Platinum Holdings Limited - Consolidated Annual Re22 Aug 2002
Ended 30 June (Audited)                                                         
IMPALA PLATINUM HOLDINGS LIMITED                                                
Registration No. 1957/001979/06                                                 
Share code: IMP                                                                 
ISIN code : ZAE 000003554                                                       
ANOTHER PHENOMENAL YEAR                                                         
FOR IMPLATS                                                                     
KEY FEATURES                                                                    
FINANCIAL PERFORMANCE                                                           
Platinum production up 7% to 1.39Moz                                            
 - a new high for Implats                                                       
Dollar basket price per platinum ounce down                                     
29% from last year`s record                                                     
32% depreciation of rand limits decrease in rand                                
basket price per platinum ounce to 6%                                           
Attributable income at R4.58 billion (US$462 million)                           
 - second best ever                                                             
Dividends for the year of R37 per share                                         
Growth projects on track to deliver 2Moz by 2006                                
Share re-rating begins as growth projects develop                               
Year at a glance                                                                
                                         2002      2001      change             
Revenue                      (Rm)        11 902    11 969    (1)                
Operating income                         6 137     6 849     (10)               
Income before taxation                   6 733     7 468    (10)                
Attributable income                      4 582     4 647    (1)                 
Headline earnings per share  (cps)       6 863     7 024    (2)                 
Dividends per share                      3 700     6 800*   (46)                
(proposed basis)                                                                
 Cash net of short-term debt (Rm)        3 124     3 013    4                   
 Achieved basket price       ($/oz)      890       1 254    (29)                
Average rate achieved       (R/US$)     10,16     7,68     32                  
* includes special dividend                                                     
of 3 000 cps                                                                    
 Refined platinum production (`000 oz)   1 387     1 291     7                  
 PGM production refined                  2 639     2 464     7                  
Refined platinum production             1 025     1 002     2                  
 PGM production refined                  1 895     1 877    1                   
income statement                                                                
for the year ended 30 June (R million)     2002        2001                     
Revenue                                    11 901.5    11 969.1                 
Cost of sales                              5 764.9     5 120.3                  
On-mine operations                         2 567.5     2 330.1                  
Concentrating and smelting operations      642.6       492.5                    
Refining operations                        354.7       333.3                    
Amortisation of mining assets              248.8       212.2                    
Metals purchased                           1 883.4     1 968.8                  
Other costs                                203.9       117.1                    
Increase in metal inventories              (136.0)     (333.7)                  
Operating income                           6 136.6     6 848.8                  
Other income                               32.8        94.5                     
Net financial income                       265.5       383.3                    
Share of associates` pre-taxation income   1 102.9     1 031.4                  
Royalty expense                            (804.4)     (890.3)                  
Income before taxation                     6 733.4     7 467.7                  
Taxation                                   2 142.0     2 815.2                  
Income after taxation                      4 591.4     4 652.5                  
Outside shareholders` interest             9.9         5.4                      
Attributable income                        4 581.5     4 647.1                  
Earnings per share (cents)                                                      
- basic                                    6 902       7 024                    
- diluted                                  6 839       6 970                    
Headline earnings per share (cents)                                             
- basic                                    6 863       7 024                    
- diluted                                  6 800       6 970                    
Cash earnings per share (cents)                                                 
- basic                                    8 462       10 030                   
- diluted                                  8 385       9 953                    
Dividends proposed and declared                                                 
Dividends proposed basis                                                        
- interim dividend 2002 per share (cents)  1 100       1 420                    
- final dividend 2002 per share (cents)    2 600       2 380                    
- special dividend per share (cents)       -           3 000                    
                                           3 700       6 800                    
Dividends declared basis                                                        
- final dividend 2001 per share (cents)    2 380       1 420                    
- interim dividend 2002 per share (cents)  1 100       1 420                    
- special dividend per share (cents)       -           3 000                    
                                           3 480       5 840                    
BALANCE SHEET                                                                   
as at 30 June (R million)                   2002       2001                     
Non-current assets                          9 324.1    6 833.4                  
Property, plant and equipment               6 218.4    5 230.6                  
Investments in associates                   2 502.8    791.6                    
Other investments                           487.2      499.4                    
Receivables                                 42.0       233.2                    
Prepayments                                 73.7       78.6                     
Current assets                              5 448.3    5 162.3                  
Inventories                                 920.1      779.3                    
Receivables                                 1 377.9    1 345.4                  
Cash and cash equivalents                   3 150.3    3 037.6                  
Total assets                                14 772.4   11 995.7                 
EQUITY AND LIABILITIES                                                          
Capital and reserves                        9 284.0    6 715.6                  
Ordinary shares                             13.3       13.3                     
Share premium                               589.6      562.8                    
Other reserves                              545.7      285.1                    
Retained earnings before proposed final     8 135.4    5 854.4                  
Retained earnings after proposed final     6 212.4    4 147.8                  
dividend and STC                                                                
 Proposed final dividend                    1 730.4    1 579.1                  
