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Exx - Exxaro Resources Limited - News Release - Condensed Group Financial

Release Date: 24/02/2011 07:06:02      Code(s): EXX
EXX - Exxaro Resources Limited - News release - Condensed group financial       
results and physical information for the 12-month period ended 31 December 2010 
EXXARO RESOURCES LIMITED                                                        
Incorporated in the Republic of South Africa                                    
(Registration Number:  2000/011076/06)                                          
JSE share code:  EXX                                                            
ISIN code:  ZAE000084992                                                        
ADR code:  EXXAY                                                                
("Exxaro")                                                                      
NEWS RELEASE - CONDENSED GROUP FINANCIAL RESULTS AND PHYSICAL INFORMATION FOR   
THE 12-MONTH PERIOD ENDED 31 DECEMBER 2010                                      
HIGHLIGHTS                                                                      
 *  Improvement in safety with lost time injury frequency rate down 24%         
    to 0.25                                                                     
 *  Revenue increased by 14% to R17,2 billion                                   
*  Net operating profit up 52% to R2,6 billion, excluding the 2009 KZN         
    Sands impairment                                                            
 *  Headline earnings per share up 105% to 1 495 cents per share                
 *  Final dividend of 300 cents per share; total dividend of 500 cents          
per share covered three times by attributable earnings                      
 *  Net cash inflow of R1,4 billion                                             
 *  Net debt to equity of 13%                                                   
Diversified South African-based resources group Exxaro Resources Limited        
(Exxaro) today reported group consolidated revenue of R17,2 billion for the     
12 months ended 31 December 2010, an increase of 14% when compared with the     
same period in 2009.                                                            
COMPARABILITY OF RESULTS                                                        
The group`s audited financial results and actual physical information for       
the 12-month periods ended 31 December 2010 and 2009 are not comparable due     
to the R1 435 million impairment of the carrying value of the assets of KZN     
Sands, which impairment was accounted for on 31 December 2009, and the inclusi  
on of the 50% proportionally consolidated interest in Mafube Coal Mining (Pty)  
Ltd (Mafube) for 12 months in 2010 compared to seven months in 2009.            
After fulfilment of all suspensive conditions, the Glen Douglas dolomite mine   
was sold to Afrimat Limited effective 1 January 2011.  The operating results    
of Glen Douglas are therefore still included for the full 12 months of 2010.    
Comments are based on a comparison of the group`s audited financial results     
and unaudited physical information for the 12-month periods ended 31 December   
2010 and 2009 respectively.                                                     
An average exchange rate of R7,72 (spot average of R7,30) to the US dollar      
(USD) was realised compared to R8,39 for the corresponding period. Moreover,    
unrealised foreign currency losses on the revaluation of monetary items         
denominated in a foreign currency were recorded based on the relative strength  
of the local currency to the USD on 31 December 2010. The relative strength     
of the Australian dollar (AUD), most notably in the second half of 2010 when    
the AUD traded around parity against the USD, continued to impact negatively on 
the financial results of the mineral sands operation in Australia An average    
rate of USD 0,87 cents (spot average of USD0,92 cents) to the AUD was realised  
compared with USD 0,76 cents in 2009.                                           
REVENUE                                                                         
"Group consolidated revenue increased by 14% to R17,2 billion due to generally  
higher sales volumes and commodity prices despite the impact of a stronger local
and Australian currency," said Sipho Nkosi, Exxaro`s chief executive officer.   
"The coal business revenue was 8% higher due to higher domestic sales volumes   
at lower realised prices being only partially offset by lower export sales      
volumes at higher export prices.                                                
"The mineral sands business increased revenue by 32% to more than R4,6 billion  
with increased sales volumes realising at higher prices," said Nkosi.           
"Base metals revenue increased by 13% mainly as a result of the higher zinc     
price at an average zinc price for 2010 of USD 2 161 per tonne, 30% higher than 
in 2009 when an average price of USD 1 665 per tonne was realised," he added.   
NET OPERATING PROFIT                                                            
"Group consolidated net operating profit was R897 million or 52% higher at R2,6 
billion after exclusion of the R1 435 million impairment of the carrying value  
of the assets at KZN Sands in 2009," said Nkosi.                                
