RNS Number : 2183E
Energem Resources Inc.
24 September 2008
ENERGEM -(TSX/AIM - ENM) - SECOND QUARTER FINANCIAL RESULTS TO JUNE 30, 2008
London, September 24, 2008 - Energem Resources Inc ("Energem" or "the Company") today re-releases its financial results for its second
quarter ended June 30th, 2008 which were originally released on August 14, 2008. There have been no changes to the interim results announced
on August 14, 2008. Whilst the August 14, 2008 results did contain a weblink to the full interim results, it did not contain the same, as
required by the AIM Rules. Accordingly, the corrected release with the full interim results set out in the attached appendix is set out
below.
The Company has traded profitably in the six months to June 30th, 2008 with results improved over the same period last year.
Included in other income in 2008 is a capital gain of $27.2 million arising on the disposal of a portion of the Company's interest in
its Nigerian fuel storage and distribution facility.
Results for the quarter are summarised as follows and more fully set out in the attached appendix:
(In thousands of US Dollars except share and per share information)
Quarters ended Six months ended
June 30 June 30
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Revenue - sales 11,902 11,951 32,687 26,599
Profit/(loss) before other income 357 (3,877) 6,089 (2,808)
Other income /(expenses) 25,757 (2,746) 26,829 (8,921)
Net earnings/(loss) for the period 24,737 (7,327) 25,720 (15,292)
Earnings/(loss) per share - basic $ 0.14 $ (0.04) $ 15.00 $ (0.09)
- diluted $ 0.11 $ (0.04) $ 12.00 $ (0.09)
Based on weighted average number of shares in issue.
Shares in issue ('000) 175,288 174,883
Interim consolidated financial statements and management's discussion and analysis for the quarter ended June 30th, 2008 are available
on SEDAR at www.sedar.com under the Company symbol "ENM" and on the Company's website, www.energem.com.
Energem Resources Inc (TSX/AIM:ENM). is an Africa focussed company listed on the Toronto Stock Exchange and on the London Stock
Exchange's AIM market and the holding company of a group of companies engaged in, mainly, several African countries in the bio-fuels, oil
and related sectors including logistics and supply to the mining industry in South and Central Africa and development of an up-stream oil
exploration asset. The Company has offices and/or logistics and support infrastructure in Johannesburg, London and a number of African
countries.
For further information, please contact:
Rob Rainey in Johannesburg at telephone +27 11 372*3300; Fax +27 11 454*1673 or email: info@energem.com;
Refer to our website: www.energem.com
Canaccord Adams Limited -Robert Finlay/Andrew Chubb +44 207 050 6500
APPENDIX
ENERGEM RESOURCES Inc
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
QUARTER AND SIX MONTHS ENDED JUNE 30, 2008
CONSOLIDATED BALANCE SHEET
At June 30, At December 31,
2008 2007
Unaudited Audited
(In thousands of U.S. Dollars) $'000 $'000
ASSETS
CURRENT ASSETS
Cash 16,792 9,006
Accounts receivable - third parties 19,014 31,622
Accounts receivable - related parties (Note 11) 28,821 17,047
Inventories 2,106 1,348
Prepayments 802 1,811
67,535 60,834
NON-CURRENT ASSETS
Long-term investments (Note 6) 27,448 6,512
Exploration property - oil and gas 24,069 24,069
Property, plant and equipment 28,026 77,671
Goodwill 876 876
80,419 109,128
TOTAL ASSETS 147,954 169,962
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Bank overdrafts 169 981
Accounts payable and accrued liabilities 10,694 24,015
Short-term debt (Notes 7) 6,747 23,304
17,610 48,300
NON-CURRENT LIABILITIES
Long-term debt (Notes 8) - 7,162
Future income tax liabilities - long-term 661 5,484
Non-controlling interest 1,153 6,206
1,814 18,852
TOTAL LIABILITIES 19,424 67,152
