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Unaudited condensed consolidated interim financial statements for the three and six months ended 30 June 2013
Atlatsa Resources Corporation
(previously Anooraq Resources Corporation)
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ATL
NYSE MKT share code: ATL
ISIN: CA0494771029
(”Atlatsa” or the “Company”)
ATLATSA ANNOUNCES ITS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE
THREE AND SIX MONTHS ENDED 30 JUNE 2013
Atlatsa announces its unaudited condensed consolidated interim financial statements for the three and six months ended 30 June
2013. This announcement should be read with the Company`s full Financial Statements and Management Discussion & Analysis,
for the three and six months ended 30 June 2013, available at www.atlatsa.com and filed on www.sedar.com.
These financial statements have not been reviewed by the Company’s auditors
Quote:
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Financial Position
As at 30 June 2013
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Audited
Note 30 June 2013 31 December 2012
Assets
Non-current assets
Property, plant and equipment 5 683,716,418 748,456,905
Capital work-in-progress 6 20,475,084 20,027,764
Intangible assets 364,015 801,928
Mineral property interests 7,748,505 8,036,659
Goodwill 9,291,293 10,234,394
Platinum producers’ environmental trust 3,203,257 3,250,760
Other non-current assets 178,765 231,425
Total non-current assets 724,977,337 791,039,835
Current assets
Assets classified as held for sale 3,576,287 3,867,259
Inventories 575,877 769,447
Trade and other receivables 37,894,151 3,272,400
Cash and cash equivalents 10,714,880 14,580,886
Restricted cash 278,482 535,502
Total current assets 53,039,677 23,025,494
Total assets 778,017,014 814,065,329
Equity and Liabilities
Equity
Share capital 71,967,083 71,967,083
Treasury shares (4,991,726) (4,991,726)
Convertible preference shares 162,910,000 162,910,000
Foreign currency translation reserve (6,951,350) (9,797,657)
Share-based payment reserve 25,436,581 25,285,851
Accumulated loss (279,621,651) (264,166,155)
Total equity attributable to equity holders of the Company (31,251,063) (18,792,604)
Non-controlling interest 201,067,387 224,049,827
Total equity 169,816,324 205,257,223
Liabilities
Non-current liabilities
Loans and borrowings 7 446,554,717 434,968,189
Deferred taxation 123,777,504 142,341,072
Provisions 10,549,622 9,786,479
Total non-current liabilities 580,881,843 587,095,740
Current liabilities
Trade and other payables 26,564,646 20,888,635
Short-term portion of loans and borrowings 754,201 823,731
Total current liabilities 27,318,847 21,712,366
Total liabilities 608,200,690 608,808,106
Total equity and liabilities 778,017,014 814,065,329
Approved by the Board of Directors on 14 August 2013
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Comprehensive Loss
For the periods ended 30 June 2013
(Unaudited - Expressed in Canadian Dollars)
Note Three months ended 30 June Six months ended 30 June
2013 2012 2013 2012
Revenue 48,427,522 38,732,962 93,508,250 72,811,584
Cost of sales (54,136,228) (52,399,218) (107,565,155) (105,821,365)
Gross loss (5,708,706) (13,666,256) (14,056,905) (33,009,781)
Administrative expenses (6,146,445) (4,102,789) (10,236,999) (8,181,714)
Other income (45,856) - 99,235 59,381
Fair value gain on finance facility 8,820,313 - 29,447,667 -
Operating (loss)/profit (3,080,694) (17,769,045) 5,252,998 (41,132,114)
Finance income 81,036 120,650 189,756 260,001
Finance expense (14,747,586) (23,227,212) (28,973,868) (46,048,448)
Net finance expense (14,666,550) (23,106,562) (28,784,112) (45,788,447)
Loss before income tax (17,747,244) (40,875,607) (23,531,114) (86,920,561)
Income tax 4,492,573 464,434 5,651,580 5,241,927
Loss for the period (13,254,671) (40,411,173) (17,879,534) (81,678,634)
Other comprehensive (loss)/income
Foreign currency translation differences
for foreign operations (6,916,031) 3,418,133 (17,892,775) 1,764,794
Other comprehensive (loss)/income
for the period, net of income tax (6,916,031) 3,418,133 (17,892,775) 1,764,794
