REG-Pan African Resources PLC: Provisional audited results & final div announcement <Origin Href="QuoteRef">PAFR.L</Origin> - Part 1
21/09/2016 07:05
Pan African Resources PLC
('Pan African Resources' or the 'company' or the 'group')
(Incorporated and registered on 25 February 2000 in England and Wales under
the Companies Act 1985, registration number 3937466)
Share code on AIM : PAF
Share code on JSE : PAN
ISIN : GB0004300496
Provisional audited results for the year ended 30 June 2016 and final dividend
announcement
Cobus Loots, CEO of Pan African Resources commented: “The Pan African
Resources group delivered an outstanding set of results for the 2016 financial
year. These results include a year of record gold production and profits and
the largest dividend payment to date.
Our gold mining operations delivered exceptional results, producing in excess
of 200,000oz of gold for the financial year. The performance from Evander
Mines, in particular, demonstrated the potential of the operation, with
production increasing by 30.8% year-on-year. Results were also assisted by the
Rand gold price and a full year’s production from the Evander tailings
retreatment plant.
Our robust financial position, well-established cash-generative operations,
decentralised hands-on management structure and cost-conscious culture
differentiate us from our peers. These attributes give Pan African Resources a
competitive advantage for further growth through our project pipeline and also
position the group to capitalise on potential acquisition opportunities.”
Key features reported in South African Rand (‘ZAR or R’) and Pound
Sterling (‘GBP’)
Financial key features
* The group’s profit after taxation in ZAR terms increased by 160.2% to
R547.0 million (2015: R210.2 million), while in GBP terms, the group’s
profit after taxation increased by 117.9% to GBP25.5 million (2015: GBP11.7
million).
* Earnings per share (‘EPS’) increased by 163.1% to 30.20 cents per share
(2015: 11.48 cents per share), while in GBP terms, EPS increased by 120.3% to
1.41 pence per share (2015: 0.64 pence per share).
* Group revenue increased by 43.1% to R3,632.8 million (2015: R2,539.4
million) as a result of the materially improved operational performance, the
higher prevailing effective ZAR gold price and the incorporation of the
Uitkomst Colliery (‘Uitkomst’) revenue.
* The Pan African Resources’ board of directors (‘board’) has proposed
an increased final dividend of R300 million or approximately GBP16.0 million
(2015: R210 million or GBP9.7 million), equating to R0.15438 per share or
approximately 0.82338 pence per share (2015: R0.11466 per share or 0.53108
pence per share). This dividend is subject to approval at the annual general
meeting (‘AGM’), which will take place on 25 November 2016. (note 1)
* The group completed the Shanduka Gold Pty Ltd (‘Shanduka Gold’)
transaction which resulted in the company acquiring an effective 23.8% (post
dilution 22.5%) of its issued shares on 7 June 2016 for a total consideration
of R546.9 million. Shanduka Gold is, from an accounting perspective, deemed to
be controlled by Pan African Resources and Shanduka Gold’s full shareholding
of 436.4 million shares in Pan African Resources will eliminate upon
consolidation. Shanduka Gold has been subsequently renamed to PAR Gold Pty Ltd
(‘PAR Gold’).
Operational key features
* Group delivered record gold production, with gold sales increasing by 16.5%
to 204,928oz (2015: 175,857oz).
* Effective ZAR gold price received increased by 21.6% to R542,850/kg (2015:
R446,274/kg), however in USD terms it decreased to USD1,164/oz
(2015:USD1,212/oz).
* All-in sustaining cost per kilogramme increased marginally in ZAR terms to
R405,847/kg (2015: R402,221/kg), however in USD terms all-in sustaining cost
per ounce decreased to USD870/oz (2015:USD1,093/oz).
* The group concluded the acquisition of Uitkomst for a cash purchase
consideration of R148 million effective 31 March 2016. Uitkomst contributed
R11.4 million to the group’s profit after taxation in the current year.
* The group’s gold resources increased to 34.9Moz (2015: 31.9Moz).
* The group regrets to report one fatality during the year under review (2015:
one fatality).
Movement Year ended 30 June 2016 Year ended 30 June 2015 Metric Summary of key features Metric Year ended 30 June 2016 Year ended 30 June 2015 Movement
16.5% 6,374 5,470 (Kilogrammes) Gold sold (Oz) 204,928 175,857 16.5%
43.1% 3,632.8 2,539.4 (R millions) Revenue (GBP millions) 169.4 141.1 20.1%
21.6% 542,850 446,274 (R/kg) Average gold price received (USD/oz) 1,164 1,212 (4.0%)
(3.2%) 338,242 349,410 (R/kg) Cash costs (USD/oz) 725 949 (23.6%)
0.9% 405,847 402,221 (R/kg) All-in sustaining costs (USD/oz) 870 1,093 (20.4%)
(3.5%) 410,206 425,084 (R/kg) All-in costs (USD/oz) 879 1,155 (23.9%)
89.3% 969.5 512.1 (R millions) Adjusted EBITDA (note 2) (GBP millions) 45.2 28.4 59.2%
160.2% 547.0 210.2 (R millions) Profit after taxation (GBP millions) 25.5 11.7 117.9%
156.1% 547.1 213.6 (R millions) Headline earnings (GBP millions) 25.5 11.9 114.3%
163.1% 30.20 11.48 (cents) EPS (pence) 1.41 0.64 120.3%
158.8% 30.20 11.67 (cents) Headline earnings per share (‘HEPS’) (pence) 1.41 0.65 116.9%
5.8% 339.6 321.1 (R millions) Net debt (GBP millions) 17.2 16.6 3.4%
9.7% 265.7 242.3 (R millions) Total sustaining capital expenditure (GBP millions) 12.4 13.5 (8.1%)
(14.1%) 302.4 352.0 (R millions) Total capital expenditure (GBP millions) 14.0 19.6 (28.6%)
27.6% 190.8 149.5 (cents) Net asset value per share (pence) 10.0 8.0 25.0%
(1.0%) 1,811.40 1,830.40 (millions) Weighted average number of shares in issue (millions) 1,811.40 1,830.40 (1.0%)
26.7% 14.51 11.45 (R/USD) Average exchange rate (R/GBP) 21.45 18.00 19.2%
20.3% 14.78 12.29 (R/USD) Closing exchange rate (R/GBP) 19.78 19.30 2.5%
Note 1: The GBP proposed final dividend was calculated based on 1,943,206,554
total shares in issue and an illustrative exchange rate of R18.75:1.
