TIDMSHG
RNS Number : 9254K
Shanta Gold Limited
16 April 2018
16 April 2018
Shanta Gold Limited
("Shanta Gold", "Shanta", the "Group" or the "Company")
Final Results for the year ended 31 December 2017
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, announces its audited final results for the
year ended 31 December 2017 ("FY2017" or the "Year"). The Company's
focus remained on its flagship asset, the New Luika Gold Mine
("NLGM"), located in Southwest Tanzania, throughout the Year.
Highlights
Financial
-- Revenue of US$103.4 million (2016: US$107.1 million) at
average realised gold price of US$1,263 per oz ("/oz") (2016:
US$1,220 /oz);
-- EBITDA of US$37.7 million (2016: US$50.2 million) inclusive
of revenues from development ore;
-- Profit after taxation of US$4.2 million (2016: loss after taxation of US$8.0 million);
-- Net debt at year end reduced by US$4.7m to US$39.5 million (2016: US$44.2 million);
-- All in Sustaining Cost ("AISC") of US$743 /oz against
guidance (restated to World Gold Council basis) of US$781 /oz
(2016: US$659 /oz);
-- Capital expenditure of US$37.9 million (2016: US$54.6 million);
-- Operating cash flow before movement in working capital of
US$40.3 million (2016: US$50.1 million); and,
-- Cash and cash equivalents of US$13.6 million at year end (2016: US$14.9 million).
Operational
-- Gold production of 79,585 oz consistent with guidance of
approximately 80,000 oz (2016: 87,713 oz);
-- Gold sales of 80,365 (2016: 86,332 oz);
-- Milled 632,287 tonnes of ore (2016: 597,583 tonnes);
-- Average recoveries of 91.1 per cent achieved (2016: 89.9 per cent);
-- Average ore grade of 4.3 grams per tonne ("g/t") (2016: 5.1 g/t);
-- TIFR safety record of 4.02, down from 4.60 in 2016; and,
-- Commercial production declared at NLGM underground operation in June 2017.
Corporate
-- Eric Zurrin appointed as CEO and an Executive Director of
Shanta in August 2017 having been previously re-appointed to the
Company as CFO in March 2017;
-- Luke Leslie appointed as CFO in September 2017 having
previously held a Non-Executive position;
-- Keith Marshall appointed as a Non-Executive Director in June 2017;
-- Prudent hedging programme continued with 22,500 oz of gold
sold forward at 31 December 2017 at an average price of US$1,271
/oz; and,
-- VAT refund of US$3.4 million received in November 2017.
New corporate strategy announced
-- New strategy announced in September 2017 focusing on
maximising shareholder returns through a modern and efficient
mining approach;
-- Cost reductions of US$8.7 m per annum on an annualised basis
achieved in November (including US$3.6 m from a new mining method
at the Luika underground orebody);
-- NLGM headcount reduced from 1,075 at the end of H1 2017 to 759;
-- Planned installation of additional pre-leach tank expected to
increase recoveries by 1.5 -2.0% with a payback period for the
project of 4 months; and,
-- Cost saving target (from supplier contracts, G&A costs
and redundancies unrelated to the underground operation) increased
in January 2018 from US$5.0 million to US$7.0 million per annum on
an annualised basis (excluding impact of new mining method at the
Luika underground orebody), expected to be executed by third
quarter of 2018.
Singida
-- Updated JORC compliant Resource declared at Singida during
the year totalling 12.3Mt, grading 1.84g/t and containing 728koz of
gold using a cut-off grade of 1.0g/t;
-- Positive results from Phase 1 exploration and resource infill
Reverse Circulation ("RC") drilling conducted at Singida, as
announced in April 2018; and,
-- Planning completed for IP and Phase 2 drilling at Singida in
second quarter of 2018 in advance of a development decision.
Outlook
-- Annual guidance for 2018 of 82,000 - 88,000 oz at AISC of US$680 - US$730 /oz.
Eric Zurrin, CEO, commented:
"We are pleased to report a set of full year results that
reflect a sustainable transition to underground mining at New
Luika, as well as a new management strategy of cost control and
optimisation.
Considerable inroads have been made into reducing the net debt
position and the continuation of this is central to plans for
restructuring the Company's balance sheet. Recording a profit in
2017 for the first time wouldn't have been possible had the
underground operation not been transitioned to on time and within
budget and our efforts to optimise the Company's recurring cost
base will be a key driver towards improving future cash flows.
Our priorities for 2018 remain focussed on continued low-cost
operational excellence, balance sheet deleveraging, and targeted
growth."
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Enquiries:
Shanta Gold Limited
+255 (0) 22
Eric Zurrin (CEO) 292 5148
Luke Leslie (CFO)
Nominated Adviser and Broker
Numis Securities Limited
Paul Gillam / John Prior + 44 (0) 20
/ James Black 7260 0000
Financial Public Relations
Tavistock
Charles Vivian / Gareth +44 (0) 20
Tredway / Barnaby Hayward 7920 3150
Chairman's Statement
Dear Shareholders,
It is my pleasure to provide a review of your Company in 2017.
During the year Shanta successfully transitioned into a
predominantly underground mining company, achieving commercial
underground production in the second quarter of 2017. Major capital
projects to support the operations at the New Luika Gold Mine ("New
Luika") were commissioned throughout the year. These included a
Heavy Fuel Oil ("HFO") Power Plant and the installation of a Solar
Power Plant, while the second Tailing Storage Facility is planned
for commissioning in 2018.
Board and Management changes
In June 2017 Keith Marshall joined the Board of Shanta as a
Non-Executive Director. Keith is a highly experienced mining
engineer and underground mining expert with a track record of
developing underground mines. In August and September 2017 Eric
Zurrin and Luke Leslie were appointed as Chief Executive Officer
and Interim Chief Financial Officer respectively. Prior to their
appointments Eric acted as Shanta's Chief Financial Officer and
Luke was a Non-Executive Director. Eric joined the Board of Shanta
in August 2017.
New Strategy
In September 2017, management implemented a new strategy of cost
control and optimisation, focusing on net present value and
shareholder returns. In quarter 4 of the year Shanta achieved cost
reductions of US$8.7 million per annum from renegotiated supplier
contracts, lower general and administrative expenditure and a
change in the mining method. The Company also announced a project
to add an additional leach tank which is expected to increase
recoveries. Additionally, changes in the senior employees'
incentive structure have been implemented including replacement of
cash bonuses with share ownership to improve alignment with the
shareholders.
