Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Revenue | 6 | ||
Operating expenses | 5/7 | ( | ( |
Other operating income | 8 | ||
Operating foreign exchange gains | 9 | ||
Operating profit | |||
Recognition of provisions for legal disputes | 30 | ( | |
Share of (loss)/profit from associates | 33 | ( | |
(Loss)/profit before tax and finance | ( | ||
Net finance expense | 10 | ( | ( |
Non-operating foreign losses | 9 | ( | ( |
(Loss)/profit before tax | ( | ||
Income tax expense | 11 | ( | ( |
(Loss)/profit for the year | ( | ||
(Loss)/profit attributable to: | |||
Equity shareholders of Ferrexpo plc | ( | ||
Non-controlling interests | |||
(Loss)/profit for the year | ( | ||
(Loss)/earnings per share: | |||
Basic (US cents) | 12 | ( | |
Diluted (US cents) | 12 | ( |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
(Loss)/profit for the year | ( | ||
Items that may subsequently be reclassified to profit or loss: | |||
Exchange differences on translating foreign operations | ( | ( | |
Income tax effect | 11 | ||
Net other comprehensive loss that may be reclassified to profit or loss in subsequent | |||
periods | ( | ( | |
Items that will not be reclassified subsequently to profit or loss: | |||
Remeasurement gains on defined benefit pension liability | 22 | ||
Net other comprehensive income not being reclassified to profit or loss in subsequent | |||
periods | |||
Other comprehensive loss for the year, net of tax | ( | ( | |
Total comprehensive loss for the year, net of tax | ( | ( | |
Total comprehensive loss attributable to: | |||
Equity shareholders of Ferrexpo plc | ( | ( | |
Non-controlling interests | ( | ||
( | ( |
As at | As at | ||
31.12.23 | 31.12. 22 | ||
Assets | |||
Property, plant and equipment | 13 | ||
Right-of-use assets | 14 | ||
Goodwill and other intangible assets | 15 | ||
Investments in associates | 33 | ||
Inventories | 17 | ||
Other non-current assets | 16 | ||
Deferred tax assets | 11 | ||
Total non-current assets | |||
Inventories | 17 | ||
Trade and other receivables | 18 | ||
Prepayments and other current assets | 19 | ||
Income taxes recoverable and prepaid | 11 | ||
Other taxes recoverable and prepaid | 20 | ||
Cash and cash equivalents | 25 | ||
Total current assets | |||
Total assets | |||
Equity and liabilities | |||
Issued capital | 31 | ||
Share premium | |||
Other reserves | 31 | ( | ( |
Retained earnings | |||
Equity attributable to equity shareholders of Ferrexpo plc | |||
Non-controlling interests | |||
Total equity | |||
Interest-bearing loans and borrowings | 5/26 | ||
Defined benefit pension liability | 22 | ||
Provision for site restoration | 23 | ||
Deferred tax liabilities | 11 | ||
Total non-current liabilities | |||
Interest-bearing loans and borrowings | 5/26 | ||
Trade and other payables | 21 | ||
Provisions | 30 | ||
Accrued and contract liabilities | 24 | ||
Income taxes payable | 11 | ||
Other taxes payable | 20 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
(Loss)/profit before tax | ( | ||
Adjustments for: | |||
Depreciation of property, plant and equipment, right-of-use assets and amortisation of intangible assets 7 | |||
Net finance (income)/expense | 10 | ( | |
Losses on disposal and liquidation of property, plant and equipment | 7 | ||
Write-offs and impairments | 7 | ||
Share of loss/(profit) from associates | 33 | ( | |
Movement in allowance for doubtful receivables | 18 | ||
Movement in site restoration provision | 23 | ( | |
Employee benefits | 22 | ||
Share-based payments | 28 | ||
Recognition of provisions for legal disputes | 30 | ||
Operating foreign exchange gains | 9 | ( | ( |
Non-operating foreign exchange losses | 9 | ||
Operating cash flow before working capital changes | |||
Changes in working capital: | |||
(Increase)/decrease in trade and other receivables | ( | ||
Decrease/(increase) in inventories | ( | ||
Increase/(decrease) in trade and other payables (including accrued and contract liabilities) | ( | ||
Decrease/(increase) in other taxes recoverable and payable (including VAT) | 20 | ( | |
Cash generated from operating activities | |||
Interest paid | ( | ( | |
Income tax paid | 11 | ( | ( |
Post-employment benefits paid | ( | ( | |
Net cash flows from operating activities | |||
Cash flows from investing activities | |||
Purchase of property, plant and equipment and intangible assets | 13/15 | ( | ( |
Proceeds from disposal of property, plant and equipment and intangible assets | |||
Interest received | |||
Dividends from associates | |||
Net cash flows used in investing activities | ( | ( | |
Cash flows used in financing activities | |||
Repayment of loans and borrowings | 26 | ( | |
Principal elements of lease payments | 26 | ( | ( |
Dividends paid to equity shareholders of Ferrexpo plc | 12 | ( | ( |
Net cash flows used in financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at the beginning of the year | |||
Currency translation differences | |||
Cash and cash equivalents at the end of the year | 25 |
Attributable to equity shareholders of Ferrexpo plc | |||||||
Total | Non-controlling | ||||||
Issued capital | Share premium | Other reserves | Retained | capital and | interests | Total | |
