Sibanye Stillwater Ltd
For the period ended Dec 31, 2023. Filed Apr 26, 2024.
View on SEC.govAbout this filing
The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Apr 26, 2024
Contents
2. Segment reporting
- Segment reporting
Accounting PolicyOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.
The presentation of the segment report was updated to remove the adjusted EBITDA non-GAAP measure, “net other cash costs”, “net other”, and “non-underlying items” and retain profit or loss as the primary measure of profitability, being one of the
measures of financial information regularly provided to the chief operating decision maker. The segment reports of prior periods have been aligned with the revised presentation.
The table below summarises the segmental information disclosed in note 2.1 and 2.2:
| 31 December 2023 · 31 December 2022 · 31 December 2021 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group · Americas · Southern Africa · Europe · Australia · Group · Group · Americas · Southern Africa · Europe · Group · Group · Americas · Southern Africa · Group | ||||||||||||||||||||||
| Figures in million – SA rand | Notes | Total | Total US PGM operations | Total SAoperations | TotalSA PGM | TotalSA gold | Total EU operations | Total AUS operations | Group Corporate and reconciling items1 | Total | Total US PGM operations | Total SA operations | Total SA PGM | Total SA gold | Total EU operations | Group Corporate and reconciling items1 | Total | Total US PGM operations | Total SA operations | Total SA PGM | Total SA gold | Group Corporate and reconciling items1 |
| Revenue | 113,684 | 23,812 | 84,736 | 55,593 | 29,143 | 3,024 | 2,251 | (139) | 138,288 | 46,090 | 89,507 | 71,665 | 17,842 | 3,140 | (449) | 172,194 | 59,053 | 113,512 | 85,154 | 28,358 | (371) | |
| Underground | 83,612 | 10,494 | 73,257 | 52,375 | 20,882 | — | — | (139) | 92,325 | 13,823 | 78,951 | 68,182 | 10,769 | — | (449) | 120,403 | 18,343 | 102,431 | 81,477 | 20,954 | (371) | |
| Surface | 13,730 | — | 11,479 | 3,218 | 8,261 | — | 2,251 | — | 10,556 | — | 10,556 | 3,483 | 7,073 | — | — | 11,081 | — | 11,081 | 3,677 | 7,404 | — | |
| Recycling/processing | 16,342 | 13,318 | — | — | — | 3,024 | — | — | 35,407 | 32,267 | — | — | — | 3,140 | — | 40,710 | 40,710 | — | — | — | — | |
| Cost of sales, before amortisation and depreciation | (89,756) | (22,391) | (60,780) | (36,699) | (24,081) | (4,329) | (2,256) | — | (94,537) | (38,452) | (52,454) | (32,280) | (20,174) | (3,631) | — | (101,013) | (46,787) | (54,226) | (31,971) | (22,255) | — | |
| Underground | (62,482) | (9,680) | (52,802) | (34,819) | (17,983) | — | — | — | (52,734) | (7,459) | (45,275) | (30,528) | (14,747) | — | — | (54,989) | (7,567) | (47,422) | (30,430) | (16,992) | — | |
| Surface | (10,234) | — | (7,978) | (1,880) | (6,098) | — | (2,256) | — | (7,179) | — | (7,179) | (1,752) | (5,427) | — | — | (6,804) | — | (6,804) | (1,541) | (5,263) | — | |
| Recycling/processing | (17,040) | (12,711) | — | — | — | (4,329) | — | — | (34,624) | (30,993) | — | — | — | (3,631) | — | (39,220) | (39,220) | — | — | — | — | |
| Amortisation and depreciation | (10,012) | (3,390) | (5,357) | (2,975) | (2,382) | (206) | (1,059) | — | (7,087) | (2,803) | (4,126) | (2,418) | (1,708) | (158) | — | (8,293) | (2,601) | (5,692) | (2,515) | (3,177) | — | |
| Interest income | 1,369 | 213 | 1,089 | 478 | 611 | 53 | 10 | 4 | 1,203 | 309 | 893 | 402 | 491 | — | 1 | 1,202 | 382 | 805 | 219 | 586 | 15 | |
| Finance expense | (3,299) | (1,134) | (1,603) | (706) | (897) | (67) | (184) | (311) | (2,840) | (952) | (1,547) | (831) | (716) | (15) | (326) | (2,496) | (954) | (1,233) | (666) | (567) | (309) | |
| Share-based payments | (113) | (39) | (71) | (18) | (53) | 6 | — | (9) | (218) | (47) | (169) | (73) | (96) | — | (2) | (383) | (73) | (310) | (89) | (221) | — | |
| Gain/(loss)on financial instruments | 7 | 235 | (2,064) | 1,938 | 1,957 | (19) | (168) | 515 | 14 | (4,279) | (242) | (4,188) | (3,477) | (711) | 144 | 7 | (6,279) | 233 | (6,563) | (6,507) | (56) | 51 |
