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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Altyngold Plc | LSE:ALTN | London | Ordinary Share | GB00BMH19X50 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9.50 | -7.12% | 124.00 | 123.00 | 134.00 | 124.00 | 124.00 | 124.00 | 12,434 | 11:11:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 62.04M | 13.23M | 0.4841 | 2.56 | 33.89M |
From Apr 2019 to Apr 2024
TIDMALTN
Altyn Plc ("Altyn" or the "Company"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2020.
There has been a significant improvement in the current period with the impetus given by the introduction of the new equipment, in Q2 2020, increasing production and accelerating future mine development. The positive benefits of the introduction of the new equipment is continuing in to the second half of the year. This in addition to a favourable exchange rate, cost savings and higher gold price has resulted in a profit in the current period.
Highlights:
Mine development
Hot Features
Premium
-- Ore was mined in the period from several ore bodies at different depths,
including ore bodies 1, 2, 5, 6, 8 and11.
-- A number of ore bodies have been prepared for production in H2 2020, ore
bodies 1,10, 11 and 14.
-- Extensive capital development completed in the period lowering transport
decline 1 to +178masl and transport decline 2 to +163masl.
-- A significant level of maintenance was carried out on grinding mills 1
and 2, and a fine crusher added to the production line, in addition
maintenance was carried out on the sorption tanks and other parts of the
processing plant.
-- Exploration continued at both Sekisovskoye and Teren-Sai, involving
extensive drilling and core sampling to delineate the ore bodies and
provide further detailed information in relation to the geology of the
area.
Production
-- Ore extracted in the period was 235,324t (H1 2019: 99,000t), the current
monthly run rate is circa 45,000t-50,000t.
-- Gold recovery averaged 79.8% during the 6 month period (H1 2019: 81.53%).
-- H1 2020 gold production from Sekisovskoye was 6,990oz, compared with H1
2019 of 5,561 oz. The level of production in the period was affected by
the scheduled process plant maintenance which was largely completed in H1
2020.
-- The actual milled ore was 186,966t (H1 2019: 114,000t), in the current
period.
Financial
-- The turnover has increased to US$11.5m (H1 2019: US$7.2m). The gold price
achieved averaged US$1,693oz during the period (H1 2019: US$1,308oz).
-- The Company made an operating profit of US$3.9m (H1 2019: profit of
US$1.3m), with a net profit before taxation of US$1.0m (H1 2019: loss of
US$0.6m).
-- The total cash cost of production was US$926oz (H1 2019: US$1,015oz).
-- EBITDA achieved was positive at US$5m (H1 2019: US$1.5m).
-- During the period cash funding was raised from the Company's existing
facility with Bank Center Credit of US$7m and a further placing of the
bonds on the Astana Stock Exchange of US$6.9m (net of expenses).
-- Cash flow from operating activities was positive at US$1.3m, (H1 2019:
US$0.4m)
-- Cash balances at 30 June 2020 were US$7.9m.
-- Freedom finance JSC have given notice that they will take up the share
options issued to them resulting in an additional 154,028.981 shares
being issued at a consideration of US$1.5m.
Aidar Assaubayev, CEO of Altyn Plc commented:
"With the required capital in place we are pleased that the Company is progressing its plans of increasing production and realising the full potential of the gold targets. With the potential of Teren-Sai and the increased production from the existing mine, the future looks positive for the Company and its shareholders
In relation to COVID -19, the Company has complied with all government directives and has been sensitive to the needs and support required by its employees, currently there has been no negative impacts on the Group's trading but the Board will keep this risk area under review ".
For further information please contact:
Altyn PLC
For further information please contact:
Rajinder Basra, CFO +44 (0) 207 932 2456
Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company, which is listed on the main market segment of the London Stock Exchange. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
To read more about Altyn Plc please visit our website www.altyn.uk
H1 2020 Review
Mine development
Sekisovskoye
The key asset of the Company is the Sekisovskoye mining site and the sub-soil use contract has been extended until 2030.
