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IMPALA PLATINUM HOLDINGS LIMITED - Consolidated interim results (reviewed) for the six months ended 31 December 2018

Release Date: 28/02/2019 07:05
Code(s): IMP     PDF:  
 
Wrap Text
Consolidated interim results (reviewed) for the six months ended 31 December 2018

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1957/001979/06
Share codes: 
JSE: IMP 
ADRs: IMPUY
ISIN: ZAE000083648
ISIN: ZAE000247458

Consolidated interim results (reviewed) for the six months ended 31 December 2018

Our vision, mission and values

Our vision 
To be the worlds' best PGM producer, sustainably delivering superior value to all our stakeholders.

Our mission 
To mine, process, refine and market high-quality PGM products safely, efficiently and at the best possible cost 
from a competitive asset portfolio through team work and innovation.

Our values 
We respect, care and deliver.

Forward looking and cautionary statement
Certain statements contained in this disclosure, other than the statements of historical fact, contain forward looking
statements regarding Implats' operations, economic performance or financial condition, including, without limitation,
those concerning the economic outlook for the platinum industry, expectations regarding metal prices, production, cash
costs and other operating results, growth prospects and the outlook of Implats' operations, including the completion and
commencement of commercial operations of certain of Implats' exploration and production projects, its liquidity and
capital resources and expenditure and the outcome and consequences of any pending litigation, regulatory approvals and/or
legislative frameworks currently in the process of amendment, or any enforcement proceedings. Although Implats believes
that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such
expectations will prove to be correct. Accordingly, results may differ materially from those set out in the forward looking
statements as a result of, among other factors, changes in economic and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metal prices,
levels of global demand and exchange rates and business and operational risk management. For a discussion on such factors,
refer to the risk management section of the Company's integrated annual report. Implats is not obliged to update publicly
or release any revisions to these forward looking statements to reflect events or circumstances after the dates of the
integrated annual report or to reflect the occurrence of unanticipated events.

Disclaimer: This entire disclosure and all subsequent written or oral forward looking statements attributable to Implats 
or any person acting on its behalf are qualified by caution. Recipients hereof are advised this disclosure is prepared for 
general information purposes and not intended to constitute a recommendation to buy or offer to sell shares or securities 
in Implats or any other entity. Sections of this disclosure are not defined and assured under IFRS, but included to assist 
in demonstrating Implats' underlying financial performance. Implats recommends that you address any doubts in this regard 
with an authorised independent financial adviser, stockbroker, tax adviser, accountant or suitably qualified professional.

February 2019
Johannesburg

Sponsor to Implats
Nedbank Corporate and Investment Banking


Key features for the year
Impala Platinum Holdings Limited (Implats) is one of the world's foremost producers of platinum and associated 
platinum group metals (PGMs). Implats is structured around six mining operations and Impala Refinery Services, 
a toll-refining business. Our operations are located on the Bushveld Complex in South Africa and the Great Dyke 
in Zimbabwe, the two most significant PGM-bearing ore bodies in the world.

Key features for the six months
Safety
- Significant improvement in safety performance 
- Record low FIFR for the Group
- FIFR lowest among our peers in CY2018

Financial
- Strong positive cash flows across the Group - net debt reduced from R3.8bn to R976m
- Gross profit of R3.2bn from R556m
- Headline earnings of 310cps from a loss of 21cps
- Group liquidity headroom improves by R4.2bn to R10.4bn

Operational
- Mine-to-market platinum in concentrate production sustained at 678koz
- Gross refined PGM production up 11% to 1.59Moz including refined platinum production of 800koz and 
  palladium of 464koz
- Group cash costs adjusted for stock changes flat at R22 715/Pt oz

Market
- The market for palladium and rhodium continues to tighten           
- The platinum market remains challenged in the near term             
- PGM dollar revenue per platinum ounce sold up 10% to US$2 124/Pt oz 
- Rand revenue per platinum ounce sold was 16% higher and averaged R30 118/Pt oz  


Group performance
                                                                         Six months          Six months
                                                                     to 31 December      to 31 December            %    
Operating statistics                                                           2018                2017       change    
Gross refined platinum production                                                                                       
Platinum                                                 (000oz)              799.8               726.7         10.1    
Palladium                                                (000oz)              464.1               406.0         14.3    
Rhodium                                                  (000oz)              106.2                98.8          7.5    
Nickel                                                  (tonnes)              8 074               7 907          2.1    
IRS metal returned (toll refined)
Platinum                                                 (000oz)                0.7               115.7        (99.4)    
Palladium                                                (000oz)                1.6                55.0        (97.1)    
Rhodium                                                  (000oz)                  -                19.4       (100.0)    
Nickel                                                  (tonnes)              1 749               1 765         (0.9)    
Sales volumes                                                                                                           
Platinum                                                 (000oz)              773.4               648.8         19.2    
Palladium                                                (000oz)              485.5               369.7         31.3    
Rhodium                                                  (000oz)              104.2               100.3          3.9    
Nickel                                                  (tonnes)              5 949               6 283         (5.3)    
Prices achieved                                                                                                         
Platinum                                                (US$/oz)                829                 940        (11.8)    
Palladium                                               (US$/oz)              1 035                 930         11.3    
Rhodium                                                 (US$/oz)              2 395               1 156        107.2    
Nickel                                                   (US$/t)             13 399              10 334         29.7    
Consolidated statistics                                                                                                 
Average rate achieved                                    (R/US$)              14.18               13.42          5.7    
Closing rate for the period                              (R/US$)              14.38               12.38         16.2    
Revenue per platinum ounce sold                         (US$/oz)              2 124               1 935          9.8    
                                                          (R/oz)             30 118              25 968         16.0    
Tonnes milled ex-mine                                     (000t)             10 235               9 944          2.9    
PGM refined production                                   (000oz)              1 589               1 434         10.8    
Capital expenditure                                         (Rm)              1 707               1 904         10.3    
Group unit cost per platinum ounce                      (US$/oz)              1 502               2 076         27.6    
                                                          (R/oz)             21 298              27 818         23.4    
Group unit cost per platinum ounce stock adjusted       (US$/oz)              1 602               1 707          6.2    
                                                          (R/oz)             22 715              22 866          0.7    
Additional statistical information is available on the Company's website at www.implats.co.za


Commentary
Introduction 
The Implats Group has delivered a strong safety and operational performance for the half-year ended 31 December 2018.
Good progress was made on implementing key outcomes of the Impala Rustenburg strategic review. The performance,
together with a higher PGM rand basket price, which was boosted by significant increases in palladium, rhodium and
nickel, and further aided by a weaker US$ exchange rate, resulted in a significantly improved Group financial
performance. 

This was characterised by positive cash flow contributions from all Group operations, yielding a headline profit of
R2.23 billion compared to losses of some R150 million in the previous comparable period. Consequently, Group cash 
balances increased significantly to R6.36 billion, reducing net debt (before leases) from R5.33 billion at the start 
of the reporting period to R976 million by financial half-year-end.

Regrettably, Implats mourns the loss of an employee through a work-related incident during the period under review.
The board and management are encouraged, however, by the significant improvement in safety performance achieved in the
reporting period, with improvements in lost time injuries and a record low fatal injury frequency rate (FIFR) for the
Group.

Tonnes milled from managed operations (Impala Rustenburg, Zimplats and Marula) increased 2.9% to 10.24 million tonnes.
Together with contributions from our joint ventures (JVs) at Mimosa and Two Rivers, this sustained mine-to-market
platinum production in concentrate at 678 000 ounces (H1 FY2018: 678 000 ounces). Gross platinum in concentrate reduced 
by 10.7% to 775 000 ounces, largely due to a large once-off toll-refining contract concluded in the prior comparable period. 
Gross refined platinum production for the six months improved by 10.1% to 799 800 ounces (H1 FY2018: 726 700 ounces) as
processing availability increased following scheduled maintenance, which resulted in the build in inventory in the previous 
comparable period. 

Sales volumes for platinum and palladium increased by 19.2% and 31.3% respectively, as sales in the comparable period
were impacted by both scheduled furnace maintenance and the required return of metal to the tolling customer. Improved
sales volumes, together with higher received rand basket pricing saw revenue improve by R6.24 billion to R23.52 billion
(H1 FY2018: R17.28 billion). Despite a 21% increase in cost of sales to R20.29 billion for the period (H1 FY2018: 
R16.72 billion), this was in line with increased production and sales volumes and the impact of stronger pricing on the 
cost of metals purchased in concentrate at IRS. As a result, gross profit improved by R2.68 billion to R3.23 billion and 
headline earnings per share rose to 310 cents versus the 21 cent loss in the comparable six months.

Group safety review 
The safety and health of our employees remains our most critical priority. 

Regrettably, one employee at Impala Rustenburg 16 Shaft suffered fatal injuries in September 2018. The Implats board
and management team express their sincere condolences to Mr Semoko Mokhethi's families and friends, and will continue 
to provide support to the Mokhethi family.

Notwithstanding this tragic incident, the Group has effected a step change in safety performance, which was maintained
during the reporting period. Fatal injuries reduced from six in the prior comparable six-month period, to one in the
period under review. The recent incident followed a seven-month continuous fatality-free work period, which was an
all-time record for the Group. The improvement also resulted in the organisation recording the lowest fatal injury 
frequency rate (FIFR) of our peer group for the 2018 calendar year. 

Many individual business units across the Group continue to deliver exceptional safety performances, setting a number
of new records. Currently, 11 of 15 Group operations have achieved 'millionaire' or 'multi-millionaire' status in terms
of fatality-free shifts (units which have operated more than a million shifts without a fatality). The FIFR of 0.019
per million man hours worked is an all-time low for the Group, and the lost-time injury frequency rate (LTIFR) has also
improved 14.8% over the six months to 5.12 per million man hours worked.

We believe collaboration with our key stakeholders will continue to drive further improvements in safety through
awareness, education, and by implementing appropriate systems and best practice.

Group operational review 
The Group achieved encouraging period-on-period operational improvements in key areas over the past six months.

Tonnes milled from managed operations (Impala Rustenburg, Zimplats and Marula) increased 2.9% to 10.24 million tonnes
(H1 FY2018: 9.94 million tonnes), which together with contributions from our JVs at Mimosa and Two Rivers sustained
mine-to-market platinum production in concentrate at 678 000 ounces. Notwithstanding, gross platinum in concentrate
production reduced by 10.7% to 775 000 ounces, principally as a result of a 49.1% reduction in third-party receipts,
in line with market guidance, and as a result of a large once-off toll-refining contract concluded in the prior
comparable period. 

Gross refined platinum production for the six months improved by 10.1% to 799 800 ounces, compared to 726 700 last
year assisted by the drawdown of some processing inventory during the period, compared to a build-up following scheduled
furnace maintenance in the comparable period a year ago. Group operating costs were well controlled during the reporting
period with unit costs per tonne milled to concentrate flat at R1 049 per tonne, and unit costs per platinum ounce refined,
on a stock-adjusted basis, reducing by 0.7% to R22 715 per ounce. Unit cost per platinum ounce refined, discounting the
change in processing inventories, benefited from the increased refined metal production, and retraced by 23.4% to 
R21 298 per ounce (H1 FY2018: R27 818 per ounce), as the previous comparable period was impacted by a pipeline 
stock build-up.

Capital expenditure at our managed operations reduced from R1.90 billion in the previous comparable period to 
R1.71 billion, in line with market guidance.

Managed operations 
Impala
A vastly improved safety performance at the Impala Rustenburg operations facilitated a stable and productive operating
period. Tonnes milled increased by 5.3% to 5.97 million tonnes (H1 FY2018: 5.67 million tonnes), with higher production
from eight of the shafts, including the development shafts. These improvements more than offset the loss of production
from 4 Shaft, which closed in January 2018, lower volumes from 1 Shaft (where a planned ramp-down in production is
underway) and 11 Shaft (where poor geology impacted volumes in the period). 

The PGE mill head grade deteriorated by 1.5% to 3.98g/t (6E) (H1 FY2018: 4.05g/t), and was impacted by lower grade in
the areas mined, but platinum production in concentrate increased by 2.9% to 358 000 ounces (H1 FY2018: 348 000 ounces)
as a result of the higher milled throughput. Refined platinum production increased by a significant 49.0% to 405 000
ounces (H1 FY2018: 272 000 ounces), bolstered by a release of pipeline stock during the reporting period, and as a
result of a stock build-up, which impacted refined metal volumes in the prior period.

The improved production, coupled with strict cost containment, resulted in the stock-adjusted cost per ounce remaining
flat at R23 519 per platinum ounce refined (H1 FY2018: R23 354). Capital expenditure decreased by 29.5% to R1.02 billion
(H1 FY2018: R1.44 billion), of which R207 million was spent on the two major replacement shafts, 16 and 20 Shafts.
An improved rand basket price further boosted financial performance, leading to a significant improvement in profitability
compared to the previous period, with free cash flow further augmented by a R1.06 billion forward sale of excess inventory.

Execution of the Impala Rustenburg strategic review
The Group continued to make strides towards eliminating loss-making production, which culminated in the decision to
restructure Impala Rustenburg.

The implementation of the Impala Rustenburg plan is being phased in over two years to ensure the transition occurs in
a socially responsible way. The key outcomes of the restructuring, which is expected to be concluded by the end of the
2021 financial year, include: a reduced mining 'footprint' from 11 to six operating shafts as operations cease at
end-of-life and uneconomical shafts; production reducing from 750 000 platinum ounces to 520 000 platinum ounces a
year; and a total labour complement (employees and contractors) of 27 000 from 2021. 

This plan is expected to deliver a safer and more profitable Impala Rustenburg centred on assets accessing a higher
quality, long-life orebody with lower operating costs and capital intensity.

The implementation of the restructuring is governed by the overriding imperative to ensure forced job losses are
minimised through various avoidance measures. These include the transfer of employees to vacant positions at the 
16 and 20 growth Shafts, natural attrition, reskilling, voluntary separation, business improvement initiatives 
and exploring commercial options to exit shafts that do not fit the long-term portfolio.

By the end of January 2019, the own employee headcount at Impala Rustenburg decreased by approximately 1 500 people -
with forced retrenchments affecting only 110 employees. A disposal and outsourcing process has been initiated on 1 Shaft
through solicitation of expressions of interest and is expected to conclude in June 2019.

A multitude of stakeholder engagements were undertaken during the reporting period, all of which were constructive. 
We continue to engage with the union, government and community leadership to safeguard employment opportunities as far 
as possible through the restructuring process.