Deleveraging in advance of shareholder returns
The Company is going through a period of rapid deleveraging with
US$16.4 million of debt repayments scheduled in 2018. Lower costs
and the steady tapering of capital expenditure will help Shanta
meet these obligations. As the Company's financial position
strengthens, the Board expects to be in a position to evaluate the
timing of a dividend policy in the final quarter of 2018.
Resilience of lower cost company to the cycle
Shanta operates in a cyclical sector. The Company goes into 2018
with a lower cost base. This will help provide some comfort from
the vagaries of the gold price while enhancing the Company's net
present value. Our focus on effective cost management is ongoing
and we expect further reductions in costs and new efficiencies in
2018.
Tanzanian revision to the Mining Code
In July 2017, the Tanzanian government announced changes to the
country's Mining Code. These included among other things, an
increase in royalty and settlement payments to the government from
4% to 7% (which has been discussed in greater detail within the
Chief Executive Officer's Review). Other changes focused on "local
content" and the localisation of services to the mining industry.
Shanta has made great strides in creating a Tanzanian operated
company. By the end of 2017, Shanta's workforce comprised 98%
Tanzanian nationals.
Economic and social contribution
Shanta is a significant tax contributor and provider of foreign
exchange to the Tanzanian economy. In Songwe, the New Luika mine
supports a local economy of over 20,000 people. In 2017, Shanta's
livelihood programs have introduced best practice farming, bee
keeping and improved education to the local communities. The New
Luika mine sources goods from the local communities where possible,
providing working capital to help local businesses grow. Over 40%
of New Luika's employees come from the local villages surrounding
the mine. Shanta's Corporate Social Responsibility ("CSR") pillars
of livelihood, health, water and education reflects the
government's priorities. In 2017 we brought in new partners to
provide additional funding through donations and teaching services
to support our efforts. As we look to 2018 and beyond, we have high
expectations for our Singida project to start delivering similar
benefits to Tanzania's Singida region.
Outlook
Throughout 2018, Shanta will continue to see the benefits from
the new management's strategy of deleveraging the balance sheet,
delivering cost reductions and productivity improvements throughout
our operations. Shanta's financial position should therefore become
significantly stronger as the focus of the business clearly targets
maximising net present value and delivering shareholder
returns.
A P W Durrant
Chairman
13 April 2018
Chief Executive Officer's Review
It is with great pleasure that I report on a successful
operational and financial performance during the 2017 financial
year. This has not only been a year in which Shanta Gold has faced
and overcome a number of significant challenges, but also one of
transition both at an operational and corporate level. Our team has
worked tirelessly to meet production targets and have delivered
these whilst also exercising control over the fundamental shift in
our mining methods alongside important changes to our
organisational structure.
2017 has marked the beginning of an exciting new chapter for
Shanta with our flagship and only producing asset, New Luika, now
thoroughly equipped with comprehensive capital investment and
poised to begin generating significant free cash flows. New Luika
transitioned to a predominantly underground operation during the
year and the Company declared commercial production in June 2017.
Our objective is to quickly repay the Company's debt and to reward
shareholders for their patience. In the second half of 2017 we
implemented "a disciplined and modern approach to driving
operational efficiencies" across the organisation, a philosophy
which has been fully embraced by the entire Shanta team. This will
ensure that Shanta runs an efficient operation without compromising
on growth opportunities as we continue to build on strong
foundations to take the Company forward.
HIGHLIGHTS
Safety is our top priority
The safety and wellbeing of our people is of paramount
importance and we conduct our business as an exemplary corporate
citizen within the areas that we influence. The cumulative Total
Injury Frequency Rate ("TIFR") for 2017 was 4.02, representing a
second successive annual decline in injuries and a 13% reduction
from 2016 (4.60).
NPV in place of volume
At New Luika, exploration will continue to add resources. During
2018 we will evaluate how to resequence the Revised Mine Plan
("RMP"), to maximise project net present value ("NPV"). Since the
new management team took over in September 2017, the focus has been
shifted to NPV which includes implementing a new approach to cost
control and project optimisation. Shareholders' returns form the
basis of all key strategic decision making.
Cost reduction and productivity improvements
With a management team dedicated to deleveraging the Company,
New Luika is now well positioned to begin delivering improved and
stable cash flow generation in the near future. Production guidance
for 2018 is 82,000 - 88,000 ounces ("oz") at an All-In Sustaining
Cost ("AISC") of US$680-730 per oz.
In the final quarter of 2017 Shanta announced cost reductions of
US$8.7 million per annum, including the $3.6 million impact of a
change in mining method at the Luika deposit from cut and fill to
long-hole open stoping, and subsequently executed on these prior to
the year-end. With several other ongoing initiatives, including a
targeted increase in the recurring cost reductions achieved during
the final quarter of 2017, management are confident that the future
cost base at New Luika will continue to reduce.
Furthermore, a number of operational improvements, including the
addition of a new pre-leach tank, are expected to enhance on-mine
productivity and revenues.
Cash flow generation as capital expenditure tapers
Capital expenditure at New Luika reduced substantially during
the course of 2017 and this decline is expected to continue now
that all key infrastructure is in place, following over US$85
million of investment during 2015 and 2016 including development of
the underground operation. This is expected to result in
significantly increased future annual free cash flows compared to
prior years.
Future growth at New Luika and Singida
Shanta continued investing in its long-term future through an
exploration program targeting both on-mine exploration and
expansion drilling at Singida. At New Luika the exploration team is
reviewing mineral resources, which are outside the RMP, with a view
to converting a portion of the Indicated and Inferred Resources of
683,000 oz into the RMP.
Shanta has mineral rights to 1,500km(2) of prospecting permits
in the Lupa Goldfield, in areas surrounding New Luika. This ground
is highly prospective and has historically been the location of
many colonial and artisanal mine activities throughout history.
A drilling program was completed in the final quarter of 2016 at
the Nkuluwisi prospect, which is located about 12km to the
north-west of the New Luika plant. Results of the drilling program
were released in March 2017 and a maiden resource of 141,000 oz was
announced in May 2017. Nkuluwisi has potential as a satellite
deposit for the Askari target, which is located 14km to the west of
Nkuluwisi.
There are 20 targets within 20km of the New Luika Mining
Licenses, which have been prioritised for further studies.
