REG - Goldplat plc - Interim results six-months ended 31 December 2021
18/03/2022 07:00
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RNS Number : 2061F Goldplat plc 18 March 2022
18 March 2022
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
Goldplat plc ('Goldplat' or 'the Company')
Interim results for the six-month period ended 31 December 2021
Goldplat plc, the AIM listed gold producer, with international gold recovery
operations located in South Africa and Ghana,
is pleased to announce its unaudited interim results for
the six months ended 31 December 2021.
Goldplat achieved an excellent result for the six months ended 31 December 2021
including:
•
Increasing operating profit, against the six months ended 31 December 2020, by 28% to £3,334,000 (31 December 2020:
£2,600,000);
• Doubling of
net profit from continued operations attributable to owners of the company to £2,071,000 (31 December 2020:
£1,013,000);
• As a result of increased performance, the fully diluted earnings per share
for the six-month period doubled to 1.19 pence per share (31 December 2020:
0.59 pence per share), and;
•
The group cash balance (net of overdraft) remained strong at £1,640,000 (30 June 2021: £3,459,000).
Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the
continued strong operating results achieved by
the group, but even more so, how this is translating into increased profits and earnings for the owners of Goldplat
Plc.
For further information visit www.goldplat.com, (http://www.goldplat.com/)
(http://www.goldplat.com/) follow on Twitter @GoldPlatGDP or contact:
Werner Klingenberg Goldplat plc (CEO) Tel: +27 (0) 82 051 1071
Colin Aaronson / George Grainger / Samuel Littler Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Jessica Cave / Andrew de Andrade WH Ireland Limited (Broker) Tel: +44 (0) 207 220 1666
Tim Thompson / Mark Edwards / Fergus Mellon Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
goldplat@flagstaffcomms.com (mailto:goldplat@flagstaffcomms.com)
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of
the UK MAR. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
Chairman's Statement
I am pleased to share continued strong results from our gold recovery
operations, with profit for the half year from continuing operations
increasing to £2,217,000 (H1 2020: £1,500,000) and an all-in, fully diluted
EPS for the half year of 1.19 pence (H1 2020: 0.59 pence).
Our portfolio of core assets consists of two gold recovery operations, in
South Africa and Ghana, with plans to extend this to Brazil and these recover
gold and platinum group metals ('PGM') from by-products of current and
historical mining
processing, thereby providing mines with an environmentally-friendly
and cost-efficient way of removing waste material.
The Revenues from continued operations increased by 69% to £21,326,000 (H1
2020: £12,602,000), with the Ghanaian and South African recovery operations
achieving revenue increases of 146% and 29%, respectively, as a result of good
and steady supply of material in Ghana and result of continuous
research and investments made in South Africa.
The increase in revenue drove the increase in operating profit from continued operations of £3,334,000 (H1 2020: £2,600,000).
The net financing cost tend to fluctuate from period to period due to the
fluctuation in the intergroup unrealised foreign exchange losses or gains,
which is driven by the movement of Ghana Cedi ('GHS'), the South African Rand
('ZAR') and Great British Pound ('GBP') against the United State Dollar
('USD') in which intergroup balances are denominated. As set out in
the summary table below, the intergroup foreign exchanges losses reduced to £30,000
(H1 2020: £357,000).
Detail H1 2021 H1 2020
Intergroup foreign exchange movements (30,000) (357,000)
Third party foreign exchange movements 1,000 (72,000)
Net interest paid (299,000) (149,000)
Total (328,000) (578,000)
The net finance interest increased from £149,000 to £299,000 as a result of
the increase in the volume of material sourced and processed in Ghana and the
delays we are starting to experience as a result of the global supply chain
crisis. This increased the amount of working capital finance required and the
time over which it is required. The interest on working capital
finance increased from £36,000 to £225,000. With the increase in cash
available, we are starting to finance more of this out of our
own cash resources.
Interest paid on financing for the repurchase of shares at Goldplat Recovery
(Pty) Ltd, secured in August 2021, as discussed below, was £41,000, whilst
the remainder relates to financing on lease assets.
The profit after taxation before discontinued operations of £2,217,000 (H1
2020: £1,500,000) resulted in the £229,000 increase in the taxation paid.
