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| Name | Symbol | Market | Type |
|---|---|---|---|
| Wti Oil Etc | LSE:WTI | London | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.0725 | 0.43% | 16.9725 | 16.93 | 17.015 | 0 | 16:35:21 |
From Apr 2019 to Apr 2024
TIDMWTI
RNS Number : 6049X
Weatherly International PLC
23 February 2017
23 February 2017
Weatherly International Plc
("Weatherly" or "the Company")
Interim Results for the Period from 1 July 2016 to 31 December 2016
Weatherly International plc (AIM: WTI), a Namibian focused copper producer, announces its interim results for the period from 1 July 2016 to 31 December 2016.
Operational Summary
Hot Features
Premium
-- Tschudi production for the half year to 31 December 2016 was 8,137 tonnes Copper Cathode.
-- Production C1 costs for the half year were US$ 4,603 per tonne.
Tschudi Production Half Quarter Quarter Full
Performance year ended ended Year
ended Dec-16 Sep - ended
Dec-16 16 Jun
- 16
------------------------- -------- -------- -------- --------
Total (Ore + Waste)
Mined (000 tonnes) 11,249 5,546 5,703 25,688
------------------------- -------- -------- -------- --------
Ore Tonnes stacked
(000 tonnes) 1,372 702 670 2,732
------------------------- -------- -------- -------- --------
Ore Stacked grade
(per cent) 0.88 0.88 0.89 0.81
------------------------- -------- -------- -------- --------
Copper Cathode Produced
(tonnes) 8,137 4,496 3,641 15,884
------------------------- -------- -------- -------- --------
C1 Cost (US$/t) 4,603 4,222 5,073
------------------------- -------- -------- -------- --------
-- Groundwater situation under control with detailed work continuing to design a long-term groundwater solution to
reduce production risks and operating costs.
-- The Company continues to investigate the opportunity to resume production, at sustainable unit costs, at Otjihase
and Matchless.
Financial Summary
-- Revenue of US$37.8m for the period compared to US$15.9m for the same period last year.
-- Loss before tax of US$11.3M includes finance charges of US$5.2m and foreign exchange gains of US$0.6m.
-- Gross loss for the period of U$$4.1m leading to an operating loss of US$6.7m including an impairment of US$1.3m
on China Africa Resources plc.
-- As at 31 December 2016, the Company had cash reserves of approximately US$8.7m.
Corporate Summary
-- Dr Wolf Martinick and Mr Charilaos Stavrakis retired from the Board and will not be replaced in the near term.
-- Krzysztof Szymczak, Logiman's representative on the Board, resigned from the Board following the reduction in
Logiman's shareholding to below 10%.
Post Period
-- It was announced on 23 February 2017 that a rescheduling of repayments in relation to the facility agreement between Orion Mining Finance and Weatherly's subsidiary Ongopolo Mining Limited had been concluded.
Operations Summary
During the quarter ending June 2016, excessive groundwater inflows restricted the ability to deliver sufficient ore volumes from the open pit to maintain scheduled copper production rates. During the half year under review, the groundwater inflows were brought under control, mined ore volumes improved, and as ore stocks under leach then recovered, cathode production also improved and nameplate production rates were again achieved by October 2016.
The issue of groundwater is now under control and the Company is looking to the design of long-term groundwater management systems. The aim of this is to remove groundwater before it enters the pits, further reducing risks of future mining production delays, as well as to reduce operating costs for dewatering compared to the current in-pit systems.
At Otjihase and Matchless, safe and productive underground mining skills developments are critical to unlocking the opportunity to resume production at sustainable unit costs in future. The Company has identified a low-risk and potentially incrementally cash-generative opportunity to commence with its skills development programme at Otjihase. The Company intends investigating the potential for such skills development to support a strategic goal of achieving 10-12ktpa of contained copper in concentrate from the underground mines at C1 costs below US$ 4,400 per tonne (US$2/lb). The Company plans to study the opportunity further before taking any decisions to proceed.
The Company also announced during the period that it has entered into a Cooperation Agreement with Mr Wilhelm Shali, holder of Exclusive Prospecting License 5772 covering the Ongombo prospect area within 25km of the Otjihase concentrator. The agreement clarifies the intention of the two parties to work together to seek to develop mining prospects in the vicinity of the Otjihase concentrator which may otherwise not be viable. The parties will initially share technical information on their respective projects. Previous holders of prospecting licenses over the Ongombo project reported JORC-compliant resources of 10.5Mt @ 1.6% Cu in 2012.
