REG-Pan African Resources PLC: Provisional audited results to 30/06/15 & dividend <Origin Href="QuoteRef">PAFR.L</Origin> <Origin Href="QuoteRef">PANJ.J</Origin> - Part 3
16/09/2015 07:00
- Part 3: For the preceding part double click ID:nPRrF59A2b
20 years.
* A project team has been assembled at Evander Mines to conduct a preliminary
economic assessment for the Elikhulu project, the results of which will
provide guidance on the merits of the project. Elikhulu is a tailings
retreatment plant which can potentially treat slimes at a processing
capacity of up to 12 million tonnes per annum and at a head grade of 0.28g/
t from the Winkelhaak, Leslie and Kinross tailings storage facilities. The
total mineral resource for Elikhulu is 165Mt at 0.28g/t (1.5Moz).
* An internal technical team from Evander Mines has been assigned to assess
the merits of developing the Evander South Project to the level of a
preliminary economic assessment. The Evander South Project is an attractive
mining opportunity whereby the Kimberley reef can potentially be exploited
at shallow depths of approximately 300 metres below surface.
* Completion of the acquisition and integration of the Uitkomst Colliery into
the group.
Appreciation
I extend my thanks and appreciation to Ron Holding, the outgoing chief
executive officer. Ron's experience and expertise remains available to the
group, through an exclusive consulting arrangement as the group's technical
adviser.
We welcome Deon Louw who joined us on 1 March 2015 as financial director to
further boost our executive management team.
On behalf of the executive team, we extend our thanks to our management, our
mine managers and all staff for their hard work and persistence that continues
to allow Pan African Resources to operate successfully. We also thank our
fellow directors for their support and guidance.
We look forward to an exciting year ahead, despite the challenging environment
for gold miners globally, and aim to further enhance shareholder value.
Cobus Loots Deon Louw
Chief Executive Officer Financial Director
16 September 2015
Summary Consolidated Financial Statements
Summarised Consolidated Statement of Financial Position at 30 June 2015
30 June 2015 30 June 2014 30 June 2015 30 June 2014
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR(note 1) ZAR(note 1)
ASSETS
Non-current assets
Property, plant and equipment and mineral 181,532,780 185,375,968 3,503,582,652 3,338,621,179
rights
Other intangible assets 202,488 214,330 3,908,021 3,860,082
Deferred taxation 327,748 366,567 6,325,533 6,601,879
Goodwill 21,000,714 21,000,714 303,491,812 303,491,812
Investments 904,818 - 17,462,996 -
Investments in associate - 1,009,545 - 10,558,872
Rehabilitation trust fund 16,181,925 15,458,291 312,311,153 278,403,816
220,150,473 223,425,415 4,147,082,167 3,941,537,640
Current assets
Inventories 3,502,569 5,341,128 67,599,584 96,193,722
Current tax asset 827,298 854,568 15,966,858 15,390,775
Trade and other receivables 9,559,010 11,696,380 184,488,890 210,651,809
Cash and cash equivalents 3,328,850 5,618,323 64,246,802 101,186,004
17,217,727 23,510,399 332,302,134 423,422,310
Non-current assets held for sale - - - -
TOTAL ASSETS 237,368,200 246,935,814 4,479,384,301 4,364,959,950
EQUITY AND LIABILITIES
Capital and reserves
Share capital 18,314,947 18,299,947 244,752,779 244,480,271
Share premium 94,846,046 94,792,516 1,323,632,626 1,322,660,134
Translation reserve (56,402,515) (47,545,320) - -
Share option reserve 1,035,888 1,154,891 13,957,178 15,965,957
Retained income 110,850,201 114,106,005 1,452,863,957 1,500,694,965
Realisation of equity reserve (10,701,093) (10,701,093) (140,624,130) (140,624,130)
Merger reserve (10,705,308) (10,705,308) (154,707,759) (154,707,759)
Other reserves (70,679) (5,529) (1,364,097) (99,569)
Equity attributable to owners of the parent 147,167,487 159,396,109 2,738,510,554 2,788,369,869
Total equity 147,167,487 159,396,109 2,738,510,554 2,788,369,869
Non-current liabilities
Long term provisions 12,249,367 12,033,167 236,412,781 216,717,341
Long term liabilities 16,312,982 8,141,317 314,840,546 146,625,129
Deferred taxation 39,288,059 43,353,577 758,259,537 780,797,921
67,850,408 63,528,061 1,309,512,864 1,144,140,391
Current liabilities
Trade and other payables 16,797,600 17,219,749 324,193,676 310,127,663
Short term liabilities - Interest bearing 1,443 - 27,847 -
Current portion of long term liabilities 5,047,478 4,754,803 97,416,327 85,634,001
Current tax liability 503,784 2,037,092 9,723,033 36,688,026
22,350,305 24,011,644 431,360,883 432,449,690
TOTAL EQUITY AND LIABILITIES 237,368,200 246,935,814 4,479,384,301 4,364,959,950
Note 1: The ZAR figures have been included for illustrative purposes only.
