Wrap Text
Audited Annual Results for the year ended 31 December 2020
Gemfields Group Limited
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 31 Year ended 31
December 2020 December 2019 change
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/LPS1 (0.07) 0.02 (425%)
HEPS/HLPS(1) (0.06) 0.01 (701%)
EBITDA(2) (30,042) 80,892 (137%)
31 December 2020 31 December 2019 change
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
Date: 30-03-2021 08:00:00
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