Resultados finales para el año terminado el 30 de junio de 2023
29 de enero de 2024
Recursos de GCM plc
("GCM" o la "Compañía")
(OBJETIVO: GCM)
Resultados finales para el año terminado el 30 de junio de 2023
Aviso de Junta General Anual
GCM Resources plc announces the publication of its final audited results for the year ended 30 June 2023 (the "Annual Report and Accounts") and that the Company's 2023 Annual General Meeting will be held at 10.00 a.m. on Thursday 29 February 2024, at QEII Centre, Broad Sanctuary, Westminster, London, SW1P 3EE.
The Annual Report and Accounts and the Notice of Annual General Meeting will be posted to shareholders on Tuesday 30th January 2024 . Copies are available on request from the Company and will be available on the Company's website (www.gcmplc.com). The Annual Report & Financial Statements are also available on the 'Financial Reports' page of the Company's website.
Further to the RNS dated 28 December 2023, the Company's shares are currently temporarily suspended from trading on AIM. The Company's shares will remain suspended until the settlement and completion of subscription to raise £500,000, previously announced on 26 January 2024.
Para mayor información:
Recursos de GCM plc Keith Fulton Director financiero (Finance Director) +44 0 20 7290 1630 | WH Irlanda Ltd James Joyce james bavister andres de andrade +44 0 20 7220 1666 |
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Recursos de GCM plc | ||
Tel: + 44 (0) 20 7290 1630 | ||
Declaración del presidente ejecutivo
Non-Executive Chairman's Statement
The Board presents the Company's Annual Report and Accounts for the year ended 30 June 2023, which once again has been a challenging period for new large-scale project development in Bangladesh. As the first half of the reporting period unfolded there was optimism regarding Bangladesh making moves to refocus its energy supply strategy away from an almost total dependence on imports to embracing a strategic balance, with coal supply coming from its significant, largely unexploited domestic coal resources. The State Minister for Power, Energy and Mineral Resources even spoke in parliament on the extraction of these coal resources, citing that the Phulbari coal deposit is the country's only realistic open pit coal mine option, implying its potential for delivering significant long-term coal production for power generation.
Whilst indications are the momentum swing towards domestic energy resource extraction is on the rise, physical progress was stymied as political focus swung towards the 7 January 2024 National Election (outside the reporting period), i.e., from the second half of the reporting period the country entered its election year.
We have previously commented on the extremely detrimental effects that high commodity prices (particularly for energy products) are having on Least Developed Countries. Unfortunately, this situation has worsened as the world's supply chain not only was not keeping pace with demand from the post-COVID awakening of industries, but has been further affected by the protracted Ukraine conflict and more recent conflict in the Middle East. In the case of Bangladesh, the past couple of years have seen its foreign exchange reserves plummet by 50%, its currency devalue against the US Dollar by over 30% and inflation pushing 10%. In short, this has caused an even deeper austerity move with the central bank imposing certain restrictions on imports, which also caused disruption to imported coal supply, impacting power supply from recently commissioned large-scale coal-fired power plants.
Our Dhaka team maintains contact with government agencies and has seen evidence that the forementioned momentum towards developing the country's known domestic coal resources and increasing exploration to identify new gas fields is waxing. The downturn in key economic indicators has seemingly been an awakening and it is most fortunate that the country has such a world class energy resource as the Phulbari coal deposit that can easily be developed and help insulate against the vagaries of the world energy market.
GCM has patiently been working to be in the best position to present the Project Proposal to the Bangladesh Government and would welcome its participation as a partner in the Project. With the apparent move towards finally realising the potential of domestic energy resources, now that the National Election has been completed and the Awami League government returned, we are targeting Project Proposal delivery once the new government has settled in.
To reiterate, the Project Proposal focusses on development of the Phulbari coal mine which will have an annual production of over 15 million tonnes, capable of supporting some 6,600MW based on the latest highly energy efficient coal-fired power plant systems for more than 30 years. The Project area can also support over 2,000MW of installed Solar Power Capacity throughout the life of the Project and this is an adjunct to the Proposal. It is aimed to supply power from the Solar Power Park to both the national grid and the Phulbari coal mining operation, enabling the mine to attain carbon emission neutrality and "Green Mine" status.
During this last Financial Year, our team continued to work closely with development partner, Power Construction Corporation of China, Ltd. ("PowerChina"). They are a diverse and extremely experienced organisation with the capabilities to support all aspects of the Project. Apart from an MOU focused on coal mine development and Joint Venture Agreements for power plants of 4,000MW (two 2,000MW Stages), as indicated below, PowerChina has also shown interest in the proposed Phulbari mine site Solar Power Park.
Other steps taken in Financial Year 2023 include:
· El 22 de agosto de 2022, la Compañía anunció que había acordado una nueva extensión del contrato de consultoría con DG Infratech Pte Ltd ("DGI"), una compañía controlada por Bangladesh, por dos años más. El papel primordial de la DGI es proporcionar advisory and lobbying services in relation to the Company's business, namely to achieve project approval.
· El 12 de diciembre de 2022, la empresa anunció que el memorando de entendimiento con PowerChina, centrado en el desarrollo de minas de carbón, se prorrogó por otros 12 meses hasta el 6 de diciembre de 2023.
· On 9 January 2023, the Company announced a Joint Development Agreement ("JDA") for the proposed Solar Power Park to be developed as an adjunct to the Phulbari Coal and Power Project. Under the terms of the JDA, GCM would hold 50%, Dyani Corporation 30% and PowerChina 20%, with the intention of also being appointed the EPC Contractor.
· On 14 June 2023, the Company announced it had successfully raised £0.5 million through the placement of 20,000,000 new ordinary shares of 1 pence (the "issue price") with professional investors at a price of 2.5 pence per share.
Non-Executive Chairman's Statement
Fuera del Período de Informe:
· On 15 September 2023, the Company announced the resignation of its Independent Non-Executive Director, Mr Mohd Najib Bin Abdul Aziz. And that Independent Non-Executive Director, Mr Christian Taylor-Wilkinson, would act as interim Non-Executive Chairman.
· On 28 November 2023, the Company announced that further to its announcements of 23 November 2021, June 2021 and 12 December 2022, Power Construction Corporation of China, Ltd. ("PoderChina") it had agreed an extension for a period of a further 12 months from 6 December 2023 to 6 December 2024 on the same terms as the previous memorandum of understanding ("MoU") which is primarily focused on the Phulbari coal mine development. This will allow PowerChina and GCM to continue to work on determining the modality for PowerChina to become a Mine Development Partner, subject to the approval of PowerChina internal compliance and all other relevant regulatory agencies.
· On 28 November 2023, the Company announced in relation to the Loan Facility with Polo Resources Ltd ("Polo") as announced on 26 March 2021 and as amended and announced on 3 March 2022, it had requested to drawn down a further £300,000 in accordance with the terms announced thereon. The Company on receipt of this further drawdown will have then utilised the full £3.5million of the £3.5million facility. This current drawdown request along with existing cash balances will be sufficient to fund the Company through to the end of March 2024, to which the Company will require to raise additional funds prior to the end of March 2024, for Working Capital thereafter.
· On 20 December 2023 and on 28 December 2023, the Company announced in relation to the final drawdown request of 28 November 2023, it was still awaiting receipt of the £300,000 funds from Polo Resources Ltd. The Company also stated it was considering alternative funding options.
· On 28 December 2023, the Company announced it was still in the process of completing its 2022-2023 audit; the delay is due to finalising an ongoing funding event. Therefore, as it was unable to publish its audited financial statements for the year end 30 June 2023 by 31 December 2023, the Company's shares were therefore temporarily suspended from trading on AIM. The suspension would occur from 7.30am on 2 January 2024.
· El 24 de enero de 2024, la Compañía anunció que recibió una notificación de Polo Investments Limited ("Polos"), de conformidad con el artículo 168 de la Ley de Sociedades de 2006, solicitando que se presente una resolución para destituir a Christian Taylor-Wilkinson, como resolución ordinaria, en la próxima Asamblea General Anual de la Compañía o en una asamblea general de GCM que se convocará como tan pronto como sea posible. Polo posee actualmente 43,328,003 acciones que representan el 20.9% del total de derechos de voto de la Compañía.
· El 25 de enero de 2024, la Compañía anunció que había recaudado con éxito ingresos brutos de £0.5 millones mediante una suscripción directa (la "Suscripción") de nuevas Acciones Ordinarias (las "Acciones de Suscripción") a un precio de 1.65 peniques por acción. (el "Precio de Suscripción"). La Compañía deberá realizar una recaudación de fondos adicional antes de finales de mayo de 2024 para financiar su capital de trabajo para los próximos 12 meses. El Precio de Suscripción representa un descuento del 37.7 por ciento sobre el Precio de Cierre de 2.65 peniques por Acción Ordinaria el 23 de enero de 2024, siendo el último día hábil practicable antes de la publicación de este anuncio.
Overarching Operating Environment:
Bangladesh is pursuing a balanced energy mix with coal-fired power a significant contributor. This was reinforced by the Honourable Prime Minister for Bangladesh stating in the national parliament on 14 September 2023 (outside the reporting period) that her government was working towards generating 40,000 MW of electricity by 2030 and 60,000 MW by 2041. In that address it was highlighted that her government is implementing "new plans" for coal, diesel/furnace oil, nuclear and renewable energy-based power generation.
Bangladesh currently has 6,035 MW of installed or very soon to be commissioned coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. These power plants include:
· Plantas existentes de Barapukuria 525 MW
· Payra 1,320 MW
· Rampa 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW
· Barisal 350 MW
However, the long-term plan is to increase coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.
The United Nations Climate Change Conference COP28 was held in the period 30 November to 12 December 2023 (outside the reporting period). On 1 December 2023, the COP28 President announced the first major milestone being a historic agreement to action the Loss and Damage Fund aimed at assisting vulnerable developing countries combat the effects of climate change. Bangladesh had previously announced that it would be promoting such a fund at the conference. The Bangladesh Environment Minister is leading the Bangladesh COP28 delegation and announced that Bangladesh strongly urged developed countries to fulfil their commitment of $100 billion in climate finance. He expressed Bangladesh's disappointment with progress on climate finance and stated that commitment of developed countries to provide US$100 billion per year has not been met yet, and that Bangladesh had strong reservations on how the climate financing would be calculated.
The Bangladesh COP28 delegation also observed that there is a huge distinction between developed countries and developing countries regarding the ability to phase out fossil fuels. The country is pursuing renewable energy, however, as solar and wind are not suitable for base-load power, thermal and nuclear remain the main options for providing base-load power to support its economic development.
Once again, I thank our shareholders and stakeholders for their incredible patience and on-going support. With the much-anticipated swing towards bringing domestic energy resources (both existing coal resources and potentially new gas discoveries) into the energy mix, we are now reaching the point of most relevance for the Project and look forward to moving with the Project Proposal once the newly elected Awami League government is in place and fully functional.
Christian Taylor-Wilkinson
Presidente no ejecutivo
29 de enero de 2024
Informe Estratégico del Grupo
Estrategia y modelo de negocio
GCM's Objective remains the development of the Phulbari coal deposit as a captive, large-scale, open pit mining operation supporting some 6,600MW of highly energy-efficient Ultra-Supercritical power generation. As important adjunct to this Objective is the implementation of a large-scale, Solar Power Park (in stages to at least 2,000MW capacity) within the Project area, to be initiated within the first two years of gaining land access. The Solar Power Park is planning to deliver power both to the national grid and to the Phulbari coal mine which will enable it to attain "Green Mine" status.
Our Strategy is to firstly obtain approval from the Bangladesh Government for the comprehensive Project Proposal and with our Development Partner, PowerChina, finance, develop and operate all facets of the Project over its 35+ years life. The Strategy has several key components including inviting the Bangladesh Government to be partner in the Project, under mutually agreed terms yet to be finalised; and to establish Joint Ventures ("JVs") for key business units required to ensure efficient, economically sustainable mining operations and delivery of coal to customers.
Our business model has two business units covering the core aspects of the Project:
· "MINING COMPANY" to develop and operate the coal mine; and
· "POWER COMPANY" to develop and operate the proposed 4,000 MW Ultra-Supercritical power plants already covered in JVs with our Development Partner, PowerChina, and to develop and operate the mine-site Solar Power Park. Note that the business model relies on establishing a reliable domestic market for the Phulbari coal mine's full production. This is vital to underpin the Project's economic sustainability and it is an important consideration when pursuing project financing. At present Bangladesh has installed coal-fired power plant with 6,035 MW capacity, requiring some 16 million tonnes of coal per annum, i.e., basically the Phulbari coal mine's nameplate production. However, the Bangladesh Government plans show a total coal-fired capacity of 11,830 MW and it remains probable that with approval of the Project's coal mine, the proposed 4,000 MW plants proposed by GCM and PowerChina will become attractive alternatives (located on or near the mine site would deliver cheapest coal-fired thermal power).
Our business model also proposes two JVs covering associated crucial areas:
· "Coal Transport JV Company" to be responsible for delivering coal to market by arranging finance for and facilitating any necessary transport infrastructure upgrades; arranging any necessary rolling stock and barges (river and ocean-going); and managing the coal transport system to ensure timely and lowest cost delivery to customers; and
· "Industrial Mineral Co-Product JV Company" to manage the extraction and delivery of large-volume valuable Industrial Mineral Co-Products that can be recovered from the overburden material removed to access coal, i.e., available ahead of reaching first coal. These Co-Products consist of gravels, aggregate, sands, glass sands, ceramic and pottery clay and potentially bottled water. This is potentially a very large business opportunity with the value of Co-Products available over the life of the Project estimated at over ten Billion Dollars. Also, the Industrial Mineral Co-Products are in great demand in Bangladesh, so this JV Company will also add great value to industries and the economy, and importantly will deliver cashflow to the MINING COMPANY well ahead of first coal.
GCM remains confident its Strategy and Business Model will deliver project approval and enable the Project to: reduce the Country's exposure to the volatile energy market; deliver a long-term positive impact on Foreign Exchange Reserves; deliver the lowest coal-based energy price and cheapest electricity, enabling expansion and competitiveness of industries; produce new higher paying jobs; and grow the economy. It potentially will be a catalyst for a "step-jump" in the Bangladesh economy, supporting its move a Developing Country status by 2026 and helping achieve its Vision 2041 to:
· Poner fin a la pobreza absoluta y graduarse en un estatus de ingreso medio alto para 2031; y
· Erradicar la pobreza en camino a convertirse en una nación desarrollada para 2041
Progreso en línea con la estrategia
The Company's "Feasibility Study and Scheme of Development" for the coal mine component of the Project is pending approval from the Bureau of Mineral Development (an entity under the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources).
Progress during the reporting period has been impacted by the political and bureaucratic focus being distracted in the lead-up to the National Election which was held on 7 January 2024. Nevertheless, GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024. This communication is two-way and an overview of what would be expected in the Project Proposal has been shared. Indication are the government is now expecting the Ministry of Power, Energy and Mineral Resources to deliver a "new plan" that address how the country can negate the economic stress caused by being almost totally dependent on imported energy products. It is understood this "new plan" is to prioritise both development of the country's known coal reserves and exploration in the anticipation of defining new gas reserves.
The Project also now plans to have an associated Solar Power Park of up to at least 2,000 MW that could be installed within a couple of years of Project approval and gaining land access. This is an exciting adjunct to the Proposal and could be operating before the mining operation reached coal, i.e., would provide an early cashflow. To facilitate the Solar Power Park, on 9 January 2023, the Company announced a JDA for the proposed Solar Power Park whereby GCM would hold 50%, Dyani Corporation 30% and PowerChina 20%, with the intention of also being appointed the EPC Contractor.
