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Gold/Mining/Energy : Magin Energy-MGY on TSE
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To: kingfisher who wrote (80)11/14/2000 2:02:05 PM
From: Bearcatbob  Read Replies (1) of 92
 
Thread: Here is a response I have received from Magin. If anyone has additional
questions I suggest you contact Magin directly.
******************************************************
Hi, Bob
Regarding the comment from Silicon Investor....
The increase in liabilities from December 31/99 relates to:
1. Capital leases were recorded on the balance sheet effective January 1/00
$26 million (in 1999, these leases were "off balance sheet". Please note
that there is an offsetting increase in assets of $28 million (Assets under
capital leases). The $2 million difference relates to current year
difference in depleting/amortizing each of these balances.

2. Future income taxes - increase of $38 million from Dec 31/99. The
current year amount is $5.4 million with the remaining increase related to
an accounting change at Jan 1/00, This change related to calculating taxes
on a deferred tax provision to a future income tax provision based on the
tax basis of NBV of assets.
Associated with this increase in liabilities was an increase in assets of
$10 million.
This is a provision only. Magin will potentially have taxable income and
therefore pay CASH taxes in 2002-2003.

3. Additional debt and current liabilities from Dec 31/99 of $9 million is
offset by an increase in current assets of $4 million.
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