PRL GLOBAL LTD — Interim / Quarterly Report 2009

Mar 1, 2009

CI Resources Limited ACN 006 788 754

Appendix 4D Half-yearly Report

RESULTS FOR ANNOUNCEMENT TO THE MARKET

This preliminary report is provided to the Australian Stock Exchange (ASX) under ASX Listing Rule4.2A.3

This information should be read in conjunction with the 30 June 2008 annual financial report.

Current reporting period: 31 December 2008 Previous corresponding period: 31 December 2007

For and on behalf of the directors:

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Janelle Burns Joint Company Secretary

Dated: 27 February 2009

Results for announcement to the market		AUD
		$’000’s
Revenue from continuing operations	down 52% to	190
Profit/(Loss) from ordinary activities
after tax attributable to members	up 952% to	13,484
Net profit/(loss) for the period
Attributable to members	up 1078% to	14,635

Dividends

No dividends have been paid or declared during the interim period. The directors do not recommend the payment of a dividend in respect of the interim period.

CI Resources Limited ACN 006 788 754

Appendix 4D Half-yearly Report

COMMENTARY ON RESULTS AND OTHER SIGNIFICANT INFORMATION

Net Tangible Asset Backing

	31	31
	December	December
	2008	2007
	$	$
Net assets	28,592,467	14,698,164
Less intangible assets	-	-
Net tangible assets of the Company	28,592,467	14,698,164
Fully paid ordinary shares on issue at balance date	72,874,012	72,874,012
Net tangible asset backing per issued ordinary share as
at balance date	$0.39	$0.20

Significant changes in the state of affairs of the Company

No significant changes took place during the period in the state of affairs of the consolidated entity.

Details of associates

			Aggregate Share of	Aggregate Share of
Associate	Percentage Holding		Profit/(Loss)
		Previous		Previous
	Current	corresponding	Current	corresponding
	period	period	period	period
Guizhou Tianfeng	32%	32%	-	95,831
Chem-Phos Company
Ltd
Phosphate Resources	38.77%	38.77%	16,562,932	1,151,857
Ltd

CI Resources Limited ACN 006 788 754

Appendix 4D Half-yearly Report

AUDIT QUALIFICATION

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CI Resources Limited

Interim Financial Report For the six months ended 31 December 2008

Interim Financial Report – 31 December 2008

CI Resources Limited ABN 70 006 788 754

Contents	Page
Directors' report	3
Auditor’s Independence Declaration	5
Interim Financial Report
Consolidated Income Statement	6
Consolidated Balance Sheet	7
Consolidated Statement of Changes in Equity	8
Consolidated Cash Flow Statement	9
Notes to the Consolidated Financial Statements	10
Directors’ Declaration	13
Independent Review Report to Members	14

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CI RESOURCES LIMITED

Directors’ report

Your directors present their report on the consolidated entity (“Group”) consisting of CI Resources Limited (“CII” or “Company”) and the entity it controlled at the end of, or during, the half-year ended 31 December 2008.

Directors

The following persons were directors of CI Resources Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Mr Clive Morris Brown (elected 30 May 2007) Mr Tee Lip Sin (appointed 25 June 2007)

Mr Phuar Kong Seng (elected 30 May 2008)

Mr Willy See Khiang (elected 30 May 2008)

Mr Lai Ah Hong was elected as a director on 30 May 2008 and resigned on 20 December 2008.

Dato Dr Mohamad Hashim Bin Ahmad Tajudin was a director from the beginning of the year until his resignation on 10 July 2008.

Mr Anthony Brennan was a director from the beginning of the year until his resignation on 28 November 2008.

Mr David Somerville was elected as a director at the Annual General Meeting held 28 November 2008.

Mr Phua Siak Yeong was elected a director at the Annual General Meeting held 28 November 2008.