Total comprehensive loss for the (20,170,702) (36,993,040) (35,772,309) (79,913,840)
period
Loss attributable to:
Owners of the Company (9,290,962) (21,068,853) (15,455,496) (42,606,435)
Non-controlling interest (3,963,709) (19,342,320) (2,424,038) (39,072,199)
Loss for the period (13,254,671) (40,411,173) (17,879,534) (81,678,634)
Total comprehensive loss
attributable to:
Owners of the Company (8,100,515) (19,678,645) (12,789,869) (41,781,074)
Non-controlling interest (12,070,187) (17,314,395) (22,982,440) (38,132,766)
Total comprehensive loss for the
period (20,170,702) (36,993,040) (35,772,309) (79,913,840)
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Changes in Equity
For the periods ended 30 June 2013
(Unaudited - Expressed in Canadian Dollars)
Attributable to equity holders of the Company
Share Treasury Convertible
Capital Shares preference
shares
For the period ended 30 June 2012
Balance at 1 January 2012 71,967,083 (4,991,726) 162,910,000
Total comprehensive income/(loss) for the period
Loss for the period - - -
Other comprehensive income/(loss)
Foreign currency translation differences - - -
Total comprehensive income/(loss) for the period - - -
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - - -
Total contributions by and distributions to owners - - -
Balance at 30 June 2012 71,967,083 (4,991,726) 162,910,000
For the period ended 30 June 2013
Balance at 1 January 2013 71,967,083 (4,991,726) 162,910,000
Total comprehensive income/(loss) for the period
Loss for the period - - -
Other comprehensive income/(loss)
Foreign currency translation differences - - -
Total comprehensive income/(loss) for the period - - -
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - - -
Total contributions by and distributions to owners - - -
Balance at 30 June 2013 71,967,083 (4,991,726) 162,910,000
Attributable to equity holders of the Company
Foreign currency Share-based Accumulated
translation reserve payment loss
reserve
For the period ended 30 June 2012
Balance at 1 January 2012 (11,238,333) 24,042,711 (245,448,316)
Total comprehensive income/(loss) for the period
Loss for the period - - (42,606,435)
Other comprehensive income/(loss)
Foreign currency translation differences 839,821 (14,460) -
Total comprehensive income/(loss) for the period 839,821 (14,460) (42,606,435)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - 493,501 -
Total contributions by and distributions to owners - 493,501 -
Balance at 30 June 2012 (10,398,512) 24,521,752 (288,054,751)
For the period ended 30 June 2013
Balance at 1 January 2013 (9,797,657) 25,285,851 (264,166,155)
Total comprehensive income/(loss) for the perio
Loss for the period - - (15,455,496)
Other comprehensive income/(loss)
Foreign currency translation differences 2,846,307 (180,680) -
Total comprehensive income/(loss) for the period 2,846,307 (180,680) (15,455,496)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - 331,410 -
Total contributions by and distributions to owners - 331,410 -
Balance at 30 June 2013 (6,951,350) 25,436,581 (279,621,651)
Attributable to equity
holders of the
Company
Total Non-controlling Total
interest
For the period ended 30 June 2012
Balance at 1 January 2012 (2,758,581) (25,326,683) (28,085,264)
Total comprehensive income/(loss) for the period
Loss for the period (42,606,435) (39,072,199) (81,678,634)
Other comprehensive income/(loss)
Foreign currency translation differences 825,361 939,433 1,764,794
Total comprehensive income/(loss) for the period (41,781,074) (38,132,766) (79,913,840)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions 493,501 - 493,501
Total contributions by and distributions to owners 493,501 - 493,501
Balance at 30 June 2012 (44,046,154) (63,459,449) (107,505,603)
For the period ended 30 June 2013
Balance at 1 January 2013 (18,792,604) 224,049,827 205,257,223
Total comprehensive income/(loss) for the period
Loss for the period (15,455,496) (2,424,038) (17,879,534)
Other comprehensive income/(loss)
Foreign currency translation differences 2,665,627 (20,558,402) (17,892,775)
