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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Goldplat Plc | LSE:GDP | London | Ordinary Share | GB00B0HCWM45 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.25 | 3.33% | 7.75 | 7.60 | 7.90 | 7.80 | 7.50 | 7.50 | 398,845 | 16:19:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 41.88M | 2.8M | 0.0167 | 4.64 | 13M |
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TIDMGDP
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
25 February 2019
Goldplat plc ('Goldplat' or 'the Company')
Interim results for the six months ended 31 December 2018
Goldplat plc, the AIM listed gold producer, with international gold
recovery operations located in South Africa and Ghana and a gold mine in
Kenya, announces its interim results for the six months ended 31
December 2018.
Overview
-- The Group reports an operating loss for the six-month period of
GBP653,000 (six months ended 31 December 2017: operating profit of
GBP1,578,000).
-- Production of gold and gold equivalents for the six months' period under
review of 15,786 ounces (six months ended 31 December 2017: 20,246
ounces) is well below the year forecast.
-- All operations reported decreased production due primarily to the poor
first quarter at both recovery operations and planned production
decreases at Kilimapesa Gold ('KPG'). The poor first quarter at the
recovery operations reflected difficulties at Gold Recovery Ghana ('GRG')
in sourcing sufficient material and challenges at Gold Recovery (Pty) Ltd
('GPL') in sourcing the required quality material during the period and
highlights why sourcing remains a key strategic focus area for the Group.
-- GPL recovered well from a poor first quarter and has returned to normal
levels during the second quarter with both the by-product section and the
Carbon in Leach ('CIL') section performing well. This performance is
attributable to deliveries from clients returning to normal levels and
Management's efforts to turn over gold inventory stocks that had
accumulated over a period.
-- GRG performed below plan despite production improvements during the
second quarter and reported a loss for the six-month period. Production
increased during the second quarter as established clients in Ghana made
deliveries of material and additional material was sourced from South
America. The plant continued to run below capacity during the second
quarter and despite the improvement the losses from the first quarter
could not be recovered.
-- Substantial gold bearing material suitable for treatment at the Ghana
plant has been identified at the operations of a major producer in West
Africa. A trial batch of this material will be processed once export
logistics and legalities has been finalised. A successful outcome of
this trial will secure another stream of material for the Ghana
operation.
-- KPG continues to report losses despite a significant decrease in costs at
the operation. This can be seen in the mining and exploration segment
loss before tax of GBP836,000 (six months ending 31 December 2017:
GBP81,000) of which GBP292,000 (six months ending 31 December 2017:
GBP283,000) related to depreciation and amortisation. Plans to put
Kilimapesa on care and maintenance have been put on hold whilst
discussions regarding financing of the operation are in progress. Since
October a strategy was followed to reduce production, improve grades and
decrease the overall cost of running the operation. This strategy
envisaged that losses can be kept below the cost of care and maintenance
whilst we are progressing a possible transaction to secure funding.
-- The net finance loss of GBP184,000 for the period (six months ended 31
December 2017: GBP746,000) relates mainly to the interest on the Scipion
loans and the financing of debtors. The prior period included significant
foreign exchange losses.
-- The Group has maintained a cash reserve of GBP1,000,000 (31 December
2017: GBP1,183,000) with interest bearing borrowings increasing to
GBP838,000 (31 December 2017: GBP667,000).
-- Capital expenditure of GBP321,000 was spent during the period to maintain
and optimise current plant infrastructure.
Chairman's Statement
Our portfolio of core assets consists of two gold recovery operations in
South Africa and Ghana, which recover gold from by-products of the
mining process providing mines with an environmentally friendly and
cost-efficient way of removing waste material, and the Kilimapesa Gold
Mine in Kenya. Having built a strong gold production profile over the
past few years our focus is to greatly increase output and profitability,
leveraging our established African operations to support clients
globally.
I am therefore disappointed to report a poor period across the Group
including production and financial performance. During the first quarter
all operations reported decreased production and financial results,
mainly as a result of problems with sourcing sufficient material for
processing at GRG and the quality of material processed at GPL. I am
pleased to report that the South African operation was turned around
during the second quarter, with production back to normal levels,
producing very good results. Performance at the Ghanaian operation
improved significantly during the second quarter, but not enough to
recover losses sustained in the first quarter. We continue to produce at
a loss at the Kilimapesa mine in Kenya whilst negotiating funding for
the operation with third parties.
