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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Peninsular | LSE:PGL | London | Ordinary Share | GB00B09TKL88 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPGL
RNS Number : 4851D
Peninsular Gold Limited
28 March 2014
28(th) March 2014
Peninsular Gold Limited
('Peninsular Gold' or the 'Company' or the 'Group')
(AIM: PGL)
Interim results (unaudited) for the six month period to 31(st) December 2013
CHAIRMAN'S STATEMENT
Dear Shareholders,
Once again we are updating you on our half yearly results for the period from 1(st) July to 31(st) December, 2013.
The pre-tax loss for the Group for the six months to 31(st) December 2013 was GBP2,817,879 (2012: Profit GBP2,216,330). This loss for the first half of the year reflects the impact of the recent gold price lows, a foreign exchange loss of GBP 1,462,032 (of which GBP1,439,028 is unrealised) and the impact on production in Q4 2013 of heavy rains and a mill being offline for a few weeks.
Q1 of 2014 has started well with an improvement in gold production in January of 2,105 ounces followed by 1,987 ounces in February.
As announced on 23 December 2013 the Company raised GBP1,200,000 of working capital via the issuance of unsecured convertible loan notes.
Operations
Gold production for the six months to 31(st) December, 2013 was 10,464 ounces (2012: 11,705 ounces) of gold from an estimated plant throughput of 644,000 tonnes.
During Q3 2013 the Raub operation shifted to mining and processing principally tailings material and the focus has been to achieve a higher plant availability and throughput rate. Some mill downtime for one of the mills, lower recoveries and the impact of heavy rain in Q4 2013 impacted production as announced on 14 March, 2014.
However, Q1 2014 has started well with the improved levels of gold production in January and February.
In addition to our emphasis at Raub to improve both throughput and recovery we are also looking to reduce costs and improve operational efficiencies.
Successful Settlement of Defamation Case
As announced on 20(th) March 2014, we have successfully concluded the defamation proceedings brought by RAGM against MToday News Sdn Bhd and one of its reporters ("Defendants"). The proceeding was brought as a result of the Defendants having published a number of defamatory statements of RAGM, suggesting that RAGM has directly caused the alleged ill-health and/or alleged deaths of residents of Kampung Bukit Koman and has been irresponsible in carrying out operations at its Carbon-In-Leach plant.
The Defendants made an unequivocal and public apology, which was made in open court and published an agreed Statement of Apology on its Website. The Defendants in their apology have admitted that there is no foundation to any of the allegations made and have unreservedly withdrawn all imputations cast upon RAGM. The Defendants have further agreed and undertaken not to publish similar statements of a defamatory nature in the future.
Strategy and Outlook
We are continuing to focus on increasing the plant throughput and gold output over the coming months as well as on the cost effectiveness of our operations.
The second half of the financial year, H1 2014, is already looking better with total gold production for January and February of 4,092 ounces matched with a higher gold price. If these factors maintain or improve further, coupled with our ongoing cost effectiveness measures, then we are hopeful of an improved second half. Should it prove necessary at any point, we are confident of being able to obtain additional working capital for the Company.
