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
END
IR MMGZFDRGGDZM
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