Furthermore, the withholding tax expense year-on-year was higher due to more
dividends declared by both Goldplat Recovery Pty Limited ('GPL') and
Goldplat Recovery Ghana Limited ('GRG') during the period. By
restructuring GPL as a subsidiary of Goldplat Plc, as recently announced,
there will not only be a saving of General and
Administrative expenses but also a reduction in the withholding
tax rate on dividends declared to Goldplat Plc.
Share repurchase of minority shareholding in GPL
During the period the Group increased its interest in GPL, its principal
operating subsidiary, from 74% to 90.63% through the buy-back by GPL of
22.33% of GPL shares from its minority shareholders and issuing shares,
amounting to 4.90% of GPL to Aurelian Capital Proprietary Limited ('The
Transaction'). The net cost to Goldplat of acquiring an additional 16.63% of
GPL was ZAR 66.52 million (approximately £3.55m)
The Transaction was financed in part through a South African Rand
denominated bank facility of ZAR 60 million (approximately
£3.02 million) provided by Nedbank.
Additional detail with regards to the Transaction and the financing thereof are set out in note 19.
Other shareholdings
After the period end, the group sold 32,878,000 of our shares in Caracal Gold
PLC ('Caracal') for 0.95 pence per share. The shares sold represent the
remainder of the initial share consideration of USD450,000 that was payable in
cash by Caracal in relation to the sale of Kilimapesa Gold Pty Ltd, which the
Group agreed to take up in shares at the initial listing price of
Caracal, as announced on 3 November 2021.
The Group retains 103,846,153 shares representing a 5.69% interest in Caracal.
Working capital
Cash and cash equivalents at the end of the period decreased to £1,640,000 (30 June 2021: £3,459,000). The decrease from
£3,459,000 at end of 30 June 2021 is as a result of investment in working capital as noted below.
Inventories increased from 30 June 2021, by £2,601,000 as result of an
increase in precious metals on hand of £3,080,000 set- off by a decrease in
raw materials of £720,000. The increase in precious metals on hand and in
process was driven by high turnover volumes in Ghana as well as delays we are
experiencing on some of the shipping routes, whilst the decrease in
raw material was as a result of higher cost per ton material
processed in South Africa during the period.
Trade and other receivable balances also increased from 30 June 2021 by £3,590,000 again driven by increases in turnover, specifically in
Ghana.
During the period the long-term liabilities increased to £3,332,000 as a result of the repurchase of shares from minority shareholders in
GPL on the terms indicated above.
Goldplat Recovery (Pty) Ltd ('GPL')
Revenues in South Africa increased by 29% to £10,616,000 (H1 2020: £8,243,000). The 29% increase in revenue is attributable to improved production in our largest milling circuit, after the construction of a JIG and gravity concentrator (at a capital cost of
£55,000), in March 2021 and October 2022 respectively. The increase in revenue resulted in a profit of £1,552,000 (H1 2020:
£940,000).
The production of Platinum Group Metals (PGMs) is making a contribution to
results and as indicated in the Q1 operational update, we have built our
strategic PGM material to a level to warrant capital expenditure of USD
300,000 on a plant to extract its value. This new plant will also enable us
to further develop our PGM recovery business and should be completed by the
4th quarter.
We continue to experience increase in operating costs, These included the increase in refinery charges, treatment charges, electricity
costs, machinery hire, and security costs.
Our application for the water use license was submitted in October 2021 and we
are still expecting feedback by the end of Q3 2022. We continue to manage and
extend the deposit of material within the Group's current tailings storage
facility ('TSF')
with the help of consulting engineers and have spent 203,000 of capital on establishing of new tailings facility during the period.
The establishment of a new tailings storage facility remains the first step
towards the reprocessing of our existing TSF
which contains a JORC resource of approximately 82,000 ounces of gold (see announcement of 29 January 2016 for further information).
The second step being the approval of pipeline application to a third party
processor, which is ongoing and we expect results towards the end of this
calendar year.
Gold Recovery Ghana ('GRG')
We experienced a steady and reliable supply of materials from our regular
clients during the period and this significantly contributed to the 146%
increase in revenue year on year to £10,710,000 (H1 2020: £4,359,000). The
increase in volume of material processed, combined with the higher gold price
resulted in the operating margins increasing by 153% to £1,828,000 (H1 2020:
£724,000) and a net profit of £1,217,000 (H1 2020: £139,000), a 776%
improvement from that of the comparative period.
