Impala Platinum (IMP) H2 2024 Pre Recorded earnings summary

Executive summary

• EBITDA declined 66% to ZAR 12.4 billion, impacted by weak PGM prices, once-off charges, and significant impairments.

• Refined 6E production rose 14% year-over-year to 3.38Moz, driven by the consolidation of Impala Bafokeng and strong performances at Impala Rustenburg and Zimplats.

• Revenue declined 19% to ZAR 86.4 billion due to a 38% drop in US dollar PGM prices, partially offset by higher sales volumes and a weaker rand.

• Free cash outflow was ZAR 4 billion, with adjusted net cash at ZAR 6.9 billion at year-end after the RBPlat acquisition.

• Strategic community investments benefited over 140,000 people and supported 4,800 jobs.

Financial highlights

• Gross profit dropped 76% to ZAR 5.5 billion year-over-year.

• Impairments totaled ZAR 21.9 billion, mainly at Impala and Impala Canada, due to lower PGM price outlook and changes to life-of-mine assumptions.

• Group unit costs increased by 5% to ZAR 21,088 per 6E ounce; normalized unit costs up 3% to ZAR 20,041 per ounce.

• No FY2024 dividend declared due to adjusted free cash outflow of ZAR 0.5 billion.

• Headline earnings per share at ZAR 2.69; basic reported loss per share at ZAR 19.29.

Outlook and guidance

• FY2025 refined 6E production guidance: 3,450–3,650koz; group unit cost: ZAR 21,000–22,000/oz; capital expenditure: ZAR 8–9 billion.

• Macroeconomic and geopolitical risks expected to persist, limiting near-term PGM price recovery.

• Focus on operational resilience, cost control, and portfolio optimization.

• Production supported by key assets; interventions underway at underperforming operations.