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Summarised financial results F2003 F2002 F2001 F2000 F1999 F1998 F1997 F1996 R000 R000 R000 R000 R000 R000 R000 R000 Income statement   Sales revenue 1 471 999 1 560 685 1 567 883 1 051 953 719 497 539 279 469 942 375 623 Cost of sales 1 086 571 975 549 779 501 691 925 596 285 547 449 580 444 481 222 Operating costs 1 004 327 803 514 731 826 586 938 525 797 475 168 443 131 394 285 Refining and other costs 68 549 41 394 29 601 32 068 35 742 32 227 39 963 30 604 Leased metal costs 14 149 - - - - - - - Depreciation 89 059 99 451 86 999 59 474 55 302 65 940 72 916 79 648 Change in metal stocks (89 513) 31 190 (68 925) 13 445 (20 556) (25 886) 24 434 (23 315) Operating profit 385 428 585 136 788 382 360 028 123 212 (8 170) (110 502) (105 599) Net investment income 64 140 52 023 39 714 27 199 17 908 4 348 5 213 9 992 Net sundry revenue/(expenditure) 23 946 20 793 4 256 (1 591) (1 980) 2 542 (182) 3 090 Profit before tax and    exceptional items 473 514 657 952 832 352 385 636 139 140 (1 280) (105 471) (92 517) Exceptional items - - - - 15 262 - - - Profit before tax 473 514 657 952 832 352 385 636 123 878 (1 280) (105 471) (92 517) Tax 198 601 259 121 308 143 122 817 (8 687) (28 488) (23 816) (21 399) Net Income for the year 274 913 398 831 524 209 262 819 132 565 27 208 (81 655) (71 118) Headline earnings 274 560 406 427 539 066 262 819 143 248 27 208 (81 655) (71 118) Balance sheet Fixed assets 1 334 203 1 249 774 1 261 159 1 184 868 900 920 944 586 977 683 1 030 548 Deferred tax - - - 166 485 271 511 253 904 225 416 201 600 Other non current assets 10 645 8 741 7 310 6 040 4 953 6 280 11 619 19 499 1 344 848 1 258 515 1 268 469 1 357 393 1 177 384 1 204 770 1 214 718 1 251 647 Current assets 747 907 1 038 062 882 506 661 781 398 161 254 859 225 176 263 005 Total assets 2 092 755 2 296 577 2 150 975 2 019 174 1 575 545 1 459 629 1 439 894 1 514 652 Shareholders' equity 1 515 508 1 892 908 1 965 439 1 900 201 1 477 862 1 356 693 1 329 485 1 411 140 Deferred tax 330 323 249 103 69 723 - - - - - Long term liabilities and provisions   11 442   9 393   8 179   6 835   29 514   49 587   51 818   53 542 Current liabilities 235 482 145 173 107 634 112 138 68 169 53 349 58 591 49 970 Total equity and liabilities 2 092 755 2 296 577 2 150 975 2 019 174 1 575 545 1 459 629 1 439 894 1 514 652 Cash flow statements   Operating cash flow 390 040 747 481 800 873 423 098 169 455 42 629 (8 432) (46 782) Investing cash flow (172 171) (87 575) (167 325) (343 389) (11 318) (32 843) (20 062) (18 936) Financing cash flow (654 207) (472 802) (467 764) 142 774 (37 800) 4 254 5 121 3 967 Dividends paid (439 449) (472 942) (460 682) (73 638) (18 403) - - - Share premium repaid (219 606) - - - - - - - Other financing cash flows 4 848 140 (7 082) 216 412 (19 397) 4 254 5 121 3 967 Net cash flow (436 338) 187 104 165 784 222 483 120 337 14 040 (23 373) (61 751) Cash and cash equivalents     at beginning of year 731 313 544 209 378 425 155 942 35 605 21 565 44 938 106 689 Cash and cash equivalents    at end of year 294 975 731 313 544 209 378 425 155 942 35 605 21 565 44 938
Northam Platinum Limited AR 2003	Forward-looking statements Top of page