TIDMPGL
RNS Number : 9870A
Peninsular Gold Limited
27 March 2013
Peninsular Gold Limited
('Peninsular Gold' or the 'Company' or the 'Group')
(AIM: PGL)
Interim results (unaudited) for the six month period to 31(st)
December 2012
CHAIRMAN'S STATEMENT
Dear Shareholders,
I am pleased to update you on our progress for the period from
1(st) July to 31(st) December, 2012.
At Raub we have continued to focus on maintaining and improving
gold production and have been processing a blend of the tailings
and the in-situ shallow ore.
As I mentioned in my Chairman's Statement in November, we have
now re-organised and strengthened the Raub technical and
operational management team with new senior hires. Their focus will
be on improving the overall performance via increased plant
availability and the front end feed arrangements.
The pre-tax profit for the Group for the six months to 31(st)
December 2012 was GBP2,216,330 (2011: GBP239,322) and the Group
EBITDA for the period was GBP4,816,364 (2011: GBP1,933,978). This
increase on the prior period was due principally to the
significantly improved gold production, which was 76% higher, at
11,705 ounces (2011: 6,621 ounces).
During the period, Peninsular's operating subsidiary, Raub
Australian Gold Mining Sdn. Bhd. ("RAGM") obtained Islamic
financing facilities from its existing financiers Bank Kerjasama
Rakyat Malaysia Berhad and Alkhair International Islamic Bank
Berhad. These facilities are for up to RM124m and US$6m
respectively and give RAGM greater flexibility within its cash
flow.
Operations
Gold production for the six months to 31(st) December, 2012 was
11,705 ounces (2011: 6,621 ounces) of gold from an estimated plant
throughput of 582,000 tonnes at an average recovery of 85.6%. This
increase, as a result of the higher grade material processed from
the in-situ ore, along with the improved plant performance, takes
gold production for the calendar year to 31(st) December 2012 to
23,184 ounces.
During the period we have reintroduced the processing of
tailings, alongside the shallow in-situ material, via new gravel
pumping arrangements. This is currently working well and forms part
of the ongoing review of the options to improve both the capacity
and flexibility of the front end feed arrangements to the
plant.
Exploration
On the exploration front we have principally been active in the
Northern Licence Areas ("NLA") where further new mineralised bodies
have been identified between Tersang-Kekabu and Tenggelan in
addition to those already discovered. These newly identified areas
are in the last stage of regional exploration via ridge &spur,
ground geophysics, soil sampling and trenching.
In addition, detailed exploration by rock sampling and trenching
has started at Chunchok, the high grade mineralisation located
about 3km to the southeast of Tersang and along the same
strike.
The stretch of gold mineralisation now appears to extend almost
continuously over a striking distance of approximately 10km from
Chunchok to Tenggelan (by comparison the known footprint of the
Raub mineralisation is about 6km).
The Raub drilling programme to assess the new targets below the
oxide zone is now expected to commence in the second half of 2013
once more resources are freed up from the NLA exploration
programme.
Judicial Review Outcome
As previously reported, on 7 September 2012, the Judicial Review
case resolved in favour of Peninsular's subsidiary Raub Australian
Gold Mining Sdn Bhd in Malaysia's highest court of law, the Federal
Court. The unanimous decision of the Federal Court upheld the
earlier unanimous decision of the Court of Appeal and the original
decision of the High Court of Malaya.
Strategy and Outlook
Our increased level of gold production, at a more stable rate,
over the last calendar year following the changes that have been
implemented are encouraging. We will continue to focus on
increasing the plant throughput and gold output further over the
coming months as the operations team identify and implement further
initiatives across the plant and its front end arrangements and I
look forward to updating you with our progress.
Dato' Sri Andrew Tai Yeow Kam
Chariman and Chief Executive
Adviser's Declaration
The information in this report that relates to the exploration
and identification of new mineralised bodies are based on
information compiled by Dr. Yves Cheze. Dr. Yves Cheze is a Member
of the Australian Institute of Geoscientists (AIG). The Directors
of the Company are satisfied that Dr. Cheze has sufficient
experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the "Australasian Code for Reporting Exploration
Results, Mineral Resources and Ore Reserves" as published by the
Joint Ore Reserves Committee of the Australasian Institute of
Mining and Metallurgy, Australian Institute of Geoscientists and
Minerals Council of Australia. Dr. Yves Cheze consents to the
inclusion in the report of the matters based on his information in
the form and context in which it appears and confirms that this
information is accurate and not false or misleading.
