Wrap Text
IMP - Impala Platinum Holdings Limited - Condensed audited consolidated annual
results Year ended 30 June 2011
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
JSE share code: IMP
ISIN: ZAE000083648
LSE: IPLA
ADR`s: IMPUY
("Implats" or "the Company" or "the Group")
Condensed audited consolidated annual results Year ended 30 June 2011
SAFETY Safety improved but remains a high priority
PRODUCTION Gross platinum production up 5.5% to 1.836 million ounces
HEADLINE EARNINGS HEPS grew by 41%
COST Reasonably controlled with unit cost per platinum ounce up 8% to R10 867
DIVIDEND Increased by 46% to 570 cents per share
MARKET Sound medium- to long-term market fundamentals
COMMENTARY
The year under review has been a positive one for the Group and Implats
delivered a solid operational and financial performance. Gross production
increased by 5.5% to 1.836 million ounces of platinum supported by improved
performances at the Impala Rustenburg and Zimplats operations. Revenue increased
30% to R33.1 billion compared to the previous financial year largely as a result
of higher dollar metal prices and sales volumes which outweighed the impact of a
stronger rand. Volume improvements and reasonable cost control benefitted unit
cost which rose by 8% to R10 867 per platinum ounce, despite the significant
ongoing inflationary pressures experienced during the year. The balance sheet
remained strong with a net cash balance of R2.7 billion. A final dividend of 420
cents per share has been declared, resulting in the total dividend for FY2011
increasing by 46%.
SAFETY
Safety is Implats` number one priority and we remain committed to
achieving zero-harm in the workplace. To realise this vision we will,
firstly, pay closer attention to addressing the supervision gap by focusing
on leadership training and, secondly, ensuring compliance to Implats`
defined safety standards and procedures by changing the safety culture of
our people, focusing on behaviour observation, reward and communication.
While Implats progressed in improving safety as shown by the 11% improvement
in the total injury frequency rate to 13.5 (FY2010: 15.2) per million man
hours worked, regrettably eight employees lost their lives at work during the
year. The Board, Management and the entire Implats team extend their sincere
condolences to the families and friends of our colleagues who died. The lost
time injury frequency rate deteriorated by 7%. Regrettably, our objective of
zero lost-time injuries by FY2012 will not be achieved but we will aim to
increase the number of operations that achieve zero lost-time injuries.
MARKET OVERVIEW
The global economy showed tentative signs of recovery following the world
economic crisis of 2008 and as a result the automotive industry improved during
2010. In addition, it was physical investment in the metals that pushed overall
average prices to recent highs. The launch of the US platinum and palladium
Exchange Traded Funds (ETFs) at the beginning of 2010 saw a significant uptake
of physical metal into these products.
Prices for platinum climbed throughout the year from just over $1 500 per ounce
to end at approximately $1 800 per ounce. Increased automotive and investment
demand was balanced by a decline in Chinese jewellery offtake after a robust
2009, resulting in the platinum market remaining in balance for the year.
Palladium prices began the year at just above $400 per ounce and almost reached
$800 per ounce, a level not seen since 2001. The average for the year was $525
per ounce, which is double the price achieved for 2009. The fundamental driver
has been the recovery in vehicle production, along with increased investment
demand. The possible end to Russian destocking has also benefitted sentiment in
this market.
Fluctuations in the price of rhodium have been more modest as an increase in
demand on the back of growing automotive production, has been met by adequate
supplies of the metal. The average price for the year at just over $2 400, was
some $800 higher than the previous period reflecting the rebound in vehicle
demand.
FINANCIAL REVIEW
Headline earnings improved by 41% from R7.86 to R11.05 per share. The biggest
contributor to the increase in earnings was higher dollar metal prices
experienced during the financial year. This contributed to a positive price
variance of R6.9 billion. The average exchange rate for the year was R7.03/US$,
compared to R7.58/US$ for FY2010. This resulted in a negative exchange rate
variance of R2.6 billion. Sales volumes increased by R3.4 billion due to higher
production levels, as well as the sale of the platinum inventory built up at the
Impala operations during FY2010.
Cost of sales rose by R4.2 billion or 24% to R21.5 billion from R17.3 billion
in the previous financial year. Metals purchased, including inventory movements,
accounted for R2.4 billion - more than half of this change. The other key driver
was inflation driven increases which included wages, consumables and utilities.
The Group`s margin improved to 35% from 32%.This was due to the net effect of
revenue strengthening by 30% and cost of sales increasing by 24%.
