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Petra Diamonds Limited Annual Report and Accounts 2018 Entering a New Phase

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Petra Diamonds Limited Annual Report and Accounts 2018 Entering a New Phase Entering a new phase Petra Diamonds Limited Annual Report and Accounts 2018 Entering a new phase FY 2018 yielded good operational results, the highest on record to date, in spite of the challenges experienced in FY 2017 and H1 FY 2018, and this was underpinned by strong safety performance across the Group. Learning from past challenges, the Group’s focus is to regain investor confidence by the continued optimisation of operations, thereby delivering consistent production output with efficient operating and capital expenditure. Petra remains on track to generate free cashflow, enabling the Company to achieve a reduction in leverage to its target of 2x or less consolidated net debt to consolidated EBITDA by the end of FY 2020. Johan Dippenaar Chief Executive Strategic Report Corporate Governance Financial Statements Supplementary Information Petra Diamonds is a +19% leading independent production diamond mining group and a consistent 56 supplier of gem-quality Corporate Governance 58 Chairman’s Introduction to Governance 60 Board of Directors rough diamonds to the 62 Corporate Governance Statement 72 Report of the Audit & Risk Committee international market 79 Viability Statement 80 Risk Management Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker ‘PDL’, 88 Report of the Nomination Committee with US$650 million loan notes due in 2022 listed on the 90 Report of the HSSE Committee Global Exchange Market of the Irish Stock Exchange. 92 Directors’ Remuneration Report It is a constituent of the FTSE4Good Index. +7% adjusted operating +25% cashflow revenue 104 Financial Statements 02 106 Directors’ Responsibilities Statement Strategic Report 107 Independent Auditors’ Report 114 Consolidated Income Statement 02 At a Glance 115 Consolidated Statement of Other 04 Why Invest Comprehensive Income 06 Chairman’s Statement 116 Consolidated Statement of Financial Position 09 Chief Executive’s Statement 117 Consolidated Statement of Cashflows 12 Our Business Model 118 Consolidated Statement of Changes in Equity 14 Stakeholder Engagement 119 Notes to the Annual Financial Statements 17 Our Market 22 Our Strategy 26 Key Performance Indicators Supplementary Information 28 Financial Review 167 Five-year Summary of Consolidated Figures 33 Operational Review 168 FY 2018 Summary of Results and 36 Finsch Non-GAAP Disclosures 38 Cullinan 169 Petra’s Partners 40 Koffiefontein 171 FY 2018 Operations Results Tables 41 Williamson 174 Debt Facilities Information 42 Kimberley Ekapa Mining JV 175 FY 2018 Resource Statement 43 Risks Overview 179 Shareholder and Corporate Information 45 Sustainability 183 Glossary The Strategic Report should be read in conjunction with the Corporate Governance Statement. Discover more about Petra online petradiamonds.com Note: Unless stated otherwise, the financial results are adjusted to exclude the results of KEM JV, which has been reclassified as a discontinued operation for FY 2018 and FY 2017. See our Sustainability Report online petradiamonds.com/sustainability Annual Report and Accounts 2018 Petra Diamonds Limited 01 Strategic Report At a Glance One of the world’s largest diamond resources GROUP RESOURCES GROUP RESERVES EMPLOYEES1 CONTRACTORS1 GROUP1 Mcts Mcts WORLDWIDE WORLDWIDE LTIFR 290.5 42.9 5,502 3,984 0.23 -5% -16% -2% -28% -15% WORLD DIAMOND PRODUCTION RESERVES AND RESOURCES Mcts 0 250 500 750 1,000 1,250 1,500 – ALROSA ALROSA – De Beers De Beers 24% 26% – Rio Tinto – Catoca Petra Diamonds – Dominion Diamond 150.9 MCTS Dominion Diamond 3% VOLUME – Petra Diamonds 5% – Other Rio Tinto Note: Reserves and resources are calculated on a 100% basis, with the 6% 22% – Resources exception of Diavik, which is calculated 14% proportional to its ownership in the Source: Company reports, – Reserves operation. Total resources are 26+22+1465324I Kimberley Process Statistics. calculated inclusive of reserves. World diamond production by volume increased by 19% to 150.9 Mcts in 2017 and production by value increased by 15% POSITION IN VALUE CHAIN (Kimberley Process Statistics). Based on FY 2018 results, Petra accounted for 3% of world supply by volume and 4% by value. Petra involved in: Our world-class resource of circa 290 Mcts ranks third by size (after De Beers and ALROSA). This factor, combined with the significant size of Petra’s orebodies, suggests relatively long Diamond mining Rough diamond lives for our mining operations (in particular, Cullinan and sales Williamson have the potential to be in production for over 50 years to come). Our Market Pages 17 to 21 Chain after Petra: Cutting and Jewellery Retail polishing manufacturing ORE PROCESSED ROUGH DIAMOND REVENUE ROM TONNES Mt PRODUCTION Mcts US$ million Mt 13.7 +14% 3.8 +19% 495.3 +25% 12.1 +29% ROM CARATS PROFIT FROM MINING2 ADJUSTED EBITDA2 ADJUSTED OPERATING Mcts ACTIVITIES US$ million US$ million CASHFLOW US$ million 3.6 +32% 205.1 +33% 195.4 +37% 157.0 +7% CASH AT BANK3 DIAMOND DEBTORS NET DEBT4 NET DEBT TO EBITDA5 US$ million US$ million US$ million Ratio 236.0 +16% 75.0 +130% 445.7 -15% 2.7 -44% Note: All figures shown above exclude KEM JV unless stated otherwise. 