Total comprehensive income/(loss) for the period (12,789,869) (22,982,440) (35,772,309)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions 331,410 - 331,410
Total contributions by and distributions to owners 331,410 - 331,410
Balance at 30 June 2013 (31,251,063) 201,067,387 169,816,324
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Cash Flows
For the periods ended 30 June 2013
(Unaudited - Expressed in Canadian Dollars)
Note Three months ended 30 June Six months ended 30 June
2013 2012 2013 2012
Cash flows from operating activities
Cash utilised by operations 8 (4,603,204) (11,516,713) (32,006,160) (19,133,465)
Interest received 53,080 67,469 132,752 150,935
Interest paid - (39) (3,190) (84)
Taxation paid - (34,604) - (34,604)
Cash utilised by operating activities (4,550,124) (11,483,887) (31,876,598) (19,017,218)
Cash flows from investing activities
Acquisition of property, plant and equipment 5 - - - (2,664)
Acquisition of capital-work-in-progress 6 (13,182,546) (12,640,335) (25,173,349) (19,635,545)
Proceeds on disposal of property, plant and equipment 215,280 - 215,280 -
Investment in environmental trusts (109,211) (117,691) (222,863) (239,923)
Cash utilised by investing activities (13,076,477) (12,758,026) (25,180,932) (19,878,132)
Cash flows from financing activities
Long term borrowings raised 13,048,894 23,370,857 54,777,846 38,636,594
Repayment of other loans (171,250) (436,082) (349,421) (655,670)
Cash generated from financing activities 12,877,644 22,934,775 54,428,425 37,980,924
Effect of foreign currency translation (362,557) (641,576) (1,236,901) (134,849)
Net decrease in cash and cash equivalents (5,111,514) (1,948,714) (3,866,006) (1,049,275)
Cash and cash equivalents, beginning of period 15,826,394 16,844,447 14,580,886 15,945,008
Cash and cash equivalents, end of period 10,714,880 14,895,733 10,714,880 14,895,733
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 June 2013
(Unaudited - Expressed in Canadian Dollars)
1. REPORTING ENTITY
Atlatsa Resources Corporation (the "Company" or "Atlatsa") is incorporated in the Province of British Columbia, Canada. .
The Company has a primary listing on the TSX Venture Exchange (“TSX-V”) and a secondary listing on the New York Stock
Exchange (“NYSE”) and the JSE Limited (“JSE”). The condensed consolidated interim financial statements of the Company
as at and for the three and six months ended 30 June 2013 comprise the Company and its subsidiaries (together referred to
as the “Group” and individually as “Group entities”) and the Group’s interests in associates, special purpose entities and
jointly controlled entities.
2. GOING CONCERN
The Group incurred a net loss for the six months ended 30 June 2013 of $17.9 million (2012 fiscal year: $95.6 million) and as
of that date its total assets exceeded its total liabilities by $169.8 million (2012: total assets exceeded total liabilities
by $205.3 million). The company continues to incur losses.
The company embarked on a restructuring and recapitalising plan during 2012 and on 28 September 2012 the first phase of
the restructuring plan was completed. The effect was a consolidation of all loan facilities into one facility at a more favourable
interest rate of 5.93% compared to 12.31% of the previous facility. The funds available from this facility and an additional $23
million (ZAR215.7 million) in terms of the Amendment Agreement signed on 28 May 2013 are expected to meet the Group’s
projected cash flow requirements until approximately February 2014. The company is currently in the process of implementing
the second phase of the plan to reduce the debt by $260.7 million (ZAR2.45 billion) and for additional funds to be made
available from Anglo American Platinum Limited to meet the Group’s projected cash flow requirements until approximately the
end of 2015. Under the proposed plan the new restructured debt will only be repayable once the company generates
sufficient free cash flow.
The financial statements are prepared on the basis of accounting policies applicable to a going concern. This basis presumes
that debt restructuring and accompanying funding arrangements as described above are successfully concluded.
