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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.43% | 116.00 | 112.00 | 120.00 | 1,300 | 16:35:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 62.04M | 13.23M | 0.4841 | 2.41 | 31.84M |
From May 2019 to May 2024
TIDMALTN
ALTYN PLCInterim report - six months to 30 June 2019
Altyn Plc ("Altyn" or the "Company"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2019.
Highlights:
Mine development
Hot Features
Premium
-- The Company concentrated on the development of the ore bodies 3-8 at level +200MASL and associated infrastructure development works. The Company will commence further development work to take the decline down to +135MASL in Q4 2019.
-- During the period the Company conducted extensive exploration drilling of 9 thousand running metres.
-- Altyn is in the process of completing a Competent Persons report (CPR) updating the reserve and resource statement on the Sekisovskoye deposit. The results are expected to be released in Q3 2019.
-- The Company purchased the following new machinery: CAT R1300G loading and hauling machine and Sandvik TH-430 underground dump truck with a lifting capacity of 30 ton using funding provided by Assaubayev family.
Fund raising
-- During the period a member of the Assaubayev family loaned the Company an amount of US$1.05m on an interest free basis.
-- The Company reached an agreement with Kazakh bank, JSC "Bank CenterCredit" (BCC), and as a first step entered into a loan agreement for a sum of KZT350m (approximately USD 950k) which was made to Altyn's subsidiary company Altyn MM LLP that owns and operates the processing plant at the Sekisovskoye gold deposit.
-- The Company is currently at an advanced stage with BCC for the provision of development funding, which will be used in order to achieve 800ktpa mining capacity. The Company expects to be in a position to update shareholders in relation to this in Q3 2019.
Production
-- Production results in the current period were below budgeted expectations, primarily as a result of some equipment breakdowns and the associated time-lag in receiving the necessary spare parts. As such for Q1 2019 the monthly run rate of ore extraction averaged 13,300t a month compared to 20,000t in the same period in 2018. Following the delivery of the new equipment as noted in the RNS of July 2019 production has increased achieving 29,000t in July 2019.
-- The overall grade of ore was higher at 2.06g/t, compared to than 1.96 g/t obtained in 1H 2018.
-- The milled ore was 114,000 tons (H1 2018 - 182,000 tons), included lower grade stockpiled ore at 0.5g/t as in the previous period. As a number of ore bodies are ready for production the additional equipment purchased recently will result in increasing production in H2 2019 and going forward.
-- Gold recovery averaged 81.53% during the 6-month period (H1 2018 - 83.65%).The decline in average gold recovery was due to a larger share of low grade stockpiles being utilised principally in 2 month period. In July 2019 recovery has returned to its normal value at above 83%
-- Gold production was 5,561oz, compared with H1 2018 of 8,461oz.
Financial
-- As a result of the setback in production turnover declined to US$7.2m (H1 2018 US$10.9m). The gold price achieved averaged US$1,308oz during the period (Year 2018 US$1,292).
-- The Company made an operating profit of US$1.3m (H1 2018 profit US$1.6m), with a net loss before taxation of US$0.6m (H1 2018 profit US$0.6m).
-- The total cash cost of production was lower at US$1,015oz (Year 2018 US$1,235oz), as the Company contained costs during the period.
-- EBITDA achieved was positive at US$1.5m (Year 2018 US$0.9m).
-- Cash flow from operating activities was positive at US$0.4m, (H1 2018 US$2.5m)
Teren-Sai fields (formerly known as Karasuyskoye)
-- Exploration work at Teren-Sai ore fields continued in line with the development plans. Development has been intensified at two sites which have been identified as having potential for the extraction of ore at a low cost, within the contract licence area. Positive results were obtained from the test samples taken, and the detailed exploration drilling and trenching combined together with the historical data is being used as the basis for an independent Competent Persons Report (CPR), the results of which are expected in Q3 2019.
Aidar Assaubayev, CEO of Altyn Plc commented:
Recovery in production is well on track with a significant pick up in production in July 2019. The key to moving ahead to the longer term plan is obtaining the necessary development finance. On this front we are optimistic as talks are progressing well and shareholders will be updated in Q3 2019.
