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Summarised Audited Annual Results for the year ended 31 December 2016
Royal Bafokeng Platinum Limited
(Incorporated in the Republic of South Africa)
Registration number: 2008/015696/06
ISIN: ZAE000149936
Share code: RBP
(RBPlat or the Company or Group)
ROYAL BAFOKENG PLATINUM
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016
KEY FEATURES
Human Capital
- 7.1% improvement in lost time injury frequency rate (LTIFR) to 0.380 per 200 000 hours worked (2015: 0.409)
Manufactured Capital
- 12.3% increase in total tonnes delivered to 2 759kt (2015: 2 457kt)
- 9.4% increase in 4E ounces produced to 304koz (2015: 278koz)
- 7.8% increase in unit cash cost per platinum ounce to R15 639 (2015: R14 504)
Financial Capital
- 204.2% increase in HEPS to 87cps
- R835.5 million in cash reserves (2015: R917.6 million)
- 74% of BRPM JV capex requirements funded from excess BRPM operations and Styldrift I on-reef development revenue (2015: 30%)
COMMENTARY
OVERVIEW
The year under review was marked by unprecedented uncertainty and disappointing economic conditions, both locally and globally.
Locally, political activity impacted negatively on our economy, the country’s credit rating and investor confidence. Globally, the
slowing of the Chinese economy impacted the demand for PGMs, which remained depressed. The tough decision we took in 2015 to scale down
development at Styldrift I to preserve cash and maintain a strong balance sheet during what amounted to a crisis for the South African
platinum industry has certainly served us well during 2016, during which we were also able to make good progress on our journey towards
achieving a resilient safety culture and zero harm.
HUMAN CAPITAL
The safety, health and wellness of our employees is paramount to RBPlat achieving its goal of operational excellence. Determined to put
a stop to fatal accidents on our operations we developed a revised safety turnaround strategy with a short-, medium- and long-term
focus to address leadership, operational design, systems and behaviour. This strategy is based on the principle of achieving zero harm
and developing a resilient safety culture. The results we achieved in 2016 show that it has had the desired effect in the areas where
we focused, which was historically, where we had fatal accidents.
Sadly, we did not achieve our goal of zero harm in 2016 and deeply regret that Mr Thabang Clemente Frederick Mokone lost his life in a
conveyor belt accident at BRPM North shaft on Thursday, 12 May 2016. Our condolences go to his family, friends and colleagues.
We continued to improve our lost time injury frequency rate (LTIFR) with a 7.1% improvement in 2016 and a 62% improvement since we took
over operational control of the BRPM Joint Venture (JV) in January 2010. While we have achieved a 59% improvement in our serious injury
frequency rate (SIFR) over the past seven years, our SIFR deteriorated 62.4% year-on-year. The five additional serious injuries we had
in 2016 included three fall of ground injuries and two slip and fall injuries.
Noise-induced hearing loss (NIHL) is the most prevalent occupational health issue in our operations. Disappointingly, following a 50%
decrease in the number of cases diagnosed with NIHL in 2015, we had three additional cases diagnosed with NIHL exceeding 10% in 2016,
which resulted in a 19% increase year-on-year. Identifying the causes of hearing loss is challenging as they include an ageing
workforce, exposure to noise during previous employment, non-work related exposure to noise and the impact of antiretroviral (ART)
treatment, which can cause hearing loss. We continue to provide our workforce with hearing protection devices and emphasise the
importance of wearing these devices in all areas where noise exceeds 85dB.
Fifty-six of our employees and contractors tested positive for TB in 2016, which is a 27% reduction year-on-year. Our HIV incidence
rate reduced to 2.08% in 2016 from 3.1% in 2015.
Labour stability
Labour stability continues to play an important role in our performance. In a ballot held by the National Union of Mineworkers (NUM) in
2016, over two-thirds of our workforce voted for having a closed shop agreement in place at RBPlat.
SOCIAL AND RELATIONSHIP CAPITAL
The communities in which we operate are key stakeholders with whom we wish to share the economic value we create and to leave a lasting
legacy of sustainable benefits. The new Mining Charter has not yet been finalised and our proposed SLPs, which we submitted for the
period 2015 - 2019 have not as yet been approved by the Department: Mineral Resources (DMR). In the meantime, we have continued to
apply and, where possible, exceed the targets set for the final year of the previous Mining Charter.
As we advised in 2015, the negative impact of market conditions on our ability to generate revenue meant we had to make some tough
budget choices, which included reducing our planned SLP expenditure in 2016 to R36.0 million. We decided that the focus of our SLP in
2016 would be on human resource development and education support. Our education support, which is designed to address maths and
science learning, governance and school management skills, has made good progress. Since the start of the project in Charora High
School in 2013, the only high school in the communities in which we operate, the number of matric learners writing matric maths has
increased by 155% and science learners by 110%. The number of learners who qualify for university entrance has significantly improved
for maths and science learners, with 47% of the maths learners qualifying for university entrance.
The improvement in our revenue during 2016, mainly because of the rand depreciating against the US$, allowed us to increase our SLP
expenditure by R1.3 million, which we used to assist farmers in the communities in which we operate who have been badly affected by the
prevailing drought conditions.
FINANCIAL CAPITAL
RBPlat generated headline earnings of 87 cents per share for the year ended 31 December 2016 compared to a headline loss of 83 cents
per share for the year ended 31 December 2015. The key driver of the improvement in profitability is a 9.8% increase in revenue from
R3 044.7 million for 2015 to R3 342.2 million in 2016 due to a 9.6% higher realised average rand basket price and a 0.6% increase in
platinum production from BRPM. The increase in revenue resulted in a gross profit margin of 7.2% in 2016 from a gross loss of 1% in
2015.
BRPM’s average cash unit cost per tonne milled increased by 10.4% from R1 066 in 2015 to R1 177 in 2016. The cash unit cost per
platinum ounce increased by 7.8% from R14 504 to R15 639, mainly due to above inflationary increases in labour, contractor and utility
costs.
Other income increased by R19.4 million or 28.2%, mainly due to a R19 million increase in our royalties from Implats, as well as a
R13.2 million increase in the fair value adjustment of the Nedbank equity-linked deposit. This was offset by a
R20.1 million reduction in fair value gains on forward exchange contracts and call options.
Administration costs decreased by 5.2% from R164.1 million in 2015 to R155.6 million in 2016.
Finance income decreased from R106.2 million in 2015 to R91.8 million in 2016 due to a reduction in the cash on hand balances when
compared to 2015.
