| Fri 24 Feb 2012, 8:00 | | NHM - Northam Platinum Limited - Interim report and dividend declaration for the |
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NHM
NHM
NHM - Northam Platinum Limited - Interim report and dividend declaration for the
six months ended 31 December 2011
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE000030912
("Northam Platinum" or "the company" or "the group")
INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED
31 DECEMBER 2011
KEY FEATURES:
- Improved production at Zondereinde
- Two-year wage deal signed
- Solid progress at Booysendal
- Financing facility in place
- Earnings up 161% to R198 million
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2011 2010 2011
Change % R000 R000 R000
Sales revenue 22.7 1 979 855 1 614 063 3 571 048
Cost of sales 13.7 1 759 343 1 546 932 3 185 754
operating costs 24.2 1 314 358 1 058 466 2 258 548
concentrates purchased (5.9) 343 643 365 148 787 316
refining and other costs 32.3 41 258 31 176 68 804
depreciation and
impairments 14.1 88 357 77 407 147 838
change in metal
inventories (28 273) 14 735 (76 752)
Operating profit 228.5 220 512 67 131 385 294
Share of earnings and
distributions from
associate 3 405 1 415 7 248
Investment revenue 33 060 50 397 85 520
Sundry income 32 050 11 891 53 148
Profit before tax 289 027 130 834 531 210
Taxation 90 871 54 977 182 001
Profit and total
comprehensive income
for the period
attributable to
shareholders 161.2 198 156 75 857 349 209
Reconciliation of
headline earnings
and per share
information
Profit and total
comprehensive income
attributable
to shareholders 198 156 75 857 349 209
Loss/(profit) on sale
of property, plant and
equipment 213 (84) 2 572
Insurance claim - - (36 267)
Tax effect (60) 24 9 435
Headline earnings 161.6 198 309 75 797 324 949
Earnings per share
- cents 146.7 51.8 21.0 96.2
Fully diluted earnings
per share - cents 147.8 51.8 20.9 96.2
Headlines earnings
per share - cents 147.1 51.9 21.0 89.5
Fully diluted headline
earnings per share
- cents 147.8 51.8 20.9 89.5
Dividends declared
per share - cents 5.0 5.0 15.0
Weighted average number
of shares in issue 382 416 190 360 747 809 363 087 830
Fully diluted number of
shares in issue 382 470 380 362 498 431 363 150 282
Number of shares in issue 382 416 190 361 258 500 382 416 190
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2011 2010# 2011#
R000 R000 R000
Cash flows from operating
activities 211 735 176 190 769 422
Profit before taxation 289 027 130 834 531 210
Depreciation and impairment 88 357 77 407 147 838
Change in working capital (107 014) (68 391) 182 380
Change in short-term provisions 5 508 3 555 6 073
Taxation paid (84 674) (99 839) (228 021)
Discontinuation of investment
in escrow - 91 458 91 458
Other 20 531 41 166 38 484
Cash flows utilised in
investing activities (899 252) (343 722) (197 171)
Property, plant, equipment,
and mining properties
and mineral reserves
additions to maintain
operations (124 060) (125 465) (268 932)
additions to expand
operations (785 190) (214 544) (688 394)
disposal proceeds 2 479 2 742 6 678
Cash distribution received
from associate 581 792 792
Township land and development
additions (6 572) (2 868) (234)
disposals proceeds 15 260 - 8 121
Increase in investments
held by Northam Platinum
Restoration Trust Fund (923) (1 039) (4 332)
Increase in investments held by
Environmental Guarantee Fund (827) (3 340) (8 708)
Cash and cash equivalents at
acquisition of subsidiary - - 757 838
Cash flows utilised in
financing activities (38 242) (51 293) (61 107)
Proceeds from issue of shares - 20 835 29 095
Dividends paid (38 242) (72 128) (90 202)
(Decrease)/increase in cash
and cash equivalents (725 759) (218 825) 511 144
Cash and cash equivalents at
