TIDMTXR
RNS Number : 9866I
Titanium Resources Group Ltd
23 March 2010
Titanium Resources Group
Preliminary Results
March 23, 2010: Titanium Resources Group ("TRG" or "the Company") announces
preliminary results for the year ended 31 December, 2009.
Highlights
· Sales of US$36.8 million in the year (2008: US$39.4 million).1
· EBITDA pre exceptional items of US$6.0 million (2008: loss US$22.6
million).
· Cash costs reduced by 56% in the year to US$28.7 million (2008: $64.7
million).
· US$2 million cash generated from operating activities (2008: cash consumed
$25 million).
· Construction of Dredge D3 progressing on budget and expected to be
commissioned in Q1 2011.
· Versi Dredge successfully commissioned and now fully operational.
· All 2010 rutile production sold with an average 5% price increase achieved
over 2009 contracted prices for standard grade rutile.
· Titanium feedstock market fundamentals suggest pricing will improve
significantly in 2011.
1Excluding US$10 million of Bauxite sales in 2008. Total sales for 2008 were
US$49.4 million
Commenting on the results, TRG Chief Executive John Sisay said:
"Following a busy year, TRG has made significant progress on a number of fronts
in 2009 and is now in a strong position to grow and deliver value to
shareholders. The successful capital raise, significant reductions in operating
costs, achievement of operating profitability, a positive EBITDA before
exceptionals and a robust operating performance should provide the basis for a
sustainable improvement in the Company's performance. Furthermore, titanium
feedstock market fundamentals suggest pricing will further improve significantly
in 2011, at the same time as the Company's sales contracts expire.
"In November 2009 we successfully raised US$25 million from new and existing
shareholders to expand production at the Sierra Rutile mine, through the
completion of the construction of Dredge D3, the upgrading of Dredge D1's Wet
Plant and upgrades at the Company's Land Plant. These projects are expected to
be fully commissioned within the next 12 months and Dredge D3 is expected to add
rutile production of 30,000 tonnes in its first full year of operation.
"The positive outlook for titanium markets and TRG's ability to significantly
increase production means we are well positioned to benefit from future price
increases. Our key focus for 2010, therefore, is on ensuring that Dredge D3 and
our other growth projects are delivered successfully."
For further information
Titanium Resources Group
John Sisay, Chief Executive
Walter Kansteiner, Non-executive Chairman
Telephone: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
John Prior/Ed Burbidge
Telephone: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Telephone: +44 (0) 207 321 0000
Chief Executive's Review
Following a busy year, TRG has made significant progress on a number of fronts
in 2009 and is now in a strong position to grow and deliver value to
shareholders. The successful capital raise, significant reductions in operating
costs, achievement of operating profitability, a positive EBITDA before
exceptionals and a robust operating performance should provide the basis for a
sustainable improvement in the Company's performance. Furthermore, titanium
feedstock market fundamentals suggest pricing will further improve significantly
in 2011, at the same time as the Company's sales contracts expire.
The fall in the Company's sales in 2009 compares to the previous year during
which significant contributions were recorded from the Sierra Minerals Bauxite
mine ("SML") as well as additional rutile production from Dredge D2. Stripping
out SML's contribution sales fell by just 6% in the year, a very creditable
result.
Following the lifting of the Company's suspension from trading on AIM in January
2009, the Company implemented a wide reaching cost cutting and efficiency
optimisation programme which resulted in a reduction in costs of sales for the
year of 56%. These significant cost savings helped the Company achieve EBITDA
before exceptionals for the year of US$6.0 million compared to a loss of US$22.7
million during the previous year.
In November 2009 we successfully raised US$25 million from new and existing
shareholders to expand production at the Sierra Rutile mine, through the
completion of the construction of Dredge D3, the upgrading of Dredge D1's Wet
Plant and upgrades at the Company's Land Plant. These projects are expected to
be fully commissioned within the next 12 months and Dredge D3 is expected to add
rutile production of 30,000 tonnes in its first full year of operation.