The finance cost decreased from R25.1 million in 2015 to R7.4 million in 2016, mainly due to the interest on the RBPlat housing
facility being capitalised to housing assets from the start of the 2016 financial year.
RBPlat’s income tax expense decreased by R52.2 million as the comparative period’s income tax charge included a R50 million once-off
charge. The deferred tax credit of R32.4 million for 2016 is significantly less than the R830.2 million in 2015 as the 2015 credit
related mainly to the impairment charges processed in 2015.
Net cash flow generated by operations reduced marginally from R619.2 million in 2015 to R585.3 million in 2016. At 31 December 2016
the RBPlat Group had cash and near cash investments of R835.5 million compared to R917.6 million at 31 December 2015.
During 2016, RBPlat funded 74% of its R1.1 billion capital expenditure (net of proceeds from disposal of property, plant and equipment)
from cash generated by operations and Styldrift I on-reef development revenue receipts. This represents a significant improvement on
the 30% of capital expenditure that was funded from cash generated by operations in 2015.
MANUFACTURED CAPITAL
2016 was a successful year in our operations during which we made steady progress at Styldrift I, achieved a consistent production
performance at BRPM and a much-improved safety performance overall.
DMR safety stoppages remained a challenge in 2016. While our estimated milled tonnage lost to DMR stoppages of 102kt in 2016 was
63% less than the estimated 275kt we lost in 2015, during the third quarter of 2016 the industry experienced a sharp increase in the
frequency and severity of section 54 instructions, which did not seem to be aligned with the applicable non-conformance. At RBPlat
these instructions had a negative impact on output during that quarter, despite an improved safety performance.
The non-severity aligned safety stoppages during the third quarter resulted in a total of 17 production shifts being lost at BRPM,
equating to 59.7kt milled or 7koz (4E) recovered.
Overall, we maintained our operational flexibility, achieving a 4.6% increase in our IMS panel ratio at BRPM to 1.58 compared to 2015.
This ratio remains above our target of 1.50.
Our key challenges with respect to maintaining Merensky output levels, as well as mining the South shaft UG2 profitably, remain.
On average the UG2 grades at BRPM improved by 3.4% year-on-year, while the Merensky tonnes delivered from BRPM declined by 1.4%.
Our key objective in 2016 was to advance the Styldrift I project to an on-reef production rate of 50ktpm by the fourth quarter of 2016
and to increase the capacity of the BRPM concentrator. A total of 410kt of Styldrift I Merensky reef was delivered to the concentrator
at an average grade of 3.12g/t (4E) and the upgrading of the BRPM concentrator’s metallurgical circuit to 250ktpm was completed in the
first half of 2016.
Towards the latter half of 2016 the progress made at Styldrift I, together with the improvements in the rand basket price, allowed
RBPlat to commit to the next phase of expansion at Styldrift I, which will ramp-up the mine to 150ktpm and secure the optimal level of
Merensky production for RBPlat without the need to incur the significant expenditure required to process production beyond this level.
Overall, our tonnes delivered increased by 12.3% from 2 457kt in 2015 to 2 759kt in 2016. While the total tonnes delivered by BRPM
decreased by 1.4% from 2 382kt in 2015 to 2 349kt in 2016, the on-reef development contribution from Styldrift I resulted in our total
Merensky tonnes delivered increasing by 16.2% from 1 872kt in 2015 to 2 176kt in 2016. Our UG2 contribution was reduced to 21% in 2016
from 24% in 2015, with UG2 delivered tonnes decreasing by 0.3% year-on-year.
We achieved a 2% increase in total development from 35.5km in 2015 to 36.2km in 2016. While the deferment of the South shaft UG2
footwall development resulted in a 13.5% reduction in development replacement ratio at BRPM year-on-year, primary development at BRPM
continues to exceed actual depletion rates.
In line with expectation and guidance we had a 1.9% reduction in overall 4E built-up head grade year-on-year to 4.03g/t.
This was due to an increase in on-reef development tonnes from Styldrift I. We achieved a 1% improvement in BRPM’s
4E built-up head grade year-on-year to 4.18g/t.
Total milled tonnes increased 12.2% year-on-year while Merensky milled tonnes increased 16.3% compared to last year, with the increased
mining volumes from Styldrift I offsetting the 1.7% reduction in BRPM milled tonnes.
At 85.59% the BRPM concentrator recoveries were in line with grade/recovery expectations. We achieved a 9.4% increase in 4E ounce
production to 304koz in 2016 from 278koz in 2015 and an 8.9% increase in platinum ounce production to 196koz.
Operating costs
We experienced a 10.4% increase in cost per tonne milled as a result of an 8.5% increase year-on-year in cash operating costs and a
1.7% reduction in BRPM’s milled volumes. There was a 7.8% increase year-on-year in cash operating costs per Pt ounce as a result of a
0.6% increase in BRPM’s platinum production. Our main drivers of cost increases that exceeded inflation of 6.3% were enrolled labour at
3.3% above, utilities at 4.2% above and contract labour at 6.2% above inflation.
Capital expenditure
There was a 44% decrease in our total capital expenditure year-on-year to R1.126 billion as a result of the scaling down of activities
related to the Styldrift I project in response to depressed market conditions. Our replacement capital expenditure at BRPM was reduced
by 78.5% due to the completion of the mining scope and deferral of the construction-related scope for the Phase III replacement project
to 2017. Our stay-in-business capital expenditure decreased by 1.8% to R110 million (4.0% of operating expenditure).
Projects
North shaft Phase III replacement project involves the extension of the North shaft Merensky decline system and associated
infrastructure from 10 level down to the mining boundary at 15 level. The project at year-end was 94% complete with all capital
development complete and only the 14 and 15 level construction-related scope, which was deferred to 2017, outstanding. The project
remains below budget, with expenditure for 2016 amounting to R44 million and R1 036 million for the project to date. The deferment
will have no impact on the mine extraction plan as project completion remains aligned with the revised project milestone dates.
Styldrift I expansion project
Following the Board’s decision to align construction activities at Styldrift I with the material reduction in PGM prices in 2015,
a revised mining and construction plan was put in place, which was executed during 2016.
The plan focused on developing key shaft infrastructure on 600, 642 and 708 levels, as well as the decline clusters to the north and
south on 600 and 642 levels in order to accelerate the establishment of stoping sections. This will enable the mine to sustainably
deliver 50ktpm and affords Styldrift I the flexibility to effectively respond to market developments and align its ramp-up accordingly.
