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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ambrian | LSE:AMBR | London | Ordinary Share | GB0003763140 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.25 | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAMBR
RNS Number : 4817R
Ambrian PLC
12 September 2014
LONDON, 12 September 2014
AMBRIAN PLC
Interim Report for the six months to 30 June 2014
Ambrian plc ("Ambrian" or the "Company" and, together with its subsidiaries, the "Group") today announces its unaudited consolidated results for the six months ended 30 June 2014.
Financial highlights
-- Profit before tax: US$1.17 million (H1 2013: US$ 1.31 million) -- Net profit per share: US 0.81 cents (H1 2013: US 0.81 cents) -- Total equity as at 30 June 2014: US$ 29.88 million (31 December 2013: US$ 28.96 million) -- Net asset value per share as at 30 June 2014: US 29.7 cents (31 December 2013: US 28.8 cents)
Commenting on the results, Charles Crick, non-executive Chairman, stated:
"The interim results reflect a solid performance in our metals trading activities for the period. Current market conditions affecting the metals in which we deal are challenging, but we remain confident in our business model and of a successful outcome for the year".
Enquiries
Ambrian plc Roger Clegg + 44 (0)20 7634 4700 Cenkos Securities plc Neil McDonald + 44 (0)20 7397 8900 Nick Tulloch
Notes to Editors
Ambrian is primarily active in the physical trading of base metals. It sources and supplies a variety of commodities to end users all over the world. Supported by its offices in London, Shanghai, Taiwan and a network of agents in North and South America, Asia and the Middle East. Ambrian provides producers and consumers with its marketing insight whilst emphasizing the financing and risk management aspect of its trading activities. Ambrian also holds and manages a number of equity investments. Ambrian is quoted on the Alternative Investment Market of the London Stock Exchange under the ticker symbol AMBR.
Further information on Ambrian is available on the Company's website: www.ambrian.com
Chairman's Statement
Total income for the Group for the six months ended 30 June 2014 was US$ 4.53 million (US$ 5.17 million for the six months ended 30 June 2013). Substantially all of this income (US$ 4.52 million) was derived from the Group's core metals trading business, Ambrian Metals Limited ("AML"), and compares with total income for AML for the six month period ended 30 June 2013 of US$ 5.38 million.
Total profit before tax for the Group for the six months ended 30 June 2014 amounted to US$ 1.17 million (US$ 1.31 million for the six months ended 30 June 2013). Within this, AML reported a profit before tax of US$ 2.18 million for the period compared with US$ 2.48 million for the equivalent period in 2013.
Over the period we have increased our footprint in the metals market with the opening of a new office in Taiwan which specialises in lead and zinc. As previously announced, we also completed the disposal of our head office lease in London during the period and moved into new offices in the City of London. The net ongoing cost of these offices is almost 50 per cent of that of our former offices.
Central expenses, which are principally the costs of the holding company, amounted to US$ 1.02 million compared with US$ 0.96 million for the same period in 2013.
The Group's net assets as at 30 June 2014 were US$ 29.88 million (US$ 28.96 million at 31 December 2013), representing US 29.7 cents per share, an increase of 3% on the US 28.8 cents per share at 31 December 2013.
Further details of the Group's financial performance over the period are contained in the Financial Review which accompanies this Statement.
Trading conditions in our metals markets for the first part of the period under review were relatively benign. However, conditions became more challenging for all participants towards the end of the period due to the volatility in forward spreads, with periods of backwardation where forward prices are less than the spot price. This change in conditions impacted the profitability of our trades. However, against this background, AML has achieved a good performance over the period and, whilst we expect the current market conditions to continue, we also expect AML to achieve net revenues for the second half in line with those of the first half.
The Group's future growth and prospects remain constrained by our asset base. We continue to work on means to increase this and diversify our revenue streams.
Financial Review
Overview
Total income for the Group was US$ 4.53 million for the six months ended 30 June 2014 (H1 2013: US$ 5.17 million).