Summarised Consolidated Statement of Comprehensive Income for the Year Ended 30
June 2015
30 June 2015 30 June 2014 30 June 2015 30 June 2014
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
Revenue
Gold sales 135,611,436 150,288,898 2,441,005,844 2,536,876,593
Platinum sales 5,465,447 4,262,160 98,378,038 71,945,269
Realisation costs (690,538) (349,454) (12,429,687) (5,898,786)
On - mine revenue 140,386,345 154,201,604 2,526,954,195 2,602,923,076
Gold cost of production (106,644,655) (103,099,110) (1,919,603,778) (1,740,312,981)
Platinum cost of production (3,768,530) (3,294,975) (67,833,541) (55,619,174)
Mining depreciation (10,337,211) (10,023,361) (186,069,804) (169,194,334)
Mining profit 19,635,949 37,784,158 353,447,072 637,796,587
Other income (expenses) 249,776 (1,449,853) 4,495,973 (24,473,514)
Loss in associate (127,950) (173,177) (2,291,239) (2,923,222)
Loss on disposal of associate (139,970) (11,848) (2,429,880) (200,000)
Impairments (58,424) - (1,014,239) -
Royalty costs (1,647,297) (2,019,066) (29,651,339) (34,081,834)
Net income before finance income and finance 17,912,084 34,130,214 322,556,348 576,118,017
costs
Finance income 348,959 687,185 6,281,253 11,599,688
Finance costs (2,458,287) (878,064) (44,249,162) (14,821,716)
Profit before taxation 15,802,756 33,939,335 284,588,439 572,895,989
Taxation (4,132,789) (7,154,742) (74,390,185) (120,772,050)
Profit after taxation 11,669,967 26,784,593 210,198,254 452,123,939
Other comprehensive income:
Fair value adjustment on investments (70,679) - (1,364,097) -
Other Movements 5,529 (5,529) 99,569 (99,569)
Foreign currency translation differences (8,857,195) (25,378,975) - -
Total comprehensive income for the year 2,747,622 1,400,089 208,933,726 452,024,370
Profit attributable to:
Owners of the parent 11,669,967 26,784,593 210,198,254 452,123,939
Total comprehensive income attributable to:
Owners of the parent 2,747,622 1,400,089 208,933,726 452,024,370
Earnings per share 0.64 1.47 11.48 24.74
Diluted earnings per share 0.64 1.46 11.48 24.69
Weighted average number of shares in issue 1,830,422,160 1,827,207,555 1,830,422,160 1,827,207,555
Diluted number of shares in issue 1,830,967,266 1,831,339,174 1,830,967,266 1,831,339,174
Headline earnings per share is calculated :
Basic earnings 11,669,967 26,784,593 210,198,254 452,123,939
Adjustments(note 1):
Loss on disposal of associate 139,970 11,848 2,429,880 200,000
Loss on disposal of property plant, mineral 149 (20,497) 2,679 (345,982)
right and equipment
Impairments 58,424 - 1,014,239 -
Headline earnings 11,868,510 26,775,944 213,645,052 451,977,957
Headline earnings per share 0.65 1.47 11.67 24.74
Diluted headline earnings per share 0.65 1.46 11.67 24.68
Note 1: The headline earnings adjustments highlighted above did not have any
taxation implications to the group.
