Preliminary summarised consolidated annual results for the financial year ended 30 June 2022 and cash dividend

(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP 
ISIN: ZAE000083648
("Implats" or "the Group")

Preliminary summarised consolidated annual results for the financial year ended 30 June 2022 and cash dividend

Key features for FY2022:
- Regrettably, seven fatal injuries recorded at managed operations
- 14% improvement in LTIFR* to 4.21 and 1% improvement in TIFR* to 9.76
- R4.3bn allocated over next five years to energy security and decarbonisation
- MSCI ESG rating upgraded to 'A' from 'BBB'
- Five-year wage agreement secured for South African operations
- 4% decrease in gross 6E concentrate volumes to 3.17Moz
- 4% decline in 6E sales volumes to 3.15Moz 
- Group unit costs per 6E rose 17% to R17 364/oz (stock-adjusted) 
- Consolidated Group capital expenditure of R9.1bn
- 4% increase in attributable 6E Mineral Reserves to 55.7Moz
- Dollar revenue per 6E ounce sold down 4% to US$2 481/oz on softer rhodium and palladium prices
- Rand revenue per 6E ounce sold decreased by 4% to R37 703/oz 
- EBITDA of R53.4bn with headline earnings of R32.0 billion or 3 853c per share
- Robust free cash flow of R28.8bn with closing net cash of R26.5bn
- 48% of free cash flow allocated to shareholder returns through cash dividends
- 38% holding in RBPlat secured by year end 
- Final dividend of 1 050c per share, bringing total FY2022 dividend to 1 575c per share
- Tightening markets for palladium and rhodium to provide pricing support in the medium term
- Platinum prospects remain muted in the near term, but growing momentum for hydrogen economy 
- Auto production recovery and investment in industrial capacity counter uncertain macro-economic outlook.
* Per million man-hours worked

In a period typified by increasing global macro-economic headwinds, escalating geopolitical conflict, and several
localised challenges, Implats continued to reap the benefit of elevated metal pricing, albeit off the record levels 
achieved in the prior comparable period. During the year, the Group advanced a suite of ambitious organic growth 
projects, pursued value-accretive acquisitive growth, concluded an historic wage agreement, strengthened its 
organisational flexibility, contributed to the socio-economic improvement of mine-host communities and shared 
significant value with its stakeholders. 

Despite lower received rand PGM pricing and sales volumes, Implats delivered strong earnings and free cash flow in the
year ended 30 June 2022. This was achieved while navigating numerous operational challenges, including rising input
costs, constrained supply chains and labour market tightness, the impacts of which were compounded by extended safety
stoppages, intermittent power supply and periods of community unrest. 

Safe production is non-negotiable. Ensuring the safety of employees and contract workers is essential to delivering on
Implats' commitment to zero harm. It is with deep regret that Implats reports a retracement in safety performance, with
five fatal incidents resulting in seven fatalities at managed operations. This retracement comes despite the 14%
improvement in the reported lost time injury frequency rate and 12 out of the Group's 17 operations finishing the year 
with millionaire or multi-millionaire status in terms of fatality free shifts.

Operational summary 
6E concentrate production at managed operations decreased by 4% to 2.27 million ounces, while 6E concentrate production 
from JV operations declined by 2% to 548 000 ounces as Implats navigated several operating challenges. Third-party 6E
concentrate receipts decreased by 2% to 351 000 ounces. In aggregate, total 6E concentrate production decreased by 4% 
to 3.17 million ounces. 

Group refined 6E production of 3.09 million ounces decreased by 6%, negatively impacted by lower concentrate production 
and the extended maintenance required on the Number 3 furnace at Impala Rustenburg. Refined volumes in the prior
comparable period benefitted from increased availability of processing capacity due to the timing of annual processing

Inflationary pressures from energy and consumables were compounded by the additional headcount across the Group and the 
payment of the previously signalled discretionary employee bonus in recognition of the strong financial performance in
FY2021. Total cash operating costs increased by 12%, with the impact of lower mined and refined volumes resulting in a
17% increase in unit costs to R17 364 per 6E ounce on a stock-adjusted basis. 

Financial summary 
Implats continued to deliver robust EBITDA, earnings and free cash flow in FY2022 despite lower rand PGM pricing and
operational headwinds. Implats' strong and flexible balance sheet allowed the Group to pursue value-accretive organic 
and acquisitive growth, while maintaining its stated commitment to sustainable shareholder returns. 

