08:00 Mon 04 Jun 2018
Ariana Resources PLC - FINAL RESULTS FOR THE YEAR 31 DECEMBER 2017
AIM: AAU
FINAL AUDITED RESULTS FOR THE YEAR
NOTICE OF ANNUAL GENERAL MEETING ("AGM")
The Report and Accounts will be posted to shareholders as applicable, and are available on the Company's website www.arianaresources.com, together with the Notice of AGM, and extracts are set out below.
The AGM will be held at the
Contacts:
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Tel: +44 (0) 20 7407 3616 |
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Tel: +44 (0) 20 7628 3396 |
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Tel: +44 (0) 20 7886 2500 |
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Tel: +44 (0) 7544 275 882 |
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Chairman's Statement
The past year has opened a new chapter for
Indeed, in a broader context, the percentage of exploration and development companies ever achieving operational status is probably only just in double figures, which reflects the challenges inherent to our industry. This has represented a landmark year for your Company and we remain committed to operational matters at the
It is worth recapping that the first phase of the strategy was to identify and develop gold resources in
The second phase of our development links three strands of our current portfolio: bringing on stream additional resources identified at the Kiziltepe Sector, planning and permitting of the Tavşan Sector of the Red Rabbit project, and continuing the exploration and development of our wholly-owned Salinbaş Project. It has been our long-held view that Salinbaş, located within the 'Hot Gold Corridor', contains resources well in excess of the 1 Moz we have already identified. The potential of Salinbaş has not gone unnoticed. We have attracted attention from several quarters, including Turkish construction firms and international gold producers. However, given the potential significance of this resource, we believe it is important that we better define the resource potential and be discerning in terms of any future partnerships or agreements we might conclude.
Before commenting in more detail about the forward strategy, it is necessary to emphasise our success in ensuring the
We acknowledge the continuing disconnect between our share price and the value of our assets when assessed in terms of the in-situ value of our resource and reserve ounces. On this basis alone, irrespective of any cash flow from Kiziltepe, we believe the share price should be multiples of the current level. However, whilst general market sentiment is not something we can control, we remain confident that true value will be recognised in the long term. We also believe that after a long bear run in gold stocks since early 2013, the outlook for the commodity is now more positive. It appears likely that the new Chairman of the
Meanwhile, increasing political uncertainty around the world, is establishing the conditions for another global-level economic reset. With that in mind, we are deeply cognisant of the evolving position of
No commentary on
Spurred in part by our highly successful foray into technology-metals, we are now transitioning into a period in which we are no longer totally beholden to the market for funding. Since
To a large degree your Company now represents a free option on future exploration and development success, augmented by our exceptional track-record of delivery. This is clearly recognised by our brokers at
I am pleased to report that the Group generated a profit before tax of
In summary, I am very proud of the record of the Ariana team and our joint venture partners. We have delivered the first phase of our business strategy, despite market headwinds and often challenging circumstances. During 2017 we set out and achieved our production targets for Kiziltepe and I am pleased to note that our joint venture mining operations are continuing very much on track. I believe the Company's steadfast approach to driving our strategy and our consistent achievements provide our teams with the confidence to pursue the next phase of the Company's development successfully. Lastly, I again wish to thank all of our long-term shareholders for their unwavering support and their recognition of our strategic aims. It has been a long and, at times, tortuous journey for us all, but as a business we have truly turned a corner and, at every level, the future is very bright indeed.
