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14 Mar 2012 07:00
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14 March 2012
SYLVANIA PLATINUM LIMITED
("Sylvania Platinum", "Sylvania" or the "Company")
(ASX: SLP, AIM: SLP)
Interim Results
Sylvania Platinum, the low cost Platinum Group Metal processor and developer, today announces its audited interim results for the six months ended 31 December 2011.
For the full set of results please see the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2964Z_-2012-3-13.pdfΒ
Financial Highlights
Β·; Sylvania dump operations (SDO) turnover up 21% in US dollar terms on H1 2010
Β·; Gross profit of US$7,316,809
Β·; Net revenues of US$23,646,602 (US$19,500,920 H1'10)
o 21% increase on H1'10 period
Β·; EBITDA of R68,532 million (R36,956 million in H1'10)
Β·; Net basket price US$908/oz (US$1,118/oz in H1'10)
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Operational Highlights
Β·; PGM ounce production up 36% to 25,179 ounces (18,530 ounces in H1'10)
o Plant feed production of 779,653 tonnes (658,687 tonnes in H1'10)
o PGM Plant feed tons 365,982 tonnes (299,186 tonnes in H1'10)
Β·; New Mooinooi expansion project commissioned within budget
Β·; Construction of the Tweefontein plant commenced in December 2011
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Corporate Highlights
Β·; Appointment of Mr Roger Williams as Non-Executive Director
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Post-Period Highlights
Β·; Disposal of Bushveld Magnetite Iron Ore Assets
o Mercury Recycling Group Plc to acquire assets for approx. Β£13.7 million
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Commenting today, Sylvania Platinum CEO Terry McConnachie, said: "I am pleased with the progress made at our tailings dump operations, in particular, the production levels achieved at the Doornbosch and Steelpoort plants and improvements at our other three SDO plants. Our focus remains on our core strategy of producing low cost PGMs. As a result, we have embarked on a disposal process of our iron ore assets. Progress has been made on this with a legally binding agreement with Mercury Recycling Group, as announced on 7th March 2012."
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The following unaudited financial figures are supplied for comparison purposes. We refer you to the full set of results as per the link above (which are audited).
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Consolidated Statement of Comprehensive Income
for the half year ended 31 December 2011
31 December 2011 | 31 December 2010 | ||
Note | $ | $ | |
Revenue | 23,646,602 | 19,500,920 | |
Cost of sales | (16,329,793) | (12,907,570) | |
Gross profit | 7,316,809 | 6,593,350 | |
Other income | 46,925 | 13,680 | |
(Losses)/ gains on sale of property, plant and equipment | (6,842) | 1,465 | |
Foreign exchange loss | (11,506) | (7,906) | |
Impairment of loan | - | (618,517) | |
Impairment of available-for-sale financial assets | (536,150) | - | |
Loss on revaluation of financial assets at fair value through profit and loss | (20,642) | (9,448) | |
Share based payment expense | - | (763,226) | |
Share of equity accounted jointly controlled entities net (loss)/ profit | (463,908) | 127,454 | |
General and administrative costs | (5,156,280) | (6,675,070) | |
Finance revenue | 581,170 | 553,828 | |
Finance costs | (37,896) | (37,919) | |
Profit/ (loss) before income tax expense | 1,711,680 | (822,309) | |
Income tax expense | (1,264,473) | (1,638,636) | |
Profit/ (loss) for the period | 447,207 | (2,460,945) | |
Other comprehensive (loss)/ income | |||
Unrealised gains reserve | 195,114 | 85,076 | |
Foreign currency translation | (19,135,231) | 16,568,731 | |
Other comprehensive (loss)/ income | (18,940,117) | 16,653,807 | |
Total comprehensive (loss)/ income for the period | (18,492,910) | 14,192,862 | |
Profit/ (loss) attributable to: | |||
Owners of the parent | 447,207 | (2,974,811) | |
Non-controlling interest | - | 513,866 | |
447,207 | (2,460,945) | ||
Total comprehensive (loss)/ profit attributable to: | |||
Owners of the parent | (18,492,910) | 14,192,862 | |
Non-controlling interest | - | - | |
(18,492,910) | 14,192,862 | ||
Profit/ (loss) per share for loss attributable to the ordinary equity holders of the Company: | Cents | Cents | |
Basic earnings/ (loss) per share | 0.15 | (1.16) | |
Diluted earnings/ (loss) per share | 0.15 | (1.16) | |
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Consolidated Statement of Financial Position
as at 31 December 2011
31 December 2011 | 31 December 2010 | 30 June 2011 | ||
Note | $ | $ | $ | |
ASSETS | ||||
Non-Current Assets | ||||
Equity accounted investments in joint ventures | 2,087,667 | 3,095,665 | 2,814,813 | |
Other financial assets | 133,811 | 475,834 | 500,548 | |
