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Key features for the year ended 30 June 2011

Financial highlights

  • Revenue: US$220.6 million (FY 2010: US$163.7 million)
  • Profit from mining activity¹: US$76.4 million (FY 2010: US$67.2 million)
  • Operating cashflow: US$50.6 million (FY 2010: US$48.8 million)
  • EBITDA²: US$67.1 million (FY2010: US$70.9 million); FY 2010 included a profit of approximately US$35 million due to the sale of the 507 carat Cullinan Heritage diamond
  • Profit after tax³: US$59.2 million (FY 2010: US$70.2 million)
  • EPS4: 12.83 cents per share, post the issue of 136,698,212 new shares in January 2011 (FY 2010: 22.65 cents per share)
  • Cash at bank at 30 June 20115: US$324.9 million (FY 2010: US$34.5 million)

Operational highlights

  • Production of 1,117,795 carats relatively flat for the period (FY 2010: 1,164,856) due to Petra’s strategic focus on value production (by raising bottom-cuts at certain operations), the planned cessation of main pit production at Williamson, the planned depletion of Optical Sort Plant tailings material at Cullinan, initial commissioning difficulties at Kimberley Underground and unseasonably heavy rainfall in South Africa
  • Expansion plans on target to increase production to over 5 million carats by FY 2019
  • Sound cost control despite inflationary pressures
  • Diamond prices rose steadily from October 2010 to highs in June 2011

Corporate highlights

  • Acquisition of world-class Finsch mine for R1.425 billion (approximately US$192 million) completed post year-end on 14 September 2011
  • Equity fundraising of US$325 million to fund the acquisition of Finsch and strengthen the Company’s balance sheet
  • US$83 million debt facilities in place with IFC and RMB

Notes:

  • Stated before impairments, depreciation, amortisation, share based expense, foreign exchange gains, interest paid, inventory fair value adjustment and deferred taxation on inventory fair value adjustment.
  • EBITDA disclosures are “adjusted EBITDA”, being stated before impairments, share based expense, foreign exchange gains and recycling of foreign exchange differences on exploration projects.
  • The results for FY 2010 included the exceptional sale of the 507 carat Cullinan Heritage diamond for US$35 million.
  • Stated after non-controlling interests (representing black economic empowerment (“BEE”) partners’ interests in the Group) of US$6.0 million (FY 2010: US$6.7 million).
  • Cash at bank comprises unrestricted cash and restricted cash balances of US$96.9 million and US$228 million respectively (30 June 2010: US$24.8 million and US$9.7 million). The restricted balance of US$228 million as at 30 June 2011 included the consideration held in escrow for the acquisition of Finsch, which was completed post year-end.