TIDMGEM
RNS Number : 8801T
Gemfields Group Limited
30 March 2021
Incorporated in Guernsey. Guernsey registration Number:
47656.
South African external company registration number
2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Audited Annual Results for the year ended 31 December 2020
LONDON, 30 MARCH 2021
Gemfields hereby announces the Company's audited financial
results for the year ended 31 December 2020 ("2020 Results"). The
content of this short form announcement is the responsibility of
the board of directors of the Company.
Shareholders are advised that this short form announcement
represents a summary of the information contained in the full
announcement and does not contain full or complete details of the
financial results.
Sean Gilbertson, CEO of Gemfields, commented:
"Gemfields faced unprecedented challenges in 2020 as a result of
Covid-19 and our full year results reflect the magnitude of the
impact. The spread of the virus meant that we have been unable to
hold auctions in our traditional format since February 2020. This
in turn resulted in the Group implementing assorted cash saving
measures, including suspending operations at the emerald and ruby
mines operated by Kagem Mining Limited ("Kagem") and Montepuez Ruby
Mining Limitada ("MRM") respectively. We believe the difficult
decisions taken during 2020 best position Gemfields for an optimal
recovery in 2021.
The multi-city mini-auctions, combined with a new online bidding
platform, provide important flexibility until travel and
congregating restrictions begin to ease later this year. We are
also very pleased with the recommencement of operations at both
Kagem and MRM and we anticipate they will both be fully operational
by the end of April 2021.
Finally, we are most grateful to the worldwide Gemfields team
for their perseverance, dedication and sacrifices during what has
been a challenging year littered with change and uncertainty. We
remain committed to, and confident in, our strategy of
consolidating our position as the world's leading supplier of
responsibly sourced African emeralds and rubies."
Any investment decisions by investors and/or shareholders should
be based on careful consideration of the full announcement as a
whole. The 2020 Results containing the audit opinion, including key
audit matters, is available for viewing on the Company's website at
www.gemfieldsgroup.com .
Please follow the link to the full results:
https://senspdf.jse.co.za/documents/2021/jse/isse/GMLE/AR20.pdf
The 2020 Results, including the audit opinion, may also be
requested at Gemfields' registered office, PO Box 186, Royal
Chambers, St. Julian's Avenue, St. Peter Port, Guernsey, GY1 4HP,
at no charge, during office hours from Tuesday, 30 March 2021.
Investors and/or shareholders may also request copies of the full
announcement from the Company Secretary via
companysecretary@gemfields.com .
Financial and Operating Results:
Year ended Year ended
31 December 31 December change
2020 2019
USD'000 USD'000 %
------------- ------------- ---------
Revenue 34,567 216,233 (84%)
------------- ------------- ---------
Operating (Loss)/Profit (24,497) 91,550 (127%)
------------- ------------- ---------
Net (Loss)/Profit (93,227) 39,131 (338%)
------------- ------------- ---------
EPS/LPS(1) (0.07) 0.02 (425%)
------------- ------------- ---------
HEPS/HLPS(1) (0.06) 0.01 (701%)
------------- ------------- ---------
EBITDA(2) (30,042) 80,892 (137%)
------------- ------------- ---------
31 December 31 December change
2020 2019
------------- ------------- ---------
USD'000 USD'000 %
------------- ------------- ---------
Net Asset Value (Parent
only) 412,573 494,261 (17%)
------------- ------------- ---------
Net (debt)/cash (12,643) 25,391 (150%)
------------- ------------- ---------
1 Earnings Per Share ("EPS") and Headline Earnings Per Share
("HEPS") disclosed to 2 decimal places in the table above, % change
based on actual number.
2 Earnings before interest, taxation, depreciation and
amortisation.
The short form announcement has itself not been audited,
however, the financial information included herein has been
extracted from the annual financial statements which have been
audited by the Company's auditors, BDO LLP; the auditor's report on
those financial statements was not qualified but included a
material uncertainty over the going concern assumption and a
reference to the Directors' disclosures on going concern.
Gemfields has not declared a final dividend.
-ENDS-
Further information on Gemfields Group Limited can be found
at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
companysecretary@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Mark
Lawrie
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
---------------------------------------
SEDIBELO SALE PROCESS Liberum
Nehal Patel
T: +44(0) 20 3100 2222
---------------------------------------
NOMINATED ADVISER finnCap
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern
/ Edward Whiley
T: +44(0) 20 7220 0500
---------------------------------------
JOINT BROKER Liberum
Clayton Bush / Scott Mathieson / Kane
Collings
T: +44(0) 20 3100 2222
---------------------------------------
FINANCIAL PR/ IR Camarco
Gordon Poole / Nick Hennis
T: +44(0) 20 3757 4980
---------------------------------------
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading supplier of responsibly sourced
coloured gemstones. Gemfields is the operator and 75% owner of both
the Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby mine in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds
controlling interests in various other gemstone mining and
prospecting licenses in Zambia, Mozambique, Ethiopia and
Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and
prestigious brand of exceptional heritage - enables Gemfields to
optimise positioning, perception and consumer awareness of coloured
gemstones, advancing the wider group's "mine and market"
vision.
Gemfields has developed a proprietary grading system and a
pioneering auction and trading platform to provide a consistent
supply of coloured gemstones to downstream markets, a key component
of Gemfields' business model and has played an important role in
the growth of the global coloured gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS | FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
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