During the period the Company mined ore bodies 5, 6 and 8 at +200 metres above sea level (masl), ore body 11 at +187masl, ore body 2 at +320masl and ore body 1 at +370masl. In addition to mining the ore, the Company prepared a number of the ore bodies for production. These ranged from ore bodies 1 and 10 at +303masl, to ore body 11 at +174masl.
In the first half of 2020, the company also continued its capital investment in developing and expanding the mine.
The key developments in the period were as follows:
-- increase the transport decline 1: from level +183masl to level +163masl,
-- increase the transport decline 2: from level +200masl to level +178masl,
-- develop the ventilation raise from level +180masl to level + 200masl,
-- create an underground chamber for the Korfmann ventilation unit at the level +330masl.
In addition to the above there were also a number of other smaller development projects completed in order to raise production in H2 2020.
In relation to the Company's exploration program, the following ore bodies were the subject of extensive drilling and investigation ore bodies 3, 5 and 8 from level +210masl to 150masl, and ore body 10 from +300masl to +250masl. This entailed the drilling and sampling of 6,630rm. As a result of the exploratory drilling, ore bodies have been better defined and local mining projects developed for future production.
The maintenance at the mine which is an ongoing process is outlined below, the management try to spread this over the course of the year. Inevitably as in the current period there is sometimes disruption to production schedules, however the major refurbishments have now been finalised in H1 2020.
Teren-Sai
In relation to Teren-Sai the Company has concentrated its efforts on two locations within the extensive licence area, known as Area No.2 and Area No.3.
In Area No.2 the Company has continued exploration works and conducted 2,065rm of core drilling, and also conducted pneumatic drilling of the site. The Company has now clarified the morphology of the ore body and prepared preliminary plans to develop the site for mining. This target will initially be mined as an open pit operation, progressing to underground operations.
In Area No.3 the prospecting and exploration core drilling amounted to 3,200rm. This has resulted in a much greater understanding of the geology and structure of the ore bodies. Further drilling and exploration is planned for this area in H2 2020, there are a number of promising targets that are emerging.
The current plan as outlined in the 2019 Annual Report is to operate both open pit and underground mining operations at Teren-Sai Area No. 2. The Company is in the process of reviewing and updating its operational plans based on the drilling and exploration information that it has obtained. The Company currently plans to prepare the site for production in 2020/2021 and commence production in 2022.
H1 2020 Operational Overview -- Sekisovskoye
Underground mine H1 2020 H1 2019 Ore extracted tons 235,724 98,725 Gold grade g/t 1.49 2.09 Silver grade g/t 1.10 1.77 Mineral processing H1 2020 H1 2019 Milling tons 186,966 113,669 Gold grade g/t 1.53 1.89 Silver grade g/t 1.05 1.67 Gold recovery % 79.79% 81.53% Silver recovery % 72.88% 70.01% Gold produced ounces 6,990 5,561 Silver produced ounces 4,555 4,111
During the period the ore extracted was at an average rate of 39,000t a month, this has been increasing steadily as the new equipment has come on stream, the current monthly run rate is circa 45,000t-50,000t. In the September the Company is expecting to receive an additional excavator -- Volvo EC300DL which is expected to further increase ore extraction.
During the period the Company made a significant capital investment in the underground equipment from the funds raised from the bank and from the listing of the US10m bonds on the Astana Stock Exchange. The equipment purchased included the following: 3 UG trucks CAT AD-30, 3 LHD CAT R 1300, 3 Shacman trucks, an LHD ZL-50, Atlas Copco Diamec, Jumbo Drill Boomer T1D and production Drill Boomer T1D LHD. In addition to the above the Company purchased a significant amount of equipment in order to improve the ventilation and heating in the underground mine.
The crushing and milling is lower than that budgeted as there was extensive maintenance carried out in the period on both grinding mills and the sorption tanks. The Company has now also added a fine crusher which was installed and tested in the period. The majority of the maintenance on the mills has now been completed but it is expected there will be some further maintenance in H2 on the grinding mills as it is being completed in stages.
