IMPLATS Rm Rm Rm Rm Rm

2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
Balance Current Assets 17979 13688 14796 12828 11500 2.79 2.25 2.27 2.22 2.26 Current Ratio Liquidity Ratio
Balance Current Liabilities 6447 6076 6514 5766 5092 1.44 1.09 1.43 1.29 1.42 Quick Ratio Liquidity Ratio
Balance Inventory 8684 7081 5471 5382 4248
Balance Total Debt (Non Current + Current) 26103 20152 17994 16838 14877 48.46 71.62 52.69 51.47 54.55 Avg Collection Activity Ratio
Balance Total Assets 80719 72627 67604 62571 57680 2.88 3.01 4.05 3.32 3.97 Inventory TurnoActivity Ratio
Balance Total Equity 54616 52475 49610 45733 42803
Income SEBIT (Profit before Interst and Tax) 3004 6555 10091 7544 9562 0.60 0.62 0.89 0.75 0.86 Fixed Assets Tu Activity Ratio
Income SInterst Paid 453 305 530 319 169 0.37 0.38 0.49 0.41 0.45 Total Assets Activity Ratio
Balance Accounts Receivable 3987 5414 4783 3588 3904
Income SSales 30032 27593 33132 25446 26121 16.82 22.67 33.19 29.74 35.47 Gross Profit MarProfitability Ratio
Income SCost of Sales 24980 21337 22135 17879 16856 3.58 15.58 20.55 18.84 22.99 Net Profit MargProfitability Ratio
Balance Fixed Assets 50263 44463 37431 33940 30518 1.33 5.92 10.07 7.66 10.41 ROA Profitability Ratio
Income SNet Profit 1075 4299 6810 4794 6004 1.97 8.19 13.73 10.48 14.03 ROE Profitability Ratio
Balance Stock Holders Equity 54616 52475 49610 45733 42803
32 28 27 27 26 Debt Ratio Finance Leverage Ratio
48 38 36 37 35 Debt to Equity Finance Leverage Ratio
7 21 19 24 57 Times Int. earn Finance Leverage Ratio

67.66 72.25 73.38 73.09 74.21

ANNEXURE 2
Consolidated statement of financia
2009 - 2013
2013
Avearage Change Rm % Change
Assets
Non-current assets
Property, plant and equipment 51% 2% 45,969 57% 6%

Exploration and evaluation assets 6% -1% 4,294 5% 0%

Intangible assets 1% -1% - 0% 0%
Investment in associates 1% 0% 1,136 1% 0%
Deferred tax 0% 0% 118 0% 0%

Available-for-sale financial assets 0% 0% 49 0% 0%

Held-to-maturity financial assets 0% 0% 32 0% 0%

Loans 0% -1% 287 0% 2%
Receivables and prepayments 19% -2% 10,855 13% -4%
79% -3% 62,740 77.7% 3%
Current assets 0% 0% 0%
Inventories 9% 1% 8,684 11% 2%
Trade and other receivables 6% -2% 3,459 4% -1%
Loans 0% -1% 21 0% 1%
Prepayments 0% 0% 507 1% 1%
Cash and cash equivalents 5% 5% 5,308 7% -5%
21% 3% 17,979 22% -3%
Total assets 100% 0% 80,719 100% 0%
Equity and liabilities
Equity attributable to owners of
the Company
Share capital 22% -2% 15,493 19% 0%
Retained earnings 48% -4% 35,387 44% -2%
Other components of equity 0% 1% 1,157 1% 1%
-5% 52,037 64% -1%
Non-controlling interest 3% 0% 2,579 3% 0%
Total equity 72% -5% 54,616 68% -1%
Liabilities
Non-current liabilities
Deferred tax liability 13% 0% 10,917 14% 1%
Long-term borrowings 4% 5% 7,259 9% 1%
Long-term liabilities 1% 0% 689 1% 0%
Long-term provisions 1% 0% 791 1% 0%
19% 5% 19,656 24% 2%
Current liabilities
Trade and other payables 7% -1% 4,544 6% -2%
Current tax payable 0% 0% 508 1% 0%
Short-term borrowings 0% 0% 252 0% 0%
Short-term liabilities 0% 0% 332 0% 0%
Bank overdraft 0% 0% 811 1% 1%
0% 6,447 8% -1%
Total liabilities 28% 5% 26,103 32% 1%
Total equity and liabilities 100% 0% 80,719 100% 0%
The notes on pages 119 to 189 are an integral part of these consolidated financial statements.