Shareholders on the London register are to note that a revised exchange rate
will be communicated prior to approval at the AGM.
Note 2: Adjusted EBITDA is represented by earnings before interest, taxation,
depreciation and amortisation, impairments and loss on disposal of associate.
CEO STATEMENT
The past year has been an exceptionally successful period for Pan African
Resources and for most of our stakeholders. The group has delivered a year of
record gold production and profits and successfully concluded the Shanduka
Gold transaction. This transaction enables the group to preserve and protect
its black economic empowerment (‘BEE’) status on an earnings accretive
basis. Despite maintaining our focus on gold assets, the finalisation of the
Uitkomst acquisition provides an opportunistic expansion into the coal sector
and a natural hedge against rising energy prices. The group also benefitted
from the rising USD gold price and rand depreciation, which factors resulted
in a bull market in gold at the beginning of 2016. At the end of the
financial year, the spot gold price closed at USD1,325/oz – an increase of
approximately 25% from the prior year end. The combined impact of the
group’s excellent operating performance and favourable economic conditions
resulted in an outstanding financial performance. Our share price reflected
this positive momentum, with a year-end price of R3.75 and 0.19 pence per
share.
We continue to acknowledge our shareholders’ desire for an attractive cash
return on their investment. To this end, the Pan African Resources board is
pleased to recommend the largest ever dividend payment of R300 million
(GBP16.0 million) for approval at the upcoming AGM. We have also revisited
our dividend policy, as detailed below, to provide the market with more
certainty on future payments and to ensure that our dividend is sustainable.
Notwithstanding the impact of these favourable tailwinds, we continue to be
mindful that the local and global mining industry remains a challenging
operating environment. Certain analysts believe the higher gold price should
not only be attributed to factors such as the market view that interest rates
will remain at record lows and the recent decision by the United Kingdom
(‘UK’) to exit the European Union (‘EU’), but also predict a continued
period of geopolitical uncertainty that could result in increased global
instability and volatility. Locally, South Africa faces a possible sovereign
credit rating downgrade to sub-investment grade as well as heightened
political tension, which could lead to further depreciation in the ZAR. It is
therefore vital that we remain vigilant and continue to look for opportunities
to differentiate ourselves and continue to further profitably grow our
business and provide shareholder returns in the form of dividends and capital
appreciation in our share.
Safety
Regrettably, we experienced a regression in our group safety accident rates at
Evander Mines. In particular the lost-time injury frequency rate (‘LTIFR’)
and reportable-injury frequency rate (‘RIFR’) increased. The safety of our
people is our main concern, and we are actively pursuing measures to reduce
injury frequency rates by, inter-alia, stepping up management oversight,
technological enhancements, training and control of safety across all
operations.
Safety remains a focus at all our operations and we endeavour to ensure the
group’s culture, behaviour and values align to our safety objectives.
However, we regret to report that one of our employees, Mr JA Muxhanga, was
fatally injured at Evander Mines on 26 June 2016 following a tramming
accident. Pan African Resources’ management and board express their sincere
condolences to the family, friends and colleagues of Mr Muxhanga.
Production highlights and challenges
We are pleased to report the excellent operational performance across our gold
mining operations. Total gold production was 204,928oz, with Barberton Mines
contributing 113,281oz and Evander Mines contributing a total of 91,647oz.
Underground head grades at Barberton Mines improved to 11.0g/t (2015:
10.9g/t), while head grades at Evander Mines improved to 5.7g/t (2015:
4.6g/t). We also delivered important operational improvements at Evander
Mines, with gold sales and revenue increasing significantly. In addition, the
Evander tailings retreatment plant (‘ETRP’) assisted our production growth
by achieving full nameplate capacity, producing 18,151oz of gold from tailings
and surface feedstock material.
Uitkomst produced 87,538 tonnes of coal from its underground operations, and
acquired 48,564 tonnes of coal for further processing and blending, resulting
in total coal sold of 136,102 tonnes.
Phoenix Platinum’s performance was hampered by the business rescue
proceedings announced by International Ferro Metals Limited in August 2015
regarding its South African subsidiary, International Ferro Metal (SA)
Proprietary Limited (‘IFMSA’), as well as the drought and associated water
shortages affecting re-mining and processing. In terms of a 2010 agreement
between Pan African Resources and IFMSA, Phoenix Platinum, which is situated
on IFMSA property, obtained a portion of its feedstock from IFMSA’s
processing activities, as well as electricity, water and other services. In
terms of the 2015 business rescue proceedings, Samancor Chrome Limited was
selected as the successful bidder to acquire IFMSA’s assets and subsequently
nominated its subsidiary, TC Smelters Proprietary Limited (‘TC Smelters’),
as the acquirer of the IFMSA business and assets. In July 2016, Pan African
Resources reached an agreement with TC Smelters, assigning the tailings
treatment agreement to TC Smelters. Although the agreement does not guarantee
current arising feedstock to Phoenix Platinum– this will be dependent on the
manner in which TC Smelters uses the IFMSA assets – it places Phoenix
Platinum in a better position where it should be able to continue operations
under similar conditions to those prior to the business rescue proceedings.
Further, it ensures that Phoenix´s Platinum operations and interests are
safeguarded. Phoenix Platinum also has alternative sources of feedstock, which
are currently being processed.
Wage negotiations successfully concluded
The group successfully concluded its gold wage negotiations during October
2015, with Barberton Mines securing a two year agreement ending in June 2017
and Evander Mines securing a three year agreement ending in June 2018.
Mineral reserves and resources
We recognise that, together with our people and infrastructure, our mineral
reserves and resources are a key asset to the group. In the year under review,
the group’s total gold resources increased by 9.4% to 34.9Moz (2015:
31.9Moz).
