59
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
Set forth below is summary consolidated unaudited financial information for the Group as at and for the three months
ended 31 March 2013 and 2014 and summary consolidated audited financial information as at and for each of the years
ended 31 December 2011, 2012 and 2013, prepared in accordance with IFRS as adopted by the European Union. The
information has been extracted without material adjustment from the consolidated financial statements included
elsewhere in this Offering Memorandum.
The summary should be read in conjunction with the information referred to above and in “Capitalization” and
“Management’s discussion and analysis of financial condition and results of operations.” Investors are advised to read
the whole of this Offering Memorandum and not rely on the information summarised in this “Selected historical
consolidated financial information.”
Consolidated income statement
Year ended 31 December
Three months ended
31 March
($ thousands)
2011
2012
2013
2013
2014
Revenue ......................................................
138,518
182,976
262,494
56,732
67,321
Cost of sales ................................................
(54,764)
(79,044)
(134,919)
(31,762)
(35,161)
Gross profit
...............................................
83,754
103,932
127,575
24,970
32,160
Net impairment losses / reversal ..................
-
-
(1,801)
-
-
Exploration expenditure written off ............
-
(3,680)
(47,822)
-
-
General and administrative expenses ..........
(17,903)
(20,791)
(26,261)
(6,389)
(6,695)
Operating profit
........................................
65,851
79,461
51,691
18,581
25,645
Net result from joint venture........................
1,119
3,052
1,543
386
1,075
Gain/(loss) on held for trading derivative ....
(75)
266
322
78
81
Fair value loss on convertible loans.............
-
(4,528)
(12,071)
(2,899)
(3,016)
Other income ..............................................
384
223
599
80
142
Foreign exchange gain/(loss) ......................
683
320
(3,762)
-
(8)
Finance costs (net) ......................................
(7,508)
(1,157)
(10,068)
(2,446)
(1,351)
Profit before tax
........................................
60,454
77,637
28,254
13,780
22,388
Taxation charge ...........................................
(8,731)
(8,272)
(8,097)
(2,032)
(2,100)
Profit for the period from continuing
operations
..................................................
51,723
69,365
20,157
11,748
20,288
Loss for the year from discontinued operations
.....................................................................
(16,960)
(24,401)
(278,787)
(2,669)
(1,400)
Profit/(loss) for the period
........................
34,763
44,964
(258,630)
9,079
18,888
Consolidated balance sheet
31 December
31 March
($ thousands)
2011
2012
2013
2014
Assets
Intangible exploration and evaluation assets ............
149,201
182,968
195,452
204,082
Property, plant and equipment ..................................
486,002
474,379
351,476
361,848
Advance for acquisition of subsidiary ......................
-
30,000
-
-
Other non-current assets ...........................................
-
7,647
6,455
5,958