Summarised Consolidated Statement of cash flows
For the year ended 30 June 2015
30 June 2015 30 June 2014 30 June 2015 30 June 2014
(Audited) (Audited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
NET CASH GENERATED FROM 5,364,480 22,170,353 95,659,359 360,338,271
OPERATING ACTIVITIES
INVESTING ACTIVITIES
Additions to property, (19,528,616) (21,461,839) (351,515,099) (362,275,828)
plant and equipment and
mineral rights
Additions to other (25,740) (38,617) (463,320) (651,859)
intangible assets
Investments acquired (1,037,677) - (18,825,000) -
Proceeds on disposals of 277,732 145,366 4,834,253 3,387,086
Associate
NET CASH USED IN (20,314,301) (21,355,090) (365,969,166) (359,540,601)
INVESTING ACTIVITIES
FINANCING ACTIVITIES
Proceeds from borrowings 27,898,927 22,955,725 500,000,000 400,000,000
Borrowings repaid (14,728,154) (22,431,453) (262,552,468) (376,881,317)
Settlement of equity (303,067) - (5,321,928) -
share option costs
Shares issued 68,530 348,559 1,245,000 5,688,215
NET CASH FROM FINANCING 12,936,236 872,831 233,370,604 28,806,898
ACTIVITIES
NET (DECREASE)/INCREASE (2,013,585) 1,688,094 (36,939,203) 29,604,568
IN CASH AND CASH
EQUIVALENTS
Cash and cash 5,618,323 4,768,916 101,186,004 71,581,436
equivalents at the
beginning of the year
Effect of foreign (275,888) (838,687) - -
exchange rate changes
CASH AND CASH 3,328,850 5,618,323 64,246,801 101,186,004
EQUIVALENTS AT THE END
OF THE YEAR
Summarised Audited GBP Consolidated Statement of Changes in Equity for the
period 30 June 2015
Share Share Translation Share Retained
Capital Premium reserve option income
reserve
GBP GBP GBP GBP GBP
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 income - - (25,378,975) - 26,784,593
Dividends paid - - - - (14,683,712)
Share based payment - charge - - - 122,936 -
for the year
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 - - - (119,003) -
for the year
Balance at 30 June 2015 18,314,947 94,846,046 (56,402,515) 1,035,888 110,850,201
Realisation Merger Other Total
of equity reserve reserves
reserve
GBP GBP GBP GBP
Balance at 30 June 2013
(10,701,093) (10,705,308) - 172,208,237
Issue of shares - - - 348,559
Total comprehensive income - - (5,529) 1,400,089
Dividends paid - - - (14,683,712)
Share based payment - charge - - - 122,936
for the year
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 - - - (119,003)
for the year
Balance at 30 June 2015 (10,701,093) (10,705,308) (70,679) 147,167,487
Summarised Unaudited ZAR Consolidated Statement of Changes in Equity for the
period 30 June 2015
Share Share Premium Share Retained
Capital option income
reserve
ZAR ZAR ZAR ZAR
Balance at 30 June 2013
243,305,216 1,318,146,974 13,890,798 1,288,834,738
Issue of shares 1,175,055 4,513,160 - -
Other reserve - - - -
Total comprehensive income - - - 452,123,939
Dividends paid - - - (240,263,712)
Share based payment - charge - - 2,075,159 -
for the year
Balance at 30 June 2014 244,480,271 1,322,660,134 15,965,957 1,500,694,965
Issue of shares 272,508 972,492 - -
Total comprehensive income - - - 210,198,254
Dividends paid - - - (258,029,262)
Share based payment - charge - - (2,008,779) -
for the year
Balance at 30 June 2015 244,752,779 1,323,632,626 13,957,178 1,452,863,957
Realisation Merger Other Total
of equity reserve reserves
reserve
ZAR ZAR ZAR ZAR
Balance at 30 June 2013
(140,624,130) (154,707,759) - 2,568,845,837
Issue of shares - - 5,688,215
Other reserve - - (99,569) (99,569)
Total comprehensive income - - - 452,123,939
Dividends paid - - - (240,263,712)
Share based payment - charge - - - 2,075,159
for the year
Balance at 30 June 2014 (140,624,130) (154,707,759) (99,569) 2,788,369,869
Issue of shares - - - 1,245,000
Total comprehensive income - - (1,264,528) 208,933,726
Dividends paid - - - (258,029,262)
Share based payment - charge - - - (2,008,779)
for the year
Balance at 30 June 2015 (140,624,130) (154,707,759) (1,364,097) 2,738,510,554
Summarised Audited Consolidated GBP Segment Report for the period ended 30 June
2015
30 June 2015
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum and Growth Company
Projects
GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (note 1) 81,609,692 54,001,744 - - - 135,611,436
Platinum Sales - - 5,465,447 - - 5,465,447
Realisation costs (534,421) (156,117) - - - (690,538)
