Earnings Release • Feb 27, 2014
Earnings Release
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Fourth Quarter and Year End 2013 Report - Nickel Mountain Group (publ) AB
50 cash component was very quickly transferred abroad as part of the purchase consideration. The assets held by Ghana Gold were found to be of dubious value and in addition the transaction had a related party character.
Mr. Fredric Bratt, the group's previously responsible nickel project manager left the company in the middle of January 2014 for taking on new challenges. Mr. Rolf Ritzén, a senior former Swedish mining executive, has stepped in as Chief operating officer on a consultancy basis in the nickel business area. Chief geologist Johan Sjöberg has also taken on certain strategic work on group level to support the new CEO.
Three exploration permits in the Rönnbäcken area approaching expiration during the latter part of 2013 were as expected extended by the Swedish Mining Inspectorate following NMG's applications earlier in 2013.
| SEK thousand | ||||
|---|---|---|---|---|
| Q4 2013 | 2013 | Q4 2012 | 2012 | |
| Sales | - | - | - | - |
| Other income | -113 | 8 | - | - |
| Total revenues | -113 | 8 | - | - |
| EBITDA | -8 099 | -21 991 | -5 879 | -24 645 |
| Impairment losses and depreciation | -21 169 | -131 134 | -124 351 | -126 229 |
| Net result attributable to shareholders of parent company |
-20 010 | -109 987 | -101 593 | -121 450 |
| Net Investments in period (MSEK) | 1.3 | 3.1 | 6.6 | 16.3 |
| Cash at end of period | 15 288 | 15 288 | 69 193 | 69 193 |
| Interest bearing long term debt at end of period | 9 931 | 9 931 | 6 155 | 6 155 |
Nickel Mountain Group AB (publ) ("NMG") is a Swedish mineral exploration company. The company name was until end of 2013 IGE Resources (IGE).The group structure consists of the Swedish parent company that in its turn owns a number of subsidiary companies. The shares of NMG are listed on the Oslo Stock Exchange in Norway. The number of shareholders amounts to some 6,000.
The key asset of NMG is the Rönnbäcken nickel sulphide deposit located in Northern Sweden in Västerbotten County. Rönnbäcken project has been evaluated by SRK Consulting (Sweden) AB in December 2011. The results in the form of a so called Preliminary Economic Assessment at that time demonstrated a NI 43-101 compliant resource of 668.3 million tons with an average total nickel content of 0.176% of which 0.097% is nickel in sulphide
(Ni-AC), and an iron content of 5.67%. Of the resource some 97% were in the Measured & Indicated categories.
NMG (IGE) is also involved in mineral exploration activities in a number of African countries. In order to concentrate on the Rönnbäcken nickel project, a decision has been taken by the Board of Directors to spin off the African assets owned by the subsidiary IGE Diamonds and to give the shareholders pro-rata free shares. They have for prudence reasons been impaired to zero value in the year end 2013 group accounts.
NMG is now focusing on completing a Pre-Feasibility Study of Rönnbäcken nickel project and in parallel to submit an application for an environmental permit to the Swedish authorities according to Swedish legislation.
The net result after tax of Nickel Mountain Group ("NMG") for the full 12 month period Jan – Dec 2013 amounted to MSEK –110.1 (MSEK -121.5 during the corresponding period in 2012). For the fourth quarter of 2013, the net result after tax was MSEK -20.1 (MSEK -101.1 in Q4 2012).
There were no sales revenues for the 12 month period 2013 (MSEK 0.0).
Operating costs excluding depreciation and impairment amounted to MSEK -22.0 during full year 2013 (MSEK -24.6 in same period 2012). During the quarter Oct – Dec 2013 the operating costs were MSEK -8.1 (MSEK -5.9).
Depreciation and impairment were MSEK - 131.1 during the financial year 2013 (MSEK - 126.2) and relate mainly to business segment "Diamonds" in Africa, where the halted financing by the parent company during the financial year as a result of the Ghana Gold transaction lead to license obligation defaults, loss of key personnel and in general lost reputation and irritated business contacts. As further explained in the report section "Diamonds", the group had to reduce involvement in most of the projects and to put a certain part of them on maintenance and care.
During the last quarter of 2013, depreciation and impairment amounted to MSEK -21.2 (MSEK -124.4) and relate mainly to a partial write down of the claim on Alluvia Mining for prudence reasons.
Nickel Mountain Group had a negative cash flow of MSEK -53.9 during financial year 2013 mainly referable to the invalidated purchase of Ghana Gold. Cash flow in the same period 2012 was positive and amounted to MSEK 58.2 due to a rights issue of MSEK 101.7 carried out during that year.
Cash and cash equivalents at the end of December 2013 were MSEK 15.3, compared to MSEK 69.2 at end of the fourth quarter 2012.
Nickel Mountain Group's total assets at the end of fourth quarter 2013 were MSEK 158.9, compared to MSEK 292.8 at the end of the same period 2012.
Net investments during the financial year 2013 amounted to MSEK 3.1 (MSEK 16.3). Net investments during the fourth quarter 2013 reached MSEK 1.3 (MSEK 6.6 in fourth quarter 2012).
The financial year 2013 was an extremely challenging period for Nickel Mountain Group AB (previously named IGE Resources). In the very end of 2012 a new main shareholder, Amarant Mining Ltd ("Amarant), appeared. Amarant had acquired a share interest of some 29.7%. A new Board of Directors was appointed on December 27, 2012. As a first major move, the new Board in January 2013 decided to acquire an African gold asset, Ghana Gold AB, from a Jersey based entity, Alluvia Mining Ltd. The asset turned out to be of questionable value. The purchase consideration was supposed to consist of a cash payment of 50 MSEK plus an additional 50 million newly issued NMG shares. The 50 MSEK were wired abroad quickly by the new Board and management long before the transaction had closed. The share issue was at first approved by an EGM on April 25, 2013 despite minority shareholders voting against. The whole acquisition was conditional on the full consideration being paid. The directed share issue was subsequently contested to the Swedish courts by minority shareholders referring to among other things partiality of the Board in NMG at that time. Certain board members of NMG had namely turned out to be involved on the selling side. The court declared the share issue invalid, and the purchase consideration was supposed to be returned. This did not happen. Given the suspicious character of the transaction, NMG's auditors at that time, KPMG, resigned in spring 2013 and submitted a notice to the Swedish Economic Crime Authority on suspected criminal activity.
