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| CI Canadian Banks Coverd Call Income Class ETF | TSX:CIC | Toronto | Exchange Traded Fund |
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Hot Features
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SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi" or the "Company")
announced today a summary of information on Unaudited Third Quarter 2013 and
Unaudited Year to Date September 30, 2013 Financial Results and selected
unaudited restated financial information for 2010, 2011, 2012, and First Half
2013 financial results. All figures are in U.S. Dollars unless otherwise stated.
Summary of information on third quarter 2013 and year to date September 30,
2013 Financial Results
(Unaudited, restated)
(Expressed in thousands of U.S. Dollars unless otherwise stated)
Three Three Nine Nine
months months months months
ended ended ended ended
-------------- ------------ ------------ ------------
September September
September 30, 2012 September 30, 2012
30, 2013 (restated) 30, 2013 (restated)
-------------- ------------ ------------ ------------
Raw coal production
(millions of 1.13 - 1.32 1.33
tonnes)
Coal sales (millions
of tonnes) 0.94 0.32 1.54 1.96
Average realized
selling price (per
tonne) $ 22.05 $ 16.98 $ 23.08 $ 47.48
Revenue $ 15,652 $ 3,804 $ 26,179 $ 76,875
Cost of sales (33,486) (31,454) (72,268) (95,178)
Other operating
expenses (1,003) (18,315) (16,358) (22,362)
Net loss (41,928) (46,413) (98,733) (40,938)
Basic loss $ (0.23) $ (0.26) $ (0.54) $ (0.23)
December
September 31, 2012
30, 2013 (restated)
-------------- ------------
Trade and other
receivables $ 7,683 $ 3,292
Inventories 48,540 59,735
Deferred revenue 8,395 8,181
Update on restatement
On November 8, 2013, the Company's board of directors decided to restate the
Company's financial statements for 2011 and 2012, and consequently its
comparative interim financial statements (the "Interim Statements") for 2013 and
the related Management's Discussion and Analysis ("MD&A") (collectively, the
"Restated Financials"). The selected unaudited restated financial information
and information on third quarter 2013 and year to date September 30, 2013
contained in this press release were reviewed by the Company's Audit Committee
and Board of Directors and approved on November 10, 2013.
The restatement follows a review by the Company of its prior revenue recognition
practices for its coal sales contracts entered into in the fourth quarter of
2010, full year 2011 and in the first half of 2012 and related delivery of coal
under those sales contracts during the periods commencing in the fourth quarter
of 2010 through to the present. The revenue restatement only affects the
contracted coal not collected by the customers at each period end. This review
has been conducted in consultation with PricewaterhouseCoopers LLP ("PwC"), the
Company's current auditors, and Deloitte LLP ("Deloitte"), the Company's
auditors during the 2010 and 2011 fiscal years.
The Company adopted new terms in its sales contracts starting in the second half
of 2012 such that title transfers on these new contracts when coal is loaded
onto the customer's trucks which results in a later point of revenue recognition
for all its sales starting from the second half of 2012.
Summary of key impacts following restatement
(Unaudited)
(Expressed in thousands of U.S. Dollars unless otherwise stated)
Six months ended
------------------------------------------------------
June 30, 2013
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ---------------- ----------------
Raw coal production
(millions of
tonnes) 0.19 - 0.19
Coal sales (millions
of tonnes) 0.12 0.48 0.60
Average realized
selling price (per
tonne) $ 34.62 $ (9.92) $ 24.70
Revenue $ 3,633 $ 6,894 $ 10,527
Cost of sales (34,327) (4,457) (38,784)
Other operating
expenses (15,260) (95) (15,355)
Net income/(loss) (58,564) 1,756 (56,808)
Basic income/(loss)
per share $ (0.32) $ 0.01 $ (0.31)
------------------------------------------------------
June 30, 2013
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ---------------- ----------------
Trade and other
receivables $ 7,947 $ (3,764) $ 4,183
Inventories 45,872 1,617 47,489
Deferred revenue - 7,932 7,932
Year ended
------------------------------------------------------
December 31, 2012
------------------------------------------------------
As previously
reported Adjustment Restated
------------------------------------------------------
Raw coal production
(millions of
tonnes) 1.33 - 1.33
Coal sales (millions
of tonnes) 1.33 0.65 1.98
Average realized
selling price (per
tonne) $ 47.76 $ (0.27) $ 47.49
Revenue $ 53,116 $ 24,945 $ 78,061
Cost of sales $ (97,118) $ (30,289) $ (127,407)
Other operating
