(presented in US$ thousands)
Note 30 June 30 June 31 December
2013 2012 2012
Assets
Current assets
Cash in bank and on hand 1,369 2,590 5,416
Accounts receivable and prepayments 2,615 3,462 4,579
Inventories 5 19,474 17,263 11,130
Total current assets 23,458 23,315 21,125
Non-current assets
Property, plant and equipment 6 112,029 114,077 122,300
Supplies and materials for
capital construction 2,636 2,644 2,839
Other non-current assets 7 1,329 1,118 1,100
Total non-current assets 115,994 117,839 126,239
Total assets 139,452 141,154 147,364
Liabilities and equity
Current liabilities
Accounts payable and accrued
expenses 8 4,191 5,821 4,560
Provisions 2,199 2,199 2,199
Income tax payable 5,010 5,128 5,070
Other taxes payable 4,926 4,506 6,035
Short-term borrowings and
current portion of long-term
borrowings 9 5,511 7,316 3,004
Advances from customers 879 977 1,340
Total current liabilities 22,716 25,947 22,208
Long-term liabilities
Long term borrowings - 2,865 -
Long term finance lease obligations 1,493 - 1,673
Dismantlement provision 1,603 1,485 1,621
Deferred income tax liabilities 13,529 13,010 14,299
Total long-term liabilities 16,625 17,360 17,593
Total liabilities 39,341 43,307 39,801
Equity
Share capital 1,589 1,589 1,589
Share premium 656,855 656,855 656,855
Translation difference (31,597) (31,735) (26,770)
Accumulated deficit (527,894) (529,737) (525,342)
Equity attributable to shareholders
of Urals Energy Public Company
Limited 98,953 96,972 106,332
Non-controlling interest 1,158 875 1,231
Total equity 10 100,111 97,847 107,563
Total liabilities and equity 139,452 141,154 147,364
Approved on behalf of the Board of Directors on 26 September
2013.
A.D. Maximov S.E.Uzornikov
Chief Executive Officer Chief Financial Officer
Consolidated Statement of Comprehensive Income
(presented in US$ thousands)
Six months ended
30 June
--------------------------
Note 2013 2012
------------------------------------------- ----- ------------ ------------
Revenues after excise taxes and export
duties 11 15,881 15,362
Cost of sales 12 (10,951) (12,285)
Gross profit 4,930 3,077
------------------------------------------- ----- ------------ ------------
Selling, general and administrative
expenses 13 (3,945) (3,577)
Other operating income/(loss) 38 (91)
Operating profit/(loss) 1,023 (591)
Interest income 9 379 44
Interest expense 9 (203) (278)
Foreign currency loss (3,472) (1,308)
Total net finance costs (3,296) (1,542)
Loss before income tax (2,273) (2,133)
Income tax (expenses)/benefit (264) 0
Loss for the period (2,537) (2,043)
------------------------------------------- ----- ------------ ------------
(Loss)/profit for the period attributable
to:
- Non-controlling interest 15 10
- Shareholders of Urals Energy Public
Company Limited (2,552) (2,053)
------------------------------------------- ----- ------------ ------------
Loss per share from profit attributable
to shareholders of Urals Energy Public
Company Limited: 10
- Basic loss per share (in US dollar
per share) (0.01) (0.01)
- Diluted loss per share (in US dollar
per share) (0.01) (0.01)
Weighted average shares outstanding
attributable to:
- Basic shares 252,446,060 251,901,871
- Diluted shares 253,414,431 253,414,431
Loss for the period (2,537) (2,043)
Other comprehensive loss:
- Effect of currency translation (4,915) (1,081)
Total comprehensive loss for the period (7,452) (3,124)
------------------------------------------- ----- ------------ ------------
Attributable to:
- Non-controlling interest (73) (8)
- Shareholders of Urals Energy Public
Company Limited (7,379) (3,116)
------------------------------------------- ----- ------------ ------------
Consolidated Statements of Cash Flows
(presented in US$ thousands)
Six months ended
30 June
-------------------
Note 2013 2012
--------------------------------------------- ----- --------- --------
Cash flows from operating activities
Loss before income tax (2,273) (2,133)
Adjustments for:
Depreciation, amortisation and depletion 12 3,158 3,255
Interest income 9 (379) (44)
Interest expense 9 203 278
Gain on disposal of property, plant
and equipment - (19)
Foreign currency loss, net 3,472 1,308
Other non-cash transactions 1 46
Operating cash flows before changes
in working capital 4,534 2,691
Increase in inventories (9,128) (7,635)
Decrease in accounts receivables and
prepayments 831 1,236
(Decrease)/increase in accounts payable
and accrued expenses (25) 1,092
Decrease in advances from customers (398) (710)
Decrease in other taxes payable (612) (531)
--------------------------------------------- ----- --------- --------
Cash used in operations (4,798) (3,857)
Interest received 8 98
Interest paid - -
Income tax paid - -
--------------------------------------------- ----- --------- --------
Net cash used in operating activities (4,790) (3,759)
Cash flows from investing activities
Purchase of property, plant and equipment
and intangible assets (1,757) (1,032)
Proceeds on loans issued 103 -
Net cash used in investing activities (1,654) (1,032)
Cash flows from financing activities
Proceeds from borrowings 2,500 -
Finance lease principal payments (150) (195)
Net cash generated from/(used in) financing
activities 2,350 (195)
Effect of exchange rate changes on
cash in bank and on hand 49 (146)
--------------------------------------------- ----- --------- --------
Net decrease in cash in bank and on
hand (4,045) (5,132)
Cash in bank and on hand at the beginning
of the year 5,416 7,722
--------------------------------------------- ----- --------- --------
Cash in bank and on hand at the end
of the period 1,369 2,590
--------------------------------------------- ----- --------- --------
Consolidated Statements of Changes in Shareholders's Equity
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