TIDMSKR
RNS Number : 7397O
Sunkar Resources PLC
24 September 2013
24 September 2013
SUNKAR RESOURCES PLC
("Sunkar" or the "Company")
INTERIM RESULTS
Sunkar Resources plc (AIM: SKR) is pleased to announce its
half-yearly report for the six month period to 30 June 2013.
HIGHLIGHTS
-- Revenue generated for the period of $4.9m, compared with
$0.5m in the six months to 30 June 2012
-- $4.5m of revenue generated from earth-moving contract
-- Administrative and operating expenses reduced to $2.1m from $2.6m
-- Further earth moving contract, valued at $12m approximately, signed in April 2013
-- Proposed amendment to the work programme under the subsoil
use contract approved by Kazakh authorities
Teck Soon Kong, Chairman, commented:
"Following substantive approval of the amendment to the mining
commitments under the SUC, the conversion of the SAPC loan notes
and the completion of the Detailed Feasibility Study the Group is
in a position to progress the Chilisai Project with a view to
awarding the basic engineering contract in the second half of 2014,
leading to Stage I production by the end of 2017.
Short-term cash flows will be managed by completion of the
existing earth moving contracts, pursuit of additional contracts
and further sales of DAR and ground phosphate rock backed up by the
support of the majority shareholder."
For further information please contact:
Sunkar Resources plc
Teck Soon Kong, Chairman Tel: +44 20 7397 3730
Serikjan Utegen, CEO
Strand Hanson Limited
Stuart Faulkner Tel: +44 20 7409 3494
Andrew Emmott
James Dance
Bankside Consultants
Simon Rothschild Tel: +44 20 7367 8888
or visit: www.sunkarresources.com
The condensed financial statements of Sunkar Resources plc for
the six months ended 30 June 2013 have been prepared by, and are
the responsibility of, the Company's management. They have been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
adopted by the European Union and do not include all of the
information and disclosures that would be required by International
Financial Reporting Standards for annual audited financial
statements. The condensed financial statements should be read in
conjunction with the Company's audited financial statements
including the notes thereto for the year ended 31 December 2012.
The financial information has been reviewed but has not been
audited by the Company's auditor.
These condensed financial statements have been approved by the
Audit Committee and the Board of Directors.
CHAIRMAN'S STATEMENT
Financial review
During the six months ended 30 June 2013, the Company continued
to pursue its strategy of generating revenue from earth-moving
contracts and the sale of Direct Application Rock ("DAR").
Revenue for the period was $4.9 million, with $4.5 million
generated from earth-moving contracts and $0.4 million generated
from sales of DAR during the period, a significant increase over
the $0.5m of total revenue for the prior period. Administrative and
operating expenses reduced to $2.1 million from $2.6 million in the
comparative period.
Net cash of $1 million was generated from operating activities
with $0.5 million utilised for the completion of the Detailed
Feasibility Study and the acquisition of property plant and
equipment. A further advance of $0.5 million was received from
AsiaCredit Bank during the period. At 30 June 2013, the Company had
cash at bank of $1.0 million. Following the Company's listing on
the Kazakh Stock Exchange ("KASE") in December 2012, the Sun Avenue
Partners Corporation ("SAPC") loan notes of $12.8 million were
converted into shares in February 2013.
Operational review
The Group substantially completed the first of its earth-moving
contracts for the construction of a rail track foundation on a
stretch of the new railway line from Beineu to Tassai stations in
Western Kazakhstan during the period generating revenue of $4.5
million. At the end of April 2013, the Group agreed a further
contract with the same general contractor for another stretch of
the rail track foundation. The new contract value is approximately
$12 million and it is expected that the Group will have to
outsource approximately 40% of the works in order to complete the
required earth moving of two million cubic metres in Q4 this
year.
The proposed amendment to the Work Programme under the Subsoil
Use Contract ("SUC") was approved by the Kazakh authorities early
in the period subject to the Work Programme documentation being
prepared for formal inclusion within the SUC and the execution of
the amended SUC and the Work Programme by the Ministry of Industry
and New Technologies of the Republic of Kazakhstan.
