TIDMAVM
RNS Number : 6074B
Avocet Mining PLC
22 February 2011
Avocet Mining PLC ("Avocet" or "the Company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
-- Gold production of 236,396 ounces at a cash cost of US$660
per ounce, compared with 109,548 ounces at US$639 per ounce in the
previous year
-- Realised gold price of US$1,174 per ounce(1) , compared with
US$975 per ounce in 2009
-- EBITDA of US$86.3 million, up from US$29.9 million for year
ended December 2009, an increase of 189%
-- Profit before tax and exceptionals of US$33.4 million
compared with US$10.4 million for year ended December 2009, an
increase of 221%
-- Successful ramp up of production at Inata - completed ahead
of schedule
-- Inata project finance completion tests passed 31 December
2010
-- Inata life of mine average annual production to increase from
120,000 ounces to 165,000 ounces from 2011
-- Reserves and resources at Inata increased by 25% and 16%
respectively - drilling programme underway with the target of
doubling reserves by Q3 2011
-- Maiden resource of 561,100 ounces announced at Souma, 20 km
from the Inata mine
-- Exploration programme initiated in Guinea including airborne
geophysical survey, 48,000 metres RC drilling and 19,000 metres
diamond drilling
-- Conditional agreement signed for the sale of South East Asian
assets for US$200 million in cash - rights of first refusal have
either lapsed unexercised or been assigned to J&Partners;
further issues remain to be addressed
-- Net debt reduced from US$42.9 million to US$28.5 million
12 months 12 months 9 months 12 months
ended Ended ended ended
31 December 31 December 31 December 31 March
2010 2009 2009 2009
Period(2) Audited Unaudited Audited Audited
===================== ============= ============= ============= ==========
Total gold
production
(ounces) 236,396 109,548 82,174 109,919
===================== ============= ============= ============= ==========
Average realised
gold price
(US$/oz) 1,174 975 995 870
===================== ============= ============= ============= ==========
Cash production cost
(US$/oz) 660 639 650 602
===================== ============= ============= ============= ==========
Profit before tax
and exceptionals
(US$000) 33,394 10,439 7,888 15,004
===================== ============= ============= ============= ==========
Profit/(loss) before
tax from continuing
operations
(US$000) 17,475 (8,410) (7,615) 18,126
===================== ============= ============= ============= ==========
EBITDA from
continuing and
discontinued(3)
operations
(US$000) 86,272 29,928 18,471 22,929
===================== ============= ============= ============= ==========
EBITDA from
continuing
operations
(US$000) 54,597 (5,525) (4,185) (6,347)
===================== ============= ============= ============= ==========
(1 ) Includes 51,199 ounces sold into Inata hedge at average price of US$970 per ounce
(2) The Company changed its year end from March to December with
effect from 31 December 2009
(3) On 24 December 2010, the Company announced that it had
signed a conditional agreement to sell its assets in South East
Asia. The results of these assets have been presented as
discontinued for all periods presented. Refer to note 2 for further
information
Commenting on the preliminary results, Brett Richards, Chief
Executive Officer for Avocet, stated:
"In my first year of reporting operating and financial results
as Chief Executive Officer, I am pleased to be able to report on a
strong performance. The Inata mine in Burkina Faso has been
developed into Avocet's flagship project, with production and
ramp-up achieved ahead of schedule. However, our objectives in and
around Inata are still at an early stage. Our exploration projects
in both Burkina Faso and Guinea are progressing well and continue
to demonstrate real promise with respect to building a larger
business in these regions. During the period, we also announced the
conditional sale of our South East Asian assets for US$200 million
on 24 December 2010, which, on completion, will allow us to focus
our people and resources on becoming a leading West African gold
mining and exploration company in 2011 and beyond."
Avocet will host a conference call on Tuesday 22 February 2011
at 09:30am (London, UK time) to update investors and analysts on
its results.
Participants may join the call by dialling one of the three
following numbers, approximately 10 minutes before the start of the
call.
From UK: (toll free) 0800 368 1895
From Norway: (toll free) 800 135 47
From rest of world: +44 (0)20 3140 0693
Participant pass code: 175331#
A live audio webcast of the call will be available on:
http://mediaserve.buchanan.uk.com/2011/avocet220211/registration.asp
A replay of the webcast will be available on the same link from
11am on Tuesday 22 February 2011.
For further information please
contact:
Ambrian
Avocet Buchanan Partners J.P. Morgan Arctic
Mining PLC Communications Limited Cazenove Securities
NOMAD and
Financial PR Joint Financial
Consultants Broker Lead Broker Adviser
Brett
Richards,
CEO Mike
Norris, FD
Hans-Arne
L'orange,
EVP Business
Development Bobby Morse Samantha Michael
& Investor Katharine Harrison Wentworth-Stanley Arne
Relations Sutton Jen Boorer Niklas Kloepfer Wenger
+44 20 7466
+44 20 7766 5000 +44 7872 +44 20 7634 +47 2101
7676 604783 4700 +44 20 7588 2828 3100
www.avocet. www.buchanan.u www.ambria www.jpmorgancazen www.arctic
co.uk k.com n.com ove.com sec.no
Notes to Editors
Avocet Mining PLC ("Avocet" or "the Company") is a gold mining
company listed on the AIM market of the London Stock Exchange
(Ticker: AVM.L) and the Oslo Bors (Ticker: AVM.OL). The Company's
principal activities are gold mining and exploration in Burkina
Faso (as 90 per cent owner of the Inata gold mine), Malaysia (as
100 per cent owner of the Penjom gold mine, the country's largest
gold producer) and Indonesia (as 80 per cent owner of the North
Lanut gold mine and Bakan project in North Sulawesi).
In December 2010 Avocet announced that it had signed a binding
agreement for the conditional sale of its South East Asian assets
to J&Partners L.P, a private company, for US$200 million. The
transaction with J&Partners will leave Avocet as a West African
gold producer with a clear strategy for growth in that region.
Further details can be found in the press release dated 24 December
2010.
Background to operations
The Inata deposit presently comprises a Mineral Resource of 1.84
million ounces and a Mineral Reserve of 1.08 million ounces. Inata
poured its first gold in December 2009 and has now reached a
production rate in excess of 13,500 ounces per month. Other assets
in West Africa include exploration permits in Burkina Faso (the
most advanced being the Souma trend at Belahouro, some 20
kilometres from Inata, with a Mineral Resource of 561,100 ounces),
Guinea and Mali (the most advanced being the Tri-K gold exploration
project in Guinea with a Mineral Resource of 666,500 ounces).
Penjom is Malaysia's largest gold mine and was developed by
Avocet in an area of historic alluvial mining. The mine is located
in Pahang State, approximately 120 km north of the country's
capital, Kuala Lumpur.
North Lanut in North Sulawesi, Indonesia, was developed by
Avocet from the exploration stage and has produced over 270,000
ounces since it was commissioned in 2004. North Lanut is located
within a Contract of Work, which includes exploration and mining
rights over approximately 50,000 hectares in an area highly
prospective for gold. Avocet holds an 80 per cent interest and an
Indonesian company, PT Lebong Tandai, owns the remaining 20 per
cent.
CHAIRMAN'S STATEMENT
In my first statement to you as Chairman, I am pleased to be
able to report that Avocet has had a strong year, and is well
placed strategically to deliver growth into 2011 and beyond.
The Company has a new flagship operation at Inata, in Burkina
Faso, which, during 2010, completed its commissioning and ramp up
to full production smoothly and ahead of schedule.
In October 2010, the board met onsite at Inata. I was impressed
with the successes that have been achieved in ramping up production
over the course of the year. In speaking to the teams on the
ground, I heard how they had energetically and methodically
overcome the challenges of commissioning a mine in a remote
location. I took away a sense of the enthusiasm felt by our
employees in respect of Avocet's operations, as well as for the
region as a whole. This inspires optimism for the future.
Inata represents the foundation on which the Company aims to
build a significant operation in West Africa. A series of projects
are already underway to deliver growth in the region, including
expanding production and mine life at Inata itself, as well as
exploration programmes expected to deliver significant increases in
resources in Burkina Faso and in Guinea.
On 24 December 2010, Avocet announced that it had entered into a
conditional agreement to sell its South East Asian assets for
US$200 million. We have made progress towards completion of the
disposal and while there are still outstanding conditions to
completion, our expectation remains that this should occur in the
second quarter of this year. Proceeds from the disposal will be
received once the remaining conditionality has been satisfied, and
will largely be used to support Avocet's strategic focus of growth
in West Africa.
In June, Avocet announced its successful listing on the Oslo
Bors, a move which will facilitate trading in Avocet shares for our
Scandinavian shareholders (who represent a significant proportion
of our share capital), as well as providing access to an additional
investor base.
Gold prices have been consistently strong throughout 2010, with
record levels being achieved. The climate of economic uncertainty
has affected western economies in particular, and has sustained
demand for gold as a safe haven investment, and a protection
against inflation. At the same time, jewellery demand in developing
countries has been strong (particularly India), and the outlook for
gold prices in 2011 remains positive.
On behalf of the board, I would like to express my thanks to all
Avocet employees for making 2010 a successful year. I very much
look forward to working with them as Avocet delivers on its
strategy to become a successful mid-tier gold producer to the
benefit of all its stakeholders.
Russell Edey
21 February 2011
CHIEF EXECUTIVE OFFICER'S STATEMENT
Avocet entered 2010 with mature producing assets and various
stage exploration projects in South East Asia, and a newly
constructed mine in Burkina Faso, West Africa. The year developed
quickly into one of watershed change for the Company, as it
concentrated on divesting out of South East Asia and laying the
platform for building a bigger business in West Africa.