Financial Summary
Revenue benefitted from an increase in the average sales price of US$4,916 in the half year, up from US$4,692 in the previous six months but volumes sold were 7,855 tonnes, 282t lower than production, leaving revenue at US$37.8m after royalties.
Overall the Company made a Loss before tax of US$11.3m, an operating loss of US$6.7m and a gross loss of US$4.1m.
The loss before tax of US$11.3M includes finance costs of US$5.2m and a foreign exchange gain of US$0.6m.
Included within the operating loss of US$6.7m was a write down in the value of China Africa Resources plc of US$1.3m as the Group's investment was reallocated from an associated company to an investment as a result of dilution due to a share raise. The underlying loss of US$5.4m is after US$7.7m of depreciation consistent with the Group generating an operating cash flow but not at a level that covered interest or capital repayments.
Inventory increased to US$12.9m at the end of December 2016 from US$10.2m at the end of the previous financial year. Cathode inventory increased to 1,553 tonnes at the half year valued at only US$4,307 per tonne as a result of the strong December production month. This compares favourably to June where cathode inventory was valued at sales price due to the poor production in June. In addition to the changes in cathode inventory, ore stocks have nearly doubled since June.
While spot copper prices increased notably during the December quarter, the Company advised in January that certain hedges had been implemented prior to that price increase, and during the second half of the financial year the Company currently has prices for 3,400 tonnes of production fixed at US$5,077 per tonne. This hedging position is in addition to the option (but not the obligation) to purchase up to 700 tonnes per month at US$5,000 per tonne until May 2017 held by Orion Mine Finance (Master) Fund I LP (Orion). This was agreed and announced on 2 June 2016 as a fee in consideration of deferred repayment of loan amounts due. Beyond the current financial year the Company has a hedging commitment of 450 tonnes of copper at US$5,102 per tonne.
The Group ended the half year with US$8.7m of cash up from US$5.8m at the end of June. The Group generated US$3.5m of operating cash flow but incurred US$2.8m of investments mostly in property plant and equipment relating to dewatering or the stripping asset and received a working capital loan of US$1.8m from Orion Mine Finance, our off taker, in lieu of inventory at the port that was unsold at year end. There was no forward progress in recovering VAT in Namibia in the half year with US$7.0m due since May 2016.
Corporate Summary
Logiman notified the Company on the 7th December 2016 that their new shareholding was 102,164,832 shares representing 9.6% of the Company. As Logiman's holding is now less than 10% Krzysztof Szymczak tendered his resignation as a director of the Company with immediate effect. This was accepted by the Board.
As part of continuing efforts to minimise costs, in July the Company also announced that Dr Wolf Martinick, the founding Chairman of the Company, and Mr Charilaos Stavrakis have retired from the Board, and will not be replaced in the near term.
Post Period
The Company announced on 23 February 2017 that a rescheduling of repayments in relation to the facility agreement between Orion Mine Finance and Weatherly's subsidiary, Ongopolo Mining Limited, had been concluded.
Weatherly has previously advised that if copper prices remain at current levels it is unlikely that the Company and its subsidiaries will generate sufficient surplus cash to meet all loan repayments when due. This remains the case and the Company continues to positively engage with Orion on the subject.
For further information please contact:
Weatherly International Plc +44 (0)1707 800 774
Craig Thomas, CEO
Kevin Ellis, CFO & Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Nominated Advisor Contact: Stephen Allen / Bhavesh Patel
Broker Contact: Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204
(Financial PR) Tim Blythe / Camilla Horsfall / Nick Elwes
About Weatherly
Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one operating open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.
These assets will enable Weatherly to achieve its medium term goal of establishing a mining business capable of sustaining approximately 30,000 tonnes per annum of copper production.
