ZimNRG plc
LSE : ZIMO

August 01, 2012 02:00 ET

Annual Financial Report

                                                                       COMPANY REGISTRATION NUMBER 05714562


                                                ZIMNRG PLC

                                           FINANCIAL STATEMENTS

                                             29 FEBRUARY 2012




The board of directors                      V. Chitalu
                                            J.C.W. De Thierry
                                            C.P. Latilla-Campbell

Company secretary                           City Group Plc

Registered office                           30 City Road
                                            London
                                            EC1Y 2AV

Auditor                                     Edwards Veeder (Oldham) LLP
                                            Chartered Accountants
                                            & Statutory Auditor
                                            Block E, Brunswick Square
                                            Union Street
                                            Oldham
                                            OL1 1DE

Bankers                                     Lloyds TSB Bank plc
                                            39 Threadneedle Street
                                            London
                                            EC2R 8PT

Solicitors                                  Edwin Coe
                                            2 Stone Buildings
                                            Lincoln's Inn
                                            London
                                            WC2A 2TH

                                                ZIMNRG PLC
                                           THE DIRECTORS' REPORT
                                        YEAR ENDED 29 FEBRUARY 2012

The  directors  present  their  report and the financial statements of  the  company  for  the  year  ended
29 February 2012.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the company during the year was that of investment holding company.

The  very  challenging  investment climate continues in Zimbabwe. Your  Board  has  examined  a  number  of
prospects  only  two of which were considered seriously and it was felt that neither was suitable  for  the
company  at  present. Sadly the investor climate has deteriorated further in recent weeks  with  statements
from senior government figures stating that a compulsory 51% indigenous ownership was now insufficient  and
it  was  indicated  that  beyond 90% would be looked for. Your board feels that  this  disadvantageous  and
uncertain  climate is unlikely to change materially this side of the 2013 elections. It is  in  this  light
that the Board will undertake, in consultation with our advisors, a fundamental review of the focus of  the
company  as to whether we should be looking principally at resources or additional or alternative  sectors,
and  where this might best be done. It is the Board's intention to communicate their findings and suggested
direction for the Company to the shareholders in due course.

Please  note  your  Directors have resolved to waive their fees until an investment or positive  commercial
event takes the Company forward.

RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £100,842. The directors have not recommended a dividend.

FINANCIAL INSTRUMENTS
Details of the company's financial risk management objectives and policies are included in note 11  to  the
accounts.

THE DIRECTORS AND THEIR INTERESTS IN THE SHARES OF THE COMPANY
The directors who served the company during the year together with their beneficial interests in the shares
of the company were as follows:

                                                                            Ordinary Shares of £0.005 each
                                                                                 At                     At
                                                                   29 February 2012           1 March 2011

V. Chitalu                                                                  300,000                      -
J.C.W. De Thierry                                                         2,300,000              2,000,000
C.P. Latilla-Campbell                                                     4,190,442              3,688,375
                                                                   ----------------          -------------    
                                                                   ----------------          -------------

SUBSTANTIAL INTERESTS

At  the  date  of  the report the Company had been notified that, other than directors, the following  were
interested in 3% or more of the issued share capital of the Company:

                                                            No. Ordinary                %
                                                                  Shares
Somers Investments Limited                                    14,250,000            29.48
Credit Suisse Client Nominees (UK) Limited                     7,500,000            15.52
Loeb Aron & Co. Limited                                        1,500,000             3.10
 

Somers  Investments  Limited is controlled by a discretionary trust, of which C.P.  Latilla-Campbell  is  a
potential beneficiary.

DIRECTORS' RESPONSIBILITIES
The  directors  are  responsible  for  preparing the Directors' Report  and  the  financial  statements  in
accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that  law
the  directors have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted  Accounting Practice (United Kingdom Accounting Standards and applicable law). Under  company  law
the directors must not approve the financial statements unless they are satisfied that they give a true and
fair  view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing those financial statements, the directors are required to:

-    select suitable accounting policies and then apply them consistently;

-    make judgements and estimates that are reasonable and prudent;

-    state  whether  applicable  UK  Accounting  Standards have been  followed,  subject  to  any  material
     departures disclosed and explained in the financial statements;

-    prepare the financial statements on the going concern basis unless it is inappropriate to presume that
     the company will continue in business.

The  directors  are  responsible for keeping adequate accounting records that are sufficient  to  show  and
explain the company's transactions and disclose with reasonable accuracy at any time the financial position
of  the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
They  are also responsible for safeguarding the assets of the company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.