"The coal business reported a 41% increase in net operating profit to R2,7      
billion at an operating margin of 26% with higher export selling prices, higher 
sales volumes to ArcelorMittal SA Limited (AMSA) and Eskom offset by lower sales
prices domestically, lower export volumes and a stronger average realised local 
currency."                                                                      
Net operating profit for the year for the tied operations increased by 148%     
mainly due to the non-recurring impact of Matla`s scope change in life of mine  
in the previous year together with the inflation-related increase in 2010 in    
terms of the supply agreements with Eskom and AMSA.                             
The mineral sands business reported a consolidated net operating profit as      
higher sales volumes at higher prices supported by disciplined cost management  
was instrumental in offsetting the significant adverse impact of the relative   
strength of both the local currency and the AUD to the USD.                     
The increase in mineral sands revenue assisted in the achievement of a          
consolidated net operating profit increasing from a loss of R124 million,       
excluding the impairment of the carrying value of the KZN Sands assets in 2009, 
to a profit of R179 million. Unlike 2009 where all three businesses reported    
net operating losses, only KZN Sands reported a loss in 2010.                   
Despite the higher revenue recorded in the base metals business, a net operating
loss of R113 million was reported mainly due to production challenges at the    
Zincor refinery. This was exacerbated by the higher cost associated with        
external zinc concentrate purchased, higher selling and distribution,           
electricity, labour, rehabilitation, as well as maintenance expenses.           
EARNINGS                                                                        
Attributable earnings, inclusive of Exxaro`s equity accounted investment in     
associates, amounted to R5,21 billion or 1 501 cents per share, up 406% (111%   
excluding the 2009 KZN Sands impairment).                                       
Equity accounted investments in the post-tax profits of associates consists of  
Exxaro`s 20% interest in Sishen Iron Ore Company (Pty) Limited (SIOC) of R3,62  
billion, 26% in Black Mountain (Pty) Ltd (Black Mountain) of R86 million and 22%
in the Chifeng zinc refinery of R8 million.                                     
Headline earnings which exclude inter alia the impact of the impairment of the  
carrying value of assets were R5,2 billion or 1 495 cents per share.  This      
represents a 105% increase on the comparative 2009 earnings of R2,5 billion at  
729 cents per share.                                                            
CASH FLOW                                                                       
Cash retained from operations was R4,1 billion for the group. This was primarily
used to fund net financing charges of R256 million, taxation payments of R430   
million, dividend payments of R1,06 billion and capital expenditure of R2,7     
billion of which R1,5 billion was invested in new capacity and R1,16 billion    
applied to sustaining and environmental capital.                                
Of the expansion capacity expenditure, R918 million was for the Grootegeluk mine
expansion for Medupi. After the receipt of R1,8 billion in dividends, primarily 
from SIOC, the group had a net cash inflow of R1,4 billion for the financial    
year. The final dividend for payment in April 2011 will amount to a further cash
outflow of R1,07 billion offset by the dividend inflow from SIOC of R1,62       
billion.                                                                        
Net debt of R3,73 billion at 31 December 2009 accordingly decreased to R2,22    
billion at a net debt to equity ratio of 13% at 31 December 2010.               
SAFETY & SUSTAINABLE DEVELOPMENT                                                
"As a result of the programme of continuous engagement of employees and the     
ongoing pursuit of Exxaro`s safety goals and objectives, Exxaro recorded a      
decline in fatalities as well as a record improvement in lost time injury       
frequency rate (LTIFR) per 200 000 man-hours worked of 24% from 0,33 in         
2009 to 0,25 at 31 December 2010. Exxaro, however, continues to strive for      
an injury- and fatality-free organisation," said Nkosi.                         
Two CEO Safety Summits were held in 2010 in which the Safety and Sustainable    
Development vision for Exxaro was shared and disseminated throughout the        
organisation. Exxaro will continue with this programme in 2011, however, health,
environment and other sustainable development issues will be introduced to      
enhance awareness and participation.                                            
Aligned with Exxaro`s internal target, 70% of employees have now undergone HIV  
prevalence testing.  The prevalence rate is estimated at 13% compared to an     
industry average of 25%, 38% of whom are voluntarily enrolled onto the HIV      
management programme.                                                           
Water management and related issues have been identified as a key sustainability
issue for Exxaro and as such a dedicated water management program has been      
initiated to address these issues in an integrated manner.                      