Dato' Sri Andrew Tai Yeow Kam
Chairman and Chief Executive
Condensed Consolidated Statement of Financial Position (Unaudited)
At 31(st) December 2013
(Expressed in United Kingdom Sterling)
31(st) December 31(st) December 30(th) 2013 2012 June 2013 Notes (Unaudited) (Unaudited) (Audited) GBP GBP GBP Non-Current Assets Property, plant and equipment 2 44,373,674 46,663,899 48,699,884 Other intangible assets 3 13,983,544 14,933,042 14,411,270 Mining development expenditure 4 7,160,159 8,429,990 7,946,387 ---------------- ---------------- --------------- Total Non-current Assets 65,517,377 70,026,931 71,057,541 Current Assets Inventories 5 3,494,886 3,257,482 4,335,152 Trade and other receivables 6 1,052,949 1,824,641 1,169,982 Cash and cash equivalents 7 203,849 135,833 264,659 Short-term investment 7 133,381 108,194 157,873 ---------------- ---------------- --------------- 4,885,065 5,326,150 5,927,666 Current Liabilities Trade and other payables 8 (11,660,860) (8,951,102) (10,763,097) Borrowings 9 (3,773,251) (2,886,197) (3,427,937) Current tax liability (204,158) (94,436) (297,334) ---------------- ---------------- --------------- Total Current Liabilities (15,638,269) (11,931,735) (14,488,368) Net Current Liabilities (10,753,204) (6,605,585) (8,560,702) ---------------- ---------------- --------------- Total Assets Less Current Liabilities 54,764,173 63,421,346 62,496,839 Non-Current Liabilities Trade and other payables 8,13 (510,000) (450,000) (480,000) Borrowings 9 (17,223,036) (22,074,809) (20,751,921) Provision for mine restoration 10 (750,396) (808,282) (822,986) Total Non-Current Liabilities (18,483,432) (23,333,091) (22,054,907) ---------------- ---------------- --------------- Net Assets 36,280,741 40,088,255 40,441,932 ================ ================ =============== Shareholders' Equity Share capital 11 - - - Stated capital account 11 40,897,957 40,897,957 40,897,957 Reserves (4,617,216) (809,702) (456,025) --------------- Total Equity 36,280,741 40,088,255 40,441,932 ================ ================ ===============
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
(Expressed in United Kingdom Sterling)
Six months Six months Year ended 31(st) ended 31(st) ended 30(th) December December June 2013 2012 2013 Notes (Unaudited) (Unaudited) (Audited) GBP GBP GBP Revenue 8,671,910 12,516,990 22,833,501 Less: Cost of sales (6,704,849) (6,740,131) (12,603,799) -------------- -------------- -------------- Gross Profit 1,967,061 5,776,859 10,229,702 Administrative expenses (1,462,825) (1,860,072) (3,923,266) Other operating expenses (636,883) (610,520) (1,563,781) Financial income 331 1,953 5,660 Finance costs 13,14 (1,226,468) (1,179,535) (2,544,705) Foreign exchange (loss) / gain (1,462,032) 87,645 345,298 Other income 2,937 - 1,829 (Loss) / profit before taxation 14 (2,817,879) 2,216,330 2,550,737 Income tax expense 15 (19,580) (103,970) (238,543) (Loss) / profit for the Period (2,837,459) 2,112,360 2,312,194 Other Comprehensive (Expense)/Income: Exchange difference arising on translation of foreign operations (1,377,786) 89,975 243,818 Other Comprehensive (Expense)/ Income for the Period, net of tax (1,377,786) 89,975 243,818 -------------- -------------- -------------- Total Comprehensive (Expense)/Income for the Period (4,215,245) 2,202,335 2,556,012 (Loss) / Profit attributable to : Equity shareholders of the parent (2,837,459) 2,112,360 2,312,194 Basic earnings per share 16 (3.30p) 2.46p 2.69p ============== ============== ============== Diluted earnings per share 16 (3.30p) 2.46p 2.69p ============== ============== ==============
Condensed Consolidated Statement of Changes in Equity (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
(Expressed in United Kingdom Sterling)
Share Stated Accumulated Capital Translation Total capital capital losses reserve reserve account GBP GBP GBP GBP GBP GBP At 1(st) July 2012 - 40,897,957 (5,958,709) 456,303 2,490,369 37,885,920 Profit for the period - - 2,112,360 - - 2,112,360 Exchange difference arising on translation of foreign operations - - - - 89,975 89,975 At 31(st) December 2012 - 40,897,957 (3,846,349) 456,303 2,580,344 40,088,255 Profit for the period - - 199,834 - - 199,834 Exchange difference arising on translation of foreign operations - - - - 153,843 153,843 At 1(st) July 2013 - 40,897,957 (3,646,515) 456,303 2,734,187 40,441,932 Loss for the period - - (2,837,459) - - (2,837,459) Convertible loan notes - equity portion (note 9) - - - 54,054 - 54,054 Exchange difference arising on translation of foreign operations - - - - (1,377,786) (1,377,786) At 31(st) December 2013 - 40,897,957 (6,483,974) 510,357 1,356,401 36,280,741 ========== =========== ============ ========= ============ ============