Condensed consolidated income statement
for the period from 1 July to 31 December 2016
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2016 2015 2016
Note US$'000 US$'000 US$'000
Audited
Revenue 37,820 15,856 63,653
Cost of sales (41,964) (20,367) (59,938)
Gross (loss) / profit (4,144) (4,511) 3,715
Distribution costs (743) (768) (1,736)
Other operating income 56 100 167
Administrative expenses (657) (1,524) (772)
Other operating expenses 4 (1,259) - -
--------- --------- -----------
Operating (loss) /
profit (6,747) (6,703) 1,374
Foreign exchange loss 581 (2,089) (3,905)
Finance costs 3 (5,157) (2,589) (8,031)
Finance income 60 89 74
Loss before results
of associated company (11,263) (11,292) (10,488)
Share of losses of
associated company 4 - (65) (124)
Loss before tax (11,263) (11,357) (10,612)
Tax credit - - -
Loss for the year (11,263) (11,357) (10,612)
Loss attributable to:
Owners of the Parent (10,872) (11,035) (10,389)
Non controlling interests (391) (322) (223)
(11,263) (11,357) (10,612)
Total and continuing
loss per share
Basic loss per share
(US cents) 8 (1.02) (1.04) (0.98)
Diluted loss per share
(US cents) 8 (1.02) (1.04) (0.98)
Condensed consolidated statement of comprehensive income
for the period from 1 July to 31 December 2016
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2016 2015 2016
US$'000 US$'000 US$'000
Audited
Loss for the year (11,263) (11,357) (10,612)
Items that may be reclassified
subsequently to profit
and loss
Exchange differences on
translating of foreign
operations - (140) (218)
- (140) (218)
Total Comprehensive loss
for the period (11,263) (11,497) (10,830)
Total comprehensive loss
attributable to:
Owners of the Parent (10,872) (11,175) (10,607)
Non controlling interests (391) (322) (223)
(11,263) (11,497) (10,830)
Condensed consolidated statement of financial position
as at 31 December 2016
As at As at As at
31 Dec 31 Dec 30 June
2016 2015 2016
Note US$'000 US$'000 US$'000
Audited
Assets
Non-current assets
Property, plant
and equipment 6 115,904 116,509 120,736
Deferred Tax 4,054 3,595 3,760
Investments in
associates 4 178 1,698 1,560
Investments 4 124 - -
Trade and other
receivables 526 466 487
120,786 122,268 126,543
Current assets
Inventories 12,899 17,129 10,205
Trade and other
receivables 11,566 9,692 11,285
Cash and cash equivalents 8,737 2,846 5,843
33,202 29,667 27,333
Non current assets
held for sale 7 772 772 772
33,974 30,439 28,105
Total assets 154,760 152,707 154,648
Current liabilities
Trade and other
payables 18,920 12,481 14,877
Loans 110,446 20,697 105,378
Inventory loans 1,812 9,996 -
131,178 43,174 120,255
Non-current liabilities
Loans - 80,300 -
Provisions 4,884 - 4,457
4,884 80,300 4,457
Total liabilities 136,062 123,474 124,712
Net assets 18,698 29,233 29,936
Equity
Issued capital 5 8,676 8,676 8,676
Share premium reserve 5 22,132 22,132 22,132
Merger reserve 18,471 18,471 18,471
Share-based payments
reserve 771 794 746
Foreign exchange
reserve (19,140) (19,062) (19,140)
Retained earnings (11,212) (1,070) (340)
Equity attributable
to shareholders
of the parent company 19,698 29,941 30,545
Non controlling
interests (1,000) (708) (609)
18,698 29,233 29,936
Condensed consolidated statement of changes in equity
for the period from 1 July to 31 December 2016
Issued Share Merger Share-based Translation Retained Subtotal Non Total
capital premium reserve payment of earnings controlling equity
reserve foreign interests
operations
$,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000
At 1 July
2015 8,676 22,132 18,471 707 (18,922) 9,965 41,029 (386) 40,643
Share based
payments - - - 87 - - 87 - 87
Transactions
with owners - - - 87 - - 87 - 87
Loss for
the period - - - - - (11,035) (11,035) (322) (11,357)
Other
comprehensive
income
Exchange
difference
on
translation
of foreign
entities - - - - (140) - (140) - (140)
Total
comprehensive
loss for
the period - - - - (140) (11,035) (11,175) (322) (11,497)
At 31 December
2015 8,676 22,132 18,471 794 (19,062) (1,070) 29,941 (708) 29,233
At 1 July
2015 8,676 22,132 18,471 707 (18,922) 9,965 41,029 (386) 40,643
Share based
payments - - - 123 - - 123 - 123
Lapsed options
and warrants - - - (84) - 84 - - -
Transactions
with owners - - - 39 - 84 123 - 123
Loss for
the period - - - - - (10,389) (10,389) (223) (10,612) Other comprehensive income Exchange difference on translation of foreign entities - - - - (218) - (218) - (218) Total comprehensive loss for the period - - - - (218) (10,389) (10,607) (223) (10,830) At 30 June 2016 8,676 22,132 18,471 746 (19,140) (340) 30,545 (609) 29,936 At 1 July 2016 8,676 22,132 18,471 746 (19,140) (340) 30,545 (609) 29,936 Share based payments - - - 25 - - 25 - 25 Transactions with owners - - - 25 - - 25 - 25 Loss for the period - - - - - (10,872) (10,872) (391) (11,263) Other comprehensive income Exchange - - - - - - - - - difference on translation of foreign entities Total comprehensive loss for the period - - - - - (10,872) (10,872) (391) (11,263) At 31 December 2016 8,676 22,132 18,471 771 (19,140) (11,212) 19,698 (1,000) 18,698
