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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-5.00 | -3.75% | 128.50 | 123.00 | 134.00 | 124.00 | 124.00 | 124.00 | 12,434 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 62.04M | 13.23M | 0.4841 | 2.56 | 33.89M |
TIDMALTN
ALTYN PLC
Interim report - six months to 30 June 2018
Altyn Plc ("Altyn" or the "Company"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2018.
Highlights:
Mine development
-- During the period the Company concentrated on the development of the
ore bodies, no further development has been undertaken on the decline
as there are currently sufficient access points to the ore bodies for
the current production plans.
-- Ore extracted from the underground mine increased in line with
projections to a high point of 38,000t a month in June 2018. The
average extraction was lower at approximately 25,000t due to planned
maintenance work reducing the ore extracted in March and April 2018.
-- Developmental work was carried out at the mine at 214 masl, in
relation to ore bodies 3-8 and at 185 masl in relation to ore body 11
giving access to 260,000 tons of ore for future production at an
average grade of 2.53g/t.
-- Exploration work at Karasuyskoye continued in line with the
development plans. Three sites within the contract licence area have
been identified as having potential for early development. The Company
has applied to the appropriate ministry for an addendum to the licence
to extract 10,000 tons of test production ore.
Production
-- Gold recovery is averaging 83.65%, in line with that achieved during
year end 31 December 2017, the expectation is that the recoveries will
continue at this level for the foreseeable future, until further
equipment is purchased.
-- H1 2018 gold production from Sekisovskoye was 8,461oz, compared with
H1 2017 of 7,327oz.
-- The actual milled ore was 182,000 tons (H1 2017 131,000 tons), in the
current period, (as last year), it included lower grade stockpiled ore
at 0.5g/t.
Financial
-- The turnover has increased to US$10.9m (H1 2017 US$9.2m), an increase
of 18%. The gold price achieved averaged US$1,322oz during the period
(Year 2017 US$1,293).
-- The Company made an operating profit of US$1.6m (H1 2017 loss -
US$109,000), with a net profit before taxation of US$603,000 (H1 2017
Loss US$1.2m). In part this was due to operational cost savings at
head office and at the mine site, the latter being due to labour cost
savings with in the transportation and production departments.
-- During the period bonds to the value of US$9.7m were converted into
equity shares in the company at a value of GBP0.03p per share.
-- The total cash cost of production was US$883oz (Year 2017 US$899oz). -- EBITDA achieved was positive at US$3.6m (Year 2017 US$2.5m). -- Cash flow from operating activities was positive at US$2.5m, (2017
US$1.6m) the Company has benefitted from the fact that it currently
has a low gearing, with lower financial loan commitments than in the
past.
-- Cash balances at 30 June 2018 were US$201,000 and are sufficient for
current operational requirements.
Fund raising
-- The expectation was that funding would be in place during H2 2018.
However there has been a delay in the ability of Freedom Finance to
provide funding to Altyn in the time frames required. The Company is
still continuing with its discussions with Freedom Finance, to obtain
the funding necessary but is also looking at other providers.
-- The Company is currently in active discussions with banks and other
providers in Kazakhstan. However the management want to ensure that
any future funding is on terms and conditions which are for the long
term benefit of shareholders and are trying to achieve the most
favourable terms possible. The Company will update shareholders as
plans progress.
Aidar Assaubayev, CEO of Altyn Plc commented:
The management are currently in active discussions with banks and other providers in Kazakhstan to raise the necessary funds required to fulfil its project plans. We are positive the necessary funding can be put in place as required for the project development but want to ensure that it is for the long term benefit of shareholders and on the most favourable terms possible with regards to the cost of financing.
The Company is cash generative at its current production levels and has rationalised operations in order to conserve the cash resources going forward.
For further information please contact:
Altyn PLC
For further information please contact:
Altyn Plc
Rajinder Basra, CFO +44 (0) 207 932 2456
VSA Capital (Corporate Broker)
Andrew Monk / Andrew Raca +44 (0) 203 005 5000
Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company, which is listed on the standard segment of the London Stock Exchange.
To read more about Altyn Plc please visit our website www.altyn.uk
ALTYN PLC
Chief Executive Review
H1 2018 Review
Mine development
In Q2 2018, the Company has concentrated on developing the productive ore bodies. The decline was developed to horizon 150 Masl in 2017 and in the current period was not developed further due to the fact that sufficient ore bodies are accessible to extract ore.
