Integrated Annual Report 2014
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Integrated Annual Report 2014
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Integrated Annual Report 2014
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The report seeks to provide a concise and balanced account of performance over the reporting period This integrated annual report, compiled for Impala Platinum Holdings Limited (Implats) and its subsidiaries, provides information relating to governance practices and performance for the financial year 1 July 2013 to 30 June 2014. In addition, information regarding strategy and prospects is provided. The integrated annual report is the responsibility of the Company's directors.
This is Implats' fifth integrated annual report. It has been produced in line with the recommendations of the South African Code of Corporate Practice and Conduct (King III), and draws on the guidance provided in the Discussion Paper, Towards Integrated Reporting, issued by the International Integrated Reporting Council (IIRC).
This year's report includes a review of our contribution to sustainability imperatives in terms of:
The details of which can be found here.
The report seeks to provide a concise and balanced account of performance over the reporting period, and of the approach taken to address those social, economic, environmental and governance issues and risks that have a material impact on the long-term success of the business and that are important to key stakeholders. The process for identifying the issues that we regard as being most material to Implats in 2014 is described here.
While the report is targeted at existing and prospective stakeholders who wish to make an informed assessment of the Group's ability to create and sustain value, it focuses primarily on meeting the needs of shareholders, analysts and investors. Additional information is provided in separately available annual financial statements, mineral resource and mineral reserve statement, and sustainable development report. This report contains abridged financial information which was compiled in accordance with the JSE Limited's requirements for summary financial statements and the requirements of the Act as applicable to summary financial statements.
In this report production is reported in terms of platinum and platinum group metals (PGMs), which include platinum, palladium, rhodium, ruthenium and iridium as well as gold; when included these are referred to as 6E. Both historical and forward looking data is provided. Unless otherwise stated, information in this report is primarily for the year ended 30 June 2014, except for that relating to physical metals markets, which is provided by calendar year.
There has been no significant change to the organisational structure during the year.
The audited June 2013 and June 2012 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, which has become effective. These standards require that the investment in Guardrisk (previously consolidated) be accounted for as available-for-sale assets and Mimosa (previously proportionately consolidated), be equity accounted. Non-financial information has been adjusted accordingly.
Data restatement has been indicated. Certain statistical information is provided for comparative purposes for up to five years (financial years 2010 to 2014). Information in the report covers all subsidiary, joint venture and investment companies over which the Group has direct control and for which it sets and implements policy and standards. For sustainability elements, information relating to managed operations is disclosed, while that for joint ventures and associates is excluded. Where information is attributable to Implats it is highlighted. In all cases, US$ or dollar refers to the US dollar.
The board acknowledges its responsibility for the integrity of this report. The directors confirm they have collectively assessed the content and believe it addresses the material sustainability topics and is a fair representation of the integrated performance of the Group. The audit committee, which has oversight responsibility for the integrated annual report, recommended the report for approval by the board of directors. The board has therefore approved the 2014 integrated annual report for release to stakeholders.
This integrated annual report contains certain forward looking statements with respect to the financial condition, results, operations and businesses of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.