Right offhand, I can't think where vertical projected area comes up in current API-650 calculations.
First equation, looks like pt is roof slope per foot. The 1/48 is a factor of 1/2 for OD to radius conversion, a factor of 1/2 for area of a triangle, and a factor of 12 for inch to foot conversion.
In the second equation, it looks like a factor of 1/4 is missing. The tan(4.76) = tangent of (4.76 degrees) = 1;12 pitch.
It should be triangle area = 1/2 x base x height = 1/2 x 18.29m x (18.29m/2 x tan(4.76)) = 1/4 x 18.29^2 x tan(4.76) = 6.97 m^2. I would guess someone confused radius and diameter there.