Impala Platinum Holdings Limited (Implats, the Company or the Group) is a leading producer of platinum group metals (PGMs). Implats is structured around seven mining operations and Impala Refining Services (IRS), a refining business. The mining operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe – the two most significant PGM-bearing ore bodies in the world – and the Canadian Shield, a prominent layered igneous complex domain for PGMs.

Implats has its primary listing on the JSE Limited (JSE) and a secondary listing on A2X Markets in South Africa, as well as a level 1 American Depositary Receipt programme in the United States of America.

On 30 May 2023, Implats acquired control of RBPlat through the acquisition of 9.2%, representing 26 601 654 shares in RBPlat, increasing its equity interest from 46.2% to 55.4%. Details of the business combination and goodwill are included in notes 11 and 23.

The summarised consolidated financial statements were approved for issue on 31 August 2023 by the board of directors.

The summarised consolidated financial statements have been derived from the audited consolidated financial statements which have been published on the Company's website on (www.implats.co.za) The summarised consolidated financial statements for the year ended 30 June 2023 have been audited by our external auditor, Deloitte & Touche, who has expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the consolidated financial statements, which included key audit matters, from which these summarised consolidated financial statements were derived. A copy of the auditor's report on the summarised consolidated financial statements is available above. The auditor's report does not necessarily report on all the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement, they should refer to the auditor's report above. Any forward looking statements have not been reviewed or reported on by the Company's external auditor.

The summarised consolidated financial statements for the year ended 30 June 2023 have been prepared in accordance with the Listings Requirements of the JSE Limited, the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council, the Companies Act, No 71 of 2008 and the minimum requirements of International Accounting Standards (IAS) 34 Interim Financial Reporting.

The summarised consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 30 June 2023, which have been prepared in accordance with IFRS, and the commentary included in the results.

The summarised consolidated 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 liabilities for cash-settled share-based payment arrangements which are measured using a binomial option pricing model.

The summarised consolidated financial statements are presented in South African rand, which is the Company's functional currency.

The summarised consolidated financial statements and consolidated financial statements have been prepared under the supervision of the chief financial officer, Ms M Kerber CA(SA). The directors take full responsibility for the preparation of the consolidated financial statements from which the summarised consolidated financial statements are derived.

The directors take full responsibility for the preparation of the consolidated financial statements from which the summarised consolidated financial statements are derived.

The principal accounting policies and methods used by the Group are in accordance with IFRS and are consistent with those of the prior year, except for changes due to the adoption of new or revised IFRS. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the notes where necessary and indicated with .

The Group identified Mining, Impala Refining Services and 'All other segments' as reportable segments.

Management has defined the operating segments based on the business activities and management structure within the Group. Management considers factors such as the nature of the products and services, as well as the geographical location of operations in their judgement to identify reportable segments.

The acquisition of a controlling interest in RBPlat on 30 May 2023 resulted in RBPlat being consolidated and included in the mining segment since the date of acquisition (note 23).

Revenue flows

The geographical locations of our operations (five of which form the 'Mining' segment, and the 'All other segments' includes the Group's equity-accounted entities, Mimosa, Two Rivers and up until the end of May 2023, RBPlat (refer to note 12 and 23)) represent the origins of the revenues.

• Impala mines and refines its own metal inventories and sells externally to third parties. Sales are disaggregated geographically in the revenue note (note 6)
• Impala Canada and RBPlat sell their mined PGM concentrate to one customer each in North America and South Africa, respectively
• IRS, a division of Impala, is dedicated to the refining and metal concentrate purchases built up by Implats. Situated in Springs, some 35km east of Johannesburg in South Africa, IRS provides smelting and refining services through offtake agreements with Group companies (except Impala Canada and RBPlat) and third parties
• The Marula and Zimplats mining segment revenues are therefore made intra-group to IRS, which ultimately sells the refined metal externally to the third parties disaggregated geographically as indicated in note 6.

Sales to the two largest customers amounted to 12% and 10% (2022: 13% and 12%) of total revenue, from Impala and Impala Refining Services.

Capital expenditure comprises additions to property, plant and equipment (note 10).

