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Ambrian PLC (AMBR)

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Friday 12 September, 2014

Ambrian PLC

Interim Results

RNS Number : 4817R
Ambrian PLC
12 September 2014
 



LONDON, 12 September 2014

AMBRIAN PLC

 

Interim Report for the six months to 30 June 2014

 

Ambrian plc ("Ambrian" or the "Company" and, together with its subsidiaries, the "Group") today announces its unaudited consolidated results for the six months ended 30 June 2014.

 

Financial highlights

·    Profit before tax:  US$1.17 million (H1 2013: US$ 1.31 million)

·    Net profit per share: US 0.81 cents (H1 2013: US 0.81 cents)

·    Total equity as at 30 June 2014: US$ 29.88 million (31 December 2013: US$ 28.96 million)

·    Net asset value per share as at 30 June 2014: US 29.7 cents (31 December 2013: US 28.8 cents)

 

Commenting on the results, Charles Crick, non-executive Chairman, stated:

 

"The interim results reflect a solid performance in our metals trading activities for the period. Current market conditions affecting the metals in which we deal are challenging, but we remain confident in our business model and of a successful outcome for the year".

Enquiries

 

Ambrian plc


Roger Clegg

+ 44 (0)20 7634 4700



Cenkos Securities plc


Neil McDonald

+ 44 (0)20 7397 8900

Nick Tulloch


 

Notes to Editors

 

Ambrian is primarily active in the physical trading of base metals.  It sources and supplies a variety of commodities to end users all over the world.  Supported by its offices in London, Shanghai, Taiwan and a network of agents in North and South America, Asia and the Middle East. Ambrian provides producers and consumers with its marketing insight whilst emphasizing the financing and risk management aspect of its trading activities.  Ambrian also holds and manages a number of equity investments.  Ambrian is quoted on the Alternative Investment Market of the London Stock Exchange under the ticker symbol AMBR.

 

Further information on Ambrian is available on the Company's website: www.ambrian.com



 

Chairman's Statement

Total income for the Group for the six months ended 30 June 2014 was US$ 4.53 million (US$ 5.17 million for the six months ended 30 June 2013). Substantially all of this income (US$ 4.52 million) was derived from the Group's core metals trading business, Ambrian Metals Limited ("AML"), and compares with total income for AML for the six month period ended 30 June 2013 of US$ 5.38 million.

Total profit before tax for the Group for the six months ended 30 June 2014 amounted to US$ 1.17 million (US$ 1.31 million for the six months ended 30 June 2013).  Within this, AML reported a profit before tax of US$ 2.18 million for the period compared with US$ 2.48 million for the equivalent period in 2013.

Over the period we have increased our footprint in the metals market with the opening of a new office in Taiwan which specialises in lead and zinc. As previously announced, we also completed the disposal of our head office lease in London during the period and moved into new offices in the City of London. The net ongoing cost of these offices is almost 50 per cent of that of our former offices.

Central expenses, which are principally the costs of the holding company, amounted to US$ 1.02 million compared with US$ 0.96 million for the same period in 2013.

The Group's net assets as at 30 June 2014 were US$ 29.88 million (US$ 28.96 million at 31 December 2013), representing US 29.7 cents per share, an increase of 3% on the US 28.8 cents per share at 31 December 2013.

Further details of the Group's financial performance over the period are contained in the Financial Review which accompanies this Statement.

Trading conditions in our metals markets for the first part of the period under review were relatively benign. However, conditions became more challenging for all participants towards the end of the period due to the volatility in forward spreads, with periods of backwardation where forward prices are less than the spot price. This change in conditions impacted the profitability of our trades. However, against this background, AML has achieved a good performance over the period and, whilst we expect the current market conditions to continue, we also expect AML to achieve net revenues for the second half in line with those of the first half.

The Group's future growth and prospects remain constrained by our asset base. We continue to work on means to increase this and diversify our revenue streams.



 

Financial Review 

Overview

Total income for the Group was US$ 4.53 million for the six months ended 30 June 2014 (H1 2013: US$ 5.17 million). 

