13th Feb 2006 07:00
Anglo Platinum Limited13 February 2006 ________________________________________________________________________________ Anglo Platinum Limited and its Subsidiaries("Anglo Platinum") (Incorporated in the Republic of South Africa)(Registration number 1946/022452/06)JSE Codes: AMS; AMSP ISIN: ZAE000013181; ZAE000054474A member of the Anglo American plc group ABRIDGED FINANCIAL RESULTS FORTHE YEAR ENDED 31 DECEMBER 2005 MAIN FEATURES • Rand basket price per Pt oz up 16%• Headline earnings per ordinary share up 63,1%• Dividend per ordinary share up 60,5% CONSOLIDATED INCOME STATEMENT Restated Audited Audited Year Year ended ended 31 % 31 December DecemberR millions 2005 Change 2004________________________________________________________________________________GROSS SALES REVENUE 23 308,4 19 624,8Mined 21 381,0 18 720,4Purchased metals in concentrate 1 927,4 904,4Commissions paid (370,4) (357,8) __________ __________NET SALES REVENUE 22 938,0 19,1 19 267,0COST OF SALES (17 100,3) (16,5) (14 678,8) __________ __________GROSS PROFIT ON METAL SALES 5 837,7 27,2 4 588,2Mined 5 751,2 4 549,1Purchased metals in concentrate 86,5 39,1Other net income/(expenditure) 322,1 (663,9)Market development and promotionalexpenditure (214,3) (194,1) __________ __________OPERATING PROFIT 5 945,5 59,4 3 730,2Interest expensed (273,4) (354,3)Interest received 135,5 166,1Income from associates 134,8 50,7 __________ __________PROFIT BEFORE TAXATION 5 942,4 65,4 3 592,7Taxation (1 452,5) (31,3) (1 106,4) __________ __________NET PROFIT 4 489,9 80,6 2 486,3 __________ __________ ________________________________________________________________________________RECONCILIATION BETWEEN NET PROFIT AND HEADLINE EARNINGS Net profit 4 489,9 2 486,3Less: Declared and undeclared cumulativepreference share dividends and related STC (255,2) (152,8) __________ __________Basic earnings attributable to ordinaryshareholders 4 234,7 2 333,5Adjustments (after tax where applicable):Profit on disposal of conversion rights (117,3) (5,8)Impact of assets exchanged (139,2) 68,3Property, plant and equipment (67,3) (65,4)Conversion rights (71,9) 133,7Net goodwill amortisation - 1,5(Profit)/loss on disposal and scrapping ofproperty, plant and equipment (2,0) 28,6 __________ __________Headline earnings attributable to ordinaryshareholders 3 976,2 2 426,1Add: Declared and undeclared cumulativepreference share dividends and related STC 255,2 152,8 __________ __________Headline earnings 4 231,4 2 578,9 __________ __________Number of ordinary shares in issue (millions) 218,3 217,4Weighted average number of ordinaryshares in issue (millions) 217,5 216,5Attributable earnings per ordinary share (cents)- Basic 1 947,0 1 077,8- Diluted 1 935,3 1 076,8Attributable headline earnings per ordinary share(cents)- Headline 1 828,1 1 120,6- Diluted 1 823,9 1 116,9Dividends per ordinary share (cents) 1 180 735- Interim 480 400- Final 700* 335Dividends per preference share (cents) 638 322Dividend cover per ordinary share (headlineearnings) 1,5 1,5________________________________________________________________________________* Proposed ordinary dividend GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE Restated Audited Audited Year Year ended ended 31 December 31 DecemberR millions 2005 2004________________________________________________________________________________INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITYAfter-tax changes in forward metal pricesrecognised directly in equity - 164,0INCOME AND EXPENSE RECOGNISEDDIRECTLY IN THE INCOME STATEMENTNet profit for the year 4 489,9 2 486,3 _________ _________TOTAL RECOGNISED INCOME AND EXPENSE FOR THE YEAR 4 489,9 2 650,3 _________ _________EFFECT OF CHANGES IN ACCOUNTING POLICIES/RESTATEMENT:IFRS 3 - Negative goodwill on associate reversed 173,4 -IFRS 2 - Share-based payments - (48,7)Restatement - cash held by insurance captives - 43,2 _________ _________ 173,4 (5,5) _________ _________ Total recognised income and expense is attributable to the equity holders ofAnglo Platinum Limited since there are no minority interests. CONSOLIDATED BALANCE SHEET Restated Audited Audited as at as at 31 December 31 DecemberR millions 2005 2004________________________________________________________________________________ASSETSNon-current assets 26 984,4 24 823,3Property, plant and equipment 19 744,0 17 757,3Capital work-in-progress 6 132,1 6 124,4Investment in associates 683,1 435,3Cash deposits held by environmental trusts 204,7 149,0Prepaid operating lease rentals and royalties 220,5 357,3 Current assets 8 805,1 7 698,9Inventories 4 412,3 3 192,3Accounts receivable 2 418,2 2 058,5Cash held by insurance captives 167,2 83,6Cash and cash equivalents 1 807,4 2 364,5 _________ _________Total assets 35 789,5 32 