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IMPLATS A/Report ANNUAL REPORT 2002 MISSION Business Implats is in the business of mining, beneficiating and marketing platinum group metals (PGMs) and associated base metals, and in secondary sourcing where our core competencies bring us a competitive advantage. Objectives Our primary objective is to increase the wealth of our shareholders, measured by a combination of share price and dividends. In support of this primary objective, we will j Drive towards becoming the lowest unit cost PGM producer by seeking continuous improvement in operational efficiencies j Pursue competitive advantage through beneficiation technology j Deliver products of a quality appropriate to internal processing and the market j Have a reward structure that directly recognises contribution to our primary objective VALUES STATEMENT This set of values was developed by employee representatives from all levels within the organisation. Implats will strive to j Act with integrity and display it in all our transactions j Work and consult with all recognised unions in all relevant issues and processes j Acknowledge group and individual leadership competencies at all levels j Highlight success above failure to create a culture of success within the company and give credit when due j Create a climate conducive to participation where everybody feels free to discuss problems, fears, aspirations and new ideas j Support and encourage each other to realise our potential through development, education and training j Remove and avoid discrimination j Be sensitive to the environment and play an active role in its conservation and the safety and health of all HIGHLIGHTS OF FINANCIAL YEAR 2002 Key features j Platinum production up 7% to 1.39Moz – a new high for Implats j Dollar basket price per platinum ounce down 29% from last year’s record highs j 32% depreciation of rand limits decrease in rand basket price per platinum ounce to 6% j Attributable income at R4.58 billion (US$462 million) – second highest ever j Dividends for the year of R37 per share j Growth projects on track to deliver 2Moz by FY2006 j Share re-rating begins as growth projects develop Year at a glance 2002 2001 % change Financial Revenue (Rm) 11 902 11 969 (1) Operating income 6 137 6 849 (10) Income before taxation 6 733 7 468 (10) Attributable income 4 582 4 647 (1) Headline earnings per share (cps) 6 863 7 024 (2) Dividends per share (proposed basis) 3 700 6 800* (46) Cash net of short term debt (Rm) 3 124 3 013 4 Achieved basket price ($/oz) 890 1 254 (29) Average rate achieved (R/US$) 10.16 7.68 32 Production Total Refined platinum production (‘000 oz) 1 387 1 291 7 PGM production refined 2 639 2 464 7 Impala Refined platinum production 1 025 1 002 2 PGM production refined 1 895 1 877 1 * includes special dividend of 3 000 cps IMPLATS 1 Six potential Merensky open pits have been identified on the Impala Lease Area. Mining of the first two pits commenced in March 2001 CONTENTS Score card 4 Chairman’s letter to shareholders 7 CEO’s review 11 Statistics 24 Financial review 30 Market review 35 Review of operations 41 Impala Platinum 41 Impala Refining Services 55 Marula Platinum 61 Crocodile River 67 Strategic holdings and alliances 73 Exploration and business development 83 Reserves and resources 87 Sustainable development 93 HIV/AIDS 93 Environment 96 Corporate social investment 101 Glossary of terms 106 Corporate governance 109 Board of directors 112 Management 113 Annual financial statements 114 Notice to shareholders 166 Shareholders information 169 Administration 170 Form of proxy 171 Voting instruction form 173 IMPALA PLATINUM HOLDINGS LIMITED AND ITS SUBSIDIARIES (IMPLATS) Reg no 1957/001979/06 ISIN code : ZAE 000003554 IMPLATS 3 SCORE CARD FOR FY2002 Grow production on average by 10% per annum so as ✓ to achieve 2Moz of platinum by 2006 U Gross platinum production increased by 7.4% U On track to meet target of more than 2Moz by 2006 Introduce new safety initiatives to achieve a step- ✓✗ change reduction in the number of accidents U Two external peer reviews on safety and health; introduction of Du Pont’s SMAT system; development and implementation of the “Platinum Rules” U Fatality rate of 0.15 and lost time injury rate of 8.6 unacceptable, although 27% reduction in all injury rate Deliver real decreases in cost of metals produced ✓ U Costs increased by 9.6% at Impala’s operations – fractionally lower than the inflation rate of 9.8% and well below producer price index of 14.4% Revitalise Fixco ✓ U Management/employee initiative revitalised, with more focus on deliverables and deadlines Proactively manage HIV/AIDS challenge ✓ U Prevalence levels appear to have stabilised at 17% U Actuarial study indicates costs of between US$5 and US$9 per platinum ounce at peak of epidemic in 2011 Achieve re-rating in market relative to industry peers ✓✗ U Share price appreciated