| Mon 13 Feb 2006, 9:00 | | Anglo Platinum - Abridged Financial Results For Th |
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AMS AMSP
ANANP
Anglo Platinum - Abridged Financial Results For The Year Ended 31
December 2005
Anglo Platinum Limited and its Subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1946/022452/06)
JSE Codes: AMS; AMSP & ISIN: ZAE000013181; ZAE000054474
("Anglo Platinum")
A member of the Anglo American plc group
MAIN FEATURES
- Rand basket price per Pt oz up 16%
- Headline earnings per ordinary share up 63,1%
- Dividend per ordinary share up 60,5%
ABRIDGED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
Consolidated Income Statement
Restated
Audited Audited
Year Year
ended ended
31 December % 31 December
R millions 2005 Change 2004
Gross sales revenue 23 308,4 19 624,8
Mined 21 381,0 18 720,4
Purchased metals in 1 927,4 904,4
concentrate
Commissions paid (370,4) (357,8)
Net sales revenue 22 938,0 19,1 19 267,0
COST OF SALES (17 100,3) (16,5) (14 678,8)
GROSS PROFIT ON METAL 5 837,7 27,2 4 588,2
SALES
Mined 5 751,2 4 549,1
Purchased metals in 86,5 39,1
concentrate
Other net 322,1 (663,9)
income/(expenditure)
Market development and (214,3) (194,1)
promotional expenditure
Operating profit 5 945,5 59,4 3 730,2
Interest expensed (273,4) (354,3)
Interest received 135,5 166,1
Income from associates 134,8 50,7
Profit before taxation 5 942,4 65,4 3 592,7
Taxation (1 452,5) (31,3) (1 106,4)
Net profit 4 489,9 80,6 2 486,3
Reconciliation between
net profit and headline
earnings
Net profit 4 489,9 2 486,3
Less: Declared and (255,2) (152,8)
undeclared cumulative
preference share
dividends and related
STC
Basic earnings 4 234,7 2 333,5
attributable to ordinary
shareholders
Adjustments (after tax
where applicable):
Profit on disposal of (117,3) (5,8)
conversion rights
Impact of assets (139,2) 68,3
exchanged
Property, plant and (67,3) (65,4)
equipment
Conversion rights (71,9) 133,7
Net goodwill - 1,5
amortisation
(Profit)/loss on (2,0) 28,6
disposal and scrapping
of property, plant and
equipment
Headline earnings 3 976,2 2 426,1
attributable to ordinary
shareholders
Add: Declared and 255,2 152,8
undeclared cumulative
preference share
dividends and related
STC
Headline earnings 4 231,4 2 578,9
Number of ordinary 218,3 217,4
shares in issue
(millions)
Weighted average number 217,5 216,5
of ordinary shares in
issue (millions)
Attributable earnings
per ordinary share
(cents)
- Basic 1 947,0 1 077,8
- Diluted 1 935,3 1 076,8
Attributable headline
earnings per ordinary
share (cents)
- Headline 1 828,1 1 120,6
- Diluted 1 823,9 1 116,9
Dividends per ordinary 1 180 735
share (cents)
- Interim 480 400
- Final 700* 335
Dividends per preference 638 322
share (cents)
Dividend cover per 1,5 1,5
ordinary share (headline
earnings)
* Proposed ordinary dividend
Group statement of recognised income and expense
Restated
Audited Audited
Year Year
ended ended
31 December 31 December
R millions 2005 2004
income and expense
recognised directly in
equity
After-tax changes in - 164,0
forward metal prices
recognised directly in
equity
income and expense
recognised directly in the
income statement
Net profit for the year 4 489,9 2 486,3
Total recognised income 4 489,9 2 650,3
and expense for the year
effect of changes in
accounting
policies/restatement:
IFRS 3 - Negative goodwill 173,4 -
on associate reversed
IFRS 2 - Share-based - (48,7)
payments
Restatement - cash held by - 43,2
insurance captives
173,4 (5,5)
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
Audited Audited
as at as at
31 December 31 December
R millions 2005 2004
ASSETS
Non-current assets 26 984,4 24 823,3
Property, plant and equipment 19 744,0 17 757,3
Capital work-in-progress 6 132,1 6 124,4
Investment in associates 683,1 435,3
Cash deposits held by environmental 204,7 149,0
trusts
Prepaid operating lease rentals and 220,5 357,3
royalties
Current assets 8 805,1 7 698,9
Inventories 4 412,3 3 192,3
Accounts receivable 2 418,2 2 058,5
Cash held by insurance captives 167,2 83,6
Cash and cash equivalents 1 807,4 2 364,5
Total assets 35 789,5 32 522,2
EQUITY AND LIABILITIES
Shareholders" equity 20 802,0 17 965,4