Separately, drilling is being planned during 2018, to upgrade the
underground Inferred Resource at Bauhinia Creek to Measured and
Indicated status.
Following up on the investments and commitments already made at
Singida, the Company declared a 728,000 oz gold resource that is
JORC compliant in the final quarter of 2017. Following the
resettlement activities that remain ongoing a targeted drilling
campaign was carried out during the first quarter of 2018, aimed at
upgrading the Inferred Resource to Measured and Indicated
status.
Positive engagement with local stakeholders remains a top
priority and Shanta continues to actively participate in the
development of the local area around its licences. We have been
particularly encouraged by our meetings with regional and
district-level leaders and remain entirely committed to the
longevity of our projects in Tanzania, and the prosperity of
communities living within their respective vicinities.
Management as owners
One cornerstone of the philosophy that management have been
communicating across the business is the importance of behaving
like the owners of the business. All decisions made across the
Company are made in the best interests of the ultimate owners, our
shareholders. Changing the incentive structure for senior
employees, by reducing salaries and replacing cash bonuses with
higher share ownership of the Company, has improved management's
alignment with shareholders. Discretionary performance-related
bonuses are also now aligned to shareholder interests. This has
been a pivotal change in culture that will contribute towards
maximum shareholders' returns in the future.
Tanzanian legislative environment
A new Finance Act was approved by the Tanzanian Parliament in
June 2017 and a number of new legislative Bills were enacted as
Laws in early July 2017. Since July, gold shipments have attracted
higher royalty rates of 6%, up from 4% previously, and a Clearing
Fee of 1% has been applied. These legislative bills also made
provision to the Government of Tanzania of a free-carried interest
in all mining projects of no less than 16% and the right to acquire
up to 50% of the shares in a mining company commensurate with the
value of historic tax benefits provided to it. Since the
incorporation of its Tanzanian subsidiaries, Shanta has not been
the recipient of any preferential tax arrangements in Tanzania nor
has it been party to a Mining Development Agreement.
These changes in the legislation have proven to be a poignant
catalyst for streamlining the Company's cost structure and
significant strides have been taken since the implementation of
these news laws to reshape our supplier base and headcount in order
to ensure cost optimisation across the business. The Company's
recurring cost base going forwards is now lined up to be
significantly lower than it has been historically, including the
impact of increased royalty rates and clearing fee.
OPERATIONS REVIEW
New Luika Gold Mine Operations Review
New Luika delivered a consistent mill feed throughout 2017 from
both its underground operation and from surface mining during the
first half of the year, in line with the Revised Mine Plan. Total
mill feed was 632,287 tonnes at an average grade of 4.3 grams per
tonne ("g/t") for the production of 79,585 oz of gold, which was a
significant achievement in what was the Company's first year of
underground mining.
May 2017 was a significant milestone for Shanta as stope ore was
produced for the first time from the underground operation. This
ore was sourced using long-hole open stoping between the 900 - 880
metre levels in the Bauhinia Creek orebody and the operation has
exceeded 7,000 metres of development ore underground. The number of
stopes available for production is now in the process of increasing
to three on a stable basis.
2017 was the first year in which New Luika's Bauhinia Creek
underground orebody has been operational and since commencing
development in July 2016 it has produced in excess of 250,000
tonnes of ore at an average grade exceeding 6 g/t. Initial mining
in the western stopes encountered a nose fault, with a reduction in
grade in a confined area which is not considered material. In the
eastern margins of the orebody, the Company has benefited from a
positive grade reconciliation. The operational flexibility provided
by the decline advance rates will not impact production.
Several initiatives are ongoing to further enhance the capacity
of the operation including, excitingly, a planned revision in
mining method for the Luika underground orebody from cut and fill
to long hole open stoping which will remove the requirement for
backfilling with cement altogether.
Quarter on Quarter AISC
2015 2016 2017
US$'000 US$'000 US$'000
Q1 1,381 624 697
Q2 1,076 682 733
Q3 570 618 769
Q4 536 664 767
The Company has revised its measure of AISC to align itself with
the World Gold Council's published guidance. The revised
calculation includes the impact of exploration and study costs
(sustaining) and excludes interest costs.
AISC for the year was US$743/oz, significantly ahead of guidance
of US$781/oz (restated to World Gold Council basis) and achieved at
least in part as a result of cost reduction initiatives implemented
during the third quarter of the year. AISC has improved despite
numerous headwinds since publishing the RMP in March 2017,
including the 2% increase in royalties and new 1% clearing fee. The
cost savings that have been achieved more than offset these
headwinds and have been generated largely through a reduction in
corporate overheads and renegotiation of contracts with
suppliers.
Looking ahead, the target for recurring cost reductions per year
has been increased to US$7.0 million from US$5.0 million (excluding
the impact of changing the mining method at the Luika deposit),
which is due to be executed by the third quarter of 2018. This will
further reduce AISC and will be complemented in 2018 by the full
impact of the cost reductions that were executed during late
2017.
New Luika Revised Mine Plan
Shanta presented New Luika's RMP in March 2017, which
incorporated the results of the exploration programme conducted
within the mining licence at Elizabeth Hill and Ilunga in previous
periods. The total reserve position provided for by this RMP
amounted to 3.64 million tonnes at an average grade of 4.4 grams
per tonne, equating to 515,500 oz contained. After accounting for
additional reserves and depletion, the RMP added 174,000 oz of
production, a 33% increase from the Base Case Mine Plan ("BCMP"),
at an AISC of US$779/oz. The RMP also provided a four-year
extension of the maximum utilisation of the New Luika plant.
On-going exploration is expected to further enhance and extend
the Mine Plan in the future adding additional years to the Life of
Mine. Group Measured and Indicated Mineral Resources also increased
during the year following the announcement of a JORC 2012 compliant
resource at Singida of 5.11Mt at 2.09 g/t for 345,000 oz. This has
increased Company gold resources to 2.1 million oz.
New Luika Projects
7.5MW HFO Power Station
The 7.5MW Heavy Fuel Oil ("HFO") Power Station at New Luika was
fully commissioned in February 2017. It comprises six HFO engines
designed to operate at any given time to provide maximum operating
capacity. Power is transmitted to all consumers on the mine and
removes any requirement for the mine to be connected to the local
power grid.
