IMP 201208230009A
Condensed audited consolidated annual results
year ended 30 June 2012

(Incorporated in the Republic of South Africa)   
Registration No. 1957/001979/06
JSE share code: IMP      ISIN: ZAE 000083648       
("Implats" or "the Company" or "the Group")

Condensed audited consolidated annual results
Year ended 30 June 2012


Mixed performance and a new cultural transformation
model required

Production and costs
Six week strike contributes to a 21% reduction in
platinum produced to 1.45 million ounces and a 24%
increase in unit costs to R13 450 per platinum ounce

Gross profit reduced by 40% to R6.9 billion and
net profit by 37% to R4.3 billion

Capital investment, primarily on major long-term
projects, increased by 38% to R7.3 billion

Earnings and dividend
Headline earnings 38% lower and the final dividend
reduced to 60 cps

The market for PGMs under pressure although
automotive demand remains resilient


The period under review has been dominated by a weakening macro-economic environment driven primarily by the
Eurozone crisis. This crisis has, in particular, led to lower platinum group metals (PGM) prices which are now impacting
the platinum mining industry. At the same time, the South African platinum mining industry has seen the emergence of
a new labour union which is impacting workplace dynamics and in turn operational performance. Disappointingly, the six
week illegal strike at the Impala operations had a significant impact on the production of PGMs and the financial
performance of the Group in FY2012. Cash preservation strategies have been implemented to manage the economic
downturn and operations are continually being assessed to ensure profitability. A full review of the capital spend has been
completed and spend for FY2013 has been reduced to R6.4 billion as compared to the R7.3 billion spent in the current
year. Impala's three new shaft projects, with a collective further investment of R10.2 billion over the next five years, remain
on track for future replacement production. The US$460  million phase 2 expansion at Zimplats continues to make
progress. The conclusion of indigenisation negotiations with the Zimbabwe government remains outstanding for both
Zimplats and Mimosa.

A major new initiative is required to change safety performance at the South African operations. It is with regret that
seven employees and five contractors died in work-related accidents during FY2012. Eleven of these accidents
happened at the Impala operations in Rustenburg and there was one accident at Marula. The Group fatal injury
frequency rate for the year was 0.087 per million hours worked and regressed by 64% compared to FY2011. The lost
time injury rate at 4.96 per million man hours worked for FY2012 remained at similar levels to FY2011 and the total injury
frequency rate improved by 17% to 11.9 per million man hours worked.

There were a number of notable safety milestone achievements in the year. At Impala, major achievements in terms of
fatality free shifts were as follows: #1 shaft: five million, #12 shaft: three million, #11 shaft: two million, #14 shaft and
#16 shaft one million each. Refineries progressed to 8.8 million fatality free shifts and Marula also achieved two million
fatality free shifts. Zimplats reached eight million fatality free shifts and achieved its lowest ever lost time injury frequency
rate of 0.21 per million man hours worked. Zimplats' Ngwarati and Rukodzi Mines, Impala's opencast mining section, as
well as Zimplats' Processing section all achieved zero lost time injuries over the 12 month period.

There are a number of major safety initiatives underway. These include the implementation of new policies, the
development and implementation of a new cultural transformation framework, improved hazard identification and risk
assessment systems, increased training for middle managers, full accredited training for 3 200 safety representatives by
2014 and driving the DuPont STOP process. The South African operations have committed to installing safety nets in
addition to hanging wall bolts on both the Merensky and UG2 stoping horizons and installing proximity warning devices
on mobile trackless mining equipment. Implats has also joined the Chamber of Mines as a full member with a view to
participating in, and contributing to, tripartite industry health and safety initiatives.

Market review
Events influencing PGM markets were centred around macro-economic events rather than fundamentals for the metals
themselves. The recovery seen in world markets post the 2008/9 global financial crisis has been impacted by the
financial woes currently being experienced in Europe.

Record average prices for platinum (US$1 732 per ounce) and palladium (US$734 per ounce) during 2011 deflated
sharply in September 2011 when first Greece and then Italy's fiscal problems became known. Investor sentiment shifted
to one of lowering risk through heavily liquidating forward markets. As a result, platinum prices fell from a high of
US$1 880 per ounce in September 2011 to a low of US$1 538 per ounce in that month  an 18% decline. In the same
month, palladium prices fell from a high of US$786 per ounce to a low of US$626 per ounce  a reduction of 20%.

A short-term platinum price recovery was seen early in 2012 and this was driven by lower interest rates and the strike
at Impala in Rustenburg. However, European concerns and negative investor sentiment saw platinum prices reduce from
a high of US$1 700 per ounce in February 2012 to US$1 400 per ounce by the end of June 2012. Palladium was similarly
affected and closed the year at US$568 per ounce. These prices, in conjunction with low productivity and high mining
costs, have stressed the platinum mining industry.