Condensed consolidated cash flow statement
for the period from 1 July to 31 December 2016
6 months 6 months Year
to to to
31 Dec 31 Dec 30 June
2016 2015 2016
US$'000 US$'000 US$'000
Audited
Cash flows from operating
activities
Loss for the year before
tax (11,263) (11,357) (10,612)
Adjusted by:
Depreciation and amortisation 7,673 4,505 14,258
Share-based payment
expenses 25 87 123
Unrealised exchange
losses (332) 1,903 -
Loss of associated
company 1,259 65 124
Exchange movement on
pledged cash (75) 301 -
Finance costs 5,157 2,589 8,031
Finance income (60) (89) (74)
2,384 (1,996) 11,850
Movements in working
capital
Increase in inventories (2,694) (5,552) (6,873)
(Increase) / decrease in
trade and other receivables (281) 2,015 (14)
Increase / (decrease)
in trade and other
payables 4,043 (7,820) (5,424)
Net cash used in by
operating activities 3,452 (13,353) (461)
Cash flows used in
investing activities
Interest received 60 89 74
Payments for intangibles,
property, plant and equipment (2,840) (6,342) (6,462)
increase in pledged
cash (41) - 216
Net cash used in investing
activities (2,821) (6,253) (6,172)
Cash flows from financing
activities
Repayment of loans (16) (174) (219)
Receipt of loans - 8,000 8,000
Increase / (decrease)
in working capital
loans 1,832 9,016 (980)
Interest and finance
charges - (37) (116)
Net cash from financing
activities 1,816 16,805 6,685
Increase / (decrease)
in cash 2,447 (2,801) 52
Reconciliation to net
cash
Cash at beginning of
period 4,498 5,211 5,211
Increase in cash 2,447 (2,801) 52
Foreign exchange gains
losses 331 (824) (765)
Net cash at end of
period 7,276 1,586 4,498
Cash balance for cash
flow purposes 7,276 1,586 4,498
Cash held for payment
guarantees 1,461 1,260 1,345
Cash in balance sheet 8,737 2,846 5,843
Notes to the condensed consolidated financial statements
for the period 1 July to 31 December 2016
1. a. Basis of preparation
These interim condensed consolidated financial statements are for the six months ended 31 December 2016. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2016. The information included in these interim condensed consolidated financial statements in respect of the year ended 30 June 2016 does not constitute all the information required for annual statutory accounts at that date.
These financial statements have been prepared under the historical cost convention, except for revaluation of certain properties and financial instruments.
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 June 2016.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
b. Nature of operations and general information
Weatherly International plc and its subsidiaries' ("the group") principal activities include the mining and sale of copper cathode and copper concentrate.
Weatherly International plc is the group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Weatherly International plc's registered office, which is also its principal place of business, is Orion House, Bessemer Road, Welwyn Garden City AL7 1HH. The company's shares are listed on the Alternative Investment Market of the London Stock Exchange.
Weatherly International's consolidated interim financial statements are presented in United States dollars (US$), which is also the functional currency of the parent company.
These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 23 February 2017.
The financial information for the period ended 31 December 2016 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2016 have been filed with the Registrar of Companies.
c. Going Concern
The Group incurred a loss before tax of US$11.3m during the 6 months ended 31 December 2016 and, at that date, had net current liabilities of US$98.0m.
On 23 February 2017 under the Amended Facility with Orion Mine Finance, the first repayment of Facility B and the repayments of Facility C and Facility D all of which were due on 28 February 2017 have all been deferred to 30 April 2017 and interest accruing on the loan made under Facility B, Facility C and Facility D capitalised. Orion agreed effective until 30 April 2017, to limit its acceleration and enforcement rights during this period on the terms set forth in the Amended Facility. Repayments due on 30 April 2017 amount to US$17.6m.
If copper prices remain at current levels it is unlikely that the Group will generate sufficient surplus cash to meet subsequent loan repayments and the Group's going concern will be dependent on Orion's continued support, of which there is no certainty.