Fourteen business units are ISO 14001 and OHSAS 18001 certified with            
certification for the remaining three business units being awaited.             
CONVERSION OF MINING RIGHTS                                                     
The conversion of all old mining rights has been granted except for Arnot and   
Glisa (a part of North Block Complex) which continue to receive priority        
attention.  Of the old mining rights converted, five still await execution by   
the DMR.                                                                        
Except for Belfast all new order mining rights have been granted and executed.  
CHANGES TO THE BOARD                                                            
Ms Noluthando Langeni was appointed to the board with effect from 23 February   
2010. The acting chairman, Dr Len Konar, was elected as chairman of the board   
with effect from 23 February 2010.                                              
OUTLOOK                                                                         
Coal export volumes, at higher international prices, are expected to remain in  
line with the tonnage achieved in 2010 despite the build up by Transnet Freight 
Rail to a total export rail rate to RBCT of 70Mtpa.  Prices to the domestic     
market for similar volumes should reflect normal inflation increases, however,  
supply agreements with pricing mechanisms linked to hard coking coal prices     
should reflect a considerable increase.                                         
The positive price trends for mineral sands products experienced during the     
second half of 2010 are expected to continue while demand should remain strong  
in the medium to long term until supply and demand imbalances are corrected.    
It is expected that base metal prices will remain under pressure during the     
first half of 2011.  Production and sales volumes should be in line with those  
achieved in 2010 with the logistical chain to Zincor remaining a challenge.     
The group will continue with prudent capital prioritisation, judicious working  
capital management and the pursuit of business improvement initiatives.         
The group`s consolidated results for 2011 will continue to be impacted by the   
trading levels of the local currency and the AUD against the USD.  On 31        
December 2010 Exxaro had USD106 million of hedging in place at an average       
exchange rate of R7.19 for the local operations as well as USD52 million at an  
average rate of USD 0.87c to the AUD for the Australian operation.              
FINAL DIVIDEND                                                                  
The board of directors has declared a final cash dividend number 16 of 300 cents
per share in respect of the 2010 financial year end. The dividend has been      
declared in South African currency and is payable to shareholders recorded in   
the register of the company at close of business on Friday, 8 April 2011.       
 Last date to trade cum dividend          Friday, 1 April 2011                  
Shares trade ex dividend                 Monday, 4 April 2011                  
 Record date                              Friday, 8 April 2011                  
 Payment date                             Monday, 11 April 2011                 
Ends                                                                            
*  View or download the full results announcement on www.exxaro.com            
                                                                                
 *  See Addendum 1 for Operational highlights; Addendum 2 for Capital           
    expenditure and project pipeline                                            
Editor`s Note:                                                                  
Exxaro is one of the largest South African-based diversified resources groups,  
with interests in the coal, mineral sands, base metals, industrial minerals and 
iron ore commodities. www.exxaro.com                                            
Enquiries:                                                                      
Wim de Klerk                                                                    
Finance director                                                                
Tel: + 27 12 307 4848                                                           
Mobile: +27 82 652 5145                                                         
Email: wim.deklerk@exxaro.com                                                   
ADDENDUM 1:                                                                     
OPERATIONAL HIGHLIGHTS                                                          
Coal                                                                            
Production                                                                      
Volumes were marginally higher than the previous year. Power station coal       
production at the Eskom-tied mines was 25kt lower due to adverse geological- and
technical issues at the Arnot mine which were only partially offset by higher   
production at the Matla mine.  Production in 2009 at the Matla mine was         
negatively affected by a water ingress incident for which successful mitigation 
was implemented in 2010.                                                        
Production at the commercial operations was marginally higher than in 2009 as   
higher production at Leeuwpan mine following the commissioning of the crushing  
and screening plant in 2010, coupled with the inclusion of production from      
Mafube for 12 months as opposed to seven months in 2009, offset lower production
at Grootegeluk mine and North Block Complex (NBC) due to full stockpiles at     
Eskom.                                                                          
Coking coal production increased at Grootegeluk and Tshikondeni mines as a      
result of increased demand mainly from ArcelorMittal SA Limited (AMSA).         
