TIDMELR
Eastern Platinum Reports Results For the Three and Nine Months Ended September 30, 2013
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
Eastern Platinum Reports Results For the Three and Nine Months Ended September 30, 2013
Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats" or the "Company) reports financial results
for the three and nine months ended September 30, 2013.
On April 19, 2013, the Company announced its decision to suspend funding for CRM due to the continuing stagnant
outlook in the global economic environment, the sustained weakness in PGM pricing and the current operating
environment in South Africa. On April 22, 2013 Barplats Mines Limited issued notices to employees in terms of
Section 189 of the Labour Relations Act 66 of 1995 with respect to a care and maintenance and restructuring
proposal for CRM. The consultation process with the unions and other representatives ended upon the expiry of
the 60-day period on June 21, 2013.
Production at CRM scaled down with effect from June 22, 2013 and ceased by the end of July 2013. Production
will not resume until it is clear that there can be sustainable economic production from CRM. The Company will
continue to meet all its commitments with respect to its environmental management programs and the relevant
aspects of its Social and Labour Plan.
Due to the suspension of production, the Company believes that it is not meaningful to compare the operations
of the three months ended September 30, 2013 against the operations of the three months ended September 30,
2012, and as a result going forward, the Company will no longer be providing quarterly press releases on
operations until such time as operations resume.
The key financial highlights for the three and nine months ended September 30, 2013 are provided below:
=- At September 30, 2013, the Company had a cash position (including cash,
cash equivalents and short term investments) of $98,207,000 (December
31, 2012 - $130,925,000).
=- Eastplats recorded a loss attributable to equity shareholders of the
Company of $4,617,000 ($Nil per share) in the quarter ended September
30, 2013 ("Q3 2013") compared to a loss of $5,698,000 ($0.01 loss per
share) in the quarter ended September 30, 2012 ("Q3 2012").
=- Eastplats recorded a loss attributable to equity shareholders of the
Company of $155,293,000 ($0.17 loss per share) in the nine months ended
September 30, 2013 ("9M 2013") compared to a loss of $101,745,000 ($0.11
loss per share) in the nine months ended September 30, 2012 ("9M 2012").
For complete details of financial results, please refer to the unaudited condensed consolidated interim
financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three and nine
months ended September 30, 2013. These financial statements and MD&A, and the comparative financial statements
for the three and nine months ended September 30, 2012 are all available on SEDAR at www.sedar.com and on the
Company's website www.eastplats.com.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a
reasonable basis for assessing the financial performance of the Company. All statements, other than statements
of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate",
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar
expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to
significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking statements. Such factors
include, but are not limited to, fluctuations in the currency markets such as Canadian dollar, South African
Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, changes in government
legislation, taxation, controls, regulations and political or economic developments in Canada, the United
States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in
the future, risks associated with mining or development activities, the speculative nature of exploration and
development, including the risk of obtaining necessary licenses and permits, and quantities or grades of
reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause
actual results to differ materially from those expressed or implied in any forward-looking statements made by,
or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of
future performance. There can be no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those acknowledged in such statements. Specific reference is
made to the Company's most recent Annual Information Form on file with Canadian provincial securities
regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise, except to the extent required by applicable laws.
