Income tax payment (392) (1,229)
-------------------------------------------------- ------------- -------------
Net cash from/(used in) operating
activities 1,671 23,111
-------------------------------------------------- ------------- -------------
Investing activities
Payments for purchase of property,
plant and equipment (751) (34,595)
Acquisition of subsidiaries
Payments for intangible assets (41) (123)
Proceeds from disposal of property, plant 16 -
and equipment
Interest received 39 53
-------------------------------------------------- ------------- -------------
Net cash used in investing activities (737) (34,665)
-------------------------------------------------- ------------- -------------
Financing activities
Transfer to restricted cash (11,106) (977)
Proceeds of short term loan 26,160 18,296
Repayment of short term loan (12,301) (8,353)
Finance costs paid (1,605) (1,478)
-------------------------------------------------- ------------- -------------
Net cash from financing activities 1,148 7,488
-------------------------------------------------- ------------- -------------
Net (decrease)/increase in cash
and cash equivalents 2,082 (4,066)
Cash and cash equivalents at beginning
of the year 2,162 6,559
-------------------------------------------------- ------------- -------------
4,244 2,493
Effect of foreign exchange rate
changes (250) (331)
-------------------------------------------------- ------------- -------------
Cash and cash equivalents at end
of year 3,994 2,162
================================================== ============= =============
Abridged notes to the financial information for the year ended
31 December 2013
1 GENERAL
Greka Drilling Limited (the "Company") was incorporated in the
Cayman Islands on 1 February 2011 under the Companies Law (2010
Revision) of the Cayman Islands. The registered office and
principal place of business of the Company are located at PO Box
472, Harbour Place 2nd Floor, 103 South Church Street, George Town,
Grand Cayman KY1-1106, Cayman Islands and 29th Floor, Landmark
Plaza, No. 1 Business Outer Ring Road, Central Business District,
Henan Province, Zhengzhou 450000, PRC respectively.
The Company was established as an investment holding company for
a group of companies whose principal activities consist of the
provision of coal bed methane drilling services in China. The
Company and its subsidiaries are hereinafter collectively referred
to as the "Group".
The financial statements are presented in United States dollars
which is same as the functional currency of the Company.
2 PRINCIPAL ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with
IFRSs as adopted by the European Union, that are effective for
accounting periods beginning on or after 1 January 2013. The
principal accounting policies adopted in the preparation of the
consolidated financial statements are set out in the Group!--s full
annual report and accounts for the year ended 31 December 2013.
3 REVENUE AND SEGMENT INFORMATION
The Group determines its operating segment based on the reports
reviewed by the chief operating decision-makers ("CODMs") that are
used to make strategic decisions.
The Group reports its operations as a single reportable segment:
the provision of contract drilling services in the People's
Republic of China (the "PRC"). The consolidation of our contract
drilling operations into one reportable segment is attributable to
how the CODMs manage the business.
We evaluate the performance of our single operating segment
based on revenues from external customers and the associated
profit.
Drilling services revenue and management services revenue
represent the net invoiced value of contract drilling services and
management services provided substantially to one customer in the
PRC (who is a related party) and the rest to other customers from
each of whom less than 10% of total revenue is derived in 2012 and
2013. The amounts of each significant category of revenue
recognised during the year are as follows:
2013 2012
US$'000 US$'000
Drilling services 29,918 60,325
Management services 610 593
---------------- --------
30,528 60,918
================ ========
All the non-current assets and operations of the Group are
located in the PRC.
4 PROFIT FROM OPERATIONS
Profit from operations is stated after charging/(crediting):
2013 2012
US$'000 US$'000
Auditors' remuneration:
Fees payable to the Company's auditors
for the audit of
the annual financial statements 124 119
Fees payable to the Company's auditors
for the review of 41 10
the interim results - -
Cost of inventories recognized as expense 6,938 24,070
Staff costs (note 7) 9,927 13,604
Depreciation of property, plant and equipment 5,643 9,204
Operating lease expense (property) 374 201
Amortization of intangible assets 76 68
Loss on disposal of property, plant and 25 -
equipment
Government grant* - (135)
*This mainly represents an amount received from the Henan
Government by a subsidiary. The amount was a one-off receipt and
recognized fully to profit and loss since the attaching conditions
were fulfilled in 2012.
5 FINANCE INCOME
2013 2012
US$'000 US$'000
Foreign exchange gains 2,953 314
Bank interest 39 53
-------- --------
2,992 367
======== ========
6 FINANCE COSTS
2013 2012
US$'000 US$'000
Interest expense on short term loans 1,605 631
Interest expense on loans from a related
company - 847
Less: Interest expenses capitalized* - (156)
1,605 1,322
============== ========
*Interest expenses was capitalized in
construction in progress at the following
rates per annum N/A 7.22%
======= ========
7 STAFF COSTS
2013 2012
US$'000 US$'000
Staff costs (including directors' remuneration)
comprise:
Wages and salaries 7,435 10,969
Employer's national social security contributions 2,148 2,301
Other benefits 344 334
----------------- --------
9,927 13,604
================= ========
8 EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share
attributable to the owners of the Company is based on the following
data:
2013 2012
US$'000 US$'000
Profit for the year 308 1,832
Number of shares 398,245,758 398,245,758
Weighted average number of ordinary shares
for the purposes of basic earnings per
share (thousands) 398,246 398,246
Weighted average number of ordinary shares
for the purposes of diluted earnings
per share (thousands) 398,246 398,246
===================== ===================
Basic earnings per share (US$) 0.0008 0.0046
===================== ===================
Diluted earnings per share (US$) 0.0008 0.0046
===================== ===================
Greka Drilling (LSE:GDL)
過去 株価チャート
から 6 2024 まで 7 2024
Greka Drilling (LSE:GDL)
過去 株価チャート
から 7 2023 まで 7 2024