As outlined in the RNS in June 2020, the average grade was lower than the previous period but was in line with our internal budgets at 1.5g/t. There has been significant capital and horizontal development carried out by the Company at the mine. In addition, the new exploration drilling equipment only arrived at the end of the second quarter. It is expected that there should be a marked reduction in the dilution and improvement in the grades in the second half of the year in line with our annual budget. The lower grade ore also affected the recovery rate which was lower at 79.79%, again this is expected to increase to be between 82% - 83% in line with the budget.
H1 2020 Financial Review
The Company has reported a gross profit of US$3.9m for H1 2020, against US$1.3m for H1 2019, with turnover of US$11.5m (H1 2019 US$7.2m). The Company has seen a significant increase in its margin, this is a result of the combination of three principal factors, the increase in gold price which is currently in the region of US$1,900/oz, the increase in the $ rate against the Kazakh Tenge and finally cost savings the Company has made principally in relation to its payroll costs.
Sekisovskoye produced 6,990oz of gold in H1 2020 (H1 2019: 5,561oz). Gold sold during the period amounted to 6,790oz (H1 2019: 5,369oz) at an average price of US$1,693/oz (H1 2019: US$1,338/oz). The average price of sales achieved includes revenues generated from silver sales in the period, which are treated as incidental to gold production.
The operating cash cost of production (cost of sales excluding depreciation and provisions) for the period was US$794/oz (H1 2019 US$801/oz). The total cash cost was US$926/oz as compared to US$1,073/oz in H1 2019.
During the period the Company increased its borrowing from Bank Center Credit based in Kazakhstan to fund its acquisition of equipment, the borrowing as at 30 June 2020 amounts to US$16.2m and is repayable in instalments till 2026.
In addition the Company raised funds of US$6.9m (less expenses), being the balance of the funds in relation to the bond placement initiated in 2019 on the Astana Stock exchange. The total amount repayable now amounts to US$10m due in 2022.
As of 30 June 2020, the Company had cash balances of US$7.9m. The Company currently has sufficient cash resources to achieve its budgeted medium term plans.
The Company has received notification that Freedom Finance JSC, will take up its entitlement to its share options resulting in an additional 154,028,981 shares being issued for a consideration of US$1.5m. Based on the exchange rates agreed the shares will be issued at an average price of .75p a share. The Company secretary has been instructed to prepare the necessary forms and shareholders will updated as the issue progresses.
Aidar Assaubayev
Chief Executive Officer
30 September 2020
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Revenue 14,908
Cost of sales (7,571) (5,914) (12,390)
Gross profit 3,924 1,270 2,518
Administrative
expenses (918) (1,459) (2,600)
Impairments - 81 107
Operating
profit/(loss) 3,006 (108) 25
Foreign exchange (890) 12 116
Finance Expense (867) (507) (1,183)
(1,042)
Profit/(loss) before
taxation 1,249 (603) (2
Taxation - - (214)
Profit/(loss)
attributable to equity
shareholders 1,249 (603) (1,256)
Profit/(loss) per
ordinary share Note
Basic (US cent) 2 0.049c (0.02c) (0.05c)
Profit/(loss) per - -
ordinary share Diluted
(US cent) 2 0.045c
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2020 2019 2018
(unaudited)
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Profit/l(loss) for the
period/year 1,249 (603) (1,256)
Currency translation
differences arising on
translations of foreign
operations items which
will or may be
reclassified to profit or
loss (1,649) 411 129
Currency translation - -
differences arising on - - (461)
translations of foreign
operations relating to
taxation
Total comprehensive loss
for the period/year
attributable to equity (400) (192) (1,588)
shareholders
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2020 2019 2020
Notes (unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Non-current assets
Intangible asset 3 12,527 12,481 12,943
Property, plant and
equipment 4 32,853 29,037 30,316
Other receivables 5,478 1,315 6,048
Deferred tax asset 6,971 8,078 7,346