In so far as the directors are aware:

-    there is no relevant audit information of which the company's auditor is unaware; and

-    the  directors  have  taken all steps that they ought to have taken to make themselves  aware  of  any
     relevant audit information and to establish that the auditor is aware of that information.

AUDITOR
Edwards Veeder (Oldham) LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.


Registered office:                                     Signed by order of the directors
30 City Road
London
EC1Y 2AV




                                                       CITY GROUP PLC
                                                       Company Secretary

Approved by the directors on ...20 July 2012.....................

                                                ZIMNRG PLC
                       INDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF ZIMNRG PLC
                                                     
                                        YEAR ENDED 29 FEBRUARY 2012

We  have  audited the financial statements of ZimNRG PLC for the year ended 29 February 2012 which comprise
the Profit and Loss Account, Balance Sheet, Cash Flow Statement, Accounting Policies and the related notes.
The  financial reporting framework that has been applied in their preparation is applicable law and  United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This  report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of  Part
16  of  the  Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
shareholders  those  matters  we are required to state to them in an auditor's  report  and  for  no  other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone  other
than the company and the company's shareholders as a body, for our audit work, for this report, or for  the
opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As  explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors  are
responsible for the preparation of the financial statements and for being satisfied that they give  a  true
and  fair  view.  Our  responsibility is to audit and express an opinion on  the  financial  statements  in
accordance  with  applicable law and International Standards on Auditing (UK and Ireland). Those  standards
require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An  audit  involves  obtaining  evidence  about the amounts and disclosures  in  the  financial  statements
sufficient  to give reasonable assurance that the financial statements are free from material misstatement,
whether  caused  by  fraud  or error. This includes an assessment of: whether the accounting  policies  are
appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by directors; and the overall presentation  of  the
financial  statements. In addition, we read all the financial and non-financial information in  the  annual
report  to identify material inconsistencies with the audited financial statements. If we become  aware  of
any apparent material misstatements or inconsistencies we consider the implications for our report.

OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statements:

-    give a true and fair view of the state of the company's affairs as at 29 February 2012 and of its loss
     for the year then ended;

-    have  been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
     and

-    have been prepared in accordance with the requirements of the Companies Act 2006.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In  our  opinion  the  information given in the Directors' Report for the  financial  year  for  which  the
financial statements are prepared is consistent with the financial statements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We  have nothing to report in respect of the following matters where the Companies Act 2006 requires us  to
report to you if, in our opinion:

-    adequate  accounting  records have not been kept, or returns adequate for  our  audit  have  not  been
     received from branches not visited by us; or

-    the financial statements are not in agreement with the accounting records and returns; or

-    certain disclosures of directors' remuneration specified by law are not made; or

-    we have not received all the information and explanations we require for our audit.



                                                       MR LEE LEDERBERG (Senior Statutory
                                                       Auditor)
                                                       For and on behalf of
                                                       EDWARDS VEEDER (OLDHAM) LLP
Block E, Brunswick Square                              Chartered Accountants
Union Street                                           & Statutory Auditor
Oldham
OL1 1DE

........................

                                                ZIMNRG PLC

                                         PROFIT AND LOSS ACCOUNT

                                       YEAR ENDED 29 FEBRUARY 2012


                                                         Note           2012                            2011
                                                                           £                               £
TURNOVER

Administrative expenses                                               93,113                         150,739
Other operating income                                                (1,853)                           (501)
                                                              ---------------                  --------------
                                                             
OPERATING LOSS                                              1        (91,260)                       (150,238)
                                                                                              
Loss on disposal of current asset investments                        (10,107)                           (954)
                                                              ---------------                  --------------
                                                                    
                                                                    (101,367)                       (151,192)
                                                                                              
Interest receivable                                                      590                           3,272
Interest payable and similar charges                        4              -                             (15)
                                                              ---------------                  --------------

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                         (100,777)                       (147,935)

Tax on loss on ordinary activities                          5             65                               -
                                                                                              
                                                              ---------------                  --------------

LOSS FOR THE FINANCIAL YEAR                                         (100,842)                       (147,935)

Balance brought forward                                             (548,190)                       (400,255)
                                                               --------------                  --------------

Balance carried forward                                             (649,032)                       (548,190)
                                                               --------------                  --------------
                                                               --------------                  --------------

Earnings per share (pence)

Basic                                                       6          (0.21)                          (0.33)
                                                               --------------                  --------------
                                                               --------------                  --------------

Diluted                                                     6          (0.20)                          (0.30)
                                                               --------------                  --------------
                                                               --------------                  --------------

                     All of the activities of the company are classed as continuing.

