Anglo American plc notification: Anglo American Platinum Limited interim results 2017
24 July, 2017
Anglo American wishes to draw attention to Anglo American Platinum Limited’s announcement of its results for the six months ended 30 June 2017. Anglo American Platinum Limited reported headline earnings of R747 million.
Anglo American will report underlying earnings in respect of Anglo American Platinum Limited of $37 million for the six months ended 30 June 2017, which takes into account certain adjustments.
| $ million | 6 months ended 30.06.17 | 6 months ended 30.06.16 | Year ended 31.12.16 |
|---|---|---|---|
| Anglo American Platinum Headline earnings | 56 | 107(1) | 126 |
| Restructuring costs | - | 14 | 14 |
| Other adjustments | (6) | (10) | (23) |
| 50 | 111 | 117 | |
| Impact of Anglo American Platinum restatements(2) | - | (41) | (56) |
| 50 | 70 | 61 | |
| Non-controlling interests | (10) | (14) | (12) |
| Exploration | 2 | 2 | 5 |
| Elimination of intercompany interest | 35 | 38 | 72 |
| Depreciation of assets fair valued on acquisition | (8) | (8) | (16) |
| Other adjustments | (13) | - | (5) |
| Corporate cost allocation | (19) | (20) | (40) |
| Contribution to Anglo American underlying earnings | 37 | 68 | 65 |
(1)Restated.
(2)During the year ended 31 December 2016, Anglo American Platinum Limited identified certain computational errors affecting its results reported in prior periods, the impact of which was considered material to Anglo American Platinum Limited but was not material to Anglo American. Consequently, the affected results for the years ended 31 December 2015 and earlier, and for the six months ended 30 June 2016, have been restated in the individual financial statements of Anglo American Platinum Limited but have been corrected in the year ended 31 December 2016 in Anglo American’s financial statements.
Anglo American will report results for the six months ended 30 June 2017 on 27 July 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.