African Pioneer plc
LSE : APPP

May 27, 2016 02:00 ET

Audited Results for the Year Ended 31 December 2015

                                                   AFRICAN PIONEER PLC
                                          ("African Pioneer" or the "Company")
                                                            
                                   Audited Results for the Year Ended 31 December 2015

CHAIRMAN'S REPORT

Dear Shareholder,

The year under review has continued to be difficult and at times, frustrating.  We have reviewed a number of projects,
some of which would have suited our mission, training and previous history of company development.

Unfortunately, the period under review has demonstrated complete disregard by capital markets towards smaller mining
start-ups.   Secondary placings have been scarce and generally, with no more intent other than keeping companies ticking
over to meet regulatory obligations.  Funding to carry out real exploration or development work in the ground has been
minimalistic.

The situation with bank financing and private equity has been very similar and deals that are coming to fruition are
leaving shareholders with little or no upside, particularly in the case of private equity packages where their "raison
d'etre" incorporates aggressive financial structuring.

I would like to thank all the stakeholders associated with African Pioneer for their tireless efforts in attempting to
seek out a viable and exiting future for the Company in the resource sector.

Portfolio Holding at 31 December 2015

 INVESTMENT                           NUMBER OF SHARES             COST                    VALUATION
 BHP Billiton Plc                     1,800                        22,709                  13,680
 ETFS Metal Securities                200                          14,950                  11,285
 Freeport-McMoran Inc                 2,019                        25,161                  9,277
 Gold Bullion Securities              194                          14,451                  13,314
 Lonmin Plc                           6,721                        31,634                  5,612
 Pacific North West Capital  Corp     2,000,000                    15,107                  19,628
 Royal Dutch Shell Plc                1,180                        25,411                  18,207
 South 32 Limited                     1,800                        2,002                   945
 Total                                                             151,425                 91,948

The directors do not recommend the payment of a dividend.

The Company accepts responsibility for the contents of this announcement.

Colin Bird
Non-Executive Chairman
24 May 2016

STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2015


                                                                                     Audited               Audited
                                                                                  Year ended            Year ended
                                                                            31 December 2015      31 December 2014
                                                                                           £                     £
Income:                                                                                                                
   Interest receivable                                                                    23                    70
   Dividend receivable                                                                 3,258                     -
   Realised gain on sale of investments                                               10,983                     -
-------------------------------------------------------------------------------------------------------------------
Total Income                                                                          14,264                    70

Administrative expenses
   Audit, accounting and legal fees                                                  (11,315)              (21,300)
   Directors' fees                                                                   (27,600)              (27,600)
   Management services                                                               (11,700)               (7,200)
   Other administration expenses                                                      (2,603)                 (858)
   Stock Exchange costs                                                              (22,012)              (21,779)
   Impairment                                                                        (62,861)                    -
-------------------------------------------------------------------------------------------------------------------
Total Expense                                                                       (138,091)              (78,737)

-------------------------------------------------------------------------------------------------------------------
OPERATING LOSS FOR THE PERIOD                                                       (123,827)              (78,667)
                                                                                                                       
Taxation                                                                                   -                     -
-------------------------------------------------------------------------------------------------------------------                                                                                                                       
NET LOSS FOR THE PERIOD                                                             (123,827)              (78,667)

   Other comprehensive income:                                                                                         

   Available-for-sale-financial assets unrealised loss                               (59,477)                    -
   Transfer to impairment                                                             62,861                     -

-------------------------------------------------------------------------------------------------------------------
   Total comprehensive loss                                                         (120,443)              (78,667)
-------------------------------------------------------------------------------------------------------------------
Basic loss per share                                                                   (0.11)                (0.07)

All losses are derived from continuing operations.

STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2015


                                                     Share capital          Retained    Available            Total
                                                                            earnings    -for-sale           Equity
                                                                                          -assets                 
                                                                 £                 £                             £
Capital subscribed on incorporation                         80,000                 -                        80,000
 
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
-------------------------------------------------------------------------------------------------------------------
As at 31 December 2012                                     403,000           (79,538)                      323,462
-------------------------------------------------------------------------------------------------------------------
    
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                        -          (239,472)           -          (78,667)
                                                                                                                       
-------------------------------------------------------------------------------------------------------------------
As at 31 December 2014                                     403,000          (239,472)           -          163,528
-------------------------------------------------------------------------------------------------------------------