Año en revisión
Para el 1st half of the reporting period there were indications the Bangladesh Government would be making a move towards bringing its domestic energy resources into its energy mix which is almost totally dependent on imports. The State Minister for the Ministry of Power, Energy and Mineral Resources even spoke at length in parliament (on the record) regarding the country's known coal resources and specifically cited the Phulbari coal deposit as the only one that could practically be open pit mined (and deliver the coal production volume that would make a difference). Unfortunately, this initiative became stalled as the country entered the 2023 election year.
As 2023 progressed, the country's exposure to the world energy market and rampant price reinforced the dire economic trajectory it was following, i.e., foreign exchange reserves had halved and reported to be dropping at some US$1 Billion per month, the local currency had devalued by some 30% and inflation pushing 10%.
Civil Society have become unrelenting in their promotion of the country moving to develop its own energy resources and endeavour to move away from the total import situation, as well as expressing concerns over the continued use of liquid fuel rental power plants and their associated very high power tariffs. Then in September 2023 (outside the reporting period), the Honourable Prime Minister of Bangladesh addressed parliament and stated that her government were implementing "new plans" for coal, diesel/furnace oil, nuclear and renewable energy-based power generation.
Throughout the reporting period and beyond, the Company's Dhaka-based team has maintained contact with the relevant government agencies and there is credible evidence that the "new plans" cited by the Honourable Prime Minister are being framed and that such plans are addressing domestic coal extraction and exploration efforts for new gas. This is exciting news for the Company, the Project and its Shareholders and efforts are being made to ensure we are in the strongest position to engage with the newly elected government within the 1st Quarter 2024 and deliver the Project Proposal which includes a large-scale Solar Power Park as an adjunct.
The Company's relationship with its Development Partner, PowerChina, continues favourably evolve and they are now also involved in the proposed Solar Power Park via a JDA signed in January 2023.
GCM's field team continued its close contact with the local community and local authorities to ensure they remain fully informed on the Project. The 67 "Community Liaison Assistants", recruited from across the Project area, play a vital role in our two-way community communication strategy.
WH Ireland Limited continues as the Company's Nominated Advisor and Broker since their appointment on 11 January 2021.
Revisión financiera
The Group recorded a loss of £1,320,000 during the year ended 30 June 2023 compared to a loss of £1,679,000 during the previous year. The loss decreased from the comparative year principally due to a decrease in non-cash, share-based payments accrued in accordance with the Group's agreements with Dyani & DG in relation to pre-development expenditure. The decrease was from £414,000 in 2022 to £180,000 this year as a result of natural reduction in payment to the consultants, but their continuing partnership allows the Group to continue its progress in-line with GCM's strategy of developing power generation as a new business stream, with no slow-down in pursuing continuing project progress.
The Group recorded a net decrease in cash at the end of the year to £543,000 (2022: £961,000). Net cash used in operations for the year was £627,000 (2022: £846,000), cash used in investing activities was £656,000 (2022: £520,000), and cash inflow from financing was £865,000 (2022: £1,610,000).
The Group has continued its aim to maintain tight control of expenditure incurred during the year: Administrative expenses were down by 2.9% to £728,000 for the year ended 30 June 2023 (2022: £750,000) which included £10,000 non-cash expenditure, and finance costs remained stable at £480,000 (2022: £480,000). Capitalised expenditure in relation to the mine proposal was £625,000 for the year ended 30 June 2023 compared to £563,000 in the previous year.
To finance its operations during the year, GCM completed a successful Placing in conjunction with WH Ireland Ltd, raising Gross proceeds of £500,000 in June 2023. In addition, GCM continued to have available, the short-term loan facility with Polo Resources Limited ("Polo") (the "Polo Loan Facility"). A drawdown of £300,000 on the Polo Loan Facility was made during November 2023 and if the drawdown was received, the full facility of £3,500,000, would be utilised. At the date of this report, the drawn down funds had not been received. The terms of the loan facility were amended in March 2022 as part of the completed placing and subscriptions, such that the lender may request conversion by the issuance of new ordinary shares in the Company at 5.14 pence per share (being the Issue Price) subject to any necessary regulatory approvals. All other terms of the agreement remained unchanged. (See Note 12 for detailed terms).
Dado que GCM aún no genera ningún ingreso, la Junta espera que las operaciones del Grupo continúen siendo financiadas por una combinación de financiamiento de capital y deuda.
Continuing for the foreseeable future, the Company's cash expenditure is not expected to increase and, as far as possible, obligations to key stakeholders will be primarily satisfied by the issue of new ordinary shares in the capital of the Company ("Ordinary Shares"), to both incentivise those stakeholders and preserve cash.
As at the date of this report, the Company had drawn down £3,200,000 of the Polo Loan Facility and the Company currently has approximately £42,000 in available cash resources, which is not sufficient to meet the Company's immediate cash requirements, assuming the Company's currently forecast cash costs. The Company has explored other financing options, and at the date of this report has secured £500,000 gross equity funds by way of a subscription for ordinary Shares with Clear Capital markets, as announced on 26 January 2024 at 1.65p per share.
Responsabilidad Social Empresarial
The Company appreciates that the Project is not a 'one go' process like other large development projects. The Project's Social Licence to Operate ("SOL") will require a concerted effort over the life of the Project. Key to maintaining the SOL is the ability to listen to the communities within which we will be operating, deal with their concerns, keep them fully informed, improve livelihoods and, not only minimise environmental impacts, but improve the local environment.
GCM is committed to developing the Project in accordance with highest international and national environmental and social standards as defined in:
· políticas y normas de la Corporación Financiera Internacional (Banco Mundial);
· Principios del Ecuador;
· Políticas de salvaguardia del Banco Asiático de Desarrollo (ADB); y
· Políticas y leyes vigentes de Bangladesh.
GCM continues to be a signatory of UN Global Compact, the World's largest voluntary corporate responsibility initiative, and embraces the core values pertaining to human rights, labour standards, the environment and anti-corruption.
Feedback from government agencies indicates the desire for the local people to be stakeholders and to be motivated to support projects, i.e., offer employment, provide education and fairly compensate for land required and people displaced. The Project's Resettlement Action Plan ("RAP") comprehensively deals with the government's desires for the local people and was prepared as part of the coal mine's all-encompassing Environmental and Social Impact Assessment. The specific requirements of the local people were captured in surveys covering families within and immediately adjacent to the Project Area. A demographic survey was also carried out in 2019 to update the population and household trends. GCM is committed to lift the amenity of its local community and will ensure the RAP will deliver:
· Full and fair compensation prior to displacement;
· Equidad, transparencia y elección;
· Estándares de vida más altos (sitios de ciudades/pueblos mejores comodidades);
· Subvenciones financieras para mejorar los medios de subsistencia;
· Formación y empleo preferente; y
· Apoyo a los agricultores para mejorar la producción agrícola.
GCM maintains facilities in the Project area and its resident field team is in close contact with the community and local authorities. The field team is assisted by 67 Community Liaison Assistants ("CLA's"), recruited from across the Project Area.
Riesgos e incertidumbres
A continuación se detallan los principales riesgos e incertidumbres a los que se enfrenta la Sociedad:
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Political and economic - risk that the recently completed National Election is not deemed to be free and fair, leading to a protracted period of civil unrest and US led sanctions that affect economic development. However, to offset this risk, Bangladesh is receiving significant diplomatic support by its large neighbours being Indian and China. Also, the Bangladesh President has set a precedent by allowing the Bangladesh army to be deployed to assist in quelling any such civil unrest. In this situation, business development was able to continue.
- risk that the Project Proposal is not approved, however, the country's exposure to the world energy market has caused severe economic stress leading to austerity measures that have interrupted the flow of energy products for power generation which in turn impacts business and industrial productivity. However, Indications are the government is working to offset this risk with "new plans" in the energy and power sector aimed at reducing imports by developing its domestic energy reserves, principally coal and also undertaking exploration programs to grow the severely depleted gas reserves. The Company operates in Bangladesh through its wholly owned subsidiary, Asia Energy Corporation, and all activity is covered under the terms and conditions of its Contract with the Bangladesh Government for "Exploring and Mining of Coal in Northern Bangladesh". Under this Contract, approval is assured, although there may be several iterations involved to clarify issues ahead of the approval.
Estratégico - risk that the strategic partnership with the Chinese state-owned-enterprise PowerChina does not proceed, thus undermining the Company's strategy of presenting the Project as a captive coal mine with reliable market options for its full coal mine production and jeopardising the mine's economic sustainability. However to offset this risk, the Project Proposal invites the Bangladesh Government to become a partner in the Project and the Proposal promote all or part of the Phulbari captive open pit coal mine production being sold in the first instance to the Government's own power plants, thus reducing or eliminating the dependency on having mine-mouth power plants as the sole market for the Phulbari coal. The current and prolonged world energy crisis with escalated coal and LNG prices (increasing pressure of Bangladesh's Foreign Exchange Reserves) also makes the proposition of the Government using Phulbari coal for its power plants much more attractive.
The Company has also taken steps to further reduce this risk by its Bangladesh team working with contacts within key government agencies to ensure the Project Proposal is aligned with the "new plans" in the energy and power sector (as noted in the Political and economic risk discussion) and that the Company is in the best position to engage with the newly elected government following the 7 January 2024 National Election.
Financiación - risk that the Company will not be able to raise necessary working capital to sustain its activities ahead of presenting the Project Proposal to the government or the funding required to take the Project through the government approval process to implementation stage. The former financing risk is off-set by the Company's track-record of being able to raise funds through the equity market. The latter financing risk is offset by agreements in place with our Development Partner, PowerChina, whereby in return for being awarded EOC Contracts, PowerChina has expressed a willingness to assist with project financing. The Directors are confident that the necessary funds will be obtained as and when required. For further details refer to the Directors' Report.
Comercial - risk that the Project's economic viability is undermined by sustained adverse movement of coal price and key cost elements. This risk is offset by the current and prolonged world energy crisis with escalated coal and LNG prices makes the proposition of the Government using Phulbari coal for its power plants much more attractive. Analysts predict the supply/demand forces will support continuing high coal prices in the medium term, thus using Phulbari coal will give the Government some protection against supply and cost escalation risk and save billions of dollars in Foreign Exchange. To further reduce economic viability risk there will be a rise and cost provision for the coal mine with the coal supply agreements for the power plants. Bangladesh currently has 6,035 MW of coal-fired power capacity installed that requires some 16 million tonnes of coal per annum, i.e., the nameplate production for the Phulbari coal mine. In addition, the Bangladesh Government's plan is to increase the coal-fired power capacity to 11,830 MW which will require some 36 million tonnes per annum.
Legal - risk that the mining lease and exploration licences are revoked. The Group continues to comply with all terms of the Contract with the Government for "Exploration and Mining of Coal in Northern Bangladesh" and is careful to ensure that all ongoing conditions of the Contract and the associated mining lease and exploration licences are met. GCM has received a recent comprehensive legal opinion that the Contract is enforceable under Bangladesh and International law.
Seguridad y salud, riesgos sociales y ambientales - The Group remains committed to developing the Project and meeting the highest international social and environmental standards as detailed in the Corporate Social Responsibility section within this Strategic Report.
Riesgo de cambio climático - Increased awareness and action against climate change will put pressure on governments and financing organisations to reduce exposure to fossil fuel related power generation. This could affect future Bangladeshi Government policy towards coal fired generation and limit funding appetite for the Project. Bangladesh is scheduled to officially become a developing country in 2026 as the UN committee recommended that the country should get five years, instead of three, to prepare for the transition due to the impact of Covid-19 on its economy. Until 2026, the country will continue to enjoy the trade benefits as an LDC. The Bangladesh Government has also recently adopted its Vision 2041 which aims to end absolute poverty and to be graduated into higher middle-income status by 2031 and eradicate poverty on way to becoming a developed nation by 2041.
Bangladesh has minimal emissions and is far behind the developed countries in terms of GDP and power generation per capita. Considering the year 2019 (immediately prior to the COVID pandemic and the worldwide economic slowdown) published figures indicate its contribution to the world's CO2 la producción fue de alrededor del 0.25 por ciento, es decir, Bangladesh no es un emisor significativo.
Vision 2041 identifica dos pilares fundamentales del sector energético y energético necesarios para respaldar la Visión: (i) Adoptar un camino de expansión de generación de energía de menor costo; y (ii) Promover el suministro de energía primaria de bajo costo. To achieve this, it needs to steadily grow its power generation capacity (efficient low-cost power) to drive industrial development and create sustainable new well-paying jobs. To this end, even if the Phulbari full coal production was consumed in over 6,600MW of power being generated Bangladesh's contribution to the world's CO2 production would still be minimal.
The Bangladesh Government recognises the importance of commercial fuel diversity for its power generation; however, it remains heavily reliant on imported fuels, which exposes the country to inherent world-market risks in terms of maintaining supply and controlling cost. The world-wide protracted energy crisis has raised serious questions over Bangladesh's dependence on imported energy products. It has forced the Government to adopt an austerity approach involving restricting energy imports and cutting back on power generation, principally driven by falling Foreign Exchange Reserves. Civil society and many political figures are now calling for a rapid move to develop the country's domestic coal land gas resources to ensure energy security and save on Foreign Exchange. As noted in the Political and economic risk discussion, indications are the Bangladesh Government is working on "new plans" for the energy and power sector which aim to reduce dependency on expensive imported energy products by developing its domestic energy resources, principally the known domestic coal reserves and to encourage exploration for new gas fields.
The Phulbari Project remains focused entirely on serving Bangladesh's domestic requirements, adhering to its policies and laws and supporting its development goals. The Project will assist Bangladesh achieve its NDC targets as it balances issues to achieve its development goals. By using Phulbari's high quality coal high energy efficient low emission Ultra-Supercritical power plants the country will not only eliminate greenhouse emissions associated with coal shipping and handling, but importantly it will realise a large amount of clean coal technology produced power at tariffs that will make its industries more competitive. This will help drive Bangladesh economic development and ability to deal with the effects of climate change.
Compromiso de la junta con las partes interesadas
Esta sección sirve como nuestra declaración de la sección 172 y debe leerse junto con el resto del Informe Estratégico y la Declaración de Gobierno Corporativo de la Compañía.
Section 172 of the Companies Act 2006 requires a Director of a company to act in the way he or she considers, in good faith, and would be most likely to promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a Director to have regard, among other matters, to: the likely consequences of any decision in the long term; the interests of the company's employees; the need to foster the company's business relationships with suppliers, governments, local communities, and others; the impact of the company's operations on the community and the environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly with members of the company.
The Directors uses its Board meetings as a mechanism for giving careful consideration to the factors set out above in discharging their duties under section 172.
Participación de actores locales
Los grupos de partes interesadas clave con los que nos relacionamos se enumeran a continuación, junto con una explicación de por qué nos enfocamos en ellos y cómo los involucramos.
Empleados
The success of the Group is dependent upon the hard work and dedication of all our employees. The Board ensures a continuing investment in existing employees who are supported through professional, technical and on-the-job training relevant to their functional areas, as well as other relevant role-specific training. The Board directs executives and senior managers to keep staff informed of the progress and development of the Company on a regular basis through formal and informal meetings and regular communications. In addition, the Board ensures funds are provided for regular events to encourage employee participation in local community initiatives.
Agencias gubernamentales y comunidades locales
The Group operates in the regulated mining sector in Bangladesh. The Board ensures the Company adopts a positive focus on maintaining productive relations with local communities and all levels of government. As a result, the Chief Executive Officer and Chief Operating Officer regularly conduct consultations with multi-levels of government agencies to ensure that all regulatory approvals and permits remain in good order. Development of local community improvement programmes are undertaken with consultation of local government and community representatives to maintain positive and productive relationships necessary to advance the Phulbari project.
