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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.50 | 7.20 | 7.80 | 7.50 | 7.50 | 7.50 | 48,845 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 41.88M | 2.8M | 0.0167 | 4.49 | 12.58M |
From Apr 2019 to Apr 2024
TIDMGDP
RNS Number : 8262D
Goldplat plc
24 February 2020
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
24 February 2020
Goldplat plc
('Goldplat' or 'the Company')
Interim results for the six months ended 31 December 2019
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 unaudited interim results for the six months ended 31 December 2019.
Overview
-- The group reports a return to operating profitability for the first six months ended 31 December 2019 of GBP2,221,000 (31 December 2018: Operating loss GBP653,000)
-- The group profit for the six months ended 31 December 2019, excluding unrealised intragroup foreign exchange losses on intercompany loan balances, was GBP1,032,000 (31 December 2018: Loss, excluding intragroup foreign exchange losses on intercompany balances, GBP1,214,000)
-- The group has intercompany loans denominated in USD which differ from the parent company and its various subsidiaries reporting currencies. The strengthening of GBP and weakening of the Ghana Cedi contributed the most to the group's unrealised intragroup foreign exchange loss for the six months to 31 December 2019 of GBP333,000 (31 December 2018: unrealised intragroup foreign exchange profit, GBP279,000)
-- With the increase in profits the group also reported an increase in taxation for the six months ended 31 December 2019 to GBP918,000 (31 December 2018: GBP98,000). Included in the taxation expense is dividend taxation paid on the declaration of dividends from GPL to support the group cash flows. The dividend taxation paid for the six months ended 31 December 2019 was GBP190,000 (31 December 2018: GBP200,000)
-- The South African operation performed strongly and achieved an operating profit for the six months ended 31 December 2019 of GBP2,659,000 (31 December 2018: GBP752,028). A pre-treatment facility has been added at a cost of GBP70,000 which enables the company to treat lower grade material with a higher degree of contamination.
-- Performance at the Ghana operation improved as the company's marketing and sourcing efforts gained momentum and achieved an operating profit for the six months ended 31 December 2019 of GBP151,000 (31 December 2018: operating loss GBP241,449) .
-- Operating losses at Kilimapesa have been reduced, year on year, for the six months ended 31 December 2019 to GBP301,000 (31 December 2018: Operating loss GBP686,845) while we have continued to hold discussions with funding partners to re-capitalize this valuable asset.
-- The continuing focus on operational excellence was enhanced by higher gold price in this period.
-- During the six-month period, GBP523,000 of VAT reclaims have been paid by the Kenyan Revenue Authorities.
-- Cost reductions and improved operational efficiencies remain an area of focus.
-- Improvement in plant operational efficiencies in South Africa have not only reduced costs but improved gold recovery.
-- Some of the cost savings have been invested into material sourcing initiatives and increasing physical security in South Africa.
-- The Tailings Storage facility ('TSF') in South Africa has been structurally supported at a planned cost of GBP250,000 of which GBP123,000 has been spent in the first half of FY 2020. This expenditure will increase the life of the TSF whilst we investigate the design of a new TSF.
Chairman's Statement
I am delighted to report that Goldplat continues to deliver effectively on its stated strategic objectives at its operating subsidiaries. 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, thereby providing mines with an environmentally-friendly and cost-efficient way of removing waste material, and the Kilimapesa Gold Mine in Kenya, currently under care and maintenance.
We remain committed to our strategy of increasing long term visibility of earnings in the recovery businesses through key initiatives and finding an investment partner or buyer for Kilimapesa. These key initiatives include:
-- improving our gold recoveries from lower grade contaminated material, effectively reducing the grade of the material we will be able to process economically. Reserves of lower grade materials are more readily available and help to alleviate the sourcing risk;
-- Building strategic partnerships within the mining industry;
-- Evaluating the investment into a larger t ailings storage facility and additional mill and leaching capacity to enable us to reprocess our current TSF;
-- Increased investment into sourcing initiatives and test work on a wider range of materials, including PGM discards.
