REG-Pan African Resources Plc: Final Results & Proposed Final Dividend Announcement <Origin Href="QuoteRef">PAFR.L</Origin> - Part 2
20/09/2017 07:06
- Part 2: For the preceding part double click ID:nPRrK2EA1a
summarised and full set of financial statements
conducted in accordance with International Standards on Auditing. Deloitte &
Touche have expressed unmodified opinions on the consolidated financial
statements and the provisional summarised consolidated financial statements.
Copies of their audit reports are available for inspection at the company's
registered office. Any reference to future financial performance included in
this provisional report has not been reviewed or reported on by the group's
South African external auditors.
The auditor’s report does not necessarily report on all of the information
contained in this announcement/financial results. Shareholders are therefore
advised that in order to obtain a full understanding of the nature of the
auditor’s engagement they should obtain a copy of that report, together with
the accompanying financial information, from the company’s registered
office.
These provisional summarised consolidated financial statements are extracted
from the audited consolidated financial statements. The directors take full
responsibility for the preparation of the provisional summarised audited
results and confirm the financial information and related commentary has been
correctly extracted from the underlying group consolidated financial
statements.
AIM LISTING
The financial information for the year ended 30 June 2017 does not constitute
statutory accounts as defined in sections 435(1) and 435(2) of the UK
Companies Act 2006 (‘Companies Act 2006’) but has been derived from those
accounts. Statutory accounts for the year ended 30 June 2016 have been
delivered to the Registrar of Companies and those for 2017 will be delivered
following the company's AGM. Deloitte LLP, the external auditor registered in
the UK, has reported on these accounts for the year ended 30 June 2017.
Deloitte LLP’s report was unqualified, did not include a reference to any
matters to which auditors draw attention by way of emphasis of matter, and did
not contain a statement under section 498(2) or 498(3) of the Companies Act
2006. These statutory accounts have been prepared in accordance with IFRS and
IFRS Interpretations Committee interpretations adopted for use by the EU, with
those parts of the Companies Act 2006 applicable to companies reporting under
IFRS.
DIRECTORSHIP CHANGES AND DEALINGS
No directorship changes took place during the period under review. However,
the following director dealings in securities took place:
During the period under review Mr JAJ Loots participated in the following
company shares transactions:
* On 27 September 2016, purchased 20,000 shares and 200,000 shares at R3.57
per share and R3.58 per share, respectively.
* On 28 September 2016, purchased 28,609 shares at R3.48 per share.
* On 29 September 2016, purchased 491 shares at R3.59 per share.
* On 30 September 2016, purchased 25,000 shares at R3.70 per share.
* On 3 October 2016, purchased 25,000 shares at R3.78 per share.
* On 5 October 2016, purchased 30,000 shares at R3.55 per share.
Mr JAJ Loots had 560,675 shares outstanding at period end, representing 0.03%
of total issued shares.
During the year under review Mr GP Louw participated in the following company
shares transactions.
On 27 September 2016, purchased the following shares:
* 4,300 shares at R3.57 per share.
* 3,150 shares at R3.58 per share.
* 35,000 shares at R3.62 per share.
* 40,000 shares at R3.64 per share.
* 12,836 shares at R3.66 per share.
* 42,164 shares at R3.67 per share.
Mr GP Louw had 137,450 shares outstanding at period end, representing 0.01% of
total issued shares.
SHARES ISSUED
On 12 April 2017, Pan African Resources issued 291,480,983 new ordinary shares
of 1 pence each at an issue price of 14 pence per share or R2.39 per share,
raising gross proceeds of R696 million (GBP40.8 million).
GOING CONCERN
The group closely monitors and manages its liquidity risk by means of a
centralised treasury function. Cash forecasts are regularly produced and
sensitivities run for different scenarios including, but not limited to,
changes in commodity prices and different production profiles from the
group’s producing assets. The group had R800 million of available debt
liquidity headroom and R160.2 million in cash and cash equivalents at 30 June
2017, and has also secured a further R1 billion committed term facility to
fund the Elikhulu Project. Based on the current status of the group’s
finances, having considered going concern forecasts and reasonably possible
downside scenarios after considering the principal risks associated with the
business, and in particular relating to gold prices and production volumes,
the group’s forecasts show it will have sufficient liquidity headroom for
the 12 months from the date of approval of the financial statements to meet
all its obligations in the ordinary course of business.