expenses (54,345) 12,700 (41,645)
Net income/(loss) (103,019) 5,517 (97,502)
Basic income/(loss)
per share $ (0.57) $ 0.03 $ (0.54)
------------------------------------------------------
December 31, 2012
------------------------------------------------------
As previously
reported Adjustment Restated
------------------------------------------------------
Trade and other
receivables $ 17,430 $ (14,138) $ 3,292
Inventories 53,661 6,074 59,735
Deferred revenue - 8,181 8,181
Year ended
------------------------------------------------------
December 31, 2011
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ---------------- ----------------
Raw coal production
(millions of
tonnes) 4.57 - 4.57
Coal sales (millions
of tonnes) 4.02 (0.93) 3.09
Average realized
selling price (per
tonne) $ 54.03 $ (3.39) $ 50.64
Revenue $ 179,049 $ (48,293) $ 130,756
Cost of sales $ (127,343) $ 35,165 $ (92,178)
Other operating
expenses (29,189) 872 (28,317)
Net income/(loss) 57,745 (9,192) 48,553
Basic income/(loss)
per share $ 0.32 $ (0.08) $ 0.24
------------------------------------------------------
December 31, 2011
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ---------------- ----------------
Trade and other
receivables $ 80,285 $ (64,051) $ 16,234
Inventories 52,443 52,418 104,861
Deferred revenue - 17,653 17,653
Year ended
------------------------------------------------------
December 31, 2010
------------------------------------------------------
As previously
reported Adjustment Restated
------------------------------------------------------
Raw coal production
(millions of
tonnes) 2.79 - 2.79
Coal sales (millions
of tonnes) 2.54 (0.81) 1.73
Average realized
selling price (per
tonne) $ 34.61 $ 3.63 $ 38.24
Revenue $ 79,777 $ (19,365) $ 60,412
Cost of sales $ (69,904) $ 17,253 $ (52,651)
Other operating
expenses (12,643) 218 (12,425)
Net income/(loss) (116,195) (1,421) (117,616)
Basic income/(loss)
per share $ (0.66) $ (0.01) $ (0.67)
------------------------------------------------------
December 31, 2010
------------------------------------------------------
As previously
reported Adjustment Restated
------------------------------------------------------
Trade and other
receivables $ 30,246 $ (10,911) $ 19,335
Inventories 26,160 17,253 43,413
Deferred revenue - 10,827 10,827
Following the change in revenue recognition practices, revenues from coal sales
contracts are recognized in later periods than previously reported and some
revenue remains to be reported in periods after September 30, 2013 as not all
contracted coal has been collected by customers. This change results in lower
revenues and cost of sales in 2010 and 2011 followed by higher revenues and cost
of sales in 2012 and year to date September 30, 2013.
The adjustments to other operating expenses in each applicable period primarily
result from the reversal of provisions for doubtful trade and other receivables
in those periods.
The impact on the net income/(loss) for the restated periods follows from the
restated revenues, net of cost of sales and adjustments to other operating
expenses. The net loss for the year 2010 increases, the net income for the year
2011 decreases and the net loss for the year 2012 decreases. The net loss for
the six month period ending June 30, 2013 is also lower than previously
reported.
During the periods from 2010 to September 30, 2013, trade and other receivables
have been adjusted lower and deferred revenue recognized to reflect revenue
being recorded in later periods than previously reported. The inventory balance
increased over the same period to reflect higher coal inventory stockpile
balances. Prepaid expenses also increased, with a corresponding decrease in
trade and other payables, as coal sales royalty expenses were recognized in
later periods than previously reported.
Effects of the restatements on previously filed Statements of Cash Flows
The restatements do not result in a change in cash at the end of any period. The
statement of cash flows as reported does not change except for the
reclassification of various items within operating activities. Financing
activities, investing activities, change in cash, cash at beginning of period
and cash at the end of period remain unchanged from previously filed financial
statements.
Timeline going forward
The Company expects that it will be in a position to complete on or before
November 14, 2013 the filing of its Interim Statements for the three and nine
month periods ended September 30, 2013 and the related MD&A and certifications
by the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO")
(collectively, the "Required Filings") in compliance with National Instrument
51-102 ("NI 51-102") of the Canadian Securities Administrators.