522,2 _________ _________EQUITY AND LIABILITIESShareholders' equity 20 802,0 17 965,4Non-current liabilities 7 053,7 6 086,0Deferred taxation 5 948,0 5 175,3Environmental obligations 424,9 362,7Employees' service benefit obligations 218,5 102,0Obligations due under finance leases 462,3 446,0 Current liabilities 7 933,8 8 470,8Interest-bearing borrowings 3 805,2 5 347,9Accounts payable 3 595,2 2 656,5Derivative financial liabilities 14,0 28,1Taxation 519,4 438,3 _________ _________Total equity and liabilities 35 789,5 32 522,2 _________ _________ CONSOLIDATED CASH FLOW STATEMENT Restated Audited Audited as at as at 31 December 31 DecemberR millions 2005 2004________________________________________________________________________________CASH FLOWS FROM OPERATING ACTIVITIESCash from operations 7 542,4 5 446,1Interest paid (net of interest capitalised) (262,6) (274,5)Taxation paid (554,9) (392,4) _________ _________Net cash from operating activities 6 724,9 4 779,2 _________ _________ CASH FLOWS USED IN INVESTING ACTIVITIESPurchase of property, plant and equipment(including interest capitalised) (4 097,4) (4 260,3)Proceeds from sale of plant, equipment andconversion rights 123,7 39,5Interest received 135,5 166,1Other (35,5) 29,4 _________ _________Net cash used in investing activities (3 873,7) (4 025,3) _________ _________CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIESProceeds from the issue of ordinary and preferenceshare capital 163,1 4 441,0Repayment of interest-bearing borrowings (1 542,7) (1 820,2)Ordinary and preference dividends paid (2 028,7) (1 579,6) _________ _________Net cash (used in)/from financing activities (3 408,3) 1 041,2 _________ _________Net (decrease)/increase in cash and cashequivalents (557,1) 1 795,1Cash and cash equivalents at beginning of year 2 364,5 569,4 _________ _________Cash and cash equivalents at end of year 1 807,4 2 364,5 _________ _________MOVEMENT IN NET DEBT**Net debt at beginning of year (3 429,4) (6 923,0)Net cash from operating activities 6 724,9 4 779,2Net cash used in investing activities (3 873,7) (4 025,3)Other (1 881,9) 2 739,7 _________ _________ (2 460,1) (3 429,4) _________ _________ ** Net debt comprises interest-bearing liabilities and obligations under financeleases net of cash and cash equivalents. Notes to the abridged results 1. This abridged report complies with International Accounting Standard 34 - Interim Financial Reporting and South African Statement of Generally Accepted Accounting Practice, AC127, with the same title as well as with Schedule 4 of the South African Companies Act and the disclosure requirements of the JSE Limited's listings requirements. 2. The abridged report has been prepared using accounting policies that comply with South African Statements of Generally Accepted Accounting Practice and International Financial Reporting Standards. The accounting policies are consistent with those applied in the financial statements for the year ended 31 December 2004, except for the changes which are described below. • The adoption of IFRS 2 - Share based payments resulted in a charge to net profit of R137,2 million (31 December 2004: R38,0 million). • The adoption of IFRS 3 - Business combinations resulted in an amount of R173,4 million representing negative goodwill on an associate being transferred from investments in associates to opening reserves. • In compliance with IAS 1 - Presentation of financial statements, a statement of recognised income and expense has been disclosed as a separate component of the financial results. • The Platinum Producer's Environmental Trust is consolidated in accordance with IFRIC 5, Rights to interest arising from decommissioning, restoration and environmental restoration funds. The effect is that the amounts previously stated as originated loans are disclosed in non-current assets as deposits held by the environmental trusts. The adoption of the following accounting policies did not have an impact on the financial results: • IFRIC 4 - Determining whether an arrangement constitutes a lease. • Guidance around accounting for Black Economic Empowerment transactions. 3. Change in tax rate In 2005 the corporate tax rate for South African normal taxation changed from 30% to 29%. The effect of this was an increase in net profit of R172,1 million due to a decrease in net deferred taxation liabilities at the beginning of the year.