Notes

1.	General information
		Implats is a leading producer of platinum and associated platinum group metals (PGMs). The Group has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, the two most significant PGM-bearing orebodies globally.
		The Company has its primary listing on the securities exchange operated by the JSE Limited and a secondary listing on the London Stock Exchange.
		These consolidated annual financial results were approved for issue on 25 August 2011 by the Board of directors.

2.	Basis of preparation
		The consolidated financial statements have been prepared in accordance with InternationaI Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), requirements of the South African Companies Act, 2008 as amended, the AC 500 standards, as issued by the Accounting Practices Board or its successor and regulations of the JSE Limited.
		The consolidated financial statements have been prepared under the historical cost convention except for the following:
		– certain financial assets and financial liabilities are measured at fair value;
		– derivative financial instruments are measured at fair value; and
		– liabilities for cash-settled share-based payment arrangements are measured with a binomial option model.
		The consolidated financial information is presented in South African rands, which is the Company’s functional currency.

3.	Accounting policies
		The principal accounting policies applied are in terms of IFRS and are consistent with those of the annual financial statements for the previous year, except for the adoption of various revised and new standards as fully described in the Integrated Annual Report available on the Company’s website. The adoption of these standards had no material impact on the financial results of the Group.

4.	Audit opinion
		The financial statements have been audited by PricewaterhouseCoopers Inc. whose unqualified opinion is available for inspection at the registered office of Implats.


5.	Property, plant and equipment
		Year ended	Year ended
		30 June	30 June
	R millions	2011	2010
	Opening net book amount	29 646	26 224
	Additions	5 539	4 476
	Interest capitalised	1	78
	Disposals	(54)	(8)
	Depreciation	(1 372)	(1 083)
	Exchange adjustment on translation	(623)	(41)
	Closing net book amount	33 137	29 646

6.	Capital commitment
	Capital expenditure approved at 30 June 2011 amounted to R25.5 billion (June 2010: R20.4 billion), of which R2.0 billion (June 2010: R2.6 billion) is already committed. The expenditure will be funded internally and, if necessary, from borrowings.

7.	Borrowings
	Borrowings from Standard Bank South Africa Limited:
	Loans were obtained by BEE partners to purchase a 27% share in Marula Platinum (Proprietary) Limited amounting to R771 million (June 2010: R775 million). The BEE partnership in Marula is consolidated as the loans are guaranteed by Implats. The loans carry interest at the Johannesburg Interbank Acceptance Rate (JIBAR) plus 130 (June 2010: 130) basis points and a revolving credit facility amounting to R114 million (June 2010: R117 million), which carries interest at JIBAR plus 145 (June 2010: 145) basis points. The loans expire in 2020.
	Two loan facilities from Standard Bank of South Africa Limited to finance expansion at Zimplats were obtained.
	These loans are secured by cessions over cash, debtors and revenue of Zimbabwe Platinum Mines (Pvt) Limited: Loan 1 of R542 million (June 2010: R614 million) is denominated in US$ – US$80 million (June 2010: US$80 million) and bears interest at London Interbank Offering Rate (LIBOR) plus 700 (June 2010: 700) basis points. Repayments of 12 quarterly instalments commenced in December 2009 and will be fully settled by December 2012. At the end of the period the outstanding balance amounted to R102 million (US$ 15 million) (June 2010: R485 million (US$63 million)).
	Loan 2 – a revolving credit facility of R596 million is denominated in US$ – US$88 million and bears interest at London Interbank Offering Rate (LIBOR) plus 700 basis points. The loan amortises over four years as per the relevant commitments with a final maturity date in December 2014. At the end of the period the outstanding balance amounted to R244 million (US$36 million). (2010: A rand denomination term loan facility with a balance of R490 million was repaid during this financial year).
	The total undrawn committed facilities at year-end were R3.9 billion (2010: R3.4 billion).

8.	Dividends per share
	On 25 August 2011, a sub-committee of the Board declared a final dividend of 420 cents per share amounting to R2.5 billion in respect of the financial year 2011. Secondary Tax on Companies (STC) on the dividend will amount to R252 million.
		Year ended	Year ended
		30 June	30 June
	R millions	2011	2010
	Dividends paid
	Final dividend No 85 for 2010 of 270 (2009: 200) cents per share	1 622	1 202
	Interim dividend No 86 for 2011 of 150 (2010: 120) cents per share	897	718
		2 519	1 920

9.	Contingent liabilities and guarantees
	The Group has a contingent liability of US$36 million for Additional Profits Tax (APT) raised by ZIMRA (Zimbabwe Revenue Authority) consisting of an additional assessment of US$27 million in respect of the tax period 2007 to 2009 and a current APT amount of US$9 million based on the assumption that this amount would be payable should the Zimplats appeal against the ZIMRA interpretation of the APT provisions fail in the Special Court of Tax Appeals. Management, supported by the opinions of its tax advisors, strongly disagrees with the ZIMRA interpretation of the provisions. At year-end the Group had bank and other guarantees of R606 million (2010: R600 million) from which it is anticipated that no material liabilities will arise.

Condensed audited consolidated annual results Year ended 30 June 2011

Notes