As we move into 2011, the Inata mine in Burkina Faso has become
our flagship gold mine and is already exceeding its nameplate
capacity in steady state production. In addition, a number of our
exploration targets in and around the mine site, and in the
Belahouro district, have already yielded excellent returns, a good
omen for our significant exploration programme which will
dramatically improve our understanding of the region as a whole. In
Guinea, positive early stage drilling programmes in Q4 2010 mean
that an airborne geophysical survey is needed over the large land
package known as Tri-K, in order to prioritise drill targets over a
very large area. This coming year will also see a significant
drilling programme conducted on this project in Guinea, so that a
comparable assessment of next stage development can be made between
Burkina Faso and Guinea in Q4 2011. Meanwhile, we have negotiated
the conditional sale of our South East Asian assets, which, on
completion, will deliver approximately US$200 million in cash,
which in turn will be largely invested in our fast growth West
African assets, particularly in accelerating the growth of not only
reserves and resources, but also production of gold ounces.
West African operations
Inata - Burkina Faso
Year ended 31 December 2006(1) 2007(1) 2008(1) 2009(1) 2010(2)
========================= ======== ======== ======== ======== ===========
Production statistics
Ore mined (tonnes) - - - - 1,879,000
Waste mined (tonnes) - - - - 11,430,000
Ore and waste mined
(tonnes) - - - - 13,309,000
Ore processed (tonnes) - - - - 1,759,000
Average ore head grade
(g/t Au) - - - - 2.66
Process recovery rate - - - - 94%
========================= ======== ======== ======== ======== ===========
Gold produced (ounces) - - - - 137,732
========================= ======== ======== ======== ======== ===========
Cash costs (US$/oz)
- mining - - - - 130
- processing - - - - 210
- royalties and
overheads - - - - 191
========================= ======== ======== ======== ======== ===========
Total cash cost (US$/oz) - - - - 531
========================= ======== ======== ======== ======== ===========
(1) Avocet acquired a 90% interest in the Inata mine in 2009. The Inata mine commenced production in 2010, therefore there are no comparative periods reported.
(2) Production statistics are for the year ended 31 December 2010; cash costs are reported for April to December 2010 as commercial production had not been reached in Q1 2010.
A considerable amount of work was required to get the Inata
commissioning project on track following Avocet's acquisition of
Wega Mining in 2009. Since then, milestones have been achieved
consistently on or before schedule, and the progress of the mine
over the course of 2010 has been a source of considerable pride for
Avocet, as well as giving cause for confidence in the ability of
our teams to deliver success to similar construction projects in
the future.
First gold was poured on 20 December 2009. Throughout the first
quarter of 2010, Inata was in the ramp up stage and had not reached
commercial production. Accordingly, all revenue and costs for the
quarter were capitalised and no cash cost is reported for the first
quarter. Since 1 April 2010, when commercial production commenced,
all revenue and operating costs at Inata have been recognised in
the income statement and cash costs are reported from that
date.
By May, production had reached 10,000 ounces per month, after
various bottlenecks in the plant had been resolved. Production for
the full year of 137,732 ounces at an average cash cost of US$531
per ounce was significantly better than expectations at the start
of the year. This outcome reflects the determination and effort of
the teams at site who undertook the work. The initial commissioning
phase at Inata was formally concluded on 31 December 2010 after
passing a set of physical and economic completion tests based on an
evaluation by independent consultants on behalf of the project
financiers, Macquarie Bank Limited.
The focus at Inata is now to build on this growth. In June 2010
Avocet announced that it was targeting to double Inata's Mineral
Reserves by the end of Q3 2011. A 16 per cent increase in Inata's
Mineral Resources to 1.8 million ounces was announced in September
2010 following a comprehensive exercise of relogging and
remodelling historical drilling results as well as updated drilling
data; and a 25 per cent increase in Mineral Reserves to 1.1 million
ounces was subsequently announced. Work is now underway to sustain
the expanded plant throughput from its nameplate capacity of 287
tonnes per hour to 340 tonnes per hour, by adding a second elution
column to increase the stripping. This will deliver an increase in
the plant's capacity from the second half of 2011, allowing average
life of mine gold production to increase from 120,000 ounces to
165,000 ounces per annum despite a scheduled decline in grades over
the mine life. Mining production also needs to be increased to meet
the increased mill throughput capacity and to allow faster waste
stripping of the Inata Central and Inata South pits in accordance
with a revised mine plan associated with the larger reserve. A
second mining fleet is now fully operational, and a third mining
fleet, due to be commissioned in mid-2011, has been ordered to
achieve this increase in mining capacity.
The outlook at Inata for 2011 is for production of 165,000
ounces. The addition of a third mining fleet to underpin life of
mine (LoM) growth means that cash costs in 2011 are expected to
increase from Q2 2011 to Q3 2011, and the year average is expected
to be at the upper end of the LoM range of US$525-575 per
ounce.
Exploration - West Africa
Exploration in West Africa has focused on a number of
prospective areas in Burkina Faso and Guinea, while work is also
planned in Mali.
In Burkina Faso, an airborne geophysical survey was undertaken
in June 2010 to assess potential targets in the Belahouro District,
an area of over 1,600 square kilometres in the north of the country
that includes the Inata gold mine. The analysis of the results of
this survey was completed in September 2010, and formed the basis
of a prioritised drilling programme for the Belahouro area.
In November 2010, following a 22,000 metre drilling programme
earlier in the year, Avocet announced a maiden 561,100 ounce
resource at the Souma Trend, located 20 kilometres east of the
Inata gold mine, increasing the total resources at Belahouro to 2.4
million ounces.
In addition, a 200,000 metre programme of drilling in and around
the Inata mine commenced in October 2010, with the target of
doubling reserves at Inata by the end of Q3 2011.
In Guinea, exploration in the year focused on developing
drilling targets at Tri-K in the north east of the country. After
the success of the airborne survey at Belahouro, a similar survey
will be undertaken in Q1 2011 to identify the most prospective
drilling targets in the Tri-K block. The results of this survey
will be used to further identify priority targets for an extensive
drilling programme that commenced in late 2010 and will continue
throughout 2011. Drilling will aim to expand the 0.7 million ounce
resource at Koulekoun and develop a maiden resource at Balandougou
by mid-2011.
South East Asia Operations
Gold production at Penjom in Malaysia was lower than the
previous year due to lower grade, and waste stripping requirements.
Total gold production for the year was 51,084 ounces, at a cash
cost of US$944 per ounce, reflecting higher mining costs as mining
continued to operate in tight, restricted areas, as well as the
requirement for an extensive waste stripping program in Q2 2010 and
Q4 2010 in an effort to access the ore bodies in the Janik and
Jalis pit areas. At North Lanut in Indonesia, gold production in
the year of 47,580 ounces was slightly higher than the previous
year due to higher grades processed and refined leach pad
management techniques. Cash costs of US$674 per ounce increased
from US$550 per ounce in the previous year, reflecting additional
leach pad management costs and a full year of mining at two pits
and at greater depth. Exploration in South East Asia focused on the
Doup and Seruyung projects, with drilling at both properties in the
second half of the year following preparation during the first
half.
Penjom - Malaysia
Years ended
31
December 2006 2007 2008 2009 2010
============= =========== =========== =========== =========== ===========
Production
statistics
Ore mined
(tonnes) 413,000 547,000 618,000 972,000 420,000
Waste mined
(tonnes) 17,767,000 15,759,000 17,045,000 17,243,000 15,494,000
Ore and
waste mined
(tonnes) 18,180,000 16,306,000 17,663,000 18,215,000 15,914,000
Ore
processed
(tonnes) 567,000 587,000 692,000 725,000 746,000
Average ore
head grade
(g/t Au) 6.07 4.95 3.83 3.24 2.56
Process
recovery
rate 92% 90% 87% 83% 83%
============= =========== =========== =========== =========== ===========
Gold
produced
(ounces) 101,977 84,463 74,332 62,654 51,084
============= =========== =========== =========== =========== ===========
Cash costs
(US$/oz)
- mining 203 213 317 416 577
- processing 73 96 142 181 237
- royalties
and
overheads 58 72 88 108 130
============= =========== =========== =========== =========== ===========
Total cash
cost
(US$/oz) 334 381 547 705 944
============= =========== =========== =========== =========== ===========
North Lanut - Indonesia
Years ended 31
December 2006 2007 2008 2009 2010
================== ========== ========== ========== ========== ==========
Production
statistics
Ore mined
(tonnes) 1,122,000 2,144,000 1,313,000 1,430,000 1,356,000
Waste mined
(tonnes) 1,814,000 1,397,000 1,181,000 2,290,000 1,536,000
Ore and waste
mined (tonnes) 2,936,000 3,541,000 2,494,000 3,720,000 2,892,000
Ore leached
(tonnes) 1,104,000 1,912,000 1,263,000 1,282,000 1,301,000
Average ore head
grade (g/t Au) 1.80 2.46 2.10 1.69 1.87
Process recovery
rate 76% 49% 52% 67% 61%
================== ========== ========== ========== ========== ==========
Gold produced
(ounces) 48,398 73,336 44,041 46,894 47,580
================== ========== ========== ========== ========== ==========
Cash costs
(US$/oz)
- mining 162 144 242 289 347
- processing 63 64 162 137 173
- royalties and
overheads 94 78 150 124 154
================== ========== ========== ========== ========== ==========
Total cash cost
(US$/oz) 319 286 554 550 674
================== ========== ========== ========== ========== ==========
During 2010 we conducted a strategic review of our South East
Asia assets with the aim of ensuring these assets deliver the
maximum value for the Group, and concluded that this aim would best
be achieved through a cash sale, allowing the Company to focus on
growth in West Africa. After a structured process during the second
half of the year we announced the conditional sale of our assets in
South East Asia to J&Partners, L.P., for a cash consideration
of US$200 million. At 10 February 2011, being the expiry date for
notification of exercise by minority interests of their rights of
first refusal over certain of the sale assets, these rights had
either lapsed unexercised or been assigned to J&Partners;
further issues remain to be addressed. J&Partners, L.P. is a
mining fund established by Mr Jimmy Budiarto, a member of the
Indonesian family that in November 2009 sold its interest in
Indonesia's second largest mining contractor, PT Bukit Makmur
Mandiri Utama (BUMA). With its experience of mining in Indonesia we
are confident that J&Partners, L.P. will be able to develop the
assets to their fullest potential, working with the high quality
operational and exploration workforce that has enabled Penjom and
North Lanut to produce over 1.5 million ounces over their mine
lives to date and grow a resource base of 3.3 million ounces.
