TIDMWTI
RNS Number : 2252Y
Weatherly International PLC
28 February 2012
28 February 2012
Weatherly International plc
("Weatherly" or the "Company")
Weatherly International plc today announces its unaudited
interim results for the six months ended 31 December 2011.
Summary highlights for the six months ended 31 December 2011
Financial
-- Profit after tax of US$13.3m for the half year ended 31 December 2011
-- Cash at bank US$7.1m at 31 December 2011
Corporate and operational
-- Profit of US$7.3m generated by Central Operations
-- Contracts restructured and appointment of new mining
contractor to boost production at Otjihase
-- China Africa Resources plc listed on AIM
-- Sale of Berg Aukas mine to China Africa Resources generated a profit of US$4.2m
-- Payment of dividend by distribution in specie of shares in
China Africa Resources worth US$1.2m
-- Investment by Namibian interests in subsidiary of Weatherly
Post half year end
-- Announcement of key data from the feasibility study for the Tschudi project
-- Tschudi resources statement (JORC) revised upwards
-- Maiden Tschudi reserve statement (JORC) released.
For further information contact:
Rod Webster, Chief Executive Officer Weatherly International Plc
+44 (0)207 917 2989
Max Herbert, Company Secretary
Dean Friday, Investor Relations
John Prior Collins Stewart Europe Limited +44 (0)207 523
8350
Sebastian Jones
Chairman's and Chief Executive's statement
Half year statement
We are pleased to report Weatherly's results for the half year
ended 31 December 2011.
During this period our Central Operations generated an operating
profit before interest of US$7.3 million. There was also a profit
on the disposal of the Berg Aukas mine of US$4.2 million, and a
profit from the release of the section 311 creditor provision of
US$5.2 million. The group recorded an unrealised exchange loss on
its loans of US$1.3 million, incurred unallocated head office costs
of US$1.6 million, interest on its loans of US$0.3 million, and
after losses in associated companies of US$0.2 million, leaving a
profit after tax of US$13.3 million.
The group generated cash from operating activities of US$5.3
million and invested US$0.8 million of this in plant and machinery,
US$1.0 million in further development at the Matchless mine, and
US$2.4 million in the feasibility studies for the Tschudi mine and
the Tsumeb tailings. Loans were reduced by US$2.4 million, and
after taking initial balances into account we were left with cash
at 31 December of US$7.1 million.
Weatherly had two main objectives over the period: the
consolidation of production from its Central Operations, and the
progression of the Tschudi feasibility study. Despite some minor
setbacks, Central Operations continue to ramp up to their target
rate. The Tschudi feasibility study is running to schedule and has
reinforced its position as our priority project. The project is
designed to produce 15,000 tonnes of copper annually over an
11-year mine life, which will enable us to meet our strategy of
establishing a business capable of producing 20,000 tonnes of
copper per year.
On 1 August 2011, the ordinary shares of China Africa Resources
plc were admitted to trading on AIM. East China Mineral Exploration
& Development Bureau ("ECE") acquired 65% of the shares for
GBP4.7 million, and Weatherly sold the Berg Aukas mine to China
Africa Resources in return for its 35% shareholding. Weatherly
distributed 10% of the shares to its shareholders as an in specie
dividend. This represented the commencement of a formal
relationship between Weatherly and a powerful and ambitious Chinese
company in ECE.
In September 2011, an agreement was executed over the sale of a
2.5% shareholding in our Namibian subsidiary, Ongopolo Mining
Limited ("OML"), to Labour Investment Holdings ("LIH"), the
investment arm of the National Union of Namibian Workers. This
agreement was pursuant to a Memorandum of Understanding signed with
LIH in 2010, and a Weatherly initiative to promote local
participation in the business through direct equity ownership. The
sale price of N$ 7.2million (approximately US$0.9 million) was
provided through a vendor finance facility, where the payment of
the consideration is to be deferred and deducted from LIH's future
dividends. The agreement also provides an option for LIH to
increase its shareholding to 5% within five years at a price based
on an independent valuation of OML at the time of exercise.
