at 30 June
| Notes | Reviewed 30 June 2025 Rm |
Audited 30 June 2024 Rm |
||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | 4 | 17 187 | 18 128 | |||
| Investment properties | 25 | 25 | ||||
| Intangible assets | 44 | 50 | ||||
| Deferred tax assets | 921 | 921 | ||||
| Other financial assets | 12 | 277 | 187 | |||
| Reinsurance contract asset | 16 | 118 | 16 | |||
| Investment in associate | 5 | 1 188 | 1 467 | |||
| Investment in joint venture | 6 | 20 206 | 21 341 | |||
| Other investments | 9 | 18 633 | 12 857 | |||
| Inventories | 10 | – | 330 | |||
| 58 599 | 55 322 | |||||
| Current assets | ||||||
| Inventories | 10 | 892 | 788 | |||
| Trade and other receivables | 11 | 5 385 | 5 187 | |||
| Insurance contract asset | 16 | – | 21 | |||
| Reinsurance contract asset | 16 | 62 | 8 | |||
| Taxation | 135 | 223 | ||||
| Financial assets | 12 | 608 | 817 | |||
| Cash and cash equivalents | 13 | 8 644 | 8 326 | |||
| 15 726 | 15 370 | |||||
| Total assets | 74 325 | 70 692 | ||||
| EQUITY AND LIABILITIES | ||||||
| Capital and reserves | ||||||
| Ordinary share capital | 10 | 11 | ||||
| Share premium | 4 117 | 5 267 | ||||
| Treasury shares | (1 754) | (2 405) | ||||
| Other reserves | 14 155 | 9 485 | ||||
| Retained earnings | 39 333 | 41 648 | ||||
| Equity attributable to equity holders of ARM | 55 861 | 54 006 | ||||
| Non-controlling interest | 4 260 | 4 081 | ||||
| Total equity | 60 121 | 58 087 | ||||
| Non-current liabilities | ||||||
| Long-term borrowings | 14 | 1 399 | 631 | |||
| Deferred tax liabilities | 6 002 | 4 635 | ||||
| Insurance contract liabilities | 16 | 119 | 33 | |||
| Long-term provisions | 22 | 2 163 | 1 812 | |||
| 9 683 | 7 111 | |||||
| Current liabilities | ||||||
| Trade and other payables | 15 | 1 465 | 2 554 | |||
| Short-term provisions | 22 | 1 163 | 1 231 | |||
| Insurance contract liabilities | 16 | 65 | 16 | |||
| Reinsurance contract liabilities | 16 | 886 | 850 | |||
| Taxation | 306 | 345 | ||||
| Overdrafts and short-term borrowings – interest bearing | 14 | 636 | 498 | |||
| 4 521 | 5 494 | |||||
| Total equity and liabilities | 74 325 | 70 692 |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2025 Rm |
Audited F2024 Rm |
||||
| Revenue | 3 | 13 027 | 12 921 | |||
|---|---|---|---|---|---|---|
| Sales | 3 | 11 661 | 11 418 | |||
| Cost of sales1 | (11 851) | (10 541) | ||||
| Gross (loss)/profit | (190) | 877 | ||||
| Other operating income | 17 | 1 619 | 1 914 | |||
| Insurance revenue | 16 | 48 | 45 | |||
| Other operating expenses | 18 | (2 022) | (2 729) | |||
| Insurance service expenses | 16 | (168) | (6) | |||
| Net income/(expenses) from reinsurance contracts held | 16 | 146 | (25) | |||
| (Loss)/profit from operations before capital items | (567) | 76 | ||||
| Income from investments2 | 1 033 | 1 123 | ||||
| Finance costs | (357) | (192) | ||||
| Net finance expenses from insurance contracts issued | 16 | (9) | (6) | |||
| Net finance expenses from reinsurance contracts held | 16 | (50) | (57) | |||
| Share of (loss)/profit from associate | 5 | (87) | 60 | |||
| Share of profit from joint venture | 6 | 3 289 | 4 592 | |||
| Profit before taxation and capital items | 3 252 | 5 596 | ||||
| Capital items before tax | 7 | (2 182) | (3 396) | |||
| Profit before taxation | 1 070 | 2 200 | ||||
| Taxation | 19 | (561) | 96 | |||
| Profit for the year | 509 | 2 296 | ||||
| Attributable to: | ||||||
| Equity holders of ARM | ||||||
| Profit for the year | 330 | 3 146 | ||||
| Basic earnings for the year | 330 | 3 146 | ||||
| Non-controlling interest | ||||||
| Profit/(loss) for the year | 179 | (850) | ||||
| 179 | (850) | |||||
| Profit for the year | 509 | 2 296 | ||||
| Earnings per share | ||||||
| Basic earnings per share (cents) | 8 | 169 | 1 604 | |||
| Diluted basic earnings per share (cents) | 8 | 168 | 1 603 |
| 1 | Increase in cost of sales is mainly due to increased operational costs at Bokoni. |
| 2 | Includes dividends received from Harmony Gold Mining Company Limited (Harmony) of R240 million (F2024: R166 million). |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Financial instruments at fair value through other compre-hensive income Rm |
Other Rm |
Retained earnings Rm |
Total share- holders of ARM Rm |
Non- controlling interest Rm |
Total Rm |
||