Exploration and evaluation assets | 73,965,395 | 70,665,299 | 76,123,444 | |
Property, plant and equipment | 63,395,641 | 74,292,918 | 72,843,970 | |
Total non-current assets | 139,582,514 | 148,529,716 | 152,282,775 | |
Current Assets | ||||
Cash and cash equivalents | 19,932,568 | 22,081,178 | 23,497,092 | |
Trade and other receivables | 16,032,086 | 17,110,900 | 20,141,830 | |
Inventories | 517,922 | 555,221 | 628,065 | |
Current tax asset | 2,243,234 | 2,785,642 | 2,591,580 | |
Total current assets | 38,725,810 | 42,532,941 | 46,858,567 | |
Total assets | 178,308,324 | 191,062,657 | 199,141,342 | |
EQUITY | ||||
Equity and liabilities | ||||
Shareholders' equity | ||||
Issued capital | 29,639,275 | 191,804,744 | 29,639,275 | |
Reserves | 95,661,960 | (11,113,221) | 114,602,077 | |
Retained profits | 20,897,667 | (23,035,820) | 20,450,460 | |
Equity attributable to the owners of the parent | 146,198,902 | 157,655,703 | 164,691,812 | |
Non-controlling interest | - | - | - | |
Total equity | 146,198,902 | 157,655,703 | 164,691,812 | |
LIABILITIES | ||||
Non-current liabilities | ||||
Interest bearing loans and borrowings | 209,478 | 391,292 | 298,156 | |
Provisions | 832,501 | 932,058 | 974,832 | |
Deferred tax liability | 26,241,338 | 25,129,218 | 27,448,194 | |
Total non-current liabilities | 27,283,317 | 26,452,568 | 28,721,182 | |
Current liabilities | ||||
Trade and other payables | 4,692,123 | 6,732,586 | 5,550,646 | |
Interest bearing loans and borrowings | 124,584 | 210,290 | 166,522 | |
Current tax liability | 9,398 | 11,510 | 11,180 | |
Total current liabilities | 4,826,105 | 6,954,386 | 5,728,348 | |
Total liabilities | 32,109,422 | 33,406,954 | 34,449,530 | |
Total liabilities and shareholders' equity | 178,308,324 | 191,062,657 | 199,141,342 | |
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Consolidated Statement of Cash Flows
for the half year ended 31 December 2011
Β Β | 31 December 2011 | 31 December 2010 | |
| $ | $ | |
Cash flows from operating activities | |||
Receipts from customers | 24,650,825 | 16,128,726 | |
Payments to suppliers and employees | (17,580,180) | (14,823,602) | |
Finance income | 581,845 | 590,123 | |
Finance costs | (37,896) | (29,275) | |
Exploration expenditure written off | (11,153) | (11,709) | |
Other revenue | - | 104,070 | |
Taxation paid | (176,825) | (192,570) | |
Net cash inflow from operating activities | 7,426,616 | 1,765,763 | |
Cash flows from investing activities | |||
Purchase of plant and equipment | (6,196,747) | (2,359,635) | |
Proceeds from sale of property, plant and equipment | 13,816 | 4,357 | |
Payments for capitalised exploration and evaluation | (2,012,549) | (427,557) | |
Payments to equity accounted investments | (182,613) | - | |
Net cash outflow from investing activities | (8,378,093) | (2,782,835) | |
Cash flows from financing activities | |||
Proceeds from borrowings | - | 302,139 | |
Repayment of borrowings | (60,725) | - | |
Repayment of loan from related parties | - | (137,972) | |
Proceeds from loans from related parties | 2,157 | - | |
Capital transaction costs | - | (103,241) | |
Net cash (outflow) / inflow from financing activities | (58,568) | 60,926 | |
Net decrease in cash and cash equivalents | (1,010,045) | (956,146) | |
Cash and cash equivalents at the beginning of reporting period | 23,497,092 | 20,107,830 | |
Effect of exchange fluctuations on cash held | (2,554,479) | 2,929,494 | |
Cash and cash equivalents at the end of the reporting period | 19,932,568 | 22,081,178 |
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CORPORATE INFORMATION
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Registered office: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM11
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Postal address: PO Box 524
Wembley WA 6913
Australia
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CONTACT DETAILS
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In South AfricaTerence McConnachie (CEO Sylvania Platinum Limited)(+27 11) 673 1171
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Louis Carroll (FD/Assistant Company Secretary)Sylvania Platinum Limited+44 (0) 7969 170 622
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In Australia
Richard Rossiter (Chairman)Sylvania Platinum Limited
(+618)Β 9226 4777Β
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Grant Button (Director/Assistant Company Secretary)Sylvania Platinum Limited(+618) 9226 4777
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In United KingdomSamantha Harrison/Gillian AtkinsAmbrian Partners Limited+44 (0) 20 7634 4700
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Graham Herrring/Beth Harris
Newgate Threadneedle
+44 (0) 20 7653 9850
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Sylvania Website: www.sylvaniaplatinum.com
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