Impala Refining Services (irs)
IRS once again contributed significantly to the Group's bottom line, despite higher concentrate receipts in the
previous comparable period. Platinum receipts from mine-to-market operations (Zimplats, Marula, Two Rivers and Mimosa)
remained essentially flat at 313 900 ounces (H1 FY2018: 318 300 ounces), while third-party receipts decreased 49.1% to
96 800 ounces, due to the once-off toll treatment of third-party material in the previous interim period.

Refined platinum production was 13.2% lower at 395 000 ounces (H1 FY2018: 455 000 ounces).

Zimplats 
Zimplats sustained its operational performance for the period under review and achieved a safety milestone of 
9.75 million fatality-free shifts, working for over five and a half years without a fatal incident.

Tonnes milled of 3.31 million tonnes was consistent with the prior period, (H1 FY2018: 3.33 million tonnes), with all
mining units delivering to plan. Notwithstanding a marginally lower PGE head grade of 3.48g/t (H1 FY2018: 3.49g/t),
platinum in matte production was sustained at 135 400 ounces (H1 FY2018: 136 200 ounces).

Unit costs decreased by 3.2% in dollar terms to US$1 293 per platinum ounce in matte (H1 FY2018: US$1 336 per platinum
ounce in matte), on strong cost controls and sustained volumes.

Capital expenditure increased 43.8% to US$46 million, mainly to fund the redevelopment of the Bimha Mine, which has
returned to full production, and additional spend on the development of Mupani Mine (the replacement for Ngwarati 
and Rukodzi mines), which remains ahead of schedule.

The current political and economic challenges in the country are being monitored closely with the intention of
minimising any impact on the operations, employees, and their ability to operate at a sustained profit margin.

Implats supports and shares Zimbabwe's aspirations to grow and diversify its PGM industry and continues to actively
engage with the government of Zimbabwe regarding its plans.

Marula 
Marula continues to deliver an improved operational performance after business restructuring and ongoing efforts to
sustain operational continuity.

Tonnes milled increased by 1.5% to 955 000 tonnes (H1 FY2018: 941 000 tonnes), while the PGE head grade improved
marginally to 4.37g/t (H1 FY2018: 4.36 g/t). Consequently, platinum in concentrate production improved to 44 900 
ounces (H1 FY2018: 43 200 ounces).

Unit costs increased below inflation to R25 657 per platinum ounce in concentrate (H1 FY2018: R24 954 per platinum
ounce), while capital expenditure was well below budget at some R33 million (H1 FY2018: R29 million) with spend 
expected to accelerate in the second half of FY2019 on the planned tailings storage expansion. 

The benefit of a stable and improved operational performance, good cost controls and an improved basket price 
allowed Marula to deliver a strong cash contribution to the Group during the reporting period.

Non-managed operations
Mimosa 
Mimosa sustained a strong production performance in line with its design capacity.

Tonnes milled were maintained at 1.41 million tonnes. The PGE head grade declined marginally to 3.83g/t 
(H1 FY2018: 3.85 g/t) due to planned mining in lower-grade areas, which resulted in platinum in concentrate 
dipping slightly to 61 700 ounces (H1 FY2018: 63 000 ounces). 

Inflationary pressures and slightly lower production volumes saw unit costs rise 7.0% to US$ 1 582 per platinum
ounce in concentrate (H1 FY2018: US$ 1 479). Capital expenditure increased 25.0% to US$25 million to fund 
scheduled fleet replacement and development into the Mtshingwe block to sustain mining flexibility.

Mimosa continues to consult with the government of Zimbabwe on a range of important investment and regulatory
considerations and remains confident that mutually beneficial outcomes can be secured. 

Two Rivers 
Two Rivers' mill grade continued to be impacted by mining low-grade split-reef areas. However, production and 
mill grade was also impacted during the review period by community disruptions. This necessitated a draw-down 
of ore stockpiles to ensure continued plant operations and resulted in slower milling rates and lower-grade feed.

Tonnes milled during the first half decreased 2.7% to 1.67 million tonnes (H1 FY2018: 1.71 million tonnes).
The treatment of lower-grade stockpiled material as a result of community disruptions and mining in split-reef
areas resulted in a 4.6% drop in the PGE head grade to 3.53g/t (H1 FY2018: 3.70 g/t). Consequently, platinum in
concentrate production declined 9.4% to 75 600 ounces (H1 FY2018: 83 400 ounces).

Lower volumes impacted unit costs, which increased 12.0% to R16 455 per platinum ounce in concentrate 
(H1 FY2018: R14 688).

Due to limited flexibility, lower-grade mining is expected to persist for the next two to three years, with an
alternative mining cut being trialled in the worst affected area to maintain platinum production, while development
into higher grade future mining areas continues.

Key projects 
Due to their important future contribution to sustain profitability at Impala Rustenburg, progress on the 16 and 20
Shaft replacement projects remains critical. During the strategic review, the capital programmes for these shafts 
were revised and optimised. This has resulted in the earlier forecast completion dates and a reduction in estimated 
cost to complete 20 Shaft.

16 Shaft
During the period under review, the impact of a fatality in August 2018 saw the 16 Shaft project fall marginally
behind the revised capital plan due to slower than planned progress on the C ore pass rehabilitation programme, 
which remains critically important to reach full production. Notwithstanding, mining flexibility has improved, 
production levels have been restored and raise lines were holed on target. This provides reasonable assurance 
that enough panels will be established to accommodate the planned increase in production crews scheduled over 
the rest of the financial year. 

20 Shaft
The 20 Shaft ramp-up is still being hampered by geological complexities. No further teams will be mobilised 
to 20 Shaft during the remainder of the year, while recently improved development is converted into mineable
face length. Additional technical and management resources have been mobilised to the shaft to oversee the 
planned ore ramp up programme.

Progress on the capital build programme is better than planned as the completion of the monorail, electrical/
instrumentation installation and settler are well ahead of schedule. The full capital infrastructure installation
is expected to be completed during the second half of the financial year. Rehabilitation of some of the level
ore passes require imminent attention, but are not included in the current capital plan.

Mupani Mine
The development of Mupani Mine (the replacement for Ngwarati and Rukodzi mines) is running well, targeting ore contact
three months ahead of schedule by August 2019, and full production in August 2025. A total of US$51 million had been
spent as at 31 December 2018 against planned expenditure of US$53 million and a total project budget of US$264 million.
The project was 22% complete at the end of the reporting period. 

Waterberg project 
As reported previously, Implats purchased a 15% participation in the Waterberg project for US$30 million and is now
actively participating with the other JV partners in a definitive feasibility study (DFS). All geological information 
from the exploration phase is now available in a resource model and the team is completing the mine design and 
scheduling.

The JV has applied for a mining right while power and water resources are being secured. All the work done on the study
to date has confirmed our confidence in the project and supported the rationale for the investment. The DFS study will
be SAMREC and NI43-101 compliant and is expected to be complete before calendar year-end, after which Implats has the
option to increase the 15% stake to 50.01%, alternatively maintain or sell the current 15% interest, or enter into a
concentrate offtake agreement only. 

Mineral Resources and Mineral Reserves 
There has been no material change to the technical assumptions, assessment criteria, and information relating to the
Group's Mineral Resource and Mineral Reserve estimates, as disclosed in the integrated report for the financial year
ended 30 June 2018. The revised Implats Mineral Resource and Mineral Reserve statement, as at 30 June 2019, will 
provide the detailed updated estimates. 

Financial review 
Revenue at R23.52 billion was R6.24 billion or 36.1% higher than the comparative six months as a result of:
- Sales volumes resulted in an increase of 17.5% or R3.02 billion as a result of the release of material locked-up
  during the comparable period due to the scheduled No 5 furnace rebuild
- Overall, the improvement in dollar metal prices increased revenue by 11.5% or R2.00 billion. The increase in 
  dollar metal prices was due to higher rhodium, palladium, ruthenium, nickel and iridium prices, partially offset 
  by a lower platinum price. Dollar revenue per platinum ounce sold was 9.8% higher at US$2 124 (H1 FY2018: US$1 935)
- The average exchange rate achieved of R14.18 was 5.7% weaker than the R13.42 achieved for the comparable period
  increasing revenue by R1.23 billion  

The resultant rand revenue per platinum ounce increased by 16.0% to R30 118 from R25 968.

Cost of sales at R20.29 billion increased by R3.57 billion from the comparable six months. The main contributors to
this increase were:
- A R2.70 billion lower credit to cost of sales arising from the movement in inventory in the comparative period,
  costs of R2.90 billion were deferred into inventory on the balance sheet as a result of the significant stock 
  build-up following the scheduled rebuild of the No 5 furnace at Impala Rustenburg. In the current period, the 
  increase in inventory only resulted in a R202 million credit to cost of sales
- An increase of R503 million in the cost of IRS metal purchases due primarily to higher rand metal prices

As a result of the above, the Group generated gross profit for the period of R3.23 billion compared to R556 million
gross profit in the previous period. The gross profit for the comparable period was restated and reduced by 
R177 million following the change in classification of certain items to cost of sales. This change in classification 
has been discussed in note 16 in the interim financial statements. 

The R3.35 billion profit before tax was an improvement from the comparable period's pre-tax profit of R193 million,
due primarily to the increase in gross profit of R2.70 billion, an increase in other income of R519 million, a 
decrease in other expenses of R417 million, all of which were partially offset by an increase in foreign exchange 
losses of R414 million.

Other income increased due to the refund of customs' duties penalties to Zimplats of R136 million, receipt of export
incentives by Zimplats which were R342 million higher in the current period, and proceeds of R150 million in respect 
of the interim payments on the insurance claim on the No 5 furnace in Rustenburg. Other expenses decreased mainly due 
to a reallocation of fair-value adjustments on purchased metal which had been hedged and included in cost of sales in 
the current period, and which were reflected as a loss of R296 million in other expenses in the comparable period.

The R414 million increase in foreign exchange losses, was due mainly to the impact of the weaker rand on the
conversion of the US$ bond and the revaluation of certain foreign currency balances.

The increased tax charge of R895 million (H1 FY2018: R357 million) was largely due to the improved profitability of
the operations, partially offset by lower tax charges from Zimplats following the conversion from a Special Mining 
Lease (SML) to two Mining Leases (ML). Despite the higher statutory tax rate, the additional profits tax associated 
with the SML is no longer payable under the ML.

Basic earnings were up to R2.31 billion from a loss of R163 million in the comparable period. The major adjustments 
in headline earnings for the year compared to the previous six months was an after-tax profit on the sale of property
plant and equipment of R35 million and the after-tax impact of R43 million relating to the asset damage portion of 
the insurance claim on No 5 furnace.

Net cash from operating activities increased by R7.16 billion, from a cash outflow of R1.14 billion during the
comparable period to a cash inflow of R6.02 billion. The improved cash flow was due to improved earnings for the 
current period, and the R1.12 billion impact of positive working capital movements which comprised a decrease in 
inventories of R264 million (H1 FY2018: outflow of R2.96 billion) and an increase in net movement of payables and 
receivables to R1.38 billion, which included the receipt of R1.06 billion from a forward sale of excess metal 
inventory in the current period.

During the past six months, metal inventories increased by R151 million from June 2018 and by R628 million since
December 2017.

The R151 million increase in inventory since June 2018 is due to the following movements:
- Increase in inventory of R1.31 billion largely due to the higher rand cost of metals purchased, particularly
  palladium and rhodium, by Impala's IRS business 
- Increase of R389 million (H1 FY2018: R431 million) due to changes in engineering estimates 
- A R272 million increase in metal inventories arising from a change in estimate following the reclassification of
  nickel from a by-product to a main product and consequently, adopting a different cost allocation method among 
  the main products, as discussed in note 7 of the interim financial results 
- All of which were largely offset by lower stock quantities in the pipeline, which resulted in a reduction in the
  value of inventory by R1.47 billion

Capital expenditure, amounted to R1.71 billion (H1 FY2018: R1.90 billion), of which R207 million (H1 FY2018: 
R345 million) was spent on 16 and 20 Shafts and R151 million and R183 million spent on Bimha and Mupani 
respectively.

Cash and cash equivalents the end of the period under review amounted to R6.36 billion after repayment of 
R1.86 billion (H1 FY2018: R341 million) of borrowings. Net debt excluding finance leases of R1.19 billion, 
after taking into consideration the Cross Currency Interest Rate Swap asset of R213 million, amounted to 
R976 million at 31 December 2018 (June 2018: R5.33 billion).

The balance sheet remains strong with unutilised revolving credit facilities of R4.00 billion, available until 
7 June 2021. Therefore, at 31 December 2018, the group had liquidity headroom of R10.36 billion, comprising cash 
of R6.36 billion (30 June 2018: R3.71 billion) and undrawn banking facilities of R4.00 billion (30 June 2018: 
R2.49 billion), compared to the R6.20 billion available at the end of June 2018.

In addition, at 31 December 2018, R941 million was available on the metal prepayment facility. Therefore, the 
Group has access to sufficient liquidity and flexibility to address upcoming debt maturities, as well as to fund 
the ongoing needs of the business.

Given the volatility in the local and global economy, as well as the continued implementation of the Rustenburg
review, the board has resolved not to declare an interim dividend for the six months to 31 December 2018.

Market review (calendar years unless otherwise stated) 
The platinum market recorded a surplus of 580 000 ounces during 2018, with the palladium market experiencing a
fundamental deficit of 270 000 ounces. Expectations for palladium demand continue to be revised upwards as 
tightening emission standards result in increasing and sustained fundamental deficits. 

While the near term for platinum remains uncertain, strong industrial demand, coupled with the introduction of
heavy-duty legislation in both India and China and growth from the nascent fuel cell sector, indicate a tightening 
market in the medium term. 

Platinum ended 2018 at US$788 per ounce, 15% weaker than the opening LBMA trade price, and on average traded at 
US$880 per ounce over the year, 7% lower than the previous year (2017: US$948 per ounce). Investor sentiment was 
weak, with rising short speculative positioning and ETF outflows. The rand softened, as did the gold price, adding 
further negative price pressure. Western European diesel market share continued to fall and Chinese jewellery 
demand was also lower. Industrial demand was robust, however, and debate on the likely reintroduction of platinum 
into gasoline autocatalysts gained momentum.

In contrast, palladium ended the year at US$1 270 per ounce, 19% higher than the opening LBMA trade price, and on
average traded at US$1 031 per ounce over the year, 19% higher than the previous year (2017: US$870 per ounce). 
Exchange traded funds (ETFs) continued to release metal to the market as the implications of tighter Chinese 
legislation increased demand from a rising European gasoline market share and the advent of 'real driving' testing 
regimes all combined to support demand, sentiment and pricing for palladium. 

