Exillon Energy Plc Preliminary Unaudited Results -10-
March 08 2013 - 2:00AM
UK Regulatory
--------------- ---------------
Total other income 1,209 126
--------------- ---------------
Other expense
Loss on write-off of property,
plant and equipment (1,062) (2,249)
VAT under tax inspection (1,020) -
Bad debt write-off (318) -
Customs charges (133) -
Unused vacation (125) -
Penalty imposed by FSA - (452)
Other expense (291) (294)
--------------- ---------------
Total other expense (2,949) (2,995)
=============== ===============
The Company received the penalties from its suppliers as a
result of theirnon-compliance with contractual terms.
11. auditors' remuneration
During the year, the Group obtained the following services from
the Group's auditor as detailed below:
For the year ended 31 December
--------------------------------
2012 2011
--------------- ---------------
$'000 $'000
Audit services
Fees payable to the Group's
auditor for the audit of annual
financial statements 286 295
Other audit services pursuant
to legislation - 78
Non-audit services
Services in relation to share
issuance - 370
All other services - 73
--------------- ---------------
Total 286 816
=============== ===============
12. Employee costs
For the year ended 31 December
--------------------------------
Note 2012 2011
--------------- ---------------
$'000 $'000
Wages and salaries 17,233 14,016
Social tax 2,649 1,513
Share based payment cost 27 9,146 4,178
Accommodation allowance 29 - 470
Total 29,028 20,177
=============== ===============
The average number of full time equivalent employees (including
directors) during the year was as follows:
Number of employees
--------------------------------
For the year ended 31 December
--------------------------------
2012 2011
--------------- ---------------
Exillon TP 147 119
Exillon WS 194 135
Regional Resources 17 18
Head office 18 22
Total 376 294
=============== ===============
13. finance income
For the year ended 31 December
--------------------------------
2012 2011
--------------- ---------------
$'000 $'000
Interest income on Eurobonds 75 395
Interest income on cash in
bank 2,820 933
Total 2,895 1,328
=============== ===============
14. finance cost
For the year ended 31 December
--------------------------------
Note 2012 2011
--------------- ---------------
$'000 $'000
Write-off of borrowing costs 25 3,674 -
Interest expense on borrowings - 454
Amortisation of borrowing costs - 109
Unwinding of the present value
discount on borrowings and
provisions 23 487 390
Total 4,161 953
=============== ===============
15. iNCOME TAXES
For the year ended 31 December
--------------------------------
2012 2011
------------------ ------------
$'000 $'000
Current tax 6,856 2,499
Deferred tax (1,473) 393
Income tax expense 5,383 2,892
================== ============
The income tax rate applicable to the major part of the Group's
income is 20% (2011: 20%), being the statutory income tax rate in
the Russian Federation. In 2012, Exillon WS applied a 17% income
tax rate (2011: 16%) due to the decreased regional budget component
of income tax. The tax exemption was granted by local tax
authorities and the availability of tax reductions for subsequent
periods and the applicable tax rates will be determined annually
after the end of reporting period. A rate of 20% was used in the
calculation of deferred income tax for Exillon WS, due to
uncertainty about the intention of local authorities to continue
the granting of tax exemptions. There are no income tax exemptions
available for other subsidiaries incorporated in the Russian
Federation.
Reconciliation between the expected and the actual taxation
charge is provided below:
For the year ended 31
December
-----------------------
2012 2011
----------- ----------
$'000 $'000
Profit/(loss) before income tax 17,525 (7,557)
Theoretical tax charge at statutory
rate 20% 3,505 (1,511)
* Effect of 0% tax rate for Cyprus, UAE and Isle of Man (1,118) 6,030
* Unrealised gains on PPE transfer between subsidiaries (4,525) 693
* Exchange differences arising on loans that form part
of the Company's net investment in foreign
subsidiaries 990 (1,726)
* Effect of 17% tax rate for Exillon WS (2011: 16%) (769) (527)
* Non-deductible interest expense 734 305
* Utilisation of previously unrecognised tax losses 6,566 (754)
* Other non-deductible expenses - 382
Income tax expense 5,383 2,892
=========== ==========
Deferred taxation
Differences between IFRS taxation and statutory taxation give
rise to temporary differences between the carrying amount of assets
and liabilities for financial reporting purposes and their tax
bases. The tax effect of the movements in these temporary
differences is detailed below and is recorded at the rate of
20%:
31 December Charged Translation 31 December
2011 to profit difference 2012
or loss
$'000 $'000 $'000 $'000
Tax effect of deductible
temporary differences
and tax loss carry
forwards
Provision for decommissioning (984) (812) (76) (1,872)
Provision for unused
vacation (34) 8 (2) (28)
Tax loss carry forward (279) 137 (3) (145)
Other (15) 36 (1) 20
----------- ---------- ----------- -----------
Gross deferred tax
asset (1,312) (631) (82) (2,025)
----------- ---------- ----------- -----------
Tax effect of taxable
temporary differences
Property, plant
and equipment 66,880 (818) 4,116 70,178
Other 24 (24) - -
----------- ---------- ----------- -----------
Gross deferred tax
liability 66,904 (842) 4,116 70,178
----------- ---------- ----------- -----------
Net deferred tax
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