Key issues and initiatives during the period under review have been: the
sourcing of material for the recovery operations from existing clients
and locations; realising value at both recovery operations from dormant
inventory; progressing discussions with potential funders for
Kilimapesa; and continued focus on sourcing of material from new
locations, including the broader African continent and South America.
The decrease in production and consequent poor financial performance at
both the recovery operations in this period has highlighted the
difficulties inherent in these businesses, including an unpredictability
in the supply of material from existing clients (reflecting the mature
nature of the gold mining industry in South Africa and Ghana), and the
time required to secure new clients in new markets and then overcome
country logistics and regulatory issues. The amount of working capital
required to secure contracts in new markets as well as to manage the
continued pressure on credit cycles, also grows.
Focus on sourcing is key to mitigating the above-mentioned risks at the
recovery operations. Senior management continues its comprehensive and
planned strategy to identify potential sources of material, engage with
the relevant producers and regulatory authorities and advance contract
negotiations. Client and geographic diversification are key to improving
visibility of supply of material and hence earnings from the recovery
business. Significant progress is being made in this regard,
notwithstanding the issues and risks mentioned above.
Revenues of GBP12,843,000 for the period represent a 30% decrease on
last year (6 months ended 31 December 2017: GBP18,270,000), in line with
decreased gold production and sales for the period. As a result, an
operating loss of GBP653,000 was reported (6 months ended 31 December
2017: operating profit of GBP1,578,000). This resulted in a loss before
tax of GBP837,000 for the six months ended 31 December 2018 (6 months
ended 31 December 2017: profit before tax of GBP832,000).
The net finance expense of GBP184,000 includes interest paid on interest
bearing borrowings of GBP66,000 (6 months ended 31 December 2017:
GBP68,000) and GBP137,000 paid (6 months ended 31 December 2017:
GBP143,000) on pre-financing of receivables.
Cash and cash equivalents at the end of the period stood at GBP1,000,000
(compared to GBP1,183,000 at the end of December 2017 and GBP1,915,000
at end of FY 2018). The decrease from year-end FY 2018 can be attributed
the repayment of the interest bearing borrowings during the period.
With regard to group production and sales, overall gold and gold
equivalent production for the six-month period ended 31 December 2018
was 15,786 ounces (compared to 20,246 ounces produced in the period
ended 31 December 2017). Total gold and gold equivalent sold and
transferred for the period was 15,593 ounces (compared to 21,783 ounces
in the period ended 31 December 2017). The following table summarises
gold production, transfers and sales for the period per operation:
Year Year
6 months 6 months 6 months 6 months ending ending
------------- ---------- ---------- ---------- ---------- ---------- ----------
December December December December
2018 2018 2017 2017 June 2018 June 2018
---------- ---------- ---------- ---------- ---------- ----------
Equivalent Equivalent Equivalent Equivalent Equivalent Equivalent
Gold Gold Gold Gold Gold Gold
---------- ---------- ---------- ---------- ---------- ----------
Goldplat Plc
Consolidated Kg oz kg Oz kg oz
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold
Equivalent
Production
-------------
Goldplat
Recovery 351 11,285 434 13,968 733 23,567
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold Recovery
Ghana 76 2,443 112 3,597 210 6,752
------------- ---------- ---------- ---------- ---------- ---------- ----------
Kilimapesa
Gold 64 2,058 83 2,681 159 5,112
------------- ---------- ---------- ---------- ---------- ---------- ----------
Total 491 15,786 629 20,246 1,102 35,431
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold
Equivalent
Sold
-------------
Goldplat
Recovery 279 8,970 355 11,420 655 21,059
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold Recovery
Ghana 60 1,929 146 4,693 249 8,010
------------- ---------- ---------- ---------- ---------- ---------- ----------
Kilimapesa
Gold 71 2,283 85 2,720 159 5,112
------------- ---------- ---------- ---------- ---------- ---------- ----------
Total 410 13,182 586 18,833 1,063 34,181
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold
Equivalent
Transferred
-------------
Goldplat
Recovery 75 2,411 92 2,950 162 5,219
------------- ---------- ---------- ---------- ---------- ---------- ----------
Total 75 2,411 92 2,950 162 5,219
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold
Equivalent
Sold and
Transferred
-------------
Goldplat
Recovery 354 11,381 447 14,370 817 26,278
------------- ---------- ---------- ---------- ---------- ---------- ----------
Gold Recovery
Ghana 60 1,929 146 4693 249 8,010
------------- ---------- ---------- ---------- ---------- ---------- ----------
Kilimapesa
Gold 71 2,283 85 2,720 159 5,112
------------- ---------- ---------- ---------- ---------- ---------- ----------
Total 485 15,593 678 21,783 1,225 39,400
------------- ---------- ---------- ---------- ---------- ---------- ----------
Goldplat Recovery (Pty) Ltd ('GPL'), South Africa
Key initiatives during the period at GPL:
-- Extensive processing of existing on-site inventory
-- Securing a contract with a major PGM producer to provide material
containing PGM's
-- Test work to improve the financial viability of processing the large
strategic stockpile
With gold production in South Africa in steady decline and ownership of
existing operations continually changing, the market for material for
GPL has become more unpredictable. Production of 11,285 ounces of gold
and gold equivalents for the six-month period ended 31 December 2018
compared to the 13,968 ounces of gold and gold equivalents for the six
months ended 31 December 2017. Production from both by-product circuits
and CIL circuits was below plan during the first quarter, but production
improved significantly during the second quarter due to the return to
expected supply of material from clients, as well as a concerted effort
to process inventory on site during the second quarter. Large volumes of
inventory, not including strategic stockpiles, were processed during the
second quarter, monetising inventory previously "dormant" due to the
nature of the material or economics of final processing. This clean-up
is continuing.
