Anglo American PLC Anglo American Platinum earnings reconciliation (8879W)

TIDMAAL

RNS Number : 8879W

Anglo American PLC

15 February 2017

 
 
15 February 2017 
Anglo American plc notification: 
Anglo American Platinum Limited year end results 
2016 
 
 

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.

 
 
                                                   Year        Year 
                                                  ended       ended 
                                               31.12.16    31.12.15 
  $ million 
-----------------------------------  ------  ----------  ---------- 
 
 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 
-------------------------------------   ---  ----------  ---------- 
 
 

(1) Restated.

(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.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 15, 2017 02:45 ET (07:45 GMT)