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Central Asia Metals PLC Proposed acquisition of -48-

22 Sep 2017 6:01 am
  .........                                     -                -              -    10,729,092     10,729,092 
 
 Transfer from 
  construction 
  in 
  progress............................ 
  ..........                                    -        3,279,477      5,103,710   (8,383,187)              - 
 Disposals........................... 
  ..........                                    -                -          (345)             -          (345) 
 Depreciation 
  charge....................                    -      (1,005,984)    (4,293,471)             -    (5,299,455) 
 Foreign exchange 
  gain (loss).......                            -          237,129              -             -        237,129 
 Exchange 
  differences..................          (89,643)      (3,286,454)    (1,923,336)   (1,024,329)    (6,323,762) 
                                        ---------  ---------------  -------------  ------------  ------------- 
 Closing net 
  book amount.......                      670,505       25,358,739     14,636,672     8,387,671     49,053,587 
                                        =========  ===============  =============  ============  ============= 
 
 At 31 December 
  2014 
 Cost................................ 
  ............                            670,505       27,424,822     37,945,902     8,387,671     74,428,900 
 Accumulated 
  depreciation...........                       -      (2,066,083)   (23,309,230)             -   (25,375,313) 
                                        ---------  ---------------  -------------  ------------  ------------- 
 Net book amount.....................     670,505       25,358,739     14,636,672     8,387,671     49,053,587 
                                        =========  ===============  =============  ============  ============= 
 

SASA has pledged building and equipment with an estimated value of USD 3,590,974 (2014: USD 5,234,749) as a guarantee for the Borrowings (See Note 20).
   14.       Inventories 
 
                                                                                                 2015        2014 
                                                                                              ----------  ---------- 
 Raw 
  materials................................................................................. 
  ...........................                                                                    248,641     202,866 
 Finished goods and 
  production.............................................................................        184,800     283,206 
 Spare parts and other 
  materials..............................................................................      1,105,325   1,546,012 
                                                                                              ----------  ---------- 
                                                                                               1,538,766   2,032,084 
                                                                                              ----------  ---------- 
 

Finished goods represent lead and zinc concentrate.
   15.       Trade and other receivables 
 
                                                                                                2015         2014 
                                                                                             ----------  ----------- 
 Trade receivables 
 Trade receivables - 
  domestic.................................................................................       7,628        9,118 
 Trade receivables - 
  foreign.................................................................................. 
  ..                                                                                          6,021,705   45,413,921 
 Less: Provision for 
  impairment...............................................................................     (6,723)      (7,496) 
                                                                                             ----------  ----------- 
 Trade receivables - 
  net...................................................................................... 
  .....                                                                                       6,022,610   45,415,543 
                                                                                             ----------  ----------- 
 
 
 Other receivables 
 Prepaid 
  expenses.................................................................................. 
  ....................                                                                            19,885     135,719 
 Advance 
  payments.................................................................................. 
  ................                                                                               734,055   1,023,904 
 VAT 
  receivables............................................................................... 
  ........................                                                                       620,317   1,232,091 
 Other short term 
  receivables............................................................................... 
  ....                                                                                               390       6,251 
 Less: Provision for 
  impairment...............................................................................            -    (46,321) 
                                                                                              ----------  ---------- 
 Other 
  receivables............................................................................... 
  .....................                                                                        1,374,647   2,351,644 
                                                                                              ----------  ---------- 
 

Movements on the provision for impairment of trade receivables are as follows:
 
                                                                                                     2015     2014 
                                                                                                    ------  -------- 
 At 1 
  January......................................................................................... 
  .....................                                                                              7,496     8,515 
 Write off of previously impaired                                                                        -         - 
  receivables....................................................... 
 Exchange 
  difference...................................................................................... 
  ...........                                                                                        (773)   (1,019) 
                                                                                                    ------  -------- 
 At 31 
  December........................................................................................ 
  ...............                                                                                    6,723     7,496 
                                                                                                    ------  -------- 
 

Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The ageing analysis of provision for impairment is as follows:
 
                                                                                                       2015    2014 
                                                                                                      ------  ------ 
 Over 180                                                                                                  -       - 
 days............................................................................................... 
 ............ 
 Over 1 
  year.............................................................................................. 
  ..................                                                                                   6,723   7,496 
                                                                                                      ------  ------ 
                                                                                                       6,723   7,496 
                                                                                                      ------  ------ 
 

According to SASA's policies the following factors are been taken into consideration when assessing the impairment of receivables: receivables above 90 days or more, frequent late payments, high-risk customers and customer with financial difficulties.

The carrying amounts of SASA's trade receivables are denominated in the following currencies:
 
                                                                                                2015         2014 
                                                                                             ----------  ----------- 
 USD...................................................................................... 
  ......................................                                                      6,014,982   45,406,425 
 MKD...................................................................................... 
  .....................................                                                           7,628        9,118 
                                                                                             ----------  ----------- 
                                                                                              6,022,610   45,415,543 
                                                                                             ----------  ----------- 
 

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

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