At the end of July 2013, shortly before the AGM was convened on August 2, NMG was informed that the 29.7% share interest previously held by Amarant Mining Ltd had been pledged, and the pledgee, Swedish leasing company Altro Invest, had been forced to realize the pledge and take over said share interest.
The Annual General Meeting (AGM) held on August 2nd 2013 voted against the proposed purchase of Ghana Gold. This general meeting decided not to grant discharge from liability to the former Board of Directors
constituted by Ulrik Jansson, Hans Lindroth, Jukka Kallio and Terje E Lien for its financial management of the company in conjunction with the proposed purchase of Ghana Gold AB. A new Board was elected constituted by Stefan Persson, Björn Rohdin, Svein Breivik and Ole Weiss. Erlend Dunér Henriksen was appointed deputy board member.
The former board or some of its members will be held financially responsible, by the existing board, for the damage they have caused the company and its shareholders. One item on the EGM on November 22nd 2013 was for the shareholders to decide to grant the new board full powers to act versus the former board or some of its members to recover the 50 million SEK plus additional damage.
In August 2013, the new main owner Altro Invest AB provided IGE Resources with a short-term loan facility of 4 MSEK with an interest component of 7.5%. The loan was open to draw downs during autumn 2013, and was almost fully utilized as per end of 2013.
In September 2013, the Board of NMG announced its initial plans to spin off the African portfolio by way of a distribution of the shares in the subsidiary IGE Diamonds AB.
On September 24th 2013, NMG announced it had secured a SEK 500.000 short term, interest free unsecured loan earmarked the reconstruction of the diamond assets held by its subsidary IGE Diamond AB. The loan was received with a condition that it could be converted to shares at a price equal to closing price on the 20th of September 2013 (0.28 NOK before reversed share split), subject to approval by an EGM. The main creditors were Altro Invest AB, Board member Svein Breivik, Deputy Board member Erlend Dunér Henriksen, the company IR Tony Saetre and a number of Norwegian minority shareholders.
On October 4th 2013, NMG announced it had secured a MSEK 2 short term, interest free, unsecured loan earmarked the nickel project. The loan was received with a condition that it could be converted to shares at a price equal to closing price on the 3rd of October 2013 (0.30 NOK before reversed share split), subject to approval by an EGM. The main creditors were Altro Invest AB, Board member Svein Breivik, Deputy Board member Erlend
Dunér Henriksen and a number of Norwegian minority shareholders.
On October 14th, NGM further anounced it had secured an additional MSEK 1.2 short term, interest free, unsecured loan earmarked the nickel project. This loan was granted with a condition that it could be converted to shares at a price equal to closing price on the 11th of October 2013 (0.31 NOK), subject to approval by an EGM. The main creditors were Altro Invest AB, Deputy Board member Erlend Dunér Henriksen and a number of Norwegian minority shareholders.
On October 30th, NMG offered all shareholders exclusive rights to subscribe for an interest free promissory note loan earmarked the nickel project with certain conversion rights. In total NMG during second half of 2013 obtained some 12.9 MSEK of interest free short term loans in this way.
On November 8th, NMG also announced again that it would provide all its shareholders with one free share in IGE Diamonds AB for every share held in NMG AB when business area «Diamonds» gets separated completely from NMG as a separate legal entity. Separation was planned to be executed as soon as possible after the extraordinary General Meeting (EGM) of IGE 22 November 2013. The right to obtain free IGE Diamonds shares will be determined by the number of NMG shares held on the record day to be announced as soon as practically possible.
On November 11th, it was further announced that interest free promissory note holders would also be entitled to participate in the spinoff of the business area "Diamonds" provided the promissory notes were tendered for conversion to shares latest on December 17, 2013.
The mentioned Extraordinary Shareholders' Meeting held on November 22, 2013 among other things gave authority to the Board of Directors to conduct share issues including via payments by debt set-off. The bulk of the interest free extended credit financing during autumn 2013 got set off for newly issued shares by end of January 2014 (see more below).
In total, the equivalent of some 17 MSEK of credit financing was made available in various tranches during the second half of 2013
including the interest bearing loan facility from main shareholder Altro Invest. This financing has allowed the group to continue to work as a going concern although NMG was in an extremely difficult situation earlier during the year.
In the very end of December 2013 NMG also received an additional cash injection of 10 MSEK before transaction costs. This transaction was in essence an acquisition by NMG of a Swedish partnership. This partnership had sold a property during the year and faced a significant profit tax. NMG acquired the partnership after the property sale was completed and will use its own tax losses to manage the tax burden of the partnership. This transaction results in a P&L effect of +9.7 MSEK after transaction costs for NMG in the last quarter of the financial year 2013, and this is also the cash effect to the group.
The board nomination committee consists of the Chairman of the Board, Mr. Stefan Persson. Further, a representative of the Company's main shareholder Altro Invest is present, Mr. Håkan Eriksson. Then Mr. Erlend Dunér Henriksen is also on the committee. He represents Norwegian Aroma Holding and a number of the other minority shareholders, and is presently a Deputy Board member of NMG. The committee can be reached via email «[email protected]».
The Company now focuses on the preparations for a Pre-Feasibility Study (PFS) and a permit application under the Environmental Code. This permit application will be tried by the Environmental Court and the company will conduct the investigations necessary for the Court's assessment. The drafting of an environmental impact assessment will require consultations to be held with affected authorities and stakeholders. The studies and preparation work for the PFS and the permit application are estimated to take at least 18 months given stable and regular financing being available. The preliminary estimated cost for the studies and preparation work is approximately MSEK 100. A certain part of this programme including all
vital and time-consuming environmental components has already been launched, and SRK Consulting has been contracted to coordinate the Prefeasibility study.
In a decision on 22 August 2013, the Swedish Government dismissed appeals from among others Vapsten Reindeer Herding Co-operative ("Vapsten") regarding the Chief Mine Inspector's decision to grant the three exploitation concessions Rönnbäcken K nr 1-3 to Nickel Mountain AB, a wholly owned subsidiary of Nickel Mountain Resources AB.
However, Vapsten has thereafter continued to defend its own interests. On 21 November 2013, they petitioned to the Supreme Administrative Court in Sweden for a judicial review of the Swedish Government's decision to dismiss Vapsten's appeals. It is not clear as of now when this judicial review will take place.
