The Koffiefontein mine in South Africa

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Highlights

Highlights for the year ended 30 June 2013

Financial Highlights

  • Revenue up 27% to US$402.7 million (FY 2012: US$316.9 million).
  • Profit from mining activity1 up 34% to US$138.6 million (FY 2012: US$103.3 million).
  • Adjusted EBITDA2 up 36% to US$122.4 million (FY 2012: US$90.3 million).
  • Net profit after tax of US$27.9 million (FY 2012: US$2.1 million loss).
  • Adjusted net profit after tax3 up 22% to US$48.3 million (FY 2012: US$39.6 million).
  • Adjusted operating cashflow5 up 57% to US$132.8 million (FY 2012: US$84.6 million).
  • Basic EPS: 6.30 cents per share (FY 2012: 0.48 cents per share loss).
  • Adjusted EPS4: 10.31 cents per share (FY 2012: 7.82 cents per share).
  • Cash at bank: US$26.2 million (30 June 2012: US$47.3 million).
    • Diamond debtors (all settled shortly after Year end) of US$74.8 million (FY 2012: US$25.1 million).
    • Diamond inventories of US$31.5 million (FY 2012: US$24.5 million).
  • Loans and borrowings: US$147.0 million (FY 2012: US$69.2 million).
    • Facilities undrawn (net of US$3.6 million utilised for foreign exchange settlement lines (30 June 2012: US$nil)) and available to the Group of US$71.3 million (30 June 2012: US$66.3 million); net debt in line with management’s expectations.

Notes:

The Group uses several non-GAAP measures above and throughout this report, including adjusted mining and processing costs, profit from mining activities, adjusted EBITDA, adjusted net profit after tax, adjusted earnings per share and adjusted operating cashflow. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Company’s definition of these non-GAAP measures may not be comparable to other similarly titled measures reported by other companies.

  1. Stated before retrenchment costs, depreciation and share-based expense.
  2. Adjusted EBITDA is EBITDA (profit before interest, tax and depreciation) stated before share-based expense, net unrealised foreign exchange losses, retrenchment costs, non-recurring transaction costs and impairment charges.
  3. Stated before retrenchment costs, impairment charges, non-recurring transaction costs and net unrealised foreign exchange losses.
  4. Stated before retrenchment costs, net unrealised foreign exchange movements, non-recurring transaction costs and impairment charges.
  5. Adjusted operating cashflow is Operating cashflow stated before the movement in Year end diamond debtors, excluding unrealised foreign exchange translation movements. Refer the Financial Review for further detail.