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CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 DecemberNotes 2003 2002 2001Rm Rm RmCash flows from operating activitiesCash receipts from customers 15 476.5 20 004.9 17 700.8Cash paid to suppliers and employees (12 117.2) (10 387.5) (5 122.3)Cash from operations 29 3 359.3 9 617.4 12 578.5Interest paid (277.4) (35.4) (19.9)Taxation paid 30 (1 474.9) (3 304.1) (2 588.7)Net cash from operating activities 1 607.0 6 277.9 9 969.9Cash flows used in investing activitiesPurchase of property, plant and equipment 31 (7 423.6) (5 994.1) (3 586.1)Proceeds from sale of plant, equipmentand mineral rights 134.8 778.4 31.7Investment in associates (1.5) (312.4) (2.4)Interest received 6 106.7 195.4 373.9Growth in Platinum Producers’ Environmental Trust 6 11.2 7.7 –Capital reduction by Northam Platinum Limited 14 28.7 39.0 –Dividends received 47.3 89.7 122.8Net cash used in investing activities (7 096.4) (5 196.3) (3 060.1)Cash flows from/(used in) financing activitiesProceeds from the issue of share capital –* 0.1 0.1Increase in share premium 42.3 74.8 70.7Own shares purchased – – (1 195.7)Payment of long-term borrowings – – (33.9)Raised from current interest bearing borrowings 7 168.1 – –Dividends paid 10 (2 731.6) (5 362.9) (6 087.4)Net cash from/(used in) financing activities 4 478.8 (5 288.0) (7 246.2)Net decrease in cash and cash equivalents (1 010.6) (4 206.4) (336.4)Cash and cash equivalents at beginning of year 1 580.0 5 786.4 6 122.8Cash and cash equivalents at end of year 19 569.4 1 580.0 5 786.4Movement in net debtNet cash at beginning of year 1 443.6 5 786.4Net cash from operating activities 1 607.0 6 277.9Net cash used in investing activities (7 096.4) (5 196.3)Other (2 877.2) (5 424.4)Net (debt)/cash at end of year (6 923.0) 1 443.6Made up as follows:Cash and cash equivalents 569.4 1 580.0Interest bearing borrowings (7 168.1) –Obligations due under finance leases (324.3) (136.4)*Less than R50 000(6 923.0) 1 443.666
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December2003 2002RmRm1. GROSS SALES REVENUESales revenue emanates from the following principal regions:Precious metals 14 903.0 18 662.7Europe 6 206.0 8 646.7Asia 5 103.9 6 700.2North America 1 934.6 1 697.6Africa 1 658.5 1 618.2Base metals 1 539.7 1 549.3Africa 1 340.0 1 278.2Europe 100.4 135.9Asia 82.2 115.4Other 17.1 19.8Other 65.9 73.7Africa 50.0 48.4Asia 15.9 25.316 508.6 20 285.7Gross sales revenue by metal:Platinum 11 793.5 12 527.4Palladium 1 746.7 3 773.9Rhodium 923.1 1 862.5Nickel 1 357.0 1 325.2Other 688.3 796.7Gross sales revenue 16 508.6 20 285.72. CASH OPERATING COSTSCash operating costs consist of the following principal categories:TreatmentOn-mine* Smelting and refiningRm Rm Rm2003Labour 3 915.7 191.2 273.3Stores 2 619.5 252.1 259.4Utilities 588.4 220.7 52.0Contracting 942.0 60.7 2.4Sundry 961.5 185.4 102.2Toll-refining – – 107.09 027.1 910.1 796.32002Labour 3 382.0 138.7 252.2Stores 2 122.4 153.7 239.4Utilities 510.0 113.2 43.2Contracting 572.2 115.4 1.6Sundry 782.8 119.6 90.1Toll-refining – – 125.5*On-mine costs comprise mining and concentrating costs7 369.4 640.6 752.067
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- will receive their preference sha
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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 and 56: UNDERWRITERNameThe Standard Bank of
Page 57 and 58: CONSOLIDATED PRO FORMA BALANCE SHEE
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: GROUP STATEMENT OF CHANGES IN EQUIT
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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