The capacity of the Power Station was determined in
consideration of increased power demand resulting from the
transition from open pit to underground mining operations. Given
the mine's remote, off-grid location, power generation from HFO
provides the most robust and lowest cost solution.
Power consumption at the mine increased by 33% during 2017
following the ramp up of the underground mining operation. The
power plant produced 29,033 Megawatthours (MWhr) of power during
its first 12 months of operation, utilizing 6,990,000 litres of HFO
with greater than 99.78% average availability and utilization.
Consumption of higher cost Diesel Fuel Oil has decreased
drastically, resulting in a significant drop in the cost of
powering the operation.
The Power Station is supported by a 400,000 litre fuel storage
facility sufficient to sustain up to 3 weeks operation in the event
of a disruption to fuel supply. Shanta has not made use of this
storage facility to date due to reliable fuel.
Solar power plant
A 693kWp Solar Power Plant was commissioned at New Luika in July
2017 to optimise the unit cost of energy generated across the
operation. In advance of installation, an area of approximately
14,000m(2) was cleared, levelled, compacted, fenced and provided
with rainwater drainage facilities and the 28 solar panel arrays
now occupy 8,000m(2) of fenced area making this the largest solar
power plant in Tanzania. Operation of the Solar Power Plant is
remotely monitored by the vendor and since commissioning this
facility has been providing approximately 2% of New Luika's energy
demand, optimising the unit cost of power and in turn reducing
carbon dioxide emissions by approximately 50 tonnes per annum. The
Solar Power Plant is currently the Company's cheapest source of
power.
Tailings Storage Facility 2 ("TSF 2")
The new Tailings Storage Facility at New Luika remains the final
large-scale infrastructure project at site and is expected to
support operations at the current production rates for eight years
from commissioning. Significant progress has been made in
finalising the build of this project during the year and by the end
of the period all quality control testing had been successfully
completed to the required standards. This new Tailings Storage
Facility will use advanced methods to safely and efficiently
accommodate tailings from future underground operations.
FINANCIAL OVERVIEW
Turnover for the year amounted to US$103.4 million, compared to
US$107.1 million in 2016. The decrease of 3.5% was due in part to a
reduced production profile in 2017 in line with the RMP and prior
to the full ramp up of the underground operation. The Company
continued with its hedging program and the average gold price
realised for the year was US$1,263/oz compared to the average price
for the previous year of US$1,220/oz. Cost of sales for the year
amounted to US$82.5 million (2016: US$88.3 million) with an overall
gross margin of 19% achieved (2016: 14%). Cost of sales included
the impact of US$10.5 million of net revenue from development ore
offset against capital.
Administration costs for the year amounted to US$6.6 million
(2016: US$7.1 million), with the reduction representing the
beginning of management's cost reduction initiatives.
Exploration expenditure for the year amounted to US$1.6 million
(2016: US$4.7 million), in addition to US$3.4 million capitalised
development expenditure at Singida where a JORC compliant resource
was announced in the final quarter of the year. The reduction in
expenditure at New Luika follows a drive for efficiencies in our
exploration programme which has seen the exploration camp within
New Luika licences moved to combine with the New Luika mine camp
and a refocus on high impact / low cost exploration activities
including trenching. Exploration continues to be integral to the
Group's long-term strategy and exploration drilling is planned in
2018 at both Singida and New Luika.
An operating profit for the year of US$11.0 million (2016:
US$3.0 million) was generated, mainly due to a significant
reduction in annual depreciation compared to the prior year now
that the open pits are fully depreciated, whilst EBITDA amounted to
US$37.7 million (2016: US$50.2 million) inclusive of revenues from
development ore. Net finance expense amounted to US$7.5 million
(2016: US$7.5 million).
As a result of the above, a profit before tax of US$3.5 million
(2016: loss of US$4.3 million) was recorded. A tax gain amounting
to US$0.6 million (2016: charge amounting to US$3.6 million)
resulted in a profit after tax of US$4.2 million (2016: loss after
tax of US$8.0 million).
In the statement of financial position, non-current assets
increased to US$131.8 million (2016: US$122.8 million), after
capital spend of US$37.9 million, offset by a US$18.4 million
depreciation charge and US$10.5 million income generated from
development of the underground operation at no margin. Current
assets totalled US$53.0 million (2016: US$49.2 million), a higher
level than that of the prior year primarily due to continued delays
in outstanding VAT refunds. Net working capital was higher at
US$21.0 million (2016: US$20.5 million) primarily due to an
increased VAT receivable.
For the first time since 2016 Shanta received a VAT refund,
which was in the final quarter of 2017. This refund totalled US$3.4
million, comprising US$1.9 million offset against corporate taxes
payable in 2016 and 2017 and a cash payment to the Company of
US$1.5 million. In July 2017, an amendment to the VAT Act 2014 came
into effect, treating any exportation of raw materials as an exempt
supply for which no input tax is deductible. Shanta exports doré
gold bars which we do not consider to be a raw material.
Overall liabilities decreased to US$88.5 million (2016: US$93.6
million) due to the concerted effort to begin deleveraging the
balance sheet as seen during the final quarter of the period. This
has included US$17.1 million of capital repayments towards loans
and borrowings in the period.
The cash balance at the year-end was slightly lower than the
prior year and totalled US$13.6 million (2016: US$14.9 million),
however this was a significant improvement on the US$8.0 million
cash position at the end of the third quarter of the period. Net
debt at 31 December 2017 amounted to US$39.5 million (2016: US$44.2
million) inclusive of US$14.8 million Convertible Loan Notes.
Hedging
The Company continued with its prudent hedging program during
the year to protect cash flow albeit it has begun reducing its
hedge book to better provide investors with exposure to gold price.
As at the end of December 2017, the Company had sold forward 22,500
oz of gold at an average price US$1,271/oz. Post year-end, the
total forward sales commitments at the end of March 2018 (2016:
June 2018) was 17,600 oz (2016: 36,000 oz) at an average price of
US$1,287/oz (2016: US$1,281 oz).
Financings
In 2017, several important financings were completed relating to
the funding of the RMP and smoothing the debt servicing for the
Company.
The Company entered into EUR2.1 million of underground equipment
financings with Sandvik Mining and Construction OY at a fixed rate
of 6.5% over three years. The equipment purchases were part of
Shanta's capital programme outlined in the RMP and followed a
previous similar arrangement entered into during 2016.
