Aquarius Platinum

Annual Report 2007 | Consolidated income statement

for the year ended 30 June 2007 (US$000)

	2007	2006
	$’000	$’000

Revenue	709,183	425,684
Cost of sales	(293,218)	(223,039)

Gross profit before amortisation of fair value uplifts	415,965	202,645

Amortisation of fair value uplifts of mining assets	(7,595)	(7,162)

Gross profit after amortisation of fair value uplifts of mining assets	408,370	195,483

Other income	2,586	14,113
Administrative costs	(8,972)	(8,052)
Other operating costs	(2,308)	913

Profit from operating activities	399,676	202,457

Finance costs	(15,218)	(10,383)

Profit before income tax	384,458	192,074

Income tax expense	(90,861)	(51,071)

Net profit for the year	293,597	141,003

Attributable to:

Equity holders of the parent	187,223	85,630
Minority interest	106,374	55,373

	293,597	141,003

Earnings per share

Basic earnings per share (cents per share)	218.51	100.87

Diluted earnings per share (cents per share)	216.50	99.12

Annual Report 2007 | Consolidated balance sheet

as at 30 June 2007 (US$000)

	2007	2006
	$’000	$’000
ASSETS
Non Current Assets
Receivables	11,612	6,590
Available for sale investments	414	404
Property, plant and equipment	219,113	206,626
Mining assets	299,672	247,601

Total Non Current Assets	530,811	461,221

Current Assets
Cash and cash equivalents	287,663	162,425
Trade and other receivables	100,573	66,722
Available for sale investments	4	4
Inventories	26,123	19,823

Total Current Assets	414,363	248,974

TOTAL ASSETS	945,174	710,195

EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Issued capital	12,823	12,652
Reserves	126,202	147,653
Retained earnings	317,113	155,254

Equity Attributable to Equity Holders of the Parent	456,138	315,559

Minority Interest	176,407	78,278

TOTAL EQUITY	632,545	393,837

Non Current Liabilities
Payables	54,228	130,104
Interest bearing loans and borrowings	31,272	45,372
Deferred tax liabilities	103,378	73,311
Provisions	69,026	32,108

Total Non Current Liabilities	257,904	280,895

Current Liabilities
Trade and other payables	44,715	32,852
Interest bearing loans and borrowings	4,583	29
Current tax liabilities	4,851	2,209
Provisions	576	373

Total Current Liabilities	54,725	35,463

Total Liabilities	312,629	316,358

TOTAL EQUITY AND LIABILITIES	945,174	710,195

Annual Report 2007 | Consolidated Cash Flow Statement

for the year ended 30 June 2007 (US$000)

	2007	2006
	$’000	$’000

Cash flows from operating activities
Receipts from customers	654,238	402,837
Payments to suppliers and employees	(263,491)	(195,779)
Interest received	19,183	8,256
Interest and other finance costs paid	(11,511)	(8,668)
Other income	1,619	885
Income taxes paid	(59,251)	(32,000)

Net CASH FROM operating ACTIVITIES	340,787	175,531

Cash flows from investing activities
Payments for property plant & equipment and mine development costs	(57,169)	(111,059)
Payments for mine closure/rehabilitation costs	(3,612)	(1,821)
Payments for purchase of equity investments	(50,456)	-

Net CASH USED IN investing ACTIVITES	(111,237)	(112,880)

Cash flows FROM financing activities
Proceeds from issue of shares	5,972	7,192
Proceeds from borrowings	509	53,591
Repayment of share-plan loans	313	2,498
Repayment of borrowings	(87,974)	(26,973)
Dividends paid	(25,364)	(9,147)

Net CASH FROM financing ACTIVITIES	(106,544)	27,161

Net increase in cash held	123,006	89,812
Cash and cash equivalents at beginning of the financial year	162,425	75,251
Net foreign exchange differences	2,232	(2,638)


Cash AND CASH EQUIVALENTS at end of the financial year	287,663	162,425