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Click CODE for more details on the companyANGLO AMERICAN PLATINUM CORPORATION LTD - INTERIM REPORT
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration Number 1946/022452/06)
JSE Code: AMS
ISIN: ZAE000013181
A member of the Anglo American plc group
INTERIM REPORT
for the six months ended 30 June 2002
Highlights for the six months ended 30 June 2002
Headline earnings per share (cents) 1 222,8
Dividend per share (cents) 900,0
Increase in unit cost* + 6,6% +
*Includes all operations except Bafokeng-Rasimone Platinum Mine and
Rustenburg UG2 Phase I Project, both of which are in a production
ramp-up phase.
+ Compared to the six month period ended 30 June 2001.
Consolidated income statement
Reviewed Reviewed
Six Six Audited
months months
ended ended Year
ended
30 June 30 June % 31
December
R millions 2002 2001 2001
Change
Gross sales revenue 9 697,6 9 919,8 18 690,9
Commissions paid 433,2 441,8 812,0
Net sales revenue 9 264,4 9 478,0 (2,3) 17 878,9
Cost of sales 4 463,6 3 745,4 (19,2) 8 262,9
Cash operating costs 3 960,6 3 342,6 7 044,5
On-mine costs 3 316,8 2 835,3 5 948,6
Smelting costs 282,2 208,6 441,9
Treatment and refining 361,6 298,7 654,0
costs
Amortisation 343,8 252,6 498,8
(Increase)/decrease in (146,3) (125,7) 45,1
metal inventories
Other costs 305,5 275,9 674,5
Gross profit on metal 4 800,8 5 732,6 (16,3) 9 616,0
sales
Other net (519,0) 321,1 2 452,7
(expenditure)/income +
Profit on disposal of 25,0 - -
mineral rights
Market development and (139,4) (102,4) (251,0)
promotional expenditure
Operating profit 4 167,4 5 951,3 (30,0) 11 817,7
Net investment income 107,4 231,3 340,3
Income from associate 105,6 108,7 170,6
Profit before taxation 4 380,4 6 291,3 (30,4) 12 328,6
Taxation 1 735,0 2 207,4 21,4 4 308,8
Normal 1 303,0 1 820,7 3 562,1
Current 896,4 1 688,1 3 054,1
Deferred 406,6 132,6 508,0
Secondary tax on companies 432,0 386,7 746,7
(STC)
Net profit 2 645,4 4 083,9 (35,2) 8 019,8
Headline earnings 2 620,4 4 083,9 (35,8) 8 019,8
Number of ordinary shares 214,7 217,5 214,1
in issue (millions)
Weighted average number of 214,3 217,2 217,0
ordinary shares in issue
(millions)
Earnings per share (cents)
- Basic 1 234,4 1 880,2 (34,3) 3 695,8
- Headline 1 222,8 1 880,2 (35,0) 3 695,8
- Diluted (basic) 1 216,8 1 848,8 3 637,1
(34,2)
- Diluted (headline) 1 205,3 1 848,8 (34,8) 3 637,1
Dividends per share 900,0 1 100,0 (18,2) 2 200,0
(cents)
- Interim 900,0 1 100,0 1 100,0
- Final - - 1 100,0
- Special dividend (cents) - - - 500,0
Dividend cover (headline 1,4 1,7 (17,6) 1,7
earnings before special
dividend)
Reconciliation between net
profit and headline
earnings
Net profit 2 645,4 4 083,9 (35,2) 8 019,8
Adjustment:
Profit on disposal of (25,0) - -
mineral rights
Headline earnings 2 620,4 4 083,9 (35,8) 8 019,8
+ Mainly relates to foreign exchange gains and losses.
