African Pioneer plc
LSE : APPP

September 27, 2013 02:00 ET

Unaudited Interim Financial Results to 30 June 2013


                                                                                                                    
                                                                                      27 September 2013

                                                            
                                                 AFRICAN PIONEER PLC
                                         ("African Pioneer" or the "Company")
                                             (ISDX Growth Market: APPP)
                                                            
                      Unaudited Interim Financial Results for the Period Ended 30 June 2013
                                                            
CHAIRMAN'S REPORT

The Company continues to review investment proposals from a reactive and proactive stance.

In considering new investments the Board is mindful of capital constraints for the smaller company sector,
but consider that good projects are generally financeable.

Against the aforementioned quality is the driving consideration against which all projects are evaluated.

The  Board are confident that the current diligence and conservatism will identify a suitable project  for
the Company.

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


The information contained in these interim results has not been reviewed by the Company's auditors.


Statement of Comprehensive Income
For the six months ended 30 June 2013

                                                                                                                 
                                                                                      Unaudited           Audited
                                                                                   Period ended      Period ended
                                                                                        30 June       31 December
                                                                                           2013              2012
                                                                                            GBP               GBP
Income:                                                                                                          
   Interest receivable                                                                      165                24
Administrative expenses                                                                                          
   Audit, accounting and legal fees                                                     (9,402)          (35,133)
   Directors' fees                                                                      (1,975)          (13,101)
   Management services                                                                  (4,500)          (12,000)
   Other administration expenses                                                        (3,987)             (285)
   Stock Exchange costs                                                                (16,146)          (19,043)
                                                                                                                 
 OPERATING LOSS FOR THE PERIOD                                                         (36,010)          (79,562)
                                                                                                                 
Taxation                                                                                      -                 -
                                                                                                                 
NET LOSS FOR THE PERIOD                                                                (35,845)          (79,538)
                                                                                                                 
Basic losses per share                                                                 (0.032p)           (0.09p)

All losses are derived from continuing operations.


Statement of Changes in Equity
For the six months ended 30 June 2013


                                                                            Share        Retained             Total
                                                                          capital        earnings            Equity
                                                                                                                   
                                                                              GBP             GBP               GBP
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                                                    -        (35,845)          (35,845)
Total comprehensive income for the period                                       -        (35,845)          (35,845)
                                                                                                                  
                                                                                                                   
As at 30 June 2013                                                        403,000       (115,383)           287,617




Statement of Financial Position
As at 30 June 2013

                                                                             30 June 2013           31 December 2012
                                                                                      GBP                      GBP
CURRENT ASSETS                                                                                                      
Trade and other receivables                                                            10                       10
Cash and cash equivalents                                                         311,645                  351,213
                                                                                                                    
Total Current Assets                                                              311,655                  351,223
                                                                                                                    
TOTAL ASSETS                                                                      311,655                  351,223
                                                                                                                    
CURRENT LIABILITIES                                                                                                 
Trade and other payables                                                           24,038                   27,761
                                                                                                                    
Total Current Liabilities                                                          24,038                   27,761
                                                                                                                    
NET ASSETS                                                                        287,617                  323,462
                                                                                                                    

EQUITY                                                                                                              
Share capital                                                                     403,000                  403,000
Retained earnings                                                                 (79,538)                       -
Profit and loss                                                                   (35,845)                 (79,538)
                                                                                                                    
TOTAL EQUITY                                                                      287,617                  323,462




Statement of Cash Flows
For the six months ended 30 June 2013



                                                                                  Unaudited                 Audited
                                                                                  Period to               Period to
                                                                               30 June 2013        31 December 2012
                                                                                        GBP                     GBP
CASH FLOW FROM OPERATIONS                                                                                          
Profit/(loss) before taxation                                                      (35,845)                (79,538)
Adjustments for:                                                                                                   
Interest received                                                                     (165)                    (24)
Operating profit/(loss) before movements in working capital                        (36,010)                (79,562)
(Increase)/Decrease in receivables                                                       -                     (10)
Increase/(Decrease) in payables                                                     (3,723)                 27,761
                                                                                                                   
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                        (39,733)                (51,811)
                                                                                                                   
TAXATION PAID                                                                            -                      -
                                                                                                                   
CASH FLOW FROM INVESTING ACTIVITIES                                                                               
Interest received                                                                       165                     24
Dividends received                                                                        -                     -
                                                                                                                   
NET CASH INFLOW FROM INVESTING ACTIVITIES                                               165                     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                                                            
                                                                                   (39,568)                 351,213
Cash and cash equivalents at the beginning of the period                                                           
                                                                                    351,213                       -
                                                                                                                   
Cash and cash equivalents at the end of the period                                  311,645                 351,213

Contact Information

  • African Pioneer plc