Contents
SUMATRA COPPER & GOLD PLC
HALF-YEAR FINANCIAL REPORT
FOR THE PERIOD ENDED 30 JUNE 2016
SUMATRA COPPER & GOLD PLC | LEVEL 1, 5 ORD STREET, WEST PERTH WA 6005, AUSTRALIA ABN 14 136 694 267
REGISTERED IN ENGLAND AND WALES | 39 PARKSIDE, CAMBRIDGE CB1 1PN UNITED KINGDOM REGISTRATION NUMBER 5777015
Corporate Directory
DIRECTORS
Stephen Daniel Robinson (Non-Executive Chairman) David Fowler (Managing Director)
Adi Adriansyah Sjoekri (Executive Director)
Jocelyn Severyn de Warrenne Waller (Non-Executive Director) Gavin Arnold Caudle (Non-Executive Director)
COMPANY SECRETARY
Susan Hunter
REGISTERED OFFICE
39 Parkside Cambridge CB1 1PN United Kingdom
AUSTRALIAN OFFICE
Level 1, 5 Ord Street West Perth WA 6005 Australia
Phone: +61 8 6298 6200
BANKERS
HSBC Bank plc 69 Pall Mall
London SW17 5EY United Kingdom
National Australia Bank 1238 Hay Street
West Perth WA 6005 Australia
CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS
BDO LLP
55 Baker Street London W1U 7EU United Kingdom
SHARE REGISTRY
Computershare Investor Services Pty Limited Level 2, 45 St George's Terrace
PERTH WA 6000
Phone: 1300 552 270 (within Australia)
Phone: +61 3 9415 4000 (outside Australia)
WEBSITE
www.sumatracoppergold.com
STOCK EXCHANGE LISTING
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Australian Securities Exchange Share code: SUM
Contents
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Directors' Report
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1
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Independent Auditors' Report
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11
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Consolidated Statement of Comprehensive Income
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13
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Consolidated Statement of Financial Position
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14
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Consolidated Statement of Changes in Equity
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15
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Consolidated Statement of Cash Flows
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16
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Directors' Declaration
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17
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Notes to the Consolidated Financial Statements
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18
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Directors' Report
The Directors of the Company have pleasure in submitting their report together with the condensed interim consolidated financial statements of the Group, being Sumatra Copper & Gold plc ('the Company' or 'the Group') and its controlled entities, for the half-year ended 30 June 2016 and the review report thereon.
Directors
The names of the directors of the company during or since the end of the half-year are:
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Position held
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Date of appointment
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Date of resignation
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Stephen Robinson
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Independent Non-Executive Chairman
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8 July 2013
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-
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David Fowler
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Managing Director
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14 April 2015
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-
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Adi Sjoekri
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Executive Director
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31 March 2011
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-
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Jocelyn Waller
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Independent Non-Executive Director
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12 May 2006
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-
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Gavin Caudle
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Non-Executive Director
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26 September 2013
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-
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Overview
Sumatra Copper & Gold Plc is a gold and silver producer and precious metals explorer focused on southern Sumatra, Indonesia. The Company's flagship asset is its Tembang gold-silver mine ("Tembang" or "the Project"), currently in production. The Company also has an extensive exploration portfolio with projects ranging from brownfield, near-production opportunities to strategically located greenfield holdings.
During the period ended 30 June 2016 the Group was focused on increasing production at its Tembang operation. The ramp up in production from the underground operation was slower than anticipated resulting in lower production than planned for the period.
The Group recorded a net loss for the period ended 30 June 2016 of US$11.3 million, representing (US$ 1.59) cents per share, in comparison to a restated net loss for the same period ended 30 June 2015 of US$2.6 million representing a loss of (US$ 0.41) cents per share.
Total assets increased by US$0.2 million to US$69.6 million from US$69.4 million as at 31 December 2015. Total liabilities were US$81.1 million, an increase of US$19.9 million from 31 December 2015. The movement in total liabilities was a result of drawdown of the US$5.1 million of Working Capital Loans and Convertible Notes, a $8.8 million increase in the value of the Hedge Liability as a result of an increase in the gold price during the period and an increase in Trade Payables of US$3.8 million.
Total equity of US$8.2 million at 31 December 2015 decreased by US$19.7 million to 30 June 2016 primarily as a result of the loss of the period of US$10.8 million. The hedging reserve associated with the hedge program decreased by US$8.8 million due to an increase in the gold price from US$ 1,056 per ounce at 31 December 2015 to US$ 1,317 per ounce at 30 June 2016.
During the period, cash and cash equivalents increased by US$0.05 million. Cash outflows from operating activities for the period were US$1.4 million. Net cash outflows from investing activities for the period were US$2.18 million. The cash outflow included residual construction expenditure for the Tembang processing facility.
The net cash inflow from financing activities of US$3.6 million mainly reflects US$4.5 million received in respect of the issue of convertible notes, and US$1.16 million working capital less repayment of borrowings. Interest paid during the 6 months totalled US$1.97 million.
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