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Five year
operating and financial review

  2012 2011* 2010* 2009* 2008
Statements of comprehensive income (R000)
Sales revenue 3 684 000 3 571 048 3 945 083 3 186 042 3 886 137
Cost of sales 3 345 311 3 185 754 3 160 108 2 368 129 1 608 648
Operating costs 2 632 926 2 242 006 2 230 369 1 905 889 1 626 610
Concentrates purchased 624 774 787 316 735 090 140 192 -
Refining and other costs 100 612 68 804 92 972 120 917 75 540
Depreciation and impairments 190 287 147 838 167 346 160 907 149 325
Change in metal inventories (203 288) (76 752) (65 669) 40 224 (242 827)
           
Operating profit 338 689 385 294 784 975 817 913 2 277 489
Share of earnings from associate 16 602 7 248 12 440 72 606 –
Investment revenue 53 951 85 520 167 655 130 417 97 507
Net sundry income/(expenditure) 43 343 53 148 9 557 (6 430) (16 145)
Profit before tax 452 585 531 210 974 627 1 014 506 2 358 851
Taxation 142 073 182 001 333 601 384 024 866 040
Profit after tax 310 512 349 209 641 026 630 482 1 492 811
Other comprehensive income          
Share of other comprehensive income from associate (9 868) – – – –
Profit and total comprehensive income for the year 300 644 349 209 641 026 630 482 1 492 811
Headline earnings 309 248 324 949 640 434 590 757 1 492 811
Statements of financial position (R000)
Property, plant and equipment 9 135 822 8 498 935 7 660 720 7 455 496 1 683 901
Investment in associates and other 505 415 505 327 129 741 130 106 –
Other non current assets 189 976 144 278 111 833 100 139 71 633
Non-current assets 9 831 213 9 148 540 7 902 294 7 685 741 1 755 534
Current assets 1 232 339 2 725 916 2 117 683 1 616 007 2 363 992
Inventories 811 183 604 647 521 462 468 254 504 980
Trade and other receivables 303 268 410 621 318 054 226 850 359 264
Investment in escrow - – 91 458 – -
Cash and cash equivalents 104 980 1 697 853 1 186 709 920 903 1 499 748
Receiver of revenue 12 908 12 795 - - -
Mineral resources classified as held for sale 1 180 300 – – – –
Total assets 12 243 852 11 874 456 10 019 977 9 301 748 4 119 526
Shareholders’ equity 10 413 247 10 115 352 8 833 154 8 332 186 2 903 871
Deferred tax 504 628 477 145 447 212 428 821 388 055
Non-current liabilities and provisions 143 972 107 335 64 948 53 838 55 858
Current liabilities 1 182 005 1 174 624 674 663 486 903 771 742
Total equity and liabilities 12 243 852 11 874 456 10 019 977 9 301 748 4 119 526
 
Statements of cash flows (R000)
Operating cash flow 437 662 769 422 839 683 671 236 1 546 908
Cash generated from operations 595 918 726 807 947 920 1 002 454 2 429 382
Investment revenue 50 723 82 183 163 625 127 739 95 454
Change in working capital (90 367) 182 380 783 357 340 (265 004)
Change in short-term provisions 12 460 6 073 9 111 (24 361) 35 305
Taxation paid (131 072) (228 021) (281 756) (791 936) (748 229)
Investing cash flow (2 010 021) (197 171) (373 237) (451 733) (263 795)
Financing cash flow (20 514) (61 107) (200 640) (798 348) (993 277)
Dividends paid (57 364) (90 202) (216 158) (802 122) (1 010 068)
Other financing cash flows 36 850 29 095 15 518 3 774 16 791
Net cash flow (1 592 873) 511 144 265 806 (578 845) 289 836
Cash and cash equivalents at
beginning of year		 1 697 853 1 186 709 920 903 1 499 748 1 209 912
Cash and cash equivalents at end of year 104 980 1 697 853 1 186 709 920 903 1 499 748