Weatherly continues its prudent risk management strategy of
maintaining a forward copper position equivalent to approximately
35% of anticipated production over a 15-18 month period. At 31
December 2011, our hedge book had a mark to market value of US$4.9
million.
Operational update
Central Operations
We are very pleased with the performance of the Matchless mine
and the operating contractor Shali Mining. The mine has achieved
the target production rates set and this is expected to continue.
In the second half of the financial year, the mining operations
will be moving into an area of the ore body shown to be higher in
grade and broader in width, and we expect this to have a positive
effect on production.
The Otjihase mine has continued to underperform, with production
in January similar to previous months. A number of actions have
been taken to address the situation. We previously announced a
restructuring whereby the operations at Otjihase were to be broken
into three discrete contracts - mining, crushing/conveying and
processing. This has now been undertaken, and the mining contract
has been awarded to Shali Mining, which is currently also engaged
at Matchless. The terms and conditions will be similar to the
Matchless contract, whereby payment is based on tonnes of ore
delivered. The changeover will take four weeks to implement, and we
anticipate significant improvement in production from the second
quarter of 2012.
Expansion of Central Operations
Investigations are continuing into how best to exploit the
remaining resources. Opportunities exist at both Otjihase and
Matchless to reopen previously mined areas. A decision on the
advancement of one or more of these opportunities is expected to be
made in the coming months.
Tschudi feasibility study
The feasibility study for the Tschudi project remains on track
for completion before the end of the financial year. The project
will be an open-pit mine, with a heap leach, solvent
extraction/electro-winning ("SX/EW") processing route. This design
will enable us to produce LME-grade copper cathode on site.
Critical data from the lead consultant on the project, Sedgman
Engineering, provides a clear picture of the project's economic
fundamentals. The main item remaining before finalisation of the
feasibility study is completion of confirmation test work, which is
being conducted to verify the leaching kinetics that have been used
in the feasibility study to date.
In early February, a revised resource statement (JORC)
indicating 50.1mt at 0.86% Cu was released alongside a maiden
reserve statement (JORC) of 22.2mt at 0.87% Cu. The operations are
designed to produce 15,000 tonnes of copper per annum at full
production with an 11-year mine life.
We are continuing to evaluate both structured debt and off-take
finance options. with the expectation of having funding in place by
calendar year end.
Tsumeb tailings
Investigations are continuing through our consultant Sedgman
Engineering into the feasibility of copper production from the
Tsumeb tailings, which contain a resource (JORC) of 12mt grading
0.48% Cu, 0.77% Pb, 0.63% Zn and 12.74g/t Ag.
China Africa Resources plc
Weatherly has a 25% shareholding in China Africa Resources, and
administers the business under the provisions of a management
services agreement. The primary focus of China Africa Resources has
been the progression of the Berg Aukas feasibility study.
To date Weatherly has:
-- appointed consultants (geology, engineering, environmental);
-- commenced a drilling program designed by consultant geologists to establish JORC resources;
-- commenced metallurgical test work on samples taken from the old surface dump;
-- collected historical information to establish a full 3D model of the old mine workings;
-- begun environmental studies pursuant to Namibian legislation; and
-- progressed studies on mine dewatering and shaft refurbishment.
Outlook
The Central Operations mines are now producing good cash flows,
and the Tschudi feasibility study has to date shown that it is a
project with strong economic fundamentals. We expect a continued
improvement at Otjihase as a result of the recent changes to the
main operating contract, and the copper market is continuing to
hold up well despite the tough economic climate.
We are confident that the coming year will be significant in the
development of the company and its future growth, and we embark
upon this from the firm base that we have established.