Restricted cash - - -
57,829 50,911 56,663
Current assets
Inventories 6,014 2,017 3,631
Trade and other
receivables 3,817 3,829 3,615
Cash and cash
equivalents 7,874 50 1,934
17,705 5,896 9,180
Total assets 75,534 56,807 65,843
Current liabilities
Trade and other
payables (6,924) (8.645) (7,553)
Other financial
liabilities - - -
Provisions (130) (152) (130)
Borrowings (6,178) (2,947) (2,550)
(13,232) (11,744) (10,233)
Net current
assets/(liabilities) 4,473 (5,848) (1,053)
Non-current
liabilities
Other financial
liabilities &
payables (751) (1,521) (2,297)
Provisions (5,142) (4,745) (5,007)
Borrowings (23,455) (4,129) (15,027)
(29,348) (10,395) (22,331)
Total liabilities (42,580) (22,140) (32,564)
Net assets 32,954 34,668 33,279
Equity
Called-up share capital 7 4,068 4,054 4,055
Share premium 151,538 151,470 151,476
Merger reserve (282) (282) (282)
Other reserve 333 333 333
Currency translation
reserve (49,751) (47,359) (48,102)
Accumulated loss (72,952) (73,548) (74,201)
Total equity 32,954 34,668 33,279
The financial information was approved and authorised for issue by the Board of Directors on 30 September 2020 and was signed on its behalf by:
Aidar Assaubayev -- Chief Executive Officer
Currency
Share Share Merger translation Other Accumulated
capital premium reserve reserve reserves losses Total
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
At 1 January
2020 4,055 151,476 (282) (48,102) 333 (74,201) 33,279
Profit for the
period - - - - - 1,249 1,249
Exchange
differences on
translating
foreign
operations - - - (1,649) - - (1,649)
Total
comprehensive
loss for the
period - - - (1,649) - 1,249 (400)
New share
capital
subscribed 13 62 - - - - 7 75
At 30 June 2020 4,068 151,538 (282) (49,751) 0 0 333 (72,952) 32,954
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
At 1 January
2019 4,054 151,470 (282) (47,770) 333 (72,945) 34,860
Loss for the
period - - - - - (603) (603)
Exchange
differences on
translating
foreign
operations - - - 411 - - 411
Total
comprehensive
loss for the
period - - - 411 - (603) (192)
At 30 June 2019 4,054 151,470 (282) (47,289) 333 (73,548) 34,668
Audited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
At 1 January
2019 4,054 151,470 (282) (47,770) 333 (72,945) 34,860
Loss for the
year - - - - - (1,256) (1,256)
Other
comprehensive
loss - - - (332) - - (332)
Total
comprehensive
loss for the
year - - - (332) - (1,256) (1,588)
New share
capital
subscribed 1 6 - - - - 7
At 31 December
2019 4,055 151,476 (282) (48,102) 333 (74,201) 33,279
Six months Six months
ended 30 June ended 30 June Year ended 31
2020 2019 December 2019
Note (unaudited) unaudited (audited)
US$'000 US$'000 US$'000
Net cash
inflow/(outflow)
from operating
activities 5 1,280 352 (2,832)
Investing
activities
Purchase of property, plant
and equipment (6,371) (2,291) (7,180)
Disposal of
property, plant and
equipment - - 20
Acquisition of
intangible assets (265) - (552)
Net cash used in
investing
activities (6,636) (2,291) (7,712)
Financing
activities
Loans received 13,956 2,023 14,089
Loans and Interest
paid (2,660) (139) (1,716)
Net cash flow from
financing
activities 11,296 1,884 12,373 12,373
Increase/(decrease)
in cash and cash
equivalents 5,940 (55) 1,829
Cash and cash equivalents
at the beginning of the
period/year
1,934 105 105
Cash and cash equivalents
at end of the period/year
7,874 50 1,934
1. Basis of preparation
General
Altyn Plc is registered and domiciled in England and Wales, whose shares are publicly traded on the London Stock Exchange.
The interim financial results for the period ended 30 June 2020 are unaudited. The financial information contained within this report does not constitute statutory accounts as defined by Section 434(3) of the Companies Act 2006.
This interim financial information of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2020 have been prepared, in accordance with IAS34 ( interim financial statements) and on a basis consistent with the accounting policies set out in the Group's consolidated annual financial statements for the year ended 31 December 2019. It has not been audited, does not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2019. The 2019 annual report and accounts, as filed with the Registrar of Companies, received an unqualified opinion from the auditors.
