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Aquarius Platinum Limited - Appendix 4E preliminary final report
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration number: EC26290
Share code on JSE: AQP ISIN: BMG0440M1029
Share code on ASX: AQP.AX ISIN: BMG0440M1029
Appendix 4E
PRELIMINARY FINAL REPORT
12 MONTHS ENDED 30 JUNE 2005
Details of the reporting period and the previous corresponding period
Name of entity
Aquarius Platinum Limited
ARBN Reporting period Previous
corresponding period
087 577 893 Year ended 30/06/05 Year ended 30/06/04
Results for announcement to the market
$US`000
Revenues from ordinary up 14 to 222,327
activities %
Profit from ordinary
activities after tax down 27 to 20,950 *
attributable to members %
Dividends Amount per Franked amount
security per security
Interim dividend 3 c - c
Final Dividend 5 c - c
Record date for determining 16 September 2005
entitlements to the dividend
Refer to the results announcement released in conjunction with
this appendix 4E to the market on 11th August 2005.
* Consists of
Net profit before non cash up 4 % t 47,454
charges o
Amortisation and depreciation (19,759)
of mining assets
Amortisation of fair value (6,745)
uplift of mineral properties
Net profit after non cash down 27 % t 20,950
charges o
Consolidated income statement
(Year ended 30 June 2005)
30/06/05 30/06/04
$US`000 $US`000
Revenue 222,327 194,850
Foreign exchange gain/(loss) 2,797 (2,975)
Net revenue after foreign exchange 225,124 191,875
loss
Cost of sales (174,936) (125,420)
Gross profit 50,188 66,455
Amortisation of fair value uplift (6,745) (4,951)
of mineral properties
Gross profit after amortisation of 43,443 61,504
fair value uplift of mineral
properties
Administrative and other costs (5,976) (8,619)
Other foreign exchange gain/(loss) 484 (3,094)
Profit from operating activities 37,951 49,791
Finance costs (9,889) (10,661)
Profit before income tax 28,062 39,130
Income tax on ordinary activities (3,446) (5,674)
Net profit from ordinary 24,616 33,456
activities
Net profit attributable to outside (3,666) (4,752)
equity interests
Net profit for the period 20,950 28,704
attributable to members of
Aquarius Platinum Limited
Earnings per security (EPS)
Basic EPS 25.32 cents 35.08 cents
Diluted EPS 25.17 cents 35.08 cents
Consolidated statement of recognised gains and losses
(Year ended 30 June 2005)
Foreign currency translation 30/06/05 30/06/04
adjustments $US`000 $US`000
(5,608) 12,116
Net gain not recognised in the (5,608) 12,116
income statement
Net profit for the year 20,950 28,704
Total recognised gains and 15,342 40,820
losses
Consolidated balance sheet
Prepared in accordance with International Financial Reporting Standards (IFRS)
As at As at
30/06/05 30/06/04
$US`000 $US`000
Non-current assets
Receivables 2,928 4,627
Investments 437 18
Property, plant and equipment 104 132
Mining assets 408,765 356,509
Total non-current assets 412,234 361,286
Current assets
Cash and cash equivalents 75,251 77,942
Trade and other receivables 44,695 23,262
Investments 3 4
Inventories 16,308 10,688
Other 1 44
Total current assets 136,258 111,940
Total assets 548,492 473,226
Non-current liabilities
Payables 150,735 59,600
Interest bearing liabilities 16,037 62,716
Deferred tax liabilities 53,789 56,917
Provisions 24,526 18,030
Total non-current liabilities 245,087 197,263
Current liabilities
Trade and other payables 25,538 19,081
Interest bearing liabilities - 15,555
Current tax liabilities 9,612 6,843
Provisions 330 287
Total current liabilities 35,480 41,766
Total liabilities 280,567 239,029
NET ASSETS 267,925 234,197
Shareholders equity
Issued capital 12,413 12,413
Share premium reserve 136,669 136,669
Foreign currency translation reserve 7,469 13,077
Retained earnings 78,801 62,816
Equity attributable to members of 235,352 224,975
Aquarius Platinum Limited
Minority interests 32,573 9,222
TOTAL EQUITY & MINORITY INTEREST 267,925 234,197
Consolidated statement of cash flows
30/06/05 30/06/04
$US`000 $US`000
Cash flows related to operating
activities
Receipts from customers 197,521 183,578
Payments to suppliers and employees (164,546) (118,860)
Interest and other items of similar 6,655 2,299
nature received
Interest and other costs of finance (7,657) (9,103)
paid
Other income 1,087 188
Income taxes paid (1,602) (3,737)
Net operating cash flows 31,458 54,365
Cash flows related to investing
activities
Payments for mineral exploration - (1,208)
Payments for acquisition of mineral - -
tenements
Payments for mining assets and (90,279) (27,308)
development costs
Payment for purchases of property, - (33)
plant and equipment
Payments for mine (2,138) -
closure/rehabilitation costs
Proceeds from sale of property, 296 17,671
plant and equipment
Payment for purchases of equity (476) (2)
investments
Redemption of short-term deposits 500
Proceeds from disposal of 4,445 -
investments
Net investing cash flows (88,152) (10,380)
Cash flows related to financing
activities
Proceeds from issues of shares 38,193 16,471
Payments for share issue and listing (6,461) (494)
expenses
Proceeds from borrowings 97,439 1,627
Repayment of share-plan loans 1,713 2,999