The process to secure West Pit 3 for tailings deposition continues to be
frustrated by various stakeholders which are out of GPL's control. We
are still awaiting finalisation with the Department of Mineral Resources
before GPL can move forward to finalise the design and other
requirements. The alternative option for reprocessing and final
deposition of the Tailings Storage Facility ('TSF') continues to be
evaluated however deposition in the West Pit 3 still remains the most
economical option.
Supply of material containing PGMs including woodchips and other
by-product material was enhanced with a contract being concluded with
one of the major producers. We are still investigating the most
economical ways the material can be processed to recover the PGMs.
Goldplat Recovery Ghana ('GRG'), Ghana
Key initiatives during the period at GRG:
-- Concluding renewal of contracts with local clients
-- Processing of all available on-site material
-- Progress on large contracts in West Africa with a new client
-- Securing a plant clean-up contract with an existing South American client
-- Continued diversification of sourcing material from outside of Ghana
Sourcing sufficient quantities of material for processing in Ghana was
challenging in the period, and remains so. Challenges include:
-- The unpredictable supply of material from existing local clients;
-- Lower grade material supplied from existing clients;
-- The time required to secure new clients in West Africa and South America
due to various factors -- including country logistics and regulatory
issues
-- The additional working capital required to compete with other refiners in
the business and manage the credit cycle; and
-- mature nature of the gold mining industry in Ghana resulting in decreased
production from existing clients and few new operations coming into
production
As a result, production for the six months to 31 December 2018 was 2,443
ounces of gold and gold equivalents compared to a total of 3,597 ounces
produced for the six months to 31 December 2017.
Two contracts in Ghana were re-initiated during the Quarter and supply
of small batches of material from South America continued. A one-off
small but very high-grade batch of material was also received from a
South American client and processed during the Quarter at normal
margins.
Following prolonged negotiations with a major gold producer with
operations in West Africa, the producer has agreed to deliver a trial
batch of material to GRG once export logistics and legalities have been
finalised.
Kilimapesa Gold ('KPG'), Kenya
Key initiatives during the period at KPG:
-- Keep monthly operating losses to a minimum by focussing on improving
grades and recovery and continuing to drive costs down -- until a funding
solution has been finalised
-- Progressing discussions with potential funding partners
The Company took the decision not to put operations on care and
maintenance at the end of November 2018 despite continuing losses due to
progress on discussions regarding securing funding.
Plant throughput has been decreased further and costs reduced in order
to try to minimise losses during these financing discussions. Grades
from the underground mine as well as from purchased tailings were lower
than originally planned during the period.
Production of 2,058 ounces of gold and gold equivalents for the
six-month period ended 31 December 2018 was down when compared to the
2,681 ounces for the six months ended December 2017.
Anumso Gold Project ('Anumso')
Having met the initial expenditure requirement of US$1.5 million,
Ashanti has exercised the Initial Option to take up 51% of Goldplat's
interest in the project after 31 December 2018. Ashanti has notified
Goldplat that they will not elect the Subsequent Option for an
additional 24% of the project and the parties will, according to the
agreement, form a Joint Venture to manage the project going forward.
Post-Period End
Progress can be reported subsequent to 31 December 2018 as follows:
-- Operations at GPL continue to perform according to plan
-- Sourcing of material for GRG remains difficult and unpredictable but good
progress is being made in progressing contract negotiations and logistics
in West Africa.
