AIM Release
23 February 2018
BASE RESOURCES LIMITED
Interim Financial Report – period ended 31
December 2017
Base Resources Limited (ASX & AIM: BSE) (Base
Resources) is pleased to provide the following extracts from
the company’s Interim Financial Report for the six month ended
31 December 2017.
1. Review of Operations
2. Market Developments and Outlook
3. Review of Financial Performance
4. Consolidated Statement of Profit or Loss and Other
Comprehensive Income
5. Consolidated Statement of Financial Position
6. Consolidated Statement of Changes in Equity
7. Consolidated Statement of Cash Flows
These extracts should be read with reference to the
notes contained in the full version of the Interim Financial
Report, a copy of which is available from the
Company’s website:
www.baseresources.com.au.
Highlights
Highlights from Base Resources’ interim financial results for
the six month period ended 31 December
2017 are as follows:
A$
million[1] |
Six
months to
31 December 2017
(reporting period) |
Six
months to
31 December 2016 (comparative period) |
%
Change |
Kwale Operation Sales
Revenue |
115.9 |
90.6 |
+28% |
Kwale Operation
EBITDA |
72.4 |
46.8 |
+55% |
Group EBITDA |
69.3 |
44.0 |
+58% |
Net Profit /
(loss) |
21.5 |
3.8 |
+466% |
Reduction in Net Debt
(during the six-month period)[2] |
44.1 |
24.5 |
+80% |
Net Debt outstanding
at end of period[2] |
(84.1) |
(179.7) |
-53% |
[Note 1: All figures reported in
Australian dollars unless otherwise stated. Note
2: Net Debt consists of the outstanding balance of
debt facilities less cash less restricted cash held in the debt
service reserve account.]
- Sales volumes: 225,814 tonnes of ilmenite (comparative
period: 236,488 tonnes), 37,971 tonnes of rutile (comparative
period: 42,796 tonnes), 17,427 tonnes of zircon (comparative
period: 17,957 tonnes) and 3,287 tonnes of zircon low grade
(comparative period: 3,397 tonnes). Sales volumes were lower
than the comparative period, despite higher production volumes,
solely due to the timing of shipments.
- Sales revenue: A$115.9
million (comparative period: A$90.6
million), achieving an average price of product sold
(rutile, ilmenite, zircon and zircon low grade) of A$407 per tonne, or US$317 per tonne, (comparative period:
A$302 per tonne or US$227 per tonne) with the main drivers being
higher ilmenite and zircon prices.
- Costs: Underlying costs remained steady at an average
cost of A$131, or US$102, per tonne of product sold (comparative
period: A$130, or US$98, per tonne). Reflecting the 5%
decrease in sales volume, total cost of goods sold decreased by 5%
to A$37.2 million (comparative
period: A$39.0 million).
- Revenue to cash cost ratio: The Kwale Operation achieved
a revenue to cost of sales ratio of 2.8:1, comfortably positioning
it in the first quartile of mineral sands producers.
- Group EBITDA: A$69.3
million, representing a 58% increase (comparative period:
A$44.0 million) on the back of
improving commodity prices and a continued tight focus on cost
management.
- Cash flow from operations: A$73.5
million (comparative period: A$45.1
million).
- Capital investment: Cash flows used in investing
activities increased to A$21.4
million (comparative period: A$3.0
million) due to the Kwale Phase 2 mine optimisation project
commencing during the reporting period and on track for completion
of construction in the June quarter of 2018.
- Reduction in net debt: A$44.1
million (comparative period: A$24.5
million), bringing net debt to A$84.1
million (US$65.6 million) at
the end of the reporting period.
1. Review of Operations
Base Resources operates the 100% owned Kwale Operation in
Kenya, which commenced production
in late 2013. The Kwale Operation is located 10 kilometres
inland from the Kenyan coast and 50 kilometres south of Mombasa,
the principal port facility for East
Africa.