               The company has no recognised gains or losses other than the results for the
                                          year as set out above.

The accounting policies and notes below form part of these financial statements


                                                ZIMNRG PLC

                                              BALANCE SHEET

                                             29 FEBRUARY 2012

                                                                 2012                         2011
                                          Note           £                 £            £              £

FIXED ASSETS
Investments                                  7                             -                           -

CURRENT ASSETS
Debtors                                      8      35,422                         34,420          
Investments                                  9     109,992                        107,406         
Cash at bank                                       123,913                        221,246
                                                -----------                      ---------

                                                   269,327                        363,072         
CREDITORS: Amounts falling due within one   10       9,439                         24,383
year                                             ----------                      ---------

NET CURRENT ASSETS                                                   259,888                     338,689
                                                                    ---------                   ---------

TOTAL ASSETS LESS CURRENT LIABILITIES                                259,888                     338,689
                                                                    ---------                   ---------
                                                                    ---------                   ---------

CAPITAL AND RESERVES
Called-up equity share capital              13                       241,660                     236,150
Share premium account                       14                       667,260                     650,729
Profit and loss account                                             (649,032)                   (548,190)
                                                                    ---------                   ---------

SHAREHOLDERS' FUNDS                         15                       259,888                     338,689
                                                                    ---------                   ---------
                                                                    ---------                   ---------


These financial statements were approved by the directors and authorised for issue on 20 July 2012, and are
signed on their behalf by:



........................
C.P. LATILLA-CAMPBELL

Company Registration Number: 05714562


The accounting policies and notes below form part of these financial statements



                                                ZIM NRG PLC
                                            CASH FLOW STATEMENT
                                        YEAR ENDED 29 FEBRUARY 2012
                                                    2012                            2011

                                          Note                    £                               £
                                                    2012                            2011

                               
NET CASH OUTFLOW FROM OPERATING             16             (100,772)                       (142,935)
ACTIVITIES

RETURNS ON INVESTMENTS AND SERVICING OF     16                  590                           3,257
FINANCE

TAXATION                                    16                  (65)                         (1,895)

CAPITAL EXPENDITURE AND FINANCIAL           16                  894                            (376)
INVESTMENT
                                                           ----------                      ----------

CASH OUTFLOW BEFORE FINANCING                               (99,353)                       (141,949)

FINANCING                                   16                    -                               -


DECREASE IN CASH                            16              (99,353)                       (141,949)
                                                           ----------                      ----------
                                                           ----------                      ----------


Basis of accounting

The  financial statements have been prepared under the historical cost convention, modified to include  the
revaluation of financial instruments and in accordance with applicable accounting standards.

Investments

Fixed  asset investments are initially recorded at cost.  Investments are reviewed annually for  impairment
and if any permanent diminution in value is recognised, then are written down to net realisable value.

Deferred taxation

Deferred  tax is recognised in respect of all timing differences that have originated but not  reversed  at
the  balance  sheet  date where transactions or events have occurred at that date that will  result  in  an
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

  Provision  is made for tax on gains arising from the revaluation (and similar fair value adjustments)  of
  fixed  assets, and gains on disposal of fixed assets that have been rolled over into replacement  assets,
  only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets
  concerned.  However, no provision is made where, on the basis of all available evidence  at  the  balance
  sheet  date, it is more likely than not that the taxable gain will be rolled over into replacement assets
  and charged to tax only where the replacement assets are sold.

  Deferred tax assets are recognised only to the extent that the directors consider that it is more  likely
  than  not  that  there will be suitable taxable profits from which the future reversal of the  underlying
  timing differences can be deducted.

Deferred  tax  is  measured on an undiscounted basis at the tax rates that are expected  to  apply  in  the
periods  in which timing differences reverse, based on tax rates and laws enacted or substantively  enacted
at the balance sheet date.

Foreign currencies

Transactions  in  foreign  currencies  are translated at the exchange  rate  ruling  at  the  date  of  the
transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate
of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated
in  foreign  currencies  are  retranslated at the rates prevailing on the date  when  the  fair  value  was
determined.  Non-monetary  items  that are measured at historical  cost  in  a  foreign  currency  are  not
retranslated.

Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items
are  taken  to the profit and loss account. Exchange differences arising on non-monetary items, carried  at
fair  value,  are  included  in  the profit and loss account, except for the  differences  arising  on  the
retranslation of non-monetary items in respect of which gains and losses are recorded in equity.  For  such
non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.