Revenue decreased by 9% to R118.3 billion, the cost of sales was 1% higher at R77 billion, and gross profit declined
by 23% to R41.3 billion. Group EBITDA of R53.4 billion was achieved at an EBITDA margin of 45%.

In the prior period, Implats accounted for two significant once-off, non-cash items: an impairment reversal of R14.7 billion; 
and a R1.5 billion IFRS BEE charge relating to the restructuring of Marula's BEE debt, which was included in other expenses 
and impacted reported basic earnings.

Basic earnings declined to R32.0 billion or 3 856 cents per share, from R47.0 billion or 5 996 cents per share. Headline 
earnings of R32.0 billion or 3 853 cents per share were 12% and 17% lower, respectively. The weighted average number of 
shares in issue increased to 831.25 million from 784.43 million, with total issued capital at 30 June 2022 increasing to
850.22 million shares, including treasury shares. Implats issued 32.95 million shares, with a fair value of R6.5 billion, 
in part consideration for the 37.83% stake acquired in RBPlat. 

The Group generated R28.8 billion in free cash flow, after capital investment of R9.1 billion at its managed operations, and 
ended the period with net cash (after debt) of R26.5 billion. The board of directors declared a final dividend of 1 050 cents 
per share, bringing the total dividend for the year to 1 575 cents per share. 

Market summary 
2022 has seen several revisions to forecast PGM demand and supply: supplies will be impacted by operational challenges at 
South African and North American operations, refined volumes will be affected by required maintenance at several major 
processing complexes, and the pattern of Russian sales is complicated by the potential impact of restrictions on routes 
to market. 

From a demand perspective, auto volumes have been downgraded by the lingering impact of supply chain challenges, the lockdown 
in China in the first six months of the year and the deteriorating outlook for global growth, in Europe in particular. 
Industrial demand is expected to soften off the high base of 2021 and a weaker Chinese jewellery market will offset growth 

Group forecasts indicate tight rhodium and palladium markets and continued surpluses in the platinum market in 2022. 

Prospects and outlook
Macro-economic uncertainty, inflationary pressures and geopolitical challenges are likely to persist in FY2023 and the Group 
remains vigilant in timeously assessing and responding to the risks this uncertain environment presents to its people, operations 
and the implementation of its strategy. 

The operational focus in the near term will be the re-establishment of positive operational momentum at Impala Canada and Impala 
Rustenburg, the ramp-up of installed milling capacity at Zimplats and Two Rivers, and the timeous and cost-effective advancement 
of the Group's significant suite of life-of-mine extension and growth projects across its mining and processing assets. 

Implats continues to proactively pursue the conclusion of the offer process associated with the proposed acquisition of RBPlat, 
with a key focus on securing outstanding regulatory approval from the Competition Tribunal.

PGM pricing remains robust, and the Group has retained a strong and flexible balance sheet which provides a meaningful underpin 
to its ability to withstand short-term headwinds and fluctuations in consumer and industrial demand, while pursuing its capital 
investment programme and sustaining attractive shareholder returns. 

Key financial metrics

                                                                     Year ended    Year ended   
                                                                   30 June 2022  30 June 2021  
Revenue                                                        Rm       118 332       129 575  
Gross profit                                                   Rm        41 285        53 455  
EBITDA*                                                        Rm        53 375        61 442  
Profit for the year                                            Rm        33 139        47 855  
Basic earnings                                                 Rm        32 049        47 032  
Headline earnings                                              Rm        32 028        36 359  
Free cash flow*                                                Rm        28 840        38 304  
Net cash (excluding leases)                                    Rm        26 505        23 473  
Basic earnings per share                                    cents         3 856         5 996  
Headline earning per share                                  cents         3 853         4 635  
Dividends declared                                                                             
Interim                                                       cps           525         1 000  
Final                                                         cps         1 050         1 200  
Total                                                         cps         1 575         2 200  
*Non-International Financial Reporting Standards metrics