The financial information is presented in US Dollars and has been prepared under the historical cost convention.
The same accounting policies, presentation and method of computation are followed in this consolidated financial information as were applied in the Group's latest annual financial statements except that in the current financial year, the Group has adopted a number of revised Standards and Interpretations. However, none of these have had a material impact on the Group.
In addition, the IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Group.
Going concern
The current cash position is sufficient to cover ongoing operating and administrative expenditure for the next 12 months from the date these accounts were released.
The Directors consider that the cash generated from its operations from the Group's producing assets to be sufficient to cover the expenses of running the Group's business for the foreseeable future. As reported in the Annual Report 2019 the Board has considered any disruption that may be caused by the impact of COVID -- 19 on the Group's operations and any supply chain disruption. Having considered and updated various stress tests and possible scenarios, the Board considers that the Company has sufficient funds to continue to trade. The cash forecasts have included the consideration of COVID -- 19, the maturing loan liabilities, the principal ones being the maturing bond liabilities in 2021, and other loan commitments of the Company.
At present there has been little impact on the Company's production from the effects of the COVID - 19 pandemic.
The Company has therefore adopted the going concern basis in the preparation of these financial statements.
Directors Responsibility Statement and Report on Principal Risks and Uncertainties
Responsibility statement
The Board confirms to the best of their knowledge, that the condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
The interim management report includes a fair review of the information required by:
DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
DTR 4.2.8R of the Disclosures and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last annual report that could do so.
The Company's management has analysed the risks and uncertainties and has in place control systems that monitor daily the performance of the business via key performance indicators. Certain factors are beyond the control of the Company such as the fluctuations in the price of gold and possible political upheaval. However, the Company is aware of these factors and tries to mitigate these as far as possible. In relation to the gold price the Company is pushing to achieve a lower cost base in order to minimise possible downward pressure of gold prices on profitability. In addition, it maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays and problems.
Risks and uncertainties identified by the Company are set out on page 8 and 9 of the 2019 Annual Report and Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2020 to the principal risks and uncertainties as set out in the 2019 Annual Report and Accounts and these are as follows:
-- Fiscal changes in Kazakhstan
-- No access to capital
-- Commodity price risk
-- Currency risk
-- Changes to mining code in Kazakhstan
-- Reliance on operating in one country
-- Reliant on one operating mine
-- Technical difficulties associated with developing the underground mine at
Sekisovskoye and Teren-Sai
-- Failure to achieve production estimates
-- COVID -19 uncertainties
-- Health, safety and environment
2. Profit/(loss) per ordinary share
Basic profit/(loss) per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares and retained profit/(loss)t for the financial period for calculating the basic loss per share for the period are as follows:
Six months Six months Year ended
ended 30 ended 30 31 December
June 2020 June 2019 2019
(unaudited) (unaudited) (audited)
The basic weighted average
number of ordinary shares in
issue during the period 2,569,703,561 2,567,875,463 2,567,772,041
The profit/(loss) for the
period attributable to equity
shareholders (US$'000s) 1,249 (603) (1,256)
The potential number of shares which could be issued following the conversion of the bonds currently outstanding amounts to approximately 227m shares being issued on conversion, a total of 2,797,556,561 shares which is used in the calculation of diluted earnings per share.
3. Intangible assets
Teren-Sai Exploration and
geological data evaluation costs US$'000
Cost
1 January 2019 9,889 5,919 15,808
Additions - - -
Amortisation capitalised - 501 501
Currency translation
adjustment 112 62 174
30 June 2019 10,001 6,482 16,483
Additions - 552 552
Amortisation capitalised - 491 491
Currency translation
adjustment (70) (37) (107)
December 2019 9,931 7,488 17,419
Additions - 265 265
Amortisation capitalised - 369 369
Currency translation
adjustment (523) (394) (917)
30 June 2020 9,408 7,728 17,136
Accumulated amortisation
1 January 2019 3,470 - 3,470
Charge for the period 501 - 501
Currency translation
adjustment 31 - 31
30 June 2019 4,002 - 4,002
Charge for the period 491 - 491
Currency translation
adjustment (17) (17)
31 December 2019 4,476 - 4,476
Charge for the period 369 - 369
Currency translation
adjustment (236) - (236)
30 June 2020 4,609 - 4,609
Net books values
30 June 2019 5,999 6,482 12,481
31 December 2019 5,455 7,488 12,943
30 June 2020 4,799 7,728 12,527
The intangible assets relate to the historic geological information pertaining to the Teren-Sai ore fields. The ore fields are located in close proximity to the current open pit and underground mining operations of Sekisovskoye. In May 2016 the Company was awarded an exploration and evaluation contract, which is valid for six years, with a right to extend for a further 4 years. Ongoing costs in relation to exploration and evaluation are capitalised.