Further, as a next move, Vapsten has submitted a complaint to the UN Committee on the Elimination of Racial Discrimination (CERD). Vapsten in the complaint argues that Sweden has violated the UN prohibition on racial discrimination. CERD is an advisory committee, and its decisions are in the form of recommendations to member state governments.
For a complaint to be admissible to CERD, the party must have exhausted all domestic remedies. Nickel Mountain notes that Vapsten's above described petition to the Supreme Administrative Court has not yet been turned down.
The Swedish Government has accordingly on January 22, 2014 responded to CERD that it believes CERD should reject the complaint from Vapsten because the Supreme Administrative Court in Sweden is expected to do a new review of the Government's decisions regarding Vapsten's appeal in this matter. Further, the Government says that in case CERD still does not reject the complaint from Vapsten, CERD should at least wait with its next move until the Supreme Administrative Court has completed its repeated review of the question.
Three exploration permits in the Rönnbäcken area approaching expiration during the latter part of 2013 were as expected extended by the Swedish Mining Inspectorate following NMG's applications earlier in 2013.
An option to acquire 10% of the Rönnbäcken Nickel project via subsidiary company Nickel Mountain AB granted in 2010 to Australian company Mitchel River Group (MRG) expired in December 2013. MRG has assisted NMG with the Rönnbäcken nickel project in various ways over the years. The fact that MRG did not exercise the option implies that the security in the form of 10% of Rönnbäcken project granted to MRG now has been released.
The African division also had a challenging year as a result of the halted financing by the parent Company following the policies and mismanagement conducted by the former Board appointed at the end of 2012. As described in other sections of this report, in principle all liquidity of the group was diverted in January 2013 in connection with the then proposed acquisition of Ghana Gold Company. This lead to a freeze of activity in Africa and as a result of this a full impairment of the African assets on group level already in the 6-month interim financial report released by the new Board and Management in August 2013.
After extensive efforts in the last months, the new board members and management of IGE Diamond have managed to preserve important relations in the Democratic Republic of Congo (DRC), and some remaining and loyal personnel were set to protect and serve the interests/assets of the Company in the country. We have also managed to recover and secure the majority of the Company's machinery and other equipment to be used in the mining process in DRC in the future.
The work during the fourth quarter has therefore mainly been focused on the restructuring of the Group's operation and organization in DRC. The main part of the work in practice during the latter part of 2013 has been related to various administrative issues aiming to secure the NMG subsidiary IGE Diamond's continued presence, to renegotiate and/or terminate contracts, refutation of lawsuits, incorporation of a new local entity etc.
The new Board in IGE Diamond, responsible for the African diamond operations, decided to recruit a new Manager in DRC to help the Company to sort the legal challenges and to put a new Management in place. As per end of the year 2013, IGE Diamond was in the process of recovering the Longatshimo
concession, which was successfully achieved after the reporting period, and is planning for a start-up of a small dredging operation on the Longatshimo River and smaller dry land operations. The mining plan for the continued operation in Longatshimo will to some extent be dependent on the outcome of the dredging operation. The access to funding on acceptable terms will also have impact on the future strategy regarding the Longatshimo concession. A full-scale alluvial mining operation on the terraces as well as a diversion of the Longatshimo river are being considered as interesting operations for the project going forward.
In order to remove risk of lawsuits and claims based on the mismanagement and history of the former Board and Management, the IGE Diamond DRC subsidiary Efidium Sprl was at year-end 2013 under liquidation. After the reporting period, IGE Diamond has successfully liquidated Efidium Sprl and set up a new Congolese subsidiary, Lobo Mining SARL. This Company is 100% owned by the new NMG subsidiary African Diamond AB (ADIAM).
The South African licenses are still on care and maintenance. The Board is evaluating several proposals from interested parties for future JV's or outright sales at present. Assumptions may change, but the most realistic outcome of a transaction made on these licenses is an earn-in agreement in which a partner is working itself in to the project by way of investing in additional exploration or mining plant and/or equipment.
shares. Total number of shares post this issue amounts to 21,227,721.
Cash and cash equivalents at the end of the fourth quarter 2013 amounted to MSEK 15.3, compared to MSEK 69.2 at the end of fourth quarter 2012. Total equity at the end of the reporting period amounted to MSEK 124.8 (MSEK 243.4 at end of the corresponding period 2012), representing an equity ratio of 79 per cent (83 per cent at the end of fourth quarter of 2012).
The Company's interest bearing long-term debt as at end of December 2013 amounts to MSEK 9, which is constituted by an MSEK 5 convertible loan, granted by Norrlandsfonden
in 2010 for the development of Rönnbäcken nickel project. This loan matures in August 2018 and carries an interest rate component of STIBOR + 4% p.a. It is described more in detail in note 10 to this report. In addition, there was an MSEK 4 unsecured loan extended in May 2013 by the former Chairman of NMG, Mr. Ulrik Jansson, for working capital purposes. This loan has a 3 year term and carries an interest rate of 12% p.a. It is also described more in detail in said note 11.
Short-term loans by year-end 2013 amounted to MSEK 17.4 (MSEK 0.2). Thereof 11.8 MSEK was set-off for newly issued NMG shares in late January 2014. Another approximately 5 MSEK are planned to get setoff for new shares in early spring 2014. Since Board members and their related parties are also creditors to NMG, and intend to accept loan repayment via share issues on the same conditions as the previously executed set-off, this set-off component demands special approval on a new EGM according to the Chapter 16 provisions of Swedish Company Law Such EGM is planned to get convened as soon as practically possible.
The financial situation of the Group has been very strained during most parts of 2013 due to the matured invoices left by the former management. The situation improved somewhat during the second half of the year following receipt of loans as described above from main shareholder Altro Invest and from a large number of primarily Norwegian minority shareholders.
The efforts to secure financing have been running in parallel with the process of trying to reclaim the funds transferred to Alluvia Mining Ltd and compensation for consequential damage in connection with the invalidated Ghana Gold transaction. A leading Swedish law firm has been mandated by the Board of NMG to handle all issues associated with the claim on Alluvia Mining.
Towards the end of December 2013, the mentioned cash injection of MSEK 9.7 as a result of the partnership acquisition gave further relief to the Company.