Our engagement with mine management and government officials on different
levels has continued, with the aim of increasing our footprint to ensure
regular supply. By achieving a larger geographical spread with more clients,
our objective is to have a steady supply from the mines current
production, rather than ad hoc supplies from stockpiles.
We continue to evaluate our options for the processing of artisanal tailings material in Ghana, including the possibility of finding a
partner in country.
To increase our ability to capture lower-grade material market which is not
feasible to export to our other operations and also to improve services we
can provide in South America, we aim to establish a processing and storage
site in Brazil, at an initial cost of USD300,000. We are currently ensuring
we secure all licenses required, specifically environmental, and will keep
the market updated on progress.
Post-period end
Subsequent to 31 December 2021 we sold 32,878,000 of our shares in Caracal as reported above.
Outlook
We remain committed to our strategy of
increasing long term visibility of earnings in
the recovery businesses through key initiatives. These key initiatives
include:
• improving our gold recoveries from lower grade contaminated material,
effectively reducing the grade of the material we will be able to source
economically. Reserves of lower grade materials are more readily available and
help to alleviate the sourcing risk;
• Building strategic partnerships within the mining industry;
• Evaluating the investment into larger tailings storage facility and
additional mill and leaching capacity to enable us to reprocess our
current TSF; and
•
Increased investment into sourcing initiatives and test work on a wider range of materials, including PGM discards.
Whilst the Group's trading expectation for the remainder of the year is
currently unchanged, it is worth noting that the impact of the Russian
invasion of Ukraine is posing a significant challenge to the global supply
chain industry. Whilst Goldplat has
no activities directly connected with Russia or Ukraine, the long-term effect of the conflict
on the Group is uncertain.
Matthew Robinson Chairman
18-Mar-22
Statements of Financial Position
Group
31 December Group Group 31
Figures in £ `000 Notes 2021 30 June 2021 December 2020
Assets
Non-current assets
Property, plant and equipment 4 4 353 4 568 4 132
Right-of-use assets 465 574 375
Intangible assets 5 4 664 4 664 4 664
Investments in subsidiaries, joint ventures and associates 6 1 1 1
Receivable on Kilimapesa sale 7 519 606 -
Other loans and receivables 8 511 636 750
Total non-current assets 10 513 11 049 9 922
Current assets
Inventories 9 11 034 8 433 11 568
Trade and other receivables 10 16 593 13 003 6 580
Receivable on Kilimapesa sale 7 87 58 -
Cash and cash equivalents 11 1 640 3 459 1 394
Total current assets 29 354 24 953 19 542
Non-current assets or disposal groups classified as held for sale - - 3 380
Total current assets 29 354 24 953 22 922
Total assets 39 867 36 002 32 844
Equity and liabilities Equity
Share capital
12 1 715 1 698 1 698
Share premium 12 11 546 11 491 11 491
Retained income / (accumulated loss) 7 578 6 846 6 180
Foreign exchange reserve (5 806) (5 258) (5 406)
Total equity attributable to owners of the parent 15 033 14 777 13 963
Non-controlling interests 1 314 3 637 3 379
Total equity 16 347 18 414 17 342
Liabilities
Non-current liabilities
Provisions
13 724 787 586
Deferred tax liabilities 808 792 727
Long-term borrowings 15 1 758 - -
Lease liabilities 42 110 77
Total non-current liabilities 3 332 1 689 1 390
Group
31 December Group Group 31
Figures in £ `000 Notes 2021 30 June 2021 December 2020
Current liabilities
Trade and other payables 14 18 754 15 445 10 724
Current tax liabilities 399 128 532
Current portion of long-term borrowings 15 866 33 723
Lease liabilities 169 293 200
Bank overdraft 11 - - 484
Total current liabilities 20 188 15 899 12 663
Liabilities included in disposal groups classified as held for sale - - 1 449
Total current liabilities 20 188 15 899 14 112
Total liabilities 23 520 17 588 15 502
Total equity and liabilities 39 867 36 002 32 844
The notes below are an integral part of this condensed consolidated interim financial report.
