| |
| |
| Ten-year financial review |
| This section contains: |
| • |
Ten-year financial review |
| • |
Salient statistics |
| • |
Operating contribution and margin by
mine |
| • |
Refined production analysis |
| • |
Total and individual mine statistics |
| • |
Analysis of group capital expenditure |
| • |
Ore reserves and mineral resources
tables |
|
| |
| R million |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
| Gross sales revenue |
46,961 |
39,356 |
23,108 |
19,625 |
16,508 |
20,286 |
18,691 |
16,186 |
8,795 |
6,855 |
| Commissions paid |
345 |
201 |
170 |
358 |
408 |
733 |
812 |
649 |
277 |
232 |
| Net sales revenue |
46,616 |
39,155 |
22,938 |
19,267 |
16,100 |
19,553 |
17,879 |
15,537 |
8,518 |
6,623 |
| Cost of sales |
27,519 |
22,531 |
17,100 |
14,679 |
12,191 |
10,130 |
8,263 |
6,676 |
5,339 |
4,816 |
| Cash operating costs |
24,025 |
19,083 |
15,099 |
13,127 |
11,025 |
8,884 |
7,045 |
5,871 |
5,056 |
4,538 |
| On-mine costs |
16,125 |
12,983 |
11,256 |
10,356 |
9,027 |
7,369 |
5,949 |
4,935 |
4,188 |
3,787 |
| Purchase costs of concentrate |
5,539 |
3,947 |
1,988 |
965 |
292 |
122 |
— |
— |
— |
— |
| Smelting costs |
1,314 |
1,238 |
1,003 |
999 |
910 |
641 |
442 |
336 |
330 |
265 |
| Treatment and refining costs |
1,047 |
915 |
852 |
807 |
796 |
752 |
654 |
600 |
538 |
486 |
| Depreciation of operating assets |
2,757 |
2,421 |
2,213 |
1,511 |
1,147 |
764 |
499 |
396 |
304 |
257 |
| (Increase)/decrease in metal inventories |
(957) |
(767) |
(1,230) |
(718) |
(585) |
(109) |
45 |
(100) |
(239) |
(236) |
| Transfer(from)/to metal lease liability |
— |
— |
— |
— |
— |
— |
— |
|
(64) |
29 |
| Other costs |
1,694 |
1,794 |
1,018 |
759 |
604 |
591 |
674 |
509 |
282 |
228 |
|
|
|
|
|
|
|
|
|
|
|
| Gross profit on metal sales |
19,097 |
16,624 |
5,838 |
4,588 |
3,909 |
9,423 |
9,616 |
8,861 |
3,179 |
1,807 |
| Other net (expenditure)/income |
(119) |
(130) |
322 |
(664) |
(269) |
(755) |
2,453 |
593 |
56 |
160 |
| Net profit on disposal of mineral rights and investments |
— |
— |
— |
— |
— |
— |
123 |
— |
— |
|
| Market development and promotional expenditure |
(324) |
(236) |
(214) |
(194) |
(257) |
(267) |
(251) |
(180) |
(139) |
(121) |
| Operating profit |
18,654 |
16,258 |
5,946 |
3,730 |
3,383 |
8,401 |
11,818 |
9,397 |
3,096 |
1,846 |
| Net investment income |
221 |
26 |
(138) |
(188) |
(237) |
156 |
340 |
295 |
121 |
221 |
| Net income from associates |
448 |
430 |
135 |
51 |
35 |
182 |
171 |
158 |
— |
|
| Profit before taxation |
19,323 |
16,714 |
5,943 |
3,593 |
3,181 |
8,739 |
12,329 |
9,850 |
3,217 |
2,067 |
| Current taxation |