Revenues for the six months ended 31 December 2019 of GBP12,462,000 represent a 3% decrease on the same period last year (six months ended 31 December 2018: GBP12,843,000), as a result of Kilimapesa Mine being placed under care and maintenance. The revenues for the six months ended 31 December 2019 on the recovery operations increased by 10% to GBP11,759,000 (31 December 2018: GBP10,684,000). In line with this, I am pleased to report a turnaround to operating profit to GBP2,221,000 (six months ended 31 December 2018: loss of GBP653,000).
The net finance cost of GBP180,000 for the six months ended 31 December 2019 (31 December 2018: GBP200,000) includes GBP41,000 (31 December 2018: GBP70,000) interest paid on the renewed Scipion loan.
The profit after taxation of GBP669,000 (31 December 2018: loss GBP935,000) was negatively impacted by unrealised intragroup foreign exchange losses on intercompany loans balances for the six months ended of GBP333,000
(31 December 2018: GBP279,000). The group has intercompany loans dominated in USD which differ from its reporting currencies. The strengthening of the GBP and weakening of the Ghana Cedi contributed the most to the unrealised intragroup foreign exchange loss for the six months.
With the increase in profits the group also reported an increase in taxation for the six months ended 31 December 2019 to GBP918,000 (31 December 2018: GBP98,000). Included in the taxation expense is dividend taxation paid on the declaration of dividends from GPL to support the group cash flows. The dividend taxation paid for the six months ended 31 December 2019 was GBP190,000 (31 December 2018: GBP200,000).
During the period the US$2 million uncommitted, on-demand, revolving pre-export loan facility with Scipion was renewed which is providing increased flexibility in the sourcing initiatives in West Africa and further abroad. During the period, US$1.2 million was drawn down for these purposes and will be repaid by the end of April 2019.
Cash and cash equivalents at the end of the period stood at GBP2,070,000 (31 December 2018: GBP1,000,000).
Goldplat Recovery (Pty) Ltd ('GPL')
GPL had a very strong operational performance and recorded sales during the six months ended 31 December 2019 of GBP9,486,000 (six months ended 31 December 2018: GBP8,817,842). Operating profits for the six months ended 31 December 2019 of GBP2,659,000 increased by 254% (six months ended 31 December 2018: GBP752,028), and reflects the contribution of the abovementioned interventions and a higher gold price.
Towards the end of the 1st Quarter, GPL started the construction of the first stage of a pre-treatment facility to the largest Carbon in Leach ('CIL') section at a cost of GBP70,000. The purpose of the pre-treatment facility is to improve recoveries and margins on lower grade contaminated material and together with efforts to reduce operating costs, should allow us to source and profitably process lower grade contaminated material. This project has been completed on time, on budget and the new facility is currently being commissioned.
Our TSF is approaching full capacity in its current form and so we planned to spend GBP250,000 during the 2nd quarter to structurally support and increase its life by a further 12 to 18 months. Capital expenditure on this project at 31 December 2019 was GBP123,000 and has since been completed at the original budgeted cost of GBP250,000.
Gold Recovery Ghana ('GRG')
Activities at GRG continued to increase during the 2nd Quarter, achieving sales of GBP2,273,000 during the six months ended 31 December 2019 (31 December 2018 - GBP1,865,957) resulting in a turnaround from an operating loss during the six months ended 31 December 2018 of GBP241,449 to a profit of GBP151,000.
The sourcing of material improved further in the 2nd quarter with material being received from Ghana and other West African countries as well as from South America. We remain positive that material from Burkina Faso and the Ivory Coast will also become available. The sourcing of material remains paramount and we continue to work towards our objective to be the preferred processor of material from the Economic Community of West African States (ECOWAS).
GRG's Gold license, which has to be renewed every three years, has been approved for a further term up to December 2022.
