IMPALA PLATINUM HOLDINGS LIMITED - CONSOLIDATED ANNUAL RESULTS FOR THE YEAR
ENDED 30 JUNE 2004 (AUDITED)
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
Share code: IMP
ISIN: ZAE 000003554
Issuer code: IMPO
LSE: IPLA
ADR: IMPUY
(`Implats`)
CONSOLIDATED ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2004 (AUDITED)
* Safety performance (LTIFR) improves by 15%
* Gross platinum production up by 17% to 1.96Moz
* Impala Platinum production at 1.09 Moz platinum
* Sales revenue maintained at R11.81 billion
* Gross margin of 36%
* Profit down 13% to R2.96bn, largely due to rand appreciation
* Unit cost per platinum ounce up by 4.1%
* Final dividend of 1 600 cents declared
Balance Sheet
As at As at
(All amounts in Rand millions 30 June 30 June
unless otherwise stated) 2004 2003
ASSETS
Non-current assets
Property, plant and equipment 9,635.6 8,808.9
Investments in associates 2,304.6 2,208.9
Deferred income tax assets 9.4 -
Available-for-sale financial investments 186.4 229.7
Held-to-maturity investments 89.0 74.9
Other receivables 132.7 68.8
12,357.7 11,391.2
Current assets
Inventories 1,229.8 847.4
Trade and other receivables 2,246.2 1,706.2
Cash and cash equivalents 1,204.2 2,324.5
4,680.2 4,878.1
Total assets 17,037.9 16,269.3
EQUITY
Capital and reserves attributable to the
equity holders of the holding company
Share capital 625.3 617.8
Other reserves (626.3) 38.8
Retained earnings 10,685.8 9,220.8
10,684.8 9,877.4
Minority interest 128.1 418.9
Total equity 10,812.9 10,296.3
LIABILITIES
Non-current liabilities
Borrowings - 62.7
Deferred income tax liabilities 2,271.9 1,886.7
Retirement benefit obligations 62.3 63.5
Provision for future rehabilitation 207.3 200.2
2,541.5 2,213.1
Current liabilities
Trade and other payables 2,875.1 2,844.5
Current income tax liabilities 239.8 710.7
Borrowings 568.6 204.7
3,683.5 3,759.9
Total liabilities 6,225.0 5,973.0
Total equity and liabilities 17,037.9 16,269.3
Income Statement
Year ended Year ended
(All amounts in Rand millions 30 June 30 June
unless otherwise stated) 2004 2003
Sales 11,809.1 11,807.0
On-mine operations (3,667.7) (3,251.1)
Concentrating and smelting operations (967.4) (801.1)
Refining operations (477.2) (411.5)
Amortisation of mining assets (572.3) (452.4)
Metals purchased (2,259.2) (1,474.1)
Increase/(decrease) in metal inventories 394.4 (133.1)
Cost of sales (7,549.4) (6,523.3)
Gross profit 4,259.7 5,283.7
Net foreign exchange transaction losses (216.0) (328.8)
Other operating expenses (241.2) (252.6)
Other income/(expense) 11.4 (54.7)
Other gains - net 138.6 319.1
Finance costs (67.1) (33.3)
Share of profit of associates 328.4 725.0
Royalty expense (414.4) (598.0)
Profit from disposal of Barplats 322.3 -
Investments Ltd
Profit before tax 4,121.7 5,060.4
Income tax expense (1,141.3) (1,622.1)
Profit for the year 2,980.4 3,438.3
Profit attributable to:
Equity holders of the company 2,963.0 3,415.1
Minority interest 17.4 23.2
2,980.4 3,438.3
Earnings per share (cents per share)
- basic 4,450 5,131
- diluted 4,442 5,119
Headline earnings per share (cents per
share)
- basic 3,966 5,140
- diluted 3,959 5,128
Dividends to group shareholders (cents
per share)
- final dividend June 2004/3 proposed 1,600 1,750
- interim dividend December 2003/2 paid 500 900
2,100 2,650
Summary of business segments
(All amounts in Rand millions, unless otherwise stated)
Impala Barplats
lease area Marula disposed Zimbabwe
segment segment segment segment
for the
year ended
30 June
2004
Total 11,098.7 94.4 112.9 935.9