Independent review report to Weatherly International plc
Introduction
We have been engaged by the company to review the financial
information in the half-yearly financial report for the six months
ended 31 December 2011, which comprises the consolidated statement
of comprehensive income, consolidated statement of financial
position, consolidated statement of changes in equity, consolidated
cash flow statement and related explanatory notes. 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
guidance contained in ISRE (UK and Ireland) 2410, 'Review of
Interim Financial Information performed by the Independent Auditor
of the Entity'. Our review work has been undertaken so that we
might state to the company those matters we are required to state
to them in a 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 conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The AIM rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the financial information in the
half-yearly financial report are consistent with those which will
be adopted in the annual accounts having regard to the accounting
standards applicable for such accounts.
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 financial information in the half-yearly
financial report has been prepared in accordance with the basis of
preparation in note 1.
Our responsibility
Our responsibility is to express to the company a conclusion on
the financial information 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 enquiries, 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 financial information in the
half-yearly financial report for the six months ended 31 December
2011 is not prepared, in all material respects, in accordance with
the basis of accounting described in note 1.
Grant Thornton UK LLP Auditor
Gatwick
27 February 2012
Condensed consolidated statement of comprehensive income
for the period 1 July to 31 December 2011
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2011 2010 2011
Note US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Revenue 23,322 11 16
Cost of sales (12,975) (2,908) (4,714)
Gross profit/(loss) 10,347 (2,897) (4,698)
Distribution costs (1,547) - -
Selling costs - - -
Other income 218 149 184
Administrative expenses (3,326) (2,080) (4,111)
Gain on sales of assets 13 511 660
Operating profit/(loss) 5,705 (4,317) (7,965)
Profit on disposal of subsidiary 4,179 - -
Release of compromise creditor
provisions 9 5,187 - -
Profit on disposal of investments - - 6,828
Foreign exchange (loss)/gain (1,271) 103 227
Finance costs 3 (265) (32) (188)
Finance income 6 8 52
Profit/(loss) on continuing operations 13,541 (4,238) (1,046)
Profit from discontinued operations - 559 508
Profit/(loss) from operations 13,541 (3,679) (538)
Share of losses of associated
company (244) - -
Profit/(loss) before tax 13,297 (3,679) (538)
Income tax expense - - -
Profit/(loss) for the period after
taxation 13,297 (3,679) (538)
Other comprehensive income
Exchange (loss)/gain on translating
foreign operations (4,425) 3,000 2,702
Fair value movement on investments - 5,428 4,675
Reclassification adjustment on
disposal of investments - - (6,828)
Other comprehensive income for
the period (4,425) 8,428 549
Total comprehensive income for
the period 8,872 4,749 11
====================== ====================== ===========
Profit/(loss) attributable to:
Owners of the parent 13,466 (3,770) (535)
Non-controlling interests (169) 91 (3)
13,297 (3,679) (538)
Total comprehensive income/(loss)
attributable to:
Owners of the parent 9,041 4,665 14
Non-controlling interests (169) 84 (3)
8,872 4,749 11
Total and continuing earnings/(loss)
per share
Basic earnings/(loss) per share
(US cents)
Profit/(loss) from continuing
activities 7 2.51 (0.98) (0.21)
Earnings from discontinued activities 7 - 0.12 0.10
2.51 (0.86) (0.11)
Diluted earnings/(loss) per share
(US cents)
Profit/(loss) from continuing