________________________________________________________________________________ Year Year ended ended 31 December 31 DecemberR millions 2005 2004________________________________________________________________________________ 4. CommitmentsMining and process property, plant and equipmentContracted for 1 442,9 1 308,0Not yet contracted for 6 259,0 5 953,6 ________ ________Authorised by the directors 7 701,9 7 261,6 ________ ________OtherOperating lease rentals - buildings 589,9 666,8- within remainder of year/one year 41,0 44,8- within two to five years 163,3 173,6- thereafter 385,6 448,4Information Technology Service Providers 144,5 100,8- within remainder of year/one year 62,1 38,9- thereafter 82,4 61,9________________________________________________________________________________ 5. Contingent liabilities There have been no material changes to the contingent liabilities as disclosed in the annual report for the year ended 31 December 2004. 6. Change in accounting estimate - Metal inventories During the year, the Group changed its estimate of the quantities of valuation of inventory based on the outcome of a physical count of in process metals. The Group runs a theoretical metal inventory system based on inputs, the results of previous physical counts and outputs. Due to the nature of in process inventories being contained in weirs, pipes and other vessels, physical counts only take place periodically. This change in estimate has had the effect of increasing the value of inventory disclosed in the financial statements by R335,7 million (no physical stock count of in process inventory was undertaken for the comparative periods). This results in the recognition of an after-tax gain of R238,3 million. 7. Useful lives of property, plant and equipment In response to IAS 16 (revised), the Group has re-estimated the expected useful life of plant and equipment. The impact on current year earnings of this change in estimate amounts to and after tax decrease of R205,5 million. It is expected that there will be an impact going forward from IAS 16 (revised). 8. Restatement - cash held by insurance captives The Group has interests in captive cell entities. As of 1 January 2004, these entities are consolidated as is required by SIC 12 - Consolidation - Special Purpose Entities, and opening retained earnings are adjusted accordingly. The underlying assets of these entities comprise primarily cash deposits. The impact of this restatement on the 2004 comparative earnings is immaterial and these comparatives are not restated. The impact on opening retained earnings amounts to R43,2 million, after recognising a deferred tax liability of R17,6 million. 9. Comparative figures Reimbursive rights of R84,0 million previously reflected as a separate asset under originated loans have been reclassified and are set off against the employees' service benefit obligations. The accrual for leave pay was moved from non-current to current liabilities. 10. Corporate governance The Board is of the view that the Company and its subsidiaries are fully compliant with the recommendations as set out in the Code of Corporate Practices and Conduct contained in King 2. 11. Audit opinion The auditors, Deloitte & Touche, have issued their opinion on the group's financial statements for the year ended 31 December 2005. The audit was conducted in accordance with International Standards on Auditing. They have issued an unqualified audit opinion. A copy of their audit report is available for inspection at the company's registered office. These abridged financial statements have been derived from the group financial statements and are consistent in all material respects, with the group financial statements. COMMENTARY 1. FINANCIAL RESULTS The Group achieved a significant improvement in headline earnings for 2005 when compared to 2004. Factors contributing to the increase included: higher US dollar prices realised on metals sold; increased sales volumes; gains on repatriation of US dollar revenue and once-off benefits arising from both the reduction in the South African corporate tax rate and an increase in the quantity and value of pipeline stocks in 2005. Headline earnings increased by 64,1% to R4,23 billion. Headline earnings attributable to ordinary shareholders increased by 63,9% to R3,98 billion and headline earnings per ordinary share rose by 63,1% to 1 828 cents. A final dividend of 700 cents per share has been declared. Gross sales revenue rose by R3,68 billion to R23,31 billion. The increase was primarily the result of higher US dollar metal prices achieved, contributing R2,99 billion of the increase and higher volumes of metals sold which contributed a further R645 million. The average rand/US dollar exchange rate of R6,3915 was similar to the rate achieved in 2004 (R6,4055). Cost of sales rose by R2,42 billion to R17,10 billion, principally as a result of the following: • Purchases of metal in concentrate doubled from R965 million to R1,99 billion following an increase in the volume and value of metals in concentrate from the Bafokeng-Rasimone and Modikwa joint ventures, as well as the Kroondal Pooling and Sharing