| Wed 27 Jul 2005, 9:47 | | INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 05 |
|
The Six Months Ended 30 June 2005
Anglo Platinum Limited and its Subsidiaries
("formerly Anglo American Platinum Corporation Limited")
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
JSE Codes: AMS; AMSP ISIN: ZAE000013181; ZAE000054474
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2005
* Refined Pt production increases by 9%
* Headline earnings attributable to ordinary shareholders up 35%
* Dividend per ordinary share up 20%
Consolidated Income Statement
Restated Restated
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 30 June % 31 December
R millions Notes 2005 2004 Change 2004
Gross sales 10 879,0 9 589,5 19 624,8
revenue
Commissions (172,3) (172,7) (357,8)
paid
Net sales 10 706,7 9 416,8 14 19 267,0
revenue
Cost of sales (8 126,8) (6 952,6) (17) (14 678,8)
(segmental
information)
Gross profit 2 579,9 2 464,2 5 4 588,2
on metal sales
Other net 4 261,5 (150,2) (663,9)
income/
(expenditure)
Market (102,1) (94,5) (194,1)
development
and
promotional
expenditure
Operating 2 739,3 2 219,5 23 3 730,2
profit
Interest 5 (140,6) (250,1) (354,3)
expensed
Interest 58,7 70,3 166,1
received
Net income 48,7 37,7 50,7
from
associates
Profit before 2 706,1 2 077,4 30 3 592,7
taxation
Taxation 6 (570,8) (641,6) 11 (1 106,4)
Net profit 2 135,3 1 435,8 49 2 486,3
Headline 7 2 135,3 1 515,5 2 578,9
earnings
- Attributable 2 008,1 1 491,5 35 2 426,1
to ordinary
shareholders
- Attributable 127,2 24,0 152,8
to preference
shareholders
Number of 217,6 217,1 217,4
ordinary
shares in
issue
(millions)
Weighted 217,4 215,9 216,5
average number
of ordinary
shares in
issue
(millions)
Attributable
earnings per
ordinary share
(cents)
- Basic 923,7 653,9 41 1 077,8
- Diluted 920,3 651,5 41 1 074,0
Dividends per 480 400 20 735
ordinary share
(cents)
- Interim 480* 400 400
- Final 335
Dividends per 318,0 - 322,0
preference
share (cents)
Dividend cover 1,9 1,6 1,5
per ordinary
share
(headline
earnings)
* Proposed ordinary dividend
Segmental Information*
Purchased
metals in
R millions Notes Mined concentrate Total
For the six
months ended
30 June 2005
(reviewed)
GROSS SALES 10 076,4 802,6 10 879,0
REVENUE
Commissions (159,7) (12,6) (172,3)
paid
NET SALES 9 916,7 790,0 10 706,7
REVENUE
Sales of 9 656,9 790,0 10 446,9
refined metal
Sales of 259,8 - 259,8
metals in
concentrate **
COST OF SALES (7 358,7) (768,1) (8 126,8)
On-mine (6 076,6) - (6 076,6)
Cash operating (5 316,9) - (5 316,9)
costs
Amortisation 3 (759,7) - (759,7)
Purchase of (814,5) (814,5)
metals in
concentrate
Smelting (575,6) (47,5) (623,1)
Cash operating (462,6) (38,3) (500,9)
costs
Amortisation 3 (113,0) (9,2) (122,2)
Treatment and (463,4) (36,7) (500,1)
refining
Cash operating (388,2) (30,6) (418,8)
costs
Amortisation 3 (75,2) (6,1) (81,3)
Increase in 196,6 133,6 330,2
metal
inventories
Other costs (439,7) (3,0) (442,7)
GROSS PROFIT 2 558,0 21,9 2 579,9
ON METAL SALES
Gross profit 25,4 2,7 23,7
margin (%)
Cost of sales 6,134 7,990 6,271
per total Pt
ounce sold
(Rand) ***
For the six
months ended
30 June 2004
(reviewed)
(restated)
GROSS SALES 9 278,4 311,1 9 589,5
REVENUE
Commissions (166,9) (5,8) (172,7)
paid
NET SALES 9 111,5 305,3 9 416,8
REVENUE
Sales of 8 895,5 305,3 9 200,8
refined metal
Sales of 216,0 - 216,0
metals in
concentrate **
COST OF SALES (6 676,1) (276,5) (6 952,6)
On-mine (5 504,0) - (5 504,0)
Cash operating (4 904,7) - (4 904,7)
costs
Amortisation 3 (599,3) - (599,3)
Purchase of - (412,4) (412,4)
metals in
concentrate
Smelting (523,7) (29,8) (553,5)
Cash operating (428,8) (24,4) (453,2)
costs
Amortisation 3 (94,9) (5,4) (100,3)
Treatment and (414,6) (15,8) (430,4)
refining
Cash operating (366,8) (13,9) (380,7)
costs
Amortisation 3 (47,8) (1,9) (49,7)
Increase in 154,7 182,3 337,0
metal
inventories
Other costs (388,5) (0,8) (389,3)
GROSS PROFIT 2 435,4 28,8 2 464,2
ON METAL SALES
Gross profit 26,2 9,3 25,7
margin (%)
Cost of sales 5,711 7,139 5,757
per total Pt
ounce sold
(Rand) ***
For the year
ended 31
December 2004
(audited)
(restated)
GROSS SALES 18 720,4 904,4 19 624,8
REVENUE
Commissions (340,7) (17,1) (357,8)
paid
NET SALES 18 379,7 887,3 19 267,0
REVENUE
Sales of 17 942,6 887,3 18 829,9
refined metal
Sales of 437,1 - 437,1
metals in
concentrate **
COST OF SALES (13 830,6) (848,2) (14 678,8)
On-mine (11 555,0) - (11 555,0)
Cash operating (10 355,6) - (10 355,6)
costs
Amortisation 3 (1 199,4) - (1 199,4)
Purchase of - (964,9) (964,9)
metals in
concentrate
Smelting (1 128,5) (70,0) (1 198,5)
Cash operating (940,7) (58,4) (999,1)
costs
Amortisation 3 (187,8) (11,6) (199,4)
Treatment and (873,8) (45,8) (919,6)
refining
Cash operating (767,3) (40,0) (807,3)
costs
Amortisation 3 (106,5) (5,8) (112,3)
Increase in 482,6 235,0 717,6
metal
inventories
Other costs (755,9) (2,5) (758,4)
GROSS PROFIT 4 549,1 39,1 4 588,2
ON METAL SALES
Gross profit 24,3 4,3 23,4
margin (%)
Cost of sales 5,726 7,204 5,794
per total Pt
ounce sold
(Rand) ***
* The Group produces Platinum Group Metals (PGMs) primarily in
South Africa. The risks and rewards associated with the individual
operations are not sufficiently dissimilar to warrant
identification of separate geographical segments. Therefore, the
directors consider that the primary reporting format is by
business segment. Two business segments are identified. Firstly,
the mining, extraction and production of PGMs and secondly, the
purchase of metals in concentrate for further treatment and
refining. Costs are allocated to business segments on a full
absorption costing basis.
