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Central Asia Metals PLC Proposed acquisition of -49-

22 Sep 2017 6:01 am

The carrying amounts of SASA's other receivables are denominated in the following currencies:
 
                                                                                                 2015        2014 
                                                                                              ----------  ---------- 
 MKD....................................................................................... 
  ....................................                                                         1,276,837   2,127,910 
 EUR....................................................................................... 
  ......................................                                                          97,810     223,734 
                                                                                              ----------  ---------- 
                                                                                               1,374,647   2,351,644 
                                                                                              ----------  ---------- 
 

The fair value of the trade receivables and the other receivables at the balance sheet date is the same as their carrying value.
   16.       Short term loans 
 
                                                                                                 2015        2014 
                                                                                                ------   ----------- 
 Short term 
  loans....................................................................................... 
  .................                                                                                   -   55,500,372 
                                                                                                -------  ----------- 
       -                                                                                                  55,500,372 
 -------                                                                                                 ----------- 
 

Short-term loans was granted on 19 February 2013 to Solway Finance Limited bearing 3 months Libor interest rate for USD + 1% p.a. The loan was fully repaid during 2015.
   17.       Cash and cash equivalents 
 
                                                                                                    2015      2014 
                                                                                                  --------  -------- 
 Bank accounts in domestic 
  currency....................................................................                      62,262    24,308 
 Bank accounts in foreign 
  currency........................................................................                 154,379   938,639 
                                                                                                  --------  -------- 
                                                                                                   216,641   962,947 
                                                                                                  --------  -------- 
 

The carrying amounts of the cash and cash equivalents are denominated in the following currencies:
 
                                                                                                    2015      2014 
                                                                                                  --------  -------- 
 MKD........................................................................................... 
  ................................                                                                  62,262    24,307 
 EUR........................................................................................... 
  ..................................                                                               154,379    15,506 
 USD........................................................................................... 
  .................................                                                                      -   923,134 
                                                                                                  --------  -------- 
                                                                                                   216,641   962,947 
                                                                                                  --------  -------- 
 
   18.       Capital and reserves 

Own Capital

Own Capital

At 31 December 2015, the total of SASA's paid-in capital amounts to 4,672,933 (2014 and 2013: 4,672,933).

Ownership structure

SASA is wholly owned subsidiary of Lynx Europe dooel Skopje.

Reserves

Statutory reserves

Reserves are initially created based on the local legal provisions and are subsequently increased during the years due to allocation of net profit after tax. According to local regulation, SASA is required to have compulsory general reserves established through a portion of their net profits. With the changes of the Law on Trading Companies effective from 1 January 2013, SASA is required to set aside 5 per cent (15% prior to changes) of its net statutory profit for the year in a statutory reserve until the level of the reserve reaches 1/10 (1/5th prior to change) of the share capital. According to the local legal provisions, reserves can be used for recovering of the accumulated losses, purchase of own shares and payment of dividends, as well. SASA has achieved the required minimum in prior years and consequently no appropriation in 2015 has been made.

Dividends

During 2015, SASA allocated part of its retained earnings for dividends in the total amount of USD 65,608,527. This amount consists of profit arising from 2014 in amount of USD 49,393,043 advance dividend arising for the profit from 2015 in amount of USD 6,392,541 and dividend for the profit arising from 2013 and 2012 in amount of USD 9,822,943 net of related Income tax of USD 1,076,782.

During 2014, SASA allocated part of its retained earnings from 2013 and 2012 for dividends in the total amount of USD 62,616,333 net of related Income tax of USD 7,543,967. In addition, during the same period, SASA declared and paid dividends from other reserves (see "other reserves" subheading above) in the amount USD 137,777,464 including related withholding tax in the amount of USD 13,926,662.
   19.       Provisions for liabilities and charges 
 
                                    Provisions for employee benefits 
                            Provisions 
                                for 
                           rehabilitation   Retirement      Other 
                                and           benefit      employee 
                            environment      obligation    benefits     Total 
                         ----------------  ------------  ----------  ---------- 
 As at 1 January 2015           2,014,838       119,739     256,465   2,391,042 
 Unwinding of discount 
  (Note 11)                       185,092             -           -     185,092 
 Foreign exchange 
  gain (loss) (Note 
  11)                             211,814        31,353      19,983     263,150 
 Exchange differences           (213,973)      (12,838)    (26,761)   (253,572) 
                         ----------------  ------------  ----------  ---------- 
 As at 31 December 
  2015                          2,197,771       138,254     249,687   2,585,712 
                         ================  ============  ==========  ========== 
 Current                                -        19,459     116,542     136,001 
 Non-current                    2,197,771       118,795     133,145   2,449,711 
                         ----------------  ------------  ----------  ---------- 
                                2,197,771       138,254     249,687   2,585,712 
                         ================  ============  ==========  ========== 
 
 
                                    Provisions for employee benefits 
                            Provisions 
                                for 
                           rehabilitation   Retirement      Other 
                                and           benefit      employee 
                            environment      obligation    benefits     Total 
                         ----------------  ------------  ----------  ---------- 
 As at 1 January 2014           1,847,127       124,221     243,958   2,215,306 
 Unwinding of discount 
  (Note 11)                       237,129        11,067      44,937     293,133 
 Foreign exchange 
  gain (loss) (Note 
  11)                             182,589             -           -     182,589 
 Exchange differences           (252,007)      (15,549)    (32,430)   (299,986) 
                         ----------------  ------------  ----------  ---------- 
 As at 31 December 
  2014                          2,014,838       119,739     256,465   2,391,042 
                         ================  ============  ==========  ========== 
 Current                                -        12,382      43,334      55,716 
 Non-current                    2,014,838       107,357     213,131   2,335,326 
                         ----------------  ------------  ----------  ---------- 
                                2,014,838       119,739     256,465   2,391,042 
                         ================  ============  ==========  ========== 
 
   (i)         Provisions for rehabilitation and environment 

Under current legislation entities operating mining and related activities in the Republic of Macedonia are required to take remedial action for the land where such activities have occurred based on a plan approved by the Ministry of the Environment as well as in accordance with international best practices. After the ceasing of mining activities SASA is obliged to restore the mining area and to return in its initial condition.

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