1
Empowering our people,growing our production
Annual Results FY2007
2
0
300
600
900
1,200
1,500
FY03 FY04 FY05 FY06 FY07
Key features - financial
Heps (cents)
Up 75%
Sales revenue up 80% to
R31.5 billion (US$4.4 billion)
on higher metal prices
Gross profit doubled to R14.5 billion
Record headline earnings per share
up 75% to R13.12
Final dividend of R7.00 per share;
R9.75 for the year
Cash net of all borrowings of
R2.5 billion
2
3
Key features - operational
Safety performance unsatisfactory
Record platinum production of
2.026 million ounces
Group gross margin up 10% to 46%
Group unit cost* up 21% due to
lower production from Impala
Group capital expenditure up to
R2.9 billion
Gross refined platinum production
1,200
1,500
1,800
2,100
FY06 FY07
000 Oz
Up 10%
* Excluding share based payments
4
Key features - corporate
Progress on Black Economic Empowerment (BEE)
Finalised conversion of RBN royalty to equity
Creation of ESOP for 28,000 employees
Acquisition of Afplats consisting of the Leeuwkop project,
and Imbasa and Inkosi
Processing expansion to support annual platinum
throughput of 2.8 million ounces approved
3
Empowering our people,growing our production
Market review
6
Sales volumes by metal
FY07 FY06 % change
Platinum (000oz) 1,827 1,582 16
Palladium (000oz) 870 896 (3)
Rhodium (000oz) 206 193 7
Nickel (000t) 16.3 14.8 10
4
7
Average prices achieved
FY07 FY06 % change
Platinum ($/oz) 1,185 988 20
Palladium ($/oz) 334 258 29
Rhodium ($/oz) 5,152 3,015 71
Nickel ($/t) 34,486 15,343 125
Basket ($/Pt oz sold) 2,369 1,721 38
Exchange rate (R/$) 7.20 6.37 13
8
0
3,000
6,000
9,000
12,000
15,000
18,000
FY03 FY04 FY05 FY06 FY07
Metal prices surge
Rand basket revenue per Pt oz soldR/Pt oz
Up 56%
5
9
Platinum fundamentals remain robust
000 ozPrice ($/oz)
Market moves back into deficit
(250)
(200)
(150)
(100)
(50)
0
50
100
CY03 CY04 CY05 CY06 CY070
200
400
600
800
1000
1200
1400
Surplus/(Deficit) Pt Price Forecast
10
Shanghai platinum trade
0
50
100
150
200
250
300
350
Jun-06 Jul-06 Aug-061,180
1,200
1,220
1,240
1,260
1,280
1,300
1,320
1,340
Volume $ London
Kgs/dayPrice ($/oz)
6
11
Palladium fundamentals improve
000 ozPrice ($/oz)
0
400
800
1200
1600
CY03 CY04 CY05 CY06 CY070
100
200
300
400
Balanced market
Surplus Pd Price Forecast
12
Rhodium demand remains strong
000 ozPrice ($/oz)
Market remains in deficit
(60)
(30)
0
30
60
90
120
CY03 CY04 CY05 CY06 CY070
1000
2000
3000
4000
5000
6000
Surplus/(Deficit) Rh Price Forecast
7
13
Contribution to sales revenue by metal
FY07
Platinum Palladium Rhodium Nickel Ruthenium Other
FY06
Empowering our people,growing our production
Financial review
8
15
Group gross profit highlights
Rm FY2007 FY2006 % change
Sales 31,481 17,500 80
Cost of sales 17,009 10,170 67
Gross profit 14,472 7,330 97
Average exchange rate (R/$) 7.20 6.37 13
16
Headline earnings
3,947
7,232132
1,442
852
1,6957,142
0
2,000
4,000
6,000
8,000
10,000
12,000
FY2006 Gross profit BEE Charge Royalties Taxation Other FY2007
Rm
Up83%
9
17
2,529
9,022
4,041
598
790298
766
0
2,000
4,000
6,000
8,000
10,000
NormalisedheadlineearningsFY2006
Impala IRS Zimbabweoperations
Marula Other NormalisedheadlineearningsFY2007
Normalised headline earnings by entity
Rm
Up123%
18
Cash net of all debt
0
1,000
2,000
3,000
4,000
FY03 FY04 FY05 FY06 FY07
Rm
10
Empowering our people,growing our production
Operational review
20
Group safety
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
FY03 FY04 FY05 FY06 FY07
Fatal injury frequency rate(per million man hours)
0.00
0.04
0.08
0.12
0.16
0.20
0.24
0.28
0.32
Gol
d Fi
elds
Angl
oGol
d
Nor
anda
SA P
tin
dust
ry
Impl
ats
BHPB
Rio
Tin
to
Angl
oAm
eric
an
Xstr
ata
11
21
Group safety
0
1
2
3
4
5
6