The board has a reasonable expectation that the company has adequate resources
to continue in operational existence for the foreseeable future. Accordingly
the group continues to adopt the going concern basis of accounting in
preparation of the 30 June 2017 financial statements.
EVENTS AFTER THE REPORTING PERIOD
The group announced on 31 July 2017 that it will dispose of all of its shares
and loan accounts in Phoenix Platinum Mining to Sylvania for a total cash
consideration of R89 million. The transaction remains subject only to
Competition Commission approval.
SEGMENT REPORTING
A segment is a distinguishable component of the group engaged in providing
products or services in a particular business sector or segment, which is
subject to risks and rewards different from those of other segments. The
group's business activities were conducted through the following business
segments:
Continuing operations:
- Barberton Mines (including BTRP), located in Barberton, South Africa;
- Evander Mines (including ETRP), located in Evander, South Africa;
- Corporate; and
- Pan African Resources Funding Company Proprietary Limited (‘Funding
Company’).
Discontinued operations:
- Uitkomst Colliery, located in Newcastle, South Africa; and
- Phoenix Platinum, located near Rustenburg, South Africa.
The executive committee reviews the operations in accordance with the
disclosures presented above.
PROPOSED DIVIDEND FOR APPROVAL AT THE AGM
The board has analysed the group performance and dividend policy and has
proposed a final dividend of R185 million or approximately GBP10.9 million,
equating to R0.08279 per share or approximately 0.48697 pence per share. This
dividend is subject to approval at the AGM, which will take place on Tuesday,
21 November 2017.
Assuming the final dividend is approved by shareholders, the following salient
dates would apply:
Currency conversion date Tuesday, 21 November 2017
Last date to trade on the exchanges Tuesday, 5 December 2017
Ex -dividend date on the JSE Wednesday, 6 December 2017
Ex -dividend date on the LSE Thursday, 7 December 2017
Record date Friday, 8 December 2017
Payment date Thursday, 21 December 2017
The GBP proposed final dividend was calculated based on 2,234,687,537 total
shares in issue and an illustrative exchange rate of R17:1. Shareholders on
the London register should note that a revised exchange rate will be
communicated prior to approval at the AGM.
No transfers between the Johannesburg and London registers between the
commencement of trading on Monday, 4 December 2017 and close of business on
Friday, 8 December 2017 will be permitted.
No shares may be dematerialised or rematerialised between Wednesday, 6
December 2017 and Friday, 8 December 2017, both days inclusive.
The South African dividends tax rate is 20% per ordinary share for
shareholders who are liable to pay the dividends tax, resulting in a net
dividend of R0.06623 per share for these shareholders. Foreign investors may
qualify for a lower dividend tax rate, subject to completing a dividend tax
declaration and submitting it to Computershare Investor Services Proprietary
Limited or Capita Plc who manage the SA and UK register, respectively. The
company's South African income tax reference number is 9154588173 and it has
2,234,687,537 shares currently in issue.
