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
(All amounts in rand millions unless otherwise stated)	Group note	2008	2007
1 Revenue per platinum ounce sold
US dollar sales		5 140	4 375
US dollar toll refining income		(25)	(45)
		5 115	4 330

Sales volumes platinum (refer to operational statistics)		1 739	1 827

Dollar sales revenue per platinum ounce sold		2 941	2 369
Average rand exchange rate achieved		7.32	7.20
Rand sales revenue per platinum ounce sold		21 528	17 057

2 Cost per platinum ounce refined
On-mine operations	24	7 303	5 901
Concentrating and smelting operations	24	1 478	1 316
Concentrating operations		1 035	936
Smelting operations		443	380
Refining operations	24	670	594
Other operating expenses	21	533	478
		9 984	8 289
* Mine-to-market platinum ounces		1 238	1 242
** Gross platinum ounces		1 907	2 026

On-mine operations*		5 899	4 751
Concentrating operations*		836	754
Smelting operations**		232	187
Refining operations**		352	293
Other operating expenses*		431	385
Group unit cost per platinum ounce		7 750	6 370
Share-based payments
On-mine operations*		850	440
Refining operations**		84	41
Other operating expenses*		108	91
		1 042	572
Cost per platinum ounce excluding share-based payments
On-mine operations*		5 212	4 396
Concentrating operations*		836	754
Smelting operations**		232	187
Refining operations**		307	273
Other operating expenses*		343	311
		6 930	5 921
3 Normalised headline earnings
Headline earnings	35	12 485	7 232
BEE compensation charge	29	–	1 790
		12 485	9 022

Weighted average number of ordinary shares in issue (millions)	16	604.70	551.40

Normalised earnings – cent per share		2 065	1 636
4 Gross margin profit
Gross profit		17 731	14 472
Gross revenue		37 619	31 482

Gross margin profit – %		47	46
5 Net profit margin
Profit attributable to owners of the parent		17 596	7 232
Gross revenue		37 619	31 482

Net profit margin attributable to equity holders – %		47	23
6 EBITDA
Profit before taxation		22 817	11 220
Finance income	27	(689)	(642)
Finance cost	28	155	82
Depreciation and amortisation	33	1 013	865
EBITDA (Earnings before interest, tax and depreciation)		23 296	11 525
Depreciation and amortisation	33	(1 013)	(865)
EBIT (Earnings before interest and tax)		22 283	10 660
Non-recurring/unusual transactions
BEE compensation charge	29	–	1 790
Adjustment of headline earnings	35	(5 111)
		17 172	12 450
7 Interest cover
EBIT – adjusted for non-recurring transactions	Non Gaap note 6	17 172	12 450
Finance costs	28	155	82
Rehabilitation obligation – unwinding of the discount	28	(20)	(22)
Future commitments – unwinding of discount	28	(10)	(5)
		125	55
Interest cover – times		137	226
8 Dividend cover
Normalised headline earnings	Non Gaap note 3	2 065	1 636
Dividends per share		1 475	975
Dividend cover – times		1.4	1.7
9 Return on equity
Headline earnings	35	12 485	7 232
Shareholders’ equity per statement of financial position –
at the beginning of the year		32 968	13 839
Return on equity – %		38	52
10 Return on capital employed
Headline earnings	35	12 485	7 232
Finance costs	28	155	82
		12 640	7 314
Capital employed	Non Gaap note 12	45 303	34 698
Return on net capital – %		28	21
11 Return on assets
Headline earnings	35	12 485	7 232
Non current assets		39 605	37 202

Return on non current assets – %		32	19
12 Capital employed
Total assets per statement of financial position		62 109	49 960
Current liabilities per balance sheet		(8 547)	(8 528)
		53 562	41 432
13 Total capital
Total equity		45 303	34 698
Total borrowings		1 510	718
		46 813	35 416
14 Cash net of debt
Long-term borrowings	17	(1 464)	(685)
Short-term borrowings	17	(46)	(33)
Total borrowings		(1 510)	(718)
Cash and cash equivalents	14	10 393	3 222
Cash net of debt		8 883	2 504
15 Gearing ratio
Total borrowings		1 510	718
Total capital	Non Gaap note 13	46 813	35 416

Total gearing – %		3.2	2.0
16 Debt to equity
Total borrowings	17	1 510	718
Shareholders’ equity per statement of financial position at the end of the year		45 303	34 698
Total debt to ordinary shareholders equity – %		3.3	2.1
17 Current ratio
Current assets		22 504	12 758
Current liabilities		8 547	8 528

Current assets to current liabilities – :1		2.6	1.5
18 Acid ratio
Current assets		22 504	12 758
Inventories	12	(5 893)	(3 998)
		16 611	8 760
Current liabilities		8 547	8 528

