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IMPALA PLATINUM HOLDINGS LIMITED - Summarised consolidated annual results for the year ended 30 June 2014

Release Date: 28/08/2014 07:05
Code(s): IMP     PDF:  
Wrap Text
Summarised consolidated annual results for the year ended 30 June 2014

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
Share codes: 
JSE: IMP  
ISIN: ZAE000083648  
ADRs: IMPUY
(“Implats” or “the Company” or “the Group”) 

Summarised consolidated annual results for the year ended 30 June 2014

- Safety                                                                                                                    
  FIFR improved by 34% for the year                                                                                         
- Market                                                                                                                    
  Market remains in fundamental deficit, however, sufficient above-ground stocks constrain upward US$ PGM price movements   
- Operational                                                                                                               
  Gross refined platinum 25.5% lower at 1.18 million ounces impacted by the five-month strike at Impala                     
- Costs                                                                                                                     
  Group unit costs increased by 17.6%                                                                                       
- Earnings                                                                                                                  
  Headline earnings per share decreased by 74% to 86 cents                                                                  
- Dividend                                                                                                                  
  No dividend declared for the year                                                                                         
- Impala Rustenburg                                                                                                         
  Start-up progressing well                                                                                                 

Operating statistics                                                                                                                    
                                                                    30 June 2013   
                                                    30 June 2014       (Restated)  
Gross refined production                                                           
Platinum                                  ('000oz)          1 178           1 582   
Palladium                                 ('000oz)            710           1 020   
Rhodium                                   ('000oz)            157             220   
Nickel                                         (t)         13 915          16 018   
IRS metal returned (toll refined)                                                  
Platinum                                  ('000oz)             94             189   
Palladium                                 ('000oz)             28             190   
Rhodium                                   ('000oz)              9              36   
Nickel                                         (t)          3 186           3 193   
Sales volumes                                                                      
Platinum                                  ('000oz)          1 197           1 333   
Palladium                                 ('000oz)            767             859   
Rhodium                                   ('000oz)            147             176   
Nickel                                         (t)         10 736          13 212   
Prices achieved                                                                    
Platinum                                  (US$/oz)          1 423           1 551   
Palladium                                 (US$/oz)            737             676   
Rhodium                                   (US$/oz)          1 000           1 143   
Nickel                                     (US$/t)         14 644          16 541   
Consolidated statistics                                                            
Average exchange rate achieved             (R/US$)           10.36            8.81   
Closing exchange rate for the period       (R/US$)           10.64            9.88   
Revenue per platinum ounce sold           (US$/oz)           2 299           2 505   
                                            (R/oz)          23 818          22 069   
Tonnes milled ex mine                      ('000t)          13 916          17 209   
Total development (Impala)                (Metres)          61 337          97 378   
Gross PGM refined production              ('000oz)           2 370           3 233   
Capital expenditure                           (Rm)           4 384           6 258   
Group unit cost per platinum ounce        (US$/oz)           1 874           1 874   
                                            (R/oz)          19 430          16 526   

Commentary

Introduction 
Subdued platinum group metal (PGM) prices continued to affect the platinum industry, and together with escalating cost
pressures and industrial relations disruptions have had a severe impact on Implats’ operating and financial performance
for the year ended 30 June 2014. While the unprecedented five-month industry strike at Impala Rustenburg was resolved
with a negotiated wage settlement on 24 June 2014, it severely impacted its operational performance.

Despite the impact of the strike, the operations outside the Rustenburg area, specifically Zimplats, Mimosa and Two
Rivers, all performed admirably and delivered good results. Throughout the strike period, normal deliveries continued to
key customers, albeit at reduced levels in the last two months. In particular, the  South African market remained
adequately stocked.

A realignment of strategic imperatives including, safety, health, productivity and profitability is currently being
undertaken. The Group has committed significant time and resources to the Rustenburg operations to ensure an uninterrupted
return to work and a safe and successful operational start-up. The final assessment of the strike effect indicates
total lost production, compared to plan, has amounted to 312 000 platinum ounces to June 2014.

Safety review
During the year, the Group’s fatal injury frequency rate (FIFR) improved by 33.8% to 0.043 per million man-hours
worked, a significant achievement given the 25.3% improvement reported in 2013. The lost-time injury frequency rate improved
by 6.9% to 3.92 per million man-hours worked.

The Impala team delivered on its health and safety plans during the first half of the year, but unfortunately
implementation was affected by the protracted strike in the second half of the year. Zimplats, Mimosa, Marula and Two Rivers
delivered a satisfactory health and safety performance.

Regrettably, four colleagues lost their lives on duty during the year and the board and management team has extended
its sincere condolences to the families and friends of the deceased. We remember Mr Osika Chidhakwa, Mr Lebogang Abednego
Moiteri, Mr Khalepile Joseph Matama and Mr Shaun Pelser.

Our safety strategy involves a number of initiatives, which include active participation in the industry CEO
Elimination of Fatalities task team as well as the Mine Occupational Safety and Health (MOSH) task teams. These task teams are
focused on falls of ground, mobile machinery and dust in the workplace. We continue to build on changing the culture of
the organisation, improving our supervision and adopting and implementing various technical initiatives, which aim to
improve workplace safety.

Employee relations review
Progress was made across the Group in delivering on employee relations commitments with various initiatives aimed at
improving communication with employees, building supervisors and mine managers’ leadership skills, and ensuring the
success of various change management activities. Unfortunately, many of these initiatives were placed on hold during the
second half of the financial year, which was dominated by efforts to conclude wage negotiations and resolve the strike at
the Rustenburg operation.

Employee relationships were challenged in the Rustenburg area and the breakdown of the wage negotiations with
Association of Mineworkers and Construction Union (AMCU) and the subsequent five-month strike came at a profound social,
economic and financial cost to all parties concerned. In seeking to mitigate the safety and health impact of the industrial
action, a health and safety agreement pertinent to the Rustenburg operations was concluded with AMCU paving the way for
advancing an employee relations strategy that will foster a more collaborative environment.

Implats has a committed obligation to advance relationships with employees that was supported by the wage agreements
reached with AMCU, the National Union of Mineworkers (NUM) and the United Association of South Africa (UASA). The Group
will be implementing a range of activities over the short and medium term aimed at building better relationships across
the organisation.

