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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.15 | -1.94% | 7.60 | 7.80 | 8.50 | 8.15 | 7.75 | 7.75 | 370,496 | 16:35:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 41.88M | 2.8M | 0.0167 | 4.88 | 13.67M |
From Apr 2022 to Apr 2024
TIDMGDP
RNS Number : 8582U
Goldplat plc
31 March 2023
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
31 March 2023
Goldplat plc
('Goldplat' or the 'Company')
Interim results for the six-month period ended 31 December 2022
Goldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, is pleased to announce its unaudited interim results for the six months ended 31 December 2022 ('H1 2022').
Goldplat continued to achieve profitable results for the six months ended 31 December 2022. Highlights include:
-- Achieving operating profit for H1 2022 of GBP2,813,000 (H1 2021: GBP3,334,000), after the impact of the electricity cuts, by the electricity provider in South Africa, on production in the second quarter in South Africa, the loss on the sale of Caracal shares (GBP45,000) and the decrease in valuation of the net smelter royalty (GBP107,000);
-- Even after considering the impacts mentioned above, a net profit from continued operations attributable to owners of the company was maintained at GBP1,742,000 (H1 2021: GBP2,071,000);
-- Fully diluted earnings per share for the six-month period remained above 1 pence per share at 1.02 pence per share (H1 2021: 1.19 pence per share);
-- The group cash balance remained strong at GBP2,826,000 (30 June 2022: GBP3,895,000); and
-- During the period the Company spent GBP802,000 (H1 2021: GBP313,000) on capital expenditure, mainly on construction of a new tailings facility ('TSF') in South Africa and refurbishment of one of the circuits.(1)
Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the continued strong operating results achieved by the group, considering some of the difficult circumstances we've experienced during the second quarter in South Africa."
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
Hot Features
Premium
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / George Grant Thornton UK LLP Tel: +44 (0) 20 7383
M Grainger (Nominated Adviser) 5100
James Bavister / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Flagstaff Strategic Tel: +44 (0) 207 129
Edwards / Fergus Mellon and Investor Communications 1474
goldplat@flagstaffcomms.com
References
(1) - '2(nd) Quarter operating results update' announced 20 February 2023. The TSF is a JORC compliant resource.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Chairman's Statement
I am pleased to report continued strong results from our gold recovery operations, with profit for the half year of GBP1,839,000 (H1 2021: GBP2,217,000) and an all-in, fully diluted EPS for the half year of 1.02 pence (H1 2021: 1.19 pence).
Our portfolio of core assets consists of two gold recovery operations, in South Africa and Ghana, with plans to extend this to Brazil. These operations recover gold and platinum group metals ('PGM') from by-products of current and historical mining processing, thereby providing mines with an environmentally-friendly and cost-efficient way of removing waste material.
Revenue decreased by 3% to GBP20,597,000 (H1 2021: GBP21,326,000), with the Ghanaian and South African recovery operations recording a decrease in revenue of 7% and 1% respectively.
The decrease in operating profit to GBP2,813,000 (H1 2021: GBP3,334,000) is mainly due to the impact of the electricity cuts, by the electricity provider in South Africa, on production in the second quarter in South Africa. The results were also impacted by the loss on the sale of Caracal shares and the decrease in valuation of the net smelter royalty (explained below).
At the beginning of the period, Goldplat held a 5.52% interest indirectly in Caracal PLC ('Caracal') valued at GBP727,000 and a 1% net smelter royalty capped at United States Dollar 1.5 million in Kilimapesa (the Kenyan Gold Mining Company it sold to Caracal) valued at GBP698,000.
During the H1 period, all shares in Caracal were sold for GBP682,000, at a loss of GBP45,000. We also reviewed and decreased the valuation of the net smelter royalty by GBP107,000, as a result of the lower than expected production profile at Kilimapesa even though the future gold price outlook has improved.
The net financing cost fluctuates from period to period due largely to the fluctuation in the intergroup unrealised foreign exchange losses or gains, which is driven by the movement of Ghana Cedi, the South African Rand and the British Pound against the United States Dollar in which intergroup balances are denominated.
