Condensed consolidated interim financial statements of
Ivanhoe Mines Ltd.
June 30, 2022
(Stated in U.S. dollars) (Unaudited)
Ivanhoe Mines Ltd.
June 30, 2022
Table of contents
Condensed consolidated interim statements of financial position | 3 |
Condensed consolidated interim statements of comprehensive income | 4 |
Condensed consolidated interim statements of changes in equity | 5 |
Condensed consolidated interim statements of cash flows | 6 |
Notes to the condensed consolidated interim financial statements | 7 - 46 |
Ivanhoe Mines Ltd.
Condensed consolidated interim statements of financial position as at June 30, 2022
(Stated in U.S. dollars) (Unaudited)
June 30, | December 31, | ||
Notes | 2022 | 2021 | |
$'000 | $'000 | ||
ASSETS | |||
Non-current assets | 1,841,757 | ||
Investment in joint venture | 4 | 1,641,795 | |
Property, plant and equipment | 5 | 502,040 | 468,272 |
Mineral properties | 6 | 264,995 | 264,995 |
Deferred tax asset | 7 | 200,574 | 73,162 |
Loans receivable | 8 | 92,514 | 41,768 |
Promissory note receivable | 9 | 26,738 | 26,717 |
Investments | 10 | 14,496 | 1,799 |
Right-of-use asset | 11 | 8,633 | 9,033 |
Other assets | 4,222 | 3,925 | |
Total non-current assets | 2,955,969 | 2,531,466 | |
Current assets | 507,146 | ||
Cash and cash equivalents | 12 | 608,176 | |
Other receivables | 13 | 22,690 | 10,695 |
Loans receivable | 8 | 14,603 | 61,710 |
Prepaid expenses | 14 | 8,233 | 4,948 |
Consumable stores | 980 | 995 | |
Current tax assets | 366 | 216 | |
Total current assets | 554,018 | 686,740 | |
Total assets | 3,509,987 | 3,218,206 | |
EQUITY AND LIABILITIES | |||
Capital and reserves | 2,326,697 | ||
Share capital | 21 | 2,316,293 | |
Share option reserve | 21 | 146,270 | 141,099 |
Foreign currency translation reserve | 22 | (53,268) | (62,508) |
Accumulated profit | 441,573 | 98,937 | |
Equity attributable to owners of the Company | 2,861,272 | 2,493,821 | |
Non-controlling interests | 23 | (85,187) | (116,824) |
Total equity | 2,776,085 | 2,376,997 | |
Non-current liabilities | 447,875 | ||
Convertible notes - host liability | 15 | 434,381 | |
Convertible notes - embedded derivative liability | 15 | 127,000 | 244,200 |
Deferred revenue | 16 | 72,357 | 69,562 |
Borrowings | 17 | 39,176 | 38,342 |
Lease liability | 11 | 10,850 | 11,241 |
Cash-settledshare-based payment liability | 18 | 8,782 | 8,292 |
Advances payable | 19 | 2,995 | 2,908 |
Rehabilitation provision | 341 | 327 | |
Total non-current liabilities | 709,376 | 809,253 | |
Current liabilities | 20,213 | ||
Trade and other payables | 20 | 26,799 | |
Convertible notes - host liability | 15 | 2,993 | 3,033 |
Lease liability | 11 | 783 | 729 |
Cash-settledshare-based payment liability | 18 | 537 | 1,395 |
Total current liabilities | 24,526 | 31,956 | |
Total liabilities | 733,902 | 841,209 | |
Total equity and liabilities | 3,509,987 | 3,218,206 | |
Continuing operations (Note 1) | |||
Commitments and contingencies (Note 34) |
(Signed) Peter Meredith
Peter Meredith, Director
(Signed) William Hayden
William Hayden, Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements. | Page 3 |
Ivanhoe Mines Ltd.