The outstanding conditions precedent in relation to the debt restructuring give rise to a material uncertainty which may cast
significant doubt about the ability of the Company and its subsidiaries to continue as going concerns and, therefore that they
may be unable to realise their assets and discharge their liabilities in the normal course of business.The condensed
consolidated financial statements are prepared on the basis that the Group will continue as a going concern which
contemplates the realisation of assets and settlement of liabilities in the normal course of operations as they become due.
3. STATEMENT OF COMPLIANCE
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial
Reporting and the Financial Reporting Guides issued by the South African Institute of Chartered Accountants. They do not
include all of the information required for a complete set of International Financial Reporting Standards annual financial
statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year
ended 31 December 2012. The consolidated financial statements of the Group as at and for the year ended 31 December
2012 are available upon request from the Company’s registered office at 82 Grayston Drive, Sandton, South Africa or at
www.sedar.com.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as
those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2012, except
for the following standards and interpretations adopted in the current financial year:
- IAS 19, Employee Benefits: Defined benefit plans (effective 1 January 2013)
- IAS 27, Separate Financial Statements (effective 1 January 2013)
- IAS 28, Investment in Associates and Joint ventures (effective 1 January 2013)
- Amendment to IFRS 7, Disclosures – Offsetting Financial Assets and Financial Liabilities (effective 1 January 2013)
- IFRS 10, Consolidated Financial Statements (effective 1 January 2013)
- IFRS 11, Joint Arrangements (effective 1 January 2013)
- IFRS 12, Disclosure of Interests in Other Entities (effective 1 January 2013)
- IFRS 13, Fair Value Measurement (effective 1 January 2013)
- Amendment to IFRS 10, IFRS 11 and IFRS 12, Consolidated Financial Statements, Joint Arrangements and Disclosure of
Interests in Other Entities: Transition Guidance (Effective 1 January 2013)
- IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine (effective 1 January 2013)
- 7 individual amendments to 5 standards, Improvements to International Financial Reporting Standards 2012 (effective 1
January 2013)
There was no significant impact on these condensed consolidated interim financial statements as a result of adopting these
standards and interpretations.
Standards and interpretations issued but not yet effective and applicable to the Group:
- IAS 32, Offsetting Financial Assets and Financial Liabilities (effective 1 January 2014)
- IFRS 9, Financial Instruments (effective 1 January 2015)
- IFRS 9, Additions to IFRS 9 Financial instruments (effective 1 January 2015)
The Group is currently evaluating the impact, if any, that these standards will have on the consolidated financial statements.
Six months Year ended 31
ended 30 June December
2013 2012
5. PROPERTY, PLANT AND EQUIPMENT
Summary
Cost
Balance at beginning of period 856,549,652 876,764,628
Additions - 2,563
Transferred from capital work-in-progress 22,794,269 40,632,355
Disposals (1,704,012) (934)
Adjustment to rehabilitation assets 1,393,431 1,391,080
Effect of translation (79,745,823) 62,240,040
Balance at end of period 799,287,517 856,549,652
Accumulated depreciation and impairment losses
Balance beginning of period 108,092,747 77,840,208
Depreciation for the period 19,162,094 37,091,152
Disposals (1,067,372) (353)
Effect of translation (10,616,370) (6,838,260)
Balance at end of period (115,571,099) 108,092,747
Carrying value 683,716,418 748,456,905
6. CAPITAL WORK-IN-PROGRESS
Capital work-in-progress consists of mine development and infrastructure costs relating to the Bokoni mine and will be
transferred to property, plant and equipment when the relevant projects are commissioned.
Balance at beginning of period 20,027,764 20,826,290
Additions 25,173,349 38,917,145
Transfer to property, plant and equipment (22,794,269) (40,632,355)
Capitalisation of borrowing costs - 2,382,069
Effect of translation (1,931,760) (1,465,385)
Balance at end of period 20,475,084 20,027,764
Capital work-in-progress is funded through cash generated from operations and available loan facilities.