agreement. • Cash mining, smelting and refining costs increased by R948 million or 7,8% to R13,11 billion, as detailed in the Operations section of this commentary, and included savings of some R235 million arising from specific projects. • As a result of the capital expenditure programme and increased utilisation of new operating assets, amortisation rose by R413 million. Further in response to IAS16 (revised), the Group has re-estimated the expected useful lives of components of property, plant and equipment resulting in additional amortisation of R289 million. Total operating amortisation therefore increased by R702 million to R2,21 billion. • The value of metals in inventory increased by R1,23 billion during 2005. This was due to a number of factors including; a gain in the quantity of pipeline stocks indicated by a full stock count, a stock build up at the smelters due to the Polokwane smelter shutdown during the fourth quarter, and unit cost increases which affected the value of metal stocks. The increase was offset by a reduction in closing refined metal stock due to higher sales volumes at the end of the year. Other net income rose to R322 million. Foreign exchange gains amounted to R336 million and profit on the sale of conversion rights to R117 million. Fair valuations of assets attributable to joint venture arrangements amounted to R196 million. This income was reduced by R278 million in restructuring costs. 2. SAFETY Improving the safety performance of our employees and contractors remains Anglo Platinum's highest priority and the Group continues to invest significant resources in a comprehensive suite of safety initiatives. Whilst the total number of injury incidents decreased during the year, it is with deep regret that management reports the loss of the lives of 24 employees as a result of mine related accidents. Management and the Board extend their condolences to the families, friends and colleagues of the deceased. 3. OPERATIONS Whilst refined PGM production increased by 5,1% when compared to 2004, refined platinum production of 2 453 200 ounces was similar to 2004. Cash operating cost per equivalent refined platinum ounce (equivalent ounces are mine ounces converted to expected refined ounces) increased by 9,4%. Production did not increase as planned on all mines and unit costs suffered as a result. The more significant cost pressures experienced this year were those incurred as a result of the above inflation wage settlements, recovery measures being implemented and the higher diesel price. Mining and retreatment operations Equivalent refined platinum production from the operations, managed by Anglo Platinum and its joint venture partners, increased by 50 000 ounces or 2,0% when compared to 2004. The increase came from the Kroondal, Modikwa, PPRust and BRPM mines; • Kroondal: Equivalent refined platinum production rose by 100 400 ounces or 135,7% in 2005 from the expansion of the Kroondal Platinum Mine venture with Aquarius Platinum (South Africa) (Pty) Limited. All the ounces from the expansion are being treated by Anglo Platinum. • Modikwa: Equivalent refined platinum production rose by 14 800 ounces or 13,0% in 2005 as Modikwa ramped up towards steady state production. Development rates accelerated during 2005, resulting in a better immediately available ore reserve position of 10 months compared to 8 months at the end of 2004. The decision to change to breast mining increased raise intervals generating a higher ratio of ore reserves per meter of development. • Equivalent refined platinum production from PPRust increased by 5 200 ounces or 2,6% and from BRPM by 10 100 ounces or 5,5% when compared to 2004. Lower production was recorded at the Rustenburg, Amandelbult and Lebowa mines and the Western Limb Tailings Retreatment operation; • Rustenburg: Equivalent refined platinum production of 839 400 ounces was 25 300 ounces or 2,9% lower than in 2004. The ore source mix continued to change with the ongoing replacement of Merensky ore with UG2 ore, as the currently available Merensky reserves diminish. A drive to secure and sustain a sizeable component of deeper but higher value Merensky production, is a fundamental part of the Rustenburg strategy and planning in the capital programme for down-dip vertical shaft access is well advanced. Operating performance in the second half of the year improved over the first half as the considerable efforts made to restore production and improve safety and efficiencies at the constituent shafts started to take hold. • Amandelbult: Equivalent refined platinum production of 556 400 ounces was 35 300 ounces or 6,0% lower than in 2004. The mine continued with efforts to reverse the impact of the Transition Zone ore type at the No. 1 shaft, as well as the