ANNUAL%20REPORT%202015%20eng

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Consolidated Cash Flow Statement For the year ended 31 December 2015 (Expressed in United States dollars) 2015 2014 Note USD’000 USD’000 Financing activities Proceeds from issue of shares — 195,453 Proceeds from borrowings 15,000 146,200 Repayment of borrowings (96,818) (163,818) Interest paid (69,891) (68,471) Contributions from non-controlling interest — 160 Net cash (used in)/generated from financing activities (151,709) 109,524 Net (decrease)/increase in cash and cash equivalents (202,129) 176,479 Cash and cash equivalents at beginning of the year 202,856 26,535 Effect of foreign exchange rate changes (25) (158) Cash and cash equivalents at end of the year 22 702 202,856 The notes on pages 116 to 196 form part of these financial statements. Annual Report 2015 115
Notes to Consolidated Financial Statements 1 CORPORATE INFORMATION Mongolian Mining Corporation (“the Company”) was incorporated in the Cayman Islands on 18 May 2010 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The Company and its subsidiaries (together referred to as “the Group”) are principally engaged in the mining, processing, transportation and sale of coal. Pursuant to a group reorganisation completed on 17 September 2010 (the “Reorganisation”) to rationalise the group structure for the public listing of the Company’s shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), the Company’s shares were listed on the Stock Exchange on 13 October 2010. Details of the Reorganisation are set out in the prospectus of the Company dated 28 September 2010. 2 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable International Financial Reporting Standards (“IFRSs”), promulgated by the International Accounting Standards Board (“IASB”). IFRSs include all applicable individual International Financial Reporting Standards, International Accounting Standards (“IASs”) and related interpretations. These financial statements also comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. A summary of the significant accounting policies adopted by the Group is set out below. The IASB has issued certain new and revised IFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. (b) Basis of preparation of the financial statements As at 31 December 2015, the Group had net current liabilities of approximately USD220,761,000 and made a loss of USD187,713,000 for the year then ended. The Group is in the process of requesting waivers, consents and extensions of its borrowings as part of its potential restructuring of the Notes (see below for definition and more details). These conditions indicate the existing of material uncertainties which may cast significant doubt about the Group’s ability to continue as a going concern. In view of such circumstances, the Directors have given careful consideration to the future liquidity and performance of the Group and its available resources of financing in evaluating whether the going concern basis in preparing the consolidated financial statements is appropriate. The Directors have reviewed trading and cash flow forecasts which take into consideration the uncertainties in the current operating environment. The Directors have concluded that there are material uncertainties surrounding going concern as below: 116 Annual Report 2015
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(Incorporated in the Cayman Islands
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Company Profile Mongolian Mining Co
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Corporate Information BOARD OF DIRE
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Directors and Senior Management BOA
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Directors and Senior Management Gan
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Directors and Senior Management Une
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Directors and Senior Management SEN
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Group Structure 14 Annual Report 20
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Chairman’s Statement I believe th
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Management Discussion and Analysis
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Sustainability Report OUR APPROACH
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Sustainability Report Fair operatin
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Sustainability Report Figure 3. HR
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Sustainability Report The Company
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Sustainability Report In September
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Sustainability Report Figure 5. LTI
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Financial Summary SUMMARY DATA OF C
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Glossary and Technical Terms “FOT
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Glossary and Technical Terms “Ore
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Appendix I Technical details of the
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Appendix I Criteria Commentary •
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Appendix I Criteria Commentary Infr
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