Key Performance Indicators
The key performance indicators for the period include:
-- Completion of the Detailed Feasibility Study which was published in February 2013.
-- Revised ore mining commitment of 300,000 tonnes, estimated to
be undertaken within the next three months.
-- Generating operating cash flows from the performance of earth
moving contracts and sales of DAR. Operating cash flows of $998,000
were generated in the six months ended 30 June 2013 with an overall
increase in cash balances of $534,000.
Going concern
The Group requires additional funds to meet its mining
commitments and operational costs whilst also finding a strategic
partner to secure finance for the construction of the fertilizer
manufacturing complex. The Group's continuing strategy is to
achieve this through generation of positive cash flows from earth
moving contracts, an increase in the level of phosphate rock sales,
and continued management of its cost base.
The Group has received a letter of support from Joint Stock
Company ("JSC") "Interfarma-K", a company owned by Almas Mynbayev,
owner of SAPC, a 51% shareholder in Sunkar, stating that JSC
"Interfarma-K" will, subject to the agreement of mutually
acceptable terms, provide financial support to assist the Group to
meet its liabilities as they fall due, which we believe should
remove any likely requirement to seek other external sources of
financing in the short and medium term.
However, as this letter of support may not be legally binding, a
material uncertainty still exists in respect of the Group's ability
to continue as a going concern. The Directors remain confident that
based on the current sales projections and the letter of support
referred to above, sufficient funding will be made available to
enable the Group to continue in operational existence for the
foreseeable future. Accordingly, the financial statements have been
prepared on a going concern basis.
Outlook
Following substantive approval of the amendment to the mining
commitments under the SUC, the conversion of the SAPC loan notes
and the completion of the Detailed Feasibility Study the Group is
in a position to progress the Chilisai Project with a view to
awarding the basic engineering contract in the second half of 2014,
leading to Stage I production by the end of 2017.
Short-term cash flows will be managed by completion of the
existing earth moving contracts, pursuit of additional contracts
and further sales of DAR and ground phosphate rock backed up by the
support of the majority shareholder.
Teck Soon Kong
Chairman
19 September 2013
INDEPENDENT REVIEW REPORT TO SUNKAR RESOURCES PLC
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2013 which comprises the condensed
consolidated income statement, the condensed consolidated statement
of comprehensive income, the condensed consolidated balance sheet,
the condensed consolidated statement of changes in equity, the
condensed consolidated cash flow statement and related notes 1 to
9. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2013 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the AIM Rules of the London Stock Exchange.
Emphasis of Matter - Going Concern
In forming our conclusion on the condensed financial statements
for the six months ended 30 June 2013, which is not qualified, we
have considered the adequacy of the disclosure made in note 1
concerning the Group's ability to continue as a going concern. The
Group is reliant on securing significant additional sales volumes
of phosphate rock and additional sources of funding during the next
twelve months in order to continue to meet its obligations as they
fall due. These conditions, along with other matters explained in
note 1 to the condensed financial statements, indicate the
existence of a material uncertainty which may cast significant
doubt about the Group's ability to continue as a going concern. The
condensed financial statements do not include the adjustments that
would result if the Group were unable to continue as a going
concern.
