News 03 March 2014

INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31st DECEMBER 2013

Spitfire Oil Limited (“Spitfire” or “the Company”) is pleased to publish a copy of its condensed consolidated unaudited interim results for the six months ended the 31 st December 2013.

Spitfire and its subsidiaries (together “the Group”) recorded a loss before tax for the six months ended the 31st December 2013 of A$116,964 (2012: A$182,907). With cash balances of A$6.8m, the Group has benefited from interest receipts of A$84,782 (2012 A$122,584) in the period. Operating costs have been further reduced to A$201,746 (2012 A$305,491).

On 30th December 2013 Spitfire repurchased for cancellation 16,666,667 shares in Spitfire held by Griffin Mining Limited at 5.0 pence per share (the "Transaction"), representing a discount of 13.0% to the closing share price of a Spitfire share on 27th December 2013 of 5.75 pence. Following the transaction Spitfire has 25,884,001 shares in issue.

Chairman’s Statement

Chairman Mladen Ninkov commented, “The Company has continued to investigate and evaluate numerous acquisition opportunities which have presented themselves in this difficult capital raising market. The vast majority of these opportunities fail to meet the economic hurdles set by the Company, but the Company continues to evaluate the numerous opportunities as they continue to come forward with the hope that 2014 will bring a successful outcome."


SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
OR OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
(expressed in Australian dollars)

 

Half-year

Full-year

 

Note

31 December 2013
Unaudited
A$

31 December 2012
Unaudited
A$

30 June 2013
Audited
A$

OTHER INCOME

 

84,782

122,584

220,495

 

 

 

 

 

EXPENDITURE

 

 

 

 

Corporate expenses

 

(177,146)

(284,001)

(414,483)

Other expenses

 

(24,600)

(21,490)

(95,651)

LOSS BEFORE INCOME TAX

 

(116,964)

(182,907)

(289,639)

Income tax

 

-

-

-

LOSS AFTER INCOME TAX

 

(116,964)

(182,907)

(289,639)

 

 

 

 

 

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

-

-

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF SPITFIRE OIL LIMITED

 

(116,964)

(182,907)

(289,639)

 

 

 

 

 

Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company (cents per share).

6

(0.3)

(0.4)

(0.7)

The above consolidated statement of profit or loss or other comprehensive income should be read in conjunction with the accompanying notes.

 

SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 December 2013
(expressed in Australian dollars)

Note

31 December 2013
Unaudited
A$

31 December 2012
Unaudited
A$

30 June 2013
Audited
A$

CURRENT ASSETS

 

 

 

 

Cash and cash equivalents

 

6,825,099

7,216,454

7,110,136

Trade and other receivables

 

-

-

1,242

Other current assets

 

29,098

30,447

14,179

TOTAL CURRENT ASSETS

 

6,854,197

7,246,901

7,125,557

 

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

Plant and equipment

 

1,636

-

-

Capitalised exploration and evaluation costs

 

8,528,557

8,373,897

8,395,553

Other non-current assets

 

45,000

-

45,000

TOTAL NON-CURRENT ASSSETS

 

8,575,193

8,373,897

8,440,553

TOTAL ASSETS

 

15,429,390

15,620,798

15,566,110

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

 

1,589,314

22,999

61,987

TOTAL CURRENT LIABILITIES

 

1,589,314

22,999

61,987

TOTAL LIABILITIES

 

1,589,314

22,999

61,987

NET ASSETS

 

13,840,076

15,597,799

15,504,123

 

 

 

 

 

EQUITY

 

 

 

 

Issued capital

5

19,307,329

20,854,412

20,854,412

Reserves

 

321,600

308,544

321,600

Accumulated losses

 

(5,788,853)

(5,565,157)

(5,671,889)

TOTAL EQUITY

 

13,840,076

15,597,799

15,504,123

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

 

SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
(expressed in Australian dollars)

Issued Capital

Options Reserve

Accumulated Losses

Total

 

A$

A$

A$

A$

BALANCE AT 1 JULY 2012

20,854,412

281,853

(5,382,250)

15,754,015

Loss for the period

-

-

(182,907)

(182,907)

TOTAL COMPREHENSIVE LOSS

-

-

(182,907)

(182,907)

TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

 

 

 

 

Share option expense

-

26,691

-

26,691

BALANCE AT 31 DECEMBER 2012

20,854,412

308,544

(5,565,157)

15,597,799

 

 

 

 

 

Loss for the period

-

-

(106,732)

(106,732)

TOTAL COMPREHENSIVE LOSS

-

-

(106,732)

(106,732)

TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

 

 

 

 

Share option expense

-

13,056

-

13,056

BALANCE AT 30 JUNE 2013

20,854,412

321,600

(5,671,889)

