Ten year review

Ten year financial review 2007
20072006*2005*2004200320022001200019991998
 R000R000R000R000R000R000R000R000R000R000
Income statement          
Sales revenue3 739 8052 386 3261 554 5011 720 3991 471 9991 560 6851 567 8831 051 953719 497539 279
Cost of sales1 727 9451 372 7271 280 4051 335 2171 093 908976 905780 433691 925596 285547 449
           
  Operating costs1 360 8181 240 3201 118 9061 061 1711 011 664804 870732 758586 938525 797475 168
  Concentrates purchased106 44720 07514 632
  Refining and other costs91 81659 52057 22260 56968 54941 39429 60132 06835 74232 227
  Leased metal costs(14 149)14 149
  Depreciation and impairments129 040114 713103 64697 52789 05999 45186 99959 47455 30265 940
  Change in metal inventories39 824(41 826)(19 444)115 467(89 513)31 190(68 925)13 445(20 556)(25 886)
           
Operating profit2 011 8601 013 599274 096385 182378 091583 780787 450360 028123 212(8 170)
Investment income83 64339 70029 62338 17464 14052 02339 71427 19917 9084 348
Net sundry income/(expenditure)5 30319 82075 367(36 392)23 94620 7934 256(1 591)(1 980)2 542
           
Profit before tax and exceptional items2 100 8061 073 119379 086386 964466 177656 596831 420385 636139 140(1 280)
Exceptional items15 262
           
Profit before tax2 100 8061 073 119379 086386 964466 177656 596831 420385 636123 878(1 280)
Tax774 562367 555128 440136 869198 601259 121308 143122 817(15 589)(28 488)
Profit attributable to shareholders1 326 244705 564250 646250 095267 576397 475523 277262 819139 46727 208
Headline earnings1 325 969705 350250 661249 960267 223405 071538 134262 819150 15027 208
           
Balance sheet          
Property,plant and equipment1 536 2891 481 9011 390 5861 355 7651 334 2031 249 7741 261 1591 184 868900 920944 586
Deferred tax166 485271 511253 904
Other non current assets64 43529 28017 55412 74410 6458 7417 3106 0404 9536 280
 1 600 7241 511 1811 408 1401 368 5091 344 8481 258 5151 268 4691 357 3931 177 3841 204 770
Current assets1 733 2641 231 073835 187804 015747 9071 038 062882 506661 781398 161254 859
           
  Inventories254 490280 372246 302223 187339 156249 252284 214212 596210 414190 619
  Accounts receivable268 862119 41583 00379 206113 77657 49754 08370 76031 80528 635
  Cash and cash equivalents1 209 912831 286505 882501 622294 975731 313544 209378 425155 94235 605
           
Total assets3 333 9882 742 2542 243 3272 172 5242 092 7552 296 5772 150 9752 019 1741 575 5451 459 629
           
Shareholders' equity2 381 4462 001 6321 598 8861 583 6421 515 5081 892 9081 965 4391 900 2011 477 8621 356 693
Deferred tax376 163357 632325 298332 395330 323249 10369 723
Non–current liabilities and provisions21 74925 14922 55615 15111 4429 3938 1796 83529 51449 587
Current liabilities554 630357 841296 587241 336235 482145 173107 634112 13868 16953 349
           
Total equity and liabilities3 333 9882 742 2542 243 3272 172 5242 092 7552 296 5772 150 9752 019 1741 575 5451 459 629
           
Cash flow statement          
Operating cash flow1 555 025852 501381 700512 808390 040747 481800 873423 098169 45542 629
Investing cash flow(211 636)(212 045)(133 708)(118 496)(172 171)(87 575)(167 325)(343 389)(11 318)(32 843)
Financing cash flow(964 763)(315 052)(243 732)(187 665)(654 207)(472 802)(467 764)142 774(37 800)4 254
           
  Dividends paid(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 flows5 56958 828(600)(2 077)4 848140(7 082)216 412(19 397)4 254
           
Net cash flow378 626325 4044 260206 647(436 338)187 104165 784222 483120 33714 040
           
Cash and cash equivalents at beginning of year831 286505 882501 622294 975731 313544 209378 425155 94235 60521 565
           
Cash and cash equivalents at end of year1 209 912831 286505 882501 622294 975731 313544 209378 425155 94235 605