Non-current liabilities 7 053,7 6 086,0
Deferred taxation 5 948,0 5 175,3
Environmental obligations 424,9 362,7
Employees" service benefit 218,5 102,0
obligations
Obligations due under finance 462,3 446,0
leases
Current liabilities 7 933,8 8 470,8
Interest-bearing borrowings 3 805,2 5 347,9
Accounts payable 3 595,2 2 656,5
Derivative financial liabilities 14,0 28,1
Taxation 519,4 438,3
Total equity and liabilities 35 789,5 32 522,2
Consolidated Cash Flow Statement
Restated
Audited Audited
as at as at
31 December 31 December
R millions 2005 2004
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash from operations 7 542,4 5 446,1
Interest paid (net of interest (262,6) (274,5)
capitalised)
Taxation paid (554,9) (392,4)
Net cash from operating 6 724,9 4 779,2
activities
CASH FLOWS USED IN INVESTING
ACTIVITIES
Purchase of property, plant and (4 097,4) (4 260,3)
equipment (including interest
capitalised)
Proceeds from sale of plant, 123,7 39,5
equipment and conversion rights
Interest received 135,5 166,1
Other (35,5) 29,4
Net cash used in investing (3 873,7) (4 025,3)
activities
CASH FLOWS (USED IN)/FROM
FINANCING ACTIVITIES
Proceeds from the issue of 163,1 4 441,0
ordinary and preference share
capital
Repayment of interest-bearing (1 542,7) (1 820,2)
borrowings
Ordinary and preference (2 028,7) (1 579,6)
dividends paid
Net cash (used in)/from (3 408,3) 1 041,2
financing activities
Net (decrease)/increase in cash (557,1) 1 795,1
and cash equivalents
Cash and cash equivalents at 2 364,5 569,4
beginning of year
Cash and cash equivalents at 1 807,4 2 364,5
end of year
MOVEMENT IN NET DEBT**
Net debt at beginning of year (3 429,4) (6 923,0)
Net cash from operating 6 724,9 4 779,2
activities
Net cash used in investing (3 873,7) (4 025,3)
activities
Other (1 881,9) 2 739,7
(2 460,1) (3 429,4)
** Net debt comprises interest-bearing liabilities and obligations
under finance leases net of cash and cash equivalents.
Notes to the abridged results
1. This abridged 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 abridged 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 below.
- The adoption of IFRS 2 - Share based payments resulted in a charge
to net profit of R137,2 million (31 December 2004: R38,0 million).
- The adoption of IFRS 3 - Business combinations resulted in an
amount of R173,4 million representing negative goodwill on an
associate being transferred from investments in associates to
opening reserves.
- In compliance with IAS 1 - Presentation of financial statements, a
statement of recognised income and expense has been disclosed as a
separate component of the financial results.
- The Platinum Producer"s Environmental Trust is consolidated in
accordance with IFRIC 5, Rights to interest arising from
decommissioning, restoration and environmental restoration funds.
The effect is that the amounts previously stated as originated
loans are disclosed in non-current assets as deposits held by the
environmental trusts.
The adoption of the following accounting policies did not have an
impact on the financial results:
- IFRIC 4 - Determining whether an arrangement constitutes a lease.
- Guidance around accounting for Black Economic Empowerment
transactions.
3. 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 year.
Year Year
ended ended
31 December 31 December
R millions 2005 2004
4. Commitments
Mining and process property, plant
and equipment
Contracted for 1 442,9 1 308,0
Not yet contracted for 6 259,0 5 953,6
Authorised by the directors 7 701,9 7 261,6
Other
Operating lease rentals - buildings 589,9 666,8
- within remainder of year/one year 41,0 44,8
- within two to five years 163,3 173,6
- thereafter 385,6 448,4
Information Technology Service 144,5 100,8
Providers
- within remainder of year/one year 62,1 38,9
- thereafter 82,4 61,9
5. Contingent liabilities
There have been no material changes to the contingent liabilities
as disclosed in the annual report for the year ended 31 December
2004.
6. Change in accounting estimate - Metal inventories
During the year, 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 (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.
