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KEY FEATURES FOR THE 12 MONTHS

Implats is a leading producer of platinum group metals (PGMs) structured around seven mining operations and a 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 key to making many industrial, medical and electronic items – and they contribute to a cleaner, greener world.

Safety and sustainability

  • Regrettably, five fatalities at managed operations
  • 7% improvement in LTIFR* to 3.92
  • 13 of the Group’s 18 operations achieved fatality-free millionaire or multimillionaire status
  • No major or significant environmental incidents
  • Maintained an A-rating from MSCI for ESG performance
  • Second consecutive inclusion in the S&P Global Sustainability Yearbook (2023)

Operational

  • 6% increase in managed 6E production to 2.42Moz
  • 1% lower JV 6E production of 541koz
  • 18% decrease in third-party 6E receipts to 287koz
  • Refined 6E production declined 4% to 2.96Moz
  • 6E sales volumes declined 6% to 2.97Moz
  • Group 6E unit costs rose 14% to R19 834/oz (stock-adjusted)
  • Consolidated Group capital expenditure of R11.5 billion

Financial

  • Gross profit of R22.3 billion at a gross profit margin of 21%
  • EBITDA of R36.0 billion and EBITDA margin of 34%
  • Headline earnings of R18.8 billion or 2 211c per share
  • Free cash flow of R14.2 billion
  • R25.3 billion in closing net cash (excluding leases)
  • 30% of adjusted free cash flow allocated to shareholder returns
  • Final dividend of 165c per share, bringing total FY2023 dividend to 585c per share

Market

  • Dollar revenue per 6E ounce sold down 18% to US$2 035/oz
  • Rand revenue per 6E ounce sold down 4% to R36 118/oz
  • PGM pricing heavily influenced by global macro-economic factors and destocking by end-users
  • Tightening markets for platinum and palladium, with rhodium undercut by industrial destocking in 2023

* Per million man-hours worked.

Operating statistics

      FY2023 FY2022   Variance %  
Gross refined production                  
6E (000oz)   2 958.7     3 086.6   (4.1)  
Platinum (000oz)   1 359.5     1 426.1   (4.7)  
Palladium (000oz)   1 050.5     1 071.4   (2.0)  
Rhodium (000oz)   169.3     180.7   (6.3)  
Nickel (tonnes)   14 970     16 520   (9.4)  
IRS metal returned (toll refined)                  
6E (000oz)   1.6     0.8   100.0  
Platinum (000oz)   0.1     0.0   —  
Palladium (000oz)   1.5     0.8   87.5  
Rhodium (000oz)   —     —   —  
Nickel (tonnes)   3 588     3 678   (2.4)  
Sales volumes                  
6E (000oz)   2 973.0     3 146.8   (5.5)  
Platinum (000oz)   1 408.1     1 492.6   (5.7)  
Palladium (000oz)   1 047.4     1 087.6   (3.7)  
Rhodium (000oz)   167.8     177.3   (5.4)  
Nickel (tonnes)   10 902     13 094   (16.7)  
Prices achieved                  
Platinum (US$/oz)   962     1 008   (4.6)  
Palladium (US$/oz)   1 763     2 211   (20.3)  
Rhodium (US$/oz)   11 696     16 544   (29.3)  
Nickel (US$/t)   23 864     21 150   12.8  
Consolidated statistics                  
Average rate achieved (R/US$)   17.68     15.22   16.2  
Closing rate for the period (R/US$)   18.85     16.27   15.9  
Revenue per 6E ounce sold (US$/oz)   2 035     2 481   (18.0)  
Revenue per 6E ounce sold (R/oz)   36 118     37 703   (4.2)  
Tonnes milled ex mine*  (000t)   23 883     22 363   6.8  
Group 6E production (000oz)   3 245.6     3 188.7   1.8  
Group unit cost per 6E ounce stock adjusted*  (R/oz)   19 834     17 364   (14.2)  
Group unit cost per 6E ounce stock adjusted*  (US$/oz)   1 116     1 141   2.2  
Capital expenditure*  (Rm)   11 510     9 081   (26.7)  
Stay-in-business capital (Rm)   7 333     6 318   (16.1)  
Replacement capital (Rm)   2 272     1 413   (60.8)  
Expansion capital (Rm)   1 905     1 350   (41.1)  

*   Managed operations.

      FY2023     FY2022 Variance %  
Financial performance                
Revenue (Rm)   106 594     118 332 (9.9)  
Gross profit (Rm)   22 338     41 285 (45.9)  
EBITDA** (Rm)   36 002     53 375 (32.5)  
Profit for the year (Rm)   6 178     33 139 (81.4)  
Basic earnings (Rm)   4 905     32 049 (84.7)  
Headline earnings (Rm)   18 801     32 028 (41.3)  
Free cash flow** (Rm)   14 171     28 840 (50.9)  
Net cash (excluding leases) (Rm)   25 347     26 505 (4.4)  
Basic earnings per share (cps)   577     3 856 (85.0)  
Headline earnings per share (cps)   2 211     3 853 (42.6)  
Dividends per share (cps)   585     1 575 (62.9)  

**   Non-International Financial Reporting Standards metric.

Additional statistical information is available on the company’s website, www.implats.co.za

      FY2023     FY2022 Variance %  
ESG indicators                
Fatalities (count)   5     7 —  
TIFR (pmmhw)**   9.25     9.76 5.2  
LTIFR (pmmhw)**   3.92     4.21 6.9  
Labour including capital*  (number)   60 344     58 557 (3.1)  
Level 4 or 5 environmental incidents (count)   0     0 —  
Level 3 environmental incidents (count)   7     4 (75.0)  
Water consumption (kl/t milled)   2.25     2.04 (10.3)  
Water recycled/reused %   52     53 1.9  
Energy consumption (GJ/t milled)   0.851     0.781 (9.0)  
Scope 1 and 2 carbon emissions (tCO2/t milled)   0.171     0.161 (6.2)  
Land rehabilitated Hectares   11.33     11.00 (3.0)  
Local spend with indigenous community suppliers Rbn   7.3     7.3 —  
Social economic spend*  Rm   644.7     780.4 (17.4)  

*   Including housing.
**   Per million man-hours worked.