2023 year in review

FINANCIAL

Cash balance R1 656 million(2022: R1 269 million)

Revenue R9 244 million(2022: R7 939 million)

*EBITDA

R2 545 million

(2022: R2 141 million)

Net profit

R1 753 million

(2022: R1 410 million)

Final cash dividend

22 cps

(2022: 13 cps)

Headline earnings per share

60.1 cps

(2022: 56.4 cps)

11% increase in net cash generated from operating activities

R1 879 million

(2022: R1 698 million)

* Earnings before interest, taxation, depreciation and amortisation

SAFETY

Fatalities 2(2022: NIL)

Total recordable injury frequency rate (TRIFR)

2.34

(2022: 2.40)

OPERATIONAL

Ferrochrome sales volume

327kt

(2022: 350kt)

Ferrochrome production

300kt

(2022: 384kt)

Average ferrochrome CIF price

105 USc/lb

(2022:111 USc/lb)

Positive performance or occurrence compared to prior year

Negative performance or occurrence compared to prior year

No change in performance compared to prior year

SUCCESSES

CHALLENGES

OUR BUSINESS MODEL AND STRATEGY

extracting chrome ore from the Venture’s mines and beneficiating it in our smelters in a safe and cost-efficient manner;
investing in projects such as the Bokamoso and Tswelopele pelletising and sintering plants and the Lion ferrochrome plant phases I and II that improve the energy and cost efficiency of the Venture’s ferrochrome operations;
employing the Venture’s proprietary Premus technology to ensure that it is the lowest cost producer of ferrochrome in South Africa and, despite rising energy costs in South Africa, remains in the lowest quartile of the global ferrochrome production cost curve;
using the flexibility provided by the Venture’s variety of technologies to meet changing operating circumstances and customer requirements; and
focusing on reducing costs at the operations and head office.

The Company may also consider acquisitions outside of ferrochrome on an opportunistic basis.