12 Sep 2014 07:00
LONDON, 12 September 2014
AMBRIAN PLC
Interim Report for the six months to 30 June 2014
Ambrian plc ("Ambrian" or the "Company" and, together with its subsidiaries, the "Group") today announces its unaudited consolidated results for the six months ended 30 June 2014.
Financial highlights
· Profit before tax: US$1.17 million (H1 2013: US$ 1.31 million)
· Net profit per share: US 0.81 cents (H1 2013: US 0.81 cents)
· Total equity as at 30 June 2014: US$ 29.88 million (31 December 2013: US$ 28.96 million)
· Net asset value per share as at 30 June 2014: US 29.7 cents (31 December 2013: US 28.8 cents)
Commenting on the results, Charles Crick, non-executive Chairman, stated:
"The interim results reflect a solid performance in our metals trading activities for the period. Current market conditions affecting the metals in which we deal are challenging, but we remain confident in our business model and of a successful outcome for the year".
Enquiries
Ambrian plc | |
Roger Clegg | + 44 (0)20 7634 4700 |
Cenkos Securities plc | |
Neil McDonald | + 44 (0)20 7397 8900 |
Nick Tulloch |
Notes to Editors
Ambrian is primarily active in the physical trading of base metals. It sources and supplies a variety of commodities to end users all over the world. Supported by its offices in London, Shanghai, Taiwan and a network of agents in North and South America, Asia and the Middle East. Ambrian provides producers and consumers with its marketing insight whilst emphasizing the financing and risk management aspect of its trading activities. Ambrian also holds and manages a number of equity investments. Ambrian is quoted on the Alternative Investment Market of the London Stock Exchange under the ticker symbol AMBR.
Further information on Ambrian is available on the Company's website: www.ambrian.com
Chairman's Statement
Total income for the Group for the six months ended 30 June 2014 was US$ 4.53 million (US$ 5.17 million for the six months ended 30 June 2013). Substantially all of this income (US$ 4.52 million) was derived from the Group's core metals trading business, Ambrian Metals Limited ("AML"), and compares with total income for AML for the six month period ended 30 June 2013 of US$ 5.38 million.
Total profit before tax for the Group for the six months ended 30 June 2014 amounted to US$ 1.17 million (US$ 1.31 million for the six months ended 30 June 2013). Within this, AML reported a profit before tax of US$ 2.18 million for the period compared with US$ 2.48 million for the equivalent period in 2013.
Over the period we have increased our footprint in the metals market with the opening of a new office in Taiwan which specialises in lead and zinc. As previously announced, we also completed the disposal of our head office lease in London during the period and moved into new offices in the City of London. The net ongoing cost of these offices is almost 50 per cent of that of our former offices.
Central expenses, which are principally the costs of the holding company, amounted to US$ 1.02 million compared with US$ 0.96 million for the same period in 2013.
The Group's net assets as at 30 June 2014 were US$ 29.88 million (US$ 28.96 million at 31 December 2013), representing US 29.7 cents per share, an increase of 3% on the US 28.8 cents per share at 31 December 2013.
Further details of the Group's financial performance over the period are contained in the Financial Review which accompanies this Statement.
Trading conditions in our metals markets for the first part of the period under review were relatively benign. However, conditions became more challenging for all participants towards the end of the period due to the volatility in forward spreads, with periods of backwardation where forward prices are less than the spot price. This change in conditions impacted the profitability of our trades. However, against this background, AML has achieved a good performance over the period and, whilst we expect the current market conditions to continue, we also expect AML to achieve net revenues for the second half in line with those of the first half.
The Group's future growth and prospects remain constrained by our asset base. We continue to work on means to increase this and diversify our revenue streams.
Financial Review
Overview
Total income for the Group was US$ 4.53 million for the six months ended 30 June 2014 (H1 2013: US$ 5.17 million).
Profit before tax was US$ 1.17 million, compared with a profit of US$ 1.31 million for the same period last year, derived principally from our metals trading operation in Ambrian Metals Limited ("AML").
Metals trading
AML reported a profit before tax for the period under review of US$ 2.18 million (US$ 2.48 million for H1 2013). AML achieved a 28 per cent increase in metal tonnages traded compared to the same period last year. A major contributor to this increase has been the establishment of our new business in Taiwan which specialises in lead and zinc.
Total income from turnover for AML was US$ 1,528 million for the period under review compared with US$ 1,383 million for the same period in 2013.