31 December 31 December
2022 2021
(GBP) (GBP)
--------------------------- ----------- -----------
Foreign exchange movements (122 000) (29 000)
Net interest paid (202 000) (299 000)
--------------------------- ----------- -----------
Net Financing Cost (324 000) (328 000)
--------------------------- ----------- -----------
The foreign exchange loss of GBP122,000, an increase of GBP93,000 from H1 2021, was mainly due to the Ghana Cedi weakening by 58% against the United States Dollar between July and December 2022.
Net interest paid of GBP202,000 includes GBP116,000 (H1 2021: GBP64,000) interest paid to Nedbank and GBP76,000 (H1 2021: GBP225,000) interest paid to Auramet to finance our working capital.
As at the end of December 2022, the outstanding value of the loan with Nedbank was GBP1.8m.
During the period, the Group accrued for income taxes in Ghana and South Africa and also dividend taxes on payment of dividends from South Africa:
31 December 31 December
2022 2021
(GBP) (GBP)
Gold Recovery Ghana ('GRG') - Income
Tax 322 000 193 000
Goldplat Recovery (Pty) Ltd ('GPL')
- Income Tax 278 000 589 000
Goldplat Recovery (Pty) Ltd ('GPL')
- Dividend Tax 47 000 7 000
Gold Recovery Brazil ('GRB') - Income
Tax 3 000 -
-------------------------------------- ------------ ------------
Total Tax Expense 650 000 789 000
-------------------------------------- ------------ ------------
To ensure the repayment of intercompany debt owed by the Group to GPL, a total dividend of GBP1,640,000 has been declared by GPL during the period of which GBP870,000 have been repaid to GPL.
Even though we experienced a reduction in production in South Africa during the second quarter, the profit after taxation for H1 of GBP1,839,000 (H1 2021: GBP2,217,000) is 17% lower than the previous period.
Working capital
Goldplat Recovery
Goldplat Recovery Ghana Goldplat Group
---------------------------- ------------------- ------------------- ------------------
31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun
'22 '22 '22 '22 '22 '22
GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000
---------------------------- --------- -------- --------- -------- -------- --------
Inventory 7 820 5 650 5 710 6 374 13 648 12 048
Trade and other receivables 6 877 7 035 13 348 3 111 20 456 9 902
Trade and other payables 9 252 5 133 15 513 9 583 25 535 14 971
Cash and cash equivalents 1 378 787 700 2 885 2 826 3 895
---------------------------- --------- -------- --------- -------- -------- --------
Cash and cash equivalents at the end of the period decreased to GBP2,826,000 (30 June 2022: GBP3,895,000). The decrease of GBP1,069,000 is largely as a result of investment in working capital as noted below.
Inventory increased from 30 June 2022, by GBP1,600,000 of which GBP1,382,000 relates to an increase in precious metals on hand and in process mostly in South Africa, driven by an increase in the supply and grade of material received from customers during the half year not yet delivered to the smelters. There was a general increase in raw materials of GBP218,000.
Trade and other receivables also increased from 30 June 2022 by GBP10,554,000 due to the large volumes of material delivered to smelters closer to the end of the financial period, specifically in Ghana. We are currently experiencing an increase in the time taken by the smelters to process our material which may negatively impact the interest cost for the remainder of the financial period.
Goldplat Recovery (Pty) Ltd
Although production in South Africa in the second quarter was impacted by electricity cuts by the electricity provider in South Africa, revenues in South Africa only decreased by 1% to GBP10,460,000 (H1 2021: GBP10,616,000) due to more higher grade by- products sourced from suppliers, which are processed in batch and impacted less by electricity power cuts. Our lower-grade production circuits, that run continuously, have been impacted, resulting in the cost per ounce of gold produced increasing, due to fewer tonnes being processed for the same monthly fixed costs. As a result the operating profit for the period reduced to GBP1,040,000 (H1 2021: GBP1,552,000).
The construction of the new tailings storage facility ('TSF') started in Q2 (to 31 December 2022) and whilst we aim to have this completed by the end of Q4 (to 30 June 2023), some delays may occur due to the rainy season in South Africa as well as additional preparation work required. The capital spent during H1 on the TSF was GBP371,000 and we estimate we will need to spend a further GBP500,000 to completion, which is GBP200,000 higher than expected as a result of the requirement to install monitoring equipment, which we are in the process of querying with the regulator.