Condensed consolidated interim statements of comprehensive income for the three and six months ended June 30, 2022
(Stated in U.S. dollars) (Unaudited)
Three months ended | Six months ended | |||||
June 30, | June 30, | |||||
Notes | 2022 | 2021 | 2022 | 2021 | ||
$'000 | $'000 | $'000 | $'000 | |||
Operating income (expenses) | ||||||
Share of profit (loss) from joint venture net of tax | 4 | 49,690 | (9,960) | 136,799 | (14,053) | |
Reversal of VAT write-off | 4,951 | - | 4,951 | - | ||
Exploration and project evaluation expenditure | (13,470) | (11,972) | (25,713) | (20,694) | ||
Share-based payments | 24 | (4,637) | (4,068) | (12,026) | (7,395) | |
Salaries and benefits | (2,265) | (5,497) | (5,285) | (8,548) | ||
Other expenditure | (2,185) | (2,461) | (4,129) | (4,741) | ||
Foreign exchange (loss) gain | (2,067) | 564 | (688) | 904 | ||
Travel costs | (1,720) | (1,664) | (3,625) | (3,633) | ||
Professional fees | (389) | (2,048) | (797) | (2,546) | ||
Legal fees | (331) | (2,059) | (671) | (2,520) | ||
Profit (loss) from operating activities | 27,577 | (39,165) | 88,816 | (63,226) | ||
Gain (loss) on fair valuation of embedded derivative liability | 15 | 183,600 | (85,700) | 117,200 | (60,100) | |
Finance income | 26 | 38,596 | 25,095 | 70,101 | 47,875 | |
Other income | 27 | 519 | 918 | 955 | 2,281 | |
Finance costs | 25 | (10,013) | (10,110) | (17,404) | (11,901) | |
(Loss) gain on fair valuation of financial asset | (2,942) | (629) | 416 | (397) | ||
Transaction costs on convertible notes offering | 15 | - | - | - | (3,651) | |
Profit (loss) before income taxes | 237,337 | (109,591) | 260,084 | (89,119) | ||
Income tax (expense) recovery | ||||||
Current tax | (1) | - | 139 | (107) | ||
Deferred tax | 114,184 | 978 | 112,837 | 1,022 | ||
114,183 | 978 | 112,976 | 915 | |||
Profit (loss) for the period | 351,520 | (108,613) | 373,060 | (88,204) | ||
Profit (loss) attributable to: | ||||||
Owners of the Company | 316,242 | (104,452) | 342,636 | (80,397) | ||
Non-controlling interests | 35,278 | (4,161) | 30,424 | (7,807) | ||
351,520 | (108,613) | 373,060 | (88,204) | |||
Other comprehensive (loss) income | ||||||
Items that may subsequently be reclassified to profit (loss): | ||||||
Exchange (loss) gain on translation of foreign operations, net | (10,644) | 10,453 | ||||
of tax | 12,919 | 8,747 | ||||
Other comprehensive (loss) income for the period, net of tax | (10,644) | 12,919 | 10,453 | 8,747 | ||
Total comprehensive income (loss) for the period | 340,876 | (95,694) | 383,513 | (79,457) | ||
Total comprehensive income (loss) attributable to: | ||||||
Owners of the Company | 306,381 | (92,793) | 351,876 | (72,454) | ||
Non-controlling interests | 23 | 34,495 | (2,901) | 31,637 | (7,003) | |
340,876 | (95,694) | 383,513 | (79,457) | |||
Basic profit (loss) per share | 28 | 0.26 | (0.09) | 0.28 | (0.07) | |
Diluted profit (loss) per share | 28 | 0.26 | (0.09) | 0.28 | (0.07) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements. | Page 4 |
Ivanhoe Mines Ltd.
Condensed consolidated interim statements of changes in equity for the three and six months ended June 30, 2022
(Stated in U.S. dollars) (Unaudited)
Foreign | ||||||||
Share capital | currency | Equity | Non- | |||||
Number | Share option | translation | Accumulated | attributable | controlling | |||
of shares | Amount | reserve | reserve | profit | to owners | interests | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Balance at January 1, 2021 | 1,205,894,118 | 2,302,197 | 131,823 | (37,056) | 43,695 | 2,440,659 | (104,176) | 2,336,483 |
Net profit (loss) for the period | - | - | - | - | (80,397) | (80,397) | (7,807) | (88,204) |
Other comprehensive income | - | - | - | 7,943 | - | 7,943 | 804 | 8,747 |
Total comprehensive income (loss) | - | - | - | 7,943 | (80,397) | (72,454) | (7,003) | (79,457) |
Transactions with owners | ||||||||
Share-based payments charged to operations | ||||||||
(Note 24) | - | - | 5,625 | - | - | 5,625 | - | 5,625 |
Restricted share units vested (Note 21(c)) | 1,141,370 | 3,776 | (3,776) | - | - | - | - | - |
Options exercised (Note 21(b)) | 1,582,180 | 5,489 | (1,814) | - | - | 3,675 | - | 3,675 |
Balance at June 30, 2021 | 1,208,617,668 | 2,311,462 | 131,858 | (29,113) | (36,702) | 2,377,505 | (111,179) | 2,266,326 |
Balance at January 1, 2022 | 1,209,665,401 | 2,316,293 | 141,099 | (62,508) | 98,937 | 2,493,821 | (116,824) | 2,376,997 |
Net profit for the period | - | - | - | - | 342,636 | 342,636 | 30,424 | 373,060 |
Other comprehensive income | - | - | - | 9,240 | - | 9,240 | 1,213 | 10,453 |
Total comprehensive income | - | - | - | 9,240 | 342,636 | 351,876 | 31,637 | 383,513 |
Transactions with owners | ||||||||
Share-based payments charged to operations | ||||||||
(Note 24) | - | - | 12,394 | - | - | 12,394 | - | 12,394 |
Restricted share units vested (Note 21(c)) | 1,142,820 | 6,075 | (6,075) | - | - | - | - | - |
Options exercised (Note 21(b)) | 1,037,451 | 4,329 | (1,148) | - | - | 3,181 | - | 3,181 |
Balance at June 30, 2022 | 1,211,845,672 | 2,326,697 | 146,270 | (53,268) | 441,573 | 2,861,272 | (85,187) | 2,776,085 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements. | Page 5 |
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Ivanhoe Mines Ltd. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 14:03:08 UTC.