Interim Results and Div. Dec.
25 Janvier 2001 - 8:00AM
UK Regulatory
RNS Number:7853X
Northam Platinum Ld
25 January 2001
NORTHAM PLATINUM LIMITED
Registration number 1977/003282/06
Incorporated in the Republic of South Africa
Interim report and dividend declaration
for the six months ended 31 December 2000
Sales revenue up 77% to R741 million
Headline earnings increase by 292% to R257 million
Interim dividend increases by 400% to 100 cents
UG2 plant commissioned on time and within budget
Income statement
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R000 R000 R000
Sales revenue 741 579 419 892 1 051 953
Cost of sales 390 747 331 299 691 925
- Operating costs 365 029 274 397 586 938
- Refining and other costs 12 650 18 521 32 068
- Depreciation 43 560 29 737 59 474
- Change in metal stocks (30 492) 8 644 13 445
Operating profit 350 832 88 593 360 028
Net investment income 17 130 10 929 27 199
Sundry revenue 299 305 3 780
Sundry expenditure (313) (2 019) (5 371)
Profit before tax 367 948 97 808 385 636
Tax 110 385 32 030 148 134
Net income 257 563 65 778 237 502
Headline earnings 257 563 65 778 237 502
Headline earnings per share -cents 111,9 35,7 116,8
Fully diluted earnings per share -cents 111,3 35,5 116,2
Dividends per share -cents 100,0 20,0 120,0
Weighted average number of shares
in issue 230 166 103 184 086 583 203 283 458
Number of shares in issue 230 197 000 184 147 000 230 147 000
Cash flow statement
Cash flow from operations 121 714 102 832 349 460
- Profit before tax 367 948 97 808 385 636
- Depreciation 43 560 29 737 59 474
- Change in working capital (30 832) 6 110 (13 278)
- Tax paid (28 768) (3 451) (9 205)
- Dividends paid (230 157) (27 609) (73 638)
- Other (37) 237 471
Cash utilised in investing activities (84 964) (18 982) (343 389)
Cash from/(utilised in)
financing activities (5 947) (15 219) 216 412
Net cash flow 30 803 68 631 222 483
Cash at beginning of period 378 425 155 942 155 942
Cash at end of period 409 228 224 573 378 425
Statement of changes in equity
Equity at beginning of period 1 641 286 1 446 802 1 446 802
Issue of new shares 190 400 233 158
Net income for period 257 563 65 778 237 502
Dividends distributed (10) (36 829) (276 176)
Equity at end of period 1 899 029 1 476 151 1 641 286
Balance sheet
Fixed assets 1 226 272 890 164 1 184 868
Unlisted investments 181 214 181
Deferred tax 61 545 247 317 166 485
Northam Platinum Restoration Trust Fund 6 148 5 021 5 859
Current assets 723 162 470 776 661 781
- Consumable stores 43 066 21 571 34 859
- Metals on hand 208 229 182 538 177 737
- Accounts receivable 62 639 42 094 70 760
- Cash and cash equivalents 409 228 224 573 378 425
2 017 308 1 613 492 2 019 174
Share capital 2 287 892 2 054 944 2 287 702
Accumulated loss 388 863 578 793 646 416
Shareholders' equity 1 899 029 1 476 151 1 641 286
Long-term liabilities - 7 815 -
Long-term provisions 7 087 6 599 6 835
Current liabilities 111 192 122 927 371 053
- Accounts payable 95 774 78 262 96 028
- Dividends - 36 829 230 147
- Tax 14 031 7 836 37 354
- Current portion of
long-term liabilities 1 387 - 7 524
2 017 308 1 613 492 2 019 174
Operating statistics
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
Development metres 9 450 4 974 11 466
Square metres mined 190 025 168 053 323 274
Tons milled 905 000 860 000 1 660 000
Head grade - 3 PGEs + Au g/ton 5,7 6,1 6,0
Precious metals in concentrates
produced - 3 PGEs + Au kg 4 249 4 316 8 372
oz 136 613 138 760 269 165
Precious metals sold
- 3 PGEs + Au kg 4 233 4 752 9 331
oz 136 094 152 788 299 997
Average price realised
- 3 PGEs + Au R/kg 161 391 79 038 100 701
$/oz 688 402 492
Operating costs - 3 PGEs + Au R/kg 96 158 70 362 77 214
$/oz 410 358 378
Cash costs - 3 PGEs + Au R/kg 85 847 61 994 69 403
$/oz 366 315 339
Capital expenditure
Capital expenditure incurred
during the period R000 84 984 18 982 343 389
Capital commitments at
end of period Contracted R000 31 743 7 811 37 965
Authorised but not contracted R000 14 838 7 272 -
R000 46 581 15 083 37 965
Accounting policies
The financial statements have been prepared on the historical cost basis in
accordance with IAS 34 Interim Financial Reporting and incorporate the
accounting policies which are consistent with those adopted in the previous
year. The comparative figures for the six months ended 31 December 1999 have
been restated to comply with the above.