As a mining exploration Group, the Board takes seriously its ethical responsibilities to the communities and environment in which it works. Wherever possible, local communities are engaged in the geological operations and support functions required for field operations. The regions in which the Group operates have native title laws. The Company is respectful of native title rights and engages proactively with local communities. In addition, we are careful to manage the environmental obligations of our work, and undertake site rehabilitation programmes, and prepare mine management plans, in accordance with local laws and regulations. Our goal is to meet or exceed standards, to ensure we maintain our social licence to operate from the communities with which we interact.
Contratistas y proveedores
Our proposed Joint Venture associates, consultants and suppliers are key business partners, and the quality of goods and services we receive are essential to supporting operations and to enhance the project process with our goal to successfully submit our project proposal to the Bangladesh Government for approval.
During the year, the Board committed significant resources into fostering improved relationships with our key partners. As directed by the Board, management collaborates and continually works with our partners and the full supply chain, sharing best practice and seeking out synergies to improve.
Prestador
For the entire reporting period the Chairman, CEO and FD, on behalf of the Board have been in regular contact with its lender. An extension to the loan agreement was agreed during the year, which enabled the Group to continue on a stable financial platform.
Inversionistas
Investors are considered key stakeholders, and consequently investor relations are a focus area for Directors. Where possible the Board engages investors on Group performance following project updates and results announcements with face-to-face meetings or scheduled calls.
En nombre de la Junta,
Datuk Michael Tang PJN
Director General
29 de enero de 2024
Junta Directiva
Directores ejecutivos
Datuk Michael Tang PJN (Presidente ejecutivo) is Chairman of the Company's largest shareholder, Polo Resources Limited, and is the principal of Mettiz Capital Limited, an investment company. Datuk Tang has significant corporate and financial experience in natural resources, power generation, healthcare, technology, manufacturing and real estate. Datuk Tang qualified as a barrister at Lincoln's Inn and holds a Bachelor of Law degree from the London School of Economics and Political Science. Datuk Tang was conferred the Distinguished Order for Meritorious Service ("Panglima Jasa Negara") which carries the honorific title of "Datuk" by His Majesty King of Malaysia. The award was in recognition of his invaluable service and contribution to the nation.
Keith Fulton (Director financiero) is the Finance Director of GCM and has over 25 years accounting and finance experience and was a partner at the audit firm Chapman Davis for over fourteen years. He began his career at Badger Hakim, where he qualified as a Chartered Accountant, following which he held various financial advisory and leadership positions at a number of corporates, including Finance Director at IDG UK Holdings Ltd. Keith is a member of the Institute of Chartered Accountants in England and Wales.
Gary Lye (Director de operaciones) is the Chief Operating Officer of GCM and Chief Executive Officer of GCM's subsidiary, Asia Energy Corporation (Bangladesh) Pty Ltd. He has been with the Phulbari Coal and Power Project (the Project) since January 2004 and led the exploration programme and Feasibility Study. He is a qualified geologist and geotechnical engineer with a Master's Degree in Rock Mechanics from the Royal School of Mines, London and a Diploma of the Imperial College (DIC), London and has over 45 years' international experience in the mining industry. Gary previously held senior mining positions with several leading mining companies. This included roles as Strategic Mine Development Manager with Kalgoorlie Consolidated Gold Mines at their Super Pit operations in Kalgoorlie, Western Australia, and as Manager of Mining Research for CRA in Perth, Western Australia.
Directores no ejecutivos
Mohd. Najib Abdel Aziz (Presidente no ejecutivo) has over 25 years corporate and finance experience in a number of industries, including property, construction and manufacturing. He began his career at KPMG in Perth and later worked at Arthur Andersen & Co. in Kuala Lumpur. Najib has significant experience in both Executive and Non-Executive Director roles in Malaysia. In addition to his current executive roles at Corporate-Pacific Holdings Sdn Bhd and Pentas Flora Environmental Services Sdn Bhd, he is also an Independent Non-Executive Director of Bina Puri Holdings Bhd and Tropicana Corporation Bhd, the latter where he is also the Chairman of the Audit Committee. Najib is a member of the Malaysian Institute of Accountants and a member of Chartered Accountants Australia and New Zealand. Najib resigned from the Board on 11 October 2023.
Christian Taylor-Wilkinson (Presidente no ejecutivo) has spent his working life in the City and has over 30 years' experience advising and working alongside companies across many sectors and geographies. Christian's background spans investment banking, investor relations and financial PR, which gives him a broad perspective on the capital markets landscape as well as a deep understanding of the needs of businesses, their boards and their shareholders. He has worked with a wide range of companies - from global European and Asian telecommunications businesses to smaller AIM companies. He founded Leander PR Ltd, a small cap focused financial public relations agency in April 2009. He was appointed as a Non-Executive Director of Altona Energy plc, a Rare Earths mining exploration company, in January 2019, and was made CEO in November 2020, until his resignation as Chief Executive in June 2023, and continues in a Business Development role for the Company.
Informe de Gobierno Corporativo
Declaración de gobierno corporativo
The Board of Directors ("Board") aims to adhere to industry good practice in relation to corporate governance of the Company. The Board approved the adoption of the Quoted Companies Alliance Corporate Governance Code 2018 ("QCA Code") on 9 July 2018.
The QCA Code sets out 10 principles which should be applied. These are listed below together with a short explanation of how the Group applies each of the principles. Where the Group does not fully comply with each principle an explanation as to why has also been provided:
Principle One: Strategy and business model
The Board has developed and implemented a strategy which it believes will achieve long term value for shareholders. This strategy is set out in the Strategic Report. The Company believes that this strategy is appropriate to protect the Company from unnecessary risk and optimise its long-term future.
Principle Two: Understanding shareholder needs and expectations.
The Board is committed to maintaining good communications and seeks to understand and meet shareholder needs and expectations by engaging with them across a range of platforms. All shareholders are encouraged to attend the Company's Annual General Meetings where they can meet and directly communicate with the Board. After the close of business at the Annual General Meeting, the Chairman opens the floor to questions from shareholders. The Company provides phone numbers on all its updates and RNS announcements where shareholders can contact the appropriate senior Company representatives directly. Shareholders also have access to information through the Company's website, www.gcmplc.com.
Los accionistas también pueden ponerse en contacto con la Compañía por correo electrónico en GME@dhr-rgv.com con cualquier consulta específica.
Principle Three: Stakeholder responsibilities
The Board recognises that the long-term success of the Company is reliant upon strong positive relationships with the Government of Bangladesh, local potentially affected communities, its partners, customers, contractors, suppliers, employees and other stakeholders.
The Company is committed to developing any project under its control to the highest international social and environmental standards. In addition to compliance with applicable national laws, GCM has committed to comply with the Equator Principles, the International Finance Corporation's Performance Standards on Social and Environmental Sustainability and the principles of the UN Global Compact.
At this stage in the Company's development, the Board has not adopted a specific written policy on Corporate Social Responsibility as the standards it has committed to gives sufficient guidance at the Company's current stage of development.
The Company engages positively with local communities, regulatory authorities and stakeholders in its project locations and encourages feedback through this engagement. Through this process the Company identifies the key resources and fosters the relationships on which the business relies.
Principle Four: Risk management
The Board periodically reviews the risks to which the Group is exposed including on all significant new transactions, and ensures that these risks are minimised as far as possible whilst recognising that its business opportunities carry an inherently high level of risk. The principal risks and uncertainties facing the Group at this stage in its development and in the foreseeable future are detailed within the Strategic Report together with risk mitigation strategies employed by the Board.
Principle Five: A well-functioning Board of Directors
The Non-Executive Chairman (Christian Taylor-Wilkinson) has overall responsibility for the Corporate Governance of the Company. The Board is responsible for formulating, reviewing and approving the Group's strategy, budget, major transactions and monitoring achievement of its business objectives. An agenda and supporting documentation are circulated to the directors before each Board meeting. Open and timely access to all information is provided to directors to enable them to bring independent judgement on issues affecting the Group and facilitate them in discharging their duties. The Board meets formally periodically during the year for these purposes and holds additional meetings when necessary to transact other business. The Board receives reports for consideration on all significant strategic, operational and financial matters.
The Board currently consists of the Non-Executive Chairman (Christian Taylor-Wilkinson), the Chief Executive Officer (Datuk Michael Tang PJN), the Finance Director (Keith Fulton), and the Chief Operating Officer (Gary Lye). The Board considers that its composition is satisfactory and complies with the QCA Code, however, is currently actively recruiting one or two further non-executive directors to improve its Board composition.
The roles of Chairman and Chief Executive Officer are split per best practice. The Chairman has the responsibility of ensuring that the Board discharges its responsibilities. The Chairman is responsible for the leadership and effective working of the Board, for setting the Board agenda, and ensuring that Directors receive accurate, timely and clear information. No one individual has unfettered powers of decision. The Finance Director works full time for the Company.
The non-executive director is considered independent of management and free from any business or other relationship which could materially interfere with the exercise of their independent judgement.
The Board is supported by the audit, remuneration and the nomination committees, details of which can be found below.
Principle Six: Appropriate skills and experience of the Directors
For the current size and stage of development of the Company, the Board considers the current balance of sector, financial and public market skills and experience present on the Board is appropriate to execute the Company's strategy and business plan and discharge its duties effectively. As the Company evolves, the Board will be reviewed and expanded as necessary to ensure appropriate expertise is always in place to support its business activities. Details of the current Board of Directors' biographies are set out within the Board of Directors section.
All Directors have access to the Company Secretary who is responsible for ensuring that Board procedures and applicable rules and regulations are observed.
Principle Seven: Evaluation of Board performance
Due to GCM's size and available resources, and the status of the Company's operations, the Company has yet to set in in place a formal evaluation system for its Board, Directors and employees. The appropriateness of performance review will be reassessed as the Company's corporate governance evolves in line with development of its business. The board shall monitor requirements for succession planning on an ongoing basis.
Principle Eight: Corporate culture
The Company operates in the United Kingdom and Bangladesh. It is committed to upholding all laws relevant to countering bribery and corruption in all jurisdictions in which it operates and remains bound by the laws of the United Kingdom, including the Bribery Act 2010, in respect of conduct both at home and abroad.
The Company takes a zero-tolerance approach to bribery and corruption and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships wherever we operate, implementing and enforcing effective systems to counter bribery.
The Group gives full and fair consideration to applications for employment received regardless of age, gender, colour, ethnicity, disability, nationality, religious beliefs, transgender status or sexual orientation. The Board takes account of employees' interests when making decisions, and suggestions from employees aimed at improving the Group's performance are welcomed.
The Company has adopted a Share Dealing Code for directors' and employees' dealings in securities which is appropriate for a company whose securities are traded on AIM and is in accordance with the requirements of the Market Abuse Regulation which came into effect in 2016.
Principle Nine: Maintenance of governance structures and processes
Ultimate authority for all aspects of the Company's activities rests with the Board. The Non-Executive Chairman is responsible for the effectiveness of the Board, ensuring that no individual or group dominates the Board's decision-making, and that the Non-Executive Directors are properly briefed on all operational and financial matters. The Non-Executive Chairman has overall responsibility for corporate governance matters in the Group. The Chief Executive Officer has the responsibility for implementing the strategy of the Board and managing the day-to-day business activities of the Group. The Company Secretary is responsible for ensuring that Board procedures are followed, and applicable rules and regulations are complied with. Key operational and financial decisions are reserved for the Board through periodic Board meetings.
In accordance with the Companies Act 2006, the Board complies with: a duty to act within their powers; a duty to promote the success of the Company; a duty to exercise independent judgement; a duty to exercise reasonable care, skill and diligence; a duty to avoid conflicts of interest; a duty not to accept benefits from third-parties and a duty to declare any interest in a proposed transaction or arrangement.
Principle Ten: Shareholder communication
The Company encourages communication with both private and institutional shareholders. The Company's website is regularly updated and users, including all stakeholders, can register to be alerted via email when material announcements are made. The Company's contact details are on the website for investor relations enquiries.
Shareholders are encouraged to attend the Company's Annual General Meeting. Notices of General Meetings are posted to shareholders and copies for at least the past five years are contained within the Annual Reports, copies of which are available on the website.
The results of voting on all resolutions in future general meetings will be posted to the Company's website, including any actions to be taken as a result of resolutions for which votes against have been received from at least 20 per cent of independent votes.
Junta y Comités
The Board consists of three executive directors and one non-executive director (including the Chairman). The Board considers that this composition is satisfactory, considering the size and scale of the Group's activities and that no one individual or group dominates the decision-making process. The composition of the Board, including the balance between executive and non-executive directors will continue to be reviewed to ensure that the Board continues to have the appropriate structure and skills to meet the needs of the Group as its business develops. The Board will continue to monitor and actively recruit additional independent non-executive directors.
The Board meets regularly through the year, providing effective leadership and overall management of the Group's affairs through the schedule of matters reserved for its decision. This includes the approval of the Group's forecast and budget, major capital expenditure, risk management policies and approval of the financial statements. Formal agendas, papers and reports are sent to the Directors in a timely manner prior to Board meetings. The Board delegates certain of its responsibilities to the Board Committees which have clearly defined terms of reference and are listed below.
All directors have access to the advice and services of the Group's solicitors, Nominated Adviser and the Company Secretary. Any Director may take independent professional advice at the Group's expense in the furtherance of their duties.
Retirement by rotation
One third of directors are required to retire at every Annual General Meeting (AGM) of the Company by rotation and may be re-elected by ordinary resolution.
El Comité de Auditoría
The Audit Committee considers the Group's financial reporting (including accounting policies) and internal financial controls.
The Audit Committee is responsible for ensuring that the financial performance of the Group is properly monitored and reported on. Mr Christian Taylor-Wilkinson is Chair of the Audit Committee, supported by Keith Fulton, the Finance Director and Company Secretary, and the full board who are not formally members of the committee. The membership of the committee will be reviewed annually and upon any changes to the composition of the Board. During the year the Audit Committee met twice and was active in assessing the adequacy of the interim and annual financial statements, including conducting meetings with the auditors of the Company.
El Comité de Retribuciones
The Remuneration Committee is responsible for making recommendations to the Board of Directors' and senior executives' remuneration. Non-Executive Directors' remuneration is considered by the Board. Financial packages for the Executive Directors are established by reference to those prevailing in the employment market for executives of equivalent status both in terms of level of responsibility of the position and their job qualifications and skills. The Committee will also have regard to the terms which may be required to attract an equivalent experienced executive to join the Board from another Company. Mr Christian Taylor-Wilkinson is Chair of the Remuneration Committee, supported by Keith Fulton, the Finance Director and Company Secretary, and the full board who are not formally members of the committee. The membership of the committee will be reviewed annually and upon any changes to the composition of the Board. The Committee met once during the year to conduct a review of executive remuneration, including benchmarking to market and making appropriate recommendations to the Board.
The Nominations Committee
The Nominations Committee makes recommendations to the Board for the recruitment of Directors and senior executives. Mr Christian Taylor-Wilkinson is Chair of the Nominations Committee, supported by Keith Fulton, the Finance Director and Company Secretary, and the full board who are not formally members of the committee. The membership of the committee will be reviewed annually and upon any changes to the composition of the Board. During the year the Nominations Committee did not meet formally but has been involved in the assessment of prospective candidates for non-executive positions as requested by the Board.
Christian Taylor-Wilkinson
Presidente no ejecutivo
29 de enero de 2024
Informe de directores
The Directors present their annual report and the audited accounts for the year ended 30 June 2023.
Actividades principales
GCM Resources plc (GCM) was incorporated as a Public Limited Company (Company register number 04913119) on 26 September 2003 and admitted to the London Stock Exchange Alternative Investment Market (AIM) on 19 April 2004.
The Company's principal activity, through its subsidiaries, is the development of the Phulbari Coal and Power Project in Bangladesh.
