Welcome to the webcast presentation of our results for the year ended 30 June 2023. I am Nico Muller, the CEO of Implats. This presentation aims to provide a high-level overview of the group's performance over the financial year. Before we begin, I draw your attention to our normal disclosure statement pertaining to any forward-looking statements that may be made today. I will start today's presentation with an overview of the group's performance, including safety and the key features. This will lead into a more detailed account of the operational performance of the group presented by Patrick Morutlwa, our Group Chief Operating Officer, followed by the financial results presented by Meroonisha Kerber, our Chief Financial Officer, and Sifiso Sibiya, our Group Executive: Refining and Marketing, who will provide an overview of the PGM market before I finish off with our outlook for financial year 2024. Our operational flexibility, resilience, and strong cost controls enabled Implats to navigate a series of domestic and regional challenges which compounded the effects of a softening dollar price for our key commodities, the depreciation of the rand, and persistent inflation. Implats improved its safety metrics and its sustainability journey gained momentum. Standout operational performances were delivered at Impala Canada, Zimplats, and Impala Rustenburg. After a protracted process of corporate action, we secured full ownership of RB Plat with our offer closing post year-end and a delisting scheduled for mid-September. Group profitability and free cash flow generation retraced. However, our balance sheet remains in a strong net cash position, and we have maintained our commitment to deliver shareholder returns despite the significant allocation of cash towards the acquisition of RB Plat. Our strategy serves to achieve our purpose. While securing ownership of RB Plat is undoubted highlight of the year, I'm exceptionally proud of the progress our team has delivered in several key focus areas. Our commitment to sustainable development is evident in our social and environmental performance, while our safety, production, and cost performance was notable in the face of a challenging operating context. We have strengthened our executive team, reflecting the changing scope of our portfolio and key focus areas. A long list of accolades from a variety of reputable surveys and agencies provide external acknowledgment and affirmation of our long-held and fierce commitment to the highest standards of governance. Our portfolio is well-positioned to deliver value through the cycle. Our balance sheet is strong and flexible, and we have plans in place to respond timeously and appropriately where required to the current reality of a softer rand PGM pricing. Safe production remains the group's foremost priority, and we remain committed to our goal of achieving zero harm to the health and safety of employees and contractors. It is therefore with great sadness that we report five employee fatalities at our managed operations during the period, with a further fatality at Two Rivers Platinum Mine. We mourn the passing of our team members and extend our sincere condolences to their families, friends, and colleagues. We made pleasing progress across all safety metrics and delivered a 7% improvement in our lost time injury frequency rate and 13 out of the group's 18 operations finished the year with millionaire or multimillionaire status in terms of fatality-free shifts. Implats is committed to embedding sustainability into the way it works and applying industrial leading ESG practices. Our achievements during the year were anchored by a sound environmental and social performance and an increase in capital allocation to ESG projects. We published our first supplementary report on climate-related risks and opportunities in line with the recommendations of the TCFD. We emitted less carbon and improved our energy use intensity, while our water recycling and reuse of 52% was stable year on year. Our first solar project in Zimbabwe is on track for commissioning in financial year 2024, and we have initiated feasibility studies for further installations at both Impala Rustenburg as well as Marula. In South Africa, Implats contributed to mine community well-being through improved healthcare services and directly providing sustainable food security solutions and agricultural programs to address household food security. Through community education and skills development programs, we supported 55 schools and more than 14,800 learners while completing five key school infrastructure projects during the year. Inclusive procurement and strengthening mine host community SMMEs remain key priorities, and we continued to deliver on our industry-leading housing and homeownership programs. Our operations faced several challenges during the period. However, strong delivery from Impala Canada, Impala Rustenburg, and Zimplats offset the impact of lower received third-party ounces, and we delivered a 2% increase in Group 6E production of 3.25 million ounces. The increased severity and duration of power curtailments was the key driver of the 4% decline in refined and saleable 6E production of 2.96 million ounces. Mining inflation was fueled by increases in consumables and utilities and was compounded by the impact of ZAR depreciation and the translation of USD cost base at our Canadian