REG-Pan African Resources PLC: Provisional audited results for the year ended 30.06.14 <Origin Href="QuoteRef">PAFR.L</Origin> <Origin Href="QuoteRef">PANJ.J</Origin> - Part 3
24/11/2014 14:09
- Part 3: For the preceding part double click ID:nPRrFF84Cb
- (5,529) 1,400,089
income
Dividends paid (14,683,712)
Share based payment - - - 122,936
charge for the year
Balance at 30 June 2014 (10,701,093) (10,705,308) (5,529) 159,396,109
Summarised Audited Consolidated Segment Report for the Year Ended 30 June 2014
30 June
2014
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum office company**
and *
Growth
Projects
GBP GBP GBP GBP GBP GBP
Revenue
Gold sales** 89,520,058 60,768,840 - - - 150,288,898
Platinum sales - - 4,262,160 - - 4,262,160
Realisation costs (269,403) (80,051) - - - (349,454)
On - mine revenue 89,250,655 60,688,789 4,262,160 - - 154,201,604
Cost of production (48,989,722) (54,109,388) (3,294,975) - - (106,394,085)
Depreciation (3,905,925) (5,558,837) (558,599) - - (10,023,361)
Mining profit 36,355,008 1,020,564 408,586 - - 37,784,158
Other expenses * (1,704,438) 857,879 (20,576) (566,710) (16,008) (1,449,853)
Bargain purchase - - - - - -
Loss from associate - - - (173,177) - (173,177)
Loss on disposal of (11,848) - - - - (11,848)
asset held for sale
Impairment costs - - - - - -
Royalty costs (2,185,136) 166,070 - - - (2,019,066)
Net income / (loss) 32,453,586 2,044,513 388,010 (739,887) (16,008) 34,130,214
before finance income
and finance costs
Finance income 173,405 344,903 - 168,877 - 687,185
Finance costs (35,333) (7,743) - (31) (834,957) (878,064)
Profit /(loss) 32,591,658 2,381,673 388,010 (571,041) (850,965) 33,939,335
before taxation
Taxation (8,969,604) 1,828,847 (172,379) 145,372 13,022 (7,154,742)
Profit /(loss) 23,622,054 4,210,520 215,631 (425,669) (837,943) 26,784,593
after taxation
30 June
2014
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum office and company**
Growth **
Projects
GBP GBP GBP GBP GBP GBP
Revenue
Gold sales** 97,564,881 31,712,557 - - - 129,277,438
Platinum sales - - 4,257,512 - - 4,257,512
Realisation costs (179,270) (47,468) - - - (226,738)
On - mine revenue 97,385,611 31,665,089 4,257,512 - - 133,308,212
Cost of production (47,739,505) (19,906,614) (3,535,046) - - (71,181,165)
Depreciation (3,000,640) (2,056,566) (941,061) - - (5,998,267)
Mining profit 46,645,466 9,701,909 (218,595) - - 56,128,780
Other expenses * (2,188,879) (8,783) (221,604) (3,231,154) (1,806) (5,652,226)
Bargain purchase - 24,114,255 - - - 24,114,255
Loss from associate - - - (152,312) - (152,312)
Loss on disposal of - - - (586,138) - (586,138)
asset held for sale
Impairment costs - - (2,495,480) (13,648,124) - (16,143,604)
Royalty costs (2,450,476) (748,146) - - - (3,198,622)
Net income / (loss) 42,006,111 33,059,235 (2,935,679) (17,617,728) (1,806) 54,510,133
before finance income
and finance costs
Finance income 77,463 283,229 - 1,093,967 - 1,454,659
Finance costs (107,810) (296,888) - - (852,998) (1,257,696)
Profit /(loss) 41,975,764 33,045,576 (2,935,679) (16,523,761) (854,804) 54,707,096
before taxation
Taxation (11,408,506) (962,917) (24,863) 286,257 (23,034) (12,133,063)
Profit /(loss) 30,567,258 32,082,659 (2,960,542) (16,237,504) (877,838) 42,574,033
after taxation
* Other expenses exclude inter-company management fees and dividends
** All gold sales were made in the Republic of South Africa and the majority of
revenue (more than 90%) was generated from a single customer, Rand Refinery.
***The Funding company was established during the 2013 financial year with
effect from 1 March 2013.
