8th Aug 2007 07:00
Appendix 4EPRELIMINARY FINAL REPORT12 MONTHS ENDED 30 JUNE 2007
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 30/06/07 Year ended 30/06/06
Results for announcement to the market
$US'000 Revenues from ordinary activities up 67 % to 710,802 Profit from ordinary activities up 119 % to 187,223 after tax attributable to members Dividends Amount per Franked amount per security security Interim dividend 12 ‚¢ - ‚¢ Final Dividend 30 ‚¢ - ‚¢ Record date for determining entitlements to 14 September 2007 the dividend Refer to the results announcement released in conjunction with this appendix 4E to the market on 8th August 2007. Consolidated income statement(Year ended 30 June 2007) 30/06/07 30/06/06 $US'000 $US'000 Revenue 710,802 426,569 Foreign exchange gain/(loss) 967 13,228 Net revenue after foreign exchange gain 711,769 439,797 Cost of sales (293,238) (223,064) Gross profit 418,531 216,733
Amortisation of fair value uplift of mineral (7,595) (7,162) properties
Gross profit after amortisation of fair 410,936 209,571value uplift of mineral properties Administrative and other costs (8,952) (8,027) Other foreign exchange gain/(loss) (2,308) 913 Finance costs (15,218) (10,383) Profit before income tax 384,458 192,074 Income tax on ordinary activities (90,861) (51,071) Net profit from ordinary activities 293,597 141,003 Net profit attributable to minority (106,374) (55,373)interests Net profit for the period attributable to 187,223 85,630members of Aquarius Platinum Limited Earnings per security (EPS) Basic EPS 218.51 cents 100.87 cents Diluted EPS 216.50 cents 99.12 cents
Consolidated statement of recognised gains and losses
(Year ended 30 June 2007)
Foreign currency translation adjustments 30/06/07 30/06/06 $US'000 $US'000 5,488 (13,945) Equity reserve movement (33,148) - Net gain/(loss) recognised directly in 27,660 (13,945)equity Net profit for the year 187,223 85,630 Total recognised gains and losses 214,883 71,685Consolidated balance sheet As at As at 30/06/07 30/06/06 $US'000 $US'000 Non-current assets Receivables 11,612 6,590 Investments 414 404 Property, plant and equipment 207,360 206,626 Mining assets 311,425 247,601 Total non-current assets 530,811 461,221 Current assets Cash and cash equivalents 287,663 162,425 Trade and other receivables 100,573 66,722 Investments 4 4 Inventories 26,123 19,823 Total current assets 414,363 248,974 Total assets 945,174 710,195 Non-current liabilities Payables 54,228 130,104 Interest bearing liabilities 35,321 45,372 Deferred tax liabilities 103,378 73,311 Provisions 69,026 32,108 Total non-current liabilities 261,953 280,895 Current liabilities Trade and other payables 44,715 32,852 Interest bearing liabilities 534 29 Current tax liabilities 4,851 2,209 Provisions 576 373 Total current liabilities 50,676 35,463 Total liabilities 312,629 316,358 NET ASSETS 632,545 393,837 Shareholders equity Issued capital 12,823 12,652 Share premium reserve 149,423 143,621 Foreign currency translation reserve (988) (6,476) Equity benefits reserve 351 (56) Equity reserve (22,584) 10,564 Retained earnings 317,113 155,254 Equity attributable to members of Aquarius Platinum Limited 456,138 315,559 Minority interests 176,407 78,278 TOTAL EQUITY & MINORITY INTEREST 632,545 393,837
Consolidated statement of cash flows
30/06/07 30/06/06 $US'000 $US'000 Cash flows related to operating activities Receipts from customers 654,238 402,837 Payments to suppliers and employees (281,038) (194,064) Interest and other items of similar nature 19,183 8,256received Interest and other costs of finance paid (11,511) (10,383) Other income 1,619 885 Income taxes paid (59,251) (32,000) Net operating cash flows 323,240 175,531 Cash flows related to investing activities
Payments for property, plant and equipment and (39,622) (111,059) mine development costs
Payments for mine closure/rehabilitation costs (3,612) (1,821)
Payment for purchases of equity investments (50,456) - Net investing cash flows (93,690) (112,880) Cash flows related to financing activities Proceeds from issues of shares 5,972 7,192 Proceeds from borrowings 509 53,591 Repayment of share-plan loans 313 2,498 Repayment of borrowings (87,974) (26,973) Dividends paid (25,364) (9,147) Net financing cash flows (106,544) 27,161 Net increase in cash held 123,006 89,812 Cash at beginning of period 162,425 75,251 Exchange rate adjustments to opening cash 2,232 (2,638) Cash at end of period 287,663 162,425
Notes to the consolidated income statement
30/06/07 30/06/06 $US'000 $US'000
Revenue from ordinary activities
Sales revenue 690,000 417,428 Interest revenue 19,183 8,256 Profit on sale of mine properties and - -investments Other revenue 1,619 885 Total revenue 710,802 426,569Cost of salesAmortisation and depreciation 31,848 21,655 Cost of production 257,834 199,568 Royalties 3,556 1,841 Total cost of sales 293,238 223,064Finance costsInterest on borrowings 11,511 8,668 Net present value discount adjustment to 3,707 1,715mine site rehabilitation liability Total finance costs 15,218 10,383
Statement of retained earnings showing movements
Consolidated retained profits
Retained profits at the beginning of the 155,254 78,801financial period Net profit attributable to members 187,223 85,630 Dividends paid (25,364) (9,177) Retained profits at the end of the 317,113 155,254financial period
Details of individual and total dividends and dividend payments
Date the final dividend is payable 5 October 2007 Record date to determine entitlements to the 14 September 2007 dividend Has the dividend been declared? Yes Total amount Amount per Franked amount paid or payable share per share US$'000 US$ Final dividend: Current period 25,645 30 ‚¢ - ‚¢ Previous period 15,212 18 ‚¢ - ‚¢ Interim dividend: Current 10,152 12 ‚¢ - ‚¢period Previous period 5,032 6 ‚¢ - ‚¢Other disclosures in relation to dividends
The final dividend for the current period of US$0.30 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.
