Anglo American Platinum Limited will release results for the six months ended 30 June 2015 ("the period") on the Johannesburg Stock Exchange News Service (“SENS”) on 20 July 2015.
Shareholders are referred to the Company’s trading statement released on SENS on 15 June 2015 in which they were advised that headline earnings and headline earnings per share (“HEPS”) for the period were expected to be at least 20% (R31 million or 12 cents per share) higher than for the comparative reporting period for the six months ended 30 June 2014 (“comparative period”) and that basic earnings and basic earnings per share (“EPS”) for the period were also expected to be at least 20% (R86 million or 33 cents per share) higher than for the comparative period.
Shareholders are now advised that headline earnings and HEPS for the period are likely to increase to be between R2,450 million and R2,480 million (or between 1,461% and 1,480% up on prior year) and 940 cents and 950 cents per share (or between 1,467% and 1,483% up on prior year) respectively. This compares to headline earnings and HEPS of R157 million and 60 cents per share respectively reported for the comparative period.
Basic earnings and EPS for the period are likely to increase to be between R2,400 million and R2,480 million (or between 459% and 478% up on prior year) and 915 cents and 945 cents per share (or between 458% and 476% up on prior year) respectively. This compares to basic earnings and EPS of R429 million and 164 cents per share respectively reported for the comparative period.
The expected increase in earnings and headline earnings is primarily due to the Company increasing its estimate of the quantity of inventory based on the outcome of the physical count of in-process metals, which resulted in an after tax-tax gain of R1,566 million (or 600 cents per share). In addition, there has been an improvement in operational performance following the protected industrial action in the comparative period, an increase in sales volumes and weakening of the South African Rand versus the US dollar, which was partially offset by sharply weaker pricing.
The forecast financial information on which this trading statement is based has not been reviewed by or reported on by the Company’s external auditors.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)