COMMENT

Non-current Assets as a percentage of Total Assets decreased by 0.7% on average for the past 5 years
Current Assets as a percentage of Total Assets increased by 3.36% on average for the past 5 years
Totat equity as a percentage of total assets decreased by 2.25% on average for the past 5 years
Non-current Liabilities as a percentage of total assets inreased by 9.97% on average for the past 5 years
Current Liabilities as a percentage of total assets inreased by 6.01% on average for the past 5 years
d statement of financial position

2012 2011 2010 2009

Rm % Change Rm % Change Rm % Rm

40,169 55% 2% 33,137 49% 2% 29,646 47% 26,244

4,294 6% -1% 4,294 6% -1% 4,294 7% 4,294

1,018 1% 0% 1,018 2% 0% 1,018 2% 1,018
1,021 1% 0% 904 1% 0% 934 1% 983
- 0% 0% - 0% 0% - 0% -

32 0% 0% 15 0% 0% 14 0% 18

49 0% 0% 61 0% 0% 56 0% 51
1,227 2% 0% 0% 0% - 0% -
11,129 15% -2% 13,379 20% -2% 13,781 22% 13,592
58,939 81.2% -1% 52,808 78% -1% 49,743 1 46,180
0% 0% 0% 0% 0%
7,081 10% -1% 5,471 8% 1% 5,382 9% 4,248
4,305 6% 1% 4,783 7% -1% 3,588 6% 3,904
538 1% 0% 0% 0% - 0% -
571 1% 0% 0% 0% - 0% -
1,193 2% 1% 4,542 7% 0% 3,858 6% 3,348
13,688 19% 1% 14,796 22% 1% 12,828 21% 11,500
72,627 100% - 67,604 100% 0% 62,571 100% 57,680

15,187 21% -2% 14,228 21% -2% 14,151 23% 14,069

34,949 48% 3% 34,136 50% 1% 30,017 48% 27,222
32 0% -1% - 801 -1% 0% - 376 -1% - 352
50,168 69% 0% 47,563 70% -1% 43,792 70% 40,939
2,307 3% 0% 2,047 3% 0% 1,941 3% 1,864
52,475 72% 0% 49,610 73% -1% 45,733 73% 42,803

9,625 13% 0% 8,337 12% 0% 7,747 12% 6,909

2,882 4% 0% 1,698 3% 0% 1,827 3% 1,778
812 1% 0% 831 1% 0% 899 1% 1,098
757 1% 0% 614 1% 1% 599 1% -
14,076 19% -1% 11,480 17% 1% 11,072 18% 9,785

4,858 7% 0% 5,656 8% 0% 5,130 8% 4,634

176 0% 0% 226 0% 0% 24 0% 36
121 0% 0% 144 0% 0% 301 0% 207
315 0% 0% 488 1% 0% 311 0% 215
 606 1% 0% - 0% 0% - 0% -
6,076 8% 0% 6,514 10% 0% 5,766 9% 5,092
20,152 28% 0% 17,994 27% 1% 16,838 27% 14,877
72,627 100% 0% 67,604 100% 0% 62,571 100% 57,680

he past 5 years

the past 5 years

past 5 years
2009
%

45%

7%
2%
2%
0%

0%

0%
0%
24%
80%
0%
7%
7%
0%
0%
6%
20%
100%
0%

0%
24%
47%
-1%
71%
3%
74%

12%
3%
2%
0%
17%

8%
0%
0%
0%
 0%
9%
26%
100%
ANNEXURE 2
IMPLATS Integrated Report 2013
Five-year Performance to the year ended 30 June 2013

Statement of Comprehensive Income

(Rand Million) Average Change 2013
Revenue 100% 0% 30,032 100% Change
Platinum 61% -1% 18,215 61% 2%
Palladium 12% 3% 5,125 17% 0%
Rhodium 13% -2% 1,766 6% -3%
Nickel 7% 0% 2,122 7% 0%
Other 7% 1% 2,804 9% 1%
Cost of Sales -72% -6% -24,980 -83% -11%
On-mine operations -34% -5% -12,566 -42% -7%
Processing operations -9% -1% -3,200 -11% -2%
Refining operations -3% 0% -941 -3% -1%
Selling and administration -2% 0% -732 -2% -1%
Share-based payments 0% -1% 98 0% 1%
Chrome operations 0% 0% -137 0% 0%
Depreciation -5% -2% -2,424 -8% -2%
Metals purchased -21% 3% -6,571 -22% -4%
Charge in inventories 2% 0% 1,493 5% 5%
Gross profit 28% -6% 5,052 17% -11%
Royalty expense -2% 0% -764 -3% 0%
Finance income - (net) 0% -1% -230 -1% 1%
Net foreign exchange transaction (losses)/gains 0% -1% 207 1% 3%
Other (Expenses)/Income 0% -3% -859 -3% 1%
Share of profits of associates 0% 0% 163 1% 0%
BEE compensation charge 0% 0% - 0%