Profit before tax was US$ 1.17 million, compared with a profit of US$ 1.31 million for the same period last year, derived principally from our metals trading operation in Ambrian Metals Limited ("AML"). 

Metals trading

AML reported a profit before tax for the period under review of US$ 2.18 million (US$ 2.48 million for H1 2013). AML achieved a 28 per cent increase in metal tonnages traded compared to the same period last year. A major contributor to this increase has been the establishment of our new business in Taiwan which specialises in lead and zinc.

Total income from turnover for AML was US$ 1,528 million for the period under review compared with US$ 1,383 million for the same period in 2013. 

The period has seen average copper prices per tonne drop from $7,439 in January to $6,955 by the end of June.

Investment portfolio 

The investment portfolio recorded a small profit before tax of US$ 6,281 (H1 2013: loss of US$ 208,553). This arose from a small capital distribution on one of our investments whilst we still retain the investment concerned.

The total value of the investment portfolio (excluding cash and the holding in Consolidated General Minerals plc ("CGM")) at 30 June 2014 was US$ 0.21 million. This compares with a principal investment portfolio valued at US$ 0.22 million (excluding cash and the CGM holding) at 31 December 2013. The Company continues to hold an 11.95 per cent interest in CGM, valued at US$ 2.53 million at 30 June 2014.  We now have a larger holding in this investment following the open offer which was completed by CGM in January 2014 and under which we subscribed for additional shares for a total consideration of US$ 0.82 million. Construction of CGM's clinker grinding mill and cement packing plant in Beira, Mozambique, is now well underway; there have been delays in the construction programme but completion is now expected towards the end of the current year.  CGM continues to own a 29.9 per cent interest in the issued share capital of the Company.  

Expenses 

Group administrative expenses were US$ 3.37 million for the six months to 30 June 2014 (H1 2013: US$ 3.86 million), of which US$ 1.02 million (H1 2013: US$ 0.96 million) was represented by central costs.  The one-off costs of moving to our new offices in the City of London, completed in June this year, have been largely offset by the release of a dilapidations provision on our old offices.  Total headcount at 30 June 2014 was 31, an increase of 7 since 30 June 2013, principally due to the establishment of our new operation in Taiwan.

Balance Sheet 

Total assets were US$ 427 million at 30 June 2014 compared with US$ 318 million at 30 June 2013. The majority of the increase is due to an increase in inventory which represents metal in transit as well as metal in warehouse. A small part of the increase in total assets is due to additional fixed assets associated with the fitting out of our new offices.

The Group's cash resources totalled US$ 12.08 million at 30 June 2014 compared with US$18.58 million at 30 June 2013.  AML has used some of its own cash resources in funding a limited number of short voyage shipments of metal.

Shareholders' equity was US$ 29.95 million at 30 June 2014 compared with US$ 29.03 million at 31 December 2013.  Tangible net asset value per share was US 29.7 cents per share (31 December 2013, US 28.8 cents). Tangible net asset value per share is based on 100,602,104 ordinary shares outstanding at 30 June 2014 (excluding treasury shares and shares held by the Ambrian Capital Employee Benefit Trust).

  

 

 

Ambrian plc

Condensed consolidated statement of comprehensive income












Six months to 30 June 2014


Six months to 30 June 2013


Year to 31 December 2013




(unaudited)


(unaudited)


(audited)




US $


US $


US $


Turnover


1,528,402,137


1,383,317,065


2,565,693,966


Cost of Sales


(1,523,876,507)


(1,377,938,026)


(2,551,784,668)


Net revenue


4,525,630


5,379,039


13,909,298










Investment portfolio gains and (losses)


               6,281


          (208,553)


(1,476,342)


Total income


4,531,911


5,170,486


12,432,956


Administrative expenses


(3,366,579)


(3,863,285)


(8,284,565)


Profit before tax


1,165,332


1,307,201


4,148,391


Taxation


(353,816)


(501,102)


(228,226)


Profit after tax


811,516


806,099


3,920,165










Other comprehensive income








Items that may be reclassified subsequently to profit/(loss)








