TIDMTGR
RNS Number : 4088B
Tirupati Graphite PLC
30 September 2022
30 September 2022
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Final Results
Tirupati Graphite plc, the fully integrated, revenue generating,
specialist graphite producer and graphene and advanced materials
developer, is pleased to announce its Final Results for the year
ended 31 March 2022. A copy of the Report and Accounts will be
available shortly on the Company's website,
www.tirupatigraphite.co.uk .
Operational and Development Highlights
-- The Company continued to focus on fast-track development
across its two projects in Madagascar with the target to reach the
globally significant 30,000 tons per annum ("tpa") capacity at the
earliest.
-- The 3,000 tpa pre-existing proof of concept plant continued
to operate during the year and the Company commissioned an
additional 9,000 tpa plant during the year.
-- Construction of an additional 18,000 tpa plant was initiated
during the year and substantially progressed.
-- Development of new capacities remained the larger part of the
Company's activities during the year alongside operation of the
pre-existing capacity.
-- Summary of the operating results for the year are as detailed in table below
Particulars Units FY 2021-22 FY 2020-21 YoY Change
Total Production MT 2,996 1,718 +74%
-------- ----------- ----------- -----------
Mining & Processing
costs GBP 935,604 304,975 +207%
-------- ----------- ----------- -----------
Human Resources costs GBP 378,671 228,731 +66%
-------- ----------- ----------- -----------
Logistics utilities
& plant admin costs GBP 308,278 52,784 +484%
-------- ----------- ----------- -----------
(Increase) / Decrease
in inventory of inputs GBP (485,357) (98,407)
-------- ----------- ----------- -----------
Total Costs of Production
(Excl. Depreciation) GBP 1,137,196 488,083 NA
-------- ----------- ----------- -----------
Cost per MT of Production GBP 380 284 +34%
-------- ----------- ----------- -----------
Total Sales Volume MT 2,662 1,857 +43%
-------- ----------- ----------- -----------
Total Revenues GBP 1,645,308 1,123,426 +46%
-------- ----------- ----------- -----------
US$
/ GBP
Average Selling price per 801 /
per MT of Production MT 841 / 618 605 +2%
-------- ----------- ----------- -----------
Gross Profit before
Depreciation GBP 508,112 635,343 -20%
-------- ----------- ----------- -----------
Gross Margin on Sales % 31% 57% -26%
-------- ----------- ----------- -----------
-- Total production during the year increased by 74% and Total
Sales Volume increased by 43% over the previous year;
-- Total Revenues increased by 46% over the previous year;
-- Realised Average Selling price per MT of graphite sold
increased marginally by 2% in GBP terms and 4% in dollar terms;
-- The operating margins for the year dropped during the year due to the following:
o The larger part of the Company's activities during the year
was the development of capacities and related infrastructure at
both its projects;
o The Company is executing the development process internally
and using its own earth moving machinery, equipment and other
resources also used in operating activities for the development
activities which has resulted in not all of such costs being able
to be capitalised;
o Adverse weather conditions resulted in additional expenses on
upkeep of existing infrastructure and caused increased operating
costs;
o the Company putting in place required management resources at
its projects in anticipation of the future capacity being
developed;
With these factors combined, the operating margins for the year
fell, however the Company believes that as production increases,
the previously achieved operating margins will be achievable.
-- The cumulative investments in CAPEX made by the Company at
its projects up to 31 March 2022 are as tabulated below:
Sahamamy Project total cumulative investment up to 31 March
2022
Head of CAPEX Investment Investment Investment Total Investment
(GBP) (GBP) (GBP) (GBP)
Up to 31.03.2020 During 01.04.2020 During 01.04.2021 As at 31.03.2022
to 31.03.2021 to 31.03.2022*
------------------- -------------------- ------------------- ------------------
Drilling & Earthmoving
Equipment 240,357 39,024 1,426,628 1,706,009
------------------- -------------------- ------------------- ------------------
Processing Plant 520,634 23,157 483,756 1,027,547
------------------- -------------------- ------------------- ------------------
Infra & Admin Assets 23,146 6,776 - 29,922
------------------- -------------------- ------------------- ------------------
Exploration Evaluation
& Engineering 163,702 103,639 801,567 1,068,908
------------------- -------------------- ------------------- ------------------
Total Investment 947,839 172,596 2,711,951 3,832,386
------------------- -------------------- ------------------- ------------------
Advances for Capex - - 2,592,163 2,592,163
------------------- -------------------- ------------------- ------------------
Total 947,839 172,596 5,304,114 6,424,549
------------------- -------------------- ------------------- ------------------
Vatomina Project total cumulative investment up to 31 March
2022
Head of CAPEX Investment Investment Investment Total Investment
(GBP) (GBP) (GBP) (GBP)
Up to 31.03.2020 During 01.04.2020 During 01.04.2021 As at 31.03.2022
to 31.03.2021 to 31.03.2022*
------------------- -------------------- ------------------- ------------------
Drilling & Earthmoving
Equipment 328,178 236,949 443,972 1,009,099
------------------- -------------------- ------------------- ------------------
Processing Plant 168,093 475,822 1,890,974 2,534,889
------------------- -------------------- ------------------- ------------------
Infra & Admin
Assets 69,323 30,995 201,175 301,493
------------------- -------------------- ------------------- ------------------
Exploration Evaluation
& Engineering** 738,830 331,530 (332,964) 737,396
------------------- -------------------- ------------------- ------------------
Total Investment 1,304,424 1,075,296 2,203,157 4,582,877
------------------- -------------------- ------------------- ------------------
*This does not include impact of Forex translation
** This is in nature of capital WIP and hence includes
expenditures reclassified after completion of respective capital
assets.
-- Operations and development progressed in spite of headwinds
from the impacts on travel and logistics due to the pandemic in the
earlier part of the year and adverse weather conditions in the
later part.
-- The Company has taken appropriate decisions to mitigate these
risks in the current quarter and continues to stabilise its
operations and complete the developments as planned during the
current year.
Snapshot of Consolidated Income Statement
Summary of the Group's consolidated income statement for the
year ended 31 March 2022 is as follows:
2022 2021 YOY Change Commentary
GBP GBP %
------------ ------------ ----------- ------------------------------
Revenues grew by 46%
due to increased production
Revenues 1,645,308 1,123,426 46% and sales
------------ ------------ ----------- ------------------------------
Cost of Sales grew
greater than increased
sales mainly due to
the impact of adverse
Cost of Sales (1,137,196) (488,083) 133% weather conditions
------------ ------------ ----------- ------------------------------
The above resulted
Gross Profit in Gross Profit decrease
(Excl. Dep) 508,112 635,343 -20% of 20%
------------ ------------ ----------- ------------------------------
Admin expenses increased
due to increased corporate
expenses, additional
Less Administrative hires and fund raise
Expenses (1,774,581) (1,531,581) 16% costs
------------ ------------ ----------- ------------------------------
The above resulted
in EBITDA loss increase
EBITDA (1,266,469) (896,238) 41% of 41%
------------ ------------ ----------- ------------------------------
Increased due to additional
Less Depreciation (565,079) (205,723) 175% Capex
------------ ------------ ----------- ------------------------------
Negative EBIT increased
EBIT (1,831,548) (1,101,961) 66% by 66%
------------ ------------ ----------- ------------------------------
Finance Costs decreased
Less Finance due to conversion of
Cost (140,209) (147,151) (5%) CLNs to equity
------------ ------------ ----------- ------------------------------
The above resulted
in increase in negative
EBT (1,971,757) (1,249,112) 58% EBT by 58%
------------ ------------ ----------- ------------------------------
Impact of deferred
tax provisions in Madagascar
Less Taxes 48,271 (27,827) Subsidiaries
------------ ------------ ----------- ------------------------------
EAT loss increased
EAT (1,923,486) (1,276,939) 51% by 51%
------------ ------------ ----------- ------------------------------
Loss per share 2.66 pence 2.61 pence 2% Basic Loss per share
(Basic) increased by 2%
------------ ------------ ----------- ------------------------------
Loss per share 2.66 pence 2.61 pence 2% Diluted Loss per share
(Diluted) increased by 2%
------------ ------------ ----------- ------------------------------
The financial year saw extensive activities to develop capacity
at the Company's projects and was also the first full year for the
Company as an entity listed on the standard segment of the London
Stock Exchange. While cost of sales increased for the reasons
discussed above, the administrative expenses increased only
marginally. With measures taken by the Company since end of the
year for improving productivity and the additional capacities
developed coming on stream in the forthcoming quarter, the Company
is at a transformative stage.
Highly favourable demand matrix
-- The global push for climate action and energy transition are
resulting in increased consumption of flake graphite in energy
storage lithium-ion batteries used in electric vehicles and other
applications.
-- Increasing consumption of flake graphite is also reported in
applications like fire retardance, thermal management and advanced
materials and composites while consumption in conventional
applications continue.
-- Substantial global dependence for flake graphite on Chinese
sources has also created greater interest in the consumer industry
for non-Chinese sources.
-- The Company is not aware of any other new material production
having been established during the year outside China and only a
handful of developments other than by the Company are underway in
the current year.
Inorganic growth
-- On 17 August 2021 the Company entered into a binding
acquisition agreement subject to regulatory approvals for the
acquisition of the entire issued share capital of Suni Resources SA
("Suni Resources"), from ASX listed Battery Minerals Limited,
holding two advanced stage flake graphite projects in
Mozambique.
-- The projects host c.150 million tons of reserves and
resources containing c.12 million tons of flake graphite.
-- The parties remain engaged to progress the transaction.
-- Subject to completion of the acquisition, the Company intends
to develop these projects in due course, the projects providing
resource to progress the Company towards its aim of being a flake
graphite producer with capacity of c.8% of global demand by 2030,
estimated to be no less than 5 million tons of flake graphite by
that time.
-- To further strengthen its presence and to have additional
projects in the country of its current operations, Madagascar, post
year end, the Company entered into a conditional agreement to
acquire 3 more mining permits in Madagascar covering a total area
of 31.25km2 and located in the vicinity of the Company's existing
projects.
Downstream and Advanced Materials
-- On 10 October 2018, the Company entered into a conditional
agreement for the acquisition of the then issued share capital of
Tirupati Speciality Graphite Private Limited ("TSG") in a share
swap deal as a forward integration prospect with an obligation to
provide development capital for TSG's plans.
-- The completion of the acquisition of TSG by the Company has
remained subject to regulatory approvals and given the
shareholdings of the founders in the Company this could only be
progressed once the Company obtained a whitewash under the Takeover
Code to enable the issue of the consideration shares without
triggering a requirement for the founders to make a mandatory bid
for the Company.
-- The whitewash was approved by independent shareholders of the
Company and confirmed by the Takeover Panel in late October
2021.
-- Post the whitewash, it has transpired that the in terms of the relevant Indian regulation:
o the valuation report of 2018 is time expired and for
determining the swap ratio a current valuation in accordance with
FEMA requirements is necessary (which must be not more than 90 days
old at the time of completion of the acquisition);
o based on an updated valuation, the acquisition can only be
considered for approval by the Indian regulators once certain
reported matters in relation to the Company as an ODI are
ratified.
-- In response, the Company is considering a number of
alternative options to meet the objective of ensuring that the
Company is able to continue with its plans to develop a downstream
and advanced materials business. These options include:
o continued pursuit of regulatory approval for the acquisition
of TSG as its preferred option and in doing so, considering any
revised valuation for TSG and changes to the terms of the
acquisition to reflect this;
o exploring the possible participation in alternative investment
vehicles for investment in TSG as may be permissible with
participation of the Company or its shareholders;
o exploring possible commercial arrangements with TSG.
