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ARQ
ARQ
ANO - Anooraq Announces Unaudited Condensed Consolidated Financial Statements
for the Three Months Ended 31 March, 2010
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ARQ)
NYSE Amex share code: ANO
ISIN: CA03633E1088
("Anooraq" or the "Company")
ANOORAQ ANNOUNCES UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE MONTHS ENDED 31 MARCH, 2010
Anooraq announces its unaudited condensed interim financial results for the
three months ended 31 March, 2010. This announcement should be read with the
Company`s Financial Statements and Management Discussion & Analysis, available
at www.anooraqresources.com and filed on www.sedar.com
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2010
(Expressed in Canadian Dollars, unless otherwise stated)
Unaudited Audited
31 March 2010 31 December
Note 2009
Assets
Non-current assets
Property, plant and equipment 5 674,948,930 693,393,736
Capital work-in-progress 6 237,812,236 235,838,915
Mineral property interests 13,046,098 13,223,703
Goodwill 12,094,399 12,382,569
Platinum producers` environmental 2,557,818 2,578,131
trust
Other non-current assets 712 729
Total non-current assets 940,460,193 957,417,783
Current assets
Inventories 2,145,637 1,091,860
Trade and other receivables 23,674,692 23,466,503
Cash and cash equivalents 28,032,481 30,947,511
Restricted cash 1,259,927 1,291,348
Total current assets 55,112,737 56,797,222
Total assets 995,572,930 1,014,215,005
Equity and Liabilities
Equity
Share capital 229,694,788 229,631,388
Foreign currency translation reserve (12,142,327) (9,390,899)
Hedging reserve (2,205,800) (731,293)
Share-based payment reserve 20,243,326 19,770,786
Accumulated loss (118,795,999) (111,798,092)
Total equity attributable to equity 116,793,988 127,481,890
holders of the Group
Non-controlling interest 73,923,693 82,025,730
Total equity 190,717,681 209,507,620
Liabilities
Non-current liabilities
Loans and borrowings 7 565,762,027 555,509,417
Deferred taxation 205,734,557 213,484,109
Provisions 6,934,668 7,021,038
Derivative liability 2,945,220 1,590,945
Total non-current liabilities 781,376,472 777,605,509
Current liabilities
Trade and other payables 23,478,777 26,948,647
Current tax payable - 153,229
Total current liabilities 23,478,777 27,101,876
Total liabilities 804,855,249 804,707,385
Total equity and liabilities 995,572,930 1,014,215,005
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE THREE MONTHS
ENDED 31 MARCH 2010
(Expressed in Canadian Dollars, unless otherwise stated)
Three Three
months months
ended 31 ended 31
March 2010 March 2009
Restated
(Note 4)
Note
Revenue 32,206,103 -
Cost of sales (35,632,148) -
Gross loss (3,426,045) -
Depreciation (31,671) (28,372)
Administrative expenses (2,639,967) (1,392,964)
Transaction costs - (1,670,551)
Other income 85,423 14,270
Operating loss (6,012,260) (3,077,617)
Finance income 299,937 50,277
Finance expense (10,260,006) (600,866)
Net finance expense (9,960,069) (550,589)
Share of loss of equity accounted - (106,359)
investees (net of income tax)
Loss before income tax (15,972,329) (3,734,565)
Income tax 2,781,305 -
Loss for the period (13,191,024) (3,734,565)
Other comprehensive income/(loss)
Foreign currency translation (4,643,329) (157,545)
differences for foreign operations
Effective portion of changes in fair (1,491,526) -
value of cash flow hedges
Other comprehensive income/(loss) for (6,134,855) (157,545)
the period, net of income tax
Total comprehensive (loss) for the (19,325,879) (3,892,110)
period
Loss attributable to:
Owners of the Company (6,997,907) (3,734,565)
Non-controlling interest (6,193,117) -
Loss for the period (13,191,024) (3,734,565)
Total comprehensive loss attributable
to:
Owners of the Company (11,223,842) (3,892,110)
Non-controlling interest (8,102,037) -
Total comprehensive loss for the (19,325,879) (3,892,110)
period
Earnings per share
Basic and diluted loss per share (0.02) (0.02)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS
ENDED 31 MARCH 2010
(Expressed in Canadian Dollars, unless otherwise stated)
Attributable to equity holders of the Company
Share Treasury Convertible Foreign
Capital Shares preference currency
shares translation
reserve
For the period ended
31 March 2009
(Restated)
Balance at 1 January 54,948,340 - - 129,684
2009
Total comprehensive
income/(loss) for the
period
Loss for the period - - - -
Other comprehensive
income/(loss)
Foreign currency - - - (157,545)
translation
differences
Total other - - - (157,545)
comprehensive
income/(loss)
Total comprehensive - - - (157,545)
income/(loss) for the
period
