NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
31 PROVISIONS
Provision for
Provision Provision Provision Provision
mine
for mine for income
for for financial
rehabilitation restoration
support
repairs
guarantee
Total
$’000
$’000
$’000
$’000
$’000
$’000
GROUP
At 1 January 2014
40
3,851
–
15,543
–
19,434
Provision made during
the year
–
–
683
8,285
3,748
12,716
Discount adjustment on
provision (note 9)
–
136
–
–
–
136
Sale of a subsidiary
(note 17)
(40)
–
–
–
–
(40)
Provision utilised
–
–
–
(448)
–
(448)
Exchange adjustment
–
(71)
–
97
226
252
At 31 December 2014
–
3,916
683
23,477
3,974
32,050
Non-current
–
3,916
–
–
–
3,916
Current
–
–
683
23,477
3,974
28,134
–
3,916
683
23,477
3,974
32,050
Provision Provision Provision
Provision for Provision
for
for for mining Provision
mine for mine onerous employee cessation
for
rehabilitation restoration contracts benefits liabilities
repairs
Total
$’000
$’000
$’000
$’000
$’000
$’000
$’000
GROUP
At 1 January 2013
17,163
1,793 15,462
889
8,245
– 43,552
Provision made during the
year
– 2,079
–
–
– 15,543 17,622
Discount adjustment on
provision (note 9)
–
62
–
–
–
–
62
Attributable to disposal group
classified as held for sale
(note 24)
(17,735)
– (15,499)
(921)
(8,539)
– (42,694)
Exchange adjustment
612
(83)
37
32
294
–
892
At 31 December 2013
40
3,851
–
–
– 15,543 19,434
Non-current
40
3,851
–
–
–
– 3,891
Current
–
–
–
–
– 15,543 15,543
40
3,851
–
–
– 15,543 19,434
The provision for mine restoration is in respect of mine restoration costs to be incurred subsequent to the cessation of
production of each mine property. It is provided based on the present value of the estimated expenditure to be incurred.
The provision for repairs recorded by the Company relates to provisions made for contractual obligations arising from
discontinued operations.
132
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