(Loss)/profit fromsale of investments/subsidiaries 0% 0% - 0%

Impairment of assets/reversal of impairments of
assets (Goodwill) -2% -3% -1,018 -3% 0%
Profit before tax 26% -14% 2,551 8% -6%
Income tax expense -9% 2% -1,476 -5% 1%
Profit for the year 17% -12% 1,075 4% -5%

COMMENT

Cost of sales as a percentage of sales increased by 7% for 5 year average

Gross profit as a percentage of sales decreased by 16% for 5 year average
Net profit as a percentage of sales decreased by 28% for 5 year average
 2012 2011 2010 2009
27,593 100% Change 33,132 100% Change 25,446 100% 26,121
16,962 61% -2% 19,710 59% 0% 15,547 61% 15,996
3,990 14% 4% 4,714 14% 4% 2,679 11% 1,779
2,236 8% -4% 3,523 11% -6% 3,683 14% 5,240
2,087 8% 1% 2,593 8% 1% 1,840 7% 1,500
2,318 8% 1% 2,592 8% 1% 1,697 7% 1,606
-21,337 -77% 3% -22,135 -67% -6% -17,879 -70% -16,856
-10,213 -37% 3% -9,952 -30% -3% -8,490 -33% -7,819
-2,777 -10% 1% -2,601 -8% -1% -2,257 -9% -1,962
-883 -3% 0% -826 -2% 0% -731 -3% -645
-734 -3% 0% -613 -2% 0% -539 -2% -556
373 1% 2% 51 0% -4% -385 -2% 717
- 0% - 0% -
-1,708 -6% 0% -1,372 -4% -1% -1,083 -4% -979
-6,855 -25% 1% -6,835 -21% -7% -5,522 -22% -3,867
1,460 5% -4% 13 0% 11% 1,128 4% -1,745
6,256 23% 3% 10,997 33% -6% 7,567 30% 9,265
-664 -2% 0% -804 -2% 0% -536 -2% -442
9 0% -1% -187 -1% -3% 2 0% 794
520 2% -2% -448 -1% 1% 52 0% -211
12 0% -1% -233 -1% 0% 55 0% -54
117 0% 0% 238 1% 0% 95 0% 41
- 0% - 0% -

- 0% -2 0% 0% -10 0% -

- 0% - 0% -
6,250 23% 0% 9,561 29% -8% 7,225 28% 9,393
-1,951 -7% 1% -2,751 -8% 3% -2,431 -10% -3,389
4,299 16% 2% 6,810 21% -4% 4,794 19% 6,004
2009
100%
61%
7%
20%
6%
6%
-65%
-30%
-8%
-2%
-2%
3%
0%
-4%
-15%
-7%
35%
-2%
3%
-1%
0%
0%
0%

0%
36%
-13%
23%
ANNEXURE 1

RATIO ANALYSIS Impala Platinum Holdings Limited (Implats)

2013 2012 2011 2010 2009

LIQUIDITY RATIOS
Current Assets 17,979 13,688 14,796 12,828 11,500
CURRENT RATIO = 2.79 2.25 2.27 2.22 2.26
Current Liabilities 6,447 6,076 6,514 5,766 5,092
Current Assets - Inventory 9,295 6,607 9,325 7,466 7,252
QUICK RATIO = 1.44 1.09 1.43 1.29 1.42
Current Liabilities 6,447 6,076 6,514 5,766 5,092

LEVERAGE RATIOS
Total Debt 26,103 20,152 17,994 16,838 14,877
DEBT RATIO = x 100 0.32 32.34% 0.28 27.75% 0.27 26.62% 0.27 26.91% 0.26 25.79%
Total Assets 80,719 72,627 67,604 62,571 57,680
Total Debt 26,103 20,152 17,994 16,838 14,877
DEBT-TO-EQUITY RATIO = x 100 0.48 47.79% 0.38 38.40% 0.36 36.27% 0.37 36.82% 0.35 34.76%
Total Equity 54,616 52,475 49,610 45,733 42,803
Profit before Interest and Tax (EBIT) 3,004 6,555 10,091 7,544 9,562
TIMES INTEREST EARNED RATIO = 7 21 19 24 57
Interest Paid 453 305 530 319 169

