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Petra Diamonds Limited Annual Report and Accounts 2013 Members of the Construction Crew at 63 Level in Block 4, the Current Mining Production Area at Finsch

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Petra Diamonds Limited Annual Report and Accounts 2013 Members of the Construction Crew at 63 Level in Block 4, the Current Mining Production Area at Finsch Petra Diamonds Limited Annual Report and Accounts 2013 Unearthing value in diamonds Petra Diamonds Limited Diamonds Limited Petra Annual Report and Accounts and Accounts Annual Report 2013 Members of the construction crew at 63 Level in Block 4, the current mining production area at Finsch. Petra Diamonds Limited Annual Report and Accounts 2013 Overview Contents Petra Diamonds is a leading independent diamond mining group and an important supplier of rough diamonds to the international market. Overview The Company is listed on the Main Market Overview of the London Stock Exchange and is a 2 Our Business 4 Our Performance constituent of the FTSE 250. 6 Chairman’s Statement Petra conducts all its operations according Strategic Review to the highest ethical standards and will Review Strategic 10 CEO’s Review only operate in countries which are 14 Our Business Model members of the Kimberley Process. 16 Our Market 20 Our Strategy and Key Performance Indicators 24 Our Assets and Expansion 26 Risks Petra continues to achieve its strategy of growth, as reflected by our performance in FY 2013: Performance Review 32 Financial Review Performance Review Our Performance 36 Operational Review Page 4 36 Finsch 38 Cullinan Chairman’s Statement 40 Koffiefontein Page 6 41 Kimberley Underground 42 Williamson Our Strategy and KPIs 43 Petra’s Partners Page 20 44 Resource and Exploration Management Sustainability Sustainability 48 Our Commitment Corporate Governance 54 Introduction 56 Board of Directors 58 The Report of the Board 66 Report of the Audit Committee 69 Report of the Nomination Committee Governance Corporate 70 Report of the HSSE Committee 71 Directors’ Remuneration Report 82 Directors’ Report Group Accounts 88 Independent Auditors’ Report – Group 89 Consolidated Income Statement 90 Consolidated Statement of Other Comprehensive Income Accounts Group 91 Consolidated Statement of Changes in Equity 93 Consolidated Statement of Financial Position 94 Consolidated Statement of Cashflows Discover more about Petra online 95 Notes to the Annual Financial Statements Five-year Summary of Consolidated Figures petradiamonds.com 134 135 Shareholder and Corporate Information 137 Glossary Annual Report and Accounts 2013 Petra Diamonds Limited 1 Overview Our Business A diamond mining group of global significance Exceptional growth World-class assets Petra’s development has established Petra is a first-rate operator of the Company as London’s largest quoted diamond mining assets, with five diamond mining group and its exceptional producing mines in South Africa, growth profile positions the Group one in Tanzania and an exploration as a unique investment opportunity. programme in Botswana. A RISING PRODUCTION PROFILE OPERATING MINES $ Petra has capitalised on structural changes in the $ Petra is focused on Africa, which produces ca. 60% diamond industry to grow rapidly by acquisition. of the world’s diamonds by value. $ Group production has increased more than tenfold $ The Group’s production portfolio incorporates from ca. 200,000 carats in FY 2008 to 2.67 million the full range of kimberlite ‘hardrock’ operations, carats in FY 2013. combining four underground pipe mines with one large, high-volume open pit mine and one $ Petra is now targeting ca. 3.0 million carats in low-tonnage, high-grade fissure mine. FY 2014, rising to ca. 5.0 million carats by FY 2019. $ The Group’s two flagship assets are Finsch and FY 2013 PERFORMANCE VS FY 2012 Cullinan, which together accounted for 86% of Group production and 73% of Group revenue in FY 2013. ROUGH DIAMOND PROFIT FROM PRODUCTION MINING ACTIVITY EXPLORATION $ Petra’s exploration activities are focused in +21% +34% Botswana, the world’s largest diamond producer REVENUE ADJUSTED EBITDA by value and host to two of the world’s most important diamond mines, Orapa and Jwaneng. +27% +36% Our Performance Our Assets Page 4 Page 24 2 Petra Diamonds Limited Annual Report and Accounts 2013 Overview Strategic Review Strategic Clear strategy Focus on sustainability Performance Review Through its strong and responsible Petra is committed to the responsible leadership, Petra is investing in the development of its assets to the benefit expansion and optimisation of its of all stakeholders. The Company seeks world-class assets in order to deliver to achieve leading health and safety, significantly increased production. environmental and social performance. Sustainability INCREASE OUTPUT CREATING VALUE Petra’s transparent growth profile is fully Petra creates value by optimising and extending 1 financed using existing treasury, operational the lives of its mines to deliver sustainable, cashflows