Review of operations

A summary of consolidated revenues and results is set out below:

	Revenue Results Revenue Results Half-year 31 December 2008 $ Half-year 31 December 2008 $ Half-year 31 December 2007 $ Half-year 31 December 2007 $	Revenue Results Revenue Results Half-year 31 December 2008 $ Half-year 31 December 2008 $ Half-year 31 December 2007 $ Half-year 31 December 2007 $	Revenue Results Revenue Results Half-year 31 December 2008 $ Half-year 31 December 2008 $ Half-year 31 December 2007 $ Half-year 31 December 2007 $
Revenue from continuing operations Profit/(loss) before income tax expense Income tax expense Profit/(loss) attributable to members of CI Resources Limited	**189,951 **	394,412 14,635,300 - 14,635,300	1,241,730 -
			1,241,730

Financial Position

At the end of the half-year the consolidated entity had net cash balances of $5,963,066 and net assets of $28,592,467.

Total liabilities amounted to $165,040 and were limited to trade and other creditors.

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CI RESOURCES LIMITED

Directors’ report

The Board of CI Resources have reviewed its investments in Phosphate Resources Ltd and XiFeng International Pte Ltd and has made provision for impairment of the investment in XiFeng. It continues to examine ways to maximise shareholder value through the investment in Phosphate Resources.

Auditors’ Independence Declaration

A copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5.

This report is made in accordance with a resolution of directors.

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C Brown Chairman Perth, Western Australia

27 February 2009

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BDO Kendalls Audit & Assurance (WA) Pty Ltd 128 Hay Street SUBIACO WA 6008 PO Box 700 WEST PERTH WA 6872 Phone 61 8 9380 8400 Fax 61 8 9380 8499 aa.perth@bdo.com.au www.bdo.com.au

ABN 79 112 284 787

27[th] February 2009

The Directors CI Resources Limited PO Box 449 Belmont WA 6984

Dear Sirs,

DECLARATION OF INDEPENDENCE BY GLYN O’BRIEN TO THE DIRECTORS OF CI RESOURCES LIMITED

As lead auditor for the review of CI Resources Limited for the half-year ended 31 December 2008, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• any applicable code of professional conduct in relation to the review.

This declaration is in respect of CI Resources Limited and the entities it controlled during the period.

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Glyn O’Brien

Director

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BDO Kendalls Audit & Assurance (WA) Pty Ltd

Perth, Western Australia

BDO Kendalls is a national association of separate partnerships and entities

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CI RESOURCES LIMITED

Income Statement

For the half-year ended 31 December 2008

	Consolidated Half-year December 2008 $ Half-year December 2007 $
Revenue from continuing operations Directors remuneration and employee expenses Professional fees Provision for impairment 2 Administration expenses Net foreign exchange losses Share of net profits/(losses) of associates Profit/(loss) before income tax Income tax expense (Profit)/loss attributable to minority equity interests Profit/(Loss) attributable to members of CI Resources Limited Earnings per share for profit/(loss) from continuing operations attributable to the ordinary equity holders of the company: Basic and diluted earnings per share	189,951 394,412 (110,496) (92,533) (94,062) (187,114) (2,946,448) - (117,680) (80,412) - (570) 16,562,932 1,247,688
	13,484,197 1,281,471 - - 1,151,103 (39,741)
	14,635,300 1,241,730
	Cents 19.76 Cents 1.68

The above Income Statement should be read in conjunction with the Notes to the Financial Statements

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CI RESOURCES LIMITED

Balance Sheet

As at 31 December 2008

	Consolidated 31 December 2008 $ 30 June 2008 $
Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Plant and equipment Investments accounted for using the equity method Total non-current assets Total assets Current liabilities Trade and other payables Total current liabilities Total liabilities Net assets Equity Contributed equity Reserves Accumulated earnings/(losses) Parent interest Minority equity interest Total equity	5,963,066 5,059,596 39,545 54,360
	6,002,611 5,113,956
	30 465 22,754,866 9,808,906
	22,754,896 9,809,371
	28,757,507 14,923,327
	165,040 225,163
	165,040 225,163
	165,040 225,163
	28,592,467 14,698,164
	17,970,336 17,970,336 244,286 (165,820) 10,377,845 (4,257,455)
	28,592,467 13,547,061 - 1,151,103
	28,592,467 14,698,164