7. Useful lives of property, plant and equipment
In response to IAS 16 (revised), the Group has re-estimated the
expected useful life of plant and equipment. The impact on current
year earnings of this change in estimate amounts to and after tax
decrease of R205,5 million. It is expected that there will be an
impact going forward from IAS 16 (revised).
8. 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.
9. 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.
The accrual for leave pay was moved from non-current to current
liabilities.
10. 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.
11. Audit opinion
The auditors, Deloitte & Touche, have issued their opinion on the
group"s financial statements for the year ended 31 December 2005.
The audit was conducted in accordance with International Standards
on Auditing. They have issued an unqualified audit opinion. A copy
of their audit report is available for inspection at the company"s
registered office. These abridged financial statements have been
derived from the group financial statements and are consistent in
all material respects, with the group financial statements.
Commentary
1. FINANCIAL RESULTS
The Group achieved a significant improvement in headline earnings for
2005 when compared to 2004. Factors contributing to the increase
included: higher US dollar prices realised on metals sold; increased
sales volumes; gains on repatriation of US dollar revenue and once-off
benefits arising from both the reduction in the South African corporate
tax rate and an increase in the quantity and value of pipeline stocks
in 2005.
Headline earnings increased by 64,1% to R4,23 billion. Headline
earnings attributable to ordinary shareholders increased by 63,9% to
R3,98 billion and headline earnings per ordinary share rose by 63,1% to
1 828 cents. A final dividend of 700 cents per share has been declared.
Gross sales revenue rose by R3,68 billion to R23,31 billion. The
increase was primarily the result of higher US dollar metal prices
achieved, contributing R2,99 billion of the increase and higher volumes
of metals sold which contributed a further R645 million. The average
rand/US dollar exchange rate of R6,3915 was similar to the rate
achieved in 2004 (R6,4055).
Cost of sales rose by R2,42 billion to R17,10 billion, principally as a
result of the following:
- Purchases of metal in concentrate doubled from R965 million to
R1,99 billion following an increase in the volume and value of
metals in concentrate from the Bafokeng-Rasimone and Modikwa joint
ventures, as well as the Kroondal Pooling and Sharing agreement.
- Cash mining, smelting and refining costs increased by R948 million
or 7,8% to R13,11 billion, as detailed in the Operations section
of this commentary, and included savings of some R235 million
arising from specific projects.
- As a result of the capital expenditure programme and increased
utilisation of new operating assets, amortisation rose by R413
million. Further in response to IAS16 (revised), the Group has re-
estimated the expected useful lives of components of property,
plant and equipment resulting in additional amortisation of R289
million. Total operating amortisation therefore increased by R702
million to R2,21 billion.
- The value of metals in inventory increased by R1,23 billion during
2005. This was due to a number of factors including; a gain in the
quantity of pipeline stocks indicated by a full stock count, a
stock build up at the smelters due to the Polokwane smelter
shutdown during the fourth quarter, and unit cost increases which
affected the value of metal stocks. The increase was offset by a
reduction in closing refined metal stock due to higher sales
volumes at the end of the year.
Other net income rose to R322 million. Foreign exchange gains amounted
to R336 million and profit on the sale of conversion rights to R117
million. Fair valuations of assets attributable to joint venture
arrangements amounted to R196 million. This income was reduced by R278
million in restructuring costs.
2. SAFETY
Improving the safety performance of our employees and contractors
remains Anglo Platinum"s highest priority and the Group continues to
invest significant resources in a comprehensive suite of safety
initiatives. Whilst the total number of injury incidents decreased
during the year, it is with deep regret that management reports the
loss of the lives of 24 employees as a result of mine related
accidents. Management and the Board extend their condolences to the
families, friends and colleagues of the deceased.
3. OPERATIONS
Whilst refined PGM production increased by 5,1% when compared to 2004,
refined platinum production of 2 453 200 ounces was similar to 2004.
Cash operating cost per equivalent refined platinum ounce (equivalent
ounces are mine ounces converted to expected refined ounces) increased
by 9,4%. Production did not increase as planned on all mines and unit
costs suffered as a result. The more significant cost pressures
experienced this year were those incurred as a result of the above
inflation wage settlements, recovery measures being implemented and the
higher diesel price.
