Final Results

Celtic Resources Holdings PLC 19 June 2006 Celtic Resources Holdings Plc ("Celtic", "Celtic Resources", or "the Company") Full year results for the year ending 31 December 2005 • Group gold production in 2005 was 37,991 ounces compared to 31,809 ounces in 2004, an increase of 14.9%. • Interest in the Nezhdaninskoye gold mine in Russia sold for $80 million cash. • Gold poured from the first BIOX(R) plant for treatment of refractory gold ores in the FSU. • Underground mining started at Suzdal. • Shareholders' funds increased during 2005 from $94.8 million to $111.5 million. • Group loss before tax and minority interests was $260,000 including $1.27 million loss on foreign exchange movement. • Celtic has an investment portfolio with a 14.1% holding in Eureka Mining Plc and a 5.6% holding in Victoria Oil & Gas Plc. The Company's annual report and accounts are being sent to shareholders and will be available on our website shortly. For further information please contact: Kevin Foo / Kate Dexter Smith Leesa Peters / Laurence Read Celtic Resources Holdings Plc Conduit PR Tel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 Investors@celticresources.com Tel: +44(0)20 7429 leesa@conduitpr.com Frank Moxon Williams de Broe Plc Tel: +44 (0) 20 7588 7511 www.celticresources.com CHAIRMANS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 DEAR SHAREHOLDERS The past 18 months has been a period of intense corporate activity for Celtic while management has also been focused on bringing the newly developed underground mine and BIOX(R) plant at Suzdal in Kazakhstan up to its full capacity. We started 2005 by engaging in a tripartite agreement with Barrick Gold Corporation and IG Alrosa which was outlined in my letter to you in the last Report and Accounts published in June 2005. These negotiations, involving three companies from three different countries and cultures trying to create a major new Russian gold group were complex and often frustrating. In July 2005, we were also defending ourselves in a substantial arbitration in London brought by Arduina Holdings BV. The result, which I reported to you in December, was that we had won on every issue, completely vindicating our position. On 8 September, when writing to you to cover the interim accounts, it was pointed out that recent Russian press articles hinted at other potential suitors for the Nezhdaninskoye and Kyuchus assets, which were in our tripartite agreement. On 19 September, we informed you that IG Alrosa had sold its Yakutian gold interests including 50% of SVMC to ZAO Polyus, the gold mining arm of MMC Norilsk Nickel and that we looked forward to discussing developments with them. On 6 October, we issued a detailed statement concerning our 50% ownership of the SVMC assets and how we had re-initiated legal proceedings in Russia and the British Virgin Islands to protect them. The Company and its legal advisers initiated over sixty legal actions. Although the share price reacted very unfavourably to our position, the Company was able to place a block of shares with Altima Group to raise $10 million which ensured we could take the legal battles to a conclusion. On 23 November, we issued a release concerning an illegal SVMC shareholders meeting that had been held on 18 November and we followed this up on 24 November stating that we had won an important case on 8 November, restating our aim to proceed through the correct legal channels to advance our cause. The Company's position and determination was clear and during this period and despite many provocations your small dedicated teams in London and in Moscow never lost heart. They maintained a thoroughly professional attitude and refused to give ground to much larger opponents by developing innovative strategies. They were, and are, a great credit to themselves and to the shareholders. We continued to negotiate with Polyus and after some time, a deal to sell our interest in SVMC was proposed. After consideration the Board decided unanimously to accept this as being in the best interests of the shareholders. This was announced after the financial year end in a lengthy release dated 3 February. In this letter I am pleased to confirm that we have received the entire proceeds of that transaction, $80 million, and we await to be repayment of a substantial portion of our original loans to SVMC. We also expect to collect the costs awarded to us for the Arduina case of approximately £1 million. Whilst this is not the outcome I anticipated or wished for I believe that it is a very good result for the Company and a substantial return on our investment. I believe that current market conditions offer excellent opportunities to those with gold production, expertise and cash. KAZAKHSTAN Whilst all the corporate activity was keeping your Board