TIDMPLAA
RNS Number : 7353H
Platinum Australia Limited
26 February 2010
PLATINUM AUSTRALIA LTD
(ABN 99 093 417 942)
Half Year Report
31 December 2009
Contents
Page
Directors'
Report.........................................................................
.......................................... 3
Auditor's Independence
Declaration....................................................................
.................... 8
Condensed Statement of Comprehensive
Income...................................................................... 9
Condensed Statement of Financial
Position.......................................................................
..... 10
Condensed Statement of Changes in
Equity.........................................................................
.. 11
Condensed Statement of Cash
Flows..........................................................................
.......... 13
Notes to the Condensed Financial
Statements.....................................................................
.. 14
Directors'
Declaration....................................................................
....................................... 19
Independent Auditor's Review
Report.........................................................................
............ 20
DIRECTORS' REPORT
+------------------------+------------------------------------------------------------+
| Your directors submit the financial report of the consolidated entity for the half |
| year ended 31 December 2009. |
+-------------------------------------------------------------------------------------+
| Directors |
+-------------------------------------------------------------------------------------+
| The names of directors who held office during or since the end of the half year and |
| until the date of this report are as below. Directors were in office for this |
| entire period unless otherwise stated. |
+-------------------------------------------------------------------------------------+
| Mr Peter Donald | Non-Executive Chairman |
| Allchurch | |
+------------------------+------------------------------------------------------------+
| Age 66. B.Sc. FAusIMM, MPESA. |
| Mr Allchurch is a geologist with more than 40 years experience in mineral |
| exploration, mining and petroleum exploration, development and production. Mr |
| Allchurch has been an executive director of a number of listed Australian mining |
| and oil and gas companies since 1980 and has considerable experience in corporate |
| management. |
| Mr Allchurch was appointed as a Director on 21 June 2000. |
| |
+-------------------------------------------------------------------------------------+
| Mr John Derek Lewins | Managing Director |
+------------------------+------------------------------------------------------------+
| Age 51. B.sc (Mineral Eng), Grad Dip Management. |
| Mr Lewins is an Engineer with more than 20 years experience in senior mining |
| management roles, including development of mining projects from a resource stage |
| through feasibility studies, commissioning of mines and sustained profitable mining |
| operations. |
| Mr Lewins was appointed as a Director on 3 May 2001. |
| |
+-------------------------------------------------------------------------------------+
| Mr Michael Gerrard | Non-Executive Director |
| Blakiston | |
+------------------------+------------------------------------------------------------+
| Age 52. B.Juris LLB |
| Mr Blakiston is a Solicitor in the firm Blakiston & Crabb. For some years he has |
| practised extensively in the field of corporate and resource law and has had |
| considerable experience in commercial and corporate management. |
| Mr Blakiston was appointed as a Director on 21 June 2000. |
| |
+-------------------------------------------------------------------------------------+
| Mr Eric Edward Hughes | Non-Executive Director |
+------------------------+------------------------------------------------------------+
| Age 47. B.Bus, CPA |
| Mr Hughes is an accountant with some 20 years experience in both corporate and |
| practice environments. During the last 14 years he has been directly involved in |
| the management of petroleum and mining companies as a senior manager, executive and |
| non-executive director. Mr Hughes is experienced in the evaluation, development |
| and operation of resource projects. |
| Mr Hughes was appointed as a Director on 21 June 2000. |
| |
+-------------------------------------------------------------------------------------+
| Mr William Alexander | Non-Executive Director |
| (Lex) Hansen | |
+------------------------+------------------------------------------------------------+
| Age 69. B.Sc (Geology and Metallurgy), MBA, FAusIMM, FAICD |
| Mr Hansen has more than 40 years experience in senior positions in the mining |
| industry. His career has spanned exploration, mine operations and development, |
| corporate finance, stockbroking and investment. His most recent position was |
| Executive Director of Corporate Finance (Mining) at HSBC Bank Australia with |
| regional responsibility for resources debt and equity investment appraisals and |
| underwriting transactions. He has also been a director of a public listed gold |
| exploration and development Company. |
| Mr Hansen was appointed as a Director on 21 January 2004. |
+------------------------+------------------------------------------------------------+
DIRECTORS' REPORT
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+
| Financial Results: Half Year to 31st December 2009 | |
| | |
| The loss for the half year of $10,558,722 (2008: $4,909,409) represents the first full half year of operation of the Smokey Hills Mine. During the half, open pit mining was completed and consequently all of the overburden removal costs ($8,070,809) were written off as part of cost of sales during the period. | |
| | |