Financial results
During 2009, the Group changed its year end from 31 March to 31
December, with the result that the previous audited financial
statements were for the nine months 31 December 2009.
Following the signing of the conditional agreement to sell the
Group's assets in South East Asia, the operating results of these
assets have been presented in the consolidated income statement as
discontinued for the current and comparative periods, and as a
disposal group in the current period statement of financial
position, as required by International Financial Reporting
Standards (IFRS). The assets and liabilities of the disposal group
are presented separately in the consolidated statement of financial
position in the current period. A detailed analysis of the results,
assets, and cash flows of the disposal group is presented in the
segmental information.
The Group reported a profit before tax from continuing and
discontinued operations for the year ended 31 December 2010 of
US$33.5 million, compared with a loss of US$10.6 million for the
nine months ended 31 December 2009. Before exceptional items,
profit before tax in the year was US$33.4 million, compared with
US$7.9 million for the nine months ended 31 December 2009.
Exceptional items in 2010 included US$2.4 million of costs relating
to the Oslo Bors listing in June, as well as net profit of US$2.7
million generated through the divestment of non-core assets
(including the Hounde licences in Burkina Faso, and the Company's
investments in Merit Mining, Dynasty Gold Corporation, and Monument
Mining).
During the year, the Company sold 234,949 ounces at an average
realised gold price of US$1,174 per ounce, compared to 111,279
ounces at US$975 per ounce in the year ended 31 December 2009. 2010
gold sales included 51,199 ounces delivered into the Inata hedge
book at a price of US$970 per ounce.
The average cash costs of the Group increased from US$639 per
ounce for the year ended 31 December 2009 to US$660 per ounce for
the year ended 31 December 2010. This increase was driven largely
by an 18 per cent fall in production at Penjom, while additional
mining costs were incurred at both South East Asian operations as a
result of operating in more mature, deeper pits. The Group's EBITDA
and profit before tax is stated after charging share based payments
totalling US$8.6 million, largely awarded in accordance with the
Company's share bonus plan. The awards arose as a result of the
Company's share price appreciation, relative to the FTSE Gold Mines
Index, over two periods: 1 April 2009 to 31 March 2010 and 1 April
2010 to December 2010. Owing to the Company's change in year end,
awards for both of these periods fell into the income statement of
2010. The taxation charge of US$15.3 million in 2010 principally
reflects deferred tax charges totalling US$10.9 million. At Inata,
although no cash tax is currently payable, the adoption of a new
mine plan in response to the reserve increase announced in
September 2010, combined with higher gold prices, means that higher
tax will be payable later in the mine life, resulting in an
increase in deferred tax charge during Q4 of US$9.6 million.
Net cash generated by all operations in the year totalled
US$63.0 million, compared to US$17.1 million in the nine months to
December 2009, while divested non-core assets generated a total of
US$9.9 million. This funded capex totalling US$49.1 million,
capitalised exploration costs of US$12.7 million, and debt
repayments of US$12.0 million.
Net debt at the start of the year of US$42.9 million (consisting
of US$47.1 million in cash and US$90.0 million of debt), decreased
over the period by US$14.4 million to US$28.5 million (US$49.5
million of cash and US$78.0 million of debt).
Debt repayments of US$12.0 million were made in the year,
reducing the Macquarie Bank loan from US$65 million to US$53
million at 31 December 2010.
People
Having been appointed to the role as Chief Executive Officer of
Avocet during a period of major change, I have been extremely
fortunate to enjoy the support of a dedicated, experienced, and
highly motivated team, from the Executive Committee to the
operational teams on site. I would like to personally thank all
Avocet employees for their hard work during 2010.
Brett Richards
21 February 2011
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2010
Nine months ended 31 December
Year ended 31 December 2010 2009
Continuing Discontinued Continuing Discontinued
note operations operations Total operations operations Total
=================== ===== =========== ============= ========== =========== ============= =========
US$000 US$000 US$000 US$000 US$000 US$000
Revenue 3 132,779 121,814 254,593 - 82,945 82,945
Cost of sales 3 (95,135) (105,533) (200,668) (17) (70,785) (70,802)
Gross profit 37,644 16,281 53,925 (17) 12,160 12,143
=================== ===== =========== ============= ========== =========== ============= =========
Administrative
expenses (7,040) - (7,040) (2,859) (93) (2,952)
Share based
payments (8,625) - (8,625) (1,337) - (1,337)
Exploration
impairments 5 - - - (3,363) (7,123) (10,486)
Deferred stripping
impairment 5 - - - (7,957) (7,957)
=================== ===== =========== ============= ========== =========== ============= =========
Operating
profit/(loss) 21,979 16,281 38,260 (7,576) (3,013) (10,589)
=================== ===== =========== ============= ========== =========== ============= =========
Profit on disposal
of investments 5 2,669 - 2,669 - - -
Loss on disposal
of property,
plant and
equipment 5 - (151) (151) - - -
Finance items
Exchange
(losses)/gains (49) - (49) 44 - 44
Finance income 5 - 5 393 - 393
Finance expense (4,766) - (4,766) (476) - (476)
Expenses of
listing on Oslo
Bors 5 (2,363) - (2,363) - - -
Net finance items
- discontinued
operations - (56) (56) - 73 73
=================== ===== =========== ============= ========== =========== ============= =========
Profit/(loss)
before tax 17,475 16,074 33,549 (7,615) (2,940) (10,555)
=================== ===== =========== ============= ========== =========== ============= =========
Analysed as:
Profit/(loss)
before taxation
and exceptional
items 4 17,169 16,225 33,394 (4,252) 12,140 7,888
Exceptional items 5 306 (151) 155 (3,363) (15,080) (18,443)
=================== ===== =========== ============= ========== =========== ============= =========
Profit/(loss)
before taxation 17,475 16,074 33,549 (7,615) (2,940) (10,555)
=================== ===== =========== ============= ========== =========== ============= =========
Taxation (12,021) (3,316) (15,337) (609) (1,479) (2,088)
Profit/(loss) for
the period 5,454 12,758 18,212 (8,224) (4,419) (12,643)
=================== ===== =========== ============= ========== =========== ============= =========
Attributable to:
Equity
shareholders of
the parent
company 3,997 10,633 14,630 (8,224) (4,808) (13,032)
Non-controlling
interest 1,457 2,125 3,582 - 389 389
=================== ===== =========== ============= ========== =========== ============= =========
5,454 12,758 18,212 (8,224) (4,419) (12,643)
=================== ===== =========== ============= ========== =========== ============= =========
Earnings per
share: 6
Basic earnings per
share (cents per
share) 2.04 5.43 7.47 (4.81) (2.82) (7.63)
Diluted earnings
per share (cents
per share) 2.02 5.37 7.39 (4.81) (2.82) (7.63)
EBITDA(1) 54,597 31,675 86,272 (4,185) 22,656 18,471
=================== ===== =========== ============= ========== =========== ============= =========
(1) EBITDA represents earnings before exceptional items, finance items, depreciation and amortisation. EBITDA is not defined by IFRS but is commonly used as an indication of underlying cash generation.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2010
Year ended 31 December Nine months ended 31 December
2010 2009
Continuing Discontinued Continuing Discontinued
note operations operations Total operations operations Total
================== ===== =========== ============= ======= =========== ============= =========
US$000 US$000 US$000 US$000 US$000 US$000
Profit/(loss) for
the financial
period 5,454 12,758 18,212 (8,224) (4,419) (12,643)
Exchange
differences on
translation - - - - 19 19
Disposal of other
financial
assets 5 2,240 - 2,240 - - -
Revaluation of
other financial
assets 5 12,629 - 12,629 1,321 - 1,321
================== ===== =========== ============= ======= =========== ============= =========
Total
comprehensive
income/(expense)
for the period 20,323 12,758 33,081 (6,903) (4,400) (11,303)
Attributable to:
Equity holders of
the parent 18,866 10,633 29,499 (6,479) (5,213) (11,692)
Non-controlling
interest 1,457 2,125 3,582 (424) 813 389
================== ===== =========== ============= ======= =========== ============= =========
20,323 12,758 33,081 (6,903) (4,400) (11,303)
================== ===== =========== ============= ======= =========== ============= =========
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
At 31 December 2010
31 December 31 December
Note 2010 2009
========================================= ===== ============ ============
US$000 US$000
Non-current assets
Goodwill 2 - 10,331
Intangible assets 7 11,091 18,059
Property, plant and equipment 8 239,979 299,793
Other financial assets 9 20,293 9,428
Deferred tax assets 10 1,459 5,866
