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Central Asia Metals PLC Proposed acquisition of -75-

22 Sep 2017 6:01 am

Lynx Resources has one operating segment, Lynx Mining Resources. This reflects the way in which the company's management reviews its business performance, and is consistent with how the executive management, who act as the chief operating decision-makers, allocate resources and assess performance of Sasa.
   6.         Consumed raw materials 
 
                                                                                                30 June     30 June 
                                                                                                  2017        2016 
                                                                                              ----------  ---------- 
 Consumed 
  materials................................................................................. 
  ................                                                                             2,309,766   2,554,732 
 Consumed spare parts and 
  tools...........................................................................             2,286,133   2,065,667 
 Consumed 
  electricity............................................................................... 
  ................                                                                             1,020,762   1,179,862 
 Consumed 
  petrol.................................................................................... 
  ..................                                                                             446,461     422,373 
                                                                                               6,063,122   6,222,634 
 
   7.         Finance income and costs 
 
                                                                                               30 June      30 June 
                                                                                                 2017         2016 
                                                                                            ------------  ---------- 
 Foreign exchange 
  gain.................................................................................... 
  .........                                                                                    7,153,704     378,006 
 Interest                                                                                            151           - 
 income................................................................................... 
 ...................... 
                                                                                            ------------  ---------- 
 Finance 
  income.................................................................................. 
  ......................                                                                       7,153,855     378,006 
 
 Foreign exchange 
  loss.................................................................................... 
  .........                                                                                  (5,956,060)   (657,524) 
 Interest 
  expense................................................................................. 
  .......................                                                                    (2,280,708)   (178,969) 
 Other finance 
  expense................................................................................. 
  ............                                                                                  (91,850)    (92,203) 
                                                                                            ------------  ---------- 
 Finance 
  costs................................................................................... 
  .........................                                                                  (8,328,618)   (928,696) 
                                                                                            ------------  ---------- 
 Net finance 
  income/(costs).......................................................................... 
  ...........                                                                                (1,174,763)   (550,690) 
                                                                                            ------------  ---------- 
 
   8.         Income tax expense 

According to the provisions of the Macedonian tax law the tax base is the profit generated during the fiscal year increased for non-deductible expenses and reduced for deductible revenue (i.e. dividends already taxed at the payer), with income tax at rate of 10%. In line with this Law, Income tax for the period was calculated and recorded in the consolidated statement of comprehensive income.

The increase in income tax expense is mainly due to an increase in profit before tax, net of profit not subject to tax for group operations in Bermuda, and non-deductible expenses. The increase in deferred tax assets for the period ending 30 June 2017 was $10,371.
   9.         Property, plant and equipment 
 
                                  Building 
                                     and          Machinery 
                                    Mining           and         Mineral     Construction in 
                      Land      Infrastructure    equipment      reserves       progress           Total 
                              ----------------  ------------  ------------                     ------------- 
Year ended 31 
December 2016 
Opening balance . 
 . . . . . . . . . 
 .. .                598,428        25,830,067    20,533,874   134,728,099          6,764,678    188,455,146 
Additions . . . . 
 . . . . . . . . . 
 . . . .                 206         2,391,165             -             -          8,229,753     10,621,124 
Transfer from 
 construction in 
 progress. . . . . 
 . . . . . . . . . 
 . . . . . .               -         1,434,788     2,537,761             -        (3,972,549)              - 
Write-off. . . . . 
 . . . . . . . . . 
 . . . . .                 -       (1,909,846)             -             -                  -    (1,909,846) 
Disposals. . . . . 
 . . . . . . . . . 
 . . . . .                 -                 -         (222)             -                  -          (222) 
Depreciation 
 charge. . . . . . 
 . . . . .                 -       (1,722,096)   (5,093,588)   (7,177,958)                  -   (13,993,642) 
Exchange 
 differences. . . 
 . . . . . .        (18,530)       (1,000,988)     (392,220)   (6,960,117)          (209,466)    (8,581,321) 
                              ----------------  ------------ 
Closing net book 
 amount . . . . .    580,104        25,023,090    17,585,605   120,590,024         10,812,416    174,591,239 
                              ----------------  ------------ 
At 31 December 
2016 
Cost . . . . . . . 
 . . . . . . . . . 
 . . . . . .         580,104        26,745,186    22,679,193   127,767,982         10,812,416    188,584,881 
Accumulated 
 depreciation              -       (1,722,096)   (5,093,588)   (7,177,958)                      (13,993,642) 
                              ----------------  ------------ 
Net book amount      580,104        25,023,090    17,585,605   120,590,024         10,812,416    174,591,239 
                              ----------------  ------------ 
Period ended 30 
June 2017 
Opening balance . 
 . . . . . . . . . 
 . .                 580,104        25,023,090    17,585,605   120,590,024         10,812,416    174,591,239 
Additions . . . . 
 . . . . . . . . . 
 . . . . .                 -         (127,202)       300,915             -          4,116,209      4,289,922 
Transfer from 
 construction in 
 progress. . . . . 
 . . . . . . . . . 
 . . . . . .               -         8,179,189     2,264,085             -       (10,443,274)              - 
Write-off. . . . . 
 . . . . . . . . . 
 . . . . .                 -           (1,326)             -             -                  -        (1,326) 
Depreciation 
 charge. . . . . . 
 . . . . .                 -         (816,742)   (1,993,241)   (3,473,169)                  -    (6,283,152) 
Exchange 
 differences. . . 
 . . . . . .          49,752           856,267       158,205    11,803,589            927,306     13,795,119 
                              ----------------  ------------ 
Closing net book 
 amount . . . . .    629,856        33,113,276    18,315,569   128,920,444          5,412,657    186,391,802 
                              ----------------  ------------ 
At 31 December 
2016 
Cost . . . . . . . 
 . . . . . . . . . 
 . . . . . .         629,856        35,652,114    25,402,398   139,571,571          5,412,657    206,668,596 
Accumulated 
 depreciation. . . 
 . . .                     -       (2,538,838)   (7,086,829)  (10,651,127)                  -   (20,276,791) 
                              ----------------  ------------ 
Net book amount      629,856        33,113,276    18,315,569   128,920,444          5,412,657    186,391,802 
                              ----------------  ------------ 
 
 

The Lynx Group has pledged building and equipment with an estimated value of $9,086,293 as of 30 June 2017 (June 30, 2016: $ 12,021,145) as a security for the borrowings (See Note 17).
   10.       Intangible assets 
 
 Year ended 31 December 2016                                                                                Total 
 Opening 
  balance.............................................................................................. 
  .........................................................................                               10,779,153 
 Amortization 
  expense.............................................................................................. 
  ................................................................                                         (582,115) 
 Exchange 
  differences.......................................................................................... 
  ......................................................................                                   (305,933) 
 Closing net book 

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

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