Anglo American Platinum Limited year end results 2016
15 February, 2017
Anglo American wishes to draw attention to Anglo American Platinum Limited’s announcement of its results for the year ended 31 December 2016. Anglo American Platinum Limited reported headline earnings of R1,867 million.
Anglo American will report underlying earnings in respect of Anglo American Platinum Limited of $65 million for the year ended 31 December 2016, which takes into account certain adjustments.
| $ million | Year ended 31.12.16 | Year ended 31.12.15 |
|---|---|---|
| Anglo American Platinum Headline earnings | 126 | (10)(1) |
| Impairment of loans(2) | - | 119 |
| Restructuring costs | 14 | 55 |
| Other adjustments | (23) | 27(1) |
| 117 | 191 | |
| Impact of Anglo American Platinum restatements(3) | (56) | 18 |
| 61 | 209 | |
| Non-controlling interests | (12) | (42) |
| Exploration | 5 | 6 |
| Elimination of intercompany interest | 72 | 67 |
| Depreciation of assets fair valued on acquisition | (16) | (22) |
| Other adjustments | (5) | - |
| Corporate cost allocation | (40) | (50) |
| Contribution to Anglo American underlying earnings | 65 | 168 |
(1)Restated.
(2)Relates to loans to Plateau Resources Proprietary Limited and Atlatsa Holdings Proprietary Limited.
(3)During the year, Anglo American Platinum Limited has identified certain computational errors affecting its results reported in prior periods, the impact of which is considered material to Anglo American Platinum Limited but is not material to Anglo American. Consequently, the affected prior period results have been restated in the individual financial statements of Anglo American Platinum Limited but have been corrected in the current year in Anglo American’s financial statements.
Anglo American will report results for the year ended 31 December 2016 on 21 February 2017. The above figures are unaudited.
Underlying earnings
Underlying earnings is profit attributable to equity shareholders before special items and remeasurements, and is therefore presented after net finance costs, income tax and non-controlling interests. Special items are those items of financial performance that the Group believes should be separately disclosed to assist in the understanding of the underlying financial performance achieved by the Group.