activities 7 2.49 (0.98) (0.21)
Earnings from discontinued activities 7 - 0.12 0.10
2.49 (0.86) (0.11)
Condensed consolidated statement of financial position
as at 31 December 2011
As at As at As at
31 Dec 31 Dec 30 June
2011 2010 2011
Note US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Assets
Non-current assets
Property, plant and equipment 5 27,390 26,641 32,819
Intangible assets 2,841 - 414
Investments in associates 2,758 - 57
32,989 26,641 33,290
Current assets
Investments - 8,290 -
Inventories 3,449 60 3,367
Trade and other receivables 5,377 1,834 2,922
Cash and cash equivalents 7,095 15,008 9,091
15,921 25,192 15,380
Non-current assets held for
sale 6 938 1,253 1,197
16,859 26,445 16,577
Total assets 49,848 53,086 49,867
Current liabilities
Trade and other payables 3,183 10,353 4,364
Unsecured creditors subject
to a compromise on acquisition - 3,479 3,223
Loans 288 780 5,548
3,471 14,612 13,135
Non-current liabilities
Unsecured creditors subject
to a compromise on acquisition - 2,120 1,964
Loans 9,112 3,992 6,120
Provisions 247 301 293
9,359 6,413 8,377
Total liabilities 12,830 21,025 21,512
Net assets 37,018 32,061 28,355
Equity
Issued capital 4 4,581 4,569 4,581
Share premium reserve 4 6,092 5,910 6,092
Merger reserve 18,471 18,471 18,471
Share-based payments reserve 408 223 303
Foreign exchange reserve (11,414) (6,684) (6,989)
Retained earnings 18,859 9,726 6,138
Equity attributable to shareholders
of the parent company 36,997 32,215 28,596
Non-controlling interests 21 (154) (241)
37,018 32,061 28,355
Condensed consolidated statement of changes in equity
for the period 1 July to 31 December 2011
Issued Share Merger Share-based Translation Other Retained Subtotal Non- Total
capital premium reserve payment of foreign reserves earnings controlling equity
reserve operations interests
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US',000 US$'000 US$'000
At 30 June
2010 3,860 - 18,471 556 (9,691) 13,097 26,293 (238) 26,055
Issue of
shares 709 5,910 - - - - - 6,619 - 6,619
Share based
payments - - - 66 - - - 66 - 66
Lapsed options
and warrants - - - (399) - - 399 - - -
Dividend - - - - - - (5,428) (5,428) - (5,428)
Transactions
with owners 709 5,910 - (333) - - (5,029) 1,257 - 1,257
Profit for the
period - - - - - - (3,770) (3,770) 91 (3,679)
Other
comprehensive
income
Exchange
difference
on
translation
of foreign
entities - - - - 3,007 - - 3,007 (7) 3,000
Fair value
movement
on
investments - - - - - - 5,428 5,428 - 5,428
Total
comprehensive
income for
the
period - - - - 3,007 - 1,658 4,665 84 4,749
At 31 December
2010 4,569 5,910 18,471 223 (6,684) - 9,726 32,215 (154) 32,061
Issue of
shares 12 182 - - - - - 194 - 194
Share based
payments - - - 85 - - - 85 - 85
Lapsed options
and warrants - - - (5) - - 5 - - -
Dividend - - - - - - 753 753 - 753
Transactions
with owners 12 182 - 80 - - 758 1,032 - 1,032
Profit for the
period - - - - - - 3,235 3,235 (94) 3,141
Other
comprehensive
income
Exchange
difference
on
translation
of foreign
entities - - - - (305) - (305) 7 (298)
Fair value
movement
on
investments - - - - - - (753) (753) - (753)
Recycling of
investment
fair
value through
profit and
loss - - - - - - (6,828) (6,828) - (6,828)
Total
comprehensive
income for
the
period - - - - (305) - (4,346) (4,651) (87) (4,738)
At 30 June
2011 4,581 6,092 18,471 303 (6,989) - 6,138 28,596 (241) 28,355
Share-based
payments - - - 105 - - - 105 - 105
Dividend - - - - - - (1,200) (1,200) - (1,200)
Sale of
minority
share of
subsidiary - - - - - - 455 455 431 886
Transactions
with owners - - - 105 - - (745) (640) 431 (209)
Profit for the
period - - - - - - 13,466 13,466 (169) 13,297
Other
comprehensive
income
Exchange
difference
on
translation
of foreign
entities - - - - (4,425) - - (4,425) - (4,425)
Total
comprehensive
income for
the
period - - - - (4,425) - 13,466 9,041 (169) 8,872
At 31 December
