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Annual Report 2005
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GROUP REVIEW AT A GLANCE
   
 
    12-months  12-months   
    ended  ended  Years ended 30 June
    31 December  31 December     
  Compound  2005  20041  2003  2002 
  annual  Audited  Unaudited    Audited 
  growth rate5    Restated2  Restated2   
Abridged financial statements %  Rm  Rm  Rm  Rm 
INCOME STATEMENTS          
Revenue 19,3  11 962  8 709  7 469  7 182 
Net operating profit (including impairment charges          
and goodwill amortisation) 48,3  4 887  1 368  1 189  1 608 
Net financing costs   (231) (287) (244) (242)
Investment and equity income/(loss)   7  (23) 2  83 
Taxation   (1 412) (330) (229) (465)
Minority interest   (61) (90)   (8)
Add back items for headline earnings   (817) 96  66  122 
Headline earnings 40,7  2 373  734  784  1 098 
Headline earnings per share (cents) (restated) 36,1  781  245  265  385 
Dividends per share (cents)3   540  125  60  85 
Average realised exchange rate (R/US$)   6,36  6,51  9,01  10,18 
CASH FLOW STATEMENTS          
Cash flow from normal operations   1 407  1 455  780  2 184 

Proceeds on sale of property, plant and equipment

   23  50  44  25 
Capital expenditure   (1 044) (886) (1 386) (1 085)
(Acquisition)/disposal of intangible fixed assets   (11) 3     
Increase in cash resources on disposal/acquisition of a controlling          
interest in subsidiaries   2    366   
Investments realised/(acquired)   1 176  (10) (34) (50)
Ticor minority buy out   (1 174)      
Foreign currency translations   80  (79) (8) (9)
Share issue proceeds   128      393 
Unbundling costs         (44)
Non-cash increase in loans due to joint ventures now consolidated   (1)      
Cash flows included above relating to non-interest-bearing debt       2   
Non-cash flow movements in net debt of the group arising from          
currency translation differences   (109) 185  (181) (16)
Non-cash flow movements in net debt of the group arising          
from special purpose entities     (22) (18)  
Increase in net debt on acquisition of a controlling          
interest in subsidiaries       (891)  
Loans from/(to) minority shareholders   2  (3) 95   
 
Decrease/(increase) in net debt   479  693  (1 231) 1 398 
           
    At  At  At  At 
    31 December  31 December  30 June  30 June 
    2005  20041  2003  2002 
    Audited      Audited 
      Restated2  Restated2   
    Rm  Rm  Rm  Rm 
GROUP BALANCE SHEETS          
Assets          
Non-current assets          
Property, plant and equipment 13,5  8 826  8 476  8 205  5 710 
Biological assets   28  31  29   
Intangible assets   61  71  98   
Goodwill     (53) (80) 23 
Investments in associates and joint ventures   95  85  118  1 184 
Deferred taxation   339  258  154  423 
Financial assets   392  286  272  212 
Current assets          
Inventories, trade-and other receivables   3 547  2 713  2 679  1 977 
Cash and cash equivalents   1 483  1 297  964  679 
Non-current assets classified as held for sale   11       
Total assets 15,6  14 782  13 164  12 439  10 208 
Equity and liabilities          
Capital and reserves          
Shareholders’ equity 19,8  7 377  5 289  4 895  4 816 
Minority interest   9  1 197  1 191  487 
Total shareholders’ interest 17,2  7 386  6 486  6 086  5 303 
Non-current liabilities          
Interest-bearing borrowings   1 963  2 331  2 801  882 
Other long-term payables   604  609  388  178 
Non-current provisions   727  599  355  389 
Deferred taxation   1 006  1 040  1 055  1 204 
Current liabilities          
Interest-bearing borrowings   911  836  537  940 
Other   2 185  1 263  1 217  1 312 
Total equity and liabilities 15,6  14 782  13 164  12 439  10 208 
Net debt (12,5) 1 391  1 870  2 374  1 143 
ANALYSIS PER SHARE          
Number of shares in issue (million)   306  302  297  297 
Weighted average number of shares in issue (million) (restated)   304  300  297  285 
Earnings per ordinary share          
– Attributable earnings (cents) (restated)   1 049  213  244  343 
– Headline earnings (cents) (restated)   781  245  265  385 
Dividend per ordinary share (cents)3   540  125  60  85 
Dividend cover (times)4   1  2  4  5 
Net asset value per ordinary share (cents)   2 411  1 751  1 648  1 622 
Attributable cash flow per ordinary share (cents)   436  446  266  762 
   
 
1. Following the acquisition of a majority shareholding by Anglo American plc, the group changed its year end from 30 June to 31 December.
2. Restated for prior year adjustments and changes in accounting policies in 2005.
3. Dividends are disclosed according to the period to which they relate and not according to date of declaration.
4. Dividend cover in relation to headline earnings.
5. Calculated from 1 July 2001. Hope Downs settlement proceeds excluded.
   
 
    12-months  12-months  
    ended  ended  
    31 December  31 December Years ended 30 June
    2005  2004 2003 2002 
RATIOS          
Profitability and asset management          
Return on net assets (%)*   59  26 25 42 
Return on ordinary shareholders’ equity          
- Attributable earnings (%)*   33  12 15 24 
- Headline earnings (%)   37  14 16 27 
Return on invested capital (%)   49  14 14 23 
Return on capital employed (%)   59  17 17 27 
Operating margin (%)*   31  16 16 22 
           
Solvency and liquidity          
Net financing cost cover (times) – EBIT*   16  5 4 7 
Net financing cost cover (times) – EBITDA*   20  7 7 9 
Current ratio (times)   2  2 2 1 
Net-debt-to-equity (%)   19  29 39 22 
Net debt to earnings before interest, tax          
depreciation and amortisation (times)   0,3  0,9 1,3 0,5 
Number of years to repay interest-bearing debt   1  2 3 1 
           
Productivity          
Average number of employees   10 097  9 691 10 574 9 636 
Revenue per employee (R’000)   1 185  899 706 745 
   
 
1. Ratios for previous years have been adjusted to reflect changes in accounting standards and definitions.
* Hope Downs settlement proceeds excluded.
   
   
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