 Secondary taxation on companies (STC)      192.6      127.5                    
Outside shareholders` interest              61.6       19.2                     
Non-current liabilities                     1 683.4    1 465.2                  
Borrowings                                  86.3       113.1                    
Deferred taxation                           1 389.6    1 156.1                  
Pension and other post-retirement           66.9       66.0                     
Provision for environmental obligations     140.6      130.0                    
Current liabilities                         3 743.4    3 795.7                  
Trade and other payables                    2 458.1    2 282.3                  
Current taxation liabilities                1 258.5    1 488.9                  
Borrowings                                  26.8       24.5                     
Total equity and liabilities                14 772.4   11 995.7                 
CASH FLOW statement                                                             
for the year ended 30 June (R million)      2002       2001                     
Operating activities                                                            
Cash generated from operations              5 617.0    6 635.7                  
Financial income                            287.2      400.6                    
Interest paid                               (15.7)     (14.4)                   
Taxation paid                               (1 733.3)  (1 339.3)                
Net cash from operating activities          4 155.2    5 682.6                  
Investing activities                                                            
Purchase of property, plant and equipment   (1 256.0)  (2 075.5)                
Proceeds from fixed assets disposed         10.0       4.6                      
Repayment of non-current investments        515.1      542.3                    
Purchase of investments in associates       (1 114.0)  -                        
Purchase of listed investments              -          (94.1)                   
Purchase of unlisted investments            -          (10.1)                   
Loans repaid by/(made to) related and other 120.6      (233.2)                  
Payments made for post-retirement benefits  (2.2)      (2.9)                    
Payments made to environmental trust        (9.0)      (9.4)                    
Net cash used in investing activities       (1 735.5)  (1 878.3)                
Financing activities                                                            
Issue of ordinary shares                    26.8       19.6                     
Proceeds from/(repayments of) short-term    2.3        (0.8)                    
Repayment of long-term borrowings           (26.8)     (24.5)                   
Dividends paid to group shareholders        (2 309.3)  (3 867.7)                
Net cash used in financing activities       (2 307.0)  (3 873.4)                
INCREASE/(DECREASE) IN CASH AND CASH        112.7      (69.1)                   
Movement in cash and cash equivalents                                           
At start of year                            3 037.6    3 106.7                  
Increase/(decrease)                         112.7      (69.1)                   
At end of year                              3 150.3    3 037.6                  
STATEMENT OF CHANGES IN EQUITY                                                  
for the year                                                                    
ended 30 June                                                                   
(R million)                                                                     
                   Share     Share     Other     Retained                       
                   capital   premium   reserves  earnings   Total               
Balance at 30      13.2      537.8     (0.4)      5 075.0    5 625.6            
June 2000                                                                       
Change in                                                                       
accounting policy                                                               
in respect of                                                                   
adopting IAS 39:                                                                
Market value                           90.8                 90.8                
adjustment of                                                                   
Restated balance   13.2      537.8     90.4       5 075.0    5 716.4            
at 30 June 2000                                                                 
Dividends paid                                   (3 867.7)  (3 867.7)           
Net profit                                        4 647.1    4 647.1            
attributable to                                                                 
Issue of share     0.1       25.0                            25.1               
Change in                                                                       
accounting policy                                                               
in respect of                                                                   
adopting IAS 39:                                                                
Fair value                                       8.8        8.8                 
adjustment on                                                                   
 Market value                          194.8                194.8               
adjustment of                                                                   
Currency and                           (0.1)                (0.1)               
adjustment on                                                                   
Restated balance   13.3      562.8     285.1      5 863.2    6 724.4            
at 30 June 2001                                                                 
Dividends paid                                   (2 309.3)  (2 309.3)           
Net profit                                        4 581.5   4 581.5             
attributable to                                                                 
Issue of share     -         26.8                           26.8                
Market value                           107.8                107.8               
adjustment of                                                                   
Currency and                           152.8                152.8               
adjustment on                                                                   
Balance at 30      13.3      589.6     545.7      8 135.4   9 284.0             
June 2002                                                                       
Summary of                                                                      
Business Segments                                                               
Year ended                             Impala    Inter-                         
30 June 2002       Impala              Refining  Segmental                      
(R million)        Platinum  Barplats  Services  Adjustment Total               
Revenue            11 483.2  265.8     2 296.8   (2 144.3)  11 901.5            
Operating Income   5 583.5   72.6      448.7     31.8       6 136.6             
The annual financial statements have been prepared using accounting policies    
consistent with those of the annual financial statements for the year ended 30  
June 2001. In addition, the group adopted the provisions of International       
Accounting Standard (IAS) 39 (Financial Instruments: Recognition and            
Measurement). As a result, the following changes were recorded:                 
* Listed investments, excluding associates and subsidiaries, were previously    
carried at cost and are now carried at market value. This change resulted in an 
increase in reserves and a corresponding increase in investments amounting to   
R393,4 million. Market value of listed investments as defined (Aquarius Platinum
Limited) at 30 June 2002 was R422.5 million.                                    