Eastern Platinum Limited
Condensed consolidated interim statements of loss
(Expressed in thousands of U.S. dollars, except per share amounts -
unaudited)
Three months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
=---------------------------------------------------------------------------
Revenue $ 1,341 $ 23,329 $ 31,244 $ 85,137
=---------------------------------------------------------------------------
Cost of operations
Production costs 3,618 26,319 46,951 95,224
Depletion and
depreciation 249 3,192 4,840 11,325
Impairment - - 147,787 88,278
(Gain) loss on
disposal of
property, plant
and equipment (1,108) (167) (1,689) 1,402
=---------------------------------------------------------------------------
2,759 29,344 197,889 196,229
=---------------------------------------------------------------------------
Mine operating loss (1,418) (6,015) (166,645) (111,092)
=---------------------------------------------------------------------------
Expenses
General and
administrative 3,021 2,142 6,421 7,300
Care and
maintenance 1,747 40 2,516 92
Care and
maintenance
depreciation 748 - 856 -
Share-based
payments 32 (31) 3,174 2,309
=---------------------------------------------------------------------------
5,548 2,151 12,967 9,701
=---------------------------------------------------------------------------
Operating loss (6,966) (8,166) (179,612) (120,793)
Other income
(expense)
Interest income 580 791 1,582 2,720
Other income 24 312 1,148 911
Finance costs (649) (281) (1,146) (5,380)
Foreign exchange
gain (loss) 586 (138) 193 64
=---------------------------------------------------------------------------
Loss before income
taxes (6,425) (7,482) (177,835) (122,478)
Income tax (expense)
recovery (94) (98) (291) 12,377
=---------------------------------------------------------------------------
Net loss for the
period $ (6,519) $ (7,580) $ (178,126) $ (110,101)
=---------------------------------------------------------------------------
Attributable to
Non-controlling
interest $ (1,902) $ (1,882) $ (22,833) $ (8,356)
Equity shareholders
of the Company (4,617) (5,698) (155,293) (101,745)
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Net loss for the
period $ (6,519) $ (7,580) $ (178,126) $ (110,101)
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Loss per share
Basic $ (0.00) $ (0.01) $ (0.17) $ (0.11)
Diluted $ (0.00) $ (0.01) $ (0.17) $ (0.11)
=---------------------------------------------------------------------------
Weighted average number of common shares
outstanding in thousands
Basic 927,805 927,499 927,805 927,499
Diluted 927,805 927,499 927,805 927,499
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Approved and authorized for issue by the Board on November 13, 2013.
"David Cohen" "Robert Gayton"
=------------------------------------ --------------------------------------
David Cohen, Director Robert Gayton, Director
Eastern Platinum Limited
Condensed consolidated interim statements of comprehensive loss
(Expressed in thousands of U.S. dollars - unaudited)
=---------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
=---------------------------------------------------------------------------
Net loss for the
period $ (6,519) $ (7,580) $ (178,126) $ (110,101)
Other comprehensive
loss
Items that may
subsequently be
reclassified to
loss or profit
Exchange
differences on
translating
foreign operations (4,667) (2,861) (87,824) (9,675)
Exchange
differences on
translating non-
controlling
interest 535 122 3,126 341
=---------------------------------------------------------------------------
Comprehensive loss
for the period $ (10,651) $ (10,319) $ (262,824) $ (119,435)
=---------------------------------------------------------------------------
Attributable to
Non-controlling
interest (1,367) (1,760) (19,707) (8,015)
Equity shareholders
of the Company (9,284) (8,559) (243,117) (111,420)
=---------------------------------------------------------------------------
Comprehensive loss
for the period $ (10,651) $ (10,319) $ (262,824) $ (119,435)
=---------------------------------------------------------------------------
Eastern Platinum Limited
Condensed consolidated interim statements of financial position as at
September 30, 2013, December 31, 2012 and January 1, 2012
(Expressed in thousands of U.S. dollars - unaudited)
September 30, December 31, January 1,
2013 2012 2012
=---------------------------------------------------------------------------
Assets
Current assets
Cash and cash
equivalents $ 16,573 $ 70,699 $ 151,838
Short-term investments 81,634 60,226 98,963
Trade and other
receivables 6,678 14,854 22,842
Inventories 2,980 4,746 7,989
=---------------------------------------------------------------------------
