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Name | Symbol | Market | Type |
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Sg Issuer 27 | LSE:61CK | London | Medium Term Loan |
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RNS Number:7853X Northam Platinum Ld 25 January 2001 NORTHAM PLATINUM LIMITED Registration number 1977/003282/06 Incorporated in the Republic of South Africa Interim report and dividend declaration for the six months ended 31 December 2000 Sales revenue up 77% to R741 million Headline earnings increase by 292% to R257 million Interim dividend increases by 400% to 100 cents UG2 plant commissioned on time and within budget Income statement Six months Six months Year ended ended ended 31 December 31 December 30 June 2000 1999 2000 R000 R000 R000 Sales revenue 741 579 419 892 1 051 953 Cost of sales 390 747 331 299 691 925 - Operating costs 365 029 274 397 586 938 - Refining and other costs 12 650 18 521 32 068 - Depreciation 43 560 29 737 59 474 - Change in metal stocks (30 492) 8 644 13 445 Operating profit 350 832 88 593 360 028 Net investment income 17 130 10 929 27 199 Sundry revenue 299 305 3 780 Sundry expenditure (313) (2 019) (5 371) Profit before tax 367 948 97 808 385 636 Tax 110 385 32 030 148 134 Net income 257 563 65 778 237 502 Headline earnings 257 563 65 778 237 502 Headline earnings per share -cents 111,9 35,7 116,8 Fully diluted earnings per share -cents 111,3 35,5 116,2 Dividends per share -cents 100,0 20,0 120,0 Weighted average number of shares in issue 230 166 103 184 086 583 203 283 458 Number of shares in issue 230 197 000 184 147 000 230 147 000 Cash flow statement Cash flow from operations 121 714 102 832 349 460 - Profit before tax 367 948 97 808 385 636 - Depreciation 43 560 29 737 59 474 - Change in working capital (30 832) 6 110 (13 278) - Tax paid (28 768) (3 451) (9 205) - Dividends paid (230 157) (27 609) (73 638) - Other (37) 237 471 Cash utilised in investing activities (84 964) (18 982) (343 389) Cash from/(utilised in) financing activities (5 947) (15 219) 216 412 Net cash flow 30 803 68 631 222 483 Cash at beginning of period 378 425 155 942 155 942 Cash at end of period 409 228 224 573 378 425 Statement of changes in equity Equity at beginning of period 1 641 286 1 446 802 1 446 802 Issue of new shares 190 400 233 158 Net income for period 257 563 65 778 237 502 Dividends distributed (10) (36 829) (276 176) Equity at end of period 1 899 029 1 476 151 1 641 286 Balance sheet Fixed assets 1 226 272 890 164 1 184 868 Unlisted investments 181 214 181 Deferred tax 61 545 247 317 166 485 Northam Platinum Restoration Trust Fund 6 148 5 021 5 859 Current assets 723 162 470 776 661 781 - Consumable stores 43 066 21 571 34 859 - Metals on hand 208 229 182 538 177 737 - Accounts receivable 62 639 42 094 70 760 - Cash and cash equivalents 409 228 224 573 378 425 2 017 308 1 613 492 2 019 174 Share capital 2 287 892 2 054 944 2 287 702 Accumulated loss 388 863 578 793 646 416 Shareholders' equity 1 899 029 1 476 151 1 641 286 Long-term liabilities - 7 815 - Long-term provisions 7 087 6 599 6 835 Current liabilities 111 192 122 927 371 053 - Accounts payable 95 774 78 262 96 028 - Dividends - 36 829 230 147 - Tax 14 031 7 836 37 354 - Current portion of long-term liabilities 1 387 - 7 524 2 017 308 1 613 492 2 019 174 Operating statistics Six months Six months Year ended ended ended 31 December 31 December 30 June 2000 1999 2000 Development metres 9 450 4 974 11 466 Square metres mined 190 025 168 053 323 274 Tons milled 905 000 860 000 1 660 000 Head grade - 3 PGEs + Au g/ton 5,7 6,1 6,0 Precious metals in concentrates produced - 3 PGEs + Au kg 4 249 4 316 8 372 oz 136 613 138 760 269 165 Precious metals sold - 3 PGEs + Au kg 4 233 4 752 9 331 oz 136 094 152 788 299 997 Average price realised - 3 PGEs + Au R/kg 161 391 79 038 100 701 $/oz 688 402 492 Operating costs - 3 PGEs + Au R/kg 96 158 70 362 77 214 $/oz 410 358 378 Cash costs - 3 PGEs + Au R/kg 85 847 61 994 69 403 $/oz 366 315 339 Capital expenditure Capital expenditure incurred during the period R000 84 984 18 982 343 389 Capital commitments at end of period Contracted R000 31 743 7 811 37 965 Authorised but not contracted R000 14 838 7 272 - R000 46 581 15 083 37 965 Accounting policies The financial statements have