The Company is working expeditiously with PwC and Deloitte in order to file the
full set of audited restated consolidated financial statements and MD&A as at
and for the years ended December 31, 2012 and 2011 comprising the Restated
Financials. The Restated Financials are expected to be available on or before
December 13, 2013.
Notwithstanding the foregoing, if required, the Company will be applying to the
British Columbia Securities Commission (the "Principal Regulator") pursuant to
Part 4 of National Policy 12-203 ("NP 12-203") for a Management Cease Trade
Order ("MCTO") in connection with any late filing of the Required Filings and
the Restated Financials. If issued, the MCTO will prohibit trading in securities
of the Company, whether direct or indirect, by the Company's CEO, CFO and board
of directors or other persons or companies who had, or may have had, access
directly or indirectly to any material fact or material change with respect to
the Company that has not been generally disclosed. There can be no assurance
that an MCTO will be issued.
If an MCTO is not issued, the Principal Regulator can impose a general cease
trade order ceasing all trading in securities of the Company for such period of
time as the Principal Regulator may deem appropriate.
While the Company expects to file the Required Filings on or before November 14,
2013 in compliance with NI 51-102 and the Restated Financials as soon as
possible, any delay in filing the Required Filings, or the Restated Financials,
could ultimately result in an event of default of the Company's convertible
debenture held by China Investment Corporation ("CIC"), which if not cured
within applicable cure periods in accordance with the terms of such debenture,
may result in the principal amount owing and all accrued and unpaid interest
becoming immediately due and payable upon notice to the Company by CIC.
Selected information on third quarter and year to date September 2013 and
the effects of the restatements on previously filed Condensed Consolidated
Statement of Comprehensive Income
(Unaudited)
(Expressed in thousands of U.S. Dollars, except for share and per share
amounts)
Three months Nine months
ended ended
------------------ ----------------
September 30, September 30,
2013 2013
------------------ ----------------
Raw coal production
(millions of
tonnes) 1.13 1.32
Coal sales (millions
of tonnes) 0.94 1.54
Revenue $ 15,652 $ 26,179
Cost of sales (33,486) (72,268)
------------------ ----------------
Gross profit/(loss) (17,834) (46,090)
Other operating
expenses (1,003) (16,358)
Administration
expenses (4,204) (11,958)
Evaluation and
exploration
expenses (186) (680)
------------------ ----------------
Loss from operations (23,227) (75,086)
Finance costs (5,382) (15,991)
Finance income 124 4,259
Share of
earnings/(loss) of
joint venture (66) (39)
------------------ ----------------
Income/ (loss)
before tax (28,551) (86,857)
Current income tax
expense - (1)
Deferred income tax
recovery/(expense) (13,377) (11,875)
------------------ ----------------
Net income/(loss)
attributable to
equity holders of
the Company (41,928) (98,733)
Other comprehensive
income/(loss) 1,261 1,261
------------------ ----------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (40,667) $ (97,472)
Basic income/(loss)
per share $ (0.23) $ (0.54)
Diluted
income/(loss) per
share $ (0.23) $ (0.54)
Three months ended
September 30, 2012
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ----------------------------------
Raw coal production
(millions of
tonnes) - - -
Coal sales (millions
of tonnes) 0.31 0.01 0.32
Revenue $ 3,337 $ 467 $ 3,804
Cost of sales (30,869) (585) (31,454)
------------------ ----------------------------------
Gross profit/(loss) (27,532) (118) (27,650)
Other operating
expenses (29,301) 10,986 (18,315)
Administration
expenses (5,178) - (5,178)
Evaluation and
exploration
expenses (958) - (958)
------------------ ----------------------------------
Loss from operations (62,969) 10,868 (52,101)
Finance costs (5,164) - (5,164)
Finance income 12,947 - 12,947
Share of
earnings/(loss) of
joint venture 288 - 288