ACTIVITY RATIOS
Accounts Receivables 3,987 5,414 4,783 3,588 3,904
AVERAGE COLLECTION PERIOD = 48.46 71.62 52.69 51.47 54.55
(Sales/365) 82 76 91 70 72
Cost of Sales 24,980 21,337 22,135 17,879 16,856
INVENTORY TURNOVER RATIO = 2.88 3.01 4.05 3.32 3.97
Inventory 8,684 7,081 5,471 5,382 4,248
Sales 30,032 27,593 33,132 25,446 26,121
FIXED ASSET TURNOVER RATIO = 0.48 0.47 0.63 0.51 0.57
Fixed Assets 62,740 58,939 52,808 49,743 46,180
Sales 30,032 27,593 33,132 25,446 26,121
TOTAL ASSETS TURNOVER RATIO = 0.37 0.38 0.49 0.41 0.45
Total Assets 80,719 72,627 67,604 62,571 57,680

PROFITABILITY RATIOS
Sales-Cost of Sales 5,052 6,256 10,997 7,567 9,265
GROSS PROFIT MARGIN RATIO = x 100 0.17 16.82% 0.23 22.67% 0.33 33.19% 0.30 29.74% 0.35 35.47%
Sales 30,032 27,593 33,132 25,446 26,121
Net Profit 1,075 4,299 6,810 4,794 6,004
NET PROFIT MARGIN RATIO = x 100 0.04 3.58% 0.16 15.58% 0.21 20.55% 0.19 18.84% 0.23 22.99%
Sales 30,032 27,593 33,132 25,446 26,121

THE SALES ON INVESTMENT/ASSET Net Profit 1,075 4,299 6,810 4,794 6,004
= x 100 0.01 1.33% 0.06 5.92% 0.10 10.07% 0.08 7.66% 0.10 10.41%
RATIO (ROI/ROA) Total Assets 80,719 72,627 67,604 62,571 57,680

RETURN ON STOCKHOLDERS EQUITY Net Profit 1,075 4,299 6,810 4,794 6,004
= x 100 0.02 1.97% 0.08 8.19% 0.14 13.73% 0.10 10.48% 0.14 14.03%
(ROE) Stock Holders Equity 54,616 52,475 49,610 45,733 42,803
ANNEXURE 1

RATIO ANALYSIS

LIQUIDITY RATIOS
Current Assets
CURRENT RATIO =
Current Liabilities

Current Assets - Inventory

QUICK RATIO =
Current Liabilities

LEVERAGE RATIOS
Total Debt
DEBT RATIO =
Total Assets

Total Debt
DEBT-TO-EQUITY RATIO =
Total Equity

Profit before Interest and Tax (EBIT)

TIMES INTEREST EARNED RATIO =
Interest Paid

ACTIVITY RATIOS (ASSET

MANAGEMENT RATIOS OR
EFFECIENCY RATIOS)
Accounts Receivables
AVERAGE COLLECTION PERIOD =
(Sales/365)