During the reporting period, the staged increase in the
Hydraulic Mining Unit (HMU) production progressed according
to plan, with the HMU successfully increasing from 400 tonnes per
hour (tph) to 800tph and resulting in increased HMU mining
volume of 2.4 million tonnes compared with 1.4 million tonnes in
the six months to 30 June 2017
(prior period) and 0.8 million tonnes in the comparative
period. The increase in HMU capacity has commensurately reduced the
demand on the existing Dozer Trap Mining Unit (DMU) with
tonnes mined falling to 3.5 million compared with 4.2 million in
the prior period and 4.6 million in the comparative period. Mined
ore grade remained consistent with the prior period (7.6%) as
mining proceeded around the north-western fringes of the Central
Dune orebody and was higher than the comparative period (6.6%) as
the HMU was initially implemented in lower grade blocks.
Mining and WCP
Performance |
Six months to Dec
2017 |
Six months to Jun
2017 |
Six months to Dec
2016 |
Ore mined (tonnes) |
5,906,079 |
5,640,432 |
5,374,507 |
Heavy mineral (HM) % |
7.61% |
7.59% |
6.56% |
WCP Heavy mineral concentrate
produced (tonnes) |
435,305 |
391,953 |
316,451 |
The Kwale Operation is designed to process ore to recover three
separate products – rutile, ilmenite and zircon. Ore is
received at the wet concentrator plant (WCP) from the mining
units via a slurry pipeline. The WCP removes slimes, concentrates
the valuable heavy minerals (rutile, ilmenite and zircon) with a
number of gravity separation steps and rejects most of the
non-valuable, lighter gangue minerals to produce a heavy mineral
concentrate (HMC). The HMC, containing approximately 90%
heavy minerals, is then processed in the mineral separation plant
(MSP). The MSP cleans and separates the rutile, ilmenite and
zircon minerals into finished products for sale.
The increase in mining volume and improved ore grade resulted in
production of HMC increasing to 435,305 tonnes, higher than the
prior period’s 391,953 tonnes and the comparative period’s 316,451
tonnes. The HMC stockpile increased to 137,741 tonnes at
31 December 2017 (83,632 tonnes at
30 June 2017), due to the high HMC
production and steady MSP throughput. Current HMC inventory is more
than sufficient to ensure uninterrupted MSP feed during the final
implementation of the Kwale Phase 2 (KP2) Project, where a
one month shut of the WCP is scheduled in the March quarter to tie
in plant modifications and equipment upgrades.
MSP Performance |
Six months to Dec
2017 |
Six months to Jun
2017 |
Six months to Dec
2016 |
MSP feed (tonnes of heavy mineral
concentrate) |
381,297 |
379,246 |
384,925 |
MSP feed rate (tph) |
91 |
91 |
92 |
MSP recovery % [3] |
|
|
|
Ilmenite |
100% |
101% |
100% |
Rutile |
100% |
99% |
96% |
Zircon |
77% |
73% |
73% |
Production (tonnes) |
|
|
|
Ilmenite |
238,585 |
231,732 |
235,627 |
Rutile |
45,587 |
45,869 |
44,756 |
Zircon |
18,705 |
16,587 |
17,641 |
Zircon low grade |
1,425 |
5,500 |
4,710 |
[Note 3: The presence of altered
ilmenite species that are not defined as either “rutile” or
“ilmenite” in the Resource but are recovered in the production of
both, results in calculated recoveries above 100% being achievable
for both products]
The MSP has continued to yield high throughput rates with an
average of 91tph achieved for the reporting period (91tph in the
prior period) and total MSP feed remaining steady at 381,297 tonnes
(379,246 tonnes in the prior period).
Ilmenite production continued at above design capacity,
achieving production of 238,585 tonnes (231,732 tonnes in the prior
period), primarily due to slightly higher contained ilmenite in the
MSP feed. This was partially offset by the lower average ilmenite
recoveries of 100% (101% in the prior period).
Rutile production remained steady at 45,587 tonnes in the
reporting period (45,869 tonnes in the prior period).
Zircon production increased to 18,705 tonnes for the reporting
period (16,587 tonnes in the prior period) due to higher average
zircon recoveries of 77% (73% in the prior period).
In addition to primary zircon, in July
2016, Kwale Operations commenced production of a lower grade
zircon product (zircon low grade) from the re-processing of
run-of-production and stockpiled zircon circuit tails into a zircon
rich concentrate. Sales of this zircon low grade product have
realised 70-80% of the value of each contained tonne of zircon.