The Company also entered into US$10.0 million of financing from
Exim Bank (Tanzania) Limited ("EXIM") following the commissioning
in February 2017 of its 7.5 Mega Watts ("MW") Power Station at the
New Luika Gold Mine. This facility comprised US$7.5 million long
term funding and US$2.5 million short-term funding for working
capital only, with the term loan bearing variable interest at 7.25%
per annum (2.75% below the Exim Base Lending Rate). The US$2.5
million short-term funding portion of this facility is restricted
and prior approval from Exim is required prior to use. The term
loan is secured against the New Luika Power Station, which
following installation has now more than doubled the mine's power
capacity to 7.5 MW.
Lastly, the Company raised gross proceeds of US$14.0 million
(GBP11.0 million) through a placing of 182,805,808 new shares at a
price of 6.0 pence per share. The proceeds of the fundraising
provided funds for growth allowing Shanta to deliver its RMP and to
seek out and firm up high grade opportunities in the surrounding
area.
CORPORATE SOCIAL RESPONSIBILITY
People
Shanta prides itself in having a team comprised almost
exclusively of Tanzanian staff. At the end of 2017, 98% of the
Company's entire workforce was Tanzanian (2015: 95%) and of these
over 40% have been hired from the local communities surrounding New
Luika. Shanta is committed to and invested in the livelihood of the
local area surrounding the mine and hopes to support these
communities by providing opportunity to their people.
The Company is committed to the development of its employees and
believes that all individuals working within the organisation
should reap the benefits of working within a meritocracy.
At the end of the fourth quarter of 2017 the Company's headcount
had reduced to 759 people (127 contractors and 632 direct
employees), a 41% reduction from the end of 2016. This was
following a concerted effort to optimise the organisational
structure, targeted as part of the value improvement initiatives
rolled out in the third quarter of 2017.
Business Sustainability
The responsibility associated with operating our projects
alongside neighbouring communities is a high priority and great
lengths are being taken to ensure that Shanta has a positive and
beneficial relationship with its local stakeholders. Local
businesses are regularly used within the Company's supply chain,
which is having a growing impact on the local economy.
Shanta is a Tanzanian business in almost all respects and this
is something that the Company takes enormous pride in. The vast
majority of senior positions across the organisation are filled by
highly skilled Tanzanian nationals and, by the end of 2017, 98% of
the entire workforce were Tanzanian. The Company is fully committed
to ensuring that its footprint, especially in the Songwe and
Singida districts where there are active projects, is for the
greater benefit of Tanzania on a long-lasting basis.
Shanta aims to conduct itself as a responsible corporate citizen
at all times, an ethos implemented through active engagement in
numerous day to day issues ranging from Education, Water,
Livelihood and Health. This was exemplified during a recent Cholera
outbreak which affected over 600 Songwe District residents. The
District was faced with a shortage of water and they turned to
Shanta for assistance. Shanta provided water, logistics, fuel for
vehicles and a boat, as most affected communities belonged to
fishermen residing along the shore of Lake Rukwa. After two weeks
the outbreak was brought under control.
One of the biggest problems facing communities surrounding New
Luika is water availability. Mbangala Village has been particularly
hard hit by water shortages and Shanta is maintaining both a
generator and submersible water pump to be used in the bore hole
that the Company sponsored in 2014, the only one in the village.
Furthermore, Shanta has also worked on two village water dams,
repaired an entire water system in two local villages and plans on
providing two more boreholes to Mbangala Village plus one to Saza
Village.
In addition to these works, several Livelihood Programs were
initiated during 2017 to further expand our ongoing efforts to
provide local communities with a platform for durable and
sustainable prosperity.
Local Farming Projects in Collaboration with ETG
In June 2016 Shanta introduced Export Trading Group ("ETG") to
the four villages surrounding New Luika with a view to addressing
challenges facing farmers in these communities. These include
inferior crop harvests which have been insufficient to comfortably
feed families and have resulted in a dependency on illegal
artisanal mining for income generation. ETG has an agricultural
consultancy division that assists farmers with commercialising
produce.
Phase two of this collaboration commenced in October 2017, which
was designed to provide food crops for families resettled nearby
New Luika. Expert agricultural work has been carried out to examine
optimal crop bases for use in the local soils and following this
the first crop of Maize, Sorghum, Ground Nuts, Sweet Potatoes and
Bambara were planted in early 2018. Moving forward, training and
mentoring will be provided to these local farmers as well as
monitoring of their progress towards successful application of new
methods initially taught during phase one of the initiative. These
transferrable skills will enable these farmers to sustain a more
moderate and independent income into the future.
Maleza Primary School
In its plans for Corporate Social Responsibility, Shanta has
included improvements in education to its strategy for increasing
employability for future generations residing in the area, with a
view to radically enhancing literacy and minimizing the community's
dependence on New Luika as a long-term source of income.
Upon inspection of the existing primary school in Maleza, a
village less than 5 kilometres from New Luika, Shanta's engineers
noted that one building with two classrooms and an office was at
risk of collapsing. Shanta agreed to demolish this building and
introduce a new type of interlocking brick made from local products
which avoided the need to use significant amounts of water, as the
local method of brick making previously had. Community members and
all leaders from regional to village level are likely to adopt this
method in the future, which will benefit both the local environment
and economy. The new school was under construction by the end of
2017 and was completed in early 2018 ready for use.
Teacher training programme
Levels of school attendance and quality of teaching in the
Songwe district are in great need of support in order to unlock the
long-term prospects for the younger generations within the local
area. Having been providing scholarships for vocational training
for some time now, Shanta has commenced a programme with teachers
from a school in the UK who have agreed to volunteer by training
local teachers to improve their methods for educating students in
the villages around New Luika. This is aimed towards improving the
teaching of Mathematics, English and various other subjects.
Sports leagues
In collaboration with a separate UK school who have been
generously donating large quantities of sports equipment, Shanta
has organised football and netball classes and tournaments for the
local school children. This was supplemented by an adult football
tournament in which each local village club competed with each
other and a representative team from Shanta, using sports attire
again donated to the cause. Plans have been made to establish the
Shanta Mahusiano Cup (Shanta Relations Cup), for which there has
been great appetite regionally.