Exchange profit/(loss) arising from translation of foreign operations


103,786


(355,400)


284,843


Total other comprehensive profit/(loss)


103,786


(355,400)


284,843










Total comprehensive profit


915,302


450,699


4,205,008










Profit for the period attributable to:








Owners of the parent


810,446


811,400


3,915,109


Non-controlling interest


1,070


(5,301)


5,056




811,516


806,099


3,920,165










Total comprehensive profit attributable to:







Owners of the parent


914,232


456,000


4,199,952


Non-controlling interest


1,070


(5,301)


5,056




915,302


450,699


4,205,008


Basic earnings per share in USD cents:








Earnings per share


                  0.81


                  0.81


                 3.89


Diluted earnings per share


                  0.80


                  0.81


                 3.86




 

Ambrian plc

Condensed consolidated statement of financial position












Six months to 30 June 2014


Six months to 30 June 2013


Year to 31 December 2013




US $


US $


US $


ASSETS


(unaudited)


(unaudited)


(audited)


Non-current assets








Property, plant and equipment


             455,889


              83,144


             68,596


Deferred tax asset


           601,875


             27,841


         601,875




         1,057,764


           110,985


          670,471


Current assets








Financial assets at fair value through profit or loss


         2,735,908


      25,240,464


       1,925,612


Inventory


     311,197,984


    198,833,112


   208,872,237


Trade and other receivables


     100,016,478


      75,511,883


     59,633,460


Cash and cash equivalents


       12,076,316


      18,580,171


     22,074,881




     426,026,686


   318,165,630


   292,506,190










Total assets


     427,084,450


    318,276,615


   293,176,661










LIABILITIES








Current liabilities








Financial liabilities at fair value through profit or loss


       (3,442,863)


                     -  


     (2,371,159)


Short term borrowings


   (278,378,497)


  (148,560,835)


 (176,889,933)


Short term liabilities under sale & repurchase agreements


     (33,602,079)


    (85,196,838)


   (33,054,823)


Trade and other payables


     (80,639,722)


    (58,710,177)


  (51,095,655)


Current tax payable


       (1,141,351)


         (637,241)


       (800,455)


Total liabilities


   (397,204,512)


  (293,105,091)


 (264,212,025)










Total net assets


      29,879,938


     25,171,524


    28,964,636










CAPITAL AND RESERVES








Share capital


      17,665,294


      17,665,294


    17,665,294


Share premium account


      18,043,816


     18,043,816


    18,043,816


Treasury shares


       (1,986,574)


      (1,986,574)


    (1,986,574)


Retained earnings


           794,925


      (3,119,230)


          (15,521)


Share-based payment reserve


         8,052,410


       8,013,607


      8,052,410


Employee benefit trust


     (11,446,444)


    (11,446,444)


   (11,446,444)


Exchange reserve


       (1,178,138)


      (1,922,167)


     (1,281,924)


Total equity attributable to the owner of the parent


      29,945,289


     25,248,302


    29,031,057


Non-controlling interest


           (65,351)


          (76,778)


          (66,421)


Total equity


      29,879,938


      25,171,524


    28,964,636


 



 


Ambrian plc

Condensed consolidated interim statement of changes in equity













Share capital

Share premium account

Treasury shares

Retained earnings

Share based payments reserve

Employee benefit trust

Exchange reserve

Total equity attributable to the owner of the parent

         Non-controlling   interest

Total equity


US $

US $

US $

US $

US $

US $

US $

US $

US $

US $

Balance at
1 January 2013 (audited)

     17,665,294

           18,043,816

  (1,986,574)

  (3,930,630)

       8,013,607

   (11,446,444)

       (1,566,767)

 24,792,302

       (71,477)

   24,720,825

Comprehensive income











Profit for the period

                    -  

                         -  

                -  

        811,400

                    -  

                    -  

                     -  

      811,400

         (5,301)

        806,099

Foreign currency adjustments

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

          (355,400)

    (355,400)

                -  

      (355,400)

Total comprehensive income

                   -  

                         -  

               -  

       811,400

                   -  

                   -  

         (355,400)