and Zimbabwean operations. Spend on our project suite of life of mine extension, growth, beneficiation, and decarbonization projects accelerated in the period with a 27% increase in capital expenditure incurred of ZAR 11.5 billion. Precious metal pricing continues to be heavily influenced by the global macroeconomic outlook and simplistically the outlook for the U.S. interest rates. The decline in USD pricing has taken place despite the context of a robust medium-term outlook for our primary products, as discounted metal flows from Russia and destocking by auto OEMs and industrial end users have caused pricing dislocation, which have been worsened by the impact of speculative flows in both platinum and palladium. The combined impact of weaker sales volumes and lower received ZAR pricing was a 10% decline in Group revenue, and Implats delivered an EBITDA of ZAR 36 billion at a 34% margin. We generated free cash flow of ZAR 14.2 billion and closed the period with gross cash of ZAR 26.8 billion, with ZAR 11.5 billion of that balance earmarked for the conclusion of the RB Plat acquisition in early financial year 2024. The achieved economics of our operations were robust, despite operational headwinds and prices softening from those realized in the prior year. Our reported results were negatively impacted by a series of accounting adjustments, which Meroonisha will expand on in more detail later in the presentation. Securing outright ownership of RB Plat marks an important milestone for Implats after a process that was lengthy and contentious. Through a series of short, medium, and long-term priorities, the group looks forward to delivering meaningful value from RB Plat as we seek to optimize the current performance, deliver on the latent production potential, and secure the significant synergies available across the contiguous ore bodies and operations of Impala Rustenburg and RB Plat. Our immediate focus is on the rapid and effective integration of RB Plat into the group. We acknowledge the recent disappointing performance of RB Plat, which has lagged both expectations and potential during the lengthy period of uncertainty associated with the corporate action. We are now finally in a position to provide meaningful technical support, guidance, and oversight with an immediate focus on milled throughput and processing constraints and ramping up mine volumes from Styldrift, which have stalled of late due to operational challenges. In the coming months, we will optimize, finalize, and implement projects aimed at extending the life of mine at both 6 and 20 shafts with a concurrent rationalization of preexisting royalty regimes and progress discussion with Anglo Platinum on the timing and quantum of adjustments in concentrate offtake agreements. In the longer term, we plan to scope and execute plans that optimize shared overhead costs across our Rustenburg operations while increasing and extending the production output of the combined asset base. We have a multi-billion, multi-year capital investment program to extend life of mine development at several of our operations, increase beneficiation capacity, ensure regulatory compliance, and deliver mine-to-market production growth. The projects under study and in the implementation at our integrated processing assets will reduce the group's processing environmental footprint and directly increase local beneficiation. I will now hand over to Patrick Morutlwa, who will take you through the operational performance. Thank you, Nico. Our operations navigated a series of challenges to deliver incredible production and cost performance. We benefited from reduced interruptions from community disruptions and safety stoppages at Impala Rustenburg, and Impala Canada delivered excellent volume gains as operational momentum gained pace. Production from our managed operations rose 6%, while volumes at our JV operations at Mimosa and Two Rivers were broadly in line with the prior period. During the year, two long-term IRS contracts concluded, while several operational challenges at peer group producers also contributed to a notable 18% decrease in third-party purchased ounces. As a result, our total gross 6E production volume increased by 2% to 3.25 million ounces. Capacity at our processing operations were negatively impacted by the scheduled rebuild of number four furnace and the increased frequency and duration of load curtailment. Including saleable ounces from Impala Canada and RB Plat, group refined volume declined by 4% to 2.96 million ounces. Unit costs were impacted by group mine inflation of 9% and the impact of the translation of the dollar cost base of Impala Canada and Zimplats at a weaker exchange rate. As a result, they increased by 14% to ZAR 19,834 per stock adjusted ounce. Our capital expenditure bill increased with the acceleration in investment in replacement and growth project and the impact of the rand depreciation on spend in Zimbabwe and Canada. Turning now to the specific contributions to PGM production from different operations. Impala Rustenburg increased production by 3% despite the severity and frequency of load curtailment impacting operational continuity. There were significantly fewer production interruptions as a result of community and safety stoppages in the year. Zimplats benefited from the commissioning of the third concentrator in the first quarter of the financial