In tandem with seeking development finance the management has also been working hard on finalising CPR reports for both the Sekisovskoye site and the Teren-Sai site (formerly known as Karasuyskoye), the results of which will be available shortly.
For further information please contact:
Altyn PlcRajinder 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 PLCChief Executive Review
H1 2019 Review
Mine development
In H1 2019, the Company has concentrated on developing the productive ore bodies. During the period due to equipment failures progress was not in line with that envisaged. It was the intention to take the decline down to the horizon 135masl, this will now commence in Q4 2019.
The actual ore mined ranged from a low of 10,200t in February to a 24,000t in April 2019, resulting in an average tonnage over 6 months of approximately 16,500t (H1 2018: 25,000t). This was a significant shortfall to the prior year, however production has increased after maintenance and currently stands at 28,000t a month.
The production during H1 2019 was mainly from the group of ore bodies 3-8 from 200masl. Ore bodies 3-8 will continue to be developed during H2 2019, and ore will be taken from ore body 11 in addition which has an expected higher grade of 3.43g/t.
Ore body 3-8 were further developed at the 200masl which will release 300,000t for future production, from exploratory drilling conducted the grade is expected to be 2.25g/t at this level. During the period extensive exploratory work was carried out with 9,000 running meters being drilled. Infrastructure repairs were also carried out with enhancements to the sewage system and the ventilation system. Improvements were also made to accessing the various ore bodies with access tunnels being completed between ore bodies 3-8 and ore body 11. This successfully linked the eastern and western flanks of the ore body facilitating the movement of resources between the ore bodies.
Teren-Sai (formerly known as Karasuyskoye)
In addition to the underground mine development the Company is continuing to develop its prospective site at Teren-Sai. With extensive exploratory drilling being undertaken and test production being analysed at the plant based at Sekisovskoye.
H1 2019 Operational Overview - Sekisovskoye
Underground mine H1 2019 H1 2018 Ore extracted tons 98,725 152,639 Gold grade g/t 2.09 1.96 Silver grade g/t 1.77 3.34 Mineral processing H1 2019 H1 2018 Milling tons 113,669 182,832 Gold grade g/t 1.89 1.72 Silver grade g/t 1.67 2.98 Gold recovery % 81.53% 83.65% Silver recovery % 70.01% 74.29% Gold produced ounces 5,561 8,461 Silver produced ounces 4,111 12,875
During the period the ore extracted in the first three months averaged 13,300t a month, significantly lower than the prior period. The extraction rate has increased with the new supply of equipment and increased to 28,000t in July 2019.
As in prior periods the difference between the ore extracted and the milling is due to the use of lower grade stockpiled ore. The stockpiled ore has a grade of approximately 0.5%, leading to a processed grade of 1.89 overall (2018: 1.72). As production increases the lower grade ore is not expected to be used.
The gold recovery has dropped from that achieved last year, this is expected to be a short term issue due to a number of breakdowns as elaborated on below. The management are expecting to maintain a recovery rate of above 83%, once the necessary investment has been made.
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.
Current developments
During the period the production has been below budgeted levels due principally to the constraint of having sufficient operational machinery. As a result of time lags in obtaining parts and frequent breakdowns, there was an inevitable impact on to the level of ore mined and subsequent production.
In March 2019 the Company obtained a bank loan and in May 2019 funding was provided by the principal shareholders. The Company used the funds in order to repair the machinery in the interim and are looking to invest in new machinery once further funds become available. In addition, the Company purchased the following new machinery:
- CAT R1300G loading and hauling machine with a bucket capacity of 3.1 m3 from CAT Kazakhstan;- TN-430 underground dump truck with a lifting capacity of 30 tons from Sandvik Kazakhstan.
The Company is progressing talks with a bank in Kazakhstan to raise funds of approximately US$17m. The discussions are at an advanced stage, and the Company will update shareholders once agreements have been entered into. The funding will be used to purchase equipment, parts and provide funding to grow the productive capacity. In addition, the Company will continue to develop the decline and ore bodies in order to progress to the next stage of development.
In addition to the principal gold project at Sekisovskoye the Company is continuing the development of the Teren-Sai ore fields. During the year there was extensive drilling conducted the results of which are being interpreted, and will be used for the basis of the independent CPR.
During the period the management instructed a Company to conduct a detailed Competent Person Report (CPR), under JORC (2012), for both projects. The results are expected to be announced in Q3 2019.