Segmental assets
(Total assets
excluding goodwill) 57,519,959 152,476,424 12,427,761 3,482,325 28,631 225,935,100
Segmental
Liabilities 23,135,981 62,144,046 622,536 1,519,598 117,544 87,539,705
Goodwill 21,000,714 - - - - 21,000,714
Net Assets
(excluding goodwill) 34,383,978 90,332,378 11,805,225 1,962,727 (88,913) 138,395,395
Capital Expenditure 8,944,360 12,468,962 24,027 63,107 - 21,500,456
Segmental assets
(Total assets
excluding goodwill) 63,530,231 172,971,365 13,897,511 4,867,060 11,178 255,277,345
Segmental
Liabilities 25,018,515 65,569,101 320,175 2,151,222 11,010,809 104,069,822
Goodwill 21,000,714 - - - - 21,000,714
Net Assets
(excluding goodwill) 38,511,716 107,402,264 13,577,336 2,715,838 (10,999,631) 151,207,523
Capital Expenditure 22,886,611 4,506,501 160,879 12,542 - 27,566,533
All assets are held within South Africa, with the exception of Auroch Minerals
NL which is a company listed on the Australian Securities Exchange , with
assets held in Mozambique.
The segmental assets and liabilities above, exclude inter-company balances.
Capital expenditure comprises of additions to property plant and equipment and
mineral rights and intangible assets .
GBP GBP GBP GBP GBP
Share Share Translation Share Retained
Capital Premium reserve option earnings
account reserve
Balance at 30 June 2012 14,482,623 51,149,299 (1,937,509) 904,902 59,432,741
Issue of shares 3,745,719 46,868,536 - - -
Share issue costs - (3,502,273) - - -
Other reserves - - - - (1,650)
Total comprehensive - - (20,228,836) - 42,574,033
income
Share based payment - - - - 127,053 -
charge for the year
Balance at 30 June 2013 18,228,342 94,515,562 (22,166,345) 1,031,955 102,005,124
Issue of shares 71,605 276,954 - - -
Total comprehensive - - (25,378,975) - 26,784,593
income
Dividends paid (14,683,712)
Share based payment - - - - 122,936 -
charge for the year
Balance at 30 June 2014 18,299,947 94,792,516 (47,545,320) 1,154,891 114,106,005
Summary Consolidated ZAR Unaudited Financial Statements
Summarised Consolidated ZAR Statement of Financial Position at 30 June 2014
30 June 2014 31 June 2013
(Unaudited) (Unaudited)
ZAR ZAR
ASSETS
Non-current assets
Property, plant and equipment and mineral rights 3,338,621,178 3,144,440,055
Other intangible assets 3,860,083 5,110,665
Deferred taxation 6,601,879 4,695,100
Goodwill 303,491,812 303,491,812
Investments in associate 10,558,872 13,727,146
Rehabilitation trust fund 278,403,816 254,775,427
3,941,537,640 3,726,240,205
Current assets
Inventories 96,193,722 99,002,052
Current tax asset 15,390,775 22,204,873
Trade and other receivables 210,651,809 208,705,296
Cash and cash equivalents 101,186,004 71,581,436
423,422,310 401,493,657
Non-current assets held for sale - 3,200,000
TOTAL ASSETS 4,364,959,950 4,130,933,862
EQUITY AND LIABILITIES
Capital and reserves
Share capital 244,480,271 243,305,216
Share premium 1,322,660,134 1,318,146,974
Translation reserve - -
Share option reserve 15,965,957 13,890,798
Retained income 1,500,694,965 1,288,834,738
Realisation of equity reserve (140,624,130) (140,624,130)
Merger reserve (154,707,759) (154,707,759)
Other reserves (99,569) -
Total equity 2,788,369,869 2,568,845,837
Non-current liabilities
Long term provisions 216,717,341 222,465,492
Long term liabilities 146,625,129 167,105,730
Deferred taxation 780,797,921 811,282,089
1,144,140,391 1,200,853,311
Current liabilities
Trade and other payables 310,127,663 348,262,806
Current portion of long term liabilities 85,634,001 12,971,908
Current tax liability 36,688,026 -
432,449,690 361,234,714
TOTAL EQUITY AND LIABILITIES 4,364,959,950 4,130,933,862
SummarisedConsolidated ZAR Statement of Comprehensive Income for the Year Ended
30 June 2014
30 June 2014 30 June 2013
(Unaudited) (Unaudited)
ZAR ZAR
Revenue
Gold sales 2,536,876,593 1,789,199,741
Platinum sales 71,945,269 58,923,965
Realisation costs (5,898,786) (3,138,054)
On - mine revenue 2,602,923,076 1,844,985,652
Gold cost of production (1,740,312,981) (936,222,287)
Platinum cost of production (55,619,174) (48,925,034)
Mining depreciation (169,194,334) (83,016,020)
Mining profit 637,796,587 776,822,311
Other (expenses) (24,473,514) (78,226,814)
Bargain purchase consideration - 322,443,757
Loss in associate (2,923,222) (2,107,999)
Loss on disposal of asset held for sale (200,000) (8,221,588)
Impairments - (242,315,494)
Royalty costs (34,081,834) (44,268,923)
