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Anglo American Platinum Limited year end results 2016

15 Feb 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

(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.

For further information, please contact:

Media Investors
James Wyatt-Tilby Paul Galloway
Email: Email:
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718
Marcelo Esquivel Trevor Dyer
Email: Email:
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8992
South Africa Sheena Jethwa
Pranill Ramchander Email:
Email: Tel: +44 (0)20 7968 8680
Tel: +27 (0)11 638 2592
Ann Farndell
Tel: +27 (0)11 638 2786

Notes to editors:

Anglo American is a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world’s developed and maturing economies. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and move and market our products – from diamonds (through De Beers) to platinum and other precious metals and copper – to our customers around the world.

As a responsible miner, we are the custodians of those precious resources. We work together with our key partners and stakeholders to unlock the long-term value that those resources represent for our shareholders, but also for the communities and countries in which we operate – creating sustainable value and making a real difference.

Real Mining. Real People. Real Difference.