by 42% to close the year at R571.80 but full re-rating relative to peers not yet achieved U Mechanisms to unlock value – such as share buy-back – put in place Achieve earnings lower than FY2001, but higher than ✓ FY2000 U Basic earnings per share down 2% on FY2001, but 102% up on FY2000 Deliver superior returns to shareholders ✓ U Total return to shareholders, expressed as a combination of share price growth and dividend yield of 50% 4 IMPLATS OBJECTIVES FOR FY2003 Achieve improved safety U safety standards and systems to change the safety culture and to create a pathway towards the elimination of all accidents Ensure that the business has sufficient immediate and long term growth opportunities U progress the Marula Platinum project according to schedule U evaluate the Two Rivers Platinum project Improve market rating compared to Implats’ main competitors U upgrade ADR programme in the USA Demonstrate the ability to produce efficiently and remain in the lowest cost quartile in the industry U focus on cost effective mine mechanisation and new mining technology U improved metallurgical recoveries Minimise business risks, with particular focus on U ensuring that the company’s corporate governance is brought into line with the requirements of the King II report U developing a black empowerment policy for the group in the light of the requirements of the new minerals legislation U pursuing the possibility of converting the royalty currently payable to the Royal Bafokeng Nation into an equity stake in the company U ensuring that the group is able to retain and attract appropriate personnel U manage and minimise the effects of HIV/AIDS IMPLATS 5 An underground locomotive at an ore loading bin at Impala’s 14 shaft in Rustenburg CHAIRMAN’S LETTER TO SHAREHOLDERS “Efforts to break Dear shareholder free of perceptions It is a pleasure to present this report on another remarkable year for Implats based on a robust operational, financial and growth performance. This occurred in markets that came off of being growth the dizzy heights of the previous year, but were, in aggregate, sufficient to produce returns to and resource shareholders only slightly less than the records of last year, and still double the previous year’s constrained are record of the time. Consumer confidence has held up better than anticipated, particularly in the US, and beginning to bear is driving the recovery in the absence of any resumption of investment. Investor confidence is fruit” fragile and causing volatility in the markets. Currencies are also finding new levels of relative value. These factors all hold great significance for our company’s future performance. PETER JOUBERT Inevitably the palladium panic of last year was followed by a shift by the automobile companies back towards platinum in their catalyst coatings. While there has been a corresponding retreat from the stratospheric prices in the palladium market, this move will certainly benefit the platinum-dominant South African producers and reverses a 10-year process which cost us dearly in the 1990s. The abilities of the automobile companies to mix and match their catalyst coatings according to metal price trends, while not simple and certainly not instantaneous, should result in less volatility in the prices of all three of the main platinum group metals (PGMs), and a continuing degree of robustness in the platinum price in particular. The pullback from the extraordinarily high dollar metal prices of last year, by an average of 29%, was not unexpected and was the basis for the conservative forecast in last year’s report. What was unexpected was the collapse of the rand at the end of the 2001 calendar year. While it has now recovered to more rational levels, the decline considerably cushioned the impact of weakening dollar metal prices, with the rand income per platinum ounce only 6% lower than last year. A good production and cost control performance from Impala-owned and managed operations, coupled with further dramatic growth by Impala Refining Services (IRS), flowed through to deliver income before taxation of R6.73 billion (US$674 million), 10% lower than last year, and a marginal decline in attributable income to R4.58 billion (US$462 million). A number of new safety initiatives, including a peer review by a Health and Safety audit group from Rio Tinto and participation in Du Pont’s interactive auditing programme, has seen an encouraging reduction in the key performance indicator of the Lost Time Injury Frequency Rate (LTIFR) during the past six months to below the Ontario industry benchmark of 7. Against this trend the regrettable fact is that we have made little improvement in the number of fatal accidents on our mines. It is my sad duty to report the deaths of 12 of our number, one fewer than last year, and to express my condolences to their families and friends.
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