REG-Pan African Resources PLC: Provisional audited results & final div announcement <Origin Href="QuoteRef">PAFR.L</Origin> - Part 2
21/09/2016 07:05
- Part 2: For the preceding part double click ID:nPRrL524Aa
30 June 2016 30 June 2015 30 June 2016 30 June 2015
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
ASSETS
Non-current assets
Property, plant and equipment and mineral rights 190,725,199 181,532,780 3,772,544,439 3,503,582,652
Other intangible assets 123,235 202,488 2,437,592 3,908,021
Deferred taxation 1,117,092 327,748 22,096,084 6,325,533
Long term inventory 186,861 - 3,696,114 -
Goodwill 21,000,714 21,000,714 303,491,812 303,491,812
Investments 1,269,228 904,818 25,105,331 17,462,996
Rehabilitation trust fund 16,253,708 16,181,925 321,498,339 312,311,153
230,676,037 220,150,473 4,450,869,711 4,147,082,167
Current assets
Inventories 4,398,813 3,502,569 87,008,537 67,599,584
Current tax asset 848,946 827,298 16,792,156 15,966,858
Trade and other receivables 14,042,357 9,559,010 277,757,811 184,488,890
Cash and cash equivalents 2,658,947 3,328,850 52,593,979 64,246,802
21,949,063 17,217,727 434,152,483 332,302,134
Non-current assets held for sale 66,873 - 1,322,750 -
TOTAL ASSETS 252,691,973 237,368,200 4,886,344,944 4,479,384,301
EQUITY AND LIABILITIES
Capital and reserves
Share capital 19,432,065 18,314,947 269,660,040 244,752,779
Share premium 108,936,082 94,846,046 1,638,563,371 1,323,632,626
Translation reserve (58,583,849) (56,402,515) - -
Share option reserve 1,035,888 1,035,888 13,957,178 13,957,178
Retained earnings 126,620,651 110,850,201 1,789,877,978 1,452,863,957
Realisation of equity reserve (10,701,093) (10,701,093) (140,624,130) (140,624,130)
Treasury capital reserve (25,376,743) - (548,619,802) -
Merger reserve (10,705,308) (10,705,308) (154,707,759) (154,707,759)
Other reserves 317,509 (70,679) 6,280,332 (1,364,097)
Equity attributable to owners of the parent 150,975,202 147,167,487 2,874,387,208 2,738,510,554
Total equity 150,975,202 147,167,487 2,874,387,208 2,738,510,554
Non-current liabilities
Long term provisions 10,432,986 12,249,367 206,364,460 236,412,781
Long term liabilities 18,456,309 16,312,982 362,640,753 314,840,546
Deferred taxation 40,616,337 39,288,059 803,391,140 758,259,537
69,505,632 67,850,408 1,372,396,353 1,309,512,864
Current liabilities
Trade and other payables 18,743,235 16,799,043 370,741,187 324,221,523
Financial instrument liabilities 5,945,399 - 117,600,000 -
Current portion of long term liabilities 6,980,711 5,047,478 140,503,506 97,416,327
Current tax liability 541,794 503,784 10,716,690 9,723,033
32,211,139 22,350,305 639,561,383 431,360,883
TOTAL EQUITY AND LIABILITIES 252,691,973 237,368,200 4,886,344,944 4,479,384,301
Summarised consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2016
21.45
30 June 2016 30 June 2015 30 June 2016 30 June 2015
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
Revenue 169,360,532 141,076,883 3,632,783,424 2,539,383,882
Gold sales 161,312,220 135,611,436 3,460,147,123 2,441,005,844
Platinum sales 3,480,338 5,465,447 74,653,256 98,378,038
Coal sales 4,567,974 - 97,983,045 -
Realisation costs (956,709) (690,538) (20,521,416) (12,429,687)
On - mine revenue 168,403,823 140,386,345 3,612,262,008 2,526,954,195
Gold cost of production (100,487,340) (106,644,655) (2,155,453,481) (1,919,603,779)
Platinum cost of production (3,456,007) (3,768,530) (74,131,334) (67,833,541)
Coal cost of production (4,279,735) - (91,800,287) -
Mining depreciation (10,456,129) (10,337,211) (224,283,967) (186,069,804)
Mining profit 49,724,612 19,635,949 1,066,592,939 353,447,071
Other (expenses)/income (12,182,895) 249,776 (261,323,095) 4,495,974
Loss in associate - (127,950) - (2,291,239)
Loss on disposal of associate - (139,970) - (2,429,880)
Impairments - (58,424) - (1,014,239)
Royalty costs (2,799,947) (1,647,297) (60,058,865) (29,651,339)
Net income before finance income and finance costs 34,741,770 17,912,084 745,210,979 322,556,348
Finance income 442,616 348,959 9,494,114 6,281,253
Finance costs (1,448,738) (2,458,287) (31,075,424) (44,249,162)