Financial Review
The Company enjoyed a successful year operationally, recording a profit before tax of
A key development this year was the commencement of commercial production with effect from
As far as the Statement of Financial Position is concerned, there has been no material change beyond foreign exchange movements in the valuation of our Salinbaş asset recorded at
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2017
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Restated |
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Note |
2017 £'000 |
2016 £'000 |
Administrative costs |
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(1,311) |
(930) |
General exploration expenditure |
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(40) |
(118) |
Exploration costs - written off |
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(352) |
- |
Operating loss |
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(1,703) |
(1,048) |
Other income |
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- |
1,215 |
Gain on acquisition of remaining interest in Joint Venture |
|
- |
12,435 |
Profit on disposal of available for sale investments |
|
117 |
810 |
Share of profit/(loss) of Joint Venture |
6 |
1,834 |
(2,125) |
Share of profit on dilution of interest in Joint Venture |
6 |
- |
677 |
Investment income |
|
176 |
103 |
Profit on ordinary activities before tax |
|
424 |
12,067 |
Taxation |
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- |
(486) |
Profit for the year |
|
424 |
11,581 |
Other comprehensive income
Items that may be reclassified subsequently to profit or loss when specific conditions are met: |
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Exchange differences on translating foreign operations |
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(1,363) |
(136) |
Fair value adjustment on available for sale investments |
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(53) |
23 |
Other comprehensive (loss) for the year net of tax |
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(1,416) |
(113) |
Total comprehensive (loss)/income for the year |
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(992) |
11,468 |
Profit attributable to: Owners of the parent Company |
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424 |
11,581 |
Total comprehensive (loss)/income attributable to: Owners of the parent Company |
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(992) |
11,468 |
Total comprehensive (loss)/income for the year |
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(992) |
11,468 |
Profit per share (pence) |
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Basic and diluted |
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0.04 |
1.41 |
Continuing operations
None of the Group's activities discontinued during the current or previous year.
Consolidated Statement of Financial Position
For the year ended 31 December 2017
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Restated |
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Note |
2017 £'000 |
2016 £'000 |
Assets |
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Non-current assets |
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Trade and other receivables |
|
93 |
120 |
Intangible exploration assets |
11 |
17,527 |
17,965 |
Land, property, plant and equipment |
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289 |
319 |
Investment in Joint Venture |
6 |
2,467 |
1,251 |
Total non-current assets |
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20,376 |
19,655 |
Current assets |
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Trade and other receivables |
16 |
2,547 |
1,689 |
Available for sale investments |
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218 |
866 |
Cash and cash equivalents |
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773 |
440 |
Total current assets |
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3,538 |
2,995 |
Total assets |
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23,914 |
22,650 |
Equity |
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Called up share capital |
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6,054 |
5,836 |
Share premium |
18 |
11,821 |
9,241 |
Other reserves |
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720 |
720 |
Share based payments |
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93 |
571 |
Translation reserve |
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(2,034) |
(671) |
Retained earnings |
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3,071 |
2,222 |
Total equity attributable to equity holders of the parent |
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19,725 |
17,919 |
Non-controlling interest |
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- |
- |
Total equity |
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19,725 |
17,919 |
Liabilities |
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Non-current liabilities |
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Deferred tax liabilities |
19 |
2,273 |
2,273 |
Other financial liabilities |
20 |