** Sale of metal in concentrate attributable to Anglo Platinum
from the Kroondal Pooling and Sharing Agreement (KPSA). The metal
was sold to Impala in terms of an off-take agreement that was in
place when the KPSA commenced. Metal in concentrate surplus to the
volumes stipulated in the off-take agreement is refined by Anglo
Platinum.
*** Total platinum ounces sold=refined platinum ounces sold plus
platinum ounces sold in concentrate.
Group statement of recognised income and expense
Restated Restated
Reviewed Reviewed Audited
Six Six Year
months months
ended ended ended
30 30 31
June June December
R millions Notes 2005 2004 2004
income and expense
recognised directly in
equity
After-tax changes in
forward metal prices
recognised directly in - 105,5 164,0
equity
income and expense
recognised directly in
the income statement
Net profit for the 2 135,3 1 435,8 2 486,3
period/year
Total recognised 2 135,3 1 541,3 2 650,3
income and expense for
the period/year
effect of changes in
accounting
policies/restatement:
IFRS 3 - Negative 13 173,4 - -
goodwill on associate
reversed
IFRS 2 - Share-based 13 - (48,6) (48,6)
payments
Restatement - cash 15 - 43,2 43,2
held by insurance
captives
173,4 (5,4) (5,4)
Total recognised income and expense is attributable to the equity
holders of Anglo Platinum Limited since there are no minority
interests.
Consolidated Balance Sheet
Restated Restated
Reviewed Reviewed Audited
as at as at as at
30 June 30 June 31 December
R millions Notes 2005 2004 2004
ASSETS
Non-current 25 502,2 23 577,4 24 823,3
assets
Property, plant 20 731,1 18 425,4 17 757,3
and equipment
Capital work-in- 3 688,6 3 882,3 6 124,4
progress
Investment in 8 639,3 476,3 435,3
associates
Cash deposits
held by Platinum
Producers'
Environmental 13 154,3 118,9 149,0
Trust
Non-current 288,9 674,5 357,3
accounts
receivable
Current assets 7 398,1 5 308,4 7 698,9
Inventories 14 3 503,2 2 774,6 3 192,3
Accounts 2 589,7 1 720,5 2 081,3
receivable
Derivative 1,9 19,9 -
financial assets
Cash held by 15 60,8 60,8 60,8
insurance
captives
Cash and cash 1 242,5 732,6 2 364,5
equivalents
Total assets 32 900,3 28 885,8 32 522,2
EQUITY AND
LIABILITIES
Share capital and
reserves
Share capital - 22,2 22,1 22,1
ordinary and
preference
Share premium - 5 256,9 5 207,6 5 236,7
ordinary and
preference
Unrealised - (58,5) -
hedging deficit
Accumulated
profits before
proposed
dividends
and related 14 196,6 12,646,8 12 721,4
Secondary Tax on
Companies (STC)
Accumulated
profits after
proposed
dividends and 12 997,7 11 645,6 11 878,1
related STC
Proposed ordinary 1 175,0 977,2 819,3
dividend and
related STC
Undeclared
cumulative
preference share
dividend and 23,9 24,0 24,0
related STC
Shareholders' 9 19 475,7 17 818,0 17 980,2
equity
Non-current 6 931,9 6 121,5 6 598,6
liabilities
Deferred taxation 5 430,7 4 906,7 5 175,3
Environmental 383,5 321,2 362,7
obligations
Employees' 661,2 526,2 614,6
service benefit
obligations
Obligations due 456,5 367,4 446,0
under finance
leases
Current 6 492,7 4 946,3 7 943,4
liabilities
Interest-bearing 10 3 848,4 2 378,8 5 347,9
borrowings
Accounts payable 2 203,3 2 088,8 2 143,9
Derivative 0,2 113,1 28,1
financial
liabilities
Taxation 440,8 365,6 423,5
Total equity and 32 900,3 28 885,8 32 522,2
liabilities
Consolidated Cash Flow Statement
Restated Restated
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
R millions 2005 2004 2004
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from 10 221,8 9 744,9 19 619,1
customers
Cash paid to suppliers and (7 164,2) (6 284,4) (14 173,0)
employees
Cash from operations 3 057,6 3 460,5 5 446,1
Interest paid (net of (103,0) (231,8) (274,5)
interest capitalised)
Taxation paid (283,8) (238,1) (392,4)
Net cash from operating 2 670,8 2 990,6 4 779,2
activities
CASH FLOWS USED IN
INVESTING ACTIVITIES
Purchase of property,
plant and equipment
(including interest (1 539,4) (2 015,8)* (4 260,3)*
capitalised)
To maintain operations (926,1) (1 065,4) (2 571,2)
To expand operations (549,9) (877,0) (1 491,4)
Interest capitalised (63,4) (73,4) (197,7)
Proceeds from sale of 13,4 16,2 39,5
plant, equipment and
mineral rights
Investment in associates (1,1) - (0,1)
Interest received 58,7 70,3 166,1
Increase in cash deposits
held by Platinum
Producers' Environmental (5,4) (5,5) (35,6)
Trust
Capital reduction by - - 10,4
Northam Platinum Limited
Dividends received 13,0 23,4 54,7
Net cash used in investing (1 460,8) (1 911,4) (4 025,3)
activities
CASH FLOWS (USED IN)/FROM
FINANCING ACTIVITIES
Proceeds from the issue of 20,3 4 412,0 4 441,0
ordinary and preference
share capital
Repayment of interest- (1 496,8) (4 746,4) (1 820,2)
bearing borrowings
Ordinary and preference (855,5) (581,6) (1 579,6)
dividends paid
Net cash (used in)/from (2 332,0) (916,0) 1 041,2
financing activities
Net (decrease)/increase in (1 122,0) 163,2 1 795,1
cash and cash equivalents
Cash and cash equivalents 2 364,5 569,4 569,4
at beginning of
period/year
Cash and cash equivalents 1 242,5 732,6 2 364,5
at end of period/year
MOVEMENT IN NET DEBT
Net debt at beginning of (3 429,4) (6 923,0) (6 923,0)
year
Net cash from operating 2 670,8 2 990,6 4 779,2
activities
Net cash used in investing (1 460,8) (1 911,4) (4 025,3)
activities
Other (843,0) 3 830,2 2 739,7
Net debt at end of (3 062,4) (2 013,6) (3 429,4)
period/year
Made up as follows:
Cash and cash equivalents 1 242,5 732,6 2 364,5
Interest-bearing (3 848,4) (2 378,8) (5 347,9)
borrowings
Obligations due under (456,5) (367,4) (446,0)
finance leases
(3 062,4) (2 013,6) (3 429,4)
* The Group concluded certain non-cash transactions during the
previous period/year:
- the exchange of 50% of Bafokeng-Rasimone Platinum Mine for
mineral rights and a non-current receivable on the formation of
the Bafokeng-Rasimone Platinum Mine joint venture.