Recent developments at Marula point to the possibility of an AMCU majority at the mine and formal meetings structures
have been established for the necessary continued engagement.

Market review (all references to years in this section refer to calendar years)
The platinum and palladium markets remained in deficit on a fundamental basis for a second year driven by reduced
primary supplies from the South African producers. Demand growth, particularly in jewellery and investment, has outpaced
supply. Despite this, abundant above-ground stocks have constrained any upward price movement.

The average price for platinum in 2013 was US$1 487 per ounce, while the average price achieved during the first six
months of 2014 was US$50 per ounce lower at US$1 437 per ounce. The palladium price, on the other hand, which averaged
US$725 per ounce in 2013, increased to US$857 per ounce for the first six months of 2014 indicating healthier demand.
Rhodium averaged US$1 047 per ounce in 2013, which increased to US$1 069 per ounce in the first six months of 2014
reflecting a fundamentally balanced market. The rand depreciation that began in 2012 continued in 2013 and was supportive 
of rand prices for PGMs.

The past year has seen positive growth in the global automotive industry as light-duty vehicle sales grew by 3% and
the global market exceeded 83 million vehicle sales for the first time. An estimated 87 million light-duty vehicles are
expected to be sold in 2014, primarily driven by China and supported by the continued economic recovery in North America.
Tightening emission standards were also supportive of demand.

The platinum jewellery market, a significant component of platinum demand, grew by 6% in 2013 and is expected to
achieve a further 5.3% in the current year. Investment growth was underpinned by the South African platinum exchange traded
fund (ETF), which exceeded 900 000 ounces by the end of 2013, and is now the largest fund in the world at more than 1.1
million ounces. The removal of this quantum of metal from the market without any significant impact on the platinum price
highlights the extent of above-ground inventory.

Financial review
Revenue per platinum ounce was 8.2% lower than the previous year at US$2 299 (2013: US$2 505) per ounce. The average
rand/dollar exchange rate achieved of R10.36 to the dollar was 17.6% weaker than the prior year. Consequently, although
the dollar revenue per platinum ounce decreased by 8.2%, the rand revenue per platinum ounce increased by 7.9%.

Group production deteriorated from 1.582 million ounces of platinum to 1.178 million ounces primarily due to the
industrial action at Impala Rustenburg. The higher rand metal prices, assisted by destocking, resulted in revenues reducing
by only R816 million. Group unit costs per platinum ounce, excluding share based compensation, rose by 18% to R19 430 per
platinum ounce. On a normalised basis, adjusting for the savings in operational costs during the strike and the 312 000
ounces of lost platinum production, unit costs would have been R17 308, an increase of 5% on the prior year.

Gross profit was down by R1.47 billion to R3.24 billion and the gross profit margin for the year declined to 11.2%
(2013: 15.8%).

Headline earnings per share was 74% lower at 86 cents (2013: 329 cents) per share. Basic earnings per share was one
cent (2013: 167 cents).

Due to stringent cash preservation measures during the strike, the Group had largely unchanged cash reserves of R4.3
(2013: R4.1) billion at year end. Total borrowings for the Group (including finance leases) were higher at R7.8 
(2013: R7.5) billion, leaving the Group in a net debt position at year end of R3.5 billion.

Given the length of the industrial action and concomitant start-up costs in financial year 2015, the board has
resolved not to declare a final dividend for the year as part of its ongoing strategy to preserve cash (2013: 95 cents per
share comprising an interim dividend of 35 cents per share and a final dividend of 60 cents per share).

Operational review
Gross refined platinum production was 25.5% lower at 1.18 (2013: 1.58) million ounces, largely as a result of 
the strike at Impala. Mine-to-market production decreased by 18.8% to 0.99 (2013: 1.21) million ounces. At IRS, the
ramp-up of the Phase 2 expansion project at Zimplats in conjunction with toll material from Northam and Platmin was more
than offset by lower deliveries from other third-party customers and production declined by 12% to 767 000 ounces of
platinum.

Group unit costs increased by 17.6% to R19 430 (2013: R16 526) per platinum ounce largely as a result of mining
inflation of 10.8% and the significantly reduced production from Impala. The main contributors to the inflation were wage
increases of 10.7% at the South African operations and power increases of 9.0%. Costs at Impala were reduced to
approximately 30% of the normal operating expenditures during the strike and capital expenditure was contained in line with the
requirement to reduce cash outflows.

Managed mine-to-market operations
IMPALA
The strike severely interrupted a good operational start to the financial year and initiatives to ramp-up production
at the mine over the next five years have been impacted. Ore milled decreased by 43.3% to 6.2 (2013: 10.9) million
tonnes, while refined platinum decreased by 42.0% to 411 000 (2013: 709 200) ounces. Milled head grades (6E) were marginally
higher at 4.34 (2013: 4.32) grams per tonne. Recoveries improved to 87.4% (2013: 85.3%) as a result of better
efficiencies at the tails scavenging plant and lower opencast volumes milled.

Total development activity decreased to 61.3 (2013: 97.4) kilometres, while on-reef development declined by 28.9% to
21.1 (2013: 29.7) kilometres. In the period before the strike commenced, 17.4 kilometres of face was mined at an average
panel length of 24.1 metres and a face advance of 9.9 metres per month. Currently, there is 20.5 kilometres of mineable
face length, which remains a constraint. The key to reversing this situation and improving reserve flexibility is to
optimise development, equipping, construction and ledging activities on existing shafts and at the newly commissioned 20
and 16 shaft complexes.

The impact of the strike, above-inflation wage increases, lower productivity and above-inflation power costs (in
conjunction with lower volumes) all affected unit costs, which increased by 27.8% to R22 036 (2013: R17 241) per refined
platinum ounce.

The protracted industrial action has also led to significant delays in project and development build-up profiles. The
ramp-up to normal production rates will take approximately four months to achieve, which will result in reduced
projected volumes and current indications are that production at Impala will be approximately 575 000 ounces of platinum in
2015. These factors, together with lower metal prices, will result in margins at Impala being under pressure in the short to
medium term.

A comprehensive strategic planning exercise has been initiated to assess the full impact of low PGM prices and the
strike consequences on the profitability at Impala. This is due for completion by December 2014.