Reported zircon low grade represents the volume of zircon contained
in the concentrate. When combined with primary zircon recoveries,
the production of zircon low grade has effectively lifted total
zircon recoveries well above the design target of 78%. During the
reporting period the zircon tails feed stockpile was fully
depleted, and no further zircon low grade will be produced in the
2018 financial year.
With no serious injuries occurring during the reporting period,
Kwale Operations lost time injury (LTI) frequency rate
remains at zero. The Company’s employees and contractors have
now worked 11.0 million man-hours LTI free, with the last LTI
recorded in February 2014.
Marketing and sales |
Six months to Dec
2017 |
Six months to Jun
2017 |
Six months to Dec
2016 |
Sales (tonnes) |
|
|
|
Ilmenite |
225,814 |
265,188 |
236,488 |
Rutile |
37,971 |
49,195 |
42,796 |
Zircon |
17,427 |
16,609 |
17,957 |
Zircon low grade |
3,287 |
6,104 |
3,397 |
Base Resources has a number of off-take agreements across each
of its three products with some of the world’s largest consumers of
titanium dioxide minerals and zircon products, including a
cornerstone agreement with Chemours for the majority of our rutile
production. These agreements provide off-take security for the
Kwale Operation and contain firm minimum annual offtake
volumes. All sale values are derived from prevailing market
prices, based on agreed price indices or periodic price
negotiations.
In the reporting period, Base Resources sold more than 280,000
tonnes of product from the Kwale Operation, with shipments being
made to a combination of customers with existing offtake
agreements, regular customers buying on a spot basis and casual
spot customers.
Base Resources has maintained its strong market presence in
China – the world’s largest
ilmenite market – with over 225,000 tonnes of ilmenite sold into
the Chinese market during the reporting period. Solid
relationships with major Chinese ilmenite consumers have ensured
regular sales through a mix of shorter term contracts (one to
three-year duration) and spot sales.
2. Market Developments and Outlook
Titanium Dioxide
Ilmenite and rutile are primarily used as feedstock for the
production of titanium dioxide (TiO2) pigment,
with a small percentage also used in the production of titanium
metal and fluxes for welding rods and wire. TiO2
is the most widely used white pigment because of its non-toxicity,
brightness and very high refractive index. It is an essential
component of consumer products such as paint, plastics and paper.
Pigment demand is therefore a major driver of ilmenite and rutile
pricing.
Global consumption of pigment has maintained a long-term average
growth rate closely correlated to global GDP, at approximately 3%
per annum. However, volatility in the global economy in
recent years has created significant fluctuations in this growth
rate, manifesting in big swings in inventory levels throughout the
entire pigment supply chain. Excess pigment inventories in
the downstream supply chain were finally exhausted by the end of
the 2016 financial year, resulting in a significant tightening of
the market.
The global TiO2 pigment industry remained buoyant
through the reporting period. High plant utilisation rates
and low inventory levels among the major western pigment producers
have continued to support a strong pigment pricing
environment. Chinese pigment prices stabilised following some
volatility through the first half of the reporting period.
Restrictions to Chinese pigment production, caused by government
environmental inspections and a gas shortage, helped underpin
pigment prices and off-set the impact of the usual seasonal
slowdown in pigment demand through the northern hemisphere
winter.
Chinese domestic ilmenite production has gradually increased
through the reporting period following a sharp decrease in July and
August on the back of central government environmental
inspections. This has been offset by decreasing foreign
ilmenite supply into China from
Vietnam as export quotas from the
Vietnamese government were exhausted and the ongoing ban on
production and export of ilmenite from Tamil Nadu in India.
As a result, the price of ilmenite sales to Chinese customers has
been volatile throughout the reporting period, with prices
softening towards the end of the period due to the restricted
pigment production and seasonal slowdown.
The combination of increased Chinese production, a possible
increase in Vietnamese ilmenite supply following granting of new
export quotas, (although actual volume increase will be heavily
dependent on the economic viability of mines) and the seasonally
weak demand is restraining prices of ilmenite sales to China in the short term. Ilmenite demand
for pigment production is expected to increase as the Chinese gas
shortages ease and the seasonal demand picks up in the northern
hemisphere spring.