The rhodium price increased by US$745 per ounce in 2018 closing the year at US$2 460 per ounce and registering a 
gain of 43% over the year. The metal traded at US$2 219 per ounce, double the average price of the year before 
(2017: US$1 109 per ounce). Tightening nitrogen oxide (NOx) standards have driven a step-change in anticipated 
rhodium requirements in China, while palladium's price strengthened and relative 'value in use' was also supportive 
of steady, but persistent rhodium price gains. 

Automotive 
2018 was a mixed year for the automotive industry. Geopolitical uncertainties, including the potential impact of
Brexit and US-China trade tensions, have led to a cautious view on prospects for volume growth in 2019. Global 
light-duty vehicle sales are estimated to have reached 94.8 million units in 2018, down 0.5% from 2017, with the 
Chinese market contracting by 3.1% and Western European sales slipping 0.7%. Modest growth was recorded in both 
the US and Japanese markets with sales volumes increasing by 0.6% and 0.8% respectively.

Western European light-duty vehicle sales of 14.2 million units were marginally lower in 2018, with a particularly
weak fourth quarter (8% lower than in the fourth quarter of 2017) weighing on annual metrics. Sales in the United 
Kingdom fell 6.8% during 2018 and offset the impact of growth in France and Spain and reasonably stable volumes in 
Germany. The introduction of the new emissions-testing regime disrupted the availability of new vehicles and the 
outlook for diesel continued to weigh on consumer sentiment and fleet sales. Gasoline market share of 57% (2017: 50%) 
increased at the expense of diesel, which experienced a further decline in market share to 36% in 2018 (2017: 44%). 
While headline battery electric vehicle growth figures were impressive, rising 48% from 2017, at c. 201 000 units, 
these 'catalyst free' vehicles comprised 1.3% of the sales mix and we expect the carbon dioxide (CO2) average of the 
Western European fleet to have increased for the second consecutive year as a result.

Chinese light-duty vehicle sales fell 3.1% year-on-year in 2018 to 27.7 million units. However, the impact on PGM
demand was more than offset by the impact of higher loadings to meet tightening emissions standards with the 
nationwide implementation of 'China 5' for both gasoline and diesel vehicles. Japanese sales grew for a second 
consecutive year, rising 0.8% to 5.2 million units. 

As fabricators and OEMs finalise catalyst formulations to meet upcoming legislation changes in China, Europe and
India, expectations for loadings have increased resulting in tighter forecast markets for both palladium and rhodium.
Availability of supply and price differentials between the three major PGMs has highlighted the need to reconsider 
the mix of metals used to meet expected gasoline derived demand. 

We expect research and development efforts to increase in pace and assume switching of platinum for palladium in both
diesel and gasoline catalysts to become an imperative in the medium term. 

Jewellery
Demand for platinum from the jewellery sector was mixed, with continued, albeit slowing weakness in the key Chinese
market, where changing consumer tastes and the resultant shrinking in sales of generic products have yet to be 
compensated by growth in sales of higher-margin branded collections. In India, a recovery in demand following the 
impact of demonetisation and the jewellers strike is likely to have led to growth in the mid-teens, while the US 
market has also enjoyed strong growth due to opportunities created by healthy consumer confidence, competitive 
metal prices and several initiatives spearheaded by the Platinum Guild International (PGI).

In Japan, platinum remains the 'white metal of choice', however, total sales have been impacted by the current fashion
dominance of yellow gold and a modest retreat in sales is expected. Overall, both platinum jewellery retail sales and
net metal demanded by manufacturers is expected to have recorded modest declines in 2018.

Industrial, physical, ETF and paper 
Industrial demand for PGMs continues to be robust, with platinum benefiting from growth in estimates for non-road
mobile machinery, the nascent fuel cell industry and continued demand from the chemical and electrical sectors. 
Platinum is also likely to benefit at the margin from changes in alloys used in the glass industry, where rhodium 
is being thrifted as the price is driven higher by increased automotive demand.

While physical investment in small platinum bars and coins saw positive growth in 2018, the impact of this was largely
offset by redemptions from ETF funds, which continued to return platinum, palladium and rhodium to the market during
the year.

Platinum ETFs contracted by 260 000 ounces, driven by lower prices and a rotation by South African investors into 
equities, while palladium ETFs liquidated some 565 000 ounces as record prices prompted profit taking and high lease 
rates created opportunities in the lending market. Low residual palladium ETF stocks are now considered entirely 
insufficient to meet expected market deficits. 

Paper markets (NYMEX/TOCOM) for platinum and palladium charted different courses in 2018. While gross open interest 
in platinum remained elevated, the market was net-short for the first time in 15 years. In palladium, open interest
contracted substantially as forward hedging activities declined on rising prices and the market remained in 
backwardation - a situation in which the spot or cash price of a commodity is higher than the forward price.

At year-end, net paper length in platinum had declined by 373 000 ounces, to 1.24 million ounces as long positions
were trimmed. In palladium, a reduction of 1.18 million ounces saw closing net length of 1.4 million ounces as long
positions were cut by 1.2 million ounces.

Fundamentals
The market fundamentals for palladium and rhodium strengthened in 2018 and are expected to remain robust in 2019 and
beyond as emerging markets apply stricter legislation and the impact of real-world driving test regimes is felt on 
auto demand. Conversely platinum continues to face near-term challenges including the residual level of light-duty 
diesel market share and the re-basing of the Chinese jewellery market. 

In the medium term, an increasing focus on the need to add platinum to gasoline autocatalyst formulations, together
with expected demand growth from impending heavy-duty diesel legislation in China and India, offer opportunities for
meaningful structural growth.

We expect the platinum market to remain in surplus in 2019 before tightening thereafter. Fundamental deficits in
palladium are expected to persist and expand, while increasing rhodium use should drive a narrowing of the market 
balance.

Prospects and outlook 
The headwinds facing the South African PGM industry are expected to remain largely unchanged in 2019: rand volatility,
wage negotiations, national elections, along with the operational and financial crisis at Eskom are all well-recognised
challenges for the domestic producers. While the near-term outlook for platinum remains suppressed, the medium-term
outlook has improved. The current strength in both palladium and rhodium fundamentals are expected to persist for the
foreseeable future.

Robust iridium and ruthenium pricing, due to growing industrial demand, has also resulted in pricing tailwinds. The
Group believes we are in a combined 3E PGM deficit and, more recently, industry discussions and debates have shifted 
from the need for supply rationalisation to potential areas of growth.

As such, we expect dollar metal prices to remain well supported for palladium, rhodium and the minor metals, while 
the near-term outlook for platinum remains more muted. Despite an improved market outlook, we remain committed to our
long-term strategic intent to favour value over volume. We will therefore proceed with the steps outlined in our strategic
review, premised on producing safely, productively and profitably from our key assets, while taking account of the changes
in our operating environment.

The full-year refined production for the Group is maintained and is estimated at 1.5 to 1.6 million platinum ounces.
Given the scheduled refurbishment of furnaces at Impala Rustenburg and Zimplats later in this financial year, limited
inventory is expected to be released through the refinery during the second half of FY2019, with the remainder to be 
released across the group during FY2020.

The Group's operating cost is expected to be between R23 900 and R24 800 per platinum ounce on a stock-adjusted basis
for the full financial year, with Group capital expenditure forecast at R4.1 billion to R4.3 billion. 

Full-year production estimates for the operational entities are as follows:
- Impala Rustenburg 650 000 to 690 000 platinum ounces in concentrate
- Zimplats 270 000 to 280 000 platinum ounces in concentrate
- Two Rivers 160 000 to 170 000 platinum ounces in concentrate
- Mimosa 115 000 to 125 000 platinum ounces in concentrate
- Marula 80 000 to 90 000 platinum ounces in concentrate
- IRS (third party) 170 000 to 180 000 platinum ounces in concentrate

The financial information on which this outlook is based has not been reviewed and reported on by Implats' external
auditors. 

Approval of the interim financial statements
The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation 
of the interim financial statements and related information in a manner that fairly presents the state of the affairs 
of the Company. These interim financial statements are prepared in accordance with International Financial Reporting
Standard, IAS 34 Interim Financial Reporting and incorporate full and responsible disclosure in line with the 
accounting policies of the Group which are supported by prudent judgements and estimates.

The interim financial statements have been prepared under the supervision of the chief financial officer, 
Ms M Kerber, CA(SA).

The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structure 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 interim 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 interim financial statements as set out below have been approved by the board of directors and are signed 
on their behalf by:

Dr MSV Gantsho                NJ Muller
Chairman                      Chief executive officer

Johannesburg
28 February 2019

Independent auditor's review report on interim financial statements
To the shareholders of Impala Platinum Holdings Limited
We have reviewed the condensed consolidated interim financial statements of Impala Platinum Holdings Limited 
in the accompanying interim report, which comprise the consolidated statement of financial position as at 
31 December 2018 and the related  consolidated statements of profit or loss and other comprehensive income, 
changes in equity and cash flows for the six months then ended, and selected explanatory notes.

Directors' responsibility for the interim financial statements
The directors are responsible for the preparation and presentation of these interim financial statements in accordance
with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as 
the directors determine is necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.

Auditor's responsibility
Our responsibility is to express a conclusion on these interim financial statements. We conducted our review in
accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by
the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements are not prepared in all material respects in accordance with
the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and
applying analytical procedures, and evaluate the evidence obtained.

The procedures in a review are substantially less than and differ in nature from those performed in an audit conducted
in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these
interim financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements of Impala Platinum Holdings Limited for the six months ended 31 December 2018
are not prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 34
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies 
Act of South Africa.

PricewaterhouseCoopers Inc.
Director: CS Masondo
Registered Auditor

28 February 2019


Consolidated statement of financial position

                                                                    As at                 As at             As at    
                                                         31 December 2018      31 December 2017      30 June 2018    
(Rm)                                           Notes            (Reviewed)            (Reviewed)         (Audited)   
                                                                                                                     
Assets                                                                                                               
Non-current assets                                                                                                   
Property, plant and equipment                      5               36 664                47 043            36 045    
Exploration and evaluation assets                                       -                   385                 -    
Investment property                                                    90                    90                90    
Investment in equity-accounted entities            6                4 557                 3 797             4 317    
Deferred tax                                                        3 607                   373             4 757    
Financial assets at fair value through                                      
other comprehensive income*                                           260                     -                 -    
Available-for-sale financial assets*                                    -                   192               198    
Other financial assets                                                373                   149               175    
                                                                   45 551                52 029            45 582    
Current assets                                                                                                       
Inventories                                        7               11 988                11 147            11 745    
Trade and other receivables                                         2 799                 3 277             3 513    
Current tax receivable                                                902                   721               896    
Other financial assets                                                  3                     2                 3    
Prepayments                                                           679                   846               724    
Cash and cash equivalents                                           6 355                 4 208             3 705    
                                                                   22 726                20 201            20 586    
Total assets                                                       68 277                72 230            66 168    
Equity and liabilities                                                                                               
Equity                                                                                                               
Share capital                                                      20 430                20 451            20 491    
Retained earnings                                                  14 608                22 819            12 302    
Foreign currency translation reserve                                4 932                 3 125             4 324    
Other components of equity                                            157                    91                96    
Equity attributable to owners of the Company                       40 127                46 486            37 213    
Non-controlling interest                                            2 487                 2 331             2 380    
Total equity                                                       42 614                48 817            39 593    
Liabilities                                                                                                          
Non-current liabilities                                                                                              
Provisions for environmental rehabilitation                         1 228                 1 124             1 225    
Deferred tax                                                        5 450                 3 830             5 485    
Borrowings                                         8                7 505                 7 610             7 925    
Other financial liabilities                                           345                   676                50    
Sundry liabilities                                                    274                   305               285    
                                                                   14 802                13 545            14 970    
Current liabilities                                                                                                  
Trade and other payables                                            8 608                 7 234             8 086    
Current tax payable                                                   903                 1 112               992    
Borrowings                                         8                1 313                 1 418             2 427    
Other financial liabilities                                             5                    73                69    
Sundry liabilities                                                     32                    31                31    
                                                                   10 861                 9 868            11 605    
Total liabilities                                                  25 663                23 413            26 575    
Total equity and liabilities                                       68 277                72 230            66 168    
* Available-for-sale financial assets were reclassified to financial assets at fair value through other 
  comprehensive income following the adoption of IFRS 9 Financial Instruments, which has become effective. 
  Refer to note 15 for the impact of the adoption IFRS 9.

The notes below are an integral part of these condensed interim financial statements.


Consolidated statement of profit or loss and other comprehensive income
                                                                                                       Year ended        
                                                         Six months ended      Six months ended      30 June 2018      
                                                         31 December 2018      31 December 2017         (Restated         
(Rm)                                           Notes            (Reviewed)  (Restated reviewed)*         audited)*        
                                                                                                                      
Revenue                                            9               23 521                17 280            35 854    
Cost of sales*                                    10              (20 289)              (16 724)          (34 717)   
Gross profit                                                        3 232                   556             1 137    
Impairment                                                              -                   (30)          (13 629)   
Finance income                                                        116                   201               350    
Finance cost                                                         (533)                 (535)           (1 051)   
Net foreign exchange (losses)/gains                                  (165)                  249              (662)   
Other income*                                                         894                   375             1 584    
Other expenses*                                                      (394)                 (811)           (1 154)   
Share of profit of equity-                                                                         
accounted entities                                                    203                   188               383    
Profit/(loss) before tax                                            3 353                   193           (13 042)   
Income tax (expense)/income                                          (895)                 (357)            2 249    
Profit/(loss) for the period                                        2 458                  (164)          (10 793)   
Other comprehensive income/(loss),                                                                 
comprising items that may be                                                                       
reclassified subsequently                                                                          
to profit or loss:                                                                                 
Available-for-sale financial assets                                     -                    13                19    
- Deferred tax thereon                                                  -                    (2)               (3)   
Share of other comprehensive income                                                                
of equity-accounted entities                                          111                  (106)              108    
- Deferred tax thereon                                                (11)                   11               (11)   
Exchange differences on translating                                                                
foreign operations                                                    688                  (710)              650    
- Deferred tax thereon                                                (90)                   92               (84)   
Other comprehensive income/(loss),                                                                 
comprising items that will not be                                                                  
reclassified subsequently to                                                                       
profit or loss:                                                                                    
Financial assets at fair value through                                                             
other comprehensive income                                            (32)                    -                 -    
- Deferred tax thereon                                                 (1)                    -                 -    
Actuarial loss on post-employment                                                                  
medical benefit                                                         -                     -                (1)   
- Deferred tax thereon                                                  -                     -                 -    
Total comprehensive income/(loss)                                   3 123                  (866)          (10 115)   
Profit/(loss) attributable to:                                                                                       
Owners of the Company                                               2 306                  (163)          (10 679)   
Non-controlling interest                                              152                    (1)             (114)   
                                                                    2 458                  (164)          (10 793)   
Total comprehensive income/(loss)                                                                  
attributable to:                                                                                   
Owners of the Company                                               2 881                  (772)          (10 070)   
Non-controlling interest                                              242                   (94)              (45)   
                                                                    3 123                  (866)          (10 115)   
Earnings per share (cents):                                                                                          
- Basic                                                               321                   (23)           (1 486)   
- Diluted                                                             309                   (23)           (1 486)   
For headline earnings per share refer note 12.
* The reviewed 31 December 2017 interim results and the audited 30 June 2018 annual financial results were restated 
  as a result of changes in classification of certain expense items in the prior year. Refer note 10 and note 16.