- the exchange of 50% of certain mineral rights for mining
infrastructure on formation of the Pandora joint venture.
Notes to the financial 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 as well as with Schedule 4 of the South African
Companies Act and the disclosure requirements of the JSE Limited's
listings requirements.
2. The interim report has been prepared using accounting
policies that comply with South African Statements of Generally
Accepted Accounting Practice and International Financial Reporting
Standards. The accounting policies are consistent with those
applied in the financial statements for the year ended 31 December
2004, except for the changes which are described in Note 13.
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
R millions 2005 2004 2004
3. Amortisation and
depreciation of
property, plant and
equipment
Amortisation and
depreciation of plant
and equipment consists
of the following
categories:
Operating assets 963,2 749,3 1 511,1
Mining 759,7 599,3 1 199,4
Smelting 122,2 100,3 199,4
Treatment and refining 81,3 49,7 112,3
Amortisation included 8,7 10,9 15,0
in other costs
Depreciation - non- 24,9 22,8 46,2
mining assets
996,8 783,0 1 572,3
Restated Restated
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
R millions 2005 2004 2004
4. Other net
income/(expenditure)
Other net
income/(expenditure)
consists of the
following principal
categories:
Realised and 430,7 (36,4) (266,3)
unrealised foreign
exchange
gains/(losses)
Project maintenance (19,5) (17,5) (130,9)
costs*
Restructuring costs** (164,1) (1,0) (191,0)
Profit on disposal of - 1,7 5,8
mineral rights
Impact of assets - (97,6) (97,6)
exchanged
Property, plant and - 93,4 93,4
equipment
Mineral rights - (191,0) (191,0)
Other - net 14,4 0,6 16,1
261,5 (150,2) (663,9)
* Project maintenance
costs comprise assets
scrapped as a result
of the slow-down of
capital projects,
costs incurred to
maintain land held for
future projects and
costs to keep projects
on care and
maintenance.
** Restructuring costs
comprise retrenchment
costs and consultant
fees.
5. Interest expensed
Interest expensed (124,3) (231,8) (359,4)
Interest paid (187,7) (305,2) (557,1)
Less: capitalised 63,4 73,4 197,7
Time value of money (16,3) (18,3) 5,1
adjustment to
environmental
obligations
Decommissioning (14,4) (15,9) 9,2
Time value adjustment (14,4) (15,9) (28,9)
Adoption of IFRIC 1 - - 38,1
Restoration (1,9) (2,4) (4,1)
(140,6) (250,1) (354,3)
% % %
6. Taxation
A reconciliation of
the standard rate of
South African normal
taxation compared with
that charged in the
income statement is
set out in the
following table:
South African normal 29,0 30,0 30,0
tax rate
STC 4,0 3,5 5,5
33,0 33,5 35,5
Foreign income (6,3) (4,1) (5,4)
Disallowed items 0,7 0,8 0,9
Change in corporate (6,4) - -
tax rate
Other 0,1 0,7 (0,2)
Effective tax rate 21,1 30,9 30,8
Change in tax rate
In 2005 the corporate
tax rate for South
African normal
taxation changed from
30% to 29%. The effect
of this was
an increase in net
profit of R172,1
million due to a
decrease
in net deferred
taxation liabilities
at the beginning of
the period.
Rm Rm Rm
7. Reconciliation
between net profit and
headline earnings
Net profit 2 135,3 1 435,8 2 486,3
Less: Declared and (127,2) (24,0) (152,8)
undeclared cumulative
preference share
dividends and related
STC
Basic earnings 2 008,1 1 411,8 2 333,5
attributable to
ordinary shareholders
Adjustments (after tax
where applicable):
Profit on disposal of - (1,7) (5,8)
mineral rights
Impact of assets - 68,3 68,3
exchanged
Property, plant and - (65,4) (65,4)
equipment
Mineral rights - 133,7 133,7
Net goodwill - 0,8 1,5
amortisation
Loss on disposal and - 12,3 28,6
scrapping of property,
plant and equipment
Headline earnings 2 008,1 1 491,5 2 426,1
attributable to
ordinary shareholders
Add: Declared and 127,2 24,0 152,8
undeclared cumulative
preference share
dividends and related
STC
Headline earnings 2 135,3 1 515,5 2 578,9
Attributable headline
earnings per ordinary
share (cents)
- Headline 923,7 690,8 1 120,6
- Diluted 920,3 701,2 1 049,5
Reviewed Reviewed Audited
as at as at as at
30 June 30 June 31 December
R millions 2005 2004 2004
8. Investment in
associates
Listed - Ordinary 434,0 251,4 229,3
shares (Market value:
R662,9 million (30
June 2004: R453,2
million; 31 December
2004: R461,1 million))
Unlisted (Directors' 205,3 224,9 206,0
valuation: R 205,3
million (30 June 2004:
R224,9 million; 31
December 2004: R206,0
million))
Ordinary shares 121,4 145,9 130,2
Cumulative redeemable 83,9 79,0 75,8
preference shares
639,3 476,3 435,3
Unrea-
Accu- lised
Share Share mulated hedging
R millions Capital premium profits deficit Total
9. Combined
statement of
movement in
shareholders'
funds and
movement in
reserves
Balance as at 21,5 796,3 11 768,9 (164,0) 12 422,7
31 December
2003 (audited)
Change in (33,9) (33,9)
accounting
policy - Share-
based payments
(note 13)
Restatement - 43,2 43,2
Cash held by
insurance
captives
(note 15)
Restated 21,5 796,3 11 778,2 (164,0) 12 432,0
balance as at
31 December
2003
Net profit 1 435,8 1 435,8
(restated)
(note 13)
Ordinary final 0,2 481,4 (581,5) (99,9)
dividend no.