Group unit costs per refined platinum ounce rose by 8% to R10 867. Group
inflation of 7% accounted for the bulk of the increase. Unit costs were also
affected by additional safety costs and higher employee levels required to
deliver the additional development at Impala Rustenburg and Marula.
Group capital expenditure for FY2011 increased by 22% to R5.5 billion compared
to R4.6 billion in FY2010. Of this, R4.2 billion was spent at Impala, primarily
on the development of 20, 16 and 17 Shafts. The Zimbabwean operations spent R1
billion, largely on the completion of the Phase 1 expansion and the commencement
of the Phase 2 expansion at Zimplats. The Group will spend an estimated R7.0
billion in FY2012 and R35 billion over the next five years. This will be
funded from internally generated cash flow and borrowings, if needed.
Cash generated from operating activities for the year totalled R8.3 billion
(June 2010: R5.9 billion) The Group`s cash position net of debt, improved by
R970 million to R2.7 billion.
The Board declared a final dividend of 420 cents per share resulting in R2.5
billion returned to shareholders.
OPERATIONAL REVIEW
Impala
Safety remains a priority at Impala Rustenburg where regrettably, the
mine experienced seven fatalities during the year. The lost time injury
frequency rate was unsatisfactory, deteriorating 6% to 5.41 (FY2010: 5.09)
per million man-hours worked. The operation remains committed to the
realisation of a zero-harm workplace focusing on changing the culture and
behaviour of all employees and through visible-felt leadership.
Operationally, the year under review can be termed one of recovery with tonnes
milled increasing by 4% to 14.1 million. During FY2010 mining was impacted by a
two-week industrial action and the fall of ground incident at 14 Shaft. Mining
flexibility remains a key issue which will continue to place reliance on mining
activities at older shafts resulting in reduced efficiencies and necessitating
an ongoing high level of remnant mining. Merensky ore mined improved from 40% to
42%. This resulted in a 3% improvement in overall platinum yield. As a result
refined platinum production rose by 8% to 941 200 ounces.
The higher volumes positively influenced unit costs, which rose 8% to R10 801
per platinum ounce excluding share-based payments.
Despite 20 Shaft delivering first production during the year, it has become
apparent that stopping would jeopardise the tight project completion schedule,
and it has been decided to delay the production ramp-up by 12 months. This will
allow the project team to focus on development of the incline and decline spines
and associated infrastructure. As a consequence the 26 000 ounces of platinum
previously planned for FY2012 have been deferred to FY2013.
Zimplats
Zimplats delivered an exceptional performance which marked the first year of
full production following the commissioning of the Phase 1 expansion in FY2010.
Tonnes milled increased by 3% to 4.2 million with the Bimha Mine achieving full
throughput in May 2011. Good grade control maintained headgrades at 3.56g/t 6E
and, together with improved concentrator recoveries of 82.4%, this resulted in
platinum in matte production improving by 5% to 182 100 ounces. Unit costs rose
by 16% to US$1 171 per platinum ounce in matte due to a combination of internal
inflation, the strong rand and higher maintenance costs at the Ngezi
concentrator.
The Phase 2 expansion commenced in August 2010 and is expected to cost in the
region of US$460 million. Mupfuti Mine is scheduled to commence production in
FY2013 while the new concentrator unit will reach full nameplate capacity in
FY2014. Refined platinum production is expected to increase by 90 000 ounces to
270 000 ounces per annum.
The amendment to the Indigenisation and Economic Empowerment Act requiring all
foreign-owned businesses to meet a minimum indigenisation quota of 51% was
gazetted on 25 March 2011. The Group is engaged in ongoing discussions with the
government of Zimbabwe in this regard and we believe this will achieve an
acceptable outcome.
Marula
Tonnes milled and headgrade were virtually unchanged at 1.54 million and 4.39g/t
6E respectively, resulting in platinum production in concentrate remaining
constant at 70 600 ounces despite an increase in financial, labour and equipment
resources. This was below the ramp-up plan of 85 000 platinum ounces. Higher
staffing levels without the requisite increase in production ounces resulted in
a 19% rise in unit costs to R16 884 per platinum ounce in concentrate.