Profit before tax was US$ 1.17 million, compared with a profit of US$ 1.31 million for the same period last year, derived principally from our metals trading operation in Ambrian Metals Limited ("AML").
Metals trading
AML reported a profit before tax for the period under review of US$ 2.18 million (US$ 2.48 million for H1 2013). AML achieved a 28 per cent increase in metal tonnages traded compared to the same period last year. A major contributor to this increase has been the establishment of our new business in Taiwan which specialises in lead and zinc.
Total income from turnover for AML was US$ 1,528 million for the period under review compared with US$ 1,383 million for the same period in 2013.
The period has seen average copper prices per tonne drop from $7,439 in January to $6,955 by the end of June.
Investment portfolio
The investment portfolio recorded a small profit before tax of US$ 6,281 (H1 2013: loss of US$ 208,553). This arose from a small capital distribution on one of our investments whilst we still retain the investment concerned.
The total value of the investment portfolio (excluding cash and the holding in Consolidated General Minerals plc ("CGM")) at 30 June 2014 was US$ 0.21 million. This compares with a principal investment portfolio valued at US$ 0.22 million (excluding cash and the CGM holding) at 31 December 2013. The Company continues to hold an 11.95 per cent interest in CGM, valued at US$ 2.53 million at 30 June 2014. We now have a larger holding in this investment following the open offer which was completed by CGM in January 2014 and under which we subscribed for additional shares for a total consideration of US$ 0.82 million. Construction of CGM's clinker grinding mill and cement packing plant in Beira, Mozambique, is now well underway; there have been delays in the construction programme but completion is now expected towards the end of the current year. CGM continues to own a 29.9 per cent interest in the issued share capital of the Company.
Expenses
Group administrative expenses were US$ 3.37 million for the six months to 30 June 2014 (H1 2013: US$ 3.86 million), of which US$ 1.02 million (H1 2013: US$ 0.96 million) was represented by central costs. The one-off costs of moving to our new offices in the City of London, completed in June this year, have been largely offset by the release of a dilapidations provision on our old offices. Total headcount at 30 June 2014 was 31, an increase of 7 since 30 June 2013, principally due to the establishment of our new operation in Taiwan.
Balance Sheet
Total assets were US$ 427 million at 30 June 2014 compared with US$ 318 million at 30 June 2013. The majority of the increase is due to an increase in inventory which represents metal in transit as well as metal in warehouse. A small part of the increase in total assets is due to additional fixed assets associated with the fitting out of our new offices.
The Group's cash resources totalled US$ 12.08 million at 30 June 2014 compared with US$18.58 million at 30 June 2013. AML has used some of its own cash resources in funding a limited number of short voyage shipments of metal.
Shareholders' equity was US$ 29.95 million at 30 June 2014 compared with US$ 29.03 million at 31 December 2013. Tangible net asset value per share was US 29.7 cents per share (31 December 2013, US 28.8 cents). Tangible net asset value per share is based on 100,602,104 ordinary shares outstanding at 30 June 2014 (excluding treasury shares and shares held by the Ambrian Capital Employee Benefit Trust).