102
Paid in cash (99,9) (99,9)
Reinvested 0,2 481,4 (481,6) -
Proceeds from 0,4 3 923,9 3 924,3
preference
share capital
issued
Preference 0,4 3 999,6 4 000,0
share capital
issued
Less: Share (75,7) (75,7)
issue expenses
Ordinary share -* 6,0 6,0
capital issued
After-tax 105,5 105,5
changes in
forward metal
prices
Equity-settled 14,3 14,3
share-based
compensation
Restated 22,1 5 207,6 12 646,8 (58,5) 17 818,0
balance as at
30 June 2004
(reviewed)
Net profit 1 050,5 1 050,5
(restated)
(note 13)
Ordinary (869,2) (869,2)
interim
dividend no.
103 paid in
cash
Preference (128,8) (128,8)
dividend no. 1
paid in cash
Ordinary share -* 29,1 29,1
capital issued
After-tax 58,5 58,5
changes in
forward metal
prices
Equity-settled 22,1 22,1
share-based
compensation
Restated 22,1 5 236,7 12 721,4 - 17 980,2
balance as at
31 December
2004 (audited)
Change in 173,4 173,4
accounting
policy -
negative
goodwill on
associate
reversed (note
13)
Net profit 2 135,3 2 135,3
Ordinary final (728,3) (728,3)
dividend no.
104 paid in
cash
Preference (127,2) (127,2)
dividend no. 2
paid in cash
Ordinary share 0,1 20,2 20,3
capital issued
Equity-settled 22,0 22,0
share-based
compensation
Balance as at 22,2 5 256,9 14 196,6 - 19 475,7
30 June 2005
(reviewed)
*Less than R50 000.
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
R millions 2005 2004 2004
10. Borrowing
facilities
The Group has the
following borrowing
facilities:
Bank overdrafts 3 848,4 2 378,8 5 347,9
utilised
Available facilities 12 756,6 10 673,6 12 626,6
Weighted average 8,0797 8,8227 8,0763
borrowing rate (%)
Borrowing powers
The borrowing powers in
terms of the Articles
of Association of the
Company and its
subsidiaries are
unlimited.
11. Commitments
Mining and process
property, plant and
equipment
Contracted for 1 167,6 1 569,8 1 308,0
Not yet contracted for 7 652,2 9 701,0 5 953,6
Authorised by the 8 819,8 11 270,8 7 261,6
directors
Allocated for:
Expansion of capacity 1 865,7 5 775,8 2 299,4
- within remainder of 652,0 1 077,0 1 201,9
year/one year
- thereafter 1 213,7 4 698,8 1 097,5
Maintenance of capacity 6 954,1 5 495,0 4 962,2
- within remainder of 1 561,8 1 921,7 2 174,8
year/one year
- thereafter 5 392,3 3 573,3 2 787,4
Other
Operating lease rentals 679,2 694,7 666,8
- buildings
- within remainder of 46,1 38,2 44,8
year/one year
- within two to five 181,7 165,9 173,6
years
- thereafter 451,4 490,6 448,4
Information Technology 82,2 102,2 100,8
Service Providers
- within remainder of 15,9 32,0 38,9
year/one year
- thereafter 66,3 70,2 61,9
These commitments will be funded from existing cash resources,
future operating cash flows, borrowings and any other funding
strategies embarked on by the Group.
12. Contingent liabilities
Letters of comfort have been issued to financial institutions to
cover certain banking facilities. There are no encumbrances over
Group assets, other than the houses held under finance leases by
the Group.
The Group provided a guarantee in favour of Nedcor Limited
(Nedcor) for financing provided by Nedcor to Salene Mining
(Proprietary) Limited (Salene). The Group provided the guarantee
to enable Salene to put mining infrastructure in place. The
guarantee is valid until 1 July 2006 or earlier, on repayment by
Salene of the loan. Salene is selling all ore production from the
mine to the Group. The facility granted by Nedcor to Salene is for
a maximum amount of R120 million. In the event that Nedcor calls
up the guarantee, the Group holds bonds over sufficient assets of
Salene to make good any obligations that may be incurred. It is
unlikely that the Group will incur obligations under this
guarantee.
Aquarius Platinum (South Africa) (Proprietary) Limited holds an
option to put its interest in the pooling and sharing agreement to
the Group in the case of termination of that relationship. The
probability of the option being exercised is considered remote.
The amount of such an obligation is dependent on a discounted cash
flow valuation of its interest at that point in time.
13. New accounting policies adopted
IFRS 2-Share-based Payments
On 1 January 2005, the Group adopted the requirements of IFRS 2-
Share-based Payments. In accordance with the transitional
provisions, IFRS 2 has been applied to all grants of equity-
settled payments after 7 November 2002 that were unvested as of 1
January 2005. Cash-settled share-based payments are included to
the extent that they gave rise to liabilities on 1 January 2005.
The Group issues equity-settled and cash-settled share-based
instruments to certain employees. Equity-settled share-based
payments are measured at the fair value of the equity instruments
at the date of grant. The fair value determined at the grant date
of the equity-settled share-based payment is expensed over the
vesting period, based on the Group's estimate of shares that are
expected to eventually vest. A liability equal to the portion of
the services received is recognised at the current fair value
determined at each balance sheet date for cash-settled share-based
payments.
Fair value is measured using the binomial option pricing model and
Monte Carlo simulation. The fair values used in the model have
been adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions and
behavioural considerations.
The impact of this adjustment on net profit is a charge of R59,7
million (30 June 2004: charge of R15,4 million; 31 December 2004:
charge of R38,0 million).
IFRS 3 - Business Combinations
On adoption of IFRS 3 - Business combinations, an amount of R173,4
million representing negative goodwill was transferred from
investment in associates to accumulated profits. The prior year
figures are not affected by this change.
IAS 1- Presentation of financial statements
On 1 January 2005, the Group applied the requirements of IAS1-
Presentation of financial statements. In previous periods, the
Group presented a Group statement of changes in equity. IAS 1
permits the presentation of changes in equity representing income
and expense in a separate component of the financial statements. A
reconciliation of opening and closing balances of share capital,
reserves and accumulated profit, is given as note disclosure.
IFRIC 4- Determining whether an arrangement contains a lease
On 1 January 2005, the Group applied the requirements of IFRIC 4-
Determining whether an arrangement contains a lease. The objective
of the interpretation is to determine whether an arrangement
contains a lease that falls within the scope of IAS 17 Leases. The
lease is then accounted in accordance with that Standard. This new
policy has had no impact on the financial results.