fully occupied, early production results from the new BIOX(R) plant at Suzdal were disappointing and the Board moved to strengthen management and pay very close attention to increasing production and gold recovery. We are pleased to report that the newly appointed management, led by Ross Calnan, has solved most of the problems encountered and has developed a solid plan which should see the plant achieve its full potential. Last year production was 20,585 ounces and I feel confident that the forecast of more than 64,000 ounces for 2006 is achievable. This substantial processing and mining facility was in part funded by local bank borrowings which were shown in the interims as $24.3 million. Current borrowings are $22.7 million and the Board will consider whether this should be repaid in part or in full given the relative funding costs and available sources of capital. At Zherek, heap leaching of oxide ores led to production of 17,406 ounces of gold and we forecast a similar level for this year. The Company remains unhedged but as gold production rises and if prices remain firm, the Board will, in conjunction with its advisers, continue to review forward hedging strategies for gold and currencies. FINANCIAL RESULTS It is encouraging that turnover rose 15.3% last year to $15.7 million on the back of increased gold sales and higher prices. However, I am disappointed to report that due to an increase in fuel, labour, power and mill reagent costs and an extended plant commissioning period, operating costs rose by 39.6%. Therefore, after three years of profitability, I have to report an operating loss of $0.21 million compared to an operating profit of $4.98 million in 2004, although I would note that the result included a loss of $1.27 million on foreign exchange movements, without which the group would have maintained profitability at the operating and pre-tax levels. The net result was a loss of $1.92 million compared to a profit of $2.80 million. Cash held at the end of 2005 totalled $10.5 million and after share issues in the year, group shareholders'funds rose to $111.5 million from $94.8 million. INVESTMENTS Eureka Mining Plc Celtic holds 3.74 million shares in AIM quoted Eureka Mining Plc. The shares represent a 14.1% holding in Eureka and the current market value of this holding is approximately £3 million. Eureka had a successful 2005 and met all of its targets. In January 2005 it announced the 51% acquisition of Urals based Chelyabinsk Copper Gold project in Southern Russia and the purchase of the remaining 49% has since been completed. In Kazakhstan during July 2005 Eureka signed a joint venture partnership with KazAtomProm regarding the molybdenum mine at Shorskoye. A plant has since been commissioned to process the output and is producing its first concentrates. Eureka also raised £9 million via a placing with institutional investors in September 2005. Victoria Oil & Gas Plc Celtic holds 6.40 million shares in AIM quoted Victoria Oil & Gas Plc. The shareholding represents a 5.6% holding in Victoria and the current market value of this holding is approximately £7 million. During 2005, Victoria made outstanding progress towards its goal of becoming an established oil and gas producer including two acquisitions and the raising of over $35 million in the capital market. Further to the acquisition of the Kemerkol oil project in Kazakhstan, which has 35 million barrels of C1 and C2 reserves and which began production at over 200 barrels of oil per day in March 2006, Victoria secured the outstanding 25.2% of the potentially giant West Medvezhye gas and condensate project in Western Siberia. In the third quarter of 2005, the first exploration well was completed at West Medvezhye and using data from the drilling and subsequent seismic work independent reserve auditors DeGolyer & MacNaughton have confirmed gross potential recoverable prospective resource volumes for the project of 5.6 trillion cubic feet of gas and over 164 million barrels of liquid hydrocarbons. Victoria is currently testing this initial discovery well and drilling two further wells with preliminary test results for each expected soon. Celtic's interest in the two companies is represented by Kevin Foo's positions as Non Executive Chairman on the Eureka Board of Directors and Chairman of Victoria. THE FUTURE Our Company has emerged from a difficult few years with a substantial cash balance, a growing production profile, proven experience in the FSU and a management team that has shown its great abilities in all aspects of the business. We are now ready to move into a second phase of Company development where our gold resource base will be rebuilt, gold production increased, acquisitions completed and associations forged. I should like to thank my fellow Directors and all