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Going concern
The Group posted a net loss of US$18.5million (US$4.7million in 2013 and US$5.5million in 2012). As at the reporting date the Group’s current liabilities exceeded current assets by US$50.8million and the Group’s statement of financial position showed adverse solvency ratios of 0.52:1 (2013: 0.77:1) and 0.04:1 (2013: 0.08:1) for current and acid test ratios respectively. The Group’s loss position emanated from two major factors. The first factor is that ENR’s sole supplier of matte declared a series of force majeures resulting in the Refinery receiving less than 30% of its contractual supplies of matte and operating at less than 25% capacity. As a result, the Refinery incurred a loss of US$10m at the operating level. The second factor is the interest cost arising from the debt exposure of the Group which accounted for US$9.4million of the total loss of the Group...

FY 2014 financial results


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