     456,000

        (5,301)

       450,699

Transactions with owners











Share-based payment charge

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

                     -  

                -  

                -  

                  -  

Balance at
30 June 2013 (unaudited)

     17,665,294

           18,043,816

  (1,986,574)

  (3,119,230)

       8,013,607

   (11,446,444)

       (1,922,167)

 25,248,302

       (76,778)

   25,171,524

Comprehensive income











Profit for the period

                    -  

                         -  

                -  

     3,103,709

                    -  

                    -  

                     -  

   3,103,709

         10,357

     3,114,066

Foreign currency adjustments

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

            640,243

      640,243

                -  

        640,241

Total comprehensive income

                   -  

                         -  

               -  

    3,103,709

                   -  

                   -  

           640,243

  3,743,950

        10,357

    3,754,307












Transactions with owners











Share-based payment charge

                    -  

                         -  

                -  

                 -  

            38,803

                    -  

                     -  

        38,803

                -  

          38,803

Balance at
31 December 2013 (audited)

     17,665,294

           18,043,816

  (1,986,574)

       (15,521)

       8,052,410

   (11,446,444)

       (1,281,924)

 29,031,057

       (66,421)

   28,964,636

Profit for the period

                    -  

                         -  

                -  

        810,446

                    -  

                    -  

                     -  

      810,446

           1,070

        811,516

Foreign currency adjustments

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

            103,786

      103,786

                -  

        103,786

Total comprehensive income

                   -  

                         -  

               -  

       810,446

                   -  

                   -  

           103,786

     914,232

          1,070

       915,302












Transactions with owners

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

                     -  

                -  

                -  

                  -  

Share-based payment charge

                    -  

                         -  

                -  

                 -  

                    -  

                    -  

                     -  

                -  

                -  

                  -  

Balance at
30 June 2014 (unaudited)

     17,665,294

           18,043,816

  (1,986,574)

        794,925

       8,052,410

   (11,446,444)

       (1,178,138)

 29,945,289

       (65,351)

   29,879,938

 


 

Ambrian plc

Condensed consolidated statement of cash flows

















Six months to 30 June 2014


Six months to 30 June 2013


 

Year to 31 December 2013



(unaudited)


(unaudited)


(audited)



US $


US $


US $

Profit/ for the period


811,516


806,099


3,920,165

Adjustments for:







Depreciation of property, plant and equipment 


6,775


15,411


18,808

Write off of old property, plant and equipment


61,821


                    -  


                  -  

Foreign exchange (losses)/gains


          (174,706)


             38,041


        (375,025)

Taxation expense 


           353,816


                    -  


228,226

Unrealised (losses)/gains on financial assets designated at fair value


(792,218)


(21,626,515)


1,577,022

Realised losses/(gains) on financial assets designated at fair value


            (18,078)


                    -  


12,795

Proceeds of sale from disposal of financial asset at fair value through profit and loss


              238,783


                    -  


         224,578

(Increase)/decrease in inventories


(102,325,747)


     163,544,286


   153,505,161

(Increase)/decrease in trade and other receivables


      (40,383,018)


 

       33,745,815


    

46,923,695

Unrealised gains/(losses) on financial liabilities at fair value


1,071,704


(971,229)


1,399,930

Decrease/(increase) in trade and other payables


29,544,065


(5,731,053)


(13,345,575)

Share-based payment charge


                    -  


                    -  


38,803

Cash (used)/ generated in operations 


(111,605,287)


169,820,855


194,128,583

Taxation (paid) 


                    -  


                    -  


                  -  

Net cash flow (used)/generated in operating activities 


(111,605,287)


169,820,855


194,128,583








Investing activities







Disposal of subsidiary undertakings


          -


                    -  


      2,700,544

Purchase of property, plant and equipment           


          (450,092)


                    -  


                  -  

Disposal of property, plant and equipment


               9,547


                    -  


                  -  

Net cash (used) in investing activities


          (440,545)


                    -  


2,700,544








Financing activities







Increase/ (decrease) in short term liabilities under sale and repurchase agreements