US$000 | (Note 31) | (Note 31) | (Note 31) | earnings | reserves | (Note 32) | equity |
At 1 January 2022 | ( | ||||||
Profit for the year | |||||||
Other comprehensive (loss)/ | |||||||
income | ( | ( | ( | ( | |||
Total comprehensive (loss)/ | |||||||
income for theyear | ( | ( | ( | ( | |||
Share-based payments (Note 28) | |||||||
Equity dividends to shareholders | |||||||
of Ferrexpoplc | ( | ( | ( | ||||
At 31 December 2022 | ( | ||||||
Loss for the year | ( | ( | ( | ||||
Other comprehensive loss | ( | ( | ( | ( | |||
Total comprehensive loss | |||||||
fortheyear | ( | ( | ( | ( | |||
Share-based payments (Note 28) | |||||||
Equity dividends to shareholders | |||||||
of Ferrexpoplc (Note 12) | ( | ( | ( | ||||
Effect from transfer of treasury | |||||||
shares (Note 31) | ( | ||||||
At 31 December 2023 | ( |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
(Loss)/profit before tax and finance | (60,363) | 405,673 | |
Losses on disposal and liquidation of property, plant and equipment | 11 | 1,665 | |
Share-based payments | 28 | 830 | 490 |
Write-offs and impairments | 7 | 978 | 260,308 |
Recognition of provisions for legal disputes | 30 | 131,117 | − |
Depreciation and amortisation | 57,6 69 | 96,977 | |
Underlying EBITDA | 130,242 | 765,113 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Revenue | 6 | 651,795 | 1,248,490 |
Cost of sales | 7 | (362,495) | (582,445) |
Gross profit | 289,300 | 666,045 |
As at | As at | ||
31.12.23 | 31.12. 22 | ||
Cash and cash equivalents | 25 | 115,241 | 112,945 |
Interest-bearing loans and borrowings – current | 26 | (5,939) | (5,194) |
Interest-bearing loans and borrowings – non-current | 26 | (1,009) | (1,354) |
Net cash | 108,293 | 106,397 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Revenue from sales of iron ore pellets and concentrate | 598,909 | 1,144,079 |
Freight revenue related to sales of iron ore pellets and concentrate | 652 | 43,557 |
Total revenue from sales of iron ore pellets and concentrate | 599,561 | 1,187, 6 3 6 |
Revenue from logistics and bunker business | 45,343 | 54,491 |
Revenue from other sales and services provided | 6,891 | 6,363 |
Total revenue | 651,795 | 1,248,490 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Europe, including Turkey | 599,869 | 944,859 | |
Austria | 258,853 | 460,492 | |
Czech Republic | 115,873 | 148,128 | |
Slovakia | − | 138,302 | |
Turkey | 122,556 | 86,640 | |
Germany | 64,981 | 38,195 | |
Others | 37,606 | 73,102 | |
China & South East Asia | (83) | 164,397 | |
North East Asia | − | 47,49 | 6 |
Middle East & North Africa | (225) | 29,982 | |
North America | − | 902 | |
Total sales of iron ore pellets and concentrate | 599,561 | 1,187,6 3 6 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Customer A | 258,853 | 461,394 |
Customer B | 115,873 | 148,128 |
Customer C | − | 138,302 |
Customer D | 109,661 | 86,633 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Cost of sales | 362,495 | 582,445 |
Selling and distribution expenses | 161,315 | 236,085 |
General and administrative expenses | 63,509 | 63,847 |
Other operating expenses | 28,788 | 309,669 |
Total operating expenses | 616,107 | 1,192,0 46 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Inventories recognised as an expense upon sale of goods | 339,349 | 540,010 |
Employee costs (excl. logistics and bunker business) | 73,924 | 92,144 |
Inventory movements | 3,910 | (52,953) |
Depreciation of property, plant and equipment and right-of-use assets | 56,294 | 95,127 |
Amortisation of intangible assets | 1,375 | 1,851 |
Royalties | 24,693 | 43,461 |
Costs of logistics and bunker business | 57,739 | 55,916 |
Audit and non-audit services | 1,924 | 2,073 |
Community support donations | 3,781 | 14,536 |
Write-offs and impairments | 978 | 260,308 |
Losses on disposal and liquidation of property, plant and equipment | 11 | 1,665 |
As at | As at | ||
31.12.23 | 31.12. 22 | ||
Write-off of inventories | 177 | 269 | |
Write-off of property, plant and equipment | 13 | 606 | 5,562 |
Write-off of receivables and prepayments | 195 | − | |
Total write-offs | 978 | 5,831 | |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Audit services | ||
Ferrexpo plc Annual Report and Accounts | 1,334 | 1,631 |
Subsidiary entities | 317 | 185 |
Total audit services | 1,651 | 1,816 |
Audit-related assurance services | 273 | 255 |
Total audit and audit-related assurance services | 1,924 | 2,071 |
Non-audit services | ||
Other services | − | 2 |
Total non-audit services | − | 2 |
Total auditor remuneration | 1,924 | 2,073 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Lease income | 637 | 704 |
Other income | 3,430 | 8,529 |
Total other income | 4,067 | 9,233 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Operating foreign exchange gains | ||
Conversion of trade receivables | 31,685 | 340,189 |
Conversion of trade payables | (177) | (623) |
Other | (137) | (127) |
Total operating foreign exchange gains | 31,371 | 339,439 |
Non-operating foreign exchange losses | ||
Conversion of interest-bearing loans | (11,740) | (77,678) |
Conversion of cash and cash equivalents | 1,895 | 9,711 |
Other | 1,911 | 4,470 |
Total non-operating foreign exchange losses | (7,934) | (63,497) |