When compared to 2010, light duty vehicle sales for 2011 increased by 4% to 75 million units. For the six months of
2012, in excess of 40 million vehicles were sold, pointing to an annualised rate of nearly 81 million units, driven primarily
by increases in the US, China and Japan, offsetting the weakness in Europe. This level of sales underpins demand for

Platinum jewellery sales for 2011 increased by 2.5% when compared to sales in 2010. This increase was driven by
Chinese purchasers taking advantage of lower platinum metal prices and its relative discount to the price of gold. Sales
for the first half of 2012 have continued at these modest rates.

On the physical exchange traded fund (ETF) market investment in platinum increased by 140 000 ounces during 2011
and continued to grow marginally to June 2012 with the current balance now totalling 1.45 million ounces. Palladium
holdings reduced by over half a million ounces during 2011 to end at 1.74 million ounces. This has since recovered
somewhat and the balance at the end of June 2012 was 2.06 million ounces.

However it is in the forward markets that most of the change has occurred. In September 2011 over 0.8 million ounces
of platinum and 1.1 million ounces of palladium were liquidated and were the main drivers for the price reductions during
that period. During the first six months of 2012 there has been a marginal increase in platinum holdings whilst palladium
witnessed further liquidation.

Financial review
The financial performance of the Group for FY2012 was significantly affected by the six week strike at Impala during
February and March 2012. Revenues, at R27.6 billion, were R5.5 billion lower from that achieved in FY2011. Reduced
volumes contributed R6.1 billion of this and was made up as follows:
  The strike reduced platinum production by 150 000 ounces, palladium production by 77 000 ounces, rhodium
   production by 19 000 ounces and nickel production by 900 tonnes. This reduced revenue by R2.8 billion.
  A stock build-up in the current year, compared to a release in the previous year, resulted in lower revenue of R2.2
  Other reductions in volumes at Impala, partially due to safety stoppages combined with lower volumes through IRS,
   resulted in lower revenues of R1.1 billion.

In total, lower dollar metal prices reduced revenues by R1.9 billion, primarily due to reduced US$ prices for platinum,
rhodium and nickel which each reduced by 5%, 30% and 19% respectively. This was more than offset by the weaker
rand of R7.71 (previous year of R7.03) which resulted in revenues increasing by R2.4 billion.
Group unit costs increased by 24% from R10 867 per platinum ounce to R13 450 per ounce and were affected by:
  Group inflation of 13.9% comprising:
   Inflation for the South African operations of 12.3% due to:
    normal wage increases of 10.0%;
    once off additional wage adjustments of 3.9%;
    consumables increasing by 7.4%; and
    an increase in the price of utilities of 22.8%.

   Inflation at the Zimbabwean operations of 23.1% comprising dollar inflation of 11.2% compounded by a weaker rand.
   The dollar inflation was mainly due to:-
    wage increases of 7.2%;
    consumables increasing by 5.4%; and
    electricity price increases of 47.8%.
  The lower volumes due to the strike (marginally offset by reduced costs) resulted in unit costs increasing by 10.9%.
   Other reductions in volumes accounted for a further 3% increase in unit costs, which was offset by the change in the
   accounting estimate for the capitalisation of development costs.

Cash generated from operations amounted to R5.0 billion (FY2011: R8.3 billion). Cash utilised on capital expenditure
amounted to R7.3 billion (FY2011: R5.3 billion) mainly on #20, #16 and #17 shafts at Impala and the Ngezi phase 2
project at Zimplats. Cash reduced from R4.5 billion to R0.6 billion and total borrowings in the Group increased by R1.2
billion to R3.0 billion, leaving the Group in a net borrowed position at the year end. As a result, and given expected
continued pressure on margins, the Board has resolved to increase the dividend cover to 3.5 times earnings, thereby
limiting the final dividend to 60 cents per share.

Operational review
Performance at Impala was adversely affected by the six week illegal strike in February and March 2012 and the slow
build-up of mining volumes once the strike had ended. The strike was caused by rock drill operators' dissatisfaction with
their wages. Initiatives are underway to normalise employee relations and engender respect throughout the organisation.

Volumes mined reduced by 24% to 10.65 million tonnes for FY2012 while headgrade reduced to 4.38 g/t and
1.71 million tonnes of low grade surface material was processed. Production from the Merensky Reef horizon increased
marginally to 43.4%. Conventional development metres, again mainly as a result of the strike, reduced by 28% to
70.6 kilometres and this reduction has had a negative effect on ore reserve flexibility. Overall, Impala had a 20% reduction
in refined platinum production to 750 100 ounces. Unit costs per refined platinum ounce excluding share-based
payments increased by 29% to R13 913 primarily due to the low production volumes.

Capital expenditure increased by 24% to R5.3 billion, the bulk of which was spent on the new #20, #16, and #17 shaft
development projects and decline brownfield projects. It is pleasing to report that #20 shaft has now commenced with its
production build-up. The equipping of the #16 shaft commenced during the year and underground development
continues via the ventilation shaft. At #17 shaft, sinking has reached a position of 1 609m below surface and the Merensky
Reef intersection is being excavated and supported prior to the resumption of sinking. Development on the 22nd level
continued through the ventilation shaft. The refrigeration plant construction is progressing well and commissioning is
planned for the December 2012 quarter.

