REG-Pan African Resources Plc: Final Results & Proposed Final Dividend Announcement <Origin Href="QuoteRef">PAFR.L</Origin> - Part 3
20/09/2017 07:06
- Part 3: For the preceding part double click ID:nPRrK2EA1b
(1,826,043) (398,937) (557,772) - - - - - (956,709)
On - mine revenue 167,758,543 89,197,308 71,158,203 - - 3,480,338 4,567,974 (8,048,312) 160,355,511
Gold cost of production (134,006,583) (45,461,824) (55,025,516) - - - - - (100,487,340)
Platinum cost of production - - - - - (3,456,007) - 3,456,007 -
Coal cost of production - - - - - - (4,279,735) 4,279,735 -
Depreciation (10,493,064) (3,562,121) (6,433,405) - - (311,870) (148,733) 460,603 (9,995,526)
Mining profit 23,258,896 40,173,363 9,699,282 - - (287,539) 139,506 148,033 49,872,645
Other income/(expenses) (Note 2) (2,002,545) (7,253,912) 873,481 (5,867,355) 80,775 (249,773) 233,889 15,884 (12,167,011)
Profit on disposal of investment 222,571 - - - - - - - -
Profit on disposal of subsidiary 5,385,915 - - - - - - - -
Impairment costs - - - - - - - - -
Royalty costs (1,335,031) (2,450,505) (332,918) - - - (16,524) 16,524 (2,783,423)
Net income / (loss) before finance income and finance costs 25,529,806 30,468,946 10,239,845 (5,867,355) 80,775 (537,312) 356,871 180,441 34,922,211
Finance income 291,912 13,380 27,840 79,754 312,370 448 8,824 (9,272) 433,344
Finance costs (2,815,223) (6,048) (7,383) (7) (1,434,811) (489) - 489 (1,448,249)
Profit /(loss) before taxation and inter-company charges from continuing operations 23,006,495 30,476,278 10,260,302 (5,787,608) (1,041,666) (537,353) 365,695 171,658 33,907,306
Taxation (242,942) (8,492,721) (757,683) 701,414 (29,144) 118,266 226,037 (344,303) (8,578,134)
Profit /(loss) after taxation from continuing operations before inter-company charges 22,763,553 21,983,557 9,502,619 (5,086,194) (1,070,810) (419,087) 591,732 (172,645) 25,329,172
Loss/(profit) after taxation from discontinued operations (4,853,517) - - - - - - 172,645 172,645
Profit /(loss) after taxation before inter-company charges after discontinued operations 17,910,036 21,983,557 9,502,619 (5,086,194) (29,144) (419,087) 591,732 - 25,501,817
Inter-company transactions
Management fees - (1,439,394) (1,137,529) 2,749,883 - (107,226) (65,734) - -
inter-company interest charges - (331,029) (750,800) (135,868) 1,130,359 79,849 7,489 - -
Profit /(loss) after taxation after inter-company charges after discontinued operations 17,910,036 20,213,134 7,614,290 (2,472,194) 59,549 (446,464) 533,502 - 25,501,817
Segmental assets (total assets excluding goodwill) 290,087,011 56,651,503 146,201,423 3,180,048 632,954 9,991,120 15,034,211 - 231,691,259
Segmental liabilities 94,506,650 27,035,796 48,372,120 5,154,888 15,725,303 883,249 4,545,415 - 101,716,771
Goodwill 21,000,714 21,000,714 - - - - - - 21,000,714
Net assets (excluding goodwill) 195,580,361 29,615,707 97,829,303 (1,974,840) (15,092,349) 9,107,871 10,488,796 - 129,974,488
Capital expenditure 35,540,994 6,513,408 7,179,831 46,950 - 316,726 40,251 - 14,097,166
Adjusted EBITDA 30,414,384 34,031,067 16,673,250 (5,867,355) 80,775 (225,442) 505,604 (280,162) 44,917,737
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.