| The result was also influenced by the purchase of an interest in the Rooderand exploration property on the western limb of the Bushveld in South Africa. The company's policy in regard to exploration properties is to write off all amounts relating to the purchase and exploration of properties until such time as there is a positive Definitive Feasibility Study in relation to the area in question. As a consequence, included in exploration expenses of $2,921,109 for the period is the write off of the purchase price of $2,025,536. | |
| | |
| During the period, the platinum and palladium hedge book associated with Smokey Hills project debt provided by Standard Bank was closed, realising $18,959.593, which funds together with funds raised from equity raisings and a loan facility from Macquarie Bank were utilised to retire the project debt. In accordance with the hedge accounting standard the amount realised has not been reflected in income, but is retained in the Hedge Accounting Reserve and transferred to income over the period of time that the hedge contracts would have matured had they not have been terminated early. | |
| | |
| | |
| Review of Operations | |
| | |
| Smokey Hills Platinum Project | |
| | |
| Mining | |
| The New Order Mining Right was granted in November 2007 and construction commenced the same month. Open pit mining commenced in January 2008 and underground mining commenced in September 2008. | |
| | |
| During the period under review a total of 170,045 tonnes of ore were mined from the open pit and 136,035 tonnes of ore from underground operations. Mining of the open pit was completed on December 18th. Underground mining operations focus on the development of the six main access adits, while stoping production commenced in September 2009. | |
| | |
| Ramp up of underground production and especially stoping production was slower than planned, due to a pothole being encountered between adits 4 and 5 over a strike length of approximately 125 metres. This will continue to impact on stope tonnage during the 3rd quarter; however modifications of the design in this area will enable approximately 80% of the ore affected by the pothole to be recovered in the second half of the year. | |
| | |
| Processing | |
| The ramp up of production continued during the period and 310,552 tonnes of ore, equating to 86% of design capacity was processed through the plant. Due to the slower ramp up of underground mining, a higher proportion of oxidised material from the open pit was processed which negatively affecting recoveries and production during the period. | |
| | |
| Production Statistics | |
| | |
| Throughput 310,552t | |
| Head Grade 3.56 g/t 4E | |
| Recovery 62.7 % | |
| 4EPGM shipped 20,675 ozs | |
| Cash Costs ZAR 421/tonne milled | |
| | |
| | |
| Kalahari Platinum Project | |
| | |
| The Pre Feasibility Study for the Kalplats Project was completed during the half and showed the project to be commercially and technically viable and able to generate a return of 25% on the Base Case assumptions. The key results from the study were as follows: | |
| · The Project would deliver a return of 25%; | |
| · The Project would achieve a pre tax NPV10 of US$50 Million; | |
| · The Project would generate a net cash flow (undiscounted) of US$145 Million; | |
| · Initial Capital Cost of the Project would be US$91 Million; | |
| · Cash Operating Cost of US$340/oz 4E (platinum + palladium + rhodium + gold) concentrate produced (net of base metal credits); | |
| · The Project would produce over 1 Moz 4E over a 9 year operating life from open pit mining of four deposits, Crater, Orion, Crux and Vela. | |
| | |
| | |
| A full summary of the results of the PFS are provided in Table 1 below and the underlying assumptions relating to the metal process and exchange rates are provided in Table 2. | |
| | |
| Table 1 Summary of Results from Kalplats PFS | |
| Production 4E 115,000 | |
| oz/annum | |
| Ave Plant 73% | |
| Recovery | |
| Operating 9 years | |
| Life | |
| Cash Costs 4E US$340/oz | |
| Basket Price 4E US$740/oz | |
| Capital Cost | |
| Initial US$ $91 Million | |
| Deferred US$ $3 Million | |
| NPV (Pre Tax) | |
| 5% US$ $86 Million | |
| 10% US$ $50 Million | |
| IRR (Pre Tax) 25% | |
| Cashflow (Pre US$ $145 Million | |
| Tax) | |
| Exchange ZAR/US$ 9.0 | |
| Rate | |
| Metal US$ ZAR | |
| Prices | |
| Per oz 1250 11,250 | |
| Platinum | |
| Per oz 275 2,475 | |
| Palladium | |
| Rhodium Per oz 1550 13950 | |
| Gold Per oz 900 8,100 | |
| Copper Per 6,000 54,000 | |
| tonne | |
| Basket Per oz 740 6,660 | |
| Price 4E | |
| | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+
| |
| |
| Auditor's Independence Declaration |
| |
| Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann |
| Judd, to provide the directors of the company with an Independence |
| Declaration in relation to the review of the half-year financial report. |
| This Independence Declaration is set out on page 8 and forms part of this |
| Directors' Report for the half-year ended 31 December 2009. |
| |
| This report is signed in accordance with a resolution of the Board of |
| Directors. |
| |
| |
| J. Lewins |
| Managing Director |
| Dated this 26th February 2010. |
| |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+
AUDITOR'S INDEPENDENCE DECLARATION
As lead auditor for the review of the financial report of Platinum Australia
Limited for the half-year ended 31 December 2009, I declare that to the best of
my knowledge and belief, there have been:
a) no contraventions of the auditor independence requirements of the
Corporations Act 2001 in relation to the review; and
b) no contraventions of any applicable code of professional conduct in
relation to the review.
This declaration is in respect of Platinum Australia Limited and the entities it
controlled during the period.
Perth, Western Australia
W M CLARK
26 February 2010
Partner, HLB Mann Judd
HLB Mann Judd (WA Partnership) ABN 22 193 232 714
Level 4 130 Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western
Australia. Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533.
Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au
Liability limited by a scheme approved under Professional Standards Legislation
HLB Mann Judd (WA Partnership) is a member of International, a world-wide
organisation of accounting firms and business advisers
+------------------+--------+--------------+---------------------------+
| CONDENSED STATEMENT OF |
| COMPREHENSIVE INCOME |
| FOR THE HALF YEAR ENDED 31 |
| DECEMBER 2009 |
+----------------------------------------------------------------------+
| | | Consolidated |
| | | |
+------------------+--------+------------------------------------------+
| | Notes | 2009 | 2008 |
| | | $ | $ |
+------------------+--------+--------------+---------------------------+
| Revenue | | 31,171,685 | 2,798,494 |
| from | | | |
| ordinary | | | |
| activities | | | |
+------------------+--------+--------------+---------------------------+
| Cost | | (33,519,090) | - |
| of | | | |
| sales | | | |
+------------------+--------+--------------+---------------------------+
| Exploration | | (2,921,109) | (4,434,971) |
| expenses | | | |
+------------------+--------+--------------+---------------------------+
| Depreciation | | (10,902,520) | (139,797) |
| and | | | |
| amortisation | | | |
| expense | | | |
+------------------+--------+--------------+---------------------------+
| Share | | 389,336 | (396,070) |
| based | | | |
| payments | | | |
| expense | | | |
+------------------+--------+--------------+---------------------------+
| Finance | | (3,073,112) | - |
| costs | | | |
+------------------+--------+--------------+---------------------------+
| Other | | (2,028,770) | (3,134,032) |
| expenses | | | |
| from | | | |
| ordinary | | | |
| activities | | | |
+------------------+--------+--------------+---------------------------+
| Loss | 2 | (20,883,580) | (5,306,376) |
| before | | | |
| income | | | |
| tax | | | |
| expense | | | |
+------------------+--------+--------------+---------------------------+
| Income | | 6,368,162 | 554,668 |
| tax | | | |
| benefit | | | |
+------------------+--------+--------------+---------------------------+
| Loss | | (14,515,418) | (4,751,708) |
| after | | | |
| tax | | | |
+------------------+--------+--------------+---------------------------+
| Other | | | |
| comprehensive | | | |
| income/(expense) | | | |
+------------------+--------+--------------+---------------------------+
| Exchange | | (5,671,395) | 8,627,152 |
| differences | | | |
| on | | | |
| translation | | | |
| of foreign | | | |
| operations | | | |
+------------------+--------+--------------+---------------------------+
| Changes | | (748,771) | 32,755,732 |
| in fair | | | |
| value | | | |
| of cash | | | |
| flow | | | |
| hedges | | | |
+------------------+--------+--------------+---------------------------+
| Income | | 209,656 | (9,171,605) |
| tax | | | |
| relating | | | |
| to | | | |
| components | | | |
| of other | | | |
| comprehensive | | | |
| income | | | |
+------------------+--------+--------------+---------------------------+
| Other | | (6,210,510) | 32,211,279 |
| comprehensive | | | |
| income/(expense) | | | |
| for the period, | | | |
| net of tax | | | |
+------------------+--------+--------------+---------------------------+
| Total | | (20,725,928) | 27,459,571 |
| comprehensive | | | |
| income/(expense) | | | |
| for the period | | | |
+------------------+--------+--------------+---------------------------+
| Profit/(loss) | | | |
| attributable | | | |
| to: | | | |
+------------------+--------+--------------+---------------------------+
| Owners | | (10,558,722) | (4,909,409) |
| of the | | | |
| parent | | | |
+------------------+--------+--------------+---------------------------+
| Non-controlling | | (3,956,696) | 157,701 |
| interest | | | |
+------------------+--------+--------------+---------------------------+
| | | (14,515,418) | (4,751,708) |
+------------------+--------+--------------+---------------------------+
| Total | | | |
| comprehensive | | | |
| income/(expense) | | | |
| for the period | | | |
| is attributable | | | |
| to: | | | |
+------------------+--------+--------------+---------------------------+
| Owners | | (16,563,378) | 18,277,286 |
| of the | | | |
| parent | | | |
+------------------+--------+--------------+---------------------------+
| Non-controlling | | (4,162,550) | 9,182,285 |
| interest | | | |
+------------------+--------+--------------+---------------------------+
| | | (20,725,928) | 27,459,571 |
+------------------+--------+--------------+---------------------------+
| | | | |
+------------------+--------+--------------+---------------------------+
| Basic | | (3.63) | (2.23) |
| loss | | | |
| per | | | |
| share | | | |
| (cents | | | |
| per | | | |
| share) | | | |
+------------------+--------+--------------+---------------------------+
| Diluted | | (3.63) | (2.23) |
| loss | | | |
| per | | | |
| share | | | |
| (cents | | | |
| per | | | |
| share) | | | |
+------------------+--------+--------------+---------------------------+
| | | | |
+------------------+--------+--------------+---------------------------+
| The accompanying notes form part |
| of these financial statements |
+------------------+--------+--------------+---------------------------+
+---------------------------------------+----------+--------------+---+----------+
| CONDENSED STATEMENT OF FINANCIAL POSTITION |
| AS AT 31 DECEMBER 2009 |
+--------------------------------------------------------------------------------+
| | | Consolidated |
+---------------------------------------+----------+-----------------------------+
| | Notes | 31 Dec 2009 |30 June 2009 |
| | | $ | $ |
+---------------------------------------+----------+--------------+--------------+
| Assets | | | |
+---------------------------------------+----------+--------------+--------------+
| Current Assets | | | |
+---------------------------------------+----------+--------------+--------------+
| Cash and cash equivalents | | 22,794,410 | 7,295,561 |
+---------------------------------------+----------+--------------+--------------+
| Receivables | | 10,367,631 | 5,411,969 |
+---------------------------------------+----------+--------------+--------------+
| Inventories | | 1,857,132 | 6,525,696 |
+---------------------------------------+----------+--------------+--------------+
| Other financial assets | | - | 6,610,844 |
+---------------------------------------+----------+--------------+--------------+
| Total Current Assets | | 35,019,173 | 25,844,070 |
+---------------------------------------+----------+--------------+--------------+
| Non-Current Assets | | | |
+---------------------------------------+----------+--------------+--------------+
| Receivables | | 12,916,992 | 12,571,398 |
