|
ARQ
ARQ
ARQ - Anooraq Resources Corporation - Anooraq announces unaudited condensed
consolidated interim financial statements for the nine months ended 30 September
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 INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010
Anooraq announces its unaudited condensed interim financial results for the nine
months ended 30 September 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 INTERIM STATEMENTS OF FINANCIAL POSITION AS AT 30
SEPTEMBER 2010
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Audited
Note 30 September 31 December
2010 2009
Assets
Non-current assets
Property, plant and equipment 5 950,698,025 693,393,736
Capital work-in-progress 6 17,368,119 235,838,915
Mineral property interests 13,507,254 13,223,703
Goodwill 12,845,387 12,382,569
Platinum producers` environmental 2,764,234 2,578,131
trust (restricted cash)
Other non-current assets 756 729
Total non-current assets 997,183,775 957,417,783
Current assets
Inventories 3,860,278 1,091,860
Trade and other receivables 27,101,035 23,466,503
Cash and cash equivalents 30,904,750 30,947,511
Restricted cash 1,342,145 1,291,348
Total current assets 63,208,208 56,797,222
Total assets 1,060,391,983 1,014,215,005
Equity and Liabilities
Equity
Share capital 229,694,788 229,631,388
Foreign currency translation reserve (6,806,805) (9,390,899)
Hedging reserve (4,055,690) (731,293)
Share-based payment reserve 21,349,459 19,770,786
Accumulated loss (145,117,428) (111,798,092)
Total equity attributable to equity 95,064,324 127,481,890
holders of the Group
Non-controlling interest 55,509,078 82,025,730
Total equity 150,573,402 209,507,620
Liabilities
Non-current liabilities
Loans and borrowings 7 664,055,977 555,509,417
Deferred taxation 208,046,275 213,484,109
Provisions 7,474,679 7,021,038
Derivative liability 4,823,719 1,590,945
Total non-current liabilities 884,400,650 777,605,509
Current liabilities
Trade and other payables 25,417,931 26,948,647
Current tax payable - 153,229
Total current liabilities 25,417,931 27,101,876
Total liabilities 909,818,581 804,707,385
Total equity and liabilities 1,060,391,983 1,014,215,005
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE PERIOD
ENDED 30 SEPTEMBER 2010
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Note Three months ended 30
September
2010 2009
Restated
(Note 4)
Revenue 34,481,850 27,805,577
Cost of sales (44,528,975) (40,491,600)
Gross loss (10,047,125) (12,686,023)
Depreciation (6,110,391) (2,913,138)
Administrative expenses (3,919) (31,943)
Transaction costs (595) (276,638)
Other income 128,375 78,927
Operating loss (16,033,655) (15,828,815)
Finance income 273,545 380,775
Finance expense (18,908,247) (8,793,750)
Net finance expense (18,634,702) (8,412,975)
Share of loss of equity accounted - -
investees (net of income tax)
Loss before income tax (34,668,357) (24,241,790)
Income tax 6,530,062 5,495,022
Loss for the period (28,138,295) (18,746,768)
Other comprehensive income/(loss)
Foreign currency translation 8,118,906 (10,138,564)
differences for foreign operations
Effective portion of changes in fair (1,177,448) (180,759)
value of cash flow hedges
Other comprehensive income/(loss) for 6,941,458 (10,319,323)
the period, net of income tax
Total comprehensive (loss) for the (21,196,837) (29,066,091)
period
Loss attributable to:
Owners of the Company (15,495,792) (10,833,347)
Non-controlling interest (12,642,503) (7,913,421)
Loss for the period (28,138,295) (18,746,768)
Total comprehensive loss attributable
to:
Owners of the Company (11,780,135) (16,535,612)
Non-controlling interest (9,416,702) (12,530,479)
Total comprehensive loss for the (21,196,837) (29,066,091)
period
Earnings per share
Basic and diluted loss per share (0.04) (0.04)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE PERIOD
ENDED 30 SEPTEMBER 2010 (CONTINUED)
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Note Nine months ended 30