The period has seen average copper prices per tonne drop from $7,439 in January to $6,955 by the end of June.
Investment portfolio
The investment portfolio recorded a small profit before tax of US$ 6,281 (H1 2013: loss of US$ 208,553). This arose from a small capital distribution on one of our investments whilst we still retain the investment concerned.
The total value of the investment portfolio (excluding cash and the holding in Consolidated General Minerals plc ("CGM")) at 30 June 2014 was US$ 0.21 million. This compares with a principal investment portfolio valued at US$ 0.22 million (excluding cash and the CGM holding) at 31 December 2013. The Company continues to hold an 11.95 per cent interest in CGM, valued at US$ 2.53 million at 30 June 2014. We now have a larger holding in this investment following the open offer which was completed by CGM in January 2014 and under which we subscribed for additional shares for a total consideration of US$ 0.82 million. Construction of CGM's clinker grinding mill and cement packing plant in Beira, Mozambique, is now well underway; there have been delays in the construction programme but completion is now expected towards the end of the current year. CGM continues to own a 29.9 per cent interest in the issued share capital of the Company.
Expenses
Group administrative expenses were US$ 3.37 million for the six months to 30 June 2014 (H1 2013: US$ 3.86 million), of which US$ 1.02 million (H1 2013: US$ 0.96 million) was represented by central costs. The one-off costs of moving to our new offices in the City of London, completed in June this year, have been largely offset by the release of a dilapidations provision on our old offices. Total headcount at 30 June 2014 was 31, an increase of 7 since 30 June 2013, principally due to the establishment of our new operation in Taiwan.
Balance Sheet
Total assets were US$ 427 million at 30 June 2014 compared with US$ 318 million at 30 June 2013. The majority of the increase is due to an increase in inventory which represents metal in transit as well as metal in warehouse. A small part of the increase in total assets is due to additional fixed assets associated with the fitting out of our new offices.
The Group's cash resources totalled US$ 12.08 million at 30 June 2014 compared with US$18.58 million at 30 June 2013. AML has used some of its own cash resources in funding a limited number of short voyage shipments of metal.
Shareholders' equity was US$ 29.95 million at 30 June 2014 compared with US$ 29.03 million at 31 December 2013. Tangible net asset value per share was US 29.7 cents per share (31 December 2013, US 28.8 cents). Tangible net asset value per share is based on 100,602,104 ordinary shares outstanding at 30 June 2014 (excluding treasury shares and shares held by the Ambrian Capital Employee Benefit Trust).
Ambrian plc | |||||||
Condensed consolidated statement of comprehensive income | |||||||
Six months to 30 June 2014 | Six months to 30 June 2013 | Year to 31 December 2013 | |||||
(unaudited) | (unaudited) | (audited) | |||||
US $ | US $ | US $ | |||||
Turnover | 1,528,402,137 | 1,383,317,065 | 2,565,693,966 | ||||
Cost of Sales | (1,523,876,507) | (1,377,938,026) | (2,551,784,668) | ||||
Net revenue | 4,525,630 | 5,379,039 | 13,909,298 | ||||
Investment portfolio gains and (losses) | 6,281 | (208,553) | (1,476,342) | ||||
Total income | 4,531,911 | 5,170,486 | 12,432,956 | ||||
Administrative expenses | (3,366,579) | (3,863,285) | (8,284,565) | ||||
Profit before tax | 1,165,332 | 1,307,201 | 4,148,391 | ||||
Taxation | (353,816) | (501,102) | (228,226) | ||||
Profit after tax | 811,516 | 806,099 | 3,920,165 | ||||
Other comprehensive income | |||||||
Items that may be reclassified subsequently to profit/(loss) | |||||||
Exchange profit/(loss) arising from translation of foreign operations | 103,786 | (355,400) | 284,843 | ||||
Total other comprehensive profit/(loss) | 103,786 | (355,400) | 284,843 | ||||
Total comprehensive profit | 915,302 | 450,699 | 4,205,008 | ||||
Profit for the period attributable to: | |||||||
Owners of the parent | 810,446 | 811,400 | 3,915,109 | ||||
