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Updated trading statement for the six months ended 30 June 2017
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")
UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017
Anglo American Platinum will release results for the six months ended 30 June 2017 (“the period”) on the
Stock Exchange News Service (“SENS”) on 24 July 2017.
Shareholders are referred to the Company’s trading statement released on SENS on 27 June 2017 in
which the Company advised that headline earnings and headline earnings per share (“HEPS”) for the
period were expected to be at least 20% (R329 million or 126 cents per share, respectively) lower than
for the comparative reporting period for the six months ended 30 June 2016 (“comparative period”) and
that basic earnings and basic earnings per share (“EPS”) for the period were also expected to be at least
20% (R308 million or 118 cents per share, respectively) lower than for the comparative period.
On the basis that the comparative period financial results were restated in the 2016 Annual Results,
shareholders are reminded as follows:
Reported Restated
Headline earnings R1.04 billion R1.65 billion
HEPS 399 cents 629 cents
Basic earnings R938 million R1.54 billion
EPS 358 cents 588 cents
Shareholders are advised that headline earnings and HEPS for the period are likely to decrease to between
R550 million and R875 million (or between 67% and 47% lower than the prior year restated figure of R1.65
billion) and to between 210 cents and 335 cents per share (or between 67% and 47% lower than the prior
year restated figure of 629 cents) respectively.
Basic earnings and EPS for the period are likely to decrease to between a loss of R1,065 million and a
loss of R1,370 million (or between 169% and 189% lower than the prior year restated figure of R1.54
billion) and to between a loss of 405 cents and a loss of 520 cents per share (or between 169% and 188%
lower than the prior year restated figure of 588 cents) respectively.
The expected decrease in headline earnings and basic earnings is primarily a result of attributable post-
tax impairments totalling c.R2.2 billion impacting basic earnings of which c.R0.3 billion impacts both basic
and headline earnings. The impairments that impacted only basic earnings included Union mine of
c.R0.9 billion (consequent on the signature of agreements to sell the Company’s interest in Union and
shareholding in Masa Chrome), equity interests in BRPM of c.R950 million and Bokoni Platinum Holdings
of c.R45 million. The impairments that impacted basic and headline earnings include the write down of a
term loan to Atlatsa and a loan to the Bakgatla Ba-Kgafela Community related to their interest in Union.
In addition, expected headline and basic earnings are lower due a significant strengthening of the rand in
H1 2017 compared to H1 2016, as well as lower sales volumes. Sales volumes were impacted by refined
production.
Refined production was impacted by the Waterval Furnace Number 1 smelter run-out in Q3 2016, which
was successfully rebuilt in Q4 2016 and is running at steady-state. Waterval Number 2 furnace underwent
a planned rebuild in Q1 2017 and has successfully ramped up to steady-state. The result of the run-out in
2016 is a backlog in processing pipeline material of 65,000 platinum which is expected to be made up
during H2 2017.
A high-pressure water leak at the Converter Plant (ACP) impacted one converter plant (Phase A) of the
operation on 4 June 2017. The second converter plant (Phase B) was heated up and returned to steady
state production 10 days later. The time required to reheat Phase B created a backlog of material,
deferring 90,000 ounces of refined production from Q2 2017 into H2 2017.The result of the planned rebuild
of Waterval Number 2 furnace and ACP Phase A event has impacted refined production for the period,
and therefore lead to lower sales volumes.
The financial information on which this trading statement is based has not been reviewed or reported on
by the Company’s external auditors.
Johannesburg
18 July 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
For further information, please contact:
Investors:
Emma Chapman
Head of Investor Relations
Tel: +27 (0)11 373 6239
emma.chapman@angloamerican.com
Media:
Mpumi Sithole
Tel: +27 (0)11 373 6246
mpumi.sithole@angloamerican.com
About Anglo American Platinum
Anglo American Platinum Limited is a member of the Anglo American plc Group and is the world’s 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 in Zimbabwe. Anglo American Platinum has a number of joint
ventures with several historically disadvantaged South African consortia as part of its commitment to the
transformation of the mining industry. Anglo American Platinum is committed to the highest standards of
safety and continues to make meaningful and sustainable difference in the development of the
communities around its operations.
www.angloamericanplatinum.com
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.
www.angloamerican.com
Date: 18/07/2017 09:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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