The above Balance Sheet should be read in conjunction with the Notes to the Financial Statements

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CI RESOURCES LIMITED

Statement of Changes in Equity

For the half - year ended 31 December 2008

	Consolidated Half-year December 2008 $ Half-year December 2007 $
Total equity at the beginning of the financial period Translation of foreign controlled entities and associates Total recognised income in equity during the period Profit/(loss) for the financial period Total recognised income and expense for the period Total equity at the end of the half - year	14,698,164 12,800,625 410,106 (379,490)
	410,106 (379,490) 13,484,197 1,281,471
	13,894,303 901,981
	28,592,467 13,702,606

The above Statement of Changes in Equity should be read in conjunction with the Notes to the Financial Statements

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CI RESOURCES LIMITED

Cash Flow Statement

For the half – year ended 31 December 2008

	Consolidated Half-year December 2008 $ Half-year December 2007 $
Cash flows from operating activities Payments to suppliers and employees (inclusive of goods and services tax) Interest received Dividends received Net cash inflows/(outflows) from operating activities Cash flows from investing activities Payments for plant & equipment Net cash inflows from investing activities Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Loans to related parties Net cash inflows from financing activities Net increase/(decrease) in cash and cash equivalents held Cash and cash equivalents at the beginning of the half-year Net exchange differences Cash and cash equivalents at the end of the half-year	(335,944) (430,714) 111,511 128,976 1,128,103 265,436
	903,670 (36,302)
	(200) -
	(200) -
	- - - - - -
	- -
	903,470 (36,302) 5,059,596 5,042,270 - (569)
	5,963,066 5,005,399

The above Cash Flow Statement should be read in conjunction with the Notes to the Financial Statements

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CI RESOURCES LIMITED

Notes to the Financial Statements for the half-year ended 31 December 2008

Note 1. Basis of preparation

This general purpose financial report for the interim half-year reporting period ended 31 December 2008 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The 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 2008 and any public announcements made by CI Resources Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year.

Note 2. Expenses

Included in expenses is an amount of $2,946,448 for a provision for impairment. This relates to the investment in Guizhou Tianfeng Chem-Phos Company (“GTFC”) held by the Company’s wholly owned subsidiary XiFeng International Pte Ltd.

The investment has been fully impaired as GTFC, pursuant to an environmental order, closed the factory plant in April 2008 and ceased operating. The directors consider that it is unlikely any of the investment can be recovered.

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CI RESOURCES LIMITED

Notes to the Financial Statements for the half-year ended 31 December 2008

Note 3. Segment information

(a) Business segments

The consolidated entity operates predominantly in one industry. Its principal activities are those of investing.

(b) Geographical segments – primary reporting

Revenue Interest revenue Dividend revenue Net foreign exchange gains Total revenue Result Segment result Share of net profit of equity accounted associates Profit before income tax Income tax expense Profit after income tax Revenue Interest revenue Dividend revenue Total revenue Result Segment result Share of net profit of equity accounted associates Profit before income tax Income tax expense Profit after income tax	Australia December 2008 $ Singapore December 2008 $ Eliminations December 2008 $ Unallocated 2008 $ Consolidated December 2008 $ - - - 111,511 111,511 1,128,103 78,063 - 377 (1,128,103) - - - - 78,440
	1,206,166 377 (1,128,103) 111,511 189,951
	(533,543) (2,959,944) 414,752 1,151,103 (1,927,632) 16,562,932 - - 16,562,932
	14,635,300 -
	14,635,300
	Australia December 2007 $ Singapore December 2007 $ Eliminations December 2007 $ Unallocated 2007 $ Consolidated December 2007 $ - - - 128,976 128,976 265,436 - - - 265,436
	265,436 - - 128,976 394,412
	48,547 (86,720) - 32,675 (5,498) - 95,381 - 1,151,857 1,247,238
	1,241,730 -
	1,241,730

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CI RESOURCES LIMITED

Notes to the Financial Statements for the half-year ended 31 December 2008

Note 4. Contingencies

The consolidated entity has no contingent liabilities as at 31 December 2008.