SHAREHOLDERS' EQUITY
Share capital (Note 9) 152,587 152,587
Contributed surplus 7,850 7,850
Share warrants reserve 4,016 4,016
Deficit (35,923) (61,643)
SHAREHOLDERS' EQUITY 128,530 102,810
LIABILITIES AND SHAREHOLDERS' EQUITY 147,954 169,962
The accompanying notes form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF OPERATIONS and comprehensive income
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2008 and 2007
UNAUDITED
Quarter ended Quarter Ended Six Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
(In thousands of U.S. Dollars $'000 $'000 $'000 $'000
- except per share
information)
REVENUE- SALES 11,902 11,951 32,687 26,599
COST OF SALES (6,542) (6,948) (13,454) (12,388)
GROSS PROFIT 5,360 5,003 19,233 14,211
Depletion, depreciation and (887) (1,614) (2,538) (2,972)
amortization
Share of associated company 1,544 - 1,544 -
income
Operating lease expenses (155) (155) (310) (310)
General and administrative (5,505) (7,111) (11,840) (13,737)
expenses
PROFIT/(LOSS) BEFORE OTHER 357 (3,877) 6,089 (2,808)
INCOME AND EXPENSES
NET OTHER INCOME / (EXPENSES) 25,575 (2,746) 26,829 (8,921)
Other income:
Interest income 285 1,022 1,310 1,216
Gain on disposal of investment 27,244 - 27,244 -
(Note 4)
Other expenses:
Loss on disposal of - - - (4,218)
long-term investment
Impaiment of long term - - - (676)
investment
Settlement loss on contract (1,013) - (1,013) -
revision (Note 13)
Recovery of amounts written 30 - 236 -
off previously
Impairment of project - (1,440) - (1,440)
development costs
Foreign exchange (loss)/gain (713) 176 (23) (53)
Share options cost (Note 14) - (282) - (282)
Interest and financing costs
- long-term debt (115) (2,222) (598) (3,468)
- short-term debt (143) - (327) -
PROFIT / (LOSS) BEFORE INCOME 25,932 (6,623) 32,918 (11,729)
TAXES AND NON- CONTROLLING
INTERESTS
TAXATION (278) (152) (3,568) (1,271)
EARNINGS / (LOSS) BEFORE 25,654 (6,775) 29,350 (13,000)
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS (917) (552) (3,630) (2,292)
ATTRIBUTABLE TO SHAREHOLDERS 24,737 (7,327) 25,720 (15,292)
EARNINGS / (LOSS) PER SHARE
(Note 12)
-Basic $0.14 ($0.04) $0.15 ($0.09)
-Diluted $0.11 ($0.04) $0.12 ($0.09)
The accompanying notes form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
UNAUDITED
Share Share Contributed Equity portion Deficit Share-
capital warrants surplus of holders'
reserve debentures equity
payable
(In thousands of U.S. Dollars) $'000 $'000 $'000 $'000 $'000 $'000
Balance at December 31, 2006 144,448 4,811 73 2,684 (25,190) 126,826
Shares issued - private 12,155 - - - - 12,155
placement
Valuation of warrants issued (4,016) 4,016 - - - -
-private placement
Equity portion of settled - - 2,684 (2,684) - -
convertible debentures
Share option cost (Note 14) - - 282 - - 282
Expiring of warrants - (4,811) 4,811 - - -
Loss for the year - - - - (36,453) (36,453)
Balance at December 31, 2007 152,587 4,016 7,850 - (61,643) 102,810
Profit for the quarter - - - - 983 983
Balance at March 31, 2008 152,587 4,016 7,850 - (60,660) 103,793
Profit for the quarter - - - - 24,737 24,737
Balance at June 30, 2008 152,587 4,016 7,850 - (35,923) 128,530
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2008 and JUNE 30, 2007
UNAUDITED
Quarter Ended Quarter Ended Six Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
(In thousands of U.S. Dollars) $'000 $'000 $'000 $'000
CASH FLOWS USED IN OPERATING
ACTIVITIES
Net profit / (loss) 24,737 (7,327) 25,720 (15,292)
attributable to shareholders
Depletion, depreciation and 886 1,614 2,538 2,972
amortisation
Share of associated company (1,544) - (1,544) -
income
Increase in non-controlling 917 552 3,630 2,292
interests
Impairment of long-term - 1,440 - 2,116
investment
(Gain) / loss on sale of (27,244) - (27,244) 4,218
long-term investment