sales
Gross 3,181.6 (16.9) (4.9) 372.2
profit
for the
year ended
30 June
2003
Total 11,340.7 - 154.6 696.1
sales
Gross 4,661.4 - (35.2) 194.8
profit
Inter-
IRS segment
segment adjustment Total
for the year ended
30 June 2004
Total sales 3,851.5 (4,284.3) 11,809.1
Gross profit 716.0 11.7 4,259.7
for the year ended
30 June 2003
Total sales 2,913.8 (3,298.2) 11,807.0
Gross profit 500.5 (37.8) 5,283.7
Statement of Changes in Shareholders` Equity
Attributable to equity
holders of the Company
(All amounts in
Rand millions
unless otherwise Share Other Retained Minorit Total
stated) capita reserve earnings y equity
l s interes
t
Balance at 30 June 602.9 545.7 8,135.4 61.6 9,345.6
2002
Fair value losses,
net of tax:
Available-for- (192.8) (192.8)
sale financial
assets
Currency (314.1) (314.1)
translation
differences
Net expense (506.9) (506.9)
recognised directly
in equity
Profit for the year 3,415.1 23.2 3,438.3
(506.9) 3,415.1 23.2 2,931.4
Employee share
option scheme:
Proceeds from 14.9 14.9
shares issued
Dividend relating (1,730.4) (1,730.4)
to 2002
Dividend relating (599.3) (599.3)
to 2003
Business
combinations:
Currency (251.0) (251.0)
translation
differences
Acquisition of 775.2 775.2
subsidiaries -
Zimbabwe Platinum
Mines Ltd
Transfer from (190.1) (190.1)
Makwiro Platinum
Mines (Private) Ltd
on consolidation of
Zimbabwe Platinum
Mines Ltd
14.9 (2,329.7) 334.1 (1,980.7)
Balance at 30 June 617.8 38.8 9,220.8 418.9 10,296.3
2003
Fair value losses,
net of tax:
Available-for- (48.6) (48.6)
sale financial
assets
Currency (265.8) (33.4) (299.2)
translation
differences
Net expense (314.4) (33.4) (347.8)
recognised directly
in equity
Profit for the year 2,963.0 17.4 2,980.4
(314.4) 2,963.0 (16.0) 2,632.6
Employee share
option scheme:
Adjustment as a (18.7) (18.7)
result of
consolidating share
trust
Proceeds from 26.2 26.2
shares issued
Zimbabwe Platinum 17.8 17.8
Mines Limited
shares issued in
terms of offer to
minorities
Dividend relating (1,165.4) (1,165.4
to 2003 )
Dividend relating (332.6) (332.6)
to 2004
Disposal of (11.4) (11.4)
Barplats
Investments Limited
Business
combinations:
Purchase of (350.7) (281.2) (631.9)
additional share in
Zimbabwe Platinum
Mines Ltd
7.5 (350.7) (1,498.0) (274.8) (2,116.0
)
Balance at 30 June 625.3 (626.3) 10,685.8 128.1 10,812.9
2004
Cash Flow Statement
Year ended Year ended
(All amounts in Rand millions 30 June 30 June
unless otherwise stated) 2004 2003
Cash flows from operating activities
Cash generated from operations 3,140.1 4,335.3
Interest paid (63.0) (20.7)
Income tax paid (1,264.5) (1,823.5)
Net cash from operating activities 1,812.6 2,491.1
Cash flows from investing activities
Acquisition of interest in subsidiary and (631.9) (110.4)
joint venture, net of cash acquired
Disposal of subsidiary, net of cash sold 388.6 -
Purchase of property, plant and equipment (1,824.7) (1,754.9)
Proceeds from sale of property, plant and 7.8 43.3
equipment
Increase in investments in associates (42.0) 492.8
Purchase of unlisted investments (14.7) -
Loan repayments received - 18.5
Payments made to environmental trust (8.3) (8.9)
Interest received 85.7 301.4
Dividends received 295.8 192.4
Net cash used in investing activities (1,743.7) (825.8)
Cash flows from financing activities
Issue of ordinary shares 25.2 14.9
Proceeds from/(repayments of) short-term 380.9 (152.7)
borrowings
Repayments of long-term borrowings (74.7) (23.6)
Dividends paid to company`s shareholders (1,498.0) (2,329.7)
Net cash used in financing activities (1,166.6) (2,491.1)