Consolidated balance sheet
Reviewed Reviewed Audited
as at as at as at
30 June 30 June 31
December
R millions 2002 2001 2001
ASSETS
Non-current assets
Property, plant and equipment 8 884,0 7 233,7 7 008,3
Capital work-in-progress 3 468,4 1 376,4 3 912,9
Platinum Producers` 73,1 56,0 69,5
Environmental Trust
Investment in associate 301,2 295,8 265,7
Non-current receivable 231,6 198,6 212,1
12 958,3 9 160,5 11 468,5
Current assets 5 630,2 9 032,3 9 059,6
Inventories 1 491,5 1 490,4 1 326,4
Accounts receivable 1 800,6 1 967,5 1 946,8
Cash and cash equivalents 2 338,1 5 574,4 5 786,4
Total assets 18 588,5 18 192,8 20 528,1
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 21,5 21,8 21,4
Share premium 1 252,5 1 867,4 1 203,6
Accumulated profits before 10 511,7 10 245,6 11 296,6
proposed dividends and STC
Accumulated profits after 8 337,9 7 554,1 7 449,0
proposed dividends and STC
Proposed ordinary dividends 1 932,3 2 392,5 2 354,0
Proposed special dividend - - 1 070,0
STC 241,5 299,0 423,6
Shareholders` equity 11 785,7 12 134,8 12 521,6
Non-current liabilities 3 672,5 2 943,1 3 266,3
Borrowings - 8,0 -
Deferred taxation 2 940,7 2 199,9 2 562,3
Provision for environmental 183,5 162,9 174,3
rehabilitation
Employees` service benefits 548,3 572,3 529,7
Current liabilities 3 130,3 3 114,9 4 740,2
Accounts payable 1 350,9 1 164,0 1 731,6
Taxation 1 779,4 1 950,9 3 008,6
Total equity and liabilities 18 588,5 18 192,8 20 528,1
Group statement of changes in shareholders` equity
Share Share Accumulated
R millions capital premium profits Total
Balance as at 31 December 21,7 1 836,4 9 856,0 11 714,1
2000 (Audited)
Net profit 4 083,9 4 083,9
Dividend paid in cash (3 694,3) (3 694,3)
Share capital issued 0,1 31,0 31,1
Balance as at 30 June 2001 21,8 1 867,4 10 245,6 12 134,8
(Reviewed)
Net profit 3 935,9 3 935,9
Dividend paid in cash (2 393,1) (2 393,1)
Share capital issued -* 39,7 39,7
Repurchase of ordinary shares (0,4) (703,5) (491,8) (1 195,7)
Company 2 228 267 shares at (0,2) (701,4) - (701,6)
cost (cancelled)
Subsidiary 1 673 400 shares (0,2) - (490,2) (490,4)
at cost
Associated expenditure - (2,1) (1,6) (3,7)
Balance as at 31 December 21,4 1 203,6 11 296,6 12 521,6
2001 (Audited)
Net profit 2 645,4 2 645,4
Dividend paid in cash (3 430,3) (3 430,3)
Share capital issued 0,1 48,9 49,0
Balance as at 30 June 2002 21,5 1 252,5 10 511,7 11 785,7
(Reviewed)
* R100 000 or less for the full year.
Consolidated cash flow statement
Reviewed Reviewed
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
R millions 2002 2001 2001
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers 9 234,4 9 225,0 17 700,8
Cash paid to suppliers and (5 057,7) (3 477,6) (5 122,3)
employees +
Cash from operations 4 176,7 5 747,4 12 578,5
Interest paid (19,8) (2,7) (19,9)
Taxation paid (2 551,3) (1 932,0) (2 588,7)
Net cash from operating 1 605,6 3 812,7 9 969,9
activities
CASH FLOWS USED IN INVESTING
ACTIVITIES
Purchase of property, plant (2 477,4) (1 002,2) (3 586,1)
and equipment
To maintain operations (630,5) (343,5) (1 117,7)
To expand operations (1 846,9) (658,7) (2 468,4)
Proceeds from sale of plant 632,3 15,0 31,7
and equipment
Investment in associate (0,3) - (2,4)
Interest received 132,2 240,4 368,3
Growth in Platinum Producers` 3,6 2,7 5,6
Environmental Trust
Dividends received from 36,4 51,8 121,6
associate
Other dividends received 0,6 0,6 1,2
Net cash used in investing (1 672,6) (691,7) (3 060,1)
activities
CASH FLOWS USED IN FINANCING
ACTIVITIES
Proceeds from issuance of 0,1 0,1 0,1
share capital
Increase in share premium 48,9 31,0 70,7
Own shares repurchased - - (1 195,7)
Decrease in long-term - (6,2) (33,9)
borrowings
Dividends paid (3 430,3) (3 694,3) (6 087,4)
Net cash used in financing (3 381,3) (3 669,4) (7 246,2)
activities
Net decrease in cash and cash (3 448,3) (548,4) (336,4)
equivalents
Cash and cash equivalents at 5 786,4 6 122,8 6 122,8
beginning of year
Cash and cash equivalents at 2 338,1 5 574,4 5 786,4
end of period/year
+ Includes foreign exchange gains and losses.
