Amplats’ 2013 Earnings Sink as Profits Rise

Anglo American Platinum Ltd. (OTCMKTS:AGPPY) announced on Friday its 2013 preliminary results, commenting that its underlying operating profit saw a 6-percent increase, to $6.6 billion. However, the company’s underlying earnings declined by 7 percent, to $2.7 billion.

Other highlights include:

• Margin improvement: EBITDA margin increased by 2% to 29%; EBIT margin by 1% to 20%
• Effective tax rate increased from 29% to 32%
• Special items after tax and non-controlling interest include impairments of $1.9 billion, principally in relation to Barro Alto ($0.7bn), Platinum portfolio review ($0.2bn), Michiquillay ($0.3bn) and Foxleigh ($0.2bn)
• After total special items and remeasurements, loss attributable to equity shareholders of $961 million (2012: $1.5 billion loss)
• Net debt of $10.7 billion as at 31 December 2013 (2012: $8.5bn)
• Attributable ROCE of 11%, in line with 2012

Click here to read the full Anglo American Platinum Ltd. (OTCMKTS:AGPPY) press release.