Annual Report and Accounts 2013
Petra Diamonds Limited 5
Overview
Performance Review
Strategic Review
Sustainability
Corporate Governance
Group Accounts
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. Adjusted operating cashflow is operating cashflow stated before the movement in year end diamond debtors, excluding unrealised foreign exchange translation movements.
Refer to page 33 of the Financial Review for further detail.
5. Stated before retrenchment costs, impairment charges, non-recurring transaction costs and net unrealised foreign exchange losses.
ca.
3.0m
FY 2014
2.67m
FY 2013
ca.
5.0m
FY 2019
GROSS PRODUCTION
Carats
FY 2014 and FY 2019 are projected targets based on management estimates.
REVENUE
US$
FY 2014 and FY 2019 are projected targets
based on management estimates.
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What’s next
$
Certain of Petra’s South African mines were affected by
a two-week period of industrial action, which commenced
on Thursday 29 August 2013. Normal operations resumed
at the affected mines from Monday 16 September 2013.
$
Based on the strong production run rate with which Petra
commenced FY 2014 (including partial production during the
industrial action), the Company remains on track for full year
production to increase ca. 12% to 3.0 million carats in FY 2014.
$
Expansion plans remain on target to increase production
to 5.0 million carats by FY 2019.
$
Rough diamond market expected to remain steady in FY 2014
due to constrained supply and a firmer US market, the world’s
major market for polished diamonds, as well as continued
growth in China, albeit at a lower rate than over recent years.
Outlook
FY 2014
FY 2013
FY 2019
402.7m
ca.
450.0m
ca.
1bn
Growing revenue
FY 2014 and FY 2019 figures
are calculated using a 4%
annual real price increase.
Growing production
Group production is predicted to grow +12% in FY 2014 to ca. 3.0 million
carats and is on track to reach ca. 5.0 million carats by FY 2019.
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