SUMMARY
The entire Shanta team has worked tirelessly throughout what has
been a challenging, yet successful year and I would like to take
this opportunity to thank everybody, including our shareholders,
our employees, members of the Board and our partners, for their
strong commitment and continuing dedication to ensure that Shanta
remains a success story with an incredibly exciting future ahead of
it. I am delighted to have the opportunity to lead your Company
into what I hope will be a highly prosperous period and I'm looking
forward to reporting progress to you as we continue to drive your
Company forward along its journey.
Eric Zurrin
Chief Executive Officer
13 April 2018
SHANTA GOLD LIMITED
Consolidated statement of comprehensive income
31-Dec 31-Dec
2017 2016
Notes US$'000 US$'000
Revenue 103,353 107,142
Loss on non-hedge derivatives
and other commodity contracts (1,623) (4,066)
Cost of sales (82,447) (88,267)
Gross Profit 19,283 14,809
Administration expenses (6,646) (7,075)
Exploration and evaluation
costs (1,630) (4,697)
---------- ----------
Operating profit 11,007 3,037
Finance income 77 98
Finance expense (7,539) (7,474)
---------- ----------
Profit / (loss) before taxation 3,545 (4,339)
Taxation 615 (3,634)
---------- ----------
Profit / (loss) for the
year attributable to the
equity holders of the parent
Company 4,160 (7,973)
---------- ----------
Profit / (loss) after taxation 4,160 (7,973)
Other comprehensive income:
Items that may be reclassified
to profit or loss:
Exchange differences on
translating foreign entities
which can subsequently be
reclassified to profit or
loss (9) (418)
---------- ----------
Total comprehensive income
/ (loss) attributable to
the equity shareholders
of the parent 4,151 (8,391)
---------- ----------
Earnings / (loss) per share
attributable to the equity
holders of the parent Company
Basic earnings / (loss)
per share (US$ cents) 4 0.612 (1.473)
Diluted earnings / (loss)
per share (US$ cents) 4 0.604 (1.473)
---------- ----------
The profit / (loss) after tax for the year and the total
comprehensive income / (loss) for the year are attributable to the
equity holders of the Parent Company. There are no non-controlling
interests. The items in the above statement are derived from
continuing operations.
Consolidated statement of financial position
31-Dec 31-Dec
2017 2016
Notes US$'000 US$'000
ASSETS
Non-current assets
Intangible assets 23,284 23,262
Property, plant and equipment 108,528 99,556
Total non-current assets 131,812 122,818
--------- ---------
Current assets
Inventories 19,533 20,291
Trade and other receivables 17,752 13,975
Income tax receivable 338 -
Restricted cash 1,875 -
Cash and cash equivalents 13,551 14,945
Total current assets 53,049 49,211
--------- ---------
TOTAL ASSETS 184,861 172,029
--------- ---------
CAPITAL AND RESERVES
Equity
Share capital and premium 157,268 143,870
Share option reserve 1,037 2,248
Convertible loan note reserve 5,374 5,374
Shares to be issued 512 60
Translation reserve 454 463
Retained deficit (68,240) (73,536)
TOTAL EQUITY 96,405 78,479
--------- ---------
LIABILITIES
Non-current liabilities
Loans and other borrowings 5 27,132 34,156
Convertible loan notes 14,843 14,298
Provision for decommissioning 8,099 7,471
Provision for deferred taxation 6,320 8,948
Total non-current liabilities 56,394 66,873
--------- ---------
Current liabilities
Trade and other payables 13,977 11,148
Loans and other borrowings 5 18,085 16,272
Income tax payable - 1,257
Total current liabilities 32,062 28,677
--------- ---------
TOTAL LIABILITIES 88,456 93,550
--------- ---------
TOTAL EQUITY AND LIABILITIES 184,861 172,029
--------- ---------
The financial statements were approved and authorised for issue
by the board of Directors on 13 April 2018 and signed on its behalf
by:
Eric Zurrin Anthony P W Durrant
Chief Executive Officer Chairman
Consolidated statement of changes in equity
Share Share Share Convertible Translation Shares Retained Total
loan
capital premium option note reserve to be deficit Equity
reserve reserve issued
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Total equity
31 December
2015 76 133,766 3,202 5,374 881 82 (66,712) 76,669
Loss for
the year - - - - - - (7,973) (7,973)
Other comprehensive
income
for the
year - - - - (418) - - (418)
-------- -------- -------- ------------ ------------ -------- --------- --------
Total comprehensive
loss for
year - - - - (418) - (7,973) (8,391)
Share based
payments - - 200 - - (22) - 178
Shares
issued
(net of
expenses) 17 10,006 - - - - - 10,023
Exercise
of options - 5 (5) - - - - -
Lapsed
options - - (1,149) - - - 1,149 -
-------- -------- -------- ------------ ------------ -------- --------- --------
Total equity
31 December
2016 93 143,777 2,248 5,374 463 60 (73,536) 78,479
Profit
for the
year - - - - - - 4,160 4,160
Other comprehensive
income
for the
year - - - - (9) - - (9)
-------- -------- -------- ------------ ------------ -------- --------- --------
Total comprehensive
income
for year - - - - (9) - 4,160 4,151
Share based
payments - 75 127 - - 452 - 654
Shares
issued
(net of
expenses) 23 13,098 - - - - - 13,121
Exercise
of options - 202 (202) - - - - -
Lapsed
options - - (1,136) - - - 1,136 -
Total equity
31 December
2017 116 157,152 1,037 5,374 454 512 (68,240) 96,405
-------- -------- -------- ------------ ------------ -------- --------- --------
Consolidated statement of cash flows
31-Dec 31-Dec
2017 2016
Notes US$'000 US$'000
Net cash flows generated
from operating activities 6 34,935 40,330
Investing activities
Purchase of intangible assets (47) (66)
Purchase of plant and equipment (1,090) (2,132)
Asset under construction (30,776) (41,377)
Mine development expenditure (5,976) (5,796)
--------- ---------
Net cash flows used in investing
activities (37,889) (49,371)
Financing activities
Ordinary shares issued (net
of expenses) 13,121 10,023
Buy-back of convertible
loan note (net of costs) - (9,950)
Loans repaid (12,730) -
Equipment loan repaid (2,213) (579)
Finance lease payments (600) (1,061)
Silver Stream advance (net
of costs and payments) - 4,011
Loan interest paid (4,605) (4,546)
Movements in restricted
cash (1,875) 500
Loans received (net of loan
arrangement fees) 7,975 6,471
Equipment loan received 2,487 -
--------- ---------
Net cash flows received
from financing activities 1,560 4,869
Net decrease in cash and
cash equivalents (1,394) (4,172)
Cash and cash equivalents
at beginning of year 14,945 19,117
Cash and cash equivalents
at end of year 13,551 14,945
--------- ---------
1. General information
Shanta Gold Limited (the Company) is a limited company
incorporated in Guernsey. The address of its registered office is 1
New Street, St Peter Port, Guernsey, GY1 3EG. The nature of the
Group's operations and its principal activities are set out in the
Chairman's statement, the Chief Executive Officer's review and the
Directors' report published within the 2017 Annual Report.