Non-controlling interest | 1,070 | (5,301) | 5,056 | ||||
811,516 | 806,099 | 3,920,165 | |||||
Total comprehensive profit attributable to: | |||||||
Owners of the parent | 914,232 | 456,000 | 4,199,952 | ||||
Non-controlling interest | 1,070 | (5,301) | 5,056 | ||||
915,302 | 450,699 | 4,205,008 | |||||
Basic earnings per share in USD cents: | |||||||
Earnings per share | 0.81 | 0.81 | 3.89 | ||||
Diluted earnings per share | 0.80 | 0.81 | 3.86 | ||||
Ambrian plc | |||||||
Condensed consolidated statement of financial position | |||||||
Six months to 30 June 2014 | Six months to 30 June 2013 | Year to 31 December 2013 | |||||
US $ | US $ | US $ | |||||
ASSETS | (unaudited) | (unaudited) | (audited) | ||||
Non-current assets | |||||||
Property, plant and equipment | 455,889 | 83,144 | 68,596 | ||||
Deferred tax asset | 601,875 | 27,841 | 601,875 | ||||
1,057,764 | 110,985 | 670,471 | |||||
Current assets | |||||||
Financial assets at fair value through profit or loss | 2,735,908 | 25,240,464 | 1,925,612 | ||||
Inventory | 311,197,984 | 198,833,112 | 208,872,237 | ||||
Trade and other receivables | 100,016,478 | 75,511,883 | 59,633,460 | ||||
Cash and cash equivalents | 12,076,316 | 18,580,171 | 22,074,881 | ||||
426,026,686 | 318,165,630 | 292,506,190 | |||||
Total assets | 427,084,450 | 318,276,615 | 293,176,661 | ||||
LIABILITIES | |||||||
Current liabilities | |||||||
Financial liabilities at fair value through profit or loss | (3,442,863) | - | (2,371,159) | ||||
Short term borrowings | (278,378,497) | (148,560,835) | (176,889,933) | ||||
Short term liabilities under sale & repurchase agreements | (33,602,079) | (85,196,838) | (33,054,823) | ||||
Trade and other payables | (80,639,722) | (58,710,177) | (51,095,655) | ||||
Current tax payable | (1,141,351) | (637,241) | (800,455) | ||||
Total liabilities | (397,204,512) | (293,105,091) | (264,212,025) | ||||
Total net assets | 29,879,938 | 25,171,524 | 28,964,636 | ||||
CAPITAL AND RESERVES | |||||||
Share capital | 17,665,294 | 17,665,294 | 17,665,294 | ||||
Share premium account | 18,043,816 | 18,043,816 | 18,043,816 | ||||
Treasury shares | (1,986,574) | (1,986,574) | (1,986,574) | ||||
Retained earnings | 794,925 | (3,119,230) | (15,521) | ||||
Share-based payment reserve | 8,052,410 | 8,013,607 | 8,052,410 | ||||
Employee benefit trust | (11,446,444) | (11,446,444) | (11,446,444) | ||||
Exchange reserve | (1,178,138) | (1,922,167) | (1,281,924) | ||||
Total equity attributable to the owner of the parent | 29,945,289 | 25,248,302 | 29,031,057 | ||||
Non-controlling interest | (65,351) | (76,778) | (66,421) | ||||
Total equity | 29,879,938 | 25,171,524 | 28,964,636 | ||||
Ambrian plc | ||||||||||
Condensed consolidated interim statement of changes in equity | ||||||||||
Share capital | Share premium account | Treasury shares | Retained earnings | Share based payments reserve | Employee benefit trust | Exchange reserve | Total equity attributable to the owner of the parent | Non-controlling interest | Total equity | |
US $ | US $ | US $ | US $ | US $ | US $ | US $ | US $ | US $ | US $ | |
Balance at1 January 2013 (audited) | 17,665,294 | 18,043,816 | (1,986,574) | (3,930,630) | 8,013,607 | (11,446,444) | (1,566,767) | 24,792,302 | (71,477) | 24,720,825 |
Comprehensive income | ||||||||||
Profit for the period | - | - | - | 811,400 | - | - | - | 811,400 | (5,301) | 806,099 |
Foreign currency adjustments | - | - | - | - | - | - | (355,400) | (355,400) | - | (355,400) |
Total comprehensive income | - | - | - | 811,400 | - | - | (355,400) | 456,000 | (5,301) | 450,699 |
Transactions with owners | ||||||||||
Share-based payment charge | - | - | - | - | - | - | - | - | - | - |
Balance at30 June 2013 (unaudited) | 17,665,294 | 18,043,816 | (1,986,574) | (3,119,230) | 8,013,607 | (11,446,444) | (1,922,167) | 25,248,302 | (76,778) | 25,171,524 |
Comprehensive income | ||||||||||
Profit for the period | - | - | - | 3,103,709 | - | - | - | 3,103,709 | 10,357 | 3,114,066 |
Foreign currency adjustments | - | - | - | - | - | - | 640,243 | 640,243 | - | 640,241 |
Total comprehensive income | - | - | - | 3,103,709 | - | - | 640,243 | 3,743,950 | 10,357 | 3,754,307 |