           547,256


      (90,381,251)


  (142,523,267)

Increase/(decrease) in short term borrowings


     101,488,564


      (89,315,890)


    (60,986,791)

Net cash used/ (generated) in financing activities 


102,035,820


(179,697,141)


(203,510,058)








Net decrease in cash and cash equivalents


(10,010,012)


(9,876,286)


(6,680,931)

Cash and cash equivalents at the beginning of the year  


22,074,881


28,217,608


28,217,608

Effect of foreign exchange rate differences on cash and cash equivalents


             11,447


238,849


538,204

Cash and cash equivalents at the end of the year


12,076,316


18,580,171


22,074,881

 



Notes to the condensed consolidated interim financial statements

 

1.         Basis of preparation

The condensed interim financial statements are for the six months ended 30 June 2014.  The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006.  The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2013 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRSs"). The auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.

The accounts for the period have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2013, unless otherwise stated, and those envisaged for the financial statements for the year ended 31 December 2014.

These condensed interim financial statements have been reviewed by BDO LLP, but not audited.

The Group's results are not materially affected by seasonal variations.

The interim financial statements were approved by the Directors on 11 September 2014 and copies are available to the public free of charge from the Company at 62-64 Cornhill, London EC3V 3NH during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14 days from today.

The "other comprehensive income" line in the Condensed consolidated statement of comprehensive income for the six month period to 30 June 2013 has been adjusted to include the effect of foreign exchange rates on historic earnings and provides consistency with  relevant IFRS's and the accounting policies used in the annual report for 2013.

2.         Segmental Analysis

The Group has two reportable segments attributable to its continuing operations and Head office:

·    Physical metals: comprises Ambrian Metals Limited, a physical metals merchant.

·    Investment portfolio: comprises the Group's principal investment portfolio held in Ambrian Principal Investments Limited.

·    Head office: principally relates to overheads incurred in operating the public limited company and includes the remuneration of the Directors of Ambrian plc. This segment also includes the activities of Ambrian Resources AG.

 

Total income disclosed below includes investment and other income.  The investment portfolio includes realised and unrealised gains on financial assets.

 


Physical Metals


Investment Portfolio


Head Office


Total


 30 June 2014


 30 June 2014


 30 June 2014


 30 June 2014


US $


US $


US $


US $

Turnover

    1,528,402,137


                   -  


                   -  


    1,528,402,137

Cost of Sales

(1,523,876,507)


                   -  


                   -  


 (1,523,876,507)

Revenue

                     -  


              6,281


                   -  


                 6,281


          4,525,630


              6,281


                   -  


          4,531,911










Physical Metals


Investment Portfolio


Head Office


Restated
Total


 30 June 2013


 30 June 2013


 30 June 2013


 30 June 2013


US $


US $


US $


US $

Turnover

    1,383,317,065


                   -  


           -


    1,383,317,065

Cost of Sales

(1,377,938,026)


                   -  


                   -  


 (1,377,938,026)

Revenue

                     -  


       (208,553)


                   -  


          (208,553)


          5,379,039


       (208,553)


      -


5,170,486










Physical Metals


Investment Portfolio


Head Office


Restated
Total


2013


2013


2013


2013


US $


US $


US $


US $

Turnover

    2,565,463,074


                   -  


          230,892


    2,565,693,966

Cost of Sales

(2,551,784,668)


                   -  


                   -  


 (2,551,784,668)

Revenue

                     -  


     (1,476,342)


                   -  


        (1,476,342)


        13,678,406


     (1,476,342)


          230,892


       12,432,956

 

 

 



Six months to 30 June 2013


Year to 31 December 2013

Profit/(loss) before tax

US $


US $


US $

Physical metals

          2,179,032


        2,476,031


        7,948,910

Investment portfolio

                6,281


         (208,553)


       (1,527,089)

Head office

         (1,019,981)


         (960,277)


       (2,273,430)