The directors believe that with the support of Orion to defer loan repayments, Tschudi can generate sufficient surplus funds for the Group to remain as a going concern. However there are a number of uncertainties
around the assumptions that have a potentially negative impact on the Group's ability to deliver the forecast cash flows.
These are:
-- That Tschudi is able to achieve and maintain nameplate production levels of 1,400t of copper cathode a month throughout the period. The risks of not achieving this revolve around not being able to mine and process sufficient ore tonnes to achieve this output as well as the leach time and metallurgical recovery rates remaining in line with the feasibility study as we mine into different types of ore.
-- Copper price fluctuations not having a further material adverse affect on the Group's profitability.
-- As the Group's revenue streams are converted from US dollars to Namibian dollars exchange rate fluctuations could have a material adverse effect on the Group's profitability.
-- The timing of income is uncertain. Sales are dependent on the date our customer, Orion, ships the copper cathode. The Group recovers VAT receipts in Namibia, the timing of which is uncertain.
The likely ongoing need for Orion's support along with the above conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The Group financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
2. Segmental reporting
Business segments
In identifying its operating segments, management generally follows the physical location of its mines.
The activities undertaken by the Tschudi segment include the sale of copper cathode from the Tschudi mine. The activities undertaken by the Central Operations segment include the sale of copper concentrate from Otjihase and Matchless mines. The revenues of Otjihase and Matchless are indistinguishable as the ore coming from both mines passes through the same concentrator and the two mines are viewed as one operating unit.
Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches.
The measurement policies the group uses for segment reporting under IFRS 8 are the same as those used in its financial statements.
The group's operations are located in Namibia and the UK. The operating segments are located in Namibia, while the corporate function is carried out in London.
Segment information about these businesses is presented below.
Period ended 31 December
2016
Central
Operations Tschudi Consolidated
US$'000 US$'000 US$'000
Sales and other operating
revenues
External sales 10 37,810 37,820
Segment revenues 10 37,810 37,820
Central
Operations Tschudi Consolidated
Segmental loss US$'000 US$'000 US$'000
Segmental operating loss (1,646) (3,290) (4,936)
=========== ========
Other operating
expenses (1,260)
Unallocated expenses (551)
Unrealised foreign exchange
gain 581
Interest expense (5,157)
Interest income 60
Loss before associated
company (11,263)
Central
Operations Tschudi Total
US$'000 US$'000 US$'000
Segment assets 10,402 143,354 153,756
=========== ========
Unallocated assets 1,004
Total assets 154,760
Year ended 30 June
2016 (Audited) Central
Operations Tschudi Consolidated
Sales and other
operating revenues US$'000 US$'000 US$'000
External sales 6,662 56,991 63,653
Segment revenues 6,662 56,991 63,653
Central
Operations Tschudi Consolidated
Segmental profit US$'000 US$'000 US$'000
Segmental operating
profit (6,316) 5,653 (663)
=========== ========
Unallocated expenses (1,752)
Disposal of option to buy Tsumeb
tailings dam 3,789
Unrealised foreign
exchange loss (3,905)
Interest expense (8,031)
Interest income 74
Loss before associated
company (10,488)
Central
Operations Tschudi Total
US$'000 US$'000 US$'000
Segment assets 10,602 142,217 152,819
=========== ========
Unallocated Corporate
assets 1,829
Total assets 154,648
Period ended 31
December 2015 Central
Operations Tschudi Consolidated
Sales and other
operating revenues US$'000 US$'000 US$'000
External sales 7,098 8,758 15,856
Segment revenues 7,098 8,758 15,856
Central
Operations Tschudi Consolidated
Segmental profit US$'000 US$'000 US$'000
Segmental operating
profit (5,172) (651) (5,823)
=========== ========
Unallocated expenses (880)
Unrealised foreign
exchange gain (2,089)
Interest expense (2,589)
Interest income 89
Profit before associated
company (11,292)
Central
Operations Tschudi Total
US$'000 US$'000 US$'000
Segment assets 19,995 130,339 150,334
=========== ========
Unallocated Corporate
assets 2,373
Total assets 152,707
3. Finance costs
6 months 6 months Year
to to ended
31 Dec 31 Dec 30 June
2016 2015 2016
US$'000 US$'000 US$'000
Audited
Bank - 37 40
Orion Mine Finance Tranche
A/ Louis Dreyfus Commodities
Metals Suisse SA Loans - 76 76
Orion Mine Finance Tranche
B, C and D. 5,085 4,230 9,481
Environmental liability 72 - 269
Finance costs capitalised as
part of the construction of
the Tschudi open pit - (1,754) (1,835)
Total finance costs 5,157 2,589 8,031
========= ========= ========
4. Share of losses of associated company
On 14(th) December 2016 the shareholders of China Africa Resources plc (CAR) agreed to an in-specie dividend of its subsidiary China Africa Resources Namibia (pty) Ltd (CARN) to its existing shareholders. At the same time the shareholders approved a placing and subscription that reduced Weatherly's shareholding in CAR to 7.61%. As a result Weatherly's shareholding in CAR is treated as an investment at 31 December 2016 and valued at the share price at that date. The difference between this valuation and that at 30 June 2016 has been expensed to Other Operating Expenses in the income statement. CARN has been valued in accordance within CAR's subscription agreement and is classified as an associate company in the Statement of Financial Position and credited to Other Operating Expenses in the income statement.