year, despite the impact of lower grade and regional power disruptions, delivered a 5% increase in 6E matte production. Operating momentum at Marula was negatively impacted by sporadic community unrest in the second half of the period, compounded by the impact of load curtailment, safety stoppages, and equipment breakdowns, resulting in a 7% decline from the record production achieved in full year 2022. Impala Canada delivered a 17% gain in 6E in concentrate production with increased throughput of higher grade underground ore. A maiden consolidated contribution of 43,000 6E ounces in concentrate from RB Plat was recorded for the 30 days to end June 2023. Two Rivers recorded a 2% decline in 6E in concentrate production due to safety stoppages, intermittent localized community and power disruptions, and the ongoing impact of split reef and development tonnage on milled grade. At Mimosa, 6E in concentrate volume declined by 1%. Processing and plant stability was impacted by the commissioning and optimizing of the concentrator project, changes in reagent supply, and poor water quality. The frequency and severity of regional power interruptions were a notable feature of the period. The group manages the lower stages of load curtailment by reducing power to each furnaces and concentrators with mining and hoisting volumes impacted at higher stages. These mitigating actions result in a combination of foregone and deferred production volumes. In addition to load curtailment at South African managed and JV operations, severe load shedding was experienced across Zimbabwean national grid in March 2023, while operations at Mimosa were impacted by further intermittent power outages in May and June. In total, the group estimates approximately 36,000 6E ounces of production were foregone across Southern African managed and JV operations, of which 25,000 6E and 7,000 6E ounces were attributable to Impala Rustenburg and Zimbabwean operations respectively. Cable theft, particularly the instance which resulted in power supply interruptions to the metallurgical complex in Rustenburg, accounted for a further 11,000 6E ounce foregone. Circa 101,000 6E ounces were deferred as a result of power constraint at the group's smelting operations and a consequent delay to restart the refurbished number four furnace in the fourth quarter of FY 2023. Our guidance for FY 2024 includes similar assumptions for load curtailment as those experienced in FY 2023. Meroonisha Kerber will now outline the group's financial performance for the year. Thank you, Patrick. The group's financial performance was negatively impacted by the combination of the retracement in dollar PGM pricing and lower refined sales volumes, which more than offset the positive impact of a weaker rand, resulting in lower reported revenue. Elevated inflation, the accounting impact of end-of-period inventory valuations, and the translation of the dollar cost base of Impala Canada and Zimplats at a weaker exchange rate, which offset the benefit of lower royalties and the cost of metals purchased and led to a higher cost of sales. Lastly, the impairments associated with Impala Canada and RB Plat. Collectively, these factors resulted in a decline in EBITDA to ZAR 36 billion and lower basic and headline earnings of ZAR 5.77 and ZAR 22.11 respectively. Looking more closely at the key accounting adjustments during the period. We gained control of RB Plat and triggered the consolidation of its results from the 1st of June. This in turn triggered a loss on reclassification of the investment in RB Plat from an associate to a subsidiary of ZAR 1.8 billion. In addition, we impaired goodwill arising on the consolidation of RB Plat, resulting in a once-off charge of ZAR 4.2 billion in the period. During the year, the purchase of approximately 18.6% of RB Plat resulted in a cash outflow of ZAR 4.9 billion. Post year-end, a further cash consideration of ZAR 11.1 billion was paid to acquire approximately 42.5% of the remaining RB Plat shares upon closing of the mandatory offer. At Impala Canada, the impact of the material decline in the palladium pricing profile, higher prevailing inflation and interest rates, which in turn led to a higher discount rate, resulted in a ZAR 10.9 billion pre-tax impairment of their asset value. Finally, the sharp decline in rhodium pricing towards the end of June resulted in a write-down of inventory to net realisable value with a ZAR 2.9 billion pre-tax impact on reported earnings. Group stock adjusted unit cost increased by 14% or ZAR 2,470 per 6E ounce. Group mining inflation of 9% at our managed operations contributed ZAR 1,601 per ounce, while the translation of the dollar cost base of Impala Canada and Zimplats at a weaker exchange rate contributed a further 3% or ZAR 599 per ounce. Additional maintenance costs, higher mine volumes at Zimplats and Impala Canada, and the impact of lower grades and recoveries contributed a further ZAR 354 per ounce to the reported increase. The unit cost for FY 2023 includes the final discretionary bonus payment of ZAR 206 per 6E ounce, which is not expected to recur in FY 2024. Excess stock increased to 245,000 ounces from 40,000 ounces over the period as a result of scheduled maintenance at our number four furnace and unplanned minor repairs to the number three furnace, delays in the restart of both of these furnaces due to power constraints, and