TIDMAMBR
RNS Number : 4817R
Ambrian PLC
12 September 2014
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 Six months Year to 31
to 30 June to 30 June December
2014 2013 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 Six months
to 30 June to 30 June Year to 31
2014 2013 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
Total
equity
attributable
to the
Share based Employee owner
Share premium Treasury Retained payments benefit Exchange of the Non-controlling Total
Share capital account shares earnings reserve trust reserve parent interest equity
US $ US $ US $ US $ US $ US $ US $ US $ US $ US $
Balance at
1 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 at
30 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 at
31 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 at
30 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 Six months Year to 31
to 30 June to 30 June December
2014 2013 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 61,821 - -
and equipment
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 (450,092) - -
equipment
Disposal of property, plant and 9,547 - -
equipment
--------------------- --------------------- -------------------
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 Investment Total
Metals Portfolio Head Office
30 June 30 June 30 June 30 June
2014 2014 2014 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 Investment Restated
Metals Portfolio Head Office Total
30 June 30 June 30 June 30 June
2013 2013 2013 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 Investment Restated
Metals Portfolio Head Office Total
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 Six months Year to 31
30 June 2014 to 30 June December 2013
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 Six months Year to 31
30 June 2014 to 30 June December 2013
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 Six months Year to 31
to 30 June to 30 June December
2014 2013 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 fair value
at amortised through profit
cost or loss Total
Six months Six months Six months
to 30 June to 30 June to 30 June
2014 2014 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 Six months Six months
to 30 June to 30 June to 30 June
2013 2013 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
Year to 31 Year to 31 December
December 2013 December 2013 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 fair value
at amortised through profit
cost or loss Total
Six months Six months Six months
to 30 June to 30 June to 30 June
2014 2014 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 Six months Six months
to 30 June to 30 June to 30 June
2013 2013 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 Year to 31 Year to 31
December 2013 December 2013 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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