disturbed ground conditions at No.2 shaft. Planning is well advanced and includes down dip vertical shaft access, for which a significant seismic survey and drilling programme commenced during the year. Further progress underground was made in breaching the Transition Zone on the western boundary as well as on preparations for increased UG2 delivery in 2006. Performance in the second half of the year improved over the first half, indicative of progress made with the planned turnaround. • Lebowa: Equivalent refined platinum production of 112 100 ounces was 6 700 ounces or 5,7% lower than in 2004 due to a contractor stoppage in February. • Western Limb Tailings Retreatment (WLTR): In accordance with plan and as a consequence of the depletion of the older higher grade resources, the 4E grade decreased from 2,07 g/t in 2004 to 1,16 g/t in 2005, resulting in a 24,4% decrease in equivalent refined platinum ounces. Process operations The Rustenburg smelting and refining operations performed well in 2005, achieving improved metal recoveries and a further significant reduction in sulphur emissions. The Polokwane smelter was shut down from 7 September to 5 December to repair and modify the waffle cooler system. The net increase in pipeline stocks at the end of the year amounted to some 123 600 ounces of platinum which will be refined in 2006. Changes in the rhodium refining circuit at the Precious Metals Refinery (PMR) resulted in a substantial release of metal previously held in the pipeline. Consequently refined rhodium production increased by 74 800 ounces or 29,5% when compared to 2004. The overall recovery of platinum improved by 2,9% as a result of new technology introduced in concentrating and smelting operations. 4. PROJECTS Anglo Platinum remains confident of the robustness of current and future demand for platinum and is continuing with its expansion programme. The rate of expansion is reviewed on an ongoing basis, with particular emphasis on forecast rand revenue streams. The outlook for long term metal prices is more positive than it has been for some time. Consequently, studies evaluating the ramping up of those projects previously slowed down for economic reasons, are being conducted. During the year the Company announced the following ventures; • The Marikana Pooling and Sharing agreement with Aquarius Platinum to jointly mine contiguous properties. Anglo Platinum will share in profits from January 2006 and will treat additional concentrate that arises from the expansion of the Marikana operation. In addition to sales of concentrate in terms of off-take agreements, the venture is expected to produce an additional 90 000 ounces of platinum and 43 000 ounces of palladium in concentrate per annum when it reaches steady state production in 2007. • The Mototolo joint venture with Xstrata Alloys to develop a platinum mine and concentrator. The mine is expected to reach steady state production in the third quarter of 2007. The mine will produce approximately 132 000 ounces of platinum and 82 000 ounces of palladium in concentrate per annum. The Group will purchase Xstrata's 50% share of PGM concentrate for further smelting, refining and marketing of finished products. The Board approved mining replacement projects totaling R4,90 billion, in 2005 money terms, at Rustenburg, Amandelbult and Union sections, Leplats and PPRust during 2005. These projects are planned to reach steady-state between 2008 and 2012, replacing some 586 000 ounces of platinum production per annum. Included in these projects is the PPRust North replacement project. This project will mill 385 000 tons per month, producing 200 000 replacement platinum ounces per annum. Following the securing of arrangements whereby PPRust has gained access to an additional 14Ml of water per day, the PPRust North project will be further expanded to mill an additional 600 000 tons per month, producing an additional 230 000 platinum ounces per annum. The currently estimated capital cost of this expansion is some R4 billion in 2006 money terms. Board and regulatory approvals for this expansion project are expected shortly. 5. CAPITAL EXPENDITURE Total capital expenditure amounted to R4,36 billion (2004: R4,61 billion). Expenditure to maintain operations increased to R2,80 billion (2004: R2,68 billion) and expansion expenditure amounted to R1,42 billion (2004: R1,73 billion). Interest of R147 million was capitalised (2004: R198 million). The decrease in capital expenditure in 2005 was as a result of the continued emphasis on capital optimisation and the deferral of certain projects. It is anticipated that capital expenditure for 2006 will amount to between R5,5 billion and R6,0 billion, subject to decisions being taken and approvals obtained during the course of the year. 6. CASH FLOWS Net debt decreased by R969 million to R2,46 billion. Cash generated from operations amounted to R7,54 billion. Cash outflows consisted mainly of capital expenditure of R4,10 billion (2004: R4,26 billion), dividend payments of R2,03 billion (2004: R1,58 billion) and taxation payments amounting to R555 million (2004: R392 million). Dividend payments aggregated R2,03 billion, being R1,77 billion of ordinary dividends and R255 million of preference dividends. 