The Koffiefontein mine in South Africa

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Highlights

Highlights for the year ended 30 June 2012

Financial Highlights

  • Revenue1 up 44% to US$316.9 million (FY 2011: US$220.6 million)
  • Profit from mining activity1&2 up 35% to US$103.3 million (FY 2011: US$76.4 million)
  • Operating cashflow up 57% to US$79.9 million (FY 2011: US$50.9 million)
  • Adjusted EBITDA3 up 35% to US$90.3 million (FY 2011: US$67.1 million)
  • Adjusted EPS4: 7.82 cents per share profit (FY 2011: 8.41 cents per share profit)
  • Basic EPS5: 0.48 cents per share loss (FY 2011: 12.83 cents per share profit)
  • Loss after tax: US$2.1 million (FY 2011: US$59.2 million profit), affected by unrealised foreign exchange losses of US$38.6 million and non-recurring transaction costs of US$3.1 million
  • Cash at bank6 (30 June 2012): US$47.3 million (FY 2011: US$324.9 million)
  • Bank debt: US$65.4 million (FY 2011: US$69.6 million); available but undrawn bank facilities (30 June 2012): US$66.3 million (FY 2011: US$19.9 million)
  • Diamond inventory (30 June 2012): US$24.5 million (FY 2011: US$13.3 million)

Operations Highlights

  • Production up 98% to 2,208,862 carats (FY 2011: 1,117,795)
  • Capex of US$138.8 million (FY 2011: US$110.9 million) (including interest capitalised), within the Company’s expectations and in accordance with the roll-out of the Group’s expansion programmes
  • Large Diameter Drilling on kimberlite KX36 in Botswana completed; treatment and analysis underway

Corporate Highlights

  • Completion of the acquisition of world-class Finsch mine for R1.425 billion (ca. US$192 million) on 14 September 2011
  • Step-up from AIM to the Main Market of the London Stock Exchange in December 2011 and subsequent inclusion in the FTSE 250 Index in March 2012
  • Appointment of Dr Patrick Bartlett and Mr Gordon Hamilton as independent Non-Executive Directors and, post Year end, appointment of Mr Tony Lowrie as Senior Independent Non-Executive Director
  • Additional debt facilities totalling ca. US$49.5 million put in place, comprising ZAR200 million (ca. US$24.5 million) from RMB and, post Year end, US$25 million from IFC; additional working capital facilities of ZAR100 million (ca. USS12.2 million) put in place through RMB
  • Commencement, post Year end, of a public disposal process to sell the Fissure Mines which are no longer core to Petra’s portfolio

Notes

  1. Revenue and profit from mining activity only includes Finsch from 14 September 2011, when the acquisition closed and control passed.
  2. Stated before corporate overheads of US$10.0 million (FY 2011: US$8.0 million), exploration expenditure of US$3.0 million (FY 2011: US$1.3 million), net impairment charges and reversals of US$ nil (FY 2011: US$6.5 million), depreciation of US$41.0 million (FY 2011: US$22.4 million), share based expense of US$1.0 million (FY 2011: US$1.9 million), net finance income of US$1.8 million (FY 2011: US$3.5 million expense), unrealised foreign exchange loss of US$38.6 million (FY 2011: US$18.6 million gain) and non-recurring transaction costs (admission to Main Market US$2.7 million and the Finsch acquisition US$0.4 million) (FY 2011: US$0.3 million).
  3. EBITDA disclosures are “adjusted EBITDA”, being stated before net impairment charges and reversals of US$ nil (FY 2011: US$6.5 million), depreciation of US$41.0 million (FY 2011: US$22.4 million), share based expense of US$1.0 million (FY 2011: US$1.9 million), net finance income of US$1.8 million (FY 2011: US$3.5 million expense), unrealised foreign exchange loss of US$38.6 million (FY 2011: US$18.6 million gain) and non-recurring transaction costs (admission to Main Market US$2.7 million and the Finsch acquisition US$0.4 million) (FY 2011: US$0.3 million).
  4. Stated after non-controlling interests (representing the Group’s black economic empowerment (“BEE”) partners’ interests) of US$0.3 million profit (30 June 2011: US$6.0 million) and before unrealised foreign exchange movements and non-recurring transaction costs (admission to Main Market and Finsch acquisition). Refer to note 13 of the 2012 Annual Report financial statements.
  5. Stated after non-controlling interests (representing the Group’s BEE partners’ interests) of US$0.3 million profit (30 June 2011: US$6.0 million profit). Refer to note 12 of the 2012 Annual Report financial statements.
  6. Cash at bank comprises unrestricted cash and restricted cash balances of US$31.3 million and US$16.0 million (rehabilitation deposits) respectively (30 June 2011: US$96.9 million and US$228.0 million (rehabilitation deposits and escrowed Finsch purchase consideration)).