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Central Asia Metals PLC Proposed acquisition of -51-

22 Sep 2017 6:01 am

The carrying amounts of the trade payables are denominated in the following currencies:
 
                                                                                                 2015        2014 
 MKD....................................................................................... 
  ...................................                                                          1,473,914   1,412,351 
 USD........................................................................................      45,641           - 
 .................................... 
 EUR....................................................................................... 
  .....................................                                                          442,470     380,871 
 SEK....................................................................................... 
  .....................................                                                          135,657      88,923 
                                                                                              ----------  ---------- 
                                                                                               2,097,672   1,882,145 
                                                                                              ==========  ========== 
 

The carrying amounts of the other current financial liabilities are denominated in the following currencies:
 
                                                                                                2015         2014 
 MKD...................................................................................... 
  ....................................                                                        1,240,687   63,815,239 
                                                                                             ----------  ----------- 
                                                                                              1,240,687   63,815,239 
                                                                                             ==========  =========== 
 
   22.       Related party transactions 

SASA has related party transactions with subsidiaries of its parent company during its normal course of business activities. All transactions with related parties are conducted under normal trading and commercial terms at mutually agreed terms. The tables bellow provides information for the volume and balances of the related party transactions as of and for the years ended 31 December 2015 and 2014.
   (i)         Year-end balances arising from sales of commodities 
 
                                                                                                      2015        2014 
                                                                                                   ----------    ----- 
 Receivables from related parties 
                                                                                                   ----------    ----- 
 Subsidiaries of the Ultimate parent                                                                6,021,705        - 
  company...................................................... 
                                                                                                   ----------    ----- 
 At 31                                                                                              6,021,705        - 
 December........................................................................................ 
 ............... 
                                                                                                   ----------    ----- 
 
   (ii)        Year-end balances arising from short term loan 
 
                                                                                                 2015        2014 
                                                                                                ------ 
 Receivables from related parties 
 Short-term loans to the parent 
  company..............................................................                               -   55,500,372 
                                                                                                -------  ----------- 
 At 31 
  December.................................................................................... 
  ...................                                                                                 -   55,500,372 
                                                                                                -------  ----------- 
 
   (iii)       Sales of commodities and services 
 
                                                                                                2015         2014 
                                                                                            -----------  ----------- 
 Sales of finished goods 
 Subsidiaries of the Ultimate parent 
  company......................................................                              70,424,600   82,725,595 
                                                                                            -----------  ----------- 
 At 31 
  December................................................................................ 
  .......................                                                                    70,424,600   82,725,595 
                                                                                            -----------  ----------- 
 
   (iv)       Interest expense/income 
 
                                                                                                  2015       2014 
                                                                                                --------  ---------- 
 Interest income from related party 
  loan 
 Parent 
  company..................................................................................... 
  ..................                                                                             264,520   1,446,868 
 
   (v)        Key management compensation 

Key management includes all directors within SASA. The compensation paid or payable to key management for services is shown below:
 
                                                                                                    2015      2014 
                                                                                                  --------  -------- 
 Salaries...................................................................................... 
  ......................................                                                           197,038   221,992 
 Taxes and contributions                                                                            99,573   112,180 
                                                                                                  --------  -------- 
 .............................................................................................. 
  ...........................................                                                      296,611   334,172 
                                                                                                  --------  -------- 
 
   23.       Contingencies 

Legal proceedings

From time to time and in the normal course of the business, claims against SASA may be received. On the basis of its own estimates and both internal and external professional advice, the management of SASA is of the opinion that no material losses will be incurred in respect of claims and accordingly no provision has been made in this financial information.
   24.       First time adoption of IFRS 

This is company financial information prepared in accordance with International Financial Reporting Standards (IFRS). The date of transition to IFRS is 1 January 2014.

SASA's IFRS accounting policies presented in note 2 have been applied in preparing the financial information for the year ended 31 December 2015, the comparative information and the opening statement of financial position at the date of transition.

SASA has applied IFRS 1 First-time Adoption of International Financial Reporting Standards (as revised in 2008) in preparing these first IFRS financial information. The effects of the transition to IFRS on equity and total comprehensive income are presented in this section and are further explained in the notes that accompany the tables.
   24.1     First time adoption exemptions applied 

Upon transition, IFRS 1 permits certain exemptions from full retrospective application. SASA has applied the mandatory exceptions and certain optional exemptions. The exemptions adopted by SASA are set out below.

Mandatory exceptions adopted by SASA:

-- Financial assets and liabilities that had been de-recognised before 1 January under previous GAAP have not been recognised under IFRS.

-- SASA has used estimates under IFRS that are consistent with those applied under previous GAAP unless there is objective evidence those estimates were in error.

Optional exemptions applied by SASA:

-- SASA has elected to use cost value as deemed cost at the date of transition for some items of property, plant and equipment.
   24.2     Reconciliation of equity as reported under Macedonian GAAP to IFRS 

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