ZIMPLATS
Ore milled increased by 26.8% to 5.9 (2013: 4.7) million tonnes due to the increased mining cut and the ramp-up of the
Mupfuti Mine (Portal 3). Platinum in matte increased by 21% to 239 700 (2013: 198 100) ounces. Platinum unit costs in
matte benefited from this increase, partly offset by US dollar inflation of 6.4% (2013: 6.2%), and decreased by 1.2% to
US$1 291 (2013: US$1 307) per ounce. The weaker exchange rate impacted rand unit costs, which increased by 16% to R13 383
(2013: R11 524) per platinum ounce in matte.

A strategic decision was taken to refurbish the Base Metal Refinery (BMR) at Selous as an important first step in a
multi-phased plan for local beneficiation. A prefeasibility study was initiated to establish cost  estimates, which
currently are estimated at approximately US$100 million. Project implementation started on 1 July 2014 and is estimated to
take 24 months to complete. 

Post-year end, in July 2014, a collapse within a section of the underground working area of the Bimha Mine was
triggered by the accelerated deterioration of ground conditions associated with a major fault, the Mutambara Shear, which
transgresses through the mining area.  As a result of the proactive response from the Zimplats management team and the timely
evacuation of all personnel, no injuries or damage of mobile equipment were reported.

By 20 August 2014, ground conditions had continued to deteriorate and as a consequence, it was decided to withdraw all
employees across the rest of the mine. A team of Company and independent advisers has been appointed to conduct
detailed investigations to reengineer and/or arrest the current mine stability concerns. Consequently, there is a possible
production impact of up to 70 000 platinum ounces in 2015.

MARULA
Ore milled increased by 10.2% to 1.8 (2013: 1.6) million tonnes as additional mining crews were employed during the
year. Platinum in concentrate increased by 9.5% to 78 500 (2013: 71 700) ounces in line with higher throughput. Marula’s
costs per platinum ounce in concentrate, increased marginally by 1% mainly due to mining inflation of 7.3%, offset by
increased production. The optimisation of the existing infrastructure over the past few years has provided a solid
foundation to reach 86 000 ounces of platinum by 2015.

IMPALA REFINING SERVICES (IRS)
Third-party refining volumes declined by 48% as 174 800 less ounces were treated due to the termination of the
auto-catalyst recycling contract and the suspension of deliveries from the Everest South, Crocodile River and Smokey Hills
operations, which were placed on care and maintenance due to the prevailing market conditions. As a consequence, overall IRS
platinum production (including mine-to-market operations offtakes) decreased by 12% to 767 000 (2013: 872 300) ounces.

Other mine-to-market operations
MIMOSA
Tonnes milled increased by 3% to 2.45 (2013: 2.38) million for the year and platinum in concentrate increased by 9.9%
to 110 200 ounces. Mimosa’s unit costs decreased by 3.9% from US$1 782 per platinum ounce in concentrate to US$1 713 per
platinum ounce in concentrate mainly due to the increased PGM production levels and cost reduction initiatives. In rand
terms unit costs increased by 13% to R17 768 as a result of the weaker rand/dollar exchange rate.

TWO RIVERS
Tonnes milled were 3.4% higher at 3.3 (2013: 3.2) million for the year and platinum in concentrate increased by 8% to
175 100 (2013: 162 200) ounces. Costs per platinum ounce in concentrate were 2.1% lower at R11 433 (2013: R11 683) per
ounce on the back of higher volumes.

Capital expenditure and progress on major capital projects
Capital expenditure for the year was significantly reduced as a result of the Impala Rustenburg strike and amounted to
R4.4 (2013: R6.3) billion. Expenditure was primarily on the Impala 20 Shaft (R585 million) and 16 Shaft build-up
projects (R782 million), the Impala 17 Shaft sinking project (R555 million) and the Phase 2 mine and concentrator plant
expansion at Zimplats (R668 million).

The new shafts (at Impala) and portal complexes (at Zimplats) are essential to ensuring that the Group regains its
competitive position and benefits from the long-term PGM market fundamentals. All the Impala capital projects will also be
subject to the same replanning and stringent strategic review process that is intended for the operations and this will also be
completed by December 2014.

The 20 Shaft project, which is scheduled to produce 1.7 million tonnes per annum, equivalent to 125 000 ounces of
platinum, achieved 262 000 (2013: 352 000) ore tonnes in the seven-month period before the strike (17 000 platinum ounces).
Build-up to full production has now been delayed from 2018 to 2019.

The 16 Shaft project was successfully and safely commissioned during June 2013 with development and stoping commencing
in the period ahead of the strike. Planned production for 16 Shaft is 2.7 million tonnes per annum or 185 000 ounces of
platinum. The shaft achieved 89 000 (2013: zero) ore tonnes in the seven-month period before the strike resulting in
platinum production of 3 000 ounces. As a result of the strike, slower development to reef, bad ground conditions and 
difficulties in reef access development due to the Hex River fault, full production is only expected to be reached in 
2020 as opposed to 2018.

17 Shaft is expected to produce 2.7 million tonnes per annum, equating to 180 000 ounces of platinum at full capacity.
The project was affected by contractor performance challenges and was further slowed down during the year as a result of 
cash preservation measures relating to the strike. As a consequence, ore reserve development did not commence. First production 
from this shaft is now only expected in financial year 2020, which is one year later than previously planned. Ramp-up to full 
production is expected to take five years.

At Zimplats, the concentrator plant was successfully commissioned in April 2013 and mining rates improved throughout
the year at the new Mupfuti portal (Portal 3). This new mine achieved 963 000 tonnes and 38 000 ounces of platinum for
the year and is still expected to achieve full production of 2.0 million tonnes per annum and 90 000 ounces of platinum
per annum in 2015.

Sinking at Afplats continued to progress well and the shaft depth at 30 June 2014 was at 1 022 metres. This sinking
programme (phase 1 of the overall project) will continue to a shaft depth of 1 154 metres, which is the natural strategic
decision point to convert to a mechanised layout. A bankable feasibility study is currently in progress on this option.

Mineral resources and mineral reserves
As at 30 June 2014, there has been no material change to the technical information or legal title relating to the
Group’s mineral reserves and resources.

Zimbabwean Government engagement
Management continues to engage with the Government of Zimbabwe in respect of the indigenisation implementation plan,
corporate taxation, royalty dispensation and the commitment to primary beneficiation within Zimbabwe. A commitment has
been made to the government for a first stage refurbishment of the existing Selous-based base metals refinery to treat
Zimplats material.

