Impala Platinum

Revenue for FY24 was -19% to R86.4bn | HEPS -88% to 269c, in line with guidance, but < BB estimates of 308.4c | Sharply lower average Palladium (-39%) and Rhodium (-63%) pricing negated higher sales volumes (in the mid-teens) and the benefit of a 5.4% weaker average rand. Impairments totaled R24.4bn, driven by lower rand PGM pricing, operational changes, elevated capital expenditures & a non-cash charge for a empowerment transaction at Impala Rustenburg and Bafokeng. The company normally recommends a 30% of Free Cash Flow payout (adj. FCF was R0.5bn) but after consideration of market conditions and capital requirements, no final dividend was declared.
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