The group’s mineral resources and reserves are summarised as follows:
- Gold reserves decreased to 10.0Moz (2015: 10.4Moz), we plan to increase
these reserves in the next financial year
- Gold resources increased to 34.9Moz (2015: 31.9Moz)
- PGE reserves decreased 0.2Moz (2015: 0.5Moz)
- PGE resources remained at 0.6Moz (2015: 0.6Moz)
- Coal resources were 23.3Mt
We use what we deem to be a conservative ZAR gold price estimate when
modelling reserves and resources, and in the current year reserves were
modelled at R450,000/kg and gold resources at R550,000/kg.
Corporate activity
Shanduka Gold (now PAR Gold) is Pan African Resources’ primary BEE
shareholder, with its sole assets being a 22.5% interest in Pan African
Resources’ issued share capital (post conclusion of the Shanduka Gold
transaction) and a notional vendor loan of R558 million to its BEE
shareholder, the Mabindu Business Development Trust (‘Mabindu Trust’) as
at 30 June 2016. Following a merger between Shanduka Group Proprietary Limited
and the Pembani Group Proprietary Limited in December 2015, Pan African
Resources engaged with Shanduka Gold shareholders and concluded an agreement
to assist in preserving the group’s BEE ownership in a meaningful and
mutually beneficial manner by means of an acquisition of a material interest
in Shanduka Gold. Prior to the transaction with Pan African Resources,
Shanduka Gold’s shareholders were Standard Bank of South Africa Limited
(‘Standard Bank’) (16.9%), Jadeite Limited (33.6%) and the Mabindu Trust
(49.5%). Pan African Resources acquired Standard Bank’s 16.9% and Jadeite
Limited’s 33.6% interest in Shanduka Gold for R182.5 million and R364.4
million, respectively. Approximately 0.6% of the Shanduka Gold shares acquired
from Jadeite Limited have been retained by Jadeite Limited for sale, at a
future date, to an independent third party nominated by Pan African Resources.
Pursuant to the transactions, Pan African Resources acquired a 49.9% direct
interest in Shanduka Gold but consolidates the full interest in Shanduka Gold
for accounting purposes.
Pan African Resources assumed effective control of Uitkomst on 31 March 2016
for a cash purchase consideration of R148 million, which was funded from
existing debt facilities and internally generated cash flows. The Uitkomst
coal mine is situated in Utrecht, KwaZulu-Natal, South Africa and employs 115
plant and administration employees and 326 contractors. It produces
approximately 30,000-35,000 tonnes of saleable coal per month from its
underground mining operation and has approximately 23.3Mt of coal resources,
with an estimated life-of-mine of 22 years at current production rates.
Following receipt of a positive high-level economic and technical assessment
of the Elikhulu tailings retreatment project (‘Elikhulu’) at Evander
Mines, the company has mandated DRA Projects (Pty) Limited to complete a
definitive feasibility study on the project. The results of the study will be
available in November 2016, at which time shareholders will be appraised.
Elikhulu will potentially treat slimes at a processing capacity of up to 12
million tonnes per annum, at a head grade of 0.29g/t from the Winkelhaak,
Leslie and Kinross tailings storage facilities. The total mineral resource for
Elikhulu is 178.7 million tonnes at 0.29g/t (1.7M in-situ ounces) with a
life-of-operation of approximately 14 years and 1.7Moz of contained gold. The
project is estimated to yield approximately 50,000oz of gold per annum in the
initial 8 years of production while treating the Kinross and Leslie tailings
storage facilities and then approximately 38,000oz per annum for the remaining
6 years from processing the Winkelhaak tailings storage facility.
The Evander 2010 pay channel is a potentially attractive ore body that runs
parallel to the Kinross pay channel and is accessible via Evander Mines 7
Shaft. Harmony Gold historically developed towards the orebody before halting
all mining operations on 7 Shaft and allowing flooding of the infrastructure
to 18 level. The Evander Mines’ 2010 pay channel resources are classified in
an inferred category and surface drilling is currently underway to improve
confidence in the resource. The initial results of the drilling programme will
also be available during November 2016. The 2010 pay channel may offer Evander
Mines the possibility of establishing a new mine area without having to incur
the cost of sinking a new shaft from surface.
During the next year we will also investigate further medium- to long-term
underground production increases from sources such as 9 Shaft and projects
such as Evander South at Evander Mines.
Outlook
The group is well positioned to increase profitable production through organic
and acquisitive growth, while continuing to create shareholder value.
In the next year, the key focus areas for the group, from an operational
perspective, include:
* Safety and compliance across operations.
* Barberton Mines: Renewed focus on creating additional flexibility and
efficiencies to improve tonnages mined and gold produced from underground
operations. The management team is currently considering options to improve
the future tonnage output at Fairview Mines’ deeper levels and assessing
future exploration targets.
* Evander Mines: The operation will continue to invest in development capital
expenditure to ensure improved flexibility is achieved to maintain current
levels of production.
* Phoenix Platinum aims to optimise resources from Elandskraal and Kroondal to
maintain and improve production and cash flows.
* Uitkomst will focus on ensuring that stable production is maintained and
review the possibility of expanding run-of-mine production to 900,000t per
annum.
From an internal growth perspective, the following opportunities will be
prioritised:
* Finalising the feasibility study on the Elikhulu project and, if the
feasibility is successful, progressing towards full-scale production within
two years.
* Drilling the Evander 2010 pay channel for grade continuity and assessing
options to exploit this orebody.
* Assessing further growth projects at Evander Mines.
The group will also continue to evaluate acquisitive gold opportunities. Any
project considered will however be subject to the group’s stringent capital
allocation criteria, which requires any investment to be in a position to
contribute profitable production ounces within a short- to medium-term
timeframe and deliver the requisite returns to our shareholders.