The Board and management of NMG therefore believe that the financial situation now is manageable. Whether there is working capital enough for carrying out the daily operations
during a coming 12-month period will depend on the possibilities to attract further financing during the second half of 2014 as well as on the development of claiming back the MSEK 50 receivable on Alluvia Mining.
The Parent Company's business activity is to manage the Group's operations. The result after tax during full financial year 2013 amounted to MSEK -110.4 (MSEK -161.6 in 2012). The corresponding result during the fourth quarter of 2013 amounted to MSEK -100.1 compared to MSEK -153.2 in the same period 2012.
In the 2013 net result, depreciation and Impairment of fixed assets amounting to MSEK -100.4 is included for the period Jan – Dec, and it was all recorded in the fourth quarter of the year. During 2012, the same amount was MSEK 0. Impairment in 2013 relates to inter group receivables and to the claim on Alluvia Mining.
Cash and cash equivalents in the parent company amounted to 5.0 MSEK by the end of December 2013 (68.6 MSEK).
There were 181,749,225 shares outstanding as at January 1, 2013. Par value per share then was SEK 2.50. During the rest of the financial year, 2013 there were no share issues registered. At the AGM on August 2, 2013 there was, however, a reversed share split 10:1 approved. The effective date was December 13. Thereafter there were 18,174,922 shares outstanding. In addition, an EMG held on November 22, 2013 decided to reduce the share capital by changing the par value per share from SEK 2.50 to SEK 0.50. This share capital reduction will be finally registered towards the end of first quarter 2014 provided no known or unknown creditors of the company have submitted objections to the decision. There is only one class of shares. All shares carry one vote. The EGM held on November 22, 2013 gave a mandate to the Board of Directors to decide on share issues of up to 9,087,461 new shares with a deviation from the shareholders' preferential rights valid until the next Annual General Meeting. Thereof, as mentioned above, 3,052,799 shares were issued in a debt set-off transaction in end of January 2014. Thereafter there were 21,227,721 shares outstanding.
By the end of December 2013, NMG group had four employees whereof two men and two women.
This report has not been reviewed by the Company's auditors.
Stockholm, February 27, 2014
For and on behalf of the Board of Directors
Torbjörn Ranta Managing Director
Cautionary Statement: Statements and assumptions made in this document with respect to Nickel Mountain Group AB's ("NMG") current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of NMG. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where NMG operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) NMG's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards nickel. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. NMG assumes no unconditional obligation to immediately update any such statements and/or forecasts.
| Consolidated statement of loss | 3 months | 3 months 12 months | 12 months | ||
|---|---|---|---|---|---|
| (TSEK) | Note | Q4 2013 | Q4 2012 | 2013 | 2012 |
| Other operating income | -113 | 0 | 8 | 0 | |
| Other external expenses | 12 | -6 522 | -2 805 | -14 907 | -13 624 |
| Personnel expenses | -1 463 | -2 847 | -7 016 | -10 022 | |
| Results from equity accounted participations | 7 | - | -227 | -75 | -999 |
| Operating result before depreciation and impairment | |||||
| losses | -8 099 | -5 879 | -21 991 | -24 645 | |
| Depreciation/amortization and impairment loss on property, | |||||
| plant and equipment, intangible assets | 4 | -21 169 | -124 351 | -131 134 | -126 229 |
| Financial revenue | 3 | 33 | 134 | 38 | 605 |
| Financial expenses | 3 | -563 | -32 | -788 | -252 |
| Total financial items | -530 | 102 | -750 | 353 | |
| Result before tax | 15 | -29 798 | -130 128 | -153 875 | -150 521 |
| Income tax | 8 | 9 700 | 29 031 | 43 787 | 29 031 |
| Result for the period | -20 098 | -101 097 | -110 088 | -121 490 | |
| Result for the period attributable to: | |||||
| Equity holders of the Parent Company | -20 010 | -101 593 | -109 987 | -121 450 | |
| Non controlling interest | -88 | -576 | -101 | -40 | |
| Result for the period | -20 098 | -101 097 | -110 088 | -121 490 | |
| Result per share before and after dilution | -1,11 | -5,56 | -6,06 | -8,63 | |
| Average number of shares (Millions) | 18,2 | 18,2 | 18,2 | 14,1 | |
| Consolidated Statement of comprehensive loss | |||||
| TSEK | Q4 2013 | Q4 2012 | 2013 | 2012 | |
| Result for the period | -20 098 | -101 097 | -110 088 | -121 490 | |
| Other comprehensive income | |||||
| Foreign currency translation differences - foreign operations | -746 | -695 | -6 856 | -1 637 | |
| Total other comprehensive income | -20 844 | -101 792 | -116 944 | -123 127 | |
| Total comprehensive income for the period attributable to: | |||||
| Equity holders of the Parent Company | -20 756 | -101 216 | -116 843 | -123 087 | |
| Non controlling interest | -88 | -576 | -101 | -40 |
| Consolidated statement of financial position | |||
|---|---|---|---|
| (TSEK) | Note | 2013-12-31 | 2012-12-31 |
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets | |||
| Mineral interests | 4 | 110 113 | 218 489 |
| Tangible fixed assets | |||
| Plant and machinery | 246 | 605 | |
| Long-term financial assets | |||
| Participation in equity accounted companies | 283 | 434 | |
| Long-term receivables | 31 | 31 | |
| Total fixed assets | 110 673 | 219 559 | |
| Current Assets | |||
| Other receivables | 2 702 | 3 461 | |
| Prepaid expenses | 208 | 591 | |