The measure of profit or loss for reportable segments is profit after tax, which is reconciled to the consolidated profit after tax. The basis of accounting for reportable segments is consistent with the Group's consolidated financial statements.

Note 5 contains additional disclosure of revenue per reportable segment.

Impairment

During the year, as a result of decreased consensus pricing and changes to the mine life and mineable reserves, Impala Canada carried out a review of the recoverable amount of the Lac des Iles mine. The review led to the recognition of an impairment of R10 872 million (C$771 million) of property, plant and equipment with an offsetting impact on deferred tax of R3 058 million (C$217 million) resulting in a post-tax loss of R7 814 million (C$554 million). The property, plant and equipment’s recoverable amount of R2 334 million (C$164 million) has been determined on the basis of their fair value less costs of disposal.

Significant accounting estimates and judgements

Long-term mining assets forming part of board-approved projects are valued based on estimates of future discounted cash flows (DCFs) of the latest board-approved business forecasts on production volumes, costs of production, capital expenditure, metal prices and market forecasts for foreign exchange rates. A risk-adjusted discount rate is used, which takes into account specific to the cash-generating unit (CGU) where cash flows have not been adjusted for the risk.

Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body and the prevailing platinum price.

All the above estimates are subject to risks and uncertainties including achievement of mine plans, future metal prices and exchange rates. It is therefore possible that changes can occur which may affect the recoverability of the mining assets.

Possible indicators of impairment were taken into account in the impairment tests for property, plant and equipment, including climate related impacts where applicable, during the period. The assets' DCFs were updated to reflect the revised production volumes, metal prices, cost forecasts and other factors. No impairment was required other than property, plant and equipment at Impala Canada.

The key financial assumptions used in the recoverable amount calculations were:

• An overall long-term real basket price per 6E ounce sold of R27 300 (2022: R24 100 in 2023 equivalent terms) adjusted for the individual asset or cash-generating unit's prill split
• A long-term pre-tax real discount rate range of 21% to 29% (2022: 20% to 33%) and a long-term post-tax real discount rate range of 11% to 19% (2022: 8% to 17%) for the various cash-generating units in the Group
• In situ resource valuation of between US$2.00 and US$12.00 (2022: US$1.90 and US$10.00) per 4E ounce, depending on whether the resource is inferred, indicated and measured.

Change in useful lives

With effect from 1 July 2022, Impala Canada revised its estimate of the reserves used in the calculation of its UOP depreciation for certain assets within the following categories:

• Shafts, mining development and infrastructure
• Metallurgical plants
• Other assets.

Previously, the UOP depreciation was determined using the full proven and probable reserves. Following this change, only the current mineable portion of those reserves has been applied to assets that may be subject to either additional capital investment (depending on the future identification and extraction of reserves) or a shorter useful life. In addition, the straight-line periods applied to certain buildings and machinery were also revised. The effect of these changes in estimates will align the depreciation charge in profit and loss more closely with the future pattern and rate of consumption of those assets. This change in estimates increased the depreciation charge and reduced net profit before tax by approximately R741 million EJ (C$56 million) for the current year.

Capital expenditure will be funded by internally generated funds and from borrowings, where necessary.
All right-of-use assets are encumbered by leases and no other fixed assets are pledged as collateral.

The goodwill of R14 114 million associated with RBPlat arose on the business combination at acquisition date (note 23) and was impaired by an amount of R4 244 million to its recoverable amount of R9 870 million. The carrying amount of R9 870 million has been allocated to the relevant cash-generating units (CGUs) with R6 347 million allocated to the Impala CGU, R3 333 million to the Impala Refining Services CGU and R190 million (post impairment) to the RBPlat CGU, respectively.

Implats' acquisition of RBPlat offers compelling strategic, operational and financial benefits for all stakeholders through securing a significant Western Limb production base that enhances and entrenches the region's position as the most significant source of global primary PGM production.

A sizeable and sustainable Western Limb operation will deliver tangible socio-economic benefits for the region and its communities including employment security and through sustained indirect benefits for the various industries and stakeholders supported by mining activities in the greater-Rustenburg region.

