Final Results -15-
March 25 2009 - 3:01AM
UK Regulatory
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Translation adjustment | | - | | - | | - | | (43,003 | )| - | | (43,003 | )| - | | (43,003 | )| (76 | )| (43,079 | )|
| for the year | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Net income recognised | | - | | - | | (2,272 | ) | (43,003 | )| - | | (45,275 | )| 620 | | (44,655 | )| (207 | )| (44,862 | )|
| directly in equity | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| (Loss)/profit for the | | - | | - | | - | | - | | - | | - | | (19,003 | )| (19,003 | )| 5,489 | | (13,514 | )|
| year | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Total recognised income | | - | | - | | (2,272 | ) | (43,003 | )| - | | (45,275 | )| (18,383 | )| (63,658 | )| 5,282 | | (58,376 | )|
| for 2008 | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Dividends | | - | | - | | - | | - | | - | | - | | (28,331 | )| (28,331 | )| - | | (28,331 | )|
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Adjustment to deferred | | - | | - | | - | | - | | - | | - | | - | | - | | 1,220 | | 1,220 | |
| consideration (a) | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Expiration of dividends | | - | | - | | - | | - | | - | | - | | 124 | | 124 | | 4 | | 128 | |
| payable | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Capital contribution from | | - | | - | | - | | - | | - | | - | | - | | - | | 12,329 | | 12,329 | |
| minority shareholders | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+----------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+
| Balance at 31 December | | 146,466 | | 395,928 | | (410 | ) | (40,375 | )| (210,046 | )| (250,831 | )| 182,612 | | 474,175 | | 68,843 | | 543,018 | |
| 2008 | | | | | | | | | | | | | | | | | | | | | |
+---------------------------+-+---------+-+---------+-+--------------------+-+--------------------+---------+-+----------+-+----------+-+----------+-+--------------+-+----------+-+----------+-+--------------------+
(a)This amount represents the increase in the minority interest's share of the
assets of Pallancata, following the Group's investment during the year in
accordance with the agreement signed with Minera Oro Vega S.A.C.
Notes to the Financial Statements
The financial information for the year ended 31 December 2008 and 2007 contained
in this document does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The financial information for the years ended 31
December 2008 and 2007 have been extracted from the consolidated financial
statements of Hochschild Mining plc for the year ended 31 December 2008 which
have been approved by the directors on 24 March 2009 and will be delivered to
the Registrar of Companies in due course. The auditor's report on those
financial statements was unqualified and did not contain a statement under
section 237 of the Companies Act 1985.
1 Significant accounting policies
(a) Basis of preparation
The accounting policies adopted in the preparation of the financial information
are consistent with those applied to the year ended 31 December 2007 except for
the adoption of new and amended standards.
Adoption of new and amended standards
The Group has adopted the following new and amended IFRS and IFRIC
interpretations during the year. Adoption of these revised standards and
interpretations did not have any effect on the financial performance or position
of the Group.
· ?IFRIC 11, IFRS 2 'Group and Treasury Shares Transactions', applicable for
annual periods beginning on or after 1 March 2007.
· ?IFRIC 14, IAS 19, 'The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their interaction', applicable for annual periods beginning on
or after 1 January 2008.
· ?Amendment to IAS 39 and IFRS 7 'Reclassification of Financial Assets'.
(b) Exceptional items
Exceptional items are those significant items which due to their nature or the
expected infrequency of the events giving rise to them, need to be disclosed
separately on the face of the income statement to enable a better understanding
of the financial performance of the Group and facilitate comparison with prior
years. Exceptional items mainly include:
· Impairments of assets, including goodwill, assets held for sale, and property,
plant and equipment;
· Gains or losses arising on the disposal of subsidiaries, investments or
property, plant and equipment;
· Fair value gains or losses arising on financial instruments not held in the
normal course of trading;
· ?Any gain or loss resulting from any restructuring within the Group, and
· ?The related tax impacts of these items.
(c) Comparatives
Where applicable, certain comparatives have been reclassified to present them in
a comparable manner to the current period's figures.
2 Segment Reporting
The Group's activities are principally related to mining operations which
involve the exploration, production and sale of gold and silver. Products are
subject to the same risks and returns and are sold through the same distribution
channels. The Group has a number of activities that exist solely to support
mining operations including power generation and services. As such, the Group
has only one business segment as its primary reporting segment. The Group
operates in various countries including Peru, Argentina, Mexico, Chile and
Canada. Therefore, the geographical segment is the Group's secondary reporting
format.
Transfer prices between geographical segments are set on an arm´s length basis
in a manner similar to that used for third parties. Segment revenue, segment
expense and segment results include transfers between business segments. Those
transfers are eliminated in consolidation.
(a) Revenue
Revenue for the year is allocated based on the country in which the customer is
located.
+----------------------------------------------+--+----------+--+----------+--+
| | |Year ended 31 December | |
+----------------------------------------------+--+------------------------+--+
| | | 2008 | | 2007 | |
+----------------------------------------------+--+----------+--+----------+--+
| | | US$(000) | |
+----------------------------------------------+--+------------------------+--+
| External customer | | | | | |
+----------------------------------------------+--+----------+--+----------+--+
| USA | | 130,631 | | 158,092 | |
+----------------------------------------------+--+----------+--+----------+--+
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