          1,165,332


        1,307,201


        4,148,391








Six months to 30 June 2014


Six months to 30 June 2013


Year to 31 December 2013

Total assets

US $


US $


US $

Physical metals

       423,415,301


    313,481,564


    288,779,249

Investment portfolio

             389,439


          788,100


          436,892

Head office

          3,279,710


        4,006,951


        3,960,520


       427,084,450


    318,276,615


    293,176,661

Total liabilities






Physical metals

       395,929,003


    289,912,605


    262,280,511

Investment portfolio

                   542


          166,900


                 524

Head office

          1,274,967


        3,025,586


        1,930,990


       397,204,512


    293,105,091


    264,212,025

 

 

3.         Cash and cash equivalents

Own cash resources included in cash at bank and in hand amounted to US$ 12,076,316 as at 30 June 2014 (30 June 2013: US$ 18,580,171 and 31 December 2013: US$ 22,074,881).

4.         Earnings per share

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust on 30 June 2014 of 6,259,046 (2013: 6,259,046) and Treasury shares 30 June 2014 of 4,500,058 (2013: 4,500,058).

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.








Six months to 30 June 2014


Six months to 30 June 2013


Year to 31 December 2013

Profit attributable to shareholders

$ 810,446


$ 811,400


$ 3,915,109

Diluted profit attributable to shareholders

$ 810,446


$ 811,400


$ 3,915,109







Weighted average number of shares

100,602,104


100,602,104


100,602,104

Dilutive effect of share options

        137,617


        127,618


          916,300







Basic earnings per share US $ cents

              0.81


             0.81


               3.89

Diluted earnings per share US $ cents

              0.80


             0.81


               3.86







 

The profit attributable to the owners of the company for operations used in the above calculations is that presented in the condensed consolidated statement of comprehensive income. The profit attributable to the owners of the company operations is derived from the profit from continuing operations adjusted for the profit/loss for the period attributable to the non-controlling interest.

 

5. Financial instruments


Loans and Receivables at amortised cost


At fair value through profit or loss


Total

 


Six months to 30 June 2014


Six months to 30 June 2014


Six months to 30 June 2014

 


US $


US $


US $

 

Financial assets






 

Cash and cash equivalents

12,076,316


                       -  


12,076,316

 

Trade receivables - current

99,544,630


                       -  


99,544,630

 

Other receivables - current

129,638


                       -  


129,638

 

Financial assets at fair value through profit or loss






 

-derivatives

                       -  


                       -  


                       -  

 

-equities

                 -  


2,735,908


2,735,908

 

Total

111,750,583


2,735,908


114,486,491

 


 

 

 





 


Six months to 30 June 2013


Six months to 30 June 2013


Six months to 30 June 2013

 


US $


US $


US $

 

Financial assets






 

Cash and cash equivalents

18,580,171


                  -  


18,580,171

 

Trade receivables - current

74,123,539


                  -  


74,123,539

 

Other receivables - current

54,588


                  -  


54,588

 

Financial assets at fair value through profit or loss






 

-derivatives

                       -  


     22,266,168


       22,266,168

 

-equities

                 -  


       2,974,296


2,974,296

 

Total

92,758,298


25,240,464


117,998,762

 







 


Year to 31 December 2013


Year to 31 December 2013


Year to 31 December 2013

 


US $


US $


US $

 

Financial assets






 

Cash and cash equivalents

22,074,881


                  -  


22,074,881

 

Trade receivables - current

57,463,061


                  -  


57,463,061

 

Other receivables - current

162,322


                  -  


162,322

 

Financial assets at fair value through profit or loss






 

-derivatives






 

-equities

                 -  


1,925,612


1,925,612

 

Total

79,700,264


1,925,612


81,625,876

 


Trade and other payables at amortised cost


At fair value through profit or loss


Total


Six months to 30 June 2014


Six months to 30 June 2014


Six months to 30 June 2014


US $


US $


US $

Financial liabilities






Trade payables

13,761,927


                       -  


13,761,927

Other payables - current

197,335


                       -  


197,335

Short term borrowings

278,378,497


                       -  


278,378,497

Accruals and deferred income

                       -  


66,680,460


66,680,460

Short term liabilities under sale and repurchase agreements

33,602,079


                       -  


33,602,079

Financial liabilities at fair value through profit or loss:






-derivatives

                       -  


3,442,863


3,442,863

Total

325,939,837


70,123,323


396,063,161








Six months to 30 June 2013


Six months to 30 June 2013


Six months to 30 June 2013


US $


US $


US $

Financial liabilities






Trade payables

2,503,837


                  -  


2,503,837

Other payables - current

577,493


                  -  


577,493

Short term borrowings

148,560,835


                  -  


148,560,835

Accruals and deferred income

                 -  


55,628,547


55,628,547

Short term liabilities under sale and repurchase agreements

85,196,838


                  -  


85,196,838

Financial liabilities at fair value through profit or loss:






-derivatives

                 -  


                  -  


                     -  

Total

236,839,003


55,628,547


292,467,550








Year to 31 December 2013


Year to 31 December 2013


Year to 31 December 2013


US $


US $


US $

Financial liabilities






Trade payables

45,594,926


                  -  


45,594,926

Other payables - current

415,754


                  -  


415,754

Short term borrowings

176,889,933


                  -  


176,889,933

Accruals and deferred income

                 -  


4,168,320


4,168,320

Short term liabilities under sale and repurchase agreements

33,054,823


                  -  


33,054,823

Financial liabilities at fair value through profit or loss:






-derivatives

                 -  


2,371,159


2,371,159

Total

255,955,436


6,539,479


262,494,915

 

 

Financial assets and financial liabilities are classified in their entirety into only one of three levels.

 

The fair value hierarchy has the following levels:

·    Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities

·    Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

·    Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

 

 

Financial instruments are measured at fair value as follows:






Fair value measurements at 30 June 2014


Level 1


Level 2


Level 3


Total


US $


US $


US $


US $

Financial assets








Equity investments

2,528,251


                -  


       207,657


2,735,908

Financial assets at fair value through profit or loss








-derivatives

              -  


                -  


            -  


                 -  

Total

2,528,251


                  -  


   207,657


2,735,908










US $


US $


US $


US $

Financial liabilities








Accruals and deferred income

 66,678,853


                -  


            -  


 66,678,853

Financial assets at fair value through profit or loss








-derivatives

              -  


   3,442,863


            -  


   3,442,863

Total

 66,678,853


   3,442,863


                  -  


 70,121,716










Fair value measurements at 30 June 2013


Level 1


Level 2


Level 3


Total


US $


US $


US $


US $

Financial assets








Equity investments

   2,378,114


      596,182




2,974,296

Financial assets at fair value through profit or loss








-derivatives

                 -  


22,266,168


                    -  


22,266,168

Total

2,378,114


22,862,350


-


25,240,464










US $


US $


US $


US $

Financial liabilities








Accruals and deferred income

55,628,547


                  -  


                   -  


55,628,547

Financial assets at fair value through profit or loss








-derivatives

                 -  


                  -  


                   -  


                 -  

Total

55,628,547


                  -  


                   -  


55,628,547


 

 








Fair value measurements at 31 December 2013


Level 1


Level 2


Level 3


Total


US $


US $


US $


US $

Financial assets








Equity investments

1,706,158


                  -  


219,454


1,925,612

Financial assets at fair value through profit or loss








-derivatives

                 -  


                  -  


                   -  


                  -  

Total

1,706,158


-


219,454


1,925,612










US $


US $


US $


US $

Financial liabilities








Accruals and deferred income

4,168,320


                  -  


                   -  


4,168,320

Financial assets at fair value through profit or loss








-derivatives

                 -  


2,371,159


                   -  


2,371,159

Total

4,168,320


2,371,159


                   -  


6,539,479

 

 

6. Non-controlling interest

The non-controlling interest disclosed in the condensed consolidated statement of comprehensive income and condensed consolidated statement of financial position represents a 20% minority interest in Ambrian Resources AG held by shareholders other than Ambrian plc.

Ambrian Resources AG, a private equity business, was established in February 2010 in partnership with a team of three former executives from Glencore who hold 20% of the share capital of the company.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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