IFRIC 5- Rights to interests arising from Decommissioning,
Restoration and Environmental Restoration Funds
On 1 January 2005, the Group applied the requirements of IFRIC 5-
Rights to interests arising from Decommissioning, Restoration and
Environmental Restoration Funds. The objective of the
interpretation is to determine the accounting in the financial
statements of a contributor for interests arising from
decommissioning funds that have the following features:
(a) the assets are administered separately (either by being held
in a separate legal entity or as segregated assets within another
entity).
(b) A contributor's right to access the assets is restricted.
Adoption has the effect that the Platinum Producers' Environmental
Trust is consolidated. The effect is that the amount stated as
originated loans are reflected in non-current cash deposits held
by Platinum Producers' Environmental Trust.
Black Economic Empowerment (BEE) Transactions
The cost of entering into a BEE transaction that contains a share-
based payment transaction, which is not a business combination, is
expensed unless the cost can be directly attributed to the
acquisition or protection of mining or similar tangible assets.
This new policy has had no impact on the financial results.
14. Change in accounting estimate - Metal inventories
During the period, the Group changed its estimate of the
quantities of valuation of inventory based on the outcome of a
physical count of in process metals. The Group runs a theoretical
metal inventory system based on inputs, the results of previous
physical counts and outputs. Due to the nature of in process
inventories being contained in weirs, pipes and other vessels,
physical counts only take place periodically.
This change in estimate has had the effect of increasing the value
of inventory disclosed in the financial statements by R335,7
million to R3 503,2 million (no physical stock count of in process
inventory was undertaken for the comparative periods). This
results in the recognition of an after-tax gain of R238,3 million.
The amount of the effect in future periods has not been disclosed
because estimation is impracticable.
15. Restatement - cash held by insurance captives
The Group has interests in captive cell entities. As of 1 January
2004, these entities are consolidated as is required by SIC 12 -
Consolidation - Special Purpose Entities, and opening retained
earnings are adjusted accordingly.
The underlying assets of these entities comprise primarily cash
deposits. The impact of this restatement on the 2004 comparative
earnings is immaterial and these comparatives are not restated.
The impact on opening retained earnings amounts to R43,2 million,
after recognising a deferred tax liability of R17,6 million.
16. Comparative figures
Reimbursive rights of R84,0 million previously reflected as a
separate asset under originated loans have been reclassified and
are set off against the employees' service benefit obligations.
Corporate Governance
The Board is of the view that the Company and its subsidiaries are
fully compliant with the recommendations as set out in the Code of
Corporate Practices and Conduct contained in King 2.
Report of the Independent Auditors
To the members of
Anglo Platinum Limited
We have reviewed the accompanying summarised consolidated
financial statements included in the interim report of Anglo
Platinum Limited (formerly Anglo American Platinum Corporation
Limited) and its subsidiaries for the six months ended
30 June 2005. This interim report is the responsibility of the
Company's directors. Our responsibility is to issue a report on
this interim report based on our review.
Scope
We conducted our review in accordance with the statement of the
South African Auditing Standard applicable to review engagements.
This standard requires that we plan and perform the review to
obtain moderate assurance that the interim financial information
is free of material misstatement. A review is limited primarily to
enquiries of Company personnel and analytical procedures applied
to financial data and thus provides less assurance than an audit.
We have not performed an audit and, accordingly, we do not express
an audit opinion.
Review opinion
Based on our review, nothing has come to our attention that causes
us to believe that the accompanying interim report is not fairly
presented, in all material respects, in accordance with the South
African Statement of Generally Accepted Accounting Practice and
the International Financial Reporting Standard applicable to
Interim Financial Reporting and the Companies Act in South Africa.
Deloitte & Touche
Registered Accountants and Auditors Johannesburg
Chartered Accountants (SA) 26 July 2005
Commentary
1. FINANCIAL RESULTS
The Group achieved a significant improvement in headline earnings
for the period under review in comparison with those for the first
half of 2004. Factors leading to this increase included higher US
dollar prices realised on metals sold, increased refined
production and sales volumes, and once-off benefits arising from
the change in the South African corporate tax rate and a gain in
the quantity of pipeline stocks. The effect of the stronger
average rand on sales was largely offset by gains on foreign
exchange as the rand weakened during the first half of 2005.
Total headline earnings increased by 40,9%, from R1,52 billion for
the first half of 2004 to R2,14 billion for the first half of
2005. Without the once-off tax and stock benefits, earnings would
be approximately R1,73 billion, 13,8% higher than the first half
of 2004. Headline earnings attributable to ordinary shareholders
increased to R2,01 billion, 34,6% up on the headline earnings of
R1,49 billion reported for the same period in 2004, while headline
earnings per ordinary share rose by 33,7% to 924 cents. An interim
dividend of 480 cents per share has been declared.
Gross sales revenue rose by R1,29 billion to R10,88 billion. The
increase was due to higher volumes of metals produced and sold,
which contributed R970,0 million, improved US dollar metal prices
achieved, which contributed R881,0 million, offset by a R561,5
million reduction in rand revenues as a result of an average 5,8%
stronger rand when compared to the US dollar for the same period
in 2004.
Cost of sales rose by R1,17 billion to R8,13 billion, principally
as a result of the following:
Purchases of metal in concentrate almost doubled from R412,4
million to R814,5 million, owing mainly to higher volumes of metal
purchased from the Bafokeng-Rasimone and Modikwa joint ventures
and the Kroondal Pooling and Sharing venture.
Cash mining, smelting and refining costs increased by R498,0
million to R6,24 billion, as detailed in the Operations section of
this commentary, and included savings of some R76 million arising
from specific projects, including a supply chain initiative.
As a result of the capital expenditure programme and
increased utilisation of new operating assets, amortisation of
operating assets rose by R213,9 million to R963,2 million.
The value of metals in inventory increased by R330,2 million
during the first half of 2005. This arose mainly from a gain in
the quantity of pipeline stocks as indicated by a full stock count
as well as cost increases which affected the unit cost at which
metal stocks are valued.
Other net income for the first half of 2005 amounted to R261,5
million, compared with net expenditure of R150,2 million for the
same period in 2004. The improvement is largely due to an increase
in foreign exchange gains of R467,1 million offset by
restructuring costs, comprising consultants fees and retrenchment
costs, which increased by R163,1 million. Net expenditure of R97,6
million in 2004 arising from exchanges of assets in connection
with joint ventures did not occur in 2005.