1,651 |
1,651 |
Total non-current liabilities |
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3,924 |
3,924 |
Current liabilities |
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Trade and other payables |
17 |
265 |
807 |
Total current liabilities |
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265 |
807 |
Total equity and liabilities |
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23,914 |
22,650 |
Company Statement of Financial Position
For the year ended 31 December 2017
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Note |
2017 £'000 |
2016 £'000 |
Assets |
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Non-current assets |
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Investments in group undertakings |
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274 |
274 |
Total non-current assets |
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274 |
274 |
Current assets |
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Trade and other receivables |
16 |
10,441 |
8,527 |
Available for sale investments |
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63 |
46 |
Cash and cash equivalents |
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- |
- |
Total current assets |
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10,504 |
8,573 |
Total assets |
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10,778 |
8,847 |
Equity |
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Called up share capital |
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6,054 |
5,836 |
Share premium |
18 |
11,821 |
9,241 |
Share based payments reserve |
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93 |
571 |
Retained earnings |
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(7,196) |
(6,815) |
Total equity |
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10,772 |
8,833 |
Liabilities |
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Current liabilities |
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Trade and other payables |
17 |
6 |
14 |
Total current liabilities |
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6 |
14 |
Total equity and liabilities |
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10,778 |
8,847 |
Company's loss for the financial year |
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876 |
614 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2017
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Share capital £'000 |
Share premium £'000 |
Other reserves £'000 |
Share based payments reserve £'000 |
Translation reserve £'000 |
Retained earnings £'000 |
Total attributable to equity holders of parent £'000 |
Non- controlling Interest £'000 |
Total £'000 |
Changes in equity to |
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Balance at |
5,797 |
8,764 |
720 |
578 |
(535) |
(9,274) |
6,050 |
3 |
6,053 |
Profit for the year (restated) |
- |
- |
- |
- |
- |
11,581 |
11,581 |
- |
11,581 |
Other comprehensive income |
- |
- |
- |
- |
(136) |
23 |
(113) |
- |
(113) |
Total comprehensive income |
- |
- |
- |
- |
(136) |
11,604 |
11,468 |
- |
11,468 |
Issue of share capital |
39 |
524 |
- |
- |
- |
- |
563 |
- |
563 |
Share issue costs |
- |
(47) |
- |
- |
- |
- |
(47) |
- |
(47) |
Cancellation of share options |
- |
- |
- |
(7) |
- |
7 |
- |
- |
- |
Non-controlling Interest - |
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share of net assets in subsidiary |
- |
- |
- |
- |
- |
(115) |
(115) |
(3) |
(118) |
Transactions with owners |
39 |
477 |
- |
(7) |
- |
(108) |
401 |
(3) |
398 |
Balance at |
5,836 |
9,241 |
720 |
571 |
(671) |
2,222 |
17,919 |
- |
17,919 |
Changes in equity to |
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Profit for the year |
- |
- |
- |
- |
- |
424 |
424 |
- |
424 |
Other comprehensive income |
- |
- |
- |
- |
(1,363) |
(53) |
(1,416) |
- |
(1,416) |
Total comprehensive income |
- |
- |
- |
- |
(1,363) |
371 |
(992) |
- |
(992) |
Issue of share capital |
218 |
2,782 |
- |
- |
- |
- |
3,000 |
- |
3,000 |
Share issue costs |
- |
(202) |
- |
- |
- |
- |
(202) |
- |
(202) |
Cancellation of share options |
- |
- |
- |
(478) |
- |
478 |
- |
- |
- |
Transactions with owners |
218 |
2,580 |
- |
(478) |
- |
478 |
2,798 |
- |
2,798 |
Balance at |
6,054 |
11,821 |
720 |
93 |
(2,034) |
3,071 |
19,725 |
- |
19,725 |
Company Statement of Changes in Equity
For the year ended 31 December 2017
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Share capital £'000 |
Share premium £'000 |
Share based payments reserve £'000 |
Retained earnings £'000 |
Total £'000 |
Changes in equity to |
|
|
|
|
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Balance at |
5,797 |
8,764 |
578 |
(6,232) |
8,907 |
Loss for the year |
- |
- |
- |
(614) |
(614) |
Other comprehensive income |
- |
- |
- |
24 |
24 |
Total comprehensive income |
- |
- |
- |
(590) |
(590) |
Issue of share capital |
39 |
524 |
- |
- |
563 |
Share issue costs |
- |
(47) |
- |
- |
(47) |
Cancellation of share options |
- |
- |
(7) |
7 |
- |
Transactions with owners |
39 |
477 |
(7) |
7 |
516 |
Balance at |
5,836 |
9,241 |
571 |
(6,815) |
8,833 |
Changes in equity to |