Condensed Consolidated Statement of Cash Flows (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
(Expressed in United Kingdom Sterling)
Six months Six months Year ended 31(st) ended 31(st) ended 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Operating Activities (Loss) / profit before tax (2,817,879) 2,216,330 2,550,737 Depreciation of property, plant and equipment 978,906 919,251 2,043,468 Finance costs 1,187,325 1,179,535 2,203,963 Interest income (331) (1,953) (5,660) Profit on disposal of fixed assets - - (12,812) Loss / (Gain) on foreign exchange 1,462,032 (87,645) (345,298) Amortisation of mining development expenditure 182,981 397,621 736,833 Unwinding of discount on restoration provision 12,396 - 25,287 Amortisation of other intangible assets 427,726 332,095 853,867 Amortisation of transaction costs for bank loan 26,369 7,532 35,590 Amortisation of transaction costs for convertible loan 378 - - Transaction cost on bank borrowings written off - 279,865 279,865 Cash inflow before working capital changes 1,459,903 5,242,631 8,365,840 Taxation paid (19,580) (103,970) (173,119) Changes in working capital: Decrease / (increase) in inventories 840,266 (992,916) (2,070,586) Decrease / (increase) in trade and other receivables 117,033 (788,834) (134,174) (Decrease) / increase in trade and other payables (1,461,326) 2,507,160 3,786,752 -------------- -------------- -------------- Cash inflow from operating activities 936,296 5,864,071 9,774,713 Investing Activities Interest received 331 1,953 5,660 Purchase of property, plant and equipment (1,586,614) (2,330,893) (3,733,208) Proceeds from disposal of fixed assets - - 111,307 Mining development expenditure (200,536) (454,953) (153,681) Placement of fixed deposit - (834) (50,513) Withdrawal of fixed deposit 24,493 - - Cash outflow from investing activities (1,762,326) (2,784,727) (3,820,435)
Condensed Consolidated Statement of Cash Flows (Unaudited) (continued)
For the Period From 1(st) July 2013 to 31(st) December 2013
(Expressed in United Kingdom Sterling)
Six months Six months Year ended 31(st) ended 31(st) ended December December 30(th) June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Financing Activities Repayment of bank loans (1,323,448) (25,575,203) (27,469,651) Increase in bank loans (Note 9) - 24,742,315 25,213,083 Repayment of hire purchase obligations (33,040) (37,849) (69,528) Proceeds from issue of convertible loan notes, net of transaction costs (Note 9) 1,184,664 - - Finance costs paid (1,193,848) (1,172,910) (2,355,658) ---------------- -------------- ------------- Cash outflow from financing activities (1,365,672) (2,043,647) (4,681,754) Net (decrease) /increase in Cash and Cash Equivalents (2,191,702) 1,035,697 1,272,524 Cash and Cash Equivalents at beginning of Period 264,659 180,238 180,238 Foreign exchange translation reserve 2,130,892 (1,080,102) (1,188,103) ---------- ------------ ------------ Cash and Cash Equivalents at end of Period (Note 7) 203,849 135,833 264,659 ========== ============ ============
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
1. Accounting Policies
These financial statements for the period from 1(st) July 2013 to 31(st) December 2013 have been prepared in accordance with International Accounting Standard 34 which applies to interim financial statements.
The same accounting policies and methods of computation are followed in these interim financial statements as were used in the preparation of the financial statements for the year ended 30(th) June 2013. A copy of those accounts is available on www.peninsulargold.com. The information provided as comparatives herein for the year ended 30(th) June 2013 does not constitute the full statutory accounts as per Jersey law by itself. This information was derived from the statutory accounts for the year ended 30(th) June 2013, a copy of which has been delivered to the Registrar of Companies. The auditors' report on the said accounts was not qualified.