We are continuing exploring the opportunities for toll treating lower grade material from artisanal sources in Ghana. This potential new revenue stream will be subject to obtaining support from The Minerals Commission of Ghana. We have incorporated a company specifically for this purpose so that we can keep our free zone activities ring fenced.
Kilimapesa Gold ('KPG')
The mining operation remains on care and maintenance whilst we seek an investment partner to inject funds directly into KPG or the assets.
The processing of artisanal tailings continues and operating losses are lower than would have been under full care and maintenance.
KPG has reduced liabilities to creditors by GBP521,000 during the six months ended 31 December 2019, mainly from the recovery of previously unpaid VAT reclaims. During the six-month period, GBP523,000 of VAT reclaims have been paid by the Kenyan Revenue Authorities.
We are pleased that we have support from the Kenyan Government and that the status of our permits and licenses has not been affected by our decision to halt underground mining and that the local community continues to receive some benefit from KPG's activities.
Operating losses reduced circa 56%, year on year, to GBP301,000 for the six months ended 31 December 2019 (six months ended 31 December 2018: Loss GBP686,845). The cash utilized in operating activities before working capital changes for the six months ended 31 December 2019 was GBP141,000 (six months ended December 2018 - GBP388,545). There has been no capital expenditure incurred.
Anumso Gold Corp ('Anumso')
We have agreed with our Joint Venture partner at Anumso, Desert Gold (Ashanti Gold and Desert Gold merged towards the end of September 2019), to seek a buyer for the Anumso gold project. We have had discussions with a potential buyer and will announce the outcome in due course.
Post-Period End
Progress can be reported subsequent to 31 December 2019 on the following:
-- The construction of the pre-treatment facility at one of the CIL circuits at GPL has been completed and the facility is being commissioned, with all indications being that it has increased, as planned, the gold recoveries and margins of the large contaminated stockpile we have on site, improving visibility of material supplies for next 18 to 24 months.
-- The construction of a buttress around the TSF has been completed, structurally improving the TSF and extending the life of the TSF by 12 to 18 months.
-- Application has been filed for a new tailing's facility, at GPL, adjacent to our current facility and we will update the market on cost and timelines before end of June 2020.
Outlook
The progress made on key initiatives to increase long term visibility of earnings in the recovery businesses, specifically improved recovery on lower grade contaminated material and strengthened relationships within mining industry, are encouraging. Although monthly production levels are still dependent on sourcing of quality material, we are confident that at current higher gold prices, we will remain profitable for remainder of the year.
Matthew Robinson
Chairman
24 February 2020
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
Hot Features
Premium
Werner Klingenberg Goldplat plc (CEO) Tel: +27 (0) 82 051 1071
Colin Aaronson / Richard Grant Thornton UK LLP Tel: +44 (0) 20 7383
Tonthat / Harrison Clarke/Seamus (Nominated Adviser) 5100
Fricker
---------------------------- --------------------------
James Joyce / Jessica WH Ireland Limited (Broker) Tel: +44 (0) 207 220
Cave 1666
---------------------------- --------------------------
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 MONTHESED 31 DECEMBER 2019
6 months 6 months 12 months
Notes 31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 12,462 12,843 24,837
Cost of sales (9,501) (12,464) (23,325)
------------- ------------- -----------
Gross profit 2,961 379 1,512
Administrative expenses (740) (1,032) (2,013)
-------------
Profit/(Loss) from operating
activities 2,221 (653) (501)
------------- ------------- -----------
Net finance cost (180) (200) (352)
Other realised foreign
exchange losses (111) (151) (176)
Unrealised Intergroup foreign
exchange (losses)/profit (333) 279 (124)
Other unrealised foreign
exchange (losses)/profit (10) (112) 66