1. Including KEM JV. 4. US$ loan notes (gross) and bank loans and borrowings, less cash at bank and less diamond debtors. 2. Refer to page 168 for definitions of non-GAAP measures. 5. Consolidated net debt to consolidated EBITDA. 3. Including restricted cash of US$14.4 million. 02 Petra Diamonds Limited Annual Report and Accounts 2018 Strategic Report 4 Focused on Africa TANZANIA Petra has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing 7 mine in Tanzania (Williamson). It announced BOTSWANA in July 2018 the proposed disposal of its 2 6 interest in the Kimberley Ekapa Mining JV 1 45 in South Africa. It also maintains an exploration 3 programme in Botswana and South Africa, SOUTH AFRICA which is currently under review. 1 2 FY 2018 split by operation Finsch Cullinan (including KEM JV) A major producer with One of the world’s most PRODUCTION BY MINE top-quality infrastructure celebrated diamond mines 17 OWNERSHIP 74% OWNERSHIP 74% PRODUCTION 2.1 Mcts PRODUCTION 1.4 Mcts 7 REVENUE US$231.9m REVENUE US$167.0m 45 MINE PLAN TO 2030 MINE PLAN TO 2030 1 % 30 3 4 Koffiefontein Williamson 45REVENUE BY MINE +30+1+717I Tanzania’s only significant One of the world’s top kimberlite 14 mines by average value per carat diamond producer 12 40 OWNERSHIP 75% PRODUCTION 0.3 Mcts OWNERSHIP 74% 5 % REVENUE US$68.5m PRODUCTION 0.05 Mcts MINE PLAN TO 2033 REVENUE US$27.2m MINE PLAN TO 2031 29 – Finsch – Cullinan 40– Koffiefontein – Williamson +29+51214+I 5 6 7 – KEM JV Kimberley Ekapa Exploration PRODUCTION SPLIT – CARATS Mining Joint Venture Currently under review The site of South Africa’s 19 early diamond rush OWNERSHIP 100% FOCUS EVALUATION OF KX36 OWNERSHIP 75.9% (BOTSWANA) AND REIVILO PRODUCTION 0.8 Mcts % (SOUTH AFRICA) PROJECTS REVENUE US$81.6m SPEND US$0.6m MINE PLAN TO 2035 81 –81 ROM – Tailings/other +19+I Operational Review Pages 33 to 42 Petra’s Partners Pages 169 and 170 Annual Report and Accounts 2018 Petra Diamonds Limited 03 Strategic Report Why Invest Petra’s key competitive strengths... Operational track record Diversified portfolio Major resource base MCTS PRODUCING MINES MCTS 3.8 PRODUCTION 4 FROM FY 2019 290 RESOURCE BASE The Group has built up a team with The Group’s portfolio consists of four Petra has developed a major diamond great depth of experience in the producing diamond mines (excluding resource totalling 290 million carats. management of diamond mining KEM JV), as well as extensive tailings The careful management of these operations, particularly underground retreatment programmes, which provides resources will ensure sustainable, operations, as well as expertise flexibility ensuring that Petra is not overly long-life mining operations for the operating in Sub-Saharan Africa. reliant on the performance of any Group for many years to come. one operation. Our Business Model FY 2018 Resource Statement Pages 12 and 13 Operational Review Pages 175 to 178 Pages 33 to 42 Sustainability Focus on efficiencies Management culture US$ MILLION TRAINING AND ADJUSTED STAFF 9.5 DEVELOPMENT PROGRAMMES 39% EBITDA MARGIN 11% TURNOVER Our people are our most important Generating operational efficiencies is Petra fosters a culture where asset as they are tasked with carrying core to the Group’s approach. This is management is empowered to make out our strategy. Creating a supportive achieved by decentralising operations, decisions suitable to the relevant and rewarding environment in which simplifying management structures and operations and where innovation and people can develop their full potential sharing services across mines, maintaining creativity in the workplace are encouraged benefits both the individual and Petra, disciplined on-site and corporate cost and rewarded. The ability to apply and we invest substantially in the ongoing control, and designing efficiencies with fresh thinking to our assets and a core development of our skills base. regards to ore-handling and processing objective to keep things simple are into our expansion programmes. also key strengths. Our People Pages 50 and 51 Our Strategy Our People Pages 22 to 25 Pages 50 and 51 Growth and margin expansion PRODUCTION 0.175 Mcts Production Operational capex FY 2006 Revenue Operating cashflow REVENUE 1. All forecasts for Capex and production are management estimates. 2.
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