* Restated

  2012 2011 2010 2009 2008
Operating performance
Merensky          
Tons milled 884 660 793 490 1 002 208 1 050 404 1 059 624
Head grade – g/ton (3PGEs + Au) 5.9 5.6 5.9 5.8 5.6
UG2          
Tons milled 1 049 017 797 355 1 036 017 1 054 687 963 033
Head grade – g/ton (3PGEs + Au) 4.4 4.3 4.5 4.4 4.4
Combined          
Tons milled 1 933 677 1 590 845 2 038 225 2 105 091 2 022 657
Head grade – g/ton (3PGEs + Au) 5.1 4.9 5.2 5.1 5.0
Precious metals in concentrates
produced – kg		 8 979 7 779 9 999 9 408 9 113
Precious metals in concentrates
purchased – kg		 1 877 2 244 2 106 487 –
Precious metals sold – kg 9 980 9 872 12 313 10 362 8 586
Revenue – R/kg 335 325 323 899 288 255 280 609 409 159
Operating costs – R/kg 311 645 307 203 239 769 219 691 193 409
Cash costs – R/kg 283 934 279 118 215 900 199 680 175 197
Precious metals in concentrates
produced – oz		 288 675 250 100 321 475 302 474 292 989
Precious metals in concentrates
purchased – oz		 60 347 72 146 67 709 15 657 –
Precious metals sold – oz 320 861 317 392 395 879 333 147 276 059
Price realised – US$/oz 1 345 1 439 1 185 1 001 1 722
Operating costs – US$/oz 1 247 1 363 983 766 821
Cash costs – US$/oz 1 136 1 238 885 696 744
Sales per metal – oz          
Platinum 195 735 196 688 242 596 202 141 169 611
Palladium 92 000 90 710 116 303 97 940 81 103
Rhodium 27 095 23 550 28 655 27 271 20 666
Gold 6 031 6 444 8 325 5 795 4 678
Total – 3PGE + Au 320 861 317 392 395 879 333 147 276 059
Prices realised – US$/oz          
Platinum 1 622 1 698 1 452 1 152 1 668
Palladium 679 671 384 236 400
Rhodium 1 523 2 251 2 193 2 660 7 553
Gold 1 686 1 368 1 093 878 832
Basket – 3PGE + Au 1 345 1 439 1 185 1 001 1 722
Prices realised – R/kg          
Platinum 404 433 382 245 353 507 325 730 396 780
Palladium 169 151 150 703 93 417 66 509 94 894
Rhodium 381 165 508 056 532 925 721 775 1 792 075
Gold 421 395 308 068 266 527 249 094 196 990
Basket – 3PGE + Au 335 325 323 899 288 255 280 609 409 159

  2012 2011 2010 2009 2008
Financial performance
Operating margin – % 9.2 10.8 19.9 25.7 58.6
Effective tax rate – % 31.4 34.3 34.2 37.9 36.7
Return on shareholders’ equity – % 3.0 3.7 7.3 7.6 56.5
Return on total assets – % 2.5 2.9 6.4 6.7 36.2
Current ratio 1.0 2.3 3.1 3.3 3.1
Acid ratio 0.1 1.4 1.8 1.7 1.9
US Dollar / Rand exchange rate          
– average 7.77 7.01 7.59 8.92 7.32
– at year end 8.16 6.78 7.67 7.72 7.83

  2012 2011 2010 2009 2008
Share performance
Weighted average number of shares in issue – 000 382 426 363 088 360 292 343 162 238 007
Number of shares at year end – 000 382 497 382 416 360 642 359 910 238 688
Operating cash flow per share – cents 114.4 216.3 239.4 195.6 649.9
Earnings per share – cents 81.2 96.2 177.9 183.7 627.2
Headline earnings per share – cents 80.9 89.5 177.8 172.2 627.2
Dividends per share – cents 5.0 15.0 40.0 78.0 330.0
Dividend cover 16.2 17.9 4.4 2.2 1.9
Net asset value per share – cents 2 722.0 2 645.0 2 449.0 2 315.0 1 217.0
Share price (cents)          
– high 2 398 5 153 5 772 7 035 7 984
– low 2 281 3 920 2 700 1 650 3 800
– at year end 2 325 4 247 4 550 3 000 6 760
Platinum sector index at year end 51.2 69.5 73.5 63.0 128.5
Compound return over 5 years – % (11.3) 6.6 35.7 36.9 45.8
Average monthly volume of shares traded – 000 23 555 16 289 17 188 13 655 13 920
Annual liquidity (%) 73.9 53.8 57.2 47.8 70.2

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