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BPL
BPL
Barplats - Audited results for the year ended 30 June 2006
Barplats Investments Limited
Incorporated in the Republic of South Africa
(Reg. no. 1987/004830/06)
(ISIN: ZAE000028692)
JSE code: BPL
("Barplats" or "the company")
Barplats audited results for the year ended 30 June 2006
The financial results for the year ended 30 June 2006 are given below. As a
result of the accounting treatment, involving an amount of R348.3 million, of
share based payments (primarily relating to the black economic empowerment
transaction with Gubevu Consortium Investment Holdings (Pty) Limited); and an
asset impairment provision reversal, a loss of R343.4 million has been declared.
By excluding the aforementioned two matters there would have been a R4.9 million
profit calculated as follows:
R million Headline
earnings
per share -
cents
Audited loss for the year ended 30 (343.4)
June 2006
Deduct share based payments expensed 411.8
Add back impairment reversal (63.5)
4.9 1.6
Barplats continues to operate profitably.
ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS
Income statement
For the year ended 30 June
Group
2006 2005
R000 R000
Revenue 385 624 40 177
Cost of sales (278 440) (36 723)
Opening Inventory (9 575) -
Mining costs (155 031) (26 283)
Concentrating costs (62 185) (9 553)
Ore purchased (25 966) (5 987)
Depreciation (32 770) (4 475)
Closing inventory 7 087 9 575
Gross profit 107 184 3 454
Other income 70 445 57 471
Selling and distribution costs (3 895) -
Administrative expenses (480 046) (14 169)
Included in administrative expenses
above are
Share-based payments (411 772)
- BEE transaction (397 986) -
- Employee-related share options (6 661) -
- Financing-related share options (7 125) -
Operating (loss)/profit before net (306 312) 46 756
financing costs
Interest income 8 901 93
Finance costs (42 885) (21 899)
(Loss)/profit before taxation (340 296) 24 950
Income tax expense (3 089) -
(Loss)/profit for the year (343 385) 24 950
Basic and diluted (loss)/profit per (114.4) 11.2
share (cents)
Balance sheet
As at 30 June
Group
2006 2005
R000 R000
ASSETS
Non-current assets 554 948 391 367
Property, plant and equipment 443 130 282 394
Intangible assets 108 852 108 973
Investments 2 966 -
Investments in subsidiaries - -
Current assets 130 477 46 974
Inventories 12 118 9 899
Trade and other receivables 87 747 30 509
Cash and cash equivalents 30 612 5 212
Taxation receivable - 1 354
Amount due by subsidiary - -
Total assets 685 425 438 341
EQUITY AND LIABILITIES
Equity 337 003 83 065
Issued capital 3 036 2 225
Share premium 1 233 961 1 047 856
Equity reserves 902 -
Accumulated loss (900 896) (967 016)
Non-current liabilities 31 078 108 067
Provision for environmental 31 078 31 404
obligations
Borrowings - 76 663
Current liabilities 317 344 247 209
Trade and other payables 90 490 37 387
Taxation payable 3 344 -
Bank overdrafts - 5 140
Borrowings 223 510 204 682
Total equity and liabilities 685 425 438 341
Consolidated statement of changes in equity
For the year ended 30 June
Issued Share Equity Accumu-
lated
capital premium reserves losses Total
R000 R000 R000 R000 R000
Balance at 30 June 2 225 1 049 928 - (991 966) 60 187
2004
Share issue expenses (2 072) (2 072)
Profit for the year 24 950 24 950
Total income and (2 072) - 24 950 22 878
expenses for the year
Balance as at 30 June 2 225 1 047 856 - (967 016) 83 065
2005
Ordinary shares 811 186 989 187 800
issued
Share-based payments 411 772 411 772
transaction
Settled in cash (1 365) (1 365)
IFRS 2 transfer
between reserves
BEE transaction (397 986) 397 986 -
Employee related (4 394) 4 394 -
share options
Financing related (7 125) 7 125 -
share options
Share issue expenses (884) (884)
Loss for the year (343 385) (343 385)
Total income and - (884) - (343 385) (344 269)
expenses for the year
Balance as at 30 June 3 036 1 233 961 902 (900 896) 337 003
2006
Cash flow statement
For the year ended 30 June
Group
2006 2005
R000 R000
Cash flows generated/
(utilised) in operating activities
Cash generated/ 68 405 (11 331)
(utilised) in operations
Financial income 8 901 93
Interest paid (33 305) (12 205)
Taxation paid (22) -
Net cash generated/ 43 979 (23 443)
(utilised) in operating activities
Cash flows utilised in investing
activities
Purchase of property, plant and
equipment to
expand operations (132 595) (134 403)
Proceeds from disposal of property,
plant and
equipment - 2 264
Increase in investments under (2 966) -
guarantee
Increase in loan to subsidiary company - -
Net cash utilised in investing (135 561) (132 139)
activities
Cash flows generated from financing