The Company successfully reached a Settlement Agreement for US$3.5 million in
April 2009 with the second largest of its reinsurers, in relation to the
Company's Dredge D2 insurance claims. The Company expects to have concluded
court appointed mediation with the rest of its reinsurers by the end of March
2010. Should a settlement not be reached at mediation, a four week trial has
been set down to commence on 28 June 2010. Whilst there can be no certainty
about the conclusion of our legal action, we believe we are in a strong position
based upon the legal and technical merits of our claim.
Rutile production for the year was broadly in line with the Company's estimates
with achieved rutile production of 21,514, tonnes in Q4 2009, a 96.8% increase
from the levels of Q3. The increased production levels in Q4 2009 were a result
of operational improvements on Dredge D1 combined with its mining of the higher
grade Lanti South deposit.
In addition to my appointment as CEO and the appointment of Lindberg Charles as
CFO, the Company has seen a number of changes to its Board and management team.
François Colette has been appointed as a Non-Executive Director, and Raju Jaddoo
has become a Non-Executive Director following his resignation as Chief Financial
Officer. Further to these Board changes, the Company has also made a number of
senior operational appointments.
These include the appointment of Mark Button as Chief Operating Officer,
bringing with him a wealth of operational experience that will be of significant
value to the Company and the promotion of Sahr Wonday to General Manager of
SRL's operations following more than 30 years working across the different
plants, latterly as Deputy General Manager.
After the end of the period Neil Gawthorpe was appointed Marketing Director
having worked as TRGs Sales & Marketing Manager since January 2008.
TRG supports the Government of Sierra Leone's 2007 manifesto pledge to ensure
that Sierra Leone's mineral wealth is developed sustainably and to the benefit
of the Sierra Leonean people. The Company has a strong working relationship
with the Government and continues to work with the Ministry for Mineral
Resources review team to ensure that our mutually beneficial relationship
continues.
Production
+----------------------+----------------------+----------------------+
| 2009 | Rutile Production | Ilmenite Production |
| | (tonnes) | (tonnes) |
+----------------------+----------------------+----------------------+
| Quarter 1 | 18,000 | 5,028 |
+----------------------+----------------------+----------------------+
| Quarter 2 | 13,418 | 3,630 |
+----------------------+----------------------+----------------------+
| Quarter 3 | 10,932 | 2,575 |
+----------------------+----------------------+----------------------+
| Quarter 4 | 21,514 | 3,928 |
+----------------------+----------------------+----------------------+
| Total | 63,864 | 15,161 |
+----------------------+----------------------+----------------------+
During 2009 the Company produced 63,864 tonnes of rutile, broadly in line with
the Company's targeted production for the year of 65,000 tonnes. The Company
saw a significant increase in production during the final quarter of 2009 as a
result of improved dredge availability and increased digging rates combined with
Dredge D1 mining higher grade areas of the Lanti South deposit. Production in
Q1 has been in line with expectations and the Company anticipates that
production levels will increase as the year progresses. As a result, TRG is
targeting rutile production of 90,000 tonnes in 2010, in addition the Company
expects to produce a modest amount of ilmenite and zircon concentrate in the
year
A build up of slimes in the Lanti South pond where Dredge D1 is mining resulted
in a number of mechanical breakdowns to pumps and reduced recoveries in the wet
plant, with a knock on effect on dredge availability notably in Q3. As a result
the Company purchased a new IMS Versi-Dredge ("the Versi-Dredge") for US$1.1
million, which has been financed from the cash flows generated from operations.
The Versi-Dredge, which was delivered to site in February, has been commissioned
and is now fully operational. The Company expects that it will take
approximately 6 months to remove the slimes in the Lanti South pond. This
should not only assist the Company in meeting its production targets for 2010,
but also ensure the full mine life of the Lanti South Pond is preserved.