beginning of period 1 697 853 1 186 709 1 186 709
Cash and cash equivalents
at end of period 972 094 967 884 1 697 853
# Restated
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2011 2010# 2011#
R000 R000 R000
Non-current assets
Property, plant and equipment 3 632 874 2 255 554 2 779 519
Mining properties and mineral
resources 4 526 178 5 665 110 5 719 416
Interest in associate and
joint ventures 506 852 130 365 505 327
Unlisted investment 6 6 6
Township land and development 47 230 66 672 55 918
Long term receivables 50 079 - 27 292
Investments held by Northam
Platinum Restoration Trust Fund 32 514 28 298 31 591
Environmental Guarantee Investment 30 298 24 103 29 471
8 826 031 8 170 108 9 148 540
Current assets 2 045 396 1 856 146 2 725 916
Inventories 634 619 504 657 604 647
Trade and other receivables 425 834 365 787 410 621
Cash and cash equivalents 972 094 967 884 1 697 853
Receiver of revenue 12 849 17 818 12 795
Mineral resources classified
as held for sale 1 180 300 - -
Total assets 12 051 727 10 026 254 11 874 456
Share capital and share premium 8 596 082 7 659 321 8 596 082
Retained earnings 1 523 108 1 085 591 1 363 194
Equity compensation reserve 183 921 146 116 156 076
Shareholders` equity 10 303 111 8 891 028 10 115 352
Non-current liabilities 635 465 528 357 584 480
Deferred tax liability 488 548 454 054 477 145
Long-term provisions 146 917 74 303 107 335
Current liabilities 1 113 151 606 869 1 174 624
Trade and other payables 910 521 525 381 972 350
Receiver of revenue 113 116 - 118 268
Short term provisions 89 514 81 488 84 006
Total equity and liabilities 12 051 727 10 026 254 11 874 456
Net asset value - cents
per share 2 694 2 461 2 645
# Restated
Interim consolidated statement of changes in equity
Equity
Share Share compensation Retained
Capital premium reserve earnings Total
R000 R000 R000 R000 R000
Balance at
1 July 2010 3 606 7 634 880 112 806 1 081 862 8 833 154
Share-based
payment expense 33 310 33 310
Profit and
total
comprehensive
income for the
period
attributable to
shareholders 75 857 75 857
Dividends
distributed (72 128) (72 128)
Issue of new
shares 6 20 829 20 835
Balance at
31 December
2010 3 612 7 655 709 146 116 1 085 591 8 891 028
Share-based
payment expense 32 285 32 285
Profit and
total
comprehensive
income for the
period
attributable to
shareholders 273 352 273 352
Transfer of
equity
compensation
reserve to
retained
earnings (22 325) 22 325 -
Dividends
distributed (18 074) (18 074)
Issue of new
shares 212 936 549 936 761
Balance at
30 June 2011 3 824 8 592 258 156 076 1 363 194 10 115 352
Share-based
payment expense 27 845 27 845
Profit and
total
comprehensive
income for the
period
attributable to
shareholders 198 156 198 156
Dividends
distributed (38 242) (38 242)
Balance at
31 December
2011 3 824 8 592 258 183 921 1 523 108 10 303 111
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2011 2010 2011
R000 R000 R000
CAPITAL COMMITMENTS
Booysendal
Authorised but not contracted 1 436 264 2 911 587 3 111 449
Contracted 1 323 710 732 413 762 336
2 759 974 3 644 000 3 873 785
Zondereinde mine
Authorised but not contracted 152 627 312 843 325 127
Contracted 107 565 33 974 59 125
260 192 346 817 384 252
OTHER COMMITMENTS
Information Technology
Outsource Service Provider
Due within one year 13 502 11 186 13 432
Due within two to five years 24 263 20 921 31 026
Operating lease rentals
- office equipment
Due within one year 221 1 016 1 182
Due within two to
five years 588 8 575
Operating lease rentals
- premises
Due within one year 3 749 459 3 872
Due within two to five years 11 434 - 11 504
More than five years 14 399 - 14 855
Bank guarantees issued 72 049 115 239 49 250
These commitments in respect of Zondereinde mine will be financed out of
operating cash flows.
