Last checked at 28 Apr 2023 07:00
AltynGold Plc
("AltynGold" or the "Company")
Update on publication of Annual Report and financial results for the year ended 31 December 2022 – temporary share suspension from 2 May 2023
AltynGold provides the following update in relation to its Annual Report and Financial Statements for its financial year ended 31 December 2022 (the "2022 Annual Report").
As stipulated by the applicable rules of the Financial Conduct Authority (the "FCA"), the Company is required to publish its audited Annual Report by 30 April 2023. However, PKF Littlejohn LLP, the Company's auditors, have requested additional time beyond the originally planned timetable to complete their audit. Whilst the audit process has yet to be concluded, the Directors have been advised by PKF Littlejohn LLP that the audit is substantially complete and that there are no material audit issues causing this delay.
Accordingly, the Company has requested that its ordinary shares be suspended by the FCA from listing (as well as trading on the Main Market of the London Stock Exchange) with effect from the start of trading on Tuesday 2 May 2023 (the "Suspension").
PKF Littlejohn LLP has informed the Company that the audit will be completed in the course of the coming week. As such, the Company expects to publish its 2022 Annual Report on or about Friday 5 May 2023, following which the Company will apply for the Suspension to be lifted. A further announcement in this respect will be made in due course.
Financial highlights (unaudited)
Turnover increased in the year to US$62m (2021: US$50m) an increase of 23.4%. 34,499oz of gold sold (2021: 27,747oz), an increase of 24.3%. Average gold price achieved (including silver) US$1,762oz, (2021: US$1,803oz). The Company made a profit before tax of US$13.4m (2021: US$18.3m). Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation) of US$21.9m (2021: US$26.4m).UNAUDITED CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2022
|
| Unaudited 2022 | Audited 2021 |
|
| $000 | $000 |
Revenue |
| 62,037 | 50,290 |
Cost of sales |
| (32,697) | (22,496) |
Gross profit |
| 29,340 | 27,794 |
Administrative expenses |
| (8,590) | (5,138) |
Administrative expenses – sponsorship programmes |
| (3,654) | - |
Impairments |
| (82) | (734) |
Operating profit |
| 17,014 | 21,922 |
Foreign exchange |
| (504) | (366) |
Finance expense |
| (3,096) | (3,289) |
Total finance cost |
| (3,600) | (3,655) |
Profit before tax |
| 13,414 | 18,267 |
Taxation receipt/(expense) |
| (181) | 56 |
Profit for the year attributable to the equity holders of the parent |
| 13,233 | 18,323 |
Profit per ordinary share |
|
|
|
Basic |
| 48.42c | 67.04c |
Diluted |
| 48.42c | 67.04c |
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2022
|
| Unaudited 2022 | Audited 2021 |
|
| $000 | $000 |
Profit for the year |
| 13,233 | 18,323 |
Items that may be reclassified subsequently to the income statement |
|
|
|
Currency translation differences arising on translations of foreign operations |
| (4,822) | (1,491) |
Currency translation differences on translation of foreign operations relating to tax |
| (1,408) | 3,038 |
|
| (6,230) | 1,547 |
Total comprehensive profit for the year |
| 7,003 | 19,870 |
Total comprehensive profit attributable to: |
|
|
|
Equity holders of the parent |
| 7,003 | 19,870 |
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2022
|
| Unaudited 2022 | Audited 2021 |
(Registration number: 05048549) |
| $000 | $000 |
Assets |
|
|
|
Non-current assets |
|
|
|
Intangible assets |
| 12,698 | 13,346 |
Property, plant and equipment |
| 36,975 | 35,350 |
Deferred tax assets |
| 6,052 | 8,189 |
Trade and other receivables |