Increase in provision for (291) 16 1,570 423
future income tax
Foreign exchange (gain) / (156) - 23 -
loss
Non-cash interest expense 288 1,295 288 1,948
Share options costs (Note - 282 - 282
14)
Changes in operating assets (9,299) (3,225) (11,258) (15,069)
and liabilities
(11,706) (5,353) (6,277) (16,110)
CASH FLOWS FROM INVESTING
ACTIVITIES
Net cash disposal from sale of (4,211) - (4,211) (5,695)
subsidiary interest
Net proceeds on disposal of 29,206 18,250 29,206 18,250
investments
Investment - Stieglers Gorge (1,051) - (1,051) -
Investment - McCroft Tobacco (912) - (912) -
Payments received from 1,451 - 1,451 -
associated company
Additions to oil and gas - - - (1,150)
exploration interests
Additions to property, plant (1,605) (999) (2,893) (2,143)
and equipment
22,878 17,251 21,590 9,262
CASH FLOWS (USED IN) / FROM
FINANCING ACTIVITIES
Reduction in bank overdrafts (523) (271) (523) (271)
and short-term borrowings
Repayment of notes and loans (677) 500 (7,004) (1,999)
Common shares issued - - - 12,042
(1,200) 229 (7,527) 9,772
INCREASE IN CASH 9,972 12,127 7,786 2,924
CASH AT BEGINNING OF PERIOD 6,820 6,895 9,006 16,098
CASH AT END OF PERIOD 16,792 19,022 16,792 19,022
Supplementary information
Non-cash investing and - - - -
financing activities
Cash interest paid - - (637) 1,520
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of presentation, estimates and assumptions
(i) The Interim Consolidated Financial Statements include the accounts of Energem Resources Inc. and its subsidiaries ("Energem" or "the
Company"), and are presented in accordance with Canadian generally accepted accounting principles.
The Interim Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as
the annual audited Consolidated Financial Statements for the year ended December 31, 2007, except as noted below. These unaudited
Consolidated Financial Statements do not include all of the disclosures required by generally accepted accounting principles for annual
financial statements and accordingly should be read in conjunction with the annual audited Consolidated Financial Statements and the notes
thereto for the year ended December 31, 2007.
(ii) The preparation of financial statements requires that management make estimates and use assumptions that affect the reported
amounts and other disclosures in these consolidated interim financial statements. Actual results may ultimately differ from those reported
and disclosed in these interim financial statements.
2. Changes in accounting policies and practices
As disclosed in the December 31, 2007 annual audited Consolidated Financial Statements, on January 1, 2008, the Company adopted the
following Canadian Institute of Chartered Accountants' ("CICA") Handbook Sections:
� *Inventories*, Section 3031. The new standard replaces the previous inventories standard and requires inventory to be valued on a
first-in, first-out or weighted average basis, which is consistent with Energem*s former accounting policy. The new standard allows the
reversal of previous write-downs to net realizable value when there is a subsequent increase in the value of inventories. The adoption of
this standard has had no material impact on Energem*s Consolidated Financial Statements.
� *Financial Instruments * Presentation*, Section 3863 and *Financial Instruments * Disclosures*, Section 3862. The new disclosure
standard increases Energem*s disclosure regarding the nature and extent of the risks associated with financial instruments and how those
risks are managed. The Company*s position in this regard is set out in Note 22 to the annual financial statements at December 31, 2007. The
new presentation standard carries forward the former presentation requirements and no material additional information is therefore included
herein.
