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AQP
AQP
Aquarius Platinum - Preliminary Final Report 12 months ended 30 June 2006
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP & ISIN Code: BMG0440M1029
("Aquarius Platinum")
Appendix 4E
PRELIMINARY FINAL REPORT
12 MONTHS ENDED 30 JUNE 2006
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 30/06/06 Year ended 30/06/05
Results for announcement to the market
$US"000
Revenues from ordinary up 92 % to 426,569
activities
Profit from ordinary
activities after tax up 309 % to 85,630 *
attributable to members
Dividends Amount per Franked amount
security per security
Interim dividend 6 US Cents - US Cents
Final Dividend 18 US Cents - US Cents
Record date for determining
entitlements to the dividend 15 September 2006
Refer to the results announcement released in conjunction with
this appendix 4E to the market on 10th August 2006.
* Consists of
Net profit before non cash up 141 % to 114,447
charges
Amortisation and depreciation (21,655)
of mining assets
Amortisation of fair value (7,162)
uplift of mineral properties
Net profit after non cash up 309 % to 85,630
charges
Consolidated income statement
(Year ended 30 June 2006)
30/06/06 30/06/05
$US"000 $US"000
Revenue 426,569 222,327
Foreign exchange gain/(loss) 13,228 2,797
Net revenue after foreign exchange gain 439,797 225,124
Cost of sales (223,064) (174,936)
Gross profit 216,733 50,188
Amortisation of fair value uplift of mineral (7,162) (6,745)
properties
Gross profit after amortisation of fair 209,571 43,443
value uplift of mineral properties
Administrative and other costs (8,027) (5,976)
Other foreign exchange gain/(loss) 913 484
Finance costs (10,383) (9,889)
Profit before income tax 192,074 28,062
Income tax on ordinary activities (51,071) (3,446)
Net profit from ordinary activities 141,003 24,616
Net profit attributable to outside equity (55,373) (3,666)
interests
Net profit for the period attributable to 85,630 20,950
members of Aquarius Platinum Limited
Earnings per security (EPS)
Basic EPS 100.87 cents 25.32 cents
Diluted EPS 99.12 cents 25.17 cents
Consolidated statement of recognised gains and losses
(Year ended 30 June 2006)
Foreign currency translation adjustments 30/06/06 30/06/05
$US"000 $US"000
(13,945) (5,608)
Net gain not recognised in the income (13,945) (5,608)
statement
Net profit for the year 85,630 20,950
Total recognised gains and losses 71,685 15,342
Consolidated balance sheet
As at As at
30/06/06 30/06/05
$US"000 $US"000
Non-current assets
Receivables 6,590 -
Investments 404 437
Property, plant and equipment 144,449 137,819
Mining assets 308,517 271,050
Total non-current assets 459,960 409,306
Current assets
Cash and cash equivalents 162,425 75,251
Trade and other receivables 66,721 44,695
Investments 4 3
Inventories 19,823 16,308
Other 1 1
Total current assets 248,974 136,258
Total assets 708,934 545,564
Non-current liabilities
Payables 143,933 150,735
Interest bearing liabilities 40,846 16,037
Deferred tax liabilities 73,311 53,789
Provisions 32,108 24,526
Total non-current liabilities 290,198 245,087
Current liabilities
Trade and other payables 32,881 25,538
Interest bearing liabilities - -
Current tax liabilities 2,209 9,612
Provisions 373 330
Total current liabilities 35,463 35,480
Total liabilities 325,661 280,567
NET ASSETS 383,273 264,997
Shareholders equity
Issued capital 12,652 12,413
Share premium reserve 143,621 136,669
Employee equity benefits reserve (56) (2,928)
Foreign currency translation reserve (6,476) 7,469
Retained earnings 155,254 78,801
Equity attributable to members of Aquarius 304,995 232,424
Platinum Limited
Minority interests 78,278 32,573
TOTAL EQUITY & MINORITY INTEREST 383,273 264,997
Consolidated statement of cash flows
30/06/06 30/06/05
$US"000 $US"000
Cash flows related to operating activities
Receipts from customers 402,837 197,521
Payments to suppliers and employees (194,064) (164,546)
Interest and other items of similar nature 8,256 6,655
received
Interest and other costs of finance paid (10,383) (7,657)
Other income 885 1,087
Income taxes paid (32,000) (1,602)
Net operating cash flows 175,531 31,458
Cash flows related to investing activities
Payments for property, plant and equipment (111,059) (90,279)
and mine development costs
Payments for mine closure/rehabilitation (1,821) (2,138)
costs
Proceeds from sale of property, plant and - 296
equipment
Payment for purchases of equity investments - (476)
Proceeds from disposal of investments - 4,445
Net investing cash flows (112,880) (88,152)
Cash flows related to financing activities
Proceeds from issues of shares 7,192 38,193
Payments for share issue and listing - (6,461)
expenses
Proceeds from borrowings 53,591 97,439
Repayment of share-plan loans 2,498 1,713
Repayment of borrowings (26,989) (71,032)
Payment of principal portion of hire 16 (7)
purchase liability
Dividends paid (9,147) (4,924)
Net financing cash flows 27,161 54,921
Net increase (decrease) in cash held 89,812 (1,773)
Cash at beginning of period 75,251 77,942
Exchange rate adjustments to opening cash (2,638) (918)
Cash at end of period 162,425 75,251
Notes to the consolidated income statement
30/06/06 30/06/05
$US"000 $US"000
Revenue from ordinary activities
Sales revenue 417,428 210,125
Interest revenue 8,256 6,655
Profit on sale of mine properties and - 4,460
investments
Other revenue 885 1,087
Total revenue 426,569 222,327
Cost of sales
Amortisation and depreciation 21,655 19,759
Cost of production 199,568 153,753
Royalties 1,841 1,424
Total cost of sales 223,064 174,936
Finance costs
Interest on borrowings 8,668 7,978
Net present value discount adjustment to 1,715 1,911
mine site rehabilitation liability
Total finance costs 10,383 9,889
Statement of retained earnings showing movements
Consolidated retained profits
Retained profits at the beginning of the 78,801 62,816
financial period
Net profit attributable to members 85,630 20,950
Dividends paid (9,177) (4,965)
Retained profits at the end of the financial 155,254 78,801
period
Details of individual and total dividends and dividend payments
Date the final dividend is payable 6 October 2006
Record date to determine entitlements to 15 September 2006
the dividend
Has the dividend been declared? Yes
Total Amount Franked
amount per amount
paid or share per
payable US$ share
US$"000
15,212 18 US - US
Final dividend: Current period Cents Cents
4,145 5 US - US
Previous period Cents Cents
5,032 6 US - US
Interim dividend: Current period Cents Cents
2,483 3 US - US
Previous period Cents Cents
Other disclosures in relation to dividends
The final dividend for the current period of US$0.18 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.