Apart from the capital incurred on the TSF, we incurred an additional GBP339,000 during the half year of which GBP233,000 was spent on refurbishment of one of our circuits. We estimate that we will require a further GBP1,750,000 (including GBP500,000 for TSF) during the next 12 to 18 months to be spent on repairing and maintaining current operations, on completing the TSF and improving the environmental impacts of our current operations.
We are working with DRD Gold to find the most economical methods to reprocess the TSF (which has a JORC Compliant Resource of 81,959 ounces) and to receive environmental approval for a pipeline which will be required to transport material to a facility for processing.
Gold Recovery Ghana
During the period GRG processed more lower grade types of material with lower acquisition costs. As a result, the operating margin increased, contributed by stable half year revenue of GBP10,007,000 (H1 2021: GBP10,710,000). Net operating profit increased by 63% to GBP1,982,000 (H1 2021: GBP1,217,000). During the period, GRG spent GBP152,000 on capital expenditure to expand processing capacity in the plant.
Notwithstanding the continued improved performance in GRG, and the growth potential of the West African market, GRG remains dependent on getting approval for export of material from neighbouring countries, which is proving to be challenging and GRG will remain subject to sourcing risk.
The majority of material processed in Ghana during the half year was from clients inside the country, however we secured a larger consignment out of South America in December and should see the returns from this material during the last two quarters of the current financial period.
Based on the increase in clients in South America, it has become more important to expand into South America and we will continue to do so on a measured basis. We plan to make an initial investment of GBP100,000 and will expand from there. The initial investment will be for property. Although we have identified the area, the negotiations around procurement of the site are still ongoing.
Outlook
We remain committed to our strategy of increasing long term visibility of earnings in the recovery businesses through key initiatives. These key initiatives include:
-- investing into research and development to identify different processing methods and equipment to maximize value from resources available;
-- expanding our environmental services delivery to industry;
-- identifying opportunities for growth in the recovery operations by investing into other locations and into additional equipment in our current operation, as well as enhancing operational efficiencies. This should enable the processing of lower grade material at current operations and at different locations closer to the source and;
-- continuing to leverage on industry relationships to increase long-term visibility so that we can increase our resources and available materials for processing; and
-- continuing to look beyond our current recovery operations for further opportunities to apply our skillsets and resources. In line with this, we made a strategic investment of GBP150,000 to obtain the usage of a small spiral plant for our gold operations in South Africa and acquire a 15% shareholding in a fine coal recovery technology company. Goldplat has an option to invest an additional GBP1.5m which will increase our shareholding in that business to above 50%. Management is still evaluating this option which would diversify our recovery operations into a different commodity, namely coal, of which South Africa has significant resources available. The technology is designed to extract fine coal from previously mined and processed material and should have an environmental neutral impact.
Results are currently being impacted by electricity cuts due to capacity constraints and faulty transmission networks to our operations in South Africa. We are engaging with the municipality to see how we can reduce the impact on our operations and continue to investigate ways to increase productivity during times of availability.
The Company will remain focused on sharing future cashflows with shareholders, specifically distributing surplus cash to shareholders where not required for growth in line with key initiatives or managing specific risks.