management and staff for their outstanding efforts in 2005. Peter Hannen Chairman 16 June 2006 MANAGING DIRECTORS REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2005 Following the sale of our interest in the Nezhdaninskoye gold mine in Russia, Celtic now has two operating gold mines in Kazakhstan, significant investments in Eureka Mining and Victoria Oil & Gas, and $80 million cash. The Company remains focused on gold production in the FSU and is actively reviewing opportunities in the region, from its home base in Kazakhstan. Our medium term aims are to rebuild gold resources to previous levels of approximately 10 million ounces and to increase production, by expansion and acquisition, to 500,000 ounces per year. KAZAKHSTAN GOLD MINES The Suzdal gold mine is located 75 km south-west of Semipalatinsk in northern Kazakhstan. Open pit mining of oxides ceased in August 2004 and in that same month, underground development by trackless mining to access the Sulphide ores began. The Suzdal Sulphide Project, a treatment plant using state of the art BIOX(R) technology was developed to extract gold from the refractory sulphide ores. Commissioning of the mills and concentration circuit began in November 2004. Construction was essentially handled in house, using local design institutes and contractors, except for the BIOX(R) plant, which required specialist designs from the process supplier, Goldfields Ltd. First gold was poured at the new plant in May and 2005 full year production reached 20,585 ounces. I am pleased to report that the first tonne of gold (31,103 ounces) was recently poured from the Suzdal Sulphide plant. At the nearby Zherek mine, 75% owned by Celtic, the open pit and heap leach operation on oxide ores produced 17,406 ounces of gold. SUZDAL GOLD MINE Underground mine development continued on three levels and stoping began with full year mined production reaching 40,215 tonnes at an average grade of 15.64g/ t of gold. This was below forecast due to equipment downtime and some complex geological structures that had not been anticipated. Underground drilling has enabled a much better understanding of the detailed geology and has materially assisted in mine stope design and this programme is continuing. In addition, stripping of waste from Pit 4 allowed access to sulphides from this orebody and resource tonnages available are 250,000 tonnes at 8g/t Au. Currently, underground production levels are at over 20,000 tonnes per month and to date some 150,000 tonnes of ore has been mined from Pit 4, usefully supplementing plant feed. The crushing, grinding, flotation and filtration sections of the new plant were completed prior to the BIOX(R) circuit and some gold in concentrates was sold in the first half of 2005. The BIOX(R) plant, CIL circuit and gold elution facilities, including two fully lined tailings dams and a cyanide detoxification plant began production in May. However, for most of 2005 and in the early part of 2006, production was severely restricted because of limitations to the amount of concentrate which could be fed to the BIOX(R) plant. This was primarily caused by the continued failure of the western supplied air blowers. These are a critical component of the BIOX(R) plant that supplies air to the oxidation tanks. All five blower units have been replaced, some twice and after extensive internal and external expert analysis, the primary cause of the problem has been traced to a design fault in the blowers and air ducting to the tanks. In late 2005, the Company decided to completely redesign and replace the blowers with two large, more robust units and these will be in operation in August. Until then, repaired units have sufficed and production levels have increased. It is particularly pleasing that despite these teething problems, which included wide fluctuations in feed quality and quantity, as well as ambient temperatures sometimes minus 45degreesC, the "bugs" in the BIOX(R) plant have survived and efficiently consumed whatever feed was available. The plant now has the capacity to treat 300,000 tonnes of ore per year but on a monthly basis has not reached this operating level due to the limitations mentioned above and grinding circuit throughput problems that have since been overcome. At present, monthly throughput is averaging 20,000 tonnes per month against a budget of 25,000 tonnes per month, recovery is approximately 69% against budget of 75% and feed grade average for the year to date is 9g/t Au against budget of 11 g/t Au. We expect to be meeting or exceeding budget production after the new blowers are installed and gold production for 2006 is forecast to be 64,216 ounces. In the final analysis, designing and constructing a major expansion such as the Suzdal Sulphide Project has proved to be challenging, with