FINANCIAL PERFORMANCE
Exchange rates and their impact on results
All of the group’s subsidiaries are incorporated in South Africa and their
functional currency is ZAR. The group’s business is conducted in ZAR and the
accounting records are maintained in this same currency, with the exception of
precious metal product sales, which are conducted in USD prior to conversion
into ZAR. The ongoing review of the operational results by executive
management and the board is also performed in ZAR.
The group’s presentation currency is GBP due to its ultimate holding
company, Pan African Resources, being incorporated in England and Wales and
being dual-listed in the UK and South Africa.
In the year under review the average ZAR/GBP exchange rate was R21.45:1 (2015:
R18.00:1) and the closing ZAR/GBP exchange rate was R19.78:1
(2015: R19.30:1). The year-on-year change in the average and closing exchange
rates of 19.2% and 2.5%, respectively, must be taken into account for the
purposes of translating and comparing year-on-year results.
The group records its revenue from precious metals sales in ZAR, and the
deterioration in the value of the ZAR/USD exchange rate during the year had a
compensating effect on the weaker USD metals revenue received. The average
ZAR/USD exchange rate was 26.7% weaker at R14.51:1 (2015: R11.45:1).
The commentary below analyses the current and prior period’s results. Key
aspects of the group’s ZAR results appear in the body of this commentary and
have been used as the basis against which its financial performance is
measured. The gross GBP equivalent figures can be calculated by applying the
exchange rates as detailed above.
Analysing the group’s financial performance
Revenue
The group’s revenue, year-on-year, increased by 43.1% to R3,632.8 million
(2015: R2,539.4 million). The increase was predominantly due to:
1. Gold ounces sold increased by 16.5% to 204,928oz (2015: 175,857oz).
2. The average ZAR gold price received by the group increased by 21.6% to
R542,850/kg (2015: R446,274/kg), as a result of the weakening of the ZAR/USD
exchange rate.
3. Consolidation of Uitkomst revenue of R98 million, effective from 1 April
2016.
The increase in the average ZAR gold price was due to the following movements:
1. The group realised an average gold price of USD1,164/oz, a decrease of 4.0%
from the USD1,212/oz achieved in the prior reporting period.
2. The average ZAR/USD exchange rate was 26.7% weaker at R14.51:1 (2015:
R11.45:1).
Cost of production and realisation costs
The group’s total cost of production increased by 16.8% to R2,321.4 million
(2015: R1,987.4 million). The group’s cost of production incorporated a full
year’s production costs for the ETRP of R154.8 million (2015: R54.1
million), and Uitkomst coal production costs of R91.8 million (2015: nil).
Pan African Resources’ gold cost of production per the statement of
comprehensive income increased by 12.3% to R2,155.5 million (2015: R1,919.6
million) as a result of the following:
* The group’s gold operations salaries and wages increased by 12.5% to
R967.7 million (2015: R860.1 million), predominately due to: * The increase in
salaries and wages following the gold wage agreements of Barberton Mines and
Evander Mines.
* Higher production incentives following increased productivity at the gold
operations. Barberton Mines’ production incentives increased by R13.7
million equating to 1.6% of the total year-on-year increase. Evander Mines’
production incentives increased by R4.3 million, contributing an additional
0.5% to the labour costs year-on-year increase.
* The ETRP salary and wage bill increased by R4.7 million, resulting in an
additional 0.6% increase year-on-year following a full a production year.
* The group’s electricity costs increased by 16.8% to R317.3 million (2015:
R271.6 million). The National Energy Regulator of South Africa’s approved
increases applied to electricity consumption was 12.7% for the year under
review. The additional increase was predominantly as a result of the
electricity costs associated with the ETRP being in production for the full
year, amounting to R9.9 million (2015: R2.1 million).
* The ETRP and associated surface feedstock material cost of production was
R154.8 million (2015: R54.1 million) following a full year’s production (in
the prior year the ETRP cost production related to a four month period only).
The gold cost of production excluding ETRP and surface feedstock was well
controlled and increased by 7.2% to R2,000.7 million (2015: R1,865.5 million).
The group’s gold cost of production per kilogramme declined by 3.2% to
R338,242/kg (2015: R349,410/kg). The decline is attributed to:
* Gold sold increasing by 16.5% to 204,928/oz (2015: 175,857/oz), resulting in
a lower unit cost of production.
* Improved head grades mined compared to the previous year, which also
impacted the gold sold.
The group’s gold all-in sustaining cost of production per kilogram
(including direct cost of production, royalties, associated corporate costs
and overheads and sustaining capital expenditure) increased by 0.9% to
R405,847/kg (2015: R402,221/kg). The group’s all-in sustaining costs were
primarily impacted by an increase in gold production and the improved head
grades, compared to the prior year.
The all-in gold cost per kilogram (sustaining cost of production and once-off
expansion capital) declined by 3.5% to R410,206/kg (2015: R425,084/kg), due to
the increase in gold production and the completion of the ETRP in the prior
year, which contributed R95.1 million in capital costs to the 2015 cost base.
The PGE cost of production increased by 9.3% to R74.1 million (2015: R67.8
million), predominately due to:
* Salaries and wages increasing by 3.1% to R20.2 million (2015: R19.6
million). The Phoenix Platinum employee incentives decreased in the current
year following lower production levels.
* Refining and processing costs increased by 10.8% to R48.3 million (2015:
R43.6 million), following additional transporting costs to move tailings
material from the Elandskraal/Kroondal tailings sites as well as higher chrome
refining costs due to a higher chrome prevalence in the tailings processed.
* Electricity costs increased by 13.5% to R4.2 million (2015: R3.7 million).
The groups’ realisation costs increased by 65.3% to R20.5 million (2015:
R12.4 million) due to additional refining costs associated with the extraction
and recovery of gold contained at Evander Mines’ processing plants floors.
Depreciation increased by 20.5% to R224.3 million (2015: R186.1 million),
following increased charges associated with the commissioning of the ETRP and
Evander Mines’ 8 Shaft 25 level development.