The infrastructure demonstrated a peak production capacity of 63kt in August 2016.
Notwithstanding the steady progress made during the year and the successful growth in production capacity at Styldrift I to 50ktpm,
development progress of 5.0km was below the 6.8km planned for the year as a result of changes in our support methodology and localised
geotechnical conditions experienced on 600 and 642 levels. The initiatives introduced during the second half of the year, which
included the introduction of dump trucks, mobilisation of additional bolters, LHDs, secondary support crews and the recruitment of key
trackless supervisory and operating staff, helped to mitigate these impacts.
The treatment plant at BRPM was also upgraded to 250ktpm during the year to treat the growing volumes being delivered by Styldrift.
Towards the latter half of 2016, the progress made at Styldrift I, as well as the rand basket price improvements, allowed RBPlat to
commit to the next phase of expansion at Styldrift I, which will ramp-up the mine to 150ktpm at a capital cost of R4.75 billion by the
end of 2018. This expansion phase provides for all the key underground infrastructure required to meet a 230ktpm production level and
includes:
> overland conveyor belt to the BRPM concentrator complex
> all underground silos and associated conveyor belt systems
> required water handling and pumping facilities
> stores and two ventilation shafts.
The second phase, which will increase production capacity to 230ktpm, remains deferred until the expenditure required for the
additional 100ktpm processing module and underground infrastructure will provide an acceptable return. The additional surface and
underground infrastructure required to achieve 230ktpm is:
> 100ktpm concentrator module
> completion of Settler No.2
> establishing equipping six additional stoping sections, including all trackless fleet as well as associated on- and off-reef access
development.
The overall capital cost for the implementation of Styldrift I has increased. The increase in capital cost compared to the original
R11.014 billion is primarily attributable to the combined impact of:
> increased time-related escalation and fixed overhead costs accrued due to the scaling down of operations announced in August 2015
and the subsequent delay in ramp-up
> the cost plus contracting strategy adopted with our main shaft sinking contractor (Shaft Sinkers) during 2015 in an attempt to avoid
a potential six-month delay that would be incurred if a new contractor were to be mobilised due to the financial demise of Shaft
Sinkers
> changes in mine design and the implementation of new technologies to minimise the impact of revised legislative requirements related
to vehicle collision avoidance
> increased trackless fleet purchase costs associated with the substantial weakening of the rand against the euro over the past three
years.
NATURAL CAPITAL
RBPlat as a signatory to the UNGC has endorsed the Caring for Climate initiative and we also support the achievement of the UN
Sustainable Development Goals (SDGs) wherever possible. During 2016 our Board approved a revised sustainability framework, energy
management strategy and our new formalised water management strategy. We voluntarily disclose to the CDP on climate change and water.
Our latest CDP climate change performance achieved a score of B, which exceeded the CDP climate change programme average score of C and
RBPlat achieved a place on the CDP’s Water A list as a result of being one of 24 global leaders and one of only four South African
companies awarded an A grade by the CDP for their efforts to manage water more sustainably. During 2016 we reduced our use of potable
water by 40.5% following the commissioning of our water treatment plant. Our total energy consumption and greenhouse gas (GHG)
emissions increased by 5.6% and 4.3%, respectively, because of the increase in activity at Styldrift I.
The approval of the Section 102 transfer by the DMR in June this year has allowed us to include the Frischgewaagd prospecting right
into our current Styldrift mining right. This has resulted in a 41% increase in the Styldrift reserves and an
8% increase in our total reserves. Furthermore Styldrift II, which represents 40% of our overall resource, provides us with further
organic growth prospects in the long term.
MARKET REVIEW
Platinum
In 2016 the dollar price fell 6.2% year-on-year to an average of US$988/oz, which was more than offset by a weaker rand with the rand
platinum price increasing by 8.6% to R14 480/oz. However, the rand platinum price fell to below R13 000/oz during December. The
automotive industry accounted for 42% of platinum demand in 2016 and is projected to remain flat or slightly lower in 2017. Jewellery
remains particularly important to platinum. During 2016 a difficult year in China resulted in weaker platinum jewellery sales. However,
the jewellery market is expected to grow in the medium term with the rate of urbanisation in China, the long-term growth in disposable
income, and the effectiveness of jewellery promotion programmes driving consumption. The demand for platinum jewellery in India
continues to rise, showing an estimated 15% increase in 2016. Investors continued to support platinum with global exchange traded fund
(ETFs) holdings only losing just over 100koz by September.
Palladium
Palladium prices outperformed platinum during 2016, starting the year at just less than US$550/oz and finishing the year at over
US$700/oz. Demand growth for palladium in 2017 is expected to remain relatively flat. Investors took the opportunity to sell into high
prices with 630koz of palladium ETFs being redeemed. The palladium market remains in a structural deficit.
Rhodium
The rhodium price averaged at US$694/oz for 2016 and the market was largely uneventful. Interest in the metal appeared to pick up
towards the end of the year with prices rising over US$800/oz. The market is expected to remain in surplus in 2017 unless there is a
contraction in supply.
OUTLOOK
Our focus will remain on achieving operational excellence, zero fatalities, continuing to improve our safety performance, improving
productivity levels at BRPM and delivering 50ktpm from Styldrift I during 2017.
In the short to medium term we expect market conditions to be similar to those experienced in 2016. As a result, our focus will remain
on the four pillars of our strategy, which continue to be effective. We will remain focused on:
> improving our safety performance
> containing the increase in operating costs, especially our fixed costs, increasing volumes and optimising grades in an environment
where:
> maintaining BRPM’s operational flexibility will become increasingly more challenging as its South shaft Merensky reserves are
depleting
> the South shaft UG2 remains marginal under current market conditions
> we progress Styldrift I’s capital construction programme and ramp-up in a volatile market
> prudent financial management
> delivering on organic growth by achieving the ramp-up of Styldrift I to 150ktpm by 2018.
Joint venture production for 2017, subject to any unforeseen operational disruptions or change in UG2 mining at South shaft, is
forecast to increase to between 2.75Mt and 2.90Mt at a 4E built-up head grade of 3.94g/t to 4.04g/t. The reduction in built-up head
grade is directly attributable to the high percentage of on-reef development at Styldrift I which will contribute to our overall
production.
Total capital expenditure for 2017, including escalation and contingencies, is forecast at approximately R3.2 billion, the key
driver being the Styldrift I capital construction programme. SIB capital expenditure is forecast at between 4% and 6% of operating
expenditure.
