Royal Bafokeng Platinum Limited (JSE:RBP) News - Click below to view full PDF article https://senspdf.jse.co.za/documents/2022/jse/isse/rbp/H122Result.pdf Short-Form Announcement - Interim Results for the six months ended 30 June 2022 and Dividend Declaration ROYAL BAFOKENG PLATINUM LIMITED (Incorporated in the Republic of South Africa) (Registration number 2008/015696/06) JSE share code: RBP ISIN: ZAE000149936 ("RBPlat" or the "Company") SHORT-FORM ANNOUNCEMENT - CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022 AND DIVIDEND DECLARATION HIGHLIGHTS - 31.0% improvement in serious injury frequency rate - 38.1% decrease in EBITDA to R3 406.1 million (H1 2021: R5 499.1 million) - 58.1% decrease in basic HEPS to 767.3 cents (H1 2021: 1 831.9 cents) - Interim dividend declared of 245.0 cents per share - 4.5% increase in 4E ounces to 225.5koz (H1 2021: 215.7koz) - 15.2% increase in cash cost per 4E ounce to R19 183 (H1 2021: R16 649) OPERATING AND FINANCIAL STATISTICS Description Unit 30 June 2022 30 June 2021 % change Revenue R’m 8 173.4 9 584.3 (14.7) 4E ounces produced koz 225.5 215.7 4.5 Pt ounces produced koz 144.7 138.8 4.3 Cash operating cost/tonne milled R/t 1 877 1 663 (12.9) Cash operating cost/4E ounce R/oz 19 183 16 649 (15.2) Capital expenditure1 R’m 820 830 1.2 EBITDA margin % 41.7 57.4 (27.4) Earnings per share cents/ share 765.4 1 840.2 (58.4) Headline earnings per share cents/ share 767.3 1 831.9 (58.1) Dividends per share cents/ share 245.0 535.0 (54.2) 1 Total Group capital expenditure amounted to R813.4 million OVERVIEW The first half of 2022 was characterised by uncertainty and geopolitical tensions as Russia invaded Ukraine. This led to the palladium price reaching a record high in the first quarter of the year, however, PGM prices have since come down as Russia continues to supply palladium to the market. The war in Ukraine has affected global supply chains resulting in inflationary cost pressures impacting profit margins and raising fears of a global recession. The Covid-19 lockdown in China further exacerbated existing supply chain challenges. After more than two years of the Covid-19 pandemic, all indications show it is now under control. Our dedication towards health and wellness in order to maintain a safe work environment has resulted in 94% of our employees being fully vaccinated. This resulted in limited exposure to the impact of the 5th wave of Covid- 19. Although all Covid-19 restrictions have been lifted we still encourage our employees to continue taking the necessary safety precautions as we move towards returning to normality. Our continued commitment towards putting the health and safety of our people first through proactive safety initiatives can be celebrated in the historic safety milestone of achieving 3 000 000 fatality-free shifts on 3 July 2022. Our lost time injury frequency rate (LTIFR) and serious injury frequency rate (SIFR) improved by 32.5% and 31.0% respectively, however, there was an 8.7% deterioration in the total injury frequency rate (TIFR). Total reef tonnes hoisted increased by 8.1% to 2 333kt, tonnes milled by 6.7% to 2 304kt and 4E metals in concentrate by 4.5% to 225.5koz. Notwithstanding these reported increases, this overall production was not in line with our operational expectations. Performance was hampered by an increase in the number of Section 54 stoppages, Eskom electricity supply interruptions and constraints in achieving steady state production volumes at Styldrift. Operational teams have remained focused on improving efficiencies and embedding the operational maturity required to sustainably secure a cost effective and high-quality production performance in alignment with our 2022 roadmap. Our ESG commitments are central to our “More than Mining” philosophy of conducting business in a sustainable manner that has a positive impact on our employees, community and on the environment. DECLARATION OF DIVIDEND Taking into consideration the declining basket price, the uncertain demand fundamentals, global recession fears and the continuing uncertainty brought about by the M&A activity, the Board decided to adopt a conservative approach in declaring the interim dividend. The Board declared an interim gross cash dividend of 245 cents per share, equating to R711 million. The dividend was declared from retained earnings and will be subject to a dividend withholding tax of 20% for all shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. The net dividend payable to shareholders subject to the withholding tax at a rate of 20% amounts to 196.0 cents per ordinary share. The issued share capital at the declaration date is 290 334 425 ordinary shares and the Company’s tax number is 9512379166. The salient dates relating to the dividend payment are as follows: Declaration date Tuesday, 2 August 2022 Last day for trading to qualify and participate in the interim dividend Tuesday, 23 August 2022 Trading ex-dividend commences Wednesday, 24 August 2022 Record date Friday, 26 August 2022 Dividend payment date Monday, 29 August 2022 Share certificates may not be dematerialised or rematerialized between Wednesday, 24 August 2022 and Friday, 26 August 2022 both days inclusive. Any changes to the dividend instruction will be announced on the JSE Stock Exchange News Service. SHORT-FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details. Any investment decision should be based on the full announcement accessible from Tuesday, 02 August 2022, via the JSE link https://senspdf.jse.co.za/documents/2022/jse/isse/RBP/H122Result.pdf and also available on the Company’s website at https://www.bafokengplatinum.co.za/interim-results.php This short-form announcement has not been audited or reviewed by the Company’s auditors however the financial information herein has been extracted from the condensed consolidated interim financial statements which have been reviewed by KPMG Inc., who expressed an unmodified review conclusion thereon. The condensed consolidated interim financial statements and the review report can be obtained on the Company’s website https://www.bafokengplatinum.co.za/interim-results.php Copies of the full announcement may also be requested by contacting Royal Bafokeng Platinum Investor Relations by email at lindiwe@bafokengplatinum.co.za and are available for inspection at the Company’s registered office at no charge, on weekdays during office hours. Johannesburg 02 August 2022 JSE Sponsor Merrill Lynch South Africa Proprietary Limited t/a BofA Securities For further information, please contact: Lindiwe Montshiwagae Email: lindiwe@bafokengplatinum.co.za Tel: +27 (0)10 590 4510 M: + 27 (0) 82 920 7803 Thandeka Mthembu Email: thandekam@bafokengplatinum.co.za Tel: +27 (0) 10 590 4510 M: +27 (0) 72 674 9601 Date: 02-08-2022 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.