| Claim on Alluvia Mining | 6,12 | 30 000 | - |
| Cash and cash equivalents | 15 288 | 69 193 | |
| Total current assets | 48 198 | 73 245 | |
| TOTAL ASSETS | 158 871 | 292 804 | |
| EQUITY | |||
| Equity attributable to equity holders of the parent company | |||
| Share capital | 45 437 | 45 437 | |
| Other paid in capital | 1 174 207 | 1 175 737 | |
| Reserves | 1 081 | 7 937 | |
| Retained earnings and profit for the period | -1 096 021 | -985 860 | |
| 124 704 | 243 251 | ||
| Non controlling interest | 80 | 181 | |
| Total equity | 124 784 | 243 432 | |
| 0 | |||
| Long term Liabilities | |||
| Deferred tax liabilities | 9 | - | 34 087 |
| Other provisions | 9 | - | 1 018 |
| Long term liabilities | |||
| Convertible loan | 10 | 5 000 | 5 000 |
| Other long term liabilities | 11 | 4 931 | 1 155 |
| Total long term liabilities | 9 931 | 41 260 | |
| Current liabilities | |||
| Accounts payable | 2 925 | 6 261 | |
| Short term interest free loans and borrowings | 12 | 12 927 | - |
| Other liabilities | 12.14 | 4 458 | 189 |
| Accrued expenses and prepaid income | 3 846 | 1 662 | |
| Total current liabilities | 24 156 | 8 112 | |
| TOTAL EQUITY AND LIABILITIES | 158 871 | 292 804 | |
| Pledged assets | 31 | 10 379 |
| Consolidated Statement of changes in equity | |||||||
|---|---|---|---|---|---|---|---|
| (TSEK) Equity related to the shareholders of the parent company |
|||||||
| Share capital |
Other paid Exchange in capital |
Retained earnings and profit differences for the year Total |
Non controlling Total interest |
Equity | |||
| Balance at 1 January 2012 | 12982 | 1 107 044 | 9574 | $-848462$ | 281 138 | $-15727$ | 265 411 |
| Net result for the period Reallocation of paid premium related to warrants |
$-121450$ | $-121450$ | -40 | $-121490$ | |||
| issued by the company | $-510$ | $-510$ | $-510$ | ||||
| Other comprehensive income: | |||||||
| Translation reserve | $-1637$ | $-1637$ | $-1637$ | ||||
| Transactions with shareholders: | |||||||
| New share issue | 32 455 | 82 003 | 114 458 | 114 458 | |||
| Majority's takeover of minority's commitment | $-15948$ | $-15948$ | 15948 | o | |||
| Costs referable to fundraising | $-12800$ | $-12800$ | $-12800$ | ||||
| Closing balance at 31 December 2012 | 45 437 | 1 175 737 7 937 | -985 860 | 243 251 | 181 | 243 432 | |
| Balance at 1 January 2013 | 45 437 | 1 175 737 | 7937 | $-985860$ | 243 251 | 181 | 243 432 |
| Net result for the period | $-110088$ | $-110088$ | $-101$ | $-110189$ | |||
| Other comprehensive income: | |||||||
| Costs referable to fund-raising | $-1530$ | $-1530$ | $-1530$ | ||||
| Other transactions | $-73$ | $-73$ | $-73$ | ||||
| Translation reserve | $-6856$ | $-6856$ | $-6856$ | ||||
| Closing balance at 31 December 2013 | 45 437 | 1 174 207 1 081 | $-1096021$ | 124 704 | 80 | 124 784 |
| (TSEK) | Jan-Dec 2013 | Jan-Dec 2012 |
|---|---|---|
| Cash flow from operations | ||
| Result after financial items | -153 875 | -150 521 |
| Adjustments for non cash items* | 134 054 | 122 278 |
| Income tax paid | - | - |
| Total cash flow from operations before change in working | ||
| capital | -19 821 | -28 243 |
| Change in working capital | ||
| Increase/decrease receivables | -49 245 | 865 |
| Increase/decrease in short term liabilities | 3 118 | 261 |
| Total cash flow from operations | -65 949 | -27 117 |
| Cash flow used for investments | ||
| Purchase of intangible assets | -3 129 | -18 460 |
| Sale of intangible assets | - | 2 072 |
| Purchase of tangible assets | - | 63 |
| Total cash flow used for investments | -3 129 | -16 325 |
| Financial activities | ||
| New share issue net of transaction costs | -1 530 | 101 658 |
| Transfer of paid premium related to warrants issue by the company | - | - |
| Raised credits | 16 927 | - |
| Amortization of debt | -224 | - |
| Total cash flow from financial activities | 15 173 | 101 658 |
| Change in cash and bank | -53 905 | 58 216 |
| Cash and bank at 1 January | 69 193 | 10 977 |
| Cash and bank at the end of reporting period | 15 288 | 69 193 |
| *Adjustments for non cash items | ||
| Depreciations and impairment losses on intangible assets | 130 907 | 125 563 |
| Depreciations and impairment losses of tangible assets | 228 | 666 |
| Exchange loss | -6 856 | -1 637 |
| Reposted option | - | -510 |
| Capital loss | - | 212 |
| Writedown of long term financial asset | - | 999 |
| Tax effect from partnership acquisition | 9 700 | - |
| Share of loss on equity accounted companies | 75 | -1 979 |
| Others | - | -1 036 |
| Total | 134 054 | 122 278 |
| ** Financial items | ||
| Interest income | 38 | 605 |
| Interest charges | -788 | -252 |
| Total financial items | -750 | 353 |
| 3 m | 3 m | 12 m | 12 m | ||
|---|---|---|---|---|---|
| (TSEK) | Note | Q4 2013 | Q4 2012 | 2013 | 2012 |
| Other operating income | 6 | 0 | 6 | 0 | |
| Other external expenses | 12 | $-6281$ | $-2095$ | $-13266$ | $-7114$ |
| Personnel expenses | $-156$ | $-1316$ | $-3350$ | $-5117$ | |
| Depreciation/impairment of tangible fixed assets | 13 | $-100379$ | 0 | $-100379$ | $-10$ |
| Operating result | $-106810$ | $-3411$ | $-116.989$ | $-12241$ | |
| Result from financial items | |||||
| Result from participations in group companies | 7 275 | $-149848$ | 7 275 | -149 848 | |
| Financial revenue | 33 | 130 | 38 | 596 | |
| Financial expenses | -561 | -24 | $-712$ | $-135$ | |
| Total financial items | 6747 | $-149742$ | 6601 | $-149.387$ | |
| Result before tax | $-1000063$ | $-153$ 153 | $-110.388$ | $-161628$ | |
| Income tax | $8^{\prime}$ | 0 | 0 | 0 | 0 |
| Result for the period | $-1000063$ | $-153$ 153 | -110 388 | $-161628$ |
| (TSEK) | Note | 2013-12-31 | 2012-12-31 |
