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Key features for the 12 months

Implats is a leading producer of platinum group metals (PGMs) structured around six mining operations and a toll refining business, Impala Refining Services.

Our mining operations span the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe and the Canadian Shield. The metals we produce are the key to making many industrial, medical and electronic items – and they contribute to a cleaner, greener world.

Safety and sustainability

  • Regrettably, five fatal incidents resulted in seven fatal injuries at managed operations
  • 14% improvement in LTIFR* to 4.21
  • R4.3bn allocated over next five years to energy security and decarbonisation
  • No major environmental incidents, with a 43% reduction in limited-impact incidents (level 3) to four
  • MSCI ESG rating upgraded to 'A' from 'BBB'
  • Included in the S&P Global Sustainability Yearbook 2022 – and the only company, globally, awarded the Metals and Mining Industry Mover Award

Operational

  • 4% decrease in managed 6E concentrate production to 2.27Moz
  • 2% decrease in JV operations' 6E concentrate production to 548koz
  • 2% decrease in third-party 6E receipts to 351koz
  • 6% decrease in refined 6E production to 3.09Moz
  • 4% decrease in 6E sales volumes of 3.15Moz
  • Group 6E unit costs rose 17% to R17 364/oz (stock-adjusted)
  • Consolidated Group capital expenditure of R9.1bn
  • 4% increase in 6E Group Mineral Reserves to 55.7Moz

* Per million man-hours worked.

Financial

  • Gross profit of R41.3bn and gross margin of 35%
  • EBITDA of R53.4bn and EBITDA margin of 45%
  • Headline earnings of R32.0bn or 3 853c per share
  • Free cash flow of R28.8bn
  • R26.5bn cash, net of debt (excluding leases)
  • 48% of free cash flow allocated to shareholder returns
  • Final dividend of 1 050c per share, bringing total FY2022 dividend to 1 575c per share

Market

  • 6E dollar basket pricing down 4% to US$2 481/oz
  • Rand revenue per 6E ounce sold decreased by 4% to R37 703/oz sold
  • Tightening markets for Pd and Rh in 2022, with fundamental surplus expected in Pt
  • Auto production recovery and investment in industrial capacity counter uncertain macro-economic outlook

Operating statistics

    FY2022   FY2021 Variance
%
Gross refined production          
6E  (000oz) 3 086.6   3 270.6 (5.6)
Platinum (000oz) 1 426.1   1 516.6 (6.0)
Palladium (000oz) 1 071.4   1 121.4 (4.5)
Rhodium (000oz) 180.7   193.4 (6.6)
Nickel  (tonnes) 16 520   15 443 7.0
IRS metal returned (toll-refined)          
6E  (000oz) 0.8   1.6 (50.0)
Platinum (000oz) 0.0   0.1 (100.0)
Palladium (000oz) 0.8   1.5 (46.7)
Rhodium (000oz) –   –  
Nickel  (tonnes) 3 678   3 984 (7.7)
Sales volumes          
6E  (000oz) 3 146.8   3 274.4 (3.9)
Platinum (000oz) 1 492.6   1 396.5 6.9
Palladium (000oz) 1 087.6   1 092.8 (0.5)
Rhodium (000oz) 177.3   200.2 (11.4)
Nickel  (tonnes) 13 094   13 111 (0.1)
Prices achieved          
Platinum (US$/oz) 1 008   1 043 (3.4)
Palladium  (US$/oz) 2 211   2 419 (8.6)
Rhodium (US$/oz) 16 544   17 610 (6.1)
Nickel (US$/t) 21 150   15 621 35.4
Consolidated statistics          
Average rate achieved (R/US$) 15.22   15.26 (0.3)
Closing rate for the period (R/US$) 16.27   14.32 13.6
Revenue per 6E ounce sold  (US$/oz) 2 481   2 587 (4.1)
Revenue per 6E ounce sold (R/oz) 37 703   39 478 (4.5)
Tonnes milled ex-mine* (000t) 22 363   23 210 (3.6)
6E in concentrate production  (000oz) 3 170.6   3 291.9 (3.7)
Group unit cost per 6E ounce stock-adjusted  (R/oz) 17 364   14 840 (17.0)
Group unit cost per 6E ounce stock-adjusted (US$/oz) 1 141   964 (18.4)
Capital expenditure  (Rm) 9 081   6 437 (41.1)
   Stay-in-business capital (Rm) 6 318   4 864 (29.9)
   Replacement capital  (Rm) 1 413   1 288 (9.7)
   Expansion capital  (Rm) 1 350   284 (375.4)
Financial performance          
Revenue  (Rm) 118 332   129 575 (8.7)
Gross profit (Rm) 41 285   53 455 (22.8)
EBITDA**  (Rm) 53 375   61 442 (13.1)
Profit for the year (Rm) 33 139   47 855 (30.8)
Basic earnings  (Rm) 32 049   47 032 (31.9)
Headline earnings  (Rm) 32 028   36 359 (11.9)
Free cash flow** (Rm) 28 840   38 304 (24.7)
Net cash (excluding leases) (Rm) 26 505   23 473 12.9
Basic earnings per share (cps) 3 856   5 996 (35.7)
Headline earnings per share (cps) 3 853   4 635 (16.9)
Dividends per share (cps) 1 575   2 200 (28.4)

*   Managed operations.
** Non-International Financial Reporting Standards metric.

Additional statistical information is available on the company's website.

    FY2022   FY2021 Variance
%
ESG indicators          
Fatalities (count) 7   3 –
TIFR (pmmhw)** 9.76   9.84 1
LTIFR (pmmhw)** 4.21   4.92 14
Labour including capital* (number) 57 997   56 180 (3)
Level 4 or 5 environmental incidents (count) 0   0 –
Level 3 environmental incidents (count) 4   7 43
Water consumption (kl/t milled) 2.04   2.03 1
Water recycled/reused % 53   51 4
Energy consumption (GJ/t milled) 0.781   0.845 8
Scope 1 and 2 carbon emissions (tCO2/t milled) 0.161   0.175 8
Local spend with indigenous community suppliers Rbn 3.3   2.7 22
Sustainable development spend Rm 779   399 95

*    At year-end.
** Per million man hours worked.