Net decrease in cash and cash equivalents (1,097.7) (825.8)
Cash and cash equivalents at beginning of 2,324.5 3,150.3
year
Effects of exchange rate changes on (39.8) -
monetary assets
Cash and cash equivalents at end of year 1,187.0 2,324.5
Notes
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), South African Statements of
Generally Accepted Accounting Practice and the South African Companies Act. The
consolidated financial statements have been prepared under the historical cost
convention, as modified by the revaluation of available-for-sale financial
assets, and financial assets and financial liabilities (including derivative
instruments) at fair value through the income statement or the statement of
changes in equity. The principal accounting policies used by the group are
consistent with those of the previous year, except for early adoption of the
following revised/issued standards that had a material effect on the group`s
policies as set out below:
IAS 1 Presentation of Financial Statements. Affected the presentation of
minority interest and other disclosures. Disclosed critical judgements and key
assumptions. Tax of associates adjusted to be included with income from
associates before tax.
IAS 24 Related Party Disclosures. Affected the identification of related parties
and other related-party disclosures.
IAS 38 Intangible Assets. Ceased to amortise goodwill.
IFRS 3 Business Combinations. Accumulated amortisation as at 30 June 2003 has
been eliminated with a corresponding decrease in the cost of goodwill. From the
year ended 30 June 2003 onwards, goodwill, which is included in the carrying
value of the investment in associates, is tested annually for impairment.
Acquiree`s identifiable contingent liabilities to be recognised at fair value at
acquisition date.
The financial statements have been audited by PricewaterhouseCoopers Inc whose
unqualified opinion is available for inspection at the registered office of
Implats.
The calculation of Headline Earnings per share is derived from profit of R2
963,0 million (2003: R3 415,1 million) adjusted for any non-operational gains
and losses, divided by the weighted average number of shares in issue.
Adjustments were made for the profit on the sale of Barplats Investments Limited
R322,3 million (2003: profit on sale of investment in Brandrill Limited R0,6
million) and the amortisation of goodwill R nil (2003: R6,8 million).
During the year under review, the group acquired a further 32,9% (from 50,5% to
83,4%) in Zimbabwe Platinum Mines Limited (Zimplats) for R631,9 million
(AU$132,5 million).
At the end of May 2004 the group disposed of it`s 83,2% shareholding in Barplats
Investments Limited to the Salene Consortium for a consideration of R388,8
million.
Borrowings consist of:
* a loan of R500,0 million (2003: nil) from Indwa Investments Limited. The loan
bears current interest at 8,4% per annum and is payable within one year.
* a loan from ABSA Bank Limited of R51,4 million (2002: R181,6 million) secured
by sales from the Ngezi/SMC project and various pledges of shares of
subsidiaries and guarantees from Zimplats and Impala Platinum Holdings Limited
(Implats). The loan bears interest at LIBOR plus 5% and is repayable by
September 2004.
Capital expenditure approved at 30 June 2004 amounted to R2 447,6 million (2003:
R2 869,0 million) of which R603,2 million (2003: R986,3 million) is already
committed. This expenditure over 5 years will be funded internally and if
necessary from borrowings.