-- During the year the Company continued to engage with TSG and
reported the developments made by it on the projects it is
pursuing.
-- We have been advised by TSG that the progress of its business
continues in accordance with its plans although this has been
delayed as a result of the need to obtain the capital required for
these developments.
-- TSG has also advised that they have refrained from raising
equity capital from other sources and the equity of TSG remains as
it was at the time of the execution of the 2018 acquisition
agreement. However, TSG may need to look at alternatives for its
capital requirements.
-- The Company considers that the technologies and expertise
developed by TSG for these processes are unique and environment
friendly as compared to those used by others.
-- In addition to the discussions on acquisition with TSG, the
Company is currently assessing the possibility of setting up
downstream and advanced material manufacturing facilities in the UK
in conjunction with TSG.
Other Developments
-- The Company continues to progress its second phase of
exploration activities with an enhanced target of c.10,000 diamond
core drilling to be executed and acquired a second drilling rig for
the purpose.
-- The construction of its maiden 100 kilo watt small hydro
power plant which commenced in the year is now nearing completion
of commissioning and expected to deliver first power generation
over the coming weeks.
-- The Company continued to successfully integrate is
environment friendly flake graphite processing technologies for its
projects in Madagascar generating sand as a by-product which
remains in extensive use for its internal developments.
-- The Company released its maiden "Sustainability Report"
covering its activities in the financial year ended on 31 March
2021 and intends to release its second "Sustainability Report"
covering the year under reporting over the next months.
CHAIRMAN'S STATEMENT
As always, I extend a very warm welcome to the new members of
our Company and our dedicated, long-term stakeholders. The Company
has continued to evolve and expand over the past year, helping to
address the increasing demand for graphite, one of the key critical
minerals in the energy transition. Amidst this wider market demand,
value creation remains core to our culture, and we continue to
leverage our extensive graphite expertise and key principles to
drive sustainable value across our stakeholder base. We have
adopted four key principles of value creation since our inception,
which have evolved with us and continue to guide us:
-- Value creation for our shareholders:
Through carefully considered and well-crafted business
strategies and plans, and adopting a culture of cost effectiveness,
hard work, and delivering on targets.
-- Value creation for the planet and for future generations:
By developing unique materials which have many 'green'
applications and developing technologies and processes to minimise
emission and waste generation.
-- Value creation for our employees:
By providing opportunities for performance and learning,
achieving corporate goals and personal development, to inspire
quality delivery on our objectives and values.
-- Value creation for the local communities we operate in:
By looking after our employees and their families and providing
healthcare, education and recreational facilities and support for
local communities, helping bring communities together and improving
their general quality of life.
This year was the first full year since our ordinary shares were
admitted to trading on the standard segment of the main market of
The London Stock Exchange ("LSE"). While we continued to evolve the
development of our projects in Madagascar, we also sharpened our
long term aims, targeting production of circa 8% of the global
flake graphite market or 400,000 tpa by 2030. Flake Graphite and
its derivatives are essential materials in technologies for
achieving improved energy efficiency, e-mobility, fire hazard
safety, thermal management and evolution of new age materials. We
recognise its importance as a material, its market demand
expectations, the economics that create a sound business model, and
the opportunities it brings to us.
During the year under review, I am pleased to report that
considerable progress was made towards achieving our first stage
objective of establishing a globally significant flake graphite
capacity at our Madagascar operations. Our leadership and team
found innovative solutions for substantially insulating our
progress and operations to remain robust, despite initial
headwinds. A more detailed account is contained in the following
sections of the report.
Tirupati Graphite has significant differentiators which provide
us the key strengths in our endeavour to create value for our
shareholders.
1. We have a strong track record over our five years of
operations. Vatomina was a brownfield project at incipient stage
when we acquired it in 2017. When we acquired Sahamamy later that
year, it was a primitive and small operation producing 20 tons of
flake graphite a month. In December 2020, our equity shares were
admitted to trading on the LSE when we were a small 3,000 tpa
operation in Sahamamy. Due to the hard work of our workforce over
the last two years we are on the cusp of reaching a globally
significant capacity of 30,000 tons per annum flake graphite
production. We have progressed this in spite of headwinds from the
pandemic and materially adverse weather conditions. This comes from
the level of commitment of the Company's leadership and operational
teams, as well as our deep expertise in graphite.
2. Since December 2020, we have raised gross proceeds of GBP 16
million, plus a recent small raise through the issue of CLN's to
meet the gap funding of c. 1 million GBP to complete the above
targets. The quantum of capacity created and other feats like small
hydro power plant establishment, project infrastructure
development, continued second phase of exploration, extensive
additional human resources development for increasing capacities
and more as reported by the Company on a regular basis provide a
one to one comparable for peer analysis on the Company's ability to
derive output at lower investments. This remains our strength with
strategic decisions taken by the Company as we adapt to the
ecosystem of our projects' locations. This strength creates value
for our shareholders and provides a comparable to our peers.
3. We have demonstrated positive operating margins even from
very small operations, and as we grow, we are confident that we
will benefit from economies of scale. We are now reaching the stage
of further demonstration of these economies of scale and will
continue our endeavour to remain a low-cost structure producer.
As the Energy Transition gathers pace, and the demand for
graphite increases, we will continue to push ahead with our
ambitious goal to be a global leader supplying graphite to 8% of
the market. We look forward to updating stakeholders in due course
as we make the necessary steps towards this target.
Shishir Poddar
Chair
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2022
Notes 2022 2021
GBP GBP
Continuing operations
Revenue 6 1,645,308 1,123,426
===================================== ====== ============== ==============
Cost of Sales (1,137,196) (488,083)
Depreciation of Operating
Assets (482,641) (146,893)
Gross profit 25,471 488,450
===================================== ====== ============== ==============
Administrative expenses 7 (1,857,019) (1,590,411)
Operating loss (1,831,548) (1,101,961)
Finance costs 9 (140,209) (147,151)
Loss before income tax (1,971,757) (1,249,112)
Income tax 10 48,271 (27,827)
===================================== ====== ============== ==============
Loss for the year attributable
to owners of the Company (1,923,486) (1,276,939)
===================================== ====== ============== ==============
Other comprehensive income:
Items that may be reclassified
to profit or loss:
===================================== ====== ============== ==============
Exchange differences on translation
of foreign operations (361,662) (417,693)
===================================== ====== ============== ==============
Total comprehensive loss
for the year attributable
to the Group (2,285,147) (1,694,632)
===================================== ====== ============== ==============
Earnings per share attributable Pence per Pence per
to owners of the Company share share
From continuing operations:
Basic 11 (2.66) (2.61)
Diluted* 11 (2.66) (2.61)
*Note: The Dilutive instruments like warrants & CLNs issued
by the company are resulting in anti-dilutive effect on EPS. Hence
diluted EPS is shown as equal to basic EPS following IFRS
requirements.
The accompanying accounting policies and notes are an integral
part of these finance
Consolidated and Company Statement of Financial Position
As at 31 March 2022
Notes Group Company
=========================== ====== =========================== ===========================
2022 2021 2022 2021
=========================== ====== ============= ============ ============= ============
GBP GBP GBP GBP
=========================== ====== ============= ============ ============= ============
Non-current assets
=========================== ====== ============= ============ ============= ============
Investments in
subsidiaries 13 - - 3,901,023 3,539,448
=========================== ====== ============= ============ ============= ============
Property, plant
and equipment 14 7,356,121 3,020,142 - 201,725
=========================== ====== ============= ============ ============= ============
Deferred tax 24 75,242 21,182 - -
=========================== ====== ============= ============ ============= ============
Deposits 6,806 1,872 - -
=========================== ====== ============= ============ ============= ============
Intangible assets 12 3,571,196 3,682,354 40,970 40,970
--------------------------- ------ ------------- ------------ ------------- ------------
Total non-current
assets 11,009,365 6,725,550 3,941,993 3,782,143
--------------------------- ------ ------------- ------------ ------------- ------------
Current assets
===========================
Inventory 16 732,274 461,093 - 212,581
===========================
Trade and other
receivables 15 4,242,635 1,102,868 13,858,647 5,547,806
===========================
Cash and cash equivalents 1,534,023 1,644,189 1,505,410 1,491,454
===========================
Total current
assets 6,508,932 3,208,150 15,364,057 7,251,841
--------------------------- ------ ------------- ------------ ------------- ------------
Current liabilities
===========================
Trade and other
payables 17 730,869 445,273 315,207 219,780
===========================
Borrowings 19 536,000 - 536,000 -
===========================
Total current
liabilities 1,266,869 445,273 851,207 219,780
--------------------------- ------ ------------- ------------ ------------- ------------
Net current assets 5,242,063 2,762,877 14,512,850 7,032,061
--------------------------- ------ ------------- ------------ ------------- ------------
Non-current liabilities
=========================== ====== ============= ============ ============= ============
Borrowings 19 473,000 1,283,000 473,000 1,283,000
=========================== ====== ============= ============ ============= ============
Other payables 17 31,232 23,864 - -
=========================== ====== ============= ============ ============= ============
Total non-current
liabilities 504,232 1,306,864 473,000 1,283,000
--------------------------- ------ ------------- ------------ ------------- ------------
NET ASSETS 15,747,196 8,181,563 17,981,843 9,531,204
--------------------------- ------ ------------- ------------ ------------- ------------
Equity
=========================== ====== ============= ============ ============= ============
Share capital 20 2,173,497 1,871,084 2,173,497 1,871,084
=========================== ====== ============= ============ ============= ============
Share premium account 19,975,356 10,426,988 19,975,356 10,426,988
=========================== ====== ============= ============ ============= ============
Warrant reserve 21 130,557 130,557 130,557 130,557
=========================== ====== ============= ============ ============= ============
Foreign exchange
reserve (776,208) (414,546) - -
=========================== ====== ============= ============ ============= ============
Retained losses (5,756,006) (3,832,520) (4,297,566) (2,897,425)
--------------------------- ------ ------------- ------------ ------------- ------------
Equity attributable
to owners of the
Company 15,747,196 8,181,563 17,981,843 9,531,204
=========================== ====== ============= ============ ============= ============
TOTAL EQUITY 15,747,196 8,181,563 17,981,843 9,531,204
--------------------------- ------ ------------- ------------ ------------- ------------
The Company has elected to take the exemption under section 408
of the Companies Act 2006 not to present the company statement of
comprehensive income.
The loss for the company for the year was GBP1,400,141 (2021:
GBP1,029,240).
The accompanying accounting policies and notes are an integral
part of these financial statements.