A supply deficit in the high-grade feedstock sector (which
includes rutile), driven mostly by the strength in the western
chloride pigment sector, is resulting in continued upward price
momentum. It is expected that this will translate into price
gains as offtake contracts are renewed in 2018 for bulk rutile and
chloride slag sales to large mainstream customers.
In the absence of substantial new feedstock supply coming
online, the titanium dioxide feedstock market is expected to remain
in structural supply deficit, providing an opportunity for
continued price strength in both ilmenite and rutile over the
coming years.
Zircon
Zircon has a range of end-uses, the largest of which is in the
production of ceramic tiles, which accounts for more than 50% of
global zircon consumption. Milled zircon enables ceramic tile
manufacturers to achieve brilliant opacity, whiteness and
brightness in their products. Zircon’s unique properties include
heat and wear resistance, stability, opacity, hardness and
strength, making it sought after for other applications such as
refractories, foundries and specialty chemicals.
Demand growth for zircon is closely linked to growth in global
construction and increasing urbanisation in the developing
world. These factors have improved in line with the
acceleration of global economic growth over the past two years
resulting in steady demand growth for zircon. A significant
draw down of inventories of zircon throughout the supply chain,
along with constraints on global production, have resulted in a
rapidly tightening market and sharp increases in zircon prices
since 2016. Ongoing firm demand and restricted supply is
expected to lead to further price improvement in zircon through the
remainder of financial year 2018.
3. Review of Financial Performance
Base Resources recorded a profit after tax of A$21.5 million for the six-month reporting
period, compared with A$3.8 million
in the comparative period, primarily due to higher sales
revenues.
|
Six
months to 31 December 2017 |
Six
months to 31 December 2016 |
|
Kwale
Operations |
Other
operations |
Total |
Kwale
Operations |
Other
operations |
Total |
|
A$000s |
A$000s |
A$000s |
A$000s |
A$000s |
A$000s |
|
|
|
|
|
|
|
Sales Revenue |
115,905 |
- |
115,905 |
90,646 |
- |
90,646 |
Cost of goods sold
excluding depreciation & amortisation: |
|
|
|
Operating costs |
(35,502) |
- |
(35,502) |
(32,500) |
- |
(32,500) |
Changes in inventories of
concentrate and finished product |
6,340 |
- |
6,340 |
(339) |
- |
(339) |
Royalties expense |
(7,995) |
- |
(7,995) |
(6,165) |
- |
(6,165) |
Total cost of goods sold
[4] |
(37,157) |
- |
(37,157) |
(39,004) |
- |
(39,004) |
Corporate & external
affairs |
(2,393) |
(2,499) |
(4,892) |
(2,410) |
(2,693) |
(5,103) |
Community development |
(1,311) |
- |
(1,311) |
(1,303) |
- |
(1,303) |
Selling & distribution
costs |
(2,522) |
- |
(2,522) |
(1,478) |
- |
(1,478) |
Other income / (expenses) |
(141) |
(590) |
(731) |
325 |
(108) |
217 |
EBITDA [4] |
72,381 |
(3,089) |
69,292 |
46,776 |
(2,801) |
43,975 |
Depreciation & amortisation |
(30,146) |
(27) |
(30,173) |
(23,467) |
(45) |
(23,512) |
EBIT [4] |
42,235 |
(3,116) |
39,119 |
23,309 |
(2,846) |
20,463 |
Net financing expenses |
(9,929) |
(1,819) |
(11,748) |
(12,509) |
(4,122) |
(16,631) |
Income tax expense |
(5,877) |
- |
(5,877) |
- |
- |
- |
NPAT [4] |
26,429 |
(4,935) |
21,494 |
10,800 |
(6,968) |
3,832 |
[Note 4: Base Resources’ financial
results are reported under International Financial Reporting
Standards (IFRS). These Financial Statements include certain
non-IFRS measures including EBITDA, EBIT and NPAT. These measures
are presented to enable understanding of the underlying performance
of the Group and have not been audited/reviewed]
Sales revenue was A$115.9 million
for the reporting period (comparative period: A$90.6 million), achieving an average price of
product sold (rutile, ilmenite, zircon and zircon low grade) of
A$407 or US$317 per tonne (A$302 or US$227 per
tonne in the comparative period), with the main driver being the
rising ilmenite and zircon prices. Total cost of goods sold,
excluding depreciation and amortisation, was A$37.2 million for the reporting period
(comparative period: A$39.0 million)
at an average cost of A$131 or
US$102 per tonne of product sold
(A$130 or US$98 per tonne in the comparative period).