Total foreign exchange gains | 23,437 | 275,942 |
Average exchange rates | Closing exchange rates | |||
As at | As at | Year ended | Year ended | |
Against US$ | 31.12.23 | 31.12. 22 | 31.12.23 | 31.12. 22 |
UAH | 36.574 | 32.342 | 37.982 | 36.569 |
EUR | 0.925 | 0.951 | 0.906 | 0.934 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Finance expense | |||
Interest expense on loans and borrowings | − | (479) | |
Less capitalised borrowing costs | − | 479 | |
Net interest on defined benefit plans | 22 | (2,640) | (2,678) |
Bank charges | (1,118) | (871) | |
Interest expense on lease liabilities | (85) | (233) | |
Other finance costs | (859) | (664) | |
Total finance expense | (4,702) | (4,446) | |
Finance income | |||
Interest income | 4,602 | 888 | |
Other finance income | (4) | 41 | |
Total finance income | 4,598 | 929 | |
Net finance expense | (104) | (3,517) |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Current income tax | ||
Current income tax charge | 12,672 | 100,064 |
Amounts related to previous years | (1,601) | 6,389 |
Total current income tax | 11,071 | 106,453 |
Deferred income tax | ||
Origination and reversal of temporary differences | 5,281 | 12,209 |
Total deferred income tax | 5,281 | 12,209 |
Total income tax expense | 16,352 | 118,662 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Tax effect of exchange differences arising on translating foreign operations | 31 | (1,479) | (13,036) |
Total income tax effects recognised in other comprehensive (credit)/charge | (1,479) | (13,036) |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
(Loss)/profit before tax | (68,401) | 338,659 |
Notional tax (credit)/charge computed at the weighted average statutory tax rate of 11.7% (2022: 13.8%) | (8,031) | 46,769 |
Derecognition of deferred tax assets | 10,505 | 14,757 |
Expenses not deductible for local tax purposes | 1,721 | 4,615 |
Income exempted for local tax purposes | (1,560) | (158) |
Effect from non-recognition of deferred taxes | 23,601 | 34,882 |
Effect from non-recognition of deferred taxes on current year losses | 732 | 2,884 |
Effect of different tax rates on local profit streams | (425) | (3,412) |
Withholding tax on dividends and interests 7 | − | 11,540 |
Prior year adjustments to current tax | (1,601) | 6,389 |
Effect from share of profit from associates | 67 | (100) |
Other (including translation differences) | (518) | 496 |
Total income tax expense | 16,352 | 118,662 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening balance | (15,890) | (36,502) |
Charge in the consolidated income statement | (11,071) | (106,453) |
Booked through other comprehensive (loss)/income | 1,479 | 13,036 |
Tax paid | 12,779 | 110, 243 |
Translation differences | (67) | 3,786 |
Closing balance | (12,770) | (15,890) |
As at | As at | |
31.12.23 | 31.12. 22 | |
Income tax receivable balance | 2,432 | 4,674 |
Income tax payable balance | (15,202) | (20,564) |
Net income tax payable | (12,770) | (15,890) |
Consolidated statement | Consolidated | ||||
of financial position | income statement | ||||
As at | As at | Year ended | Year ended | ||
US$000 | 31.12.23 | 31.12. 22 | 31.12.23 | 31.12. 22 | |
Property, plant and equipment | 6,720 | 13,474 | (4,747) | (4,10 | 6) |
Right-of-use assets | − | 526 | (519) | 129 | |
Intangible assets | 2,050 | 3,956 | (1,905) | (1,944) | |
Inventories | 648 | 205 | 462 | (152) | |
Allowance for restricted cash and deposits | − | – | − | (2,862) | |
Defined benefit pension liability | 608 | 459 | 149 | (77) | |
Other | 2,439 | 1,325 | 1,292 | 177 | |
Tax losses recognised | 262 | 255 | 7 | (1,901) | |
Total deferred tax assets/change | 12,727 | 20,200 | (5,261) | (10,736) | |
Thereof netted against deferred tax liabilities | (2,578) | (5,729) | |||
Total deferred tax assets as per the statement of financial position | 10,149 | 14,471 | |||
Property, plant and equipment | (327) | (320) | (1,717) | 239 | |
Intangible assets | (415) | (384) | (47) | (33) | |
Financial assets | (4,127) | (4,076) | (50) | 56 | |
Inventories | − | (1,334) | 1,315 | (1,334) | |
Lease obligations | − | (503) | 592 | (305) | |
Other | (437) | (459) | (113) | (96) | |
Total deferred tax liabilities/change | (5,306) | ( 7,076) | (20) | (1,473) | |
Thereof netted against deferred tax assets | 2,577 | 5,729 | |||
Total deferred tax liabilities as per the statement of financial position | (2,729) | (1,347) | |||
Net deferred tax assets/net change | 7,420 | 13,124 | (5,281) | (12,209) |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Opening balance | 13,124 | 32,805 | |
Charge in consolidated income statement | (5,281) | (12,209) | |
Translation differences | (423) | ( 7,472) | |
Closing balance | 7,42 | 0 | 13,124 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
(Loss)/earnings for the year attributable to equity shareholders – per share in US cents | ||
Basic | (14.41) | 37.41 |
Diluted | (14.41) | 37.35 |
(Loss)/profit for the year attributable to equity shareholders – US$000 | ||
Basic and diluted (loss)/earnings | (84,753) | 219,997 |
Weighted average number of shares – thousands | ||
Basic number of Ordinary Shares outstanding | 588,274 | 588,017 |