Statements of Profit or Loss and Other Comprehensive Income
Group Group Group 6 month
6 month period 12 month period ended period ended 31 December
ended 31
Figures in £ `000 Notes December 2021 30 June 2021 2020
Revenue 21 326 35 400 12 602
Cost of sales (17 172) (29 201) (9 323)
Gross profit 4 154 6 199 3 279
Other income 2 56 -
Administrative expenses (822) (1 694) (679)
Profit from operating activities 3 334 4 561 2 600
Finance income 1 - 45
Finance costs (329) (909) (623)
Sundry income - - 38
Profit before tax 3 006 3 652 2 060
Income tax expense - continuing operations 16 (789) (903) (560)
Profit from continuing operations 2 217 2 749 1 500
Loss from discontinued operations - (570) (243)
Profit for the period 2 217 2 179 1 257
Profit for the period attributable to:
Owners of Parent 2 071 1 679 1 013
Non-controlling interest 146 500 244
2 217 2 179 1 257
Other comprehensive income net of tax
Components of other comprehensive income that will be reclassified to profit
or loss
Exchange differences on translation relating to the parent
(Losses) / gains on exchange differences on translation (548) 719 818
Exchange reserve reclassified on loss of control of Kilimapesa - 247 -
Total Exchange differences on translation (548) 966 818
Exchange differences relating to the non-controlling interest
(Losses)/Gains on exchange differences on translation (124) 256 213
Total other comprehensive income that will be reclassified to profit or loss
1 222
(672) 1 031
Total other comprehensive (expense)/income net of tax (672) 1 222 1 031
Total comprehensive income 1 545 3 401 2 288
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent 1 523 2 645 1 826
Comprehensive income, attributable to non-controlling interests 22 756 462
1 545 3 401 2 288
Group Group Group 6 month
6 month period 12 month period ended period ended 31 December
ended 31
Figures in £ `000 Notes December 2021 30 June 2021 2020
Earnings per share from continuing and discontinuing operations attributable
to owners of the parent during the period
Basic earnings per share
Basic earnings per share from continuing operations 17 1.20 1.32 0.74
Basic loss per share from discontinuing operations - (0.34) (0.14)
Total basic earnings per share 1.20 0.98 0.60
Diluted earnings per share
Diluted earnings per share from continuing operations 17 1.19 1.32 0.73
Diluted loss per share from discontinued operations - (0.33) (0.14)
Total diluted earnings per share 1.19 0.99 0.59
The notes below are an integral part of this condensed consolidated interim financial report.
Goldplat PLC
Condensed consolidated interim financial report for the 6 month period ended
31 December 2021
Statements of Changes in Equity - Group
Foreign Retained
currency income / Attributable to
translation (accumulated owners of the Non-controlling
Figures in £ reserve loss) parent interests Total
`000
Share Capital Share premium
Balance at 1 July
2020
1 675 11 441 (6 224) 5 167 12 059 3 057 15 116
Changes in equity
Profit for the - 1 679 1 679 500 2 179
year
- -
Other comprehensive 966 - 966 256 1 222
income
- -
Total comprehensive income for the 966 1 679 2 645 756 3 401
period
- -
Non-controlling interests in
subsidiary - - - (176) (176)
dividend
- -
Shares issued from options - - 73 - 73
exercised
23 50
Balance at 30 June (5 258) 6 846 14 777 3 637 18 414
2021
1 698 11 491
Balance at 1 July
2021
1 698 11 491 (5 258) 6 846 14 777 3 637 18 414
Changes in equity
Profit for the - 2 071 2 071 146 2 217
period
- -
Other comprehensive (548) - (548) (124) (672)
income
- -
Exchange reserve released through profit and loss on sale of - - - -
Kilimapesa
- -
Total comprehensive income for the (548) 2 071 1 523 22 1 545
period
- -
Non-controlling interests in
subsidiary - - - (22) (22)
dividend
- -
Shares issued from options - - 72 - 72
exercised
17 55
Adjustments arising from change in non-controlling - (1 339) (1 339) (2 323) (3 662)
interest
- -
Balance at 31 December (5 806) 7 578 15 033 1 314 16 347
2021
1 715 11 546
Notes
12 12
The notes below are an integral part of this condensed consolidated interim financial report.