Comment on results
Safety
It is with deep regret that the board records that three employees lost their
lives as a result of mine accidents. Management is committed to reducing the
incidence of mine accidents, and notes that the number of lost time and
reportable injuries continued on a downward trend and is currently at the
lowest level in two years.
Financial results
A combination of sustained higher metal prices and the weak Rand resulted in
an improvement in sales revenues. As anticipated, costs associated with the
accelerated development programme and the commencement of stoping operations
on the UG2 reef horizon contributed to an increase in operating costs.
The profit attributable to shareholders of R257,6 million increased by 292%
compared to the six months ended 31 December 1999.
The company's policy is to distribute earnings in full after provision for
increases in working capital and capital investments.
The interim dividend of 100 cents per share recognises the sound financial
position of the company.
Operating performance
The accelerated development programme has maintained the face length available
for mining as planned. Expenditure of R33,2 million on this project is
included in operating costs and contributed R7 812/kg and $33/oz to the cash
costs of R85 847/kg and $366/oz respectively.
Despite a drop in the average head grade, an increase in mill throughput
resulted in only a marginal decline in metals output.
Capital expenditure
Total capital expenditure for the period under review was R85,0 million, which
includes R64,4 million spent on the UG2 Project. It is anticipated that
expenditure for the year will be marginally lower than the forecast of R131,6
million.
UG2 Project
This project has progressed exceptionally well, with the concentrator plant
commissioned ahead of schedule and slightly below budgeted cost. The
establishment of stoping infrastructure continues as planned. By December 2000
a surface stockpile of 53 000 tons had been built up and 45 000 tons of ore
had been processed. It is anticipated that the planned milling rate of 75 000
tons per month will be achieved in February 2001.
Prospects
The operation is poised for an overall improvement in performance. With an
increase in metals produced, a reduction in unit costs will be achieved.
Provided that rand metal prices remain at their present levels, operating
profits for the second half of the year will exceed those of the first half.
Cautionary announcement
Shareholders are referred to the cautionary announcement dated 18 January 2001
concerning the possible acquisition of Kroondal Platinum Mines Limited. A
further announcement in this regard will be made in due course.
Dividend
Dividend number 5 of 100 cents per share has been declared in South African
currency, payable to members registered at the close of business on 16
February 2001.
Dividends will be electronically transferred to members' accounts on 7 March
2001, or where this method of payment has not been mandated, dividend warrants
will be posted to members on 6 March 2001.
The standard conditions relating to the payment of dividends are obtainable
from the transfer secretaries, Computershare Services Limited, Edura House, 41
Commissioner Street, Johannesburg, 2001, or the United Kingdom secretaries, St
James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP.
On behalf of the Board
T M G Sexwale I C Watson
Chairman Managing Director
Johannesburg
24 January 2001
Registered Office
Kenilworth House PO Box 61525
Rutherford Estate Marshalltown
1 Scott Street 2107
Waverley 2090 Republic of South Africa
Johannesburg
Directors: T M G Sexwale (Chairman), I C Watson (Managing Director), M E
Beckett (British), B E Davison, E Ford (British), (Alternate: B E Ngubane), A
S Malone, E Molobi, R H H van Kerckhoven (Belgian), B R van Rooyen, M J
Willcox.
Company Secretary: S J van der Spuy.
These results are available on our website at www.northam.co.za
Sg Issuer 27 (LSE:61CK)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Sg Issuer 27 (LSE:61CK)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
Real-Time news about Sg Issuer 27 (London Stock Exchange): 0 recent articles
Plus d'articles sur Northam Platinum