The notes below are an integral part of these condensed interim financial statements.


Consolidated statement of changes in equity
                                                                                                                             
                                                                                                                              
                                                 Ordinary        Share      Share-based       Total share       Retained      
(Rm)                                               shares      premium         payments           capital       earnings      
Balance at 30 June 2018 (Audited)                      18       17 986            2 487            20 491         12 302     
Adjustment on initial application of IFRS 9             -            -                -                 -              -     
Adjusted balance at 1 January 2018                     18       17 986            2 487            20 491         12 302     
Shares purchased - long-term incentive plan             -         (101)               -              (101)             -     
Share-based compensation expense                        -            -               40                40              -     
Total comprehensive income/(loss)                       -            -                -                 -          2 306     
Profit for the year                                     -            -                -                 -          2 306     
Other comprehensive income/(loss)                       -            -                -                 -              -     
Dividends                                               -            -                -                 -              -     
Balance at 31 December 2018 (Reviewed)                 18       17 885            2 527            20 430         14 608     
Balance at 30 June 2017 (Audited)                      18       17 614            2 368            20 000         22 982     
Bond conversion option                                  -          450                -               450              -     
Shares purchased - long-term incentive plan             -          (71)               -               (71)             -     
Share-based compensation expense                        -            -               72                72              -     
Total comprehensive (loss)/income                       -            -                -                 -           (163)    
Loss for the year                                       -            -                -                 -           (163)    
Other comprehensive (loss)/income                       -            -                -                 -              -     
Balance at 31 December 2017 (Reviewed)                 18       17 993            2 440            20 451         22 819     
Balance at 30 June 2017 (Audited)                      18       17 614            2 368            20 000         22 982     
Bond conversion option                                  -          450                -               450              -     
Shares purchased - long-term incentive plan             -          (78)               -               (78)             -     
Share-based compensation expense                        -            -              119               119              -     
Total comprehensive (loss)/income                       -            -                -                 -        (10 680)    
Loss for the year                                       -            -                -                 -        (10 679)    
Other comprehensive (loss)/income                       -            -                -                 -             (1)    
Dividends                                               -            -                -                 -              -     
Balance at 30 June 2018 (Audited)                      18       17 986            2 487            20 491         12 302     
The table above excludes the treasury shares.


Consolidated statement of changes in equity (continued) 
                                                      Foreign                           Attributable to:                   
                                                     currency         Other         Owners             Non-                 
                                                  translation    components         of the      controlling        Total    
(Rm)                                                  reserve     of equity        Company         interest       equity    
Balance at 30 June 2018 (Audited)                       4 324            96         37 213            2 380       39 593    
Adjustment on initial application of IFRS 9                 -            94             94                -           94    
Adjusted balance at 1 January 2018                      4 324           190         37 307            2 380       39 687    
Shares purchased - Long-term Incentive Plan                 -             -           (101)               -         (101)   
Share-based compensation expense                            -             -             40                -           40    
Total comprehensive income/(loss)                         608           (33)         2 881              242        3 123    
Profit for the year                                         -             -          2 306              152        2 458    
Other comprehensive income/(loss)                         608           (33)           575               90          665    
Dividends                                                   -             -              -             (135)        (135)   
Balance at 31 December 2018 (Reviewed)                  4 932           157         40 127            2 487       42 614    
Balance at 30 June 2017 (Audited)                       3 745            80         46 807            2 425       49 232    
Bond conversion option                                      -             -            450                -          450    
Shares purchased - Long-term Incentive Plan                 -             -            (71)               -          (71)   
Share-based compensation expense                            -             -             72                -           72    
Total comprehensive (loss)/income                        (620)           11           (772)             (94)        (866)   
Loss for the year                                           -             -           (163)              (1)        (164)   
Other comprehensive (loss)/income                        (620)           11           (609)             (93)        (702)   
Balance at 31 December 2017 (Reviewed)                  3 125            91         46 486            2 331       48 817    
Balance at 30 June 2017 (Audited)                       3 745            80         46 807            2 425       49 232    
Bond conversion option                                      -             -            450                -          450    
Shares purchased - Long-term Incentive Plan                 -             -            (78)               -          (78)   
Share-based compensation expense                            -             -            119                -          119    
Total comprehensive (loss)/income                         579            16        (10 085)             (30)     (10 115)   
Loss for the year                                           -             -        (10 679)            (114)     (10 793)   
Other comprehensive (loss)/income                         579            16            594               84          678    
Dividends                                                   -             -              -              (15)         (15)   
Balance at 30 June 2018 (Audited)                       4 324            96         37 213            2 380       39 593    
The table above excludes the treasury shares.

The notes below are an integral part of these condensed interim financial statements.


Consolidated statement of cash flows
                                                         Six months ended      Six months ended       Year ended    
                                                         31 December 2018      31 December 2017     30 June 2018    
(Rm)                                           Notes            (Reviewed)            (Reviewed)        (Audited)   
Cash flows from operating activities                                                                                
Cash generated from/(utilised                                                                     
by) operations                                    11                6 703                  (249)           2 364    
Exploration cost                                                       (1)                   (2)              (4)   
Finance cost                                                         (520)                 (521)          (1 025)   
Income tax paid                                                      (160)                 (366)          (1 336)   
Net cash from/(used in) operating                                                                 
activities                                                          6 022                (1 138)              (1)   
Cash flows from investing activities                                                                                
Purchase of property, plant and equipment                          (1 727)               (1 903)          (4 667)   
Proceeds from sale of property,                                                                   
plant and equipment                                                    55                    13               26    
Purchase of investment property                                         -                    (1)              (1)   
Purchase of interest in associate                                                                 
- Waterberg                                                             -                  (408)            (408)   
Waterberg shareholder funding                                         (11)                    -              (17)   
Interest received from held-to-                                                                   
maturity financial assets                                               -                     3                3    
Loans granted                                                          (1)                    -                -    
Finance income                                                        168                   240              182    
Dividends received                                                    130                    61              253    
Net cash used in investing activities                              (1 386)               (1 995)          (4 629)   
Cash flows from financing activities                                                                                
Shares purchased - Long-term Incentive Plan                          (101)                  (71)             (78)   
Repayments of borrowings                                           (1 855)                 (341)            (999)   
Proceeds from borrowings net of                                                                   
transaction costs                                                       -                     -            1 500    
Dividends paid to non-controlling interest                           (135)                    -              (15)   
Net cash (used in)/from financing activities                       (2 091)                 (412)             408    
Net increase/(decrease) in cash and                                                               
cash equivalents                                                    2 545                (3 545)          (4 222)   
Cash and cash equivalents at                                                                      
beginning of period                                                 3 705                 7 839            7 839    
Effect of exchange rate changes on cash and                                                       
cash equivalents held in foreign currencies                           105                   (86)              88    
Cash and cash equivalents at end of period                          6 355                 4 208            3 705    

The notes below are an integral part of these condensed interim financial statements.


Notes to the financial information for the six months ended 31 December 2018

1.   General information
     Impala Platinum Holdings Limited ("Implats", "the Company" or "the Group") is one of the world's foremost 
     producers of platinum and associated platinum group metals (PGMs). Implats is currently structured around 
     five main operations with a total of 20 underground shafts. The mining operations are located on the 
     Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, the two most significant PGM-bearing 
     ore bodies in the world.

     The Company has its listing on the securities exchange operated by JSE Limited in South Africa, the Frankfurt 
     Stock Exchange (2022 US$ convertible bonds) and a level 1 American Depositary Receipt programme in the United 
     States of America.

     On 1 July 2018 Impala Platinum and Impala Refining Services (IRS), subsidiaries of the Group, entered into a 
     sale of business agreement in terms of which IRS becomes a division of Impala and Impala acquired the metal 
     purchase and toll refining operations of IRS as a going concern, utilising the group roll-over relief 
     provisions of sections 45 and 47 of the Income Tax Act No. 58 of 1962.

     This transaction had no financial impact on the Group's consolidated financial statements.

     The condensed consolidated interim financial information was approved for issue on 28 February 2019 by the 
     board of directors.

2.   Basis of preparation
     The condensed consolidated interim financial statements have been prepared in accordance with International 
     Financial Reporting Standard (IFRS), IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides 
     as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial 
     Reporting Standards Council, requirements of the Companies Act, 71 of 2008, and the Listings Requirements 
     of the JSE Limited.

     The condensed consolidated interim financial statements should be read in conjunction with the annual 
     consolidated financial statements for the year ended 30 June 2018, which have been prepared in accordance 
     with IFRS, and the commentary included in the interim results.
     
     The condensed consolidated interim financial statements have 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 some equity and liabilities for share-based payment arrangements which are measured 
     using a binomial option model.
     
     The condensed consolidated interim financial information is presented in South African rand, which is the 
     Company's functional currency.

     The following US dollar exchange rates were used when preparing these condensed consolidated interim 
     financial statements:
     - Closing rate: R14.38 (December 2017: R12.38) (June 2018: R13.73)
     - Average rate: R14.18 (December 2017: R13.40) (June 2018: R12.85)

     Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected 
     total annual earnings.

3.   Accounting policies
     The principal accounting policies used by the Group are consistent with those of the previous year, except for 
     changes due to the adoption of new or revised IFRSs, for which the first time disclosure is more comprehensive 
     than would otherwise be done on interim and includes the once-off transition impact. Further, the transition 
     impact and accounting policies have been disclosed in the relevant notes.

     The following standards became effective on 1 January 2018 and were adopted by the Group on 1 July 2018:
     -   IFRS 15 - Revenue from Contracts with Customers, refer note 9;
     - IFRS 9 - Financial Instruments, refer note 15.

4.   Segment information
     The Group distinguishes its segments between the mining operations (Mining), processing and refining 
     (Impala Refining Services), chrome processing (Impala Chrome) and "all other segments".

     Management has defined the operating segments based on the business activities and management structure 
     within the Group.

     Capital expenditure comprises additions to property, plant and equipment (note 5).

     The reportable segments' measure of profit or loss is profit after tax. This is reconciled to the 
     consolidated profit after tax.

     Impala mining segment's two largest sales customers amounted to 11% and 9% of total revenue 
     (December 2017: 13% and 8%) (June 2018: 11% and 8%).

                                               Six months ended              Six months ended                Year ended            
                                               31 December 2018              31 December 2017               30 June 2018           
                                                  (Reviewed)                    (Reviewed)                    (Audited)            
                                                       Profit/(loss)                 Profit/(loss)                 Profit/(loss)    
     (Rm)                                   Revenue       after tax       Revenue       after tax        Revenue      after tax    
     Mining                                                                                                                        
     - Impala                                10 783           1 055         6 685          (1 060)        13 255        (12 332)   
     - Zimplats                               4 139             991         3 834             277          7 485             40    
     - Marula                                 1 511             116         1 242             (39)         2 357            (30)   
     Impala Refining Services                12 601             967        10 657             719         22 044          1 210    
     Impala Chrome                              151              24            60              (2)           226             47    
     All other segments                           -            (322)            -             (22)             -           (117)   
     Inter-segment revenue                   (5 664)              -        (5 198)              -         (9 513)             -    
     Total segmental revenue/profit/(loss) 
     after tax                               23 521           2 831        17 280            (127)        35 854        (11 182)   
     Reconciliation:                                                                                                               
     Share of profit of equity             
     accounted entities                                         203                           188                           383    
     Unrealised profit in stock            
     consolidation adjustment                                  (347)                         (274)                         (211)   
     IRS preproduction (reversed)/         
     realised on Group                                         (259)                           43                           217    
     Net realisable value adjustment       
     made on consolidation                                       30                             6                             -    
     Total consolidated profit/(loss)      
     after tax                                2 458                          (164)                      (10 793)   

                                               Six months ended              Six months ended                  Year ended
                                               31 December 2018              31 December 2017                 30 June 2018
                                                  (Reviewed)                     (Reviewed)                    (Audited)
                                            Capital           Total       Capital           Total        Capital          Total    
     (Rm)                               expenditure          assets   expenditure          assets    expenditure         assets    
     Mining                                                                                                                        
     - Impala                                 1 017          23 205         1 442          37 688          2 766         29 936    
     - Zimplats                                 657          21 566           432          17 973          1 739         20 612    
     - Marula                                    32           3 562            29           3 668            101          3 796    
     Impala Refining Services                     -          17 346             -           7 562              -          8 334    
     Impala Chrome                                -             152             -             153              -            150    
     All other segments                           -          33 861             -          34 379              -         34 778    
     Total                                    1 706          99 692         1 903         101 423          4 606         97 606    
     Intercompany accounts eliminated                       (34 779)                      (32 168)                      (34 869)   
     Investment in equity-             
     accounted entities                                       4 557                         3 797                         4 317    
     Unrealised profit in stock,       
     NRV and other adjustments         
     to inventory                                            (1 193)                         (822)                         (886)   
     Total consolidated assets                               68 277                        72 230                        66 168    

     
     Disaggregation of revenue by category, per segment:
                                                               Six months ended 31 December 2018 (Reviewed)
                                                                                                             Inter-                
                                                                                               Impala       segment                 
     (Rm)                                    Impala      Zimplats      Marula         IRS      Chrome       revenue       Total    
     Revenue from:                                                                                                                 
     Platinum                                 4 548         1 383         451       4 541           -        (1 834)      9 089    
     Palladium                                3 123         1 438         591       4 018           -        (2 029)      7 141    
     Rhodium                                  1 837           353         286       1 688           -          (639)      3 525    
     Nickel                                     237           354          18         891           -          (372)      1 128    
     Other metals                             1 038           611         165       1 225         151          (788)      2 402    
     Treatment income                             -             -           -         238           -            (2)        236    
     Revenue                                 10 783         4 139       1 511      12 601         151        (5 664)     23 521    