Transactions with owners | ||||||||||
Share-based payment charge | - | - | - | - | 38,803 | - | - | 38,803 | - | 38,803 |
Balance at31 December 2013 (audited) | 17,665,294 | 18,043,816 | (1,986,574) | (15,521) | 8,052,410 | (11,446,444) | (1,281,924) | 29,031,057 | (66,421) | 28,964,636 |
Profit for the period | - | - | - | 810,446 | - | - | - | 810,446 | 1,070 | 811,516 |
Foreign currency adjustments | - | - | - | - | - | - | 103,786 | 103,786 | - | 103,786 |
Total comprehensive income | - | - | - | 810,446 | - | - | 103,786 | 914,232 | 1,070 | 915,302 |
Transactions with owners | - | - | - | - | - | - | - | - | - | - |
Share-based payment charge | - | - | - | - | - | - | - | - | - | - |
Balance at30 June 2014 (unaudited) | 17,665,294 | 18,043,816 | (1,986,574) | 794,925 | 8,052,410 | (11,446,444) | (1,178,138) | 29,945,289 | (65,351) | 29,879,938 |
Ambrian plc | ||||||
Condensed consolidated statement of cash flows | ||||||
Six months to 30 June 2014 | Six months to 30 June 2013 |
Year to 31 December 2013 | ||||
(unaudited) | (unaudited) | (audited) | ||||
US $ | US $ | US $ | ||||
Profit/ for the period | 811,516 | 806,099 | 3,920,165 | |||
Adjustments for: | ||||||
Depreciation of property, plant and equipment | 6,775 | 15,411 | 18,808 | |||
Write off of old property, plant and equipment | 61,821 | - | - | |||
Foreign exchange (losses)/gains | (174,706) | 38,041 | (375,025) | |||
Taxation expense | 353,816 | - | 228,226 | |||
Unrealised (losses)/gains on financial assets designated at fair value | (792,218) | (21,626,515) | 1,577,022 | |||
Realised losses/(gains) on financial assets designated at fair value | (18,078) | - | 12,795 | |||
Proceeds of sale from disposal of financial asset at fair value through profit and loss | 238,783 | - | 224,578 | |||
(Increase)/decrease in inventories | (102,325,747) | 163,544,286 | 153,505,161 | |||
(Increase)/decrease in trade and other receivables | (40,383,018) |
33,745,815 |
46,923,695 | |||
Unrealised gains/(losses) on financial liabilities at fair value | 1,071,704 | (971,229) | 1,399,930 | |||
Decrease/(increase) in trade and other payables | 29,544,065 | (5,731,053) | (13,345,575) | |||
Share-based payment charge | - | - | 38,803 | |||
Cash (used)/ generated in operations | (111,605,287) | 169,820,855 | 194,128,583 | |||
Taxation (paid) | - | - | - | |||
Net cash flow (used)/generated in operating activities | (111,605,287) | 169,820,855 | 194,128,583 | |||
Investing activities | ||||||
Disposal of subsidiary undertakings | - | - | 2,700,544 | |||
Purchase of property, plant and equipment | (450,092) | - | - | |||
Disposal of property, plant and equipment | 9,547 | - | - | |||
Net cash (used) in investing activities | (440,545) | - | 2,700,544 | |||
Financing activities | ||||||
Increase/ (decrease) in short term liabilities under sale and repurchase agreements | 547,256 | (90,381,251) | (142,523,267) | |||
Increase/(decrease) in short term borrowings | 101,488,564 | (89,315,890) | (60,986,791) | |||
Net cash used/ (generated) in financing activities | 102,035,820 | (179,697,141) | (203,510,058) | |||
Net decrease in cash and cash equivalents | (10,010,012) | (9,876,286) | (6,680,931) | |||
Cash and cash equivalents at the beginning of the year | 22,074,881 | 28,217,608 | 28,217,608 | |||
Effect of foreign exchange rate differences on cash and cash equivalents | 11,447 | 238,849 | 538,204 | |||
Cash and cash equivalents at the end of the year | 12,076,316 | 18,580,171 | 22,074,881 | |||
Notes to the condensed consolidated interim financial statements
1. Basis of preparation
The condensed interim financial statements are for the six months ended 30 June 2014. The financial information set out in these condensed interim financial statements does not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. The condensed interim financial statements should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2013 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRSs"). The auditor's report on those financial statements was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.
