TIDMTNZ
RNS Number : 5811G
Tanzanite One Limited
16 May 2011
16 May 2011
TanzaniteOne Limited
("TanzaniteOne" or "the Company") (AIM: TNZ)
Preliminary Results for the year ending 31 December 2010
TanzaniteOne Limited today announces its preliminary results for
the year ended 31 December 2010.
Financial Highlights
a EBIDTA of $2.8 million; an increase of $3.1 million compared
with an EBIDTA loss of $0.3 million in 2009
a Operating costs maintained at $9.9 million in 2010 and
2009
a Net profit increased by $3.8 million from $3.1 million loss in
the previous year to $0.7 million profit for the current year
a Revenues increased by 27% to $15.9 million (2009: $12.5
million)
a Gross margin achieved 64%, up from 48% in 2009
a Consolidated net cash and cash equivalents at 31 December of
$2.4 million excluding overdraft of $0.9m.
a Tanzanite inventory stock at 31 December of $4.4 million
Operation Highlights
a Production levels increased by 300,000 carats in 2010 to 2.2
million carats, up 16% from the 1.9 million carats produced in
2009
a Average recovered grade of 59 carats per tonne; a grade
increase of 18% compared with 50 carats per tonne achieved in
2009
a Maiden Tsavorite JORC resource
a Commissioning of new cutting and polishing facility located at
the TanzaniteOne mine in Merelani, Tanzania.
a Tanzanite Experience sales were 26% higher in 2010 compared to
2009, at $1.45 million
Post-period Highlights
a Total production in first quarter of 2011 is up 8.3% to
609,737 carats compared to 562,992 carats during Q1 of 2010
a Total sales of $3.96 million for Q1 2011 (Q1 2010:
$2.68million)
a Average grade of 71 carats per tonne achieved (Q1 2010: 55
carats per tonne)
a Recovery of 12,100 carat gemstone, third largest ever mined in
the Company's history
Commenting on the results, Chief Executive Officer, Bernard
Olivier said: OOur return to profit is testimony to our continued
margin enhancement programme and significantly enhanced production
rates. With the continuing recovery of the gemstone market during
2010, the Company was able to accomplish its production target for
2010 of 2.2 million carats and achieved an average grade of 59
carats per tonne, culminating in total sales of US$ 15.9 million
for the year. This resulted from increased production levels of 16%
and carat grade of 18%, compared to 2010 figures. We continue to
remain focused on creating shareholder value during 2011 through
developing new in-house cutting and polishing facilities to
maximize margins from extraction operations and developing sales
channels to establish a consistent revenue baseO.
For more information please contact:
Willi Boehm
Company Secretary
+61(0) 409 969 955
Bernard Olivier
Chief Executive Officer
+61(0) 4089 48182
Nominated Advisor & Broker (AIM)
Ambrian Partners Limited
Samantha Harrison
+44 (0) 20 7634 4700
Joint Broker XCAP Securities PLC
John Grant/Jon Belliss/David Newton
+44 (0) 20 7101 7070
Threadneedle Communications
Laurence Read/Beth Harris
+44 (0)20 7653 9855
+44 (0)7979 955 923
Key Statistics 2010
Key statistics: FY 2010 FY 2009 Movement
------------------------------------- ------------ ------------ ---------
EBIDTA profit / (loss); excluding
provision for missing inventory) $2.8 m ($0.3 m) -
------------------------------------- ------------ ------------ ---------
Net profit/(loss) $0.7 m ($3.1 m) -
------------------------------------- ------------ ------------ ---------
Revenue $15.9 m $12.5 m 27%
------------------------------------- ------------ ------------ ---------
Gross margin 64% 48% 33%
------------------------------------- ------------ ------------ ---------
Depreciation and amortisation ($2.6 m) ($2.8 m) 7%
------------------------------------- ------------ ------------ ---------
Operating costs ($9.9) ($9.9) 0%
------------------------------------- ------------ ------------ ---------
Corporate administration and
other operating costs ($3.5 m) ($2.8 m) (25%)
------------------------------------- ------------ ------------ ---------
Mine administration ($2.1 m) ($2.4 m) 13%
------------------------------------- ------------ ------------ ---------
Tanzanite inventory stock $4.4 m $4.1 m 7%
------------------------------------- ------------ ------------ ---------
Cash and cash equivalents excluding
overdraft $2.4 m $2.2 m 9%
------------------------------------- ------------ ------------ ---------
Tonnes processed 37,092 38,154 (3%)
------------------------------------- ------------ ------------ ---------
Carats recovered 2.2 million 1.9 million 16%
------------------------------------- ------------ ------------ ---------
Carats per tonne 59 50 18%
------------------------------------- ------------ ------------ ---------
On mine cash costs per carat $3.69 $3.63 (2%)
------------------------------------- ------------ ------------ ---------
Financial Performance
With earnings before interest, taxes, depreciation and
amortisation (EBIDTA) of $2.8 million, TanzaniteOne showed a
significant improvement on the previous corresponding period
turning the 2009 loss after tax of $3.1 million (negative US 2.5
cents per share) to a profit after tax of $0.7 million (US 0.6
cents per share) for the year ended 31 December 2010.