Cobus Loots Deon Louw
Chief Executive Officer Financial Director
20 September 2017
Contact details:
Corporate Office Registered Office
The Firs Office Building Suite 31
1st Floor, Office 101 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
Facsimile: + 27 (0) 11 880 1240 Office: + 44 (0) 20 7796 8644
www.panafricanresources.com Facsimile: + 44 (0) 20 7796 8645
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Phil Dexter John Prior / Paul Gillam
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Ross Allister
One Capital Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0) 11 550 5009 Office: +44 (0) 20 7418 8900
Julian Gwillim Jeffrey Couch / Neil Haycock / Thomas Rider
Aprio Strategic Communications BMO Capital Markets Limited
Public & Investor Relations SA Joint Broker
Office: +27 (0)11 880 0037 Office: +44 (0) 20 7236 1010
Bobby Morse / Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000
Pan African Resources PLC
Summarised consolidated statement of profit or loss and other comprehensive income for the period ended 30 June 2017
30 June 2017 30 June 2016 30 June 2017 30 June 2016
(Audited) (Audited) (Unaudited) (Unaudited)
Continuing operations GBP GBP ZAR ZAR
Gold sales 169,584,586 161,312,220 2,925,334,113 3,460,147,123
Realisation costs (1,826,043) (956,709) (31,499,250) (20,521,416)
On-mine revenue 167,758,543 160,355,511 2,893,834,863 3,439,625,707
Gold cost of production (134,006,583) (100,487,340) (2,311,613,568) (2,155,453,481)
Mining depreciation (10,493,064) (9,995,526) (181,005,351) (214,404,023)
Mining profit 23,258,896 49,872,645 401,215,944 1,069,768,203
Other expenses (2,002,545) (12,167,011) (34,543,908) (260,982,390)
Profit on disposal of investment 222,571 - 4,582,844 -
Profit on disposal of subsidiary 5,385,915 - 91,345,123 -
Royalty costs (1,335,031) (2,783,423) (23,029,288) (59,704,418)
Net income before finance income and finance costs 25,529,806 34,922,211 439,570,715 749,081,395
Finance income 291,912 433,344 5,035,474 9,295,228
Finance costs (2,815,223) (1,448,248) (48,562,604) (31,064,929)
Profit before taxation 23,006,495 33,907,307 396,043,585 727,311,694
Taxation (242,942) (8,578,135) (4,190,728) (184,000,970)
Profit after taxation from continuing operations 22,763,553 25,329,172 391,852,857 543,310,724
Discontinued operations
(Loss)/profit for the period from discontinued operations (including impairments) (4,853,517) 172,645 (81,997,446) 3,703,294
Profit after taxation 17,910,036 25,501,817 309,855,411 547,014,018
Other comprehensive income:
Fair-value movement on available-for-sale investment (94,938) 388,188 (1,697,487) 7,644,429
Recycling of gain on available-for-sale investment (222,571) - (4,582,845) -
Foreign currency translation differences 21,681,108 (2,181,333) - -
Total comprehensive income for the year 39,273,635 23,708,672 303,575,079 554,658,447
Profit attributable to:
Owners of the parent 17,910,036 25,501,817 309,855,411 547,014,018
Total comprehensive income attributable to:
Owners of the parent 39,273,635 23,708,672 303,575,079 554,658,447
Earnings per share 1.14 1.41 19.81 30.20
Diluted earnings per share 1.14 1.41 19.80 30.09
Weighted average number of shares in issue 1,564,346,115 1,811,427,377 1,564,346,115 1,811,427,377
Diluted number of shares in issue 1,565,075,434 1,811,916,935 1,565,075,434 1,811,916,935
Pan African Resources PLC
Summarised consolidated statement of profit or loss and other comprehensive income for the period ended 30 June 2017
30 June 2017 30 June 2016 30 June 2017 30 June 2016
(Audited) (Audited) (Unaudited) (Unaudited)
Continuing operations GBP GBP ZAR ZAR
Gold sales 169,584,586 161,312,220 2,925,334,113 3,460,147,123
Realisation costs (1,826,043) (956,709) (31,499,250) (20,521,416)
On-mine revenue 167,758,543 160,355,511 2,893,834,863 3,439,625,707