9
Statements of Cash Flows
Group Group 12 month Group 6 month period ended 31 December
6 month period period ended 30 June 2021 2020
ended 31
Figures in £ `000 Notes December 2021
Net cash flows from / (used in) operations 225 4 277 (704)
Finance cost (329) (909) (623)
Finance income 1 - 46
Income taxes paid (502) (1 059) (159)
Net cash flows (used in) / from operating activities (605) 2 309 (1 440)
Cash flows used in investing activities
Proceeds from sales of property, plant and equipment 29 18 2
Purchase of property, plant and equipment (313) (979) (458)
Decrease in cash from disposal of non-current assets held for sale - (6) -
(Payment)/Receipt from long term receivable 125 74 (89)
Cash flows used in investing activities (159) (893) (545)
Cash flows used in financing activities
Net proceeds from issuing of shares/options exercised 72 73 73
Repayment of capital portion of interest-bearing borrowings (203) (872) (142)
Interest paid on interest-bearing borrowings (63) (99) (66)
Increase in shareholding of subsidiary (3 787) - -
Increase in interest bearing borrowings 2 927 - (88)
Principal paid on lease liabilities (155) (186) -
Interest paid on lease liabilities (37) (21) (36)
Payment of dividend to non-controlling interest (22) (176) (135)
Cash flows used in financing activities (1 268) (1 281) (394)
Net (decrease) / increase in cash and cash equivalents (2 032) 135 (2 379)
Cash and cash equivalents at beginning of the period 3 459 3 146 3 140
Foreign exchange movement on opening balance 213 178 149
Cash and cash equivalents at end of the period 11 1 640 3 459 910
Cashflows from discontinued operations 6 113
The notes below are an integral part of this condensed consolidated interim financial report.
Notes to the Consolidated Financial Statements
Figures in £ `000
31
December 2021 Group 30 June 2021 Group 31 December
2020
1. General information
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 30 June 2021 were approved by the
Board of Directors and have been delivered to the Registrar of
Companies. The audit report on those accounts: their report was unqualified,
did not draw attention to any matters by way of emphasis and did not contain
a statement under section 498(2) or (3) of the Companies Act 2006.
2. Basis of preparation
Statement of compliance
The annual financial statements of Goldplat plc (the 'Company') are prepared in accordance with IFRSs as adopted by the European Union.
Going concern
The directors assessed that the group is able to continue in business for the
foreseeable future with neither the intention nor the necessity of
liquidation, ceasing trading or seeking protection from creditors pursuant to
laws or regulations and thus adopted the going concern basis in
preparing these financial statements.
The assessment of the going concern assumption involves judgement, at a
particular point in time, about the future outcome of events or conditions
which are inherently uncertain. The judgement made by the directors included
the availability of and the ability to secure material for processing at its
plants in South Africa and Ghana, the impact of loss of key management,
outlook of commodity prices and exchange rates in the short to medium term and changes to regulatory and licensing conditions.
3. Significant accounting policies
The accounting policies applied in this condensed consolidated interim
financial report are the same as those applied in the Group's consolidated
financial statements as at and for the year ended 30 June 2021.
4. Property, plant and equipment
During the six months ended 31 December 2021, the Group acquired assets with a cost, excluding capitalised borrowing costs of £313,000 (six months ended 31 December 2020: £458,000; twelve months ended 30 June 2021: £1,132,000).
5. Intangible assets
Intangible assets at the end of the period relate only to goodwill which
relate to the investment held in Gold Minerals Resources Limited. The balance
is supported by the combined ongoing gold recovery operations in South Africa
and Ghana. During the six months ended 31 December 2021 the goodwill balance
has not been impaired (six months ended 31 December 2020: £nil; twelve
months ended 30 June 2021: £nil).
6. Investments in subsidiaries, joint ventures and associates
The amounts included on the statements of financial position comprise the following:
Investment in joint ventures
1
1 1
7. Receivable on Kilimapesa sale
Receivable on Kilimapesa sale incorporates the following balances:
The receivable relate to the 1% net smelter royalty on production of Kilimapesa to the maximum of USD1,500,000.
Non-current assets 519 606 -
Current assets 87 58 -
606 664 -
Other financial assets are recognised initially at the fair value, including
transaction costs. The asset will subsequently be measured at fair value and
are grouped into levels 1 to 3 based on the significance of the inputs used in
the valuation.
The financial assets from the Kilimapesa sale has significant inputs and is therefore
included in level 3.