7. NEW MINERALS LEGISLATION AND EMPOWERMENT OF HISTORICALLY DISADVANTAGED SOUTH AFRICANS Progress is being made towards meeting the requirements of the Mineral and Petroleum Resources Development Act and the Broad-Based Socio-Economic Empowerment Charter for the SA Mining Industry. Anglo Platinum continues to work closely with the Department of Minerals and Energy in this regard. The Group has lodged applications for all but one producing mines and most prospecting permits to convert "old-order" rights to "new-order" rights in accordance with the requirements of the Act. 8. SOCIAL RESPONSIBILITY AND HIV/AIDS Anglo Platinum has maintained its strong commitment to supporting initiatives geared towards socio-economic development of communities around its business operations in the North West and Limpopo provinces, and in the Eastern Cape. A total of R52,2 million was spent on these initiatives in 2005. The Group has continued the fight against HIV/AIDS and associated illnesses. R23,5 million was spent on education, training, a full wellness programme, which includes free anti retroviral treatment, various community engagements, and counselling and voluntary testing. 9. DIVIDENDS Ordinary dividends are declared in the light of current and future funding requirements and are paid out of cash generated from operations. The Board has declared a final ordinary dividend of 700 cents per share. This brings the total ordinary dividend declared for 2005 to 1 180 cents per share, which is 60,5% higher than the corresponding figure for 2004. The dividend cover ratio of 1,5 has been maintained. Preference dividends of 318 cents and 320 cents per preference share were declared and paid in May 2005 and November 2005 respectively. 10. PROSPECTS Increased mined production and a reduction in the level of pipeline inventories are expected to result in refined platinum production of between 2,7 and 2,8 million ounces in 2006. Management continues to vigorously address unit costs in conditions of relatively high inflation in the mining environment. The emphasis on increasing volumes at improved operating efficiencies remains, Demand for platinum continues to be strong and remains supportive of firm platinum prices. The resilience of jewellery demand particularly in the Chinese market at prices over $900 per ounce adds confidence to this view. The growth in demand for platinum for diesel autocatalysts systems, both oxidation and now heavily loaded particulate traps, in Europe is strong. Tightening diesel emission legislation and its early adoption supports this as well as the growing popularity of diesel engine powered vehicles. Industrial demand remains firm, particularly in the glass and petroleum sectors. Industrial palladium demand continues to grow encouraged by the relatively low price. However as adequate supplies are available the relatively high prices ruling are the result of investment interest in the metal. It is notable that palladium demand from Chinese jewellery manufacturers has doubled in the year and should sustainable consumer interest be established, this could beneficially alter the market for palladium supply and demand. While production and sales volumes will increase in 2006, the most significant variable affecting earnings will be metal prices in rand terms. If the rand basket price remains at current levels, then earnings for 2006 are likely to be higher than those in 2005. R Havenstein B E Davison Johannesburg(Chief Executive Officer) (Chairman) 9 February 2006 DECLARATION OF FINAL ORDINARY DIVIDEND (NO. 106) Notice is hereby given that a final dividend of 700 cents per ordinary share, inthe currency of the Republic of South Africa, has been declared in respect ofthe year ended 31 December 2005. The dividend is payable to shareholdersrecorded in the books of the Company at the close of business on Friday, 17March 2006. The salient dates for the final ordinary dividend are as follows: Salient Dates for South Africa and United Kingdom 2006________________________________________________________________________________ Last day to trade (cum dividend) Friday, 10 MarchFirst day of trading (ex dividend) Monday, 13 MarchCurrency conversion date (for sterling payments from London) Tuesday, 14 MarchRecord date Friday, 17 MarchPayment