September
2010 2009
Restated
(Note 4)
Revenue 105,042,863 27,805,577
Cost of sales (121,080,564) (40,491,600)
Gross loss (16,037,701) (12,686,023)
Depreciation (12,055,235) (8,838,747)
Administrative expenses (340,225) (91,665)
Transaction costs (51,625) (7,498,775)
Other income 210,992 105,234
Operating loss (28,273,794) (29,009,976)
Finance income 856,560 449,369
Finance expense (46,504,749) (9,985,062)
Net finance expense (45,648,189) (9,535,693)
Share of loss of equity accounted - (212,423)
investees (net of income tax)
Loss before income tax (73,921,983) (38,758,092)
Income tax 12,669,211 5,495,022
Loss for the period (61,252,772) (33,263,070)
Other comprehensive income/(loss)
Foreign currency translation 3,789,752 (21,592,220)
differences for foreign operations
Effective portion of changes in fair (3,113,271) (180,759)
value of cash flow hedges
Other comprehensive income/(loss) for 676,481 (21,772,979)
the period, net of income tax
Total comprehensive (loss) for the (60,576,291) (55,036,049)
period
Loss attributable to:
Owners of the Company (33,319,336) (25,349,649)
Non-controlling interest (27,933,436) (7,913,421)
Loss for the period (61,252,772) (33,263,070)
Total comprehensive loss attributable
to:
Owners of the Company (34,059,639) (42,505,570)
Non-controlling interest (26,516,652) (12,530,479)
Total comprehensive loss for the (60,576,29 1) (55,036,049)
period
Earnings per share
Basic and diluted loss per share (0.08) (0.10)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 SEPTEMBER 2010
(Unaudited - 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 30 September
2009 (Restated)
Balance at 1 54,948,340 - - 129,684
January 2009
Arising from - - - -
business
acquisition
Total comprehensive
income/(loss) for
the period
Loss for the - - - -
period
Other
comprehensive
income/(loss)
Foreign currency - - - (16,975,162)
translation
differences
Effective portion - - - -
of changes in fair
value of cash flow
hedges, net of tax
Total other - - - (16,975,162)
comprehensive
income/(loss)
Total - - - (16,975,162)
comprehensive
income/(loss) for
the period
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners
Ordinary shares 16,502,324 (5,190,894) - -
issued
Preference shares - - 162,910,000 -
issued
Share-based 895,657 - - -
payment
transactions
Total contributions 17,397,981 (5,190,894) 162,910,000 -
by and
distributions to
owners
Balance at 30 72,346,321 (5,190,894) 162,910,000 (16,845,478)
September 2009
For the period
ended 30 September
2010
Balance at 1 71,713,114 (4,991,726) 162,910,000 (9,390,899)
January 2010
Total comprehensive
income/(loss) for
the period
Loss for the - - - -
period
Other
comprehensive
income/(loss)
Foreign currency - - - 2,584,094
translation
differences
Effective - - - -
portion of changes
in fair value of
cash flow hedges,
net of tax
Total other - - - 2,584,094
comprehensive
income/(loss)
Total comprehensive - - - 2,584,094
income/(loss) for
the period
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners
Share-based - - - -
payment
transactions
Share issue 63,400 - - -
Total contributions 63,400 - - -
by and
distributions to
owners
Balance at 30 71,776,514 (4,991,726) 162,910,000 (6,806,805)
September 2010
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 SEPTEMBER 2010 (CONTINUED)
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Attributable to equity holders of the Company
Share-based Hedging Accumulated Total
payment reserve loss
reserve
For the period
ended 30
September 2009
(Restated)
Balance at 1 17,584,974 - (76,266,461) (3,603,463)
January 2009
Arising from - - - -
business
acquisition
Total
comprehensive
income/(loss) for
the period
Loss for the - - (25,349,649) (25,349,649)
period
Other
comprehensive
income/(loss)
Foreign - - - (16,975,162)
currency
translation
differences
Effective - (180,759) - (180,759)
portion of
changes in fair
value of cash
flow hedges, net
of tax
