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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sunkar | LSE:SKR | London | Ordinary Share | GB00B29KHR09 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.805 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSKR
RNS Number : 7397O
Sunkar Resources PLC
24 September 2013
24 September 2013
SUNKAR RESOURCES PLC
("Sunkar" or the "Company")
INTERIM RESULTS
Sunkar Resources plc (AIM: SKR) is pleased to announce its half-yearly report for the six month period to 30 June 2013.
HIGHLIGHTS
-- Revenue generated for the period of $4.9m, compared with $0.5m in the six months to 30 June 2012
-- $4.5m of revenue generated from earth-moving contract -- Administrative and operating expenses reduced to $2.1m from $2.6m -- Further earth moving contract, valued at $12m approximately, signed in April 2013
-- Proposed amendment to the work programme under the subsoil use contract approved by Kazakh authorities
Teck Soon Kong, Chairman, commented:
"Following substantive approval of the amendment to the mining commitments under the SUC, the conversion of the SAPC loan notes and the completion of the Detailed Feasibility Study the Group is in a position to progress the Chilisai Project with a view to awarding the basic engineering contract in the second half of 2014, leading to Stage I production by the end of 2017.
Short-term cash flows will be managed by completion of the existing earth moving contracts, pursuit of additional contracts and further sales of DAR and ground phosphate rock backed up by the support of the majority shareholder."
For further information please contact:
Sunkar Resources plc Teck Soon Kong, Chairman Tel: +44 20 7397 3730 Serikjan Utegen, CEO Strand Hanson Limited Stuart Faulkner Tel: +44 20 7409 3494 Andrew Emmott James Dance Bankside Consultants Simon Rothschild Tel: +44 20 7367 8888 or visit: www.sunkarresources.com
The condensed financial statements of Sunkar Resources plc for the six months ended 30 June 2013 have been prepared by, and are the responsibility of, the Company's management. They have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union and do not include all of the information and disclosures that would be required by International Financial Reporting Standards for annual audited financial statements. The condensed financial statements should be read in conjunction with the Company's audited financial statements including the notes thereto for the year ended 31 December 2012. The financial information has been reviewed but has not been audited by the Company's auditor.
These condensed financial statements have been approved by the Audit Committee and the Board of Directors.
CHAIRMAN'S STATEMENT
Financial review
During the six months ended 30 June 2013, the Company continued to pursue its strategy of generating revenue from earth-moving contracts and the sale of Direct Application Rock ("DAR").
Revenue for the period was $4.9 million, with $4.5 million generated from earth-moving contracts and $0.4 million generated from sales of DAR during the period, a significant increase over the $0.5m of total revenue for the prior period. Administrative and operating expenses reduced to $2.1 million from $2.6 million in the comparative period.
Net cash of $1 million was generated from operating activities with $0.5 million utilised for the completion of the Detailed Feasibility Study and the acquisition of property plant and equipment. A further advance of $0.5 million was received from AsiaCredit Bank during the period. At 30 June 2013, the Company had cash at bank of $1.0 million. Following the Company's listing on the Kazakh Stock Exchange ("KASE") in December 2012, the Sun Avenue Partners Corporation ("SAPC") loan notes of $12.8 million were converted into shares in February 2013.
Operational review
The Group substantially completed the first of its earth-moving contracts for the construction of a rail track foundation on a stretch of the new railway line from Beineu to Tassai stations in Western Kazakhstan during the period generating revenue of $4.5 million. At the end of April 2013, the Group agreed a further contract with the same general contractor for another stretch of the rail track foundation. The new contract value is approximately $12 million and it is expected that the Group will have to outsource approximately 40% of the works in order to complete the required earth moving of two million cubic metres in Q4 this year.
The proposed amendment to the Work Programme under the Subsoil Use Contract ("SUC") was approved by the Kazakh authorities early in the period subject to the Work Programme documentation being prepared for formal inclusion within the SUC and the execution of the amended SUC and the Work Programme by the Ministry of Industry and New Technologies of the Republic of Kazakhstan.
