Non-GAAP disclosure

Year ended 30 June

(All amounts in rand millions unless otherwise stated)		Group note		2007	2006
The group utilises certain Non-GAAP (Generally Accepted Accounting Procedures) 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 to, 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 used by other companies.
1	Revenue per platinum ounce sold
	US dollar sales			4,374.8	2,745.2
	US dollar toll refining income			(45.3)	(21.8)
				4,329.5	2,723.4
	Sales volumes platinum (refer to operational statistics)			1,827.222	1,582.101
	Dollar sales revenue per platinum ounce refined			2,369.4	1,721.4
	Average rand exchange rate achieved			7.20	6.37
	Rand sales revenue per platinum ounce sold			17,059.7	10,965.3
2	Cost per platinum ounce refined
	On-mine operations	23		5,900.7	4,708.6
	Concentrating and smelting operations	24		1,315.8	1,129.6
	Concentrating operations			936.4	772.0
	Smelting operations			379.4	357.6
	Refining operations	25		594.1	523.4
	Other operating expenses	27		478.0	340.0
				8,288.6	6,701.6
	Mine-to-market platinum ounces (1)			1,242.1	1,284.4
	Gross platinum ounces (2)			2,026.2	1,846.3
	On-mine operations (1)			4,750.6	3,666.0
	Concentrating operations (1)			753.9	601.1
	Smelting operations (2)			187.2	193.7
	Refining operations (2)			293.2	283.5
	Other operating expenses (1)			384.8	264.7
	Group unit cost per platinum ounce			6,369.7	5,009.0
	Share-based payments
	On-mine operations (1)			440.0	74.8
	Refining operations (2)			41.1	20.1
	Other operating expenses (1)			91.4	64.5
				572.5	159.4
	Cost per platinum ounce excluding share-based payments
	On-mine operations (1)			4,396.3	3,607.8
	Concentrating operations (1)			753.9	601.1
	Smelting operations (2)			187.2	193.7
	Refining operations (2)			272.9	272.6
	Other operating expenses (1)			311.1	214.5
				5,921.4	4,889.7
(1) Refers to costs incurred at Implats’ mine-to-market operations. (2) Refers to costs incurred at the smelter and refining operations to produce gross refined platinum.
3	Normalised headline earnings
	Headline earnings	36		7,231.8	3,946.5
	BEE compensation charge			1,790.0	95.3
				9,021.8	4,041.8
	Weighted average number of ordinary shares in issue (millions)	15		551.400	526.148
	Normalised earnings - cent per share			1,636	768
4	Gross margin profit
	Gross profit			14,472.0	7,330.3
	Gross revenue			31,481.5	17,500.2
	Gross margin profit – %			46.0	41.9
5	Net profit margin
	Profit attributable to equity holders of the company			7,232.2	4,341.9
	Gross revenue			31,481.5	17,500.2
	Net margin profit attributable to equity holders – %			23.0	24.8
6	EBITDA
	Profit before taxation			11,220.0	6,996.1
	Net finance cost			(530.5)	(346.3)
	Interest received	32		(612.4)	(425.3)
	Interest paid	33		81.9	79.0
	Depreciation and amortisation	34		865.7	644.9
	EBITDA (Earnings before interest, taxation and depreciation)			11,555.2	7,294.7
	Depreciation and amortisation	34		(865.7)	(644.9)
	EBIT (Earnings before interest and taxation)			10,689.5	6,649.8
	Non-recurring/unusual transactions
	BEE compensation charge	31		1,790.0	95.3
	Reversal of impairment of assets	5			(583.1)
				12,479.5	6,745.1
7	Interest cover
	EBIT – adjusted for non-recurring transactions	Non-GAAP note 6		12,479.5	6,745.1
	Finance costs	33		81.9	79.0
	Rehabilitation obligation – unwinding of the discount	20		(22.1)	(18.1)
				59.8	60.9
	Interest cover – times			209	111
8	Dividend cover
	Normalised headline earnings	Non-GAAP note 3		1,636	768
	Dividends per share per the income statement (excluding special dividend)			975	400
	Dividend cover			1.7	1.9
9	Return on equity
	Headline earnings	36		7,231.8	3,946.5
	Shareholders’ equity per balance sheet - at the beginning of the year			13,839.9	14,103.6
	Return on equity – %			52.3	28.0
10	Return on capital employed (normalised)
	Headline earnings	36		7,231.8	3,946.5
	Interest paid	33		81.9	79.0
				7,313.7	4,025.5
	Capital employed	Non-GAAP note 12		41,322.5	17,708.9
	Return on net capital – %			17.7	22.7
11	Return on assets
	Headline earnings	36		7,231.8	3,946.5
	Non-current assets per balance sheet			37,200.6	15,083.9
	Return on non-current assets – %			19.4	26.2
12	Capital employed
	Non-current assets			37,200.6	15,083.9
	Current assets			12,757.6	8,386.0
				49,958.2	23,469.9
	Current liabilities			(8,635.7)	(5,761.0)
				41,322.5	17,708.9
13	Cash net of debt
	Borrowings – long-term portion	17		(685.6)	(174.0)
	Borrowings – short-term portion	17		(32.1)	(27.8)
	Total borrowings			(717.7)	(201.8)
	Cash and cash equivalents	13		3,221.9	1,864.4
	Cash net of short term borrowings			2,504.2	1,662.6
14	Debt to equity
	Borrowings – long-term portion	17		685.6	174.0
	Borrowings – short-term portion	17		32.1	27.8
				717.7	201.8
	Shareholders’ equity per balance sheet at the end of the year			34,699.2	14,054.8
	Total debt to ordinary shareholders equity – %			2.1	1.4
15	Current ratio
	Current assets			12,757.6	8,386.0
	Current liabilities			8,635.7	5,761.0
	Current assets to current liabilities – :1			1.5	1.5
16	Acid ratio
	Current assets			12,757.6	8,386.0
	Inventories	11		(3,997.4)	(2,936.0)
				8,760.2	5,450.0
	Current liabilities			8,635.7	5,761.0
	Current assets excluding inventories to current liabilities – :1			1.0	0.9
17	Current liquidity
	Current assets			12,757.6	8,386.0
	Current liabilities			(8,635.7)	(5,761.0)
	Net current assets			4,121.9	2,625.0
	Inventory	11		(3,997.4)	(2,936.0)
				124.5	(311.0)
18	Free cash flow
	Net cash inflow from operating activities per cash flow			9,936.0	4,918.8
	Total capital expenditure			(2,810.2)	(2,176.7)
				7,125.8	2,742.1
19	Net asset value – cents per share
	Net asset value per balance sheet			34,699.2	14,054.8
	Weighted average number of ordinary shares (millions) issued outside the group	15		630.9	553.9
	Net asset value – cents per share			5,500	2,538
	Total number of ordinary shares in issue consists of:
	630,899,228 (2006: 553,876,920) ordinary shares
20	Net tangible asset value – cents per share
	Net asset value per balance sheet	15		34,699.2	14,054.8
	Intangible assets	6		(1,020.2)	–
				33,679.0	14,054.8
	Weighted average number of ordinary shares (millions) issued outside the group			630.9	553.9
	Net tangible asset value – cents per share			5,338	2,538
21	Market capitalisation
	Number of ordinary shares in issue at year-end (millions)			630.899	553.877
	Closing share price as quoted on the JSE (Rand)			216.00	164.98
	Market capitalisation (Rand million)			136,274.2	91,378.6