2. SAFETY
Improving the safety performance of our 65 000 employees and
contractors remains Anglo Platinum's highest priority and
accordingly the Group continues to invest significant resources in
a comprehensive suite of safety initiatives, including the
Behaviour-Based Safety initiative. Notwithstanding the intense
focus on safety, work-related accidents claimed the lives of 10
employees and contractors at managed operations, and 1 employee of
the Modikwa Platinum Joint Venture, in the first half of 2005.
Each and every fatal accident is comprehensively reviewed and
lessons learned are shared across the Group. Management and the
Board deeply regret these fatalities and extend their condolences
to the families, friends, and colleagues of the deceased.
The lost time injury frequency rate (LTIFR), including restricted
work cases where individuals are able to work but unable to
perform the full extent of their duties, remained the same as for
the first six months of 2004.
3. OPERATIONS
Refined platinum production for the first half of 2005 rose by
9,5% to 1 268 500 ounces. The increase is due mainly to a
shortening of the process pipeline and improved recoveries. The
cash operating cost per equivalent refined platinum ounce
(equivalent ounces are mine ounces converted to expected refined
ounces) increased by 13,3%, while the unit cost per actual refined
ounce, reflecting the benefit of a shortened pipeline and improved
recoveries, increased by 3,2%.
Mining and retreatment operations
Equivalent refined production from the mines managed by Anglo
Platinum and its joint venture partners decreased by
18 100 ounces compared to the first half of 2004 primarily as a
result of lower production at:
Amandelbult: Production levels decreased during the second
half of 2004 when more difficult geological conditions were
encountered. This was compounded in 2005 by the intersection of
two potholes that were much larger than expected. The mine is
engaged in a comprehensive programme of implementing revised
mining standards, additional raise line equipping and reserve
extensions to accommodate the difficult geology. An improvement
has been noted in the first half of 2005 and continued improvement
is expected over the remainder of the year.
Rustenburg: Reduced production at Rustenburg was largely
attributable to lower Merensky production from the Turffontein and
Paardekraal shafts. Output from both shafts was adversely impacted
by the aggressive implementation of a focused turnaround programme
aimed at achieving long term stability and flexibility at all of
the Rustenburg shafts. This programme should, with time, greatly
improve the limited face availability and low productivity that
are the main problems currently experienced at Turffontein and
Paardekraal.
Union: Production from Richard shaft was lower than in the
first half of 2004 owing to more difficult ground conditions and a
temporary stoppage of the main shaft for maintenance at the end of
May.
The lower production from Amandelbult, Rustenburg and Union was
partly offset by new production from the expansion of the Kroondal
Platinum Mine venture with Aquarius Platinum (South Africa)
Limited. In addition to the ounces arising from the expansion that
are processed by Anglo Platinum, the Kroondal Platinum Mine
contributed some 39 500 equivalent refined platinum ounces which
were sold to Impala Platinum in concentrate form in terms of
Kroondal's existing off-take commitments.
The current operational constraints at Amandelbult, Rustenburg and
Union, together with the 2004 wage settlement of 8%, are the
principal reasons for the 13,3% increase in the overall unit cost
per equivalent refined platinum ounce seen for the first half.
Process operations
The smelting and refining operations performed well in the first
half of 2005, achieving improved metal recoveries and a further
significant reduction in sulphur emissions. A full stock count was
completed during the period, resulting in an increase in the
quantity of metal resident in the normal process pipeline.
Changes in the rhodium refining circuit at the Precious Metals
Refinery (PMR), commissioned as part of the overall
PMR expansion programme, resulted in the release of metal
previously held in the pipeline and a significant increase in
refined rhodium production compared to the first half of 2004.
Concentrator recoveries were improved by managing concentrate
grade so as to make optimal use of available smelting capacity.
4. PROJECTS
Anglo Platinum remains confident of the robustness of current and
future demand for platinum and is continuing with its expansion
programme. The rate of expansion is reviewed on an ongoing basis,
with particular emphasis on forecast Rand revenue streams, to
ensure that returns are maintained and shareholder value is
enhanced. The recent weakening of the rand against the US dollar,
combined with strong prevailing metal prices, results in higher
projected returns from the projects being evaluated. If this
improvement appears sustainable, the development of certain
projects may be accelerated.
The Company recently announced the Marikana venture with Aquarius
Platinum to jointly mine contiguous properties. The venture is
subject to final approvals and conditions precedent. Anglo
Platinum will share in profits from the commencement of the
venture, and will treat additional concentrate that arises from an
expansion of the existing Marikana operation.
In addition, the Board has recently approved, subject to
regulatory approvals being obtained, a R1,2 billion project to
replace the declining available Merensky reserves at the Lebowa
Platinum Mine.
5. CAPITAL EXPENDITURE
Total capital expenditure amounted to R1,54 billion (2004: R2,02
billion). Expenditure to maintain operations decreased to R926,1
million (2004: R1,07 billion) and expansion expenditure amounted
to R549,9 million (2004: R877,0 million). Interest of R63,4
million was capitalised (2004: R73,4 million).
Current estimates for 2005 indicate reduced capital expenditure of
R4,5 billion as a result of the continued emphasis on capital
optimisation and the deferral of certain projects.
6. CASH FLOWS
Net debt decreased from R3,43 billion at the end of 2004 to R3,06
billion at the end of June 2005. Cash generated by operations
amounted to R3,06 billion. Cash outflows consisted mainly of
capital expenditure (R1,54 billion), dividend payments (R855,5
million) and taxation payments (R283,8 million).
Dividend payments aggregated R855,5 million, being R728,3 million
of ordinary dividends and R127,2 million of preference dividends.
7. NEW MINERALS LEGISLATION AND EMPOWERMENT OF HISTORICALLY
DISADVANTAGED SOUTH AFRICANS
Progress is being made towards meeting the requirements of the
Mineral and Petroleum Resources Development Act and Broad-Based
Economic Empowerment Charter. Anglo Platinum continues to work
closely with the Department of Minerals and Energy in this regard.
The Group has lodged several applications to convert "old-order"
rights to "new-order" rights in accordance with the requirements
of the new Act.
8. SOCIAL RESPONSIBILITY AND HIV/AIDS
Anglo Platinum continues to invest significantly in social
upliftment programmes, including home ownership around the Group's
operations, local economic development which targets Small and
Medium Enterprises and infrastructure development, the provision
of primary healthcare, education support with an inclination
towards improvement in mathematics and science and the economic
development of labour sending areas. R63,4 million has been
provided for these activities in 2005.
An amount of R30 million has been committed to facilitate the
building of 3 000 houses in the vicinity of the Group's operations
over the next three years.
