for the year ended September 2025
| US$ million | 2025 | 2024 | 2023 | 2022 | 2021 |
| Income statement | |||||
| Sales | 5,420 | 5,458 | 5,809 | 7,296 | 5,265 |
| Variable manufacturing and delivery costs | 3,341 | 3,208 | 3,538 | 4,380 | 3,238 |
| Fixed costs | 1,836 | 1,803 | 1,788 | 1,832 | 1,777 |
| Sundry expenses (income)1 | 67 | 40 | 51 | 46 | 47 |
| Operating profit excluding special items | 176 | 407 | 432 | 1,038 | 203 |
| Special items – (gains) losses | 170 | 225 | 52 | 268 | 57 |
| Operating profit (loss) | 6 | 182 | 380 | 770 | 146 |
| Net finance costs | 89 | 67 | 49 | 97 | 134 |
| Profit (Loss) before taxation | (83) | 115 | 331 | 673 | 12 |
| Taxation charge | 94 | 82 | 72 | 137 | (1) |
| Profit (Loss) for the year | (177) | 33 | 259 | 536 | 13 |
| Adjusted EBITDA | 501 | 684 | 731 | 1,339 | 532 |
| Balance sheet | |||||
| Total assets | 6,072 | 6,206 | 5,796 | 6,229 | 6,186 |
| Non-current assets | 4,333 | 4,208 | 3,742 | 3,430 | 4,255 |
| Current assets | 1,739 | 1,998 | 2,054 | 2,799 | 1,931 |
| Current liabilities | 1,454 | 1,329 | 1,316 | 1,524 | 1,309 |
| Shareholders’ equity | 2,308 | 2,578 | 2,445 | 2,358 | 1,970 |
| Net debt | 1,920 | 1,422 | 1,085 | 1,163 | 1,946 |
| Gross interest-bearing debt | 2,139 | 1,739 | 1,686 | 1,943 | 2,312 |
| Cash | (219) | (317) | (601) | (780) | (366) |
| Capital employed | 4,228 | 4,000 | 3,530 | 3,521 | 3,916 |
| Cash flow | |||||
| Cash generated from operations | 443 | 550 | 659 | 1,267 | 472 |
| Decrease (Increase) in working capital | (89) | 29 | 178 | (270) | 39 |
| Closure and restructuring costs paid | (7) | (280) | – | – | – |
| Finance costs paid | (100) | (69) | (121) | (102) | (110) |
| Finance income received | 16 | 28 | 30 | 10 | 8 |
| Taxation paid | (90) | (50) | (56) | (23) | (2) |
| Dividends paid | (85) | (84) | (85) | – | – |
| Cash generated from operating activities | 88 | 124 | 605 | 882 | 407 |
| Net cash generated (utilised) | (369) | (306) | 210 | 506 | 29 |
| Cash effects of financing activities | 263 | 4 | (416) | (43) | 33 |
| Capital expenditure (gross) | 496 | 458 | 382 | 368 | 374 |
| To maintain operations | 175 | 196 | 170 | 196 | 176 |
| To expand operations | 321 | 262 | 212 | 172 | 198 |
| Exchange rates | |||||
| US$ per one Euro exchange rate – closing | 1.173 | 1.116 | 1.057 | 0.980 | 1.172 |
| US$ per one Euro exchange rate – average (financial year) | 1.106 | 1.084 | 1.068 | 1.085 | 1.196 |
| ZAR to one US$ exchange rate – closing | 17.272 | 17.116 | 18.930 | 18.154 | 14.966 |
| ZAR to one US$ exchange rate – average (financial year) | 18.068 | 18.536 | 18.179 | 15.783 | 14.851 |
1 Sundry items include all income and costs not directly related to manufacturing operations such as debtor securitisation costs, commissions paid and received and results of equity accounted investments.