Key Performance Indicators
The key performance indicators for the period include:
-- Completion of the Detailed Feasibility Study which was published in February 2013.
-- Revised ore mining commitment of 300,000 tonnes, estimated to be undertaken within the next three months.
-- Generating operating cash flows from the performance of earth moving contracts and sales of DAR. Operating cash flows of $998,000 were generated in the six months ended 30 June 2013 with an overall increase in cash balances of $534,000.
Going concern
The Group requires additional funds to meet its mining commitments and operational costs whilst also finding a strategic partner to secure finance for the construction of the fertilizer manufacturing complex. The Group's continuing strategy is to achieve this through generation of positive cash flows from earth moving contracts, an increase in the level of phosphate rock sales, and continued management of its cost base.
The Group has received a letter of support from Joint Stock Company ("JSC") "Interfarma-K", a company owned by Almas Mynbayev, owner of SAPC, a 51% shareholder in Sunkar, stating that JSC "Interfarma-K" will, subject to the agreement of mutually acceptable terms, provide financial support to assist the Group to meet its liabilities as they fall due, which we believe should remove any likely requirement to seek other external sources of financing in the short and medium term.
However, as this letter of support may not be legally binding, a material uncertainty still exists in respect of the Group's ability to continue as a going concern. The Directors remain confident that based on the current sales projections and the letter of support referred to above, sufficient funding will be made available to enable the Group to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Outlook
Following substantive approval of the amendment to the mining commitments under the SUC, the conversion of the SAPC loan notes and the completion of the Detailed Feasibility Study the Group is in a position to progress the Chilisai Project with a view to awarding the basic engineering contract in the second half of 2014, leading to Stage I production by the end of 2017.
Short-term cash flows will be managed by completion of the existing earth moving contracts, pursuit of additional contracts and further sales of DAR and ground phosphate rock backed up by the support of the majority shareholder.
Teck Soon Kong
Chairman
19 September 2013
INDEPENDENT REVIEW REPORT TO SUNKAR RESOURCES PLC
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and related notes 1 to 9. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules of the London Stock Exchange.
Emphasis of Matter - Going Concern
In forming our conclusion on the condensed financial statements for the six months ended 30 June 2013, which is not qualified, we have considered the adequacy of the disclosure made in note 1 concerning the Group's ability to continue as a going concern. The Group is reliant on securing significant additional sales volumes of phosphate rock and additional sources of funding during the next twelve months in order to continue to meet its obligations as they fall due. These conditions, along with other matters explained in note 1 to the condensed financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The condensed financial statements do not include the adjustments that would result if the Group were unable to continue as a going concern.
Deloitte LLP
Chartered Accountants
London, United Kingdom
19 September 2013
SUNKAR RESOURCES PLC
CONSOLIDATED INCOME STATEMENT
(unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended 31 Jun 2013 Jun 2012 Dec 2012 Notes $000 $000 $000 Revenue 7 4,915 549 2,248 Cost of sales (4,553) (873) (2,624) ------------ ------------ ---------- Gross profit/(loss) 362 (324) (376) Other operating costs (828) (365) (405) Administrative expenses (2,091) (2,618) (5,549) Foreign exchange losses (508) (242) (536) ------------ ------------ ---------- Operating loss before financing costs (3,065) (3,549) (6,866) Finance costs (559) (983) (2,370) ------------ ------------ ---------- Loss before taxation (3,624) (4,532) (9,236) Income tax charge - - - ------------ ------------ ---------- Loss for the period (3,624) (4,532) (9,236) ------------ ------------ ---------- Basic and diluted loss per share (cents) 6 (1.2) (2.7) (5.5) ------------ ------------ ----------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended 31 Jun 2013 Jun 2012 Dec 2012 $000 $000 $000 Loss for the period (3,624) (4,532) (9,236) ------------ ------------ ---------- Exchange differences on translation of foreign operations* (46) (160) (202) ------------ ------------ ---------- Other comprehensive loss for the period (46) (160) (202) ------------ ------------ ---------- Total comprehensive loss for the period (3,670) (4,692) (9,438) ------------ ------------ ----------
