Anglo American Platinum will release results for the six months ended 30 June 2016 (“the period”) on the Johannesburg Stock Exchange News Service (“SENS”) on 25 July 2016.
Shareholders are referred to the Company’s trading statement released on SENS on 21 June 2016 in which the Company advised that headline earnings and headline earnings per share (“HEPS”) respectively for the period were expected to be at least 20% (R494 million or 189 cents per share) lower than for the comparative reporting period for the six months ended 30 June 2015 (“comparative period”) and that basic earnings and basic earnings per share (“EPS”) respectively for the period were also expected to be at least 20% (R489 million or 187 cents per share) lower than for the comparative period.
Following the end of the period, shareholders are advised that headline earnings and HEPS for the period are likely to decrease to between R745 million and R1,235 million (or between 70% and 50% lower than the prior year) and 285 cents and 470 cents per share (or between 70% and 50% lower than the prior year) respectively. This compares to headline earnings and HEPS of R2,471 million and 945 cents respectively reported for the comparative period.
Basic earnings and EPS for the period are likely to decrease to between R645 million and R1,130 million (or between 74% and 54% lower than the prior year) and 245 cents and 430 cents per share (or between 74% and 54% lower than the prior year) respectively. This compares to basic earnings and EPS of R2,444 million and 936 cents respectively reported for the comparative period.
The expected decrease in basic earnings and headline earnings is primarily due a higher inventory gain in the comparative period arising from the annual inventory count (equating to a gain of R1.6 billion or 599 cents per share post-tax) which was substantially higher than the inventory gain in the current period (equating to a gain of R424 million or 162 cents per share post-tax). In addition, basic earnings and headline earnings were negatively impacted by a decrease in dollar metal prices in the current period. Restructuring costs are similar for both reporting periods.
The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s external auditors.
Johannesburg
21 June 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)