PRL GLOBAL LTD — Annual Report 2013

Aug 29, 2013

APPENDIX 4E

PRELIMINARY FINAL REPORT

GIVEN TO THE ASX UNDER LISTING RULE 4.3A

CI RESOURCES LIMITED

ABN – 70 006 788 754 ACN – 006 788 754

FOR THE YEAR ENDED 30 JUNE 2013

RESULTS FOR ANNOUNCEMENT TO THE MARKET

This Preliminary Final Report is provided to the Australian Securities Exchange (ASX) under Listing Rule 4.3A

Current reporting period:

30 June 2013

Previous corresponding period: 30 June 2012

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Revenue and net profit	2013 $’000’s	2012 $’000’s	% Change
Revenue from ordinary activities	154,621	137,292	up 13%
Net Profit from ordinary activities after tax attributable to members	12,934	11,318	up 14%
Total Comprehensive Income for the period attributable to members	15,734	11,145	up 41%

Dividends

Dividends totaling 1.0cents per share have been declared and paid during the year ended 30 June 2013. The Directors do not recommend the payment of a final dividend in respect of the year ended 30 June 2013.

Review of Operations

CI Resources Limited (the Company) is the controlling shareholder of Phosphate Resources Limited (PRL), holding 63.05% of the shares of PRL and is represented on the Board by Mr Tee Lip Sin, Mr Tee Lip Jen and Dato' Kamaruddin bin Mohammed.

The reported results for CI Resources Limited are the consolidated results for the group including PRL and its subsidiaries.

The reported Net Profit attributable to members of the Company is $12.93 million. This equates to an Earnings Per Share of 17.75 cents.

This is a terrific result for the Company based upon an outstanding financial performance for the year by PRL and included other highlights by PRL; firstly the tenure on the main mining lease has been extended until 2034; and secondly a successful buy-back offer to eligible shareholders was completed.

The Board of CI Resources recognises the efforts and strong performance by the Board and Management of PRL for the year of operation.

PRL has posted a post-tax profit of $24.2 million for the year ended 30 June 2013, and has paid one dividend during this time. The Company received a total of $1.47 million in inflows from PRL with $1.097 million related to the November dividend and $374K related to the share buyback offer of which the company participated in.

The PRL Group consolidated profit was derived from mining, palm oil and ancillary services, with $20.8 million being achieved from the phosphate mining operations on Christmas Island and $2.1 million from palm oil plantation and milling operations in the Malaysian peninsula.

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Subsequent Events

There are no matters or circumstances that have arisen since 30 June 2013 that has significantly affected, or may significantly affect:

• (a) the consolidated entity’s operations in future financial years, or

• (b) the results of those operations in future financial years, or

(c) the consolidated entity’s state of affairs in future financial years.

Significant changes in the State of Affairs

There have been no significant changes in the state of affairs of the Consolidated Entity during the financial period other than items mentioned in review of operations.

Net tangible asset backing

Net tangible asset backing
Net assets _Less_intangible assets Net tangible assets of the company Fully paid ordinary shares on issue at balance date Net tangible asset backing per issued ordinary share as at balance date Earnings per share (attributable to the members of the parent) Basic earnings/(loss) per share (cents)	30 June 2013 $’000s 111,801 (7,158) 104,643 72,874,102 $1.44 17.75	30 June 2012 $’000s 97,137 (7,158)
		89,979 72,874,102 $1.23 15.5

Audit details

The financial statements of CI Resources are currently in the process of being audited.

For and on behalf of the directors

Mr David Somerville Chairman

Dated: 30 August 2013

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

CI RESOURCES LIMITED

Consolidated Statement of Comprehensive Income For the year ended 30 June 2013

Notes Revenue from continuing operations 1 Cost of sales 2a Gross Profit Other income Other expenses 2b Finance costs Profit from continuing operations before income tax Income tax expense Profit for the period after income tax Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Net currency translation differences Other comprehensive income for the year Total comprehensive income for the year Profit is attributable to: Non-controlling interest Members of CI Resources Limited Total comprehensive income for the year is attributable to: Non-controlling interest Members of CI Resources Limited Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the parent Basic earnings per share Diluted earnings per share Earnings per share for profit attributable to the ordinary equity holders of the parent: Basic earnings per share Diluted earnings per share	Consolidated 2013 $’000s 2012 $’000s 154,621 137,292 (102,822) (87,272)
	51,799 50,020 842 1,248 (16,909) (15,717) (1,048) (1,511)
	34,684 34,040 (10,322) (11,168)
	24,362 22,872 4,392 (173)
	4,392 (173)
	28,754 22,699
	11,428 11,554 12,934 11,318
	24,362 22,872
	13,020 11,554 15,734 11,145
	28,754 22,699
	17.75 cents 15.53 cents 17.75 cents 15.53 cents 17.75 cents 15.53 cents 17.75 cents 15.53 cents

The above Consolidated Statement Comprehensive Income should be read in conjunction with the accompanying notes