Note 5. Dividends

There were no dividends declared or paid during the half-year. (2007: nil)

Note 6. Equity securities issued

There were no shares or options issued during the half-year. (2007: nil)

Note 7. Events occurring after balance sheet date

No matters or circumstances have arisen since the end of the half-year which have significantly affected, or may affect the operations of the entity, the results of those operations, or the state of affairs of the entity in financial years subsequent to the half-year ended 31 December 2008.

.

Note 8. Related party transactions

There have been no related party transactions with directors or other key management personnel.

Ownership in related parties remains unchanged from 30 June 2008.

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CI RESOURCES LIMITED

Directors’ Declaration

In the directors’ opinion:

• (a) The financial statements and notes set out on pages 6 to 12 are in accordance with the Corporations Act 2001 , including:

• (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• (ii) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and of its performance, as represented by the results of its operations, changes in equity and its cash flows, for the half-year ended on that date; and

• (b) there are reasonable grounds to believe that the consolidated entity will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

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C Brown Chairman

Perth 27 February 2009

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BDO Kendalls Audit & Assurance (WA) Pty Ltd 128 Hay Street SUBIACO WA 6008 PO Box 700 WEST PERTH WA 6872 Phone 61 8 9380 8400 Fax 61 8 9380 8499 aa.perth@bdo.com.au www.bdo.com.au

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ABN 79 112 284 787

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF CI RESOURCES LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of CI Resources Limited, which comprises the balance sheet as at 31 December 2008, and the income statement, statement of changes in equity and cash flow statement for the half-year ended on that date, a statement of accounting policies, other selected explanatory notes and the directors’ declaration of the consolidated entity comprising the disclosing entity and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the disclosing entity are responsible for the preparation and fair presentation of the halfyear financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of Interim and Other Financial Reports Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the disclosing entity’s financial position as at 31 December 2008 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of CI Resources Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

BDO Kendalls is a national association of separate partnerships and entities

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Basis for Qualified Auditor’s Conclusion

Limitation of Scope – Prior Period Balances

The company, through its controlled entity XiFeng International Pte Ltd, maintains an investment of 32% in Guizhou Taingfeng Chem-Phos Co Ltd, an associated entity. In prior periods the accounts of the associated entity were previously qualified due to their auditors being unable to satisfy themselves as to the accuracy of the balance of a long-term equity investment it maintains, as they were not supplied with financial statements of the investee to support the balance.

As a result, any change in this long-term equity investment balance could ultimately result in a change in the equity accounted investment and profit and loss of the controlled entity.

During the current period the investment maintained by XiFeng International Pte Ltd in Guizhou Tiangfeng Chem-Phos Co Ltd was impaired to a carrying value of nil (further information is contained at Note 2). Given this limitation of scope imposed on the prior periods, we are unable to conclude on the financial effect, if any, on the profit and loss for the current and prior periods or the net asset position of the consolidated entity as at 31 December 2007 and 30 June 2008.

Qualified Auditor’s Conclusion

Based on our review, which is not an audit, except for the effect on the financial statements of the matters referred to in the preceding paragraphs we have not become aware of any matter that makes us believe that the half-year financial report of CI Resources Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

BDO Kendalls Audit & Assurance (WA) Pty Ltd

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Glyn O’Brien

Director

Dated this 27[th] day of February 2009 Perth, Western Australia

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