H1 2018 Financial Review
The Company has reported a gross profit of US$1.3m for H1 2019, against US$2.6m for H1 2018, with turnover of US$7.2m (H1 2018 US$10.9m).
Sekisovskoye produced 5,561oz of gold in H1 2019 (H1 2018: 8,461oz). Gold sold during the period amounted to 5,369oz (H1 2018: 8,235oz) at an average price of US$1,338/oz (H1 2018: US$1,323/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$801/oz (Year 2018 US$731/oz). The total cash cost was US$1,073/oz as compared to US$883/oz in year ended 2018. The increase in cash cost is a result of the lower level of production in the period. Costs have been rationalised and economies made as far as possible.
As of 30 June 2019, the Company had cash balances of US$50,000. The Company currently has sufficient cash resources when combined with the support of the principal shareholders to continue to operate a cash generative business.
Aidar AssaubayevChief Executive Officer
30 August 2019
ALTYN PLC
Consolidated
income
statement
Six monthsended 30 June2019 Six monthsended 30 June2018 Year ended31 December2018
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Revenue 7,184 10,894 19,366
Cost of sales (5,914) (8,240) (16,871)
Gross profit 1,270 2,654 2,495
Administrative (1,459) (1,248) (5,543)
expenses
Impairments 81 176 562
Operating (108) 1,582 (2,486)
(loss)/profit
Foreign 12 (383) (196)
exchange
Finance (507) (596) (1,283)
Expense
(Loss)/profit (603) 603 (3,965)
before
taxation
Taxation - - (323)
(Loss)/profit (603) 603 (4,288)
attributable
to
s
equityshareholders
(Loss)/profit (0.02c) 0.02c (0.17c)
per ordinary
shareBasic
& diluted (US
cent)
ALTYN
PLC
Consolidated
statement
of
profit
or loss
and
other
comprehensive
income
Six monthsended 30 June2019 Six monthsended 30 June2018 Year ended31 December2018
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
(Loss)/profit (603) 603 (1,929)
for
the
period/year
Currency 411 (2,027) (5,712)
translation
differences
arising
on
translations
of
F
foreign
operations
items
which
will or
may
be
reclassified
to
profit
or los
Currency - - 2,560
translation
differences
arising
on
translations
of
foreign
operations
relating
to
taxation
Total (192) (1,424) (7,440)
comprehensive
loss
for
the
period/year
attributable
to
equity
shareholders
ALTYN PLC
Consolidated statement of financial position
Six monthsended 30 June2019 Six monthsended 30 June2018 Year ended31 December2018
Notes
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Non-current assets
Intangible asset 3 12,481 11,641 12,338
Property, plant and equipment 4 29,037 34,135 28,391
Other receivables 1,315 - 1,303
Deferred tax asset 8,078 6,750 7,999
Restricted cash - 16 28
50,911 52,542 50,059
Current assets
Inventories 2,017 3,096 1,297
Trade and other receivables 3,829 3,964 3,081
Cash and cash equivalents 50 201 105
5,896 7,261 4,483
Total assets 56,807 59,803 55,542
Current liabilities
Trade and other payables (8.645) (8,501) (7,846)
Other financial liabilities - (407) (122)
Provisions (152) (85) (94)
Borrowings (2,947) (1,557) (1,218)
(11,744) (10,550) (9,280)
Net current liabilities (5,848) (3,289) (4,797)
Non-current liabilities
VAT payable (885) - (1,383)
Other financial liabilities & payables (636) (120) (644)
Provisions (4,745) (4,684) (4,412)
Borrowings (4,129) (2,905) (3,963)
(10,395) (7,709) (10,402)
Total liabilities (22,140) (18,259) (19,682)
Net assets 34,668 41,544 34,860
Equity
Called-up share capital 4,054 4,210 4,054
Share premium 151,470 151,314 151,470
Merger reserve (282) (282) (282)
Other reserve 333 333 333
Currency translation reserve (47,359) (46.645) (47,770)
Accumulated loss (73,548) (67,386) (72,945)
Total equity 34,668 41,544 34,860
The financial information was approved and authorised for issue by the Board of Directors on 30 August 2019 and were signed on its behalf by:
Aidar Assaubayev - Chief Executive Officer
ALTYN
PLC
Consolidated
statement
of changes of equity
Sharecapital Sharepremium Mergerreserve Currencytranslationreserve Otherreserves Accumulatedlosses
Total
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000 US$'000
At 1 January 4,054 151,470 (282) (47,770) 333 (72,945) 34,860
2019
Loss for the - - - - - (603) (603)
period
Exchange differences - - - 411 - - 411
on translating
foreign operations
Total comprehensive - - - 411 - (603) (192)