========================================= ===== ============ ============
272,822 343,477
Current assets
Inventories 11 20,379 31,266
Trade and other receivables 12 16,157 14,899
Cash and cash equivalents 49,523 47,056
========================================= ===== ============ ============
86,059 93,221
Assets of disposal group classified
as held for sale 2,3 125,550 -
Current liabilities
Trade and other payables 28,430 45,186
Current tax liabilities - 2,507
Other financial liabilities 14 24,000 -
========================================= ===== ============ ============
52,430 47,693
Liabilities included in disposal group
held for sale 2,3 45,432 -
Non-current liabilities
Other financial liabilities 14 54,000 90,000
Deferred tax liabilities 10 9,593 4,625
Other liabilities 13 3,737 17,004
========================================= ===== ============ ============
67,330 111,629
Net assets 319,239 277,376
========================================= ===== ============ ============
Equity
Issued share capital 16,086 15,904
Share premium 144,571 142,778
Other reserves 30,632 11,321
Retained earnings 118,606 101,611
Total equity attributable to the parent 309,895 271,614
Non-controlling interest 9,344 5,762
========================================= ===== ============ ============
Total equity 319,239 277,376
========================================= ===== ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2010
Total
attributable
Share Share Other Retained to the Non-controlling Total
capital premium reserves earnings parent interest equity
=============== ======== ======== ========= ========= ============= ================ =========
US$000 US$000 US$000 US$000 US$000 US$000 US$000
At 1 April
2009 9,904 53,400 9,556 113,541 186,401 5,373 191,774
(Loss)/profit
for the
period - - - (13,032) (13,032) 389 (12,643)
Exchange
differences
on
translation
of foreign
operations - - 19 - 19 - 19
Revaluation of
other
financial
assets - - 1,321 - 1,321 - 1,321
=============== ======== ======== ========= ========= ============= ================ =========
Total
comprehensive
income for
the period - - 1,340 (13,032) (11,692) 389 (11,303)
=============== ======== ======== ========= ========= ============= ================ =========
Share based
payments - - - 1,337 1,337 - 1,337
Issue of
shares 6,000 89,378 - - 95,378 - 95,378
Gains on issue
from treasury
shares - - - (235) (235) - (235)
Movements on
investments
in treasury
and own
shares - - 425 - 425 - 425
At 31 December
2009 15,904 142,778 11,321 101,611 271,614 5,762 277,376
Profit for the
year - - - 14,630 14,630 3,582 18,212
Disposal of
other
financial
assets - - 2,240 - 2,240 - 2,240
Revaluation of
other
financial
assets - - 12,629 - 12,629 - 12,629
=============== ======== ======== ========= ========= ============= ================ =========
Total
comprehensive
income for
the year - - 14,869 14,630 29,499 3,582 33,081
=============== ======== ======== ========= ========= ============= ================ =========
Share based
payments - - - 4,356 4,356 - 4,356
Issue of
shares 182 1,793 - - 1,975 - 1,975
Movement on
investments
in treasury
and own
shares - - 2,873 - 2,873 - 2,873
Loss on issue
from treasury
and own
shares - - - (422) (422) - (422)
Transfer
between
reserves - - 1,569 (1,569) - - -
=============== ======== ======== ========= ========= ============= ================ =========
At 31 December
2010 16,086 144,571 30,632 118,606 309,895 9,344 319,239
=============== ======== ======== ========= ========= ============= ================ =========
CONSOLIDATED CASH FLOW STATEMENT
For the year ended Year ended 31 December Nine months ended 31
31 December 2010 2010 December 2009
Continuing Discontinued Continuing Discontinued
note operations operations Total operations operations Total
===================== ===== =========== ============= ========= =========== ============= =========
Profit/(loss) for
the period US$000 US$000 US$000 US$000 US$000 US$000
Cash flows from
operating
activities
Profit/(loss) for
the period 5,454 12,758 18,212 (8,224) (4,419) (12,643)
Adjusted for:
Depreciation of
non-current assets 8 32,618 15,394 48,012 28 10,589 10,617
Exceptional non-cash
items 15 - - - 3,363 15,080 18,443
Deferred stripping
adjustment - - - - 6,032 6,032
Share based payments 8,625 - 8,625 1,337 - 1,337
Provisions - 972 972 - 2,874 2,874
Taxation in the
income statement 12,021 3,316 15,337 609 1,479 2,088
Non-operating items
in the income
statement 15 4,568 102 4,670 39 (73) (34)
===================== ===== =========== ============= ========= =========== ============= =========
63,286 32,542 95,828 (2,848) 31,562 28,714
Movements in working
capital
(Increase)/decrease
in inventory (11,495) 840 (10,655) (8,884) (4,115) (12,999)
Increase in trade
and other
receivables (14,007) (699) (14,706) (1,000) (1,460) (2,460)
(Decrease)/increase
in trade and other
payables (2,248) (885) (3,133) 4,049 (165) 3,884
===================== ===== =========== ============= ========= =========== ============= =========
Net cash generated
by operations 35,536 31,798 67,334 (8,683) 25,822 17,139
Interest received 5 100 105 393 32 425
Interest paid (5,170) (8) (5,178) (476) (34) (510)
Income tax received - 772 772 - - -
Net cash generated
by operating
activities 30,371 32,662 63,033 (8,766) 25,820 17,054
Cash flows from
investing
activities
Payments for
property, plant and
equipment 8 (43,978) (5,139) (49,117) (42,788) (4,059) (46,847)
Inata pre-commercial
revenues
capitalised 8 21,495 - 21,495 - - -
Inata pre-commercial
costs capitalised 8 (14,296) - (14,296) - - -
Deferred
consideration paid - (2,167) (2,167) (927) - (927)
Exploration and
evaluation
expenses 7 (10,170) (2,564) (12,734) (2,881) (6,032) (8,913)
Net cash movement on
purchase of
subsidiary - - - (21,143) - (21,143)
Net cash movement on
disposal of
subsidiary and
investments 5 9,920 - 9,920 1,095 - 1,095
Rehabilitation costs - (1,518) (1,518) - - -
Net cash used in
investing
activities (37,029) (11,388) (48,417) (66,644) (10,091) (76,735)
===================== ===== =========== ============= ========= =========== ============= =========
Cash flows from
financing
activities
Expenses of listing
on Oslo Bors 5 (2,363) - (2,363) - - -
Proceeds from issue
of equity shares 2,265 - 2,265 - - -
Loans
(repaid)/received (12,000) - (12,000) 34,200 - 34,200
Net cash flows from
financing
activities (12,098) - (12,098) 34,200 - 34,200
===================== ===== =========== ============= ========= =========== ============= =========
Net cash movement (18,756) 21,274 2,518 (41,210) 15,729 (25,481)
Intercompany
transfers 21,134 (21,134) - 14,796 (14,796) -
===================== ===== =========== ============= ========= =========== ============= =========
Exchange
(losses)/gains (49) (2) (51) 44 75 119
===================== ===== =========== ============= ========= =========== ============= =========
Reclassification of
cash not held for
sale 17,731 (17,731) - - - -
Total
increase/(decrease)
in cash and cash
equivalents 20,060 (17,593) 2,467 (26,370) 1,008 (25,362)
Cash and cash
equivalents at
start of the
period 29,463 17,593 47,056 55,833 16,585 72,418
===================== ===== =========== ============= ========= =========== ============= =========
Cash and cash
equivalents at end
of period 49,523 - 49,523 29,463 17,593 47,056
===================== ===== =========== ============= ========= =========== ============= =========
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2010
1. Basis of preparation
The Group financial statements consolidate those of the Company
and of its subsidiary undertakings; the consolidated financial
statements have been prepared in accordance with IFRS and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations as adopted by the European Union at 31 December
2010.
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006. The consolidated statement
of financial position at 31 December 2010 and the consolidated
income statement, consolidated cash flow statement and other
primary statements and associated notes (excluding note 16) for the
year then ended have been extracted from the Group's statutory
financial statements for the year ended 31 December 2010 (which
have not yet been filed with Companies House) upon which the
auditor's opinion is unqualified, and does not include any
statement under Section 498 (2) or (3) of the Companies Act
2006.
2. Disposal group classified as held for sale and discontinued
operations
On 24 December 2010, the Company announced that it had signed a
binding agreement for the conditional sale of its South East Asian
assets for cash consideration of US$200 million. The South East
Asian assets include the Penjom mine in Malaysia; the North Lanut
mine and Bakan project in North Sulawesi, Indonesia; and a number
of exploration properties in Indonesia. Completion is conditional
on government agency approvals and other conditions precedent. The
transaction was also subject to certain rights of first refusal
("ROFR") held by minority interest parties. At 10 February 2011,
being the expiry date for notification of exercise by minority
interests of their rights of first refusal over certain of the sale
assets, these rights had either lapsed unexercised or been assigned
to J&Partners; further issues remain to be addressed.