The result for the year was heavily driven by cost and
efficiencies management in group-wide operational activities,
recovery of tanzanite prices and strategic sales and marketing
program mix. Sales grew by 27% despite the market being heavily
impacted in the second half by reactions to new legal requirements
in Tanzania promoting beneficiation through the banning of export
of one gram and above.In spite of these adverse effects, the Group
achieved a gross margin for the year of 64% compared to 48% in
2009. The Tanzanite Experience sales also grew up 26% compared to
2009.
Corporate administration and other operating costs reflect costs
incurred in administering the companyOs stock exchange listing,
corporate compliance, investor relations activity, financial and
legal consulting and non-recurring costs associated with mergers
and acquisitions activity.
Operating costs were maintained at $10.0 million, influenced by
management cost and control efforts that minimised the effects of
any inflationary pressures on various process inputs, including
mining efficiencies in material transport, loading and hoisting
activities. Thus, the Group achieved a 16% increase in carats
produced to 2.2 million.
Inventory of tanzanite increased by 17% to $4.4 million as a
result of the export ban imposed in the market in the second half
of the year.
Capital expenditure for the year of $1.5 million included
development and exploration expenditure, infrastructure and surface
buildings and other mining equipment.
During the year, TanzaniteOne generated cash of $1.6 million
from operations against $2.5 million cash utilized in operations
during the previous period. Although a significant portion of cash
generated was applied to investing activities in the form of
capital expenditure, the group maintained a net cash position of
$1.4 million at year end.
Dividend
The directors have not declared a final dividend. The Board has
a strong history of rewarding shareholders with dividends but feels
it prudent to defer further dividends until market conditions
strengthen and profit increases.
2011 Outlook
Total production in the first quarter of 2011 has risen 8.3% to
609,737 carats compared to 562,992 carats in the first quarter of
2010. Total sales for the first quarter of 2011 are up 48% to $3.96
million from $2.68 million in the first quarter of 2010. Average
grade for the first quarter of 2011 has increased 29% from 55
carats per tonne in the first quarter of 2010 to 71 carats per
tonne in the first quarter of 2011. In the first quarter of 2011
the Company also recovered a 12,100 carat gemstone, the third
largest ever mined in the CompanyOs history. During this period the
Company also established its maiden JORC compliant Inferred
Resource of 7.6 to 10.4 million bank cubic metres (ObcmO) or
approximately 18.2 to 24.9 million tonnes and a Maiden JORC
compliant Indicated Resource of 0.89 to 2.17 million bcm or
approximately 2.1 to 5.2 million tonnes located within Inferred
Resource.
Operational Overview
The tanzanite resource is divided into five blocks. TanzaniteOne
in Block C undertakes larger scale mining, medium scale mining is
undertaken by Kilimanjaro Mining in Block A and Tanzanite Africa in
Block D-extension. The CompanyOs neighbouring Blocks B and D are
mined largely by artisanal miners. This poses a challenge for
TanzaniteOne, notably in terms of undermining, whereby, the
artisanal miners are mining into TanzaniteOneOs designated license
area. The CompanyOs mining operation is considered a modern,
low-cost operation and boasts an exemplary safety record. It
applies international best practice in the design of its
employment, social and environmental policies.