Prospects
Demand fundamentals remain strong for platinum, palladium and rhodium against the backdrop of both increased
automotive sales and tightening emissions legislation. This, combined with constrained supply, should be positive for PGM prices
in the future. In general, platinum, palladium and rhodium markets are expected to remain in fundamental deficit for the
next three to five years.

Implats’ management, taking direction from the board, are intensely focused on the health and safety of employees
across the Group. Efforts to reenergise and rebuild Impala, increase the volumes at Marula, as well as successfully mitigate
the effect of the Mutambara shear at Zimplats are ongoing. Furthermore, Implats continues to invest in its replacement
projects, which are essential to restore its production profile into the future. In the short term, a strategic review
of Impala’s operations and projects to determine a new way forward is being undertaken.

The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation of
the financial statements and related information in a manner that fairly presents the state of the affairs of the
Company. These financial statements are prepared in accordance with International Financial Reporting Standards and
incorporate full and responsible disclosure in line with the accounting policies of the Group which are supported by prudent
judgements and estimates.

The financial statements have been prepared under the supervision of the chief financial officer Ms B Berlin, CA(SA).

The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structures and procedures. These systems are designed to provide reasonable assurance as to the
reliability of the financial statements, and to prevent and detect material misstatement and loss.

The financial statements have been prepared on a going-concern basis as the directors believe that the Company and the
Group will continue to be in operation in the foreseeable future.

The financial statements have been approved by the board of directors and are signed on their behalf by:

KDK Mokhele     TP Goodlace               
Chairman        Chief executive officer   

Johannesburg
28 August 2014


Consolidated statement of financial position - as at 30 June 2014
                                                Notes                   2013  1 July 2012   
                                                           2014    Restated*    Restated*   
                                                             Rm          Rm           Rm   
Assets                                                                                     
Non-current assets                                                                         
Property, plant and equipment                       6    46 916      44 410       38 877   
Exploration and evaluation assets                         3 360       4 294        4 294   
Intangible assets                                             -           -        1 018   
Investment in equity accounted entities             7     2 959       2 922        2 524   
Deferred tax                                                238         118            -   
Available-for-sale financial assets                          54         110          101   
Held-to-maturity financial assets                            35          32           49   
Loans                                               8       133         174        1 087   
Derivative financial instruments                            332          90            -   
Prepayments                                              10 665      10 840       11 102   
                                                         64 692      62 990       59 052   
Current assets                                                                          
Inventories                                         9     7 212       8 456        6 834   
Trade and other receivables                               3 078       3 468        4 365   
Loans                                               8        12          21          538   
Prepayments                                                 568         443          522   
Cash and cash equivalents                                 4 305       4 924          935   
                                                         15 175      17 312       13 194   
Total assets                                             79 867      80 302       72 246   
Equity and liabilities                                                                  
Equity attributable to owners of the Company                                            
Share capital                                            15 624      15 493       15 187   
Retained earnings                                        34 936      35 300       34 869   
Other components of equity                                1 807       1 244          112   
                                                         52 367      52 037       50 168   
Non-controlling interest                                  2 550       2 579        2 307   
Total equity                                             54 917      54 616       52 475   
Liabilities                                                                             
Non-current liabilities                                                                 
Deferred tax                                             10 179      10 442        9 223   
Borrowings                                         10     7 169       7 259        2 882   
Derivative financial instruments                             18          30            -   
Liabilities                                                 676         672          812   
Provision                                                   676         768          732   
                                                         18 718      19 171       13 649   
Current liabilities                                                                     
Trade and other payables                                  4 713       4 658        4 971   
Current tax payable                                         562         508          172   
Borrowings                                         10       618         220           58   
Liabilities                                                 339         318          315   
Bank overdraft                                                -         811          606   
                                                          6 232       6 515        6 122   
Total liabilities                                        24 950      25 686       19 771   
Total equity and liabilities                             79 867      80 302       72 246   
* The audited June 2013 and June 2012 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 
  Joint Arrangements, which have become effective. These standards require that the investment in Guardrisk (previously consolidated) 
  be deconsolidated and Mimosa (previously proportionately consolidated), be equity accounted.                     
The notes below are an integral part of these summarised financial statements.                                                  
                                                                                                

Consolidated statement of comprehensive income - for the year ended 30 June 2014
                                                                                             2013   
                                                                                2014     Restated*   
                                                                   Notes          Rm           Rm   
Revenue                                                                       29 028       29 844       
Cost of sales                                                         11     (25 786)     (25 132)  
Gross profit                                                                   3 242        4 712        
Other operating income                                                12         239          470   
Other operating expenses                                              12      (2 809)      (2 294)  
Royalty expense                                                                 (693)        (674)  
Profit/(loss) from operations                                                    (21)       2 214        
Finance income                                                                   318          222          
Finance cost                                                                    (496)        (446)  
Net foreign exchange transaction gains                                          (101)         208          
Other income                                                                     203          250          
Other expense                                                                   (253)        (221)        
Share of profit of equity accounted entities                                     365          233          
Profit before tax                                                                 15        2 460        
Income tax expense                                                              (144)      (1 392)  
Profit/(loss) for the year                                                      (129)       1 068        
Other comprehensive income, comprising items that may subsequently 
be reclassified to profit or loss:                                 
Available-for-sale financial assets                                              (56)           9            
 Deferred tax thereon                                                              -            -            
Share of other comprehensive income of equity accounted entities                 120          324          
 Deferred tax thereon                                                            (12)         (88)  
Exchange differences on translating foreign operations                           711        1 504   
Deferred tax thereon                                                             (93)        (421)  
Other comprehensive income, comprising items that may subsequently 
be reclassified to profit or loss:                                 
Actuarial loss on post-employment medical benefit                                 (1)          (6)  
 Deferred tax thereon                                                              -            2            
Total comprehensive income                                                       540        2 392        
Profit/(loss) attributable to:                                                                      
Owners of the Company                                                              8        1 015        
Non-controlling interest                                                        (137)          53           
                                                                                (129)       1 068        
Total comprehensive income/(loss) attributable to:                                                  
Owners of the Company                                                            569        2 143        
Non-controlling interest                                                         (29)         249          
                                                                                 540        2 392        
Earnings per share (cents per share):                                                               
Basic                                                                              1          167          
Diluted                                                                            1          167  
* The audited June 2013 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11  
  Joint Arrangements, which have become effective. These standards require that the investment in Guardrisk  
  (previously consolidated) be deconsolidated and Mimosa (previously proportionately consolidated), be equity accounted.      
For headline earnings per share and dividend per share refer notes 13 and 14.               
The notes below are an integral part of these summarised financial statements.                                     