Effect of dilutive potential Ordinary Shares | 8,847 | 931 |
Diluted number of Ordinary Shares outstanding | 597,121 | 588,948 |
Year ended | |
31.12.23 | |
Dividends paid during the year | |
Dividends on vested awards | 456 |
Total dividends paid during the year | 456 |
Year ended | |
31.12. 22 | |
Dividends paid during the year | |
Final dividend for 2021: | 38,679 |
Interim dividend for 2022: | 76,899 |
Interim dividend for 2021: | 39,517 |
Total dividends paid during the year | 155,095 |
Key assumptions | Basis |
Future sales and production | Proved and probable reserves and available logistics capacity and power |
supply | |
Commodity prices | Contract prices and longer-term price estimates |
Capital expenditures | Future sustaining capital expenditures |
Cost of raw materials and other production/distribution costs | Expected future cost of production |
Exchange rates | Longer-term predictions of market exchange rates |
Nominal pre-tax discount rate | Cost of capital risk adjusted for the resource concerned |
Exploration | Buildings | Assets | |||||||||||
and | Mining | and tailings | Plant and | Fixtures | under | ||||||||
US$000 | evaluation | Land | assets | dam | Vessels | equipment | Vehicles | and fittings | construction | Total | |||
Cost: | |||||||||||||
At 1 January 2022 | 1,665 | 10,530 | 276,560 | 269,900 | 131,501 | 443,491 | 264,822 | 10,881 | 458,086 | 1,867,4 36 | |||
Additions | 258 | 155 | 1,316 | 19 | 6,334 | 179 | 217 | 9 | 191,842 | 200,329 | |||
Transfers | – | 77 | – | 17,147 | 83 | 55,498 | 17,147 | 880 | (90,832) | – | |||
Disposals | – | – | – | (635) | (1) | (778) | (1,208) | (679) | (22, 274) | (25,575) | |||
Translation differences | (424) | (2,694) | (70,261) | (69,225) | (5,340) | (111,360) | (55,115) | (2,223) | (123,629) | (440,271) | |||
At 31 December 2022 | 1,499 | 8,068 | 207,615 | 217, 20 6 | 132,577 | 3 87,0 3 0 | 225,863 | 8,868 | 413,19 | 3 | 1,601,919 | ||
Additions | − | 171 | − | 118 | − | 1,416 | 2,901 | 48 | 107,439 | 112 ,093 | |||
Transfers | − | 73 | 121,058 | 49,253 | 2,439 | 2 9,168 | 2,749 | 174 | (204,914) | − | |||
Disposals | − | − | (2,453) | (1,714) | 5 | (1,000) | (162) | (94) | (1,366) | (6,784) | |||
Translation differences | (56) | (306) | (12,329) | (9,240) | 2,870 | (13,577) | (6,484) | (233) | (12,237) | (51,592) | |||
At 31 December 2023 | 1,443 | 8,006 | 313,891 | 255,623 | 137,8 91 | 403,037 | 224,867 | 8,763 | 302 ,115 | 1,655,636 | |||
Accumulated depreciation and impairment: | |||||||||||||
At 1 January 2022 | – | 17 | 79,035 | 110, 26 4 | 77,715 | 218,229 | 152,478 | 6,138 | 6,867 | 650,743 | |||
Depreciation charge | – | 19 | 4,030 | 17,276 | 4,242 | 40,949 | 26,714 | 932 | – | 94,162 | |||
Disposals | – | – | – | (253) | – | (949) | (986) | (365) | (223) | (2,776) | |||
(Write-backs)/write-offs and impairments | – | – | 34,320 | 24,398 | 9,881 | 46,439 | 21,037 | 16 | 91,054 | 2 | 27,145 | ||
Transfers of impairments | – | – | − | 2,020 | − | 877 | 1,022 | 33 | (3,952) | − | |||
Translation differences | – | – | (27,807) | (35,112) | (2,708) | (58,317) | (32,10 | 9) | (1,104) | (18,059) | (175,216) | ||
At 31 December 2022 | – | 36 | 89,578 | 118,593 | 89,130 | 247,228 | 168,156 | 5,650 | 75,687 | 794,058 | |||
Depreciation charge | − | 3 | 1,554 | 9,271 | 4,433 | 28,302 | 14,509 | 816 | − | 58,888 | |||
Disposals | − | (16) | − | (1,593) | − | (733) | (132) | (90) | (4) | (2,568) | |||
(Write-backs)/write-offs and impairments | − | − | − | 262 | − | 28 | 248 | (2) | 1,361 | 1,897 | |||
Transfers of impairments | − | − | 21,576 | 8,951 | − | 5,388 | 532 | 35 | (36,482) | − | |||
Translation differences | − | − | (3,890) | (4,891) | 1,614 | (8,766) | (4,712) | (144) | (1,884) | (22,673) | |||
At 31 December 2023 | − | 23 | 108,818 | 130,593 | 95,177 | 271,447 | 178,601 | 6,265 | 38,678 | 829,602 | |||
Net book value: | |||||||||||||
At 31 December 2022 | 1,499 | 8,032 | 118,037 | 98,613 | 43,447 | 139,802 | 57,707 | 3,218 | 337, 5 0 6 | 807,861 | |||
At 31 December 2023 | 1,443 | 7,983 | 205,073 | 125,030 | 42,714 | 131,590 | 46,266 | 2,498 | 263,437 | 826,034 |
Exploration | Buildings | Assets | ||||||||
and | Mining | and tailings | Plant and | Fixtures | under | |||||
US$000 | evaluation | Land | assets | dam | Vessels | equipment | Vehicles | and fittings | construction | Total |
Net book value: | ||||||||||
At 31 December 2022 | – | 4,375 | – | 1,967 | – | – | – | – | − | 6,342 |
At 31 December 2023 | – | 4,975 | – | 1,877 | – | – | – | – | – | 6,852 |
Depreciation charge: | ||||||||||
Year ended 31 December 2022 | – | 3,633 | – | 1,093 | – | 708 | – | 2 | − | 5,436 |
Year ended 31 December 2023 | – | 4,400 | – | 728 | – | – | – | – | – | 5,128 |
Year ended | Year ended | ||
Notes | 31.12.23 | 31.12. 22 | |
Non-current | 26 | 1,009 | 1,354 |
Current | 26 | 5,939 | 5,194 |
Exploration | Patents and | Computer | Other | ||||
US$000 | Goodwill | and evaluation | licences | software | intangible assets | Total | |
Cost: | |||||||
At 1 January 2022 | 29,248 | 4,900 | 4,804 | 12,532 | 514 | 51,998 | |
Additions | – | – | – | 6 | 542 | 548 | |
Disposals | – | – | (6) | (5) | (11) | (22) | |
Transfers | – | – | 352 | 56 | (408) | – | |