Certain guarantees were in place as at 30 June 2004:
* The group has provided a guarantee to ABSA Bank Limited for a facility made
available to Makwiro Platinum Mines (Private) Limited. As at 30 June 2004, the
guarantee amounted to R51,4 million ($8,3 million) (2003: R181,6 million) ($24,1
million), the guarantee is set to expire by September 2004.
* Implats has provided a guarantee to Investec Bank Limited on behalf of
Aquarius Platinum (South Africa) (Proprietary) Limited for a loan facility
granted of R175,0 million (2003: R175,0 million), of which R175,0 million has
been utilised at 30 June 2004 (2003: R175,0 million). This guarantee is set to
expire upon completion of certain project completion tests, relating to the
Marikana project. If the project completion tests are not met, then the
guarantee will reduce proportionally in line with the loan repayments to
Investec Bank Limited, which are expected to start by no later than the end of
calendar year 2004.
Post-balance sheet events
The company has entered into agreements with a consortia of Historically
Disadvantaged South Africans and Lonmin plc in terms of which the company will
sell its 27,1% shareholding in Eastern Platinum Limited and Western Platinum
Limited for $800 million. The transaction is still subject to concluding legally
binding agreements with all the parties, and obtaining approvals from Lonmin
shareholders and the relevant regulatory authorities. The transaction is
expected to be concluded in the first half of financial year 2005.
During the year, Aquarius Platinum Limited announced a transaction to sell 29.5%
of Aquarius Platinum (South Africa) (Pty)Limited to a BEE partnership. Should
this transaction take place Aquarius Platinum`s shareholding will decline from
75% to 50.5%. Implats has structured a deal with Aquarius to ensure its
shareholding remains at 20% (currently 25%).
Operating statistics
Variance
for the year ended 30 2004 2003 %
June
Gross refined production
Platinum (000 oz) 1,961 1,673 17.2
Palladium (000 oz) 1,046 893 17.1
Rhodium (000 oz) 251 215 16.7
Nickel (000 t) 16.4 14.7 11.6
Impala refined production
Platinum (000 oz) 1,090 1,040 4.8
Palladium (000 oz) 501 478 4.8
Rhodium (000 oz) 116 134 (13.4)
Nickel (000 t) 6.9 8.0 (13.8)
IRS refined production
Platinum (000 oz) 871 633 37.6
Palladium (000 oz) 545 415 31.3
Rhodium (000 oz) 135 81 66.7
Nickel (000 t) 9.5 6.7 41.8
IRS returned metal (Toll
refined)
Platinum (000 oz) 501 252 98.8
Palladium (000 oz) 314 174 80.5
Rhodium (000 oz) 97 18 438.9
Nickel (000 t) 1.5 0.9 66.7
Group consolidated
statistics
Exchange rate: (R/$)
Closing rate on 30 June 6.17 7.52 (18.0)
Average rate achieved 6.88 9.06 (24.1)
Free market revenue per ($/oz) 1,140 939 21.4
platinum ounce sold
Revenue per platinum ($/oz) 1,116 935 19.4
ounce sold
(R/oz) 7,678 8,471 (9.4)
Prices achieved
Platinum ($/oz) 773 597 29.5
Palladium ($/oz) 223 264 (15.5)
Rhodium ($/oz) 548 646 (15.2)
Nickel ($/t) 11,843 7,664 54.5
Sales volumes
Platinum (000 oz) 1,495 1,373 8.9
Palladium (000 oz) 733 688 6.5
Rhodium (000 oz) 179 193 (7.3)
Nickel (000 t) 15.8 13.9 13.7
Financial ratios
Gross margin achieved (%) 36.1 44.8 (19.4)
Return on equity (%) 30.0 36.8 (18.5)
Return on assets (%) 24.0 30.0 (20.0)
Debt to equity (%) 5.3 2.7 (96.3)
Current ratio 1.3:1 1.3:1 -
Operating indicators
Tonnes milled ex mine (000 t) 19,065 17,483 9.0
Pgm refined production (000 oz) 3,725 3,162 17.8
Capital expenditure (Rm) 1,822 1,787 (2.0)
($m) 265 198 (33.8)
Group unit cost per (R/oz) 4,132 3,970 (4.1)
platinum ounce
($/oz) 602 440 (36.8)
Impala business segment
Tonnes milled ex mine (000 t) 15,639 15,042 4.0
