14 year financial review

(Where appropriate financial results have been adjusted for changes in accounting policies and adoption of IFRS)

  2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
  R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000
Statement of comprehensive income
Sales revenue 3 571 048 3 945 083 3 186 042 3 886 137 3 739 805 2 386 326 1 554 501 1 720 399 1 471 999 1 560 685 1 567 883 1 051 953 719 497 539 279
Cost of sales 3 185 754 3 160 108 2 368 129 1 608 648 1 727 945 1 372 727 1 280 405 1 335 217 1 093 908 976 905 780 433 691 925 596 285 547 449
Operating costs 2 242 006 2 230 369 1 905 889 1 626 610 1 360 818 1 240 320 1 118 906 1 061 171 1 011 664 804 870 732 758 586 938 525 797 475 168
Concentrates purchased 787 316 735 090 140 192 – 106 447 – 20 075 14 632 – – – – – –
Refining and other costs 68 804 92 972 120 917 75 540 91 816 59 520 57 222 60 569 68 549 41 394 29 601 32 068 35 742 32 227
Leased metal costs – – – – – – – (14 149) 14 149 – – – – –
Depreciation and impairments 147 838 167 346  160 907 149 325 129 040 114 713 103 646 97 527 89 059 99 451 86 999 59 474 55 302 65 940
Other 16 542 – – – – – – – – – – – – –
Change in metal stocks (76 752) (65 669) 40 224 (242 827) 39 824 (41 826) (19 444) 115 467 (89 513) 31 190 (68 925) 13 445 (20 556) (25 886)
                             