7. LOANS AND BORROWINGS
Six months Year ended 31
ended 30 June December
2013 2012
Rustenburg Platinum Mines – Consolidated facility (related party) 442,819,603 430,570,710
Rustenburg Platinum Mines – Interest-free loan (related party) 3,076,135 3,388,374
Other 1,413,180 1,832,836
447,308,918 435,791,920
Short-term portion
Other (754,201) (823,731)
(754,201) (823,731)
Non-current liabilities 446,554,717 434,968,189
The carrying value of the Group’s loans and borrowings changed during the period as follows:
Balance at beginning of the period 435,791,920 745,552,722
Rustenburg Platinum Mine – OCSF - 72,872,141
Loans repaid - RPM - (111,307,515)
Loans repaid - other (349,421) (1,048,243)
Commitment fee capitalised - (82,457)
Finance expenses accrued 28,636,547 84,546,911
Funding loan raised – Rustenburg Platinum Mine 54,777,846 315,612,211
Redemption of A Preference shares - (401,782,311)
Commitment fee liability - 82,457
De-recognition of OCSF and Senior funding loan - (682,365,807)
Recognition of consolidated facility - 682,365,807
Fair value gain on recognition of consolidated facility an
subsequent adjustments (29,447,667) (215,470,758)
Effect of translation (42,100,307) (53,183,238)
Balance at end of the period 447,308,918 435,791,920
Short-term portion
Other (754,201) (823,731)
(754,201) (823,731)
Non-current portion 446,554,717 434,928,189
Senior Term Loan Facility
Rustenburg Platinum Mine has waived the loan covenants on the debt as of 30 June 2012 until 31 August 2013.
Three months ended 30 June Six months ended 30 June
2013 2012 2013 2012
8. CASH UTILISED BY OPERATIONS
Loss before income tax (17,747,244) (40,875,607) (23,531,114) (86,920,561)
Adjustments for:
Finance expense 14,747,586 23,227,212 28,973,868 46,048,448
Finance income (81,036) (120,650) (189,756) (260,001)
Non-cash items:
Depreciation and amortisation 9,896,322 9,750,128 19,539,794 19,512,084
Equity-settled share-based compensation 314,654 235,018 331,410 493,500
Loss on disposal of property, plant and equipment 421,359 - 421,359 -
Fair value gain on consolidated facility (8,820,313) - (29,447,667) -
Cash utilised before ESOP transactions (1,268,672) (7,783,899) (3,902,106) (21,126,530)
ESOP cash transactions (restricted cash) 13,862 83,089 35,810 178,184
Cash utilised before working capital changes (1,254,810) (7,700,810) (3,866,296) (20,948,046)
Working capital changes
Increase in trade and other receivables (3,667,855) (3,524,140) (36,572,155) (1,823,822)
Increase in trade and other payables 931,431 80,113 8,305,014 3,621,565
(Increase)/decrease in inventories (611,970) (371,876) 127,277 17,138
Cash utilised by operations (4,603,204) (11,516,713) (32,006,160) (19,133,465)
9. SEGMENT INFORMATION
The Group has two reportable segments as described below. These segments are managed separately based on the nature of
operations. For each of the segments, the Group’s CEO (the Group’s chief operating decision maker) reviews internal management
reports monthly. The following summary describes the operations in each of the Group’s reportable segments:
- Bokoni Mine - Mining of PGM’s.
- Projects - Mining exploration in Boikgantsho, Kwanda, and Ga-Phasha exploration projects.
The majority of operations and functions are performed in South Africa. An insignificant portion of administrative functions are
performed in the Company’s country of domicile.
The CEO considers earnings before net finance expense, income tax, depreciation and amortisation (“EBITDA”) to be an
appropriate measure of each segment’s performance. Accordingly, the EBITDA for each segment is included in the segment
information. All external revenue is generated by the Bokoni Mine segment.
