Lappland Goldminers AB (publ): Interim report January - June 2009
(Thomson Reuters ONE) - Gold production from two minesSecond quarter * Turnover of 29 861 TSEK (0 TSEK) and for the first six month 45 559 (0) TSEK * Operating result - 9 024 (-8 363) and for the first six month -29 865 (-12 776) TSEK. * Result after financial items was -10 073 TSEK (-8 392) and for the first six month -32 059 (-12 537) TSEK. * The Company secured 36.6 MSEK through a rights issue before issue cost. * Investments during the period amounted to 2 612 KSEK (47 221), and for the first six month 13 161(54 582) TSEK. Debt/Equity ratio at June 30 was 63.1% (83.4%) * Gold production starts at BlaikenEvents after the end of the reporting period * Definition drilling began from surface in both Pahtavaara and Blaiken of mineralized areas and in the respective mining concessionWords from the CEO, Kjell LarssonLappland Goldminers has now passed a milestone in the company'shistory, by producing gold from two own mines during the quarter. Weare realising our strategy of value growth, through profitable miningensure that the company's exploration assets gradually are extracted.The grim economic situation around the world with stable gold pricesmeans that we now have a good chance to get a good return on theassets Lappland Goldminers acquired. This strategy increases ourability to progressively develop the potential that exists on theGold Line with the Fäboliden project and the Blaiken Mill, in thePahtavaara mine's vicinity and in the Haveri area in Finland.Centrally located processing plants where the gold effectivelyproduced in Blaiken and Fäboliden on Gold Line in Sweden, inPahtavaara in Finnish Lapland creates the best conditions foreffective value growth from new deposits that can be put intoproduction with short lead times after successful exploration. Othercompanies gold ores can also be processed from the region.A cash-generating mine production increases our ability to implementfuture ventures. We have the opportunity to carry out drilling toincrease the ore base in our mining concessions. Production is also abase for the updating of the feasibility study for Fäboliden thatwill commence during the third quarter of this year. With a stronggold price and with an expected positive cash flow during the thirdquarter, we see the future on with confidence.Key ratio Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full year 2009 2008 2009 2008 2008Net turn over 29 861 0 45 559 0 6 507Profit/loss afterfinancial items -10 073 -8 392 -32 059 -12 537 -35 625Equity/Debt ratio 63,1% 83,4% 63,1% 83,4% 62,6%Total Assets 493 278 292 266 493 278 292 266 414 149Equity 311 090 243 742 311 090 243 742 259 353Number of yearly employeeat the end of period 61 47 61 47 41Equity per share beforedilution 4,38 4,04 4,68 4,04 4,12Equity per share afterdilution 4,35 3,97 4,59 4,01 4,04P/L per share beforedilution -0,14 -0,14 -0,48 -0,21 -0,57P/L per share afterdilution -0,14 -0,14 -0,47 -0,21 -0,56Number of shares beforedilution at the end ofperiod, thousands 70 988 60 401 66 508 60 401 63 001Number of shares afterdilution at the end ofperiod, thousands 71 450 61 371 67 803 60 762 64 131Net turnoverNet turnover for the second quarter is 29 861 (0) TSEK and for thefirst six month 45 559 (0) TSEK.Result for the periodOperating result for the second quarter is -9 024 (-8 363) TSEK andfor the first six month -29 865 (-12 776) TSEK.The result was mostly affected by the preparations for start-up ofmining production at Pahtavaara and Blaiken operations.Start-up cost for period Apr - Jun is -10.7 MSEK and -20.1 MSEK forthe period Jan - Jun in 2009Result after financial items for second quarter was -10 073 (-8 392)TSEK and for the first six month -32 059 (-12 537) TSEK.Cash flowCash flow from operating activities during the second quarteramounted to SEK -31 248 (- 5 387 TSEK), total for the first half yearthe cash flow is-75 814 (-11 385) TSEK. It is a consequence of the productionstart-up and a time delay between production and sales of theproduced gold, which positively affects