Gold cost of production (134,006,583) (100,487,340) (2,311,613,568) (2,155,453,481)
Mining depreciation (10,493,064) (9,995,526) (181,005,351) (214,404,023)
Mining profit 23,258,896 49,872,645 401,215,944 1,069,768,203
Other expenses (2,002,545) (12,167,011) (34,543,908) (260,982,390)
Profit on disposal of investment 222,571 - 4,582,844 -
Profit on disposal of subsidiary 5,385,915 - 91,345,123 -
Royalty costs (1,335,031) (2,783,423) (23,029,288) (59,704,418)
Net income before finance income and finance costs 25,529,806 34,922,211 439,570,715 749,081,395
Finance income 291,912 433,344 5,035,474 9,295,228
Finance costs (2,815,223) (1,448,248) (48,562,604) (31,064,929)
Profit before taxation 23,006,495 33,907,307 396,043,585 727,311,694
Taxation (242,942) (8,578,135) (4,190,728) (184,000,970)
Profit after taxation from continuing operations 22,763,553 25,329,172 391,852,857 543,310,724
Discontinued operations
(Loss)/profit for the period from discontinued operations (including impairments) (4,853,517) 172,645 (81,997,446) 3,703,294
Profit after taxation 17,910,036 25,501,817 309,855,411 547,014,018
Other comprehensive income:
Fair-value movement on available-for-sale investment (94,938) 388,188 (1,697,487) 7,644,429
Recycling of gain on available-for-sale investment (222,571) - (4,582,845) -
Foreign currency translation differences 21,681,108 (2,181,333) - -
Total comprehensive income for the year 39,273,635 23,708,672 303,575,079 554,658,447
Profit attributable to:
Owners of the parent 17,910,036 25,501,817 309,855,411 547,014,018
Total comprehensive income attributable to:
Owners of the parent 39,273,635 23,708,672 303,575,079 554,658,447
Earnings per share 1.14 1.41 19.81 30.20
Diluted earnings per share 1.14 1.41 19.80 30.09
Weighted average number of shares in issue 1,564,346,115 1,811,427,377 1,564,346,115 1,811,427,377
Diluted number of shares in issue 1,565,075,434 1,811,916,935 1,565,075,434 1,811,916,935
Summarised consolidated statement of financial position as at 30 June 2017
30 June 2017 30 June 2016 30 June 2017 30 June 2016
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
ASSETS
Non-current assets
Property, plant and equipment and mineral rights 224,687,447 190,725,199 3,810,699,097 3,772,544,439
Other intangible assets 72,426 123,235 1,228,340 2,437,592
Deferred taxation 762,503 1,117,092 12,932,051 22,096,084
Long-term inventory 684,432 186,861 11,607,974 3,696,114
Long-term receivables 2,535,378 - 43,000,000 -
Goodwill 21,000,714 21,000,714 303,491,812 303,491,812
Investments 7,522,632 1,269,228 127,583,839 25,105,331
Rehabilitation trust fund 18,904,554 16,253,708 320,621,235 321,498,339
276,170,086 230,676,037 4,631,164,348 4,450,869,711
Current assets
Inventories 5,047,416 4,398,813 85,604,171 87,008,537
Current tax asset 1,068,496 848,946 18,121,694 16,792,156
Trade and other receivables 13,744,108 14,042,357 233,100,052 277,757,811
Cash and cash equivalents 9,447,144 2,658,947 160,223,562 52,593,979
29,307,164 21,949,063 497,049,479 434,152,483
Assets held-for-sale 5,610,475 66,873 95,153,662 1,322,750
TOTAL ASSETS 311,087,725 252,691,973 5,223,367,489 4,886,344,944
EQUITY AND LIABILITIES
Capital and reserves
Share capital 22,346,875 19,432,065 318,766,602 269,660,040
Share premium 145,400,890 108,936,082 2,261,421,031 1,638,563,371
Translation reserve (36,902,740) (58,583,848) - -
Share option reserve 1,221,395 1,035,888 17,157,178 13,957,178
Retained earnings 131,297,799 126,620,650 1,867,141,585 1,789,877,978
Realisation of equity reserve (10,701,093) (10,701,093) (140,624,131) (140,624,130)
Treasury capital reserve (25,376,743) (25,376,743) (548,619,802) (548,619,802)
Merger reserve (10,705,308) (10,705,308) (154,707,759) (154,707,759)
Other reserves - 317,509 - 6,280,332
Equity attributable to owners of the parent 216,581,075 150,975,202 3,620,534,704 2,874,387,208