Further, this acquisition will enhance Implats' ability to:

• Deploy its significant scale, relevance, mineral resource base and technical capabilities to further grow and optimise value delivery of its asset portfolio;
• Progress enhanced regional socio-economic stability, sustainability, and shared value delivery;
• Enhance strategic optionality to significantly extend life-of-mine production profiles, which will enhance job security and socio-economic benefits to all concerned stakeholders; and
• Increase its ability to further pursue substantial, unique regional synergies in the fullness of time through broader collaboration and the logical combination of complementary assets and shared infrastructure.

Impairment of goodwill The recoverable amount of the RBPlat CGU was determined using its fair value less costs to sell. The fair value less costs to sell was determined based on estimates of future discounted cash flows (DCFs) of the latest adjusted life-of-mine plans using updated assumptions on metal prices, rand foreign exchange rates and inflation. A risk-adjusted discount rate was used, taking into account specific risks relating to the CGU where cash flows have not been adjusted for the risk. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body and the prevailing platinum price. The fair value less costs to sell valuation of RBPlat was categorised as a level 2 valuation of the fair value hierarchy (note 23). All the above estimates are subject to risks and uncertainties including achievement of mine plans, future metal prices and exchange rates. It is therefore possible that changes may occur which may affect the recoverability of the RBPlat CGU. The key financial assumptions for the CGU used in the recoverable amount calculations were: An overall long-term real basket price per 6E ounce sold of R27 300 adjusted for the CGU's prill split A long-term pre-tax real discount rate range of 24% to 29% and long-term post-tax real discount rate range of 17% to 20% In situ resource valuation of between US$2.00 and US$12.00 per 4E ounce depending on whether the resource is inferred, indicated and measured If the long-term real basket price per 6E ounce were to increase or decrease by 5%, the recoverable amount would increase or decrease by approximately R2 700 million If the real discount rate was to increase or decrease by 50 basis points, the recoverable amount will decrease or increase respectively by approximately R240 million. Goodwill Goodwill is an intangible asset with an indefinite useful life that arises on the date of acquisition of a business combination and represents the excess of the aggregate of the cost of the acquisition, the non-controlling interest and the fair value of the acquirer's previously held equity interest in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed at the acquisition date. For the purposes of impairment testing, goodwill is allocated to each of the Group's CGUs (or group of CGUs) that is expected to benefit from the synergies of the combination. Goodwill is carried at cost less accumulated impairment losses, if any. Gains or losses on the disposal of a CGU includes the carrying amount of goodwill allocated to the CGU sold. Impairment of goodwill Goodwill is tested for impairment at least annually, and at the end of each reporting period when an indicator of impairment exists. Goodwill is allocated to CGUs for impairment testing. The recoverable amount of the CGU to which goodwill has been allocated is based on the highest of value in use or fair value less costs to sell, derived from reserve and resource ounce valuation. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets of the unit prorate based on the carrying amount of each asset in the unit. Any impairment loss on goodwill is recognised directly in profit or loss and may not be reversed.

RBPlat

On 30 May 2023, Implats acquired control through the acquisition of 9.2%, representing 26 601 654 shares in RBPlat, increasing its equity interest from 46.2% to 55.4%. As a result of the business combination achieved in stages (note 23), the equity-accounted investment in RBPlat (46.2%) was deemed to be disposed of at a fair value of R18 106 million, resulting in a loss of R1 772 million, and was consolidated on the same date.

The net realisable value (NRV) adjustment included in the inventory value is impacted by the prevailing metal prices at the reporting date. The current year adjustment of R2 879 million comprised R923 million (2022: Rnil) for refined metal and R1 956 million (2022: Rnil) for in-process metal.

Purchased metal consists mainly of Impala Refining Services inventory.

The total year-on-year deferred tax movement is mainly attributable to temporary difference movements relating to acquisition of RBPlat (R2 209 million), foreign currency translation adjustment on deferred tax (R1 312 million), metal inventory adjustment (R1 142 million), offset by property, plant and equipment (R2 225 million).

Number of ordinary shares in issue outside the Group

The authorised share capital of the Company consist of 944.01 million (2022: 944.01 million) ordinary no par value shares. The authorised but unissued share capital is 77.61 million (2022: 93.79 million) ordinary no par value shares and remains under the control of the directors.