Transactions with
owners, recorded
directly in equity
Share-based payment - - - -
transactions
Total contributions by - - - -
and distributions to
owners
Balance at 31 March 54,948,340 - - (27,861)
2009
For the period ended
31 March 2010
Balance at 1 January 71,713,114 (4,991,726) 162,910,000 (9,390,899)
2010
Total comprehensive
income/(loss) for the
period
Loss for the period - - - -
Other comprehensive
income/(loss)
Foreign currency - - - (2,751,428)
translation
differences
Effective portion of - - - -
changes in fair value
of cash flow hedges,
net of tax
Total other - - - (2,751,428)
comprehensive
income/(loss)
Total comprehensive - - - (2,751,428)
income/(loss) for the
period
Transactions with
owners, recorded
directly in equity
Contributions by and
distributions to
owners
Share-based payment 63,400 - - -
transactions
Total contributions by 63,400 - - -
and distributions to
owners
Balance at 31 March 71,776,514 (4,991,726) 162,910,000 (12,142,327)
2010
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS
ENDED 31 MARCH 2010 (CONTINUED)
(Expressed in Canadian Dollars, unless otherwise stated)
Attributable to equity holders of the Company
Share- Hedging Accumulated Total
based reserve loss
payment
reserve
For the period ended
31 March 2009
(Restated)
Balance at 1 January 17,584,974 - (76,266,461) (3,603,463)
2009
Total comprehensive
income/(loss) for
the period
Loss for the period - - (3,734,565) (3,734,565)
Other comprehensive
income/(loss)
Foreign currency - - - (157,545)
translation
differences
Total other - - - (157,545)
comprehensive
income/(loss)
Total comprehensive - - (3,734,565) (3,892,110)
income/(loss) for
the period
Transactions with
owners, recorded
directly in equity
Share-based payment 51,459 - - 51,459
transactions
Total contributions 51,459 - - 51,459
by and distributions
to owners
Balance at 31 March 17,636,433 - (80,001,026) (7,444,114)
2009
For the period ended
31 March 2010
Balance at 1 January 19,770,786 (731,293) (111,798,092) 127,481,890
2010
Total comprehensive
income/(loss) for
the period
Loss for the period - - (6,997,907) (6,997,907)
Other comprehensive
income/(loss)
Foreign currency - 17,019 - (2,734,409)
translation
differences
Effective portion of - (1,491,526) - (1,491,526)
changes in fair
value of cash flow
hedges, net of tax
Total other - (1,474,507) - (4,225,935)
comprehensive
income/(loss)
Total comprehensive - (1,474,507) (6,997,907) (11,223,842)
income/(loss) for
the period
Transactions with
owners, recorded
directly in equity
Contributions by and
distributions to
owners
Share-based payment 472,540 - - 535,940
transactions
Total contributions 472,540 - - 535,940
by and distributions
to owners
Balance at 31 March 20,243,326 (2,205,800) (118,795,999) 116,793,988
2010
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS
ENDED 31 MARCH 2010 (CONTINUED)
(Expressed in Canadian Dollars, unless otherwise stated)
Attributable to equity holders of the Company
Non-controlling Total
interest
For the period ended 31 March 2009
(Restated)
Balance at 1 January 2009 - (3,603,463)
Total comprehensive income/(loss) for the
period
Loss for the period - (3,734,565)
Other comprehensive income/(loss)
Foreign currency translation differences - (157,545)
Total other comprehensive income/(loss) - (157,545)
Total comprehensive income/(loss) for the - (3,892,110)
period
Transactions with owners, recorded directly
in equity
Share-based payment transactions - 51,459
Total contributions by and distributions to - 51,459
owners
Balance at 31 March 2009 - (7,444,114)
For the period ended 31 March 2010
Balance at 1 January 2010 82,025,730 209,507,620
Total comprehensive income/(loss) for the
period
Loss for the period (6,193,117) (13,191,024)
Other comprehensive income/(loss)
Foreign currency translation differences (1,908,920) (4,643,329)
Effective portion of changes in fair value - (1,491,526)
of cash flow hedges, net of tax
Total other comprehensive income/(loss) (1,908,920) (6,134,855)
Total comprehensive income/(loss) for the (8,102,037) (19,325,879)
period
Transactions with owners, recorded directly
in equity
Contributions by and distributions to
owners
Share-based payment transactions - 535,940
Total contributions by and distributions to - 535,940
owners
Balance at 31 March 2010 73,923,693 190,717,681
CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOW FOR THE THREE MONTHS ENDED 31
MARCH 2010
Three
months
Three ended 31
months March 2009
ended Restated
31 March (Note 4)
Note 2010
Cash flows from operating activities
Cash utilised by operations 8 (3,512,684) (1,748,043)
Interest received 260,250 -
Interest paid (12,858) -