Translation differences | (1,908) | (1,266) | (1,216) | (2,906) | (140) | ( 7,436) | |
At 31 December 2022 | 27, 3 4 0 | 3,634 | 3,934 | 9,683 | 497 | 45,088 | |
Additions | – | – | – | 5 | 116 | 121 | |
Disposals | – | – | (11) | (21) | (386) | (418) | |
Transfers | – | – | 8 | 47 | (55) | – | |
Translation differences | (782) | (138) | (124) | (268) | (10) | (1,322) | |
At 31 December 2023 | 26,558 | 3,496 | 3,807 | 9,446 | 162 | 43,469 | |
Accumulated amortisation and impairment: | |||||||
At 1 January 2022 | – | 932 | 1,821 | 5,647 | 12 | 8,412 | |
Amortisation charge | – | – | 308 | 1,543 | – | 1,851 | |
Write-offs and impairments | 27, 3 40 | 709 | – | 1,054 | – | 29,10 | 3 |
Disposals | – | – | (6) | (96) | (11) | (113) | |
Translation differences | – | (399) | (406) | (1,608) | (1) | (2,414) | |
At 31 December 2022 | 27, 3 4 0 | 1,242 | 1,717 | 6,540 | – | 36,839 | |
Amortisation charge | – | – | 284 | 1,091 | – | 1,375 | |
Write-offs and impairments | – | – | – | – | – | – | |
Disposals | – | – | (13) | (26) | – | (39) | |
Translation differences | (782) | (50) | (52) | (190) | – | (1,074) | |
At 31 December 2023 | 26,558 | 1,192 | 1,936 | 7,415 | – | 37,101 | |
Net book value: | |||||||
At 31 December 2022 | – | 2,392 | 2,217 | 3,143 | 497 | 8,249 | |
At 31 December 2023 | – | 2,304 | 1,871 | 2,031 | 162 | 6,368 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Prepayments for property, plant and equipment | 32,871 | 32,184 |
Other non-current assets | 5,233 | 5,267 |
Total other non-current assets | 38,104 | 37,4 51 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Raw materials and consumables | 47,302 | 51,437 |
Spare parts | 88,000 | 91,334 |
Finished ore pellets | 45,040 | 52,625 |
Work in progress | 18,844 | 25,832 |
Other | 2,243 | 3,226 |
Total inventories – current | 201,429 | 224,454 |
Weathered ore | 5,883 | 6,277 |
Total inventories – non-current | 5,883 | 6,277 |
Total inventories | 207,312 | 230,731 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Trade receivables | 76,586 | 28,838 |
Other receivables | 18,765 | 4,559 |
Expected credit loss allowance | (13,030) | (8,698) |
Total trade and other receivables | 82,321 | 24,699 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening balance | 8,698 | 3,031 |
Increase | 4,585 | 7, 20 5 |
Release | (182) | (987) |
Translation differences | (71) | (551) |
Closing balance | 13,030 | 8,698 |
Days past due | |||||
As at 31.12.23 | Less than | 45 to 90 | Over 90 | ||
US$000 | Current | 45 days | days | days | Total |
Expected loss rate | 0.8% | 1.6% | 3.3% | 76.7% | 13.7% |
Trade receivables – gross carrying amount | 52,014 | 11,542 | 1,808 | 11,222 | 76,586 |
Other receivables – gross carrying amount | 3,815 | 2 | 10,533 | 4,415 | 18,765 |
Expected credit loss allowance | 442 | 179 | 408 | 12,001 | 13,030 |
Days past due | |||||
As at 31.12.22 | Less than | 45 to 90 | Over 90 | ||
US$000 | Current | 45 days | days | days | Total |
Expected loss rate | 2.5% | 16.8% | 25.3% | 87. 2% | 26.0% |
Trade receivables – gross carrying amount | 17,056 | 2,541 | 1,359 | 7,882 | 28,838 |
Other receivables – gross carrying amount | 3,943 | 1 | 1 | 614 | 4,559 |
Expected credit loss allowance | 519 | 426 | 344 | 7,4 0 9 | 8,698 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Prepayments to suppliers: | ||
Electricity and gas | 6,013 | 2,387 |
Materials and spare parts | 4,385 | 939 |
Services | 7,075 | 7,442 |
Other prepayments | 185 | 211 |
Prepaid expenses | 3,598 | 2,312 |
Other | 124 | 61 |
Total prepayments and other current assets | 21,380 | 13,352 |
As at | As at | |
31.12.23 | 31.12. 22 | |
VAT receivable | 25,639 | 79,064 |
Other taxes prepaid | 652 | 9,698 |
Total other taxes recoverable and prepaid | 26,291 | 88,762 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Opening balance, gross | 76,387 | 46,963 | |
Net VAT incurred | 66,987 | 121,369 | |
VAT refunds received in cash | (115,348) | (65,149) | |
Translation differences | (922) | (26,796) | |
Closing balance, gross | 27,104 | 76,387 | |
Allowance | (3,18 | 8) | (499) |
Closing balance, net | 23,916 | 75,888 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Environmental tax | 341 | 269 |
Royalties | 3,695 | 951 |
VAT payable | 253 | 146 |
Other taxes | 4,536 | 3,792 |
Total other taxes payable | 8,825 | 5,158 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Materials and services | 25,898 | 18,856 |
Payables for equipment | 9,182 | 11,441 |
Other | 230 | 212 |
Total current trade and other payables | 35,310 | 30,509 |
Year ended 31.12.23 | Year ended 31.12.22 | |||
Ukrainian | Swiss | Ukrainian | Swiss | |
schemes | scheme | schemes | scheme | |
Discount rate | 18.0% | 1.5% | 18.0% | 2.3% |
Retail price inflation | 8.7% | 1.5% | 8.7% | 1.5% |
Expected future salary increase | 8.5% | 2.0% | 7.3% | 2.0% |
Expected future benefit increase | 8.5% | − | 7. 3% | – |
Female life expectancy (years) | 79.8 | 89.6 | 79.8 | 89.5 |
Male life expectancy (years) | 75.6 | 87.8 | 75.6 | 87.7 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Present value of funded defined benefit obligation | 5,011 | 3,754 |
Fair value of plan assets | (3,697) | (2,870) |
Funded status | 1,314 | 884 |