Once the slimes have been removed, the Company intends to use the Versi-Dredge
to increase production by mining deposits such as those in the Mogbwemo tailings
area, which contains a mineral resource of approximately 18 million tonnes of
ore at an average rutile grade of 0.94%. In anticipation of the Versi-Dredge
mining these tailings later in the year, the Company is currently evaluating
plans to construct a small wet plant for the dredge.
Dredge D3
The Board approved fund raising for the construction of Dredge D3 last year and,
following the placing conducted in November, development work began in December
2009 following the appointment of CEMMATS as pre-project managers. The project,
which is expected to add 30,000 tonnes per annum to rutile production in its
first full year of operation, is progressing on budget and is expected to be
commissioned in Q1 2011.
Following a review of the dredge design, the Company has decided to construct
Dredge D3 with a separate floating wet plant rather than with an integral plant
as previously planned. Whilst this has caused a short delay to the project it
will result in improved recoveries from the wet plant once the dredge is in
operation.
We expect to award contracts for the mechanical and electrical contractors in
the coming weeks and to have completed orders for all long lead items by April.
D1 Wet Plant and Land Plant upgrades
The upgrade of spirals on the Dredge D1 Wet Plant is progressing ahead of
schedule. Proposals from three independent suppliers have been received and are
currently being reviewed with the tender expected to be awarded later this
month. It is currently anticipated that the new spirals will be commissioned in
Q3 2010.
Work to complete the upgrade of the Land Plant is continuing and the Company is
confident the work will be completed in the second half of the year as
anticipated.
Exploration
The Company commissioned its new EVH 2100 aircore rig during late 2009 and has
conducted reconnaissance mapping and sampling in Sierra Rutile owned concessions
which have identified well mineralised zones suitable for further investigation.
These represent promising extensions to the existing mineral resource and
dredgeable operations, with exploration drilling planned over these targets. The
drilling will be orientated towards: improving the mineral resource confidence
in the Gbeni and Ndendemoia areas; confirming promising extensions to known
mineral resources; and identifying potential new mineral resource areas.
Financials
Cash Position
The Company had a cash balance of US$25.9 million as at 31 December 2009. The
US$25 million gross proceeds raised during 2009 were largely undrawn as at the
Balance Sheet date as the planning phase of the projects which started before
year end does not require a substantial amount of cash.
Turnover and Loss Before Tax
Rutile and ilmenite sales from Sierra Rutile in 2009 of US$36.8 million were
robust compared with US$39.4 million in 2008 given the reduction in production
capacity. The total sales of US$36.8 million in the year, represents a decline
of 25% from 2008 as a result of the disposal of the Sierra Minerals bauxite mine
in the second half of 2008 and reduced production from Sierra Rutile, resulting
in a loss before taxation of US$7.5 million (2008: US$40.4 million).
Cost Reduction
We have successfully completed significant cost cutting measures in the year and
the completion of the heavy fuel oil power plant increased fuel savings by over
50%. Fuel costs have fallen in line with market prices, lower cost of fuel oil
as compared to diesel and increased efficiency.
Cash costs have also been significantly reduced through improvements to
procurement processes, reduced use of consumables, salary cuts, a reduction in
headcount and a fall in the use of contracted services.
In the year these measures produced a combined US$36 million reduction in cash
costs, a fall of 56%. The Company anticipates that in the future, costs will
rise in line with increased production levels and inflation, however they are
expected to remain significantly below 2008 levels.
Exceptional items
The Company recorded a one off US$6.4 million exceptional gain following the
writing back of previous provisions relating to share options which were put in
place at the IPO. The options, which are priced at 47p, expire on 15 August
2010.
Other exceptional costs relate mainly to costs associated with the private
placement to raise US$25 million (gross) completed during November 2009.
The Company recorded an overall exceptional gain of US$3.7 million in 2009.
Finance Costs
The increase in finance costs to US$7.5 million was as a result of a US$3.7
million interest charge on the EUR35 million loan from the EU, the remaining costs
of US$3.8 million occurred following adverse currency movements.