Consolidated statement of changes in equity - for the year ended 30 June 2014
                                                                                  Share-                             
                                           Number of                               based          Total  
                                              shares      Ordinary     Share     payment          share  
                                              issued        shares   premium     reserve        capital  
                                           (million)*          Rm         Rm          Rm             Rm  
Balance at 30 June 2013                       606.91           16     13 363       2 114         15 493  
Shares issued                                                                                            
- Implats Share Incentive Scheme                0.14            -          8           -              8  
- Employee Share Ownership Programme               -            -          -           -              -  
Share-based compensation                                                                                 
- Long-term Incentive Plan                         -            -          -         123            123  
Profit/(loss) for the year                         -            -          -           -              -  
Other comprehensive                                -            -          -           -              -  
income/(loss)                                                                                            
Dividends (note 14)                                -            -          -           -              -  
Balance at 30 June 2014                       607.05           16     13 371       2 237         15 624  
Balance at 30 June 2012                       606.57           16     13 099       2 072         15 187  
Shares issued                                                                                            
-  Implats Share Incentive Scheme               0.18            -         12           -             12  
-  Employee Share Ownership Programme           0.16            -         24           -             24  
Convertible bonds                                  -            -        228           -            228  
Share-based compensation                                                                                 
-  Long-term Incentive Plan                        -            -          -          42             42  
Profit for the year                                -            -          -           -              -  
Other comprehensive income                         -            -          -           -              -  
Transaction with non-controlling                   -            -          -           -              -  
shareholders                                                                                             
Dividends (note 14)                                -            -          -           -              -  
Balance at 30 June 2013                       606.91           16     13 363       2 114         15 493  
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats share incentive scheme as these                                                                                                                                           
  special structured entities are consolidated.                                                                                                                                          
The notes below are an integral part of these summarised financial statements.      
  
  
Consolidated statement of changes in equity - for the year ended 30 June 2014 (continued)

                                                                                Attributable to:                            
                                                         Total other                          Non-         
                                            Retained      components      Owners of    controlling     Total  
                                            earnings       of equity    the Company       interest    equity       
                                                  Rm              Rm             Rm             Rm        Rm     
Balance at 30 June 2013                       35 300           1 244         52 037          2 579    54 616   
Shares issued                                                                                                  
- I mplats Share Incentive Scheme                  -               -              8              -         8   
-  Employee Share Ownership Programme              -               -              -              -         -   
Share-based compensation                                                                                       
- Long-term Incentive Plan                         -               -            123              -       123   
Profit/(loss) for the year                         8               -              8           (137)     (129)  
Other comprehensive                               (1)            563            562            108      670)   
income/(loss)                                                                                                  
Dividends (note 14)                             (371)              -           (371)             -      (371)  
Balance at 30 June 2014                       34 936           1 807         52 367          2 550    54 917   
Balance at 30 June 2012                       34 869             112         50 168          2 307    52 475   
Shares issued                                                                                                  
-  Implats Share Incentive Scheme                  -               -             12              -        12   
-  Employee Share Ownership Programme              -               -             24              -        24   
Convertible bonds                                  -               -            228              -       228   
Share-based compensation                                                                                       
-  Long-term Incentive Plan                        -               -             42              -        42   
Profit for the year                            1 008               -          1 008             53     1 061   
Other comprehensive income                         3           1 132          1 135            196     1 331   
Transaction with non-controlling                   -               -              -             23        23   
shareholders                                                                                                   
Dividends (note 14)                             (580)              -           (580)             -      (580)  
Balance at 30 June 2013                       35 300           1 244         52 037          2 579    54 616   
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats share incentive scheme as these                                                                                                                                           
  special structured entities are consolidated.                                                                                                                                          
The notes below are an integral part of these summarised financial statements.                                                                                                                                          
                                                                                                                                                                               

Consolidated statement of cash flows - for the year ended 30 June 2014
                                                                         2013   
                                                             2014    Restated*   
                                                              Rm           Rm   
Cash flows from operating activities                                            
Cash generated from operations                             5 234        6 794   
Exploration costs                                            (20)         (47)  
Finance cost                                                (404)        (149)  
Income tax paid                                             (714)      (1 016)  
Net cash from operating activities                         4 096        5 582   
Cash flows from investing activities                                            
Purchase of property, plant and equipment                 (4 500)      (6 219)  
Proceeds from sale of property, plant and equipment           64           97   
Proceeds from insurance claim on asset scrapping             112            -   
Purchase of investment in subsidiary                           -          (57)  
Payment received from associate on shareholders’ loan          -           49   
Proceeds from sale of held-to-maturity investment              -           21   
Loans granted                                                (10)          (7)  
Loan repayments received                                      11           30   
Finance income                                               319          217   
Dividends received                                           467           97   
Net cash used in investing activities                     (3 537)      (5 772)  
Cash flows from financing activities                                        
Issue of ordinary shares                                       8           36   
Repayments of borrowings                                     (16)        (132)  
Proceeds from borrowings                                       -        4 638   
Dividends paid to Company’s shareholders                    (371)        (580)  
Net cash used in financing activities                       (379)       3 962   
Net increase in cash and cash equivalents                    180        3 772   
Cash and cash equivalents at beginning of year             4 113          329   
ffect of exchange rate changes on cash and cash               12           12   
quivalents held in foreign currencies                                       
Cash and cash equivalents at end of year**                 4 305        4 113   
* The audited June 2013 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, 
  which have become effective. These standards require that the investment in Guardrisk (previously consolidated) be deconsolidated 
  and Mimosa (previously proportionately consolidated), be equity accounted.                           
** Net of bank overdraft.                                              
The notes below are an integral part of these summarised financial statements.                           


Notes to the financial information - for the year ended 30 June 2014

  1.    General information                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
        Impala Platinum Holdings Limited (Implats, Group or Company) is a primary 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 ore bodies globally. 
        The Company has its listing on the JSE Limited.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
        The summarised consolidated financial information was approved for issue on 28 August 2014 by the board of directors.