+---------------------------------------+----------+--------------+--------------+
| Other financial assets | | 524,661 | 17,054,873 |
+---------------------------------------+----------+--------------+--------------+
| Development costs capitalised | | 40,749,245 | 46,237,108 |
+---------------------------------------+----------+--------------+--------------+
| Property, plant and equipment | | 73,129,360 | 80,578,075 |
+---------------------------------------+----------+--------------+--------------+
| Deferred tax asset | | 8,580,198 | 7,209,746 |
+---------------------------------------+----------+--------------+--------------+
| Total Non-Current Assets | | 135,900,456 | 163,651,200 |
+---------------------------------------+----------+--------------+--------------+
| Total Assets | | 170,919,629 | 189,495,270 |
+---------------------------------------+----------+--------------+--------------+
| Liabilities | | | |
+---------------------------------------+----------+--------------+--------------+
| Current Liabilities | | | |
+---------------------------------------+----------+--------------+--------------+
| Trade and other payables | | 12,507,358 | 16,966,594 |
+---------------------------------------+----------+--------------+--------------+
| Provisions | | 615,783 | 567,641 |
+---------------------------------------+----------+--------------+--------------+
| Interest bearing liabilities | | - | 8,917,676 |
+---------------------------------------+----------+--------------+--------------+
| Current taxation payable | | 1,785,879 | 1,497,328 |
+---------------------------------------+----------+--------------+--------------+
| Total Current Liabilities | | 14,909,020 | 27,949,239 |
+---------------------------------------+----------+--------------+--------------+
| Non-Current Liabilities | | | |
+---------------------------------------+----------+--------------+--------------+
| Payables | | 975,436 | 59,172 |
+---------------------------------------+----------+--------------+--------------+
| Provisions | | 3,179,620 | 3,030,757 |
+---------------------------------------+----------+--------------+--------------+
| Interest bearing liabilities | | 15,000,000 | 45,845,674 |
+---------------------------------------+----------+--------------+--------------+
| Deferred tax liability | | 10,675,650 | 18,614,709 |
+---------------------------------------+----------+--------------+--------------+
| Total Non-Current Liabilities | | 29,830,706 | 67,550,312 |
+---------------------------------------+----------+--------------+--------------+
| Total Liabilities | | 44,739,726 | 95,499,551 |
+---------------------------------------+----------+--------------+--------------+
| Net Assets | | 126,179,903 | 93,995,719 |
+---------------------------------------+----------+--------------+--------------+
| Equity | | | |
+---------------------------------------+----------+--------------+--------------+
| Contributed Equity | 3 | 198,201,699 | 142,442,989 |
+---------------------------------------+----------+--------------+--------------+
| Reserves | | 7,957,201 | 16,187,501 |
+---------------------------------------+----------+--------------+--------------+
| Accumulated losses | | (75,047,186) | (64,488,464) |
+---------------------------------------+----------+--------------+--------------+
| Parent entity interest | | 131,111,714 | 94,142,026 |
+---------------------------------------+----------+--------------+--------------+
| Non-controlling interest | | (4,931,811) | (146,307) |
+---------------------------------------+----------+--------------+--------------+
| Total Equity | | 126,179,903 | 93,995,719 |
+---------------------------------------+----------+--------------+--------------+
| | | | |
+---------------------------------------+----------+--------------+--------------+
| The accompanying notes form part of these financial statements | |
+---------------------------------------------------------------------+----------+
| | | | | |
+---------------------------------------+----------+--------------+---+----------+
+----------------------+----------+--+----------+-----+-----------+--+----------+--+-------------+---+----------+--------------+-----------------+-+------------+----------------------+----------------------+
| CONDENSED STATEMENT OF CHANGES IN EQUITY | | |
| FOR THE HALF YEAR ENDED 31 DECEMBER 2009 | | |
+ +----------------------+----------------------+
| | | |
+---------------------------------------------------------------------------------------------------------------------------------------------------------------+----------------------+----------------------+
| | | Consolidated | | |
+----------------------+----------+-----------------------------------------------------------------------------------------------------------------------------+----------------------+----------------------+
| | | Issued | Accumulated | | | Foreign | |Non-controlling | Total | | |
| | | Capital | Losses | Employee | Hedge | Currency | Minority | Interest | Equity | | |
| | | | | Benefit | Accounting | Translation |Contribution | | | | |
| | | | | Reserve | Reserve | Reserve | Reserve | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| | | $ | $ | $ | $ | $ | $ | $ | $ | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Balance at 1 July | $ | 123,321,128 | (50,088,343) | 2,773,744 | (3,137,015) | (11,654,704) | 5,749,226 | - | 66,964,036 | | |
| 2008 | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Loss after tax | $ | - | (4,909,409) | - | - | - | - | 157,701 | (4,751,708) | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Exchange differences | $ | - | - | - | - | 8,375,131 | - | 252,021 | 8,627,152 | | |
| on translation of | | | | | | | | | | | |
| foreign operations | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Changes in fair | $ | - | - | - | 20,571,617 | - | - | 12,184,115 | 32,755,732 | | |
| value of cash flow | | | | | | | | | | | |
| hedges | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Income tax relating | $ | - | - | - | (5,760,053) | - | - | (3,411,552) | (9,171,605) | | |
| to components of | | | | | | | | | | | |
| other comprehensive | | | | | | | | | | | |
| income | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Total comprehensive | $ | - | (4,909,409) | - | 14,811,564 | 8,375,131 | - | 9,182,285 | 27,459,571 | | |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Consolidation | $ | - | 1,573,039 | - | 2,658,601 | - | (2,397,073) | (1,834,567) | - | | |
| adjustment | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Share issue expense | $ | (4,895) | - | - | - | - | - | - | (4,895) | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Exercise of options | $ | 4,500 | | - | - | - | - | - | 4,500 | | |
| | | | - | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Transfer to issued | $ | 2,440 | - | (2,440) | - | - | - | - | - | | |
| capital on exercise | | | | | | | | | | | |
| of employee options | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Employee options | $ | - | - | 396,070 | - | - | - | - | 396,070 | | |
| share based payment | | | | | | | | | | | |
| expense | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| | | 2,045 | (3,336,370) | 393,630 | 17,470,165 | 8,375,131 | (2,397,073) | 7,347,718 | 27,855,246 | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| Balance at 31 | | 123,323,173 | (53,424,713) | 3,167,374 | 14,333,150 | (3,279,573) | 3,352,153 | 7,347,718 | 94,819,282 | | |
| December 2009 | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| | | | | | | | | | | | |
+----------------------+----------+-------------+-----------------+-------------+----------------+--------------+--------------+-----------------+--------------+----------------------+----------------------+
| CONDENSED STATEMENT OF CHANGES IN EQUITY | |
| FOR THE HALF YEAR ENDED 31 DECEMBER 2009 | |
+ +----------------------+
| | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------------------+
| | | Consolidated | |
+----------------------+-------------+-------------------------------------------------------------------------------------------------------------------------------------------------+----------------------+
| | | Issued | Accumulated | | | Foreign | | Non-controlling | Total | |
| | | Capital | Losses | Employee | Hedge | Currency | Minority | Interest | Equity | |
| | | | | Benefit | Accounting | Translation |Contribution | | | |
| | | | | Reserve | Reserve | Reserve | Reserve | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| | | $ | $ | $ | $ | $ | $ | $ | $ | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Balance at 1 July | $ | 142,442,989 | (64,488,464) | 3,480,351 | 11,623,243 | (4,665,319) | 5,749,226 | (146,307) | 93,995,719 | |
| 2009 | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Loss after tax | $ | - | (10,558,722) | - | - | - | - | (3,956,696) | (14,515,418) | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Exchange differences | $ | - | - | - | - | (5,650,188) | - | (21,207) | (5,671,395) | |
| on translation of | | | | | | | | | | |
| foreign operations | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Changes in fair | $ | - | - | - | (492,317) | - | - | (256,454) | (748,771) | |
| value of cash flow | | | | | | | | | | |
| hedges | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Income tax relating | $ | - | - | - | 137,849 | - | - | 71,807 | 209,656 | |
| to components of | | | | | | | | | | |
| other comprehensive | | | | | | | | | | |
| income | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Total comprehensive | $ | - | (10,558,722) | - | (354,468) | (5,650,188) | - | (4,162,550) | (20,725,928) | |
| income for the | | | | | | | | | | |
| period | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Share placements | $ | 55,535,516 | - | - | - | - | - | - | 55,535,516 | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Share issue expense | $ | (2,314,935) | - | - | - | - | - | - | (2,314,935) | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Exercise of options | $ | 1,836,150 | - | - | - | - | - | - | 1,836,150 | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Transfer to issued | $ | 701,979 | - | (701,979) | - | - | - | - | - | |
| capital on exercise | | | | | | | | | | |
| of employee options | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Employee options | $ | - | - | (389,336) | - | - | - | - | (389,336) | |
| share based payment | | | | | | | | | | |
| expense | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Finance charges | $ | - | - | 61,560 | - | - | - | - | 61,560 | |
| share based payment | | | | | | | | | | |
| expense | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Transfer of hedge | $ | - | - | - | (1,195,889) | - | - | (622,954) | (1,818,843) | |
| expense | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| | | 55,758,710 | (10,558,722) | (1,029,755) | (1,550,357) | (5,650,188) | - | (4,785,504) | 32,184,184 | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| Balance at 31 | | 198,201,699 | (75,047,186) | 2,450,596 | 10,072,886 | (10,315,507) | 5,749,226 | (4,931,811) | 126,179,903 | |
| December 2009 | | | | | | | | | | |
+----------------------+-------------+----------------+--------------+-------------+-------------+--------------+--------------+-------------------+-----------------------------------+----------------------+
| The accompanying notes form part of these financial statements | | |
+----------------------------------------------------------------------------------------------------+---------------------------------------------------------------------------------+----------------------+
| | | | | | | | | | | | | | | | | | |
+----------------------+----------+--+----------+-----+-----------+--+----------+--+-------------+---+----------+--------------+-----------------+-+------------+----------------------+----------------------+
+------------------------------------+----------+--------------+--------------+
| CONDENSED STATEMENT OF CASH FLOWS |
| FOR THE HALF YEAR ENDED 31 DECEMBER 2009 |
+-----------------------------------------------------------------------------+
| | | Consolidated |
+------------------------------------+----------+-----------------------------+
| | Note | 2009 | 2008 |
| | | $ | $ |
+------------------------------------+----------+--------------+--------------+
| | | Inflows/(Outflows) |
+------------------------------------+----------+-----------------------------+
| Cash flows from operating | | | |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| Receipts from customers | | 24,340,428 | 170,641 |
+------------------------------------+----------+--------------+--------------+
| Payments to suppliers and | | (3,066,047) | (1,770,258) |
| employees | | | |
+------------------------------------+----------+--------------+--------------+
| Payments for exploration | | (858,326) | (5,546,363) |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| Payments for mining activities | | (21,506,468) | - |
+------------------------------------+----------+--------------+--------------+
| Payments in relation to | | (72,106) | (4,197,095) |
| inventories | | | |
+------------------------------------+----------+--------------+--------------+
| Interest received | | 353,568 | 2,542,511 |
+------------------------------------+----------+--------------+--------------+
| Finance charges | | (1,286,341) | - |
+------------------------------------+----------+--------------+--------------+
