Amplats - 2019 interim results announcement
H1 2019 overview
Anglo American Platinum delivered another strong financial performance in H1 2019, with increased earnings, returns and operating cash flows, benefitting from strong market fundamentals which saw the US Dollar platinum basket price increase 16%, and coupled with a weakening rand, led to the ZAR platinum basket price increasing by 33% year-on-year.
Key Financials H1 2019
Dollar basket price / platinum ounce sold: 2,685
Rand basket price / platinum ounce sold: 38,305
Revenue (R billion):42.9
EBITDA (R billion): 12.4
EBITDA margin % : 32%
Headline earnings (R billion): 7.4
Headline earnings per share (R/share): 28.15
Basic earnings (R billion): 7.3
Basic earnings per share (R/ share):27.88
Operating free cash flow (R billion): 4.3
Net cash (R billion) :6.0
Dividend per share (R/ share) :11.00
ROCE % : 45
Headline earnings increased by 120% to R7.4 billion primarily because of a higher rand basket price, and a stock count adjustment gain of R1.0 billion in the period compared to a stock count adjustment loss of R0.4 billion in the comparative period.
The Company strengthened its balance sheet to end the period with net cash of R6.0 billion from the R2.9 billion net cash position at 31 December 2018. This reflects a R3.1 billion improvement after paying
a final dividend of R2.0 billion for 2018 in March 2019.
Return on capital employed doubled to 45% due to the strong earnings
Short form announcement
This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details. Any investment decision should be based on the full announcement accessible from Monday, 22 July 2019, via the JSE link and also available on the Company's website at www.angloamericanplatinum.com. These interim results have been reviewed by the Group's auditors, Deloitte & Touche who expressed an unmodified conclusion thereon.
Copies of the full announcement may also be requested by contacting Anglo American Platinum Investor Relations by email at email@example.com and are available for inspection at Company's registered office at no charge, weekdays during office hours.
The JSE link is as follows: www.senspdf.jse.co.za/documents/2019/jse/isse/ANANP/HY19result.pdf