| For the year ended 30 June 2024 (Audited) | |||||||
| Profit for the year to 30 June 2024 | – | – | 3 146 | 3 146 | (850) | 2 296 | |
| Other comprehensive loss that will not be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Net impact of revaluation of listed investment – Harmony | 5 198 | – | – | 5 198 | – | 5 198 | |
| Revaluation of listed investment1 | 6 630 | – | – | 6 630 | – | 6 630 | |
| Deferred tax on above | (1 432) | – | – | (1 432) | – | (1 432) | |
| Net impact of revaluation of listed investment – Surge Copper | 19 | – | – | 19 | – | 19 | |
| Revaluation of listed investment1 | 24 | – | – | 24 | – | 24 | |
| Deferred tax on above | (5) | – | – | (5) | – | (5) | |
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Foreign currency translation reserve movement | – | (66) | – | (66) | – | (66) | |
| Total other comprehensive income/(loss) | 5 217 | (66) | – | 5 151 | – | 5 151 | |
| Total comprehensive income/(loss) for the year | 5 217 | (66) | 3 146 | 8 297 | (850) | 7 447 | |
| For the year ended 30 June 2025 (Reviewed) | |||||||
| Profit for the year to 30 June 2025 | – | – | 330 | 330 | 179 | 509 | |
| Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Fair value hedge – Harmony collar hedge2 | – | 53 | – | 53 | – | 53 | |
| Financial asset (refer note 12) | 68 | 68 | 68 | ||||
| Deferred tax on above | (15) | (15) | (15) | ||||
| Net impact of revaluation of listed investment – Harmony | 4 493 | – | – | 4 493 | – | 4 493 | |
| Revaluation of listed investment1 | 5 731 | – | – | 5 731 | – | 5 731 | |
| Deferred tax on above | (1 238) | – | – | (1 238) | – | (1 238) | |
| Net impact of revaluation of listed investment – Surge Copper | 9 | – | – | 9 | – | 9 | |
| Revaluation of listed investment1 | 12 | – | – | 12 | – | 12 | |
| Deferred tax on above | (3) | – | – | (3) | – | (3) | |
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Foreign currency translation reserve movement | – | 73 | – | 73 | – | 73 | |
| Total other comprehensive income | 4 502 | 126 | – | 4 628 | – | 4 628 | |
| Total comprehensive income for the year | 4 502 | 126 | 330 | 4 958 | 179 | 5 137 |
| 1 | The share price of Harmony increased from R168.05 per share at 30 June 2024 to R244.81 per share at 30 June 2025. The share price of Surge Copper increased from C$0.14 per share translated at R13.33 at 30 June 2024 to C$0.17 per share translated at R13.02 at 30 June 2025. The valuation of the investment in Harmony and Surge Copper is based on a level 1 fair value hierarchy level in terms of IFRS® Accounting Standards. |
| 2 | ARM entered into a hedging collar transaction over 18 million ordinary shares of ARM’s equity in Harmony. Risks and rewards to the Harmony shares are retained by ARM. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Other reserves | |||||||||
| Share capital and premium Rm |
Treasury shares Rm |
Financial instruments at fair value through other compre-hensive income Rm |
Share-based payments Rm |
Other1 Rm |
Retained earnings Rm |
Total share-holders of ARM Rm |
Non-controlling interest2 Rm |
Total Rm |
|
| Balance at 30 June 2023 (Audited) | 5 278 | (2 405) | 3 785 | 299 | 226 | 42 031 | 49 214 | 4 931 | 54 145 |
|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income/(loss) for the year | – | – | 5 217 | – | (66) | 3 146 | 8 297 | (850) | 7 447 |
| Profit for the year to 30 June 2024 | – | – | – | – | – | 3 146 | 3 146 | (850) | 2 296 |
| Other comprehensive income/(loss) | – | – | 5 217 | – | (66) | – | 5 151 | – | 5 151 |
| Conditional shares issued to employees | – | – | – | (123) | – | – | (123) | – | (123) |
| Dividend paid3 | – | – | – | – | – | (3 529) | (3 529) | – | (3 529) |
| Share-based payment expense | – | – | – | 151 | – | – | 151 | – | 151 |
| Other | – | – | – | (4) | – | – | (4) | – | (4) |
| Balance at 30 June 2024 (Audited) | 5 278 | (2 405) | 9 002 | 323 | 160 | 41 648 | 54 006 | 4 081 | 58 087 |
| Total comprehensive income for the year | – | – | 4 502 | – | 126 | 330 | 4 958 | 179 | 5 137 |
| Profit for the year to 30 June 2025 | – | – | – | – | – | 330 | 330 | 179 | 509 |
| Other comprehensive income | – | – | 4 502 | – | 126 | – | 4 628 | – | 4 628 |
| Conditional shares issued to employees | – | – | – | (95) | – | – | (95) | – | (95) |
| Dividend paid3 | – | – | – | – | – | (2 644) | (2 644) | – | (2 644) |
