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APPENDIX 5PRO FORMA BALANCE SHEET OF THE COMPANY AT 31 DECEMBER 2003INTRODUCTIONThis appendix presents the pro forma balance sheet of the Group at 31 December 2003. It providesinvestors with information about the impact that the rights offer might have had on the historical financialinformation of the Group, had the rights offer been effected on 31 December 2003.The pro forma balance sheet, which is the responsibility of the directors of the Company, has been preparedfor illustrative purposes only and may, because of its nature, not give a true reflection of the Group’s financialposition.BASIS OF PREPARATIONThe pro forma balance sheet presented in this appendix has been based on the published audited annualfinancial statements of the Group for the year ended 31 December 2003.The adjustments to the financial information set out in the following page are based on the assumption thatthe issue of the preference shares took place on 31 December 2003 for the purposes of calculating thefinancial effects on the balance sheet and the net asset value per share.56
CONSOLIDATED PRO FORMA BALANCE SHEETAudited –BeforeAfteradjustmentsadjustments31 December 31 December2003 Adjustments 2003Rm Rm RmASSETSNon-current assets 22 493.9 22 493.9Property, plant and equipment 14 550.8 14 550.8Capital work-in-progress 7 249.2 7 249.2<strong>Platinum</strong> Producers’ Environmental Trust 113.4 113.4Investment in associates 484.0 484.0Non-current accounts receivable 96.5 96.5Current assets 5 295.7 5 295.7Inventories 2 439.6 2 439.6Accounts receivable 2 286.7 2 286.7Cash and cash equivalents 569.4 569.4Total assets 27 789.6 27 789.6EQUITY AND LIABILITIESShare capital and reservesShare capital 21.5 0.4 21.9Share premium 796.3 3 929.6 4 725.9Unrealised hedging deficit (164.0) (164.0)Accumulated profits before proposed dividendand related Secondary Tax on Companies 11 768.9 11 768.9Accumulated profits after proposed dividendand related STC 11 114.6 11 114.6Proposed ordinary dividend 581.6 581.6STC in respect of proposed ordinary dividends 72.7 72.7Shareholders’ equity 12 422.7 3 930.0 16 352.7Non-current liabilities 5 560.8 5 560.8Deferred taxation 4 438.9 4 438.9Environmental obligations 308.7 308.7Employees’ service benefit obligations 488.9 488.9Obligations due under finance leases 324.3 324.3Current liabilities 9 806.1 (3 930.0) 5 876.1Interest bearing borrowings 7 168.1 (3 930.0) 3 238.1Accounts payable 1 903.4 1 903.4Other financial liabilities 336.2 336.2Taxation 398.4 398.4Total equity and liabilities 27 789.6 27 789.6Note:Issue costs of R70 million have been assumed.57
Page 3 and 4:
- will receive their preference sha
Page 5 and 6: DEFINITIONSIn this circular, unless
Page 7 and 8: “preference shares”“prime rat
Page 9 and 10: SALIENT FEATURESThis summary contai
Page 11 and 12: Conversion Date:Preference sharehol
Page 13 and 14: SALIENT DATES AND TIMESLast day to
Page 15 and 16: 2. STRATEGY AND PURPOSE OF THE RIGH
Page 17 and 18: 4. PARTICULARS OF THE RIGHTS OFFER4
Page 19 and 20: 4.9 Sale or renunciationHolders of
Page 21 and 22: 4.12.1 In terms of the Exchange Con
Page 23 and 24: Persons located in the United Kingd
Page 25 and 26: Audited Pro formaBefore the After t
Page 27 and 28: 8.5 Variation of rightsIn accordanc
Page 29 and 30: 8.8.3.2 Modikwa Platinum MineThis m
Page 31 and 32: 9. DIRECTORS9.1 Personal particular
Page 33 and 34: 9.2 Directors’ remuneration and s
Page 35 and 36: - copies of the underwriting agreem
Page 37 and 38: 144.1.18 “Ordinary Share(s)” me
Page 39 and 40: 144.15 The Company shall be obliged
Page 41 and 42: 5 (five)-day period the Ordinary Sh
Page 43 and 44: 2.5.1.3 specifying the Conversion D
Page 45 and 46: 2.6.5 Rights Issues of other securi
Page 47 and 48: BCis the number of Ordinary Shares
Page 49 and 50: 2.6.12 General:Independently Determ
Page 51 and 52: to the surrender of the relevant sh
Page 53 and 54: TABLE BThe table below provides an
Page 55: UNDERWRITERNameThe Standard Bank of
Page 59 and 60: OPINIONBased on our review, nothing
Page 61 and 62: SEGMENTAL INFORMATION for the year
Page 63 and 64: SEGMENTAL INFORMATION (continued)Pu
Page 65 and 66: GROUP STATEMENT OF CHANGES IN EQUIT
Page 67 and 68: NOTES TO THE CONSOLIDATED FINANCIAL
Page 69 and 70: 2003 2002RmRm7. PROFIT BEFORE TAXAT
Page 71 and 72: 2003 2002RmRm11. PROPERTY, PLANT AN
Page 73 and 74: Listed investment: Northam Platinum
Page 75 and 76: 20. SHARE CAPITAL2002 2003 2003 200
Page 77 and 78: 2003 2002RmRm23. EMPLOYEE BENEFITSE
Page 79 and 80: Post-retirement medical aid benefit
Page 81 and 82: 2003 2002RmRm26. ACCOUNTS PAYABLETr
Page 83 and 84: 2003 2002RmRm32. COMMITMENTSMining
Page 85 and 86: 2002Nominal amount of forward excha
Page 87 and 88: Major shareholdersAccording to the
Page 89 and 90: ANNEXURE B - Non-mining property, p
Page 91 and 92: ANNEXURE D - Investments in subsidi
Page 93 and 94: APPENDIX 8CORPORATE GOVERNANCE AND
Page 95 and 96: The Board is responsible for settin
Page 97 and 98: APPENDIX 9PRICE HISTORY OF THE COMP
Page 100: 100 PRINTED BY INCE (PTY) LTD
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