Taxation paid (299,394) -
Cash utilised by operating (3,564,686) (1,748,043)
activities
Cash flows from investing activities
Additions to capital work-in- (4,234,881) (1,740)
progress
Cash utilised from investing (4,234,881) (1,740)
activities
Cash flows from financing activities
Long term borrowings raised - OCSF 5,504,485 -
Common shares issued 25,800 -
Cash generated from financing 5,530,285 -
activities
Effect of foreign currency (645,748) (54,526)
translation
Net decrease in cash and cash (2,915,030) (1,804,309)
equivalents
Cash and cash equivalents, beginning 30,947,511 3,850,674
of period
Cash and cash equivalents, end of 28,032,481 2,046,365
period
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS
ENDED 31 MARCH 2010
(Expressed in Canadian Dollars, unless otherwise stated)
1. REPORTING ENTITY
Anooraq Resources Corporation (the "Company" or "Anooraq") is incorporated in
the Province of British Columbia, Canada. The condensed consolidated interim
financial statements of the Company as at and for the three months ended 31
March 2010 comprise the Company and its subsidiaries (together referred to as
the "Group" and individually as "Group entities") and the Group`s interests in
associates and jointly controlled entities. The consolidated financial
statements of the Group as at and for the year ended 31 December 2009 are
available upon request from the Company`s registered office at 82 Grayston
Drive, Sandton, South Africa or at www.sedar.com
2. STATEMENT OF COMPLIANCE
These condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all of
the information required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements of the Group as
at and for the year ended 31 December 2009.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in these condensed consolidated
interim financial statements are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 31 December 2009,
except for the following standards and interpretations adopted in the current
financial year:
- Amendments to IAS 39, Eligible hedged items
- Amendments to IFRS 1 and IAS 27, Cost of an investment in a subsidiary,
jointly controlled entity or associate
- Amendments to IFRS 2, Share-based payments: vesting conditions and
cancellations
- Amendments to IFRS 7, Improving disclosures about financial instruments
- IFRIC 17, Distribution of Non-cash assets to owners
- Various improvements to IFRS 2009
There was no significant impact on these condensed consolidated interim
financial statements as a result of adopting these standards and
interpretations.
4. RESTATEMENT OF 31 MARCH 2009 RESULTS
The Group early adopted IFRS 3, Business Combinations (2008), for all business
combinations occurring in the financial year commencing 1 January 2009. As a
result of the change in accounting policy, transaction costs, amounting to
$1,670,551, previously capitalised at the quarter ended 31 March 2009 were
expensed. The restated loss for the quarter ended 31 March 2009 is $3.7 million
compared to $2.1 million as previously reported. The restated cash utilised by
operations and investing activities for the quarter ended 31 March 2009 are
$1,748,043 and $1,740 respectively, compared to $1,716,888 and $32,895
respectively, as previously reported
5. PROPERTY, PLANT AND EQUIPMENT Unaudited
Three months
ended 31 Audited
March 2010 Year ended 31
December 2009
Summary
Cost
Balance at beginning of period 707,131,018 540,482
Arising from business combinations - 725,226,891
Additions - 31,478
Transferred from capital work-in-progress 3,749,383 9,382,489
Disposals - (49,072)
Adjustment to rehabilitation assets - 2,691,883
Effect of translation (16,456,368) (30,693,133)
Balance at end of period 694,424,033 707,131,018
Accumulated depreciation
Balance beginning of period 13,737,282 70,847
Charge for the period 6,057,518 13,557,111
Effect of translation (319,697) 109,324
Balance at end of period 19,475,103 13,737,282
Carrying value 674,948,930 693,393,736
6. CAPITAL WORK-IN-PROGRESS
Capital work-in-progress consists of mine development and infrastructure costs
relating to the Bokoni mine and will be transferred to property, plant and
equipment when the relevant projects are commissioned.
Balance at beginning of period 235,838,915 -
Arising from business combination - 216,194,965
Additions 4,234,881 24,418,832
Transfer to property, plant and equipment (3,749,383) (9,382,489)
Capitalisation of borrowing costs 6,976,318 13,580,559
Effect of translation (5,488,495) (8,972,952)
Balance at end of period 237,812,236 235,838,915
Capital work-in-progress is funded through cash generated from operations and
available loan facilities.