The signing of the agreement to sell the Group's South East
Asian assets concluded a strategic review of these assets that had
been undertaken during 2010. The outcome of this process was a
conclusion that the sale of these assets was the best way of
delivering value to shareholders from the South East Asian
business. Therefore, in accordance with IFRS 5, Non-current Assets
Held for Sale and Discontinued Operations, all of the assets and
liabilities of the Indonesian and Malaysian operations, apart from
cash, have been treated as a disposal group and are disclosed
separately on the balance sheet. Prior to the reclassification,
management reviewed the carrying values and recognition of assets
and liabilities respectively, and no adjustments have been required
to measure assets and liabilities at the lower of carrying value or
fair value less costs to sell.
The disposal will be on a debt-free cash-free basis, and
therefore the cash held in the Indonesian and Malaysian entities at
31 December 2010 has been treated as Group cash and cash
equivalents and does not form part of held for sale assets.
The results of the Malaysian and Indonesian operations have been
treated as discontinued operations and presented separately in the
income statement for both the current and comparative period.
The disposal group comprises all operations that are classified
as the Malaysian and Indonesian segments for the purposes of
segmental reporting under IFRS 8. The internal reporting of the
results of these operations to management remains unchanged.
Therefore, the results of these segments remain included in the
segmental analysis presented in Note 15 and provide an analysis of
the net profit from discontinued operations as presented in the
consolidated income statement, and the composition of disposal
group assets and liabilities. The segmental cash flow statement in
Note 3 provides an analysis of operating cash flows attributable to
discontinued operations, and cash spent on investing
activities.
The goodwill and deferred consideration recognised in the
consolidated statement of financial position at 31 December 2009
relates to Avocet's 80 per cent interest in the Indonesian company
PT Avocet Bolaang Mongondow. The goodwill and deferred
consideration relate to the disposal group held for sale, therefore
the respective carrying values at the period end have been included
in the assets and liabilities of the disposal group held for sale.
Prior to the transfer to the disposal group, the recoverability of
the goodwill was assessed by reference to the recoverable amount of
PT Avocet Bolaang Mongondow and no impairment was required.
3. Segmental Reporting
For the year ended 31
December 2010 Continuing operations Discontinued operations
======================== =============================== ================================= ==========
West
UK Africa Total Malaysia Indonesia Total TOTAL
================= ===== ========= ========= ========= ========= ========== ========== ==========
US$000 US$000 US$000 US$000 US$000 US$000 US$000
INCOME STATEMENT
Revenue - 132,779 132,779 63,387 58,427 121,814 254,593
======================== ========= ========= ========= ========= ========== ========== ==========
Cost of Sales 503 (95,638) (95,135) (59,706) (45,827) (105,533) (200,668)
======================== ========= ========= ========= ========= ========== ========== ==========
Cash production
costs: -
- mining - (15,321) (15,321) (29,454) (16,501) (45,955) (61,276)
- processing - (24,719) (24,719) (12,097) (8,242) (20,339) (45,058)
- overheads - (15,274) (15,274) (2,222) (6,988) (9,210) (24,484)
- royalties - (7,304) (7,304) (4,443) (334) (4,777) (12,081)
======================== ========= ========= ========= ========= ========== ========== ==========
(62,618) (62,618) (48,216) (32,065) (80,281) (142,899)
Changes in inventory - 3,977 3,977 (2,785) 823 (1,962) 2,015
Other cost of
sales (a) 627 (4,503) (3,876) (2,899) (4,997) (7,896) (11,772)
Depreciation and
amortisation (b) (124) (32,494) (32,618) (5,806) (9,588) (15,394) (48,012)
================= ===== ========= ========= ========= ========= ========== ========== ==========
Gross profit/(loss) 503 37,141 37,644 3,681 12,600 16,281 53,925
Administrative expenses
and share based
payments (15,665) - (15,665) - - - (15,665)
======================== ========= ========= ========= ========= ========== ========== ==========
Operating (loss)/profit (15,162) 37,141 21,979 3,681 12,600 16,281 38,260
(Loss/)profit on
disposal of
investments and PPE (2,395) 5,064 2,669 (136) (15) (151) 2,518
Net finance items (3,759) (3,414) (7,173) (133) 77 (56) (7,229)
(Loss)/profit before
taxation (21,316) 38,791 17,475 3,412 12,662 16,074 33,549
======================== ========= ========= ========= ========= ========== ========== ==========
Analysed as:
(Loss)/profit before
tax and exceptional
items (16,558) 33,727 17,169 3,548 12,677 16,225 33,394
Exceptional items (4,758) 5,064 306 (136) (15) (151) 155
======================== ========= ========= ========= ========= ========== ========== ==========
Taxation (2,428) (9,593) (12,021) (25) (3,291) (3,316) (15,337)
(Loss)/profit for
the period (23,744) 29,198 5,454 3,387 9,371 12,758 18,212
Attributable to:
Non-controlling
interest - 1,457 1,457 - 2,125 2,125 3,582
Equity shareholders
of parent company (23,744) 27,741 3,997 3,387 7,246 10,633 14,630
======================== ========= ========= ========= ========= ========== ========== ==========
EBITDA (c) (15,038) 69,635 54,597 9,487 22,188 31,675 86,272
================= ===== ========= ========= ========= ========= ========== ========== ==========
(a) Other cost of sales represents costs not directly related to
production, including exploration expenditure not capitalised;
(b) Includes amounts in respect of the amortisation of closure
provisions at Inata, Penjom and North Lanut;
(c) EBITDA represents earnings before exceptional items, finance
items, tax, depreciation and amortisation.
Continuing operations Discontinued operations
===================== ===== ================================ ================================ ==========
West
At 31 December 2010 UK Africa Total Malaysia Indonesia Total TOTAL
===================== ===== ========= ========= ========== ========= ========== ========= ==========
US$000 US$000 US$000 US$000 US$000 US$000 US$000
STATEMENT OF
FINANCIAL POSITION
Non-current assets 2,280 270,542 272,822 43,076 51,537 94,613 367,435
Inventories - 20,379 20,379 9,724 11,817 21,541 41,920
Trade and other
receivables 733 15,424 16,157 2,029 7,367 9,396 25,553
Cash and cash equivalents 12,812 18,980 31,792 4,963 12,768 17,731 49,523
Reclassification
of cash not held
for sale (f) 17,731 - 17,731 (4,963) (12,768) (17,731) -
===================== ===== ========= ========= ========== ========= ========== ========= ==========
Total assets 33,556 325,325 358,881 54,829 70,721 125,550 484,431
============================ ========= ========= ========== ========= ========== ========= ==========
Current liabilities (3,888) (48,542) (52,430) (8,960) (9,681) (18,641) (71,071)
Non-current liabilities (25,430) (41,900) (67,330) (10,594) (16,197) (26,791) (94,121)
============================ ========= ========= ========== ========= ========== ========= ==========
Total liabilities (29,318) (90,442) (119,760) (19,554) (25,878) (45,432) (165,192)
============================ ========= ========= ========== ========= ========== ========= ==========
Net assets 4,238 234,883 239,121 35,275 44,843 80,118 319,239
============================ ========= ========= ========== ========= ========== ========= ==========
For the year ended West
31 December 2010 UK Africa Total Malaysia Indonesia Total TOTAL
US$000 US$000 US$000 US$000 US$000 US$000 US$000
CASH FLOW STATEMENT
(Loss)/profit for
the period (23,744) 29,198 5,454 3,387 9,371 12,758 18,212
Adjustments for
non-cash items (d) 17,395 40,437 57,832 5,977 13,807 19,784 77,616
Movements in working
capital 84 (27,834) (27,750) 920 (1,664) (744) (28,494)
============================ ========= ========= ========== ========= ========== ========= ==========
Net cash (used
in)/generated by
operations (6,265) 41,801 35,536 10,284 21,514 31,798 67,334
Net interest received (1,162) (4,003) (5,165) 22 70 92 (5,073)
Net tax (paid)/received - - - (52) 824 772 772
Purchase of property,
plant and equipment (65) (36,714) (36,779) (2,979) (2,160) (5,139) (41,918)
Deferred exploration
expenditure (299) (9,871) (10,170) - (2,564) (2,564) (12,734)
Other cash movements (e) 3,157 15,750 18,907 (12,886) (11,935) (24,821) (5,914)
Reclassification
of cash not held
for sale (f) 17,731 - 17,731 (4,963) (12,768) (17,731) -
===================== ===== ========= ========= ========== ========= ========== ========= ==========
Total increase/(decrease)
in cash and cash
equivalents 13,097 6,963 20,060 (10,574) (7,019) (17,593) 2,467
============================ ========= ========= ========== ========= ========== ========= ==========
(d) Adjustments for non-cash items include depreciation and
amortisation, share based payments, movement in provision, taxation
in the income statement and non-operating items in the income
statement;
(e) Other cash movements include deferred consideration paid,
cash flows from financing activities, and exchange losses;
(f) The sale of South East Asian subsidiaries is for a debt-free
cash-free consideration. Therefore, cash held in Malaysian and
Indonesian subsidiaries at 31 December 2010 has been excluded from
the held for sale assets, and reported as Group cash in the
consolidated statement of financial position.