The financial statements were approved by the Board of Directors
on 30 September 2022 and signed on its behalf by:
Consolidated Statement of Changes in Equity
For the year ended 31 March 2022
Attributable to the owners of the company
Share Share premium Foreign Share Retained TOTAL
capital exchange warrants losses EQUITY
reserve reserve
---------- -------------- ---------- ---------- ------------ ------------
GBP GBP GBP GBP GBP GBP
---------- -------------- ---------- ---------- ------------ ------------
Balance at
1 April 2020 1,498,132 5,328,518 3,147 - (2,555,582) 4,274,215
---------- -------------- ---------- ---------- ------------ ------------
Loss for the
period - - - - (1,276,938) (1,276,938)
---------- -------------- ---------- ---------- ------------ ------------
Other Comprehensive
Income: Exchange
translation
loss on foreign
operations - - (417,693) - - (417,693)
---------- -------------- ---------- ---------- ------------ ------------
Total comprehensive
income for the
year: - - (417,693) - (1,276,938) (1,694,631)
---------- -------------- ---------- ---------- ------------ ------------
Transactions
with owners
---------- -------------- ---------- ---------- ------------ ------------
Issue of ordinary
shares 372,952 5,098,470 - - - 5,471,422
---------- -------------- ---------- ---------- ------------ ------------
Warrant charge - - - 130,557 - 130,557
---------- -------------- ---------- ---------- ------------ ------------
Total Transactions
with owners,
recognized directly
in equity: 372,952 5,098,470 - 130,557 - 5,601,979
---------- -------------- ---------- ---------- ------------ ------------
Balance at
31 March 2021 1,871,084 10,426,988 (414,546) 130,557 (3,832,520) 8,181,563
---------- -------------- ---------- ---------- ------------ ------------
Loss for the
year - - - - (1,923,486) (1,923,486)
---------- -------------- ---------- ---------- ------------ ------------
Other Comprehensive
Income: Exchange
translation
loss on foreign
operations - - (361,662) - - (361,662)
---------- -------------- ---------- ---------- ------------ ------------
Total comprehensive
income for the
year: - - (361,662) - (1,923,486) (2,285,148)
---------- -------------- ---------- ---------- ------------ ------------
Transactions
with owners
---------- -------------- ---------- ---------- ------------ ------------
Shares issued 302,413 9,548,368 - - - 9,850,781
---------- -------------- ---------- ---------- ------------ ------------
Transactions
with Equity
owners: 302,413 9,548,368 - - - 9,850,781
---------- -------------- ---------- ---------- ------------ ------------
Balance at
31 March 2022 2,173,497 19,975,356 (776,208) 130,557 (5,756,006) 15,747,196
---------- -------------- ---------- ---------- ------------ ------------
The accompanying accounting policies and notes are an integral
part of these financial statements.
Share capital - Represents the nominal value of the issued share
capital.
Share premium account - Represents amounts received in excess of
the nominal value on the issue of share capital less any costs
associated with the issue of shares.
Retained losses - Represents accumulated comprehensive income
for the year and prior years excluding translation.
Foreign exchange reserve - Represents exchange differences
arising from the translation of the financial statements of foreign
subsidiaries and the retranslation of monetary items forming part
of the net investment in those subsidiaries.
Share warrant reserve - Represents reserve for equity component
of warrants issued as per IFRS 2 share-based payments.
Company Statement of Changes in Equity
For the year ended 31 March 2022
Attributable to equity shareholders
Share Share premium Share warrants Retained TOTAL
capital reserve losses EQUITY
---------- -------------- --------------- ------------ ------------
GBP GBP GBP GBP GBP
---------- -------------- --------------- ------------ ------------
Balance at 1 April
2020 1,498,132 5,328,518 - (1,868,185) 4,958,465
---------- -------------- --------------- ------------ ------------
Loss for the period - - - (1,029,240) (1,029,240)
---------- -------------- --------------- ------------ ------------
Total comprehensive
income: - - - (1,029,240) (1,029,240)
---------- -------------- --------------- ------------ ------------
Transactions with
owners
---------- -------------- --------------- ------------ ------------
Shares issued 372,952 5,098,470 - - 5,471,422
---------- -------------- --------------- ------------ ------------
Warrant charge - - 130,557 - 130,557
---------- -------------- --------------- ------------ ------------
Total Transactions
with owners: 372,952 5,098,470 130,557 - 5,601,979
---------- -------------- --------------- ------------ ------------
Balance at 31
March 2021 1,871,084 10,426,988 130,557 (2,897,425) 9,531,204
---------- -------------- --------------- ------------ ------------
Loss for the year - - - (1,400,141) (1,400,141)
---------- -------------- --------------- ------------ ------------
Total comprehensive
income: - - - (1,400,141) (1,400,141)
---------- -------------- --------------- ------------ ------------
Transactions with
owners
---------- -------------- --------------- ------------ ------------
Shares issued 302,413 9,548,368 - - 9,850,781
---------- -------------- --------------- ------------ ------------
Total Transactions
with Equity owners: 302,413 9,548,368 - - 9,850,781
---------- -------------- --------------- ------------ ------------
Balance at 31
March 2022 2,173,497 19,975,356 130,557 (4,297,566) 17,981,843
---------- -------------- --------------- ------------ ------------
The accompanying accounting policies and notes are an integral
part of these financial statements.
Share capital - Represents the nominal value of the issued share
capital.
Share premium account - Represents amounts received in excess of
the nominal value on the issue of share capital less any costs
associated with the issue of shares.
Retained losses - Represents accumulated comprehensive income
for the year and prior years.
Share warrant reserve - Represents reserve for equity component
of warrants issued as per IFRS 2 share-based payments.
Consolidated Statement of Cash Flows
For the year ended 31 March 2022
2022 2021
GBP GBP
---------------------------------------- ------------ ------------
Cash used in operating activities
------------ ------------
Loss for the year (1,923,486) (1,276,940)
------------ ------------
Adjustment for:
------------ ------------
Depreciation 565,079 205,723
------------ ------------
Convertible loan note costs ("CLN") - 21,910
------------ ------------
Share based payments expense - 49,627
------------ ------------
Finance costs 140,209 147,151
------------ ------------
Income tax (48,271) 27,827
------------ ------------
Working capital changes:
------------ ------------
Increase in inventories (271,181) (310,987)
------------ ------------
(Increase)/Decrease in receivables (547,603) (693,559)
------------ ------------
Increase in payables 285,596 17,402
------------ ------------
Increase/(Decrease) in DTA & Other
assets (10,723) 27,827
------------ ------------
Net cash used in operating activities (1,810,380) (1,783,357)
------------ ------------
Cash flows from investing activities:
------------ ------------
Purchase of tangible assets (5,151,562) (1,245,230)
------------ ------------
Advance for Capital Assets (2,592,163) (436,631)
------------ ------------
Net cash from investing activities (7,743,725) (1,681,861)
------------ ------------
Cash flows from financing activities*
------------ ------------
Proceeds from Shares issued (net
of costs) 9,576,781 5,512,352
------------ ------------
Proceeds from issue of Convertible
loan notes - 513,000
------------ ------------
Cost of issue of Convertible loan
notes - (21,910)
------------ ------------
Finance cost (140,209) (147,151)
------------ ------------
Increase / (decrease) in Lease
& other long-term liability 7,368 (793,524)
------------ ------------
Net cash from financing activities 9,443,940 5,062,767
------------ ------------
Net increase in cash and cash
equivalents (110,166) 1,597,549
------------ ------------
Cash and cash equivalents at beginning
of period 1,644,189 46,640
------------ ------------
Cash and cash equivalents at end
of period 1,534,023 1,644,189
------------ ------------
The accompanying accounting policies and notes are an integral
part of these financial statements.
*For reconciliation of cash and non-cash items from financing
activities refer Note No. 19 (Convertible loan notes) & note 20
(share capital).
Company Statement of Cash Flows
For the year ended 31 March 2022
2022 2021
GBP GBP
--------------------------------------- ------------ ------------
Loss for the year (1,400,141) (1,029,240)
------------ ------------
Adjustment for:
------------ ------------
Increase in inventories 212,580 (212,580)
------------ ------------
Share based payments - 49,627
------------ ------------
CLN issuance cost - 21,910
------------ ------------
Finance costs 140,209 147,151
------------ ------------
Working capital changes:
------------ ------------
Increase in receivables (5,718,677) (2,837,978)
------------ ------------
Increase /(decrease) in payables 95,427 (213,576)
------------ ------------
Net cash used in operating activities (6,670,602) (4,074,686)
------------ ------------
Cash flows from investing activities:
------------ ------------
Sale of tangible assets 201,725 342,484
------------ ------------
(Purchase)/sale of intangible assets - 112,031
------------ ------------
Advance for Capital Assets (2,592,163) -
------------ ------------
Investment in subsidiaries (361,575) -
------------ ------------
Net cash from investing activities (2,752,013) 454,515
------------ ------------
Cash flows from financing activities*
------------ ------------
Shares issued 9,576,781 5,512,352
------------ ------------
Proceeds from issue of convertible
loan notes - 513,000
------------ ------------
CLN issue cost - (21,910)
------------ ------------
(decrease) in long term liabilities - (779,621)
------------ ------------
Finance costs (140,209) (147,151)
------------ ------------
Net cash from financing activities 9,436,572 5,076,670
------------ ------------
Net increase in cash and cash
equivalents 13,956 1,456,499
------------ ------------
Cash and cash equivalents brought
forward 1,491,454 34,955
------------ ------------
Cash and cash equivalents carried
forward 1,505,410 1,491,454
------------ ------------
*For reconciliation of cash and non-cash items from financing
activities refer Note No. 19 (Convertible loan notes) & note 20
(share capital).
The accompanying accounting policies and notes are an integral
part of these financial statements.
Notes to the Financial Statements
1. General information
Tirupati Graphite plc (the "Company") is incorporated in England
and Wales, under the Companies Act 2006. The registered office
address is given on Company Information page.
The Company is a public company, limited by shares. On 14
December 2021 the ordinary shares of the Company were admitted on
the official list of the FCA and to trading on the main market of
the London stock exchange through standard listing.
The principal activities of the Company and its subsidiaries
(the "Group") and the nature of the Group's operations are set out
in the Strategic Report.
These consolidated financial statements are presented in pounds
sterling since that is the currency of the primary economic
environment in which the Group and Company operates.
2. Adoption of new and revised International Accounting Standards as adopted by UK (IFRSs)
New standards
The Group and Company have adopted all recognition, measurement,
and disclosure requirements of IFRS, including any new and revised
standards and Interpretations of IFRS, in effect for annual periods
commencing on or after 1 April 2021. The adoption of these
standards and amendments did not have any material impact on the
financial result of position of the Group and Company.
Standards which are in issue but not yet effective:
At the date of authorisation of these financial statements, the
following Standards and Interpretation, which have not yet been
applied in these financial statements, were in issue but not yet
effective.
Standard or Description Effective
interpretation date
IAS 1 Amendments - Classification of Liabilities 1 January
as Current or Non-Current 2023
------------------------------------------- -----------
IAS 16 Amendments - Property, Plant and 1 January
Equipment 2022
------------------------------------------- -----------
IAS 8 Amendments - Definition of Accounting 1 January
Estimates 2023
------------------------------------------- -----------
IAS 1 Amendments - Disclosure of Accounting 1 January
Policies 2023
------------------------------------------- -----------
IFRS Annual improvements to IFRS Standards 1 January
2018-2020 2022
------------------------------------------- -----------
The Group and Company have not early adopted any of the above
standards and intends to adopt them when they become effective.
3. Significant accounting policies
Basis of preparation
These consolidated financial statements have been prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and in accordance
with the requirements of the Companies Act 2006.
The financial statements have been prepared on the historical
cost basis, except for financial instruments that are measured at
the fair values at the end of the reporting period. Historical cost
is generally based on the fair value of the consideration given in
exchange for goods and services.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements,
are disclosed in Note 4.
The principal accounting policies adopted are set out on the
following pages.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Business Review and Strategic Report Sections.
The financial position of the Group and the Company, their cash
flows and liquidity positions are contained in the financial
statements. The expected evolution of the business and significant
post year end events is also described in the business review and
strategic reports. In addition, the Annual Report discloses the
Group's objectives, policies and processes for managing its
business and capital; its financial risk management objectives;
details of its financial instruments; and its exposure to credit
and liquidity risk.
Since its Initial Public Offering and admission for trading on
the standard segment of the London Stock Exchange the company
embarked on the planned path of developing significant flake
graphite mining and processing capacities across its two projects
in Madagascar. During the year under review the company
commissioned a 9,000 tpa new facility at its Vatomina projects
enhancing its installed capacity from the previous 3,000 tpa to
12,000 tpa. It also initiated extensive infrastructure development
across both its projects and initiated development of the next
18,000 tpa facility at its Sahamamy project. To meet its investment
and working capital requirements it raised an additional
GBP10,000,000 in equity during April 2021.
