22 July 2014 |
Anglo American plc notification: Kumba Iron Ore Limited interim results 2014 |
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Anglo American plc wishes to draw attention to Kumba Iron Ore Limited's announcement of its results for the six months ended 30 June 2014. Kumba Iron Ore Limited reported headline earnings of R6,505 million.
Anglo American plc will report underlying earnings in respect of Kumba Iron Ore Limited of $409 million for the six months ended 30 June 2014, which takes into account certain adjustments.
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$m |
6 months ended 30.06.14 |
6 months ended 30.06.13 |
Year ended 31.12.13 |
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IFRS headline earnings Exploration |
606 7 |
840 7 |
1,604 14 |
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Kumba Envision Trust(1) |
10 |
11 |
33 |
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Other adjustments |
- |
4 |
2 |
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623 |
862 |
1,653 |
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Non-controlling interests |
(189) |
(261) |
(501) |
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Elimination of intercompany interest |
(2) |
6 |
12 |
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Depreciation of assets fair valued on acquisition (net of tax) |
(3) |
(3) |
(6) |
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Corporate cost allocation |
(20) |
(25) |
(50) |
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Contribution to Anglo American underlying earnings |
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409 |
579 |
1,108 |
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(1) 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 six months ended 30 June 2014 on 25 July 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 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.
