Anglo Platinum Limited - Anglo Platinum Results For The Half-Year Ended 30 June
2005
Anglo Platinum Limited
Incorporated in the Republic of South Africa
Registration No.: 1946/022452/06
JSE Ordinary Share Code: AMS
ISIN: ZAE000013181
JSE Preference Share Code: AMSP
ISIN: ZAE000054474
(`Anglo Platinum`)
MEDIA RELEASE
ANGLO PLATINUM RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2005
Anglo Platinum is pleased to announce a significant improvement in headline
earnings for the half year ended 30 June 2005. Headline earnings per share
attributable to ordinary shareholders increased to R9,24 per share, 33,7% higher
than in the first half of 2004. The increase in headline earnings resulted from
a combination of higher US dollar metal prices, increased refined production and
once-off benefits arising from the change in the South African corporate tax
rate and a gain in the quantity of pipeline stocks. The effect of the stronger
average rand on sales was largely offset by gains on foreign exchange as the
rand weakened during the first half of 2005. An interim ordinary dividend of
R4,80 per share has been declared.
Commenting on these results, CEO Ralph Havenstein said `We are pleased with the
progress made in implementing our new business model which has set the Group on
course to achieve cost and efficiency improvements while continuing to expand.
Focused interventions to address difficult geological conditions and to increase
long term stability and flexibility are gathering momentum. Our smelting and
refining operations performed well with improved recoveries and increased use of
available smelting capacity`.
Anglo Platinum remains confident of the robustness of current and future demand
for platinum and continues to pursue its strategy to grow the markets for
platinum group metals and to expand production to meet increased demand. The
rate of expansion is reviewed on an ongoing basis and the recent weakening of
the rand against the US dollar, combined with strong prevailing metal prices,
results in higher projected project returns. If this improvement appears
sustainable, the development of certain projects may be accelerated.
`Our emphasis on capital optimisation and the deferral of some projects has
resulted in our forecast capital expenditure for 2005 reducing to R4,5 billion.
The refined platinum production target for 2005 remains at 2,6 million ounces
and for 2006 remains between 2,7 million and 2,8 million ounces`, said Ralph.
Johannesburg
27 July 2005
For further information, please contact
Trevor Raymond
(011) 373-6462
082 654 8467
Date: 27/07/2005 09:38:10 AM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