project delays and cost over runs. Notably, the main cause of the delayed production has been western supplied equipment. The cost of the project, including extended working capital has been about $45 million against an original budget of $35 million. However, as noted in last year's report, this is still considerably cheaper than an "all western" approach which in the current climate of capital costs would total over $100 million. This extended commissioning time has also had an impact on operating costs with 2005 total cash costs of $306/ounce. Current cash operating costs are about $400/ounce and should finish the year at about $366/ ounce. The Company aims to produce gold from Suzdal for less than $300/ounce in 2007. I should like to acknowledge Kazkommertsbank for their unwavering support of the Suzdal project. Also, the management team at Suzdal, under Ross Calnan and Aitkaly Bakhtiyarov has overcome significant obstacles and in doing so has positioned the Company well to take advantage of the experience gained. SUZDAL PRODUCTION FIGURES FOR YEARS 2000 - 2005 Budget 2000 2001 2002 2003 2004 2005 2006 ------------ ------ ------ ------ ------ ------ ------ ------ OXIDE ORE MINED Tonnes 124,000 248,000 233,000 187,000 127,865 4,295 - Grade g/t Au 6.0 6.2 5.7 3.5 2.7 0.59 - ---------- ------ ------ ------ ------ ------ ------ ------ STACKED ON HEAP Tonnes 169,000 307,000 355,000 213,000 163,553 47,051 50,000 Grade g/t Au 6.14 5.46 4.22 3.39 2.62 1.96 0.9 ---------- ------ ------ ------ ------ ------ ------ ------ SULPHIDE ORE MINED Tonnes - - - - 252,782 40,215 391,000 Grade g/t Au - - - - 6.2 15.64 10.4 ---------- ------ ------ ------ ------ ------ ------ ------ SULPHIDE ORE TREATED Tonnes - - - - - 151,918 286,750 Grade g/t Au - - - - - 8.09 11.26 ---------- ------ ------ ------ ------ ------ ------ ------ GOLD PRODUCTION Ounces 24,244 42,341 36,875 21,167 11,598 20,585 64,216 ---------- ------ ------ ------ ------ ------ ------ ------ TOTAL CASH COST $/oz sold 225 155 163 195 216 306 366 ---------- ------ ------ ------ ------ ------ ------ ------ ZHEREK GOLD MINE Open pit mining of oxide ores continued at Zherek, 28 km from Suzdal, with 402,276 tonnes of ore mined in 2005, some 12% over budget. Despite this excellent mining performance (tonnage 25% higher than 2004) the grade mined was lower than in 2004 at 2.51g/t Au compared to an average of 3.37g/t Au in the previous year. Heap leaching continued as scheduled and ore mined was stacked to recover 17,406 ounces of gold at an average cash cost of $370 per ounce in 2005. The oxide ore at Zherek will be exhausted in late 2007 when open pit mining will cease. Pad leaching and gold recovery may continue for another year after this. However, studies and a drilling programme have begun to better define the sulphide orebody and a review of the economics of development of an underground mine and pre-concentrator is underway. If deemed economically feasible, it is planned to truck concentrate to the Suzdal plant for final gold recovery. ZHEREK PRODUCTION FIGURES FOR YEARS 2003 - 2005 Forecast 2003 2004 2005 2006 ----------------- --------------- -------- -------- --------- OXIDE ORE MINED Tonnes 293,411 320,957 402,276 360,000 Grade g/t Au 2.00 3.4 2.51 2.16 ---------------- --------------- -------- -------- --------- STACKING ON HEAP Tonnes 352,891 339,685 402,276 360,000 Grade g/t Au 1.92 3.3 2.51 2.16 ---------------- --------------- -------- -------- --------- GOLD PRODUCTION Ounces 11,268 20,211 17,406 18,165 ---------------- --------------- -------- -------- --------- Total cash cost $/oz sold 373 401 370 350 ---------------- --------------- -------- -------- --------- GROUP RESOURCES INVENTORY The Company has sought to bring all resource and reserves statements into Australian Joint Ore Reserve Committee (JORC) Code and SRK Consulting has recently completed a resources audit at Suzdal and Zherek. The figures provided below are taken from SRK's report and confirm previously published Russian standard resources. Overall attributable measured, indicated and inferred gold resources for Suzdal and Zherek are approximately two million ounces. JORC GROUP RESOURCES INVENTORY Ore Contained Tonnes Grade Gold ('000) (g/t Au) ('000 oz) ------------------------------ --------- ---------- ---------- Suzdal oxides Measured and indicated 40 16.4 23 Inferred 780 1.1 27 ------------------------- --------- ---------- ---------- Total oxides 820 1.9 50 ------------------------- --------- ---------- ---------- Suzdal sulphides Measured and indicated 750 18.7 452 Inferred 3,370 7.6 822 ------------------------- --------- ---------- ---------- Total sulphides 4,120 9.6 1,274 ------------------------- --------- ---------- ---------- Suzdal total Measured and indicated 790 18.5 475 Inferred 4,150 6.4 849 ------------------------- --------- ---------- ---------- Suzdal Total All Categories 4,940 8.3 1,324 ------------------------- --------- ---------- ---------- Zherek oxides Measured and indicated 550 2.1 37 Inferred 510 2.8 45 ------------------------- --------- ---------- ---------- Zherek sulphides Measured and Indicated Inferred 4,370 5.4 759 ------------------------- --------- ---------- ---------- Zherek Total Measured and indicated 550 2.1 37 Inferred 4,880 5.1 804 ------------------------- --------- ---------- ---------- Zherek Total All Categories 5,430 4.8 841 ------------------------- --------- ---------- ---------- Total Group 10,370 6.7 2,165 ------------------------- --------- ---------- ---------- Total Attributable 9,013 6.7 1,955 ------------------------- --------- ---------- ---------- Note: table derived from SRK audited figures as at 1 January 2006. HEALTH, SAFETY AND ENVIRONMENT The health and safety of our employees and contractors is of primary importance to the Company. We continually monitor safety procedures and train employees for the special operating conditions of gold mines and treatment plants. We comply stringently with local regulation requirements and operate our mines to International standards. THE FUTURE Celtic's management has been operating in Kazakhstan since 1990 and the Company now employs nearly 600 people at two gold mines, with offices in Semipalatinsk and Almaty. We have enjoyed a very stable investment climate in Kazakhstan and we have also earned the respect and support of local and national Governments. The Company has a strong base from which to expand its business, both in Kazakhstan and in neighbouring FSU countries. Recently, the region has attracted a number of Western gold miners and local companies have discovered the attractions of Western capital markets. We believe that many mining opportunities in Kazakhstan remain. It is a country the size of Europe, with a growing economy, a well educated and skilful workforce and stable leadership. Expansion of Suzdal and Zherek is one priority but we are actively reviewing acquisition opportunities. We are also looking east to the Tien Shan gold belt, which is the richest gold province in Asia and the second largest in the world after South Africa's Witwatersrand Basin. There are over a dozen major gold mines or developments along this belt stretching from Northern Uzbekistan to the Gobi desert in Mongolia. The largest of these is the 170 million ounce Muruntau deposit in Uzbekistan but other world class deposits such as Zarmitan, Amantaytau, Jerooy and Kumtor have also been discovered. We recognise that not every country in this region has yet shown that their legal and fiscal environments are as attractive to foreign mining companies as Kazakhstan but we believe that our long experience in Central Asia will be the key to proper risk management and give us a unique edge when assessing and negotiating acquisitions. My thanks go to all employees and contractors at Suzdal and Zherek and our offices in London, Almaty and Semipalatinsk. The Company now has growing gold production, second to none experience in the area and significant cash resources to meet our objectives. Kevin Foo Managing director 16 June 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 December 2005 2005 2004 $000 $000 ------------------------------------ ------------- -------- -------- TURNOVER FROM CONTINUING OPERATIONS 15,662 13,584 Cost of sales (9,973) (7,145) ------------------------- ------------- -------- -------- GROSS PROFIT 5,689 6,439 Administrative expenses (4,624) (4,266) Foreign currency exchange (losses)/gains (1,274) 2,809 ------------------------- -------------- ------- -------- OPERATING (LOSS)/PROFIT FROM CONTINUING OPERATIONS (209) 4,982 Profit on disposal of investments - 962 Loan interest payable (450) (374) Interest receivable 102 ------------------------- ------------- -------- -------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (263) 5,672 Taxation (1,458) (2,295) ------------------------- ------------- -------- -------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (1,721) 3,377 Minority interest (203) (581) ------------------------- ------------- -------- -------- GROUP (LOSS)/PROFIT FOR THE YEAR (1,924) 2,796 ------------------------- ------------- -------- -------- All income and expenditure arises from continuing operations. US Cents US Cents ------------------------------------- ------------- -------- -------- (Loss)/earnings per share (4.55) 7.66 Fully diluted (loss)/earnings per (4.55) 7.38 share ------------- -------- -------- ------------------------- CONSOLIDATED BALANCE SHEET as at 31 December 2005 2005 2004 $000 $000 ----------------------------- ---------- --------- FIXED ASSETS Intangible assets 24,872 20,039 Tangible assets 