2. Property, Plant and Equipment Furniture, Mining Leasehold Assets Total Plant & Motor Fittings Assets Land Under & Equipment Buildings Vehicles Equipment Renovation Construction GBP GBP GBP GBP GBP GBP GBP GBP GBP Cost At 1(st) July 2013 3,251,245 470,600 434,024 439,130 208,868 19,846,642 103,014 32,966,928 57,720,451 Additions - - 120,647 4,707 8,422 45,647 - 1,407,191 1,586,614 Currency translation difference (333,025) (48,203) (44,456) (44,824) (21,394) (2,032,890) (10,552) (3,376,800) (5,912,144) At 31(st) December 2013 2,918,220 422,397 510,215 399,013 195,896 17,859,399 92,462 30,997,319 53,394,921 ========== ========== ========= =========== =========== ============ ========== ============= ============ Accumulated depreciation At 1(st) July 2013 2,603,766 398,962 289,541 205,086 91,623 5,369,781 61,808 - 9,020,567 Charge for the period 23,427 34,192 47,190 17,902 10,319 840,981 4,895 - 978,906 Currency translation difference (268,001) (42,765) (32,279) (21,876) (9,958) (596,744) (6,603) - (978,226) At 31(st) December 2013 2,359,192 390,389 304,452 201,112 91,984 5,614,018 60,100 - 9,021,247 2. Property, Plant and Equipment (Continued) Net Book Value At 31(st) December 2013 559,028 32,008 205,763 197,901 103,912 12,245,381 32,362 30,997,319 44,373,674 ======== ======== ======== ======== ======== =========== ======= =========== ============= At 30(th) June 2013 647,479 71,638 144,483 234,044 117,245 14,476,861 41,206 32,966,928 48,699,884 ======== ======== ======== ======== ======== =========== ======= =========== ============= At 31(st) December 2012 652,803 105,344 274,387 241,695 125,407 16,111,132 45,527 29,107,604 46,663,899 ======== ======== ======== ======== ======== =========== ======= =========== =============
Assets under construction refer to the construction works in progress for the upgrade to the Carbon-In-Leach Plant. In September 2009, Raub Australian Gold Mining Sdn Bhd commenced its project to upgrade the Carbon-In-Leach Plant at its Raub gold project in Pahang, Malaysia. The plant is expected to be commissioned during the second half of 2014.
Leasehold land refers to a piece of land, owned by S.E.R.E.M. Malaysia Sdn Bhd, to which mining certificate MC511 relates.
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
3. Other Intangible Assets - Mining Reserves and Resources
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Cost Opening balance 17,378,478 17,378,478 17,378,478 Amortisation Opening balance 2,967,208 2,113,341 2,113,341 Charge for the period 427,726 332,095 853,867 Closing balance 3,394,934 2,445,436 2,967,208 ============ =============== =========== Net book value 13,983,544 14,933,042 14,411,270 ============ =============== ===========
Other intangible assets comprise mineral properties including mining licences and rights.
The Group's mining assets were valued by independent experts prior to the acquisition of the subsidiaries on 17(th) June 2005 and these valuations were considered to be relevant and unimpaired at the financial reporting date. The valuation was based upon the defined reserves, resources and the Group's prospecting interests. Valuation techniques most relevant to the asset type, as considered by the independent valuer, were applied and included discounted cash flows for the defined reserves, comparable transaction method for the inferred resources and the Geoscience Factor method for mineral titles.
No revenue has been generated from SEREM in the financial period ended 31(st) December 2013 from its mineral reserves. Hence, there is no amortisation of mining reserves and resources for SEREM.
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
4. Mining Development Expenditure 31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Cost Opening balance 9,858,079 9,457,521 9,457,521 Currency translation difference (1,009,762) 73,486 246,877 Additions 200,536 454,953 153,681 Closing balance 9,048,853 9,985,960 9,858,079 ============ ============ ========== Amortisation Opening balance 1,911,692 1,147,885 1,147,885 Currency translation difference (205,979) 10,464 26,974 Amortisation for the period 182,981 397,621 736,833 Closing balance 1,888,694 1,555,970 1,911,692 ========== ========== ========== Net Book Value 7,160,159 8,429,990 7,946,387 ========== ========== ==========
The directors are of the view that there will be sufficient future revenues from the extraction of gold to offset the mining development expenditure capitalised in the financial statements.
5. Inventories 31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Spare parts and consumables 657,637 955,245 895,347 Ore stockpiles 2,349,479 1,621,943 2,942,331 Work- in- progress 463,118 664,845 470,008 Finished goods 24,652 15,449 27,466 3,494,886 3,257,482 4,335,152 ============ ============ ==========
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
6. Trade and Other Receivables
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Other receivables, deposits and prepayments 1,052,949 1,824,641 1,169,982 ============ ============ ==========
7. Cash and Cash Equivalents
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Cash at bank and in hand 203,849 135,833 264,659 ============ ============ ==========
A fixed deposit of GBP133,381 (2012 : GBP108,194) with a licensed bank has not been included in Cash and Cash Equivalents as it has a maturity exceeding three months at inception. It has been reported in short term investments.