Present value of unfunded defined benefit obligation | 15,204 | 15,572 |
Defined benefit pension liability | 16,518 | 16,456 |
Thereof for Ukrainian schemes | 15,064 | 15,463 |
Thereof for Swiss scheme | 1,314 | 884 |
Thereof for schemes in other jurisdictions | 140 | 109 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Defined benefit cost charged in the consolidated income statement: | ||
Current service cost | 887 | 1,098 |
Past service cost | (26) | (40) |
Interest cost on defined benefit obligation | 2,711 | 2,685 |
Interest income on plan assets | (71) | (7) |
Administration cost | 17 | 10 |
Total defined benefit costs charged in the consolidated income statement | 3,518 | 3,746 |
Remeasurement (gains)/costs in consolidated statement of other comprehensive income: | ||
Remeasurement effect from demographic assumptions | 43 | (137) |
Remeasurement effect from financial assumptions | 1,469 | ( 7,139) |
Experience adjustment | (2,346) | 1,528 |
Return on plan assets | (65) | 412 |
Total remeasurement gains in other comprehensive income | (899) | (5,336) |
Total defined benefit losses/(gains) | 2,619 | (1,590) |
Thereof for Ukrainian schemes | 1,980 | (1,397) |
Thereof for Swiss scheme | 627 | (201) |
Thereof for schemes in other jurisdictions | 12 | 8 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening defined benefit obligation | 19,326 | 29,119 |
Current service cost | 886 | 1,098 |
Interest cost on defined benefit obligation | 2,711 | 2,685 |
Remeasurement gains | (834) | (5,748) |
Contributions paid by employer | (1,798) | (1,874) |
Contributions paid by employees | 134 | 102 |
Benefits paid and net transfers through pension assets | (50) | (63) |
Plan amendments | (26) | (40) |
Translation differences | (150) | (5,953) |
Closing defined benefit obligation | 20,199 | 19,326 |
Thereof for Ukrainian schemes | 15,064 | 15,463 |
Thereof for Swiss scheme | 5,011 | 3,754 |
Thereof for schemes in other jurisdictions | 124 | 109 |
Thereof for active employees | 10,060 | 8,757 |
Thereof for vested terminations | 5,264 | 6,105 |
Thereof for pensioners | 4,875 | 4,464 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening fair value of plan assets | 2,870 | 3,045 |
Interest income | 71 | 7 |
Contributions paid by employer | 305 | 244 |
Contributions paid by employees | 134 | 102 |
Benefits paid and net transfers through pension assets | (50) | (63) |
Return on plan assets | 65 | (412) |
Administration cost | (16) | (10) |
Translation differences | 318 | (43) |
Closing fair value of plan assets | 3,697 | 2,870 |
Thereof for Swiss scheme | 3,697 | 2,870 |
As at | As at | As at | As at | |
31.12.23 | 31.12.23 | 31.12. 22 | 31.12. 22 | |
Scheme assets at fair value | ||||
Equities | 32.0 | 1,182 | 27. 9 | 802 |
Bonds | 28.7 | 1,061 | 3 0.1 | 863 |
Properties | 17.9 | 661 | 17.7 | 508 |
Other | 21.4 | 793 | 24.3 | 697 |
Fair value of scheme assets | 100.0 | 3,697 | 100.0 | 2,870 |
Year ended 31.12.23 | ||||||
Ukrainian | Swiss | Other | Ukrainian | Swiss | Other | |
US$000 | schemes | scheme | jurisdictions | schemes | scheme | jurisdictions |
Increase by | Decrease by | |||||
1.0% or | 1.0% or | 1.0% or | 1.0% or | 1.0% or | 1.0% or | |
Change | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year |
Discount rate (%) | (956) | (751) | (7) | 1,072 | 1,047 | 4 |
Future salary increases (%) | 543 | 158 | 6 | (500) | (137) | (6) |
Local inflation (%) | 22 | 4 | n/a | (33) | – | n/a |
Indexation of pension (%) | n/a | 403 | n/a | n/a | n/a | n/a |
Life expectancy (years) | 257 | 57 | n/a | (309) | (55) | n/a |
Year ended 31.12.22 | ||||||
Ukrainian | Swiss | Other | Ukrainian | Swiss | Other | |
US$000 | schemes | scheme | jurisdictions | schemes | scheme | jurisdictions |
Increase by | Decrease by | |||||
1.0% or | 1.0% or | 1.0% or | 1.0% or | 1.0% or | 1.0% or | |
Change | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year |
Discount rate (%) | (995) | (526) | (5) | 1,116 | 727 | 7 |
Future salary increases (%) | 582 | 114 | 6 | (531) | (103) | (5) |
Local inflation (%) | 11 | – | n/a | (15) | (1) | n/a |
Indexation of pension (%) | n/a | 264 | n/a | n/a | n/a | n/a |
Life expectancy (years) | 265 | 35 | n/a | (318) | (35) | n/a |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening balance | 4,284 | 3,873 |
Unwind of the discount | 771 | 382 |
Charge to the consolidated income statement | (2,148) | 1,033 |
Translation differences | (127) | (1,004) |
Closing balance | 2,780 | 4,284 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Accrued expenses | 2,800 | 2,033 |
Accrued employee costs | 12,580 | 15,048 |
Contract liabilities | 1,915 | 2,438 |
Other | 33 | 74 |
Total accrued and contract liabilities | 17,328 | 19,593 |
As at | As at | |
31.12.23 | 31.12. 22 | |
Cash at bank and on hand | 115, 241 | 112,945 |
Total cash and cash equivalents | 115,241 | 112,945 |
As at | As at | ||
31.12.23 | 31.12. 22 | ||
Current | |||
Lease liabilities | 14 | 5,939 | 5,194 |
Total current interest-bearing loans and borrowings | 5,939 | 5,194 | |
Non-current | |||
Lease liabilities | 14 | 1,009 | 1,354 |
Total non-current interest-bearing loans and borrowings | 1,009 | 1,354 | |