Operating cost per tonne produced was higher at A$117 or US$91 per
tonne for the reporting period (A$107
or US$81 per tonne in the comparative
period), due to higher unit electricity costs and mobile equipment
maintenance as the fleet ages.
With an achieved revenue to cost of sales ratio of 2.8 in the
reporting period (2.3 in the comparative period), the Company
remains well positioned in the upper quartile of mineral sands
producers.
Improved commodity prices and a continued focus on cost
management has delivered a Kwale Operations EBITDA for the
reporting period of A$72.4 million
(A$46.8 million in the comparative
period) and a Group EBITDA of A$69.3
million (A$44.0 million in the
comparative period).
Depreciation and amortisation has increased for the reporting
period to A$30.1 million
(A$23.5 million in the comparative
period), due to a reduction in the Kwale Operations expected mine
life following the approval of the Kwale Phase 2 project
implementation, which will significantly increase future mining
rates.
A net profit after tax of A$26.4
million was recorded by Kwale Operations (A$10.8 million in the comparative period) and
A$21.5 million for the Group
(A$3.8 million in the comparative
period). Earnings per share for the Group was 2.89 cents per share (0.52
cents per share in the comparative period).
Cash flow from operations was A$73.5
million for the reporting period (A$45.1 million in the comparative period),
slightly higher than Group EBITDA due to working capital
movements.
In July 2017, following approval
from the Kwale Operations Debt Facility (Kwale Facility)
lenders to waive their entitlement to sweep 50% of the operations
surplus cash in July 2017 (a ‘cash
sweep’), US$14.8 million was
distributed up to Base Resources. Base Resources applied
US$11.8 million of the cash sweep to
retire the Taurus Debt Facility.
In October 2017, the Group
established a US$25.0 million
(subsequently increased to US$30
million) corporate Revolving Credit Facility (RCF) to
provide the Group with additional funding flexibility. In
accordance with the terms of the RCF, In December 2017, Base Resources utilised
US$7.4 million of the RCF to repay
the Kwale Facility lenders waived portion of the July 2017 cash sweep.
During the reporting period, US$28.3
million of the Kwale Operations Debt Facility (Kwale
Facility) was paid down through a combination of scheduled
repayments and supplementary repayments, from the proceeds of the
RCF, reducing the outstanding Kwale Facility to US$112.8 million.
Total debt outstanding at 31 December
2017 was A$154.1 million
(US$120.3 million) reduced from
A$199.0 million at 30 June 2017 (US$153.0
million). The Company’s net debt position at 31 December 2017 reduced to A$84.1 million (US$65.6
million), from A$128.2 million
(US$98.5 million) at 30 June 2017. Net debt at 31 December excludes
A$15.5 million of restricted cash
proceeds received prior to completion of the A$100.0 million share offer announced on
19 December 2017 and held at period
end.
After Balance Date Events
Subsequent to the end of the reporting period, in January 2018, in accordance with the terms of the
Kwale Facility, a cash sweep of US$12.5
million was distributed from Kwale Operations. Half of the
cash sweep (US$6.25 million) went
towards mandatory repayment of the Kwale Facility, with the other
half distributed to the parent entity, Base Resources. The
outstanding Kwale Facility debt after this repayment was
US$106.6 million (A$136.6 million). Total debt outstanding has been
reduced to US$114.0 million
(A$146.1 million).
Subsequent to the end of the reporting period, in January 2018, the Company completed the
US$75 million acquisition of an
initial 85% interest in the wholly owned Mauritian subsidiaries of
World Titane Holdings Ltd (World Titane), which between them
hold a 100% interest in the Toliara Sands Project in Madagascar (held through wholly owned
subsidiaries in Madagascar). Base
Resources will acquire the remaining 15% interest, with a further
US$17.0 million payable on
achievement of key milestones, as the project advances towards mine
development. The acquisition was funded by the issue of 380,381,075
shares at a price of A$0.255 per
share, raising funds of A$97.0
million, completed in January
2018.