Mining and retreatment operations
Equivalent refined platinum production from the operations, managed by
Anglo Platinum and its joint venture partners, increased by 50 000
ounces or 2,0% when compared to 2004. The increase came from the
Kroondal, Modikwa, PPRust and BRPM mines;
- Kroondal: Equivalent refined platinum production rose by 100 400
ounces or 135,7% in 2005 from the expansion of the Kroondal
Platinum Mine venture with Aquarius Platinum (South Africa) (Pty)
Limited. All the ounces from the expansion are being treated by
Anglo Platinum.
- Modikwa: Equivalent refined platinum production rose by 14 800
ounces or 13,0% in 2005 as Modikwa ramped up towards steady state
production. Development rates accelerated during 2005, resulting
in a better immediately available ore reserve position of 10
months compared to 8 months at the end of 2004. The decision to
change to breast mining increased raise intervals generating a
higher ratio of ore reserves per meter of development.
- Equivalent refined platinum production from PPRust increased by 5
200 ounces or 2,6% and from BRPM by 10 100 ounces or 5,5% when
compared to 2004.
Lower production was recorded at the Rustenburg, Amandelbult and
Lebowa mines and the Western Limb Tailings Retreatment operation;
- Rustenburg: Equivalent refined platinum production of 839 400
ounces was 25 300 ounces or 2,9% lower than in 2004. The ore
source mix continued to change with the ongoing replacement of
Merensky ore with UG2 ore, as the currently available Merensky
reserves diminish. A drive to secure and sustain a sizeable
component of deeper but higher value Merensky production, is a
fundamental part of the Rustenburg strategy and planning in the
capital programme for down-dip vertical shaft access is well
advanced. Operating performance in the second half of the year
improved over the first half as the considerable efforts made to
restore production and improve safety and efficiencies at the
constituent shafts started to take hold.
- Amandelbult: Equivalent refined platinum production of 556 400
ounces was 35 300 ounces or 6,0% lower than in 2004. The mine
continued with efforts to reverse the impact of the Transition
Zone ore type at the No. 1 shaft, as well as the disturbed ground
conditions at No.2 shaft. Planning is well advanced and includes
down dip vertical shaft access, for which a significant seismic
survey and drilling programme commenced during the year. Further
progress underground was made in breaching the Transition Zone on
the western boundary as well as on preparations for increased UG2
delivery in 2006. Performance in the second half of the year
improved over the first half, indicative of progress made with the
planned turnaround.
- Lebowa: Equivalent refined platinum production of 112 100 ounces
was 6 700 ounces or 5,7% lower than in 2004 due to a contractor
stoppage in February.
- Western Limb Tailings Retreatment (WLTR): In accordance with plan
and as a consequence of the depletion of the older higher grade
resources, the 4E grade decreased from 2,07 g/t in 2004 to 1,16
g/t in 2005, resulting in a 24,4% decrease in equivalent refined
platinum ounces.
Process operations
The Rustenburg smelting and refining operations performed well in 2005,
achieving improved metal recoveries and a further significant reduction
in sulphur emissions. The Polokwane smelter was shut down from 7
September to 5 December to repair and modify the waffle cooler system.
The net increase in pipeline stocks at the end of the year amounted to
some 123 600 ounces of platinum which will be refined in 2006.
Changes in the rhodium refining circuit at the Precious Metals Refinery
(PMR) resulted in a substantial release of metal previously held in the
pipeline. Consequently refined rhodium production increased by 74 800
ounces or 29,5% when compared to 2004.
The overall recovery of platinum improved by 2,9% as a result of new
technology introduced in concentrating and smelting operations.
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. The outlook for
long term metal prices is more positive than it has been for some time.
Consequently, studies evaluating the ramping up of those projects
previously slowed down for economic reasons, are being conducted.
During the year the Company announced the following ventures;
- The Marikana Pooling and Sharing agreement with Aquarius Platinum
to jointly mine contiguous properties. Anglo Platinum will share
in profits from January 2006 and will treat additional concentrate
that arises from the expansion of the Marikana operation. In
addition to sales of concentrate in terms of off-take agreements,
the venture is expected to produce an additional 90 000 ounces of
platinum and 43 000 ounces of palladium in concentrate per annum
when it reaches steady state production in 2007.
- The Mototolo joint venture with Xstrata Alloys to develop a
platinum mine and concentrator. The mine is expected to reach
steady state production in the third quarter of 2007. The mine
will produce approximately 132 000 ounces of platinum and 82 000
ounces of palladium in concentrate per annum. The Group will
purchase Xstrata"s 50% share of PGM concentrate for further
smelting, refining and marketing of finished products.