Repayment of borrowings (71,032) -
Payment of principal portion of hire (7) (8)
purchase liability
Dividends paid (4,924) (4,809)
Net financing cash flows 54,921 15,786
Net increase (decrease) in cash held (1,773) 59,771
Cash at beginning of period 77,942 16,996
Exchange rate adjustments to opening (918) 1,175
cash
Cash at end of period 75,251 77,942
Notes to the consolidated income statement
30/06/05 30/06/04
$US`000 $US`000
Revenue from ordinary activities
Sales revenue 210,125 175,062
Interest revenue 6,655 2,299
Profit on sale of mine 4,460 14,921
properties and investments
Other revenue 1,087 2,568
Total revenue 222,327 194,850
Cost of sales
Amortisation and depreciation 19,759 12,174
Cost of production 153,753 112,640
Royalties 1,424 606
Total cost of sales 174,936 125,420
Finance costs
Interest on borrowings 7,978 10,506
Net present value discount 1,911 155
adjustment to mine site
rehabilitation liability
Total finance costs 9,889 10,661
Statement of retained earnings showing movements
Consolidated retained profits
Retained profits at the 62,816 38,987
beginning of the financial
period
Net profit attributable to 20,950 28,704
members
Dividends paid (4,965) (4,875)
Retained profits at the end of 78,801 62,816
the financial period
Details of individual and total dividends and dividend payments
Date the final dividend is payable 7 October 2005
Record date to determine 16 September 2005
entitlements to the dividend
Has the dividend been declared? Yes
Total Amount per Franked
amount share amount per
paid or US$ share
payable
US$`000
4,138 5 c - c
Final dividend:
Current period
2,482 3 c - c
Previous
period
2,483 3 c - c
Interim dividend:
Current period
2,482 2 c - c
Previous
period
Other disclosures in relation to dividends
The final dividend for the current period of US$0.05 per
share has not been provided for in the Balance Sheet in
accordance with International Accounting Standards.
The company does not have a dividend reinvestment plan.
Earnings per security (EPS)
Details of basic and diluted EPS reported separately in
accordance with IAS 33: Earnings Per Share are as follows.
30/06/05 30/06/04
$US`000 $US`000
Net Profit: 24,616 33,456
Adjustments:
Net profit attributable to (3,666) (4,752)
outside equity interest
Earnings used in calculating 20,950 28,704
basic and diluted earnings per
share
Current Previous
period corresponding
Number of period
Shares Number of
Shares
Weighted average number of 82,753,892 81,833,344
ordinary shares used in
calculating basic earnings per
share
Effect of dilutive securities:
Share options 485,892 -
Adjusted weighted average 83,239,784 81,833,344
number of ordinary shares used
in calculating diluted
earnings per share
Details of entities over which control has been gained or lost during the period
Name of entity Contribution to net Profit (loss) for the
(or group of profit (loss) previous corresponding
entities) and period
date of the
gain or loss
of control
Current Previous Current Previous
period correspond period correspond
$US`000 ing period $US`000 ing period
- $US`000 - $US`000
- - - -
- - - -
Total
Details of associates and joint venture entities
The economic entity has an interest (that is material to it) in the following
entities:
Percentage of
ownership interest
Name of entity held at end of Contribution to net
period or date of profit (loss)
disposal
30/06/05 30/06/04
30/06/0 30/06/04 $US`000 $US`000
5
Mimosa 50% 50% 14,808 14,230
Investments
Limited
14,808 14,230
Total
30/06/05 30/06/04
Group`s share of associates` $US`000 $US`000
and joint venture entities`:
Profit from ordinary 15,751 15,810
activities before tax
Income tax on ordinary (943) (1,580)
activities
Profit from ordinary 14,808 14,230
activities after tax
Adjustments -
Share of net profit of 14,808 14,230
associates and joint venture
entities
Subsequent Events
On the 13th July 2005 Aquarius and Anglo Platinum Ltd agreed to create a second
pooled operation around the Company`s Marikana Mine and Anglo Platinum`s
adjacent mineral rights. Both companies would contribute certain assets and
share 50:50 in the venture, which is targeted to come into effect in September
2005. Following commencement of the venture it is expected that Marikana will
increase production to 250,000 PGM ounces (of which half will be owned by
Aquarius Platinum (South Africa) (Pty) Ltd), and the mine life will be extended
by 10 years to 2024
Contingent Liability
A dispute arose between the company and the mining contractor at the Marikana
Mine, regarding interpretation of the mining cost escalation formula, especially
as it relates to the foreign exchange component of the formula. The matter was
referred to arbitration, however, during the last quarter of the financial year,
Grinaker-LTA Limited trading as Moolman Mining (South Africa) requested a
postponement of the arbitration on the dispute, so that an audit of the cost
elements that relate to the `Rise and Fall` clause and formula of the contract
may be undertaken. The audit is currently being conducted and the results are
expected in the first quarter of the 2006 financial year. Thereafter, the
parties will determine the way forward.