Gerard J Kemp
Chairman
31 March 2023
Statements of Financial Position
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 Notes 2022 2022 2021
------------------------------ ----- ----------- ------- -----------
Assets
Non-current assets
Property, plant and equipment 4 5 111 4 763 4 353
Right-of-use assets 416 576 465
Intangible assets 5 4 664 4 664 4 664
Investments in subsidiaries,
joint ventures
and associates 6 1 1 1
Investments 145 - -
Receivable on Kilimapesa sale 7 556 556 519
Other loans and receivables 9 183 189 511
------------------------------ ----- ----------- ------- -----------
Total non-current assets 11 076 10 749 10 513
Current assets
Inventories 10 13 648 12 048 11 034
Trade and other receivables 11 20 456 9 902 16 593
Current tax assets - 100 -
Investment in Caracal Gold 8 - 727 -
Receivable on Kilimapesa sale 7 35 142 87
Other loans and receivables 9 - 8 -
Cash and cash equivalents 12 2 826 3 895 1 640
------------------------------ ----- ----------- ------- -----------
Total current assets 36 965 26 822 29 354
------------------------------ ----- ----------- ------- -----------
Total assets 48 041 37 571 39 867
------------------------------ ----- ----------- ------- -----------
Equity and liabilities Equity
Share capital 13 1 678 1 678 1 715
Share premium 13 11 562 11 562 11 546
Capital Redemption Reserve 13 53 53 -
Retained income 11 272 9 530 7 578
Foreign exchange reserve (7 311) (6 170) (5 806)
------------------------------ ----- ----------- ------- -----------
Total equity attributable
to owners of the parent 17 254 16 653 15 033
Non-controlling interests 1 026 1 150 1 314
------------------------------ ----- ----------- ------- -----------
Total equity 18 280 17 803 16 347
Liabilities
Non-current liabilities
Provisions 14 778 811 724
Deferred tax liabilities 908 1 013 808
Long-term borrowings 16 865 1 417 1 758
Lease liabilities 54 111 42
------------------------------ ----- ----------- ------- -----------
Total non-current liabilities 2 605 3 352 3 332
Current liabilities
Provisions 14 207 208 -
Trade and other payables 15 25 535 14 971 18 754
Current tax liabilities 254 - 399
Current portion of long-term
borrowings 16 978 978 866
Lease liabilities 181 259 169
Bank overdraft 12 1 - -
------------------------------ ----- ----------- ------- -----------
Total current liabilities 27 156 16 416 20 188
------------------------------ ----- ----------- ------- -----------
Total liabilities 29 761 19 768 23 520
------------------------------ ----- ----------- ------- -----------
Total equity and liabilities 48 041 37 571 39 867
------------------------------ ----- ----------- ------- -----------
The notes below are an integral part of this condensed consolidated interim financial report.
Statements of Profit or Loss and Other Comprehensive Income
Group Group Group
6 month 12 month 6 month
period ended period ended period ended
31 December 30 June 31 December
Figures in GBP `000 Notes 2022 2022 2021
------------------------------------ ----- ------------- ------------- -------------
Revenue 20 597 43 222 21 326
Cost of sales (16 704) (33 228) (17 172)
------------------------------------ ----- ------------- ------------- -------------
Gross profit 3 893 9 994 4 154
Other income - 53 2
Administrative expenses (1 080) (2 332) (822)
------------------------------------ ----- ------------- ------------- -------------
Profit from operating activities 2 813 7 715 3 334
Finance income 8 - 1
Finance costs (210) (656) (329)
Foreign exchange (122) (1 228) -
------------------------------------ ----- ------------- ------------- -------------
Profit before tax 2 489 5 831 3 006
Income tax expense 17 (650) (1 868) (789)
------------------------------------ ----- ------------- ------------- -------------
Profit for the period 1 839 3 963 2 217
------------------------------------ ----- ------------- ------------- -------------
Profit for the period attributable
to:
Owners of Parent 1 742 3 555 2 071
Non-controlling interest 97 408 146
------------------------------------ ----- ------------- ------------- -------------
1 839 3 963 2 217
------------------------------------ ----- ------------- ------------- -------------
Other comprehensive income
net of tax
Components of other comprehensive
income that will be reclassified
to profit or loss
Exchange differences on translation
relating to the parent
Losses on exchange differences
on translation (1 135) (522) (548)
------------------------------------ ----- ------------- ------------- -------------
Total Exchange differences
on translation (1 135) (522) (548)
Exchange differences relating
to the non-controlling interest
(Losses)/Gains on exchange
differences on translation (38) (5) (124)
------------------------------------ ----- ------------- ------------- -------------
Total other comprehensive
income that will be reclassified
to profit or loss (1 173) (527) (672)
------------------------------------ ----- ------------- ------------- -------------
Total other comprehensive
(expense)/income net of tax (1 173) (527) (672)
------------------------------------ ----- ------------- ------------- -------------
Total comprehensive income 666 3 436 1 545
------------------------------------ ----- ------------- ------------- -------------
Comprehensive income attributable
to:
Comprehensive income, attributable
to owners of parent 606 3 033 1 523
Comprehensive income, attributable
to non--controlling interests 60 403 22
------------------------------------ ----- ------------- ------------- -------------
666 3 436 1 545
------------------------------------ ----- ------------- ------------- -------------
Earnings per share from continuing
and discontinuing operations
attributable to owners of the
parent during the period
Basic earnings per share
Basic earnings per share 18 1.03 2.08 1.20
------------------------------------ ----- ------------- ------------- -------------
Diluted earnings per share
Diluted earnings per share 18 1.02 2.05 1.19
------------------------------------ ----- ------------- ------------- -------------
The notes below are an integral part of this condensed consolidated interim financial report.
