Introduction

Fred Roux, Chairman Fred Roux, Chairman

Chairman's letter...

Keith Rumble, CEO Keith Rumble, CEO

CEO's review...



Review of 2005

Key performance and highlights

safety     best ever safety performance
headline platinum production up 5% to 1.815 million ounces
production - Impala Platinum increased by 2% to 1.115 million ounces
sales revenue rose by 6% to R12.5 billion
equivalent to $2.0 billion
gross margin – group steady at 34%
gross margin – Impala Platinum maintained at 42%
capital expenditure R2.0 billion
headline earnings per share up by 10% to R43.25
total dividend R23.00 per share or
$3.72 per share

The 2005 financial year was characterised by excellent operational performance, particularly at Impala Platinum.

total revenue (R million)
total revenue (R million)
 
total revenue ($US million)
total revenue ($US million)
Ounces
production highlights
   FY2005 FY2004 % change
group        
refined platinum production (000 oz) 1,848 1,961 (6)
refined PGM production (000 oz) 3,549 3,725 (5)
headline platinum production (000 oz) 1,815 1,729 5
Impala Platinum        
refined platinum production (000 oz) 1,115 1,090 2
refined PGM production (000 oz) 2,062 1,976 4

Rands
financial highlights
   FY2005 FY2004 % change
sales (Rm) 12,541 11,809 6
gross profit (Rm) 4,223 4,260 (1)
profit before tax (Rm) 6,334 4,100 54
profit (Rm) 5,254 2,959 78
headline earnings per share (cps) 4,325 3,934 10
dividends per share (proposed basis) (cps) 2,300 2,100 10
cash net of short-term debt (Rm) 3,981 636 526
sales revenue per platinum ounce sold (R/oz) 7,930 7,678 3
average rand exchange rate achieved (R/$) 6.20 6.88 (10)

Dollars
financial highlights
   FY2005 FY2004 % change
sales ($m) 2,023 1,716 18
gross profit ($m) 679 616 10
profit before tax ($m) 1,020 593 72
profit ($m) 845 427 98
headline earnings per share (cps) 693 567 22
dividends per share (proposed basis) (cps) 372 306 22
cash net of short-term debt ($m) 598 103 481
sales revenue per platinum ounce sold ($/oz) 1,279 1,116 15

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Produced by: Russell & AssociatesImplats Annual Report 2005 - www.implats.co.za