The actual ore mined ranged from a low of 11,000 tons in March to a higher level of 38,000 tons in June 2018, resulting in an average tonnage over 6 months of 25,000 tons. The lower level of ore mined in March 2018 was due to scheduled maintenance at the mine site. The expected run rate each month is expected to move into the range of 30-35,000 tons each month going forward.
As already stated the significant ramp up in production is dependent on further capital investment. During the current period the Company is continuing to successfully develop the ore bodies with the available equipment and has developed ore bodies 3-8 and 11 for production in the next period.
The production over the past half year was mainly from the group of ore bodies 1,8,10 and in June from ore body 11 and was extracted from levels ranging from 242 Masl to 185 Masl. Due to the level of developmental ore included, the actual ore grade fluctuated from a high of 2.78 to a low of 1.53 resulting in a lower than expected grade from the ore mined of 1.96.
Karasuyskoye
In addition to the underground mine development the Company is continuing to develop its prospective site at Karasuyskoye.
The following has been completed so far Core drilling has been undertaken of 1,500 metres, air drilling of 5,500 linear metres, and the open pit has been excavated amounting to 5,500 cubic metres. Test production will be undertaken once the necessary permits have been obtained.
H1 2018 Operational Overview - Sekisovskoye
Underground mine H1 2018 H1 2017 Ore extracted tons 152,639 151,400 Gold grade g/t 1.96 2.14 Silver grade g/t 3.34 2.40 Mineral processing H1 2018 H1 2016 Milling tons 182,832 131,238 Gold grade g/t 1.72 2.06 Silver grade g/t 2.98 2.29 Gold recovery % 83.65% 81.76% Silver recovery % 74.29% 71.37% Gold produced ounces 8,461 7,327 Silver produced ounces 12,875 6,484
The Ore extracted is averaging at 25,000 tons a month, the difference between the ore extracted and the milling at an average of 30,000 tons a month is due to the use of lower grade stockpiled ore. The stockpiled ore has a grade of 0.5%, leading to a processed grade of 1.72 overall (2017 2.06).
The gold recovery is in line with that achieved in year ended 2017 and is currently expected to be maintained at this level going forward. The improvement in recoveries is expected once new capital is employed specifically the gravity concentration plant, the installation is dependent on future capital investment funds being made available.
The underground ore grade continues to be lower than that forecast as it contains a higher quantity of development ore being mined leading to a decrease in the gold grade, again the increase in grade is dependent on the deployment of additional mining equipment.
Moving forward
The Company's long term plan is to increase production by targeting the ore bodies in a more defined way, pushing the grade up, and at the same time increasing the volume of ore mined. The management have been working hard to in order to raise the necessary funds, however due to circumstances they have not been able to continue with the previous providers. As a result, they are now looking to fund the capital expenditure for the project from new sources of finance, and are in active discussions with banks in Kazakhstan, and will update shareholders as they progress. However the time lines in relation to a significant increase in production are expected to move as a result of the delays in obtaining the appropriate finance.
The Company will continue to improve the mine, developing the decline and ore bodies, with in the restrictions of the current available plant and capital available.
H1 2018 Financial Review
The Company has reported a gross profit of US$2.6m for H1 2018, against US$1.6m for H1 2017, with turnover of US$10.9m (H1 2017 US$9.2m).
Sekisovskoye produced 8,461oz of gold in H1 2018 (H1 2017:7,327oz). Gold sold during the period amounted to 8,235oz (H12017 7,437oz) at an average price of US$1,323/oz (H1 2017: US$1,237/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$731/oz (Year 2017 US$661/oz). The total cash cost was US$883/oz as compared to US$899/oz in year ended 2017. Cost rationalisations were made in the early part of 2018 both at head office and at the mine site. At the mine site the transport department was outsourced and the maintenance department reduced which resulted in cost savings from the prior period.
As of 30 June 2018, the Company had cash balances of US$201,000. The Company currently has sufficient cash resources to operate at current production levels.
During the period the Company converted US$9.7m of the bond of US$10m owing to African Resources Limited into share capital, increasing their shareholding to 69.8%. In total there is approximately US$4.6m due in relation to the convertible bonds of which approximately US$2.6m is owed to African Resources Limited (including accrued interest), this amount is expected to be converted into share capital in H2 2018.
