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IMPALA PLATINUM HOLDINGS LIMITED ANNUAL REPORT 2003 Front Cover IMPALA PLATINUM HOLDINGS LIMITED ANNUAL REPORT 2003 Front cover Page 3 Page 9 First caught in the thrall of flaming magma then trapped, deep within the earth, the Page 21 most precious of metals Corporate profile Impala Platinum Holdings Limited (Implats) is the second largest platinum group metals (PGM) producer in the world with annual production of approximately 1.7 million ounces of platinum and PGM output in excess of 3.1 million ounces per annum. The company has operations and interests on both the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, as well as offshore exploration projects in the USA, Brazil and Australia. Its total attributable reserves and resource base amounts to over 200 million Page 29 ounces of platinum. Implats employs about 31 500 people across its operations and is one of the most efficient and lowest cost producers in the world. The company’s cost effective expansion and joint venture programme will see production increase to 2 million ounces of platinum and 4 million ounces of PGMs by 2006. Implats’ primary listing is on the JSE Securities Exchange (Imp), with a secondary listing on the LSE (Ipla). The company is also traded in the United States through a sponsored level 1 ADR programme (Impuy). Page 39 Formed two billion years ago, the magma settled as three intrusions forming the Bushveld Complex. Two mineralised bands are mined at Impala, the Merensky Reef and the UG2 Reef. Key features of FY2003 Gross platinum production up by 21% Sales revenue decreased by 1% Gross margin healthy at 43% Net profit down 25% due to rand appreciation Impala refined cost per platinum ounce up by 11% Safety improved by more than 30% Year at a glance 2003 2002 % change Financial Sales (Rm) 11 807 11 902 (1) Profit from operations 5 031 6 137 (18) Profit before tax 5 375 6 733 (20) Net profit 3 415 4 582 (25) Headline earnings per share (cps) 5 140 6 877 (25) Dividends per share (proposed basis) 2 650 3 700 (28) Cash net of short term debt (Rm) 2 120 3 124 (32) Sales revenue per platinum ounce sold ($/oz) 935 934 – Average exchange rate achieved (R/$) 9.06 10.16 (11) Production Total Refined platinum production (000 oz) 1 673 1 387 21 PGM production refined 3 162 2 639 20 Impala Refined platinum production 1 040 1 025 1 PGM production refined 1 924 1 895 2 Dollar, or $, refers to US dollars unless specified. Numbers given in both SA rands and dollars have been converted at the average exchange rate for the year under review or at year-end rates when relating to closing balances. IMPLATS ANNUAL REPORT 2003 1 Contents Letter from the Chairman . .4 Chief Executive’s review . .6 Statistics . .16 Value-added statement . .20 Financial review . .22 Market review . .26 Operational review Mining operations . .30 Impala Platinum . .30 Marula Platinum . .38 Crocodile River . .41 Zimplats/Makwiro . .44 Mimosa . .47 Impala Refining Services . .50 Strategic holdings . .52 Lonplats . .52 Aquarius Platinum . .53 Two Rivers . .53 Exploration, Mineral Reserves and Resources . .54 Glossary of terms . .64 Corporate governance . .66 Board . .72 Management . .73 Group annual financial statements . .74 Approval of the annual financial statements . .75 Report of the independent auditors . .76 Certificate by company secretary . .77 Directors’ report . .78 Income statement . .86 Balance sheet . .87 Changes in equity . .88 Cash flow statement . .89 Accounting policies . .90 Notes to financial statements . .97 Company annual financial statements . .128 Notice to shareholders . .136 Form of proxy . .139 Voting instruction form . .141 Shareholder information . .143 Contact details and administration . .144 IMPALA PLATINUM HOLDINGS LIMITED and its subsidiaries (Implats) Reg no 1957/001979/06 ISIN code: ZAE 000003554 2 IMPLATS ANNUAL REPORT 2003 Wrested from earth’s bondage by man’s tenacity Liberated through man’s ingenuity Through the characteristic “froth” flotation process, the valuable metals are liberated from the ore. Letter from the Chairman Dear Shareholder Operationally and financially in the year under review, your company has shown considerable resilience in the face of a range of challenges, with net profit of R3.4 billion and headline earnings of 5 140 cents per share.As a result, the board has declared a final dividend of 1 750 cents per share, bringing the total dividend for the year to 2 650 cents per share. Attention to profitability has not prevented solid progress towards 700 growth, both in South Africa and beyond. The strengthening of the rand against the US dollar has militated against our operational efforts, even 600 though platinum production reached record levels. While the platinum price in US dollar terms remained strong throughout the 2003 financial year, palladium and rhodium prices declined and, combined with the 500 stronger rand, this helped to drive the revenue per platinum ounce sold down 11% in rand terms. Consequently this led to a decrease in earnings. 400 Seen in context, though, your company has continued to deliver a superior market performance, for which it was recognised – for the second consecutive year – by the Financial Mail as the top performing company 300 on the JSE Securities Exchange based on returns to shareholders over a five-year period. Significantly, the total return to shareholders (combining appreciation in share price and dividends paid) reflects a 200 compounded average growth of 64% a year over the last five years. Impala Platinum delivered a solid performance for the year which was somewhat marred by a 10-day work stoppage in March. The issues surrounding this and the remedies adopted are dealt with more fully in 100 the body of this report. It is gratifying to note significant improvements in our group’s safety performance. We deeply regret, 0 however, that eight employees died at work during the year. In expressing my sympathy to the families and friends of those who have died, I am reminded that we simply cannot afford complacency on matters of Share price monthly safety at any level in our organisation. average Two events served to increase the liquidity of the company’s shares during the year. First,.
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