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Anglo American Platinum Ltd Issues FY 2012 Earnings Guidance

Monday, 14 Jan 2013 01:00am EST 

Anglo American Platinum Ltd announced that for fiscal 2012, it expects headline earnings per share (HEPS) to decrease to a loss of between ZAR4.91 and ZAR6.28 from a profit of ZAR13.65 reported for fiscal 2011 (the comparative period). The expected decrease in HEPS is primarily due to lower sales volumes and lower realised prices during 2012. Platinum sales volumes for the period were lower primarily due to the two-month illegal industrial action experienced during the second half of 2012. As a result of the illegal industrial action, the initial safety suspension and the ramp up period, which commenced November 16, 2012, total lost equivalent refined platinum production, including from joint ventures and associates, amounted to 306 koz. The losses in production resulted in an increase in unit cash operating cost in 2012, due to the retained fixed cost base which further negatively impacted on HEPS for the period. Basic earnings per share for the period is expected to decrease to a loss of between ZAR24.87 and ZAR26.24 from a profit of ZAR13.74 for the comparative period. Basic earnings for the period includes losses of ZAR463 million resulting from the revaluation of certain investments and ZAR6,606 million (after-tax ZAR4,756 million) for the write down in the carrying value of various projects and other assets, not in use, that are considered not economically viable in the current market environment. 

Company Quote

320.0 +0.97%
19 Dec 2014