*which may be recycled to income in future periods
SUNKAR RESOURCES PLC
CONSOLIDATED BALANCE SHEET
(unaudited) (unaudited) (audited) 30 Jun 30 Jun 31 Dec 2013 2012 2012 Note $000 $000 $000 Assets Intangible exploration assets 2 68,824 69,265 68,864 Property, plant and equipment 3 14,728 16,351 15,658 Inventories 7,593 8,501 8,705 Total non-current assets 91,145 94,117 93,227 ------------ ------------ ---------- Inventories 2,523 1,851 2,044 Other receivables and prepayments 2,210 753 2,449 Cash and cash equivalents 1,012 3,137 462 ------------ ------------ ---------- Total current assets 5,745 5,741 4,955 ------------ ------------ ---------- Total assets 96,890 99,858 98,182 ------------ ------------ ---------- Equity Issued share capital 4 582 309 309 Share premium 127,041 112,641 112,641 Share warrant reserve - 100 100 Translation reserve (8,767) (8,679) (8,721) Convertible loan note reserve - 732 732 Retained deficit (43,093) (34,865) (39,569) ------------ ------------ ---------- Total equity attributable to equity holders of parent 75,763 70,238 65,492 ------------ ------------ ---------- Liabilities Interest bearing loans and borrowings 5 1,691 1,375 1,667 Other payables 965 1,008 822 Deferred tax liabilities 11,530 11,702 11,600 ------------ ------------ ---------- Total long-term liabilities 14,186 14,085 14,089 ------------ ------------ ---------- Interest bearing loans and borrowings 5 1,433 14,198 15,072 Trade and other payables 5,508 1,337 3,529 ------------ ------------ ---------- Total current liabilities 6,941 15,535 18,601 ------------ ------------ ---------- Total liabilities 21,127 29,620 32,690 ------------ ------------ ---------- Total equity and liabilities 96,890 99,858 98,182 ------------ ------------ ----------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Share Translation Convertible Accumulated Total capital premium warrants reserve loan note losses Equity reserve reserve (Unaudited) $000 $000 $000 $000 $000 $000 $000 Balance at 1 January 2012 (audited) 309 112,641 100 (8,519) - (30,333) 74,198 -------- -------- ---------- ----------- ----------- ----------- ------- Comprehensive loss Loss for the period - - - - - (4,532) (4,532) Total other comprehensive loss - - - (160) - - (160) -------- -------- ---------- ----------- ----------- ----------- ------- Total comprehensive loss for the period - - - (160) - (4,532) (4,692) -------- -------- ---------- ----------- ----------- ----------- ------- Equity element of convertible loan - - - - 732 - 732 Balance at 30 June 2012 (unaudited) 309 112,641 100 (8,679) 732 (34,865) 70,238 Balance at 1 January 2013 (audited) 309 112,641 100 (8,721) 732 (39,569) 65,492 -------- -------- ---------- ----------- ----------- ----------- ------- Comprehensive loss Loss for the period - - - - - (3,624) (3,624) Total other comprehensive loss - - - (46) - - (46) -------- -------- ---------- ----------- ----------- ----------- ------- Total comprehensive loss for the period - - - (46) - (3,624) (3,670) -------- -------- ---------- ----------- ----------- ----------- ------- Issue of share capital (Note 4) 273 14,400 - - (732) - 13,941 Expiry of share warrants - - (100) - - 100 - -------- -------- ---------- ----------- ----------- ----------- ------- Balance at 30 June 2013 (unaudited) 582 127,041 - (8,767) - (43,093) 75,763 -------- -------- ---------- ----------- ----------- ----------- -------