Aidar Assaubayev
Chief Executive Officer
31 August 2018
ALTYN PLC
Consolidated income statement
Six months Six months Year ended ended 30 June ended 30 June 31 December 2018 2017 2017 (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Revenue 10,894 15,867 9,200 Cost of sales (8,240) (7,631) (13,554) Gross profit 2,654 1,569 2,313 Administrative expenses (1,248) (1,766) (5,352) Impairments 176 88 (1,107) Operating profit/(loss) 1,582 (109) (4,146) Foreign exchange (383) 213 283 Finance Expense (596) (1,290) (2,215) 603 (1,186) (6,078) Profit/(loss) before taxation Taxation - 14 (278) Profit/(loss) attributable to s equity shareholders 603 (1,172) (6,356) Profit/(loss) per ordinary share 0.02c (0.05c) (0.3c) Basic & diluted (US cent)
ALTYN PLC
Consolidated statement of profit or loss and other comprehensive income
Six months Six months Year ended ended 30 June ended 30 June 31 December 2018 2017 2017 (unaudited) (unaudited) (audited) (unaudited) US$'000 US$'000 US$'000 Profit/(loss) for 603 (1,172) (1,929) the period/year Currency translation differences arising (2,027) 1,296 98 on translations ofF foreign operations items which will or may be reclassified toprofit or loss Currency translation - - 1,088 differences arising on translations of foreign operations relating to taxation - Total comprehensive (loss)/profit (1,424) 124 (743) for the period/year attributable to equity shareholders
ALTYN PLC
Consolidated statement of financial position
Six months Six months Year ended ended 30 June ended 30 June 31 December 2018 2017 2017 Notes (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Non-current assets Intangible asset 3 11,641 11,034 11,881 Property, plant 4 34,135 36,979 35,163 and equipment Other receivables - 497 1,476 Deferred tax asset 6,750 5,855 6,928 Restricted cash 16 39 14 52,542 54,404 55,462 Current assets Inventories 3,096 2,546 1,713 Trade and other 3,964 3,143 2,531 receivables Cash and cash 201 1,536 704 equivalents 7,261 7,225 4,948 Total assets 59,803 61,629 60,410 Current liabilities Trade and other (8,501) (6,515) (7,822) payables Other financial (407) (536) (399 liabilities Provisions (85) (189) (112) Borrowings (1,557) (2,451) (724) (10,550) (9,691) (10,978) Net (3,289) (2,466) (4,280) current liabilities Non-current liabilities Other financial (120) (189) (160) liabilities & payables Provisions (4,684) (4,396) (4,512) Borrowings (2,905) (13,180) (13,433) (7,709) (17,765) (18,105) Total liabilities (18,259) (27,456) (27,162) Net assets 41,544 34,173 33,248 Equity Called-up share 4,210 3,886 3,886 capital Share premium 151,314 141,918 141,918 Merger reserve (282) (282) (282) Other reserve 333 391 333 Currency (46.645) (44,508) (44,618) translation reserve Accumulated loss (67,386) (67,232) (67,989) Total equity 41,544 34,173 33,248
The financial information was approved and authorised for issue by the Board of Directors on 31 August 2018 and was signed on its behalf by:
Aidar Assaubayev - Chief Executive Officer
ALTYN PLC
Consolidated statement of changes of equity
Share capital Share premium Merger reserve Currency translation Other Accumulated losses Total reserve reserves Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000 At 1 January 3,886 141,918 (282) (44,618) 333 (67,989) 33,248 2018 Profit for - - - - - 603 603 the period Exchange - - - (2,027) - - (2,027) differences on translating foreign operations Total - - - (2,027) - 603 (1,424) comprehensive profit for the period Equity shares 324 9,396 - - - - 9,720 issued At 30 June 4,210 151,314 (282) (46,645) 333 (67,386) 41,544 2018 Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000 At 1 January 3,886 141,918 (282) (45,804) 333 (66,060) 33,991 2017 Loss for the - - - - - (1,172) (1,172) period Exchange - - - 1,296 - - 1,296 differences on translating foreign operations Total - - - 1,296 - (1,172) 124 comprehensive loss for the period Share based - - - - 58 - 58 payment At 30 June 3,886 141,918 (282) (44,508) 391 (67,232) 34,173 2017 Audited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000 At 1 January 3,886 141,918 (282) (45,804) 333 (66,060) 33,991 2017 Loss for - - - - - (1.929) (1,929) the year Other - - - 1,186 - - 1,186 comprehensive loss Total - - - 1,186 - (1,929) (743) comprehensive loss for the year At 31 December 3,886 141,918 (282) (44,618) 333 (67,989) 33,248 2017
ALTYN PLC
Notes to the consolidated financial information
Six months ended Six months ended 30 Year ended 31 30 June 2018 June 2017 December 2017 (unaudited) unaudited (audited) Note US$'000 US$'000 US$'000 Net cash 7 2,504 1,639 5,107 inflow from operating activities Investing activities Purchase of (2,397) (966) (2,252) property, plant and equipment Exploration - (264) (439) costs Net cash used in investing (2,397) (1,230) (2.691) activities Financing activities Loans received - 756 724 Loans and (610) (1,865) (4,672) Interest paid Net cash flow from (610) 1,109 (3,948) financing activities (Decrease)/increase in cash (503) 700 (1,532) and cash equivalents Cash and cash equivalents 704 2,236 2.236 at the beginning of the period/year Cash and cash equivalents 201 1,536 704 at end of the period/year
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 2018 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 2018 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 2017. 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 2017. The 2017 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.