Mining
The Company achieved its record equalling annual production
target of $2.2 million carats of tanzanite, from the processing of
37,092 tonnes. The average recovered grade of 59 carats per tonne
is 18% higher than the average grade of 50 carats per tonne
achieved in 2009.
The production levels increased by 300,000 carats in 2010, up
16% from the 1.9 million carats produced in 2009. The increase in
production was guided by the increase in demand experienced in the
international tanzanite industry.
Significant Ooff-reefO mine development took place during 2010
to ensure shafts and infrastructures are constantly being developed
to intersect new tanzanite bearing fold structures. As a result of
the ongoing shaft and off-reef development the Company intersected
a projected fold structure located at a vertical depth of 450m in
Main Shaft, located in the centre of the CompanyOs licence. The
newly intersected fold structure confirms the accuracy of the
CompanyOs geological models and projections and initial indications
suggest an exceptionally high potential grade and quality yield
profile can be expected from the fold structure.
Material transport, loading and hoisting efficiencies were
significantly improved during the year by enhancing the mineOs
underground surge capacities through the construction and
installation of secure underground bins. The new bins were
installed at CT shaft in levels 25, 35 and 46 as well as at level
80 in Main Shaft.
On Mine Cash Costs
On mine cash costs for the period increased by 2% to $3.69 per
carat from $3.63 in 2009, due to the significant increase in
production. The fact that the increase is not in line with
increased production is as a result of ongoing strict cash and cost
management efforts at the mine and the aggressive cost reduction
strategy implemented by the Company during 2009 and 2010. Cost
reduction remains a primary focus with increased attention on
improved efficiencies by way of selective stopping, restructured
mine procurement policies and the recycling of used equipment. On
mine cash costs include operating costs, mine administration costs
and royalty charges incurred at the Merelani mine.
Processing
The processing and crushing plant continues to operate on a
single shift basis. There is sufficient capacity to increase
production through the introduction of a second shift at the plant
if required.
Significant improvements were also made during the year to the
processing plant. A large tonnage storage area was created at the
plant and is secured with an outer razor fence and inner electric
fence to create additional surge capacity at the plant. New bin
liners have been installed, new conveyors were fitted and the
primary jaw crusher has been fitted with new jaws.
Production Statistics
2010 2009 Movement
===================== ============ ============ =========
Tonnes Processed 37,092 38,154 (3%)
--------------------- ------------ ------------ ---------
Carats per tonne 59 50 18%
--------------------- ------------ ------------ ---------
Production (carats
recovered) 2.2 million 1.9 million 16%
--------------------- ------------ ------------ ---------
On mine cash costs
per carat * $3.69* $3.63* (2%)
--------------------- ------------ ------------ ---------
On mine revenue per
carat $6.77** $4.90** 38%
--------------------- ------------ ------------ ---------
*On mine cash costs include operating costs, mine administration
costs and royalty charges incurred at Merelani mine
**Increase in revenue per carat achieved is a direct result of
increasing tanzanite prices and the benefits of the restructuring
of new grading system implemented during 2009, whichunlocked value
that was restricted in the previous eye clean and included
system.
Safety, Training and Environmental Management
The Company finished the year with an outstanding safety record
and achieved a Lost Time Injury Frequency Rating (OLTIFRO) of 0.67
for 2010. This is a testimony of the CompanyOs focus on safety and
the success of the Safety and Training DepartmentOs safety,
awareness and training initiatives. The CompanyOs safety standards
are based on the International Occupational Health and Safety
Standards. All Company employees have been inducted and have
received training to meet the required Safety Standards.
Training emphasis focused on skills enhancement and exposure to
outcomes based training and assessment and consists of both theory
and practical assignments. Practical evaluation was achieved
through planned task observations, interviews, random inspections
and verbal assessments. During 2010 a total of 119 employees
successfully completed and passed the CompanyOs various in house
training courses, including Strata Control, Environmental Waste
Management, Supervisory Skills, Explosive Handling and Safety.