Condensed Consolidated Statement of Financial Position
(Unaudited)
at 31(st) December 2012
(Expressed in United Kingdom Sterling)
31(st) December 31(st) December 30(th)
2012 2011 June
2012
Notes (Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Non-Current Assets
Property, plant and equipment 2 46,663,899 41,359,211 44,906,898
Other intangible assets 3 14,933,042 15,511,028 15,265,137
Mining development expenditure 4 8,429,990 8,378,547 8,309,636
---------------- ---------------- ---------------
Total Non-current Assets 70,026,931 65,248,786 68,481,671
Current Assets
Inventories 5 3,257,482 1,347,465 2,264,566
Trade and other receivables 6 1,824,641 745,249 1,035,807
Cash and cash equivalents 7 135,833 127,342 180,238
Short-term investment 7 108,194 108,138 107,360
---------------- ---------------- ---------------
5,326,150 2,328,194 3,587,971
Current Liabilities
Trade and other payables 8 (8,951,102) (5,201,796) (7,236,192)
Borrowings 9 (2,886,197) (9,292,550) (15,512,869)
Current tax liability (94,436) (170,630) (231,909)
---------------- ---------------- ---------------
Total Current Liabilities (11,931,735) (14,664,976) (22,980,970)
Net Current Liabilities (6,605,585) (12,336,782) (19,392,999)
---------------- ---------------- ---------------
Total Assets Less Current
Liabilities 63,421,346 52,912,004 49,088,672
Non-Current Liabilities
Trade and other payables 8,13 (450,000) (390,000) (420,000)
Borrowings 9 (22,074,809) (17,530,416) (10,782,752)
Provision for mine restoration 10 (808,282) - -
Total Non-Current Liabilities (23,333,091) (17,920,416) (11,202,752)
---------------- ---------------- ---------------
Net Assets 40,088,255 34,991,588 37,885,920
================ ================ ===============
Shareholders' Equity
Share capital 11 - - -
Stated capital account 11 40,897,957 40,792,957 40,897,957
Reserves (809,702) (5,801,369) (3,012,037)
---------------
Total Equity 40,088,255 34,991,588 37,885,920
================ ================ ===============
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
for the Period From 1(st) July 2012 to 31(st) December 2012
(Expressed in United Kingdom Sterling)
Six months Six months Year
ended 31(st) ended 31(st) ended 30(th)
December December June
2012 2011 2012
Notes (Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Revenue 12,516,990 6,805,877 18,743,963
Less: Cost of sales (6,740,131) (3,702,433) (8,847,209)
-------------- -------------- --------------
Gross Profit 5,776,859 3,103,444 9,896,754
Administrative expenses (1,860,072) (1,370,322) (3,404,443)
Other operating expenses (610,520) (733,958) (1,364,196)
Financial income 1,953 1,816 3,879
Finance costs 13,14 (1,179,535) (627,365) (1,410,430)
Foreign exchange gain
/ (loss) 87,645 (140,132) (377,376)
Profit on disposal of - 5,839 -
fixed assets
Other income - - 2,709
Profit before taxation 14 2,216,330 239,322 3,346,897
Income tax expense 15 (103,970) (153,273) (326,486)
Profit for the Period 2,112,360 86,049 3,020,411
Other Comprehensive Income:
Exchange difference arising
on translation of foreign
operations 89,975 (36,252) (181,282)
Other Comprehensive Income
for the Period, net of
tax 89,975 (36,252) (181,282)
-------------- -------------- --------------
Total Comprehensive Income
for the Period 2,202,335 49,797 2,839,129
Profit attributable to
:
Equity shareholders of
the parent 2,112,360 86,049 3,020,411
Basic earnings per share 16 2.46p 0.10p 3.53p
============== ============== ==============
Diluted earnings per
share 16 2.46p 0.10p 3.53p
============== ============== ==============
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
For the Period From 1(st) July 2012 to 31(st) December 2012
(Expressed in United Kingdom Sterling)
Share Stated Accumulated Capital Translation Total
capital capital losses reserve reserve
account
GBP GBP GBP GBP GBP GBP
At 1(st) July
2011 - 40,792,957 (8,979,120) 456,303 2,671,651 34,941,791
Profit for the
period - - 86,049 - - 86,049
Exchange difference
arising on translation
of foreign operations - - - - (36,252) (36,252)
At 31(st) December
2011 - 40,792,957 (8,893,071) 456,303 2,635,399 34,991,588