Notes to the interim report
1. This interim report complies with International Accounting
Standard 34 - Interim Financial Reporting and South African Statement
of Generally Accepted Accounting Practice, AC127, with the same
title, and with Schedule 4 of the South African Companies Act.
2. The interim report has been prepared using accounting policies
that comply with South African Statements of Generally Accepted
Accounting Practice and International Accounting Standards. These
policies are consistent with those applied in the financial
statements for the year ended 31 December 2001. An accounting policy
is added for the accounting treatment of joint ventures because the
Group entered into a joint venture for the first time during this
interim period. The policy is as follows:
Joint ventures
The Group`s interest in jointly controlled entities is accounted for
through proportionate consolidation. Under this method the Group
includes its share of the joint ventures` individual income and
expenses, assets and liabilities in the relevant components of its
financial statements on a line-by-line basis.
In respect of its interests in jointly controlled operations, the
Group recognises the assets that it controls and the liabilities that
it incurs, as well as its share of the income that it earns and the
expenses that it incurs from the jointly controlled operation.
3. Contingent liabilities
The contingent liabilities disclosed in the 2001 annual report still
exist, except for the guarantee given to BoE Merchant Bank, a
division of BoE Limited, which bank supplied an interim loan facility
to African Rainbow Minerals Mining Consortium Limited ("ARM"). This
guarantee was cancelled on 20 June 2002.
Notes to the interim report (continued)
Reviewed Audited
Reviewed
as at as at as at
30 June 30 June 31
December
R millions 2002 2001 2001
Investments
Listed investment in associate
- Carrying amount 301,2 295,8 265,7
- Market value 874,2 796,6 869,5
Capital expenditure for the 2 477,4 1 002,2 3 586,1
period/year
Commitments
Mining property, plant and
equipment
Contracted for 1 532,3 1 646,1 1 849,0
Not yet contracted for 10 262,9 5 445,2 9 591,7
Authorised by the directors 11 795,2 7 091,3 11 440,7
Allocated for:
Expansion of capacity 8 560,6 5 866,9 9 345,0
- within remainder of financial 2 309,3 2 198,8 2 987,9
year/ next financial year
- thereafter 6 251,3 3 668,1 6 357,1
Maintenance of capacity 3 234,6 1 224,4 2 095,7
- within remainder of financial 946,4 719,8 1 073,6
year/ next financial year
- thereafter 2 288,2 504,6 1 022,1
Other
Operating lease rentals - premises 45,1 56,8 50,6
- within remainder of financial 7,1 6,2 13,4
year/ next financial year
- thereafter 38,0 50,6 37,2
Information Technology Service 179,6 230,4 209,6
Providers
- within remainder of financial 26,0 29,5 56,0
year/ next financial year
- thereafter 153,6 200,9 153,6
Amortisation and depreciation of 365,9 270,9 532,8
property, plant and equipment
Amortisation of operating assets 343,8 252,6 498,8
Mining 287,9 205,9 409,4
Smelting 25,8 19,3 38,9
Treatment and refining 28,8 26,0 47,7
Decommissioning asset 1,3 1,4 2,8
Depreciation - non-mining assets 22,1 18,3 34,0
Profit on sale of plant and 2,7 3,7 9,5
equipment
Supplementary information
Consolidated income statement