|---|---|---|---|
| ASSETS | |||
| Tangible fixed assets | |||
| Long-term financial assets | |||
| Shares in subsidiaries | 97 247 | 102 635 | |
| Receivables from subsidiaries | 65 091 | 121 120 | |
| Total fixed assets | 162 338 | 223 755 | |
| Current Assets | |||
| Other receivables | 8 329 | 277 | |
| Receivable on Alluvia Mining Ltd | 6 | 30 000 | - |
| Prepaid expenses | 160 | 210 | |
| Cash and cash equivalents | 5 036 | 68 562 | |
| Total current assets | 43 525 | 69 049 | |
| TOTAL ASSETS | 205 863 | 292 804 | |
| SHAREHOLDERS EQUITY | |||
| Restricted equity | |||
| Share capital | 45 437 | 45 437 | |
| Statutory reserve | 2 300 | 2 300 | |
| Total restricted equity | 47 737 | 47 737 | |
| Non restricted equity | |||
| Share premium reserve | 1 148 042 | 1 149 572 | |
| Retained earnings | -911 163 | -749 536 | |
| Result for the period | -110 388 | -161 628 | |
| Total non restricted equity | 126 491 | 238 408 | |
| Total shareholders equity | 174 228 | 286 145 | |
| Long term liabilities | |||
| Convertible loan | 10 | 5 000 | 5 000 |
| Interest bearing long term liabilities | 11,12 | 4 000 | - |
| Total long term liabilities | 9 000 | 5 000 | |
| Current liabilities | |||
| Accounts payable | 2 440 | 572 | |
| Short term interest free loans and borrowings | 12, 14 | 12 927 | - |
| Other liabilities | 12, 14 | 4 116 | 48 |
| Accrued expenses | 3 152 | 1 039 | |
| Total current liabilities | 22 635 | 1 659 | |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 205 863 | 292 804 |
| (TSEK) | Restricted Equity | Non restricted Equity | ||||
|---|---|---|---|---|---|---|
| Share capital |
Statutory reserve |
Share premium reserves |
Retained earnings |
Result for the period |
Total Equity |
|
| Balance at 1 January 2012 | 12 982 | 243 767 | 839 412 | -622 515 | -127 021 | 346 625 |
| Transfer of prior year's net result | -127 021 | 127 021 | 0 | |||
| Result for the period | -161 628 | -161 628 | ||||
| Reallocation option premium | -510 | -510 | ||||
| Reallocation of restricted equity to non restricted equity | -241 467 | 241 467 | 0 | |||
| Transactions with shareholders: | ||||||
| New share issue |
32 455 | 82 003 | 114 458 | |||
| Costs referable to fundraising | -12 800 | -12 800 | ||||
| Closing balance at 31 December 2012 | 45 437 | 2 300 | 1 149 572 | -749 536 | -161 628 | 286 145 |
| Balance at 1 January 2013 | 45 437 | 2 300 | 1 149 572 | -749 536 | -161 628 | 286 145 |
| Transfer of prior year's net result | -161 628 | 161 628 | 0 | |||
| Costs referable to fund-raising | -1530 | -1 530 | ||||
| Result for the period | -110 388 | -110 388 | ||||
| Closing balance at 31 December 2013 | 45 437 | 2 300 | 1 148 042 | -911 164 | -110 388 | 174 228 |
| Key ratios and share data for the consolidated group | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|
| Number of outstanding shares at beginning of reporting period | Number | 18 174 923 | 51 928 350 | 1805618810 | 795 709 953 | 418 161 828 |
| New share issue | Number | ۰ | 129 820 875 2 348 649 150 1 009 908 857 377 548 125 | |||
| Number of outstanding shares at the end of reporting period .* | Number | 18 174 923 | 181 749 225 | 51 928 350 | 1805 618 810 795 709 953 | |
| Average number of shares *** | Number | 18 174 923 | 140 846 758 | 2930566085 | 1 346 291 141 | 538 509 297 |
| Operating result | TSEK | $-21991$ | $-24645$ | $-62531$ | $-149.987$ | $-39190$ |
| Result after tax | TSEK | $-1100088$ | $-121490$ | $-185944$ | $-477330$ | $-44858$ |
| Operating result per share | SEK | $-1.21$ | $-0.17$ | $-0.02$ | $-0.11$ | $-0,07$ |
| Result after financial items per share | SEK | $-8.47$ | $-1.07$ | $-0.19$ | $-0.41$ | $-0.08$ |
| Result per share after tax | SEK | $-6,06$ | $-0.86$ | $-0.06$ | $-0.35$ | $-0.08$ |
| Shareholders equity per share before dilution .* | SEK | 6,87 | 1.34 | 7,61 | 0.22 | 0,37 |
| Dividend | TSEK | ۰ | ۰ | ۰ | ۰ | $\sim$ |
| Price per share at the end of reporting period | SEK | 3,00 | 0,45 | $1.66*$ | 0,23 | 0,58 |
| * A reversed split of 1:80 was executed on the 8th of December 2011 |
In calculating income per share, the average number of shares during the reporting period has been used, whereas in calculating shareholders' equity the number of outstanding shares has been used.
NMG possesses none of its own shares at the end of the reporting period.
Further information regarding key ratio definitions can be obtained from the annual report for the financial year 2012.
This year-end report has been prepared in accordance with IAS 34 and recommendation RFR 1 of the Swedish Financial Reporting Board (RFR), and with regard to the parent company, RFR 2. The accounting principles applied correspond to those described in the 2012 Annual Report.
Effective January 1, 2013 NMG applies the following new or amended IFRSs:
IAS 19 Employment benefits IFRS 13 Fair value management IAS 1 Presentation of Financial Statements – Recognition of items in other comprehensive income
The new or amended IFRSs are not expected to have any material impact on the Group. Other changes are not expected to have any material impact on the Group or Parent Company's result of operations, financial position or disclosures. The Interim report does not contain all the information and disclosures available in the annual report and the interim report should be read together with the annual report for 2012.
The operations of NMG involve certain significant risks, including but not limited to credit risk, foreign exchange risk, and political risk. For a complete discussion of the aforementioned risks, refer to the Company's 2012 annual report, which is available on the NMG website, www.ige.se (www.nickelmountain.se).