A project to replace the final metals processing facility of the precious metals refining plant has been approved for R2.1
billion. Subject to legislative approvals, the project will start during FY2013 and is planned for completion by 2019.

Zimplats once again delivered an excellent operational performance. Tonnes milled increased by 4% from FY2011 to
4.39 million resulting in a 3% increase in platinum matte production of 187 100 ounces. Unit cost per platinum ounce in
matte increased by 6% to US$1 239, driven by steep increases in power tariffs and wages.

The phase 2 expansion project remained on track. The concentrator and related infrastructure development are on
schedule for commissioning in April 2013, whilst the tailings dam will be completed in September this year.

A new indigenisation plan presented to the Government of Zimbabwe in March 2012 was accepted in principle.

Management remains in discussions with the Government to finalise certain critical details of the plan.

Mimosa had a marginal increase in tonnes milled, grade and recoveries to 2.32 million, 3.9 g/t and 77.3% respectively.
This resulted in a 1% increase in platinum production in concentrate to 105 950 ounces. Unit costs per platinum ounce
in concentrate increased by 6% to US$1 453 due to a combination of higher wage and power costs. The indigenisation
plan is being advanced with the Goverment of Zimbabwe and is receiving priority attention.

Tonnes milled at Marula increased by 2.4% to 1.58 million tonnes which was in line with planned levels. Grade declined
by 4.8% to 4.18 g/t due to a higher proportion of development tonnage in the latter part of the financial year. With
recoveries unchanged at 85.2%, platinum production in concentrate was 69 100 ounces. Unit costs per platinum ounce
in concentrate, excluding share based compensation, declined by 2.4% to R16 483.

Tonnes milled at Two Rivers increased by 5.2% to 3.1 million tonnes. Whilst the processing of the Merensky Reef trial
mining reduced the headgrade by 2.1% to 3.86g/t, recoveries improved to 84.3%. The increase in tonnes milled boosted
platinum production to 149 900 ounces in concentrate. Unit costs increased by 12.5% to R10 814 per platinum ounce
which was in line with planned levels.

Refined platinum production declined by 22% to 698 000 ounces due to a fall in the third party and toll treatment
contracts over which the Group has no control. This was due to a combination of the once-off toll treatment for Lonmin
in the corresponding period a year ago, the closures at Aquarius Platinum and operational challenges at Eastern

It is pleasing to announce that the Implats Board has approved the first phase of the Leeuwkop capital project located
on the Afplats property. The mine is designed to produce 2.16 million tonnes per annum and 145 000 ounces of platinum
per annum from the UG2 Reef horizon between 1 000m and 1 800m below surface. First production is planned in 2021
and will be sustained for a period of 19 years. The UG2 will be mined at a relatively wide average 137cm channel width.
The total capital required in real terms is R9.8 billion of which R261 million has been approved for the sinking of the 10m
diameter Main Shaft down to 330m below surface during the next financial year.

The global economic climate is finely balanced between a gradual recovery, supported in some measure by further
government stimulus packages, and an unwelcome visit back to recession, driven by the inability of world leaders,
particularly those in Europe, to find sustainable solutions to their financial woes. Whilst the former scenario, coupled with
meaningfully reduced South African supply would see the markets move towards tighter conditions thereby supporting
prices, the latter would result in further reduction in margins and a reassessment of capital plans going forward.

KDK Mokhele	                              TP Goodlace	                                         Johannesburg
Chairman	                              Chief Executive Officer	                               23 August 2012

Declaration of final cash dividend
Notice is hereby given that a gross final dividend of 60 cents per share for the year ended 30 June 2012 has been
declared payable to shareholders of ordinary shares. The dividend has been declared out of income reserves. The
number of ordinary shares in issue at the date of this declaration is 631.99 million. The dividend will be subject to a local
dividend tax rate of 15% which will result in a net dividend, to those shareholders who are not exempt from paying
dividend tax, of 51 cents per share. There are no Secondary Tax on Companies (STC) credits to be set off against the
dividend tax. The Company's tax reference number is 9700/178/71/9. The salient dates relating to the payment of the
dividend are as follows:

Last day to trade cum dividend on the JSE	                                               Friday, 7th September 2012
First trading day ex dividend on the JSE	                                              Monday, 10th September 2012
Record date	                                                                              Friday, 14th September 2012
Payment date	                                                                              Monday, 17th September 2012

The dividend is declared in the currency of the Republic of South Africa. Payments from the London transfer office will
be made in United Kingdom currency at a spot rate of exchange ruling on Thursday, 13th September 2012, or on the
first day thereafter on which a rate of exchange is available.

A further announcement stating the Rand/GBP conversation will be released through the relevant South African and
United Kingdom news services on Friday, 14th September 2012.

