RPHA Balance Sheet - Anglo American Platinum Ltd

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Price: 62.8 EUR -3.09% Market Closed

Market Cap: €40.2B

Financial profile · FY2024

A cyclical PGM producer preserving cash through price and cost pressure

Anglo American Platinum's financial profile is highly cyclical: revenue, operating margins, and earnings expand sharply with PGM prices and contract when the basket weakens. It generates substantial operating cash but requires heavy sustaining and project capital, leaving cash returns and balance-sheet capacity sensitive to the commodity cycle.

What is developing

The 2024 results show a development rather than a new model: revenue and annual operating income declined from 2023, while operating cash flow recovered and free cash flow remained positive. Price pressure and substantial capital needs were partly absorbed by cost reductions and working-capital release, but earnings remained more fragile than cash generation.

What matters next

Whether operating cash flow continues to cover total capital expenditure without relying on inventory drawdowns or customer prepayments.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	5.3B	9.1B	9.2B	18.2B	19.5B	49.8B	28.3B	23.1B	24.5B	16.1B
Cash	5.3B	9.4B	9.2B	18.2B	19.5B	49.8B	28.3B	23.1B	24.5B	16.1B
Cash Equivalents	—	(242m)	—	—	—	—	—	—	—	—
Short-Term Investments	45m	73m	276m	2.5B	5.2B	7.8B	4B	2.8B	—	—
Total Receivables	3.8B	3.2B	3.1B	2.8B	4.9B	5B	5.9B	4.8B	6.4B	6.4B
Accounts Receivables	1.5B	1.2B	554m	829m	1.3B	1.9B	2.9B	2.3B	1.9B	2B
Other Receivables	2.3B	2B	2.5B	2B	3.6B	3.1B	3.1B	2.5B	4.5B	4.5B
Inventory	16.4B	18.5B	22B	22.4B	45.4B	37.6B	48.9B	36.3B	24.8B	28.1B
Other Current Assets	504m	482m	646m	857m	1.2B	2.6B	2.6B	2.7B	2.7B	2B
Total Current Assets	26B	31.3B	35.1B	46.8B	76.2B	102.7B	89.7B	69.6B	58.4B	52.7B
PP&E Net	43.5B	42B	47.5B	52B	57.1B	66.5B	79.2B	92.5B	102.2B	108.9B
PP&E Gross	43.5B	42B	47.5B	52B	57.1B	66.5B	79.2B	92.5B	102.2B	108.9B
Accumulated Depreciation	(37.7B)	(38.4B)	(38.5B)	(41.7B)	(44.6B)	(40.2B)	(42B)	(42.5B)	(47.9B)	(51.3B)
Goodwill	—	—	397m	397m	397m	397m	397m	397m	397m	397m
Note Receivable	686m	532m	368m	168m	—	—	140m	140m	0	711m
Long-Term Investments	7.5B	6.3B	5.3B	3.6B	9.5B	9.4B	6.3B	5.7B	3.9B	3B
Other Long-Term Assets	49m	674m	668m	1B	1.2B	1.2B	1.2B	903m	6B	5B
Other Assets	—	—	397m	397m	397m	397m	397m	397m	397m	397m
Total Assets	77.7B	80.8B	89.4B	104B	144.4B	180.1B	176.9B	169.2B	170.9B	170.7B
Accounts Payable	7.8B	8.6B	12.1B	11.8B	18.6B	18.6B	21.7B	17.7B	13.4B	15.5B
Accrued Liabilities	2.6B	2.3B	2.1B	2B	1.7B	2B	2.6B	2B	1.8B	3.2B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	3.3B	1.7B	146m	206m	257m	201m	158m	7.3B	6.3B	4.3B
Other Current Liabilities	5B	7.7B	10.5B	14.6B	26.1B	35.7B	33.7B	20B	23.6B	21.8B
Deferred Revenue	2B	4.6B	6.1B	9.4B	18.5B	26.2B	23B	11.3B	12B	12.9B
Total Current Liabilities	18.7B	20.4B	24.9B	28.5B	46.7B	56.5B	58.1B	46.9B	45.1B	44.9B
Long-Term Debt	9.5B	9.5B	6.1B	685m	586m	411m	300m	365m	535m	384m
Deferred Income Tax	7.5B	7.5B	8.2B	11.1B	13.1B	15.6B	17.1B	19.1B	20.6B	23.6B
Minority Interest	(234m)	(526m)	231m	192m	184m	137m	186m	423m	374m	397m
Other Liabilities	2.2B	2.5B	2.7B	2.8B	5.4B	5.3B	4.5B	2.7B	2.5B	2.8B
Total Liabilities	37.7B	39.3B	42.2B	43.4B	66B	77.9B	80.1B	69.6B	69.2B	72.1B
Common Stock	27m	27m	27m	27m	26m	26m	26m	26m	26m	26m
Retained Earnings	14.8B	16.6B	21.6B	35B	51.7B	74.9B	69.5B	70.5B	72.1B	70.9B
Additional Paid In Capital	22.5B	22.7B	22.7B	22.7B	22.6B	22.8B	22.8B	22.7B	22.4B	22.2B
Unrealized Security Profit/Loss	334m	429m	216m	441m	1.3B	1.1B	210m	(93m)	404m	491m
Other Equity	2.3B	1.8B	2.6B	2.5B	2.7B	3.4B	4.3B	6.5B	6.8B	4.9B
Total Equity	40B	41.5B	47.2B	60.7B	78.4B	102.2B	96.8B	99.6B	101.7B	98.5B
Total Liabilities & Equity	77.7B	80.8B	89.4B	104B	144.4B	180.1B	176.9B	169.2B	170.9B	170.7B
Common Shares Outstanding	268.3m	268.5m	268.7m	268.8m	264.1m	264.6m	264.7m	264.6m	264.2m	264m