| US$ million | 2025 | 2024 | 2023 | 2022 | 2021 |
| Statistics | |||||
| Number of ordinary shares (millions)1 | |||||
| In issue at year end | 604.6 | 599.4 | 558.8 | 565.2 | 561.5 |
| Basic weighted average number of shares in issue during the year | 603.9 | 582.4 | 563.6 | 563.3 | 549.7 |
| Per share information (US cents) | |||||
| Basic earnings (loss) | (29) | 6 | 46 | 95 | 2 |
| Diluted earnings (loss) | (29) | 6 | 44 | 90 | 2 |
| Headline earnings (loss) | (15) | 1 | 50 | 130 | 5 |
| Diluted headline earnings (loss) | (15) | 1 | 47 | 122 | 5 |
| Adjusted EPS (US cents) | 8 | 41 | 52 | 138 | 15 |
| Net asset value | 382 | 430 | 438 | 417 | 351 |
| Profitability ratios (%) | |||||
| Operating profit (loss) to sales | 0.1 | 3.3 | 6.5 | 10.6 | 2.8 |
| Operating profit excluding special items to sales | 3.2 | 7.5 | 7.4 | 14.2 | 3.9 |
| Adjusted EBITDA to sales | 9.2 | 12.5 | 12.6 | 18.4 | 10.1 |
| Operating profit excluding special items to capital employed (ROCE) | 4.3 | 10.8 | 12.3 | 27.9 | 5.4 |
| Net debt to EBITDA excluding special items | 4.0 | 2.1 | 1.5 | 0.9 | 3.7 |
| Interest cover | 6.1 | 10.9 | 11.4 | 15.6 | 5.5 |
| Return on average equity (ROE) | (7.2) | 1.3 | 10.8 | 24.8 | 0.7 |
| Debt ratios (%) | |||||
| Net debt to total capitalisation | 45.4 | 35.6 | 30.7 | 33.0 | 49.7 |
| Efficiency ratios | |||||
| Asset turnover (times) | 0.9 | 0.9 | 1.0 | 1.2 | 0.9 |
| Inventory turnover ratio | 5.9 | 5.6 | 6.3 | 7.6 | 5.6 |
| Liquidity ratios | |||||
| Current asset ratio | 1.2 | 1.5 | 1.6 | 1.8 | 1.5 |
| Trade accounts receivable days outstanding (including receivables securitised) | 43 | 48 | 37 | 44 | 47 |
| Cash interest cover (times) | 4.6 | 7.2 | 11.2 | 12.9 | 4.5 |
| Other non-financial information2 | |||||
| Sales volumes | 6,081 | 5,967 | 6,282 | 7,937 | 7,339 |
| Number of full-time equivalent employees | 10,655 | 11,235 | 12,329 | 12,495 | 12,492 |
| LTIFR (including contract employees) | 0.19 | 0.20 | 0.24 | 0.30 | 0.38 |
| Energy | |||||
| Energy intensity (GJ/adt) | 25.38 | 24.92 | 26.19 | 22.11 | 22.30 |
| Renewable and clean energy to total energy (%) | 64.77 | 63.32 | 58.07 | 55.02 | 54.96 |
| Water | |||||
| Specific process water extracted (m3/adt) | 40.08 | 40.81 | 45.24 | 35.33 | 35.88 |
| Waste | |||||
| Specific total landfill (kg/adt) | 60.03 | 64.23 | 80.13 | 58.680 | 60.020 |
| Emissions | |||||
| Specific Scope 1 emissions (ton CO2e/adt) | 0.62 | 0.62 | 0.70 | 0.62 | 0.68 |
| Absolute Scope 1 (ton CO2e) | 3,174,735 | 3,202,668 | 3,506,813 | 4,112,099 | 4,296,971 |
| Specific Scope 2 emissions (ton CO2e/adt) | 0.14 | 0.18 | 0.22 | 0.20 | 0.18 |
| Absolute Scope 2 (ton CO2e) | 742,900 | 924,179 | 1,076,535 | 1,325,659 | 1,146,302 |
| 1 | Net of treasury shares (refer to note 19 to the group financial statements). |
| 2 | Certain energy, water, waste and emissions data for the comparative years have been restated using the latest reporting standards and measurement methodology. |
Refer to share statistics section for other market and share-related information.
Note: Definitions for various terms and ratios used above are included in the Glossary section.