Total equity 216,581,075 150,975,202 3,620,534,704 2,874,387,208
Non-current liabilities
Long-term provisions 11,655,325 10,432,986 197,674,310 206,364,460
Long-term liabilities 12,290,302 18,456,309 208,443,509 362,640,753
Deferred taxation 38,947,226 40,616,337 660,544,960 803,391,140
62,892,853 69,505,632 1,066,662,779 1,372,396,353
Current liabilities
Trade and other payables 27,056,598 18,743,235 458,879,917 370,741,187
Financial instrument liabilities - 5,945,399 - 117,600,000
Current portion of long-term liabilities 4,145,679 6,980,711 70,310,720 140,503,506
Current tax liability 48,686 541,794 825,707 10,716,690
31,250,963 32,211,139 530,016,344 639,561,383
Liabilities directly associated with assets held-for-sale 362,834 - 6,153,662 -
TOTAL EQUITY AND LIABILITIES 311,087,725 252,691,973 5,223,367,489 4,886,344,944
Summarised unaudited consolidated statement of changes in equity for the year
ended 30 June 2017
GROUP Share capital Share premium Translation reserve Share option reserve Retained earnings
GBP GBP GBP GBP GBP
Balance at 30 June 2015 18,314,947 94,846,046 (56,402,515) 1,035,888 110,850,201
Issue of shares 1,117,118 15,011,206 - - -
Share issue costs - (921,170) - - -
Profit for the year - - - - 25,501,817
Total other comprehensive income - - (2,181,333) - -
Dividends paid - - - - (9,731,368)
Share buyback - - - - -
Balance at 30 June 2016 19,432,065 108,936,082 (58,583,848) 1,035,888 126,620,650
Issue of shares 2,914,810 37,892,528 - - -
Share issue costs - (1,427,720) - - -
Profit for the year - - - - 17,910,036
Total other comprehensive income - - 21,681,108 - -
Dividends paid - - - - (17,067,953)
Reciprocal dividends - - - - 3,835,066
Share based payment - charge for the year - - - 185,507 -
Balance at 30 June 2017 22,346,875 145,400,890 (36,902,740) 1,221,395 131,297,799
Summarised unaudited consolidated statement of changes in equity for the year
ended 30 June 2017
Group Share Capital Share Premium Translation reserve Share option reserve Retained earnings
ZAR ZAR ZAR ZAR ZAR
Balance at 30 June 2015 244,752,779 1,323,632,626 - 13,957,178 1,452,863,960
Issue of shares 24,907,261 334,689,839 - - -
Share issue costs - (19,759,094) - - -
Profit for the year - - - - 547,014,018
Total other comprehensive income - - - - -
Dividends paid - - - - (210,000,000)
Share buyback - - - - -
Balance at 30 June 2016 269,660,040 1,638,563,371 - 13,957,178 1,789,877,978
Issue of shares 49,106,562 646,861,194 - - -
Share issue costs - (24,003,534) - - -
Profit for the year - - - - 309,855,411
Total other comprehensive income - - - - -
Dividends paid - - - - (300,000,000)
Reciprocal dividends - - - - 67,408,196
Share based payment - charge for the year - - - 3,200,000 -
Balance at 30 June 2017 318,766,602 2,261,421,031 - 17,157,178 1,867,141,585
GROUP Realisation of equity reserve Treasury capital reserve Merger reserve Other reserves Total
GBP GBP GBP GBP GBP
Balance at 30 June 2015 (10,701,093) - (10,705,308) (70,679) 147,167,487
Issue of shares - - - - 16,128,324
Share issue costs - - - - (921,170)
Profit for the year - - - - 25,501,817
Total other comprehensive income - - - 388,188 (1,793,145)
Dividends paid - - - - (9,731,368)
Share buyback - (25,376,743) - - (25,376,743)
Balance at 30 June 2016 (10,701,093) (25,376,743) (10,705,308) 317,509 150,975,202
Issue of shares - - - - 40,807,338
Share issue costs - - - - (1,427,720)
Profit for the year - - - - 17,910,036
Total other comprehensive income - - - (317,509) 21,363,599
Dividends paid - - - - (17,067,953)
Reciprocal dividends - - - - 3,835,066
Share based payment - charge for the year - - - - 185,507
Balance at 30 June 2017 (10,701,093) (25,376,743) (10,705,308) - 216,581,075
Summarised unaudited consolidated statement of changes in equity for the year
ended 30 June 2017
Group Realisation of equity reserve Treasury capital reserve Merger reserve Other reserves Total
