Entire Annual Report - Anglo American Platinum

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" Glossary of Terms: Finance . . .AVERAGE OPERATING ASSETSAverage of the aggregate of total assets less capital work-in-progress,cash and cash equivalents, Platinum Producers’ Environmental Trust andinvestments at beginning and end of the financial year.AVERAGE ORDINARYSHAREHOLDERS’ EQUITYAverage of the aggregate of share capital, share premium, non-distributablereserves and accumulated profits at the beginning and end of thefinancial year.CAPITAL EXPENDITURETotal capital expenditure on mining and non-mining property, plant andequipment and capital work-in-progress.CURRENT ASSETSInventories, accounts receivable and cash and cash equivalents.CURRENT LIABILITIESAccounts payable and taxation.CURRENT RATIOCurrent assets as a ratio of current liabilities.DEBT EQUITY RATIOInterest-bearing borrowings including the short-term portion payable asa ratio of shareholders’ equity.EFFECTIVE TAX RATECurrent taxation, deferred tax and tax normalisation as a percentage ofprofit before taxation.GROSS PROFIT MARGINGross profit on metal sales expressed as a percentage of gross sales revenue.MARKET CAPITALISATIONNumber of ordinary shares in issue at 31 December multiplied by theclosing share price as quoted on the JSE Securities Exchange South Africa.NET ASSET VALUETotal assets less all liabilities including deferred taxation which equatesto shareholders’ equity.NET ASSET VALUE AS A %OF MARKET CAPITALISATIONShareholders’ equity expressed as a percentage of market capitalisation atclose of business on 31 December.NET LIQUID ASSETSAccounts receivable and cash and cash equivalents less current liabilities.OPERATING PROFIT AS A % OFAVERAGE OPERATING ASSETSHeadline earnings excluding net investment income as a ratio of averageoperating assets.RAND REVENUE PERNet sales revenue divided by platinum ounces sold.PLATINUM OUNCE SOLDREFINED OUNCESRefined metal available for sale.RETURN ON AVERAGESHAREHOLDERS’ EQUITYNet profit attributable to average ordinary shareholders expressed as apercentage of the average ordinary shareholders’ equity.TOTAL ASSETSNon-current and current assets.113
Corporate" Finance Review (continued)Ten Year ReviewDecember December December DecemberR million 2000 1999 1998 1997Gross sales revenue 16 185,6 8 794,9 6 855,2 5 313,0Commissions paid 648,6 276,9 232,3 154,8Net sales revenue 15 537,0 8 518,0 6 622,9 5 158,2Cost of sales 6 675,8 5 338,7 4 815,8 4 311,0Cash operating costs 5 871,4 5 056,3 4 538,1 4 032,3On-mine costs 4 934,6 4 187,5 3 787,0 3 267,1Smelting costs 336,9 330,7 264,7 269,6Treatment and refining costs 599,9 538,1 486,4 495,6Amortisation of operating assets 395,8 304,5 256,5 208,5(Increase)/decrease in metal inventories (100,0) (239,7) (236,3) 125,4Transfer (from)/to metal lease liability — (64,4) 29,1 (226,8)Other costs 508,6 282,0 228,4 171,6Gross profit on metal sales 8 861,2 3 179,3 1 807,1 847,2Other net income 593,5 56,0 159,4 23,0Net profit on disposal of mineral rights and investments 122,7Market development and promotional expenditure (180,2) (139,1) (120,7) (118,6)Operating profit 9 397,2 3 096,2 1 845,8 751,6Net investment income 295,6 120,6 220,8 231,7Income from associate 157,6Profit before taxation 9 850,4 3 216,8 2 066,6 983,3Renewals and replacementsCurrent taxation 2 319,3 566,8 470,0 158,9Deferred taxation/Tax normalisation 613,1 45,5 176,6 108,5Profit attributable to ordinary shareholders 6 918,0 2 604,5 1 420,0 715,9Dividends and capitalisation share awards 2 457,4 1 013,3 654,7 356,0Cash flows from operating activities 7 948,8 2 972,6 1 438,6 849,0Cash flows from/(used in) investing activities (1 626,7) (1 302,1) (1 186,1) 848,0Cash flows used in financing activities (2 413,8) (985,5) (639,0) (940,2)Cash and cash equivalents 6 122,8 2 214,5 1 529,5 1 916,0Capital expenditure 1 919,7 1 472,9 1 460,0 641,3Metal inventories 1 142,1 1 042,1 802,4 566,1Net liquid assets 4 770,4 1 667,9 1 283,8 1 691,7Shareholders’ equity 11 714,1 7 196,3 5 551,9 4 752,7Ratio analysisReturn on average equity % (headline earnings) 73,2 40,9 27,6 18,7Net asset value as a % of market capitalisation 15,3 17,8 32,0 34,1Gross profit margin % 54,7 36,1 26,4 15,9Operating profit as a percentage of average operating assets 117,6 49,1 35,4 21,0Effective tax rate % 29,8 19,0 31,3 27,2Debt equity ratio 1:346 1:152 1:76 1:67Current ratio 3,0:1 3,2:1 3,9:1 3,9:1Rand revenue per platinum ounce 8 287,3 4 365,7 3 602,5 3 003,0Share performanceNumber of ordinary shares in issue (millions) 217,0 216,1 215,1 214,6Weighted average number of ordinary shares in issue (millions) 216,3 215,5 214,5 214,1Headline earnings per share (cents) 3 141,6 1 208,6 662,0 334,1Dividends per share (cents) 2 410,0 700,0 385,0 250,4Interim 710,0 275,0 190,0 135,4Final 1 100,0 425,0 195,0 115,0Special 600,0Market capitalisation (R millions) 76 384,0 40 410,7 17 358,6 13 949,0Number of ordinary shares traded (millions) 67,8 71,1 39,5 41,3Highest price traded (cents) 37 000,0 19 560,0 9 600,0 8 800,0Lowest price traded (cents) 17 400,0 7 650,0 4 950,0 5 600,0Closing price (cents) 35 200,0 18 700,0 8 070,0 6 500,0Number of deals 51 640 30 346 18 829 12 269Value (R millions) 15 440,3 9 780,5 3 046,5 3 059,7Where appropriate, comparative figures have been restated.The figures for the financial years 1997 – 2000 are based on the restructured Group, comprising the holding company Anglo American Platinum Corporation Limited and its wholly ownedsubsidiaries. The financial years 1998 – 2000 are based on actual IAS and 1997 is based on pro forma IAS. Financial information published for financial years 1990 – 1996 is based on SouthAfrican GAAP and consists of the statistics for Anglo American Platinum Corporation Limited (formerly Rustenburg Platinum Holdings Limited).*Smelting costs are included in on-mine costs.114