The Board approved mining replacement projects totaling R4,90 billion,
in 2005 money terms, at Rustenburg, Amandelbult and Union sections,
Leplats and PPRust during 2005. These projects are planned to reach
steady-state between 2008 and 2012, replacing some 586 000 ounces of
platinum production per annum. Included in these projects is the PPRust
North replacement project. This project will mill 385 000 tons per
month, producing 200 000 replacement platinum ounces per annum.
Following the securing of arrangements whereby PPRust has gained access
to an additional 14Ml of water per day, the PPRust North project will
be further expanded to mill an additional 600 000 tons per month,
producing an additional 230 000 platinum ounces per annum. The
currently estimated capital cost of this expansion is some R4 billion
in 2006 money terms. Board and regulatory approvals for this expansion
project are expected shortly.
5. CAPITAL EXPENDITURE
Total capital expenditure amounted to R4,36 billion (2004: R4,61
billion). Expenditure to maintain operations increased to R2,80 billion
(2004: R2,68 billion) and expansion expenditure amounted to R1,42
billion (2004: R1,73 billion). Interest of R147 million was capitalised
(2004: R198 million).
The decrease in capital expenditure in 2005 was as a result of the
continued emphasis on capital optimisation and the deferral of certain
projects. It is anticipated that capital expenditure for 2006 will
amount to between R5,5 billion and R6,0 billion, subject to decisions
being taken and approvals obtained during the course of the year.
6. CASH FLOWS
Net debt decreased by R969 million to R2,46 billion. Cash generated
from operations amounted to R7,54 billion. Cash outflows consisted
mainly of capital expenditure of R4,10 billion (2004: R4,26 billion),
dividend payments of R2,03 billion (2004: R1,58 billion) and taxation
payments amounting to R555 million (2004: R392 million).
Dividend payments aggregated R2,03 billion, being R1,77 billion of
ordinary dividends and R255 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 the Broad-Based Socio-
Economic Empowerment Charter for the SA Mining Industry. Anglo Platinum
continues to work closely with the Department of Minerals and Energy in
this regard. The Group has lodged applications for all but one
producing mines and most prospecting permits to convert "old-order"
rights to "new-order" rights in accordance with the requirements of the
Act.
8. SOCIAL RESPONSIBILITY AND HIV/AIDS
Anglo Platinum has maintained its strong commitment to supporting
initiatives geared towards socio-economic development of communities
around its business operations in the North West and Limpopo provinces,
and in the Eastern Cape. A total of R52,2 million was spent on these
initiatives in 2005.
The Group has continued the fight against HIV/AIDS and associated
illnesses. R23,5 million was spent on education, training, a full
wellness programme, which includes free anti retroviral treatment,
various community engagements, and counselling and voluntary testing.
9. DIVIDENDS
Ordinary dividends are declared in the light of current and future
funding requirements and are paid out of cash generated from
operations.
The Board has declared a final ordinary dividend of 700 cents per
share. This brings the total ordinary dividend declared for 2005 to 1
180 cents per share, which is 60,5% higher than the corresponding
figure for 2004. The dividend cover ratio of 1,5 has been maintained.
Preference dividends of 318 cents and 320 cents per preference share
were declared and paid in May 2005 and November 2005 respectively.
10. PROSPECTS
Increased mined production and a reduction in the level of pipeline
inventories are expected to result in refined platinum production of
between 2,7 and 2,8 million ounces in 2006. Management continues to
vigorously address unit costs in conditions of relatively high
inflation in the mining environment. The emphasis on increasing volumes
at improved operating efficiencies remains,
Demand for platinum continues to be strong and remains supportive of
firm platinum prices. The resilience of jewellery demand particularly
in the Chinese market at prices over $900 per ounce adds confidence to
this view. The growth in demand for platinum for diesel autocatalysts
systems, both oxidation and now heavily loaded particulate traps, in
Europe is strong. Tightening diesel emission legislation and its early
adoption supports this as well as the growing popularity of diesel
engine powered vehicles. Industrial demand remains firm, particularly
in the glass and petroleum sectors.
Industrial palladium demand continues to grow encouraged by the
relatively low price. However as adequate supplies are available the
relatively high prices ruling are the result of investment interest in
the metal. It is notable that palladium demand from Chinese jewellery
manufacturers has doubled in the year and should sustainable consumer
interest be established, this could beneficially alter the market for
palladium supply and demand.