| Repurchase of own shares4 | – | (500) | – | – | – | – | (500) | – | (500) |
| Cancellation of repurchased shares4 | (500) | 500 | – | – | – | – | – | – | – |
| Cancellation of treasury shares5 | (651) | 651 | – | – | – | – | – | – | – |
| Share-based payment expense | – | – | – | 137 | – | – | 137 | – | 137 |
| Other | – | – | – | – | – | (1) | (1) | – | (1) |
| Balance at 30 June 2025 (Reviewed) | 4 127 | (1 754) | 13 504 | 365 | 286 | 39 333 | 55 861 | 4 260 | 60 121 |
| 1 | Other reserves consist of the following: |
| F2025 Rm |
F2024 Rm |
F2023 Rm |
|
| Dilution in Two Rivers | (26) | (26) | (26) |
|---|---|---|---|
| Foreign currency translation reserve – Assmang | 241 | 167 | 232 |
| Foreign currency translation reserve – other entities | 89 | 90 | 91 |
| Capital redemption and prospecting loans written off | 28 | 28 | 28 |
| Harmony collar hedge financial instrument | 53 | – | – |
| Tamboti assets sale to Two Rivers | (99) | (99) | (99) |
| Total | 286 | 160 | 226 |
| 2 | Non-controlling interest includes R3 704 million (F2024: R3 531 million) for Two Rivers and R480 million (F2024: R475 million) for Modikwa. |
| 3 | Interim dividend paid of 450 cents (F2024: 600 cents) per share and final dividend paid of 900 cents (F2024: 1 200 cents) per share. |
| 4 | ARM repurchased and cancelled 3 239 681 ordinary shares at an average price of R154.27 per share. |
| 5 | Opilac Proprietary Limited, a wholly owned subsidiary of ARM, effected a distribution in specie of its entire shareholding in ARM, being 12 717 328 ordinary shares. ARM cancelled these shares once the dividend in specie was received. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2025 Rm |
Audited F2024 Rm |
||||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Cash receipts from customers | 12 920 | 13 675 | ||||
| Cash paid to suppliers and employees | (12 875) | (11 904) | ||||
| Cash generated from operations | 20 | 45 | 1 771 | |||
| Interest received | 783 | 917 | ||||
| Interest paid1 | (260) | (97) | ||||
| Taxation paid | (408) | (600) | ||||
| 160 | 1 991 | |||||
| Dividends received from joint venture | 6 | 4 500 | 5 000 | |||
| Dividends received from associate | 5 | 192 | 440 | |||
| Dividends received from investments – Harmony | 240 | 166 | ||||
| Dividend paid to shareholders | (2 644) | (3 529) | ||||
| Net cash inflow from operating activities | 2 448 | 4 068 | ||||
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||
| Additional investment/acquisition of investment in Surge Copper | (3) | (53) | ||||
| Additions to property, plant and equipment to maintain operations | (1 827) | (1 550) | ||||
| Additions to property, plant and equipment to expand operations | (831) | (4 742) | ||||
| Proceeds on disposal of property, plant and equipment | 30 | 4 | ||||
| Investments in financial assets | (619) | (893) | ||||
| Proceeds from financial assets matured | 817 | 678 | ||||
| Net cash outflow from investing activities | (2 433) | (6 556) | ||||
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||
| Repurchase of own shares | (500) | – | ||||
| Cash payments to owners to acquire the entity’s shares | (60) | (78) | ||||
| Long-term borrowings raised | 771 | 479 | ||||
| Long-term borrowings repaid | (43) | (48) | ||||
| Short-term borrowings raised | 154 | 456 | ||||
| Short-term borrowings repaid2 | (19) | (14) | ||||
| Net cash inflow from financing activities | 303 | 795 | ||||
| Net increase/(decrease) in cash and cash equivalents | 318 | (1 693) | ||||
| Cash and cash equivalents at beginning of year | 8 309 | 10 004 | ||||
| Net foreign exchange difference | (1) | (2) | ||||
| Cash and cash equivalents at end of year | 8 626 | 8 309 | ||||
| Made up as follows: | ||||||
| – Available | 13 | 7 591 | 7 625 | |||
| – Cash set aside for specific use | 13 | 1 035 | 684 | |||
| 8 626 | 8 309 | |||||
| Overdrafts | 14 | 18 | 17 | |||
| Cash and cash equivalents per statement of financial position | 8 644 | 8 326 | ||||
| Cash generated from operations per share (cents) | 23 | 903 |
| 1 | Includes interest repayments of lease liabilities of R11 million (F2024: R12 million). |
| 2 | Includes capital repayments of lease liabilities of R17 million (F2024: R6 million). |
The accompanying notes are an integral part of these condensed group financial statements.