profit/(loss) 1,232 7,679 (184) 2,845 - 11,572
-------- -------- --------- -------- ------------ --------
Capital
Expenditures 3,341 42,062 233 449 - 46,085
-------- -------- --------- -------- ------------ --------
Total assets 232,677 352,075 3,945 149,068 - 737,765
-------- -------- --------- -------- ------------ --------
Segmental information for the Group for the six months ended 30
June 2010 is presented below:
Exillon Exillon Regional Intersegment
TP WS Resources Other eliminations Total
-------- -------- --------- ------- ------- ------------ --------
$'000 $'000 $'000 $'000 $'000 $'000
Gross segment
revenue 26,423 1,051 713 - - 28,187
-------- -------- --------- ------- ------- ------------ --------
Inter-segment
revenues - - (713) - - (713)
Revenue 26,423 1,051 - - - 27,474
Selling and
transportation
expenses (13,759) (9) - 684 - (13,084)
-------- -------- --------- ------- ------- ------------ --------
Net back 12,664 1,042 - 684 14,390
-------- -------- --------- ------- ------- ------------ --------
EBITDA 403 (710) 40 (5,263) - (5,530)
Depreciation
and depletion 3,005 246 29 48 - 3,328*
Finance income (14) (5) - (2) - (21)
Finance cost 76 59 - - - 135
Operating
(loss)/profit (2,692) (963) 11 (5,311) - (8,955)
-------- -------- --------- ------- ------- ------------ --------
Capital
Expenditures 5,722 14,700 134 286 20,842
-------- ------- --------- ------- ------- ------------ --------
Total assets 196,016 242,133 638 41,115 479,902
-------- ------- --------- ------- ------- ------------ --------
* Depreciation for the six months ended 30 June 2010 was
calculated in compliance with RAS; the reconciliation to IFRS
depreciation is provided below.
The Group's management assesses the performance of the operating
segments based on EBITDA (Earnings before interest, tax,
depreciation and depletion and exploration expenses) which is
calculated as follows: operating result plus depletion and
depreciation, exploration and evaluation expenses.
Net back is defined as revenue less selling and transportation
expenses.
Reconciliation of operating profit/(loss) to EBITDA for the six
months ended 30 June 2011 is presented below:
Exillon Exillon Regional Intersegment
TP WS Resources Other eliminations Total
------- ------- --------- -------- ------------ ------
$'000 $'000 $'000 $'000 $'000 $'000
Operating
profit/(loss) 1,232 7,679 (184) 2,845 - 11,572
Depreciation
and
depletion 2,914 2,774 46 64 - 5,798
------- ------- --------- -------- ------------ ------
EBITDA 4,146 10,453 (138) 2,909 - 17,370
------- ------- --------- -------- ------------ ------
Reconciliation of operating profit/(loss) to EBITDA for the six
months ended 30 June 2010 is presented below:
Exillon Exillon Regional Intersegment
TP WS Resources Other eliminations Total
------- ------- --------- ------- ------------ -------
$'000 $'000 $'000 $'000 $'000 $'000
Operating
(loss)/profit (2,692) (963) 11 (5,311) - (8,955)
Depreciation
and depletion 3,095 253 29 48 - 3,425
EBITDA 403 (710) 40 (5,263) - (5,530)
------- ------- --------- ------- ----------- -------
In 2010, for management purposes depreciation calculated in
accordance with Russian Accounting Standards (RAS) was reported to
the CODM. IFRS depreciation is calculated based on fair value of
Property, plant and equipment as it was measured in the business
combination, while RAS calculations are based on historical costs.
Another principal difference of calculation relates to the usage of
straight-line method for Property, plant and equipment related to
oil and gas production activities in RAS instead of use of the
unit-of-production method used in IFRS. In 2011, depreciation
calculated in accordance with IFRS is used for management purposes
and reported to the CODM. The reconciliation of depreciation is
presented below:
2010
-----
$'000
Depreciation calculated in compliance
with RAS 3,328
IFRS adjustments 97
-----
Depreciation calculated in compliance
with IFRS 3,425
=====
7. revenue
Six months ended 30 June
--------------------------
2011 2010
------------ ------------
$'000 $'000
Export sales 52,478 19,564
Domestic sales 35,960 7,910
88,438 27,474
============ ============
8. cost of sales
Six months ended 30 June
--------------------------
2011 2010
------------ ------------
$'000 $'000
Minerals extraction tax 28,124 7,362
Depreciation and depletion 5,655 3,327
Salary and related taxes 2,145 1,200
Oil treatment and in-field transportation 1,932 1,928
Materials 1,505 566
Current repair of property, plant
and equipment 1,347 428
Taxes other than income tax 681 431
Rent 421 -
Licence maintenance cost 297 149
42,107 15,391
Change in finished goods (966) 153
------------ ------------
41,141 15,544
============ ============
9. selling expenses
Six months ended 30 June
--------------------------
2011 2010
------------ ------------
$'000 $'000
Export duties 27,478 10,286
Transportation services 8,104 1,704
Other expenses 873 1,094
36,455 13,084
============ ============
10. administrative expenses
Six months ended 30 June
--------------------------
Note 2011 2010
------------ ------------
$'000 $'000
Salary and related taxes 4,415 2,958
Business travel 1,094 801
Consulting services 962 772
Share based payment charge 21 438 578
Rent 337 590
Share issuance costs 195 87
Communication services 185 156
Depreciation and amortisation 143 98
Insurance 123 78
Bank services 101 122
Accounting fees 73 111
Secretarial services 5 158
Fines and penalties 3 91
Security services - 30
Advertising services - 8
Other expenses 581 396
8,655 7,034
============ ============
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