Operating statistics

                                                                     Year ended    Year ended   
                                                                   30 June 2022  30 June 2021  
Gross refined production                                          
6E                                                         (000oz)      3 086.6       3 270.6  
Platinum                                                   (000oz)      1 426.1       1 516.6  
Palladium                                                  (000oz)      1 071.4       1 121.4  
Rhodium                                                    (000oz)        180.7         193.4  
Nickel                                                    (tonnes)       16 520        15 443  

Sales volumes                                          
6E                                                         (000oz)      3 146.8       3 274.4  
Platinum                                                   (000oz)      1 492.6       1 396.5  
Palladium                                                  (000oz)      1 087.6       1 092.8  
Rhodium                                                    (000oz)        177.3         200.2  
Nickel                                                    (tonnes)       13 094        13 111  

Prices achieved                                          
Platinum                                                  (US$/oz)        1 008         1 043  
Palladium                                                 (US$/oz)        2 211         2 419  
Rhodium                                                   (US$/oz)       16 544        17 610  
Nickel                                                     (US$/t)       21 150        15 621  

Consolidated statistics
Average rate achieved                                      (R/US$)        15.22         15.26  
Closing rate for the period                                (R/US$)        16.27         14.32  
Revenue per 6E ounce sold                                   (R/oz)       37 703        39 478  
Revenue per 6E ounce sold                                 (US$/oz)        2 481         2 587  
Tonnes milled ex-mine*                                      (000t)       22 363        23 210  
Gross 6E concentrate receipts                              (000oz)      3 170.6       3 291.9  
Capital expenditure*                                          (Rm)        9 081         6 437  
Group unit cost per 6E ounce stock-adjusted*                (R/oz)       17 364        14 840  
Group unit cost per 6E ounce stock-adjusted               (US$/oz)        1 141           964  
* Managed operations

Declaration of dividend
Shareholders are advised that the board has resolved to declare a final gross cash dividend of 1 050 cents per
ordinary share, amounting to R8.9 billion at the date of declaration, for the financial year ended 30 June 2022. 
The dividend has been declared from retained earnings.

Implats has 850 702 822 ordinary shares in issue and the Company's tax reference number is 9700178719. The cash
dividend will be subject to a 20% dividend withholding tax for shareholders who are not exempt from, or do not 
qualify for, a reduced rate of withholding tax. Therefore, the net dividend amount is 840 cents per ordinary share 
for shareholders liable to pay the dividend withholding tax and 1 050 cents per ordinary share for shareholders 
exempt from dividend withholding tax. Shareholders are advised to complete the requisite declaration form to make 
the Company aware of their tax status.

The salient dates are as follows: 
Declaration date                                                Thursday, 1 September 2022
Last day for trading to be eligible for cash dividend           Tuesday, 20 September 2022
Trading ex-dividend commences                                 Wednesday, 21 September 2022
Record date                                                      Friday, 23 September 2022
Dividend payment date                                            Monday, 26 September 2022

Share certificates may not be dematerialised or rematerialised between Wednesday, 21 September 2022 and Friday, 
23 September 2022, both days inclusive.

Short form announcement 
This announcement is a summarised version of the Group's full announcement and, as such, it does not contain full or
complete details pertaining to the Group's results.  Investment decisions should be made after considering the full
announcement. Deloitte & Touche, the external auditors, have issued an unmodified audit opinion, which includes key 
audit matters on the consolidated annual financial statements. The audit opinion, which contains key audit matters, 
together with the annual consolidated financial statements, are available on Implats' website at

This announcement is not audited but is extracted from the audited results.

The financial information on which the above-mentioned prospects and outlook is based has not been audited and
reported on by Implats' external auditors.

The full announcement is available on Implats' website at and on the JSE's website at 

The full announcement is also available for inspection, at no charge, at our registered office (2 Fricker Road, Illovo) 
and the office of our sponsor (Nedbank Corporate and Investment Banking, 135 Rivonia Road, Sandton) from 09:00 to 16:00 
weekdays. A copy of the full announcement may also be requested from the company secretary at

This short form announcement is the responsibility of the board of directors.  

Johan Theron
T: +27 (0) 11 731 9013
M: +27 (0) 82 809 0166

Emma Townshend
T: +27 (0) 21 794 8345
M: +27 (0) 82 415 3770

Alice Lourens
T: +27 (0) 11 731 9033
M: +27 (0) 82 498 3608

1 September 2022

Sponsor to Implats
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 01-09-2022 07:05:00
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