For the nine months ended 31 December 2009
Continuing operations Discontinued operations
======================== =========================== ================================ =========
West
UK Africa Total Malaysia Indonesia Total TOTAL
================= ===== ======== ======= ======== ========= ========== ========= =========
US$000 US$000 US$000 US$000 US$000 US$000 US$000
INCOME STATEMENT
Revenue - - - 46,045 36,900 82,945 82,945
======================== ======== ======= ======== ========= ========== ========= =========
Cost of Sales (17) - (17) (43,555) (27,230) (70,785) (70,802)
======================== ======== ======= ======== ========= ========== ========= =========
Cash production
costs:
- mining - - - (19,500) (10,579) (30,079) (30,079)
- processing - - - (8,544) (5,146) (13,690) (13,690)
- overheads - - - (1,809) (4,299) (6,108) (6,108)
- royalties - - - (3,227) (250) (3,477) (3,477)
======================== ======== ======= ======== ========= ========== ========= =========
- - - (33,080) (20,274) (53,354) (53,354)
Deferred stripping
adjustment - - - (6,032) - (6,032) (6,032)
Changes in inventory - - - 2,643 1,615 4,258 4,258
Other cost of
sales (a) 11 - 11 (2,841) (2,227) (5,068) (5,057)
Depreciation and
amortisation (b) (28) - (28) (4,245) (6,344) (10,589) (10,617)
================= ===== ======== ======= ======== ========= ========== ========= =========
Gross (loss)/profit (17) - (17) 2,490 9,670 12,160 12,143
Administrative expenses
and share based
payments (4,196) - (4,196) (40) (53) (93) (4,289)
Deferred stripping
impairment - - - (7,957) - (7,957) (7,957)
Exploration impairment (2,742) (621) (3,363) - (7,123) (7,123) (10,486)
Operating (loss)/profit (6,955) (621) (7,576) (5,507) 2,494 (3,013) (10,589)
Net finance items (39) - (39) 10 63 73 34
(Loss)/profit before
taxation (6,994) (621) (7,615) (5,497) 2,557 (2,940) (10,555)
======================== ======== ======= ======== ========= ========== ========= =========
Analysed as:
(Loss)/profit before
tax and exceptional
items (4,252) - (4,252) 2,460 9,680 12,140 7,888
Exceptional items (2,742) (621) (3,363) (7,957) (7,123) (15,080) (18,443)
======================== ======== ======= ======== ========= ========== ========= =========
Taxation (609) - (609) 1,200 (2,679) (1,479) (2,088)
Loss for the period (7,603) (621) (8,224) (4,297) (122) (4,419) (12,643)
Attributable to:
Non-controlling
interest - - - - 389 389 389
Equity shareholders
of parent company (7,603) (621) (8,224) (4,297) (511) (4,808) (13,032)
======================== ======== ======= ======== ========= ========== ========= =========
EBITDA (c) (4,185) - (4,185) 6,695 15,961 22,656 18,471
================= ===== ======== ======= ======== ========= ========== ========= =========
(a) Other costs of sales represents costs not directly related
to production, including exploration expenditure not
capitalised;
(b) Includes amounts in respect of the amortisation of closure
provisions at Penjom and North Lanut.
(c) EBITDA represents earnings before exceptional items, finance
items, tax, depreciation and amortisation.
At 31 December 2009 Continuing operations Discontinued operations
===================== ===== =============================== ================================ =========
West
UK Africa Total Malaysia Indonesia Total TOTAL
===================== ===== ========= ========= ========= ========= ========== ========= =========
US$000 US$000 US$000 US$000 US$000 US$000 US$000
STATEMENT OF
FINANCIAL POSITION
Non-current assets 15,873 237,221 253,094 38,762 51,621 90,383 343,477
Inventories - 8,884 8,884 11,815 10,567 22,382 31,266
Trade and other receivables 1,086 1,866 2,952 2,415 9,532 11,947 14,899
Cash and cash equivalents 17,446 12,017 29,463 10,574 7,019 17,593 47,056
============================ ========= ========= ========= ========= ========== ========= =========
Total assets 34,405 259,988 294,393 63,566 78,739 142,305 436,698
============================ ========= ========= ========= ========= ========== ========= =========
Current liabilities 2,334 28,005 30,339 10,617 6,737 17,354 47,693
Non-current liabilities 28,230 66,768 94,998 5,112 11,519 16,631 111,629
============================ ========= ========= ========= ========= ========== ========= =========
Total liabilities 30,564 94,773 125,337 15,729 18,256 33,985 159,322
============================ ========= ========= ========= ========= ========== ========= =========
Net assets 3,841 165,215 169,056 47,837 60,483 108,320 277,376
============================ ========= ========= ========= ========= ========== ========= =========
For the nine months
ended West
31 December 2009 UK Africa Total Malaysia Indonesia Total TOTAL
US$000 US$000 US$000 US$000 US$000 US$000 US$000
CASH FLOW STATEMENT
Loss for the period (7,603) (621) (8,224) (4,297) (122) (4,419) (12,643)
Adjustments for
non-cash items (d) 4,755 621 5,376 19,445 16,536 35,981 41,357
Movements in working
capital (4,672) (1,163) (5,835) (4,229) (1,511) (5,740) (11,575)
============================ ========= ========= ========= ========= ========== ========= =========
Net cash (used
in)/generated by
operations (7,520) (1,163) (8,683) 10,919 14,903 25,822 17,139
Net interest
(paid)/received (83) - (83) (10) 8 (2) (85)
Purchase of property,
plant and equipment (262) (42,526) (42,788) (1,657) (2,402) (4,059) (46,847)
Deferred exploration
expenditure (1,663) (1,218) (2,881) (3,560) (2,472) (6,032) (8,913)
Other cash movements (e) (28,859) 56,924 28,065 (6,172) (8,549) (14,721) 13,344
===================== ===== ========= ========= ========= ========= ========== ========= =========
Total (decrease)/increase
in cash (38,387) 12,017 (26,370) (480) 1,488 1,008 (25,362)
============================ ========= ========= ========= ========= ========== ========= =========
(d) Adjustments for non-cash items include depreciation and
amortisation, exploration impairment, deferred stripping
adjustments, deferred stripping impairment, share based payments,
movement in provision, taxation in the income statement and
non-operating items in the income statement;
(e) Other cash movements include cash flows from financing
activities, deferred consideration payments, cash movements on
purchase and disposal of subsidiaries, and exchange losses.
4. Profit before taxation and exceptional items
Profit before taxation and exceptional items is calculated as
follows:
31 December 31 December
2010 2009
(12 months) (9 months)
============================================= ============= ============
US$000 US$000
Operating profit/(loss) 38,260 (10,589)
Add back deferred stripping impairment - 7,957
Add back exploration impairments - 10,486
Exchange (losses)/gains - continuing
operations (49) 44
Exchange (losses)/gains - discontinued
operations (154) 75
Net finance expense- continuing operations (4,761) (83)
Net finance income/(expense) - discontinued
operations 98 (2)
============================================= ============= ============
Profit before tax and exceptional
items 33,394 7,888
============================================= ============= ============
5. Exceptional items
31 December 31 December
2010 2009
(12 months) (9 months)
=========================================== ============= ============
US$000 US$000
Profit on disposal of Merit Mining 1,808 -
Profit on redemption of debenture
in Merit Mining 3,138 -
Loss on disposal of other financial
assets (7,341) -
Disposal of non-core exploration licences 5,064 -
Profit on disposal of investments 2,669 -
Loss on disposal of property, plant
and equipment (151) -
Expenses of listing on Oslo Bors (2,363) -
Exploration impairments - (10,486)
Deferred stripping impairment - (7,957)
=========================================== ============= ============
Exceptional profit/(loss) before taxation 155 (18,443)
=========================================== ============= ============
Taxation - 2,228
=========================================== ============= ============
Exceptional profit/(loss) after taxation 155 (16,215)
=========================================== ============= ============
Minority interest - 51
=========================================== ============= ============
Attributable to equity shareholders
of the parent 155 (16,164)
=========================================== ============= ============
Disposal of Merit Mining Corporation and Profit on redemption of
debenture
On 13 November 2009, Avocet announced that it had entered into a
conditional agreement with Infinity Gold Mining Inc. ("Infinity")
to sell its entire interest in Merit Mining Corporation ("Merit"),
a non-core subsidiary acquired as part of the Wega Mining takeover.
Although the agreement represented a binding commitment by Infinity
to acquire 100 per cent of Avocet's interest, completion of the
transaction was conditional on a number of future events and
payments, which did not occur. At 31 December 2009, approximately
US$1.0 million had been received, which was non-refundable in the
event that the sale was not completed. Following the fair value
review of all Wega Mining assets, the book value of these assets at
acquisition had been adjusted to US$1.0 million, and the disposal
therefore gave rise to no profit or loss.
During 2010, the agreement with Infinity lapsed due to
completion conditions being unfulfilled. In November 2010, Avocet
completed the disposal of its entire interest in Merit to a
different party, realising an exceptional gain on disposal of
US$1.8 million.
During 2010 Merit repaid a debenture to Wega Mining AS, a wholly
owned subsidiary of Avocet. At the time of the acquisition of the
Wega group it was not considered likely that Merit would have the
resources to settle the debenture. Following the investment of
approximately C$16 million in Merit by Hong Kong Huakan Investment
Co Ltd, the repayment was possible, and the gain of US$3.1 million
has therefore been classified as exceptional.
Loss on disposal of other financial assets
Avocet disposed of all of the shares it held in Dynasty Gold
Corp in June 2010, and completed the disposal of all of the shares
it held in Monument Mining in November 2010. These financial assets
had been accounted for as available for sale investments in
accordance with IAS39, and were recorded in the statement of
financial position at fair value, with movements in fair value
recognised in equity. On disposal of the shares, accumulated losses
of US$7.3 million previously recognised in equity were transferred
to the income statement and recognised in the loss on disposal.