Financial instruments

Financial  instruments  are  classified and accounted for, according to the substance  of  the  contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity  instrument
is  any contract that evidences a residual interest in the assets of the company after deducting all of its
liabilities.

Investments

All  investments  are  initially  recorded at cost, being the fair value of  the  consideration  given  and
including  acquisition  costs associated with the investment. All purchases and sales  of  investments  are
recognised using trade date accounting.

After  initial  recognition, investments, which are classified as held for trading and  available-for-sale,
are  measured at fair value. Gains or losses on investments held for trading are recognised in  the  profit
and  loss account. Gains or losses on available-for-sale investments are recognised as a separate component
of equity until the investment is disposed of or until its value is impaired, at which time the
cumulative  gain or loss previously reported in equity is included in the profit and loss account.

Investments  are  fair  valued  using quoted market prices, independent appraisals,  discounted  cash  flow
analysis or other appropriate valuation models at the balance sheet date.


Cash and cash equivalents

Cash  and  cash  equivalents are included in the balance sheet at cost. Cash and cash equivalents  comprise
cash at bank and cash in hand and short term deposits with an original maturity of 3 months or less.


                                                ZIMNRG PLC
                                     NOTES TO THE FINANCIAL STATEMENTS
                                       YEAR ENDED 29 FEBRUARY 2012
                                                     


1.   OPERATING LOSS

     Operating loss is stated after charging/(crediting):

                                                                       2012                           2011
                                                                          £                              £

     Losses on financial assets/liabilities at fair value           (11,664)                        (8,938)
     through the profit and loss
     Net (profit)/loss on foreign currency translation               (4,367)                        14,800
     Auditor's remuneration - audit of the financial                  5,000                          5,000
     statements
     Auditor's remuneration  - other fees                             1,044                          1,277
                                                                   ---------                      ---------
                                                                   ---------                      ---------



                                                                       2012                           2011
                                                                          £                              £
     Auditor's remuneration - audit of the financial                  5,000                          5,000
                                                                   ---------                      ---------
                                                                   ---------                      ---------
     statements

     Auditor's remuneration - other fees:                                                     
                                                                                              
     - Taxation services                                                402                            382
     - Payroll services                                                 642                            895
                                                                   ---------                      ---------

                                                                      1,044                          1,277
                                                                   ---------                      ---------
                                                                   ---------                      ---------


2.   PARTICULARS OF EMPLOYEES

     The average number of staff employed by the company during the financial year amounted to:

                                                                      2012                           2011
                                                                        No                             No
     Number of management staff                                          2                              2
                                                                   --------                      --------
                                                                   --------                      --------

     The aggregate payroll costs of the above were:

                                                                       2012                          2011
                                                                          £                             £
     Wages and salaries                                              44,764                        50,013
     Social security costs                                            1,646                         4,155
                                                                   ---------                    ----------

                                                                     46,410                        54,168
                                                                   ---------                    ----------
                                                                   ---------                    ----------



3.   DIRECTORS' REMUNERATION

     The directors' aggregate remuneration in respect of qualifying services were:

                                                                       2012                           2011
                                                                          £                              £
     Executive directors salaries                                    32,764                         44,013
     Non - executive directors fees                                  12,000                          6,000
                                                                   ---------                      ---------
                                                                   ---------                      ---------


4.   INTEREST PAYABLE AND SIMILAR CHARGES

                                                                       2012                           2011
                                                                          £                              £
     Other similar charges payable                                        -                             15
                                                                   ---------                      ---------
                                                                   ---------                      ---------

5.   TAXATION ON ORDINARY ACTIVITIES

     Analysis of charge in the year

                                                                       2012                           2011
                                                                          £                              £
     Current tax:

       UK Corporation tax based on the results for the year              65                              -
                                                                   ---------                      ---------

     Total current tax                                                   65                              -
                                                                   ---------                      ---------
                                                                   ---------                      ---------


6.   EARNINGS PER SHARE

     The  basic  earnings per ordinary share is calculated by dividing profit for the year less  non-equity
     dividends  and other appropriations in respect of non-equity shares by the weighted average number  of
     equity shares outstanding during the year.

     The  diluted earnings per ordinary share is calculated by dividing profit for the year less non-equity
     dividends  and other appropriations in respect of non-equity shares by the weighted average number  of
     equity  shares  outstanding during the year (after adjusting both figures for the effect  of  dilutive
     potential ordinary shares).

