(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
Share code: IMP/IMPO
ISIN: ZAE000003554
Implats Trading Statement and Cautionary Announcement
This trading statement and cautionary announcement is issued in accordance with
the revised JSE Securities Exchange, South Africa (the JSE) Listings
Requirements, which became effective on 1 September 2003.
Implats results for the half-year ending 31 December 2003 are expected to be
released on 12 February 2004.  Conditions for the year to date are such that the
group expects both earnings per share and headline earnings per share for the
half year ending 31 December 2003 to be substantially below those of the half-
year ended 31 December 2002. Shareholders attention is also drawn to the
statement made in the Implats annual report for the year ended June 2003,
published in August 2003, that the earnings for the current year were likely to
be lower than the 2003 results.
The results of the group have been impacted by a number of factors :
The 30% increase in the US Dollar platinum price for the first six months to
December 2003 compared to the prices achieved for the six months ended December
2002 was offset by the weaker co-product US dollar prices (mainly palladium and
rhodium). The resultant dollar basket price per platinum ounce sold was
consequently only 7% higher in the 6 months to December 2003.
The South African Rand has appreciated by 28% against the US Dollar in the 6
months to December 2003 versus the comparable period last year. Consequently
Rand revenues per platinum ounce sold have decreased by some 23%.
The markets for our products remain healthy and Implats has been successful in
obtaining orders for all of its production in line with the notable increase in
production volumes for the group compared to the previous reporting period.
Operating efficiencies and costs remain satisfactory.
Notwithstanding the continued excellent operational performance by the group and
the higher than expected platinum price, the appreciation of the Rand against
the US Dollar and lower minor metal prices has depressed group profits.
In view of the foregoing, the group advises that, as anticipated in the annual
report, earnings per share are expected to be substantially lower than the
previous corresponding reporting period. In terms of the Listings Requirements
of the JSE a substantial difference in earnings is deemed to be an amount
contemplated to be in excess of 30% when compared to the previous comparable
reporting period.
The forecasts have not been reviewed or reported on by the groups auditors.
Shareholders and interested parties are advised to exercise caution in their
dealings in securities until the release of the interim results on 12 February
Tuesday, December 2, 2003
For more information, please contact:
Mr. D.H. Brown
Tel: 011 481 3926
Issued by sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 02/12/2003 05:05:03 PM Produced by the JSE SENS Department