On - mine revenue 81,075,271 53,845,627 5,465,447 - - 140,386,345
Gold cost of (50,434,360) (56,210,295) - - - (106,644,655)
production
Platinum cost of - - (3,768,530) - - (3,768,530)
production
Depreciation (4,008,467) (5,963,753) (364,991) - - (10,337,211)
Mining Profit 26,632,444 (8,328,421) 1,331,926 - - 19,635,949
Other expenses(note (966,703) 5,057,581 (163,390) (3,676,779) (933) 249,776
2)
Loss from associate - - - (127,950) - (127,950)
Loss on disposal of - - - (139,970) - (139,970)
associate
Impairment costs - - - (58,424) - (58,424)
Royalty costs (1,595,802) (51,495) - - - (1,647,297)
Net income / (loss) 24,069,939 (3,322,335) 1,168,536 (4,003,123) (933) 17,912,084
before finance
income and finance
costs
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) 23,933,359 (4,074,211) 1,178,586 (3,962,997) (1,271,981) 15,802,756
before taxation
Taxation (5,956,861) 2,270,047 (336,439) (89,033) (20,503) (4,132,789)
Profit /(loss) after 17,976,498 (1,804,164) 842,147 (4,052,030) (1,292,484) 11,669,967
taxation before
inter-company
charges
Inter-company
transactions
Management fees (1,666,667) (1,248,661) (152,777) 3,068,105 - -
inter-company (57,776) (1,230,251) (4,605) (16,450) 1,309,082 -
interest charges
Profit /(loss) after 16,252,055 (4,283,076) 684,765 (1,000,375) 16,598 11,669,967
taxation after
inter-company
charges
Segmental Assets 55,423,588 146,705,365 10,850,893 2,454,933 932,707 216,367,486
(Total assets
excluding goodwill)
Segmental 21,528,150 52,987,201 933,753 1,973,835 12,777,774 90,200,713
Liabilities
Goodwill 21,000,714 - - - - 21,000,714
Net Assets 33,895,438 93,718,164 9,917,140 481,098 (11,845,067) 126,166,773
(excluding goodwill)
Capital Expenditure 6,255,556 13,233,333 33,333 33,333 - 19,555,555
30 June 2014
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum and Growth Company
Projects
GBP GBP GBP GBP GBP GBP
Revenue
Gold sales (note 1) 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
Gold cost of (48,989,722) (54,109,388) - - - (103,099,110)
production
Platinum cost of - - (3,294,975) - - (3,294,975)
production
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(note (1,704,438) 857,879 (20,576) (566,710) (16,008) (1,449,853)
2)
Loss from associate - - - (173,177) - (173,177)
Loss on disposal of (11,848) - - - - (11,848)
associate
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) after 23,622,054 4,210,520 215,631 (425,669) (837,943) 26,784,593
taxation before
inter-company
charges
Inter-company
transactions
Management fees (509,479) (337,678) (29,620) 876,777 - -
inter-company - (863,345) - - 863,345 -
interest charges
Profit /(loss) after 23,112,575 3,009,497 186,011 451,108 25,402 26,784,593
taxation after
inter-company
charges
Segmental Assets 57,519,959 152,476,424 12,427,761 3,482,325 28,631 225,935,100
(Total assets
excluding goodwill)
Segmental 23,135,981 62,144,046 622,536 1,519,598 117,544 87,539,705
Liabilities
Goodwill 21,000,714 - - - - 21,000,714
Net Assets 34,383,978 90,332,378 11,805,225 1,962,727 (88,913) 138,395,395
(excluding goodwill)
Capital Expenditure 8,944,360 12,468,962 24,027 63,107 - 21,500,456
Summarised Unaudited Consolidated ZAR Segment report for the period ended 30
June 2015
30 June 2015
Barberton Evander Phoenix Corporate Funding Group
Mines Mines Platinum and Company
Growth
Projects
ZAR' ZAR' ZAR' ZAR' ZAR' ZAR'
million million million million million million
Revenue
Gold sales (note 1) 1,469.0 972.0 - - - 2,441.0
Platinum Sales - - 98.4 - - 98.4
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)
Depreciation (72.2) (107.3) (6.6) - - (186.1)
Mining Profit 479.4 (149.9) 24.0 - - 353.5
Other (expenses)/income (17.4) 91.0 (2.9) (66.2) - 4.5
(note 2)
Bargain purchase - - - - - -
Loss from associate - - - (2.3) - (2.3)
Loss on disposal of - - - (2.4) - (2.4)
associate
Impairment costs - - - (1.0) - (1.0)
Royalty costs (28.7) (1.0) - - - (29.7)
Net income / (loss) before 433.3 (59.9) 21.1 (71.9) - 322.6
finance income and finance
costs
Finance income 2.0 3.0 0.2 1.0 0.1 6.3
Finance costs (4.4) (16.5) - (0.2) (23.1) (44.2)
Profit /(loss) before 430.9 (73.4) 21.3 (71.1) (23.0) 284.7
taxation
Taxation (107.2) 40.9 (6.1) (1.7) (0.4) (74.5)
Profit /(loss) after 323.7 (32.5) 15.2 (72.8) (23.4) 210.2
taxation
Inter-company transactions
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