Petra Diamonds Limited
Annual Report and Accounts 2013
4
Overview
Our Performance
Another year of growth
Petra offers an exceptional growth profile and is on track to steadily increase
annual production to 5 million carats by FY 2019.
Financial Highlights
$
Revenue up 27% to US$402.7 million (FY 2012: US$316.9 million).
$
Profit from mining activity
1
up 34% to US$138.6 million
(FY 2012: US$103.3 million).
$
Adjusted EBITDA
2
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 tax
3
up 22% to US$48.3 million
(FY 2012: US$39.6 million).
$
Adjusted operating cashflow
4
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 EPS: 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.
Operational Highlights
$
Production up 21% to 2,668,305 carats
(FY 2012: 2,208,862 carats).
$
Rand (South Africa) and US$ (Tanzania) on-mine unit cash
costs (per total tonne treated) well controlled with above
inflationary cost increases offset by increased throughput.
$
Capex invested (including capitalised finance costs) at operations
of US$198.3 million (FY 2012: US$138.0 million), in accordance
with the roll-out of the Group’s expansion programmes.
$
Group Lost Time Injury Frequency Rate (“LTIFR”) for the
Year reduced to 0.67 (FY 2012: 1.13). This is an encouraging
trend considering the increase in activities as the capital
programmes progress.
Corporate Highlights
$
Restructure and optimisation of debt facilities undertaken
in November 2012 increased the Group’s ZAR debt and
working capital facilities by R900 million to R1.6 billion,
with the US$ portion of the debt facilities (US$60 million)
remaining unchanged.
$
Board changes: Tony Lowrie appointed as Senior Independent
Non-Executive Director in September 2012; Dr Omar Kamal
stepped down as a Non-Executive Director in February 2013.
$
Further to the termination of the sales process for the
Fissure Mines, the Sedibeng and Star mines were placed
onto care and maintenance post Year end, whilst the Helam
mine continues to be operated within the Group on a normal
commercial basis.
ROUGH DIAMOND PRODUCTION
Million carats
2.67
+21%
12
2.2
11
1.1
10
1.2
09
1.1
13
2.67
REVENUE
US$ million
402.7
+27%
12
316.9
11
220.6
10
177.7
09
94.4
13
402.7
ADJUSTED OPERATING
CASHFLOW
4
US$ million
132.8
+57%
12
84.6
11
67.8
10
49.0
09
(3.8)
13
132.8
What we’ve achieved
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