Final Results -19-
March 25 2009 - 3:01AM
UK Regulatory
| | the |
| | fluctuations |
| | in metal |
| | prices. In |
| | 2007 this |
| | amount |
| | related |
| | mainly to |
| | the change |
| | in the fair |
| | value of |
| | 2,475,355 |
| | warrants |
| | over the |
| | same number |
| | of shares in |
| | Fortuna |
| | Silver Mine |
| | Inc. |
+--------+-----------------+
| (c) | Corresponds |
| | to the sale |
| | of |
| | 1,660,150 |
| | shares in |
| | Fortuna |
| | Silver |
| | Mines Inc. |
| | at a price |
| | of CAD$2 |
| | per share |
| | for a total |
| | consideration |
| | of |
| | CAD$3,320,300 |
| | (US$3,321,450) |
| | resulting in a |
| | realised gain |
| | of |
| | US$1,613,000 |
| | which has been |
| | recycled from |
| | equity into |
| | the income |
| | statement. |
+--------+-----------------+
| (d) | On 9 |
| | July |
| | 2007 |
| | the |
| | Group |
| | acquired |
| | 7,875,000 |
| | common |
| | shares of |
| | EXMIN for |
| | US$3,000,000. |
| | In addition, |
| | on the same |
| | date, the |
| | Group |
| | converted an |
| | outstanding |
| | loan |
| | receivable |
| | from EXMIN of |
| | US$1,570,000 |
| | into |
| | 4,127,231 |
| | common |
| | shares. The |
| | common shares |
| | were acquired |
| | at a discount |
| | of 20% to the |
| | market price, |
| | resulting in |
| | a gain on the |
| | issue of |
| | shares. |
+--------+-----------------+
| (e) | Corresponds |
| | to the |
| | unwind of |
| | the |
| | discount on |
| | the |
| | provision |
| | for mine |
| | closure of |
| | US$669,000 |
| | (2007: |
| | US$1,134,000) |
| | and the |
| | unwind of |
| | discount on |
| | VAT of Minera |
| | Santa Cruz of |
| | US$3,921,000 |
| | (2007: |
| | US$93,000). |
+--------+-----------------+
| (f) | Mainly |
| | corresponds |
| | to the |
| | change in |
| | fair value |
| | of warrants |
| | in Fortuna |
| | Silver Mine |
| | Inc. of |
| | US$6,245,000. |
+--------+-----------------+
| (g) | Corresponds |
| | to the |
| | impairment |
| | of the |
| | investment |
| | in the |
| | shares of |
| | EXMIN |
| | Resources |
| | Inc. |
| | (US$8,229,000), |
| | Mirasol |
| | Resources Inc. |
| | (US$323,000), |
| | Electrum |
| | Capital Inc. |
| | (US$2,637,000), |
| | Fortuna River |
| | (US$157,000) |
| | and Ventura |
| | Gold Corp. |
| | (US$75,000). |
+--------+-----------------+
| (h) | Corresponds |
| | to the |
| | premium |
| | paid on the |
| | acquisition |
| | of the |
| | shares of |
| | Iron Creek |
| | Capital |
| | Corp. and |
| | Mariana |
| | Resources |
| | Ltd. |
| | amounting |
| | to |
| | US$173,000 |
| | and |
| | US$248,000 |
| | respectively. |
+--------+-----------------+
5Income tax expense
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| | | Year ended 31 December 2008 | | Year ended 31 December 2007 | |
+----------------+-+------------------------------------------+--+-------------------------------------------+--+
| | | Before | |Exceptional | | Total | | Before | |Exceptional | | Total | |
| | |exceptional | | items(a) | | | |exceptional | | items | | | |
| | | items | | | | | | items | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| | | US$(000) | |
+----------------+-+-----------------------------------------------------------------------------------------+--+
| Current tax: | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| Current tax | | 13,058 | | (56 | )| 13,002 | | 44,933 | | - | | 44,933 | |
| charge from | | | | | | | | | | | | | |
| continuing | | | | | | | | | | | | | |
| operations | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| | | 13,058 | | (56 | )| 13,002 | | 44,933 | | - | | 44,933 | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| Deferred | | | | | | | | | | | | | |
| taxation: | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| Origination and | 15,809 | | (6,792 | )| 9,017 | | (11,641 | )| 1,299 | | (10,342 | )|
| reversal of | | | | | | | | | | | | |
| temporary | | | | | | | | | | | | |
| differences from | | | | | | | | | | | | |
| continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+------------------+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| | | 15,809 | | (6,792 | )| 9,017 | | (11,641 | )| 1,299 | | (10,342 | )|
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| Withholding | | 895 | | - | | 895 | | 1,161 | | - | | 1,161 | |
| taxes | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
| Total taxation | | 29,762 | | (6,848 | )| 22,914 | | 34,453 | | 1,299 | | 35,752 | |
| charge in the | | | | | | | | | | | | | |
| income | | | | | | | | | | | | | |
| statement | | | | | | | | | | | | | |
+----------------+-+-------------+--+-------------+--+--------+--+-------------+--+-------------+--+---------+--+
+--------+-------------+
| (a) | This |
| | amount |
| | corresponds |
| | to the |
| | related tax |
| | impact of |
| | exceptional |
| | items. |
+--------+-------------+
The weighted average statutory income tax rate was 40.6% for 2008 and 29.7% for
2007. This is calculated as the average of the statutory tax rates applicable in
the countries in which the Group operates, weighted by the profit/(loss) before
tax of the Group companies in their respective countries as included in the
consolidated financial statements.
The change in the weighted average statutory income tax rate is due to a change
in the weighting of profit/(loss) before tax in the various jurisdictions in
which the Group operates.
The total taxation charge on the Group's profit before tax differs from the
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