7. LOANS AND BORROWINGS 31 March 31 December
2010 2009
Non-current liabilities
Senior Term Loan Facility 72,663,212 71,506,306
Redeemable "A" preference shares (related 354,070,050 352,664,289
party)
Rustenburg Platinum Mines - Funding loans 74,015,376 72,778,897
(related party)
Rustenburg Platinum Mines - OCSF (related 59,876,589 54,050,064
party)
Rustenburg Platinum Mines - Interest free 4,564,764 4,099,586
loan (related party)
Rustenburg Platinum Mines - commitment fees 572,036 410,275
(related party)
565,762,027 555,509,417
The carrying value of the Group`s loans and borrowings changed during the period
as follows:
Three months
ended 31 Year ended 31
March 2010 December 2009
Balance at beginning of 555,509,417 14,703,416
the period
Senior Term Loan Facility - 74,050,000
Rustenburg Platinum Mine - 5,504,485 51,330,745
OCSF
Arising from business - 493,666,666
combination
Rustenburg Platinum Mine - 599,442 4,267,913
Interest free loan
Repaid as part of - (251,770,000)
acquisition
Redeemable "A" preference - 177,720,000
shares
Redemption of "A" - (1,066,320)
preference shares
Loans repaid - (18,049,078)
Loan costs capitalised - (4,857,128)
Commitment fee capitalised (171,309) (407,076)
Finance expenses accrued 16,999,127 33,028,228
Amortisation of loan costs 147,959 449,149
Commitment fee liability 171,309 407,076
Effect of translation (12,998,403) (17,964,174)
Balance at end of period 565,762,027 555,509,417
8. CASH USED BY OPERATIONS
Three Three
months months
ended 31 ended 31
March 2010 March 2009
Restated
Loss before income tax (15,972,329) (3,734,565)
Adjustments for:
Finance expense 10,260,006 600,866
Finance income (299,937) -
Items not involving cash:
Depreciation 6,057,518 28,372
Equity settled share-based compensation 510,140 51,459
Loss from equity accounted investees - 106,359
Derivative gain (99,581) -
Acquisition costs previously capitalized - 1,587,959
Other - (7,016)
Cash utilised before working capital changes 455,817 (1,366,566)
Working capital changes
Decrease in trade and other receivables 1,057,186 82,975
Decrease in trade and other payables (3,946,500) (293,265)
Increase in inventories (1,079,187) (171,187)
Cash utilised by operations (3,512,684) (1,748,043)
9. SEGMENT INFORMATION
The Group has two reportable segments as described below. These segments are
managed separately based on the nature of operations. For each of the segments,
the Group`s CEO reviews internal management reports monthly. The following
summary describes the operations in each of the Group`s reportable segments:
- Bokoni Mine: Mining of PGM`s.
- Projects: Mining exploration in Boikgantsho, Kwanda, and Ga-Phasha exploration
projects.
The majority of operations and functions are performed in South Africa. An
insignificant portion of administrative functions are performed in the Company`s
country of domicile.
During the period, the CEO considered earnings before net finance expense,
income tax, depreciation and amortisation ("EBITDA") to be a more appropriate
measure of each segment`s performance as compared to "Loss before income tax".
Accordingly, the EBITDA for each segment has been included.
31 March 2010
Bokoni Mine Projects Total
Note
EBITDA 813,331 (19,135) 794,196 (i)
Total Assets 994,113,957 11,664,703 1,005,778,660 (ii)
31 March 2009
Bokoni Mine Projects Total
Note
EBITDA - (106,359) (106,359) (i)
Total Assets - 6,674,083 6,674,083 (ii)
(i)EBITDA
EBITDA for reportable segments 794,196 (106,359)
Net finance expense (9,960,069) -
Depreciation (6,057,518) -
Corporate and consolidation (748,938) (3,628,206)
adjustments
Consolidated loss before income tax (15,972,329) (3,734,565)
(ii)Total assets
Assets for reportable segments 1,005,778,660 6,674,083
Corporate and consolidation (10,205,730) 4,348,498
adjustments
Consolidated assets 995,572,930 11,022,581
10. RELATED PARTIES
At 31 December 2009, Hunter Dickinson Services Inc. ("HDSI") was a related party
as it was a private company owned equally by several public companies, one of
which was the Company. During the period Hunter Dickinson Inc (a corporation
incorporated under the laws of British Columbia) negotiated the repurchase of
all the outstanding shares of HDSI from other HDSI shareholders, including
Anooraq Resources Corporation. The purchase price was $1. As at 31 March 2010,
HDSI is not considered a related party.
Johannesburg
12 May 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Limited
Date: 12/05/2010 14:00:03 Produced by the JSE SENS Department.
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