the increased severity and duration of load curtailment, particularly in the second half of the year. We expect excess stock to increase by a further 100,000 ounces in FY 2024 as a result of allowances for load curtailment to persist at similar levels experienced in the period, and the scheduled rebuild of the number five furnace in the second half of the year. The accumulated inventory will then be released over a two-year period as smelting capacity is increased by the commissioning of the new Zimplats furnace and the scheduled rebuilds are completed. Maintaining an optimal capital structure and a strong and flexible balance sheet through the cycle remains a key strategic priority for Implats. Cash generation remained elevated in FY 2023, albeit skewed to our first half, with free cash flow generation of ZAR 14.2 billion in the period. Capital expenditure increased by 27% as spend on our replacement and expansion projects accelerated, and capital expenditure at Canada and Zimbabwe was impacted by ZAR depreciation during the period. Prepayments related to capital projects increased by a further ZAR 1.3 billion. Dividend payments of ZAR 13.6 billion were made in the year, including ZAR 1.2 billion paid to minority shareholders of Zimplats and Marula, while ZAR 3.3 billion in finance income and dividends from our JVs and associates was received. Take on net cash on the consolidation of Royal Bafokeng Platinum amounted to ZAR 3.8 billion, with ZAR 4.9 billion spent on the acquisition of Royal Bafokeng Platinum equity during the period. Post year-end, circa ZAR 11.1 billion of the closing net cash balance of ZAR 25.3 billion was utilized on completing the acquisition of Royal Bafokeng Platinum. Our committed RCF facility of ZAR 6.5 billion and $94 million, and the Royal Bafokeng Platinum RCF of ZAR 2 billion remained undrawn at year-end, resulting in closing liquidity headroom of ZAR 37 billion. Our capital allocation framework aims to deliver, sustain, and grow meaningful value for all stakeholders. We adjust free cash flow in each period for non-discretionary outflows and add back expansion capital. We then allocate the resultant free cash across three broad pillars of balance sheet strength, growth and investment, and shareholder returns. Implats generated a total of ZAR 16.6 billion of adjusted free cash flow in the period. 43% of free cash was allocated to growth and investment in the period, including investment in Royal Bafokeng Platinum, expansion capital, and our contribution to AP Ventures. 19% was retained for balance sheet strength, with ZAR 600 million used to fund our environmental rehab obligation and ZAR 2.6 billion accumulated to support the balance sheet post the planned outflows associated with completing the RBPlat acquisition. 38% of free cash flow was allocated to shareholder returns, of which 30% was allocated to the interim and final dividend in line with our minimum dividend policy as we maintained our commitment to sustainable returns through the cycle. Sifiso will now discuss the PGM market. Thank you, Meroonisha. Several revisions to focus PGM supply and demand have already been required in 2023. Primary supplies continues to be challenged by the South African operating environment, while processing maintenance will result in lower than expected Russian supplies. Focus for secondary flows continue to be downgraded as scrap collections fall short of expectations in the face of rising interest rates, increasing regulatory scrutiny, and still weak new vehicle sales. While expectations for auto production and sales have enjoyed modest upgrades, focus for net metal demanded by industrial users have been adjusted down to account for the destocking of inventory. Negative revisions to the outlook for Chinese jewelry demand have largely been countered by a stronger than expected performance in India, the U.S., and Europe. Investment demand has been mixed, while Western world bar and coin demand has proved resilient. Japanese investors have maintained their price elasticity of demand with limited net purchases in 2023. Exchange-traded funds investments have been patchy, with a flurry of South African purchases largely neutralized by profit-taking in the final weeks of our financial year. Our forecasts indicate fundamental deficits for each of the PGMs in 2023. However, the potential impact and the pattern of industrial and auto OEM destocking, particularly in rhodium, will likely heavily influence physical market tightness and hence pricing during the year. The platinum market remains in a modest pre-investment surplus, with the underlying auto, industrial, and jewelry demand insufficient to absorb primary and secondary refined supply. Pricing remains heavily dependent on a macroeconomic news flow in general and the trajectory of the U.S. dollar and the gold price. Perceived palladium supply risk has dissipated materially since the advent of the Ukraine conflict, while rising electrification of the global light-duty vehicle fleet and a soft outlook for global growth is weighing on investor sentiment despite the outlook for tight medium-term markets. This has resulted in short positioning on the NYMEX and downward pricing pressure for palladium. Rhodium continues to be negatively impacted by soft spot demand from Chinese fabricators due to a slower-than-expected recovery in economic activity on the easing of COVID