During the year under review, while the operations of Sahamamy
continued amidst limitations, the debottlenecking of the new
Vatomina plant was undertaken in the second half year period,
during which the project produced sellable products too. Owing to
extreme climatic conditions in respect of constant rainfall, the
road infrastructure of both the Vatomina and Sahamamy projects
remained challenging. Moreover, the new connecting road to Sahamamy
project could not remain constantly operational. In spite of all
the limitations, the company recorded total production of 2,996
tons and sales 2,662 tons from across the two projects. The
difficulties in logistics remained a challenge and the company
decided to split its processing plant in a manner that the
transport of ore from mining areas to the processing plant is
eliminated and accordingly by mid of August 2022, required
relocations have been made and both plants put in operations. The
rains having receded by this time too have enabled rebuilding of
the roads and as of writing of this report all connectivity have
been restored.
As per the company's plans, it started construction for its next
18,000 tpa mining and processing facility at its Sahamamy project
which is expected to complete, commission and ramp up production
from Q1 2023. Investment required for the development of this has
been substantially made. All mine and plant equipment have either
arrived at the project sites or have been paid for and under
dispatch from origin.
In August 2022, the company engaged with its brokers for raising
the gap funding required for completing the development of its
projects to 30,000tpa. Additionally, the company also raised funds
for the capital commitments for the acquisition of Suni Resources
SA, a company incorporated in Mozambique holding two advanced stage
flake graphite projects. An amount of GBP3,000,000 gross has been
successfully raised by the company to meet the gap withGBP1,000,000
budgeted for the investment and working capital requirements for
its current requirements and balance after costs for the
acquisition.
On the operations account, for the year under review, the
company generated gross Profits of GBP 840,060 representing c. 51%
of the revenues in spite of the fact that the new Vatomina project
was only in the initial stages and operations remained impacted due
to climatic conditions, mitigation of which have been effectively
implemented for the future by the time of writing of this report.
Going forward, as the production from the current 12,000 tpa
capacity increases, the company expects to improve the gross
margins. The year under review also represented the first full year
of operations as a quoted company and with the management team for
the expanding capacity of 30,000 tpa having been put in place
during the year. Thus, the increased Admin costs for the year under
review substantially captures the ongoing costs of the company. The
company therefore believes that, subject to force majeure, from H2
of the current financial year 1 April 2022 to 31 March 2023, the
company shall evolve to positive bottom line, has secured its
financial needs for its current capacity under creation and
operations ongoing, has an ongoing ability to meet its any further
capital needs in adverse circumstances and remains financially
secured.
Taking in to account the comments above, the Directors have, at
the time of approving the financial statements, a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, given its current
cash resources, installed capacities and operations, are expected
to add further additional operating cash flows.
Where the Company is unable to meet its investment needs from
the internal accruals coupled with its current cash resources and
not raise additional funds in the foreseeable future for its
investment plans, the Directors would implement delays in
investment for additional capacities and / or cost and cash saving
measures and continue to generate revenues in order to meet its
liabilities as they fall due. Therefore, they continue to adopt the
going concern basis of accounting in preparing the financial
statements.
Notwithstanding the loss incurred during the year under review,
the Directors have prepared and reviewed a cash flow forecast. The
forecast contains certain assumptions about the level of future
sales and margins achievable. The Directors have considered various
future scenarios in their forecasting to enable them to adequately
consider whether the Group has adequate resources to continue in
operational existence and remain of the view that the company has
adequate cash resources, business prospects and access to capital
markets to remain a going concern.
Basis of consolidation
Subsidiaries are all entities (including structured entities)
over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control
ceases.
The Group re-assesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one or
more of the three elements of control. Assets, liabilities, income
and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the
date the Group gains control until the date the Group ceases to
control the subsidiary.
The Group consists of Tirupati Graphite plc and its wholly owned
subsidiaries Tirupati Resources Mauritius, Tirupati Madagascar
Ventures and Establissements Rostaing.
In the company financial statements, investments in
subsidiaries, joint ventures and associates are accounted for at
cost less impairment.
The consolidated financial statements incorporate those of
Tirupati Graphite plc and all of its subsidiaries (i.e. entities
that the group controls through its power to govern the financial
and operating policies so as to obtain economic benefits).
Subsidiaries acquired during the year are consolidated using the
purchase method. Their results are incorporated from the date that
control passes.
All financial statements are made up to 31 March 2022. Where
necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with
those used by other members of the group.
All intra-group transactions, balances, and unrealised gains on
transactions between Group companies are eliminated on
consolidation.
Segment reporting
An operating segment is a component of the Group that engages in
business activity from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with the Group's other components. All operating
segments' operating results, for which discrete financial
information is available, are reviewed regularly by the Group's
Board to make decisions about resources to be allocated to the
segment and assess its performance. The Group reports on a
three-segment basis - Holding Companies Expenses, Mining
Exploration and Development and Graphite Mining Extraction.
Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable and represents amounts receivable for goods
or services supplied in course of ordinary business, stated net of
discounts, returns and value added taxes. The Group recognises
revenue in accordance with IFRS 15 at either a point in time or
over time, depending on the nature of the goods or services and
existence of acceptance clauses.
Revenue from the sale of goods is recognised when delivery has
taken place and the performance obligation of delivering the goods
has taken place. The performance obligation of products sold are
transferred according to the specific delivery terms that have been
formally agreed with the customer, generally upon delivery when the
bill of lading is signed as evidence that they have accepted the
product delivered to them.
Foreign currencies
For the purposes of the consolidated financial statements, the
results and financial position of each Group company are presented
in pounds sterling, which is the functional currency of the
Company. At balance sheet date, monetary assets and liabilities
that are denominated in foreign currencies are retranslated at the
rates prevailing at that date. Income and expense items are
translated at the average exchange rates for the period.
Taxation
Income tax represents the sum of current tax and deferred
tax.
Current tax
Current tax is based on taxable profit or loss for the year.
Taxable profit or loss differs from net profit or loss as reported
in the income statement because it excludes items of income or
expense that are taxable or deductible in other years and it
further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the balance
sheet date.
A provision is recognised for those matters for which the tax
determination is uncertain, but it is considered probable that
there will be a future outflow of funds to a tax authority. The
provisions are measured at the best estimate of the amount expected
to become payable. The assessment is based on the judgement of tax
professionals within the Company supported by previous experience
in respect of such activities and in certain cases based on
specialist independent tax advice.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit and is accounted for using the
balance sheet liability method.
Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from the initial recognition of
goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled, or the asset is
realised based on tax laws and rates that have been enacted or
substantively enacted at the balance sheet date. Deferred tax is
charged or credited in the income statement, except when it relates
to items charged or credited in other comprehensive income, in
which case the deferred tax is also dealt with in other
comprehensive income.
The measurement of deferred tax liabilities and assets reflects
the tax consequences that would follow from the manner in which the
Group expects, at the end of the reporting period, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
Current tax and deferred tax for the year
Current and deferred tax are recognised in profit or loss,
except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the
current and deferred tax are also recognised in other comprehensive
income or directly in equity respectively. Where current tax or
deferred tax arises from the initial accounting for a business
combination, the tax effect is included in the accounting for the
business combination.
Assets Under Construction
All expenditure on the construction, installation or completion
of infrastructure facilities is capitalised as construction in
progress within "Assets Under Construction". Once production
starts, all assets included in "Assets Under Construction" will be
transferred into "Property, Plant and Equipment". It is at this
point that depreciation/amortisation commences over its useful
economic life.
Assets Under Construction are stated at cost. The initial cost
comprises transferred Mining Exploration and Evaluation assets,
construction costs, infrastructure facilities, any costs directly
attributable to bringing the asset into operation, the initial
estimate of the rehabilitation obligation, and, for qualifying
assets, borrowing costs. Costs are capitalised and categorised as
construction in progress.
Property, Plant and Equipment
Property, Plant and Equipment in the course of construction for
production, supply or administrative purposes, or for purposes not
yet determined, are carried at cost, less any recognised impairment
loss. Costs includes professional fees and, for qualifying assets,
borrowing costs capitalised in accordance with the Group's
accounting policy. Depreciation of these assets, on the same basis
as other property assets, commences when the assets are ready for
their intended use.
Fixtures and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss. Depreciation is
recognised so as to write off the cost or valuation of assets
(other than freehold land and properties under construction) less
their residual values over their useful lives, using the
straight-line method, on the following bases:
Plant and machinery 10%-25% per annum
Infrastructure and fixtures 10%-25% per annum
The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective
basis.
An item of Property, Plant and Equipment is derecognised upon
disposal or when no future economic benefits are expected to arise
from the continued use of the asset. The gain or loss arising on
the disposal or scrappage of an asset is determined as the
difference between the sales proceeds and the carrying amount of
the asset and is recognised in income.
Development costs
Expenditure on research activities is recognised as an expense
in the period in which it is incurred.
An internally-generated intangible asset arising from
development (or from the development phase of an internal project)
is recognised if, and only if all of the following conditions have
been demonstrated:
-- the technical feasibility of completing the intangible asset
so that it will be available for use or sale;
-- the intention to complete the intangible asset and use or sell it;
-- the ability to use or sell the intangible asset;
-- how the intangible asset will generate probable future economic benefits;
-- the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset; and
-- the ability to measure reliably the expenditure attributable
to the intangible asset during its development.
The amount initially recognised for internally-generated
intangible assets is the sum of the expenditure incurred from the
date when the intangible asset first meets the recognition criteria
listed above. Where no internally-generated intangible asset can be
recognised, development expenditure is recognised in profit or loss
in the period in which it is incurred.
Subsequent to initial recognition, internally-generated
intangible assets are reported at cost less accumulated
amortisation and accumulated impairment losses, on the same basis
as intangible assets that are acquired separately.
Mining Exploration and Evaluation
Mining Exploration and Evaluation costs are carried forward in
respect of areas of interest where the consolidated entity's rights
to tenure are current, and where these costs are expected to be
recouped through successful development into production from the
area of interest or by sale or disposal of the project.
Alternatively, these costs are carried forward while active and
significant exploration and evaluation costs being incurred.
Intangible assets comprise of exploration costs purchased as part
of the acquisition in prior years continuing in relation to the
areas of interest and it is too early to make reasonable assessment
of the existence or otherwise of economical production from the
area of interest.
Costs incurred by the Company on behalf of its subsidiaries and
associated with exploration and evaluation activities are
capitalised on a project-by-project basis pending commencement of
production from the project. Costs incurred include appropriate
technical and administrative expenses but not general overheads. If
the exploration and evaluation activities lead to economic
production from the project, the related expenditures will be
written-off over the estimated life of 10 years (useful economic
life) on straight line method.
Impairment reviews are carried out regularly by the Directors of
the Company. Where a project is abandoned, or is considered to be
of no further commercial value, the related costs will be written
off to the Statement of Comprehensive Income.
The recoverability of these costs is dependent upon the
exploration and evaluation activities successfully transitioning
into production from the project, the ability of the Group to
obtain necessary financing to complete the development of the
project and derive future profitable production or proceeds from
the sale or disposal of the project.
Intangible assets (i.e. Exploration and evaluation assets)
recorded at fair-value on business combination
Exploration assets which are acquired as part of a business
combination are recognised at fair value in accordance with IFRS 3.
When a business combination results in the acquisition of an entity
whose only significant assets are its exploration asset and/or
rights to explore, the Directors consider that the fair value of
the exploration assets is equal to the consideration. Any excess of
the consideration over the capitalised exploration asset is
attributed to the fair value of the exploration asset.