Deloitte LLP
Chartered Accountants
London, United Kingdom
19 September 2013
SUNKAR RESOURCES PLC
CONSOLIDATED INCOME STATEMENT
(unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended 31
Jun 2013 Jun 2012 Dec 2012
Notes $000 $000 $000
Revenue 7 4,915 549 2,248
Cost of sales (4,553) (873) (2,624)
------------ ------------ ----------
Gross profit/(loss) 362 (324) (376)
Other operating costs (828) (365) (405)
Administrative expenses (2,091) (2,618) (5,549)
Foreign exchange losses (508) (242) (536)
------------ ------------ ----------
Operating loss before financing
costs (3,065) (3,549) (6,866)
Finance costs (559) (983) (2,370)
------------ ------------ ----------
Loss before taxation (3,624) (4,532) (9,236)
Income tax charge - - -
------------ ------------ ----------
Loss for the period (3,624) (4,532) (9,236)
------------ ------------ ----------
Basic and diluted loss per share
(cents) 6 (1.2) (2.7) (5.5)
------------ ------------ ----------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended 31
Jun 2013 Jun 2012 Dec 2012
$000 $000 $000
Loss for the period (3,624) (4,532) (9,236)
------------ ------------ ----------
Exchange differences on translation
of foreign operations* (46) (160) (202)
------------ ------------ ----------
Other comprehensive loss for the
period (46) (160) (202)
------------ ------------ ----------
Total comprehensive loss for the
period (3,670) (4,692) (9,438)
------------ ------------ ----------
*which may be recycled to income in future periods
SUNKAR RESOURCES PLC
CONSOLIDATED BALANCE SHEET
(unaudited) (unaudited) (audited)
30 Jun 30 Jun 31 Dec
2013 2012 2012
Note $000 $000 $000
Assets
Intangible exploration assets 2 68,824 69,265 68,864
Property, plant and equipment 3 14,728 16,351 15,658
Inventories 7,593 8,501 8,705
Total non-current assets 91,145 94,117 93,227
------------ ------------ ----------
Inventories 2,523 1,851 2,044
Other receivables and prepayments 2,210 753 2,449
Cash and cash equivalents 1,012 3,137 462
------------ ------------ ----------
Total current assets 5,745 5,741 4,955
------------ ------------ ----------
Total assets 96,890 99,858 98,182
------------ ------------ ----------
Equity
Issued share capital 4 582 309 309
Share premium 127,041 112,641 112,641
Share warrant reserve - 100 100
Translation reserve (8,767) (8,679) (8,721)
Convertible loan note reserve - 732 732
Retained deficit (43,093) (34,865) (39,569)
------------ ------------ ----------
Total equity attributable to equity
holders of parent 75,763 70,238 65,492
------------ ------------ ----------
Liabilities
Interest bearing loans and borrowings 5 1,691 1,375 1,667
Other payables 965 1,008 822
Deferred tax liabilities 11,530 11,702 11,600
------------ ------------ ----------
Total long-term liabilities 14,186 14,085 14,089
------------ ------------ ----------
Interest bearing loans and borrowings 5 1,433 14,198 15,072
Trade and other payables 5,508 1,337 3,529
------------ ------------ ----------
Total current liabilities 6,941 15,535 18,601
------------ ------------ ----------
Total liabilities 21,127 29,620 32,690
------------ ------------ ----------
Total equity and liabilities 96,890 99,858 98,182
------------ ------------ ----------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Share Translation Convertible Accumulated Total
capital premium warrants reserve loan note losses Equity
reserve reserve
(Unaudited) $000 $000 $000 $000 $000 $000 $000
Balance at 1 January 2012 (audited) 309 112,641 100 (8,519) - (30,333) 74,198
-------- -------- ---------- ----------- ----------- ----------- -------
Comprehensive loss
Loss for the period - - - - - (4,532) (4,532)
Total other comprehensive loss - - - (160) - - (160)
-------- -------- ---------- ----------- ----------- ----------- -------
Total comprehensive loss for the
period - - - (160) - (4,532) (4,692)
-------- -------- ---------- ----------- ----------- ----------- -------
Equity element of convertible loan - - - - 732 - 732
Balance at 30 June 2012 (unaudited) 309 112,641 100 (8,679) 732 (34,865) 70,238
Balance at 1 January 2013 (audited) 309 112,641 100 (8,721) 732 (39,569) 65,492
-------- -------- ---------- ----------- ----------- ----------- -------
Comprehensive loss
Loss for the period - - - - - (3,624) (3,624)
Total other comprehensive loss - - - (46) - - (46)
-------- -------- ---------- ----------- ----------- ----------- -------
Total comprehensive loss for the
period - - - (46) - (3,624) (3,670)
-------- -------- ---------- ----------- ----------- ----------- -------
Issue of share capital (Note 4) 273 14,400 - - (732) - 13,941
Expiry of share warrants - - (100) - - 100 -
-------- -------- ---------- ----------- ----------- ----------- -------
Balance at 30 June 2013 (unaudited) 582 127,041 - (8,767) - (43,093) 75,763
-------- -------- ---------- ----------- ----------- ----------- -------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended
Jun 2013 Jun 2012 31 Dec 2012
Note $000 $000 $000
Cash flows from operating activities:
Operating loss for the period (3,065) (3,549) (7,013)
Adjustments for:
Depreciation 1,125 612 2,080
Exchange rate differences 290 199 629
Decrease/(increase) in inventories 633 4 (191)
Decrease/(increase) in receivables 239 (522) (1,246)
Increase/(decrease) in payables 2,003 (2,181) (343)
---------- ------------ -------------
Cash generated from/(utilised in)
operations 1,225 (5,437) (6,084)
Interest paid (227) (472) (446)
---------- ------------ -------------
Net cash generated from/(utilised
in) operating activities 998 (5,909) (6,530)
---------- ------------ -------------
Cash flows from investing activities:
Acquisition of intangible exploration
assets (252) (37) (1,031)
Acquisition of property, plant and
equipment (237) (19) (1,072)
---------- ------------ -------------
Net cash utilised in investing activities (489) (56) (2,103)
---------- ------------ -------------
Cash flows from financing activities:
Bank loan received 500 - 2,500
Bank loan repaid (475) (2,829) (4,966)
Directors' loans repaid - - (294)
Issue of convertible loan notes 5 - 11,665 11,665
Net cash generated from financing
activities 25 8,836 8,905
---------- ------------ -------------
Net increase in cash and cash equivalents 534 2,871 272
Cash and cash equivalents at start
of period 462 213 213
Exchange differences 16 53 (23)
Cash and cash equivalents at end
of period 1,012 3,137 462
---------- ------------ -------------
During the period, certain convertible loan notes were converted into
equity (see note 5), which represented a major non-cash transaction
Notes to the Financial Statements
1. BASIS OF PREPARATION
The Group prepares its condensed financial statements in
accordance with International Accounting Standard 34 'Interim
Financial Reporting' as adopted by the European Union (EU). The
condensed financial statements presented herein have been prepared
in accordance with the accounting policies expected to be used in
preparing the Group's financial statements for the year ending 31
December 2013 which do not differ significantly from those used for
the Group's 2012 financial statements.
Sunkar Resources plc is a company registered in England and
Wales and was incorporated on 28 March 2006. The Company initially
acquired an 80% interest in the capital of Temir Service LLP, a
limited liability partnership registered in the Republic of
Kazakhstan in September 2006 a further 10% in December 2007 and the
final 10% in November 2008.
These interim results do not constitute statutory accounts
within the meaning of s435 of the Companies Act 2006. The financial
information in this report for the six months to 30 June 2013 and
to 30 June 2012 has not been audited.
The financial information for the year ended 31 December 2012
does not constitute statutory accounts as defined in sections 435
(1) and (2) of the Companies Act 2006. This information was derived
from the statutory accounts for the year ended 31 December 2012, a
copy of which has been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, but did include
a reference to matters to which the auditors drew attention by way
of emphasis of matter in relation to going concern and did not
contain a statement under sections 498 (2) or (3) of the Companies
Act 2006.
In the opinion of the management, the accompanying interim
financial information includes all adjustments considered necessary
for fair and consistent presentation of financial statements. These
condensed financial statements should be read in conjunction with
the Company's audited financial statements and notes for the year
ended 31 December 2012, which were prepared in accordance with
IFRSs as adopted by the European Union.
1. BASIS OF PREPARATION (continued)
Going concern
The financial statements have been prepared on the going concern
basis, assuming the Group continues as a going concern, and
therefore realises its assets and extinguishes its liabilities in
the normal course of business at the amounts stated in the
financial statements.
The Group requires additional funds to meet its mining
commitments and operational costs whilst also finding a strategic
partner to secure finance for the construction of the fertilizer
manufacturing complex. The Group's strategy is to achieve this
through an increase in the level of phosphate rock sales,
generation of positive cash flows from earth-moving contracts and
continued management of its cost base.
The Group has received a letter of support from JSC
"Interfarma-K" signed 15 April 2013, a company owned by Almas
Mynbayev, owner of SAPC, stating that JSC "Interfarma-K" will,
subject to the agreement of mutually acceptable terms, provide
financial support to assist the Group in meeting its liabilities as
they fall due, which we believe should remove any likely
requirement to seek other external sources of financing in the
short and medium term.