Revision del negocio
Phulbari Coal and Power Project
A detailed review of progress on the Phulbari Coal and Power Project is included in the Group Strategic Report.
Recursos financieros
As at 30 June 2023, GCM held £543,000 in cash (2022: £961,000 cash).
Responsabilidad Corporativa
GCM is committed to undertaking its activities in accordance with the highest international social, environmental and operational standards. For detailed information please refer to the Group Strategic Report.
Revisión financiera
The Group recorded a loss after tax of £1,320,000 for the year ended 30 June 2023 (2022: loss after tax of £1,679,000). Non-cash expenses of £180,000 were incurred during the year (2022: £414,000).
Capitalised evaluation expenditure relating to the Phulbari Coal and Power Project was £625,000 for the year ended 30 June 2023 (2022: £563,000).
Acontecimientos posteriores al final del período sobre el que se informa
The events which took place subsequent to 30 June 2023, are fully disclosed in Note 21 to the Consolidated Financial Statements.
Dividendos
Los Directores no recomiendan el pago de un dividendo (2022: cero).
Preocupación continua
As at 30 June 2023, the Group had £543,000 in cash and £805,000 of net current liabilities. The directors and management have prepared a cash flow forecast to March 2025, which shows that the Group will require further funds to cover operating costs to advance the Phulbari Coal and Power Project and meet its liabilities as and when they fall due. Based on current forecasts, additional funding will need to be either raised from third parties or the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") increased and extended by the end of March 2024, in order to meet current operating cost projections. The Directors also note that, under the amended terms of the existing Polo Loan Facility, the lender agreed not to serve a repayment request in cash for 5 years from the date of amended terms, 26 March 2021, or alternatively convert to shares at 5.14 pence per share at the lender's option (as amended on 1 March 2022). The Company does not currently have secured funding arrangements in place to cover this loan or further potential expenditure which may be needed to advance the Project and, accordingly, should Polo request repayment of the Polo Loan Facility (under certain terms of the Loan Facility), GCM will need to raise funds in a short amount of time, which may not be available on terms acceptable to the Board or on a workable timeframe.
The Company currently has utilised £3,200,000 of the Polo Loan Facility at the date of this report (at the date of this report, the Company is awaiting receipt of the final drawdown of £300,000 from Polo), and based on projected future cash expenditure, at the date of this report this facility would be required to be increased, or additional funds raised through equity placing or other debt facilities in order to be sufficient to support the Company's operations for the twelve months from the date of this report. As announced by the Company on 25 January 2024, the Company has completed a Gross equity fund raise of £500,000 by way of subscription for Ordinary Shares with Clear Capital Markets, at a price of 1.65p per share. At the current run rates, the Company's existing cash resources, is expected to provide sufficient capital for the next five months. The Company intends to explore alternative funding options over the second quarter of 2024, with the aim to complete and secure the necessary third-party funding by the end of June 2024.
Al llegar a la conclusión de que es apropiado preparar los estados financieros sobre la base de un negocio en marcha, los directores han hecho las siguientes suposiciones que son relevantes para los próximos doce meses:
- Sufficient additional funding can be obtained for working capital purposes; and
- En el caso de que los gastos operativos aumenten significativamente como resultado del progreso exitoso con respecto al Proyecto de Carbón y Energía de Phulbari, se puede obtener financiación suficiente.
While the Directors remain confident that necessary funds will be available as and when required, as at the date of this report these funding arrangements are not secured, the above conditions and events represent material uncertainties that may cast significant doubt over the Group's ability to continue as a going concern. The financial statements have been prepared on a going concern basis. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
Una vez que se logre la aprobación del Proyecto de Carbón y Energía de Phulbari, se requerirán importantes recursos financieros adicionales para continuar con el desarrollo.
Perspectiva del futuro
The Group is fully committed to the Phulbari Coal and Power Project and is directly engaging with the Government of Bangladesh and other stakeholders to move the Project forward. A detailed review of progress on the Phulbari Coal and Power Project is included in the Group Strategic Report.
Principales riesgos e incertidumbres
Details of the Group's principal risks and uncertainties can be found within the Group Strategic Report .
Instrumentos financieros
Details of the financial risk management objectives and policies of the Group and information on the Group's exposure to financial risks can be found in note 18 to the financial statements.
directiva
The Directors who served during the year:
Fijado | Resignado | |
Directores ejecutivos | ||
Datuk Michael Tang PJN | ||
Keith Fulton | ||
Gary Lye | ||
Directores no ejecutivos | ||
Mohd. Najib Abdel Aziz | 11 de octubre de 2023 | |
Christian Taylor-Wilkinson |
Amounts paid for services of Directors for the year ended 30 June 2023 were:
|
|
|
|
| |
|
Salario y honorarios | Pagos basados en acciones | 2023 Total | 2022 Total | |
|
| £ | £ | £ | £ |
Directores ejecutivos | |||||
Datuk Michael Tang PJN (*) | 303,600 | - | 303,600 | 303,600 | |
Keith Fulton | 90,000 | 10,000 | 100,000 | 120,000 | |
Gary Lye | 173,828 | - | 173,828 | 170,540 | |
Directores no ejecutivos | |||||
Mohd. Najib Abdel Aziz (renunció el 11 de octubre de 2023) | 6,000 | - | 6,000 | 6,000 | |
Christian Taylor-Wilkinson | 6,000 | - | 6,000 | 6,000 | |
james hobson(renunció el 1 de diciembre de 2021) | - | - | - | 5,000 | |
579,428 | 10,000 | 589,428 | 611,140 |
(*) Michael Tang's remuneration remains partially unpaid as at 30 June 2023, see Note 20 also.
The Directors who held office at 30 June 2023, or on date of resignation, had the following interests in the ordinary shares and options of the Group:
2023 | 2023 | 2023 |
| 2022 | 2022 | 2022 |
| |
Acciones | Acciones condicionales (1) | Opciones |
| Acciones | Acciones condicionales | Opciones |
| |
Directores ejecutivos | ||||||||
Datuk Michael Tang PJN | - | - | 7,250,000 | (2) | - | - | 7,250,000 | |
Keith Fulton | 1,023,343 | - | - |
| 705,883 | - | - | |
Gary Lye | 2,000 | 170,000 | 825,000 |
| 2,000 | 170,000 | 825,000 | |
|
| |||||||
Directores no ejecutivos |
|
| ||||||
Mohd. Najib Abdel Aziz | - | - | - |
| - | - | - |
|
Christian Taylor-Wilkinson | - | - | - |
| - | - | - |
|
james hobson | - | - | - |
| 200 | - | - | (3) |
(1) Shares awarded in the event of key milestones being reached. Refer to Note 17 to the financial statements.
(2) Options with an exercise price of £0.11, vested on 1 January 2016 and an expiry date of 31 May 2020. On 29 May 2020, these options were extended on the same terms until 31 May 2024.
(3) James Hobson resigned on 1 December 2021.
Controles internos
The Directors acknowledge their responsibility for the Group's systems of internal controls and for reviewing their effectiveness. These internal controls are designed to safeguard the assets of the Group and to ensure the reliability of financial information for both internal use and external publication. Further reviews of internal controls will be undertaken as the Group develops to ensure that they remain adequate and effective.
Gestión del riesgo
The Board considers risk assessment to be important in achieving its strategic objectives. There is a process of evaluation and monitoring risks through regular reviews by senior management.
Riesgo del negocio
The Board regularly evaluates and reviews business risks when reviewing project timelines. The types of risks reviewed include:
· Regulatory and compliance obligations
· Political and economic risks - refer to note 1 for further information
· Los requisitos ambientales
· Legal risks relating to contracts, licences and agreements
· Insurance risks - the Group holds insurance coverage for potential employee and liability claims
· Political risks arising from operating in Bangladesh - refer to note 1 for further information
· Climate Change Risk - refer to Risks and Uncertainties within the Strategic Report
Política de tesorería
The Group currently finances its operations through equity and debt financing and holds its cash to fund the obligations of the Group. Decisions regarding the management of these assets are approved by the Board. Refer to note 18 for liquidity risk.
La gestión del capital
Capital comprises of cash only. The Group holds a loan facility of £3,500,000 of which £3,200,000 had been fully utilised as at 30 June 2023. The Group does not hold other loans, financial leases, or other non-current finance obligations.
2023 | 2022 | ||
| £000 | £000 | |
efectivo | 543 | 961 | |
Borrowing facilities undrawn (*) | 300 | 300 | |
Unpaid share capital (**) | - | 400 | |
Capital | 843 | 1,661 |
(*) £300,000 of the available facility, was requested to be drawn down on 28 November 2023, and the Company at the date of this report is awaiting receipt of the funds
(**) The unpaid share capital of £400,000 was received on 5 July 2022
Upon approval of the Phulbari Coal and Power Project funding will be sought from a mix of equity and debt sources to finance development. The objective of the Group's capital management will be to manage gearing levels and capital ratios in order to support its business, maximise shareholder value and maintain a healthy capital position. The Group incurs expenditure in a number of currencies including UK Pounds, Bangladesh Taka, US Dollars and Australian dollars. The Group has a policy of not hedging currency exposures.
Disposiciones de indemnización de terceros calificados
The Company has put in place qualifying third party indemnity provisions for all of the directors of the Company which was in force at the date of approval of this report.
Contribuciones políticas
No payments to political parties have been made during the year (2022: nil).
Relaciones con accionistas
The Board attaches great importance to maintaining good relationships with its shareholders. The Group's activities are detailed in the Annual Report and Financial Statements, the Interim Report and market announcements. Market sensitive information is always released to all shareholders concurrently in accordance with stock exchange rules. The AGM provides an opportunity for all shareholders to communicate with and to question the Board on any aspect of the Group's activities. The Group maintains a corporate website where information on the Group is regularly updated and all announcements are posted.
Website disclosure
El Grupo tiene una página web del NDN Collective www.gcmplc.com en la que statutory information, press releases and background information on the Group and its operations can be found.
Junta General Anual (AGM)
Full details of the resolutions to be proposed at the Company's AGM will be included in the Notice of Meeting which will be distributed to shareholders along with the Annual Report.
Cuentas
The auditors to the Group, PKF Littlejohn LLP, have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment will be submitted at the AGM.
Declaración de los directores sobre la divulgación de información a los auditores
Todos los Directores actuales han tomado todas las medidas que deberían haber tomado para estar al tanto de cualquier información que necesiten los auditores de la Compañía para los fines de su auditoría y para establecer que los auditores tienen conocimiento de esa información. Los Directores no tienen conocimiento de ninguna información de auditoría relevante que los auditores desconozcan.
Declaración de responsabilidades de los directores
The Directors are responsible for preparing the Annual Report and the Group financial statements in accordance with applicable United Kingdom law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare Group financial statements under UK-adopted international accounting standards. Under Company Law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Parent Company and of the profit or loss of the Group for that period.
The Directors are also required to prepare financial statements in accordance with the rules of the London Stock Exchange for companies trading securities on AIM. En preparación the financial statements the directors are required to:
· seleccionar políticas contables adecuadas y luego aplicarlas de manera coherente;
· hacer juicios y estimaciones contables que sean razonables y prudentes;
· state whether they have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;
· preparar los estados financieros sobre la base de negocio en marcha a menos que sea inapropiado suponer que el Grupo y la Sociedad Dominante continuarán en el negocio.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent Company and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Publicación del sitio web
The directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the directors. The directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.
En nombre de la Junta,
Keith Fulton
Directora Ejecutiva
29 de enero de 2024
Reporte de un auditor independiente
Independent auditor's report to the members of GCM Resources Plc
Opinión
We have audited the financial statements of GCM Resources Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Balance Sheets, the Consolidated and Parent Company Statements of Changes in Equity, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK-adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 Marco de divulgación reducido (United Kingdom Generally Accepted Accounting Practice) and as applied in accordance with the provisions of the Companies Act 2006.
En nuestra opinion:
· the financial statements give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2023, and of the group's loss for the year then ended;
· los estados financieros del grupo se han preparado correctamente de acuerdo con las normas contables internacionales adoptadas en el Reino Unido;
· the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and as applied in accordance with the provisions of the Companies Act 2006; and
· Los estados financieros han sido preparados de acuerdo con los requisitos de la Ley de Sociedades de 2006.
Fundamento de la opinión
Realizamos nuestra auditoría de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) (NIA (Reino Unido)) y la ley aplicable. Nuestras responsabilidades conforme a esas normas se describen con más detalle en la sección Responsabilidades del auditor para la auditoría de los estados financieros de nuestro informe. Somos independientes del grupo y de la empresa matriz de acuerdo con los requisitos éticos que son relevantes para nuestra auditoría de los estados financieros en el Reino Unido, incluido el Estándar Ético de la FRC aplicado a las entidades que cotizan en bolsa, y hemos cumplido con nuestras otras responsabilidades éticas de acuerdo con con estos requisitos. Consideramos que la evidencia de auditoría que hemos obtenido proporciona una base suficiente y adecuada para expresar nuestra opinión.
Incertidumbre material relacionada con la empresa en marcha
We draw attention to note 1 in both the group and parent company financial statements, which indicates that the group's and the parent company's ability to continue as a going concern is dependent on the ability to secure additional funding through financing arrangements or the issue of equity. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the group's and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Al auditar los estados financieros, hemos concluido que el uso por parte del director de la base contable de negocio en marcha en la preparación de los estados financieros es apropiado. Nuestra evaluación de la evaluación de los directores sobre la capacidad del grupo y de la empresa matriz para continuar adoptando la base contable de negocio en marcha incluyó:
? Challenging the directors' forecasts prepared to assess the group's and parent company's ability to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements. We have reviewed the consistency of committed cash flows against contractual arrangements and compared general overheads to current run rates. The forecasts demonstrated that the group and parent company will require additional funding during the going concern period to meet its liabilities as and when they fall due.
? The forecasts indicate that the current funding will not be sufficient with further funding being required to meet increased expenditure on the mine and power plant project. We have discussed with the directors the strategies that they are pursuing to secure further funding if and when required. We note that the Company have successfully raised funds from issuing equity in the past but at the date of this report there are no legally binding agreements in place to cover a funding deficit in these scenarios.
Nuestras responsabilidades y las responsabilidades de los directores con respecto a la empresa en funcionamiento se describen en las secciones relevantes de este informe.
Nuestra aplicación de la materialidad
El alcance de nuestra auditoría estuvo influenciado por nuestra aplicación de materialidad. Establecemos ciertos umbrales cuantitativos de materialidad. Estos, junto con consideraciones cualitativas, nos ayudaron a determinar el alcance de nuestra auditoría y la naturaleza, oportunidad y alcance de nuestros procedimientos de auditoría sobre las partidas y revelaciones individuales de los estados financieros y a evaluar el efecto de las incorrecciones, tanto individualmente como en los estados financieros. declaraciones en su conjunto.
Based on our professional judgement, we consider 1.5% of total assets to be the most significant determinant of the group's financial performance used by shareholders as the group continues to bring its mining assets through to development. Materiality of the parent company was based upon the loss before tax in order to achieve sufficient coverage of expenditure in our testing.
Whilst materiality for the financial statements as a whole was £659,000 (2022 - £662,000), each significant component of the group was audited to a lower level of materiality. The parent company materiality was £66,000 (2022 - £82,000) with the other components being audited to a materiality of £329,000 (2022 - £331,000). These materiality levels were used to determine the financial statement areas that are included within the scope of our audit work and the extent of sample sizes during the audit.
Performance materiality is the application of materiality at the individual account or balance level set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. Performance materiality was set at 70% of the above materiality levels for both group and parent company, equating to £461,000 (2022 - £463,000) and £46,000 (2022 - £57,400) respectively, based upon our assessment of the risk of misstatement.