2. Basis of preparation
The financial information set out herein does not constitute the
Group's statutory financial accounts. This information has been
derived from the Group's Annual Report and full financial
statements for the year ended 31 December 2017 which were approved
and authorised for issue on 13 April 2018 and upon which the
auditors have reported without qualification.
The Group's 2017 Annual Report and financial statements will be
distributed to shareholders and made available on the Company's
website at http://www.shantagold.com on 16 April 2018.
The Group's consolidated financial statements, which form part
of the 2017 Annual Report, have been prepared in accordance with
International Financial Reporting Standards (IFRS and IFRIC
Interpretations) issued by the International Accounting Standards
Board ("IASB"), as adopted by the European Union ("IFRS").
The preparation of financial statements in compliance with
adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group's management to exercise judgment
in applying the Group's accounting policies. The areas where
significant judgements and estimates have been made in preparing
the financial statements and their effect are disclosed in the 2017
Annual Report.
3. Going Concern
Based on a review of the Group's budgets, cashflow forecasts and
its ability to flex its forecast spending to suit prevailing
circumstances, the Directors consider that the Group has adequate
resources to continue its operational existence for the foreseeable
future.
A new Finance Act was approved by the Tanzanian Parliament in
June 2017 and a number of new legislative Bills were enacted as
Laws in early July 2017. These changes in the legislation,
including the impact of increased royalty rates and clearing fee,
have been specifically considered within the Group's budgets and
cashflow forecasts.
At 31 December 2017 the Group had a cash balance of US$13.6m and
access to the remaining undrawn unrestricted Exim Bank facility of
US$1.9m. At 31 December 2017 the Group's net current assets
amounted to US$21.0m.
The Group has executed cost saving targets set in the year to
minimise its cash outflows by renegotiating a number of its
supplier contracts and optimising headcount. This has significantly
reduced anticipated future recurring costs.
The Directors have concluded that these circumstances give rise
to a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
For these reasons, they continue to adopt the going concern basis
in preparing the Annual Report and accounts.
4. Earnings per share
Basic earnings / (loss) per share is computed by dividing the
profit / (loss) attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
year.
31-Dec 31-Dec
2017 2016
US$'000 US$'000
Profit / (loss) for the year attributable
to equity holders of Company 4,160 (7,973)
Profit / (loss) used in calculation
of basic earnings / (loss) per
share 4,160 (7,973)
Basic earnings / (loss) per share
(US cents) 0.612 (1.473)
Weighted average number of shares
in issue 679,437,723 541,157,213
------------ ------------
There were share incentives outstanding at the end of the year
that could potentially dilute basic earnings per share in the
future as shown in the table below:
31-Dec 31-Dec
2017 2016
Number Number
The Group has the following
instruments which could potentially
dilute basic earnings per share
in the future:
Share options 1,330,662 3,164,557
Shares to be issued 8,556,374 -
Convertible loan notes - -
In 2016 the potential ordinary shares were anti-dilutive as the
Group was in a loss making position and therefore the conversion of
potential ordinary shares would serve to decrease the loss per
share from continuing operations. Where potential ordinary share
are anti-dilutive a diluted earnings per share is not calculated
and is deemed to be equal to the basic earnings per share.
In 2017 the potential ordinary shares were dilutive as the Group
was in a profit making position and therefore a diluted earnings /
(loss) per share has been calculated as follows:
31-Dec
2017
US$'000
Profit for the year attributable
to equity holders of Company 4,160
Profit used in calculation of
diluted earnings per share 4,160
Diluted earnings per share (US
cents) 0.604
Weighted average number of shares
and potential shares 689,324,759
------------
5. Loans and other borrowings 31-Dec 31-Dec
2017 2016
as restated*
US$'000 US$'000
Current liabilities
Promissory notes (1) - 3,158
Loans payable to Investec
Bank less than 1 year (2) 10,686 9,148
Equipment loan (3) 579 579
Finance lease (4) 154 143
Finance lease (5) 1,844 1,632
Silver Stream (6) 1,533 1,612
Loans payable to Exim Bank 2,465
less than 1 year (7) -
Equipment loan (8) 824 -
-------- -------------
18,085 16,272
Non-current liabilities
Loans payable to Investec
Bank after more than 1 year
(2) 16,044 26,730
Equipment loan (3) 290 1,013
Finance lease (4) - 155
Finance lease (5) 795 2,337
Silver Stream (6) 3,611 3,921
Loans payable to Exim Bank
less than 1 year (7) 5,256 -
Equipment loan (8) 1,136 -
-------- -------------
27,132 34,156
-------- -------------
Total loans and other borrowings 45,217 50,428
-------- -------------
* For presentational purposes the 2016 year-end Silver Stream
obligation has been split between current and non-current
liabilities.
(1) Promissory Notes
Promissory notes relate to Promissory Notes 2 of US$3.1 million
issued in consideration for the acquisition of Boulder which were
repaid in full during 2017.
(2) Investec loan
Loan from Investec Bank in South Africa relates to a drawdown of
US$40 million from two facilities totalling US$40 million obtained
in May 2015.The facilities bear an annual interest rate of 3-month
USD LIBOR +4.9% and are secured on the bank account which is
credited with gold sales, the shares in Shanta Mining Company
Limited ("SMCL") and a charge over the assets of SMCL. Both
facilities were fully drawn in previous years.
Facility A is for US$20 million and was used to pay the
outstanding FBN Bank Ltd loan, accrued interest of US$101,000 and
loan arrangement fees of US$600,000. Capital repayments of US$1.17
million are due every quarter end starting on 30 June 2016.
Facility B of US$20 million is a standby facility to be drawn as
and when required to meet working capital requirements. During 2017
this was termed out and converted into a term facility of which
repayment of the drawn facility amount commenced in the quarter
ending 30 June 2017 on a quarterly basis over 3 years with capital
repayments of US$1.54 million.
