Goldbridges Gbl Res - Half Yearly Report - Part 2
28/08/2015 07:01
- Part 2: For the preceding part double click ID:nRSb3760Xa
that the final contract will be awarded
based on ongoing consultation with the Ministry, compliance with local legal
and tax regulations and the submission of an appropriate mining programme.
4. Property, plant and equipment
MiningPropertiesand leasesUS$000 Freeholdland andbuildingsUS$000 Equipment, Plant, machinery and vehicles US$000 Assets under construction US$000 Total US$000
fixtures andfittingsUS$000
Cost
1 January 2014 10,682 16,494 15,927 8,132 20,933 72,168
Additions 131 - 4,456 - 13,943 18,530
Disposals - (569) (59) - - (628)
Transfers 472 - - - (472) -
Currency translation adjustment (1,537) (2,714) (2,796) (1,040) (3,503) (11,590)
30 June 2014 9,748 13,211 17,528 7,092 30,901 78,480
Additions - 58 856 1302 8,569 10,785
Disposals - - (958) - (131) (1,089)
Transfers 7,211 2,028 1,400 (339) (10,300) -
Currency translation adjustment (418) 137 26 (14) 375 106
31 December 2014 16,541 15,434 18,852 8,041 29,414 88,282
Additions 119 616 1,964 - 1,869 4,568
Disposals - - (4) - (25) (29)
Transfers - 255 64 - (319) -
Currency translation adjustment (172) (324) (372) (164) 273 (759)
30 June 2015 16,488 15,981 20,504 7,877 31,212 92,062
Accumulated depreciation
1 January 2014 3,552 5,501 12,174 5,075 - 26,302
Charge for the period 280 618 999 364+53 - 2,261
Disposals - (62) - - - (62)
Currency translation adjustment (573) (897) (1,960) (821) - (4,251)
30 June 2014 3,259 5,160 11,213 4,618 - 24,250
Charge for the period 152 860 1,576 501 - 3,089
Disposals (988) 574 (414)
Currency translation adjustment 21 26 967 (895) 119
31 December 2014 3,432 6,046 12,768 4,798 - 27,044
Charge for the period 200 671 1,115 498 - 2,484
Disposals - - 2 - - 2
Transfers - - 15 - - 15
Currency translation adjustment (71) (131) (266) (169) - (637)
30 June 2015 3,561 6,586 13,634 5,127 - 28,908
Net Book Values
1 January 2014 7,130 10,993 3,753 3,057 20,933 45,866
30 June 2014 6,489 8,051 6,315 2,474 30,901 54,230
31 December 2014 13,109 9,388 6,084 3,243 29,414 61,238
30 June 2015 12,927 9,395 6,870 2,750 31,212 63,154
The additions in the period principally relate the continuing works associated
with the underground mine in relation to development of the declines,
ventilation shafts and other associated works.
5. Share capital
Number US$000
1 January 2014 1,563,370,130 1,684
Issued during the year
Share placement 647,972,000 1,067
31 December 2014 2,211,342,130 3,702
Issued during the year
Share placement 123,000,000 184
30 June 2015 2,334,342,130 3,886
On 18 April 2015 there was a placing of 123,000,000 new Ordinary Shares at a
price of 2.80 pence per Ordinary Share. The net proceeds of the placing will
be used for general working capital purposes.
6. Reserves
A description and purpose of reserves is given below:
Reserve Description and purpose Share capital Amount of the contributions made by shareholders in return for the issue of shares. Share premium Amount subscribed for
share capital in excess of nominal value. Merger Reserve Reserve created on application of merger accounting under a previous GAAP. Currency translation reserve
Gains/losses arising on re-translating the net assets of overseas operations into US Dollars. Other reserves Fair value of share options granted net of amounts
transferred to retained earnings on exercise or lapse of options. Accumulated losses Cumulative net gains and losses recognised in the consolidate statement of financial
position.
Reserve
Description and purpose
Share capital
Amount of the contributions made by shareholders in return for the issue of
shares.
Share premium
Amount subscribed for share capital in excess of nominal value.
Merger Reserve
Reserve created on application of merger accounting under a previous GAAP.
Currency translation reserve
Gains/losses arising on re-translating the net assets of overseas operations
into US Dollars.