Operating profit 385 294 784 975 817 913 2 277 489 2 011 860 1 013 599 274 096 385 182 378 091 583 780 787 450 360 028 123 212 (8 170)
Share of profits from associate 7 248 12 440 72 606 – – – – – – – – – – –
Investment income 85 520 167 655 130 417 97 507 83 643 39 700 29 623 38 174 64 140 52 023 39 714 27 199 17 908 4 348
Net sundry income/(expenditure) 53 148 9 557 (6 430) (16 145) 5 303 19 820 75 367 (36 392) 23 946 20 793 4 256 (1 591) (1 980) 2 542
Profit before tax 531 210 974 627 1 014 506 2 358 851 2 100 806 1 073 119 379 086 386 964 466 177 656 596 831 420 385 636 139 140 (1 280)
Tax 182 001 333 601 384 024 866 040 774 562 367 555 128 440 136 869 198 601 259 121 308 143 122 817 (15 589) (28 488)
Profit and comprehensive income for the year attributable to shareholders 349 209 641 026 630 482 1 492 811 1 326 244 705 564 250 646 250 095 267 576 397 475 523 277 262 819 139 467 27 208
Headline earnings 324 949 640 434 590 757 1 492 827 1 325 969 705 350 250 661 249 960 267 223 405 071 538 134 262 819 150 150 27 208
Statement of financial position
Property plant and equipment 8 498 935 7 660 720 7 455 496 1 683 901 1 536 289 1 481 901 1 390 586 1 355 765 1 334 203 1 249 774 1 261 159 1 184 868 900 920 944 586
Investment in associate 505 327 129 741 130 106 – – – – – – – – 166 485 271 511 253 904
Other non current assets 199 393 181 163 146 741 71 633 64 435 29 280 17 554 12 744 10 645 8 741 7 310 6 040 4 953 6 280
  9 203 655 7 971 624 7 732 343 1 755 534 1 600 724 1 511 181 1 408 140 1 368 509 1 344 848 1 258 515 1 268 469 1 357 393 1 177 384 1 204 770
Current assets 2 725 916 2 117 683 1 616 007 2 363 992 1 733 264 1 231 073 835 187 804 015 747 907 1 038 062 882 506 661 781 398 161 254 859
Inventories 604 647 521 462 468 254 504 980 254 490 280 372 246 302 223 187 339 156 249 252 284 214 212 596 210 414 190 619
Trade and other accounts receivable 410 621 318 054 226 850 359 264 268 862 119 415 83 003 79 206 113 776 57 497 54 083 70 760 31 805 28 635
Investment in escrow – 91 458  – – – – – – – – –      
Cash and cash equivalents 1 697 853 1 186 709 920 903 1 499 748 1 209 912 831 286 505 882 501 622 294 975 731 313 544 209 378 425 155 942 35 605
Receiver of revenue 12 795 – – – – – – – – – –      
Total assets 11 929 571 10 089 307 9 348 350 4 119 526 3 333 988 2 742 254 2 243 327 2 172 524 2 092 755 2 296 577 2 150 975 2 019 174 1 575 545 1 459 629
Shareholders’ equity 10 115 352 8 833 154 8 332 186 2 903 871 2 381 446 2 001 632 1 598 886 1 583 642 1 515 508 1 892 908 1 965 439 1 900 201 1 477 862 1 356 693
Deferred tax 477 145 447 212 428 821 388 055 376 163 357 632 325 298 332 395 330 323 249 103 69 723 – – –
Non-current liabilities and provisions 162 450 134 278 100 440 55 858 21 749 25 149 22 556 15 151 11 442 9 393 8 179 6 835 29 514 49 587
Current liabilities 1 174 624 674 663 486 903 771 742 554 630 357 841 296 587 241 336 235 482 145 173 107 634 112 138 68 169 53 349
Total equity and liabilities 11 929 571 10 089 307 9 348 350 4 119 526 3 333 988 2 742 254 2 243 327 2 172 524 2 092 755 2 296 577 2 150 975 2 019 174 1 575 545 1 459 629
Statement of cash flows
Operating cash flow 785 338 862 411 717 838 1 546 908 1 555 025 852 501 381 700 512 808 390 040 747 481 800 873 423 098 169 455 42 629
Cash generated from operations 742 943 970 648 1 049 056 2 429 382 2 156 896 1 159 025 460 689 454 070 500 170 706 849 886 196      
Investment income 82 183 163 625 127 739 95 454 80 936 37 925 28 209 37 142 63 125 51 286 39 119      
Change in working capital 182 380 783 357 340 (265 004) (106 316) (72 770) (7 893) 132 007 (105 707) 54 248 (62 911)      
Change in short-term provisions 6 073 9 111 (24 361) 35 305 7 810 3 015 4 779 7 355 8 006 4 274 9 518      
Tax paid (228 021) (281 756) (791 936) (748 229) (584 301) (274 694) (104 084) (117 766) (75 554) (69 176) (70 463)      
Interest paid – – – – – – – – – – (586)      
Investing cash flow (213 307) (395 965) (498 335) (263 795) (211 636) (212 045) (133 708) (118 496) (172 171) (87 575) (167 325) (343 389) (11 318) (32 843)
Financing cash flow (61 107) (200 640) (798 348) (993 277) (964 763) (315 052) (243 732) (187 665) (654 207) (472 802) (467 764) 142 774 (37 800) 4 254
Dividends paid (90 202) (216 158) (802 122) (1 010 068) (970 332) (373 880) (196 822) (104 194) (439 449) (472 942) (460 682) (73 638) (18 403) –
Share premium repaid – – – – – – (46 310) (81 394) (219 606) – – – – –
Other financing cash flows 29 095 15 518 3 774 16 791 5 569 58 828 (600) (2 077) 4 848 140 (7 082) 216 412 (19 397) 4 254
Net cash flow 511 144 265 806 (578 845) 289 836 378 626 325 404 4 260 206 647 (436 338) 187 104 165 784 222 483 120 337 14 040
Cash and cash equivalents at beginning of year 1 186 709 920 903 1 499 748 1 209 912 831 286 505 882 501 622 294 975 731 313 544 209 378 425 155 942 35 605 21 565
Cash and cash equivalents at end of year 1 697 853 1 186 709 920 903 1 499 748 1 209 912 831 286 505 882 501 622 294 975 731 313 544 209 378 425 155 942 35 605

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