-- A plant clean-up for an existing South American client has begun post the
period with material being processed on-site as well as at GRG
-- Discussions regarding securing funding for KPG remain ongoing
Outlook
Profits from operating activities continue to improve after a very poor
first quarter. Sourcing of material for GRG and finalisation of funding
for KPG are the immediate issues facing Goldplat. We continue to place
great emphasis on improving longer term visibility for our gold recovery
operations by stockpiling materials for future processing and expanding
our sources for such materials. The initiatives in South America and
across the wider African gold-producing areas, is taking longer than
expected but remains encouraging.
Matthew Robinson
Chairman
25 February 2019
**S **
For further information visit www.goldplat.com, follow on Twitter
@GoldPlatPlc or contact:
Gerard Kisbey-Green Goldplat plc Tel: +27 (71) 8915775
(CEO)
Colin Aaronson / Jen Clarke Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
/ Ben Roberts (Nominated Adviser)
James Joyce / Jessica Cave WH Ireland Limited Tel: +44 (0) 207 220 1666
(Broker)
Susie Geliher / Priit Piip St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
/ Catherine Leftley (Financial PR)
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public domain.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2018
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Revenue 12,843 18,270 33,796
Cost of sales (12,464) (15,117) (28,725)
--------- --------- --------
Gross profit 379 3,153 5,071
Administrative expenses (1,032) (1,575) (2,562)
---------
Results from operating activities (653) 1,578 2,509
--------- --------- --- --------
Finance income 30 174 20
Finance costs (214) (920) (742)
---------
Net finance expense (184) (746) (722)
--------- --------- --------
(Loss)/Profit before tax (837) 832 1,787
Taxation 6 (98) (359) (1,281)
--------- --------- --------
(Loss)/Profit for the period (935) 473 506
--------- --------- --- --------
Other comprehensive (expense)/income
Exchange translation (147) 37 (880)
---------
Other comprehensive (expense)/income for the period,
net of tax (147) 37 (880)
--------- --------- --- --------
Total comprehensive (expense)/income for the period (1,082) 510 (374)
========= ========= === ========
(Loss)/Profit from operations
attributable to:
Owners of the Company (1,133) 189 (213)
Non-controlling interests 198 284 719
--------- --- --------- --- --------
(Loss)/Profit for the period (935) 473 506
========= ========= === ========
Total comprehensive (expense)/income attributable
to:
Owners of the Company (1,280) 226 (1,093)
Non-controlling interests 198 284 719
--------- --- --------- --- --------
Total comprehensive (expense)/income for the period (1,082) 510 (374)
========= ========= === ========
Earnings per share
Basic earnings per share (pence) (0,67) 0,11 (0,13)
Diluted earnings per share (pence) n/a 0,11 n/a
============== ========= === ============
The notes below are an integral part of this condensed consolidated
interim financial report.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Assets
Property, plant
and equipment 7 7,948 7,815 8,023
Intangible assets 8 8,413 8,512 8,462
Proceeds from sale of
shares in
subsidiary 980 1,306 1,137
Non-current assets 17,341 17,633 17,622
--------- --- --------- --- ---------
Inventories 9 7,718 8,918 7,791
Trade and other
receivables 10 7,047 14,306 7,603
Cash and cash
equivalents 11 1,000 1,183 1,915
--------- --- --------- --- ---------
Current assets 15,765 24,407 17,309
--------- --- --------- --- ---------
Total assets 33,106 42,040 34,931
========= === ========= === =========
Equity
Share capital 12 1,675 1,675 1,675
Share premium 11,441 11,441 11,441
Exchange reserve (6,220) (5,156) (6,073)
Retained earnings 9,959 11,494 11,092
--------- --- --------- --- ---------
Equity attributable to owners
of the Company 16,855 19,454 18,135
Non-controlling
interests 2,992 2,692 2,964
--------- --- --------- --- ---------
Total equity 19,847 22,146 21,099
--------- --- --------- --- ---------
Liabilities
Obligations under
finance leases 13 239 276 268
Provisions 15 413 453 417
Deferred tax
liabilities 432 493 623
--------- ---
Non-current
liabilities 1,084 1,222 1,308
--------- --- --------- --- ---------
Bank overdraft 11 1 265 376
Obligations under
finance leases 13 257 157 192
Interest bearing
borrowings 14 838 667 728
Taxation 201 94 300
Trade and other
payables 16 10,878 17,489 10,928
--------- --- --------- --- ---------
Current
liabilities 12,175 18,672 12,524
--------- --- --------- --- ---------
Total liabilities 13,259 19,894 13,832
--------- --- --------- --- ---------
Total equity and
liabilities 33,106 42,040 34,931
========= === ========= === =========
The notes below are an integral part of this condensed consolidated
interim financial report.
