IMC EXPLORATION GROUP PLC
LSE : IMCP

November 27, 2013 05:41 ET

Unaudited Consolidated Preliminary Financial Statements Year Ended 30 June 2013

                                                                             27 November 2013
                                                 
                                     IMC Exploration Group Plc
                              ("IMC" or the "Company" or the "Group")
                                                 
                      Unaudited consolidated preliminary financial statements
                                      Year ended 30 June 2013

Statement by the Board

Dear Shareholder,

We are pleased to present the unaudited preliminary financial and operating results for IMC for
the twelve months to 30th June 2013.

The past year has been a very exciting time for your company.  On the operational and drilling
side we achieved significant results.

With successful drilling, the acquisition of additional licences and the development of a works
programme going forward; we look forward to the year ahead with optimism and enthusiasm.

Hugh Gibney
Chairman

 Unaudited Condensed Consolidated Statement of Comprehensive Income
 For the Year Ended 30 June 2013                                           
                                                                           
                                                                Unaudited           Audited
                                                               Year Ended        Year Ended
                                                   Notes        30-Jun-13         30-Jun-12
                                                                                       
                                                                     Euro              Euro
 Continuing Operations                                                     
 Revenue                                                                -                 -

 Other Income/(Expense)                                             9,095           (8,817)
                                                             ------------------------------

 Administrative Expenses                                        (319,169)         (365,112)
                                                             ------------------------------
                                                                                           
 (Loss) before tax                                              (310,074)         (373,929)
                                                                                           
                                                                                           
 Income tax expense                                               (4,437)          (10,853)
                                                             ------------------------------
                                                                                           
 (Loss) for period from continuing operations                   (314,511)         (384,782)
                                                                                           
                                                             ------------------------------
 Other Comprehensive income                                             -                 -
                                                             ------------------------------
 Loss for the period and total comprehensive                    
 loss for the period                                            (314,511)         (384,782)
                                                             ------------------------------
 Earnings per share (all continuing)                                                       
                                                                                           
 Loss per ordinary share - basic & diluted           
 (Cent)                                            1               0.59              0.84
                                                             ------------------------------


 Unaudited Condensed Consolidated Statement of Financial Position
 As At 30th June 2013                                                       
                                                                            
                                                                Unaudited          Audited
                                                                    As At            As At
                                                                30-Jun-13        30-Jun-12
                                                   Note              Euro             Euro
                                                                            
 Non Current Assets                                 2             546,426          365,478
                                                                                          
 Current assets                                                                           
 Debtors                                                          158,960          103,117
 Cash and cash equivalents                                         52,991          679,144
                                                             -----------------------------
 Total assets                                                     758,377        1,147,739
                                                             -----------------------------
 Equity and liabilities
 
 Equity                                                                                   
 "A" Ordinary Share Capital                         3              38,094           38,094
                                                                              
 Ordinary Share Capital                             3              53,308           53,308
                                                                              
 Share Premium - Ordinary Shares                    3           1,308,102        1,308,102
                                                                                 
 Retained Earnings                                              (701,793)        (387,282)
                                                             -----------------------------
                                                                                          
 Equity attributable to the owners of the Company                 697,711        1,012,222
                                                             -----------------------------
 Current Liabilities                                                                      
 Trade & Other Payables                                            60,666          135,517
                                                             -----------------------------
                                                                         
 Total liabilities                                                 60,666          135,517
                                                             -----------------------------
 Total equity and liabilities                                     758,377        1,147,739
                                                             -----------------------------










 Unaudited Condensed Consolidated Statement of Changes in Equity                                      
 For the Year Ended 30 June 2013                                                                      
                                                                                                      
                                                                                                                
                                                "A" Ordinary      Ordinary Share      Share Premium     Retained
                                               Share Capital             Capital    Ordinary Shares       losses
                                                                                                   
                                                        Euro                Euro               Euro         Euro
                                                                                                                
 Balance at 30 June 2011                              38,094                   -                  -       (2,500)
                                                                                                   
 Loss for the Period                                       -                   -                  -     (384,782)
                                                                                               
 Other comprehensive loss for the period                   -                   -                  -            -
                                                                                                            
                                           ----------------------------------------------------------------------
 Total Comprehensive loss for the period              38,094                   -                  -     (387,282)
                                           ----------------------------------------------------------------------
 Issue of share capital                                    -              53,308          1,308,102            -
                                           ----------------------------------------------------------------------
 Balance at 30 June 2012                              38,094              53,308          1,308,102     (387,282)
                                           ----------------------------------------------------------------------

 Loss for the Period                                       -                   -                  -     (314,511)
 Other comprehensive loss for the period                   -                   -                  -            -
                                           ----------------------------------------------------------------------
 Total Comprehensive loss for the period                   -                   -                  -     (314,511)
                                           ----------------------------------------------------------------------
 Issue of share capital                                    -                   -                  -            -
 Share issue costs                                         -                   -                  -            -
                                           ----------------------------------------------------------------------
 Balance at 30 June 2013                              38,094              53,308          1,308,102     (701,793)
                                           ----------------------------------------------------------------------

