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|
|
|
|
Loss for the year |
- |
- |
- |
(876) |
(876) |
Other comprehensive income |
- |
- |
- |
17 |
17 |
Total comprehensive income |
- |
- |
- |
(859) |
(859) |
Issue of share capital |
218 |
2,782 |
- |
- |
3,000 |
Share issue costs |
- |
(202) |
- |
- |
(202) |
Cancellation of share options |
- |
- |
(478) |
478 |
- |
Transactions with owners |
218 |
2,580 |
(478) |
478 |
2,798 |
Balance at |
6,054 |
11,821 |
93 |
(7,196) |
10,772 |
Consolidated Statement of Cash Flows
For the year ended 31 December 2017
|
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Restated |
|
2017 £'000 |
2016 £'000 |
Cash flows from operating activities |
|
|
Profit before tax |
424 |
12,067 |
Adjustments for: |
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|
Profit on disposal of available for sale investments |
(117) |
(810) |
Other income - non cash consideration received in shares |
- |
(1,148) |
Depreciation of non-current assets |
1 |
1 |
Directors and staff remuneration paid in shares |
191 |
- |
Write down of intangible exploration assets |
352 |
- |
Disposal of intangible exploration assets - Australian tenements and licences |
- |
51 |
Gain on acquisition of remaining interest in Joint Venture (excluding cash acquired) |
- |
(12,386) |
Fair value adjustments |
53 |
(23) |
Share of (profit)/loss in Joint Venture |
(1,834) |
2,125 |
Share of (profit) on dilution of interest in Joint Venture |
- |
(677) |
Investment income |
(176) |
(103) |
Movement in working capital |
(1,106) |
(903) |
(Increase) in trade and other receivables |
(950) |
(660) |
(Decrease)/increase in trade and other payables |
(112) |
237 |
Foreign exchange differences on retranslation of assets and liabilities |
(170) |
46 |
Cash outflow from operating activities |
(2,338) |
(1,280) |
Taxation paid |
(403) |
(77) |
Net cash used in operating activities |
(2,741) |
(1,357) |
Cash flows from investing activities |
|
|
Purchase of land, property, plant and equipment |
(20) |
(19) |
Payments for intangible assets |
(390) |
(149) |
Proceeds from disposal of available for sale investments |
700 |
1,103 |
Investment income |
176 |
103 |
Net cash used in investing activities |
466 |
1,038 |
Cash flows from financing activities |
|
|
Proceeds from issue of share capital. |
2,608 |
440 |
Net cash proceeds from financing activities |
2,608 |
440 |
Net increase in cash and cash equivalents |
333 |
121 |
Cash and cash equivalents at beginning of year |
440 |
319 |
Cash and cash equivalents at end of year |
773 |
440 |
In the current year the proceeds from disposal of available for sale investments has been classified as cash flows from investing activities. In the prior year this was reported as cash flows from financing activities rather than investing activities, and comparatives have been reclassified for consistency.
Company statement of cash flows
All bank transactions are undertaken by
Notes to the Consolidated Financial Statements
1. General information
The Company's registered office address is
The consolidated financial statements are presented in Pounds Sterling (£), which is the parent company's functional and presentation currency, and all values are rounded to the nearest thousand except where otherwise indicated.
Basis of preparation
The Group consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with IFRS. These financial statements have been prepared under the historical cost convention (except for available for sale financial assets) and the accounting policies have been applied consistently throughout the Group.
Restatement
During the period it was identified that during the year ended
balance sheet.
Going concern
These financial statements have been prepared on the going concern basis.
The Directors are mindful that there is an ongoing need to monitor overheads and costs associated with delivering the exploration programme and to raise additional working capital to support the Group's specific activities on occasion. The Group has no bank facilities and has been meeting its working capital requirements from cash resources. At the year end the Group had cash and cash equivalents amounting to £773,000 (2016: £440,000), together with available for sale investments with a market value of £218,000
(2016: £866,000).
The Directors have prepared cash flow forecasts for the Group for the period to 30 June 2019 based on their assessment of the prospects of the Group's operations. The cash flow forecasts include the normal operating costs for the Group over the period together with the discretionary and non-discretionary exploration and development expenditure. The forecasts indicate that on the basis of existing cash and other resources, and forecast future repayment of loans made to Zenit, the Group may require additional funds in the foreseeable future. In the event that additional funding is not obtained as needed, the Group has flexibility to reduce its operating expenditure and discretionary exploration expenditure, along with the ability to liquidate the available for sale investments in order to meet its financial obligations as they fall due.