Our business is very sensitive to the movement of the rand against the US$, which can have a negative or positive impact on our rand
basket price. We are, as we have shown in the past, able to react rapidly to the impact, positive or negative, of a major change in
circumstances, such as the rand basket price would have on our ability to deliver on our strategic objectives and in particular our
ability to grow organically.
While the outstanding issues in terms of the new Mining Charter are still with us in 2017, RBPlat is well positioned in terms of our
black empowerment qualifications and on levels of local and HDSA procurement. The mining industry does, however, have major concerns
regarding the proposed ministerial skills development fund and the affordability of a contribution of 1% of annual turnover towards
local and community development and labour sending areas.
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2016
Group
2016 2015
audited audited %
Notes R (million) R (million) change
Assets
Non-current assets 17 614.3 17 148.8 2.7
Property, plant and equipment 10 587.2 10 129.7 4.5
Mineral rights 5 729.3 5 766.0 (0.6)
Goodwill 863.3 863.3 -
Environmental trust deposits,
guarantees and investments 147.0 114.9 27.9
Employee housing loan receivable 167.2 157.7 6.0
Employee housing benefit 46.5 51.4 (9.5)
Insurance investment 35.0 31.0 12.9
Deferred tax asset 38.8 34.8 11.5
Current assets 2 703.6 2 610.5 3.6
Employee housing benefit 4.2 4.3 (2.3)
Employee housing assets 377.3 264.2 42.8
Inventories 79.4 55.1 44.1
Trade and other receivables 1 405.6 1 365.7 2.9
Current tax receivable 1.6 3.6 (55.6)
Cash and cash equivalents 4 835.5 917.6 (8.9)
Total assets 20 317.9 19 759.3 2.8
Equity and liabilities
Total equity 14 813.9 14 484.3 2.3
Share capital 1.9 1.9 -
Share premium 9 400.8 9 366.1 0.4
Retained earnings 1 454.2 1 285.9 13.1
Share-based payment reserve 216.2 194.7 11.0
Non-distributable reserve 82.5 71.8 14.9
Non-controlling interest 3 658.3 3 563.9 2.6
Non-current liabilities 4 165.0 4 125.7 1.0
Deferred tax liability 3 635.3 3 663.7 (0.8)
PIC housing facility 5 434.0 366.9 18.3
Restoration and rehabilitation
provision and other 95.7 95.1 0.6
Current liabilities 1 339.0 1 149.3 16.5
Trade and other payables 449.3 388.4 15.7
RPM payable 889.7 760.9 16.9
Total equity and liabilities 20 317.9 19 759.3 2.8
The notes on pages 18 to 27 form an integral part of these summary consolidated annual financial statements.
Note: The summary consolidated statement of financial position, summary consolidated statement of comprehensive income and summary
consolidated statement of cash flows are only summaries of the full set of the 2016 consolidated financial statements available
online and do not contain full details. Any investment decisions by investors or shareholders should be based on consideration of
the full set of consolidated financial statements published online on RBPlat's website.
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2016
Group
2016 2015
audited audited %
Notes R (million) R (million) change
Revenue 8 3 342.2 3 044.7 9.8
Cost of sales 9 (3 101.5) (3 084.5) (0.6)
Cost of sales excluding depreciation,
amortisation and movement in inventories (2 803.6) (2 640.2) (6.2)
Depreciation and amortisation (312.0) (429.2) 27.3
Increase/(decrease) inventories 14.1 (15.1) 193.4
Gross profit/(loss) 240.7 (39.8) 704.8
Other income 88.1 68.7 28.2
Administration expenses (155.6) (164.1) 5.2
Corporate office (138.4) (126.3) (9.6)
Housing project (17.2) (37.8) 54.5
Impairment of non-financial assets (2.6) (4 466.2) 99.9
Finance income 91.8 106.2 (13.6)
Finance cost (7.4) (25.1) 70.5
Profit/(loss) before tax 255.0 (4 520.3) 105.6
Income tax credit 7.7 753.3 (99.0)
Income tax expense (24.7) (76.9) 67.9
Deferred tax credit 32.4 830.2 (96.1)
Net profit/(loss) for the period 262.7 (3 767.0) 107.0
Other comprehensive income - - -
Total comprehensive income/(loss) 262.7 (3 767.0) 107.0
Total comprehensive income/(loss) attributable to:
Owners of the Company 168.3 (3 044.8) 105.5
Non-controlling interest 94.4 (722.2) 113.1
Basic earnings/(loss) per share (cents/share) 14 87.6 (1 589.2) 105.5
Diluted earnings/(loss) per share (cents/share) 14 87.5 (1 589.2) 105.5
Headline earnings/(loss) per share (cents/share) 14 86.7 (83.2) 204.2
The notes on pages 18 to 27 form an integral part of these summary consolidated annual financial statements.
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2016
Share- Non- Attributable
based distri- to owners Non-
Number Ordinary Share payment butable Retained of the controlling
of shares shares premium reserve reserves earnings Company interest Total
issued* R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) 2016
Balance at 31 December 2015 191 743 614 1.9 9 366.1 194.7 71.8 1 285.9 10 920.4 3 563.9 14 484.3
Share-based payment charge - - - 52.8 - - 52.8 - 52.8
2013 BSP shares vested in April 2016 534 376 - 31.3 (31.3) - - - - -
Share options exercised - - 3.4 - - - 3.4 - 3.4
RPM contribution to housing project - - - - 10.7 - 10.7 - 10.7
Total comprehensive income - - - - - 168.3 168.3 94.4 262.7
Balance at 31 December 2016 192 277 990 1.9 9 400.8 216.2 82.5 1 454.2 11 155.6 3 658.3 14 813.9
2015
Balance at 31 December 2014 191 130 657 1.9 9 329.2 176.6 71.8 4 330.7 13 910.2 4 286.1 18 196.3
Share-based payment charge - - - 55.0 - - 55.0 - 55.0
Mahube ordinary shares vested
31 March 2015 187 972 - 12.2 (12.2) - - - - -
2012 BSP shares vested in April 2015 424 985 - 24.7 (24.7) - - - - -
Total comprehensive loss - - - - - (3 044.8) (3 044.8) (722.2) (3 767.0)
Balance at 31 December 2015 191 743 614 1.9 9 366.1 194.7 71.8 1 285.9 10 920.4 3 563.9 14 484.3
* The number of shares is net of 3 558 475 (2015: 1 982 760) treasury shares relating to the Company's management share incentive
scheme and the Mahube Employee Share Trust as shares held by these special purpose vehicles are eliminated on consolidation.