Ambrian plc Condensed consolidated statement of comprehensive income Six months Six months Year to 31 to 30 June to 30 June December 2014 2013 2013 (unaudited) (unaudited) (audited) US $ US $ US $ Turnover 1,528,402,137 1,383,317,065 2,565,693,966 Cost of Sales (1,523,876,507) (1,377,938,026) (2,551,784,668) ---------------------- ---------------------- --------------------- Net revenue 4,525,630 5,379,039 13,909,298 Investment portfolio gains and (losses) 6,281 (208,553) (1,476,342) ---------------------- ---------------------- --------------------- Total income 4,531,911 5,170,486 12,432,956 Administrative expenses (3,366,579) (3,863,285) (8,284,565) ---------------------- ---------------------- --------------------- Profit before tax 1,165,332 1,307,201 4,148,391 Taxation (353,816) (501,102) (228,226) ---------------------- ---------------------- --------------------- Profit after tax 811,516 806,099 3,920,165 ---------------------- ---------------------- --------------------- Other comprehensive income Items that may be reclassified subsequently to profit/(loss) Exchange profit/(loss) arising from translation of foreign operations 103,786 (355,400) 284,843 ---------------------- ---------------------- --------------------- Total other comprehensive profit/(loss) 103,786 (355,400) 284,843 ---------------------- ---------------------- --------------------- Total comprehensive profit 915,302 450,699 4,205,008 ====================== ====================== ===================== Profit for the period attributable to: Owners of the parent 810,446 811,400 3,915,109 Non-controlling interest 1,070 (5,301) 5,056 ---------------------- ---------------------- --------------------- 811,516 806,099 3,920,165 ---------------------- ---------------------- --------------------- Total comprehensive profit attributable to: Owners of the parent 914,232 456,000 4,199,952 Non-controlling interest 1,070 (5,301) 5,056 ---------------------- ---------------------- --------------------- 915,302 450,699 4,205,008 ---------------------- ---------------------- --------------------- Basic earnings per share in USD cents: Earnings per share 0.81 0.81 3.89 Diluted earnings per share 0.80 0.81 3.86 Ambrian plc Condensed consolidated statement of financial position Six months Six months to 30 June to 30 June Year to 31 2014 2013 December 2013 US $ US $ US $ ASSETS (unaudited) (unaudited) (audited) Non-current assets Property, plant and equipment 455,889 83,144 68,596 Deferred tax asset 601,875 27,841 601,875 -------------------- ---------------------- ------------------- 1,057,764 110,985 670,471 Current assets Financial assets at fair value through profit or loss 2,735,908 25,240,464 1,925,612 Inventory 311,197,984 198,833,112 208,872,237 Trade and other receivables 100,016,478 75,511,883 59,633,460 Cash and cash equivalents 12,076,316 18,580,171 22,074,881 -------------------- ---------------------- ------------------- 426,026,686 318,165,630 292,506,190 Total assets 427,084,450 318,276,615 293,176,661 ==================== ====================== =================== LIABILITIES Current liabilities Financial liabilities at fair value through profit or loss (3,442,863) - (2,371,159) Short term borrowings (278,378,497) (148,560,835) (176,889,933) Short term liabilities under sale & repurchase agreements (33,602,079) (85,196,838) (33,054,823) Trade and other payables (80,639,722) (58,710,177) (51,095,655) Current tax payable (1,141,351) (637,241) (800,455) -------------------- ---------------------- ------------------- Total liabilities (397,204,512) (293,105,091) (264,212,025) Total net assets 29,879,938 25,171,524 28,964,636 ==================== ====================== =================== CAPITAL AND RESERVES Share capital 17,665,294 17,665,294 17,665,294 Share premium account 18,043,816 18,043,816 18,043,816 Treasury shares (1,986,574) (1,986,574) (1,986,574) Retained earnings 794,925 (3,119,230) (15,521) Share-based payment reserve 8,052,410 8,013,607 8,052,410 Employee benefit trust (11,446,444) (11,446,444) (11,446,444) Exchange reserve (1,178,138) (1,922,167) (1,281,924) -------------------- ---------------------- ------------------- Total equity attributable to the owner of the parent 29,945,289 25,248,302 29,031,057 Non-controlling interest (65,351) (76,778) (66,421) Total equity 29,879,938 25,171,524 28,964,636 ==================== ====================== =================== Ambrian plc Condensed consolidated interim statement of changes in equity Total equity attributable to the Share based Employee owner Share premium Treasury Retained payments benefit Exchange of the Non-controlling Total Share capital account shares earnings reserve trust reserve parent interest equity US $ US $ US $ US $ US $ US $ US $ US $ US $ US $ Balance at 1 January 2013 (audited) 17,665,294 18,043,816 (1,986,574) (3,930,630) 8,013,607 (11,446,444) (1,566,767) 24,792,302 (71,477) 24,720,825 ===================== ========================== ================= ================== ===================== ===================== ====================== ================= ======================== =================== Comprehensive income Profit for the period - - - 811,400 - - - 811,400 (5,301) 806,099 Foreign currency adjustments - - - - - - (355,400) (355,400) - (355,400) --------------------- -------------------------- ----------------- ------------------ --------------------- --------------------- ---------------------- ----------------- ------------------------ ------------------- Total comprehensive income - - - 811,400 - - (355,400) 456,000 (5,301) 450,699 Transactions with owners Share-based - - - - - - - - - - payment charge --------------------- -------------------------- ----------------- ------------------ --------------------- --------------------- ---------------------- ----------------- ------------------------ ------------------- Balance at 30 June 2013 (unaudited) 17,665,294 18,043,816 (1,986,574) (3,119,230) 8,013,607 (11,446,444) (1,922,167) 25,248,302 (76,778) 25,171,524 ===================== ========================== ================= ================== ===================== ===================== ====================== ================= ======================== =================== Comprehensive income Profit for the period - - - 3,103,709 - - - 3,103,709 10,357 3,114,066 Foreign currency adjustments - - - - - - 640,243 640,243 - 640,241 --------------------- -------------------------- ----------------- ------------------ --------------------- --------------------- ---------------------- ----------------- ------------------------ ------------------- Total comprehensive income - - - 3,103,709 - - 640,243 3,743,950 10,357 3,754,307 Transactions with owners Share-based payment charge - - - - 38,803 - - 38,803 - 38,803 Balance at 31 December 2013 (audited) 17,665,294 18,043,816 (1,986,574) (15,521) 8,052,410 (11,446,444) (1,281,924) 29,031,057 (66,421) 28,964,636 ===================== ========================== ================= ================== ===================== ===================== ====================== ================= ======================== =================== Profit for the period - - - 810,446 - - - 810,446 1,070 811,516 Foreign currency adjustments - - - - - - 103,786 103,786 - 103,786 Total comprehensive income - - - 810,446 - - 103,786 914,232 1,070 915,302 Transactions - - - - - - - - - - with owners Share-based - - - - - - - - - - payment charge Balance at 30 June 2014 (unaudited) 17,665,294 18,043,816 (1,986,574) 794,925 8,052,410 (11,446,444) (1,178,138) 29,945,289 (65,351) 29,879,938 ===================== ========================== ================= ================== ===================== ===================== ====================== ================= ======================== =================== Ambrian plc Condensed consolidated statement of cash flows Six months Six months Year to 31 to 30 June to 30 June December 2014 2013 2013 (unaudited) (unaudited) (audited) US $ US $ US $ Profit/ for the period 811,516 806,099 3,920,165 Adjustments for: Depreciation of property, plant and equipment 6,775 15,411 18,808 Write off of old property, plant 61,821 - - and equipment Foreign exchange (losses)/gains (174,706) 38,041 (375,025) Taxation expense 353,816 - 228,226 Unrealised (losses)/gains on financial assets designated at fair value (792,218) (21,626,515) 1,577,022 Realised losses/(gains) on financial assets designated at fair value (18,078) - 12,795 Proceeds of sale from disposal of financial asset at fair value through profit and loss 238,783 - 224,578 (Increase)/decrease in inventories (102,325,747) 163,544,286 153,505,161 (Increase)/decrease in trade and other receivables (40,383,018) 33,745,815 46,923,695 Unrealised gains/(losses) on financial liabilities at fair value 1,071,704 (971,229) 1,399,930 Decrease/(increase) in trade and other payables 29,544,065 (5,731,053) (13,345,575) Share-based payment charge - - 38,803 Cash (used)/ generated in operations (111,605,287) 169,820,855 194,128,583 Taxation (paid) - - - --------------------- --------------------- ------------------- Net cash flow (used)/generated in operating activities (111,605,287) 169,820,855 194,128,583 --------------------- --------------------- ------------------- Investing activities Disposal of subsidiary undertakings - - 2,700,544 Purchase of property, plant and (450,092) - - equipment Disposal of property, plant and 9,547 - - equipment --------------------- --------------------- ------------------- Net cash (used) in investing activities (440,545) - 2,700,544 --------------------- --------------------- ------------------- Financing activities Increase/ (decrease) in short term liabilities under sale and repurchase agreements 547,256 (90,381,251) (142,523,267) Increase/(decrease) in short term borrowings 101,488,564 (89,315,890) (60,986,791) Net cash used/ (generated) in financing activities 102,035,820 (179,697,141) (203,510,058) ===================== ===================== =================== Net decrease in cash and cash equivalents (10,010,012) (9,876,286) (6,680,931) Cash and cash equivalents at the beginning of the year 22,074,881 28,217,608 28,217,608 Effect of foreign exchange rate differences on cash and cash equivalents 11,447 238,849 538,204 --------------------- --------------------- ------------------- Cash and cash equivalents at the end of the year 12,076,316 18,580,171 22,074,881 ===================== ===================== ===================
Notes to the condensed consolidated interim financial statements
1. Basis of preparation
The condensed interim financial statements are for the six months ended 30 June 2014. The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2013 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRSs"). The auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.