Six months ended 30 June
2013 2012
Bokoni Mine Projects Total Bokoni Mine Projects Total Note
EBITDA 26,879,218 (12,387) 26,866,831 (20,211,223) (30,936) (20,242,159) (i)
Total Assets 793,851,575 103,835,787 897,687,362 897,648,528 9,617,379 907,265,907 (ii)
Three months ended 30 June
2013 2012
Bokoni Mine Projects Total Bokoni Mine Projects Total Note
EBITDA 6,256,833 (3,543) 6,253,290 (7,348,065) 16,389 (7,331,676) (i)
2013 2012
(i) EBITDA – six months ended
EBITDA for reportable segments 26,866,831 (20,242,159)
Net finance expense (28,784,112) (45,788,447)
Depreciation and amortisation (19,539,794) (19,512,083)
Corporate and consolidation adjustments (2,074,039) (1,377,872)
Consolidated loss before income tax (23,531,114) (86,920,561)
EBITDA - three months ended
EBITDA for reportable segments 6,253,290 (7,331,676)
Net finance expense (14,666,550) (23,106,562)
Depreciation and amortisation (9,896,322) (9,750,127)
Corporate and consolidation adjustments 562,338 (687,242)
Consolidated loss before income tax (17,747,244) (40,875,607)
(ii) Total assets
Assets for reportable segments 897,687,362 907,265,907
Corporate and consolidation adjustments (119,670,348) (20,717,543)
Consolidated total assets 778,017,014 886,548,364
10. EARNINGS PER SHARE
The basic and diluted loss per share for the three and six months ended 30 June 2013 was 2 cents (2012: 5 cents) and 4 cents
(2012: 10 cents) respectively.
The calculation of basic loss per share for the three months ended 30 June 2013 of 2 cents (2012: 5 cents) is based on the loss
attributable to owners of the Company of $9,290,962 (2012: $21,068,853) and a weighted average number of shares of
424,791,411 (2012: 424,791,411).
The calculation of basic loss per share for the six months ended 30 June 2013 of 4 cents (2012: 10 cents) is based on the loss
attributable to owners of the Company of $15,455,496 (2012: $42,606,435) and a weighted average number of shares of
424,791,411 (2012: 424,791,411).
Share options were excluded in determining diluted weighted average number of common shares as their effect would have been
anti-dilutive.
11. HEADLINE AND DILUTED HEADLINE EARNINGS PER SHARE
Headline earnings per share is calculated by dividing headline earnings attributable to shareholders of the Company by the
weighted average number of ordinary shares in issue during the period. Diluted headline earnings per share is determined by
adjusting the headline earnings attributable to shareholders of the Company and the weighted average number of ordinary shares
in issue during the period, for the effects of all dilutive potential ordinary shares, which comprise share options granted to
employees.
Headline earnings per share
The calculation of headline loss per share for the three months ended 30 June 2013 of 2 cents (2012: 5 cents) is based on
headline loss of $8,869,603 (2012: $21,068,853) and a weighted average number of shares of 424,791,411 (2012: 424,791,411).
The calculation of headline loss per share for the six months ended 30 June 2013 of 4 cents (2012: 10 cents) is based on headline
loss of $15,034,137 (2012: $42,606,435) and a weighted average number of shares of 424,791,411 (2012: 424,791,411).
The following adjustments to loss attributable to owners of the Company were taken into account in the calculation of headline loss
attributable to owners of the Company:
Three months ended 30 June Six months ended 30 June
2013 2012 2013 2012
Loss attributable to shareholders of the Company (9,290,962) (21,068,853) (15,455,496) (42,606,435)
- Loss on disposal of property, plant and equipment 421,359 - 421,359 -
Headline loss attributable to owners of the Company (8,869,603) (21,068,853) (15,034,137) (42,606,435)
Diluted headline earnings per share
The calculation of diluted headline loss per share for the three months ended 30 June 2013 of 2 cents (2012: 5 cents) is based on
headline loss of $8,869,603 (2012: $21,068,853) and a weighted average number of shares of 424,791,411 (2012: 424,791,411).
The calculation of diluted headline loss per share for the six months ended 30 June 2013 of 4 cents (2012: 10 cents) is based on
headline loss of $15,034,137 (2012: $42,606,435) and a weighted average number of shares of 424,791,411 (2012: 424,791,411).
Share options were excluded in determining diluted weighted average number of common shares as their effect would have been
anti-dilutive.
There are no reconciling items between headline loss and diluted headline loss.
12. SUBSEQUENT EVENTS
There have been no events that have occurred after the reporting date that would have a material impact on the reported results.
Unquote
14 August 2013
Johannesburg
JSE Sponsor
Macquarie First South Capital (Pty) Ltd.
Date: 14/08/2013 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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