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Global markets for platinumANGLO Am
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Vision and ValuesOUR VISION" to inc
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B E Ngubane" EXECUTIVE DIRECTOR: HU
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L Boyd" CHAIRMANThe above factors,
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Chairman’s Statement" (continued)
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PALLADIUMStill more pronounced than
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E Ford" EXECUTIVE DIRECTOR: OPERATI
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CREATING growth in anexpanding mark
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elationship with JM provides intell
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Platinum supply 2000South Africa 72
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Heavy photochemical smog in Tokyo,
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Fuel cell stackDomestic sales of mo
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PLATINUM JEWELLERYDespite the stron
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Platinum jewellery is firmly establ
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GlassThe increase in demand for per
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● Toyota Motor Corporation and Ge
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Gross palladium demand for the auto
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hodium from autocatalyst scrap, whi
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CREATING businessopportunities47
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Existing operationsEXISTING MINESW
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Business Development Review" (conti
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52Review of Operations
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Review of Operations - Overviews" O
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Review of Operations" Environmental
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Review of Operations" Environmental
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Review of Operations" Breakthrough
Page 65 and 66: Review of Operations" Technology Di
Page 67 and 68: Review of Operations" Technology Di
Page 69 and 70: Glossary of terms: OperationsGlossa
Page 71 and 72: 68Mining Operations
Page 73 and 74: NORTHERNPROVINCEPPRUSTLEPLATSRPM AM
Page 75 and 76: The Group produces platinum as a pr
Page 77: Review of Operations - Mining" Angl
Page 80 and 81: ANGLO PLATINUM GROUP COMBINED MINER
Page 82 and 83: CONSOLIDATED OPERATING PERFORMANCEF
Page 85 and 86: Review of Operations - Mining" Busi
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Page 90 and 91: PRODUCTION STATISTICS AND EFFICIENC
Page 95: D W PelserBUSINESS MANAGER #B H Dav
Page 98 and 99: Ga-Pila villageNegotiations on the
Page 107 and 108: Review of Operations - Process" Bus
Page 109 and 110: R P BuitendagENGINEERINGMANAGER #A
Page 111 and 112: B G ForbesENGINEERINGMANAGER #G P H
Page 113 and 114: Corporate" Finance Review . . .Fina
Page 115: C o r p o r a t e" Finance Review .
Page 119 and 120: Corporate" Human Resources Review .
Page 127 and 128: Share Transactions Totally Electron
Page 129 and 130: 126Annual Financial Statements
Page 131 and 132: Report of theIndependent AuditorsTO
Page 133 and 134: Directors’ Report" (continued)FIN
Page 135 and 136: Directors’ Report" (continued)Inc
Page 137 and 138: Directors’ Report" (continued)Sha
Page 139 and 140: Statement of Corporate GovernanceGe
Page 141 and 142: Statement of Corporate Governance"
Page 143 and 144: Principal Accounting PoliciesThe fi
Page 145 and 146: Principal Accounting Policies" (con
Page 147 and 148: Principal Accounting Policies" (con
Page 149 and 150: Income Statements" for the year end
Page 151 and 152: Group Statement ofChange in Shareho
Page 153 and 154: United States Dollar EquivalentInco
Page 155 and 156: United States Dollar EquivalentCash
Page 157 and 158: Notes to theFinancial Statements" f
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Notes to theFinancial Statements" f
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N o t e s to theFinancial Statement
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N o tes to theFinancial Statements"
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Anglo American Platinum Corporation
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Directorate" (continued)Alternate D
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Corporate and Divisional OfficeMana
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Notice to membersAnnual General Mee
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Notice to members" (continued)gener
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AcknowledgementsAcknowledgements fo
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