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ARQ
ARQ
ARQ - Anooraq Resources Corporation - Unaudited condensed consolidated financial
statements for the three and nine months ended 30 September, 2011
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")
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE
MONTHS ENDED 30 SEPTEMBER, 2011
Anooraq announces its unaudited condensed consolidated financial results for the
three and nine months ended 30 September 2011, as approved by the Board of
Directors on 14 November 2011. This announcement should be read with the
Company`s Management Discussion & Analysis, available at
www.anooraqresources.com and filed on www.sedar.com.
(Expressed in Canadian Dollars, unless otherwise stated)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITIONS
AS AT 30 SEPTEMBER 2011
Note Unaudited Audited
30 September 31 December
2011 2010
Assets
Non-current assets
Property, plant and equipment 5 830,455,368 984,906,533
Capital work-in-progress 6 14,395,015 10,311,973
Intangible assets 7 2,220,746 3,280,056
Mineral property interests 12,563,479 13,716,383
Goodwill 11,308,482 13,185,952
Platinum producers` environmental trust 2,877,698 2,862,075
(restricted cash)
Other non-current assets 353,956 348,076
Total non-current assets 874,174,744 1,028,611,048
Current assets
Inventories 672,324 -
Trade and other receivables 35,622,430 36,190,110
Current tax receivable 140,001 163,244
Cash and cash equivalents 15,846,986 25,764,590
Restricted cash 1,207,226 1,377,263
Total current assets 53,488,967 63,495,207
Total assets 927,663,711 1,092,106,255
Equity and Liabilities
Equity
Share capital 71,967,083 71,852,588
Treasury shares (4,991,726) (4,991,726)
Convertible preference shares 162,910,000 162,910,000
Foreign currency translation reserve (11,424,710) (5,197,843)
Hedging reserve - (4,124,155)
Share-based payment reserve 23,178,542 22,032,571
Accumulated loss (222,372,844) (163,519,502)
Total equity attributable to equity 19,266,345 78,961,933
holders of the Group
Non-controlling interest (5,076,162) 42,404,014
Total equity 14,190,183 121,365,947
Liabilities
Non-current liabilities
Loans and borrowings 8 724,248,798 622,534,699
Deferred taxation 157,464,166 208,805,557
Provisions 7,460,832 8,184,494
Derivative liability - 4,969,563
Total non-current liabilities 889,173,796 844,494,313
Current liabilities
Trade and other payables 23,159,876 31,844,332
Short-term portion of loans and 1,139,856 94,401,663
borrowings
Total current liabilities 24,299,732 126,245,995
Total liabilities 913,473,528 970,740,308
Total equity and liabilities 927,663,711 1,092,106,255
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
FOR THE PERIOD ENDED 30 SEPTEMBER 2011
Nine months ended
Note Unaudited Unaudited
30 September 30 September
2011 2010
Revenue 111,892,648 105,042,863
Cost of sales (157,432,254) (121,080,564)
Gross loss (45,539,606) (16,037,701)
Administrative expenses 10 (18,654,890) (12,395,460)
Transaction costs - (51,625)
Other income 86,002 210,992
Operating loss (64,108,494) (28,273,794)
Finance income 593,193 856,560
Finance expense (63,601,169) (46,504,749)
Net finance expense (63,007,976) (45,648,189)
Loss before income tax (127,116,470) (73,921,983)
Income tax 23,396,401 12,669,211
Loss for the period (103,720,069) (61,252,772)
Other comprehensive income/(loss)
Foreign currency translation differences (8,840,316) 3,789,752
for foreign operations
Effective portion of changes in fair 1,602,501 (3,113,271)
value of cash flow hedges
Reclassification to profit or loss on 2,521,654 -
settlement of cash flow hedge
Other comprehensive loss for the period, (4,716,161) 676,481
net of income tax
Total comprehensive loss for the period (108,436,230) (60,576,291)
Loss attributable to:
Owners of the Company (58,853,342) (33,319,336)
Non-controlling interest (44,866,727) (27,933,436)
Loss for the period (103,720,069) (61,252,772)
Total comprehensive loss attributable to:
Owners of the Company (60,956,054) (34,059,639)
Non-controlling interest (47,480,176) (26,516,652)
Total comprehensive loss for the period (108,436,230) (60,576,291)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
FOR THE PERIOD ENDED 30 SEPTEMBER 2011
Three months ended
Note Unaudited Unaudited