The accounts for the period have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2013, unless otherwise stated, and those envisaged for the financial statements for the year ended 31 December 2014.
These condensed interim financial statements have been reviewed by BDO LLP, but not audited.
The Group's results are not materially affected by seasonal variations.
The interim financial statements were approved by the Directors on 11 September 2014 and copies are available to the public free of charge from the Company at 62-64 Cornhill, London EC3V 3NH during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14 days from today.
The "other comprehensive income" line in the Condensed consolidated statement of comprehensive income for the six month period to 30 June 2013 has been adjusted to include the effect of foreign exchange rates on historic earnings and provides consistency with relevant IFRS's and the accounting policies used in the annual report for 2013.
2. Segmental Analysis
The Group has two reportable segments attributable to its continuing operations and Head office:
· Physical metals: comprises Ambrian Metals Limited, a physical metals merchant.
· Investment portfolio: comprises the Group's principal investment portfolio held in Ambrian Principal Investments Limited.
· Head office: principally relates to overheads incurred in operating the public limited company and includes the remuneration of the Directors of Ambrian plc. This segment also includes the activities of Ambrian Resources AG.
Total income disclosed below includes investment and other income. The investment portfolio includes realised and unrealised gains on financial assets.
Physical Metals | Investment Portfolio | Head Office | Total | ||||
30 June 2014 | 30 June 2014 | 30 June 2014 | 30 June 2014 | ||||
US $ | US $ | US $ | US $ | ||||
Turnover | 1,528,402,137 | - | - | 1,528,402,137 | |||
Cost of Sales | (1,523,876,507) | - | - | (1,523,876,507) | |||
Revenue | - | 6,281 | - | 6,281 | |||
4,525,630 | 6,281 | - | 4,531,911 | ||||
Physical Metals | Investment Portfolio | Head Office | RestatedTotal | ||||
30 June 2013 | 30 June 2013 | 30 June 2013 | 30 June 2013 | ||||
US $ | US $ | US $ | US $ | ||||
Turnover | 1,383,317,065 | - | - | 1,383,317,065 | |||
Cost of Sales | (1,377,938,026) | - | - | (1,377,938,026) | |||
Revenue | - | (208,553) | - | (208,553) | |||
5,379,039 | (208,553) | - | 5,170,486 | ||||
Physical Metals | Investment Portfolio | Head Office | RestatedTotal | ||||
2013 | 2013 | 2013 | 2013 | ||||
US $ | US $ | US $ | US $ | ||||
Turnover | 2,565,463,074 | - | 230,892 | 2,565,693,966 | |||
Cost of Sales | (2,551,784,668) | - | - | (2,551,784,668) | |||
Revenue | - | (1,476,342) | - | (1,476,342) | |||
13,678,406 | (1,476,342) | 230,892 | 12,432,956 |
Six months to 30 June 2014 | Six months to 30 June 2013 | Year to 31 December 2013 | |||
Profit/(loss) before tax | US $ | US $ | US $ | ||
Physical metals | 2,179,032 | 2,476,031 | 7,948,910 | ||
Investment portfolio | 6,281 | (208,553) | (1,527,089) | ||
Head office | (1,019,981) | (960,277) | (2,273,430) | ||
1,165,332 | 1,307,201 | 4,148,391 | |||
Six months to 30 June 2014 | Six months to 30 June 2013 | Year to 31 December 2013 | |||
Total assets | US $ | US $ | US $ | ||
Physical metals | 423,415,301 | 313,481,564 | 288,779,249 | ||
Investment portfolio | 389,439 | 788,100 | 436,892 | ||
Head office | 3,279,710 | 4,006,951 | 3,960,520 | ||
427,084,450 | 318,276,615 | 293,176,661 | |||
Total liabilities | |||||
Physical metals | 395,929,003 | 289,912,605 | 262,280,511 | ||
Investment portfolio | 542 | 166,900 | 524 | ||
Head office | 1,274,967 | 3,025,586 | 1,930,990 | ||
397,204,512 | 293,105,091 | 264,212,025 |
3. Cash and cash equivalents
Own cash resources included in cash at bank and in hand amounted to US$ 12,076,316 as at 30 June 2014 (30 June 2013: US$ 18,580,171 and 31 December 2013: US$ 22,074,881).
4. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust on 30 June 2014 of 6,259,046 (2013: 6,259,046) and Treasury shares 30 June 2014 of 4,500,058 (2013: 4,500,058).
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
Six months to 30 June 2014 | Six months to 30 June 2013 | Year to 31 December 2013 | |||
Profit attributable to shareholders | $ 810,446 | $ 811,400 | $ 3,915,109 | ||
Diluted profit attributable to shareholders | $ 810,446 | $ 811,400 | $ 3,915,109 | ||
Weighted average number of shares | 100,602,104 | 100,602,104 | 100,602,104 | ||
Dilutive effect of share options | 137,617 | 127,618 | 916,300 | ||
Basic earnings per share US $ cents | 0.81 | 0.81 | 3.89 | ||
Diluted earnings per share US $ cents | 0.80 | 0.81 | 3.86 | ||
The profit attributable to the owners of the company for operations used in the above calculations is that presented in the condensed consolidated statement of comprehensive income. The profit attributable to the owners of the company operations is derived from the profit from continuing operations adjusted for the profit/loss for the period attributable to the non-controlling interest.
5. Financial instruments
Loans and Receivables at amortised cost | At fair value through profit or loss | Total |
| |||||
Six months to 30 June 2014 | Six months to 30 June 2014 | Six months to 30 June 2014 |
| |||||
US $ | US $ | US $ |
| |||||
Financial assets |
| |||||||
Cash and cash equivalents | 12,076,316 | - | 12,076,316 |
| ||||
Trade receivables - current | 99,544,630 | - | 99,544,630 |
| ||||
Other receivables - current | 129,638 | - | 129,638 |
| ||||
Financial assets at fair value through profit or loss |
| |||||||
-derivatives | - | - | - |
| ||||
-equities | - | 2,735,908 | 2,735,908 |
| ||||
Total | 111,750,583 | 2,735,908 | 114,486,491 |
| ||||
|
| |||||||
Six months to 30 June 2013 | Six months to 30 June 2013 | Six months to 30 June 2013 |
| |||||
US $ | US $ | US $ |
| |||||
Financial assets |
| |||||||
Cash and cash equivalents | 18,580,171 | - | 18,580,171 |
| ||||
Trade receivables - current | 74,123,539 | - | 74,123,539 |
| ||||
Other receivables - current | 54,588 | - | 54,588 |
| ||||
Financial assets at fair value through profit or loss |
| |||||||
-derivatives | - | 22,266,168 | 22,266,168 |
| ||||
-equities | - | 2,974,296 | 2,974,296 |
| ||||
Total | 92,758,298 | 25,240,464 | 117,998,762 |
| ||||
| ||||||||
Year to 31 December 2013 | Year to 31 December 2013 | Year to 31 December 2013 |
| |||||
US $ | US $ | US $ |
| |||||
Financial assets |
| |||||||
Cash and cash equivalents | 22,074,881 | - | 22,074,881 |
| ||||
Trade receivables - current | 57,463,061 | - | 57,463,061 |
| ||||
Other receivables - current | 162,322 | - | 162,322 |
| ||||
Financial assets at fair value through profit or loss |
| |||||||
-derivatives |
| |||||||
-equities | - | 1,925,612 | 1,925,612 |
| ||||
Total | 79,700,264 | 1,925,612 | 81,625,876 |
| ||||
Trade and other payables at amortised cost | At fair value through profit or loss | Total | ||||||
Six months to 30 June 2014 | Six months to 30 June 2014 | Six months to 30 June 2014 | ||||||
US $ | US $ | US $ | ||||||
Financial liabilities | ||||||||
Trade payables | 13,761,927 | - | 13,761,927 | |||||
Other payables - current | 197,335 | - | 197,335 | |||||
Short term borrowings | 278,378,497 | - | 278,378,497 | |||||
Accruals and deferred income | - | 66,680,460 | 66,680,460 | |||||
Short term liabilities under sale and repurchase agreements | 33,602,079 | - | 33,602,079 | |||||
Financial liabilities at fair value through profit or loss: | ||||||||
-derivatives | - | 3,442,863 | 3,442,863 | |||||
Total | 325,939,837 | 70,123,323 | 396,063,161 | |||||
Six months to 30 June 2013 | Six months to 30 June 2013 | Six months to 30 June 2013 | ||||||
US $ | US $ | US $ | ||||||
Financial liabilities | ||||||||