No share certificates may be dematerialised or rematerialised between Monday, 10th September 2012 and Friday, 14th
September 2012, both days inclusive. Dividends in respect of certificated shareholders will be transferred electronically
to shareholders' bank accounts on the payment date. In the absence of specific mandates, dividend cheques will be
posted to shareholders. Shareholders who hold dematerialised shares will have their accounts at their Central Securities
Depository Participant ("CSDP") or broker credited on 17 September 2012.

By order of the Board

A Parboosing	                                                                                         Johannesburg
Company Secretary	                                                                               23 August 2012

Operating statistics                                                                                                
                                                                                                   Year      Year   
                                                                                                  ended     ended   
                                                                                                30 June   30 June   
                                                                                                   2012      2011   
Gross refined production                                                                                            
Platinum                                                                              (000oz)     1 448     1 836   
Palladium                                                                             (000oz)       950     1 192   
Rhodium                                                                               (000oz)       210       262   
Nickel                                                                                 (000t)      15.4      16.3   
IRS metal returned (toll refined)                                                                                   
Platinum                                                                              (000oz)       121       220   
Palladium                                                                             (000oz)       148       210   
Rhodium                                                                               (000oz)        25        42   
Nickel                                                                                 (000t)       3.1       3.4   
Sales volumes                                                                                                       
Platinum                                                                              (000oz)     1 368     1 665   
Palladium                                                                             (000oz)       765     1 011   
Rhodium                                                                               (000oz)       183       221   
Nickel                                                                                 (000t)      13.9      15.5   
Prices achieved                                                                                                     
Platinum                                                                             (US$/oz)     1 614     1 691   
Palladium                                                                            (US$/oz)       687       670   
Rhodium                                                                              (US$/oz)     1 601     2 275   
Nickel                                                                                (US$/t)    19 513    23 965   
Consolidated statistics                                                                                             
Average exchange rate achieved                                                        (R/US$)      7.71      7.03   
Closing exchange rate for the period                                                  (R/US$)      8.17      6.77   
Revenue per platinum ounce sold                                                      (US$/oz)     2 601     2 799   
                                                                                       (R/oz)    20 054    19 677   
Tonnes milled ex-mine                                                                  (000t)    17 788    20 974   
PGM refined production                                                                (000oz)     3 016     3 772   
Capital expenditure                                                                      (Rm)     8 142     5 540   
Group unit cost per platinum ounce:                                                  (US$/oz)     1 737     1 545   
 Excluding share based cost                                                            (R/oz)    13 450    10 867   
Group unit cost per PGM ounce:                                                       (US$/oz)       848       761   
 Excluding share based cost                                                            (R/oz)     6 564     5 350   

Additional statistical information is available on the Company's internet website.                                  

Approval of the financial statements

The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation
of the financial statements and related information in a manner that fairly presents the state of the affairs of the Company.
These financial statements are prepared in accordance with International Financial Reporting Standards and incorporate
full and responsible disclosure in line with the accounting policies of the Group which are supported by prudent
judgements and estimates.

The financial statements have been prepared under the supervision of the Chief Financial Officer Ms B Berlin, CA(SA).

The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structure and procedures. These systems are designed to provide reasonable assurance as
to the reliability of the financial statements, and to prevent and detect material misstatement and loss.

The financial statements have been prepared on a going-concern basis as the directors believe that the Company and
the Group will continue to be in operation in the foreseeable future.

The financial statements have been approved by the Board of directors and are signed on their behalf by:

KDK Mokhele	                                   TP Goodlace	                                           Johannesburg
Chairman	                                   Chief Executive Officer	                         23 August 2012

Consolidated statement of financial position

                                                         As at      As at
                                                       30 June    30 June
R millions                                    Notes       2012       2011
Non-current assets
Property, plant and equipment                     5     40 169     33 137
Exploration and evaluation assets                        4 294      4 294
Intangible assets                                        1 018      1 018
Investment in associates                                 1 021        904
Available-for-sale financial assets                         32         15
Held-to-maturity financial assets                           49         61
Loans                                             6      1 227      2 236
Prepayments                                             11 129     11 143
                                                        58 939     52 808
Current assets
Inventories                                              7 081      5 471
Trade and other receivables                              4 305      3 989
Loans                                             6        538        232
Prepayments                                                571        562
Cash and cash equivalents                                1 193      4 542
                                                        13 688     14 796
Total assets                                            72 627     67 604
Equity and liabilities
Equity attributable to owners of the Company
Share capital                                           15 187     14 228
Retained earnings                                       34 949     34 136
Other components of equity                                  32      (801)
                                                        50 168     47 563
Non-controlling interest                                 2 307      2 047
Total equity                                            52 475     49 610
Non-current liabilities
Deferred tax liability                                   9 625      8 337
Borrowings                                        7      2 882      1 698
Liabilities                                                812        831
Provisions                                                 757        614
                                                        14 076     11 480
Current liabilities
Trade and other payables                                 4 858      5 656
Current tax payable                                        176        226
Borrowings                                        7        121        144
Bank overdraft                                             606         
Liabilities                                                315        488
                                                         6 076      6 514
Total liabilities                                       20 152     17 994
Total equity and liabilities                            72 627     67 604