Profit before taxation 33,735,648 15,802,756 723,629,669 284,588,439
Taxation (8,233,831) (4,132,789) (176,615,651) (74,390,185)
Profit after taxation 25,501,817 11,669,967 547,014,018 210,198,254
Other comprehensive income:
Fair value movement on available for sale investment 388,188 (70,679) 7,644,429 (1,364,097)
Other movements - 5,529 - 99,569
Foreign currency translation differences (2,181,333) (8,857,195) - -
Total comprehensive income for the year 23,708,672 2,747,622 554,658,447 208,933,726
Profit attributable to:
Owners of the parent 25,501,817 11,669,967 547,014,018 210,198,254
Total comprehensive income attributable to:
Owners of the parent 23,708,672 2,747,622 554,658,447 208,933,726
Earnings per share 1.41 0.64 30.20 11.48
Diluted earnings per share 1.41 0.64 30.19 11.48
Weighted average number of shares in issue 1,811,427,377 1,830,422,160 1,811,427,377 1,830,422,160
Diluted number of shares in issue 1,811,916,935 1,830,967,266 1,811,916,935 1,830,967,266
Note 1: The adjustments accounted for, did not have any taxation impact to the group.
Summarised audited GBP consolidated statement of changes in equity for the
year ended 30 June 2016
GROUP Share capital Share premium Translation reserve Share option reserve Retained earnings
GBP GBP GBP GBP GBP
Balance at 30 June 2014 18,299,947 94,792,516 (47,545,320) 1,154,891 114,106,005
Issue of shares 15,000 53,530 - - -
Total comprehensive income - - (8,857,195) - 11,669,967
Dividends paid - - - - (14,925,771)
Share based payment - charge for the year - - - (119,003) -
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) - - -
Total comprehensive income - - (2,181,333) - 25,501,817
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
Summarised audited GBP consolidated statement of changes in equity for the
year ended 30 June 2016
GROUP Realisation of equity reserve Treasury capital reserve Merger reserve Other reserves Total
GBP GBP GBP GBP GBP
Balance at 30 June 2014 (10,701,093) - (10,705,308) (5,529) 159,396,109
Issue of shares - - - - 68,530
Total comprehensive income - - - (65,150) 2,747,622
Dividends paid - - - (14,925,771)
Share based payment - charge for the year - - - - (119,003)
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)
Total comprehensive income - - - 388,188 23,708,672
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
Summarised unaudited ZAR consolidated statement of changes in equity for the
year ended 30 June 2016
GROUP Share capital Share premium Share option reserve Retained earnings Realisation of equity reserve
ZAR ZAR ZAR ZAR ZAR
Balance at 30 June 2014 244,480,271 1,322,660,134 15,965,957 1,500,694,965 (140,624,130)
Issue of shares 272,508 972,492 - - -
Total comprehensive income - - - 210,198,257 -
Dividends paid - - - (258,029,262) -
Share based payment - charge for the year - - (2,008,779) - -
Balance at 30 June 2015 244,752,779 1,323,632,626 13,957,178 1,452,863,960 (140,624,130)
Issue of shares 24,907,261 334,689,839 - - -
Share issue costs - (19,759,094) - - -
Total comprehensive income - - - 547,014,018 -
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 (140,624,130)
Summarised unaudited ZAR consolidated statement of changes in
equity for the year ended 30 June 2016
GROUP Treasury capital reserve Merger reserve Other reserves Total
ZAR ZAR ZAR ZAR
Balance at 30 June 2014 - (154,707,759) (99,569) 2,788,369,869
Issue of shares - - - 1,245,000
Total comprehensive income - - (1,264,528) 208,933,729
Dividends paid - - - (258,029,262)
Share based payment - charge for the year - - - (2,008,779)
Balance at 30 June 2015 - (154,707,759) (1,364,097) 2,738,510,557
Issue of shares - - 359,597,100
Share issue costs - - - (19,759,094)
Total comprehensive income - - 7,644,429 554,658,447
Dividends paid - - (210,000,000)
Share buyback (548,619,802) - - (548,619,802)
Balance at 30 June 2016 (548,619,802) (154,707,759) 6,280,332 2,874,387,208
Summarised consolidated statement of cash flows for the year ended 30 June 2016
30 June 2016 30 June 2015 30 June 2016 30 June 2015
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