4,604 |
3,504 |
682 |
450 |
449 |
1,764 |
3,801 |
2,319 |
567 |
470 |
| Deferred taxation |
2,052 |
1,278 |
771 |
657 |
640 |
1,235 |
508 |
613 |
46 |
177 |
| Net profit |
12,667 |
11,932 |
4,490 |
2,486 |
2,092 |
5,740 |
8,020 |
6,918 |
2,604 |
1,420 |
| Basic earnings attributable to ordinary shareholders |
12,299 |
11,680 |
4,235 |
2,334 |
2,092 |
5,740 |
8,020 |
6,918 |
2,604 |
1,420 |
| Headline earnings attributable to ordinary shareholders |
12,294 |
11,756 |
3,976 |
2,426 |
2,092 |
5,630 |
8,008 |
6,795 |
2,604 |
1,420 |
| Headline earnings |
12,325 |
11,993 |
4,231 |
2,579 |
2,092 |
5,630 |
8,008 |
6,795 |
2,604 |
1,420 |
| Dividends and capitalisation share awards |
15,904 |
4,851 |
2,029 |
1,580 |
2,732 |
5,363 |
6,087 |
2,457 |
1,013 |
655 |
| Cash flows from operating activities |
13,849 |
17,006 |
6,809 |
4,793 |
1,607 |
6,278 |
9,970 |
7,946 |
2,973 |
1,439 |
| Cash flows (used in)/from investing activities |
(10,021) |
(5,798) |
(3,874) |
(4,025) |
(7,096) |
(5,196) |
(3,060) |
(1,624) |
(1,302) |
(1,186) |
| Cash flows (used in)/from financing activities |
(4,983) |
(8,387) |
(3,408) |
1,041 |
4,479 |
(5,288) |
(7,246) |
(2,414) |
(986) |
(639) |
| Cash and cash equivalents |
4,079 |
4,988 |
1,975 |
2,365 |
569 |
1,580 |
5,786 |
6,123 |
2,215 |
1,530 |
| Capital expenditure |
10,653 |
6,525 |
4,097 |
4,260 |
7,424 |
5,994 |
3,586 |
1,920 |
1,473 |
1,460 |
| Metal inventories |
5,782 |
4,825 |
4,059 |
2,831 |
2,113 |
1,528 |
1,097 |
1,142 |
1,042 |
802 |
| Net liquid assets |
(4,346) |
1,659 |
(3,163) |
(3,437) |
(6,950) |
(141) |
2,993 |
4,775 |
1,669 |
1,284 |
| Shareholders’ equity |
28,773 |
28,692 |
20,802 |
17,980 |
12,423 |
13,184 |
12,522 |
11,714 |
7,196 |
5,552 |
| Average prices achieved, US$/oz |
|
|
|
|
|
|
|
|
|
|
| Platinum |
1,302 |
1,140 |
894 |
842 |
696 |
544 |
526 |
544 |
377 |
373 |
| Palladium |
355 |
319 |
199 |
228 |
198 |
329 |
582 |
675 |
358 |
282 |
| Rhodium |
4,344 |
3,542 |
1,966 |
933 |
527 |
831 |
1,610 |
1,847 |
894 |
609 |
| Average R/US$ exchange rate achieved on sales |
7.0431 |
6.8223 |
6.3915 |
6.4055 |
7.4055 |
10.3101 |
8.5434 |
6.9881 |
6.1576 |
5.5835 |
| Rand basket price* |
18,167 |
13,852 |
8,871 |
7,649 |
7,017 |
8,690 |
8,654 |
8,287 |
4,366 |
3,603 |
|
| |
| R million |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
| Ratio analysis |
|
|
|
|
|
|
|
|
|
|
| Return on average equity (%) |
44.1 |
48.2 |
23.2 |
16.4 |
16.3 |
45.0 |
66.2 |
73.2 |
40.9 |
27.6 |
| Net asset value as a % of market capitalisation |
12.1 |
14.6 |
20.9 |
39.9 |
19.8 |
19.4 |
13.1 |
15.3 |
17.8 |
32.0 |