Consolidated statement of comprehensive income

                                                                                       Year ended   Year ended   
                                                                                          30 June      30 June   
R millions                                                                     Notes         2012         2011   
Revenue                                                                                    27 593       33 132   
Cost of sales                                                                      8     (20 641)     (21 490)   
Gross profit                                                                                6 952       11 642   
Other operating expenses                                                                    (696)        (645)   
Royalty expense                                                                             (664)        (804)   
Profit from operations                                                                      5 592       10 193   
Finance income                                                                                314          343   
Finance cost                                                                                (305)        (530)   
Net foreign exchange transaction gains/(losses)                                               520        (448)   
Other income/(expenses)                                                                        12        (235)   
Share of profit of associates                                                                 117          238   
Profit before tax                                                                           6 250        9 561   
Income tax expense                                                                        (1 951)      (2 751)   
Profit for the period                                                                       4 299        6 810   
Other comprehensive income, comprising items subsequently                                                        
reclassified to profit or loss:                                                                                  
Available-for-sale financial assets                                                           (3)            6   
 Deferred tax thereon                                                                                          
Exchange differences on translating foreign operations                                      1 356        (692)   
 Deferred tax thereon                                                                       (379)          195   
Other comprehensive income, comprising items not subsequently                                                    
reclassified to profit or loss:                                                                                  
Actuarial loss on post-employment medical benefit                                             (4)               
 Deferred tax thereon                                                                           1               
Total comprehensive income                                                                  5 270        6 319   
Profit attributable to:                                                                                          
Owners of the Company                                                                       4 180        6 638   
Non-controlling interest                                                                      119          172   
                                                                                            4 299        6 810   
Total comprehensive income attributable to:                                                                      
Owners of the Company                                                                       5 010        6 213   
Non-controlling interest                                                                      260          106   
                                                                                            5 270        6 319   
Earnings per share (cents per share)                                                                             
 Basic                                                                                        690        1 105   
 Diluted                                                                                      689        1 104   

For headline earnings per share and dividend per share refer notes 9 and 10.                                     

Consolidated statement of changes in equity

                                         Number                              Share-                                            Foreign                       Attributable to:
                                      of shares                               based      Total                                currency     Total other     Owners           Non-
                                         issued      Ordinary      Share    payment      share   Retained    Fair value    translation      components     of the    controlling      Total
R millions                            (million)*       shares    premium    reserve    capital   earnings       reserve        reserve       of equity    Company       interest     equity

Balance at 30 June 2011                  600.99            15     12 223      1 990     14 228     34 136            (9)         (792)           (801)     47 563          2 047     49 610
Shares issued
  Share option scheme                      0.13                       8                     8                                                                  8                         8
  Employee Share Ownership Programme       5.45             1        868         82        951                                                                951                       951
Total comprehensive income                                                                          4 177            (3)          836              833      5 010            260      5 270
Dividends                                                                                         (3 364)                                                 (3 364)                   (3 364)

Balance at 30 June 2012                  606.57            16     13 099      2 072     15 187     34 949           (12)           44               32     50 168          2 307     52 475

Balance at 30 June 2010                  600.44            15     12 146      1 990     14 151     30 017           (15)         (361)           (376)     43 792          1 941     45 733
Shares issued
  Share option scheme                      0.11                       7                     7                                                                  7                         7
  Employee Share Ownership Programme       0.44                      70                    70                                                                 70                        70
Total comprehensive income                                                                          6 638             6          (431)           (425)      6 213            106      6 319
Dividends                                                                                         (2 519)                                                 (2 519)                   (2 519)

Balance at 30 June 2011                  600.99            15     12 223      1 990     14 228     34 136            (9)         (792)           (801)     47 563          2 047     49 610

*The table above excludes the treasury shares, Morokotso Trust and the Implats share incentive scheme as these special purpose entities are consolidated