UNITED STATES DOLLAR EQUIVALENT
Reviewed Reviewed
Six Six Audited
months months
ended ended Year ended
30 June 30 June 31
December
US$ millions 2002 2001 2001
Gross sales revenue 882,8 1 251,0 2 168,8
Commissions paid 39,4 55,7 94,2
Net sales revenue 843,4 1 195,3 2 074,6
Cost of sales 406,3 472,4 958,8
Cash operating costs 360,5 421,6 817,4
On-mine costs 301,9 357,6 690,2
Smelting costs 25,7 26,3 51,3
Treatment and refining costs 32,9 37,7 75,9
Amortisation 31,3 31,9 57,9
Increase)/decrease in metal (13,3) (15,9) 5,2
inventories
Other costs 27,8 34,8 78,3
Gross profit on metal sales 437,1 722,9 1 115,8
Other net (expenditure)/income + (47,2) 40,5 284,6
Profit on disposal of mineral 2,3 - -
rights
Market development and promotional (12,7) (12,9) (29,1)
expenditure
Operating profit 379,5 750,5 1 371,3
Net investment income 9,8 29,2 39,5
Income from associate 9,6 13,7 19,8
Profit before taxation 398,9 793,4 1 430,6
Taxation 157,9 278,4 499,9
Normal 118,6 229,6 413,3
Current 81,6 212,9 354,4
Deferred 37,0 16,7 58,9
STC 39,3 48,8 86,6
Net profit 241,0 515,0 930,7
Dividends paid in cash (312,3) (465,9) (706,3)
Exchange rate translation 140,4 (76,7) (581,0)
adjustment
Accumulated profits at beginning 944,5 1 301,1 1 301,1
of year
Accumulated profits at end of 1 013,6 1 273,5 944,5
period/year
Average Rand/US$ exchange rate 10,9855 7,9298 8,6182
Weighted average number of 214,3 217,2 217,0
ordinary shares in issue
(millions)
Earnings per share (cents)
- Basic 112,5 237,1 428,9
- Headline 111,4 237,1 428,9
- Diluted (basic) 110,8 233,2 422,0
- Diluted (headline) 109,7 233,2 422,0
+ Mainly relates to foreign exchange gains and losses.
Income statement items were translated at the average exchange rate
for the period/year.
Supplementary information
Consolidated balance sheet
UNITED STATES DOLLAR EQUIVALENT
Reviewed Reviewed Audited
as at as at as at
30 June 30 June 31
December
US$ millions 2002 2001 2001
ASSETS
Non-current assets
Property, plant and equipment 856,7 899,1 585,9
Capital work-in-progress 334,5 171,1 327,1
Platinum Producers` Environmental 7,0 6,9 5,8
Trust
Investment in associate 29,0 36,8 22,2
Non-current receivable 22,3 24,7 17,7
1 249,5 1 138,6 958,7
Current assets 543,0 1 122,8 757,5
Inventories 143,8 185,3 110,9
Accounts receivable 173,7 244,6 162,8
Cash and cash equivalents 225,5 692,9 483,8
Total assets 1 792,5 2 261,4 1 716,2
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 2,1 2,7 1,8
Share premium 120,8 232,1 100,6
Accumulated profits before 1 013,6 1 273,5 944,5
proposed dividends and STC
Accumulated profits after 804,0 938,9 622,8
proposed dividends and STC
Proposed ordinary dividends 186,3 297,4 196,8
Proposed special dividend - - 89,5
STC 23,3 37,2 35,4
Shareholders` equity 1 136,5 1 508,3 1 046,9
Non-current liabilities 354,1 365,9 273,1
Borrowings - 1,0 -
Deferred taxation 283,5 273,5 214,2
Environmental rehabilitation 17,7 20,3 14,6
obligation
Employees` service benefits 52,9 71,1 44,3
Current liabilities 301,9 387,2 396,2
Accounts payable 130,3 144,7 144,7
Taxation 171,6 242,5 251,5
Total equity and liabilities 1 792,5 2 261,4 1 716,2
Closing Rand/US$ exchange rate 10,3705 8,0450 11,9610
Balance sheet items have been translated at the closing exchange rate
for the period/year.
