Preliminary Results
03 Août 2000 - 11:19AM
UK Regulatory
RNS Number:9242O
Northam Platinum Ld
3 August 2000
NORTHAM PLATINUM LIMITED
Registration Number 1977/003282/06
Incorporated in the Republic of South Africa
Preliminary Announcement of Results for the year ended 30 June 2000
Life of mine extended by 18 years to 23 years
Headline earnings increase by 110%
Turnover exceeds R1 billion
Dividends per share increase by 380%
Income statement
IAS Basis Appropriation Basis
1999 2000 Change Change 2000 1999
R000 R000 % % R000 R000
719 497 1 051 953 46,2 Revenue 46,2 1 051 953 719 497
596 285 691 925 16,0 Cost of sales 17,4 631 170 537 456
123 212 360 028 192,2 Operating profit 131,1 420 783 182 041
17 908 27 199 51,9 Interest received 51,9 27 199 17 908
(1 980) (1 591) (19,6) Sundry expenditure
- net (19,6) (1 591) (1 980)
Profit before tax and
139 140 385 636 177,2 exceptional items 125,5 446 391 197 969
15 262 - (100,0) Exceptional items (100,0) - 15 262
123 878 385 636 211,3 Profit before tax 144,3 446 391 182 707
(12 138) 148 134 Tax 43 108 5 469
136 016 237 502 74,6 Profit after tax 127,5 403 283 177 238
151 278 237 502 57,0 Headline earnings 109,5 403 283 192 500
Headline earnings
82,2 116,8 42,1 per share (cents) 89,7 198,4 104,6
73,9 116,8 58,1 Earnings per share
(cents) 106,0 198,4 96,3
25 120 380,0 Dividends per share
(cents) 380,0 120 25
10 20 - Interim 20 10
15 100 - Final 100 15
Weighted average number of shares in issue - 2000:
203 283 458 (1999: 184 035 846)
Number of shares in issue - 2000:
230 147 000 (1999: 184 059 500)
Cash flow
IAS Basis Appropriation Basis
1999 2000 2000 1999
R000 R000 R000 R000
151 052 349 460 Cash flow from operating activities 349 460 151 052
123 878 385 636 - Profit before tax 446 391 182 707
(8 145) (13 278) - Change in working capital (14 559) (11 672)
(18 403) (73 638) - Dividend paid (73 638) (18 403)
55 302 59 474 - Depreciation - -
(1 580) (8 734) - Other (8 734) (1 580)
(11 318) (343 389) Cash utilised in investing activities (343 389) (11 318)
Cash from/(utilised in)
(19 397) 216 412 financing activities 216 412 (19 397)
120 337 222 483 Net cash flow 222 483 120 337
35 605 155 942 Cash at beginning of year 155 942 35 605
155 942 378 425 Cash at end of year 378 425 155 942
Statement of change in equity
IAS Basis Appropriation Basis
1999 2000 2000 1999
R000 R000 R000 R000
1 841 2 301 Share capital 2 301 1 841
1 840 1 841 - Balance at start of year 1 841 1 840
1 460 - Issue of new shares 460 1
2 052 703 2 285 401 Share premium 2 285 401 2 052 703
2 052 599 2 052 703 - Balance at start of year 2 052 703 2 052 599
104 232 698 - Issue of new shares 232 698 104
(607 742) (646 416) Retained income/(accumulated loss) 46 146 (80 961)
(714 886) (607 742) - Balance at start of year (80 961) (238 838)
17 140 - - Transfer from non-distributable
reserve - 17 140
- - - Effect of adoption of AC 130 - 9 511
136 016 237 502 - Net income for the year 403 283 177 238
(46 012) (276 176) - Dividends distributed (276 176) (46 012)
1 446 802 1 641 286 2 333 848 1 973 583
Balance sheet
IAS Basis Appropriation Basis
1999 2000 2000 1999
R000 R000 R000 R000
2 054 544 2 287 702 Share capital 2 287 702 2 054 544
(607 742) (646 416) Retained income/(accumulated loss) 46 146 (80 961)
23 150 - Long-term liabilities - 23 150
6 364 6 835 Long-term provisions 6 835 6 364
1 476 316 1 648 121 2 340 683 2 003 097
901 134 1 185 049 Fixed assets 2 062 102 1 718 713
271 511 166 485 Deferred tax - -
4 739 5 859 Non current assets 5 859 4 739
298 932 290 728 Net current assets 272 722 279 645
19 232 34 859 - Consumable stores 34 859 19 232
191 182 177 737 - Metals on hand 159 731 171 895
31 805 70 760 - Accounts receivable 70 760 31 805
155 942 378 425 - Cash and cash equivalents 378 425 155 942
(68 169) (96 028) - Accounts payable (96 028) (68 169)
(3 451) (37 354) - Tax (37 354) (3 451)
(27 609) (230 147) - Dividends (230 147) (27 609)
- (7 524) - Current portion of long-term
liabilities (7 524) -
1 476 316 1 648 121 2 340 683 2 003 097
Operating statistics
2000 1999
Square metres mined 323 274 328 305
Tons milled 1 660 000 1 800 000
Grade (g/ton - 3PGE + Au) 6,0 6,1
Precious metals in concentrates
produced (3PGEs + Au) kg 8 372 9 197
oz 269 156 295 695
Precious metals sold (3PGEs + Au) kg 9 331 9 222
oz 299 997 296 501
Average price realised R/kg 100 701 70 502
$/oz 492 364
Operating cost R/kg 70 110 57 170
$/oz 343 295
Cash cost R/kg 67 366 56 431
$/oz 329 291
Capital expenditure
* incurred R000 343 389 11 318
* authorised R000 114 234 -
* committed R000 37 965 7 377
Accounting policies
The financial statements have been prepared on the historical cost basis and
incorporate the accounting policies which were adopted in the previous year,
with the exception of the policy adopted in terms of AC 130 (IAS 37)
Provisions, Contingent Liabilities and Contingent Assets . In line with the
new accounting policy the present value (R5,8 million) of future
decommissioning costs (R31,6 million) was capitalised at 30 June 1998 and a
provision for decommissioning costs was raised for the same amount. The
accrued environmental rehabilitation costs, previously included under
long-term liabilities, were reclassified as a long-term provision and
restated.