ZAR ZAR ZAR ZAR ZAR
Balance at 30 June 2015 (140,624,130) - (154,707,759) (1,364,097) 2,738,510,557
Issue of shares - - - - 359,597,100
Share issue costs - - - - (19,759,094)
Profit for the year - - - - 547,014,018
Total other comprehensive income - - - 7,644,429 7,644,429
Dividends paid - - - - (210,000,000)
Share buyback - (548,619,802) - - (548,619,802)
Balance at 30 June 2016 (140,624,130) (548,619,802) (154,707,759) 6,280,332 2,874,387,208
Issue of shares - - - - 695,967,756
Share issue costs - - - - (24,003,534)
Profit for the year - - - - 309,855,411
Total other comprehensive income - - - (6,280,332) (6,280,332)
Dividends paid - - - - (300,000,000)
Reciprocal dividends - - - - 67,408,196
Share based payment - charge for the year - - - - 3,200,000
Balance at 30 June 2017 (140,624,130) (548,619,802) (154,707,759) - 3,620,534,705
Summarised consolidated statement of cash flows for the year ended 30 June 2017
30 June 2017 30 June 2016 30 June 2017 30 June 2016
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
NET CASH GENERATED FROM OPERATIONS 29,945,218 51,056,970 516,393,818 1,082,923,023
Income taxes paid (6,324,864) (9,998,969) (105,790,084) (208,209,553)
Royalties paid (1,678,474) (2,916,283) (28,283,550) (61,423,325)
Net finance costs (2,141,151) (652,680) (43,272,552) (21,866,695)
NET CASH GENERATED FROM OPERATIONS AFTER TAX, ROYALTIES AND FINANCE COSTS 19,800,729 37,489,038 339,047,632 791,423,450
Dividends paid net of PAR Gold reciprocal dividend (13,290,429) (9,024,833) (232,591,804) (210,000,000)
NET CASH GENERATED FROM OPERATING ACTIVITIES 6,510,300 28,464,205 106,455,828 581,423,450
INVESTING ACTIVITIES
Additions to property, plant and equipment and mineral rights (35,518,177) (14,079,918) (612,688,544) (302,014,225)
Additions to other intangible assets (22,817) (17,248) (393,593) (369,970)
Proceeds on disposal of investment 1,381,005 - 23,407,843 -
Proceeds on disposal of property, plant and equipment 396,604 14,620 7,000,000 313,600
Proceeds on disposal of Uitkomst Colliery net of cash 6,586,262 - 111,702,967 -
Acquisition of Uitkomst Colliery - (5,700,402) - (120,013,429)
Shanduka Gold Proprietary Limited transaction - (25,299,095) - (546,941,145)
Increase in long term-loans receivable (1,207,492) - (20,000,000) -
NET CASH USED IN INVESTING ACTIVITIES (28,384,615) (45,082,043) (490,971,327) (969,025,169)
FINANCING ACTIVITIES
Proceeds from borrowings 47,750,265 38,061,147 817,000,000 840,000,000
Borrowings repaid (53,964,004) (38,131,957) (915,000,000) (803,889,110)
Settlement of cash settled share option costs (3,299,545) - (58,013,879) -
Shares issued 40,807,338 16,128,324 695,967,756 359,597,100
Share issue costs (1,427,720) (921,170) (24,003,534) (19,759,094)
Repayment of financial instruments (1,389,720) - (22,924,978) -
NET CASH FROM FINANCING ACTIVITIES 28,476,614 15,136,344 493,025,365 375,948,896
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 6,602,297 (1,481,494) 108,509,866 (11,652,823)
Cash and cash equivalents at the beginning of the year 2,658,947 3,328,850 52,593,979 64,246,802
Cash and cash equivalents attributed to discontinued operations (51,903) - (880,283) -
Effect of foreign exchange rate changes 237,801 811,591 - -
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 9,447,144 2,658,947 160,223,562 52,593,979
Summarised audited consolidated segment report for the year ended 30 June 2017
30 June 2017
Continuing operations Dis
con
tin
ued
ope
rat
ion
s
Barberton Mines Evander Mines Corporate Funding Company Uitkomst Colliery (Note 3) Phoenix Platinum (Note 4) Reclass journal Group
GBP GBP GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (Note 1) 97,343,927 72,240,659 - - - - - 169,584,586
Platinum sales - - - - - 4,766,689 (4,766,689) -
Coal sales - - - - 25,089,705 - (25,089,705) -