| Income tax payments | | (1,142,367) | - |
+------------------------------------+----------+--------------+--------------+
| Net cash (used in) operating | | (3,237,659) | (8,800,564) |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| | | | |
+------------------------------------+----------+--------------+--------------+
| Cash flows from investing | | | |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| Payment for purchase of | | (40,380) | (153,260) |
| non-current assets | | | |
+------------------------------------+----------+--------------+--------------+
| Proceeds on sale of non-current | | - | 918 |
| assets | | | |
+------------------------------------+----------+--------------+--------------+
| Payments for development costs | | (18,601,262) | (28,557,319) |
+------------------------------------+----------+--------------+--------------+
| Payments for purchase of | | (2,025,536) | - |
| exploration tenements | | | |
+------------------------------------+----------+--------------+--------------+
| Loans to related parties | | (17,111) | - |
+------------------------------------+----------+--------------+--------------+
| Net cash (used in) investing | | (20,684,289) | (28,709,661) |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| | | | |
+------------------------------------+----------+--------------+--------------+
| Cash flows from financing | | | |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| Proceeds from issue of shares | | 57,371,666 | 6,940 |
+------------------------------------+----------+--------------+--------------+
| Costs associated with issue of | | (2,303,735) | (4,895) |
| shares | | | |
+------------------------------------+----------+--------------+--------------+
| Funding from financial | | 15,000,000 | 6,091,491 |
| institutions | | | |
+------------------------------------+----------+--------------+--------------+
| Repayments of loans from financial | | (48,662,210) | - |
| institutions | | | |
+------------------------------------+----------+--------------+--------------+
| Receipt on closeout of hedges | | 18,959,593 | - |
| relating to project financing | | | |
+------------------------------------+----------+--------------+--------------+
| Net cash provided by financing | | 40,365,314 | 6,093,536 |
| activities | | | |
+------------------------------------+----------+--------------+--------------+
| | | | |
+------------------------------------+----------+--------------+--------------+
| Net increase (decrease) in cash | | 16,443,366 | (31,416,689) |
| held | | | |
+------------------------------------+----------+--------------+--------------+
| Effects of exchange rate changes | | (944,517) | 1,573,139 |
| on cash | | | |
+------------------------------------+----------+--------------+--------------+
| Cash and cash equivalents at the | | 7,295,561 | 41,379,159 |
| beginning of the period | | | |
+------------------------------------+----------+--------------+--------------+
| Cash and cash equivalents at the | | 22,794,410 | 11,535,609 |
| end of the period | | | |
+------------------------------------+----------+--------------+--------------+
| |
+-----------------------------------------------------------------------------+
| The accompanying notes form part of these financial statements |
+------------------------------------+----------+--------------+--------------+
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31
DECEMBER 2009
+------------------------------------------------------------------------------------------+
| NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES |
+------------------------------------------------------------------------------------------+
| Statement of compliance |
| The interim consolidated financial statements are a general purpose financial report |
| prepared in accordance with the requirements of the Corporations Act 2001, applicable |
| accounting standards including AASB 134: Interim Financial Reporting, Accounting |
| Interpretations and other authoritative pronouncements of the Australian Accounting |
| Standards Board ('AASB'). Compliance with AASB 134 ensures compliance with IAS 34 |
| 'Interim Financial Reporting'. |
+------------------------------------------------------------------------------------------+
| This condensed half-year report does not include full disclosures of the type normally |
| included in an annual financial report. Therefore, it cannot be expected to provide as |
| full an understanding of the financial performance, financial position and cash flows of |
| the group as in the full financial report. |
+------------------------------------------------------------------------------------------+
| It is recommended that this financial report be read in conjunction with the annual |
| financial report for the year ended 30 June 2009 and any public announcements made by |
| Platinum Australia Limited and its subsidiaries during the half-year in accordance with |
| continuous disclosure requirements arising under the Corporations Act 2001 and the ASX |
| Listing Rules. |
+------------------------------------------------------------------------------------------+
| The accounting policies adopted are consistent with those of the previous financial year |
| and corresponding interim reporting period, except as set out below. |
| Basis of preparation |
| The interim report has been prepared on a historical cost basis, except for derivative |
| financial instruments and available-for-sale financial assets which are measured at fair |
| value. Cost is based on the fair value of the consideration given in exchange for |
| assets. The company is domiciled in Australia and all amounts are presented in |
| Australian dollars, unless otherwise noted. |
| For the purpose of preparing the interim report, the half-year has been treated as a |
| discrete reporting period. |
| Inventories |
| Inventories are valued at the lower of cost and net realizable value: Net realizable |
| value is the estimated selling price in the ordinary course of business, less estimated |
| costs of completion and estimated costs necessary to make the sale. |
+------------------------------------------------------------------------------------------+
| Significant accounting judgments and key estimates |
| The preparation of the interim financial report requires management to make judgments, |
| estimates and assumptions that affect the application of accounting policies and the |
| reported amounts of assets, liabilities, income and expense. Actual results may differ |
| from these estimates. |
| Except as described below, in preparing this interim report, the significant judgments |
