Non-GAAP disclosure

 

Non-GAAP disclosure
The Group utilises certain non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies use.  

Note   2011  
Rm  
2010  
Rm  
1.   Revenue per platinum ounce sold        
US$ sales     4 714   3 359  
US$ toll refining income     (54)  (36) 
4 660   3 323  
Sales volumes platinum (refer to operational statistics)    1 665   1 435  
Dollar sales revenue per platinum ounce sold     2 799   2 316  
Average rand exchange rate achieved     7.03   7.58  
Rand sales revenue per platinum ounce sold     19 677   17 555  
2.   Revenue per pgm ounce sold        
US$ sales     4 714   3 359  
US$ toll refining income     (54)  (36) 
4 660   3 323  
Sales volumes pgm     3 328   3 026  
Dollar sales revenue per pgm ounce sold     1 400   1 098  
Average rand exchange rate achieved     7.03   7.58  
Rand sales revenue per platinum ounce sold     9 842   8 323  
3.   Cost per platinum ounce refined        
On-mine operations   23   9 862   8 796  
Concentrating and smelting operations   23   2 601   2 257  
Concentrating operations     1 739   1 512  
Smelting operations     862   745  
Refining operations   23   833   764  
Other operating expenses   24   645   585  
  13 941   12 402  
Mine-to-market platinum ounces 1     1 237   1 141  
Gross platinum ounces 2     1 836   1 741  
On-mine operations 1     7 974   7 711  
Concentrating operations 1     1 406   1 326  
Smelting operations 2     469   428  
Refining operations 2     454   439  
Other operating expenses 1     521   513  
Group unit cost per platinum ounce     10 824   10 417  
Share-based compensation        
On-mine operations 1     (90)  305  
Refining operations 2     8   33  
Other operating expenses 1     31   48  
  (51)  386  
Cost per platinum ounce excluding share-based compensation        
On-mine operations 1     8 047   7 444  
Concentrating operations 1     1 406   1 326  
Smelting operations 2     469   428  
Refining operations 2     449   420  
Other operating expenses 1     496   471  
      10 867   10 089  
 
      Unaudited  
    Group  
note  
2011  
Rm  
2010  
Rm  
4.   Gross profit margin        
  Gross profit     11 642   8 152  
  Gross revenue     33 132   25 446  
  Gross margin profit %     35   32  
5.   Headline earnings margin        
  Headline earnings     6 639   4 718  
  Gross revenue     33 132   25 446  
  Headline earnings margin %     20   19  
6.   EBITDA        
  Profit before taxation     9 561   7 225  
  Finance income   26   (343)  (321) 
  Finance cost   27   530   319  
  Depreciation and amortisation   23   1 372   1 083  
  EBITDA (earnings before interest tax and depreciation)    11 120   8 306  
  Depreciation and amortisation   23   (1 372)  (1 083) 
  EBIT (earnings before interest and tax)    9 748   7 223  
  Non-recurring/unusual transactions:        
  Adjustment to headline earnings   30   1   3  
      9 749   7 226  
7.   Interest cover        
  EBIT   Non-Gaap  
note 6  
9 749   7 226  
  Bank borrowings   27   150   215  
  Interest capitalised   27   (1)  (78) 
  Interest paid on finance leases   27   25   26  
      174   163  
  Interest cover – times     56   44  
8.   Dividend cover        
  Headline earnings cents per share   30   1 105   786  
  Dividends cents per share     570   390  
  Dividend cover – times     1.9   2.0  
  * The dividend in 2010 was not in line with the stated dividend policy but was based on a cash quantum basis in view of the prevailing uncertain economic circumstances.  
9.   Return on equity        
  Headline earnings   30   6 639   4 718  
  Shareholders’ equity per statement of financial position – at the beginning of the year     43 792   40 939  
  Return on equity (%)    15   12  
10.   Return on capital employed (normalised)       
  Headline earnings   30   6 639   4 718  
  Finance cost   27   530   319  
      7 169   5 037  
  Capital employed   Non-Gaap  
note 12  
61 090   56 805  
  Return on net capital (%)    12   9  
11.   Return on assets        
  Headline earnings   30   6 639   4 718  
  Total assets     67 604   62 571  
  Return on assets (%)    10   8  
12.   Capital employed        
  Total assets per statement of financial position     67 604   62 571  
  Current liabilities per statement of financial position     (6 514)  (5 766) 
      61 090   56 805  
13.   Total capital        
  Total equity     49 610   45 733  
  Total borrowings   17   1 842   2 128  
      51 452   47 861  
14.   Cash net of debt        
  Long-term borrowings   17   (1 698)  (1 827) 
  Short-term borrowings   17   (144)  (301) 
  Total borrowings     (1 842)  (2 128) 
  Cash and cash equivalents   14   4 542   3 858  
  Cash net of debt     2 700   1 730  
15.   Gearing ratio        
  Total borrowings   17   1 842   2 128  
  Total capital   Non-Gaap  
note 13  
51 452   47 861  
  Total gearing (%)    3.6   4.4  
16.   Debt to equity        
  Total borrowings   17   1 842   2 128  
  Shareholders’ equity per statement of financial position at the end of the year     49 610   45 733  
  Total debt to ordinary shareholders’ equity (%)    3.7   4.7  
17.   Debt to EBITDA        
  Total borrowings   17   1 842   2 128  
  EBITDA (earnings before interest tax and depreciation)  Non-Gaap  
note 6  
11 120   8 306  
  Total debt to earning before interest and tax cover months     2 months   3 months  
18.   Current ratio        
  Current assets     14 796   12 828  
  Current liabilities     6 514   5 766  
  Current assets to current liabilities     2.3:1   2.2:1  
19.   Acid ratio        
  Current assets     14 796   12 828  
  Inventories     (5 471)  (5 382) 
      9 325   7 446  
  Current liabilities     6 514   5 766  
  Current assets excluding inventories to current liabilities     1.4:1   1.3:1  
20.   Current liquidity        
  Current assets     14 796   12 828  
  Current liabilities     (6 514)  (5 766) 
  Net current assets     8 282   7 062  
  Inventory   12   (5 471)  (5 382) 
      2 811   1 680  
21.   Free cash flow        
  Net cash inflow from operating activities per cash flow     8 285   5 918  
  Total capital expenditure     (5 293)  (4 412) 
      2 992   1 506  
22.   Net asset value – cents per share        
  Net asset value per statement of financial position     47 563   43 792  
  Number of shares (millions) issued outside the Group   30   601.0   600.4  
  Net asset value (cents per share)    7 914   7 294  
23.   Net tangible asset value (cents per share)       
  Net asset value per statement of financial position     47 563   43 792  
  Intangible assets   7   (1 018)  (1 018) 
      46 545   42 774  
  Number of shares (millions) issued outside the Group     601.0   600.4  
  Net tangible asset value (cents per share)    7 745   7 124  
24.   Market capitalisation        
  Number of ordinary shares in issue at year-end (millions)    631.7   631.7  
  Closing share price as quoted on the JSE (Rand)    182.19   180.00  
  Market capitalisation     115 089   113 706  
25.   Enterprise value        
  Market capitalisation   Non-Gaap  
note 24  
115 089   113 706  
  Cash net of debt   Non-Gaap  
note 14  
(2 700)  (1 730) 
      112 389   111 976  
26.   Return on enterprise value        
  Enterprise value   Non-Gaap  
note 25  
112 389   111 976  
  EBIT   Non-Gaap  
note 6  
9 749   7 226  
  Total return on enterprise value (%)    8.7   6.5