The Directors are obliged to consider a variety of options as regards to the financing of the Group going forward, and this may include an equity raise via an open-offer if thought appropriate. Despite challenging capital markets for junior exploration and mining companies, the Company and Group have been successful historically in raising equity finance and in light of this, the directors have a reasonable expectation of securing sufficient funding to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the consolidated financial statements.
In preparing these financial statements the Directors have given consideration to the above matters and on this basis they believe that it remains appropriate to prepare the financial statements on a going concern basis.
6. Share of profit/(loss) of interest in Joint Venture
In July 2010 the Group entered into an agreement with Proccea Construction Co. ("Proccea") such that Galata Madencilik San. ve Tic. Ltd. ("Galata") would transfer its principal assets at Kiziltepe and Tavşan, collectively known as the "Red Rabbit Gold Project" into a new wholly owned subsidiary, Zenit Madencilik San. ve Tic. A.S. ("Zenit"). Proccea earned their 50% share in Zenit by investing US$8 million in the capital of Zenit, US$1.4 million of such funds having been spent on a Feasibility Study and an Environmental Impact Assessment ("EIA"), with the balance on initial mine construction, once the Feasibility Study and EIA were completed satisfactorily. Ultimately profits from Zenit will be shared in the ratio of 51% the Group and 49% to Proccea, but key decisions require approval from both the Group and Proccea.
Zenit entered production during the period, commencing from March 2017, with commercial production declared from 1 July 2017. Operational revenues and costs arising from pre-commercial production have been capitalised. While total revenue for the year exceeded US$14 million in gold and silver sales, only part of this revenue relates to the period following the declaration of commercial production, and this is reflected in the financial information of the Joint Venture presented below.
The liability of the Joint Venture includes current and non-current portions of a bank loan repayable to Turkiye Finans Katilim Bankasi A.S. Management does not foresee any significant restrictions on the ability of the Joint Venture to repay this loan.
The Group accounts for its Joint Venture with Proccea in Zenit using the equity method in accordance with IAS 28 (revised). At 31December 2017 the Group has a 50% (2016: 50%) interest in Zenit.
Financial information of the Joint Venture, based on its translated financial statements, and reconciliations with the carrying amount of the investment in the consolidated financial statements are set out below:
|
|
Restated |
Statement of Comprehensive Income |
2017 £'000 |
2016 £'000 |
Revenue |
8,854 |
- |
Cost of sales |
(4,808) |
- |
Gross Profit |
4,046 |
- |
Administrative expenses |
(423) |
(83) |
Operating profit/(loss) |
3,623 |
(83) |
Finance expenses |
(2,646) |
(4,587) |
Finance income |
2,690 |
503 |
Profit/(loss) on ordinary activities before tax |
3,667 |
(4,167) |
Taxation |
- |
(82) |
Profit/(loss) for the year |
3,667 |
(4,249) |
Proportion of the Group's ownership |
50% |
50% |
Group's share of profit/(loss) for the year |
1,834 |
(2,125) |
|
|
Restated |
Statement of financial position |
2017 £'000 |
2016 £'000 |
Assets |
|
|
Non-current assets |
|
|
Other receivables |
- |
68 |
Intangible exploration assets |
94 |
6,712 |
Kiziltepe Gold Mine property, plant and equipment |
31,085 |
- |
Assets in construction |
- |
14,922 |
Advances to contractors |
915 |
11,096 |
