African Pioneer plc
LSE : APPP

May 29, 2015 12:45 ET

Audited Results for the Year Ended 31 December 2014

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                                                   AFRICAN PIONEER PLC
                                          ("African Pioneer" or the "Company")

                                   Audited Results for the Year Ended 31 December 2014


CHAIRMAN'S REPORT

The  period  under review has continued to be difficult although clarity has emerged as to the type of smaller  resource
projects which will receive funding and market interest.

The  most  resilient  commodities  are base metals and the African Pioneer Board  is  convinced  that  a  resurgence  in
exploration  activity for quality projects is imminent. To this end, the Board has focused its attention on the  factors
discussed  in  last  year's annual report i.e. political stability, clear title and transparent mining  legislation.  We
believe  that  these criteria in conjunction with a focus on base metal will lead us to the selection of an  asset  with
good potential to enhance shareholder value.

Post  31  December  2014, the Board has invested a significant portion of Company's cash reserves in various  large  cap
resource  companies which in our opinion represent good value as a result of the prolonged period of  negative  investor
sentiment  which  has prevailed in the resource sector.  Most of these investments have performed well  and  gains  have
already been realised in some cases.  It is intended that these positive returns will offset administrative overheads as
far  as  possible.  The Board has also limited overheads to an absolute minimum in order to reduce cash burn during  the
Company's formative period.

African  Pioneer  is  in the process of completing a private placement of £49,982.58. Current funds  are  sufficient  to
execute our initial objective and I am confident that a conclusion will be reached in the near future.

I  am  thankful  to our shareholders for their patience and support and hope to be able to make a positive  announcement
about our future direction in the short-term.

The Company accepts responsibility for the contents of this announcement.

For further information please contact:

African Pioneer plc
Raju Samtani                                                      020 7581 4477

Peterhouse Corporate Finance Limited
Mark Anwyl and Guy Miller                                       020 7220 9796






STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2014

                                                                                                                   
                                                                                          Audited           Audited
                                                                                       Year ended     Year ended 31
                                                                                      31 December     December 2013
                                                                                             2014
                                                                                                £                 £
 Income:                                                                                                           
    Interest receivable                                                                        70              317
 Administrative expenses                                                                                           
    Audit, accounting and legal fees                                                     (21,300)         (22,092)
    Directors' fees                                                                      (27,600)         (27,600)
    Management services                                                                   (7,200)          (7,716)
    Other administration expenses                                                           (858)            (724)
    Stock Exchange costs                                                                 (21,779)         (23,452)
                                                                                                                   
  OPERATING LOSS FOR THE PERIOD                                                          (78,667)         (81,267)
                                                                                                                   
 Taxation                                                                                       -                 -
                                                                                                                   
 NET LOSS FOR THE PERIOD                                                                 (78,667)         (81,267)
                                                                                                                  
 Basic losses per share                                                                   (0.07p)           (0.07p)

All losses are derived from continuing operations.




STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2014


                                                                             Share         Retained            Total
                                                                           capital         earnings           Equity
                                                                                                                    
                                                                                 £                £                £
                                                                            80,000                -           80,000
 Capital subscribed on incorporation
                                                                                                                    
 Total comprehensive income for the period                                                                          
 Profit/(Loss) for the period                                                    -         (79,538)         (79,538)
 Total comprehensive income for the period                                       -         (79,538)         (79,538)
                                                                                                                    
 Transactions with owners of the Company recognised in equity
 Share Capital Issued                                                      323,000                -          323,000
 Transactions with owners of the Company recognised in equity              323,000                -          323,000
                                                                                                                    
                                                                           403,000         (79,538)          323,462
 As at 31 December 2012
                                                                                                                    
 Total comprehensive income for the period                                                                          
 Profit/(Loss) for the period                                              -               (81,267)         (81,267)
 Total comprehensive income for the period                                                 (81,267)         (81,267)
                                                                           -                                        
                                                                                                                    
 As at 31 December 2013                                                    403,000        (160,805)          242,195
 
 Total comprehensive income for the period                                                            
 Profit/(Loss) for the period                                                 -           (78,667)           (78,667)
 Total comprehensive income for the period                                                (78,667)           (78,667)
                                                                              -                              
                                                                                                              
 As at 31 December 2014                                                    403,000        (239,472)          (163,528)







STATEMENT OF FINANCIAL POSITION
As at 31 December 2014

                                                                          31 December 2014            31 December 2013
                                                                                         £                           £
 CURRENT ASSETS                                                                                                       
 Trade and other receivables                                                         5,010                       750
 Cash and cash equivalents                                                         230,449                   284,370
                                                                                                                      
 Total Current Assets                                                              235,459                   285,120
                                                                                                                      
 TOTAL ASSETS                                                                      235,459                   285,120
                                                                                                                      
 CURRENT LIABILITIES                                                                                                  
 Trade and other payables                                                           71,931                    42,925
                                                                                                                      
 Total Current Liabilities                                                          71,931                    42,925
                                                                                                                      
 NET ASSETS                                                                        163,528                   242,195
                                                                                                                      
 
 EQUITY                                                                                                               
 Share capital                                                                     403,000                     403,000
 Retained earnings                                                               (160,805)                  (79,538)
 Profit and loss                                                                  (78,667)                  (81,267)
                                                                                                                      
 TOTAL EQUITY                                                                      163,528                     242,195


The financial statements of African Pioneer Plc (registered number 008591V) were approved by the board on 28th May 2015
and signed on its behalf by:

C Bird - Chairman                                                                      R Samtani - Director

The directors do not recommend the payment of a dividend.


STATEMENT OF CASH FLOWS
For the year ended 31 December 2014


                                                                            Audited             Audited
                                                                         Year ended          Year ended
                                                                   31 December 2014    31 December 2013
                                                                                  £                   £
CASH FLOW FROM OPERATIONS 
Profit/(loss) before taxation                                               (78,667)            (81,267)
 Adjustments for:                                                                                                               
 Interest received                                                              (70)               (317)
 Operating profit/(loss) before movements in working capital                (78,737)            (81,584)
 (Increase)/Decrease in receivables                                          (4,260)               (740)
 Increase/(Decrease) in payables                                             29,006              15,164
                                                                                                                                 
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                  (53,991)            (67,160)
                                                                                                                                 
TAXATION PAID                                                                     -                   -
                                                                                                                               
CASH FLOW FROM INVESTING ACTIVITIES                                                                                            
Interest received                                                                70                 317
                                                                                                                                 
NET CASH INFLOW FROM INVESTING ACTIVITIES                                        70                 317
                                                                                                                                 
CASH FLOW FROM FINANCING ACTIVITIES                                                                                             
Share Capital Issued                                                              -                   -
                                                                                                                                 
NET CASH INFLOW FROM FINANCING ACTIVITIES                                         -                   -
                                                                                                                                 
Net decrease in cash and cash equivalents in the period                                                                       (53,921)            (66,843)

Cash and cash equivalents at the beginning of the period                                                                       284,370             351,213
                                                                                                                                 
Cash and cash equivalents at the end of the period                           230,449             284,370

Contact Information

  • African Pioneer plc