KEY FEATURES
Highlights - Significant progress in the delivery of the Business Plan following successful refinancing.
Net cash has improved to $114 million as at 31 March 2016. This is compared with $185 million net debt at 30 September 2015. Total liquidity of $474 million (circa ZAR 7 billion) comprised gross cash of $264 million, before deducting the drawn term loan of $150 million and undrawn debt facilities of $210 million.
Reorganisation and s189 process successfully completed with 5,433 people having left the Group by 31 March. A further 1,428 employees were reskilled and redeployed into vacant, more productive roles.
Cost savings well ahead of schedule with R469 million savings achieved in H1 2016 (in FY15 money terms). This represented 67.0% of the full-year target of R700 million.
Continuing and sustained unit cost improvement. Half year PGM unit costs of R10,668, with PGM unit cost contained to R10,390 per PGM ounce in Q2. Full year guidance of R10,400 is maintained.
Implementing and delivering on our Business Plan as outlined in November 2015 has resulted in the business being cash positive after capital expenditure in the second quarter of the year.