Total non-current assets |
32,094 |
32,798 |
Current assets |
|
|
Cash and cash equivalents |
505 |
116 |
Trade and other receivable |
127 |
85 |
Inventories |
941 |
34 |
Other receivables, VAT and prepayments |
936 |
1,002 |
Total current assets |
2,509 |
1,237 |
Total assets |
34,603 |
34,035 |
Liabilities |
|
|
Non-current liabilities |
|
|
Borrowings |
15,977 |
20,364 |
Asset retirement obligation |
1,088 |
1,088 |
Total non-current liabilities |
17,065 |
21,452 |
Current liabilities |
|
|
Borrowings |
6,615 |
6,665 |
Trade payable |
2,484 |
453 |
Other payable (including shareholder loans) |
3,504 |
2,886 |
Current income tax |
- |
76 |
Total current liabilities |
12,603 |
10,080 |
Total liabilities |
29,668 |
31,532 |
Equity |
4,935 |
2,503 |
Proportion of the Group's ownership |
50% |
50% |
Carrying amount of investment in Joint Venture |
2,467 |
1,251 |
Movement in Equity - our share |
|
|
Opening balance |
1,251 |
2,830 |
Profit/(loss) for the year |
1,834 |
(2,125) |
Translation reserve |
(618) |
(131) |
Issue of share capital and premium |
- |
677 |
Closing balance |
2,467 |
1,251 |
11. Intangible exploration assets
Group |
Deferred exploration expenditure £'000 |
Cost |
|
At 1 January 2016 |
1,654 |
Additions through acquisition of remaining interest in Joint Venture |
16,210 |
Additions and capitalised depreciation |
149 |
Exchange movements |
3 |
Disposal of Australian tenements and licences |
(51) |
At 31 December 2016 |
17,965 |
Additions and capitalised depreciation |
412 |
Exchange movements |
(498) |
Expenditure written off |
(352) |
At 31 December 2017 |
17,527 |
|
|
Net book value |
|
At 1 January 2016 |
1,654 |
At 31 December 2016 |
17,965 |
At 31 December 2017 |
17,527 |
None of the Group's intangible assets are owned by the Company.
In the year, management has reviewed the recovery of the costs capitalised as intangible exploration assets and determined that £352,000 is not recoverable, hence management had taken the decision to write off these costs.
The technical feasibility and commercial viability of extracting a mineral resource are not yet demonstrable in the above intangible exploration assets. These assets are not amortised, until technical feasibility and commercial viability is established. Intangible exploration costs written off represent costs relating to certain projects that are no longer considered economically viable or where exploration licences have been relinquished.
16. Trade and other receivables
|
Group |
Company |
||
|
2017 £'000 |
2016 £'000 |
2017 £'000 |
2016 £'000 |
Amounts owed by Group undertakings |
- |
- |
10,421 |
8,518 |
Amounts owed by Joint Venture Company |
2,029 |
1,261 |
- |
- |
Other receivables |
474 |
384 |
- |
- |
Prepayments |
44 |
44 |
20 |
9 |
|
2,547 |
1,689 |
10,441 |
8,527 |
The fair value of trade and other receivables is not materially different to the carrying values presented. The amounts owed to the Company by Group undertakings are interest free and repayable on demand.
The loan repayable by the Joint Venture Company has no scheduled repayment terms and is repayable on demand. The loan is subject to quarterly interest charges by Galata Madencilik San. ve Tic. Ltd at a rate of 9.75% p.a.
17. Trade and other payables
|
Group |
Company |
|||
|
2017 £'000 |
2016 £'000 |
2017 £'000 |
2016 £'000 |
|
Trade and other payables |
113 |
157 |
- |
- |
|
Social security and other taxes |
28 |
438 |
- |
- |
|
Other creditors |
25 |
12 |
- |
- |
|
Accruals and deferred income |
99 |
200 |
6 |
14 |
|
|
265 |
807 |
6 |
14 |
|
The above listed payables were all unsecured. The fair value of trade and other payables is not materially different to the carrying values presented.