8. Trade and Other Payables
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Trade payables 8,495,139 6,500,692 8,189,557 Other payables and accruals 3,675,721 2,900,410 3,053,540 12,170,860 9,401,102 11,243,097 Less: non-current portion (Note 13) (510,000) (450,000) (480,000) ------------ ------------ ----------- 11,660,860 8,951,102 10,763,097 ============ ============ ===========
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
9. Borrowings
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Current Portion Bank loans 2,584,756 2,824,193 3,382,502 Convertible loans 1,130,988 - - Hire purchase obligations 57,507 62,004 45,435 ------------ ------------ ----------- 3,773,251 2,886,197 3,427,937 ------------ ------------ ----------- Non-current Portion Bank loans 16,377,394 21,186,862 19,953,041 Preference shares - debt portion 664,000 664,000 664,000 Hire purchase obligations 181,642 223,947 134,880 ------------ ------------ ----------- 17,223,036 22,074,809 20,751,921 ============ ============ ===========
Bank Loans
All bank loans are secured by way of a debenture over all the assets and undertakings of RAGM, a third party charge over a property owned by a company under common control and corporate guarantees provided by the Parent Company.
Convertible Loan Notes
During the financial period ended 31st December 2013, the Company raised GBP1,200,000 (before expenses) by way of the issue of 1,200,000 convertible redeemable unsecured loan notes. The convertible loan notes are convertible into new ordinary shares of no par value in the capital of the Company. The number of Ordinary Shares to be issued on conversion shall equal the number of loan notes to be converted divided by a conversion factor of 0.12. The right to convert is conditional upon a noteholder making an additional payment to the Company on conversion of 3 pence for each Ordinary Shares to be issued on conversion.
Upon redemption of the loan notes by the Company, either at maturity or earlier, a noteholder is entitled to receive from the Company an additional payment equal to the number of convertible loan notes to be redeemed by the relevant noteholder divided by 0.12 and multiplied by 3 pence. If all convertible loan notes are redeemed and not converted this would result in an additional payment of GBP300,000.
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
Convertible Loan Notes (Continued)
The net proceeds received from the issue of convertible loan notes were split between the liability and the equity portions as follows:-
GBP Proceeds of issue of convertible loan notes 1,184,664 Amortisation of transaction costs 378 Equity portion (54,054) Liability portion 1,130,988 ==========
Hire Purchase Obligations
Hire purchase agreements are subject to fixed interest rates ranging from 2.37% to 4.35%.
10. Provision for mine restoration 31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Opening balance 822,986 - - Provision for mine restoration - 783,447 783,447 Unwinding of discount 12,396 24,835 24,835 Currency translation difference (84,986) - 14,704 Closing balance 750,396 808,282 822,986 ============ ============ ==========
The provision for mine restoration is made based on management assessment of the expected cost of restoration which includes the rehabilitation of waste dumps, rehabilitation of storage facilities, road maintenance and watering.
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
11. Share Capital and Stated Capital Account
(a) Share Capital 31(st) 31(st) 30(th) December December June 2013 2013 2012 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Company Authorised Unlimited ordinary shares of GBPNil - - - par value each ============ ============ =========== Allotted, called up and fully paid 85,986,550 ordinary shares of GBPNil - - - par value each 2,000,000 preference shares of - - - GBPNil par value each ------------ ------------ ----------- - - - ============ ============ =========== (b) Stated Capital Account 2013 GBP At 1(st) July 2013 and at 31(st) December 2013 40,897,957
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
12. Translation reserve
Assets and liabilities of foreign consolidated subsidiaries are translated into United Kingdom Sterling at the rate of exchange ruling at the balance sheet date.
Revenue and expenses are translated at the average exchange rates for the period. All resulting translation differences are included in a translation reserve in equity.