activities
(Decrease)/increase in borrowings (63 429) 156 846
Proceeds from the issue of shares 187 800 -
Options settled in cash (1 365) -
Share issue expenses (884) (2 072)
Net cash generated by financing 122 122 154 774
activities
Net increase/(decrease) in cash and 30 540 (808)
cash equivalents
Cash and cash equivalents at the
beginning
of the year 72 880
Cash and cash equivalents at the end 30 612 72
of the year
Notes
Basic and headline (loss)/earnings per
share
Headline and basic earnings per share is
calculated by dividing the net loss
attributable to shareholders by the
weighted average number of ordinary
shares in issue during the year
Headline loss (406 856) (31 050)
(Loss)/profit attributable to (343 385) 24 950
shareholders
Adjusted for reversal of impairment loss (63 471) (56 000)
(000s) (000s)
Basic weighted average number of ordinary 300 110 222 540
shares
Opening balance 222 540 222 540
Issued on 5 July 2005 77 333 -
Issued on 1 June 2006 237 -
Diluted weighted average number of 300 370 222 540
ordinary shares
Basic weighted average number of ordinary 300 110 222 540
shares
Options granted 260 -
Basic and diluted (loss)/profit per share (114.4) 11.2
(cents)
Headline and diluted headline loss per (135.5) (14.0)
share (cents)
Commentary
Nature of business
Barplats Investments Limited (Barplats) is incorporated in South Africa and is
listed on the JSE under the Mining Resources - Platinum Sector. Its principal
interest is the development of the rights for the PGMs held by its wholly-owned
subsidiary, Barplats Mines Limited (Barmines).
Barmines is a platinum group metals (PGMs) mining company whose core business is
PGM mining and processing in South Africa"s Bushveld Igneous Complex (the BIC).
Barmines" two assets are:
* CRM on the western limb of the BIC near Brits in the North West Province;and
* the KV Project on the eastern limb of the BIC near Steelpoort in Mpumalanga.
ACTIVITIES AND FINANCIAL RESULTS
Results for the year
The group reports a net loss of R343.39 million for the year ended 30 June 2006,
inclusive of the non-cash cost of its BEE transaction of R397.99 million. (2005:
a net profit of R24.95 million).
Accounting policies
The principal accounting policies are consistent with those applied in the
previous year.
Dividends
No dividend was declared during the year ended 30 June 2006 (2005: Nil).
Property, plant and equipment
Capital expenditure of R134.5 million (2004: R134.4 million) was incurred at
CRM.
Statement of compliance
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and its interpretations
adopted by the International Accounting Standards Board (IASB) and the South
African Companies Act, 61 of 1973 (as amended).
The financial results for the year ended 30 June 2006 have been audited by KPMG
Inc., the company"s auditors, and a copy of the audit report is available for
inspection at the registered office of the company.
Annual Report
The annual report was posted to shareholders today and contains no modifications
to published audited results. The managing directors" review, in the annual
report, has the following comment:
"Barplats ended financial 2006 in a significantly changed state from that of the
previous year from a corporate, financial and an operational perspective. The
executive team has changed and the company is structured to focus on growing the
operational performance at CRM and building projects in the Kennedy"s Vale area.
There was a build up in monthly production from 43 400 tonnes mined in July 2005
to 81 300 tonnes in June 2006 and, in all, 38 000 ounces of platinum-in-
concentrate were produced during financial 2006."
Annual general meeting
The annual general meeting of Barplats shareholders will be held at 10:00 on 2
November 2006 at 1st Floor, Platinum Place, Turnberry Office Park, 48 Grosvenor
Road, Bryanston to transact the business as stated in the notice of the annual
general meeting forming part of the annual report.
On behalf of the board
I T ROZIER W D R ROBINSON
Chairman Managing Director
28 September 2006
Directors: I T Rozier+ (Chairman), W D R Robinson (Managing), D W J McAdam*
(Financial Director), J B Ahbe#, J E Andrews+, P J Botha, J R Hawkrigg* and A J
Palmiere*
+ British * Canadian # American
Sponsor: Nedbank Capital
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70
Marshall Street, Johannesburg 2001
Secretary and Registered Office: T K Savage, 1st Floor, Platinum Place,
Turnberry Office Park, 48 Grosvenor Road, Bryanston 2191, South Africa
Date: 29/09/2006 03:54:08 PM Produced by the JSE SENS Department
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