2011 4,581 6,092 18,471 408 (11,414) - 18,859 36,997 21 37,018
Condensed consolidated cash flow statement
for the period 1 July to 31 December 2011
6 months 6 months Year to
to to
31 Dec 2011 31 Dec 2010 30 June
2011
US$'000 US$'000 US$'000
Note Reviewed Reviewed Audited
Cash flows from
operating
activities
Profit/- (loss) for the
period 13,297 (3,679) (538)
Adjusted by:
Depreciation and
amortisation 2,262 1,646 3,714
Reverse impairment of
development
expenditure - - (2,240)
Profit on disposal of
discontinued
business - - (621)
Profit on disposal of Dundee
Precious Metal shares - - (6,828)
Share-based payment
expenses 105 65 153
Profit on sale of Kombat - (621) - -
Profit on sale of other
assets (13) (511) (660)
Profit on disposal of China
Africa
Resources
Namibia (pty) Ltd (4,179) - -
Profit on disposal of minority
share of
subsidiary undertaking - - -
Loss of associated
company 244 - -
Release of provision for
section 311 creditors (5,187) - -
Movement on payment
guarantee 101
Finance costs 265 32 188
Finance income (6) (8) (52)
6,889 (3,076) (6,884)
Movements in working
capital
(Increase)/decrease in
inventories (82) (8) (3,315)
(Increase)/decrease in trade
and other receivables (1,568) (1,255) (2,343)
Increase in trade and
other
payables 105 47 1,434
Net cash generated by/(used in)
operating activities 5,344 (4,292) (11,108)
Cash flows used in
investing
activities
Interest received 6 7 52
Payments for intangibles,
property,
plant
and equipment (1,851) (2,170) (9,294)
Payments for evaluation
of
feasibility studies (2,427) - (414)
Proceeds from disposal of
discontinued
businesses - 3,202 3,202
Investment in associates - - (57)
Proceeds from sale of property,
plant and equipment 88 805 1,398
Net cash (used in)/recovered
from
investing activities (4,184) 1,844 (5,113)
Cash flows from
financing
activities
Proceeds from issue of
equity
shares 4 - 6,952 6,813
Associated costs of
issue
of equity shares 4 - (333) -
Receipts of loans 167 3,992 11,668
Repayment of working
capital
loans (2,435) - -
Interest and finance
charges (265) (32) (188)
Payment guarantee - - (1,340)
Net cash (repaid)/from
financing
activities (2,533) 10,579 16,953
(Decrease)/increase in
cash (1,373) 8,131 732
Reconciliation to net
cash
Cash at beginning of
period 7,751 6,984 6,984
(Decrease)/increase in
cash (1,373) 8,131 732
Foreign exchange
(losses)/gains (522) (107) 35
Net cash at end of
period 5,856 15,008 7,751
Cash balance for cash
flow
purposes 5,856 15,008 7,751
Cash held for payment
guarantees 1,238 - 1,340
Cash in balance sheet 7,094 15,008 9,091
Notes to the condensed consolidated financial statements
for the period 1 July to 31 December 2011
1a. Basis of preparation
These interim condensed consolidated financial statements are
for the six months ended 31 December 2011. They do not include all
of the information required for full annual financial statements
within the meaning of Section 434 of the Companies Act 2006, and
should be read in conjunction with the consolidated financial
statements of the group for the year ended 30 June 2011. The
information included in these interim condensed consolidated
financial statements in respect of the year ended 30 June 2011 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 2011.
The accounting policies have been applied consistently
throughout the group for the purposes of preparation of these
condensed consolidated interim financial statements.
1b. Nature of operations and general information
Weatherly International plc and its subsidiaries' ("the group")
principal activities include the mining and sale of copper.
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 180 Piccadilly,
London W1J 9HF. 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 27 February
2011.
The financial information for the period ended 31 December 2011
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 2011 have
been filed with the Registrar of Companies.