* Open financial instruments entered into, to reduce risk to foreign currency   
and future metal price fluctuations, were previously not recognised in the      
financial statements. These are now accounted for in the balance sheet at fair  
value. The impact on current years earnings is a loss of R0,7 million.          
* Forward commitments were previously recognised at settlement price, with      
potential gains or losses accounted for as the contracts matured. These are now 
recognised in the balance sheet at fair value. This resulted in a loss of R3.1  
million which has been included in current year`s earnings. In addition an R8.8 
million prior year adjustment was made.                                         
The financial statements have been audited by PricewaterhouseCoopers Inc. whose 
opinion is available for inspection at the registered office of Implats.        
During the period under review the group concluded a number of acquisitions     
which have been reflected as investments in associates on the balance sheet and 
which have been equity accounted:                                               
* A 30% stake in Zimplats` Makwiro Platinum Mines (Private) Limited, which      
comprises the Ngezi opencast mine and the Hartley joint venture for R247.0      
million (US$30 million).                                                        
* A 35% stake in ZCE Platinum Limited which owns Mimosa Mining Company (Private)
Limited for R246.3 million (US$30 million).                                     
* A 45% stake in Two Rivers Platinum project for R263.6 million, which includes 
the acquisition price of R247.9 million.                                        
* During the year Aquarius Platinum Limited rationalised its assets and the     
businesses of Kroondal Platinum Mines and Aquarius Platinum (South Africa) (Pty)
Limited to form a single operating subsidiary. As a result the group holds a 25%
stake in Aquarius Platinum (South Africa) (Pty) Limited at a cost of R460.2     
Capital expenditure approved at 30 June 2002 amounted to R3 566.4 million of    
which R711.7 million is already committed. This expenditure will be funded      
internally and if necessary from borrowings.                                    
Borrowings consist of debentures secured by a pledge of freehold properties,    
included in mining assets, with a book value of R178.0 million (2001: R178.0    
million). Half the debentures bear interest at a fixed rate of 18,9% per annum, 
with the other half bearing interest at 13,3% per annum. All are repayable by 30
June 2004.                                                                      
Contingent liabilities at 30 June 2002 amounted to R224.3 million which consist 
of the following:                                                               
* A guarantee of up to 30% of the facility made available by ABSA to Makwiro    
Platinum Mines (Private) Limited. As at 30 June 2002 the guarantee amounted to  
R90.1 million (US$8.7 million). The guarantee is set to expire by September     
* A guarantee was given to Investec Bank Limited on behalf of Aquarius Platinum 
(South Africa) (Pty) Limited for a loan facility. As at 30 June 2002, the       
guarantee totalled R124.8 million. Expiry of the guarantee is contingent on the 
project (Marikana) meeting certain completion criteria.                         
