Financial Results for year ended July 31, 2015

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy

To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.

	2015	2014
Revenue	40,886	62,110
Production costs	(28,394)	(29,684)
Operating profit before impairment	998	17,853
Provision for impairment (non-cash revaluation of assets)	(15,120)	-
(Loss)/profit before tax	(16,564)	13,503
(Loss)/profit after tax	(10,153)	9,015
(Loss)/earnings per share ($)	(0.070)	0.063
Cash & cash equivalents	4,422	9,535

	Note	2015	2014
		$'000	$'000

Revenue	4	40,886	62,110
Production costs		(28,394)	(29,684)
Depreciation and amortisation		(7,299)	(10,048)
Gross profit		5,193	22,378

Administrative expenses		(4,157)	(4,432)
Exploration expenses		(38)	(93)
Operating profit before impairment		998	17,853
Provision for impairment	12	(15,120)	-
Operating (loss)/profit after impairment	5	(14,122)	17,853
Exchange loss		(4,252)	(1,173)
Bank interest receivable		74	99
(Loss)/gain on derivative financial instruments	7	(2,052)	447
Finance costs	8	3,788	(3,723)
Net financing expense		(2,442)	(4,350)

(Loss)/profit before tax		(16,564)	13,503

Income tax credit/(charge)	9	6,411	(4,488)

(Loss)/profit for the year attributable to owners of the parent		(10,153)	9,015

	Note	2015	2014
		$	$

Basic (loss)/earnings per share	21	(0.070)	0.063

Diluted (loss)/earnings per share	21	(0.070)	0.062

	Note
		2015	2014
		$'000	$'000
Assets
Intangible assets	10	18,376	18,514
Mineral property	11	42,482	51,644
Property, plant and equipment	13	27,293	25,676
Available for sale investments	14	1,297	2,151
Deferred tax	9	8,412	1,754
Total non-current assets		97,860	99,739

Inventory	15	2,389	3,950
Trade and other receivables	16	2,078	2,120
Derivative financial asset	17	312	788
Cash and cash equivalents	18	4,422	9,535
Restricted cash	19	3,255	3,255
Total current assets		12,456	19,648
Total assets		110,316	119,387

Equity
Issued capital	20	2,628	2,628
Share premium		75,505	75,505
Merger reserve		214	214
Translation reserve		536	316
Fair value reserve		(175)	206
Retained profits		(1,492)	8,539
Total equity		77,216	87,408

Liabilities
Interest-bearing loans and borrowings	23	16,612	20,242
Provision	24	1,692	1,903
Total non-current liabilities		18,304	22,145

Interest-bearing loans and borrowings	23	7,911	5,300
Trade and other payables	22	6,885	4,534
Total current liabilities		14,796	9,834
Total liabilities		33,100	31,979
Total equity and liabilities		110,316	119,387

	2015	2014
	$'000	$'000
Cash flows from operating activities
Operating (loss)/profit	(14,122)	17,853
Depreciation	7,915	10,143
Gain on disposal of property, plant and equipment	(524)	-
Provision for impairment	15,120	-
Share based payments	122	262
Foreign exchange difference	(356)	(172)
Decrease/(increase) in inventory	1,561	(577)
Decrease/(increase) in debtors	42	(1,024)
(Increase)/decrease in derivative financial instruments	(1,576)	298
(Decrease)/increase in creditors	2,349	(1,206)
Cash generated from operations	10,531	25,577
Interest paid	(454)	(822)
Net cash generated from operating activities	10,077	24,755

Cash flows from investing activities
Interest received	74	98
Redemption of bearer deposit note	-	6
Acquisition of listed investment	(375)	(629)
Acquisition of evaluation and exploration assets	(4,053)	(746)
Acquisition of Mineral property - net	(5,615)	(6,683)
Acquisition of property, plant and equipment	(2,849)	(1,972)
Disposal of property, plant and equipment	609	-
Net cash utilised in investing activities	(12,209)	(9,926)

Cash flows from financing activities
Proceeds from exercise of share options	-	7
Loans received	2,452	-
Repayment of Gold Loan (note 23)	(2,273)	(2,402)
Repayment of Credit Facility	-	(5,900)
Capital element of finance lease payments	(3,179)	(2,582)
Net cash utilised in financing activities	(3,000)	(10,877)

Net increase in cash and cash equivalents	(5,132)	3,952
Cash and cash equivalents at beginning of period	9,535	5,566
Effect of exchange rate fluctuations on cash held	19	17
Cash and cash equivalents at end of period	4,422	9,535

Companies

UK 100

Latest directors dealings