30 September 30 September
2011 2010
Revenue 45,278,023 34,481,850
Cost of sales (54,991,512) (44,528,975)
Gross loss (9,713,489) (10,047,125)
Administrative expenses 10 (4,769,798) (6,114,310)
Transaction costs - (595)
Other income 31,764 128,375
Operating loss (14,451,523) (16,033,655)
Finance income 165,373 273,545
Finance expense (20,096,415) (18,908,247)
Net finance expense (19,931,042) (18,634,702)
Loss before income tax (34,382,565) (34,668,357)
Income tax 6,391,689 6,530,062
Loss for the period (27,990,876) (28,138,295)
Other comprehensive income/(loss)
Foreign currency translation differences (1,877,757) 8,118,906
for foreign operations
Effective portion of changes in fair - (1,177,448)
value of cash flow hedges
Reclassification to profit or loss on - -
settlement of cash flow hedge
Other comprehensive loss for the period, (1,877,757) 6,941,458
net of income tax
Total comprehensive loss for the period (29,868,633) (21,196,837)
Loss attributable to:
Owners of the Company (14,926,427) (15,495,792)
Non-controlling interest (13,064,449) (12,642,503)
Loss for the period (27,990,876) (28,138,295)
Total comprehensive loss attributable to:
Owners of the Company (16,768,603) (11,780,135)
Non-controlling interest (13,100,030) (9,416,702)
Total comprehensive loss for the period (29,868,633) (21,196,837)
The accompanying notes are an integral part of these condensed consolidated
financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2011
Attributable to equity holders of the Company
Share Treasury Convertible Foreign
Capital Shares preference currency
shares translation
reserve
For the period ended 30
September 2010
Balance at 1 January 2010 71,713,114 (4,991,726) 162,910,000 (9,390,899)
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 comprehensive - - - 2,584,094
loss
Total comprehensive loss - - - 2,584,094
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Share-based payment - - - -
transactions
Common shares issued 63,400 - - -
Total contributions by and 63,400 - - -
distributions to owners
Balance at 30 September 71,776,514 (4,991,726) 162,910,000 (6,806,805)
2010
For the period ended 30
September 2011
Balance at 1 January 2011 71,852,588 (4,991,726) 162,910,000 (5,197,843)
Total comprehensive
income/(loss) for the
period
Loss for the period - - - -
Other comprehensive
income/(loss)
Foreign currency - - - (6,226,867)
translation differences
Effective portion of - - - -
changes in fair value of
cash flow hedges, net of
tax
Reclassification to profit - - - -
or loss on settlement of
cash flow hedge
Total other comprehensive - - - (6,226,867)
loss
Total comprehensive loss - - - (6,226,867)
for the period
Transactions with owners,
recorded directly in equity
Contributions by and
distributions to owners
Common shares issued 114,495 - - -
Share-based payment - - - -
transactions
Total contributions by and 114,495 - - -
distributions to owners
Balance at 30 September 71,967,083 (4,991,726) 162,910,000 (11,424,710)
2011
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2011 - CONTINUED
Attributable to equity holders of the Company
Share- Hedging Accumulated Total
based reserve loss
payment
reserve
For the period ended 30
September 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 - - (33,319,336) (33,319,336)
Other comprehensive
income/(loss)
Foreign currency - (211,126) - 2,372,968
translation differences
Effective portion of - (3,113,271) - (3,113,271)
changes in fair value of
cash flow hedges, net of
tax
Total other - (3,324,397) - (740,303)
comprehensive loss
Total comprehensive loss - (3,324,397) (33,319,336) (34,059,639)
for the period
Transactions with
owners, recorded
directly in equity
Contributions by and
distributions to owners
Share-based payment 1,578,673 - - 1,578,673
transactions
Common shares issued - - - 63,400
Total contributions by 1,578,673 - - 1,642,073
and distributions to
owners
Balance at 30 September 21,349,459 (4,055,690) (145,117,428) 95,064,324
2010
For the period ended 30
September 2011
Balance at 1 January 22,032,571 (4,124,155) (163,519,502) 78,961,933
2011
Total comprehensive
income/(loss) for the
period
Loss for the period - - (58,853,342) (58,853,342)
Other comprehensive
income/(loss)
Foreign currency - - - (6,226,867)