We agreed with management that we would report to the audit committee all individual audit differences identified during the course of our audit in excess of £32,000 (2022 - £33,000) for the financial statements as a whole and £3,300 (2022 - £4,100) for the parent company. We also agreed to report differences below these thresholds that, in our view warranted reporting on qualitative grounds.
Nuestro enfoque de la auditoría
Our group audit scope focused on the group's principal operating location being Bangladesh which was subject to a full scope audit together with the parent company, which was also subject to a full scope audit. These represent the significant components of the group.
The remaining components of the group were considered non-significant and these components were principally subject to analytical review procedures.
Las entidades sujetas a auditorías de alcance total representan el 99% del total de activos.
Las auditorías de cada uno de los componentes significativos se realizaron en Reino Unido. Todas las auditorías fueron realizadas por PKF Littlejohn LLP.
Asuntos clave de auditoría
Las cuestiones clave de auditoría son aquellas cuestiones que, según nuestro juicio profesional, fueron de mayor importancia en nuestra auditoría de los estados financieros del período actual e incluyen los riesgos evaluados más importantes de incorrección material (debida o no a fraude) que identificamos, incluidos aquellos que tuvieron el mayor efecto sobre: la estrategia general de auditoría, la asignación de recursos en la auditoría; y dirigir los esfuerzos del equipo del encargo. Estos asuntos fueron abordados en el contexto de nuestra auditoría de los estados financieros en su conjunto, y en la formación de nuestra opinión sobre los mismos, y no expresamos una opinión por separado sobre estos asuntos. Además del asunto descrito en la sección Incertidumbre material relacionada con la empresa en funcionamiento, hemos determinado que los asuntos que se describen a continuación son los asuntos clave de auditoría que se comunicarán en nuestro informe.
Asunto clave de auditoría | Cómo nuestro alcance abordó este asunto |
Carrying value of intangible asset (Group) and Carrying value of investment in subsidiary (Parent Company) | |
As disclosed in note 9 to the group financial Statements, the group's intangible asset represents capitalised exploration and evaluation expenditure on the Phulbari Coal Project. The balance is £43.4m as at 30 June 2023. The parent company holds an investment in Asia Energy Corporation (Bangladesh) Pty Limited which is the entity that holds the underlying Phulbari asset. The value of the investment on the parent company balance sheet is £47.9m, as disclosed in note 6 to the parent company financial statements.
The group has a contract with the Government of Bangladesh to explore, develop and mine on the Phulbari Coal licence area. In 2005 the Group submitted a feasibility study and mine development plan, in line with the terms of the contract, in order to obtain approval to move forward with development. To date the government has not provided the necessary approval. As a result, there is continued uncertainty regarding if and when such approval will be obtained. The parent company has received a legal opinion confirming that the group retains legal title to the asset despite the delays in approval, and that the contract with the Government of Bangladesh is enforceable under Bangladesh and International law. The recoverability of the investment in Asia Energy Corporation (Bangladesh) Pty Limited is reliant on the successful development of the Phulbari asset and is therefore subject to the same uncertainties regarding recoverability.
The directors consider that the delay in obtaining the approval represents an indicator of impairment under IFRS 6 Exploración y Evaluación de Recursos Minerales. As part of the impairment assessment the directors concluded that the value of the intangible asset and investment in subsidiary continues to be appropriately supported by the original definitive feasibility study submitted in 2005. As such, the carrying value is dependent upon the ultimate approval of the feasibility study and mine development plan. The directors remain satisfied that approval will ultimately be obtained and concluded that no impairment is required at 30 June 2023. The directors have disclosed their key judgements, together with the uncertainties in this regard, in note 1 to the financial statements. Given the level of judgement applied, and the ongoing delays in obtaining government approvals, we consider this to be a significant audit risk and a key audit matter. | Nuestro trabajo incluyó:
· Evaluating the Directors' assessment of the group's right to tenure over the Phulbari Coal licence area by reviewing historical agreements and the external legal opinion obtained by the group on the status of the overriding contract. We obtained the legal opinions from the group's external solicitor and assessed the solicitor's competence and independence to give such opinions. A discussion was held with the lawyer providing those opinions.
· Gaining an understanding of the strategy the directors are pursuing to progress the project given the continued delays in securing development approval and reviewing the partnership agreements the parent company has entered into historically and during the period.
· Evaluating management's impairment assessment and underlying economic model against the original feasibility study submitted in 2005, including the approved coal reserves study. We critically challenged the key estimates and assumptions used including their continued appropriateness including assessment of the price inputs to market data and forecasts; re-calculation of discount rates; and review of the forecast costs. We performed our own sensitivity analysis over individual key inputs, together with a combination of sensitivities over such inputs.
· Reviewing the minutes of meeting of GCM's board and RNS announcements for indicators of a potential trigger for impairment.
· Evaluating the disclosures given in the notes to the financial statements, including the judgments and the uncertainties regarding the ultimate approval by the Government of Bangladesh. |
Más información (opcional – piso, bloque edificio, puerta, etc.)
La otra información comprende la información incluida en el informe anual, distinta de los estados financieros y nuestro informe de auditoría sobre los mismos. Los directores son responsables de la otra información contenida en el informe anual. Nuestra opinión sobre los estados financieros del grupo y de la empresa matriz no cubre la otra información y, salvo que se indique explícitamente lo contrario en nuestro informe, no expresamos ningún tipo de conclusión de seguridad al respecto. Nuestra responsabilidad es leer la otra información y, al hacerlo, considerar si la otra información es significativamente inconsistente con los estados financieros o con nuestro conocimiento obtenido en el curso de la auditoría, o si de otro modo parece contener una incorrección material. Si identificamos dichas inconsistencias materiales o aparentes incorrecciones materiales, estamos obligados a determinar si esto da lugar a una incorrección material en los propios estados financieros. Si, con base en el trabajo que hemos realizado, concluimos que existe una incorrección material en esta otra información, estamos obligados a informar ese hecho.
No tenemos nada que informar al respecto.
Opiniones sobre otros asuntos prescritos por la Ley de Sociedades de 2006
En nuestra opinión, con base en el trabajo realizado en el transcurso de la auditoría:
· la información proporcionada en el informe estratégico y el informe de gestión del ejercicio para el que se preparan los estados financieros es coherente con los estados financieros; y
· El informe estratégico y el informe de gestión se han elaborado de acuerdo con los requisitos legales aplicables.
Asuntos sobre los que estamos obligados a informar por excepción
A la luz del conocimiento y comprensión del grupo y de la sociedad matriz y de su entorno obtenidos en el curso de la auditoría, no hemos identificado incorrecciones materiales en el informe estratégico ni en el informe de gestión.
No tenemos nada que informar con respecto a los siguientes asuntos en relación con los cuales la Ley de Sociedades de 2006 requiere que le informemos si, en nuestra opinión:
· la empresa matriz no ha llevado registros contables adecuados, o no se han recibido declaraciones adecuadas para nuestra auditoría de sucursales que no visitamos; o
· los estados financieros de la empresa matriz no concuerdan con los registros y declaraciones contables; o
· no se hacen ciertas divulgaciones de la remuneración de los directores especificadas por la ley; o
· no hemos recibido toda la información y explicaciones que requerimos para nuestra auditoría.
Responsabilidades de los directores
Como se explica con más detalle en la declaración de responsabilidades de los directores, los directores son responsables de la preparación de los estados financieros del grupo y de la empresa matriz y de estar seguros de que ofrecen una imagen fiel y fiel, y del control interno que los directores determinen que es necesaria para permitir la preparación de estados financieros libres de incorrección material, ya sea por fraude o error.
In preparing the group and parent company financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Responsabilidades del auditor para la auditoría de los estados financieros.
Nuestros objetivos son obtener una seguridad razonable sobre si los estados financieros en su conjunto están libres de errores materiales, ya sea debido a fraude o error, y emitir un informe de auditoría que incluya nuestra opinión. La seguridad razonable es un alto nivel de seguridad, pero no garantiza que una auditoría realizada de acuerdo con las NIA (Reino Unido) siempre detecte una incorrección material cuando exista. Las incorrecciones pueden deberse a fraude o error y se consideran materiales si, individualmente o en conjunto, se puede esperar razonablemente que influyan en las decisiones económicas que los usuarios toman sobre la base de estos estados financieros.
Las irregularidades, incluido el fraude, son casos de incumplimiento de las leyes y regulaciones. Diseñamos procedimientos de acuerdo con nuestras responsabilidades, descritas anteriormente, para detectar errores materiales con respecto a irregularidades, incluido el fraude. En qué medida nuestros procedimientos son capaces de detectar irregularidades, incluido el fraude, se detalla a continuación:
· We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management and our experience of the resource exploration sector.
· Determinamos que las principales leyes y regulaciones relevantes para el grupo y la empresa matriz a este respecto son aquellas que surgen de
o Ley de Sociedades de 2006;
o AIM listing rules
o Código de Alianza de Empresas Cotizadas; y
o Local laws and regulations in Bangladesh where the group operates.
· Diseñamos nuestros procedimientos de auditoría para garantizar que el equipo de auditoría considerara si había indicios de incumplimiento por parte del grupo y la empresa matriz de dichas leyes y reglamentos. Estos procedimientos incluyen, pero no se limitan a:
o consultas de la gerencia
o Review of Board minutes
o Review of legal expenses including inquiry of the group's legal representative
o Revisión de anuncios RNS
· We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the estimates, judgements and assumptions applied by management in the assessment of impairment of intangible assets gave the greatest potential for management bias. Refer to the Key audit matter section above.
· Como en todas nuestras auditorías, abordamos el riesgo de fraude que surge de la anulación de los controles por parte de la gerencia mediante la realización de procedimientos de auditoría que incluían, entre otros: la prueba de diarios; revisar las estimaciones contables en busca de evidencia de sesgo; y evaluar el fundamento comercial de cualquier transacción importante que sea inusual o que esté fuera del curso normal de los negocios.
Debido a las limitaciones inherentes de una auditoría, existe el riesgo de que no detectemos todas las irregularidades, incluidas las que conducen a una incorrección material en los estados financieros o al incumplimiento de la regulación. Este riesgo aumenta cuanto más se elimina el cumplimiento de una ley o reglamento de los eventos y transacciones reflejados en los estados financieros, ya que será menos probable que tengamos conocimiento de casos de incumplimiento. El riesgo también es mayor con respecto a las irregularidades que ocurren debido a fraude en lugar de error, ya que el fraude implica ocultación intencional, falsificación, colusión, omisión o tergiversación.
Una descripción más detallada de nuestras responsabilidades para la auditoría de los estados financieros se encuentra en el sitio web del Financial Reporting Council en: www.frc.org.uk/auditorsresponssibility. Esta descripción forma parte de nuestro informe de auditoría.
Uso de nuestro informe
Este informe se realiza únicamente a los miembros de la empresa, como un órgano, de conformidad con el Capítulo 3 de la Parte 16 de la Ley de Sociedades de 2006. Nuestro trabajo de auditoría se ha realizado para que podamos informar a los miembros de la empresa los asuntos que debemos declarar a ellos en un informe de auditoría y para ningún otro propósito. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie, excepto la empresa y los miembros de la empresa como organismo, por nuestro trabajo de auditoría, por este informe o por las opiniones que nos hemos formado.
Nicholas joel
(Senior Statutory Auditor) 15 Westferry Circus
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 4HD
29 de enero de 2024
Estado financiero consolidado
Declaración consolidada de ingreso comprensivo
Para el año terminado el 30 de junio
Notas | 2023 | 2022 | |
£000 | £000 | ||
Los gastos de explotación | |||
Gastos de predesarrollo | 16 | (180) | (414) |
Costos de exploración y evaluación | 68 | (35) | |
Gastos administrativos | (728) | (750) | |
Pérdida operativa | 3 | (840) | (1,199) |
Costos financieros | (480) | (480) | |
Pérdida antes de impuestos | (1,320) | (1,679) | |
Taxation | 6 | - | - |
Pérdida del año | (1,320) | (1,679) | |
Otro resultado integral | - | - | |
Gasto integral total del año | (1,320) | (1,679) | |
Pérdida por acción | |||
Básico (peniques por acción) | 7 | (0.7p) | (1.1p) |
Diluido (peniques por acción) | 7 | (0.7p) | (1.1p) |
Las notas siguientes forman parte integrante de estos estados financieros.
Estado de cambios en el patrimonio neto consolidado
Para el año terminado el 30 de junio
| Capital social | Compartir cuenta premium | Pagos basados en acciones no liquidados | Perdidas acumuladas | Total |
£000 | £000 | £000 | £000 | £000 | |
Saldo al 1 de julio de 2021 | 12,048 | 55,611 | 583 | (30,953) | 37,289 |
Pérdida integral total | - | - | - | (1,679) | (1,679) |
Emisiones de acciones | 447 | 2,086 | (372) | - | 2,161 |
Costos de emisión de acciones | - | (121) | - | - | (121) |
Acciones a emitir | - | - | 414 | - | 414 |
Pagos basados en acciones | - | - | 17 | - | 17 |
Saldo al 30 de junio de 2022 | 12,495 | 57,576 | 642 | (32,632) | 38,081 |
| |||||
Pérdida integral total | - | - | - | (1,320) | (1,320) |
Emisiones de acciones | 253 | 513 | (255) | - | 511 |
Costos de emisión de acciones | - | (35) | - | - | (35) |
Acciones a emitir | - | - | 180 | - | 180 |
Pagos basados en acciones | - | - | 2 | - | 2 |
Saldo al 30 de junio de 2023 | 12,748 | 58,054 | 569 | (33,952) | 37,419 |
Las notas siguientes forman parte integrante de estos estados financieros.
Consolidated Balance Sheet Company number 04913119
Al 30 de junio
Notas | 2023 | 2022 | |
| £000 | £000 | |
Activos circulantes | |||
Efectivo y equivalentes de efectivo | 543 | 961 | |
Otros ingresos | 8 | 25 | 436 |
Total de activos corrientes | 568 | 1,397 | |
Activos no corrientes | |||
Propiedad, planta y equipo. | - | 3 | |
Activos por derecho de uso | 13 | 42 | 19 |
Activos intangibles | 9 | 43,367 | 42,742 |
Total del activo no corriente | 43,409 | 42,764 | |
los activos totales | 43,977 | 44,161 | |
Pasivo circulante | |||
Cuentas por pagar | 11 | (1,353) | (1,369) |
Pasivos por arrendamiento | 13 | (20) | (27) |
Total pasivo corriente | (1,373) | (1,396) | |
| |||
Pasivos no corrientes | |||
Pasivos por arrendamiento | 13 | (22) | (1) |
Préstamos | 12 | (5,163) | (4,683) |
Total pasivo no corriente | (5,185) | (4,684) | |
Pasivos totales | (6,558) | (6,080) | |
| |||
Activos netos | 37,419 | 38,081 | |
Equidad | |||
Capital social | 14 | 12,748 | 12,495 |
Compartir cuenta premium | 14 | 58,054 | 57,576 |
Otras reservas | 14 | 569 | 642 |
Perdidas acumuladas | (33,952) | (32,632) | |
Equidad total | 37,419 | 38,081 |
Estos estados financieros fueron aprobados por el Directorio y fueron firmados en su nombre por:
Keith Fulton
Directora Ejecutiva
29 de enero de 2024
Las notas siguientes forman parte integrante de estos estados financieros.