The closing rates used in the translation of foreign currency monetary assets and liabilities are as follows:
United Kingdom Sterling 1.00 Malaysian Ringgit 5.4076 United Kingdom Sterling 1.00 United States Dollars 1.6479 United States Dollars 1.00 Malaysian Ringgit 3.2815
13. Dividends
Included in the Financing Costs is an amount of GBP30,000 in respect of 2,000,000 redeemable, convertible 6% preference shares' dividends. In accordance with the share subscription agreement, preference dividends should be accrued from the date of issuance to the conversion date or the redemption date. The accumulated amount of preference dividends has now amounted to GBP510,000 since the issue of the said shares at GBP0.50 per share on 27(th) May 2005, as indicated in trade and other payables.
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
14. (Loss) / Profit Before Tax
(Loss) / Profit before tax for the period are arrived at after charging the following:
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Cost of sales Cost of production 5,840,145 5,938,980 10,788,609 Depreciation of property, plant and equipment 864,704 801,151 1,815,190 Operating & administrative expenses Audit fees - current - - 84,509 - underprovision in prior year 1,000 - - Depreciation of property, plant and equipment 114,202 118,100 228,278 Amortisation of mining development expenditure 182,981 397,621 736,833 Amortisation of other intangible assets 427,726 332,095 853,867 Amortisation of transaction costs for bank loan 26,369 7,532 35,590 Amortisation of transaction costs for convertible loan 378 - - Profit on disposal of fixed assets - - (12,812) Rental of premises 67,493 67,968 140,157 Finance costs Bank loan interest 921,737 665,623 1,704,662 Other financial charges 233,813 179,308 744,453 Convertible loan interest 1,775 - - Amortisation of transaction costs 26,747 279,865 35,590 Preference dividends 30,000 30,000 60,000 Unwinding of discount on restoration provision 12,396 24,739 25,287 Financial income Interest income 331 1,953 5,660
15. Income Tax Expense
The Parent Company is subject to Jersey income tax at a rate of 0%.
Malaysian Corporation Tax is provided on taxable profits at the appropriate rate for subsidiary companies located in Malaysia. Income tax for the financial period is derived by using the Malaysian tax rate of 25% (2012 : 25%).
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
15. Income Tax Expense (Continued)
Tax reconciliation:
Group 31(st) December 2013 (Unaudited) GBP Loss before taxation (2,817,879) ============ Income tax using Malaysian tax rate (704,470) Tax exempt under Pioneer Status (24,505) Disallowed expenses 819,076 Effect of timing difference on mining allowance and capital allowance (85,697) Over provision during the year 15,176 19,580 ============ 16. Earnings per share
The calculation of earnings per share is based on the earnings for the period after taxation and on the weighted average number of shares in issue during the period as below:-
Basic earnings per share 31(st) December 31(st) 30(th) 2013 December June 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Earnings used in calculation (2,837,459) 2,112,360 2,312,194 Weighted average number of ordinary shares 85,986,550 85,986,550 85,986,550 Basic earnings per share (3.30p) 2.46p 2.69p ================ ============ ===========
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2013 to 31(st) December 2013
16. Earnings per share (Continued)
Diluted earnings per share 31(st) December 31(st) 30(th) 2013 December June 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Earnings used in calculation (2,837,459) 2,112,360 2,312,194 Weighted average number of ordinary shares 85,986,550 85,986,550 85,986,550 Diluted earnings per share (3.30p) 2.46p 2.69p ================ ============== ===========
The redeemable preference shares and convertible loan notes are non-dilutive.
17. Segmental information
Currently all revenues, profits and losses before tax and the carrying value of assets and liabilities arise from the production and sale of gold doré bars and activities related to the upgrade of the carbon-in-leach plant and gold mining and exploration activity within Malaysia.
18. Capital Commitments
31(st) 31(st) 30(th) December December June 2013 2012 2013 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Authorised and contracted for 4,059,617 7,502,950 4,814,839 ============ ============ ==========
The above amount relates to the expansion of the carbon-in-leach plant (CIL).
-Ends-
For further information:
Dato' Sri Andrew TY Kam Patrick Watson Chairman and Chief Executive Finance Director Peninsular Gold Limited Peninsular Gold Ltd. Tel: +60 (0)3 2698 8381 Tel: +44 (0)7799 885653 ------------------------------ --------------------------- Samantha Harrison / Craig Colin Rowbury Francis Broker Nominated Advisor Daniel Stewart & Co. Ltd. Ambrian Partners Limited Tel: +44 (0)20 7776 6936 Tel: +44 (0)20 3440 6800 ------------------------------ ---------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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