months ended December 31 2006
It has been an exciting period for Global Coal Management plc (GCM). We have
acquired some new additions to the Company's portfolio, whilst witnessing many
dynamic changes in the political and investment climate in Bangladesh.
In January 2007 the Company's name changed to Global Coal Management plc. The
name better reflects the global strategy of the Company and the broadening of
our investment portfolio.
While the political situation in Bangladesh remains uncertain, there is general
optimism in the business community that the current Caretaker Government will
take this opportunity to address the critical issues facing the country today.
This includes the key issue of power supply.
GCM continues to wait for approval from the Government of Bangladesh for the
Phulbari Coal Project's Scheme of Development. We remain committed to work with
the Government to find an acceptable and harmonious way to implement this
exciting Project for the benefit of all stakeholders.
Highlights of the year have been investments in GVM Metals Ltd (GVM) and Peoples
Telecommunications and Information Services Ltd (PeoplesTel) in the latter part
of December 2006 and January 2007.
Results
The Group made a loss of £1,027,000 after tax for the six months to 31 December
2006 (December 2005: loss of £355,000). This includes a one-off charge of
£834,000 due to the valuation of options issued during the six months ended 31
December 2006 to comply with the new accounting standard FRS20 Share-Based
Payments. Excluding the impact of this charge, the loss for the six months ended
31 December 2006 is £193,000.
Exploration expenditure for the six months amounted to £1.8 million (December
2005: £3.9 million) as the Group reduced activity while awaiting approval from
the Government of Bangladesh, to proceed with the next stage of the Phulbari
Coal Project.
Attached below are the detailed Profit and Loss, Balance Sheet and Cash Flow.
Group profit and loss account
For the six months ended 31 December 2006
6 months to 6 months to Year ended
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
£000 £000 £000
Share-based payments (FRS20) 834 - -
Other administrative expenses 839 512 1,338
Administrative expenses 1,673 512 1,338
Group operating loss (1,673) (512) (1,338)
Interest receivable 647 157 817
Group operating loss and loss on (1,026) (355) (521)
ordinary activities before taxation
Taxation on loss on ordinary activities (1) - 1
Loss on ordinary activities after (1,027) (355) (520)
taxation
Loss for the financial period (1,027) (355) (520)
attributable to members of the parent
company
Retained loss for the period (1,027) (355) (520)
Basic and diluted loss per share (2.1)p (0.8)p (1.2)p
(pence)
Group statement of total recognised gains and losses
For the six months ended 31 December 2006
6 months to 6 months to Year ended
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
£000 £000 £000
Loss for the financial period (1,027) (355) (520)
attributable to members of the parent
company
Total recognised losses relating to the (1,027) (355) (520)
period
As a result of adopting FRS20, the net assets as at 30 June 2006 increased by
£36,000 to £46,090,000.
Group balance sheet
As at 31 December 2006
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
(restated)
£000 £000 £000
Fixed assets
Intangible assets 19,760 14,219 17,930
Tangible assets 351 328 343
Investments 2,513 - -
22,624 14,547 18,273
Current assets
Debtors 258 200 155
Deferred tax asset - - 1
Other receivables 46 - 46
Cash at bank and in hand 23,502 31,050 28,083
23,806 31,250 28,285
Creditors: amounts falling due with one (298) (775) (468)
year
Net current assets 23,508 30,475 27,817
Total assets less current liabilities 46,132 45,022 46,090
Net assets 46,132 45,022 46,090
Capital and reserves
Called up share capital account 4,877 4,800 4,877
Share premium account 42,708 41,854 42,664
Other reserves account 537 - 346
Profit and loss account (1,990) (1,632) (1,797)
Equity shareholders' funds 46,132 45,022 46,090
Group cash flow statement
For the six months ended 31 December 2006
6 months to 6 months to Year ended
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
£000 £000 £000
Net cash outflow used in operating (766) (473) (1,140)
activities
Returns on investments and servicing of
finance
Interest 568 156 817
Capital expenditure and financial
investment
Purchase of tangible fixed assets (48) - (124)
Purchase of intangible fixed assets (1,822) (4,305) (7,680)
Expenditure on investments (2,513) - -
Payment for security deposits - - (31)
Net cash outflow before management of (4,581) (4,622) (8,158)
liquid resources and financing
Financing
Issue of ordinary share capital - 31,237 31,807
Share issue costs - (1,208) (1,209)
- 30,029 30,598
Increase (decrease) in cash (4,581) 25,407 22,440
For further information:
Stephen Bywater Cathy Malins or Annabel Leather
Chief Executive Parkgreen Communications
Ph: +44 (0)207 290 1630 Ph: +44 (0)207 851 7480
Graham Taggart
Finance Director
Ph: +44 (0)207 290 1630
Global Coal Management plc
Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631
info@gcmplc.com; www.gcmplc.com
View Interim Results in full - PDF Format:
http://www.gcmplc.com/investor_relations/financial_reports.php
Hard copies of the interim accounts will be posted to shareholders following
this announcement.
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