Total interest-bearing loans and borrowings | 27 | 6,948 | 6,548 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening balance of interest-bearing loans and borrowings | 6,548 | 50,349 |
Cash movements: | ||
Principal and interest elements of lease payments | (5,562) | (6,103) |
Change of trade finance facilities, net | – | (42,146) |
Total cash movements | (5,562) | (48,249) |
Non-cash movements: | ||
Additions to lease liabilities | 5,812 | 5,340 |
Others (incl. translation differences) | 150 | (892) |
Total non-cash movements | 5,962 | 4,448 |
Closing balance of interest-bearing loans and borrowings | 6,948 | 6,548 |
As at 31.12.23 | |||||
Financial | Financial | ||||
assets | liabilities | ||||
measured at | measured at | Lease | |||
US$000 | Notes | amortised cost | amortised cost | liabilities | Total |
Financial assets | |||||
Cash and cash equivalents | 25 | 115,241 | – | – | 115,241 |
Trade and other receivables | 18 | 82,321 | – | – | 82,321 |
Other financial assets | 5,245 | – | – | 5,245 | |
Total financial assets | 202,807 | – | – | 202,807 | |
Financial liabilities | |||||
Trade and other payables | 21 | – | 35,310 | – | 35,310 |
Accrued liabilities | 24 | – | 15,387 | – | 15,387 |
Interest-bearing loans and borrowings | 26 | – | – | 6,948 | 6,948 |
Total financial liabilities | – | 50,697 | 6,948 | 57,645 |
As at 31.12.22 | |||||||
Financial | Financial | ||||||
assets | liabilities | ||||||
measured at | measured at | Lease | |||||
US$000 | Notes | amortised cost | amortised cost | liabilities | Total | ||
Financial assets | |||||||
Cash and cash equivalents | 25 | 112,945 | – | – | 112,94 | 5 | |
Trade and other receivables | 18 | 24,699 | – | – | 24,699 | ||
Other financial assets | 5,443 | – | – | 5,443 | |||
Total financial assets | 143,087 | – | – | 143,087 | |||
Financial liabilities | |||||||
Trade and other payables | 21 | – | 30,509 | – | 30,509 | ||
Accrued liabilities | 24 | – | 17,0 99 | – | 17,0 99 | ||
Interest-bearing loans and borrowings | 26 | – | – | 6,548 | 6,548 | ||
Total financial liabilities | – | 47, | 60 8 | 6,548 | 54,156 |
As at 31.12.23 | |||||||
Less than | Between | Between | Between | Between | More than | ||
US$000 | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Interest-bearing | |||||||
Lease liabilities | 6,092 | 832 | 245 | 5 | – | – | 7,174 |
Total interest-bearing | 6,092 | 832 | 245 | 5 | – | – | 7,174 |
Non-interest-bearing | |||||||
Trade and other payables | 35,310 | – | – | – | – | – | 35,310 |
Accrued liabilities | 15,387 | – | – | – | – | – | 15,387 |
Future interest payable | – | – | – | – | – | – | – |
Total non-interest-bearing | 50,697 | – | – | – | – | – | 50,697 |
Total financial liabilities | 56,789 | 832 | 245 | 5 | – | – | 57,871 |
As at 31.12.22 | |||||||
Less than | Between | Between | Between | Between | More than | ||
US$000 | 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years | Total |
Interest-bearing | |||||||
Lease liabilities | 5,355 | 880 | 579 | 9 | 6 | – | 6,829 |
Total interest-bearing | 5,355 | 880 | 579 | 9 | 6 | – | 6,829 |
Non-interest-bearing | |||||||
Trade and other payables | 30,509 | – | – | – | – | – | 30,509 |
Accrued liabilities | 17,092 | – | – | – | – | – | 17,0 9 2 |
Future interest payable | 18 | – | – | – | – | – | 18 |
Total non-interest-bearing | 47,619 | – | – | – | – | – | 47, 619 |
Total financial liabilities | 52,974 | 880 | 579 | 9 | 6 | – | 54,448 |
As at | As at | ||
31.12.23 | 31.12. 22 | ||
Total financial assets | 202,807 | 143,087 | |
Thereof exposed to Ukrainian hryvnia | – | – | |
Thereof exposed to US dollar | 255 | 1,742 | |
Thereof exposed to euro | 2,737 | 1,846 | |
Thereof exposed to Swiss franc | 1,124 | 921 | |
Thereof exposed to other currencies | 1,170 | 416 | |
Total exposures to currencies other than local functional currencies | 5,286 | 4,925 | |
Total financial liabilities | (57,645) | (54,149) | |
Thereof exposed to Ukrainian hryvnia | – | – | |
Thereof exposed to US dollar | (631) | (815) | |
Thereof exposed to euro | (7,6 26 ) | (7,09 | 4) |
Thereof exposed to Swiss franc | (461) | (192) | |
Thereof exposed to other currencies | (682) | (145) | |
Total exposures to currencies other than local functional currencies | (9,400) | (8,246) |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Income | Income | |
statement/ | statement/ | |
equity | equity | |
Ukrainian hryvnia | (63) | 154 |
Euro | (815) | (875) |
Swiss franc | 111 | 122 |
Other | 81 | 45 |
Total | (686) | (554) |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Net finance charge | 1,152 | 1,129 |
20 23 LTIP | 2022 | LTIP | 2021 | LTIP | Total | |
Year ended 31.12.23 | 595 | – | – | 595 | ||
Year ended 31.12.22 | – | 453 | – | 453 | ||
Year ended 31.12.21 | – | – | 295 | 295 |
20 23 LTIP | 2022 | LTIP | 2021 | LTIP | 2020 | LTIP | Total | |
Year ended 31.12.23 | 203 | 48 | 103 | 476 | 830 | |||
Year ended 31.12.22 | – | 129 | 282 | 55 | 466 |
Year ended | Year ended | Year ended | Year ended | |
31.12.23 | 31.12. 22 | 31.12.23 | 31.12. 22 | |
WAFV (US$) | WAFV (US$) | No. (000) | No. (000) | |
LTIP | ||||
Beginning of the year | 1.98 | 2.22 | 1,040 | 1,046 |
Awards granted during the year | 1.12 | 1.54 | 595 | 453 |
