Petra Diamonds Limited
Annual Report and Accounts 2013
94
US$ million
Notes
2013
2012
Profit before taxation for the year from continuing operations
52.5
8.4
Depreciation of property, plant and equipment
14
42.8
41.0
Impairment
8
12.6
Decrease in other provisions
(0.2)
(0.7)
Provision for retrenchments
23
2.6
Other finance income
9
(12.7)
(19.1)
Unrealised foreign exchange gain
9
(2.0)
Other finance expense
9
16.1
17.3
Unrealised foreign exchange loss
9
6.7
38.6
Present value adjustment of rehabilitation provision – change in assumptions
(1.9)
(4.8)
Profit on sale of property, plant and equipment
(0.1)
Share-based payment provision
27
3.3
1.0
Acquisition costs in respect of Finsch
0.4
Operating profit before working capital changes
1
119.8
82.0
(Increase)/decrease in trade and other receivables
(57.3)
4.5
Increase in trade and other payables
28.6
4.3
Increase in inventories
(15.5)
(11.6)
Cash generated from operations
75.6
79.2
Finance expense
(2.6)
(2.0)
Taxation paid (corporate income tax)
Net cash generated from operating activities
73.0
77.2
Cashflows from investing activities
Acquisition of assets at Finsch net of cash
3
(192.0)
Acquisition costs in respect of Finsch assets and liabilities
(0.4)
Acquisition of property, plant and equipment (including cash interest paid
and capitalised of U$9.3 million (30 June 2012: US$6.3 million))
(190.6)
(135.5)
Payments for acquisition of increased interest in the Group’s South African mines
3
(0.6)
(11.2)
Dividend received
3
6.6
Proceeds from sale of property, plant and equipment
1.4
Finance income
0.4
1.8
Transfer from restricted cash deposits
3.9
212.0
Net cash utilised in investing activities
(180.3)
(123.9)
Cashflows from financing activities
Proceeds from the issuance of share capital
4.3
6.4
Increase in borrowings
98.9
Repayment of borrowings
(9.2)
(20.0)
Net cash generated by/(utilised in) financing activities
1
94.0
(13.6)
Net decrease in cash and cash equivalents
(13.3)
(60.3)
Cash and cash equivalents at beginning of the year
19
31.3
96.9
Effect of exchange rate fluctuations on cash held
(3.9)
(5.3)
Cash and cash equivalents at end of the year
19
14.1
31.3
1. In the prior year US$2.7 million of transaction costs in respect of step up from AIM to the Main Market of the London Stock Exchange have been reallocated from Cashflows
from financing activities to Cash generated from operations as this is considered a more appropriate classification. The adjustments to profit before tax previously included
US$2.7 million for the transaction costs, with the cash outflow then presented in Cashflows from financing activities.
The notes on pages 95 to 133 form part of the Financial Statements.
Significant non-cash transactions which are not reflected in the Consolidated Statement of Cashflows are set out in note 29.
Consolidated Statement of Cashflows
For the year ended 30 June 2013
1...,86,87,88,89,90,91,92,93,94,95 97,98,99,100,101,102,103,104,105,106,...142