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12 February 2013 |
Anglo American plc notification: Kumba Iron Ore Limited year end results 2012 |
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Anglo American wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the year ended 31 December 2012. Kumba Iron Ore Limited reported headline earnings of R12,198 million.
Anglo American will report underlying earnings in respect of Kumba Iron Ore Limited of US$1,018 million for the year ended 31 December 2012, which takes into account certain adjustments.
$m |
Year ended 31.12.12 |
Year ended 31.12.11 |
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IFRS headline earnings |
1,499 |
2,366 |
Exploration |
16 |
4 |
Kumba Envision Trust(1) |
53 |
- |
Other adjustments |
3 |
3 |
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1,571 |
2,373 |
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Non-controlling interests(2) |
(500) |
(826) |
Elimination of intercompany interest |
4 |
(27) |
Depreciation of assets fair valued on acquisition (net of tax) |
(8) |
(9) |
Corporate cost allocation |
(49) |
(49) |
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Contribution to Anglo American underlying earnings |
1,018 |
1,462 |
(1)The Kumba Envision Trust charge is included in IFRS headline earnings but is an operating special item and excluded from Anglo American underlying earnings.
(2)On 20 July 2012 Anglo American increased its shareholding in Kumba Iron Ore Limited by 4.5% through the exercise of options acquired in 2011 and 2012, thereby increasing its shareholding from 65.2% to 69.7% for a total cost of $948 million.
Anglo American plc will report results for the year ended 31 December 2012 on 15 February 2013. 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.