15,504,123

 

 

 

 

 

Loss for the period

-

-

(116,964)

(116,964)

TOTAL COMPREHENSIVE LOSS

-

-

(116,964)

(116,964)

TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS

 

 

 

 

Purchase of shares for cancellation

(1,547,083)

-

-

(1,701,792)

BALANCE AT 31 DECEMBER 2013

19,307,329

321,600

(5,788,853)

13,840,076

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

 

SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
(expressed in Australian dollars)

 

Half-year

Full-year

 

31 December 2013
Unaudited
A$

31 December 2012
Unaudited
A$

30 June 2013
Audited
A$

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Payments to suppliers and employees

(240,756)

(228,360)

(451,906)

Interest received

84,782

122,584

220,495

Net cash (outflow) from operating activities

(155,974)

(105,776)

(231,411)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Payments for exploration and evaluation expenditure

(133,004)

(41,167)

(21,655)

Payments for plant and equipment

(1,636)

-

-

Net cash (outflow) from investing activities

(134,640)

(41,167)

(21,655)

 

 

 

 

NET (DECREASE) IN CASH AND CASH EQUIVALENTS

(290,614)

(146,943)

(253,066)

Cash and cash equivalents at the beginning of the period

7,110,136

7,367,957

7,367,957

Effects of exchange rate changes on cash and cash equivalents

5,577

(4,560)

(4,755)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

6,825,099

7,216,454

7,110,136

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

 


SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements

NOTE 1: BASIS OF PREPARATION OF THE SIX MONTH FINANCIAL REPORT

This condensed consolidated interim financial report for the six month reporting period ended 31 December 2013 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting.

The summary accounts set out above do not constitute statutory accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section 435 of the UK Companies Act 2006. The condensed consolidated statement of financial position at 30 June 2013 and the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the year then ended have been extracted from the Group’s 2013 statutory financial statements upon which the auditors’ opinion is unqualified. The condensed consolidated statement of profit or loss or other comprehensive income has been prepared using information extracted from the Group’s 2013 statutory financial statements.

This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2013 and any public announcements made by Spitfire Oil Limited during the interim reporting period in accordance with the continuous disclosure requirements.

Copies of this interim report are being sent to all registered shareholders. Additional copies are available from the Company’s London office, 60 St James’s Street, London, SW1A 1LE.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

Adoption of new and revised accounting standards

In the six months ended 31 December 2013, the Group has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2013.

It has been determined by the Group that, there is no material impact of the new and revised standards and interpretations on its business and therefore no change is necessary to the Group’s accounting policies.

The Group has also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December 2013. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change necessary to Group accounting policies.

No retrospective change in accounting policy or material reclassification has occurred requiring the inclusion of a third Statement of Financial Position as at the beginning of the comparative financial period, as required under AASB 101.

 

NOTE 2: SEGMENT INFORMATION

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. For management purposes, the Group has identified only one reportable segment, being the exploration and mining for valuable resources that produce energy in Australia .

 

NOTE 3: DIVIDENDS

The Company has not declared any dividends in the period ended 31 December 2013.

 

NOTE 4: CONTINGENCIES

There has been no change in contingent liabilities or contingent assets since the last annual reporting date.

 

NOTE 5: ISSUED CAPITAL

 

31 December 2013

31 December 2012

30 June 2013

 

No

A$

No

A$

No

A$

Issued and Paid Up Capital

 

 

 

 

 

 

Fully Paid Ordinary Shares

25,884,001

19,152,620

42,550,668

20,854,412

42,550,668

20,854,412

Total Issued Capital

 

19,152,620

 

20,854,412

 

20,854,412

 

NOTE 6: LOSS PER SHARE

 

31 December 2013

31 December 2012

30 June 2013

Basic and diluted loss per share (cents)

(0.3)

(0.4)

(0.7)

 

 

 

 

a) Net loss used in the calculation of basic and diluted loss per share (A$)

(116,964)

(182,907)

(289,639)

 

 

 

 

b) Weighted average number of ordinary shares outstanding during the period used in the calculation of basic and diluted loss per share

42,182,344

42,550,668

42,550,668

Options that are considered to be potential ordinary shares are excluded from the weighted average number of ordinary shares used in the calculation of basic loss per share. Where dilutive, potential ordinary shares are included in the calculation of diluted loss per share.

All the options on issue do not have the effect to dilute loss per share. Therefore they have been excluded from the calculation of diluted loss per share. There have been no other conversions to, call of, or subscriptions for ordinary shares since the reporting date and before the completion of this report.

 

NOTE 7: SUBSEQUENT EVENTS

No matter or circumstance has arisen since 31 December 2013, which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years.