Total other - (180,759) - (17,155,921)
comprehensive
income/(loss)
Total - (180,759) (25,349,649) (42,505,570)
comprehensive
income/(loss) for
the period
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Ordinary shares - - - 11,311,430
issued
Preference - - - 162,910,000
shares issued
Share-based 1,875,536 - - 2,771,193
payment
transactions
Total 1,875,536 - - 176,992,623
contributions by
and distributions
to owners
Balance at 30 19,460,510 (180,759) (101,616,110) 130,883,590
September 2009
For the period
ended 30
September 2010
Balance at 1 19,770,786 (731,293) (111,798,092) 127,481,890
January 2010
Total
comprehensive
income/(loss) for
the period
Loss for the - - (33,319,336) (33,319,336)
period
Other
comprehensive
income/(loss)
Foreign - (211,126) - 2,372,968
currency
translation
differences
Effective - (3,113,271) - (3,113,271)
portion of
changes in fair
value of cash
flow hedges,
net of tax
Total other - (3,324,397) - (740,303)
comprehensive
income/(loss)
Total - (3,324,397) (33,319,336) (34,059,639)
comprehensive
income/(loss) for
the period
Transactions with
owners, recorded
directly in
equity
Contributions by
and distributions
to owners
Share-based 1,578,673 - - 1,578,673
payment
transactions
Share issue - - - 63,400
Total 1,578,673 - - 1,642,073
contributions by
and distributions
to owners
Balance at 30 21,349,459 (4,055,690) (145,117,428) 95,064,324
September 2010
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 30 SEPTEMBER 2010 (CONTINUED)
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Attributable to equity holders of the Company
Non- Total
controlling
interest
For the period ended 30 September 2009
(Restated)
Balance at 1 January 2009 - (3,603,463)
Arising from business acquisition 104,680,028 104,680,028
Total comprehensive income/(loss) for
the period
Loss for the period (7,913,421) (33,263,070)
Other comprehensive income/(loss)
Foreign currency translation (4,617,058) (21,592,220)
differences
Effective portion of changes in fair - (180,759)
value of cash flow hedges, net of tax
Total other comprehensive (4,617,058) (21,772,979)
income/(loss)
Total comprehensive income/(loss) for (12,530,479) (55,036,049)
the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Ordinary shares issued - 11,311,430
Preference shares issued - 162,910,000
Share-based payment transactions - 2,771,193
Total contributions by and - 176,992,623
distributions to owners
Balance at 30 September 2009 92,149,549 223,033,139
For the period ended 30 September 2010
Balance at 1 January 2010 82,025,730 209,507,620
Total comprehensive income/(loss) for
the period
Loss for the period (27,933,436) (61,252,772)
Other comprehensive income/(loss)
Foreign currency translation 1,416,784 3,789,752
differences
Effective portion of changes in fair - (3,113,271)
value of cash flow hedges, net of
tax
Total other comprehensive 1,416,784 676,481
income/(loss)
Total comprehensive income/(loss) for (26,516,652) (60,576,291)
the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Share-based payment transactions - 1,578,673
Share issue - 63,400
Total contributions by and - 1,642,073
distributions to owners
Balance at 30 September 2010 55,509,078 150,573,402
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASHFLOW FOR THE PERIOD ENDED 30
SEPTEMBER 2010
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Note Three months ended 30
September
2010 2009
Restated
Cash flows from operating (Note 4)
activities
Cash utilised by operations 8 (6,133,339) (26,343,943)
Interest received 249,047 380,775
Interest paid (665) -
Taxation paid - -
Cash utilised by operating (5,884,957) (25,963,168)
activities
Cash flows from investing
activities
Additions to capital work-in- (7,427,473) (10,370,098)
progress
Acquisition of cash in a business - 3,576,912
combination- Bokoni
Bokoni Mine acquisition - (119,956,365)
ESOP Trust contribution - (6,741,102)
Asset acquisition - (6,592,523)
Proceeds on disposal of property, 548 -