During the current period, Implats amended and extended its committed revolving credit facility with various financial institutions consisting of a R6.5 billion ZAR tranche (2022: R6 billion) and a US$93.8 million US$ tranche (2022: US$125 million). Impala Canada is also a borrower under the US$ tranche.

The committed revolving credit facility of R6.5 billion (June 2022: R6 billion) bears interest at the three-month Johannesburg Interbank Acceptance Rate plus a margin and utilisation fee of between 210 and 260 basis points, subject to the level of utilisation and the total net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) levels of the Group. The facility has an accordion option to increase the facility by an additional R2.2 billion (2022: R2 billion). Subsequent to year-end, the facility was extended for another year and will mature on 24 February 2026 with no further option to extend. The facility was undrawn at year-end.

The US$ tranche of the committed revolving credit facility of US$93.8 million bears interest at the three-month Secured Overnight Financing Rate plus a credit adjustment spread, margin and utilisation fee of between 211 and 251 basis points, subject to the level of utilisation and the total net debt to EBITDA levels of the Group (2022: three-month London Interbank Offered Rate plus a margin and utilisation fee of between 185 and 225 basis points). The facility has an accordion option to increase the facility by an additional US$37.5 million (2022: US$50 million). Subsequent to year-end, the facility was extended for another year and will mature on 24 February 2026 with no further option to extend. The facility was undrawn at year-end.

The R3 billion RBPlat credit facilities comprise a revolving credit facility of R2 billion which bears interest at the Johannesburg Interbank Average Rate (JIBAR) plus 250 basis points, as well as a general banking facility of R1 billion which bears interest at the prime rate less 140 basis points. RBPlat provided a cession and pledge of its shares in and claims against Royal Bafokeng Resources as security under a subordination agreement of its claims against Royal Bafokeng Resources in favour of the banks. Royal Bafokeng Resources also provided a cession in which it cedes and pledges its rights, title and interest in respect of, or connected with the Royal Bafokeng Resources operations. Royal Bafokeng Resources can voluntarily prepay and cancel the facilities at any time. The revolving credit facility was undrawn at year-end and R123.6 million of the general banking facility was utilised for guarantees as at year-end.

Contingent liabilities and guarantees

At year-end, the Group had contingent liabilities in respect of matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise.

The Group has issued guarantees of R57 million (2022: R69 million). Guarantees of R15 291 million (2022: R19 607 million) have been issued by third parties and financial institutions on behalf of the Group consisting mainly of guarantees to the Takeover Regulation Panel (TRP) of R11 417 million (2022: R16 830 million) for the acquisition of Royal Bafokeng Platinum and the Department of Mineral Resources and Energy (DMRE) for R3 254 million (2022: R2 346 million).

Uncertain tax matters

Implats is subject to income taxes under the various income tax regimes in the countries in which it operates. The Group has filed, and continues to file, all the required income tax returns and to pay the taxes, as reasonably determined, to be due. In some jurisdictions tax authorities are yet to complete all their annual assessments and the income tax assessments, where completed by the tax authorities, remain subject to further examination within prescribed periods. Significant judgement is required in determining the Group's provisions for income taxes due to the complexity of legislation, which is often subject to interpretation. As a result, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group's tax affairs within the country involved and the outcome of these claims and disputes cannot be predicted with certainty. On tax matters which are particularly complex or require judgement in applying, management has obtained and will continue to obtain, independent legal and/or tax practitioner opinions which inform and support the tax positions adopted.

Implats' companies are involved in tax queries, litigation and disputes with various tax authorities in the normal course of business. A detailed review is performed regularly on each matter and a provision is recognised, where appropriate. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially reported, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Regardless of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below.

South Africa

At 30 June 2023, the Group has an unresolved historical tax matter relating to deductions at its South African operations. The South African Revenue Service had issued an additional assessment relating to this matter which the Group had objected to. The Group has a tax practitioner and legal counsel opinion to support its objection. Should the Group be successful in its objection, it could result in a tax credit of up to R673 million (2022: R647 million) (including interest).

Zimbabwe

Foreign currency taxes

Zimplats has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. The fiscal legislation in Zimbabwe is volatile, highly complex and subject to interpretation. From time to time, Zimplats is subject to a review of its historic income tax returns and in connection with such reviews, disputes can arise with the Zimbabwe Revenue Authority (ZIMRA) over the interpretation and/or application of certain legislation.