SUNKAR RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended Jun 2013 Jun 2012 31 Dec 2012 Note $000 $000 $000 Cash flows from operating activities: Operating loss for the period (3,065) (3,549) (7,013) Adjustments for: Depreciation 1,125 612 2,080 Exchange rate differences 290 199 629 Decrease/(increase) in inventories 633 4 (191) Decrease/(increase) in receivables 239 (522) (1,246) Increase/(decrease) in payables 2,003 (2,181) (343) ---------- ------------ ------------- Cash generated from/(utilised in) operations 1,225 (5,437) (6,084) Interest paid (227) (472) (446) ---------- ------------ ------------- Net cash generated from/(utilised in) operating activities 998 (5,909) (6,530) ---------- ------------ ------------- Cash flows from investing activities: Acquisition of intangible exploration assets (252) (37) (1,031) Acquisition of property, plant and equipment (237) (19) (1,072) ---------- ------------ ------------- Net cash utilised in investing activities (489) (56) (2,103) ---------- ------------ ------------- Cash flows from financing activities: Bank loan received 500 - 2,500 Bank loan repaid (475) (2,829) (4,966) Directors' loans repaid - - (294) Issue of convertible loan notes 5 - 11,665 11,665 Net cash generated from financing activities 25 8,836 8,905 ---------- ------------ ------------- Net increase in cash and cash equivalents 534 2,871 272 Cash and cash equivalents at start of period 462 213 213 Exchange differences 16 53 (23) Cash and cash equivalents at end of period 1,012 3,137 462 ---------- ------------ ------------- During the period, certain convertible loan notes were converted into equity (see note 5), which represented a major non-cash transaction
Notes to the Financial Statements
1. BASIS OF PREPARATION
The Group prepares its condensed financial statements in accordance with International Accounting Standard 34 'Interim Financial Reporting' as adopted by the European Union (EU). The condensed financial statements presented herein have been prepared in accordance with the accounting policies expected to be used in preparing the Group's financial statements for the year ending 31 December 2013 which do not differ significantly from those used for the Group's 2012 financial statements.
Sunkar Resources plc is a company registered in England and Wales and was incorporated on 28 March 2006. The Company initially acquired an 80% interest in the capital of Temir Service LLP, a limited liability partnership registered in the Republic of Kazakhstan in September 2006 a further 10% in December 2007 and the final 10% in November 2008.
These interim results do not constitute statutory accounts within the meaning of s435 of the Companies Act 2006. The financial information in this report for the six months to 30 June 2013 and to 30 June 2012 has not been audited.
The financial information for the year ended 31 December 2012 does not constitute statutory accounts as defined in sections 435 (1) and (2) of the Companies Act 2006. This information was derived from the statutory accounts for the year ended 31 December 2012, a copy of which has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, but did include a reference to matters to which the auditors drew attention by way of emphasis of matter in relation to going concern and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.
In the opinion of the management, the accompanying interim financial information includes all adjustments considered necessary for fair and consistent presentation of financial statements. These condensed financial statements should be read in conjunction with the Company's audited financial statements and notes for the year ended 31 December 2012, which were prepared in accordance with IFRSs as adopted by the European Union.
1. BASIS OF PREPARATION (continued)
Going concern
The financial statements have been prepared on the going concern basis, assuming the Group continues as a going concern, and therefore realises its assets and extinguishes its liabilities in the normal course of business at the amounts stated in the financial statements.
The Group requires additional funds to meet its mining commitments and operational costs whilst also finding a strategic partner to secure finance for the construction of the fertilizer manufacturing complex. The Group's strategy is to achieve this through an increase in the level of phosphate rock sales, generation of positive cash flows from earth-moving contracts and continued management of its cost base.
The Group has received a letter of support from JSC "Interfarma-K" signed 15 April 2013, a company owned by Almas Mynbayev, owner of SAPC, stating that JSC "Interfarma-K" will, subject to the agreement of mutually acceptable terms, provide financial support to assist the Group in meeting its liabilities as they fall due, which we believe should remove any likely requirement to seek other external sources of financing in the short and medium term.