Profit for the
period - - 2,934,362 - - 2,934,362
Exchange difference
arising on translation
of foreign operations - - - - (145,030) (145,030)
Placing and subscription
of new ordinary
shares - 105,000 - - - 105,000
At 1(st) July
2012 - 40,897,957 (5,958,709) 456,303 2,490,369 37,885,920
Profit for the
period - 2,112,360 - - 2,112,360
Exchange difference
arising on translation
of foreign operations - - - - 89,975 89,975
At 31(st) December
2012 - 40,897,957 (3,846,349) 456,303 2,580,344 40,088,255
========== =========== ============ ========= ============ ===========
Condensed Consolidated Statement of Cash Flows (Unaudited)
For the Period From 1(st) July 2012 to 31(st) December 2012
(Expressed in United Kingdom Sterling)
Six months Six months Year
ended 31(st) ended 31(st) ended 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating Activities
Profit before tax 2,216,330 239,322 3,346,897
Depreciation of property, plant
and equipment 919,251 808,257 1,483,368
Finance costs 1,179,535 627,365 1,134,379
Interest income (1,953) (1,816) (3,879)
Profit on disposal of fixed assets - (5,840) (5,790)
(Gain) / Loss on foreign exchange (87,645) 140,132 377,376
Amortisation of mining development
expenditure 397,621 153,026 465,838
Amortisation of other intangible
assets 332,095 339,554 585,445
Amortisation of transaction costs
for bank loan 7,532 66,219 276,051
Transaction cost on bank borrowings
written off 279,865 - -
Cash inflow before working capital
changes 5,242,631 2,366,219 7,659,685
Taxation paid (103,970) (153,273) (128,228)
Changes in working capital:
Increase in inventories (992,916) (178,277) (1,095,378)
(Increase) / decrease in trade
and other receivables (788,834) 990,074 699,516
Increase in trade and other payables 2,507,160 846,937 2,498,705
--------------- -------------- --------------
Cash inflow from operating activities 5,864,071 3,871,680 9,634,300
Investing Activities
Interest received 1,953 1,816 3,879
Purchase of property, plant and
equipment (2,330,893) (6,740,009) (11,547,077)
Proceeds from disposal of fixed
assets - 6,147 6,094
Mining development expenditure (454,953) (1,019,023) (1,431,891)
Placement of fixed deposit (834) (10,278) (9,500)
Cash outflow from investing activities (2,784,727) (7,761,347) (12,978,495)
Financing Activities
Repayment of bank loans (25,575,203) (3,303,968) (7,905,626)
Increase in bank loans (Note 9) 24,742,315 7,159,337 10,495,733
Repayment of hire purchase obligations (37,849) (34,629) (71,601)
Proceeds from issue of ordinary
shares - - 105,000
Transaction cost on bank borrowings - - -
Finance costs paid (1,172,910) (591,136) (1,061,526)
------------------ ----------------- -------------------
Cash (outflow)/inflow from financing
activities (2,043,647) 3,229,604 1,561,980
Net increase /(decrease) in Cash
and Cash Equivalents 1,035,697 (660,063) (1,782,215)
Cash and Cash Equivalents at beginning
of Period 180,238 741,761 741,761
Foreign exchange translation reserve (1,080,102) 45,644 1,220,692
------------ -------- ----------
Cash and Cash Equivalents at end
of Period (Note 7) 135,833 127,342 180,238
============ ======== ==========
Notes to the Financial Statements (Unaudited)
For the Period From 1(st) July 2012 to 31(st) December 2012
1. Accounting Policies
These financial statements for the period from 1(st) July 2012
to 31(st) December 2012 have been prepared in accordance with
International Accounting Standard 34 which applies to interim
financial statements.
The same accounting policies and methods of computation are
followed in these interim financial statements as were used in the
preparation of the financial statements for the year ended 30(th)
June 2012. A copy of those accounts is available on
www.peninsulargold.com. The information provided as comparatives
herein for the year ended 30(th) June 2012 does not constitute the
full statutory accounts as per Jersey law by itself. This
information was derived from the statutory accounts for the year
ended 30(th) June 2012, a copy of which has been delivered to the
Registrar of Companies. The auditors' report on the said accounts
was not qualified.