profit
for the period
At 30 June 4,054 151,470 (282) (47,359) 333 (73,548) 34,668
2019
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 differences - - - (2,027) - - (2,027)
on translating
foreign operations
Total comprehensive - - - (2,027) - 603 (1,424)
loss
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
Audited 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
Loss for - - - - - (4,288) (4,288)
the year
Other comprehensive - - - (3,152) - - (3,152)
loss
Total comprehensive - - - (3,152) - (4,288) (7,440)
loss for the year
Conversion of bonds 168 9,552 - - - (668) 9,052
into shares
At 31 December 4,054 151,470 (282) (47,770) 333 (72,945) 34,860
2018
ALTYN
PLC
Notes
to
the
consolidated
financial
information
Six months ended 30June 2019 Six months ended 30June 2018 Year ended 31December 2018
(unaudited) unaudited (audited)
Note US$'000 US$'000 US$'000
Net 7 352 2,504 940
cash
inflow
from
operating
activities
Investing
activities
Purchase (2,291) (2,397) (1,108)
of
property,
plant
and
equipment
Disposal - - 264
of
property,
plant
and
equipment
Net (2,291) (2,397) (844)
cash
used
in
investing
activities
Financing
activities
Loans 2,023 - 151
received
Loans (139) (610) (710)
and
Interest
paid
Net 1,884 (610) (559)
cash
flow
from/(used
in)
financing
activities
Decrease (55) (503) (463)
in
cash
and
cash
equivalents
Foreign - - (136)
currency
translation
Cash 105 704 704
and
cash
equivalents
at the
beginning
of the
period/year
Cash 50 201 105
and
cash
equivalents
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 2019 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 2019 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 2018. 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 2018. The 2018 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 Company's producing assets to be sufficient to cover the expenses of running the Company'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 is currently in advanced discussions with a Kazakh bank in order to obtain the necessary finance.
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:
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 2018 Annual Report and Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2019 to the principal risks and uncertainties as set out in the 2018 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. (Loss)/profit 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 (loss)/profit for the financial period for calculating the basic loss per share for the period are as follows:
Six monthsended Six monthsended Year ended31
30June 2019 30June 2018 December2018
(unaudited) (unaudited) (audited)
The basic weighted 2,567,875,463 2,528,508,797 2,567,875,463
average
number of ordinary
shares in issue
during
the period
2. (Loss)/profit per
ordinary share
The (loss)/profit (603) 603 4,054
for the
period attributable
to
equity shareholders
(US$'000s)
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
Teren-SaiGeological data Exploration US$'000
andevaluation
costs
Cost
1 January 2018 11,424 3,326 14,750
Additions - - -
Amortisation capitalised - 581 581
Currency translation (338) - (338)
adjustment
30 June 2018 11,086 3,907 14,993
Additions - 1,605 1,605
Amortisation capitalised - 520 520
Currency translation (1,197) (113) (1,310)
adjustment
December 2018 9,889 5,919 15,808
Amortisation capitalised - 501 501
Currency translation 112 62 174
adjustment
30 June 2019 10,001 6,482 16,483
Accumulated amortisation
1 January 2018 2,869 - 2,869
Charge for the period 581 - 581
Currency translation (98) - (98)
adjustment
30 June 2018 3,352 - 3,352
Charge for the period 520 - 520
Currency translation (402) (402)
adjustment
31 December 2018 3,470 - 3,470
Charge for the period 501 - 501
Currency translation 31 - 31
adjustment
30 June 2019 4,002 - 4,002
Net books values
30 June 2018 7,734 3,907 11,641
31 December 2018 6,419 5,919 12,338
30 June 2019 5,999 6,482 12,481
The intangible assets relate to the historic geological information pertaining to the Teren-Sai (formerly 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. Ongoing costs in relation to exploration and evaluation are capitalised. The Company is in the process of carrying out a detailed Competent Persons Report on the site, the results of which are expected shortly.