The Booysendal commitments will be funded from a combination of internal
retentions and debt.
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2011 2010 2011
Change % R000 R000 R000
OPERATING STATISTICS *
Merensky
Development metres 18.3 3 163 2 673 5 899
Square metres mined 25.7 85 771 68 211 140 501
Tonnes milled 21.8 449 117 368 660 793 490
Head grade
(g/ton -
3PGEs + Au) 3.5 5.9 5.7 5.6
Available ore
reserves - months 18 20 18
UG2
Development metres 175.2 1 907 693 1 720
Square metres mined 68.5 87 992 52 220 125 726
Tonnes milled 69.2 549 481 324 800 797 355
Head grade
(g/ton -
3PGEs + Au) (2.2) 4.3 4.4 4.3
Available ore
reserves - months 24 24 24
Combined
Development metres 50.6 5 070 3 366 7 619
Square metres mined 44.3 173 763 120 431 266 227
Tonnes milled 44.0 998 598 693 460 1 590 845
Head grade
(g/ton
- 3PGEs + Au) (2.0) 5.0 5.1 4.9
FINANCIAL STATISTICS *
Precious metals in
concentrates
produced kg 26.5 4 592 3 629 7 779
Precious metals in
concentrates
purchased kg (6.7) 1 010 1 082 2 244
Precious metals
sold kg 13.1 5 295 4 682 9 872
Average price
realised R/kg 10.6 341 725 308 886 323 899
Operating costs R/kg (3.3) 302 636 313 026 307 203
Cash costs R/kg (2.2) 273 812 279 936 279 118
Precious metals in
concentrates
produced oz 26.5 147 636 116 665 250 110
Precious metals in
concentrates
purchased oz (6.7) 32 472 34 797 72 146
Precious metals
sold oz 13.1 170 238 150 527 317 392
Average price
realised US$/oz 2.9 1 388 1 349 1 439
Operating costs US$/oz (10.0) 1 231 1 367 1 363
Cash costs US$/oz (9.7) 1 114 1 233 1 238
Average exchange rate
realised US$1.00 = R 7.6 7.66 7.12 7.01
Operating costs per
tonne milled R/tonne (15.0) 1 392 1 638 1 502
Cash costs per tonne
milled R/tonne (14.0) 1 259 1 464 1 365
* Not audited or reviewed.
FINANCIAL RESULTS
The improved financial performance of the group is largely attributable to
higher production volumes from the Zondereinde mine in the first half of F2012
compared to the previous comparable period, which was overwhelmingly impacted by
the effects of a six-week strike.
Revenues increased by 22.7% to R1 979.9 million owing to a combination of a
13.1% increase in precious metals sold of 5 295kg, compared with 4 682kg sold in
the previous period, and an increase of 10.6% in the average rand basket price
realised of R341 725/kg (F2011 H1: R308 886/kg). The higher prices realised
reflect the effect of a slightly higher US dollar basket price of US$1 388/oz,
2.9% up on H1 F2011, along with a weakening in the South African currency
against the US dollar, with an average exchange rate of R7.66 prevailing,
compared to R7.12 for the previous period.
The higher operating costs, which increased by 24.2%, are largely attributable
to the increased production volumes as well as increases in mining input costs,
notably those of power and labour. Refining costs of R41.3 million, 32.3% higher
than H1 F2011, reflect the effect of the increased volumes, as well as the
impact of the weakening rand against the euro by 11.6%. A 6.7% drop in the
volume of metals in concentrates purchased to 1 010kg accounted for a
commensurate decline, of 5.9%, in the cost of concentrates purchased.
Depreciation and impairments increased by 14.1% reflecting additional property,
plant and equipment assets purchased during the current period.
The net result was a 13.7% increase in the cost of sales to R1 759.3 million.
Consequently operating profit increased from R67.1 million in
H1 F2011 to R220.5 million in the period under review.