translation differences
Effective portion of - 1,602,501 - 1,602,501
changes in fair value of
cash flow hedges, net of
tax
Reclassification to - 2,521,654 - 2,521,654
profit or loss on
settlement of cash flow
hedge
Total other - 4,124,155 - (2,102,712)
comprehensive loss
Total comprehensive loss - 4,124,155 (58,853,342) (60,956,054)
for the period
Transactions with
owners, recorded
directly in equity
Contributions by and
distributions to owners
Common shares issued (51,495) - - 63,000
Share-based payment 1,197,466 - - 1,197,466
transactions
Total contributions by 1,145,971 - - 1,260,466
and distributions to
owners
Balance at 30 September 23,178,542 - (222,372,844) 19,266,345
2011
Non-controlling Total
interest
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 loss 1,416,784 676,481
Total comprehensive loss for the period (26,516,652) (60,576,291)
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Share-based payment transactions - 1,578,673
Common shares issued - 63,400
Total contributions by and - 1,642,073
distributions to owners
Balance at 30 September 2010 55,509,078 150,573,402
For the period ended 30 September 2011
Balance at 1 January 2011 42,404,014 121,365,947
Total comprehensive income/(loss) for
the period
Loss for the period (44,866,727) (103,720,069)
Other comprehensive income/(loss)
Foreign currency translation (2,613,449) (8,840,316)
differences
Effective portion of changes in fair - 1,602,501
value of cash flow hedges, net of tax
Reclassification to profit or loss on - 2,521,654
settlement of cash flow hedge
Total other comprehensive loss (2,613,449) (4,716,161)
Total comprehensive loss for the period (47,480,176) (108,436,230)
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Common shares issued - 63,000
Share-based payment transactions - 1,197,466
Total contributions by and - 1,260,466
distributions to owners
Balance at 30 September 2011 (5,076,162) 14,190,183
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED 30
SEPTEMBER 2011
Nine months ended
Note Unaudited Unaudited
30 September 30 September
2011 2010
Cash flows from operating
activities
Cash utilised by operations 9 (38,275,012) (11,722,149)
Interest received 449,781 764,530
Interest paid (523,153) (13,419)
Taxation paid - (299,394)
Cash utilised by operating (38,348,384) (11,270,432)
activities
Cash flows from investing
activities
Acquisition of property, plant (2,294) (463,723)
and equipment
Acquisition of capital-work-in- 6 (20,352,762) (17,809,667)
progress
Acquisition of intangible assets 7 (242,177) -
Proceeds on disposal of - 47,550
property, plant and equipment
Investment in environmental (396,032) (518)
trusts
Cash utilised by investing (20,993,265) (18,226,358)
activities
Cash flows from financing
activities
Settlement of interest rate swap 8 (3,691,604) -
Funding loan raised - RPM 8 3,691,604 -
Long term borrowings raised - 52,447,321 28,441,921
OCSF
Repayment of other loans (492,311) -
Other loans raised 69,200 -
Common shares issued 63,000 25,800
Cash generated from financing 52,087,210 28,467,721
activities
Effect of foreign currency (2,663,165) 986,308
translation
Net (decrease)/ increase in cash (9,917,604) (42,761)
and cash equivalents
Cash and cash equivalents, 25,764,590 30,947,511
beginning of period
Cash and cash equivalents, end 15,846,986 30,904,750
of period
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED 30
SEPTEMBER 2011
Three months ended
Note Unaudited Unaudited
30 September 30 September
2011 2010
Cash flows from operating
activities
Cash utilised by operations 9 (16,657,875) (6,133,339)
Interest received 118,339 249,047
Interest paid - (665)
Taxation paid - -
Cash utilised by operating (16,539,536) (5,884,957)
activities
Cash flows from investing
activities
Acquisition of property, plant (2,294) -
and equipment
Acquisition of capital-work-in- 6 (5,863,788) (7,427,473)
progress
Acquisition of intangible assets 7 - -
Proceeds on disposal of property, - 548
plant and equipment
Investment in environmental (96,005) -
trusts
Cash utilised by investing (5,962,087) (7,426,925)
activities
Cash flows from financing
activities
Settlement of interest rate swap 8 - -
Funding loan raised - RPM 8 - -
Long term borrowings raised - 20,465,542 12,031,289
OCSF