Supplementary information
Consolidated cash flow statement
UNITED STATES DOLLAR EQUIVALENT
Reviewed Reviewed
Six months Six Audited
months
ended ended Year ended
30 June 30 June 31
December
US$ millions 2002 2001 2001
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers 840,5 1 163,3 2 053,9
Cash paid to suppliers and (460,3) (438,6) (594,4)
employees +
Cash from operations 380,2 724,7 1 459,5
Interest paid (1,8) (0,3) (2,3)
Taxation paid (232,2) (243,6) (300,3)
Net cash from operating 146,2 480,8 1 156,9
activities
CASH FLOWS USED IN INVESTING
ACTIVITIES
Purchase of property, plant and (225,5) (126,4) (416,1)
equipment
To maintain operations (57,4) (43,3) (129,7)
To expand operations (168,1) (83,1) (286,4)
Proceeds from sale of plant and 57,6 1,9 3,7
equipment
Investment in associate - * - (0,3)
Interest received 12,0 30,3 42,7
Growth in Platinum Producers` 0,3 0,3 0,6
Environmental Trust
Dividends received from associate 3,3 6,5 14,1
Other dividends received 0,1 0,1 0,1
Net cash used in investing (152,2) (87,3) (355,2)
activities
CASH FLOWS USED IN FINANCING
ACTIVITIES
Proceeds from issuance of share -* -* -*
capital
Increase in share premium 4,5 3,9 8,2
Own shares repurchased - - (138,7)
Decrease in long-term borrowings - (0,8) (3,9)
Dividends paid (312,3) (465,9) (706,3)
Net cash used in financing (307,8) (462,8) (840,7)
activities
Net decrease in cash and cash (313,8) (69,3) (39,0)
equivalents
Exchange difference 55,5 (46,1) (285,5)
Cash and cash equivalents at 483,8 808,3 808,3
beginning of year
Cash and cash equivalents at end 225,5 692,9 483,8
of period/year
Average Rand/US$ exchange rate 10,9855 7,9298 8,6182
Cash flow items were translated at the average exchange rate for the
period/year.
+ Includes foreign exchange gains and losses.
* Less than US$50 000
Supplementary information
Consolidated statistics
Unaudited Unaudited Unaudited
Six Six months Year
months
ended ended ended
30 June 30 June 31 December
Total 2002 2001 2001
operations
Marketing
statistics
Average market
prices
achieved
Platinum (US$/oz) 513 600 526
Palladium (US$/oz) 371 784 582
Rhodium (US$/oz) 946 1 976 1 610
Nickel (US$/lb) 2,91 2,99 2,65
Net sales (US$) 819 1 233 1 004
revenue per Pt
ounce sold
Platinum (R/oz) 5 533 4 754 4 531
Palladium (R/oz) 4 036 6 197 4 936
Rhodium (R/oz) 10 387 15 623 13 410
Nickel (R/lb) 32,02 23,69 23,14
Net sales (R) 8 995 9 776 8 654
revenue per Pt
ounce sold
Average Pt (R : US$) 10,7842 7,9196 8,6184
exchange rates
achieved
Exchange rates (R : US$) 10,3705 8,0450 11,9610
at end of
period
Profitability
statistics
Gross sales (R) 669 751 696
revenue per
ton milled
Gross profit (%) 49,5 57,8 51,4
margin
Earnings (R millions) 4 633,9 6 003,5 10 148,8
before
interest,
taxation
depreciation
and
amortisation
(EBITDA)
Operating (%) 71,6 121,8 120,0
profit to
average
operating
assets
Return on (%) 44,2 77,2 66,2
average
shareholders`
equity
Return on (%) 44,5 67,3 64,0
capital
employed
Refined
production
Platinum (thousands) 1 043,3 1 000,6 2 109,2
(oz)
Palladium (thousands) 515,5 478,8 1 049,0
(oz)
Rhodium (thousands) 82,5 94,2 200,4
(oz)
Gold (thousands) 60,1 46,0 102,2
(oz)
Nickel (thousands) 9,2 9,2 19,5
(tons)
Copper (thousands) 5,1 5,1 10,8
(tons)
PGM`s (thousands) 1 787,5 1 720,3 3 673,6
(oz)
Analysis of (R millions)
operating
contribution
by mine
Rustenburg 1 419,0 1 761,0 2 993,6
Section
Union Section 630,3 703,0 1 190,9
Amandelbult 2 060,9 2 067,2 3 742,6
Section
Potgietersrust 518,5 1 055,3 1 680,5
Platinums