------------------ ----------------------------------
Income/ (loss)
before tax (54,898) 10,868 (44,030)
Current income tax
expense 859 - 859
Deferred income tax
recovery/(expense) (525) (2,717) (3,242)
------------------ ----------------------------------
Net income/(loss)
attributable to
equity holders of
the Company (54,564) 8,151 (46,413)
Other comprehensive
income/(loss) 8,950 - 8,950
------------------ ----------------------------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (45,614) $ 8,151 $ (37,463)
Basic income/(loss)
per share $ (0.30) $ 0.04 $ (0.26)
Diluted
income/(loss) per
share $ (0.30) $ 0.04 $ (0.26)
Nine months ended
September 30, 2012
----------------------------------------------------
As previously
reported Adjustment Restated
----------------------------------------------------
Raw coal production
(millions of
tonnes) 1.33 - 1.33
Coal sales (millions
of tonnes) 1.31 0.65 1.96
Revenue $ 51,902 $ 24,973 $ 76,875
Cost of sales (70,569) (24,609) (95,178)
----------------------------------------------------
Gross profit/(loss) (18,667) 364 (18,303)
Other operating
expenses (35,682) 13,320 (22,362)
Administration
expenses (18,557) - (18,557)
Evaluation and
exploration
expenses (8,090) - (8,090)
----------------------------------------------------
Loss from operations (80,996) 13,684 (67,312)
Finance costs (9,846) - (9,846)
Finance income 39,236 - 39,236
Share of
earnings/(loss) of
joint venture 492 - 492
----------------------------------------------------
Income/ (loss)
before tax (51,113) 13,684 (37,429)
Current income tax
expense (268) - (268)
Deferred income tax
recovery/(expense) 180 (3,421) (3,241)
----------------------------------------------------
Net income/(loss)
attributable to
equity holders of
the Company (51,201) 10,263 (40,938)
Other comprehensive
income/(loss) (16,559) - (16,559)
----------------------------------------------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (67,760) $ 10,263 $ (57,497)
Basic income/(loss)
per share $ (0.28) $ 0.05 $ (0.23)
Diluted
income/(loss) per
share $ (0.40) $ 0.05 $ (0.35)
---------------------------------------------------
Three months ended
June 30, 2013
---------------------------------------------------
As previously
reported Adjustment Restated
--------------- --------------- ---------------
Raw coal production
(millions of
tonnes) 0.17 - 0.17
Coal sales (millions
of tonnes) 0.04 0.29 0.33
Revenue $ 374 $ 5,755 $ 6,129
Cost of sales (12,466) (5,011) (17,477)
------------------ ---------------- ----------------
Gross profit/(loss) (12,092) 744 (11,348)
Other operating
expenses (14,877) (48) (14,925)
Administration
expenses (4,024) - (4,024)
Evaluation and
exploration
expenses (221) - (221)
------------------ ---------------- ----------------
Loss from operations (31,214) 696 (30,518)
Finance costs (5,617) - (5,617)
Finance income 3,366 - 3,366
Share of
earnings/(loss) of
joint venture 44 - 44
------------------ ---------------- ----------------
Income/ (loss)
before tax (33,421) 696 (32,725)
Current income tax
expense - - -
Deferred income tax
recovery/(expense) (241) (174) (415)
------------------ ---------------- ----------------
Net income/(loss)
attributable to
equity holders of
the Company (33,662) 522 (33,140)
Other comprehensive
income/(loss) (930) - (930)
------------------ ---------------- ----------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (34,592) $ 522 $ (34,070)
Basic income/(loss)
per share $ (0.18) $ - $ (0.18)
Diluted
income/(loss) per
share $ (0.18) $ - $ (0.18)
---------------------------------------------------
Six months ended
June 30, 2013
---------------------------------------------------
As previously
reported Adjustment Restated
--------------- --------------- ---------------
Raw coal production
(millions of
tonnes) 0.19 - 0.19
Coal sales (millions
of tonnes) 0.12 0.48 0.60
Revenue $ 3,633 $ 6,894 $ 10,527
Cost of sales (34,327) (4,457) (38,784)
---------------- ---------------- ----------------
Gross profit/(loss) (30,694) 2,437 (28,257)
Other operating
expenses (15,260) (95) (15,355)
Administration
expenses (7,757) - (7,757)
Evaluation and
exploration
expenses (494) - (494)