The accounts for the period have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2013, unless otherwise stated, and those envisaged for the financial statements for the year ended 31 December 2014.
These condensed interim financial statements have been reviewed by BDO LLP, but not audited.
The Group's results are not materially affected by seasonal variations.
The interim financial statements were approved by the Directors on 11 September 2014 and copies are available to the public free of charge from the Company at 62-64 Cornhill, London EC3V 3NH during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14 days from today.
The "other comprehensive income" line in the Condensed consolidated statement of comprehensive income for the six month period to 30 June 2013 has been adjusted to include the effect of foreign exchange rates on historic earnings and provides consistency with relevant IFRS's and the accounting policies used in the annual report for 2013.
2. Segmental Analysis
The Group has two reportable segments attributable to its continuing operations and Head office:
-- Physical metals: comprises Ambrian Metals Limited, a physical metals merchant.
-- Investment portfolio: comprises the Group's principal investment portfolio held in Ambrian Principal Investments Limited.
-- Head office: principally relates to overheads incurred in operating the public limited company and includes the remuneration of the Directors of Ambrian plc. This segment also includes the activities of Ambrian Resources AG.
Total income disclosed below includes investment and other income. The investment portfolio includes realised and unrealised gains on financial assets.
Physical Investment Total Metals Portfolio Head Office 30 June 30 June 30 June 30 June 2014 2014 2014 2014 US $ US $ US $ US $ Turnover 1,528,402,137 - - 1,528,402,137 Cost of Sales (1,523,876,507) - - (1,523,876,507) Revenue - 6,281 - 6,281 4,525,630 6,281 - 4,531,911 ====================== ==================== ==================== ====================== Physical Investment Restated Metals Portfolio Head Office Total 30 June 30 June 30 June 30 June 2013 2013 2013 2013 US $ US $ US $ US $ Turnover 1,383,317,065 - - 1,383,317,065 Cost of Sales (1,377,938,026) - - (1,377,938,026) Revenue - (208,553) - (208,553) 5,379,039 (208,553) - 5,170,486 ====================== ==================== ==================== ====================== Physical Investment Restated Metals Portfolio Head Office Total 2013 2013 2013 2013 US $ US $ US $ US $ Turnover 2,565,463,074 - 230,892 2,565,693,966 Cost of Sales (2,551,784,668) - - (2,551,784,668) Revenue - (1,476,342) - (1,476,342) 13,678,406 (1,476,342) 230,892 12,432,956 ====================== ==================== ==================== ====================== Six months to Six months Year to 31 30 June 2014 to 30 June December 2013 2013 Profit/(loss) before tax US $ US $ US $ Physical metals 2,179,032 2,476,031 7,948,910 Investment portfolio 6,281 (208,553) (1,527,089) Head office (1,019,981) (960,277) (2,273,430) 1,165,332 1,307,201 4,148,391 ====================== ================== ==================== Six months to Six months Year to 31 30 June 2014 to 30 June December 2013 2013 Total assets US $ US $ US $ Physical metals 423,415,301 313,481,564 288,779,249 Investment portfolio 389,439 788,100 436,892 Head office 3,279,710 4,006,951 3,960,520 427,084,450 318,276,615 293,176,661 ====================== ================== ==================== Total liabilities Physical metals 395,929,003 289,912,605 262,280,511 Investment portfolio 542 166,900 524 Head office 1,274,967 3,025,586 1,930,990 397,204,512 293,105,091 264,212,025 ====================== ================== ==================== 3. Cash and cash equivalents
Own cash resources included in cash at bank and in hand amounted to US$ 12,076,316 as at 30 June 2014 (30 June 2013: US$ 18,580,171 and 31 December 2013: US$ 22,074,881).
4. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust on 30 June 2014 of 6,259,046 (2013: 6,259,046) and Treasury shares 30 June 2014 of 4,500,058 (2013: 4,500,058).
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
Six months Six months Year to 31 to 30 June to 30 June December 2014 2013 2013 Profit attributable to shareholders $ 810,446 $ 811,400 $ 3,915,109 Diluted profit attributable to shareholders $ 810,446 $ 811,400 $ 3,915,109 Weighted average number of shares 100,602,104 100,602,104 100,602,104 Dilutive effect of share options 137,617 127,618 916,300 Basic earnings per share US $ cents 0.81 0.81 3.89 Diluted earnings per share US $ cents 0.80 0.81 3.86
The profit attributable to the owners of the company for operations used in the above calculations is that presented in the condensed consolidated statement of comprehensive income. The profit attributable to the owners of the company operations is derived from the profit from continuing operations adjusted for the profit/loss for the period attributable to the non-controlling interest.
5. Financial instruments
Loans and Receivables At fair value at amortised through profit cost or loss Total Six months Six months Six months to 30 June to 30 June to 30 June 2014 2014 2014 US $ US $ US $ Financial assets Cash and cash equivalents 12,076,316 - 12,076,316 Trade receivables - current 99,544,630 - 99,544,630 Other receivables - current 129,638 - 129,638 Financial assets at fair value through profit or loss -derivatives - - - -equities - 2,735,908 2,735,908 ------------------------ ------------------------ ------------------------ Total 111,750,583 2,735,908 114,486,491 ------------------------ ------------------------ ------------------------ Six months Six months Six months to 30 June to 30 June to 30 June 2013 2013 2013 US $ US $ US $ Financial assets Cash and cash equivalents 18,580,171 - 18,580,171 Trade receivables - current 74,123,539 - 74,123,539 Other receivables - current 54,588 - 54,588 Financial assets at fair value through profit or loss -derivatives - 22,266,168 22,266,168 -equities - 2,974,296 2,974,296 ------------------------ ------------------------ Total 92,758,298 25,240,464 117,998,762 ------------------------ ------------------------ ------------------------ Year to 31 Year to 31 Year to 31 December December 2013 December 2013 2013 US $ US $ US $ Financial assets Cash and cash equivalents 22,074,881 - 22,074,881 Trade receivables - current 57,463,061 - 57,463,061 Other receivables - current 162,322 - 162,322 Financial assets at fair value through profit or loss -derivatives -equities - 1,925,612 1,925,612 Total 79,700,264 1,925,612 81,625,876 ------------------------ ------------------------ ------------------------ Trade and other payables At fair value at amortised through profit cost or loss Total Six months Six months Six months to 30 June to 30 June to 30 June 2014 2014 2014 US $ US $ US $ Financial liabilities Trade payables 13,761,927 - 13,761,927 Other payables - current 197,335 - 197,335 Short term borrowings 278,378,497 - 278,378,497 Accruals and deferred income - 66,680,460 66,680,460 Short term liabilities under sale and repurchase agreements 33,602,079 - 33,602,079 Financial liabilities at fair value through profit or loss: -derivatives - 3,442,863 3,442,863 Total 325,939,837 70,123,323 396,063,161 ------------------------ ------------------------ ------------------------ Six months Six months Six months to 30 June to 30 June to 30 June 2013 2013 2013 US $ US $ US $ Financial liabilities Trade payables 2,503,837 - 2,503,837 Other payables - current 577,493 - 577,493 Short term borrowings 148,560,835 - 148,560,835 Accruals and deferred income - 55,628,547 55,628,547 Short term liabilities under sale and repurchase agreements 85,196,838 - 85,196,838 Financial liabilities at fair value through profit or loss: -derivatives - - - Total 236,839,003 55,628,547 292,467,550 ------------------------ ------------------------ ------------------------ Year to 31 Year to 31 Year to 31 December 2013 December 2013 December 2013 US $ US $ US $ Financial liabilities Trade payables 45,594,926 - 45,594,926 Other payables - current 415,754 - 415,754 Short term borrowings 176,889,933 - 176,889,933 Accruals and deferred income - 4,168,320 4,168,320 Short term liabilities under sale and repurchase agreements 33,054,823 - 33,054,823 Financial liabilities at fair value through profit or loss: -derivatives - 2,371,159 2,371,159 ------------------------ ------------------------ ------------------------ Total 255,955,436 6,539,479 262,494,915 ------------------------ ------------------------ ------------------------
Financial assets and financial liabilities are classified in their entirety into only one of three levels.
The fair value hierarchy has the following levels:
-- Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities
-- Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
-- Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial instruments are measured at fair value as follows: Fair value measurements at 30 June 2014 Level 1 Level 2 Level 3 Total US $ US $ US $ US $ Financial assets Equity investments 2,528,251 - 207,657 2,735,908 Financial assets at fair value through profit or loss -derivatives - - - - ------------------ ------------------- --------------------- ------------------- Total 2,528,251 - 207,657 2,735,908 ------------------ ------------------- --------------------- ------------------- US $ US $ US $ US $ Financial liabilities Accruals and deferred income 66,678,853 - - 66,678,853 Financial assets at fair value through profit or loss -derivatives - 3,442,863 - 3,442,863 ------------------ ------------------- --------------------- ------------------- Total 66,678,853 3,442,863 - 70,121,716 ------------------ ------------------- --------------------- ------------------- Fair value measurements at 30 June 2013 Level 1 Level 2 Level 3 Total US $ US $ US $ US $ Financial assets Equity investments 2,378,114 596,182 2,974,296 Financial assets at fair value through profit or loss -derivatives - 22,266,168 - 22,266,168 Total 2,378,114 22,862,350 - 25,240,464 ------------------ ------------------- --------------------- ------------------- US $ US $ US $ US $ Financial liabilities Accruals and deferred income 55,628,547 - - 55,628,547 Financial assets at fair value through profit or loss -derivatives - - - - Total 55,628,547 - - 55,628,547 ------------------ ------------------- --------------------- ------------------- Fair value measurements at 31 December 2013 Level 1 Level 2 Level 3 Total US $ US $ US $ US $ Financial assets Equity investments 1,706,158 - 219,454 1,925,612 Financial assets at fair value through profit or loss -derivatives - - - - Total 1,706,158 - 219,454 1,925,612 ------------------ ------------------- --------------------- ------------------- US $ US $ US $ US $ Financial liabilities Accruals and deferred income 4,168,320 - - 4,168,320 Financial assets at fair value through profit or loss -derivatives - 2,371,159 - 2,371,159 Total 4,168,320 2,371,159 - 6,539,479 ------------------ ------------------- --------------------- -------------------
6. Non-controlling interest
The non-controlling interest disclosed in the condensed consolidated statement of comprehensive income and condensed consolidated statement of financial position represents a 20% minority interest in Ambrian Resources AG held by shareholders other than Ambrian plc.
Ambrian Resources AG, a private equity business, was established in February 2010 in partnership with a team of three former executives from Glencore who hold 20% of the share capital of the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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