plant and equipment
Deferred acquisition costs - -
Investment in environmental trusts - -
Cash utilised from investing (7,426,925) (140,083,176)
activities
Cash flows from financing
activities
Vendor claims settled - (251,770,000)
Common shares issued - 15,869,148
"A" Preference shares issued - 177,720,000
"A" Preference shares repaid - (1,066,320)
"B" Preference shares issued - 162,910,000
Long term borrowings raised - - 74,050,000
Senior debt
Long term borrowings raised - OCSF 12,031,289 29,531,388
Interest free loan raised - RPM - 4,267,913
Repayment of Anglo Platinum loan - (18,079,846)
Loan costs capitalised - (5,006,755)
Common shares issued - -
Cash generated from financing 12,031,289 188,425,528
activities
Effect of foreign currency 4,152,862 6,857,831
translation
Net decrease in cash and cash 2,872,269 29,237,015
equivalents
Cash and cash equivalents, 28,032,481 451,601
beginning of period
Cash and cash equivalents, end of 30,904,750 29,688,616
period
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASHFLOW FOR THE PERIOD ENDED 30
SEPTEMBER 2010
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Note Nine months ended 30
September
2010 2009
Restated
Cash flows from operating (Note 4)
activities
Cash utilised by operations 8 (11,722,149) (23,674,579)
Interest received 764,530 449,369
Interest paid (13,419) -
Taxation paid (299,394) -
Cash utilised by operating (11,270,432) (23,225,210)
activities
Cash flows from investing
activities
Additions to capital work-in- (18,273,390) (10,371,927)
progress
Acquisition of cash in a business - 3,576,912
combination- Bokoni
Bokoni Mine acquisition - (119,956,365)
ESOP Trust contribution - (6,741,102)
Asset acquisition - (6,592,523)
Proceeds on disposal of property, 47,550 -
plant and equipment
Deferred acquisition costs - (6,192,571)
Investment in environmental trusts (518) -
Cash utilised from investing (18,226,358) (146,277,576)
activities
Cash flows from financing
activities
Vendor claims settled - (251,770,000)
Common shares issued - 15,869,148
"A" Preference shares issued - 177,720,000
"A" Preference shares repaid - (1,066,320)
"B" Preference shares issued - 162,910,000
Long term borrowings raised - - 74,050,000
Senior debt
Long term borrowings raised - OCSF 28,441,921 29,531,388
Interest free loan raised - RPM - 4,267,913
Repayment of Anglo Platinum loan - (18,079,846)
Loan costs capitalised - (5,006,755)
Common shares issued 25,800 -
Cash generated from financing 28,467,721 188,425,528
activities
Effect of foreign currency 986,308 6,915,200
translation
Net decrease in cash and cash (42,761) 25,837,942
equivalents
Cash and cash equivalents, 30,947,511 3,850,674
beginning of period
Cash and cash equivalents, end of 30,904,750 29,688,616
period
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD
ENDED 30 SEPTEMBER 2010
(Unaudited - 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 and nine months
ended 30 September 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 interim period:
- Amendments to IAS 39, Eligible hedged items
- Amendments to IFRS 2, Share-based payments: vesting conditions and
cancellations
- IFRIC 17, Distribution of Non-cash assets to owners
- Various improvements to IFRS 2010
There was no significant impact on these condensed consolidated interim
financial statements as a result of adopting these standards and
interpretations.
4. RESTATEMENT OF 30 SEPTEMBER 2009 RESULTS
As a result of an inadvertent accounting error during the quarter ended 30
September 2009, other income was overstated by $3.9 million. Loans and
borrowings at 30 September 2009 were understated by $4.1 million as a result of
the error. The restated loss for the nine months ended 30 September 2009 is
$33.3 million compared to $29.4 million as previously reported (for the three
months ended 30 September 2009, the restated loss is $18.7 million compared to
the $14.9 million as previously reported).