Current assets excluding inventories to current liabilities – :1		2	1
19 Current liquidity
Current assets		22 504	12 758
Current liabilities		(8 547)	(8 528)
Net current assets		13 957	4 230
Inventory	12	(5 893)	(3 998)
		8 064	232
20 Free cash flow
Net cash inflow from operating activities per cash flow		11 241	9 973
Total capital expenditure		(5 291)	(2 810)
		5 950	7 163
21 Net asset value – cents per share
Net asset value per statement of financial position		43 418	32 968
Number of shares issued outside the group	16	605.0	604.1

Net asset value – cents per share		7 177	5 457

Total number of ordinary shares in issue consists of:
631 578 772 (2007: 630 899 228) ordinary shares
22 Net tangible asset value –cents per share
Net asset value per statement of financial position		43 418	32 968
Intangible assets	7	(1 018)	(1 020)
		42 400	31 948
Number of shares		605.0	604.1
Net tangible asset value – cents per share		7 008	5 289
23 Market capitalisation
Number of ordinary shares in issue at year-end (millions)		631.600	630.900
Closing share price as quoted on the JSE (Rand)		309	216
Market capitalisation (Rand million)		195 164	136 274

24 Segment information

June 2008 – unaudited
(All amounts in rand millions unless otherwise stated)	Impala	Marula	Zimplats	Mimosa	Afplats	Total mining segment
Segment profit
Revenue from:
Platinum	12 087	774	1 107	424		14 392
Palladium	1 173	185	204	80		1 642
Rhodium	5 179	795	444	140		6 558
Nickel	1 506	28	238	234		2 006
Other metal sales	944	45	139	80		1 208
Revenue	20 889	1 827	2 132	958		25 806
On-mine operations	(5 860)	(591)	(669)	(183)		(7 303)
Processing operations	(1 057)	(101)	(152)	(52)		(1 362)
Refining operations	(476)	–	–	–		(476)
Treatment charge	–	(2)	–	(43)		(45)
Amortisation	(691)	(83)	(208)	(31)		(1 013)
(Increase)/decrease in metal inventories	739	–	19	12		770
Cost of sales	(7 345)	(777)	(1 010)	(297)		(9 429)

Gross profit	13 544	1 050	1 122	661		16 377

Other operating expenses	(426)	–	(48)	(33)		(507)
Royalty expense	(548)	(36)	(41)	(23)		(648)
Profit from operations	12 570	1 014	1 033	605		15 222
Other income/(expense)	173	6	(61)	(71)	136	183
Profit/(loss) from metals purchased	54	–	–	–		54
Profit before tax	12 797	1 020	972	534	136	15 459
Income tax expense	(4 275)	(265)	(153)	(17)	25	(4 685)
Profit for the year	8 522	755	819	517	161	10 774

24 Segment information

June 2007 – unaudited
(All amounts in rand millions unless otherwise stated)	Impala	Marula	Zimplats	Mimosa	Afplats	Total mining segment
Segment profit
Revenue from:
Platinum	9 573	489	734	344		11 140
Palladium	1 068	144	173	72		1 457
Rhodium	4 061	494	323	105		4 983
Nickel	1 758	40	408	246		2 452
Other metal sales	941	46	59	76		1 122
Revenue	17 401	1213	1697	843		21 154
On-mine operations	(4 798)	(472)	(496)	(142)		(5 908)
Processing operations	(918)	(100)	(154)	(39)		(1 211)
Refining operations	(377)					(377)
Treatment charge		(2)		(44)		(46)
Amortisation	(594)	(76)	(162)	(32)		(864)
(Increase)/decrease in metal inventories	44		43	(3)		84
Cost of sales	(6 643)	(650)	(769)	(260)		(8 322)

Gross profit	10 758	563	928	583		12 832

Other operating expenses	(385)		(30)	(29)		(444)
Royalty expense	(1 624)	(29)	(31)	(19)		(1 703)
Profit from operations	8 749	534	867	535	–	10 685
Other income/(expense)	263	(23)	(22)	7	(9)	216
Profit from metal purchased	39					39
BEE compensation charge	(1 790)					(1 790)
Profit before tax	7 261	511	845	542	(9)	9 150
Income tax expense	(3 067)	(113)	(129)	(23)	–	(3 332)
Profit for the year	4 194	398	716	519	(9)	5 818

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1 Revenue per platinum ounce sold

2 Cost per platinum ounce refined

3 Normalised headline earnings

4 Gross margin profit

5 Net profit margin

6 EBITDA

7 Interest cover

8 Dividend cover

9 Return on equity

10 Return on capital employed

11 Return on assets

12 Capital employed

13 Total capital

14 Cash net of debt

15 Gearing ratio

16 Debt to equity

17 Current ratio

18 Acid ratio

19 Current liquidity

20 Free cash flow

21 Net asset value – cents per share

22 Net tangible asset value –cents per share

23 Market capitalisation

24 Segment information

24 Segment information