Marketing
The Company fully sold all of its production in 2009 and has already sold all of
its production for 2010 under contract, achieving an average price increase of
5% for standard grade rutile compared to 2009 contracted prices.
There has been strong demand for higher margin industrial grade rutile from
Asian markets, and this has resulted in a number of positive developments.
Sales of industrial grade rutile into the Japanese market for 2010 have doubled,
whilst the Company successfully entered the Chinese market for the first time
through a contract for bulk rutile. There is potential for further sales to
this expanding company and negotiations on future supply contracts are underway.
Industrial grade typically sets a premium of US$100 per tonne to standard grade
rutile at little extra cost to the Company and therefore increased sales into
this market is an important step for the Company.
Longer term demand for the Company's industrial grade rutile outside of China is
likely to be supported by the increasing trend towards the use of flux cored
wire technology as opposed to welding rods.
Although the markets for titanium feedstocks were in oversupply during 2009,
much of this surplus was of sulphate grade ilmenite. In contrast, the market
for high TiO2 chloride feedstock remains tight and we expect this to continue
due to long-term supply fundamentals.
A number of other producers have shut or mothballed capacity and there is a lack
of new projects coming on stream to replace older mines which are approaching
the end of their lives. As a result, supply side deficits in the titanium
feedstock markets are unavoidable in the medium term. This tightening of supply
is likely to be most acute in the high grade feedstock markets in which TRG
operates.
The long term drivers for increased rutile consumption in the pigment industry
remain intact as stringent environ-mental regulations imposed on pigment
producers make higher purity feedstocks more attractive as they require less
energy and produce less waste.
Additionally, the Company will shortly commence bulk shipment of zircon
concentrate, providing a new revenue stream from a high value material used in
the ceramics industry. Demand for the zircon concentrate is very high and
contract negotiations are well advanced for further shipments during the year.
Outlook
The positive outlook for titanium markets and TRG's ability to significantly
increase production means we are well positioned to benefit from future price
increases. Our key focus for 2010, therefore, is on ensuring that Dredge D3 and
our other growth projects are delivered successfully.
Despite this focus on growth, I am convinced that the operational improvements
achieved in 2009 can be continued in the year ahead. The improved production
performance shown in the second half of last year has continued into 2010 and
the steps we took to reduce expenditure and improve efficiency have resulted in
sustainable cost reductions.
Sierra Leone remains a challenging place to operate, however, I am convinced
that the Company is well positioned to deliver a sustained improvement in
operating performance and profitability.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - DECEMBER 31, 2009
+--------+--------+--------+--------+----------------------+-------------------------+
| | | | Note | 2009 | 2008 |
+--------+--------+--------+--------+----------------------+-------------------------+
| ASSETS | | | USD'000 | USD'000 |
+-----------------+--------+--------+----------------------+-------------------------+
| Non-current | | | | |
| assets | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Property, plant | | 1 | 123,933 | 125,503 |
| and equipment | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Intangible | | 2 | 13,243 | 13,311 |
| assets | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Non-current | | | 753 | 753 |
| receivables | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | 137,929 | 139,567 |
+--------+--------+--------+--------+----------------------+-------------------------+
| | | | | | |
+--------+--------+--------+--------+----------------------+-------------------------+
| Current assets | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Inventories | | | 16,088 | 14,482 |
+-----------------+--------+--------+----------------------+-------------------------+
| Trade and other | | | 16,806 | 23,258 |
| receivables | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Current tax | | | | 70 |
| assets | | | - | |
+-----------------+--------+--------+----------------------+-------------------------+
| Cash in hand | | | 25,902 | 7,362 |
| and bank | | | | |
| balance | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | 58,796 | 45,172 |
+--------+--------+--------+--------+----------------------+-------------------------+
| Total assets | | | 196,725 | 184,739 |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | | |
+--------+--------+--------+--------+----------------------+-------------------------+
| EQUITY AND | | | | |
| LIABILITIES | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Capital and | | | | |
| reserves | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Share capital | | 4 | 251,963 | 238,026 |