The inclusion of production from the Mafube joint venture for the full year in  
2010 compared to seven months in 2009 as well as higher production at the       
Grootegeluk, Leeuwpan, NBC and NCC operations due to higher demand and improved 
dispatches, offset by marginally lower production at Inyanda, led to a 13%      
increase in steam coal production.                                              
The Char plant production was 200% higher than the previous year due to the     
plant only starting production in the middle of 2009.                           
Sales                                                                           
Power station and coking coal sales to Eskom and AMSA respectively were         
marginally higher than the previous year.  Other domestic sales were however 10%
higher than in 2009 based on higher demand from AMSA which higher demand was met
by re-directing sales destined for the export market from Grootegeluk; this     
being possible as a result of lower availability of trains and leased in export 
entitlement.                                                                    
Exxaro Coal`s strategy to increase export volumes was hampered by lower         
availability of trains, the Transnet Freight Rail (TFR) strike as well as less  
export entitlement available for leasing.  Exxaro`s Richards Bay Coal Terminal  
(RBCT) export entitlement increased from 1,8Mt to 6,3Mt per annum with the      
commissioning of the Phase V expansion, however, TFR`s constraints limited      
export capacity for 2010 at 3Mt per annum. The remainder of the exports were    
either sold on a free on rail basis or though the lease of export entitlement.  
Sales of reductants from the Char plant improved threefold as 2010 was the first
full production and sales year.                                                 
Mineral Sands                                                                   
Production                                                                      
At KZN Sands, Furnace 2 suffered a burn-through in October 2010.  Fortunately no
injuries occurred, however, the incident resulted in both furnaces being out of 
commission simultaneously for two months during the last quarter of 2010.       
Furnace 1 was shut on 1 July 2010 for a planned reline and pre-heating has now  
been completed with first production at the end of January 2011.                
Total run-of-mine tonnage was more than a million tonnes lower in 2010 resulting
from the Hillendale mine in KwaZulu-Natal nearing the end of life of mine.  As a
consequence of this and lower grades, heavy mineral concentrate was 73kt lower  
in 2010 at 414kt.                                                               
Zircon and rutile production was 11kt and 1kt higher respectively as the higher 
zircon production at Australia Sands due to improved overall utilisation of the 
dredge mine, coupled with improved recoveries at Namakwa Sands despite lower    
zircon head grades, more than offset lower production at KZN Sands resulting    
from the lower concentrate grade.                                               
Higher slag and pig iron production at Namakwa Sands resulting from the benefits
of increasing side feed into the furnaces was not sufficient to offset lower    
furnace production at KZN Sands caused by the extended furnace downtime.  Total 
slag tapped was 69kt lower at 262kt while low manganese pig iron (LMPI) was 28kt
lower at 153kt. Ilmenite production was lower in line with the decrease in      
smelter slag output.                                                            
Furnace 2 at Namakwa Sands will be down for a planned reline in starting in     
February 2011 and lasting for approximately 103 days.                           
At Australia Sands, synthetic rutile (SR) production was lower due to the       
planned 38-day shut late in the year as well as from maintenance-related        
challenges in the first quarter of 2010.  The SR plant has a major shut every   
three years; the previous shut was in 2007.                                     
The Kwinana pigment plant expansion in Australia was successfully commissioned  
in late June 2010 and achieved nameplate production capacity of 40ktpa in       
October of the same year.  Significant supply interruptions from a key raw      
material supplier and an 11-day shut in May to complete all the tie-ins for the 
expansion, led to lower pigment production.                                     
Sales                                                                           
Sands volumes at all three businesses generally increased on the back of        
stronger markets and were further supported by higher selling prices.  The high 
stockpile levels at the end of 2009 were reduced significantly thus improving   
cash flow.                                                                      
Base Metals                                                                     
Production                                                                      
Zinc concentrate production at a higher grade at Rosh Pinah mine was 7kt higher 
than in 2009 with lead concentrate production 1kt lower.                        
Production of zinc metal at the Zincor refinery of 90kt was more than 3kt higher
than the corresponding period in 2009 and can be attributed to less downtime on 
the Acid Plant.  The 2009 production was also adversely affected by the accident
in September 2009.                                                              
Zinc production at the Chifeng refinery was marginally higher than in 2009.     
Sales                                                                           
Zinc metal sales were however 2% lower due to lower local demand.               