Both these facilities are secured by means of:
-- A deed of debenture setting out the fixed and floating charge
debenture governed by Tanzanian law over all assets and
undertakings of SMCL and made between the Investec and the Security
Agent, including any immovable property, moveable property, the
Mining Licences, the relevant Prospecting Licences and surface
right lease or access agreements and the assignment/charge over
Investec's rights under and in terms of all bank accounts, material
documents, insurances and insurance proceeds and all loans against
any other member of the Group but excluding assets over which a
Permitted Security Interest has been created;
-- A deed of debenture setting out the fixed and floating charge
debenture governed by Tanzanian law over all assets and
undertakings of Shield Resources Limited and made between Shield
Resources Limited and the Security Agent, including any immovable
property, moveable property, the relevant Prospecting Licences and
surface right lease or access agreements and the assignment/charge
over Shield Resources' rights under and in terms of all bank
accounts, insurances, insurance proceeds and all loans and claims
of Shield Resources against any other member of the Group but
excluding assets over which a Permitted Security Interest has been
created;
-- Together there is a registered charge of US$55,000,000 (which
includes a margin facility for gold forward sales of up to
US$15,000,000) against the mineral and prospecting rights of both
Shanta Mining Company Limited and Shield Resources Limited;
-- Shareholder Pledge which means each written deed entitled
share pledge governed by Tanzanian law in terms of which each of
Shanta Gold and Shanta Holdings pledges the shares it holds in the
Borrower in favour of the Security Agent and assigns and charges
all its loans and claims against the Borrower and other members of
the Group in favour of the Security Agent and the Shield Resources
Pledge which means each written deed entitled share pledge governed
by Tanzanian law in terms of which Boulder Investments pledges the
shares it holds as Agent and assigns and charges all its loans and
claims against Shield Resources in favour of the Security
Agent.
Guarantees from Shanta Gold Limited, Shanta Gold Holdings
Limited and Shield Resources Limited have been issued in favour of
the Security Agent in respect of the above loan facilities.
(3) Equipment Loan
The loan is in respect of a crusher/screening plant acquired
from Sandvik SRP AB, Sweden and is payable in 20 equal quarterly
instalments commencing on 15 August 2014 and bears interest at a
rate of 6% per annum.
(4) Finance Lease
This is in respect of a lease to acquire Heavy Fuel Oil (HFO)
fuel storage tanks from Oryx Oil Company Limited for a capital
amount of US$667,591 repayable monthly over sixty months commencing
on 1 August 2014. This is classified as a finance lease because the
rentals period amounts to the estimated useful economic life of the
asset and after five years, the assets will be bought outright by
the Company by paying a nominal amount.
(5) Finance Lease
This is in respect of a lease to acquire mobile equipment from
Sandvik, a capital amount of EUR4,634,000 (US$5,261,000) repayable
monthly over thirty-six months commencing on 15 June 2016 for
Tranche 1 and 14 September 2016 for Tranche 2 and payable
quarterly. This is classified as a finance lease because the
rentals period amounts to the estimated useful economic life of the
asset and after three years, the assets will be bought outright by
the Company by paying a nominal amount.
(6) Silver Stream
The Company entered into a silver streaming agreement ("SSA")
with Silverback Limited ("Silverback"), a privately held
Guernsey-based investment company, under which Silverback paid the
Company an advanced payment of US$5.25 million on closing.
Silverback will also pay the Company an ongoing payment of 10 per
cent. of the value of silver sold at the prevailing silver price at
the time of deliveries which will be made annually. The SSA relates
solely to silver by- product production from New Luika Gold Mine
with minimum silver delivery obligations totalling 608,970 oz. Ag
over a 6.75 year period. There is a requirement to settle any
shortfall in silver delivery from the minimum obligation in cash.
The term of the SSA is 10 years during which time the Company will
sell silver to Silverback and receive ongoing payments of 10% of
the silver sold at the prevailing silver price. However, the
Company has no minimum ounce obligations after 2022.
Silver Stream 31-Dec 31-Dec
2017 2016
US$'000 US$'000
Balance at 1 January (5,533) -
Advance - (5,250)
Value of Silver transferred 1,852 1,660
Interest at the effective
interest rate (1,674) (924)
Adjustments for value in
future estimates 211 (1,109)
At 31 December (5,144) (5,533)
-------- --------
(7) Loans payable to Exim Bank
The Company entered into a US$10.0 million financing from Exim
Bank (Tanzania) Limited ("EXIM") following the commissioning in
March 2017 of its 7.5 Mega Watts ("MW") Power Station at the New
Luika Gold Mine. This facility comprised US$7.5 million long term
funding and US$2.5 million short-term funding for working capital,
with the four-year term loan bearing variable interest at 7.25% per
annum (2.75% below the Exim Base Lending Rate). The term loan is
secured against the New Luika Power Station. 25% of the drawn down
balance is held as restricted cash in accordance with the
conditions of the agreement.
(8) Equipment Loan
This loan is in respect of a EUR2.1 million underground
equipment financing entered into during the year with Sandvik
Mining and Construction OY at a fixed rate of 6.5% over three
years. The equipment purchases were part of Shanta's capital
programme outlined in the RMP and followed a previous similar
arrangement entered into during 2016.
6. Net cash flows from operating
activities 31-Dec 31-Dec
2016 2016
US$'000 US$'000
Profit / (loss) before taxation
for the year 3,545 (4,260)
Adjustments for:
Depreciation/depletion of assets 18,406 47,114
Amortisation/write off of intangible
assets 25 5
Share based payment costs 653 200
Loss / (gain) on non-hedge
derivatives 1,623 (256)
Unrealised exchange (gains)
/ losses (69) 45
Non-cash settlement of Silver
Stream obligation (1,852) -
Finance income (77) (98)
Finance expense 7,539 7,474
Pre-production revenue 10,484 -
-------- --------
Operating cash flow before
movement in working capital 40,277 50,145
Decrease / (Increase) in inventories 758 (9,553)
Increase in receivables (4,760) (5,503)
Increase in payables 2,189 5,266
-------- --------
38,464 40,354
Taxation paid (3,606) (122)
Interest received 77 98
Net cash flow from operating
activities 34,935 40,330
-------- --------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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