In terms of financing the underground development, the Company will not be incurring any substantial capital expenditure until further capital funds are raised under terms acceptable to the Company.
The Company has therefore adopted the going concern basis in the preparation of these financial statements.
ALTYN PLC
Notes to the consolidated financial information (continued)
Directors Responsibility Statement and Report on Principal Risks and Uncertainties
Responsibility statement
The Board confirms to the best of their knowledge:
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 2017 Annual Report and Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2018 to the principal risks and uncertainties as set out in the 2017 Annual Report and Accounts and these are as follows:
-- Fiscal changes in Kazakhstan -- No access to capital / funding for Sekisovskoye or Karasuyskoye -- 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
-- Failure to achieve production estimates
2. Profit/(loss) per ordinary share
Basic 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) 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 2018 June 2017 2017 (unaudited) (unaudited) (audited) The basic weighted average number of ordinary 2,528,508,797 2,334,342,130 2,334,342,130 shares in issue during the period The profit/l(loss) for the period attributable 603 (1,172) (1,929) to equity shareholders (US$'000s)
2. Profit/(loss) per ordinary share(continued)
The potential number of shares which could be issued following the conversion of the bonds currently outstanding amounts to approximately 198m shares being issued on conversion.
3. Intangible assets Karasuskoye Geological data Exploration and evaluation costs US$'000 Cost 1 January 2017 11,345 718 12,063 Additions - 264 264 Amortisation capitalised - 297 297 Reclassified - 142 142 Currency translation adjustment 495 30 525 30 June 2017 11,840 1,451 13,291 Additions - 1,166 1,166 Amortisation capitalised - 724 724 Reclassified - 15 15 Currency translation adjustment (416) (30) (446) December 2017 11,424 3,326 14,750 Amortisation capitalised - 581 581 Currency translation adjustment (338) - (338) 30 June 2018 11,086 3,907 14,993 Accumulated amortisation 1 January 2017 1,799 - 1,799 Charge for the period 297 - 297 Currency translation adjustment 161 - 161 30 June 2017 2,257 - 2,257 Charge for the period 724 - 724
Currency translation adjustment (112) (112) 31 December 2017 2,869 - 2,869 Charge for the period 581 - 581 Currency translation adjustment (98) - (98) 30 June 2018 3,352 - 3,352 Net books values 30 June 2017 9,583 1,451 11,034 31 December 2017 8,555 3,326 11,881 30 June 2018 7,734 3,907 11,641
The intangible assets relate to the historic geological information pertaining to the Karasuyskoye 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. The company is in process of applying for a test production licence which is expected to be received in the near term.
Ongoing costs in relation to exploration and evaluation are capitalised.
4. Property, plant and equipment
Mining Freehold Plant, Assets under Total properties land and Equipment construction and leases buildings fixtures US$000 and US$000 US$000 US$000 fittings US$000 Cost 1 January 11,351 24,241 18,014 4,155 57.761 2017 Additions 500 5 492 242 1,239 Disposals - - (140) - (140) Transfers (1,682) 2,335 1,682 (2,335) - Currency 303 827 561 203 1,894 translation adjustment 30 June 10,472 27,408 20,609 2,265 60,754 2017 Additions 696 33 190 444 1,363 Disposals (15) (170) (133) (318) Transfers 12 130 (42) (316) (216) Currency (337) (805) (513) (154) (1,809) translation adjustment 31 December 10,843 26,751 20,074 2,106 59,774 2017 Additions 1,837 2 141 417 2,397 Disposals - - (262) - (262) Transfers 389 7 8 (404) - Currency (488) (686) (679) - (1,853) translation adjustment 30 June 12,581 26,074 19,282 2,119 60,056 2018 Accumulated depreciation 1 January 2,262 5,100 13,083 - 20,445 2017 Charge for 127 1,275 1,310 - 2,712 the period Disposals - - (112) - (112) Currency 75 166 489 - 730 translation adjustment 30 June 2,464 6,541 14,770 - 23,775 2017 Charge for 95 1,223 478 - 1,796 the period Disposals - (15) (136) - (151) Transfers (180) (290) 411 - 59 Currency (73) (199) (478) - (750) translation adjustment 31 December 2,306 7,260 15,045 - 24,611 2017 Charge for 124 1,254 839 - 2,217 the period Disposals - - (147) - (147) Currency (65) (240) (455) - (760) translation adjustment 30 June 2,365 8,274 15,282 - 25,921 2018 Net Book Values 1 January 9,089 19,441 4,931 4,155 37,316 2017 9,0906,269 30 June 8,008 20,867 5,839 2,265 36,979 2017 31 December 8,537 19,491 5,029 2,106 35,163 2017 30 June 10,216 17,800 4,000 2,119 34,135 2018
The additions in the period relate to the continuing works associated with the underground mine.