been prepared on the historical cost basis in accordance with IAS 34 Interim Financial Reporting and incorporate the accounting policies which are consistent with those adopted in the previous year. The comparative figures for the six months ended 31 December 1999 have been restated to comply with the above. Comment on results Safety It is with deep regret that the board records that three employees lost their lives as a result of mine accidents. Management is committed to reducing the incidence of mine accidents, and notes that the number of lost time and reportable injuries continued on a downward trend and is currently at the lowest level in two years. Financial results A combination of sustained higher metal prices and the weak Rand resulted in an improvement in sales revenues. As anticipated, costs associated with the accelerated development programme and the commencement of stoping operations on the UG2 reef horizon contributed to an increase in operating costs. The profit attributable to shareholders of R257,6 million increased by 292% compared to the six months ended 31 December 1999. The company's policy is to distribute earnings in full after provision for increases in working capital and capital investments. The interim dividend of 100 cents per share recognises the sound financial position of the company. Operating performance The accelerated development programme has maintained the face length available for mining as planned. Expenditure of R33,2 million on this project is included in operating costs and contributed R7 812/kg and $33/oz to the cash costs of R85 847/kg and $366/oz respectively. Despite a drop in the average head grade, an increase in mill throughput resulted in only a marginal decline in metals output. Capital expenditure Total capital expenditure for the period under review was R85,0 million, which includes R64,4 million spent on the UG2 Project. It is anticipated that expenditure for the year will be marginally lower than the forecast of R131,6 million. UG2 Project This project has progressed exceptionally well, with the concentrator plant commissioned ahead of schedule and slightly below budgeted cost. The establishment of stoping infrastructure continues as planned. By December 2000 a surface stockpile of 53 000 tons had been built up and 45 000 tons of ore had been processed. It is anticipated that the planned milling rate of 75 000 tons per month will be achieved in February 2001. Prospects The operation is poised for an overall improvement in performance. With an increase in metals produced, a reduction in unit costs will be achieved. Provided that rand metal prices remain at their present levels, operating profits for the second half of the year will exceed those of the first half. Cautionary announcement Shareholders are referred to the cautionary announcement dated 18 January 2001 concerning the possible acquisition of Kroondal Platinum Mines Limited. A further announcement in this regard will be made in due course. Dividend Dividend number 5 of 100 cents per share has been declared in South African currency, payable to members registered at the close of business on 16 February 2001. Dividends will be electronically transferred to members' accounts on 7 March 2001, or where this method of payment has not been mandated, dividend warrants will be posted to members on 6 March 2001. The standard conditions relating to the payment of dividends are obtainable from the transfer secretaries, Computershare Services Limited, Edura House, 41 Commissioner Street, Johannesburg, 2001, or the United Kingdom secretaries, St James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP. On behalf of the Board T M G Sexwale I C Watson Chairman Managing Director Johannesburg 24 January 2001 Registered Office Kenilworth House PO Box 61525 Rutherford Estate Marshalltown 1 Scott Street 2107 Waverley 2090 Republic of South Africa Johannesburg Directors: T M G Sexwale (Chairman), I C Watson (Managing Director), M E Beckett (British), B E Davison, E Ford (British), (Alternate: B E Ngubane), A S Malone, E Molobi, R H H van Kerckhoven (Belgian), B R van Rooyen, M J Willcox. Company Secretary: S J van der Spuy. These results are available on our website at www.northam.co.za
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