Net income before finance income and finance costs 576,118,017 724,125,250
Finance income 11,599,688 20,132,477
Finance costs (14,821,716) (17,406,512)
Profit before taxation 572,895,989 726,851,215
Taxation (120,772,050) (167,921,595)
Profit after taxation 452,123,939 558,929,620
Other comprehensive income:
Other movements (99,569) -
Foreign currency translation differences - (12,386,873)
Total comprehensive income for the year 452,024,370 546,542,747
Profit attributable to:
Owners of the parent 452,123,939 558,929,620
452,123,939 558,929,620
Total comprehensive income attributable to:
Owners of the parent 452,024,370 546,542,747
452,024,370 546,542,747
Earnings per share 24.74 34.51
Diluted earnings per share 24.69 34.38
Weighted average number of shares in issue 1,827,207,555 1,619,756,902
Diluted number of shares in issue 1,831,339,174 1,625,933,891
Headline earnings per share is calculated :
Basic earnings 452,123,939 558,929,620
Bargain purchase consideration - (322,443,757)
Profit on disposal of property plant and equipment
and mineral resource (345,982) -
Loss on disposal of asset held for sale 200,000 8,221,588
Impairment 0 242,315,494
Headline earnings 451,977,957 487,022,945
Headline earnings per share 24.74 30.07
Diluted headline earnings per share 24.70 29.95
Summarised Unaudited Consolidated ZAR Statement of Changes in Equity for the
Year Ended 30 June 2014
ZAR ZAR ZAR ZAR ZAR
Share
Share Share Premium Translation option Retained
Capital account reserve reserve earnings
Balance at 30 190,646,748 707,810,082 12,386,873 12,105,628 729,929,882
June 2012
Issue of shares 52,658,468 658,808,348 - - -
Share issue - (48,471,456) - - -
costs
Other reserves - - - - (24,764)
Total - - (12,386,873) - 558,929,620
Comprehensive
income
Share based - - - 1,785,170 -
payment -
Charge for the
year
Balance at 30 243,305,216 1,318,146,974 - 13,890,798 1,288,834,738
June 2013
Issue of shares 1,175,055 4,513,160 - - -
Share issue - - - - -
costs
Other reserves - - - - -
Total - - - - 452,123,939
Comprehensive
income
Dividends paid (240,263,712)
Share based - - - 2,075,159 -
payment -
Charge for the
year
Balance at 31 244,480,271 1,322,660,134 - 15,965,957 1,500,694,965
June 2014
Summarised Unaudited Consolidated ZAR Statement of Changes in Equity for the
Year Ended 30 June 2014
ZAR ZAR ZAR ZAR
Realisation of Merger Other
equity reserve reserve reserves Total
Balance at 30 June 2012 (140,624,130) (154,707,759) - 1,357,547,324
Issue of shares - - - 711,466,816
Share issue costs - - - (48,471,456)
Other reserves - - (24,764)
Total Comprehensive - - - 546,542,747
income
Share based payment - - - - 1,785,170
Charge for the year
Balance at 30 June 2013 (140,624,130) (154,707,759) - 2,568,845,837
Issue of shares - - 5,688,215
Share issue costs - - -
Other reserves - - (99,569) (99,569)
Total Comprehensive - - 452,123,939
income
Dividends paid (240,263,712)
Share based payment - - - 2,075,159
Charge for the year
Balance at 31 June 2014 (140,624,130) (154,707,759) (99,569) 2,788,369,869
Summarised Unaudited Consolidated ZAR Segment Report for the Year Ended 30 June
2014
30 June 2014
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum and Growth company
Projects
ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million
Revenue
Gold sales*** 1,511.1 1,025.8 - - - 2,536.9
Platinum Sales - - 71.9 - - 71.9
Realisation costs (4.5) (1.4) - - - (5.9)
On - mine revenue 1,506.6 1,024.4 71.9 - - 2,602.9
Gold cost of production (826.9) (913.4) - - - (1,740.3)
Platinum cost of production - - (55.6) - - (55.6)
Depreciation (65.9) (93.8) (9.4) - - (169.1)
Mining Profit 613.8 17.2 6.9 - - 637.9
Other expenses ** (28.8) 14.5 (0.3) (9.8) (0.3) (24.7)
Bargain purchase - - - - - -
Loss from associate - - - (2.9) - (2.9)
Loss on disposal of asset held for sale (0.2) - - - - (0.2)
Impairment costs - - - - - -
Royalty costs (36.9) 2.8 - - - (34.1)
Net income / (loss) before finance 547.9 34.5 6.6 (12.7) (0.3) 576.0
income and finance costs
Finance income 2.9 5.8 - 2.9 - 11.6
Finance costs (0.6) (0.1) - - (14.1) (14.8)
Profit /(loss) before taxation 550.2 40.2 6.6 (9.8) (14.4) 572.8
Taxation (151.4) 30.9 (2.9) 2.5 0.2 (120.7)
Profit /(loss) after taxation 398.8 71.1 3.7 (7.3) (14.2) 452.1
* Other expenses exclude inter-company management fees and dividends
** All gold sales were made in the Republic of South Africa and the majority of
revenue (more than 90%) was generated from a single customer, Rand Refinery.