Notes To and Forming Part of the Unaudited Condensed Consolidated Financial Statements

 1. Loss per share                                                                          
                                                                                            
 Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period
 attributable to ordinary equity holders of the parent by the weighted average number of Ordinary
 Shares outstanding during the period.                                                      
                                                                                            
 Basic  earnings per share                                                                  
 The weighted average number of ordinary shares used in the calculation of basic and diluted
 earnings per share is as follows                                                           
                                                                                Unaudited       Audited
                                                                                30-Jun-13     30-Jun-12
                                                                                     Euro          Euro
 Loss for the period attributable to equity holders of the parent                 314,511       384,782
                                                                               ------------------------

 Weighted average number of ordinary shares                                    
 for the purposes of basic earnings per share                                  53,308,507    45,560,380
                                                                               ------------------------
 Basic (loss) per ordinary share  (cent)                                             0.59          0.84
                                                                               ------------------------

 2. Non Current Assets                                                                     
                                            Exploration           Fixtures      Financial              
                                            Expenditure         & Fittings         Assets         Total
 Cost                                              Euro               Euro           Euro          Euro
                                                                                                       
 At 30 June 2011                                                                                       
 Additions                                      357,802              4,925         38,738       401,465
                                     ------------------------------------------------------------------
 At 30th June 2012                              357,802              4,925         38,738       401,465
 Additions                                      180,973              1,200              -       182,173
                                     ------------------------------------------------------------------
 At 30 June 2013                                538,775              6,125         38,738       583,638
                                     ------------------------------------------------------------------
 Provision   for   diminution   in                                                                     
 value
 At 30 June 2011                                                                                       
 Charge for period                                    -              (985)       (35,002)      (35,987)
                                     ------------------------------------------------------------------
 At 30th June 2012                                    -              (985)       (35,002)      (35,987)
 Charge for period                                    -            (1,225)              -       (1,225)
                                     ------------------------------------------------------------------
 At 30 June 2013                                      -            (2,210)       (35,002)      (37,212)
                                     ------------------------------------------------------------------
 
 Net book value                                                                                        
 At 30 June 2013                                538,775              3,915          3,736       546,426
                                     ------------------------------------------------------------------
 At 30th June 2012                              357,802              3,940          3,736       365,478
                                     ------------------------------------------------------------------
                                                                                                      
 Expenditure on exploration activities is deferred on areas of interest until a reasonable
 assessment can be determined of the existence or otherwise of economically recoverable
 reserves. No amortisation has been charged in the period. The directors have reviewed the
 carrying value of the exploration and evaluation assets and consider it to be fairly stated and not
 impaired at 30 June 2013. The recoverability of the exploration and evaluation assets is
 dependent on the successful development or disposal of  the Group's licence areas.                    


 3. Share capital - Group and Company                                           Unaudited       Audited
                                                                                30-Jun-13     30-Jun-12
                                                                                     Euro          Euro
 Authorised equity                                                                          
 200,000,000 Ordinary shares of Euro0.001 each                                    200,000       200,000
 50,000 "A" Ordinary of  one Euro                                                  50,000        50,000
                                                                               ------------------------
                                                                                  250,000       250,000
                                                                               ------------------------
 Issued, called up and fully paid:                                Number of         Share              
                                                                     shares       Capital       Premium
 Euro 0.001 Ordinary Shares                                                          Euro          Euro
 At 30 June 2011                                                          7             -             -
 Issued in period                                                53,308,500        53,308     1,308,102
                                                             ------------------------------------------
 As at 30 June 2012                                              53,308,507        53,308     1,308,102
                                                             ------------------------------------------
 At 1 July 2012                                                  53,308,507             -     1,308,102
 Issued in period                                                         -             -             -
                                                             ------------------------------------------
 At 30 June 2013                                                 53,308,507        53,308     1,308,102
                                                             ------------------------------------------
                                                                                                       
 Issued, called up and partly paid:                               Number of         Share         Share
                                                                     shares       Capital       Premium
 One Euro A Ordinary Shares                                                          Euro          Euro
 At 30 June 2011                                                     38,094        38,094             -
 Issued in period                                                         -             -             -
                                                             ------------------------------------------
 As at 30 June 2012                                                  38,094        38,094             -
                                                             ------------------------------------------
 Issued in period                                                                                      
                                                             ------------------------------------------
 At 30 June 2013                                                     38,094        38,094             -
                                                             ------------------------------------------
                                                                                    
 "A" Ordinary Shares have the right to receive notice of and attend but not to vote at general
 meetings, no right to a dividend, right to return of capital but no further right to participate in
 a distribution of assets of the company.



Information Only

The Directors are cognisant of their obligations under Rule 69 and Guidance Notes 69.1 and 69.2 of
the ISDX Growth Market Rules for Issuers (9 July 2013). The Directors are currently reviewing
other directorships of the current Board with a view to ensuring compliance with Rule 69 in
advance of 9 January 2014.


The directors of the issuer accept responsibility for this announcement.


Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Mr. Hugh Gibney
Tel. Ireland: +353 87 671 9332

LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
con.casey@lhmcaseymcgrath.ie

Contact Information

  • IMC EXPLORATION GROUP PLC