The decline in investment revenue, comprising mainly interest, reflects the
effect of the lower cash balances, as a consequence of the development of the
Booysendal mine during the year. The higher sundry income reflects a reduction
in foreign exchange losses and an increase in treatment charges on purchased
concentrates. The net result is that net profit attributable to shareholders
increased to R198.2 million compared to R75.9 million in H1 F2011.
With the improved profitability of the group, cash flows from operating
activities increased to R211.7 million (H1 F2011: R176.2 million). Cash flows
utilised in investing activities rose to R899.3 million (H1 F2011: R343.7
million) reflecting the increased momentum in the construction and development
activities at the Booysendal mine. R785.2 million was spent on the development
of the Booysendal mine compared to R214.5 million in the previous comparable
period. Cash flows utilised in financing activities declined to R38.2 million
from R51.3 million, reflecting the reduction in dividends over the previous
period.
The net effect of these cash flow activities is a closing cash balance of R972.1
million, marginally higher than the R967.9 million recorded in the previous
comparable period. In keeping with its previously state policy of conserving
cash to fund the development of the Booysendal mine, the board has declared a
dividend of 5 cents per share (H1 F2011: 5 cents per share).
ZONDEREINDE MINE
Safety
The thoughts of the board and management go to the loved ones of Mr Tlou Komape,
a 32-year old South African, who died in a mining related accident on 20 July
2011.
Despite a sustained focus on safety and safety related issues by management and
the Department of Mineral Resources (DMR), safety indicators such as lost time
and reportable injury rates regressed during the period under review. Whilst the
total number of injuries recorded has declined over recent years, the severity
of injuries remains a concern.
The achievement of one million fatality free shifts at Zondereinde on 12
December 2011 is a tribute to the combined efforts of management and employees.
Operating performance
Predictably, post the strike in the previous comparable period, the Zondereinde
mine recorded an improved performance.
Total tonnes milled increased by 44.0% to 998 598 tonnes (F2011 H1: 693 460
tonnes) with the Merensky reef contributing 449 117 tonnes milled at a head
grade of 5.9g/t and the UG2 reef 549 481 tonnes milled at 4.3g/t. The combined
head grade however was 2.0% lower at 5.0g/t reflecting the higher ratio of the
lower grade UG2 to the total. Metals in concentrate produced increased by 26.5%
to 4 592kg (147 636oz). Concentrates purchased declined by 6.7% to 1 010kg (32
472oz). Total operating costs were 24.2% higher, while unit operating costs
declined by 3.3% year on year, reflecting the effect of the higher production
volumes.
Mining conditions on the Merensky reef continue to be challenging but steady
progress is being made in developing 6 and 7 levels to establish connectivity
between the upper and lower levels on the western side of the mine in order to
improve mining flexibility. The deepening project continues with ore reserve
development on 15 level in progress, with volumes forecast to improve from H1
2013.
Production lost due to Section 54 notices during the period under review
amounted to approximately 489kg (15 700oz). Based on the average price realised
during the period, this is equivalent to a value of R167.1 million.
Labour relations
The annual wage negotiations with the major employee representative bodies at
Zondereinde were concluded in November 2011. In terms of the two-year agreement
reached with both the National Union of Mineworkers (NUM) and Solidarity, the
average salary increases range from 9 to 9.5% for both years.
Capital expenditure
A total of R124.1 million was spent on capital expenditure during the period of
which R68.1 million was on the deepening project and the remainder on routine
capital. Capital expenditure is expected to amount to R294.0 million for the
2012 financial year.
Township land and development
Management is pleased to advise that a further 86 housing units were sold to
employees during the period under review, bringing the total to 186 since
inception of the housing scheme. The housing scheme was established to
facilitate home ownership for employees.
BOOYSENDAL MINE
Steady progress has been made at the Booysendal mine. Development of the on-reef
and reverse declines continues with reef exposures confirming expectations of
structure and grade.
On surface, the bulk earthworks and civil construction is largely complete with
the focus now on mechanical and electrical construction of plant infrastructure
and erection of mine buildings.
A total of R785.2 million has been spent in the current period for the
development of this mine. The estimated capital expenditure for F2012 is
expected to be R1.8 billion.
