Financial and non-financial highlights

for the year ended 31 December 2013
    2013 2012 2011

Group operating statistics

       
Gold produced kg 44,474 38,059 45,005
  ’000 oz 1,430 1,224 1,447
Ore milled 000t 13,624 12,185 14,648
Gold price R/kg 434,663 434,943 369,139
  US$/oz 1,408 1,652 1,590
Operating cost R/t 879 888 669
Operating profit Rm 7,358 5,730 6,816
Operating margin % 38 35 41
Total cash cost 1 R/kg 273,281 285,851 220,224
  US$/oz 885 1,086 949
All-in cost 2 R/kg 354,376 382,687 296,531
  US$/oz 1,148 1,453 1,277
All-in cost margin % 18 12 20

Group sustainability statistics

       
Taxation and royalties paid Rm 554 1,394 486
Employee wages and benefits Rm 6,156 5,791 5,591
Total employees Number 36,274 42,084 38,033
Fatalities Number 9 16 18
LTIFR 3   6.13 6.90 5.79
Cyanide consumption t 3,759 3,395 3,224
CO2e emissions ‘000t 4,408 4,423 4,094
Electricity consumption MWh 3,773,919 3,835,194 4,070,499
Water withdrawal Ml 76,637 64,788 49,197
Socio-economic development spend Rm 1,050 853 670

Group financial statistics 4

       
Income statement        
Revenue Rm 19,331 16,554 16,613
Net operating profit Rm 4,254 3,367 4,559
Profit for the year Rm 1,698 2,980 2,563
Profit for the year attributable to owners of Sibanye Rm 1,692 2,980 2,564
Basic earnings per share cents 260 297,960,000 256,410,000
Diluted earnings per share cents 255 297,960,000 256,410,000
Headline earnings per share cents 355 297,790,000 256,130,000
Dividend per share cents 37 73,130,000 242,330,000
Weighted average number of shares ’000 650,621 1 1
Diluted weighted average number of shares ’000 664,288 1 1
Number of shares in issue at end of period ’000 735,079 1 1
Statement of financial position        
Property, plant and equipment Rm 15,151 16,376 15,359
Cash and cash equivalents Rm 1,492 292 363
Total assets Rm 19,995 19,698 18,492
Net assets/(liabilities) Rm 9,423 (9,673) (11,976)
Stated share capital Rm 17,246
Total borrowings 5 Rm 2,000 4,220
Total liabilities Rm 10,572 29,371 30,468
Statement of cash flows        
Cash from operating activities Rm 6,360 2,621 3,861
Cash used in investing activities Rm 3,072 3,126 3,005
Cash (used in)/flows from financing activities Rm (2,088) 434 (1,529)
Net increase/(decrease) in cash and cash equivalents Rm 1,201 (71) (673)

Other financial data

       
EBITDA 6 Rm 7,358 5,730 6,752
Net debt(cash) 7 Rm 499 3,928 (363)
Net debt to EBITDA 8 ratio 0.07 0.69 (0.05)
Net asset value per share R 12.80 (9,672,700.00) (11,975,600.00)
Average exchange rate 9 R/US$ 9.60 8.19 7.22
Closing exchange rate 10 R/US$ 10.34 8.57 8.13

Share data

       
Ordinary share price – high R 16.30 n/a 11 n/a 11
Ordinary share price – low R 6.73 n/a 11 n/a 11
Ordinary share price at year end R 12.30 n/a 11 n/a 11
Average daily volume of shares traded ’000 4,754,958 n/a 11 n/a 11
Market capitalisation at year end Rbn 9.04 n/a 11 n/a 11
Note
  1. 1 Sibanye has calculated total cash cost per ounce by dividing total cash costs, as determined using guidance provided by the Gold Institute, by gold ounces sold for all periods presented. Total cash costs are cost of sales cost as recorded in the income statement, less off-site (ie central) general and administrative expenses (including head office costs) and amortisation and depreciation. Total cash costs and total cash cost per ounce are not IFRS measures.
  2. 2 A new cost measure, All-in cost, was introduced in 2013 by the World Gold Council. Sibanye has adopted the principle prescribed by the World Gold Council. This new non-GAAP measure provides more transparency in the costs associated with gold mining. The All-in cost metric provides relevant information to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. All-in cost is made up of All-in sustaining costs, being the cost to sustain current operations and is given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure aimed at growing the Group. During 2013 and 2012 the All-in sustaining cost and the All-in cost are the same.
  3. 3 Rate per million man hours worked.
  4. 4 The selected historical consolidated financial data set out above have been derived from Sibanye’s audited consolidated financial statements for those periods and as of those dates and the related notes which have been prepared in accordance with IFRS. The other operating data presented has been calculated as described in the footnotes to the table.
  5. 5 Excludes related-party loans.
  6. 6 EBITDA is defined as net operating profit before depreciation and amortisation. EBITDA may not be comparable to similarly titled measures of other companies. Management believes that EBITDA is used by investors and analysts to evaluate companies in the mining industry. EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity reported in accordance with IFRS.
  7. 7 Net debt represents total borrowings and bank overdraft less cash and cash equivalent.
  8. 8 Net debt to EBITDA ratio is defined as net debt as at the end of a reporting period divided by EBITDA of the last 12 months ending on the same reporting date.
  9. 9 The daily average of the closing rate during the relevant period as reported by I-Net Bridge.
  10. 10 Sourced from I-Net Bridge, being the closing rate at period end.
  11. 11 Sibanye, previously a wholly owned subsidiary of Gold Fields Limited (Gold Fields). The Company separated from Gold Fields in February 2013 becoming an independent and publicly traded company.