In addition to the restatement of the loss for the three and nine months ended
30 September 2009, basic and diluted loss per share have also been restated for
a change in the weighted average number of shares due to an inadvertent error in
the calculation of the weighted average number of shares. The restated basic and
diluted loss per share for the nine months ended 30 September 2009 is $0.10
compared to $0.16 as previously reported (for the three months ended 30
September 2009, the restated basic and diluted loss per share is $0.04 compared
to the $0.08 as previously reported).
The statement of cash flows for the three and nine months ended included errors
relating to deferred acquisition costs previously capitalised, loan costs
capitalised, ESOP Trust contribution, common shares issued and the disclosure of
finance income. As a result, the restated cash utilised by operating activities,
cash utilised by investing activities and cash generated from financing
activities for the nine months ended 30 September 2009 are, $23,225,210,
$146,277,576 and $188,425,528 respectively, compared to $20,928,615,
$138,427,721 and $173,295,222 respectively, as previously reported (for the
three months ended 30 September 2009, the restated cash utilised by operating
activities, cash utilised by investing activities and cash generated from
financing activities are $25,963,168, $140,083,176 and $188,425,528
respectively, compared to $22,078,614, $126,600,972 and $173,295,222
respectively, as previously reported).
Depreciation was also reclassified to cost of sales as it is more closely
aligned to the production process. The reclassification had no impact on
earnings. The restated cost of sales for both the nine months and three months
ended 30 September 2009 is $40.5 million compared to the $34.6 million as
previously reported.
5. PROPERTY, PLANT AND EQUIPMENT Nine months Year ended 31
ended 30 December
September
2010 2009
Summary
Cost
Balance at beginning of period 707,131,018 540,482
Arising from business combinations - 725,226,891
Additions 463,723 31,478
Transferred from capital work-in-progress 239,729,800 9,382,489
Disposals (251,530) (49,072)
Adjustment to rehabilitation assets - 2,691,883
Effect of translation 40,591,237 (30,693,133)
Balance at end of period 987,664,248 707,131,018
Accumulated depreciation
Balance beginning of period 13,737,282 70,847
Charge for the period 21,578,891 13,557,111
Disposals (125,799) -
Effect of translation 1,775,849 109,324
Balance at end of period 36,966,223 13,737,282
Carrying value 950,698,025 693,393,736
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 17,809,667 24,418,832
Transfer to property, plant and equipment (239,729,800) (9,382,489)
Capitalisation of borrowing costs 7,644,609 13,580,559
Impairment (340,225) -
Effect of translation (3,855,047) (8,972,952)
Balance at end of period 17,368,119 235,838,915
Capital work-in-progress is funded through cash generated from operations and
available loan facilities.
7. LOANS AND BORROWINGS Nine months Year ended
ended 30 31 December
September 2010 2009
Non-current liabilities
Senior Term Loan Facility 83,531,205 71,506,306
Redeemable "A" preference shares (related 396,815,860 352,664,289
party)
Rustenburg Platinum Mines - Funding loans 84,123,708 72,778,897
(related party)
Rustenburg Platinum Mines - OCSF (related 93,793,197 54,050,064
party)
Rustenburg Platinum Mines - Interest free 4,848,208 4,099,586
loan (related party)
Rustenburg Platinum Mines - commitment 943,799 410,275
fees (related party)
664,055,977 555,509,417
The carrying value of the Group`s loans and borrowings changed during the period
as follows:
Nine months Year ended 31
ended 30 December 2009
September 2010
Balance at beginning of 555,509,417 14,703,416
the period
Senior Term Loan Facility - 74,050,000
Rustenburg Platinum Mine - 28,441,921 51,330,745
Operating Cash flow
Shortfall Facility
("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 (489,302) (407,076)