44,143 28,106 Financial assets 11,423 47,178 ----------------------------- ---------- --------- 80,438 95,323 ----------------------------- ---------- --------- CURRENT ASSETS Stock 5,846 7,071 Debtors 7,552 5,465 Financial assets 49,623 - Cash at bank and in hand 10,532 30,494 ----------------------------- ---------- --------- 73,553 43,030 CREDITORS (amounts falling due within one year) (19,959) (13,664) ----------------------------- ---------- --------- NET CURRENT ASSETS 53,594 29,366 CREDITORS (amounts due after more than one year) (20,183) (28,265) PROVISION FOR LIABILITIES AND CHARGES (1,766) (1,120) ----------------------------- ---------- --------- NET ASSETS 112,083 95,304 ----------------------------- ---------- --------- FINANCED BY: CAPITAL AND RESERVES Called up share capital - equity 12,564 11,310 Called up share capital - non-equity - 3,184 Capital conversion reserve 61 61 Share premium - equity 100,480 86,376 Profit and loss account - equity 11,931 7,407 Employee Benefit Trust Reserve - equity (13,562) (13,507) ----------------------------- ---------- --------- SHAREHOLDERS' FUNDS 111,474 94,831 Minority interests - equity 609 473 ----------------------------- ---------- --------- 112,083 95,304 ----------------------------- ---------- --------- CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2005 2005 2004 Notes $000 $000 ------------------------------ ------- -------- -------- NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES A 4,719 (11,059) ---------------------------------- ---- -------- -------- RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 396 102 Interest paid (3,687) (2,336) ------------------------------ ------- -------- -------- NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (3,291) (2,234) ---------------------------------- ---- -------- -------- TAXATION PAID (1,263) (1,573) ------------------------------ ------- -------- -------- CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire intangible fixed assets (11,093) (9,701) Proceeds on disposal of tangible assets 33 - Payments to acquire tangible fixed assets (14,067) (19,236) Additions to financial assets (7,710) - ------------------------------ ------- -------- -------- NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (32,837) (28,937) ------------------------------ ------- -------- -------- NET CASH OUTFLOW BEFORE FINANCING (32,672) (43,803) ------------------------------ ------- -------- -------- FINANCING Issue of ordinary share capital 12,270 42,997 Costs associated with shares issued during the year (96) - ------------------------------ ------- -------- -------- 12,174 42,997 Net increase in loans 536 23,703 ------------------------------ ------- -------- -------- NET CASH INFLOW FROM FINANCING 12,710 66,700 ------------------------------ ------- -------- -------- (DECREASE)/INCREASE IN CASH C (19,962) 22,897 ------------------------------ ------- -------- -------- NOTES FOR THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (A) RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2005 2004 $000 $000 ------------------------- --------- ---------- Operating (loss)/profit (209) 4,982 Expenses satisfied by Employee Benefit Trusts - 955 Depreciation and fixed asset write down 8,036 1,617 Decrease/(increase) in stocks 1,225 (5,171) Increase in debtors (2,087) (6,199) (Decrease)/increase in creditors (1,843) 4,856 Settled on Employee Benefit Trust (626) (10,934) Exchange movements 223 (1,165) ------------------------- --------- ---------- 4,719 (11,059) ------------------------- --------- ---------- (B) ANALYSIS OF NET FUNDS 31 December Cash 31 December flow 2004 2005 $000 $000 $000 ------------------------ --------- --------- ---------- Cash in hand and at bank 30,494 (19,962) 10,532 ------------------------ --------- --------- ---------- Loans falling due within one year (7,352) (8,270) (15,622) Loans falling due in more than one year (24,298) 7,734 (16,564) ------------------------ --------- --------- ---------- (31,650) (536) (32,186) ------------------------ --------- --------- ---------- TOTAL (1,156) (20,498) (21,654) ------------------------ --------- --------- ---------- (C) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2005 2004 $000 $000 ------------------------- --------- ---------- (Decrease)/increase in cash in the period (19,962) 22,897 Cash inflow from increase in debt (536) (23,703) Cash outflow on sale of subsidiaries - (116) Inflow from SVMC debt elimination - 11,049 Net deficit at start of year (1,156) (11,283) ------------------------- --------- ---------- Net deficit at end of year (21,654) (1,156) ------------------------- --------- ---------- This information is provided by RNS The company news service from the London Stock Exchange

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