Consolidated statement of cash flows

                                                                       Year ended   Year ended   
                                                                          30 June      30 June   
R millions                                                                   2012         2011   
Cash flows from operating activities                                                             
Profit before tax                                                           6 250        9 561   
Adjustments to profit before tax                                            1 499        1 107   
Cash from changes in working capital                                      (1 133)        (371)   
Exploration costs                                                            (63)         (44)   
Finance cost                                                                (150)        (179)   
Income tax paid                                                           (1 425)      (1 805)   
Net cash from operating activities                                          4 978        8 269   
Cash flows from investing activities                                                             
Purchase of property, plant and equipment                                 (7 284)      (5 293)   
Proceeds from sale of property, plant and equipment                            52            4   
Purchase of investment in associate                                           (5)         (55)   
Payment received from associate on shareholders' loan                          22          272   
Loans granted                                                               (120)         (33)   
Loan repayments received                                                      509          394   
Prepayment made                                                             (233)               
Prepayments refunded                                                           11               
Finance income                                                                281          250   
Dividends received                                                              9            5   
Net cash used in investing activities                                     (6 758)      (4 456)   
Cash flows from financing activities                                                             
Issue of ordinary shares                                                      877           77   
Lease liability repaid                                                       (44)         (19)   
Repayments of borrowings                                                    (197)        (836)   
Proceeds from borrowings                                                      464          253   
Dividends paid to Company's shareholders                                  (3 364)      (2 519)   
Net cash used in financing activities                                     (2 264)      (3 044)   
Net (decrease)/increase in cash and cash equivalents                      (4 044)          769   
Cash and cash equivalents at beginning of year                              4 542        3 858   
Effect of exchange rate changes on cash and cash equivalents held in                             
foreign currencies                                                             89         (85)   
Cash and cash equivalents at end of year                                      587        4 542   

Segment information

The Group distinguishes its segments between mining operations, refining services (which include metals
purchased and toll refined) and other.

Management has determined the operating segments based on the business activities and management
structure within the Group. Operating segments have consistently adopted the consolidated basis of
accounting and there are no differences in measurement applied.

Capital expenditure comprises additions to property, plant and equipment (note 5), including additions
resulting from acquisitions through business combinations.

Sales to the two largest customers in the Impala mining segment comprised 10% and 12% (2011: 10%
each) of total sales.

The statement of comprehensive income shows the movement from gross profit to total profit before
income tax.

Summary of business segments:

                                           2012                        2011
R millions                         Revenue  Gross profit        Revenue      Gross profit
 Impala                             27 029         3 289         32 030             7 511
  Mining                            13 009         3 284         18 441             7 486
  Metals purchased                  14 020             5         13 589                25
 Zimplats                            3 665         1 784          3 709             2 133
 Marula                              1 197           (80)         1 300               (41)
 Mimosa                              1 201           518          1 284               717
 Afplats*                                            (1)                             (1)
Inter-segment adjustment            (5 796)          140         (5 975)              (34)

External parties                    27 296         5 650         32 348            10 285

Refining services                   14 069         1 372         14 273             1 419
 Inter-segment adjustment          (13 772)          (70)       (13 489)              (62)

External parties                       297         1 302            784             1 357

Total external parties              27 593         6 952         33 132            11 642

                                   Capital         Total        Capital             Total
R millions                     expenditure        assets    expenditure            assets
 Impala                              5 269        45 149          4 240            43 500
 Zimplats                            2 137         8 394            840             5 568
 Marula                                223         3 268            242             3 317
 Mimosa                                248         1 979            186             1 593
 Afplats*                              265         7 514             32             7 264

Total mining                         8 142        66 304          5 540            61 242
Refining services                                  4 972                            5 330
Other                                              1 351                            1 032

Total                                8 142        72 627          5 540            67 604

*Includes Imbasa and Inkosi.

Notes to the financial information

1.   General information
     Impala Platinum Holdings Limited (Implats) is a primary producer of platinum and associated platinum group
     metals (PGMs). The Group has operations on the Bushveld Complex in South Africa and the Great Dyke in
     Zimbabwe, the two most significant PGM-bearing ore bodies globally.

     The Company has its primary listing on the Johannesburg Stock Exchange and a secondary listing on the
     London Stock Exchange.

     The condensed consolidated financial information was approved for issue on 23 August 2012 by the Board of

2.   Audit opinion
     The consolidated statement of financial position at 30 June 2012 and the related consolidated statement of
     comprehensive income, statement of changes in equity and cash flow statement for the year then ended was
     audited by the Group's auditors, PricewaterhouseCoopers Inc. The individual auditor assigned to perform
     the audit is Mr JP van Staden. Their unqualified audit opinion is available for inspection at the Company's
     registered office.

3.   Basis of preparation
     The condensed consolidated financial information for the year ended 30 June 2012 has been prepared in
     accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards
     Board (in particular IAS 34, Interim financial reporting'), the AC 500 standards as issued by the Accounting
     Practices Board or its successor, requirements of the South African Companies Act, 2008 and Listings
     Requirements of the JSE Limited.

     The condensed consolidated financial information should be read in conjunction with the annual financial
     statements for the year ended 30 June 2011, which have been prepared in accordance with IFRS.
     The condensed consolidated financial information has been prepared under the historical cost convention
     except for certain financial assets, financial liabilities and derivative financial instruments which are measured
     at fair value and liabilities for cash-settled share-based payment arrangements which are measured with a
     binomial option model.

     The condensed consolidated financial information is presented in South African rand, which is the Company's
     functional currency.