2. Property, Plant and Equipment
Furniture, Assets CIL Plant Tailings Site Restoration Total
Plant Motor Fittings Under & Water Storage Leasehold Infra- Asset
& &
Equipment Buildings Vehicles Equipment Renovation Construction Retaining Facility Land structure
Pond
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
Cost
At 1(st)
July 2012 3,154,712 447,463 560,110 409,569 203,554 28,359,415 13,442,082 5,067,652 100,393 10,800 - 51,755,750
Additions 6,627 - - 11,775 - 539,720 - 989,324 - - 783,447 2,330,893
Disposal - - - - - - - - - - - -
Currency
translation
difference 24,512 3,477 4,352 3,170 1,582 208,469 104,447 51,264 780 84 - 402,137
At 31(st)
December
2012 3,185,851 450,940 564,462 424,514 205,136 29,107,604 13,546,529 6,108,240 101,173 10,884 783,447 54,488,780
========== ========== ========= =========== =========== ============= =========== =========== ========== ========== ============ ===========
Accumulated
depreciation
At 1(st)
July 2012 2,489,993 317,166 238,228 163,338 68,937 - 2,835,026 684,464 50,197 1,503 - 6,848,852
Charge for
the period 23,617 34,656 49,802 18,150 10,217 517,199 220,270 5,039 542 39,759 919,251
Disposal - - - - - - - - - - - -
Currency
translation
difference 19,438 2,599 2,044 1,332 575 - 24,038 6,174 410 14 154 56,778
At 31(st)
December
2012 2,533,048 354,421 290,074 182,820 79,729 - 3,376,263 910,908 55,646 2,059 39,913 7,824,881
========== ========== ========= =========== =========== ============= =========== =========== ========== ========== ============ ===========
Net Book
Value
At 31(st)
December
2012 652,803 96,519 274,387 241,695 125,407 29,107,604 10,170,266 5,197,332 45,527 8,825 743,534 46,663,899
======== ======== ======== ======== ======== =========== =========== ========== ========= ======= ========== =============
At 30(th)
June
2012 664,719 130,297 321,882 246,231 134,617 28,359,415 10,607,056 4,383,188 50,196 9,297 - 44,906,898
======== ======== ======== ======== ======== =========== =========== ========== ========= ======= ========== =============
At 31(st)
December
2011 696,051 168,912 377,935 249,845 145,000 24,865,004 10,275,063 4,515,229 56,165 10,007 - 41,359,211
======== ======== ======== ======== ======== =========== =========== ========== ========= ======= ========== =============
Assets under construction refer to the construction works in
progress for the upgrade to the Carbon-In-Leach Plant. In September
2009, Raub Australian Gold Mining Sdn Bhd commenced its project to
upgrade the Carbon-In-Leach Plant at its Raub gold project in
Pahang, Malaysia. The plant is expected to be commissioned during
the second half of 2013.
Leasehold land refers to a piece of land, owned by S.E.R.E.M.
Malaysia Sdn Bhd, to which mining certificate MC511 relates.
During the period ended 31(st) December 2012, the company has
recognised a provision for restoration of the Raub mine site at the
end of mining operations. Management have prepared an assessment of
the expected costs of restoration, discounted to their net present
value and recognised a provision for this amount (Note 10). A
restoration asset of equivalent value has been recognised and this
will be depreciated over the Raub mine lifetime on a
unit-of-production basis.
3. Other Intangible Assets - Mining Reserves and Resources
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
Opening balance 17,378,478 17,378,478 17,378,478
Amortisation
Opening balance 2,113,341 1,527,896 1,527,896
Charge for the period 332,095 339,554 585,445
Closing balance 2,445,436 1,867,450 2,113,341
============ =============== ===========
Net book value 14,933,042 15,511,028 15,265,137
============ =============== ===========
Other intangible assets comprise mineral properties including
mining licences and rights.
The Group's mining assets were valued by independent experts
prior to the acquisition of the subsidiaries on 17(th) June 2005
and these valuations were considered to be relevant and unimpaired
at the financial reporting date. The valuation was based upon the
defined reserves, resources and the Group's prospecting interests.
Valuation techniques most relevant to the asset type, as considered
by the independent valuer, were applied and included discounted
cash flows for the defined reserves, comparable transaction method
for the inferred resources and the Geoscience Factor method for
mineral titles.
No revenue has been generated from SEREM in the financial period
ended 31(st) December 2012 from its mineral reserves. Hence, there
is no amortisation of mining reserves and resources for SEREM.