Environmental management has improved significantly with a new
Environmental Management System having been initiated ensuring
compliance and management of all aspects. Environmental monitoring,
auditing and inspections continue and have drastically improved the
Environmental performance. Environmental training and awareness has
been implemented and has empowered employees to identify and reduce
associated environmental risks. A final Environment Audit report
has been submitted to National Environmental Management Council
(NEMC) for the approval of a new Environmental Certificate.
Security
A comprehensive security review was undertaken at the mine and
at the retail outlets in Arusha at the beginning of the financial
year. A significant restructuring of the security department has
taken place and additional Nepalese GhurkhaOs have been employed as
part of the restructuring process.
A clear delineation of roles within the security department has
been achieved, allowing for an internal investigation capacity,
crime intelligence gathering and offensive search teams, which have
significantly enhanced the capacity and efficiency of the security
department. A retired senior Tanzanian police officer has been
appointed as full time police liaison officer, responsible for
liaising with the Tanzanian Police at both local and national level
and follow through on criminal prosecutions.
A significant upgrade of the CCTV operation has been completed
allowing for quality-recorded material being available for criminal
prosecutions and providing for greater redundancy in the event of
power failures.
The use of X-Scann, (non-invasive personnel search facility)
remains the subject of discussions with government after a ban was
imposed on the use of this technology due to concerns on the health
of employees. It needs to be noted that the machines were approved
for use by the Tanzanian Atomic Energy Commission, the statutory
body responsible for the licensing of such equipment, and these
machines are also in use at other institutions within the mining
industry around the world.
A structure has been put in place for continual review of
security policies and procedures by management/peers throughout the
operation. A comprehensive audit was carried out by our
insurers/underwriters at the mine and at the retail outlets in
Arusha and no major concerns impacting on our insurance policies
were noted.
Undermining remains a critical issue and TanzaniteOne together
with the relevant governmental agencies continues to address this
issue at both local and national level. TanzaniteOne has also
engaged artisanal miners in neighbouring properties with regards to
safe mining operations and other health and safety issues in order
to create awareness on the consequences of unsafe mining
practices.
Social Responsibility
TanzaniteOne is committed in supporting the local community not
only within its designated mining area but also within the entire
Simanjiro District.
In 2010 the Company initiated several new initiatives and
continue to support all its long-term community projects. New and
existing projects undertaken to date include:
a Granting of an additional ten bursaries in 2010 to secondary
school students from disadvantaged backgrounds within the Simanjiro
District;
a Provided HIV/AIDS awareness workshops in 2010 to all its
employees and voluntary testing was also conducted. TanzaniteOne is
currently expanding this service in conjunction with the District
Health Office to provide awareness to the local community;
a Continued to maintain the 14km road that links the Merelani
village and Tanzanite mining area to the Arusha and Moshi road
network;
a The ongoing provision of water to over 2,000 villagers and
4,500 head of cattle on a daily basis;
a Ongoing donation of our processing plant tailings to the local
communities, which also operates as a community uplift project. The
tailings contain tanzanite that is uneconomical for TanzaniteOne to
extract;
a Construction of the Nasinyai Secondary School in partnership
with the Nasinyai community and World Vision. The Secondary School
is the largest and most advanced of its kind in the area;
a Construction of a 400m(2) Community Centre for the residents
of the Nasinyai;
a Renovation of the Nasinyai Med-Clinic and installation of
electricity;
a Expansion of the Nasinyai Primary School;
a Ongoing geological, mining, survey, safety, logistical,
operational and other guidance to small-scale tanzanite miners in
the area through our Small Miners Assistance Programme (SMAP). The
aim of the programme is to develop and advance the entire tanzanite
mining industry;
a Provision of employment opportunities, not only to the local
Nasinyai Village, but the entire region;
a Supplying bunk beds and mattresses to sleep 180 pupils at the
Nasinyai Secondary School boarding school;
a Ongoing provision of water to the primary school for their
daily needs.
In addition to these projects the Company has also set up
several other initiatives to broaden assistance within Simanjiro
District. Through establishment of a Committee involving
TanzaniteOne, Nasinyai village council and Merelani town council,
the Company is working to broaden the scope of our community
support.
Sales and Marketing
2010 marked a recovery year for tanzanite sales and the
integration of value-add projects into the TanzaniteOne sales and
marketing mix.