NET CASH GENERATED FROM OPERATING ACTIVITIES 28,464,205 5,364,480 581,423,450 95,659,360
INVESTING ACTIVITIES
Additions to property, plant and equipment and mineral rights (14,079,918) (19,528,616) (302,014,225) (351,515,099)
Additions to other intangible assets (17,248) (25,740) (369,970) (463,320)
Investments acquired - (1,037,677) - (18,825,000)
Proceeds on disposals of Property plant and equipment 14,620 - 313,600 -
Acquisition of Uitkomst (5,700,402) - (120,013,429) -
Shanduka Gold transaction (25,299,095) - (546,941,145) -
Proceeds on disposals of associate - 277,732 - 4,834,253
NET CASH USED IN INVESTING ACTIVITIES (45,082,043) (20,314,301) (969,025,169) (365,969,166)
FINANCING ACTIVITIES
Proceeds from borrowings 38,061,147 27,898,927 840,000,000 500,000,000
Borrowings repaid (38,131,957) (14,728,154) (803,889,110) (262,552,468)
Settlement of equity share option costs - (303,067) - (5,321,928)
Shares issued 16,128,324 68,530 359,597,100 1,245,000
Share issue costs (921,170) - (19,759,094) -
NET CASH FROM FINANCING ACTIVITIES 15,136,344 12,936,236 375,948,896 233,370,604
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1,481,494) (2,013,585) (11,652,823) (36,939,202)
Cash and cash equivalents at the beginning of the year 3,328,850 5,618,323 64,246,802 101,186,004
Effect of foreign exchange rate changes 811,591 (275,888) - -
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2,658,947 3,328,850 52,593,979 64,246,802
Summarised audited consolidated GBP segment report for the year ended 30 June
2016
Year ended
30 June 2016
Barberton Mines Evander Mines Phoenix Platinum Uitkomst Corporate office and Growth Projects Funding Company (Note 3) Consolidated
GBP GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (1) 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 (398,937) (557,772) - - - - (956,709)
On - mine revenue 89,197,308 71,158,203 3,480,338 4,567,974 - - 168,403,823
Cost of production (45,461,824) (55,025,516) (3,456,007) (4,279,735) - - (108,223,082)
Depreciation (3,562,121) (6,433,405) (311,870) (148,733) - - (10,456,129)
Mining profit 40,173,363 9,699,282 (287,539) 139,506 - - 49,724,612
Other expenses (2) (7,253,912) 873,481 (249,773) 233,905 (5,867,371) 80,775 (12,182,895)
Loss from associate - - - - - -
Loss on disposal of associate/asset held for sale - - - - - -
Impairment costs - - - - - - -
Royalty costs (2,450,505) (332,918) - (16,524) - - (2,799,947)
Net income/(loss) before finance income and finance costs 30,468,946 10,239,845 (537,312) 356,887 (5,867,371) 80,775 34,741,770
Finance income 13,380 27,840 448 8,823 79,755 312,370 442,616
Finance costs (6,048) (7,383) (489) - (7) (1,434,811) (1,448,738)
Profit/(loss) before taxation 30,476,278 10,260,302 (537,353) 365,710 (5,787,623) (1,041,666) 33,735,648
Taxation (8,492,721) (757,683) 118,266 226,037 701,414 (29,144) (8,233,831)
Profit/(loss) after taxation before inter-company charges 21,983,557 9,502,619 (419,087) 591,747 (5,086,209) (1,070,810) 25,501,817
Inter-company transactions
Management fees (1,439,394) (1,137,529) (107,226) (65,734) 2,749,883 - -
inter-company interest charges (331,029) (750,800) 79,849 7,489 (135,868) 1,130,359 -
Profit after taxation after inter-company charges 20,213,134 7,614,290 (446,464) 533,502 (2,472,194) 59,549 25,501,817
Segmental assets (Total assets excluding goodwill) 56,651,503 146,201,423 9,991,120 15,034,211 3,180,048 632,954 231,691,259
Segmental Liabilities 27,035,796 48,372,120 883,249 4,545,415 5,154,888 15,725,303 101,716,771
Goodwill 21,000,714 - - - - - 21,000,714
Net Assets (excluding goodwill) 29,615,707 97,829,303 9,107,871 10,488,796 (1,974,840) (15,092,349) 129,974,488
Adjusted EBITDA 34,031,067 16,673,250 (225,442) 505,620 (5,867,371) 80,775 45,197,899
Capital Expenditure 6,513,408 7,179,831 316,726 40,251 46,950 - 14,097,166
Year ended
30 June 2015
Barberton Mines Evander Mines Phoenix Platinum Corporate office and Growth Projects Funding Company (Note 3) Consolidated
GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (1) 81,609,692 54,001,744 - - - 135,611,436
