Gold production has started
First quarter
* Turnover of 20 240 TSEK (0 TSEK)
* EBITDA - 19 903 (-4 299)
* Result after financial items was -21 986 TSEK (-4 145)
* The Company secured 51.8 MSEK through a directed issue before
issue cost.
* Investments during the period amounted to 10 550 KSEK (7 361),
Debt/Equity ratio, 62.6% (97.3%)
* Kjell Larsson appointed as CEO after an extra Annual general
Meeting where new members were elected to the Board of Directors.
* Operating activities starts at Blaiken
* Upgraded listing to First North Premier
Events after the end of the reporting period
* Fully subscribed rights issue secured 36.6 MSEK to the company,
before issue cost. Subscription price was 7 SEK.
* Start of gold production at Blaiken operation
Words from the CEO, Kjell Larsson
The result for the first quarter has been influenced by start-up cost
for gold production at two mines. It is a strategic moment in the
company's history that we now are an exploration company with gold
production. The cash flow from operations will fundamentally improve
our ability to develop our unique portfolio of gold projects. With
the strong support from our shareholders we have been able to take
the next step in developing the company despite difficult financial
times. The increasing gold price and the fact that we will have a
positive cash flow in the third quarter make me confident about our
company's future.
Key financial data
Jan-Mar Jan-Mar Full year
2009 2008 2008
Profit/loss after financial items -21 986 -4 145 -35 625
Equity/Debt ratio 62,6% 97,3% 62,6%
Total Assets 458 213 259 219 414 149
Equity 286 624 252 148 259 353
Number of yearly employee at the end of
period 61 17 41
Equity per share before dilution 4,47 4,17 4,12
Equity per share after dilution 4,40 4,15 4,04
P/L per share before dilution -0,34 -0,07 -0,57
P/L per share after dilution -0,34 -0,07 -0,56
Number of shares before dilution at the
end of period, thousands 64 096 60 401 63 001
Number of shares after dilution at the
end of period, thousands 65 144 60 762 64 131
Net turnover
Net turnover for the first quarter are 20 240 TSEK (0 TSEK), due to
the continued increased production at the Pahtavaara mine.
Result for the period
Operating result for the period was -20 841 (-4 413) TSEK . The
result was mostly affected by the preparations for start-up of mining
production at Pahtavaara and Blaiken operations.
Cash flow
The cash flow from the operating activity and change in working
capital has been influenced by the start-up activities of mine
production, build up of receivables and inventories in relation to
increased gold production and sales, and are -44 567 TSEK (- 5 999
TSEK).
Equity and Equity to debt ratio
The company has during quarter through a directed issue secured 51.8
MSEK before cost of issue. Equity to debt ratio after this issue is
62.6 percent compared to last quarter, 62.6 percent.
Another 36.6 MSEK has been secured from a fully subscribed rights
issue done after the end of the quarter. Total funding raised for the
company in 2009 are 88.4 MSEK before cost of issues.
Updates
* Pahtavaara
Production during the first quarter in Pahtavaara exceeded original
plans. Production in Pahtavaara started in the summer of 2008 and
extraction of gold has increased gradually. The twelve month profit
predictions are on line at full production.
* Blaiken
On February 18th Lappland Goldminers Board of Directors made a
decision to start the Blaiken operation. The first two month was
characterized by preparation work and the construction of an
environmentally adapted system for water cleaning.
On April 29 gold production started from a previously mined
mineralized pile outside the mill. The first preliminary production
analysis of mill feed shows 2 - 2,5 gram per tonne of material after
two weeks of production and the mined gold mineralized pile is
estimated to 90 000 tonnes. The first production period with current
material is expected to end in late July and mining is planned to
start through autumn.
The operation in Blaiken benefits from increasing gold prices.
Despite the delayed start-up the Company expects Blaiken to
contribute positively to the 2009 result.
* Fäboliden
Lappland Goldminers and its unique portfolio of gold projects in The
Gold Line make the Fäboliden project, with its environmental permit
for immediate investment and production start-up of its leach plant,
highly prioritized. An update of the Feasibility Study will be done
with start fall of 2009 that will include all positive changes to
delivery times and costs for planned equipment and constructions.
* Haveri
The Company has during the quarter started the work with a
prefeasibility study on the Haveri project for the planned
exploration and development effort of the project.
Employees
The company has 61 (previous yr 17) employees. In addition to this,
the Company engages consultants and contractors for various projects
on a continuing basis. Altogether the Company engages the equivalent
of 120 (previous yr 40) full time employees.