While production and sales volumes will increase in 2006, the most
significant variable affecting earnings will be metal prices in rand
terms. If the rand basket price remains at current levels, then
earnings for 2006 are likely to be higher than those in 2005.
R Havenstein B E Davison Johannesburg
(Chief Executive Officer) (Chairman) 9 February 2006
Declaration of final ordinary dividend (No. 106)
Notice is hereby given that a final dividend of 700 cents per ordinary
share, in the currency of the Republic of South Africa, has been
declared in respect of the year ended 31 December 2005. The dividend is
payable to shareholders recorded in the books of the Company at the
close of business on Friday, 17 March 2006.
The salient dates for the final ordinary dividend are as follows:
Salient Dates for South Africa and United Kingdom 2006
Last day to trade (cum dividend) Friday, 10 March
First day of trading (ex dividend) Monday, 13 March
Currency conversion date (for sterling payments Tuesday, 14 March
from London)
Record date Friday, 17 March
Payment date Monday, 20 March
Share certificates may not be dematerialised or re-materialised and no
coversion of preference shares into ordinary shares will be permitted
between Monday, 13 March 2006 and Friday, 17 March 2006, both days
inclusive, nor may transfers take place between the South African and
United Kingdom share registers during this period.
On Monday, 20 March 2006, 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 20 March
2006 will be posted on that date. Holders of dematerialised shares will
have their accounts credited at their CSDP or broker on 20 March 2006.
Shareholders registered on the United Kingdom register will be paid the
dividend in pounds sterling at the rate of exchange determined on
Tuesday, 14 March 2006.
A further announcement stating the rand/sterling conversion rate will
be released through the relevant South African and United Kingdom news
services on Wednesday, 15 March 2006.
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
Jenny D Meyer Johannesburg
Company Secretary 9 February 2006
Supplementary Information
Consolidated Statistics (Unaudited)
Year Year
ended ended
31 December 31 December
Total operations 2005 2004
Marketing statistics
Average market
prices achieved
Platinum (US$/oz) 894 842
Palladium (US$/oz) 199 228
Rhodium (US$/oz) 1 966 933
Nickel (US$/lb) 6,77 5,92
US$ Basket price
(Net sales revenue
per refined Pt ounce (US$) 1 388 1 194
sold)
Platinum (R/oz) 5 704 5 397
Palladium (R/oz) 1 274 1 458
Rhodium (R/oz) 12 640 5 917
Nickel (R/lb) 43,00 38,04
R Basket price (Net (R) 8 871 7 649
sales revenue per
refined Pt ounce
sold)
Average exchange (R : US$) 6,3915 6,4055
rate achieved on
sales
Exchange rate at end (R : US$) 6,3450 5,6450
of period/year
Financial statistics
and ratios
Gross profit margin (%) 25,0 23,4
Earnings before
interest, taxation,
depreciation and
amortisation (R millions) 8 354,3 5 353,2
(EBITDA)
Operating profit to (%) 23,6 17,4
average operating
assets
Return on average (%) 23,2 16,4
shareholders" equity
Return on capital (%) 27,2 18,6
employed
Interest cover - 21,6 9,6
EBITDA
Net asset value per (R) 95,3 82,7
share
Net debt to total (%) 10,5 15,6
capital employed
Interest-bearing (%) 20,5 32,2
debt to
shareholders" equity
Cost of sales per (R) 6 587 5 794
total Pt oz sold
Cash operating cost (R) 5 523 5 049
per equivalent Pt oz
(excluding ounces
from purchased
concentrate and
associated costs)
Cash operating cost (R) 5 670 5 046
per refined Pt oz
Equivalent refined (thousands) (oz) 2 503,7 2 453,7
platinum production
Gain in smelting and (thousands) (oz) 73,1 91,1
refining pipeline
Refined platinum (thousands) (oz) (2 453,2) (2 453,5)
production
Mining (thousands) (oz) (2 236,1) (2 326,8)
Purchase of (thousands) (oz) (217,1) (126,7)
concentrate
Platinum pipeline (thousands) (oz) 123,6 91,3
movement
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 11 370-5000
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
Detailed results are available on the Internet at:
http://www.angloplatinum.com
E-mail enquiries should be directed to:
traymond@angloplat.com
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 (Ghanian), 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.
Date: 13/02/2006 09:00:20 AM Produced by the JSE SENS Department