Disposal of non-core exploration licences
On 5 October 2010 Avocet completed the disposal of Hounde Group
of licences in exchange for 10,300,000 shares in Avion Gold
Corporation ("Avion"). An exceptional gain on disposal of US$5.1
million was realised. The shares in Avion are accounted for as an
available for sale asset and are measured at fair value, with gains
or losses on re-measurement recognised in equity.
Oslo listing costs
On 16 June 2010 Avocet announced its successful listing on Oslo
Bors. Costs of the listing, which were not directly attributable to
new shares issued, are treated as exceptional costs in the period.
These included US$1.8 million of Stamp Duty Reserve Tax costs
following the transfer of existing Avocet shareholders from
UK-based registration system to the Norwegian VPS share
registration system.
Exploration impairments
Following evaluation of the exploration portfolio, the decision
was taken in December 2009 to impair US$10.5 million of deferred
exploration expenditure on projects that the Company did not
believe would become mining projects. US$7.1 million of this
impairment related to operations that are now presented as
discontinued.
Impairment of capitalised deferred stripping cost
In September 2009, an impairment of deferred stripping costs
previously capitalised was made on the basis that the grades and
recoveries of the ore that had been stripped in earlier years
proved significantly lower than estimated at the time when the
stripping costs were deferred. There are currently no deferred
stripping costs recognised in the statement of financial
position.
6. Earnings Per Share
Earnings per share are analysed in the table below, which also
shows earnings per share after adjusting for exceptional items.
31 December 31 December
2010 2009
(12 months) (9 months)
=============================================== ============= ============
Shares Shares
Weighted average number of shares in issue
for the period
- number of shares with voting rights 195,802,466 170,883,476
- effect of share options in issue 2,231,799 158,123
=============================================== ============= ============
- total used in calculation of diluted
earnings per share 198,034,265 171,041,599
=============================================== ============= ============
US$000 US$000
Earnings per share from continuing operations
=============================================== ============= ============
Profit/(loss) for the period from continuing
operations 5,454 (8,224)
=============================================== ============= ============
Adjustments:
Less minority interest (1,457) -
=============================================== ============= ============
Profit/(loss) for period attributable
to equity shareholders of the parent 3,997 (8,224)
=============================================== ============= ============
Earnings per share
- basic (cents per share) 2.04 (4.81)
- diluted (cents per share) 2.02 (4.81)
Earnings per share from continuing operations
before exceptional items
Profit/(loss) for period attributable
to equity shareholders of the parent 3,997 (8,224)
Adjustments:
Less exceptional profit on disposal (2,669) -
Add back expenses of listing on Oslo Bors 2,363 -
Add back exploration impairment - 3,363
Profit/(loss) for the period attributable
to equity shareholders of the parent from
continuing operations before exceptionals 3,691 (4,861)
=============================================== ============= ============
Earnings per share
- basic (cents per share) 1.89 (2.84)
- diluted (cents per share) 1.86 (2.84)
=============================================== ============= ============
31 December 31 December
2010 2009
(12 months) (9 months)
================================================= ============= ============
US$000 US$000
Earnings per share from discontinued operations
Profit/(loss) for the period from discontinued
operations 12,758 (4,419)
Adjustments:
Less minority interest (2,125) (389)
================================================= ============= ============
Profit/(loss) for period attributable
to equity shareholders of the parent 10,633 (4,808)
================================================= ============= ============
Earnings per share
- basic (cents per share) 5.43 (2.82)
- diluted (cents per share) 5.37 (2.82)
Earnings per share from discontinued operations
before exceptional items
Profit/(loss) for period attributable
to equity shareholders of the parent 10,633 (4,808)
Adjustments:
Add back loss on disposal of assets 151 -
Add back exploration impairment - 7,123
Add back deferred stripping impairment - 7,957
Less tax on deferred stripping impairment - (2,228)
Less minority interest on exploration
impairment - (51)
================================================= ============= ============
Profit for the period attributable to
equity shareholders of the parent from
discontinued operations before exceptionals 10,784 7,993
================================================= ============= ============
Earnings per share
- basic (cents per share) 5.51 4.68
- diluted (cents per share) 5.45 4.68
================================================= ============= ============
7. Intangible Assets
31 December 31 December
2010 2009
(12 months) (9 months)
==================================== ============= ============
US$000
At 1 January/April 18,059 32,422
Additions 12,734 8,913
Assets acquired from Wega Mining
(after fair value adjustments) - 5,811
Transfers to tangible fixed assets - (15,168)
Disposals 5 (2,600) (3,165)
Other transfers - (268)
Exploration impairments 5 - (10,486)
Transferred to disposal group (17,102) -
==================================== ============= ============
At 31 December 11,091 18,059
==================================== ============= ============
During the year the Group disposed of the Hounde licences, which
were acquired as part of the Wega group in 2009. The fair value of
the licences, as attributed on acquisition, was US$2.6 million. For
further information, refer to note 5.
At 31 December 2009, the Company completed a review of its
exploration portfolio, with a view to focusing exploration activity
onto its most prospective projects. As a result of this exercise,
US$10.5 million of capitalised exploration costs, relating to
projects that the Company did not intend to actively pursue, as
well as generative costs, were impaired. The largest of these
projects were those prospects acquired as part of the Banda
licences in Indonesia.
All intangible assets relating to projects in Indonesia have
been included in the assets of the disposal group held for
sale.
Year end balances are analysed as follows:
31 December 31 December
2010 2009
============= ============ ============
US$000 US$000
Malaysia - -
Indonesia - 14,812
West Africa 11,091 3,247
11,091 18,059
============= ============ ============
8. Property, Plant And Equipment
Office
Mining property and plant equipment
====================================== ==========
Year ended 31 December West
2010 Malaysia Indonesia Africa UK Total
======================= ========== ========== ========= =============== ============
US$000 US$000 US$000 US$000 US$000
Cost
At 1 January 2010 100,006 56,289 233,974 505 390,774
Additions 2,979 2,160 43,913 65 49,117
Closure provisions 5,456 1,554 1,539 - 8,549
Inata pre-commercial
revenues - - (21,495) - (21,495)
Inata pre-commercial
costs - - 14,296 - 14,296
Disposals (874) - - - (874)
Transfer to disposal
group held for sale (107,567) (60,003) - - (167,570)
At 31 December 2010 - - 272,227 570 272,797
======================= ========== ========== ========= =============== ============
Depreciation
At 1 January 2010 60,720 30,061 - 200 90,981
Charge for the year 5,806 9,588 32,494 124 48,012
Disposals (584) - - - (584)
Transfer to disposal
group held for sale (65,942) (39,649) - - (105,591)
At 31 December 2010 - - 32,494 324 32,818
======================= ========== ========== ========= =============== ============
Net Book Value at 31
December 2010 - - 239,733 246 239,979
======================= ========== ========== ========= =============== ============
Net Book Value at 31
December 2009 39,286 26,228 233,974 305 299,793
======================= ========== ========== ========= =============== ============
All costs and revenues at Inata between 1 January and 31 March
2010 related to the testing and development phase, prior to the
commencement of commercial operations. Therefore, these costs and
revenues have been capitalised as part of mining property, plant
and equipment. From 1 April 2010, all revenues and operating
expenses in respect of mining operations at Inata have been
recognised in the income statement.
The transfer to disposal group assets held for sale represents
the net book value of the assets which are subject to the
conditional agreement for sale of all of Avocet's South East Asian
assets (Note 2). The net book value of US$62.0 million is included
in the balance of the disposal group held for sale.
The addition in respect of closure provisions reflects increases
during the year in anticipated closure liabilities at the Group's
operations. On the recognition or increase of a provision, an
addition is made to property, plant and equipment of the same
amount. The cost of this addition is charged against profits on a
unit of production basis over the life of the mine. The total
charge to the income statement for both continuing and discontinued
operations for the period ended 31 December 2010 in respect of mine
closure provisions was US$1.7 million (nine months ended 31
December 2009: US$1.7 million) which is included in the Group's
depreciation charge.
Office
Mining property and plant equipment
================================ ==========
Nine months ended West
31 December 2009 Malaysia Indonesia Africa UK Total
======================== ========= ========== ========= ========== ========
US$000 US$000 US$000 US$000 US$000
Cost
At 1 April 2009 102,605 48,452 - 211 151,268
Deferred stripping
adjustment (6,032) - - - (6,032)
Deferred stripping
impairment (7,957) - - - (7,957)
Additions 1,657 2,402 42,526 262 46,847
Transfers from
intangibles 9,733 5,435 - - 15,168
Acquisitions - - 195,679 32 195,711
Closure provisions - - 1,768 - 1,768
Disposals - - (5,999) - (5,999)
At 31 December 2009 100,006 56,289 233,974 505 390,774
======================== ========= ========== ========= ========== ========
Depreciation
At 1 April 2009 56,475 23,717 - 172 80,364
Charge for the year 4,245 6,344 - 28 10,617
At 31 December 2009 60,720 30,061 - 200 90,981
======================== ========= ========== ========= ========== ========
Net Book Value at 31
December 2009 39,286 26,228 233,974 305 299,793
======================== ========= ========== ========= ========== ========
Net Book Value at 31
March 2009 46,130 24,735 - 39 70,904
======================== ========= ========== ========= ========== ========
9. Other Financial Assets
31 December 31 December
2010 2009
(12 months) (9 months)
======================= ============= ============
US$000 US$000
At 1 January/April 9,428 7,239
Additions 7,664 132
Disposals (9,428) (1)
Fair value adjustment 12,629 2,058
At 31 December 20,293 9,428
======================= ============= ============
Other financial assets disposed of during the year represented
the Company's interests of 19 per cent in Dynasty Gold Corporation
(Dynasty) and 15 per cent in Monument Mining Limited, both
companies listed on the TSX Venture Exchange in Canada. These
investments were accounted for as other financial assets rather
than equity accounted as associates, on the basis that the Company
was not in a position to exercise significant influence over the
activities of, and had no board representation in, either
company.