However, as this letter of support may not be legally binding, a material uncertainty still exists in respect of the Company's ability to continue as a going concern. The Directors remain confident that, based on the current sales projections, including the revenue to be generated from the additional earth moving contract signed in April 2013, and the letter of support referred to above, sufficient funding will be made available to enable the Group and Company to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
2. INTANGIBLE FIXED ASSETS (unaudited) (audited) Deferred exploration costs 30 Jun 2013 31 Dec 2012 $000 $000 Cost Balance - beginning of period 70,431 70,442 Additions 340 937 Exchange differences (391) (948) ------------ ------------ Balance - end of period 70,380 70,431 ------------ ------------ Amortisation Balance - beginning of period 1,567 701 Charge 18 866 Exchange differences (29) - ------------ ------------ Balance - end of period 1,556 1,567 ------------ ------------ Net book value At end of period 68,824 68,864 ------------ ------------ At start of period 68,864 69,741 ------------ ------------ 3. TANGIBLE FIXED ASSETS (unaudited) (audited) Property, plant and equipment 30 Jun 31 Dec 2013 2012 $000 $000 Cost Balance - beginning of period 23,032 23,148 Additions 237 100 Disposals (13) - Exchange differences (84) (216) ------------ ---------- Balance - end of period 23,172 23,032 ------------ ---------- 3. TANGIBLE FIXED ASSETS (continued) Depreciation (unaudited) (audited) 30 Jun 31 Dec 2013 2012 $000 $000 Balance - beginning of period 7,374 6,329 Charge for period 1,107 1,215 On disposals (13) - Exchange differences (24) (170) ------------ ---------- Balance - end of period 8,444 7,374 ------------ ---------- Net book value At end of period 14,728 15,658 ------------ ---------- At start of period 15,658 16,819 ------------ ---------- 4. SHARE CAPITAL
The Company had 341,110,357 ordinary shares of 0.1p each in issue at 30 June 2013 (31 December 2012: 166,634,074). During the period the convertible loan notes were converted into 174,476,283 ordinary shares of 0.1p each.
5. INTEREST BEARING LOANS AND BORROWINGS (unaudited) (audited) Long term liability 30 Jun 31 Dec 2013 2012 $000 $000 ACB bank loan 1,691 1,667 Balance - end of period 1,691 1,667 ------------ ---------- 5. INTEREST BEARING LOANS AND BORROWINGS (continued) (unaudited) (audited) Current liabilities 30 Jun 31 Dec 2013 2012 $000 $000 ACB bank loan 833 834 Directors' loans 600 600 Convertible loan notes - 13,638 ------------ ---------- Balance - end of period 1,433 15,072 ------------ ----------
ACB bank loan
The ACB loan is repayable over three years and carries interest at 9.5%.
Directors' loans
The Directors' loans are repayable on demand and carry interest at 10% per annum (see note 9).
Convertible loan notes
The Group issued $ 2.8 million 10% convertible loan notes on 17 January 2012 and a further $10 million of convertible loan notes on 26 March 2012. The loans were repayable within 1 year from the issue date or could be converted at any time into 174,476,283 shares at the holder's option. The value of the liability component and the equity conversion component were determined at the date the instrument was issued and were $12,060,000 and $740,000 respectively (prior to allocation of fees).
The total convertible loan note interest expensed for the period is calculated by applying an effective interest rate of 16.75% to the liability component for the period since the loan notes were issued. The liability component is measured at amortised cost.
The loan notes were converted on 13 February 2013.