However, as this letter of support may not be legally binding, a
material uncertainty still exists in respect of the Company's
ability to continue as a going concern. The Directors remain
confident that, based on the current sales projections, including
the revenue to be generated from the additional earth moving
contract signed in April 2013, and the letter of support referred
to above, sufficient funding will be made available to enable the
Group and Company to continue in operational existence for the
foreseeable future. Accordingly, the financial statements have been
prepared on the going concern basis.
2. INTANGIBLE FIXED ASSETS
(unaudited) (audited)
Deferred exploration costs 30 Jun 2013 31 Dec 2012
$000 $000
Cost
Balance - beginning of period 70,431 70,442
Additions 340 937
Exchange differences (391) (948)
------------ ------------
Balance - end of period 70,380 70,431
------------ ------------
Amortisation
Balance - beginning of period 1,567 701
Charge 18 866
Exchange differences (29) -
------------ ------------
Balance - end of period 1,556 1,567
------------ ------------
Net book value
At end of period 68,824 68,864
------------ ------------
At start of period 68,864 69,741
------------ ------------
3. TANGIBLE FIXED ASSETS
(unaudited) (audited)
Property, plant and equipment 30 Jun 31 Dec
2013 2012
$000 $000
Cost
Balance - beginning of period 23,032 23,148
Additions 237 100
Disposals (13) -
Exchange differences (84) (216)
------------ ----------
Balance - end of period 23,172 23,032
------------ ----------
3. TANGIBLE FIXED ASSETS (continued)
Depreciation (unaudited) (audited)
30 Jun 31 Dec
2013 2012
$000 $000
Balance - beginning of period 7,374 6,329
Charge for period 1,107 1,215
On disposals (13) -
Exchange differences (24) (170)
------------ ----------
Balance - end of period 8,444 7,374
------------ ----------
Net book value
At end of period 14,728 15,658
------------ ----------
At start of period 15,658 16,819
------------ ----------
4. SHARE CAPITAL
The Company had 341,110,357 ordinary shares of 0.1p each in
issue at 30 June 2013 (31 December 2012: 166,634,074). During the
period the convertible loan notes were converted into 174,476,283
ordinary shares of 0.1p each.
5. INTEREST BEARING LOANS AND BORROWINGS
(unaudited) (audited)
Long term liability 30 Jun 31 Dec
2013 2012
$000 $000
ACB bank loan 1,691 1,667
Balance - end of period 1,691 1,667
------------ ----------
5. INTEREST BEARING LOANS AND BORROWINGS (continued)
(unaudited) (audited)
Current liabilities 30 Jun 31 Dec
2013 2012
$000 $000
ACB bank loan 833 834
Directors' loans 600 600
Convertible loan notes - 13,638
------------ ----------
Balance - end of period 1,433 15,072
------------ ----------
ACB bank loan
The ACB loan is repayable over three years and carries interest
at 9.5%.
Directors' loans
The Directors' loans are repayable on demand and carry interest
at 10% per annum (see note 9).
Convertible loan notes
The Group issued $ 2.8 million 10% convertible loan notes on 17
January 2012 and a further $10 million of convertible loan notes on
26 March 2012. The loans were repayable within 1 year from the
issue date or could be converted at any time into 174,476,283
shares at the holder's option. The value of the liability component
and the equity conversion component were determined at the date the
instrument was issued and were $12,060,000 and $740,000
respectively (prior to allocation of fees).
The total convertible loan note interest expensed for the period
is calculated by applying an effective interest rate of 16.75% to
the liability component for the period since the loan notes were
issued. The liability component is measured at amortised cost.
The loan notes were converted on 13 February 2013.