working capital. The salesfunction that has been built up in the first half year will affectthe cash flow positive.Equity and Equity to debt ratioThe company has on two occasions in the first half year securedcapital through a directed share issue of 51.8 million via a rightsissue of 36.6 million, a total of 88.4 million before issue costs.After the rights issue, the company's equity ratio was 63.1 percentcompared with the equity ratio at the period's start of 62.6 percent.UpdatesGold production in the second quarter amounted to 256 kg (8.131tr.oz) and for the first six months,369 kg (11.864 tr.oz). During thereporting period was 173 kg (5.388 tr.oz) sold for an average incomeof 938 usd / tr.oz.In Pahtavaara, production from underground mine has been according toplan, and in early June, diamond drilling began on surface.Drilling is targeting mineralized zones within the mining concession.Lappland Goldminers unique holdings of deposits on the Gold Linestill makes the Fäboliden project, with its approved environmentalpermits for the gold processing plant, a strategic priority. Anupdate of the feasibility study will commence in the third quarter of2009. Costs and delivery times of central equipment for the projecthas improved since the date of the feasibility study.In the first quarter, the company started a preliminary feasibilitystudy for the Haveri area in order to prepare and plan theexploration and development effort of the project. Work continuedduring the second quarter.OutlookThe company has previously announced an estimate of annual goldproduction to 900 kg.In early August, gold extraction was completed from the mineralized,already broken stockpile included in the acquisition of Blaiken.Final evaluation of gold content is not clear at the time of thisreport. In June, began core drilling on surface in mineralizedtargets within the mining concession in Blaiken.Despite the uncertainty in outcome of ongoing exploration work, thecompany believes that estimated annual production can be achievedEmployeesThe company has 61 (previous yr 47) employees. In addition to this,the Company engages consultants and contractors for various projectson a continuing basis. Altogether the Company engages the equivalentof 120 (previous yr 75) full time employees.Reporting datesInterim report January-September 2009 November30, 2009Accounting principlesThe accountings has been prepared according to (ÿRL- Annual AccountsAct), RFR 2.1 "Reporting for legal entities", International FinancialReporting Standards (IFRS) and interpretations by InternationalFinancial Reporting Interpretations Committee (IFRIC), as adopted byEU, and according to RFR 1.1 "Complementary reporting principles forgroups". The parent company also applies to RFR 2.1 "Reporting forlegal entities" and ÿrsredovisningslagen (ÿRL - Annual Accounts Act).This report has been prepared in compliance with IAS 34 - InterimFinancial Reporting.Same accounting principles have been applied as in the last issuedAnnual Report.For detailed information regarding accounting principles, refer toAnnual Report 2008.The annual report and the group report have been approved for issueby the Board on April 8, 2009. The group Income statements andbalance sheet and the parent company income statements and balancewas adopted at the Annual General Meeting on May 28, 2009. Lycksele, August 31, 2009 Kjell Larsson Chief Executive OfficerThe Interim Report for January to June 2009 has been subject tospecial examination by the Company's auditors.For further information please contact:Kjell Larsson, CEO Tel:0950-275 06, 070-385 03 57 E-mail: kjell.larsson(at)lgold.seUlf Ericsson, Chairman of the Board Tel: 070-529 0959 E-mail: ulf.ericsson(at)lgold.seLappland Goldminers AB (publ)Org nr 556544-3339Storgatan 36SE-921 31 LyckseleTel: 0950-275 00www.lapplandgoldminers.seLappland Goldminers AB is an exploration company with producingmines. The Company is listed on the market place "First NorthPremier" under the name GOLD, with Mangold Fondkommission AB asCertified Adviser, as well as on the Norwegian OTC