| Gross profit margin (%) |
40.7 |
42.2 |
25.3 |
23.4 |
23.7 |
46.5 |
51.4 |
54.7 |
36.1 |
26.4 |
| Operating profit as a percentage of average operating assets |
58.6 |
56.2 |
23.8 |
17.5 |
20.2 |
66.3 |
120.0 |
117.6 |
49.1 |
35.4 |
| Effective tax rate % |
34.4 |
28.6 |
24.4 |
30.8 |
34.2 |
34.3 |
34.9 |
29.8 |
19.0 |
31.3 |
| Debt:equity ratio |
1:3.5 |
1:49.9 |
1:4.9 |
1:3.1 |
1:1.7 |
1:95 |
— |
1:346 |
1:152 |
1:76 |
| Current ratio |
1.0:1 |
1.6:1 |
1.0:1 |
1.0:1 |
0.5:1 |
1.5:1 |
1.9:1 |
3.0:1 |
3.2:1 |
3.9:1 |
| Share performance |
|
|
|
|
|
|
|
|
|
|
| Number of ordinary shares in issue (millions) |
236.4 |
229.6 |
218.3 |
217.4 |
215.4 |
214.9* |
214.1* |
217.0 |
216.1 |
215.1 |
| Weighted average number of ordinary |
|
|
|
|
|
|
|
|
|
|
| shares in issue (millions) |
234.7 |
218.8 |
217.5 |
216.5 |
215.1 |
214.5 |
217.0 |
216.3 |
215.5 |
214.5 |
| Headline earnings per ordinary share (cents) |
5,239 |
5,374 |
1,828 |
1,121 |
972 |
2,625 |
3,696 |
3,142 |
1,209 |
662 |
| Dividends per share (cents) |
5,200 |
5,300 |
1,180 |
735 |
640 |
1,800 |
2,700 |
2,410 |
700 |
385 |
| Interim |
2,900 |
1,400 |
480 |
400 |
370 |
900 |
1,100 |
710 |
275 |
190 |
| Final |
2,300† |
3,900 |
700 |
335 |
270 |
900 |
1,100 |
1,100 |
425 |
195 |
| Special |
|
|
|
|
|
— |
500 |
600 |
|
|
| Dividends per preference share (cents) |
638 |
638 |
638 |
322 |
|
|
|
|
|
|
| Market capitalisation (R millions) |
238,728 |
196,583 |
99,763 |
45,002 |
62,789 |
67,919 |
95,660 |
76,384 |
40,411 |
17,359 |
| Number of ordinary shares traded (millions) |
92.2 |
64.4 |
70.7 |
74.0 |
97.4 |
107.7 |
97.9 |
67.8 |
71.1 |
39.5 |
| Highest price traded (cents) |
130,449 |
90,395 |
49,763 |
37,600 |
35,900 |
54,800 |
45,040 |
37,000 |
19,560 |
9,600 |
| Lowest price traded (cents) |
79,800 |
42,100 |
20,500 |
19,200 |
19,300 |
28,900 |
25,500 |
17,400 |
7,650 |
4,950 |
| Closing price (cents) |
101,005 |
85,603 |
45,700 |
20,700 |
29,150 |
31,600 |
44,680 |
35,200 |
18,700 |
8,070 |
| Number of deals |
281,553 |
141,566 |
74,829 |
66,749 |
73,484 |
90,877 |
96,207 |
51,640 |
30,346 |
18,829 |
| Value traded (R millions) |
95,922 |
43,235 |
20,976 |
19,289 |
26,756 |
42,748 |
32,340 |
15,440 |
9,780 |
3,046 |
Financial years 1998 – 2007 are prepared in accordance with International Financial Reporting Standards.
Changes in some 2006 figures from those disclosed previously are due to reclassifications (refer to note 46 of the annual financial statements).
* Net of 1,673,400 shares held by a wholly-owned subsidiary
† Proposed ordinary dividend |
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