Awards vested during the year | 2.38 | 2.40 | (289) | (347) |
Awards lapsed during the year | 1.40 | 2.22 | (405) | (112) |
Outstanding unvested awards at 31 December | 1.80 | 1.98 | 941 | 1,040 |
Year ended | Year ended | ||
31.12.23 | 31.12. 22 | ||
Wages and salaries | 63,577 | 77, 8 3 0 | |
Social security costs | 11,346 | 14,211 | |
Post-employment benefits | 22 | 887 | 1,098 |
Other employee costs | 3,087 | 4,391 | |
Share-based payments | 28 | 830 | 490 |
Total employee benefits expenses | 79,727 | 98,020 |
Year ended 31.12.23 | Year ended 31.12.22 | |||||
Non-executive | Non-executive | |||||
and Executive | Other key | and Executive | Other key | |||
US$000 | Directors | management | Total | Directors | management | Total |
Wages and salaries | 3,769 | 2,068 | 5,837 | 3,438 | 2,455 | 5,893 |
Social security costs | 122 | 48 | 170 | 94 | 57 | 151 |
Post-employment benefits | 91 | 48 | 139 | 80 | 64 | 144 |
Other employee costs | 155 | − | 155 | 315 | 32 | 347 |
Share-based payments | 107 | 264 | 371 | 225 | 370 | 595 |
Total compensation for key management | 4,244 | 2,428 | 6,672 | 4,152 | 2,978 | 7,130 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Production | 4,939 | 5,873 |
Marketing and distribution | 409 | 439 |
Administration | 1,214 | 1,303 |
Other | 328 | 363 |
Total average number of employees | 6,890 | 7,978 |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Total commitments for the lease of mining land (out of the scope of IFRS 16) | 52,739 | 50,963 |
Total capital commitments on purchase of property, plant and equipment | 128,934 | 134,842 |
Commitments for investment in a joint venture | 6,064 | 6,064 |
Uniting of interest | Treasury share | Employee benefit | Translation | Total other | |
reserve | reserve | trust reserve | reserve | reserves | |
At 1 January 2022 | 31,780 | ( 7 7, 26 0) | (1,679) | (1,938,972) | (1,986,131) |
Foreign currency translation differences | – | – | – | (664,286) | (664,286) |
Tax effect | – | – | – | 13,036 | 13,036 |
Total other comprehensive loss for the year | – | – | – | (651,250) | (651,250) |
Share-based payments | – | – | 490 | – | 490 |
At 31 December 2022 | 31,780 | ( 7 7, 26 0) | (1,189) | (2,590,222) | (2,636,891) |
Foreign currency translation differences | – | – | – | (54,847) | (54,847) |
Tax effect | – | – | – | 1,479 | 1,479 |
Total other comprehensive loss for the year | – | – | – | (53,368) | (53,368) |
Share based payments | – | – | 830 | – | 830 |
Effect from transfer of treasury shares | – | 29,000 | (15,865) | – | 13,135 |
At 31 December 2023 | 31,780 | (48,260) | (16,224) | (2,643,590) | (2,676,294) |
Year ended | Year ended | |
31.12.23 | 31.12. 22 | |
Opening balance | 5,167 | 7,0 3 4 |
Share of profit | (372) | 557 |
Dividends declared | − | (881) |
Translation adjustments | (179) | (1,543) |
Closing balance | 4,616 | 5,167 |
Revenue | Net (loss)/profit | |||
Year ended | Year ended | Year ended | Year ended | |
US$000 | 31.12.23 | 31.12. 22 | 31.12.23 | 31.12. 22 |
TIS Ruda LLC | 773 | 4,077 | (745) | 1,116 |
Year ended 31.12.23 | Year ended 31.12.22 | |||||
Entities | Entities | |||||
under | Other | under | Other | |||
common | Associated | related | common | Associated | related | |
US$000 | control | companies | parties | control | companies | parties |
Other sales | 271 | – | 1 | 560 | – | 2 |
Total related party transactions within revenue | 271 | – | 1 | 560 | – | 2 |
Materials and services | 6,473 | – | – | 6,784 | – | – |
Spare parts and consumables | 1,730 | – | – | 7,056 | – | – |
Other expenses | 1,289 | – | – | 1,948 | – | – |
Total related party transactions within cost of sales | 9,492 | – | – | 15,788 | – | – |
Selling and distribution expenses | 5,825 | 20 | – | 6,542 | 3,819 | – |
General and administration expenses | 200 | – | 691 | 398 | – | 567 |
Other operating expenses | 1,019 | – | – | 2,019 | – | – |
Finance expense | 3 | – | – | 8 | – | – |
Total related party transactions within expenses | 16,539 | 20 | 691 | 24,755 | 3,819 | 567 |
Total related party transactions | 16,810 | 20 | 692 | 25,315 | 3,819 | 569 |
Year ended 31.12.23 | Year ended 31.12.22 | ||||||
Entities | Entities | ||||||
under | Other | under | Other | ||||
common | Associated | related | common | Associated | related | ||
US$000 | control | companies | parties | control | companies | parties | |
Purchases in the ordinary course of business | 3,499 | – | – | 11,6 34 | – | – | |
Total purchases of property, plant and equipment | 3,499 | – | – | 11,63 | 4 | – | – |
As at 31.12.23 | As at 31.12.22 | |||||
Entities | Entities | |||||
under | Other | under | Other | |||
common | Associated | related | common | Associated | related | |
US$000 | control | companies | parties | control | companies | parties |
Other non-current assets | 3,001 | – | – | 3,847 | – | – |
Total non-current assets | 3,001 | – | – | 3,847 | – | – |
Trade and other receivables | 71 | 3,125 | – | 38 | 3,245 | 1 |
Prepayments and other current assets | 124 | 389 | – | 745 | 120 | – |
Total current assets | 195 | 3,514 | – | 783 | 3,365 | 1 |
Trade and other payables | 1,219 | – | – | 2,057 | 244 | – |
Total current liabilities | 1,219 | – | – | 2,057 | 244 | – |