date Monday, 20 March________________________________________________________________________________ Share certificates may not be dematerialised or re-materialised and no coversionof preference shares into ordinary shares will be permitted between Monday, 13March 2006 and Friday, 17 March 2006, both days inclusive, nor may transferstake place between the South African and United Kingdom share registers duringthis period. On Monday, 20 March 2006, the dividend will be electronically transferred to thebank accounts of all certificated shareholders where this facility is available.Where electronic fund transfer is either not available or not elected by theshareholder, cheques dated 20 March 2006 will be posted on that date. Holders ofdematerialised shares will have their accounts credited at their CSDP or brokeron 20 March 2006. Shareholders registered on the United Kingdom register will be paid the dividendin pounds sterling at the rate of exchange determined on Tuesday, 14 March 2006. A further announcement stating the rand/sterling conversion rate will bereleased through the relevant South African and United Kingdom news services onWednesday, 15 March 2006. The dividend is payable subject to payment conditions which may be inspected ator obtained from the Company's Johannesburg Office or from its LondonSecretaries. By order of the Board Jenny D Meyer JohannesburgCompany Secretary 9 February 2006 SUPPLEMENTARY INFORMATIONCONSOLIDATED STATISTICS (UNAUDITED) Year Year ended ended 31 31 December DecemberTOTAL OPERATIONS 2005 2004________________________________________________________________________________Marketing statisticsAverage market prices achievedPlatinum (US$/oz) 894 842Palladium (US$/oz) 199 228Rhodium (US$/oz) 1 966 933Nickel (US$/lb) 6,77 5,92US$ Basket price (Net sales revenueper refined Pt ounce sold) (US$) 1 388 1 194Platinum (R/oz) 5 704 5 397Palladium (R/oz) 1 274 1 458Rhodium (R/oz) 12 640 5 917Nickel (R/lb) 43,00 38,04R Basket price (Net sales revenueper refined Pt ounce sold) (R) 8 871 7 649Average exchange rate achieved onsales (R : US$) 6,3915 6,4055Exchange rate at end of period/year (R : US$) 6,3450 5,6450Financial statistics and ratiosGross profit margin (%) 25,0 23,4Earnings before interest, taxation,depreciation andamortisation (EBITDA) (R millions) 8 354,3 5 353,2Operating profit to averageoperating assets (%) 23,6 17,4Return on average shareholders'equity (%) 23,2 16,4Return on capital employed (%) 27,2 18,6Interest cover - EBITDA 21,6 9,6Net asset value per share (R) 95,3 82,7Net debt to total capital employed (%) 10,5 15,6Interest-bearing debt toshareholders' equity (%) 20,5 32,2Cost of sales per total Pt oz sold (R) 6 587 5 794Cash operating cost per equivalent Pt oz(excluding ounces from purchasedconcentrate and associated costs) (R) 5 523 5 049Cash operating cost per refined Pt oz (R) 5 670 5 046Equivalent refined platinum production (thousands) 2 503,7 2 453,7 (oz)Gain in smelting and refining pipeline (thousands) 73,1 91,1 (oz)Refined platinum production (thousands) (2 453,2) (2 453,5) (oz)Mining (thousands) (2 236,1) (2 326,8) (oz)Purchase of concentrate (thousands) (217,1) (126,7) (oz) _________ _________Platinum pipeline movement (thousands) 123,6 91,3 (oz) _________ _________REGISTERED OFFICE55 Marshall Street, Johannesburg, 2001(P.O. Box 62179, Marshalltown, 2107)Facsimile +27 11 373-5111Telephone +27 11 373-6111 SOUTH AFRICAN REGISTRARSComputershare Investor Services 2004 (Pty) Limited(Registration No. 2000/006082/06)70 Marshall Street, Johannesburg, 2001(P.O. Box 61051, Marshalltown, 2107)Facsimile +27 11 836-0792/6145Telephone +27 11 370-5000 LONDON SECRETARIESAnglo American Services (UK) Limited,20 Carlton House Terrace, London, SW1Y 5AN, EnglandFacsimile +44 207 968-8755Telephone +44 207 968-8888 UNITED KINGDOM REGISTRARSCapita IRG plcThe Registry, 34 Beckenham RoadBeckenham, Kent, BR3 4TU, EnglandFacsimile +44 870 162-3100Telephone +44 208 639-2342 Detailed results are available on the Internet at: http://www.angloplatinum.com E-mail enquiries should be directed to:traymond@angloplat.com DIRECTORS AND COMPANY SECRETARY EXECUTIVE DIRECTORS: R Havenstein (Chief Executive Officer), J M Halhead(British), R G Mills, A M Thebyane, R H H van Kerckhoven (Belgian), D G Wanblad, A I Wood (British). NON-EXECUTIVE DIRECTORS: B E Davison (Chairman), D D Barber, D A Hathorn, Sir S E Jonah (Ghanian), W A Nairn, A J Trahar, A E Redman (British), P L Zim. INDEPENDENT NON-EXECUTIVE DIRECTORS: T A Wixley (Deputy Chairman), C B Brayshaw,B A Khumalo, T H Nyasulu. ALTERNATE DIRECTORS: A H Calver (British), R Pilkington, C B Sheppard, V P Uren. COMPANY SECRETARY: J D Meyer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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