Issue of ordinary shares in the period                      49,983                 -            -           49,983
Revaluation reserve movement for the period                      -                 -      (59,477)         (59,477)
Impairment                                                       -                 -       62,861           62,861
Profit/(Loss) for the period                                     -          (123,827)           -         (123,827)
-------------------------------------------------------------------------------------------------------------------
As at 31 December 2015                                     452,983          (363,299)       3,384           93,068
-------------------------------------------------------------------------------------------------------------------
                                                                                                         
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015

                                                                         31 December 2015         31 December 2014
                                                                                        £                        £
NON CURRENT ASSETS                                                                                                
Available-for-sale investments                                                     91,948                        -
-------------------------------------------------------------------------------------------------------------------
Total Non-Current Assets                                                           91,948                        -
                                                                                                                    
CURRENT ASSETS
Trade and other receivables                                                         4,305                    5,010
Cash and cash equivalents                                                          87,892                  230,449
                                                                                                                    
-------------------------------------------------------------------------------------------------------------------
Total Current Assets                                                               92,197                  235,459
                                                                                                                    
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                                      184,145                  235,459
-------------------------------------------------------------------------------------------------------------------
                                                                                                                    
CURRENT LIABILITIES                                                                                                 
Trade and other payables                                                          (91,077)                 (71,931)
                                                                                                                    
-------------------------------------------------------------------------------------------------------------------
Total Current Liabilities                                                         (91,077)                 (71,931)
-------------------------------------------------------------------------------------------------------------------
                                                                                                                    
-------------------------------------------------------------------------------------------------------------------
NET ASSETS                                                                         93,068                  163,528
-------------------------------------------------------------------------------------------------------------------
                                                                                                                    

EQUITY                                                                                                              
Share capital                                                                     452,983                  403,000
Retained earnings                                                                (239,472)                (160,805)
Revaluation  reserve                                                                3,384                        -
Profit and loss                                                                  (123,827)                 (78,667)
                                                                                                                    
-------------------------------------------------------------------------------------------------------------------
TOTAL EQUITY                                                                       93,068                  163,528
-------------------------------------------------------------------------------------------------------------------

The financial statements of African Pioneer Plc (registered number 008591V) were approved by the board on 24 May 2016
and signed on its behalf by:

C Bird                                                         R Samtani
Non-Executive Chairman                                         Director


STATEMENT OF CASH FLOWS
For the year ended 31 December 2015
                                                                                       Audited         Audited
                                                                                    Year ended      Year ended
                                                                                   31 December     31 December
                                                                                          2015            2014
                                                                                             £               £
CASH FLOW FROM OPERATIONS                                                                                                       
Profit/(loss) before taxation                                                         (123,827)        (78,667)
Adjustments for:
Interest received                                                                          (23)            (70)
Dividends received                                                                      (3,258)              -
Gain on disposal                                                                       (10,983)              -
Impairment charge                                                                       62,861               -
-------------------------------------------------------------------------------------------------------------------
Operating profit/(loss) before movements in working capital                            (75,230)        (78,737)
(Increase)/Decrease in receivables                                                         705          (4,260)
Increase/(Decrease) in payables                                                         19,146          29,006
                                                                                                                
-------------------------------------------------------------------------------------------------------------------
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                             (55,379)        (53,991)
-------------------------------------------------------------------------------------------------------------------
  
TAXATION PAID                                                                                -               -
      
CASH FLOW FROM INVESTING ACTIVITIES                                                                        
Interest received                                                                           23              70
Dividends received                                                                       3,258               -
Investments purchased                                                                 (197,085)              -
Investments sold                                                                        56,643               -
-------------------------------------------------------------------------------------------------------------------
NET CASH INFLOW FROM INVESTING ACTIVITIES                                             (137,161)             70
-------------------------------------------------------------------------------------------------------------------
                                                                                                                      
CASH FLOW FROM FINANCING ACTIVITIES                                                                        
Share Capital Issued                                                                    49,983               -
                                 
-------------------------------------------------------------------------------------------------------------------
NET CASH INFLOW FROM FINANCING ACTIVITIES                                               49,983               -
-------------------------------------------------------------------------------------------------------------------
                                                                                            
Net decrease in cash and cash equivalents in the period                               (142,557)        (53,921)

Cash and cash equivalents at the beginning of the period                               230,449         284,370
-------------------------------------------------------------------------------------------------------------------
                                                                                                                       
Cash and cash equivalents at the end of the period                                      87,892         230,449
-------------------------------------------------------------------------------------------------------------------

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

Contact Information

  • African Pioneer plc