The notes on pages 18 to 27 form an integral part of these summary consolidated annual financial statements.
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2016
Group
2016 2015
audited audited %
Note R (million) R (million) change
Cash flows from operating activities
Cash generated by operations 528.8 601.9 (12.1)
Interest paid (0.2) (0.6) 66.7
Interest received 74.4 86.4 (13.9)
Dividend received 5.0 9.7 (48.5)
Tax refund 2.5 0.4 525.0
Tax paid (25.2) (78.6) 67.9
Net cash flow generated by operating activities 585.3 619.2 (5.5)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 47.2 0.4 11 700
Acquisition of property, plant and equipment (1 136.5) (2 018.4) 43.7
Styldrift on-reef development revenue receipts 273.9 - 100.0
Acquisition of employee housing assets (83.2) (262.5) 68.3
Acquisition of insurance investment (2.9) (30.0) 90.3
Increase in environmental trust deposits and investments (20.1) (2.8) (617.9)
Call option premiums paid - (9.2) 100.0
Net cash flow utilised by investing activities (921.6) (2 322.5) (60.3)
Cash flows from financing activities
Decrease in amount owing to RPM 128.8 436.4 (70.5)
Drawdown of PIC housing facility 40.0 326.9 (87.8)
RPM contribution to housing fund received 82.5 - 100.0
Proceeds from share options exercised 2.9 - 100.0
Decrease in employee housing facility - (6.6) 100.0
Net cash flow generated by financing activities 254.2 756.7 (66.4)
Net decrease in cash and cash equivalents (82.1) (946.6) 91.3
Cash and cash equivalents at beginning of the year 917.6 1 864.2 (50.8)
Cash and cash equivalents at end of the year 4 835.5 917.6 (8.9)
The notes on pages 18 to 27 form an integral part of these summary consolidated annual financial statements.
NOTES TO THE SUMMARY CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
for the year ended 31 December 2016
1 BASIS OF PREPARATION
The summary consolidated annual financial statements are prepared in accordance with the requirements of the JSE Limited Listings
Requirements (JSE Listings Requirements) for abridged reports, and the requirements of the Companies Act applicable to summary
financial statements. The JSE Listings Requirements require abridged reports to be prepared in accordance with the framework concepts
and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting
Standards Council and also, as a minimum, contain the information required by IAS 34: Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated annual financial statements from which the summary consolidated financial
statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the previous consolidated
annual financial statements.
The summary consolidated annual financial statements for the year ended 31 December 2016 were prepared under the supervision of the
Financial Director, Martin Prinsloo CA(SA).
2 ACCOUNTING POLICIES
The summary consolidated annual financial statements have been prepared under the historical cost convention. The principal accounting
policies used by the Group are consistent with those of the previous period, except for the adoption of various revised and new
standards. The adoption of these standards had no material impact on the financial results of this review period.
3 AUDIT OPINION
These summary consolidated annual financial statements for the year ended 31 December 2016 have been audited by PricewaterhouseCoopers
Inc., who expressed an unqualified opinion thereon. The auditor also expressed an unqualified opinion on the consolidated annual
financial statements from which these summary consolidated annual financial statements were derived. A copy of the auditor’s report on
the summary consolidated annual financial statements and of the auditor’s report on the annual consolidated financial statements are
available for inspection at the registered office of Royal Bafokeng Platinum Limited, together with the annual financial statements
identified in the respective auditor’s report.
4 AVAILABLE FUNDS
RBPlat had cash and near cash investments on hand at 31 December 2016 of R835.5 million. Included in the R835.5 million cash balance
is restricted cash of R39.0 million ring-fenced for the RBPlat housing project. The Group has an intra-month funding working capital
requirement which is met through a R458 million working capital facility of which R202.0 million has been utilised for guarantees at
31 December 2016.
5 PIC HOUSING FACILITY
The PIC facility was used to fund the construction of houses for Phase 2 of the RBPlat housing project as well as the insurance
investment. The PIC facility is a R2.2 billion facility accruing interest at CPI plus a margin of 1%. Security for the PIC facility
is ring-fenced to the RBPlat housing project assets with no recourse to the BRPM JV business.
The Group recognises the difference between the fair value of the PIC housing facility at initial recognition and the transaction
price as a fair value adjustment to the loan. The initial difference is amortised over the term of the PIC housing facility.
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
On this basis, the interest expense on the PIC housing facility is capitalised to employee housing assets from 2016.
Group
2016 2015
as at 31 December R (million) R (million)
Opening balance 366.9 -
Plus: Drawdowns 40.0 326.9
Plus: Transaction costs capitalised to loan - 22.3
Plus: Contractual interest charge capitalised to loan 24.2 15.1
Plus: Fair value interest charges capitalised to loan 4.4 3.7
Less: Amortisation of fair value adjustment to loan (1.5) (1.1)
Closing balance 434.0 366.9
6 CAPITAL COMMITMENTS
Capital commitments relate to the Styldrift I and BRPM Phase 3 projects.
Group
2016 2015
as at 31 December R (million) R (million)
Contracted commitments 485.3 608.7
Approved expenditure not yet contracted for 3 311.3 4 523.0
Total 3 796.6 5 131.7
The capital commitments reflect 100% of the BRPM JV project commitments. In terms of the BRPM JV Agreement, Royal Bafokeng Resources
Proprietary Limited must fund 67% thereof and Rustenburg Platinum Mines Limited (RPM) the remaining 33%.
Should either party elect not to fund its share, its interest will be diluted according to the terms of the BRPM JV Agreement.