Reporting dates
Interim report January-June 2009 August 31, 2009
Interim report January-September 2009 November 30, 2009
Accounting principles
The accountings has been prepared according to (ÅRL- Annual Accounts
Act), RFR 2.1 "Reporting for legal entities", International Financial
Reporting Standards (IFRS) and interpretations by International
Financial Reporting Interpretations Committee (IFRIC), as adopted by
EU, and according to RFR 1.1 "Complementary reporting principles for
groups". The parent company also applies to RFR 2.1 "Reporting for
legal entities" and Årsredovisningslagen (ÅRL - Annual Accounts Act).
This report has been prepared in compliance with IAS 34 - Interim
Financial Reporting.
Same accounting principles have been applied as in the last issued
Annual Report.
For detailed information regarding accounting principles, refer to
Annual Report 2008.
The annual report and the group report have been approved for issue
by the Board on April 8, 2009. The group Income statements and
balance sheet and the parent company income statements and balance
shall be adopted at the Annual General Meeting on May 28, 2009.
Lycksele, May 28, 2009
Kjell Larsson
Chief Executive Officer
The Interim Report for January to December 2008 has been subject to
special examination by the Company's auditors.
For further information please contact:
Kjell Larsson, CEO Tel: 0950-275 06, E-mail: kjell.larsson@lgold.se
070-385 03 57
Ulf Ericsson, Tel: 070-529 09 E-mail: ulf.ericsson@lgold.se
Chairman of the 59
Board
Lappland Goldminers AB (publ)
Org nr 556544-3339
Storgatan 36
SE-921 31 Lycksele
Tel: 0950-275 00
www.lapplandgoldminers.se
Income statement - Group
SEK (,000) 3 month 3 month
Jan-Mar Jan-Mar Full year
2009 2008 2008
Income
Net turnover 20 240 0 6 507
Changes in inventory 8 304 0 5 567
Capitalized work 217 881 2 820
Change in value of biological assets 0 0 311
28 761 881 15 206
Other external costs -39 774 -2 206 -25 947
Personnel costs -8 891 -2 974 -19 037
Depreciation of tangible and intangible
fixed assets -938 -114 -1 508
Operating Profit/Loss -20 841 -4 413 -31 287
Financial items:
P/L from financial investments: 0 0 -2 743
Financial income 56 303 455
Financial costs -1 201 -35 -2 051
Profit/Loss after financial items -21 986 -4 145 -35 625
Taxes 0 0 0
Net Profit/Loss for fiscal period -21 986 -4 145 -35 625
Average number of shares before dilution,
thousand 64 096 60 401 61 413
Average number of shares after dilution,
thousand 65 144 60 762 62 324
P/L per share before dilution -0,34 -0,07 -0,58
P/L per share after dilution -0,34 -0,07 -0,57
Balance Sheet - Group
SEK (,000) March 31 March 31 Dec 31
2009 2008 2008
Assets
Fixed assets
Intangible fixed assets 262 528 206 631 260 923
Tangible fixed assets 142 292 23 500 134 286
Financial fixed assets 285 3 028 285
405 105 233 159 395 494
Current assets
Inventory 15 305 0 6 936
Other receivables 29 276 2 517 4 053
Investments , cash and bank balances 8 527 23 542 7 666
Total Current assets 53 108 26 060 18 655
Total Assets 458 213 259 219 414 149
Equity and Liabilities
Equity 286 624 252 148 259 353
Allocations 34 851 0 34 832
Long-term liabilities 58 398 2 000 51 833
Short-term liabilities 78 341 5 070 68 131
Total Equity and Liabilities 458 213 259 219 414 149
of which interest-bearing 50 869 0 47 611
Changes in Equity - Group
SEK (,000) 3 month 3 month Full year
Jan-Mar Jan-Mar
2009 2008 2008
Equity at the beginning of period 259 353 256 224 256 224
New issue 51 800 0 26 000
Issue cost -2 388 0 -405
Currency effects/acquired equity -155 68 13 159
P/L of fiscal period -21 986 -6 309 -26 280
Equity at the end of period 286 624 249 983 268 698
Cash Flow Analysis - Group
SEK (,000) 3 mån 3 mån Full year
Jan-Mar Jan-Mar
2009 2008 2008
Cash flow from operating activities
before changes in working capital -20 838 -4 031 -17 841
Changes in working capital -23 729 -1 968 52 553
Cash flow from operating activities -44 567 -5 999 34 712
Cash flow from investing activities -10 550 -7 361 -139 376
Cash flow from financing activities 55 977 0 75 427
Changes in liquid assets 861 -13 360 -29 236
Liquid assets at the beginning of period 7 666 36 902 36 902
Liquid assets at the end of period 8 527 23 542 7 666
Undisposed overdraft facilities 9 168 5 000 5 000
Disposable cash at the end of period 17 694 28 542 12 666
Lappland Goldminers AB (publ): Interim report January - March 2009
| Source: Lappland Goldminers AB