African Pioneer plc
LSE : APPP

May 30, 2013 02:00 ET

Final Results

                                                                                                       30 May 2013
                                                                                                      IM00B8COHK22
                                                                                                                        
                                                            
                                                   AFRICAN PIONEER PLC
                                          ("African Pioneer" or the "Company")
                                               (ISDX Growth Market: APPP)

                                  Audited Results for the Period Ended 31 December 2012

CHAIRMAN'S REPORT

This is my first annual report as Chairman of African Pioneer Plc.

During  the  period  under review your board has looked at many mining opportunities but has not  yet  found  a  project
suitable  for  investment.  The  currently depressed, small company financing market  has  liberated  many  new  project
opportunities,  but  we  have  yet to identify a project at the right stage for investment  with  the  necessary  upside
potential.

Your board is committed to identifying a resource project, which has significant size with low value release in a region
where mining title is transparent and well defined. The top of our list for investment is base metals since we feel that
a  global  shortage of new supply is almost inevitable against the prolonged under investment in base metal exploration.
Hence base metals remain our core focus, although the Company will respond to other commodities where potential value is
evident.

I  would  like to thank my colleagues who have assisted me in the search for suitable projects and reassure shareholders
that return on investment has been and will remain our mission in the forthcoming year.

Colin Bird - Chairman

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
PERIOD ENDED 31 DECEMBER 2012

                                                                                                                 
                                                                                                             2012
                                                                                                                £
Income:                                                                                                          
    Interest receivable                                                                                        24
Administrative expenses                                                                                          
    Audit, accounting and legal fees                                                                     (35,133)
    Directors' fees                                                                                      (13,101)
    Management services                                                                                  (12,000)
    Other administration expenses                                                                           (285)
    Stock Exchange costs                                                                                 (19,043)
                                                                                                                 
 OPERATING LOSS FOR THE PERIOD                                                                           (79,562)
                                                                                                                 
Taxation                                                                                                        -
                                                                                                                 
NET LOSS FOR THE PERIOD                                                                                  (79,538)
                                                                                                                 
Basic earnings per share                                                                                      nil

All losses are derived from continuing operations.






STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012

                                                                                                                 
                                                                                                             2012
                                                                                                                £
CURRENT ASSETS                                                                                                   
Trade and other receivables                                                                                    10
Cash and cash equivalents                                                                                 351,213
Total Current Assets                                                                                      351,223
                                                                                                                 
TOTAL ASSETS                                                                                              351,223
                                                                                                                 
                                                                                                                 
CURRENT LIABILITIES                                                                                              
Trade and other payables                                                                                   27,761
Total Current Liabilities                                                                                  27,761
NET ASSETS                                                                                                323,462
                                                                                                                 



EQUITY                                                                                                           
Share capital                                                                                             403,000
Retained earnings                                                                                        (79,538)
                                                                                                                 
TOTAL EQUITY                                                                                              323,462





STATEMENT OF CASH FLOWS
PERIOD ENDED 31 DECEMBER 2012



                                                                                                          Period to
                                                                                                   31 December 2012
                                                                                                                  £
CASH FLOW FROM OPERATIONS                                                                                          
Profit/(loss) before taxation                                                                              (79,538)
Adjustments for:                                                                                                   
Interest received                                                                                              (24)
Operating profit/(loss) before movements in working                                                        (79,562)
capital
(Increase)/Decrease in receivables                                                                             (10)
Increase/(Decrease) in payables                                                                              27,761
                                                                                                                   
 NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                                                (51,811)
                                                                                                                   
TAXATION PAID                                                                                                     -
                                                                                                                   
 CASH FLOW FROM INVESTING ACTIVITIES                                                                               
Interest received                                                                                                24
Dividends received                                                                                                -
                                                                                                                   
NET CASH INFLOW FROM INVESTING ACTIVITIES                                                                        24
                                                                                                                   
CASH FLOW FROM FINANCING ACTIVITIES                                                                                
Share Capital Issued                                                                                        403,000
                                                                                                                   
NET CASH INFLOW FROM FINANCING ACTIVITIES                                                                   403,000
                                                                                                                   
Net decrease in cash and cash equivalents in the period                                                            
                                                                                                            351,213
Cash and cash equivalents at the beginning of the period                                                           
                                                                                                                  -
                                                                                                                   
Cash and cash equivalents at the end of the period                                                          351,213




As the Company was only established during the period there are no comparatives.

The Directors do not recommend the payment of a dividend.

These financial statements of African Pioneer Plc (registered number 008591V) were approved by the Board on 28 May 2013
and signed on its behalf by:

C Bird - Chairman                           R Samtani - Director



Contact Information

  • African Pioneer plc