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Re-Imagining Mining to Improve People's Lives

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Re-Imagining Mining to Improve People's Lives ANGLO AMERICAN PLATINUM LIMITED ANNUAL RESULTS 2019 ANGLO AMERICAN PLATINUM LIMITED RE-IMAGINING MINING TO IMPROVE PEOPLE’S LIVES ANNUAL RESULTS 2019 RESULTS ANNUAL KEY FEATURES FATALITY-FREE NET SALES REVENUE EBITDA Own managed operations 0 R99.6bn R30.0bn 2019 0 2019 R99.6bn 2019 R30.0bn 2018 2 2018 R74.6bn 2018 R14.5bn BASIC EARNINGS PER SHARE HEADLINE EARNINGS PER SHARE OPERATING FREE CASH FLOW 7,046 cents 7,087 cents R16.9bn 2019 7,046 cents 2019 7,087 cents 2019 R16.9bn 2018 2,631 cents 2018 2,893 cents 2018 R5.6bn NET CASH ROCE DIVIDEND DECLARED PER SHARE ■ Interim ■ Final R17.3bn 58.0% 5,260 cents 2019 R17.3bn 2019 58.0% 2019 1,100 4,160 cents 2018 R2.9bn 2018 23.8% 2018 374 751 cents CONTENTS 1 Performance highlights 38 Sustainability commitments 2 2019 Annual results commentary 40 Group performance data 16 Summarised consolidated statement 65 2019 Annual results presentation of comprehensive income IBC Administration 17 Summarised consolidated statement of financial position 18 Summarised consolidated statement of cash flows SUPPORTING DOCUMENTATION ON THE WEBSITE 19 Summarised consolidated statement Full annual financial statements (AFS) of changes in equity Full Ore Reserves and Mineral Resources report 20 Notes to the summarised consolidated Environmental, social and governance (ESG) report financial statements 37 Auditor’s report www.angloamericanplatinum.com/investors/annual-reporting/2019 PERFORMANCE HIGHLIGHTS 2019 2018 % change OPERATIONAL PERFORMANCE Tonnes milled 000 tonnes 28,911 28,260 2 Built-up head grade 4E g/tonne 3.62 3.48 4 M&C platinum production1 000 oz 2,050.6 2,484.6 (17) Total PGM production2 000 oz 4,440.8 5,186.5 (14) PGM ounces produced per employee per annum 110.5 108.1 2 REFINED PRODUCTION Total PGMs 000 oz 5,151.0 4,784.9 8 Platinum (Pt) 000 oz 2,514.2 2,402.4 5 Palladium (Pd) 000 oz 1,634.9 1,501.8 9 Rhodium (Rh) 000 oz 324.2 292.8 11 Other PGMs 000 oz 563.6 482.4 17 Gold (Au) 000 oz 114.1 105.5 8 Nickel (Ni) 000 tonnes 23.0 23.1 — Copper (Cu) 000 tonnes 14.2 14.3 (1) FINANCIAL PERFORMANCE Total net sales revenue R million 99,551 74,582 33 Net sales revenue (excluding trading) R million 91,697 71,789 28 Net sales revenue trading R million 7,854 2,793 181 Net sales revenue per ounce (excluding trading) R/Pt oz sold 40,862 29,601 38 Cost of sales R million 72,737 63,286 15 Cost of sales (excluding trading) R/Pt oz sold 29,402 24,957 18 Cash on-mine cost per tonne milled R/tonne 890 807 10 Cash operating cost per platinum ounce produced R/Pt oz 22,294 20,584 8 Cash operating cost per PGM oz produced R/PGM oz 10,189 9,412 8 Gross profit on metal sales R million 26,814 11,296 137 Gross profit margin7 % 26.9 15.1 12 EBITDA R million 29,950 14,503 107 EBITDA (excluding trading) R million 29,703 14,496 105 EBITDA margin (excluding trading)7 % 32.4 20.2 12 Headline earnings R million 18,603 7,588 145 Headline earnings per share cents 7,087 2,893 145 Net cash R million 17,278 2,891 498 Capital expenditure (excluding waste stripping) R million 6,239 5,478 14 Capital waste stripping R million 2,062 1,548 33 Return on average capital employed (ROCE)7 % 58.0 23.8 34 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) Fatalities Number — 2 (100) Total recordable case frequency rate (TRCFR) Rate / million hrs 2.50 3.00 (17) Employees3 Number (at period end) 25,268 24,789 2 HDSAs in management4 % 78 78 — 5 GHG emissions, CO2 equivalents 1,000 tonnes 4,436 4,118 8 Water withdrawals or abstractions Megalitres 25,094 24,433 3 Energy use Terajoules 20,079 20,011 — Number of Level 3, 4 and 5 environmental incidents Number — — — Total social investment excluding dividends6 R million 392 467 (16) 1 Platinum in concentrate produced and purchased. ² Sum total of platinum, palladium, rhodium, iridium, ruthenium and gold. ³ Amplats total own and contractor employees excluding joint venture and associate employees and contractors. 4 Includes all levels of management. 5 Excludes Scope 3 emissions. 6 Total social investment includes SLP and CSI expenditure of R251 million, payments into Community Trusts of R27 million and operations community expenses of R114 million. 