4. Property, plant and equipment
Plant,
Freehold Equipment
Mining land and fixtures and Total
properties buildings fittings Assets under
and leases US$000 US$000 construction
US$000 US$000 US$000 US$000 US$000
Cost
1 January
2019 11,730 24,481 14,748 978 51,937
Additions 1,451 - 652 189 2,292
Disposals - (4) (27) - (31)
Transfers - - - (221) (221)
Currency
translation
adjustment 136 236 135 11 518
30 June 2019 13,317 24,713 15,508 957 54,495
Additions 689 71 2,056 112 2,928
Disposals - - (48) - (48)
Transfers - 134 - 6 140
Currency
translation
adjustment (57) (132) (70) (8) (267)
31 December
2019 13,949 24,786 17,446 1,067 57,248
Additions 1,269 - 4,806 296 6,371
Disposals - - (180) - (180)
Transfers (924) 924 - (131) (131)
Currency
translation
adjustment (890) (1,304) (889) (53) (3,136)
30 June 2020 13,404 24,406 21,183 1,179 60,172
Accumulated
depreciation
1 January
2019 2,220 6,291 13,305 - 23,458
Charge for
the period 122 1,050 440 - 1,612
Disposals - (3) (23) - (26)
Currency
translation
adjustment 21 184 121 - 326
30 June 2019 2,363 9,522 13,573 - 25,458
Charge for
the period 87 1,083 571 - 1,741
Disposals - - (180) - (180)
Currency
translation
adjustment (9) (149) (62) - 220
Transfer - 107 (1 (107) - -
31 December
2019 2,441 10,563 13,928 - 26,932
Charge for
the period 219 931 797 - 1,947
Disposals - - (180) - (180)
Currency
translation
adjustment (128) (556) (696) - (1,380)
Transfer - - - - -
30 June 2020 2,532 10,938 13,849 - - 27,319
Net Book
Values 9,510 16,190 1,713 978 28,391
1 January
2019 10,872 13,468 7,334 1,179 32,853
30 June 2019 10,954 15,191 1,935 957 29,037
31 December
2019 11,508 14,223 3,518 1,067 30,316
30 June 2020 10,872 13,468 7,334 1,179 32,853
5. Notes to the cash flow statement
Six months Year ended
Six months ended 30 June 31 December
ended 30 June 2019 2019
2020 (unaudited) (audited)
(unaudited) US$000's US$000's US $000's
Profit/(loss) before
taxation 1,249 (603) (1,042)
Adjusted for
Finance expense 867 507 1,183
Depreciation of
tangible fixed assets 1,947 1,612 3,353
Increase in inventories (2,424) (720) (2,115)
Other financial
liabilities - (122) (122)
Increase in trade
receivables (102) (733) (1,495)
(Increase)/decrease in
trade and other
payables (1,147) 418 (2,533)
Loss/(gain) on disposal
of property, plant and
equipment - 5 (15)
Impairment and
provisions - - 70
Foreign currency
translation 890 (12) (116)
Cash inflow/(outflow)
from operations 1,280 352 (2,832)
Income taxes - - -
1,280 352 (2,832)
6. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 - "Related Party Disclosures". The total amount remaining unpaid with respect to remuneration of key management personnel amounted to US$59,000 (31 December 2019 US$149,000).
