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 31st
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.