Other expenditure and income
Barberton Mines entered into a short-term strategic hedge (‘the Cost
Collar’) in July 2015, when the prevailing spot gold price was R440,000/kg,
to protect its cash flows and the group’s annual dividend against severe
adverse movements in the ZAR gold price. During the current reporting period,
the group recorded a pre-tax net unrealised mark-to-market fair value loss of
R117.6 million on the Cost Collar, offset by a realised Cost Collar derivative
income of R3.8 million, resulting in a net pre-tax fair value Cost Collar loss
for the year of R113.8 million (2015: pre-tax realised Cost Collar derivative
income of R44.8 million). The economic consequence of the mark-to-market fair
value adjustment is to lock in revenue on 25,000oz of gold production from
Barberton Mines at R625,000/kg (the closing ZAR gold price at 30 June 2016)
for the twelve month period commencing 1 October 2016. The group currently
only has this gold collar derivative in place.
Pan African Resources’ share price increased significantly by 108% to R3.75
from R1.80 during the current reporting period, which resulted in an increase
in the group’s cash settled share option costs. The pre-tax effect of cash
settled share option costs for the current reporting period amounted to R100.6
million (2015: pre-tax R6.1 million gain).
The fair value adjustment of the group’s rehabilitation liability resulted
in the liability reducing by R38.2 million (2015: increased by R19.7 million).
The rehabilitation investment increased by R9.2 million (2015: R33.9 million).
Finance costs decreased to R31.1 million (2015: R44.2 million), following
improved cash flows generated to reduce net debt during the year.
Profit after tax and headline earnings
Profit after taxation increased by 160.2% to R547.0 million (2015: R210.2
million) and the corresponding headline earnings increased by 156.1% to R547.1
million (2015: R213.6 million), primarily impacted by the following:
1. Revenue increased by R1,093.4 million supported by higher gold production
and an increase in the effective ZAR gold price received.
2. Cost of production increased by R334.0 million.
3. Depreciation increased by R38.2 million following increased charges
associated with the commissioning of the ETRP and Evander Mines’ 8 Shaft 25
level development.
4. Other income and expenditure increased by R265.8 million, due to the
pre-tax net Cost Collar mark-to-market fair value adjustment of R113.8 million
(2015: realised cost collar derivative income of R44.8 million), and higher
cash settled share option costs linked to the increase in the share price
amounting to R100.6 million (2015: R6.1 million gain).
5. Royalty costs increased by R30.4 million linked to the increased gold
revenues.
6. Taxation increased by R102.2 million due to the improved operational
performance.
EPS and HEPS
The group’s EPS in ZAR increased by 163.1% to 30.20 cents (2015: 11.48
cents). The group’s HEPS in ZAR increased by 158.8% to 30.20 cents (2015:
11.67 cents). The difference between the EPS and HEPS resulted from adjusting
the profit after taxation for the loss on the disposal of fixed assets and the
associated impairment on the sale of Auroch Minerals Limited in the prior
reporting period. Refer to the statement of comprehensive income for the
reconciliation between EPS and HEPS.
The EPS and HEPS is calculated by applying the group’s weighted average
number of shares to the attributable and headline earnings, which decreased by
1% to 1,811.4 million shares (2015:1,830.0 million shares). The decrease in
shares was attributed to eliminating the PAR Gold shares held in Pan African
Resources with effect from 7 June 2016.
Headline earnings per share is calculated as follows:
30 June 2016 30 June 2015 30 June 2016 30 June 2015
GBP GBP ZAR ZAR
Basic earnings 25,501,817 11,669,967 547,014,018 210,198,254
Adjustments: (note 1)
Loss on disposal of associate - 139,970 - 2,429,880
Loss on disposal of property plant, mineral right and equipment 2,767 149 59,360 2,679
Impairments - 58,424 - 1,014,239
Headline earnings 25,504,584 11,868,510 547,073,378 213,645,052
Headline earnings per share 1.41 0.65 30.20 11.67
Diluted headline earnings per share 1.41 0.65 30.19 11.67
Note 1: The adjustments accounted for, did not have any taxation impact to the
group.
Had the Shanduka Gold transaction been effective on 1 July 2015, the number of
shares that would have been taken into account for calculating EPS and HEPS
would have been reduced as follows:
Pan African Resources’ Shares Shares % Change
Opening balance shares - 1 July 2015 1,831,494,763 -
Issue of shares – vendor consideration placement 111,711,791 6.1%
Elimination of shares held by Shanduka Gold (436,358,058) (23.8%)
Closing balance shares 1,506,848,496 -
Reduction in number of shares 324,646,267 17.7%
Taxation
The group’s total taxation charge increased by 137.4% to R176.6 million
(2015: R74.4 million) due to higher gold revenues and improved profit margins.
The taxation charge comprised of:
* An increase in the current taxation charge of 113.7% to R206.6 million
(2015: R96.7 million).
* A marginal increase in the deferred taxation income to R30.0 million (2015:
R22.3 million).
Historical dividends
The group paid a final dividend of R210 million or GBP9.7 million (2014: R258
million or GBP14.9 million) on 24 December 2015 relating to the 2015 financial
year, equating to R0.11466 per share or 0.53 pence per share (2014: R0.14100
per share or 0.82 pence per share).
Dividend policy
Pan African Resources aspires to pay a regular dividend to shareholders. In
balancing this cash return to shareholders with the group’s strategy of
generic and acquisitive growth, it believes that a target pay-out ratio of 40%
of net cash generated from operating activities, after allowing for the cash
flow impact of sustaining capital, contractual debt repayments and also the
cash flow impact of once-off items, is appropriate. This measure aligns
dividend distributions with the cash generation potential of the business. In
proposing a dividend, the board will also take into account the company’s
financial condition, future prospects, satisfactory solvency and liquidity
assessments and other factors deemed by the board to be relevant at the time.
Proposed dividend for approval at the AGM
The board has proposed a final dividend of R300 million or approximately
GBP16.0 million, equating to R0.15438 per share or approximately 0.82338 pence
per share. This dividend is subject to approval at the AGM, which will take
place on Friday, 25 November 2016.