Lebowa 238,5 229,2 407,7
Platinum Mines
Steady state 4 867,2 5 815,7 10 015,3
operating
contribution
Rustenburg UG2 67,3 - -
Phase I
Project
Bafokeng- 171,8 192,8 275,2
Rasimone
Platinum Mine
Consolidated 5 106,3 6 008,5 10 290,5
operating
contribution
Other costs 305,5 275,9 674,5
Gross profit 4 800,8 5 732,6 9 616,0
on metal sales
Total steady
state
operations*
Production
statistics and
efficiency
measures
Tons mined - (thousands) 17 761 16 632 29 631
PPRust
(opencast)
Tons broken - (thousands) 9 590 10 282 21 519
underground
mines
Tons milled (thousands) 11 767 12 207 24 952
Built-up head (g/ton) 4,95 5,06 5,06
grade
Immediately (months) 15,5 14,2 14,2
available ore
reserves
Metres face (per month) 9,1 8,8 8,8
advance
Square metres (per month) 9,8 10,7 10,7
per employee
Tons broken 291 283 593
per employee -
underground
mine
Tons mined per 16 044 15 106 27 060
employee -
PPRust
Total average 34 024 37 412 37 396
number of mine
employees
Average number 32 917 36 311 36 301
of mine
employees
- underground
mines
- opencast 1 107 1 101 1 095
mine (PPRust)
UG2 mined to (%) 26 27 28
total output
Platinum (thousands) 922,3 936,8 1 979,0
ounces refined
Refined Pt 27,1 25,0 52,9
ounces per
employee
Profitability
and cost
statistics
Net sales (R) 9 055 9 897 8 744
revenue per Pt
ounce sold
Operating
performance
Cash operating (R) 3 478 3 262 3 254
costs per Pt
ounce refined
Cash operating (US$) 317 411 378
costs per Pt
ounce refined
Cash operating (R) 2 016 1 876 1 852
costs per PGM
ounce refined
Cash operating (US$) 184 237 215
costs per PGM
ounce refined
Operating (R millions)
income
statement
Net sales 8 235,7 9 000,1 16 971,8
revenue
Operating cost (3 368,5) (3 184,4) (6 956,5)
of sales +
Operating 4 867,2 5 815,7 10 015,3
contribution
Operating (%) 59,1 64,6 59,0
margin
* Includes all operations except Bafokeng-Rasimone Platinum Mine and
Rustenburg UG2 Phase I Project, both of which are in a production
ramp-up phase.
+ Cost of sales excluding other costs
Supplementary information
Operating statistics by mine
STEADY STATE OPERATIONS
RUSTENBURG SECTION
2002 excludes portions of the Brakspruit, Bleskop and Paardekraal
shafts that are being expanded as part of the Rustenburg UG2 Phase I
Project. These shafts, at a lower level of output, are included in
the steady state information for 2001.
Unaudited Unaudited Unaudited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2002 2001 2001
Production
statistics and
efficiency
measures
Tons broken (thousands) 3 308 4 218 8 550
Tons milled (thousands) 3 328 3 756 7 733
Built-up head (g/ton) 5,58 5,45 5,38
grade
Immediately (months) 17,7 16,3 15,0
available ore
reserves
Metres face (per month) 8,7 8,8 8,9
advance
Square metres per (per month) 8,0 10,8 10,7
employee
Tons broken per 228 244 493
employee
Average number of 14 536 17 281 17 346
mine employees
UG2 mined to (%) 2 14 16
total output
Platinum ounces (thousands) 303,4 340,9 719,1
refined
Refined Pt ounces 20,9 19,7 41,5
per employee
Profitability and
cost statistics
Net sales revenue (R) 8 761 9 216 8 273
per Pt ounce sold
Operating
performance
Cash operating (R) 3 896 3 635 3 650
costs per Pt
ounce refined
Cash operating (US$) 355 458 424
costs per Pt
ounce refined
Cash operating (R) 2 438 2 260 2 233
costs per PGM
ounce refined
Cash operating (US$) 222 285 259
costs per PGM
ounce refined
Operating income (R
statement millions)
Net sales revenue 2 609,1 3 014,4 5 780,6
Operating cost of (1 190,1) (1 253,4) (2 787,0)
sales +
Operating 1 419,0 1 761,0 2 993,6