                                                              Six months ended 31 December 2017 (Reviewed)
                                                                                                             Inter-                
                                                                                               Impala       segment                
     (Rm)                                    Impala      Zimplats      Marula         IRS      Chrome       revenue       Total     
     Revenue from:                                                                                                                 
     Platinum                                 3 382         1 499         470       4 781           -        (1 911)      8 221    
     Palladium                                1 747         1 379         530       3 221           -        (2 258)      4 619    
     Rhodium                                    784           231         172         727           -          (346)      1 568    
     Nickel                                     260           319          15         666           -          (389)        871    
     Other metals                               512           406          55         806          60          (261)      1 578    
     Treatment income                             -             -           -         456           -           (33)        423    
     Revenue                                  6 685         3 834       1 242      10 657          60        (5 198)     17 280    
                                                                                                                                  
                                                                      Year ended 30 June 2018 (Audited)
     Revenue from:                                                                                                     
     Platinum                                 6 730         2 870         864       9 500           -        (3 537)     16 427    
     Palladium                                3 194         2 575         957       6 778           -        (3 858)      9 646    
     Rhodium                                  1 814           552         386       1 854           -          (843)      3 763    
     Nickel                                     506           685          31       1 441           -          (800)      1 863    
     Other metals                             1 011           803         119       1 719         226          (441)      3 437    
     Treatment income                             -             -           -         752           -           (34)        718    
     Revenue                                 13 255         7 485       2 357      22 044         226        (9 513)     35 854    

5.   Property, plant and equipment
                                                           Six months ended            Six months ended              Year ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Opening net book amount                                         36 045                      47 798                  47 798    
     Additions                                                        1 706                       1 903                   4 606    
     Interest capitalised                                                21                           -                      61    
     Disposals                                                           (6)                         (5)                    (26)   
     Depreciation                                                    (1 800)                     (1 927)                 (3 838)   
     Impairment                                                           -                         (30)                (13 244)   
     Rehabilitation adjustment                                          (18)                          4                     (34)   
     Exchange adjustment on translation                                 716                        (700)                    722    
     Closing net book amount                                         36 664                      47 043                  36 045    
     Capital commitments
     Commitments contracted for                                       1 703                       1 685                   1 703    
     Approved expenditure not yet contracted                          7 143                       7 946                   8 071    
                                                                      8 846                       9 631                   9 774    
     Less than one year                                               4 326                       4 669                   4 017    
     Between one and five years                                       4 520                       4 962                   5 757    
                                                                      8 846                       9 631                   9 774    
     This expenditure will be funded from internal cash flows and, if necessary, from borrowings.

6.   Investment in equity-accounted entities
                                                           Six months ended            Six months ended              Year ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Summary- Balances                                                                                                             
     Joint venture                                                                                                                 
     Mimosa                                                           2 367                       1 931                   2 268    
     Associates                                                                                                                    
     Two Rivers                                                       1 641                       1 361                   1 528    
     Makgomo Chrome                                                     101                          69                      78    
     Friedshelf                                                          38                          28                      33    
     Waterberg                                                          410                         408                     410    
     Total investment in equity accounted entities                    4 557                       3 797                   4 317    
     Summary movement                                                                                                              
     Beginning of the period                                          4 317                       3 316                   3 316    
     Addition - Waterberg                                                 -                         408                     408    
     Shareholder funding - Waterberg                                     11                           -                      17    
     Share of profit                                                    248                         240                     473    
     Share of other comprehensive income                                111                        (106)                    108    
     Gain - Two Rivers change of interest                                 -                           -                     248    
     Dividends received                                                (130)                        (61)                   (253)   
     End of the period                                                4 557                       3 797                   4 317    
     Share of equity-accounted entities is              
     made up as follows:                                                                     
     Share of profit                                                    248                         240                     473    
     Movement in unrealised profit in stock                             (45)                        (52)                    (90)   
     Total share of profit of equity-accounted entities                 203                         188                     383    

7.   Inventories                               
                                                           Six months ended            Six months ended              Year ended        
                                                           31 December 2018            31 December 2017            30 June 2018      
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)         
     Mined metal                                                                                                                   
     Refined metal                                                      931                         708                   1 381    
     In-process metal                                                 5 377                       4 526                   4 585    
     Purchased metal#                                                                                                              
     Refined metal                                                    1 497                       1 269                     776    
     In-process metal                                                 3 208                       3 882                   4 120    
     Total metal inventories                                         11 013                      10 385                  10 862    
     Stores and materials inventories                                   975                         762                     883    
                                                                     11 988                      11 147                  11 745    
     # Refer note 15 : During the current year, the fair value exposure on purchased metal and resultant stock has been 
       designated as a hedged item on adoption of IFRS 9 and is included in the calculation of the cost of inventories. 
       The fair value exposure relates to adjustments made to commodity prices and US$ exchange rates from the date of 
       delivery until the final pricing date as per the relevant contract. 

     The net realisable value (NRV) adjustment included in inventory  at the end of December 2018 comprised R39 million 
     (December 2017: R82 million) (June 2018: R250 million) for refined mined metal and R180 million (December 2017: 
     R1 124 million) (June 2018: R1 268 million) for in-process metal.

     Included in refined metal is ruthenium on lease to third parties of 45 000 (December 2017: 40 000) 
     (June 2018: 45 000) ounces.

     Purchased metal consists of IRS inventory. Inventory includes 50 000 ounces of platinum and 35 000 ounces of 
     palladium, which were forward sold and which will be delivered to the counterparty on 29 March, 30 April 
     and 31 May 2019.

     Change in engineering estimate
     Changes in engineering estimates of metal contained in-process resulted in a R389 million (December 2017: 
     R431 million) (June 2018: R435 million) (pre-tax) increase of in-process metal.

     Change in accounting estimate
     Due to the increase in the value of nickel, relative to total revenue for the Group, management has changed 
     the classification of nickel from a by-product to a main product with effect from 1 July 2018. In terms of 
     IFRS by-products, by nature, should be immaterial. Total by-product revenue, including nickel, would be in 
     excess of 10% of total revenue and therefore, should no longer be considered immaterial and a by-product.

     Following the reclassification of nickel as a main-product, the metal inventory cost allocation methodology 
     was re-assessed and amended to allocate production costs, net of by-product revenue, based on relative sales 
     value. In the previous years, production costs, net of by-product revenue was allocated on the basis of 
     ounces. However, given that nickel is measured in tonnes, a different basis of cost allocation was required.

     This change in cost allocation methodology resulted in an overall increase in inventory value of R272 million.

8.   Borrowings
                                                           Six months ended            Six months ended              Year ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Standard Bank Limited - BEE partners Marula                        887                         887                     887    
     Standard Bank Limited - Zimplats term loan                         898                       1 053                   1 167    
     Convertible bonds - ZAR (2018)                                       -                         308                       -    
     Convertible bonds - US$ (2018)                                       -                         364                       -    
     Convertible bonds - ZAR (2022)                                   2 697                       2 571                   2 631    
     Convertible bonds - US$ (2022)                                   3 062                       2 524                   2 858    
     Revolving credit facility                                            -                           -                   1 510    
     Finance leases                                                   1 274                       1 321                   1 299    
                                                                      8 818                       9 028                  10 352    
     Current                                                          1 313                       1 418                   2 427    
     Non-current                                                      7 505                       7 610                   7 925    
     Beginning of the period                                         10 352                       9 461                   9 461    
     Proceeds                                                             -                           -                   1 500    
     Interest accrued                                                   465                         455                     928    
     Interest repayments                                               (332)                       (334)                   (689)   
     Capital repayments                                              (1 855)                       (341)                   (999)   
     Exchange adjustment                                                188                        (213)                    151    
     End of the period                                                8 818                       9 028                  10 352    
     Committed facilities                                                       
     South African banks                                              4 000                       4 000                   4 000    
     Foreign banks                                                      489                         421                     466    
                                                                      4 489                       4 421                   4 466    
     All of the facilities remain undrawn. Of these facilities, R4.0 billion expires on 30 June 2021.

9.   Revenue
                                                           Six months ended            Six months ended              Year ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Disaggregation of of revenue by category                                                                                      
     Sales of goods                                                                                                                
     Precious metals                                                                                                               
     Platinum                                                         9 089                       8 221                  16 427    
     Palladium                                                        7 141                       4 619                   9 646    
     Rhodium                                                          3 525                       1 568                   3 763    
     Ruthenium                                                          501                         138                     477    
     Iridium                                                            667                         410                     798    
     Gold                                                               657                         576                   1 148    
     Silver                                                              15                          11                      22    
                                                                     21 595                      15 543                  32 281    
     Base metals                                                                                                                   
     Nickel                                                           1 128                         871                   1 863    
     Copper                                                             259                         268                     537    
     Cobalt                                                              50                          33                      86    
     Chrome                                                             253                         142                     369    
                                                                      1 690                       1 314                   2 855    
     Revenue from services                                                                                                         
     Toll refining                                                      236                         423                     718    
                                                                     23 521                      17 280                  35 854    
     Note 4 contains additional disclosure of revenue per operating segment

9.1  Adoption of IFRS 15 - Revenue from Contracts with Customers (Transition)
     This standard replaces IAS 18, Revenue.

     In accordance with the transition provisions in IFRS 15, the new rules were adopted retrospectively, to open, 
     unfulfilled customer contracts on 1 July 2017, and the effect of the adoption reflected in current year opening 
     retained earnings. The financial impact of the application of the revenue recognition adjustments to opening 
     retained earnings was Rnil.

     The Group's accounting policy has been revised to align with IFRS 15, and additional disclosures have been 
     introduced, particularly on the disaggregation of revenue as per this note.

9.2  Revenue (Accounting policy)
     Sales revenue
     The Group generates revenue from the mining, concentrating, refining and the sale of platinum group metals (PGMs) 
     and associated base metal. Revenue is measured based on the consideration specified in the customer contract.

     The Group recognises revenue on inventory sold to a customer on delivery to the contractually agreed upon 
     delivery point. This is the point at which the performance obligation is satisfied and a receivable is 
     recognised as the consideration is unconditional and only the passage of time is required before payment 
     is due. No element of financing is present due to the short term nature of Group contracts and credit 
     terms are consistent with market practice. The total sales consideration in the sales contract is allocated 
     to each product based on the contractually agreed-upon metal prices. Metal sales prices are determined based 
     on observable spot prices when revenue is recognised.      

     Toll income
     The Group derives toll income revenue from processing and refining of metal concentrate and matte. Income is 
     recognised when the refined metals have been produced, are contractually due to be returned to the customer and 
     have passed through the value creating stages of production. Total income is measured at the transaction price 
     agreed under the contract.

     Due to the nature of the Group's revenue streams and contractual terms with customers, no significant judgement 
     in respect of accounting for contracts with customers was necessary.

10.  Cost of sales
                                                                                       Six months ended              Year ended    
                                                           Six months ended            31 December 2017            30 June 2018    
                                                           31 December 2018                   (Restated               (Restated    
     (Rm)                                                         (Reviewed)                  reviewed)*               audited)*    
     Production costs                                                                                                              
     On-mine operations                                               8 850                       8 706                  16 392    
     Processing operations                                            2 766                       2 734                   5 340    
     Refining and selling                                               800                         741                   1 522    
     Depreciation of operating assets                                 1 800                       1 927                   3 838    
     Other costs                                                                                                                   
     Metals purchased                                                 5 399                       4 896                   9 651    
     Corporate costs                                                    433                         347                     710    
     Royalty expense*                                                   305                         179                     350    
     Change in metal inventories                                       (202)                     (2 900)                 (3 404)   
     Chrome operation - cost of sales                                    99                          64                     146    
     Other                                                               39                          30                     172    
                                                                     20 289                      16 724                  34 717    
     * Royalty expense, previously presented separately in the "Consolidated statement of profit or loss and other 
       comprehensive income" and the movement in the rehabilitation provision previously presented in "other operating 
       expenses" were reclassified to cost of of sales. These items have been reclassified due to their nature, which 
       is directly related to cost of production. Refer note 16.

11.  Cash generated from/(utilised by) operations
                                                           Six months ended            Six months ended              Year ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Profit/(loss) before tax                                         3 353                         193                 (13 042)   
     Adjustments for:                                                                                                              
     Depreciation                                                     1 800                       1 927                   3 838    
     Finance cost                                                       533                         535                   1 051    
     Impairment                                                           -                          30                  13 629    
     Other*                                                             (99)                       (272)                   (777)   
                                                                      5 587                       2 413                   4 699    
     Changes in working capital:                                                                                                   
     Inventory*                                                        (264)                     (2 958)                 (3 521)   
     Receivables/payables                                             1 380                         296                   1 186    
     Cash generated from/(utilised by) operations                     6 703                        (249)                  2 364    
     * Non-cash adjustments relating to inventory of R506 million (December 2017) and R726 million (June 2018), previously 
       included in "other", were moved to inventory.

12.  Headline earnings
     Headline earnings attributable to equity holders of the Company arises from operations as follows:
                                                           Six months ended            Six months ended            Period ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Profit/(loss) attributable to owners of the Company              2 306                        (163)                (10 679)   
     Remeasurement adjustments:                                                                                                    
     - Profit on disposal of property, plant and equipment              (49)                         (8)                      -    
     - Impairment                                                         -                          30                  13 629    
     - Gain on change in interest - Two Rivers                            -                           -                    (248)   
     - Insurance compensation                                           (60)                          -                       -    
     - Total non-controlling interest effects 
       of adjustments                                                     -                          (4)                   (159)   
     - Total tax effects of adjustments                                  31                          (5)                 (3 771)   
     Headline earnings                                                2 228                        (150)                 (1 228)   
     Adjusted for:                                                                                                                 
     Interest on potential dilutive ZAR convertible 
     bonds (after tax at 28%)                                           122                           -                       -    
     Headline earnings used in the calculation of 
     diluted earnings per share                                       2 350                        (150)                 (1 228)   
     Weighted average number of ordinary shares 
     in issue (million)                                              718.54                      718.54                  718.54    
     Dilutive potential ordinary shares relating to                    2.11                        2.76                    3.57    
     Long-term Incentive Plan                                                                                                      
     Dilutive potential ordinary shares relating to                   64.99                           -                       -    
     ZAR convertible bonds                                                                                                         
     Weighted average number of diluted 
     ordinary shares (million)                                       785.64                      721.30                  722.11    
     Headline earnings per share (cents)                                                                                           
     Basic                                                              310                         (21)                   (171)   
     Diluted                                                            299                         (21)                   (171)   

13.  Contingent liabilities and guarantees
     As at the end of December 2018, the Group had contingent liabilities in respect of guarantees. No material liabilities 
     are expected to arise from other matters in the ordinary course of business. Guarantees of R105 million (December 2017: 
     R114 million) (June 2018: R109 million) have been issued to Friedshelf by the Group. Guarantees of R1 477 million 
     (December 2017: R1 396 million) (June 2018: R1 477 million) have been issued by third parties and financial institutions 
     on behalf of the Group consisting mainly of guarantees to the Department of Mineral Resources in respect of future 
     environmental rehabilitation amounting to R1 355 million (December 2017: R1 277 million) (June 2018: R1 355 million).