-------------
Net unrealised foreign exchange
(losses)/profit (343) 167 (58)
------------- ------------- -----------
Profit/(Loss) from operating
activities after finance
cost 1,587 (837) (1,087)
Taxation 6 (918) (98) (653)
------------- ------------- -----------
Profit/(Loss) for the period 669 (935) (1,740)
------------- ------------- -----------
Other comprehensive expense
Exchange translation (213 ) (147) (27)
-------------
Other comprehensive expense for the
period, net of tax (213) (147) (27)
------------- ------------- -----------
Total comprehensive income/(expense)
for the period 456 (1,082) (1,767)
============= ============= ===========
Profit/(Loss) attributable
to:
Owners of the Company 219 (1,133) (2,234)
Non-controlling interests 450 198 494
------------- ------------- -----------
Profit/(Loss) for the period 669 (935) (1,740)
============= ============= ===========
Total comprehensive income/(expense)
attributable to:
Owners of the Company 6 (1,280) (2,261)
Non-controlling interests 450 198 494
------------- ------------- -----------
Total comprehensive income/(expense)
for the period 456 (1,082) (1,767)
============= ============= ===========
Earnings per share
Basic earnings/(loss) per
share (pence) 0.26 (0.67) (1.33)
Diluted earnings per share 0.26 n/a n/a
(pence)
============= ============= ===========
The notes below are an integral part of this condensed consolidated interim financial report.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Assets
Property, plant and
equipment 7 7,135 7,948 7,512
Intangible assets 8 8,086 8,413 8,201
Proceeds from sale of shares
in subsidiary 786 980 950
Non-current assets 16,007 17,341 16,663
------------- ------------- ---------------------
Inventories 9 7,926 7,718 5,842
Trade and other
receivables 10 7,344 7,047 7,918
Cash at bank and on
hand 11 2,070 1,000 2,368
------------- ------------- ---------------------
Current assets 17,340 15,765 16,128
------------- ------------- ---------------------
Total assets 33,347 33,106 32,791
============= ============= =====================
Equity
Share capital 12 1,675 1,675 1,675
Share premium 11,441 11,441 11,441
Exchange reserve (6,313) (6,220) (6,100)
Retained earnings 9,077 9,959 8,858
------------- ------------- ---------------------
Equity attributable to owners of
the Company 15,880 16,855 15,874
Non-controlling
interests 3,139 2,992 2,991
------------- ------------- ---------------------
Total equity 19,019 19,847 18,865
------------- ------------- ---------------------
Liabilities
Obligations under finance
leases 14 183 239 151
Provisions 16 613 413 633
Deferred tax
liabilities 445 432 362
-------------
Non-current
liabilities 1,241 1,084 1,146
------------- ------------- ---------------------
Bank overdraft 11 89 1 560
Obligations under
finance
leases 14 266 257 213
Interest bearing
borrowings 15 1,388 838 528
Taxation 154 201 53
Trade and other
payables 17 11,190 10,878 11,426
------------- ------------- ---------------------
Current liabilities 13,087 12,175 12,780
------------- ------------- ---------------------
Total liabilities 14,328 13,259 13,926
------------- ------------- ---------------------
Total equity and
liabilities 33,347 33,106 32,791
============= ============= =====================
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 24 February 2020. They were signed on its behalf by:
Werner Klingenberg, Director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2018
Attributable to owners of the Company
Non-controlling
Share Share Exchange Retained interests Total
capital premium reserve earnings Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000
Balance at 1 July 2018, as
previously
reported 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 CHANGES IN EQUITY
FOR THE YEARED 30 JUNE 2019
Attributable to owners of the Company
Non-controlling
Share Share Exchange Retained interests Total
capital premium reserve earnings Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP GBP'000
'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
Profit/(loss)
for the
period - - - (2,234) (2,234) 494 (1,740)
Total other comprehensive expense - - (27) - (27) - (27)
--------- --------- ---------- ---------- -------- ---------------- ---------
Total comprehensive
(expense)/income