7 GUARANTEES AND CONTINGENCIES
7.1 Guarantees
Group
2016 2015
as at 31 December R (million) R (million)
Royal Bafokeng Resources Proprietary Limited, a wholly owned
subsidiary of RBPlat, granted the following guarantees:
Eskom to secure power supply for Styldrift I development 17.1 17.1
Eskom early termination guarantee for Styldrift I 17.5 17.5
Eskom connection charges guarantee for Styldrift I 40.0 40.0
Anglo American Platinum for rehabilitation of land disturbed by
mining activities at the BRPM JV 82.6 82.6
Eskom connection charges guarantee for Styldrift I project 42.7 -
Department: Mineral Resources for the rehabilitation of land
disturbed by prospecting/mining 1.3 1.3
Royal Bafokeng Platinum Management Services Proprietary Limited,
a wholly owned subsidiary of RBPlat, granted the following guarantees:
Tsogo Sun guarantees arising from lease agreements 0.8 0.4
Total bank guarantees issued at 31 December 202.0 158.9
Department: Mineral Resources for prospecting, exploration,
mining or production operations for Styldrift II project 45.7 -
Total insurance guarantees issued at 31 December 45.7 -
7.2 Contingent liability
BRPM JV may have a potential exposure to remediate groundwater and soil pollution that may exist where the JV operates. The
operations continue to monitor and mitigate impacts if and when they arise. Our groundwater pollution plume model will be updated in
2017 to qualify the size and rate of the plume movement. This will assist us in determining appropriate remediation actions.
The ultimate outcome of the matter cannot presently be determined and no liability has been raised in the annual financial
statements. BRPM constructed a water treatment plant in 2015 which has reduced our dependence on Magalies Water.
8 REVENUE
Group
2016 2015
for the year ended 31 December R (million) R (million)
Concentrate sales - production from BRPM concentrator 2 991.4 2 607.1
UG2 toll concentrate sales 350.8 437.6
Total revenue 3 342.2 3 044.7
Revenue and concentrate trade debtors are fair valued every month following the month of delivery of the concentrate to RPM until
the price is fixed in the third month following delivery.
The fair value adjustment is recognised in revenue.
9 COST OF SALES
Group
2016 2015
for the year ended 31 December R (million) R (million)
Labour 1 072.4 946.3
Utilities 252.5 233.5
Contractor costs 701.6 633.4
Materials and other mining costs 695.8 694.5
Materials and other mining costs for BRPM JV 738.2 734.7
Elimination of intergroup management fee (42.4) (40.2)
Movement in inventories (14.1) 15.1
Depreciation - Property, plant and equipment 275.3 366.9
Amortisation - Mineral rights 36.7 62.3
Share-based payment expense 27.4 29.5
Social and labour plan expenditure 35.6 63.8
State royalties 12.4 10.4
Styldrift incidental expenses - 5.5
Retrenchment costs - 20.5
Other 5.9 2.8
Total cost of sales 3 101.5 3 084.5
10 RELATED PARTY TRANSACTIONS
The Group is controlled by Royal Bafokeng Platinum Holdings Proprietary Limited (incorporated in South Africa), which owns 51.74% of
RBPlat's shares. RPM owns 11.44% of RBPlat's shares and the remaining 36.82% are widely held.
The Group's ultimate parent is Royal Bafokeng Holdings Proprietary Limited (RBH). RBH is an investment holding company with a large
number of subsidiaries and associates and is incorporated in South Africa.
Group
2016 2015
for the year ended 31 December R (million) R (million)
BRPM JV balances at 31 December:
Amount owing by RPM for concentrate sales 1 313.0 1 181.5
Amount owing to RPM for contribution to BRPM JV (working capital nature) 1 051.0 839.7
Amount owing by RPM for housing project costs - 71.8
BRPM JV transactions:
Concentrate sales to RPM 3 705.5 3 099.3
Associate of holding company balances at 31 December:
Amount owing by Impala Platinum Limited for the fourth quarter royalty 22.2 12.7
Fellow subsidiaries and associates of holding company transactions:
Transactions with Fraser Alexander for rental of mining equipment, maintenance of
tailings dam and operation of sewage plant (a subsidiary of RBH) 8.4 10.3
Impala Platinum Limited for royalty income (an associate of RBH) 65.7 46.7
Geoserve Exploration Drilling Company for exploration drilling on
Boschkoppie and Styldrift (a subsidiary of RBH) 3.4 7.9
Trident South Africa Proprietary Limited for steel supplies (a subsidiary of RBH) 4.4 3.6
Mtech Industrial for supply and installation of heat pumps (a subsidiary of RBH) 0.4 1.3
Royal Marang Hotel for accommodation and conferences (a subsidiary of RBH) 0.6 0.4
Praxima Holding for payroll administration fees (an associate of RBH) 0.1 0.1
Fees paid to non-executive directors (RBH/Mogs) 0.7 0.7
11 DIVIDENDS
No dividends have been declared or proposed in the current period (2015: nil).
12 FINANCIAL RISK MANAGEMENT
Financial risk factors: Fair value determination
The table below analyses financial instruments at fair value, by valuation method. The different levels have been defined as
follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
- Inputs other than quoted prices included within level 1 that are observable for the asset and liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (level 2)
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3)
The following table presents the financial assets measured at fair value as well as the financial assets and financial
liabilities measured at amortised cost but for which fair value disclosure are provided at 31 December.
Level 1 Level 2 Level 3
2016
Financial assets at fair value through profit or loss
Environmental trust deposits1 - 94.9 -
Insurance investment2 - 35.0 -
Loans and receivables
Employee housing loan receivable4 - - 167.2
Financial assets at fair value through profit or loss
Forward exchange contracts3 - 2.7 -
Financial liabilities at amortised cost
PIC housing facility4 - - 434.0
2015
Financial assets at fair value through profit or loss
Environmental trust deposits1 - 107.4 -
Insurance investment2 - 31.0 -
Forward exchange contracts and call options3 - 11.9 -
Loans and receivables
Employee housing loan receivable4 - - 157.7
Financial liabilities at amortised cost
PIC housing facility4 - - 366.9
1. This was valued using the level 2 fair values which are directly derived from the Shareholders Weighted Top 40 Index (Swix 40) on
the JSE and the Coreshares Green portfolio Exchange Traded Fund.
2. The fair values were determined using market prices for listed investments and discounted cash flow models for unlisted investments.
3. The fair values of the forward exchange contracts and call options are based on the mark-to-market values.
4. The fair values were determined using discounted cash flow models.
13 SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision- maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the Executive Committee of the Company that makes strategic decisions.
The Group is currently operating one mine with two decline shafts and the Styldrift I project. These operations are located in the
North West province of South Africa. BRPM and Styldrift (Styldrift I and II) are shown as separate segments. In addition, due to the
different nature and significance of the employee home ownership scheme, it was decided to show housing as a separate segment.
Currently Styldrift I and II are aggregated into a single reportable segment as it is one mining right. The Styldrift II
pre-feasibility study has been completed. Once a feasibility study is completed, it will move into development phase and will then
be reported on as a separate segment.