     At 31 December 2018, the Group had certain unresolved tax matters. SARS has issued additional assessments relating to 
     the matters covering the 2013 year of assessment. The Group is in the process of preparing an objection to this assessment 
     after consultation with external tax and legal advisors. The Group believes that no provision is required at this stage.

14.  Related party transactions
     - The Group entered into PGM purchase transactions of R1 763 million (December 2017: R1 831 million) 
       (June 2018: R3 749 million) with Two Rivers, an associate company, resulting in a payable of R1 286 million 
       (December 2017: R1 041 million) (June 2018: R1 145 million). It received refining fees to the value of 
       R17 million (December 2017: R17 million) (June 2018: R33 million).
     - The Group previously entered into sale and leaseback transactions with Friedshelf, an associate company. At the end 
       of the period, R1 175 million (December 2017: R1 206 million) (June 2018: R1 192 million) was outstanding in 
       terms of the lease liability. During the period, interest of R61 million (December 2017: R63 million) 
       (June 2018: R125 million) was charged and a R78 million (December 2017: R72 million) (June 2018: R148 million) 
       repayment was made. The finance leases have an effective interest rate of 10.2%.
     - The Group entered into PGM purchase transactions of R 1 708 million (December 2017: R1 561 million) (June 2018: 
       R3 372 million) with Mimosa, a joint venture, resulting in a payable of R1 091 million (December 2017: R920 million) 
       (June 2018: R965 million). It also has advances receivable of R806 million (December 2017: R776 million) (June 2018: 
       R765 million) that yielded interest of R8 million (December 2017: R4 million) (June 2018: R11 million). The Group 
       received refining fees of R157 million (December 2017: R146 million) (June 2018: R285 million).     
     - Key management compensation (fixed and variable) was R47 million (December 2017: R31 million) (June 2018: R67 million).
     
15.  Financial instruments
                                                           Six months ended            Six months ended            Period ended    
                                                           31 December 2018            31 December 2017            30 June 2018    
     (Rm)                                                         (Reviewed)                  (Reviewed)               (Audited)   
     Financial assets - carrying amount                                                                                            
     Financial assets at amortised cost                               8 690                       6 478                   6 368    
     Trade and other receivables                                      2 172                       2 118                   2 506    
     Cash and cash equivalents                                        6 355                       4 208                   3 705    
     Other financial assets                                             163                         152                     157    
     Financial assets at fair value through                             213                           -                      21    
     profit or loss#2                                                                                                              
     Available-for-sale financial assets1                                 -                         192                     198    
     Financial assets at fair value through                             260                           -                       -    
     other comprehensive income1                                                                                                   
                                                                      9 163                       6 670                   6 587    
     Financial liabilities - carrying amount                                                                                       
     Financial liabilities at amortised cost                         12 546                      14 815                  16 967    
     Borrowings                                                       8 818                       9 028                  10 352    
     Other financial liabilities                                         44                          73                      69    
     Trade payables                                                   3 675                       5 703                   6 535    
     Other payables                                                       9                          11                      11    
     Financial liabilities at fair value through profit   
     and loss2                                                        3 813                         676                      50    
     Trade payables - metal purchases                                 3 507                           -                       -    
     Other financial liabilities                                        306                         676                      50    
                                                                     16 359                      15 491                  17 017    
     # Financial assets at fair value through profit or loss are included as other financial assets on the statement of
       financial position
     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 with the rand-dollar
       exchange rate of R14.38/US$ and metal prices being the the most significant. These instruments are valued on a
       discounted cash-flow basis.

     The carrying amounts of financial assets and liabilities approximate their fair values with the exception of the 
     US$ convertible bond (carrying amount R3 062 million) which has a fair value of approximately R2 714 million, and 
     the ZAR convertible bond (carrying amount R2 697 million) which has a fair value of approximately R2 407 million. 
     These fair values are categorised within Level 3 of the fair value hierarchy. A discounted cash-flow valuation 
     technique was used, using a 12% discount rate on the US$ Convertible bond and 16.4% discount rate on the 
     ZAR Convertible bond.

     Cash and cash equivalents include Zimbabwean bond notes of $88 million (R1 265 million). Bond notes were disclosed 
     as part of cash and cash equivalents since it conforms to this definition. At the reporting date bond notes were 
     pegged at a 1:1 value compared to the US$ and all of the bond notes will be utilised to settle current obligations 
     in the form of statutory payments, local taxes and other local creditors. Subsequent to the reporting period, the 
     central bank of Zimbabwe established an interbank foreign-exchange market in which the bond notes will be denominated 
     as electronic money known as RTGS dollars, and will be traded at a floating exchange rate.

15.1 Fair value hedge accounting
     Market risk
     The Group's activities expose it to a variety of financial risks, including foreign currency exposure, and commodity 
     price risk. The Group's overall risk management programme focuses on the unpredictability of financial markets and 
     seeks to minimise potentially adverse effects on the Group's financial performance. The Group, from time to time, 
     uses derivative financial instruments to hedge certain risk exposures.

     In the current year, management adopted a hedging strategy and accounting policy to manage the fair value risk 
     (commodity price and foreign currency exchange risk) to which purchased metal, the hedged instrument, is exposed. 
     The financial instrument used to hedge this risk is trade payables, related to metal purchases, measured at fair 
     value through profit or loss. The fair value movements on this financial liability have been designated to hedge 
     the price and foreign currency exchange risk on purchased metal inventory.

     To the extent that the hedging relationship is effective, that is, when the fair value gains and losses on both 
     the hedged item and hedged instrument are offset against each other, the gains and losses on trade payables 
     (R121 million loss) and purchased metal inventory (R121 million gain) respectively are recognised in profit 
     or loss in other income and expenses. Due to the high correlation between the fair value movements in trade 
     payables and inventory, no source of hedge ineffectiveness is expected  to affect this hedging relationship 
     during its term.

15.2 Adoption of IFRS 9 - Financial Instruments (Transition)
     This standard replaces IAS 39 - Financial Instruments. 

     The adoption of IFRS 9 Financial Instruments from 1 July 2018 resulted in changes in accounting policies and 
     resulted in an adjustment to opening "other reserves". The adjustment of R94 million is as result of the 
     valuation of the equity investment in Rand Mutual Assurance (RMA) which was previously measured at cost (Rnil) 
     in accordance with IAS 39 and has now been measured at fair value through other comprehensive income. The Group 
     has not restated comparatives on transition because the Group was not able to meet the requirement in the 
     standard to do so without the use of hindsight. IFRS 9 adoption has impacted both the classification and 
     impairment requirements of financial assets. The Group now classifies former loans and receivables and held-
     to-maturity financial assets as measured at amortised cost. Derivative financial instruments and availabe-for-
     sale financial assets have now been classified as measured at fair value through profit and loss (FVTPL) and 
     fair value through other comprehensive income (FVOCI) respectively.

     The following table indicates the reclassifications and adjustments recognised for each individual line item 
     as per the statement of financial position as at 1 July 2018:
                                                   IAS 39 classifications                    IFRS 9 classifications
                                                                                                       Fair                  
                                                                                                      value                  
                                                                                           Fair     through                  
                                             Balance                                      value       other                  
                                                  at           Re-                      through     compre-       Balance    
                                             30 June     classifi-      Amortised        profit     hensive     at 1 July    
                                                2018        cation           cost      and loss      income*         2018    
     Financial assets                                                                                                        
     Available-for-sale financial assets*        198          (198)             -             -         292           292    
     Other financial assets                      178          (178)           157            21           -           178    
     Derivative financial asset#                  21           (21)             -            21           -            21    
     Held-to-maturity financial asset@            73           (73)            73             -           -            73    
     Loans carried at amortised cost@             84           (84)            84             -           -            84    
     Trade and other receivables@              2 506        (2 506)         2 506             -           -         2 506    
     Cash and cash equivalents                 3 705        (3 705)         3 705             -           -         3 705    
     Total financial assets                    6 587        (6 587)         6 368            21         292         6 681    
     # Continues to be measured subsequently at fair value through profit or loss.
     @ Continues to be measured subsequently at amortised cost.
     * Includes R94 million investment in equity instrument (RMA) that was previously measured at Rnil

     The reclassification detailed in the table on the previous page was informed by the following Implats business 
     models and financial asset characteristics:
     Reclassify equity instruments previously classified as available-for-sale to FVOCI
     The Group elected to present changes in the fair value of all its equity investments previously classified as 
     available-for-sale in other comprehensive income. The cumulative fair value gains and losses on these instruments 
     were not reclassified and will continue to be recognised in "other reserves" in equity. These gains and losses on 
     these investments will not be reclassified to profit or loss upon derecognition.  

     Reclassification to amortised cost
     Held-to-maturity financial assets and loans and receivables (including cash and cash equivalents) carried at 
     amortised cost were reclassified to financial assets at amortised cost. The Group intends to hold the assets 
     to maturity, to collect contractual cash flows that consists solely of payments of principal and interest 
     on the outstanding amount.

     Impairment of financial assets
     The Group has five types of financial assets that are subject to IFRS 9's new expected credit loss model (ECL):
     - Trade receivables for sales of inventory and tolling refining services;
     - Other receivables, which consist mainly of employee receivables;
     - Interest-free housing loans to employees;
     - Debt investments carried at amortised cost, and
     - Cash and cash equivalents. 

     The Group was required to revise its impairment methodology under IFRS 9 for each of these classes of assets. 
     The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime 
     expected loss allowance for all trade receivables.
     
     The expected credit loss model was applied to the outstanding trade receivable balances at 1 July 2018 which 
     resulted in a negligible amount of impairment. All trade receivable balances have been recovered in full for 
     the past 5 years.
     
     The 12 month expected credit loss model has been applied to the following financial assets as credit risk is 
     considered to be low:
     - Housing loans
     - Employee receivables;
     - Debt instruments held at a financial institution.
     - Cash and cash equivalents.
     
     Employee housing loans consist of housing loans advanced to Implats employees in terms of Implats housing 
     scheme. These loans are secured by a second bond over residential properties. An impairment rate of 0.5% was 
     applied to housing loans. This impairment assumption is based on historical default rates on the overdue loans, 
     employees showing signs of financial distress and expected changes in macro economic circumstances that could
     affect employees.
     
     Employee receivables consist of short term advance. These receivables are generally recovered within 30 day 
     and due to their short term nature are consider to have a low credit risk.
     
     Debt investments at amortised cost are considered to have low credit risk and are mostly held with investment 
     grade entities and the loss assessments was therefore limited to 12 months expected losses.
     
     The Group's cash and cash equivalents are also subject to the impairment requirements of IFRS 9. The Group's 
     cash is held at investment grade financial institutions, which are considered to have a low credit risk and 
     the expected credit losses was immaterial.
     
     The outcome of the 12 month expected credit loss model assessments on the above financial assets was immaterial 
     at 1 July 2018, therefore no adjustment was made to opening retained earnings.

     At 31 December 2018 the expected credit loss was reassessed and no provisions were required.

     Financial liabilities
     All non-derivative financial liabilities will continue to be measured at amortised cost with the exception of
     metal purchase trade payables. On adoption of IFRS 9, the Group elected to classify and measure trade payables 
     relating to metal purchases at fair value through profit or loss. Derivative financial liabilities will also 
     continue to be measured at fair value through profit or loss.

15.3 Financial Instruments (Accounting policy)
     Financial assets and financial liabilities are recognised when a Group entity becomes a
     party to the contract. Financial assets and financial liabilities are initially measured at fair value. 
     Transaction costs directly attributable to the acquisition or issue of financial assets and financial
     liabilities other than financial assets and financial liabilities at fair value through profit or loss are 
     added to, or deducted from the fair value of the financial assets or financial liabilities, as appropriate, 
     on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and 
     financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

     15.3.1 Financial assets
     Classification
     The Group classifies its financial assets in the following categories on the basis of both the Group's business 
     model for managing the financial assets and the contractual cash flow characteristics of the financial assets:
     - financial assets at fair value through profit or loss,
     - financial assets at amortised cost and
     - financial assets at fair value through other comprehensive income.

     Purchases and sales of investments are recognised on the trade date, being the date on which the Group commits 
     to purchase or sell the asset. A financial asset is derecognised when the contractual rights to the cash flows 
     from the financial asset expire, or when the Group transfers the contractual rights to receive the cash flows 
     of the financial asset, or retains the contractual rights to receive the cash flows of the financial asset, but 
     assumes a contractual obligation to pay the cash flows to one or more recipients.
     
     15.3.1.1 Debt instruments
     Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and 
     the cash flow characteristics of the asset. There is currently only one measurement category to which the 
     Group classifies its debt instruments:
    
     Financial asset measured at amortised cost
     Assets that are held for collecting contractual cash flows where those cash flows are comprised solely of 
     payments of principal and interest are measured at amortised cost. Interest income from these financial 
     assets is included in finance income on the effective interest rate method. Any gain or loss arising on 
     derecognition is recognised directly in profit or loss and presented in other gains/(losses), together with 
     foreign exchange gains and losses. Impairment losses are presented separately in the statement of profit or 
     loss. These assets are included in current assets, except for those with maturities greater than 12 months 
     after the reporting date which are classified as non-current assets.    
    
     15.3.1.2 Equity instruments
     Implats subsequently measures all equity investments at fair value.
    
     Financial asset measured at fair value through other comprehensive income
     Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, 
     there is no subsequent reclassification of fair value gains and losses to profit or loss following the 
     derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss 
     as other income when the Group's right to receive payments is established.

     15.3.1.3 Other financial assets
     Financial assets measured at fair value through profit and loss
     Financial assets that are not measured at amortised cost or at fair value through other comprehensive income 
     are classified as measured at fair value through profit and loss. These include the cross-currency interest 
     rate swap (CCIRS).

     The cash flow received and paid in terms of the CCIRS interest rate swap is included in finance cost paid and 
     received in the statement of cash flows.

     15.3.2 Impairment of financial assets
     The expected credit losses associated with its debt instruments carried at amortised cost are assessed by the 
     Group on a forward looking basis. The impairment methodology applied is determined by whether there has been a 
     significant increase in credit risk.

     For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected 
     lifetime losses to be recognised from initial recognition of the receivables. Trade receivables are written off 
     when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of 
     recovery, among others, include the failure of a debtor to engage in a repayment agreement with the Group.

     The 12 month ECL model is applied to other receivables and financial assets at amortised cost. The expected 
     credit loss allowance recognised during the period is therefore limited to 12 months expected losses. These 
     instruments are considered to be low credit risk when they have a low risk of default and the issuer has a 
     strong capacity to meet its contractual cash flow obligations in the near term.