Six months Six months Year to
ended 30 ended 30 December
June 2020 June 2019 2019
US$000 US$000 US$000
Short term employee benefits 35 55 122
35 55 122
Social security costs 2 3 7
37 58 129
During the period, the following transactions were connected with Company's in which the Assaubayev family have a controlling interest:
-- An amount is owing to Asia Mining Group of US$67,000, (31 December 2019:
US$165,000) and is included within trade payables.
-- Loans at an average in interest rate of 7% were made to the subsidiaries
by Amrita Investments Limited. The total amount currently outstanding
including accrued interest amounts to US$Nil (31 December 2019
US$1,047,000).
-- An amount of US$45,000 is owing to a member of the Assaubayev family on
an interest free basis on demand basis, (31 December 2019 US$673,000).
-- An interest free loan of US$81,000 is repayable on demand is due to
Chartmile Inc. (31 December 2019: US$81,000).
6. Related party transactions (Cntd.)
-- The Company has in issue a convertible bond issued to African Resources
Limited which carries a coupon rate of 10% per annum payable
semi-annually in arrears in February and July each year. Unless the bonds
are re-purchased and cancelled redeemed or converted prior to the
scheduled maturity date, they will be repaid in February 2021 at their
principal amount. At 30 June 2020 an amount of US$2.2m, including accrued
interest was payable on the remaining bonds.
-- In February 2020 the Company was informed that holders an aggregate
nominal value of U$ 1.5 million of Altyn plc's 10% convertible bonds due
2021, had gone into liquidation. The liquidators were seeking to
accelerate the bonds held by the entity in liquidation and demanding
immediate repayment. As the monies raised by the Company had already been
earmarked for investment projects, assistance was provided by Amrita
Investments Limited, a company beneficially owned by the Assaubayev
family. After a period of negotiations, the parties entered into a series
of transactions pursuant to which Amrita agreed to acquire the aforesaid
bonds and the liquidators' claims were settled.
7. Share capital
In June 2020 the Company issued 10,429,230 shares at a total value of U$75,000 in order to settle outstanding remuneration due to a former Director of the Company. The shares rank pari-passu with the existing shares in issue.
8. Reserves
A description and purpose of reserves is given below:
Reserve Description and purpose
Amount of the contributions made by
Share capital shareholders in return for the issue of
shares.
Share premium Amount subscribed for share capital in excess
of nominal value.
Share based payment Amount accrued in relation to the share based
payment charge relating to the share options
issued.
Merger Reserve Reserve created on application of merger
accounting under a previous GAAP.
Gains/losses arising on re-translating the
Currency translation reserve net assets of overseas operations into US
Dollars.
Accumulated losses Cumulative net gains and losses recognised in
the consolidated statement of financial
position.
9. Events after the balance sheet date
There were no significant post balance sheet events to report.
This report will be available on our website at www.altyn.uk
Directors Kanat Assaubayev Chairman
Aidar Assaubayev Chief executive officer
Sanzhar Assaubayev Executive director
Ashar Qureshi Non-executive director
Vladimir Shkolnik Non-executive director
Secretary Rajinder Basra
Registered office and Company number: 05048549
number 28 Eccleston Square
London SW1V 1NZ
Telephone: +44 208 932
2455
Company website www.altyn.uk
10 Novostroyevskaya
Kazakhstan office Sekisovskoye Village
Kazakhstan Telephone: +7
(0) 72331 27927 Fax: +7
(0) 72331 27933
Auditor BDO LLP,
55 Baker Street,
London W1U 7EU
Neville Registrars
Registrars Neville House Steelpark
Road Halesowen West
Midlands B62 8HD
Telephone: +44 (0) 121
585 1131
NatWest Bank plc London
Bankers City Commercial Business
Centre 7th Floor, 280
Bishopsgate London EC2M
4RB LTG Bank AG
Herrengasse 12 FL-9490,
Vaduz Principal of
Liechtenstein
View source version on businesswire.com: https://www.businesswire.com/news/home/20200930005831/en/
CONTACT:
Altyn Plc
SOURCE: Altyn Plc
Copyright Business Wire 2020
(END) Dow Jones Newswires
September 30, 2020 13:25 ET (17:25 GMT)
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