Consolidated Income Statement
For the year ended 31 December 2013
Note 2013 2012
USD'000 USD'000
Revenue 6 23,763 2,820
Cost of sales 7 (27,477) (2,225)
Gross (loss)/profit (3,714) 595
Other operating income 8 4,184 2,507
Administrative expenses 9 (3,406) (5,139)
Other operating expenses 10 (1,294) (1,554)
Operating loss (4,230) (3,591)
Finance costs 11 (7,223) (3,481)
Loss before tax (11,453) (7,072)
Income tax benefit 13 1,052 193
Loss for the year (10,401) (6,879)
Attributable to:
Owners of the Company (10,400) (6,879)
Non-controlling interests (1) -*
(10,401) (6,879)
Loss per share attributable to owners
of the Company (cents per share)
Basic 14 (22.3) (14.8)
Diluted 14 (22.3) (14.8)
* Amount less than USD1,000
The accompanying accounting policies and explanatory notes form
an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2013
2013 2012
USD'000 USD'000
Loss for the year (10,401) (6,879)
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss
Foreign currency translation adjustments (3,949) 2,453
Total comprehensive income for the
year, net of tax (14,350) (4,426)
Attributable to:
Owners of the Company (14,349) (4,426)
Non-controlling interests (1) -*
(14,350) (4,426)
* Amount less than USD1,000
The accompanying accounting policies and explanatory notes form
an integral part of the financial statements.
Consolidated Statement of Financial Position
As at 31 December 2013
Note 2013 2012
USD'000 USD'000
Assets
Non-current assets
Deferred tax assets 13 511 178
Property, plant and equipment 15 63,823 53,227
Biological assets 16 66,994 55,287
Land use rights 17 58,042 53,517
Goodwill on consolidation 18 7,099 7,619
196,469 169,828
Current assets
Inventories 19 1,542 1,724
Trade and other receivables 20 6,738 6,714
Income tax recoverable 36 99
Prepayments 21 1,776 2,308
Cash and short-term deposits 22 10,813 15,785
20,905 26,630
Total assets 217,374 196,458
Equity and liabilities
Equity
Issued capital 23 89,731 88,594
Accumulated losses (34,045) (23,645)
Other reserves 24 (12,487) (7,916)
Equity attributable to owners of the
Company 43,199 57,033
Non-controlling interests (4) (3)
Total equity 43,195 57,030
Non-current liabilities
Loans and borrowings 25 129,123 102,709
Convertible bonds 26 17,420 1,995
Deferred tax liabilities 13 5,430 6,556
151,973 111,260
Current liabilities
Trade and other payables 27 14,279 6,810
Other current financial liabilities 28 3,078 2,464
Loans and borrowings 25 4,819 18,764
Derivative financial instruments 26 30 130
22,206 28,168
Total liabilities 174,179 139,428
Total equity and liabilities 217,374 196,458
The accompanying accounting policies and explanatory notes form
an integral part of the financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 December 2013
Attributable to the owners
of the Company
------------------------------------------
Share Other Accumulated Non-controlling
capital reserves losses Total interests Total equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2013 88,594 (7,916) (23,645) 57,033 (3) 57,030
Loss for the year - - (10,400) (10,400) (1) (10,401)
Other comprehensive income
Foreign currency translation adjustments - (3,949) - (3,949) - (3,949)
Total comprehensive income for the year - (3,949) (10,400) (14,349) (1) (14,350)
Issuance of ordinary shares pursuant to
share-based
payment plans 1,137 (826) - 311 - 311
Share-based payment transactions (Note 29) - 204 - 204 - 204
At 31 December 2013 89,731 (12,487) (34,045) 43,199 (4) 43,195
Consolidated Statement of Changes in Equity
For the year ended 31 December 2013 (cont'd)
Attributable to the owners
of the Company
-----------------------------------------
Share Other Accumulated Non-controlling
capital reserves losses Total interests Total equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2012 87,321 (11,430) (16,769) 59,122 - 59,122
Loss for the year - - (6,879) (6,879) - * (6,879)
Other comprehensive income
Foreign currency translation adjustments - 2,453 - 2,453 - 2,453
Total comprehensive income for the year - 2,453 (6,879) (4,426) - * (4,426)
Issuance of ordinary shares pursuant to
share-based
payment plans 97 (67) - 30 - 30
Share-based payment transactions (Note 29) - 1,128 - 1,128 - 1,128
Issuance of ordinary shares pursuant to
conversion
of convertible bond 1,176 - - 1,176 - 1,176
Dilution of interest in a subsidiary - - 3 3 (3) -
At 31 December 2012 88,594 (7,916) (23,645) 57,033 (3) 57,030
* Amount less than USD1,000
The accompanying accounting policies and explanatory notes form
an integral part of the financial statements.
Consolidated Statement of Cash Flows
For the year ended 31 December 2013
2013 2012
USD'000 USD'000
Operating activities
Loss before tax (11,453) (7,072)
Adjustments to reconcile loss before tax
to net cash flows:
Amortisation of land use rights 1,002 924
Depreciation of property, plant and equipment 1,508 251
Gain arising on fair value changes in biological
assets (3,183) (1,989)
Gain arising from changes in fair value
of embedded
derivative of the convertible bonds (721) (172)
(Gain)/loss on disposal of property, plant
and equipment (6) 1
Impairment of goodwill - 5
Interest income (245) (280)
Interest expense 7,223 3,481
Share-based payment transaction expense 64 1,001
Unrealised loss/(gain) on foreign exchange 95 (159)
Working capital adjustments:
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