Platinum sales - - 5,465,447 - - 5,465,447
Coal sales - - - - - -
Realisation costs (534,421) (156,117) - - - (690,538)
On - mine revenue 81,075,271 53,845,627 5,465,447 - - 140,386,345
Cost of production (50,434,360) (56,210,295) (3,768,530) - - (110,413,185)
Depreciation (4,008,467) (5,963,752) (364,992) - - (10,337,211)
Mining profit 26,632,444 (8,328,420) 1,331,925 - - 19,635,949
Other expenses (2) (966,703) 5,057,581 (163,390) (3,676,779) (933) 249,776
Loss from associate - - - (127,950) - (127,950)
Loss on disposal of associate/asset held for sale - - - (139,970) - (139,970)
Impairment costs - - - (58,424) - (58,424)
Royalty costs (1,595,802) (51,495) - - - (1,647,297)
Net income/(loss) before finance income and finance costs 24,069,939 (3,322,334) 1,168,535 (4,003,123) (933) 17,912,084
Finance income 109,514 167,047 11,186 53,290 7,922 348,959
Finance costs (246,094) (918,923) (1,136) (13,164) (1,278,970) (2,458,287)
Profit/(loss) before taxation 23,933,359 (4,074,210) 1,178,585 (3,962,997) (1,271,981) 15,802,756
Taxation (5,956,861) 2,270,046 (336,438) (89,033) (20,503) (4,132,789)
Profit/(loss) after taxation before inter-company charges 17,976,498 (1,804,164) 842,147 (4,052,030) (1,292,484) 11,669,967
Inter-company transactions
Management fees (1,666,667) (1,248,661) (152,777) 3,068,105 - -
inter-company interest charges (57,776) (1,230,251) (4,605) (16,450) 1,309,082 -
Profit after taxation after inter-company charges 16,252,055 (4,283,076) 684,765 (1,000,375) 16,598 11,669,967
Segmental assets (Total assets excluding goodwill) 55,423,588 146,705,365 10,850,893 2,454,933 932,707 216,367,486
Segmental Liabilities 21,528,152 52,987,201 933,751 1,973,835 12,777,774 90,200,713
Goodwill 21,000,714 - - - - 21,000,714
Net Assets (excluding goodwill) 33,895,436 93,718,164 9,917,142 481,098 (11,845,067) 126,166,773
Adjusted EBITDA 28,078,406 2,641,418 1,533,527 (3,804,729) (933) 28,447,689
Capital Expenditure 6,258,248 13,231,962 31,355 32,791 - 19,554,356
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: Pan African Resources Funding Company (Pty) Ltd (‘Funding
Company’) manages the group’s treasury function.
Summarised unaudited consolidated ZAR segment report for the year ended 30
June 2016
30 June 2016
Barberton Mines Evander Mines Phoenix Platinum Uitkomst Corporate and Growth Projects Funding Company (Note 3) Group
ZAR' million ZAR' million ZAR' million ZAR' million ZAR' million ZAR' million ZAR' million
Revenue
Gold sales (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 - - 3,612.3
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) - - (224.3)
Mining Profit 861.6 208.1 (6.1) 3.0 - - 1,066.6
Other expenses (2) (155.6) 18.7 (5.4) 5.0 (125.7) 1.7 (261.3)
Bargain purchase - - - - - - -
Loss from associate - - - - - - -
Loss on disposal of associate - - - - - - -
Impairment costs - - - - - - -
Royalty costs (52.6) (7.1) - (0.4) - - (60.1)
Net income / (loss) before finance income and finance costs 653.4 219.7 (11.5) 7.6 (125.7) 1.7 745.2
Finance income 0.3 0.6 - 0.2 1.7 6.7 9.5
Finance costs (0.1) (0.2) - - - (30.8) (31.1)
Profit /(loss) before taxation 653.6 220.1 (11.5) 7.8 (124.0) (22.4) 723.6
Taxation (182.2) (16.3) 2.5 4.8 15.2 (0.6) (176.6)
Profit /(loss) after taxation 471.4 203.8 (9.0) 12.6 (108.8) (23.0) 547.0
Inter-company transactions
Management fees (30.9) (24.4) (2.3) (1.4) 59.0 - -
inter-company interest charges (7.1) (16.1) 1.7 0.2 (2.9) 24.2 -
Profit /(loss) after taxation after inter-company charges 433.4 163.3 (9.6) 11.4 (52.7) 1.2 547.0
Segmental Assets (Total assets excluding goodwill) 1,120.6 2,891.9 198.6 297.4 61.6 12.5 4,582.6
Segmental Liabilities 534.8 956.8 17.5 92.9 98.9 311.0 2,011.9
Goodwill 303.5 - - - - 303.5
Net Assets (excluding goodwill) 585.8 1,935.1 181.1 204.5 (37.3) (298.5) 2,570.7
Adjusted EBITDA 729.8 357.7 (4.8) 10.8 (125.7) 1.7 969.5
Capital Expenditure 139.7 154.0 6.8 0.9 1.0 - 302.4
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: Pan African Resources Funding Company (Pty) Ltd (‘Funding
Company’) manages the group’s treasury function.