* Collateral security for employee housing amounting to R9.4 million (2001:     
R10.1 million).                                                                 
OPERATING STATISTICS                                                            
for the year ended 30                   2002      2001     % change             
Gross refined production                                                        
 Platinum                 (`000 oz)     1 387     1 291     7.4                 
Palladium                (`000 oz)     732       681       7.5                 
 Rhodium                  (`000 oz)     177       164       7.9                 
 Nickel                   (`000 t)      13.0      14.0      (7.1)               
Impala refined production                                                       
Platinum                 (`000 oz)     1 025     1 002     2.3                 
 Palladium                (`000 oz)     489       481       1.7                 
 Rhodium                  (`000 oz)     123       128       (4.1)               
 Nickel                   (`000 t)      7.7       7.0       10.0                
IRS refined production                                                          
 Platinum                 (`000 oz)     362       289       25.2                
 Palladium                (`000 oz)     243       200       21.2                
 Rhodium                  (`000 oz)     54        36        49.9                
Nickel                   (`000 t)      5.3       7.0       (24.3)              
IRS metal returned to                                                           
 Platinum                 (`000 oz)     152       164       (7.5)               
Palladium                (`000 oz)     102       116       (12.2)              
 Rhodium                  (`000 oz)     16        21        (23.7)              
Consolidated statistics                                                         
 Exchange rate:           (R/US$)                                               
Closing rate on 30 June                10.32     8.06      28.0                
 Average rate achieved                  10.16     7.68      32.3                
 Free market price index  ($/oz)        891       1 266     (29.6)              
 Achieved price index     ($/oz)        890       1 254     (29.0)              
Prices achieved                                                                
 Platinum                 ($/oz)        485       586       (17.2)              
 Palladium                ($/oz)        389       773       (49.7)              
 Rhodium                  ($/oz)        1 098     2 001     (45.1)              
Nickel                   ($/t)         5 594     6 951     (19.5)              
 Sales volume                                                                   
 Platinum                 (`000 oz)     1 251     1 177     6.3                 
 Palladium                (`000 oz)     663       543       22.1                
Rhodium                  (`000 oz)     165       145       13.8                
 Nickel                   (`000 t)      12.0      14.1      (14.9)              
 Gross margin achieved    (%)           51.6      57.2      (9.8)               
 Return on equity         (%)           68.2      81.3      (16.1)              
Return on assets         (%)           49.1      68.0      (27.8)              
 Debt to equity           (%)           1.2       2.0                           
 Current ratio                          1.5:1     1.4:1                         
 Tonnes milled ex mine    (`000 t)      15 607    15 184    2.8                 
PGM refined production   (`000 oz)     2 639     2 464     7.1                 
 Capital expenditure      (Rm)          1 250     2 090     40.2                
                          (US$m)        123       275       55.3                
Impala business segment                                                         
Tonnes milled ex mine    (`000 t)      14 850    14 840    0.1                 
 Total cost per tonne     (R/t)         239       213       (12.2)              
                          ($/t)         24        28        14.3                
Pgm refined production   (`000 oz)     1 895     1 877     0.9                 
 Cost per PGM ounce       (R/oz)        1 872     1 685     (11.1)              
                          ($/oz)        185       221       16.3                
Cost per platinum ounce                                                        
 Total cost of operations (R/oz)        3 459     3 156     (9.6)               
                          ($/oz)        341       415       17.8                
Net of revenue received  (R/oz)        (708)     (1 879)   (62.3)              
for other metals                                                                
                          ($/oz)        (70)      (247)     (71.7)              
 Capital expenditure      (Rm)          1 009     978       (3.2)               
(US$m)        100       129       22.5                
 Total Impala labour      (`000)        27.9      28.0      0.4                 
1. The cost of mining, concentrating, smelting, refining, marketing, head office
and insurance claim is expressed per unit                                       
Chairman`s letter to shareholders                                               
It is a pleasure to present this report on another remarkable year for Implats, 
based on a robust operational, financial and growth performance. This occurred  
in markets that came off the dizzy heights of the previous year, but were, in   
aggregate, sufficient to produce returns to shareholders only slightly less than
the records of last year, and still double the previous year`s record of the    
Consumer confidence has held up better than anticipated, particularly in the US,
and is driving the recovery in the absence of any resumption of investment.     
Investor confidence is fragile and causing volatility in the markets. Currencies
are also finding new levels of relative value. These factors all hold great     
significance for our company`s future performance.                              