A detailed strategic review undertaken during the year evaluated mine planning
parameters and the project status. Consequently it has been decided to maintain
production at the current rate of 70 000 ounces of platinum per annum for the
next two years to enable the completion of ancillary infrastructure on on-reef
development. Marula is right-sizing its cost base to the current ounce profile,
a process that was successfully completed in July. A further strategic review
will be undertaken in FY2013
Mimosa
Mimosa completed its second year of steady-state production. Tonnes milled,
headgrade and concentrator recoveries each increased by 1% to 2.3 million,
3.91g/t 6E and 77% respectively. This resulted in record production of 104 900
ounces of platinum in concentrate. Unit costs were adversely impacted by higher
than anticipated labour costs, increased material usage due to bad ground
conditions, consumable costs as well as the influence of the stronger rand.
As a result unit costs per platinum ounce in concentrate rose by 15% to US$1
377.
Two Rivers
Tonnes milled improved slightly from the previous year to 2.9 million and a
small stockpile was built as underground production marginally exceeded
concentrator capacity. An improved milling rate, coupled with a 2% rise in
recoveries boosted platinum production to 145 300 ounces in concentrate. Unit
costs increased by 14% to R9 615 per platinum ounce in concentrate due to high
consumable costs, additional spend on redevelopment, Merensky trial mining and
the processing of stockpile material during FY2010.
The transaction whereby Implats will dispose of portions 4, 5 and 6 of the farm
Kalkfontein, as well as the area covered by the Tweefontein prospecting rights
to Two Rivers is awaiting approval from the Department of Mineral Resources,
South Africa. This transaction, when completed, will increase Implats`
shareholding in the Two Rivers joint venture by 4% to 49%.
Impala Refining Services
Refined platinum production from operations controlled or partially controlled
increased by 8% to 487 000 ounces. This was primarily due to the first full year
of steady-state production at Zimplats following the completion of the Phase 1
expansion project. Third party purchases and toll business declined by 3% to
408 000 ounces. Despite an 8% improvement in production from Aquarius Platinum
following the restart of Everest, receipts were impacted by lower production
from Smokey Hills and less recycling material. Overall IRS refined platinum
production increased by 3% to 895 000 ounces.
Growth in the medium- to longer-term is expected to come from the completion of
the Phase 2 expansion at Zimplats, the continued ramp-up at Everest and Smokey
Hills as well as additional output from Eastern Platinum and growing
autocatalyst deliveries.
PROSPECTS
Despite the welcome recovery in metal prices experienced during 2010, the
current and future environment is not without its challenges - 2011 has seen the
re-emergence of EU debt concerns, little sign of meaningful recovery in the US
and the impact of the tragic earthquake and tsunami in Japan. These, together
with persistently higher oil prices and the threat of inflation, will continue
to exert a negative influence on the prospects of world economic recovery.
Notwithstanding the macro challenges faced by the developed economies, the
resilience displayed in emerging markets should continue to drive demand for
all commodities. Growing demand for vehicles in emerging economies, together
with tighter emission legislation throughout the world, is likely to underpin
strong fundamental demand for PGMs in the medium term. A challenging supply
environment will result in tight market conditions going forward.
The Group is positioned to benefit from this environment. The key to this is a
stable and long-lasting production platform. The delivery of the new mining
projects at Impala Rustenburg will provide this base. In Zimbabwe the Phase 2
expansion at Zimplats will support our growth aspirations to over 2 million
ounces of platinum per annum by 2014.