and debt facilities. long-term operations. OPTIMISE RECOVERIES ENSURING STABILITY Petra designs and implements bespoke Petra’s mine plans for its core assets in South Africa 2 recovery solutions to capture each mine’s and Tanzania will ensure stable employment for Governance Corporate optimal rough diamond profile. the mines’ employees. DRIVE EFFICIENCIES BENEFITING COMMUNITIES The Petra Group is defined by a culture Corporate social responsibility is integral to the 3 of rigorous cost control well suited to way the Group structures and operates its mining, maximising returns from its assets. development and exploration projects, and this strategy will provide continued benefits for Petra’s local communities for many years to come. Group Accounts Group Our Strategy Sustainability Page 20 Page 48 Annual Report and Accounts 2013 Petra Diamonds Limited 3 Overview Our Performance Another year of growth Petra offers an exceptional growth profile and is on track to steadily increase annual production to 5 million carats by FY 2019. What we’ve achieved ROUGH DIAMOND PRODUCTION REVENUE ADJUSTED OPERATING Million carats US$ million CASHFLOW4 US$ million 2.67 +21% 402.7 +27% 132.8 +57% 2.67 402.7 132.8 2.2 316.9 84.6 220.6 67.8 1.2 177.7 1.1 1.1 49.0 94.4 (3.8) 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 Financial Highlights Operational Highlights $ Revenue up 27% to US$402.7 million (FY 2012: US$316.9 million). $ Production up 21% to 2,668,305 carats (FY 2012: 2,208,862 carats). $ Profit from mining activity1 up 34% to US$138.6 million (FY 2012: US$103.3 million). $ Rand (South Africa) and US$ (Tanzania) on-mine unit cash costs (per total tonne treated) well controlled with above $ Adjusted EBITDA2 up 36% to US$122.4 million inflationary cost increases offset by increased throughput. (FY 2012: US$90.3 million). $ Capex invested (including capitalised finance costs) at operations $ Net profit after tax of US$27.9 million of US$198.3 million (FY 2012: US$138.0 million), in accordance (FY 2012: US$2.1 million loss). with the roll-out of the Group’s expansion programmes. $ Adjusted net profit after tax3 up 22% to US$48.3 million $ Group Lost Time Injury Frequency Rate (“LTIFR”) for the (FY 2012: US$39.6 million). Year reduced to 0.67 (FY 2012: 1.13). This is an encouraging $ Adjusted operating cashflow4 up 57% to US$132.8 million trend considering the increase in activities as the capital (FY 2012: US$84.6 million). programmes progress. $ Basic EPS: 6.30 cents per share (FY 2012: 0.48 cents per share loss). $ Adjusted EPS: 10.31 cents per share (FY 2012: 7.82 cents per share). Corporate Highlights $ Cash at bank: US$26.2 million (30 June 2012: US$47.3 million). $ Restructure and optimisation of debt facilities undertaken in November 2012 increased the Group’s ZAR debt and $ Diamond debtors (all settled shortly after Year end) working capital facilities by R900 million to R1.6 billion, of US$74.8 million (FY 2012: US$25.1 million). with the US$ portion of the debt facilities (US$60 million) $ Diamond inventories of US$31.5 million remaining unchanged. (FY 2012: US$24.5 million). $ Board changes: Tony Lowrie appointed as Senior Independent $ Loans and borrowings: US$147.0 million Non-Executive Director in September 2012; Dr Omar Kamal (FY 2012: US$69.2 million). stepped down as a Non-Executive Director in February 2013. $ Facilities undrawn (net of US$3.6 million utilised for foreign $ Further to the termination of the sales process for the exchange settlement lines (30 June 2012: US$nil)) and available Fissure Mines, the Sedibeng and Star mines were placed to the Group of US$71.3 million (30 June 2012: US$66.3 million); onto care and maintenance post Year end, whilst the Helam net debt in line with management’s expectations. mine continues to be operated within the Group on a normal commercial basis. Key Performance Indicators Page 21 4 Petra Diamonds Limited Annual Report and Accounts 2013 What’s next Overview REVENUE US$ GROSS PRODUCTION Carats FY 2014 and FY 2019 are projected targets FY 2014 and FY 2019 are projected targets based on management estimates. based on management estimates. ca. 1bn ca. 5.0m Strategic Review Strategic ca. 3.0m 402.7m ca. 450.0m 2.67m FY 2013FY 2014 FY 2019 FY 2013 FY 2014 FY 2019 Growing revenue Growing production Performance Review FY 2014 and FY 2019 figures Group production is predicted to grow +12% in FY 2014 to ca. 3.0 million are calculated using a 4% carats and is on track to reach ca. 5.0 million carats by FY 2019. annual real price increase. Outlook $ Certain of Petra’s South African mines were affected by a two-week period of industrial action, which commenced on Thursday 29 August 2013. Normal operations resumed Sustainability at the affected mines from Monday 16 September 2013. See more $ Based on the strong production run rate with which Petra commenced FY 2014 (including partial production during the Petra’s Vision industrial action), the Company remains on track for full year Page 20 production to increase ca.
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