Repayment of other loans - -
Other loans raised 69,200 -
Common shares issued - -
Cash generated from financing 20,534,742 12,031,289
activities
Effect of foreign currency (1,426,159) 1,492,851
translation
Net (decrease)/ increase in cash (3,393,040) 212,258
and cash equivalents
Cash and cash equivalents, 19,240,026 30,692,492
beginning of period
Cash and cash equivalents, end of 15,846,986 30,904,750
period
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE PERIODS ENDED 30 SEPTEMBER 2011
(Expressed in Canadian Dollars, unless otherwise stated)
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 2011 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. Its principal business
activity is the mining and exploration of Platinum Group Metals ("PGM") through
its mineral property interests. The Company focuses on mineral property
interests located in the Republic of South Africa in the Bushveld Complex.
Anooraq operates in South Africa through its wholly-owned subsidiary Plateau
Resources (Proprietary) Limited ("Plateau") which historically owned the Group`s
various mineral property interests and conducted the Group`s business in South
Africa.
GOING CONCERN
The condensed consolidated financial statements are prepared on the basis that
the Group will continue as a going concern which contemplates the realisation of
assets and settlement of liabilities in the normal course of operations as they
become due.
As a result of the acquisition of the operating mine in 2009, the Group secured
various funding arrangements including securing a long-term credit facility, the
Operating Cash Flow Shortfall Facility ("OCSF"), with Rustenburg Platinum Mines
Limited ("RPM") for an amount of $190.4 million (ZAR 1,470 million). The
facility is used to fund operating cash and capital requirements for an initial
period of three years. As at 30 September 2011, the Group utilised $131.6
million (ZAR 1,016 million), excluding interest, thereof to fund operating
requirements from 1 July 2009 as the mining operations are not currently
generating sufficient cash flows to fund operations and operational projects.
The Group has no obligation to repay significant interest and capital on its
outstanding loans and borrowings during 2011 and 2012.
As a result of securing the financial resources and long-term funding,
management expects that cash flows from the mining operations and the OCSF will
be sufficient to meet immediate ongoing operating and capital cash requirements
of the Group.
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 2010. The consolidated financial
statements of the Group as at and for the year ended 31 December 2010 are
available upon request from the Company`s registered office at 82 Grayston
Drive, Sandton, South Africa or at www.sedar.com.
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 2010,
except for the following standards and interpretations, applicable to the Group,
adopted in the current financial period:
IAS 24 (revised), Related Party Disclosures
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.
5. PROPERTY, PLANT AND EQUIPMENT
Nine months Year ended
ended 30 31 December
September
2011 2010
Summary
Cost
Balance at beginning of period 1,032,647,854 707,131,018
Additions 2,294 494,095
Transferred from capital work-in-progress 15,580,507 260,839,548
Disposals (85,259) (544,766)
Adjustment to rehabilitation assets - 144,952
Effect of translation (148,215,406) 64,583,007
Balance at end of period 899,929,990 1,032,647,854
Accumulated depreciation and impairment
losses
Balance beginning of period 47,741,321 13,737,282
Depreciation for the period 30,955,794 31,397,522
Disposals (67,507) (499,587)
Effect of translation (9,154,986) 3,106,104
Balance at end of period 69,474,622 47,741,321
Carrying value 830,455,368 984,906,533
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 10,311,973 235,838,915
Additions 20,352,762 28,193,472
Transfer to property, plant and equipment (15,580,507) (260,839,548)
Capitalisation of borrowing costs 1,237,727 8,271,379
Impairment - (345,123)
Effect of translation (1,926,940) (807,122)
Balance at end of period 14,395,015 10,311,973
Capital work-in-progress is funded through cash generated from operations and
available loan facilities.