Total cost per tonne (R/t) 280 265 (5.7)
milled
($/t) 41 29 (41.4)
Pgm refined production (000 oz) 1,976 1,924 2.7
Cost per Pgm ounce (R/oz) 2,220 2,072 (7.1)
refined
($/oz) 323 230 (40.4)
Cost per platinum ounce
refined:
Total cost of operations (R/oz) 4,023 3,832 (5.0)
($/oz) 586 425 (37.9)
Net of revenue received (R/oz) 2,182 899 (142.7)
for other metals
($/oz) 318 100 (218.0)
Capital expenditure (Rm) 1,197 1,079 (10.9)
($m) 174 120 (45.0)
Total Impala labour (000) 27.5 28.4 3.2
complement
m2 per stoping employee (m2/empl) 39.2 40.7 (3.7)
Platinum ounces per (oz/empl) 40 37 8.1
employee
Review for the year
A highlight of the year was the 17% increase in platinum production to a record
level of 1.961 Moz. At the same time, dollar revenue per platinum ounce sold was
19% higher, although rand revenue per platinum ounce sold fell by 9%. The
average exchange rate for the period was R6.88/$ (2003: R9.06/$); the closing
exchange rate for the year was R6.17/$ (2003: R7.52/$).
Higher production volumes and good cost control resulted in margins of 36%.
Profit declined by 13% to R2 963 million ($428 million), compared to the
previous year. Excluding the profit on disposal of R322 million from the sale of
Barplats, profit decreased to R2 641 million ($382 million). Capital expenditure
increased by 2% to R1 822 million ($265 million).
The board has declared a total dividend payout for the year of R1 399 million
($204 million), equivalent to R21 per share ($3.06 per share).
Structural changes
During the past year, two major transactions were announced: the sale of
Implats` 27.1% holding in Western Platinum Limited and Eastern Platinum Limited
(collectively Lonplats), and the sale of Barplats.
The Minister of Minerals and Energy, Ms Phumzile Mlambo-Ngcuka has indicated
that, as presented, the Lonplats transaction is in line with the requirements of
the new mining law. Although the Department of Minerals and Energy will only
evaluate compliance when the parties formally apply for conversion to new order
mining rights, the Minister has acknowledged that, having facilitated this
transaction, Implats will be allocated credits proportional to the percentages
and ounces sold to the BEE parties. In Impala Platinum`s hands this is expected
to equal credits of 9%.
The board is satisfied that this transaction is in the best strategic interests
of the group and to the benefit of shareholders. In addition to the empowerment
credits, the net proceeds of $794.5 million represents a premium of 8% on the
market valuation of Lonplats at the time of the first announcement.
The sale of Barplats follows decisions by the board to cease mining operations
at the Crocodile River mine (Barplats` primary operation) when it defied all
efforts towards profitability, and subsequently to sell Barplats for R389
million to the Salene Platinum Consortium. The transaction was approved by the
South African competitions authorities in June 2004 and the new owners took over
from the beginning of July. IRS has a long-term agreement in place with the
Crocodile River mine to process any concentrate that may be produced when this
mine resumes operation.
The market
Several factors supported the platinum price which traded between a low of
$655/oz and a high of $937/oz during the year. These factors included a weak
dollar and equity markets, strong demand for commodities in general, a
significant increase in global speculative activity and the perception that
supply may not keep up with growing demand as a number of expansion plans were
cut back. The average price received for platinum was $773/oz, being 30% up on
that of the previous year.