for the period - - (27) (2,234) (2,261) 494 (1,767)
--------- --------- ---------- ---------- -------- ---------------- ---------
Transactions with owners of the Company
recognised
directly in equity
Changes in ownership
interests in subsidiaries
Non-controlling interests
in subsidiary
dividend - - - - - (467) (467)
--------- --------- ---------- ---------- -------- ---------------- -----------
Total transactions with
owners of the
Company - - - - - (467) (467)
--------- --------- ---------- ---------- -------- ---------------- -----------
Balance at 30 June 2019
(audited) 1,675 11,441 (6,100) 8,858 15,874 2,991 18,865
========= ========= ========== ========== ======== ================ ===========
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 2019
Attributable to owners of the Company
Non-controlling
Share Share Exchange Retained interests Total
capital premium reserve earnings Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP '000 GBP'000
Balance at 1 July
2019 1,675 11,441 (6,100) 8,858 15,874 2,991 18,865
Total comprehensive
income for
the period
Profit for the
period - - - 219 219 450 669
Total other
comprehensive
expense - - (213) - (213) - (213)
--------- --------- ---------- ---------- ----------- ---------------- ---------
Total comprehensive
(expense)/income
for the period - - (213) 219 6 450 456
--------- --------- ---------- ---------- ----------- ---------------- ---------
Transactions with owners of the
Company recognised
directly in equity
Changes in ownership
interests in
subsidiaries
Non-controlling
interests in
subsidiary
dividend - - - - - (302) (302)
--------- --------- ---------- ---------- ----------- ---------------- ---------
Total transactions
with owners of the
Company - - - - - (302) (302)
--------- --------- ---------- ---------- ----------- ---------------- ---------
Balance at 31
December 2019
(unaudited) 1,675 11,441 (6,313) 9,077 15,880 3,139 19,019
========= ========= ========== ========== =========== ================ =========
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 2019
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited)
Notes (unaudited) GBP'000 (audited)
GBP'000 GBP'000
Cash flows from operating
activities
Result from operating activities 2,221 (653) (501)
Adjustments for:
- Depreciation 421 484 956
- Amortisation - 111 222
- Loss on sale of property, plant 13 - -
and equipment
- Foreign exchange differences (385) (1) (134)
2,270 (59) 543
Changes in:
- inventories (2,084) 73 1,949
- trade and other receivables 574 556 (315)
- trade and other payables (236) (50) 498
- provisions (20) - -
Cash generated from operating activities 504 520 2675
Finance income 51 30 19
Finance cost (231) (380) (586)
Taxes paid (488) (388) (725)
Net cash from/ (used in) operating
activities (164) (218) 1,383
------------- ------------- ------------
Cash flows from investing
activities
Acquisition of property, plant and
equipment (216) (321) (331)
Receipt of proceeds from sale of
shares in subsidiary 134 72 199
Net cash used in investing
activities (82) (249) (132)
------------- ------------- ------------
Cash flows from financing
activities
Proceeds from drawdown of interest bearing
borrowings 916 760 -
Payment of interest bearing borrowings (77) (650) (200)
Payment of dividend by subsidiary
to non-controlling interest (302) (170) (467)
Payment of finance lease liabilities (58) (36) (242)
------------- ------------- ------------
Net cash from/ (used in) financing
activities 479 (96) (909)
------------- ------------- ------------
Net decrease in cash and cash equivalents 233 (563) 342
Cash and cash equivalents at beginning
of period 1,808 1,539 1,539
Foreign exchange movement on opening
balance (60) 23 (73)
Cash and cash equivalents at end
of period 11 1,981 999 1,808
============= ============= ============
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 2019
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 2019 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.
2. Basis of preparation (a) Statement of compliance
The annual financial statements of Goldplat plc (the 'Company') are prepared in accordance with IFRSs as adopted by the European Union.
(b) 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.
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 2019.