Annual sales for the group were $15.9 million, with
contributions from rough tanzanite sales, opaque tanzanite sales,
and the Tanzanite Experience retail outlets in Tanzania. After 2009
lows, price growth in all categories occurred during the year, with
the scene set for further increases in the coming 2011. Sight
holder and Industry inventory levels decreased significantly during
the first half of the year. The economic fundamentals of the retail
jewellery industry steadily improved during the year, adding to the
confidence levels, which reflected in demand. Recovery in the price
point low to mid price markets was evidenced during the year, with
large material starting to see movement late in the year that
should reflect in 2011. Chinese and Asian market interest began to
emerge in the fourth quarter and is likely to be a key trend in
2011.
The market was impacted in the second half by reactions to new
legal requirements in Tanzania promoting beneficiation through the
banning of export of one gram and above sizes. This caused some
disruption and fluctuation at a key market time of the year.
At the beginning of 2010, restructuring of the grading of rough
tanzanite into a clarity system of eye clean, slightly included,
and included material, unlocked value that was restricted in the
previous eye clean and included system. Price growth in the
slightly included and included material was a significant
contributor. The new system more closely represented the production
profile and smoothed the sales cycle. Sight holders found value in
being able to offer, in the style of diamonds, an in-between
product range that was more closely suited to retail price points,
especially in the US market. This market had existed for a few
companies but with wider access the sector was able to grow and
realise the rough price potential.
The sales cycle was further modified to eight sales in the year,
up from a previous four. This enabled mine production to be brought
to market quicker; allowing more regular cash generation. The
product mix was heavily in favour of mines production with traded
material not being a large contributor during this year. Inventory
levels of mid-sized included material were worked down through the
increased sales cycle during the year.
The development of new cutting techniques and additional cut
designs continued throughout the year. The new styles concentrate
on bringing out the sparkle and colour contrast of the mid to light
material, and provide jewellery manufacturers with new perspectives
on making jewellery with tanzanite that is less bottom heavy than
traditional gemstone cuts. Precision cutting development continued
with the achievement of hearts and arrow excellent level of angles
and proportion. Small size colour definition and contrast
brilliance (OsparkleO) development work continued with promising
results.
The Company continues to focus on innovative ways to market and
sell both rough, cut and polished tanzanite.
TanzaniteOne Trading
During 2010, 20,826 carats of rough tanzanite were purchased for
a total $543,038. Due to the export ban, trading in Arusha were
confined to cut material and rough material smaller than 5
carats.
Cutting and Polishing in Tanzania
The ban on the export of rough tanzanite of 5 carats (1 gram)
and above was announced and implemented in July 2010 by the
Tanzanian Government, with limited to no consultation with the
various industry stakeholders.
The Company submitted a comprehensive compliance programme and
proposal to the Tanzania Government and have urged the Government
to consult will all industry stakeholders. The Company and other
stakeholders are still in ongoing discussions with the Government
of the United Republic of Tanzania to research and initiate
development of economically sustainable domestic cutting operations
and agreements, pursuant to ban on the export of rough tanzanite
larger than 5 carats (1 gram).
As a result of the discussions with the Government by various
stakeholders a moratorium was called by the Government of Tanzania
allowing the export of rough tanzanite of all sizes until 31
December 2010.
Since the Government announced the implementation of the ban the
Company immediately accelerated and initiated the construction and
establishment of a precision cutting facility at the mine sorting
facility in Merelani, Tanzania, which has been part of the
CompanyOs long term strategy. A dedicated facility with full
indexing benches was brought online in the fourth quarter. Existing
cutters and polishers were able to use the potential of the
facility immediately, and the training of further local polishers
started. The facility is expected to reach full utilisation in mid
2011. Sight holders were able to use the facility and TanzaniteOne
polishing staff to polish their large rough purchases from December
2010, and are excited to be able to continue to polish their
material in Tanzania in 2011. Indexing, as opposed to free-hand
polishing, allows for defined tolerances and repeatability, which
is essential for the new technology cuts developed in-house. The
introduction in early 2011 of advanced polishing trainers will
speed up the technical abilities of the local TanzaniteOne
polishers and skill them to be able to produce the more advanced
designs. The capacity to meet legal requirements for local
beneficiation has been established, and further capacity and
technical development will enable value-add polished projects to be
established.