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


Ten year statistical review
 20072006+2005+2004200320022001200019991998
Operating performance          
Merensky          
  Tonnes milled1 341 0571 424 1601 434 1981 541 2341 582 4211 288 1411 576 9261 660 0001 800 0001 740 000
  Head grade – g/tonne (3PGEs + Au)5,66.16.26.05.96.15.86.06.16.2
UG2          
  Tonnes milled928 149878 924715 946691 353636 717643 286371 374
  Head grade – g/tonne (3PGEs + Au)4.44.54.44.34.03.83.9
Combined          
  Tonnes milled2 269 2062 303 0842 150 1442 232 5872 219 1381 931 4271 948 3001 660 0001 800 0001 740 000
  Head grade – g/tonne (3PGEs + Au)5.15.55.65.55.35.35.46.06.16.2
Precious metals in concentrates produced – kg+10 08711 24710 11510 59210 3548 4588 7258 3729 1978 977
Precious metals in concentrates purchased – kg+404
Precious metals sold – kg*10 70311 2859 92211 7339 1748 9448 3069 3319 2228 764
Revenue – R/kg297 292189 286137 517130 874145 273160 367172 733100 70170 50254 656
Operating costs – R/kg*148 872120 475120 862109 392106 309105 58792 75170 11057 17055 081
Cash operating costs – R/kg135 248109 441110 00599 53296 88094 86183 75067 36656 43153 068
Precious metals in concentrates produced – oz+324 296361 599325 214340 547332 888271 931280 516269 156295 695288 617
Precious metals in concentrates purchased – oz+12 989
Precious metals sold – oz344 101362 821318 992377 239294 947287 546267 042299 997296 501281 769
Price realised – US$/oz1 288918686597498497705492364379
Operating costs – US$/oz643586607493365325379343295382
Cash operating costs – US$/oz584532552449333292342329291368
Sales per metal – oz          
Platinum212 484221 580196 056236 792179 108177 580168 294188 597189 404176 324
Palladium96 888109 72194 420108 64889 08686 75879 55888 69085 22282 739
Rhodium28 18024 08522 09323 84920 74417 32513 29515 56514 77015 662
Gold6 5497 4356 4237 9506 0095 8835 8957 1457 1057 044
Total – 3PGE + Au344 101362 821318 992377 239294 947287 546267 042299 997296 501281 769
Prices realised – US$/oz          
Platinum1 2061 017855782605491590441359431
Palladium342265201216265407773463310260
Rhodium5 3103 1071 3385736211 0761 9521 389727441
Gold654529424390322292268285285332
Basket – 3PGE + Au1 288918686597498497705492364379
Prices realised – R/kg          
Platinum278 054210 131171 186171 534175 249159 696144 49390 08370 05062 175
Palladium79 25854 65340 28747 12379 415130 256189 35194 60560 38437 491
Rhodium1 225 945635 590269 687123 701183 223339 741478 194283 640141 72763 649
Gold151 337109 15684 48785 89297 16596 45065 78158 11155 67747 950
Basket – 3PGE + Au297 292189 286137 517130 874145 273160 367172 733100 70170 50254 656
Financial performance          
Operating margin – %53.842.517.622.425.737.450.234.217.1(1.5)
Effective tax rate – %36.934.333.935.442.639.537.131.8
Return on shareholders' equity – %60.539.215.816.115.720.627.115.69.82.0
Return on total assets – %39.825.711.211.512.817.324.313.08.91.9
Current ratio3.13.42.83.33.27.28.25.95.84.8
Acid ratio2.22.31.72.11.35.05.13.42.30.7
US Dollar/Rand exchange rate          
– average7.206.396.196.909.0510.137.606.356.054.49
– at year end7.087.146.696.207.5710.278.046.776.015.92
Share performance          
Weighted average number of shares in issue – 000236 747233 704231 578231 540231 313230 744230 311203 283184 036184 032
Number of shares at year end – 000237 226236 003231 969231 544231 539230 915230 565230 147184 060184 032
Operating cash flow per share – cents656.8364.8164.8221.5168.6323.9347.7208.192.123.2
Earnings per share – cents560.2301.9108.2108.0115.7172.3227.2129.375.814.8
Headline earnings per share – cents560.1301.9108.2108.0115.5175.5233.7129.381.614.8
Dividends per share – cents525.0280.070.0105.090.0170.0235.0120.025.0
Capital repayments per share – cents20.055.075.0
Dividend cover1.11.11.51.01.31.01.01.13.3
Net assets value per share – cents1 004.0848.0689.0684.0655.0820.0852.0826.0803.0737.0
Share price (cents)          
– high6 0903 8001 2801 3452 2102 0001 860950640340
– low3 4901 2407758259551 000765455175130
– at year end5 6003 7841 2608901 2301 6651 525780484268
Platinum sector index at year end101 130.070 346.929 043.523 373.728 545.929 252.335 070.625 528.714 195.55 900.0
Compounded return over 5 years – %34.625.521.629.249.558.332.010.0(2.7)(29.4)
Average monthly volume of shares traded – 00012 3395 5425 3844 9164 9068 01411 0546 7351 909901
Annual liquidity (%)62.528.527.925.525.541.757.639.812.45.9

+Financial figures restated

Northam Platinum Limited – Annual Report 2007