4. Property, plant and equipment
Miningproperties Freehold Plant,Equipmentfixtures Assets Total
andleases landandbuildings andfittings underconstruction
US$000 US$000 US$000 US$000 US$000
Cost
1 January 2018 10,843 26,751 20,074 2,106 59,774
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 2018 12,581 26,074 19,282 2,119 60,056
Additions 1,103 7 304 1,414
Disposals - (1) (2,921) - (2,922)
Transfers (389) 1,487 33 (1,257) (126)
Currency (1,565) (3,079) (1,653) (188) (6,485)
translation
adjustment
31 December 2018 11,730 24,481 14,748 978 51,937
Additions 1,451 - 652 189 2,292
Disposals - (4) (27) - (31)
Transfers (221) (221)
Currency 136 236 135 11 518
translation
adjustment
30 June 2019 13,317 24,713 15,508 957 54,495
Accumulated
depreciation
1 January 2018 2,306 7,260 15,045 - 24,611
Charge for 124 1,254 839 - 2,217
the period
Disposals - - (147) - (147)
Currency (65) (240) (455) - (760)
translation
adjustment
30 June 2018 2,365 8,274 15,282 - 25,921
Charge for 127 988 569 - 1,684
the period
Disposals (1) (1,294) (1,295)
Transfers
Currency (272) (970) (1,522) - (2,764)
translation
adjustment
31 December 2018 2,220 8,291 13,035 - 23,546
Charge for 122 1,050 440 - 1,612
the period
Disposals - (3) (23) - (26)
Currency 21 184 121 - 326
translation
adjustment
30 June 2019 2,363 9,522 13,573 - 25,458
Net Book Values
1 January 2018 8,537 19,491 5,029 2,106 35,163
30 June 2018 10,216 17,800 4,000 2,119 34,135
31 December 2018 9,510 16,190 1,713 978 28,391
30 June 2019 10,954 15,191 1,935 957 29,037
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.
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$127,000).
Six monthsended Six monthsended Year toDecember2018
30June 2019 30June 2018
US$ US$ US$
Short term employee 54,600 73,500 189,956
benefits
54,600 73,500 189,956
Social security costs 3.450 7,132 13,469
58,050 80,632 203,425
During the period, the Company entered into the following transactions in which the Assaubayev family have an interest:
-- An amount is owing to Asia Mining Group of US$458,000, (H1 30 June 2018: US$522,000) 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$1,078,000 (31 December 2018 US$850,000), the loans are repayable on demand or by 31 December 2019, however the management of Amrita have confirmed that the repayments will only be repaid if cash resources permit.
-- During the period a member of the Assaubayev family loaned a subsidiary of the parent Company an amount of US$1,050,000 on an interest free basis on demand basis, but only to be repaid if cash resources permit.
-- 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 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. At 30 June 2019 an amount of US$2.2m, including accrued interest was payable on the remaining bonds.
The transactions incurred by the Company were on normal commercial terms.
7. Notes to the cash flow statement
Six Six Year
monthsended monthsended ended31
30 30 December2018(audited)US
June2019(unaudited)US$000's June2018(unaudited)US$000's $000's
(Loss)/profit before (603) 603 (3,965)
taxation
Adjusted for
Finance expense 507 596 1,055
Depreciation of tangible 1,612 2,217 3,901
fixed assets
(Increase)/decrease (720) (1,383) 332
in inventories
Decrease in other (122) (92) (277)
financial
liabilities
(Increase)/decrease in (733) 41 1,432
trade receivables
Decrease/(increase) 418 4 (1,701)
in trade
and other payables
Loss on disposal 5 135 301
of property,
plant and equipment
Fair value adjustment - - 228
Foreign currency (12) 383 196
translation
Cash inflow from 2,504 940
operations
Income taxes - - -
352 2,504 940
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
Ashar Qureshi Non-executive director
Victor Shkolnik Non-executive director
Secretary Rajinder Basra
Registered office and number Company number: 05048549
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/20190901005020/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 02, 2019 02:00 ET (06:00 GMT)
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