MANAGEMENT REVIEW

EXECUTIVE CHAIRMAN'S REPORT

"ALL OPERATIONS THAT ARE UNDER OUR CONTROL, WITH EXCEPTION OF THE MANGANESE ALLOYS, IMPLEMENTED COST-CUTTING INITIATIVES THAT YIELDED EXCELLENT RESULTS. CAPITAL EXPENDITURE WAS REDUCED AND LOSS MAKING OPERATIONS ARE BEING RESTRUCTURED.

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PATRICE MOTSEPE
EXECUTIVE CHAIRMAN

CHIEF EXECUTIVE OFFICER'S REPORT

"THE ARM OPERATIONS DELIVERED STRONG OPERATIONAL RESULTS AGAINST A BACKDROP OF CHALLENGING COMMODITY MARKETS."

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MIKE SCHMIDT
CHIEF EXECUTIVE OFFICER

FINANCIAL DIRECTOR'S REPORT

  • HEADLINE EARNINGS:
    R1 051 million
    (F2015: R1 744 million)

  • DIVIDENDS PAID:
    225 cents per share
    (F2015: 350 cents per share)

  • CASH GENERATED FROM OPERATIONS:
    R1 225 million
    (F2015: R2 508 million)

  • CAPITAL EXPENDITURE:
    R930 million
    (F2015: R1 496 million)


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MIKE ARNOLD
FINANCIAL DIRECTOR