8. Other loans and receivables
Other loans and receivables comprise the following balances
Amabubesi (Pty) Ltd - 511 636 750
Aurelian Capital Proprietary Limited - -
511 636 750
The loan receivable in Goldplat Recovery (Pty) Limited, in compliance with
Black Economic Empowerment legislation in South Africa, are
recoverable from future dividends. They have been included at
historical cost due to the uncertainty surrounding the variables required
to calculate this asset at amortised cost. The directors consider that the
carrying amount represents the fair value of the assets.
9. Inventories
Inventories comprise:
Raw materials 2 704 3 424 3 439
Consumable stores 947 706 538
Precious metals on hand and in process 7 383 4 303 7 591
11 034 8 433 11 568
Inventories are initially recognised at cost, and subsequently at the lower of
cost and net realisable value. Cost comprises all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their
present location
and condition. Weighted average cost is used to determine the cost of ordinarily interchangeable
items.
10. Trade and other receivables
Trade and other receivables comprise:
Trade receivables 14 377 11 986 5 808
Sundry debtors 1 414 12 22
Prepaid expenses 110 157 128
Deposits 12 - 12
Other receivables 485 618 394
Value added tax 195 230 216
16 593 13 003 6 580
11. Cash and cash equivalents
11.1 Cash and cash equivalents included in current assets:
Cash
Balances with banks 1 640 3 459 1 394
11.2 Overdrawn cash and cash equivalents included in current liabilities
Bank overdrafts - - (484)
12. Share capital
Authorised and issued share capital
Issued
Ordinary shares 1 715 1 698 1 698
1 715 1 698 1 698
Share premium 11 546 11 491 11 491
13 261 13 189 13 189
During the current year, share options were exercised that resulted in an increased in share capital and share premium.
13. Provisions
Provisions comprise:
Environmental obligation
724
787 586
In terms of section 54 of the regulations of the Minerals Resource and
Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning
is required for activities performed under mining lease. Quantum of Financial
Provisioning requires a detailed itemization of actual costs relating to the
premature closure, decommissioning and final closure and post
closure management. The Company makes use of an independent consultant to
calculate the detail itemized actual current costs
for rehabilitation and to evaluate any critical estimates and assumptions. The Quantum of Financial Provisioning has been approved
by Department of Minerals Resources in South Africa. The Company has insured
the obligation and has ceded the proceeds from the policy to the Department
of Minerals Resources. During the prior financial year, the provision held in
GPR was reassessed by using an external expert and it was concluded that due
to the additional capital expenditure that has
taken place over the financial period, the provision had to be increased to account for the additional capital
incurred.
14. Trade and other payables
Trade and other payables comprise:
Trade creditors
1 610
9 200 4 055
Accrued liabilities
9 306
5 260 5 665
Invoice financing creditor
7 838
985 1 004
Total trade and other payables 18 754 15 445 10 724
15. Long term borrowings
The principal on the bank facility is repayable monthly over 36 months. The
interest payable on the facility will be the South African Prime Rate plus
1.75%.
Further to above, GPL did grant security over its debtors as well as a
negative pledge over its moveable and any immovable property and a general
notarial bond over all movable assets of GPL will be registered. The Group
entered into a limited suretyship for ZAR 60 million
(approximately GBP3.02 million), in favour of Nedbank.
Long term borrowings comprise:
Nedbank Scipion 2 624 - 33 - 723
-
2 624 33 723
Non-current portion of long term borrowings 1 758 - -
Current portion of long term borrowings 866 33 723
2 624 33 723
16. Income tax expense - continuing operations
Income tax expense is recognised based on management's best estimate of the
weighted average annual income tax rate expected for the full financial year
applied to the pre-tax income of the interim period. The tax charges for the
period arises in South Africa, Ghana and on declaration of dividends from
South Africa. The effective income tax rate in GPL was 24%
(six months ended 31 December 2020: 26%), GRG was 15% (six months ended 31 December 2020: 15%) and the withholding tax
rate on dividends declared was 5% (six months ended 31 December 2020: 20%).