*Capital Disclosures*, Section 1535. The new standard requires Energem to disclose its objectives, policies and processes for managing
its capital structure (See Note 5)
3. Recent accounting pronouncements
As of January 1, 2009, the Company will be required to adopt the CICA Handbook Section 3064, "Goodwill and Intangible Assets", which
will replace the existing Goodwill and Intangible Assets standard. The new standard revises the requirement for recognition, measurement,
presentation and disclosure of intangible assets. The adoption of this standard should not have a material impact on Energem's Consolidated
Financial Statements.
In January 2006, the CICA Accounting Standards Board ("AcSB") adopted a strategic plan for the direction of accounting standards in
Canada. As part of that plan, the AcSB confirmed in February 2008 that International Financial Reporting Standards ("IFRS") will replace
Canadian GAAP in 2011 for profit-oriented Canadian publicly accountable enterprises. As Energem will be required to report its results in
accordance with IFRS starting in 2011, the Company is assessing the potential impacts of this changeover and developing its plan
accordingly.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
4. Partial sale of Nigerian asset
On May 1st, 2008 Glencore Finance (Bermuda) Limited ("Glencore Finance"), a wholly owned subsidiary of privately held Glencore
International AG ("Glencore"), acquired from the Company a 20% interest in its 50% indirectly held Nigerian refined fuel storage and
distribution facility ("the Facility").
The cash consideration, paid in full, for this 20% stake amounted to US$32.3 million. The price was calculated on the basis of a debt
free enterprise value for the Facility of US$200 million, adjusted for the Facility's outstanding indebtedness of US$ 38.5 million at the
effective date of concluding the sale agreement. Included in this indebtedness was a loan due to the Company of US$16 million ($12.9m at
June 30, 2008 - Note 6) which will continue to be repaid from the Facility's free cash flow and it will be fully settled before profit
distributions are made to shareholders.
Further, the Company has granted Glencore Finance an option to acquire from the Company, within a period of one year, a further 10%
stake in the Facility at a price to be calculated on the same pricing basis as the initial 20% stake - i.e. US$20 million for 10% adjusted
for such outstanding indebtedness of the Facility as might exist on the date of exercise of the option.
The Company indirectly retains a 30% stake in the Facility and if Glencore Finance's option is exercised, this will reduce to 20%.
As a result of the reduction in shareholding, the Company no longer consolidates the results of the facility and now accounts for its
remaining investment under long-term investments using the equity basis of accounting (Note 6).
The profit from the transaction of $27.2m comprises:
$'000
Gross cash proceeds 32,278
Direct selling cost including commissions (3,072)
Net proceeds on disposal 29,206
Portion of investment sold (Note i) (1,962)
Gain on partial disposal of Nigerian asset 27,244
(i) Portion of investment sold comprises:
Net asset value of investment sold (Note ii) 15,211
Minority interest in net asset value (8,686)
Net asset value after 6,525
minorities
Investment retained at proportional net asset value- 30% (4,563)
(Note 6)
Portion of investment sold 1,962
(ii) Net asset value on date of disposal comprises:
Property plant and equipment 50,000
Trade & other receivables 7,699
Prepayments 1,293
Liquid funds 4,211
Loans - third parties - Prudent Bank Plc (13,304)
Loans - Other shareholder (3,696)
Loans - Energem Group (14,317)
Trade & other payables (10,281)
Deferred tax liability (6,394)
15,211
No provision for taxation on this profit is required as the seller of the shares is operating from a jurisdiction where no tax is levied
on capital gains and the profit also does not constitute a taxable gain in Canada.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
5. Capital disclosure
The Company*s objectives when managing capital are to:
(i) safeguard the entity*s ability to continue as a going concern so that it may provide returns in the future to shareholders
and current and future benefits for other stakeholders, and
(ii) provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light
of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital
structure, the Group may issue new shares or sell assets to reduce debt.