Estado de flujo de efectivo consolidado
Para el año terminado el 30 de junio
| 2023 | 2022 | |
|
| £000 | £000 |
Flujos de efectivo utilizados en actividades operativas | |||
(Pérdida) antes de impuestos | (1,320) | (1,679) | |
Ajustado para: | |||
Gastos de predesarrollo | 16 | 180 | 414 |
Costos financieros | 15 | 480 | 480 |
Otros gastos no monetarios | 10 | 30 | |
(650) | (755) | ||
Movimientos de capital circulante: | |||
Decrease in operating receivables | 12 | 2 | |
Increase in operating payables | 11 | 354 | |
Efectivo utilizado en operaciones | (627) | (846) | |
Efectivo neto utilizado en actividades operativas | (627) | (846) | |
Flujos de efectivo utilizados en actividades de inversión | |||
Pagos por activos intangibles | (656) | (520) | |
Efectivo neto utilizado en actividades de inversión | (656) | (520) | |
Flujos de efectivo de actividades de financiación | |||
Emisión de capital social ordinario | 900 | 1,731 | |
Costes de emisión de acciones | (35) | (121) | |
Efectivo neto de actividades de financiación | 865 | 1,610 | |
| |||
Total (decrease)/increase in cash and cash equivalents | (418) | 244 | |
| |||
Efectivo y equivalentes de efectivo al inicio del año | 961 | 717 | |
| |||
Efectivo y equivalentes de efectivo al final del año | 15 | 543 | 961 |
Las notas siguientes forman parte integrante de estos estados financieros.
Notas a los estados financieros consolidados
1. Políticas contables
GCM Resources plc tiene su domicilio en Inglaterra y Gales, se incorporó en Inglaterra y Gales como sociedad anónima el 26 de septiembre de 2003 y fue admitida en el Mercado de Inversiones Alternativas de la Bolsa de Valores de Londres ("AIM") el 19 de abril de 2004.
The financial report was authorised for issue by the Directors on 29 January 2024, and the Consolidated Balance Sheet was signed on the Board's behalf by Keith Fulton.
Base de preparación
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and applied in accordance with the Companies Act 2006. The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 30 June 2023.
The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated.
The functional and presentational currency of each of the entities in the Group is pounds sterling, and all values are rounded to the nearest thousand pounds (£000) except where otherwise indicated.
Riesgos políticos y económicos - valor en libros del activo intangible
El activo principal está en Bangladesh y, por lo tanto, está sujeto a los riesgos políticos, judiciales, fiscales, sociales y económicos asociados con la operación en ese país.
El principal proyecto del Grupo está relacionado con el carbón térmico y el carbón coquizable semiblando, cuyos mercados están sujetos a factores de oferta y demanda internacionales y regionales, por lo que su comportamiento futuro estará sujeto a las variaciones en los precios de estos productos.
GCM, through its subsidiaries, is party to a Contract with the Government of Bangladesh which gives it the right to explore, develop and mine in respect of the licence areas. The Group holds a mining lease and exploration licences in the Phulbari area covering the prospective mine site. El arrendamiento minero tiene un plazo de 30 años a partir de 2004 y puede ser renovado por períodos adicionales de 10 años cada uno, a opción de GCM.
De conformidad con los términos del contrato, GCM presentó un informe combinado de estudio de viabilidad y plan de desarrollo el 2 de octubre de 2005 al Gobierno de Bangladesh. Es necesaria la aprobación del Plan de Desarrollo por parte del Gobierno de Bangladesh para continuar con el desarrollo de la mina. GCM continúa esperando aprobación.
El Grupo no ha recibido ninguna notificación del Gobierno de Bangladesh (el "Gobierno") de ningún cambio en los términos del Contrato. GCM has received legal opinion that the Contract is enforceable under Bangladesh and International law, and will consequently continue to endeavour to receive approval for development.
En consecuencia, los Directores creen que el Proyecto de Energía y Carbón Phulbari (el "Proyecto") finalmente recibirá la aprobación, aunque el momento de la aprobación sigue en manos del Gobierno. Para mejorar las perspectivas del Proyecto, GCM se ha involucrado en una estrategia para alinear el Proyecto con las necesidades y objetivos del Gobierno. Esto incluye la opción de suministrar carbón a las centrales eléctricas puestas en marcha y en proyecto por el Gobierno, que suman un total de 11,755 MW. El Gobierno busca hacer crecer su economía y suministrar electricidad a precios que garanticen la competitividad de sus industrias. La estrategia del Grupo de desarrollar el depósito de carbón Phulbari como una operación minera cautiva a gran escala a cielo abierto que respalda unos 6,600 MW de generación de energía ultrasupercrítica altamente eficiente permitirá obtener electricidad a carbón más barata que las opciones de carbón importado. Esta estrategia en evolución se ha mejorado para incluir la instalación de un parque de energía solar a gran escala (hasta 2,500 MW) dentro del área del Proyecto, que se instalará dentro de los primeros dos años de obtener acceso al terreno; operar la mina de carbón Phulbari como "carbono neto cero" o "mina verde"; y modalidades de participación del Gobierno.
Until approval of the Scheme of Development from the Government of Bangladesh is received there is continued uncertainty over the recoverability of the intangible mining assets. The Directors consider that it is appropriate to continue to record the intangible mining assets at cost, however if for whatever reason the Scheme of Development is not ultimately approved the Group would impair all of its intangible mining assets, totalling £43,367,000 as at 30 June 2023.
Preocupación continua
As at 30 June 2023, the Group had £543,000 in cash and £805,000 of net current liabilities. The directors and management have prepared a cash flow forecast to March 2025, which shows that the Group will require further funds to cover operating costs to advance the Phulbari Coal and Power Project and meet its liabilities as and when they fall due. Based on current forecasts, additional funding will need to be either raised from third parties or the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") increased and extended by the end of March 2024, in order to meet current operating cost projections. The Directors also note that, under the amended terms of the existing Polo Loan Facility, the lender agreed not to serve a repayment request in cash for 5 years from the date of amended terms, 26 March 2021, or alternatively convert to shares at 5.14 pence per share at the lender's option (as amended on 1 March 2022). The Company does not currently have secured funding arrangements in place to cover this loan or further potential expenditure which may be needed to advance the Project and, accordingly, should Polo request repayment of the Polo Loan Facility (under certain terms of the Loan Facility), GCM will need to raise funds in a short amount of time, which may not be available on terms acceptable to the Board or on a workable timeframe.
The Company currently has utilised £3,200,000 of the Polo Loan Facility at the date of this report (at the date of this report, the Company is awaiting receipt of the final drawdown of £300,000 from Polo), and based on projected future cash expenditure, at the date of this report this facility would be required to be increased, or additional funds raised through equity placing or other debt facilities in order to be sufficient to support the Company's operations for the twelve months from the date of this report. As announced by the Company on 26 January 2024, the Company has completed a Gross equity fund raise of £500,000 by way of subscription for Ordinary Shares with Clear Capital Markets, at a price of 1.65p per share. At the date of this report the Company is not yet in receipt of these funds, however they are expected to be received on 2 February 2024. At the current run rates, the Company's existing cash resources, is expected to provide sufficient capital for the next five months. The Company intends to explore alternative funding options over the second quarter of 2024, with the aim to complete and secure the necessary third-party funding by the end of June 2024.
Al llegar a la conclusión de que es apropiado preparar los estados financieros sobre la base de un negocio en marcha, los directores han hecho las siguientes suposiciones que son relevantes para los próximos doce meses:
- Sufficient additional funding can be obtained for working capital purposes; and
- En el caso de que los gastos operativos aumenten significativamente como resultado del progreso exitoso con respecto al Proyecto de Carbón y Energía de Phulbari, se puede obtener financiación suficiente.
While the Directors remain confident that necessary funds will be available as and when required, as at the date of this report these funding arrangements are not secured, the above conditions and events represent material uncertainties that may cast significant doubt over the Group's and Company's ability to continue as a going concern. The financial statements have been prepared on a going concern basis. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.
Una vez que se logre la aprobación del Proyecto de Carbón y Energía de Phulbari, se requerirán importantes recursos financieros adicionales para continuar con el desarrollo.
Uso de juicios, estimaciones y supuestos
La preparación de los estados financieros consolidados requiere que la administración realice juicios, estimaciones y suposiciones que afectan la aplicación de políticas y los montos informados de activos y pasivos, ingresos y gastos.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.
Intangibles - Note 9
In assessing the recoverability of intangible assets, if an impairment trigger under IFRS 6 is identified then intangibles are tested for impairment. Management has identified impairment triggers to be the market capitalisation of the Company compared to the recognised amount on the balance sheet and the delay in obtaining approval of the Scheme of Development. To assess for recoverability, estimates are used to determine the expected net return on investment. The estimated return on investment takes into account estimated recoverable reserves, coal prices, development and production costs, capital investment requirements, discount rates and environmental and social costs among other things. Management has considered the estimated return on investment to be significantly higher than the current carrying value and therefore no impairment has been accounted for. The headroom in the value in use calculation compared to the carrying value is not sensitive to probable changes in the key underlying assumptions. Refer to "Political and economic risks - carrying value of intangible asset" section within Note 1 for further details in respect of the recoverability of intangible mining assets and the Board's judgement regarding the ultimate approval of the project being secured.
Costos de desarrollo de centrales eléctricas
Power project expenditure is expensed as pre-development expenditure until it is probable that future economic benefits associated with the Project will flow to the Group and the costs can be measured reliably. To assess whether it is probable that future economic benefits will arise from the power plant development costs, management judgement was required and considered: objective evidence that the power plant is technically and economically feasible, and objective evidence that the appropriate authorities of the Government of Bangladesh have, or are likely to approve power plant development. All power project expenditure were accordingly expensed in the year.
Base de consolidación
Where the Company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries (the "Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases.
Propiedad, planta y equipo.
Los elementos de propiedad, planta y equipo se valúan al costo menos la depreciación acumulada y las pérdidas por deterioro. Dicho costo incluye los costos directamente atribuibles a hacer que el activo sea capaz de operar según lo previsto.
La depreciación se carga al estado de resultados sobre una base lineal durante la vida útil estimada de cada parte de un elemento de propiedad, planta y equipo. Las vidas útiles estimadas en el período actual y comparativo son las siguientes:
· buildings 7 - 40 years
· planta y equipo 3 - 15 años
· vehículos 5 - 7 años
El valor residual, la vida útil y el método de depreciación aplicado a un activo se reevalúan al menos anualmente.
Costos de desarrollo de proyectos de energía
Power project expenditure is expensed as pre-development expenditure until it is probable that future economic benefits associated with the project will flow to the Group and the costs can be measured reliably. When it is probable that future economic benefits will flow to the Group, all costs associated with developing a power plant project are capitalised as power project expenditure within property, plant and equipment category of tangible non-current assets. The capitalised expenditure will include appropriate technical and administrative expenses but not general overheads. Power project assets are not depreciated until the asset is ready and available for use.
Activos intangibles
Los activos intangibles adquiridos, se miden inicialmente al costo y se amortizan linealmente durante sus vidas útiles estimadas.
Exploration and evaluation costs are capitalised as exploration and evaluation assets on an area of interest basis in accordance with IFRS 6. Costs such as geological and geophysical surveys, drilling and commercial appraisal costs, and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as intangible exploration and evaluation assets.
Los activos de exploración y evaluación solo se reconocen si los derechos del área de interés están vigentes y:
(i) the expenditures are expected to be recouped through successful development and mining of the area of interest, or by its sale; or
(ii) activities in the area of interest have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in, or in relation to, the area of interest are continuing or planned for the future.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability, and facts and circumstances suggest that the Group should test for impairment. In the event that there is an indicator of impairment, the Group performs an impairment test in accordance with its policy on impairment as stated below. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified from intangible assets to mining property and development assets within property, plant and equipment.
Discapacidad
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
Instrumentos financieros
Los instrumentos financieros se reconocen cuando el Grupo se convierte en parte de las disposiciones contractuales del instrumento y posteriormente se miden al costo amortizado.
Clasificación y medición de activos financieros
The initial classification of a financial asset depends upon the Group's business model for managing its financial assets and the contractual terms of the cash flows. The Group's financial assets are measured at amortised costs and are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that represent solely payments of principal and interest.
El efectivo y equivalentes de efectivo del Grupo y otras cuentas por cobrar se miden a costo amortizado. Otras cuentas por cobrar se miden inicialmente a su valor razonable. El Grupo mantiene otras cuentas por cobrar con el objetivo de cobrar los flujos de efectivo contractuales y, por lo tanto, las mide posteriormente a costo amortizado.
Efectivo y equivalentes de efectivo
El efectivo incluye efectivo en caja y depósitos a la vista en cualquier banco u otra institución financiera. Los equivalentes de efectivo son inversiones a corto plazo altamente líquidas que son fácilmente convertibles en cantidades conocidas de efectivo que están sujetas a un riesgo insignificante de cambios en el valor.
Deterioro de activos financieros
The Group recognises loss allowances for expected credit losses ("ECL's") on its financial assets measured at amortised cost. Due to the nature of its financial assets, the Group measures loss allowances at an amount equal to the lifetime ECLs. Lifetime ECLs are the anticipated ECLs that result from all possible default events over the expected life of a financial asset. ECLs are a probability-weighted estimate of credit losses.
Clasificación y medición de pasivos financieros
Un pasivo financiero se clasifica inicialmente como medido al costo amortizado o FVTPL. Un pasivo financiero se clasifica como medido a FVTPL si se mantiene para negociar, un derivado o se designa como FVTPL en el reconocimiento inicial.
Las cuentas por pagar, los pasivos acumulados y la deuda a corto plazo del Grupo se miden al costo amortizado.
Accounts payable and accrued liabilities are initially measured at fair value and subsequently measured at amortised cost. Accounts payable and accrued liabilities are presented as current liabilities unless payment is not due within 12 months after the reporting period.
Short-term debt is initially measured at fair value, net of transaction costs incurred. Subsequently they are measured at amortised cost using the effective interest rate method. Short-term debt is classified as current when payment is due within 12 months after the reporting period.
El Grupo no tiene pasivos financieros medidos a FVTPL.
Where there is a modification to a financial liability, the financial original liability is de-recognised and a new financial liability is recognised at fair value in accordance with the Group's policy.
Otros préstamos y empréstitos
Todos los préstamos y empréstitos que son instrumentos financieros se reconocen inicialmente al valor presente del efectivo pagadero al prestamista (incluidos los intereses). Después del reconocimiento inicial, se miden al costo amortizado utilizando el método de la tasa de interés efectiva. La amortización del tipo de interés efectivo se incluye en los costes financieros de la cuenta de resultados.
Impuesto sobre la renta
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised outside profit and loss, in which case it is recognised in other comprehensive income or directly in equity as appropriate.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
El impuesto sobre la renta diferido se reconoce sobre todas las diferencias temporarias que surjan entre las bases fiscales de los activos y pasivos y sus valores en libros en los estados financieros, con las siguientes excepciones:
· cuando la diferencia temporaria surge del reconocimiento inicial de la plusvalía o de un activo o pasivo en una transacción que no es una combinación de negocios que al momento de la transacción no afecta la utilidad o pérdida contable o fiscal;
· con respecto a las diferencias temporarias imponibles asociadas con inversiones en subsidiarias, asociadas y negocios conjuntos, cuando el momento de la reversión de las diferencias temporarias puede controlarse y es probable que las diferencias temporarias no se reviertan en el futuro previsible; y
· Los activos por impuestos diferidos se reconocen sólo en la medida en que sea probable que se disponga de ganancias fiscales contra las cuales se puedan utilizar las diferencias temporarias deducibles, los créditos fiscales diferidos o las pérdidas fiscales.
Los activos y pasivos por impuestos sobre la renta diferidos se miden sin descuento a las tasas impositivas que se espera que se apliquen cuando se realiza el activo relacionado o se liquida el pasivo, con base en las tasas impositivas y las leyes promulgadas o sustancialmente promulgadas a la fecha del balance general.
Transacciones en moneda extranjera
Transactions in currencies other than pounds sterling are recorded at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Pagos basados en acciones
The cost of equity-settled transactions is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the recipients become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the Company (market conditions) or to conditions not related to performance or service (non-vesting conditions).