The Tanzanite Experience (TTE)
The Tanzanite Experience retail operations were consolidated in
the first half of 2010 with focus on lower inventory levels,
greater stock turn, and delivering higher profitability and group
contribution. Another outlet was added in the third quarter with
positive contribution in the fourth quarter. TTE sales were 26%
higher in 2010 compared to 2009, at $1.45 million. Opportunities
for further expansion in 2011 exist in the Dar es Salaam and
Zanzibar markets, coinciding with further production capacity with
the established polishing facility. A franchise model has been
developed for entry into markets and sub-markets where it is not
feasible to enter as a wholly-owned entity but instead leverage off
existing operations. The operation focus will remain on high stock
turnover and timely replacement from company polishing operations,
generating cash contribution and retail polished margins.
The TanzaniteOne Jewellery Collection was established during the
year to highlight the design opportunities for the new technical
cuts in mid to light contrast colours. Market testing of the
designs and stone appeal occurred in Australia, and market
development progressed into Asia in the fourth quarter. The market
reaction has been pleasing, and order based commercial channels are
under development.
Tanzanite Foundation
Since 2003, the Tanzanite Foundation has promoted tanzanite and
stimulated the growth and development of the tanzanite market. The
main objective has been to build and maintain the desirability of
this exceptional gemstone, while entrenching our core values for
all participants operating in an ethically and socially conscious
industry. The focus is on empowering the market through education
and exposure, pioneering social development and skills transfer,
encouraging environmental objectives and engaging the communities
at source.
Mindful of these objectives, 2010 was a highly successful and
productive year. With exposure of tanzanite and demand growing, the
Tanzanite Foundation collaborated with numerous international
designers and jewellery manufacturers to add value and entrench
credibility thereby ensuring Sightholder sell-through.
Tsavorite
Tsavorite is a brilliant green gemstone variety of grossular
garnet and the Project is located 20 km from the CompanyOs
producing Tanzanite mine.
The tsavorite exploration programme focuses on locating and
defining alluvial, paleo-alluvial and hardrock sources of green
garnet (tsavorite) and other associated minerals of gem
quality.
The resource study activities conducted total of 164 drill holes
(with a combined depth of 3,180m) and comprised 6 inch rotary air
blast (ORABO) and down hole hammer drilling to determine the volume
of gravels. The average depth of the holes was 19m. The drill
profiles were logged and supported by heavy mineral sampling at 1.5
metre intervals resulting in 2,100 heavy mineral samples. A 32
tonne excavator with a 6-metre reach was used to conduct a bulk
sampling exercise. The material was loaded into a 10 tonne tipper
with 1 sample of 5 cubic metres per truckload for individual
treatment. The treatment plant consists of a primary dry screening
module with screened product between -12mm and +2mm being fed to a
wet Bushman jig capable of treating two 5 cubic metre batch samples
per day. A total of 26 samples were taken and processed resulting
in a total sample size of approximately 312 tonnes.
As a result of the 2010 tsavorite work programme a Maiden JORC
compliant Inferred Resource of 7.6 to 10.4 million bank cubic
metres (ObcmO) or approximately 18.2 to 24.9 million tonnes and a
Maiden JORC compliant Indicated Resource of 0.89 to 2.17 million
bcm or approximately 2.1 to 5.2 million tonnes located within
Inferred Resource, was established and announced on the 10(th) of
January 2011.
Hardrock exploration has included prospective mapping and
pitting of most areas of the project tenement package. About 245
location points were visited and documented during the mapping
program with best geological signatures identified and a follow-up
by pitting conducted.