Summarised unaudited consolidated ZAR segment report for the year ended 30
June 2016
30 June 2015
Barberton Mines Evander Mines Phoenix Platinum Corporate and Growth Projects Funding Company (Note 3) Group
ZAR' million ZAR' million ZAR' million ZAR' million ZAR' million ZAR' million
Revenue
Gold sales (1) 1,469.0 972.0 - - - 2,441.0
Platinum Sales - - 98.4 - - 98.4
Coal sales - - - - - -
Realisation costs (9.6) (2.8) - - - (12.4)
On - mine revenue 1,459.4 969.2 98.4 - - 2,527.0
Gold cost of production (907.8) (1,011.8) - - - (1,919.6)
Platinum cost of production - - (67.8) - - (67.8)
Coal cost of production - - - - - -
Depreciation (72.2) (107.3) (6.6) - - (186.1)
Mining Profit 479.4 (149.9) 24.0 - - 353.5
Other expenses (2) (17.4) 91.0 (2.9) (66.2) - 4.5
Bargain purchase - - - - - -
Loss from associate - - - (2.3) - (2.3)
Loss on disposal of associate - - (2.4) - (2.4)
Impairment costs - - - (1.0) - (1.0)
Royalty costs (28.7) (1.0) - - - (29.7)
Net income / (loss) before finance income and finance costs 433.3 (59.9) 21.1 (71.9) - 322.6
Finance income 2.0 3.0 0.2 1.0 0.1 6.3
Finance costs (4.4) (16.5) - (0.3) (23.1) (44.3)
Profit /(loss) before taxation 430.9 (73.4) 21.3 (71.2) (23.0) 284.6
Taxation (107.2) 40.9 (6.1) (1.7) (0.3) (74.4)
Profit /(loss) after taxation 323.7 (32.5) 15.2 (72.9) (23.3) 210.2
Inter-company transactions
Management fees (30.0) (22.5) (2.7) 55.2 - -
inter-company interest charges (1.0) (22.1) (0.2) (0.3) 23.6 -
Profit /(loss) after taxation after inter-company charges 292.7 (77.1) 12.3 (18.0) 0.3 210.2
Segmental Assets (Total assets excluding goodwill) 1,069.7 2,831.4 209.4 47.4 18.0 4,175.9
Segmental Liabilities 415.5 1,022.7 18.0 38.1 246.6 1,740.9
Goodwill 303.5 - - - - 303.5
Net Assets (excluding goodwill) 654.2 1,808.7 191.4 9.3 (228.6) 2,435.0
Adjusted EBITDA 505.5 47.4 27.7 (68.5) - 512.1
Capital Expenditure 112.6 238.2 0.6 0.6 - 352.0
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: Pan African Resources Funding Company (Pty) Ltd (‘Funding
Company’) manages the group’s treasury function.
Copyright (c) 2016 PR Newswire Association,LLC. All Rights ReservedRecent news on Pan African Resources
See all newsREG-Pan African Resources Plc: Holding(s) in Company
AnnouncementREG-Pan African Resources Plc: Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025
AnnouncementREG-Pan African Resources Plc: Proposed Capital Reduction & Notice of General Meeting
AnnouncementREG-Pan African Resources Plc: Group Trading Statement for the six months ended 31 December 2025 (current reporting period)
AnnouncementREG-Pan African Resources Plc: Operational Update for the half-year ended December 2025 (H1FY26) & Proposed Initiation of Interim Dividend
Announcement