---------------- ---------------- ----------------
Loss from operations (54,205) 2,342 (51,863)
Finance costs (10,608) - (10,608)
Finance income 4,136 - 4,136
Share of
earnings/(loss) of
joint venture 27 - 27
---------------- ---------------- ----------------
Income/ (loss)
before tax (60,650) 2,342 (58,308)
Current income tax
expense (1) - (1)
Deferred income tax
recovery/(expense) 2,087 (586) 1,501
---------------- ---------------- ----------------
Net income/(loss)
attributable to
equity holders of
the Company (58,564) 1,756 (56,808)
Other comprehensive
income/(loss) - - -
---------------- ---------------- ----------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (58,564) $ 1,756 $ (56,808)
Basic income/(loss)
per share $ (0.32) $ 0.01 $ (0.31)
Diluted
income/(loss) per
share $ (0.32) $ 0.01 $ (0.31)
Year ended
------------------------------------------------------
December 31, 2012
------------------------------------------------------
As previously
reported Adjustment Restated
------------------ ---------------- ----------------
Raw coal production
(millions of
tonnes) 1.33 - 1.33
Coal sales (millions
of tonnes) 1.33 0.65 1.98
Revenue $ 53,116 $ 24,945 $ 78,061
Cost of sales (97,118) (30,289) (127,407)
------------------ ----------------------------------
Gross profit/(loss) (44,002) (5,344) (49,346)
Other operating
expenses (54,345) 12,700 (41,645)
Administration
expenses (24,637) - (24,637)
Evaluation and
exploration
expenses (8,598) - (8,598)
------------------ ----------------------------------
Loss from operations (131,582) 7,356 (124,226)
Finance costs (15,385) - (15,385)
Finance income 39,942 - 39,942
Share of
earnings/(loss) of
joint venture 635 - 635
------------------ ----------------------------------
Income/ (loss)
before tax (106,390) 7,356 (99,034)
Current income tax
expense (354) - (354)
Deferred income tax
recovery/(expense) 3,725 (1,839) 1,886
------------------ ----------------------------------
Net income/(loss)
attributable to
equity holders of
the Company (103,019) 5,517 (97,502)
Other comprehensive
income/(loss) (16,559) - (16,559)
------------------ ----------------------------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (119,578) $ 5,517 $ (114,061)
Basic income/(loss)
per share $ (0.57) $ 0.03 $ (0.54)
Diluted
income/(loss) per
share $ (0.63) $ 0.03 $ (0.60)
Year ended
----------------------------------------------------
December 31, 2011
----------------------------------------------------
As previously
reported Adjustment Restated
---------------- ---------------- ----------------
Raw coal production
(millions of
tonnes) 4.57 - 4.57
Coal sales (millions
of tonnes) 4.02 (0.93) 3.09
Revenue $ 179,049 $ (48,293) $ 130,756
Cost of sales (127,343) 35,165 (92,178)
---------------- ---------------- ----------------
Gross profit/(loss) 51,706 (13,128) 38,578
Other operating
expenses (29,189) 872 (28,317)
Administration
expenses (28,749) - (28,749)
Evaluation and
exploration
expenses (31,768) - (31,768)
---------------- ---------------- ----------------
Loss from operations (38,000) (12,256) (50,256)
Finance costs (12,765) - (12,765)
Finance income 107,732 - 107,732
Share of
earnings/(loss) of
joint venture - - -
---------------- ---------------- ----------------
Income/ (loss)
before tax 56,967 (12,256) 44,711
Current income tax
expense (7,340) - (7,340)
Deferred income tax
recovery/(expense) 8,118 3,064 11,182
---------------- ---------------- ----------------
Net income/(loss)
attributable to
equity holders of
the Company 57,745 (9,192) 48,553
Other comprehensive
income/(loss) (11,202) - (11,202)
---------------- ---------------- ----------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ 46,543 $ (9,192) $ 37,351
Basic income/(loss)
per share $ 0.32 $ (0.08) $ 0.24
Diluted
income/(loss) per
share $ (0.19) $ (0.07) $ (0.26)
Year ended
----------------------------------------------------
December 31, 2010
----------------------------------------------------
As previously
reported Adjustment Restated
---------------- ---------------- ----------------
Raw coal production
(millions of
tonnes) 2.79 - 2.79
Coal sales (millions