     The calculation of basic and diluted earnings per ordinary share is based upon the following data:

     Earnings
                                                                       2012                           2011
                                                                          £                              £
     Earnings for the purposes of basic earnings per share         (100,842)                      (147,935)
                                                                   ---------                      ---------


     Earnings for the purposes of diluted earnings per share       (100,842)                      (147,935)
                                                                   ---------                      ---------
                                                                   ---------                      ---------


     Number of shares
                                                                       2012                           2011
                                                                         No                             No
     Basic weighted average number of shares                     47,232,947                     44,615,040
     Dilutive potential ordinary shares:
      Share options granted                                       4,000,000                      4,000,000

                                                                 -----------                    -----------

     Weighted average number of shares
      for the purposes of diluted earnings per share             51,232,947                     48,615,040
                                                                 -----------                    -----------
                                                                 -----------                    -----------


     There have been no other transactions involving ordinary shares or potential ordinary shares since the
     reporting date and before the completion of these financial statements.


7.   INVESTMENTS

                                                                                               Unlisted
                                                                                             Investment
                                                                                                      £
     COST
     At 1 March 2011 and 29 February 2012
                                                                                                100,000
                                                                                             -----------
                                                                                             -----------

     AMOUNTS WRITTEN OFF
     At 1 March 2011 and 29 February 2012                                                       100,000
                                                                                             -----------
                                                                                             -----------

     NET BOOK VALUE
     At 29 February 2012 and 28 February 2011                                                         -
                                                                                             -----------
                                                                                             -----------


     In  the light of Lengau being unquoted, the significant market movements subsequent to the investment,
     the  fall  of  valuations  of  quoted  mining  sector stocks,  particularly  early  stage  pre-revenue
     businesses,  and given that Lengau has yet to raise additional capital, the directors have  chosen  to
     value the investment in Lengau at zero at this time.

8.   DEBTORS

                                                               2012                           2011
                                                                  £                              £
     Trade debtors                                            5,500                              -
     Other debtors                                           23,890                         28,617
     Prepayments and accrued income                           6,032                          5,803
                                                            --------                       --------
                                                             35,422                         34,420
                                                            --------                       --------
                                                            --------                       --------


9.   INVESTMENTS

                                                                 2012                           2011
                                                                    £                              £
     Investments held for trading                             109,992                        107,406
                                                             ---------                      ---------
                                                             ---------                      ---------


10.  CREDITORS: Amounts falling due within one year

                                                                 2012                        2011
                                                        £                   £          £              £
     Trade creditors                                                    2,088                     2,368
     Other creditors including taxation and social security:
     PAYE and social security                                               -                    17,015
     Accruals and deferred income                                       7,351                     5,000
                                                                       -------                  --------

                                                                        9,439                    24,383
                                                                       -------                  --------
                                                                       -------                  --------



11.  FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES



     The  company's  financial  instruments comprise cash held in current accounts  and  fixed  short  term
     deposits.

     The  main  purpose  of financial instruments is to raise finance for the operations of  the  company's
     business.

     The  main  risk arising from the company's financial instruments are interest rate, currency  exchange
     rate and liquidity risk.

     Liquidity risk
     Funds  are  intended  to finance the future development and growth of the company  and  the  effective
     management of these funds is based upon policies determined by the Board.  Funds are invested  through
     the use of short-term deposits.

     Fair values of financial assets and liabilities

     The  fair  value  of the company's financial instruments was not materially different  from  the  book
     value.

12.  RELATED PARTY TRANSACTIONS

     There is no individual with ultimate overall control of the company.

     C.  Latilla-Campbell  is  a  director and shareholder of this company and also  a  director  and  100%
     shareholder of LFIC, the accountancy charges incurred by this company of £4,914 represent proportional
     recharges in respect of the time spent on ZimNRG business by the LFIC company accountant.

13.  SHARE CAPITAL

     Authorised share capital:

                                                                       2012                           2011
                                                                          £                              £
     150,000,000 Ordinary shares of £0.005 each                     750,000                        750,000
                                                                   ---------                      ---------
                                                                   ---------                      ---------


     Allotted, called up and fully paid:

                                                            2012                           2011
                                                       No           £                 No            £
     48,332,003 Ordinary shares (2011 -        48,332,003     241,660         47,229,936      236,150
     47,229,936) of £0.005 each                ----------     -------         ----------      -------
                                               ----------     -------         ----------      -------



     During  the year 502,067 shares were issued to executive directors and 600,000 shares to non-executive
     directors as equity settled share based payments.

