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Central Asia Metals PLC Proposed acquisition of -77-

22 Sep 2017 6:01 am
 ----------                                                                                             ------------ 
 

Movement in allowance for impairment for other receivables is as follows:
 
                                                                                             30 June     31 December 
                                                                                               2017          2016 
                                                                                            ---------   ------------ 
 Other receivables 
 Opening balance at 1                                                                               -              - 
 January.................................................................................. 
 .............................................................. 
 Write-off previously impaired 
  receivables............................................................................. 
  ............................................                                                       -       551,794 
                                                                                            ----------  ------------ 
          -                                                                                                  551,794 
 ----------                                                                                             ------------ 
 

According the Lynx Group's policies the following factors are 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 fair value of the trade receivables and the other financial receivables at the balance sheet date is the same as their carrying value.

During 2016, the Lynx Group wrote off other receivables amounting to $551,794 as these amounts are not expected to be recoverable.
   13.       Cash and cash equivalents 
 
                                                                                             30 June     31 December 
                                                                                               2017          2016 
                                                                                           -----------  ------------ 
 Bank 
  deposits............................................................................... 
  ....................................................................................... 
  ......                                                                                             -    14,625,335 
 Bank accounts in domestic 
  currency............................................................................... 
  ....................................................                                      12,043,270    13,054,776 
 Bank accounts in foreign 
  currency............................................................................... 
  ........................................................                                   2,771,703     1,614,090 
                                                                                           -----------  ------------ 
                                                                                            14,814,973    29,294,201 
                                                                                           -----------  ------------ 
 

Bank deposit in amount of $14,625,335 as of 31 December 2016 represents time deposit in Ohridska Banka AD Skopje with validity of 13 days calculated from the date of the loan payment with no interest and was used as collateral for obtaining short-term borrowing. Due to the economic substance of the restriction and the availability of the cash funds after the maturity, the Lynx Group classified the bank deposits as cash and cash equivalent as at 30 June 2017, 30 June 2016 and 31 December 2016.

The carrying amounts of the cash and cash equivalents are denominated in the following currencies:
 
                                                                                                         31 December 
                                                                                              30 June        2016 
                                                                                                2017 
                                                                                           -----------  ------------ 
 MKD.................................................................................... 
  ....................................................................................... 
  ..................                                                                           280,915    14,801,010 
 EUR.................................................................................... 
  ....................................................................................... 
  ...................                                                                        2,659,415        15,290 
 USD.................................................................................... 
  ....................................................................................... 
  ...................                                                                       11,874,643    14,477,901 
                                                                                           -----------  ------------ 
                                                                                            14,814,973    29,294,201 
                                                                                           -----------  ------------ 
 
   14.       Capital and reserves 

Capital

Paid-in capital

At 31 December 2016 and 2015, the Lynx Group has paid-in capital, which amounts to $97,454,015 and $173,454,015.

In February 2016, Lynx Resources bought back a $1,000,000 preference share from one of the shareholders. In October 2016, Lynx Resources distributed a $75,000,000 dividend to its shareholders by way of capital reduction.

Other reserves-Foreign currency translation

Exchange differences arising on translation of the foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

The following table shows a breakdown of the balance sheet line item 'other reserves' and the movements in these reserves during the year:
 
                                                                                                                                                                                                                                Other 
                                                                                                                                                                                                                               reserves 
                                                                                                                                                                                                                            ------------ 
At 1 January 
 2016..................................................................................................................................................................................................................        (771,695) 
                                                                                                                                                                                                                            ------------ 
Exchange differences on foreign currency translation: 
   Other................................................................................................................................................................................................................. 
    ......................                                                                                                                                                                                                     (114,257) 
   Sales................................................................................................................................................................................................................. 
    .......................                                                                                                                                                                                                      743,876 
   Intercompany 
    loans............................................................................................................................................................................................................          2,014,006 
                                                                                                                                                                                                                            ------------ 
At 30 June 
 2016.....................................................................................................................................................................................................................     2,643,625 
                                                                                                                                                                                                                            ============ 
At 1 January 
 2016..................................................................................................................................................................................................................      (6,162,972) 
Exchange differences on foreign currency translation: 

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

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