contribution
Operating margin (%) 54,4 58,4 51,8
+ Cost of sales excluding other costs
UNION SECTION
Production statistics and
efficiency measures
Tons broken (thousands) 1 658 1 754 3 694
Tons milled (thousands) 2 137 2 238 4 466
Built-up head grade (g/ton) 4,27 4,34 4,40
Immediately available ore (months) 20,1 14,8 16,1
reserves
Metres face advance (per month) 8,0 6,7 7,1
Square metres per employee (per month) 7,2 8,2 7,8
Tons broken per employee 273 271 582
Average number of mine 6 080 6 471 6 342
employees
UG2 mined to total output (%) 58 60 60
Platinum ounces refined (thousands) 138,0 130,9 280,4
Refined Pt ounces per 22,7 20,2 44,2
employee
Profitability and cost
statistics
Net sales revenue per Pt (R) 8 730 9 756 8 497
ounce sold
Operating performance
Cash operating costs per Pt (R) 3 969 3 986 3 787
ounce refined
Cash operating costs per Pt (US$) 361 503 439
ounce refined
Cash operating costs per PGM (R) 2 246 2 240 2 102
ounce refined
Cash operating costs per PGM (US$) 204 282 244
ounce refined
Operating income statement (R
millions)
Net sales revenue 1 196,9 1 237,1 2 326,6
Operating cost of sales + (566,6) (534,1) (1 135,7)
Operating contribution 630,3 703,0 1 190,9
Operating margin (%) 52,7 56,8 51,2
+ Cost of sales excluding other costs
AMANDELBULT SECTION
Production statistics and
efficiency measures
Tons broken (thousands) 3 680 3 539 7 621
Tons milled (thousands) 3 509 3 409 7 086
Built-up head grade (g/ton) 5,84 5,69 5,68
Immediately available ore (months) 18,0 17,0 18,0
reserves
Metres face advance (per month) 9,7 9,4 9,3
Square metres per employee (per month) 12,7 11,4 12,0
Tons broken per employee 384 352 771
Average number of mine 9 571 10 056 9 890
employees
UG2 mined to total output (%) 42 35 36
Platinum ounces refined (thousands) 349,7 314,7 679,3
Refined Pt ounces per 36,5 31,3 68,7
employee
Profitability and cost
statistics
Net sales revenue per Pt (R) 8 592 9 247 8 189
ounce sold
Operating performance
Cash operating costs per Pt (R) 2 389 2 314 2 312
ounce refined
Cash operating costs per Pt (US$) 217 292 268
ounce refined
Cash operating costs per (R) 1 408 1 365 1 340
PGM ounce refined
Cash operating costs per (US$) 128 172 155
PGM ounce refined
Operating income statement (R
millions)
Net sales revenue 2 950,5 2 822,2 5 473,0
Operating cost of sales + (889,6) (755,0) (1 730,4)
Operating contribution 2 060,9 2 067,2 3 742,6
Operating margin (%) 69,8 73,2 68,4
+ Cost of sales excluding other costs
POTGIETERSRUST PLATINUMS
Production statistics and
efficiency measures
Tons mined (thousands) 17 761 16 632 29 631
Tons milled (thousands) 2 035 2 100 4 270
Built-up head grade (g/ton) 3,29 4,48 4,38
Stripping ratio 19,2 11,6 10,9
Immediately available ore (months) 0,4 5,2 3,5
reserves within the pit
Tons mined per employee 16 044 15 106 27 060
Average number of mine 1 107 1 101 1 095
employees
Platinum ounces refined (thousands) 83,1 110,5 211,1
Refined Pt ounces per 75,1 100,4 192,8
employee
Profitability and cost
statistics
Net sales revenue per Pt (R) 12 000 13 652 12 120
ounce sold
Operating performance
Cash operating costs per Pt (R) 4 878 3 440 3 688
ounce refined
Cash operating costs per Pt (US$) 444 434 428
ounce refined
Cash operating costs per PGM (R) 2 272 1 568 1 682
ounce refined
Cash operating costs per PGM (US$) 207 198 195
ounce refined
Operating income statement (R
millions)
Net sales revenue 997,2 1 508,6 2 558,6
Operating cost of sales + (47
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