Assuming the final dividend is approved by the shareholders, the following
salient dates would apply:
Currency conversion date 05 December, Monday
Last date to trade on the exchanges 06 December, Tuesday
Ex-Dividend date on the JSE 07 December, Wednesday
Ex-Dividend date on the LSE 08 December, Thursday
Record date 09 December, Friday
Payment date 22 December, Thursday
The GBP proposed final dividend was calculated based on 1,943,206,554 total
shares in issue and an illustrative exchange rate of R18.75:1. 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, 5 December 2016 and close of business on
Friday, 9 December 2016 will be permitted.
No shares may be dematerialised or rematerialised between Wednesday, 7
December 2016 and Friday, 9 December 2016, both days inclusive.
The South African dividends tax rate is fifteen percent per ordinary share for
shareholders who are liable to pay the dividends tax, resulting in a net
dividend of R0.13123 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 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 1,943,206,554 shares
currently in issue.
Debt facilities
The group’s net debt increased marginally to R339.6 million (2015: R321.1
million) following the dividend payment of R210 million, the Uitkomst
acquisition of R148 million and the cash funded portion of the Shanduka Gold
transaction of R182.5 million.
Summary of the long-term debt liabilities:
Revolving credit facility Evander Mines gold loan Total
30 June 2016 30 June 2015 30 June 2016 30 June 2015 30 June 2016 30 June 2015
ZAR (millions) ZAR (millions) ZAR (millions) ZAR (millions) ZAR (millions) ZAR (millions)
Non-current portion 279.3 224.1 26.6 82.0 305.9 306.1
Current portion 31.1 21.6 55.2 58.0 86.3 79.6
Total 310.4 245.7 81.8 140.0 392.2 385.7
Cash flow summary
Net cash flow generated by operations (after dividends) and before investing
and financing activities increased to R581.4 million (2015: R95.7 million).
The cash outflows from investing activities increased to R969.0 million (2015:
366.0 million), predominately due to:
* Capital expenditure incurred decreasing to R302.4 million (2015: R352.0
million).
* The conclusion of the Shanduka Gold transaction for R546.9 million (2015:
nil).
* The net cash consideration of R120 million for the acquisition of Uitkomst,
being the purchase consideration of R148 million less cash acquired of R28
million on 31 March 2016.
Net cash flows from financing activities increased to R375.9 million (2015:
R233.4 million), predominately due to:
* Cash raised for the Shanduka Gold transaction amounting to R339.8 million.
OPERATIONAL PERFORMANCE
The groups operational and production summaries are disclosed on the Pan
African Resources website at
http://www.panafricanresources.com/investors/financial-reports/
Review of Barberton Mines
Safety
- The operation reported no fatalities (2015: one fatality).
- Total recordable injury frequency rate per 1,000,000 man hours worked
(‘TRIFR’) improved to 15.00 (2015: 15.87).
- LTIFR improved to 1.86 (2015: 1.87).
- RIFR remained at 0.62 (2015: 0.62).
Operational performance
- Average underground head grade achieved of 11.0g/t (2015: 10.9g/t).
- Gold sold increased by 7.1% to 113,281oz (2015: 105,776oz).
- Revenue increased by 30.8% to R1,921.8 million (2015: R1,469.0 million),
as a result of the improved gold sales and the higher effective ZAR gold
price.
- Cash cost per kilogramme increased marginally to R279,226/kg (2015:
R278,859/kg), and in USD term the cash cost per ounce decreased to USD599/oz
(2015: USD758/oz), due to improved gold ounce production.
- All-in sustaining cost per kilogramme increased by 4.8% to R348,231/kg
(2015: R332,151/kg), and in USD terms the all-in sustaining cost per ounce
decreased to USD746/oz (2015:USD902/oz).
- All-in cost per kilogramme increased by 5.1% to R354,417/kg (2015:
R337,317/kg), and in USD terms the all-cost per ounce decreased to USD760/oz
(2015: USD916/oz).
- Adjusted EBITDA increased to R729.8 million (2015: R505.5 million).
- Capital expenditure increased to R139.7 million (2015: R112.6 million)
summarised in the following categories:
- Sustaining development capital expenditure was R63.4 million (2015: R53.7
million).
- Sustaining maintenance capital expenditure was R54.5 million (2015: R44.2
million).
- Once-off expansion capital was R21.8 million (2015 R14.7 million), which
relates to the Royal Sheba development costs and the completion of the BTRP
power line extension and installation. In the prior year R14.7 million was
spent on the development of the Fairview ventilation raise borehole project to
improve operating conditions.
- Effective from 1 July 2016 the life-of-mine of respective operations at
Barberton Mines are:
- Fairview mine 22 years (2015: 20 years)
- Sheba mine 18 years (2015: 20 years)
- New Consort mine 5 years (2015: 7 years)
- BTRP 14 years (2015: 15 years)
Review of Evander Mines
Safety
- The operation reported one fatality detailed above in the CEO statement
(2015: nil).
- TRIFR increased to 14.18 (2015: 6.87).
- LTIFR increased to 4.96 (2015: 2.66).
- RIFR increased to 3.31 (2015: 1.54).
Operational performance
- Underground head grade improved to 5.7g/t (2015: 4.6g/t), principally due
to establishing mining on 8 Shaft’s new 25 level.
- Gold sold increased substantially by 30.8% to 91,647oz (2015: 70,081oz),
primarily due to improved production associated with an increase in tonnages
mined and head grades.
- Revenue increased by 58.3% to R1,538.3 million (2015: R972.0 million) as a
result of improved gold production and an increase in the effective ZAR gold
price.
- The ETRP produced 18,151oz (2015: 16,336oz), following an increase in gold
produced from tailings to 6,724oz (2015: 2,494oz) and surface feedstock
contributing 11,427oz (2015: 13,842oz).
- Cash costs per kilogramme decreased by 9.8% to R411,168/kg (2015:
R455,896/kg), and in USD terms the cash cost per ounce decreased to USD881/oz
(2015:USD 1,238/oz), due to additional gold production from the ETRP and
higher grades mined at 8 Shaft.