5. Reserves
A description and purpose of reserves is given below:
Reserve Description and purpose Share capital Amount of the contributions made by 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. Currency translation reserve Gains/losses arising on re-translating the net assets of overseas operations into US Dollars. Accumulated losses Cumulative net gains and losses recognised in the consolidated statement of financial position.
ALTYN PLC
Notes to the consolidated financial information (continued)
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$148,000 (December 2017 US$127,000).
Six months Six months Year to ended 30 ended 30 December June 2018 June 2017 2017 US$ US$ US$ Short term employee benefits 73,500 154,050 350,736 73,500 154,050 350,736 Social security costs 7,132 14,954 33,813 80,632 169,004 384,549
The reduction in remuneration is due to a reduced remuneration being taken by the chief Executive Officer.
During the period, the company entered into the following transactions with companies in which the Assaubayev family have a controlling interest:
-- An amount is owing to Asia Mining Group of US$522,000,
(2017:US$824,000) and is included within trade payables.
-- Loans at an average in interest rate of 7% were made to the Company by
Amrita Investments Limited. The total amount currently outstanding
including accrued interest amounts to US$850,000 (31 December 2017
US$937,000), the loans are repayable in 2019.
-- In February2016 the Company issued US$10m of convertible bonds to
African Resources Limited. The bonds carry a coupon rate of 10% per
annum payable semi-annually in arrears on 29 February and 29 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. Of the original amount
US$9.7m of the bonds were converted into Ordinary shares at 3p per
share in February 2018. At 30 June 2018 an amount of US$2.6m,
including accrued interest was payable on the remaining bonds, the
expectation is that the remaining bonds will be converted into share
capital in H2 2018.
The transactions incurred by the Company were on normal commercial terms.
7. Notes to the cash flow statement
Six months Six months Year ended ended 30 June ended 30 June 31 December 2018 2017 2017 (unaudited) US$000's (unaudited) (audited) US$000's US $000's Profit/(loss) 603 (1,186) (1,917) before taxation Adjusted for Finance expense 596 1,290 2,834 Depreciation 2,217 2,709 4,508 of tangible fixed assets Amortisation of - - 231 intangibles Change - (99) (374) in provisions (Increase)/decrease (1,383) (1,144) 20 in inventories Decrease in other (92) (229) (316) financial liabilities Increase in trade 41 718 195 receivables Decrease/(increase) 4 (295) 1,374 in trade and other payables Loss on disposal 135 27 195 of property, plant and equipment Fair value - 56 (1,453) adjustment Foreign currency 383 (213) 52 translation Cash inflow from 2,504 1,634 5,118 operations Income taxes - 5 (11) 2,504 1,639 (5,107)
8. 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
ALTYN PLC
Company information
Directors Kanat Assaubayev Chairman Aidar Assaubayev Chief executive officer Sanzhar Assaubayev Executive director Neil Herbert Non-Executive director Ashar Qureshi Non-executive director Victor Shkolnik Non-executive director Secretary Rajinder Basra Registered office Company number: 05048549 and number 28 Eccleston Square London SW1V 1NZ Telephone: +44 208 932 2455 Company website www.altyn.uk Kazakhstan office 10 Novostroyevskaya Sekisovskoye Village Kazakhstan Telephone: +7 (0) 72331 27927 Fax: +7 (0) 72331 27933 Auditor BDO LLP, 55 Baker Street, London W1U 7EU Registrars Neville Registrars 18 Laurel Lane Halesowen West Midlands B63 3DA Telephone: +44 (0) 121 585 1131 Bankers NatWest Bank plc London 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/20180831005341/en/
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