Financing agreement
Shareholders were advised on 14 November 2011 that Northam had entered into an
agreement with Nedbank Limited, acting through its Nedbank Corporate and Nedbank
Capital divisions, regarding a R1.0 billion 5-year revolving credit facility.
The raising of the facility is in line with the group`s previously stated
funding strategy to support its key strategic initiatives, specifically the
development of the Booysendal mine.
Together with Northam`s existing cash resources of approximately R1.0 billion at
31 December 2011 and
R1.2 billion from the proposed sale of the southern portion of Booysendal, the
facility provides Northam additional financial flexibility in the medium term.
Other assets
As part of the acquisition of Mvelaphanda Resources Limited in June 2011,
Northam acquired a 50% interest in the Dwaalkop platinum project, a 20.3%
interest in the issued share capital of Trans Hex Group Limited, a diamond
producing and marketing company listed on the JSE Limited and a 51.0% initial
participatory interest in the Kokerboom joint venture, a greenfields iron oxide
/ gold / copper and massive sulphide exploration project. The company continues
to investigate the best way to realise value from these assets.
Following the agreement with Aquarius Platinum Limited and Aquarius Platinum
(South Africa) (Proprietary) Limited to dispose of the mineral rights attached
to the southern portion of Booysendal for an amount of
R1.2 billion, the mineral resources have been classified as held for sale. The
agreement remains subject to a number of conditions precedent.
AUDITOR`S REVIEW
The financial results of the group have been reviewed by Mr C Maongera CA (SA)
of Ernst & Young Inc., the group`s auditors. A copy of their unmodified review
report is available for inspection at the company`s registered office.
Accounting policies - basis of preparation
The interim financial statement has been prepared on the historical cost basis,
except for financial instruments that are stated at fair value. The group
financial statements for the half year ended 31 December 2011 have been prepared
in accordance with IAS 34 - Interim Financial Reporting as well as AC500
Standards, as issued by the Accounting Practices Board or its successor and
incorporate the accounting policies which are consistent with those adopted in
the Financial year ended 30 June 2011, with the exception of the adoption of the
following amendments, standards or interpretations with effect from 1 July 2011:
Standard - Subject
IFRS 1 - IFRS 1 First time adoption of International Financial Reporting
Standards - Accounting policy changes in the year of adoption (Annual
improvements project 2010)
IFRS 1 - First time adoption of International Financial Reporting Standards -
Severe Hyperinflation and Removal of Fixed Dates for First time Adopters
(amendment)
IFRS 1 - First time adoption of International Financial Reporting Standards -
Revaluation basis as deemed cost (Annual improvements project 2010)
IFRS 1 - First time adoption of International Financial Reporting Standards -
Replacement of fixed dates for certain exceptions with the date of transition to
IFRS`s (amendment)
IFRS 1 - First time adoption of International Financial Reporting Standards -
Use of deemed cost for operations subject to rate regulation (Annual
improvements project 2010)
IFRS 7 Financial Instruments: Disclosures - Clarification of disclosures (Annual
improvements project 2010)
IAS 1 - Presentation of Financial Statements - Clarification of statement of
changes in equity (Annual improvements project 2010)
IAS 24 - Related Party Disclosure (revised)
IAS 34 - Interim Financial Reporting - Significant events and transactions
(Annual improvements project 2010)
IFRIC 13 - Customer Loyalty Programmes - Fair value of award credit (Annual
improvements project 2010)
IFRIC 14 - IAS 19 - The limit on a Defined Benefit Asset, Minimum Funding
Requirements and their interactions - Prepayment of a minimum funding
requirement (Amendment)
Through the annual improvements project, changes have been made to various
standards, without the standards being issued as "Revised". The adoption of
these amendments, standards and interpretations resulted in changes only in the
way in which the interim financial results statements are presented as well as
additional disclosures in the annual financial statements. They did not impact
any amounts disclosed in the Interim Consolidated Statement of Comprehensive
Income or Interim Consolidated Statement of Financial Position.