18. Share capital and premium
Allotted, issued and fully paid ordinary 0.1p shares |
Number |
Ordinary Shares £'000 |
Deferred shares £'000 |
Share Premium £'000 |
In issue at 1 January 2017 |
841,541,799 |
841 |
4,995 |
9,241 |
Shares issued in the year |
218,136,154 |
218 |
- |
2,782 |
Less expenses on issue |
|
- |
- |
(202) |
In issue at 31 December 2017 |
1,059,677,953 |
1,059 |
4,995 |
11,821 |
During 2013 the existing ordinary shares were sub-divided into one new ordinary share of 0.1 pence ("New Ordinary Share") and one deferred share of 0.9 pence ("Deferred Share"). The New Ordinary Shares have a nominal value of 0.1 pence. The percentage of New Ordinary Shares held by each shareholder following the subdivision is the same as the percentage of existing ordinary shares held by the shareholder before the change.
Fully paid Ordinary Shares carry one vote per share and carry the right to dividends. Deferred Shares have attached to them the following rights and restrictions:
- they do not entitle the holders to receive any dividends and distributions;
- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;
- on return of capital on a winding up the holders of the Deferred Shares are only entitled to receive the amount paid up on such shares after the holders of the Ordinary Shares have received the sum of 0.1p for each ordinary share held by them and do not have any other right to participate in the assets of the Company.
During 2017 the Company issued 218,136,154 ordinary shares for a total net consideration of £2,798,000.
Potential issue of ordinary shares
Share options and warrants
In December 2017 the Company cancelled the share options issued in March 2011.
The Company issued 64,000,000 new options to directors and staff at an exercise price of 1.55 pence, vesting over 3 years, commencing on 1 January 2018. At 31 December 2017 the Company had no options (2016: 12,500,000) and 32,777,777 warrants (2016: 32,777,777) outstanding for the issue of ordinary shares as follows:
Date of grant |
Exercisable from |
Exercisable to |
Exercise price |
Number granted |
Options cancelled during the year |
Number at 31 December 2017 |
Options |
|
|
|
|
|
|
22 March 2011 |
22 March 2011 |
21 March 2018 |
5p |
12,500,000 |
(12,500,000) |
- |
Total |
|
|
|
12,500,000 |
(12,500,000) |
- |
Date of grant |
Exercisable from |
Exercisable to |
Exercise price |
Number granted |
Warrants exercised |
Number at 31 December 2017 |
Warrants |
|
|
|
|
|
|
19 April 2013 |
19 April 2013 |
19 April 2018 |
2p |
5,000,000 |
- |
5,000,000 |
4 February 2015 |
4 February 2015 |
4 February 2018 |
1.8p |
8,333,333 |
- |
8,333,333 |
7 April 2015 |
7 April 2015 |
7 April 2018 |
1.8p |
11,111,111 |
- |
11,111,111 |
30 June 2015 |
30 June 2015 |
30 June 2018 |
1.8p |
8,333,333 |
- |
8,333,333 |
Total |
|
|
|
32,777,777 |
- |
32,777,777 |
19. Deferred tax liabilities
|
|
|
|
|
|
Group |
Company |
||
|
2017 £'000 |
2016 £'000 |
2017 £'000 |
2016 £'000 |
Opening and closing deferred tax liability |
2,273 |
2,273 |
- |
- |
Deferred tax has been provided at 17% of the fair value uplift of intangible exploration assets that resulted from the business combination that happened in 2016 as set out in note 28.
20. Other financial liabilities
|
Group |
|
Company |
|
|
2017 £'000 |
2016 £'000 |
2017 £'000 |
2016 £'000 |
Contingent consideration payable |
1,651 |
1,651 |
- |
- |
The contingent consideration is calculated on a 2% net smelter returns royalty on the production revenue. This liability will be remeasured at each reporting date and any gain or loss will go through the income statement.
Note to the announcement
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2017 or 2016. The financial information for the year ended 31 December 2016 is derived from the statutory accounts for that year. The audit of statutory accounts for the year ended 31 December 2017 is complete.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the
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