Full Year Results -5-
March 01 2011 - 11:40AM
UK Regulatory
For share-based payment awards with non-vesting conditions, the grant
date fair value of the share-based payment is measured to reflect such
conditions and there is no true-up for differences between expected
and actual outcomes.
The fair value of the amount payable to employees in respect of share
appreciation rights, which are settled in cash, is recognised as an
expense, with a corresponding increase in liabilities, over the period
in which the employees become unconditionally entitled to payment.
The liability is reviewed and measured at each balance sheet date and
at settlement date. Any changes in the fair value of the liability
are recognised as a personnel expense in the Statement of Comprehensive
Income.
The fair value of the employee share options and the share appreciation
rights is measured using the Black-Scholes formula. Measurement inputs
include share price on measurement date, exercise price of the instrument,
expected volatility (based on weighted average historic volatility
adjusted for changes expected due to publicly available information),
weighted average expected life of the instruments (based on historical
experience and general option holder behaviour), expected dividends,
and the risk-free interest rate (based on government bonds). Service
and non-market performance conditions attached to the transactions
are not taken into account in determining fair value.
h. Income tax
The Company is subject to an income tax rate of 0% in Jersey. Income
tax represents taxation payable by the Group in other jurisdictions.
Where applicable, tax on the profit or loss for the year comprises
current and deferred tax. Tax is recognised in the Statement of Comprehensive
Income except to the extent that it relates to items recognised directly
in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable
income or loss for the year, using tax rates enacted or substantively
enacted at the balance sheet date, and any adjustment to tax payable
in respect of previous years.
Deferred tax is provided on temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. The following temporary
differences are not provided for: the initial recognition of goodwill;
the initial recognition of assets or liabilities that affect neither
accounting nor taxable profit other than in a business combination,
and differences relating to investments in subsidiaries to the extent
that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the balance sheet
date.
A deferred tax asset is recognised only to the extent that it is probable
that future taxable profits will be available against which the temporary
difference can be utilised.
2. Property, plant and equipment
Furniture,
fittings
Freehold Plant and and Motor Work in
buildings equipment equipment vehicles progress Total
Consolidated $'000 $'000 $'000 $'000 $'000 $'000
Opening net book value 209 3,409 304 343 - 4,265
Additions 29 80 125 430 266 930
Disposals (2) (18) (28) - - (48)
Depreciation charges (69) (2,503) (152) (161) - (2,885)
Exchange differences
(net) - - 13 - - 13
--------- ---------- ---------- -------- -------- ---------
Unaudited closing net
book value 167 968 262 612 266 2,275
--------- ---------- ---------- -------- -------- ---------
At 31 December 2010
Cost 354 8,401 575 1,059 266 10,655
Accumulated
depreciation (187) (7,433) (313) (447) - (8,380)
--------- ---------- ---------- -------- -------- ---------
Unaudited Net book
amount 167 968 262 612 266 2,275
--------- ---------- ---------- -------- -------- ---------
At 31 December 2009
(restated*)
Cost 243 8,259 454 408 - 9,364
Accumulated
depreciation (34) (4,850) (150) (65) - (5,099)
--------- ---------- ---------- -------- -------- ---------
Net book value 209 3,409 304 343 - 4,265
--------- ---------- ---------- -------- -------- ---------
At 1 January 2009
(restated*)
Cost - 6,404 175 - - 6,579
Accumulated
depreciation - (1,828) (30) - - (1,858)
--------- ---------- ---------- -------- -------- ---------
Net book value - 4,576 145 - - 4,721
--------- ---------- ---------- -------- -------- ---------
* - See note 1(c) and 5(b)(i)
3. Mineral properties in the exploration and evaluation phase
31 December
31 December 2009
Reconciliation of carrying amount 2010 Restated*
$'000 $'000
Opening net book amount 4,214 -
Acquisition through asset purchase - 4,214
Addition through share-based payment transaction
(deferred consideration for asset purchase)
(see 19a) 5,063 -
-------------------------- -----------
Unaudited closing net book amount 9,277 4,214
-------------------------- -----------
At 31 December
Cost 9,277 4,214
Amortisation - -
-------------------------- -----------
Unaudited net book amount 9,277 4,214
-------------------------- -----------
As a requirement of the Agreement with CIF of 2 August 2101, the Company
will relinquish ownership of:
-- 50% of the defined Kalia II area of the Kalia permit; and
-- 100% of the Faranah permit.
These mineral properties have a current carrying value of NIL.
4. Stated Capital
Unaudited
31 December 2010 31 December 2009 1 January 2009
Shares $'000 Shares $'000 Shares $'000
a. Stated Capital
Ordinary
shares of
no par
value 537,124,485 107,498 421,275,002 51,149 421,275,002 51,149
Share
issue
costs (7,824) (1,252) (1,252)
---------- --------------- --------
99,674 49,897 49,897
---------- --------------- --------
b. Movements in ordinary shares
Number of
Date Details shares $'000
1 January 2010 Opening balance 421,275,002 51,149
5 March 2010 Shares issued (see note 19a) 9,604,483 5,063
23 March 2010 Shares issued at 91 cents (AUD1.00) 170,000 155
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