6. BASIC AND DILUTED LOSS PER SHARE
Basic loss per share
The calculation of basic loss per share, based on the loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding during the period was calculated as follows:
(unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended 31 Jun 2013 Jun 2012 Dec 2012 $000 $000 $000 Loss for the period attributable to ordinary shareholders (3,624) (4,532) (9,236) ------------ ------------ ---------- Weighted average number of ordinary 6 months 6 months Year shares ended 30 ended 30 ended 31 Jun 2012 Jun 2012 Dec 2012 At start of period 166,634 166,634 166,634 Effect of shares issued in the period 132,796 - - ------------ ------------ ---------- At end of period (thousand) 299,430 166,634 166,634 ------------ ------------ ----------
The warrants in issue and (in prior period) convertible loan notes were not dilutive since the Group made a loss and accordingly basic and diluted loss per share are the same for all periods shown.
7. OPERATING SEGMENTS
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance.
Prior to 2012, the Group's operations related to the evaluation and development of the Chilisai phosphate rock project and as such the Group had only one segment. In 2012 the Group expanded its operations to include construction contracts to utilise spare and the leasing of beneficiation equipment to a third party. Revenue and direct costs are reported separately in respect of these activities and accordingly it has been concluded that these represent separate operating segments. All the Group's activities are in Kazakhstan with administrative support provided from the UK. Additional information regarding geographical location is provided below.
DAR and Earth moving Other Total rock sales $000 $000 $000 $000 6 months ended 30 June 2013 (unaudited) Revenue 406 4,509 - 4,915 Cost of sales (955) (3,598) - (4,553) ------------ ------------- ------ -------- Gross (loss)/profit (549) 911 - 362 ------------ ------------- ------ -------- 6 months ended 30 June 2012 (unaudited) Revenue 549 - - 549 Cost of sales (873) - - (873) ------ ------ Gross loss (324) - - (324) ------ ------ Year ended 31 December 2012 (audited) Revenue 1,490 514 244 2,248 Cost of sales (1,684) (557) (383) (2,624) -------- ------ ------ -------- Gross loss (194) (43) (139) (376) -------- ------ ------ -------- 7. OPERATING SEGMENTS (continued)
Geographical information
(unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended 31 Jun 2013 Jun 2012 Dec 2012 $000 $000 $000 Total non-current assets excluding financial assets Kazakhstan 91,144 94,115 93,225 UK 1 2 2 ------------ ------------ ---------- Total 91,145 94,117 93,227 ------------ ------------ ---------- Capital expenditure on deferred exploration and evaluation costs Kazakhstan 340 (57) 937 UK - - - ---- ----- ---- Total 340 (57) 937 ---- ----- ---- Capital expenditure on property, plant and equipment Kazakhstan 237 220 1,072 UK - - 2 ---- ---- ------ Total 237 220 1,074 ---- ---- ------ Depreciation and amortisation Kazakhstan 1,125 611 1,212 UK - 1 3 ------ ---- ------ Total 1,125 612 1,215 ------ ---- ------ Liabilities Kazakhstan 19,815 27,863 17,858 UK 1,312 1,757 14,832 ------- ------- ------- Total 21,127 29,620 32,690 ------- ------- ------- 8. CAPITAL COMMITMENTS
Under the SUC the Group's current obligations are to spend $115 million cumulatively by the end of 2020. It had invested $31.3 million cumulatively at 30 June 2013.
Obligations under operating leases at 30 June 2013 were $150,000 (31 December 2012: $150,000).
9. RELATED PARTY TRANSACTIONS Loans due to directors were as follows: (unaudited) (unaudited) (audited) 6 months 6 months Year ended 30 ended 30 ended 31 Jun 2013 Jun 2012 Dec 2012 $000 $000 $000 T S Kong - 234 - S Utegen 300 300 300 N Damitov 300 300 300 C de Chezelles - 60 - ------------ ------------ ---------- At end of period (thousand) 600 894 600 ------------ ------------ ----------
The loans are unsecured and carry an annual interest rate of 10 percent. A repayment date has not yet been determined in respect of the loans from S Utegen and N Damitov. Interest of $50,000 and $52,000 has been accrued to date on the respective loans, of which a total of $30,000 arose in the current period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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