| 14,600 | 3,925 |
Restricted cash |
| 50 | 70 |
|
| 70,375 | 60,880 |
Current assets |
|
|
|
Inventories |
| 11,260 | 9,121 |
Trade and other receivables |
| 16,622 | 21,530 |
Cash and cash equivalents |
| 116 | 3,593 |
|
| 27,998 | 34,244 |
Total assets |
| 98,373 | 95,124 |
Equity and liabilities |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
| (6,253) | (5,684) |
Provisions |
| (263) | (232) |
Loans and borrowings |
| (13,611) | (15,087) |
|
| (20,127) | (21,003) |
Non-current liabilities |
|
|
|
Vat payable |
| (332) | (242) |
Other payables |
| (688) | (1000) |
Provisions |
| (5,517) | (5,453) |
Loans and borrowings |
| (9,501) | (12,221) |
|
| (16,038) | (18,916) |
Total liabilities |
| (36,165) | (39,919) |
Equity |
|
|
|
Share capital |
| (4,267) | (4,267) |
Share premium |
| (152,839) | (152,839) |
Merger reserve |
| 282 | 282 |
Foreign currency translation reserve |
| 57,642 | 51,412 |
Accumulated losses |
| 36,974 | 50,207 |
Equity attributable to owners of the company |
| (62,208) | (55,205) |
Total equity and liabilities |
| (98,373) | (95,124) |
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2022
|
|
|
| Currency |
|
|
|
| Share | Share | Merger | translation | Other | Accumulated | Total |
| capital | premium | reserve | reserve | reserves | losses | equity |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 |
At 1 January 2021 | 4,267 | 152,839 | (282) | (52,959) | 333 | (68,863) | 35,335 |
Profit for the year | – | – | – | – | – | 18,323 | 18,323 |
Other comprehensive income | – | – | – | 1,547 | – | – | 1,547 |
Total comprehensive income | – | – | – | 1,547 | – | 18,323 | 19,870 |
New share capital subscribed | – | – | – | – | – | – | – |
Share based payment charge | – | – | – | – | – | – | – |
Share options exercised | – | – | – | – | (333) | 333 | – |
At 31 December 2021 Audited | 4,267 | 152,839 | (282) | (51,412) | – | (50,207) | 55,205 |
At 1 January 2022 | 4,267 | 152,839 | (282) | (51,412) | – | (50,207) | 55,205 |
Profit for the year | – | – | – | – | – | 13,233 | 13,233 |
Other comprehensive loss | – | – | – | (6,230) | – | – | (6,230) |
Total comprehensive income | – | – | – | (6,230) | – | 13,233 | 7,003 |
Transfer to reserves | – | – | – | – | – | – | – |
At 31 December 2022 unaudited | 4,267 | 152,839 | (282) | (57,642) | – | (36,974) | 62,208 |
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2022
|
| Unaudited 2022 | Audited 2021 |
|
| $000 | $000 |
Cash flows from operating activities |
|
|
|
Net cash flow from operating activities |
| 12,234 | 6,797 |
Cash flows from investing activities |
|
|
|
Acquisitions of property plant and equipment |
| (8,948) | (5,502) |
Acquisition of intangible assets |
| (240) | (830) |
Net cash flows from investing activities |
| (9,188) | (6,332) |
Cash flows from financing activities |
|
|
|
Interest paid |
| (2,388) | (2,411) |
Loans received |
| 11,025 | 6,356 |
Loans repaid |
| (15,028) | (7,985) |
Net cash flows from financing activities |
| (6,391) | (4,040) |
Net (decrease)/increase in cash and cash equivalents |
| (3,345) | (3,575) |
Cash and cash equivalents at 1 January |
| 3,593 | 7,154 |
Effect of exchange rate fluctuations on cash held |
| (132) | 14 |
Cash and cash equivalents at 31 December |
| 116 | 3,593 |
Further Information: For further information please contact:
AltynGold Plc Rajinder Basra +44 (0) 203 432 3198
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Information on the Company
AltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the main market segment of the London Stock Exchange.
To read more about AltynGold Plc please visit our website www.altyngold.uk
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