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ANNUAL INTEGRATED REPORT 2013  

Five-year operating and financial review

Statements of comprehensive income (R000)
  2013 2012 2011* 2010* 2009*
Sales revenue 4 420 977 3 684 000 3 571 048 3 945 083 3 186 042
Cost of sales 3 813 301 3 345 311 3 185 754 3 160 108 2 368 129
Operating costs 2 826 094 2 632 926 2 242 006 2 230 369 1 905 889
Concentrates purchased 657 540 624 774 787 316 735 090 140 192
Refining and other costs 161 591 100 612 68 804 92 972 120 917
Depreciation and impairments 234 690 190 287 147 838 167 346 160 907
Change in metal inventories (66 614) (203 288) (76 752) (65 669) 40 224
           
Operating profit 607 676 338 689 385 294 784 975 817 913
Share of profits from associate/ dividends received 13 783 16 602 7 248 12 440 72 606
Investment revenue 33 434 53 951 85 520 167 655 130 417
Finance charges (17 946)
Net sundry income/(expenditure) 60 108 43 343 53 148 9 557 (6 430)
Profit before tax 697 055 452 585 531 210 974 627 1 014 506
Taxation 169 054 142 073 182 001 333 601 384 024
Net profit after tax 528 001 310 512 349 209 641 026 630 482
Other comprehensive income          
Share of other comprehensive income from associate (4 145) (9 868)
Profit and total comprehensive income for the year 523 856 300 644 349 209 641 026 630 482
Headline earnings 522 182 309 248 324 949 640 434 590 757
Statements of financial position (R000)
  2013 2012 2011* 2010* 2009*
Property, plant and equipment 11 931 051 9 135 822 8 498 935 7 660 720 7 455 496
Interests in associates and joint ventures 495 498 505 415 505 327 129 741 130 106
Other non-current assets 196 440 189 976 144 278 111 833 100 139
Non-current assets 12 622 989 9 831 213 9 148 540 7 902 294 7 685 741
Current assets 1 734 675 1 232 339 2 725 916 2 117 683 1 616 007
Inventories 878 530 811 183 604 647 521 462 468 254
Trade and other receivables 547 920 303 268 410 621 318 054 226 850
Investment in escrow 91 458
Cash and cash equivalents 298 580 104 980 1 697 853 1 186 709 920 903
Receiver of revenue 9 645 12 908 12 795
Mineral resources classified as held-for-sale 1 180 300
Total assets 14 357 664 12 243 852 11 874 456 10 019 977 9 301 748
Shareholders’ equity 10 815 635 10 413 247 10 115 352 8 833 154 8 332 186
Deferred tax 476 053 504 628 477 145 447 212 428 821
Domestic medium term notes 1 250 000
Non-current liabilities and provisions 271 773 143 972 107 335 64 948 53 838
Current liabilities 1 544 203 1 182 005 1 174 624 674 663 486 903
Total equity and liabilities 14 357 664 12 243 852 11 874 456 10 019 977 9 301 748
Statements of cash flows (R000)
  2013 2012 2011* 2010* 2009*
Operating cash flow 622 463 437 662 769 422 839 683 671 236
Cash generated from operations 877 529 595 918 726 807 947 920 1 002 454
Investment revenue 33 434 50 723 82 183 163 625 127 739
Change in working capital (281 104) (90 367) 182 380 783 357 340
Change in short-term provisions 8 204 12 460 6 073 9 111 (24 361)
Interest paid 123 703
Taxation paid (139 303) (131 072) (228 021) (281 756) (791 936)
Investing cash flow (1 801 501) (2 010 021) (197 171) (373 237) (451 733)
Financing cash flow 1 372 638 (20 514) (61 107) (200 640) (798 348)
Dividends paid (21 747) (57 364) (90 202) (216 158) (802 122)
Finance charges (123 703)
Revolving credit facilities utilised 250 000
Domestic medium term notes issued 1 250 000
Other financing cash flows 18 088 36 850 29 095 15 518 3 774
Net cash flow 193 600 (1 592 873) 511 144 265 806 (578 845)