Further to the requirements of CICA Handbook * Section 1535 * Capital Disclosure, the Company now monitors capital on the basis of the net
debt-to adjusted capital ratio. This ratio is calculated as net debt, divided by adjusted capital. Net debt is calculated as total debt
(long term debt and current liabilities) less current assets. Adjusted capital comprises all components of shareholders* equity.
The Company's current assets exceeded its liabilities at both June 30, 2008 and at December 31, 2007 as follows:
At June 30, At December 31,
2008 2007
$'000 $'000
Total debt 17,611 55,462
-Long-term debt - 7,162
-Current liabilities 17,611 48,300
Current assets (67,535) (60,834)
Net (assets)/debt (49,924) (5,372)
Shareholders' equity 128,530 102,810
Total capitalization 78,606 97,438
6. Long-term investments
At June 30, At December 31,
2008 2007
$'000 $'000
Associated company - equity accounted
Energem Nigeria Limited - Apapa Tank Farm (Note 18,973 -
i)
Other investments- at cost
Stieglers Gorge Hydro Electrical Project (Note 1,051 -
ii)
McCroft Tobacco Holdings Limited (Note iii) 7,424 6,512
Total long-term investments 27,448 6,512
(i) Energem Nigeria Limited - equity accounted
carry value
Investment at proportional net asset value 4,563 -
(Note 4)
Advances receivable 12,866 -
Equity portion of undistributed profit 1,544 -
Balance at end of period 18,973 -
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
At June 30, At December 31,
2008 2007
$'000 $'000
(ii) Stieglers Gorge Hydro Electrical Project
Balance at beginning of period - -
Advances 1,051 -
Balance at end of period 1,051 -
(iii) McCroft Tobacco Holdings Limited
Balance at beginning of period 6,512 6,062
Shares acquired 500 450
Rights issue 412 -
Balance at end of period 7,424 6,512
7. Short-term debt
At June 30, At December 31,
2008 2007
$'000 $'000
Short-term portion of long-term debt (Note 8) - 9,549
Minority shareholder - 7,296
Short-term note - payable on demand 6,747 6,459
6,747 23,304
8. Long-term debt
At June 30, At December 31,
2008 2007
$'000 $'000
Notes payable - Prudent Bank plc - 16,711
Less short-term portion (Note 7) - 9,549
Total - 7,162
The note payable at December 31, 2007, to Prudent Bank plc consisted of a term loan for financing the completion of the Apapa Tank Farm
in Lagos State, Nigeria, secured over the facility then included under property, plant and equipment at a value of $52.9 million. Following
the de-consolidation of the company's interest in the Apapa Tank Farm (Note 4 and 6) this liability is no longer included in the companies
consolidated balance sheet.
9. Share capital
Authorized share capital consists of an unlimited number of common shares.