In the palladium market, increasing supply and static demand combined with
speculative activity resulted in prices ranging from $160/oz to $333/oz. The
thin market for rhodium, the price of which spiked in recent months, belies the
underlying poor fundamentals for the metal which will keep prices under
pressure.
Nickel, on the other hand, enjoyed a far healthier year with supply lagging
demand as the metal benefited not only from a strike at a major producer, but
also from a significant increase in demand from a burgeoning Chinese economy.
Contribution to earnings
The simplification of the group`s structure reflected its continued strategy to
focus on mine-to-market operations.
* The group`s mining operations (Impala Platinum, Marula Platinum, Zimplats and
Mimosa) contributed about 66% of net earnings and have a combined margin of 41%.
* Impala Refining Services (IRS), which processes third party concentrates and
undertakes toll-refining, contributed 13% to profit. Although IRS`s margins are
in the region of 15%, this operation is undertaken at very little risk to the
group and uses spare processing and refining capacity, thereby reducing the unit
costs associated with the mine-to-market operations.
* Contributions from strategic alliances remained satisfactory at 11%. Lonplats
was still accounted for during the year.
Safety and health
Regrettably, 10 people lost their lives as a result of occupational accidents
during the year and the board extends its condolences to the families, friends
and communities of those who died. More positively, group lost time injury
frequency rate (LTIFR) reached an all-time low of 4.80 per million man hours
worked. The reportable injury frequency rate (RIFR) was 2.75 per million man
hours worked - another record. We aim to improve all our safety statistics by
50% year-on-year.
Operational overview
The mining operations in Rustenburg and Zimbabwe reported record performances,
ably supported by improved metallurgical performances at the concentrators and
refineries. IRS delivered superior results although this did include a
significant contribution from the processing of Lonplats concentrate, which has
now ceased.
The operating lowlight was the slower mining ramp-up at our Marula Platinum as a
result of geological conditions and an initially inappropriate choice of mining
method which has proved impractical.
Specific operating achievements are:
* Ex-mine platinum production for the Rustenburg lease area (1.09 Moz), the
highest level in a decade, Zimplats (84 300 oz) and Mimosa (52 800 oz).
* An improvement in metallurgical recoveries to 83.2%.
* A world-class performance at the Precious Metal Refinery, with no
deterioration in cost performance, metal recoveries and pipeline inventories,
despite operating well above nameplate capacity, and simultaneously undertaking
a major expansion.
* Increase of only 4.1% in group costs per platinum ounce which were less than
the inflation rate of 5.0% (South African CPIX) over the same period.
Growth
At Marula, Mimosa and Zimplats capital expenditure amounted to R621 million with
the bulk being spent at Marula.
In Zimbabwe, we have progressed cautiously on our investments. The Mimosa mine
successfully concluded its expansion programme this year, and additional
expansion is being considered.
Operating in Zimbabwe can be difficult given both the socio-political dynamics
and hyper-inflationary economic circumstances. Recent government moves to
introduce additional indigenization quotas without due consultation are of great
concern to us. Nonetheless, both Mimosa and Zimplats continue to operate and
grow in line with our expectations. Our relationship with the government, which
is driven by issues of mutual concern, has been amicable. We await clarity on
the impending changes to the mining law in that country as a prerequisite to any
further significant investment.
Currently, the plan at Zimplats is to expand in stages, gradually securing the
benefits to be gained through our pre-eminent position on the Great Dyke.
Minerals legislation
In South Africa, the Minerals and Petroleum Resources Development Act came into
effect on 1 May 2004. State royalties will now be imposed from 2009 in terms of
the Royalties Bill. Following the discussions leading to the imposition of those
royalties, it is to be hoped that eager investment will be solicited by setting
a competitive level based on earnings.
Implats` plans to meet both the letter and spirit of the draft Mining Charter
are well underway. The ownership credits of 9% expected to flow from the
Lonplats transaction, together with the current 1.5% holding of Royal Bafokeng
Resources (Pty) Limited, means that only approximately 4-5% ownership needs to
be secured at the Impala lease area level over the next five years. We believe
that we are well placed to achieve this and also to accommodate the further 11%
required by 2014.
