Final audited results for the year ended 30 June 2016
Financial HighlightsRevenue of US$193.1 million (2015: US$171.4 million);
EBITDA(a) of US$69.4 million (2015: US$64.4 million);
Profit after tax of US$23.5 million (2015: US$12.3 million);
Cash at bank of US$41.5 million as at 30 June 2016 (2015: US$28.0 million); and
Cost of gemstone and Fabergé inventory of US$107.2 million (2015: US$101.1 million).
Production of rough emerald and beryl maintained at 30.0 million carats (2015: 30.1 million carats);
Average grade, inclusive of ore from bulk sampling pits, of 241 carats per tonne (2015: 242 carats per tonne);
Revenue of US$101.2 million with record US$70.68 per carat price achieved at higher quality auction;
Unit operating costs(b) up from US$1.48 per carat to US$1.58 per carat;
Cash rock handling unit costs(c) of US$2.48 per tonne (2015: US$2.90 per tonne);
Continued focus on safety management, awarded the Green Award for exemplary environmental management; and
Updated Competent Persons Report (“CPR”) (on a 100% attributable basis):
Measured, Indicated and Inferred Mineral Resource of 1.8 billion carats of emerald and beryl at an in-situ grade of 281 carats per tonne;
Proven and Probable Ore Reserves of 1.1 billion carats of rough emerald and beryl at a diluted ore grade of 291 carats per tonne;
25year Life of Mine (“LoM”) open pit operations; and
Net Present Value (“NPV”) of US$520 million (based on a 10% discount rate), based on the previous tax regime.
Continued production growth of rough ruby and corundum of 10.3 million carats (2015: 8.4 million carats);
Higher grade achieved of 35 carats per tonne (2015: 26 carats per tonne);
Revenue of US$73.1 million, with an average price of US$45.50 per carat;
68% increase in higher quality rough rubies recovered;
Marginally lower unit operating costs(b) at US$2.54 per carat compared with US$2.57 per carat
Cash rock handling unit costs(c) of US$6.06 per tonne (2015: US$6.16 per tonne); and
Maiden JORC Resource and Reserve Statement in July 2015 by SRK (on a 100% attributable basis):
Total Indicated and Inferred Mineral Resource of 467 million carats;
Probable Ore Reserves of 432 million carats;
Projected 21-year LoM; and
NPV of US$996 million (based on a 10% discount rate).
Continued recognition of quality and improving brand recognition:
Won the ‘Ladies Hi-Mechanical’ category at the prestigious Grand Prix d’Horlogerie de Genève ("GPHG")awards in October 2015, the Swiss watchmaking industry’s highest honour, for its ‘Lady Compliquée Peacock’timepiece;
The ‘Lady Peacock Emerald’ variant of the timepiece also won the ‘Ladies Complication’ award at Watchfair Luxembourg in June, 2016; and
The highly acclaimed Fabergé Visionnaire DTZ men’s watch qualified as an entrant for the GPHG 2016 award
Increased revenue by 33% as Fabergé continued to expand its global presence and increased the number of agreements with multi-brand retail partners; and
Improved level of consumer awareness and demand, the number of units sold and delivered increasing by 81%.
Emeralds, Ethiopia - A diamond drilling crew was mobilised at Dogogo South Block, Ethiopia, in June 2016 and drilling commenced in July 2016;
Sapphires, Sri Lanka - Trading centres established in Colombo and Ratnapura; and
Emeralds, Colombia - Gemfields expanded the size of its operating team and in-country footprint with further groundwork being undertaken.
Continued high-profile marketing projects including new partnerships with Bergdorf Goodman and High Jewellery designer collaborations with Chopard, Georg Jensen and VanLeles; and
Launched new integrated global ruby marketing campaign. The campaign includes a triptych of films featuring upand-coming global female talent from around the world which has been received to wide acclaim.