30/06/06 30/06/05
$US"000 $US"000
Net Profit: 141,003 24,616
Adjustments:
Net profit attributable to outside equity (55,373) (3,666)
interest
Earnings used in calculating basic and 85,630 20,950
diluted earnings per share
Current Previous
period corresponding
Number of period
Shares Number of
Shares
Weighted average number of ordinary shares 84,891,630 82,753,892
used in calculating basic earnings per
share
Effect of dilutive securities:
Share options 1,500,319 485,892
Adjusted weighted average number of 86,391,949 83,239,784
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 (or Contribution to net Profit (loss) for the
group of entities) profit (loss) previous corresponding
and date of the gain period
or loss of control
Current Previous Current Previous
period corresponding period corresponding
$US"000 period - $US"000 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 Contribution to net
interest held at end of profit (loss)
Name of entity period or date of
disposal
30/06/06 30/06/05
30/06/06 30/06/05 $US"000 $US"000
Mimosa Investments 50% 50% 27,381 14,808
Limited
27,381 14,808
Total
30/06/06 30/06/05
Group"s share of associates" and joint venture $US"000 $US"000
entities":
Profit from ordinary activities before tax 32,704 15,751
Income tax on ordinary activities (5,323) (943)
Profit from ordinary activities after tax 27,381 14,808
Adjustments - -
Share of net profit of associates and joint 27,381 14,808
venture entities
Contingent Liability
AQPSA resiled from the mining contract with Moolman Mining during December
2005 on the basis of a misrepresentation on the part of Moolman Mining when
the mining contract was originally concluded. This misrepresentation became
apparent to AQPSA after the audit, conducted by KPMG during October 2005,
into the rise and fall formula applied in the mining contract.
In the notice of recission, AQPSA advised Moolman Mining that AQPSA would
institute a damages claim in an amount of R963,775,098. This was served on
Grinaker LTA on 18 April 2006. Moolman Mining has indicated their intent to
defend the action by serving the applicable notice in law.
Arbitration was initiated by Moolman Mining before AQPSA resiled from the
mining contract. AQPSA launched an application to stay these proceedings.
This application was served on Moolman Mining on 15 May 2006 with them
having in return, served notice of their intention to oppose same.
Basis of Accounting
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS).
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 Elimi- Consolidated
USD000 Africa USD000 USD000 nations USD000
30 June 2006 USD000 USD000
External - 349,192 - 68,236 - 417,428
sales
External 207 5,578 1,152 2,204 - 9,141
other
revenues
Intersegment 12,803 - 504 - (13,307) -
revenues
Segment 13,010 354,770 1,656 70,440 (13,307) 426,569
revenue
Segment (2,942) 160,633 (1,096) 32,704 2,775 192,074
result
Income tax (51,071)
expense
Profit after 141,003
tax
Minority (55,373)
interest
Net profit 85,630
Bermuda South Australia Zimbabwe Elimi- Consolidated
USD000 Africa USD000 USD000 nations 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
Issued and quoted securities at end of current period
Issue price Amount paid
Category of securities Total Number quoted per up per
number security security
(cents) (cents)
Ordinary securities 84,348,225 84,348,225
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 GBP2.54 11/06/14
- Employee options 99,000 - GBP2.54 11/10/11
" 301,667 - GBP2.92 02/11/11
" 1,093,967 - GBP3.32 02/08/12
" 209,865 - GBP7.01 26/05/13
" 479,605 -
" 78,965 -
" 80,036 -
" "
" "
" "
" "
Changes during -
current period:
Issued during 78,965
current period 80,036 GBP3.32 02/08/12
Employee options GBP7.01 26/05/13
Employee options
Exercised during GBP2.50
current period 1,516,000 - GBP3.32 23/10/11
78,333 - 21/11/13
Cancelled during 16,189 - GBP2.92 02/11/11
current period
Statements in relation to accounts and audit
This report is based on accounts to which one of the following applies.
- The accounts have been Erro The accounts have been
Error audited (refer audit r! subject to review (refer
! attached report). Book attached review report).
Bookm mark
ark not
not defi
defin ned.-
ed.
X The accounts are in the Erro The accounts have not yet
process of being audited r! been audited or reviewed.
or subject to review. Book
mark
not
defi
ned.-
Sign here: ........................Date: ...10 August 2006............
(Company Secretary)
Print name: WILLI BOEHM
Date: 10/08/2006 10:47:58 AM Produced by the JSE SENS Department
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