Business
Preliminary Results for FY 2022 (unaudited)
Preliminary Results for FY 2022 (unaudited).
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n PETRA DIAMONDS LIMITED\n \n \n \n 13 September 2022\n \n \n LSE: PDL\n \n \n \n Preliminary Results for FY 2022 (unaudited)\n Record results and a significant turnaround in Petra’s net debt \n Petra announces its preliminary results (unaudited) for the year ended 30 June 2022 (Year or FY 2022). Separate announcement on the 2026 Loan Notes Tender offer issued today.\n Financial highlights\n \n Revenue up 44% to US$585 million\n Doubling of adjusted EBITDA to US$265 million\n Adjusted basic earnings per share up 219% to USc42.93\n Operational free cash flow up 91% to US$230 million\n Consolidated net debt of US$40.6 million, with leverage of 0.15x\n \n Enabling\n \n Launch of US$150 million tender offer to reduce gross debt\n Announcement of dividend policy\n \n Richard Duffy, Chief Executive Officer of Petra, commented:\n “We are delighted with our overall performance, which caps the turnaround begun three years ago. Our continued focus on safety has supported a 48% improvement in our LTIFR. Additionally, sustainability is being integrated across our business through the implementation of our new Sustainability Framework. Project 2022, now concluded, has delivered US$265 million in net free cash over its three years, contributing to our record financial results for FY2022. \n \n In addition to Project 2022, the key drivers were our record recovery of Exceptional Stones\n \n [1]\n \n , the resumption of operations at the Williamson mine, and a 41.5% increase in like-for-like\n \n [2]\n \n diamond prices. The diamond market remains broadly supportive as a result of the prevailing structural supply deficit, although ongoing macro-economic uncertainties may lead to some volatility in the short term. \n \n Our strong cash generation in FY 2022 has enabled us to target a further reduction in our gross debt through a tender offer for US$150 million of our 2nd lien notes, detailed in a separate release today. This will see us saving up to US$15 million annually in interest expenses.\n I am also very pleased to announce that, on the back of our much improved financial position, the Board has approved a dividend policy.”\n HIGHLIGHTS\n Strong financial performance driving the reduction in consolidated net debt\n \n \n US$m unless stated otherwise\n \n FY 2022\n \n \n \n FY 20212\n \n \n Variance\n \n \n \n Reve...