of tonnes) 2.54 (0.81) 1.73
Revenue $ 79,777 $ (19,365) $ 60,412
Cost of sales (69,904) 17,253 (52,651)
---------------- ---------------- ----------------
Gross profit/(loss) 9,873 (2,112) 7,761
Other operating
expenses (12,643) 218 (12,425)
Administration
expenses (25,438) - (25,438)
Evaluation and
exploration
expenses (18,769) - (18,769)
---------------- ---------------- ----------------
Loss from operations (46,977) (1,894) (48,871)
Finance costs (175,855) - (175,855)
Finance income 103,948 - 103,948
Share of
earnings/(loss) of
joint venture - - -
---------------- ---------------- ----------------
Income/ (loss)
before tax (118,884) (1,894) (120,778)
Current income tax
expense (1,806) - (1,806)
Deferred income tax
recovery/(expense) 4,495 473 4,968
---------------- ---------------- ----------------
Net income/(loss)
attributable to
equity holders of
the Company (116,195) (1,421) (117,616)
Other comprehensive
income/(loss) 27,761 - 27,761
---------------- ---------------- ----------------
Net comprehensive
income/(loss)
attributable to
equity holders of
the Company $ (88,434) $ (1,421) $ (89,855)
Basic income/(loss)
per share $ (0.66) $ (0.01) $ (0.67)
Diluted
income/(loss) per
share $ (0.66) $ (0.01) $ (0.67)
Selected information on third quarter and year to date September 2013 and
the effects of the restatements on previously filed Statement of Financial
Position
(Unaudited)
(Expressed in thousands of U.S. Dollars)
As at As at
--------------- ------------------------------------------
June 30, 2013
------------------------------------------
September 30, As
2013 previously
reported Adjustment Restated
--------------- ------------- ---------------------------
ASSETS
Current assets
Trade and other
receivables $ 7,683 $ 7,947 $ (3,764) $ 4,183
Inventories 48,540 45,872 1,617 47,489
Prepaid expenses
and deposits 32,194 33,467 5,431 38,898
Total current
assets 104,487 106,457 3,285 109,742
Non-current
assets
Deferred income
tax assets 13,107 25,372 1,113 26,485
Total non-current
assets 542,764 572,711 1,173 573,884
Total assets $ 647,251 $ 679,228 $ 4,398 $ 683,626
EQUITY AND
LIABILITIES
Current
liabilities
Trade and other
payables $ 18,938 $ 16,184 $ 194 $ 15,990
Deferred revenue 8,395 - 7,932 7,932
Total current
liabilities 36,659 28,462 7,737 36,199
Total non-current
liabilities 99,833 100,037 - 100,037
Total liabilities 136,492 128,499 7,737 136,236
Equity
Accumulated
deficit (605,764) (560,498) (3,339) (563,837)
Total equity 510,759 550,729 (3,339) 547,390
Total equity and
liabilities $ 647,251 $ 679,228 $ 4,398 $ 683,626
Net current
assets $ 67,828 $ 77,995 $ (4,452) $ 73,543
Total assets less
current
liabilities $ 610,592 $ 650,766 $ (3,339) $ 647,427
As at
-----------------------------------------
December 31, 2012
-----------------------------------------
As
previously
reported Adjustment Restated
------------ ------------- ------------
ASSETS
Current assets
Trade and other
receivables $ 17,430 $ (14,138) $ 3,292
Inventories 53,661 6,074 59,735
Prepaid expenses
and deposits 37,982 9,450 47,432
Total current
assets 143,747 1,387 145,134
Non-current
assets
Deferred income
tax assets 23,285 1,699 24,984
Total non-current
assets 585,620 1,699 587,319
Total assets $ 729,367 $ 3,085 $ 732,452
EQUITY AND
LIABILITIES
Current
liabilities
Trade and other
payables $ 10,216 $ - $ 10,216
Deferred revenue - 8,181 8,181
Total current
liabilities 16,517 8,181 24,698
Total non-current
liabilities 103,771 - 103,771
Total liabilities 120,288 8,181 128,469
Equity
Accumulated
deficit (501,934) (5,096) (507,030)
Total equity 609,079 (5,096) 603,983
Total equity and
liabilities $ 729,367 $ 3,085 $ 732,452
Net current
assets $ 127,230 $ (6,794) $ 120,436
Total assets less
current
liabilities $ 712,850 $ (5,096) $ 707,754
As at
------------------------------------------------------
December 31, 2011
------------------------------------------------------
As
previously
reported Adjustment Restated
------------------ ---------------- ----------------
ASSETS
Current assets
Trade and other
receivables $ 80,285 $ (64,051) $ 16,234
Inventories 52,443 52,418 104,861
Prepaid expenses and
deposits 38,308 6,453 44,761