5. Share issues
Number US$'000
At 30 June 2015 1,060,803,192 30,808
Issue of shares - -
At 31 December 2015 777,247,010 30,808
Issue of shares - -
At 30 June 2016 1,060,803,192 30,808
Issue of shares - -
At 31 December 2016 1,060,803,192 30,808
Notes to the consolidated financial statements
for the period from 1 July to 31 December 2016
6. Property, plant and equipment
Freehold Plant Development Environmental Assets Total
property and costs asset under
machinery construction
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Period ended 31
December 2016
Cost or
valuation:
At 1 July
2016 21,393 92,821 39,288 5,029 - 158,531
Additions 37 1,733 1,070 - - 2,840
At 31 December
2016 21,430 94,554 40,358 5,029 - 161,371
Depreciation:
At 1 July
2016 (8,947) (25,857) (2,614) (377) - (37,795)
Provided
during the
period (716) (4,507) (2,209) (241) - (7,673)
At 31 December
2016 (9,663) (30,364) (4,823) (618) - (45,468)
Net book
value at
31 December
2016 11,767 64,190 35,535 4,411 - 115,903
========= ========== ============ ============== ============= =========
Period ended 31
December 2015
Cost or
valuation:
At 1 July
2015 21,369 88,732 33,250 - 1,349 144,700
Additions - 40 7,249 - 3,084 10,373
reclassification
to inventory (8,245) - (8,245)
At 31 December
2015 21,369 88,772 32,254 - 4,433 146,828
Depreciation:
At 1 July
2015 (7,535) (16,002) - - - (23,537)
Provided
during the
period (693) (4,827) (1,262) - - (6,782)
At 31 December
2015 (8,228) (20,829) (1,262) - - (30,319)
Net book
value at
31 December
2015 13,141 67,943 30,992 - 4,433 116,509
========= ========== ============ ============== ============= =========
Year ended 30 June
2016 (Audited)
Cost or
valuation:
At 1 July
2015 21,369 88,732 33,250 4,751 1,349 149,451
Additions 24 2,740 6,038 278 - 9,080
Transfer - 1,349 - - (1,349) -
At 30 June
2016 21,393 92,821 39,288 5,029 - 158,531
Depreciation:
At 1 July
2015 (7,535) (16,002) - - - (23,537)
Provided
during the
year (1,412) (9,855) (2,614) (377) - (14,258)
-
At 30 June
2016 (8,947) (25,857) (2,614) (377) - (37,795)
Net book
value at
30 June 2016 12,446 66,964 36,674 4,652 - 120,736
7. Assets held for sale
Freehold
Property
US$'000
Balance at 31 December 2016, 30 June
2016 and 31 December 2015 772
8. Earnings per share
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2016 2015 2016
US$'000 US$'000 US$'000
Audited
Continuing profit attributable
to parent company (10,872) (11,035) (10,389)
Weighted average number
of ordinary shares in
issue during the period
- basic earnings per share 1,060,803,192 1,060,803,192 1,060,803,192
6 months 6 months Year ended
to to
Total and continuing earnings 31 Dec 31 Dec 30 June
per share 2016 2015 2016
US$'000 US$'000 US$'000
Basic earnings per share
(US cents) (1.02) (1.04) (0.98)
Diluted earnings per share
(US cents) (1.02) (1.04) (0.98)
The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Shares held in employee share trusts are treated as cancelled for the purposes of this calculation.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the profit and weighted average number of shares used in the calculations are set out below.
Where a loss has been incurred for the period, the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXAAADXXEFF
(END) Dow Jones Newswires
February 23, 2017 02:02 ET (07:02 GMT)
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