Exploration and evaluation assets are recorded and held at
cost
Exploration and evaluation assets are not subject to
amortisation, as such at the year-end all intangibles held have an
indefinite life, but are assessed annually for impairment. The
assessment is carried out by allocating exploration and evaluation
assets to cash generating units ('CGU's'), which are based on
specific projects or geographical areas. The CGU's are then
assessed for impairment using a variety of methods including those
specified in IFRS 6. Whenever the exploration for and evaluation of
mineral resources in cash generating units does not lead to the
discovery of commercially viable quantities of mineral resources
and the Group has decided to discontinue such activities of that
unit, the associated expenditures are written off to the Income
Statement.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no
future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in profit or loss
when the asset is derecognised.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost comprises direct materials and, where applicable,
direct labour costs and those overheads that have been incurred in
bringing the inventories to their present location and condition.
Cost is calculated using the weighted average method. Net
realisable value represents the estimated selling price less all
estimated costs of completion and costs to be incurred in
marketing, selling and distribution.
Investments
Investments in subsidiaries are held at cost less any
impairment.
Financial instruments
Financial assets and financial liabilities are recognised in the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets
Initial recognition and measurement
The Group applies IFRS 9 "Financial Instruments" and elected the
simplified approach method.
The Group classifies its financial assets in the following
categories: loans and receivables and fair value through profit and
loss. The classification depends on the nature of the assets and
the purpose for which the assets were acquired. Management
determines the classification of its financial assets at initial
recognition and this designation at every reporting date.
Loans and receivables
Loans and receivables are non -- derivative financial assets
with fixed or determinable payments that are not quoted in an
active market. The principal financial assets of the Company are
loans and receivables, which arise principally through the
provision of goods and services to customers (e.g. trade
receivables) but also incorporate other types of contractual
monetary assets. They are included in current assets, except for
maturities greater than twelve months after the balance sheet date.
These are classified as non-current assets.
The Group's loans and receivables comprise trade and other
receivables and cash and cash equivalents in the Consolidated
Statement of Financial Position.
Financial assets are measured upon initial recognition at fair
value plus transaction costs directly attributable to the
acquisition of the financial assets, except for financial assets
measured at fair value through profit or loss in respect of which
transaction costs are recorded in profit or loss. Other financial
assets are classified into the following specified categories:
financial assets as "at fair value through profit and loss" and
"loans and receivables". The classification depends on the nature
and purpose of the financial assets and is determined at the time
of initial recognition.
The fair value of the liability portion of a convertible bond is
determined using a market rate of interest rate for an equivalent
non-convertible bond. This amount is recorded as a liability on an
amortised cost basis until extinguished on conversion or maturity
of the bonds. The remainder of the proceeds is allocated to the
conversion option. This is recognised and included in shareholders'
equity, net of income tax effects.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks and other short-term highly liquid investments with
maturities of three months or less. Bank overdrafts that are
repayable on demand and form an integral part of the Group's cash
management are included as a component of cash and cash equivalents
in the consolidated cash flow statement.
Financial assets - impairment
The Group assesses on a forward-looking basis the expected
credit losses associated with its instruments carried at amortized
cost and Fair Value Through Profit or Loss ("FVTPL"). The
impairment methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables, the
Group applies the simplified approach permitted by IFRS 9, which
requires expected lifetime losses to be recognised from initial
recognition of the receivables.
Non-financial assets - impairment
At each balance sheet date, the Group reviews the carrying
amounts of its tangible and intangible assets, including Goodwill,
to determine whether there is any indication that these assets have
suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated to determine the
extent of the impairment loss (if any). Provision is made for any
impairment and immediately expensed in the period.
The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a
revaluation decrease.
Financial liabilities and equity instruments issued by the
Group
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of
its liabilities. Equity instruments issued by the Group are
recorded at the proceeds received, net of direct issued costs.
Trade payables
Trade payables are initially measured at fair value, and are
subsequently measured at amortised costs, using the effective
interest rate method.
Leases
At inception of a contract, the Group assesses whether a
contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to
control the use of an identified asset, the Group uses the
definition of a lease in IFRS 16.
The Group recognises a right-of-use asset and a lease liability
at the lease commencement date. The right-of use asset is initially
measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or
to restore the underlying asset or the site on which it is located,
less any lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the end of the
lease term, unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term or the cost of the
right-of-use asset reflects that the Group will exercise a purchase
option. In that case the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined
on the same basis as those of property and equipment. In addition,
the right-of-use asset is periodically reduced by impairment
losses, if any, and adjusted for certain remeasurements of the
lease liability.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the Group's incremental
borrowing rate. Generally, the Group uses its incremental borrowing
rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining
interest rates from various external financing sources and makes
certain adjustments to reflect the terms of the lease and type of
the asset leased. The lease liability is measured at amortised cost
using the effective interest method. It is remeasured when there is
a change in future lease payments.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been reduced to
zero.
Borrowings
These financial liabilities are all non-interest bearing (except
borrowing made through convertible loan notes) and are initially
recognised at amortised costs and include the transaction costs
directly related to the issuance. The transaction costs are
amortised using the effective interest rate method over the life of
the liability.
Financial liabilities at Fair Value Through Profit or Loss
("FVTPL")
Financial liabilities at FVTPL comprise of the Company's
convertible loan notes payable. Financial liabilities are
classified as at FVTPL when the financial liability is (i)
contingent consideration that may be paid by an acquirer as part of
a business combination to which IFRS 3 applies, (ii) held for
trading, or (iii) it is designated as at FVTPL.
A financial liability is classified as held for trading if:
-- it has been incurred principally for the purpose of repurchasing it in the near term; or
-- on initial recognition it is part of a portfolio of
identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
-- it is a derivative that is not designated and effective as a hedging instrument.
A financial liability other than a financial liability held for
trading or contingent consideration that may be paid by an acquirer
as part of a business combination may be designated as at FVTPL
upon initial recognition if:
-- such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would otherwise
arise; or
-- the financial liability forms part of a group of financial
assets or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance with
the Company's documented risk management or investment strategy,
and information about the grouping is provided internally on that
basis; or
-- it forms part of a contract containing one or more embedded
derivatives, and IAS 39 Financial Instruments: Recognition and
Measurement permits the entire combined contract (asset or
liability) to be designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with
any gains or losses arising on remeasurement recognised in profit
or loss. The net gain or loss recognised in profit or loss
incorporates any interest paid on the financial liability and is
included in the 'other gains and losses' line item in the income
statement.
Other financial liabilities
Other financial liabilities are initially measured at fair
value, net of transaction costs. Other financial liabilities are
subsequently measured at amortised cost using the effective
interest method, as set out above, with interest expense recognised
on an effective yield basis.
Convertible Loan Notes (CLNs)
Convertible Loan Notes are recorded at their issue price and are
carried at their face value. Any interest due on these CLNs is
recorded on accrual basis. On conversion/redemption the face value
of converted CLNs is reduced from the total carried value. Interest
at 12% p.a. is paid semi-annually in June and December.
Share based payments
Equity-settled share-based payments are measured at fair value
at the date of grant by reference to the fair value of the equity
instruments granted using the Black-Scholes model. The fair value
determined at the grant date is expensed on a straight-line basis
over the vesting period, based on the estimate of shares that will
eventually vest. A corresponding adjustment is made to equity.
When the terms and condition of equity settled share-based
payments at the time they were granted are subsequently modified,
the fair value of the share-based payment under the original terms
and conditions and under the modified terms and conditions are both
determined at the date of the modification. Any excess of the
modified fair value over the original fair value is recognised over
the remaining vesting period in addition to the grant date fair
value of the original share-based payment. The share-based payment
expense is not adjusted if the modified fair value is less than the
original fair value.
Cancellations or settlements are treated as an acceleration of
vesting and the amount that would have been recognised over the
remaining vesting period is recognised immediately.
As a result of the increase in share price and the impact of the
estimation of share-based payments the Group has now recognised an
expense for the outstanding share options and warrants.
4. Critical accounting estimates and judgements
The preparation of financial statements in conformity with
adopted IFRSs requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities at the date
of the financial statements and the reported amounts of sales and
expenses during the reporting period. Although these estimates are
based on management's best knowledge of the amount, event or
action, actual results ultimately may differ from those
estimates.
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial period are discussed below.
a) Impairment of assets
The Company is required to test, on an annual basis, whether its
non-current assets have suffered any impairment. Determining
whether these assets are impaired requires an estimation of the
value in use of the cash-generating units to which the assets have
been allocated. The value in use calculation requires the Directors
to estimate the future cash flows expected to arise from the
cash-generating unit and a suitable discount rate to calculate the
present value. Subsequent changes to the cash generating unit
allocation or to the timing of cash flows could impact on the
carrying value of the respective assets.
Intragroup receivables
The Company assessed the recoverability of intragroup
receivables, and it does not require any impairment adjustment in
current financial year.
Production assets
The Group is required to perform an impairment review on its
production assets. The calculation is most sensitive to the
following assumptions:
-- Production volumes
-- Sales volumes
-- Graphite prices
-- Operating overheads
-- Inventory Estimated production volumes are based on the
production capability of the plant and estimated customer
demand.
The directors have assessed the value of its production assets.
In their opinion there has been no impairment loss to these
intangible assets in the period.
Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment
is sensitive to changes in the estimated useful economic lives and
residual values of the assets, taking into account that the assets
are not used throughout the whole year due to the seasonality of
the locations. The useful economic lives and residual values are
re-assessed annually. They are amended when necessary to reflect
current estimates, based on economic utilisation and the physical
condition of the assets. See note 14 for the carrying amount of the
property plant and equipment and note 3 for the useful economic
lives for each class of assets.
Impairment of intangible assets
Exploration and evaluation costs have a carrying value at 31
March 2022 of GBP3,571,196 (2021: GBP3,682,354) Such assets have an
indefinite useful life as the Group has a right to renew
exploration licences and the asset is only amortised once
extraction of the resource commences. Management tests for
impairment annually whether exploration projects have future
economic value in accordance with the accounting policy stated in
Note 3. Each exploration project is subject to an annual review by
either a consultant or senior company geologist to determine if the
exploration results returned during the period warrant further
exploration expenditure and have the potential to result in an
economic discovery. This review takes into consideration long term
graphite prices, anticipated resource volumes and supply and demand
outlook. In the event that a project does not represent an economic
exploration target and results indicate there is no additional
upside a decision will be made to discontinue exploration; an
impairment charge will then be recognised in the Income
Statement.
The directors have assessed the value of its exploration assets.
In their opinion there has been no impairment loss to these
intangible assets in the period.
Provision for restoration costs
The Company makes good any provision for the cost of
rehabilitating the end-of-life production sites and related
production facilities at the same time as production. The
rehabilitation costs are charged to the Income statement as
incurred. As is privy to the Group's environment and sustainability
initiatives management take note of the Environment Commitment Book
which underlines in-county regulations set out by the Malagasy
Government, and the environmental conditions within the mining
permit, which covers the Group's obligations towards restauration
and rehabilitation. The group has adopted a principle of ongoing
rehabilitation activities. The directors do not believe any further
provision Is required because the project areas in Madagascar are
located within a moderately undulating area and the Company's mine
planning takes this into consideration the topographic advantage.
In addition, the nature of the deposit and pit design is such that
rehabilitation and restoration of mining areas is an ongoing and
concurrent activity undertaken by the Group. In line with the
requirements of the licence, they have already incurred costs
relating to the construction of anti-erosion infrastructures, dam
cleaning, wall making, soil restoration and some reforestation of
areas.