FY03 FY04 FY05 FY06 FY07
Lost-time injury frequency rate(per million man hours)
0
3
6
9
12
15
Gol
d Fi
elds
SA P
tin
dust
ry
Angl
oGol
d
Nor
anda
Angl
oA
mer
ican
BHPB
Xstr
ate
Impl
ats
Rio
Tin
to
22
Group tonnes milled
000t FY2007 FY2006 % change
Group* 20,732 20,197 3
Impala 16,302 16,441 (1)
Marula 1,450 971 49
Mimosa 1,692 1,532 11
Zimplats 2,133 2,019 6
* Group includes 50% of Mimosa
12
23
Group refined platinum production
000 oz FY2007 FY2006 % change
1,055
61
69
91
Other IRS 750 529 42
Group 2,026 1,846 10
(6)1,125
37
66
65
5
289
Impala
Marula
Mimosa
Zimplats
24
Group cost per platinum ounce
R/oz FY2007 FY2006 % change
(Refined) 5,612
(In concentrate)
(In concentrate)
(In matte)
Group* (Refined) 5,921 4,890 (21)
8,500
5,413
7,033
4,584
9,443
5,133
6,302
(22)
10
(6)
(12)
Impala*
Marula*
Mimosa
Zimplats
* Excludes share based payments
13
25
Group operating margins
% FY 2007 FY 2006 % change
Impala 62 53
19
42
5314
42
16
Marula 46 150
Zimplats 55 31
Mimosa 69 31IRS 13 (8)
Group 46 10
26
Impala
Production update
Future production
New shafts on schedule
Smelter and Refineries expansions to 2.8 million
ounces approved
14
27
Progress on turnaround plan
Focus on people
• Retention strategy - salary adjustments• Bonus scheme - efficiencies up 10%• Accommodation strategy - better living conditions• ESOP - all employees shareholders• Two year wage settlement• CEO Roadshow - improved communication
Motivated employees
28
Production parameters
40,000
45,000
50,000
55,000
60,000
65,000
Jan-Apr 07 May-Aug 07
Up10%
Tonnes per shiftTonnes
3.52
3.62
3.72
3.82
3.92
4.02
FY05 FY06 FY07 Final quarterFY07
Gradeg/t
15
29
Marula
Safety satisfactory
Tonnes milled up 49% and platinum production up 63% to 65,200 ounces
Unit costs decline as production builds up
Conversion to conventional mining ahead of schedule
Feasibility study on Merensky Reef project under way
30
Afplats
R4.2 billion acquisition of Afplats with an effective 74%
stake in the Leeuwkop project
Development to begin in FY2008
Capital expenditure of R3 billion over the next five years
Production of 160,000 ounces of refined platinum per
annum scheduled for 2013
16
31
Two Rivers
Production of 87,900 ounces of platinum in concentrate
in FY2007
Ramp up to full production of 120,000 ounces of refined
platinum scheduled for FY2009
Second decline being developed
32
Zimplats
Excellent safety performance
Record platinum production of 96 500 ounces of
platinum in matte
Portal 2 underground mine at full production
Opencast operation to be closed during FY2008
Phase 1 expansion to 160 000 ounces of refined
platinum per annum by FY2010 has commenced
17
33
Mimosa
Safety disappointing
8.3% increase in platinum production to 78,200 ounces
in concentrate
Mill failure led to lower than anticipated production
Wedza Phase V expansion to 95,000 ounces of refined
platinum per annum in January 2008
34
IRS
Record platinum production of 971 000 ounces of
platinum, an increase of 35%
Gross profit increased by 102% to R1.79 billion
18
35
Implats scorecard
Safety
Production/growth
- Implats
- Impala
- Afplats
☺
☺Unit cost control
Licence conversions
BEE ownership ☺Returns to shareholders ☺
Empowering our people,growing our production
Growth
19
37
5 year capex plan
0
500
1000
1500
2000
2500
3000
FY07 FY08 FY09 FY10 FY11 FY12 FY130
1500
3000
4500
6000
7500
IRS Other
Eastern Limb
Zimbabwe
Western Limb
AfplatsMarula MerenskyZimplats Phase 1Refinery expansionSmelter expansionMaintenance capex
RmOz000
38
Conclusion
Fundamentals for PGMs remain solid going forward
Growth profile enhanced to 2.5 million ounces by FY2012
Safety remains a priority
20
Empowering our people,growing our production
Annual Results FY2007
