INDEPENDENT OIL & RESOURCES PLC INDEPENDENT OIL & RESOURCES PLC
UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 December 2022
INDEPENDENT OIL & RESOURCES PLC
UNAUDITED FINANCIAL STATEMENTS
31 December 2022
CONTENTS | PAGE |
Statement of profit or loss and other comprehensive income | 1 |
Statement of financial position | 2 |
Statement of cash flows | 4 |
INDEPENDENT OIL & RESOURCES PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
31 December 2022
Unaudited Y/E | Audited Y/E | ||
31/12/2022 | 31/12/2021 | ||
Note | NOK 000 | NOK 000 | |
Dividend income | 2.834 | 1.319 | |
Interest income | 2.378 | 4.237 | |
Fair value gains on financial assets at fair value through profit or loss | 98 | 9.240 | |
Reversal of expected credit loses on financial assets | - | 349 | |
Administration and other expenses | (2.655) | (2.587) | |
Operating profit | 2.655 | 12.558 | |
Finance income | 1 | 7.889 | 653 |
Finance costs | (23) | (22) | |
Share of results of associates after tax | (9.640) | (3.653) | |
Profit before tax | 881 | 9.536 | |
Income tax | (136) | (88) | |
Net profit for the year | 745 | 9.448 | |
Other comprehensive income | |||
Share of comprehensive income/(loss) from associates | 2.279 | (2.660) | |
Currency translation differences of associates | 15.700 | 4.836 | |
Net other comprehensive income that may be reclassified to profit or loss in | 17.979 | 2.176 | |
subsequent periods | |||
Other comprehensive income/(loss) that will be reclassified to | |||
profit or loss in subsequent periods (net of tax): | |||
Fair value change on equity instruments designated at fair value through | (5.271) | (6.657) | |
other comprehensive income | |||
Other comprehensive income for the year | 12.708 | (4.481) | |
Total comprehensive income for the year | 13.453 | 4.967 | |
Average number of shares | 74.053.211 | 68.299.786 | |
Number of shares at the end of the period | 74.053.211 | 74.053.211 | |
Total comprehensive income for the year | 13.453 | 4.967 | |
Profit per share attributable to equity holders of the parent (NOK) | 0,01 | 0,14 | |
1
INDEPENDENT OIL & RESOURCES PLC
STATEMENT OF FINANCIAL POSITION
31 December 2022
Unaudited Y/E | Audited Y/E | ||
31/12/2022 | 31/12/2021 | ||
Note | NOK 000 | NOK 000 | |
ASSETS | |||
Non-current assets | |||
Investments in associates | 182.008 | 168.206 | |
Equity investments designated at fair value through other comprehensive | |||
income | 6.166 | 11.531 | |
Other prepayments | 2,3 | 14.820 | - |
202.994 | 179.737 | ||
Current assets | |||
Receivables | 5.451 | 1 | |
Other financial assets at amortised cost | - | 22.788 | |
Financial assets at fair value through profit or loss | 63.438 | 65.378 | |
Refundable taxes | 494 | 494 | |
Cash at bank and in hand | 64.312 | 54.810 | |
133.695 | 143.471 | ||
Total assets | 336.689 | 323.208 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 74.053 | 74.053 | |
Share premium | 64.999 | 64.999 | |
Share Capital redemption reserve | 51.080 | 51.080 | |
Fair value change on equity instruments designated at fair value through | |||
other comprehensive income | (13.069) | (7.798) | |
Translation reserve | 59.920 | 44.220 | |
Retained earnings | 99.338 | 96.314 | |
Total equity | 336.321 | 322.868 | |
Current liabilities | |||
Trade and other payables | 368 | 340 | |
368 | 340 | ||
Total equity and liabilities | 336.689 | 323.208 |
2
INDEPENDENT OIL & RESOURCES PLC
Notes
- Finance Income comprises of unrealised exchange difference on the revaluation of monetary assets held which are denominated in foreign currencies (mainly in USD and EUR) and is due to the fact that these currencies have strengthen against NOK on 31.12.2022 compared to 31.12.2021.
- On 11 November 2022, the Company subscribed and paid for 7.515.041 shares in Petrolia Noco AS at a price of NOK 2 per share for a total amount of NOK 15.030.082. The transaction was finalised on 5 January 2023. The shares were issued on 5 January 2023. As at 31 December 2022 the amount of NOK 15.030.082 is included as part of Other Prepayments.
- On 9 December 2022, the Company, offerred to its shareholders the possibility to subscribe for purchase-option of Shares in Petrolia Noco AS for a maximum of 5.000.000 shares in total at a price of NOK 0,10 and strike price of NOK 2,00 with maturity date 20 December 2023. The offer was subscribed in full and as at 31 December 2022 the amount of NOK 210.000 representing 2.100.000 options was received.
3
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Independent Oil & Resources plc published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 20:03:25 UTC.
