Anglo American Kumba FY13 Earnings Recon.

RNS Number : 7289Z

Anglo American PLC

11 February 2014

 



11 February 2014
Anglo American plc notification: Kumba Iron Ore Limited year end results 2013

Anglo American plc wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the year ended 31 December 2013. Kumba Iron Ore Limited reported headline earnings of R15 443 million.

Anglo American plc will report underlying earnings in respect of Kumba Iron Ore Limited of US$1,108 million for the year ended 31 December 2013, which takes into account certain adjustments.

$m						Year ended 31.12.13		Year ended 31.12.12 restated(1)
IFRS headline earnings Exploration						1,604 14	1,534 16
Kumba Envision Trust(2)						33		53
Other adjustments						2		3
						1,653		1,606
Non-controlling interests						(501)		(513)
Elimination of intercompany interest						12		4
Depreciation of assets fair valued on acquisition (net of tax)						(6)		(8)
Corporate cost allocation						(50)		(49)
Contribution to Anglo American underlying earnings					1,108			1,040

 ⁽¹⁾ Headline and underlying earnings have been restated to reflect the adoption of new accounting pronouncements.

 ⁽²⁾ The Kumba Envision Trust charge is included in IFRS headline earnings but is a non-operating special item so is  excluded from Anglo American underlying earnings.

Anglo American plc will report results for the year ended 31 December 2013 on 14 February 2014.  The above figures are unaudited.

Underlying earnings

Underlying earnings is net profit attributable to equity shareholders, adjusted to remove special items and remeasurements, and any related tax and non-controlling interests. Special items are those items of financial performance that the Group believes should be excluded from underlying financial performance. Operating special items include impairment charges and reversals and other exceptional items, including restructuring costs. Non-operating special items include profits and losses on disposals of investments and businesses as well as certain adjustments relating to business combinations. Remeasurements include adjustments to ensure that the unrealised gains or losses on non-hedge derivative instruments are recorded in underlying earnings in the same period as the underlying transaction against which these instruments provide an economic, but not formally designated, hedge as well as foreign exchange impact arising in US dollar functional currency entities on deferred tax balances.

 

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