2. Segmental reporting
Business segments
The board receives and reviews reports from each of its
operating companies. Ongopolo Mining Ltd is a mining company and
Namibian Custom Smelters was a smelting company. The company
currently has one operating segment, mining, under IFRS 8, having
disposed of its smelting business in the previous year.
Basis for inter-segment transfer price: the transfer price was a
third party arm's length price based on the London Metals Exchange
price, calculated by the percentage of copper in concentrate.
Segment information about these businesses is presented
below.
6 months to 31 December
2011
Mining Consolidated
By business US$'000 US$'000
Sales and other operating
revenues
External sales 23,322 23,322
Segment revenues 23,322 23,322
Mining Consolidated
US$'000 US$'000
Segmental operating
profit 7,305 7,305
7,305 7,305
Profit on release of compromise
creditors 5,187
Profit on disposal of
Berg Aukas mine 4,179
Unallocated corporate
expenses (1,600)
Foreign exchange (loss)/gain (1,271)
Interest expense (265)
Interest income 6
Profit from operations 13,541
Segment assets 41,204 41,204
========
Unallocated corporate
assets 8,644
Total assets 49,848
6 months to 31 December
2010
Mining Consolidated
By business US$'000 US$'000
Sales and other operating
revenues
External sales 11 11
Discontinued business -
Segment revenues 11 11
Mining Consolidated
US$'000 US$'000
Segmental operating
loss (2,262) (2,262)
Discontinued business (559) (559)
(2,821) (2,821)
Unallocated corporate
expenses (1,393)
Interest expense (32)
Interest income 8
Loss on continuing
business (4,238)
Profit of discontinued
businesses 559
Net loss before
tax (3,679)
Segment assets 34,511 34,512
========
Unallocated corporate
assets 18,574
Total assets 53,086
12 months to 30 June
2011
Mining Consolidated
By business US$'000 US$'000
Sales and other operating
revenues
External sales 16 16
Segment revenues 16 16
Mining Consolidated
US$'000 US$'000
Segmental operating
loss (4,112) (4,112)
Discontinued business (508) (508)
(4,620) (4,620)
Unallocated corporate
expenses 3,710
Interest expense (188)
Interest income 52
Loss on continuing
business (1,046)
Loss from discontinued
business (113)
Profit from disposal of discontinued
business 621
(538)
Segment assets 41,922 41,922
========
Unallocated corporate
assets 7,945
Total assets 49,867
3. Finance costs
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2011 2010 2011
US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Bank 63 - 46
Other 202 32 142
Total finance costs 265 32 188
========= ========= ===========
4. Share issues
There were no shares issued in the 6-month period ending 31
December 2011.
Number US$'000
At 1 July 2010 445,893,427 3,860
Share options exercised 155,501 7
Issue of shares 89,022,880 6,612
At 31 December 2010 535,071,808 10,479
Share options exercised 1,500,000 194
At 30 June 2011 and 31 December
2011 536,571,808 10,673
5. Property, plant and equipment
Freehold Plant Assets Development Total
property and machinery under construction costs
US$'000 US$'000 US$'000 US$'000 US$'000
Six months ended 31 December
2011
Cost or valuation:
At 1 July 2011 22,133 27,878 - 6,941 56,952
Additions - 814 - 1,037 1,851
Disposals - - - - -
Exchange adjustment (3,509) (7,365) - (1,173) (12,047)
At 31 December 2011 18,624 21,327 - 6,805 46,756
Depreciation:
At 1 July 2011 (6,935) (17,198) - - (24,133)
Provided during the
period (542) (1,092) - (628) (2,262)
Disposals - - - - -
Exchange adjustment 1,514 5,471 - 44 7,029
At 31 December 2011 (5,963) (12,819) - (584) (19,366)
Net book value at 31
December 2011 12,661 8,508 - 6,221 27,390
========== =============== ==================== ============ =========