  2.    Audit opinion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
        The consolidated financial statements of Impala Platinum Holdings Limited for the year ended 30 June 2014 from which these 
        summarised consolidated financial statements have been derived have been audited by PricewaterhouseCoopers Inc. Their 
        unqualified audit opinion is available for inspection at the Company’s registered office. These summarised consolidated 
        financial statements have themselves not been audited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 
 3.     Basis of preparation                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
        The summarised consolidated financial statements for the year ended 30 June 2014 have been prepared in accordance with the 
        JSE Limited’s Listings Requirements (Listings Requirements) and the requirements of the Companies Act, Act 71 of 2008 
        applicable to summarised financial statements. The Listings Requirements require financial statements to be prepared in 
        accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting 
        Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial 
        Pronouncements as issued by the Financial Reporting Standards Council, and to also, as a minimum, contain the information 
        required by IAS 34 Interim Financial Reporting.                                                                                                              
        The summarised consolidated financial information should be read in conjunction with the consolidated financial statements for 
        the year ended 30 June 2014, which have been prepared in accordance with IFRS.                                                                                                                                                                                                                                                                                     
        The summarised consolidated financial information has been prepared under the historical cost convention except for certain 
        financial assets, financial liabilities and derivative financial instruments which are measured at fair value and liabilities 
        for cash-settled share-based payment arrangements which are measured with a binomial option model.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
        The summarised consolidated financial information is presented in South African rand, which is the Company’s functional currency.                                                                                                                                                                                                                                                                                                                                                                                                                                                            
  4.    Accounting policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
        The principal accounting policies applied in the preparation of the consolidated financial statements from which the 
        summarised consolidated financial statements were derived, are in terms of IFRS. The following new standards, amendments to 
        standards and interpretations have been adopted by the Group as from 1 July 2013:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
        -  IAS 27 Separate Financial Statements (revised), IAS 28 Investment in Associates and Joint Ventures (revised), IFRS 10 
           Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of interest in other entities were 
           issued dealing with consolidation, joint arrangements, associates and disclosure. IFRS 10, IFRS 11 and IFRS 12 were subsequently 
           amended to clarify certain transitional guidance on the first-time application of these standards. The Group has adopted these 
           standards, including the subsequent amendments during the year. The main impact is that Implats now equity accounts for its 
           investment in the joint venture, Mimosa, which was previously proportionately consolidated (note 7). The accounting policy was 
           applied retrospectively. The application of IFRS 12 results in more extensive disclosure in the consolidated financial statements.    
        -  IAS 36 Impairment of Assets (effective 1 January 2014). The amendment requires additional disclosure on the recoverable amount 
           of non-financial assets when an impairment loss was recognised. The amendment resulted in additional disclosure in the 
           consolidated financial statements.                                                                                                                                                                                                       
        -  IAS 39 Financial Instruments: Recognition and Measurement (effective 1 January 2014). This amendment, regarding novation 
           of derivatives, allows for the continuation of hedge accounting. The amendment has no impact on the results of the Group.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
        -  IFRIC 21 Levies (effective 1 January 2014). The new interpretation addresses concerns on how to account for levies 
           based on financial data of a different period from that in which the activity resulting in the payment of the levy occurs. 
           The new interpretation has no impact on the results of the Group.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

  5.    Segment information                                                                                                                                                                                                                                                                           
        The Group differentiates its segments between mining operations, refining services (which include metals purchased and 
        toll refined), chrome processing and other.                                                                                                                             
        Management has determined the operating segments based on the business activities and management structure within the 
        Group. Mimosa, previously included in the mining segment, will in future be reported internally as other mine-to-market 
        operations and included in the other segment.    
        Capital expenditure comprises additions to property, plant and equipment (note 6), including additions resulting from 
        acquisitions through business combinations.                                                                                                                              
        Impala mining segment’s two largest sales customers amounted to 12% and 11% of total sales (June 2013: 13% each).                                                                                                                                                                              
        The statement of comprehensive income shows the movement from gross profit to total profit before income tax.                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                           
                                                    30 June 2014                   30 June 2013   
                                         Revenue    Gross profit        Revenue    Gross profit   
                                              Rm              Rm             Rm              Rm   
         Mining                                                                                   
          - Impala                        28 308          (1 773)        29 110           2 315   
          Mining                          10 327          (1 902)        14 588           2 097   
          Metals purchased                17 981             129         14 522             218   
          - Zimplats                       5 973           2 039          4 159           1 451   
          - Marula                         1 791             (12)         1 404            (216)  
          - Afplats                            -              (5)             -              (2)  
         Chrome processing                   179              41            181              38   
         Inter-segment adjustment         (7 778)          1 144         (5 563)           (267)  
         External parties                 28 473           1 434         29 291           3 319   
         Refining services                18 495           1 813         14 696           1 397   
         Inter-segment adjustment        (17 940)             (5)       (14 143)             (4)  
         External parties                    555           1 808            553           1 393   
         Total external parties           29 028           3 242         29 844           4 712   
                                         Capital           Total        Capital           Total    
                                     expenditure          assets    expenditure          assets   
                                              Rm              Rm             Rm              Rm   
         Mining                                                                                   
         - Impala                          2 823          49 946          4 390          52 231   
         - Zimplats                        1 226          12 856          1 449          10 971   
         - Marula                            159           3 048            125           3 115   
         - Afplats                           175           5 912            215           6 677   
         Total mining                      4 383          71 762          6 179          72 994   
         Refining services                     -           4 580              -           3 969   
         Chrome processing                     2             120             79             159   
         Other                                 -           3 405              -           3 270   
         Total                             4 385          79 867          6 258          80 392   
                                                                                                  
  6.    Property, plant and equipment                                               
                                                  30 June 2014    30 June 2013   
                                                            Rm              Rm   
        Opening net book amount                         44 410          38 876   
        Additions                                        4 345           6 135   
        Additions through business combination               -              79   
        Interest capitalised                               155              64   
        Disposals                                          (17)            (44)  
        Depreciation (note 11)                          (2 341)         (2 314)  
        Impairment                                         (65)              -   
        Scrapping                                         (223)              -   
        Rehabilitation adjustment                         (115)            (20)   
        Exchange adjustment on translation                 767           1 634   
        Closing net book amount                         46 916          44 410   
                                                                                 
       Capital commitment                                                       
       Capital expenditure approved at 30 June 2014 amounted to R15.6 (June 2013: R19.1) billion, of which R1.9 (June 2013: R2.7) 
       billion is already committed. This expenditure will be funded internally and, if necessary, from borrowings.                                    