Following limited and small-scale production to date, the
Group's operations after the year end will significantly increase
and management will therefore undertake another detailed analysis
of their environmental and restoration obligations following
increased activity in line with its second Sustainability Report
which shall be formulated against the Global Reporting Initiative
(GRI) Index, one of leading industry benchmarks which has been
adopted by the Company. The Sustainability Report will provide
deeper insights on the various mechanisms and steps taken by the
Company to meet their legal obligations and improve the lives of
people in some of the most deprived regions and its workplaces,
reduce environmental impacts and to have environment friendly
operations across the various legs of its business. The
Sustainability Report will also highlight the goals and targets set
by the Company for the longer-term and the green technologies
developed by the Company. Once this exercise is completed,
management will review the findings and assess whether any
activities are to be performed in this regard.
5. Segmental analysis
The Management believes, under IFRS 8 - "Segmental Information",
the Group operated in three primary business segments in 2022,
being Holding Companies Expenses, Mining Exploration and
Development and Graphite Mining Extraction.
Segmentation by continuing businesses
Segment results
2022 2021
GBP GBP
------------------------------------ ------------ ------------
Revenue to external customers
------------------------------------ ------------ ------------
Graphite Mining Extraction 1,645,308 1,123,426
(Loss) before income tax
------------------------------------ ------------ ------------
Holding Companies Expenses (1,400,142) (1,002,218)
Mining Exploration and Development - (239,555)
Graphite Mining Extraction (571,615) (14,957)
Net assets/(liabilities)
------------------------------------ ------------ ------------
Holding Company Expenses 19,381,985 9,120,707
==================================== ============ ============
Mining Exploration and Development - (698,823)
==================================== ============ ============
Graphite Mining Extraction (3,634,789) (237,415)
------------------------------------ ------------ ------------
Segmentation by geographical area:
2022 2021
GBP GBP
------------------------------- ------------ ------------
Revenue to external customers
------------------------------- --------------------------
UK 1,645,308 1,123,019
Mauritius - -
Madagascar - 407
(Loss) before income tax
------------------------------- ------------ ------------
UK (1,400,142) (1,036,857)
Mauritius - 785
Madagascar (571,615) (220,658)
Net assets
------------------------------- ------------ ------------
UK 19,381,985 9,534,110
Mauritius - 159,159
=============================== ============ ============
Madagascar (3,634,789) (1,508,800)
------------------------------- ------------ ------------
6. Revenue from contracts with customers
The Group & the company derives revenue from the transfer of
goods at a point in time in the following major product lines and
geographical regions:
2022 USA Europe Asia Total
Revenue from external
customers 34,000 224,033 1,387,275 1,645,308
Timing of recognition:
------------------------ ------- -------- ---------- ----------
At a point in time 34,000 224,033 1,387,275 1,645,308
------------------------ ------- -------- ---------- ----------
2021 USA Europe Asia Total
Revenue from external
customers 19,565 211,584 892,277 1,123,426
Timing of recognition:
------------------------ ------- -------- -------- ----------
At a point in time 19,565 211,584 892,277 1,123,426
------------------------ ------- -------- -------- ----------
Following customers constituted more than 10% of the revenue,
their respective share of revenue is mentioned below:
2022 2021
GBP GBP
Customer A 224,033 184,134
------------ -------- --------
Customer B 488,330 239,793
------------ -------- --------
Customer C 287,247 238,602
------------ -------- --------
Customer D 430,429 169,567
Revenues of approximately GBP1,430,039 (2021: GBP832,096) are
derived from 4 customers who each account for greater than 10% of
the group's & company's total revenues.
7. Expenses by nature
2022 2021
GBP GBP
The following items have been included
in arriving at operating loss
Depreciation on other assets 565,079 205,723
=========================================================== ========= =========
Net foreign exchange loss (95,171) (22,058)
=========================================================== ========= =========
PR/IR Expenses 131,885 119,181
=========================================================== ========= =========
Professional Fees 124,454 55,421
=========================================================== ========= =========
Auditor's remuneration has been included
in arriving at operating loss as follows:
=========================================================== ========= =========
Fees payable to the Company's auditor and
their associates for the audit of the Company
and consolidated financial statements 45,000 45,000
Fees payable to the Company's auditor and
its associates for other services:
Corporate finance services - 50,000
8. Employee information
The average monthly number of employees (including Executive
Directors) was:
2022 2021
Number of employees for the year: 290 203
GBP GBP
-------------------------------------------- ---------- ----------
Wages & salaries (for the above employees) 1,118,892 930,707
Social security costs 40,485 12,521
Share based payments - 68,739
-------------------------------------------- ---------- ----------
1,159,377 1,011,967
-------------------------------------------- ---------- ----------
Directors' remuneration and transactions
2022 2021
GBP GBP
Directors' remuneration
============================================ ======== ========
Emoluments and fees 764,000 634,849
============================================ ======== ========
GBP GBP
-------------------------------------------- -------- --------
Remuneration of the highest paid director:
Emoluments and fees 320,000 240,000
============================================ ======== ========
Payment in lieu of retirement benefits 30,000 24,000
============================================ ======== ========
Bonus 264,000 198,000
============================================ ======== ========
Share based payments - 20,507
-------------------------------------------- -------- --------
Refer to Directors Remuneration Report for further information
in respect of Directors' remuneration.
9. Finance cost
2022 2021
GBP GBP
Interest Expense 140,209 147,151
------------------ -------- --------
10. Income tax
2022 2021
GBP GBP
============ ============
Loss on ordinary activities before tax (1,971,757) (1,249,113)
============ ============
Loss on ordinary activities multiplied by
weighted average tax rate (384,429) (249,823)
============ ============
Minimum tax in Madagascar 5,946 -
============ ============
Tax on disallowed items 157,164 83,475
============ ============
Tax losses carried forward (deferred tax
not recognised) 173,048 194,175
============ ============
Net tax (credit) )/ charge (48,271) 27,827
============ ============
Current tax charge 5,946 -
------------------------------ --------- -------
Deferred tax (credit)/charge (54,217) 27,827
------------------------------ --------- -------
Net tax (credit)/ charge (48,271) 27,827
========= =======
The Group has tax losses available to be carried forward and
used against trading profits arising in future periods of
GBP4,371,054 (2021: GBP2,660,796). A deferred tax asset of
GBP837,841 (2021: GBP532,159) calculated at a weighted average rate
of 20% has not been recognised in respect of the tax losses carried
forward on the basis that there is insufficient certainty over the
level of future profits to utilise against this amount.
11. Earnings per share
Basic and diluted
Earnings per share is calculated by dividing the loss
attributable to the equity holders of the Company by the weighted
average number of Ordinary shares in issue during the period.
2022 2021
Continuing operations:
-------------------------------------------- ------------ ------------
Loss attributable to equity holders of
the Company (GBP) (2,285,147) (1,694,632)
Weighted average number of ordinary shares
in issue 85,876,108 64,883,546
============================================ ============ ============
Loss per share (pence) (2.66) (2.61)
-------------------------------------------- ------------ ------------
2022 2021
Diluted number of ordinary shares in issue 92,494,422 71,357,375
============================================ =========== ===========
Given the loss for the year, the diluted earnings per share was
the same as basic earnings per share as this would otherwise be
dilutive.
12. Intangible Assets
Group
Cost GBP
At 1 April 2020 3,691,243
Additions -
Forex Change 8,889
At 1 April 2021 3,682,354
Impairment -
Forex Change (111,158)
------------------- ----------
At 31 March 2022 3,571,196
------------------- ----------
Accumulated amortisation
At 1 April 2020 -
Charge for the year -
At 1 April 2021 -
Charge for the year -
---------------------------- ----------
At 31 March 2022 -
Net book value
At 1 April 2020 3,691,243
At 1 April 2021 3,682,354
At 31 March 2022 3,571,196
----------------------------- ----------
Intangible assets comprise exploration and evaluation costs.
Exploration and evaluation assets are all internally generated,
except for those acquired at fair value as part of a business
combination.
The projects in Madagascar have a current JORC compliant mineral
resource of 25.1 million tonnes. Further exploration across the two
projects is ongoing. There are no JORC (Joint Ore Reserves
Committee) or non-JORC compliant resource estimates available to
enable value in use calculations to be prepared. The Directors
therefore undertook an assessment of the following areas and
circumstances that could indicate the existence of impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal;
-- No further exploration or evaluation is planned or budgeted for;
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence of a
commercial level of reserves; or
-- Sufficient data exists to indicate that the book value will
not be fully recovered from future development and production.
Following their assessment, the Directors concluded that no
impairment charge was required at 31 March 2022
13. Investments
Company Shares in group undertaking
Cost GBP
At 1 April 2020 3,539,448
At 1 April 2021 3,539,448
Addition 361,575
At 31 March 2022 3,901,023
------------------- -----------------------------
Net book value
================== =============================
At 1 April 2020 3,539,448
=================== =============================
At 1 April 2021 3,539,448
------------------- -----------------------------
At 31 March 2022 3,901,023
------------------- -----------------------------
The Company's investments at the Statement of Financial Position
date in the share capital of companies include the following:
Subsidiaries
Tirupati Resources Mauritius
Registered: C/o Alliance Financial Services Ltd, Level 2, Standard
Chartered Tower, Cybercity, Ebene, Republic of Mauritius
Nature of business: Holding and administrative
entity
%
------------------------------------------------------ --------------
Class of share Holding
Ordinary shares 100*
------------------------------------------------------ --------------
*Tirupati Resources Mauritius was liquidated on 28(th) May 2021
and the shares are transferred to Tirupati Graphite Plc
Tirupati Madagascar Ventures
Registered: Lot II N 95 SB BIS E, Ambatobe, Antananarivo 103,
Madagascar
Nature of business: Graphite mining extraction
%
------------------------------------------------ ------------------------
Class of share Holding
Ordinary shares 98*
------------------------------------------------ ------------------------
*indirectly through Tirupati Resources Mauritius. Tirupati
Resources Mauritius was liquidated on 28(th) May 2021 and the
shares have been transferred to Tirupati Graphite Plc. Balance 1%
each is held by Mr. Shishir & Mr. Hemant respectively on behalf
of the company.