     At the year end share options granted to directors at an exercisable price of £0.02 totalled 4,000,000
     (2011 - 4,000,000).


14.  SHARE PREMIUM ACCOUNT

                                                                 2012                           2011
                                                                    £                              £
     Balance brought forward                                  650,729                        618,321
     Premium on shares issued in the year                      16,531                         32,408
                                                             ---------                      ---------
     Balance carried forward                                  667,260                        650,729
                                                             ---------                      ---------
                                                             ---------                      ---------


15.  RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                           2012                           2011
                                                   £                   £          £              £
     Loss for the financial year                                (100,842)                 (147,935)
     New equity share capital subscribed        5,510                        13,111          
     Premium on new share capital subscribed   16,531                        32,408
                                              --------                      --------

                                                                  22,041                    45,519
                                                                 --------                  --------

     Net reduction to shareholders' funds                        (78,801)                 (102,416)
     Opening shareholders' funds                                 338,689                   441,105
                                                                 --------                  --------

     Closing shareholders' funds                                 259,888                   338,689
                                                                 --------                  --------
                                                                 --------                  --------



16.  NOTES TO THE CASH FLOW STATEMENT

     RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM
     OPERATING ACTIVITIES

                                                                       2012                           2011
                                                                          £                              £
     Operating loss                                                 (91,260)                      (150,238)
     Increase in debtors                                             (1,002)                       (22,703)
     Decrease in creditors                                          (14,944)                       (20,257)
     (Gain)/loss on foreign currency retranslation on debt           (2,020)                        12,087
     Fair value adjustment of current asset investments             (11,664)                        (8,938)
     Exchange (gain)/ loss on valuation of current asset                                      
     investments                                                     (1,923)                         1,595
     Equity settled share based payments                             22,041                         45,519
                                                              --------------                  -------------

     Net cash outflow from operating activities                    (100,772)                      (142,935)
                                                              --------------                  -------------
                                                              --------------                  -------------


     RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

                                                                       2012                           2011
                                                                          £                              £
     Interest received                                                  590                          3,272
     Interest paid                                                        -                            (15)
                                                              --------------                  -------------
                                                                          -                  
     Net cash inflow from returns on investments and                    590                          3,257
     servicing of finance                                     --------------                  -------------
                                                              --------------                  -------------



     TAXATION

                                                                       2012                           2011
                                                                          £                              £
     Taxation                                                           (65)                        (1,895)
                                                              --------------                  -------------
                                                              --------------                  -------------

     CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT

                                                                       2012                           2011
                                                                        £                                £
     Disposal of current asset investments                            8,303                          2,915
     Payment to acquire other current asset investments              (7,409)                        (3,291)
                                                              --------------                  -------------


     Net cash outflow for capital expenditure and financial             894                           (376)
     investment
                                                              --------------                  -------------
                                                              --------------                  -------------


     RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                       2012                           2011
                                                                          £                              £
     Decrease in cash in the period                                 (99,353)                      (141,949)
     Translation differences                                          2,020                        (12,087)
                                                              --------------                  -------------

     Movement in net funds in the period                            (97,333)                      (154,036)
                                                              --------------                  -------------
                                                              --------------                  -------------


     Net funds at 1 March 2011                                      221,246                        375,282
                                                              --------------                  -------------

     Net funds at 29 February 2012                                  123,913                        221,246
                                                              --------------                  -------------
                                                              --------------                  -------------

     ANALYSIS OF CHANGES IN NET FUNDS
                                                           At      Cash flows      Exchange             At
                                                   1 Mar 2011                      movement    29 Feb 2012
                                                            £               £             £              £
     Net cash:
     Cash in hand and at bank                         221,246         (99,353)        2,020        123,913
                                                  ------------     ------------    ---------   ------------
     Net funds                                        221,246         (99,353)        2,020        123,913
                                                  ------------     ------------    ---------   ------------
                                                  ------------     ------------    ---------   ------------
 


The  Directors of ZIM NRG Plc accept responsibility for the Content of this announcement. Loeb Aron  &  Co.
Ltd. are acting as the the PLUS Market Corporate Adviser to Zim NRG Plc.

Contact:

Zim NRG Plc:     Christopher Latilla-Campbell cplc@lfic.co.uk

Loeb Aron & Co. Ltd. Dr Frank Lucas/ Peter Freeman 020 7628 1128 lucas@loebaron.co.uk


ENDS

Contact Information

  • ZimNRG plc