  7.    Investment in equity-accounted entities                                             
                                                         30 June 2014     30 June 2013    
                                                                   Rm               Rm   
        Summary - Balances                                                               
        Joint venture:                                                                    
        Mimosa                                                  1 756            1 786   
        Associates:                                                                       
        Two Rivers                                              1 134            1 072   
        Makgomo Chrome                                             69               64   
        Friedshelf 1226 and 1169                                    -                -   
        Total investment in equity-accounted entities           2 959            2 922   
        Summary - Movement                                                               
        Beginning of the year                                   2 922            2 524   
        Share of profit                                           383              220   
        Share of other comprehensive income                       120              323   
        Interest accrued                                            -                2   
        Payments received                                           -              (51)  
        Dividends received                                       (466)             (96)  
        End of the year                                         2 959            2 922   
                                                                                                                             
       The investment in Mimosa was previously proportionately consolidated on a line-for-line basis. The equity method of 
       accounting was applied retrospectively and the balances previously proportionately consolidated, which now form part 
       of the investment, are as follows:                                     
                                                                As at            As at   
                                                         30 June 2013      1 July 2012   
        Non-current assets                                      1 717            1 474   
        Current assets                                            704              594   
        Total assets                                            2 421            2 068   
        Non-current liabilities                                   514              429   
        Current liabilities                                       121              136   
        Total liabilities                                         635              565   
        Net asset value (Investment in joint venture)           1 786            1 503   

  8.    Loans                                                               
                                           Year ended       Year ended
                                         30 June 2014     30 June 2013    
                                                   Rm               Rm   
        Summary - Balances                                               
        Employee housing                           55               44   
        Reserve Bank of Zimbabwe                   73              135   
        Contractors                                 5               16   
        Silplats                                   12                -   
                                                  145              195   
        Short-term portion                        (12)             (21)  
        Long-term portion                         133              174   
        Summary - Movement                                               
        Beginning of the year                     195            1 625   
        Loans granted during the year              22                7   
        Interest accrued                            7               37   
        Impairment                                (71)          (1 098)  
        Repayment received                        (17)            (364)  
        Exchange adjustment                         9              (12)  
        End of the year                           145              195   
                                                                                    
  9.    Inventories                                                                   
                                                    30 June 2014     30 June 2013    
                                                              Rm               Rm   
        Mining metal                                                                
        Refined metal                                      1 300            2 301   
         Main products - at cost                             941            1 394   
         Main products - at net realisable value             286              814   
         By-products - at net realisable value                73               93   
        In-process metal                                   1 728            2 294   
         At cost                                           1 270            1 480   
         At net realisable value                             458              814   
        Non-mining metal                                                            
        Refined metal                                      1 160            1 086   
         At cost                                           1 134              886   
         At net realisable value                              26              200   
        In-process metal                                   2 291            2 154   
         At cost                                           2 291            1 526   
         At net realisable value                               -              628   
                                                                                    
        Metal inventories                                  6 479            7 835   
        Stores and materials inventories                     733              621   
                                                           7 212            8 456   
                                                                                    
       Refined metal:                                                               
       Refined main products at a cost of R361 (June 2013: R1 346) million were written down by R49 (June 2013: R332) million 
       to net realisable value of R312 (June 2013: R1 014) million.                                     
       Included in refined metal is metal on lease to third parties of 36 000 (June 2013: 36 000) ounces ruthenium.                                     
       In-process metal:                                                           
       Changes in engineering estimates resulted in a reduction of R806 million.                                     
       After this adjustment, in-process metal of main products at a cost of R544 (June 2013: R1 888) million were written 
       down by R86 (June 2013: R446) million to net realisable value amounting to R458 (June 2013: R1 442) million.                                     
                                                                                    
  10.   Borrowings                                                                         
                                                        30 June 2014     30 June 2013    
                                                                  Rm               Rm   
         Summary - Balances                                                             
         Standard Bank Limited - BEE partners Marula             878              876   
         Standard Bank Limited - Zimplats                      1 117            1 037   
         Convertible bonds - ZAR                               2 429            2 365   
         Convertible bonds - US$                               1 981            1 803   
         Finance leases                                        1 382            1 398   
                                                               7 787            7 479   
         Short-term portion                                     (618)            (220)  
         Long-term portion                                     7 169            7 259   
                                                                                        
         Summary - Movement                                                             
         Beginning of the year                                 7 479            2 940   
         Proceeds                                                  -            4 146   
         Leases capitalised                                        -              (20)  
         Interest accrued                                        549              344   
         Repayments                                             (462)            (273)  
         Exchange adjustment                                     221              342   
         End of the year                                       7 787            7 479  
                                                             
  11.    Cost of sales                                                                    
                                                       30 June 2014     30 June 2013    
                                                                 Rm               Rm   
         Included in cost of sales:                                                    
        On-mine operations                                    9 090           12 013   
          Wages and salaries                                  6 085            7 074   
          Materials and consumables                           3 323            4 148   
          Utilities                                             819              791   
          Minus: Cost incurred during strike period          (1 137)               -   
        Processing operations                                 2 733            3 044   
          Wages and salaries                                    562              624   
          Materials and consumables                           1 333            1 530   
          Utilities                                             956              890   
          Minus: Cost incurred during strike period            (118)               -   
        Refining operations                                     880              941   
          Wages and salaries                                    406              413   
          Materials and consumables                             354              414   
          Utilities                                             120              114   
        Other costs                                             655              656   
          Corporate costs, salaries and wages                   483              321    
          Selling and promotional expenses                      172              335   
        Share-based compensation                                231              (98)  
        Chrome operation - cost of sales                        117              137   
        Depreciation of operating assets                      2 341            2 314   
        Metals purchased                                      8 601            7 588   
        Change in metal inventories                           1 138           (1 463)  
                                                             25 786           25 132   
                                                                              
  12.    Other operating expenses/(income)                                                                                    
                                                                                           30 June 2014     30 June 2013    
                                                                                                     Rm               Rm   
         Other operating expenses/(income) comprise the following principal categories:                                    
                                                      Non-production cost during strike           1 255                -   
         Profit on disposal of property, plant and equipment                                        (76)             (86)  
         Rehabilitation provision - change in estimate                                              (44)             (32)  
         Impairment                                                                               1 071            2 279   
         Trade payables - commodity price adjustment                                                246             (331)  
         Scrapping of assets                                                                        223                -   
         Insurance claim                                                                           (112)               -   
         Audit remuneration                                                                          14               15   
         Other                                                                                       (7)             (21)  
                                                                                                  2 570            1 824   
         Production ceased at Impala Rustenburg’s operation during the five-month industrial action. Cost incurred during 
         this period was reallocated from cost of sales to other operating expenses.
  
