Wrap Text
2023 Interim Results Short Form Announcement
Anglo American Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
(“The Company" or "Anglo American Platinum")
24 July 2023
Anglo American Platinum – 2023 Interim Results Short Form Announcement
Financial performance
H1 2023 overview
Key financials H1 2023 H1 2022 %
Dollar basket price per PGM ounce sold 1,885 2,671 (29)
Rand basket price per PGM ounce sold 34,764 41,132 (15)
Revenue (R billion) 64.7 85.6 (24)
Adjusted EBITDA (R billion) 13.4 42.8 (69)
Mining EBITDA margin (%) 42 59 (17pp)
Basic earnings (R billion) 7.7 26.7 (71)
Basic earnings per share (R/share) 29.40 101.25 (71)
Headline earnings (R billion) 7.9 26.7 (71)
Headline earnings per share (R/share) 29.84 101.40 (71)
Net cash (R billion) 23.9 41.8 (43)
Dividend per share (R/share) 12.0 81.0 (85)
ROCE (%) 30 150 (120pp)
Natascha Viljoen, CEO of Anglo American Platinum, commented:
“In the first half of 2023, and despite the challenging global macro-economic and operating environment, we have
achieved results in line with expectations following the change in guidance, disclosed in 2022.
Safety one of our fundamental values and is embedded in everything we do. We are consistently working towards safe,
stable, and capable operations, as this is a critical foundation for zero-harm production. In the first half, we recorded
no fatalities and reached a record low total recordable case frequency rate of 1.58 per 1 million hours worked. This
represents a year-on-year improvement of 34% and an 85% improvement from 2012.
Total PGM production from own-managed mines and owned volume from joint operations decreased by 8%, primarily
due to expected lower grade at Mogalakwena; infrastructure closures in 2022 at Amandelbult and poor ground
conditions at Dishaba; and the ramp-down of Kroondal. The decline was marginally offset by increased production from
Mototolo and Unki.
Refined production was 13% lower, primarily due to the ramp-up of the Polokwane smelter in January following its
rebuild; scheduled annual maintenance and asset integrity work at our processing operations; and the impact of Eskom
load-curtailment, which resulted in deferred production of c.66,400 PGM ounces.
Despite lower production and a 29% decrease in the PGM dollar basket price, we have delivered a robust mining
EBITDA margin of 42% and EBITDA of R13 billion.
Our strategy and our culture work together to achieve our purpose to “re-imagine mining to improve people’s lives”.
Our strategy guides our choices, and our culture enables every one of us to feel and be at our best .
We have diversified uses for our metals which include industrial, automotive, technology, battery storage, food
preservation, investments, and jewellery. Additionally, we see many other emerging uses including the development of
green hydrogen technology, which is PGM intensive.
Our four strategic priorities have positioned us to be agile in a fast-changing and complex world.
First, we continue to build on our existing areas of excellence to become a leader in ESG in the mining sector. Our
ESG plan is deeply integrated into everything that we do, and it is pleasing to see external recognition for our focus on
this critical work. I’d like to thank all our stakeholders, whose contributions have been invaluable in achieving these
results.
Second, we are building resilience across our business, with the aim of increasing our ability to thrive through major
disruptions. These initiatives are helping us facilitate the successful execution of our strategy.
Third, we will maximise value from our core portfolio of mining and processing assets. This means investing in and
deploying innovative technologies to drive efficiencies and value, with targeted investments that define the future of
our world-class assets.
Lastly, our market development work is fundamental to ensure our products have a sustainable and positive impact on
the world. We are leveraging capabilities through these activities and capturing value from adjacent value chains.
Simply put, our purpose and what we do matters.
Our disciplined capital allocation framework underpins our strategy and has demonstrated our ability to retain a strong
balance sheet and deliver consistent returns to our shareholders that can be maintained through cycles. We also
remain confident about the long-term fundamentals including our diverse suite of metals, resources, and operations.
The optionality and flexibility of our operations ensure that we can make the right decisions at the right time, and thereby
continuously strengthen our long-term cost curve position.
I want to express my heartfelt gratitude to all my colleagues for their hard work and dedication. Together, we have
delivered incredible results during particularly challenging times, from safety and operational efficiency to
environmental stewardship and community relationships. We continue to build a high-performance culture rooted in
our values, ensuring that our workplaces are physically and psychologically safe for every team member. I am
immensely proud of the work we have done, the partnerships we have built, and the significant difference you will
continue to make in people’s lives.
Every day it is a privilege to lead this exceptional business.“
Short form announcement
This short-form announcement is the responsibility of the directors. It is only a summary of the information contained
in the interim results and does not contain full or complete details. Any investment decision should be based on the
interim results accessible from Monday, 24 July 2023, via the JSE link and available on the Company’s website at
www.angloamericanplatinum.com.
This short-form announcement has not been audited or reviewed by the company’s auditors however the financial
information included herein has been extracted from the interim results, which have been reviewed by the Groups
auditors PricewaterhouseCoopersInc who expressed an unmodified conclusion thereon. The interim results
containing the review report can be obtained on the Company’s website at www.angloamericanplatinum.com.
Copies of the interim results may also be requested by contacting Anglo American Platinum Investor Relations by
email at franscelene.moodley@angloamerican.com and are available for inspection at the Company’s registered
office at no charge, by appointment, subject to the prevailing restrictions.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2023/jse/isse/ANANP/HY23result.pdf
Johannesburg
24 July 2023
Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors: Media:
Franscelene Moodley Nomonde Ndwalaza
(SA) +27 (0)79 877 7848 (SA) +27 (0) 66 311 1133
franscelene.moodley@angloamerican.com nomonde.ndwalaza@angloamerican.com
platinum IR@angloamerican.com
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of
platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting,
and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine and
smelter in Zimbabwe. Anglo American Platinum is committed to the highest standards of safety and continues to make
a meaningful and sustainable difference in the development of the communities around its operations.
www.angloamericanplatinum.com
Anglo American is a leading global mining company, and our products are the essential ingredients in almost every
aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development
options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and
that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business,
we use innovative practices and the latest technologies to discover new resources and to mine, process, move and
market our products to our customers – safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore
and steelmaking coal, and nickel – with crop nutrients in development – we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals
to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate
leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious
natural resources for the benefit of the communities and countries in which we operate, for society, and for our
shareholders. Anglo American is re-imagining mining to improve people’s lives.
www.angloamerican.com
Date: 24-07-2023 08:00:00
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