     When financial assets at amortised cost (other than trade receivables) have an increase in credit risk, the 
     lifetime ECL model, which is the result of all possible default events over the expected life of the financial 
     instrument, is used to impair the asset.

     The calculation of the loss allowances for financial assets are based on assumptions about risk of default 
     and expected loss rates. The Group applies judgement in making these assumptions and selecting the inputs to 
     the impairment calculation, based on the Group's historical information, existing market conditions and forward 
     looking estimates at the end of each reporting period.

     15.3.3 Financial liabilities
     All financial liabilities are subsequently measured at amortised cost, except for financial liabilities at fair 
     value through profit or loss. These liabilities, including derivatives that are liabilities, are subsequently 
     measured at fair value.

     The Group has also made an irrevocable election to measure trade payables relating to metal purchases at fair 
     value through profit or loss. Trade payables contracts host two embedded derivatives, namely fluctuations in 
     PGM prices, and foreign currency exchange rates. This financial liability is used as a hedging instrument in 
     the fair value hedge of a recognised asset, being purchased inventory.

     15.3.4 Financial instruments used for hedge accounting
     The Group uses the fair value movements in metal purchase trade payables measured at fair value through profit 
     or loss, to manage the exposure of purchased metal inventory to fluctuations in foreign currency exchange 
     rates and commodity prices.

     At inception of a qualifying hedging relationship, the Group documents the relationship between hedging 
     instrument, being trade payables, and inventory, the hedged item, as well as its risk management objective 
     and strategy for undertaking the hedging transaction. At hedge inception and on an on-going basis, the Group 
     assesses whether the instrument used in hedging transaction is expected to be, and has been, highly effective 
     in offsetting changes in the fair value of inventory. The fair value of the trade payable used for hedging 
     purposes is disclosed in this note.

     The method of recognising the resulting gain or loss arising on remeasurement of the financial instrument 
     used for hedging is dependent on the nature of the item being hedged, which is fair value movements on 
     inventory. The Group has designated trade payables measured at fair value through profit or loss as a fair 
     value hedge of inventory. Changes in the fair value of this financial liability that are effective to the 
     hedging relationship are recorded in the income statement in other income and expenses, along with changes 
     in the fair value of inventory that are attributable to the hedged risk.

     Hedge accounting is discontinued from the date when the qualifying criteria are no longer met. This is when 
     the commodity prices on the trade payables designated as the hedging instrument is reliably determined. 
     Subsequent gains and losses from foreign currency fluctuations will be recognised in other operating 
     income and expenses.

16.  Changes in classification in the statement of profit or loss
                                                     Six months ended                                 Year ended
                                                      31 December 2017                               30 June 2018
                                                         (Reviewed)                                   (Audited)
                                          Prior period                                 Prior period                                 
                                               classi-    Reclassi-    New classi-          classi-    Reclassi-    New classi-    
     (Rm)                                     fication     fication       fication         fication     fication       fication    
                                                                                                                                   
     Cost of sales                             (16 547)        (177)       (16 724)         (34 277)        (440)       (34 717)   
     Royalty expense*                             (179)         179              -             (350)         350              -    
     Other operating income*                        25          (25)             -              180         (180)             -    
     Other operating expenses*                    (343)         343              -             (944)         944              -    
     Other income                                  352           23            375            1 404          180          1 584    
     Other expense                                (468)        (343)          (811)            (300)        (854)        (1 154)   
     Total                                     (17 160)           -        (17 160)         (34 287)           -        (34 287)   
     * Royalty expense, other operating income and other operating expenses have been reallocated in the table above 
       to cost of sales, other income and other expense respectively.

     Both the royalty expense of R179 million (June 2018: R350 million), which was previously disclosed separately 
     in the "Consolidated statement of profit or loss and other comprehensive income" and the movement in the 
     rehabilitation provision, an income of R2 million (June 2018: R90 million expense), previously included in 
     other operating expenses was reclassified to cost of sales.

     These items were reclassified due to their nature, which is directly related to cost of production.

     The residual other operating income and expense items were not directly related to cost of production 
     and were therefore reclassified to other income and other expenses respectively.


Impala operations (ex-mine) key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Mining revenue                                        (Rm)           10 783             6 685             61.3    
Platinum                                                              4 548             3 382             34.5    
Palladium                                                             3 123             1 747             78.8    
Rhodium                                                               1 837               784            134.3    
Nickel                                                                  237               260             (8.8)    
Chrome                                                                  114                87             31.0    
Other                                                                   924               425            117.4    
Cost of sales                                                        (9 372)           (7 728)           (21.3)    
On-mine operations                                                   (6 438)           (6 105)            (5.5)    
Processing excluding smelter                                         (1 071)           (1 085)             1.3    
Smelting operations                                                    (476)             (472)            (0.8)    
Refining and selling operations                                        (391)             (338)           (15.7)    
Corporate costs                                                        (119)             (104)           (14.4)    
Share-based payments and other                                          (26)              (23)           (13.0)    
Royalty expense                                                        (107)              (80)           (33.8)    
Depreciation                                                         (1 194)           (1 380)            13.5    
Change in metal inventories                                             450             1 859            (75.8)    
Mining gross profit                                                   1 411            (1 043)           235.3    
Gross margin ex-mine                                   (%)             13.1             (15.6)           184.0    
EBITDA                                                (Rm)            2 802               229          1 123.6    
Sales volumes ex-mine                                                                                             
Platinum                                           (000oz)            387.0             266.2             45.4    
Palladium                                                             212.3             145.6             45.8    
Rhodium                                                                54.2              50.5              7.3    
Nickel                                                 (t)            1 251             1 879            (33.4)    
Sales volumes metals purchased - IRS                                                                              
Platinum                                           (000oz)            386.4             382.6              1.0    
Palladium                                                             273.2             265.6              2.9    
Rhodium                                                                49.9              49.7              0.4    
Nickel                                            (tonnes)            4 679             4 651              0.6    
Prices achieved ex-mine                                                                                           
Platinum                                          (US$/oz)              829               940            (11.8)    
Palladium                                         (US$/oz)            1 035               896             15.5    
Rhodium                                                               2 395             1 147            108.8    
Nickel                                             (US$/t)           13 393            10 308             29.9    
Exchange rate achieved ex-mine                     (R/US$)            14.19             13.46              5.4    

Production ex-mine                                                                                                
Tonnes milled                                       (000t)            5 969             5 671              5.3    
UG2 milled                                             (%)             57.1              58.2             (1.9)    
Development metres (total)                        (metres)           43 924            50 681            (13.3)    
Headgrade (5PGE+Au)                                  (g/t)             3.98              4.05             (1.5)    
Platinum refined                                   (000oz)            405.0             271.9             49.0    
Platinum stock adjusted                                               361.2             347.0              4.1    
Palladium refined                                                     181.1             159.8             13.3    
Rhodium refined                                                        44.2              43.0              2.8    
Nickel refined                                         (t)            1 376             2 313            (40.5)    
PGM refined production                             (000oz)            743.5             539.8             37.7    
Total cost                                            (Rm)            8 495             8 104             (4.8)    
                                                    (US$m)              599               605              1.0    
Per tonne milled                                     (R/t)            1 423             1 429              0.4    
                                                   (US$/t)              100               107              6.5    
Per PGM ounce refined                               (R/oz)           11 426            15 013             23.9    
                                                  (US$/oz)              806             1 121             28.1    
Per platinum ounce refined                          (R/oz)           20 975            29 805             29.6    
                                                  (US$/oz)            1 479             2 225             33.5    
Per platinum ounce stock adjusted                   (R/oz)           23 519            23 354             (0.7)    
                                                  (US$/oz)            1 659             1 743              4.8    
Net of revenue received for other metals            (R/oz)            5 580            17 657             68.4    
                                                  (US$/oz)              393             1 318             70.2    
Capital expenditure                                   (Rm)            1 017             1 442             29.5    
                                                    (US$m)               72               108             33.3    
Stay-in-business capital                              (Rm)              780             1 052             25.9    
Replacement capital                                   (Rm)              237               390             39.2    
All-in sustaining cost                                (Rm)            2 142             3 263             34.4    
                                                    (US$m)              151               244             38.1    
Per platinum ounce sold                             (R/oz)            5 535            12 258             54.8    
                                                  (US$/oz)              390               915             57.4    
Labour including capital at period end                (no)           39 009            41 914              6.9    
Own employees                                                        28 159            31 021              9.2    
Contractors                                                          10 850            10 893              0.4    
Centares per panel man per month                  (m2/man)             21.8              22.0             (0.9)    
Tonnes milled per employee costed***         (t/man/annum)              307               275             11.6    
*** Average working cost employees


Marula key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Revenue                                               (Rm)            1 511             1 242             21.7    
Platinum                                                                451               470             (4.0)    
Palladium                                                               591               530             11.5    
Rhodium                                                                 286               172             66.3    
Nickel                                                                   18                15             20.0    
Other                                                                   165                55            200.0    
Cost of sales                                                        (1 322)           (1 210)            (9.3)    
On-mine operations                                                   (1 016)             (956)            (6.3)    
Processing operations                                                  (136)             (122)           (11.5)    
Share-based payments and other                                            1                (2)           150.0    
Royalty expense                                                         (57)              (36)           (58.3)    
Treatment charges                                                        (2)               (2)               -    
Depreciation                                                           (112)              (92)           (21.7)    
Gross profit                                                            189                32            490.6    
Intercompany adjustment*                                               (164)                -                -    
Gross margin                                           (%)             12.5               2.6            380.8    
EBITDA                                                (Rm)              292                71            311.3    
Sales volumes in concentrate                                                                                      
Platinum                                           (000oz)             45.1              43.7              3.2    
Palladium                                                              46.0              44.9              2.4    
Rhodium                                                                 9.5               9.1              4.4    
Nickel                                                 (t)              140               130              7.7    
Prices achieved in concentrate                                                                                    
Platinum                                          (US$/oz)              705               799            (11.8)    
Palladium                                                               900               861              4.5    
Rhodium                                                               2 054             1 363             50.7    
Nickel                                             (US$/t)            8 984             8 587              4.6    
Exchange rate achieved                             (R/US$)            14.32             13.62              5.1    
* The adjustment relates to sales by Marula to the Implats Group which were still in the pipeline at period end

Production
Tonnes milled                                       (000t)              955               941              1.5    
Headgrade (5PGE+Au)                                  (g/t)             4.37              4.36              0.3    
Platinum in concentrate                            (000oz)             44.9              43.2              3.9    
Palladium in concentrate                                               45.8              44.4              3.2    
Rhodium in concentrate                                                  9.5               9.0              5.6    
Nickel in concentrate                                  (t)              139               129              7.8    
PGM in concentrate                                 (000oz)            117.8             113.3              4.0    
Total cost                                            (Rm)            1 152             1 078             (6.9)    
                                                    (US$m)               81                80             (1.3)    
Per tonne milled                                     (R/t)            1 206             1 146             (5.2)    
                                                   (US$/t)               85                86              1.2    
Per PGM ounce in concentrate                        (R/oz)            9 779             9 515             (2.8)    
                                                  (US$/oz)              690               710              2.8    
Per platinum ounce in concentrate                   (R/oz)           25 657            24 954             (2.8)    
                                                  (US$/oz)            1 809             1 862              2.8    
Net of revenue received for other metals            (R/oz)            2 049             7 083             71.1    
                                                  (US$/oz)              144               529             72.8    
Capital expenditure                                   (Rm)               33                29             13.8    
                                                    (US$m)                2                 2                -    
Stay-in-business capital                              (Rm)               31                26             19.2    
Replacement capital                                   (Rm)                2                 3             33.3    
All-in sustaining cost                                (Rm)              265               365             27.4    
                                                    (US$m)               19                27             29.6    
Per platinum ounce sold                             (R/oz)            5 876             8 352             29.6    
                                                  (US$/oz)              414               623             33.5    
Labour including capital at period end                (no)            4 076             3 998             (1.9)    
Own employees                                                         3 254             3 280              0.8    
Contractors                                                             822               718            (14.5)    
Centares per panel man per month                  (m2/man)             24.1              23.4              3.0    
Tonnes milled per employee costed***          t/man/annum)              477               485             (1.5)    
*** Average working cost employees

 
Zimplats key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Revenue                                               (Rm)            4 139             3 834              8.0    
Platinum                                                              1 383             1 499             (7.7)    
Palladium                                                             1 438             1 379              4.3    
Rhodium                                                                 353               231             52.8    
Nickel                                                                  354               319             11.0    
Other                                                                   611               406             50.5    
Cost of sales                                                        (2 757)           (2 934)             6.0    
On-mine operations                                                   (1 396)           (1 482)             5.8    
Processing excluding smelter                                           (675)             (636)            (6.1)    
Smelting operations                                                    (159)             (130)           (22.3)    
Corporate costs                                                        (252)             (190)           (32.6)   
Share-based payments and other                                          (14)               (7)          (100.0)   
Export incentive                                                        417                 -                -    
Royalty expense                                                        (140)              (62)          (125.8)   
Treatment charges                                                         -               (31)           100.0    
Depreciation                                                           (491)             (451)            (8.9)    
Change in inventories                                                   (47)               55           (185.5)    
Gross profit/(loss)                                                   1 382               900             53.6    
Intercompany adjustment*                                               (317)             (327)             3.1    
Gross margin                                           (%)             33.4              23.5             42.1    
EBITDA                                                (Rm)            1 905             1 303             46.2    
Sales volumes in matte                                                                                            
Platinum                                           (000oz)            133.5             132.8              0.5    
Palladium                                                             110.5             110.5                -    
Rhodium                                                                11.8              11.5              2.6    
Nickel                                                 (t)            2 594             2 533              2.4    
Prices achieved in matte                                                                                          
Platinum                                          (US$/oz)              731               842            (13.2)   
Palladium                                                               918               931             (1.4)   
Rhodium                                                               2 102             1 495             40.6    
Nickel                                             (US$/t)            9 615             9 405              2.2    
Exchange rate achieved                             (R/US$)            14.18             13.40              5.8    
* The adjustment relates to sales by Zimplats to the Implats Group which were still in the pipeline at period end
   