The consolidated interim report of Goldplat plc, company number
05340664, were approved by the Board of Directors and authorised for
issue on 25 February 2018. They were signed on its behalf by:
Werner Klingenberg, Director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2017
Attributable to owners of the Company
Share
capital Share premium Exchange reserve Retained earnings Total Non-controlling interests Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000 GBP'000
Balance at 1 July 2017, as previously
reported 1,675 11,441 (5,193) 11,305 19,228 2,673 21,901
Total comprehensive income for the
period
Profit for the
period - - - 189 189 284 473
Total other comprehensive
income - - 37 - 37 - 37
------------- --------------- ------ ------------------ -------------------- ----------- --------------------------- --------------
Total comprehensive income for the
period - - 37 189 226 284 510
------------- --------------- ------ ------------------ -------------------- ----------- --------------------------- --------------
Transactions with owners of the Company, recognised
directly in equity
Changes in ownership interests in
subsidiaries
Non-controlling interests in subsidiary
dividend - - - - - (265) (265)
------------- --------------- -------------------------- ------------------- ---------- --------------- --------- ---------------
Total transactions with owners of the
Company - - - - - (265) (265)
------------- --------------- -------------------------- ------------------- ---------- --------------- --------- ---------------
Balance at 31 December 2017
(unaudited) 1,675 11,441 (5,156) 11,494 19,454 2,692 22,146
============= =============== ========================== =================== ========== =============== ========== ===============
The notes below are an integral part of this condensed consolidated
interim financial report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 JUNE 2018
Attributable to owners of the Company
Share
capital Share premium Exchange reserve Retained earnings Total Non-controlling interests Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000 GBP'000
Balance at 1 July 2017, as previously reported 1,675 11,441 (5,193) 11,305 19,228 2,673 21,901
Total comprehensive (expense)/income for the
period
Profit/(loss) for the
period - - - (213) (213) 719 506
Total other comprehensive expense - - (880) - (880) - (880)
----------------- --------------- ----------- ------ ------------ -------- ------- --------------------------- ---------- ---
Total comprehensive (expense)/income for the
period - - (880) (213) (1,093) 719 (374)
----------------- --------------- ----------- ------ ------------ ------- ------- --------------------------- ---------- ---
Transactions with owners of the Company recognised
directly in equity
Changes in ownership interests in
subsidiaries
Non-controlling interests in
subsidiary dividend - - - - - (428) (428)
----------------- --------------- -------------------- --------------------- ------- -------------- ---------- ----------------
Total transactions with owners of the
Company - - - - - (428) (428)
----------------- --------------- -------------------- --------------------- ------- -------------- ---------- ----------------
Balance at 30 June 2018 (audited) 1,675 11,441 (6,073) 11,092 18,135 2,964 21,099
================= =============== ==================== ===================== ======= ============== =========== ================
The notes below are an integral part of this condensed consolidated
interim financial report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2018
Attributable to owners of the Company
Share
capital Share premium Exchange reserve Retained earnings Total Non-controlling interests Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000 GBP'000
Balance at 1 July 2018 1,675 11,441 (6,073) 11,092 18,135 2,964 21,099
Total comprehensive
(expense)/income for the
period
(Loss)/Profit for the period - - - (1,133) (1,133) 198 (935)
Total other comprehensive
expense - - (147) - (147) - (147)
---------------------- --------------- ----------- ------ ----------- -------- ------- ---------------- --------- ---------- ---
Total comprehensive
(expense)/income for the
period - - (147) (1,133) (1,280) 198 (1,082)
---------------------- --------------- ----------- ------ ----------- ------- ------- ---------------- --------- ---------- ---
Transactions with owners of the Company recognised
directly in equity
Changes in ownership interests in
subsidiaries
Non-controlling interests in
subsidiary dividend - - - - - (170) (170)
---------------------- --------------- ----------- ------- ----------- -------- ------- --- ---------------- -------- ---------- ---
Total transactions with owners of
the Company - - - - - (170) (170)
---------------------- --------------- ----------- ------- ----------- -------- ------- --- ---------------- -------- ---------- ---
Balance at 31 December 2018
(unaudited) 1,675 11,441 (6,220) 9,959 16,855 2,992 19,847
====================== =============== =========== ====== =========== ======== ======= === ================ ========= ========== ====
The notes below are an integral part of this condensed consolidated
interim financial report.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2018
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Result from operating activities (653) 1,578 2,509
Adjustments for:
- Depreciation 484 437 856
- Amortisation 111 110 218
- Loss on sale of property, plant and equipment - 8 7
- Foreign translation differences (1) 7 (415)