17. Earnings per share
Basic earnings per share
The earnings and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Profit for the period attributable to owners of the company 2 071 1 679 1 013
Loss for the year from discontinued operations - 570 243
Earnings used in the calculation of basic earnings per share for continuing
operations
2 071 2 249 1 256
Weighted average number of ordinary shares used in the calculation of basic
earnings per share ('000s)
171 954 169 774 169 774
Weighted average number of ordinary shares used in the calculation of diluted
earnings per share ('000s)
174 201 170 561 173 312
18. Segment information
18.1 Segment revenues
Total segment revenue
Period ended 31 December 2021
South African Recovery Operations 10 616
West African Recovery Operations 10 710
Group revenue 21 326
Period ended 30 June 2021
South African Recovery Operations 17 622
West African Recovery Operations 17 778
Group revenue 35 400
Period ended 31 December 2020
South African Recovery Operations 8 243
West African Recovery Operations 4 359
12 602
Segment information continued...
18.2 Other incomes and expenses
Segment profit/(loss) before tax for
Depreciation for Finance cost for Finance income
continued continued for continued continued Discontinued
operations operations operations opeations Taxation operations
Period ended 31 December 2021
South African Recovery Operations (172) (140) 370 2 141 (589) -
West African Recovery Operations (76) (418) - 1 409 (193) -
Administration - (152) - (405) (7) -
Reconciliation to group figures - 100 (88) (139) - -
Total other incomes and expenses (248) (610) 282 3 006 (789) -
Period ended 30 June 2021
South African Recovery Operations (379) (991) 125 2 358 (435) -
West African Recovery Operations (140) (223) - 2 092 (383) -
Mining and Exploration - - - - - (570)
Administration - 144 41 (3 957) (85) -
Reconciliation to group figures - 161 (166) 3 159 - -
Total other incomes and expenses (519) (909) - 3 652 (903) (570)
Segment information continued...
Segment profit/(loss) before tax for
Depreciation for Finance cost for Finance income
continued continued for continued continued Discontinued
operations operations operations opeations Taxation operations
Period ended 31 December 2020
South African Recovery Operations (210) (876) 65 1 297 (357) -
West African Recovery Operations (68) (68) - 846 (122) -
Mining and Exploration - - - - - (243)
Administration - (133) 389 (109) (80) -
Reconciliation to group figures - - 45 44 - -
Total other incomes and expenses (278) (1 077) 499 2 078 (559) (243)
Goldplat PLC
Condensed consolidated interim financial report for the 6 month period ended 31 December 2021
Notes to the Consolidated Financial Statements
Figures in £ `000
19. Major events
Share repurchase from and issue of new shares to the minority shareholders of GPL
During the period the Group increased its interest in GPL, its principal
operating subsidiary, from 74% to 90.63% through the buy-back by GPL of
22.33% of GPL shares, for ZAR 89.3 million (approximately £4.5 million), from
its minority shareholders and issuing shares, amounting to 4.90% of GPL to
Aurelian Capital Proprietary Limited, a related party, at the same valuation
as
the share repurchase, for ZAR 16 million (approximately £807,000). The Transaction valued GPL at ZAR 400 million (approximately
£20.2 million) ("The Transaction"). The net cost to Goldplat of acquiring an
additional 16.63% of GPL was ZAR 66.52 million (approximately £3.55
million).
The Transaction was financed in part through a South African Rand denominated
bank facility of ZAR 60 million (approximately £3.02 million) provided
by Nedbank. The remainder of the consideration was settled through a set-off
against the existing Amabubesi vendor loan of ZAR 12.6 million (approximately
£635,000) outstanding to the Group with the balance paid in cash. The
principal on the bank facility is repayable monthly over 36 months. The
interest payable on the facility will be the South African Prime Rate
plus 1.75%.
Of the ZAR 16 million (approximately £807,000) consideration for the 4.90%
worth of shares, Aurelian has paid ZAR 5 million (approximately £252,000)
in cash; a further ZAR 5 million cash (approximately £252,000) is due by
April 2022; and the ZAR 6 million balance (approximately £302,000) is a
vendor loan and is payable from distributions to be declared by GPL.
Following dividends declared to date of this report by GPL, the balance of this vendor loan is now ZAR 4.2 million (approximately
£212,000).
After the completion of above transactions and cancellation of the
repurchased shares, the Group held 90.63% of GPL (an increase of
16.63%), Amabubesi held 4.47% and Aurelian 4.90%. Subsequent to above,
Amabubesi's remaining shares were repurchased and shares to the same amount
and value issued to Aurelian. Aurelian is therefore the only minority partner
in South Africa and holds 9.37% of GPL.
18
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