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Notes 2003 2002RmRm29. RECONCILIATION OF PROFIT BEFORE TAXATIONTO CASH FROM OPERATIONSProfit before taxation 3 181.2 8 738.9Adjustments for:Interest received 6 (106.7) (195.4)Growth in Platinum Producers’ Environmental Trust 6 (11.2) (7.7)Dividends received 6 (0.4) (1.4)Interest expensed 6 286.9 35.4Amortisation and depreciation of property, plant and equipment 7 1 226.6 797.2Profit on disposal of plant, equipment and mineral rights 7 (68.5) (102.4)Income from associates 14 (35.0) (181.6)Exchange losses on translation of redeemable preference shares 13.1 12.1Unrealised foreign exchange losses 65.6 118.14 551.6 9 213.2Movement in non-current items 50.4 164.3Increase/(Decrease) in employees’ service benefit obligations 23 0.6 (41.4)Addition to decommissioning asset (Annexure A) (46.3) (5.1)Increase in Platinum Producers’ Environmental Trust 13 (24.1) (19.8)Decrease in non-current accounts receivable 16 4.3 212.1Increase in provision for environmental obligations 22 115.9 18.5Working capital changes (1 242.7) 239.9Increase in metal inventories 17 (584.9) (109.1)Increase in stores and materials 17 (34.8) (62.3)(Increase)/Decrease in accounts receivable 18 (669.0) 367.3Increase in accounts payable 26 46.0 44.0Cash from operations 3 359.3 9 617.430. TAXATION PAIDAmount unpaid at beginning of year 1 444.6 3 008.6Current taxation provided 428.7 1 735.2Group 8 449.5 1 764.1Associate – current 14 (15.4) (12.2)Associate – STC 14 (5.4) (16.7)Capital Gains Tax recognised in equity – 4.9Amount unpaid at end of year (398.4) (1 444.6)Payments made 1 474.9 3 304.131. PURCHASE OF PROPERTY, PLANT AND EQUIPMENTAdditions to mining and process capital work-in-progress 12 7 529.9 6 050.2Less: Houses held under finance leases – non-cash transactions (178.4) (136.4)7 351.5 5 913.8Additions to non-mining plant and equipment 11 72.1 80.37 423.6 5 994.1Cash purchases are made up as follows:To maintain operations 3 952.7 2 140.9To expand operations 3 270.4 3 853.2Interest capitalised 200.5 –7 423.6 5 994.182
2003 2002RmRm32. COMMITMENTSMining and process property, plant and equipmentContracted for 1 800.0 2 094.3Not yet contracted for 11 943.4 14 850.6Authorised by the directors 13 743.4 16 944.9Allocated for expansion of capacity 7 424.8 13 913.9– within one year 2 844.3 5 013.9– thereafter 4 580.5 8 900.0Maintenance of capacity 6 318.6 3 031.0– within one year 3 457.9 1 570.1– thereafter 2 860.7 1 460.9OtherOperating lease rentals – buildings 711.5 177.7– due within one year 35.6 25.1– due within two to five years 160.5 64.5– thereafter 515.4 88.1Information technology service providers 126.6 139.4– due within one year 33.4 42.9– due within two to five years 93.2 96.5These commitments will be funded from existing cash resources, future operating cash flows,borrowings and any other funding strategies embarked on by the Group.33. CONTINGENT LIABILITIESLetters of comfort have been issued to financial institutions to cover certain banking facilities. There areno encumbrances of Group assets, other than the houses held under finance leases by the Group asdisclosed in Note 24.The Group provided guarantees in favour of Changing Tides 166 (Proprietary) Limited, a wholly-ownedsubsidiary of Group Five. The guarantee provides security for lease payments to Group Five by theAnglo Platinum Housing Trust (APHT). This finance lease obligation is reflected in Note 24 to thesefinancial statements. The probability of any obligation arising under this guarantee is considered remote.The Group provided a guarantee in favour of Nedcor Limited (Nedcor) for financing provided by Nedcorto Salene Mining (Proprietary) Limited (Salene). The Group provided the guarantee to enable Salene toput mining infrastructure in place. The guarantee is valid until 1 July 2006 or earlier, on repayment bySalene of the loan. Salene will sell all ore production from the mine to the Group. The facility granted byNedcor to Salene is for a maximum amount of R120 million. In the event that Nedcor calls up theguarantee, the Group holds bonds over sufficient assets of Salene to make good any obligations thatmay be incurred. It is unlikely that the Group will incur obligations under this guarantee.As a result of the slowdown of capital projects, contracts with certain suppliers are being renegotiated.As a result of the negotiations, certain cancellation cost may occur. The amount of this will only be knownand recognised during the course of 2004.Aquarius holds a put option to put its interest in the PSA (Note 15) to the Group in the case of terminationof that relationship. The probability of the option being exercised is considered remote. The amount ofsuch an obligation is dependent on a discounted cash flow valuation at that point in time.83
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- will receive their preference sha
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DEFINITIONSIn this circular, unless
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“preference shares”“prime rat
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SALIENT FEATURESThis summary contai
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Conversion Date:Preference sharehol
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SALIENT DATES AND TIMESLast day to
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2. STRATEGY AND PURPOSE OF THE RIGH
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4. PARTICULARS OF THE RIGHTS OFFER4
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4.9 Sale or renunciationHolders of
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4.12.1 In terms of the Exchange Con
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Persons located in the United Kingd
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Audited Pro formaBefore the After t
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8.5 Variation of rightsIn accordanc
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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 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: 2003 2002RmRm26. ACCOUNTS PAYABLETr
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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