  13.    Headline earnings                                                                                                   
         Headline earnings attributable to equity holders of the Company arises from operations as follows:                                       
                                                                                             30 June 2014     30 June 2013    
                                                                                                       Rm               Rm   
         Profit/(loss) attributable to owners of the Company                                            8            1 015   
         Adjustments:                                                                                                        
         - Profit on disposal of property, plant and equipment                                        (47)             (54)  
         - Impairment                                                                                 630            1 018   
         - Scrapping of property, plant and equipment                                                 223                -   
         -  Insurance compensation relating to scrapping of property, plant and equipment            (112)               -   
         - Total tax effects of adjustments                                                          (179)              15   
         Headline earnings                                                                            523            1 994   
         Weighted average number of ordinary shares in issue for basic earnings per share          606.94           606.76   
         Weighted average number of ordinary shares for diluted earnings per share                 607.85           607.06   
         Headline earnings per share (cents)                                                                                 
         Basic                                                                                         86              329   
         Diluted                                                                                       86              328 
                                                                                                                            
  14.    Dividends                                                                                                              
                                                                                              30 June 2014     30 June 2013    
                                                                                                        Rm               Rm                                                                                                
         No dividends were declared in respect of the 2014 financial year. 
         Dividends paid 
         Final dividend No 91 for 2013 of 60 (2012: 60) cents per share                                371              366   
         No interim dividend for 2014 (2013: interim dividend No 90 of 35 cents per share)               -              214  
                                   
  15.   Contingent liabilities and guarantees                                                                                                                                                                                                                                                                                                                                                                                                                                                  
        As at the end of June 2014 the Group had bank and other guarantees of R1 370 (June 2013: R1 112) million 
        from which it is anticipated that no material liabilities will arise.                                                                                                                                                                                                                                                                                                
        The companies which are subject to water licences with the Department of Water Affairs are in the process of compiling 
        a plan, including future cash flow, to ensure that adherence to the water management requirements, including treatment 
        and rehabilitation requirements of the Department of Water Affairs, are met. This could result in a liability and a 
        corresponding asset in the statement of financial position. Measurement of the liability is currently in progress.

  16.   Related-party transactions                                                           
        -  The Group entered into PGM purchase transactions of R3 409 (June 2013: R2 990) million with Two Rivers Platinum, an 
           associate company, resulting in an amount payable of R936 (June 2013: R759) million. It also received refining fees to 
           the value of R21 million (June 2013: refining fees and interest to the value of R20 million). The shareholders’ loan 
           was repaid during the previous year.                                     
        -  The Group previously entered into sale and leaseback transactions with Friedshelf, an associate company. At the end 
           of the period, an amount of R1 221 (June 2013: R1 224) million was outstanding in terms of the lease liability. 
           During the period, interest of R111 (June 2013: R123)million was charged and a R114 (June 2013: R100) million repayment 
           was made. The finance leases have an effective interest rate of 10.2%.                                     
        -  The Group entered into PGM purchase transactions of R2 642 (June 2013: R2 034) million with Mimosa Investments, a joint
           venture, resulting in an amount payable of R778 (June 2013: R572) million. It also received refining fees and interest to the 
           value of R223 (June 2013: R169) million.                                     
        These transactions are entered into on an arm’s-length basis at prevailing market rates.                                    
                                                 
        Key management compensation (fixed and variable):                                       
                                                              30 June 2014     30 June 2013    
                                                                      R000             R000   
         Non-executive directors’ remuneration                       7 976(1)         6 969   
         Executive directors’ remuneration                          25 974(3)        35 916(2)   
         Prescribed officers                                        27 573(4)        19 050   
         Senior executives and company secretary                    22 811           22 303   
         Total                                                      84 334           84 238   
         1 Includes three additional directors compared to prior year                                     
         2 Includes R16.8 million paid to DH Brown                                              
         3 Includes severance payment to PA Dunne of R9.2 million
         4 Includes one additional prescribed officer compared to prior year
 
  17.    Financial instruments                                                                             
                                                                        30 June 2014     30 June 2013    
                                                                                  Rm               Rm   
         Financial assets - carrying amount                                                             
         Loans and receivables                                                 6 145            7 405   
         Financial instruments at fair value through profit and loss            3322              902   
         Held-to-maturity financial assets                                        35               32   
         Available-for-sale financial assets                                     541             1101   
                                                                               6 566            7 637   
         Financial liabilities - carrying amount                                                        
         Financial liabilities at amortised cost                              11 626           12 003   
         Financial instruments at fair value through profit and loss             182              302   
                                                                              11 644           12 033   
         The carrying amount of financial assets and liabilities approximate their fair values.                                    
         1 Level 1 of the fair value hierarchy - Quoted prices in active markets for the same instrument.                                    
         2 Level 2 of the fair value hierarchy - Significant inputs are based on observable market data.                                    


Corporate information

Registered office
2 Fricker Road, Illovo, 2196 (Private Bag X18, Northlands, 2116)

Transfer secretaries
South Africa: Computershare Investor Services Proprietary 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) Proprietary Limited

Directors
KDK Mokhele (chairman), TP Goodlace (chief executive officer), B Berlin (chief financial officer), HC Cameron, 
PW Davey*, MSV Gantsho, A Kekana, AS Macfarlane*, AA Maule, TV Mokgatlha, BT Nagle, B Ngonyama, NDB Orleyn
*British

Group executive: corporate relations
Johan Theron
Tel: +27 (11) 731 9013
E-mail: johan.theron@implats.co.za

Group corporate relations manager
Alice Lourens
Tel: +27 (11) 731 9033
E-mail: alice.lourens@implats.co.za

For additional information on the Group, please go to www.implats.co.za
Date: 28/08/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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