IAS Comparatives
The company intends publishing its financial statements with effect from the
2001 financial year in compliance with International Accounting Standards
(IAS) and South African Accounting Standards. Comparative figures have been
included for information purposes.
Comments on results
Financial results
A combination of improved metal prices, particularly palladium and rhodium,
and a weaker rand contributed to a 46% increase in sales revenue. Despite an
increase in cost of sales of 17%, operating profit rose by 131%. An increase
of 52% in interest received, resulting from increased cash holdings, boosted
profit attributable to shareholders to R403,3 million, an incease of 128%.
The final dividend declared of 100 cents per share, which, together with the
interim dividend of 20 cents per share, totals 120 cents per share for the
year, recognises the sound financial position of the company and the
exceptional prices for Platinum Group Metals realised during the second half
of the year. This total dividend is not necessarily indicative of the future
distribution policy.
Operating performance
A reduction in available high grade working face had a negative impact on
production in terms of tons milled and head grade, resulting in lower than
forecast precious metals in concentrates produced. Cash operating costs per
ounce increased, largely as a result of working costs incurred in the
accelerated development programme and the start up of mining of the UG2 Reef.
Capital expenditure
Total capital expenditure for the year ended 30 June 2000 amounted to R343,4
million. Of this,
R234,6 million was incurred on the acquisition of additional mining areas.
R59,2 million was spent on the UG2 Project and R27,6 million on the
accelerated development programme and infrastructure to mine ore from 13
Level. Expenditure on Year 2000 compliance, a new information technology
system and routine capital amounted to R22,0 million.
UG2 Project
Preparation of underground ore handling facilities and construction of the 75
000 tons per month capacity surface UG2 concentrator plant is proceeding
according to schedule. The concentrator is expected to be operating at full
capacity by February 2001, producing at a rate of 8 000 ounces of 3PGEs + Au
per month.
Amplats transaction
Shareholders were advised on 3 February 2000 that all the conditions precedent
had been fulfilled, and that the 46,0 million consideration shares had been
issued.
Prospects
It is anticipated that operating costs in both rand per ton milled and rand
per kilogram terms will reduce to below current levels as a result of the
additional production from the UG2 Project coming on stream in February 2001.
Consequently, provided metal prices remain at least at their present levels,
it is anticipated that the financial results for the current year will be
significantly improved.
Cautionary
Shareholders are referred to the further cautionary announcement which was
published on 27 June 2000, and are advised to continue to exercise caution in
dealing in their Northam shares.
Dividend
Dividend No. 4 of 100 cents per share has been declared in South African
currency, payable to members registered at the close of business on 18 August
2000.
Dividends will be electronically transferred to members' bank or building
society accounts on 6 September 2000, or where this method of payment has not
been mandated, dividend warrants will be posted to members on 5 September
2000.
The standard conditions relating to the payment of dividends are obtainable
from the transfer secretaries, Computershare Services Limited, First Floor,
Edura House, 41 Commissioner Street, Johannesburg, 2001, and the United
Kingdom secretaries, St James's Corporate Services Limited, 6 St James's
Place, London, SW1A 1NP.
On behalf of the Board
A J Wright I C Watson
Chairman Managing Director
Johannesburg
2 August 2000
Registered address Kenilworth House PO Box 61525
Rutherford Estate Marshalltown
1 Scott Street 2107
Waverley 2090 Republic of South Africa
Johannesburg
Directors: A J Wright (Chairman), (Alternate D R Wolstenholme), I C Watson
(Managing Director), M E Beckett (British), B E Davison, (Alternate E Ford), A
S Malone, A H Munro, M J Tagg, B R van Rooyen.
Company Secretary: D R Wolstenholme.
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