Cost of Sales
INVENTORY TURNOVER RATIO =
Inventory

INVENTORY TURNOVER RATIO

DAYS IN INVENTORY
DAYS IN INVENTORY

Sales
FIXED ASSET TURNOVER RATIO =
Fixed Assets

Sales
TOTAL ASSETS TURNOVER RATIO =
Total Assets

PROFITABILITY RATIOS
Sales-Cost of Sales
GROSS PROFIT MARGIN RATIO =
Sales

EBIT
NET PROFIT MARGIN RATIO =
Sales

THE SALES ON INVESTMENT/ASSET EBIT

=
RATIO (ROI/ROA) Total Assets

RETURN ON STOCKHOLDERS EQUITY Net income

=
(ROE) Stock Holders Equity
 SAMSUNG
2017 2016 2017 2016

128,645 106,869 129,949,219 125,039,948 38.10

100,814 79,006 59,390,443 48,364,643 34.80

1.3 1.4 2.2 2.6 1.09

123,790 104,737 107,861,091 108,813,363 24.50

100,814 79,006 59,390,443 48,364,643 34.80

1.2 1.3 1.8 2.2 0.70

241,272 193,437 77,148,352 61,190,655

375,319 321,686 266,783,176 231,791,928

0.6 0.6 0.3 0.3

241,272 193,437 77,148,352 61,190,655

134,047 128,249 189,634,824 170,601,273

1.8 1.5 0.4 0.4

61,344 60,024 47,428,316 25,852,081 670581 600,341

2,323 1,456 7,938,380 9,465,864

26.4 41.2 6.0 2.7

17,874 15,754 24,486,410 21,465,585

628 591 580,307 488,968

28 27 42 44

141,048 131,376 114,307,653 106,339,183 13.60 14.40

4,855 2,132 22,088,128 16,226,585 21.30 17.70

29.05 61.62 5.18 6.55 TIMES 0.64 0.81

 13 6 71 56

229,234 215,639 211,811,887 178,473,168

246,674 214,817 136,833,957 106,751,980

0.9 1.0 1.5 1.7

229,234 215,639 211,811,887 178,473,168

375,319 321,686 266,783,176 231,791,928

0.6 0.7 0.8 0.8

88,186 84,263 97,504,234 72,133,985 19.90 17.90

229,234 215,639 211,811,887 178,473,168 41.20 35.60

38% 39% 46% 40% 0.48 0.50

48,351 45,687 32,433,262 21,853,075 8.40 4.30

229,234 215,639 211,811,887 178,473,168 41.20 35.60

21% 21% 15% 12% 0.20 0.12

48,351 45,687 32,433,262 21,853,075 5.10 4.30

375,319 321,686 266,783,176 231,791,928 116.30 104.30

13% 14% 12% 9% 0.04 0.04

48,351 45,687 32,433,262 21,853,075 5.10 4.30

134,047 128,249 189,634,824 170,601,273 43.1 43

36% 36% 17% 13% 0.12 0.10

37.20
21.10

1.76

22.80 10.7 10.9

21.10 34.80 21.10

1.08 0.31 0.52

I 8

PV 250,000
N 5 10 20
8 0.8 0.40
367,332 370,061 371,487
37.2-
 60 365
372461 0.021918
629,543
YEAR IRR 13.95% IRR 2.56% Cost of Capital 16%
FV 1.1395058 FV 1.02559855
Project A PV A Project B PV B
0 -3,500,000 3,500,000 -6,000,000 6,000,000
1 1,200,000 1,053,088 300,000 292,512 13.9506% 2.560%
2 1,200,000 924,162 700,000 665,493
3 1,200,000 811,020 1,400,000 1,297,764
4 1,200,000 711,730 1,900,000 1,717,291
5 2,300,000 2,026,940

NPV 0 NPV 0
ii) Cost of Capital 16%
Year FV FV
Project A PV A Project B PV B
0 3,500,000 3,500,000 6,000,000 6,000,000
1 1,200,000 1,034,483 300,000 258,621
2 1,200,000 891,795 700,000 520,214
3 1,200,000 768,789 1,400,000 896,921
4 1,200,000 662,749 1,900,000 1,049,353
5 0 2,300,000 1,095,060
PV of Cash Flows 3,357,817 PV of Cash Flows 3,820,168
NPV -142,183 NPV -2,179,832
Lower net Loss

NB: If involves Service Delivery in Government Dept, you would go with Project A
As it has a MIN Loss
iii) Cost of Capital 16%

Year Project A Project B

0 3,500,000 6,000,000
1 1,200,000 1,200,000 300,000 300,000
2 1,200,000 2,400,000 700,000 1,000,000
3 1,200,000 1,400,000 2,400,000
4 1,200,000 1,900,000 4,300,000
5 2,300,000
Pay Back Period 2 Year 11 Months Pay Back Period 4 Years 8.8 Months
iv) Cost of Capital 16%
FV FV
Year Project A PV A Project B PV B
0 3,500,000 3,500,000 6,000,000 6,000,000
1 1,200,000 1,034,483 300,000 258,621
2 1,200,000 891,795 700,000 520,214
3 1,200,000 768,789 1,400,000 896,921
4 1,200,000 662,749 1,900,000 1,049,353
5 0 2,300,000 1,095,060
PV of Cash Flows 3,357,817 PV of Cash Flows 3,820,168
NPV -142,183 NPV -2,179,832

Profitability Index 0.9594 Profitability Index 0.6367

To invest it needs to be more than 1