Petra Diamonds Interim Results

DividendMax Ltd.

Petra Diamonds Interim Results



Revenueup 63% to US$151.7 million (H1 FY 2012: US$93.0 million).

Profit from mining activityup 26% to US$41.2 million (H1 FY 2012: US$32.8 million).

Operating cashflow: US$25.3 million inflow (H1 FY 2012: US$3.6 million outflow).

Adjusted EBITDAup 20% to US$32.6 million (H1 FY 2012: US$27.1million).

Impairment charges of US$17.8 million relating to the Fissure Mines, classified as assets held for sale due to the disposal process underway.

Net loss after tax of US$15.2 million (H1 FY 2012: US$26.7 million loss).

Adjusted profit after tax: US$11.5 million (H1 FY 2012: US$15.3million).

EPS: 1.91US$ cents loss (H1 FY 2012: 5.23 US$ cents loss); adjusted EPS: 1.05US$ cents (H1 FY 2012: 2.46 US$ cents).

Johan Dippenaar, CEO of Petra, commented:

"Petra enters the second half of FY 2013 in a strong position to continue its robust long-term growth trajectory, with fully funded expansion programmes progressing as planned, well controlled costs and significantly higher sales expected in H2 due to seasonal tender timing.  Our FY 2019 target of 5 million carats remains on track."

Cash at bankat 31 December 2012 of US$38.2 million (H1 FY 2012: US$45.1 million) and diamond inventories at 31 December 2012 of ca. US$45.4 million (H1 FY 2012: ca. US$38.1 million).

Loans and borrowings at 31 December 2012 of US$127.2 million, comprising bank loans and borrowings of US$124.2 million and utilisation of US$3.0 million of foreign exchange settlement lines (H1 FY 2012: US$67.9 million); facilities undrawn and available to the Group at 31 December 2012 of US$122.3 million.

Companies mentioned