Total current assets 294,603 (5,181) 289,422
Non-current assets
Deferred income tax
assets 19,560 3,538 23,098
Total non-current
assets 625,720 3,538 629,258
Total assets $ 920,323 $ (1,643) $ 918,680
EQUITY AND LIABILITIES
Current liabilities
Trade and other
payables $ 52,235 $ (8,683) $ 43,552
Deferred revenue - 17,653 17,653
Total current
liabilities 58,536 8,970 67,506
Total non-current
liabilities 145,607 - 145,607
Total liabilities 204,143 8,970 213,113
Equity
Accumulated deficit (398,820) (10,613) (409,433)
Total equity 716,180 (10,613) 705,567
Total equity and
liabilities $ 920,323 $ (1,643) $ 918,680
Net current assets $ 236,067 $ (14,151) $ 221,916
Total assets less
current liabilities $ 861,787 $ (10,613) $ 851,174
As at
----------------------------------------------------
December 31, 2010
----------------------------------------------------
As
previously
reported Adjustment Restated
---------------- ---------------- ----------------
ASSETS
Current assets
Trade and other
receivables $ 30,246 $ (10,911) $ 19,335
Inventories 26,160 17,253 43,413
Prepaid expenses and
deposits 10,264 - 10,264
Total current assets 576,237 6,342 582,579
Non-current assets
Deferred income tax
assets 11,442 473 11,915
Total non-current
assets 385,867 473 386,340
Total assets $ 961,866 $ 6,816 $ 968,682
EQUITY AND LIABILITIES
Current liabilities
Trade and other
payables $ 24,137 $ (2,591) $ 21,546
Deferred revenue - 10,827 10,827
Total current
liabilities 30,449 8,236 38,685
Total non-current
liabilities 252,527 - 252,527
Total liabilities 282,976 8,236 291,212
Equity
Accumulated deficit (442,791) (1,420) (444,211)
Total equity 678,890 (1,420) 677,470
Total equity and
liabilities $ 961,866 $ 6,816 $ 968,682
Net current assets $ 545,788 $ (1,894) $ 543,894
Total assets less
current liabilities $ 931,417 $ (1,420) $ 929,997
About SouthGobi Resources
SouthGobi is listed on the Toronto and Hong Kong stock exchanges, in which
Turquoise Hill Resources Ltd. ("Turquoise Hill"), also publicly listed in
Toronto and New York, has a 57% shareholding. Turquoise Hill took management
control of SouthGobi in September 2012 and made changes to the board and senior
management. Rio Tinto has a majority shareholding in Turquoise Hill.
SouthGobi is focused on exploration and development of its metallurgical and
thermal coal deposits in Mongolia's South Gobi Region. It has a 100%
shareholding in SouthGobi Sands LLC, Mongolian registered company that holds the
mining and exploration licences in Mongolia and operates the flagship Ovoot
Tolgoi coal mine. Ovoot Tolgoi produces and sells coal to customers in China.
Forward-Looking Statements: This document includes forward-looking statements.
Forward-looking statements include, but are not limited to, the respective
timing of the filing of the Required Filings and the Restated Financials; the
full impact of the revised revenue recognition practices on the financial
statements subject to restatement; implications of financial statement
restatements or delay in Required Filings with respect to the Company's existing
contractual covenants; and other statements that are not historical facts. When
used in this document, the words such as "plan," "estimate," "expect," "intend,"
"may," "likely" and similar expressions are forward-looking statements. Although
SouthGobi believes that the expectations reflected in these forward-looking
statements are reasonable, such statements involve risks and uncertainties and
no assurance can be given that actual results will be consistent with these
forward-looking statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under the heading
"Risk Factors" in SouthGobi's Management Discussion and Analysis of Financial
Condition and Results of Operations for the year ended December 31, 2012 which
is available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investors Relations
Galina Rogova
Office: +852-2839-9208
Email: galina.rogova@southgobi.com
Media Relations
Altanbagana Bayarsaikhan
Office: +976 70070710
Email: altanbagana.bayarsaikhan@southgobi.com
Website: www.southgobi.com
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