A total of  60% of Rosh Pinah`s projected zinc and lead concentrate sales were  
hedged during 2008 for the period July 2008 to December 2011 at forward prices  
ranging from USD 2 215 to USD 1 887 per tonne for zinc and USD 2 385 to         
USD 1 771 per tonne for lead.  Taking the favourable currency hedging in place  
in respect of these hedged prices, the average ZAR price equates to R19 976 per 
tonne.  These hedges will mature in 2011.                                       
ADDENDUM 2:                                                                     
CAPITAL EXPENDITURE AND PROJECT PIPELINE                                        
The strong recovery in commodity markets and overall faster than anticipated    
recovery in the global economy resulted in renewed focus on carbon, reductants, 
ferrous and energy growth projects in line with the group`s approved strategy.  
Coal                                                                            
The Medupi Coal Supply and Offtake Agreement (CSA) became unconditional         
and binding on Exxaro and Eskom on 24 June 2010. In terms of the CSA, Exxaro    
will supply 14,6Mtpa of coal to Medupi power station for a 40 year period post  
ramp-up. The total capital cost of the Grootegeluk mine expansion is forecast   
at R9,5 billion.  First coal delivery will commence in May 2012 and full        
commissioning is expected during 2014/15.  Project detailed design is nearing   
completion and the design will be largely completed by the end of February      
2011.  Ninety percent of the major construction packages and the plant          
equipment packages have already been placed with the remainder to be placed     
during the first quarter of 2011.  On-site construction has commenced with      
most of the bulk earthworks nearing completion.  Civil work is underway with    
major structural work having commenced in February 2011.  Current indications   
are that the project will be completed within schedule and budget.              
The R4,5 billion Bridge Loan Facility for the Grootegeluk expansion was secured 
in the first half of 2010 with a consortium of local and international financial
institutions.  First draw-down of the loan is only expected in the second       
quarter of 2011.                                                                
Thabametsi is a prospective greenfields mine adjacent to Grootegeluk mine       
in the Waterberg, Limpopo province. The development of the project was          
originally planned to coincide with Eskom`s future developments in the          
Waterberg as well as the Department of Energy`s formalisation and               
establishment of an appropriate enabling environment, governed by the           
National Integrated Resource Plan 2010 (NIRP 2010), to allow for new            
generation capacity in terms of Eskom`s multi-site base load Independent        
Power Producer (IPP) programme. The draft NIRP 2010, released during October    
2010, does not cater for any new coal-fired power generation development        
until 2027. The draft NIRP 2010 was subjected to a public review process        
in December 2010 and is expected to be finalised early in 2011 after            
receiving comments from all stakeholders.Due to the delays in the above         
initiatives, the focus is now on first developing a smaller mine for the        
coal supply to the Limpopo IPP.A bankable feasibility study as well as the      
public consultation required for environmental approvals will commence once     
the scope for the Limpopo IPP has been determined and the final NIRP 2010       
promulgated.  First coal production could be expected by 2015/16, but is        
dependent on the Limpopo IPP and water supply development schedules.            
Exxaro entered into a prospecting joint venture agreement with Sasol Mining     
to investigate the commercial viability of the development of a new coal mine   
in the Waterberg to supply Sasol`s potential new 80 000 barrels per day inland  
coal to liquids facility (Project Mafutha).  The study is still in an extended  
pre-feasibility stage. The mining of the 170kt bulk sample for large scale      
gasification testing at the Sasol Synfuels Secunda plant commenced in August    
2009 and was completed during the second quarter of 2010.  It is envisaged that 
the gasification tests will be completed during the first                       
quarter of 2011.                                                                
An integrated infrastructure plan continues to be developed for the Waterberg   
coalfields with relevant stakeholders. Focus areas include the supply of raw    
water to the area, rail, road, housing and job creation.  Exxaro has completed  
Phase I of its eco-friendly housing project in Lephalale and this project       
received an award at the 2010 Nedbank Capital Green Mining Awards in the        
sustainability category.                                                        
The Sintel char plant at Grootegeluk mine to produce reductants for the         
ferroalloy industry has been fully commissioned with all four retorts in        
operation.  The plant reached its overall design capacity in the last quarter of
2010. Exxaro is currently evaluating the Phase II expansion to produce          
a further 140ktpa of char as well as a study to produce market coke from        
semi-soft coking coal at Grootegeluk mine as part of its strategy of            
downstream integration and beneficiation.  These studies are expected to        
be completed during 2011.                                                       
Exxaro`s application for a mining right for Belfast project has been accepted   
by the Department of Mineral Resources (DMR) and is being processed.  Updated   
specialist environmental studies as required by National Environmental          
Management Act and National Water Act will be submitted to the relevant         
authorities during the first half of 2011.  The pre-feasibility study was       
completed in December 2010 and the decision to proceed with a full feasibility  
study will be evaluated in the first quarter of 2011.  Depending on the         
outcome, start up and first production is anticipated in 2014.                  