Establissements Rostaing
Registered: Lot II N 95 SB BIS E, Ambatobe, Antananarivo 103,
Madagascar
Nature of business: Graphite mining extraction
%
------------------------------------------------ -------------------------
Class of share Holding
Ordinary shares 100*
------------------------------------------------ -------------------------
* indirectly by Tirupati Resources Mauritius. Tirupati Resources
Mauritius was liquidated on 28(th) May 2021 and the shares are
transferred to Tirupati Graphite Plc
14. Property, plant and equipment
Group Plant and Infrastructure Assets under Total
Machinery & Fixtures* construction
GBP GBP GBP GBP
--------------------- ----------- --------------- -------------------- --------------------
Cost
=========== =============== ==================== ====================
At 1 April 2020 1,249,624 116,819 902,532 2,268,975
=========== =============== ==================== ====================
Additions 735,950 294,976 217,210 1,248,136
--------------------- ----------- --------------- -------------------- --------------------
At 1 April 2021 1,985,574 411,795 1,119,742 3,517,111
=========== =============== ==================== ====================
Additions 3,305,123 1,593,029 - 4,898,152
=========== =============== ==================== ====================
Reclassification 487,713 - (487,713) -
=========== =============== ==================== ====================
At 31 March 2022 5,778,410 2,004,824 632,029 8,415,263
--------------------- ----------- --------------- -------------------- --------------------
At 1 April 2020 254,361 33,979 - 288,340
=========== =============== ==================== ====================
Depreciation 146,893 58,830 - 205,723
--------------------- ----------- --------------- -------------------- --------------------
At 1 April 2021 401,254 92,809 - 494,063
=========== =============== ==================== ====================
Depreciation 482,641 82,438 - 565,079
=========== =============== ==================== ====================
At 31 March 2022 883,895 175,247 - 1,059,142
--------------------- ----------- --------------- -------------------- --------------------
Carrying amount
=========== =============== ==================== ====================
As at 1 April 2021 1,584,320 318,986 1,116,836 3,020,142
--------------------- ----------- --------------- -------------------- --------------------
As at 31 March 2022 4,894,515 1,829,577 632,029 7,356,121
--------------------- ----------- --------------- -------------------- --------------------
Company Assets under Total
construction
GBP GBP
--------------------------------------------------- -------------------- --------------------
Cost GBP
==================== ====================
At 1 April 2020 544,209 544,209
==================== ====================
Additions (339,578) (339,578)
--------------------------------------------------- -------------------- --------------------
At 1 April 2021 204,631 204,631
==================== ====================
Transfer to Subsidiary (204,631) (204,631)
==================== ====================
At 31 March 2022 - -
--------------------------------------------------- -------------------- --------------------
At 1 April 2020 - -
==================== ====================
Depreciation - -
--------------------------------------------------- -------------------- --------------------
At 1 April 2021 - -
==================== ====================
Depreciation - -
==================== ====================
At 31 March 2022 - -
--------------------------------------------------- -------------------- --------------------
Carrying amount
==================== ====================
As at 1 April 2021 204,631 204,631
--------------------------------------------------- -------------------- --------------------
As at 31 March 2022 - -
--------------------------------------------------- -------------------- --------------------
Note: Infrastructure & fixtures includes mine development
assets 2022: GBP737,396 (2021: Nil) and right of use assets 2022:
GBP 51,998 (2021: GBP 32,432)
15. Trade and other receivables
Group Company
2022 2021 2022 2021
GBP GBP GBP GBP
Trade receivables 532,370 721,534 532,370 566,646
Advance for Capex 2,592,163 - 2,592,163 -
VAT Refunds 942,458 - 12,274 -
Other debtors 106,423 381,334 2,898 87,846
Prepayments 69,220 - 99,221 -
Amounts owed by group
undertakings - - 10,619,721 4,893,314
4,242,634 1,102,868 13,858,647 5,547,806
----------------------- ---------- ---------- ----------- ----------
Trade receivables are amounts due from customers for goods sold
in the ordinary course of business. They are generally due for
settlement within 30 days and therefore are all classified as
current. Trade receivables are recognised initially at the amount
of consideration that is unconditional. The Group holds the trade
receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised cost
using the effective interest method. All sales of the company are
in USD.
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on the days past
due.
At 31 March 2022 Current More More More Total
than than than
30 days 60 Days 90 days
GBP GBP GBP GBP GBP
-------- --------- --------- --------- ------
Expected loss rate 0% 0% 0% 80% 0%
-------- --------- --------- --------- ------
Gross trade receivables 532,370 - - - -
-------- --------- --------- --------- ------
Loss allowance - - - - -
-------- --------- --------- --------- ------
At 31 March 2021 Current More More More Total
than than than
30 days 60 Days 90 days
GBP GBP GBP GBP GBP
-------- --------- --------- --------- ------
Expected loss rate 0% 0% 0% 80% 0%
-------- --------- --------- --------- ------
Gross trade receivables 721,534 - - - -
-------- --------- --------- --------- ------
Loss allowance - - - - -
-------- --------- --------- --------- ------
Trade receivables are provided for when there is no reasonable
expectation of recovery. Indicators that there is no reasonable
expectation of recovery include, amongst others, the failure of a
debtor to engage in a repayment plan with the Group, and a failure
to make contractual payments for a period of greater than 120 days
past due. There are no significant known risks, and therefore no
provision is made as at 31 March 2021 & 31 March 2022.
16. Inventories
Group
2022 2021
Cost and net book value GBP GBP
Raw materials and consumables 563,923 222,352
Finished and semi-finished goods 168,351 26,160
Goods in Transit - 212,580
732,274 461,092
---------------------------------- -------- --------
17. Trade and other payables
Current:
Group Company
2022 2021 2022 2021
GBP GBP GBP GBP
Trade payables 548,906 403,361 188,534 146,213
Social security and other
taxes 18,817 3,422 - -
Amounts due from group - - - 35,077
Accruals 163,146 38,490 126,673 38,490
730,869 445,273 315,207 219,780
--------------------------- -------- -------- -------- --------
In the Directors' opinion, the carrying amount of payable is
considered a reasonable approximation of fair value.
Non-current:
Group Company
2022 2021 2022 2021
GBP GBP GBP GBP
Lease liability 31,232 23,864 - -
----------------- ------- ------- ----- -----
31,232 23,864 - -
----------------- ------- ------- ----- -----
Lease liability is recognized in accordance with requirements of
IFRS 16. It requires a lessee to recognise assets and liabilities
for all leases with a term of more than 12 months, unless the
underlying asset is of low value. A lessee is required to recognise
a right-of-use asset representing its right to use the underlying
leased asset and a lease liability representing its obligation to
make lease payments.
Additional disclosure as per IFRS 16 is as follows:
Group
2022 2021
GBP GBP
Addition in lease liability & ROU asset 21,521 -
Interest charged during the year 6,590 3,125
Amortization of Right to use asset (Incl.
in Infrastructure & fixtures) 1,955 1,517
18. Provisions
No provisions have existed within the financial year or persist
at year end.
19. Borrowings
During this financial year the convertible loan note instrument
("CLN") GBP274k were converted in the equity. In the year ended
31(st) March 2022, Interest on the CLN is chargeable at 12%.
2022 2021
----------------------- ---------- ----------
Within one year 536,000 -
Between 2 and 5 years 473,000 1,283,000
----------------------- ---------- ----------
1,009,000 1,283,000
----------------------- ---------- ----------
Following table denotes changes in borrowings
2022 2021
------------------------------------ ---------- ----------
Opening Balance as on 1(st) April 1,283,000 810,000
Issued during the year - 513,000
Redeemed/Converted during the year (274,000) (40,000)
------------------------------------ ---------- ----------
Closing Balance as on 31(st) March 1,009,000 1,283,000
------------------------------------ ---------- ----------
The loan notes shall be redeemed by the Company, at any time
after the first anniversary of an Initial Public Offering up to the
Maturity Date or by the Noteholder or the Company, on the Maturity
Date being 3 years from date of issue.
Conversion can be made 15 Business Days after the date of
completion of a successful Initial Public Offering to convert all
of the Notes outstanding into fully paid Ordinary Shares at a price
equal to the price per Share paid by investors participating in the
Initial Public Offering.
20. Share capital
2022 2022 2021 2021
Number GBP Number GBP
========================= =========== ========== =========== ==========
Allotted, called up and
fully paid
Ordinary shares of 2.5p
each 86,939,832 2,173,497 74,843,323 1,871,084
Shares were issued during the year as follows:
Cost of issue Number of shares
(GBP) issued
--------------------------------- -------------- -----------------
Shares issued from a placing on
15 April 2021 498,521 11,111,111
Shares issued on conversion of
CLNs on 28 July 2021 - 253,333
============== =================
Shares issued on conversion of
CLNs on 29 November 2021 - 355,556
============== =================
Shares issued from a placing on
04 January 2022 - 376,509
============== =================
498,521 12,096,509
-------------- -----------------
21. Share based payments & warrant reserve
During the first two years after incorporation of the Company,
with the consent of its Board and senior management team, the
Company adopted a minimal approach to incentives and provided no
bonuses to the executive management team or the Board. However, to
show the appreciation of the Company, the Board was provided with
an annual incentive package in the form of warrants to subscribe
for equity shares of the Company at a premium to the prices at
which Ordinary Shares have been subscribed when the Company raised
equity in the relevant period. The Company has also provided broker
warrants to Optiva, on a success basis, for the fundraising
activities executed by it prior to Admission. In addition to this,
the Company has also issued warrants to some CLN subscribers for
funds raised before admission of the Company to the LSE.
All warrants are equity-settled, in accordance with IFRS 2, by
award of warrants to acquire ordinary shares or award of ordinary
shares. The fair value of these awards has been calculated at the
date of grant of the award. The fair value of the warrants granted
was calculated using a Black-Scholes model. Changes in the
assumptions can affect the fair value estimate of a Black-Scholes
model.
Following are the key assumptions used to estimate the fair
value of the warrants issued:
a) Expected Volatility: 20%
b) Contractual Life of the warrant: 3 years
c) Risk free interest rate: 0.38% p.a.
Following warrants over ordinary shares have been granted by the
Company and are outstanding as on 31 March 2022:
Number of warrants
Expiry Date Exercise Price exercisable and
Grant Date (GBP) outstanding
31 December 2017 31 December 2022 0.300 1,000,000
------------------ ----------------- -------------------
31 December 2018 31 December 2022 0.400 1,520,000
------------------ ----------------- -------------------
31 March 2019 31 March 2023 0.400 480,000
------------------ ----------------- -------------------
31 December 2019 31 December 2023 0.400 1,620,000
------------------ ----------------- -------------------
26 February 2020 26 February 2023 0.675 36,000
------------------ ----------------- -------------------
31 March 2020 31 March 2023 0.400 960,000
------------------ ----------------- -------------------
15 June 2020 15 June 2023 0.675 222,222
------------------ ----------------- -------------------
15 June 2020 15 June 2023 0.900 222,222
------------------ ----------------- -------------------
30 June 2020 30 June 2023 0.675 22,800
------------------ ----------------- -------------------
16 July 2020 12 August 2022 0.525 41,143
------------------ ----------------- -------------------
14 December 2020 14 December 2023 0.450 170,329
------------------ ----------------- -------------------
14 December 2020 14 December 2023 0.675 113,553
------------------ ----------------- -------------------
20 April 2021 20 April 2024 1.350 222,222
------------------ ----------------- -------------------
Total 6,630,491
-------------------
Following table denotes changes warrants outstanding
2022 2021
------------------------------------ ---------- ----------
Opening Balance as on 1(st) April 6,784,778 6,492,609
Issued during the year 222,222 792,269
Exercised during the year (376,509) (500,100)
------------------------------------ ---------- ----------
Closing Balance as on 31(st) March 6,630,491 6,784,778
------------------------------------ ---------- ----------
During the year 2022, the warrants were issued to the company's
brokers and costs relating to them has been netted from share
premium account.
Though the Company had committed to provide these warrants to
the parties mentioned in the table below since financial year
2017-18, the warrant instrument under which these warrants are
approved was finalized and formally approved by the board in the
current financial year the warrant reserve was created first time
in the current financial year, as the charge relating to previous
periods was immaterial to the Company.
Number of Warrant
warrants reserve
Warrants issued to outstanding GBP
Brokers 606,047 16,457
Members of the Board & executive management 5,580,000 68,739
CLN Investors 444,444 45,361
Total 6,630,491 130,557
--------------------------------------------- ------------- -------------
22. Financial instruments
Financial risk management
The Group has exposure to the following risks from its use of
financial instruments:
-- Capital risk management
-- Market risk
-- Credit risk
-- Liquidity risk
-- Currency risk
This note presents information about the Group's exposure to
each of the above risks, the Group's management of capital, and the
Group's objectives, policies and procedures for measuring and
managing risk.
The Board of Directors has overall responsibility for the
establishment and oversight of the Group's risk management
framework.
The Group's risk management policies are established to identify
and analyse the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits.
Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Group's
activities.
The Group Audit Committee oversees how management monitors
compliance with the Group's risk management policies and procedures
and reviews the adequacy of the risk management framework in
relation to the risks faced by the Group.
Capital risk management
The Group manages its capital to ensure that entities in the
Group will be able to continue as a going concern while maximising
the return to stakeholders as well as sustaining the future
development of the business. In order to maintain or adjust the
capital structure, the Group may adjust dividends paid to
shareholders, return capital to shareholders, issue new shares or
sell assets to reduce debt.