4. Mining Development Expenditure
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
Opening balance 9,457,521 8,216,339 8,216,339
Currency translation difference 73,486 (5,004) (190,709)
Additions 454,953 1,019,023 1,431,891
Closing balance 9,985,960 9,230,358 9,457,521
============ ============ ==========
Amortisation
Opening balance 1,147,885 703,789 703,789
Currency translation difference 10,464 (5,004) (21,742)
Amortisation for the period 397,621 153,026 465,838
Closing balance 1,555,970 851,811 1,147,885
========== ======== ==========
Net Book Value 8,429,990 8,378,547 8,309,636
========== ========== ==========
The directors are of the view that there will be sufficient
future revenues from the extraction of gold to offset the mining
development expenditure capitalised in the financial
statements.
5. Inventories
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Spare parts and consumables 955,245 403,612 624,248
Ore stockpiles 1,621,943 223,030 1,075,599
Work- in- progress 664,845 712,040 549,390
Finished goods 15,449 8,783 15,329
3,257,482 1,347,465 2,264,566
============ ============ ==========
6. Trade and Other Receivables
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Other receivables, deposits
and prepayments 1,824,641 745,249 1,035,807
============ ============ ==========
7. Cash and Cash Equivalents
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash at bank and in hand 135,833 127,342 180,238
============ ============ ==========
A fixed deposit of GBP108,194 (2011 : GBP108,138) with a
licensed bank has not been included in Cash and Cash Equivalents as
it has a maturity exceeding three months at inception. It has been
reported in short term investments.
8. Trade and Other Payables
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Trade payables 6,500,692 3,612,099 5,130,331
Other payables and accruals 2,900,410 1,979,697 2,525,861
9,401,102 5,591,796 7,656,192
Less: non-current portion
(Note 13) (450,000) (390,000) (420,000)
------------ ------------ ----------
8,951,102 5,201,796 7,236,192
============ ============ ==========
9. Borrowings
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current Portion
Bank loans 2,824,193 9,229,570 15,450,954
Hire purchase obligations 62,004 62,980 61,915
------------ ------------ -----------
2,886,197 9,292,550 15,512,869
------------ ------------ -----------
Non-current Portion
Bank loans 21,186,862 16,577,790 9,865,963
Preference shares - debt
portion 664,000 664,000 664,000
Hire purchase obligations 223,947 288,626 252,789
------------ ------------ -----------
22,074,809 17,530,416 10,782,752
============ ============ ===========
Bank Loans
During the period, RAGM refinanced its USD 6 million loan with
Alkhair International Islamic Bank Berhad. The new facility was for
up to USD 6 million and is repayable over 48 months with a grace
period of 24 months from the date of first disbursement. The entire
loan was fully drawn down by 31(st) December 2012.
The loan is secured by way of a debenture ranking after Bank
Kerjasama Rakyat Malaysia Berhad. The loan is subject to interest
at a rate of 2.75% above Alkhair's cost of funds, which was 4.63 %
as at 31(st) December 2012.
All bank loans are secured by way of a debenture over all
the assets and undertakings of RAGM, a third party charge
over a property owned by a company under common control and
corporate guarantees provided by the Parent Company.
Hire Purchase Obligations
Hire purchase agreements are subject to fixed interest rates
ranging from 2.61% to 3.65%.
10. 10. Provision for mine restoration 31(st)
December
2012
(Unaudited)
GBP
At 1(st) July 2012 -
Provision for mine restoration 783,447
Unwinding of discount 24,835
At 31(st) December 2012 808,282
============
The provision for mine restoration is made based on management
assessment of the expected cost of restoration which includes the
rehabilitation of waste dumps, rehabilitation of storage
facilities, road maintenance and watering
11. Share Capital and Stated Capital Account
(a) Share Capital
31(st) 31(st) 30(th)
December December June 2012
2012 2011
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Company
Authorised
Unlimited ordinary shares of GBPNil - - -
par value each
============ ============ ===========
Allotted, called up and fully paid
85,986,550 ordinary shares of GBPNil - - -
par value each
2,000,000 preference shares of - - -
GBPNil par value each
------------ ------------ -----------
- - -
============ ============ ===========
(b) Stated Capital Account
Movements: 2012 GBP
At 1(st) July 2012 Opening balance 40,897,957
Addition -
-------------------
At 31(st) December
2012 Closing balance 40,897,957
===================
12. Translation reserve
Assets and liabilities of foreign consolidated subsidiaries are
translated into United Kingdom Sterling at the rate of exchange
ruling at the balance sheet date.
Revenue and expenses are translated at the average exchange
rates for the period. All resulting translation differences are
included in a translation reserve in equity.
