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Audited group annual results for the year ended 30 June 2021 and notice of annual general meeting
NORTHAM PLATINUM HOLDINGS LIMITED NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa
(Registration number 2020/905346/06) (Registration number 1977/003282/06)
Share code: NPH ISIN: ZAE000298253 Debt issuer code: NHMI
(“Northam Holdings” or the “company” or the Bond code: NHM007 Bond ISIN: ZAG000158593
“group”) Bond code: NHM009 Bond ISIN: ZAG000158866
Bond code: NHM011 Bond ISIN: ZAG000159237
Bond code: NHM012 Bond ISIN: ZAG000160136
Bond code: NHM014 Bond ISIN: ZAG000163650
Bond code: NHM015 Bond ISIN: ZAG000164922
Bond code: NHM016 Bond ISIN: ZAG000167750
Bond code: NHM018 Bond ISIN: ZAG000168097
Bond code: NHM019 Bond ISIN: ZAG000168105
Bond code: NHM020 Bond ISIN: ZAG000172594
(“Northam”)
AUDITED GROUP ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2021 AND NOTICE OF ANNUAL
GENERAL MEETING
Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the
same meanings ascribed thereto in the combined circular to shareholders of Northam accompanied by the
prospectus in respect of Northam Holdings, dated Monday, 31 May 2021.
Key features:
• Revenue of R32.6 billion.
• Operating profit of R16.1 billion.
• EBITDA of R16.7 billion.
• Normalised headline earnings of R10.9 billion equating to R21.32 per share, up by 215.2%.
• Profit after tax of R9.4 billion.
• Earnings per share of R26.82 and headline earnings per share of R26.88.
• Reduction of 28.9% in the total issued share capital compared to prior to implementation of the
Transaction, which will positively impact future earnings calculations.
• Net debt of R3.7 billion.
Financial results
A key feature of the financial year (F2021) has been the positive response from the group’s operations to the
ongoing challenges presented by COVID-19. Despite the tragic loss of two employees at Zondereinde in separate
incidents during March 2021, the group has improved the health and safety of its employees and has achieved
solid performances from all of the operations. This has led to the group producing equivalent refined metal in-line
with the pre-COVID-19 growth profile and at levels higher than last year.
The group’s equivalent refined metal from own operations grew by 34.1% to 690 867 oz 4E (F2020: 515 370 oz
4E). This was despite the ongoing phased restart of operations, particularly impacting the conventional
Zondereinde mine, where all mining crews had only fully returned to work by the end of March 2021. Group
chrome concentrate production also increased, breaching one million tonnes for the first time. This comes off the
back of higher concentrator throughput and improved yields at the Booysendal and Zondereinde mines.
Group unit cash costs per equivalent refined platinum ounce improved by 2.1% to R28 662/Pt oz (F2020:
R29 281/Pt oz). Zondereinde mine’s unit cash costs improved by 5.7% to R30 350/Pt oz, with a corresponding
improvement of 2.9% at Booysendal mine to R20 780/Pt oz, whilst unit cash costs at Eland mine increased by
46.0% to R42 928/Pt oz. Eland mine’s PGM production is currently derived from surface sources, and purchased
at prevailing market prices, which led to this increase in unit cash costs.
Capital expenditure increased to R3.3 billion (F2020: R2.4 billion). This is the combined result of the restart of
capital projects that had been curtailed following the onset of COVID-19, together with capital projects having
either been completed, or nearing completion at Booysendal mine. R1.8 billion (F2020: R2.0 billion) was spent
on expansionary capital expenditure and R1.5 billion (F2020: R382.2 million) on sustaining capital expenditure.
Highlights
30 June 2021 30 June 2020 % Variance
Sales revenue R000 32 626 918 17 811 971 83.2
Operating profit R000 16 107 293 5 300 988 203.9
Operating profit margin % 49.4 29.8 65.8
Normalised headline earnings R000 10 867 830 3 447 779 215.2
Earnings per share cents 2 681.8 620.0 332.5
Headline earnings per share cents 2 687.9 619.5 333.9
Normalised headline earnings per share cents 2 131.9 676.3 215.2
EBITDA R000 16 655 317 6 023 379 176.5
EBITDA margin % 51.0 33.8 50.9
Capital expenditure R000 3 332 204 2 367 902 40.7
Dividends and other means of returning value to shareholders
There are a number of ways that value can be returned to shareholders. This includes cash dividends, but also
includes share buy-backs and, previously, the purchase of Zambezi Preference Shares.
The Zambezi Preference Share acquisition strategy enabled the acceleration of the maturity and wind-up of the
Zambezi BEE Transaction. The objective of accelerating the maturity and wind-up of the Zambezi BEE
Transaction was to permanently secure, unlock and transfer unencumbered value created within Zambezi and
in so doing, remove maturation risk for both Northam and Zambezi Shareholders.
This has led to a meaningful return of value to shareholders, in a planned and responsible manner, through a
reduction of 28.9% of the total issued share capital compared to prior to implementation of the Transaction.
