Non-GAAP disclosure

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The group utilises certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies use.

For the year ended 30 June

		Unaudited
R millions	Group note	2009	2008
1 Revenue per platinum ounce sold
US dollar sales		3 026	5 140
US dollar toll refining income		(28)	(25)
		2 998	5 115

Sales volumes platinum (refer to operational statistics)		1 503	1 739

Dollar sales revenue per platinum ounce sold		1 995	2 941
Average rand exchange rate achieved		8.63	7.32
Rand sales revenue per platinum ounce sold		17 217	21 528

2 Cost per platinum ounce refined
On-mine operations	22	7 214	7 303
Concentrating and smelting operations	22	1 962	1 478

Concentrating operations		1 382	1 035
Smelting operations		580	443

Refining operations	22	592	670
Other operating expenses	23	497	533
		10 265	9 984

⁽¹⁾Mine-to-market platinum ounces		1 160	1 238
⁽²⁾Gross platinum ounces		1 704	1 907

On-mine operations ⁽¹⁾		6 220	5 899
Concentrating operations ⁽¹⁾		1 191	836
Smelting operations ⁽²⁾		340	232
Refining operations ⁽²⁾		347	352
Other operating expenses ⁽¹⁾		428	431
Group unit cost per platinum ounce		8 526	7 750
Share-based payments
On-mine operations ⁽¹⁾		(604)	850
Refining operations ⁽²⁾		(53)	84
Other operating expenses ⁽¹⁾		(60)	121
		(717)	1 055

Cost per platinum ounce excluding share-based payments
On-mine operations ⁽¹⁾		6 740	5 212
Concentrating operations ⁽¹⁾		1 191	836
Smelting operations ⁽²⁾		340	232
Refining operations ⁽²⁾		378	307
Other operating expenses ⁽¹⁾		480	343
		9 129	6 930

3 Gross profit margin
Gross profit		9 762	17 731
Gross revenue		26 121	37 619

Gross margin profit – %		37	47

4 Headline earnings margin
Headline earnings		6 015	12 485
Gross revenue		26 121	37 619

Headline earnings margin – %		23	33

5 EBITDA
Profit before taxation		9 393	22 817
Finance income	25	(963)	(689)
Finance cost	26	169	155
Depreciation and amortisation	22	979	1 013

EBITDA (Earnings before interest tax and depreciation)		9 578	23 296
Depreciation and amortisation	22	(979)	(1 013)

EBIT (Earnings before interest and tax)		8 599	22 283
Non-recurring/unusual transactions
Adjustment to headline earnings	32	(5)	(5 111)
		8 594	17 172

6 Interest cover
EBIT – adjusted for non-recurring transactions	Non-GAAP note 5	8 594	17 172
Finance costs	26	169	155
Rehabilitation obligation – unwinding of the discount	26	(29)	(20)
Future commitments – unwinding of the discount	26	(14)	(10)
		126	125

Interest cover – times		68	137

7 Dividend cover
Headline earnings per share	32	1 001	2 065
Dividends per share	33	320	1 475
Dividend cover – times		n/a*	1.4

The interim dividend of 120 cents per share and the final dividend of 200 cents per share were not in line with the stated dividend policy but were based on a cash quantum basis in view of the prevailing uncertain economic circumstances.
8 Return on equity
Headline earnings	32	6 015	12 485
Shareholders' equity per statement of financial position –
at the beginning of the year		43 418	32 968

Return on equity – %		14	38

9 Return on capital employed (normalised)
Headline earnings	32	6 015	12 485
Finance cost	26	169	155
		6 184	12 640
Capital employed	Non-GAAP note 11	52 588	53 562
Return on net capital – %		12	24

10 Return on assets
Headline earnings	32	6 015	12 485
Total assets		57 680	62 109

Return on non-current assets – %		10	20

11 Capital employed
Total assets per statement of financial position		57 680	62 109
Current liabilities statement of financial position		(5 092)	(8 547)
		52 588	53 562

12 Total capital
Total equity		42 803	45 303
Total borrowings	16	1 985	1 510
		44 788	46 813

13 Cash net of debt
Long-term borrowings	16	(1 778)	(1 464)
Short-term borrowings	16	(207)	(46)

Total borrowings		(1 985)	(1 510)
Cash and cash equivalents	14	3 348	10 393

Cash net of debt		1 363	8 883

14 Gearing ratio
Total borrowings	16	1 985	1 510
Total capital	Non-GAAP note 12	44 788	46 813

Total gearing – %		4.4	3.2

15 Debt to equity
Total borrowings	16	1 985	1 510
Shareholders equity per statement of financial position
at the end of the year		42 803	45 303
Total debt to ordinary shareholders equity – %		4.6	3.3

16 Current ratio
Current assets		11 500	22 504
Current liabilities		5 092	8 547

Ratio of current assets to current liabilities		2.3:1	2.6:1

17 Acid ratio
Current assets		11 500	22 504
Inventories	12	(4 248)	(5 893)

		7 252	16 611
Current liabilities		5 092	8 547

Ratio of current assets excluding inventories to current liabilities		1.4:1	1.9:1
18 Current liquidity
Current assets		11 500	22 504
Current liabilities		(5 092)	(8 547)

Net current assets		6 408	13 957
Inventory	12	(4 248)	(5 893)
		2 160	8 064

19 Free cash flow
Net cash (outflow)/inflow from operating activities per cash flow		6 507	11 241
Total capital expenditure		(6 791)	(5 291)
		(284)	5 950

20 Net asset value – cents per share
Net asset value per statement of financial position		40 939	43 418
Number of shares (millions) issued outside the group	15	599.8	605.0
Net asset value – cents per share		6 825	7 177

Total number of ordinary shares in issue consists of:
631 578 772 (2008: 631 578 772) ordinary shares

21 Net tangible asset value – cents per share
Net asset value per statement of financial position		40 939	43 418
Intangible assets	7	(1 018)	(1 018)
		39 921	42 400

Number of shares (million)		599.8	605.0
Net tangible asset value – cents per share		6 656	7 008

22 Market capitalisation
Number of ordinary shares in issue at year-end (millions)		631.6	631.6
Closing share price as quoted on the JSE (Rand)		170.45	309.00
Market capitalisation		107 656	195 164

For the year ended 30 June

1 Revenue per platinum ounce sold

2 Cost per platinum ounce refined

3 Gross profit margin

4 Headline earnings margin

5 EBITDA

6 Interest cover

7 Dividend cover

8 Return on equity

9 Return on capital employed (normalised)

10 Return on assets

11 Capital employed

12 Total capital

13 Cash net of debt

14 Gearing ratio

15 Debt to equity

16 Current ratio

17 Acid ratio

18 Current liquidity

19 Free cash flow

20 Net asset value – cents per share

21 Net tangible asset value – cents per share

22 Market capitalisation