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Five-year review
| 2011 | 2010 | 2009 | 2008(1) | 2007(1) | ||
|---|---|---|---|---|---|---|
Summarised group operating results |
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| Ore milled | (t’000) | 24 187 | 22 590 | 14 523 | 14 859 | 14 811 |
| – Underground | 732 | 633 | 787 | 1 046 | 959 | |
| – Surface | 23 455 | 21 957 | 13 736 | 13 813 | 13 852 | |
| Yield | (g/t) | 0.34 | 0.33 | 0.53 | 0.67 | 0.70 |
| – Underground | 3.89 | 3.79 | 4.26 | 5.17 | 5.47 | |
| – Surface | 0.23 | 0.23 | 0.32 | 0.33 | 0.37 | |
| Gold produced | (kg) | 8 248 | 7 502 | 7 704 | 9 997 | 10 404 |
| – Underground | 2 845 | 2 402 | 3 354 | 5 413 | 5 242 | |
| – Surface | 5 403 | 5 100 | 4 350 | 4 584 | 5 162 | |
| Gold produced | (oz) | 265 179 | 241 194 | 247 689 | 321 432 | 334 496 |
| – Underground | 91 469 | 77 226 | 107 834 | 174 052 | 168 534 | |
| – Surface | 173 710 | 163 968 | 139 856 | 147 380 | 165 962 | |
| Average price received | (R/kg) | 308 220 | 267 292 | 250 589 | 192 475 | 147 518 |
| Average price received | ($/oz) | 1 372 | 1 092 | 861 | 819 | 636 |
| Cash operating costs | (R/kg) | 251 296 | 233 112 | 212 228 | 162 794 | 125 217 |
| – Underground | 342 123 | 324 736 | 274 066 | 190 967 | 150 045 | |
| – Surface | 203 470 | 189 959 | 164 549 | 121 321 | 100 004 | |
| Cash operating costs | ($/oz) | 1 119 | 953 | 730 | 692 | 540 |
| – Underground | 1 523 | 1 327 | 942 | 810 | 646 | |
| – Surface | 906 | 776 | 566 | 516 | 431 | |
| Operating margin | (%) | 18 | 13 | 15 | 15 | 15 |
| – Underground | (11) | (22) | (10) | 1 | (2) | |
| – Surface | 34 | 29 | 35 | 37 | 33 | |
| Capital expenditure | (R million) | 317.3 | 194.0 | 345.1 | 286.7 | 313.0 |
Reserves and resources |
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| Attributable Mineral Reserves | (million ounces) | 7.3 | 7.3 | 6.0 | 7.9 | 6.3 |
| Attributable Mineral Resources | (million ounces) | 60.2 | 60.0 | 56.4 | 54.7 | 54.2 |
Summarised group statement of comprehensive income (R million) |
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| Revenue | 2 565.3 | 1 990.5 | 1 910.7 | 1 843.9 | 1 534.8 | |
| Cost of sales | (2 343.5) | (1 891.8) | (1 834.0) | (1 598.4) | (1 397.1) | |
| Gross profit from operations | 221.8 | 98.7 | 76.7 | 245.5 | 137.7 | |
| (Impairments)/reversal of impairments | (547.7) | (6.2) | (75.1) | (63.9) | (5.9) | |
| Administration expenses and general costs | (88.1) | (57.0) | (83.6) | (79.4) | (109.3) | |
| Finance income/(expenses) – net | 30.8 | 176.1 | 164.3 | (16.1) | (16.3) | |
| (Loss)/profit before taxation | (383.2) | 211.6 | 82.3 | 86.1 | 6.2 | |
| Income tax | (32.2) | (8.2) | 28.4 | 68.3 | (0.7) | |
| (Loss)/profit for the year | (415.4) | 203.4 | 110.7 | 154.4 | 5.5 | |
Summarised group statement of financial position (R million) |
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| Non-current assets | 1 778.7 | 2 178.2 | 2 075.3 | 1 073.3 | 785.3 | |
| Current assets | 510.0 | 402.1 | 550.5 | 1 189.2 | 1 161.9 | |
| Total assets | 2 288.7 | 2 580.3 | 2 625.8 | 2 262.5 | 1 947.2 | |
| Equity | 1 219.2 | 1 650.0 | 1 584.0 | 1 305.5 | 143.5 | |
| Non-current borrowings | 30.3 | – | – | – | – | |
| Other non-current liabilities | 629.1 | 661.1 | 715.8 | 527.5 | 462.1 | |
| Current borrowings | 79.3 | – | 2.1 | 21.7 | 790.3 | |