4. Operating segments
Information about reportable segments
For the six months ended 31 December 2019 (unaudited)
Reconciliation
Recovery Mining and Adminis-tration to Group
operations exploration GBP'000 figures Group
GBP'000 GBP'000 GBP'000 GBP'000
External revenues 11,759 703 - - 12,462
Depreciation 289 132 - - 421
Reportable segment
profit/(loss)
before tax 2,486 (297) (642) 40 1,587
Segment assets 23,912 (2,463) 32,057 (20,159) 33,347
Segment liabilities 14,084 10,946 10,033 (20,735) 14,328
For the six months ended 31 December 2018 (unaudited)
Reconciliation
Recovery Mining and Adminis-tration to Group figures
operations exploration GBP'000 GBP'000 Group
GBP'000 GBP'000 GBP'000
External revenues 10,684 2,159 - - 12,843
Depreciation 303 181 - - 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 twelve months ended 30 June 2019 (audited)
Reconciliation
Recovery Mining Adminis-tration to Group
operations and exploration GBP'000 figures Group
GBP'000 GBP'000 GBP'000 GBP'000
External revenues 21,769 3,068 - - 24,837
Depreciation 592 364 - - 956
Amortisation - 222 - - 222
Reportable segment
profit/(loss)
before tax of continuing
operation 1,581 (1,935) (800) 67 1,087
Segment assets 22,959 7,523 35,356 (33,047) 32,791
Segment liabilities 12,922 11,541 9,433 (19,970) 13,926
5. Seasonality of operations
The Group is not considered to be subject to seasonal fluctuations.
6. 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 and on declaration of dividends from South Africa. The effective income tax rate in GPL was 29% (six months ended 31 December 2018: nil) and the withholding tax rate on dividends declared was 20% (six months ended 31 December 2018: 20%).
7. Property, plant and equipment
Acquisitions
During the six months ended 31 December 2019, the Group acquired assets with a cost, excluding capitalised borrowing costs of GBP359,000 (six months ended 31 December 2018: GBP321,000; twelve months ended 30 June 2019: GBP477,000).
8. Intangible assets and goodwill
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cost
Balance at beginning of period 11,444 11,507 11,507
Effect of movement in exchange rates (122) 59 (63)
Balance at end of period 11,322 11,566 11,444
============= ============= ===========
Amortisation and impairment losses
Balance at beginning of period 3,243 3,045 3,045
Amortisation - 111 222
Effect of movement in exchange rates (7) (3) (24)
Balance at end of period 3,236 3,153 3,243
====== ====== ======
Carrying amounts
Balance at end of period 8,086 8,413 8,201
====== ====== ======
Balance at beginning of period 8,201 8,462 8,462
====== ====== ======
9. Inventories
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Consumable stores 1,059 1,349 1,231
Raw materials 2,037 2,075 1,996
Precious metal on hand and in process 4,819 4,259 2,574
Broken ore 11 35 41
------------- ------------- -----------
7,926 7,718 5,842
============= ============= ===========
10. Trade and other receivables
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade receivables 5,763 4,727 6,124
Other receivables 1,581 2,320 1,794
------------- ------------- -----------
7,344 7,047 7,918
============= ============= ===========
11. Cash and cash equivalents
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Bank balances 2,070 1,000 2,368
------------- ------------- -----------
2,070 1,000 2,368
Bank overdrafts used for cash management
purposes (89) (1) (560)
------------- ------------- -----------
Cash and cash equivalents in the statement
of cash flows 1,981 999 1,808
============= ============= ===========
12. Capital and reserves
Issue of ordinary shares
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(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-19 31-Dec-18 30-Jun-19
(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.
13. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 31 December 2019 was based on the profit attributable to owners of the Company of GBP219,000 (31 December 2018: Loss GBP1,133,000; 30 June 2019: Loss GBP2,234,000), and weighted average number of ordinary shares outstanding of 167,441,000 (31 December 2018: 167,441,000; 30 June 2019: 167,441,000)
Diluted earnings per share
The calculation of diluted earnings per share at 31 December 2019 was based on the profit attributable ordinary shareholders of GBP219,000 and weighted average number of ordinary shares outstanding after adjustment for the effect of all dilutive potential ordinary shares of 167,441,000. Diluted earnings per share at 30 June 2019 and 30 June 2018 have not been calculated as the effect would be antidilutive.