Cash and cash equivalents at beginning of year 104 980 1 697 853 1 186 709 920 903 1 499 748
Cash and cash equivalents at end of year 298 580 104 980 1 697 853 1 186 709 920 903
  2013 2012 2011 2010 2009
Operating performance
Merensky          
Tons milled 958 211 884 660 793 490 1 002 208 1 050 404
Head grade – g/ton (3PGEs + Au) 5.8 5.9 5.6 5.9 5.8
UG2          
Tons milled 1 157 501 1 049 017 797 355 1 036 017 1 054 687
Head grade – g/ton (3PGEs + Au) 4.2 4.4 4.3 4.5 4.4
Combined          
Tons milled 2 115 712 1 933 677 1 590 845 2 038 225 2 105 091
Head grade – g/ton (3PGEs + Au) 4.9 5.1 4.9 5.2 5.1
Precious metals in concentrates produced – kg 9 041 8 979 7 779 9 999 9 408
Precious metals in concentrates purchased – kg 1 633 1 877 2 244 2 106 487
Precious metals sold – kg 10 704 9 980 9 872 12 313 10 362
Revenue – R/kg 365 217 335 325 323 899 288 255 280 609
Operating costs – R/kg 334 899 311 645 307 203 236 769 219 691
Cash costs – R/kg 309 421 283 934 279 118 215 900 199 680
Precious metals in concentrates produced – oz 290 675 288 675 250 100 321 475 302 474
Precious metals in concentrates purchased – oz 52 502 60 347 72 146 67 709 15 657
Precious metals sold – oz 344 128 320 861 317 392 395 879 333 147
Price realised – US$/oz 1 276 1 345 1 439 1 185 1 001
Operating costs – US$/oz 1 181 1 247 1 363 983 766
Cash costs – US$/oz 1 091 1 136 1 238 885 696
Sales per metal – oz          
Platinum 212 373 195 735 196 688 242 596 202 141
Palladium 100 716 92 000 90 710 116 303 97 940
Rhodium 25 281 27 095 23 550 28 655 27 271
Gold 5 757 6 031 6 444 8 325 5 795
Total – 3PGE + Au 344 127 320 861 317 392 395 879 333 147
Prices realised – US$/oz          
Platinum 1 568 1 622 1 698 1 452 1 152
Palladium 683 679 671 384 236
Rhodium 1 117 1 523 2 251 2 193 2 660
Gold 1 584 1 686 1 368 1 093 878
Basket – 3PGE + Au 1 276 1 345 1 439 1 185 1 001
Prices realised – R/kg          
Platinum 448 004 404 433 382 245 353 507 325 730
Palladium 195 716 169 151 150 703 93 417 66 509
Rhodium 322 085 381 165 508 056 532 925 721 775
Gold 455 474 421 395 308 068 266 527 249 094
Basket – 3PGE + Au 365 217 335 325 323 899 288 255 280 609
  2013 2012 2011* 2010* 2009*
Financial performance
Operating margin – % 13.7 9.2 10.8 19.9 25.7
Effective tax rate – % 24.3 31.4 34.3 34.2 37.9
Return on shareholders’ equity – % 5.0 3.0 3.7 7.3 7.6
Return on total assets – % 3.7 2.5 2.9 6.4 6.7
Current ratio 1.1 1.0 2.3 3.1 3.3
Acid ratio 0.2 0.1 1.4 1.8 1.7
US Dollar / Rand exchange rate          
– average 8.82 7.77 7.01 7.59 8.92
– at year end 10.01 8.16 6.78 7.67 7.72
  2013 2012 2011* 2010* 2009*
Share performance
Weighted average number of shares in issue – 000 382 561 382 426 363 088 360 292 343 162
Number of shares at year end – 000 382 586 382 497 382 416 360 642 359 910
Operating cash flow per share – cents 162.7 114.4 216.3 239.4 195.6
Earnings per share – cents 132.0 81.2 96.2 177.9 183.7
Headline earnings per share – cents 136.5 80.9 89.5 177.8 172.2
Dividends per share – cents 5.0 15.0 40.0 78.0
Dividend cover 16.2 17.9 4.4 2.2
Net asset value per share – cents 2 827.0 2 722.0 2 645.0 2 449.0 2 315.0
Share price (cents)          
– high 4 098 2 398 5 153 5 772 7 035
– low 2 251 2 281 3 920 2 700 1 650
– at year end 3 200 2 325 4 247 4 550 3 000
Platinum sector index at year end 37.1 51.2 69.5 73.5 63.0
Compound return over 5 years – % (13.2) (11.3) 6.6 35.7 36.9
Average monthly volume of shares traded – 000 20 257 23 555 16 289 17 188 13 655
Annual liquidity (%) 63.5 73.9 53.8 57.2 47.8