Financial Summary
Key Financial Data
|
STATEMENT OF OPERATIONS US$ |
2012 $m |
2011 |
2010 |
2009 |
2008 |
|
Gold sales |
385.4 |
395.6 |
305.6 |
237.1 |
217.2 |
|
Cost of sales, excluding depreciation and amortisation |
(226.0) |
(216.8) |
(150.7) |
(121.3) |
(138.2) |
|
General & Administration |
(14.9) |
(14.5) |
(13.8) |
(9.2) |
(15.3) |
|
Foreign Currency Exchange Gain/(Loss) |
(1.0) |
0.3 |
(1.0) |
(0.0) |
2.3 |
|
Other income (expense) |
1.1 |
(0.7) |
(0.7) |
(0.4) |
0.1 |
|
Earnings before interest, tax, depreciation & amortisation (EBITDA) (excluding gain/(loss) on undesignated hedges) |
144.6 |
163.9 |
139.5 |
106.2 |
66.1 |
|
Depreciation and amortisation |
(91.4) |
(85.8) |
(69.3) |
(66.2) |
(50.5) |
|
Net interest expense |
(21.5) |
(12.9) |
(14.8) |
(14.4) |
(18.1) |
|
Earnings/(loss) before income tax and gain/(loss) on undesignated hedges |
31.7 |
65.2 |
55.4 |
25.6 |
(2.5) |
|
Tax on earnings / loss |
(11.4) |
(21.0) |
(22.6) |
(11.9) |
(1.1) |
|
Earnings/(loss) after income tax and before gain/(loss) on undesignated hedges |
20.3 |
44.2 |
32.8 |
13.7 |
(3.5) |
|
Release from OCI of deferred unrealized gain/(loss) on designated hedges |
- |
- |
- |
- |
0.3 |
|
Gain / (loss) on fair value of undesignated hedges |
0.5 |
- |
16.2 |
58.2 |
(73.4) |
|
Tax on (gain)/loss on undesignated hedges |
(0.2) |
- |
(4.5) |
(17.5) |
21.9 |
|
Net earnings/(loss) |
20.7 |
44.2 |
44.4 |
54.5 |
(54.7) |
|
Basic earnings/ (loss) per share |
$0.08 |
$0.17 |
$0.20 |
$0.32 |
($0.34) |
|
Diluted earnings/ (loss) per share |
$0.08 |
$0.17 |
$0.20 |
$0.29 |
($0.34) |
|
CASH FLOW |
|
|
|
|
|
|
Cash flows from Operating Activities |
115.3 |
154.6 |
52.3 |
94.2 |
47.8 |
|
Cash flows from Investing Activities |
(294.5) |
(146.6) |
(107.8) |
(71.0) |
(108.3) |
|
Cash flows from Financing Activities |
108.9 |
(16.1) |
186.8 |
2.9 |
(49.1) |
|
BALANCE SHEET US$ |
As at 2012 $m |
As at 2011 $m |
As at 2010 $m |
As at 2009 $m |
As at 2008 $m* |
|
Cash and cash equivalents |
96.5 |
170.0 |
181.3 |
42.4 |
9.7 |
|
Other Current Assets |
89.3 |
56.5 |
47.3 |
30.1 |
36.0 |
|
Non Current Assets |
845.9 |
591.2 |
477.6 |
433.5 |
584.3 |
|
Total Assets |
1,031.7 |
817.6 |
706.2 |
506.0 |
630.0 |
|
Current Liabilities |
(119.4) |
(123.6) |
(63.1) |
(185.0 |
(89.1) |
|
Non Current Liabilities |
(222.4) |
(215.8) |
(210.0) |
(138.7) |
(294.2) |
|
Total Liabilities |
(421.8) |
(339.4) |
(273.1) |
(323.7) |
(383.3) |
|
Total Shareholders’ Equity |
609.9 |
478.2 |
433.1 |
182.3 |
246.7 |
* 2008 reported under Canadian GAAP, other years reported under IFRS
Debt
7.00% Convertible notes (Unsecured) December 2013
The notes bear interest at 7.00% per annum, payable semi-annually in arrears and have a face value of A$70 million. Interest accrued in respect of the notes for the first two years is not payable but is instead capitalised into the redemption value of the notes. The notes are due for redemption in 2013 at a value equal to the sum of their principal amount plus the capitalised interest amount, unless converted to common shares prior to this date at the option of the note holder. The number of shares to be delivered upon conversion shall be determined by dividing the principal amount of the note by the conversion price. The conversion price is A$3.8699 (subject to adjustment for certain specified events). Of the A$67.4 million (US$52.9 million) net proceeds of the issue A$59.2 million (US$46.5 million) was allocated to interest bearing liabilities and A$8.2 million (US$6.4 million) was allocated to equity.
On March 22, 2007 an additional A$30 million (US$24.2 million) in convertible notes was issued under the same terms and conditions as the 7% convertible notes. The conversion price is A$4.0640 (subject to adjustment for certain specified events) and the notes are due for redemption in 2013. Of the A$28.8 million (US$23.2 million) net proceeds of the issue A$24.9 million (US$20.1 million) was allocated to interest bearing liabilities and A$3.9 million (US$3.1 million) was allocated to equity.