Summarised unaudited consolidated ZAR 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
ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million
Revenue
Gold sales (Note 1) 1,679.2 1,246.1 - - - - - 2,925.3
Platinum sales - - - - - 82.2 (82.2) -
Coal sales - - - - 432.8 (432.8) -
Realisation costs (10.5) (21.0) - - - - - (31.5)
On - mine revenue 1,668.7 1,225.1 - - 432.8 82.2 (515.0) 2,893.8
Gold cost of production (1,056.2) (1,255.4) - - - - - (2,311.6)
Platinum cost of production - - - - (86.4) 86.4 -
Coal cost of production - - - - (375.0) - 375.0 -
Depreciation (81.9) (99.1) - - (12.2) (15.0) 27.2 (181.0)
Mining Profit 530.6 (129.4) - - 45.6 (19.2) (26.4) 401.2
Other income/(expenses) (Note 2) 81.3 (21.8) (95.6) 1.6 2.7 (2.0) (0.7) (34.5)
Profit on disposal of investment - - 4.6 - - - - 4.6
Profit on disposal of subsidiary - - 91.3 - - - 91.3
Impairment costs - - - - - (100.9) 100.9 -
Royalty costs (17.5) (5.5) - - (1.2) - 1.2 (23.0)
Net income / (loss) before finance income and finance costs 594.4 (156.7) 0.3 1.6 47.1 (122.1) 75.0 439.6
Finance income 0.1 0.9 0.9 3.1 1.8 - (1.8) 5.0
Finance costs (0.4) (0.2) (0.2) (47.8) - - - (48.6)
Profit /(loss) before taxation and inter-company charges 594.1 (156.0) 1.0 (43.1) 48.9 (122.1) 73.2 396.0
Taxation (97.5) 103.6 (9.2) (1.1) (13.5) 4.8 8.7 (4.2)
Profit /(loss) after taxation before inter-company charges 496.6 (52.4) (8.2) (44.2) 35.4 (117.3) 81.9 391.8
(Loss)/profit after taxation from discontinued operations - - - - - - (81.9) (81.9)
Profit /(loss) after taxation before inter-company charges after discontinued operations 496.6 (52.4) (8.2) (44.2) 35.4 (117.3) - 309.9
Inter-company transactions
Management fees (48.4) (35.8) 97.9 (1.6) (7.6) (4.5) - -
inter-company interest charges (13.1) (26.1) (11.3) 47.9 0.5 2.1 - -
Profit /(loss) after taxation after inter-company charges after discontinued operations 435.1 (114.3) 78.4 2.1 28.3 (119.7) - 309.9
Segmental assets (total assets excluding goodwill) 1,251.0 3,222.6 332.6 18.5 - 95.2 - 4,919.9
Segmental liabilities 426.7 890.1 77.8 202.0 - 6.2 - 1,602.8
Goodwill 303.5 - - - - - - 303.5
Net assets (excluding goodwill) 824.3 2,332.5 254.8 (183.5) - 89.0 - 3,317.1
Capital expenditure 193.5 397.7 1.4 - 15.1 5.4 - 613.1
Adjusted EBITDA 676.2 (57.6) (95.6) 1.6 59.3 (6.2) (53.1) 524.6
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 Compan
Note 2: Other expenses exclude inter-management fees and dividend received. y.
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.
Summarised unaudited consolidated ZAR segment report for the year ended 30
June 2017
30 June 2016
Continuing operations Di
sc
on
ti
nu
ed
op
er
at
io
ns
Barberton Mines Evander Mines Corporate Funding Company Phoenix Platinum Uitkomst Colliery Reclass journal Group
ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million
Revenue
Gold sales (Note 1) 1,921.8 1,538.3 - - - - - 3,460.1
Platinum sales - - - - 74.7 - (74.7) -
Coal sales - - - - - 98.0 (98.0) -
Realisation costs (8.6) (11.9) - - - - - (20.5)
On - mine revenue 1,913.2 1,526.4 - - 74.7 98.0 (172.7) 3,439.6
Gold cost of production (975.2) (1,180.3) - - - - - (2,155.5)
Platinum cost of production - - - - (74.1) - 74.1 -
Coal cost of production - - - - - (91.8) 91.8 -
Depreciation (76.4) (138.0) - - (6.7) (3.2) 9.9 (214.4)
Mining Profit 861.6 208.1 - - (6.1) 3.0 3.1 1,069.7
Other income/(expenses) (Note 2) (155.6) 18.7 (125.7) 1.7 (5.4) 5.0 0.4 (260.9)
Profit on disposal of investment - - - - - - - -
Profit on disposal of subsidiary - -
Impairment costs - - - - - - - -
Royalty costs (52.6) (7.1) - - - (0.4) 0.4 (59.7)
Net income / (loss) before finance income and finance costs 653.4 219.7 (125.7) 1.7 (11.5) 7.6 3.9 749.1
Finance income 0.3 0.6 1.7 6.7 - 0.2 (0.2) 9.3
Finance costs (0.1) (0.2) - (30.8) - - - (31.1)
Profit /(loss) before taxation and inter-company charges 653.6 220.1 (124.0) (22.4) (11.5) 7.8 3.7 727.3
Taxation (182.2) (16.3) 15.1 (0.6) 2.5 4.9 (7.4) (184.0)
Profit /(loss) after taxation before inter-company charges 471.4 203.8 (108.9) (23.0) (9.0) 12.7 (3.7) 543.3
(Loss)/profit after taxation from discontinued operations - - - - - - 3.7 3.7
Profit /(loss) after taxation before inter-company charges after discontinued operations 471.4 203.8 (108.9) (23.0) (9.0) 12.7 - 547.0
Inter-company transactions
Management fees (30.9) (24.4) 59.0 - (2.3) (1.4) - -
inter-company interest charges (7.1) (16.1) (2.8) 24.2 1.7 0.1 - -
Profit /(loss) after taxation after inter-company charges after discontinued operations 433.4 163.3 (52.7) 1.2 (9.6) 11.4 - 547.0
Segmental assets (total assets excluding goodwill) 1,120.6 2,891.9 61.6 12.5 198.6 297.4 - 4,582.6
Segmental liabilities 534.8 956.8 98.9 311.0 17.5 92.9 - 2,011.9
Goodwill 303.5 - - - - - - 303.5
Net assets (excluding goodwill) 585.8 1,935.1 (37.3) (298.5) 181.1 204.5 - 2,570.7
Capital expenditure 139.7 154.0 1.0 - 6.8 0.9 - 302.4
Adjusted EBITDA 729.8 357.7 (125.7) 1.7 (4.8) 10.8 (6.0) 963.5
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 Compan
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.
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