Khotso Mokhele David Brown
Chairman Chief Executive Officer
Johannesburg
25 August 2011
Operating statistics
Year Year
ended ended
30 June 30 June
2011 2010
Gross refined
Platinum (000oz) 1 836 1 741
Palladium (000oz) 1 192 1 238
Rhodium (000oz) 262 252
Nickel (000t) 16.3 15.2
IRS metal returned
Platinum (000oz) 220 233
Palladium (000oz) 210 259
Rhodium (000oz) 42 49
Nickel (000t) 3.4 2.8
Sales volumes
Platinum (000oz) 1 665 1 435
Palladium (000oz) 1 011 945
Rhodium (000oz) 221 228
Nickel (000t) 15.5 12.8
Prices achieved
Platinum ($/oz) 1 691 1 433
Palladium ($/oz) 670 376
Rhodium ($/oz) 2 275 2 149
Nickel ($/t) 23 965 18 981
Consolidated statistics
Average exchange rate achieved (R/$) 7.03 7.58
Closing exchange rate for the period (R/$) 6.77 7.67
Revenue per platinum ounce sold ($/oz) 2 799 2 316
(R/oz) 19 677 17 555
Tonnes milled ex-mine (000t) 20 974 20 309
PGM refined production (000oz) 3 772 3 689
Capital expenditure (Rm) 5 540 4 554
Group unit cost per platinum ounce:
Excluding share based compensation ($/oz) 1 545 1 335
(R/oz) 10 867 10 089
Including share based cost ($/oz) 1 539 1 379
(R/oz) 10 824 10 417
Statement of financial position
As at As at
30 June 30 June
R millions Notes 2011 2010
Assets
Non-current assets
Property, plant and equipment 5 33 137 29 646
Exploration and evaluation assets 4 294 4 294
Intangible assets 1 018 1 018
Investment in associates 904 934
Available-for-sale financial assets 15 14
Held-to-maturity financial assets 61 56
Receivables and prepayments 13 379 13 781
52 808 49 743
Current assets
Inventories 5 471 5 382
Trade and other receivables 4 783 3 588
Cash and cash equivalents 4 542 3 858
14 796 12 828
Total assets 67 604 62 571
Equity and liabilities
Equity attributable to owners of the
Company
Share capital 14 228 14 151
Retained earnings 34 136 30 017
Other components of equity (801) (376)
47 563 43 792
Non-controlling interest 2 047 1 941
Total equity 49 610 45 733
Liabilities
Non-current liabilities
Deferred tax liability 8 337 7 747
Long-term borrowings 7 1 698 1 827
Long-term liabilities 831 899
Long-term provisions 614 599
11 480 11 072
Current liabilities
Trade and other payables 5 656 5 130
Current tax payable 226 24
Short-term borrowings 7 144 301
Short-term liabilities 488 311
6 514 5 766
Total liabilities 17 994 16 838
Total equity and liabilities 67 604 62 571
Statement of comprehensive income
Year ended Year ended
30 June 30 June
R millions 2011 2010
Revenue 33 132 25 446
Cost of sales (21 490) (17 294)
Gross profit 11 642 8 152
Other operating expenses (645) (585)
Royalty expense (804) (536)
Profit from operations 10 193 7 031
Finance income 343 321
Finance cost (530) (319)
Net foreign exchange transaction (448) 52
(losses)/gains
Other income/(expenses) (235) 45
Share of profit of associates 238 95
Profit before tax 9 561 7 225
Income tax expense (2 751) (2 431)
Profit for the year 6 810 4 794
Other comprehensive income:
Available-for-sale financial assets 6 16
Deferred tax thereon 0 (4)
Exchange differences on translating (692) (34)
foreign operations
Deferred tax thereon - translation 195 10
- rate change - (14)
Total comprehensive income 6 319 4 768
Profit attributable to:
Owners of the Company 6 638 4 715
Non-controlling interest 172 79
6 810 4 794
Total comprehensive income attributable
to:
Owners of the Company 6 213 4 691
Non-controlling interest 106 77
6 319 4 768
Earnings per share (cents per share)
Basic 1 105 786
Diluted 1 104 785
Segmental analysis
2011 2010
Gross Gross
R millions Revenue profit Revenue profit
Mining
Impala 32 030 7 511 24 541 5 368
Mining 18 441 7 486 14 025 5 222
Metals purchased 13 589 25 10 516 146
Zimplats 3 709 2 133 3 052 1 571
Marula 1 300 (41) 1 130 (11)
Mimosa 1 284 717 1 032 495
Afplats - (1) - -
Inter-segment adjustment (5 975) (34) (4 964) (399)
External parties 32 348 10 285 24 791 7 024
Refining services 14 273 1 419 11 069 1 188
Inter-segment adjustment (13 489) (62) (10 414) (60)
External parties 784 1 357 655 1 128
Total external parties 33 132 11 642 25 446 8 152
Capital Total Capital Total
R millions expenditure assets expenditure assets
Mining
Impala 4 240 43 649 3 435 39 106
Zimplats 840 5 568 698 5 818
Marula 242 3 313 281 3 182
Mimosa 186 1 593 127 1 567
Afplats 32 7 264 13 7 220
Total mining 5 540 61 387 4 554 56 893
Refining services 5 185 4 571
Other 1 032 1 107
Total 5 540 67 604 4 554 62 571
Statement of changes in equity
Other
Re- compon-
Share tained ents of
R millions capital earnings equity
Balance at 30 June 2010 14 151 30 017 (376)
