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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.
Six months ended 30 June --------------------- 2013 2012 -------------------------------------------- ---------- --------- Loss attributable to equity holders of the Company (2,552) (2,043) Weighted average number of ordinary shares in issue (thousands) 252,446 251,902 -------------------------------------------- ---------- --------- Basic loss per share (in US dollar per share) (0.01) (0.01) -------------------------------------------- ---------- --------- 11 Revenues Six months ended 30 June ----------------------------------------- ------------------- 2013 2012 ----------------------------------------- --------- -------- Petroleum (refined) products - domestic sales 15,905 15,473 Crude oil - domestic sales 1,707 1,114 Other sales 163 245 ----------------------------------------- --------- -------- Total proceeds from sales 17,775 16,832 ----------------------------------------- --------- -------- Less: excise taxes (1,894) (1,470) Revenues after excise taxes 15,881 15,362 ----------------------------------------- --------- -------- 12 Cost of Sales Six months ended 30 June ------------------------------------------ ------------------- 2013 2012 ------------------------------------------ --------- -------- Unified production tax 7,890 7,816 Wages and salaries 4,706 5,141 Depreciation, depletion and amortisation 3,158 3,255 Materials 2,736 2,658 Oil treating, storage and other services 918 724 Rent, utilities and repair services 395 421 Other taxes 233 256 Other 102 58 Change in finished goods (9,187) (8,044) Total cost of sales 10,951 12,285 ------------------------------------------ --------- -------- 13 Selling, General and Administrative Expenses Six months ended 30 June ------------------------------------------------------ ------------------- 2013 2012 ------------------------------------------------------ --------- -------- Wages and salaries 1,319 1,399 Professional consultancy fees 601 712 Transport and storage services 722 613 Office rent and other expenses 430 435 Charge of provision for doubtful accounts receivable 352 - Trip expenses and communication services 187 189 Other expenses 334 229 ------------------------------------------------------ --------- -------- Total selling, general and administrative expenses 3,945 3,577 ------------------------------------------------------ --------- -------- 14 Balances and transactions with Related Parties
Parties are generally considered to be related if one party has the ability to control the other party, is under common control, or can exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 Related Party Disclosures. Key management personnel are considered to be related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.
Balances and transactions with related parties
Six months ended 30 June --------------------- 2013 2012 -------------------------------------------------------- -------- ----------- Transactions with related parties Interest income 379 44 Impairment of loans issued to a shareholder and interest receivable from a shareholder 352 - -------------------------------------------------------- -------- ----------- 31 30 June 30 June December 2013 2012 2012 ------------------------------------------ -------- ------------ ----------- Balances with related parties Loans issued to related parties 476 782 578 Interest receivable from other related parties 382 380 363 -------- ------------ ----------- Total of loans and interest receivable from related parties 858 1,162 941 -------- ------------ ----------- Provision on claims 2,199 - 2,199
As of 30 June 2013 and 31 December 2012 the Group has an impairment provision against a loan to a related party of US$6.7 million and US$6.3 million, respectively. This amount relates to a loan to shareholder and former member of management of the Group. This loan is overdue.
For accounting purposes management reassessed the carrying value of the loan and impaired this fully. However, this does not reduce the validity of the legal claim against this related party. Management formally demanded repayment of the full amount by 20 May 2011.
By 20 May 2011 management did not receive any response from the related party. Considering that according to the loan agreement all disputes shall finally be resolved by arbitration under the Rules of Arbitration of the London Court of International Arbitration (the LCIA) the Company filed a claim to the LCIA in June 2011. This arbitration has confirmed the Company's legal rights, vindicated its position and issued a final award that the sum in the amount of US$6.3 million (including loan amount and interest) and legal cost in the amount of US$1.2 million must be repaid to Urals Energy together with a daily accumulating interest. As of 30 June 2013 the Group has an impairment provision against other receivables from the shareholder of US$1.2 million (31 December 2012: US$1.2 million). The Company has formally demanded payment from Mr Rovneiko and is committed to using all appropriate means to collect the outstanding amount.
Loans receivable include amounts due by OOO Komineftegeophysica in the amount of US$0.9 million (31 December 2012: US$0.9 million), where shareholders of the Group hold the majority of shares. The loans bear interest 10%. Loans in the amount of US$0.4 million is short term in nature. Loans in the amount of US$0.3 million mature on 31 December 2014, in the amount of US$0.2 million mature on 31 December 2015. These loans are not secured.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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