Production growth across the group and favourable rand denominated PGM prices are expected to positively
impact free cash flow generation in the short to medium-term, which the group is committed to return to
shareholders in the future.
The group’s strategy is unchanged. We remain single-minded in our commitment to creating sustainable value
for all of the group’s stakeholders and will continue to be bold, proactive and transparent in pursuing this.
In light of the substantial share repurchase, the board has resolved not to declare a final dividend for the year
ended 30 June 2021 (F2020: R Nil per share).
ANNUAL GENERAL MEETING
The annual general meeting of shareholders (“AGM”) will be held on Friday, 29 October 2021 at 10:00 to transact
the business as stated in the Notice of Annual General Meeting 2021 (“notice of AGM 2021”).
The AGM will be held entirely by way of electronic participation. Shareholders are encouraged to read the notice
of AGM 2021 for information on how to attend electronically, participate in and vote at the AGM.
Shareholders are advised that the notice of AGM 2021, containing the summarised audited annual financial
statements for the year ended 30 June 2021, will be distributed to shareholders today, 30 September 2021.
The annual integrated report 2021, the complete consolidated audited annual financial statements which
incorporates the external auditor’s report in which Ernst & Young Inc. expressed an unmodified audit opinion and
the notice of AGM 2021 are available on the company’s website at https://www.northam.co.za/investors-and-
media/publications/annual-reports or can be obtained from the company’s registered office on request.
The salient dates for the AGM are as follows:
2021
Record date to determine which shareholders are entitled to receive the
notice of AGM 2021, on Thursday, 23 September
Distribution of the notice of AGM 2021 to shareholders, on Thursday, 30 September
Last date to trade in order to be recorded in the register to be able to
electronically attend, participate in and vote at the AGM, on Tuesday, 12 October
Record date to determine which shareholders are entitled to electronically
attend, participate in and vote at the AGM, on Friday, 15 October
For administration purposes, forms of proxy to be lodged by 10:00 (SA
time), on * Wednesday, 27 October
AGM to be held at 10:00 (SA time), on Friday, 29 October
Results of AGM expected to be published on SENS, on Friday, 29 October
* Any forms of proxy not lodged by this date and time must be submitted to the chairman of the AGM before the
start of the AGM, electronically, as set out in the notice of AGM 2021, before the appointed proxy may exercise
any rights of the shareholder at the AGM.
This short-form announcement is the responsibility of the directors and is only a summary of the information
contained in the full results announcement and does not contain full or complete details.
Any investment decision should be based on the full results announcement accessible via the JSE link at
https://senspdf.jse.co.za/documents/2021/JSE/ISSE/NPHE/AFS_2021.pdf and available on Northam Holdings’
website at https://www.northam.co.za/investors-and-media/publications/annual-reports.
The consolidated audited annual financial statements, from which the full results announcement has been
extracted, have been audited by Ernst & Young Inc. who expressed an unmodified audit opinion thereon. The
key audit matters contained in the auditor’s report are addressed on page 16 of the consolidated audited annual
financial statements, which are available on Northam Holdings’ website at https://www.northam.co.za/investors-
and-media/publications/annual-reports.
The full results announcement and the consolidated audited annual financial statements, incorporating the
auditor’s report, are also available at our registered office and at the offices of our sponsor for inspection, at no
charge, during office hours.
On behalf of the board at Johannesburg on 30 September 2021.
DH Brown PA Dunne
Independent non-executive chairman Chief executive officer
Directors
DH Brown (independent non-executive chairman)
TI Mvusi (lead independent non-executive director)
PA Dunne * (chief executive officer)
AH Coetzee (chief financial officer)
GT Lewis * (independent non-executive director)
HH Hickey (independent non-executive director)
NY Jekwa (independent non-executive director)
MH Jonas (independent non-executive director)
TE Kgosi (non-executive director)
JJ Nel (independent non-executive director)
JG Smithies * (independent non-executive director)
* British
Registered office
Building 4, 1st Floor, Maxwell Office Park
Magwa Crescent West
Waterfall City
Jukskei View, 2090
South Africa
PO Box 412694
Craighall, 2024
South Africa
Telephone +27 11 759 6000
www.northam.co.za
Company secretary
PB Beale
Building 4, 1st Floor, Maxwell Office Park
Magwa Crescent West
Waterfall City
Jukskei View, 2090
South Africa
e-mail: trish.beale@norplats.co.za
PO Box 412694
Craighall, 2024
South Africa
Transfer secretaries
Computershare Investor Services Proprietary
Limited
Rosebank Towers
15 Biermann Avenue
Rosebank, 2196
South Africa
Private Bag X9000
Saxonwold, 2132
South Africa
Corporate advisor, sponsor and debt sponsor
One Capital
17 Fricker Road
Illovo, 2196
Johannesburg
South Africa
PO Box 784573
Sandton, 2146
South Africa
Johannesburg
30 September 2021
Date: 30-09-2021 07:05:00
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