4.   Accounting policies
     The principal accounting policies applied are in terms of IFRS and are consistent with those of the annual
     financial statements for the previous year, except for the adoption of various revised and new standards. The
     adoption of these standards had no impact on the financial results of the Group, except as indicated below:

      IAS 1 (amendment) Presentation of Financial Statements (effective 1 July 2012). Amendment requiring items
       of other comprehensive income being grouped into those that will subsequently not be reclassified to profit
       and loss and those that will. This amendment required disclosure in the statement of comprehensive income
       indicating that all items will subsequently be reclassified to profit and loss.

      IAS 19 (amendment) Employee Benefits (effective 1 January 2013). The amendments eliminates the option
       to defer the recognition of actuarial gains and losses, streamlines the presentation of changes in assets and
       liabilities arising from defined benefit plans including the requirement that remeasurements be presented in
       other comprehensive income, and enhances the disclosure requirements for defined benefit plans to provide
       better information about the characteristics of defined benefit plans and the risks that entities are exposed to
       through participation in those plans.

      IAS 34 Interim Financial Reporting (effective 1 January 2013). Consequential amendment from IFRS 13
       requiring additional disclosure for Financial Instruments in the Interim Financial Report.

5.   Property, plant and equipment
     R millions                                                                             2012              2011

     Opening net book amount                                                              33 137            29 646
     Additions                                                                             8 104             5 539
     Interest capitalised                                                                     38                 1
     Disposals                                                                              (579)              (54)
     Depreciation                                                                         (1 708)           (1 372)
     Exchange adjustment on translation                                                    1 177              (623)

     Closing net book amount                                                              40 169            33 137

     Capital commitment
     Capital expenditure approved at 30 June 2012 amounted to R23.3 billion (2011: R25.5 billion), of which R4.3
     billion (2011: R2.0 billion) is already committed. This expenditure will be funded internally and, if necessary,
     from borrowings.	

6.   Loans
     R millions                                                                             2012              2011

     Summary  Balances
     Shanduka Resources                                                                                       176
     Employee housing                                                                         39                30
     Advances                                                                              1 402             1 923
     Reserve Bank of Zimbabwe (RBZ)                                                          308               339
     Contractors                                                                              16                 

                                                                                           1 765             2 468
     Short-term portion                                                                     (538)             (232)

     Long-term portion                                                                     1 227             2 236

     Summary  Movement
     Beginning of the year                                                                 2 469             2 558
     Loans granted during the year                                                           123               912
     Present value adjustment                                                                                (284)
     Interest accrued                                                                         76               140
     Impairment                                                                             (378)              (87)
     Repayment received                                                                     (963)             (446)
     Exchange adjustments                                                                    438              (325)

     End of the year                                                                       1 765             2 468

7.   Borrowings
     R millions                                                                             2012              2011

     Summary  Balances
     Standard Bank Limited  BEE Partners Marula                                             882               885
     Standard Bank Limited  Loan 1 Zimplats expansion                                                        102
     Standard Bank Limited  Loan 2 Zimplats expansion                                       637               244
     Stanbic & Standard Chartered                                                             63                 
     Finance leases                                                                        1 421               611
                                                                                           3 003             1 842
     Short-term portion                                                                     (121)             (144)
     Long-term portion                                                                     2 882             1 698 
     Summary  Movement
     Beginning of the year                                                                 1 842             2 128
     Proceeds                                                                                464               253
     Leases capitalised                                                                      769               373
     Interest accrued                                                                        210               168
     Repayments                                                                             (372)           (1 029)
     Exchange adjustments                                                                     90               (51)
     End of the year                                                                       3 003             1 842

8.   Cost of sales
     Included in cost of sales:
     On-mine operations                                                                    9 906             9 862
       Wages and salaries                                                                  5 811             5 590
       Share-based compensation*                                                            (307)              (90)
       Materials and consumables                                                           3 697             3 781
       Utilities                                                                             705               581
     Concentrating and smelting operations                                                 2 777             2 601
       Wages and salaries                                                                    561               517
       Materials and consumables                                                           1 375             1 355
       Utilities                                                                             841               729
     Refining operations                                                                     855               833
       Wages and salaries                                                                    390               358
       Share-based compensation                                                              (28)                8
       Materials and consumables                                                             392               383
       Utilities                                                                             101                84
     Depreciation of operating assets (note 5)                                             1 708             1 372
     Metals purchased                                                                      6 855             6 835
     Change in metal inventories                                                          (1 460)              (13)
                                                                                          20 641            21 490
     The following disclosure items are included in cost of sales:
     Repairs and maintenance expenditure on property, plant and equipment                  1 119             1 038
     Operating lease rentals                                                                  49                28

     *Includes concentrating and smelting

9.   Headline earnings
     R millions                                                                            2012              2011

     Headline earnings attributable to equity holders of the Company arises
     from operations as follows:
     Profit attributable to owners of the Company                                         4 180             6 638
       Profit on disposal of property, plant and equipment                                  (40)               (1)
       Loss on disposal of investment                                                                          3
       Total tax effect of adjustments                                                       11                (1)