Six months ended 31 December
2010
Cost or valuation:
At 1 July 2010 20,051 18,870 - - 38,921
Additions - 1,788 - 382 2,170
Disposals - - - - -
Exchange adjustment 3,011 5,738 - 27 8,776
At 31 December 2010 23,062 26,396 - 409 49,867
Depreciation:
At 1 July 2010 (4,891) (11,227) - - (16,118)
Provided during the
period (580) (1,063) - - (1,643)
Disposals - - - - -
Exchange adjustment (1,117) (4,348) - - (5,465)
At 31 December 2010 (6,588) (16,638) - - (23,226)
Net book value at 31
December 2010 16,474 9,758 - 409 26,641
========== =============== ==================== ============ =========
Year ended 30 June 2011
Cost or valuation:
At 1 July 2010 20,051 18,870 1,044 - 39,965
Additions - 4,593 1,718 4,701 11,012
Reverse impairment - 2,240 2,240
Disposals (323) (44) (2,802) - (3,169)
Exchange adjustment 2,405 4,459 40 - 6,904
At 30 June 2011 22,133 27,878 - 6,941 56,952
Depreciation:
At 1 July 2010 (4,891) (11,227) - - (16,118)
Provided during the
year (1,163) (2,551) - - (3,714)
Disposals 23 44 - - 67
Exchange adjustment (904) (3,464) - - (4,368)
At 30 June 2011 (6,935) (17,198) - - (24,133)
Net book value at 30
June 2011 15,198 10,680 - 6,941 32,819
6. Assets held for sale
Plant
Freehold and Total
property machinery
US$'000 US$'000 US$'000
Six months ended 31 December 2011
Balance at 30 June 2010 1,197 - 1,197
Disposals (75) - (75)
Exchange differences (184) - (184)
Balance at 31 December 2010 938 - 938
At 30 June 2010 938 - 938
Six months ended 31 December 2010
Balance at 30 June 2010 3,403 361 3,764
Disposals (2,487) (388) (2,875)
Exchange differences 337 27 364
Balance at 31 December 2010 1,253 - 1,253
At 30 June 2010 1,253,151 (407) 1,253,244
========== ========== ==========
Year ended 30 June 2011
Balance at 30 June 2009 3,403 361 3,764
Disposals (2,615) (405) (3,020)
Exchange differences 409 44 453
Balance at 30 June 2010 1,197 - 1,197
7. Profit/(loss) per share
The calculation of the basic profit/(loss) per share is based on
the profit/(loss) 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 profit/(loss) per share is based on
the basic profit/(loss) 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/(loss) and weighted average number
of shares used in the calculations are set out below.
6 months 6 months Year ended
to to
31 Dec 31 Dec 30 June
2011 2010 2011
US$'000 US$'000 US$'000
Reviewed Reviewed Audited
Continuing profit/(loss) attributable
to parent company 13,466 (4,312) (1,038)
Profit/(loss) attributable to discontinued
operations - 542 503
Profit/(loss) for the period attributable
to owners of parent 13,466 (3,770) (535)
Weighted average number of ordinary
shares in issue during the period
- basic earnings per share 536,571,808 438,594,919 507,547,250
Total and continuing earnings/(loss)
per share
Basic earnings/(loss) per share
(US cents)
Earnings/(loss) from continuing
activities 2.51 (0.98) (0.21)
Earnings from discontinued activities - 0.12 0.10
2.51 (0.86) (0.11)
Diluted earnings/(loss) per share
(US cents)
Earnings/(loss) from continuing
activities 2.49 (0.98) (0.21)
Earnings from discontinued activities - 0.12 0.10
2.49 (0.86) (0.11)
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.
8. Contingent liabilities
One of the group's subsidiaries is engaged in a legal dispute
with a former contractor. The court ruled in favour of the group
during the 6-month period but the contractor is appealing against
the ruling. The contractor is claiming the equivalent of US$492,000
while the group has provided for the amount it believes is payable,
equivalent to US$246,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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