(59) 2,140 3,175
Changes in:
- inventories 73 44 1,171
- trade and other receivables 556 (2,303) 4,400
- trade and other payables (50) 1,058 (5,503)
Cash generated from operating activities 520 939 3,243
Finance income 30 174 20
Finance cost (380) (920) (647)
Taxes paid (388) (476) (1,153)
Net cash used in operating activities (218) (283) (1,463)
------- ---- -------- --- -------
Cash flows from investing activities
Proceeds from sale of property, plant and equipment - 7 7
Enhancement of exploration and development asset - (17) (17)
Acquisition of property, plant and equipment (321) (1,069) (1,738)
Receipt of proceeds from sale of shares in subsidiary 72 - 181
Non-current cash deposit - 194 201
Net cash used in investing activities (249) (885) (1,366)
------- ---- -------- --- -------
Cash flows from financing activities
Proceeds from drawdown of interest bearing borrowings 760 - 358
Payment of interest-bearing borrowings (650) (505) (802)
Payment of dividend by subsidiary to non-controlling
interest (170) - (428)
Payment of finance lease liabilities (36) (93) (183)
------- ---- -------- --- -------
Net cash (used in)/from financing activities (96) (598) 1,055
------- ---- -------- --- ------- ---
Net decrease in cash and cash equivalents (563) (1,766) (958)
Cash and cash equivalents at beginning of period 1,539 2,650 2,650
Foreign exchange movement on opening balance 23 34 (153)
Cash and cash equivalents at end of period 11 999 918 1,539
======= ===== ======== ==== ======= ===
The notes below are an integral part of this condensed consolidated
interim financial report.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE SIX MONTHSED 31 DECEMBER 2018
1. General information
This condensed consolidated interim financial information does not
comprise statutory accounts within the meaning of section 434 of the
Companies Act 2006. Statutory accounts for the year ended 30 June 2018
were approved by the Board of Directors and have been delivered to the
Registrar of Companies. The audit report on those accounts: their
report was unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498(2) or (3) of
the Companies Act 2006.
1. Basis of preparation
2. Statement of compliance
The annual financial statements of Goldplat plc (the 'Company') are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed consolidated set of financial statements included in this
half-yearly financial report has been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting', as
adopted by the European Union.
1. Going concern
The directors are satisfied that the Company has sufficient resources to
continue in operation for the foreseeable future, a period of not less
than 12 months from the date of this report. Accordingly, they continue
to adopt a going concern basis in preparing the consolidated financial
statements.
1. Significant accounting policies
The accounting policies applied in this condensed consolidated interim
financial report are the same as those applied in the Group's
consolidated financial statements as at and for the year ended 30 June
2018.
1. Operating segments
Information about reportable segments
For the six months ended 31 December 2018 (unaudited)
Recovery operations Mining and exploration Adminis-tration Reconciliation to Group figures Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
revenues 10,684 2,159 - - 12,843
Inter-segment
revenues - - - - -
--------------------- ------------ ------------ ---------- ------- ----------------- -------------- -------
Total revenues 10,684 2,159 - - 12,843
===================== ============ ============ ========== ======= ================= ============== =======
Depreciation 256 181 - - 484
Amortisation - 111 - - 111
Reportable segment
profit/(loss)
before tax 389 (836) (429) 39 (837)
Segment assets 21,793 1,339 31,074 (21,100) 33,106
Segment
liabilities 11,598 4,195 5,485 (8,019) 13,259
For the six months ended 31 December 2017 (unaudited)
Recovery operations Mining and exploration Adminis-tration Reconciliation to Group figures Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenues 15,629 2,641 - - 18,270
Inter-segment revenues 1,692 - - (1,692) -
--------------------- ------------ ------------ ---------- ------- ----------------- ------------- ---------
Total revenues 17,321 2,641 - (1,692) 18,270
===================== ============ ============ ========== ======= ================= ============= =========
Depreciation 264 173 - - 437
Amortisation - 110 - - 110
Reportable segment
profit/(loss) before
tax 1,557 (81) (666) 22 832
Segment assets 29,769 2,137 30,674 (20,540) 42,040
Segment liabilities 19,137 3,217 5,005 (7,465) 19,894
For the twelve months ended 30 June 2018 (audited)
Recovery operations Mining and exploration Adminis-tration Reconciliation to Group figures Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenues 28,962 4,834 - - 33,796
Inter-segment revenues 1,948 - - (1,948) -
--------------------- ------------ ------------ ---------- ------- ----------------- ------------- ---------
Total revenues 30,910 4,834 - (1,948) 33,796
===================== ============ ============ ========== ======= ================= ============= =========
Depreciation 514 342 - - 856
Amortisation - 218 - - 218
Reportable segment profit/(loss) before tax of continuing
operation 3,769 (897) (1,141) 56 1,787
Segment assets 22,778 1,792 31,119 (20,758) 34,931
Segment liabilities 12,230 3,764 5,524 (7,686) 13,832
1. Seasonality of operations
The Group is not considered to be subject to seasonal fluctuations.