| Other current liabilities | 330.8 | 269.2 | 323.9 | 405.7 | 551.3 | |
| Total equity and liabilities | 2 288.7 | 2 580.3 | 2 625.8 | 2 262.5 | 1 947.2 | |
Summarised group statement of cash flows (R million) |
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| Cash flows from operating activities | 324.0 | 53.6 | 208.2 | 182.6 | (29.6) | |
| Cash flows from investing activities | (335.2) | (226.4) | (593.4) | 1 531.0 | (316.3) | |
| Cash flows from financing activities | 81.3 | 7.8 | (85.8) | (840.0) | (98.7) | |
| Net increase/(decrease) in cash and cash equivalents | 70.1 | (165.0) | (471.0) | 873.6 | (444.6) | |
| Cash and cash equivalents at the beginning of the year | 188.2 | 353.6 | 845.6 | (12.4) | 486.6 | |
| Foreign exchange movements | 0.8 | (0.4) | (21.9) | (15.6) | (54.4) | |
| Cash and cash equivalents at the end of the year | 259.1 | 188.2 | 352.7 | 845.6 | (12.4) | |
Group performance indicators |
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| Profitability | ||||||
| Operating margin | (%) | 18 | 13 | 15 | 15 | 15 |
| Headline earnings per share | (cents) | 28 | 13 | 34 | 41 | 2 |
| EBITDA | (R million) | 264.9 | 232.5 | 17.2 | 171.3 | 86.4 |
| EBITDA margin | (%) | 10 | 12 | 1 | 9 | 6 |
| Return on equity | (%) | 9 | 3 | 8 | 19 | 9 |
| Asset and debt management | ||||||
| Current ratio | times | 1.2 | 1.5 | 1.7 | 2.8 | 0.9 |
| Debt to equity ratio | (%) | 9 | – | – | 2 | – |
| Interest cover | times | 23.2 | 47.4 | 4.8 | 4.1 | 0.9 |
| Net asset value per share | (cents) | 317 | 429 | 419 | 347 | 355 |
| Market value and shareholder returns | ||||||
| Market price per share | (cents) | 327 | 341 | 603 | 628 | 525 |
| Ordinary shares in issue | 384 884 379 | 384 884 379 | 378 001 303 | 376 571 588 | 370 341 981 | |
| Market capitalisation | (R million) | 1 258.6 | 1 312.5 | 2 279.3 | 2 364.9 | 1 944.3 |
| Price earnings ratio | times | 11.7 | 26.5 | 17.7 | 15.3 | 262.5 |
| Market/book ratio | times | 1.0 | 0.8 | 1.4 | 1.8 | 1.5 |
| Dividend per share | (cents) | 7.5 | 5 | 5 | 10 | – |
| Dividend yield | (%) | 2.3 | 1.5 | 0.8 | 1.6 | – |
Group sustainability indicators |
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| Total economic value distributed | (R million) | 815 | 669 | 761.0 | 740.0 | 733.0 |
| Value distributed to employees – salaries, wages and benefits | (R million) | 759.0 | 629.0 | 673.0 | 658.0 | 628.0 |
| Value distributed to government – taxation and royalties | (R million) | 10.0 | 11.0 | 46.0 | 46.0 | 6.0 |
| Total employees (including contractors) | 6 875 | 6 409 | 6 715 | 7 627 | 7 971 | |
| Fatalities | 1 | 2 | 5 | 4 | 6 | |
| Lost Time Injury Frequency Rate | 16.36 | 9.08 | 7.58 | 6.41 | 10.38 | |
| Cyanide consumption | (tonnes) | 6 682 | 4 896 | 4 380 | ||
| CO2 emmisions (direct) | (tonnes) | 8 472 | 6 242 | 10 110 | ||
| CO2 emmisions (indirect) | (tonnes) | 682 666 | 786 101 | 895 928 | ||
| Electricity consumption | (gigajoules) | 2 485 423 | 2 358 301 | 3 188 593 | ||
| Water consumption | (1 000m³) | 8 491 | 11 546 | 14 682 | ||
| Socio-economic development spend | (R million) | 15.8 | 5.3 | 2.4 | ||
Exchange rates |
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| Average rate | (R:$) | 6.9865 | 7.6117 | 9.0484 | 7.3123 | 7.2188 |
| Closing rate | (R:$) | 6.8295 | 7.6529 | 7.8821 | 7.9645 | 7.0760 |
(1) Continuing operations