4. Consolidated Statement of Profit or
Loss and Other Comprehensive Income
|
|
6 months to
31 December 2017 |
6 months to
31 December 2016 |
|
Note |
A$000s |
A$000s |
|
|
|
|
Sales revenue |
|
115,905 |
90,646 |
Cost of sales |
2 |
(67,303) |
(62,471) |
Profit from
operations |
|
48,602 |
28,175 |
|
|
|
|
Corporate and external
affairs |
|
(4,919) |
(5,148) |
Community development
costs |
|
(1,311) |
(1,303) |
Selling and
distribution costs |
|
(2,522) |
(1,478) |
Other (expenses) /
income |
|
(731) |
217 |
Profit before
financing income and income tax |
|
39,119 |
20,643 |
Financing costs |
3 |
(11,748) |
(16,631) |
Profit before income
tax |
|
27,371 |
3,832 |
Income tax
expense |
|
(5,877) |
- |
Net profit after
tax for the period |
|
21,494 |
3,832 |
|
|
|
|
Other comprehensive
income |
|
|
|
Items that
may be reclassified subsequently to profit or loss: |
|
|
Foreign currency
translation differences - foreign operations |
|
(3,208) |
6,239 |
Total other
comprehensive income for the period |
|
(3,208) |
6,239 |
Total comprehensive
income for the period |
|
18,286 |
10,071 |
|
|
|
|
Net Earnings per
share |
|
Cents |
Cents |
Basic earnings per
share (cents per share) |
|
2.89 |
0.52 |
Diluted earnings per
share (cents per share) |
|
2.69 |
0.48 |
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
company’s website:
www.baseresources.com.au.
5. Consolidated Statement of Financial
Position
|
|
31 December 2017 |
30 June 2017 |
|
Note |
A$000s |
A$000s |
Current
assets |
|
|
|
Cash and cash
equivalents |
|
30,524 |
36,790 |
Restricted cash |
4 |
55,024 |
34,042 |
Trade and other
receivables |
5 |
42,438 |
57,317 |
Inventories |
6 |
33,959 |
24,090 |
Other current
assets |
|
6,480 |
5,891 |
Total current
assets |
|
168,425 |
158,130 |
|
|
|
|
Non-current
assets |
|
|
|
Property, plant and
equipment |
7 |
320,931 |
334,634 |
Capitalised
exploration and evaluation |
|
2,780 |
2,652 |
Total non-current
assets |
|
323,711 |
337,286 |
Total
assets |
|
492,136 |
495,416 |
|
|
|
|
Current
liabilities |
|
|
|
Trade and other
payables |
4 |
43,365 |
26,926 |
Borrowings |
8 |
68,483 |
77,034 |
Provisions |
|
1,759 |
1,696 |
Deferred revenue |
|
1,068 |
1,084 |
Other liabilities |
|
826 |
841 |
Total current
liabilities |
|
115,501 |
107,581 |
|
|
|
|
Non-current
liabilities |
|
|
|
Borrowings |
8 |
79,283 |
114,633 |
Provisions |
|
28,752 |
28,907 |
Deferred tax
liability |
|
13,218 |
7,606 |
Deferred revenue |
|
1,334 |
1,897 |
Total non-current
liabilities |
|
122,587 |
153,043 |
Total
liabilities |
|
238,088 |
260,624 |
Net assets |
|
254,048 |
234,792 |
|
|
|
|
Equity |
|
|
|
Issued capital |
9 |
225,992 |
225,298 |
Reserves |
|
44,604 |
48,246 |
Accumulated
losses |
|
(16,548) |
(38,752) |
Total
equity |
|
254,048 |
234,792 |
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
company’s website:
www.baseresources.com.au.