7 Variance on percentages reflect the percentage point change. Anglo American Platinum Limited Annual Results 2019 1 ANNUAL RESULTS 2019 ANNUAL RESULTS COMMENTARY 2019 ANNUAL RESULTS 2 Anglo American Platinum Limited Annual Results 2019 KEY MESSAGES Fatality-free year at managed operations for the first time in the Company’s history Significant employee health improvement through actively managing HIV and TB 54% reduction in waste to landfill – on target to achieve zero waste to landfill in 2020 Sustainability remains a core focus and is receiving global recognition – we were placed first out of 55 global precious metals peers in the Sustainalytics ESG Ratings PGM production of 4.4 Moz and refined PGM production of 4.6 Moz – in line with guidance, despite headwinds Record production from own-managed Mogalakwena and Unki mines Robust PGM fundamentals – increase of 27% in USD basket price and 38% in rand basket price EBITDA more than doubled to R30.0 billion, with an increase in own-mine EBITDA margin to 44% Return on capital employed (ROCE) increased to 58% Record headline earnings per share – 145% higher at R70.87 Operating free cash flow increased by 202% to R16.9 billion Strong balance sheet: net cash position of R17.3 billion Leading industry returns – dividend declared of R41.60 per share, comprising: ­ – Base dividend of 40% of headline earnings or R16.60 per share ­ – Special dividend of R25.00 per share • Continuing progress on the next phase of strategy delivery through operational excellence, investing in breakthrough technology, fast payback, high-margin projects and growing demand for PGMs Anglo American Platinum Limited Annual Results 2019 3 ANNUAL RESULTS 2019 ANNUAL RESULTS COMMENTARY Chris Griffith, CEO of Anglo American Platinum commented: “For the first time in Anglo American Platinum’s history, we have had no workplace fatalities at our managed operations in the year. Our intense focus on eliminating fatalities is yielding positive results and, while we are proud of this milestone, we also need to eliminate injuries and extend our safety efforts to our non-managed operations. We are deeply saddened to have lost one of our colleagues, Thomas Maluleke, at our independently managed Modikwa JV operation in March. We express our deepest condolences to Mr Maluleke’s family, friends and colleagues. Anglo American Platinum has delivered another strong set of operational and financial results. The world-class Mogalakwena again achieved record production, up 4% in 2019. Unki mine in Zimbabwe also had an outstanding performance with record production, up 5%. The turnaround plan at Amandelbult is progressing, and we saw a 12% improvement in H2 over H1, which we expect to continue into 2020. Mototolo production decreased, largely due to a three-week strike, as well as difficult ground conditions and the start of access to the contiguous ground as development ramped up. Overall, PGM production was up 1%, despite the impact of Eskom power outages, which led to the loss of 38,000 PGM ounces of production. These outages also impacted refined production, which led to a build-up in work-in-progress inventory of 89,000 PGM ounces, which will be refined in 2020. Despite the temporary build-up in work-in-progress inventory, operating free cash flow increased 202% to R16.9 billion, benefiting from the strong fundamentals of the commodity basket we mine, with a 38% increase in the rand basket price. This has further strengthened the Company’s cash position to R17.3 billion. We continue to progress the next phase of our strategy, focusing on optimising value at our operations through world-best operating practices, modernisation and by investing in breakthrough projects to reach new benchmark (known as P101) levels of productivity and the implementation of FutureSmart MiningTM technologies, digitalisation and sustainability. We expect these efforts to lead to an EBITDA margin increase of 5-8 percentage points by 2023 from our 2018 base – this year, we achieved a 2 percentage point margin expansion. We continue to assess the project studies for expansion at Mogalakwena and Mototolo/ Der Brochen, as well as investing in market development to stimulate incremental demand for our platinum group metals. Anglo American Platinum is committed to delivering PGM-industry-leading returns and has doubled EBITDA to R30.0 billion, with an increase in the own-mine EBITDA margin to 44%; and an increase in ROCE to 58%. Given the strong cash generation, the Board has declared a final dividend for H2 2019 of R11.2 billion or R41.60/share. This comprises the base dividend of 40% payout of headline earnings of R16.60/share, as well as a special dividend of R25.00/share. This is a safer, more resilient and productive business today as a result of the actions we have taken in recent years, and I’m pleased to say that there is considerable additional value that can be unlocked.” 4 Anglo American Platinum Limited Annual Results 2019 STRATEGIC OVERVIEW extended the life-of-mine from the current five years to potentially The next phase of our strategy has been formulated to maximise beyond 30 years.
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