The Group manages the impact of HIV/AIDS through a comprehensive
programme which focuses on both the workplace and local
communities. The provision of free antiretroviral treatment for
employees, introduced in 2003, and the Wellness Programme started
in 2004, are achieving good results.
9. DIVIDENDS
Ordinary dividends are declared in the light of current and future
funding requirements and are paid out of cash generated from
operations.
Considering the significant contribution to earnings from the once-
off stock and tax adjustments, which are non-cash items, the Board
has declared an interim ordinary dividend of 480 cents per share.
This results in a dividend cover ratio of 1,5 if the once-off
items are taken out of headline earnings and is 20,0% higher than
the 2004 interim ordinary dividend of 400 cents.
A preference dividend of 318 cents per preference share was
declared and paid in May 2005.
10. PROSPECTS
Increased production volumes in the second half of 2005 are
expected to result in refined platinum production of
2,6 million ounces for the full year. Provided that a reasonable
wage settlement can be reached with representative Unions, the
increased volumes, combined with an ongoing emphasis on operating
efficiencies, should result in full year on year unit cost
increases being lower than in the first half.
Demand for platinum continues to be strong and remains supportive
of firm platinum prices. The resilience of Chinese jewellery
demand at current prices adds confidence to this view.
Palladium consumption continues to grow strongly but adequate
supplies are likely to prevent the price from firming to any
significant extent.
The rhodium price is expected to remain firm in the face of strong
demand from the autocatalyst and glass sectors.
While production and sales volumes are expected to increase in the
second half of 2005, the earnings effect of the change in
corporate tax rate will be much smaller than in the first half and
further stock gains are not anticipated. The most significant
variable affecting earnings will be the rand/US dollar exchange
rate. If, in the second half of the year, the rand remains at
current levels and US dollar metal prices remain where they are,
then earnings for the second half of the year are likely to be
similar to those of the first half.
R Havenstein B E Davison Johannesburg
(Chief Executive Officer) (Chairman) 26 July 2005
Declaration of interim ordinary dividend (No. 105)
Notice is hereby given that an interim dividend of 480 cents per
ordinary share, in the currency of the Republic of South Africa,
has been declared in respect of the six months ended 30 June 2005.
The dividend is payable to shareholders recorded in the books of
the Company at the close of business on Friday, 26 August 2005.
The salient dates for the interim ordinary dividend are as
follows:
Salient Dates for South Africa and United 2005
Kingdom
Last day to trade (cum dividend) Friday, 19 August
First day of trading (ex dividend) Monday, 22 August
Currency conversion date (for sterling Tuesday, 23 August
payments from London)
Record date Friday, 26 August
Payment date Monday, 29 August
Share certificates may not be dematerialised or re-materialised
and no coversion of preference shares into ordinary shares will
be permitted between Monday, 22 August 2005 and Friday, 26 August
2005, both days inclusive, nor may transfers take place between
the South African and United Kingdom share registers during this
period.
On Monday, 29 August 2005, the dividend will be electronically
transferred to the bank accounts of all certificated shareholders
where this facility is available. Where electronic fund transfer
is either not available or not elected by the shareholder, cheques
dated 29 August 2005 will be posted on that date. Holders of
dematerialised shares will have their accounts credited at their
CSDP or broker on 29 August 2005.
Shareholders registered on the United Kingdom register will be
paid the dividend in pounds sterling at the rate of exchange
determined on Tuesday, 23 August 2005.
A further announcement stating the rand/sterling conversion rate
will be released through the relevant South African and United
Kingdom news services on Wednesday, 24 August 2005.
The dividend is payable subject to payment conditions which may be
inspected at or obtained from the Company's Johannesburg Office or
from its London Secretaries.
By order of the Board
J D MEYER Johannesburg
Company Secretary 26 July 2005
Supplementary Information
Consolidated Statistics (Unaudited)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
Total operations 2005 2004 2004
Marketing
statistics
Average market
prices achieved
Platinum (US$/oz) 867 844 842
Palladium (US$/oz) 191 243 228
Rhodium (US$/oz) 1 529 686 933
Nickel (US$/lb) 7,15 5,83 5,92
US$ Basket price (US$) 1 330 1 183 1 194
(Net sales
revenue per
refined Pt ounce
sold)
Platinum (R/oz) 5 412 5 605 5 397
Palladium (R/oz) 1 196 1 608 1 458
Rhodium (R/oz) 9 601 4 556 5 917
Nickel (R/lb) 44,90 38,76 38,04
R Basket price (R) 8 323 7 855 7 649
(Net sales
revenue per
refined Pt ounce
sold)
Average exchange (R : US$) 6,2576 6,6408 6,4055
rate achieved on
sales
Exchange rate at (R : US$) 6,6841 6,2269 5,6450
end of
period/year
Financial
statistics and
ratios
Gross profit (%) 23,7 25,7 23,4
margin
Earnings before (R millions) 3 784,8 3 040,2 5 353,2
interest,
taxation,
depreciation and
amortisation
(EBITDA)
Operating profit (%) 21,6 23,3 19,7
to average
operating assets
Return on average (%) 22,8 19,0 16,4
shareholders'
equity
Return on capital (%) 25,4 23,0 18,6
employed
Interest cover - 20,2 10,0 9,6
EBITDA
Net asset value (R) 89,5 82,1 82,7
per share
Net debt to total (%) 12,9 9,8 15,6
capital employed
Interest-bearing (%) 22,1 15,4 32,2
debt to
shareholders'
equity
