World Mining Services Ltd
LSE : WMSP
|
June 15, 2009 02:00 ET
Interim Results
15 JUNE 2009
WORLD MINING SERVICES LIMITED.
(PLUS: WMSP)
INTERIM RESULTS
World Mining Services Limited ("WMS" or "the Company"), the Isle of Man based resource sector technology and
service's company is pleased to release its unaudited Interim Results for the period ending 31 March 2009.
DIRECTORS' REPORT FOR THE PERIOED ENDED 31 MARCH 2009
The first half of the Company's fiscal year showed only a modest operating profit due to the time required to
commission the new Polish Briquetting plant at WMS's 50% owned subsidiary Afri- Pal. The Company has reduced
the comparative period's loss by 96% in one of the most trying markets in history. As of 31 March 2009, the
Company's total assets had grown by 295% compared to the end of the comparative period in 2008, through a
combination of investments in our wholly owned subsidiary True North Drilling and Geological Services Limited,
investments in Fundy Minerals Limited, Minex Limited and Afri-Pal Sp z.o.o., loan agreements to help fund the
set up of operations at Afri-Pal and increased cash in the bank. During the period under review, the Company
accomplished the following:
* Completed a non-dilutive capital raise with a net of £118,174.25 through the sale of previously
issued shares
* Appointment of an additional Non- Executive Director
* Signed coal procurement contracts with two major coal suppliers in Poland
* Secured a new corporate service provider and head office for the Company to reduce overhead
* Added packaging capabilities in Afri- Pal
Afri- Pal
The Company has actively supported Afri-Pal to acquire new markets & clients in difficult market conditions and
as a result of these efforts, Afri-Pal appears to be well poised for a solid year ahead.
Minex
The Company was advised in February that Minex Technologies had made a substantive change to its process
providing for a more economical operation. The Company remains a passive investor.
True North
True North remained dormant during the period under review herein primarily due to seasonal weather conditions
in New Brunswick, Canada. It is expected to begin an active season providing services to Fundy Minerals
Limited.
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
Six months Six months
ended ended
31 March 31 March
2009 2008
£ £
Continuing operations:
Revenue 118,174 -
Administrative expenses (96,448) (72,613)
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Total administrative expenses (96,448) (72,613)
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Operating profit/(loss) 21,726 (72,613)
Finance (expense)/income 2,034 2,008
Other losses (12,500) (17,500)
Share of operating profit/(loss) in associate (16,299) -
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Profit/(loss) before taxation (5,039) (88,105)
Taxation - -
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Profit/(loss) after taxation (5,039) (88,105)
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Attributable to:
Equity holders of the Company (5,039) (88,105)
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Earnings per share:
Basic and diluted profit/(loss) per share - (0.009p) (11.66p)
pence ============ ============
INTERIM UNAUDITED RESULTS AS AT 31 MARCH 2009
CONSOLIDATED BALANCE SHEETS
Unaudited Audited
31 March 31 March
2009 2008
ASSETS £ £
Non-current assets
Plant and machinery 19,905 -
Intangible assets 11,596 -
Investments in associates 192,626 -
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224,127 -
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Current assets
Trade and other receivables 131,306 81,131
Available for sale financial assets 54,491 26,591
Cash and cash equivalents 28,593 1,312
----------- -----------
214,390 111,034
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TOTAL ASSETS 438,517 111,034
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EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital 582 1
Share premium account 198,913 38,500
Share based payment reserve 9,926 -
Retained earnings 206,187 (135,342)
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Total equity 415,608 (96,841)
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Current liabilities
Trade and other payables 22,909 207,875
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Total liabilities 22,909 207,875
----------- ------------
TOTAL EQUITY AND LIABILITIES 438,517 111,034
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NOTES
1. The accounting information for the 6 months ended 31 March 2009 has not been reviewed by the Company's
auditors.
2. The financial information set out in this announcement does not constitute statutory accounts.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
World Mining Services Ltd Tel: 0207.669.4479
Jeff Michel
Email: info@worldmining.co.uk
Rivington Street Corporate Finance Ltd. Tel: 0207.562.3389
Leo Godsall Eran Zucker
Leo@rs-cf.com Eran@rs-cf.com