Shares issued
Share option scheme 7
Employee Share Ownership
Programme 70
Total comprehensive income 6 638 (425)
Dividends (2 519)
Balance at 30 June 2011 14 228 34 136 (801)
Balance at 30 June 2009 14 069 27 222 (352)
Shares issued
Share option scheme 7
Employee Share Ownership
Programme 75
Total comprehensive income 4 715 (24)
Dividends (1 920)
Balance at 30 June 2010 14 151 30 017 (376)
Statement of changes in equity (continued)
Attributable to
Owners Non-
of the controlling Total
R millions Company interest equity
Balance at 30 June 2010 43 792 1 941 45 733
Shares issued
Share option scheme 7 7
Employee Share Ownership
Programme 70 70
Total comprehensive income 6 213 106 6 319
Dividends (2 519) (2 519)
Balance at 30 June 2011 47 563 2 047 49 610
Balance at 30 June 2009 40 939 1 864 42 803
Shares issued
Share option scheme 7 7
Employee Share Ownership
Programme 75 75
Total comprehensive income 4 691 77 4 768
Dividends (1 920) (1 920)
Balance at 30 June 2010 43 792 1 941 45 733
Cash flow statement
Year ended Year ended
30 June 30 June
R millions 2011 2010
Cash flows from operating activities
Profit before tax 9 561 7 225
Adjustments to profit before tax 1 123 1 648
Cash from changes in working capital (371) (1 184)
Exploration costs (44) (47)
Finance cost (179) (48)
Income tax paid (1 805) (1 676)
Net cash from operating activities 8 285 5 918
Cash flows from investing activities
Purchase of property, plant and equipment (5 293) (4 412)
Proceeds from sale of property, plant and 4 13
equipment
Purchase of investment in associate (55) -
Payment received from associate on 272 196
shareholders` loan
Proceeds from investments disposed - 8
Loan repayments received 394 442
Advances granted (33) (106)
Finance income 234 259
Dividends received 5 -
Net cash used in investing activities (4 472) (3 600)
Cash flows from financing activities
Issue of ordinary shares, net of cost 77 82
Lease liability repaid (19) (18)
Repayments of borrowings (836) (136)
Proceeds from borrowings 253 176
Dividends paid to Company`s shareholders (2 519) (1 920)
Net cash used in financing activities (3 044) (1 816)
Net increase in cash and cash equivalents 769 502
Cash and cash equivalents at beginning of 3 858 3 348
year
Effect of exchange rate changes on cash (85) 8
and cash equivalents held in foreign
currencies
Cash and cash equivalents at end of year 4 542 3 858
Headline earnings
Year ended Year ended
30 June 30 June
R millions 2011 2010
Headline earnings attributable to owners
of the Company
arises from operations as follows:
Profit attributable to owners of the 6 638 4 715
Company
Adjustments:
Profit on disposal of property, plant and (1) (5)
equipment
Loss on disposal of investment 3 10
Total tax effects of adjustments (1) (2)
Headline earnings 6 639 4 718
Weighted average number of ordinary 600.76 600.16
shares in issue
Headline earnings per share (cents) 1 105 786
Notes
1. General information
Implats is a leading 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 orebodies globally.
The Company has its primary listing on the securities exchange
operated by the JSE Limited and a secondary listing on the
London Stock Exchange.
These consolidated annual financial results were approved for
issue on 25 August 2011 by the Board of directors.
2. Basis of preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRS) of the International Accounting Standards Board (IASB),
requirements of the South African Companies Act, 2008 as
amended, the AC 500 standards, as issued by the Accounting
Practices Board or its successor and regulations of the JSE
Limited.
The consolidated financial statements have been prepared under
the historical cost convention except for the following:
- certain financial assets and financial liabilities are
measured at fair value;
- derivative financial instruments are measured at fair value;
and
- liabilities for cash-settled share-based payment arrangements
are measure are measured with a binomial option model.
The consolidated financial information is presented in South
African rands, which is the Company`s functional currency.
3. 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 as fully described in the Integrated
Annual Report available on the Company`s website. The adoption
of these standards had no material impact on the financial
results of the Group.
4. Audit opinion
The financial statements have been audited by
PricewaterhouseCoopers Inc. whose unqualified opinion is
available for inspection at the registered office of Implats.