6. BASIC AND DILUTED LOSS PER SHARE
Basic loss per share
The calculation of basic loss per share, based on the loss
attributable to ordinary shareholders and the weighted average
number of ordinary shares outstanding during the period was
calculated as follows:
(unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended 31
Jun 2013 Jun 2012 Dec 2012
$000 $000 $000
Loss for the period attributable
to ordinary shareholders (3,624) (4,532) (9,236)
------------ ------------ ----------
Weighted average number of ordinary 6 months 6 months Year
shares ended 30 ended 30 ended 31
Jun 2012 Jun 2012 Dec 2012
At start of period 166,634 166,634 166,634
Effect of shares issued in the period 132,796 - -
------------ ------------ ----------
At end of period (thousand) 299,430 166,634 166,634
------------ ------------ ----------
The warrants in issue and (in prior period) convertible loan
notes were not dilutive since the Group made a loss and accordingly
basic and diluted loss per share are the same for all periods
shown.
7. OPERATING SEGMENTS
Operating segments are identified on the basis of internal
reports about components of the Group that are regularly reviewed
by the chief operating decision maker in order to allocate
resources to the segments and to assess their performance.
Prior to 2012, the Group's operations related to the evaluation
and development of the Chilisai phosphate rock project and as such
the Group had only one segment. In 2012 the Group expanded its
operations to include construction contracts to utilise spare and
the leasing of beneficiation equipment to a third party. Revenue
and direct costs are reported separately in respect of these
activities and accordingly it has been concluded that these
represent separate operating segments. All the Group's activities
are in Kazakhstan with administrative support provided from the UK.
Additional information regarding geographical location is provided
below.
DAR and Earth moving Other Total
rock sales
$000 $000 $000 $000
6 months ended 30 June
2013 (unaudited)
Revenue 406 4,509 - 4,915
Cost of sales (955) (3,598) - (4,553)
------------ ------------- ------ --------
Gross (loss)/profit (549) 911 - 362
------------ ------------- ------ --------
6 months ended 30 June
2012 (unaudited)
Revenue 549 - - 549
Cost of sales (873) - - (873)
------ ------
Gross loss (324) - - (324)
------ ------
Year ended 31 December
2012 (audited)
Revenue 1,490 514 244 2,248
Cost of sales (1,684) (557) (383) (2,624)
-------- ------ ------ --------
Gross loss (194) (43) (139) (376)
-------- ------ ------ --------
7. OPERATING SEGMENTS (continued)
Geographical information
(unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended 31
Jun 2013 Jun 2012 Dec 2012
$000 $000 $000
Total non-current assets excluding
financial assets
Kazakhstan 91,144 94,115 93,225
UK 1 2 2
------------ ------------ ----------
Total 91,145 94,117 93,227
------------ ------------ ----------
Capital expenditure on deferred
exploration and evaluation costs
Kazakhstan 340 (57) 937
UK - - -
---- ----- ----
Total 340 (57) 937
---- ----- ----
Capital expenditure on property,
plant and equipment
Kazakhstan 237 220 1,072
UK - - 2
---- ---- ------
Total 237 220 1,074
---- ---- ------
Depreciation and amortisation
Kazakhstan 1,125 611 1,212
UK - 1 3
------ ---- ------
Total 1,125 612 1,215
------ ---- ------
Liabilities
Kazakhstan 19,815 27,863 17,858
UK 1,312 1,757 14,832
------- ------- -------
Total 21,127 29,620 32,690
------- ------- -------
8. CAPITAL COMMITMENTS
Under the SUC the Group's current obligations are to spend $115
million cumulatively by the end of 2020. It had invested $31.3
million cumulatively at 30 June 2013.
Obligations under operating leases at 30 June 2013 were $150,000
(31 December 2012: $150,000).
9. RELATED PARTY TRANSACTIONS
Loans due to directors were as follows: (unaudited) (unaudited) (audited)
6 months 6 months Year
ended 30 ended 30 ended 31
Jun 2013 Jun 2012 Dec 2012
$000 $000 $000
T S Kong - 234 -
S Utegen 300 300 300
N Damitov 300 300 300
C de Chezelles - 60 -
------------ ------------ ----------
At end of period (thousand) 600 894 600
------------ ------------ ----------
The loans are unsecured and carry an annual interest rate of 10
percent. A repayment date has not yet been determined in respect of
the loans from S Utegen and N Damitov. Interest of $50,000 and
$52,000 has been accrued to date on the respective loans, of which
a total of $30,000 arose in the current period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KZLBLXKFBBBD
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