Common shares in issue comprise: Number Amount
of shares $'000
At June 30, 2008 and December 31, 2007 175,288,003 152,587
No share options or warrants were issued during the period.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
10. Segmented information
10.1 Statement of operations per segment
Six months ended June 30, 2008 Group Corporate BioFuel Mid Stream Trading
$'000 $'000 $'000 $'000 $'000
REVENUE 32,687 248 4,432 18,522 9,485
COST OF SALES (13,454) - (2,060) (4,320) (7,074)
GROSS PROFIT 19,233 248 2,372 14,202 2,411
Depletion, depreciation and (2,538) (44) (415) (1,653) (426)
amortization
Share of associated company 1,544 - - 1,544 -
income
Operating lease expenses (310) (310) - - -
General and administrative (11,840) (6,202) (1,092) (3,328) (1,218)
expenses
PROFIT / (LOSS) BEFORE OTHER 6,089 (6,308) 865 10,765 767
INCOME / EXPENSES
OTHER INCOME /(EXPENSES) 26,829 27,490 (17) (931) 287
Other income
Interest income 1,310 1,145 (64) 164 65
Gain on disposal of 27,244 27,244 - - -
long-term investment
Recovery of amounts written 236 (167) - - 403
off previously
Other Expenses
Settlement loss on contract (1,013) (1,013) - - -
revision
Foreign exchange (loss) / (23) 569 47 (458) (181)
gain
Interest and financing cost
- long-term debt (598) - - (598) -
- short-term debt (327) (288) - (39) -
PROFIT BEFORE INCOME TAXES AND 32,918 21,182 848 9,834 1,054
NON- CONTROLLING INTERESTS
TAXATION (3,568) - - (3,156) (412)
EARNINGS BEFORE 29,350 21,182 848 6,678 642
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS (3,630) - (461) (3,101) (68)
ATTRIBUTABLE TO SHAREHOLDERS 25,720 21,182 387 3,577 574
Capital expenditure for the 2,892 28 1,855 970 39
period
Total assets - June 30, 2008 147,954 84,224 20,982 22,962 19,786
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
Quarter ended June 30, 2008 Group Corporate BioFuel Mid Stream Trading
$'000 $'000 $'000 $'000 $'000
REVENUE 11,902 119 2,489 3,791 5,503
COST OF SALES (6,542) - (1,000) (1,640) (3,902)
GROSS PROFIT 5,360 119 1,489 2,151 1,601
Depletion, depreciation and (887) (22) (209) (441) (215)
amortization
Share of associated company 1,544 - - 1,544 -
income
Operating lease expenses (155) (155) - - -
General and administrative (5,505) (3,525) (338) (1,165) (477)
expenses
PROFIT / (LOSS) BEFORE OTHER 357 (3,583) 942 2,089 909
INCOME / EXPENSES
OTHER INCOME / (EXPENSES) 25,575 25,310 (24) (158) 447
Other income
Interest income 285 171 (65) 134 45
Gain on disposal of 27,244 27,244 - - -
long-term investment
Recovery of amounts written 30 (166) - - 196
off previously
Other Expenses
Settlement loss on contract (1,013) (1,013) - - -
revision
Foreign exchange (loss) / (713) (822) 41 (138) 206
gain
Interest and financing cost
- long-term debt (115) - - (115) -
- short-term debt (143) (104) - (39) -
PROFIT BEFORE INCOME TAXES 25,932 21,727 918 1,931 1,356
AND NON- CONTROLLING INTERESTS
TAXATION (278) - - 134 (412)
EARNINGS BEFORE 25,654 21,727 918 2,065 944
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS (917) - (377) (538) (2)
ATTRIBUTABLE TO SHAREHOLDERS 24,737 21,727 541 1,527 942
Capital expenditure for the 1,604 - 1,274 330 -
period
Total Assets - June 30, 2008 147,954 84,224 20,982 22,962 19,786
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
Six months ended June 30, 2007 Group Corporate BioFuel Mid Stream Trading
$'000 $'000 $'000 $'000 $'000
REVENUE 26,599 265 4,063 13,113 9,158
COST OF SALES (12,388) - (1,689) (3,739) (6,960)
GROSS PROFIT 14,211 265 2,374 9,374 2,197
Depletion, depreciation and (2,972) (58) (262) (2,259) (393)
amortization
General and administrative (14,047) (9,733) (965) (2,511) (838)
expenses
(LOSS) / PROFIT BEFORE OTHER (2,808) (9,526) 1,147 4,604 967
INCOME / EXPENSES
OTHER (EXPENSES) / INCOME (8,921) (8,607) (4) (329) 19
Other income
Interest income 1,216 380 3 810 23
Other expenses