     Headline earnings                                                                    4 151             6 639

     Weighted average number of ordinary shares in issue for basic
     earnings per share (millions)                                                       606.21            600.76

     Weighted average number of ordinary shares for diluted earnings
     per share (millions)                                                                606.34            601.10
     Weighted average number of ordinary shares increased mainly due to the
     sale of 5.07 million shares held by the Morokotso Trust

     Headline earnings per share (cents)
     Basic                                                                                  685             1 105
     Diluted                                                                                685             1 104

10. Dividends
    On 23 August 2012, a sub-committee of the Board declared a final dividend of 60 cents per share amounting
    to R364 million for distribution in financial year 2013 in respect of financial year 2012. The dividend will be
    subject to new dividend tax imposed by the South African Revenue Services authority which became effective
    1 April 2012. Secondary Tax on Companies (STC) will not apply to the dividend. The new dividend tax will result
    in the shareholder being taxed on the dividend and not the Company.
    R millions                                                                            2012               2011

    Dividends paid
    Final dividend No 87 for 2011 of 420 (2010: 270) cents per share                     2 546              1 622
    Interim dividend No 88 for 2012 of 135 (2011: 150) cents per share                     818                897

                                                                                         3 364              2 519
11. Contingent liabilities and guarantees
    The Group has a contingent liability of US$36 million for Additional Profits Tax (APT) raised by ZIMRA (Zimbabwe
    Revenue Authority) consisting of an additional assessment of US$27 million in respect of the tax period 2007 to
    2009 and an APT amount of US$9 million for 2011 based on the assumption that this amount would be payable
    should the Zimplats appeal against the ZIMRA interpretation of the APT provisions fail in the Special Court of
    Tax Appeals. Management, supported by the opinions of its tax advisors, strongly disagrees with the ZIMRA
    interpretation of the provisions.

    As at the end of June 2012 the Group had bank and other guarantees of R598 million (2011: R606 million) from
    which it is anticipated that no material liabilities will arise.

12. Related party transactions

     The Group entered into purchase transactions of R2 469 million (2011: R2 292 million) with Two Rivers
      Platinum, an associate company, resulting in an amount payable of R607 million (2011: R652 million). It also
      received refining fees and interest to the value of R22 million (2011: R30 million). After capital repayment
      received during the period the shareholders loan amounted to R49 million (2011: R71 million). These
      transactions are entered into on an arm's length basis at prevailing market rates.

     The Group entered into sale and leaseback transactions with Friedshelf, an associate company. A profit of
      R200 million (2011: R253 million) was made on the sale of the property which is deferred and amortised over
      the lease term. At the end of the year an amount of R1 202 million (2011: R373 million) was outstanding in
      terms of the lease liability. During the year interest of R80 million (2011: Rnil) was charged and a R20 million
      (2011: Rnil) repayment was made. The lease has an effective interest rate of 10.1% and 10.8% (2011: 10.8%).

      Key management compensation:                                                     
      R millions                                                       2012      2011   
      Non-executive directors remuneration                            7 435      6 201   
      Executive directors remuneration                               25 532     28 320   
      Prescribed officers                                             9 777     11 708   
      Senior executives and Company Secretary                        24 325     30 512   
      Total                                                          67 069     76 741   

13. Financial instruments                                                        
    Financial assets  carrying amount                                               
    Loans and receivables                                             6 218     10 092   
    Financial instruments at fair value through profit and loss1         24         33   
    Held-to-maturity financial assets                                    49         61   
    Available-for-sale financial assets1                                 32         15   
                                                                      6 323     10 201   
    Financial liabilities  carrying amount                                          
    Financial liabilities at amortised cost                           7 777      7 255   
    Financial instruments at fair value through profit and loss1         24         33   
                                                                      7 801      7 288   

    The carrying value of financial instruments is a reasonable approximation of fair value.

    (1) Level 1 of the fair value hierarchy  Quoted prices in active markets for the same instrument

Corporate information
(Incorporated in the Republic of South Africa)   
Registration No. 1957/001979/06
JSE share code: IMP      ISIN: ZAE 000083648       
("Implats" or "the Company" or "the Group")

Registered Office
2 Fricker Road, Illovo, 2196. (Private Bag X18, Northlands, 2116)

Transfer Secretaries
South Africa: Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107
United Kingdom: Computershare Investor Services plc. The Pavilions, Bridgwater Road, Bristol, BS13 8AE

Deutsche Securities (SA) (Pty) Limited

KDK Mokhele (Chairman), TP Goodlace (Chief Executive Officer), B Berlin (Chief Financial Officer),
HC Cameron, PA Dunne, MSV Gantsho, JM McMahon*, AA Maule, B Ngonyama, TV Mokgatlha, NDB Orleyn,
OM Pooe

Please contact the Company Secretary at (011) 731 9000, or via e-mail at or by post at Private Bag X18, Northlands 2116, South Africa, for
further information, if required.
Date: 23/08/2012 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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