Restatement of comparatives
The group reclassified its comparatives with regard to the Toro Employee
Empowerment Trust. The underlying plan assets and plan liabilities, which were
previously shown on a gross basis which were equal and opposite, are now
recognised on a net basis; the values previously disclosed were equal and
opposite. This reclassification had no impact on net assets, net cash flows or
performance of the group.
Related parties
The group, in the ordinary course of business, enters into various sale,
purchase and lease transactions with a large number of entities, some of whom
are related parties. All transaction covered in this set of results are
concluded on an arm`s length basis.
Segmental report
The group has two distinct segments, Zondereinde mine and Booysendal mine. In
the current six month period, R785.2 million has been incurred for the
development of Booysendal mine (H1 F2011: R214.5 million). All the profit in the
period has been earned by Zondereinde mine.
Total assets in respect of the Booysendal Mine amount to R7 448.6 million (H1
F2011: R5 999.6 million). These have been allocated to property, plant and
equipment, mining properties, mineral reserves and receivables of Booysendal.
All the other assets relate to Zondereinde mine.
Going concern
The nature of all mining operations is finite, and their operations are
dependent on, inter alia, geological and technical factors, as well as other
economic factors, such as commodity prices and exchanges rates. There has been a
recovery in metal prices since the 2008 financial crisis and the outlook for
commodity prices and exchange rates, as well as the latest forecast of the
geology of the group`s mineral reserves are still favourable. The directors
therefore believe that the group is a going concern, and accordingly the group`s
consolidated results have been prepared on this basis.
Subsequent events
There have been no significant events subsequent to 31 December 2011 which
required adjustment or additional disclosure to the interim results.
PROSPECTS
Production in the second half of the year is likely to be slightly less than
that of H1 owing to more public holidays in the period, and will also be
dependent on geological conditions going forward. Costs are anticipated to be
reasonably contained. In the absence of any untoward disruptions to production,
and if the rand basket price were to remain at current levels (R335 000/kg)
(F2011: R323 899/kg) earnings for the year are anticipated to increase.
The information contained in this paragraph has not been reviewed by the group`s
auditors.
DIRECTORS
Mr JAK Cochrane has been appointed as a non-executive director of Northam with
effect from 10 November 2011.
COMPANY SECRETARY
Shareholders were advised of the resignation of Mr DL Swanepoel as company
secretary with effect from 24 October 2011 and the immediate appointment of Ms
PB Beale, effective on the same date.
Dividend
Dividend number 26 of 5 cents per share has been declared as an interim dividend
in South African currency, in respect of the half year ended
31 December 2011 (H1 F2011: 5 cents). In compliance with the requirements of
Strate the following dates are applicable:
Last day to trade "cum div" Thursday 15 March 2012
Trading will commence "ex div" Friday 16 March 2012
Record date Friday 23 March 2012
Payment date Monday 26 March 2012
No share certificates may be de-materialised or re-materialised between Friday,
16 March 2012 and Friday, 23 March 2012, both dates inclusive.
On behalf of the board
PL Zim GT Lewis
Chairman Chief executive officer
Johannesburg
22 February 2012
Directors: PL Zim (non-executive chairman), (Alternate: AK Gupta),
GT Lewis (chief executive officer) (British), AZ Khumalo (financial director),
ME Beckett (British), CK Chabedi, JAK Cochrane (British),
Ms NJ Dlamini (Dr), R Havenstein, Ms ET Kgosi, AR Martin, BR van Rooyen
(executive director-business development), MSMM Xayiya (Alternate:
MJ Willcox)
Company secretary: Ms PB Beale
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM
ISIN: ZAE 000030912
("Northam Platinum" or "the company" or "the group")
Registered office:
Block 1A, Albury Park
Magalieszicht Avenue,
Dunkeld West, Johannesburg
P O Box 412694,
Craighall, 2024,
Republic of South Africa
Sponsor: One Capital
These results are available on the Northam website at www.northam.co.za
Date: 24/02/2012 08:00:01 Produced by the JSE SENS Department.
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