| made by management in applying the Group's accounting policies and the key sources of |
| estimation uncertainty were the same as those that applied to the consolidated financial |
| report for the year ended 30 June 2009. |
| Impairment testing |
| The recoverability of the carrying amount of development costs and property, plant and |
| equipment has been reviewed by the directors. In conducting the review, the recoverable |
| amount has been assessed by reference to the higher or "fair value less costs to sell" |
| and "value in use". In determining value in use, future cash flows are based on: |
| * Estimates of ore reserves and mineral resources for which there is a high degree of |
| confidence of economic extraction. |
| * Estimated production and sales levels. |
| * Estimate future commodity prices. |
| * Future costs of production |
| * Future capital expenditure |
| * Future exchange rates |
| Variations to the expected future cash flows, and timing thereof, could result in |
| significant changes to the impairment test results, which in turn could impact future |
| financial results. |
| Adoption of new and revised Accounting Standards |
| In the half-year ended 31 December 2009, the Group has reviewed all of the new and |
| revised Standards and Interpretations issued by all AASB that are relevant to its |
| operations and effective for annual reporting periods beginning on or after 1 July 2009. |
| During the current period, certain accounting policies have changed as a result of new |
| or revised accounting standards which became operative for the annual reporting period |
| commencing on 1 July 2009. |
| The affected policies and standards are: |
| · Segment reporting - new AASB 8 Operating Segments |
| NOTES TO THE CONDENSED FINANCIAL STATEMENTS |
| FOR THE HALF YEAR ENDED 31 DECEMBER 2009 |
| |
| NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES |
| |
| Segment Reporting |
| The Group has applied AASB8 Operating Segments from 1st July 2009. AASB8 requires a |
| 'management approach' under which segment information is presented on the same basis as |
| that used for internal reporting purposes. Operating segments are now reported in a |
| manner that is consistent with the internal reporting provided to the chief operating |
| decision maker. The chief operating decision maker has been identified as the Managing |
| Director of Platinum Australia Limited. |
+------------------------------------------------------------------------------------------+
+-------------------------------------------------+------------+------------+
| NOTE 2: LOSS BEFORE INCOME TAX EXPENSE | Consolidated |
+-------------------------------------------------+-------------------------+
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
| | $ | $ |
+-------------------------------------------------+------------+------------+
| The following revenue and expense items are | | |
| relevant in explaining the financial | | |
| performance for the half-year: | | |
+-------------------------------------------------+------------+------------+
| Interest received | 1,242,319 | 2,767,847 |
+-------------------------------------------------+------------+------------+
| Sale of concentrate | 27,371,390 | - |
+-------------------------------------------------+------------+------------+
| Hedge income | 2,513,797 | - |
+-------------------------------------------------+------------+------------+
| Cost of Sales | 33,519,090 | - |
+-------------------------------------------------+------------+------------+
| Overburden removal | 8,070,809 | - |
+-------------------------------------------------+------------+------------+
| Treatment charges | 4,897,930 | - |
+-------------------------------------------------+------------+------------+
| Mining | 10,722,138 | - |
+-------------------------------------------------+------------+------------+
| Plant | 7,827,581 | - |
+-------------------------------------------------+------------+------------+
| Other operating expenditure | 2,000,632 | - |
+-------------------------------------------------+------------+------------+
| Exploration expenditure (including purchase of | 2,921,109 | 4,434,971 |
| new tenements) | | |
+-------------------------------------------------+------------+------------+
| Depreciation and amortisation | 10,902,520 | 139,797 |
+-------------------------------------------------+------------+------------+
+-------------------------------------------------+-------------+-------------+
| NOTE 3: CONTRIBUTED EQUITY | |
+-------------------------------------------------+---------------------------+
| Ordinary shares | | |
+-------------------------------------------------+-------------+-------------+
| Issued and fully paid | 198,201,699 | 142,442,989 |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| | No. | $ |
+-------------------------------------------------+-------------+-------------+
| Movements in ordinary shares on issue | | |
+-------------------------------------------------+-------------+-------------+
| Opening balance at 1 July 2009 | 252,418,350 | 142,442,989 |
+-------------------------------------------------+-------------+-------------+
| Placement | 62,167,171 | 55,535,516 |
+-------------------------------------------------+-------------+-------------+
| Options exercised | 6,295,000 | 1,836,150 |
+-------------------------------------------------+-------------+-------------+
| Value of Unlisted Options transferred to Share | - | 701,979 |
| Capital | | |
+-------------------------------------------------+-------------+-------------+
| Share issue costs | - | (2,314,935) |
+-------------------------------------------------+-------------+-------------+
| Balance at 31 December 2009 | 320,880,521 | 198,201,699 |
| | | |
+-------------------------------------------------+-------------+-------------+
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| NOTES TO THE CONDENSED FINANCIAL STATEMENTS |
| FOR THE HALF YEAR ENDED 31 DECEMBER 2009 |
| NOTE 4: SEGMENT REPORTING |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Operating segments by business activity |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Reporting information presented to the Managing Director is |
| categorized by the following business activities; Corporate, |
| Exploration, and Mining and Production. |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Segment Information |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| The following table presents the revenue and result information regarding the segment information provided to the Managing Director for the half-year periods ended 31 December 2009 and 31 December 2008. |
| |
| Continuing operations |
| Corporate Exploration Mining Consolidated |
| and |
| Production |