- All-in sustaining cost per kilogramme decreased by 6.1% to R477,044/kg
(2015: R507,980/kg), and in USD terms the all-in sustaining cost per ounce
decreased to USD1,023/oz (2015:USD1,380/oz), in line with the decrease in cash
costs.
- All-in cost per kilogramme decreased by 14.1% to R479,145/kg (2015:
R557,553/kg), and in USD terms the all-in cost per ounce decreased to
USD1,027/oz (2015:USD1,515/oz), in addition to the factors detailed above, the
prior year included once-off ETRP expansionary capital of R95.1 million during
the prior reporting period.
- Adjusted EBITDA increased to R357.7 million (2015: R47.4 million).
- Capital expenditure decreased to R153.8 million (2015: R238.2 million)
summarised in the following categories:
- Sustaining development capital expenditure was R118.4 million (2015:
R104.4 million).
- Sustaining maintenance capital expenditure was R29.4 million (2015: R38.7
million).
- Once-off expansion capital expenditure was R6.0 million (2015 R95.1
million), relating to development costs associated with 8 Shafts’ 26 level
in the current financial year and the completion of the ETRP, which
contributed R95.1 million in capital costs to the 2015 cost base.
- On 1 July 2015, Evander Mines implemented an employee share ownership
programme, which is similar to the scheme implemented at Barberton Mines in
June 2015. A newly established employee trust acquired 5% of the issued share
capital of Evander Mines.
- Effective from 1 July 2016, the life-of-mine of 8 Shaft and the ETRP
remained at 16 years (2015: 16 years).
Review of Phoenix Platinum
Safety
No safety incidents were reported during the financial year.
Operational performance
- Phoenix Platinum’s profitability was negatively impacted during the
reporting period due to a curtailment in current arisings from IFMSA Lesedi
mine, following the initiation of business rescue proceedings by IFMSA.
Tonnages processed were also adversely impacted by the drought and associated
water shortages affecting re-mining and processing.
- Phoenix Platinum’s loss after taxation was R9.6 million (2015: R12.3
million profit after taxation).
- PGE production decreased by 18.6% to 8,339oz (2015: 10,245oz).
- Revenue decreased by 24.1% to R74.7 million (2015: R98.4 million) due to
lower tonnages processed as result of the operational challenges highlighted
above and the lower effective PGE net revenue price received of R8,952/oz
(2015: R9,603/oz).
- The average PGE net revenue price received decreased by 6.8% to R8,952/oz
(2015: R9,603/oz), and in USD terms the average PGE net revenue per ounce
decreased to USD617/oz (2015: USD839/oz).
- Cost per tonne increased by 15.1% to R298/t (2015: R259/t), mainly due to
tonnages processed decreasing by 5.0% to 248,981t (2015: 262,119t).
- Cost per ounce of production increased by 34.3% to R8,890/oz (2015:
R6,621/oz), and in USD terms the cost per ounce increased to USD613/oz (2015:
USD578/oz).
- Adjusted EBITDA decreased to a loss of R4.8 million (2015: R27.7 million).
- Capital expenditure incurred was R6.8 million (2015: R0.6 million).
- Effective from 1 July 2016 the life-of-operation decreased to 9 years
(2015: 28 years) as a result of taking into account surface material available
to process, excluding current arisings.
Review of Uitkomst
Pan African Resources completed the acquisition of Uitkomst from Oakleaf
Investments Holding 109 Proprietary Limited (‘Oakleaf’) and Shanduka
Resources Proprietary Limited for a final net cash consideration of R148
million on 31 March 2016. Uitkomst is located close to the town of Utrecht in
KwaZulu-Natal, South Africa, and is a high grade thermal export quality coal
deposit with metallurgical applications.
The acquisition was funded from an existing revolving credit facility and
internally generated cash flows. Uitkomst is, for accounting and production
reporting purposes, consolidated effectively from 1 April 2016.
Summary of the purchase price allocation:
Fair value at acquisition Fair value at acquisition
ZAR GBP
Non-current assets 191.9 9.1
Current assets 67.0 3.2
Non-current liabilities (67.5) (3.2)
Current liabilities (43.4) (2.1)
Net assets at fair value 148.0 7.0
Net cash consideration paid 148.0 7.0
Safety
- The operation reported no fatalities.
- TRIFR per 200,000 man hours for the three month period was 5.59.
- LTIFR per 200,000 man hours for the three month period was 2.79.
- RIFR per 200,000 man hours for the three month period was 0.93.
Operational performance
- Profit after taxation for the period 1 April 2016 to 30 June 2016 was
R11.4 million.
- Underground coal plant feed was 128,022t and also acquired third party
coal for processing of 38,354t.
- Coal sold was 136,102t.
- Revenue amounted to R98 million.
- Cost of production of R91.8 million.
- The average revenue per ton received was R720/t or USD48/t.
- Cost per tonne was R674/t or USD45/t.
- All-in sustaining costs and all-costs per tonnes were R657/t or USD44/t.
The all-in sustaining costs and all-in costs were marginally lower than the
direct cost per tonne as result of other income earned by the logistics
department of Uitkomst.
- Adjusted EBITDA was R10.8 million.
- Capital expenditure incurred was R0.9 million.
- Effective from 1 July 2016 the life-of-operation was 22 years for a
run-of-mine coal production profile of 600,000t per annum.
COMMITMENTS REPORTED IN RAND AND GBP
The group had identified no contingent liabilities in the current or prior
financial period.
The group had outstanding open orders contracted for at year end of R12.7
million (2015: R22.8 million) or GBP0.6 million (2015: GBP1.2 million).
Authorised commitments for the new financial year, not yet contracted for,
totalled R345.9 million (2015: R271.1 million) or GBP17.5 million (2015: GBP14
million).
At 30 June 2016, the group had guarantees in place of R24.6 million (2015:
R24.6 million) or GBP1.2 million (2015: GBP1.3 million) in favour of Eskom,
R20.3 million (2014: R14.0 million) or GBP1.0 million (2015: GBP0.8 million)
in favour of the Department of Mineral Resources, and R6.6 million (2015: Nil)
or GBP0.3 (2015: nil) in favour of Transnet SOC Limited.