The capital structure of the Group consists of net debt, which
includes loans, cash and cash equivalents, and equity attributable
to equity holders of the company, comprising issued capital and
retained earnings.
Fair value of financial assets and liabilities for the group
Valuation, Book value Fair value Book value Fair value
Methodology 2022 2022 2021 2021
and hierarchy GBP GBP GBP GBP
========================= =============== =========== =========== =========== ===========
Financial assets
Cash and cash
equivalents (a) 1,534,023 1,534,023 1,644,189 1,644,189
Loans and receivables,
net of impairment (a) 4,242,635 4,242,635 1,102,868 1,102,868
========================= =============== =========== =========== =========== ===========
Total at amortised
cost 5,776,658 5,776,658 2,747,057 2,747,057
========================================== =========== =========== =========== ===========
Financial liabilities
Trade and other
payables (a) 730,869 730,869 445,273 445,273
Borrowings and
provisions (a) 1,009,000 1,009,000 1,283,000 1,283,000
Lease Liabilities (a) 31,232 31,232 23,864 23,864
Total at amortised
cost 1,771,101 1,771,101 1,752,137 1,752,137
------------------------------------------ ----------- ----------- ----------- -----------
Fair value of financial assets and liabilities for the
company
Valuation, Book value Fair value Book value Fair value
Methodology 2022 2022 2021 2021
and hierarchy GBP GBP GBP GBP
========================= =============== =========== =========== =========== ===========
Financial assets
Cash and cash
equivalents (a) 1,505,410 1,505,410 1,491,454 1,491,454
Loans and receivables,
net of impairment (a) 13,858,647 13,858,647 5,547,806 5,547,806
========================= =============== =========== =========== =========== ===========
Total at amortised
cost 15,364,057 15,364,057 7,039,261 7,039,261
========================================== =========== =========== =========== ===========
Financial liabilities
Trade and other
payables (a) 315,207 315,207 219,780 219,780
Borrowings and
provisions (a) 1,009,000 1,009,000 1,283,000 1,283,000
Total at amortised
cost 1,324,207 1,324,207 1,502,780 1,502,780
------------------------------------------ ----------- ----------- ----------- -----------
Valuation, methodology and hierarchy
(a) The carrying amounts of cash and cash equivalents, trade and
other receivables, trade and other payables and deferred income,
and Borrowings are all stated at book value. All have the same fair
value due to their short-term nature.
Market risk
Market price risk arises from uncertainty about the future
valuations of financial instruments held in accordance with the
Group's investment objectives. These future valuations are
determined by many factors but include the operational and
financial performance of the underlying investee companies, as well
as market perceptions of the future of the economy and its impact
upon the economic environment in which these companies operate.
Credit risk
Credit risk is the risk that counterparties to financial
instruments do not perform their obligations according to the terms
of the contract or instrument. The Group is exposed to counterparty
credit risk when dealing with its customers and certain financing
activities.
The immediate credit exposure of financial instruments is
represented by those financial instruments that have a net positive
fair value by counterparty at 31 March 2022.
The Group considers its maximum exposure to be:
2022 2021
GBP GBP
Financial assets
Cash and cash equivalents 1,534,023 1,644,189
Loans and receivables, net of impairment 4,242,635 1,102,868
------------------------------------------ ---------- ----------
5,776,658 2,747,057
------------------------------------------ ---------- ----------
The company considers its maximum exposure to be:
2022 2021
GBP GBP
Financial assets
Cash and cash equivalents 1,505,410 1,491,454
Loans and receivables, net of impairment 13,858,647 5,547,806
------------------------------------------ ----------- ----------
15,364,057 7,039,261
------------------------------------------ ----------- ----------
All cash balances are held with an investment grade bank who is
our principal banker. Although the Group has seen no direct
evidence of changes to the credit risk of its counterparties, the
current focus on financial liquidity in all markets has introduced
increased financial volatility. The Group continues to monitor the
changes to its counterparties' credit risk.
Liquidity risk
Liquidity risk is the risk the Group will encounter difficulty
in meeting its obligations associated with financial liabilities as
they fall due. The Board are jointly responsible for monitoring and
managing liquidity and ensures that the Group has sufficient liquid
resources to meet unforeseen and abnormal requirements. The current
forecast suggests that the Group has sufficient liquid
resources.
Available liquid resources and cash requirements are monitored
using detailed cash flow and profit forecasts these are reviewed at
least quarterly, or more often as required. The Directors decision
to prepare these accounts on a going concern basis is based on
assumptions which are discussed in the going concern note
above.
The following are the contractual maturities of financial
liabilities for the group:
6 to 2 to
Carrying Contractual 6 months 12 1 to 2 5
amount cash flows or less months years years
31 March
2022 GBP GBP GBP GBP GBP GBP
Non-derivative
financial
liabilities
Trade and
other payables 730,869 - 730,869 - - -
Borrowings 1,009,000 - 116,000 420,000 473,000 -
31 March
2021
Non-derivative
financial
liabilities
Trade and
other payables 445,273 - 445,273 - - -
----------------- ---------- ------------ --------- -------- -------- -------------------
Borrowings 1,283,000 - - - - 1,283,000
----------------- ---------- ------------ --------- -------- -------- -------------------
The following are the contractual maturities of financial
liabilities for the company:
6 to 2 to
Carrying Contractual 6 months 12 1 to 2 5
amount cash flows or less months years years
31 March
2022 GBP GBP GBP GBP GBP GBP
Non-derivative
financial
liabilities
Trade and
other payables 315,207 - 315,207 - - -
Borrowings 1,009,000 - 116,000 420,000 473,000 -
31 March
2021
Non-derivative
financial
liabilities
Trade and
other payables 219,780 - 219,780 - - -
Borrowings 1,283,000 - - - - 1,283,000
----------------- ---------- ------------ --------- -------- -------- -------------------
Cash flow management
The Group produces an annual budget which it updates quarterly
with actual results and forecasts for future periods for profit and
loss, financial position and cash flows. The Group uses these
forecasts to report against and monitor its cash position. If the
Group becomes aware of a situation in which it would exceed its
current available liquid resources, it would apply mitigating
actions involving reduction of its cost base. The Group would also
employ working capital management techniques to manage the cash
flow in periods of peak usage.
Currency risk
The Group operates internationally and is exposed to foreign
exchange risk. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a
currency that is not the functional currency of the relevant Group
entity. The Group's primary currency exposure is to US Dollar,
which is the currency of all intra-group transactions as well as
denomination of selling price of the products. The group also has
some exposure to Malagasy ariary due to its operating subsidiaries
in Madagascar.
Considering the natural hedge available the Group currently
doesn't hedge the currency risk. The Group's and Company's exposure
to foreign currency risk at the end of the reporting period is
summarised below. All amounts are presented in GBP equivalent.
USD MGA USD MGA
Group 2022 2022 2021 2021
GBP GBP GBP GBP
Cash and cash equivalents 19,405 18,550 90,236 66,118
Trade & other receivables 3,127,431 1,003,709 522,400 489,622
Trade & other payables (188,534) (415,662) (151,353) (301,816)
--------------------------- ---------- ---------- ---------- ----------
Net Exposure 2,958,302 606,597 461,283 253,924
--------------------------- ---------- ---------- ---------- ----------
USD USD
Company 2022 2021
GBP GBP
Cash and cash equivalents 9,342 3,619
Loans to subsidiaries 9,797,683 4,893,314
Trade & other receivables 3,949,469 522,400
Trade & other payables (224,937) (151,353)
--------------------------- ----------- ----------
Net Exposure 13,531,557 5,267,980
--------------------------- ----------- ----------
Sensitivity Analysis
As shown in the table above, the Group is primarily exposed to
changes in the GBP:USD & GBP:MGA exchange rates. The table
below shows the impact in GBP on pre-tax profit and loss of a 10%
increase/ decrease in the GBP to USD exchange rate, holding all
other variables constant. Also shown is the impact of a 10%
increase/decrease in the GBP to MGA exchange rate, being the other
primary currency exposure.
2022 Group Company
GBP GBP
GBP:USD exchange rate increases by 10% 295,830 1,353,156
GBP:USD exchange rate decreases by 10% (295,830) (1,353,156)
GBP:MGA exchange rate increases by 10% 60,660 -
GBP:MGA exchange rate decreases by 10% (60,660) -
2021 Group Company
GBP GBP
GBP:USD exchange rate increases by 10% 532 53,071
GBP:USD exchange rate decreases by 10% (592) (64,864)
GBP:MGA exchange rate increases by 10% (51,402) -
GBP:MGA exchange rate decreases by 10% 57,183 -
23. Related party transactions
Tirupati Carbons and Chemical Pvt Limited (TCCPL) is an entity
incorporated in India. The Company is connected to TCCPL in that
both Shishir Poddar and Hemant Poddar were both directors and
shareholders of TCCPL during the year. At year end, included within
debtors was an amount of Nil (2021: Nil) and revenue recorded for
the year of Nil (2021: GBP46,090), Specialized machinery purchased
of GBP24,822 (2021: GBP295,122) from TCCPL.
Tirupati Speciality Graphite Private Limited (TSG) is an entity
incorporated in India. The Company is connected to TSG in that both
Shishir Poddar and Hemant Poddar were both directors and
shareholders of TSG during the year. At year end, a net amount was
receivable of GBP1,567,693 (2021 - GBP250,656), revenue of
GBP287,247 (2021 - GBP238,602) , Specialized machinery purchased of
GBP1,484,087 (2021: GBP833,741) from TSG.
Haritmay Ventures LLP (HV) is an entity incorporated in India
and engaged in manufacturing proprietary tailor-made flake graphite
processing machinery and equipment which the Company uses in its
projects. The Company is connected to HV in that Shishir Poddar is
partner and shareholder of HV during the year. At year end, a net
amount was receivable of GBP230,624 (2020 - GBP72,552). Specialized
machinery purchased of GBP494,471 (2021: Nil)
Optiva Securities Limited is an entity incorporated in the
United Kingdom. The Company is a stock brokerage firm connected to
the Company being the sole broker of the Company and Christian
Gabriel St.John-Dennis one of the directors of the Company and
holding a position with Optiva Securities Limited during the year.
At year end, the Company incurred brokerage and consultancy fees,
business development fees of GBP440,000 (2021 - GBP378,402) and
brokerage and consultancy fees prepaid of GBP 6,250 (2021 -
Nil)
24. Deferred Tax Assets
2022 2021
------------------------------------ ------- ---------
Brought forward DTA 21,182 49,422
Created/(reversed) during the year 54,217 (27,827)
Forex (157) (413)
------------------------------------ ------- ---------
Carried forward DTA 75,242 21,182
------------------------------------ ------- ---------
25. Events after the reporting period
In August/September 2022, the Company completed capital raise in
the form of Convertible Loan Notes 2022 of GBP1,862,500 gross
proceeds with institutional and other investors. The net proceeds
will primarily be used to expedite and accelerate the Company's
modular MTDP.
In August/September 2022, the company completed commissioning
and start re-engineered preconcentrate facilities at Vatomina and
adoption of the concept for the under construction 18,000 tpa
facilities in Sahamamy project in Madagascar.
In August/September 2022, the company signed a binding
agreement, subject to approval of transfer, for three additional
mining permits in Madagascar covering a total area of 31.25km(2)
and located in the vicinity of the Company's existing projects in
the country; The consideration agreed for the acquisition is a
total of MGA 800 million (c.GBP167,000) to be paid in cash upon
milestones in the process of completing the transfer of the permits
to the Company.
ENDS
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Robert Emmet - Corporate Broking +44 (0) 20 3981 4173
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Kelly Smith tirupati@fticonsulting.com
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