The closing rates used in the translation of foreign currency
monetary assets and liabilities are as follows:
United Kingdom Sterling 1.00 Malaysian Ringgit 4.9420
United Kingdom Sterling 1.00 United States Dollars 1.6159
United States Dollars 1.00 Malaysian Ringgit 3.0583
13. Dividends
Included in the Financing Costs is an amount of GBP30,000 in
respect of 2,000,000 redeemable, convertible 6% preference shares'
dividends. In accordance with the share subscription agreement,
preference dividends should be accrued from the date of issuance to
the conversion date or the redemption date. The accumulated amount
of preference dividends has now amounted to GBP450,000 since the
issue of the said shares at GBP0.50 per share on 27(th) May 2005,
as indicated in trade and other payables.
14. Profits Before Tax
Profits before tax for the period are arrived at after charging
the following:
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost of sales
Cost of production 5,938,980 3,012,707 7,599,992
Depreciation of property, plant
and equipment 801,151 689,726 1,247,217
Operating & administrative expenses
Audit fees - current - - 81,393
- underprovision in prior year - 17,461 -
Depreciation of property, plant
and equipment 118,100 118,531 236,151
Amortisation of mining development
expenditure 397,621 153,026 465,838
Amortisation of other intangible
assets 332,095 339,554 585,445
Amortisation of transaction costs
for bank loan 7,532 66,219 276,051
Profit on disposal of fixed assets - 5,839 5,790
Rental of premises 67,968 75,176 140,267
Finance costs
Bank loan interest 665,623 329,415 738,293
Other financial charges 179,308 201,731 336,086
Amortisation of transaction costs 279,865 66,219 276,051
Preference dividends 30,000 30,000 60,000
Unwinding of discount on restoration
provision 24,739 - -
Financial income
Interest income 1,953 1,816 3,879
15. Income Tax Expense
The Parent Company is subject to Jersey income tax at a rate of
0%.
Malaysian Corporation Tax is provided on taxable profits at the
appropriate rate for subsidiary companies located in Malaysia.
Income tax for the financial period is derived by using the
Malaysian tax rate of 25% (2011 : 25%).
Tax reconciliation:
Group 31(st)
December
2012
(Unaudited)
GBP
Profit before taxation 2,216,330
============
Income tax using Malaysian tax rate 554,082
Tax exempt under Pioneer Status (647,279)
Disallowed Expenses 487,376
Effect of timing difference on mining
allowance and capital allowance (279,952)
Over provision in prior year (10,257)
103,970
============
16. Earnings per share
The calculation of earnings per share is based on the earnings
for the period after taxation and on the weighted average number of
shares in issue during the period as below:-
Basic earnings per share 31(st) December 31(st) 30(th)
2012 December June
2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Earnings used in calculation 2,112,360 86,049 3,020,411
Weighted average number of
ordinary shares 85,986,550 85,461,550 85,465,853
Basic earnings per share 2.46p 0.10p 3.53p
================ ============ ===========
Diluted earnings per share 31(st) December 31(st) 30(th)
2012 December June
2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Earnings used in calculation 2,112,360 86,049 3,020,411
Weighted average number of ordinary
shares 85,986,550 85,461,550 85,465,853
Conversion of warrants for nil - 479,492 -
consideration
---------------- ----------------- -----------
85,986,550 85,941,042 85,465,853
---------------- ----------------- -----------
Diluted earnings per share 2.46p 0.10p 3.53p
================ ================= ===========
The redeemable preference shares are non-dilutive.
17. Segmental information
Currently all revenues, profits and losses before tax and the
carrying value of assets and liabilities arise from the production
and sale of gold doré bars and activities related to the upgrade of
the carbon-in-leach plant and gold mining and exploration activity
within Malaysia.
18. Capital Commitments
31(st) 31(st) 30(th)
December December June
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Authorised and contracted
for 7,502,950 3,599,625 10,012,846
============ ============ ===========
The above amount relates to the expansion of the carbon-in-leach
plant (CIL), which is expected to be commissioned during the second
half of 2013.
-Ends-
For further information:
Dato' Sri Andrew TY Kam Patrick Watson
Chairman and Chief Executive Finance Director
Peninsular Gold Limited Peninsular Gold Ltd.
Tel: +60 (0)3 2698 8381 Tel: +44 (0)7799 885653
------------------------------- ---------------------------
Samantha Harrison / Jen Boorer Colin Rowbury
Nominated Adviser Broker
RFC Ambrian Limited Daniel Stewart & Co. Ltd.
Tel: +44 (0)20 3440 6800 Tel: +44 (0)20 7776 6936
------------------------------- ---------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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