| Gain/(loss) on foreign exchange differences | 1,973 | 12 | 1,920 | 1,894 | 26 | 55 | (39) | 25 | 616 | (8) | 623 | 208 | 415 | (49) | 50 | 1,149 | 3 | 1,146 | 363 | 783 | — | |
| Share of results of equity-accounted investees after tax | (1,174) | — | (1,156) | (1,471) | 315 | — | — | (18) | 1,287 | — | 1,298 | 1,062 | 236 | — | (11) | 1,989 | — | 1,989 | 1,703 | 286 | — | |
| Other costs | 8.1 | (5,858) | (108) | (3,411) | (1,441) | (1,970) | (2,096) | (223) | (20) | (3,679) | (129) | (3,379) | (1,616) | (1,763) | (116) | (55) | (3,018) | (12) | (3,006) | (1,650) | (1,356) | — |
| Other income | 8.2 | 1,232 | 12 | 1,071 | 571 | 500 | 102 | 42 | 5 | 1,110 | 102 | 963 | 385 | 578 | 45 | — | 764 | — | 764 | 211 | 553 | — |
| Gain/(loss) on disposal of property, plant and equipment | 105 | (45) | 150 | 79 | 71 | — | — | — | 162 | 5 | 157 | 54 | 103 | — | — | 36 | (32) | 68 | 29 | 39 | — | |
| (Impairments)/reversal of impairments | 10 | (47,454) | (38,919) | (3,239) | (506) | (2,733) | (1,607) | (3,689) | — | 6 | — | 6 | 6 | — | — | — | (5,148) | (1) | (5,147) | — | (5,147) | — |
| Early redemption premium on the 2025 Notes | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (196) | (196) | — | — | — | — | |
| Gain on acquisition | 16.2 | 898 | — | 898 | 898 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Occupational healthcare gain | 365 | — | 365 | — | 365 | — | — | — | 211 | — | 211 | — | 211 | — | — | 14 | — | 14 | — | 14 | — | |
| Restructuring costs | (515) | (41) | (474) | (351) | (123) | — | — | — | (363) | (2) | (361) | (26) | (335) | — | — | (107) | (3) | (104) | (27) | (77) | — | |
| Transaction costs | (474) | (27) | — | — | — | — | (2) | (445) | (152) | (8) | (2) | (3) | 1 | — | (142) | (140) | (42) | — | — | — | (98) | |
| Royalties and carbon tax | (1,052) | — | (921) | (805) | (116) | — | (131) | — | (1,824) | — | (1,824) | (1,772) | (52) | — | — | (2,718) | — | (2,718) | (2,548) | (170) | — | |
| Mining and income tax | 2,416 | 7,612 | (5,116) | (4,152) | (964) | (44) | (2) | (34) | (8,924) | (340) | (8,541) | (9,705) | 1,164 | (39) | (4) | (13,761) | (1,511) | (12,180) | (12,112) | (68) | (70) | |
| Current taxation | (3,178) | 343 | (3,408) | (3,081) | (327) | (80) | (2) | (31) | (9,282) | (655) | (8,623) | (8,373) | (250) | — | (4) | (13,506) | (1,422) | (12,014) | (11,745) | (269) | (70) | |
| Deferred taxation | 5,594 | 7,269 | (1,708) | (1,071) | (637) | 36 | — | (3) | 358 | 315 | 82 | (1,332) | 1,414 | (39) | — | (255) | (89) | (166) | (367) | 201 | — | |
| (Loss)/profit for the year | (37,430) | (36,497) | 10,039 | 12,346 | (2,307) | (5,277) | (4,767) | (928) | 18,980 | 3,523 | 17,067 | 21,581 | (4,514) | (679) | (931) | 33,796 | 7,459 | 27,119 | 29,594 | (2,475) | (782) | |
| Sustaining capital expenditure | (6,056) | (2,180) | (3,514) | (2,057) | (1,457) | (248) | (114) | — | (4,946) | (1,185) | (3,671) | (2,056) | (1,615) | (90) | — | (4,119) | (796) | (3,323) | (2,019) | (1,304) | — | |
| Ore reserve development | (9,137) | (3,889) | (5,248) | (2,551) | (2,697) | — | — | — | (6,640) | (2,887) | (3,753) | (2,123) | (1,630) | — | — | (5,535) | (1,354) | (4,181) | (1,577) | (2,604) | — | |
| Growth projects | (6,886) | (774) | (3,591) | (1,038) | (2,553) | (2,470) | (51) | — | (4,313) | (1,345) | (2,239) | (925) | (1,314) | (729) | — | (3,086) | (2,411) | (675) | (203) | (472) | — | |
| Total capital expenditure | (22,079) | (6,843) | (12,353) | (5,646) | (6,707) | (2,718) | (165) | — | (15,899) | (5,417) | (9,663) | (5,104) | (4,559) | (819) | — | (12,740) | (4,561) | (8,179) | (3,799) | (4,380) | — | |
| note 2.1 · note 2.2 · note 2.1 · note 2.2 · note 2.1 | ||||||||||||||||||||||
1 Group corporate includes the Wheaton Stream transaction and mainly includes, corporate tax, interest and transaction costs
AFR –71
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