The directors have pleasure in announcing the results for 2004. Attached to this statement are the balance sheet and profit and loss account extracted from the audited accounts. Messrs Wilson Wright & co signed an unqualified audit report on 24th March 2005 drawing attention to our accounting policy note 1.1 in the accounts. We reproduce that here:
Accounting policy note
The financial statements have been prepared under the historical cost convention and in accordance with applicable Accounting Standards.
In common with many exploration companies, the company raises finance for its exploration and appraisal activities in discrete tranches to finance its activities for limited periods only. Further funding is raised as and when required.
The directors are of the opinion that existing cash reserves will not be adequate to enable the company to undertake its planned exploration and appraisal activities for the next twelve months. In order to undertake the planned activity the company intends to raise further funds during this calendar year. When any of the company's projects move to development, specific financing will be required to enable development to take place.
Whilst the directors are confident that such funding will be available there can be no guarantee that this will be the case.
Earnings/loss per share
The loss for the year was 0.15 pence per share. In the previous year the corresponding loss per share was 0.08 pence. On a fully diluted basis these figures would have been 0.13p and 0.08p respectively. Basic loss per share has been calculated on the loss on ordinary activities after taxation and on the weighted average ordinary shares in issue of 76,855,323 (2003 - 55,238,069) during the year. Fully diluted loss per share has been calculated on the loss on ordinary activities after taxation and on an adjusted weighted average ordinary shares in issue of 87,444,114 (2003 - 55,238,069) during the year.
Profit & Loss account - Year ended 31st December 2004
|
|
2004
GBP
|
2003
GBP
|
| Turnover |
--
|
44,790
|
| Cost of sales |
29,603
|
43,555
|
| . |
|
|
| Gross Profit |
(29,603)
|
1,235
|
| . |
|
|
Administrative & marketing
expenses |
85,845
|
30,804
|
|
|
|
| Operating Loss |
(115,448)
|
(25,569)
|
| . |
|
|
| Investment Income |
802
|
--
|
|
(114,646)
|
(29,569)
|
| Ammount written off investment |
--
|
12,396
|
|
|
|
| Loss on ordinary activities before taxation |
(114,464)
|
(41,965)
|
| Tax |
--
|
--
|
| Loss for the financial year |
(114,646)
|
(41,965)
|
Balance Sheet at 31st December 2004
|
|
2004
GBP
|
GBP
|
2003
GBP
|
GBP
|
| Fixed Assets |
121,455
|
|
|
|
| Intangible Assets |
619
|
|
|
|
| Tangible Assets |
122,074
|
|
--
|
|
|
|
|
|
|
| Current Assets |
|
|
|
|
| Debtors |
2,010
|
|
5,260
|
|
| Investments |
63,763
|
|
--
|
|
| Cash at Bank |
12,290
|
|
132,445
|
|
| . |
78,063
|
|
137,705
|
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
Creditors: amounts falling
due within one year |
14,070
|
|
5,410
|
|
| Net Current Assets |
63,993
|
|
|
132,295
|
Total Assets less Current
Liabilities |
186,067
|
|
|
132,295
|
|
|
|
|
|
| Capital and Reserves |
|
|
|
|
| Called up share capital |
799,031
|
|
|
684,031
|
| Share Premium Account |
219,020
|
|
|
165,602
|
| Profit & Loss Account |
(831,984)
|
|
|
(717,338)
|
| Equity shareholders' Funds |
186,067
|
|
|
132,295
|
Dividends
The payment of a dividend is not presently possible, as the company has an adverse balance on profit and loss account.
Brief review of operations.
A fuller version will be published with the annual accounts and posted to shareholders.
2004 was a year of steady technical progress for Agricola Resources. On the 26th February 2004 Agricola signed an option agreement with Beowulf Gold PLC to acquire its interest in the agreement with Sandisons for acquiring exclusive exploration rights for a Platinum Group Element (PGE) property in the Shetland Islands, Scotland. The Sandison Property covers about 10 square miles on the island of Unst, the most northerly inhabited island in the British Isles.
Agricola has exercised its option with Beowulf Gold PLC and has thus paid Beowulf 7.5 million Agricola ordinary shares. Agricola will also pay a 1.0 US$ an ounce on any platinum production from the property.
As a result of high prices for nickel and copper on world markets Agricola Resources PLC has claimed for and been awarded five licence areas in Northern Sweden. On the 2nd April 2004 Agricola was awarded a platinum exploration permit covering 22.5 square kilometres at Klappsjo, Vasternoorland County, Northern Sweden and, additionally, on the 19th October, Agricola was awarded four licences located in Pajala municipality, Norrbotten county.
The directors strongly favour Sweden as a country for mineral exploration as it has a large mineral potential, a low corporate tax regime and no mineral royalty. They will consider further licence applications in Sweden, whilst remaining vigilant to other possibilities.
The Directors will continue to work hard to increase the shareholder value of the Company through 2005 and beyond. The Directors are considering that Agricola broadens its remit to include uranium exploration and development in addition to platinum.
Contact :
Dr. Robert Young, Chairman
+44 1353 648 931
Agricola Resources plc
|
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