7. INTANGIBLE ASSETS
Cost
Balance at beginning of period 3,473,000 -
Additions 242,177 3,328,100
Effect of translation (512,983) 144,900
Balance at end of period 3,202,194 3,473,000
Accumulated amortisation and impairment
losses
Balance beginning of period 192,944 -
Amortisation for the period 883,396 180,039
Effect of translation (94,892) 12,905
Balance at end of period 981,448 192,944
Carrying value 2,220,746 3,280,056
Nine months
ended 30 Year ended
September 31 December
2011 2010
8. LOANS AND BORROWINGS
Senior Term Loan Facility - 93,412,907
Capitalised transaction costs - (4,251,970)
Redeemable "A" preference shares (related party) 385,791,050 418,050,018
Rustenburg Platinum Mines - Funding loans 173,400,721 89,370,192
(related party)
Rustenburg Platinum Mines - OCSF (related party) 158,175,304 111,208,925
Rustenburg Platinum Mines - Interest free loan 3,743,980 4,365,567
(related party)
Rustenburg Platinum Mines - commitment fees 1,272,317 1,122,854
(related party)
Other 3,005,282 3,657,869
725,388,654 716,936,362
Short-term portion
Senior Term Loan Facility - (93,412,907)
Other (1,139,856) (988,756)
(1,139,856) (94,401,663)
Non-current liabilities 724,248,798 622,534,699
The carrying value of the Group`s loans and borrowings changed during the period
as follows:
Balance at beginning of the period 716,936,362 555,509,417
Rustenburg Platinum Mine - OCSF 52,447,321 39,043,300
Rustenburg Platinum Mine - Interest free - 599,442
loan
Loans repaid - (590,537)
Loans repaid - other (492,311) -
Commitment fee capitalised (334,907) (640,086)
Finance expenses accrued 59,718,510 74,436,897
Funding loan raised - Rustenburg Platinum 3,691,604 -
Mine (related party)
Capitalisation transaction costs written- 3,968,918 -
off
Amortisation of loan costs 18,179 631,929
Commitment fee liability 334,907 640,086
Interest rate swap adjustment 355,852 (354,093)
Other 69,200 3,328,100
Effect of translation (111,324,981) 44,331,907
Balance at end of the period 725,388,654 716,936,362
Short-term portion
Senior Term Loan Facility - (93,412,907)
Other (1,139,856) (988,756)
(1,139,856) (94,401,663)
Non-current portion 724,248,798 622,534,699
Senior Term Loan Facility
On 28 April 2011, the Senior Term Loan Facility with Standard Chartered Bank
("SCB") and FirstRand Bank acting through its division, Rand Merchant Bank
("RMB") was ceded to Anglo Platinum Limited ("Anglo") through its subsidiary,
Rustenburg Platinum Mines Limited ("RPM"). The outstanding interest rate swap
was settled with funding obtained from RPM.
The debt ceded to RPM has similar terms as the Senior Term Loan Facility except
for certain revisions. The revised terms of the loan is a reduction in the
interest rate from a 3 month JIBAR plus applicable margin (4.5%) and mandatory
cost (11.735% at 31 December 2010) to 3 month JIBAR plus 4% (9.585% at 30
September 2011). The total facility has been increased from $107 million (ZAR
750 million) to $132.7 million (ZAR 930 million). The commencement of re-
payments has been deferred by one year from 31 January 2013 to 31 January 2014.
RPM has also waived the loan covenants on the debt until 30 June 2012.
Transaction costs capitalised of $4 million (ZAR 28 million) were written off to
finance expense on the cession of the Senior Term Loan Facility.