Inevitably the palladium panic of last year was followed by a shift by the      
automobile companies back towards platinum in their catalyst coatings. While    
there has been a corresponding retreat from the stratospheric prices in the     
palladium market, this move will certainly benefit the platinum-dominant South  
African producers and reverses a 10-year process, which cost us dearly in the   
1990s. The abilities of the automobile companies to mix and match their catalyst
coatings according to metal price trends, while not simple and certainly not    
instantaneous, should result in less volatility in the prices of all three of   
the main platinum group metals (PGMs), and a continuing degree of robustness in 
the platinum price in particular.                                               
The pullback from the extraordinarily high dollar metal prices of last year, by 
an average of 29%, was not unexpected and was the basis for the conservative    
forecast in last year`s report. What was unexpected was the collapse of the rand
at the end of the 2001 calendar year. While it has now recovered to more        
rational levels, the decline considerably cushioned the impact of weakening     
dollar metal prices, with the rand income per platinum ounce only 6% lower than 
last year.                                                                      
A good production and cost control performance from Impala-owned and managed    
operations, coupled with further dramatic growth by Impala Refining Services    
(IRS), flowed through to deliver income before taxation of R6.73 billion (US$674
million), 10% lower than last year, and a marginal decline in attributable      
income to R4.58 billion (US$462 million).                                       
A number of new safety initiatives, including a peer review by a Health and     
Safety audit group from Rio Tinto and participation in Du Pont`s interactive    
auditing programme, has seen an encouraging reduction in the key performance    
indicator of the Lost Time Injury Frequency Rate (LTIFR) during the past six    
months to below the Ontario industry benchmark of 7. Against this trend the     
regrettable fact is that we have made little improvement in the number of fatal 
accidents on our mines. It is my sad duty to report the deaths of 12 of our     
number, one fewer than last year, and to express my condolences to their        
families and friends. The resultant fatality frequency rate of 0.15 per million 
man hours is a long way off the lows of 1998 and 1999.                          
The Health and Safety Audit Committee of the Board has reviewed these           
conflicting trends and resolved to take heart from the positive results thus far
from the new initiatives. The potential of these projects to improve practice,  
behaviour and performance across the board, and to reduce the number of unsafe  
acts and the resultant number and severity of injuries, is keenly recognised and
will be pursued vigorously.                                                     
Company initiatives among our workforce and in surrounding communities have     
considerably ameliorated the incidence of HIV and AIDS among employees relative 
to nationwide figures. Prevalence seems to have stabilised at about 17% of our  
workforce, which is still a significant figure. The taxing questions are: what  
more can be done to reduce new infection levels, and to improve the social care 
and medical treatment of those affected, and to reduce the impact on the        
company. The first two subjects are in the hands of as skilled and dedicated a  
group of professionals as we could wish to have. The most obvious impacts on the
company are those of safety, efficiency and training, all unfortunate but all   
Efforts by the company to break free from past perceptions of being growth and  
resource constrained are bearing fruit. There has been a substantial re-rating  
of the share price over the year as the three-pronged strategy of developing new
resources of our own, developing relationships with and interests in other      
producers, and sourcing in concentrate from third parties, is seen to be        
succeeding and adding real value and real future potential. Significant         
contributions to revenue via IRS were made through our investments in Barplats, 
Zimplats, ZCE Platinum (Mimosa) and Aquarius. The major new mines in the eastern
Bushveld, Marula and Two Rivers, are also scheduled to commence production      
within the next two years.                                                      
For some years we have classified our relationship with Lonmin plc and its      
Western Platinum and Eastern Platinum subsidiaries (in which we hold a 27%      
interest) as unfinished business. While we believe there is considerable        
unrealised potential in this association, we are not critical of the current    
arrangement as it is hard to imagine a better return on investment. Further     
development of the relationship is probably hampered most by our own            
shareholding structure.                                                         
One aspect of that shareholding structure currently in focus relates to recent  
statements by Gencor confirming market perceptions that it intends to distribute
its 46% holding in Implats to its shareholders. The extent to which this        
distribution represents an overhang in the market or, alternatively, whether    
almost all of Gencor`s current shareholders are willing recipients of Implats`  
stock, is about to be tested. The creation of a broad shareholder base, the     
absence of any dominant shareholder and the removal of any overhang uncertainty 
are all to be welcomed, even should it result in some short-term churning. With 
this in mind, we have put into place the necessary systems, approvals and funds 
to enable the company to buy back up to 10% of its own shares to take advantage 
of any temporary weakness in the stock price. This is an expression of faith by 
the company in itself, its future and its valuation, and I thank shareholders   
for the overwhelming support given to this plan at the General Meeting held for 
this purpose on 15 July 2002.                                                   
The Minerals & Petroleum Resources Development Bill was passed by Parliament in 
June of this year and awaits signature by the President of South Africa. Implats
made considerable input at several stages of its development, and may well have 
contributed to the final version being less threatening to current mining       
companies than earlier drafts. While other companies are considerably more at   
risk than we are, the details of how the industry is to be regulated through the
Bill`s regulations and industry charter is very unclear and will only be seen   
over time. Hopefully, government will be sensitive, not only to the emotions    
driving those changes, but also to the fragility of investor confidence. Implats
has for some time been anticipating the new legislation and is well advanced to 
meet its reasonable empowerment provisions and social requirements.             
