Urals Energy Public Company Limited 2013 Half -8-
27 Septembre 2013 - 8:01AM
UK Regulatory
Basic profit/(loss) per share is calculated by dividing the
profit/(loss) attributable to equity holders of the company by the
weighted average number of ordinary shares in issue during the
year.
Six months ended
30 June
---------------------
2013 2012
-------------------------------------------- ---------- ---------
Loss attributable to equity holders of
the Company (2,552) (2,043)
Weighted average number of ordinary shares
in issue (thousands) 252,446 251,902
-------------------------------------------- ---------- ---------
Basic loss per share (in US dollar per
share) (0.01) (0.01)
-------------------------------------------- ---------- ---------
11 Revenues
Six months ended
30 June
----------------------------------------- -------------------
2013 2012
----------------------------------------- --------- --------
Petroleum (refined) products - domestic
sales 15,905 15,473
Crude oil - domestic sales 1,707 1,114
Other sales 163 245
----------------------------------------- --------- --------
Total proceeds from sales 17,775 16,832
----------------------------------------- --------- --------
Less: excise taxes (1,894) (1,470)
Revenues after excise taxes 15,881 15,362
----------------------------------------- --------- --------
12 Cost of Sales
Six months ended
30 June
------------------------------------------ -------------------
2013 2012
------------------------------------------ --------- --------
Unified production tax 7,890 7,816
Wages and salaries 4,706 5,141
Depreciation, depletion and amortisation 3,158 3,255
Materials 2,736 2,658
Oil treating, storage and other services 918 724
Rent, utilities and repair services 395 421
Other taxes 233 256
Other 102 58
Change in finished goods (9,187) (8,044)
Total cost of sales 10,951 12,285
------------------------------------------ --------- --------
13 Selling, General and Administrative Expenses
Six months ended
30 June
------------------------------------------------------ -------------------
2013 2012
------------------------------------------------------ --------- --------
Wages and salaries 1,319 1,399
Professional consultancy fees 601 712
Transport and storage services 722 613
Office rent and other expenses 430 435
Charge of provision for doubtful accounts receivable 352 -
Trip expenses and communication services 187 189
Other expenses 334 229
------------------------------------------------------ --------- --------
Total selling, general and administrative expenses 3,945 3,577
------------------------------------------------------ --------- --------
14 Balances and transactions with Related Parties
Parties are generally considered to be related if one party has
the ability to control the other party, is under common control, or
can exercise significant influence over the other party in making
financial or operational decisions as defined by IAS 24 Related
Party Disclosures. Key management personnel are considered to be
related parties. In considering each possible related party
relationship, attention is directed to the substance of the
relationship, not merely the legal form.
Balances and transactions with related parties
Six months ended
30 June
---------------------
2013 2012
-------------------------------------------------------- -------- -----------
Transactions with related parties
Interest income 379 44
Impairment of loans issued to a shareholder
and interest receivable from a shareholder 352 -
-------------------------------------------------------- -------- -----------
31
30 June 30 June December
2013 2012 2012
------------------------------------------ -------- ------------ -----------
Balances with related parties
Loans issued to related parties 476 782 578
Interest receivable from other related
parties 382 380 363
-------- ------------ -----------
Total of loans and interest receivable
from related parties 858 1,162 941
-------- ------------ -----------
Provision on claims 2,199 - 2,199
As of 30 June 2013 and 31 December 2012 the Group has an
impairment provision against a loan to a related party of US$6.7
million and US$6.3 million, respectively. This amount relates to a
loan to shareholder and former member of management of the Group.
This loan is overdue.
For accounting purposes management reassessed the carrying value
of the loan and impaired this fully. However, this does not reduce
the validity of the legal claim against this related party.
Management formally demanded repayment of the full amount by 20 May
2011.
By 20 May 2011 management did not receive any response from the
related party. Considering that according to the loan agreement all
disputes shall finally be resolved by arbitration under the Rules
of Arbitration of the London Court of International Arbitration
(the LCIA) the Company filed a claim to the LCIA in June 2011. This
arbitration has confirmed the Company's legal rights, vindicated
its position and issued a final award that the sum in the amount of
US$6.3 million (including loan amount and interest) and legal cost
in the amount of US$1.2 million must be repaid to Urals Energy
together with a daily accumulating interest. As of 30 June 2013 the
Group has an impairment provision against other receivables from
the shareholder of US$1.2 million (31 December 2012: US$1.2
million). The Company has formally demanded payment from Mr
Rovneiko and is committed to using all appropriate means to collect
the outstanding amount.
Loans receivable include amounts due by OOO Komineftegeophysica
in the amount of US$0.9 million (31 December 2012: US$0.9 million),
where shareholders of the Group hold the majority of shares. The
loans bear interest 10%. Loans in the amount of US$0.4 million is
short term in nature. Loans in the amount of US$0.3 million mature
on 31 December 2014, in the amount of US$0.2 million mature on 31
December 2015. These loans are not secured.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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