Finance expenses accrued 53,689,563 33,028,228
Amortisation of loan costs 459,096 449,149
Commitment fee liability 489,302 407,076
Interest rate swap (262,709) -
adjustment
Effect of translation 25,619,247 (17,964,174)
Balance at end of period 664,055,977 555,509,417
8. CASH UTILISED BY OPERATIONS Three months ended 30
September
2010 2009
Restated
Loss before income tax (34,668,357) (24,241,790)
Adjustments for:
Finance expense 18,908,247 8,793,750
Finance income (273,545) (380,775)
Non- cash items:
Depreciation 9,386,448 5,927,746
Equity settled share-based compensation 652,636 -
Loss from equity accounted investees - -
Acquisition costs previously capitalized - -
Impairment of assets - -
Loss on disposal of property, plant and 83,258 -
equipment
Common shares issued as compensation - -
Other (35,958) (170,257)
Cash utilised before working capital (5,947,271) (10,071,326)
changes
Working capital changes
Decrease/(Increase) in trade and other 3,319,738 (4,539,384)
receivables
Decrease in trade and other payables (271,185) (11,733,233)
Increase in inventories (3,234,621) -
Cash utilised by operations (6,133,339) (26,343,943)
8. CASH UTILISED BY OPERATIONS (CONTINUED) Nine months ended 30
September
2010 2009
Restated
Loss before income tax (73,921,983) (38,758,092)
Adjustments for:
Finance expense 46,504,749 9,985,062
Finance income (856,560) (449,369)
Non- cash items:
Depreciation 21,578,891 5,987,468
Equity settled share-based compensation 1,616,273 1,875,536
Loss from equity accounted investees - 212,423
Acquisition costs previously capitalized - 1,587,959
Impairment of assets 340,225 -
Loss on disposal of property, plant and 78,181 -
equipment
Common shares issued as compensation - 895,657
Other (186,498) (156,592)
Cash utilised before working capital changes (4,846,722) (18,819,948)
Working capital changes
Decrease/(Increase) in trade and other (796,460) (4,626,235)
receivables
Decrease in trade and other payables (3,503,408) (228,396)
Increase in inventories (2,575,559) -
Cash utilised by operations (11,722,149) (23,674,579)
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 (the Group`s chief operating decision maker) 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. All external revenue
is generated by the Bokoni Mine segment
Nine months ended 30 September 2010
Bokoni Mine Projects Total
Note
EBITDA (2,142,732) (244,957) (2,387,689) (i)
Total Assets 1,062,249,751 12,423,598 1,074,673,349 (ii)
2009 (restated)
Bokoni Mine Projects Total Note
EBITDA (5,867,468) (172,604,152) (178,471,620) (i)
Total Assets 1,004,287,569 10,800,037 1,015,087,606 (ii)
Three months ended 30 September 2010
Bokoni Mine Projects Total
Note
EBITDA (163,896) (224,066) (387,962) (i)
2009 (restated)
Bokoni Mine Projects Total
Note
EBITDA (5,867,468) (172,604,152) (178,471,620) (i)
(i)EBITDA - nine months ended
EBITDA for reportable segments (2,387,689) (178,471,620)
Net finance expense (45,648,189) (9,535,693)
Depreciation (21,578,891) (5,987,468)
Corporate and consolidation (4,307,214) 155,236,689
adjustments
Consolidated loss before income tax (73,921,983) (38,758,092)
EBITDA - three months ended (387,962) (178,471,620)
EBITDA for reportable segments
Net finance expense (18,634,702) (8,412,975)
Depreciation (9,386,448) (5,927,746)
Corporate and consolidation (6,259,245) 168,570,551
adjustments
Consolidated loss before income tax (34,668,357) (24,241,790)
(ii)Total assets
Assets for reportable segments 1,074,673,349 1,015,087,606
Corporate and consolidation (14,281,366) (9,181,734)
adjustments
Consolidated total assets 1,060,391,983 1,005,905,872
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 30 September
2010, HDSI is not considered a related party.
11. SUBSEQUENT EVENTS
There have been no events that have occurred after the reporting date that would
have a material impact on the reported results.
Johannesburg
11 NOVEMBER 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Limited
Date: 11/11/2010 15:31:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