Production
Tonnes milled                                       (000t)            3 312             3 333             (0.6)   
Headgrade (5PGE+Au)                                  (g/t)             3.48              3.49             (0.2)   
Platinum in matte                                  (000oz)            135.4             136.2             (0.6)   
Palladium in matte                                                    110.6             112.8             (2.0)   
Rhodium in matte                                                       12.1              11.8              2.5    
Nickel in matte                                        (t)            2 636             2 172             21.4    
PGM in matte                                       (000oz)            289.0             290.2             (0.4)   
Total cost                                            (Rm)            2 482             2 438             (1.8)    
                                                   (US$/t)              175               182              3.8    
Per tonne milled                                     (R/t)              749               731             (2.5)    
                                                   (US$/t)               53                55              3.6    
Per PGM ounce in matte                              (R/oz)            8 588             8 401             (2.2)    
                                                  (US$/oz)              606               627              3.3    
Per platinum ounce in matte                         (R/oz)           18 331            17 900             (2.4)    
                                                  (US$/oz)            1 293             1 336              3.2    
Net of revenue received for other metals            (R/oz)           (2 024)              756            367.7    
                                                  (US$/oz)             (143)               56            353.0    
Capital expenditure                                   (Rm)              657               432             52.1    
                                                    (US$m)               46                32             43.8    
Stay-in-business capital                              (Rm)              467               325             43.7    
                                                    (US$m)               33                24             37.5    
Replacement capital                                   (Rm)              183                99             84.8    
                                                    (US$m)               13                 7             85.7    
Expansion capital                                     (Rm)                7                10             30.0    
                                                    (US$m)                -                 1            100.0    
All-in sustaining cost                                (Rm)              159               472             66.3    
                                                    (US$m)               11                35             68.6    
Per platinum ounce sold                             (R/oz)            1 191             3 554             66.5    
                                                  (US$/oz)               84               265             68.3    
Labour including capital at period end                (no)            6 184             5 997             (3.1)    
Own employees                                                         3 316             3 159             (5.0)    
Contractors                                                           2 868             2 838             (1.1)    
Tonnes milled per employee costed***         (t/man/annum)            1 243             1 243                -    
*** Average working cost employees


Mimosa key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Revenue                                               (Rm)            2 036             1 905              6.9    
Platinum                                                                650               731            (11.1)    
Palladium                                                               683               568             20.2    
Rhodium                                                                 166                74            124.3    
Nickel                                                                  271               258              5.0    
Other                                                                   266               274             (2.9)    
Cost of sales                                                        (1 742)           (1 646)            (5.8)    
On-mine operations                                                     (939)             (869)            (8.1)    
Processing operations                                                  (346)             (292)           (18.5)    
Corporate costs                                                         (99)              (87)           (13.8)    
Export incentive                                                         45                 -                -    
Royalty expense                                                         (57)              (53)            (7.5)    
Treatment charges                                                      (155)             (143)            (8.4)    
Depreciation                                                           (234)             (233)            (0.4)    
Change in inventories                                                    43                31             38.7    
Gross profit                                                            294               259             13.5    
Gross margin                                           (%)             14.4              13.6              5.9    
Profit for the six months                             (Rm)              222               156             42.3    
50% Attributable to Implats                                             111                78             42.3    
Intercompany adjustment*                                                (62)              (11)          (463.6)    
Share of profit in Implats Group                                         49                67            (26.9)    
Sales volumes in concentrate                                                                                      
Platinum                                           (000oz)             56.2              57.4             (2.1)    
Palladium                                                              44.8              45.7             (2.0)    
Rhodium                                                                 4.5               4.7             (4.3)    
Nickel                                                 (t)            1 603             1 674             (4.2)    
Prices achieved in concentrate                                                                                     
Platinum                                          (US$/oz)              816               949            (14.0)    
Palladium                                                             1 074               929             15.6    
Rhodium                                                               2 577             1 160            122.2    
Nickel                                             (US$/t)           11 917            11 489              3.7    
Exchange rate achieved                             (R/US$)            14.18             13.40              5.8    
* The adjustment relates to sales by Mimosa to the Implats Group which were still in the pipeline at period end

Production                                                                                                        
Tonnes milled                                       (000t)            1 408             1 407              0.1    
Headgrade (5PGE+Au)                                  (g/t)             3.83              3.85             (0.5)    
Platinum in concentrate                            (000oz)             61.7              63.0             (2.1)    
Palladium in concentrate                                               49.0              49.7             (1.4)    
Rhodium in concentrate                                                  5.4               5.5             (1.8)    
Nickel in concentrate                                  (t)            1 791             1 835             (2.4)    
PGM in concentrate                                 (000oz)            131.8             133.7             (1.4)    
Total cost                                            (Rm)            1 384             1 248            (10.9)    
                                                   (US$/t)               98                93             (4.8)    
Per tonne milled                                     (R/t)              983               887            (10.8)    
                                                   (US$/t)             69.3              66.2             (4.7)    
Per PGM ounce in concentrate                        (R/oz)           10 501             9 334            (12.5)    
                                                  (US$/oz)              741               697             (6.3)    
Per platinum ounce in concentrate                   (R/oz)           22 431            19 810            (13.2)    
                                                  (US$/oz)            1 582             1 479             (7.0)    
Net of revenue received for other metals            (R/oz)              (32)            1 175            102.7    
                                                  (US$/oz)               (2)               88            102.6    
Capital expenditure                                   (Rm)              349               263             32.7    
                                                    (US$m)               25                20             25.0    
All-in sustaining cost                                (Rm)              471               502              6.2    
                                                    (US$m)               33                38             11.5    
Per platinum ounce sold                             (R/oz)            8 384             8 734              4.0    
                                                  (US$/oz)              591               652              9.3    
Labour including capital                              (no)            2 310             2 323              0.6    
Own employees                                                         1 349             1 354              0.4    
Contractors                                                             961               969              0.8    


Two Rivers key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Revenue                                               (Rm)            1 928             1 911              0.9    
Platinum                                                                739               864            (14.5)    
Palladium                                                               631               565             11.7    
Rhodium                                                                 418               264             58.3    
Nickel                                                                   40                41             (2.4)    
Other                                                                   100               177            (43.5)    
Cost of sales                                                        (1 450)           (1 432)            (1.3)    
On-mine operations                                                   (1 035)           (1 016)            (1.9)    
Processing operations                                                  (209)             (209)               -    
Royalty expense                                                         (54)              (46)           (17.4)    
Treatment charges                                                       (16)              (16)               -    
Chrome costs                                                            (26)              (26)               -    
Depreciation                                                           (168)             (156)            (7.7)    
Change in inventory                                                      58                37             56.8    
Gross profit                                                            478               479             (0.2)    
Gross margin                                           (%)             24.8              25.1             (1.2)    
Profit for the six months                             (Rm)              334               336             (0.6)    
Attributable to Implats                                                 154               155             (0.6)    
Intercompany adjustment*                                                (16)              (36)            55.6    
Share of profit in Implats Group                                        138               119             16.0    
Sales volumes in concentrate                                                                                      
Platinum                                           (000oz)             75.7              82.2             (7.9)    
Palladium                                                              44.2              48.6             (9.0)    
Rhodium                                                                13.4              14.4             (7.0)    
Nickel                                                 (t)            278.0             294.4             (5.6)    
Prices achieved in concentrate                                                                                     
Platinum                                          (US$/oz)              688               784            (12.2)    
Palladium                                                             1 006               868             15.9    
Rhodium                                                               2 207             1 369             61.2    
Nickel                                             (US$/t)           10 036            10 456             (4.0)    
Exchange rate achieved                           (R/USUS$)            14.19             13.41              5.8    
* The adjustment relates to sales from Two Rivers to the Implats Group which at year end was still in the pipeline

Note: These results have been equity accounted

Production                                                                                            
Tonnes milled ex-mine                               (000t)            1 667             1 713             (2.7)    
Headgrade (5PGE+Au)                                  (g/t)             3.53              3.70             (4.6)    
Platinum in concentrate                            (000oz)             75.6              83.4             (9.4)    
Palladium in concentrate                                               43.7              49.6            (11.9)    
Rhodium in concentrate                                                 13.3              14.7             (9.5)    
Nickel in concentrate                                  (t)              296               313             (5.4)    
PGM in concentrate                                 (000oz)            161.0             178.7             (9.9)    
Total cost (excluding chrome)                         (Rm)            1 244             1 225             (1.6)   
                                                   (US$/t)               88                91              3.3     
Per tonne milled                                     (R/t)              746               715             (4.3)   
                                                   (US$/t)               53                53                -     
Per PGM ounce in concentrate                        (R/oz)            7 727             6 855            (12.7)    
                                                  (US$/oz)              545               512             (6.4)    
Per platinum ounce in concentrate                   (R/oz)           16 455            14 688            (12.0)    
                                                  (US$/oz)            1 160             1 096             (5.8)   
Net of revenue received for other metals            (R/oz)            1 071             2 446             56.2    
                                                  (US$/oz)               76               183             58.6 
Capital expenditure                                   (Rm)              247               226              9.3    
                                                    (US$m)               17                17                -    
All-in sustaining cost                                (Rm)              341               455             25.1    
                                                    (US$m)               24                34             29.4    
Per platinum ounce sold                             (R/oz)            4 498             5 536             18.8    
                                                  (US$/oz)              317               413             23.2    
Labour including capital                              (no)            3 110             3 147              1.2    
Own employees                                                         2 315             2 405              3.7    
Contractors                                                             795               742             (7.1)    


IRS key statistics
                                                                   December          December         Variance    
                                                                       2018              2017                %    
Revenue                                               (Rm)           12 601            10 657             18.2    
Platinum                                                              4 541             4 781             (5.0)    
Palladium                                                             4 018             3 221             24.7    
Rhodium                                                               1 688               727            132.2    
Nickel                                                                  891               666             33.8    
Other                                                                 1 463             1 262             15.9    
Cost of sales                                                       (11 773)           (9 810)           (20.0)    
Metals purchased                                                    (11 078)           (9 840)           (12.6)    
Smelting operations                                                    (249)             (289)            13.8    
Refining and selling operations                                        (409)             (403)            (1.5)    
Corporate costs                                                         (62)              (53)           (17.0)    
Change in metal inventories                                              25               775            (96.8)    
Gross profit IRS                                                        828               847             (2.2)    
Metals purchased - adjustment on             
metal prices and exchange                                               583              (132)           541.7    
Inventory - adjustment on metal              
prices and exchange                                                      24               222            (89.2)    
Gross profit in Implats Group                                         1 435               937             53.1    
Gross margin                                           (%)              6.6               7.9            (16.5)    
EBITDA                                                (Rm)            1 327             1 020             30.1    
Revenue                                               (Rm)           12 601            10 657             18.2    
Direct sales to customers                                               468                17          2 652.9    
Sales to Impala                                                      11 895            10 184             16.8    
Toll income - external                                                  236               423            (44.2)    
Toll income - intercompany                                                2                33            (93.9)    
                                             
Total sales volumes                                                                                               
Platinum                                           (000oz)            386.4             382.6              1.0    
Palladium                                                             273.2             265.6              2.9    
Rhodium                                                                49.9              49.7              0.4    
Nickel                                                 (t)            4 876             4 771              2.2    
Prices achieved                                                                                                   
Platinum                                          (US$/oz)              829               938            (11.6)    
Palladium                                                             1 035               910             13.8    
Rhodium                                                               2 395             1 091            119.6    
Nickel                                             (US$/t)           13 393            10 463             28.0    
Exchange rate achieved                             (R/US$)            14.18             13.33              6.4    
Refined production                                                                                                
Platinum                                           (000oz)            394.8             454.8            (13.2)    
Palladium                                                             283.0             246.1             15.0    
Rhodium                                                                61.9              55.8             10.9    
Nickel                                                 (t)            6 699             5 594             19.8    
PGM refined production                             (000oz)            845.5             893.8             (5.4)    
Metal returned                                                                                                    
Platinum                                           (000oz)              0.7             115.7            (99.4)    
Palladium                                                               1.6              55.0            (97.1)    
Rhodium                                                                   -              19.4           (100.0)    
Nickel                                                 (t)            1 749             1 765             (0.9)    


Corporate information

Registered office
2 Fricker Road
Illovo, 2196
Private Bag X18
Northlands, 2116
Telephone: +27 (11) 731 9000
Telefax: +27 (11) 731 9254
Email: investor@implats.co.za
Registration number: 1957/001979/06
Share codes: 
JSE: IMP 
ADRs: IMPUY
ISIN: ZAE000083648
ISIN: ZAE000247458

Impala Platinum Limited and
Impala Refining Services
Head office
2 Fricker Road
Illovo, 2196
Private Bag X18
Northlands, 2116
Telephone: +27 (11) 731 9000
Telefax: +27 (11) 731 9254

Impala Platinum (Rustenburg)
PO Box 5683
Rustenburg, 0300
Telephone: +27 (14) 569 0000
Telefax: +27 (14) 569 6548

Marula Platinum
2 Fricker Road
Illovo, 2196
Private Bag X18
Northlands, 2116
Telephone: +27 (11) 731 9000
Telefax: +27 (11) 731 9254

Zimplats
1st Floor 
South Block Borrowdale Office Park 
Borrowdale Road 
Harare, Zimbabwe
PO Box 6380
Harare
Zimbabwe
Telephone: +263 (242) 886 878/85/87
Fax: +262 (242) 886 876/7
Email: info@zimplats.com

Sponsor
Nedbank Corporate and Investment Banking

Directors
MSV Gantsho (chairman), NJ Muller (chief executive officer), M Kerber (chief financial officer),
PW Davey*, D Earp, AS Macfarlane*, FS Mufamadi, B Ngonyama, MEK Nkeli, LN Samuel,
P Speckmann, ZB Swanepoel, U Lucht
*British

Impala Platinum Japan Limited
Uchisaiwaicho Daibiru, room number 702
3-3 Uchisaiwaicho
1-Chome, Chiyoda-ku
Tokyo
Japan
Telephone: +81 (3) 3504 0712
Telefax: +81 (3) 3508 9199

Company Secretary
Tebogo Llale
Email: tebogo.llale@implats.co.za

United Kingdom secretaries 
St James's Corporate Services Limited 
Suite 31, Second Floor
107 Cheapside
London 
EC2V 6DN 
United Kingdom
Telephone: +44 (020) 7796 8644
Telefax: +44 (020) 7796 8645
Email: phil.dexter@corpserv.co.uk

Public Officer
Ben Jager
Email: ben.jager@implats.co.za

Transfer secretaries
South Africa
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue, Rosebank
PO Box 61051, Marshalltown, 2107
Telephone: +27 (11) 370 5000
Telefax: +27 (11) 688 5200

United Kingdom
Computershare Investor Services plc
The Pavilions 
Bridgwater Road 
Bristol
BS13 8AE

Auditors
PricewaterhouseCoopers Inc.
4 Lisbon Lane
Waterfall City
Jukskei View
Johannesburg
2090

Corporate relations
Johan Theron
Investor queries may be directed to:
Email: investor@implats.co.za

www.implats.co.za

28 February 2019

Date: 28/02/2019 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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