107,865 150,525 281,632
Non-current assets
Property, plant and
equipment 353,027 577,031 615,439
Refining contract 2,461 7,270 9,009
Other assets 9,060 9,062 7,995
=---------------------------------------------------------------------------
$ 472,413 $ 743,888 $ 914,075
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other
payables $ 9,428 $ 17,387 $ 39,945
Finance leases - - 1,675
=---------------------------------------------------------------------------
9,428 17,387 41,620
Non-current liabilities
Provision for
environmental
rehabilitation 10,736 12,066 8,390
Deferred tax
liabilities 17,441 19,977 33,520
=---------------------------------------------------------------------------
37,605 49,430 83,530
=---------------------------------------------------------------------------
Equity
Issued capital 1,230,358 1,230,358 1,230,358
Treasury shares (204) (204) (334)
Equity-settled
employee benefits
reserve 7,638 8,991 34,391
Foreign currency
translation reserve (189,987) (102,163) (77,142)
Deficit (581,880) (431,114) (355,028)
=---------------------------------------------------------------------------
Capital and reserves
attributable to equity
shareholders of the
Company 465,925 705,868 832,245
Non-controlling
interest (31,117) (11,410) (1,700)
=---------------------------------------------------------------------------
434,808 694,458 830,545
=---------------------------------------------------------------------------
$ 472,413 $ 743,888 $ 914,075
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Eastern Platinum Limited
Condensed consolidated interim statements of cash flows
(Expressed in thousands of U.S. dollars - unaudited)
Three months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
=----------------------------------------------------------------------
Operating
activities
Loss before
income taxes $ (6,425) $ (7,482) $ (177,835) $(122,478)
Adjustments to
net loss for
non-cash items
Depletion and
depreciation 814 3,259 5,513 11,525
Impairment - - 147,787 88,278
(Gain) loss on
disposal of
property,
plant and
equipment (1,108) (167) (1,689) 1,402
Refining
contract
amortization 277 335 877 1,032
Share-based
payments 32 (31) 3,174 2,309
Interest
income (580) (791) (1,582) (2,720)
Finance costs 649 281 1,146 5,380
Foreign
exchange
(gain) loss (586) 138 (193) (64)
Net changes in
non-cash
working capital
items
Trade and
other
receivables 6,959 (3,039) 7,265 (6,231)
Inventories 8 (402) 1,084 920
Trade and
other
payables (8,958) (5,936) (5,938) (6,675)
=----------------------------------------------------------------------
Cash used in
operations (8,918) (13,835) (20,391) (27,322)
Adjustments to
net loss for
cash items
Interest
income
received 457 979 1,446 3,035
Finance costs
paid (1,237) (165) (1,331) (4,631)
Taxes received 31 - 923 543
=----------------------------------------------------------------------
Net operating
cash flows (9,667) (13,021) (19,353) (28,375)
=----------------------------------------------------------------------
Investing
activities
Net maturity
of short-term
investments (22,272) 46,919 (23,164) 34,897
Purchase of
other assets (501) (435) (1,505) (1,147)
Property,
plant and
equipment
expenditures (1,090) (23,886) (10,011) (80,540)
Disposal of
property,
plant and
equipment 2,292 218 3,360 772
=----------------------------------------------------------------------
Net investing
cash flows (21,571) 22,816 (31,320) (46,018)
=----------------------------------------------------------------------
Financing
activities
Acquisition of
Lion's Head - - - (10,000)
Payment of
finance
leases - - - (1,553)
=----------------------------------------------------------------------
Net financing
cash flows - - - (11,553)
=----------------------------------------------------------------------
Effect of
exchange rate
changes on cash
and cash
equivalents 1,030 1,470 (3,453) 2,770
=----------------------------------------------------------------------
Decrease in cash
and cash
equivalents (30,208) 11,265 (54,126) (83,176)
Cash and cash
equivalents,
beginning of
period 46,781 57,397 70,699 151,838
=----------------------------------------------------------------------
Cash and cash
equivalents,
end of period $ 16,573 $ 68,662 $ 16,573 $ 68,662
=----------------------------------------------------------------------
=----------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
EASTERN PLATINUM LIMITED
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
OR
NOMAD:
Neil Elliot, Damien Hackett
Canaccord Genuity Limited, London
Tel: +44 (0) 207 523 8000
OR
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
Eastern Platinum Limited
Eastern Plat (LSE:ELR)
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