5. Property, plant and equipment
Year ended Year ended
30 June 30 June
R millions 2011 2010
Opening net book amount 29 646 26 224
Additions 5 539 4 476
Interest capitalised 1 78
Disposals (54) (8)
Depreciation (1 372) (1 083)
Exchange adjustment on translation (623) (41)
Closing net book amount 33 137 29 646
6. Capital commitment
Capital expenditure approved at 30 June 2011 amounted to R25.5
billion (June 2010: R20.4 billion), of which R2.0 billion (June
2010: R2.6 billion) is already committed. The expenditure will
be funded internally and, if necessary, from borrowings.
7. Borrowings
Borrowings from Standard Bank South Africa Limited:
Loans were obtained by BEE partners to purchase a 27% share in
Marula Platinum (Proprietary) Limited amounting to R771 million
(June 2010: R775 million). The BEE partnership in Marula is
consolidated as the loans are guaranteed by Implats. The loans
carry interest at the Johannesburg Interbank Acceptance Rate
(JIBAR) plus 130 (June 2010: 130) basis points and a revolving
credit facility amounting to R114 million (June 2010: R117
million), which carries interest at JIBAR plus 145 (June 2010:
145) basis points. The loans expire in 2020.
Two loan facilities from Standard Bank of South Africa Limited
to finance expansion at Zimplats were obtained.
These loans are secured by cessions over cash, debtors and
revenue of Zimbabwe Platinum Mines (Pvt) Limited:
Loan 1 of R542 million (June 2010: R614 million) is denominated
in US$ - US$80 million (June 2010: US$80 million) and bears
interest at London Interbank Offering Rate (LIBOR) plus 700
(June 2010: 700) basis points. Repayments of 12 quarterly
instalments commenced in December 2009 and will be fully settled
by December 2012. At the end of the period the outstanding
balance amounted to R102 million (US$ 15 million) (June 2010:
R485 million (US$63 million)).
Loan 2 - a revolving credit facility of R596 million is
denominated in US$ - US$88 million and bears interest at London
Interbank Offering Rate (LIBOR) plus 700 basis points. The loan
amortises over four years as per the relevant commitments with a
final maturity date in December 2014. At the end of the period
the outstanding balance amounted to R244 million (US$36
million). (2010: A rand denomination term loan facility with a
balance of R490 million was repaid during this financial year).
The total undrawn committed facilities at year-end were R3.9
billion (2010: R3.4 billion).
8. Dividends per share
On 25 August 2011, a sub-committee of the Board declared a final
dividend of 420 cents per share amounting to R2.5 billion in
respect of the financial year 2011. Secondary Tax on Companies
(STC) on the dividend will amount to R252 million.
Year ended Year ended
30 June 30 June
R millions 2011 2010
Dividends paid
Final dividend No 85 for 2010 of 270 1 622 1 202
(2009: 200) cents per share
Interim dividend No 86 for 2011 of 897 718
150 (2010: 120) cents per share
2 519 1 920
9. 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 a current
APT amount of US$9 million 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.
At year-end the Group had bank and other guarantees of R606
million (2010: R600 million) from which it is anticipated that
no material liabilities will arise.
DECLARATION OF FINAL CASH DIVIDEND
A final cash dividend of 420 cents per share has been declared in respect of
the year ended 30 June 2011. The last day to trade ("cum" the dividend) in order
to participate in the dividend will be Friday, 9 September 2011. The shares
will commence trading "ex" the dividend from the commencement of business on
Monday, 12 September 2011 and the record date will be Friday, 16 September
2011.
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, 15 September 2011,
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, 16 September 2011.
The dividend will be paid on Monday, 19 September 2011. Share certificates
may not be dematerialised/rematerialised during the period Monday, 12 September
2011 to Friday, 16 September 2011, both dates inclusive.
By order of the Board
A Parboosing
Company Secretary
Johannesburg
25 August 2011
Corporate information
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
Sponsor
Deutsche Securities (SA) (Pty) Limited
Directors
KDK Mokhele (Chairman), DH Brown (Chief Executive Officer),
B Berlin, NDJ Carroll#, HC Cameron, PA Dunne, MSV Gantsho,
TP Goodlace, JM McMahon*, MV Mennell, B Ngonyama, TV Mokgatlha, NDB Orleyn, OM
Pooe
*British #Alternate to TV Mokgatlha
The Integrated Annual Report of the Group is available on the Company`s
website.Please contact the Company Secretary at (011) 731 9000,
or via e-mail at avanthi.parboosing@implats.co.za or by post
at Private Bag X18, Northlands 2116, South Africa, for further information,
if required.
htttp://www.implats.co.za
Date: 25/08/2011 07:06:51 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