***The Funding company was established during the 2013 financial year with
effect from 1 March 2013.
Segmental Assets (Total assets
excluding goodwill) 1,035.9 2,746.1 223.8 55.1 0.5 4,061.4
Segmental Liabilities 416.7 1,119.2 11.2 27.4 2.1 1,576.6
Goodwill 303.5 - - - - 303.5
Net Assets (excluding goodwill) 619.2 1,626.9 212.6 27.7 (1.6) 2,484.8
Capital Expenditure 151.0 210.5 0.4 1.1 - 363.0
All assets are held within South Africa, with the exception of Auroch Minerals
NL which is a company listed on the Australian Securities Exchange , with
assets held in Mozambique.
The segmental assets and liabilities above, exclude inter-company balances.
Capital expenditure comprises of additions to property plant and equipment and
mineral rights and intangible assets.
Summarised Unaudited Consolidated ZAR Segment Report for the Year Ended 30 June
2014
30 June 2013
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum and Growth company
Projects
ZAR million ZAR million ZAR million ZAR million ZAR million ZAR million
Revenue
Gold sales*** 1,350.3 438.9 - - - 1,789.2
Platinum Sales - - 58.9 - - 58.9
Realisation costs (2.5) (0.7) - - - (3.2)
On - mine revenue 1,347.8 438.2 58.9 - - 1,844.9
Gold cost of production (660.7) (275.5) - - - (936.2)
Platinum cost of production (48.9) (48.9)
Depreciation (41.5) (28.5) (13.0) - - (83.0)
Mining Profit 645.6 134.2 (3.0) - - 776.8
Other expenses ** (30.3) (0.1) (3.1) (44.7) - (78.2)
Bargain purchase - 322.4 - - - 322.4
Loss from associate - - - (2.1) - (2.1)
Loss on disposal of asset held for sale - - - (8.2) - (8.2)
Impairment costs - - (37.5) (204.9) - (242.4)
Royalty costs (33.9) (10.4) - - - (44.3)
Net income / (loss) before finance 581.4 446.1 (43.6) (259.9) - 724.0
income and finance costs
Finance income 1.1 3.9 - 15.1 - 20.1
Finance costs (1.5) (4.1) - - (11.8) (17.4)
Profit /(loss) before taxation 581.0 445.9 (43.6) (244.8) (11.8) 726.7
Taxation (157.9) (13.3) (0.3) 4.0 (0.3) (167.8)
Profit /(loss) after taxation 423.1 432.6 (43.9) (240.8) (12.1) 558.9
* Other expenses exclude inter-company management fees and dividends
** All gold sales were made in the Republic of South Africa and the majority of
revenue (more than 90%) was generated from a single customer, Rand Refinery.
***The Funding company was established during the 2013 financial year with
effect from 1 March 2013.
Segmental Assets (Total assets
excluding goodwill) 953.6 2,596.3 208.6 68.8 0.2 3,827.5
Segmental Liabilities 375.5 984.2 4.8 32.3 165.3 1,562.1
Goodwill 303.5 - - 303.5
Net Assets (excluding goodwill) 578.1 1,612.1 203.8 36.5 (165.1) 2,265.4
Capital Expenditure 316.8 62.4 2.2 0.2 - 381.6
All assets are held within South Africa, with the exception of Auroch Minerals
NL which is a company listed on the Australian Securities Exchange , with
assets held in Mozambique.
The segmental assets and liabilities above, exclude inter-company balances.
Capital expenditure comprises of additions to property plant and equipment and
mineral rights and intangible assets.
Contact Details
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
Facsmile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsmile: + 44 (0) 207 796 8645
Ron Holding Cobus Loots
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 Neil Elliot/Peter Stewart
St James's Corporate Services Limited Canaccord Genuity Limited
Company Secretary Nominated Adviser
Office: + 44 (0)207 796 8644 Office: +44 (0)207 523 8350
Nigel Gordon Sholto Simpson
Fasken Martineau LLP One Capital
Solicitors in the UK JSE Sponsor
Office: +44 (0)207 917 8500 Office: + 27 (0)11 550 5009
Julian Gwillim Daniel Thole
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
Ross Allister
Peel Hunt
Public & Investor Relations UK
Office: +44 (0)20 7418 8818
www.panafricanresources.com
END
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