Statements of Changes in Equity - Group
Foreign
Foreign currency Attributable
Share currency basis to owners
Figures in GBP Share Share Redemption translation spread Retained of the Non-controlling
`000 Capital premium Reserve reserve reserve income parent interests Total
---------------- ------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------
Balance at 1 18
July 2021 1 698 11 491 - (5 258) - 6 846 14 777 3 637 414
Changes in
equity
Profit for the
year - - - - - 3 555 3 555 408 3 963
Other comprehensive
income - - - (522) - - (522) (5) (527)
------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------
Total comprehensive
income for the
period - - - (522) - 3 555 3 033 403 3 436
Non-controlling
interests in
subsidiary dividend - - - - - - - (139) (139)
Decrease of
Non-Controlling
Interest (21.30%) - - - (500) - 3 589 3 089 (3 089) -
Increase of
Non-Controlling
Interest (4.67%) - - - 110 - (787) (677) 677 -
Decrease of
Non-Controlling
Interest (4.24%) - - - (100) - 715 615 (615) -
Increase of
Non-Controlling
Interest (4.24%) - - - 100 - (715) (615) 615 -
Cost of share
repurchase in (4
subsidiary (21.30%) - - - - - (3 999) (3 999) (413) 412)
Proceeds on issue
of shares in
subsidiary (4.67%) - - - - - 716 716 74 790
Cost of share
repurchase in
subsidiary (4.24%) - - - - - (653) (653) (68) (721)
Proceeds on issue
of shares in
subsidiary (4.24%) - - - - - 653 653 68 721
Cost of Share
Options Issued - - - - 11 11 11
Cost of Company
Shares Repurchase (53) - 53 - - (401) (401) - (401)
Shares issued
from options
exercised 33 71 - - - - 104 - 104
------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------
Balance at 30 11 17
June 2022 1 678 562 53 (6 170) - 9 530 16 653 1 150 803
------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------
Balance at 1 17
July 2022 1 678 11 562 53 (6 170) - 9 530 16 653 1 150 803
------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------
Changes in
equity
Profit for the
period - - - - - 1 742 1 742 97 1 839
Other comprehensive (1
income - - - (1 135) - - (1 135) (38) 173)
------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------ Total comprehensive income for the period - - - (1 135) - 1 742 607 59 666 Non-controlling interests in subsidiary dividend - - - - - - - (152) (152) Transfers between equity - - - (6) - - (6) (31) (37) ------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------ Balance at 31 11 11 18 December 2022 1 678 562 53 (7 311) - 272 17 254 1 026 280 ------------------------ ------- ------- ---------- ----------- -------- -------- ------------ --------------- ------ Notes 13 13 13
The notes below are an integral part of this condensed consolidated interim financial report.