Significant judgement is required in determining the provision for income taxes due to the complexity and differences of interpretation of fiscal legislation, and application which may require determination through the courts. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Zimplats recognises liabilities for anticipated tax audit issues and uncertain tax positions based on estimates of whether additional taxes will be due. The assessment is based on objective, unbiased interpretation of the fiscal legislation, informed by specialist independent tax and legal advice. Where ZIMRA as the tax authority makes an assessment that differs from that determined and initially recorded by the company, such difference in computation will impact the income tax expenses and liabilities in the period in which such determination is made.

Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below to the extent that disclosure does not prejudice the company.

Matters before the courts

Zimplats filed legal proceedings in the Special Court for Income Tax Appeals and the Supreme Court of Zimbabwe in relation to various historical income tax matters and these cases are pending in the courts. Zimplats has on a without-prejudice basis settled the disputed liabilities involved in these cases and therefore no further liabilities will arise in respect of these disputed tax matters.

There is no contractual relationship governing the Group's transactions with Mimosa. These are conducted through an intermediary. For accounting purposes, and to demonstrate the economic substance of the transactions, they are disclosed as related party transactions, as though the Group had transacted directly with Mimosa.

Fixed and variable key management compensation was R258 million (2022: R412 million).

Background and basis of preparation

The impact of external factors such as climate change, geopolitical tensions as well as Covid-19 are deemed to be priced into the valuation of financial instruments, which for the Group, mostly relates to securities price risk and commodity price risk used in the level 1 and 2 fair valuation techniques as determined by the market. The level 3 valuation techniques were adjusted by amending the cash flows associated with the discounted cash flow valuations to factor in impacts of the various micro and macro-economic factors where applicable. The outcome of these considerations and the resulting adjustments are reflected in the respective carrying amounts of the financial assets and financial liabilities measured at fair value.

The following table summarises the Group's classification of financial instruments:

¹ Advances are carried at amortised cost.

Fair value hierarchy

The table below represents significant financial instruments measured at fair value at the reporting date.

The calculation of fair value requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability and accuracy of the valuations. Significant inputs have been classified into the hierarchical levels in line with IFRS 13 valuations.

• Level 1 – Quoted prices in active markets for identical assets or liabilities
• Level 2 – Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly)
• Level 3 – Inputs for the asset or liability that are unobservable.

There were no transfers between fair value hierarchy levels in the current year.

The carrying amount of financial assets and liabilities which are not carried at fair value, is a reasonable approximation of their fair value.

Reconciliation of level 3 fair value measurements

Cash and cash equivalent exposure by country and currency

Fair value hedge accounting

The Group has a hedging strategy and accounting policy to manage the fair value risk (commodity price and foreign currency exchange risk) to which purchased metal (note 14), the hedged item, is exposed. The financial instrument used to hedge this risk is trade payables related to metal purchases, included in trade payables, 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, to the extent that an economic relationship exists between the hedged item and hedging instrument, the fair value gains and losses on both the hedged item and hedging instrument are offset against each other. Where the hedge is ineffective the gains and losses on trade payables and purchased metal inventory are recognised in profit or loss in other income and other expenses respectively.

The effects of the fair value hedge are as follows:

¹ Relates to metal purchases that were still in the refining process at year-end.

Due to the significant decrease in the metal prices at year-end in relation to the fair value movements in trade payables and inventory, there has been hedge ineffectiveness identified in the hedging relationship during the current period. A R138 million fair value loss was recognised in other expenses (note 9).

RBPlat is a mid-sized PGM producer with mining and concentrating operations contiguous to Impala Rustenburg portfolio on the Western Limb Bushveld Igneous Complex in South Africa. Its mineral reserve inventory is notable due to its size and quality, with a mechanised, Merensky-rich orebody, aligned to robust future demand for platinum, nickel and copper.

