Hambledon Mining
Hambledon Mining is a gold exploration, development and production company with a portfolio of assets in eastern and central Kazakhstan. Hambledon owns Sekisovskoye precious metals mine, Ognevka metals treatment plant and is in the process of acquisition of two pre-feasibility stage gold-silver projects Tellur and Stepok in Central Kazakhstan.The company was incorporated in 1997 in the British Virgin Islands and went public in June 2004 by listing its shares at Alternative Investment Market of LSE.
Shareholders
| Nick Bridgen | 12% |
| Henderson Global Investors | 8% |
| Blackrock | 6% |
| Barclays Stockbrokers | 6% |
| Free float | 69% |
Financial statements
| 2008A | 2009A | 2010A | 2011F | 2012F | 2013F | |
| Dollars in '000, except per share | ||||||
| Income Statement | ||||||
| Sales | 8 052 | 20 368 | 29 132 | 35 837 | 64 890 | 94 230 |
| Cost of sales (excl. depreciation) | 7 605 | 11 100 | 15 030 | 23 635 | 30 569 | 40 754 |
| Gross Profit | 447 | 9 268 | 14 102 | 12 203 | 34 321 | 53 476 |
| SG&A (excl. depcreciation) | 4 573 | 4 245 | 4 593 | 5 376 | 10 234 | 14 135 |
| Write-offs and impairment | 2 435 | - | - | - | - | - |
| EBITDA | (6 561) | 5 023 | 9 509 | 6 827 | 24 088 | 39 342 |
| Depreciation | 3 599 | 4 867 | 5 476 | 4 950 | 4 299 | 7 165 |
| EBIT | (10 160) | 156 | 4 033 | 1 877 | 19 789 | 32 177 |
| Interest expense | 146 | 396 | 525 | 250 | 635 | 875 |
| Interest (income) | (61) | (5) | (12) | (18) | (32) | (47) |
| Other non-operating (income)/expense | (4) | 65 | 192 | (205) | (2 500) | - |
| Pretax Income | (10 241) | (301) | 3 328 | 1 850 | 21 686 | 31 349 |
| Income taxes | 813 | (464) | 281 | 370 | 4 337 | 6 270 |
| (Loss)/profit from continuing operations | (11 055) | 164 | 3 047 | 1 480 | 17 349 | 25 079 |
| Earnings Per Share | (0,02) | 0,00 | 0,01 | 0,00 | 0,02 | 0,02 |
| Effective tax rate | (7,9%) | 154,5% | 8,4% | 20,0% | 20,0% | 20,0% |
| Balance Sheet | ||||||
| Cash | 777 | 2 325 | 961 | 1 792 | 3 245 | 4 712 |
| Short-term investments | - | - | - | 7 745 | 22 332 | 35 880 |
| Accounts receivable, net | 2 375 | 2 914 | 4 752 | 5 846 | 10 585 | 18 072 |
| Inventories | 4 920 | 7 918 | 5 833 | 9 172 | 11 444 | 14 698 |
| Total Current Assets: | 8 072 | 13 157 | 11 546 | 24 555 | 47 605 | 73 362 |
| PP&E, net | 29 523 | 24 448 | 23 608 | 28 658 | 47 764 | 53 876 |
| Other long-term assets | - | 65 | 6 014 | 6 014 | 6 014 | 6 014 |
| Total Assets: | 37 596 | 37 670 | 41 168 | 59 226 | 101 384 | 133 252 |
| Short-term debt | 516 | - | - | - | - | - |
| Accounts payable | 2 358 | 2 266 | 2 353 | 3 700 | 4 367 | 5 583 |
| Other current liabilities | - | 280 | 282 | 444 | 574 | 765 |
| Current tax liabilities | 233 | - | 195 | 466 | 843 | 1 224 |
| Total Current Liabilities: | 3 107 | 2 546 | 2 830 | 4 609 | 5 784 | 7 572 |
| Long-term debt | - | - | - | 1 000 | 10 000 | 15 000 |
| Deferred tax liabilities | 813 | 218 | 493 | 493 | 493 | 493 |
| Other long-term liabilities | 2 368 | 3 283 | 3 007 | 3 007 | 3 007 | 3 007 |
| Total Liabilities: | 6 289 | 6 047 | 6 330 | 9 109 | 19 283 | 26 072 |
| Capital | 51 384 | 53 386 | 54 051 | 67 851 | 82 485 | 82 485 |
| Retained earnings | (20 077) | (21 762) | (19 213) | (17 734) | (385) | 24 695 |
| Total Equity: | 31 307 | 31 624 | 34 838 | 50 117 | 82 101 | 107 180 |
| Total Liabilities and Equity: | 37 596 | 37 670 | 41 168 | 59 226 | 101 384 | 133 252 |
| Cash Flow Statement | ||||||
| Cash Flow from Operating Activities: | 3 776 | 15 811 | 23 292 | |||
| Cash Flow from Investing Activities: |
|
(17 745) | (37 992) | (26 825) | ||
| Cash Flow from Financing Activities: | 14 800 | 23 634 | 5 000 | |||
| Net cash flow | 831 | 1 453 | 1 467 |
| Price close | 12M target price | Reccomendation | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hambledon Mining | 2.03 | GBp | 0% | 3.4 | Hold | |||||||||||||||
| ||||||||||||||||||||
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