Statements of Cash Flows
Group Group
6 month Group 6 month
period ended 12 month period ended
31 December period ended 31 December
Figures in GBP `000 Notes 2022 30 June 2022 2021
--------------------------------------- ----- ------------- ------------- -------------
Net cash flows from operations 1 340 6 471 225
Finance cost (324) (1 884) (329)
Finance income - - 1
Income taxes paid (755) (1 590) (502)
--------------------------------------- ----- ------------- ------------- -------------
Net cash flows from / (used
in) operating activities 261 2 997 (605)
--------------------------------------- ----- ------------- ------------- -------------
Cash flows used in investing
activities
Proceeds from sale of Kilimapesa - 312 -
Proceeds from sale of Caracal
Gold 682 - -
Acquisition of investments (145) - -
Proceeds from sales of property,
plant and equipment - 142 29
Purchase of property, plant
and equipment (802) (850) (313)
(Payment)/Receipt from long
term receivable - - 125
Cost of Share Repurchase
from Minority Shareholder
in Subsidiary - (3 791) (3 787)
--------------------------------------- ----- ------------- ------------- -------------
Cash flows used in investing
activities (265) (4 187) (3 946)
--------------------------------------- ----- ------------- ------------- -------------
Cash flows (used in) / from
financing activities
Proceeds from drawdown of
interest-bearing borrowings - 3 031 2 927
Proceeds from issue of shares
in Subsidiary to Minority
Shareholder - 247 -
Net proceeds from issuing
of shares/options exercised - 104 72
Repayment of capital portion
of interest-bearing borrowings (552) (673) (266)
Cost of Share Repurchase
in Company - (401) -
Principal paid on lease liabilities (196) (367) (192)
Payment of dividend to non-controlling
interest (152) (139) (22)
--------------------------------------- ----- ------------- ------------- -------------
Cash flows (used in) / from
financing activities (900) 1 802 2 519
--------------------------------------- ----- ------------- ------------- -------------
Net (decrease) / increase
in cash and cash equivalents (904) 612 (2 032)
--------------------------------------- ----- ------------- ------------- -------------
Cash and cash equivalents
at beginning of the period 3 895 3 459 3 459
Foreign exchange movement
on opening balance (165) (176) 213
--------------------------------------- ----- ------------- ------------- -------------
Cash and cash equivalents
at end of the period 12 2 826 3 895 1 640
--------------------------------------- ----- ------------- ------------- -------------
The notes below are an integral part of this condensed consolidated interim financial report.
Notes to the Consolidated Financial Statements
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 2022 were approved by the Board of Directors and have been delivered to the Registrar of Companies. The auditors 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.
2. Basis of preparation
Statement of compliance
The annual financial statements of Goldplat plc (the 'Company') are prepared in accordance with IFRS as adopted by the European Union.
Going concern
The directors assessed that the group is able to continue in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations and thus adopted the going concern basis in preparing these financial statements.
The assessment of the going concern assumption involves judgement, at a particular point in time, about the future outcome of events or conditions which are inherently uncertain. The judgement made by the directors included the availability of and the ability to secure material for processing at its plants in South Africa and Ghana, the impact of loss of key management, outlook of commodity prices and exchange rates in the short to medium term and changes to regulatory and licensing conditions.
3. 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 2022.
4. Property, plant and equipment
During the six months ended 31 December 2022, the Group acquired assets with a cost, excluding capitalised borrowing costs, of GBP802,000 (six months ended 31 December 2021: GBP313,000; twelve months ended 30 June 2022: GBP552,000).
5. Intangible assets
Intangible assets at the end of the period relate only to goodwill which relate to the investment held in Gold Minerals Resources Limited. The balance is supported by the combined ongoing gold recovery operations in South Africa and Ghana. During the six months ended 31 December 2022 the goodwill balance has not been impaired (six months ended 31 December 2021: GBPnil; twelve months ended 30 June 2022: GBPnil).
6. Investments in subsidiaries, joint ventures and associates
The amounts included on the statements of financial position comprise the following:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
----------------------------- ------------ -------- ------------
Investment in joint ventures 1 1 1
----------------------------- ------------ -------- ------------
7. Receivable on Kilimapesa sale
Receivable on Kilimapesa sale incorporates the following balances:
The receivable relates to the 1% net smelter royalty on production of Kilimapesa to the maximum of USD1,500,000.
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Non-current assets 556 556 519
Current assets 35 142 87
-------------------- ------------ -------- ------------
591 698 606
-------------------- ------------ -------- ------------
Other financial assets are recognised initially at the fair value, including transaction costs. The asset will subsequently be measured at fair value and are grouped into levels 1 to 3 based on the significance of the inputs used in the valuation. The financial assets from the Kilimapesa sale has significant inputs and is therefore included in level 3.