Management of NMG does not consider that any additional risk has become current since the expiration of the previous year of operation other than the increased financial risk as a
result of NMG's loss of MSEK 50 following the Ghana Gold acquisition described in note 6.
| Financial revenue | Group | ||||
|---|---|---|---|---|---|
| (TSEK) | 2013-12-31 | 2012-12-31 | |||
| Interests | 24 | 556 | |||
| Exchange gains | 14 | 49 | |||
| Total financial revenue | 38 | 605 | |||
| Financial expenses | |||||
| (TSEK) | 2013-12-31 | 2012-12-31 | |||
| Interest | -647 | $-3$ | |||
| Exchange losses | $-141$ | -249 | |||
| Total financial expenses | -788 | -252 |
Impairment during full financial year 2013 mainly relates to diamond concessions in Africa. In addition, a claim on a defaulting drilling contractor in Kenya has been impaired during the year. After a litigation process, the contractor was declared bankrupt resulting in an impairment of NMG's claim. Total impairment therefore amounted to MSEK - 109.7 already as at June 30, 2013.
Impairment during the third quarter of 2013 was minimal, whereas it reached MSEK -21.2 in Q4 2013. Thereof MSEK -20.0 relate to the claim on Alluvia Mining.
Impairment during the comparative periods in 2012 is mainly related to the Group's withdrawal from the Angolan diamond project.
Depreciation for 12 month 2013 was MSEK 0.3 (MSEK 0.7).
| Jan - Dec 2013 | ||||||
|---|---|---|---|---|---|---|
| (TSEK) | Gold | Diamonds | Nickel | Other | Total | |
| Revenue from sales | 0 | |||||
| Operating result before depreciation and impairment losses | -568 | -4 944 | -16 479 | -21 991 | ||
| Impairment of mineral interests | -20 000 | -110 906 | 0 | -130 906 | ||
| Depreciation according to plan | -184 | -43 | -227 | |||
| Result before tax | -20 000 | -111 658 | -4 987 | -17 230 | -153 875 | |
| Fixed assets | 3 599 | 106 513 | 561 | 110 673 | ||
| Current assets | 30 000 | 1 287 | 565 | 16 346 | 48 198 | |
| Long term liabilities | 931 | 0 | 9 000 | 9 931 | ||
| Short term liabilities | 0 | 2 902 | 21 254 | 24 156 | ||
| Investments (net amounts) | 3 129 | 0 | 3 129 |
| Jan - December 2012 | |||||
|---|---|---|---|---|---|
| (TSEK) | Gold | Diamonds | Nickel | Other | Total |
| Revenue from sales | - | - | - | - | 0 |
| Operating result before depreciation and impairment losses | - | -2 469 | -9 947 | -12 229 | -24 645 |
| Depreciation of mineral interests | -1 351 | -124 211 | - | - | -125 562 |
| Depreciation according to plan | 0 | -537 | -119 | -11 | -667 |
| Result before tax | -1 351 | -127 215 | -10 175 | -11 780 | -150 521 |
| Fixed assets | - | 114 630 | 104 318 | 611 | 219 559 |
| Current assets | 56 | 2 697 | 1 442 | 69 050 | 73 245 |
| Long term liabilities | - | 1 155 | 5 000 | - | 6 155 |
| Short term liabilities | - | 69 | 6 382 | 1 661 | 8 112 |
| Investments (net amounts) | - | - | 16 325 | - | 16 325 |
Receivable Alluvia Mining is related to the proposed purchase of Ghana Gold in spring 2013. The purchase consideration was supposed to consist of a cash payment of 50 MSEK plus an additional 50 million newly issued NMG shares. A prepayment of 50 MSEK was made on the 23rd of January 2013, subject to approval by an EGM, which was held during the second quarter 2013. The EGM decision approved of the share issue, but a minority on the EGM voted against. Thereafter the EGM decision was appealed by a minority shareholder group, and was as a result declared invalid by a court ruling. The Board, at the time, made a second attempt to pass the proposed purchase on the Annual General Meeting held on the 2nd of August 2013, but the meeting voted against the proposal. According to the purchase agreement, the prepayment of 50 MSEK should be repaid immediately if a General Meeting voted against the proposed purchase. This has resulted in NMG now having a claim on the seller Alluvia Mining Ltd amounting to 50 MSEK, before interest compensation and additional claims in respect of damage caused to NMG by the transaction. The Board is currently working on getting the money refunded by Alluvia. In addition, an EGM held on November 22, 2013 cleared the way for NMG to go after the individual board members by claiming
compensation for the damage caused. A leading Swedish law firm is handling the matter. The ability of the former board members to in the end pay compensation to NMG will get evident after a potential future successful court ruling from NMG's perspective.
NMG is also potentially in possession of pledged collateral for Alluvia Mining's obligation to return the 50 MSEK prepayment. The pledge consists of a share interest in an American non-listed mineral exploration company named Advanced Mineral Technologies Inc. ("AMTO"). The American SEC, however, delisted this company, from public quotations already in early 2012. Further, it does not seem to have filed any annual reports or interim reports since 2010. In addition, AMTO seems to only have conducted limited work at its main asset, the Tillicum property, during the period of its possession of Tillicum. And lastly, there are yearly costs associated with keeping mineral licenses, and it is not certain that AMTO's licenses still are in good standing.
The value of NMG's pledge is further restricted by the fact that the pledge agreement, if valid, is construed according to American Law while as the SPA-agreement regarding Ghana Gold is interpreted according to Swedish Law.
For all these reasons, NMG finds it prudent not to assign any value to the AMTO pledge for the time being.
There is, however, another element, which should be taken in to consideration when analysing the value of NMG's claim on Alluvia Mining Ltd. At the time of the Ghana Gold transaction, NMG had paid for a Board and management liability insurance. The insurer was an international insurance company. The nature of such liability insurance is that it covers the individual Board- and management members from claims up to a ceiling amount provided the damage or claim is deemed to fall within the framework of the insurance. It is therefore not the company NMG, which is insured and claims insurance compensation. The insurance coverage shall in such case be claimed by the old Board members of NMG when they potentially are ruled to be liable to pay compensation to NMG in a court process. The international insurance company has not yet accepted to be liable for paying out compensation. The legal advisors of NMG, however, believe NMG has a good case to in the end convince the insurance company to pay out compensation to the old board members, and therefore indirectly to NMG. For prudence reasons, NMG has though, decided to write down the claim on Alluvia Mining by MSEK 20 in the last quarter of 2013. This has no implications on the legal case whatsoever.
Result from equity accounted participations during the period is attributable to the Group's interest in Nordic Iron Ore and Tasman Metals.