On disposal, accumulated losses previously recognised in equity
were recognised in the income statement as an exceptional loss
(note 5).
Additions during the year represent 10,300,000 shares in Avion
Gold Corporation, acquired as consideration for the disposal of the
Hounde group of licences (note 5). This shareholding does not
enable Avocet to exercise significant influence over the activities
of Avion. Therefore, the shares are accounted for as an available
for sale financial asset and are measured at fair value, with gains
or losses on re-measurement recognised in equity.
10. Deferred tax
At 31 December 2010 the Company had deferred tax assets of
US$1.5 million, a decrease of US$4.4 million compared to 31
December 2009. This reduction reflects transfer of US$2.0 million
of deferred tax assets to the assets held for sale in respect of
Malaysian operations. US$2.4 million of the reduction relates to a
reassessment of the extent to which deferred tax assets might be
recoverable against future taxable profits in the UK, following the
agreement to sell the Group's assets in South East Asia.
At 31 December 2010 the Company had deferred tax liabilities of
US$9.6 million in relation to continuing operations. This liability
was recognised in relation to temporary differences on Inata mine
development costs and property, plant, and equipment following the
extension of the life of mine plan.
Deferred tax liabilities of US$4.0 million in relation to
temporary differences on property, plant and equipment at Penjom
are included in liabilities of the disposal group held for
sale.
11. Inventories
Inventories of US$20.4 million at 31 December 2010 include
US$11.6 million in respect of critical spares and consumables at
Inata, US$3.3 million of gold in circuit, US$4.5m of ore in
stockpiles and US$1.0 millions of finished goods.
12. Trade and other receivables
Trade and other receivables at 31 December 2010 include US$8.4
million of deposits and US$4.3 million of recoverable VAT in
respect of Inata, prepayments of US$1.5 million, and other
receivables of US$2.0 million.
13. Other liabilities
Other non-current liabilities at 31 December 2010 include US$3.3
million of mine closure provisions at Inata and US$0.4 million of
post retirement benefits following the closure of a US subsidiary
no longer owned by the Group.
14. Other financial liabilities
Other financial liabilities include a project finance facility
with Macquarie Bank Limited, which was acquired through the
Company's takeover of Wega Mining in 2009. US$12 million of loan
repayments were made during the year, and the balance outstanding
at 31 December 2010 was US$53 million. A further US$24 million of
loan repayments are due in 2011, and are presented within current
liabilities.
Other financial liabilities also include a US$25 million
corporate revolving facility with Standard Chartered Bank. The loan
is repayable in full by 31 March 2012, and is included in
non-current liabilities.
15. Notes to the cash flow statement
Non cash and non operating items in the income statement
In arriving at net cash flow from operating activities, the
following exceptional non-cash items and non-operating items in the
income statement have been adjusted for:
Exceptional non-cash items
31 December 2010 31 December 2009
(12 months) (9 months)
=============================== ================== =================
US$000 US$000
Exploration impairments - 10,486
Deferred stripping impairment - 7,957
=============================== ================== =================
- 18,443
================================================== =================
Non-operating items in the income statement
31 December 2010 31 December 2009
(12 months) (9 months)
======================================== ================= =================
US$000 US$000
Profit on disposal of investments (2,669) -
Loss on disposal of property, plant
and equipment 151 -
Expenses of listing on Oslo Bors 2,363 -
Exchange losses/(gains) - continuing
operations 113 (119)
Finance income - continuing operations (5) (425)
Finance expense - continuing operations 4,766 510
Net finance items - discontinued
operations (49) -
======================================== ================= =================
Non-operating items in the income
statement 4,670 (34)
======================================== ================= =================
16. Unaudited condensed quarterly consolidated income statement
and proforma income statement for 2009
The following table presents an analysis of the 2010 results by
quarter. This analysis has not been audited.
The Group changed its year end from 31 March to 31 December,
with effect from 31 December 2009 in line with the regulatory
December year end applicable to the Inata project in Burkina Faso
and other subsidiaries in West Africa. As a result of this
decision, the accounting period ended 31 December 2009 was nine
months in duration. The following table shows, for comparison
purposes, an indication of the Income Statement for the twelve
month period ended 31 December 2009, with the results of continuing
and discontinued operations presented separately. These figures
have neither been audited nor reviewed by the Group auditors.
INCOME STATEMENT
==================================================================================================
For the year ended 31 December 2010
==================================================================================================
Pro forma
31 December
2009 (12
Q1 2010 Q2 2010 Q3 2010 Q4 2010 2010 months)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)
================ ============ ============ ============ ============ ========== ============
US$000 US$000 US$000 US$000 US$000 US$000
================ ============ ============ ============ ============ ========== ============
Revenue
================ ============ ============ ============ ============ ========== ============
Continuing
operations - 36,604 44,299 51,876 132,779 -
================ ============ ============ ============ ============ ========== ============
Discontinued
operations 27,170 28,280 33,190 33,174 121,814 108,757
================ ============ ============ ============ ============ ========== ============
27,170 64,884 77,489 85,050 254,593 108,757
================ ============ ============ ============ ============ ========== ============
Cost of sales
================ ============ ============ ============ ============ ========== ============
Continuing
operations (938) (24,201) (34,535) (35,461) (95,135) 17
================ ============ ============ ============ ============ ========== ============
Discontinued
operations (22,995) (25,049) (26,058) (31,431) (105,533) (92,925)
================ ============ ============ ============ ============ ========== ============
(23,933) (49,250) (60,593) (66,892) (200,668) (92,908)
================ ============ ============ ============ ============ ========== ============
Gross profit 3,237 15,634 16,896 18,158 53,925 15,849
================ ============ ============ ============ ============ ========== ============
Administrative
expenses
--continuing
operations (1,664) (1,157) (2,363) (1,856) (7,040) (4,020)
================ ============ ============ ============ ============ ========== ============
Administrative
expenses --
discontinued
operations - - - - - (93)
================ ============ ============ ============ ============ ========== ============
Share based
payments --
continuing
operations (1,576) (1,572) (312) (5,165) (8,625) (1,553)
================ ============ ============ ============ ============ ========== ============
Exploration
impairments --
continuing
operations - - - - - (3,003)
================ ============ ============ ============ ============ ========== ============
Exploration
impairments --
discontinued
operations - - - - - (7,106)
================ ============ ============ ============ ============ ========== ============
Deferred
stripping
impairment - - - - - (7,957)
================ ============ ============ ============ ============ ========== ============
Operating
(loss)/profit (3) 12,905 14,221 11,137 38,260 (7,883)
================ ============ ============ ============ ============ ========== ============
Profit on
disposal of
investments --
continuing
operations - 1,986 - 683 2,669 -
================ ============ ============ ============ ============ ========== ============
Loss on
disposal of
property,
plant and
equipment --
discontinued
operations - - - (151) (151) -
================ ============ ============ ============ ============ ========== ============
Finance items
-- continuing
operations
================ ============ ============ ============ ============ ========== ============
Exchange
gains/(losses) 35 (152) 318 (250) (49) 25
================ ============ ============ ============ ============ ========== ============
Finance income - - - 5 5 600
================ ============ ============ ============ ============ ========== ============
Finance expense - (1,380) (1,540) (1,846) (4,766) (476)
================ ============ ============ ============ ============ ========== ============
Expenses of
listing on
Oslo Bors - (2,363) - - (2,363) -
================ ============ ============ ============ ============ ========== ============
Net finance
items --
discontinued
operations 164 (96) 309 (433) (56) 107
================ ============ ============ ============ ============ ========== ============
Profit/(loss)
before tax 196 10,900 13,308 9,145 33,549 (7,627)
================ ============ ============ ============ ============ ========== ============
Analysed as:
================ ============ ============ ============ ============ ========== ============
Profit before
taxation and
exceptional
items 196 11,277 13,308 8,613 33,394 10,439
================ ============ ============ ============ ============ ========== ============
Exceptional
items - (377) - 532 155 (18,066)
================ ============ ============ ============ ============ ========== ============
Profit/(loss)
before
taxation 196 10,900 13,308 9,145 33,549 (7,627)
================ ============ ============ ============ ============ ========== ============
Taxation
================ ============ ============ ============ ============ ========== ============
Continuing
operations 1,187 (2,060) - (11,148) (12,021) 1,539
================ ============ ============ ============ ============ ========== ============
Discontinued
operations (79) (1,521) (452) (1,264) (3,316) (4,823)
================ ============ ============ ============ ============ ========== ============
1,108 (3,581) (452) (12,412) (15,337) (3,284)
================ ============ ============ ============ ============ ========== ============
Profit/(loss)
for the period
================ ============ ============ ============ ============ ========== ============
(Loss)/profit
from
continuing
operations (2,956) 5,705 5,867 (3,162) 5,454 (6,412)
================ ============ ============ ============ ============ ========== ============
Profit/(loss)
from
discontinued
operations 4,260 1,614 6,989 (105) 12,758 (4,499)
================ ============ ============ ============ ============ ========== ============
Profit/(loss)
for the
period 1,304 7,319 12,856 (3,267) 18,212 (10,911)
================ ============ ============ ============ ============ ========== ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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