APPENDIX.
FINANCIAL STATEMENTS
STATEMENT
OF FINANCIAL POSITION
In thousands of tenge
| Notes. |
At December 31 2018 |
At December 31 2017 |
|
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 4 | 187.656.191 | 173.028.945 |
| Intangible assets | 5 | 20.686.194 | 15.045.692 |
| Other financial assets | 6 | 38.005.431 | 32.258.446 |
| Deferred tax asset | 14 | 10.380.026 | 10.415.904 |
| Advances paid for non-current assets | 2.154.102 | 1.670.720 | |
| Total non-current assets | 258.881.944 | 232.419.707 | |
| Current assets | |||
| Inventories | 7 | 10.944.113 | 7.272.093 |
| Income tax prepaid | 3.968.337 | 772.876 | |
| Taxes prepaid and VAT recoverable | 15.899.345 | 12.244.843 | |
| Advances paid and deferred expenses | 3.507.440 | 2.819.251 | |
| Trade and other accounts receivable | 6 | 30.838.853 | 35.948.751 |
| Other financial assets | 6 | 0 | 31.884.021 |
| Cash and cash equivalents | 6 | 111.445.891 | 73.423.065 |
| Total current assets | 176.603.979 | 164.364.900 | |
| Total assets | 435.485.923 | 396.784.607 | |
| Equity | |||
| Share capital | 8 | 162.399.820 | 162.399.820 |
| Retained earnings | 153.032.636 | 157.246.242 | |
| Total equity | 315.432.456 | 319.646.062 | |
| Liabilities | |||
| Non-current liabilities | |||
| Historical obligations | 9 | 5.806.806 | 1.807.468 |
| Provisions | 10 | 24.151.252 | 23.530.091 |
| Total non-current liabilities | 29.958.058 | 25.337.559 | |
| Current liabilities | |||
| Historical obligations | 9 | 1.573.568 | 2.623.489 |
| Provisions | 10 | 36.329.095 | 8.413.484 |
| Mineral extraction and rent tax payable | 23.287.080 | 17.947.342 | |
| Trade and other accounts payable | 28.905.666 | 22.816.671 | |
| Total current liabilities | 90.095.409 | 51.800.986 | |
| Total liabilities | 120.053.467 | 77.138.545 | |
| Total liabilities and equity | 435.485.923 | 396.784.607 | |
STATEMENT OF COMPREHENSIVE INCOME
In thousands of tenge
For the year ended December 31
| Note. | 2018 | 2017 | |
|---|---|---|---|
| Revenue | 11 | 433.436.224 | 309.746.803 |
| Cost of sales | 12 | (137.184.051) | (121.289.769) |
| Gross profit | 296.252.173 | 188.457.034 | |
| Selling expenses | 13 | (155.497.031) | (102.991.446) |
| General and administrative expenses | 14 | (45.098.205) | (11.140.231) |
| Exploration expenses | (2.742.279) | (1.274.476) | |
| Reversal of provision for VAT recoverable, net | - | 2.518.795 | |
| Loss on disposal of property, plant and equipment | (651.970) | (1.463.005) | |
| Finance income | 1.406.614 | 2.239.174 | |
| Finance costs | (2.582.521) | (1.778.313) | |
| Net foreign exchange difference | 21.868.468 | 980.842 | |
| Profit before taxation | 112.955.249 | 75.548.374 | |
| Income tax expenses | 15 | (29.566.260) | (19.425.344) |
| Profit for the year | 83.388.989 | 56.123.030 | |
| Actuarial loss, net of taxes | 10 | (1.758.050) | (280.880) |
| Other comprehensive loss not to be reclassified to profit or loss in subsequent periods |
(1.758.050) | (280.880) | |
| Total comprehensive income for the year, net of tax | 81.630.939 | 55.842.150 | |
STATEMENT OF
CASH FLOWS
In thousands of tenge
For the year ended December 31
| Note. | 2018 | 2017 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax | 112.955.249 | 20.034.822 | |
| Adjustments to add/(deduct) non-cash items | |||
| Depreciation, depletion and amortization | 21.734.163 | 20.034.822 | |
| Loss on disposal of property, plant and equipment | 4 | 651.970 | 1.463.005 |
| Foreign exchange gain | (14.836.862) | (1.501.616) | |
| Other non-cash income and expense | 1.798.561 | 2.937.922 | |
| Reversal of provision for VAT recoverable, net | - | (2.518.795) | |
| Change in provisions | 25.773.853 | 6.727.970 | |
| Plus finance costs | 2.582.521 | 1.778.313 | |
| Less finance income | (1.406.613) | (2.239.174) | |
| Working capital adjustments | |||
| Change in inventories | (3.771.519) | (932.617) | |
| Change in taxes prepaid and VAT recoverable | (3.654.502) | (4.463.743) | |
| Change in advances paid and deferred expenses | (688.189) | 2.796.111 | |
| Change in trade and other receivables | 5.109.898 | (5.589.160) | |
| Change in trade and other accounts payable | 3.591.308 | 1.296.039 | |
| Change in mineral extraction and rent tax payable |
5.129.738 | 12.876.841 | |
| Income tax paid | (33.267.857) | (15.278.611) | |
| Net cash flows from operating activities | 121.701.719 | 92.935.681 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (30.692.389) | (27.158.204) | |
| Purchase of intangible assets | (7.139.258) | (8.721.672) | |
| Withdrawal of term deposits | 30.117.107 | 23.840.345 | |
| Interest received | 1.406.301 | 2.195.633 | |
| Net cash flows used in investing activities | (6.308.239) | (9.843.898) | |
| Cash flows from financing activities | |||
| Dividends paid to the Company’s shareholder | 8 | (85.844.545) | (61.354.652) |
| Payments on historical obligations | (2.564.224) | (2.371.325) | |
| Net cash flows used in financing activities | (88.408.769) | (63.725.977) | |
| Net change in cash and cash equivalents | 26.984.711 | 19.365.806 | |
| Cash and cash equivalents, beginning | 73.423.065 | 51.900.431 | |
| Net foreign exchange difference on cash and cash equivalents | 11.038.115 | 2.156.828 | |
| Cash and cash equivalents, ending | 6 | 111.445.891 | 73.423.065 |
STATEMENT OF CHANGES
IN EQUITY
In thousands of tenge unless otherwise indicated
| Share capital |
Retained earningsь | Total equity | |
|---|---|---|---|
| At December 31, 2016 | 162.399.820 | 162.758.744 | 325.158.564 |
| Profit for the year | - | 56.123.030 | 56.123.030 |
| Other comprehensive income | - | (280.880) | (280.880) |
| Total comprehensive income | - | 55.842.150 | 55.842.150 |
| Dividends (Note 8) | - | (61.354.652) | (61.354.652) |
| At December 31, 2017 | 162.399.820 | 157.246.242 | 319.646.062 |
| Profit for the year | - | 83.388.989 | 83.388.989 |
| Other comprehensive income | - | (1.758.050) | (1.758.050) |
| Total comprehensive income | - | 81.630.939 | 81.630.939 |
| Dividends (Note 8) | - | (85.844.545) | (85.844.545) |
| At December 31, 2018 | 162.399.820 | 162.399.820 | 315.432.456 |