6. Consolidated Statement of Changes
in Equity
|
Issued
capital |
Accumulated losses |
Share based payment
reserve |
Foreign currency
translation reserve |
Total |
|
A$000s |
A$000s |
A$000s |
A$000s |
A$000s |
Balance at 1 July
2016 |
223,548 |
(61,454) |
6,775 |
48,005 |
216,874 |
Profit for the
period |
- |
3,832 |
- |
- |
3,832 |
Other comprehensive
income |
- |
- |
- |
6,239 |
6,239 |
Total comprehensive
income for the period |
- |
3,832 |
- |
6,239 |
10,071 |
Transactions with owners, recognised directly in equity |
Shares issued during
the period, net of costs |
1,750 |
- |
- |
- |
1,750 |
Share based
payments |
- |
1,671 |
(851) |
- |
820 |
Balance at 31
December 2016 |
225,298 |
(55,951) |
5,924 |
54,244 |
229,515 |
|
|
|
|
|
|
Balance at 1 July
2017 |
225,298 |
(38,752) |
6,757 |
41,489 |
234,792 |
Profit for the
period |
- |
21,494 |
- |
- |
21,494 |
Other comprehensive
income |
- |
- |
- |
(3,208) |
(3,208) |
Total comprehensive
income for the period |
- |
21,494 |
- |
(3,208) |
18,286 |
Transactions with owners, recognised directly in equity |
Share based
payments |
694 |
710 |
(434) |
- |
970 |
Balance at 31
December 2017 |
225,992 |
(16,548) |
6,323 |
38,281 |
254,048 |
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
company’s website:
www.baseresources.com.au.
7. Consolidated Statement of Cash
Flows
|
|
6 months to
31 December 2017 |
6 months to
31 December 2016 |
|
Note |
A$000s |
A$000s |
Cash flows from operating activities |
|
|
|
Receipts from customers |
|
128,269 |
91,447 |
Payments in the course of
operations |
|
(54,760) |
(46,340) |
Other |
|
(54) |
(28) |
Net cash from operating
activities |
|
73,455 |
45,079 |
|
|
|
|
Cash flows from investing
activities |
|
|
|
Purchase of property, plant and
equipment |
|
(21,733) |
(2,849) |
Other |
|
332 |
(135) |
Net cash used in investing
activities |
|
(21,401) |
(2,984) |
|
|
|
|
Cash flows from financing
activities |
|
|
|
Proceeds from borrowings |
|
9,608 |
- |
Repayment of borrowings |
|
(51,658) |
(32,383) |
Transfers (to) / from restricted
cash |
|
(6,014) |
4,830 |
Payment of debt service costs |
|
(9,489) |
(11,205) |
Net cash used in financing
activities |
|
(57,553) |
(38,758) |
|
|
|
|
Net (decrease) /
increase in cash held |
|
(5,499) |
3,337 |
Cash at beginning of period |
|
36,790 |
36,295 |
Effect of exchange fluctuations on
cash held |
|
(767) |
801 |
Cash at end of period |
|
30,524 |
40,433 |
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
company’s website:
www.baseresources.com.au.
ENDS.
CORPORATE PROFILE
Directors
Keith Spence (Non-Executive
Chairman)
Tim Carstens (Managing Director)
Colin Bwye (Executive Director)
Sam Willis (Non-Executive
Director)
Michael Stirzaker (Non-Executive
Director)
Malcolm Macpherson (Non-Executive
Director)
Diane Radley (Non-Executive
Director)
Company Secretary
Chadwick Poletti
NOMINATED ADVISOR & BROKERS
RFC Ambrian Limited
As Nominated Adviser:
Andrew Thomson / Stephen Allen
Phone: +61 (0)8 9480 2500
As Joint Broker:
Jonathan Williams
Phone: +44 20 3440 6800
Numis Securities Limited
As Joint Broker:
John Prior / James Black / Paul
Gillam
Phone: +44 20 7260 1000
SHARE REGISTRY: ASX
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
PERTH WA 6000
Enquiries: 1300 850 505 / +61 (3) 9415 4000
www.computershare.com.au
SHARE REGISTRY: AIM
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
BRISTOL BS99 6ZZ
Enquiries: +44 (0) 870 702 0003
www.computershare.co.uk
AUSTRALIAN MEDIA RELATIONS
Cannings Purple
Annette Ellis / Andrew Rowell
Email: aellis@canningspurple.com.au /
arowell@canningspurple.com.au
Phone: +61 (0)8 6314 6300
UK MEDIA RELATIONS
Tavistock Communications
Jos Simson / Barnaby Hayward
Phone: +44 (0) 207 920 3150
KENYA MEDIA RELATIONS
Africapractice (East
Africa)
Evelyn Njoroge / James Njuguna/Joan
Kimani
Phone: +254 (0)20 239 6899
Email: jkimani@africapractice.com
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912