1. Income tax expense
Income tax expense is recognised based on management's best estimate of
the weighted average annual income tax rate expected for the full
financial year applied to the pre-tax income of the interim period. The
Group's consolidated effective tax rate in respect of continuing
operations for the six months ended 31 December 2018 was 16.68% (six
months ended 31 December 2017: 19.00%; twelve months ended 30 June 2018:
26.00%).
1. Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 December 2018, the Group acquired assets
with a cost, excluding capitalised borrowing costs of GBP321,000 (six
months ended 31 December 2017: GBP1,212,000; twelve months ended 30 June
2018: GBP1,998,000).
No assets were disposed of during the six months ended 31 December 2018
(six months ended 31 December 2017: GBP15,000; twelve months ended 30
June 2018: GBP15,000), resulting in a loss on disposal of GBPNil (six
months ended 31 December 2017: GBP8,000; twelve months ended 30 June
2018: GBP8,000), which is included in 'administrative expenses' in the
condensed consolidated statement of comprehensive income.
1. Intangible assets and goodwill
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cost
Balance at
beginning of
period 11,507 11,570 11,570
Additions - 17 17
Foreign exchange
translation 59 (110) (80)
Balance at end of
period 11,566 11,477 11,507
============ =========== =========
Amortisation and impairment losses
Balance at beginning of period 3,045 2,863 2,863
Amortisation 111 110 218
Foreign exchange translation (3) (8) (36)
Balance at end of period 3,153 2,965 3,045
===== ===== =====
Carrying amounts
Balance at end of period 8,413 8,512 8,462
===== ===== =====
Balance at beginning of period 8,462 8,707 8,707
===== ===== =====
1. Inventories
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Consumable stores 1,349 1,564 1,345
Raw materials 2,075 1,934 2,605
Precious metal on
hand and in
process 4,259 5,256 3,797
Broken ore 35 164 44
------------ ------------ ----------
7,718 8,918 7,791
============ ============ ==========
1. Trade and other receivables
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade receivables 4,727 6,017 5,584
Other receivables 2,320 8,289 2,019
------------ ------------ ----------
7,047 14,306 7,603
============ ============ ==========
1. Cash and cash equivalents
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Bank balances 1,000 1,183 1,915
------------ ------------ ----------
1,000 1,183 1,915
Bank overdrafts used for cash management purposes (1) (265) (376)
------------ ------------ ----------
Cash and cash equivalents in the statement of cash
flows 999 918 1,539
============ ============ ==========
1. Capital and reserves
Issue of ordinary shares
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
On issue at beginning of
period 167,441,000 167,441,000 167,441,000
On issue at end of period 167,441,000 167,441,000 167,441,000
============= ============= =============
Authorised - par value GBP0.01 1,000,000,000 1,000,000,000 1,000,000,000
============= ============= =============
Issue of ordinary shares
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
On issue at beginning of
period 1,675 1,675 1,675
On issue at end of period 1,675 1,675 1,675
============ ============ ==========
Dividends
No dividends were declared or paid by the Company during the periods.