| $ $ $ |
| $ |
| |
| 31 December 2009 |
| Segment revenue 1,286,498 29,885,187 31,171,685 |
| - |
| |
| Segment result (3,347,154) (2,921,109) (8,247,155) (14,515,418) |
| |
| Segment assets 47,365,812 17,399 123,536,418 170,919,629 |
| Segment liabilities (25,656,687) (46,287) (19,036,752) (44,739,726) |
| |
| Included within segment result: |
| Depreciation (74,857) (1,776) (10,825,887) (10,902,520) |
| Interest revenue 1,097,398 - 144,921 1,242,319 |
| Income tax benefit /(expense) (337,528) - 6,705,690 6,368,162 |
| Continuing operations |
| Corporate Exploration Mining Consolidated |
| and |
| Production |
| $ $ $ |
| $ |
| |
| 31 December 2008 |
| Segment revenue 2,798,494 - 2,798,494 |
| - |
| |
| Segment result (681,871) (3,514,940) (554,897) (4,751,708) |
| |
| Segment assets 39,615,955 134,782,121 174,398,076 |
| - |
| Segment liabilities (7,784,030) (71,794,764) (79,578,794) |
| - |
| |
| Included within segment result: |
| Depreciation (138,091) (1,706) - (139,797) |
| Interest revenue 2,760,309 7,538 - 2,767,847 |
| Income tax benefit 191,064 363,604 554,668 |
| - |
| |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31
DECEMBER 2009
+------------------------------------------------------------------------+
| NOTE 5: COMMITMENTS AND CONTINGENT LIABILITIES |
| |
| Performance Bonds |
| Included in cash is a term deposit for performance bonds amounting to |
| $116,500 provided as security to various parties. |
+------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------+
| Smokey Hills Project Development |
+------------------------------------------------------------------------+
| Development of the concentrator plant and underground mine for the |
| Smokey Hills project has continued through 2009. Orders for further |
| work not recorded in liabilities were placed by the Consolidated |
| entity and amounted to R21,391,157 (2008: R50,288,227) or A$3,229,050 |
| (2008: A$7,692,389). |
+------------------------------------------------------------------------+
+-----+----+-----------------------------------------------------------------+
| Directors' declaration |
+----------------------------------------------------------------------------+
| |
| In the opinion of the directors of Platinum Australia Limited ("the |
| Company"): |
+----------------------------------------------------------------------------+
| 1. | The attached financial statements and notes thereto are in |
| | accordance with the Corporations Act 2001 including: |
+-----+----------------------------------------------------------------------+
| | a. | complying with Accounting Standards, the Corporations |
| | | Regulations 2001 and other mandatory professional reporting |
| | | requirements; and |
+-----+----+-----------------------------------------------------------------+
| | b. | giving a true and fair view of the consolidated entity's |
| | | financial position as at 31 December 2009 and of its |
| | | performance for the half-year then ended. |
+-----+----+-----------------------------------------------------------------+
| 2. | there are reasonable grounds to believe that the company will be |
| | able to pay its debts as and when they become due and payable. |
+-----+----------------------------------------------------------------------+
| |
| This declaration is signed in accordance with a resolution of the Board |
| of Directors, made pursuant to s.303(5) of the Corporations Act 2001. |
+----------------------------------------------------------------------------+
| |
+-----+----+-----------------------------------------------------------------+
+--------------------+------+-------------------------------------------------+
| J. Lewins | |
+--------------------+--------------------------------------------------------+
| Managing Director |
+-----------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------+
| Dated this 26th day of | |
| February 2010 | |
+---------------------------+-------------------------------------------------+
| | | |
+--------------------+------+-------------------------------------------------+
INDEPENDENT AUDITOR'S REVIEW REPORT
To the members of
PLATINUM AUSTRALIA LIMITED
We have reviewed the accompanying half-year financial report, which comprises
the condensed statement of financial position as at 31 December 2009, the
condensed statement of comprehensive income, condensed statement of changes in
equity, condensed statement of cash flows and notes to the financial statements
for the half-year ended on that date, and the directors' declaration, ofPlatinum
Australia Limited and the entities it controlled during the half-year ended 31
December 2009 ("consolidated entity").
Directors' Responsibility for the Half-Year Financial Report
The directors of the company are responsible for the preparation and fair
presentation of the half-year financial report in accordance with Australian
Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Act 2001. This responsibility includes designing, implementing
and maintaining internal controls relevant to the preparation and fair
presentation of the half-year financial report that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report
based on our review. We conducted our review in accordance with Auditing
Standard on Review Engagements ASRE 2410 Review of Interim and Other Financial
Reports Performed by the Independent Auditor of the Entity, in order to state
whether, on the basis of the procedures described, we have become aware of any
matter that makes us believe that the financial report is not in accordance with
the Corporations Act 2001, including giving a true and fair view of the
consolidated entity's financial position as at 31 December 2009 and its
performance for the half-year ended on that date; and complying with Accounting
Standard AASB 134 Interim Financial Reporting and the Corporations Regulations
2001. As the auditor ofPlatinum Australia Limited, ASRE 2410 requires that we
comply with the ethical requirements relevant to the audit of the annual
financial report.
A review of a half-year financial report consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of
the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half year financial report of Platinum
Australia Limited is not in accordance with the Corporations Act 2001,
including:
(a) giving a true and fair view of the consolidated entity's financial
position as at 31 December 2009 and of its performance for the half-year ended
on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001.
26 February 2010Partner
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GIGDDISDBGGL
Platinum Australia Ld (LSE:PLAA)
過去 株価チャート
から 5 2024 まで 6 2024
Platinum Australia Ld (LSE:PLAA)
過去 株価チャート
から 6 2023 まで 6 2024