The positive amount reported is firstly a reversal of a provision related to deferred tax liabilities. The reversal occurs as a result of impairment of the assets that the provision is related to. In addition, NMG's acquisition of the Swedish partnership mentioned in this report leads to a positive tax effect of MSEK 9.7 after transaction costs in the last quarter of 2013.
Deferred tax liabilities
The recognition of carrying amount of an asset will be recovered in the form of economic benefits that flow to the entity in future periods. When the carrying amount of the asset exceeds its tax base, the amount of taxable economic benefits will exceed the amount that will be allowed as a deduction for tax purposes. This difference is a temporary difference and the obligation to pay the resulting income taxes in future periods is a deferred tax liability. As the entity recovers the carrying amount of the asset, the taxable temporary difference will reverse and the entity will have taxable profit. This makes it probable that economic benefits will flow from the entity in the form of tax payments.
The deferred tax liabilities are calculated as the local tax rate of each project times the surplus value referable to each acquired project. The deferred tax liabilities were removed from the group balance sheet in autumn 2013 as result of the full impairment of the diamond related assets in Africa.
Other Provisions in 2012 were constituted by an accrued cost related to an option vested to Mitchell River Group (MRG). If MRG would have decided to exercise the option in respect of 10% of the Rönnbäcken nickel project, this provision of 1.02 MSEK would have been deducted from the price to be paid for the project participation. Since MRG in December 2013 waived their right to exercise the option, the above provision was by year-end 2013 removed from the balance sheet of Nickel Mountain Resources.
In June 2010, NMG issued a convertible loan that provided the Company with an amount of totally 5 MSEK to Norrlandsfonden, a Swedish public sector fund investing primarily in to business projects in the North of Sweden. The convertible loan was issued based on the following conditions:
IGE has got the right to repay the loan in cash in advance at any time during the duration of the loan. NMG will then be forced to pay a compensation for the lost interest to Norrlandsfonden of 15% (on an annual basis) on the loan amount during the period that it has been utilised by NMG.
If fully converted the convertible loan will result in an additional 8,929 shares will be issued (a dilution of about 0.05% based on 18,174,922 shares outstanding at year-end 2013).
As a consequence of the 50 MSEK payment to Alluvia Mining in January 2013, the Group was drained of cash at the end of May and needed external funding. NMG incorrectly announced on May 27th that NMG had received partial funds from a drawdown facility by Amarant Finance. In fact, it was the former Board member Ulrik Jansson who lent 4 MSEK to NMG at the end of May 2013. The loan runs with an interest of 12 per cent per annum. The loan has duration of three years. NMG retains the right to offset this 4 MSEK loan against its claim on the former Board Members.
NMG in January 2013 transferred 50 MSEK as a part payment in advance referable to a proposed purchase of a company called Ghana Gold AB from Alluvia Mining Ltd. Alluvia Mining at that time was a related party through its director of the Board, Terje E Lien, who also was a director of the NMG board at the time of the transfer. This transaction is described in more detail in other sections of this financial report.
Altro Invest, the single largest shareholder of NMG since August 2013, has supported NMG with a short-term loan facility during the second half of 2013. The facility was extended with a maximum amount to draw down of 4 MSEK. The interest rate is 7.5% p.a. and the loan formally expires in early May 2014. Altro Invest has declared its intention to, as soon as possible; allow conversion of the loan to equity by accepting a directed issue of shares. An EGM is being prepared for conducting said share issue, and will take place as soon as possible in early spring 2014.
As described in note 11, a 4 MSEK loan was offered to NMG in May 2013 by the at that time former Board member Ulrik Jansson. It carries an interest rate of 12% p.a and has a term of 3 years. Mr. Jansson resigned from the Board of NMG in the end of April 2013.
In addition, the Board member Svein Breivik and Deputy Board member Erlend Henriksen offered short-term interest free loans to NMG in autumn 2013. In total NMG borrowed the equivalent of some 600 TSEK in this way via said two representatives.
During the first half of 2013, after Amarant Mining had taken over as main shareholder, and a new Board was appointed, one after the other of the old management members either left or were asked to leave. When Altro Invest and the Norwegian minority shareholders appointed a new Board of Directors on August 2, 2013, NMG was in deep crisis, without cash to pay the daily bills and without management. The newly elected Board on August 2, therefore also had to take over the executive work. One of the then appointed Board members accepted to become Acting Managing Director, but all board members and the Deputy Board member had to start working hands on to save the company. In such way, the Board members and the Deputy Board member had to do a lot of management work during the second half of 2013. For this, they have invoiced NMG for professional services over and beyond normal board duties. In total professional services amounting to some 2 200 TSEK have been invoiced to NMG up to yearend 2013 by these members.
The Parent Company, Nickel Mountain Group AB (NMG), finances its subsidiaries by way of lending money on current basis. As a result of the impairment of the mineral interests held by the subsidiaries, NMG has decided to align its receivables to be more in line the value of the assets in the balance sheet of the subsidiaries. This resulted in impairment in the parent company of the Group of MSEK 100.4 during the last quarter of 2013, and includes MSEK 20 in relation to the Alluvia Mining claim commented above in note 6.
million SEK, with an annual interest of 7.5%. Some 3.8 million SEK (MSEK) had been drawn down as of December 31st 2013. The loan expires in early May 2014, but Altro Invest has declared that it intends to allow for a set-off of the loan for new shares in NMG during spring 2014 if and when an EGM approving of such transaction can be conducted.
An Extraordinary Shareholders meeting (EGM) held on November 22, 2013 approved a proposal by the Board of Directors to separate all remaining African assets held by the group, and to give the shareholders pro rata rights to receive said assets. The legal advisors of the parent company are preparing this. It will entail that a new decision is approved by an additional EGM. As described in other sections of this report, a new parent company for the African operations has been incorporated and named African Diamond AB (ADIAM). The assets of interest will be transferred to ADIAM and then the plan is to distribute ADIAM shares on a 1:1 basis in proportion to the number of parent company shares held on the record date to be determined.
The African assets accounted for a net result after depreciation and impairment on group level of MSEK –129.6 during financial year 2013. In the group balance sheet, the African assets were for prudence reasons impaired to 0 as at December 31, 2013.
Kungsgatan 44 SE-111 35 Stockholm Sweden Telephone +46 8 402 28 00 Org. Reg. No 556227-8043 www.nickelmountain.se
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