Exploration of the hard coking coal resource on the Moranbah South property     
in the Bowen Basin of Queensland Australia is progressing well and results      
obtained during the pre-feasibility study remain encouraging. It is anticipated 
that a feasibility study will be concluded during the second half of 2012       
with first production anticipated in 2015.  Moranbah South, which is a          
50% joint venture with Anglo American, has the potential to produce             
premium-quality hard coking coal of approximately 6Mtpa.                        
Energy                                                                          
The development of Exxaro`s energy portfolio to explore opportunities in the    
energy markets is progressing according to plan. The focus is on cleaner energy 
initiatives encompassing a combination of co-generation, carbon credit trading, 
renewable energy, coal bed methane development, and coal base load project      
developments.  The securing of equity funding partners for projects continues in
parallel with these developments.                                               
Development of the first five-spot test for the coal bed methane project in     
Botswana, with the aim of testing for economic gas flow, is in the final stages 
of completion.  The drilling of the five wells and the fracturing of four of the
five wells has been completed.  De-watering of the well field is underway and   
gas flow is steadily increasing with time.  The wells will be operated during   
2011 until economical gas flow levels have been obtained.                       
Clean energy initiatives include:                                               
*    A pre-feasibility study for a 100MW wind farm on South Africa`s West Coast 
has been completed.  An 80m mast was installed at Brand se Baai during      
    March 2010.  The study indicates an initial project of between 40MW and     
    66MW being viable.  The bankable feasibility study is underway with planned 
    completion in the third quarter of 2011.                                    
*    A pre-feasibility study for a 76MW wind farm in the Tsitsikama region      
    is continuing.Exxaro has a 75% share in this project.  Completion of the    
    pre-feasibility study is planned for the end of 2011.                       
*    A bankable feasibility study for a 14MW co-generation plant at Namakwa     
Sands is in the final stages.  Construction of the power plant is planned   
    for the second half of 2011 with commercial operation date planned for the  
    third quarter of 2012.The Clean Development Mechanism registration of this  
    project is well advanced.                                                   
*    The facilitation for the development of a 600MW - 1 200MW coal fired power 
    station in the Waterberg (Limpopo IPP) continues.  Non-binding term sheets  
    for the off-take of 1 150MW of electricity have been signed between Exxaro  
    and industrial off-takers.  The project is one of the options being         
investigated to enable the Thabametsi coal mine.                            
Ferrous                                                                         
Exxaro continues to evaluate opportunities aligned with its strategy to         
establish a direct footprint in iron ore.                                       
Exxaro successfully concluded an agreement to partner with Assmang Limited to   
commercialise its AlloyStreamTM technology for the beneficiation of manganese   
ore into high carbon ferromanganese alloy.   A large demonstration facility is  
planned to be completed in 2011.  Major benefits of AlloyStreamTM technology    
include lower electrical consumption and the use of un-agglomerated fine feed   
materials.                                                                      
Mineral Sands                                                                   
A final decision will be taken by the Exxaro Board on the development of the    
Fairbreeze mine as a replacement feedstock producer for Hillendale mine at KZN  
Sands during the first half of 2011.  A possible reversal or partial reversal of
the previous impairments of the carrying value of the assets will be considered 
simultaneously by the Board.                                                    
Base Metals                                                                     
Activities are continuing on the optimisation of its zinc asset portfolio to    
ultimately extract the most value in the divestment process, which is earmarked 
to commence in 2011.                                                            
Ends                                                                            
Pretoria                                                                        
24 February 2011                                                                
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 24/02/2011 07:06:01 Supplied by www.sharenet.co.za                     
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