13.1 Segmental statement of comprehensive income
For the year ended 31 December 2016 For the year ended 31 December 2015
BRPM Styldrift BRPM JV Corporate BRPM Styldrift BRPM JV Corporate
mining mining mining RBPlat office and mining mining mining RBPlat office and
segment segment segment housing consolidation segment segment segment housing consolidation
(A) (B) (A + B) segment adjustment Total (A) (B) (A + B) segment adjustment Total
R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million)
Concentrate sales 3 342.2 - 3 342.2 - - 3 342.2 3 034.0 10.7 3 044.7 - - 3 044.7
Cost of sales (3 129.2) (0.3) (3 129.5) - 28.0 (3 101.5) (2 933.8) (6.1) (2 939.9) - (144.6) (3 084.5)
Cash cost of
sales excluding
depreciation
and amortisation (2 868.3) - (2 868.3) - 64.7 (2 803.6) (2 664.5) (5.5) (2 670.0) - 29.8 (2 640.2)
Depreciation (275.0) (0.3) (275.3) - - (275.3) (254.2) (0.6) (254.8) - - (254.8)
Additional
depreciation
and amortisation
on purchase price
allocation of
mining assets - - - - (36.7) (36.7) - - - - (174.4) (174.4)
Movement in inventories 14.1 - 14.1 - - 14.1 (15.1) - (15.1) - - (15.1)
Gross profit/(loss)
per segment and total 213.0 (0.3) 212.7 - 28.0 240.7 100.2 4.6 104.8 - (144.6) (39.8)
Other income 75.1 8.9 84.0 2.7 1.4 88.1 67.1 (1.0) 66.1 2.8 (0.2) 68.7
Total administration
expenditure - - - (17.2) (138.4) (155.6) - - - (37.8) (126.3) (164.1)
Administration
expenditure - - - (14.3) (136.8) (151.1) - - - (34.9) (125.3) (160.2)
Depreciation - - - (0.2) (1.6) (1.8) - - - - (1.0) (1.0)
Amortisation of
employee housing
benefit and fair
value adjustment
to loan - - - (2.7) - (2.7) - - - (2.9) - (2.9)
Impairment on
non-financial assets (0.9) (0.9) (1.8) (0.8) - (2.6) (3 052.4) - (3 052.4) (2.0) (1 411.8) (4 466.2)
Net finance income 10.8 - 10.8 28.6 45.0 84.4 8.4 0.3 8.7 6.6 65.8 81.1
Finance income 16.6 1.4 18.0 28.6 45.2 91.8 13.2 1.4 14.6 26.2 65.4 106.2
Finance cost (5.8) (1.4) (7.2) - (0.2) (7.4) (4.8) (1.1) (5.9) (19.6) 0.4 (25.1)
Profit/(loss)
before tax
per segment and total 298.0 7.7 305.7 13.3 (64.0) 255.0 (2 876.7) 3.9 (2 872.8) (30.4) (1 617.1) (4 520.3)
Taxation 7.7 753.3
Profit/(loss)
after tax 262.7 (3 767.0)
Attributable to
owners of the Company 168.3 (3 044.8)
Attributable to
non-controlling
interest 94.4 (722.2)
13.2 Segmental statement of financial position
As at 31 December 2016 As at 31 December 2015
BRPM Styldrift BRPM JV Corporate BRPM Styldrift BRPM JV Corporate
mining mining mining RBPlat office and mining mining mining RBPlat office and
segment segment segment housing consolidation segment segment segment housing consolidation
(A) (B) (A + B) segment adjustment Total (A) (B) (A + B) segment adjustment Total
R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million)
Non-current assets 4 262.5 6 628.0 10 890.5 252.5** 6 471.3 17 614.3 4 794.0 5 585.2 10 379.2 240.6 6 529.0 17 148.8
Allocation of mineral
rights and segments 955.3 4 774.0* 5 729.3 - (5 729.3) - 992.0 4 774.0 5 766.0 - (5 766.0) -
Non-current
assets after
allocation of
mineral rights 5 217.8 11 402.0 16 619.8 252.5 742.0 17 614.3 5 786.0 10 359.2 16 145.2 240.6 763.0 17 148.8
Current assets 1 587.1 249.2 1 836.3 428.3 439.0 2 703.6 1 553.9 101.1 1 655.0 342.0 613.5 2 610.5
Employee
housing current
assets - - - 381.5 - 381.5 - - - 268.5 - 268.5
Inventories 56.3 23.1 79.4 - - 79.4 37.3 17.8 55.1 - - 55.1
Trade and other
receivables 1 160.3 226.1 1 386.4 7.8 11.4 1 405.6 1 190.5 83.3 1 273.8 13.0 78.9 1 365.7
Current tax
receivable - - - - 1.6 1.6 - - - - 3.6 3.6
Cash and cash
equivalents 370.5 - 370.5 39.0 426.0 835.5 326.1 - 326.1 60.5 531.0 917.6
Total assets
per statement of
financial
position 6 804.9 11 651.2 18 456.1 680.8 1 181.0 20 317.9 7 339.9 10 460.3 17 800.2 582.6 1 376.5 19 759.3
Non-current
liabilities 81.7 12.5 94.2 435.5 3 635.3 4 165.0 82.0 13.1 95.1 366.9 3 663.7 4 125.7
Deferred tax
liability*** - - - - 3 635.3 3 635.3 - - - - 3 663.7 3 663.7
PIC housing
facility - - - 434.0 - 434.0 - - - 366.9 - 366.9
Restoration and
rehabilitation
provision and
other 81.7 12.5 94.2 1.5 - 95.7 82.0 13.1 95.1 - - 95.1
Current
liabilities 3 334.2 77.9 3 412.1 26.1 (2 099.2) 1 339.0 3 148.4 108.1 3 256.5 259.5 (2 366.7) 1 149.3
Trade and other
payables 149.4 77.9 227.3 26.1 195.9 449.3 603.8 108.1 711.9 259.5 (583.0) 388.4
RBR payable 2 133.8 - 2 133.8 - (2 133.8) - 1 704.9 - 1 704.9 - (1 704.9) -
RPM payable 1 051.0 - 1 051.0 - (161.3) 889.7 839.7 - 839.7 - (78.8) 760.9
Total liabilities per
statement of
financial position 3 415.9 90.4 3 506.3 461.6 1 536.1 5 504.0 3 230.4 121.2 3 351.6 626.4 1 297.0 5 275.0
* Includes Styldrift II exploration and evaluation costs.