Where equity settled share based payments are made to non-employees the cost of equity-settled transactions is measured by reference to fair value of the goods or services received and measured at the date the entity obtains the goods or the counterparty renders the service.
Where the fair value of the goods or services received cannot be estimated reliably, the entity measures the goods or services received, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders service.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions, number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition or non-vesting condition, be treated as vesting as described above. Esto incluye cualquier adjudicación en la que no se cumplan las condiciones de no adjudicación que están bajo el control del Grupo o del empleado. Where the equity-settled share based payment is directly attributable to exploration and evaluation activities, the movement in cumulative expense since the previous balance sheet date is capitalised, with a corresponding entry in equity. Otherwise, the movement in cumulative expense is recognised in the income statement, with a corresponding entry in equity.
Cuando se modifican los términos de una adjudicación liquidada mediante acciones o se designa una nueva adjudicación para reemplazar una adjudicación cancelada o liquidada, el costo basado en los términos de la adjudicación original continúa reconociéndose durante el período original de adquisición de derechos. Además, se reconoce un gasto durante el resto del nuevo período de adjudicación por el valor razonable incremental de cualquier modificación, con base en la diferencia entre el valor razonable de la concesión original y el valor razonable de la concesión modificada, ambos medidos sobre la fecha de la modificación. No se reconoce reducción si esta diferencia es negativa.
Cuando se cancela una adjudicación liquidada mediante instrumentos de patrimonio, se trata como si se hubiera adquirido en la fecha de cancelación, y cualquier costo aún no reconocido en el estado de resultados de la adjudicación se carga a gastos inmediatamente. Cualquier compensación pagada hasta el valor razonable de la adjudicación en la fecha de cancelación o liquidación se deduce del patrimonio neto, y cualquier exceso sobre el valor razonable se trata como un gasto en el estado de resultados.
Nuevas normas e interpretaciones aplicadas
El Grupo ha adoptado todas las normas e interpretaciones modificadas durante el año que son relevantes para sus operaciones, ninguna de las cuales tuvo un impacto significativo en los estados financieros.
Nuevas normas e interpretaciones no aplicadas
IASB and IFRIC have issued a number of new standards and interpretations with an effective date after the date of these financial statements. These will be adopted in the period that they become mandatory, unless otherwise indicated. Information on the new standards which could impact the Group is presented below
| Fecha efectiva | Fecha de adopción |
Normas Internacionales de Contabilidad (NIC/NIIF) |
|
|
Amendments to IAS 8 Definition of Accounting Estimates | 1 de enero de 2023 | 1 de enero de 2023 |
Modificaciones a la NIC 1 Información a revelar sobre políticas contables | 1 de enero de 2023 | 1 de enero de 2023 |
Amendments to IAS 12Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction | 1 de enero de 2023 | 1 de enero de 2023 |
Amendments to IFRS 17 -Insurance Contracts | 1 de enero de 2023 | 1 de enero de 2023 |
Con base en las operaciones actuales y previsibles, la adopción de las normas e interpretaciones anteriores no tendrá un impacto significativo en los estados financieros del Grupo en el período de aplicación inicial.
2. Análisis de segmentos
El Grupo opera en un segmento que es la exploración y evaluación de proyectos relacionados con la energía. El único proyecto significativo dentro de este segmento es el Proyecto de Energía y Carbón de Phulbari (el Proyecto) en Bangladesh.
3. Pérdida operativa
2023 £000 | 2022 £000 | |
La pérdida operativa se indica después de la carga: | ||
Remuneración del Director | 589 | 611 |
Otros gastos de personal (1) | 9 | 10 |
Alquileres de arrendamiento operativo (2) | 16 | 12 |
Depreciación de propiedades, planta y equipo (3) | - | - |
(1) Other staff costs for 2023 financial year were £221,000 of which £9,000 was expensed in administrative expenses, £nil expensed in exploration and evaluation costs and £212,000 capitalised (2022 £10,000 expensed in administrative expenses, £nil expensed in exploration and evaluation costs and £176,000 capitalised).
(2) Los costes de alquiler del arrendamiento operativo para el ejercicio 2023 fueron de 25,000 9,000 £, de las cuales 8,000 2022 £ se contabilizaron como gastos y 20,000 12,000 £ capitalizadas (8,000: XNUMX XNUMX £ de las cuales XNUMX XNUMX £ se contabilizaron como gastos y XNUMX XNUMX £ capitalizadas).
(3) La depreciación total para 2023 fue de £ 3,000 que se capitalizó en intangibles (2022: £ 5,000 capitalizados).
During the year Phulbari-related exploration and evaluation costs amounting to £68,000, primarily related to Foreign Exchange gains were credited in accordance with the Group's accounting policy on exploration and evaluation costs (2022: expensed £35,000).
4. Remuneración del auditor
El Grupo pagó las siguientes cantidades a sus auditores con respecto a la auditoría de los estados financieros y por otros servicios prestados al Grupo.
| 2023 £000 | 2022 £000 | |
Auditoría de los estados financieros del grupo y de la empresa | 41 | 34 | |
Auditoría de subsidiarias | - | - | |
Auditoría total | 41 | 34 | |
Tarifas totales | 41 | 34 | |
5. Cantidades pagadas por los servicios de los Consejeros y gastos de personal
| 2023 £000 | 2022 £000 | |
Importes pagados por los servicios de los Consejeros | |||
Importes pagados por los servicios de los Consejeros | 589 | 611 |
Los importes pagados por los servicios de los Consejeros durante el ejercicio se exponen con mayor detalle en el Informe de Consejeros. La remuneración agregada del director mejor pagado es de 303,600 libras esterlinas (2022: 303,600 libras esterlinas).
Gastos de personal
Sueldos y salarios(1) |
| 212 | 176 |
Costos de seguridad social | 9 | 10 | |
221 | 186 |
(1) Excluye las cantidades pagadas por los servicios de los Directores.
El promedio mensual de empleados durante el año fue: | 2023 Número | 2022 Número | |
| |||
Exploración y evaluación | 14 | 14 | |
Administración | 3 | 3 | |
17 | 17 |
6. Impuestos
Conciliación del cargo por impuesto en la cuenta de resultados
2023 £000 | 2022 £000 | |
Pérdida de actividades ordinarias antes de impuestos | (1,320) | (1,679) |
UK corporation tax @ 25/19% (2022:19%) | (251) | (319) |
Activos por impuestos diferidos no reconocidos durante el ejercicio | 252 | 301 |
Gastos no deducibles | (1) | 18 |
Impuesto total (crédito)/gasto informado en el estado de resultados | - | - |
Activos por impuestos diferidos no reconocidos
2023 £000 | 2022 £000 | |
Activos por impuestos diferidos | ||
Pérdidas fiscales arrastradas | 4,663 | 4,411 |
Discapacidad | 891 | 891 |
Otro | 1 | 1 |
| ||
| 5,555 | 5,303 |
| ||
Menos: activos por impuestos diferidos dados de baja | (5,555) | (5,303) |
| ||
| - | - |
At 30 June 2023 tax losses for which a deferred tax asset was not recognised was estimated to be £24,536,000 (2022: £23,216,000). Deferred tax assets are only recognised at UK Corporation Tax Rate of 25/19% (2022: 19%) should it become more likely than not that taxable profit or timing differences, against which they may be deducted, will arise.
7. Pérdida por acción
| 2023 | 2022 | ||
| £000 | £000 | ||
(Pérdida) del año | (1,320) | (1,679) | ||
| ||||
|
| Miles | Miles | |
Número medio ponderado de acciones | ||||
Promedio ponderado básico y diluido del número de acciones | 184,480 | 121,733 | ||
(Pérdida) por acción | ||||
Básico (peniques por acción) | (0.7p) | (1.1p) | ||
Diluido (peniques por acción) | (0.7p) | (1.1p) |
Hay 9,300,000 opciones potencialmente dilusivas y 702,333 warrants junto con 2,391,818 acciones potencialmente dilusivas que se emitirán a 30 de junio de 2022 que no se incluyen en el cálculo de las ganancias por acción diluidas porque eran anti?diluyente para el período ya que su conversión a Acciones Ordinarias disminuiría la pérdida por acción.
8. Otras cuentas por cobrar
| 2023 £000 | 2022 £000 | |
Current | |||
Prepagos | 20 | 29 | |
Otros ingresos | 5 | 7 | |
Capital social no pagado (1) | - | 400 | |
25 | 436 |
(1) The Company received full receipt of the outstanding funds for the share subscription on 5 July 2022.
9. Activos intangibles
Gastos de exploración y evaluación | Derechos minerales | Total
| |
£000 | £000 | £000 | |
| |||
Al 1 de julio de 2021 | 41,032 | 1,147 | 42,179 |
Adiciones - exploración y evaluación | 563 | - | 563 |
Al 30 de junio de 2022 | 41,595 | 1,147 | 42,742 |
Adiciones - exploración y evaluación | 625 | - | 625 |
Coste y valor neto contable a 30 de junio de 2023 | 42,220 | 1,147 | 43,367 |
Coste y valor neto contable a 30 de junio de 2022 | 41,595 | 1,147 | 42,742 |
Los derechos mineros se amortizarán durante el período de la licencia (incluidas las extensiones) una vez que comience la producción comercial en el Proyecto de Energía y Carbón Phulbari.
The exploration and evaluation expenditure will have an indefinite useful life until approval is obtained for the Phulbari Coal and Power Project. At that time, the asset will be transferred to mining property and development assets within property, plant and equipment in accordance with accounting policy.
10. Inversiones
Empresas principales
Las inversiones en las que el Grupo posee el 20% o más del valor nominal de cualquier clase de capital social son las siguientes:
País de | Interés del propietario | ||
Incorporación | 2023 | 2022 | |
Subsidiarias |
|
|
|
Carbón sudafricano limitado | Inglaterra y Gales | 100% | 100% |
Asia Energy Corporation Pty Limited | Australia | 100% | 100% |
Asia Energy Corporation (Bangladesh) Pty Limited | Australia | 100% | 100% |
Asia Energy (Bangladesh) Pvt Ltd | Bangladesh | 100% | 100% |
| |||
Valor razonable con cambios en otro resultado integral | |||
Peoples Telecommunication and Information Services Ltd (PeoplesTel) | Bangladesh | 37% | 37% |
La inversión en PeoplesTel ha sido contabilizada como activo financiero a valor razonable con cambios en otros resultados integrales debido a que GCM no tiene influencia significativa. La inversión se deterioró por completo durante el año terminado el 30 de junio de 2010.
11. Cuentas por pagar
| 2023 £000 | 2022 £000 | |
| |||
Comercio a pagar | 559 | 575 | |
Devengado por pagar de parte relacionada | 794 | 794 | |
1,353 | 1,369 |
Refiérase a la nota 20 para detalles de la parte relacionada acumulada por pagar.
12. Deuda financiera (Pasivo no corriente)
| 2023 £000 | 2022 £000 | |
Préstamo de parte relacionada | |||
Saldo al 1 de julio | 4,683 | 4,203 | |
Loan instalments drawn DE INSCRIPCIÓN | - | - | |
Cargos por intereses | 480 | 480 | |
Saldo al 30 de junio | 5,163 | 4,683 |
Consulte la nota 20 para obtener detalles sobre el préstamo de una parte relacionada.
El 1 de marzo de 2022, la Compañía, como parte de la colocación y las suscripciones completadas, modificó los términos de la línea de préstamo, de modo que el prestamista pueda solicitar la conversión mediante la emisión de nuevas acciones ordinarias de la Compañía a 5.14 peniques por acción (siendo la Emisión Precio) sujeto a las aprobaciones regulatorias necesarias. Todos los demás términos del acuerdo se mantuvieron sin cambios.
The Company on 26 March 2021, as part of the completed placing, extended and amended the terms of the loan facility provided by Polo Resources Limited (the "Facility") of which, as was announced on 7 January 2021, there was at 30 June 2023, £300,000 of the initial £3.5 million facility remaining undrawn. The lender has agreed that it will not serve a repayment request on the company for 5 years from the date of the agreement replacing the previous provision that it was payable on demand with 90 days' notice. The Company and Polo Resources Limited have agreed an increase in the interest rate from 12% to 15% per annum rising by 1.5% on the third anniversary and by a subsequent 1.5% on each anniversary thereafter. Furthermore, the lender may request conversion by the issuance of new ordinary shares in the Company at 7.5 pence per share (being the Issue Price) subject to any necessary regulatory approvals. The Company may elect to repay all or part of the outstanding loan at any time giving 60 days' notice and with the agreement of Polo Resources Limited. Any share issue to the Lender is conditional upon the Lender's interest, together with the interest of any parties with which it is in concert, remaining below 30% of the Company's issued capital. All other principal terms of the loan facility remain unchanged. Refer to the Group accounting policies for details of Management judgement used in accounting for the loan amendment.
13. Leases and Commitments
Activos por derecho de uso
El estado de situación financiera muestra los siguientes importes relacionados con los arrendamientos:
|
| 2023 £000 | 2022 £000 |
| |||
Edificios | 42 | 19 | |
Vehículos | - | - | |
42 | 19 |
Pasivos por arrendamiento
|
| 2023 £000 | 2022 £000 |
Clasificado como; | |||
Current | 20 | 27 | |
No corriente | 22 | 1 | |
42 | 28 |
El gasto por intereses incurrido en los pasivos por arrendamiento fue de £5,000 (2022: £3,000) y se capitalizó de acuerdo con la política del Grupo sobre activos de exploración y evaluación. Las salidas de efectivo con respecto a los activos por derecho de uso fueron de 41,000 2022 libras esterlinas (47,000: XNUMX XNUMX libras esterlinas).
Otros compromisos
In addition, under the terms of the Prospecting License agreement with the Bangladesh authorities for contract licence areas B, G and H respectively, an annual fee of 500 Taka (£3.70 at year-end exchange rate) is payable for each hectare within the licence area. The Group currently leases 5,480 hectares within these licence areas. La licencia tiene un plazo de 30 años a partir de 2004 y puede renovarse por períodos adicionales de 10 años cada uno, a opción de GCM.
14. Capital social emitido
| Acciones ordinarias Miles | Acciones A diferidas Miles | Capital social total £000 | |
Asignado, llamado y pagado íntegramente: | ||||
Al 1 de julio de 2021 | 137,593 | 118,582 | 12,048 | |
Acciones emitidas | 44,712 | - | 447 | |
Al 30 de junio de 2022 | 182,305 | 118,582 | 12,495 | |
Acciones emitidas | 25,217 | - | 253 | |
Al 30 de junio de 2023 | 207,522 | 118,582 | 12,748 |
Compartir problemas
El 1 de marzo de 2022, se emitieron 25,291,828 16,171,777 5.14 acciones de colocación y 2,130,000 XNUMX XNUMX acciones de suscripción tras la finalización de una recaudación de fondos exitosa a XNUMX peniques por acción, recaudando ingresos brutos en efectivo de £XNUMX XNUMX XNUMX.
El 7 de abril de 2022, se emitieron 3,248,740 acciones a consultores y un director de acuerdo con los términos de sus acuerdos, a precios de 4.25 peniques a 18 peniques, por una contraprestación total no en efectivo de 402,000 libras esterlinas.
14. Issued share capital (continued)
El 5 de abril de 2023, se emitieron 5,216,810 acciones a consultores y un director de acuerdo con los términos de sus acuerdos, a precios de 3.15 peniques a 14 peniques, por una contraprestación total no en efectivo de 265,000 libras esterlinas.
On 14 June 2023, 20,000,000 placing shares were issued on the completion of a successful fund raise at 2.5p per share, raising gross cash proceeds of £500,000.