Other reserves
Fair value of share options granted net of amounts transferred to retained
earnings on exercise or lapse of options.
Accumulated losses
Cumulative net gains and losses recognised in the consolidate statement of
financial position.
7. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the
Group, is set out below in aggregate for each of the categories specified in
IAS 24 - "Related Party Disclosures".
Six months ended 30 June 2015 Six months ended 30 June 2014 Year to December2014
US$ US$ US$
Short term employee benefits 229,668 135,165 353,084
Other - - -
229,668 135,165 353,084
Social security costs 7,142 7,581 28,515
236,810 142,746 381,599
During the year the following transactions with the Asia Mining Group were
incurred a Company's controlled by the Assaubayev family:
o An amount of US$795,000 was incurred in purchasing assets and consumables.
o An amount of US$253,000 was incurred in rental costs during the period.
An amount of US$2.6m is outstanding and is included within trade payables.
The transactions incurred by the Company were on normal commercial terms.
8. Notes to the cash flow statement
Net cash(outflow)/inflow from operating activities
Six months ended30 June 2015 (unaudited) US$000's Six months ended30 June 2014 (unaudited) US$000's Year ended31 December 2014(audited, restated)US $000's
(Loss)/profit before taxation (45) 2,673 (985)
Adjusted for:
Finance income - (4) (7)
Finance expense (245) 229 331
Depreciation of tangible fixed assets 2,510 2,261 5,350
Amortisation of intangibles 517 578 1,023
Change in provisions (737) (284) -
(Increase)/decrease in inventories (708) 2,441 (3,013)
Decrease/(Increase) in trade and other receivables 2,432 (3,224) (4,391)
Decrease in other financial liabilities - (182) (184)
(Decrease)/increase in trade and other payables (1,441) (5,610) 4,905
(Profit)/loss on disposal of property, plant and equipment (94) (17) 1,237
Foreign currency translation (357) 306 1,418
Cash inflow from operations 1,832 (833) 5,684
Income taxes paid 35 - (83)
1,867 (833) 5,601
9. Events after the balance sheet date
On 20 August 2015 the Government in Kazakhstan announced that it would allow
the Kazakh Tenge to freely float against other foreign currencies. On
announcement the Tenge devalued against the US dollar from the current balance
sheet closing rate of 186 Kazakh Tenge to 1 US Dollar to approximately 252
Kazakh Tenge to 1 US Dollar, a devaluation of 35%. This is expected to have a
significant impact on the cost base of the Kazakh based expenses, which are
significant. The Company is currently assessing the impact of the change in
the exchange rates on its future operating results.
This report will be available on our website at www.goldbridgesplc.com
Company information
Directors Kanat Assaubayev Chairman
Aidar Assaubayev Chief executive officer
Ken Crichton Executive director
Ashar Qureshi Non-executive director
William Trew Non-executive director
Alain Balian Non-executive director
Secretary Rajinder Basra
Registered office and number Company number : 05048549
28 Eccleston Square
London
SW1V 1NZ
Telephone: +44 208 932 2455
Company website www.goldbridgesplc.com
Kazakhstan office 10 Novostroyevskaya
Sekisovskoye Village
Kazakhstan
Telephone: +7 (0) 72331 27927 Fax: +7 (0) 72331 27933
Financial adviser and joint broker Strand Hanson Limited
26 Mount Row
Mayfair
London W1K 3SQ
Telephone: +44 (0) 20 7409 3494
Joint broker Cantor Fitzgerald Europe
One Churchill Place
Canary Wharf
London
E14 5RBTelephone: +44 (0) 20 7894 7000
Auditor BDO LLP, 55 Baker Street, London
W1U 7EU
Lawyers Gowlings (UK) LLP
15th Floor
Old Broad Street
London
EC2N 1AR
Registrars Neville Registrars
18 Laurel Lane
Halesowen
West Midlands B63 3DA
Telephone: +44 (0) 121 585 1131
Bankers NatWest Bank plc
London City Commercial Business Centre
7th Floor, 280 Bishopsgate
London
EC2M 4RB
LTG Bank AGHerrengasse 12FL-9490, VaduzPrincipal of Liechtenstein
This information is provided by RNS
The company news service from the London Stock Exchange
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