policies, the destocking of inventory by domestic fiberglass manufacturers facing financial difficulties, elevated levels of inventory at OEMs, and increased flows of Russian metal to Asia. Rhodium is a small and illiquid market, and the availability of excess stock resulted in a rapid decline in the pricing on limited volumes of traded metal. The global light vehicle market remains on an improving path, with recent seasonally adjusted selling rates indicating a much firmer performance in 2023. The semiconductor chip shortage continues to be the primary factor determining market sizes, especially in the major markets of Europe and North America. Recovery in the global medium and heavy truck market is also expected to take place in 2023. Last year's sharp drop was driven mainly by the COVID-19 shocked Chinese market, which is now normalizing. PGM demand will benefit from the continued recovery in production volumes. However, platinum will outperform due to growth in the truck market, which is dominated by diesel powertrains, and increased levels of switching platinum for palladium in the light-duty vehicle gasoline market. Global jewelry demand has recently been characterized by the divergence in performance and expectations in the Chinese market, where manufacturing demand was eroded by a confluence of competitive forces relative to the strong growth in the Indian market and better-than-expected resilience and latent growth potential from major markets in the U.S., Europe, and Japan. In total, our medium-term outlook for jewelry continues to indicate market dominance shifting away from China with a strong U.S. and increasing Indian market. This provides resilient and meaningful stability to the outlook for this segment of demand in our modeling. The development of a hydrogen economy and the latent potential of takes for PGM underpins our long-term view of future demand and the continued role our primary products will play in a changing world. Implats believes evolving demand from electrolyzers and fuel cells will be augmented by that from adjacent and associated technologies and processes and enabling new and diversified uses for PGMs. We continue to forecast robust medium-term demand for both palladium and rhodium, while the platinum market is set to grow from strength to strength, benefiting from the diversity of its use and the growth potential of the emerging hydrogen economy. The rapid regression in PGM pricing, despite this healthy demand outlook, will result in a keen focus on cost and capital plans across the industry, and we expect negative revisions to production profiles as projects are slowed and rescoped in response to margin contraction. The fall in rhodium pricing has consequences for the economic viability of the UG2 production base, which has been the focus of production upgrades and life extension in the recent past. With that, I will hand over to Nico to conclude this presentation. Thank you. Thank you, Sifiso. The uncertain macroeconomic environment and the material decline in dollar PGM pricing has heralded a period of rapid margin compression across the sector, which requires decisive action and focus to preserve business sustainability. We have reviewed each of our operations in the context of current pricing and aligned operating and capital to ensure an appropriate response to the current reality. Our ability to do this is underpinned by our prudent approach to balance sheet management, capital allocation, and our investment framework, which have collectively guided the current capital expenditure profile. It is imperative that each operation generates positive margins through the cycle. The near-term focus at RB Plat is to optimize costs, improve metallurgical performance, deliver the stage of ramp-up, and implement the medium and long-term initiatives to realize the synergies provided by the acquisition. Teams are also working to secure sustainable value proposition for Impala Canada, underpinned by the volume gains and operating momentum established in financial year 2023, with a specific target on mining from higher grade areas. Group production in financial year 2024 will be supported by volume gains from increased milling capacity at Zimplats and Two Rivers. Concentrate volumes from RB Plat will materially alter the production profile for the group, while third-party receipts reflect expecting volumes from pre-existing contracts at IRS. Refined and sellable volumes will be impacted by the planned rebuild of the number five furnace, with volumes adjusted for payability at Impala Canada and RBPlat. We expect a stock build-up of circa 100,000 ounces as a result. Group 6E refined production is expected to be between 3.3 and 3.45 million ounces. Group sales are expected to be in line with refined volumes. Group unit costs are forecast to rise to between ZAR 21,000 and ZAR 22,000 per 6E ounce on a stock-adjusted basis. Our CapEx guidance reflects the continued spend on growth and replacement CapEx at the group and the inclusion of RB Plat, and is expected to increase to between ZAR 12.5 billion and ZAR 13.5 billion. This guidance includes the translation of the dollar cost base at Zimplats in Canada at an assumed exchange rate of ZAR 18.25 to the USD. This concludes our results presentation, and I thank you for taking the time to listen to this web call.
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