8. Investment in Caracal Gold
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Current assets - 727 -
-------------------- ------------ -------- ------------
- 727 -
-------------------- ------------ -------- ------------
At the beginning of the period, Goldplat held a 5.52% interest indirectly in Caracal PLC ("Caracal") valued at GBP727,000. During the H1 period, all shares in Caracal were sold for GBP682,000, at a loss of GBP45,000.
9. Other loans and receivables
Other loans and receivables comprise the following balances
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
------------------------------------- ------------ -------- ------------
Aurelian Capital Proprietary Limited 183 197 511
------------------------------------- ------------ -------- ------------
The loan receivable in Goldplat Recovery (Pty) Limited, in compliance with Black Economic Empowerment legislation in South Africa, is recoverable from future dividends. They have been included at historical cost due to the uncertainty surrounding the variables required to calculate this asset at amortised cost. The directors consider that the carrying amount represents the fair value of the assets.
10. Inventories
Inventories comprise:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
--------------------------------------- ------------ -------- ------------
Raw materials 2 958 2 730 2 704
Consumable stores 1 123 1 132 947
Precious metals on hand and in process 9 567 8 186 7 383
--------------------------------------- ------------ -------- ------------
13 648 12 048 11 034
--------------------------------------- ------------ -------- ------------
Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of ordinarily interchangeable items.
11. Trade and other receivables
Trade and other receivables comprise:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Trade receivables 19 060 8 620 14 377
Sundry debtors - 1 1 414
Prepaid expenses 65 68 110
Deposits 1 - 12
Other receivables 924 795 485
Value added tax 406 418 195
-------------------- ------------ -------- ------------
20 456 9 902 16 593
-------------------- ------------ -------- ------------
12. Cash and cash equivalents
12.1 Cash and cash equivalents included in current assets:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Cash
Balances with banks 2 826 3 895 1 640
-------------------- ------------ -------- ------------
12.2 Overdrawn cash and cash equivalents included in current liabilities
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Bank overdrafts (1) - -
-------------------- ------------ -------- ------------
13. Share capital
Authorised and issued share capital
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Issued
Ordinary shares 1 678 1 678 1 715
-------------------- ------------ -------- ------------
1 678 1 678 1 715
-------------------- ------------ -------- ------------
Share premium 11 562 11 562 11 546
-------------------- ------------ -------- ------------
13 240 13 240 13 261
-------------------- ------------ -------- ------------
During the current period, share options were exercised that resulted in an increased in share capital and share premium.
14. Provisions
Provisions comprise:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
------------------------- ------------ -------- ------------
Environmental obligation 778 811 724
------------------------- ------------ -------- ------------
In terms of section 54 of the regulations of the Minerals Resource and Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning is required for activities performed under mining lease. Quantum of Financial Provisioning requires a detailed itemization of actual costs relating to the premature closure, decommissioning and final closure and post closure management. The Company makes use of an independent consultant to calculate the detail itemized actual current costs for rehabilitation and to evaluate any critical estimates and assumptions. The Quantum of Financial Provisioning has been approved by Department of Minerals Resources in South Africa. The Company has insured the obligation and has ceded the proceeds from the policy to the Department of Minerals Resources. During the prior financial year, the provision held in GPR was reassessed by using an external expert and it was concluded that due to the additional capital expenditure that has taken place over the financial period, the provision had to be increased to account for the additional capital incurred. The movement in the current financial period is due solely to foreign exchange.
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------- ------------ -------- ------------
Other provisions 207 208 -
Current portion 207 208 -
-------------------- ------------ -------- ------------
985 1 019 -
-------------------- ------------ -------- ------------
15. Trade and other payables
Trade and other payables comprise:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
------------------------------- ------------ -------- ------------
Trade creditors 3 856 2 543 1 610
Accrued liabilities 9 406 5 007 9 306
Invoice financing creditor 12 273 7 421 7 838
------------------------------- ------------ -------- ------------
Total trade and other payables 25 535 14 971 18 754
------------------------------- ------------ -------- ------------
16. Long term borrowings
The principal on the bank facility is repayable monthly over 36 months. The interest payable on the facility will be the South African Prime Rate plus 1.75%.