** Employee housing loan receivable is classified as non-current as repayment of the capital portion of these receivables is
expected to commence after 12 months from date of the statement of financial
position.
*** R1.3 billion of the deferred tax liability is attributable to BRPM mining segment and R2.3 billion to Styldrift mining segment
(Styldrift I and Styldrift II).
13.3 Segmental statement of cash flows
For the year ended 31 December 2016 For the year ended 31 December 2015
BRPM Styldrift BRPM JV Corporate BRPM Styldrift BRPM JV Corporate
mining mining mining RBPlat office and mining mining mining RBPlat office and
segment segment segment housing consolidation segment segment segment housing consolidation
(A) (B) (A + B) segment adjustment Total (A) (B) (A + B) segment adjustment Total
R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million) R (million)
Net cash flow
generated/(utilised) by
operating activities 518.5 1.4 519.9 25.7 39.7 585.3 622.5 44.9 667.4 (11.5) (36.7) 619.2
Cash flows from
investing activities
Proceeds on disposal
of property, plant and
equipment 2.1 45.1 47.2 - - 47.2 0.4 - 0.4 - - 0.4
Acquisition of property,
plant and equipment (155.0) (1 011.8) (1 166.8) (1.1) 31.4 (1 136.5) (317.0) (1 746.5) (2 063.5) - 45.1 (2 018.4)
Styldrift on-reef
development revenue
receipts - 273.9 273.9 - - 273.9 - - - - - -
Acquisition of employee
housing assets - - - (83.2) - (83.2) - - - (262.5) - (262.5)
Acquisition of
insurance investment - - - (2.9) - (2.9) - - - (30.0) - (30.0)
Increase in
environmental
trust deposits (20.1) - (20.1) - - (20.1) (2.8) - (2.8) - - (2.8)
Call option
premiums paid - - - - - - - (9.2) (9.2) - - (9.2)
Net cash flow
(utilised)/generated
by investing activities (173.0) (692.8) (865.8) (87.2) 31.4 (921.6) (319.4) (1 755.7) (2 075.1) (292.5) 45.1 (2 322.5)
Cash flows from
financing activities
Cash investments by/
(distributions to)
BRPM JV shareholders (51.1) 691.4 640.3 - (511.5) 128.8 (388.4) 1 710.8 1 322.4 - (886.0) 436.4
Drawdowns of PIC housing
facility - - - 40.0 - 40.0 - - - 326.9 - 326.9
(Decrease)/increase
in intercompany
loans - - - (250.0) 250.0 - - - - 34.7 (34.7) -
RPM contribution
to housing fund
received (250.0) - (250.0) 250.0 82.5 82.5 - - - - - -
Proceeds from
share options
exercised - - - - 2.9 2.9 - - - - - -
Decrease in employee
housing facility - - - - - - - - - - (6.6) (6.6)
Net cash flow
(utilised)/generated
by financing activities (301.1) 691.4 390.3 40.0 (176.1) 254.2 (388.4) 1 710.8 1 322.4 361.6 (927.3) 756.7
Net increase/(decrease)
in cash and cash
equivalents 44.4 - 44.4 (21.5) (105.0) (82.1) (85.3) - (85.3) 57.6 (918.9) (946.6)
Cash and cash
equivalents at
beginning of year 326.1 - 326.1 60.5 531.0 917.6 411.4 - 411.4 2.9 1 449.9 1 864.2
Cash and cash
equivalents at
end of year 370.5 - 370.5 39.0 426.0 835.5 326.1 - 326.1 60.5 531.0 917.6
14 EARNINGS/(LOSS) PER SHARE
The weighted average number of ordinary shares in issue outside the Group for the purposes of basic earnings/(loss) per share and
the weighted average number of ordinary shares for diluted earnings/(loss) per share are calculated as follows:
Group
for the year ended 31 December 2016 2015
Number of shares issued 195 836 465 193 726 374
Mahube Trust - -
Management incentive scheme (4 092 851) (2 595 717)
Number of shares issued outside the Group 191 743 614 191 130 657
Adjusted for weighted shares issued during the year 401 513 461 403
Weighted average number of ordinary shares in issue for earnings per share 192 145 127 191 592 060
Dilutive potential of ordinary shares relating to management incentive schemes 186 357 25 136
Weighted average number of potential dilutive ordinary shares in issue 192 331 484 191 617 196
Profit/(loss) - attributable to owners of the Company R (million) 168.3 (3 044.8)
Adjustments net of tax and non-controlling interest R (million) (1.6) 2 885.2
Headline earnings/(loss) R (million) 166.7 (159.6)
Basic earnings/(loss) per share (cents/share) 87.6 (1 589.2)
Diluted earnings/(loss) per share (cents/share) 87.5 (1 589.2)
Headline earnings/(loss) per share (cents/share) 86.7 (83.2)
Diluted headline earnings/(loss) per share (cents/share) 86.6 (83.2)
COMPANY INFORMATION
Shareholders' diary
Financial year end:
31 December of each year
Interim period end:
30 June of each year
Integrated report and annual financial statements
(mailed to shareholders)
7 March 2017
Administration
Company registered office
Royal Bafokeng Platinum Limited
Registration number: 2008/015696/06
Share code: RBP
ISIN: ZAE000149936
The Pivot
No 1 Monte Casino Boulevard
Block C
4th Floor
Fourways
Johannesburg
2021
South Africa
PO Box 2283
Fourways
2055
South Africa
Company Secretary
Lester Jooste
Email: lester@bafokengplatinum.co.za
Telephone: +27 10 590 4519
Telefax: +27 086 572 8047
Investor relations
Lindiwe Montshiwagae
Email: lindiwe@bafokengplatinum.co.za
Telephone: +27 10 590 4510
Telefax: +27 086 219 5131
Public Officer
Reginald Haman
Email: Reginald@bafokengplatinum.co.za
Telephone: +27 10 590 4533
Telefax: +27 086 219 5131
Independent external auditors
PricewaterhouseCoopers Inc
2 Eglin Road
Sunninghill
Johannesburg
2157
South Africa
Transfer Secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196
PO Box 61051
Marshalltown
2107
South Africa
Telephone: +27 11 370 5000
Telefax: +27 11 688 5200
Sponsor
Merrill Lynch South Africa Proprietary Limited
1 Sandton Drive
Sandhurst
Johannesburg
2196
South Africa
www.bafokengplatinum.co.za
28 February 2017
Date: 28/02/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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