Operating lease commitments, which fall due within the next year, amounted to
R3.5 million (2015: R4.0 million) or GBP0.2 million (2015: GBP0.2 million).
FAIR VALUE INSTRUMENTS
Financial instruments that are measured at fair value grouped into levels 1 to
3 based on the extent to which fair value is observable.
The levels are classified as follows:
Level 1 - fair value is based on quoted prices in active markets for identical
financial assets or liabilities;
Level 2 - fair value is determined using inputs other than quoted prices
included within level 1 that are observable for the asset or liability; and
Level 3 - fair value is determined on inputs not based on observable market
data.
Level 1 financial instruments:
The group’s rehabilitation trust funds are valued at R321.5 million (2015:
R312.3 million) or GBP16.3 million (2015: GBP16.2 million), which comprise of
investments in guaranteed equity-linked notes, government bonds and equities,
according to quoted prices in an active market.
During the prior financial year, the company purchased 1,750,850 shares for
R18.9 million (GBP1 million) in a listed available-for-sale investment. The
investment is valued according to quoted prices in an active market currently
valued at R25.1 million (GBP1.3 million).
Level 2 financial instruments:
During the financial period, the company entered into a Cost Collar derivative
with a financial institution. At the end of the period under review the
financial instrument was not closed out and settled, therefore resulting in a
financial exposure to be fair value on a mark-to-market basis. The financial
instrument was valued according to quoted prices in an active market resulting
in a Cost Collar mark-to-market liability of R117.6 million (2015: Nil).
The group’s cash settled share option liability which is valued on a
mark-to-market basis according to the Pan African Resources quoted share price
amounted to R104.0 million (2015: R23.7 million).
Level 3 financial instruments:
The group’s ESOP liability is accounted on a cash settled share option basis
and valued on a mark-to-market on the net present value of the discounted
future cash flows applicable to the beneficiaries to the schemes. The ESOP
liability was R5.6 million (2015: R0.2 million).
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS AND ACCOUNTING POLICIES
Investors should consider non-Generally Accepted Accounting Principles
('non-GAAP') financial measures shown in this provisional announcement in
addition to, and not as a substitute for or as superior to, measures of
financial performance reported in accordance with International Financial
Reporting Standards ('IFRS'). The IFRS results reflect all items that affect
reported performance and therefore it is important to consider the IFRS
measures alongside the non-GAAP measures.
The provisional announcement has been prepared using accounting policies that
comply with the IFRS adopted by the European Union and South Africa, which are
consistent with those applied in the financial statements for the prior years
ended 30 June 2015 and 30 June 2014.
The provisional audited results announcement is only a summary of the
information in the Integrated Report and does not contain full or complete
details. Any investment decision by investors and/or shareholders should be
based on consideration of the final Integrated Report to be published on SENS
and the company’s website as a whole.
JSE LIMITED LISTING
The company has a dual primary listing on JSE Limited ('JSE') in South Africa
and the AIM market ('AIM') of the London Stock Exchange (‘LSE’).
This provisional announcement has been prepared in accordance with the
framework concepts and the measurement and recognition requirements of IFRS
and SAICA Financial Reporting Guides as issued by the Accounting Practice
Committee and the Financial Pronouncements as issued by the Financial
Reporting Standards Council, and the minimum information as required by
International Accounting Standards 34: Interim Financial Reporting.
The group's South African external auditors, Deloitte & Touche, have issued
their opinions on the group's consolidated financial statements and the
provisional summarised consolidated financial statements for the year ended 30
June 2016. The audits were for both the summarised and full set of financial
statements conducted in accordance with International Standards on Auditing.
Deloitte & Touche have expressed unmodified opinions on the group’s
consolidated financial statements and the provisional summarised consolidated
financial statements. The 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 group consolidated financial statements. The directors take
full responsibility for the preparation of the provisional summarised audited
results and confirm that 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 2016 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 2015 have been
delivered to the Registrar of Companies and those for 2016 will be delivered
following the company's AGM. Deloitte LLP, the external auditor registered in
the UK, have reported on these accounts for the year ended 30 June 2016.
Their 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 UK Companies Act 2006 applicable to companies reporting
under IFRS.
DIRECTORSHIP CHANGES AND DEALINGS
No changes took place during the year and there were no director dealings in
securities during the period under review.
SHARES ISSUED
On 3 June 2016 Pan African Resources issued 111,711,791 shares for R339.8
million to fund the Shanduka Gold transaction.
GOING CONCERN
The board confirms that the business is a going concern and that it has
reviewed the group’s working capital requirements in conjunction with its
future funding capabilities for at least the next 12 months and has found them
to be adequate. The group has a R800 million revolving credit facility from a
consortium of South African banks (and a two year accordion option, subject to
the bank’s credit committee approval, for an additional R300 million
facility), as well as access to general banking facilities of R100 million. At
30 June 2016 the group had borrowing capacity on the revolving credit facility
and general banking facilities of R490 million (GBP24.8 million) and R50
million (GBP2.5 million), respectively, to assist in funding working capital
requirements. On 1 July 2016 the group finalised the general banking facility
of R85 million (GBP4.3 million) for Uitkomst. Management is not aware of any
material uncertainties which may cast significant doubt on the group’s
ability to continue as a going concern. Should the need arise the group can
cease discretionary exploration and certain capital expenditure activities to
conserve cash on the short to medium term.
EVENTS AFTER THE REPORTING PERIOD
No material events occurred after the reporting period.
Cobus Loots Deon Louw
Chief Executive Officer Financial Director
21 September 2016
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 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) 207 796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Matthew Armitt / Ross Allister
One Capital Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0) 11 550 5009 Office: +44 (0) 207 418 8900
Julian Gwillim Daniel Thöle
Aprio Strategic Communications Bell Pottinger PR
Public & Investor Relations SA Public & Investor Relations UK
Office: +27 (0)11 880 0037 Office: + 44 (0) 203 772 2500
Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010
http://www.panafricanresources.com/
Financial statements: Summarised financial information
Summarised consolidated statement of financial position as at 30 June 2016
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