In the meantime, the contractual formula continues to be applied on the basis
which the company believes was agreed by the contractor. Due to the nature of
the dispute, namely the application of the formula and the foreign component, it
is not possible to quantify the dispute in Rand terms. The directors of the
company in consultation with Counsel, are of the opinion that the ruling will
favour Aquarius.
Segment reporting
The economic entity operates predominantly in the mining industry through the
ownership and operation of platinum group metals mining projects. The group
operates in four predominant geographical segments - South Africa, Zimbabwe,
Bermuda and Australia.
Geographical
segments
Bermuda South Australia Zimbabwe Eliminati Consolidated
USD000 Africa USD000 USD000 ons USD000
30 June 2005 USD000 USD000
External - 160,859 - 49,266 210,125
sales
External 4,210 6,841 1,061 88 2 12,202
other
revenues
Intersegment 8,164 - 492 - (8,656) -
revenues
Segment 12,374 167,700 1,553 49,354 (8,654) 222,327
revenue
Segment 1,624 7,212 1,399 15,751 2,076 28,062
result
Income tax (3,446)
expense
Profit after 24,616
tax
Minority (3,666)
interest
Net profit 20,950
Bermuda South Austra Zimbabwe Eliminations Consolidated
USD000 Africa lia USD000 USD000 USD000
30 June 2004 USD000 USD000
External - 130,862 - 41,225 - 172,087
sales
External 30 16,625 644 2,489 - 19,788
other
revenues
Intersegment 3,176 - 393 - (3,569) -
revenues
Segment 3,206 147,487 1,037 43,714 (3,569) 191,875
revenue
Segment 176 25,694 (107) 15,810 (2,443) 39,130
result
Income tax (5,674)
expense
Profit after 33,456
tax
Minority (4,752)
interest
Net profit 28,704
Issued and quoted securities at end of current period
Issue Amount paid
Category of securities Total Number price per up per
number quoted security security
(cents) (cents)
Ordinary securities 82,753,89 82,753,8
2 92
Changes during
current period:
Increases through - - - -
issues
Increases through - - - -
option conversions
Decreases through - - - -
returns of capital,
buybacks,
redemptions
Options (description Exercise Expiry
and conversion factor) Price date
(if any)
Unlisted options GBP2.50 23/10/11
each convertible for GBP3.32 21/11/13
one ordinary share 1,615,000 GBP2.54 11/06/14
- Employee options 380,000 - GBP2.54 11/10/11
` 1,093,967 - GBP2.92 02/11/11
` 209,865 -
` 495,794 -
` -
`
`
` `
` `
Changes during
current period:
Issued during 209,865
current period 495,794 GBP2.54 11/10/11
Employee options GBP2.92 02/11/11
Employee options
Exercised during - - - -
current period
Expired during 133,333 - GBP3.43 -
current period 100,000 - GBP2.50 -
Statements in relation to accounts and audit
This report is based on accounts to which one of the following applies.
The accounts have been The accounts have been subject
audited (refer audit to review (refer attached review
attached report). report).
v The accounts are in the The accounts have not yet been
process of being audited or audited or reviewed.
subject to review.
Sign here: .....................Date: ...11 August
2005.........................
(Company Secretary)
Print name: WILLI
BOEHM........................................................
Date: 11/08/2005 10:37:51 AM
Produced by the JSE SENS Department
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