Cost of sales per (R) 6 271 5 757 5 794
total Pt oz sold
*
Cash operating (R) 5 426 4 791 5 049
cost per
equivalent Pt oz
(excluding ounces
from purchased
concentrate and
associated costs)
Cash operating (R) 5 152 4 995 5 046
cost per refined
Pt oz
Analysis of (R millions)
operating
contribution by
mine
Rustenburg 759,7 784,5 1 539,8
Section Steady
state
Union Section 302,3 272,7 415,7
Amandelbult 1 096,7 1 094,1 2 068,2
Section
Potgietersrust 268,3 287,4 580,8
Platinums
Lebowa 66,2 114,1 218,6
Platinum Mines
Bafokeng- 79,5 137,8 226,3
Rasimone
Platinum Mine
Western Limb 89,8 36,1 134,8
Tailings
Retreatment
Plant
Kroondal 158,7 84,9 148,9
Pooling and
Sharing
Agreement
Steady state 2 821,2 2 811,6 5 333,1
operating
contribution
Rustenburg UG2 169,9 36,1 10,6
Project
Modikwa 31,5 5,8 2,9
Platinum Mine
Consolidated 3 022,6 2 853,5 5 346,6
operating
contribution -
all operations
Other costs (442,7) (389,3) (758,4)
Gross profit 2 579,9 2 464,2 4 588,2
on metal sales
Refined
production
from mining
operations
Platinum (thousands) (oz) 1 166,0 1 115,1 2 326,8
Palladium (thousands) (oz) 653,6 591,1 1 226,7
Rhodium (thousands) (oz) 160,7 102,0 239,8
Gold (thousands) (oz) 53,4 44,2 104,2
Nickel (thousands) (tons) 10,2 10,8 21,2
Copper (thousands) (tons) 5,6 6,2 12,2
PGMs (thousands) (oz) 2 224,5 1 991,4 4 182,4
Refined
production
from
purchased
metals in
concentrate
Platinum (thousands) (oz) 102,5 43,8 126,7
Palladium (thousands) (oz) 67,1 33,0 84,0
Rhodium (thousands) (oz) 12,4 4,3 13,5
Gold (thousands) (oz) 4,4 1,6 5,7
Nickel (thousands) (tons) 0,8 0,3 1,1
Copper (thousands) (tons) 0,5 0,2 0,7
PGMs (thousands) (oz) 199,9 88,3 244,0
Total
refined
production
**
Platinum (thousands) (oz) 1 268,5 1 158,9 2 453,5
Palladium (thousands) (oz) 720,7 624,1 1 310,7
Rhodium (thousands) (oz) 173,1 106,3 253,3
Gold (thousands) (oz) 57,8 45,8 109,9
Nickel (thousands) (tons) 11,0 11,1 22,3
Copper (thousands) (tons) 6,1 6,4 12,9
PGMs (thousands) (oz) 2 424,4 2 079,8 4 426,4
PLATINUM
PIPELINE
CALCULATION
Equivalent
refined
platinum
production
***
Steady (thousands) (oz) 962,8 1 013,8 2 020,6
state
operations
Rustenburg (thousands) (oz) 229,6 271,1 545,8
Section
Steady
state
Union (thousands) (oz) 155,7 160,3 313,0
Section
Amandelbult (thousands) (oz) 269,8 312,6 591,7
Section
Potgietersr (thousands) (oz) 103,8 96,2 200,1
ust
Platinums
Lebowa (thousands) (oz) 51,6 57,1 118,8
Platinum
Mines
Bafokeng- (thousands) (oz) 92,4 89,2 184,9
Rasimone
Platinum
Mine
Western (thousands) (oz) 28,9 27,3 66,3
Limb
Tailings
Retreatment
Plant
Kroondal (thousands) (oz) 70,5 34,8 74,0
Pooling and
Sharing
Agreement -
mined
Kroondal (thousands) (oz) (39,5) (34,8) (74,0)
Pooling and
Sharing
Agreement -
sold ****
Ramp-up (thousands) (oz) 233,4 200,5 433,1
operations
Rustenburg (thousands) (oz) 169,2 145,1 318,9
UG2 Project
Modikwa (thousands) (oz) 64,2 55,4 114,2
Platinum
Mine
Equivalent (thousands) (oz) 1 196,2 1 214,3 2 453,7
refined
platinum
production
***
Gain in (thousands) (oz) 73,1 - 91,1
smelting
and
refining
pipeline
*****
Refined (thousands) (oz) (1 268,5) (1 158,9) (2 453,5)
platinum
production
**
Mining (thousands) (oz) (1 166,0) (1 115,1) (2 326,8)
Purchase of (thousands) (oz) (102,5) (43,8) (126,7)
concentrate
Platinum (thousands) (oz) 1,8 55,4 91,3
pipeline
movement
* Total platinum ounces sold=refined platinum ounces sold plus
platinum ounces sold in concentrate.
** Refined metal produced by the refinery and appointed toll-
treaters from mined material and purchased concentrate, as well as
metals in product sold from the refinery.
*** Mines' production and purchases of metal in concentrate
converted to equivalent refined production using Anglo Platinum's
standard smelting and refining recoveries.
**** Metal in concentrate attributable to Anglo Platinum sold to
Impala Platinum in terms of an off-take agreement that was in
place when the Kroondal Pooling and Sharing Agreement commenced.
Metal in concentrate surplus to the volumes stipulated in the off-
take agreement is be refined by Anglo Platinum.
***** 2004 = recovery from post-ACP Waterval Smelter site clean-up
2005 = gain in resident ounces indicated by physical stock count.
Directors and Company Secretary
EXECUTIVE DIRECTORS:
R Havenstein (Chief Executive Officer), J M Halhead (British),
R G Mills, A M Thebyane, R H H van Kerckhoven (Belgian),
D G Wanblad, A I Wood (British).
NON-EXECUTIVE DIRECTORS:
B E Davison (Chairman), D D Barber, D A Hathorn, Sir S E Jonah,
W A Nairn, A J Trahar, A E Redman (British), P L Zim.
INDEPENDENT NON-EXECUTIVE DIRECTORS:
T A Wixley (Deputy Chairman), C B Brayshaw, B A Khumalo, T H
Nyasulu.
ALTERNATE DIRECTORS:
A H Calver (British), R Pilkington, C B Sheppard, V P Uren.
Company Secretary:
J D Meyer.
Anglo Platinum Limited and its Subsidiaries ("Anglo Platinum")
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
JSE Codes: AMS; AMSP ISIN: ZAE000013181; ZAE000054474
A member of the Anglo American plc group
Registered Office
55 Marshall Street, Johannesburg, 2001
(P.O. Box 62179, Marshalltown, 2107)
Facsimile +27 11 373-5111 Telephone +27 11 373-6111
South African registrars
Computershare Investor Services 2004 (Pty) Limited
(Registration No. 2000/006082/06)
70 Marshall Street, Johannesburg, 2001
(P.O. Box 61051, Marshalltown, 2107)
Facsimile +27 11 836-0792/6145 Telephone +27 11 370-7700
London Secretaries
Anglo American Services (UK) Limited,
20 Carlton House Terrace, London, SW1Y 5AN, England
Facsimile +44 207 968-8755 Telephone +44 207 968-8888
United Kingdom registrars
Capita IRG plc
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, England
Facsimile +44 870 162-3100 Telephone +44 208 639-2342
Internet Address: http://www.angloplatinum.com
E-mail enquiries should be directed to: traymond@angloplat.com
Date: 27/07/2005 09:36:29 AM Produced by the JSE SENS Department
