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Central Asia Metals PLC Proposed acquisition of -44-

22 Sep 2017 6:01 am
                                                      -------------  -------------  -------------  ------------- 
 Gross............................................. 
  ..........                                                  7,628      6,021,705          9,118     45,413,921 
 Less: allowance 
  for impairment............                                (6,723)              -        (7,496)              - 
                                                      -------------  -------------  -------------  ------------- 
 Net............................................... 
  .............                                                 905      6,021,705          1,622     45,413,921 
                                                      =============  =============  =============  ============= 
 

Trade receivables of USD 6,022,610 (2014: USD 45,415,543) were neither past due nor impaired. Main part of these receivables is matured up to 120 days, with no recent history of default. SASA analyzes the credit quality of neither past due nor impaired dividing between related parties and third parties. The amount presented as neither past due nor impaired is from related parties. Impaired receivables of USD 6,723 (2014: USD 7,496) relates to third party receivables which are due over 360 days. Further details are presented in Note 15.

SASA's maximum exposure to credit risk for trade receivables at the reporting date by geographic regions is as follows:
 
                                                                                                2015         2014 
                                                                                             ----------  ----------- 
 Domestic................................................................................. 
  ...................................                                                               905        1,622 
 Other Foreign 
  countries................................................................................ 
  ..........                                                                                  6,021,705   45,413,921 
                                                                                             ----------  ----------- 
                                                                                              6,022,610   45,415,543 
                                                                                             ----------  ----------- 
 
   (v)        Liquidity risk 

Liquidity risk is defined as the risk that SASA could not be able to settle or meet its obligations on time. SASA's policy is to maintain sufficient cash and cash equivalents to meet its commitments in the foreseeable future. Any excess cash is mostly deposited in commercial banks. SASA's liquidity management process includes projecting cash flows by major currencies and considering the level of necessary liquid assets, considering business plan, historical collection and outflow data. Regular cash projections are prepared and updated by Management.

The table below analyses SASA's financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows.
 
                                                    Carrying                              1 to 
                 As at December                       amount         6          6 to        5      Over 
                       2015                           years        months     12 months   years   5 years 
                                                   -----------  -----------  ----------  ------  -------- 
Financial assets 
Cash and cash 
 equivalents...............                            216,641      216,641      -         -        - 
Trade receivables.............................       6,022,610    6,022,610      -         -        - 
Other receivables.............................       1,374,647    1,374,647      -         -        - 
                                                   -----------  -----------  ----------  ------  -------- 
                                                     7,613,898    7,613,898      -         -        - 
                                                   ===========  ===========  ==========  ======  ======== 
Financial liabilities 
Trade payables................................       2,097,672    2,097,672      -         -        - 
Other current 
 financial liabilities......                        11,208,226   11,208,225      -         -        - 
                                                   -----------  -----------  ----------  ------  -------- 
Borrowings......................................    14,546,585   14,546,585      -         -        - 
                                                   ===========  ===========  ==========  ======  ======== 
 
Net exposure..................................     (6,932,687)  (6,932,687)      -         -        - 
                                                   ===========  ===========  ==========  ======  ======== 
 
 
                                                   Carrying                               1 to 
                 As at December                      amount         6          6 to         5      Over 
                      2014                           years        months     12 months    years   5 years 
                                                  -----------  -----------  -----------  ------  -------- 
Financial assets 
Cash and cash 
 equivalents...............                           962,947      962,947       -         -        - 
Trade receivables.............................     45,415,543   45,415,543       -         -        - 
Other receivables.............................      2,351,664    2,351,664       -         -        - 
Short Term loans.............................      55,500,372   55,500,372       -         -        - 
                                                  -----------  -----------  -----------  ------  -------- 
                                                  104,230,526  104,230,526       -         -        - 
                                                  ===========  ===========  ===========  ======  ======== 
Financial liabilities 
Trade payables................................      1,882,145    1,882,145       -         -        - 
Other current 
 financial liabilities......                        1,448,466    1,448,466       -         -        - 
Loans and borrowings......................          9,228,566    2,483,900   6,744,666     -        - 
Dividend liability.............................    62,366,773   62,366,773       -         -        - 
                                                  -----------  -----------  -----------  ------  -------- 
                                                   74,925,950   68,181,284   6,744,666     -        - 
                                                  ===========  ===========  ===========  ======  ======== 
 
Net exposure..................................     29,304,576   36,049,242  (6,744,666)    -        - 
                                                  ===========  ===========  ===========  ======  ======== 
 
   3.2       Capital risk management 

SASA's objectives when managing capital are to safeguard the SASA's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
   3.3       Fair value estimation 

Cash and cash equivalents, trade receivables and other current financial assets mainly have short term maturity. For this reason, their carrying amounts at the reporting date approximate their fair values.
 
31 December 2015 
Assets as per the Statement                                                    Loans         Carrying      Fair 
 of financial position                                                     and Receivables    amount       value 
                                                                          ----------------  ----------  ---------- 
   Trade and other 
    receivables....................................................              7,397,257   7,397,257   7,397,257 
   Cash and cash 
    equivalents.....................................................               216,641     216,641     216,641 
                                                                          ----------------  ----------  ---------- 
                                                                                 7,613,898   7,613,898   7,613,898 
                                                                          ================  ==========  ========== 
 
 
                                                                               Other 
Liabilities as per the Statement                                              financial    Carrying       Fair 
 of financial position                                                       liabilities     amount       value 
                                                                            ------------  -----------  ----------- 
   Trade payables and other 
    current liabilities.........................                               3,338,359    3,338,359    3,338,359 
   Interest bearing 
    borrowings....................................................            11,208,226   11,208,226   11,208,226 
                                                                            ------------  -----------  ----------- 
                                                                              14,546,585   14,546,585   14,546,585 
                                                                            ============  ===========  =========== 
 
 
31 December 2014 
Assets as per the Statement                                                Loans          Carrying        Fair 
 of financial position                                                 and Receivables     amount         value 

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September 22, 2017 02:01 ET (06:01 GMT)

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