Glossary
ct carat
dollar or $ United States Dollar
g/t grammes per tonne, measurement unit of grade (1g/t = 1 part
per m)
JORC code Australasian code for reporting of Mineral Resources
and Ore Reserves
LTIFR Lost Time Injury Frequency Rate, being the number of
lost-time injuries expressed as a rate per 200,000 man-hours
worked
On mine cash costs On mine cash costs include operating costs,
mine administration costs and royalty charges incurred at Merelani
mine
tonne 1 Metric tonne (1,000kg)
Financial Statements
TanzaniteOne Limited
Condensed Consolidated Statement of Comprehensive Income
Year ended 31 December 2010
(Unaudited)
FY 2010 FY 2009
$'000 $'000
======== ========
Revenue 15,940 12,459
Cost of sales (5,688) (6,471)
======== ========
Gross profit 10,252 5,988
Gross margin % 64% 48%
Corporate administration
and other operating costs (3,542) (2,826)
Mine administration (2,088) (2,449)
Selling and distribution
costs (1,604) (1,700)
Royalties (400) (337)
Interest income received 1 17
Foreign exchange gains 342 1,126
Financing costs paid (175) (138)
-------- --------
Profit/(Loss) before depreciation,
amortisation and missing
inventory 2,786 (319)
Missing inventory - (963)
Depreciation and amortisation (2,578) (2,769)
Profit/(loss) before income
tax 208 (4,051)
Income tax credit 441 1,629
======== ========
Profit/(loss) after income
tax 649 (3,086)
======== ========
Non-controlling interest 3 46
======== ========
Profit/(loss) attributable
to equity holders of parent 652 (2,040)
EPS (basic D cents) 0.57 (2.50)
EPS (diluted D cents) 0.57 (2.50)
TanzaniteOne Limited
Consolidated Statement of financial position
As at 31 December 2010
(Unaudited)
2010 2009
$'000 $'000
======== ========
Non-current assets
Property, plant and equipment 29,545 30,619
Deferred tax assets 1,816 1,748
Inventory 62 129
======== ========
Total non-current assets 31,423 32,496
======== ========
Current assets
Inventory 5,472 3,979
Income tax receivable 2,279 1,980
Trade and other receivables 3,828 3,184
Cash and cash equivalents 2,368 2,193
======== ========
Total current assets 13,947 11,336
======== ========
Total assets 45,370 43,832
======== ========
Equity
Issued share capital 32 32
Share premium 46,402 46,020
Share options outstanding 706 706
Foreign currency translation
reserve (1,050) (684)
Retained earnings (8,908) (9,560)
-------- --------
Total equity attributable
to parent equity holders 37,182 36,514
Non-controlling interest (45) (42)
======== ========
Total equity 37,137 36,472
======== ========
Non-current liabilities
Interest-bearing borrowings 631 804
Provisions 115 107
Deferred tax 4,582 5,038
======== ========
Total non-current liabilities 5,328 5,949
======== ========
Current liabilities
Bank overdraft 958 570
Interest-bearing borrowings 208 196
Trade and other payables 1,739 645
-------- --------
Total current liabilities 2,905 1,411
======== ========
Total liabilities 8,233 7,360
======== ========
Total equity and liabilities 45,370 43,832
======== ========
Number of shares in issue
(million) 115.6 113.6
Net asset value per share
(US cents) 35.11 32.10
TanzaniteOne Limited Condensed Consolidated Statement of Cash
Flows For the Year Ended 31 December 2009 (Unaudited)
FY 2010 FY 2009
$'000 $'000
======== ========
Cash flows from operating activities
Cash generated from/(utilized in)
operations 1,589 (2,513)
Interest income received 1 17
Financing cost paid (167) (131)
Income tax refund 54 251
Net cash (to)/ from operating activities 1,477 (2,376)
Cash flows from investing activities
Acquisitions of property, plant
and equipment (1,529) (2,752)
Net cash utilized in investing activities (1,529) (2,752)
Cash flows from financing activities
Net proceeds from issue of share
capital - 5,341
(Repayment of)/proceeds from interest-bearing
borrowings (161) 616
Net cash (utilized in)/generated
from financing activities (161) 5,957
Net (decrease)/increase in cash
and cash equivalents (213) 829
======== ========
Movement in cash and cash equivalents
At the beginning of the year 1,623 794
(Decrease)/increase (213) 829
======== ========
At the end of the year 1,410 1,623
======== ========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BDGDUDGBBGBX
Tanzanite (LSE:TNZ)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Tanzanite (LSE:TNZ)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024