Three months ended 30 Nine months ended
September 30 September
2011 2010 2011 2010
9. CASH (UTILISED BY)/GENERATED FROM OPERATIONS
Loss before income tax (34,382,565) (34,668,357) (127,116,470) (73,921,983)
Adjustments for:
Finance expense 20,096,415 18,908,247 63,601,169 46,504,749
Finance income (165,373) (273,545) (593,193) (856,560)
Non-cash items:
Depreciation and 10,795,215 9,386,448 31,839,190 21,578,891
amortisation
Equity settled share- 270,857 652,636 1,197,466 1,616,273
based compensation
Impairment of assets - - - 340,225
Loss/(profit) on - 83,258 17,752 78,181
disposal of property,
plant and equipment
Profit or loss impact - - 2,614,359 -
of cash flow hedge
Other - (35,958) - (186,498)
Cash utilised before (3,385,451) (5,947,271) (28,439,727) (4,846,722)
working capital
changes
Working capital
changes
(Increase)/decrease in (11,255,000) 3,319,738 (4,940,473) (796,460)
trade and other
receivables
Decrease in trade and (1,605,551) (271,185) (4,166,937) (3,503,408)
other payables
Increase in (411,873) (3,234,621) (727,875) (2,575,559)
inventories
Cash utilised by (16,657,875) (6,133,339) (38,275,012) (11,722,149)
operations
10. ADMINISTRATION COSTS
Administration costs include the reclassification of the hedge reserve on
settlement of the interest rate swap. The amount expensed was $2.6 million
(ZAR18.6 million).
11. 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.
The CEO considers earnings before net finance expense, income tax, depreciation
and amortisation ("EBITDA") to be an appropriate measure of each segment`s
performance. Accordingly, the EBITDA for each segment is included in the segment
information. All external revenue is generated by the Bokoni Mine segment.
Nine months ended 30 September 2011
Bokoni Mine Projects Total
EBITDA (24,041,884) (587,002) (24,628,886)
Total Assets 934,497,555 9,951,787 944,449,342
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)
Three months ended 30 September 2011
Bokoni Mine Projects Total
EBITDA (2,323,299) (40,970) (2,364,269)
Three months ended 30 September 2010
Bokoni Mine Projects Total Note
EBITDA (163,896) (224,066) (387,962) (i)
2011 2010
EBITDA - nine months ended
EBITDA for reportable segments (24,628,886) (2,387,689)
Net finance expense (63,007,976) (45,648,189)
Depreciation and amortisation (31,839,190) (21,578,891)
Corporate and consolidation adjustments (7,640,418) (4,307,214)
Consolidated loss before income tax (127,116,470) (73,921,983)
EBITDA - three months ended
EBITDA for reportable segments (2,364,269) (387,962)
Net finance expense (19,931,042) (18,634,702)
Depreciation and amortisation (10,795,215) (9,386,448)
Corporate and consolidation adjustments (1,292,039) (6,259,245)
Consolidated loss before income tax (34,382,565) (34,668,357)
Total assets
Assets for reportable segments 944,449,342 1,074,673,349
Corporate and consolidation adjustments (16,785,631) (14,281,366)
Consolidated total assets 927,663,711 1,060,391,983
12. SUBSEQUENT EVENTS
There have been no events that have occurred after the reporting date that would
have a material impact on the reported results.
13. EARNINGS PER SHARE
The basic and diluted loss per share for the three and nine months ended 30
September 2011 was 4 cents (2010: 4 cents) and 14 cents (2010: 8 cents)
respectively.
The calculation of basic loss per share for the three months ended 30 September
2011 of 4 cents (2010: 4 cents) is based on the loss attributable to owners of
the Company of $14,926,427 (2010: $15,495,792) and a weighted average number of
shares of 424,764,699 (2010: 424,660,916).
The calculation of basic loss per share for the six months ended 30 September
2011 of 14 cents (2010: 8 cents) is based on the loss attributable to owners of
the Company of $58,853,342 (2010: $33,319,336) and a weighted average number of
shares of 424,764,699 (2010: 424,660,916).
Share options were excluded in determining diluted weighted average number of
common shares as their effect would have been anti-dilutive.
Johannesburg
15 November 2011
Sponsor
Macquarie First South Capital (Pty) Limited
Date: 15/11/2011 07:08:20 Produced by the JSE SENS Department.
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