14. Obligations under finance leases
Six months ended 31 December 2019 (unaudited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Finance lease
liabilities KES 10.25% 2023 288 288
Finance lease
liabilities ZAR 10.75% 2022 161 161
Total
Interest-bearing
liabilities 449 449
Six months ended 31 December 2018 (unaudited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Finance lease
liabilities KES 10.5% 2023 410 410
Finance lease
liabilities ZAR 10.5% 2021 86 86
Total
Interest-bearing
liabilities 496 496
Twelve months ended 30 June 2019 (audited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Finance lease
liabilities KES 10.25% 2023 320 320
Finance lease
liabilities ZAR 10.25% 2021 44 44
Total
Interest-bearing
liabilities 364 364
15. Interest bearing borrowings
Six months ended 31 December 2019 (unaudited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Interest bearing 9.75% plus
borrowings USD 1 yr LIBOR 2020 1,388 1,388
Total
Interest-bearing
liabilities 1,388 1,388
Six months ended 31 December 2018 (unaudited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Interest bearing 9.5% plus
borrowings USD 1 yr LIBOR 2019 838 838
Total
Interest-bearing
liabilities 838 838
Twelve months ended 30 June 2019 (audited)
Interest Year of Face value Carrying
rate maturity GBP'000 amount
Currency nominal GBP'000
Interest bearing 9.5% plus
borrowings USD 1 yr LIBOR 2019 528 528
Total
Interest-bearing
liabilities
16. Provisions
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Environmental obligation
Balance at beginning of period 633 417 417
Increase in provision - - 211
Effect of foreign exchange movements (20) (4) 5
613 413 633
============= ============= ===========
The provision relates to a requirement to rehabilitate the land owned in South Africa upon cessation of the mining lease.
17. Trade and other payables
6 months 6 months 12 months
31-Dec-19 31-Dec-18 30-Jun-19
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade payables 2,878 3,128 3,895
Amounts received in advance 2,516 1,262 2,878
Accrued expenses 5,796 6,488 4,653
------------- ------------- -----------
11,190 10,878 11,426
============= ============= ===========
18. Share options
Reconciliation of outstanding share options
6 months ended 6 months ended
31-Dec-19 31-Dec-18
(unaudited) (unaudited)
Number of Number of
options options
Outstanding at beginning of period 5,666,667 18,500,000
Lapsed during the period - (7,500,000)
Granted during the period 3,000,000 -
Outstanding at end of period 8,666,667 11,000,000
============ ===============
12 months ended
30-Jun-19
(audited)
Number of
options
Outstanding at beginning of period 18,500,000
Lapsed during the period (7,500,000)
Forfeited on resignation of director (5,333,333)
Outstanding at end of period 5,666,667
===============
The weighted average exercise price of the exercisable options is GBP0.0310 (31 December 2018: GBP0.03125; 30 June 2019: GBP0.0313).
The weighted average remaining contractual life of the options outstanding as at 31 December 2019 is 2 years 191 days (31 December 2018: 2 years 171 days; 30 June 2019: 1 year 271 days).
18. 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 statement of financial position.
19. 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).
On 5 November 2018, Ashanti provided notice to Goldplat that it intended to exercise its 51% option on Anumso Gold Project. On 27 December 2018, Ashanti informed Goldplat that it will not elect the subsequent option for an additional 24% of Anumso Project.
Goldplat analysed the total and nature of the earn-in expenditure and approved that the US$1,500,000 spent is sufficient for 51% option exercised. The two companies are currently finalizing the shareholders agreement and once done additional shares in Anumso will be issued to Ashanti. As the agreement has not been finalized and the additional shares has not been issued, the issue of additional shares and the compensation for the shares of an exploration asset to the value of US$1,5 million have not been recognized in the annual report.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR KKNBQBBKBDBB
(END) Dow Jones Newswires
February 24, 2020 02:00 ET (07:00 GMT)
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