1. Obligations under finance leases
Six months ended 31 December 2018 (unaudited)
Interest
rate Face value Carrying amount
Currency nominal Year of maturity GBP'000 GBP'000
Finance lease
liabilities KES 10.5% 2023 (410) (410)
Finance lease
liabilities ZAR 10.0% 2021 (86) (86)
Total finance
lease
liabilities (496) (496)
Six months ended 31 December 2017 (unaudited)
Interest
rate Face value Carrying amount
Currency nominal Year of maturity GBP'000 GBP'000
Finance lease
liabilities KES 10.5% 2023 (374) (374)
Finance lease
liabilities ZAR 10.5% 2019 (59) (59)
Total finance
lease
liabilities (433) (433)
Twelve months ended 30 June 2018 (audited)
Interest
rate Year of Face value Carrying amount
Currency nominal maturity GBP'000 GBP'000
Finance lease
liabilities KES 10.5% 2023 (348) (348)
Finance lease
liabilities ZAR 10.0% 2021 (112) (112)
Total finance
lease
liabilities (460) (460)
1. Interest bearing borrowings
Six months ended 31 December 2018 (unaudited)
Interest
rate Face value Carrying amount
Currency nominal Year of maturity GBP'000 GBP'000
Interest bearing 9.5% plus 1
borrowings USD yr LIBOR 2019 838 838
Total
Interest-bearing
liabilities 838 838
Six months ended 31 December 2017 (unaudited)
Interest
rate Face value Carrying amount
Currency nominal Year of maturity GBP'000 GBP'000
Interest bearing 9.5% plus 1
borrowings USD yr LIBOR 2018 667 667
Total
Interest-bearing
liabilities 667 667
Twelve months ended 30 June 2018 (audited)
Interest
rate Year of Face value Carrying amount
Currency nominal maturity GBP'000 GBP'000
Interest bearing 9.5% plus 1
borrowings USD yr LIBOR 2019 728 728
Total
Interest-bearing
liabilities 728 728
1. Provisions
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Environmental
obligation
Balance at beginning
of period 417 446 446
Foreign exchange
translation (4) 7 (29)
413 453 417
====== ====== ============ ===== =====
The provision relates to a requirement to rehabilitate the land owned in
South Africa upon cessation of the mining lease.
1. Trade and other payables
6 months 6 months 12 months
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade payables 3,128 3,960 3,419
Amounts received in
advance 1,262 6,985 2,407
Accrued expenses 6,488 6,544 5,102
------------ ------------ ----------
10,878 17,489 10,928
============ ============ ==========
1. Share options
Reconciliation of outstanding share options
6 months ended 6 months ended 12 months ended
31-Dec-18 31-Dec-17 30-Jun-18
(unaudited) (unaudited) (audited)
Number of Number of
Number of options options options
Outstanding at
beginning of
period 18,500,000 18,500,000 18,500,000
Lapsed during
the period (7,500,000) - -
--------------- ----------------
Outstanding at
end of
period 11,000,000 18,500,000 18,500,000
================ =============== ================
The weighted average exercise price of the exercisable options is
GBP0.03125 (31 December 2017: GBP0.0660; 30 June 2018: GBP0.0660). The
weighted average remaining contractual life of the options outstanding
as at 31 December 2018 is 2 years 171 days (31 December 2017: 3 years
112 days; 30 June 2018: 1 year 302 days).
1. Fair values
The fair values of financial instruments such as interest-bearing loans
and borrowings, finance lease liabilities, trade and other
receivables/payables are substantially identical to carrying amounts
reflected in the condensed consolidated statement of financial position.
1. Group Entities
On 14 September 2016 Goldplat executed an earn-in option agreement (the
"Agreement") with Ashanti Gold Corp. ("Ashanti") (formerly Gulf Shore
Resources Ltd) which gives Ashanti the option for a US$3 million earn-in
to Goldplat's Anumso Gold Project in Ghana (the "Project").
On 30 March 2017 Ashanti exercised its initial option to earn into the
Anumso Gold Project in Ghana ("Anumso" or the "Project") under the terms
of the option agreement between Goldplat and Ashanti.
Ashanti has the right to earn 75% of Goldplat's interest in the Project
(giving Ashanti 67.5% of the overall Project interest) by expending US$3
million on exploration over a period of 2.5 years. An initial 51% share
of Goldplat's interest will be earned through expending US$1.5 million
in the first 18 months (the "Initial Option Period"), which includes a
six-month review period. Ashanti was obliged to either expend US$1.5
million on the Project within the Initial Option Period, or pay the
deficiency to Goldplat.
Subsequent to the end of the period, 31 December 2018, Ashanti has
exercised the Initial Option to take up 51% of Goldplat's interest in
the project. Ashanti has notified Goldplat that they will not elect the
Subsequent Option for an additional 24% of the project and the parties
will, according to the agreement, form a Joint Venture to manage the
project going forward.
(END) Dow Jones Newswires
February 25, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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