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
The Deferred Shares have no voting rights and do not carry any entitlement to attend general meetings of the Company; nor will they be admitted to AIM or any other market. They carry only a priority right to participate in any return of capital to the extent of £1 in aggregate over the class. In addition, they carry only a priority right to participate in any dividend or other distribution to the extent of £1 in aggregate over the class. In each case a payment to any one holder of Deferred Shares shall satisfy the payment required. The Company will be authorised at any time to effect a transfer of the Deferred Shares without reference to the holders thereof and for no consideration pursuant to and in accordance with the Act. Accordingly, the Deferred Shares will, for all practical purposes, be valueless and it is the Board's Intention, at an appropriate time, to have the Deferred Shares cancelled, whether through an application to the Companies Court or otherwise in accordance with the Act.
Reservas
Capital social
The balance held in share capital relates to the nominal net proceeds on issue of the Company's equity share capital, comprising £0.01 ordinary shares, and £0.09 deferred A shares.
Compartir cuenta premium
La cuenta prima de emisión representa la prima recibida sobre el valor nominal de las acciones ordinarias de emisión del capital social de la Sociedad. La cuenta de prima de emisión se ha reducido por los gastos asociados con la emisión de acciones, como los costos de cotización.
Otras reservas
Esta reserva registra el valor razonable de las acciones condicionales otorgadas pero no liquidadas, y los pagos por servicios de consultoría que también se liquidarán mediante emisiones de acciones.
|
|
| 2023 £000 | 2022 £000 |
Pagos basados en acciones no liquidados | 569 | 642 | ||
569 | 642 |
15. Notas de respaldo del estado de flujos de efectivo
El efectivo y equivalentes de efectivo para efectos del estado de flujos de efectivo comprende:
| 2023 £000 | 2022 £000 | |
| |||
Efectivo en el banco disponible a pedido | 543 | 961 | |
543 | 961 |
Las transacciones que no son en efectivo por actividades de financiamiento se muestran en la conciliación de pasivos por transacciones de financiamiento:
|
|
|
| Préstamos y empréstitos corrientes | Total |
|
| £000 | £000 | ||
Saldo al 1 de julio de 2021 | 4,203 | 4,203 | |||
Flujo de caja | - | - | |||
Flujos no monetarios: Intereses devengados | 480 | 480 | |||
Saldo al 30 de junio de 2022 | 4,683 | 4,683 | |||
| |||||
Saldo al 1 de julio de 2022 | 4,683 | 4,683 | |||
Flujo de caja | - | - | |||
Flujos no monetarios: Intereses devengados | 480 | 480 | |||
Saldo al 30 de junio de 2023 | 5,163 | 5,163 |
16. Transacciones significativas que no son en efectivo
Las transacciones no monetarias significativas durante el año fueron las siguientes:
· £180,000 of expenses were incurred by a consultant for their services. The consulting payment included £180,000 (4,363,636 shares at 4.125p per share) for a consultant retainer. These retainer fee shares which had not been issued to the consultants at year end have been included in other reserves for shares to be issued.
17. Pagos basados en acciones
El cargo/(crédito) por pagos basados en acciones durante el año se muestra en la siguiente tabla:
|
|
| 2023 £000 | 2022 £000 |
Cargado/(abono) a intangibles | ||||
Acciones condicionales | 2 | 17 | ||
2 | 17 |
Compartir warrants
During the year ended 30 June 2023, the Company granted nil warrants to subscribe for ordinary shares (2022: 30,000). No warrants were exercised or lapsed during the year (2022: nil). As at 30 June 2023, 702,333 warrants were in issue (2022: 702,333).
17. Pagos basados en acciones (continuación)
Opciones
La siguiente tabla ilustra el número y los precios de ejercicio promedio ponderados (WAEP) y los movimientos de las opciones sobre acciones durante el año.
2023 Opciones Miles | 2023 WAEP | 2022 Opciones Miles | 2022 WAEP | |
Al 1 de julio | 9,300 | £0.11 | 9,300 | £0.11 |
Ejercido durante el año | - | - | - | - |
Sobresaliente al 30 de junio | 9,300 | £0.11 | 9,300 | £0.11 |
Ejercitable al 30 de junio | 9,300 | £0.11 | 9,300 | £0.11 |
The options outstanding at 30 June 2023 have an exercise price of £0.11 (2022: £0.11) and a weighted average contractual life of 0.9 years (2022: 1.9 years), including those granted options whose term was extended during the year. No options were exercised during the year.
Esquema de acciones condicionales
GCM has a conditional share scheme for Directors, employees, associates, consultants and contractors. Ordinary shares will be issued for nil cash consideration, conditional upon the Group achieving milestones including approval by the Government of Bangladesh of the Scheme of Development for the Phulbari Coal and Power Project. The awards granted are classified as equity-settled, and therefore the fair value is determined by reference to the share price at the date of the grant, as required by IFRS 2.
Movement in non-vested conditional shares:
|
|
| 2023 Miles | 2022 Miles |
Al 1 de julio | 210 | 210 | ||
Las acciones condicionales caducaron | - | - | ||
Al 30 de junio | 210 | 210 |
El detalle de la concesión de las acciones condicionales en circulación a 30 de junio de 2023 es el siguiente:
|
| precio de la acción en fecha de concesión £ | Acciones condicionales Miles | |
Fecha de concesión | ||||
25 de agosto de 2005 | £6.32 | 40 | ||
9 de marzo de 2006 | £4.99 | 30 | ||
46 Julio 2009 | £0.84 | 140 | ||
210 |
El coste acumulado reconocido en el patrimonio neto en relación con las acciones condicionales a 30 de junio de 2023 es de 478,000 2022 libras esterlinas (476,000: XNUMX XNUMX libras esterlinas) después de tener en cuenta:
· Plazo previsto para alcanzar los hitos
· Probabilidad de completar con éxito los hitos
· Las acciones condicionales otorgadas a los empleados están sujetas a su empleo en el momento en que se alcanzan los hitos.
The increase in the cost of conditional shares of £2,000 for the year ended 30 June 2023 is directly attributable to the Phulbari Coal and Power Project, and accordingly capitalised to intangibles on this basis (2022: expensed £17,000).
18. Instrumentos financieros
El Grupo mantiene efectivo como recurso líquido para financiar las obligaciones del Grupo.
The Group's strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the Group's expenditure. This is achieved by regular monitoring of interest rates and periodic review of expenditure forecasts.
The Group has a policy of not hedging and therefore takes market rates in respect of foreign exchange risk; however it does review its currency exposures on a regular basis. The Group has no significant monetary assets or liabilities that are denominated in a foreign currency.
The financial liabilities of the Group include trade payables and a short-term loan from a related party. Trade payables are recognised at fair value on initial recognition and subsequently measured at amortised cost. The short-term loan was recognised based on the present value of cash payable to the lender. As the short-term loan is payable within 12 months, the present value of the cash payable was equal to the principal value of the loan.
Riesgo de tipo de interés
El perfil de vencimientos de tipos de interés de los activos financieros del Grupo es el siguiente:
|
|
| 2023 £000 | 2022 £000 |
Tasa flotante - dentro de 1 año | ||||
Efectivo y equivalentes de efectivo | - | - |
Otros instrumentos financieros que devengan intereses que están sujetos a cargos por intereses de tasa fija son los préstamos del Grupo como se revela en la Nota 12.
Other financial instruments of the Group which are non-interest bearing and are therefore not subject to interest rate risk, are, non-interest-bearing cash and cash equivalents as at 30 June 2023 was £543,000 (2022: £961,000).
Riesgo crediticio
The Group considers the credit ratings of banks in which it holds funds in order to manage exposure to credit risk and counterparty risk. Funds are held in banks with credit ratings ranging from AAA -AA. The maximum credit risk at 30 June 2023 was as follows:
|
|
| 2023 £000 | 2022 £000 |
| ||||
Efectivo y equivalentes de efectivo | 543 | 961 |
Riesgo de liquidez
The Group ensures that it has sufficient cash to meet all its commitments when required, through equity and short term loan funding, please refer to the accounting policies for further detail. The table below summarises the contractual maturity profile of the Group's financial liabilities as at 30 June 2023 and 2022.
| En un radio de 30 días £000 | 1 a 3 meses £000 | 3 a 12 meses £000 | 2 - 5 años
£000 | Total & Valor en libros £000 |
2023 | |||||
Cuentas por pagar | 1,272 | 2 | 79 | - | 1,353 |
Pasivos por arrendamiento | 1 | 4 | 15 | 22 | 42 |
Préstamos | - | - | - | 5,163 | 5,163 |
1,273 | 6 | 94 | 5,185 | 6,558 | |
2022 | |||||
Cuentas por pagar | 1,296 | 1 | 72 | - | 1,369 |
Pasivos por arrendamiento | 3 | 9 | 15 | 1 | 28 |
Préstamos | - | - | - | 4,683 | 4,683 |
1,299 | 10 | 87 | 4,684 | 6,080 |
Riesgo de cambio
El Grupo no tiene activos o pasivos monetarios significativos denominados en moneda extranjera.
Valores razonables de activos y pasivos financieros
| Clasificación de instrumentos financieros | Valor en libros | Valor razonable | ||
| 2023 £000 | 2022 £000 | 2023 £000 | 2022 £000 | |
Activos financieros |
|
|
|
|
|
Efectivo y equivalentes de efectivo | Costo amortizado | 543 | 961 | 543 | 961 |
Cuentas por cobrar | Costo amortizado | 25 | 436 | 25 | 436 |
Pasivos financieros | |||||
Acreedores | Costo amortizado | 1,353 | 1,369 | 1,353 | 1,369 |
Préstamos | Costo amortizado | 5,163 | 4,683 | 5,163 | 4,683 |
La gerencia ha evaluado que el valor razonable del efectivo, las cuentas por cobrar corrientes y las cuentas por pagar corrientes se aproximan a sus valores en libros debido a los vencimientos a corto plazo de estos instrumentos.
19. Pasivos contingentes
Realeza
El Grupo está obligado a pagar a Deepgreen Minerals Corporation Pty Limited US$1 por tonelada de carbón producido y vendido en la mina Phulbari. The Directors are of the opinion that a provision is not required in respect of these matters, as coal has not yet been produced at Phulbari.
Honorarios de éxito del consultor
The Group is obliged to pay a consultant, DG Infratech PTE. Limited, success fees conditional upon achieving key milestones relating to the advancement of the proposed Phulbari Coal and Power Project, in North-West Bangladesh. As at 30 June 2023 the outstanding milestones were as follows:
Cuota de exito - Esquema de desarrollo del proyecto de carbón
· una tarifa única equivalente al 5% del Capital Emitido, que se pagará dentro de los cinco días hábiles siguientes a la recepción por parte de GCM de la aprobación por escrito del Esquema de Desarrollo del Proyecto de Carbón.
Cuota de exito - Centrales eléctricas
· a one-time fee equal to 2% of Issued Capital, to be paid within five business days following GCM'S receipt of the written approval in respect of each group of Power Plants.
Cuota de exito - Comienzo del desarrollo
· una tarifa única equivalente al 4% del Capital Emitido, que se pagará dentro de los cinco días hábiles siguientes al inicio del desarrollo del Proyecto de Carbón por parte de GCM.
The Directors are of the opinion that a provision is not required in respect of these success fees, as the milestones had not been met as at 30 June 2023.
20. Transacciones con partes relacionadas
Personal de gestión clave
|
|
| 2023 £000 | 2022 £000 |
| ||||
Beneficios a corto plazo | 686 | 643 | ||
Pagos basados en acciones | 12 | 39 | ||
698 | 682 |
Préstamo de parte relacionada
GCM is beneficiary to a £3.5 million loan facility from its largest shareholder, with a current interest rate of 15% per annum. As at 30 June 2023 the Group had utilised £3.2 million of the loan facility (2022: £3,200,000) and an interest accrual of £1,963,000 (2022: £1,483,000). The terms of the loan were amended in March 2022 & March 2021, refer to note 12 of the Company Financial Statements. Note Polo Resources Ltd is a related party by way of Michael Tang being a Director of both Companies.
empresa de servicios de gestion
As disclosed in the Directors' Report, for the year ended 30 June 2023, the remuneration for the services of Datuk Michael Tang PJN, Executive Chairman of the Company, was £303,600, which comprised of directors fees amounting to £6,000 (2022: £6,000) and management services of £297,600 paid to a management services company (2022: £297,600).
For the period September 2018 to March 2021 Datuk Michael Tang PJN offered to defer the payments due to his management services company until further notice in order to assist the Company. The total debt as a result of the deferment of £769,000 has not been paid and is being accrued accordingly.
As at 30 June 2023 the amount owing to the management services company of Datuk Michael Tang PJN was £793,600 (2022: £793,600).
21. Hechos posteriores al final del periodo sobre el que se informa
Los siguientes hechos tuvieron lugar con posterioridad al 30 de junio de 2023, por lo que no se ha producido ningún ajuste a los estados financieros al 30 de junio de 2023:
- El 15 de septiembre de 2023, la Compañía anunció that for personal reasons Mohd Najib Bin Abdul Aziz had reluctantly tendered his resignation from his position as Independent Non-Executive Chairman. Najib's resignation took effect from 11 October 2023. As a result of Najib's resignation, the Company is pleased that Independent Non-Executive Director, Christian Taylor-Wilkinson, has agreed to act as interim Non-Executive Chairman until such time that new NEDs are appointed and the board makes its final decision on the Chairman role.
- On 28 November 2023, the Company announced that, further to its announcements of 23 November 2021, June 2021 and 12 December 2022, Power Construction Corporation of China, Ltd. ("PoderChina") it had agreed an extension for a period of a further 12 months from 6 December 2023 to 6 December 2024 on the same terms as the previous memorandum of understanding ("MoU") which is primarily focused on the Phulbari coal mine development. This will allow PowerChina and GCM to continue to work on determining the modality for PowerChina to become a Mine Development Partner, subject to the approval of PowerChina internal compliance and all other relevant regulatory agencies.
- On 28 November 2023, the Company announced in relation to the Loan Facility with Polo Resources Ltd ("Polo") as announced on 26 March 2021 and as amended and announced on 3 March 2022, it had requested to drawn down a further £300,000 in accordance with the terms announced thereon. The Company on receipt of this further drawdown will have then utilised the full £3.5million of the £3.5million facility. This current drawdown request along with existing cash balances will be sufficient to fund the Company through to the end of March 2024, to which the Company will require to raise additional funds prior to the end of March 2024, for Working Capital thereafter.
- On 20 December 2023, the Company announced in relation to the final drawdown request of 28 November 2023, it was still awaiting receipt of the £300,000 funds from Polo Resources Ltd.
21. Hechos posteriores al final del periodo sobre el que se informa
- El 24 de enero de 2024, la Compañía anunció que recibió una notificación de Polo Investments Limited ("Polos"), de conformidad con el artículo 168 de la Ley de Sociedades de 2006, solicitando que se presente una resolución para destituir a Christian Taylor-Wilkinson, como resolución ordinaria, en la próxima Asamblea General Anual de la Compañía o en una asamblea general de GCM que se convocará como tan pronto como sea posible. Polo posee actualmente 43,328,003 acciones que representan el 20.9% del total de derechos de voto de la Compañía.
- El 26 de enero de 2024, la Compañía anunció que había recaudado con éxito ingresos brutos de £0.5 millones mediante una suscripción directa (la "Suscripción") de nuevas Acciones Ordinarias (las "Acciones de Suscripción") a un precio de 1.65 peniques por acción. (el "Precio de Suscripción"). La Compañía deberá realizar una recaudación de fondos adicional antes de finales de mayo de 2024 para financiar su capital de trabajo para los próximos 12 meses. El Precio de Suscripción representa un descuento del 37.7 por ciento sobre el Precio de Cierre de 2.65 peniques por Acción Ordinaria el 23 de enero de 2024, siendo el último día hábil practicable antes de la publicación de este anuncio.
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