+-----------------+--------+--------+----------------------+-------------------------+
| Revenue deficit | | | (130,995) | (123,128) |
+-----------------+--------+--------+----------------------+-------------------------+
| Owners' | | | 120,968 | 114,898 |
| interest | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | | |
+--------+--------+--------+--------+----------------------+-------------------------+
| LIABILITIES | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Non-current | | | | |
| liabilities | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Borrowings | | 5 | 51,638 | 45,073 |
+-----------------+--------+--------+----------------------+-------------------------+
| Provision for | | | 3,261 | 3,261 |
| liabilities and | | | | |
| charges | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | 54,899 | 48,334 |
+--------+--------+--------+--------+----------------------+-------------------------+
| | | | | | |
+--------+--------+--------+--------+----------------------+-------------------------+
| Current | | | | |
| liabilities | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Trade and other | | | 20,673 | 21,499 |
| payables | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Current tax | | | 175 | |
| liabilities | | | | - |
+-----------------+--------+--------+----------------------+-------------------------+
| Borrowings | | 5 | 10 | 8 |
+-----------------+--------+--------+----------------------+-------------------------+
| | | | | 20,858 | 21,507 |
+--------+--------+--------+--------+----------------------+-------------------------+
| Total | | | 75,757 | 69,841 |
| liabilities | | | | |
+-----------------+--------+--------+----------------------+-------------------------+
| Total equity | | | 196,725 | 184,739 |
| and liabilities | | | | |
+--------+--------+--------+--------+----------------------+-------------------------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31,
2009
+--------+--------+--------+--------+--------------------+----------------------+
| | | | | | |
+--------+--------+--------+--------+--------------------+----------------------+
| | | | Note | 2009 | 2008 |
+--------+--------+--------+--------+--------------------+----------------------+
| | | | | USD'000 | USD'000 |
+--------+--------+--------+--------+--------------------+----------------------+
| Sales | | | 36,849 | 49,417 |
+-----------------+--------+--------+--------------------+----------------------+
| Cost of sales | | 6 | (38,443) | (72,315) |
+-----------------+--------+--------+--------------------+----------------------+
| Gross loss | | | (1,594) | (22,898) |
+-----------------+--------+--------+--------------------+----------------------+
| Other income | | | 2,187 | 518 |
+-----------------+--------+--------+--------------------+----------------------+
| Administrative | | | (4,342) | (7,932) |
| and marketing | | | | |
| expenses | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| | | | | (3,749) | (30,312) |
+--------+--------+--------+--------+--------------------+----------------------+
| Exceptional | | 7 | 3,698 | (7,707) |
| item | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Finance costs | | 8 | (7,514) | (2,338) |
+-----------------+--------+--------+--------------------+----------------------+
| Loss before | | | (7,565) | (40,357) |
| taxation | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Taxation | | | (302) | (86,925) |
+-----------------+--------+--------+--------------------+----------------------+
| Loss for the | | | (7,867) | (127,282) |
| year | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Other | | | | |
| comprehensive | | | - | - |
| income | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Total | | | (7,867) | (127,282) |
| comprehensive | | | | |
| income for the | | | | |
| year | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Loss | | | | |
| attributable | | | | |
| to: | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Owners of the | | | (7,867) | (127,282) |
| parent | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Minority | | | | |
| interest | | | - | - |
+-----------------+--------+--------+--------------------+----------------------+
| | | | | (7,867) | (127,282) |
+--------+--------+--------+--------+--------------------+----------------------+
| Total | | | | |
| comprehensive | | | | |
| income | | | | |
| attributable | | | | |
| to: | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Owners of the | | | (7,867) | (127,282) |
| parent | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| Minority | | | | |
| interest | | | - | - |
+-----------------+--------+--------+--------------------+----------------------+
| | | | | (7,867) | (127,282) |
+--------+--------+--------+--------+--------------------+----------------------+
| Loss per share | | | | |
| (USD) | | | | |
+-----------------+--------+--------+--------------------+----------------------+
| - basic | | | (0.03) | (0.52) |
+-----------------+--------+--------+--------------------+----------------------+
| - diluted | | | (0.03) | (0.52) |
+--------+--------+--------+--------+--------------------+----------------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2009