30/06/07 30/06/06 $US'000 $US'000 Net Profit: 293,597 141,003 Adjustments: Net profit attributable to minority (106,374) (55,373)equity interest Earnings used in calculating basic and 187,223 85,630diluted earnings per share Current period Previous corresponding Number of Shares period Number of Shares Weighted average number of ordinary 85,683,065 84,891,630shares used in calculating basic earnings per share Effect of dilutive securities: Share options 795,177 1,500,319 Adjusted weighted average number of 86,478,242 86,391,949ordinary 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 Profit (loss) for the group of entities) (loss) previous corresponding periodand date of the gain or loss of control Current Previous Current period Previous period corresponding corresponding period - $US'000 period - $US'000 $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 followingentities: Name of entity Percentage of ownership Contribution to net profit interest held at end of (loss) period or date of disposal 30/06/07 30/06/06 30/06/07 30/06/06 $US'000 $US'000 Mimosa Investments 50% 50% 72,341 27,381 Limited Total 72,341 27,381 Group's share of associates' and joint 30/06/07 30/06/06venture entities': $US'000 $US'000 Profit from ordinary activities before 75,359 32,704tax Income tax on ordinary activities (3,018) (5,323) Profit from ordinary activities after 72,341 27,381tax Adjustments - - Share of net profit of associates and 72,341 27,381joint venture entities
Contingent Liability
On 19 March 2007, AQPSA delivered its reply to Moolman Mining's response to AQPSA's original motion proceedings application to stay the Arbitration proceedings in this matter, pending the outcome of the trial action proceedings instituted by AQPSA against Moolman Mining based on Moolman Mining's misrepresentation of the extent of its foreign currency exposure when it originally concluded the mining contract with Moolman Mining. AQPSA is awaiting a response to its reply from Moolman Mining.
The discovery of documents by Moolman Mining which was necessary for AQPSA's above mentioned reply in the motion proceedings has not disclosed any documentation which would support any foreign exposure by Moolman Mining, tends to confirm that AQPSA's original decision to resile from the mining contract was correct in the circumstances.
AQPSA will be serving a plea to Moolman Mining's counterclaim in the action proceedings in due course. AQPSA denies that any amounts whatsoever are owing to Moolman Mining as the misrepresentation at the instance of Moolman Mining has the effect that no such amounts will be payable.
Basis of Accounting
The consolidated financial report will be be 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 30 June 2007 Bermuda South Australia Zimbabwe Eliminations Consolidated Africa USD000 USD000 USD000 USD000 USD000 USD000 External sales - 572,813 - 117,187 - 690,000 External other 1,051 13,959 1,300 4,492 - 20,802revenues Intersegment 9,302 - 547 - (9,849) -revenues Segment revenue 10,353 586,772 1,847 121,679 (9,849) 710,802 Segment result (2,589) 309,273 59 75,359 2,356 384,458 Income tax expense (90,861) Profit after tax 293,597 Minority interest (106,374) Net profit 187,223 Geographical segments 30 June 2006 Bermuda South Australia Zimbabwe Eliminations Consolidated Africa USD000 USD000 USD000 USD000 USD000 USD000 External sales - 349,192 - 68,236 - 417,428 External other 207 5,578 1,152 2,204 - 9,141revenues Intersegment 12,803 - 504 - (13,307) -revenues Segment revenue 13,010 354,770 1,656 70,440 (13,307) 426,569 Segment result (2,942) 160,633 (1,096) 32,704 2,775 192,074 Income tax expense (51,071) Profit after tax 141,003 Minority interest (55,373) Net profit 85,630
Statements in relation to accounts and audit
This report is based on accounts to which one of the following applies.
Error! The accounts have been The accounts have been Bookmark audited (refer audit subject to review (refer not attached report). attached review report). defined. Error! Bookmark not defined. X The accounts are in the The accounts have not yet process of being been audited or reviewed. audited or subject to review. Sign here: ............................................... Date: ...8 August 2007. (Company Secretary) Print name: WILLI BOEHM.......................................... Appendix 4B
Half yearly/preliminary final report
+ See chapter 19 for defined terms.
Appendix 4B Page 20 1/1/2002
AQUARIUS PLATINUM LIMITEDRelated Shares:
AQP.L