Realisation costs (606,367) (1,219,676) - - - - - (1,826,043)
On - mine revenue 96,737,560 71,020,983 - - 25,089,705 4,766,689 (29,856,394) 167,758,543
Gold cost of production (61,229,000) (72,777,583) - - - - - (134,006,583)
Platinum cost of production - - - - - (5,007,705) 5,007,705 -
Coal cost of production - - - - (21,741,484) - 21,741,484 -
Depreciation (4,749,422) (5,743,642) - - (706,407) (870,020) 1,576,427 (10,493,064)
Mining profit 30,759,138 (7,500,242) - - 2,641,814 (1,111,036) (1,530,778) 23,258,896
Other income/(expenses) (Note 2) 4,705,042 (1,255,689) (5,542,295) 90,397 156,333 (117,318) (39,015) (2,002,545)
Profit on disposal of investment - - 222,571 - - - - 222,571
Profit on disposal of subsidiary - - 5,385,915 - - - - 5,385,915
Impairment costs - - - - - (5,950,757) 5,950,757 -
Royalty costs (1,015,352) (319,679) - - (70,218) - 70,218 (1,335,031)
Net income / (loss) before finance income and finance costs 34,448,828 (9,075,610) 66,191 90,397 2,727,929 (7,179,111) 4,451,182 25,529,806
Finance income 9,949 51,811 51,496 178,656 102,850 180.0 (103,030) 291,912
Finance costs (18,652) (12,244) (14,202) (2,770,125) - - - (2,815,223)
Profit /(loss) before taxation and inter-company charges from continuing operations 34,440,125 (9,036,043) 103,485 (2,501,072) 2,830,779 (7,178,931) 4,348,152 23,006,495
Taxation (5,654,821) 6,006,087 (531,248) (62,960) (782,022) 276,657 505,365 (242,942)
Profit /(loss) after taxation from continuing operations before inter-company charges 28,785,304 (3,029,956) (427,763) (2,564,032) 2,048,757 (6,902,274) 4,853,517 22,763,553
Loss/(profit) after taxation from discontinued operations - - - - - - (4,853,517) (4,853,517)
Profit /(loss) after taxation before inter-company charges after discontinued operations 28,785,304 (3,029,956) (427,763) (2,564,032) 2,048,757 (6,902,274) - 17,910,036
Inter-company transactions
Management fees (2,805,797) (2,075,362) 5,673,540 (92,522) (438,989) (260,870) - -
inter-company interest charges (760,141) (1,513,938) (654,122) 2,778,372 28,225 121,604 - -
Profit /(loss) after taxation after inter-company charges after discontinued operations 25,219,366 (6,619,256) 4,591,655 121,818 1,637,993 (7,041,540) - 17,910,036
Segmental assets (total assets excluding goodwill) 73,762,949 190,009,717 19,611,819 1,092,051 - 5,610,475 - 290,087,011
Segmental liabilities 25,157,858 52,481,513 4,589,589 11,914,856 - 362,834 - 94,506,650
Goodwill 21,000,714 - - - - - - 21,000,714
Net assets (excluding goodwill) 48,605,091 137,528,204 15,022,230 (10,822,805) - 5,247,641 - 195,580,361
Capital expenditure 11,216,853 23,054,756 79,285 - 875,298 314,802 - 35,540,994
Adjusted EBITDA 39,198,250 (3,331,968) (5,542,295) 90,397 3,434,336 (358,334) (3,076,002) 30,414,384
Note 1: All gold sales were made in the Republic of South Africa and the
majority of revenue was generated from selling gold to South African
institutions through the group's Funding Company.
Note 2: Other expenses exclude inter-management fees and dividend received.
Note 3: Uitkomst Colliery disposal was effective on 30 June 2017. The disposal
of Pan African Resources Coal Holdings Proprietary Limited and Uitkomst
Colliery was completed on 30 June 2017 and this business was classified as a
discontinued operation.
Note 4: Phoenix Platinum was classified as held for sale and as a discontinued
operation at 30 June 2017.
30 June 2016
Continuing operations Discontinued operations
Group Barberton Mines Evander Mines Corporate Funding Company Phoenix Platinum Uitkomst Colliery Reclass journal Group
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (Note 1) 169,584,586 89,596,245 71,715,975 - - - - - 161,312,220
Platinum sales - - - - - 3,480,338 - (3,480,338) -
Coal sales - - - - - - 4,567,974 (4,567,974) -
Realisation costs
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