list. LapplandGoldminers strategy is to develop into a profitable, producing goldcompany, with centrally located processing plants in gold regions.The company is strategically positioned with the Blaiken GoldOperation and the fully permitted Fäboliden Gold Project on theVästerbotten Gold Line in Sweden, with the Pahtavaara Gold Operationin the north of Finland and with its gold projects in the Haveri areain south of Finland. The processing plants will be supported by orefrom one or several mines either through the Company's ownexploration or through acquisitions. Lappland Goldminers is a memberof SveMin, the Swedish association for mines, minerals and metalproducers, and follows SveMin's reporting rules for public mining andexploration companies.Income statement - GroupSEK (,000) 3 month 3 month 6 month 6 month April- Full June April-June Jan-June Jan-June year 2009 2008 2009 2008 2008IncomeNet turnover 29 861 0 45 559 0 6 507Changes in inventory 23 387 1 261 36 234 1 261 5 567Capitalized work 15 1 072 232 1 953 2 820Change in value ofbiological assets 0 0 0 0 311 15 53 263 2 333 82 024 3 214 206 -25Other external costs -51 559 -5 980 -91 333 -8 187 947 -19Personnel costs -9 871 -4 575 -18 762 -7 549 037Depreciation of tangibleand intangible fixed -1assets -856 -140 -1 795 -254 508 -31Operating Profit/Loss -9 024 -8 363 -29 865 -12 776 287Financial items:P/L from financial -2investments: 0 0 0 0 743Financial income 4 119 60 422 455 -2Financial costs -1 054 -148 -2 254 -183 051Profit/Loss after -35financial items -10 073 -8 392 -32 059 -12 537 625Taxes 0 0Net Profit/Loss for -35fiscal period -10 073 -8 392 -32 059 -12 537 625Average number of sharesbefore dilution, 61thousand 70 988 60 401 66 508 60 401 413Average number of shares 62after dilution, thousand 71 450 61 371 67 803 61 350 324P/L per share beforedilution -0,14 -0,14 -0,48 -0,21 -0,58P/L per share afterdilution -0,14 -0,14 -0,47 -0,20 -0,57Balance Sheet - GroupSEK (,000) June 30 June 30 Dec 31 2009 2008 2008AssetsFixed assetsIntangible fixed assets 261 332 219 376 260 923Tangible fixed assets 145 244 62 183 134 286Financial fixed assets 285 3 028 285 406 861 284 587 395 494Current assetsInventory 40 818 1 274 6 936Other receivables 37 729 5 997 4 053Investments , cash andbank balances 7 870 408 7 666Total Current assets 86 417 7 679 18 655Total Assets 493 278 292 266 414 149Equity and LiabilitiesEquity 311 090 243 742 259 353Allocations 34 789 4 347 34 832Long-term liabilities 55 409 29 938 51 833Short-term liabilities 91 991 14 240 68 131Total Equity andLiabilities 493 278 292 266 414 149of whichinterest-bearing 47 902 29 473 47 611Changes inEquity - Group FullSEK (,000) 3 month 3 month 6 month 6 month year April-June April-June Jan-June Jan-June 2009 2008 2009 2008 2008Equity at thebeginning ofperiod 286 624 252 148 259 353 256 224 256 224New issue 36 583 0 88 383 0 26 000Issue cost -112 0 -2 500 0 -405Currencyeffects/acquiredequity -1 932 -14 -2 086 68 13 159P/L of fiscalperiod -10 073 -8 392 -32 059 -4 145 -32 059Equity at theend of period 311 090 243 742 311 090 252 148 262 918Cash FlowAnalysis - Group FullSEK (,000) 3 month 3 month 6 month 6 month year April-June April-June Jan-June Jan-June 2009 2008 2009 2008 2008Cash flow fromoperatingactivitiesbefore changesin workingcapital -10 668 -8 252 -31 506 -4 031 -17 841Changes inworking capital -20 580 2 866 -44 309 -1 968 52 553Cash flow fromoperatingactivities -31 248 -5 387 -75 814 -5 999 34 712Cash flow frominvesting -139activities -2 612 -47 221 -13 161 -7 361 376Cash flow fromfinancingactivities 33 203 29 473 89 180 0 75 427Changes inliquid assets -657 -23 134 204 -13 360 -29 236Liquid assets atthe beginning ofperiod 8 527 23 542 7 666 36 902 36 902Liquid assets atthe end ofperiod 7 870 408 7 870 23 542 7 666Undisposedoverdraftfacilities 2 824 5 000 2 824 5 000 5 000Disposable cashat the end ofperiod 10 694 5 408 10 694 28 542 12 666http://hugin.info/134992/R/1338167/319189.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.08.2009 - 09:00 Uhr
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