Loss on disposal of (4,218) (4,218) - - -
long-term investment
Impaiment of long-term (2,116) (2,116) - - -
investment
Foreign exchange loss (53) (53) - - -
Share option costs (Note 14) (282) (282) - - -
Interest and financing cost
- long-term debt (1,139) - - (1,139) -
- accretion of long-term (405) (405) - - -
debt
- short-term debt (1,924) (1,913) (7) - (4)
(LOSS) / PROFIT BEFORE INCOME (11,729) (18,133) 1,143 4,275 986
TAXES AND NON- CONTROLLING
INTERESTS
TAXATION (1,271) 668 - (1,633) (306)
(LOSS) / EARNINGS BEFORE (13,000) (17,465) 1,143 2,642 680
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS (2,292) - (518) (1,416) (358)
ATTRIBUTABLE TO SHAREHOLDERS (15,292) (17,465) 625 1,226 322
Capital expenditure for the 2,143 113 1,020 971 39
period
Total assets - June 30, 2007 183,160 53,303 15,002 66,670 48,185
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
10.2 Geographic segmented information is as follows:
Six Months Ended Quarter ended Six Months Ended
June 30, June 30, June 30,
2008 2008 2007
$000 $000 $000
Revenue
Kenya 4,432 2,489 4,099
Malawi 2,861 1,441 2,472
Nigeria 15,646 2,521 11,022
South Africa 6,616 4,517 8,005
United Kingdom 1,904 214 136
Zambia 1,179 671 778
Other 49 49 87
32,687 11,902 26,599
At June 30, At December 31, At June 30,
2008 2007 2007
$000 $000 $000
Capital assets
Chad 24,069 24,069 24,069
Central African Republic - - 15,313
Kenya 21,446 21,635 22,824
Mozambique 4,271 2,828 338
Nigeria - 50,970 52,820
Malawi 2,155 2,126 2,114
Other 154 112 833
52,095 101,740 118,311
11. Related party transactions
The Company conducts business with companies in which shareholders and /or directors of the Company have a significant
interest, namely A1 Holdings Limited, Lyndhurst Racing Limited and Diamond Air Charters (Proprietary) Limited. Other than in respect of
fees charged by Energem which included an element of profit, these transactions are undertaken at cost by and between the parties. The
Company has right of off-set for amounts due to/from related parties.
Six Months Ended Year Ended
June 30, December 31,
2008 2007
$'000 $'000
Due by related parties at beginning of period 17,047 129
Recoupment, interest and charges 1,500 17,004
Pre-payment for BioFuel promotion 6,000 -
Secured deposit on transaction under 4,700 -
negotiation
Cash advances - 7,626
Funds received from related parties (426) (7,712)
Due by related parties at end of period 28,821 17,047
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
Fee income and charges levied from and to the company in respect of services included in the amounts noted above amounted to:
Six Months Ended Year Ended
June 30, December 31,
2008 2007
$'000 $'000
Income
Aircraft costs recovered from A1 Holdings 1,500 3,000
Expenses
Aircraft exclusive use rental paid to Diamond (357) (2,441)
Air Charter
1,143 559
12. Earnings / (loss) per share
The computations for basic and diluted earnings per share are as follows:
Quarter ended Quarter ended Six Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Net earnings / (loss) - ($'000) 24,737 (7,327) 25,720 (15,292)
Average number of common shares
outstanding
Basic ('000) 175,288 174,883 175,288 168,618
Diluted ('000) 219,061 174,883 219,061 168,618
Earnings / (loss) per share
Basic $0.14 ($0.04) $0.15 ($0.09)
Diluted $0.11 ($0.04) $0.12 ($0.09)
13. Settlement loss on contract revision
A loss of $1.013 million arose on the revision to terms of a contract retroactively applied.
14. Comparative figures
Certain comparative figures have been reclassified to conform to the classifications used in the current period. The comparative
statement of operations and comprehensive income for June 2007 has been adjusted to take into account the year end adjustments pertaining to
share option cost.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGZLDDKGRZM
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