Board membership did not change during the year. Following the announcement of  
his retirement as Executive Chairman of Gencor at the end of May, Michael       
McMahon stood down as Chairman of the company at the Board meeting of 5 June    
2002. He has agreed, at the request of the Board, to continue as a director in  
his personal capacity.                                                          
Michael was brought into the company in May 1990 as Managing Director, with a   
brief to modernise the company and restore its competitive position. Where we   
stand today speaks volumes for his success. He was Chairman and Chief Executive 
from 1993 until 1998, handing over the CEO function to Steve Kearney then and   
becoming non-executive Chairman.                                                
As a long-standing fellow director of Implats, I am delighted to succeed Michael
as Chairman and, on behalf of the Board, I thank him for his 12-year            
contribution. Michael stood down in the very month that the Financial Mail`s    
Special Survey of Top Companies declared our company to be the top performing   
company of the last five years, describing it as "a company that has walked a   
careful path of reinvention to unlock the huge potential in the business".      
The foundation of the company is its robust production base and its exciting    
growth prospects. These are in safe hands. The variables are metal prices and   
exchange rates. Everything points to good, but not dramatic metal prices and a  
resilient rand. In this scenario it would be reasonable to expect another good  
year for the company, but with somewhat lower returns than we have just posted. 
On the basis of the results achieved, and bearing in mind future expectations,  
your Board has elected to continue the practice of recent years and declare a   
final dividend towards the more generous end of our policy. Accordingly, a total
dividend for the year of                                                        
3 700 cents per share (2001: 3 800 cents excluding special dividend) was        
declared with the final dividend of 2 600 cents per share payable on 7 October  
Platinum use in the automotive industry is forecast to grow strongly and        
jewellery demand should continue to be strong at prices below US$600/oz. The    
switch away from palladium in autocatalysts should continue to exert downward   
pressure on palladium prices.                                                   
Prospects for Implats therefore remain good both in the short- and medium-term, 
based on solid operational performance and delivery on growth plans, underpinned
by solid fundamental demand for platinum. 2003 should be another good year      
albeit with slightly lower returns than this year.                              
P G Joubert            KC Rumble                   Johannesburg                 
Chairman               Chief Executive Officer     22 August 2002               
DECLARATION OF FINAL DIVIDEND                                                   
A final dividend of 2 600 cents per share has been declared in respect of the   
year ended 30 June 2002. The last date to trade ("cum" the dividend) in order to
participate in the dividend will be Friday 27 September 2002. The share will    
commence trading "ex" the dividend from the commencement of business on Monday  
30 September 2002 and the record date will be Friday 4 October 2002.            
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 the rate of exchange ruling on 1 October 2002 or on the first day   
thereafter on which a rate of exchange is available.                            
The dividend will be paid on Monday 7 October 2002.                             
Share certificates may not be dematerialised or rematerialised during the period
between 30 September 2002 to 4 October 2002, both days inclusive.               
By order of the board.                                                          
A M Snashall                      Johannesburg                                  
Group Secretary                   22 August 2002                                
A copy of the Annual Report is available on the Internet web site:                                                             
Alternatively please contact the Group Secretary, via e-mail at         or by post at                                       
P.O. Box 61386, Marshalltown 2107, South Africa. Telephone: (011) 481 3900      
Registered Office                                                               
3rd Floor, Old Trafford 4, Isle of Houghton                                     
Boundary Road, Houghton 2198                                                    
(P.O. Box 61386, Marshalltown 2170)                                             
Transfer Secretaries                                                            
South Africa: Computershare Investor Services Limited                           
8th Floor, 11 Diagonal Street                                                   
Johannesburg 2001                                                               
(P.O. Box 1053, Johannesburg 2000)                                              
United Kingdom: Lloyds TSB Registrars                                           
The Causeway, Worthing                                                          
West Sussex                                                                     
BN99 6DA                                                                        
Date: 22/08/2002 09:00:00 AM Produced by the JSE SENS Department