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

CI RESOURCES LIMITED

Consolidated Statement of Financial Position

As at 30 June 2013

Current assets Cash and cash equivalents Trade and other receivables Derivative financial assets Inventories Total current assets Non-current assets Other Financial Asset Plant & equipment Goodwill Biological assets Deferred tax assets Total non-current assets Total assets Current liabilities Trade and other payables Borrowings Tax liability Provisions Total current liabilities Non-current liabilities Borrowings Deferred tax liabilities Provisions Total non-current liabilities Total liabilities Net assets Equity Contributed equity Reserves Accumulated profits Non-controlling interest Total equity	Consolidated 2013 $’000s 2012 $’000s 40,582 36,606 26,212 29,486 - 384 9,920 12,106
	76,714 78,582
	14,855 13,016 51,526 45,003 7,158 7,158 11,231 11,135 7,831 6,549
	92,601 82,861
	169,315 161,443
	10,536 10,197 5,904 5,599 877 6,307 6,636 5,814
	23,953 27,857
	5,446 9,863 10,337 10,424 17,778 16,162
	33,561 36,449
	57,514 64,306
	111,801 97,137
	17,970 17,970 11,212 1,653 41,386 29,181
	70,568 48,804 41,233 48,333
	111,801 97,137

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

CI RESOURCES LIMITED

Consolidated Statement of Changes in Equity For the year ended 30 June 2013

Consolidated 1 July 2012 Profit for the year Other comprehensive income for the year Total comprehensive income for the year Transactions with owners in their capacity as owners: Acquisition of Minority Interest PRL Share Buyback: Return of Capital Dividend Paid Dividends paid 30 June 2013 1 July 2011 Profit for the year Other comprehensive income for the year Total comprehensive income for the year Transactions with owners in their capacity as owners: Acquisition of Minority Interest Dividends paid 30 June 2012	Contributed Equity $’000s Foreign currency translation Reserve $’000s Gain on Acquis- ition of NCI $’000s Retained earnings $’000s Owners of the Parent $’000s Non- controllin g Interest $’000s Total $’000s 17,970 (87) 1,740 29,181 48,804 48,333 97,137 - - - 12,934 12,934 11,428 24,362 - 2,800 - - 2,800 1,592 4,392
	- 2,800 - 12,934 15,734 13,020 28,754
	- - 1,278 - 1,278 (2,978) (1,700) - - 5,171 - 5,171 (5,872) (701) - - - - - (10,003) (10,003) - - - (729) (729) (957) (1,686)
	17,970 2,713 8,499 41,386 70,568 41,233 111,801
	17,970 86 1,587 18,592 38,235 38,549 76,784 - - - 11,318 11,318 11,554 22,872 - (173) - - (173) - (173)
	- (173) - 11,318 11,145 11,554 22,699
	- - 153 - 153 (414) (261) - - - (729) (729) (1,356) (2,085)
	17,970 (87) 1,740 29,181 48,804 48,333 97,137

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes .

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

CI RESOURCES LIMITED

Consolidated Statement of Cash Flows For the year ended 30 June 2013

Cash flows from operating activities Receipts from customers Payments to suppliers and employees (inclusive of goods and services tax) Interest received Borrowing Costs Income taxes paid Net cash flows (used in) / from operating activities after income tax Cash flows from investing activities Movement in term deposits Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Acquisition of Shares in Phosphate Resources Limited Net cash flows (used in) / from operating activities Cash flows from financing activities Borrowings Net Movement Finance lease principal paid Payments for buy-back of shares by a subsidiary Dividends paid Net cash flows from financing activities Net increase in cash and cash equivalents held Cash and cash equivalents at the beginning of the financial year Impact of foreign exchange Cash and cash equivalents at the end of the financial year	Consolidated 2013 $’000s 2012 $’000s 176,170 132,296 (124,447) (96,130) 845 561 (1,048) (908)
	(17,889) (7,640)
	33,631 28,179
	(1,840) (2,827) - 1,229 (11,387) (2,986) (1,700) (1,151)
	(14,927) (5,735)
	(3,936) (15,027) (175) - (10,704) - (1,686) (2,085)
	(16,501) (17,112)
	2,203 5,332 36,606 30,523 1,773 751
	40,582 36,606

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013

CI RESOURCES LIMITED

Notes to the Financial Statements For the financial year ended 30 June 2013

1. Revenue Revenue from continuing operations Sales Provision of services Interest received 2. Expenses Profit/(Loss) before income tax includes the following expenses: 2a Cost of sales Production costs Shipping & marketing Depreciation 2b Other expenses Net foreign exchange (gain) / loss Redundancy expense Depreciation (other expenses) Write off of goodwill Change in fair value of biological assets Administration Bad debt expense / (recovery) (other expenses) Allowance for inventory obsolescence	Consolidated 2013 $’000s 2012 $’000s 145,164 126,858 8,623 9,459 834 975 154,621 137,292 79,236 65,446 19,821 18,316 3,765 3,510
	102,822 87,272
	11 117 738 923 53 34 - 422 1,021 1,059 13,263 13,109 1,739 - 84 25
	16,909 15,689

3. Entities over which control has been gained or lost during the period

During the current year, the Company did not gain or lost control of any entities.

4. Controlled entities

CI Resources Limited owns 63.05% of Phosphate Resources Limited which is incorporated in Australia. The voting power in respect to Phosphate Resources is in proportion to ownership. The company did own 100% of Xi Feng International Pte Ltd which is incorporated in Singapore, this company was deregistered during the year.

5. Events occurring after reporting date

There are no matters or circumstances that have arisen since 30 June 2013 that has significantly affected, or may significantly affect:

• a) the consolidated entity’s operations in future financial years, or b) the results of those operations in future financial years, or

• c) the consolidated entity’s state of affairs in future financial years.

APPENDIX 4E - PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A CI RESOURCES LIMITED - FOR THE YEAR ENDED 30 JUNE 2013