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| | | | Share | | Revenue | | |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| | | | capital | | deficit | | Total |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| | | | USD'000 | | USD'000 | | USD'000 |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| | | | | | | | |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Balance at | | 238,026 | | (123,128) | | 114,898 |
| January 1, 2009 | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Total | | | | (7,867) | | (7,867) |
| comprehensive | | - | | | | |
| income for the | | | | | | |
| year | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Adjustment for | | (11,282) | | | | (11,282) |
| employee share | | | | - | | |
| options | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Issue of share | | 25,219 | | | | 25,219 |
| capital | | | | - | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Balance at | | 251,963 | | (130,995) | | 120,968 |
| December 31, | | | | | | |
| 2009 | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| | | | | | | | |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Balance at | | 237,041 | | 4,154 | | 241,195 |
| January 1, 2008 | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Employee share | | | | | | |
| options: | | | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| - Options | | 985 | | | | 985 |
| vested | | | | - | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Loss for the | | | | (127,282) | | (127,282) |
| year | | - | | | | |
+-----------------+--------+-----------------------+--------+---------------------+--------+-----------------------+
| Balance at | | 238,026 | | (123,128) | | 114,898 |
| December 31, | | | | | | |
| 2008 | | | | | | |
+--------+--------+--------+-----------------------+--------+---------------------+--------+-----------------------+
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2009
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | 2009 | | 2008 |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | USD'000 | | USD'000 |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| Operating | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Cash generated | | | | 2,000 | | (23,986) |
| from/(absorbed | | | | | | |
| in) operations | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Interest | | | | 16 | | 436 |
| received | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Interest paid | | | | (12) | | (1,241) |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Tax paid | | | | (57) | | (351) |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Net cash | | | | 1,947 | | (25,142) |
| from/(used in) | | | | | | |
| operating | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | | | |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| Investing | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Purchase of | | | | (8,658) | | (32,803) |
| property, plant | | | | | | |
| and equipment | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Purchase of | | | | | | (210) |
| intangible | | | | - | | |
| assets | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Proceeds from | | | | 30 | | 99 |
| disposal of | | | | | | |
| plants | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Proceeds from | | | | | | 28,676 |
| disposal of | | | | - | | |
| subsidiaries | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Net cash used | | | | (8,628) | | (4,238) |
| in investing | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | | | |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| Financing | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Proceeds from | | | | | | 11,147 |
| repayment of | | | | - | | |
| loan | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Proceeds from | | | | 25,219 | | |
| issue of shares | | | | | | - |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Net cash from | | | | 25,219 | | 11,147 |
| financing | | | | | | |
| activities | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | | | |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| Net | | | | 18,538 | | (18,233) |
| increase/(decrease) | | | | | | |
| in cash and cash | | | | | | |
| equivalents | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | | | |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
| Movement in | | | | | | |
| cash and cash | | | | | | |
| equivalents | | | | | | |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| At January 1, | | | | 7,354 | | 25,587 |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| Increase/(Decrease) | | | | 18,538 | | (18,233) |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| At December 31, | | | | 25,892 | | 7,354 |
+---------------------+--------+--------+--------+----------------------+--------+------------------------+
| | | | | | | | |
+------------+--------+--------+--------+--------+----------------------+--------+------------------------+
The notes to these accounts, which form an integral part of these financial
statements, can be viewed at this link:
http://www.rns-pdf.londonstockexchange.com/rns/9866I_-2010-3-22.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MMGZFLZRGGZM
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