Despite a marginal improvement, safety performance continued to disappoint. Sadly 11 of our employees lost their lives at work during the year.

The first half of FY2009 was dominated by the US sub-prime crisis, which sparked the near-collapse of the global financial system and plunged the world into recession. The speed and depth of the economic decline far exceeded forecasters’ worst expectations.

Demand for motor vehicles fell significantly as consumer confidence was undermined, and finance all but dried up.

The dramatic drop in metal prices together with the fall off in demand affected the company’s financial performance.

Reduced third parties deliveries and lower output from Rustenburg affected group production, and platinum ounces decreased by 11% to 1.704 million ounces.

Revenue declined by 31% as a result of a drop in sales volumes and significantly lower metal prices.

Unit costs (excluding share-based payments) increased by 32% to R9 129 per platinum ounce as a result of lower production volumes and inflationary pressures. Unit cost including share-based payments increased by 10% to R8 526 per platinum ounce.

Headline earnings dropped 52% from the previous year.

However, Implats demonstrated its inherent strength and management’s confidence about the future, and paid a dividend for the year of 320 cents – 78% down on the previous period.

This has been a tough year, yet Implats is weathering the storm. The focus on cost reduction, cash preservation and the optimisation of operations has stood the company in good stead, whilst cash-generation potential remains positive. The outlook for the group remains strong, though FY2010 will be a tough year.