We have continued to develop a comprehensive response to all facets of the new
mining legislation and are cognisant of, and prepared for all elements of the
Charter, such as skills development, employment equity, beneficiation and
affirmative procurement. Implats recognizes the importance of developing a local
beneficiation industry and to this end has entered into a platinum jewellery
beneficiation venture, Silplat, with Silmar S.p.A., a leading Italian jewellery
manufacturer, South African jewellery producer, SA Link, specialist corporate
finance house Micofin Corporate Services and Swedish-UK consortium, Saab- BAE
SYSTEMS. Implats has invested $2 million directly in Silplat for a stake of
17.5% and made available a platinum loan of up to 1 000 kg.
Delivery to shareholders
In the absence of any acquisition opportunities, just more than half the net
inflow from the Lonplats transaction in 2005 (of $668 million) could be
available for distribution to shareholders in some form after allowing for the
capital requirements for our growth projects. We are considering a number of
avenues including a share buy-back or a special dividend.
Having embarked on a sponsored level 1 ADR programme in January 2003, a further
ADR split and a Dividend Reinvestment Plan for ADR holders was implemented in
early 2004. We are currently considering upgrading this programme to Level 2 and
applying to list on a major US stock exchange.
Prospects
The market fundamentals for platinum are expected to remain sound next year.
Automotive demand will be the key driver, alongside a recovery in jewellery
demand. Palladium and rhodium may fall victim to growing supply and above ground
inventories while nickel should remain firm on the back of strong demand and
very little growth in supply.
Implats` consistent growth in production is set to continue for the next four
years potentially rising to about 2.3 Moz of platinum in 2008. Production for
2005 will come from Implats` managed operations and through IRS, but the once-
off windfall of platinum processed on behalf of Lonplats will not be repeated.
Consequently, refined platinum production is expected to decline to about 1.8
Moz in 2005. At the same time, unit cost increases are expected to be in line
with inflation.
Whereas profit should be significantly enhanced by the proceeds from the sale of
the Lonplats interests, headline earnings will depend to a substantial extent on
the exchange rate.
P G Joubert K C Rumble
Chairman Chief Executive Officer
27 August 2004
Declaration of Final Dividend
A final dividend of 1 600 cents per share has been declared in respect of the
year ended 30 June 2004. The last day to trade `cum` the dividend (in order to
participate in the dividend) will be Thursday, 16 September 2004. The share will
commence trading `ex` the dividend from the commencement of business on Friday,
17 September 2004 and the record date will be Thursday, 23 September 2004.
The dividend is declared in the currency of the Republic of South Africa.
Payments from the London transfer office will be made in pounds sterling at the
rate of exchange ruling on 23 September 2004 or on the first day thereafter on
which a rate of exchange is available.
The dividend will be paid on Monday, 27 September 2004. Share certificates may
not be dematerialised/rematerialised during the period Friday, 17 September 2004
to Thursday, 23 September 2004, both dates inclusive.
By order of the board
R Mahadevey
Group Secretary
Johannesburg
27 August 2004
Corporate information
Registered Office
3rd Floor, Old Trafford 4, Isle of Houghton
Boundary Road, Houghton 2198
(P.O. Box 61386, Marshalltown 2107)
Transfer Secretaries
South Africa: Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg 2001
(P.O. Box 61051, Marshalltown 2107)
United Kingdom: Lloyds TSB Registrars
The Causeway, Worthing
West Sussex, BN99 6DA
A copy of this Report is available on the Internet web site:
http://www.implats.co.za
Alternatively please contact the Company Secretary, via e-mail at
alan.snashall@implats.co.za or by post at
P.O. Box 61386, Marshalltown 2107, South Africa. Telephone: (011) 481 3900
Date: 27/08/2004 08:00:40 AM
Produced by the JSE SENS Department |