In the prior year, Implats had acquired a 37.83% shareholding in RBPlat and consequently, equity accounted its interest in RBPlat. After acquiring a further 8.36% shareholding during the year, Implats finally gained control of RBPlat on 30 May 2023 when it acquired 26 601 654 shares, representing a 9.16% shareholding in RBPlat, for a cash consideration of R2 394 million and the issue of 7 980 496 Implats shares with a fair value of R1 237 million. This increased Implats' total shareholding in RBPlat to 55.35%. As a result, RBPlat became a subsidiary of the Group at 30 May 2023 (effective date) and in terms of IFRS 3 Business Combinations, the previously equity-accounted investment in RBPlat was remeasured to its fair value of R18 106 million. This fair value then formed part of the purchase consideration of the subsidiary at the effective date.

Between 30 May 2023 and year-end, Implats acquired a further 1.06% of RBPlat shares resulting in a shareholding of 56.41% at year-end.

Subsequent to year-end and upon fulfilment of all the conditions precedent, the mandatory offer for RBPlat finally closed on 21 July 2023 and was accepted by shareholders holding 121 437 384 RBPlat shares or 41.83% of RBPlat. Implats also acquired another 1 945 665 or 0.67% of RBPlat shares. Therefore, post-year-end, Implats had acquired in aggregate 123 383 049 RBPlat shares or 42.50% of RBPlat for a total consideration of R11 104 million in cash and the issue of 37 014 918 Implats shares with a fair value of R5 052 million. This increased Implats' shareholding in RBPlat to approximately 98.91%.

On 1 August 2023, Implats gave notice in terms of section 124(1)(a) of the Companies Act to compulsorily acquire the remaining RBPlat shares not held by it as RBPlat shareholders holding more than 90% of the RBPlat shares had accepted the mandatory offer. The RBPlat shares were suspended from trading on the JSE on 2 August 2023. The compulsory acquisition of the remaining RBPlat shares is scheduled for 14 September 2023 and it is expected that the RBPlat shares will be delisted from the JSE on 18 September 2023.

The guarantees to the TRP required in terms of the mandatory offer for RBPlat amounted to R11 417 million as at 30 June 2023 (June 2022: R16 830 million). Following the closure of the mandatory offer on 21 July 2023 and the settlement of the purchase consideration, the TRP guarantees were cancelled.

This business combination accounting is provisional and may be restated in 2024 when the Group finalises the fair value of property, plant and equipment, with any adjustments recognised against goodwill to the extent not already impaired as disclosed in notes 11.

The following table summarises the provisionally recognised fair value of assets acquired and liabilities assumed at the acquisition date:

¹ The fair value of trade receivables (R4 647 million) and other receivables (R521 million) represent the gross contractual amounts receivable all of which were subsequently collected.
² The measurement basis used for non-controlling interests is the proportionate share of the acquiree's net identifiable assets.

Implats incurred acquisition-related costs of R415 million mainly comprising advisory and legal expenses of R156 million, local investing activities by means of co-funding up to R200 million in projects which will be identified in conjunction with the Industrial Development Corporation of South Africa Limited (IDC) in relation to hydrogen technology or its commercialisation in South Africa as well as R50 million for the funding of proof-of-concept activities to be jointly managed by Implats and the IDC. These costs are included in other expenses (note 9).

Dividends

The board declared a final cash dividend on 31 August 2023 in respect of the financial year ended 30 June 2023. In terms of the approved dividend policy, a minimum dividend of 30% of free cash flow pre-growth capital should be declared. The board has the discretion to vary this percentage depending on the current and forecast financial performance, as well as market and other factors, including sufficiently capitalising the business to allow the Group to take advantage of future value-accretive growth opportunities.

The dividend of 165 cents per ordinary share or R1 485 million in aggregate (excluding treasury shares) is to be paid out of retained earnings, but not recognised as a liability at year-end. The dividend will have no tax consequence for the Group, but will be subject to 20% withholding tax for shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax.

The dividend is payable on Tuesday, 26 September 2023 to shareholders recorded in the register at the close of business, 22 September 2023.

¹ Other comprises dividends paid by subsidiaries within the Group to external parties.

Other events occurring after the reporting period

The directors are not aware of any other subsequent events which materially impact the annual financial statements, aside from the additional 42.5% shareholding acquired in RBPlat subsequent to
year-end. Refer to note 23.