BISICHI MINING PLC ANNUAL REPORT 2017

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Financial statements Notes to the financial statements 12. INVESTMENTS HELD AS NON-CURRENT ASSETS 2017 Net investment in joint ventures assets £’000 2017 Other £’000 2016 Net investment in joint ventures assets £’000 At 1 January 1,321 36 1,198 29 Share of gain in investment - 19 - 6 Exchange adjustment (8) - 130 1 Share of (loss)/gain in joint ventures 8 - (7) - Write-off of investment (447) - - - Net assets at 31 December 874 55 1,321 36 2016 Other £’000 Loan to joint venture (Ezimbokodweni): At 1 January 1,350 - 900 - Exchange adjustments (16) - 336 - Additions - interest 46 - 114 - Write-off of loan (1,380) - - - At 31 December - - 1,350 - At 31 December 874 55 2,671 36 Provision for diminution in value: At 1 January - (4) - (15) Exchange adjustment - - - (1) Write back/(down) of investment - - - 12 At 31 December - (4) - (4) Net book value at 31 December 874 51 2,671 32 Net book value of unquoted investments - - Net book and market value of investments listed on overseas stock exchanges 51 32 51 32 2017 £’000 2016 £’000 74 Bisichi Mining PLC
Financial statements Notes to the financial statements 13. JOINT VENTURES Dragon Retail Properties Limited The company owns 50% of the issued share capital of Dragon Retail Properties Limited, an unlisted property investment company. At year end, the carrying value of the investment held by the group was £874,000 (2016: £866,000). The remaining 50% is held by London & Associated Properties PLC. Dragon Retail Properties Limited is incorporated in England and Wales and its registered address is 24 Bruton Place, London, W1J 6NE. It has issued share capital of 500,000 (2016: 500,000) ordinary shares of £1 each. No dividends were received during the period. Ezimbokodweni Mining (Pty) Ltd The company owned 49% of the issued share capital of Ezimbokodweni Mining (Pty) Limited (“Ezimbokodweni”), an unlisted coal exploration and development company incorporated in South Africa. During the year the group wrote off its net investment in Ezimbokodweni at a carrying value of £1,827,000. The write-off included a loan at an amount of a £1,380,000 as well as an equity investment of £447,000. At year end, the carrying value of the net investment, as disclosed in joint venture assets in note 12, is a loan to Ezimbokodweni of £nil (2016: £1,350,000) and an equity investment of £nil (2016: £455,000). Refer to page 62 for details regarding the write-off of the asset. Dragon 50% £’000 Ezimbokodweni 49% £’000 Turnover 83 - 83 86 Profit and loss Profit/(loss) before depreciation, interest and taxation 26 - 26 12 Depreciation and amortisation (6) - (6) (13) Loss before interest and taxation 20 - 20 (1) Interest Income 68 - 68 69 Interest expense (83) - (83) (85) Loss before taxation 5 - 5 (17) Taxation 3 - 3 10 Loss after taxation 8 - 8 (7) Balance sheet Non-current assets 1,317 - 1,317 2,672 Cash and cash equivalents 46 - 46 61 Other current assets 1,218 - 1,218 1,165 Current borrowings - - - - Other current liabilities (1,062) - (1,062) (2,388) Net current assets 202 - 202 (1,162) Non-current borrowings (609) - (609) (603) Other non-current liabilities (36) - (36) (41) Share of net assets at 31 December 874 - 874 866 Reconciliation of net assets to carrying value of joint venture assets: Share of net assets at 31 December 874 - 874 866 Pre-acquisition costs capitalised - - - 455 Carrying value of joint venture assets at 31 December 874 - 874 1,321 2017 £’000 2016 £’000 Bisichi Mining PLC 75
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