Trade payables | 2,503,837 | - | 2,503,837 | |||||
Other payables - current | 577,493 | - | 577,493 | |||||
Short term borrowings | 148,560,835 | - | 148,560,835 | |||||
Accruals and deferred income | - | 55,628,547 | 55,628,547 | |||||
Short term liabilities under sale and repurchase agreements | 85,196,838 | - | 85,196,838 | |||||
Financial liabilities at fair value through profit or loss: | ||||||||
-derivatives | - | - | - | |||||
Total | 236,839,003 | 55,628,547 | 292,467,550 | |||||
Year to 31 December 2013 | Year to 31 December 2013 | Year to 31 December 2013 | ||||||
US $ | US $ | US $ | ||||||
Financial liabilities | ||||||||
Trade payables | 45,594,926 | - | 45,594,926 | |||||
Other payables - current | 415,754 | - | 415,754 | |||||
Short term borrowings | 176,889,933 | - | 176,889,933 | |||||
Accruals and deferred income | - | 4,168,320 | 4,168,320 | |||||
Short term liabilities under sale and repurchase agreements | 33,054,823 | - | 33,054,823 | |||||
Financial liabilities at fair value through profit or loss: | ||||||||
-derivatives | - | 2,371,159 | 2,371,159 | |||||
Total | 255,955,436 | 6,539,479 | 262,494,915 | |||||
Financial assets and financial liabilities are classified in their entirety into only one of three levels.
The fair value hierarchy has the following levels:
· Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities
· Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
· Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial instruments are measured at fair value as follows: | |||||||
Fair value measurements at 30 June 2014 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
US $ | US $ | US $ | US $ | ||||
Financial assets | |||||||
Equity investments | 2,528,251 | - | 207,657 | 2,735,908 | |||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | - | - | - | |||
Total | 2,528,251 | - | 207,657 | 2,735,908 | |||
US $ | US $ | US $ | US $ | ||||
Financial liabilities | |||||||
Accruals and deferred income | 66,678,853 | - | - | 66,678,853 | |||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | 3,442,863 | - | 3,442,863 | |||
Total | 66,678,853 | 3,442,863 | - | 70,121,716 | |||
Fair value measurements at 30 June 2013 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
US $ | US $ | US $ | US $ | ||||
Financial assets | |||||||
Equity investments | 2,378,114 | 596,182 | 2,974,296 | ||||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | 22,266,168 | - | 22,266,168 | |||
Total | 2,378,114 | 22,862,350 | - | 25,240,464 | |||
US $ | US $ | US $ | US $ | ||||
Financial liabilities | |||||||
Accruals and deferred income | 55,628,547 | - | - | 55,628,547 | |||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | - | - | - | |||
Total | 55,628,547 | - | - | 55,628,547 | |||
| |||||||
Fair value measurements at 31 December 2013 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
US $ | US $ | US $ | US $ | ||||
Financial assets | |||||||
Equity investments | 1,706,158 | - | 219,454 | 1,925,612 | |||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | - | - | - | |||
Total | 1,706,158 | - | 219,454 | 1,925,612 | |||
US $ | US $ | US $ | US $ | ||||
Financial liabilities | |||||||
Accruals and deferred income | 4,168,320 | - | - | 4,168,320 | |||
Financial assets at fair value through profit or loss | |||||||
-derivatives | - | 2,371,159 | - | 2,371,159 | |||
Total | 4,168,320 | 2,371,159 | - | 6,539,479 | |||
6. Non-controlling interest
The non-controlling interest disclosed in the condensed consolidated statement of comprehensive income and condensed consolidated statement of financial position represents a 20% minority interest in Ambrian Resources AG held by shareholders other than Ambrian plc.
Ambrian Resources AG, a private equity business, was established in February 2010 in partnership with a team of three former executives from Glencore who hold 20% of the share capital of the company.