Further to above, GPL did grant security over its debtors as well as a negative pledge over its moveable and any immovable property and a general notarial bond over all movable assets of GPL will be registered. The Group entered into a limited suretyship for ZAR 60 million (approximately GBP 3.02 million), in favour of Nedbank.
Long term borrowings comprise:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
-------------------------------------------- ------------ -------- ------------
Nedbank 1 843 2 395 2 624
-------------------------------------------- ------------ -------- ------------
Non-current portion of long term borrowings 865 1 417 1 758
Current portion of long term borrowings 978 978 866
-------------------------------------------- ------------ -------- ------------
1 843 2 395 2 624
-------------------------------------------- ------------ -------- ------------
17. 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 tax charges for the period arises in South Africa, Ghana and on declaration of dividends from South Africa. The effective income tax rate in GPL was 21% (six months ended 31 December 2021: 24%), GRG was 14% (six months ended 31 December 2021: 15%) and the withholding tax rate on dividends declared was 5% (six months ended 31 December 2021: 5%).
18. Earnings per share
Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Group Group Group
31 December 30 June 31 December
Figures in GBP `000 2022 2022 2021
------------------------------------------- ------------ -------- ------------
Profit for the period attributable
to owners of the company 1 742 3 555 2 071
------------------------------------------- ------------ -------- ------------
Earnings used in the calculation of
basic earnings per share for continuing
operations 1 742 3 555 2 071
------------------------------------------- ------------ -------- ------------
Weighted average number of ordinary
shares used in the calculation of basic
earnings per share ('000s) 168 837 171 018 171 954
Weighted average number of ordinary
shares used in the calculation of diluted
earnings per share ('000s) 170 037 173 057 174 201
------------------------------------------- ------------ -------- ------------
19. Segment information
19.1 Segment revenues
Total segment
Figures in GBP `000 revenue
---------------------------------- -------------
Period ended 31 December 2022
South African Recovery Operations 10 460
West African Recovery Operations 10 007
South American 130
---------------------------------- -------------
Group revenue 20 597
---------------------------------- -------------
Period ended 30 June 2022
South African Recovery Operations 21 519
West African Recovery Operations 21 703
---------------------------------- -------------
Group revenue 43 222
---------------------------------- -------------
Period ended 31 December 2021
South African Recovery Operations 10 616
West African Recovery Operations 10 710
---------------------------------- -------------
21 326
---------------------------------- -------------
19.2 Other incomes and expenses
Segment
Finance Finance profit/(loss)
Figures in GBP `000 Depreciation cost income before tax Taxation
----------------------- ------------ ------- ------- -------------- --------
Period ended 31
December 2022
South African Recovery
Operations (220) (170) 89 1 318 (278)
West African Recovery
Operations (57) (40) - 2 304 (322)
South America - - - (88) (3)
Administration - (81) - 599 (47)
Reconciliation to
group figures - 81 (81) (1 644) -
----------------------- ------------ ------- ------- -------------- --------
Total other incomes
and expenses (277) (210) 8 2 489 (650)
----------------------- ------------ ------- ------- -------------- --------
Period ended 30
June 2022
South African Recovery
Operations (451) (342) - 4 648 (1 291)
West African Recovery
Operations (132) (311) - 3 089 (463)
South America - - - (58) (3)
Administration - (117) - 3 667 (69)
Reconciliation to
group figures - 114 - (5 514) (42)
----------------------- ------------ ------- ------- -------------- --------
Total other incomes
and expenses (583) (656) - 5 832 (1 868)
----------------------- ------------ ------- ------- -------------- --------
Period ended 31
December 2021
South African Recovery
Operations (172) (140) 370 2 141 (589)
West African Recovery
Operations (76) (418) - 1 409 (193)
Administration - (152) - (405) (7)
Reconciliation to
group figures - 100 (88) (139) -
----------------------- ------------ ------- ------- -------------- --------
Total other incomes
and expenses (248) (610) 282 3 006 (789)
----------------------- ------------ ------- ------- -------------- --------
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END
IR URUAROKUOOUR
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March 31, 2023 02:00 ET (06:00 GMT)
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